
	May 31, 2026		August 31, 2025
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,637,137	$	2,535,119
Ventura Foods, LLC	538,124		527,227
Ardent Mills, LLC	233,309		237,052


Other equity method investments	410,450		407,678
Other investments	140,631		138,986
Total investments	$	3,959,651	$	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 nine months ended May 31, 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 these 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 $807.9 million in cumulative undistributed earnings from our equity method investees included in the investments balance as of May 31, 2026.

We have a $2.6 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 nine months ended May 31, 2026 and 2025.


	Nine Months Ended May 31,
	2026		2025
	(Dollars in thousands)
Net sales	$	3,698,824	$	2,843,733
Gross profit	1,570,661		903,074
Net earnings	1,494,853		857,461
Earnings attributable to CHS Inc.	303,101		199,014

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 nine months ended May 31, 2026 and 2025.


	Nine Months Ended May 31,
	2026		2025
	(Dollars in thousands)
Net sales	$	2,443,273	$	2,336,711
Gross profit	349,196		350,818
Net earnings	79,784		232,199
Earnings attributable to CHS Inc.	39,892		116,100

On October 10, 2025, we announced our mutual intent with Mid-Kansas Cooperative to start the process of ending our joint venture in Producer Ag. On December 31, 2025, we finalized an agreement to exit the joint venture. As 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 May 31, 2026, CHS had no remaining investment balance in Producer Ag, and the corresponding final settlement had no impact on our Consolidated Statements of Operations.