Summary of The Andersons 2025 Investor Day Company Overview - **Company**: The Andersons (NasdaqGS:ANDE) - **Event**: 2025 Investor Day held on December 09, 2025 - **Key Focus**: Long-term growth strategy, business insights, and financial performance Core Messages and Strategic Insights 1. **Strengthened Company Position**: The Andersons is a materially stronger company with a seasoned team and deep expertise in agriculture and renewable fuels, poised for profitable growth [6][7][10] 2. **Diversified Portfolio**: The company has a balanced and diversified portfolio that has shown resilience through market cycles, particularly in North American agriculture and renewable supply chains [7][10] 3. **Renewables Growth Engine**: The renewables segment, particularly ethanol assets, has been a high-return business with ongoing investment opportunities, including a recent $425 million acquisition to enhance ethanol production [10][11] 4. **Disciplined Capital Allocation**: The Andersons employs a disciplined capital allocation strategy, leveraging consistent cash flows to drive long-term shareholder value [7][10] Financial Performance - **Q3 2025 Adjusted EPS**: $2.56 per share, with a target of $4.30 per share by the end of 2026 [11] - **Debt Management**: Long-term debt to EBITDA reduced by over 2.5 turns since 2020 while deploying $1 billion in capital [10] - **Earnings Power**: Demonstrated strong earnings power during the peak of the agricultural cycle in 2022 and 2023 [10] Business Segments Agribusiness 1. **Integrated Supply Chain**: The agribusiness segment connects producers to end users, trading over 800 million bushels of corn annually and supplying 165 million bushels to ethanol plants [13][14] 2. **Fertilizer and Grain Handling**: The company operates a network of grain elevators and fertilizer distribution, contributing 25%-30% of normalized EBITDA from fertilizers and 30%-35% from grain assets [17][19] 3. **Merchandising Expertise**: The asset-light merchandising model generates 35%-40% of normalized EBITDA, leveraging market analysis and logistics to optimize grain flows [20][22] Renewables 1. **Ethanol Production**: The Andersons operates four ethanol plants with a nameplate capacity of 393 million gallons, currently exceeding 500 million gallons in production [24][62] 2. **Co-Products**: The company maximizes revenue from co-products like dry distillers grains and corn oil, which contribute significantly to overall revenue [24][62] 3. **Market Position**: The renewables segment is positioned to benefit from low carbon fuel standards and the 45Z clean fuel production credits, enhancing profitability [27][60] Growth Strategy 1. **Macro Trends**: The Andersons is well-positioned to capitalize on favorable macro trends in energy and agriculture, focusing on organic growth and strategic acquisitions [30][31] 2. **Operational Excellence**: Continuous improvement and optimization of operations are key to driving efficiencies and cost savings [31][56] 3. **Customer-Centric Approach**: The company emphasizes a customer-first culture, enhancing relationships and delivering tailored solutions [54][55] Future Outlook - **Long-Term EPS Target**: A publicly stated target of $7 per share by the end of 2028 [33] - **Market Opportunities**: The Andersons aims to leverage its integrated capabilities and market knowledge to capture growth in both agribusiness and renewables [60][63] Additional Insights - **Sustainability Initiatives**: The company is actively developing sustainability programs and regenerative farming practices to meet evolving consumer and stakeholder requirements [47] - **Export Infrastructure**: Investments in export facilities, such as the Port of Houston, are aimed at enhancing market access and efficiency [53][46] This summary encapsulates the key points discussed during The Andersons 2025 Investor Day, highlighting the company's strategic direction, financial performance, and growth opportunities in the agribusiness and renewables sectors.

Financial Data and Key Metrics Changes - Consolidated operating earnings improved to $12 million for Q4 2025 from an operating loss of $30 million a year ago, while consolidated net loss decreased to $7.2 million from $48 million [11] - Adjusted EBITDA for Q4 2025 grew significantly to $42 million from approximately $16 million the previous year, and for the full fiscal year, consolidated revenue was approximately $1.25 billion, up 11% year over year [11][12] - The company reported a consolidated net loss of $80 million for the full year, an improvement from a net loss of $206 million the previous year [12] Business Line Data and Key Metrics Changes - Salt business revenue in Q4 was $182 million, up from $163 million a year ago, with total volumes up 13% year over year [12][13] - Highway de-icing volumes increased by 20% year over year, while CNI volumes declined by 3% [13] - In the plant nutrition segment, volumes dipped 9% in Q4, but pricing increased by 8% to $670 per ton [16] Market Data and Key Metrics Changes - The company experienced a more average winter compared to the weak 2023-2024 de-icing seasons, contributing to a 13% increase in salt segment revenue for the full year [15] - Inventory values and volumes for highway de-icing were lower by 33% and 36% respectively compared to the prior year [18] Company Strategy and Development Direction - The company is focused on a back-to-basic business model, improving financial position, and enhancing operational efficiency [5][10] - Strategic decisions included scaling back production to address excess inventory and winding down the Fortress retardant business [6][10] - The company plans to implement a Fatal Risk Management System and develop life-of-mine planning processes to enhance operational efficiency [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved financial stability and operational efficiency, with a focus on reducing debt and generating cash [19][20] - The guidance for total company Adjusted EBITDA for 2026 is projected to be between $200 million and $240 million, with salt segment Adjusted EBITDA expected to improve due to stronger pricing and lower anticipated costs [20][21] Other Important Information - The company successfully refinanced its debt, enhancing liquidity and providing greater financial flexibility [19] - Legal and tax matters have been resolved, allowing the company to focus on operational efficiencies [19] Q&A Session Summary Question: Could you address the volume decline forecast in highway de-icing? - Management indicated that the decline is a reversion to typical winter assumptions, not a structural decline [32] Question: What are the drivers for reaching the upper and lower ends of the EBITDA guidance? - The primary driver for reaching the upper end of guidance is upside in winter weather, along with efficiencies from better market demand [34] Question: Do you expect to use working capital in 2026? - Management confirmed that they will align inventory and production levels to meet demand, indicating no plans to build excess inventory [40][41] Question: Why were volumes pulled forward in plant nutrition? - The market behavior led to a significant portion of the variance in year-over-year volumes, with production stability at Ogden allowing the company to serve the business effectively [43]

Financial Performance - Net sales for Q3 2025 reached $14 billion, a 30% year-over-year increase[31] - E-commerce sales experienced substantial growth of 222%[31] - Gross margin expanded by 170 basis points[31] - GAAP EPS stood at $105, while adjusted EPS reached $114[31] - For the thirty-nine weeks ended November 1, 2025, net income was $24308 million, compared to $284816 million for the thirty-nine weeks ended November 2, 2024[45] Store Expansion and Growth Strategy - The company opened 11 new stores in Q3 2025[31] and a total of 24 stores in fiscal year 2025[14] - The company plans to open an additional 20-25 stores in 2026[14] - New store targets include year-one sales of $12 million - $16 million with a spend of $4 million - $5 million per store in FY25 and a targeted ROIC of 20%+[16] - The company has opened 59 new stores over the past three+ years[14] Fiscal Year 2025 Guidance - The company updated its fiscal 2025 sales guidance to a range of -20% to flat[41] - The company anticipates a tax rate of 235% for the year[41] - The company projects GAAP net income between $365 million and $400 million, and adjusted net income between $385 million and $420 million[42]

Third Quarter 2025 Performance - Sales reached $790 million, a 6.6% increase compared to Q3 2024[11, 13] - Adjusted Earnings Per Share (EPS) stood at $0.38[11, 13] - Gross margin was 42.7%, a decrease of 140 bps compared to Q3 2024[13] - Inventory increased by 15.8%[13] Performance Excluding Stuart Weitzman - Sales were $744 million, a 0.4% increase compared to Q3 2024[14, 15] - Adjusted EPS was $0.67[14, 15] - Gross margin was 42.5%, a decrease of 160 bps compared to Q3 2024[14, 15] - Inventory increased by 2.6%[14, 15] Segment Performance - Famous Footwear sales were $419 million, a 2.2% decrease compared to Q3 2024, with comparable sales down 1.2%[16, 17, 18] - Brand Portfolio sales were $384 million, an 18.8% increase compared to Q3 2024 including Stuart Weitzman, and up 4.6% excluding Stuart Weitzman[22] Outlook - Q4 Famous Footwear comparable sales are expected to be flat, with total sales down low single digits[29] - Q4 Brand Portfolio sales are expected to be flat-to-up 1% on an organic basis, with Stuart Weitzman sales adding $55 - $60 million[29] - Full-year adjusted diluted EPS is projected to be $0.55 to $0.60 including Stuart Weitzman, and $1.15 to $1.25 excluding Stuart Weitzman[29]

Investor Day 2025 December 9, 2025 Welcome and Agenda 2 Dec 2025 / © 2025 Remitly Inc. Matt Oppenheimer Pankaj Sharma Ankur Sinha Vikas Mehta Primary Leadership Team Keynote Speakers | Matt Oppenheimer | Vision and strategic direction | | --- | --- | | Co-founder and CEO | | | Pankaj Sharma | Powering durable growth through global money movement | | Chief Business Officer | | | Ankur Sinha Chief Product & Technology Officer | Innovating with products & platforms | | Vikas Mehta | Driving long-term sharehold ...

INVESTOR SUMMIT VIRTUAL CONFERENCE DECEMBER 9, 2025 Forward Looking Statements and Non-GAAP Reconciliation The statements made during this presentation, including the answers to your questions, may include information that the Company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements involve risk and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statemen ...

Company Overview - STRATTEC was founded in 1908 and went public in 1995[6] - The company's market capitalization is $334 million[6] - Institutional ownership is 80%[6] - Insider ownership is 34%[6] Financial Performance - TTM Q1 FY26 revenue is $5784 million[11] - Q1 FY26 net sales increased by $133 million, or 96%[40] - Q1 FY26 gross margin expanded by 370 basis points year-over-year[48] - Q1 FY26 net income was up 130% year-over-year[53] - Q1 FY26 adjusted EBITDA margin expanded 310 basis points year-over-year to 102%[59] - Cash and cash equivalents totaled $905 million as of September 28, 2025[61]

Goldman Sachs 2025 Financial Services Conference Chris Concannon, CEO Ilene Fiszel Bieler, CFO The MarketAxess advantage Liquidity e m o s t a c t i v e f i x e d i n c o m e l i q u i d i t y p r o v i d PROPRIETARY TRADING DATA & ANALYTICS DEEP & DIFFERENTIATED LIQUIDITY1 1,000+ unique liquidity providers on Open Trading ("OT") 22% of OT trading volume responded to by non-dealers; 33% of OT trading volume initiated by dealers GLOBAL NETWORK1 2,100+ global investors & dealers ~13,000 active traders 1,000+ ...

Financial Performance & Growth - The company plans for ~$25 billion earnings growth by 2030 vs 2024[7], increased from >$20 billion[8] - The company plans for ~$35 billion cash flow growth by 2030 vs 2024[9], increased from ~$30 billion[10] - The company aims for >17% return on capital employed by 2030[11] - Major investments are projected to contribute ~$50 billion in cumulative earnings from 2026-2030[27] Production & Cost Efficiency - ~65% of 2030 total production will be from Upstream advantaged production, increased from >60%[12] - Product Solutions advantaged projects are expected to contribute ~$4 billion in earnings growth by 2030[13], with ~60% de-risked from completed projects[14] - The company targets >60% corporate flaring intensity reduction from 2024 vs 2016[15], 6 years ahead of the 2030 plan[16] - The company is targeting ~$20 billion structural cost savings by 2030 vs 2019[20], increased from $18 billion[20] Capital Allocation & Shareholder Returns - The company plans ~$100 billion cash capex for major investments planned to start up in 2026-2030[27] - Total cash capex is projected to be ~40% of total cash flow from operations from 2026-2030[27] - The company is continuing $20 billion repurchase pace per year through 2026, assuming reasonable market conditions[76] Permian Basin Operations - The company anticipates ~2.5 Moebd 2030 Permian production[55], a 200 Koebd increase vs prior guidance[55]

Financial Data and Key Metrics Changes - The company reported consolidated operating earnings of $12 million for Q4 2025, an improvement from an operating loss of $30 million in the same period last year [11] - Consolidated net loss was $7.2 million, improving from a net loss of $48 million a year ago [11] - Adjusted EBITDA for Q4 increased to $42 million from approximately $16 million the previous year [11] - For the full fiscal year, consolidated revenue was approximately $1.25 billion, up 11% year over year [11] - The company reported a consolidated net loss of $80 million for the full year, compared to a net loss of $206 million the previous year [12] - Adjusted EBITDA for the year was $199 million, compared to $206 million last year, with a modified adjusted EBITDA increasing by approximately 4% year over year [12] Business Line Data and Key Metrics Changes - Salt business revenue in Q4 was $182 million, compared to $163 million a year ago, with total volumes up 13% [12] - Highway de-icing volumes increased by 20% year over year, while CNI volumes declined by 3% [13] - For the full fiscal year, revenue from the salt segment totaled over $1 billion, up 13% year over year [14] - Plant nutrition segment saw a 9% decline in volumes in Q4, but pricing increased by 8% to $670 per ton [16] - For the full year, plant nutrition volumes were 326,000 tons, a 19% increase year over year, with average pricing down approximately 4% to $634 per ton [17] Market Data and Key Metrics Changes - The company experienced a more average winter compared to the weak 2023-2024 de-icing seasons, contributing to improved sales volumes [14] - Inventory values and volumes for highway de-icing were lower by 33% and 36% respectively compared to the prior year [18] Company Strategy and Development Direction - The company is focused on a back-to-basic business model, improving financial position, and enhancing operational efficiency [4][10] - Strategic decisions included scaling back production to address excess inventory and rationalizing corporate costs [5] - The company aims to improve operational aspects, including safety systems and production processes, particularly in the salt and plant nutrition segments [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved stability and financial flexibility following a successful refinancing [19] - The guidance for total company Adjusted EBITDA for 2026 is projected to be between $200 million and $240 million, with salt segment Adjusted EBITDA expected to improve [20] - The company anticipates a decline in sales volumes for 2026, primarily due to a reversion to typical winter weather patterns [21] Other Important Information - The company resolved several legal and tax matters, including a class action lawsuit and a mining tax dispute, which alleviated uncertainties for stakeholders [19] - Liquidity at the end of the quarter was $365 million, consisting of $60 million in cash and $305 million in revolving capacity [19] Q&A Session Summary Question: Could you address the volume decline forecast in highway de-icing? - Management indicated that the decline is a reversion to typical winter assumptions, moving away from the previous year's high commitment levels [27] Question: What drivers could impact the full-year guidance range? - The primary driver for reaching the upper end of the guidance would be favorable winter weather and operational efficiencies [28] Question: Given expected lower volumes, will inventories grow next year? - Management confirmed that they will align inventories with production levels to meet demand, with no plans to build excess inventory [29][30] Question: Why were volumes pulled forward in plant nutrition? - The market behavior allowed the company to serve business and monetize inventory effectively in fiscal 2025 [31] Question: Why isn't plant nutrition expected to generate more EBITDA next year? - The expected price upside in the P&L will primarily drive the EBITDA projections, despite lower volumes [32]