The Andersons, Inc. Reports Third Quarter Results

The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2025.

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Third Quarter Highlights:

— Reported net income attributable to TheAndersons of $20 million or $0.59 per diluted share and adjusted net income attributable of $29 million, or $0.84 per diluted share

— Adjusted EBITDA of $78 million

— 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

— 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 andCFO 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.

Third Quarter Segment Overview

$ in millions, except per share amounts Q3 2025 Q3 2024 Variance YTD 2025 YTD 2024 VariancePretax 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 31.1 34.6 (3.5) 49.3 86.1 (36.8)Company1Agribusiness1 2.5 19.2 (16.7) 19.2 57.3 (38.1)Renewables1 46.3 25.9 20.4 71.2 62.9 8.3Other1 (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 28.5 24.7 3.8 40.9 69.8 (28.9)Company1Diluted 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.

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 www.andersonsinc.com.

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 www.andersonsinc.com.

The Andersons, Inc.Condensed Consolidated Statements of Operations(unaudited) Three months ended Nine months ended September 30, September 30,(in thousands, except per share data) 2025 2024 2025 2024Sales and merchandising revenues $ 2,677,712 $ 2,620,988 $ 8,472,679 $ 8,134,410Cost of sales and merchandising revenues 2,506,840 2,443,863 7,990,519 7,653,594Gross profit 170,872 177,125 482,160 480,816Operating, administrative and general expenses 172,554 120,494 452,897 356,466Interest expense, net 10,478 8,361 35,069 21,494Other income, net 38,003 13,922 59,697 30,651Income before income taxes 25,843 62,192 53,891 133,507Income tax (benefit) provision (228) 10,731 5,682 16,911Net income 26,071 51,461 48,209 116,596Net income attributable to noncontrolling interests 5,933 24,096 19,930 47,674Net income attributable to The Andersons, Inc. $ 20,138 $ 27,365 $ 28,279 $ 68,922Earnings per share attributable to The Andersons, Inc. commonshareholders:Basic earnings: $ 0.59 $ 0.80 $ 0.83 $ 2.03Diluted earnings: $ 0.59 $ 0.80 $ 0.82 $ 2.01The Andersons, Inc.Condensed Consolidated Balance Sheets(unaudited)(in thousands) September 30, December 31, September 30, 2025 2024 2024AssetsCurrent assets:Cash and cash equivalents $ 81,630 $ 561,771 $ 454,065Accounts receivable, net 715,761 764,550 756,618Inventories 899,278 1,286,811 884,339Commodity derivative assets – current 154,449 148,801 122,326Other current assets 110,045 88,344 113,726Total current assets 1,961,163 2,850,277 2,331,074Property, plant and equipment, net 905,761 868,151 709,951Other assets, net 430,035 402,886 347,273Total assets $ 3,296,959 $ 4,121,314 $ 3,388,298Liabilities and equityCurrent liabilities:Short-term debt $ 141,356 $ 166,614 $ 14,716Trade and other payables 782,683 1,047,436 774,347Customer prepayments and deferred revenue 71,989 194,025 67,899Commodity derivative liabilities – current 68,618 59,766 85,640Current maturities of long-term debt 63,888 36,139 27,727Accrued expenses and other current liabilities 201,939 227,192 207,543Total current liabilities 1,330,473 1,731,172 1,177,872Long-term debt, less current maturities 569,052 608,151 542,564Other long-term liabilities 174,417 182,155 144,855Total liabilities 2,073,942 2,521,478 1,865,291Total equity 1,223,017 1,599,836 1,523,007Total liabilities and equity $ 3,296,959 $ 4,121,314 $ 3,388,298The Andersons, Inc.Condensed Consolidated Statements of Cash Flows(unaudited) Nine months ended September 30,(in thousands) 2025 2024Operating ActivitiesNet income $ 48,209 $ 116,596Adjustments to reconcile net income to cash provided by operating activities:Depreciation and amortization 100,058 91,626Other 20,054 15,146Changes in operating assets and liabilities:Accounts receivable 42,850 3,498Inventories 391,784 278,947Commodity derivatives 2,541 49,327Other 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 62,695Investing ActivitiesPurchases of property, plant and equipment and capitalized software (162,210) (93,230)Insurance proceeds 26,187 9,219Other 8,723 (6,581)Net cash used in investing activities (127,300) (90,592)Financing ActivitiesNet 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 703Decrease in cash and cash equivalents (480,141) (189,789)Cash and cash equivalents at beginning of period 561,771 643,854Cash and cash equivalents at end of period $ 81,630 $ 454,065The Andersons, Inc.Adjusted Net Income Attributable to The Andersons, Inc.A non-GAAP financial measure(unaudited) Three months ended Nine months ended September 30, September 30,(in thousands, except per share data) 2025 2024 2025 2024Net income $ 26,071 $ 51,461 $ 48,209 $ 116,596Net income attributable to noncontrolling interests 5,933 24,096 19,930 47,674Net income attributable to The Andersons, Inc. 20,138 27,365 28,279 68,922Adjustments: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 8,568Pension 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) 632Total adjusting items, net of tax 8,378 (2,652) 12,658 879Adjusted net income attributable to The Andersons, Inc. $ 28,516 $ 24,713 $ 40,937 $ 69,801Diluted earnings per share attributable to $ 0.59 $ 0.80 $ 0.82 $ 2.01The Andersons, Inc. common shareholdersImpact on diluted earnings (loss) per share $ 0.25 $ (0.08) $ 0.37 $ 0.03Adjusted diluted earnings per share $ 0.84 $ 0.72 $ 1.19 $ 2.041 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 TheAndersons, 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 TotalThree months ended September 30, 2025Sales and merchandising revenues $ 1,988,907 $ 688,805 $ – $ 2,677,712Cost of sales and merchandising revenues 1,861,997 644,843 – 2,506,840Gross profit 126,910 43,962 – 170,872Operating, administrative and general expenses 135,891 16,454 20,209 172,554Interest expense (income), net 9,111 1,678 (311) 10,478Other income, net 19,558 17,657 788 38,003Income (loss) before income taxes 1,466 43,487 (19,110) 25,843(Loss) income attributable to noncontrolling interests (582) 6,515 – 5,933Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 2,048 $ 36,972 $ (19,110) $ 19,910Adjustments to income (loss) before income taxes2 443 9,279 1,448 11,170Adjusted income (loss) before income taxes attributable to The Andersons, $ 2,491 $ 46,251 $ (17,662) $ 31,080Inc.1Three months ended September 30, 2024Sales and merchandising revenues $ 1,876,042 $ 744,946 $ – $ 2,620,988Cost of sales and merchandising revenues 1,756,697 687,166 – 2,443,863Gross profit 119,345 57,780 – 177,125Operating, administrative and general expenses 100,360 8,895 11,239 120,494Interest expense (income), net 8,251 705 (595) 8,361Other income, net 12,032 1,771 119 13,922Income (loss) before income taxes 22,766 49,951 (10,525) 62,192Income attributable to noncontrolling interests – 24,096 – 24,096Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 22,766 $ 25,855 $ (10,525) $ 38,096Adjustments to income (loss) before income taxes2 (3,536) – – (3,536)Adjusted income (loss) before income taxes attributable to The Andersons, $ 19,230 $ 25,855 $ (10,525) $ 34,560Inc.11 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.The Andersons, Inc.Segment Data(unaudited)(in thousands) Agribusiness Renewables Other TotalNine months ended September 30, 2025Sales and merchandising revenues $ 6,397,021 $ 2,075,658 $ – $ 8,472,679Cost of sales and merchandising revenues 6,019,451 1,971,068 – 7,990,519Gross profit 377,570 104,590 – 482,160Operating, administrative and general expenses 374,392 35,188 43,317 452,897Interest expense (income), net 33,268 3,101 (1,300) 35,069Other income (loss), net 40,779 19,491 (573) 59,697Income (loss) before income taxes 10,689 85,792 (42,590) 53,891(Loss) income attributable to noncontrolling interests (3,933) 23,863 – 19,930Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 14,622 $ 61,929 $ (42,590) $ 33,961Adjustments to income (loss) before income taxes2 4,580 9,279 1,448 15,307Adjusted income (loss) before income taxes attributable to The Andersons, $ 19,202 $ 71,208 $ (41,142) $ 49,268Inc.1Nine months ended September 30, 2024Sales and merchandising revenues $ 6,046,832 $ 2,087,578 $ – $ 8,134,410Cost of sales and merchandising revenues 5,699,925 1,953,669 – 7,653,594Gross profit 346,907 133,909 – 480,816Operating, administrative and general expenses 295,187 25,718 35,561 356,466Interest expense (income), net 20,980 2,158 (1,644) 21,494Other income (loss), net 23,146 7,707 (202) 30,651Income (loss) before income taxes 53,886 113,740 (34,119) 133,507Income attributable to noncontrolling interests – 47,674 – 47,674Income (loss) before income taxes attributable to The Andersons, Inc.1 $ 53,886 $ 66,066 $ (34,119) $ 85,833Adjustments to income (loss) before income taxes2 3,364 (3,117) – 247Adjusted income (loss) before income taxes attributable to The Andersons, $ 57,250 $ 62,949 $ (34,119) $ 86,080Inc.11 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.The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited)(in thousands) Agribusiness Renewables Other TotalThree months ended September 30, 2025Net income (loss) $ 1,466 $ 43,487 $ (18,882) $ 26,071Interest expense (income) 9,111 1,678 (311) 10,478Tax provision – – (228) (228)Depreciation and amortization 19,941 12,096 610 32,647EBITDA 30,518 57,261 (18,811) 68,968Adjusting items impacting EBITDA:Asset impairment 10,346 3,352 – 13,698Transaction related compensation 1,712 – – 1,712Gain on sales of assets and businesses, net (1,567) – – (1,567)Pension settlement – – 1,448 1,448Insured inventory and property recoveries, net (11,887) – – (11,887)Acquisition costs – 5,927 – 5,927Total adjusting items (1,396) 9,279 1,448 9,331Adjusted EBITDA $ 29,122 $ 66,540 $ (17,363) $ 78,299Three months ended September 30, 2024Net income (loss) $ 22,766 $ 49,951 $ (21,256) $ 51,461Interest expense (income) 8,251 705 (595) 8,361Tax provision – – 10,731 10,731Depreciation and amortization 17,522 11,942 944 30,408EBITDA 48,539 62,598 (10,176) 100,961Adjusting items impacting EBITDA:Transaction related compensation 1,668 – – 1,668Insured inventory and property recoveries, net (5,204) – – (5,204)Total adjusting items (3,536) – – (3,536)Adjusted EBITDA $ 45,003 $ 62,598 $ (10,176) $ 97,425Adjusted 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 TotalNine months ended September 30, 2025Net income (loss) $ 10,689 $ 85,792 $ (48,272) $ 48,209Interest expense (income) 33,268 3,101 (1,300) 35,069Tax provision – – 5,682 5,682Depreciation and amortization 62,025 36,005 2,028 100,058EBITDA 105,982 124,898 (41,862) 189,018Adjusting items impacting EBITDA:Asset impairment 10,346 3,352 – 13,698Loss on investments 7,178 – – 7,178Transaction related compensation 5,583 – – 5,583Severance expense 1,197 – – 1,197Gain 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 – 5,927Pension settlement – – 1,448 1,448Total adjusting items 999 9,279 1,448 11,726Adjusted EBITDA $ 106,981 $ 134,177 $ (40,414) $ 200,744Nine months ended September 30, 2024Net income (loss) $ 53,886 $ 113,740 $ (51,030) $ 116,596Interest expense (income) 20,980 2,158 (1,644) 21,494Tax provision – – 16,911 16,911Depreciation and amortization 51,849 35,626 4,151 91,626EBITDA 126,715 151,524 (31,612) 246,627Adjusting items impacting EBITDA:Transaction related compensation 8,568 – – 8,568Insured 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) – 247Adjusted EBITDA $ 130,079 $ 148,407 $ (31,612) $ 246,874The Andersons, Inc.Trailing Twelve Months of EBITDA and Adjusted EBITDAA non-GAAP financial measure(unaudited) Three Months Ended, Twelve months ended September30, 2025(in thousands) December March 31, June 30, September 31, 2024 2025 2025 30,2025Net income $ 54,104 $ 5,331 $ 16,807 $ 26,071 $ 102,313Interest expense 10,266 13,096 11,495 10,478 45,335Tax (benefit) provision 13,146 (2,118) 8,028 (228) 18,828Depreciation and amortization 36,178 34,340 33,071 32,647 136,236EBITDA 113,694 50,649 69,401 68,968 302,712Adjusting items impacting EBITDA:Transaction related compensation 2,536 2,103 1,768 1,712 8,119Insured inventory and property damage (4,446) 4,502 (11,162) (11,887) (22,993)(recoveries), netLoss on investments 1,535 – 7,178 – 8,713Severance expense – – 1,197 – 1,197Gain on sale of businesses, net – – (3,190) (1,567) (4,757)Acquisition costs 3,193 – – 5,927 9,120Asset impairment – – – 13,698 13,698Pension settlement – – – 1,448 1,448Total adjusting items 2,818 6,605 (4,209) 9,331 14,545Adjusted EBITDA $ 116,512 $ 57,254 $ 65,192 $ 78,299 $ 317,257 Three Months Ended, Twelve months ended September30, 2024 December March 31, June 30, September 31, 2023 2024 2024 30, 2024Net income $ 78,437 $ 12,665 $ 52,470 $ 51,461 $ 195,033Interest expense 8,101 6,522 6,611 8,361 29,595Tax provision 13,324 1,303 4,876 10,731 30,234Depreciation and amortization 31,306 30,949 30,269 30,408 122,932EBITDA 131,168 51,439 94,226 100,961 377,794Adjusting items impacting EBITDA:Transaction related compensation 3,212 2,852 4,049 1,668 11,781Gain on deconsolidation of joint venture – (3,117) – – (3,117)Goodwill impairment 686 – – – 686Insured inventory and property recoveries, – – – (5,204) (5,204)netTotal adjusting items 3,898 (265) 4,049 (3,536) 4,146Adjusted EBITDA $ 135,066 $ 51,174 $ 98,275 $ 97,425 $ 381,940The Andersons, Inc.Cash from Operations Before Working Capital ChangesA non-GAAP financial measure(unaudited) Three months ended Nine months ended September 30, September 30,(in thousands) 2025 2024 2025 2024Cash provided by (used in) operating activities $ 233,882 $ (2,112) $ 183,183 $ 62,695Changes in operating assets and liabilitiesAccounts receivable 66,246 (11,786) 42,850 3,498Inventories (129,572) (198,776) 391,784 278,947Commodity derivatives (17,316) 13,317 2,541 49,327Other 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 $ 223,368Cash 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.

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SOURCE The Andersons, Inc.

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