Bunge Global

Reported total debt was about 15.6 billion dollars and cash about 1.3 billion dollars at September 30, 2025. A large share funds readily marketable inventories that are marked to market; RMI approximated 11.5 billion dollars at quarter end.

Adjusting for RMI, economic net debt is closer to 2.8 billion dollars, which we view as manageable for the combined platform. Liquidity is further supported by access to commercial paper, term debt and diversified funding, and the company continues to generate earnings.

Risk factors include higher capex plans (1.5 to 1.7 billion dollars indicated for 2025) and sensitivity to basis and FX, which can pressure cash during inventory builds. The dividend of 2.80 dollars per share is covered through-cycle though not in each TTM window.