Andersons, Inc. (NASDAQ: ANDE)

Andersons, Inc. is a leading North American agriculture and renewable fuels company, with a significant presence in the agricultural and renewable fuels supply chains. Founded in Maumee, Ohio in 1947, the company operates in two primary segments: Agribusiness and Renewables. Andersons, Inc. generates revenue through a diversified portfolio of activities, including merchandising and managing logistics for a wide range of commodities, manufacturing, distributing, and retailing agricultural and related plant nutrients, and producing, purchasing, and selling ethanol and co-products. The company's primary products include corn, wheat, soybeans, bulk agricultural fertilizers, specialized high-value nutrient products, and ethanol. Its customer base is broad, encompassing agricultural producers, end users, industrial and consumer markets, and ethanol plants.

• Agribusiness: This segment focuses on capturing profits through relationships with agricultural producers and end users. It includes merchandising and managing logistics for commodities such as whole grains, grain products, feed ingredients, and domestic fuel products. The segment also manufactures, distributes, and retails agricultural and related plant nutrients. Andersons, Inc. operates grain elevators across the United States and Canada, earning income on commodities bought and sold, purchased and conditioned for resale, and held in inventory. The segment's asset-based grain handling business is seasonal, with the largest portion of principal grains harvested and delivered typically in July for wheat and September through November for corn and soybeans. The company competes in the sale of commodities and nutrient inputs with other public and private grain brokers, farm retailers, elevator operators, and farmer-owned cooperatives. Competition is based primarily on price, service, and reliability. Sales of agricultural nutrients and turf-related products are heaviest in the spring and fall.

• Renewables: This segment produces, purchases, and sells ethanol and co-products. Andersons, Inc. operates four ethanol plants located in Iowa, Indiana, Michigan, and Ohio, with a combined nameplate capacity of 405 million gallons. The segment also operates a merchandising and trade portfolio of ethanol, ethanol co-products, and other biofuels, such as renewable feedstocks. On July 31, 2025, the company acquired the remaining 49.9% ownership interest in The Andersons Marathon Holdings LLC, renaming it The Andersons Renewables, LLC. The segment focuses on leading the industry in margins per bushel.

Andersons, Inc. holds a strong position within the industry, leveraging its broad geographic footprint and diversified portfolio of physical commodities. The company's competitive advantages include its significant purchasing power, which allows it to deliver value to customers, and its expertise in ethanol plant management, logistics, and commercialization of ethanol and co-products. The company's asset-based grain handling business and its ability to manage futures price risk through exchange-traded futures and option contracts further strengthen its competitive position.

The company's customer base is diverse, including agricultural producers, end users, industrial and consumer markets, and ethanol plants. Andersons, Inc. serves a wide range of customers across the United States, Canada, United Kingdom, Switzerland, Mexico, Romania, and Singapore. The company's broad geographic footprint and diversified portfolio of physical commodities enable it to cater to a variety of customer needs.