The Andersons, Inc. · NASDAQ:ANDE
The Andersons — Andersons — Investor Day (December 2025)
94 slides from The Andersons's investor day presentation, Dec 9, 2025
Slide 1: 2025 Investor Day
2025 INVESTOR DAY Investor Day December 9, 2025 New York City Exhibit 99.1
Slide 2: Welcome and Opening Remarks
2025 INVESTOR DAY Welcome and Opening Remarks Mike Hoelter VP, CORPORATE CONTROLLER AND INVESTOR RELATIONS 2
Slide 3: Safe Harbor and Non-GAAP Financial Measures
2025 INVESTOR DAY 3 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, competition, geopolitica
Slide 4: Today's Agenda
2025 INVESTOR DAY Today’s Agenda Welcome and Opening Remarks MIKE HOELTER | VP, Corporate Controller and IR 9:00 AM Building a Platform for Profitable Growth Company Vision and Long-term Strategy BILL KRUEGER | President and CEO Driving Growth and Value across Ag Supply Chain Agribusiness Overview W
Slide 5: The Andersons Sizzle Reel
2025 INVESTOR DAY 5 The Andersons Sizzle Reel
Slide 6: Building a Platform for Profitable Growth
2025 INVESTOR DAY Building a Platform for Profitable Growth Company Vision and Long-term Strategy Bill Krueger PRESIDENT AND CEO 6
Slide 7: Key Messages
2025 INVESTOR DAY 7 Key Messages Materially stronger company led by a seasoned team with deep expertise in ag products, renewable fuels, and operational excellence poised for continued profitable growth Balanced, diversified portfolio that is resilient through the cycle and rooted in North American
Slide 8: Driving Effective Change through Our Transformation Journey
2025 INVESTOR DAY 8 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 – l
Slide 9: Who We Are and What We Do
2025 INVESTOR DAY 9 WHO WE ARE AND WHAT WE DO
Slide 10: The Andersons Snapshot
2025 INVESTOR DAY 10 1 All data is Trailing Twelve Months ended 9/30/2025. 2 Inclusive of Skyland employees. 3 As of 9/30/2025. 4 Non-GAAP financial measure; see appendix for reconciliations. 5 Excludes the impact of the “Other” segment. A Leading, Nimble North American Ag and Renewable Fuels Compan
Slide 11: Two Integrated and Complementary Segments
2025 INVESTOR DAY 11 Two Integrated and Complementary Segments 5th Largest U.S. Ethanol Producer • Refine corn into ethanol and other high-value products • Supply corn oil and other low-carbon intensity feedstocks to renewable diesel industry • Pursue carbon sequestration to reduce emissions and enh
Slide 12: Serving Supply Chain with Strategic Assets and Merchandising Capabilities
2025 INVESTOR DAY Serving Supply Chain with Strategic Assets and Merchandising Capabilities Our Unique Insights Connect Production to Demand of Global Food, Feed, and Fuel Supply Chains 12 Fuel Supply Chain Food Supply Chain Feed Supply Chain International Customer AG & INDUSTRIAL INPUTS AG PRODUCTI
Slide 13: Agribusiness 101: What We Do
2025 INVESTOR DAY Agribusiness 101: What We Do Close-to-Customer Wholesale Distribution and Specialty Liquids Manufacturing Sites 13 Specialty Liquids Manufacturing Sites Wholesale Distribution Network AG & INDUSTRIAL INPUTS Farm Center Farmer Fertilizer Producer Fertilizer Wholesale Fertilizer Manu
Slide 14: Agribusiness 101: Grain Handling and Storage
2025 INVESTOR DAY Grain Handling and Storage 14 Agribusiness 101: What We Do End User Customer Grain Originations Grain Elevator Fuel Supply Chain International Customer Food Supply Chain Feed Supply Chain AG PRODUCTION & PROCESSING END USER Export Terminal Grain Elevator Ethanol PlantFarmer Where T
Slide 15: Agribusiness 101: Merchandising Expertise
2025 INVESTOR DAY Agribusiness 101: What We Do Merchandising Expertise Connecting Buyers and Sellers as well as Managing Logistics 15 Logistics Execution Macro Expertise, Trusted Advisor Fundamental Market Analysis Fuel Supply Chain International Customer Food Supply Chain Feed Supply Chain AG PRODU
Slide 16: Renewables 101: Ethanol Production and Plants
2025 INVESTOR DAY 16 Renewables 101: What We Do Ethanol Production and Plants Corn (Feedstock for Production) Ethanol Operations Ethanol for Gasoline Blending Co-products: DDGS, DCO, and CO2 Export Terminal Food Supply Chain Fuel Supply Chain International Customer Feed Supply Chain AG PRODUCTION &
Slide 17: Renewables 101: What We Do
2025 INVESTOR DAY Renewables 101: What We Do 17 Export Terminal Food Supply Chain Fuel Supply Chain International Customer Feed Supply Chain AG PRODUCTION & PROCESSING END USER Grain Elevator Ethanol PlantFarmer ANDE Merchandising Expertise Fats, Oils, & Greases Soybean Crush Plants Logistics Expert
Slide 18: Renewables 101: Tax Credits
2025 INVESTOR DAY 18 Renewables 101: Tax Credits Understanding the 45Z Clean Fuel Production Credit Sizeable 45Z Tax Credits Provide Additional Future Growth Potential Overview • Performance-based tax credits for clean fuel producers starting in 2025 • Potential credit of up to $1.00/gal with prevai
Slide 19: Poised to Capture Market Opportunity with Clear Growth Strategy
2025 INVESTOR DAY 19 POISED TO CAPTURE MARKET OPPORTUNITY OVER THE LONG-TERM WITH CLEAR GROWTH STRATEGY
Slide 20: Well-positioned for Favorable Macro Trends
2025 INVESTOR DAY 20 Well-positioned for Favorable Macro Trends Bi-partisan policy support continues to reinforce long-term positive momentum in energy and agriculture markets Resilient and Flexible Supply Chains Create Sizeable Opportunities within Agribusiness and Renewables Increased ethanol blen
Slide 21: Long-term Strategic Framework for Profitable Growth
2025 INVESTOR DAY 21 Long-term Strategic Framework for Profitable Growth ACCELERATING growth by expanding established platforms OPTIMIZING margins through commercial and operational excellence DELIVERING value through disciplined capital allocation • Leveraging strong customer relationships to captu
Slide 22: The Andersons Operating Model
2025 INVESTOR DAY 22 The Andersons Operating Model We Serve All Stakeholders Customers Provide extraordinary service Employees Help each other improve Communities Support where we live and serve Shareholders Increase the value of the company Statement of Principles We Serve
Slide 23: Top-grade Talent with Diverse Skills and Backgrounds
2025 INVESTOR DAY 23 Top-grade Talent with Diverse Skills and Backgrounds Focused on Execution and Operational Excellence Performance Driven and Experienced Leadership Team with Deep Expertise 100+ YEARS Industry Experience 75+ YEARS The Andersons Tenure Top 3 Skills Brought to The Andersons 01 Expe
Slide 24: Introducing Our Run-rate EPS Expectations
2025 INVESTOR DAY 24 Clear Strategy to Deliver Enhanced Returns through the Ag Cycle Introducing Our Run-rate EPS Expectations $2.56 $4.30 $7.00 TTM 2025 2026E 2028E // 1 For the Trailing Twelve Months ended 9/30/2025. 1
Slide 25: Driving Growth and Value across Ag Supply Chain
2025 INVESTOR DAY Driving Growth and Value across Ag Supply Chain Agribusiness Overview Weston Heide EVP, AGRIBUSINESS 25
Slide 26: Key Messages
2025 INVESTOR DAY 26 Key Messages Well-positioned for long-term profitable growth with deep understanding of agricultural markets complemented with logistics expertise Leveraging ability to serve the Ag Supply Chain – from farmers to end users through a focused, value-add approach that delivers mean
Slide 27: Agribusiness Snapshot
2025 INVESTOR DAY 33M Tonnes of Commodities Traded 1.9M Tons of Fertilizer Sold ~175 Facilities 275M Bushel Grain Storage Capacity 27 Note: Volumes for the year ended 12/31/2024; Financials for the twelve months ended 9/30/25. 1 Non-GAAP financial measure; see appendix for reconciliations. A Scaled,
Slide 28: Broad Geographic Footprint
2025 INVESTOR DAY 28 Broad Geographic Footprint United Kingdom Switzerland AGRIBUSINESS LOCATIONS CO KS OK SD WY IA NE MO NM TX AZ UTNV CA OR WA ID MT ND MN IL WI MI IN AR LA MS AL TN KY GA FL SC NC VA WV MD DE PA OH NY VT CT MA NH ME RI Mexico NJ BC AB SK MB QCON Canada WELL-POSITIONED IN KEY GEOGR
Slide 29: Agribusiness Crop Cycle and Our Role
2025 INVESTOR DAY HARVEST & POST HARVESTGROWING CROPSPLANTINGPRE-PLANTING • Harvest and deliver grain • Finalize marketing on remaining grain; review financials for next planting year • Monitor crops / manage pests and disease • Assess yield potential • Plant crops, often in tight windows depending
Slide 30: Agribusiness 101: Where We Play
2025 INVESTOR DAY PREMIUM INGREDIENTS • Merchandising • Light processing • CPG procurement strategies • Pet food ingredients • Specialty crops (e.g., pulses, edible beans) • Food corn THE ANDERSONS CAPABILITIES SELECTED EXAMPLES ASSETS AND MERCHANDISING • Merchandising • Grain elevators • Logistics
Slide 31: Favorable, Long-term Agribusiness Tailwinds
2025 INVESTOR DAY 31 Poised to Capitalize on Favorable, Long-term Agribusiness Tailwinds INDUSTRY-WIDE TRENDS… …CONNECTED TO AGRIBUSINESS TAILWINDS • Proven ability to source and move grain flexibly across geographies • Strong commercial expertise to manage volatility and capture arbitrage opportuni
Slide 32: Why We Win in Agribusiness
2025 INVESTOR DAY 32 Why We Win in Agribusiness One of Largest Grain Companies in North America1 • Merchandise broad array of grain and grain products, food and feed ingredients and specialty grains • Merchandising volume exceeds our storage capacity allowing us to achieve a multiplier effect • Oper
Slide 33: Long-term Strategic Framework for Profitable Growth
2025 INVESTOR DAY 33 Long-term Strategic Framework for Profitable Growth ACCELERATING growth by expanding established platforms OPTIMIZING margins through commercial and operational excellence DELIVERING value through disciplined capital allocation
Slide 34: Scaling Strategically with High-return Projects and Platform Synergies
2025 INVESTOR DAY 34 Scaling Strategically with High-return Projects and Platform Synergies ACCELERATING growth by expanding established platforms ACCELERATING Skyland Acquisition and Integration Strengthening geographic presence and expanding merchandising capabilities Houston Port Expansion Expand
Slide 35: Continuous Improvement with Commercial and Operational Excellence
2025 INVESTOR DAY 35 Leveraging a Continuous Improvement Mindset with Commercial and Operational Excellence OPTIMIZING OPTIMIZING margins through commercial and operational excellence Commercial Excellence Operational Excellence • Incorporating a customer-centric approach across all activities • Bui
Slide 36: Key Takeaways
2025 INVESTOR DAY 01 02 03 04 36 Key Takeaways Well-positioned for long-term profitable growth with deep understanding of agricultural markets complemented with logistics expertise Leveraging ability to serve the Ag Supply Chain – from farmers to end users through a focused, value-add approach that
Slide 37: Scaling for Sustained, Profitable Growth
2025 INVESTOR DAY Scaling for Sustained, Profitable Growth Renewables Overview Mark Simmons EVP, RENEWABLES 37
Slide 38: Key Messages
2025 INVESTOR DAY 38 Key Messages Outperforming through operational excellence and disciplined execution with a long runway ahead for value creation Accelerating scale through strategic M&A of top-tier, large scale, efficient plants; expanding reach, boosting production, and unlocking synergies Adva
Slide 39: Renewables Snapshot
2025 INVESTOR DAY 1.6B Pounds of Renewable Feedstocks Merchandised 335M 3rd-Party Ethanol Gallons Merchandised 2.5M Tons of Feed Products Handled 39 Note: Volumes for the year ended 12/31/2024; financials for the twelve months ended 9/30/25; includes 100% of legacy The Andersons Marathon Holdings et
Slide 40: Eastern Footprint Enables Strong Connection to Growers and End Users
2025 INVESTOR DAY CO KS OK SD WY IA NE MO NM TX AZ UTNV CA OR WA ID MT ND MN IL WI MI IN AR LA MS AL TN KY GA SC NC VA WV MD PA OH NY VT CT MA NH ME RI NJ OUR ADVANTAGE IN NORTH AMERICA • Well-located plants drive sourcing efficiency / proximity to feedstock • Access to all active North American LCF
Slide 41: Renewables 101: Where We Play
2025 INVESTOR DAY 41 Renewables 101: Where We Play SPOTLIGHT Collaboration with Agribusiness • Ensure supply reliability, price risk management, and logistics for moving corn to ethanol plants • Offer comprehensive fundamental market analysis • Leverage asset capabilities • Provide co-product export
Slide 42: Value from Co-products at Our Ethanol Plants
2025 INVESTOR DAY 42 Significant Value Coming from Co-products Produced at Our Ethanol Plants Renewables 101: What is Produced from One Kernel of Corn Ethanol 80% AVERAGE PLANT REVENUES BY PRODUCT DDGS: Dried Distillers Grains with Solubles. DCO: Distillers Corn Oil. 34% Ethanol 14% Water27% DDGS 1%
Slide 43: Favorable, Long-term Renewables Tailwinds
2025 INVESTOR DAY 43 Poised to Capitalize on Favorable, Long-term Renewables Tailwinds …CONNECTED TO RENEWABLE TAILWINDS • Well-positioned as a low-CI ethanol producer with scalable capacity • Optionality across ethanol, renewable feedstocks, and CO2 utilization Global Push Toward Decarbonization •
Slide 44: Why We Win in Renewables
2025 INVESTOR DAYCCUS: Carbon Capture, Utilization, and Sequestration. LCFS: Low Carbon Fuel Standard. 1 Source: Renewable Fuels Association. Why We Win in Renewables 44 5th Largest U.S. Ethanol Producer1 • Focus on continuous improvement and operational excellence • Deep relationships across the su
Slide 45: Long-term Strategic Framework for Profitable Growth
2025 INVESTOR DAY 45 Long-term Strategic Framework for Profitable Growth ACCELERATING growth by expanding established platforms OPTIMIZING margins through commercial and operational excellence DELIVERING value through disciplined capital allocation
Slide 46: Unlock Growth through Low-CI Opportunities and Renewable Feedstocks
2025 INVESTOR DAY ACCELERATING growth by expanding established platforms 46 Well-positioned to Unlock Growth through Low-CI Opportunities and Renewable Feedstocks ACCELERATING Strategic Growth Levers Unlocking Value from 45Z and Projects CI: Carbon Intensity. RVO: Renewable Volume Obligation. LCFS:
Slide 47: Driving Higher Margins through Efficiency, Discipline, and Commercial Rigor
2025 INVESTOR DAY OPTIMIZING margins through commercial and operational excellence 47 Driving Higher Margins through Efficiency, Discipline, and Commercial Rigor OPTIMIZING Strategic Commercial Leverage Operational Excellence at the Plant Level Merchandising efficiencies • Complimentary volumes of e
Slide 48: Key Takeaways
2025 INVESTOR DAY 01 02 03 04 48 Key Takeaways Outperforming through operational excellence and disciplined execution with a long runway ahead for value creation Accelerating scale through strategic M&A of top-tier, large scale and efficient plants; expanding reach, boosting production, and unlockin
Slide 49: Q&A
2025 INVESTOR DAY Q&A Above Presenters 49
Slide 50: Break
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Slide 51: People and Culture
2025 INVESTOR DAY Performance Driven Culture Driven by High-performing Talent People and Culture Sarah Zibbel EVP, CHIEF HUMAN RESOURCES OFFICER 51
Slide 52: Key Messages
2025 INVESTOR DAY 52 Key Messages Creating differentiated value through our high-performing talent and execution-focused culture 01 Taking deliberate actions to attract, develop, and retain current and next generation of industry leaders within the ag and renewables supply chain 02Aligning disciplin
Slide 53: Our People and Culture Continue to be a Competitive Advantage
2025 INVESTOR DAY 53 Our People and Culture Continue to be a Competitive Advantage Industry-leading and Performance-driven Talent 40% Internal Leadership Mobility (vs. 30% Market Average2) 2,600 Total Employees1 (40% Salaried / 60% Hourly) 8.5 Years Average Tenure (vs. 3.9 Years Market Average4) 7%
Slide 54: Strategic Alignment and Streamlining Work
2025 INVESTOR DAY 54 Strategic Alignment and Streamlining Work ATTRACTING, DEVELOPING, AND RETAINING top talent to preserve and grow our expertise within the North American ag and renewable fuels ALIGNING people, processes, and systems for strategic execution, business agility and operational excell
Slide 55: Statement of Principles We Serve All Stakeholders
2025 INVESTOR DAY Statement of Principles We Serve All Stakeholders Customers Provide extraordinary service Employees Help each other improve Communities Support where we live and serve Shareholders Increase the value of the company 55 The Andersons Operating Model We Serve ALIGNING
Slide 56: Statement of Principles We Serve All Stakeholders
2025 INVESTOR DAY Statement of Principles We Serve All Stakeholders Customers Provide extraordinary service Employees Help each other improve Communities Support where we live and serve Shareholders Increase the value of the company 56 The Andersons Operating Model We Serve ALIGNING
Slide 57: Our Commitments
2025 INVESTOR DAY 57 Our Commitments Our shared commitments provide clear expectations on the Anderson’s core values, behavioral norms, and operating principles. o Team – We believe in the strength of collaboration, respecting diverse perspectives, and working together to achieve shared goals to cre
Slide 58: Our Strengths
2025 INVESTOR DAY 58 Our Strengths We bring unique strengths that bring credibility and long-standing relationships in the industry. o Customer Focus – Our company was built on meaningful, trusted relationships. Our commercial team partners with a curiosity and creativity to solve problems. o Entrep
Slide 59: Our Results
2025 INVESTOR DAY 59 Our Results As a nimble, North American Ag and Renewable fuels company we are results driven through strategically aligned areas of focus: o Operational Excellence – We deliver consistent, reliable, and efficient performance by optimizing processes, ensuring quality, and maximiz
Slide 60: Rewarding Performance that Advances Strategic Growth
2025 INVESTOR DAY 60 Rewarding Performance that Advances Strategic Growth, Profitability, and Long-term Value Creation Incentives Aligned to Achievement of Growth Strategy SHORT-TERM (Cash) SHORT & MEDIUM-TERM COMMERCIAL PLANS LONG-TERM (Equity) Earnings Before Taxes (EBT) Return on Invested Capital
Slide 61: Investing in and Building Differentiated Capabilities
2025 INVESTOR DAY 61 Investing in and Building Differentiated Capabilities Preserving Core Strengths Shaping Talent for the Future Programs designed to strength our leadership pipeline, foster cross-functional collaboration, and enhance collective leadership capabilities • Executive Leadership Devel
Slide 62: Continuing to Refine Engagement Strategies with Evolving Workforce Needs
2025 INVESTOR DAY 62 Continuing to Refine Engagement Strategies with Evolving Workforce Needs A Performance-driven Culture Our mission statement is one thing that drew me to The Andersons, and we do live by it day by day. People reference it in meetings, and it continues to be a part of the Company
Slide 63: Key Takeaways
2025 INVESTOR DAY 01 02 03 63 Key Takeaways Creating differentiated value through our high-performing talent and execution-focused culture Taking deliberate actions to attract, develop, and retain current and next generation of industry leaders within the ag and renewables supply chain Aligning disc
Slide 64: Financial Overview and Long-term Outlook
2025 INVESTOR DAY Delivering Profitable Growth and Strong Cash Generation Financial Overview and Long-term Outlook Brian Valentine EVP AND CFO 64
Slide 65: Key Messages
2025 INVESTOR DAY 65 Key Messages Delivering better and more resilient performance through various ag cycles with improved earnings stability and a well-balanced, diversified portfolio 01 Generating strong cash flow from operations as we execute growth projects, optimize margins and centralize enter
Slide 66: 5-year Historical Financial Performance Overview
2025 INVESTOR DAY 661 Non-GAAP financial measure; see appendix for reconciliations. 2 For the Trailing Twelve Months ended 9/30/2025. Solid Execution in Dynamic Markets with a Balanced, Resilient Portfolio 5-year Historical Financial Performance Overview ($M) HIGHLIGHTS • Diversified portfolio offse
Slide 67: Healthy, Flexible Balance Sheet
2025 INVESTOR DAY 67 Strong Foundation to Drive Disciplined Profitable Growth Healthy, Flexible Balance Sheet Well-positioned to Fund Growth Capital Summary & Financial Highlights ($M, As of 9/30/2025) $82Cash & Cash Equivalents $631Readily Marketable Inventories (RMI) $141Short-term Debt $1,908Avai
Slide 68: Disciplined Capital Allocation Framework
2025 INVESTOR DAY1 11/1/2022 – 9/30/2025. 2 Includes TAMH equity acquisition. Disciplined Capital Allocation Framework 45% 10% 3-YEAR HISTORICAL USE OF CASH ~$1.1B Deployed1 Go-forward Priorities Return Cash to Shareholders 45% Capital Expenditures Maintenance Growth M&A2 Capital Expenditures • Prio
Slide 69: Capital Deployment Will Be a Catalyst for Scaled Growth
2025 INVESTOR DAY 69 Capital Deployment Will Be a Catalyst for Scaled Growth and Shareholder Value Strategic Approach to Investments S T R A T E G I C F I L T E R S F I N A N C I A L C R I T E R I A Immediately Accretive to Margins and Cash Flows Accretive to EPS within Two Years ROIC 200+ bps Above
Slide 70: Renewables Growth and 45Z
2025 INVESTOR DAY $100M of incremental cash/EBITDA from tax credits Strategic Acquisition of Full Ownership of TAMH Sizeable 45Z Tax Credits Provide Additional Future Growth Potential 701 Before sequestration and inflation adjustments; assumes current plant run rates. Renewables Growth and 45Z Build
Slide 71: Uniquely Disciplined Among Peers and Core to Shareholder Returns
2025 INVESTOR DAY 71 Uniquely Disciplined Among Peers and Core to Shareholder Returns 25+ Year Track Record of Consecutive Dividend Payments $0.78 • 25+ years of uninterrupted dividends, even through volatile markets • Peer-consistent yield with a history of steady increases • Disciplined, long-term
Slide 72: Confident in Our Long-term Value Creation Engine
2025 INVESTOR DAY 72 Confident in Our Long-term Value Creation Engine Positioned to Deliver SHAREHOLDER VALUE through the Ag Cycle Growth Enablers • Diversified, customer-aligned portfolio • Organic and tuck-in growth strategy Competitive Advantages • Vertically integrated ethanol operations • Entre
Slide 73: 2028 Run-rate EPS Target
2025 INVESTOR DAY 731 For the Trailing Twelve Months ended 9/30/25. Non-GAAP financial measure; see appendix for reconciliations. 2028 Run-rate EPS Target TTM 2025 2028E Agribusiness Growth Projects and Optimization $2.56 $7.00 Renewables Growth Projects KEY DRIVERS 36% CAGR Market Conditions: Base
Slide 74: Key Takeaways
2025 INVESTOR DAY 01 02 03 Key Takeaways 74 Delivering better and more resilient performance through various ag cycles with improved earnings stability and a well-balanced, diversified portfolio Generating strong cash flow from operations as we execute growth projects, optimize margins and centraliz
Slide 75: Closing Remarks
2025 INVESTOR DAY Closing Remarks Bill Krueger PRESIDENT AND CEO 75
Slide 76: Invest with Us
2025 INVESTOR DAY 76 Invest with Us Materially stronger company led by a seasoned team with deep expertise in ag products, renewable fuels, and operational excellence poised for continued profitable growth Strong Renewables growth engine anchored by ethanol, the highest- returning business for more
Slide 77: Q&A
2025 INVESTOR DAY Q&A All Presenters 77
Slide 78: Thank You!
2025 INVESTOR DAY THANK YOU! 78
Slide 79: Appendix: Non-GAAP to GAAP Reconciliation Tables
2025 INVESTOR DAY Appendix Non-GAAP to GAAP Reconciliation Tables 79
Slide 80: Non-GAAP Reconciliation: Adjusted EBITDA
2025 INVESTOR DAY 1 Presented as continuing operations of the Company with the former Rail segment removed from EBITDA. 2 For the Trailing Twelve Months ended 9/30/2025. Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) 20252202420232022120211($000s) $ 102,313$ 170,700$ 132,529$ 154,954$ 131,542Ne
Slide 81: Non-GAAP Reconciliation: Adjusted Pretax Income
2025 INVESTOR DAY 1 Presented as continuing operations of the Company with the former Rail segment removed from EBITDA. 2 For the Trailing Twelve Months ended 9/30/2025. Non-GAAP Reconciliation Adjusted Pretax Income Attributable to The Andersons, Inc. (Unaudited) 20252202420232022120211($000s) $ 12
Slide 82: Non-GAAP Reconciliation: Adjusted Net Income
2025 INVESTOR DAY 20252202420232022320213($000s, except per share data) $ 102,313$ 170,700$ 132,529$ 154,954$ 131,542Net income 28,94456,68831,33935,89931,880Net income attributable to noncontrolling interests 73,369114,012101,190119,05599,662Net income attributable to The Andersons, Inc. Adjustment
Slide 83: Non-GAAP Reconciliation: Cash from Operations Before Working Capital Changes
2025 INVESTOR DAY1 For the Trailing Twelve Months ended 9/30/2025. Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) 202512024202320222021($000s) $ 451,994$ 331,506$ 946,750$ 287,117$ (51,050)Cash (used in) provided by operating activities Changes in operating a
Slide 84: Non-GAAP Reconciliation: Agribusiness Adjusted EBITDA
2025 INVESTOR DAY 202512024202320222021($000s) $ 65,960$ 109,156$ 107,939$ 127,624$ 127,728Net income 43,20030,91142,45849,83828,035Interest expense 83,16972,99365,37762,58770,292Depreciation & amortization 192,329213,060215,864240,049226,055Earnings before interest, taxes, depreciation and amortiza
Slide 85: Non-GAAP Reconciliation: Agribusiness Adjusted Pretax Income
2025 INVESTOR DAY 202512024202320222021($000s) $ 65,960$ 109,156$ 107,939$ 127,624$ 127,728Pretax income Adjusting items to pretax income: 10,346—96313,4558,321Asset impairment including equity method investments 8,11911,1047,818—1,274Transaction related compensation 7,178————Loss on investments 3,1
Slide 86: Non-GAAP Reconciliation: Renewables Adjusted EBITDA
2025 INVESTOR DAY 202512024202320222021($000s) $ 111,812$ 139,760$ 104,519$ 114,984$ 84,038Net income 3,7712,8286,0878,7887,610Interest expense 50,08449,70551,40863,45877,542Depreciation & amortization 165,667192,293162,014187,230169,190Earnings before interest, taxes, depreciation and amortization
Slide 87: Non-GAAP Reconciliation: Renewables Adjusted Pretax Income
2025 INVESTOR DAY 202512024202320222021($000s) $ 111,812$ 139,760$ 104,519$ 114,984$ 84,038Pretax income Adjusting items to pretax income: 5,927————Acquisition costs 3,352—87,156——Asset impairment —(3,117)(6,544)——Gain on deconsolidation of joint venture 121,091136,643185,131114,98484,038Adjusted pr
Slide 88: Appendix: Leadership Team Bios
2025 INVESTOR DAY Appendix Leadership Team Bios 88
Slide 89: Bill Krueger | President and CEO
2025 INVESTOR DAY 89 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
Slide 90: Brian Valentine | EVP and CFO
2025 INVESTOR DAY 90 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 serv
Slide 91: Emmanuel Ayuk | EVP, General Counsel and Corporate Secretary
2025 INVESTOR DAY 91 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 Ser
Slide 92: Weston Heide | EVP, Agribusiness
2025 INVESTOR DAY 92 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 fo
Slide 93: Mark Simmons | EVP, Renewables
2025 INVESTOR DAY 93 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
Slide 94: Sarah Zibbel | EVP, CHRO
2025 INVESTOR DAY 94 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, w