
	February 28, 2026		August 31, 2025
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,495,778	$	2,535,119
Ventura Foods, LLC	515,383		527,227
Ardent Mills, LLC	236,312		237,052


Other equity method investments	375,579		407,678
Other investments	144,384		138,986
Total investments	$	3,767,436	$	3,846,062

Joint ventures and other investments in which we have significant ownership and influence, but not control, are accounted for in our condensed consolidated financial statements using the equity method of accounting. Our significant equity method investments during the six months ended February 28, 2026 and 2025, consist of CF Industries Nitrogen, LLC ("CF Nitrogen") and Ventura Foods, LLC ("Ventura Foods"), which are summarized below. In addition to the recognition of our share of income from equity method investments, our equity method investments are evaluated for indicators of other-than-temporary impairment on an ongoing basis in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Other investments consist primarily of investments in cooperatives without readily determinable fair values and are generally recorded at cost, unless an impairment or other observable market price change occurs that requires an adjustment. We had approximately $623.0 million in cumulative undistributed earnings from our equity method investees included in the investments balance as of February 28, 2026.

We have a $2.5 billion investment in CF Nitrogen, a strategic venture with CF Industries Holdings, Inc. ("CF Industries"). The investment consists of an approximate 8.38% membership interest (based on product tons) in CF Nitrogen. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen as equity income from investments in our Agronomy segment based on our contractual claims on the entity's net assets pursuant to the liquidation provisions of CF Nitrogen's Limited Liability Company Agreement, adjusted for semiannual cash distributions.

The following table provides summarized unaudited financial information for our equity method investment in CF Nitrogen for the six months ended February 28, 2026 and 2025.


	Six Months Ended February 28,
	2026		2025
	(Dollars in thousands)
Net sales	$	2,209,565	$	1,702,088
Gross profit	810,452		462,475
Net earnings	753,714		431,053
Earnings attributable to CHS Inc.	161,741		111,779

We have a 50% interest in Ventura Foods, a joint venture with Mitsui & Co., Ltd., that produces and distributes edible oil-based products. We account for Ventura Foods as an equity method investment, and our share of the results of this equity method investment is included in Corporate and Services.

The following table provides summarized unaudited financial information for our equity method investment in Ventura Foods for the six months ended February 28, 2026 and 2025.


	Six Months Ended February 28,
	2026		2025
	(Dollars in thousands)
Net sales	$	1,608,653	$	1,543,284
Gross profit	228,091		224,751
Net earnings	27,670		67,605
Earnings attributable to CHS Inc.	13,835		33,803

On October 10, 2025, we announced our mutual intent with Mid-Kansas Cooperative ("MKC") to start the process of ending our joint venture in Producer Ag. On December 31, 2025, we finalized an agreement for CHS to exit the joint venture. As a part of this agreement, CHS received consideration in the form of working capital, primarily inventory and cash, in exchange for our equity interest, which represented approximately 57% of the net assets, and amounts previously owed to CHS.

As of February 28, 2026, following the final settlement, CHS had no remaining investment balance in Producer Ag, and the settlement had no impact on our Consolidated Statements of Operations.