Earnings release
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Exhibit 99.1 NEWS RELEASE The Andersons, Inc. Reports Second Quarter Results MAUMEE, OHIO, August 3, 2026 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2026. Financial Highlights: • Second quarter net income attributable to The Andersons of $57 million or $1.65 per diluted share and adjusted net income attributable of $74 million, or $2.15 per diluted share • Adjusted EBITDA of $140 million • Renewables reports record second quarter pretax income of $65 million and adjusted pretax income of $88 million on record production, strong merchandising, and 45Z tax credits • Agribusiness pretax and adjusted pretax income attributable to The Andersons of $20 million on solid fertilizer performance "Our second quarter results reflect continued outstanding performance in Renewables and year-over-year improvement in Agribusiness," said President and CEO Bill Krueger. "Renewables delivered exceptional results driven by strong operational execution and solid merchandising performance. Our plants achieved record second quarter production while safely completing planned spring maintenance activities. The first quarter finalization of the Renewable Volume Obligations (RVO) supported stronger commodity markets and created opportunities for our merchandising team, while our low-carbon strategy contributed $24 million of 45Z tax credits in the quarter." "Agribusiness delivered modest year-over-year improvement as our merchandising businesses benefited from periods of market volatility, and our fertilizer business performed well through the spring application season," added Krueger. "We continue to execute on our long-term growth strategy. We are preparing for our previously announced debottlenecking project at our Clymers, Indiana, ethanol facility. We continue to pursue additional opportunities to reduce the carbon intensity of our operations to position our plants to maximize the value of 45Z tax credits, including the advancement of our Class VI well permit. We also expect Port of Houston's soybean meal export capabilities to be operational in the fourth quarter. Looking ahead, we remain optimistic about the opportunities across our businesses, particularly in the renewable fuels and feedstocks supply chains. Strong ethanol production, favorable export demand, growing adoption of low-carbon fuels, and continued progress on our strategic investments position us well to capitalize on evolving market opportunities and create long-term value for our shareholders, " continued Krueger.
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$ in millions, except per share amounts Q2 2026 Q2 2025 Variance YTD 2026 YTD 2025 Variance Pretax Income $ 67.3 $ 24.8 $ 42.5 $ 101.2 $ 28.0 $ 73.2 Pretax Income Attributable to theCompany 70.0 15.9 54.1 107.7 14.1 93.6 Adjusted Pretax Income Attributable tothe Company 92.6 15.0 77.6 137.0 18.2 118.8 Agribusiness 20.3 16.8 3.5 38.2 16.7 21.5 Renewables 88.4 9.6 78.8 127.9 25.0 102.9 Other (16.0) (11.5) (4.5) (29.1) (23.5) (5.6) Net Income Attributable to theCompany 56.6 7.9 48.7 89.8 8.1 81.7 Adjusted Net Income Attributable tothe Company 73.6 8.4 65.2 111.7 12.4 99.3 Diluted Earnings Per Share (EPS) 1.65 0.23 1.42 2.62 0.24 2.38 Adjusted EPS 2.15 0.24 1.91 3.26 0.36 2.90 EBITDA 117.6 69.4 48.2 202.5 120.1 82.4 Adjusted EBITDA $ 140.3 $ 65.2 $ 75.1 $ 231.8 $ 122.4 $ 109.4 Non-GAAP financial measures; see appendix for explanations and reconciliations. Cash, Liquidity, and Long-Term Debt Management "Our strong earnings performance and cash flow generation enable us to continue investing in growth opportunities across the company," said Executive Vice President and CFO Brian Valentine. "Our long-term debt to EBITDA remains well below our target of less than 2.5 times, and we believe our balance sheet provides the flexibility to support our growth strategy." Cash provided by operating activities was $488 million and $299 million in the second quarter of 2026 and 2025, respectively. Cash from operations before working capital changes in the same periods was $113 million and $43 million, respectively. Cash spent on capital projects in the quarter totaled $76 million, driven by ongoing investments in our facilities and strategic growth initiatives. Second Quarter Segment Overview Agribusiness Reports Improved Second Quarter on Better Fertilizer Margins Agribusiness recorded pretax income and adjusted pretax income attributable to the company of $20 million for the quarter, compared to pretax income of $19 million and adjusted pretax income attributable to the company of $17 million in the second quarter of 2025. The segment showed a modest improvement in a dynamic and challenging environment. Our fertilizer business led the improvement with higher margins on lower volumes. Our merchandising results also improved, driven by higher commodity prices and increased volatility early in the quarter, partially offset by fuel surcharges. Grain asset performance was comparable to the prior year. 1 1 1 1 1 1 1 1 1 1
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We continue to monitor growing conditions and crop progress. Currently, the eastern corn belt has experienced favorable growing conditions, which could support harvest volumes and grain ownership opportunities this fall. Drier conditions in western production regions could pressure grain asset earnings; however, any resulting market dislocations and volatility should create additional merchandising opportunities. Above-average corn acreage should support demand for fall fertilizer applications, although grower economics could influence purchasing decisions. Our diversified agribusiness portfolio remains well positioned to capitalize on both harvest-related opportunities and periods of increased market volatility during the second half of the year. Agribusiness had adjusted second quarter EBITDA of $53 million, compared to $46 million in 2025. Renewables Reports Record Second Quarter on Efficient Operations and Strong Demand Renewables reported pretax income of $65 million and adjusted pretax income of $88 million in the second quarter. For the same period in 2025, the segment reported pretax income of $17 million and pretax income attributable to the company of $10 million. Renewables had a record second quarter on efficient plant operations and improved margins. Strong ethanol export demand and healthy domestic consumption drove higher board crush margins year over year, partially offset by firmer corn basis levels. Second quarter results include $24 million of 45Z producer tax credits. Our merchandising businesses also delivered improved results, benefiting from market volatility surrounding the RVO announcement, resulting in higher distillers corn oil and RIN values. Ethanol market fundamentals remain supportive as we anticipate continued strong demand, driven by increasing global blend rates and favorable domestic blending economics. Renewable feedstocks are also expected to benefit from healthy bio-based diesel demand and supportive renewable fuel markets. Renewables had second quarter adjusted EBITDA of $103 million in 2026, compared to EBITDA of $30 million in 2025. Income Taxes The company recorded income tax expense of $13 million for the quarter, resulting in an effective tax rate of 20% for the period. The rate was impacted by non-taxable 45Z income. We anticipate a full-year adjusted effective rate of approximately 14% - 18%.
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Conference Call The company will host a webcast on Tuesday, August 4, 2026, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the remainder of 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 0322872). It is recommended that you call 10 minutes before the conference call begins. To access the webcast, click on the link: https://app.webinar.net/kJeAWG3WqXo and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company’s website at www.andersonsinc.com. Forward-Looking Statements This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company’s filings with the Securities and Exchange Commission. 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 assurance that these assumptions will prove to be correct. Non-GAAP Measures This release contains 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 this press release and the financial tables provided herein.
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Company Description The Andersons, Inc., is a North American agriculture and renewable fuels company. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com. Investor Relations Contact Mike Hoelter Vice President, Corporate Controller and Investor Relations Phone: 419-897-6715 E-mail: investorrelations@andersonsinc.com
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The Andersons, Inc. Condensed Consolidated Statements of Operations (unaudited) Three months ended June30, Six months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Sales and merchandising revenues $ 3,097,660 $ 3,135,869 $ 5,724,926 $ 5,794,967 Cost of sales and merchandising revenues 2,873,930 2,977,453 5,340,612 5,483,679 Gross profit 223,730 158,416 384,314 311,288 Operating, administrative and general expenses 173,774 134,589 318,438 280,343 Interest expense, net 15,642 11,495 32,480 24,591 Other income, net 33,023 12,503 67,833 21,694 Income before income taxes 67,337 24,835 101,229 28,048 Income tax provision 13,389 8,028 17,949 5,910 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 Earnings per share attributable to The Andersons, Inc. commonshareholders: Basic earnings: $ 1.66 $ 0.23 $ 2.64 $ 0.24 Diluted earnings: $ 1.65 $ 0.23 $ 2.62 $ 0.24
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The Andersons, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Assets Current assets: Cash and cash equivalents $ 66,549 $ 98,283 $ 350,970 Accounts receivable, net 755,217 652,472 783,892 Inventories 961,002 1,365,121 771,868 Commodity derivative assets – current 152,333 135,466 147,937 Other current assets 146,684 125,067 120,780 Total current assets 2,081,785 2,376,409 2,175,447 Property, plant and equipment, net 979,618 939,500 883,985 Other assets, net 412,878 396,923 387,059 Total assets $ 3,474,281 $ 3,712,832 $ 3,446,491 Liabilities and equity Current liabilities: Short-term debt $ 314,366 $ 249,420 $ 104,467 Trade and other payables 603,591 918,691 572,232 Customer prepayments and deferred revenue 87,206 195,331 73,545 Commodity derivative liabilities – current 103,710 51,153 79,253 Current maturities of long-term debt 22,918 63,375 64,210 Accrued expenses and other current liabilities 247,296 208,427 186,902 Total current liabilities 1,379,087 1,686,397 1,080,609 Long-term debt, less current maturities 563,481 560,016 578,464 Other long-term liabilities 174,127 176,184 176,908 Total liabilities 2,116,695 2,422,597 1,835,981 Total equity 1,357,586 1,290,235 1,610,510 Total liabilities and equity $ 3,474,281 $ 3,712,832 $ 3,446,491
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The Andersons, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) Six months ended June 30, (in thousands) 2026 2025 Operating Activities Net income $ 83,280 $ 22,138 Adjustments to reconcile net income to cash provided by (used in) operating activities: Depreciation and amortization 68,746 67,411 Other 29,068 10,311 Changes in operating assets and liabilities: Accounts receivable (132,491) (23,396) Inventories 402,049 521,356 Commodity derivatives 35,996 19,857 Other current and non-current assets (14,683) (31,730) Payables and other current and non-current liabilities (377,718) (636,646) Net cash provided by (used in) operating activities 94,247 (50,699) Investing Activities Purchases of property, plant and equipment and capitalized software (127,284) (95,376) Insurance proceeds 1,108 13,989 Other 2,919 5,680 Net cash used in investing activities (123,257) (75,707) Financing Activities Net proceeds (payments) under short-term lines of credit 65,443 (64,875) Proceeds from issuance of long-term debt 86,250 14,700 Payments of long-term debt (122,982) (16,645) Value of shares withheld for taxes (7,006) (3,931) Dividends paid (13,640) (13,367) Payments of debt issuance costs (5,685) (159) Common stock repurchased (4,607) (1,184) Distributions to noncontrolling interests — (1,547) Net cash used in financing activities (2,227) (87,008) Effect of exchange rates on cash and cash equivalents (497) 2,613 Decrease in cash and cash equivalents (31,734) (210,801) Cash and cash equivalents at beginning of period 98,283 561,771 Cash and cash equivalents at end of period $ 66,549 $ 350,970
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The Andersons, Inc. Adjusted Net Income Attributable to The Andersons, Inc. A non-GAAP financial measure (unaudited) Three months ended June30, Six months ended June 30, (in thousands, 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 adjustments (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. commonshareholders $ 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 The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25%. Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item. 1 1
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The Andersons, Inc. Segment Data (unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended June 30, 2026 Sales and merchandising revenues $ 2,113,093 $ 984,567 $ — $ 3,097,660 Cost of sales and merchandising revenues 1,966,315 907,615 — 2,873,930 Gross profit 146,778 76,952 — 223,730 Operating, administrative and general expenses 122,098 34,099 17,577 173,774 Interest expense (income), net 13,330 2,341 (29) 15,642 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 noncontrolling interests (2,615) — — (2,615) Income (loss) before income taxes attributable to The Andersons, Inc. $ 22,485 $ 64,981 $ (17,514)$ 69,952 Adjustments to income (loss) before income taxes (2,184) 23,370 1,478 22,664 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.$ 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 Cost of sales and merchandising revenues 2,282,765 694,688 — 2,977,453 Gross profit 132,062 26,354 — 158,416 Operating, administrative and general expenses 114,012 8,951 11,626 134,589 Interest expense (income), net 11,331 725 (561) 11,495 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 noncontrolling interests 1,171 7,779 — 8,950 Income (loss) before income taxes attributable to The Andersons, Inc. $ 17,728 $ 9,645 $ (11,488)$ 15,885 Adjustments to income (loss) before income taxes (892) — — (892) Adjusted income (loss) before income taxes attributable to The Andersons, Inc.$ 16,836 $ 9,645 $ (11,488)$ 14,993 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable otherincome less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interestshare of income. Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation toEBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense isattributable 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. 1 2 1 1 2 1 1 2
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The Andersons, Inc. Segment Data (unaudited) (in thousands) Agribusiness Renewables Other Total Six months ended June 30, 2026 Sales and merchandising revenues $ 4,033,060 $ 1,691,866 $ — $ 5,724,926 Cost of sales and merchandising revenues 3,752,376 1,588,236 — 5,340,612 Gross profit 280,684 103,630 — 384,314 Operating, administrative and general expenses 243,518 44,399 30,521 318,438 Interest expense, net 27,018 5,400 62 32,480 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 noncontrolling interests (6,471) — — (6,471) Income (loss) before income taxes attributable to The Andersons, Inc. $ 33,746 $ 104,572 $ (30,618)$ 107,700 Adjustments to income before income taxes 4,448 23,370 1,478 29,296 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.$ 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 Cost of sales and merchandising revenues 4,157,454 1,326,225 — 5,483,679 Gross profit 250,660 60,628 — 311,288 Operating, administrative and general expenses 238,501 18,734 23,108 280,343 Interest expense (income), net 24,157 1,423 (989) 24,591 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 noncontrolling interests (3,351) 17,348 — 13,997 Income (loss) before income taxes attributable to The Andersons, Inc. $ 12,574 $ 24,957 $ (23,480)$ 14,051 Adjustments to income before income taxes 4,137 — — 4,137 Adjusted income (loss) before income taxes attributable to The Andersons, Inc.$ 16,711 $ 24,957 $ (23,480)$ 18,188 Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable otherincome less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interestshare of income. Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation toEBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense isattributable 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. 1 2 1 1 2 1 1 2
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The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited) (in thousands) 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 Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company’s performance as it provides investors additional information about the company’s operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure.
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The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) A non-GAAP financial measure (unaudited) (in thousands) 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 recoveries, 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
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The Andersons, Inc. Trailing Twelve Months of EBITDA and Adjusted EBITDA A non-GAAP financial measure (unaudited) Three Months Ended, Twelve monthsended June 30, 2026(in thousands) September 30,2025 December 31,2025 March 31,2026 June 30, 2026 Net income $ 26,071 $ 71,092 $ 29,332 $ 53,948 $ 180,443 Interest expense 10,478 12,090 16,838 15,642 55,048 Tax provision (benefit) (228) 16,486 4,560 13,389 34,207 Depreciation and amortization 32,647 33,265 34,112 34,634 134,658 EBITDA 68,968 132,933 84,842 117,613 404,356 Adjusting items impacting EBITDA: Asset impairment 13,698 — — 15,661 29,359 Legal settlement and related expenses — — 5,948 12,763 18,711 Transaction related compensation 1,712 1,879 1,792 896 6,279 Acquisition costs 5,927 — — — 5,927 Severance expense — 1,480 — — 1,480 Pension settlement 1,448 — — — 1,448 Insured inventory and property recoveries, net(11,887) (72) (1,108) (6,656) (19,723) (Gain) loss on sales of assets businesses, net(1,567) 310 — — (1,257) Total adjusting items 9,331 3,597 6,632 22,664 42,224 Adjusted EBITDA $ 78,299 $ 136,530 $ 91,474 $ 140,277 $ 446,580 Three Months Ended, Twelve monthsended June 30, 2025September 30,2024 December 31,2024 March 31,2025 June 30, 2025 Net income $ 51,461 $ 54,104 $ 5,331 $ 16,807 $ 127,703 Interest expense 8,361 10,266 13,096 11,495 43,218 Tax provision (benefit) 10,731 13,146 (2,118) 8,028 29,787 Depreciation and amortization 30,408 36,178 34,340 33,071 133,997 EBITDA 100,961 113,694 50,649 69,401 334,705 Adjusting items impacting EBITDA: Loss on investments — 1,535 — 7,178 8,713 Transaction related compensation 1,668 2,536 2,103 1,768 8,075 Acquisition costs — 3,193 — — 3,193 Severance expense — — — 1,197 1,197 Insured inventory and property (recoveries)damages, net (5,204) (4,446) 4,502 (11,162) (16,310) Gain on sales of assets businesses, net — — — (3,190) (3,190) Total adjusting items (3,536) 2,818 6,605 (4,209) 1,678 Adjusted EBITDA $ 97,425 $ 116,512 $ 57,254 $ 65,192 $ 336,383
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The Andersons, Inc. Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited) Three months ended June30, Six months ended June30, (in thousands) 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 in 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 Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company’s performance as it provides investors additional information about the company’s operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.