SEABOARD Business Summary

Seaboard Corporation (SEB) is a vertically integrated global agribusiness and transportation conglomerate that generates revenue through a diverse portfolio of essential commodity and logistics services. Its primary business segments include Pork, which operates as a fully integrated producer from hog farming to processing; Commodity Trading and Milling (CT&M), which manages international grain merchandising and processing; and Marine, a premier ocean carrier providing containerized shipping services across the Caribbean and Latin America. Additional revenue streams are derived from Liquid Fuels (renewable diesel), Power (independent electricity generation in the Dominican Republic), and a 52.5% equity stake in Butterball, LLC. Seaboard competes directly with global agribusiness giants such as Bunge Global SA, Smithfield Foods, and Tyson Foods, maintaining a unique market position by leveraging its concentrated family ownership to prioritize long-term capital reinvestment and operational control over short-term equity dilution. Founded in 1918 by Otto Bresky as a flour milling operation, Seaboard remains under the stewardship of the Bresky family, who control approximately 75% of the company's voting power. The current leadership team is led by President and CEO Robert L. Steer, a long-tenured executive who previously served as CFO and has been instrumental in the company's strategic diversification. David H. Rankin serves as Executive Vice President and Chief Financial Officer, while David M. Becker holds the role of Executive Vice President and General Counsel. The Board of Directors is chaired by Ellen S. Bresky, ensuring the continuity of the founding family's vision. Despite its public listing, the company's governance is highly centralized, with major institutional investors like Vanguard and BlackRock holding only minor passive stakes, allowing the executive team to execute high-capex growth projects, such as the dual-fueled vessel fleet expansion and the Estrella del Mar IV power project.