Slides
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The Andersons R SECOND QUARTER 2026 Earnings Call August 4 , 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. Q2’26 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 3Q2’26 EARNINGS PRESENTATION
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The Andersons, Inc. 4 Q2 ‘26 Highlights Delivering Profitable Growth and Strong Cash Generation Q2’26 EARNINGS PRESENTATION Record quarterly results on strong execution and renewable fuels fundamentals Continue to navigate changing market conditions with disciplined commercial execution Advancing strategic growth investments to support long-term value creation
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Q1’25 EARNINGS PRESENTATION 1 Non-GAAP financial measure; see appendix for reconciliations. Key Financial Data – Q2 '26 $M, except per share Q2 '26 Q2 '25 YTD '26 YTD '25 Sales and Merchandising Revenues $ 3,098 $ 3,136 $ 5,725 $ 5,795 Gross Profit 224 158 384 311 Pretax Income 67 25 101 28 Pretax Income Attributable to ANDE1 70 16 108 14 Adjusted Pretax Income Attributableto ANDE1 93 15 137 18 Net Income Attributable to ANDE 57 8 90 8 Adjusted Net Income Attributable to ANDE1 74 8 112 12 Diluted Earnings Per Share (EPS) 1.65 0.23 2.62 0.24 Adjusted EPS1 2.15 0.24 3.26 0.36 EBITDA1 118 69 202 120 Adjusted EBITDA1 140 65 232 122 5Q2’26 EARNINGS PRESENTATION
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Q1’25 EARNINGS PRESENTATION Cash and Liquidity HIGHLIGHTS Strong operating cash flow generation supported by improved quarterly performance 1 Readily marketable inventories continued to provide substantial coverage of short-term borrowings 2 Modest increase in short-term debt amid market volatility 3 6Q2’26 EARNINGS PRESENTATION1 Non-GAAP financial measure; see appendix for reconciliations; inclusive of 45Z tax credits.
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Q1’25 EARNINGS PRESENTATION Capital Spending and Long-term Debt Capital investments include growth; expect 2026 spend of ~$225M Strong and flexible balance sheet; capacity to fund future growth Well below long-term debt-to-EBITDA2 ratio <2.5x; currently 1.3x HIGHLIGHTS 1 2 3 7Q2’26 EARNINGS PRESENTATION 1 Measure derived from purchases of PP&E, capitalized software, and investments. 2 For the trailing twelve months ended June 30, 2026, long-term debt-to-adjusted EBITDA.
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Q1’25 EARNINGS PRESENTATION Unaudited in $M Q2 '26 Q2 '25 YTD '26 YTD '25 Revenues $ 2,113 $ 2,415 $ 4,033 $ 4,408 Gross profit 147 132 281 251 Pretax income 20 19 27 9 Pretax income attributable to ANDE1 22 18 34 13 Adjusted pretax income attributable to ANDE 1 20 17 38 17 EBITDA1 55 51 98 75 Adjusted EBITDA1 53 46 102 78 Agribusiness – Q2 '26 Highlights 8Q2’26 EARNINGS PRESENTATION Higher prices and increased volatility improved merchandising results Strong fertilizer results on increased margins and operational efficiencies Space income at grain assets remained muted 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 – Q2 '26 Highlights 9Q2’26 EARNINGS PRESENTATION Record plant earnings on increased demand and efficient operations Improved DCO prices and renewable feedstock volumes Results include 45Z tax credits HIGHLIGHTS 1 3 Unaudited in $M Q2 '26 Q2 '25 YTD '26 YTD '25 Revenues $ 985 $ 721 $ 1,692 $ 1,387 Gross profit 77 26 104 61 Pretax income 65 17 105 42 Pretax income attributable to ANDE1 65 10 105 25 Adjusted pretax income attributable to ANDE 1 88 10 128 25 EBITDA1 79 30 134 68 Adjusted EBITDA1 103 30 157 68 2
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10 Outlook •Positioned to serve customer needs and capture opportunities in dynamic markets •Completing a solid eastern wheat harvest; closely monitoring conditions for the developing corn crop •Expect completion of key strategic growth projects in 2026 •Expect margins to remain supportive on strong domestic and export demand •Plants continue performing well, regularly outpacing prior year production •Deploying strategic growth capital for plant enhancements RENEWABLESAGRIBUSINESS Q2’26 EARNINGS PRESENTATION
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11Q2’26 EARNINGS PRESENTATION Q&A SESSION
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12Q2’26 EARNINGS PRESENTATION THANK YOU FOR JOINING US Our next earnings call is scheduled for November 4, 2026, at 8:30 AM ET
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Appendix Non-GAAP Reconciliations 13Q2’26 EARNINGS PRESENTATION
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Three months ended June 30, Six months ended June 30, ($000s, except per share data) 2026 2025 2026 2025 Net income $ 53,948 $ 16,807 $ 83,280 $ 22,138 Net (loss) income attributable to noncontrolling interests (2,615) 8,950 (6,471) 13,997 Net income attributable to The Andersons, Inc. 56,563 7,857 89,751 8,141 Adjustments: Legal settlement and related expenses 12,763 — 18,711 — Asset impairment 15,661 — 15,661 — Transaction related compensation 896 1,768 2,688 3,871 Insured inventory and property recoveries, net (6,656) (7,845) (7,764) (4,919) Loss on investments — 7,178 — 7,178 Severance expense — 1,197 — 1,197 Gain on sales of assets and businesses, net — (3,190) — (3,190) Income tax impact of adjustments1 (5,667) 1,400 (7,325) 143 Total adjusting items, net of tax 16,997 508 21,971 4,280 Adjusted net income attributable to The Andersons, Inc. $ 73,560 $ 8,365 $ 111,722 $ 12,421 Diluted earnings per share attributable to The Andersons, Inc. common shareholders $ 1.65 $ 0.23 $ 2.62 $ 0.24 Impact on diluted earnings per share $ 0.50 $ 0.01 $ 0.64 $ 0.12 Adjusted diluted earnings per share $ 2.15 $ 0.24 $ 3.26 $ 0.36 141 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25%. Non-GAAP Reconciliation Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Q2’26 EARNINGS PRESENTATION
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($000s) Agribusiness Renewables Other Total Three months ended June 30, 2026 Sales and merchandising revenues $ 2,113,093 $ 984,567 $ — $ 3,097,660 Gross profit 146,778 76,952 — 223,730 Operating, administrative and general expenses 122,098 34,099 17,577 173,774 Other income, net 8,520 24,469 34 33,023 Income (loss) before income taxes 19,870 64,981 (17,514) 67,337 Loss attributable to the noncontrolling interests (2,615) — — (2,615) Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 22,485 $ 64,981 $ (17,514) $ 69,952 Adjustments to income (loss) before income taxes2 (2,184) 23,370 1,478 22,664 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 20,301 $ 88,351 $ (16,036) $ 92,616 Three months ended June 30, 2025 Sales and merchandising revenues $ 2,414,827 $ 721,042 $ — $ 3,135,869 Gross profit 132,062 26,354 — 158,416 Operating, administrative and general expenses 114,012 8,951 11,626 134,589 Other income (loss), net 12,180 746 (423) 12,503 Income (loss) before income taxes 18,899 17,424 (11,488) 24,835 Income attributable to the noncontrolling interests 1,171 7,779 — 8,950 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 17,728 $ 9,645 $ (11,488) $ 15,885 Adjustments to income (loss) before income taxes2 (892) — — (892) Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 16,836 $ 9,645 $ (11,488) $ 14,993 15 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 reconciliatio n 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 $3.3 million difference in insured inventory and property recoveries, net in the Agribusiness segment for the three months ended June 30, 2025. Non-GAAP Reconciliation Quarter to Date Segment Data (Unaudited) Q2’26 EARNINGS PRESENTATION
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($000s) Agribusiness Renewables Other Total Six months ended June 30, 2026 Sales and merchandising revenues $ 4,033,060 $ 1,691,866 $ — $ 5,724,926 Gross profit 280,684 103,630 — 384,314 Operating, administrative and general expenses 243,518 44,399 30,521 318,438 Other income (loss), net 17,127 50,741 (35) 67,833 Income (loss) before income taxes 27,275 104,572 (30,618) 101,229 Loss attributable to the noncontrolling interests (6,471) — — (6,471) Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 33,746 $ 104,572 $ (30,618) $ 107,700 Adjustments to income before income taxes2 4,448 23,370 1,478 29,296 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 38,194 $ 127,942 $ (29,140) $ 136,996 Six months ended June 30, 2025 Sales and merchandising revenues $ 4,408,114 $ 1,386,853 $ — $ 5,794,967 Gross profit 250,660 60,628 — 311,288 Operating, administrative and general expenses 238,501 18,734 23,108 280,343 Other income (loss), net 21,221 1,834 (1,361) 21,694 Income (loss) before income taxes 9,223 42,305 (23,480) 28,048 (Loss) income attributable to the noncontrolling interests (3,351) 17,348 — 13,997 Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 12,574 $ 24,957 $ (23,480) $ 14,051 Adjustments to income before income taxes2 4,137 — — 4,137 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1 $ 16,711 $ 24,957 $ (23,480) $ 18,188 16 Non-GAAP Reconciliation Year to Date Segment Data (Unaudited) Q2’26 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 reconciliatio n 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 $1.7 million difference in insured inventory and property recoveries, net in the Agribusiness segment for the three months ended June 30, 2025.
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($000s) Agribusiness Renewables Other Total Three months ended June 30, 2026 Net income (loss) $ 19,870 $ 64,981 $ (30,903) $ 53,948 Interest expense (income) 13,330 2,341 (29) 15,642 Tax provision — — 13,389 13,389 Depreciation and amortization 21,894 11,876 864 34,634 EBITDA 55,094 79,198 (16,679) 117,613 Adjusting items impacting EBITDA: Asset impairment 3,576 10,607 1,478 15,661 Legal settlement and related expenses — 12,763 — 12,763 Transaction related compensation 896 — — 896 Insured inventory and property recoveries, net (6,656) — — (6,656) Total adjusting items (2,184) 23,370 1,478 22,664 Adjusted EBITDA $ 52,910 $ 102,568 $ (15,201) $ 140,277 Three months ended June 30, 2025 Net income (loss) $ 18,899 $ 17,424 $ (19,516) $ 16,807 Interest expense (income) 11,331 725 (561) 11,495 Tax provision — — 8,028 8,028 Depreciation and amortization 20,399 12,018 654 33,071 EBITDA 50,629 30,167 (11,395) 69,401 Adjusting items impacting EBITDA: Insured inventory and property recoveries, net (11,162) — — (11,162) Gain on sales of assets and businesses, net (3,190) — — (3,190) Loss on investments 7,178 — — 7,178 Transaction related compensation 1,768 — — 1,768 Severance expense 1,197 — — 1,197 Total adjusting items (4,209) — — (4,209) Adjusted EBITDA $ 46,420 $ 30,167 $ (11,395) $ 65,192 Non-GAAP Reconciliation Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) 17Q2’26 EARNINGS PRESENTATION
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($000s) Agribusiness Renewables Other Total Six months ended June 30, 2026 Net income (loss) $ 27,275 $ 104,572 $ (48,567) $ 83,280 Interest expense 27,018 5,400 62 32,480 Tax provision — — 17,949 17,949 Depreciation and amortization 43,384 23,643 1,719 68,746 EBITDA 97,677 133,615 (28,837) 202,455 Adjusting items impacting EBITDA: Legal settlement and related expenses 5,948 12,763 — 18,711 Asset impairment 3,576 10,607 1,478 15,661 Transaction related compensation 2,688 — — 2,688 Insured inventory and property recoveries, net (7,764) — — (7,764) Total adjusting items 4,448 23,370 1,478 29,296 Adjusted EBITDA $ 102,125 $ 156,985 $ (27,359) $ 231,751 Six months ended June 30, 2025 Net income (loss) $ 9,223 $ 42,305 $ (29,390) $ 22,138 Interest expense (income) 24,157 1,423 (989) 24,591 Tax provision — — 5,910 5,910 Depreciation and amortization 42,084 23,909 1,418 67,411 EBITDA 75,464 67,637 (23,051) 120,050 Adjusting items impacting EBITDA: Loss on investments 7,178 — — 7,178 Transaction related compensation 3,871 — — 3,871 Severance expense 1,197 — — 1,197 Insured inventory and property damages, net (6,661) — — (6,661) Gain on sales of assets and businesses, net (3,190) — — (3,190) Total adjusting items 2,395 — — 2,395 Adjusted EBITDA $ 77,859 $ 67,637 $ (23,051) $ 122,445 Non-GAAP Reconciliation Year to Date EBITDA and Adjusted EBITDA (Unaudited) 18Q2’26 EARNINGS PRESENTATION
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Three months ended June 30, Six months ended June 30, ($000s) 2026 2025 2026 2025 Cash provided by (used in) operating activities $ 487,922 $ 299,321 $ 94,247 $ (50,699) Changes in operating assets and liabilities Accounts receivable (11,949) 29,872 (132,491) (23,396) Inventories 437,035 482,825 402,049 521,356 Commodity derivatives 49,231 18,781 35,996 19,857 Other current and non-current assets 7,852 (23,172) (14,683) (31,730) Payables and other current and non-current liabilities (107,196) (251,871) (377,718) (636,646) Total changes to operating assets and liabilities 374,973 256,435 (86,847) (150,559) Cash from operations before working capital changes $ 112,949 $ 42,886 $ 181,094 $ 99,860 Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) 19Q2’26 EARNINGS PRESENTATION
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Twelve months ended December 31, Six months ended June 30, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 127,624 $ 107,939 $ 109,156 $ 56,587 $ 27,275 Interest expense 49,838 42,548 30,911 43,482 27,018 Depreciation & amortization 62,587 65,377 72,993 82,676 43,384 Earnings before interest, taxes, depreciation and amortization (EBITDA) 240,049 215,864 213,060 182,745 97,677 Adjusting items to EBITDA: Legal settlement and related expenses — — — — 5,948 Asset impairment including equity method investments 13,455 963 — 10,346 3,576 Transaction related compensation — 7,818 11,104 7,462 2,688 Insured inventory and property damages (recoveries), net 15,993 (16,080) (9,650) (18,620) (7,764) Loss on investments — — — 7,178 — Severance expense — — — 2,022 — Gains on sales of assets and businesses (3,762) (5,643) — (4,447) — Acquisition costs — — 3,193 — — Goodwill impairment — 686 — — — Adjusted EBITDA $ 265,735 $ 203,608 $ 217,707 $ 186,686 $ 102,125 1 All taxes are associated to “other” in the segment reporting of the Company. Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) 20Q2’26 EARNINGS PRESENTATION
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Twelve months ended December 31, Six months ended June 30, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 114,984 $ 104,519 $ 139,760 $ 140,102 $ 104,572 Interest expense 8,788 6,087 2,828 5,681 5,400 Depreciation & amortization 63,458 51,408 49,705 48,036 23,643 Earnings before interest, taxes, depreciation and amortization (EBITDA) 187,230 162,014 192,293 193,819 133,615 Adjusting items to EBITDA: Legal settlement and related expenses — — — — 12,763 Asset impairment — 87,156 — 3,352 10,607 Gain on deconsolidation of joint venture — (6,544) (3,117) — — Acquisition costs — — — 5,927 — Adjusted EBITDA $ 187,230 $ 242,626 $ 189,176 $ 203,098 $ 156,985 Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) 21Q2’26 EARNINGS PRESENTATION1 All taxes are associated to “other” in the segment reporting of the Company.