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. In February 2026, the U.S. and Israel launched military strikes against Iran and the regional conflict continued through the second quarter of 2026. The Middle East is a critical corridor for the global movement of crude oil, refined petroleum products, LNG and other commodities. As a result, the ongoing conflict and heightened geopolitical tensions involving Iran have affected, and could continue to affect, global economic conditions and commodity markets. Although Seaboard does not operate in Iran, its operations have been affected by higher fuel prices, increased shipping costs, and, to a lesser extent, higher grain prices that have occurred since the conflict began. At the same time, the Liquid Fuels segment results have been affected from 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. ​