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The Andersons (ANDE) investor relations material
The Andersons Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed acquisition of full ownership in ethanol plants for $425 million, supporting renewables growth and positioning for 45Z tax credits.
Renewables segment delivered strong results, aided by efficient operations, strong demand, and $20.2 million in 45Z clean fuel credits.
Agribusiness faced margin pressure from oversupplied grain markets and trade uncertainty, despite improved fertilizer results and higher wheat harvest volumes.
Strategic facility expansions and investments are underway in Houston and Carlsbad, with ongoing integration of Skyland Grain assets.
Organizational realignment combined Trade and Nutrient & Industrial into Agribusiness, moving several business lines between segments.
Financial highlights
Q3 2025 sales and merchandising revenues were $2.68 billion, up from $2.62 billion in Q3 2024; nine-month revenues reached $8.47 billion.
Q3 2025 net income attributable to shareholders was $20.1 million ($0.59/share); adjusted net income was $29 million ($0.84/share), up from $25 million ($0.72/share) in Q3 2024.
Adjusted EBITDA for Q3 2025 was $78.3 million, down from $97.4 million in Q3 2024.
Gross profit for Q3 2025 was $170.9 million, compared to $177.1 million in Q3 2024.
Diluted EPS was $0.59 (Q3 2024: $0.80); adjusted EPS was $0.84 (Q3 2024: $0.72).
Outlook and guidance
Q4 renewables demand remains strong; expected $10 million–$15 million EBITDA from 45Z tax credits.
Management expects improved elevation margins and merchandising opportunities in Q4 due to a large harvest and low market prices.
Full-year adjusted effective tax rate expected at 15%–18% due to non-taxable 45Z credits.
Investor day on December 9 to update long-term targets through 2028.
Renewables segment positioned for continued growth, supported by strong ethanol demand and extension of 45Z credits through 2029.
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