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Bunge Global (BG) · 32 slides · Filed Oct 29, 2026
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Slide 1 — Results Review
Q2 2026 Earnings Results Review July 29, 2026
Slide 2 — Forward-Looking Statements
2 • Today’s presentation includes forward-looking statements that reflect Bunge’s current views with respect to future events, financial performance and industry conditions. • These forward-looking statements are subject to various risks and uncertainties. Bunge has provided additional information in its reports on file with the Securities and Exchange Commission concerning factors that could cause actual results to differ materially from those contained in this presentation and encourages you to review these factors. 2 Forward-Looking Statements
Slide 3 — Agenda
3 Agenda • CEO Comments • Financial Performance • Closing Remarks • Q&A
Slide 4 — Q2 2026 Highlights and Outlook
Q2 2026 Highlights and Outlook (1) 4 (1) Refer to discussion of the presentation of full-year projected 2026 financial measures presented on an adjusted, non-GAAP basis within the “Non-GAAP Definitions” section of the appendix of this presentation. • Team executed well, delivering a strong quarter in a dynamic environment • Proven ability to navigate change and uncertainty • Progress on key strategic initiatives • Raising FY 2026 adjusted EPS range to $9.25 to $9.75
Slide 5 — Bunge Global SA Earnings Highlights
5 Bunge Global SA Earnings Highlights (1) Adjusted Net income per share – diluted, Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the appendix attached to this slide presentation which are also posted on Bunge’s website. (2) Adjusted Segment EBIT comprise our Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments. (3) Corporate and Other includes salaries and overhead for corporate functions, including acquisition and integration costs related to the Viterra Acquisition, that are not allocated to the Company’s individual reporting segments, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and accounts receivable securitization activities. 5 Quarter Ended June 30, Six Months Ended June 30, (US$ in millions, except per share data) 2026 2025 2026 2025 Net income per share-diluted $ 3.47 $ 2.61 $ 3.81 $ 4.10 Adjusted Net income per share-diluted (1) $ 2.00 $ 1.31 $ 3.83 $ 3.12 Adjusted Segment EBIT (1) (2) $ 796 $ 373 $ 1,457 $ 779 Soybean Processing and Refining $ 445 $ 304 $ 822 $ 545 Softseed Processing and Refining 255 14 450 96 Tropical Oils and Specialty Ingredients 29 26 74 49 Grain Merchandising and Milling 67 29 111 89 Adjusted Corporate and Other EBIT (1) (3) $ (131) $ (80) $ (231) $ (124) Adjusted Total EBIT (1) $ 665 $ 293 $ 1,226 $ 655
Slide 6 — Earnings Trend
Earnings Trend 6 Bunge Performance 2022 – Q2 2026 TTM (1) Adjusted Total EBIT and Adjusted EPS are non-GAAP measures. Reconciliations to the most directly comparable U.S. GAAP measure are provided in the appendix attached to this slide presentation posted on Bunge's website. Recent improvement reflects better market conditions and early benefits of synergy capture 2,855 3,031 2,017 2,034 2,605 $13.91 $13.66 $9.19 $7.57 $8.09 0 2 4 6 8 10 12 14 16 18 20 0 500 1000 1500 2000 2500 3000 3500 2022 2023 2024 2025 Q2 2026 TTM ($ millions) Timing Adjusted, Excluding Notables Adjusted Total EBIT Adjusted EPS (1) (1)
Slide 7 — Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value A-/Baa1/BBB+ Credit Ratings (2) Shareholder dividends Reinvestment opportunities Capital Allocation Priorities Share buybacks 7 ($ million) (1) Adjusted Funds From Operations and Discretionary Cash Flow are non-GAAP measures. Reconciliations to the most directly comparable U.S. GAAP measure are provided in the appendix of this presentation. (2) Bunge credit ratings with S&P, Moody's and Fitch have stable outlook. (1) (1) 1,291 (238) 1,053 (275) (541) (105) (249) (117) Q2 2026 YTD Adj. FFO Sustaining Capex Discretionary Cash Flow Dividends to Shareholders Growth/Prod. Capex Portfolio Actions Share Buybacks Retained Cash Flow
Slide 8 — Inventory (RMI)
Vast Majority Net Debt Finances Readily Marketable Inventory (RMI) 8 At Q2 quarter-end: • Net Debt ex RMI: $1.0B • Adjusted Leverage Ratio(1) : 1.9x (1) Adjusted Leverage Ratio is a non-GAAP measure. Reconciliation to the most directly comparable U.S. GAAP measure is provided in the appendix of this presentation. $’billions $2.8 $4.1 $12.4 $12.1 $13.0 $14.4 $6.5 $6.7 $11.5 $11.4 $13.4 $13.4 Q1 Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2025 2026 2026 Net Debt RMI
Slide 9 — Liquidity Position Remains Strong
Liquidity Position Remains Strong 9 Facility Maturity Commitments Amount Drawn 364-day RCF Oct 2026 1,100 0 3-year European RCF Oct 2028 3,500 830 5-year US RCF Oct 2030 4,200 0 5-year CoBank & Farm Credit System RCF Oct 2030 865 0 Total (1) 9,665 830 9 In $ millions Additionally, at quarter end, we had • ~$2.4 billion available under our $3 billion commercial paper program(2) • ~$0.6 billion cash balance and ~$0.2 billion of marketable securities and short-term investments (1) Amounts Drawn as of June 30, 2026. (2) The short-term credit ratings of the commercial paper program require Bunge to keep same day unused committed borrowing capacity under its long-term committed credit facilities in an amount greater or equal to the amount of commercial paper issued and outstanding.
Slide 10 — Returns Trend
Returns Trend The spread between ROIC and AROIC reflects how we use RMI to generate incremental profit 10 (1) Bunge WACC is 6.0% for 2025 to 2026, 7.0% for 2023 to 2024, 6.0% for 2022. (2) AWACC and AROIC include adjustments for RMI. (3) Represents the previously owned 50% interest in the BP Bunge Bioenergia joint venture (“legacy sugar JV”), divested in the fourth quarter of 2024. (4) AROIC and ROIC are non-GAAP measures. Reconciliations to the most directly comparable U.S. GAAP measure are provided in the appendix of this presentation. 10 25.5% 20.0% 12.6% 8.1% 8.4% 15.8% 14.6% 10.1% 6.9% 6.8% 2022 2023 2024 2025 Q2 2026 TTM AROIC AWACC ROIC 6.6% 7.7% 6.7% Bunge Returns (excluding legacy sugar JV) (1, 2, 3,4)
Slide 11 — Cash Return on Equity Trend
2,051 1,978 1,231 1,248 1,741 22.6% 19.2% 12.1% 9.4% 10.8% 7.2% 7.0% 8.2% 8.2% 8.2% 7.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 32.0% 34.0% 36.0% 38.0% 40.0% 0 500 1,000 1,500 2,000 2,500 2022 2023 2024 2025 Q2 2026 TTM Discretionary Cash Flow Cash Return on Equity Cost of Equity Cash Return on Equity Trend (1) During the first quarter of 2022, the Company’s convertible preferred shares were converted to common shares. For comparability, prior periods have been recast as if the conversion had already occurred. Refer to the Bunge's press release dated March 18, 2022 for further information. (2) Discretionary Cash Flow and Cash Return on Equity are non-GAAP measures. Reconciliations to the most directly comparable U.S. GAAP measure are provided in the appendix of this presentation. 11 11 Reflects cash available for growth/productivity investments as well as returns to shareholders Bunge Cash ROE Performance 2022 – Q2 2026 TTM (1,2)
Slide 12 — Full-Year 2026 Outlook
Full-Year 2026 Outlook (1) Compared to its previous outlook: • Soybean Processing and Refining: higher • Softseed Processing and Refining: slightly higher • Tropical Oils and Specialty Ingredients: unchanged • Grain Merchandising and Milling: lower • Corporate and Other: unchanged Additionally, the Company continues to expect the following for 2026: • An adjusted annual effective tax rate in the range of 22% to 26% • Net interest expense in the range of $620 to $660 million • Capital expenditures in the range of $1.5 to $1.7 billion • Depreciation and amortization of approximately $975 million 12 Taking into account Q2 results, the current margin and macro environment and forward curves, Bunge now expects full-year 2026 adjusted EPS in the range of $9.25 to $9.75, up from its previous range of $9.00 to $9.50 (1) Refer to discussion of the presentation of full-year projected 2026 financial measures presented on an adjusted, non-GAAP basis within the “Non-GAAP Definitions” section of the appendix of this presentation. 12
Slide 13 — Closing Remarks
Closing Remarks 13 • Investor Day priorities remain on track • Advancing growth and value creation initiatives • Compelling long-term fundamentals • Remain focused on what matters most – serving our customers and delivering long-term value for our stakeholders 13
Slide 14 — Q&A
Q&A
Slide 15 — Segment Definitions and Activities
Segment Definitions and Activities 15 15 Soy Processing & Refining Softseed Processing & Refining • Origination o Canola/rapeseed, sunseed • Processing & Refining o North America, Europe, Argentina, China • Trading & Distribution • Biodiesel Production & Distribution Tropical Oils & Specialty Ingredients Grain Merchandising & Milling • Origination o Grains (corn, wheat, barley, other grains), cotton, sugar • Milling o Brazil (wheat, sugar) • Trading & Distribution • Related Services o Ocean Freight o Financial Services • Origination • Processing & Refining o North America, South America, Europe, Asia • Trading & Distribution • Biodiesel Production & Distribution • Fertilizer Production & Distribution • Processing o US (soy protein concentrate) • Refining (tropical oils, specialty oils) • Trading & Distribution
Slide 16 — Segment Volume Highlights
#2 Segment Volume Highlights 16 16 Quarter Ended June 30, Six Months Ended June 30, In thousands of metric tons 2026 2025 2026 2025 Soybean Processing and Refining Soybeans processed (1) 11,524 9,304 22,281 17,414 Soybeans merchandised (2) 8,046 4,098 13,179 6,331 Refined soy oil production (3) 933 902 1,790 1,761 Softseed Processing and Refining Softseeds processed (1) 3,490 1,947 6,771 4,141 Softseeds merchandised (2) 1,296 15 2,702 110 Refined softseed oil production (3) 974 663 1,747 1,391 Tropical Oils and Specialty Ingredients (2) 660 624 1,299 1,242 Grain Merchandising and Milling (2) 23,852 8,382 50,410 16,892 (1) Volumes processed (crushed) during a reporting period, which approximate sales volumes to third parties during the same period. (2) Volumes represent sales volumes to third-party customers during a reporting period. (3) Volumes represent the quantity of further refined oil during a reporting period which does not require any further processing and is ready to be shipped (to a third-party customer, internal packaging or storage).
Slide 17 — Non-GAAP Definitions
Non-GAAP Definitions This presentation contains certain "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the following slides. These measures may not be comparable to similarly titled measures used by other companies. Operating results To facilitate a comparison of Bunge’s historical operating results and related trends, Bunge uses the accompanying non-GAAP financial measures: • Segment EBIT, Corporate and Other EBIT, and Total EBIT • Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT • Adjusted Net Income (loss) from continuing operations attributable to Bunge • Adjusted Net income (loss) per share from continuing operations – diluted and Adjusted EPS Bunge uses earnings before interest and tax (“EBIT”) to evaluate the operating performance of its individual reportable segments as well as Corporate and Other results. Total EBIT excludes EBIT attributable to noncontrolling interests. Bunge also uses Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate the operating performance of Bunge’s reportable segments, and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the earnings before interest and taxes of each of Bunge’s Soybean Processing and Refining, Softseed Processing and Refining, Tropical Oils and Specialty Ingredients, and Grain Merchandising and Milling reportable segments. Total EBIT is the aggregate of the earnings before interest and taxes of Bunge’s reportable segments, together with its Corporate and Other activities. 17 17
Slide 18 — Non-GAAP Definitions
#2 Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are calculated by excluding certain gains and (charges), as described in "Additional Financial Information“ of Bunge’s accompanying quarterly earnings press release, as well as temporary mark-to-market timing differences as defined in note 2 of Bunge’s accompanying quarterly earnings press release, from Segment EBIT, Corporate and Other EBIT and Total EBIT, respectively. Total EBIT and Adjusted Total EBIT are non-GAAP financial measures that are not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge management believes these non- GAAP measures are a useful measure of its operating profitability, since the measures allow for an evaluation of performance without regard to financing methods or capital structure. For this reason, operating performance measures such as these non-GAAP measures are widely used by analysts and investors in Bunge's industries. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP. Adjusted Net income (loss) from continuing operations attributable to Bunge, Adjusted Net income (loss) per share from continuing operations – diluted, and Adjusted EPS are calculated by excluding from Net Income (loss) attributable to Bunge and Net income (loss) per share-diluted, certain gains and charges, temporary mark-to-market timing differences as defined in note 2 of Bunge’s accompanying quarterly earnings press release, and Income (loss) from discontinued operations, net of tax. 18 Non-GAAP Definitions 18
Slide 19 — Non-GAAP Definitions
#2 We also have presented projected Adjusted Net income per share - diluted for 2026. This information is provided only on a non-GAAP basis without reconciliation to projected Net income per share - diluted for 2026, the most directly comparable U.S. GAAP measure. The most directly comparable U.S. GAAP measure has not been provided due to the inability to quantify certain amounts necessary for such reconciliation, including but not limited to potentially significant future market price movements over the remainder of the year. Bunge believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from projected Adjusted Net income per share - diluted for 2026. In addition, we have presented projected adjusted effective income tax rate for 2026. The projected adjusted effective tax rate is calculated as projected Income tax expense for 2026 adjusted for projected income tax related to certain gains and charges and temporary mark-to-market timing differences divided by projected income before income taxes adjusted by these same excluded items. This information is provided without reconciliation to projected effective income tax rate for 2026, the most directly comparable U.S. GAAP measure, due to the inability to quantify the amounts necessary to calculate projected net income per share, as described above. Bunge believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. These amounts could result in significant adjustments from projected effective income tax rate for 2026. Bunge management believes presentation of these measures allows investors to view its performance using the same measures that management uses in evaluating financial and business performance and trends without regard to certain gains and charges and temporary mark-to-market timing impacts as well as projected adjusted effective income tax rate can be useful to investors to review the Company’s consolidated effective tax rate on a consistent basis. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to net income (loss), net income (loss) per share, or any other measure of consolidated operating results under U.S. GAAP. 19 Non-GAAP Definitions 19
Slide 20 — Non-GAAP Definitions
#2 Non-GAAP Definitions Cash Flows To facilitate a comparison of Bunge’s historical cash flow generation and related trends, Bunge uses the following non-GAAP financial measures: • Adjusted Funds from Operations (Adjusted FFO) • Discretionary Cash Flow • Cash Return on Equity (CROE) Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, working capital change, net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests, and mark-to-market timing differences after tax. Discretionary Cash Flow is, in turn calculated by further deducting Sustaining Capex from Adjusted FFO. Cash Return on Equity is calculated by dividing Discretionary Cash Flow by Adjusted book equity. Adjusted Book Equity is calculated by averaging the totals of ending Total equity for each quarterly period, less the average of Noncontrolling interest for each quarterly period and after-tax mark-to-market timing differences. Adjusted FFO, Discretionary Cash Flow, and Cash Return on Equity are non-GAAP financial measures and are not intended to replace Cash provided by (used for) operating activities, the most directly comparable U.S. GAAP financial measure. Bunge management believes presentation of these liquidity measures allows investors to view its cash generating performance using the same measures that management uses in evaluating financial and business performance and trends without regard to foreign exchange gains and losses, working capital changes and mark-to-market timing differences. These non-GAAP measures are not a measure of consolidated cash flow under U.S. GAAP and should not be considered as an alternative to Cash provided by (used for) operating activities, Net increase (decrease) in cash and cash equivalents, and restricted cash, or any other measure of consolidated cash flow under U.S. GAAP. Adjusted book equity is a non-GAAP financial measure and is not intended to replace Total Equity, the most directly comparable U.S. GAAP financial measure. This non-GAAP measure is not a measure of consolidated equity under U.S. GAAP and should not be considered as an alternative to Total equity, Total Bunge shareholders’ equity, or any other measure of consolidated equity under U.S. GAAP. 20 20
Slide 21 — Non-GAAP Definitions
#2 Returns on Capital To facilitate a comparison of Bunge’s historical returns on capital and related trends, Bunge uses the following non-GAAP financial measures: • Return on Invested Capital (ROIC) • Adjusted Return on Invested Capital (AROIC) Bunge calculates ROIC by dividing Adjusted return after income tax by the quarter ended average total capital, adjusted for the trailing four quarters preceding the reporting date. Adjusted Return after income tax is calculated as income (loss) from continuing operations before income tax, including noncontrolling interest, for each of the trailing four quarters, excluding interest expense, certain gains & (charges) as described in "Additional Financial Information“ of Bunge’s accompanying quarterly earnings press release, temporary mark-to-market timing differences as defined in note 2 of Bunge’s accompanying quarterly earnings press release, as well as Legacy Sugar JV EBIT times the effective tax rates for those periods. Average total capital, adjusted is calculated by averaging the totals of the ending shareholders equity, noncontrolling interest, redeemable noncontrolling interest and total debt balances for each quarterly period excluding temporary mark-to-market timing differences, as well as certain adjustments related to cash held in preparation for the Viterra acquisition that closed on July 2, 2025. Bunge believes that ROIC provides investors with a measure of the return the company generates on the capital invested in its business. ROIC is not a measure of financial performance under U.S. GAAP and should not be considered in isolation or as an alternative to net income as an indicator of company performance or as an alternative to cash flows from operating activities as a measure of liquidity. Bunge calculates AROIC by dividing Adjusted Return after income tax, excluding the funding cost of readily marketable inventories (RMI) available for merchandising activities, by the quarter ended adjusted average total capital, excluding RMI available for merchandising activities, for the trailing four quarters preceding the reporting date. Adjusted Return after income tax, excluding RMI available for merchandising activities, is calculated as income (loss) from continuing operations before income tax, including noncontrolling interest, for each of the trailing four quarters, excluding interest expense, certain gains and charges, mark-to-market timing differences, and the cost of debt used to finance RMI available for merchandising activities, times the effective tax rates for those periods. Average total capital, adjusted is calculated by averaging the totals of the ending balances of shareholders equity, noncontrolling interest, redeemable noncontrolling interest and total debt, less RMI available for merchandising activities for each quarterly period excluding mark-to-market timing differences, as well as certain adjustments related to cash held in preparation for the Viterra acquisition that closed on July 2, 2025. Bunge believes that AROIC provides investors with a measure of the return the company generates on the capital invested in its operating assets excluding RMI available for merchandising activities, which expands or contracts based on seasonality, commodity price cycles and market opportunities. AROIC is not a measure of financial performance under U.S. GAAP and should not be considered in isolation or as an alternative to net income as an indicator of company performance or as an alternative to cash flows from operating activities as a measure of liquidity. Non-GAAP Definitions 21 21
Slide 22 — Non-GAAP Definitions
#2 Adjusted Leverage Ratio To facilitate the determination of Bunge’s financial strength and flexibility, Bunge uses the non-GAAP measure of Adjusted Leverage Ratio. Bunge believes the ratio is commonly used by credit rating agencies and fixed income investors as an indicator of debt serviceability and financial leverage. Bunge calculates Adjusted Leverage Ratio by dividing Adjusted Net Debt by Adjusted EBITDA for the trailing four quarters preceding the reporting date. Adjusted Net Debt is calculated as the sum of Short-term debt, Current portion of long-term debt, and Long-term debt (collectively referred to as “Gross Debt”), less Cash and cash equivalents, certain highly liquid marketable securities and other short-term investments as well as certain adjustments related to RMI and funding from the trade receivables securitization program. Adjusted EBITDA for the trailing four quarters is the aggregate of the earnings before interest, taxes, depreciation and amortization, certain gains and (charges), and temporary mark-to-market timing differences for continuing operations. Adjusted Leverage Ratio is not a measure of financial performance under U.S. GAAP and should not be considered in isolation or as an alternative to net income as an indicator of company performance or as an alternative to cash flows from operating activities as a measure of liquidity. Non-GAAP Definitions 22 22
Slide 23 — Non-GAAP Reconciliation
Net income (loss) attributable to Bunge to Adjusted Net income Non-GAAP Reconciliation 23 (1) There were less than 1 million anti-dilutive outstanding stock options or contingently issuable restricted stock units excluded from the weighted-average number of shares outstanding for each of the three and six months ended June 30, 2026 and 2025. 23 Quarter Ended June 30, Six Months Ended June 30, (US$ in millions, except for share data) 2026 2025 2026 2025 Net income (loss) attributable to Bunge $678 $354 $746 $555 Adjustment for Mark-to-market timing difference (327) (94) (77) (84) Adjusted for certain (gains) and charges: Acquisition and integration costs 39 36 80 69 Gain on sale of a business - (118) - (118) Adjusted Net income (loss) attributable to Bunge $390 $178 $749 $422 Weighted-average shares outstanding – diluted (1) 195 136 196 135 Adjusted Net income (loss) per share - diluted $2.00 $1.31 $3.83 $3.12
Slide 24 — Non-GAAP Reconciliation
Net income (loss) attributable to Bunge to Total EBIT and Adjusted Total EBIT Non-GAAP Reconciliation 24 24 Quarter Ended June 30, Six Months Ended June 30, (US$ in millions) 2026 2025 2026 2025 Net income (loss) attributable to Bunge $678 $354 $746 $555 Interest income (43) (46) (88) (105) Interest expense 197 106 378 210 Income tax expense (benefit) 236 124 222 204 Noncontrolling interests’ share of interest and tax (8) - (14) 2 Total EBIT $1,060 $538 $1,244 $866 Soybean Processing and Refining EBIT $804 $460 $1,013 $731 Softseed Processing and Refining EBIT 273 19 349 101 Tropical Oils and Specialty Ingredients EBIT (24) (10) 86 (5) Grain Merchandising and Milling EBIT 173 187 97 233 Segment EBIT $1,226 $656 $1,545 $1,060 Corporate and Other EBIT ($166) ($118) ($301) ($194) Total EBIT $1,060 $538 $1,244 $866 Mark-to-market timing difference (437) (128) (101) (126) Certain (gains) & charges 42 (117) 83 (85) Adjusted Total EBIT $665 $293 $1,226 $655
Slide 25 — Non-GAAP Reconciliation
Net income to Adjusted EBITDA Non-GAAP Reconciliation 25 25 (US$ in millions) Q2 2026 TTM Net income $1,051 Interest income (185) Interest expense 796 Income tax expense (benefit) 306 Depreciation and amortization 961 Certain (gains) and charges 389 Mark-to-market timing difference 283 Adjusted EBITDA $3,601
Slide 26 — Non-GAAP Reconciliation
Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit (1), and funding from Trade Receivables Securitization Program Non-GAAP Reconciliation 26 26 (US$ in millions) Q2 2026 TTM Gross Debt $15,214 Cash and Cash Equivalents (593) Marketable securities and other short-term investments (195) Net Debt $14,426 Adjustments: RMI (2) $13,376 RMI Factor 70% RMI Credit (1) (9,363) Funding from Trade Receivables Securitization Program 1,650 Total Adjustments ($7,713) Adjusted Net Debt $6,713 Adjusted EBITDA $3,601 Adjusted Leverage Ratio 1.9x (1) RMI is treated as akin to marketable securities given its highly liquid nature and is therefore credited when calculating the leverage ratio by credit rating agencies and debt analysts. The ~70% credit applied reflects a management estimate based on the average factor across rating agencies. (2) Includes RMI in Asset held for sale of $65 million.
Slide 27 — Non-GAAP Reconciliation
Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow Non-GAAP Reconciliation 27 27 (US$ in millions) 2026 Q2 YTD Q2 2026 TTM 2025 2024 2023 2022 Cash provided by (used for) operating activities ($1,126) $1,075 $844 $1,900 $3,308 ($5,549) Foreign exchange (loss) gain on net debt $98 $106 $216 ($174) $281 $101 Beneficial interest in securitized trade receivables - - - - - $6,940 Working capital changes $2,432 $989 $502 ($95) ($673) $687 Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests ($36) ($44) ($27) ($51) ($94) ($68) Mark-to-market timing difference, after tax ($77) $205 $198 $102 ($356) $246 Adjusted FFO $1,291 $2,331 $1,733 $1,682 $2,466 $2,357 Sustaining CAPEX ($238) ($590) ($485) ($451) ($488) ($306) Discretionary Cash Flow $1,053 $1,741 $1,248 $1,231 $1,978 $2,051 Total Equity $17,342 $14,510 $11,153 $11,258 $9,313 Noncontrolling interests ($1,424) ($1,226) ($1,003) ($850) ($504) Mark-to-market timing difference, after tax $187 ($35) $60 ($97) $248 Adjusted Book Equity $16,105 $13,249 $10,210 $10,311 $9,057 Cash Return on Equity 10.8% 9.4% 12.1% 19.2% 22.6%
Slide 28 — Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Legacy Sugar JV EBIT 28 28 (1) Mark-to-market timing difference and Certain (gains) & charges reflects 100% shareholding, (i.e., including amounts attributable to noncontrolling interests) and excludes certain (gains) and charges related to the Legacy Sugar JV EBIT for all years presented. (2) Represents the previously owned 50% interest in the BP Bunge Bioenergia joint venture, divested in the fourth quarter of 2024. (3) Readily Marketable Inventory attributable to merchandising is calculated as average account balance over the trailing four quarters preceding the reporting date. (4) Cost of Debt reflects average interest rates over the trailing four quarters. (5) Adjusted for Certain (gains) & charges, Mark-to-market timing difference, taxes on interest expense and RMI Adjustment. (6) Average total capital was adjusted at June 30, 2025 for $4,550 million of cash held for the Viterra acquisition that closed on July 2, 2025. Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Jun-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 (US$ in millions) Income (loss) from continuing operations before income tax $1,360 $1,134 $1,524 $3,051 $2,066 Interest Expense 796 628 471 516 403 Certain gains & charges (1) 414 246 260 179 199 Mark-to-Market timing difference (1) 283 272 162 (481) 314 Legacy Sugar JV EBIT (2) - - (217) (157) (95) Adjusted Return before income tax $2,853 $2,280 $2,200 $3,107 $2,887 RMI attributable to merchandising (3) (11,563) (8,251) (5,399) (5,827) (6,612) Cost of Debt (4) 5.06% 5.51% 6.40% 6.50% 3.99% RMI Adjustment (586) (455) (345) (379) (264) Adjusted Return before income tax, RMI adjusted $2,267 $1,825 $1,855 $2,729 $2,623 Taxes (5) (497) (417) (438) (659) (462) Adjusted Return after income tax, RMI adjusted $1,770 $1,408 $1,417 $2,070 $2,161 0.00 0.00 (1.00) 0.00 0.00 Trailing 4 Quarters Average total capital (6) $32,323 $25,406 $16,441 $16,052 $14,851 Mark-to-market timing difference adjustments 322 158 190 123 223 RMI attributable to merchandising (3) (11,563) (8,251) (5,399) (5,827) (6,612) Average total capital, adjusted $21,082 $17,313 $11,232 $10,349 $8,462 AROIC 8.4% 8.1% 12.6% 20.0% 25.5%
Slide 29 — Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Legacy Sugar JV EBIT (1) Mark-to-market timing difference and Certain (gains) & charges reflects 100% shareholding, (i.e., including amounts attributable to noncontrolling interests) and excludes certain (gains) and charges related to the Legacy Sugar JV EBIT for all years presented. (2) Represents the previously owned 50% interest in the BP Bunge Bioenergia joint venture, divested in the fourth quarter of 2024. (3) Adjusted for Certain (gains) & charges, Mark-to-market timing difference, and taxes on interest expense. (4) Average total capital was adjusted at June 30, 2025 for $4,550 million of cash held for the Viterra acquisition that closed on July 2, 2025. 29 29 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Jun-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 (US$ in millions) Income (loss) from continuing operations before income tax $1,360 $1,134 $1,524 $3,051 $2,066 Interest Expense 796 628 471 516 403 Certain (gains) & charges (1) 414 246 260 179 199 Mark-to-market timing difference (1) 283 272 162 (481) 314 Legacy Sugar JV EBIT (2) - - (217) (157) (95) Adjusted Return before income tax $2,853 $2,280 $2,200 $3,107 $2,887 Taxes (3) (626) (522) (519) (750) (509) Adjusted Return after income tax $2,227 $1,758 $1,681 $2,357 $2,378 - 1.0000 - - - Trailing 4 Quarters Average total capital (4) $32,323 $25,406 $16,441 $16,052 $14,851 Mark-to-market timing difference adjustments 322 158 190 123 223 Average total capital, adjusted $32,645 $25,564 $16,631 $16,175 $15,074 ROIC 6.8% 6.9% 10.1% 14.6% 15.8%
Slide 30 — Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT 30 30 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters (US$ in millions) 30-Jun-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 Net Income (loss) attributable to Bunge $1,007 $816 $1,137 $2,243 $1,610 Interest income (185) (202) (163) (148) (71) Interest expense 796 628 471 516 403 Income tax expense 306 288 336 714 388 Income (loss) from discontinued operations, net of tax 3 3 0 0 0 Noncontrolling interests' share of interest and tax (16) 0 11 8 1 Total EBIT $1,911 $1,533 $1,792 $3,333 $2,331 Certain gains & charges 414 246 62 175 210 Mark to market timing difference 280 255 163 (477) 314 Adjusted Total EBIT $2,605 $2,034 $2,017 $3,031 $2,855
Slide 31 — Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a continuation of the reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT and Adjusted EPS 31 31 (1) Adjusted EPS for the Trailing Twelve Months (TTM) ended June 30, 2026 is a non-GAAP measure calculated by taking the sum of Adjusted Net income (loss) per share - diluted, for the most recent four quarters ended June 30, 2026. Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters (US$ in millions) 30-Jun-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 Total EBIT $1,911 $1,533 $1,792 $3,333 $2,331 Certain gains & charges $414 $246 $62 $175 210 Mark-to-market timing difference $280 $255 $163 ($477) 314 Adjusted Total EBIT $2,605 $2,034 $2,017 $3,031 $2,855 Interest Income $202 163 148 71 Interest expense, exluding notables ($600) (455) (500) (356) Timing Adjusted Income tax expense, excluding notables ($376) (407) (611) (438) Noncontrolling interests’ share of interest and tax $0 (11) (8) (1) Timing Adjusted net income (loss) attributable to Bunge, excluding notables $1,260 $1,308 $2,060 $2,131 Weighted-average common shares outstanding - diluted, adjusted 166 142 151 153 Timing Adjusted EPS, excluding notables (1) $8.09 $7.57 $9.20 $13.66 $13.91