The Andersons, Inc.

Good morning, ladies and gentlemen. Welcome to the Andersons 2025 Fourth Quarter Earnings Conference Call. My name is Dave, and I will be your coordinator for today. At this time, all participants are in listen-only mode. Later, we will facilitate a question-and-answer session. To ask a question, you may press star, then 1 on a touch-tone phone. To withdraw your question, please press star and then 2. As a reminder, this conference is being recorded for playback purposes. I will now hand the presentation to your host for today, Mr. Mike Holter, Vice President, Corporate Controller, and Investor Relations. Please proceed.

Good morning, everyone, and thank you for joining us for the Anderson's fourth quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are viewing this presentation via the 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 Investors page of our website shortly. Please direct your attention to the disclosure statement on slide 2, 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 SEC. We encourage you to review these factors. This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of the non-GAAP to GAAP measures are included within the appendix of this presentation. On the call with me today are Bill Krueger, 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 today to discuss our fourth quarter results and initial outlook for 2026. I would like to start off by thanking the entire Andy team for their hard work and strategic focus over the past several quarters. This effort allowed us to deliver a record fourth quarter EPS, confirming our portfolio's versatility and resilience in various market conditions. The fall harvest produced larger than expected volumes of grain in the Western Greenbelt, and we were able to accumulate significant corn and sorghum at favorable basis values. This increased production added to space income at our assets, but limited our merchandising opportunities. Exports for wheat and sorghum from our western assets saw sizable increases in the fourth quarter compared to the first three quarters of the year. In the eastern greenbelt, harvest results were more variable. Our team focused on sourcing corn for a record export program and strong ethanol demand, achieving higher seasonal elevation margins. Production at our ethanol plants resulted in another year of record volume and above-average yields. Ethanol exports again reached a record level, which helped to support improved ethanol board crush. However, our eastern ethanol plants were also impacted by higher corn basis and natural gas costs. our plants continue to run well. In the fourth quarter, we continue to execute our stated strategy. Although our capital allocation may vary from year to year, we are committed to profitable growth in both agribusiness and renewables. In renewables, after acquiring full ownership of our four ethanol plants last year, we recently announced an additional investment in our Climbers Indiana facility, which is expected to add 30 million gallons of incremental annual production in 2027. In the first quarter, we plan to begin operations at a renewable feedstock storage and blending facility in Ulysses, Kansas, where we will add capacity for low CI feedstock to supply the bio-based diesel and feed markets. Agribusiness growth initiatives include continued improvements in our skyland asset footprint, and we are pleased with their improved performance this quarter. Work continues with the Port of Houston expansion project. We expect completion of our upgrades to the grain elevator in Q2 of 2026 and the soybean meal export capacity should be online in late Q3 of 2026. After completing the first phase of the mineral processing facility in Carlsbad, New Mexico, we're adding processing capabilities in a second phase scheduled to be complete in the second quarter. We continue the build-out of our corn and wheat late processing capabilities strategically located within our asset footprint to support key CPG customers. I'm now going to turn things over to Brian to cover some key financial data. When he's finished, I'll be back to discuss our early outlook for 2026.