Green Plains Inc. Q4 FY2025 earnings call

• Employees delivered strong operational execution with four plants reaching historical production volumes and seven plants achieving record ethanol yields. Four of our plants reached historical production volumes and seven plants achieved record ethanol yields. Protein and corn oil yields continued to increase. • Updated maximum production volumes: New stated production capacity for plants (excluding Fairmont) increased to 730 million gallons per year, a 10% increase. • CO2 compression equipment at three Nebraska plants started up, with CO2 sequestered in Wyoming lowering CI scores and generating cash flow. • Introduced new senior leadership: Ryan Loneman leads legal function, Anne Reese leads finance and accounting. • Strategic priorities include improving energy efficiency and CI reduction projects, evaluating carbon sequestration for non-pipeline plants, debottlenecking/expanding facilities, increasing on-site grain storage/receiving speed, and balancing capital structure/returning capital to shareholders.

For the year 2025, net income attributable to Green Plains was $11.9 million, or 17¢ per diluted share, versus Q4 2024's net loss of $54.9 million, or negative 86¢ per diluted share. Adjusted EBITDA for Q4 2025 was $49.1 million, an improvement from negative $18.2 million in 2024. Revenue for Q4 2025 was $428.8 million, down 26.6% year over year. Corn oil markets were steady, and protein pricing was under pressure but corn costs remained low.

• Expect carbon-related adjusted EBITDA of at least $188 million in 2026, subject to production volumes and carbon intensity factors. • Interest expense expected to be $30 million to $35 million in 2026. • Sustaining capital expenditures for 2026 expected to be $15 to $25 million. • Actively marketing 2026 45Z tax credits and expect to announce sale details soon. • Viewed treasury's proposed 45C clean fuel production credit regulations as constructive for the industry.

• Forward-looking statements are subject to risks and uncertainties, including factors discussed in press releases, conference calls, and SEC filings. Actual results may differ materially. • Market conditions, including natural gas prices, weather, and regulatory changes, could impact operational costs and performance.

Q: Asked about engagement around 2026 45Z credits and potential pricing structures.

A: Chris Ossowski said they are actively marketing the credits and expect to share sale details soon.

Q: Inquired about granularity of carbon opportunity and specific projects.

A: Chris Ossowski mentioned $5 to $10 million in plant efficiency projects with fast returns, focused on Nebraska locations, and evaluating larger investments for energy consumption reduction.

Q: Questioned why 4Q cash flow from operations before working capital was lower than EBITDA and working capital tailwind.

A: Will Yackel said it was due to not fully receiving cash from carbon earnings yet and accelerating receivables/inventory from the ECO transaction.

Q: Asked about 1Q ethanol EBITDA margin outlook and 2Q outlook.

A: Emre Havasi said Q1 is seasonally low but the company is in better shape than last year, with operational efficiency and good market fundamentals supporting a strong Q1.

Q: Inquired about bridging the $188 million carbon opportunity and tax credit monetization.

A: Chris Ossowski and Anne Reese discussed the $188 million coming from Nebraska locations and other facilities, and ongoing discussions with counterparties for tax credit monetization.

Q: Asked about CI score, on-farm practices impact, and payment terms for carbon sequestration equipment.

A: Anne Reese discussed on-farm practices potentially providing additional CI reduction value and Will Yackel explained compression liabilities are like amortizing loans.

Q: Questioned about capital allocation in 2026 and share repurchases.

A: Chris Ossowski said they are evaluating opportunities for free cash flow, including plant efficiency, debottlenecking, grain storage, and potential debt reduction/share repurchase.

Q: Asked about Q1 utilization target and natural gas impact.

A: Emre Havasi said they were fully hedged on natural gas, experienced minor operational hiccups due to weather, but were not impacted margin-wise.