Andersons, Inc. (ANDE)

The Andersons reported second-quarter 2026 net income attributable to the company of $57 million, or $1.65 per diluted share, on 3 August 2026 3.

Ethanol drove the gain: the Renewables segment reported record second-quarter pretax income of $65 million, including $24 million of 45Z credits, the federal tax credits paid to makers of lower-carbon fuel 3.

Agribusiness, the grain and fertilizer side, recorded adjusted pretax income attributable to the company of $20 million, up from $17 million in the second quarter of 2025 3.

One risk sits inside Agribusiness: Skyland Grain, a 65 percent owned subsidiary, was not in compliance with a debt covenant at 30 June 2026, and its lender later waived the breach 2.

Skyland's debt is non-recourse, which means the parent company is not liable for it 2.

On 21 October 2026 the company told Sarah Zibbel, its chief human resources officer, that her position is eliminated in a restructuring of the human resources department, with her employment ending on 31 October 2026 4.

The Andersons was founded in Maumee, Ohio, in 1947 and describes itself as a North American agriculture and renewable fuels company 1.

In April 2023 it stopped consolidating ELEMENT, a 70 million gallon a year Kansas biorefinery it owned 51 percent of, and substantially all of that plant's assets were sold on 31 January 2024 1.

On 1 November 2024 it agreed to buy a 65 percent stake in Skyland Grain, which runs grain sites in Kansas, Colorado, Oklahoma and Texas, for $85.0 million 1.

Fertilizer Daily reported on 5 November 2024 that the deal brought a network of 7,000 cooperative members and more than 50 grain storage and agronomy service locations 9.

On 31 July 2025 it paid $425.0 million in cash to Marathon for the remaining 49.9 percent of its ethanol holding company, which became The Andersons Renewables, LLC 1.

Chief executive Bill Krueger said the deal "doubles our financial ownership in the ethanol industry" 8.

Revenue slipped to $11.0 billion in 2025 from $11.3 billion in 2024 1. Agribusiness faced an oversupplied market, low commodity prices and muted volatility through much of the year, the company said 1.

Renewables held up, and the company realized $35 million of Section 45Z clean fuel production tax credits in 2025 1.

A 2025 incident at a grain terminal in Sunray, Texas, and the closing of smaller sites cut grain storage space from about 291 million bushels to about 271 million 1.

Agribusiness

Agribusiness moves grain, feed ingredients and fuel products, and also makes and sells fertilizer and other plant nutrients 1.

The segment had sales of $8.3 billion and gross profit of $557 million in 2025, gross profit being revenue minus the cost of the goods sold 1.

Grain prices pass straight through to the sales line, so the company says gross profit is the better gauge 1.

It held about 266 million bushels of grain storage at 30 June 2026, and about one million tons of nutrient storage 2.

Skyland adds three cotton gins, an agronomy sales and service division and a fuel delivery division to its grain sites 1.

Its rivals are public and private grain brokers, farm retailers, elevator operators and farmer-owned cooperatives, and some are also its customers 1.

Renewables

Renewables makes and sells ethanol and its co-products at four plants in Iowa, Indiana, Michigan and Ohio, with a combined nameplate capacity of 405 million gallons 1.

It shipped 789 million gallons of ethanol in 2025, against 794 million in 2024 1.

People

Bill Krueger, 59 in the proxy, has been president and chief executive since 1 October 2024, and Patrick Bowe, the former chief executive, continues as chairman 5.

Brian Valentine is executive vice president and chief financial officer 3.

At 31 December 2025 it had 2,137 employees working at about 180 locations in the United States, Canada, the United Kingdom, Switzerland, Mexico, Romania and Singapore 1.

Current problems

The company faces a class action alleging breaches of federal commodities and antitrust laws, and the parties agreed in principle to settle, with a $5.0 million reserve at 30 June 2026 2.

A second suit over the receivership of a former consolidated subsidiary also has a settlement in principle, with a $15.0 million reserve at 30 June 2026 after expected insurance recoveries 2.

At 30 June 2026 Skyland had about $149.3 million of short-term borrowings and $81.4 million of term debt outstanding 2.

The umbrella, in words

Exhibit 21.1 to the annual report lists the consolidated subsidiaries, among them Lansing Trade Group, LLC, The Andersons Renewables, LLC, The Andersons Ethanol LLC, Skyland Grain, LLC, Kay Flo Industries, Inc. and Thompsons USA Limited 6.

The list names legal entities only and does not say which are listed, while the parent itself trades on the Nasdaq Global Select Market as ANDE 1.

It owns 65 percent of Skyland Grain, bought on 1 November 2024, and the 35 percent noncontrolling interest belongs to other owners 1.

Since 31 July 2025 it has owned all of The Andersons Renewables, LLC, after buying the remaining 49.9 percent 1.

Its largest grain storage site by state is Kansas, at 74,178 thousand bushels, and about 73 percent of its grain storage is owned, the rest leased 1.

The proxy names BlackRock, Vanguard and Dimensional Fund Advisors as holders of more than 5 percent of the common shares at 31 December 2025, each from a Schedule 13G 5.

The company expects to invest $200 to $225 million in property, plant and equipment in 2026, roughly half for growth and half for maintenance 1.

The Andersons plans a $60 million investment at its Clymers, Indiana, ethanol plant to add 30 million gallons of capacity, with completion targeted for mid-2027, Milling MEA reported on 20 January 2026 7.

On the 6 May 2026 call management said the Clymers project is expected to be completed by late 2027 10.

On 3 August 2026 the company said it expects the Port of Houston's soybean meal export capability to be operational in the fourth quarter 3.

It is also advancing a Class VI well permit, the regulatory approval needed to store carbon dioxide underground, which management said is moving through regulatory review 310.

At its 2025 investor day the company set a goal of run-rate earnings of $7.00 per share as it exits 2028, a 36 percent compound annual growth rate, Milling MEA reported 7.

It anticipates a full-year adjusted effective tax rate of about 14 to 18 percent 3.

Its chief financial officer said long-term debt to EBITDA remains well below the company's target of less than 2.5 times 3.

Both lawsuit settlements still await final documents and court approval 2.