Andersons closes $425M buyout of remaining 49.9% stake in TAMH JV

Andersons, Inc.

Acquired remaining 49.9% interest in The Andersons Marathon Holdings for $425M, including $40M working capital; closed July 31, 2025.
Pro forma FY2024 net income attributable to controlling interests would have been $140.0M vs. actual, with EPS up $0.76 to $4.11 basic.
For H1 2025, pro forma net income attributable to controlling interests would have been $15.6M; EPS up $0.22 to $0.46.
Pro forma balance sheet would show cash reduced by $351M, short-term debt up $74M, equity down $425M as of June 30, 2025.
Financing costs of $30.7M (FY2024) and $9.9M (H1 2025) reflect additional borrowings and cash used for the buyout.

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