Press Release: The Andersons, Inc. Reports Second -4-

net (11,162) -- -- (11,162) Gain on sales of assets and businesses, net (3,190) -- -- (3,190) Loss on investments 7,178 -- -- 7,178 Transaction related compensation 1,768 -- -- 1,768 Severance expense 1,197 -- -- 1,197 Total adjusting items (4,209) -- -- (4,209) Adjusted EBITDA $ 46,420 $ 30,167 $ (11,395) $ 65,192

Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure.

The Andersons, Inc.Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)A non-GAAP financial measure(unaudited)

(in thousands) Agribusiness Renewables Other Total Six months ended June 30, 2026 Net income (loss) $ 27,275 $ 104,572 $ (48,567) $ 83,280 Interest expense 27,018 5,400 62 32,480 Tax provision -- -- 17,949 17,949 Depreciation and amortization 43,384 23,643 1,719 68,746 EBITDA 97,677 133,615 (28,837) 202,455 Adjusting items impacting EBITDA: Legal settlement and related expenses 5,948 12,763 -- 18,711 Asset impairment 3,576 10,607 1,478 15,661 Transaction related compensation 2,688 -- -- 2,688 Insured inventory and property recoveries, net (7,764) -- -- (7,764) Total adjusting items 4,448 23,370 1,478 29,296 Adjusted EBITDA $ 102,125 $ 156,985 $ (27,359) $ 231,751

Six months ended June 30, 2025 Net income (loss) $ 9,223 $ 42,305 $ (29,390) $ 22,138 Interest expense (income) 24,157 1,423 (989) 24,591 Tax provision -- -- 5,910 5,910 Depreciation and amortization 42,084 23,909 1,418 67,411 EBITDA 75,464 67,637 (23,051) 120,050 Adjusting items impacting EBITDA: Loss on investments 7,178 -- -- 7,178 Transaction related compensation 3,871 -- -- 3,871 Severance expense 1,197 -- -- 1,197 Insured inventory and property recoveries, net (6,661) -- -- (6,661) Gain on sales of assets and businesses, net (3,190) -- -- (3,190) Total adjusting items 2,395 -- -- 2,395 Adjusted EBITDA $ 77,859 $ 67,637 $ (23,051) $ 122,445

The Andersons, Inc.Trailing Twelve Months of EBITDA and Adjusted EBITDAA non-GAAP financial measure(unaudited)

Three Months Ended, Twelve months ended June 30, 2026 (in thousands) September December March 31, June 30, 2026 30, 2025 31, 2025 2026 Net income $ 26,071 $ 71,092 $ 29,332 $ 53,948 $ 180,443 Interest expense 10,478 12,090 16,838 15,642 55,048 Tax provision (benefit) (228) 16,486 4,560 13,389 34,207 Depreciation and amortization 32,647 33,265 34,112 34,634 134,658 EBITDA 68,968 132,933 84,842 117,613 404,356 Adjusting items impacting EBITDA: Asset impairment 13,698 -- -- 15,661 29,359 Legal settlement and related expenses -- -- 5,948 12,763 18,711 Transaction related compensation 1,712 1,879 1,792 896 6,279 Acquisition costs 5,927 -- -- -- 5,927 Severance expense -- 1,480 -- -- 1,480 Pension settlement 1,448 -- -- -- 1,448 Insured inventory and property recoveries, net (11,887) (72) (1,108) (6,656) (19,723) (Gain) loss on sales of assets businesses, net (1,567) 310 -- -- (1,257) Total adjusting items 9,331 3,597 6,632 22,664 42,224 Adjusted EBITDA $ 78,299 $ 136,530 $ 91,474 $ 140,277 $ 446,580

Three Months Ended, Twelve months ended June 30, 2025 September December March 31, June 30, 30, 2024 31, 2024 2025 2025 Net income $ 51,461 $ 54,104 $ 5,331 $ 16,807 $ 127,703 Interest expense 8,361 10,266 13,096 11,495 43,218 Tax provision (benefit) 10,731 13,146 (2,118) 8,028 29,787 Depreciation and amortization 30,408 36,178 34,340 33,071 133,997 EBITDA 100,961 113,694 50,649 69,401 334,705 Adjusting items impacting EBITDA: Loss on investments -- 1,535 -- 7,178 8,713 Transaction related compensation 1,668 2,536 2,103 1,768 8,075 Acquisition costs -- 3,193 -- -- 3,193 Severance expense -- -- -- 1,197 1,197 Insured inventory and property (recoveries) damages, net (5,204) (4,446) 4,502 (11,162) (16,310) Gain on sales of assets businesses, net -- -- -- (3,190) (3,190) Total adjusting items (3,536) 2,818 6,605 (4,209) 1,678 Adjusted EBITDA $ 97,425 $ 116,512 $ 57,254 $ 65,192 $ 336,383

The Andersons, Inc.Cash from Operations Before Working Capital ChangesA non-GAAP financial measure(unaudited)

Three months ended Six months ended June 30, June 30, (in thousands) 2026 2025 2026 2025 Cash provided by (used in) operating activities $ 487,922 $ 299,321 $ 94,247 $ (50,699) Changes in operating assets and liabilities Accounts receivable (11,949) 29,872 (132,491) (23,396) Inventories 437,035 482,825 402,049 521,356 Commodity derivatives 49,231 18,781 35,996 19,857 Other current and non-current assets 7,852 (23,172) (14,683) (31,730) Payables and other current and non-current liabilities (107,196) (251,871) (377,718) (636,646) Total changes in operating assets and liabilities 374,973 256,435 (86,847) (150,559) Cash from operations before working capital changes $ 112,949 $ 42,886 $ 181,094 $ 99,860

Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.

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August 03, 2026 16:05 ET (20:05 GMT)