Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 000-20557 THE ANDERSONS, INC. (Exact name of the registrant as specified in its charter) (State of incorporation or organizatio ...

Core Insights - The company is focused on profitable growth in both Agribusiness and renewables, with significant investments planned for 2026 [2][14] - The fourth quarter of 2025 saw record earnings per share (EPS) and strong operational performance, particularly in the renewables segment [4][5] - The company anticipates improved financial results in Agribusiness for 2026, driven by better market conditions and strong demand for ethanol [14][15] Financial Performance - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, an increase from $47 million or $1.36 per diluted share in Q4 2024 [5] - Gross profit for Q4 2025 was $231 million, an 8% increase year-over-year, primarily due to higher volumes and margins in renewables [5][6] - Full-year gross profit reached $714 million, a 3% increase, with adjusted EBITDA for Q4 at $137 million compared to $117 million in 2024 [6][7] Agribusiness Segment - Agribusiness reported Q4 pretax income of $46 million, down from $56 million in 2024, with challenges in merchandising due to well-supplied grain markets [10][11] - The segment's adjusted EBITDA for Q4 was $80 million, compared to $88 million in 2024, reflecting the impact of a large harvest and favorable grain acquisition [11][12] - The company expects basis appreciation in the Western footprint and continued sorghum exports into 2026 [15][16] Renewables Segment - The renewables segment generated Q4 pretax income of $54 million, significantly up from $17 million in 2024, driven by full ownership of ethanol plants [12][13] - Ethanol production reached record levels, with board crush margins increasing by $0.15 per gallon year-over-year [12] - Adjusted EBITDA for renewables in Q4 was $69 million, compared to $41 million in the same quarter of 2024 [12] Strategic Outlook - The company plans to complete several large capital projects in 2026, enhancing operational efficiency and product handling capabilities [17][19] - There is optimism regarding the domestic demand for ethanol and related products, supported by favorable biofuels policies [18][20] - The company is well-positioned to serve customers with crop inputs and expects to maintain a strong balance sheet to support future growth [20]

Core Insights - The company reported a record level of earnings per share in the fourth quarter, driven by strong performance in renewables and effective execution in agribusiness [4][7] - Full-year adjusted EBITDA decreased to $337 million from $363 million in 2024, while quarterly adjusted EBITDA improved to $137 million from $117 million year-over-year [1][3] Financial Performance - Fourth-quarter gross profit increased by 8% year-over-year to $231 million, attributed to higher volume and margins in renewables and the acquisition of Skyland Grain [2] - Net income for the fourth quarter was $67 million, or $1.97 per diluted share, with adjusted net income rising to $70 million, or $2.04 per diluted share, compared to $47 million, or $1.36 per diluted share, in the same quarter of 2024 [3][7] - Cash flow from operations before changes in working capital was $110 million in the fourth quarter, up from $100 million a year earlier, while full-year cash flow was $278 million, down from $323 million in 2024 [8] Segment Performance - Agribusiness reported fourth-quarter pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million a year ago [11][13] - Renewables generated fourth-quarter pre-tax income of $54 million, significantly up from $17 million in the same quarter of 2024, with renewables EBITDA reaching $69 million, up from $41 million [6][15] Strategic Initiatives - The company outlined growth projects, including a 30 million gallon expansion in Climer, Indiana, and upgrades at the Port of Houston, with expectations for improved agribusiness results and strong ethanol demand in 2026 [5][16] - Management emphasized a commitment to profitable growth in both agribusiness and renewables, with plans for additional investments and infrastructure improvements [16][17] Market Outlook - The company anticipates better financial results in agribusiness for 2026, driven by more certainty in global grain markets and strong demand for ethanol [17][20] - Long-term targets were updated, with expectations to exit 2026 with run-rate EPS above $4.30 and a long-range target of $7 by the end of 2028 [21]

The Andersons (NasdaqGS:ANDE) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsBill Krueger - President and CEOBrian Valentine - EVP and CFOMike Hoelter - VP of Corporate Controller and Investor RelationsConference Call ParticipantsBen Klieve - Equity Research AnalystBen Mayhew - AnalystPooran Sharma - AnalystOperatorAs a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corpora ...

The Andersons (NasdaqGS:ANDE) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Company ParticipantsBill Krueger - President and CEOBrian Valentine - EVP and CFOMike Hoelter - VP of Corporate Controller and Investor RelationsConference Call ParticipantsBen Klieve - Equity Research AnalystBen Mayhew - AnalystPooran Sharma - AnalystOperatorAs a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corpora ...

The Andersons (NasdaqGS:ANDE) Q4 2025 Earnings call February 18, 2026 08:30 AM ET Speaker5As a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Hoelter, Vice President, Corporate Controller, and Investor Relations. Please proceed.Speaker4Good morning, everyone, and thank you for joining us for The Andersons' fourth quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are v ...

Core Insights - The Andersons, Inc. reported fourth-quarter adjusted earnings of $2.04 per share, exceeding analyst expectations of $1.56, while revenue was below forecasts at $2.54 billion compared to the expected $3.28 billion [1] Financial Performance - Adjusted net income reached a record $70 million for the quarter, driven by strong contributions from the Renewables and Agribusiness segments [2] - Adjusted EBITDA increased to $136.5 million from $116.5 million in the prior-year quarter, despite a revenue decline from $3.12 billion to $2.54 billion [3] Segment Contributions - The Renewables segment generated pretax income of $54 million, benefiting from improved ethanol board crush margins of $0.15 per gallon year over year and $15 million in 45Z tax credits [4] - Agribusiness contributed $46 million in pretax income, supported by favorable basis appreciation in corn and sorghum during a record corn harvest season [4] Full-Year Performance - For the full year 2025, adjusted earnings were reported at $3.23 per share with adjusted EBITDA of $337.3 million, compared to $3.40 per share and $363.4 million in 2024 [4]

Earnings Call FOURTH QUARTER 2025 February 18, 2026 Q1'25 EARNINGS PRESENTATION Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory conditions, competition, geopolitical risk, and additional factors that are described in the company's publicly-filed documents, including ...

Core Insights - The company is focusing on strategic capital allocation towards high-return projects, including the expansion of the Clymers plant and upgrades to the Port of Houston's soybean meal export capacity [1] - The investment in Skyland Grain has shown improved performance, contributing nearly $20 million in EBITDA for the full year as it integrates into the broader Western asset footprint [1] Agribusiness Performance - Agribusiness results in the Eastern Grain Belt were bolstered by strong elevation margins for corn exports, while the Renewables segment faced challenges from higher natural gas costs and a firmer Eastern Corn basis [2] - The Western footprint benefited from a larger-than-expected fall harvest, allowing the company to accumulate corn and sorghum at favorable basis values despite limited merchandising opportunities [2] Financial Outlook - Record fourth quarter EPS was driven by the portfolio's versatility, particularly through full ownership of four ethanol plants and high grain volumes in the Western Grain Belt [3] - Management anticipates improved financial results in Agribusiness for 2026 due to increased certainty in global grain markets and sustained strong demand for ethanol [3] - The company projects 2026 45Z tax credits to be between $90 million and $100 million, benefiting from the removal of the indirect land use change penalty [3] - Guidance for 2026 exit run rate EPS has been raised above the previous target of $4.30, with a long-term goal of reaching $7.00 EPS by the end of 2028 [3] - Agricultural nutrient volumes are expected to benefit from higher-than-normal planted acres in 2026, although farmer decisions remain sensitive to current farm-gate economics [3] - Operational milestones for 2026 include the completion of the Port of Houston grain elevator upgrades in Q2 and soybean meal capacity in Q3 [3]

Exhibit 99.1 NEWS RELEASE The Andersons, Inc. Reports Fourth Quarter and Full Year Results MAUMEE, OHIO, February 17, 2026 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2025. Financial Highlights: "Our record fourth quarter results reflect solid execution in both Renewables and Agribusiness. Recent investments in both businesses, including full ownership of the ethanol plants, contributed to this quarter's financial performance. Our Skyland locati ...