Slide 1: Q4 2025 and YE 2025 Earnings Call
Q4 2025 and YE 2025 Earnings Call February 5, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements that reflect management’s current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertaint
Slide 3: Strong Financial Foundation, Disciplined Execution
STRONG FINANCIAL FOUNDATION, DISCIPLINED EXECUTION Our results for the $11.9 million $0.17 fourth quarter of Net Income 2025 reflect EPS attributable to (dilutive) disciplined Green Plains execution, operational excellence, and a $49.1 million $428.8 million stronger balance sheet. Adjusted Revenue
Slide 4: Quarterly Highlights
QUARTERLY HIGHLIGHTS 178.8 million gallons 60 thousand tons of ethanol of Ultra-High Protein 97%* 64.6 million of production capacity pounds of renewable corn oil 378 thousand tons 60.4 million of distillers grains (dry equivalent) bushels of corn processed $44.4 million consolidated ethanol crush m
Slide 5: Record Performance Across the Fleet
Our team is focused on RECORD safe execution to deliver consistent, repeatable PERFORMANCE results ACROSS THE FLEET Four plants set ethanol production records in 2025 Advantage Nebraska is fully operational and sequestering CO2 in Wyoming Updated ethanol production capacity reflects proven ability t
Slide 6: Advancing Our Low-Carbon Intensity Platform
ADVANCING OUR LOW-CARBON INTENSITY PLATFORM >$150M Advantage Nebraska 2026 Adjusted EBITDA opportunity We are executing on our low-carbon platform with >$38M Expected 45Z generation from remaining facilities purpose and precision. 2026 All plants are on track to qualify for 45Z credits in 2026 6
Slide 7: Selected Operating Data
SELECTED OPERATING DATA (In thousands) For the three months ended December 31, 2025 2024 Ethanol production Ethanol (gallons) 178,777 209,540 Distillers grains (equivalent dried tons) 378 469 Ultra-High Protein (tons) 60 54 Renewable corn oil (pounds) 64,572 73,376 Corn consumed (bushels) 60,391 71,
Slide 8: Consolidated Crush Margin
CONSOLIDATED CRUSH MARGIN (In millions) For the three months ended December 31, 2025 2024 Ethanol production Operating loss (1) $ (8.1) $ (40.1) Depreciation and amortization 22.7 20.2 45Z production tax credits (2) 27.7 — Impairment loss on assets held for sale 3.8 — Total adjusted ethanol producti
Slide 9: Condensed Consolidated Income Statement
CONDENSED CONSOLIDATED INCOME STATEMENT (In millions, except per share amounts) For the three months ended December 31, 2025 2024 Revenues $ 428.8 $ 584.0 Costs and expenses 439.3 624.9 Operating loss $ (10.5) $ (40.9) Other expense (4.5) (5.5) Income tax benefit (expense) 28.5 (7.0) Loss from equit
Slide 10: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (In millions) For the three months ended December 31, 2025 2024 Net income (loss) $ 12.9 $ (54.7) Interest expense 6.1 7.7 Income tax expense (benefit), net of equity method income taxes (28.5) 6.6 Depreciation and amortization (1) 23.5 21.5 EBITDA $ 14.0 $ (18.9) Restructuri