Andersons, Inc. (NASDAQ: ANDE)

The Andersons, Inc. is a leading nimble North American agriculture and renewable fuels company. Founded in Maumee Ohio in 1947 the Company has become a significant participant in the North American agricultural and renewable fuels supply chains. Its core activities include the merchandising handling and processing of grain commodities the production and distribution of plant nutrients and the operation of ethanol production facilities. As of December 31 2025 the Company had a total of 2 137 employees across its Agribusiness and Renewables segments and Enterprise Service functions.

The Company generates revenue primarily through two interconnected business segments. In the Agribusiness segment it earns income from buying selling storing and transporting grain and other agricultural commodities as well as from manufacturing distributing and retailing fertilizer and specialty nutrient products. Revenue also comes from grain elevator operations that generate elevation margins based on basis changes spread differences and storage fees. In the Renewables segment revenue comes from the production purchase and sale of ethanol and its co products together with the marketing and trading of ethanol related biofuels. Additional earnings are derived from risk management services origination fees and service charges related to grain handling and logistics.

The Company operates through the following segments: Agribusiness and Renewables. These segments are organized according to the nature of the products and services offered and they align with the internal management structure.

• The Agribusiness segment focuses on capturing value through relationships with agricultural producers and end users acting as both a supplier and a customer. It manages the logistics and merchandising of a wide range of commodities including whole grains grain products feed ingredients and domestic fuel products. The segment also produces and distributes agricultural nutrients and specialty high value products for industrial and consumer markets. Grain elevator operations across the United States and Canada generate income from buying and selling commodities conditioning grain for resale and storing inventory which yields elevation margins based on basis changes spread differences and storage fees. Sales of fertilizer and related nutrients show seasonal strength in the spring and fall periods reflecting planting cycles. The business is seasonal with peak grain receipts in July for wheat and from September to November for corn and soybeans although trading occurs throughout the year. To manage price risk the Company uses exchange traded futures and options contracts on regulated commodity exchanges. It also offers grain marketing risk management and origination services to customers and to ethanol plants within the Renewables segment for which it collects fees. Competition comes from other grain brokers farm retailers elevator operators and farmer owned cooperatives with some of those competitors also serving as customers. Competitive advantage is based on price service reliability and the ability to provide integrated solutions across the supply chain.

• The Renewables segment produces purchases and sells ethanol and its co products. It operates four ethanol plants located in Iowa Indiana Michigan and Ohio with a combined nameplate capacity of 405 million gallons that has historically exceeded rated output. The segment also maintains a merchandising and trading portfolio for ethanol ethanol co products and other biofuels such as renewable feedstocks and distillers grains. In July 2025 the Company acquired the remaining 49 point 9 percent interest in The Andersons Marathon Holdings LLC which was subsequently renamed The Andersons Renewables LLC. Prior to that the Company held a 51 percent stake in ELEMENT LLC a bio refinery in Kansas but after losing control in April 2023 it deconsolidated the entity and later sold substantially all of its assets in January 2024. The Renewables business benefits from close integration with the Agribusiness segment which supplies grain feedstock and provides risk management services to the ethanol plants. Competitors in the ethanol industry include other independent producers and larger integrated energy companies that have entered the biofuels market. Competitive advantages stem from operational expertise logistics capabilities and a focus on maximizing margin per bushel of corn processed.

The Andersons, Inc. holds a solid position as a mid sized but influential participant in the North American agriculture and renewable fuels sectors. Its dual segment model allows it to capture value both from physical commodity handling and from renewable fuel production giving it a degree of vertical integration that many pure play competitors lack. Key competitors in the agribusiness space include traditional grain brokers regional elevator operators farm retail chains and farmer owned cooperatives. In the renewable fuels arena the Company faces competition from other ethanol producers and from larger oil and gas corporations that have entered the biofuels market. The Company’s competitive strengths lie in its extensive grain elevator network its ability to offer risk management and origination services and its proven expertise in managing ethanol plant operations to achieve high margins per bushel. Additionally the Company benefits from long standing relationships with agricultural producers and from a diversified geographic footprint that spans multiple states and provinces.

The Company serves a diverse customer base that includes agricultural producers grain processors livestock feed manufacturers and industrial users of fertilizer and specialty nutrients. Its ethanol and co products are sold to blenders wholesalers and retailers involved in the gasoline market. Additionally the Company provides risk management and origination services to ethanol producers and to other agribusiness participants that require hedging and supply chain solutions. While specific customer names are not disclosed in the filing the described categories illustrate the breadth of the Company’s market reach. The Company’s operations extend across the United States and Canada with facilities also present in select international locations such as the United Kingdom Switzerland Mexico Romania and Singapore.