The Andersons, Inc. · NASDAQ:ANDE
The Andersons — Investor Presentation (February 2026)
43 slides from The Andersons's investor presentation, February 2026
Slide 1: Investor Presentation
Investor Presentation Planting Seeds to Enable Profitable Long-term Growth February 2026 2026 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 11 AGRIBUSINESS OVERVIEW AND STRATEGIC DIRECTION 17 RENEWABLES OVERVIEW AND STRATEGIC DIRECTION 24 Q4’25 UPDATE AND FINANCIAL OUTLOOK 31 APPENDIX 2026 INVESTOR PRESENTATION 3
Slide 4: Introduction to The Andersons
Introduction to The Andersons WE SERVE 2026 INVESTOR PRESENTATION 4
Slide 5: Key Messages
Key Messages Materially stronger Balanced, diversified Strong Renewables Disciplined capital 01 02 03 04 company led by a portfolio that is growth engine allocation strategy seasoned team with resilient through the anchored by ethanol, leveraging a strong deep expertise in ag cycle and rooted in the
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 Integrated and Complementary Segments
Two Integrated and Complementary Segments AGRIBUSINESS RENEWABLES Top 5 U.S. Grain and A Leading, Diverse Set of 5th Largest U.S. Well-positioned to Capitalize Ingredients Merchandiser Fertilizer Businesses Ethanol Producer on Industry Tailwinds • Purchase and merchandise • Receive, store, and marke
Slide 8: Long-term Strategic Framework for Profitable Growth
Long-term Strategic Framework for Profitable Growth ACCELERATING OPTIMIZING DELIVERING growth by expanding margins through commercial value through disciplined established platforms and operational excellence capital allocation • Leveraging strong customer relationships • Driving a culture of contin
Slide 9: 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 10: Performance Driven and Experienced Leadership Team with Deep Expertise
Performance Driven 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 Exe
Slide 11: Agribusiness Overview and Strategic Direction
Agribusiness WE SERVE Overview and Strategic Direction 2026 INVESTOR PRESENTATION 11
Slide 12: Agribusiness Snapshot
Agribusiness Snapshot $557M Focused on ~175 Facilities FY 2025 Gross Profit Ag supply chain from crop inputs to end user 33M Tonnes of Commodities Traded $187M Integrating crop inputs, grain handling, commodity merchandising, and 2.0M Tons of Fertilizer Sold FY 2025 premium ingredients, while offeri
Slide 13: Broad Geographic Footprint
Broad Geographic Footprint Canada WELL-POSITIONED BC AB SK MB ON QC IN KEY GEOGRAPHIES WA United Kingdom ME ND • Extensive footprint across major North ID MT MN NY VT NH American grain regions OR SD WI MI MA CT RI • Scaled, diversified platform across WY PA NJ crops, customers, and end markets NE IA
Slide 14: Agribusiness 101: Where We Play
Agribusiness 101: Where We Play THE ANDERSONS CAPABILITIES SELECTED EXAMPLES • Merchandising • Grains and oilseeds • Grain elevators • Animal feed ingredients ASSETS AND • Logistics (e.g., truck, rail, barge, vessel) • Co-products from processing MERCHANDISING • Risk management strategies • Handling
Slide 15: Why We Win in Agribusiness
Why We Win in Agribusiness One of Largest Grain Strategically Located Customer-centric Focus Integration with Companies in North Near Producers that Drives Flexible and Renewables America1 Custom Solutions • Merchandise broad array • Complementary asset footprint • Demonstrated track record of • Lev
Slide 16: Agribusiness 5-year Historical Financial Performance Overview ($M)
Agribusiness 5-year Historical Financial Performance Overview ($M) Drivers GROSS PROFIT ADJ. EBITDA 1 ADJ. Pretax INCOME Q4’25 Attributable to ANDE1 • Western footprint benefited from accumulating great at $525M $219M $110M favorable values 5-year Average 5-year Average 5-year Average • Eastern asse
Slide 17: Renewables Overview and Strategic Direction
Renewables WE SERVE Overview and Strategic Direction 2026 INVESTOR PRESENTATION 17
Slide 18: Renewables Snapshot
Renewables Snapshot $157M Gallons of Ethanol Produced Focused on production 518M at 4 Facilities FY 2025 and distribution of Gross Profit renewable fuels and 315M 3rd-Party Ethanol Gallons Merchandised feedstocks $203M Concentrating on ethanol and its Pounds of Renewable Feedstocks FY 2025 1.4B Merc
Slide 19: Eastern Footprint Enables Strong Connection to Growers and End Users
Eastern Footprint Enables Strong Connection to Growers and End Users Canada BC AB SK MB ON QC OUR ADVANTAGE IN NORTH AMERICA WA ME ND MT VT • Well-located plants drive sourcing OR ID MN WI NY NH MA efficiency / proximity to feedstock SD MI CT RI WY PA NJ • Access to all active North NE IA OH MD DE A
Slide 20: Renewables 101: Where We Play
Renewables 101: Where We Play Ethanol Production SPOTLIGHT • Own and operate 4 ethanol plants Collaboration with Agribusiness • Produce fuel-grade ethanol from corn, mainly used for blending with gasoline to reduce emissions • Ensure supply reliability, price risk • Invest in carbon intensity reduct
Slide 21: Why We Win in Renewables
Why We Win in Renewables 5th Largest U.S. Geographically Advantaged Integrated Across the Ethanol Producer1 Ethanol Plants Value Chain • Focus on continuous improvement • Close to corn production with majority of • Farmgate-to-tank car capabilities enable and operational excellence corn purchased di
Slide 22: Renewables Growth and 45Z
Renewables Growth and 45Z Strategic Acquisition of Sizeable 45Z Tax Credits Provide Additional Full Ownership of TAMH Future Growth Potential Aligned with Strategy • Meets all stated criteria for ethanol capacity growth PERIOD ANNUAL IMPACT1 • Optimal use of growth capital at an attractive valuation
Slide 23: Renewables 5-year Historical Financial Performance Overview ($M)
Renewables 5-year Historical Financial Performance Overview ($M) HIGHLIGHTS GROSS PROFIT ADJ. EBITDA 1 ADJ. Pretax INCOME Q4’25 Attributable to ANDE1 • Solid plant earnings on $161M $198M $90M record production and 5-year Average 5-year Average 5-year Average efficient operations $203 • Benefit of 1
Slide 24: Q4'25 Update and Financial Outlook
Q4’25 Update and Financial Outlook WE SERVE 2026 INVESTOR PRESENTATION 24
Slide 25: Financial Performance Overview ($M)
Financial Performance Overview ($M) GROSS PROFIT ADJ. EBITDA 2 ADJ. PRETAX INCOME CASH FROM OPERATIONS Attributable to ANDE2 Before Working Capital Changes2 $686M $374M $151M $314M 5-year Average 5-year Average 5-year Average 5-year Average $714 $353 $337 $322 $593 $137 $127 $278 2021¹ 2025 2021¹ 20
Slide 26: 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 27: 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 28: 2028 Run-rate EPS Target
2028 Run-rate EPS Target KEY DRIVERS 36% $7.00 CAGR Market Conditions: Base case assumes normalized commodity pricing, stable demand for low-CI fuels, and steady export flows Growth Mix: Assumes earnings growth from organic initiatives including expansion at existing locations; Renewables includes n
Slide 29: 2026 Outlook
2026 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
Slide 30: Invest with Us
Invest with Us 01 02 Materially stronger Balanced, diversified company led by a seasoned portfolio that is resilient team with deep expertise in through the cycle and ag products, renewable fuels, rooted in North American 2028 and operational excellence ag supply chain and poised for continued renew
Slide 31: Appendix: Supplemental Slides and Non-GAAP Reconciliations
Appendix WE SERVE Supplemental Slides and Non-GAAP Reconciliations 2026 INVESTOR PRESENTATION 31
Slide 32: 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 33: Non-GAAP Reconciliation
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 34: Non-GAAP Reconciliation
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 35: Non-GAAP Reconciliation
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 36: Non-GAAP Reconciliation
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 37: Non-GAAP Reconciliation
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 38: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted EBITDA (Unaudited) ($000s) 20211 20221 2023 2024 2025 Net income $ 131,542 $ 154,954 $ 132,529 $ 170,700 $ 119,301 Interest expense (income) 37,292 56,849 46,867 31,760 47,159 Income tax provision (benefit) 29,228 39,628 37,034 30,057 22,168 Depreciation and amortiza
Slide 39: Non-GAAP Reconciliation
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 40: Non-GAAP Reconciliation
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 42,548 30,911 43,482 Depreciation & amortization 70,292 62,587 65,377 72,993
Slide 41: Non-GAAP Reconciliation
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
Slide 42: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Adjusted Pretax Income Attributable to The Andersons, Inc. (Unaudited) ($000s) 20211 20221 2023 2024 2025 Pre-tax income (loss) $ 160,770 $ 194,582 $ 169,563 $ 200,757 $ 141,469 (Income) loss attributable to the noncontrolling interests (31,880) (35,899) (31,339) (56,688) (23
Slide 43: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) ($000s) 2021 2022 2023 2024 2025 Cash (used in) provided by operating activities $ (51,050) $ 287,117 $ 946,750 $ 331,506 $ 192,247 Changes in operating assets and liabilities: Accounts receivable (184,002) (391,
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