BG

• Agricultural commodity risk is the largest exposure, with a daily net position value reaching $2,645 million and a hypothetical 10% adverse price move implying a $265 million loss.
• Ocean freight costs are hedged with freight forward agreements and time charters ranging from two months to five years.
• Energy price risk from electricity, natural gas, and bunker fuel is managed using exchange-traded and OTC swaps and options.
• Primary currency exposures are the Brazilian real, Canadian dollar, Euro, and Chinese yuan; a hypothetical 10% adverse FX move was deemed not material.
• A 100 bps change in reference rates would alter interest expense on variable-rate debt by approximately $102 million, while the same move on fixed-rate debt changes fair value by less than 1%.
• Credit and counterparty risk is monitored through regional credit teams and global committees, with provisions recorded when counterparties fail to perform.

From time to time, we are involved in litigation and other claims, investigations and proceedings incidental to our business. While the outcome of these matters cannot be predicted with certainty, we believe the outcome of these proceedings, net of established reserves, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. For a discussion of certain legal and tax matters see Note 15 - Commitments and Contingencies to our condensed consolidated financial statements included as part of this Quarterly Report on Form 10-Q. Additionally, we are a party to a large number of labor, civil and other claims, primarily relating to our Brazilian operations. We have reserved an aggregate of $41 million and $291 million, for labor and civil claims, respectively, as of June 30, 2026. The labor claims primarily relate to dismissals, severance, health and safety, salary adjustments, and supplementary retirement benefits. The civil claims relate to various legal proceedings and disputes, including disputes with suppliers and customers.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. 60 Table of Contents