The Andersons, Inc. · NASDAQ:ANDE
The Andersons — Q3 2026 Earnings Presentation
26 slides from The Andersons's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Earnings Call
THIRD QUARTER 2026 Earnings Call November 4, 2026 Q1’25 EARNINGS PRESENTATION
Slide 2: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory condit
Slide 3: Speakers
Speakers BILL KRUEGER BRIAN VALENTINE MARK SIMMONS MIKE HOELTER President and Chief Executive Vice President and Executive Vice President Vice President, Corporate Executive Officer Chief Financial Officer Renewables Controller and Investor Relations Q3’26 Q1’25 EARNINGS PRESENTATION 3
Slide 4: Q3 '26 Highlights
Q3 ‘26 Highlights Delivering Profitable Growth and Strong Cash Generation Record 3rd quarter EPS on strong execution and renewable fuels fundamentals Disciplined execution as increased volatility returned to the market Deploying capital into strategic growth initiatives for sustained long-term value
Slide 5: Key Financial Data – Q3 '26
Key Financial Data – Q3 '26 $M, except per share Q3 '26 Q3 '25 YTD '26 YTD '25 Sales and Merchandising Revenues $ 2,834 $ 2,678 $ 8,559 $ 8,473 Gross Profit 182 171 566 482 Pretax Income 51 26 152 54 Pretax Income Attributable to ANDE1 53 20 161 34 Adjusted Pretax Income Attributable to ANDE1 54 31
Slide 6: Cash and Liquidity
Cash and Liquidity HIGHLIGHTS Strong operating cash flow generation 1 supported by improved performance Readily marketable inventories 2 continued to be well in excess of short-term borrowings 3 Modest increase in short-term debt amid market volatility 1 Non-GAAP financial measure; see appendix for
Slide 7: Capital Spending and Long-term Debt
Capital Spending and Long-term Debt HIGHLIGHTS Capital investments include growth; expect 1 2026 spend of ~$225M Strong and flexible balance sheet; 2 capacity to fund future growth Well below long-term debt-to-EBITDA2 ratio 3 <2.5x; currently 1.3x 1 Measure derived from purchases of PP&E, capitalize
Slide 8: Agribusiness – Q3 '26 Highlights
Agribusiness – Q3 '26 Highlights HIGHLIGHTS Unaudited in $M Q3 '26 Q3 '25 YTD '26 YTD '25 1 Strong execution and volatility Revenues $ 1,849 $ 1,989 $ 5,882 $ 6,397 improved merchandising results Gross profit 137 127 418 378 2 Late start to harvest impacting Pretax income 5 1 33 11 grain asset resul
Slide 9: Renewables – Q3 '26 Highlights
Renewables – Q3 '26 Highlights HIGHLIGHTS Unaudited in $M Q3 '26 Q3 '25 YTD '26 YTD '25 Strong plant earnings on efficient Revenues $ 985 $ 689 $ 2,677 $ 2,076 1 operations and co-product values Gross profit 45 44 149 105 Improved corn oil prices and 2 renewable feedstock volumes Pretax income 63 43
Slide 10: Outlook
Outlook AGRIBUSINESS RENEWABLES •Expect large harvest opportunity in the east; •Margins should remain supportive on strong and dislocation in the west domestic and export demand •Timing of margin opportunities to follow •Working with producers to develop market dynamics Regenerative Ag programs in 2
Slide 11: Advancing Our Strategy with the Acquisition of Harvestone Low Carbon Partners
+ Advancing Our Strategy with the Acquisition of Harvestone Low Carbon Partners Q3’26 EARNINGS PRESENTATION
Slide 12: Harvestone Low Carbon Partners: An Industry Leader in Low-Carbon Ethanol
Harvestone Low Carbon Partners An Industry Leader in Low-Carbon Ethanol Blue Flint Ethanol | Underwood, ND 215M 200k mt ~597k mt On-site CCS infrastructure in service since 2023 One of five Class VI permit holders actively Gallons of Annual 2025 CO2 Sequestered Combined Future CO2 Ethanol Production
Slide 13: Unique Opportunity to Expand Renewables Platform with Difficult-to-Replicate Assets
Unique Opportunity to Expand Renewables Platform with Difficult-to-Replicate Assets 01 02 03 04 Expands production scale Adds differentiated, Increases access to Leverages The Andersons’ and geographical reach established low-carbon premium low-carbon fuel integrated business model to with access to
Slide 14: Transaction Overview
Transaction Overview • Total consideration of $915M TRANSACTION • ~50% attributed to 45Z and 45Q tax credits ECONOMICS • ~50% attributed to value of base ethanol and additional low-carbon opportunities • Expect to be immediately accretive to earnings per share and cash flow EXPECTED FINANCIAL • Anti
Slide 15: Acquisition Aligned with Long-term Strategic Framework for Profitable Growth
The Acquisition of Harvestone Low Carbon Partners is Well Aligned with our Long-term Strategic Framework for Profitable Growth Harvestone Low Carbon Partners Meets All Strategic and Financial Acquisition Criteria Fits Strategically Provides Differentiation: Enables Ability to OPTIMIZING margins thro
Slide 16: Q&A Session
Q&A SESSION Q3’26 Q1’25 EARNINGS PRESENTATION 16
Slide 17: Thank You for Joining Us
THANK YOU FOR JOINING US. Our next earnings call is scheduled for February 17, 2027, at 8:30 AM ET Q3’26 EARNINGS PRESENTATION 17
Slide 18: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Q3’26 EARNINGS PRESENTATION 18
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to The Andersons, Inc. (Unaudited) Three months ended September 30, Nine months ended September 30, ($000s, except per share data) 2026 2025 2026 2025 Net income $ 43,863 $ 26,071 $ 127,143 $ 48,209 Net (loss) income attributable to noncontrol
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Quarter to Date Segment Data (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended September 30, 2026 Sales and merchandising revenues $ 1,848,885 $ 984,830 $ — $ 2,833,715 Gross profit 136,851 45,166 — 182,017 Operating, administrative and general expens
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date Segment Data (Unaudited) ($000s) Agribusiness Renewables Other Total Nine months ended September 30, 2026 Sales and merchandising revenues $ 5,881,945 $ 2,676,696 $ — $ 8,558,641 Gross profit 417,535 148,796 — 566,331 Operating, administrative and general expense
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Quarter to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Three months ended September 30, 2026 Net income (loss) $ 5,249 $ 63,008 $ (24,394) $ 43,863 Interest expense 11,105 2,270 21 13,396 Tax provision — — 6,791 6,791 Depreciation a
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Year to Date EBITDA and Adjusted EBITDA (Unaudited) ($000s) Agribusiness Renewables Other Total Nine months ended September 30, 2026 Net income (loss) $ 32,524 $ 167,580 $ (72,961) $ 127,143 Interest expense 38,123 7,670 83 45,876 Tax provision — — 24,740 24,740 Depreciation
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash from Operations Before Working Capital Changes (Unaudited) Three months ended September 30, Nine months ended September 30, ($000s) 2026 2025 2026 2025 Cash (used in) provided by operating activities $ (124,223) $ 233,882 $ (29,976) $ 183,183 Changes in operating assets
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation Agribusiness Adjusted EBITDA (Unaudited) Twelve months ended December 31, Nine months ended September 30, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 127,624 $ 107,939 $ 109,156 $ 56,587 $ 32,524 Interest expense 49,838 42,548 30,911 43,482 38,123 Depreciation & amortizati
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation Renewables Adjusted EBITDA (Unaudited) Twelve months ended December 31, Nine months ended September 30, ($000s) 2022 2023 2024 2025 2026 Net income1 $ 114,984 $ 104,519 $ 139,760 $ 140,102 $ 167,580 Interest expense 8,788 6,087 2,828 5,681 7,670 Depreciation & amortization 63