Table of Contents Commission file number: 001-36079 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CHS Inc. Form 10-K (Exact name of registrant as specified in its charter) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Minnesota 41-0251095 (State or other jurisdiction of inco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of registrant as specified in its charter) Minnesota 41-0251095 (State or other jurisdiction of inco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of registrant as specified in its charter) Minnesota 41-0251095 (State or other jurisdiction of inco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2025 (Address of principal executive offices, including zip code) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of registrant as specified in its chart ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36079 CHS Inc. (Exact name of registrant as specified in its charter) Minnesota 41-0251095 (State or other jurisdiction of inco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 32-0469673 (State or other jurisdiction of incorporation or organization) 5 Crosby Street, 3rd Floor New York, New York 10013 (Address of principal executive offices) (Zip Code) (I ...

Acquisition and Merger - Plumas Bancorp completed the acquisition of Cornerstone Community Bancorp on July 1, 2025, with total assets acquired valued at $658 million, including gross loans of $478 million and deposits of $580 million[144]. - The total aggregate consideration delivered to Cornerstone shareholders in the merger included 1,003,718 shares of common stock and $14.8 million in cash[145]. - Non-interest expense rose by $6.0 million to $37.6 million for the nine months ended September 30, 2025, with $1.9 million attributed to merger-related costs[158]. - Non-interest expense increased by $4.3 million to $15.1 million, with $879 thousand related to the acquisition of Cornerstone Community Bancorp[182]. Financial Performance - The company recorded a net income of $18.6 million for the nine months ended September 30, 2025, down from $20.9 million for the same period in 2024, with a return on average assets of 0.90%[155]. - The company’s diluted earnings per share for the nine months ended September 30, 2025, was $3.74, compared to $2.94 for the same period in 2024[154]. - Net income for the three months ended September 30, 2025, was $5.1 million, a decrease of 34.6% from $7.8 million in the same period of 2024[179]. - Net interest income increased from $54.7 million to $61.9 million for the nine months ended September 30, 2025, driven by growth in the loan portfolio[156]. - Net interest income increased by $6.3 million to $25.2 million compared to $18.9 million in the third quarter of 2024[180]. Income and Expenses - Non-interest income increased by $1.2 million to $7.8 million for the nine months ended September 30, 2025, primarily due to a legal settlement of $1.1 million related to the Dixie Fire[157]. - Total non-interest income for the three months ended September 30, 2025, was $2,248,000, a slight increase of $11,000 or 0.5% from $2,237,000 in 2024[200]. - Total non-interest expense rose by $6.0 million to $37.6 million, with significant increases in salary and benefit expenses ($2.7 million) and merger-related expenses ($1.9 million)[176]. - Total non-interest expense rose by $4.3 million, or 39.8%, from $10.8 million in 2024 to $15.1 million in 2025[202]. Loan and Credit Quality - The provision for credit losses increased from $1.4 million to $6.5 million during the nine-month period ended September 30, 2025[156]. - Provision for credit losses was recorded at $6.5 million, compared to $1.3 million in the same period of 2024, reflecting growth in the loan portfolio[173]. - Nonperforming loans increased to $15.0 million at September 30, 2025, up from $4.1 million at December 31, 2024, reflecting a rise of 266%[223]. - The allowance for credit losses totaled $19.6 million as of September 30, 2025, compared to $13.6 million at the same date in 2024, representing an increase of 44%[225]. Deposits and Assets - Deposits increased to $1.8 billion as of September 30, 2025, an increase of $448 million from December 31, 2024[232]. - Total assets increased by $606 million, from $1.6 billion on December 31, 2024, to $2.2 billion on September 30, 2025[204]. - The investment portfolio totaled $484.7 million as of September 30, 2025, up from $437.7 million at December 31, 2024[226]. - Non-interest bearing deposits accounted for 47.4% of total deposits at September 30, 2025, down from 51.0% at December 31, 2024[234]. Capital and Ratios - Shareholders' equity increased by $68 million from $178 million at December 31, 2024, to $246 million at September 30, 2025[242]. - Common Equity Tier 1 Ratio was 14.3% as of September 30, 2025, exceeding the minimum requirement of 4.5%[249]. - Total Risk-Based Capital Ratio was 15.5% at September 30, 2025, well above the minimum requirement of 8.0%[249]. Liquidity and Funding - The Company has no outstanding borrowings from the Federal Home Loan Bank or the Federal Reserve Bank Discount Window as of September 30, 2025[236]. - The company can borrow up to $272 million from the Federal Home Loan Bank, secured by commercial and residential mortgage loans with carrying values totaling $462 million[254]. - The company's liquidity sources include securities portfolio, Discount Window advances, FHLB advances, and cash, providing adequate funding for loans during high demand periods[256]. - The company experiences some seasonality in deposit growth, with slower growth from November to April and higher growth from May to October[255].

Revenue Performance - Consolidated revenues decreased by 1.4% and 4.4% for the three and nine months ended September 30, 2025, respectively, compared to the same prior year periods, primarily due to lower market rates and decreased shipment levels in the Asset-Light segment [89]. - Asset-Based segment revenues increased by 2.4% for the three months ended September 30, 2025, but decreased by 0.4% for the nine months ended September 30, 2025, compared to the same periods of 2024 [89]. - The Asset-Light segment generated approximately 33% and 34% of total revenues for the three and nine months ended September 30, 2025, respectively, down from 35% and 36% for the same periods of 2024 [93]. - Asset-Light segment revenues decreased by 7.6% to $356.0 million for the three months ended September 30, 2025, and by 10.5% to $1,053.9 million for the nine months ended September 30, 2025, compared to the same periods in 2024 [133]. Operating Income and Expenses - Consolidated operating income declined year-over-year, reflecting revenue decreases and increased salaries, wages, and benefits in the Asset-Based segment [94]. - Innovative technology costs related to the Vaux™ suite impacted consolidated operating results, decreasing results by $7.7 million (pre-tax) for the third quarter of 2025, compared to $8.5 million (pre-tax) for the same period in 2024 [95]. - Operating loss for the Asset-Light segment totaled $1.6 million for the three months and $5.4 million for the nine months ended September 30, 2025, compared to operating income of $84.8 million and $60.0 million for the same periods in 2024 [136]. - Operating expenses increased by $57.0 million for the three months ended September 30, 2025, while decreasing by $58.2 million for the nine months ended September 30, 2025, compared to the same prior year periods [137]. Net Income and Earnings Per Share - Net income from continuing operations was $39.3 million for the three months ended September 30, 2025, compared to $100.3 million for the same period in 2024 [87]. - Diluted earnings per share from continuing operations were $1.72 for the three months ended September 30, 2025, down from $4.23 for the same period in 2024 [87]. Cash Flow and Capital Expenditures - Cash and cash equivalents decreased by $24.6 million from December 31, 2024, to September 30, 2025, primarily due to lower business levels and capital expenditures [165]. - Cash provided by operating activities was $184.3 million for the nine months ended September 30, 2025, down from $229.0 million in the same prior year period [166]. - Capital expenditures for 2025 are estimated to be approximately $200.0 million, including $130.0 million for revenue equipment purchases [174]. Debt and Tax Liabilities - Long-term debt increased by $25.0 million, driven by $87.2 million in equipment financing, offset by $62.3 million in payments on notes payable [184]. - Deferred income tax liabilities rose by $35.4 million, mainly due to tax deductions from the One Big Beautiful Bill Act, impacting depreciation and R&D expense capitalization [185]. - A one-time current tax benefit of $26.6 million was recognized due to the OBBB, related to $101.2 million of tax deductions for 100% expensing of fixed asset additions [186]. Market Conditions and Risks - The U.S. economy continued to expand during the third quarter of 2025, with the Federal Reserve cutting interest rates by 25 basis points in September and October [148]. - The manufacturing sector contracted for the eighth consecutive month in October 2025, contributing to a decrease in freight volumes [151]. - The primary market risk arises from fluctuations in interest rates, with fixed-rate notes payable mitigating some risks, while variable-rate borrowings expose the company to potential increases in interest costs [198].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission file number 1-34682 Eagle Bancorp Montana, Inc. (Exact name of registrant as specified in its charter) (State or other juri ...

Agribusiness Performance - Agribusiness segment's sales and merchandising revenues increased by $112.9 million to $1,988.9 million, while cost of sales rose by $105.3 million to $1,862.0 million, resulting in a gross profit increase of $7.6 million [112]. - Operating results for the Agribusiness segment were negatively impacted by trade policy uncertainty and low prices, leading to reduced gross profit in grain assets and merchandising businesses [99]. - The Agribusiness segment's sales and merchandising revenues increased by $350.2 million, primarily due to the acquisition of Skyland, which contributed $478.6 million in revenues [122]. Financial Results - The company reported a net income before income taxes of $25.8 million for Q3 2025, compared to $62.2 million in Q3 2024 [110]. - For the nine months ended September 30, 2025, total sales and merchandising revenues increased to $8,472.7 million, up from $8,134.4 million in the same period of 2024, representing a growth of 4.2% [120]. - Gross profit for the nine months ended September 30, 2025, was $482.2 million, slightly up from $480.8 million in the prior year, reflecting a marginal increase of 0.3% [120]. Expenses and Costs - Operating, administrative, and general expenses increased by $35.5 million, largely due to $30.8 million in costs associated with the Skyland acquisition [113]. - Operating, administrative, and general expenses rose by $79.2 million, largely attributed to the acquired Skyland business [123]. Tax and Income - The effective tax rate for Q3 2025 was (0.9)% on income before taxes of $25.8 million, influenced by nontaxable clean fuel production credits [117]. - The company recorded an income tax expense of $5.7 million for the nine months ended September 30, 2025, with an effective tax rate of 10.5% on income before taxes of $53.9 million [129]. Cash Flow and Investments - Net cash provided by operating activities for the first nine months of 2025 was $183.2 million, a significant increase of $120.5 million compared to $62.7 million in the same period of 2024 [138]. - Cash used in financing activities totaled $538.0 million for the nine months ended September 30, 2025, compared to $162.6 million in the same period of 2024, driven by a $425.0 million cash outlay for the TAMH acquisition [140]. - The company anticipates total investments in property, plant, and equipment for 2025 to be approximately $200 million, reflecting a focus on growth initiatives [139]. Assets and Liquidity - Current assets decreased by $369.9 million year-over-year, primarily due to cash used for the acquisition of the remaining interest in TAMH [134]. - As of September 30, 2025, the company had working capital of $630.7 million, a decrease of $522.5 million from the prior year [134]. - As of September 30, 2025, the Company had standby letters of credit outstanding amounting to $2.8 million, suggesting adequate liquidity for operations and capital expenditures [145]. Market and Risk Management - There were no material changes in market risk, specifically commodity and interest rate risk, during the nine months ended September 30, 2025, indicating stable risk management [147]. - The Company is typically in a net short-term borrowing position in the first half of the year, with most short-term borrowings at variable interest rates, indicating potential profitability impact from rising interest rates [144]. Production and Sales Trends - The third quarter nutrient business experienced increased margins and higher year-over-year volumes, with expectations for higher margins in the fourth quarter, although demand may be impacted by low grain prices [101]. - Ethanol production volumes decreased to 182,469 thousand gallons in Q3 2025 from 212,336 thousand gallons in Q3 2024, while renewable feedstocks volumes fell to 348,252 thousand pounds from 415,505 thousand pounds [105]. - The company expects elevation margins and merchandising opportunities to increase in the fourth quarter due to a large harvest and low market prices [100]. Capacity and Growth - Total Agribusiness grain storage capacity increased to approximately 275 million bushels as of September 30, 2025, up from 170 million bushels in 2024, primarily due to the Skyland acquisition [102]. - The Renewables segment's operating results improved by $11.1 million, with year-to-date 2025 45Z tax credits recorded at $20.2 million, despite a decline in sales and merchandising revenues by $56.1 million [114][103].