邦吉 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR15(d)OFTHE SECURITIESEXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025Or TRANSITION REPORT PURSUANT TO SECTION13 OR15(d)OFTHE SECURITIESEXCHANGE ACT OF1934 For the transition period from (Exact name of registrant as specified in its charter) Switzerland98-1743397(State or other jurisdiction of incorporation ororganization)(I.R.S. Employer Identification No.) Name of each exchange on which registeredNew York Stock Exchange Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the SecuritiesAct.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reportingcompany" and "emerging growth company" in Rule12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report. Yes☒No If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. Yes☐ No Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).Yes☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No The aggregate market value of registrant's shares held by non-affiliates, based upon the closing price on the last business day of theregistrant's most recently completed second fiscal quarter, June30, 2025, as reported by the New York Stock Exchange, was approximately$10,701million. Shares held by executive officers and directors and persons who own 10% or more of the issued and outstanding shareshave been excluded since such persons may be deemed affiliates. This determination of affiliate status is not a determination for any otherpurpose. As of February17, 2026, 193,509,080 registered shares, par value $0.01 per share, were issued and outstanding. Portions of the proxy statement for the 2026 Annual General Meeting of Shareholders (the "2026 Annual Meeting") to be held onMay 20, 2026 are incorporated by reference into PartIII. Table of Contents Table of Contents PART I Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety DisclosuresPART IIItem5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesItem6.ReservedItem7.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem7A.Quantitative and Qualitative Disclosures About Market RiskItem8.Financial Statements and Supplementary DataItem9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationPART IIIItem10.Directors, Executive Officers, and Corporate GovernanceItem11.Executive CompensationItem12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13.Certain Relationships and Related Transactions, and Director IndependenceItem14.Principal Accounting Fees and ServicesPART IVItem15.Exhibits, Financial Statement SchedulesScheduleII—Valuation and Qualifying AccountsINDEX TO CONSOLIDATED FINANCIAL STATEMENTSSIGNATURES References in this Annual Report on Form 10-K ("Annual Report") to "Bunge G