# EDGAR Filing Document

**Accession Number:** 0000821026
**File Stem:** 0000821026-25-000199
**Filing Date:** 2025-11
**Character Count:** 55500
**Document Hash:** 4affc0e262de7a6b0d79d258e51a9d69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000821026-25-000199.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0000821026-25-000199

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Andersons, Inc.
- **CENTRAL INDEX KEY:** 0000821026
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 341562374
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20557
- **FILM NUMBER:** 251449596

**BUSINESS ADDRESS:**
- **STREET 1:** 1947 BRIARFIELD BOULEVARD
- **CITY:** MAUMEE
- **STATE:** OH
- **ZIP:** 43537
- **BUSINESS PHONE:** (419)893-5050

**MAIL ADDRESS:**
- **STREET 1:** 1947 BRIARFIELD BOULEVARD
- **CITY:** MAUMEE
- **STATE:** OH
- **ZIP:** 43537

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANDERSONS INC
- **DATE OF NAME CHANGE:** 19960117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANDERSONS MANAGEMENT CORP
- **DATE OF NAME CHANGE:** 19931119

?xml version='1.0' encoding='ASCII'? ande-20251104

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________

FORM 8-K

______________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 4, 2025

__________________________________________

![blackandwhiteandelogoa02.jpg](ande-20251104_g1.jpg)

The Andersons, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Ohio** | **000-20557** | **34-1562374** |
| (State of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**1947 Briarfield Boulevard** 

**Maumee, Ohio 43537** 

(Address of principal executive offices) (Zip Code)

**(419) 893-5050** 

(Registrant's telephone number, including area code)

__________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

__________________________________________

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading Symbol** | **Name of each exchange on which registered:** |
| Common stock, $0.00 par value, $0.01 stated value | ANDE | The NASDAQ Stock Market LLC |

---

__________________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

[☐] Emerging growth company

[☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

**Item 2.02 Results of Operations and Financial Condition**

The Company issued a press release announcing its third quarter 2025 earnings which is included as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Third Quarter 2025 Earnings Release](q32025ex-99pressrelease.htm)</u> |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | The Andersons, Inc. | The Andersons, Inc. |
| November 4, 2025 | *By:* | */s/ Brian A. Valentine* |
|  |  | Brian A. Valentine |
|  |  | Executive Vice President <br>and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![logoa04a26.gif](logoa04a26.gif)**NEWS RELEASE**

**The Andersons, Inc. Reports Third Quarter Results** 

**MAUMEE, OHIO, November 4, 2025** - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2025.

**Third Quarter Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Reported net income attributable to The Andersons of $20 million or $0.59 per diluted share and adjusted net income attributable of $29 million, or $0.84 per diluted share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA of $78 million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Renewables reported pretax income of $43 million and adjusted pretax income attributable of $46 million on strong operating performance and year-to-date 45Z tax credits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Agribusiness recorded pretax income of $1 million and adjusted pretax income attributable of $2 million**

"This quarter's results include 100% ownership of our ethanol plants for August and September as a result of the acquisition we completed at the end of July. We are excited to have full control over these strategic assets and are both evaluating and implementing a variety of enhancements to continue improving ethanol and co-product yields while lowering the carbon intensity of the ethanol we produce," said President and CEO Bill Krueger. "During the third quarter, we successfully completed our analysis of the requirements to qualify for 45Z tax credits. The year-to-date impact for our share of ethanol gallons sold is reflected in this quarter. We continue to be encouraged on fundamentals in Renewable fuels and will look for further opportunities to grow our presence in the space."

"We are progressing on our Port of Houston project, a strategic investment to add export capacity for soybean meal and efficiency improvements to the existing grain operations, which we expect will be completed in mid-2026. We continue to integrate Skyland Grain, LLC assets into our Agribusiness segment. Additionally, we are investing in our premium food corn business to increase capacity resulting from growing customer demand. We are on track to meet our run-rate EPS target by the end of 2026, and we anticipate further growth opportunities resulting from the current agricultural environment. We will be hosting an Investor Day on December 9, where we plan to provide updated long-range financial targets," continued Krueger.

------

**Cash, Liquidity, and Long-Term Debt Management**

"Our businesses continue to generate strong cash flows, allowing us to fund the ethanol purchase with cash on hand and only a minimal increase to our operating line. We expect to continue to fund many of our growth projects internally and our debt remains at a modest level," said Executive Vice President and CFO Brian Valentine. "As a reminder, we now have access to 100% of the cash generated by our ethanol operations. We remain below our long-term debt to EBITDA target of less than 2.5 times and are pleased with the strength of our balance sheet."

Cash provided by operating activities was $234 million and a use of $2 million in the third quarter of 2025 and 2024, respectively. Cash from operations before working capital changes in the same periods was $68 million and $86 million, respectively. Cash spent on capital projects in the quarter totaled $67 million, a $29 million increase from 2024.

**<u>Third Quarter Segment Overview</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **$ in millions, except per share amounts** | **$ in millions, except per share amounts** | **$ in millions, except per share amounts** | **$ in millions, except per share amounts** | | | |
| | **Q3 2025** | **Q3 2024** | **Variance** | **YTD 2025** | **YTD 2024** | **Variance** |
| **Pretax Income** | $**25.8** | $62.2 | $(36.4) | $**53.9** | $133.5 | $(79.6) |
| **Pretax Income Attributable to the Company**<sup>1</sup> | **19.9** | 38.1 | (18.2) | **34.0** | 85.8 | (51.8) |
| **Adjusted Pretax Income Attributable to the Company**<sup>1</sup> | **31.1** | 34.6 | (3.5) | **49.3** | 86.1 | (36.8) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Agribusiness**<sup>1</sup> | **2.5** | 19.2 | (16.7) | **19.2** | 57.3 | (38.1) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Renewables**<sup>1</sup> | **46.3** | 25.9 | 20.4 | **71.2** | 62.9 | 8.3 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Other**<sup>1</sup> | **(17.7)** | (10.5) | (7.2) | **(41.1)** | (34.1) | (7.0) |
| **Net Income Attributable to the Company** | **20.1** | 27.4 | (7.3) | **28.3** | 68.9 | (40.6) |
| **Adjusted Net Income Attributable to the Company**<sup>1</sup> | **28.5** | 24.7 | 3.8 | **40.9** | 69.8 | (28.9) |
| **Diluted Earnings Per Share ("EPS")** | **0.59** | 0.80 | (0.21) | **0.82** | 2.01 | (1.19) |
| **Adjusted EPS**<sup>1</sup> | **0.84** | 0.72 | 0.12 | **1.19** | 2.04 | (0.85) |
| **EBITDA**<sup>1</sup> | **69.0** | 101.0 | (32.0) | **189.0** | 246.6 | (57.6) |
| **Adjusted EBITDA**<sup>1</sup>  | $**78.3** | $97.4 | $(19.1) | $**200.7** | $246.9 | $(46.2) |
| <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. | <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. | <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. | <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. | <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. | <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. | <sup>1</sup> Non-GAAP financial measures; see appendix for explanations and reconciliations. |

---

------

**Grain Markets Remain Over-Supplied, Wheat Harvests Complete**

Agribusiness recorded pretax income of $1 million and adjusted pretax income attributable to the company of $2 million for the quarter, compared to pretax income of $23 million and adjusted pretax income of $19 million in the third quarter of 2024.

Trade policy uncertainty, along with ongoing low prices and volatility, led to reduced gross profit in our grain assets and merchandising businesses (excluding Skyland). Lower margins across our assets and merchandising footprint and lower put through volumes at our assets contributed to this decline compared to Q3 2024. Wheat harvest was completed during the quarter with higher-than-expected volumes, allowing our elevators in both the eastern and western grain belts to accumulate bushels at favorable basis values.

Fall harvest kicked off in the third quarter and is continuing to progress with yields varying across the country. With a large harvest and low market prices, feed and end-use customers continue to limit their purchasing to immediate needs. We expect elevation margins and merchandising opportunities to increase in the fourth quarter. Our balanced asset and merchandising portfolio enable opportunities in various market conditions, including this current period of higher supply with limited volatility.

The third quarter nutrient business saw increased margins and higher year-over-year volumes in this seasonally slow quarter. Fourth quarter farmer fertilizer sales and applications, weather permitting, should realize higher margins but may see reduced demand due to low grain prices.

Agribusiness' third quarter adjusted EBITDA was $29 million, compared to $45 million in 2024.

**Renewables with Solid Quarter on Efficient Operations and Acquisition; Tax Credit Benefit** 

The Renewables segment reported pretax income of $43 million and adjusted pretax income attributable to the company of $46 million in the third quarter. For the same period in 2024, the segment reported pretax income of $50 million and pretax income attributable to the company of $26 million.

Results include two months of full ownership of the ethanol plants and the recording of year-to-date 2025 45Z tax credits of $20 million. The ethanol plants continue to run efficiently, resulting in slightly higher year-over-year yields and gallons produced. Lower board crush, higher corn basis, and increased natural gas costs contributed to lower overall margins. Plant co-product contribution improved with higher distillers corn oil prices, partially offset by declines in values of dried distillers grain. The impact of full ownership of the plants added pretax earnings of approximately $12 million, or $0.28 per share, to the quarter's results.

Strong ethanol demand, including exports, and an expected reduction in corn costs post-harvest should provide support for ethanol values. Under current law, 45Z tax credits remain in effect through 2029, providing continued policy support for renewable fuels and future growth opportunities at our plants. One such opportunity is at our Clymers, Indiana, facility, where a Class VI well permit for our completed test well is currently progressing through the EPA's approval process. Once approved, this facility will be eligible to sequester carbon on-site, decreasing our carbon intensity score even further.

Renewables had adjusted third quarter EBITDA of $67 million in 2025, compared to EBITDA of $63 million in 2024.

------

**Income Taxes**

The company recorded a modest income tax benefit for the quarter. This is a result of non-taxable 45Z income recognized and the elimination of certain reserves against uncertain tax positions related to R&D tax credits. Including full ownership of the ethanol plants, we now anticipate a full-year adjusted effective rate of approximately 15% - 18% which includes the impact of the expected full year non-taxable credits.

**Conference Call**

The company will host a webcast on Wednesday, November 5, 2025, at 8:30 a.m. ET, to discuss its performance and provide its outlook for the fourth quarter of 2025 and early 2026. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 6342920). It is recommended that you call 10 minutes before the conference call begins.

To access the webcast, click on the link: https://app.webinar.net/MyZDd8eY3O0 and submit the requested information as directed. A replay of the call can also be accessed under the heading "Investors" on the company's website at <u>www.andersonsinc.com</u>.

**Forward-Looking Statements** 

This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, geopolitical risk, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.

**Non-GAAP Measures**

This release contains non-GAAP financial measures. The company believes that pretax income (loss) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.

------

**Company Description**

The Andersons, Inc., is a North American agriculture company that conducts business in the agribusiness and renewables sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit <u>www.andersonsinc.com</u>.

**<u>Investor Relations Contact</u>**&nbsp;&nbsp;&nbsp;&nbsp;

Mike Hoelter&nbsp;&nbsp;&nbsp;&nbsp;

Vice President, Corporate Controller and Investor Relations

Phone: 419-897-6715

E-mail: <u>investorrelations@andersonsinc.com</u>

------

**The Andersons, Inc.**

**Condensed Consolidated Statements of Operations**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| (in thousands, except per share data) | **2025** | **2024** | **2025** | **2024** |
| Sales and merchandising revenues | $**2677712** | $2620988 | $**8472679** | $8134410 |
| Cost of sales and merchandising revenues | **2506840** | 2443863 | **7990519** | 7653594 |
| Gross profit | **170872** | 177125 | **482160** | 480816 |
| Operating, administrative and general expenses | **172554** | 120494 | **452897** | 356466 |
| Interest expense, net | **10478** | 8361 | **35069** | 21494 |
| Other income, net | **38003** | 13922 | **59697** | 30651 |
| Income before income taxes | **25843** | 62192 | **53891** | 133507 |
| Income tax (benefit) provision | **(228)** | 10731 | **5682** | 16911 |
| Net income | **26071** | 51461 | **48209** | 116596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **5933** | 24096 | **19930** | 47674 |
| Net income attributable to The Andersons, Inc. | $**20138** | $27365 | $**28279** | $68922 |
| Earnings per share attributable to The Andersons, Inc. common shareholders: |  |  |  |  |
| &nbsp;&nbsp;Basic earnings: | $**0.59** | $0.80 | $**0.83** | $2.03 |
| &nbsp;&nbsp;Diluted earnings: | $**0.59** | $0.80 | $**0.82** | $2.01 |

---

------

**The Andersons, Inc.**

**Condensed Consolidated Balance Sheets**

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | **September 30, 2025** | **December 31, 2024** | **September 30, 2024** |
| **Assets** |  |  |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**81630** | $561771 | $454065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | **715761** | 764550 | 756618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **899278** | 1286811 | 884339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative assets – current | **154449** | 148801 | 122326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **110045** | 88344 | 113726 |
| Total current assets | **1961163** | 2850277 | 2331074 |
| Property, plant and equipment, net | **905761** | 868151 | 709951 |
| Other assets, net | **430035** | 402886 | 347273 |
| Total assets | $**3296959** | $4121314 | $3388298 |
| **Liabilities and equity** |  |  |  |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $**141356** | $166614 | $14716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | **782683** | 1047436 | 774347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer prepayments and deferred revenue | **71989** | 194025 | 67899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative liabilities – current | **68618** | 59766 | 85640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | **63888** | 36139 | 27727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | **201939** | 227192 | 207543 |
| Total current liabilities | **1330473** | 1731172 | 1177872 |
| Long-term debt, less current maturities | **569052** | 608151 | 542564 |
| Other long-term liabilities | **174417** | 182155 | 144855 |
| Total liabilities | **2073942** | 2521478 | 1865291 |
| Total equity | **1223017** | 1599836 | 1523007 |
| Total liabilities and equity | $**3296959** | $4121314 | $3388298 |

---

------

**The Andersons, Inc.**

**Condensed Consolidated Statements of Cash Flows**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| (in thousands) | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net income | $**48209** | $116596 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **100058** | 91626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **20054** | 15146 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **42850** | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **391784** | 278947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity derivatives | **2541** | 49327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current assets | **(16914)** | (59376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables and other current and non-current liabilities | **(405399)** | (433069) |
| Net cash provided by operating activities | **183183** | 62695 |
| **Investing Activities** |  |  |
| Purchases of property, plant and equipment and capitalized software | **(162210)** | (93230) |
| Insurance proceeds | **26187** | 9219 |
| Other | **8723** | (6581) |
| Net cash used in investing activities | **(127300)** | (90592) |
| **Financing Activities** |  |  |
| Net payments under short-term lines of credit | **(27709)** | (27054) |
| Proceeds from issuance of long-term debt | **14700** |  |
| Payments of long-term debt | **(26519)** | (20649) |
| Purchase of noncontrolling interest in a consolidated subsidiary | **(425000)** |  |
| Distributions to noncontrolling interest owner | **(33657)** | (87325) |
| Dividends paid | **(19894)** | (19466) |
| Common stock repurchased | **(15366)** |  |
| Value of shares withheld for taxes | **(4011)** | (8101) |
| Other | **(521)** |  |
| Net cash used in financing activities | **(537977)** | (162595) |
| Effect of exchange rates on cash and cash equivalents | **1953** | 703 |
| Decrease in cash and cash equivalents | **(480141)** | (189789) |
| Cash and cash equivalents at beginning of period | **561771** | 643854 |
| Cash and cash equivalents at end of period | $**81630** | $454065 |

---

------

**The Andersons, Inc.**

**Adjusted Net Income Attributable to The Andersons, Inc.**

**A non-GAAP financial measure**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| (in thousands, except per share data) | **2025** | **2024** | **2025** | **2024** |
| Net income | $**26071** | $51461 | $**48209** | $116596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **5933** | 24096 | **19930** | 47674 |
| Net income attributable to The Andersons, Inc. | **20138** | 27365 | **28279** | 68922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | **11376** |  | **11376** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on investments | **—** |  | **7178** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | **5927** |  | **5927** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | **1712** | 1668 | **5583** | 8568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension settlement | **1448** | **—** | **1448** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance expense | **—** |  | **1197** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets and businesses, net | **(1567)** |  | **(4757)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property recoveries, net | **(7726)** | (5204) | **(12645)** | (5204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation of joint venture | **—** | **—** | **—** | (3117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of adjustments<sup>1</sup> | **(2792)** | 884 | **(2649)** | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items, net of tax | **8378** | (2652) | **12658** | 879 |
| Adjusted net income attributable to The Andersons, Inc.  | $**28516** | $24713 | $**40937** | $69801 |
| Diluted earnings per share attributable to <br>The Andersons, Inc. common shareholders | $**0.59** | $0.80 | $**0.82** | $2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact on diluted earnings (loss) per share | $**0.25** | $(0.08) | $**0.37** | $0.03 |
| Adjusted diluted earnings per share | $**0.84** | $0.72 | $**1.19** | $2.04 |

---

<sup>1</sup> The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of the impairment of an equity method investment of $4.4 million in 2025 and certain transaction related compensation in 2024.

Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings per share attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) per share amount for each specified item.

------

**The Andersons, Inc.**

**Segment Data** 

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Agribusiness** | **Renewables** | **Other** | **Total** |
| **Three months ended September 30, 2025** |  |  |  |  |
| Sales and merchandising revenues | $**1988907** | $**688805** | $**—** | $**2677712** |
| Cost of sales and merchandising revenues | **1861997** | **644843** | **—** | **2506840** |
| Gross profit | **126910** | **43962** | **—** | **170872** |
| Operating, administrative and general expenses | **135891** | **16454** | **20209** | **172554** |
| Interest expense (income), net | **9111** | **1678** | **(311)** | **10478** |
| Other income, net | **19558** | **17657** | **788** | **38003** |
| Income (loss) before income taxes | **1466** | **43487** | **(19110)** | **25843** |
| (Loss) income attributable to noncontrolling interests | **(582)** | **6515** | **—** | **5933** |
| Income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $**2048** | $**36972** | $**(19110)** | $**19910** |
| Adjustments to income (loss) before income taxes<sup>2</sup> | **443** | **9279** | **1448** | **11170** |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $**2491** | $**46251** | $**(17662)** | $**31080** |
| **Three months ended September 30, 2024** |  |  |  |  |
| Sales and merchandising revenues | $1876042 | $744946 | $— | $2620988 |
| Cost of sales and merchandising revenues | 1756697 | 687166 |  | 2443863 |
| Gross profit | 119345 | 57780 |  | 177125 |
| Operating, administrative and general expenses | 100360 | 8895 | 11239 | 120494 |
| Interest expense (income), net | 8251 | 705 | (595) | 8361 |
| Other income, net | 12032 | 1771 | 119 | 13922 |
| Income (loss) before income taxes | 22766 | 49951 | (10525) | 62192 |
| Income attributable to noncontrolling interests |  | 24096 |  | 24096 |
| Income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $22766 | $25855 | $(10525) | $38096 |
| Adjustments to income (loss) before income taxes<sup>2</sup> | (3536) |  |  | (3536) |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $19230 | $25855 | $(10525) | $34560 |
| <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025.  | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025.  | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025.  | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025.  | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $4.2 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the three months ended September 30, 2025.  |

---

------

**The Andersons, Inc.**

**Segment Data**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Agribusiness** | **Renewables** | **Other** | **Total** |
| **Nine months ended September 30, 2025** |  |  |  |  |
| Sales and merchandising revenues | $**6397021** | $**2075658** | $**—** | $**8472679** |
| Cost of sales and merchandising revenues | **6019451** | **1971068** | **—** | **7990519** |
| Gross profit | **377570** | **104590** | **—** | **482160** |
| Operating, administrative and general expenses | **374392** | **35188** | **43317** | **452897** |
| Interest expense (income), net | **33268** | **3101** | **(1300)** | **35069** |
| Other income (loss), net | **40779** | **19491** | **(573)** | **59697** |
| Income (loss) before income taxes | **10689** | **85792** | **(42590)** | **53891** |
| (Loss) income attributable to noncontrolling interests | **(3933)** | **23863** | **—** | **19930** |
| Income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $**14622** | $**61929** | $**(42590)** | $**33961** |
| Adjustments to income (loss) before income taxes<sup>2</sup> | **4580** | **9279** | **1448** | **15307** |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $**19202** | $**71208** | $**(41142)** | $**49268** |
| **Nine months ended September 30, 2024** |  |  |  |  |
| Sales and merchandising revenues | $6046832 | $2087578 | $— | $8134410 |
| Cost of sales and merchandising revenues | 5699925 | 1953669 |  | 7653594 |
| Gross profit | 346907 | 133909 |  | 480816 |
| Operating, administrative and general expenses | 295187 | 25718 | 35561 | 356466 |
| Interest expense (income), net | 20980 | 2158 | (1644) | 21494 |
| Other income (loss), net | 23146 | 7707 | (202) | 30651 |
| Income (loss) before income taxes | 53886 | 113740 | (34119) | 133507 |
| Income attributable to noncontrolling interests |  | 47674 |  | 47674 |
| Income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $53886 | $66066 | $(34119) | $85833 |
| Adjustments to income (loss) before income taxes<sup>2</sup> | 3364 | (3117) |  | 247 |
| Adjusted income (loss) before income taxes attributable to The Andersons, Inc.<sup>1</sup> | $57250 | $62949 | $(34119) | $86080 |
| <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. | <sup>1</sup> Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income.<br><sup>2</sup> Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $5.9 million difference in insured inventory and property damages and a $2.3 million difference in asset impairments in the Agribusiness segment for the nine months ended September 30, 2025. |

---

------

**The Andersons, Inc.**

**Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)**

**A non-GAAP financial measure**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Agribusiness** | **Renewables** | **Other** | **Total** |
| **Three months ended September 30, 2025** |  |  |  |  |
| Net income (loss) | $**1466** | $**43487** | $**(18882)** | $**26071** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income) | **9111** | **1678** | **(311)** | **10478** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax provision | **—** | **—** | **(228)** | **(228)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **19941** | **12096** | **610** | **32647** |
| EBITDA | **30518** | **57261** | **(18811)** | **68968** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items impacting EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | **10346** | **3352** | **—** | **13698** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | **1712** | **—** | **—** | **1712** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets and businesses, net | **(1567)** | **—** | **—** | **(1567)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension settlement | **—** | **—** | **1448** | **1448** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property recoveries, net | **(11887)** | **—** | **—** | **(11887)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | **—** | **5927** | **—** | **5927** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items | **(1396)** | **9279** | **1448** | **9331** |
| Adjusted EBITDA | $**29122** | $**66540** | $**(17363)** | $**78299** |
| **Three months ended September 30, 2024** |  |  |  |  |
| Net income (loss) | $22766 | $49951 | $(21256) | $51461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income) | 8251 | 705 | (595) | 8361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax provision |  |  | 10731 | 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 17522 | 11942 | 944 | 30408 |
| EBITDA | 48539 | 62598 | (10176) | 100961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items impacting EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | 1668 |  |  | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property recoveries, net | (5204) |  |  | (5204) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items | (3536) |  |  | (3536) |
| Adjusted EBITDA | $45003 | $62598 | $(10176) | $97425 |

---

Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure.

------

**The Andersons, Inc.**

**Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)**

**A non-GAAP financial measure**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Agribusiness** | **Renewables** | **Other** | **Total** |
| **Nine months ended September 30, 2025** |  |  |  |  |
| Net income (loss) | $**10689** | $**85792** | $**(48272)** | $**48209** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income) | **33268** | **3101** | **(1300)** | **35069** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax provision | **—** | **—** | **5682** | **5682** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **62025** | **36005** | **2028** | **100058** |
| EBITDA | **105982** | **124898** | **(41862)** | **189018** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items impacting EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | **10346** | **3352** | **—** | **13698** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on investments | **7178** | **—** | **—** | **7178** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | **5583** | **—** | **—** | **5583** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance expense | **1197** | **—** | **—** | **1197** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of assets and businesses, net | **(4757)** | **—** | **—** | **(4757)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property recoveries, net | **(18548)** | **—** | **—** | **(18548)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | **—** | **5927** | **—** | **5927** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension settlement | **—** | **—** | **1448** | **1448** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items | **999** | **9279** | **1448** | **11726** |
| Adjusted EBITDA | $**106981** | $**134177** | $**(40414)** | $**200744** |
| **Nine months ended September 30, 2024** |  |  |  |  |
| Net income (loss) | $53886 | $113740 | $(51030) | $116596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income) | 20980 | 2158 | (1644) | 21494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax provision |  |  | 16911 | 16911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 51849 | 35626 | 4151 | 91626 |
| EBITDA | 126715 | 151524 | (31612) | 246627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items impacting EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | 8568 |  |  | 8568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property recoveries, net | (5204) |  |  | (5204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation of joint venture |  | (3117) |  | (3117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items | 3364 | (3117) |  | 247 |
| Adjusted EBITDA | $130079 | $148407 | $(31612) | $246874 |

---

------

**The Andersons, Inc.**

**Trailing Twelve Months of EBITDA and Adjusted EBITDA**

**A non-GAAP financial measure**

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Twelve months ended September 30, 2025** |
| (in thousands) | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **Twelve months ended September 30, 2025** |
| Net income | $**54104** | $**5331** | $**16807** | $**26071** | $**102313** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **10266** | **13096** | **11495** | **10478** | **45335** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax (benefit) provision | **13146** | **(2118)** | **8028** | **(228)** | **18828** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **36178** | **34340** | **33071** | **32647** | **136236** |
| EBITDA | **113694** | **50649** | **69401** | **68968** | **302712** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items impacting EBITDA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | **2536** | **2103** | **1768** | **1712** | **8119** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property damage (recoveries), net | **(4446)** | **4502** | **(11162)** | **(11887)** | **(22993)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on investments | **1535** | **—** | **7178** | **—** | **8713** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance expense | **—** | **—** | **1197** | **—** | **1197** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses, net | **—** | **—** | **(3190)** | **(1567)** | **(4757)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs | **3193** | **—** | **—** | **5927** | **9120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | **—** | **—** | **—** | **13698** | **13698** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension settlement | **—** | **—** | **—** | **1448** | **1448** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items | **2818** | **6605** | **(4209)** | **9331** | **14545** |
| Adjusted EBITDA | $**116512** | $**57254** | $**65192** | $**78299** | $**317257** |
|  | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Twelve months ended September 30, 2024** |
|  | **December 31, 2023** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **Twelve months ended September 30, 2024** |
| Net income | $78437 | $12665 | $52470 | $51461 | $195033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 8101 | 6522 | 6611 | 8361 | 29595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax provision | 13324 | 1303 | 4876 | 10731 | 30234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 31306 | 30949 | 30269 | 30408 | 122932 |
| EBITDA | 131168 | 51439 | 94226 | 100961 | 377794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items impacting EBITDA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction related compensation | 3212 | 2852 | 4049 | 1668 | 11781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation of joint venture |  | (3117) |  |  | (3117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 686 |  |  |  | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insured inventory and property recoveries, net |  |  |  | (5204) | (5204) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusting items | 3898 | (265) | 4049 | (3536) | 4146 |
| Adjusted EBITDA | $135066 | $51174 | $98275 | $97425 | $381940 |

---

------

**The Andersons, Inc.**

**Cash from Operations Before Working Capital Changes**

**A non-GAAP financial measure**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| Cash provided by (used in) operating activities | $**233882** | $(2112) | $**183183** | $62695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **66246** | (11786) | **42850** | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(129572)** | (198776) | **391784** | 278947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity derivatives | **(17316)** | 13317 | **2541** | 49327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current assets | **14816** | (8789) | **(16914)** | (59376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables and other current and non-current liabilities | **231247** | 117728 | **(405399)** | (433069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total changes in operating assets and liabilities | **165421** | (88306) | **14862** | (160673) |
| Cash from operations before working capital changes | $**68461** | $86194 | $**168321** | $223368 |

---

Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.

<br>