Andersons, Inc. (ANDE) · Nov 6, 2026 · Acquisition

Andersons acquisition adds CCS ethanol scale but piles on debt

$915M acquisition — 730M gallons capacity vs 518M before

Andersons’ acquisition adds three CCS-equipped ethanol plants and expands its renewables platform by more than 40%, but the $915 million deal is debt-funded.

The Andersons is already building a scaled, integrated ethanol and renewable-feedstocks platform, with four plants producing about 518 million gallons annually and a strategy centered on production growth, low-carbon fuels, and supply-chain integration. This deal materially advances that strategy. The company is buying three operating plants with established carbon capture and sequestration capabilities, taking combined capacity to approximately 730 million gallons. 〔0〕 That is a meaningful step-up from the existing platform, not a small bolt-on, and it adds operating CCS infrastructure at a time when much of the industry’s planned sequestration capacity remains unfinished.

The strategic fit is unusually direct rather than merely financial. HLCP extends Andersons into the Western Corn Belt while adding an Indiana asset to complement its existing eastern footprint; Andersons can bring grain origination, merchandising, logistics, and regenerative-agriculture capabilities to the acquired plants. The low-carbon positioning also fits the company’s current emphasis on monetizing carbon value streams and serving premium fuel markets.

The main trade-off is leverage and tax-credit dependence. The $915 million purchase is funded with about $300 million from the revolving facility and $615 million of new long-term debt. Roughly half of the purchase price is tied to expected 45Z and 45Q cash flows, so the economics depend materially on the durability and realization of those credits. Management says pro forma long-term debt-to-EBITDA will remain below its 2.5x target, but the filing provides no purchase-price multiple or standalone HLCP earnings detail to independently test that claim.

Relative to expectations, this is more consequential than a routine capacity expansion. Andersons had already signaled that ethanol acquisitions and low-carbon production were part of its growth plan, so the direction was known; the surprise is the size, the three-plant scale, and the presence of operating CCS. The filing calls the transaction immediately accretive, but without quantified accretion or cash-flow guidance, the positive read rests mainly on strategic fit and operating assets rather than a fully underwritten financial case.

Bottom line: This is a substantial strategic upgrade to Andersons’ renewables platform, adding scarce operating CCS capability and materially more scale. The deal strengthens the current story, but the all-debt funding and reliance on tax-credit cash flows make execution and integration important parts of the payoff.

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Transaction closing, subject to customary conditions

Original filing on SEC EDGAR

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Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Andersons acquisition adds CCS ethanol scale but piles on debt

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