CHS INC

THE COMPANY

CHS Inc. (referred to herein as "CHS," "company," "we," "us" or "our") is the nation’s leading integrated agricultural cooperative, providing grain, food, agronomy and energy resources to businesses and consumers on a global basis. As a cooperative, we are owned by farmers, ranchers and member cooperatives (referred to herein as "members") across the United States. We also have preferred shareholders who own shares of our five series of preferred stock, which are listed and traded on the Global Select Market of The Nasdaq Stock Market LLC (“Nasdaq”). We buy grain and oilseeds from and provide products and services to our members (individual agricultural producers and local cooperatives) and other companies (nonmember customers) domestically and internationally. We provide a wide variety of products, ranging from agricultural inputs such as fuels, farm supplies, crop nutrients and crop protection products to agricultural outputs that include grain and oilseeds, processed grain and oilseeds, renewable fuels and food products. We also provide services such as hedging and financing. A portion of our operations are conducted through equity investments and joint ventures whose operating results are not fully consolidated with our results; rather, our share of the income or loss from those equity investments and joint ventures is included as a component of our net income using the equity method of accounting. For the year ended August 31, 2026, our total revenues were $39.2 billion and net income attributable to CHS was $1.1 billion.

We have aligned our segments based on how our businesses operate and the products and services they sell or commodities they buy. Effective September 1, 2025, we implemented a new product-line operating model, which is reflected in our Energy, Grains and Agronomy reportable segments. The Energy segment includes wholesale and retail activities within our refined fuels, propane and lubricants product lines. The Grains segment comprises grain origination as well as global grain marketing and processing activities through our feed grains, oilseeds, wheat, specialty grains and animal nutrition product lines. The Agronomy segment consists of our wholesale and retail agronomy activities within our crop nutrients and crop protection product lines and includes our nitrogen production business, consisting of our equity method investment in CF Industries Nitrogen, LLC (“CF Nitrogen”).

Our ag retail business, which was previously included in our former Ag segment, is now incorporated across the Energy, Grains and Agronomy segments based on products sold and their relevant product lines.

Our remaining operations are classified within Corporate and Services. This operating segment represents our financing and hedging businesses, which provide services to our members and consist of a financial services business and a U.S. Commodity Futures Trading Commission-regulated futures commission merchant, or FCM, for agricultural commodities hedging, and our transportation services. Our nonconsolidated joint venture investments in Ventura Foods, LLC (“Ventura Foods”), and Ardent Mills, LLC (“Ardent Mills”), are also included in Corporate and Services. All other nonconsolidated investments are included in our Energy, Grains and Agronomy segments.

As required under our bylaws and Minnesota cooperative law, our cooperative business earnings are allocated to our members and, to a limited extent, to nonmembers with whom we have agreed to do business on a patronage basis, based on the volume of business they do with us. We allocate these earnings to our patrons in the form of patronage dividends ("patronage"), which may be in cash, equities in the form of capital equity certificates or both. Patron equities may be redeemed over time at the discretion of our Board of Directors. Nonpatronage earnings derived from nonmembers are taxed at federal and state statutory corporate rates and retained as unallocated capital reserves. We also receive patronage from cooperatives in which we are a member, if those cooperatives have earnings to distribute and we qualify for patronage refunds from them.

Our origins date back to the late 1920s with the founding of our predecessor companies, which became Cenex, Inc., and Harvest States Cooperatives. CHS Inc. emerged as the result of the merger of Cenex and Harvest States Cooperatives in 1998 and is headquartered in Inver Grove Heights, Minnesota.

Our website address is www.chsinc.com. Our periodic and current reports on Form 10-K, Form 10-Q, Form 8-K and other filings, including exhibits and supplemental schedules filed therewith, and amendments to those reports, filed with the Securities and Exchange Commission (“SEC”) are available on our website free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information contained on our website is not part of, and is not incorporated into, this Annual Report on Form 10-K or any other report we file with or furnish to the SEC. The SEC maintains a website (www.sec.gov) that contains reports and other information regarding issuers, where you may obtain a copy of all information we file publicly with the SEC.

ENERGY

Our Energy segment consists of our refined fuels, propane and lubricants product lines. We are the nation's largest cooperative energy company based on revenues and identifiable assets, with operations that include petroleum refining and pipelines; supply and marketing of refined fuels (gasoline, diesel fuel and other energy products); blending and sale of lubricants; and supply of propane and other natural gas liquids.

Our Energy segment processes crude oil into refined petroleum products at our refineries in Laurel, Montana, and McPherson, Kansas, and sells those products to member cooperatives and other independent retailers who own and operate a network of Cenex® branded retail stores in more than 1,000 communities. Diesel fuel, lubricants and propane produced and distributed by CHS power our owners’ farms and ranches and support rural communities. For fiscal 2026, our Energy revenues, after elimination of intersegment revenues, were $11.4 billion, primarily from sales of gasoline, diesel fuel and propane.

Laurel refinery. Our Laurel, Montana, refinery processes medium- and high-sulfur crude oil into refined petroleum products that primarily include gasoline, diesel fuel, asphalt and petroleum coke. Our Laurel refinery sources approximately 94% of its crude oil supply from Canada, with the remaining balance obtained from domestic sources. We have access to Canadian and northwest Montana crude oil through our wholly-owned Front Range Pipeline, LLC, and other common carrier pipelines. Our Laurel refinery also has access to Wyoming crude oil via common carrier pipelines from the south.

Our Laurel refinery has capacity to process approximately 70,000 barrels of crude oil per day to produce refined products that consist primarily of gasoline, diesel fuel and other distillates, as well as other residual products, including asphalt and petroleum coke. Refined fuels produced at our Laurel refinery are available via railcars and the Yellowstone Pipeline to western Montana terminals and to Spokane, Washington; south via common carrier pipelines to Wyoming terminals and Denver, Colorado; and east via our wholly-owned Cenex Pipeline, LLC, to terminals in Eastern Montana and North Dakota.

McPherson refinery. Our McPherson, Kansas, refinery processes approximately 65% low- and medium-sulfur crude oil and approximately 35% heavy-high-sulfur crude oil into gasoline, diesel fuel and other distillates, petroleum coke and other products. The refinery sources its crude oil through its own pipelines, as well as through joint venture and common carrier pipelines. Low- and medium-sulfur crude oil is sourced from Kansas, Colorado, North Dakota, Oklahoma and Texas, and heavy-high-sulfur crude oil is sourced from Canada and Wyoming.

Our McPherson refinery has capacity to process approximately 120,000 barrels of crude oil per day to produce refined products that consist primarily of gasoline, diesel fuel and other distillates, as well as other residual products, including petroleum coke and ammonium thiosulfate. These products are trucked out of the refinery or shipped via common carrier pipelines.

Other energy operations. We operate nine refined product terminals, 11 propane terminals, three asphalt terminals and one lubricants blending and packaging facility.

Our Energy segment produces and sells gasoline, diesel fuel, propane, asphalt, lubricants and related products through both wholesale and retail channels. In addition to selling products refined at our Laurel and McPherson refineries, to a lesser extent we purchase refined petroleum products from third parties as needed to meet customer demand. The percentage of refined petroleum products we obtain from third parties varies by year and depends on refinery production volumes, which also vary by year and are driven by our planned major maintenance schedule, among other factors.

Our transportation services results were previously included in the Energy segment, but are now reported within Corporate and Services.

Approximately 75% of our refined fuel products are branded under our Cenex® brand and the rest are unbranded. Branded products typically align to our members. Products are sold on a wholesale basis to member cooperatives and through a network of independent retailers that operate Cenex® branded retail stores. We also blend, package and wholesale auto and farm equipment lubricants to members and nonmembers and are one of the nation's largest propane wholesalers based on revenues.

Most of the propane sold in rural areas is for heating and agricultural use; as a result, propane sales volumes vary greatly by year, depending on weather patterns and crop conditions. Energy products including diesel fuel, lubricants and propane are also provided through our retail distribution network to farmers and rural customers.

The petroleum business is highly cyclical and based on local and global supply and demand dynamics. Demand for crude oil and energy products is driven by the condition of local and worldwide economies, local and regional weather patterns and fuel taxes or other government programs that affect the relative cost of refined fuels compared with alternative energy sources. Demand for our refined fuel products is generally higher in the spring, summer and early fall when gasoline and diesel fuel use by our agricultural customers is highest. Propane generally experiences higher volumes and revenues during the winter heating and crop-drying seasons. More fuel-efficient equipment, reduced crop tillage, depressed crop prices, adverse weather conditions and government programs that encourage idle acres may all reduce demand for our energy products.

Regulation. Governmental regulations and policies, particularly in the areas of taxation, energy and the environment, have a significant impact on our Energy segment. Our Energy segment operations are subject to laws and related regulations and rules designed to protect the environment administered by the U.S. Environmental Protection Agency ("EPA"), the U.S. Department of Transportation ("DOT"), the U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration, the Federal Energy Regulatory Commission and similar government agencies. These laws, regulations and rules govern, among other things, discharge of materials into the environment; reporting storage of hazardous wastes and other hazardous materials; transportation, handling and disposal of wastes and other materials; and investigation and remediation of hazardous materials release. Failure to comply with these laws, regulations and rules could subject us to administrative penalties, injunctive relief, civil remedies and possible product recalls. Our hedging transactions and activities are subject to the rules and regulations of the exchanges we use and to governing bodies, such as the Chicago Mercantile Exchange ("CME"), the New York Mercantile Exchange ("NYMEX") and the U.S. Commodity Futures Trading Commission ("CFTC").

Competition. The petroleum refining and wholesale fuels business is highly competitive. Given the commodity nature of energy products, profitability depends largely on margins, operating efficiency, product mix and product distribution and transportation costs. Among our competitors are some of the world's largest integrated petroleum companies, which have their own crude oil supplies and distribution and marketing systems. We also compete with smaller domestic refiners and marketers in the midwestern and northwestern United States, with foreign refiners who import products into the United States and with producers and marketers supplying other forms of energy and fuels. Many of our retail gasoline competitors are much larger than CHS and have greater brand recognition and more distribution outlets than we do. We also are experiencing increased competition from regional and unbranded retailers.

We market refined fuel products in five principal geographic regions:

•Midwest and Northern Plains. Wholesale competition includes major oil companies, independent refiners and wholesale brokers and/or suppliers. The region has a robust spot market and is influenced by the large refinery center along the Gulf Coast.

•Marketing region centers near Chicago, Illinois, extending into Illinois, Indiana and eastern Wisconsin. We principally compete with major oil companies, independent refiners and wholesale brokers and/or suppliers.

•Arkansas and northern Texas. Competition includes major oil companies and independent refiners. This region is principally supplied by the Gulf Coast refinery center and is also driven by a strong spot market that reacts quickly to changes in the international and national supply balance.

•Colorado, Idaho, Montana, western North Dakota, western South Dakota, Utah and Wyoming. Wholesale competition includes major oil companies and independent refiners.

•Oregon and Washington. We compete with major oil companies. The region is known for volatile prices and an active spot market.

GRAINS

Our Grains segment comprises our origination, global grain marketing and processing activities in our feed grains, oilseeds, wheat, specialty grains and animal nutrition product lines. The Grains segment connects producers to domestic and global grain markets through a broad origination and distribution network. It markets commodities such as wheat, corn, ethanol, soybeans, other oilseeds and specialty grains. The segment operates grain facilities and trading offices across five continents, serving processors, food manufacturers and renewable fuel producers. The Grains segment is a leading processor of soybeans and canola and also produces ethanol for use in gasoline products. In fiscal 2026, revenues in our Grains segment were $21.6 billion after elimination of intersegment revenues.

The results were previously included within our former Ag segment. In connection with our new product-line operating model, portions of our former ag retail business are now included in the Grains segment based on the specific products sold and their relevant product lines.

Our Grains operations include grain origination, merchandising, marketing, logistics, export terminal activities, oilseed processing, renewable fuels production and related commodity risk management activities. We are the nation's largest cooperative marketer of grain and oilseed based on volumes sold.

Our global grain marketing operations purchase grain directly from agricultural producers and elevator operators primarily in the midwestern and western United States and indirectly through our member cooperatives. Purchased grain is typically contracted for sale for future delivery at a specified location, and we are responsible for handling the grain and either arranging for or facilitating its transportation to that location. We own and operate export terminals, river terminals and elevators throughout the United States to handle and transport grain and grain byproducts. We also maintain locations in Europe, the Pacific Rim, Latin America and South America for marketing, merchandising and/or sourcing grain.

We primarily conduct our global grain marketing operations directly, but also conduct some operations through joint ventures, including TEMCO, LLC, a 50%-owned joint venture with Cargill, Incorporated, that focuses on exports from the U.S., primarily to Asia.

Our processing business includes oilseed processing and renewable fuels production. Oilseed processing is conducted at facilities that crush approximately 153 million bushels of soybeans and canola on an annual basis, producing approximately 3.2 million short tons of meal and flour and 2.1 billion pounds of edible and inedible oil annually. We purchase oilseeds for processing from members, other CHS businesses and third parties that have integrated connections with our global grain marketing operations and retail network.

Our renewable fuels business annually produces 267 million gallons of fuel-grade ethanol, 71 million pounds of inedible corn oil and 645,000 tons of dried distillers grains with solubles (“DDGS”). Renewable fuels produced by our production plants are marketed by our global grain business, along with more than 300 million gallons of ethanol and 4 million tons of DDGS annually under marketing agreements with ethanol production plants.

Our animal nutrition operations include manufacturing and sale of animal feed and related products through owned plants, limited liability companies and our broader distribution network.

Our Grains segment buys and merchandises grain in domestic and international markets. The segment markets commodities such as wheat, corn, ethanol, soybeans, other oilseeds and specialty grains, and provides grain handling, storage, transportation and export services.

With a portion of the grain we purchase, we produce renewable fuels, including ethanol, as well as DDGS and inedible corn oil. We also produce refined soy and canola oils, soybean meal, canola meal, soy flour and related processed products at our processing facilities. We also manufacture animal nutrition products, including animal feed and related products, at our processing facilities and under agreement with business partners.

Our Grains segment serves a wide range of customers in the U.S. and around the world. Customers include agricultural producers, member cooperatives, elevators, grain dealers, grain processors, food manufacturers, renewable fuel producers, livestock producers, feed mills, export customers and other domestic and international commodity market participants.

We market grain and grain byproducts through domestic and international channels, including our network of export terminals, river terminals, elevators and trading offices. We sell edible soy and canola oils and soy flour to food companies, and inedible oils may be sold to energy companies. The soybean meal and canola meal we produce is sold to integrated livestock producers and feed mills. The ethanol and DDGS we produce and market are sold to refined fuels blenders, livestock producers and animal feed suppliers.

Our Grains segment is subject to seasonal fluctuations. Our retail business generally experiences higher volumes and revenues during the fall harvest, which generally corresponds to our first fiscal quarter. Our global grain and processing operations are subject to fluctuations in volumes and revenues based on producer harvests, world grain prices, global demand and international trade relationships.

Regulation: Our Grains operations are subject to a broad range of federal, state, local and foreign laws and regulations governing grain handling, storage, transportation, export activities, commodity trading, food and feed safety, renewable fuels, environmental protection, workplace safety and international trade. Our facilities, including grain elevators, export terminals, oilseed processing plants, animal feed facilities and renewable fuels plants, must comply with operational, safety and environmental requirements related to the handling, storage, transportation and disposal of materials, emissions and discharges, hazardous waste management, and environmental investigation and remediation activities.

Our grain handling and processing operations are also subject to regulations administered by the U.S. Department of Agriculture, the U.S. Food and Drug Administration and other governmental authorities governing the processing, packaging, storage, distribution, labeling, quality and safety of food, feed and grain products. Failure to comply with applicable requirements could result in administrative penalties, injunctive relief, civil liabilities, product recalls or other regulatory actions.

In addition, our global grain marketing activities are affected by import and export requirements, tariffs, sanctions, trade policies, phytosanitary standards and other governmental actions that influence the movement of agricultural commodities across international markets. Our hedging and commodity trading activities are subject to the rules of the exchanges on which we transact, including the Chicago Mercantile Exchange, Chicago Board of Trade ("CBOT") and MIAX Futures Exchange ("MIAX"), as well as oversight by regulatory authorities such as the U.S. Commodity Futures Trading Commission.

Competition: The global grain marketing and processing industry is highly competitive. We compete with global and regional grain companies, local cooperatives, independent grain elevators, processors, exporters, renewable fuel producers, feed manufacturers and other agricultural commodity merchandisers.

Competition is based on factors including price, quality, patronage, origination capabilities, producer relationships, proximity to customers and producers, logistics and transportation access, storage capacity, export capacity, risk management capabilities, processing efficiency, global market access and the ability to reliably source and deliver commodities. Our Grains operations depend on relationships with member cooperatives and private retailers, competitive pricing and safety of food, feed and grain products. We are also affected by global grain supply and demand, world grain prices, producer harvests, international trade relationships and global commodity market dynamics.

AGRONOMY

Our Agronomy segment consists of wholesale and retail agronomy activities within our crop protection and crop nutrient product lines. The Agronomy segment provides crop inputs and agronomy support to farmers, member cooperatives and other retailers. It offers crop nutrients, crop protection products and seed, including both proprietary and third-party brands. In fiscal 2026, revenues in our Agronomy segment were $6.1 billion after elimination of intersegment revenues.

The Agronomy segment also includes our nitrogen production business, which consists entirely of our equity method investment in CF Nitrogen. Our supply agreement with CF Nitrogen entitles us to purchase specified quantities of granular urea and urea ammonium nitrate annually from CF Nitrogen, as set forth in detail below.

In connection with our new product-line operating model, portions of our ag retail business and our former Nitrogen Production segment are now included in the Agronomy segment based on the specific products sold and their relevant product lines.

Our Agronomy operations include wholesale crop protection products, wholesale crop nutrients, retail agronomy products, seed offerings and our nitrogen production business through our equity method investment in CF Nitrogen. Our wholesale crop protection business operates through a network of warehouses from which we deliver products directly to member cooperatives and independent retailers. We also operate a bulk chemical rail terminal in Brooten, Minnesota, where we handle and can store more than 6 million gallons of crop protection products.

Our wholesale crop nutrients business delivers products directly to our customers and our retail network from the manufacturer or through our warehouse terminals and from other nonowned storage facilities located throughout the United States. To supplement supplies sourced domestically, our Galveston, Texas, deepwater port and terminal receives fertilizer from vessels originating in Europe and Asia, where significant volumes of urea are produced. The fertilizer is shipped by rail to destinations within crop-producing regions of the United States.

Our nitrogen production business consists of our approximate 7.86% membership interest, based on product tons, in CF Nitrogen, our strategic venture with CF Industries Holdings, Inc., and allocated expenses. In connection with our investment in CF Nitrogen, we entered into a long-term supply agreement with CF Nitrogen that entitles us to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate, or UAN, annually for ratable delivery through calendar year 2097. We account for our CF Nitrogen investment using the hypothetical liquidation at book value method. On August 31, 2026, our investment was approximately $2.5 billion.

CF Nitrogen has six production facilities located in Donaldsonville, Louisiana; Port Neal, Iowa; Medicine Hat, Alberta, Canada; Yazoo City, Mississippi; and Woodward and Verdigris, Oklahoma. Natural gas is the principal raw material and primary fuel source used in the ammonia production process. CF Nitrogen has access to competitively priced natural gas through a reliable network of pipelines connected to major natural gas trading hubs near its production facilities.

Our Agronomy segment provides crop inputs and related agronomy products to farmers, member cooperatives and other retailers. These include crop nutrients, crop protection products and seed, including both proprietary and third-party brands. Our wholesale crop nutrients business supplies nitrogen, potassium, ammonia, phosphates and related fertilizer products. Our wholesale crop protection business supplies herbicides, seed treatments, adjuvants and other crop protection products. Seed offerings are included within the crop protection product line.

CF Nitrogen produces nitrogen-based products, including methanol, UAN, urea and related products. Through our supply agreement with CF Nitrogen, we purchase granular urea and UAN for distribution through our agronomy channels.

Our Agronomy segment serves farmers, member cooperatives, retailers and other agricultural customers. We sell crop nutrients, crop protection products and seed through wholesale and retail channels. Our product offering in the Agronomy segment is supported by domestic manufacturing access and strategic relationships with suppliers around the world.

Our wholesale crop nutrients business delivers products directly to customers and to our retail network from manufacturers or through warehouse terminals and other storage facilities located throughout the United States. Our wholesale crop protection business delivers products directly to member cooperatives and independent retailers through our warehouse network.

CF Nitrogen has three customers, which are CHS and two consolidated subsidiaries of CF Industries.

Our Agronomy segment is subject to seasonal fluctuations and generally experiences higher volumes and revenues during the spring planting season.

Regulation: Our Agronomy operations are subject to federal, state and local laws and regulations governing the manufacture, storage, handling, distribution, sale and application of crop nutrients, crop protection products and seed. These requirements address, among other matters, environmental protection, health and safety, product registration, labeling, transportation, storage, hazardous materials management and other agricultural input regulations.

Our Agronomy operations are regulated by the U.S. Environmental Protection Agency, the U.S. Department of Transportation and other governmental authorities. Applicable requirements govern the discharge of materials into the environment; the reporting, storage, transportation and disposal of hazardous wastes and other regulated materials; pesticide labeling and use requirements; and the investigation and remediation of environmental contamination. Failure to comply with applicable requirements could result in administrative penalties, injunctive relief, civil liabilities, product recalls or other regulatory actions.

CF Nitrogen is subject to environmental laws and regulations governing emissions, discharges, hazardous waste management, and the handling, disposal and remediation of regulated materials. In addition, environmental laws may impose liability for the investigation and remediation of contaminated properties on current and former owners and operators, as well as parties that arrange for the treatment, storage, disposal or recycling of hazardous materials. In certain circumstances, such liability may be imposed regardless of fault.

Competition: The agronomy industry is highly competitive. We compete with national and regional crop input suppliers, fertilizer producers and distributors, crop protection manufacturers and distributors, seed companies, local cooperatives, independent retailers and other agronomy service providers.

Competition is based on factors including delivered price, quality, patronage, product availability, customer service, agronomic expertise, product quality, distribution capabilities, storage and logistics capacity, financing availability, proprietary product offerings and relationships with agricultural producers and member cooperatives.

CF Nitrogen competes primarily on delivered price and, to a lesser extent, on customer service and product quality. CF Nitrogen competes domestically with large companies in the fertilizer industry and faces significant competition from products sourced from other regions of the world.

CORPORATE AND SERVICES

CHS Capital. Our wholly-owned financing subsidiary, CHS Capital, LLC, provides member cooperatives with loans that meet commercial agriculture needs. These loans include operating, term, revolving and other short- and long-term options. CHS Capital also provides loans to individual producers for crop inputs, feed and hedging-related margin calls. Producer operating loans are also offered in limited circumstances and in strategic geographic regions.

CHS Hedging. Our wholly-owned commodity brokerage subsidiary, CHS Hedging, LLC, is a registered, CFTC-regulated FCM and a clearing member of the CBOT, CME, NYMEX and MIAX. CHS Hedging provides commodity risk management services primarily in the grains, oilseeds, fertilizer, livestock, dairy and energy markets. CHS Hedging is also the FCM for the majority of our commodity futures trading.

CHS Market Advisors. Our wholly-owned commodity trading advisor, CHS Market Advisors, LLC, is registered with the CFTC and is a member of the National Futures Association, or NFA. It provides global research and analysis, fertilizer consulting and energy consulting to agricultural producers and agribusinesses. These services are designed to help customers navigate market volatility and make informed risk management decisions.

Transportation. Our transportation services support movement of products across our operations and to customers. We own and lease a fleet of liquid and pressure trailers and tractors used to transport refined fuels, propane, anhydrous ammonia and other products. These results were previously included within our Energy segment.

Foods. Ventura Foods is a joint venture between CHS and Mitsui & Co., Ltd., with each company owning a 50% interest. Ventura Foods produces and distributes edible oil-based products. We account for our investment in Ventura Foods using the equity method of accounting, and the investment balance was equal to $530.9 million on August 31, 2026.

Wheat Milling. Ardent Mills, the largest flour miller in the United States, is a joint venture of CHS, Cargill and Conagra Brands, Inc. In connection with the Ardent Mills joint venture, CHS, Cargill and Conagra have various ancillary and noncompete agreements, including, among other things, an agreement for us to supply Ardent Mills with certain wheat and durum products. We hold a 12% interest in Ardent Mills and account for our investment as an equity method investment. On August 31, 2026, our investment in Ardent Mills was $245.7 million.

HUMAN CAPITAL RESOURCES

Our human capital resources objectives include identifying, attracting, onboarding, retaining, developing and incentivizing our current and new employees. We monitor our progress toward these objectives by measuring human capital metrics such as engagement, total and regrettable turnover, hiring statistics and overall cost of human resources delivery. In addition to these objectives, we also promote a culture focused on listening and our value of inclusion. We help maintain the health and safety of our employees and further invest in the people who power our business by offering total rewards programs to help employees manage their health, build financial security, balance life, grow their careers and connect to their communities. Additional information regarding our employee population and human capital strategies is described below.

Employee population. On August 31, 2026, we had 10,422 full-time, part-time, temporary and seasonal employees, primarily in the United States. In addition to those individuals directly employed by us, many individuals work for or support our joint ventures, including CF Nitrogen in our Agronomy segment and Ventura Foods and Ardent Mills in our Corporate and Services operating segment, and are not included in these totals. As of August 31, 2026, we had nine collective bargaining agreements with unions covering approximately 8.6% of our employees in the United States and expiring on various dates through June 30, 2030. We believe our relations with our employees are strong. We value our employees and believe that employee passion for our purpose, our work on behalf of our farmer owners and member cooperatives and employee engagement are key elements of our operating performance.

Culture of listening and inclusion. The CHS culture is one that is built on listening and inclusion. Through our value of inclusion, our goal is to foster an inclusive culture where everyone is welcomed, respected and empowered to succeed. We believe different perspectives and experiences enable innovation, collaboration, and drive growth. Success at CHS is built collectively. As part of our team-first environment, we encourage people to work together to solve problems, support one another and deliver results. We value approachable leaders, connected teams and foundational trust. This creates a culture where people can do their best work together. Our culture is measured through our annual engagement survey and employee listening sessions. We review the feedback to look for common themes, measure our workplace culture over time and help leaders focus on areas that matter most to employees. The goal is to turn feedback into practical changes that improve the day-to-day employee experience and allow us to continue to attract, engage and retain top talent.

Learning and development. We are committed to investing in our employees to help them build knowledge, develop skills and achieve their career goals. In addition to regular performance evaluations and annual development plans that provide employees with feedback and growth opportunities, employees at CHS have access to learning tools, programs and other opportunities for growth. These include access to on-demand learning modules; internal and external training programs that cover topics such as artificial intelligence, continuous improvement, public speaking, professional sales skills and change management; participation in a mentoring program and development coaching; tuition and professional certification reimbursement; as well as other opportunities focused on developing current and future leaders of CHS.

Health and safety. Safety is one of our core values. At CHS, safety is about more than just following the rules; it is about doing things the right way and remembering that no job is so critical that it warrants safety risks. In addition to safety programs designed specifically for individual facilities with operational hazards related to grain, feed, seed, agronomy, petroleum, warehouses and retail operations, we also provide certain employee groups with additional training opportunities such as a defensive driving program. Beyond developing defined safety programs and training opportunities, we monitor our incident rates in comparison to previous years and industry averages, as published by the Bureau of Labor Statistics. During fiscal 2026, our Occupational Safety and Health Administration ("OSHA") incident rate was 2.7 incidents per 100 full-time equivalent workers, compared to a three-year trailing average of 2.8 incidents per 100 full-time equivalent workers, representing an approximate reduction of 4%. Our lost-time injury rate for fiscal 2026 was 1.2 incidents per 100 full-time equivalent workers, compared to a three-year trailing average of 1.1 incidents per 100 full-time equivalent workers. The changes in the total recordable injury rate and lost-time injury rate were not statistically significant.

Community involvement. As a cooperative, we are committed to making a measurable, positive impact in our communities through our giving and volunteer efforts. In addition to our charitable foundation and annual giving campaign, which provide financial support to our communities, eligible employees also receive paid time off to make a difference in our communities through volunteer activities. During fiscal 2026, we gave approximately $11.6 million in charitable donations through our charitable foundation, corporate giving activities, and employee volunteer time-off program.

Compensation and benefits. At CHS, we invest in our people through total rewards offerings designed to support employees at work and in life. Competitive compensation is one piece of our broader total rewards programs that reflect the value CHS places on employees and the work they do. Our total rewards are designed to attract, retain, engage and motivate employees to optimize member-owner returns and to achieve our short- and long-term strategies. CHS offers a variety of programs for eligible employees including competitive compensation; health programs; retirement and financial resources including a company-matched 401(k) contribution, profit sharing and pension programs; generous time away from work, including paid time off and paid leave programs; employee assistance programs including an employee support fund; career development and community engagement. Together, our total rewards support employees and help them build lasting careers with CHS.

CHS AUTHORIZED CAPITAL

We are an agricultural membership cooperative organized under Minnesota cooperative law to do business with member and nonmember patrons.