The Andersons, Inc.

Overview

The Andersons, Inc. is a North American agriculture and renewable fuels company organized into two reportable segments: Agribusiness and Renewables. The company engages in trading, merchandising, logistics, production, and related services across a broad geographic footprint, with emphasis on grains, crop nutrients, ethanol, and co-products.

Segments

Agribusiness

• Focus: Merchandising and logistics for agricultural commodities; manufacturing, distribution, and retail of agricultural nutrients; handling whole grains, grain products, feed ingredients, and related plant nutrients.
• Operations: Network of grain elevators across the United States and Canada; elevation margins from inventory and storage activities; export sales via intermediaries and direct shipments.
• Commodity focus: Corn, wheat, and soybeans are principal commodities.
• Competition: Competes with public and private grain brokers, farm retailers, elevator operators, and farmer-owned cooperatives, competing on price, service, and reliability.
• Risk management: Uses exchange-traded futures and options, back-to-back hedging relationships, and other derivative strategies to manage commodity price risk. Exposure to basis versus futures movements exists and margin calls on derivatives are possible.

Renewables

• Focus: Production, purchase, and sale of ethanol and co-products; ethanol plant management, logistics, and commercialization; merchandising and trading of ethanol and biofuels.
• Plants: Four ethanol plants with a combined nameplate capacity of 405 million gallons; production has historically run above nameplate capacity.
• Recent ownership change: On July 31, 2025, the company acquired the remaining 49.9% of The Andersons Marathon Holdings LLC (TAMH), which was renamed The Andersons Renewables, LLC.
• Past transactions: ELEMENT, LLC (a 70 million gpy bio-refinery) was deconsolidated in 2023 and substantially all ELEMENT assets were sold on January 31, 2024.

Other activities

• Corporate functions include central support services, a small corporate venture fund, and shared services that support operating segments.
• Continued emphasis on safety, risk management, and governance related to environmental, regulatory, and cybersecurity matters.

People and locations

• Employees (as of December 31, 2025): 2,137 total (898 salaried, 1,130 hourly, 109 seasonal).
• Geographic footprint: Approximately 180 locations across the United States, Canada, United Kingdom, Switzerland, Mexico, Romania, and Singapore.
• Many locations include grain elevators and related facilities.

Properties and capacity (as of December 31, 2025)

• Agribusiness grain storage: 270,785 thousand bushels (approximately 270.785 million bushels). Roughly 73% of this capacity is owned; the remainder is leased.
• Dry fertilizer storage: 539 thousand tons.
• Liquid fertilizer storage: 469 thousand tons.
• Renewables nameplate capacity: 405 million gallons across four ethanol plants; historical production has exceeded nameplate.
• Plant locations include facilities in Canada, Idaho, Indiana, Iowa, Kansas, Louisiana, Michigan, Nebraska, Ohio, Texas, Wisconsin, and other jurisdictions, each contributing to the aggregate storage and production totals.

Notable corporate developments

• Acquired the remaining 49.9% of TAMH on July 31, 2025; TAMH renamed The Andersons Renewables, LLC.
• ELEMENT, LLC (70 million gpy) was deconsolidated in 2023 and substantially all assets were sold by January 31, 2024.