Slide 1: First Quarter 2025 Earnings Call
FIRST QUARTER 2025 Earnings Call May 7, 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 Q1’25 EARNINGS PRESENTATION 3
Slide 4: Q1'25 Highlights
Q1’25 Highlights AGRIBUSINESS RENEWABLES • Limited opportunities as weak end user • Strong earnings on efficient operations and demand and trade uncertainty kept improved ethanol margins commercial activity short term • Reduced feed ingredient values on • Improved agricultural nutrient volumes over-
Slide 5: Key Financial Data – Q1'25
Key Financial Data – Q1’25 $M, except per share YTD ’25 YTD ’24 Sales and Merchandising Revenues $ 2,659 $ 2,718 Gross Profit 153 128 Pretax Income 3 14 Pretax Income (loss) Attributable to ANDE1 (2) 7 Adjusted Pretax Income Attributable to ANDE1 3 7 Net Income Attributable to ANDE1 – 6 Adjusted Net
Slide 6: Cash and Liquidity
Cash and Liquidity Cash from Operations Before Working Capital Changes1 ($M) Short-term Debt vs. RMI ($M) HIGHLIGHTS $57 Consistent and strong operating cash $945 1 flows in changing markets $48 $828 Readily marketable inventories (RMI) 2 continue to significantly exceed short- $636 term debt Short-
Slide 7: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt Capital Spending1 ($M) Long-term Debt ($M) HIGHLIGHTS $651 $644 Capital investments include growth; $47 1 expect 2025 spend of ~$175M to $200M 2 Strong and flexible balance sheet $27 Continued focus on managing long-term 3 debt-to-EBITDA2 ratio <2.5x; currently 1.
Slide 8: Agribusiness – Q1'25 Highlights
Agribusiness – Q1’25 Highlights HIGHLIGHTS Unaudited in $M YTD ’25 YTD ’24 Adjusted EBITDA1 ($M) Grain assets impacted by weak basis in $266 1 the West from low export demand and Revenues $ 1,993 $ 2,061 ample supply $221 $218 $204 Solid merchandising results despite Gross profit 119 100 2 low price
Slide 9: Renewables – Q1'25 Highlights
Renewables – Q1’25 Highlights HIGHLIGHTS Unaudited in $M YTD ’25 YTD ’24 Adjusted EBITDA1 ($M) Improved margins on higher ethanol 1 yields and firmer ethanol board crush Revenues $ 666 $ 657 $243 Gross profit 34 29 $187 $189 Improved RD feedstock and ethanol $169 2 merchandising results on well- Pre
Slide 10: 2025 Outlook
2025 Outlook AGRIBUSINESS RENEWABLES • Grain assets well-positioned for expected • Margins should remain supportive on large corn harvest and wheat opportunities, expected strong demand and potential amid changing market dynamics increase in RVO requirements • Anticipate uplift in agronomy results o
Slide 11: Q&A Session
Q&A SESSION Q1’25 EARNINGS PRESENTATION 11
Slide 12: Thank You for Joining Us
THANK YOU FOR JOINING US. Our next earnings call is scheduled for August 5, 2025, at 8:30 AM ET Q1’25 EARNINGS PRESENTATION 12
Slide 13: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q1’25 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 March 31, ($000s, except per share data) 2025 2024 Net income $ 5,331 $ 12,665 Net income attributable to noncontrolling interests 5,047 7,084 Net income attributable to The Andersons, Inc.
Slide 15: Non-GAAP Reconciliation: Year to Date Segment Data
NON-GAAP RECONCILIATION Year to Date Segment Data (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended March 31, 2025 Sales and merchandising revenues $ 1,993,287 $665,811 $ — $ 2,659,098 Gross profit 118,598 34,274 — 152,872 Operating, administrative and general expenses 124,4
Slide 16: Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
NON-GAAP RECONCILIATION Year to Date EBITDA and Adjusted EBITDA (Unaudited) Agribusiness Renewables Other Total ($000s) Three months ended March 31, 2025 Net income (loss) $ (9,676) $ 24,881 $ (9,874) $ 5,331 Interest expense (income) 12,826 698 (428) 13,096 Tax benefit — — (2,118) (2,118) Depreciat
Slide 17: Non-GAAP Reconciliation: Cash from Operations Before Working Capital
NON-GAAP RECONCILIATION Cash from Operations Before Working Capital Changes (Unaudited) Three months ended March 31, ($000s, except per share data) 2025 2024 Cash used in operating activities $ (350,020) $ (239,627) Changes in operating assets and liabilities Accounts receivable (53,268) 57,725 Inve
Slide 18: Non-GAAP Reconciliation: Agribusiness Adjusted EBITDA
NON-GAAP RECONCILIATION Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Three months ended March 31, ($000s) 2021 2022 2023 2024 2025 Net income (loss)1 $ 127,728 $ 127,624 $ 107,939 $ 109,156 $ (9,676) Interest expense 28,035 49,838 42,458 30,911 12,826 Depreciation & amor
Slide 19: Non-GAAP Reconciliation: Renewables Adjusted EBITDA
NON-GAAP RECONCILIATION Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Three months ended March 31, ($000s) 2021 2022 2023 2024 2025 Net income1 $ 84,038 $ 114,984 $ 104,519 $ 139,760 $ 24,881 Interest expense 7,610 8,788 6,087 2,828 698 Depreciation & amortization 77,542 63