Andersons : May 2026 Investor Presentation
ANDE
Published on 05/11/2026 at 02:01 pm EDT
Investor
Presentation
Planting Seeds to Enable Profitable Long-term Growth
2026 INVESTOR PRESENTATION
May 2026
Table of Contents
PAGE 4 INTRODUCTION TO THE ANDERSONS
11 AGRIBUSINESS OVERVIEW AND STRATEGIC DIRECTION
17 RENEWABLES OVERVIEW AND STRATEGIC DIRECTION
24 Q1'26 UPDATE AND FINANCIAL OUTLOOK
31 APPENDIX
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Introduction to The Andersons
2026 INVESTOR PRESENTATION
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03
04
Key Messages
01
Materially stronger company led by a seasoned team with deep expertise in ag products, renewable fuels, and operational excellence poised for continued profitable growth
Balanced, diversified portfolio that is resilient through the cycle and rooted in North American ag
02
and renewables fuels supply chains
Strong Renewables growth engine anchored by ethanol, the highest-returning business for more than a decade, with continued investment opportunities
Disciplined capital allocation strategy leveraging a strong balance sheet, consistent cash flow generation, and focused execution to drive long-term shareholder value
2026 I
2026 INVESTOR PRESENTATION 5
The Andersons Snapshot (NASDAQ: ANDE)
KEY STATS1
Driving Organizational Alignment through Re-segmentation to Unlock Value, Better Serve Customers, and Drive Growth
Founded
1947
Headquarters
Maumee, OH
Total Employees
2,500
Locations
180
Market Cap2
$2.4B
Revenue
$11.0B
Adjusted EBITDA3
$371M
Adjusted EPS3
$4.24
AGRIBUSINESS
SUSTAINABLE
COMPETITIVE ADVANTAGES
Broad geographic footprint with extensive reach close to producers and customers
48%
ADJ. EBITDA1,3,4
BY SEGMENT
52%
RENEWABLES
Integral to North American ag and renewable fuels supply chain connecting production to demand
Proven leadership team focused on driving execution and accountability
Deep relationships and unmatched customer service
A Leading, Nimble North American Ag Supply Chain Company
1 All data is trailing twelve months ended March 31, 2026. 2 As of 5/7/2026. 3 Non-GAAP financial measure; see appendix for reconciliations.
4 Excludes the impact of the "Other" segment.
2026 INVESTOR PRESENTATION 6
Two Integrated and Complementary Segments
AGRIBUSINESS RENEWABLES
Top 5 U.S. Grain and Ingredients Merchandiser
Purchase and merchandise grains and grain products, provide value-added risk management services to growers and customers
Provide a broad mix of food, feed, and light processed ingredients for CPGs (e.g., cleaned and color-sorted grains)
Operate an extensive network of storage, handling, and transload assets
A Leading, Diverse Set of Fertilizer Businesses
Receive, store, and market NPK fertilizers
Operate full-service farm centers and offer agronomy services
Manufacture and distribute specialty liquids
5th Largest U.S. Ethanol Producer
Refine corn into ethanol and other high-value products
Supply corn oil and other low-carbon intensity feedstocks to renewable diesel industry
Pursue carbon sequestration to reduce emissions and enhance low-carbon fuel positioning
Well-positioned to Capitalize on Industry Tailwinds
Increased ethanol blending rates and export expansion
Biofuels policy including RVO and 45Z
CPGs: Consumer Packaged Goods. NPK: Nitrogen, Phosphate, and Potash Fertilizers. RVO: Renewable Volume Obligation. 2026 INVESTOR PRESENTATION 7
Long-term Strategic Framework for Profitable Growth
ACCELERATING
growth by expanding established platforms
Leveraging strong customer relationships to capture new demand
Expanding high-performing businesses into adjacent opportunities
OPTIMIZING
margins through commercial and operational excellence
Driving a culture of continuous improvement
Unlocking cost savings and efficiencies through integration
DELIVERING
value through disciplined capital allocation
Utilizing strong balance sheet to prioritize high-return growth projects
Evaluating strategic investments to enhance scale and capabilities
2026 INVESTOR PRESENTATION 8
Serving Supply Chain with Strategic Assets and Merchandising Capabilities
AG & INDUSTRIAL INPUTS
AG PRODUCTION & PROCESSING
END USER
Fertilizer Producer
Feed Supply Chain
Fertilizer Wholesale
Fertilizer Manufacturing
Food Supply Chain
Farm Center
Farmer
Grain Elevator
Ethanol Plant
Fuel Supply Chain
Export Terminal
International Customer
Our Unique Insights Connect Production to Demand of Global Food, Feed, and Fuel Supply Chains
2026 INVESTOR PRESENTATION 9
Performance Driven and Experienced Leadership Team with Deep Expertise
100+ YEARS
Industry Experience
75+ YEARS
The Andersons Tenure
BILL KRUEGER
President and Chief Executive Officer
Joined: 19951
BRIAN VALENTINE
Executive Vice President and Chief Financial Officer
2018
SARAH ZIBBEL
Executive Vice President and Chief Human Resources Officer
2023
WESTON HEIDE
Executive
Vice President, Agribusiness
20081
MARK SIMMONS
Executive
Vice President, Renewables
20041
EMMANUEL AYUK
Executive
Vice President, General Counsel and Corporate Secretary
2025
Top 3 Skills Brought to The Andersons
Expertise in Commodity Markets
M&A
Integration
Talent Acquisition and Development
Top-grade Talent with Diverse Skills and Backgrounds Focused on Execution and Operational Excellence
1 Includes Lansing Trade Group, LLC. 2026 INVESTOR PRESENTATION 10
Agribusiness
Overview and Strategic Direction
2026 INVESTOR PRESENTATION
2026 INVESTOR PRESENTATION 11
Agribusiness Snapshot
Integrating crop inputs, grain handling, commodity merchandising, and premium ingredients, while offering
a range of services to producers, processors, and end customers
~175 Facilities
33M Tonnes of Commodities Traded
2.0M Tons of Fertilizer Sold
~270M Bushel Grain Storage Capacity
$572M
TTM1 2026
Gross Profit
$204M
TTM1 2026 Adj. EBITDA2
$82M
TTM1 2026
Adj. Pretax Income2
A Scaled, Agile Platform Positioned for Success across Ag Markets
Note: Annual volumes as of December 31, 2025 and facility counts as of May 7, 2026. 1 Trailing twelve months ended March 31, 2026. 2 Non-GAAP financial measure; see appendix for reconciliations.
2026 INVESTOR PRESENTATION 12
Broad Geographic Footprint
WELL-POSITIONED
IN KEY GEOGRAPHIES
Extensive footprint across major North American grain regions
Scaled, diversified platform across crops, customers, and end markets
Strong ability to source, store, and transport with connected asset network
Expansions in existing and new markets enhance reach and trade optionality
Future expansion in Houston, TX and across current footprint to further strengthen market access
Canada
WA
BC AB SK MB ON
QC
United Kingdom
ME
OR ID
MT ND
MN
WI
MI
NY VT NH MA
RI
WY
NV UT
CA CO
SD
IA
NE
KS MO
OK
OH
IL IN
KY
TN
CT
NJ
PA
MD DE
WV
VA
NC SC
AZ NM
TX
AR
MS AL GA
LA
FL
Switzerland
Mexico
AGRIBUSINESS LOCATIONS
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Agribusiness 101: Where We Play
THE ANDERSONS CAPABILITIES SELECTED EXAMPLES
ASSETS AND
MERCHANDISING
Merchandising
Grain elevators
Logistics (e.g., truck, rail, barge, vessel)
Risk management strategies
Export and international market expertise
Grains and oilseeds
Animal feed ingredients
Co-products from processing
Handling, storage, and inventory management
Risk management products
PREMIUM
INGREDIENTS
Merchandising
Light processing
CPG procurement strategies
Pet food ingredients
Specialty crops (e.g., pulses, edible beans)
Food corn
FERTILIZER
Wholesale distribution
Agronomy services
Specialty manufacturing
Wholesale bulk fertilizer (NPK)
Specialty liquid products (e.g., low-salt starters)
Farm centers and services
Connecting Production to Demand across Time and Geography in the Feed, Fuel, and Food Supply Chains
CPGs: Consumer Packaged Goods. NPK: Nitrogen, Phosphate, and Potash Fertilizers 2026 INVESTOR PRESENTATION 14
Why We Win in Agribusiness
One of Largest Grain Companies in North America1
Merchandise broad array
of grain and grain products, food and feed ingredients and specialty grains
Merchandising volume exceeds our storage capacity allowing us to achieve a multiplier effect
Operate broad network of storage and handling assets -growing scale in ag market
Provide logistics and
transload services
Strategically Located Near Producers
Complementary asset footprint and merchandising business service ~25,000 producers
U.S. facilities located in
key production areas with international teams servicing areas of increasing demand and population growth
Farm Centers and wholesale fertilizer positioned to deliver value to producers with sales and service in local markets
Customer-centric Focus that Drives Flexible and Custom Solutions
Demonstrated track record of providing targeted solutions to meeting customer challenges
Manufacturing and distribution of specialty liquids for highly sustainable and yield-enhancing products
Origination and light processing of premium ingredients to meet unique requirements
Integration with Renewables
Leverage corn sourcing scale to secure favorable pricing
Align commercial strategy through regular cross-segment coordination and collaboration
Serve a unified grower base across fertilizer, grain, and ethanol markets
Enable full value chain corn delivery from farm gate to ethanol plant
1 Source: Grain & Milling Annual 2025, based on total grain storage capacity. 2026 INVESTOR PRESENTATION 15
Q1'26
Return of volatility improved merchandising results; assets realized less space income
Improved premium ingredients results from strategic investments in light processing
Fertilizer improvement on increased margins
Long-Term
Diversified product portfolio provides earnings stability amid changing markets
Organic and inorganic growth projects
Drivers
Agribusiness 5-year Historical Financial Performance Overview ($M)
GROSS PROFIT ADJ. EBITDA1 ADJ. PRETAX INCOME
Attributable to ANDE1
$545M $216M $102M
5-year Average 5-year Average 5-year Average
$82
$548
$572
$266
$204
$153
2022 TTM 2026
2022 TTM 2026
2022 TTM 2026
Results Driven by Growth and Solid Execution in Dynamic and Challenging Markets
1 Non-GAAP financial measure; see appendix for reconciliations. 2026 INVESTOR PRESENTATION 16
Renewables
Overview and Strategic Direction
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Renewables Snapshot
Concentrating on ethanol and its co-products, while safely managing ethanol plant operations and driving
shareholder value by optimizing the end-to-end supply chain
Gallons of Ethanol Produced at 4 Facilities
518M
315M
3rd-Party Ethanol Gallons Merchandised
1.4B
Pounds of Renewable Feedstocks Merchandised
2.1M Tons of Feed Products Handled
$149M
TTM1 2026
Gross Profit
$220M
TTM1 2026 Adj. EBITDA2
$150M | $164M
Attributable to ANDE 100% Ownership
TTM1 2026
Adj. Pretax Income2
A Scaled, Agile Platform Positioned to Succeed throughout Market Cycles
Note: Annual volumes as of December 31, 2025 and facility counts as of May 7, 2026. 1 Trailing twelve months ended March 31, 2026. 2 Non-GAAP financial measure; see appendix for reconciliations.
2026 INVESTOR PRESENTATION 18
Eastern Footprint Enables Strong Connection to Growers and End Users
OUR ADVANTAGE IN NORTH AMERICA
Well-located plants drive sourcing efficiency / proximity to feedstock
Access to all active North American LCFS markets
Majority of corn sourced directly from farmers leading to superior cost and visibility
Complementary and efficient distribution network
Canada
WA
BC AB SK MB ON QC
ME
OR ID
MT ND
MN
WI
SD MI
WY
IA
NE
NY VT NH MA
CT RI
PA NJ
NV UT
CA CO
KS MO
OH MD DE
IL IN WV
VA
KY
NC
AZ NM
OK AR
TX
LA
TN
SC
MS AL GA
FL
Ethanol Plant
Ethanol Transload Terminal1 Renewable Feedstocks Terminal1 Low Carbon Fuel Standard Market
Mexico
2026 INVESTOR PRESENTATION
1 Primarily 3rd-party transload sites. LCFS: Low Carbon Fuel Standard. 2026 INVESTOR PRESENTATION 19
Renewables 101: Where We Play
Ethanol Production
Own and operate 4 ethanol plants
Produce fuel-grade ethanol from corn, mainly used for blending with gasoline to reduce emissions
Invest in carbon intensity reduction, efficiencies, and carbon capture, utilization, and sequestration
Co-Product Sales
DDGS: used for animal feed
DCO: extracted during ethanol production, used for biofuel or animal feed
CO2: captured and sold for use in food, beverage, or industrial applications
Merchandising
Merchandise ethanol through strategic partnerships
Source and supply renewable feedstocks to bio-based diesel markets
Major supplier and exporter of DDGS
SPOTLIGHT
Collaboration with Agribusiness
Ensure supply reliability, price risk management, and logistics for moving corn to ethanol plants
Offer comprehensive fundamental market analysis
Leverage asset capabilities
Provide co-product export logistics
2026 INVESTOR PRESENTATION
DDGS: Dried Distillers Grains with Solubles. DCO: Distillers Corn Oil. 2026 INVESTOR PRESENTATION 20
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Disclaimer
The Andersons Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 18:00 UTC.