Slide 1: Q2 2026 Earnings Results Review
Q2 2026 Earnings Results Review July 29, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements • 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
Slide 3: Agenda
• CEO Comments • Financial Performance Agenda • Closing Remarks • Q&A 3
Slide 4: Q2 2026 Highlights and Outlook
Q2 2026 Highlights and Outlook (1) • 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 $9.75 (1) Refer to discussion of the presentation
Slide 5: Bunge Global SA Earnings Highlights
Bunge Global SA Earnings Highlights Quarter Ended Six Months Ended June 30, June 30, (US$ 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) (
Slide 6: Earnings Trend
Earnings Trend Recent improvement reflects better market conditions and early benefits of synergy capture Bunge Performance 2022 – Q2 2026 TTM Timing Adjusted, Excluding Notables 3500 20 3,031 18 3000 2,855 2,605 16 2500 14 ($ millions) $13.91 $13.66 2,017 2,034 12 2000 10 1500 $9.19 8 $7.57 $8.09 1
Slide 7: Using Cash Flow to Drive Shareholder Value
Using Cash Flow to Drive Shareholder Value Capital Allocation Priorities 1,291 (238) 1,053 A-/Baa1/BBB+ Credit Ratings (2) (275) Shareholder dividends (541) Reinvestment opportunities (105) ($ million) (249) (117) Share buybacks Q2 2026 YTD Sustaining Discretionary Dividends to Growth/Prod. Portfoli
Slide 8: Vast Majority Net Debt Finances Readily Marketable Inventory (RMI)
Vast Majority Net Debt Finances Readily Marketable Inventory (RMI) $14.4 $13.0 $13.4 $13.4 $12.4 $12.1 At Q2 quarter-end: $11.5 $11.4 • Net Debt ex RMI: $1.0B $6.5 $6.7 • Adjusted Leverage $’billions $4.1 Ratio(1) : 1.9x $2.8 Q1 Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2025 2026 2026 Net Debt RMI (1) Adjusted
Slide 9: Liquidity Position Remains Strong
Liquidity Position Remains Strong In $ millions Amount Facility Maturity Commitments 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 Additionally, at quarter end, we had
Slide 10: Returns Trend
Returns Trend The spread between ROIC and AROIC reflects how we use RMI to generate incremental profit Bunge Returns (excluding legacy sugar JV) (1, 2, 3,4) 25.5% 20.0% 15.8% 12.6% 14.6% 7.7% 8.1% 8.4% 6.6% 10.1% 6.7% 6.9% 6.8% 2022 2023 2024 2025 Q2 2026 TTM AROIC AWACC ROIC (1) Bunge WACC is 6.0%
Slide 11: Cash Return on Equity Trend
Cash Return on Equity Trend Reflects cash available for growth/productivity investments as well as returns to shareholders Bunge Cash ROE Performance 2022 – Q2 2026 TTM (1,2) 2,500 40.0% 38.0% 2,051 1,978 36.0% 34.0% 2,000 1,741 32.0% 30.0% 28.0% 26.0% 1,500 22.6% 1,231 1,248 24.0% 19.2% 22.0% 20.0%
Slide 12: Full-Year 2026 Outlook
Full-Year 2026 Outlook (1) 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 Compared to its previous outlook: • Soybean Processing an
Slide 13: Closing Remarks
Closing Remarks • 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 13
Slide 14: Joss
Joss
Slide 15: Segment Definitions and Activities
Segment Definitions and Activities Softseed Tropical Oils & Grain Soy Processing Processing & Specialty Merchandising & Refining Refining Ingredients & Milling • Origination • Origination • Processing • Origination • Processing & Refining o Canola/rapeseed, o US (soy protein o Grains (corn, wheat, s
Slide 16: Segment Volume Highlights
Segment Volume Highlights Quarter Ended Six Months Ended June 30, 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) #2 8,046 4,098 13,179 6,331 Refined soy oil production (3) 933 902 1,
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 m
Slide 18: Non-GAAP Definitions
Non-GAAP Definitions 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-ma
Slide 19: Non-GAAP Definitions
Non-GAAP Definitions 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
Slide 20: Non-GAAP Definitions
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 cal
Slide 21: Non-GAAP Definitions
Non-GAAP Definitions 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 Ad
Slide 22: Non-GAAP Definitions
Non-GAAP Definitions 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 de
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Adjusted Net income Quarter Ended Six Months Ended June 30, June 30, (US$ in millions, except for share data) 2026 2025 2026 2025 Net income (loss) attributable to Bunge $678 $354 $746 $555 Adjustment for Mark-to-market timing differ
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income (loss) attributable to Bunge to Total EBIT and Adjusted Total EBIT Quarter Ended Six Months Ended June 30, June 30, (US$ in millions) 2026 2025 2026 2025 Net income (loss) attributable to Bunge $678 $354 $746 $555 Interest income (43) (46) (88) (105) Interest expen
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net income to Adjusted EBITDA (US$ 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 $3,
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Leverage Ratio adjusted for certain gains and charges, mark-to-market timing differences, RMI Credit (1), and funding from Trade Receivables Securitization Program (US$ in millions) Q2 2026 TTM Gross Debt $15,214 Cash and Cash Equivalents (593) Marketable securities and other
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash provided by (used for) operating activities to Adjusted FFO and Discretionary Cash Flow (US$ 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 ($5,549) Foreign exchange (loss) gain
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences, RMI attributable to merchandising, and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Jun-26 31-Dec-
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Return on Invested Capital excluding certain gains and charges, mark-to-market timing differences and Legacy Sugar JV EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Jun-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 (US
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation Below is a reconciliation of Net income (loss) attributable to Bunge to Adjusted Total EBIT Trailing 4 Trailing 4 Trailing 4 Trailing 4 Trailing 4 Quarters Quarters Quarters Quarters Quarters 30-Jun-26 31-Dec-25 31-Dec-24 31-Dec-23 31-Dec-22 (US$ in millions) Net Income (loss
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 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-
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