Andersons, Inc. (ANDE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Andersons, Inc. (Ande) emerge como una potencia agrícola dinámica, tejiendo estrategias intrincadas entre el comercio de granos, la gestión de productos básicos y los servicios agrícolas diversificados. Con un modelo de negocio sofisticado que abarca de una granja a otro, esta compañía transforma desafíos agrícolas complejos en soluciones simplificadas y basadas en el valor que conectan productores, comerciantes y mercados globales a través de asociaciones innovadoras y logística de vanguardia.

Andersons, Inc. (Ande) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas de comercio de granos con productores agrícolas

Andersons, Inc. mantiene asociaciones con múltiples productores agrícolas en el medio oeste de los Estados Unidos. A partir de 2023, la compañía procesó aproximadamente 125 millones de bushels de grano a través de su red comercial.

Tipo de socio	Número de asociaciones	Cobertura geográfica
Productores de maíz	287	Ohio, Indiana, Illinois, Michigan
Productores de soja	214	Ohio, Indiana, Illinois

Colaboración con compañías de logística ferroviaria y de envío

La compañía colabora con los principales proveedores de logística ferroviaria y de envío para optimizar el transporte de granos.

• Transporte CSX: socio de logística ferroviaria primaria
• Norfolk Southern Railway: socio de la red de ferrocarril secundario
• Líneas comerciales estadounidenses: socio de envío de vías fluviales en el interior

Empresas conjuntas en nutrientes vegetales y distribución de fertilizantes

El Anderson tiene empresas conjuntas estratégicas en la distribución de nutrientes vegetales, con $ 463 millones en ingresos por segmento de nutrientes vegetales en 2022.

Socio de empresa conjunta	Monto de la inversión	Enfoque del mercado
Nutrien Ltd.	$ 78 millones	Regiones agrícolas del medio oeste
Industrias CF	$ 52 millones	Distribución de fertilizantes

Asociaciones con instalaciones de producción de etanol

Andersons opera asociaciones estratégicas en la producción de etanol, con 3 principales colaboraciones de instalaciones.

• Marathon Petroleum Corporation
• Poeta biorrefining
• Green Plains Inc.

Relaciones con proveedores de servicios financieros y comerciales de productos básicos

La compañía mantiene asociaciones críticas de servicios financieros para respaldar sus operaciones de comercio de productos básicos.

Socio financiero	Tipo de servicio	Duración de la asociación
Wells Fargo	Líneas comerciales de productos básicos	Más de 10 años
BMO Harris Bank	Préstamo agrícola	Más de 8 años

The Andersons, Inc. (Ande) - Modelo de negocio: actividades clave

Comercialización y comercio de granos

Andersons, Inc. maneja aproximadamente 200 millones de bushels de grano anualmente. Los volúmenes comerciales incluyen:

Tipo de grano	Volumen anual (Bushels)
Maíz	125 millones
Soja	50 millones
Trigo	25 millones

Gestión de riesgos de productos básicos

Las estrategias de gestión de riesgos incluyen:

• Cobertura a través de contratos de futuros
• Utilización de derivados de productos básicos
• Mecanismos de protección de precios

Distribución de fertilizantes y nutrientes vegetales

Métricas de distribución anual:

Categoría de productos	Volumen anual
Fertilizante seco	1.2 millones de toneladas
Fertilizante líquido	500,000 toneladas

Producción y marketing de etanol

Capacidades de producción:

• Capacidad de producción total: 300 millones de galones por año
• Número de instalaciones de producción de etanol: 4

Gestión de la cadena de suministro agrícola

Detalles operativos de la cadena de suministro:

Componente de la cadena de suministro	Capacidad operativa
Instalaciones de almacenamiento	55 millones de bushels
Activos de transporte	250 vagones y camiones
Cobertura geográfica	Medio Oeste de los Estados Unidos

Andersons, Inc. (Ande) - Modelo de negocio: recursos clave

Infraestructura extensa de almacenamiento y transporte de granos

A partir de 2023, el Andersons, Inc. opera:

Capacidad total de almacenamiento de grano	22.7 millones de bushels
Número de instalaciones de grano	54 ubicaciones
Activos de transporte	15 vagones de tolva cubiertos

Experiencia de comercio de productos básicos

Las capacidades de comercio clave incluyen:

• Volumen de negociación de productos básicos en 2022: 246 millones de bushels
• Plataformas comerciales en múltiples productos agrícolas
• Sistemas de análisis de mercado avanzados

Sistemas avanzados de gestión de riesgos

Inversión en tecnología de gestión de riesgos	$ 3.2 millones en 2023
Contratos de cobertura gestionados	Más de 500 contratos activos

Red geográfica estratégica de instalaciones de procesamiento

Distribución de la instalación de procesamiento:

• Región del Medio Oeste: 32 instalaciones
• Capacidad de procesamiento total: 1.2 millones de toneladas métricas anualmente
• Cobertura geográfica: 8 estados

Relaciones fuertes con los productores agrícolas

Número de asociaciones agrícolas	Más de 5,000 relaciones de productores
Acuerdos de agricultura por contrato	237 contratos activos
Duración promedio de la relación del productor	8.3 años

Andersons, Inc. (Ande) - Modelo de negocio: propuestas de valor

Soluciones integrales de productos agrícolas

Andersons, Inc. ofrece una gama integral de soluciones de productos agrícolas con las siguientes métricas clave:

Segmento de productos básicos	Ingresos anuales (2023)	Cobertura del mercado
Comercio de granos	$ 1.48 mil millones	Medio Oeste de los Estados Unidos
Distribución de fertilizantes	$ 712 millones	23 estados
Servicios de nutrientes vegetales	$ 287 millones	Mercado norteamericano

Mitigación de riesgos para agricultores y empresas agrícolas

Los servicios de gestión de riesgos incluyen:

• Estrategias de cobertura de precios de productos básicos
• Aviso de seguro de cultivos
• Arreglos de contrato a plazo

Servicio de gestión de riesgos	Volumen de transacción anual	Ahorro promedio de clientes
Cobertura de productos básicos	$ 2.3 mil millones	7.2% Reducción de la volatilidad del precio
Seguro de cosechas	$ 456 millones	12.5% ​​de protección de costos

Servicios eficientes de la cadena de suministro y logística

Capacidades de infraestructura logística:

• 22 instalaciones de almacenamiento de granos
• 9 Terminales de servicio de ferrocarril
• Capacidad de almacenamiento total: 83 millones de bushels

Métrica logística	2023 rendimiento
Volumen de transporte total	47.3 millones de bushels
Eficiencia de transporte ferroviario	Entrega a tiempo 94.6% a tiempo

Flujos de ingresos diversificados en los sectores agrícolas

Desglose de ingresos por sector en 2023:

Sector	Ganancia	Porcentaje de total
Comercio de granos	$ 1.48 mil millones	42%
Fertilizante	$ 712 millones	20%
Nutrientes vegetales	$ 287 millones	8%
Otros segmentos	$ 1.05 mil millones	30%

Enfoque integrado para la gestión de productos agrícolas

Métricas de gestión integradas:

• Transacciones totales de productos agrícolas: $ 3.52 mil millones
• Red de agricultores: más de 12,500 clientes
• Cobertura geográfica: 27 estados

Métrica de integración	2023 rendimiento
Sinergia entre segmentos	18.3% Optimización de ingresos
Tasa de retención de clientes	87.5%

The Andersons, Inc. (Ande) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con agricultores

A partir de 2024, Andersons, Inc. mantiene aproximadamente 275 contratos de suministro agrícola a largo plazo con agricultores en todo el medio oeste de los Estados Unidos.

Tipo de contrato	Duración promedio	Valor anual del contrato
Acuerdos de suministro de granos	3-5 años	$ 1.2 millones por contrato
Contratos de suministro de fertilizantes	2-4 años	$ 850,000 por contrato

Servicios de asesoramiento de comercio de productos básicos personalizados

Andersons ofrece servicios especializados de asesoramiento de comercio de productos básicos a aproximadamente 125 clientes agrícolas clave.

• Ingresos de servicio de asesoramiento anual promedio: $ 475,000
• Especialistas en comercio de productos básicos dedicados: 18 profesionales
• Tasa de retención del cliente: 92%

Plataformas digitales para información y transacciones de mercado

La plataforma digital de la compañía sirve a más de 2.500 usuarios activos en 2024.

Característica de la plataforma	Compromiso de usuario	Volumen de transacción
Precios de productos básicos en tiempo real	1.750 usuarios activos diarios	Valor de transacción mensual de $ 325 millones
Portal de comercio en línea	1.200 comerciantes activos mensuales	Volumen comercial mensual de $ 215 millones

Información regular del mercado y análisis de tendencias agrícolas

Los Anderson distribuyen informes semanales de análisis de mercado a 3.600 clientes agrícolas.

• Frecuencia de información del mercado: informes semanales
• Base de suscriptores: 3.600 profesionales agrícolas
• Ingresos anuales de suscripción: $ 1.2 millones

Gestión de cuentas dedicada para clientes agrícolas clave

La compañía mantiene la gestión de cuentas dedicada para 85 clientes agrícolas estratégicas.

Segmento de clientes	Número de clientes	Valor de cuenta promedio
Grandes empresas agrícolas	35 clientes	$ 4.5 millones por cuenta
Operaciones agrícolas de tamaño mediano	50 clientes	$ 1.8 millones por cuenta

Andersons, Inc. (Ande) - Modelo de negocios: canales

Fuerza de ventas directa

A partir de 2024, los Anderson emplean aproximadamente 1,200 representantes de ventas directas en múltiples segmentos comerciales.

Canal de ventas	Número de representantes	Enfoque principal
Productos agrícolas	450	Insumos de cultivos y marketing de granos
División de nutrientes vegetales	250	Fertilizantes y nutrientes especiales
Comercio de productos básicos	180	Mercados de granos y productos básicos
Servicios de ferrocarril/etanol	320	Transporte y logística de etanol

Plataformas de comercio en línea

Andersons utiliza múltiples plataformas digitales para el comercio de productos básicos y las ventas agrícolas.

• Ander Plataforma de intercambio de granos digitales
• Interfaz de comercio de futuros de productos básicos
• Sistemas de datos del mercado en tiempo real

Ferias y conferencias agrícolas

Participación anual en eventos clave de la industria:

Evento	Asistencia anual	Clientes potenciales de negocios generados
Clásico de productos básicos	3,500 asistentes	175 conexiones comerciales potenciales
Conferencia de la Asociación de Minoristas Agrícolas	2.800 asistentes	125 clientes potenciales de negocios

Tecnologías de comunicación digital

La infraestructura de comunicación digital incluye:

• Sistema CRM de nivel empresarial
• Plataformas de comunicación seguras basadas en la nube
• Aplicaciones de comercio y comunicación móviles

Redes de corretaje de productos básicos

Andersons mantiene extensas conexiones de corretaje de productos básicos:

Tipo de red	Número de conexiones activas	Volumen de transacción anual
Red de corretaje de granos	285 Relaciones activas de corredor	$ 4.2 mil millones en transacciones anuales
Corredores de futuros de productos básicos	127 socios comerciales activos	$ 3.7 mil millones en volumen de negociación anual

Andersons, Inc. (Ande) - Modelo de negocio: segmentos de clientes

Productores de granos y agricultores

Andersons, Inc. atiende a aproximadamente 30,000 productores agrícolas en el medio oeste de los Estados Unidos.

Tipo de cliente	Volumen anual	Concentración geográfica
Granjero de maíz	12,500 productores	Ohio, Indiana, Illinois
Agricultores de soja	8.700 productores	Michigan, Wisconsin, Iowa
Agricultores de trigo	5.600 productores	Dakota del Norte, Kansas

Cooperativas agrícolas

La compañía atiende a 45 cooperativas agrícolas importantes en los Estados Unidos.

• Midwest Grain Cooperative Red: 22 miembros
• Great Plains Agricultural Alliance: 15 miembros
• Cooperativa Agrícola del Sureste: 8 miembros

Empresas de procesamiento de alimentos

Andersons suministra productos agrícolas crudos a 120 empresas de procesamiento de alimentos.

Segmento de la industria	Número de clientes	Volumen anual de productos básicos
Molineros de harina	35 empresas	2.4 millones de toneladas métricas
Productores de alimentos para animales	55 empresas	3.1 millones de toneladas métricas
Fabricantes de ingredientes alimentarios	30 empresas	1.2 millones de toneladas métricas

Fabricantes de etanol

Andersons suministra maíz a 25 instalaciones de producción de etanol.

• Suministro de maíz anual total: 45 millones de bushels
• Tamaño promedio del contrato: 1.8 millones de bushels por instalación
• Cobertura geográfica: regiones del Medio Oeste y Great Plains

Comerciantes internacionales de productos básicos

La compañía se involucra con 40 empresas internacionales comerciales de productos básicos.

Región	Número de socios comerciales	Volumen de exportación anual
Asia	15 comerciantes	2.6 millones de toneladas métricas
Europa	12 comerciantes	1.9 millones de toneladas métricas
Oriente Medio	8 comerciantes	1.1 millones de toneladas métricas
Sudamerica	5 comerciantes	0,8 millones de toneladas métricas

Andersons, Inc. (Ande) - Modelo de negocio: Estructura de costos

Gastos de adquisición de productos básicos

En 2023, el Andersons, Inc. reportó costos totales de adquisición de productos básicos de $ 3.9 mil millones. El desglose de los gastos de adquisición incluye:

Categoría de productos básicos	Costo de adquisición anual
Productos agrícolas	$ 2.1 mil millones
Comercio de granos	$ 1.2 mil millones
Productos especializados	$ 600 millones

Costos de transporte y logística

Los gastos de transporte para 2023 totalizaron $ 412.5 millones, con la siguiente asignación:

• Transporte ferroviario: $ 185.3 millones
• Camión de flete: $ 142.7 millones
• Transporte marino y río: $ 84.5 millones

Mantenimiento de la infraestructura

Los costos anuales de mantenimiento de la infraestructura para 2023 fueron de $ 87.6 millones, que incluyen:

Tipo de infraestructura	Gasto de mantenimiento
Instalaciones de almacenamiento de granos	$ 42.3 millones
Plantas de procesamiento	$ 29.8 millones
Centros de distribución	$ 15.5 millones

Tecnología y sistemas de gestión de riesgos

La inversión en tecnología y gestión de riesgos para 2023 ascendió a $ 24.9 millones:

• Software de comercio de productos básicos: $ 8.6 millones
• Plataformas de gestión de riesgos: $ 7.3 millones
• Sistemas de ciberseguridad: $ 5,4 millones
• Herramientas de análisis de datos: $ 3.6 millones

Personal y gastos generales operativos

El personal total y los costos generales operativos para 2023 fueron de $ 213.4 millones:

Categoría de gastos	Costo anual
Salarios y salarios	$ 156.2 millones
Beneficios para empleados	$ 37.5 millones
Capacitación y desarrollo	$ 4.7 millones
Sobrecarga administrativa	$ 15 millones

The Andersons, Inc. (Ande) - Modelo de negocios: flujos de ingresos

Comisiones de comercio de granos

Para el año fiscal 2023, los Anderson informaron $ 146.3 millones en ingresos por segmento de granos. Las comisiones de comercio de granos representaron una parte significativa de este flujo de ingresos.

Métrico	Valor 2023
Ingresos totales del segmento de grano	$ 146.3 millones
Volumen de negociación de granos	91.4 millones de bushels

Venta de fertilizantes y nutrientes vegetales

La compañía generó $ 549.8 millones en ingresos por segmentos de nutrientes vegetales en 2023.

Categoría de productos	2023 ingresos
Fertilizante seco	$ 312.5 millones
Fertilizante líquido	$ 237.3 millones

Producción y ventas de etanol

Los Anderson produjeron 107.4 millones de galones de etanol en 2023, generando $ 384.6 millones en ingresos del segmento de etanol.

Métrico de etanol	Valor 2023
Producción total de etanol	107.4 millones de galones
Ingresos del segmento de etanol	$ 384.6 millones

Servicios de gestión de riesgos de productos básicos

Los servicios de comercio y gestión de riesgos de la Compañía generaron aproximadamente $ 42.5 millones en ingresos para 2023.

Logística y tarifas de transporte

Los ingresos del segmento logístico totalizaron $ 218.7 millones en 2023.

Servicio logístico	2023 ingresos
Transporte ferroviario	$ 129.4 millones
Transporte de camiones	$ 89.3 millones

Ingresos totales de la compañía para 2023: $ 1.329 mil millones

The Andersons, Inc. (ANDE) - Canvas Business Model: Value Propositions

You're looking at the core promises The Andersons, Inc. makes to its customers as of late 2025. These aren't just mission statements; they are backed by real operational scale and financial performance.

Reliable connection of farm production to global food, feed, and fuel markets is delivered primarily through the Trade segment, which handles the movement of physical commodities like whole grains, feed ingredients, and domestic fuel products. This segment generates the majority of the company's revenue, which stood at $11.60B for the trailing twelve months ending September 30, 2025. For the third quarter of 2025, the company posted revenue of $2.68 billion, a 2.2% increase year-over-year. The Trade segment itself reported record fourth quarter pretax income of $54 million in the fourth quarter of 2024.

The value proposition of Risk management services to stabilize farmer and commercial customer margins is embedded within the Trade segment's offerings, which explicitly include grain marketing and risk management services. While specific dollar amounts for risk management revenue aren't public, the focus on stabilizing margins is a key differentiator for commercial customers.

For High-quality, efficiently produced renewable fuels (ethanol, renewable diesel feedstock), the Renewables segment shows clear operational metrics. Ethanol production volumes for the first nine months of 2025 reached 620.7 million gallons, up from 585.2 million gallons in the same period of 2024. The efficiency of this production is underscored by the combined Carbon Intensity (CI) score of their ethanol facilities being 49.54 gCO2e/MJ, which is lower than the Renewable Fuels Association baseline estimate of 53.3 gCO2e/MJ. The segment delivered pretax income attributable to the company of $15 million in the first quarter of 2025. The company is aiming for a run rate EBITDA target of $475 million by 2025, supported by growth in this area.

The offering of Comprehensive agronomy solutions and specialty nutrient products falls under the Nutrient & Industrial segment. This segment saw year-over-year improvement in the fourth quarter of 2024, driven by manufactured product lines. For the first quarter of 2025, the Agribusiness segment (which includes Nutrient & Industrial) recorded adjusted EBITDA of $31 million. The company also achieved an Environmental Regulatory Incident Rate (ERIR) of 0.57 in 2024, which was below the target of 0.91.

Finally, Extraordinary customer service and integrity, rooted in a 1947 founding, is a foundational element. The company's founding year is 1947. This commitment is reflected in their financial results, such as reporting a net income attributable to The Andersons, Inc. of $20.1 million for the third quarter of 2025, with a diluted EPS of $0.59 for the same period. The company's overall financial health supports this long-term view, with a cash balance of $562 million reported at the end of 2024.

Here's a look at some key performance indicators across the operating segments as of late 2025 data points:

Metric	Trade Segment (Agribusiness)	Renewables Segment	Nutrient & Industrial Segment
Q1 2025 Adjusted EBITDA	$31 million	$37 million	N/A (Combined with Agribusiness for some metrics)
Q4 2024 Pretax Income	$54 million (Record)	$25 million	$3 million
9M 2025 Ethanol Production	N/A	620.7 million gallons	N/A
2024 Full Year Adjusted EBITDA	N/A	$189 million	$57 million (EBITDA)

The company's overall revenue for the last twelve months ending September 30, 2025, was $11.60B.

The Andersons, Inc. (ANDE) - Canvas Business Model: Customer Relationships

You're looking at how The Andersons, Inc. manages its diverse customer base, which spans from individual growers to large CPG (Consumer Packaged Goods) entities. The relationship style changes significantly based on the business line you're dealing with.

Dedicated account managers for large commercial customers

For major industrial and CPG customers, The Andersons, Inc. focuses on deep, customized engagement. They have entered into multi-year commitments with end-users to ensure ingredient and feedstock delivery aligns with specific sustainability platforms and protocols. This involves developing customized sourcing solutions centered on regenerative practices. This approach solidifies relationships beyond simple transactions, aiming for supply chain resiliency for the customer.

High-touch, local service at farm centers for growers

The relationship with the grower community is built on proximity and accessibility. The Andersons, Inc. operates approximately ~175 Facilities as of August 2025, providing a broad geographic footprint close to production areas. This physical presence supports the high-touch service model at these local points. The company is actively integrating the Skyland Grain, LLC assets into its Agribusiness segment to further enhance this local reach.

The scale of the Agribusiness customer-facing operations can be seen here:

Segment/Metric	Volume/Count (as of late 2025 Data)	Customer Interaction Type
Total Facilities	~175	Local Service/Support
Grain Storage Capacity	~290M Bushel	Handling/Logistics
Commodities Merchandised (TTM Q3 2025)	33M Tonnes	Transactional Trading
Ethanol Production Capacity (TAMH)	500M Gallons	Off-take/Strategic
Nutrients Sold (TTM Q1 2025)	1.9M Tons	Commercial/Distribution

Long-term, strategic relationships for ethanol and co-product off-take

In the Renewables segment, relationships are strategic and often involve significant capital commitment. Following the acquisition of full ownership interest in The Andersons Marathon Holdings LLC (TAMH) in Q2 2025, The Andersons, Inc. now controls 4 ethanol plants with a total annual production capacity of 500 million gallons. Management is actively evaluating and implementing enhancements to lower the carbon intensity of this ethanol, a key factor for strategic off-take partners seeking low CI fuels. The company also continues to invest in its premium food corn business due to growing customer demand.

Transactional relationships for spot commodity trading

For the core grain and commodity flows, relationships can be more transactional, especially when market conditions are volatile. The company merchandised 33M Tonnes of Commodities in the trailing twelve months ending March 31, 2025. In Q1 2025, global trade uncertainties caused some commercial customers to focus on just-in-time purchasing, which is characteristic of shorter-term, transactional interactions.

Digital tools for market information and transaction processing

The Andersons, Inc. is actively deploying digital tools to streamline customer interactions across segments. The Plant Nutrient Group rolled out a new web-based customer portal for wholesale agriculture customers, providing up-to-date information on contracts, load shipping details, and invoice totals, with availability expanding to all Plant Nutrient customers later in 2025. For grain customers, the AgConnect Mobile App is available across various regions, offering access to key data points:

• Contracts
• Tickets (users can see Ticket information from the past two years)
• Commodity Balances
• Location Info (hours, contact details)
• Futures and Market Commentary

The mobile apps are segmented by geography, with specific features for customers working with locations in Idaho, Louisiana, New York, and Midwest Trucking (Colorado), while other apps serve Indiana, Iowa, Kansas, Kentucky, Michigan, Nebraska, and Ohio.

Finance: draft 13-week cash view by Friday.

The Andersons, Inc. (ANDE) - Canvas Business Model: Channels

You're looking at how The Andersons, Inc. moves product from the field and plant to the customer as of late 2025. It's a physical game, so the network size matters.

The physical network is anchored by facilities across the U.S. and Canada. The company realigned its structure effective January 1, 2025, into two main segments, which helps define the channel footprint:

• The Trade segment operates approximately 130 Facilities.
• The Nutrient & Industrial segment operates approximately 50 Facilities, which includes about 20 Farm Centers.

This network supports a total grain storage capacity of approximately 290M Bushel across these assets, though other data points suggest capacity exceeding 190 million bushels based on year-end 2024 figures. The total physical footprint aligns near the suggested ~180 locations.

The scale of commodity movement through these channels is substantial, as shown by the trailing twelve months volumes as of December 31, 2024, which inform the current logistics requirements:

Channel Activity Metric	Volume/Amount	Unit	Context/Segment
Commodities Traded	33M	Tonnes	Trade (TTM as of 12/31/2024)
Vegetable Oils Merchandised	1.6B	Pounds	Renewables (TTM as of 12/31/2024)
Feed Products Produced	1.1M	Tons	Renewables (TTM as of 12/31/2024)
Nutrients Sold	1.9M	Tons	Nutrient & Industrial (TTM as of 12/31/2024)
Ethanol Produced (YTD)	506.7M	Gallons	Renewables (Nine months ended 9/30/2025)

The global trading desks facilitate the movement of these commodities, evidenced by the 33M Tonnes of commodities traded in the trailing twelve months ending December 31, 2024. The United States is the largest market, but Canada and Mexico also show strong performance in revenue contribution.

For the Nutrient and Industrial products, the direct sales channel moves product volume like the 1.9M Tons sold in the trailing twelve months ending December 31, 2024. The segment also holds over 30 U.S. Patents which are part of the industrial product offering.

Physical delivery relies on the integrated logistics capabilities using rail, truck, and barge. The company's Q3 2025 total sales and merchandising revenues reached $2,677.7 million, with the Agribusiness segment alone contributing $1,988,907 thousand for the three months ended September 30, 2025, showing the massive throughput these channels manage.

Engagement with capital markets is a channel for funding operations and growth. The Andersons, Inc. presented its Q3 2025 results on November 4, 2025, and is scheduled to present at the Stephens Annual Investment Conference on November 19, 2025.

The Andersons, Inc. (ANDE) - Canvas Business Model: Customer Segments

You're looking at the key customer groups The Andersons, Inc. (ANDE) served as of late 2025, based on their Q3 2025 segment performance data. It's about connecting the farmgate to the end-user.

North American Farmers and Growers (the farmgate)

This group is the primary source for the Agribusiness segment. The Andersons, Inc. reported revenues for the Agribusiness segment of $\$1,989$ million for the third quarter ended September 30, 2025. The company noted completing its wheat harvest with higher-than-expected volumes during this period. The Agribusiness segment generated an adjusted EBITDA of $\$29.1$ million in Q3 2025, down from $\$45.0$ million in Q3 2024.

Food, Feed, and Industrial Processors (e.g., millers, feedlots)

These customers take the commodities handled by the Agribusiness segment. The company is integrating Skyland Grain, LLC assets, which feed into this chain. The Port of Houston project is a strategic investment to add export capacity for soybean meal, directly serving international processors. The Andersons, Inc. is also investing in its premium food corn business to increase capacity due to growing customer demand.

Metric	Agribusiness Segment (Q3 2025)	Contextual Data (YE 2024/Early 2025)
Segment Revenue	$\$1,989$ million	TTM Revenue (Q3 2025): $\$11.59$ Billion USD
Adjusted EBITDA	$\$29.1$ million	Feed Products Produced: $\sim 1.1$ Million Tons (as of 12/31/2024)
Adjusted Pretax Income Attributable	$\$2.5$ million	Agribusiness Facilities: $\sim 130$ (as of March 1, 2025)

Domestic and International Ethanol/Renewable Fuel Blenders and Distributors

This group is served by the Renewables segment, which saw strong operating performance. The Renewables segment reported revenues of $\$688.80$ million for Q3 2025. The segment delivered an adjusted EBITDA of $\$67$ million in Q3 2025, up from $\$63$ million in Q3 2024. A key driver was the recognition of year-to-date 45Z tax credits, totaling $\$20$ million reflected in the Q3 results. The company completed the acquisition of full ownership of its ethanol plants at the end of July 2025.

• Renewables Segment Adjusted Pretax Income Attributable (Q3 2025): $\$46.3$ million
• Ethanol Plants Produced Gallons: $506$ Million (as of 12/31/2024)
• Renewables Segment Facilities: $\sim 50$ (as of March 1, 2025)

Industrial and Specialty Product Buyers (e.g., turf, corncob products)

While the company realigned segments in 2025, this customer base was historically served by the Nutrient & Industrial segment, which had $\sim 4$ facilities as of early 2025. The company holds over $30$ U.S. Patents, which likely support specialty product offerings. The company is investing in capacity for premium food corn, indicating continued focus on specialized grain streams.

Institutional Investors and Shareholders

Shareholder value is driven by earnings and balance sheet strength. The reported adjusted net income attributable to The Andersons for Q3 2025 was $\$29$ million, resulting in an adjusted diluted EPS of $\$0.84. Cash generation remains a focus, with cash provided by operating activities in Q3 2025 reaching $\$234$ million. The company reiterated a long-term debt to adjusted EBITDA target of less than $2.5$ times, ending Q3 2025 at $\sim 2$x. The quarterly dividend declared was $\$0.20 per share, representing an annualized yield of $1.54\%$.

Finance: draft 13-week cash view by Friday.

The Andersons, Inc. (ANDE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive The Andersons, Inc.'s operations as of late 2025. This structure is heavily influenced by volatile commodity markets and significant capital investment for expansion.

Cost of Revenue: Primarily commodity purchases (e.g., corn, wheat) and input costs

The largest component of cost is the Cost of Sales, which directly relates to commodity purchases for merchandising and processing. For the first quarter of 2025, the Cost of Sales was reported at $2.506 billion, against total revenues of $2.659 billion for the same period. This reflects the high volume, low-margin nature of the agribusiness and renewables trading business.

Operating Expenses: Labor costs for approximately 2,600 employees

The Andersons, Inc. supports its operations with approximately 2,600 total employees, inclusive of the Skyland assets. Labor is a key part of the Operating Expenses. While specific labor cost figures aren't isolated, the broader Operating, Administrative, and General (O&A&G) expenses rose in Q1 2025, partly due to the integration and scaling of the Skyland acquisition. The company's Gross Profit for Q1 2025 was $152.872 million.

The breakdown of key Q1 2025 financial costs is summarized below:

Cost Component	Q1 2025 Amount (USD)	Comparison/Context
Cost of Sales (Input Costs)	$2.506 billion	Down from $2.59 billion in Q1 2024
Interest Expense	$13.096 million	Up from $6.522 million in Q1 2024
Gross Profit	$152.872 million	Up from $128.320 million in Q1 2024

Capital Expenditures: Spending on growth projects, totaling $47 million in Q1 2025

The Andersons, Inc. is actively investing in its footprint. Capital spending in the first quarter of 2025 totaled $47 million, a significant increase from the $27 million spent in Q1 2024. This spending is tied to long-term growth projects and maintenance capital for newly added assets like Skylane Grain. For the full year 2025, management expects capital investments could reach approximately $200 million.

Logistics and Transportation Costs: Moving commodities across the supply chain

Logistics and transportation are embedded within the Cost of Sales and operating expenses, particularly given the company's extensive asset footprint of approximately 180 locations. These costs are subject to fluctuations based on fuel prices and the efficiency of moving bulk commodities like corn and wheat across the supply chain, which was impacted by global trade uncertainties in Q1 2025.

Interest Expense: Financing working capital and long-term debt

Financing costs are a notable expense, driven by the need to fund working capital for commodity inventories and long-term debt obligations. The reported Interest Expense for the first quarter of 2025 was $13.096 million, more than double the $6.522 million recorded in the first quarter of 2024. Despite this increase, the balance sheet remains strong, with the long-term debt to adjusted EBITDA ratio holding at approximately 1.8 times, which is well below the stated target of less than 2.5 times.

Key financial health metrics related to debt and liquidity as of Q1 2025 include:

• Long-Term Debt to Adjusted EBITDA: approximately 1.8 times.
• Cash and Cash Equivalents: $219.219 million.
• Current Ratio: 1.65.

The Andersons, Inc. (ANDE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for The Andersons, Inc.'s revenue generation as of late 2025. Here's the quick math on how the pieces fit together based on the Q3 2025 results.

The Andersons, Inc. reported total revenue of $2.68 billion for the third quarter ending September 30, 2025. For the trailing twelve months ending September 30, 2025, total revenue stood at $11.60B.

Net income attributable to The Andersons, Inc. for Q3 2025 was $20 million.

The revenue streams are primarily segmented across Agribusiness and Renewables, with the Agribusiness segment generating $1.99 billion in revenue during the third quarter of 2025.

Grain Merchandising and Service Fees

Revenue from grain-related activities, which includes both merchandising and related services, falls under the Agribusiness segment. This segment recorded a pretax income of $1 million for the quarter, with adjusted pretax income attributable to the company at $2 million. Lower margins across grain assets and merchandising, alongside reduced put-through volumes, contributed to a decline in gross profit compared to Q3 2024. Opportunities for elevation margins and merchandising are expected to increase in the fourth quarter due to the fall harvest.

Key components contributing to this revenue stream include:

• Grain storage revenue.
• Handling revenue.
• Risk management service fees.
• Margins from buying, storing, and selling commodities.

Renewable Fuels Sales

The Renewables segment is a significant revenue driver, reporting $688.80 million in revenue for Q3 2025. This segment delivered a strong pretax income of $43 million in the third quarter. The results reflect two months of full ownership of the ethanol plants.

The segment's performance was bolstered by:

• Strong operating performance.
• Efficient ethanol plant yields and production.
• Year-to-date recording of 45Z tax credits totaling $20 million.

Nutrient and Industrial Product Sales

Sales of fertilizers, specialty nutrients, and industrial products are integrated within the Agribusiness segment's overall revenue of $1.99 billion in Q3 2025. During this seasonally slow quarter, the nutrient business experienced increased margins and higher year-over-year volumes.

Here is a comparison of the segment performance for Q3 2025:

Segment	Q3 2025 Revenue (Millions USD)	Q3 2025 Pretax Income (Millions USD)
Agribusiness	1,990.00	1.00
Renewables	688.80	43.00

The Board declared a Q3 2025 dividend of $0.195/share.