The Andersons, Inc. Q3 FY2025 earnings call

• Completed purchase of minority share in ethanol plants at end of July 2025. • Investing in renewables to improve efficiency, lower carbon intensity, grow renewable feedstocks merchandising. • In Agribusiness, executing on facility expansions and improvements, with 2 long-term projects expected operational in 2026. • Renewables had solid quarter with higher production and yields but higher corn costs. • Evaluating M&A opportunities due to economic pressures. • Hosting Investor Day on December 9 to update long-term targets through 2028.

Agribusiness: Adjusted pretax income attributable to the company was $2 million in Q3 2025 compared to $19 million in Q3 2024. Adjusted EBITDA was $29 million in Q3 2025 vs $45 million in Q3 2024. Wheat harvest was good but grain markets oversupplied and trade uncertainty impacted. Fertilizer had increased margins and volume. Renewables: Generated adjusted pretax income attributable of $46 million in Q3 2025 compared to $26 million in Q3 2024. Included year-to-date 45Z tax credits of $20 million. Ethanol plants performed well but corn costs were higher.

• Expect Q4 2025 to have $10 million to $15 million EBITDA benefit from 45Z tax credits. • Anticipate reaching 2026 EPS target of $4.30 with improved agribusiness results, increased ethanol plant ownership, and tax credits. • Investor Day on December 9 to provide details on long-term targets through 2028.

• Ag cycle in trough due to abundant domestic supply and trade policy uncertainty. • Oversupplied grain markets and global trade uncertainty negatively impact grain asset locations. • Potential delays in plant construction projects.

Q: Congrats on strong results, focus on 45Z tax credits. Thoughts on Q4 contribution and 2026 CI score?

A: Q4 expected $10-15M EBITDA benefit from 45Z tax credits. 2026 guidance on CI score to be provided at Investor Day on Dec 9 Q: Focus on agribusiness, policy clarity impact?

A: Clarity on trade policy and tariffs will reduce market uncertainties and provide merchandising/sales opportunities. Fertilizer activity in Q4 expected higher margins but volumes may be challenged if farmers delay purchases Q: Ethanol demand, E15 approval in California impact?

A: E15 approval in California is positive, but expect demand in 2026 to be relatively flat with potential slight uptick in California once CARB regulations finalized. Board crush off but corn basis down, so overall ethanol margins not necessarily down Q: M&A search, asset types?

A: Believe there will be opportunities in certain areas where assets come to sale, but specific types not commented on today, will be discussed at Investor Day Q: Agribusiness margins troughed in Q3?

A: Q4 2025 results should trend back closer to Q4 2024 results, with 2026 expected better with increased agribusiness results Q: Remaining CapEx for large construction projects?

A: Full year CapEx expected ~$200M, ~60% growth capital, remaining CapEx for projects ~$30-50M Q: Discipline with capital allocation and excess cash flow?

A: Expected cash flows allow looking at larger M&A projects while continuing to be disciplined with capital allocation Q: Fertilizer business, farmer optimism?

A: Farmer sentiment was low, but recent rally in soybeans has raised optimism. Producer cautious, may delay fall application decisions