The Andersons, Inc.

Good morning, ladies and gentlemen, and welcome to the Anderson's 2025 First Quarter Earnings Conference Call. My name is Joe, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. And should you need any assistance on today's call, please signal a conference specialist by pressing the star key followed by zero. Later, we will facilitate a question and answer session. To ask a question, you may press star then one on your telephone keypad. To withdraw a question, please press star, then two. And as a reminder, this conference is being recorded for replay purposes. I will now hand the presentation to your host for today, Mr. Mike Holter, Vice President, Corporate Controller, and Investor Relations. Please proceed.

Thanks, Joe. Good morning, everyone, and thank you for joining us for the Anderson's First Quarter Earnings Call. We have provided a slide presentation that will enhance today's discussions. If you are viewing this presentation from our webcast, the slides and commentary will be in sync. This webcast is being recorded, and the recording and the supporting slides will be made available on the investor's page of our website at andersonsinc.com shortly. Please direct your attention to the disclosure statement on slide two, as well as the disclaimers in the press release related to forward-looking statements. Certain information discussed today constitutes forward-looking statements that reflect the company's current views with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially as a result of many factors which are described in the company's reports on file with the FCC. We encourage you to review these factors. This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP measures are included within the appendix of this presentation. On the call with me today are Bill Kruger, President and Chief Executive Officer, and Brian Valentine, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will be happy to take your questions. I will now turn the call over to Bill.

Thanks, Mike. And good morning, everyone. Thank you for joining the call to discuss our first quarter results and outlook for the remainder of 2025. We had mixed results in the first quarter with a strong performance from renewables while agribusiness was weaker than expected. Global trade uncertainty resulting from threatened tariffs and pork fees disrupted typical grain flows and negatively impacted commodity values. This resulted in limited merchandising activity beyond immediate customer needs. The nutrient and agronomy teams had a solid start to the planting season and are well positioned to support the expected increase in corn acres. At the same time, our renewables group had one of its best first quarters with improved yields and solid margins from ethanol production coupled with contributions from ethanol and renewable diesel feedstock merchandise. Results in agribusiness were down as our ag supply chain assets were hit particularly hard by domestic demand challenges and the overall trade flow uncertainties, reducing exports of wheat and sorghum. These broad market conditions, which we believe are temporary and unusual, impacted the entire network but were amplified in the Western Corn Belt. A bright spot for the group, was our agronomy business, where we experienced increased volumes and margins. We remained pleased with our operating performance in renewables. We again had increased year-over-year production, including higher ethanol and corn yields. Increased board crush margins also positively impacted our results and our ethanol and coproduct merchandising provided comparable uplift. Contributions from dry distillers grains were lower year over year on reduced values, considering an oversupply of alternative protein sources. Brian will now cover some key financial data. After that, I'll be back to discuss our outlook.