The Following Is an Investment Opinion Issued by Spruce Point Capital Management

Provides Analysis That Suggests Bunge Is a Non-Economic Agribusiness Roll-Up That Has Generated a Capital Deficit of $1.6 Billion After Capex, Business Investment and Asset-Shuffling, Making Its $4.7 and $3.9 Billion of Dividends and Share Repurchases Effectively Debt Financed

Believes That Bunge Is Suffering Core Challenges In Its Oilseeds Business as Its Food Products and Alcoholic Beverage Clients Grapple With Changing Consumer Demand and The Effects of GLP-1 Weight Loss Drugs

Presents Evidence That Bunge, Pro Forma For the Viterra Acquisition, Wildly Missed 2025 EBITDA Projections By an Estimated -24%, and That Viterra's Revenue Declined Approximately -16.7% In 2025 When Public Agribusiness Peers On Average Grew Revenue +6.3%

Calls On The Board to Hold Management Accountable For Failed Mid-Cycle Goals Starting In 2022 and the Botched Viterra Deal. Also Calls On The Audit Committee to Evaluate Revisions That Lowered Viterra's PP&E Accounts By -10% Post Deal Closing, and to Explain How Much Cash Liquidity Bunge Truly Has Available and What Is Its Real Financial Leverage

We Believe That Bunge's Shares Face 55% – 80% Downside Risk Potential From Its Leverage Being Closer To 5.7x Net Debt / EBITDA vs. 1.9x Promoted By Management and From Its Inexplicable Valuation Expansion In The Face of Viterra Integration Struggles

Spruce Point Capital Management, LLC ("Spruce Point" or "we" or "us"), a New York-based investment management firm that focuses on forensic research and short-selling, today issued a detailed report entitled "Slimming Down A Fat Share Price" that outlines why we believe and estimate that shares of Bunge Global SA (NYSE:BG) ("Bunge" or the "Company") face up to 55% – 80% potential long-term downside to approximately $24.50 – $55.85 per share, representing material risk of market underperformance. Download and view the report, disclaimers, additional information, and exclusive updates by visiting www.SprucePointCap.com.