2021 Third Quarter Earnings Call

Third Quarter Earnings Call

November 3, 2021

1

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 conditions, weather, competitive conditions in the company's industries, both in the U.S. and internationally, the COVID-19 pandemic, and additional factors that are described in the company's publicly-filed documents, including its '34 Act filings and the prospectuses prepared in connection with the company's offerings.

Today's call includes financial information which the company's independent auditors have not completely reviewed. Although the company believes that the assumptions upon which the financial information and its forward looking statements are based are reasonable, it can give no assurances that these assumptions will prove to be accurate.

This presentation and today's prepared remarks contain non-GAAP financial measures. The company believes that adjusted pretax income (loss) from continuing operations, pretax income (loss) attributable to the company from continuing operations, adjusted pretax income (loss) attributable to the company from continuing operations, adjusted net income attributable to the company from continuing operations, adjusted diluted earnings per share (or adjusted EPS) from continuing operations, earnings before interest, taxes, depreciation and amortization (or EBITDA), EBITDA from continuing operations, adjusted EBITDA, adjusted EBITDA from continuing operations and cash from operations before changes in working capital provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance or liquidity, and better period-to- period comparability. These measures do not and should not be considered as alternatives to net income from continuing operations, income (loss) before income taxes from continuing operations, diluted earnings (loss) per share from continuing operations attributable to The Andersons, Inc. common shareholders or cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within the financial tables in the appendix.

Q3 2021 Earnings Call | 2

Speakers

Pat Bowe

President and Chief Executive Officer

Brian Valentine

Executive Vice President and Chief Financial Officer

Mike Hoelter

Vice President, Corporate Controller and Investor Relations

Q3 2021 Earnings Call | 3

Third Quarter Highlights

Record Trade earnings on strong elevation margins and solid execution of merchandising opportunities

Improving ethanol crush margins were reduced by high corn basis; Increased corn oil and high-protein feed values and trading supported results

Strong margins on rising fertilizer prices in our agriculture products; Managing higher raw material prices and labor challenges in our manufactured products

Divested Rail leasing business and reduced debt

Q3 2021 Earnings Call | 4

Key Financial Data - Third Quarter 2021

$ In millions except per share and ratio data	Q3 '21	Q3 '20	VPY	YTD '21	YTD '20	VPY
Sales and merchandising revenues	$2,998.8	$1,885.6	$1,113.2	$8,829.3	$5,556.3	$3,273.0
Gross profit	121.8	93.2	28.6	398.7	242.2	156.5
Operating, administrative and general expenses	110.3	92.6	17.7	312.8	277.4	35.4
Income (loss) before income taxes attributable to	17.9	(5.6)	23.5	85.0	(30.1)	115.1
The Andersons, Inc.1,2
Adjusted income (loss) before income taxes	6.3	(1.5)	7.8	74.1	(21.3)	95.4
attributable to The Andersons, Inc.1,2
Net income (loss) attributable to	13.9	(1.5)	15.4	66.9	(11.5)	78.4
The Andersons, Inc.1,2
Adjusted net income (loss) attributable to	5.2	(2.9)	8.1	58.8	(19.6)	78.4
The Andersons, Inc.1,2
Diluted earnings (loss) per share (EPS)2	0.41	(0.04)	0.45	1.99	(0.35)	2.34
Adjusted EPS1,2	0.15	(0.08)	0.23	1.75	(0.60)	2.35
Depreciation and amortization2	42.8	38.4	4.4	120.4	114.5	5.9
EBITDA1,2	67.9	42.9	25.0	233.4	89.7	143.7
Adjusted EBITDA1,2	56.3	47.0	9.3	222.5	98.6	123.9
Effective tax rate2	24.7%	175.8%	(151.1)%	21.5%	36.7%	(15.2)%

1 Non-GAAP financial measure; see appendix for reconciliations. 2 Measure derived from continuing operations of the company.

Q3 2021 Earnings Call | 5