Slide 1: Second Quarter 2026 Earnings Call
SECOND QUARTER 2026 Earnings Call August 4, 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 Q2’26 EARNINGS PRESENTATION 3
Slide 4: Q2 '26 Highlights
Q2 ‘26 Highlights Delivering Profitable Growth and Strong Cash Generation Record quarterly results on strong execution and renewable fuels fundamentals Continue to navigate changing market conditions with disciplined commercial execution Advancing strategic growth investments to support long-term va
Slide 5: Key Financial Data – Q2 '26
Key Financial Data – Q2 '26 $M, except per share Q2 '26 Q2 '25 YTD '26 YTD '25 Sales and Merchandising Revenues $ 3,098 $ 3,136 $ 5,725 $ 5,795 Gross Profit 224 158 384 311 Pretax Income 67 25 101 28 Pretax Income Attributable to ANDE1 70 16 108 14 Adjusted Pretax Income Attributable to ANDE1 93 15
Slide 6: Cash and Liquidity Highlights
Cash and Liquidity HIGHLIGHTS 1 Strong operating cash flow generation supported by improved quarterly performance 2 Readily marketable inventories continued to provide substantial coverage of short-term borrowings 3 Modest increase in short-term debt amid market volatility 1 Non-GAAP financial measu
Slide 7: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; expect 1 2026 spend of ~$225M Strong and flexible balance sheet; 2 capacity to fund future growth Well below long-term debt-to-EBITDA2 ratio 3 <2.5x; currently 1.3x 1 Measure derived from purchases of PP&E, capitalize
Slide 8: Agribusiness – Q2 '26 Highlights
Agribusiness – Q2 '26 Highlights HIGHLIGHTS Unaudited in $M Q2 '26 Q2 '25 YTD '26 YTD '25 1 Strong fertilizer results on increased Revenues $ 2,113 $ 2,415 $ 4,033 $ 4,408 margins and operational efficiencies Gross profit 147 132 281 251 2 Higher prices and increased volatility Pretax income 20 19 2
Slide 9: Renewables – Q2 '26 Highlights
Renewables – Q2 '26 Highlights HIGHLIGHTS Unaudited in $M Q2 '26 Q2 '25 YTD '26 YTD '25 Record plant earnings on increased Revenues $ 985 $ 721 $ 1,692 $ 1,387 1 demand and efficient operations Gross profit 77 26 104 61 Improved DCO prices and 2 renewable feedstock volumes Pretax income 65 17 105 42
Slide 10: Outlook
Outlook AGRIBUSINESS RENEWABLES •Positioned to serve customer needs and •Expect margins to remain supportive on capture opportunities in dynamic markets strong domestic and export demand •Completing a solid eastern wheat harvest; •Plants continue performing well, regularly closely monitoring conditi
Slide 11: Q&A Session
Q&A SESSION Q2’26 EARNINGS PRESENTATION 11
Slide 12: Thank You for Joining Us
THANK YOU FOR JOINING US Our next earnings call is scheduled for November 4, 2026, at 8:30 AM ET Q2’26 EARNINGS PRESENTATION 12
Slide 13: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q2’26 EARNINGS PRESENTATION 13
Slide 14: Non-GAAP Reconciliation: Adjusted Net Income
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) 2026 2025 2026 2025 Net income $ 53,948 $ 16,807 $ 83,280 $ 22,138 Net (loss) income attributable to noncontrolling interes
Slide 15: Non-GAAP Reconciliation: Quarter to Date Segment Data
Non-GAAP Reconciliation Quarter to Date Segment Data (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended June 30, 2026 Sales and merchandising revenues $ 2,113,093 $ 984,567 $ — $ 3,097,660 Gross profit 146,778 76,952 — 223,730 Operating, administrative and general expenses 12
Slide 16: Non-GAAP Reconciliation: Year to Date Segment Data
Non-GAAP Reconciliation Year to Date Segment Data (Unaudited) ($000s) Agribusiness Renewables Other Total Six months ended June 30, 2026 Sales and merchandising revenues $ 4,033,060 $ 1,691,866 $ — $ 5,724,926 Gross profit 280,684 103,630 — 384,314 Operating, administrative and general expenses 243,
Slide 17: Non-GAAP Reconciliation: 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 June 30, 2026 Net income (loss) $ 19,870 $ 64,981 $ (30,903) $ 53,948 Interest expense (income) 13,330 2,341 (29) 15,642 Tax provision — — 13,389 13,389 Depre
Slide 18: Non-GAAP Reconciliation: Year to Date EBITDA and Adjusted EBITDA
Non-GAAP Reconciliation Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Six months ended June 30, 2026 Net income (loss) $ 27,275 $ 104,572 $ (48,567) $ 83,280 Interest expense 27,018 5,400 62 32,480 Tax provision — — 17,949 17,949 Depreciation and amo
Slide 19: Non-GAAP Reconciliation: 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) 2026 2025 2026 2025 Cash provided by (used in) operating activities $ 487,922 $ 299,321 $ 94,247 $ (50,699) Changes in operating assets and liabilitie
Slide 20: Non-GAAP Reconciliation: Agribusiness Adjusted EBITDA
Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Six months ended June 30, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 127,624 $ 107,939 $ 109,156 $ 56,587 $ 27,275 Interest expense 49,838 42,548 30,911 43,482 27,018 Depreciation & amortization 62,
Slide 21: Non-GAAP Reconciliation: Renewables Adjusted EBITDA
Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Six months ended June 30, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 114,984 $ 104,519 $ 139,760 $ 140,102 $ 104,572 Interest expense 8,788 6,087 2,828 5,681 5,400 Depreciation & amortization 63,458 5