Slide 1: Investor Presentation
Investor Presentation Planting Seeds to Enable Profitable Long-term Growth May 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 Q1’26 UPDATE AND FINANCIAL OUTLOOK 31 APPENDIX 2026 INVESTOR PRESENTATION 3
Slide 4: Introduction to The Andersons
Introduction to The Andersons 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 Overview and Strategic Direction 2026 INVESTOR PRESENTATION 11
Slide 12: Agribusiness Snapshot
Agribusiness Snapshot $572M ~175 Facilities TTM1 2026 Gross Profit 33M Tonnes of Commodities Traded $204M Integrating crop inputs, grain handling, commodity merchandising, and 2.0M Tons of Fertilizer Sold TTM1 2026 premium ingredients, while offering Adj. EBITDA2 a range of services to producers, ~2
Slide 13: Broad Geographic Footprint
Broad Geographic Footprint Canada WELL-POSITIONED BC AB SK MB ON QC IN KEY GEOGRAPHIES WA United Kingdom ME ND • Extensive footprint across major North MT MN NY VT NH ID American grain regions OR SD WI MI MA CT RI • Scaled, diversified platform across WY PA NJ crops, customers, and end markets NE IA
Slide 14: Agribusiness 101: Where We Play
Agribusiness 101: Where We Play THE ANDERSONS CAPABILITIES SELECTED EXAMPLES • Merchandising • Grains and oilseeds • Grain elevators • Animal feed ingredients ASSETS AND • Logistics (e.g., truck, rail, barge, vessel) • Co-products from processing MERCHANDISING • Risk management strategies • Handling
Slide 15: Why We Win in Agribusiness
Why We Win in Agribusiness One of Largest Grain Strategically Located Customer-centric Focus Integration with Companies in North Near Producers that Drives Flexible and Renewables America1 Custom Solutions • Merchandise broad array • Complementary asset footprint • Demonstrated track record of • Lev
Slide 16: Agribusiness 5-year Historical Financial Performance Overview ($M)
Agribusiness 5-year Historical Financial Performance Overview ($M) Drivers GROSS PROFIT ADJ. EBITDA 1 ADJ. PRETAX INCOME Q1’26 Attributable to ANDE1 • Return of volatility improved merchandising results; assets $545M $216M $102M realized less space income 5-year Average 5-year Average 5-year Average
Slide 17: Renewables Overview and Strategic Direction
Renewables Overview and Strategic Direction 2026 INVESTOR PRESENTATION 17
Slide 18: Renewables Snapshot
Renewables Snapshot $149M Gallons of Ethanol Produced 518M at 4 Facilities TTM1 2026 Gross Profit 3rd-Party Ethanol Gallons 315M Merchandised $220M Concentrating on ethanol and its Pounds of Renewable Feedstocks TTM1 2026 1.4B Merchandised Adj. EBITDA2 co-products, while safely managing ethanol plan
Slide 19: Eastern Footprint Enables Strong Connection to Growers and End Users
Eastern Footprint Enables Strong Connection to Growers and End Users Canada BC AB SK MB ON QC OUR ADVANTAGE IN NORTH AMERICA WA ME ND MT VT • Well-located plants drive sourcing OR ID MN WI NY NH MA efficiency / proximity to feedstock SD MI CT RI WY PA NJ • Access to all active North NE IA OH MD Amer
Slide 20: Renewables 101: Where We Play
Renewables 101: Where We Play Ethanol Production SPOTLIGHT • Own and operate 4 ethanol plants Collaboration with Agribusiness • Produce fuel-grade ethanol from corn, mainly used for blending with gasoline to reduce emissions • Ensure supply reliability, price risk • Invest in carbon intensity reduct
Slide 21: Why We Win in Renewables
Why We Win in Renewables 5th Largest U.S. Geographically Advantaged Integrated Across the Ethanol Producer1 Ethanol Plants Value Chain • Focus on continuous improvement • Close to corn production with majority of • Farmgate-to-tank car capabilities enable and operational excellence corn purchased di
Slide 22: Renewables Growth and 45Z
Renewables Growth and 45Z Strategic Acquisition of Sizeable 45Z Tax Credits Provide Additional Full Ownership of TAMH Future Growth Potential Aligned with Strategy • Meets all stated criteria for ethanol capacity growth PERIOD ANNUAL IMPACT1 • Optimal use of growth capital at an attractive valuation
Slide 23: Renewables 5-year Historical Financial Performance Overview ($M)
Renewables 5-year Historical Financial Performance Overview ($M) HIGHLIGHTS GROSS PROFIT ADJ. EBITDA 1 ADJ. PRETAX INCOME Q1’26 Attributable to ANDE1 • Solid plant earnings on $166M $208M $109M record production and 5-year Average 5-year Average 5-year Average efficient operations $220 • Benefit of
Slide 24: Q1'26 Update and Financial Outlook
Q1’26 Update and Financial Outlook 2026 INVESTOR PRESENTATION 24
Slide 25: Financial Performance Overview ($M)
Financial Performance Overview ($M) GROSS PROFIT ADJ. EBITDA 2 ADJ. PRETAX INCOME CASH FROM OPERATIONS Attributable to ANDE2 Before Working Capital Changes2 $712M $378M $161M $307M 5-year Average 5-year Average 5-year Average 5-year Average $721 $412 $684 $184 $178 $315 $371 $289 2022¹ 2026 2022¹ TT
Slide 26: Key Financial Data – Q1 '26
Key Financial Data – Q1 '26 $M, except per share YTD '26 YTD '25 Sales and Merchandising Revenues $ 2,627 $ 2,659 Gross Profit 161 153 Pretax Income 34 3 Pretax Income (loss) Attributable to ANDE1 38 (2) Adjusted Pretax Income Attributable to ANDE1 44 3 Net Income Attributable to ANDE 33 — Adjusted
Slide 27: Cash and Liquidity
Cash and Liquidity HIGHLIGHTS Improved operating cash flows from 1 strong performance in the quarter Readily marketable inventories 2 continue to exceed short-term debt 3 Short-term debt increased with increased market volatility and seasonality 1 Non-GAAP financial measure; see appendix for reconci
Slide 28: 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 Continued focus on long-term debt-to- 3 EBITDA2 ratio <2.5x; currently 1.6x 1 Measure derived from purchases of PP&E, c
Slide 29: 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 30: 2026 Outlook
2026 Outlook AGRIBUSINESS RENEWABLES •Prepared to meet customer demand in •Expect margins to remain supportive on volatile markets strong fundamentals •Anticipate above average corn acres and •Favorable biofuels policy landscape, fertilizer margins opportunities including continuing 45Z credits •Rem
Slide 31: 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 32: Appendix: Supplemental Slides and Non-GAAP Reconciliations
Appendix Supplemental Slides and Non-GAAP Reconciliations 2026 INVESTOR PRESENTATION 32
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Pretax Income Attributable to The Andersons, Inc. (Unaudited) ($000s) 20221 2023 2024 2025 20262 Pretax income (loss) $ 194,582 $ 169,563 $ 200,757 $ 141,469 $ 172,148 Adjusting items to pretax income: Asset and goodwill impairment 9,000 87,842 — 13,698 13,698 Loss (
Slide 34: Non-GAAP Reconciliation
Non-GAAP Reconciliation Agribusiness Adjusted Pretax Income (Unaudited) ($000s) 2022 2023 2024 2025 20261 Pretax income $ 127,624 $ 107,939 $ 109,156 $ 56,587 $ 73,668 Adjusting items to pretax income: Asset and goodwill impairment 9,000 686 — 10,346 10,346 Loss (gain) on investments 4,455 963 — 7,1
Slide 35: Non-GAAP Reconciliation
Non-GAAP Reconciliation Renewables Adjusted Pretax Income (Unaudited) ($000s) 2022 2023 2024 2025 20261 Pretax income $ 114,984 $ 104,519 $ 139,760 $ 140,102 $ 154,812 Adjusting items to pretax income: Acquisition costs — — — 5,927 5,927 Asset impairment — 87,156 — 3,352 3,352 Gain on deconsolidatio
Slide 36: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended March 31, ($000s, except per share data) 2026 2025 Net income $ 29,332 $ 5,331 Net (loss) income attributable to noncontrolling interests (3,856) 5,047 Net income attributable to The Anders
Slide 37: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) ($000s, except per share data) 20221 2023 2024 2025 20262 Net income $ 154,954 $ 132,529 $ 170,700 $ 119,301 $ 143,302 Net income attributable to noncontrolling interests 35,899 31,339 56,688 23,588 14,685 Ne
Slide 38: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended March 31, 2026 Net income (loss) $ 7,405 $ 39,591 $ (17,664) $ 29,332 Interest expense 13,688 3,059 91 16,838 Tax provision — — 4,560 4,560 Depreciation and amor
Slide 39: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) ($000s) 20221 2023 2024 2025 20262 Net income $ 154,954 $ 132,529 $ 170,700 $ 119,301 $ 143,302 Interest expense 56,849 46,867 31,760 47,159 50,901 Income tax provision 39,628 37,034 30,057 22,168 28,846 Depreciation and amortization 134,742 125,10
Slide 40: Non-GAAP Reconciliation
Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) ($000s) 2022 2023 2024 2025 20261 Net income $ 127,624 $ 107,939 $ 109,156 $ 56,587 $ 73,668 Interest expense 49,838 42,548 30,911 43,482 44,344 Depreciation & amortization 62,587 65,377 72,993 82,676 82,481 EBITDA 240,049 215,864 213,
Slide 41: Non-GAAP Reconciliation
Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) ($000s) 2022 2023 2024 2025 20261 Net income $ 114,984 $ 104,519 $ 139,760 $ 140,102 $ 154,812 Interest expense 8,788 6,087 2,828 5,681 8,042 Depreciation & amortization 63,458 51,408 49,705 48,036 47,912 EBITDA 187,230 162,014 192,293 1
Slide 42: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) Three months ended March 31, ($000s) 2026 2025 Cash used in operating activities $ (393,675) $ (350,020) Changes in operating assets and liabilities Accounts receivable (120,542) (53,268) Inventories (34,986) 38,
Slide 43: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) ($000s) 2022 2023 2024 2025 20261 Cash provided by operating activities $ 287,117 $ 946,750 $ 331,506 $ 176,998 $ 133,343 Changes in operating assets and liabilities: Accounts receivable (391,403) 468,968 35,777