Financial Performance - Net income for the three months ended September 30, 2025, was $36.2 million, a 23% increase from $29.4 million in the same period of 2024[186] - Diluted earnings per share for the three months ended September 30, 2025, was $1.23, a 23% increase from $1.00 in the same period of 2024[186] - Net income for the nine months ended September 30, 2025, was $103.5 million, resulting in diluted EPS of $3.51, up from $82.8 million and $2.82 EPS for the same period in 2024[191] - Bancorp's total revenue for the nine months ended September 30, 2025, was $293.1 million, up from $259.1 million in the prior year, representing a growth of 13.1%[348] Loan Growth - Total loans increased by $651 million, or 10%, compared to September 30, 2024, with significant growth in the commercial real estate segment[186] - Total loans increased by $409 million, or 6%, from December 31, 2024, with significant growth in commercial real estate and residential real estate[285] - The average total loans for the three months ended September 30, 2025, were $6.87 billion, compared to $6.17 billion for the same period in 2024, reflecting significant loan growth[232] - Loans increased to $6,873,559 thousand in Q3 2025, up from $6,174,309 thousand in Q3 2024, marking a rise of 11.3%[219] Deposit Growth - Deposit balances rose by $918 million, or 14%, compared to September 30, 2024, primarily due to growth in time deposits[186] - Total deposits increased by $478 million, or 7%, from December 31, 2024, to September 30, 2025[310] - Core deposits totaled $6.56 billion, representing 86% of total deposits as of September 30, 2025, compared to $6.14 billion at December 31, 2024[325] Interest Income and Expenses - Net interest income (FTE) for the three months ended September 30, 2025, totaled $77.1 million, representing a 19% increase from the previous year[186] - Net interest income (FTE) for the nine months ended September 30, 2025, totaled $221.3 million, an increase of $34 million, or 18%, from the prior year[191] - Total interest income (FTE) increased by $14.5 million, or 14%, to $120.3 million for the three months ended September 30, 2025, compared to the same period in 2024[205] - Total interest income (FTE) increased by $43.8 million, or 14%, to $347 million for the nine months ended September 30, 2025[213] Non-Interest Income and Expenses - Non-interest income decreased by $321,000, or 1%, for the three months ended September 30, 2025, attributed mainly to declines in WM&T revenue[190] - Non-interest income increased by $97,000, or less than 1%, for the nine months ended September 30, 2025, compared to the same period in 2024[195] - Non-interest expenses increased by $5.4 million, or 11%, for the three months ended September 30, 2025, driven by higher compensation expenses[190] - Bancorp's total non-interest expenses for the nine months ended September 30, 2025, were $157.6 million, compared to $146.5 million for the same period in 2024, reflecting an increase of 7.5%[348] Efficiency and Capital Ratios - Bancorp's efficiency ratio (FTE) improved to 52.99% for the three months ended September 30, 2025, compared to 53.92% in the same period of 2024[190] - Bancorp's efficiency ratio (FTE) improved to 53.75% for the nine months ended September 30, 2025, compared to 56.56% for the same period in 2024[195] - As of September 30, 2025, Bancorp maintained a "well-capitalized" status, with total stockholders' equity to total assets at 11.19%[190] - Bancorp's TCE ratio improved to 9.16% at September 30, 2025, up from 8.44% at December 31, 2024, with tangible book value per share increasing to $28.30 from $24.82[339] Asset Quality - The allowance for credit losses on loans was $92,859 thousand as of September 30, 2025, compared to $84,260 thousand a year earlier, reflecting a 10.5% increase[219] - Non-performing loans decreased to $18.66 million (0.27% of total loans) from $22.21 million (0.34% of total loans) between December 31, 2024, and September 30, 2025[293] - The ACL for loans to total non-performing loans ratio improved to 494% as of September 30, 2025, compared to 391% at December 31, 2024[293] Market and Investment Performance - Assets Under Management (AUM) reached $7.48 billion as of September 30, 2025, an increase from $7.32 billion at the same date in 2024, attributed to market appreciation and positive net new business[245] - Approximately 80% of AUM were actively managed as of September 30, 2025, compared to 79% as of December 31, 2024[249] - Managed assets composition included approximately 66% in equities and 34% in fixed income securities as of September 30, 2025, consistent with previous periods[251] Miscellaneous - The share repurchase program authorized the repurchase of up to 1 million shares, approximately 4% of total common shares outstanding, set to expire in two years[340] - Bancorp implemented a new deposit product, ICS, aimed at larger depositors requiring collateralization, enhancing liquidity management[312]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Income and Earnings - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, representing increases of $35.7 million and $60.9 million year-over-year[158]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in the prior year, while net earnings for the nine months were $18.2 million, reversing a net loss of $12.1 million in the prior year[167]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, attributed to higher operating costs from newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, due to new real estate assets acquired[156]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170]. Interest Expense - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Profitability - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, primarily due to higher operating costs associated with newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, primarily due to new real estate assets acquired[156]. Year-over-Year Comparisons - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, respectively, reflecting increases of $35.7 million and $60.9 million year-over-year[158]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163]. - Net earnings were $30.1 million for the three months ended September 30, 2025, compared to $10.0 million in the prior year, and net earnings were $18.2 million for the nine months ended September 30, 2025, compared to a net loss of $12.1 million in the prior year[167]. - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170].

Financial Performance - The total credit portfolio grew by 6.4% year-over-year, with a 7.8% increase in Brazil across all segments, while the Latin America portfolio decreased by 0.3%[208]. - Financial margin with clients increased by 13.4% to R$90.2 billion, driven by growth in the credit portfolio and higher liabilities' margin[208]. - Operating revenues reached R$136.8 billion, reflecting a 9.6% increase compared to R$124.9 billion in the same period last year[209]. - Non-interest expenses rose by 8.9% to R$49.4 billion, attributed to strategic investments in technology and collective wage negotiations[209]. - Net income increased by 13.7% to R$33.7 billion, up from R$29.7 billion in the previous year[209]. - The recurring managerial return on annualized average equity improved by 70 basis points to 22.9%[209]. - Market capitalization increased by 20.1% to R$397.2 billion from R$330.8 billion year-over-year[209]. - Consolidated net income for the period from January 1 to September 30, 2025, was R$34,446 million[236]. - Total comprehensive income for the period was R$30,721 million, after accounting for total other comprehensive income of R$ (3,290) million[246]. Assets and Liabilities - Total assets increased to R$2,996,463 million as of September 30, 2025, up from R$2,886,107 million[230]. - Total liabilities reached R$2,780,697 million, compared to R$2,674,458 million previously[232]. - Total stockholders' equity increased to R$215,766 million, compared to R$211,649 million in the previous period[232]. - The company’s current and non-current liabilities totaled R$262,224 million, with deposits amounting to R$95,993 million[243]. - The company’s investments in subsidiaries were valued at R$199,279 million, representing a significant portion of its permanent assets[243]. Credit and Risk Management - The provision for expected credit loss was R$23,808 million, with expenses for provision at R$27,522 million[234]. - The company recognized expected credit losses using a three-stage approach, with Stage 3 applicable to problem assets where a 100% probability of default is considered[319]. - The total provision for expected credit loss was R$53,371 million, reflecting a significant increase in credit risk provisions[280]. - ITAÚ UNIBANCO HOLDING uses macroeconomic forecasts to estimate expected credit loss, focusing on projected default rates influenced by factors such as Selic Rate and unemployment rate[321]. Investments and Acquisitions - The company launched new features to enhance security for business clients, including the Companies Security Hub and Pix Alert[211]. - A dedicated structure for crypto fund management was established through Itau Asset, reinforcing the bank's commitment to innovative financial solutions[213]. - In 2023, ITAÚ UNIBANCO HOLDING increased its ownership interest in Zup I.T. Serviços em Tecnologia e Inovação S.A. by 20.57% (2,228,342 shares) for R$199, raising its total ownership to 72.51%[363]. - ITAÚ UNIBANCO HOLDING entered into a share purchase agreement for Avenue Holding Cayman Ltd, acquiring 35% of its capital for approximately R$563, with plans to increase ownership to 50.1% by Q4 2025[365]. Income and Expenses - Income related to financial operations amounted to R$251,955 million, while expenses related to financial operations were R$168,402 million, resulting in a gross income of R$59,745 million[234]. - The company generated R$35,853 million from commissions and banking fees, contributing to overall operating income[234]. - The company declared dividends and interest on capital amounting to R$9,503 million[241]. - Dividends and interest on capital paid amounted to R$27.811 million, reflecting the company's commitment to returning value to shareholders[251]. Regulatory and Accounting Changes - The company adopted new accounting standards effective January 1, 2025, which may impact the classification and measurement of financial instruments[261]. - The company adopted the new lease accounting standard (CPC 06 (R2)) effective January 1, 2025, which requires recognizing all leases as a right of use and corresponding liability[281]. - The transition to CMN Resolution No. 4,966/21 regarding financial instruments is expected to be completed by January 1, 2027, with potential impacts under evaluation[282]. Financial Instruments and Derivatives - Financial assets are classified at fair value through profit or loss, with equity instruments designated at fair value through other comprehensive income when held for purposes other than trading[306]. - Derivatives used for hedging are classified as cash flow hedges, with effective portions recognized in Stockholders' Equity and ineffective portions recorded in the Statement of Income[324]. - The total derivatives by reference amount is R$12,697,006 million, with futures accounting for R$1,042,915 million and options for R$7,254,437 million[388]. Miscellaneous - The company has a presence in 18 countries and territories, offering a wide variety of financial products and services[257]. - The company recognized a foreign exchange variation in foreign investments of R$ (5,867) million, impacting its comprehensive income[246]. - The recoverable amount of non-financial assets is assessed semiannually, considering internal and external factors that may impact value[340].

Financial Results Announcement - CHS Inc. announced its results for the year ended August 31, 2025, on November 5, 2025[4] - The press release detailing the financial results is attached as Exhibit 99.1[6] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3]

Financial Results Announcement - CHS Inc. announced its results for the year ended August 31, 2025, on November 5, 2025[4] - The press release detailing the financial results is attached as Exhibit 99.1[6] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3]

Financial Results Announcement - CHS Inc. announced its results for the year ended August 31, 2025, on November 5, 2025[4] - The press release detailing the financial results is attached as Exhibit 99.1[6] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3]

Financial Results Announcement - CHS Inc. announced its results for the year ended August 31, 2025, on November 5, 2025[4] - The press release detailing the financial results is attached as Exhibit 99.1[6] Company Classification - The company is not classified as an emerging growth company under the Securities Act[3]

FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): November 5, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 CHS Inc. (Exact Name of Registrant as Specified in its Charter) Commission File Number: 001-36079 (State or other jurisdiction of incorporation or organization) Minnesota 41-0251095 (I.R.S. Employer Identification Number) 5500 Cenex Drive Inver Grove Heights, Minnesota 55077 ☐ Pr ...

Financial Performance - MGE Energy's earnings for the three months ended September 30, 2025, were $44.5 million, or $1.22 per share, representing an increase of 8.8% in earnings compared to $40.9 million, or $1.13 per share, in the same period of the prior year [123]. - For the nine months ended September 30, 2025, MGE Energy's earnings were $112.6 million, or $3.08 per share, up from $98.5 million, or $2.72 per share, in the same period of the prior year, reflecting a year-over-year increase of 14.2% [124]. - Electric revenue increased by $25.7 million (6.7%) to $410.0 million for the nine months ended September 30, 2025, compared to $384.3 million in 2024 [166]. - Other income from all operations increased by $3.2 million in Q3 2025, reflecting investment gains from venture capital funds [163]. - Nonregulated energy operations net income was $18.5 million for the nine months ended September 30, 2025, compared to $18.0 million in 2024 [179]. Sales and Revenue - Gas retail sales increased approximately 14% for the nine months ended September 30, 2025, compared to the prior year period, driven by higher demand due to a 19% increase in heating degree days [129]. - Electric revenue increased by $7.5 million to $155.3 million for the three months ended September 30, 2025, compared to $147.8 million in the same period of 2024, representing a 5.1% increase [148]. - Total retail electric sales volume increased by 1.8% to 2,454,327 kWh [166]. - MGE's residential electric sales increased by 2.7% to $54.3 million, while commercial sales decreased by 2.1% to $72.0 million [147]. - Gas revenue increased by $22.8 million (18.9%) to $143.6 million, driven by a 19.9% increase in total retail gas revenues [172]. Rate Changes - The PSCW approved a 4.17% increase to electric rates and a 1.32% increase to gas rates for 2025, with a subsequent adjustment lowering the electric rate increase to 2.63% due to lower expected fuel costs [131]. - MGE has proposed a 0.04% increase for electric rates and a 2.77% increase for gas rates for 2026, with a final order expected before the end of 2025 [139]. - The PSCW authorized a 2.63% rate increase for retail electric customers effective December 2023 [171]. - In September 2025, MGE agreed to a 0.04% increase for electric rates and a 2.77% increase for gas rates in 2026, with a proposed 3.76% increase for electric rates and a 2.04% increase for gas rates in 2027 [209]. Expenses and Costs - Operations and maintenance expenses increased by $1.2 million to $X million in Q3 2025, driven by higher electric production and transmission costs [158]. - Electric depreciation expense rose by $1.5 million in Q3 2025, attributed to new solar projects coming online [159]. - Operations and maintenance expenses rose by $4.8 million, primarily due to increased transmission costs ($2.5 million) and electric production expenses ($1.6 million) [176]. - Electric depreciation expense increased by $3.5 million, attributed to new solar facilities coming online [177]. Investments and Future Projects - MGE continues to pursue its goal of net-zero carbon electricity by 2050, focusing on solar, wind, and battery storage projects [141]. - MGE Energy's capital expenditures for 2025 are forecasted to be $330 million, with $282 million allocated for electric utility and $38 million for gas utility [192]. - MGE Energy's forecasted total capital expenditures for local solar and battery storage projects from 2025 to 2028 is approximately $90 million [200]. - The Elm Road Gas Fuel Flexibility Project aims to convert existing coal-fired boilers to natural gas, with an estimated cost of $11 million and expected service in 2028 [199]. Regulatory and Compliance Issues - MGE is monitoring potential disruptions in solar procurement due to new tariffs and regulations, which may impact costs and timelines for current and future projects [144]. - MGE is closely monitoring the EPA's regulatory actions regarding greenhouse gas regulations and other environmental matters [206]. - MGE's compliance with the Uyghur Forced Labor Prevention Act is ongoing, with potential impacts on solar panel supply and project costs [213]. - MGE is proactively evaluating the effects of evolving trade policies on operating costs and capital investments, particularly for renewable energy initiatives [217]. Cash Flow and Liquidity - MGE Energy's cash provided by operating activities increased by $18.9 million in 2025 compared to 2024, driven by higher overall collections from customers, which rose by $63.4 million [190]. - MGE Energy's cash flows from investing activities decreased by $94.2 million in 2025 compared to 2024, primarily due to increased capital expenditures related to electric and gas utility projects [191]. - MGE Energy's cash flows from financing activities increased by $61.5 million in 2025 compared to 2024, primarily due to changes in short-term debt borrowings [202]. - MGE Energy's liquidity is expected to remain adequate for future operations, supported by cash flows, liquid assets, and access to capital markets [188]. Employee Benefits - The value of employee benefit plan assets increased by approximately 13% during the nine months ended September 30, 2025 [221].