This report, prepared under the guidance of the Chairs of the subsidiary bodies, summarizes the deliberations at the second annual global stocktake dialogue, held from 19 to 20 June 2025 in Bonn in accordance with paragraph 187 of decision 1/CMA.5. It presents the proceedings of the dialogue, which consisted of opening and closing segments and two round tables, and reflections by the Chairs of the subsidiary bodies on the discussions at the dialogue.