Slide 1: Investor Presentation
Investor Presentation Planting Seeds to Enable Profitable Long-term Growth May 2025 2025 INVESTOR PRESENTATION
Slide 2: 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 3: Table of Contents
Table of Contents PAGE 4 INTRODUCTION TO THE ANDERSONS 13 AGRIBUSINESS OVERVIEW AND STRATEGIC DIRECTION 17 RENEWABLES OVERVIEW AND STRATEGIC DIRECTION 20 Q1’25 UPDATE AND FINANCIAL OUTLOOK 28 APPENDIX 2025 INVESTOR PRESENTATION 3
Slide 4: Introduction to The Andersons
Introduction to The Andersons WE SERVE 2025 INVESTOR PRESENTATION 4
Slide 5: Key Themes
Key Themes Firmly rooted in North American ag supply chain driven by seasoned 01 team with deep expertise of commodities and operational excellence Opportunity to enhance our industry position by leveraging robust 02 balance sheet, sustainable cash flows, strategic focus, and rapid execution Expandi
Slide 6: The Andersons Snapshot (NASDAQ: ANDE)
The Andersons Snapshot (NASDAQ: ANDE) KEY STATS ADJ. EBITDA 1,2,3 SUSTAINABLE BY SEGMENT COMPETITIVE ADVANTAGES Founded 1947 Driving Organizational Alignment through Broad geographic footprint Re-segmentation to Unlock Value, Better Serve with extensive reach close Headquarters Maumee, OH Customers,
Slide 7: Two Complementary Business Segments
Two Complementary Business Segments… AGRIBUSINESS RENEWABLES Focused on ag supply chain from field to end user Focused on production and distribution of biofuels Integrating grain handling, commodity merchandising, and specialty Concentrating primarily on ethanol and its co-products, while ingredien
Slide 8: …with Clear Growth Drivers
…with Clear Growth Drivers Track Record of Strong Execution with Ability to be Nimble in Emerging Trends AGRIBUSINESS RENEWABLES • Execute on Skyland Grain, LLC integration and • Low Carbon Intensity (CI) Ethanol: Continue pursuing complete Houston project low CI ethanol and increased volume product
Slide 9: Long-term Strategic Framework for Profitable Growth
Long-term Strategic Framework for Profitable Growth Nimble North American Agriculture Company AGRIBUSINESS RENEWABLES Focused from the field to the end user Focused on the production and distribution of biofuels Accelerating Organic Growth Centralizing and Optimizing Margins through Partnerships and
Slide 10: Execution-focused and Experienced Leadership Team with Deep Expertise
Execution-focused and Experienced Leadership Team with Deep Expertise 117 YEARS Industry Experience 27 YEARS The Andersons Tenure Top 3 Skills Brought to BILL KRUEGER BRIAN VALENTINE WESTON HEIDE MARK SIMMONS SARAH ZIBBEL The Andersons President and Executive Vice President Executive Executive Execu
Slide 11: 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 WHY WE WIN Fertilizer • Supply chain and Refinery Food Supply Chain Producer market expertise • Strong farmer Fertilizer Manufacturing Protein Supply Chain relationshi
Slide 12: Broad Geographic Footprint with Scale in Grain and Fertilizer Businesses
Broad Geographic Footprint with Scale in Grain and Fertilizer Businesses United Kingdom WELL-POSITIONED BC AB SK MB ON QB IN KEY GEOGRAPHIES WA ME ND MT • Complementary asset footprint and ID MN WI ON NY VT NH OR MA merchandising business allowing SD MI CT RI more consistent earnings WY PA NJ IA NE
Slide 13: Agribusiness
Agribusiness WE SERVE Overview and Strategic Direction 2025 INVESTOR PRESENTATION 13
Slide 14: Where We Play in Agribusiness
Where We Play in Agribusiness THE ANDERSONS CAPABILITIES SELECTED EXAMPLES • Grains and oilseeds • Merchandising • Feed ingredients AG SUPPLY CHAIN • Elevator assets • Propane and fuel distribution • Export and international market expertise • Risk management products • Pet food ingredients • Mercha
Slide 15: Why We Win in Agribusiness
Why We Win in Agribusiness One of Largest Grain Majors Strategically Located Near Diverse Set of Nutrient Businesses in North America1 Producers with Strong Market Positions • Purchase and merchandise grain, • Complementary asset footprint and • Leader in receiving, storing, and provide value-added
Slide 16: Historical Financial Performance ($M)
Historical Financial Performance ($M) GROSS PROFIT ADJ. EBITDA 1 ADJ. PRE-TAX DRIVERS INCOME $266 Attributable to ANDE1 Q1’25 $548 $542 $526 $523 • Grain assets impacted by weak basis in $221 $218 $220 $204 $153 the west $472 • Solid merchandising results despite $123 $113 $108 limited commercial en
Slide 17: Renewables
Renewables WE SERVE Overview and Strategic Direction 2025 INVESTOR PRESENTATION 17
Slide 18: Where We Play in Renewables
Where We Play in Renewables THE ANDERSONS CAPABILITIES SELECTED EXAMPLES • Denatured ethanol ETHANOL • CO2 utilization • Plant production • E85 fuel • Operational expertise • Process standardization BIOFUEL • Continuous improvement • Distillers corn oil FEEDSTOCKS • Safety culture • Other low-carbon
Slide 19: Why We Win in Renewables
Why We Win in Renewables Logistically Advantaged Ethanol Plants Positioned 5th Largest U.S. Ethanol Producer1 Close to Corn Production and End Markets • Focus on continuous improvement and operational • Significant margin advantages as one of the lowest excellence in ethanol production cost per gall
Slide 20: Renewables Financial Performance ($M)
Renewables Financial Performance ($M) GROSS PROFIT ADJ. EBITDA 1 ADJ. PRE-TAX DRIVERS INCOME $220 Attributable to ANDE1 Q1’25 $111 $243 • Improved ethanol margins $171 $176 • Improved RD feedstock and ethanol $187 $189 $193 $79 $80 $81 merchandising results $136 $169 $120 • Reduced feed ingredient v
Slide 21: Q1'25 Update and Financial Outlook
Q1’25 Update and Financial Outlook WE SERVE 2025 INVESTOR PRESENTATION 21
Slide 22: Financial Performance Overview ($M)
Financial Performance Overview ($M) GROSS PROFIT ADJ. EBITDA 2 ADJ. PRETAX INCOME CASH FROM OPERATIONS Attributable to ANDE2 Before Working Capital Changes2 $745 $718 $412 $184 $694 $405 $684 $353 $363 $369 $159 $330 $323 $332 $593 $147 $322 $315 $143 $127 2021¹ 2022¹ 2023 2024 TTM 2021¹ 2022¹ 2023
Slide 23: Cash and Liquidity
Cash and Liquidity Cash from Operations Before Short-term Debt HIGHLIGHTS Working Capital Changes1 ($M) vs. RMI ($M) Consistent and strong operating cash $945 1 flows in changing markets $57 $828 Readily marketable inventories (RMI) $48 2 continue to significantly exceed short- $636 term debt Short-
Slide 24: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt Capital Spending1 ($M) Long-term Debt ($M) HIGHLIGHTS Capital investments include growth; $47 $651 $644 1 expect 2025 spend of ~$175M to $200M 2 Strong and flexible balance sheet $27 Continued focus on managing long-term 3 debt-to-EBITDA2 ratio <2.5x; currently 1.
Slide 25: EBITDA Milestone
EBITDA Milestone Adjusted EBITDA1,2 ($M) HIGHLIGHTS 2026 Target Achieved consecutive record years in $475M 1 2021 and 2022 $412 $405 $363 $369 Exceeded previous 2023 and 2025 $353 2 targets ahead of schedule Pushed $475M run-rate EBITDA target 3 from 2025 to 2026 given evolving market conditions 202
Slide 26: 2025 Outlook
2025 Outlook AGRIBUSINESS RENEWABLES • Grain assets well-positioned for expected large • Margins should remain supportive on expected corn harvest and wheat opportunities, amid strong demand and potential increase in RVO changing market conditions requirements • Anticipate uplift in agronomy results
Slide 27: Key Takeaways
Key Takeaways 01 02 03 04 05 Firmly rooted in the Opportunity to Expanding reach and Repeatable profitable Clear strategy to North American ag enhance our industry capabilities to better businesses through capture meaningful supply chain driven by position by leveraging serve the farmgate the econom
Slide 28: Appendix
Appendix WE SERVE Supplemental Slides and Non-GAAP Reconciliations 2025 INVESTOR PRESENTATION 28
Slide 29: Key Financial Data – Q1'25
Key Financial Data – Q1’25 $M, except per share YTD ’25 YTD ’24 Sales and Merchandising Revenues $ 2,659 $ 2,718 Gross Profit 153 128 Pretax Income 3 14 Pretax Income (loss) Attributable to ANDE1 (2) 7 Adjusted Pretax Income Attributable to ANDE1 3 7 Net Income Attributable to ANDE1 – 6 Adjusted Net
Slide 30: 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) 2025 2024 Net income $ 5,331 $ 12,665 Net income attributable to noncontrolling interests 5,047 7,084 Net income attributable to The Andersons, Inc.
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) Three months ended March 31, ($000s, except per share data) 2025 2024 Cash used in operating activities $ (350,020) $ (239,627) Changes in operating assets and liabilities Accounts receivable (53,268) 57,725 Inve
Slide 32: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended March 31, 2025 Sales and merchandising revenues $ 1,993,287 $ 665,811 $ — $ 2,659,098 Gross profit 118,598 34,274 — 152,872 Operating, administrative and general expenses 124,
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date EBITDA and Adjusted EBITDA (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended March 31, 2025 Net income (loss) $ (9,676) $ 24,881 $ (9,874) $ 5,331 Interest expense (income) 12,826 698 (428) 13,096 Tax benefit — — (2,118) (2,118) Depreciat
Slide 34: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) ($000s) 20211 20221 2023 2024 20252 Net income (loss) $ 131,542 $ 154,954 $ 132,529 $ 170,700 $ 163,366 Interest expense (income) 37,292 56,849 46,867 31,760 38,334 Income tax provision (benefit) 29,228 39,628 37,034 30,057 26,635 Depreciation and
Slide 35: Non-GAAP Reconciliation
Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Three months ended March 31, ($000s) 2021 2022 2023 2024 2025 Net income (loss)1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ (9,676) Interest expense 28,035 49,838 42,458 30,911 12,826 Depreciation & amor
Slide 36: Non-GAAP Reconciliation
Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Three months ended March 31, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 24,881 Interest expense 7,610 8,788 6,087 2,828 698 Depreciation & amortization 77,542 63
Slide 37: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Pretax Income Attributable to The Andersons, Inc. (Unaudited) ($000s) 20211 20221 2023 2024 20252 Pre-tax income (loss) $ 160,770 $ 194,582 $ 169,563 $ 200,757 $ 190,001 (Income) loss attributable to the noncontrolling interests (31,880) (35,899) (31,339) (56,688) (5
Slide 38: Non-GAAP Reconciliation
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 $ 221,113 Changes in operating assets and liabilities: Accounts receivable (184,002) (391