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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.
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Q3 2025 earnings summary5 Nov, 2025

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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Frequently asked questions

The Andersons Inc operates in agriculture, plant nutrient, and commodities trading. The company is involved in grain merchandising, ethanol production, and the supply of crop nutrients and agricultural inputs. It also engages in logistics and railcar leasing. The company is headquartered in Maumee, Ohio, and its shares are listed on the NASDAQ.

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