⚠ AI Risk Brief Interpretation layer — deterministic data below

Updates to climate, export, crop, customer, market-balance and systems risks are offset in part by removal of the customer bargaining-power risk.

Direction ↔ Mixed

ThemesClimate & ESG Supply Chain Tariffs & Trade Policy

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🔴 No Match in Current Filing Disclosure change6/10

The sophistication and buying power of some of our customers could have a negative impact on profits.

This section from the 2025 filing does not have a high-confidence textual match in the 2026 filing. It may have been removed, merged, or substantially reworded.

Some of our customers are large and sophisticated, with buying power and negotiating strength. These customers may be more capable of resisting price increases and more likely to demand lower pricing, increased promotional programs, or specialty tailored products. In addition,…

View 2025 text

Some of our customers are large and sophisticated, with buying power and negotiating strength. These customers may be more capable of resisting price increases and more likely to demand lower pricing, increased promotional programs, or specialty tailored products. In addition, some of these customers (e.g., larger distributors and supermarkets) have the scale to develop supply chains that permit them to operate with reduced inventories or to develop and market their own brands. Shelf space at food retailers is not guaranteed, and large retail customers may choose to stock their own retailer and other economy brands that compete with some of our products. This could be exacerbated with a shift in consumer spending as a result of an economic downturn and consumers moving to private label or lower priced products. If the initiatives we undertake to counteract these pressures, including efficiency programs and investments in innovation and quality, are unsuccessful and we are unable to counteract the negotiating strength of these customers, our profitability could decline.

🟡 Modified Climate change, or legal, regulatory, or market measures to address climate change or environmental sustainability, may negatively affect our business and operations. 🔒

🟡 Modified Disruption of our access to export mechanisms could have an adverse impact on our business, financial condition, and results of operations. 🔒

🟡 Modified An imbalance of industry supply and demand may result in reduced sales or profits. 🔒

And 5 more changes in the full comparison.

8 more changes in this filing

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