Slide 1: Second Quarter 2025 Earnings Call
SECOND QUARTER 2025 Earnings Call August 5, 2025 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 Q2’25 EARNINGS PRESENTATION 3
Slide 4: Q2 '25 Highlights
Q2 '25 Highlights AGRIBUSINESS RENEWABLES •Improved agricultural nutrient volumes and •Solid earnings on efficient operations margins on increased corn acres planted •Increased driving demand and strong •Continued progress on growth initiatives exports •Prepared grain assets for large wheat and •Acq
Slide 5: 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 6: Key Financial Data – Q2 '25
Key Financial Data – Q2 '25 $M, except per share Q2 '25 Q2 '24 YTD '25 YTD '24 Sales and Merchandising Revenues $ 3,136 $ 2,795 $ 5,795 $ 5,513 Gross Profit $ 158 $ 175 $ 311 $ 304 Pretax Income $ 25 $ 57 $ 28 $ 71 Pretax Income Attributable to ANDE1 $ 16 $ 41 $ 14 $ 48 Adjusted Pretax Income Attrib
Slide 7: Cash and Liquidity
Cash and Liquidity HIGHLIGHTS Consistent and strong operating cash 1 flows in changing markets Readily marketable inventories (RMI) 2 continue to significantly exceed short- term debt Short-term debt increased from 3 Skyland transaction 4 $351M cash on hand at June 30, 2025 1 Non-GAAP financial meas
Slide 8: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; 1 expect 2025 spend of ~$175M to $200M 2 Strong and flexible balance sheet Continued focus on long-term debt-to- 3 EBITDA2 ratio <2.5x; currently 1.9x 1 Measure derived from purchases of PPE, capitalized software, and
Slide 9: Agribusiness – Q2 '25 Highlights
Agribusiness – Q2 '25 Highlights HIGHLIGHTS Unaudited in $M Q2 '25 Q2 '24 YTD '25 YTD '24 Improved fertilizer volumes and Revenues $ 2,415 $ 2,109 $ 4,408 $ 4,171 1 margins through application season Gross profit $ 132 $ 128 $ 251 $ 228 Limited opportunities continued as 2 weak demand and trade unce
Slide 10: Renewables – Q2 '25 Highlights
Renewables – Q2 '25 Highlights HIGHLIGHTS Unaudited in $M Q2 '25 Q2 '24 YTD '25 YTD '24 Solid earnings on efficient operations 1 despite higher input costs Revenues $ 721 $ 686 $ 1,387 $ 1,343 Gross profit $ 26 $ 47 $ 61 $ 76 2 Record ethanol yields Pretax income $ 17 $ 39 $ 42 $ 64 Pretax income $
Slide 11: 2025 Outlook
2025 Outlook AGRIBUSINESS RENEWABLES •Well-positioned for expected large corn •Margins should remain supportive on harvest and wheat opportunities expected strong demand and large corn harvest •Expect to capture further synergies from Agribusiness integration •Favorable regulatory environment •Execu
Slide 12: Q&A Session
Q&A SESSION Q2’25 EARNINGS PRESENTATION 12
Slide 13: Thank You for Joining Us
THANK YOU FOR JOINING US. Our next earnings call is scheduled for November 5, 2025, at 8:30 AM ET Q2’25 EARNINGS PRESENTATION 13
Slide 14: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q2’25 EARNINGS PRESENTATION 13
Slide 15: Adjusted Net Income Attributable to The Andersons, Inc.
NON-GAAP RECONCILIATION Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended June 30, Six months ended June 30, ($000s, except per share data) 2025 2024 2025 2024 Net income $ 16,807 $ 52,470 $ 22,138 $ 65,135 Net income attributable to noncontrolling interests 8,95
Slide 16: Quarter to Date Segment Data
NON-GAAP RECONCILIATION Quarter to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended June 30, 2025 Sales and merchandising revenues $ 2,414,827 $ 721,042 $ — $ 3,135,869 Gross profit 132,062 26,354 — 158,416 Operating, administrative and general expenses 11
Slide 17: Year to Date Segment Data
NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total (in thousands) Six months ended June 30, 2025 Sales and merchandising revenues $ 4,408,114 $ 1,386,853 $ — $ 5,794,967 Gross profit 250,660 60,628 — 311,288 Operating, administrative and general expense
Slide 18: Quarter to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) (in thousands) Agribusiness Renewables Other Total Three months ended June 30, 2025 Net income (loss) $ 18,899 $ 17,424 $ (19,516) $ 16,807 Interest expense (income) 11,331 725 (561) 11,495 Tax provision — — 8,028 8,028 D
Slide 19: Year to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) Agribusiness Renewables Other Total ($000s) Six months ended June 30, 2025 Net income (loss) $ 9,223 $ 42,305 $ (29,390) $ 22,138 Interest expense (income) 24,157 1,423 (989) 24,591 Tax provision — — 5,910 5,910 Depreciation
Slide 20: Cash from Operations Before Working Capital Changes
NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) Three months ended June 30, Six months ended June 30, ($000s, except per share data) 2025 2024 2025 2024 Cash provided by (used in) operating activities $ 299,321 $ 304,434 $ (50,699) $ 64,807 Changes in operatin
Slide 21: Agribusiness Adjusted EBITDA
NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Six months ended June 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ 9,223 Interest expense 28,035 49,838 42,458 30,911 24,157 Depreciation & amortization 70,
Slide 22: Renewables Adjusted EBITDA
NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Six months ended June 30, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 42,305 Interest expense 7,610 8,788 6,087 2,828 1,423 Depreciation & amortization 77,542 63,