Slides
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Q1’25 EARNINGS PRESENTATION Earnings Call November 5, 2025 THIRD QUARTER 2025
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2 Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory conditions, competition, geopolitical risk, and additional factors that are described in the company’s publicly-filed documents, including its ’34 Act filings and the prospectuses prepared in connection with the company’s offerings. Today’s call includes financial information which the company’s independent auditors have not completely reviewed. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurances that these assumptions will prove to be accurate. This presentation and today's prepared remarks contain non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes; net income (loss); diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non- GAAP measures may be found within the financial tables in the appendix. Q3’25 EARNINGS PRESENTATION
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Executive Vice President and Chief Financial Officer BRIAN VALENTINE Vice President, Corporate Controller and Investor Relations MIKE HOELTERBILL KRUEGER President and Chief Executive Officer Speakers 3Q3’25 EARNINGS PRESENTATION
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4 Q3 '25 Highlights RENEWABLESAGRIBUSINESS •Wheat harvest completed with higher-than- expected volumes in both eastern and western grain belts •Record corn harvest delayed but underway •Long-term strategic construction projects progressing •Continued efficient operations and strong demand •Completed acquisition of full ownership of the ethanol plants •Positioned ethanol plants to achieve 45Z credits; enhanced with TAMH transaction Q3’25 EARNINGS PRESENTATION
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1 Non-GAAP financial measure; see appendix for reconciliations. Key Financial Data – Q3 '25 $M, except per share Q3 '25 Q3 '24 YTD '25 YTD '24 Sales and Merchandising Revenues $ 2,678 $ 2,621 $ 8,473 $ 8,134 Gross Profit $ 171 $ 177 $ 482 $ 481 Pretax Income $ 26 $ 62 $ 54 $ 134 Pretax Income Attributable to ANDE1 $ 20 $ 38 $ 34 $ 86 Adjusted Pretax Income Attributableto ANDE1 $ 31 $ 35 $ 49 $ 86 Net Income Attributable to ANDE $ 20 $ 27 $ 28 $ 69 Adjusted Net Income Attributable to ANDE1 $ 29 $ 25 $ 41 $ 70 Diluted Earnings Per Share (EPS) $ 0.59 $ 0.80 $ 0.82 $ 2.01 Adjusted EPS1 $ 0.84 $ 0.72 $ 1.19 $ 2.04 EBITDA1 $ 69 $ 101 $ 189 $ 247 Adjusted EBITDA1 $ 78 $ 97 $ 201 $ 247 5Q3’25 EARNINGS PRESENTATION
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Cash and Liquidity Positive operating cash flows in challenging markets during the quarter1 Readily marketable inventories (RMI) continue to significantly exceed short-term debt 2 Short-term debt increased as a result of acquisitions3 Capacity to fund future growth4 6Q3’25 EARNINGS PRESENTATION1 Non-GAAP financial measure; see appendix for reconciliations; inclusive of 45Z tax credits. HIGHLIGHTS
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Capital Spending and Long-term Debt Capital investments include growth; expect 2025 spend of ~$200M Strong and flexible balance sheet Continued focus on long-term debt-to- EBITDA2 ratio <2.5x; currently 2.0x 1 2 3 7Q3’25 EARNINGS PRESENTATION HIGHLIGHTS 1 Measure derived from purchases of PPE, capitalized software, and investments. 2 For the trailing twelve months ended September 30, 2025, long -term debt-to-adjusted EBITDA.
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Unaudited in $M Q3 '25 Q3 '24 YTD '25 YTD '24 Revenues $ 1,989 $ 1,876 $ 6,397 $ 6,047 Gross profit $ 127 $ 119 $ 378 $ 347 Pretax income $ 1 $ 23 $ 11 $ 54 Pretax income attributable to ANDE1 $ 2 $ 23 $ 15 $ 54 Adjusted pretax income attributable to ANDE1 $ 2 $ 19 $ 19 $ 57 EBITDA1 $ 31 $ 49 $ 106 $ 127 Adjusted EBITDA1 $ 29 $ 45 $ 107 $ 130 Agribusiness – Q3 '25 Highlights 8Q3’25 EARNINGS PRESENTATION Limited demand continued; commercial activity remained nearby Wheat harvest complete; expected record corn harvest underway but delayed Continued focus on integration and optimization HIGHLIGHTS 1 2 3 1 Non-GAAP financial measures; see appendix for reconciliations.
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Renewables – Q3 '25 Highlights 9Q3’25 EARNINGS PRESENTATION Solid plant earnings on efficient operations and benefit of 100% ownership of plants Results include year-to-date 45Z tax benefit, net of costs to achieve Improved distillers corn oil prices; dried distillers grain values remain challenged HIGHLIGHTS 1 3 Unaudited in $M Q3 '25 Q3 '24 YTD '25 YTD '24 Revenues $ 689 $ 745 $ 2,076 $ 2,088 Gross profit $ 44 $ 58 $ 105 $ 134 Pretax income $ 43 $ 50 $ 86 $ 114 Pretax income attributable to ANDE1 $ 37 $ 26 $ 62 $ 66 Adjusted pretax income attributable to ANDE1 $ 46 $ 26 $ 71 $ 63 EBITDA1 $ 57 $ 63 $ 125 $ 152 Adjusted EBITDA1 $ 67 $ 63 $ 134 $ 148 2 1 Non-GAAP financial measures; see appendix for reconciliations.
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10 Outlook •Assets well-positioned for large corn harvest •Improved post-harvest fertilizer application margins; volumes dependent on weather and farmer economics •Executing on long-term growth projects •Margins should remain supportive on expected strong demand and large corn harvest •Favorable biofuels policy landscape •Continue to evaluate growth opportunities RENEWABLESAGRIBUSINESS Q3’25 EARNINGS PRESENTATION
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11 Q&A SESSION Q2’25 EARNINGS PRESENTATION
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THANK YOU FOR JOINING US. Our next earnings call is scheduled for February 18, 2026, at 8:30 AM ET 12Q3’25 EARNINGS PRESENTATION
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Appendix Non-GAAP Reconciliations 13Q3’25 EARNINGS PRESENTATION
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Three months ended September 30, Nine months ended September 30, ($000s, except per share data) 2025 2024 2025 2024 Net income $ 26,071 $ 51,461 $ 48,209 $ 116,596 Net income attributable to noncontrolling interests 5,933 24,096 19,930 47,674 Net income attributable to The Andersons, Inc. 20,138 27,365 28,279 68,922 Adjustments: Transaction related compensation 1,712 1,668 5,583 8,568 Gain on sales of assets and businesses, net (1,567) — (4,757) — Loss on investments — — 7,178 — Insured inventory and property recoveries, net (7,726) (5,204) (12,645) (5,204) Severance expense — — 1,197 — Asset impairment 11,376 — 11,376 — Acquisition costs 5,927 — 5,927 — Gain on deconsolidation of joint venture — — — (3,117) Pension settlement 1,448 — 1,448 — Income tax impact of adjustments1 (2,792) 884 (2,649) 632 Total adjusting items, net of tax 8,378 (2,652) 12,658 879 Adjusted net income attributable to The Andersons, Inc. $ 28,516 $ 24,713 $ 40,937 $ 69,801 Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 0.59 $ 0.80 $ 0.82 $ 2.01 Impact on diluted earnings (loss) per share $ 0.25 $ (0.08) $ 0.37 $ 0.03 Adjusted diluted earnings per share $ 0.84 $ 0.72 $ 1.19 $ 2.04 14 NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Q3’25 EARNINGS PRESENTATION 1 The income tax impact of adjustments is taken at the statutory tax rate of 25% with the exception of the impairment of an equ ity method investment of $4.4 million in 2025 and certain transaction related compensation in 2024.
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($000s) Agribusiness Renewables Other Total Three months ended September 30, 2025 Sales and merchandising revenues $ 1,988,907 $ 688,805 $ — $ 2,677,712 Gross profit 126,910 43,962 — 170,872 Operating, administrative and general expenses 135,891 16,454 20,209 172,554 Other income, net 19,558 17,657 788 38,003 Income (loss) before income taxes 1,466 43,487 (19,110) 25,843 (Loss) income attributable to the noncontrolling interests (582) 6,515 — 5,933 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 2,048 $ 36,972 $ (19,110) $ 19,910 Adjustments to income (loss) before income taxes2 443 9,279 1,448 11,170 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 2,491 $ 46,251 $ (17,662) $ 31,080 Three months ended September 30, 2024 Sales and merchandising revenues $ 1,876,042 $ 744,946 $ — $ 2,620,988 Gross profit 119,345 57,780 — 177,125 Operating, administrative and general expenses 100,360 8,895 11,239 120,494 Other income, net 12,032 1,771 119 13,922 Income (loss) before income taxes 22,766 49,951 (10,525) 62,192 Income attributable to the noncontrolling interests — 24,096 — 24,096 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 22,766 $ 25,855 $ (10,525) $ 38,096 Adjustments to income (loss) before income taxes from continuing operations2 (3,536) — — (3,536) Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 19,230 $ 25,855 $ (10,525) $ 34,560 15 NON-GAAP RECONCILIATION Quarter to Date Segment Data (Unaudited) Q3’25 EARNINGS PRESENTATION 1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. 2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025.
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(in thousands) Agribusiness Renewables Other Total Nine months ended September 30, 2025 Sales and merchandising revenues $ 6,397,021 $ 2,075,658 $ — $ 8,472,679 Gross profit 377,570 104,590 — 482,160 Operating, administrative and general expenses 374,392 35,188 43,317 452,897 Other income (loss), net 40,779 19,491 (573) 59,697 Income (loss) before income taxes 10,689 85,792 (42,590) 53,891 (Loss) income) attributable to the noncontrolling interests (3,933) 23,863 — 19,930 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 14,622 $ 61,929 $ (42,590) $ 33,961 Adjustments to income (loss) before income taxes2 4,580 9,279 1,448 15,307 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 19,202 $ 71,208 $ (41,142) $ 49,268 Nine months ended September 30, 2024 Sales and merchandising revenues $ 6,046,832 $ 2,087,578 $ — $ 8,134,410 Gross profit 346,907 133,909 — 480,816 Operating, administrative and general expenses 295,187 25,718 35,561 356,466 Other income (loss), net 23,146 7,707 (202) 30,651 Income (loss) before income taxes 53,886 113,740 (34,119) 133,507 Income attributable to the noncontrolling interests — 47,674 — 47,674 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 53,886 $ 66,066 $ (34,119) $ 85,833 Adjustments to income (loss) before income taxes from continuing operations2 3,364 (3,117) — 247 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 57,250 $ 62,949 $ (34,119) $ 86,080 16 1 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. 2 Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Q3’25 EARNINGS PRESENTATION
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(in thousands) Agribusiness Renewables Other Total Three months ended September 30, 2025 Net income (loss) $ 1,466 $ 43,487 $ (18,882) $ 26,071 Interest expense (income) 9,111 1,678 (311) 10,478 Tax provision — — (228) (228) Depreciation and amortization 19,941 12,096 610 32,647 EBITDA 30,518 57,261 (18,811) 68,968 Adjusting items impacting EBITDA: Transaction related compensation 1,712 — — 1,712 Insured inventory and property recoveries, net (11,887) — — (11,887) Gain on sales of assets and businesses, net (1,567) — — (1,567) Acquisition costs — 5,927 — 5,927 Asset impairment 10,346 3,352 — 13,698 Pension settlement — — 1,448 1,448 Total adjusting items (1,396) 9,279 1,448 9,331 Adjusted EBITDA $ 29,122 $ 66,540 $ (17,363) $ 78,299 Three months ended September 30, 2024 Net income (loss) $ 22,766 $ 49,951 $ (21,256) $ 51,461 Interest expense (income) 8,251 705 (595) 8,361 Tax provision — — 10,731 10,731 Depreciation and amortization 17,522 11,942 944 30,408 EBITDA 48,539 62,598 (10,176) 100,961 Adjusting items impacting EBITDA: Transaction related compensation 1,668 — — 1,668 Insured inventory and property recoveries, net (5,204) — — (5,204) Total adjusting items (3,536) — — (3,536) Adjusted EBITDA $ 45,003 $ 62,598 $ (10,176) $ 97,425 NON-GAAP RECONCILIATION Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) 17Q3’25 EARNINGS PRESENTATION
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($000s) Agribusiness Renewables Other Total Nine months ended September 30, 2025 Net income (loss) $ 10,689 $ 85,792 $ (48,272) $ 48,209 Interest expense (income) 33,268 3,101 (1,300) 35,069 Tax provision — — 5,682 5,682 Depreciation and amortization 62,025 36,005 2,028 100,058 EBITDA 105,982 124,898 (41,862) 189,018 Adjusting items impacting EBITDA: Loss on investments 7,178 — — 7,178 Transaction related compensation 5,583 — — 5,583 Insured inventory and property recoveries, net (18,548) — — (18,548) Gain on sales of assets and businesses, net (4,757) — — (4,757) Severance expense 1,197 — — 1,197 Acquisition costs — 5,927 — 5,927 Asset impairment 10,346 3,352 — 13,698 Pension settlement — — 1,448 1,448 Total adjusting items 999 9,279 1,448 11,726 Adjusted EBITDA $ 106,981 $ 134,177 $ (40,414) $ 200,744 Nine months ended September 30, 2024 Net income (loss) $ 53,886 $ 113,740 $ (51,030) $ 116,596 Interest expense (income) 20,980 2,158 (1,644) 21,494 Tax provision — — 16,911 16,911 Depreciation and amortization 51,849 35,626 4,151 91,626 EBITDA 126,715 151,524 (31,612) 246,627 Adjusting items impacting EBITDA: Transaction related compensation 8,568 — — 8,568 Insured inventory and property recoveries, net (5,204) — — (5,204) Gain on deconsolidation of joint venture — (3,117) — (3,117) Total adjusting items 3,364 (3,117) — 247 Adjusted EBITDA $ 130,079 $ 148,407 $ (31,612) $ 246,874 NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) 18Q3’25 EARNINGS PRESENTATION
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Three months ended September 30, Nine months ended September 30, ($000s, except per share data) 2025 2024 2025 2024 Cash provided by (used in) operating activities $ 233,882 $ (2,112) $ 183,183 $ 62,695 Changes in operating assets and liabilities Accounts receivable 66,246 (11,786) 42,850 3,498 Inventories (129,572) (198,776) 391,784 278,947 Commodity derivatives (17,316) 13,317 2,541 49,327 Other current and non-current assets 14,816 (8,789) (16,914) (59,376) Payables and other current and non-current liabilities 231,247 117,728 (405,399) (433,069) Total changes to operating assets and liabilities 165,421 (88,306) 14,862 (160,673) Cash from operations before working capital changes $ 68,461 $ 86,194 $ 168,321 $ 223,368 NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) 19Q3’25 EARNINGS PRESENTATION
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Twelve months ended December 31, Nine months ended September 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 10,689 Interest expense 28,035 49,838 42,458 30,911 33,268 Depreciation & amortization 70,292 62,587 65,377 72,993 62,025 Earnings before interest, taxes, depreciation and amortization (EBITDA) 226,055 240,049 215,864 213,060 105,982 Adjusting items to EBITDA: Loss on investments — — — — 7,178 Transaction related compensation 1,274 — 7,818 11,104 5,583 Severance expense — — — — 1,197 Insured inventory and property damage (recoveries) — 15,993 (16,080) (9,650) (18,548) Gains on sales of assets and businesses (14,619) (3,762) (5,643) — (4,757) Acquisition costs — — — 3,193 — Asset impairment including equity method investments 8,321 13,455 963 — 10,346 Goodwill impairment — — 686 — — Adjusted EBITDA $ 221,021 $ 265,735 $ 203,608 $ 217,707 $ 106,981 1 All taxes are associated to “other” in the segment reporting of the Company. NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) 20Q3’25 EARNINGS PRESENTATION
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Twelve months ended December 31, Nine months ended September 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 85,792 Interest expense 7,610 8,788 6,087 2,828 3,101 Depreciation & amortization 77,542 63,458 51,408 49,705 36,005 Earnings before interest, taxes, depreciation and amortization (EBITDA) 169,190 187,230 162,014 192,293 124,898 Adjusting items to EBITDA: Gain on deconsolidation of joint venture — — (6,544) (3,117) — Acquisition costs — — — — 5,927 Asset impairment — — 87,156 — 3,352 Adjusted EBITDA $ 169,190 $ 187,230 $ 242,626 $ 189,176 $ 134,177 NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) 21Q3’25 EARNINGS PRESENTATION1 All taxes are associated to “other” in the segment reporting of the Company.