Seaboard (SEB) investor relations material

Executive summary

• Net sales for Q1 2026 reached $2,400 million, up from $2,316 million in the prior year, primarily due to higher volumes in the Liquid Fuels segment.

• Net earnings attributable to shareholders were $119 million for Q1 2026, up from $32 million in Q1 2025, with EPS of $124.24 compared to $32.95 year-over-year.

• Operating income rose by $58 million year-over-year, driven by improved margins in Liquid Fuels and Pork segments.

• Cash and short-term investments totaled nearly $1.2 billion as of April 4, 2026, with net working capital of $1 billion and available borrowing capacity of $793 million.

Financial highlights

• Operating income increased to $96 million from $38 million year-over-year.

• Net earnings attributable to shareholders increased to $119 million from $32 million year-over-year.

• Cash used in operating activities was $54 million, compared to $20 million in the prior year, mainly due to increased working capital needs.

• Capital expenditures for Q1 2026 were $96 million, with $44 million invested in the Power segment.

• Quarterly cash dividend of $2.25 per share declared, consistent with the prior year.

Outlook and guidance

• Management anticipates profitability for all major segments for the remainder of 2026 but notes uncertainty due to commodity price volatility, geopolitical events, and market conditions.

• Capital expenditures for the remainder of 2026 are budgeted at approximately $460 million, with $125 million allocated to the Power segment.