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SEABOARD CORP /DE/

For the period ended Oct 3, 2026. Filed Nov 3, 2026.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Oct 3, 2026 · Filed Nov 3, 2026

SEB$3,783.74+7.2%Stored close · as of Nov 9, 2026

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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 Affect the Business. The Middle East is a critical corridor for the global movement of crude oil, refined petroleum products, LNG and other commodities. The conflict involving Iran, which began in February 2026 and continues, has increased, and could continue to increase, volatility in global energy, commodity and transportation markets. Although Seaboard does not operate in Iran, its operations have been affected by higher fuel prices. At the same time, the Liquid Fuels segment results have been affected by higher fuel prices amid volatile energy markets. The duration of the conflict remains uncertain, and the ultimate resolution, continuation or expansion of the conflict could affect Seaboard’s business, financial condition and results of operations.

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 October 3, 2026. See Note 6 to the condensed consolidated financial statements for further discussion of Seaboard’s share repurchase program.

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