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Q1’25 EARNINGS PRESENTATION Earnings Call FOURTH QUARTER 2025 February 18, 2026
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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. Q4'25 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 3Q4’25 EARNINGS PRESENTATION
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4 Q4 '25 Highlights RENEWABLESAGRIBUSINESS •Record corn harvest; western footprint accumulated large quantities at favorable basis values •Eastern assets benefited from increased corn demand •Long-term strategic construction projects progressing •Continued efficient operations and strong demand with full ownership of the ethanol plants •Achieved expected 45Z tax credits •Announced 30-million-gallon Clymers expansion project Q4’25 EARNINGS PRESENTATION
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Q1’25 EARNINGS PRESENTATION 1 Non-GAAP financial measure; see appendix for reconciliations. Key Financial Data – Q4 '25 $M, except per share Q4 '25 Q4 '24 YTD '25 YTD '24 Sales and Merchandising Revenues $ 2,536 $ 3,123 $ 11,009 $ 11,258 Gross Profit 231 213 714 694 Pretax Income 88 67 141 201 Pretax Income Attributable to ANDE1 84 58 118 144 Adjusted Pretax Income Attributableto ANDE1 87 61 137 147 Net Income Attributable to ANDE 67 45 96 114 Adjusted Net Income Attributable to ANDE1 70 47 111 117 Diluted Earnings Per Share (EPS) 1.97 1.31 2.79 3.32 Adjusted EPS1 2.04 1.36 3.23 3.40 EBITDA1 133 114 322 360 Adjusted EBITDA1 137 117 337 363 5Q4’25 EARNINGS PRESENTATION
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Q1’25 EARNINGS PRESENTATION Cash and Liquidity Improved operating cash flows in the quarter1 Readily marketable inventories continue to significantly exceed short-term debt 2 Short-term debt increased with purchase of 100% of ethanol plants; funded with cash and short-term debt 3 6Q4'25 EARNINGS PRESENTATION 1 Non-GAAP financial measure; see appendix for reconciliations; inclusive of 45Z tax credits. HIGHLIGHTS
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Q1’25 EARNINGS PRESENTATION Capital Spending and Long-term Debt Capital investments include growth; expect 2026 spend of $200M - $225M Strong and flexible balance sheet; capacity to fund future growth Continued focus on long-term debt-to- EBITDA2 ratio <2.5x; currently 1.8x 1 2 3 7Q4’25 EARNINGS PRESENTATION 1 Measure derived from purchases of PPE, capitalized software, and investments. 2 For the twelve months ended December 31, 2025, long-term debt-to-adjusted EBITDA. HIGHLIGHTS
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Q1’25 EARNINGS PRESENTATION Unaudited in $M Q4 '25 Q4 '24 YTD '25 YTD '24 Revenues $ 1,863 $ 2,410 $ 8,260 $ 8,456 Gross profit 179 176 557 523 Pretax income 46 55 57 109 Pretax income attributable to ANDE1 42 55 57 109 Adjusted pretax income attributable to ANDE1 45 56 64 113 EBITDA1 77 86 183 213 Adjusted EBITDA1 80 88 187 218 Agribusiness – Q4 '25 Highlights 8Q4’25 EARNINGS PRESENTATION Eastern assets realized strong elevation margins on corn demand Western footprint benefited from accumulating grain at favorable values; improvement at Skyland Premium ingredients businesses continued to deliver steady results HIGHLIGHTS 1 2 3 1 Non-GAAP financial measures; see appendix for reconciliations.
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Q1’25 EARNINGS PRESENTATION 1 Non-GAAP financial measures; see appendix for reconciliations. Renewables – Q4 '25 Highlights 9Q4’25 EARNINGS PRESENTATION Solid plant earnings on record production and efficient operations Benefited from owning 100% of ethanol plants during the quarter Results include additional 45Z tax benefit, net of costs to achieve HIGHLIGHTS 1 3 Unaudited in $M Q4 '25 Q4 '24 YTD '25 YTD '24 Revenues $ 673 $ 714 $ 2,749 $ 2,801 Gross profit 52 37 157 171 Pretax income 54 26 140 140 Pretax income attributable to ANDE1 54 17 116 83 Adjusted pretax income attributable to ANDE1 54 17 126 80 EBITDA1 69 41 194 192 Adjusted EBITDA1 69 41 203 189 2
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10 Outlook •Expect to be well-positioned to meet end user and export demand •Anticipate above average corn acres; fertilizer margins and volumes dependent on farmer economics •Currently on track for completion of strategic capital projects •Elevated export demand and favorable biofuels policy landscape expected to continue •Anticipate $90M - $100M of 45Z tax credits •Continued execution on growth opportunities RENEWABLESAGRIBUSINESS Q4’25 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 May 6, 2026, at 8:30 AM ET 12Q4’25 EARNINGS PRESENTATION
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Appendix Non-GAAP Reconciliations 13Q4’25 EARNINGS PRESENTATION
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Three months ended December 31, Twelve months ended December 31, ($000s, except per share data) 2025 2024 2025 2024 Net income $ 71,092 $ 54,104 $ 119,301 $ 170,700 Net income attributable to noncontrolling interests 3,658 9,014 23,588 56,688 Net income attributable to The Andersons, Inc. 67,434 45,090 95,713 114,012 Adjustments: Insured inventory and property recoveries, net (216) (4,446) (12,861) (9,650) Asset impairment — — 11,376 — Transaction related compensation 1,879 2,536 7,462 11,104 Loss on investments — 1,535 7,178 1,535 Acquisition costs — 2,738 5,927 2,738 Gain on sales of assets and businesses, net 310 — (4,447) — Severance expense 1,480 — 2,677 — Pension settlement — — 1,448 — Gain on deconsolidation of joint venture — — — (3,117) Income tax impact of adjustments1 (865) (590) (3,514) 42 Total adjusting items, net of tax 2,588 1,773 15,246 2,652 Adjusted net income attributable to The Andersons, Inc. $ 70,022 $ 46,863 $ 110,959 $ 116,664 Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 1.97 $ 1.31 $ 2.79 $ 3.32 Impact on diluted earnings per share $ 0.07 $ 0.05 $ 0.44 $ 0.08 Adjusted diluted earnings per share $ 2.04 $ 1.36 $ 3.23 $ 3.40 14 NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Q4’25 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 equity 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 December 31, 2025 Sales and merchandising revenues $ 1,862,983 $ 673,266 $ — $ 2,536,249 Gross profit 179,337 52,154 — 231,491 Operating, administrative and general expenses 127,320 10,844 12,302 150,466 Other income (loss), net 4,095 15,580 (1,032) 18,643 Income (loss) before income taxes 45,898 54,310 (12,630) 87,578 Income attributable to the noncontrolling interests 3,658 — — 3,658 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 42,240 $ 54,310 $ (12,630) $ 83,920 Adjustments to income before income taxes2 2,798 — 655 3,453 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 45,038 $ 54,310 $ (11,975) $ 87,373 Three months ended December 31, 2024 Sales and merchandising revenues $ 2,409,549 $ 713,589 $ — $ 3,123,138 Gross profit 176,085 37,025 — 213,110 Operating, administrative and general expenses 122,923 11,293 12,938 147,154 Other income (loss), net 12,039 958 (1,437) 11,560 Income (loss) before income taxes 55,270 26,020 (14,040) 67,250 Income attributable to the noncontrolling interests 73 8,941 — 9,014 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 55,197 $ 17,079 $ (14,040) $ 58,236 Adjustments to income before income taxes2 828 — 1,535 2,363 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 56,025 $ 17,079 $ (12,505) $ 60,599 15 NON-GAAP RECONCILIATION Quarter to Date Segment Data (Unaudited) Q4’25 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 $0.1 million difference in insured inventory and property recoveries, net for the three months ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the three months ended December 31, 2024.
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($000s) Agribusiness Renewables Other Total Twelve months ended December 31, 2025 Sales and merchandising revenues $ 8,260,004 $ 2,748,924 $ — $ 11,008,928 Gross profit 556,907 156,744 — 713,651 Operating, administrative and general expenses 501,712 46,032 55,619 603,363 Other income (loss), net 44,874 35,071 (1,605) 78,340 Income (loss) before income taxes 56,587 140,102 (55,220) 141,469 (Loss) income attributable to the noncontrolling interests (275) 23,863 — 23,588 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 56,862 $ 116,239 $ (55,220) $ 117,881 Adjustments to income before income taxes2 7,378 9,279 2,103 18,760 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 64,240 $ 125,518 $ (53,117) $ 136,641 Twelve months ended December 31, 2024 Sales and merchandising revenues $ 8,456,381 $ 2,801,167 $ — $ 11,257,548 Gross profit 522,992 170,934 — 693,926 Operating, administrative and general expenses 418,110 37,011 48,499 503,620 Other income (loss), net 35,185 8,665 (1,639) 42,211 Income (loss) before income taxes 109,156 139,760 (48,159) 200,757 Income attributable to the noncontrolling interests 73 56,615 — 56,688 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 109,083 $ 83,145 $ (48,159) $ 144,069 Adjustments to income (loss) before income taxes2 4,192 (3,117) 1,535 2,610 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 113,275 $ 80,028 $ (46,624) $ 146,679 16 NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Q4’25 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 $5.8 million difference in insured inventory and property recoveries, net, and a $2.3 million difference in asset impairments in the Agribusiness segment for the year ended December 31, 2025, and a $0.5 million difference in acquisition costs in the Agribusiness segment for the year ended December 31, 2024.
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($000s) Agribusiness Renewables Other Total Three months ended December 31, 2025 Net income (loss) $ 45,898 $ 54,310 $ (29,116) $ 71,092 Interest expense (income) 10,214 2,580 (704) 12,090 Tax provision — — 16,486 16,486 Depreciation and amortization 20,651 12,031 583 33,265 EBITDA 76,763 68,921 (12,751) 132,933 Adjusting items impacting EBITDA: Transaction related compensation 1,879 — — 1,879 Insured inventory and property recoveries, net (72) — — (72) Loss on sales of assets and businesses, net 310 — — 310 Severance expense 825 — 655 1,480 Total adjusting items 2,942 — 655 3,597 Adjusted EBITDA $ 79,705 $ 68,921 $ (12,096) $ 136,530 Three months ended December 31, 2024 Net income (loss) $ 55,270 $ 26,020 $ (27,186) $ 54,104 Interest expense (income) 9,931 670 (335) 10,266 Tax provision — — 13,146 13,146 Depreciation and amortization 21,144 14,079 955 36,178 EBITDA 86,345 40,769 (13,420) 113,694 Adjusting items impacting EBITDA: Loss on investments — — 1,535 1,535 Transaction related compensation 2,536 — — 2,536 Insured inventory and property recoveries, net (4,446) — — (4,446) Acquisition costs 3,193 — — 3,193 Total adjusting items 1,283 — 1,535 2,818 Adjusted EBITDA $ 87,628 $ 40,769 $ (11,885) $ 116,512 NON-GAAP RECONCILIATION Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) 17Q4’25 EARNINGS PRESENTATION
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($000s) Agribusiness Renewables Other Total Twelve months ended December 31, 2025 Net income (loss) $ 56,587 $ 140,102 $ (77,388) $ 119,301 Interest expense (income) 43,482 5,681 (2,004) 47,159 Tax provision — — 22,168 22,168 Depreciation and amortization 82,676 48,036 2,611 133,323 EBITDA 182,745 193,819 (54,613) 321,951 Adjusting items impacting EBITDA: Loss on investments 7,178 — — 7,178 Transaction related compensation 7,462 — — 7,462 Insured inventory and property recoveries, net (18,620) — — (18,620) Gain on sales of assets and businesses, net (4,447) — — (4,447) Severance expense 2,022 — 655 2,677 Acquisition costs — 5,927 — 5,927 Asset impairment 10,346 3,352 — 13,698 Pension settlement — — 1,448 1,448 Total adjusting items 3,941 9,279 2,103 15,323 Adjusted EBITDA $ 186,686 $ 203,098 $ (52,510) $ 337,274 Twelve months ended December 31, 2024 Net income (loss) $ 109,156 $ 139,760 $ (78,216) $ 170,700 Interest expense (income) 30,911 2,828 (1,979) 31,760 Tax provision — — 30,057 30,057 Depreciation and amortization 72,993 49,705 5,106 127,804 EBITDA 213,060 192,293 (45,032) 360,321 Adjusting items impacting EBITDA: Loss on investments — — 1,535 1,535 Transaction related compensation 11,104 — — 11,104 Insured inventory and property recoveries, net (9,650) — — (9,650) Acquisition costs 3,193 — — 3,193 Gain on deconsolidation of joint venture — (3,117) — (3,117) Total adjusting items 4,647 (3,117) 1,535 3,065 Adjusted EBITDA $ 217,707 $ 189,176 $ (43,497) $ 363,386 NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) 18Q4’25 EARNINGS PRESENTATION
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Three months ended December 31, Twelve months ended December 31, ($000s) 2025 2024 2025 2024 Cash provided by (used in) operating activities $ (6,185) $ 268,811 $ 176,998 $ 331,506 Changes in operating assets and liabilities Accounts receivable 61,722 32,279 104,572 35,777 Inventories (464,183) (191,041) (72,399) 87,906 Commodity derivatives 3,459 (34,322) 6,000 15,005 Other current and non-current assets 21,646 31,326 4,732 (28,050) Payables and other current and non-current liabilities 261,319 330,673 (144,080) (102,396) Total changes to operating assets and liabilities (116,037) 168,915 (101,175) 8,242 Cash from operations before working capital changes $ 109,852 $ 99,896 $ 278,173 $ 323,264 NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) 19Q4’25 EARNINGS PRESENTATION
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Twelve months ended December 31, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 56,587 Interest expense 28,035 49,838 42,458 30,911 43,482 Depreciation & amortization 70,292 62,587 65,377 72,993 82,676 Earnings before interest, taxes, depreciation and amortization (EBITDA) 226,055 240,049 215,864 213,060 182,745 Adjusting items to EBITDA: Loss on investments — — — — 7,178 Transaction related compensation 1,274 — 7,818 11,104 7,462 Severance expense — — — — 2,022 Insured inventory and property damage (recoveries) — 15,993 (16,080) (9,650) (18,620) Gains on sales of assets and businesses (14,619) (3,762) (5,643) — (4,447) 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 $ 186,686 NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) 20Q4’25 EARNINGS PRESENTATION1 All taxes are associated to “other” in the segment reporting of the Company.
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Twelve months ended December 31, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 140,102 Interest expense 7,610 8,788 6,087 2,828 5,681 Depreciation & amortization 77,542 63,458 51,408 49,705 48,036 Earnings before interest, taxes, depreciation and amortization (EBITDA) 169,190 187,230 162,014 192,293 193,819 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 $ 203,098 NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) 21Q4’25 EARNINGS PRESENTATION1 All taxes are associated to “other” in the segment reporting of the Company.