ANDE · The Andersons, Inc.

The Andersons, Inc. delivered a record first quarter in 2026, with net income attributable to the company reaching $33 million, a significant increase from $0.3 million in the prior year period. This performance was primarily driven by the Renewables segment, which reported pretax income of $40 million compared to $25 million in Q1 2025. The segment benefited from record production, strong merchandising, and the inclusion of $26 million in 45Z producer tax credits, as plants qualified for a higher tier of credits following 2026 rule changes. Ethanol margins remained solid due to increased demand and higher gasoline prices. The Agribusiness segment also showed marked improvement, swinging from a $10 million pretax loss in the prior year to $7 million in pretax income. This recovery was attributed to resilient merchandising, improved fertilizer margins, and a doubling of results in the premium ingredients business. Consolidated Adjusted EBITDA rose to $91.5 million from $57.3 million. Despite strong earnings, operating cash flow reflected a use of $394 million, largely due to working capital changes, specifically a $120 million increase in accounts receivable and a $35 million increase in inventories. Management highlighted that the company remains below its long-term debt-to-EBITDA target of 2.5 times and continues to invest in growth projects, including soybean meal export capacity at Port Houston and ethanol debottlenecking in Indiana. The company reiterated its target of achieving a $7.00 run-rate EPS exiting 2028.