The Andersons, Inc. · NASDAQ:ANDE
The Andersons — Investor Day (December 2025)
94 slides from The Andersons's investor day presentation, Dec 9, 2025
Slide 1: Investor Day
Investor Day December 9, 2025 New York City 2025 INVESTOR DAY
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks WE SERVE Mike Hoelter VP, CORPORATE CONTROLLER AND INVESTOR RELATIONS 2025 INVESTOR DAY 2
Slide 3: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures Certain information disclosed 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,
Slide 4: Today's Agenda
Today’s Agenda 9:00 AM Welcome and Opening Remarks 10:50 AM Execution-focused Culture Driven by MIKE HOELTER | VP, Corporate Controller and IR High-performing Talent Culture and Talent Building a Platform for Profitable Growth SARAH ZIBBEL | EVP, CHRO Company Vision and Long-term Strategy BILL KRUEG
Slide 5: The Andersons Sizzle Reel
The Andersons Sizzle Reel 2025 INVESTOR DAY 5
Slide 6: Building a Platform for Profitable Growth
Building a Platform for Profitable Growth WE SERVE Company Vision and Long-term Strategy Bill Krueger PRESIDENT AND CEO 2025 INVESTOR DAY 6
Slide 7: Key Messages
Key Messages Materially stronger Balanced, diversified Strong Renewables Disciplined capital 01 02 03 04 company led by a portfolio that is growth engine allocation strategy seasoned team with resilient through the anchored by ethanol, leveraging a strong deep expertise in ag cycle and rooted in the
Slide 8: Driving Effective Change through Our Transformation Journey
Driving Effective Change through Our Transformation Journey WE ARE A MATERIALLY STRONGER COMPANY Credible, growth-oriented leadership team with consistent track records of success in prior roles • Enhanced leadership team through new segmentation – Agribusiness and Renewables – leveraging existing t
Slide 9: Who We Are and What We Do
WHO WE ARE AND WHAT WE DO 2025 INVESTOR DAY 9
Slide 10: The Andersons Snapshot (NASDAQ: ANDE)
The Andersons Snapshot (NASDAQ: ANDE) KEY STATS1 Driving Organizational Alignment SUSTAINABLE to Unlock Value, Better Serve Customers, and Drive Growth COMPETITIVE ADVANTAGES Founded 1947 Broad geographic footprint AGRIBUSINESS with extensive reach close Headquarters Maumee, OH to producers and cust
Slide 11: Two Integrated and Complementary Segments
Two Integrated and Complementary Segments AGRIBUSINESS RENEWABLES Top 5 U.S. Grain and A Leading, Diverse Set of 5th Largest U.S. Well-positioned to Capitalize Ingredients Merchandiser Fertilizer Businesses Ethanol Producer on Industry Tailwinds • Purchase and merchandise • Receive, store, and marke
Slide 12: Serving Supply Chain with Strategic Assets and Merchandising Capabilities
Serving Supply Chain with Strategic Assets and Merchandising Capabilities AG & INDUSTRIAL INPUTS AG PRODUCTION & PROCESSING END USER Fertilizer Feed Supply Chain Producer Food Supply Chain Fertilizer Fertilizer Wholesale Manufacturing Farm Center Farmer Grain Elevator Ethanol Plant Fuel Supply Chain
Slide 13: Agribusiness 101: What We Do
Agribusiness 101: What We Do Close-to-Customer Wholesale Distribution and Specialty Liquids Manufacturing Sites AG & INDUSTRIAL INPUTS Wholesale Distribution Fertilizer Producer Network Specialty Liquids Fertilizer Fertilizer Manufacturing Wholesale Manufacturing Sites Agronomy Farm Center Farmer Co
Slide 14: Agribusiness 101: What We Do
Agribusiness 101: What We Do Grain Handling and Storage AG PRODUCTION & PROCESSING END USER Grain Feed Supply Chain Originations Food Supply Chain Grain Elevator Farmer Grain Elevator Ethanol Plant Fuel Supply Chain International Export Terminal Customer End User Customer Where The Andersons is a Re
Slide 15: Agribusiness 101: What We Do
Agribusiness 101: What We Do Merchandising Expertise Connecting Buyers and Sellers as well as Managing Logistics AG PRODUCTION & PROCESSING END USER Macro Expertise, Feed Supply Chain Trusted Advisor Food Supply Chain Grain Fundamental Processing Market Analysis Farmer Grain Elevator Ethanol Plant F
Slide 16: Renewables 101: What We Do
Renewables 101: What We Do Corn Ethanol Production and Plants (Feedstock for Production) AG PRODUCTION & PROCESSING END USER Ethanol Feed Supply Chain Operations Food Supply Chain Ethanol for Gasoline Blending Farmer Grain Elevator Ethanol Plant Fuel Supply Chain International Co-products: Export Te
Slide 17: Renewables 101: What We Do
Renewables 101: What We Do Outcomes of Ethanol Production and Ethanol Merchandising Merchandising Capabilities AG PRODUCTION & PROCESSING END USER Co-products Feed Supply Chain Merchandising Fats, Oils, & Greases Food Supply Chain Soybean Crush Renewable Feedstock Plants Merchandising Farmer Grain E
Slide 18: Renewables 101: Tax Credits
Renewables 101: Tax Credits Understanding the 45Z Clean Fuel Production Credit Overview OBBBA Considerations Reducing CI Scores • Performance-based tax credits for clean • Extended credit timeline through 2029 • Plant efficiency projects fuel producers starting in 2025 • Removed ILUC penalty startin
Slide 19: Poised to Capture Market Opportunity Over the Long-term With Clear Growth Strategy
POISED TO CAPTURE MARKET OPPORTUNITY OVER THE LONG-TERM WITH CLEAR GROWTH STRATEGY 2025 INVESTOR DAY 19
Slide 20: Well-positioned for Favorable Macro Trends
Well-positioned for Favorable Macro Trends Bi-partisan policy support continues to reinforce long-term positive momentum in energy and agriculture markets Increased Excess soybean Evolving Increased Biofuels policy emphasis on meal supply consumer and ethanol including RVO domestic Ag with increased
Slide 21: Long-term Strategic Framework for Profitable Growth
Long-term Strategic Framework for Profitable Growth ACCELERATING OPTIMIZING DELIVERING growth by expanding margins through commercial value through disciplined established platforms and operational excellence capital allocation • Leveraging strong customer relationships • Driving a culture of contin
Slide 22: The Andersons Operating Model
The Andersons Operating Model ULTS-DRIVEN RES STRENGTHS urial Cus tom We Serve All Stakeholders e en Op th Safety er row r era Customers rep Fo Profitable G tiona Ent cus Provide extraordinary service l Excellence Employees Integrity Team Statement of Principles Help each other improve We Serve Comm
Slide 23: Performance Driven and Experienced Leadership Team with Deep Expertise
Performance Driven and Experienced Leadership Team with Deep Expertise 100+ YEARS Industry Experience 75+ YEARS The Andersons Tenure BILL BRIAN SARAH WESTON MARK EMMANUEL Top 3 Skills Brought to KRUEGER VALENTINE ZIBBEL HEIDE SIMMONS AYUK The Andersons President and Executive Vice Executive Vice Exe
Slide 24: Introducing Our Run-rate EPS Expectations
Introducing Our Run-rate EPS Expectations $7.00 $4.30 $2.56 1 // TTM 2025 2026E 2028E Clear Strategy to Deliver Enhanced Returns through the Ag Cycle 1 For the Trailing Twelve Months ended 9/30/2025. 2025 INVESTOR DAY 24
Slide 25: Driving Growth and Value across Ag Supply Chain
Driving Growth and Value across Ag Supply Chain WE SERVE Agribusiness Overview Weston Heide EVP, AGRIBUSINESS 2025 INVESTOR DAY 25
Slide 26: Key Messages
Key Messages Well-positioned for Leveraging ability to Strategically Driving stable, 01 02 03 04 long-term profitable serve the Ag Supply expanding through diversified earnings growth with deep Chain – from farmers targeted organic through a balanced understanding of to end users through a investmen
Slide 27: Agribusiness Snapshot
Agribusiness Snapshot $554M Focused on ~175 Facilities TTM 2025 Gross Profit Ag supply chain from crop inputs to end user 33M Tonnes of Commodities Traded $195M Integrating crop inputs, grain handling, commodity merchandising, and 1.9M Tons of Fertilizer Sold TTM 2025 premium ingredients, while offe
Slide 28: Broad Geographic Footprint
Broad Geographic Footprint Canada WELL-POSITIONED BC AB SK MB ON QC IN KEY GEOGRAPHIES WA United Kingdom ME ND • Extensive footprint across major North ID MT MN NY VT NH American grain regions OR SD WI MI MA CT RI • Scaled, diversified platform across WY PA NJ crops, customers, and end markets NE IA
Slide 29: Agribusiness 101: What We Do Across a Growing Season
Agribusiness 101: What We Do Across a Growing Season Full-season Partner Providing Inputs, Logistics, and Advice PRE-PLANTING PLANTING GROWING CROPS HARVEST & POST HARVEST Farmers • Make decisions about crops • Plant crops, often in tight windows • Monitor crops / manage pests • Harvest and deliver
Slide 30: Agribusiness 101: Where We Play
Agribusiness 101: Where We Play THE ANDERSONS CAPABILITIES SELECTED EXAMPLES • Merchandising • Grains and oilseeds • Grain elevators • Animal feed ingredients ASSETS AND • Logistics (e.g., truck, rail, barge, vessel) • Co-products from processing MERCHANDISING • Risk management strategies • Handling
Slide 31: Poised to Capitalize on Favorable, Long-term Agribusiness Tailwinds
Poised to Capitalize on Favorable, Long-term Agribusiness Tailwinds INDUSTRY-WIDE TRENDS… …CONNECTED TO AGRIBUSINESS TAILWINDS Proactively Well-positioned to Benefit Increased emphasis on domestic Ag consumption • Proven ability to source and move grain flexibly across geographies Emphasis on • Stro
Slide 32: Why We Win in Agribusiness
Why We Win in Agribusiness One of Largest Grain Strategically Located Customer-centric Focus Integration with Companies in North Near Producers that Drives Flexible and Renewables America1 Custom Solutions • Merchandise broad array • Complementary asset footprint • Demonstrated track record of • Lev
Slide 33: Long-term Strategic Framework for Profitable Growth
Long-term Strategic Framework for Profitable Growth ACCELERATING OPTIMIZING DELIVERING growth by expanding margins through commercial value through disciplined established platforms and operational excellence capital allocation 2025 INVESTOR DAY 33
Slide 34: Scaling Strategically with High-return Projects and Platform Synergies
Scaling Strategically with High-return Projects and ACCELERATING Platform Synergies Skyland Acquisition and Integration Strengthening geographic presence and expanding merchandising capabilities Houston Port Expansion Expanding strategic access to integrate our international business with global exp
Slide 35: Leveraging a Continuous Improvement Mindset with Commercial and Operational Excellence
Leveraging a Continuous Improvement Mindset with OPTIMIZING Commercial and Operational Excellence Commercial Excellence • Incorporating a customer-centric approach across all activities • Building a robust talent pipeline through training and investment in people • Embedding merchants in local marke
Slide 36: Key Takeaways
Key Takeaways 01 02 03 04 Well-positioned for long-term Leveraging ability to serve Strategically expanding Driving stable, diversified profitable growth with deep the Ag Supply Chain – from through targeted organic earnings through a balanced understanding of agricultural farmers to end users throu
Slide 37: Scaling for Sustained, Profitable Growth
Scaling for Sustained, Profitable Growth WE SERVE Renewables Overview Mark Simmons EVP, RENEWABLES 2025 INVESTOR DAY 37
Slide 38: Key Messages
Key Messages Outperforming Accelerating scale Advancing a clear Strengthening our 01 02 03 04 through operational through strategic strategy to capture competitive position excellence and M&A of top-tier, large rising demand for with advantaged assets, disciplined execution scale, efficient plants;
Slide 39: Renewables Snapshot
Renewables Snapshot $142M Gallons of Ethanol Produced Focused on production 506M at 4 Facilities TTM 2025 and distribution of Gross Profit renewable fuels and 335M 3rd-Party Ethanol Gallons Merchandised feedstocks $175M Concentrating on ethanol and its Pounds of Renewable Feedstocks TTM 2025 1.6B Me
Slide 40: Eastern Footprint Enables Strong Connection to Growers and End Users
Eastern Footprint Enables Strong Connection to Growers and End Users Canada BC AB SK MB ON QC OUR ADVANTAGE IN NORTH AMERICA WA ME ND MT VT • Well-located plants drive sourcing OR ID MN WI NY NH MA efficiency / proximity to feedstock SD MI CT RI WY PA NJ • Access to all active North NE IA OH MD DE A
Slide 41: Renewables 101: Where We Play
Renewables 101: Where We Play Ethanol Production SPOTLIGHT • Own and operate 4 ethanol plants Collaboration with Agribusiness • Produce fuel-grade ethanol from corn, mainly used for blending with gasoline to reduce emissions • Ensure supply reliability, price risk • Invest in carbon intensity reduct
Slide 42: Renewables 101: What is Produced from One Kernel of Corn
Renewables 101: What is Produced from One Kernel of Corn 14% 15% 27% Water DDGS DDGS 1% 77% CO2 Ethanol 7% DCO AVERAGE PLANT REVENUES BY 1% PRODUCT DCO 34% Ethanol Ethano l 80% 24% CO2 Significant Value Coming from Co-products Produced at Our Ethanol Plants DDGS: Dried Distillers Grains with Soluble
Slide 43: Poised to Capitalize on Favorable, Long-term Renewables Tailwinds
Poised to Capitalize on Favorable, Long-term Renewables Tailwinds INDUSTRY-WIDE TRENDS… …CONNECTED TO RENEWABLE TAILWINDS Proactively Well-positioned to Benefit Increased emphasis on domestic Ag consumption Global Push • Well-positioned as a low-CI ethanol producer with scalable capacity Toward • Op
Slide 44: Why We Win in Renewables
Why We Win in Renewables 5th Largest U.S. Geographically Advantaged Integrated Across the Ethanol Producer1 Ethanol Plants Value Chain • Focus on continuous improvement • Close to corn production with majority of • Farmgate-to-tank car capabilities enable and operational excellence corn purchased di
Slide 45: Long-term Strategic Framework for Profitable Growth
Long-term Strategic Framework for Profitable Growth ACCELERATING OPTIMIZING DELIVERING growth by expanding margins through commercial value through disciplined established platforms and operational excellence capital allocation 2025 INVESTOR DAY 45
Slide 46: Well-positioned to Unlock Growth through Low-CI Opportunities and Renewable Feedstocks
Well-positioned to Unlock Growth through Low-CI Opportunities ACCELERATING and Renewable Feedstocks Strategic Growth Levers Capitalizing on Favorable Disciplined Approach to M&A Driving Growth through Policy Tailwinds • Purchased full ownership of Renewable Feedstocks • 45Z tax credit provides scala
Slide 47: Driving Higher Margins through Efficiency, Discipline, and Commercial Rigor
Driving Higher Margins through Efficiency, Discipline, OPTIMIZING and Commercial Rigor Strategic Commercial Leverage Merchandising efficiencies Strengthening Commercial • Complimentary volumes of ethanol, Capabilities co-products, and renewable • Investing in systems and talent feedstocks to enhance
Slide 48: Key Takeaways
Key Takeaways 01 02 03 04 Outperforming through Accelerating scale through Advancing a clear Strengthening our operational excellence strategic M&A of top-tier, strategy to capture rising competitive position with and disciplined execution large scale and efficient demand for low-carbon advantaged a
Slide 49: Q&A
Q&A WE SERVE Above Presenters 2025 INVESTOR DAY 49
Slide 50: Break
BREAK WE SERVE 2025 INVESTOR DAY 50
Slide 51: Performance Driven Culture Driven by High-performing Talent
Performance Driven Culture Driven by High-performing Talent WE SERVE People and Culture Sarah Zibbel EVP, CHIEF HUMAN RESOURCES OFFICER 2025 INVESTOR DAY 51
Slide 52: Key Messages
Key Messages Aligning disciplined operational Creating differentiated value Taking deliberate actions to 01 02 03 attract, develop, and retain excellence across people, through our high-performing processes, and systems to enable talent and execution-focused current and next generation of the full p
Slide 53: Industry-leading and Performance-driven Talent
Industry-leading and Performance-driven Talent WORKFORCE KEY STATS Total Employees1 THE ANDERSONS 2,600 (40% Salaried / 60% Hourly) STATEMENT OF PRINCIPLES 40% Internal Leadership Mobility (vs. 30% Market Average2) Customers | Provide extraordinary service Employees | Help each other improve 7% 2024
Slide 54: Strategic Alignment and Streamlining Work
Strategic Alignment and Streamlining Work ALIGNING ATTRACTING, DEVELOPING, people, processes, and systems for strategic execution, business agility and AND RETAINING operational excellence top talent to preserve and grow our expertise within the North American ag and renewable fuels Deeper Focus on
Slide 55: The Andersons Operating Model
The Andersons Operating Model ALIGNING ULTS-DRIVEN RES STRENGTHS urial Cus tom We Serve All Stakeholders e en Op th Safety er row r era Customers rep Fo Profitable G tiona Ent cus Provide extraordinary service l Excellence Employees Integrity Team Statement of Principles Help each other improve We S
Slide 56: The Andersons Operating Model
The Andersons Operating Model ALIGNING ULTS-DRIVEN RES STRENGTHS urial Cus tom We Serve All Stakeholders e en Op th Safety er row r era Customers rep Fo Profitable G tiona Ent cus Provide extraordinary service l Excellence Employees Integrity Team Statement of Principles Help each other improve We S
Slide 57: Our Commitments
Our Commitments ALIGNING ULTS-DRIVEN RES Our shared commitments provide clear expectations on the Anderson’s core values, behavioral norms, and STRENGTHS operating principles. urial Cus tom o Team – We believe in the strength of collaboration, e en Op th Safety respecting diverse perspectives, and w
Slide 58: Our Strengths
Our Strengths ALIGNING ULTS-DRIVEN RES We bring unique strengths that bring credibility and long-standing relationships in the industry. STRENGTHS o Customer Focus – Our company was built on meaningful, urial Cus tom trusted relationships. Our commercial team partners with e en Op th Safety a curios
Slide 59: Our Results
Our Results ALIGNING ULTS-DRIVEN RES As a nimble, North American Ag and Renewable fuels company we are results driven through strategically aligned STRENGTHS areas of focus: urial Cus tom o Operational Excellence – We deliver consistent, reliable, e en Op th Safety and efficient performance by optim
Slide 60: Incentives Aligned to Achievement of Growth Strategy
Incentives Aligned to Achievement of Growth Strategy ATTRACT SHORT-TERM SHORT & MEDIUM-TERM LONG-TERM (Cash) COMMERCIAL PLANS (Equity) $ $ Earnings Before Taxes Organic growth Earnings per share (EBT) (three-year cumulative) + Return on Invested Capital Profitability Total shareholder return + (ROIC
Slide 61: Investing in and Building Differentiated Capabilities
Investing in and Building Differentiated Capabilities DEVELOP Programs designed to strength our leadership pipeline, foster cross-functional collaboration, and enhance collective leadership capabilities • Executive Leadership Development Program (ELDP) • Enterprise Leadership Summit (ELS) • Peer coa
Slide 62: A Performance-driven Culture
A Performance-driven Culture RETAIN 100% of U.S. Employees Are Shareholders Our mission statement is one thing that drew me to The Andersons, and we do live by it day by day. 97% Top Quartile People reference it in meetings, and it continues to be a part of the Company as we become a bigger company.
Slide 63: Key Takeaways
Key Takeaways 01 02 03 Aligning disciplined operational Creating differentiated value through Taking deliberate actions to attract, excellence across people, our high-performing talent and develop, and retain current and next processes, and systems to enable execution-focused culture generation of i
Slide 64: Delivering Profitable Growth and Strong Cash Generation
Delivering Profitable Growth and Strong Cash Generation WE SERVE Financial Overview and Long-term Outlook Brian Valentine EVP AND CFO 2025 INVESTOR DAY 64
Slide 65: Key Messages
Key Messages 01 Delivering better and 02 Generating strong cash flow 03 Prioritizing long-term more resilient performance from operations as we execute value creation and through various ag cycles with growth projects, optimize balance sheet strength improved earnings stability margins and centraliz
Slide 66: 5-year Historical Financial Performance Overview ($M)
5-year Historical Financial Performance Overview ($M) GROSS PROFIT ADJ. EBITDA 1 ADJ. Pretax INCOME HIGHLIGHTS Attributable to ANDE1 $682M • Diversified portfolio 5-year Average $370M offsetting market $695 5-year Average $145M headwinds $593 $353 5-year Average • Solid execution $317 $127 across se
Slide 67: Healthy, Flexible Balance Sheet Well-positioned to Fund Growth
Healthy, Flexible Balance Sheet Well-positioned to Fund Growth CASH FROM OPERATIONS ($M) 5-year Avg. Capital Summary & Financial Highlights Before Working Capital Changes1 $312M ($M, As of 9/30/2025) $322 $315 $330 $323 $268 Cash & Cash Equivalents $82 Readily Marketable Inventories (RMI) $631 2021
Slide 68: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework 3-YEAR HISTORICAL USE OF CASH Go-forward Priorities Capital Expenditures Return Cash to Shareholders • Prioritizing high-return, growth-focused investments across core platforms 10% • Accelerating disciplined growth investment projects • 3-year average capita
Slide 69: Strategic Approach to Investments
Strategic Approach to Investments STRATEGIC FILTERS FINANCIAL CRITERIA Fits Strategically; Core or Adjacent Immediately Accretive to Margins and Cash Flows Cultural Fit Addresses Customer Needs Accretive to EPS within Two Years Strengthens Geographic Footprint ROIC 200+ bps Above Increases Scale Cos
Slide 70: Renewables Growth and 45Z
Renewables Growth and 45Z Strategic Acquisition of Sizeable 45Z Tax Credits Provide Additional Full Ownership of TAMH Future Growth Potential Aligned with Strategy • Meets all stated criteria for ethanol capacity growth PERIOD ANNUAL IMPACT1 • Optimal use of growth capital at an attractive valuation
Slide 71: 25+ Year Track Record of Consecutive Dividend Payments
25+ Year Track Record of Consecutive Dividend Payments • 25+ years of $0.78 uninterrupted dividends, even through volatile markets • Peer-consistent yield with ~12% a history of steady CAGR increases • Disciplined, long-term capital return strategy — no one-time specials Uniquely Disciplined Among P
Slide 72: Positioned to Deliver Shareholder Value through the Ag Cycle
Confident in Our Long-term Value Creation Engine Growth • Diversified, customer-aligned portfolio Enablers • Organic and tuck-in growth strategy • Vertically integrated ethanol operations Positioned to Deliver Competitive Advantages • Entrepreneurial, accountable culture SHAREHOLDER VALUE • Risk man
Slide 73: 2028 Run-rate EPS Target
2028 Run-rate EPS Target KEY DRIVERS 36% $7.00 CAGR Market Conditions: Base case assumes normalized commodity pricing, stable demand for low-CI fuels, and steady export flows Growth Mix: Assumes earnings growth from organic initiatives including expansion at existing locations; Renewables includes n
Slide 74: Key Takeaways
Key Takeaways 01 02 03 Delivering better and more resilient Generating strong cash flow Prioritizing long-term value creation performance through various ag cycles from operations as we execute growth and balance sheet strength through with improved earnings stability and a projects, optimize margin
Slide 75: Closing Remarks
Closing Remarks WE SERVE Bill Krueger PRESIDENT AND CEO 2025 INVESTOR DAY 75
Slide 76: Invest with Us
Invest with Us 01 02 Materially stronger Balanced, diversified company led by a seasoned portfolio that is resilient team with deep expertise in through the cycle and ag products, renewable fuels, rooted in North American 2028 and operational excellence ag supply chain and poised for continued renew
Slide 77: Q&A
Q&A WE SERVE All Presenters 2025 INVESTOR DAY 77
Slide 78: Thank You!
THANK YOU! WE SERVE 2025 INVESTOR DAY 78
Slide 79: Appendix: Non-GAAP to GAAP Reconciliation Tables
Appendix WE SERVE Non-GAAP to GAAP Reconciliation Tables 2025 INVESTOR DAY 79
Slide 80: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) ($000s) 20211 20221 2023 2024 20252 Net income $ 131,542 $ 154,954 $ 132,529 $ 170,700 $ 102,313 Interest expense 37,292 56,849 46,867 31,760 45,335 Income tax provision 29,228 39,628 37,034 30,057 18,828 Depreciation and amortization 157,174 134,7
Slide 81: Non-GAAP Reconciliation: Adjusted Pretax Income
Non-GAAP Reconciliation Adjusted Pretax Income Attributable to The Andersons, Inc. (Unaudited) ($000s) 20211 20221 2023 2024 20252 Pretax income (loss) $ 160,770 $ 194,582 $ 169,563 $ 200,757 $ 121,141 Adjusting items to pretax income: Asset impairment including equity method investments 8,321 13,45
Slide 82: Non-GAAP Reconciliation: Adjusted Net Income
Non-GAAP Reconciliation Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) ($000s, except per share data) 20213 20223 2023 2024 20252 Net income $ 131,542 $ 154,954 $ 132,529 $ 170,700 $ 102,313 Net income attributable to noncontrolling interests 31,880 35,899 31,339 56,688 28,944 N
Slide 83: Non-GAAP Reconciliation: Cash from Operations
Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) ($000s) 2021 2022 2023 2024 20251 Cash (used in) provided by operating activities $ (51,050) $ 287,117 $ 946,750 $ 331,506 $ 451,994 Changes in operating assets and liabilities: Accounts receivable (184,002) (391
Slide 84: Non-GAAP Reconciliation: Agribusiness Adjusted EBITDA
Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) ($000s) 2021 2022 2023 2024 20251 Net income $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 65,960 Interest expense 28,035 49,838 42,458 30,911 43,200 Depreciation & amortization 70,292 62,587 65,377 72,993 83,169 Earnings before interest,
Slide 85: Non-GAAP Reconciliation: Agribusiness Adjusted Pretax Income
Non-GAAP Reconciliation Agribusiness Adjusted Pretax Income (Unaudited) ($000s) 2021 2022 2023 2024 20251 Pretax income $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 65,960 Adjusting items to pretax income: Asset impairment including equity method investments 8,321 13,455 963 — 10,346 Transaction relate
Slide 86: Non-GAAP Reconciliation: Renewables Adjusted EBITDA
Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) ($000s) 2021 2022 2023 2024 20251 Net income $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 111,812 Interest expense 7,610 8,788 6,087 2,828 3,771 Depreciation & amortization 77,542 63,458 51,408 49,705 50,084 Earnings before interest, taxes,
Slide 87: Non-GAAP Reconciliation: Renewables Adjusted Pretax Income
Non-GAAP Reconciliation Renewables Adjusted Pretax Income (Unaudited) ($000s) 2021 2022 2023 2024 20251 Pretax income $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 111,812 Adjusting items to pretax income: Acquisition costs — — — — 5,927 Asset impairment — — 87,156 — 3,352 Gain on deconsolidation of join
Slide 88: Appendix: Leadership Team Bios
Appendix WE SERVE Leadership Team Bios 2025 INVESTOR DAY 88
Slide 89: Bill Krueger | President and CEO
BILL KRUEGER | President and CEO Bill Krueger is President and Chief Executive Officer for The Andersons, Inc. and has more than 30 years of experience working in the agriculture sector. He had previously served as the Company’s Chief Operating Officer and President of the Trade and Processing busin
Slide 90: Brian Valentine | EVP and CFO
BRIAN VALENTINE | EVP and CFO Brian Valentine joined The Andersons, Inc. in 2018 with more than 20 years of senior management experience and expertise encompassing corporate finance, treasury, public capital markets, accounting, tax, and investment management. He previously served as Corporate Vice
Slide 91: Emmanuel Ayuk | EVP, General Counsel and Corporate Secretary
EMMANUEL AYUK | EVP, General Counsel and Corporate Secretary Emmanuel Ayuk joined The Andersons, Inc. in 2025, bringing nearly two decades of legal experience and a strong record of international leadership in the agriculture sector. He previously served as Chief Counsel, Ag Services & Oilseeds Busi
Slide 92: Weston Heide | EVP, Agribusiness
WESTON HEIDE | EVP, Agribusiness Weston Heide joined The Andersons, Inc. in 2019 as part of the Lansing Trade Group, LLC acquisition where he spent more than a decade in various corporate and commercial roles. He most recently served as Senior Vice President for the Company’s former Trade and Proces
Slide 93: Mark Simmons | EVP, Renewables
MARK SIMMONS | EVP, Renewables Mark Simmons joined The Andersons, Inc. in 2019 as part of the Lansing Trade Group, LLC acquisition where he held trading positions for over 15 years. Over the course of Mark’s more than 25 years in the agriculture and renewables industries he has traded a variety of c
Slide 94: Sarah Zibbel | EVP, CHRO
SARAH ZIBBEL | EVP, CHRO Sarah Zibbel joined The Andersons, Inc. in August 2023 and has more than 20 years of leadership experience in human resources and talent management. She previously served as Senior Vice President and Chief Human Resources Officer for Libbey since 2018, where she was part of