Here are 1-3 brief analogies for Andersons (ANDE):

• Like a regional Archer-Daniels-Midland (ADM) for grain merchandising and ethanol production.
• A smaller Nutrien (NTR) focused on specialty plant nutrients and agricultural supplies.

• Grain MerchandING: Services related to the buying, storing, selling, and transportation of corn, soybeans, wheat, and other grains.
• Fertilizer Distribution: Wholesale distribution of bulk agricultural fertilizers and other crop nutrient products to farmers and dealers.
• Specialty Plant Nutrients: Manufacturing and distribution of specialty nutrient products for agricultural, turf, and ornamental markets.
• Ethanol Production: Manufacturing and marketing of fuel-grade ethanol, along with co-products like distillers dried grains and corn oil.

Major Customer Categories for The Andersons (ANDE)

• Farmers and Agricultural Businesses: These include individual farmers, large agricultural enterprises, and co-ops who purchase grain, agricultural nutrients, and crop protection products from The Andersons. This category represents a significant portion of their Grain and Nutrient and Industrial segments.

• Industrial and Commercial Enterprises: The Andersons serves a variety of industrial customers through its Nutrient and Industrial segment, providing products such as pelletized sulfur, specialty chemicals, and turf and ornamental products. This includes manufacturers and other businesses that utilize these inputs.

• Other Grain Companies and Ethanol Buyers: In its Grain segment, The Andersons buys and sells grain to other large grain companies and processors. Additionally, through its Renewables segment's equity investments in ethanol production, the end customers for the ethanol produced are typically refiners and blenders, representing another category of business customers.

null

William E. Krueger President and Chief Executive Officer

William E. Krueger has served as President and Chief Executive Officer for The Andersons, Inc. since October 2024. He has more than 30 years of experience in the agriculture sector. Mr. Krueger joined The Andersons in 2019 as part of the Lansing Trade Group, LLC acquisition, where he had served as President and CEO for nearly 14 years. Prior to that, he held numerous management positions at Lansing Trade Group. Before joining Lansing, Mr. Krueger began his career as a grain merchant for Scoular and ConAgra Trade Group. He previously served as the Chief Operating Officer and President of the trade and processing business for The Andersons. Mr. Krueger earned his Bachelor of Science in Agribusiness from the University of Nebraska-Lincoln and a Master of Business Administration in Finance from DeVry University's Keller Graduate School of Management. He is currently a member of the NGFA Executive Committee and Board of Directors and serves as Chairman of the board of Children's Mercy Hospital in Kansas City, Missouri.

Brian A. Valentine Executive Vice President, Chief Financial Officer

Brian A. Valentine joined The Andersons in 2018 and has served as Executive Vice President and Chief Financial Officer since 2020. He brings over 20 years of senior management experience with expertise in corporate finance, treasury, public capital markets, accounting, tax, and investment management. Prior to joining The Andersons, Mr. Valentine was Corporate Vice President and Chief Financial Officer for The Lubrizol Corporation, a subsidiary of Berkshire Hathaway. He holds a bachelor’s degree in business administration in accounting and an MBA from John Carroll University, and he is a Certified Public Accountant licensed in Ohio.

Pat Bowe Chairman of the Board

Pat Bowe was elected Chairman of the Board of The Andersons, Inc. in May 2024. He previously served as President and Chief Executive Officer from November 2015 to October 2024, becoming the first non-family member CEO in the company's history. Mr. Bowe has more than 40 years of experience in the agricultural sector. Before joining The Andersons, he was Corporate Vice President of Cargill, Inc. and a leader of the company's Food Ingredients and Systems platform. He also served as president of Cargill's corn wet milling business from 1999 to 2007. Mr. Bowe began his career as a cash grain merchant for Louis Dreyfus and worked at the Chicago Board of Trade for Cargill. He has served on the publicly traded board for United Malt Group and is currently on the board of King Ranch, a large private agribusiness company. He also served as Chairman of the Board for Fabcon Precast.

Sarah J. Zibbel Executive Vice President, Chief Human Resources Officer

Sarah J. Zibbel joined The Andersons in August 2023 as Executive Vice President, Chief Human Resources Officer. She brings over 20 years of leadership experience in human resources and talent management. Prior to The Andersons, Ms. Zibbel served as Chief Human Resources Officer for Libbey and held various leadership roles at Owens-Illinois, Rexam, Owens Corning, and MedCorp, Inc.

Mark D. Simmons Executive Vice President, Renewables

Mark D. Simmons will serve as Executive Vice President, Renewables, effective January 1, 2025. He joined The Andersons in 2019 as part of the Lansing Trade Group acquisition. Mr. Simmons has over 25 years of expertise in the agriculture and renewables industries. Most recently, he served as Vice President of Plant Originations and Merchandising for The Andersons Renewable business.

Shift to Electric Vehicles (EVs) and Alternative Fuels: As global adoption of electric vehicles accelerates, the demand for gasoline, and consequently for ethanol (a key product for Andersons), is expected to decline significantly over the long term. This fundamental shift in transportation energy consumption poses a direct and existential threat to Andersons' ethanol production segment, similar to how the iPhone disrupted traditional mobile phone manufacturers.

Increased Adoption of Sustainable and Regenerative Agricultural Practices, including Biological Inputs: There is a growing global trend towards agricultural methods that reduce reliance on traditional synthetic fertilizers and chemicals. This includes the development and adoption of biological products (e.g., microbes for nitrogen fixation, bio-stimulants) and farming practices that focus on soil health and reduced external inputs. This shift could significantly diminish demand for the synthetic plant nutrients that Andersons manufactures and distributes, akin to how Netflix challenged Blockbuster by offering a fundamentally different consumption model.

The Andersons (symbol: ANDE) operates in several key agricultural and related sectors. Below are the addressable market sizes for their main products or services, specifying the region where available:

• Plant Nutrients (Fertilizers):
  • The global fertilizer market size is estimated at USD 245.97 billion in 2025 and is expected to surpass approximately USD 380.16 billion by 2035.
  • The global organic fertilizers market is valued at USD 13.07 billion in 2025 and is projected to reach USD 21.93 billion by 2034.
  • The global controlled-release fertilizers market is projected to grow from USD 1.49 billion in 2025 to USD 2.16 billion by 2030.
• Renewables (Ethanol):
  • The global ethanol market size accounted for USD 109.11 billion in 2024 and is expected to reach around USD 182.88 billion by 2034.
  • The U.S. ethanol market is estimated to be valued at USD 32.76 billion in 2025 and is expected to reach USD 60.66 billion by 2032.
• Railcar Leasing:
  • The global railcars leasing market is projected to grow from USD 45.05 billion in 2024 to USD 85.98 billion by 2035.
  • North America dominates the railcar leasing market with a 60% share, equating to approximately USD 27.03 billion in 2024.
• Grain Handling and Merchandising: null

1. Strategic Investments and Expansion in Renewable Fuels: The Andersons is significantly focused on its Renewables segment. Key drivers include the completed purchase of full ownership in its ethanol plants, ongoing investments to enhance plant production efficiency for ethanol and co-products, efforts to lower carbon intensity, and growth in renewable feedstocks merchandising. The company anticipates continued strong demand for its ethanol products, both domestically and for export. Preparations for carbon sequestration at its Indiana facility also indicate future growth opportunities in the low-carbon fuels market.
2. Agribusiness Facility Expansions and Strategic Acquisitions: The company is making targeted capital investments to expand and improve its agribusiness facilities. Notable projects include the Port of Houston expansion, which aims to add export capacity for soybean meal and enhance efficiency in existing grain operations, with completion expected by mid-2026. Other facility expansions are underway in New Mexico and Illinois. The integration of Skyland Grain, LLC assets is also contributing to revenue growth.
3. Benefits from 45Z Clean Fuel Production Tax Credits: The new 45Z clean fuel production tax credits are projected to be a substantial driver of revenue and profitability, particularly for the Renewables segment. These credits are expected to lower effective tax rates and increase after-tax profitability for Andersons' ethanol plants, with a significant increase in the rate of generation anticipated from 2026 through 2029.
4. Growth in Premium Food Corn Business: The Andersons is investing to increase capacity within its premium food corn business in response to growing customer demand. This focus on higher-value products within its Agribusiness segment represents a targeted area for revenue expansion.

Share Repurchases

• In August 2024, The Andersons' board of directors authorized a share repurchase program of up to $100 million of outstanding common stock, to be in effect for three years.
• As of December 31, 2024, approximately $2.3 million of the $100 million authorized program had been utilized.

Share Issuance

• The Andersons has employee share purchase plans (ESP Plan) and performance share units (TSR PSUs) in place. For example, the 2004 ESP Plan, restated and amended in 2023, is authorized to issue up to 500 thousand common shares, with approximately 257 thousand shares remaining available for issuance to employees as of December 31, 2024.

Outbound Investments

• On July 31, 2025, The Andersons acquired the remaining 49.9% ownership stake in The Andersons Marathon Holdings LLC (TAMH) for $425 million, which included $40 million of working capital, resulting in a net purchase price of $385 million. This acquisition doubled Andersons' financial ownership in the ethanol industry.
• The company finalized the acquisition of a majority ownership in Skyland Grain, LLC for $85 million on November 1, 2024, expanding its grain and fertilizer businesses across Kansas, Oklahoma, Colorado, and Texas.
• In July 2023, The Andersons completed the purchase of the assets of ACJ International LLC and its subsidiaries, an ingredient, logistics, and supply chain management company in the pet food ingredient industry, for $41.4 million, with $24.4 million paid at closing.
• The Andersons is progressing on its Port Houston expansion project, a strategic investment to add soybean meal export capacity and improve existing grain operations, with completion expected in early to mid-2026.

Capital Expenditures

• Capital expenditures were $66 million in 2020, $71 million in 2021, $108 million in 2022, $150 million in 2023, and $149 million in 2024.
• Expected capital expenditures for 2025 are approximately $175 million to $200 million, excluding acquisitions.
• The primary focus of recent and anticipated capital expenditures includes facility expansions and improvements, increasing capacity at existing facilities, lowering the carbon intensity of ethanol plants, and strategic projects such as the Port Houston expansion and a new mineral processing plant at the Carlsbad, New Mexico transload facility.