Slide 1: Fourth Quarter 2025 Earnings Call
FOURTH QUARTER 2025 Earnings Call February 18, 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 Q4’25 EARNINGS PRESENTATION 3
Slide 4: Q4 '25 Highlights
Q4 '25 Highlights AGRIBUSINESS RENEWABLES •Record corn harvest; western footprint •Continued efficient operations and strong accumulated large quantities at favorable demand with full ownership of the ethanol basis values plants •Eastern assets benefited from increased •Achieved expected 45Z tax cre
Slide 5: Key Financial Data – Q4 '25
Key Financial Data – Q4 '25 $M, except per share Q4 '25 Q4 '24 YTD '25 YTD '24 Sales and Merchandising Revenues $ 2,536 $ 3,123 $ 11,009 $ 11,258 Gross Profit 231 213 714 694 Pretax Income 88 67 141 201 Pretax Income Attributable to ANDE1 84 58 118 144 Adjusted Pretax Income Attributable to ANDE1 87
Slide 6: Cash and Liquidity
Cash and Liquidity HIGHLIGHTS Improved operating cash flows in the 1 quarter Readily marketable inventories 2 continue to significantly exceed short-term debt Short-term debt increased with 3 purchase of 100% of ethanol plants; funded with cash and short-term debt 1 Non-GAAP financial measure; see a
Slide 7: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; 1 expect 2026 spend of $200M - $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 1.8x 1 Measure derived from purchases of
Slide 8: Agribusiness – Q4 '25 Highlights
Agribusiness – Q4 '25 Highlights HIGHLIGHTS Unaudited in $M Q4 '25 Q4 '24 YTD '25 YTD '24 Western footprint benefited from Revenues $ 1,863 $ 2,410 $ 8,260 $ 8,456 1 accumulating grain at favorable values; improvement at Skyland Gross profit 179 176 557 523 2 Eastern assets realized strong Pretax in
Slide 9: Renewables – Q4 '25 Highlights
Renewables – Q4 '25 Highlights HIGHLIGHTS Unaudited in $M Q4 '25 Q4 '24 YTD '25 YTD '24 Solid plant earnings on record 1 production and efficient operations Revenues $ 673 $ 714 $ 2,749 $ 2,801 Gross profit 52 37 157 171 Benefited from owning 100% of 2 ethanol plants during the quarter Pretax income
Slide 10: Outlook
Outlook AGRIBUSINESS RENEWABLES •Expect to be well-positioned to meet end •Elevated export demand and favorable biofuels user and export demand policy landscape expected to continue •Anticipate above average corn acres; •Anticipate $90M - $100M of 45Z tax credits fertilizer margins and volumes depen
Slide 11: Q&A Session
Q&A SESSION Q2’25 EARNINGS PRESENTATION 11
Slide 12: Thank You for Joining Us
THANK YOU FOR JOINING US Our next earnings call is scheduled for May 6, 2026, at 8:30 AM ET Q4’25 EARNINGS PRESENTATION 12
Slide 13: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q4’25 EARNINGS PRESENTATION 13
Slide 14: Adjusted Net Income Attributable to The Andersons, Inc.
NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended December 31, Twelve months ended December 31, ($000s, except per share data) 2025 2024 2025 2024 Net income $ 71,092 $ 54,104 $ 119,301 $ 170,700 Net income attributable to noncontrolling i
Slide 15: Quarter to Date Segment Data
NON-GAAP RECONCILIATION Quarter to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended December 31, 2025 Sales and merchandising revenues $ 1,862,983 $ 673,266 $ — $ 2,536,249 Gross profit 179,337 52,154 — 231,491 Operating, administrative and general expense
Slide 16: Year to Date Segment Data
NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Twelve months ended December 31, 2025 Sales and merchandising revenues $ 8,260,004 $ 2,748,924 $ — $ 11,008,928 Gross profit 556,907 156,744 — 713,651 Operating, administrative and general expen
Slide 17: Quarter to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended December 31, 2025 Net income (loss) $ 45,898 $ 54,310 $ (29,116) $ 71,092 Interest expense (income) 10,214 2,580 (704) 12,090 Tax provision — — 16,486 16,486
Slide 18: Year to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Twelve months ended December 31, 2025 Net income (loss) $ 56,587 $ 140,102 $ (77,388) $ 119,301 Interest expense (income) 43,482 5,681 (2,004) 47,159 Tax provision — — 22,168 22,16
Slide 19: Cash from Operations Before Working Capital Changes
NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) Three months ended December 31, Twelve months ended December 31, ($000s) 2025 2024 2025 2024 Cash provided by (used in) operating activities $ (6,185) $ 268,811 $ 176,998 $ 331,506 Changes in operating assets and
Slide 20: Agribusiness Adjusted EBITDA
NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 56,587 Interest expense 28,035 49,838 42,458 30,911 43,482 Depreciation & amortization 70,292 62,587 65,377 72,993
Slide 21: Renewables Adjusted EBITDA
NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 140,102 Interest expense 7,610 8,788 6,087 2,828 5,681 Depreciation & amortization 77,542 63,458 51,408 49,705 48,036 Ea