Andersons Inc To Host Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Pooran Sharma - Stephens - Analyst : Hi. Pooran Sharma with Stephens. First, I wanted to say thanks for putting the presentation together. A lot of great information here. Maybe I wanted to start out by understanding a little bit more about the resegmentation. And you guys had originally talked about getting synergies commercially and also maybe cost-wise. And I think you detailed it here a little bit about how you're able to kind of connect from the farmer to kind of the end user in a better kind of fashion under the new segment. So maybe just to start off, could you maybe let us know where you are kind of in this journey? How much room you have left to go? Like what inning are you in, so to speak?

Question: Pooran Sharma - Stephens - Analyst : Thank you. Pooran Sharma from Stephens again. Just wanted to ask about renewables. And I know you said the bridge to 2028 would require little M&A. But just wondering, as you're looking out there, what is the price you guys are kind of looking for? And I ask this because when you guys took in the assets from Marathon, I think you paid about $1.54 per gallon, but those are your own plants, you're familiar with them. Maybe you could argue that there could be a premium there. At the same token, we've seen some plants sell for as high as $3.23 a gallon. So just wondering if you can maybe update us on the landscape, what you're seeing out there? And maybe if you could give us maybe like a target range in terms of what kind of purchase price works for you guys in regards to ethanol. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 2:00PM, ANDE.OQ - Andersons Inc To Host Investor Day

Question: Pooran Sharma - Stephens - Analyst : Pooran Sharma with Stephens. Just wanted to hone into the -- to the longer-term EPS run rate target. Just understanding it's a run rate. And I was hoping you could help us kind of maybe better understand seasonality quarter-to-quarter and how you kind of exit the year. Would it be fair to kind of look at the company over the past three years and kind of from a seasonal perspective, hey, you get a lot of earnings in like 2Q, for example, and just kind of establish percentages based off that? Or how should we be thinking about how the year kind of ends next year as you achieve your $430 million run rate?

Question: Pooran Sharma - Stephens - Analyst : Pooran Sharma with Stephens. I wanted to maybe just ask about sorghum since we're on it. I know you just spoke about it, but I think we had 80% to 90% declines in sorghum exports last year. So as we look to the China trade deal and knowing how much they're buying from South America, what does that line up for US sorghum exports potentially? And have you been hearing anything for increased grain -- US grain exports given the amount of oilseeds that China is already buying from South America. Just wanted to get your sense on the potential for sorghum this year.

Question: Pooran Sharma - Stephens - Analyst : Pooran Sharma from Stephens. Bill, maybe last one for me for you here. You've been in the role for a little over a year. What are kind of the key learnings, key surprises. And you mentioned it in your commentary, how you've never seen the business in a better position. As you look ahead, maybe you could tease us with what you're most excited about.