Slide 1: Investor Presentation March 2025
INVESTOR PRESENTATION March 2025
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 COMPANY AND FINANCIAL OVERVIEW 4 TRADE 17 RENEWABLES 21 NUTRIENT & INDUSTRIAL 24 APPENDIX 29 3
Slide 4: The Andersons at a Glance
THE ANDERSONS AT A GLANCE FOUNDED LISTED (NASDAQ) MARKET CAP EMPLOYEES LOCATIONS REVENUE1 ADJUSTED EBITDA1,2 1947 1996, ANDE ~$1.5B ~2,300 ~180 $11.3B $363M The Andersons is integral to the ag supply chain, helping our customers not only grow and market their crops but also transport the resulting p
Slide 5: The Andersons at a Glance
THE ANDERSONS AT A GLANCE AGRIBUSINESS RENEWABLES TRADE NUTRIENT & INDUSTRIAL ~130 Facilities ~50 Facilities 4 Facilities 100+ Commodities Merchandised ~20 Farm Centers 1.1M Tons of Feed Products Produced 33M Tonnes Traded 1.9M Tons Sold 1.6B Pounds of Veg Oils Merchandised ~290M Bushel Grain Storag
Slide 6: Investment Thesis
INVESTMENT THESIS While we are firmly rooted in the U.S. ag supply chain, we are actively extending our presence to emerging trends and international markets. The strength of our balance sheet, sustainable cash flows, tight strategic focus of our business, and our ability to execute quickly on oppor
Slide 7: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM BILL KRUEGER BRIAN VALENTINE WESTON HEIDE MARK SIMMONS SARAH ZIBBEL President and Chief Executive Vice President Executive Vice President, Executive Vice President, Executive Vice President and Executive Officer and Chief Financial Officer Agribusiness Renewables Chief Hu
Slide 8: North American Ag Supply Chain
NORTH AMERICAN AG SUPPLY CHAIN CONNECTING PRODUCTION TO DEMAND ACROSS TIME AND GEOGRAPHY IN THE FOOD, FEED, AND FUEL SUPPLY CHAINS Serving Critical Links Across the North American Ag Supply Chain SERVING CRITICAL LINKS ACROSS THE NORTH AMERICAN AG SUPPLY CHAIN 8
Slide 9: Broad Geographic Footprint in Grain and Fertilizer Businesses
BROAD GEOGRAPHIC FOOTPRINT IN GRAIN AND FERTILIZER BUSINESSES FACILITIES LOCATED ACROSS THE NORTH AMERICAN AG SUPPLY CHAIN CONNECTING PRODUCTION TO DEMAND ACROSS TIME AND GEOGRAPHY IN THE FOOD, FEED, AND FUEL SUPPLY CHAINS WELL-POSITIONED IN KEY GEOGRAPHIES Primary facilities strategically located n
Slide 10: Financial Performance Overview
FINANCIAL PERFORMANCE OVERVIEW ($ In Millions) Adjusted Pretax Income Attributable to The Cash from Operations before Gross Profit Adjusted EBITDA2 Andersons, Inc.2 Working Capital Changes2 $745 $694 $684 $184 $412 $405 $159 $593 $330 $363 $322 $315 $323 $353 $147 $127 $366 $201 $170 $5 2020¹ 2021¹
Slide 11: Fourth Quarter Highlights
FOURTH QUARTER HIGHLIGHTS Strong harvest results across the eastern asset footprint; TRADE merchandising businesses were solid Earnings benefited from record production and favorable RENEWABLES corn basis; improved earnings from ethanol merchandising Improvements in manufactured products; softer NUT
Slide 12: Key Financial Data – Fourth Quarter 2024
KEY FINANCIAL DATA – FOURTH QUARTER 2024 $ In millions except per share Q4 '24 Q4 '23 YTD '24 YTD '23 Sales and merchandising revenues $ 3,123 $ 3,213 $ 11,258 $ 14,750 Gross profit 213 218 694 745 Pretax income 67 92 201 170 Pretax income attributable to ANDE1 58 65 144 138 Adjusted pretax income a
Slide 13: Cash and Liquidity
CASH AND LIQUIDITY Cash from Operations Before Short-term Debt vs. RMI Working Capital Changes1 (in millions) (in millions) HIGHLIGHTS Consistent and strong operating cash flows in changing markets Readily marketable inventories (RMI) continue to significantly exceed short-term debt $560M cash on ha
Slide 14: Capital Spending and Long-term Debt
CAPITAL SPENDING AND LONG-TERM DEBT Capital Spending1 Total Long-term Debt (in millions) (in millions) HIGHLIGHTS Capital investments include growth; expect 2025 spend of $175M - $200M Strong and flexible balance sheet Continued focus on managing long-term debt-to-EBITDA ratio below 2.5x; currently
Slide 15: 2024 Proforma Results
2024 PROFORMA RESULTS ORGANIZATIONAL ALIGNMENT Agribusiness will consist primarily of the Trade and Nutrient & Industrial segments Unlocking value through cross-functional collaboration, synergies, and optimization Focus on serving customers and driving growth 2024 Adjusted EBITDA1 (in millions) $36
Slide 16: Outlook
OUTLOOK AGRIBUSINESS Balanced product portfolio and well-positioned grain and agronomy assets should support steady earnings amid changing market factors Expect increase in U.S. corn acres Focused on Skyland integration and other growth investments RENEWABLES Expect seasonally low ethanol crush marg
Slide 17: Trade at a Glance
TRADE AT A GLANCE PREMIUM INGREDIENTS GRAIN TRADED SPACE CAPACITY FEED INGREDIENTS COMMODITIES 1.6M 28M ~290M TRADED 100+ TONNES TONNES BUSHELS 2.3M TONNES MERCHANDISED ONE OF THE LARGEST GRAIN MAJORS IN NORTH AMERICA1 Purchase and merchandise grain, provide value-added risk management services to g
Slide 18: Trade Business Pillars
TRADE BUSINESS PILLARS AG SUPPLY CHAIN PREMIUM INGREDIENTS MERCHANDISING ELEVATOR ASSETS EXPORTS/INTERNATIONAL MERCHANDISING LIGHT PROCESSING EXPORTS/INTERNATIONAL • Grains & Oilseeds • Pet Food Ingredients • Feed Ingredients • Premium Ingredients – Pulses, Lentils, Other • Propane & Fuel Distributi
Slide 19: Broad Geographic Footprint
BROAD GEOGRAPHIC FOOTPRINT WORKING WITH PRODUCERS TO GROW COMMODITIES NEEDED FOR CUSTOMERS STRATEGICALLY LOCATED United BC AB SK MB ON QB NEAR PRODUCERS Kingdom WA Complementary asset footprint and merchandising MT ND ME business allowing more consistent earnings in OR ID MN VT NH WI ON NY various m
Slide 20: Trade — Q4 '24 Highlights
TRADE — Q4 ‘24 HIGHLIGHTS Eastern grain assets realized solid elevation margins and space income on early, robust harvest Merchandising income improved despite less volatility Completed acquisition of controlling interest in Skyland Grain, LLC Unaudited in $M Q4 '24 Q4 '23 YTD '24 YTD '23 Adjusted E
Slide 21: Renewables at a Glance
RENEWABLES AT A GLANCE MAXIMIZING RELATIONSHIPS WITH STRATEGIC PARTNERS PRODUCTION VOLUME 2024 VEGETABLE OILS1 ETHANOL MERCHANDISED ETHANOL FEED PRODUCTS 130M LBS CORN OIL PRODUCED VS. PRODUCED 506M GALLONS 1.1M TONS 1.6B LBS MERCHANDISED1 1.6X 5TH LARGEST U.S. ETHANOL PRODUCER2 Refine corn into eth
Slide 22: Strategically Positioned Ethanol Plants
STRATEGICALLY POSITIONED ETHANOL PLANTS LOGISTICALLY ADVANTAGED POSITIONS CLOSE TO CORN PRODUCTION KEY BUSINESS MARGIN CHARACTERISTICS ADVANTAGES Ethanol is a low-cost, clean-burning, high- One of the lowest cost per gallon producers MN octane, renewable fuel product Majority of corn purchased direc
Slide 23: Renewables — Q4 '24 Highlights
RENEWABLES — Q4 ‘24 HIGHLIGHTS Solid results with record production and favorable corn basis Overall ethanol and co-product values lower than prior year Improved ethanol merchandising results Unaudited in $M Q4 '24 Q4 '23 YTD '24 YTD '23 Adjusted EBITDA1 ($M) Revenues $ 714 $ 795 $ 2,802 $ 3,381 Gro
Slide 24: Nutrient & Industrial at a Glance
NUTRIENT & INDUSTRIAL AT A GLANCE DIVERSE SET OF BUSINESSES WITH STRONG POSITIONS IN MANY END MARKETS TOTAL VOLUME 1.9M TONS AG SUPPLY CHAIN ENGINEERED GRANULES SPECIALTY LIQUIDS 1.3M TONS 200K TONS 370K TONS AG SUPPLY CHAIN ENGINEERED GRANULES SPECIALTY LIQUIDS Receives, stores, and markets nitroge
Slide 25: Well-Positioned in Key Geographies
WELL-POSITIONED IN KEY GEOGRAPHIES AMPLE OPPORTUNITY TO EXPAND IN CURRENT AND NEW MARKETS WITHOUT SUBSTANTIAL CAPITAL INVESTMENT AG SUPPLY CHAIN Ag Supply Chain Specialty Liquid Eastern Grain Belt Engineered Granules ND Provides wholesale nutrients and farm services Skyland MN UPDATED February 2025
Slide 26: Nutrient & Industrial — Q4 '24 Highlights
NUTRIENT & INDUSTRIAL — Q4 ‘24 HIGHLIGHTS Lower volumes in core agriculture products on softer fundamentals Improved margins and volumes in manufactured products Adjusted EBITDA1 ($M) Unaudited in $M Q4 '24 Q4 '23 YTD '24 YTD '23 Revenues $ 186 $ 205 $ 833 $ 943 Gross profit 31 26 121 133 Pretax inc
Slide 27: EBITDA Milestone
EBITDA MILESTONE Adjusted EBITDA1,2 (in millions) 2026 Target of $475M – CAGR of 16% HIGHLIGHTS Achieved consecutive record years in 2021 and 2022 Exceeded previous 2023 and 2025 targets ahead of schedule Pushed $475M run-rate EBITDA target from 2025 to 2026 on evolving market conditions 1 Non-GAAP
Slide 28: Strategy for Growth
STRATEGY FOR GROWTH STRATEGIC GROWTH IN CORE WELL-POSITIONED TO SUCCEED Successful integration of Skyland investment and Ability to be nimble in emerging trends completion of Houston capital project Track record of strong execution in volatile markets with Organic and inorganic growth across Agribus
Slide 29: Appendix
APPENDIX
Slide 30: Non-GAAP Reconciliation — 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, (in thousands, except per share data) 2024 2023 2024 2023 Net income $ 54,104 $ 78,437 $ 170,700 $ 132,529 Net income attributable to noncont
Slide 31: Non-GAAP Reconciliation — 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, (in thousands) 2024 2023 2024 2023 Cash provided by operating activities $ 268,811 $ 250,663 $ 331,506 $ 946,750 Changes in operating assets and
Slide 32: Non-GAAP Reconciliation — Quarter to Date Segment Data
NON-GAAP RECONCILIATION — Quarter to Date Segment Data (unaudited) Nutrient & (in thousands) Trade Renewables Industrial Other Total Three months ended December 31, 2024 Sales and merchandising revenues $ 2,222,762 $ 713,958 $ 186,418 $ — $ 3,123,138 Gross profit 146,976 35,479 30,655 — 213,110 Oper
Slide 33: Non-GAAP Reconciliation — Year to Date Segment Data
NON-GAAP RECONCILIATION — Year to Date Segment Data (unaudited) Nutrient & (in thousands) Trade Renewables Industrial Other Total Twelve months ended December 31, 2024 Sales and merchandising revenues $ 7,622,077 $ 2,802,330 $ 833,141 $ — $ 11,257,548 Gross profit 403,682 169,151 121,093 — 693,926 O
Slide 34: Non-GAAP Reconciliation — Quarter to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION — Quarter to Date EBITDA and Adjusted EBITDA (unaudited) Nutrient & (in thousands) Trade Renewables industrial Other Total Three months ended December 31, 2024 Net income (loss) $ 53,818 $ 24,921 $ 2,551 $ (27,186) $ 54,104 Interest expense (income) 8,095 649 1,857 (335) 10,2
Slide 35: Non-GAAP Reconciliation — Year to Date EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION — Year to Date EBITDA and Adjusted EBITDA (unaudited) Nutrient & (in thousands) Trade Renewables industrial Other Total Twelve months ended December 31, 2024 Net income (loss) $ 91,433 $ 139,495 $ 17,988 $ (78,216) $ 170,700 Interest expense (income) 24,587 2,841 6,311 (1,979
Slide 36: Non-GAAP Reconciliation — Adjusted EBITDA
NON-GAAP RECONCILIATION — Adjusted EBITDA (unaudited) (in thousands) 2020 20211 20221 2023 2024 Net income (loss) $ (14,215) $ 131,542 $ 154,954 $ 132,529 $ 170,700 Interest expense 51,275 37,292 56,849 46,867 31,760 Income tax provision (benefit) (10,259) 29,228 39,628 37,034 30,057 Depreciation &
Slide 37: Non-GAAP Reconciliation — Trade Adjusted EBITDA
NON-GAAP RECONCILIATION — Trade Adjusted EBITDA (unaudited) (in thousands) 2020 2021 2022 2023 2024 Net income1 $ 24,687 $ 87,946 $ 95,225 $ 96,234 $ 91,433 Interest expense 21,974 23,688 42,551 35,234 24,587 Depreciation & amortization 44,627 44,335 35,953 36,109 40,505 Earnings before interest, ta
Slide 38: Non-GAAP Reconciliation — Renewables Adjusted EBITDA
NON-GAAP RECONCILIATION — Renewables Adjusted EBITDA (unaudited) (in thousands) 2020 2021 2022 2023 2024 Net income (loss)1 $ (47,338) $ 81,205 $ 108,221 $ 91,175 $ 139,495 Interest expense 7,461 7,602 8,775 6,385 2,841 Depreciation & amortization 73,224 77,542 63,458 51,408 49,705 Earnings before i
Slide 39: Non-GAAP Reconciliation — Nutrient & Industrial Adjusted EBITDA
NON-GAAP RECONCILIATION — Nutrient & Industrial Adjusted EBITDA (unaudited) (in thousands) 2020 2021 2022 2023 2024 Net income1 $ 16,015 $ 42,615 $ 39,162 $ 25,049 $ 17,988 Interest expense 5,805 4,355 7,298 7,016 6,311 Depreciation & amortization 25,407 25,957 26,634 29,268 32,488 Earnings before i
Slide 40: Non-GAAP Reconciliation — Adjusted Pretax Income Attributable to The Andersons, Inc.
NON-GAAP RECONCILIATION — Adjusted Pretax Income Attributable to The Andersons, Inc. (unaudited) (in thousands) 2020 20211 20221 2023 2024 Pre-tax income (loss) $ (24,474) $ 160,770 $ 194,582 $ 169,563 $ 200,757 (Income) loss attributable to the noncontrolling interests 21,925 (31,880) (35,899) (31,
Slide 41: Non-GAAP Reconciliation — Cash from Operations Before Working Capital Changes
NON-GAAP RECONCILIATION — Cash from Operations Before Working Capital Changes (unaudited) (in thousands) 2020 2021 2022 2023 2024 Cash provided by (used in) operating activities $ (74,432) $ (51,050) $ 287,117 $ 946,750 $ 331,506 Changes in operating assets and liabilities: Accounts receivable (128,