The Andersons, Inc. · NASDAQ:ANDE
The Andersons — Investor Presentation (November 2025)
43 slides from The Andersons's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation Planting Seeds to Enable Profitable Long-term Growth November 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 12 AGRIBUSINESS OVERVIEW AND STRATEGIC DIRECTION 17 RENEWABLES OVERVIEW AND STRATEGIC DIRECTION 23 Q3’25 UPDATE AND FINANCIAL OUTLOOK 29 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 STATS1 Driving Organizational Alignment SUSTAINABLE through Re-segmentation to Unlock Value, Better Serve Customers, and Drive Growth COMPETITIVE ADVANTAGES Founded 1947 Broad geographic footprint AGRIBUSINESS with extensive reach close Headquarters Maumee,
Slide 7: Two Complementary Business Segments
Two Complementary Business Segments… AGRIBUSINESS RENEWABLES Focused on ag supply chain from crop Focused on production and distribution of inputs to end user renewable fuels and feedstocks Integrating crop inputs, grain handling, commodity merchandising, Concentrating on ethanol and its co-products
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 and Renewables Company AGRIBUSINESS RENEWABLES Focused ag supply chain from Focused on the production and distribution crop inputs to end user of renewable fuels and feedstocks Optimizing Margins Accelerating Growt
Slide 10: Execution-focused and Experienced Leadership Team with Deep Expertise
Execution-focused 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 Exec
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 Fertilizer Feed Supply Chain Producer Food Supply Chain Fertilizer Fertilizer Wholesale Manufacturing Farm Center Farmer Grain Elevator Ethanol Plant Fuel Supply Chain
Slide 12: Agribusiness Overview and Strategic Direction
Agribusiness WE SERVE Overview and Strategic Direction 2025 INVESTOR PRESENTATION 12
Slide 13: 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 14: 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 15: Why We Win in Agribusiness
Why We Win in Agribusiness One of Largest Grain Majors Strategically Located Customer centric focus that in North America1 Near Producers drives flexible solutions Integration with Renewables • Merchandise broad array • Complementary asset footprint and • Demonstrated track record of • Leverage corn
Slide 16: Historical Financial Performance ($M)
Historical Financial Performance ($M) GROSS PROFIT ADJ. EBITDA 1 ADJ. PRE-TAX DRIVERS INCOME $266 Attributable to ANDE1 Q3’25 $548 $554 $526 $523 • Wheat harvest complete; expected record $221 $218 $204 $153 corn harvest underway but delayed $472 $195 • Limited demand continued; commercial $123 $113
Slide 17: Renewables Overview and Strategic Direction
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 RENEWABLE • Continuous improvement • Distillers corn oil FEEDSTOCKS • Safety culture • Other low-carb
Slide 19: 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 20: Why We Win in Renewables
Why We Win in Renewables 5th Largest U.S. Ethanol Geographically Advantaged Integrated Across the Producer1 Ethanol Plants Value Chain • Focus on continuous improvement • Close to corn production with majority of corn • Farmgate-to-tank car capabilities enable and operational excellence purchased di
Slide 21: Strategic Acquisition of Full Ownership Interest of TAMH
Strategic Acquisition of Full Ownership Interest of TAMH Transaction Details Strategic Growth • Acquired remaining 49.9% ownership interest for $425 Aligned with Strategy million, including $40 million of working capital (net purchase • Meets all stated criteria for ethanol capacity growth price of
Slide 22: Renewables Financial Performance ($M)
Renewables Financial Performance ($M) DRIVERS GROSS PROFIT ADJ. EBITDA 1 ADJ. PRE-TAX Q3’25 INCOME • Solid plant earnings on efficient $220 Attributable to ANDE1 operations and benefit of 100% $111 $243 ownership of plants • Results include year-to-date 45Z tax $171 $88 $187 $189 $80 benefit and cos
Slide 23: Q3’25 Update and Financial Outlook
Q3’25 Update and Financial Outlook WE SERVE 2025 INVESTOR PRESENTATION 23
Slide 24: Financial Performance Overview ($M)
Financial Performance Overview ($M) GROSS PROFIT ADJ. EBITDA 2 ADJ. PRETAX INCOME CASH FROM OPERATIONS Attributable to ANDE2 Before Working Capital Changes2 $745 $412 $184 $694 $695 $405 $684 $353 $363 $159 $322 $330 $323 $593 $147 $315 $317 $127 $268 $110 2021¹ 2022¹ 2023 2024 TTM 2021¹ 2022¹ 2023
Slide 25: Cash and Liquidity
Cash and Liquidity HIGHLIGHTS Positive operating cash flows in 1 challenging markets during the quarter Readily marketable inventories (RMI) 2 continue to significantly exceed short-term debt Short-term debt increased as a result 3 of acquisitions 4 Capacity to fund future growth 1 Non-GAAP financia
Slide 26: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; 1 expect 2025 spend of ~$200M 2 Strong and flexible balance sheet Continued focus on long-term debt-to- 3 EBITDA2 ratio <2.5x; currently 2.0x 1 Measure derived from purchases of PPE, capitalized software, and investme
Slide 27: EPS Milestone
EPS Milestone Adjusted EPS1,2 ($M) HIGHLIGHTS Converting EBITDA target to EPS in Run Rate 1 conjunction with TAMH acquisition 2026 Target and 45Z tax credits $4.30 $4.05 EPS target based on same $3.44 $3.40 2 assumptions at the time it was set $2.89 $2.56 Exceeded previous 2023 and 2025 3 EBITDA tar
Slide 28: 2025 Outlook
2025 Outlook AGRIBUSINESS RENEWABLES •Assets well-positioned for large corn harvest •Margins should remain supportive on expected strong demand and large corn •Improved post-harvest fertilizer application harvest margins; volumes dependent on weather and farmer economics •Favorable biofuels policy l
Slide 29: 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 30: Appendix: Supplemental Slides and Non-GAAP Reconciliations
Appendix WE SERVE Supplemental Slides and Non-GAAP Reconciliations 2025 INVESTOR PRESENTATION 30
Slide 31: Key Financial Data – Q3 '25
Key Financial Data – Q3 '25 $M, except per share Q3 '25 Q3 '24 YTD '25 YTD '24 Sales and Merchandising Revenues $ 2,678 $ 2,621 $ 8,473 $ 8,134 Gross Profit 171 177 482 481 Pretax Income 26 62 54 134 Pretax Income Attributable to ANDE1 20 38 34 86 Adjusted Pretax Income Attributable to ANDE1 31 35 4
Slide 32: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended September 30, Nine months ended September 30, ($000s, except per share data) 2025 2024 2025 2024 Net income $ 26,071 $ 51,461 $ 48,209 $ 116,596 Net income attributable to noncontrolling in
Slide 33: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) ($000s, except per share data) 20211 20221 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 34: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) Three months ended September 30, Nine months ended September 30, ($000s) 2025 2024 2025 2024 Cash provided by (used in) operating activities $ 233,882 $ (2,112) $ 183,183 $ 62,695 Changes in operating assets and
Slide 35: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Quarter to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended September 30, 2025 Sales and merchandising revenues $ 1,988,907 $ 688,805 $ — $ 2,677,712 Gross profit 126,910 43,962 — 170,872 Operating, administrative and general expens
Slide 36: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Nine months ended September 30, 2025 Sales and merchandising revenues $ 6,397,021 $ 2,075,658 $ — $ 8,472,679 Gross profit 377,570 104,590 — 482,160 Operating, administrative and general expense
Slide 37: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended September 30, 2025 Net income (loss) $ 1,466 $ 43,487 $ (18,882) $ 26,071 Interest expense (income) 9,111 1,678 (311) 10,478 Tax provision — — (228) (228) Dep
Slide 38: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Nine months ended September 30, 2025 Net income (loss) $ 10,689 $ 85,792 $ (48,272) $ 48,209 Interest expense (income) 33,268 3,101 (1,300) 35,069 Tax provision — — 5,682 5,682 Dep
Slide 39: Non-GAAP Reconciliation
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 (income) 37,292 56,849 46,867 31,760 45,335 Income tax provision (benefit) 29,228 39,628 37,034 30,057 18,828 Depreciation and amortiz
Slide 40: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Nine months ended September 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 10,689 Interest expense 28,035 49,838 42,458 30,911 33,268 Depreciation & amortizat
Slide 41: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Nine months ended September 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 85,792 Interest expense 7,610 8,788 6,087 2,828 3,101 Depreciation & amortization 77,542
Slide 42: Non-GAAP Reconciliation
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 (income) 37,292 56,849 46,867 31,760 45,335 Income tax provision (benefit) 29,228 39,628 37,034 30,057 18,828 Depreciation and amortiz
Slide 43: 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 $ 451,994 Changes in operating assets and liabilities: Accounts receivable (184,002) (391
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