Document

"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.


$ 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 Company1	19.9		38.1		(18.2)		34.0		85.8		(51.8)
Adjusted Pretax Income Attributable to the Company1	31.1		34.6		(3.5)		49.3		86.1		(36.8)
Agribusiness1	2.5		19.2		(16.7)		19.2		57.3		(38.1)
Renewables1	46.3		25.9		20.4		71.2		62.9		8.3
Other1	(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 Company1	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 EPS1	0.84		0.72		0.12		1.19		2.04		(0.85)
EBITDA1	69.0		101.0		(32.0)		189.0		246.6		(57.6)
Adjusted EBITDA1	$	78.3	$	97.4	$	(19.1)	$	200.7	$	246.9	$	(46.2)
1 Non-GAAP financial measures; see appendix for explanations and reconciliations.

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.

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.

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.


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Sales and merchandising revenues	$	2,677,712	$	2,620,988	$	8,472,679	$	8,134,410
Cost of sales and merchandising revenues	2,506,840		2,443,863		7,990,519		7,653,594
Gross profit	170,872		177,125		482,160		480,816
Operating, administrative and general expenses	172,554		120,494		452,897		356,466

Interest expense, net	10,478		8,361		35,069		21,494
Other income, net	38,003		13,922		59,697		30,651
Income before income taxes	25,843		62,192		53,891		133,507
Income tax (benefit) provision	(228)		10,731		5,682		16,911
Net income	26,071		51,461		48,209		116,596


Net income attributable to noncontrolling interests	5,933		24,096		19,930		47,674
Net income attributable to The Andersons, Inc.	$	20,138	$	27,365	$	28,279	$	68,922

Earnings per share attributable to The Andersons, Inc. common shareholders:
Basic earnings:	$	0.59	$	0.80	$	0.83	$	2.03



Diluted earnings:	$	0.59	$	0.80	$	0.82	$	2.01


(in thousands)	September 30, 2025		December 31, 2024		September 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	81,630	$	561,771	$	454,065
Accounts receivable, net	715,761		764,550		756,618
Inventories	899,278		1,286,811		884,339
Commodity derivative assets – current	154,449		148,801		122,326
Other current assets	110,045		88,344		113,726
Total current assets	1,961,163		2,850,277		2,331,074




Property, plant and equipment, net	905,761		868,151		709,951
Other assets, net	430,035		402,886		347,273


Total assets	$	3,296,959	$	4,121,314	$	3,388,298

Liabilities and equity
Current liabilities:
Short-term debt	$	141,356	$	166,614	$	14,716
Trade and other payables	782,683		1,047,436		774,347
Customer prepayments and deferred revenue	71,989		194,025		67,899
Commodity derivative liabilities – current	68,618		59,766		85,640
Current maturities of long-term debt	63,888		36,139		27,727

Accrued expenses and other current liabilities	201,939		227,192		207,543
Total current liabilities	1,330,473		1,731,172		1,177,872

Long-term debt, less current maturities	569,052		608,151		542,564

Other long-term liabilities	174,417		182,155		144,855
Total liabilities	2,073,942		2,521,478		1,865,291
Total equity	1,223,017		1,599,836		1,523,007
Total liabilities and equity	$	3,296,959	$	4,121,314	$	3,388,298

(unaudited)


	Nine months ended September 30,
(in thousands)	2025		2024
Operating Activities
Net income	$	48,209	$	116,596


Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	100,058		91,626









Other	20,054		15,146
Changes in operating assets and liabilities:
Accounts receivable	42,850		3,498
Inventories	391,784		278,947
Commodity derivatives	2,541		49,327
Other current and non-current assets	(16,914)		(59,376)
Payables and other current and non-current liabilities	(405,399)		(433,069)
Net cash provided by operating activities	183,183		62,695
Investing Activities

Purchases of property, plant and equipment and capitalized software	(162,210)		(93,230)
Insurance proceeds	26,187		9,219





Other	8,723		(6,581)
Net cash used in investing activities	(127,300)		(90,592)
Financing Activities
Net payments under short-term lines of credit	(27,709)		(27,054)
Proceeds from issuance of long-term debt	14,700		—
Payments of long-term debt	(26,519)		(20,649)
Purchase of noncontrolling interest in a consolidated subsidiary	(425,000)		—
Distributions to noncontrolling interest owner	(33,657)		(87,325)
Dividends paid	(19,894)		(19,466)
Common stock repurchased	(15,366)		—
Value of shares withheld for taxes	(4,011)		(8,101)




Other	(521)		—
Net cash used in financing activities	(537,977)		(162,595)
Effect of exchange rates on cash and cash equivalents	1,953		703
Decrease in cash and cash equivalents	(480,141)		(189,789)
Cash and cash equivalents at beginning of period	561,771		643,854
Cash and cash equivalents at end of period	$	81,630	$	454,065


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	26,071	$	51,461	$	48,209	$	116,596
Net income attributable to noncontrolling interests	5,933		24,096		19,930		47,674
Net income attributable to The Andersons, Inc.	20,138		27,365		28,279		68,922
Adjustments:
Asset impairment	11,376		—		11,376		—
Loss on investments	—		—		7,178		—
Acquisition costs	5,927		—		5,927		—
Transaction related compensation	1,712		1,668		5,583		8,568
Pension settlement	1,448		—		1,448		—
Severance expense	—		—		1,197		—
Gain on sales of assets and businesses, net	(1,567)		—		(4,757)		—
Insured inventory and property recoveries, net	(7,726)		(5,204)		(12,645)		(5,204)
Gain on deconsolidation of joint venture	—		—		—		(3,117)







Income tax impact of adjustments1	(2,792)		884		(2,649)		632
Total adjusting items, net of tax	8,378		(2,652)		12,658		879
Adjusted net income attributable to The Andersons, Inc.	$	28,516	$	24,713	$	40,937	$	69,801

Diluted earnings per share attributable to The Andersons, Inc. common shareholders	$	0.59	$	0.80	$	0.82	$	2.01

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

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.


(in thousands)	Agribusiness		Renewables		Other		Total
Three months ended September 30, 2025
Sales and merchandising revenues	$	1,988,907	$	688,805	$	—	$	2,677,712
Cost of sales and merchandising revenues	1,861,997		644,843		—		2,506,840
Gross profit	126,910		43,962		—		170,872
Operating, administrative and general expenses	135,891		16,454		20,209		172,554
Interest expense (income), net	9,111		1,678		(311)		10,478
Other income, net	19,558		17,657		788		38,003
Income (loss) before income taxes	1,466		43,487		(19,110)		25,843
(Loss) income attributable to noncontrolling interests	(582)		6,515		—		5,933
Income (loss) before income taxes attributable to The Andersons, Inc.1	$	2,048	$	36,972	$	(19,110)	$	19,910
Adjustments to income (loss) before income taxes2	443		9,279		1,448		11,170
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1	$	2,491	$	46,251	$	(17,662)	$	31,080

Three months ended September 30, 2024
Sales and merchandising revenues	$	1,876,042	$	744,946	$	—	$	2,620,988
Cost of sales and merchandising revenues	1,756,697		687,166		—		2,443,863
Gross profit	119,345		57,780		—		177,125
Operating, administrative and general expenses	100,360		8,895		11,239		120,494
Interest expense (income), net	8,251		705		(595)		8,361
Other income, net	12,032		1,771		119		13,922
Income (loss) before income taxes	22,766		49,951		(10,525)		62,192
Income attributable to noncontrolling interests	—		24,096		—		24,096
Income (loss) before income taxes attributable to The Andersons, Inc.1	$	22,766	$	25,855	$	(10,525)	$	38,096
Adjustments to income (loss) before income taxes2	(3,536)		—		—		(3,536)
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1	$	19,230	$	25,855	$	(10,525)	$	34,560
1 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. 2 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.



(in thousands)	Agribusiness		Renewables		Other		Total
Nine months ended September 30, 2025
Sales and merchandising revenues	$	6,397,021	$	2,075,658	$	—	$	8,472,679
Cost of sales and merchandising revenues	6,019,451		1,971,068		—		7,990,519
Gross profit	377,570		104,590		—		482,160
Operating, administrative and general expenses	374,392		35,188		43,317		452,897
Interest expense (income), net	33,268		3,101		(1,300)		35,069
Other income (loss), net	40,779		19,491		(573)		59,697
Income (loss) before income taxes	10,689		85,792		(42,590)		53,891
(Loss) income attributable to noncontrolling interests	(3,933)		23,863		—		19,930
Income (loss) before income taxes attributable to The Andersons, Inc.1	$	14,622	$	61,929	$	(42,590)	$	33,961
Adjustments to income (loss) before income taxes2	4,580		9,279		1,448		15,307
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1	$	19,202	$	71,208	$	(41,142)	$	49,268

Nine months ended September 30, 2024
Sales and merchandising revenues	$	6,046,832	$	2,087,578	$	—	$	8,134,410
Cost of sales and merchandising revenues	5,699,925		1,953,669		—		7,653,594
Gross profit	346,907		133,909		—		480,816
Operating, administrative and general expenses	295,187		25,718		35,561		356,466
Interest expense (income), net	20,980		2,158		(1,644)		21,494
Other income (loss), net	23,146		7,707		(202)		30,651
Income (loss) before income taxes	53,886		113,740		(34,119)		133,507
Income attributable to noncontrolling interests	—		47,674		—		47,674
Income (loss) before income taxes attributable to The Andersons, Inc.1	$	53,886	$	66,066	$	(34,119)	$	85,833
Adjustments to income (loss) before income taxes2	3,364		(3,117)		—		247
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1	$	57,250	$	62,949	$	(34,119)	$	86,080
1 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. 2 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.


(in thousands)	Agribusiness		Renewables		Other		Total
Three months ended September 30, 2025
Net income (loss)	$	1,466	$	43,487	$	(18,882)	$	26,071
Interest expense (income)	9,111		1,678		(311)		10,478
Tax provision	—		—		(228)		(228)
Depreciation and amortization	19,941		12,096		610		32,647
EBITDA	30,518		57,261		(18,811)		68,968
Adjusting items impacting EBITDA:

Asset impairment	10,346		3,352		—		13,698
Transaction related compensation	1,712		—		—		1,712
Gain on sales of assets and businesses, net	(1,567)		—		—		(1,567)
Pension settlement	—		—		1,448		1,448
Insured inventory and property recoveries, net	(11,887)		—		—		(11,887)

Acquisition costs	—		5,927		—		5,927







Total adjusting items	(1,396)		9,279		1,448		9,331
Adjusted EBITDA	$	29,122	$	66,540	$	(17,363)	$	78,299

Three months ended September 30, 2024
Net income (loss)	$	22,766	$	49,951	$	(21,256)	$	51,461
Interest expense (income)	8,251		705		(595)		8,361
Tax provision	—		—		10,731		10,731
Depreciation and amortization	17,522		11,942		944		30,408
EBITDA	48,539		62,598		(10,176)		100,961
Adjusting items impacting EBITDA:

Transaction related compensation	1,668		—		—		1,668
Insured inventory and property recoveries, net	(5,204)		—		—		(5,204)












Total adjusting items	(3,536)		—		—		(3,536)
Adjusted EBITDA	$	45,003	$	62,598	$	(10,176)	$	97,425

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.


(in thousands)	Agribusiness		Renewables		Other		Total
Nine months ended September 30, 2025
Net income (loss)	$	10,689	$	85,792	$	(48,272)	$	48,209
Interest expense (income)	33,268		3,101		(1,300)		35,069
Tax provision	—		—		5,682		5,682
Depreciation and amortization	62,025		36,005		2,028		100,058
EBITDA	105,982		124,898		(41,862)		189,018
Adjusting items impacting EBITDA:
Asset impairment	10,346		3,352		—		13,698
Loss on investments	7,178		—		—		7,178
Transaction related compensation	5,583		—		—		5,583
Severance expense	1,197		—		—		1,197
Gain on sales of assets and businesses, net	(4,757)		—		—		(4,757)
Insured inventory and property recoveries, net	(18,548)		—		—		(18,548)
Acquisition costs	—		5,927		—		5,927

Pension settlement	—		—		1,448		1,448






Total adjusting items	999		9,279		1,448		11,726
Adjusted EBITDA	$	106,981	$	134,177	$	(40,414)	$	200,744

Nine months ended September 30, 2024
Net income (loss)	$	53,886	$	113,740	$	(51,030)	$	116,596
Interest expense (income)	20,980		2,158		(1,644)		21,494
Tax provision	—		—		16,911		16,911
Depreciation and amortization	51,849		35,626		4,151		91,626
EBITDA	126,715		151,524		(31,612)		246,627
Adjusting items impacting EBITDA:

Transaction related compensation	8,568		—		—		8,568
Insured inventory and property recoveries, net	(5,204)		—		—		(5,204)




Gain on deconsolidation of joint venture	—		(3,117)		—		(3,117)







Total adjusting items	3,364		(3,117)		—		247
Adjusted EBITDA	$	130,079	$	148,407	$	(31,612)	$	246,874


	Three Months Ended,								Twelve months ended September 30, 2025
(in thousands)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025
Net income	$	54,104	$	5,331	$	16,807	$	26,071	$	102,313
Interest expense	10,266		13,096		11,495		10,478		45,335
Tax (benefit) provision	13,146		(2,118)		8,028		(228)		18,828
Depreciation and amortization	36,178		34,340		33,071		32,647		136,236
EBITDA	113,694		50,649		69,401		68,968		302,712
Adjusting items impacting EBITDA:
Transaction related compensation	2,536		2,103		1,768		1,712		8,119
Insured inventory and property damage (recoveries), net	(4,446)		4,502		(11,162)		(11,887)		(22,993)
Loss on investments	1,535		—		7,178		—		8,713
Severance expense	—		—		1,197		—		1,197
Gain on sale of businesses, net	—		—		(3,190)		(1,567)		(4,757)
Acquisition costs	3,193		—		—		5,927		9,120
Asset impairment	—		—		—		13,698		13,698
Pension settlement	—		—		—		1,448		1,448
Total adjusting items	2,818		6,605		(4,209)		9,331		14,545
Adjusted EBITDA	$	116,512	$	57,254	$	65,192	$	78,299	$	317,257

	Three Months Ended,								Twelve months ended September 30, 2024
	December 31, 2023		March 31, 2024		June 30, 2024		September 30, 2024
Net income	$	78,437	$	12,665	$	52,470	$	51,461	$	195,033
Interest expense	8,101		6,522		6,611		8,361		29,595
Tax provision	13,324		1,303		4,876		10,731		30,234
Depreciation and amortization	31,306		30,949		30,269		30,408		122,932
EBITDA	131,168		51,439		94,226		100,961		377,794
Adjusting items impacting EBITDA:
Transaction related compensation	3,212		2,852		4,049		1,668		11,781
Gain on deconsolidation of joint venture	—		(3,117)		—		—		(3,117)
Goodwill impairment	686		—		—		—		686
Insured inventory and property recoveries, net	—		—		—		(5,204)		(5,204)


Total adjusting items	3,898		(265)		4,049		(3,536)		4,146
Adjusted EBITDA	$	135,066	$	51,174	$	98,275	$	97,425	$	381,940


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Cash provided by (used in) operating activities	$	233,882	$	(2,112)	$	183,183	$	62,695
Changes in operating assets and liabilities
Accounts receivable	66,246		(11,786)		42,850		3,498
Inventories	(129,572)		(198,776)		391,784		278,947
Commodity derivatives	(17,316)		13,317		2,541		49,327
Other current and non-current assets	14,816		(8,789)		(16,914)		(59,376)
Payables and other current and non-current liabilities	231,247		117,728		(405,399)		(433,069)
Total changes in operating assets and liabilities	165,421		(88,306)		14,862		(160,673)



Cash from operations before working capital changes	$	68,461	$	86,194	$	168,321	$	223,368

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.