Operating Results

Factors Affecting Operating Results
Bunge Global SA, a Swiss company, together with its subsidiaries, is a leading global agribusiness and food company with integrated operations that stretch from farmer to consumer. The commodity nature of the Company's principal products, as
well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure. Accordingly, information is included in "Segment Overview and Results of Operations" that summarizes certain items in our consolidated statements of income and volumes by reportable segment. The common unit of measure for all reported volumes is metric tons.

Agribusiness
In the Agribusiness segment, we purchase, store, transport, process, and sell agricultural commodities and commodity products. Profitability in this segment is affected by the availability and market prices of agricultural commodities and processed commodity products and the availability and costs of energy, transportation, and logistics services. Profitability in our processing operations is also impacted by volumes procured, processed, and sold and by capacity utilization rates. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions. Reported Processing volumes comprise oilseed volumes crushed (processed) during a period, which approximate sales volumes to third parties during the same period. Reported Merchandising volumes represent sales volumes to third-party customers.

Demand for our purchased and processed Agribusiness products is affected by many factors, including global and regional economic conditions, changes in per capita income, the financial condition of our customers and their access to credit, worldwide consumption of food products, particularly pork and poultry, population growth rates, relative prices of substitute agricultural products, outbreaks of disease associated with livestock and poultry, and demand for renewable fuels produced from agricultural commodities and commodity products.
We expect that the factors described above will continue to affect global supply and demand for our Agribusiness products for the foreseeable future. We also expect that, from time to time, imbalances will likely exist between oilseed processing capacity and demand for oilseed products in certain regions, which impacts our decisions regarding whether, when, and where to purchase, store, transport, process or sell these commodities, including whether to change the location of or adjust our own oilseed processing capacity.
Additionally, price fluctuations and availability of commodities may cause fluctuations in our working capital, reflected in the level of inventories, accounts receivable, and outstanding borrowings over the course of a given year. For example, increased availability of commodities at harvest times often causes fluctuations in our inventories and borrowings. Increases in agricultural commodity prices will also generally cause our cash flow requirements to increase as our operations require increased use of cash and associated borrowings to acquire inventories and fund daily settlement requirements on exchange-traded futures that we use to hedge our physical inventories.

Refined and Specialty Oils
In the Refined and Specialty Oils segment, our operating results are affected by changes in the prices of raw materials such as crude vegetable oils, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions, and the general competitive environment in our markets. Raw material inputs to our production processes in the Refined and Specialty Oils segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect sales volumes to third-party customers. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Milling
In the Milling segment, our operating results are affected by changes in the prices of raw materials such as grains, the mix of products that we sell, changes in consumer eating habits, changes in per capita income, consumer purchasing power levels, availability of credit to customers, governmental dietary guidelines and policies, changes in regional economic conditions and the general competitive environment in our markets. Raw material inputs to our production processes in the Milling segment are largely sourced at market prices from our Agribusiness segment. Reported volumes in this segment reflect feedstock ground (processed) during a period, again approximating sales volumes during the same period. The unit of measure for these volumes is metric tons as these businesses are linked to the commodity raw materials, which are their primary inputs.

Viterra
Following the completion of our pending Viterra Acquisition, our operations will be impacted by the integration of Viterra's network of agricultural storage, processing, and transport assets. Viterra businesses operate in similar industries as we do, so we expect the factors that impact Viterra's operations will be broadly consistent with the factors that we have described above that impact each of our segments.

Sugar and Bioenergy
Our Sugar and Bioenergy segment primarily comprised our 50% interest in BP Bunge Bioenergia, a joint venture with BP. On October 1, 2024, we completed the sale of our 50% interest in BP Bunge Bioenergia. See Note 2 - Acquisitions and Dispositions to our consolidated financial statements for further details.
BP Bunge Bioenergia operated on a stand-alone basis with a total of 11 mills located across the Southeast, North, and Midwest regions of Brazil. We accounted for our interest in the joint venture under the equity method of accounting. Accordingly, our reported Sugar and Bioenergy results include our share of the net earnings in BP Bunge Bioenergia.
Prior to the sale of our interest in October 2024, profitability of this segment, the value of our investment, and the timing of distributions we received, if any, were affected by the profitability of the joint venture. In turn, the profitability of the joint venture was affected by the availability and quality of sugarcane, which impacted capacity utilization rates and the amount of sugar that could be extracted from the sugarcane, and by market prices of sugar and ethanol. The availability and quality of sugarcane is affected by many factors, including weather, geographical factors such as soil quality and topography, and agricultural practices. Demand for the joint venture's products was affected by many factors, including changes in global or regional economic conditions, the financial condition of customers and customer access to credit, worldwide consumption of food products, population growth rates, changes in per capita income, and demand for and governmental support of renewable fuels produced from agricultural commodities, including sugarcane.

In addition to these industry related factors which impact our business areas, our results of operations in all business areas and segments are affected by the following factors:

Foreign Currency Exchange Rates
Due to the global nature of our operations, our operating results can be materially impacted by foreign currency exchange rates. Both translation of our foreign subsidiaries' financial statements and foreign currency transactions can affect our results. On a monthly basis, for subsidiaries whose functional currency is a currency other than the U.S. dollar, subsidiary statements of income and cash flows must be translated into U.S. dollars for consolidation purposes based on weighted-average exchange rates in each monthly period. As a result, fluctuations of local currencies compared to the U.S. dollar during each monthly period impact our consolidated statements of income and cash flows for each reported period (per quarter and year-to-date) and also affect comparisons between those reported periods. Subsidiary balance sheets are translated using exchange rates as of the balance sheet date with the resulting translation adjustments reported in our consolidated balance sheets as a component of Accumulated other comprehensive loss.
Additionally, we record transaction gains or losses on monetary assets and liabilities that are not denominated in the functional currency of the entity. These amounts are remeasured into their respective functional currencies at exchange rates as of the balance sheet date, with the resulting gains or losses included in the entity's statement of income and, therefore, in our consolidated statements of income as Foreign exchange (losses) gains - net.
We primarily use a combination of equity and intercompany loans to finance our subsidiaries. Intercompany loans that are of a long-term investment nature with no intention of repayment in the foreseeable future are considered permanently invested and as such are treated as analogous to equity for accounting purposes. As a result, any foreign currency translation gains or losses on such permanently invested intercompany loans are reported in Accumulated other comprehensive loss in our consolidated balance sheets. In contrast, foreign currency translation gains or losses on intercompany loans that are not of a permanent nature are recorded in our consolidated statements of income as Foreign exchange (losses) gains - net.

Income Taxes
As a Swiss corporation, we are subject to corporate income tax at federal, cantonal, and communal levels on our Swiss income. Qualifying net dividend income and net capital gains on the sale of qualifying investments in subsidiaries are effectively exempt from federal, cantonal, and communal corporate income tax. Consequently, we expect dividends from our subsidiaries and capital gains from sales of investments in our subsidiaries to be exempt from Swiss corporate income tax. In addition, our subsidiaries, which operate in multiple tax jurisdictions, are subject to income taxes at various statutory rates ranging from 0% to 35%. The jurisdictions that significantly impact our effective tax rate are Argentina, Brazil, Canada, Switzerland and the United States. Determination of taxable income requires the interpretation of related and often complex tax laws and regulations in each jurisdiction in which we operate, and the use of estimates and assumptions regarding future events.
Non-U.S. GAAP Financial Measures
Total earnings before interest and taxes ("EBIT") is an operating performance measure used by Bunge’s management to evaluate reportable segment operating activities as well as Corporate and Other results. Bunge also uses Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT to evaluate segment operating performance of Bunge’s

Core reportable segments, Non-core reportable segments, and Total reportable segments together with Corporate and Other. Core Segment EBIT is the aggregate of the EBIT of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling reportable segments. Non-core Segment EBIT is the EBIT of Bunge’s Sugar & Bioenergy reportable segment. Total EBIT is the aggregate of the EBIT of Bunge’s Core and Non-core reportable segments, together with Corporate and Other. Bunge’s management believes Core Segment EBIT, Non-core Segment EBIT, Corporate and Other EBIT, and Total EBIT are useful measures of operating profitability since the measures allow for an evaluation of the performance of its segments without regard to financing methods or capital structure. In addition, EBIT is a financial measure that is widely used by analysts and investors in Bunge’s industry. Total EBIT is a non-U.S. GAAP financial measure and is not intended to replace Net income attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Further, Total EBIT excludes EBIT attributable to noncontrolling interests and is not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income or any other measure of consolidated operating results under U.S. GAAP. See the reconciliation of Net income attributable to Bunge to Total EBIT below.

2024 Overview
Net Income Attributable to Bunge Shareholders - For the year ended December 31, 2024, Net income attributable to Bunge shareholders was $1,137 million, a decrease of $1,106 million compared to a Net income attributable to Bunge shareholders of $2,243 million for the year ended December 31, 2023. The decrease was primarily due to lower Core Segment EBIT, as further discussed in the Segment Overview & Results of Operations section below, partially offset by lower income tax expense as discussed further below.
Earnings Per Share - Diluted - For the year ended December 31, 2024, Net income attributable to Bunge shareholders - diluted, was $7.99 per share, a decrease of $6.88 per share, compared to $14.87 per share for the year ended December 31, 2023.
EBIT - For the year ended December 31, 2024, Total EBIT was $1,792 million, a decrease of $1,541 million compared to EBIT of $3,333 million for the year ended December 31, 2023. The decrease in Total EBIT for the year ended December 31, 2024 was primarily due to lower Core Segment EBIT, resulting primarily from lower gross profit in our Agribusiness segment, as further discussed in the Segment Overview and Results of Operations section below, and which also provides a reconciliation of Net income attributable to Bunge shareholders to Total EBIT.
Income Tax Expense - Income tax expense was $336 million for the year ended December 31, 2024 compared to income tax expense of $714 million for the year ended December 31, 2023. The decrease in income tax expense for the year ended December 31, 2024 was primarily due to lower pre-tax income and earnings mix.
Liquidity and Capital Resources – At December 31, 2024, working capital, which equals Total current assets less Total current liabilities, was $8,523 million, a decrease of $140 million, compared to working capital of $8,663 million at December 31, 2023. The decrease in working capital was primarily due to a higher Current portion of long-term debt balance, lower Inventories and lower Trade accounts receivables, net, partially offset by lower Trade accounts payable balances and higher Cash and cash equivalents, as further discussed in the Liquidity and Capital Resources section below.

Segment Overview and Results of Operations
Our operations are organized, managed, and classified into four reportable segments based upon their similar economic characteristics, nature of products and services offered, production processes, types and classes of customer, and distribution methods. We further organize these reportable segments into Core operations and Non-core operations. Core operations comprise our Agribusiness, Refined and Specialty Oils, and Milling reportable segments. Non-core operations comprise our Sugar & Bioenergy reportable segment, which itself primarily comprised the Company’s 50% interest in the net earnings of BP Bunge Bioenergia, a joint venture with BP p.l.c. See Note 2- Acquisitions and Dispositions for details regarding Bunge's disposition of its 50% interest in BP Bunge Bioenergia.
Our remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Corporate and Other. Corporate and Other includes salaries and overhead for corporate functions that are not allocated to our individual reportable segments because the operating performance of each reportable segment is evaluated by the Company's chief operating decision maker exclusive of these items, as well as certain other activities including Bunge Ventures, the Company's captive insurance activities, and trade receivables securitization program, as well as certain income tax assets and liabilities.

Below is an interim report on a portion of Zenith's First Quarter covering 01-02-2026 to 02-19-2026. We commit around $30,000 per stock and do not compound investments so share alotments stay constant. Reports are made at odd intervals and trades closed out at the end of each quarter starting with March 31st, then given a fresh start each quarter with new cumulative totals and previous totals out.

Closed Trades
_____________
                                                        Trade   Total     Gain
Date    Sym   Company                        BS Shares  Price   Aft Cm  (-Loss)

260102  ADBE  Adobe Systems Inc              S    113 347.61 $  39,279 $      0
260209  ADBE  Adobe Systems Inc              B    226 265.58 $  60,021 $  9,269
260102  AMCX  AMC Networks Cl A              S   3906   9.48 $  37,028 $      0
260209  AMCX  AMC Networks Cl A              B   7812   7.32 $  57,183 $  8,437
260102  AVGO  Broadcom Ltd                   S     88 357.05 $  31,420 $      0
260204  AVGO  Broadcom Ltd                   B    176 298.25 $  52,492 $  5,174
260203  AXTA  Axalta Coating Systems Ltd     B    871  31.76 $  27,662 $      0
260210  AXTA  Axalta Coating Systems Ltd     S   1742  34.77 $  60,569 $  2,622
260106  BFAM  Bright Horizons Family Solutio S    352 103.41 $  36,400 $      0
260209  BFAM  Bright Horizons Family Solutio B    704  83.81 $  59,002 $  6,899
260102  BG    Bunge Ltd                      B    253  89.59 $  22,666 $      0
260204  BG    Bunge Ltd                      S    506 120.42 $  60,932 $  7,800
260108  BP    BP Plc ADR                     B    811  33.73 $  27,355 $      0
260204  BP    BP Plc ADR                     S   1622  39.11 $  63,436 $  4,363
260102  CAT   Caterpillar Inc                B     40 581.06 $  23,242 $      0
260210  CAT   Caterpillar Inc                S     80 744.48 $  59,558 $  6,537
260108  CCB   Coastal Financial Corp         S    341 118.57 $  40,432 $      0
260205  CCB   Coastal Financial Corp         B    682  84.39 $  57,553 $ 11,656
260102  CELH  Celsius Holdings Inc           B    647  46.23 $  29,910 $      0
260120  CELH  Celsius Holdings Inc           S   1294  57.27 $  74,107 $  7,143
260116  CENTA Central Garden & Pet           B    889  28.71 $  25,523 $      0
260206  CENTA Central Garden & Pet           S   1778  34.16 $  60,736 $  4,845
260114  CHEF  The Chefs Warehouse            B    458  57.96 $  26,545 $      0
260209  CHEF  The Chefs Warehouse            S    916  67.45 $  61,784 $  4,347
260105  EPD   Enterprise Products Partners L B    852  31.87 $  27,153 $      0
260205  EPD   Enterprise Products Partners L S   1704  35.19 $  59,963 $  2,828
260114  FOUR  Shift4 Payments Inc            S    501  67.88 $  34,007 $      0
260203  FOUR  Shift4 Payments Inc            B   1002  53.18 $  53,286 $  7,364
260102  HLX   Helix Energy Solutions Group   B   3546   6.21 $  22,020 $      0
260209  HLX   Helix Energy Solutions Group   S   7092   8.69 $  61,629 $  8,794
260102  INTC  Intel Corp                     B    636  38.14 $  24,257 $      0
260122  INTC  Intel Corp                     S   1272  54.05 $  68,751 $ 10,118
260102  JBHT  J B Hunt Transport             B    130 195.48 $  25,412 $      0
260210  JBHT  J B Hunt Transport             S    260 228.60 $  59,436 $  4,306
260102  KEYS  Keysight Technologies Inc      B    127 205.76 $  26,131 $      0
260210  KEYS  Keysight Technologies Inc      S    254 235.59 $  59,839 $  3,788
260107  KKR   KKR & Company LP               S    279 135.91 $  37,918 $      0
260205  KKR   KKR & Company LP               B    558  98.34 $  54,873 $ 10,482
260121  LEU   Centrus Energy Corp            S    113 342.14 $  38,661 $      0
260204  LEU   Centrus Energy Corp            B    226 232.82 $  52,617 $ 12,353
260102  LHX   L3Harris Technologies Inc      B     86 293.92 $  25,277 $      0
260129  LHX   L3Harris Technologies Inc      S    172 365.89 $  62,933 $  6,189
260102  LVS   Las Vegas Sands                S    526  64.96 $  34,168 $      0
260129  LVS   Las Vegas Sands                B   1052  52.44 $  55,166 $  6,585
260115  MPAA  Motorcar Parts Amer            S   2795  13.60 $  38,012 $      0
260209  MPAA  Motorcar Parts Amer            B   5590   9.38 $  52,434 $ 11,795
260105  PCVX  Vaxcyte Inc                    B    545  44.38 $  24,187 $      0
260203  PCVX  Vaxcyte Inc                    S   1090  58.36 $  63,612 $  7,619
260107  PLTR  Palantir Technologies Inc Cl A S    215 185.41 $  39,863 $      0
260205  PLTR  Palantir Technologies Inc Cl A B    430 129.60 $  55,728 $ 11,999
260108  SNOW  Snowflake Inc Cl A             S    164 233.95 $  38,367 $      0
260205  SNOW  Snowflake Inc Cl A             B    328 157.64 $  51,705 $ 12,515
260106  TMHC  Taylor Morrison Home Corp      B    451  57.82 $  26,076 $      0
260210  TMHC  Taylor Morrison Home Corp      S    902  66.62 $  60,091 $  3,969
260106  TT    Trane Technologies Plc         B     65 351.54 $  22,850 $      0
260210  TT    Trane Technologies Plc         S    130 460.80 $  59,903 $  7,101
260113  VOD   Vodafone Grp Plc ADR           B   1967  13.28 $  26,121 $      0
260204  VOD   Vodafone Grp Plc ADR           S   3934  15.74 $  61,921 $  4,839
260108  VRT   Vertiv Holdings Llc.           B    150 160.36 $  24,054 $      0
260209  VRT   Vertiv Holdings Llc.           S    300 206.35 $  61,905 $  6,898
260109  WDFC  W D 40 Company                 B    125 177.13 $  22,141 $      0
260205  WDFC  W D 40 Company                 S    250 250.71 $  62,677 $  9,197
260129  ZBH   Zimmer Biomet Holdings         B    328  85.44 $  28,024 $      0
260210  ZBH   Zimmer Biomet Holdings         S    656  94.48 $  61,978 $  2,965
260120  ZM    Zoom Communications Inc        B    315  80.57 $  25,379 $      0
260128  ZM    Zoom Communications Inc        S    630  96.60 $  60,857 $  5,049
                                                                      _________
                                                                     $  235,845
Open Positions, Only
_____________________

                                                        Recent  Total     Gain
Date    Sym   Company                        BS Shares  Price   Aft Cm  (-Loss)

260108  SNOW  Snowflake Inc Cl A             S    164 182.58 $  29,943 $  4,049
260210  KEYS  Keysight Technologies Inc      S    127 235.00 $  29,845 $     76
260128  ZM    Zoom Communications Inc        S    315  94.99 $  29,921 $    512
260102  AVGO  Broadcom Ltd                   S     88 340.44 $  29,958 $  3,676
260102  LVS   Las Vegas Sands                S    526  57.02 $  29,992 $  2,385
260203  PCVX  Vaxcyte Inc                    S    545  54.98 $  29,964 $  1,861
260122  INTC  Intel Corp                     S    636  47.13 $  29,974 $  4,445
260204  BP    BP Plc ADR                     S    811  36.97 $  29,982 $  1,753
260210  AXTA  Axalta Coating Systems Ltd     S    871  34.42 $  29,979 $    308
260206  CENTA Central Garden & Pet           S    889  33.74 $  29,994 $    377
260107  KKR   KKR & Company LP               S    279 107.21 $  29,911 $  2,450
260210  TT    Trane Technologies Plc         S     65 461.38 $  29,989 $    -38
260121  LEU   Centrus Energy Corp            S    113 264.99 $  29,943 $  3,599
260210  CAT   Caterpillar Inc                S     40 742.37 $  29,694 $     85
260102  ADBE  Adobe Systems Inc              S    113 264.67 $  29,907 $   -102
260106  BFAM  Bright Horizons Family Solutio S    352  85.04 $  29,934 $    429
260120  CELH  Celsius Holdings Inc           S    647  46.35 $  29,988 $  7,136
260209  VRT   Vertiv Holdings Llc.           S    150 199.62 $  29,942 $  1,020
260205  WDFC  W D 40 Company                 S    125 238.87 $  29,858 $  1,495
260129  LHX   L3Harris Technologies Inc      S     86 345.08 $  29,676 $  1,808
260209  CHEF  The Chefs Warehouse            S    458  65.36 $  29,934 $    967
260114  FOUR  Shift4 Payments Inc            S    501  59.81 $  29,964 $  3,288
260210  ZBH   Zimmer Biomet Holdings         S    328  91.40 $  29,979 $  1,020
260205  EPD   Enterprise Products Partners L S    852  35.19 $  29,981 $      0
260107  PLTR  Palantir Technologies Inc Cl A S    215 139.51 $  29,994 $  2,109
260108  CCB   Coastal Financial Corp         S    341  87.84 $  29,953 $  1,165
260209  HLX   Helix Energy Solutions Group   S   3546   8.46 $  29,999 $    824
260115  MPAA  Motorcar Parts Amer            S   2795  10.73 $  29,990 $  3,736
260204  VOD   Vodafone Grp Plc ADR           S   1967  15.25 $  29,996 $    973
260210  TMHC  Taylor Morrison Home Corp      S    451  66.41 $  29,950 $     96
260102  AMCX  AMC Networks Cl A              S   3906   7.68 $  29,998 $  1,392
260210  JBHT  J B Hunt Transport             S    130 229.05 $  29,776 $    -59
260204  BG    Bunge Ltd                      S    253 118.37 $  29,947 $    524
                                                                      _________
                                                                     $   53,359

                             Grand Total (non-option trades):       $   289,204

Summary (sorted by AVPE/CUPE, desc):
Ticker  Name                                      AVPE/CUPE
AMCX    AMC Networks                                 12.137
BFAM    Bright Horizons Family Solutions              5.721
BP      BP                                            5.406
ZM      Zoom Communications                           4.948
VOD     Vodafone Group                                2.919
ADBE    Adobe                                         2.629
FOUR    Shift4 Payments                               1.572
ZBH     Zimmer Biomet Holdings                        1.462
AXTA    Axalta Coating Systems                        1.222
CENTA   Central Garden & Pet                          1.156
WDFC    WD-40                                         1.150
HLX     Helix Energy Solutions                        1.048
PLTR    Palantir Technologies                         0.978
LVS     Las Vegas Sands                               0.871
TMHC    Taylor Morrison Home                          0.830
AVGO    Broadcom                                      0.793
CELH    Celsius Holdings                              0.772
JBHT    J.B Hunt Transport Services                   0.695
KEYS    Keysight Technologies                         0.673
CHEF    Chefs' Warehouse                              0.620
EPD     Enterprise Products Partners                  0.603
TT      Trane Technologies                            0.577
KKR     KKR                                           0.570
LHX     L3Harris Technologies Inc                     0.567
CCB     Coastal Financial                             0.566
VRT     Vertiv Holdings                               0.483
BG      Bunge Global SA                               0.425
LEU     Centrus Energy                                0.334
CAT     Caterpillar                                   0.298
MPAA    Motorcar Parts Of America                     0.200
INTC    Intel                                         0.009
SNOW    Snowflake                                     0.000
PCVX    Vaxcyte                                       0.000

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