Slide 1: First Quarter 2026 Earnings Call
FIRST QUARTER 2026 Earnings Call May 6, 2026 Q1’25 EARNINGS PRESENTATION
Slide 2: Safe Harbor and Non-GAAP Financial Measures
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 condit
Slide 3: Speakers
Speakers BILL KRUEGER BRIAN VALENTINE MIKE HOELTER President and Chief Executive Vice President and Vice President, Corporate Executive Officer Chief Financial Officer Controller and Investor Relations Q1’26 EARNINGS PRESENTATION 3
Slide 4: Q1 '26 Highlights
Q1 ‘26 Highlights AGRIBUSINESS RENEWABLES •Resilience through changing markets from •Continued efficient operations and strong volatility and geopolitical uncertainty demand on favorable policy landscape •Fertilizer improved on higher margins and •Merchandising businesses were more efficient operati
Slide 5: Key Financial Data – Q1 '26
Key Financial Data – Q1 '26 $M, except per share YTD '26 YTD '25 Sales and Merchandising Revenues $ 2,627 $ 2,659 Gross Profit 161 153 Pretax Income 34 3 Pretax Income (loss) Attributable to ANDE1 38 (2) Adjusted Pretax Income Attributable to ANDE1 44 3 Net Income Attributable to ANDE 33 — Adjusted
Slide 6: Cash and Liquidity Highlights
Cash and Liquidity HIGHLIGHTS Improved operating cash flows from 1 strong performance in the quarter Readily marketable inventories 2 continue to exceed short-term debt 3 Short-term debt increased with increased market volatility and seasonality 1 Non-GAAP financial measure; see appendix for reconci
Slide 7: Capital Spending and Long-term Debt Highlights
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; 1 expect 2026 spend of ~$225M Strong and flexible balance sheet; 2 capacity to fund future growth Continued focus on long-term debt-to- 3 EBITDA2 ratio <2.5x; currently 1.6x 1 Measure derived from purchases of PP&E, c
Slide 8: Agribusiness – Q1 '26 Highlights
Agribusiness – Q1 '26 Highlights HIGHLIGHTS Unaudited in $M YTD '26 YTD '25 Return of volatility improved Revenues $ 1,920 $ 1,993 1 merchandising results; assets realized less space income Gross profit 134 119 Improved premium ingredients 2 results from our strategic Pretax income (loss) 7 (10) inv
Slide 9: Renewables – Q1 '26 Highlights
Renewables – Q1 '26 Highlights HIGHLIGHTS Solid plant earnings on efficient Unaudited in $M YTD '26 YTD '25 1 operations and benefit of 100% ownership of plants Revenues $ 707 $ 666 Results include increased 45Z tax Gross profit 27 34 2 credits on record production Pretax income 40 25 Improved DCO p
Slide 10: Outlook
Outlook AGRIBUSINESS RENEWABLES •Prepared to meet customer demand in •Expect margins to remain supportive on volatile markets strong fundamentals •Anticipate above average corn acres and •Favorable biofuels policy landscape, fertilizer margin opportunities including continuing 45Z credits •Remain on
Slide 11: Q&A Session
Q&A SESSION Q1’26 EARNINGS PRESENTATION 11
Slide 12: Thank You for Joining Us
THANK YOU FOR JOINING US Our next earnings call is scheduled for August 4, 2026, at 8:30 AM ET Q1’26 EARNINGS PRESENTATION 12
Slide 13: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q1’26 EARNINGS PRESENTATION 13
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended March 31, ($000s, except per share data) 2026 2025 Net income $ 29,332 $ 5,331 Net (loss) income attributable to noncontrolling interests (3,856) 5,047 Net income attributable to The Anders
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended March 31, 2026 Sales and merchandising revenues $ 1,919,967 $ 707,299 $ — $ 2,627,266 Gross profit 133,906 26,678 — 160,584 Operating, administrative and general expenses 121,
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended March 31, 2026 Net income (loss) $ 7,405 $ 39,591 $ (17,664) $ 29,332 Interest expense 13,688 3,059 91 16,838 Tax provision — — 4,560 4,560 Depreciation and amor
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) Three months ended March 31, ($000s) 2026 2025 Cash used in operating activities $ (393,675) $ (350,020) Changes in operating assets and liabilities Accounts receivable (120,542) (53,268) Inventories (34,986) 38,
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Three months ended March 31, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 127,624 $ 107,939 $ 109,156 $ 56,587 $ 7,405 Interest expense 49,838 42,548 30,911 43,482 13,688 Depreciation & amortization 6
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Three months ended March 31, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 114,984 $ 104,519 $ 139,760 $ 140,102 $ 39,591 Interest expense 8,788 6,087 2,828 5,681 3,059 Depreciation & amortization 63,458