The Andersons, Inc. Reports Third Quarter Results

MAUMEE, Ohio, Nov. 7, 2023

Third Quarter Highlights:

• Company reported net income attributable to The Andersons of $10 million, or $0.28 per diluted share and adjusted net income of $5 million, or $0.13 per diluted share
• Adjusted EBITDA was $70 million for the quarter
• Expect full year adjusted EBITDA to achieve previous expectations of $350-$375 million
• Renewables reported record Q3 pretax income of $47 million and record pretax income attributable to The Andersons of $26 million on strong operations and industry fundamentals

"Our third quarter includes record results from our Renewables team with great operating performance in our ethanol plants, a strong margin environment and good results from our renewable diesel feedstock merchandising team. We had solid core operating performance in our Trade segment which was offset by a currency loss in our international business. Lastly, our Nutrient & Industrial segment's third quarter, which is typically a loss in this seasonally slow period, had year over year improvements in both its ag and manufacturing businesses," said President and CEO Pat Bowe. "We remain confident about the balance of the year and expect to achieve our previously communicated full year adjusted EBITDA outlook of $350-$375 million."

"We continue to make good progress against our growth strategy. Our third quarter acquisition of ACJ International, a pet food ingredient supplier, contributed positively to these results. We are pleased with this complementary addition to our core grain and fertilizer verticals," continued Bowe. "We are actively pursuing opportunities for growth in our Renewables business. These opportunities include expansion of our renewable diesel feedstock merchandising business and investments to lower the carbon intensity of our ethanol plants. With our well-positioned balance sheet, we have good capacity for growth."