Exhibit 99.3

Viterra

LIMITED

Unaudited Condensed Consolidated Interim Financial Statements

Condensed consolidated statement of income

For the three months ended 31 March (unaudited)

US$ million	Notes	2025			2024
Revenue	2		10,038			11,458
Cost of goods sold			(9,883	)		(11,184	)
Gross margin			155			274
Selling and administrative expenses			(158	)		(151	)
Share of income from associates and joint ventures			1			11
Gain on disposals of investments			—			1
Impairment expense on trade receivables			(3	)		(3	)
Other income			2			1
Other expense			(8	)		(4	)
Dividend income			—			1
Interest income			8			10
Interest expense	4		(115	)		(139	)
(Loss)/income before income taxes			(118	)		1
Current income tax expense	5		(37	)		(44	)
Deferred income tax recovery	5		26			107
(Loss)/income for the period			(129	)		64
Attributable to:
Non-controlling interests			—			—
Equity holders			(129	)		64

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 2

Condensed consolidated statement of comprehensive income

For the three months ended 31 March (unaudited)

US$ million	2025			2024
(Loss)/income for the period		(129	)		64
Other comprehensive income
Items not to be reclassified to the statement of income in subsequent periods:
Gain on remeasurement of defined benefit plan1		1			1
Gain on financial assets measured at fair value through other comprehensive income1		1			—
Net items not to be reclassified to the statement of income in subsequent periods:		2			1
Items that are or may be reclassified to the statement of income in subsequent periods:
Exchange gain/(loss) on translation of foreign operations		66			(90	)
(Loss)/gain on cash flow hedges1		(4	)		13
Net items that are or may be reclassified to the statement of income in subsequent periods:		62			(77	)
Other comprehensive income/(loss)		64			(76	)
Total comprehensive loss		(65	)		(12	)
Attributable to:
Non-controlling interests		—			(1	)
Equity holders of the parent		(65	)		(11	)

¹ Amounts are presented net of deferred tax.

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 3

Condensed consolidated statement of financial position

As at 31 March 2025 and 31 December 2024 (unaudited)

US$ million	Notes	2025		2024
Assets
Non-current assets
Property, plant and equipment	6		4,328		4,332
Intangible assets			1,374		1,374
Investments in associates and joint ventures			386		392
Other investments	13		18		17
Advances and loans			82		93
Pension surplus			67		66
Deferred tax assets			295		290
			6,550		6,564
Current assets
Biological assets			26		20
Inventories	7		6,933		7,045
Accounts receivable	8		2,471		2,583
Other financial assets	13,14		912		1,173
Income tax receivable			190		182
Cash and cash equivalents	9,13		729		688
			11,261		11,691
Disposal groups and assets held for sale	3		576		588
			11,837		12,279
Total assets			18,387		18,843
Equity and liabilities
Capital and reserves - attributable to equity holders
Share capital			1		1
Reserves and retained earnings			4,657		4,782
			4,658		4,783
Non-controlling interests			158		158
Total equity			4,816		4,941
Non-current liabilities
Borrowings	11,13		5,441		4,469
Deferred tax liabilities			355		375
Post-employment benefits			19		18
Provisions			144		159
Other long-term liabilities			17		12
Other financial liabilities	13,14		98		137
			6,074		5,170
Current liabilities
Borrowings	11,13		3,363		3,653
Accounts payable	12		3,171		3,825
Provisions			65		67
Other financial liabilities	13,14		630		900
Income tax payable			37		26
Other current liabilities			12		18
			7,278		8,489
Disposal groups and liabilities held for sale	3		219		243
			7,497		8,732
Total equity and liabilities			18,387		18,843

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

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Condensed consolidated statement of cash flows

For the three months ended 31 March (unaudited)

US$ million	Notes	2025			2024
Operating activities
(Loss)/income before income taxes			(118	)		1
Adjustments for:
Depreciation and amortisation			183			218
Share of income from associates and joint ventures			(1	)		(11	)
Decrease in other long-term liabilities and provisions			(4	)		(19	)
Gain on disposals and investments			—			(1	)
Net foreign exchange losses			7			4
Loss on sale of property, plant and equipment			(1	)		—
Other non-cash items - net			(1	)		(1	)
Interest income			(8	)		(10	)
Interest expense	4		115			139
Cash generated by operating activities before working capital changes, interest and tax			172			320
Working capital changes
Decrease in inventories1			175			718
Decrease in accounts receivable2			191			30
Decrease in other financial assets			277			18
Decrease in accounts payable3,4			(678	)		(845	)
Decrease in other financial liabilities			(322	)		(73	)
Total working capital changes			(357	)		(152	)
Cash generated from operating activities			(185	)		168
Income taxes (paid)/received - net			(28	)		11
Interest received			8			10
Interest paid			(105	)		(120	)
Net cash (used in)/generated by operating activities			(310	)		69

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 5

Condensed consolidated statement of cash flows

For the three months ended 31 March (unaudited)

US$ million	Notes	2025			2024
Investing activities
Proceeds from sale of investments in associates and joint ventures			—			2
Proceeds from sale of subsidiaries			—			14
Proceeds from sale of other investments			—			90
Purchase of property, plant and equipment, and intangibles			(62	)		(61	)
Proceeds from sale of property, plant and equipment, and intangibles			2			1
Dividends received			6			8
Net cash (used in)/generated by investing activities			(54	)		54
Financing activities
Proceeds of other non-current bank facilities other than revolving credit facilities			1			5
Repayment of other non-current bank facilities other than revolving credit facilities			(8	)		(27	)
Net proceeds of revolving credit facilities			778			1,412
Net repayment of current borrowings			(224	)		(966	)
Repayments of lease liabilities			(91	)		(112	)
Return of capital	10		(60	)		(58	)
Distribution to non-controlling interest			—			(1	)
Net cash generated by financing activities			396			253
Increase in cash and cash equivalents			36			376
Foreign exchange movement in cash			5			(3	)
Cash and cash equivalents, beginning of period			691			530
Cash and cash equivalents, end of period			732			903
Cash and cash equivalents reported in the statement of financial position	9		729			903
Cash and cash equivalents attributable to disposal groups and assets held for sale	3		3			—

¹ Includes movements in biological assets.

² Includes movements in advances and loans.

³ Includes movements in advances, loans and provisions.

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 6

Condensed consolidated statement of changes of equity

For the three months ended 31 March (unaudited)

US$ million	Retained earnings			Share premium			Other reserves			Total reserves and retained earnings			Share capital		Total equity attributable to equity holders			Non- controlling interests		Total equity
At 1 January 2025		4,334			1,709			(1,261	)		4,782			1		4,783			158		4,941
Loss for the period		(129	)		—			—			(129	)		—		(129	)		—		(129	)
Other comprehensive income		2			—			62			64			—		64			—		64
Total comprehensive income/(loss)		(127	)		—			62			(65)			—		(65	)		—		(65	)
Return of capital		—			(60	)		—			(60	)		—		(60	)		—		(60	)
At 31 March 2025		4,207			1,649			(1,199	)		4,657			1		4,658			158		4,816

	Retained earnings		Share premium			Other reserves			Total reserves and retained earnings			Share capital		Total equity attributable to equity holders			Non- controlling interests			Total equity
At 1 January 2024		4,213		1,945			(978	)		5,180			1		5,181			163			5,344
Income for the period		64		—			—			64			—		64			—			64
Other comprehensive income/(loss)		2		—			(77	)		(75	)		—		(75	)		(1	)		(76	)
Total comprehensive income/(loss)		66		—			(77	)		(11	)		—		(11	)		(1	)		(12	)
Return of capital		—		(58	)		—			(58	)		—		(58	)		—			(58	)
Distributions paid		—		—			—			—			—		—			(1	)		(1	)
At 31 March 2024		4,279		1,887			(1,055	)		5,111			1		5,112			161			5,273

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 7

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

1. ACCOUNTING POLICIES

Corporate information

Viterra Limited (the “Company” or “Parent”) together with its subsidiaries (the “Group” or “Viterra”), is a leading integrated originator and marketer of agricultural products, with worldwide activities in the production, refining, processing, storage, transport and marketing of agricultural products. Viterra operates on a global scale, marketing and distributing physical commodities mainly sourced from third party producers to industrial consumers, such as those in the oil and food processing industries. Viterra also provides financing, logistics and other services to producers and consumers of commodities. In this regard, Viterra seeks to capture value throughout the commodity supply chain. Viterra’s long experience in origination, processing, storage and handling, and marketing of commodities has allowed it to develop and build upon its expertise in the commodities which it markets and cultivate long-term relationships with a broad supplier and customer base across diverse industries and in multiple geographic regions.

Viterra Limited is a privately held company incorporated and domiciled in Jersey.

On 13 June 2023, the Company entered into a definitive business combination agreement with Bunge Global SA (formerly known as Bunge Limited), a company incorporated in Switzerland, and based in the United States and listed on the New York Stock Exchange (“Bunge”). The closure of the merger ("the Bunge Transaction") is contingent on the fulfillment of customary closing conditions, including receipt of regulatory approvals.

These unaudited condensed consolidated interim financial statements for the three months ended 31 March 2025 were authorised for issuance by the Board of Directors on 27 May 2025.

Basis of preparation

These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board ("IASB") effective for the Company’s reporting for the three months ended 31 March 2025.

These unaudited condensed consolidated interim financial statements should be read in conjunction with the Group’s consolidated financial statements as at 31 December 2024. The Group’s consolidated financial statements as at 31 December 2024 were prepared in accordance with IFRS^® Accounting Standards as issued by the IASB.

The accounting policies, critical accounting judgements and key accounting estimates applied in the unaudited condensed consolidated interim financial statements are consistent with those applied in the Group’s consolidated financial statements as at 31 December 2024, except as described further below.

The income tax expense for the three months ended 31 March 2025 is determined by applying the actual effective tax rate to the year-to-date adjusted profit before tax, as this represents the best estimate of the annual effective tax rate.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 8

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

The unaudited condensed consolidated interim financial statements for the three months ended 31 March 2025 have been prepared on a going concern basis. The Directors have assessed that they have, at the date of this report, a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months after the date that these financial statements were authorised for issue.

1. ACCOUNTING POLICIES (continued)

All amounts are presented in millions of United States Dollars (“USD”, “US Dollar” or “$”), unless otherwise stated, consistent with the predominant functional currency of Viterra’s operations.

Adoption of new and revised standards

The following amendments to existing accounting pronouncements became effective as of 1 January 2025 and have been adopted by the Group:

·       Lack of exchangeability (Amendments to IAS 21)

The amendments did not have a material impact on the Group’s unaudited condensed consolidated financial statements. There are no standards issued but not yet effective that the Group expects to have a material impact on its financial statements.

2. REVENUE

Revenue for the period comprises the following:

US$million	Three months ended 31 March 2025		Three months ended 31 March 2024
Grain		4,922		5,880
Oilseeds		4,477		4,958
Sugar		275		221
Cotton		243		273
Freight1		121		126
Total		10,038		11,458

¹ Freight revenue is recognised over time as the related performance obligation is satisfied over time.

3. DISPOSAL GROUP AND ASSETS HELD FOR SALE

In August 2024, the European Commission approved, under the EU Merger Regulation, the Bunge Transaction on condition that Viterra’s entire business in Hungary as well as part of Viterra's business in Poland will be ringfenced and sold. The sale in Poland includes Viterra’s Bodaczow processing facility, commercial activities relating to oilseeds origination to supply such facility, as well as the Trawniki, Kętrzyn, Szamotuły and Werbkowice storage facilities. Viterra has agreed the terms and conditions for the ringfencing and sale of these businesses with the European Commission and the divestment is subject to certain European Commission approvals and closing of the Bunge Transaction.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 9

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

On 3 December 2024, Viterra entered into agreements with a buyer to sell these businesses. The closing of these transactions is contingent on the fulfilment of customary closing conditions, including receipt of regulatory approvals, and closing of the Bunge Transaction. Viterra expects the sale will be finalised within a year from 1 August 2024. As such, the conditions to classify these businesses as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale were met as of 1 August 2024 and remained as such at 31 March 2025.

Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. The agreed sales price less cost to sell for the businesses exceeds the carrying value of the net assets of the businesses as of 31 March 2025, and accordingly, no adjustment to the asset value was made necessary.

3. DISPOSAL GROUP AND ASSETS HELD FOR SALE (continued)

Assets and liabilities of the disposal group held for sale at 31 March 2025 comprise the following:

US$ million	Disposal group
Assets
Non-current assets
Property, plant and equipment		238
Intangible assets		4
Deferred tax assets		4
		246
Current assets
Inventories		226
Accounts receivable		77
Other financial assets		18
Income tax receivable		5
Cash and cash equivalents		3
		329
Total assets held for sale		575
Non-current liabilities
Borrowings		73
Deferred tax liabilities		8
Other long-term liabilities		6
		87
Current liabilities
Borrowings		34
Accounts payable		79
Provisions		1
Other financial liabilities		18
		132
Total liabilities held for sale		219
Total net assets held for sale		356

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 10

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

4. INTEREST EXPENSE

Interest expense for the period comprises the following:

US$ million	Three months ended 31 March 2025			Three months ended 31 March 2024
Revolving credit facilities1		(48	)		(54	)
Other bank loans1		(22	)		(34	)
Capital market notes1		(31	)		(33	)
Lease obligations1		(12	)		(15	)
Other		(2	)		(3	)
Total		(115	)		(139	)

¹ Refer to note 11: Borrowings.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 11

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

5. INCOME TAX

The major components of income tax expense in the condensed consolidated statement of income are:

US$ million	Three months ended 31 March 2025			Three months ended 31 March 2024
Current incBSome tax expense		(37	)		(44	)
Deferred income tax recovery relating to origination and reversal of temporary differences		26			107
Total income tax (expense)/recovery reported in the condensed consolidated statement of income		(11	)		63

The effective Group tax rate for the period ended 31 March 2025 and 31 March 2024 is different from the weighted average income tax rate of negative 10% (2024: positive 11%).

The weighted average income tax rate is highly dependent on the geographic distribution of the Group’s worldwide profits and losses.

The effective tax rate is sensitive to specific circumstances, transactions and tax regulations in individual jurisdictions which can result in unusual or non-recurring tax adjustments.

The principal reasons for the difference between the effective Group tax rate and the weighted average income tax rate for the period ended 31 March 2025 was primarily driven by adjustments in respect of prior years, partially offset by inflation adjustments in Argentina. Furthermore, additional derecognition of deferred tax assets, mainly in the Netherlands and Hungary, negatively impacted the effective tax rate.

The effective tax rate for the interim period ended 31 March 2024 is primarily driven by inflation and foreign exchange related adjustments impacting Group entities in Argentina caused by the significant devaluation of the Argentine Peso compared to the US Dollar, and the hyperinflationary environment prevailing in Argentina.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 12

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited) 

US$ million	Three months ended 31 March 2025			Three months ended 31 March 2024
(Loss)/income before income taxes and attribution		(117	)		1
Less: Share of income from associates and joint ventures		(1	)		(11	)
Group (loss)/income before income tax		(118	)		(10	)
Income tax expense calculated at the weighted average income tax rate		27			1
Tax effects of:
Tax exempt income		—			4
Items not tax deductible		(3	)		1
Foreign exchange fluctuations		(3	)		20
Changes in tax rates and adjustments in respect of prior years		(24	)		1
Utilisation and changes in recognition of tax losses and temporary differences		(17	)		6
Inflation adjustments		11			29
Other		(2	)		1
Income tax (expense)/recovery		(11	)		63

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 13

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

6. PROPERTY, PLANT AND EQUIPMENT

US$ million	Freehold land and buildings			Plant and equipment			Right-of-use assets - Freehold land and buildings			Right-of-use assets -   Plant and equipment			Bearer plants		Total
Gross carrying amount:
1 January 2025		1,193			4,952			357			1,861			112		8,475
Additions		1			51			—			—			10		62
Additions of right-of-use assets		—			—			27			46			—		73
Business Combination		—			1			—			—			—		1
Disposals		—			(3	)		(13	)		(117	)		—		(133	)
Effect of foreign currency exchange movements		14			41			16			5			8		84
31 March 2025		1,208			5,042			387			1,795			130		8,562
Accumulated depreciation and impairment:
1 January 2025		311			2,248			142			1,392			50		4,143
Depreciation		12			74			9			86			—		181
Disposals		(2	)		(5	)		(13	)		(116	)		—		(136	)
Effect of foreign currency exchange movements		4			28			7			3			4		46
31 March 2025		325			2,345			145			1,365			54		4,234
Net book value 31 March 2025		883			2,697			242			430			76		4,328
Net book value 31 December 2024		882			2,704			215			469			62		4,332

Plant and equipment includes capitalised expenditure for construction in progress of $206 million (2024: $203 million). Depreciation expenses included in cost of goods sold are $175 million (2024: $210 million) and in selling and administrative expenses $6 million (2024: $5 million). Property, plant and equipment with a carrying amount of $481 million (2024: $483 million) have been pledged to secure borrowings of the Group.

Leases

The Group leases various assets including land and buildings and plant and equipment. The net book value of right-of-use assets amounts to $672 million (2024: $684 million).

Disclosure of amounts recognised as lease liabilities in the statement of financial position are included in note 11, and future commitments are disclosed in note 15.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 14

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

7. INVENTORIES

Total inventories of $6,933 million (2024: $7,045 million) comprise $6,529 million (2024: $6,704 million) of inventories carried at fair value less costs of disposal and $404 million (2024: $341 million) of inventories valued at the lower of cost or net realisable value.

Readily marketable inventories (RMI), comprising the core inventories which underpin and facilitate Viterra’s marketing activities, represent inventories that, in Viterra’s assessment, are readily convertible into cash in the short term due to their liquid nature, widely available markets, and the fact that price risk is covered either by a forward physical sale or a hedge transaction. Viterra regularly assesses the composition of these inventories and their applicability, relevance and availability to the marketing activities. As at 31 March 2025, $6,756 million (2024: $6,892 million) of inventories were considered readily marketable. This comprises $6,509 million (2024: $6,683 million) of inventories carried at fair value less costs of disposal and $247 million (2024: $209 million) carried at the lower of cost or net realisable value. Given the highly liquid nature of these inventories, which represent a significant share of current assets, the Group believes it is appropriate to consider them together with cash equivalents in analysing Group net debt levels and computing certain debt coverage ratios and credit trends.

Fair value of inventories is a Level 2 fair value measurement (refer to note 14) using observable market prices obtained from exchanges, traded reference indices, or market survey services adjusted for relevant location and quality differentials. There are no significant unobservable inputs in the fair value measurement of such inventories.

Viterra has a number of dedicated financing facilities, which finance a portion of its inventories. In each case, the inventory has not been derecognised as the Group retains control of the inventory. The proceeds received are recognised as current borrowings (refer to note 11). As at 31 March 2025, the total amount of inventory secured under such facilities was $361 million (2024: $710 million) and proceeds received and classified as current borrowings amounted to $314 million (2024: $586 million).

8. ACCOUNTS RECEIVABLE

US$ million	as at 31 March 2025		as at 31 December 2024
Financial assets at amortised cost
Trade receivables1		1,565		1,611
Margin calls paid		176		256
Associated companies1		32		30
Other receivables2		62		45
Non-financial instruments
Advances repayable with product		334		296
Prepaid expenses		50		40
Other tax and related receivables		252		305
Total		2,471		2,583

¹ Collectively referred to as receivables presented net of allowance for doubtful debts. 

² Includes loans receivable in the amount of $12 million (2024: $4 million), presented net of loss allowance.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 15

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

As at 31 March 2025, the total amount of trade receivables secured was $372 million (2024: $433 million) and proceeds received and classified as current borrowings amounted to $336 million (2024: $309 million).

8. ACCOUNTS RECEIVABLE (continued)

The movement in the loss allowance is detailed below:

US$ million	as at 31 March 2025			as at 31 December 2024
1 January		86			101
Released during the period		(12	)		(42	)
Charged during the period		9			44
Reclassified to held for sale		(4	)		(4	)
Utilised during the period		5			(13	)
Total		84			86

9. CASH AND CASH EQUIVALENTS

US$ million	as at 31 March 2025		as at 31 December 2024
Bank and cash on hand		309		293
Deposits and treasury bills		420		395
Total		729		688

Included within deposits and treasury bills is $272 million (2024: $282 million) held with banks for the purpose of settlement of outstanding letters of credit.

10. SHARE CAPITAL AND RESERVES

For the three months ended 31 March 2025, an aggregate of $60 million of distributions, accounted for as a reduction of share premium, was returned to Viterra’s shareholders in proportion to their respective ownership interest in Viterra Limited (for the three months ended 31 March 2024: $58 million). The distributions and the reduction of share premium had no impact on shareholding.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 16

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

11. BORROWINGS 

US$ million	as at 31 March 2025		as at 31 December 2024
Non-current borrowings
Capital market notes		2,659		2,610
Revolving credit facilities		2,248		1,344
Lease liabilities		494		470
Other bank loans1		40		45
Total non-current borrowings		5,441		4,469
Current borrowings
Secured inventory/receivables/other facilities		922		1,177
Capital market notes		540		517
Revolving credit facilities		354		477
Lease liabilities		248		261
Other bank loans1		1,299		1,221
Total current borrowings		3,363		3,653

¹ Comprises various uncommitted and unsecured bilateral bank credit facilities.

The outstanding secured inventory/receivables/other facilities of $922 million (2024: $1,177 million) comprise an inventory borrowing base facility of $200 million (2024: $495 million) that accumulates interest at a rate of BBSY (bank bill swap bid rate) +75 basis points (2024: +75 basis points), a borrowing base facility of $450 million (2024: $400 million) at an interest rate of Daily Simple SOFR +80 basis points (2024: + 80 basis points) and borrowing for trade finance of $272 million (2024: $282 million) secured against cash deposit of the same amount as at 31 March 2025.

Capital market notes

The capital market notes include bonds issued under Rule 144A of the Securities Act of 1933 ("US 144A Bonds") in April 2022, in the amounts of $450 million and $300 million, respectively. Interest payments are due semi-annually in April and October of each year. Viterra applies fair value hedge accounting to account for the hedge of interest rate risks on these two bonds (refer to note 14).

Viterra issued US 144A Bonds during April 2021, and issued Eurobonds during September 2021. Interest on the US 144A Bonds is payable semi-annually in arrears. Interest on the Eurobonds is payable annually in arrears. Viterra applies cash flow hedge accounting to account for the hedge of foreign currency risk on its Euro denominated debt (refer to note 14).

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 17

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

The details of outstanding borrowings and the carrying amounts are outlined below:

US $ million	Maturity	as at 31 March 2025		as at 31 December 2024
USD 450 million 4.9% coupon bonds	April 2027		438		429
USD 300 million 5.25% coupon bonds	April 2032		274		266
USD 600 million 2.00% coupon bonds	April 2026		599		599
USD 600 million 3.20 % coupon bonds	April 2031		596		596
EUR 500 million 0.375% coupon bonds	September 2025		540		517
EUR 700 million 1.00% coupon bonds	September 2028		752		720
Total capital market notes			3,199		3,127

11. BORROWINGS (continued)

Revolving credit facility

The revolving credit facilities available to Viterra as at 31 March 2025 are summarised below.

On 6 May 2024, the $4.11 billion one-year revolving credit facility was extended for a year for an amount of $3.96 billion with a new maturity date of June 2025. The facility has a one-year term-out option at Viterra's discretion (until June 2026). Funds drawn under this facility bear interest at Daily Simple SOFR +65 bps per annum. In May 2025, the $3.96 billion revolving credit facility was extended for another year for an amount of $3.81 billion with a new maturity date of June 2026. The facility has a one-year term-out option at Viterra's discretion (until June 2027).

After executing one of the two extension options (at lender’s discretion) in 2023, the maturity date of the $1 billion three-year revolving credit facility agreement is May 2026. Funds drawn under the facility bear interest at compounded SOFR +60 basis points per annum. In May 2025, the $1.0 billion revolving credit facility was extended for another year for an amount of $0.96 billion with a new maturity date of May 2027.

The maturity date of the $2.5 billion three-year revolving credit facility is 23 September 2025. The interest margin charged on the $2.5 billion three-year revolving credit facility agreement is SOFR +117.5 basis points per annum.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 18

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited) 

12. ACCOUNTS PAYABLE

US$ million	as at 31 March 2025		as at 31 December 2024
Financial liabilities at amortised cost
Trade payables		2,506		3,021
Margin calls received		19		100
Associated companies		8		3
Other payables and accrued liabilities		150		143
Non-financial instruments
Advances settled in product		347		362
Payables to employees		107		151
Other tax and related payables		34		45
Total		3,171		3,825

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 19

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

13. FINANCIAL INSTRUMENTS

Fair value of financial instruments

The following tables present the carrying values and fair values of Viterra’s financial instruments.

Financial assets and liabilities are presented by class in the table below at their carrying values, which approximate the fair values with the exception of $3,199 million (2024: $3,127 million) of capital market notes, the fair value of which at 31 March 2025 was $3,116 million (2024: $3,021 million) based on observable market prices applied to the borrowing portfolio (a Level 1 fair value measurement).

US$ million As at 31 March 2025	Notes	Amortised cost		FVtPL1		FVtOCI2		Total
Assets
Other investments3			—		—		18		18
Advances and loans			46		—		—		46
Accounts receivable	8		1,835		—		—		1,835
Other financial assets	14		—		912		—		912
Cash and cash equivalents	9		729		—		—		729
Total financial assets4			2,610		912		18		3,540
Liabilities
Borrowings	11		8,804		—		—		8,804
Accounts payable	12		2,683		—		—		2,683
Other financial liabilities	14		—		728		—		728
Total financial liabilities4			11,487		728		—		12,215

¹ FVtPL - Fair value through profit and loss. 

² FVtOCI - Fair value through other comprehensive income. Gain on equity instruments recognised in other comprehensive income in 2025 amounted to $1 million. 

³ Other investments of $12 million are classified as Level 1 measured using quoted market prices with the remaining balance of $6 million being investments in private companies, classified as Level 2 measured using discounted cash flow models. 

⁴ Amounts consist of both long-term and short-term financial assets/financial liabilities.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 20

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

13. FINANCIAL INSTRUMENTS (continued)

US$ million As at 31 December 2024	Notes	Amortised cost		FVtPL1		FVtOCI2		Total
Assets
Other investments3			—		—		17		17
Advances and loans			49		—		—		49
Accounts receivable	8		1,942		—		—		1,942
Other financial assets	14		—		1,173		—		1,173
Cash and cash equivalents	9		688		—		—		688
Total financial assets4			2,679		1,173		17		3,869
Liabilities
Borrowings	11		8,122		—		—		8,122
Accounts payable	12		3,267		—		—		3,267
Other financial liabilities	14		—		1,037		—		1,037
Total financial liabilities4			11,389		1,037		—		12,426

¹ FVtPL - Fair value through profit and loss. 

² FVtOCI - Fair value through other comprehensive income. Gain on equity instruments recognised in other comprehensive income for the three months ended 31 March 2024 comprised $Nil million. 

³ Other investments of $11 million are classified as Level 1 measured using quoted market prices with the remaining balance of $6 million being investments in private companies, classified as Level 2 measured using discounted cash flow models. 

⁴ Amounts consist of both long-term and short-term financial assets/financial liabilities. 

14. FAIR VALUE MEASUREMENTS

Fair values are primarily determined using quoted market prices or standard pricing models using observable market inputs where available and are presented to reflect the expected gross future cash in/outflows. Viterra classifies the fair values of its financial instruments into a three-level hierarchy based on the degree of the source and observability of the inputs that are used to derive the fair value of the financial asset or liability as follows:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that Viterra can assess at the measurement date; or

Level 2: Inputs other than quoted inputs included in Level 1 that are observable for the assets or liabilities, either directly or indirectly; or

Level 3: Unobservable inputs for the assets or liabilities, requiring Viterra to make market-based assumptions.

Level 1 classifications include futures and options that are exchange traded, whereas Level 2 classifications primarily include swaps and physical forward transactions, which derive their fair value primarily from exchange quotes and readily observable broker quotes.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 21

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

14. FAIR VALUE MEASUREMENTS (continued)

The following tables show the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial liabilities as at 31 March 2025 and 31 December 2024. Other assets and liabilities which are measured at fair value on a recurring basis are biological assets, marketing inventories, other investments, and cash and cash equivalents. Refer to notes 7, 9 and 13 for disclosure in connection with these fair value measurements. There are no non-recurring fair value measurements.

Other financial assets 2025

US$ million As at 31 March 2025	Level 1		Level 2		Level 3		Total
Commodity related contracts
Futures		112		—		—		112
Options		4		—		—		4
Physical forwards		—		747		—		747
Financial contracts
Foreign currency futures and forwards		1		48		—		49
Total		117		795		—		912
Current		117		795		—		912
Non-current		—		—		—		—

Other financial liabilities 2025

US$ million As at 31 March 2025	Level 1		Level 2		Level 3		Total
Commodity related contracts
Futures		62		1		—		63
Options		1		—		—		1
Physical forwards		—		436		—		436
Financial contracts
Cross currency swaps		—		111		—		111
Interest rate swaps		—		33		—		33
Foreign currency futures and forwards		3		81		—		84
Total		66		662		—		728
Current		66		564		—		630
Non-current		—		98		—		98

Other financial assets 2024

US$ million As at 31 December 2024	Level 1		Level 2		Level 3		Total
Commodity related contracts
Futures		243		1		—		244
Options		25		—		—		25
Physical forwards		—		770		—		770
Financial contracts
Foreign currency futures and forwards		3		131		—		134
Total		271		902		—		1,173
Current		271		902		—		1,173
Non-current		—		—		—		—

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 22

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

14. FAIR VALUE MEASUREMENTS (continued) 

Other financial liabilities 2024

US$ million As at 31 December 2024	Level 1		Level 2		Level 3		Total
Commodity related contracts
Futures		155		—		—		155
Options		25		—		—		25
Physical forwards		—		423		—		423
Financial contracts
Cross currency swaps		—		158		—		158
Interest rate swaps		—		49		—		49
Foreign currency futures and forwards		1		226		—		227
Total		181		856		—		1,037
Current		181		719		—		900
Non-current		—		137		—		137

During the period no amounts were transferred between Level 1 and Level 2 of the fair value hierarchy and no amounts were transferred into or out of Level 3 of the fair value hierarchy for either other financial assets or other financial liabilities.

15. FUTURE COMMITMENTS

Capital expenditure for the acquisition of property, plant and equipment is generally funded through the cash flow generated by the respective industrial entities. As at 31 March 2025, $103 million (2024: $85 million), of which 94% (2024: 95%) relates to expenditure to be incurred over the next year, was contractually committed for the acquisition of property, plant and equipment.

Viterra procures seagoing vessels/chartering services to meet its overall marketing objectives and commitments. As at 31 March 2025, Viterra has committed to future vessel hire costs to meet future physical delivery and sale obligations and expectations of $190 million (2024: $74 million), of which $87 million (2024: $60 million), or 46% (2024: 81%), of the total charters are for services to be received over the next two years. Once the chartering date is reached, the vessels and related liabilities are accounted for as leases.

Total future commitments relating to leases are aged as follows:

US$ million	2025		2024
Within 1 year		81		57
Between 2 and 5 years		54		19
After 5 years		58		1
Total		193		77

As part of Viterra’s ordinary sourcing and procurement of physical commodities and other ordinary marketing obligations, the selling party may request that a financial institution act as either (a) the paying party upon the delivery of product and qualifying documents through the issuance of a letter of credit or (b) the guarantor by way of issuing a bank guarantee accepting responsibility for Viterra’s contractual obligations. In addition, Viterra is required to post pension guarantees in respect of its future obligations. As at 31 March 2025, $193 million (2024: $155 million) of such commitments have been issued on behalf of Viterra, which will generally be settled simultaneously with the payment for such commodity or rehabilitation and pension obligation.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 23

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

16. CONTINGENT LIABILITIES

The amount of corporate guarantees in favour of third parties as at 31 March 2025 was $13 million (2024: $12 million).

The Group is subject to various claims which arise in the ordinary course of business as detailed below. These contingent liabilities are reviewed on a regular basis and where practical an estimate is made of the potential financial impact on the Group. As at 31 March 2025 and 31 December 2024, the Group identified no material contingent liabilities.

Litigation

Certain legal proceedings, claims and unresolved disputes are pending against Viterra in respect of which the timing of resolution and potential outcome (including any future financial obligations) are uncertain and no liabilities have been recognised in relation to these matters.

Environmental contingencies

Viterra’s operations are subject to various environmental laws and regulations. Viterra is in material compliance with those laws and regulations. Viterra accrues for environmental contingencies when such contingencies are probable and reasonably estimable. Such accruals are adjusted as new information develops or circumstances change. Recoveries of environmental remediation costs from insurance companies and other parties are recorded as assets when the recoveries are virtually certain. At this time, Viterra is unaware of any material environmental incidents at its locations.

Tax audits

Viterra is inherently exposed to tax risks and uncertainty over tax treatments. Viterra assesses its tax treatments for all tax years open to audit based upon the latest available information. For those positions that are not expected to be accepted by tax authorities, the Group records its best estimate of these tax liabilities, including related interest charges. Viterra assesses the most likely amount or expected value of the tax treatment in line with International Financial Reporting Interpretation 23 ("IFRIC 23"). Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. Whilst Viterra believes it has adequately provided for the outcome of these matters, future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made, or resolved.

Viterra Canada has received reassessments from the Canada Revenue Agency relating to the disallowance of non-capital loss balances so utilised by Viterra Canada during the 2016 to 2020 tax periods, for which no provision has been recognised. Although inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws, the Company is of the view that no significant changes are required to its tax position.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 24

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended 31 March (unaudited)

17. RELATED PARTIES

For the period ended 31 March 2025, there are no new significant related party relationships, as well as no significant related party transactions that are relevant for disclosure to get an understanding of the changes in the financial position and performance of the Company, since the end of the last annual reporting period.

18. SUBSEQUENT EVENTS

No material subsequent events have occurred.

Viterra 2025 Unaudited Condensed Consolidated Interim Financial Statements 25