The Andersons, Inc. (Ande): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Andersons, Inc. (ANDE) surge como uma potência agrícola dinâmica, tecendo estratégias complexas no comércio de grãos, gerenciamento de commodities e serviços agrícolas diversificados. Com um modelo de negócios sofisticado que abrange de fazenda para mercado, esta empresa transforma desafios agrícolas complexos em soluções simplificadas e orientadas por valor que conectam produtores, comerciantes e mercados globais por meio de parcerias inovadoras e logística de ponta.

The Andersons, Inc. (Ande) - Modelo de Negócios: Parcerias -Chaves

Parcerias de negociação de grãos estratégicos com produtores agrícolas

A Andersons, Inc. mantém parcerias com vários produtores agrícolas nos Estados Unidos do Centro -Oeste. Em 2023, a empresa processou aproximadamente 125 milhões de bushels de grãos por meio de sua rede comercial.

Tipo de parceiro	Número de parcerias	Cobertura geográfica
Produtores de milho	287	Ohio, Indiana, Illinois, Michigan
Produtores de soja	214	Ohio, Indiana, Illinois

Colaboração com empresas de logística ferroviária e de remessa

A empresa colabora com os principais provedores de logística ferroviária e de remessa para otimizar o transporte de grãos.

• Transporte CSX: parceiro de logística ferroviária primária
• Norfolk Southern Railway: parceiro de rede ferroviária secundária
• Linhas comerciais americanas: parceiro de transporte hidroviário interior

Joint ventures em distribuição de nutrientes e fertilizantes vegetais

O Andersons possui joint ventures estratégicos na distribuição de nutrientes vegetais, com US $ 463 milhões em receita do segmento de nutrientes vegetais em 2022.

Parceiro de joint venture	Valor do investimento	Foco no mercado
Nutrien Ltd.	US $ 78 milhões	Regiões agrícolas do Centro -Oeste
CF Industries	US $ 52 milhões	Distribuição de fertilizantes

Parcerias com instalações de produção de etanol

O Andersons opera parcerias estratégicas na produção de etanol, com três principais colaborações de instalações.

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

Relacionamentos com provedores de negociação de commodities e serviços financeiros

A Companhia mantém parcerias críticas de serviços financeiros para apoiar suas operações de negociação de commodities.

Parceiro financeiro	Tipo de serviço	Duração da parceria
Wells Fargo	Linhas de negociação de commodities	Mais de 10 anos
BMO Harris Bank	Empréstimos agrícolas	Mais de 8 anos

The Andersons, Inc. (Ande) - Modelo de Negócios: Atividades -chave

Merchandising e comércio de grãos

A Andersons, Inc. lida com aproximadamente 200 milhões de bushels de grãos anualmente. Os volumes de negociação incluem:

Tipo de grão	Volume anual (bushels)
Milho	125 milhões
Soja	50 milhões
Trigo	25 milhões

Gerenciamento de riscos de commodities

As estratégias de gerenciamento de riscos incluem:

• Hedging através de contratos futuros
• Utilizando derivados de commodities
• Mecanismos de proteção de preços

Fertilizante e distribuição de nutrientes vegetais

Métricas anuais de distribuição:

Categoria de produto	Volume anual
Fertilizante seco	1,2 milhão de toneladas
Fertilizante líquido	500.000 toneladas

Produção e marketing de etanol

Recursos de produção:

• Capacidade total de produção: 300 milhões de galões por ano
• Número de instalações de produção de etanol: 4

Gerenciamento da cadeia de suprimentos agrícolas

Detalhes operacionais da cadeia de suprimentos:

Componente da cadeia de suprimentos	Capacidade operacional
Instalações de armazenamento	55 milhões de bushels
Ativos de transporte	250 vagões e caminhões
Cobertura geográfica	Centro -Oeste dos Estados Unidos

The Andersons, Inc. (Ande) - Modelo de Negócios: Recursos -Principais

Infraestrutura de armazenamento e transporte de grãos extensos

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

Capacidade total de armazenamento de grãos	22,7 milhões de bushels
Número de instalações de grãos	54 locais
Ativos de transporte	15 vagões de tremonha cobertos

Experiência de negociação de commodities proprietária

Os principais recursos de negociação incluem:

• Volume de negociação de commodities em 2022: 246 milhões de bushels
• Plataformas de negociação em várias commodities agrícolas
• Sistemas avançados de análise de mercado

Sistemas avançados de gerenciamento de riscos

Investimento em tecnologia de gerenciamento de risco	US $ 3,2 milhões em 2023
Contratos de hedge gerenciados	Mais de 500 contratos ativos

Rede geográfica estratégica de instalações de processamento

Distribuição das instalações de processamento:

• Região do Centro -Oeste: 32 instalações
• Capacidade total de processamento: 1,2 milhão de toneladas anualmente
• Cobertura geográfica: 8 estados

Relacionamentos fortes com produtores agrícolas

Número de parcerias agrícolas	Mais de 5.000 relacionamentos do produtor
Contrato de acordos agrícolas	237 contratos ativos
Duração média do relacionamento do produtor	8,3 anos

The Andersons, Inc. (Ande) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de commodities agrícolas

A Andersons, Inc. oferece uma gama abrangente de soluções de commodities agrícolas com as seguintes métricas -chave:

Segmento de commodities	Receita anual (2023)	Cobertura de mercado
Negociação de grãos	US $ 1,48 bilhão	Centro -Oeste dos Estados Unidos
Distribuição de fertilizantes	US $ 712 milhões	23 estados
Serviços de nutrientes vegetais	US $ 287 milhões	Mercado norte -americano

Mitigação de riscos para agricultores e empresas agrícolas

Os serviços de gerenciamento de riscos incluem:

• Estratégias de hedge de preços de commodities
• Aviso de seguro de colheita
• Acordos de contrato a encaminhamento

Serviço de gerenciamento de riscos	Volume anual de transações	Economia média do cliente
Hedge de commodities	US $ 2,3 bilhões	7,2% Redução de volatilidade do preço
Seguro de colheita	US $ 456 milhões	12,5% de proteção de custos

Cadeia de suprimentos eficientes e serviços de logística

Recursos de infraestrutura de logística:

• 22 instalações de armazenamento de grãos
• 9 terminais atendidos por trilhos
• Capacidade total de armazenamento: 83 milhões de bushels

Métrica de logística	2023 desempenho
Volume total de transporte	47,3 milhões de bushels
Eficiência de transporte ferroviário	94,6% de entrega pontual

Fluxos de receita diversificados em setores agrícolas

Receita de receita pelo setor em 2023:

Setor	Receita	Porcentagem de total
Negociação de grãos	US $ 1,48 bilhão	42%
Fertilizante	US $ 712 milhões	20%
Nutrientes vegetais	US $ 287 milhões	8%
Outros segmentos	US $ 1,05 bilhão	30%

Abordagem integrada ao gerenciamento de commodities agrícolas

Métricas de gerenciamento integradas:

• Transações totais de commodities agrícolas: US $ 3,52 bilhões
• Rede de agricultores: 12.500 mais clientes
• Cobertura geográfica: 27 estados

Métrica de integração	2023 desempenho
Sinergia de segmento cruzado	18,3% de otimização de receita
Taxa de retenção de clientes	87.5%

The Andersons, Inc. (Ande) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com agricultores

A partir de 2024, a Andersons, Inc. mantém aproximadamente 275 contratos de fornecimento agrícola de longo prazo com agricultores nos Estados Unidos do Centro-Oeste.

Tipo de contrato	Duração média	Valor anual do contrato
Acordos de fornecimento de grãos	3-5 anos	US $ 1,2 milhão por contrato
Contratos de fornecimento de fertilizantes	2-4 anos	US $ 850.000 por contrato

Serviços de consultoria de negociação de commodities personalizadas

O Andersons fornece serviços especializados de consultoria de negociação de commodities para aproximadamente 125 clientes agrícolas -chave.

• Receita média de serviço de consultoria anual: US $ 475.000
• Especialistas em comércio de commodities dedicadas: 18 profissionais
• Taxa de retenção de clientes: 92%

Plataformas digitais para informações e transações de mercado

A plataforma digital da empresa atende mais de 2.500 usuários ativos em 2024.

Recurso da plataforma	Engajamento do usuário	Volume de transação
Preços de commodities em tempo real	1.750 usuários ativos diários	Valor da transação mensal de US $ 325 milhões
Portal de negociação on -line	1.200 comerciantes ativos mensais	Volume comercial mensal de US $ 215 milhões

Insights regulares de mercado e análise de tendências agrícolas

O Andersons distribui relatórios de análise de mercado semanais para 3.600 clientes agrícolas.

• Frequência de insights de mercado: relatórios semanais
• Base de assinantes: 3.600 profissionais agrícolas
• Receita anual de assinatura: US $ 1,2 milhão

Gerenciamento de conta dedicado para clientes agrícolas -chave

A empresa mantém gerenciamento de contas dedicado para 85 clientes agrícolas estratégicos.

Segmento de cliente	Número de clientes	Valor médio da conta
Grandes empresas agrícolas	35 clientes	US $ 4,5 milhões por conta
Operações agrícolas de tamanho médio	50 clientes	US $ 1,8 milhão por conta

The Andersons, Inc. (Ande) - Modelo de Negócios: Canais

Força de vendas direta

A partir de 2024, o Andersons emprega aproximadamente 1.200 representantes de vendas diretas em vários segmentos de negócios.

Canal de vendas	Número de representantes	Foco primário
Produtos agrícolas	450	Insumos de colheita e marketing de grãos
Divisão de Nutrientes Plant	250	Fertilizantes e nutrientes especiais
Negociação de commodities	180	Mercados de grãos e commodities
Serviços ferroviários/etanol	320	Transporte e logística de etanol

Plataformas de negociação on -line

Os Andersons utilizam várias plataformas digitais para negociação de commodities e vendas agrícolas.

• Plataforma de troca de grãos digitais ANDE
• Interface de negociação de futuros de commodities
• Sistemas de dados de mercado em tempo real

Feiras agrícolas e conferências

Participação anual em eventos importantes da indústria:

Evento	Participação anual	Leads de negócios gerados
Commodity Classic	3.500 participantes	175 conexões comerciais em potencial
Conferência da Associação de Varejistas Agrícolas	2.800 participantes	125 leads potenciais de negócios

Tecnologias de comunicação digital

A infraestrutura de comunicação digital inclui:

• Sistema de CRM no nível da empresa
• Plataformas de comunicação baseadas em nuvem seguras
• Aplicativos de negociação e comunicação móveis

Redes de corretagem de commodities

O Andersons mantém extensas conexões de corretagem de commodities:

Tipo de rede	Número de conexões ativas	Volume anual de transações
Rede de corretores de grãos	285 relacionamentos ativos dos corretores	US $ 4,2 bilhões em transações anuais
Corretores futuros de commodities	127 parceiros comerciais ativos	US $ 3,7 bilhões em volume anual de negociação

The Andersons, Inc. (Ande) - Modelo de Negócios: Segmentos de Clientes

Produtores e agricultores de grãos

A Andersons, Inc. atende a aproximadamente 30.000 produtores agrícolas nos Estados Unidos do Centro -Oeste.

Tipo de cliente	Volume anual	Concentração geográfica
Agricultores de milho	12.500 produtores	Ohio, Indiana, Illinois
Agricultores de soja	8.700 produtores	Michigan, Wisconsin, Iowa
Agricultores de trigo	5.600 produtores	Dakota do Norte, Kansas

Cooperativas agrícolas

A empresa atende 45 principais cooperativas agrícolas nos Estados Unidos.

• Rede Cooperativa de Grãos do Midwest: 22 membros
• Great Plains Plains Agricultural Alliance: 15 membros
• Cooperativa Agrícola do Sudeste: 8 membros

Empresas de processamento de alimentos

O Andersons fornece commodities agrícolas cruas a 120 empresas de processamento de alimentos.

Segmento da indústria	Número de clientes	Volume anual de commodities
Millers de farinha	35 empresas	2,4 milhões de toneladas métricas
Produtores de alimentação de animais	55 empresas	3,1 milhões de toneladas métricas
Fabricantes de ingredientes alimentares	30 empresas	1,2 milhão de toneladas métricas

Fabricantes de etanol

O Andersons fornece milho para 25 instalações de produção de etanol.

• Suprimento anual total de milho: 45 milhões de bushels
• Tamanho médio do contrato: 1,8 milhão de bushels por instalação
• Cobertura geográfica: Regiões do Centro -Oeste e das Grandes Planícies

Comerciantes internacionais de commodities

A empresa se envolve com 40 empresas internacionais de comércio de commodities.

Região	Número de parceiros comerciais	Volume anual de exportação
Ásia	15 comerciantes	2,6 milhões de toneladas métricas
Europa	12 comerciantes	1,9 milhão de toneladas métricas
Médio Oriente	8 comerciantes	1,1 milhão de toneladas métricas
Ámérica do Sul	5 comerciantes	0,8 milhão de toneladas

The Andersons, Inc. (Ande) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de commodities

Em 2023, a Andersons, Inc. registrou custos totais de compras de commodities de US $ 3,9 bilhões. A quebra das despesas de compras inclui:

Categoria de commodities	Custo anual de compras
Mercadorias agrícolas	US $ 2,1 bilhões
Negociação de grãos	US $ 1,2 bilhão
Produtos Especiais	US $ 600 milhões

Custos de transporte e logística

As despesas de transporte de 2023 totalizaram US $ 412,5 milhões, com a seguinte alocação:

• Transporte ferroviário: US $ 185,3 milhões
• Frete de caminhão: US $ 142,7 milhões
• Transporte marinho e rio: US $ 84,5 milhões

Manutenção de infraestrutura

Os custos anuais de manutenção de infraestrutura para 2023 foram de US $ 87,6 milhões, incluindo:

Tipo de infraestrutura	Despesa de manutenção
Instalações de armazenamento de grãos	US $ 42,3 milhões
Plantas de processamento	US $ 29,8 milhões
Centros de distribuição	US $ 15,5 milhões

Sistemas de tecnologia e gerenciamento de riscos

O investimento em tecnologia e gerenciamento de riscos para 2023 totalizou US $ 24,9 milhões:

• Software de negociação de commodities: US $ 8,6 milhões
• Plataformas de gerenciamento de risco: US $ 7,3 milhões
• Sistemas de segurança cibernética: US $ 5,4 milhões
• Ferramentas de análise de dados: US $ 3,6 milhões

Pessoal e sobrecarga operacional

O pessoal total e os custos indiretos operacionais para 2023 foram de US $ 213,4 milhões:

Categoria de despesa	Custo anual
Salários e salários	US $ 156,2 milhões
Benefícios dos funcionários	US $ 37,5 milhões
Treinamento e desenvolvimento	US $ 4,7 milhões
Sobrecarga administrativa	US $ 15 milhões

The Andersons, Inc. (Ande) - Modelo de Negócios: Fluxos de Receita

Comissões de negociação de grãos

Para o ano fiscal de 2023, os Andersons reportaram US $ 146,3 milhões em receitas do segmento de grãos. As comissões de negociação de grãos representaram uma parcela significativa deste fluxo de receita.

Métrica	2023 valor
Receita total do segmento de grãos	US $ 146,3 milhões
Volume de negociação de grãos	91,4 milhões de bushels

Vendas de fertilizantes e nutrientes vegetais

A empresa gerou US $ 549,8 milhões em receitas de segmento de nutrientes vegetais em 2023.

Categoria de produto	2023 Receita
Fertilizante seco	US $ 312,5 milhões
Fertilizante líquido	US $ 237,3 milhões

Produção e vendas de etanol

Os Andersons produziram 107,4 milhões de galões de etanol em 2023, gerando US $ 384,6 milhões em receitas do segmento de etanol.

Métrica de etanol	2023 valor
Produção total de etanol	107,4 milhões de galões
Receita do segmento de etanol	US $ 384,6 milhões

Serviços de gerenciamento de riscos de commodities

Os serviços de negociação e gerenciamento de riscos da empresa geraram aproximadamente US $ 42,5 milhões em receita para 2023.

Taxas de logística e transporte

As receitas do segmento de logística totalizaram US $ 218,7 milhões em 2023.

Serviço de logística	2023 Receita
Transporte ferroviário	US $ 129,4 milhões
Transporte de caminhão	US $ 89,3 milhões

Receita total da empresa para 2023: US $ 1,329 bilhão

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.