The Andersons, Inc. Reports Third Quarter Results

MAUMEE, Ohio, Nov. 4, 2025 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the third quarter ended September 30, 2025.

Third Quarter Highlights:

"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.

Third Quarter Segment Overview

$ 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 1

19.9

38.1

(18.2)

34.0

85.8

(51.8)

Adjusted Pretax Income Attributable to the

Company 1

31.1

34.6

(3.5)

49.3

86.1

(36.8)

Agribusiness 1

2.5

19.2

(16.7)

19.2

57.3

(38.1)

Renewables 1

46.3

25.9

20.4

71.2

62.9

8.3

Other 1

(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 1

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 1

0.84

0.72

0.12

1.19

2.04

(0.85)

EBITDA 1

69.0

101.0

(32.0)

189.0

246.6

(57.6)

Adjusted EBITDA 1

$ 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

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

The Andersons, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(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

The Andersons, Inc.

Condensed Consolidated Statements of Cash Flows

(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

The Andersons, Inc.

Adjusted Net Income Attributable to The Andersons, Inc.

A non-GAAP financial measure

(unaudited)

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 adjustments 1

(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

1 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

$ 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 taxes 2

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 taxes 2

(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.

The Andersons, Inc.

Segment Data

(unaudited)

(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 taxes 2

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 taxes 2

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

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

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)

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

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

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.

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)

$ 10,689

$ 85,792

$ (48,272)

$ 48,209

Interest expense (income)

33,268

3,101

(1,300)

35,069

Tax provision

—

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

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

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

The Andersons, Inc.

Trailing Twelve Months of EBITDA and Adjusted EBITDA

A non-GAAP financial measure

(unaudited)

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

Pension settlement

—

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)

Total adjusting items

3,898

(265)

4,049

(3,536)

4,146

Adjusted EBITDA

$ 135,066

$ 51,174

$ 98,275

$ 97,425

$ 381,940

The Andersons, Inc.

Cash from Operations Before Working Capital Changes

A non-GAAP financial measure

(unaudited)

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.

SOURCE The Andersons, Inc.