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20 25 ANNUAL REPORT
FINANCIAL HIGHLIGHTS OPERATING RESULTS (IN MILLIONS) 2O25 2O24 Sales and merchandising revenues $11,009 $11,258 Gross profit 714 694 Operating, administrative, and general expenses 603 504 141 201 Income before income taxes 96 114 177 332 $3,713 $4,121 690 1,119 1,001 945 Net income attributable to The Andersons, Inc. Cash provided by operating activities FINANCIAL POSITION (IN MILLIONS) Total assets Working capital Readily marketable inventories Short-term debt 249 167 Long-term debt, including current maturities of long-term debt 623 644 1,245 1,366 $2.79 $3.32 Total shareholders equity of The Andersons, Inc. PER SHARE DATA Diluted earnings attributable to The Andersons, Inc. (EPS) Adjusted EPS1 Dividends declared Year-end market value 3.23 3.40 0.785 0.765 53.17 40.52 RATIOS AND OTHER DATA 1.8 1.8 34,337 34,322 15.7% 15.0% Long-term debt, including current maturities to Adjusted EBITDA2 Diluted weighted-average shares outstanding (in thousands) Effective tax rate Adjusted EPS1 Cash from Operations Before Working Capital Changes3 Adjusted EBITDA2 (In Millions) $412 $4.05 $3.44 $3.40 $3.23 $353 2023 2024 2025 2021 $2.89 2021 2022 2022 $405 2023 $363 2024 (In Millions) $322 $315 $330 $323 $337 2025 $278 2021 2022 2023 2024 2025 1 Adjusted EPS is a non-GAAP financial measure. The measure excludes after-tax charges for asset impairments, transaction related compensation, loss on investments, acquisition costs, severance expense, pension settlement and after-tax gains on insurance recoveries and asset and business sales for 2025; after-tax charges for transaction related compensation, acquisition costs, loss on a cost method investment and after-tax gains on deconsolidation of a joint venture and insurance recoveries for 2024; after-tax charges for asset impairments (including equity method investments), transaction related compensation, goodwill impairment and after-tax gains on a cost method investment, asset sales, deconsolidation of a joint venture, and insurance recoveries for 2023; after-tax charges for asset impairments (including equity method investments), insured inventory expenses and after-tax gains on asset sales for 2022; and after-tax charges for transaction related compensation, asset impairments, loss on a cost method investment and an after-tax gain on the sale of a business for 2021. 2 EBITDA and Adjusted EBITDA are both non-GAAP financial measures, EBITDA is calculated as interest expense, tax expense, depreciation, and amortization added back to net income (loss) from continuing operations. Reconciliations of EBITDA and Adjusted EBITDA to net income from continuing operations can be found in our fourth quarter earnings release and investor presentation posted to the Investor Relations webpage at https://investors.andersonsinc.com/presentations. 3 Cash from operations before working capital changes is a non-GAAP financial measure. This measure is calculated by adding back changes in working capital to cash provided by (used in) operating activities as stated in the audited statement of cash flows. Reconciliations of cash from operations before working capital changes to cash provided by (used in) operating activities can be found in our fourth quarter earnings release and investor presentation posted to the Investor Relations webpage at https://investors.andersonsinc.com/presentations.
DEAR SHAREHOLDERS AND FRIENDS, As I reflect on my first full year as CEO, I am proud of the progress we have made together. In 2025, we took meaningful steps to strengthen our company, sharpen our focus, and position The Andersons for long term success. Our work included realigning our operating structure, integrating new businesses, advancing our stated strategy, and executing with discipline amid a challenging agricultural environment. Our teams remained focused on the needs of our customers to achieve mutual success in these markets. We are grateful for the support of our suppliers and the hard work of our teams in achieving these goals. While the markets remain dynamic, we are committed to executing against our stated growth objectives. This strategy contemplates continued growth within our Agribusiness and Renewables segments, while earning appropriate shareholder returns and providing outstanding service to our customers. LET S REVIEW OUR 2025 RESULTS: Our 2025 net income attributable to the company was $96 million, or $2.79 per diluted share. Adjusted net income was $111 million, or $3.23 per diluted share. Our 2025 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $337 million. While the overall ag market backdrop was challenging, we finished the year on a high note with record fourth quarter earnings per share. The 2025 agricultural landscape was shaped by trade policy uncertainty, oversupplied grain markets, and continued pressure on commodity prices. These factors contributed to a difficult margin environment for most of the year. At the same time, the U.S. biofuel industry benefited from supportive regulatory policies, particularly related to clarity around 45Z clean fuel production tax credits and the biofuels-related benefits of the One Big Beautiful Bill Act (OBBBA). Record corn acreage planted across the U.S. supported a robust spring fertilizer season, and large corn and wheat harvests provided some tailwinds later in the year to our grain handling activity. Nonetheless, 2025 represented what we believe to be the trough of the current ag cycle.
We continue to make steady progress executing on our growth strategy, which includes acquisitions and capital projects. We invested $655 million in 2025, including $230 million into growth and maintenance capital projects and another $425 million to purchase our former partner s share of our ethanol plants. We were able to fund these investments with cash on hand and modest borrowings on our short-term revolver, a testament to our cash generation capabilities, even in challenging markets. Our longterm debt to EBITDA ratio of 1.8 times remains well below our target of 2.5 times, and we continue to have capacity for growth. We are evaluating many exciting opportunities and have a robust pipeline of potential acquisitions, and organic growth projects. We will continue Port Houston, TXwith to exercise discipline in selecting only those projects that align our strategy and meet our criteria. Our AGRIBUSINESS segment faced difficult market conditions, including an oversupplied market, low commodity prices, and muted price volatility. These conditions shortened the duration of commercial activity, creating margin pressure in our merchandising business. We saw improvement through the record fall corn harvest, as our western footprint was able to accumulate larger volumes at favorable values. Our eastern assets were able to recognize higher-than-normal elevation margins on corn from strong export and ethanol demand in the last part of the year. The premium ingredient business continued its steady performance, leveraging recent investments into this space. The fertilizer business benefited from a large spring application season with the highest corn plantings in recent history. Agribusiness recorded adjusted pretax earnings attributable of $64 million and adjusted EBITDA of $187 million. The RENEWABLES segment had very strong results, surpassing the prior year. Our plants had another outstanding production year, once again setting a record for gallons produced. Ethanol board crush margins improved slightly over 2024, but were more than offset by higher corn basis in the east and increased natural gas costs. We acquired 100% of our ethanol plants at the end of July, which generated approximately $40 million of incremental pretax plant income in the last five months of the year. Finally, with our focus on running efficient ethanol plants, we were able to qualify for $35 million of 45Z clean fuel production tax credits. Renewables generated its highest-ever adjusted pretax earnings attributable to the company of $126 million and adjusted EBITDA of $203 million. In December, we hosted an Investor Day and laid out a clear framework for long term profitable growth, anchored in expanding established platforms, optimizing margins, and disciplined capital allocation. We are proud of how we met each of these pillars with our projects in 2025, including our Skyland integration, ethanol plant purchase, and maximization of the 45Z tax credits. Looking to 2026, we are focused on completing our Port of Houston expansion project, with the soybean meal export capacity expected to be online late in the third quarter. We are also starting work on expanding production at the Clymers ethanol plant, which will provide an additional 30 million gallons of capacity and should be operational in mid-2027. At our Investor Day, we also announced a new long-term financial target of $7.00 of run-rate earnings per share exiting 2028. This target assumes a mid-cycle operating environment, earnings growth from previously announced projects, and includes the impact of 45Z tax credits. Achieving this target would represent a 36% compounded annual growth rate from the trailing twelve months ended September 30, 2025, through the end of 2028. As we share this report in the first quarter of 2026, we are optimistic about the new year. We are seeing improved end-user and export demand within our Agribusiness group and are excited about the completion of our Port of Houston project later this year. Our Skyland investment is off to a better start this year, especially as we are seeing more sorghum export opportunities. We expect another year of above average corn acres planted, which should benefit our fertilizer business but will depend on farmer economics. As is common at the start of the year, ethanol crush margins have declined seasonally; however, we anticipate improvement as the industry undergoes its spring maintenance shutdowns and fuel demand rises in the spring. We also foresee continued robust export activity as U.S. ethanol remains competitively priced on a global basis. Maintaining our ethanol production facilities remains a key priority, and we are actively working on initiatives to enhance yields, improve plant efficiency, and expand capacity. With the removal of the Indirect Land Use Change (ILUC) penalty under OBBBA for 2026, we also expect to increase our level of 45Z tax credits. We continue to evaluate and make progress on investments to lower the carbon intensity of the ethanol that we produce through sequestration and utilization projects at our plants, including a Class VI well permit for the Clymers facility that is progressing through governmental review. The Renewables group remains a strong growth engine for the company. Our people are motivated by the opportunities ahead and continue to drive our success. Despite recent challenges, we have managed our business effectively and continue to focus on efficient operations. We also remain committed to our safety culture across our operations, as keeping our team members safe will always be our top priority. We aim to grow in line with our long-term strategy and enhance our agility as a North American agriculture and renewables company. Our goal is to deliver exceptional service to customers, support our suppliers and communities, and continue rewarding employees and shareholders for years to come. We appreciate your ongoing support. Bill Krueger President and Chief Executive Officer
 • shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/28/2024 ANDE Stockholder Letter
 • stockholder letter icon 3/28/2025 ANDE Stockholder Letter
 • stockholder letter icon More "Agriculture & Farm Products" Category Stockholder Letters
 • Benford's Law Stocks icon ANDE Benford's Law Stock Score = 82


ANDE Shareholder/Stockholder Letter Transcript:

20
25
ANNUAL REPORT

FINANCIAL HIGHLIGHTS
OPERATING RESULTS (IN MILLIONS)
2O25
2O24
Sales and merchandising revenues
$11,009
$11,258
Gross profit
714
694
Operating, administrative, and general expenses
603
504
141
201
Income before income taxes
96
114
177
332
$3,713
$4,121
690
1,119
1,001
945
Net income attributable to The Andersons, Inc.
Cash provided by operating activities
FINANCIAL POSITION (IN MILLIONS)
Total assets
Working capital
Readily marketable inventories
Short-term debt
249
167
Long-term debt, including current maturities of long-term debt
623
644
1,245
1,366
$2.79
$3.32
Total shareholders equity of The Andersons, Inc.
PER SHARE DATA
Diluted earnings attributable to The Andersons, Inc. (EPS)
Adjusted EPS1
Dividends declared
Year-end market value
3.23
3.40
0.785
0.765
53.17
40.52
RATIOS AND OTHER DATA
1.8
1.8
34,337
34,322
15.7%
15.0%
Long-term debt, including current maturities to Adjusted EBITDA2
Diluted weighted-average shares outstanding (in thousands)
Effective tax rate
Adjusted EPS1
Cash from Operations Before
Working Capital Changes3
Adjusted EBITDA2
(In Millions)
$412
$4.05
$3.44
$3.40
$3.23
$353
2023
2024
2025
2021
$2.89
2021
2022
2022
$405
2023
$363
2024
(In Millions)
$322
$315
$330
$323
$337
2025
$278
2021
2022
2023
2024
2025
1
Adjusted EPS is a non-GAAP financial measure. The measure excludes after-tax charges for asset impairments, transaction related compensation, loss on investments, acquisition costs, severance expense, pension settlement and after-tax gains on
insurance recoveries and asset and business sales for 2025; after-tax charges for transaction related compensation, acquisition costs, loss on a cost method investment and after-tax gains on deconsolidation of a joint venture and insurance recoveries for
2024; after-tax charges for asset impairments (including equity method investments), transaction related compensation, goodwill impairment and after-tax gains on a cost method investment, asset sales, deconsolidation of a joint venture, and insurance
recoveries for 2023; after-tax charges for asset impairments (including equity method investments), insured inventory expenses and after-tax gains on asset sales for 2022; and after-tax charges for transaction related compensation, asset impairments,
loss on a cost method investment and an after-tax gain on the sale of a business for 2021.
2
EBITDA and Adjusted EBITDA are both non-GAAP financial measures, EBITDA is calculated as interest expense, tax expense, depreciation, and amortization added back to net income (loss) from continuing operations. Reconciliations of EBITDA and Adjusted
EBITDA to net income from continuing operations can be found in our fourth quarter earnings release and investor presentation posted to the Investor Relations webpage at https://investors.andersonsinc.com/presentations.
3
Cash from operations before working capital changes is a non-GAAP financial measure. This measure is calculated by adding back changes in working capital to cash provided by (used in) operating activities as stated in the audited statement of cash
flows. Reconciliations of cash from operations before working capital changes to cash provided by (used in) operating activities can be found in our fourth quarter earnings release and investor presentation posted to the Investor Relations webpage at
https://investors.andersonsinc.com/presentations.

DEAR SHAREHOLDERS AND FRIENDS,
As I reflect on my first full year as CEO, I am proud of
the progress we have made together. In 2025, we took
meaningful steps to strengthen our company, sharpen our
focus, and position The Andersons for long   term success.
Our work included realigning our operating structure,
integrating new businesses, advancing our stated strategy,
and executing with discipline amid a challenging agricultural
environment.
Our teams remained focused on the needs of our customers
to achieve mutual success in these markets. We are grateful
for the support of our suppliers and the hard work of our
teams in achieving these goals. While the markets remain
dynamic, we are committed to executing against our stated
growth objectives. This strategy contemplates continued
growth within our Agribusiness and Renewables segments,
while earning appropriate shareholder returns and providing
outstanding service to our customers.
LET   S REVIEW OUR 2025 RESULTS:
Our 2025 net income attributable to the company was
$96 million, or $2.79 per diluted share. Adjusted net income
was $111 million, or $3.23 per diluted share. Our 2025
adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) was $337 million. While the overall ag
market backdrop was challenging, we finished the year on a
high note with record fourth quarter earnings per share.
The 2025 agricultural landscape was shaped by trade policy
uncertainty, oversupplied grain markets, and continued
pressure on commodity prices. These factors contributed
to a difficult margin environment for most of the year. At the
same time, the U.S. biofuel industry benefited from supportive
regulatory policies, particularly related to clarity around 45Z
clean fuel production tax credits and the biofuels-related
benefits of the One Big Beautiful Bill Act (OBBBA).
Record corn acreage planted across the U.S. supported a
robust spring fertilizer season, and large corn and wheat
harvests provided some tailwinds later in the year to our grain
handling activity. Nonetheless, 2025 represented what we
believe to be the trough of the current ag cycle.

We continue to make steady progress executing on our growth
strategy, which includes acquisitions and capital projects.
We invested $655 million in 2025, including $230 million into
growth and maintenance capital projects and another $425 million
to purchase our former partner   s share of our ethanol plants.
We were able to fund these investments with cash on hand and
modest borrowings on our short-term revolver, a testament to our
cash generation capabilities, even in challenging markets. Our longterm debt to EBITDA ratio of 1.8 times remains well below our target
of 2.5 times, and we continue to have capacity for growth. We are
evaluating many exciting opportunities and have a robust pipeline of
potential acquisitions, and organic growth projects. We will continue
Port Houston,
TXwith
to exercise discipline in selecting only those projects
that align
our strategy and meet our criteria.
Our AGRIBUSINESS segment faced difficult market conditions,
including an oversupplied market, low commodity prices, and
muted price volatility. These conditions shortened the duration of
commercial activity, creating margin pressure in our merchandising
business. We saw improvement through the record fall corn harvest,
as our western footprint was able to accumulate larger volumes at
favorable values. Our eastern assets were able to recognize
higher-than-normal elevation margins on corn from strong export
and ethanol demand in the last part of the year. The premium
ingredient business continued its steady performance, leveraging
recent investments into this space. The fertilizer business benefited
from a large spring application season with the highest corn
plantings in recent history. Agribusiness recorded adjusted
pretax earnings attributable of $64 million and adjusted EBITDA
of $187 million.
The RENEWABLES segment had very strong results, surpassing the
prior year. Our plants had another outstanding production year,
once again setting a record for gallons produced. Ethanol board
crush margins improved slightly over 2024, but were more than
offset by higher corn basis in the east and increased natural gas
costs. We acquired 100% of our ethanol plants at the end of July,
which generated approximately $40 million of incremental pretax
plant income in the last five months of the year. Finally, with our
focus on running efficient ethanol plants, we were able to qualify for
$35 million of 45Z clean fuel production tax credits. Renewables
generated its highest-ever adjusted pretax earnings attributable to
the company of $126 million and adjusted EBITDA of $203 million.
In December, we hosted an Investor Day and laid out a clear
framework for long   term profitable growth, anchored in expanding
established platforms, optimizing margins, and disciplined capital
allocation. We are proud of how we met each of these pillars with
our projects in 2025, including our Skyland integration, ethanol
plant purchase, and maximization of the 45Z tax credits. Looking to
2026, we are focused on completing our Port of Houston expansion
project, with the soybean meal export capacity expected to be online
late in the third quarter. We are also starting work on expanding
production at the Clymers ethanol plant, which will provide an
additional 30 million gallons of capacity and should be operational
in mid-2027.
At our Investor Day, we also announced a new long-term
financial target of $7.00 of run-rate earnings per share
exiting 2028. This target assumes a mid-cycle operating
environment, earnings growth from previously announced
projects, and includes the impact of 45Z tax credits.
Achieving this target would represent a 36% compounded
annual growth rate from the trailing twelve months ended
September 30, 2025, through the end of 2028.
As we share this report in the first quarter of 2026, we are
optimistic about the new year. We are seeing improved
end-user and export demand within our Agribusiness group
and are excited about the completion of our Port of Houston
project later this year. Our Skyland investment is off to a
better start this year, especially as we are seeing more
sorghum export opportunities. We expect another year of
above average corn acres planted, which should benefit our
fertilizer business but will depend on farmer economics.
As is common at the start of the year, ethanol crush
margins have declined seasonally; however, we anticipate
improvement as the industry undergoes its spring
maintenance shutdowns and fuel demand rises in the
spring. We also foresee continued robust export activity as
U.S. ethanol remains competitively priced on a global basis.
Maintaining our ethanol production facilities remains a key
priority, and we are actively working on initiatives to enhance
yields, improve plant efficiency, and expand capacity. With
the removal of the Indirect Land Use Change (ILUC) penalty
under OBBBA for 2026, we also expect to increase our
level of 45Z tax credits. We continue to evaluate and make
progress on investments to lower the carbon intensity of
the ethanol that we produce through sequestration and
utilization projects at our plants, including a Class VI well
permit for the Clymers facility that is progressing through
governmental review. The Renewables group remains a
strong growth engine for the company.
Our people are motivated by the opportunities ahead and
continue to drive our success. Despite recent challenges,
we have managed our business effectively and continue to
focus on efficient operations. We also remain committed
to our safety culture across our operations, as keeping our
team members safe will always be our top priority. We aim
to grow in line with our long-term strategy and enhance
our agility as a North American agriculture and renewables
company. Our goal is to deliver exceptional service to
customers, support our suppliers and communities, and
continue rewarding employees and shareholders for
years to come.
We appreciate your ongoing support.
Bill Krueger
President and Chief Executive Officer


shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 

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