We are exposed to various market risks, including changes in interest rates and commodity prices. Our objective is to minimize the economic impact of these market risks. We use derivative instruments in accordance with policies and procedures approved by the Audit Committee of the Board of Directors. These activities are managed by a senior executive committee that is responsible for initiating, managing, and monitoring resulting exposures. We do not enter into financial instruments for trading or speculative purposes. Interest Rate Risk We are exposed to interest rate risk through our variable-rate debt, driven by changes in SOFR. To manage this exposure, we utilize interest rate swaps to convert existing and anticipated future floating-rate borrowings under our term credit agreements to fixed rates. As of June 30, 2026, we had $1.4 billion of variable-rate debt outstanding, which was fully hedged by interest rate swaps with an aggregate notional amount of $1.4 billion. Consequently, a hypothetical one-percentage point increase/decrease in interest rates would result in no corresponding change to our interest payments or interest expense over a 12-month period. Refer to Note 9 — Derivative Financial Instruments and Hedging Activities for additional information regarding these interest rate swaps. The fair market value of our fixed-interest rate debt is also subject to interest rate risk. As of June 30, 2026, the estimated fair value of our fixed-rate debt was $404.3 million, compared to a principal amount of $450.0 million. We estimate the fair value of our debt using market interest rates for debt with similar terms and maturities. Generally, the fair market value of fixed-rate debt increases as interest rates fall and decreases as interest rates rise. A hypothetical one-percentage point increase/decrease in prevailing interest rates at June 30, 2026 would result in a corresponding decrease/increase in the fair value of our fixed-rate debt of approximately $18 million and $19 million, respectively. We estimate the weighted-average effective interest rate on our combined fixed and variable-rate debt to be approximately 2.3%. This estimate accounts for the impact of interest rate swaps and the reduction in cost provided by estimated patronage, and excludes unused commitment fees related to our Revolving Credit Facility. The following table summarizes our outstanding debt, interest rate swaps, and average interest rates by year of expected maturity, along with the respective fair values at June 30, 2026: (Dollars in thousands) 2026 2027 2028 2029 2030 Thereafter Total Fair Value Variable-rate debt: Principal amounts — $138,750 $300,000 $390,000 $184,750 $396,000 $1,409,500 $1,409,500 Average interest rate (a)(b) — 5.62 % 5.37 % 5.43 % 5.69 % 5.90 % 5.60 % Fixed-rate debt: Principal amounts — — — — — $450,000 $450,000 $404,325 Average interest rate (b) — — — — — 2.75 % 2.75 % Interest rate swaps: Notional amount — $138,750 $300,000 $390,000 $184,750 $396,000 $1,409,500 $129,990 Average pay rate (b) — 0.50 % 1.84 % 0.64 % 0.71 % 1.62 % 1.17 % Average receive rate (c) — 3.62 % 3.62 % 3.62 % 3.62 % 3.62 % 3.62 % (a) Excludes estimated patronage refunds. (b) Interest rates as of June 30, 2026. (c) Weighted average of (i) the Daily Simple SOFR rate on a 25-day look back period and (ii) the 1-Month Term SOFR rate, each as of June 30, 2026 based on the respective notional amounts. 90 Table of Contents