Seaboard SEB Form 10-Q filing Q1 FY2026

Item 1. Financial Statements

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See accompanying notes to condensed consolidated financial statements.

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See accompanying notes to condensed consolidated financial statements.

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See accompanying notes to condensed consolidated financial statements.

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See accompanying notes to condensed consolidated financial statements.

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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Note 1 – Basis of Presentation and Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements of Seaboard Corporation and its subsidiaries (collectively, “Seaboard”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in Seaboard’s annual report on Form 10-K for the year ended December 31, 2025 (“2025 10-K”). The unaudited financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. Seaboard’s first three quarterly periods include approximately 13 weekly periods ending on the Saturday closest to the end of March, June and September. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.

Related-Party Transactions

Seaboard has investments in non-consolidated affiliates to further its business strategies and partner with other entities that have expertise in certain industries and countries. These investments are all accounted for using the equity method of accounting. As Seaboard conducts its agricultural commodity trading business with third parties, consolidated subsidiaries and non-consolidated affiliates on an interrelated basis, cost of sales on affiliate sales transactions cannot be distinguished without making numerous assumptions, primarily with respect to mark-to-market accounting for commodity derivatives. Purchases of raw materials or services from related parties included in cost of sales were $20 million and $15 million for the three months ended April 4, 2026 and March 29, 2025, respectively.

Other Income (Loss), Net

The components of other income (loss), net in the condensed consolidated statements of comprehensive income for the periods presented were as follows:

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Supplemental Cash Flow Information

Non-cash activities for the three months ended April 4, 2026 and March 29, 2025, included capital expenditures of $48 million and less than $1 million, respectively, that were in other current liabilities and accounts payable. The following table includes supplemental cash and non-cash information related to leases. Seaboard reports the amortization of right-of-use (“ROU”) assets and changes in operating lease liabilities in other liabilities, exclusive of debt in the condensed consolidated statements of cash flows.

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued guidance that requires disclosure of incremental income statement expense information on an annual and interim basis, primarily through additional expense disclosures including disaggregation of specific expense categories including, but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. Prospective application is required, and retrospective application is permitted. Seaboard will adopt this guidance for the annual reporting period beginning on January 1, 2027, and interim periods within the annual year beginning on January 1, 2028. Seaboard is evaluating the impact this guidance will have on its disclosures.

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Note 2 – Investments

The following is a summary of the estimated fair value of short-term investments classified as trading securities:

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(a) Includes $387 million and $382 million of equity interests in private funds that hold debt securities as of April 4, 2026 and December 31, 2025, respectively.

The unrealized losses related to trading securities still held at the end of the respective reporting periods were ($5) million and ($12) million for the three months ended April 4, 2026 and March 29, 2025, respectively.

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Note 3 – Inventories

The following is a summary of inventories:

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As of April 4, 2026 and December 31, 2025, Seaboard held production tax credits of $100 million and $66 million, respectively. These credits are able to be monetized upon a sale to a third party. There were no production tax credit sales during the quarter ended April 4, 2026.

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Note 4 – Lines of Credit, Long-Term Debt, Commitments and Contingencies

Lines of Credit

As of April 4, 2026, the outstanding balance under uncommitted lines of credit was $287 million, of which $149 million was denominated in foreign currencies, with $131 million in the euro and the remaining in various other currencies. As of December 31, 2025, the outstanding balance under uncommitted lines of credit was $274 million, of which $139 million was denominated in foreign currencies, with $94 million in the euro and the remaining in various other currencies. Seaboard has a committed line of credit agreement with a total borrowing capacity of $300 million, and during

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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February 2026, the maturity date of the facility was extended to February 2027. This line of credit is secured by certain short-term investments, and bears interest at the Secured Overnight Financing Rate (“SOFR”) plus an applicable spread. The outstanding balance under the committed line of credit was $259 million and $184 million as of April 4, 2026 and December 31, 2025, respectively. The weighted average interest rate for outstanding lines of credit was 4.41% and 4.79% as of April 4, 2026 and December 31, 2025, respectively.

Long-Term Debt

The following is a summary of long-term debt:

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The Term Loan due 2033 interest rate was 5.39% as of both April 4, 2026 and December 31, 2025. Seaboard was in compliance with all restrictive debt covenants under this credit agreement as of April 4, 2026.

Legal Proceedings

Seaboard is subject to various legal proceedings and claims that arise in the ordinary course of business and otherwise, including those matters described below.

Seaboard accrues liabilities for loss contingencies when it is deemed probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, Seaboard accrues the minimum amount in the range. For such matters where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual has been made.

Seaboard has made appropriate and adequate accruals for loss contingencies where necessary as of April 4, 2026. Substantially all of Seaboard’s contingencies are subject to uncertainties and, therefore, determining the likelihood of a loss or the measurement of any loss can be complex. Consequently, Seaboard is unable to estimate the range of reasonably possible loss in excess of the amounts accrued. Seaboard’s assessments, which result from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions deemed reasonable by management, including an expected probable loss associated with settling or otherwise resolving such contingencies. These estimates and assumptions may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might change such estimates and assumptions.

At the end of each reporting period, Seaboard reviews information with respect to its legal proceedings, claims and other related loss contingencies and updates its accruals, disclosures and estimates of reasonably possible loss or range of loss based on such reviews. Costs for defending claims are expensed as incurred. Any receivable for insurance recoveries is recorded separately from the corresponding liability, and only if recovery is determined to be probable and reasonably estimable.

Seaboard believes that it has meritorious defenses to the claims asserted in the matters described below, and it intends to defend them vigorously, but litigation is inherently unpredictable and there can be no assurances as to their outcomes. Seaboard does not currently believe that any of these matters will have a material adverse effect on its business or its consolidated financial position, results of operations or cash flows. However, Seaboard could incur judgments, enter into settlements or revise its expectations regarding the outcome of matters, which could have a material adverse effect in the particular annual or quarterly period in which the amounts are accrued or paid.

Pork Price-Fixing Antitrust Litigation

On June 28, 2018, twelve indirect purchasers of pork products filed a class action complaint in the U.S. District Court for the District of Minnesota (the “Minnesota District Court”) against several pork processors, including Seaboard Foods LLC (“Seaboard Foods”) and Agri Stats, Inc., a company described in the complaint as a data sharing service. Additional

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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class action complaints with similar claims on behalf of putative classes of direct and indirect purchasers were later filed in the Minnesota District Court, and additional actions by standalone plaintiffs (including the Commonwealth of Puerto Rico) were filed in or transferred to the Minnesota District Court. The consolidated actions are styled In re Pork Antitrust Litigation. The complaints allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain and stabilize the price of pork products in violation of U.S. antitrust laws by coordinating output and limiting production, allegedly facilitated by the exchange of non-public information about prices, capacity, sales volume and demand through Agri Stats, Inc. The complaints on behalf of the putative classes of indirect purchasers also assert claims under various state laws, including state antitrust laws, unfair competition laws, consumer protection statutes, and common law unjust enrichment. The relief sought in the respective complaints includes treble damages, injunctive relief, pre- and post-judgment interest, costs and attorneys’ fees. On October 16, 2020, the Minnesota District Court denied the defendants’ motions to dismiss the amended complaints. On March 3, 2023, the Minnesota District Court granted the plaintiffs’ motions to certify the classes with respect to all three classes.

Additional standalone “direct action” plaintiffs filed similar actions in federal courts throughout the country, several of which named Seaboard Corporation as a defendant. Those actions filed in courts other than the District of Minnesota have been conditionally transferred to Minnesota for pretrial proceedings pursuant to an order by the Judicial Panel on Multidistrict Litigation. The states of New Mexico and Alaska filed civil cases in state court against substantially the same defendants, including Seaboard Foods and Seaboard Corporation, based on substantially similar allegations.

On June 12, 2023, Seaboard Foods entered into a settlement agreement with the putative direct purchaser plaintiff class (the “DPP Class”). The settlement with the DPP Class does not cover the claims of (a) “direct action” plaintiffs (“DPPs”) that opted-out of Seaboard’s settlement with the DPP Class and are continuing direct actions; (b) other direct purchasers that opted-out of the settlement (“Other Opt-Outs”) and may in the future file actions against Seaboard; (c) the Commercial and Industrial Indirect Purchaser Class (the “CIIP Class”); or (d) the End User Consumer Indirect Purchaser Plaintiff Class (the “EUCP Class”). Subsequent to the settlement with the DPP Class, Seaboard settled with some of the DPPs and Other Opt-Outs. Seaboard continues to litigate against the DPPs it has not settled with, but Seaboard will consider additional reasonable settlements where they are available. On June 18, 2024 and June 20, 2024, Seaboard Foods entered into settlement agreements with the CIIP Class and the EUCP Class. The settlement with the EUCP Class remains subject to court approval. Seaboard Foods entered into settlement agreements with the state of Alaska on August 7, 2024, the Commonwealth of Puerto Rico on January 2, 2025, and the State of New Mexico on September 26, 2025. Seaboard believes that these settlements were in the best interests of Seaboard and its stakeholders in order to avoid the uncertainty, risk, expense and distraction of protracted litigation.

On March 31, 2025, the Minnesota District Court denied the defendants’ motion for summary judgment. Absent reconsideration or another change in circumstance, cases pending in the Minnesota District Court will proceed to trial and cases pending in other jurisdictions will be remanded to the courts in which the actions were brought. Seaboard has settled all actions originally brought in the Minnesota District Court. It is uncertain when the Minnesota District Court will remand the cases, including Seaboard’s, pending in other jurisdictions or when trials for those cases will be scheduled.

Seaboard believes that it has meritorious defenses to the claims alleged in these matters and intends to vigorously defend any matters not resolved by settlement. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties and, if unfavorable, could result in a material liability.

Commitments

During the first quarter of 2026, the Marine segment entered into an amended and restated liquefied natural gas (“LNG”) fuel supply contract for its LNG-fueled vessels. The total minimum fuel purchase commitment over the 8-year contract term beginning in February 2026 is approximately $335 million, based on market prices at quarter end for the variable price component. There were no other material changes to the commitments disclosed in Note 8 to the consolidated financial statements included in Seaboard’s 2025 10-K.

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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Note 5 – Derivatives and Fair Value of Financial Instruments

The following tables show assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy used to measure each category of assets and liabilities. Investments valued using net asset value (“NAV”) as a practical expedient are excluded from the fair value hierarchy.

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Seaboard has equity interests in private funds that invest in high-quality debt securities. These investments are measured using NAV as a practical expedient for fair value as they do not have readily determinable fair values. The NAV of the investments, based on the market value of the underlying securities in the portfolios, included in the condensed consolidated balance sheets is as follows:

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Financial instruments consisting of cash and cash equivalents, net receivables, lines of credit and accounts payable are carried at cost, which approximates fair value as a result of the short-term nature of the instruments.

The fair value of long-term debt is estimated by comparing interest rates for debt with similar terms and maturities. As Seaboard’s long-term debt is mostly variable-rate, the carrying amount approximates fair value. If Seaboard’s long-term

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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debt was measured at fair value on its condensed consolidated balance sheets, it would have been classified as level 2 in the fair value hierarchy.

Derivatives

Seaboard’s operations are exposed to market risks from changes in commodity prices, foreign currency exchange rates, interest rates and equity prices. Seaboard uses various derivatives to manage some of its risks. Although management believes its derivatives are primarily economic hedges, Seaboard does not perform the extensive record-keeping required to account for these types of transactions as hedges for accounting purposes. These derivative contracts are recorded at fair value, with any changes in fair value recognized in the condensed consolidated statements of comprehensive income.

Seaboard had the following aggregated outstanding notional amounts related to derivative financial instruments:

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The following table provides the fair value of each type of derivative held and where each derivative is included in the condensed consolidated balance sheets:

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Seaboard’s commodity derivative assets and liabilities are presented in the condensed consolidated balance sheets on a net basis, including netting the derivatives with the related margin accounts. As of April 4, 2026 and December 31, 2025, the commodity derivatives had a margin account balance of $38 million and $18 million, respectively, resulting in a net other current asset in the condensed consolidated balance sheets of $25 million and $22 million, respectively.

The following table provides the amount of gain (loss) recognized in income for each type of derivative and where it was recognized in the condensed consolidated statements of comprehensive income:

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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Note 6 – Stockholders’ Equity and Accumulated Other Comprehensive Loss

During 2025, Seaboard’s Board of Directors approved a share repurchase program authorizing the repurchase of up to $100 million of its outstanding shares of common stock (“Shares”) through December 31, 2027, unless extended or earlier terminated. Under the share repurchase program, Seaboard is authorized to repurchase Shares from time-to-time in the open-market, through block trades, in privately negotiated purchases, pursuant to a trading plan, or by other means, in accordance with federal securities laws and other applicable laws. Shares repurchased are retired and became authorized and unissued shares. Seaboard did not repurchase any shares during the first quarter of 2026. As of April 4, 2026, $62 million remained available for repurchase under this program.

The components of accumulated other comprehensive loss (“AOCL”), net of related taxes, were as follows:

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Note 7 – Segment Information

Seaboard manages its business under six reportable segments: Pork, Commodity Trading and Milling (“CT&M”), Marine, Liquid Fuels, Power and Turkey. Each of the six reportable segments is separately managed based on its diverse product or service. All Other and Corporate includes Seaboard’s remaining operations and primarily represents a sugar and alcohol production and processing operation in Argentina. For details on each segment’s respective products and services, see Note 13 to the consolidated financial statements included in Seaboard’s 2025 10-K.

Seaboard’s Chief Executive Officer serves as the CODM. The CODM assesses performance and makes key operating decisions based on total operating income and income from affiliates. The CODM uses this measure to compare to historical trends and forecasts to assess segment results, allocate capital, make strategic decisions and identify areas of opportunity. Operating income and income from affiliates for segment reporting is prepared on the same basis as that used for consolidated purposes under U.S. GAAP. The CODM does not receive proportionate consolidation information for equity method investments.

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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The following tables include certain segment information for the respective periods presented. The significant segment expense categories align with the information regularly provided to the CODM.

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SEABOARD CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

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(a) The Pork segment’s intersegment sales primarily represent the sale of pork fat to the Liquid Fuels segment, which uses it as a feedstock in the renewable diesel and biodiesel production processes. The Marine segment’s intersegment sales primarily represent shipping services provided to another Seaboard subsidiary. Intercompany transactions are eliminated in consolidation.

(b) The Turkey segment’s total assets represent Seaboard’s investment in Butterball, LLC (“Butterball”). All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion as of both April 4, 2026 and December 31, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, Seaboard’s consolidated financial statements and the accompanying notes included in this quarterly report on Form 10-Q and within Seaboard’s 2025 10-K. Certain statements in this report contain forward-looking statements. See the section entitled “Forward-looking Statements” for more information on these forward-looking statements, including a discussion of the most significant factors that could cause actual results to differ materially from those in the forward-looking statements.

LIQUIDITY AND CAPITAL RESOURCES

The primary objectives of Seaboard’s financing strategy are to effectively manage financial risks, ensure efficient liquidity for daily global operations and maintain balance sheet strength. Seaboard’s principal funding sources are generated from operating activities, short-term investments and borrowings from revolving lines of credit and term loans. Seaboard’s cash requirements primarily include funding for working capital, capital expenditures, strategic investments and other needs. Seaboard evaluates its overall liquidity at least on a quarterly basis, and management believes Seaboard’s combination of internally-generated cash, liquidity and borrowing capabilities will be adequate to meet all short-term and long-term commitments.

As of April 4, 2026, Seaboard had cash and short-term investments of nearly $1.2 billion and additional net working capital of $1 billion. Of the total cash and short-term investments balance, $102 million was held by foreign subsidiaries.

The following table presents a summary of Seaboard’s available borrowing capacity under lines of credit.

Available borrowing capacity fluctuates based on changes to the terms of line of credit agreements and draws needed to fund operations. During the first quarter of 2026, an uncommitted line of credit agreement, secured by eligible accounts receivable, that had up to $100 million of borrowing availability expired. Seaboard will continue to evaluate opportunities to access efficient financing in the markets where it operates, leveraging low-cost funding to support its operations.

Seaboard had long-term debt of $988 million as of April 4, 2026, which included a Term Loan due 2033 of $950 million. Current maturities of long-term debt were $11 million as of April 4, 2026. See Note 4 to the condensed consolidated financial statements for more discussion of Seaboard’s lines of credit and long-term debt.

Cash Flows

Cash used in operating activities was $54 million for the first quarter of 2026, compared to $20 million for the same period in 2025. The change in operating activities cash flows was due to more cash used for working capital of $111 million, partially offset by an increase in net earnings, adjusted for non-cash items, of $56 million and more dividend payments received from equity method investments of $21 million. The increase in cash used for working capital was primarily due to increases in inventory balances, primarily in the Liquid Fuels segment. This segment’s fuel and tax credits inventory increases were driven by improved market conditions, more production and timing of sales.

Cash used in investing activities was $87 million for the first quarter of 2026, compared to $55 million for the same period in 2025. During the three months ended April 4, 2026, Seaboard invested $96 million in property, plant and equipment, of which $44 million was in the Power segment, consisting primarily of installment payments for EDM IV, the new barge currently under construction. Cash flows from investing activities for short-term investments are part of Seaboard’s overall liquidity management strategy. Short-term investment purchases are a result of the investment of excess cash, asset allocation from the active management of the portfolio and re-investment of matured securities.

Cash provided by financing activities was $74 million for the first quarter of 2026, compared to $62 million for the same period in 2025. Cash flows from financing activities primarily include draws and repayments under committed and uncommitted revolving facilities held with financial institutions across multiple jurisdictions and currencies. The daily needs for working capital primarily influence changes in Seaboard’s borrowing balances.

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Seaboard did not repurchase any shares under its share repurchase program during the first quarter of 2026. As of April 4, 2026, $62 million remained available for repurchase under the program. Seaboard is not obligated to repurchase a minimum number of shares under the program, and Seaboard cannot predict when, or if, it will repurchase any shares or the amount of any such repurchases. See Note 6 to the condensed consolidated financial statements for more discussion of Seaboard’s share repurchase program.

Capital Expenditures

For the remainder of 2026, management has budgeted capital expenditures totaling approximately $460 million, which includes approximately $125 million for the Power segment’s expenditures related to the construction of EDM IV with the remainder relating to several individually immaterial projects across the remaining segments. Management anticipates funding these capital expenditures from a combination of available cash, the use of available short-term investments and Seaboard’s available borrowing capacity.

Future Contractual Obligations

During the first quarter of 2026, the Marine segment entered into an amended and restated LNG fuel supply contract for its LNG-fueled vessels. The total minimum fuel purchase commitment over the 8-year contract term beginning in February 2026 is approximately $335 million, based on market prices at quarter end for the variable price component. There were no other material updates to Seaboard’s obligations as discussed in the 2025 10-K.

RESULTS OF OPERATIONS

Seaboard’s operations are heavily commodity-driven and financial performance for certain subsidiaries is very cyclical based on respective global commodity markets and trends in economic activity. The recent conflict involving Iran that began in late February has resulted in higher fuel prices, increased volatility in commodity markets and broader macroeconomic uncertainty, among other factors. Where possible, Seaboard’s segments pass on higher fuel costs through a fuel surcharge or other pricing mechanism. These conditions did not have a material impact on Seaboard’s first quarter 2026 results; however, the extent and duration of the conflict remain uncertain, and management continues to monitor developments. See Item 1A. Risk Factors for an update to the risk factors set forth in Seaboard’s 2025 10-K.

Net Sales

Net sales increased $84 million for the three-month period of 2026 compared to the same period in 2025. The increase primarily reflected higher sales of $76 million in the Liquid Fuels segment driven by increased volumes of fuel sold. See the net sales discussion by reportable segment below for more details.

Operating Income

Operating income increased $58 million for the three-month period of 2026 compared to the same period in 2025. The change primarily reflected an increase of $63 million in Liquid Fuels segment operating income and a $38 million increase in Pork segment operating income driven primarily by higher margins on products sold. These increases were partially offset by a $24 million decrease in CT&M segment operating income due to losses on mark-to-market derivative contracts and a $23 million decrease in Marine segment operating income due to lower freight rates and higher voyage-related costs. See the operating income discussion by reportable segment below for more details.

Income Tax Expense

Seaboard computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income and adjusts for discrete items recorded during the period. The effective tax rate for the three-month period of 2026 decreased compared to the three-month period of 2025, with no material drivers for the decrease. A rate reconciling item can have a disproportionate impact on the effective tax rate when applied against a relatively low level of pre-tax earnings, such as for the first quarter of 2025. In July 2025, the U.S. signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA imposed various changes to U.S. federal income tax regulation, including restoring 100% bonus depreciation, removing the requirement to capitalize and amortize domestic research and development expenditures, increasing interest deductibility and reducing certain international deductions. The international effects of the OBBBA, effective beginning on January 1, 2026, were not material to Seaboard’s first quarter of 2026 income tax expense.

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Segment Results

See Note 7 to the condensed consolidated financial statements for a reconciliation of net sales and operating income (loss) by reportable segment to consolidated net sales and consolidated operating income (loss), respectively.

Pork Segment

Net sales remained relatively flat for the three-month period of 2026 compared to 2025. The decrease in the volume of market hogs sold due to availability of hogs during the current period was mostly offset by an increase in the volume of pork products sold. This segment sells hogs to a non-consolidated affiliate for processing. Sale price fluctuations did not have a material impact on results during the current period.

The increase in operating income for the three-month period of 2026 compared to 2025 reflected higher margins on pork products and market hogs sold, due to a decrease in legal claims expense and, to a lesser extent, a decrease in feed costs of $19 million largely offset by increases in other production costs, driven by hog health. While management anticipates the Pork segment will be profitable for the remainder of 2026, no assurances can be made as it is difficult to predict market prices for pork products, the cost of production or third-party hogs, diseases and the impact of geopolitical events for future periods.

CT&M Segment

Net sales decreased for the three-month period of 2026 compared to 2025, primarily due to lower volumes of certain commodities sold, which decreased sales $48 million, partially offset by higher average sales prices of 2%, which increased sales $28 million. Sales prices for many of Seaboard’s products are directly affected by both domestic and worldwide supply and demand for commodities and competing products, all of which are determined by constantly changing market forces.

Operating income decreased for the three-month period of 2026 compared to 2025, primarily due to an increase of $18 million in mark-to-market losses on derivative contracts, which continue to fluctuate until final delivery of product. While management anticipates positive operating income, excluding the effects of mark-to-market adjustments, for this segment for the remainder of 2026, no assurances can be made as it is difficult to predict worldwide commodity price fluctuations and the uncertain political and economic conditions in the countries in which this segment operates.

Marine Segment

Net sales increased for the three-month period of 2026 compared to 2025 primarily due to a 10% increase in cargo volumes due to modest growth in several markets, partially offset by a 4% decrease in average freight rates due to competitive factors.

The decrease in operating income for the three-month period of 2026 compared to 2025 was primarily the result of lower freight rates and higher voyage-related costs primarily due to higher cargo volumes. Many of this segment’s costs are

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variable in nature and the overall expense amounts will fluctuate as volumes increase or decrease. While management anticipates this segment will be profitable for the remainder of 2026, no assurances can be made as it is difficult to predict changes in cargo volumes, cargo rates, fuel costs or other voyage costs for future periods.

Liquid Fuels Segment

The increase in net sales for the three-month period of 2026 compared to the same period in 2025 primarily reflected higher fuel sales of $72 million, driven by sales volumes and fuel prices, which contributed $59 million and $13 million, respectively. The increase in volumes sold was attributable to higher production levels due to less downtime at the renewable diesel plant as compared to 2025, and increased prices reflected improved market conditions. Environmental credit sales were relatively flat due to higher sales prices, which increased sales $24 million, partially offset by lower volumes sold that decreased sales $19 million.

The increase in operating income for the three-month period of 2026 compared to 2025 primarily reflected higher margins on fuel sales and more income of $12 million from production tax credits related to higher production. Feedstock costs, used to produce biofuels, increased 18% as compared to 2025. Based on current market conditions, management anticipates this segment will be profitable for the remainder of 2026, but no assurances can be made as it is difficult to predict market prices for biodiesel, renewable diesel and credits, the cost of feedstock or production levels for future periods.

Power Segment

The increase in net sales for the three-month period of 2026 compared to 2025 reflected more power generation and higher spot market rates, due to a decrease in generation from lower variable-cost producers.

Operating income remained relatively flat for the three-month period of 2026 compared to 2025, as the increase in net sales was mostly offset by higher fuel costs due to increased consumption and prices. While management anticipates this segment will be profitable for the remainder of 2026, no assurances can be made as it is difficult to predict fuel costs or the extent that spot market rates will fluctuate due to fuel costs or other power producers for future periods.

Turkey Segment

The Turkey segment represents Seaboard’s non-controlling 52.5% investment in Butterball, LLC (“Butterball”), which is accounted for using the equity method. The improvement in Butterball’s net income for the three-month period of 2026 compared to 2025 primarily reflected increased margins on turkey products sold due to higher sales prices of 10% as commodity markets strengthened and the product sales mix shifted toward a greater concentration of value-added products, while production and processing costs were relatively flat. Volumes sold increased 8% during the current period. While management anticipates this segment will be profitable for the remainder of 2026, no assurances can be made as it is difficult to predict market prices for turkey products, the cost of production for future periods and impacts from diseases.

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Butterball’s summarized income statement information was as follows:

CRITICAL ACCOUNTING ESTIMATES

The preparation of Seaboard’s condensed consolidated financial statements requires Seaboard to make estimates, judgments, and assumptions. A summary of significant accounting policies and critical accounting estimates is included in Seaboard’s 2025 10-K. There were no changes to significant accounting policies or critical accounting estimates during the three months ended April 4, 2026.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Seaboard is exposed to various types of market risks in its day-to-day operations. Primary market risk exposures result from changing commodity prices, foreign currency exchange rates, interest rates and equity prices. Occasionally, Seaboard utilizes derivative instruments to manage these overall market risks. The nature of Seaboard’s market risk exposure related to these items has not changed materially since December 31, 2025. See Note 5 to the condensed consolidated financial statements for further discussion of market risk exposure.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures — Seaboard’s management evaluated, under the direction of the Chief Executive and Chief Financial Officers, the effectiveness of Seaboard’s disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of April 4, 2026. Based upon and as of the date of that evaluation, Seaboard’s Chief Executive and Chief Financial Officers concluded that Seaboard’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports it files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required. It should be noted that any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any system of disclosure controls and procedures is based in part upon assumptions about the likelihood of future events. Due to these and other inherent limitations of any such system, there can be no assurance that any design will always succeed in achieving its stated goals under all potential future conditions.

Change in Internal Control Over Financial Reporting — There have been no changes in Seaboard’s internal control over financial reporting required by Exchange Act Rule 13a-15(f) that occurred during the fiscal quarter ended April 4, 2026, that have materially affected, or are reasonably likely to materially affect, Seaboard’s internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

For information related to Seaboard’s legal proceedings, see Note 4 to the condensed consolidated financial statements.

Item 1A. Risk Factors

Except for the additional risk factor set forth below, there have been no material changes in the risk factors as previously disclosed in Seaboard’s 2025 10-K:

Operational Risks

(1) The Conflict Involving Iran Could Further Indirectly Affect the Business. In February 2026, the U.S. and Israel launched military strikes against Iran. The Middle East is a critical corridor for the global movement of crude oil, refined petroleum products, LNG and other commodities. Overall, the conflict and heightened geopolitical tensions involving Iran have affected, and could continue to affect, global economic conditions, commodity markets, energy and input costs and global supply chains. Although Seaboard does not operate in Iran,

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Seaboard’s operations have been indirectly impacted by higher fuel costs and grain prices resulting from the conflict. A prolonged or expanded conflict could negatively impact Seaboard’s business, financial condition and results of operations.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no purchases of Seaboard’s common stock made by or on behalf of Seaboard or any “affiliated purchaser” (as defined by applicable rules of the Securities and Exchange Commission) during the fiscal quarter ended April 4, 2026. See Note 6 to the condensed consolidated financial statements for further discussion of Seaboard’s share repurchase program.

Item 5. Other Information

During the three months ended April 4, 2026, no director or officer of Seaboard adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. There were no reportable events during the quarter ended April 4, 2026, otherwise reportable under this Item 5.

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• Management contract or compensatory plan or arrangement.

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​ ​ ​

​ SEABOARD CORPORATION

​ ​ (Registrant)

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​ by: /s/ David H. Rankin

​ ​ David H. Rankin Executive Vice President, Chief Financial Officer

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​ ​ (principal financial officer)

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​ Date: May 5, 2026

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​ by: /s/ Barbara M. Smith

​ ​ Barbara M. Smith Vice President and Corporate Controller

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​ ​ (principal accounting officer)

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​ Date: May 5, 2026

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