Andersons, Inc.

(unaudited)

1. Basis of Presentation and Recently Issued Accounting Standards

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of financial position, results of operations and cash flows for the periods indicated. All intercompany accounts and transactions have been eliminated in consolidation.

The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2025, has been included as the Company operates in several seasonal industries.

The Condensed Consolidated Balance Sheet data at December 31, 2025, was derived from the audited Consolidated Financial Statements but does not include all disclosures required by GAAP. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

The Andersons Marathon Holdings LLC ("TAMH") Equity Acquisition

On July 31, 2025, the Company finalized a unit purchase agreement with MPC Investment LLC ("Marathon") to acquire the remaining 49.9% ownership interest in TAMH for cash consideration of $425.0 million.

TAMH was comprised offour ethanol production facilities located in Iowa, Indiana, Michigan, and Ohio, with a combined annual production of approximately 500 million gallons. Prior to this transaction, the Company owned a 50.1% interest in TAMH and managed the facilities under a management agreement, providing services such as corn origination, ethanol marketing, and risk management.

TAMH had previously been classified as the Company’s sole Variable Interest Entity ("VIE"), with the Company identified as the primary beneficiary. As a result, TAMH’s financial results were already consolidated in the Company’s financial statements. Since the entity was previously consolidated, no additional net assets were acquired in the transaction. Accordingly, the acquisition was treated as an equity transaction, impacting Additional paid-in capital, Noncontrolling interests, and Deferred income taxes on the Company’s Condensed Consolidated Balance Sheets.

Following the closing of the transaction, the Company owns 100% of TAMH. The entity was renamed The Andersons Renewables, LLC and is no longer considered a VIE. Additionally, Marathon, which had been the primary counterparty in related party transactions, is no longer classified as a related party. Any remaining related party activity is considered de minimis.

Inventories

Substantially all of the Company’s inventories consist of commodities and are classified as finished goods. Inventory balances related to manufacturing operations that include work in process or raw materials that are not considered commodities are not significant.

Readily marketable inventories (“RMI”) include agricultural commodity inventories that are carried at net realizable value, which approximates fair value, based on the commodity nature of the inventories, the availability of observable market prices, and established pricing mechanisms. Net realizable value for RMI is determined based on quoted spot prices on commodity exchanges, adjusted for costs of disposal and transportation applicable to the local market.

All inventories other than RMI are stated at the lower of cost or net realizable value. The carrying amount of RMI was $961.3 million, $1,001.3 million, and $828.4 million at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

Debt Amendment

On March 20, 2026, the Company completed an amendment to its credit agreement reducing the capacity of the Company's revolving credit facility from $1,550.0 million to $1,300.0 million, repaid an $86.3 million term loan maturing in 2031 and borrowed an equivalent amount under its existing $170.1 million term loan, extending the maturity of that term note to March 20, 2034.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in the Company's financial statements, once adopted. We are currently evaluating the provisions of this ASU.

In December 2025, the FASB issued ASU No. 2025‑10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative GAAP guidance on the recognition, measurement, and presentation of government grants received by business entities. The ASU defines the scope of government grants, prescribes recognition only when it is probable that the entity will comply with grant conditions and that the grant will be received, and outlines the appropriate timing of recognition for both asset‑related and income‑related grants. The ASU is effective for public business entities for annual periods beginning after December 15, 2028, including interim periods within those annual periods. Early adoption is also permitted. The Company is currently evaluating the provisions of this ASU, but does not believe the new standard will have a material impact on the Company’s financial statements.

2. Revenue

A majority of the Company’s Sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers. Approximately 85% of the Company's sales contracts are derivatives within the scope of ASC 815, Derivatives and Hedging, with the remaining 15% accounted for under ASC 606. Of the Sales and merchandising revenues within the scope of ASC 606, substantially all of the activity occurs at a point in time with the vast majority residing in the Agribusiness segment. Therefore, a further disaggregation of ASC 606 Sales and merchandising revenues and detail of outstanding contract balances within the Agribusiness segment have been provided below:

There were no material changes to the nature of the Company's products, performance obligations, timing or significant judgments related to revenue recognition during the period.

Contract Balances

The balances of the Company's contract liabilities were $101.9 million and $30.5 million as of March 31, 2026, and December 31, 2025, respectively. The difference between the opening and closing balances of the Company’s contract liabilities is primarily a result of timing differences between the Company’s performance and the customer’s payment. The main driver of the contract liabilities balance is payments for primary and specialty nutrients within the Agribusiness segment received in advance of fulfilling the performance obligations of customer contracts. Due to the seasonality of this business, contract liabilities are built up in preparation for the spring application season. Revenue is then recognized as the Company fulfills its contract obligations through the application season, which is the reason that contract liabilities were significantly higher at March 31, 2026, when compared to December 31, 2025.

3. Segment Information

Reportable segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), who is the Company’s Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on Income before income taxes. The operating and reportable segment structure provides alignment between business strategies and operating results. The Company’s operations includetwo reportable business segments that are distinguished primarily on the basis of products and services offered as well as the management structure.

The Agribusiness segment includes commodity merchandising, the operation of terminal grain elevator facilities, and the manufacturing and distribution of plant nutrient products. The Renewables segment produces and sells ethanol and co-products, while also managing a merchandising portfolio that includes ethanol, feed products, and renewable feedstocks. Other includes corporate income and expenses, costs for shared support functions that support the operating segments, and various elimination and consolidation adjustments.

The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent, or more, of total revenues.

(a) Other income, net for each reportable segment includes:

Agribusiness - patronage income, property insurance recoveries, interest income, amongst other items.

Renewables - clean fuel production credits, interest income, patronage income, amongst other items

(a) Depreciation and amortization disclosed by reportable segment is included within both Cost of sales and merchandising revenues and Operating, administrative and general expenses within the Consolidated Statement of Operations.

(b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.

Substantially all of the Company's long-lived assets are located within the United States. The Company had approximately $47.3 million, $47.8 million, and $45.8 million of long-lived assets in other countries at March 31, 2026, December 31, 2025, and March 31, 2025, respectively, with substantially all of the foreign long-lived assets located within Canada for all periods presented.

4. Other Income, net

The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations:

Individually significant items included in the table above are:

Clean fuel production credits -For the three months ended March 31, 2026, the Company recognized $26.2 million of Section 45Z clean fuel production credits within the Renewables segment once there was reasonable assurance the conditions of the credit were satisfied.

Patronage income -As a part of the Company’s normal operations it relies on short-term lines of credit to support working capital needs in addition to long-term debt. The Company receives patronage income from its lenders as a part of these programs.

Interest income - Substantially all of the Company’s interest income for all periods presented was attributable to balances of cash and cash equivalents.

5. Income Taxes

The difference between the 13.5% effective tax rate and the U.S. federal statutory rate of 21.0% for the three months ended March 31, 2026, is primarily attributable to nontaxable clean fuel production credits offset by state and local income taxes and nondeductible compensation.

The difference between the(65.9)% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the three months ended March 31, 2025, was primarily attributable to a discrete adjustment of unrecognized tax benefits related to prior period U.S. federal research and development tax credits.

6. Fair Value Measurements

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:

(a)Unrealized gains and losses on commodity derivative contracts are recorded in Commodity derivative assets - current and Commodity derivative liabilities - current for contracts with maturities of 12 months or less on the Condensed Consolidated Balance Sheets. Substantially all commodity derivative assets and liabilities have maturities within the next 12 months.

(b)Unrealized gains and losses on interest rate derivative contracts are recorded in Other current assets and Accrued expenses and other current liabilities for contracts maturing within 12 months, and in Other assets, net and Other long‑term liabilities for the long‑term portion, on the Condensed Consolidated Balance Sheets.

(c)Convertible preferred securities in several early-stage enterprises are recorded in Other assets, net within the Condensed Consolidated Balance Sheets.

(d)Other assets and liabilities also include the fair value of marketable securities and investments held in the Company’s deferred compensation plan, recorded in Other current assets and offset by the related obligation to fund the plan in Accrued expenses and other current liabilities. In addition, unrealized gains and losses on foreign currency contracts are generally recorded in Other current assets and Accrued expenses and other current liabilities.

(e)Provisionally priced payables are contracts for agricultural commodities received that are based on underlying futures values (Level 1) and both basis and futures are marked at fair value (Level 2). These amounts are recorded in Trade and other payables within the Condensed Consolidated Balance Sheets.

There were no significant changes in valuation techniques or inputs regarding the assets and liabilities measured at fair value during the period.

There were no nonrecurring level 3 fair value measurements as of March 31, 2026, December 31, 2025, or March 31, 2025.

The Company has investments in equity securities that do not have readily determinable fair values. These investments are measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company has held-to-maturity debt securities that are recorded at amortized cost.

The fair value of the Company’s cash equivalents, cash collateral, accounts receivable, and accounts payable approximate their carrying value as they are close to maturity.

Long‑term debt, including the current portion, is carried at amortized cost on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2026, December 31, 2025, and March 31, 2025, the estimated fair value of long-term debt, including the current portion, was $587.5 million, $618.7 million, and $644.7 million, respectively. The estimated fair values were determined based on the Company’s current credit standing and market interest rates available to the Company for long‑term borrowings with similar terms and remaining maturities. The Company considers these fair value estimates to be Level 2 measurements.

7. Derivatives

The Company uses derivative instruments to manage exposures to interest rate and commodity price risks. There were no changes to the Company's hedging strategy during the period and as these derivatives impact the financial statements in different ways, they are discussed separately below.

Derivatives Designated as Hedging Instruments

Interest rate derivatives - The Company has entered into interest rate swap agreements to reduce exposure to variability in cash flows associated with its variable‑rate debt. These derivatives are designated and qualify as cash flow hedges. As of March 31, 2026, the aggregate notional amount of these interest rate swaps was approximately $400.0 million, with maturities extending through 2031. The effects of these cash flow hedges are recorded in Interest expense, net, and in Operating activities within the Condensed Statements of Cash Flows consistent with the accounting for the hedged debt.

Derivatives Not Designated as Hedging Instruments

Commodity derivatives - The Company uses commodity derivative instruments primarily to manage exposures related to inventory positions and forward purchase and sales commitments. Contracts to purchase agricultural commodities generally relate to current or future crop years, with delivery periods quoted by regulated commodity exchanges. Contracts to sell commodities to processors or other commercial consumers rarely extend beyondone year. Changes in the fair value of these instruments are recognized in Cost of sales and merchandising revenues and in Operating activities within the Condensed Statements of Cash Flows.

The following table represents the Company’s gross outstanding volumes of commodity derivative contracts as of March 31, 2026:

The following table presents a reconciliation of the gross recognized derivative assets and liabilities to the net amounts reported on the Company’s Condensed Consolidated Balance Sheets, reflecting the impact of enforceable master netting arrangements and related cash collateral. The Company’s enforceable master netting arrangements and rights of setoff did not change during the period.

(a) Amounts not offset represents the impact of those amounts recorded on a gross basis within the Condensed Consolidated Balance Sheets that net against the gross exposure subject to an enforceable master netting arrangement.

(b) The Company’s commodity derivative assets and liabilities are recorded in Commodity derivative assets - current and Commodity derivative liabilities - current for contracts maturing within twelve months, and in Other assets, net and Other long‑term liabilities for contracts with maturities greater than twelve months, within the Condensed Consolidated Balance Sheets.

(c)The Company’s interest rate derivative assets and liabilities are recorded in Other current assets and Accrued expenses and other current liabilities for contracts maturing within twelve months, and in Other assets, net and Other long‑term liabilities for contracts with maturities greater than twelve months, within the Condensed Consolidated Balance Sheets.

The following table presents the gains (losses) on derivative instruments recognized in Comprehensive income attributable to The Andersons, Inc.:

(a) The entire amount recognized within Interest expense, net was reclassified from Accumulated other comprehensive income.

8. Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:

(a)Gains and losses on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. The Company expects to reclassify approximately $5.4 million into earnings over the next twelve months. See Note 7 for additional information.

(b)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.

(c)This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.