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 ...

Financial Data and Key Metrics Changes - The company reported net income of $67 million or $1.97 per diluted share for Q4 2025, an increase from adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8][9] - Fourth quarter gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [8][9] - Full-year gross profit increased to $714 million, up 3% from the previous year [9] - Adjusted EBITDA for Q4 was $137 million, compared to $117 million in Q4 2024, while full-year adjusted EBITDA decreased to $337 million from $363 million in 2024 [9][10] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million in the previous year [11][12] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, with Q4 EBITDA of $69 million compared to $41 million in the previous year [13][15] Market Data and Key Metrics Changes - The fall harvest produced larger-than-expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5][6] - Strategic projects include the expansion of the Port of Houston and improvements in the Skyland asset footprint [6] - The company expects to complete several larger capital projects in 2026 to enhance operational efficiency and product handling [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating better financial results in agribusiness and strong demand for ethanol [16][19] - The company is focused on connecting supply to end users and export demand, with expectations of higher planted acres in 2026 [17][18] - Management noted that domestic demand for production is critical for U.S. farmers, and legislative support for biofuels would benefit the agricultural economy [17][19] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16% [9] - The company’s long-term debt to EBITDA ratio at year-end was 1.8 times, below the target of less than 2.5 times [11] Q&A Session Summary Question: Strength of the Skyland business - Management indicated that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application outlook - Management discussed strong ammonia applications in the western U.S. and expected higher than normal applications in Q1 2026 [27][28] Question: Agribusiness segment profit opportunities - Management highlighted more certainty around export policies and increased nitrogen application as key profit opportunities for 2026 [31][32] Question: Ethanol business momentum - Management noted slightly stronger Board Crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [34][35] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA for 2026 to normalize in the $25 million-$35 million range, assuming mid-cycle market conditions [42] Question: Farmer selling dynamics - Management indicated that higher prices would drive more selling from farmers, with substantial selling expected before the next harvest [44][45]

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 ...

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 ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - The Andersons, Inc. has declared a cash dividend of $0.20 per share for the second quarter of 2026, marking its 118th consecutive quarterly cash dividend since its Nasdaq listing in February 1996 [1]. Company Overview - The Andersons, Inc. operates as a North American agriculture and renewable fuels company, emphasizing extraordinary service to customers, employee development, community support, and increasing company value [1].

Group 1 - Top Wall Street analysts have revised their outlook on several prominent companies, indicating a shift in market sentiment [1] - The article suggests that investors should consider the stock of INCY, highlighting the opinions of analysts regarding its potential [1]