Seaboard (SEB) investor relations material

Executive summary

• Net sales for the quarter reached $2,922 million, up $442 million year-over-year, and six-month net sales totaled $5,322 million, up $526 million, driven by higher Liquid Fuels and CT&M segment sales.

• Operating income for the quarter was $100 million, up $48 million year-over-year, and six-month operating income reached $196 million, up $106 million, led by Liquid Fuels, partially offset by lower Marine segment income.

• Net earnings attributable to shareholders were $153 million for the quarter and $272 million for the six months, up from $102 million and $134 million, respectively, year-over-year.

• Earnings per common share increased to $159.74 for the quarter and $283.99 for six months, up from $105.22 and $138.11, respectively, year-over-year.

Financial highlights

• Gross income for the quarter was $221 million, up from $162 million year-over-year; six-month gross income was $438 million, up from $304 million.

• Cash and short-term investments totaled nearly $1.2 billion as of July 4, 2026.

• Cash used in operating activities was $30 million for the six months, compared to $61 million provided in the prior year, mainly due to increased working capital needs.

• Six-month net earnings attributable to shareholders were $272 million, up from $134 million year-over-year.

Outlook and guidance

• Management expects continued profitability in the Liquid Fuels and Turkey segments, but notes uncertainty in the Pork and Power segments due to market volatility and operational disruptions.

• Capital expenditures for the remainder of 2026 are budgeted at $305 million, with $60 million allocated to Power segment projects.