BPYPP

• Third quarter saw $52 million in EBITDA, 93.9% ethanol operating rate, and strong Ultra-High Protein production. • Team focused on recovering from first half headwinds, gaining momentum as the quarter progressed. • Restarted Wood River MSC Protein System, achieved new Ultra-High Protein production records, and on track for Q4 highs. • Executed 60% protein production run, delivering commercial quantities and targeting 20-30% of portfolio to 60 Pro in 2024. • Decarbonization efforts include participation in carbon capture projects like Summit Carbon Solutions and Nebraska projects, with expectations of startup in 2025 and 2026. • Clean Sugar technology facility in Shenandoah on track for mechanical completion by year-end and commissioning in Q1 2024, with strong customer interest.

• Anticipate EBITDA contributions from 5 MSC facilities and Tharaldson JV to be $80 million to $120 million in 2024. • 2025 EBITDA expected to build on previous guidance, with advantages from decarbonization and new products. • Expect continued strong fundamentals for ethanol demand, with focus on consistent operations and new product uptake. • Confidence in carbon sequestration projects leading to EBITDA uplift in the coming years.

Green Plains consolidated revenues for the third quarter were $892.8 million, down 6.5% from the prior year. EBITDA was $52 million. Net income attributable to Green Plains was $22.3 million, or $0.35 per diluted share. The ag and energy segment had $12.2 million in EBITDA, up $5.6 million from the prior year. Green Plains Partners reported net income of $9.4 million and adjusted EBITDA of $12.7 million for the quarter, with a quarterly distribution of $0.455 per unit.

• Market volatility affecting product pricing and margins. • Delays in permitting for facilities like Madison, Illinois and Fairmont, Minnesota. • Changes in government policies related to tax credits for renewable fuels and carbon sequestration. • Competition from other renewable fuel producers and potential disruptions in feedstock supply.

Q: Could you talk about protein economics and customer mix changes over the past year?

A: Corn prices lower and protein prices higher have improved economics. Saw uplift in demand across species, renewed pet food contract, and growing volumes.

Q: How confident are you in executing the carbon strategy?

A: Confident in Summit Carbon Solutions project, which is on track despite permitting challenges, and Nebraska project with early 2025 startup.

Q: When can we expect guidance on 45Z?

A: Expect guidance by end of 2023, though timing could slip into early 2024.

Q: How much corn oil pricing did you lock in and any change in thinking?

A: Locked in above market for part of Q4, with no dramatic change in thinking, focusing on quarter-to-quarter volatility.