Grain and agricultural commodities

“Soy products 294,503 88% 249,982 86%”

Annual report 2025A · The company itself

“DKK 16,534 million, compared to DKK 16,616 million in 2024, reflecting that higher volumes sold were offset by lower raw materials prices, negative exchange rate developments, and changes in customer mix.”

Annual report 2025A · The company itself

“For a while, however, market conditions have reflected a challenging combination of weak market demand, increased production costs and extremely fierce price competition.”

Annual report 2025A · The company itself

“This project placed a particular focus on soy and soy-related products analysing commodity risk in two distinct climate scenarios towards 2050. This is subject to a high degree of uncertainty, but climate change impacts are likely to influence these to a greater extent going forward.”

Annual report 2025A · The company itself

“These are located in the value chain of BioMar that relies on large quantities of vegetable and marine raw materials sourced globally. These impacts are closely tied to marine resources and to water availability.”

Annual report 2025A · The company itself

“BioMar uses vegetable and marine ingredients on a large scale, primarily soy and soy products, as well as vegetable oils and marine meal and oils. Fibertex Nonwovens and Fibertex Personal Care produce nonwovens from fibres from various materials such as polypropylene and polyester as well as natural or semi-natural fibres such as cotton and viscose to a lesser extent.”

Annual report 2025A · The company itself

“The statement outlines BioMar’s commitment to deforestation-free and conversion-free supply chains for sourcing all vegetable ingredients. It specifies that BioMar will not accept high- volume or high-risk vegetable ingredients (such as soy and palm oil) from cropland that has been deforested or from natural habitats converted after December 2020.”

Annual report 2025A · The company itself

“Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 standard 2025 2024 Income statement Equity Income statement Equity +/-10% electricity – – +/- 0.1 – – +/- 0.1 +/-10% change in EUR/DKK exchange rate +/- 1.4 +/- 1.4 +/- 2.2 +/- 2.2 +/-10% change in EUR/NOK exchange rate +/- 1.7 +/- 1.4 +/- 2.7 +/- 2.2 +/-10% change in EUR/SEK exchange rate +/- 6.6 +/- 6.7 +/- 4.5 +/- 5.0 +/-10% change in EUR/USD exchange rate -/+ 1.9 -/+ 1.7 -/+ 1.5 -/+ 1.8 +1%-points parallel shift in interest rates - 0.8 + 1.2 - 1.2 + 1.2 Unexpected and unforeseen disruptions in the supply chain, production and deliveries are significant short-term risks related to operations, as well as sudden and significant changes in the prices of raw materials.”

Annual report 2025A · The company itself

“Anora’s business model relies on several key inputs: approximately 180 million kilograms of Finnish barley annually, imported wines from over 35 countries, water, and dry goods such as packaging materials and beverage spices.”

Annual report 2025A · The company itself

“The availability of domestic barley and its market price has a significant impact on the profitability of Anora’s business. Anora ensures the availability and price of barley with contract farming in co-operation with farmers and grain companies.”

Annual report 2025A · The company itself

“Price risk associated with commodities Barley In 2025, Anora consumed approximately 173.1 (168.2) million kilos of grain to produce ethanol and starch. The availability of high-quality domestic barley was ensured until the end of 2025 through contract farming and cooperation with farmers and grain stores. The market price of barley significantly fluctuates year by year as a result of several factors that affect Finnish barley supply and demand. The price of barley is therefore considered to be a significant risk for Anora during the financial year.”

Annual report 2025A · The company itself

“The operating result of Oilseed Products was weakened by a decline in the sales of refined oils and the unfavourable sales mix between different product categories as well as the price of the raw material used. 'The performance of Oilseed Products was also weakened by the overtime and shift change bans related to the collective agreement negotiations in the first half of the year and challenges in security of supply, which were partly reflected in lost seasonal sales.”

Annual report 2025A · The company itself

“The prices of oilseeds are determined in the world market. In Oilseed Products, limits are defined for open price risks.”

Annual report 2025A · The company itself

“The Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply may continue to cause volatility in volumes, prices, and margins of these commodities and related products.”

Annual report 2025A · The company itself

“Strategic and Economic Risks Agricultural commodities, agricultural commodity products, and non-agricultural commodity raw materials the Company procures, transports, stores, processes, and merchandises can be affected by various factors beyond the Company’s control. The availability and prices of agricultural commodities are subject to wide fluctuations, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, government programs and policies, including global trade, renewable energy/biofuel policies and other regulatory considerations, climate change, competition, and changes in global demand, which could adversely affect the Company’s operating results.”

Annual report 2025A · The company itself

“Source and Availability of Raw Materials A significant majority of the Company’s raw materials are agricultural commodities. In addition, the Company sources specific fruits, vegetables, and nuts for extracts to make flavors and colors.”

Annual report 2025A · The company itself

“The Company uses exchange-traded and OTC commodity instruments to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.”

Annual report 2025A · The company itself

“Carbohydrate Solutions The Carbohydrate Solutions segment engages in corn and wheat wet and dry milling and related processing activities. The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose.”

Annual report 2025A · The company itself

“Concentration of Revenues by Product The following products accounted for 10% or more of revenues for the following periods: % of Revenues Soybeans 17% 19% 18% Soybean Meal 11% 12% 13% Corn 13% 12% 12% Status of New Products The Company continues to expand its market footprint and business growth through the continuous development of its portfolio and optimization of production systems.”

Annual report 2025A · The company itself

“E4 BIOLOGISEEN MONIMUOTOISUUTEEN JA EKOSYSTEEMEIHIN LIITTYVÄT VAIKUTUKSET, RISKIT JA MAHDOLLISUUDET VAIKUTUKSET YMPÄRISTÖÖN JA/TAI YHTEISKUNTAAN RISKIT JA MAHDOLLISUUDET ATRIALLE STRATEGISET HALLINTAKEINOT Biologisen monimuotoisuuden vähenemisen suorat vaikutustekijät, maankäytön muutokset + Atrian panostukset innovatiivisten rehuratkaisujen kehittämiseen vahvistavat ruokaketjun valkuaisomavaraisuutta ja tukevat kestävää maataloutta. Toimet ovat jo näkyneet vähennyksinä esimerkiksi rehusoijan osuudessa ja lisääntyneenä kotimaisen valkuaisen käyttönä, mikä lieventää globaalin maankäytön muutoksen riskin ajureita ja tukee luonnon monimuotoisuutta ja ilmastotavoitteita koko arvoketjussa. - Ilmastonmuutoksen vuoksi alueet, joilla on aikaisemmin voinut viljellä, ovat muuttuneet viljelykelvottomiksi joko sään ääriolosuhteiden tai viljelyä tukevien luontopalvelujen katoamisen vuoksi.”

Annual report 2025A · The company itself

“Rehuratkaisujen kehittäminen on strategisesti merkittävä erottautumistekijä markkinassa ja oman sopimustuotannon resilienssin kulmakivi. Laadukkaan valkuaisen sisällyttäminen eläinten rehuihin vaatii monialaista osaamista mm. kotieläinravitsemuksesta ja maatalousekonomiasta kasvintuotantotieteisiin. Rehuratkaisuilla on luontovaikutusten lisäksi positiivisia vaikutuksia ilmastoon, eläinten hyvinvointiin sekä oman alkutuotantoketjun kannattavuuteen ja turvaamaan raaka-aineiden saatavuutta.”

Annual report 2025A · The company itself

“Atria kehittää eläinrehuja maksimoiden kiertotalouden hyödyt muun muassa hyödyntämällä laajasti kasviperäisen elintarviketuotannon ja meijeriteollisuuden eri sivuvirtoja ja huomioimalla tilakohtaisesti optimaaliset ruokintaratkaisut.”

Annual report 2025A · The company itself

“Statement sets out our sourcing requirements for plant – based raw materials including that high-risk ingredients (soy and palm) should not originate from cropland deforested or converted from natural habitats after December 31st, 2020 (cut-off date) with a target date of December 31st, 2025 . The cut-off date for soy and palm ingredients aligns with the requirements of the European Deforestation Regulation EUDR. BioMar is working with our supply chains to ensure compliance with the requirements of the EUDR across all in scope raw materials when the regulation comes into effect at the end of 2026.”

Annual report 2025A · The company itself

“The decrease was primarily due to lower average sales prices experienced in almost all regions for our global soybean oilseed processing businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing business. The above decreases were slightly offset by higher volumes in South America resulting from the non-recurrence of the prior year drought in Argentina and higher volumes of oilseeds merchandised in our global soybean origination business.”

Annual report 2025A · The company itself

“As a result, we purchase and produce various materials, many of which are agricultural commodities, including soybeans, soybean oil, soybean meal, palm oil (from crude to various degrees of refined products), softseeds (including sunflower seed, rapeseed, and canola) and related oil and meal derived from them, wheat, barley, shea nut, corn, sugar, and cotton.”

Annual report 2025A · The company itself

“Facilities by Business Area (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Business Area Soybean Processing and Refining 193,165 11,226,953 Softseed Processing and Refining 69,320 2,447,065 Other Oilseeds Processing and Refining 19,188 431,773 Grain Merchandising and Milling 30,887 19,486,773 Facilities by Geographic Region (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Region North America 72,391 10,177,820 South America 131,207 10,836,887 Europe 66,583 3,135,190 Asia-Pacific 42,379 9,442,667 Soybean Processing and Refining In our Soybean Processing and Refining segment, we have 35 oilseed processing plants, 22 refining and packaging facilities, and 17 port terminals throughout the world. Additionally, there are 70 storage facilities globally that are located close 28 Table of Contents to these soybean facilities.”

Annual report 2025A · The company itself

“We also have four fertilizer processing and blending plants, and four fertilizer port terminals in South America.”

Annual report 2025A · The company itself

“Grain Merchandising and Milling In our Grain Merchandising and Milling segment, we have we have 298 commodity storage facilities, which are located close to agricultural production areas or export locations. We also have 29 port terminals in key export locations throughout the world.”

Annual report 2025A · The company itself

“Soybean Processing and Refining segment Net sales decreased 12%, to $31,930 million for the year ended December 31, 2024. The decrease was primarily due to lower average sales prices experienced in almost all regions for our global soybean oilseed processing businesses, driven by relative price stabilization due to a more balanced supply and demand environment, in addition to overall lower volumes in our global soybean oilseed processing business.”

Annual report 2025A · The company itself

“Softseed Processing and Refining segment Net sales increased 62%, to $11,252 million for the year ended December 31, 2025. The increase was primarily due to Net Sales contributions from the Viterra Acquisition, in addition to higher average sales prices in our European business resulting from a drought in the region impacting the sunflower seed crop in the current year and higher prices in our global softseed distribution business.”

Annual report 2025A · The company itself

“The supply and price of fresh produce is affected by weather and growing conditions, including but not limited to, flood, drought, freeze, insects, disease, and other conditions over which we have no control. Commodity prices can be affected by shortages or overproduction and are often highly volatile.”

Annual report 2025A · The company itself

“These programs contain a wide variety of high quality, fresh bulk, and value-added fruits and vegetables.”

Annual report 2025A · The company itself

“we rely on agricultural ingredients such as barley, hops, sugar and rice”

Annual report 2025A · The company itself

“Market Risks Our industry is cyclical, and our operating results are highly dependent upon and fluctuate based upon changes in supply and demand of nitrogen products, and our business, financial condition, results of operations and cash flows tend to be negatively affected in periods of industry oversupply. Selling prices for our products, which are global commodities or derived from global commodities, have fluctuated in response to periodic changes in supply and demand conditions.”

Annual report 2025A · The company itself

“Supply of nitrogen products is affected primarily by available production capacity and operating rates, raw material costs and availability, energy prices, government policies and global trade.”

Annual report 2025A · The company itself

“Demand for nitrogen products is affected by planted acreage, crop selection and fertilizer application rates, driven by population changes, economic growth, changes in dietary habits and non-food use of crops, such as production of ethanol and other biofuels. Demand also includes industrial uses of nitrogen, for example, chemical manufacturing and emissions reductants such as diesel exhaust fluid (DEF).”

Annual report 2025A · The company itself

“During periods of industry oversupply, our financial condition, results of operations and cash flows tend to be affected negatively due to a decline in the price at which we sell our products. As a result, we may experience reduced profit margins, write-downs in the value of our inventory and temporary or permanent curtailments of production.”

Annual report 2025A · The company itself

“We are subject to intense price competition from other producers. The nitrogen products that we produce are global commodities or are derived from global commodities, with little or no product differentiation.”

Annual report 2025A · The company itself

“For example, ethanol production in the United States contributes significantly to corn demand, representing approximately 35% of total U.S. corn demand, and is impacted by federal legislation mandating renewable fuels use. Mandated ethanol production increases have increased the amount of corn grown in the United States and related fertilizer usage.”

Annual report 2025A · The company itself

“Lower gasoline prices and fewer aggregate miles, driven by increased automobile fuel efficiency and the expansion of electric vehicle use, may put pressure on ethanol prices that could result in reduced profitability and lower production for the ethanol industry. This could have an adverse effect on corn-based ethanol production, planted corn acreage and fertilizer demand.”

Annual report 2025A · The company itself

“Additionally, government incentives and other policies and recent increased investment in renewable biodiesel and associated soybean crush capacity may drive higher soybean oil prices, resulting in more planted acres allocated to soybeans and other oil crops and displacing some acreage traditionally planted to more nitrogen intensive crops such as grains and cotton.”

Annual report 2025A · The company itself

“We believe the ability to purchase products on a forward basis is more appealing to our customers during periods of generally increasing prices for nitrogen fertilizers. Our customers may be less willing or even unwilling to purchase products on a forward basis during periods of generally decreasing or stable prices or when there is an expectation of lower prices in the future.”

Annual report 2025A · The company itself

“In addition to water, the principal raw materials used in our business are nutritive and non-nutritive sweeteners. In the United States, the principal nutritive sweetener is HFCS, which is nutritionally equivalent to sugar.”

Annual report 2025A · The company itself

“Increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence may negatively affect our business. As part of the manufacture of our beverage products, we and our bottling partners use a number of key ingredients that are derived from agricultural commodities such as sugarcane, corn, sugar beets, citrus and other fruits, coffee and tea. Increased demand for food products; decreased agricultural productivity in certain regions of the world as a result of changing weather patterns; loss of biodiversity; increased agricultural regulations, including regulation of ingredient sourcing due diligence; and other factors have in the past, and may in the future, limit the availability and/or increase the cost of such agricultural commodities and could impact the food security of communities around the world.”

Annual report 2025A · The company itself

“Most of our annual grape requirements are satisfied by grower purchases from each year’s harvest. During Fiscal 2026, we received grapes from approximately 120 independent growers located in the U.S. and 25 independent growers located in New Zealand and Italy. We enter into purchase agreements with a majority of these growers with pricing that generally varies year-to-year and is largely based on then-current market prices.”

Annual report 2026A · The company itself

“This acreage supplied a large portion of the grapes used for the production of our wines.”

Annual report 2026A · The company itself

“The distilled spirits manufactured and imported by us require various agricultural products, neutral grain spirits, and bulk spirits, which we fulfill through purchases from various sources by contractual arrangement and through purchases on the open market.”

Annual report 2026A · The company itself

“Our breweries, the Glass Plant, our wineries, and our distilleries use a large volume of agricultural and other raw materials to produce our products. These include corn starch and sugars, malt, hops, fruits, yeast, and water for our breweries; soda ash and silica sand for the Glass Plant; grapes and water for our wineries; and grain and water for our distilleries.”

Annual report 2026A · The company itself

“Operating margins for our restaurants are subject to changes in the price and availability of food commodities, including beef, pork, chicken, seafood, cheese, butter, and produce.”

Annual report 2026A · The company itself

“To the extent that a virus or disease is food-borne, or perceived to be food-borne, future outbreaks may adversely affect the price and availability of certain food products and cause our guests to eat less of a product, or could reduce public confidence in food handling and/or public assembly.”

Annual report 2026A · The company itself

“Efterfrågan av Epirocs utrustning och tjänster påverkas av förändringar i kunders investeringsplaner och produktionsnivåer. Dessa kan förändras på grund av ekonomiska nedgångar, geopolitiska spänningar och volatilitet i priserna på mineralråvaror.”

Annual report 2024A · The company itself

“Afgrødepriserne er også faldet i løbet af 2025.”

Annual report 2025A · The company itself

“Foderpriserne i 2025 var på niveau med året før.”

Annual report 2025A · The company itself

“FirstFarms sælger ca. 60% af afgrødeproduktionen.”

Annual report 2025A · The company itself

“Lavere foderpriser sammenlignet med 2024 har dog haft en mindre positiv effekt på resultatet.”

Annual report 2025A · The company itself

“Stigningen i salgsafgrøder på lager udgør 28 mDKK – og foderafgrøder er øget med 5 mDKK.”

Annual report 2025A · The company itself

“Foderpriserne i 2025 var på niveau med året før.”

Annual report 2025A · The company itself

“Et solidt datagrundlag gør det muligt at reducere forbruget af produktionsinput, hvilket gavner både økonomien og bæredygtigheden.”

Annual report 2025A · The company itself

“Raw materials, ingredients, and packaging The principal raw materials that we use are grains (wheat, oats, and corn), meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products.”

Annual report 2026A · The company itself

“We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel.”

Annual report 2026A · The company itself

“If such climate change has a negative effect on agricultural productivity, we may experience decreased availability and higher pricing for certain commodities that are necessary for our products.”

Annual report 2026A · The company itself

“Vores primære råvarer består af vand og landbrugsprodukter som byg og sukker samt emballageprodukter”

Annual report 2026A · The company itself

“Vores primære råvarer består af vand og landbrugsprodukter som byg og sukker samt emballageprodukter, herunder dåser, PET-preforme og pap.”

Annual report 2026A · The company itself

“Faktorer, der kan påvirke forventningerne, omfatter bl.a. de generelle økonomiske og forretningsmæssige forhold, prisudvikling på råvarer og fragt, nye afgifter og regulering, politiske forhold, efterspørgsel, valutakursudsving og konkurrencemæssige forhold.”

Annual report 2026A · The company itself

“Prisudvikling på bl.a. råvarer, emballager, energi, fragt og introduktion af nye eller forhøjede afgifter kan påvirke indtjeningen væsentligt.”

Annual report 2026A · The company itself

“Der ventes en fortsat intensiv konkurrence, som vil sætte indtjeningen under pres, ligesom prisudviklingen på råvarer, hjælpematerialer, søfragt og energi mv. kan påvirke resultaterne.”

Annual report 2026A · The company itself

“Risikoforhold og prioriteter i 2025/26 Harboes aktiviteter på Ingredients-området er udsat for sædvanlige markedsmæssige risici for udvikling i råvarepriser, stigende konkurrence mv., ligesom markedsudvikling og geopolitiske forhold kan påvirke den forventede afsætning.”

Annual report 2026A · The company itself

“Harboe er følsom over for markedsmæssige udsving i priserne på råvarer og hjælpematerialer, fordi øgede produktionsomkostninger ikke altid umiddelbart kan overføres på salgspriserne.”

Annual report 2026A · The company itself

“Samtidig er koncernen afhængig af forsyningssikkerhed og kvalitet af råvareforsyningen, ligesom Harboe er afhængig af, at råvarer og materialer bliver leveret til tiden og i de mængder, der er aftalt.”

Annual report 2026A · The company itself

“Sugar The price of sugar is subject to price supports under U.S. farm legislation, which establishes import quotas and duties to support the price of sugar. As a result, sugar prices paid by users in the U.S. are currently higher than prices on the world sugar market.”

Annual report 2025A · The company itself

“A near-record yield for the 2025 U.S. crop kept U.S. supplies healthy. Despite the high yield in 2025, corn prices were up compared to 2024, driven by high export demand globally.”

Annual report 2025A · The company itself

“Dairy Products During 2025, prices for fluid dairy milk ranged from a low of $0.137 per pound to a high of $0.208 per pound, on a Class IV milk basis. Fluid dairy prices were lower than 2024 due to increases in global milk production linked to herd growth in the key export regions of the U.S., Europe and New Zealand.”

Annual report 2025A · The company itself

“Wheat Products In 2025 we continued utilizing soft and hard wheat futures as a risk management tool for our flour purchasing. Improved U.S. wheat production across the aggregate classes combined with strong global production has resulted in lower prices across the calendar year.”

Annual report 2025A · The company itself

“We also use substantial quantities of sugar, corn products, Class II and IV dairy products, wheat products, peanuts, almonds, and energy in our production process.”

Annual report 2025A · The company itself

“We use many different commodities for our business, including cocoa products, sugar, corn products, dairy products, wheat products, peanuts, almonds, natural gas, and diesel fuel.”

Annual report 2025A · The company itself

“Commodities—Price Risk Management and Futures Contracts Our most significant raw material requirements include cocoa products, sugar, corn products, dairy products, wheat, peanuts and almonds.”

Annual report 2025A · The company itself

“Naudanlihan niukkuudesta johtunut naudan hankintahinnan voimakas nousu heikensi vertailukelpoista liiketulosta.”

Annual report 2025A · The company itself

“Siipikarjanlihan vahvan kysynnän arvioidaan jatkuvan edelleen ja naudanlihan tarjonnan pysyttelevän niukkana EU:ssa.”

Annual report 2025A · The company itself

“Maatiloja koskeva maksuvalmius- ja kannattavuuskriisi voisi mahdollisesti uusiutuessaan heikentää paikallisen liharaaka-aineen saatavuutta tai yhtiön kannattavuutta, mikäli yhtiö ei onnistuisi nostamaan tuotteidensa myyntihintoja tuotantoketjun kustannusten nousun kattamiseksi tuotannon tehostamistoimien ohella.”

Annual report 2025A · The company itself

“Production costs from raising turkeys are subject to fluctuations in input costs, including grain prices and fuel costs.”

Annual report 2025A · The company itself

“Risks to this outlook include a softening of foodservice industry demand, lower-than-expected raw material markets which through market-based pricing can negatively impact net sales, and higher-than-expected operating costs.”

Annual report 2025A · The company itself

“To manage input cost risks, the Company uses futures, swaps, and options contracts to hedge a portion of its anticipated purchases.”

Annual report 2025A · The company itself

“Fluctuations in commodity prices and availability of raw materials and other inputs could harm the Company’s results of operations. The Company’s results of operations and financial condition are largely dependent upon the cost and supply of pork, poultry, beef, feed grains, nuts, energy, and other inputs, as well as the selling prices for many of the Company’s products, which are determined by dynamic market forces of supply and demand.”

Annual report 2025A · The company itself

“The Company raises turkeys and contracts with turkey growers to meet its raw material requirements for whole birds and processed turkey products. Results in these operations are affected by the cost and supply of feed grains, which fluctuate due to climate conditions, production forecasts, and supply and demand conditions at local, regional, national, and worldwide markets.”

Annual report 2025A · The company itself

“Adjusted segment profit declined for the fourth quarter and full year of fiscal 2025, as net sales growth was more than offset by input cost pressures, mainly due to elevated commodity markets.”

Annual report 2025A · The company itself

“Segment profit declined for the fourth quarter of fiscal 2025, as strong net sales growth was more than offset by impacts from a chicken-product recall and the rise in input costs, mainly due to elevated commodity markets.”

Annual report 2025A · The company itself

“Adjusted segment profit declined in the fourth quarter and full year of fiscal 2025, primarily due to commodity input cost pressures and softness in Brazil.”

Annual report 2025A · The company itself

“Cash Provided by (Used in) Operating Activities •Cash flows from operating activities were impacted by changes in operating assets and liabilities and lower net earnings. –In fiscal 2025, inventory increased $172 million primarily due to higher raw material costs, strategic inventory build for certain categories, and recovery of snack nuts inventory levels following the production disruptions at the Suffolk, Virginia manufacturing facility.”

Annual report 2025A · The company itself

“Commodity Price Risk: The Company is subject to commodity price risk through grain, lean hog, natural gas, and diesel fuel markets.”

Annual report 2025A · The company itself

“The Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans. Commodity Derivatives: The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of grain, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers.”

Annual report 2025A · The company itself

“The Company attempts to manage some of its short-term exposure to fluctuations in feed prices by forward buying, using futures contracts, and pursuing pricing advances.”

Annual report 2025A · The company itself

“Produktionsenheterna köper in råvaror vilka används för att skapa färdiga produkter inom kategorier som konfektyr, hygien- och hushållsprodukter och kosttillskott. Det inkluderar socker, glukos, gelatin, mejeriprodukter, kakao, soja, palmolja, stearin och andra ingredienser.”

Annual report 2024A · The company itself

“Råvaror som kakao, palmolja och nötter odlas ofta i vattenstressade områden med risk för minskad vattentillgång för lokalsamhällen och hotad biodiversitet. • Risk för vattenföroreningar i leverantörskedjan.”

Annual report 2024A · The company itself

“Koncernens intäktsströmmar består primärt av försäljning av snabbrörliga konsumentprodukter i form av färdiga handelsvaror såsom hälsosammare livsmedel i form av konfektyr, snacks, bars, dryck och högkvalitativa sportnutritionsprodukter samt hygienartiklar, hem- och hushållsprodukter med en hållbarhetsprofil. Koncernen bedriver även försäljning av ingredienser och övriga råvaror.”

Annual report 2024A · The company itself

“Financial Risks Our results may be adversely impacted as a result of increased cost, limited availability, and/or insufficient quality of raw materials, including commodities and agricultural products. We and our business partners purchase and use large quantities of many different commodities and agricultural products in the manufacturing of our products, including green coffee, peanuts, flour, sugar, oils, fats, fruit, and other ingredients.”

Annual report 2026A · The company itself

“We also compete for certain raw materials, notably corn and soy-based agricultural products, with the biofuels industry, which has resulted in increased prices for these raw materials. Additionally, farm acreage currently devoted to other agricultural products we purchase may be utilized for biofuel crops resulting in higher costs for the other agricultural products we utilize.”

Annual report 2026A · The company itself

“In the event that climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as green coffee, peanuts, oils, fats, flour, sugar, fruit, and other ingredients.”

Annual report 2026A · The company itself

“Green Coffee We develop and pursue direct relationships with farms, estates, cooperatives, cooperative groups, and exporters in order to purchase green coffee and to support our broader traceability and sustainable supply chain initiatives. We also purchase green coffee through outside brokers.”

Annual report 2025A · The company itself

“The raw materials and other supplies, including agricultural commodities (such as coffee, apples, and corn), fuel and packaging materials, transportation, and other supply chain inputs that we use for the manufacturing, production, and distribution of our products are subject to price volatility and fluctuations in availability caused by many factors, including: changes in supply and demand; supplier capacity constraints; inflation; weather conditions (including the effects of climate change); natural disasters; disease or pests; agricultural uncertainty; cost increases in farm inputs; health epidemics, pandemics, or other contagious outbreaks; labor shortages, strikes, or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls (including import/export restrictions, such as new, increased, or retaliatory tariffs, sanctions, quotas, or trade barriers); port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; political uncertainties; acts of terrorism; governmental instability; speculation in global trading of commodities, such as coffee; or fluctuations in foreign currency exchange rates.”

Annual report 2025A · The company itself

“Raw materials include various commodity costs for our ingredients and materials sourced from various providers. The costs of finished goods inventories manufactured by us include raw materials, direct labor, and indirect production and overhead costs.”

Annual report 2025A · The company itself

“The potential consequences of a decreased or unstable supply of cotton fibers due to climate change could significantly impact the Kid Group Topic Sub-topic Location in value chain IRO* Positive/ Negative Impact Description of material impacts, risks and opportunities identified in our materiality assessment Actual/ Potential Expected time horizon Climate Change Climate change adaptation Upstream, own operations and downstream I+R Negative Impact on properties, land or local communities in own operations and in the value chain due to the failure to adapt to climate change. Risk that climate change leads to several effects taking place at the same time, such as extreme heat waves which forces factories to temporarily close, drought which affects cotton prices and less material accessible overall.”

Annual report 2024A · The company itself

“Cotton, which makes up approximately 40% of Kid Group's total material weight, is particularly vulnerable to climate change. Maintaining global temperatures below 1.5°C would support stable cotton production, ensuring long-term sourcing viability.”

Annual report 2024A · The company itself

“Cellulose fiber, in the form of kraft pulp or recycled fiber from recovered waste paper, is used extensively in our tissue products and is subject to significant price fluctuations. Cellulose fiber, in the form of fluff pulp, is a key component in our disposable diapers, training and youth pants, feminine and incontinence care products, and other related products. In past years, pulp prices have experienced significant volatility. Increases in pulp prices or limits in the availability of recycled fiber could adversely affect our earnings if selling prices for our finished products are not adjusted or if these adjustments significantly trail the increases in pulp prices.”

Annual report 2025A · The company itself

“We purchase and use large quantities of commodities, including dairy products, meat products, sugar and other sweeteners, coffee, tomato products, soybean and vegetable oils, eggs, other fruits and vegetables, and wheat and processed grains to manufacture our products.”

Annual report 2025A · The company itself

“We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.”

Annual report 2025A · The company itself

“Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.”

Annual report 2025A · The company itself

“In the event that such climate change has a negative effect on agricultural productivity or practices, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products.”

Annual report 2025A · The company itself

“The profitability of our Company-owned and operated restaurants depends in part on our ability to anticipate and react to changes in commodity costs, including food, paper, supplies, fuel and utilities, as well as distribution and other operating costs, including labor. Volatility in certain commodity prices and fluctuations in labor costs have adversely affected and in the future could adversely affect our operating results by impacting restaurant profitability. The commodity markets for some of the ingredients we use, such as beef and chicken, are particularly volatile due to factors such as seasonal shifts, climate conditions, industry demand and other macroeconomic conditions, international commodity markets, food safety concerns, product recalls, government regulation, and acts of war, terrorism or other hostilities, all of which are beyond our control and, in many instances, unpredictable.”

Annual report 2025A · The company itself

“Priser på viktiga råvaror, som torkade frukter, nötter, frön och kärnor, havre, ris, quinoa, linser och majs, bestäms till stor del av sommarens och höstens viktiga odlings- och skördeutfall. Rådande klimatrelaterade risker med extremväder i form torka och översvämningar sätter sin prägel på råvarupriserna.”

Annual report 2024A · The company itself

“Dessutom riskerar torka, stormar, översvämningar och kyla att minska jordbruksproduktionen avsevärt, vilket kan resultera i prishöjningar och svårigheter att säkra nödvändiga volymer av råvaror, se vidare under riskfaktorn råvarupriser och råvarubrist.”

Annual report 2024A · The company itself

“Både tillgången på råvaror och råvarupriserna kan påverkas av en stark efterfrågan i kombination med ett lågt utbud eller andra omvärldsfaktorer som ligger utanför bolagets kontroll såsom jordbrukspolitiska beslut, subventioner, handelshinder, ökade energipriser, militära konflikter, terrorhandlingar, skördars utfall, aktiviteter på råvarubörser och råvarans tillverkningskostnad.”

Annual report 2024A · The company itself

“Vidare finns en risk att bolaget drabbas av råvarubrist på grund av att leverantörer inte kan leverera de beställda kvantiteterna.”

Annual report 2024A · The company itself

“Slutsatsen från Midsonas scenarioanalys är att vid ett 4°C scenario kommer de fysiska riskområdena för Midsona och bristen på resurser som bränsle- och energiförsör jning, nyckelråvaror som certifierade råvaror och vatten försörjning att eskalera avsevärt vilket kommer att kräva ytterligare åtgärder.”

Annual report 2024A · The company itself

“Råvaruutmaningarna har ökat markant de senaste åren och kommer med all sannolikhet att eskalera i ett 4 °C scenario. För certifierade råvaror med mindre tillgång globalt kommer detta att vara extra sårbart.”

Annual report 2024A · The company itself

“Som ett resultat av genomlysningen har Midsona börjat samordna inköpen av basingredienser mellan olika varumärken, exempelvis har detta genomförts gällande sesamfrön. Nästa steg blir att i större utsträckning standardisera produktspecifikationer, vilket kommer ge mer samordnande inköpsvolymer och därmed bättre förhandlingsstyrka.”

Annual report 2024A · The company itself

“Midsona köper in råvaror såsom spannmål, ris, nötter, mandlar och frukt i huvudsak från leverantörer i Europa, Sydamerika och Asien.”

Annual report 2024A · The company itself

“Kapitalbindningen i varulager var relaterad till nya lagervolymer för ett utökat distributionsavtal, förhöjda säkerhetslagernivåer för några varugrupper för att säkerställa en förbättrad leveransförmåga till kund och ökade inleveranser av råvaror och färdigvaror under framför allt det första kvartalet efter en tids alltför låga lagernivåer, som var resultatet av ett genomfört kapitalrationaliseringsprojekt under föregående år.”

Annual report 2024A · The company itself

“Table of Contents We purchase and use a large volume of agricultural and other raw materials, which are purchased through supply contracts with third parties, to produce our products (including barley, malted barley, hops, corn and other various adjuncts), as well as water and packaging materials (including aluminum cans and bottles, glass and polyethylene terephthalate containers as well as cardboard and other paper products).”

Annual report 2025A · The company itself

“Changing weather patterns and more volatile weather conditions could result in decreased agricultural productivity in certain regions that may impact quality, limit availability or increase the cost of key agricultural commodities, such as hops, barley and other cereal grains, which are important ingredients for our products.”

Annual report 2025A · The company itself

“Certain western states in the U.S. are, have, or may in the future experience extended droughts, which can impact the quality and quantity of agricultural ingredients such as barley and hops.”

Annual report 2025A · The company itself

“The war continues to disrupt commodity markets, including for wheat, energy and energy-related commodities, and continues to contribute to supply chain disruption and inflation.”

Annual report 2025A · The company itself

“We purchase and use large quantities of commodities, including cocoa, dairy, wheat, edible oils, sugar and other sweeteners, flavoring agents and nuts. In addition, we purchase and use significant quantities of product packaging materials, natural gas, fuel and electricity for our factories and warehouses, and we also incur expenses in connection with labor and the transportation and delivery of our products.”

Annual report 2025A · The company itself

“These include cocoa, which is a critical raw material for our chocolate and biscuits & baked snacks portfolios that is particularly sensitive to changes in climate and has recently had a global decrease in availability and increase in price, as well as other raw materials such as dairy, wheat, vegetable oils, sugar and nuts.”

Annual report 2025A · The company itself

“We, our bottlers and our contract packers use a number of key ingredients in the manufacture of our beverage products that are derived from agricultural commodities, such as sugar, ethanol, coffee, tea, cocoa, barley and hops. Increased demand for food products and decreased agricultural productivity in certain regions of the world as a result of changing weather patterns and other factors may limit the availability or increase the cost of such agricultural commodities and could impact the food security of communities around the world.”

Annual report 2025A · The company itself

“The principal raw materials used by us are aluminum cans, sleek aluminum cans, aluminum cap cans, aluminum cans with re-sealable ends, aluminum or steel kegs, cartons, to a limited extent PET plastic bottles and caps, flavors, juice concentrates, glucose, sugar, sucralose, milk, cream, coffee, tea, cocoa, malted barley, hops, water, yeast, ethanol, supplement ingredients and other packaging materials, the costs and availability of which are subject to fluctuations.”

Annual report 2025A · The company itself

“Physical climate risks such as severe drought and flooding can have an impact on the availability and price of agricultural commodities.”

Annual report 2024A · The company itself

“Other key liquidity risks include fluctuations in production and harvested volumes, biological issues, and changes in the feed price, which is the most important individual factor on the cost side. Feed costs are correlated to the commodity prices of the marine and agricultural ingredients.”

Annual report 2024A · The company itself

“Feed cost were reduced by 4%, while other cost items were relatively stable.”

Annual report 2024A · The company itself

“Arctic Fish entered into a new feed contract with Mowi Feed from July 2023, and in the same month the new processing facility in Bolungarvík commenced operations. Consequently, Arctic Fish is no longer dependent on external harvesting capacity.”

Annual report 2024A · The company itself

“Our sustainable sourcing policy, which governs our procurement procedure for feed raw materials, includes requirements for Good Agricultural Practices (GAP), which outlines the need to have nutrient management plans in place. Several of our vegetable feed raw material suppliers are engaged in projects to promote good agricultural practices and are exposed to training provided by Mowi.”

Annual report 2024A · The company itself

“Freshwater and Marine Resources Freshwater is important for Mowi and is used both directly and indirectly in our operations, in the initial stages of farming to produce smolts prior to sea transfer as well as at our processing plants to keep high hygienic standards, and from the use of agricultural feed raw materials.”

Annual report 2024A · The company itself

“Feed is the most important input factor in salmon production.”

Annual report 2024A · The company itself

“Over the past ten years, we have been able to reduce our dependence on marine raw materials (fish meal and fish oil) in salmon feeds by 50%. This is made possible by a significant substitution of marine raw materials by vegetable sources and the use of high-quality by-products from poultry in Chile and Canada.”

Annual report 2024A · The company itself

“Mowi uses certification schemes (e.g ProTerra), where available, to ensure agricultural raw materials are sourced from areas where water management is considered.”

Annual report 2024A · The company itself

“100% of Mowi’s soy sourcing is from either ProTerra, Europe Soya or Organic certified sources. These standards include good agricultural practices including nutrient and water management.”

Annual report 2024A · The company itself

“Our biosolutions are produced through fermentation of natural resources, such as agricultural raw materials”

Annual report 2025A · The company itself

“Ingredients and Other Supplies The principal ingredients we use in our beverage and convenient food products are acesulfame potassium, aspartame, cocoa products, corn, corn sweeteners, flavorings, flour, juice concentrates, nuts, oats, potatoes, raw milk, rice, seasonings, sucralose, sugar, vegetable and essential oils, and wheat.”

Annual report 2025A · The company itself

“In addition, climate change or other weather-related disruptions to our supply chain may also have a negative effect on agricultural production resulting in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other commodities.”

Annual report 2025A · The company itself

“These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.”

Annual report 2025A · The company itself

“Our key inputs include water; agricultural products such as barley and sugar”

Annual report 2025A · The company itself

“Our key inputs include water; agricultural products such as barley and sugar; packaging materials including cans, glass bottles, PET bottles, and cardboard; as well as traded goods. We work closely with our suppliers to secure consistent quality, reliability of supply, and responsible business conduct.”

Annual report 2025A · The company itself

“Feed is the most important cost factor in salmon farming. SalMar expects feed prices to be reduced in 2025 compared to the significant increase in recent years.”

Annual report 2024A · The company itself

“About 20 % of the consumed protein in the world is fish, and the natural fish resources have largely been exploited. Global supply of Atlantic salmon has seen a significant increase over the last decades.”

Annual report 2023A · The company itself

“Our most dominating inputs consist of seawater, power, feed, smolt, and oxygen. Since 2021 Salmon Evolution has had a strategic feed partnership with Cargill.”

Annual report 2023A · The company itself

“Järnmalm är den största inköpskategorin, följt av kol och koks och skrot. Dessa tre kategorier uppgick till omkring 34 % av koncernens totala kostnader.”

Annual report 2024A · The company itself

“We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores (“stores” or “coffeehouses”).”

Annual report 2025A · The company itself

“We purchase green coffee beans from multiple coffee-producing regions around the world and custom roast them to our exacting standards for our many blends and single-origin coffees.”

Annual report 2025A · The company itself

“Risks Related to Supply Chain Increases in the cost of high-quality arabica coffee beans or other commodities or decreases in the availability of high-quality arabica coffee beans or other commodities could have an adverse impact on our business operations and financial results.”

Annual report 2025A · The company itself

“Sales of Natural Gas, NGLs and Crude Oil The price at which we buy and sell natural gas, NGLs and crude oil is currently not subject to federal rate regulation and, for the most part, is not subject to state rate regulation.”

Annual report 2025A · The company itself

“Summary Risk Factors Risks Related to our Results of Operations • Our cash flow is affected by supply and demand for natural gas, NGL products and crude oil and by natural gas, NGL, crude oil and condensate prices, and decreases in commodity prices and/or activity levels could adversely affect our results of operations and financial condition. • A reduction in demand for NGL products by the petrochemical, refinery or other industries or by the fuel or export markets, or a significant increase in NGL product supply relative to this demand, could materially adversely affect our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“The natural decline in production in our operating regions and in other regions from which we source NGL supplies means our long-term success depends on our ability to obtain new sources of supplies of natural gas, NGLs and crude oil, which depends on certain factors beyond our control.”

Annual report 2025A · The company itself

“Key factors impacting the results of our refinery services business include production volumes, prices of propane and butanes, as well as our ability to perform receipt, delivery and transportation services in order to meet refinery demand.”

Annual report 2025A · The company itself

“Chicken The primary raw materials used in our domestic chicken operations are corn and soybean meal, used as feed, and live chickens raised primarily by independent contract farmers.”

Annual report 2025A · The company itself

“In fiscal 2025, corn, soybean meal and other feed ingredients were major production costs, representing roughly 53% of our cost of growing a live chicken domestically. In addition to feed ingredients to grow the chickens, we use cooking ingredients, packaging materials and cryogenic agents.”

Annual report 2025A · The company itself

“In addition, tariffs could affect the pricing of commodities and raw materials, and this could impose additional costs on us or on our suppliers, which could affect the costs and availability of sourcing of such commodities and raw materials.”

Annual report 2025A · The company itself

“Our results of operations and financial condition, as well as the selling prices for our products, are dependent upon the cost and supply of commodities and raw materials such as beef, pork, poultry, corn, soybean meal and vegetable oils. Corn, soybean meal and other feed ingredients, for instance, represented roughly 53% of our cost of growing a live chicken in fiscal 2025.”

Annual report 2025A · The company itself

“Climate change and rising global temperatures may contribute to changing weather patterns, elongated drought periods, heavier or more frequent storms and wildfires, and increased frequency and severity of natural disasters, and may limit the availability, or increase the cost, of key agricultural commodities and natural resource ingredients and manufacturing inputs, as well as raw materials such as beef, pork, poultry, corn, soybean meal and other feed ingredients.”

Annual report 2025A · The company itself

“The Chicken segment experienced reduced feed ingredient costs, but costs began to stabilize in the back half of fiscal 2025.”

Annual report 2025A · The company itself

“We use derivative financial instruments to reduce our exposure to various market risks including changes in commodity prices, interest rates and foreign exchange rates.”

Annual report 2025A · The company itself

“•The $586 million impact of lower input cost per pound was impacted by: •Decrease of approximately $895 million in our Chicken segment related to decreased feed ingredient costs. •Decrease in freight and transportation costs of approximately $310 million. •Decrease of $140 million due to plant closure and disposal charges. •Decrease in hog costs of approximately $135 million in our Pork segment. •Decrease in raw material and other input costs of approximately $65 million in our Prepared Foods segment. •Decrease due to net derivative losses of $55 million in fiscal 2024, compared to net derivative losses of $117 million in fiscal 2023 due to our risk management activities.”

Annual report 2025A · The company itself

“Tornum Groups kunders investeringsvilja inom detta segment har påverkats negativt av låga spannmålspriser samt förseningar i fördelning av EU-bidrag.”

Annual report 2024A · The company itself

“Tornum Group har under året mött en mycket utmanande marknad. Detta framför allt från kunder inom jordbrukssegmentet som påverkas negativt av låga spannmålspriser samt förseningar i fördelningen av EU-bidrag.”

Annual report 2024A · The company itself

“Tornum Group är en globalt ledande leverantör av spannmålshanteringsutrustning för lantbrukoch spannmålsindustri.”

Annual report 2024A · The company itself

“Market dynamics – nitrogen commodity fertilizer prices A significant portion of Yara’s business involves the sale of fertilizer products for agricultural use. The increasing global population, economic growth and evolving dietary patterns are driving the overall demand for food and fertilizers. Fluctuations in agricultural prices and changes in global and regional fertilizer production capacity can substantially impact profitability. • Combining own-produced products with third-party products ensure the necessary to adapt to supply and demand fluctuations • Management of third-party exposure limits for thirdparty product-intensive countries • Investments in developing farmer-centric solutions that integrate knowledge, digital tools and services with the product portfolio Market dynamics – natural gas prices The pricing and availability of natural gas are critical strategic factors.”

Annual report 2024A · The company itself

“2) Yara operated terminals and logistical production sites 1) More than 10,800 Yara-branded retail outlets around the world 1) Global reach Yara is the industry’s most global player. We combine the production and marketing of crop nutrition products and solutions with a farmercentric approach, turning a century of agronomic knowledge into value for millions of farmers around the globe. # 1 in traded ammonia # 1 producer of nitrates and compound NPK (premium products) # 2 producer of ammonia Countries with operations 60+ Countries with sales Production sites Terminals, warehouses, blending units and bagging facilities Yara-branded retail outlets around the world 10,800+ 1414 Contents”

Annual report 2024A · The company itself

“Our and our Concepts’ franchisees’ businesses depend on reliable sources of large quantities of raw materials such as proteins (including poultry, pork, beef and seafood), cheese, oil, flour and vegetables (including potatoes and lettuce). Raw materials purchased for use in our Concepts’ restaurants are subject to price volatility caused by fluctuations in aggregate supply and demand, or other external conditions, such as weather and climate conditions, energy costs or natural events or disasters that affect expected harvests of such raw materials, taxes and tariffs, industry demand, inflationary conditions, labor shortages, transportation issues, fuel costs, food safety concerns, product recalls, governmental regulation and other factors.”

Annual report 2025A · The company itself

“Commodity Price Risk We are subject to volatility in food costs at our Company-operated restaurants as a result of market risk associated with commodity prices. Our ability to recover increased costs through higher pricing is, at times, limited by the competitive environment in which we operate.”

Annual report 2025A · The company itself

“AES El Salvador owns and operates four solar farms: Opico Power, Moncagua, and Metapan with 4 MW, 3 MW, and 15 MW of capacity, respectively, and Meanguera del Golfo, a solar and battery storage facility with 1 MW capacity; as well as AES Nejapa, a biomass power plant with 6 MW capacity; and 50% of Bosforo and Cuscatlan, solar farms with 100 MW and 10 MW capacity, respectively.”

Annual report 2025A · The company itself

“Sales of our agrichemicals are also subject to fluctuation as demand varies depending on climate and other environmental conditions, which may prevent or reduce farming for extended periods. In addition, crop pricing and the timing of when farms alternate from one crop to another crop in a particular year can also alter sales of agrichemicals.”

Annual report 2025A · The company itself

“The majority of ALK’s allergenic source materials – pollens, mites, moulds and insect venom – are sourced from nature”

Annual report 2025A · The company itself

“Business Strategy Amcor is the global leader in primary consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories.”

Annual report 2026A · The company itself

“Leipurin focuses on plant- and dairy-based raw materials, packaging materials and supplies.”

Annual report 2025A · The company itself

“Leipurin supports consumers’ sustainable choices, for example through R&D based on plant-based proteins.”

Annual report 2025A · The company itself

“Product range of Leipurin is more than 90% plant-based, and the range and competence are developed to meet the growing market demand for both plantbased proteins and future microbial foods.”

Annual report 2025A · The company itself

“Other liquidity risks include the impacts from fluctuations in production and harvest volumes, biological issues, and changes in feed prices. Feed prices generally correlate to the marine and agricultural commodity prices of the main ingredients.”

Annual report 2024A · The company itself

“Freight revenues are classified into the following categories: consumer products, industrial products, agricultural and energy products and coal. The volumes shipped and rates charged are affected by competition from other freight carriers within the transportation industry, and changes in the underlying supply and demand for such products.”

Annual report unknown yearA · The company itself

“BNSF Railway had approximately 35,000 employees at the end of 2025, of whom approximately 30,000 were members of a labor union. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and certain ports of the U.S., BNSF Railway transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries.”

Annual report unknown yearA · The company itself

“U.S.-grown cotton fiber and manufactured polyester fiber are the main raw materials used in manufacturing FOL’s products. Currently, supplies are adequate.”

Annual report unknown yearA · The company itself

“Our tequila supply also depends on the growth cycle of agave plants, which take approximately six to seven years to reach full maturity, requiring us to make forecasts of demand for our tequilas over a long-time horizon to determine in advance how much agave to plant or otherwise source.”

Annual report unknown yearA · The company itself

“Additionally, changes in global grain and commodity pricing and availability may impact the markets where we operate.”

Annual report unknown yearA · The company itself

“Ingredients and Other Supplies The principal raw materials used in manufacturing and packaging our distilled spirits, liqueurs, and RTD products are shown in the table below. Principal Raw Materials Distilled Spirits Liqueurs RTD Products Packaging Agave Flavorings Carbon dioxide Aluminum cans Barley Neutral spirits Flavorings Cartons Corn Sugar Malt Closures Malted barley Water Neutral spirits Glass bottles Molasses Whiskey Sugar Labels Rye Wine Tequila PET1 bottles Sugar Water Water Whiskey Wood 1Polyethylene terephthalate (PET) is a polymer used in non-glass containers.”

Annual report unknown yearA · The company itself

“None of these raw materials are currently in short supply, but shortages could occur in the future. From time to time, our agricultural ingredients (agave, barley, corn, malted barley, molasses, rye, sugar, and wood) could be adversely affected by weather and other forces out of our control that might constrain supply or reduce our inventory below desired levels for optimum production.”

Annual report unknown yearA · The company itself

“Higher costs or insufficient availability of suitable grain, agave, water, molasses, oak barrels, glass, closures, and other input materials, or higher associated labor costs or insufficient availability of labor, could adversely affect our financial results.”

Annual report unknown yearA · The company itself

“Our most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.”

Annual report unknown yearA · The company itself

“Cheese, representing our largest food cost, and other commodities can be subject to significant cost fluctuations due to weather, availability, global demand and other factors that are beyond our control.”

Annual report 2026A · The company itself

“General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, tariffs, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, construction and transportation costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products, and the costs of building, acquiring and remodeling stores.”

Annual report 2026A · The company itself

“Volatility and increases in the cost of key raw materials and packaging inputs, including resins, non-woven fabrics for wipes products, chemicals, agricultural commodities and packaging materials, as well as energy, transportation, labor and other supply costs, have harmed, and may continue to harm, the Company’s results of operations.”

Annual report 2025A · The company itself

“Raw and packaging material commodities, such as resins, essential oils, tropical oils, pulp, tallow, corn, poultry and soybeans, are subject to market price variations.”

Annual report 2025A · The company itself

“The decrease was primarily driven by ongoing cost and productivity actions, a reduction in net royalty expense, lower commodity prices and raw material deflation, with a partial offset from higher volumes.”

Annual report 2025A · The company itself

“Percent Change Due To: Net Sales Change Price & Portfolio / ($ In millions) $ % Product Mix Volume Currency Other Corn $ 49 1 % 2 % 2 % (3) % — % Soybeans 69 4 % 2 % 2 % — % — % Other oilseeds (55) (8) % 8 % (7) % (4) % (5) % Other Seed Seed net sales were $9,898 million in 2025, up 4 percent from $9,545 million in 2024. The sales increase was driven by a 3 percent increase in price and a 2 percent increase in volume, partially offset by a 1 percent unfavorable currency impact.”

Annual report 2025A · The company itself

“During 2026, the margins in the dry cargo operator activities are expected to continue to improve, while tanker margins should remain strong in the first half before easing later in the year.”

Annual report 2025A · The company itself

“Consumables is our largest merchandise category and includes paper and cleaning products (such as paper towels, bath tissue, paper dinnerware, trash and storage bags, disinfectants, and laundry); packaged food (such as cereals, pasta, canned soups, canned meats, fruits and vegetables, condiments, spices, sugar and flour); perishables (such as milk, eggs, bread, refrigerated and frozen food, beer, wine and produce); snacks (such as candy, cookies, crackers, salty snacks and carbonated beverages); health and beauty (such as over-the-counter medicines and personal care products including soap, body wash, shampoo, cosmetics, dental hygiene and foot care products); pet (such as pet supplies and pet food); and tobacco products.”

Annual report 2026A · The company itself

“Critical raw material related to our cartons accounts for approximately 50% of the total external purchase spend, including board, polymers, aluminium, inks and solvents.”

Annual report 2024A · The company itself

“Gold projects remain particularly active, with miners indicating a stronger outlook for gold compared to other metals”

Annual report 2025A · The company itself

“uld som foretrukken naturfiber, og udvider sortimentet af produkter i genanvendte fibre og rene naturfibre”

Annual report 2025A · The company itself

“In 2023, Goodtech secured a project with German ammonium and urea producer SKW, which also continued to contribute to revenue and EBIT throughout 2024.In 2023 the Group renewed its 30-year collaboration with Hokuren Federation of Agricultural Cooperatives, supplying packaging and bagging technology for the Japanese fertilizer market, which operated according to plan also in 2024.”

Annual report 2024A · The company itself

“•Agricultural & Metals Futures and Options: We offer futures and options on the leading global soft commodity markets including coffee, cocoa, cotton and sugar, and operate precious metals markets.”

Annual report 2025A · The company itself

“Natural ingredients are derived from flowers, fruits and other botanical products, as well as from plant, animal and marine products, and commodity crops like wheat, corn and soy.”

Annual report 2025A · The company itself

“We purchase certain commodities, such as natural gas, electricity, petroleum-based products and certain crop related items. We generally purchase these commodities based upon market prices that are established with the vendor as part of the purchase process.”

Annual report 2025A · The company itself

“Input costs were lower, driven by lower recovered fiber and wood costs, partially offset by higher energy and chemical costs.”

Annual report 2025A · The company itself

“Emissions related to food constitute a significant portion of our Scope 3 emissions”

Annual report 2025A · The company itself

“The principal raw materials used in our products include resins, silicon, pulp and corn derivatives, paper, agrochemicals, vegetable oils, and oleochemicals.”

Annual report 2025A · The company itself

“This increase is primarily attributable to an increase in average realized gold price from $1,958 to $2,464 per oz sold which increased revenues from $903 million to $1.19 billion, partially offset by a resulting increase in royalties.”

Annual report 2024A · The company itself

“Quantitative and Qualitative Disclosures about Market Risk GENERAL We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”

Annual report 2025A · The company itself

“Our Green Bison Soy Processing, LLC joint venture with ADM includes a facility in Spiritwood, North Dakota, which has capacity to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.”

Annual report 2025A · The company itself

“On the other hand, fluctuations in energy and raw material prices, as well as disruptions in supply chains, were moderate, which stabilized production costs and their predictability, as in the previous year.”

Annual report 2025A · The company itself

“Cultivation of bio-based ingredients, particularly palm oil, can contribute to monoculture, deforestation, and biodiversity loss”

Annual report 2026A · The company itself

“Low operating rates in paper and board production have reduced demand for long fibre pulp in both Europe and China.”

Annual report 2025A · The company itself

“Our self-sufficiency in pulp is based on our 24.9% ownership in Metsä Fibre, the world’s leading producer of softwood market pulp with an annual production capacity of approximately 4 million tonnes .”

Annual report 2025A · The company itself

“In addition, the company produces chemical pulp and bleached high-yield pulp (BCTMP) for its own production and to be sold as market pulp.”

Annual report 2025A · The company itself

“In India, we have distribution facilities to import and sell crop nutrients. In 2025, we distributed approximately 189,000 tonnes of potash crop nutrient products in India.”

Annual report 2025A · The company itself

“To service the needs of our customers, our Mosaic Fertilizantes segment includes a network of strategically located sales offices, crop nutrient blending and bagging facilities, port terminals and warehouse distribution facilities that we own and operate. The blending and bagging facilities primarily produce Blends from phosphate, potash and nitrogen. The average product mix in our Blends (by volume) contains approximately 21% nitrogen, 52% phosphate and 27% potash, although this mix differs based on seasonal and other factors.”

Annual report 2025A · The company itself

“Continued volatility in the markets and exchange rates for foreign currencies and contracts in foreign currencies has had and could continue to have a significant impact on our reported operating results and financial condition. •Continued volatility in the availability and prices for commodities and raw materials we use in our products and in our supply chain (such as cotton or petroleum derivatives) has had and could have a material adverse effect on our costs, gross margins and profitability.”

Annual report 2026A · The company itself

“We are exploring regenerative production methods for glucose – a key raw material in our medicine manufacturing”

Annual report 2025A · The company itself

“Utviklingen i markedsprisene på viktige råvarer og emballasje var divergerende i 2024. Markedsprisene falt for flere råvarer og innsatsfaktorer, blant annet prisene på vegetabilsk olje, tilsetningsstoffer, sukker og energi. Samtidig økte markedsprisene på andre råvarer, for eksempel kakao, tomatprodukter, fiskeolje og smør.”

Annual report 2024A · The company itself

“Kjønnsfordeling Prioriterte virksomhetsprosesser → Basisår for klimagassutslipp og avkarboniseringsplan → Plan for positiv menneskerettighetspåvirkning → Utviklet strategiske ESG mål for 2030 ESG tiltak 2024 Orkla Foods tilbyr velkjente lokale merkevarer til konsumenter i Norden, Baltikum og Sentral- Europa, med markedsledende posisjoner på tvers av en rekke attraktive kategorier, deriblant i dypfryst pizza, ketchup, påleggsprodukter og ferdigretter.”

Annual report 2024A · The company itself

“Marine ingredient volumes follow ICES recommendations for North Atlantic species, while agri-commodities are influenced by weather, political conditions, and price volatility.”

Annual report 2024A · The company itself

“The primary end-use markets in the United States for corrugated products are shown below as reported in the 2024 Fibre Box Association annual report: Food, beverages, and agricultural products 40 % Retail and wholesale trade 29 % Chemical, plastic, and rubber products 11 % Paper and other products 10 % Miscellaneous manufacturing 10 % Competition As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.”

Annual report 2025A · The company itself

“Procurement and Raw Materials We purchase tobacco leaf of various types, grades and styles throughout the world, mostly through independent international tobacco suppliers. In 2025, we also contracted directly with farmers in several countries, including Argentina, Brazil, Italy, Pakistan and Poland.”

Annual report 2025A · The company itself

“Government mandated prices, production control programs, and shifts in crops driven by economic conditions may increase the cost or reduce the quality of tobacco and other agricultural products used to manufacture our products.”

Annual report 2025A · The company itself

“In 2025, certain inflationary elements such as direct materials and utilities stabilized, with a moderate overall increase in inflationary pressures driven by tobacco leaf costs.”

Annual report 2025A · The company itself

“Viljaraaka-aineen globaali hintakehitys on tukenut kokonaisliikevaihtoon oli yli -5,6 miljoonaa euroa vuoden 2025 aikana.”

Annual report 2025A · The company itself

“Increased frequency and/or severity of extreme weather events due to climate change could adversely impact global supply chains, including the availability, quality, and cost of raw materials (such as cotton, a key raw material used in the production of our products that is highly susceptible to severe weather conditions), the ability of our manufacturers to fulfill our orders timely and to our specifications, and shipping disruptions and/or higher freight costs.”

Annual report 2026A · The company itself

“Sandvik fick en order värd 1,9 miljarder kronor från gruvbolaget BHP för att leverera gruvsystem för brytning av kaliumklorid till Jansen-projektet i Saskatchewan, Kanada. Projektet har potential att bli den största producenten av kaliumklorid i världen, ur vilket man utvecklar pottaska som är en viktig ingrediens i konstgödsel.”

Annual report 2024A · The company itself

“The products we distribute include: •frozen foods, such as meats, seafood, fully prepared entrées, fruits, vegetables and desserts; •canned and dry foods; •fresh meats and seafood; •dairy products; •beverage products; •imported specialties; and •fresh produce. We also supply a wide variety of non-food items, including: •paper products such as disposable napkins, plates and cups; •tableware such as glassware and silverware; •cookware such as pots, pans and utensils; •restaurant and kitchen equipment and supplies; and •cleaning supplies.”

Annual report 2026A · The company itself

“Tivoli arbejder på at mindske klimaaftrykket fra fødevarer, blandt andet via tilpasset forbrug af oksekød og løbende introduktion af flere plantebaserede alternativer.”

Annual report 2025A · The company itself

“We are subject to market risk with respect to the pricing of certain products and services, which include, among other items, grain, corn, steel, petroleum, cotton, and other commodities, as well as duties, tariffs, diesel fuel, and transportation services.”

Annual report 2025A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK COMMODITY PRICE RISK We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, and natural gas used in our operations.”

Annual report 2025A · The company itself

“The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product.”

Annual report 2025A · The company itself

“Renewable diesel 2,073 2,316 3,665 Renewable naphtha 138 94 158 Neat SAF 297 — — Total Renewable Diesel revenues 2,508 2,410 3,823 Ethanol: Ethanol 3,174 2,647 3,300 Distillers grains 847 971 1,173 Total Ethanol revenues 4,021 3,618 4,473 Revenues Revenues by geographic area are shown in the following table (in millions).”

Annual report 2025A · The company itself

“Efterfrågan varierade dock såväl mellan som inom berörda sektorer och vikande trender i Tyskland och Finland, främst avseende jordbrukssektorn, fick en stor påverkan på enheterna i Nederländerna och Estland.”

Annual report 2024A · The company itself

“Efter en period med vikande efterfrågan från jordbrukssektorn i Europa har även gruppens nederländska enhet varit föremål för betydande anpassningsåtgärder.”

Annual report 2024A · The company itself

“Silos, tankar och behållare för uppsamling, lagring och transport samt komponenter som luftkanaler och rör till jordbruks- och anläggningsmaskiner. Automationslösningar för förpacknings- och livsmedelshantering inkluderande transportörer, ackumulatorer, förpackningsmaskiner och kontrollsystem.”

Annual report 2024A · The company itself

“Tähän kategoriaan sisältyvät dieselöljyn kaltaiset biopolttoaineet, biometanoli ja biometaani sekä myös bioetanoli, jota tuotetaan jo nyt merkittäviä määriä etenkin Brasiliassa ja Yhdysvalloissa.”

Annual report 2024A · The company itself