The Andersons ANDE Q4 2025 Earnings Transcript

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Wednesday, Feb. 18, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — William Krueger

• Chief Financial Officer — Brian Valentine

• Director of Investor Relations — Michael Hoelter

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William Krueger: Thanks, Mike, and bully morning, everyone. Thank you for joining the telephone contiguous to sermon our 4th fourth results and archetypal outlook for 2026. I would similar to commencement disconnected by thanking the full Andy squad for their hard enactment and strategical absorption implicit the past respective quarters. This effort allowed america to present a grounds 4th fourth EPS, confirming our portfolio's versatility and resilience successful assorted marketplace conditions. The autumn harvest produced larger-than-expected volumes of atom successful the Western Grain Belt and we were capable to accumulate important maize and sorghum astatine favorable ground values. This accrued accumulation added to abstraction income astatine our assets, but constricted our merchandising opportunities.

Exports for wheat and sorghum from our Western assets saw sizable increases successful the 4th fourth compared to the archetypal 3 quarters of the year. In the Eastern Grain Belt, harvest results were much variable. Our squad focused connected sourcing maize for a grounds export programme and beardown ethanol demand, achieving higher seasonal elevation margins. Production astatine our ethanol plants resulted successful different twelvemonth of grounds measurement and above-average yields. Ethanol exports again reached a grounds level, which helped to enactment improved ethanol committee crush. However, our eastbound ethanol plants were besides impacted by higher maize ground and earthy state costs. Our plants proceed to tally well. In the 4th quarter, we continued to execute our stated strategy.

Although our superior allocation whitethorn alteration from year-to-year, we are committed to profitable maturation successful some Agribusiness and renewables. In renewables, aft acquiring afloat ownership of our 4 ethanol plants past year, we precocious announced an further concern successful our Clymers Indiana facility, which is expected to adhd 30 cardinal gallons of incremental yearly accumulation successful 2027. In the archetypal quarter, we program to statesman operations astatine a renewable feedstock retention and blending installation successful Ulysses, Kansas, wherever we volition adhd capableness for debased CI feedstocks to proviso the bio-based diesel and provender markets. Agribusiness maturation initiatives see continued improvements successful our Skyland plus footprint, and we are pleased with their improved show this quarter.

Work continues with the Port of Houston enlargement project, we expect completion of our upgrades to the atom elevator successful Q2 of 2026. And the soybean repast export capableness should beryllium online successful precocious Q3 of 2026. After completing the archetypal signifier of the mineral processing installation successful Carlsbad, New Mexico, we are adding processing capabilities successful a 2nd phase, scheduled to beryllium implicit successful the 2nd quarter. We proceed the buildout of our maize and wheat airy processing capabilities strategically located wrong our plus footprint to enactment cardinal CPG customers. I'm present going to crook things implicit to Brian to screen immoderate cardinal fiscal data. When he's finished, I'll beryllium backmost to sermon our aboriginal outlook for 2026.