Investor Presentation

November 2021

1

Safe Harbor and Non-GAAP Financial Measures

Certain information disclosed 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.

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.

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Table of Contents

Company and Financial Overview

Trade

Ethanol

Plant Nutrient

Appendix

4

16

19

23

29

3

The Andersons at a Glance

Pro Forma Excluding Rail Segment

Founded

Listed (NASDAQ)

Headquarters

Market Cap

Employees

Locations

Revenue1

Adjusted EBITDA1,2

1947

1996, ANDE

Maumee, OH

~$1.2B

~2,400

~120

$11.3B

$294M

Three Operating Segments

Trade

  • Purchase and merchandise grain, provide value-added risk management services to growers and customers
  • Operate a broad network of storage and handling
  • Merchandise a broad array of food and feed ingredients and specialty grains
  • Provide logistics and transload services for grain and energy products

77 Facilities

~31M Tonnes Traded

Ethanol

  • Refine corn into ethanol and other high-value products
  • Partner with Marathon Petroleum, the nation's largest ethanol blender
  • Own the state-of-the-art biorefinery, ELEMENT, LLC
  • Supply corn oil and other low-carbon feedstocks to the renewable diesel industry

5 Facilities

~550M Gallons Produced

Plant Nutrient

  • Supply primary nutrients; strong warehouse and farm center network in Eastern Corn Belt
  • Manufacture engineered granular products for lawn and other diverse markets
  • Manufacture and distribute specialty liquid ag and industrial products

37 Facilities ~2.4M Tons Sold

Our Vision: To be the Most Nimble and Innovative North American Ag Supply Chain Company

1 Trailing twelve months ended as of September 30, 2021, from continuing operations 2 Non-GAAP measure. See reconciliation tables in Appendix

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Rail Divestiture Enhances Agriculture Portfolio

TRANSACTION OVERVIEW

Assets Sold

Selling Price1

Valuation

Closing Date

Use of Cash

Remaining Assets

Held for Sale

  • Diversified fleet of ~22,000 railcars, locomotives, and barges serving a broad customer base
  • ~$550 million cash
  • ~10.2x TTM Adjusted EBITDA2
  • Transaction closed August 16, 2021
  • Pay down debt; achieve long-termdebt-to-adjusted EBITDA of less than 2.5x
  • Redeploy capital in a manner that will enhance shareholder returns
  • Network of 29 facilities strategically located throughout the U.S.

1 Subject to final working capital adjustments; 2 Non-GAAP measure. See reconciliation tables in Appendix

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The Andersons Inc. published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 15:34:11 UTC.