Benson Hill, Inc. · OTC:BHILQ
Benson Hill — Investor Day (March 2023)
93 slides from Benson Hill's investor day presentation, Mar 29, 2023
Slide 1: 2023 Investor Day: Experience the Future of Food
2023 INVESTOR DAY EXPERIENCE THE FUTURE OF FOOD Exhibit 99.2
Slide 2: 2023 Investor Day Agenda
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 7:30 AM CT: Technology tour to ground you on our approach to seed genomics (for those first-time visitors that have requested this in their RSVP). 8:15 AM CT: Guests arrive, check in, and have a light breakfast/coffee. 9:30 AM CT: Live management presen
Slide 3: Presenters
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 JASON BULL CHIEF TECHNOLOGY OFFICER BRUCE BENNETT PRESIDENT, INGREDIENTS DEAN FREEMAN CHIEF FINANCIAL OFFICER MATT CRISP CHIEF EXECUTIVE OFFICER ANDRES MARTIN EVP AND GENERAL MANAGER, INTERNATIONAL
Slide 4: Disclaimers
Disclaimers CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For
Slide 5: Why Benson Hill Wins
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 WHY BENSON HILL WINS MATT CRISP CEO AND DIRECTOR
Slide 6: Why Benson Hill Wins: Multiple Differentiators
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Others Advantage Source: Benson Hill internal estimates as of April 2022 Time Advantage World-leading ultra-high protein & high yield commercial germplasm No commercial ultra-high protein germplasm ~6-10 years R&D Advantage Limited or no protein testing
Slide 7: Innovation is Key to Deliver Nutrition Security and Climate Goals
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Sources: 1 Zintinus, Bain & Co. “Food Tech: Turning Promise into Opportunity”, JUNE 2022 2 Good Food Institute, Plant-Based Meat for a Growing World 3 Henchion et. al, “Future Protein Supply and Demand”, Foods 2017, 6, 53; doi:10.3390/foods6070053 Innov
Slide 8: Current Trends Amplify the Need for Innovation
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Current Trends Amplify the Need for Innovation PERSISTENT INFLATION ENVIRONMENTAL IMPACT OF FOOD SUPPLY CHAIN DISRUPTION FOOD-DRIVEN HEALTH IMPLICATIONS 8
Slide 9: Increasing Societal Pressure to Address Negative Environmental Externalities
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 CONSUMER FOOD COMPANY REGULATION SEC Climate Disclosure (Q2’23 estimated) Consistent and specific GHG emissions reporting EU CSRD (begin ‘23) Consistent and specific ESG reporting Clear and material link between ESG-related claims and consumer spending1
Slide 10: Shifting from Food Security to Nutrition Security
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Shifting from Food Security to Nutrition Security Helps Scale Value-Added Markets 10 PLANT-BASED PROTEIN • Market expected to broaden, with diverse applications • Soy & yellow pea are versatile and powerful • Processing is a drawback AQUACULTURE • Fast-
Slide 11: Technology and Integrated Model Deliver Benefit to Multiple Stakeholders
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Benson Hill’s Technology and Integrated Model Delivers Benefit to Multiple Stakeholder Groups PROCESSOR Reduced processing Reduced GHG emissions and water use Reduced cost FARM Reduced inputs GHG benchmarking and water use Nutrition density per acre PRO
Slide 12: Partnerships with Farmers Lead to Scale
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 "I appreciate a company breeding for things beyond yield, and protein is an important quality trait overlooked by other companies. I'm happy to celebrate my 4th year growing Benson Hill varieties in 2023.” HENRY BUELL | BUELL FARMS TERRE HAUTE, INDIANA
Slide 13: Abundant and Diverse Market Opportunities
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Abundant and Diverse Market Opportunities TODAY FUTURE MEAT ALTERNATIVES AQUACULTURE SPORTS NUTRITION ANIMAL FEED PET FOOD SNACKS CEREALS EDIBLE OILS BAKED GOODS PROCESSED MEAT DAIRY ALTERNATIVES SPECIALTY FEED
Slide 14: R&D Team Expertise
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 FOOD SCIENCE DATA SCIENCE PLANT SCIENCE 170 R&D team members with diverse expertise: ~ Genomics Human Nutrition Data Analytics Food Engineering Plant Breeding Biotechnology Software Development Clinical Research Ingredient Manufacturing Agronomy
Slide 15: Benson Hill IP Summary
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 ENABLING TECHNOLOGIES Benson Hill IP Summary Plant Varieties 89 1 +92 Pending Plant Breeding Rights Applications SEED GENETICS PRODUCT RELATED Traits/Genes Processing Food Applications 87 PATENT FILINGS 29% issued 71% pending 37% US 63% ex-US CRISPR Cro
Slide 16: Scaling Proprietary Revenues
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Expect Significant Growth Scaling Proprietary Revenues 2020 2021 2022 2023(P) 2025(P) Partnership/Licensing Closed-Loop In $US Millions $300+ $6 65 % - 7 5% CAGR $38 $100 - $110 $73 • Customer demand: Differentiated Ultra-High Protein ingredients in foo
Slide 17: Setting the Pace of Innovation in Food
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Platform Products Pipeline People Partners Setting the Pace of Innovation in Food LONG-TERM TAILWINDS AND CONSUMER-DRIVEN TRENDS OUR WINNING COMBINATION
Slide 18: Our Advantage Driven by Technology
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 OUR ADVANTAGE DRIVEN BY TECHNOLOGY JASON BULL CHIEF TECHNOLOGY OFFICER
Slide 19: Why We are Winning with Technology
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Why We are Winning with Technology 19 LEADING VARIETIES – proprietary genetics and mountains of data1 5 GENETIC INNOVATION – multiplier effect on value NEW BUSINESS MODEL – feedback and feed forward from farmers and customers4 INDUSTRY LEADING PIPELINE
Slide 20: Best-in-Class High Protein and High Yield Varieties
Map of 199 soy farms comprising 1292 commercial fields in 2022 Best-in-Class High Protein and High Yield Varieties 1 SOYBEAN YELLOW PEA • New varieties with protein >28% advanced (first-planting in 2024/2025) • 12 commercial varieties (2023) • 3 new varieties advancing to first-planting (2024) • Pip
Slide 21: Artificial Intelligence is at the Core of the CropOS Platform
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Artificial Intelligence is at the Core of the CropOS® Platform 1 Recommendations Creation OUTCOMES Field trials Farm yields Genome sequences Flavor and sensory Ingredient functionality Seed development STRATEGIC DATA AI/ML APPLICATIONS
Slide 22: Artificial Intelligence is Impacting our Lives
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Artificial Intelligence is Impacting our Lives1 STRATEGIC DATA Hotel Reviews Movies Artwork Music Internet browsing Flight schedules AI/ML APPLICATIONS OUTCOMES Recommendations Creation All trademarks are property of their respective owners and are not
Slide 23: CropOS Connects and Informs
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Customer input Food Lab Sensory Lab Food applications Quality Lab Composition Flavor Functionality Sensory Models Application Performance FSI agronomic trials Disease trials Commercial performance Value Share Models Logistics Models Agronomics RX Models
Slide 24: CropOS Acts Like a GPS
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 CropOS® Acts Like a GPS that Optimizes Cost and Time to Outcome, Increases our Hit Rate and De-risks Our Pipeline 2
Slide 25: CropOS Connects and Ingests Data and Models Outcomes
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Protein Comp NIR Models Oil Comp Ops Recipe Functionality Sensory Models Application Performance Agronomics RX Models Agronomics Target Gene Models Gene Function Expression Models Genetic diversity CropOS® Connects and Ingests Data and Models Outcomes G
Slide 26: Thousands of Potential Roadmap Routes Are Created
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 1000’s of Potential Roadmap Routes are Created that Achieve the Desired Outcome
Slide 27: Eliminate Roadmaps with Fewer Shots on Goal
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Eliminate Roadmaps that... are Lower on Number of Shots on Goal
Slide 28: Only High Number of Shots on Goal Roadmaps
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Only High Number of Shots on Goal Roadmaps
Slide 29: Eliminate Roadmaps that Overload Production Operations
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Eliminate Roadmaps that... Overload our Production Operations 2
Slide 30: Only Roadmaps that Fit Operational Capacity
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Only Roadmaps that Fit Our Operational Capacity
Slide 31: Eliminate Roadmaps that Are Too High Cost
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Eliminate Roadmaps that... are Too High Cost 2
Slide 32: Only Cost Effective Roadmaps
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Only Cost Effective Roadmaps
Slide 33: Eliminate Roadmaps that Take too Long to Launch
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Eliminate Roadmaps that... Take too Long to Launch 2
Slide 34: Only Roadmaps that Hit the Commercial Launch Date
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Only Roadmaps that Hit the Commercial Launch Date
Slide 35: Eliminate Roadmaps that Reduce Genetic Diversity
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Eliminate Roadmaps that... Reduce Long Term Genetic Diversity
Slide 36: A Handful of High Value Roadmaps Remain
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2 Finally, We Have a Handful of High Value Roadmaps that are Optimal for Our Pipeline and Expected Outcomes
Slide 37: The Winning Roadmap: Recombination
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 PRODUCTIONTESTING FOOD SYSTEM INNOVATORS PARENTAL STARTING MATERIAL RECOMBINATION 4.9B combinations 2 The Winning Roadmap Has the Exact Turn-By-Turn Instructions, Spanning Multiple Years, to Build the Product
Slide 38: The Winning Roadmap: Recycling & Diversity
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 PRODUCTIONTESTING PARENTAL STARTING MATERIAL RECOMBINATION 2 The Winning Roadmap Has the Exact Turn-By-Turn Instructions, Spanning Multiple Years, to Build the Product Recycling & diversity FOOD SYSTEM INNOVATORS
Slide 39: The Winning Roadmap: Yield, Sensory & Ingredient Testing
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 PRODUCTIONTESTING PARENTAL STARTING MATERIAL RECOMBINATION Yield, sensory & ingredient testing FOOD SYSTEM INNOVATORS 2 The Winning Roadmap Has the Exact Turn-By-Turn Instructions, Spanning Multiple Years, to Build the Product
Slide 40: The Winning Roadmap: Production & Agronomic Practices
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 PRODUCTIONTESTING PARENTAL STARTING MATERIAL RECOMBINATION Production & agronomic practices FOOD SYSTEM INNOVATORS 2 The Winning Roadmap Has the Exact Turn-By-Turn Instructions, Spanning Multiple Years, to Build the Product
Slide 41: The Winning Roadmap: Portfolio Mix & Value Share
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 PRODUCTIONTESTING FOOD SYSTEM INNOVATORS PARENTAL STARTING MATERIAL RECOMBINATION Portfolio mix & value share 2 The Winning Roadmap Has the Exact Turn-By-Turn Instructions, Spanning Multiple Years, to Build the Product
Slide 42: Seed-to-Plate Pipeline Reaching Value Inflection in 3-4 Years
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 One of the few companies with plant science, food science and data science 3 Best-in-Class Seed-to-Plate Pipeline that Can Reach Value Inflection in ~3-4 years* Predictive design Parallelized testing 500M predicted genotypes 286K predicted gene targets
Slide 43: Feed-back and Feed-forward from Farmers and Customers
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 "Win-win we both care about the same thing – farm profitability" • 100% Farmers shared data on closed-loop fields in 2022 • ~80% Farmers adopted recommendations in 2022 • Customer connection Input from ingredient suppliers and CPG customers directly imp
Slide 44: Pipeline On-Track: Key Advancements and New Candidates
5 Pipeline On-Track: Key Advancements Made and New Candidate Products Added Expected launch timelines are all approximate. Commercialization is dependent on multiple factors. ®™Trademarks of Corteva Agriscience and its affiliated companies. The transgenic soybean event in Enlist E3® soybeans is join
Slide 45: Serviceable Addressable Market of ~$27B
5 Serviceable Addressable Market Size of ~$27B* ASSUMPTIONS Ingredient Only Adjusted For Inclusion Rate NA Only; Aqua – EU Only Market Size In 2022 ANIMAL FEED BIODIESEL FOOD OILS PROCESSED MEAT DAIRY ALTERNATIVES CEREALS MEAT ALTERNATIVES AQUACULTURE BAKED GOODS PET FOOD CAGR Of High Single Digit E
Slide 46: Serviceable Obtainable Market of ~$6B
5 Serviceable Obtainable Market Size of ~$6B* Cost Advantage Premium Products ~20% Market Share 8-10 Years Benson Hill has opportunity to obtain this market either through closed loop or partnerships ANIMAL FEED BIODIESEL FOOD OILS PROCESSED MEAT DAIRY ALTERNATIVES CEREALS MEAT ALTERNATIVES AQUACULT
Slide 47: Pipeline On-Track by Product Category
Pipeline On-Track: Key Advancements Made and New Candidate Products Added IN THE WORKS GEN2: >60% PPC GEN1.1: +Better Carbs GEN2.1:+ Improved Flavor UP NEXT GEN1: 60% PPC GEN2: +60% White Flake Protein GEN1.1: +Herbicide Tolerance WHERE WE ARE Commercial: 60% White Flake Protein, Better Carbohydrate
Slide 48: Traditional Seed Industry Input Traits
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 5 Specific Crop The Traditional Seed Industry leverages Genetics and GMOs for Input Traits Corn North America - Midwest Corn Rootworm Specific insect pest Specific Geography Incremental Ingredient Value Incremental Application Value
Slide 49: Genetic Innovation Has a Multiplier Effect on Value
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Partners enable instant market access and global reach 5 Genetic Innovation has a Multiplier Effect on Value
Slide 50: Our People
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 OUR PEOPLE!
Slide 51: Operational and Commercial Excellence
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 SETTING THE PACE OF INNOVATION IN FOOD THROUGH OPERATIONAL AND COMMERCIAL EXCELLENCE BRUCE BENNETT PRESIDENT, INGREDIENTS
Slide 52: Successful Closed Loop Model Execution
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Successful Closed Loop Model Execution Incubation Scalability Targeted acceleration
Slide 53: Year of Commercial Execution
Year of Commercial Execution PRODUCTIVITY Asset Integration & Expansion Operational Excellence GROWTH & GO-TO-MARKET Revenue & Margin Drivers Winning with Customers Partnership Execution Seymour, IN Creston, IA Dakota Ingredients Capacity Utilization Process Optimization In-House Texturization Seed-
Slide 54: Optimizing Capacity Footprint: Seymour, IN
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Through yield improvements and debottlenecking we’ve increased our combined capacity at Creston and Seymour by ~50% ADM partnership has further expanded global footprint Opportunity to optimize OPEX and deploy capital efficiently • Strong crush environm
Slide 55: Setting the Pace: High Growth & Established Markets
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Setting the Pace: High Growth & Established Markets PO RT FO LI O F IT CATEGORY GROWTH PROJECTIONS Bubble Size Indicates Estimated Market Size (2022) L H High-protein Low Oligosaccharide Food Broad Range of End Market Applications Oil Animal Nutrition H
Slide 56: Trends Drive Portfolio Opportunities
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Plant Based Lifestyle Better for You/Protein Centric Localization, Traceability Impacting Trends Drive Portfolio Opportunities
Slide 57: Consumer Choices Influence Upstream Innovation
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Locally Sourced Optimized Functionality Identity Preserved Affordability Non-GMO Better for Me More Sustainable Supply Chain Transparency Consumer Choices Influence Upstream Innovation
Slide 58: Genetics Unlocking New Market Segments: Pet Food
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Genetics Unlocking New Market Segments Global Pet Food Market1 • $119 Billion Market Size • 7.4% CAGR Humanization of Pet Differentiated Value Propositions Deeply Entrenched Customer Base Full Portfolio Applicability (Pea, Soy, Oil) 1 Euromonitor Retail
Slide 59: Optimal Functionality Creates Significant Value for Customers
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Optimal Functionality Creates Significant Value for Customers Oil Containing Heart-healthy1 Omega-9 Fatty-Acids Clean taste Extended fry life2 1 Supportive but not conclusive scientific evidence suggests that daily consumption of about 1½ Tbsps (20g) of
Slide 60: Scaling Fast with ADM Partnership
Scaling Fast with ADM Partnership UHP B E A N P R O P R I E T A R Y G E N E T I C S B Y Asset Infrastructure Application Technology Go-to-Market Established Salesforce Innovation Centers Technical Service Team SEED TO FORK I N G R E D I E N T S L A U N C H
Slide 61: Why Benson Hill Can Win with Operational Excellence
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Why Benson Hill Can Win with Operational Excellence CropOS® Platform Helps develop the technology and differentiating value propositions Closed Loop Model Incubator that will drive customer proof points and insights Partnerships Asset Light Model to ove
Slide 62: Replicating U.S. Success: International Expansion
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 REPLICATING U.S. SUCCESS INTERNATIONAL EXPANSION ANDRES MARTIN EVP AND GENERAL MANAGER INTERNATIONAL
Slide 63: Proven Proprietary Products Suited for Global Expansion
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Proven Proprietary Products are Well Suited for Global Expansion Plant-based meat AquaBenson Hill U.S. and International headquarters
Slide 64: International Playbook to Smart, Phased Growth
1 STEP 3 STEP 2 STEP International Playbook to Smart, Phased Growth Proven product performance Adoption of Proprietary Products Local manufacturing (ship grain from US) Asset-Lite Approach for Growth Localized closed-loop business model Grow Varieties Locally Establish relationships across the value
Slide 65: Step 1: Adoption of U.S. Grown Proprietary Products
BEANS PROCESSED IN U.S. BY BENSON HILL PRODUCT SHIPPED TO DESTINATION Adoption of U.S. Grown Proprietary Products1 STEP WHY THIS MATTERS • Validates global value prop • Enables BH to fully capitalize on sustainability value prop of products • De-risks investment in Step 2 and 3 WHAT IS NEEDED FOR SU
Slide 66: Step 2: Asset Light Approach for Growth
BEANS PROCESSED AT DESTINATION BEANS SHIPPED TO DESTINATION Asset Light Approach for Growth2 STEP WHY THIS MATTERS WHAT IS NEEDED FOR SUCCESS: PRODUCT DELIVERED TO DESTINATION VARIETIES GROWN IN U.S. • Unlocks processing capacity • Leverages local market knowledge • Leverages benefit of local proces
Slide 67: Step 3: Grow Varieties Locally
Grow Varieties Locally3 STEP WHY THIS MATTERS WHAT IS NEEDED FOR SUCCESS: PRODUCT DELIVERED TO DESTINATION BEANS PROCESSED AT DESTINATION BY PARTNER VARIETIES GROWN AT DESTINATION • Logistics cost savings • Further improves CO2 footprint of products • Localized closed-loop model • Locally-adapted va
Slide 68: EU Is Most Relevant Near-Term International Market
EU Is Benson Hill’s Most Relevant Near-Term International Market 1 RaboResearch (2020) 2 USDA (2022) 3 Yara International ASA (2023) 4 Trading Economics (2023) 5 Miller, Carol D., Local Economies on Their Minds (2018) Soy 80% increase in plant-based meat consumption from 2014-20191 remains the #1 in
Slide 69: Aquaculture is First Large-Scale Opportunity in EU
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Aquaculture is Benson Hill’s First Large-Scale Opportunity in EU Performance Sustainability Value Commodity Soybean Meal Soy Protein Concentrate Fat 1% Oligos *Typical values on a dry-weight basis 1% <1% <1% >5% <1% Protein*
Slide 70: BH Soy Can Deliver Meaningful Sustainability Benefits
BH Soy Can Deliver Meaningful Sustainability1 Benefits 2 1 On a per kilogram of product basis, benchmarked relative to South American sourced soy protein concentrate, based on a Life Cycle Assessment conducted by Blonk Consultants (2022), when not considering the impact of land use change. 2 Typical
Slide 71: Closed Loop Model in U.S. Enables International Markets
Successful Implementation of Closed Loop Model in U.S. Helps Enable International Markets
Slide 72: Riverence
RIVERENCE
Slide 73: Abundant and Diverse Market Opportunities
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Abundant and Diverse Market Opportunities TODAY FUTURE MEAT ALTERNATIVES AQUACULTURE SPORTS NUTRITION ANIMAL FEED PET FOOD SNACKS CEREALS EDIBLE OILS BAKED GOODS PROCESSED MEAT DAIRY ALTERNATIVES SPECIALTY FEED
Slide 74: Soy Genetics Adaptable to Southern Europe
Benson Hill Soy Genetics are Adaptable to Southern Europe • Benson Hill U.S. soy portfolio spans relative maturity groups 2 – 4 • No additional breeding for other maturity groups needed • Benson Hill varieties already being grown in Italy Soy
Slide 75: Why Benson Hill Can Win Internationally
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Why Benson Hill Can Win Internationally Increasing demand for plant-based protein is global requiring innovative solutions that are more sustainable Proving it today in Europe beginning with Aquaculture Constant innovation in new seed varieties adaptabl
Slide 76: 2025: Path to Profitability
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2025: PATH TO PROFITABILITY PROPRIETARY REVENUE GROWTH AND GROSS MARGIN EXPANSION DEAN FREEMAN CHIEF FINANCIAL OFFICER
Slide 77: Scaling Proprietary Portfolio Creates Long-Term Shareholder Value
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Scaling Proprietary Portfolio Creates Long-Term Sustainable Shareholder Value MARGIN EXPANSION TECHNOLOGY STACK EXECUTION CASHGROWTH CONSOLIDATED REVENUE CONSOLIDATED GROSS MARGIN EXPANSION ADJUSTED EBITDA MARGIN FREE CASH FLOW $400M+ 25% Positive Posit
Slide 78: Proprietary Revenue Growth Drives Gross Profit Expansion in 2023
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Proprietary Revenue Growth Drives Gross Profit Expansion in 2023 (in $ Millions USD) 2023 Guidance (Excludes the Fresh Segment1) Consolidated Revenue $390 - $430 Proprietary $100 - $110 Consolidated Gross Profit $20 - $30 Operating Expense $125 - $130 N
Slide 79: Scaling Proprietary Revenues
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Expect Significant Growth Scaling Proprietary Revenues 2020 2021 2022 2023(P) 2025(P) Partnership/Licensing Closed-Loop In $US Millions $300+ $6 65 % - 7 5% CAGR $38 $100 - $110 $73 • Customer demand: Differentiated Ultra-High Protein ingredients in foo
Slide 80: Proprietary Soy Products Deliver Value in any Commodity Cycle
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Crush Margins Premium Highest Margin Proprietary Soy Products Deliver Value in any Commodity Cycle Historical: commodity crush margin1 Current: Peak commodity crush margin Future: Benson Hill Proprietary premium post-peak commodity crush margin Current:
Slide 81: Targeted Proprietary Revenue Growth and Margin Expansion
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Targeted Proprietary Revenue Growth and Margin Expansion Proprietary and Non-Proprietary revenue mix shift is anticipated to drive margin expansion Proprietary Closed-Loop Licensing Partnerships Non-Proprietary~75% ~22% ~80% ~12% ~12-15% ~25-35% ~60%-90
Slide 82: Closed-Loop Proprietary Contribution Margin Expansion
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Closed-Loop Proprietary Contribution Margin Expansion Plans Remain in Place Crop Performance Improvement Value Chain Optimization Product Mix & Volume Product Pricing Expected 2025-2027 Contribution Margin%* 2022 Guidance Contribution Margin%* * Defined
Slide 83: Managing Costs from Seed to Ingredient Manufacturing
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Managing Costs from Seed to Ingredient Manufacturing Ultra-High Protein Costs ($/ST) (Indexed) Integrated approach and continued innovation allow for greater control of production costs • Taking actions to reduce costly third-party tolling costs for ing
Slide 84: Targeted Gross Profit Improvement from Broad Market Opportunities
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Targeted Gross Profit Improvement Driven by Broad Market Opportunities Partnerships Partnerships Specialty Oils Specialty Oils Aqua Meal Aqua Meal Human & Animal Nutrition Human & Animal Nutrition Other* Other* 2023(P) 2025(P) Sca lin g th e proprie tar
Slide 85: Seed to Proprietary Ingredient Cash Conversion Cycle
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Seed to proprietary ingredient cash conversion cycle Seed sent to farmers Year 1 Q1 Year 1 Source Cash Flow Use Q3 Year 1 Q1 Year 2 Q3 Year 2 Harvest Grain purchased from farmers Year 1 Manufacturing high value add products Year 1 Products Sold Benson H
Slide 86: Liquidity Improvement Actions
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 MINIMIZE WORKING CAPITAL REQUIREMENTS REDUCE OPEX WHILE RETAINING VALUE FOCUSED ASSET BASE Liquidity Improvement Actions Funding proceeds targeted at $35-$45 million • Explore strategic options for Seymour in 2023 • Drive capacity utilization in Creston
Slide 87: 2022–2025: Expected Path to Positive Cash Flow
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 2022–2025: Expected Path to Positive Cash Flow 2022 Ending Cash Free Cash Flow Use1 Repayment of Current Term Loan Other Principal Payments Cost / Operational Improvement & Equity Proceeds $175 Proprietary portfolio growth expected to reduce cash burn 2
Slide 88: Targeting Positive Free Cash Flow in 2025
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 Targeting Positive Free Cash Flow in 2025 Gross Profit Executing target growth strategy & scaling the proprietary portfolio to improve cash flow Cash OPEX Driven by liquidity improvement initiatives Interest Expense(1) Conventional loan facility planned
Slide 89: Why Benson Hill Wins
EXPERIENCE THE FUTURE OF FOODINVESTOR DAY 2023 MARGIN EXPANSION Focus on highest-margin product opportunities in food ingredients, aquaculture, and edible oils Operating efficiency gains and focus on improving return on capital Why Benson Hill Wins PROPRIETARY GROWTH Customer demand for Benson Hill
Slide 90: Thank You
, Thgpk BENSON @HILL
Slide 91: Appendix
_ Appen BENSON @HILL
Slide 92: 2023 non-GAAP Reconciliations
2023 non-GAAP Reconciliations(1) Adjustments to reconcile 2023 consolidated net loss to Adjusted EBITDA (In Millions USD) Consolidated net loss from continuing operations $ (125) – (135) Interest expense, net 27 – 29 Depreciation and amortization 21 –23 Stock-based compensation 14 – 15 Total Adjuste
Slide 93: 2025 non-GAAP Reconciliations
2025 non-GAAP Reconciliations(1) (In Millions USD) (1) The expected results exclude the Fresh business which was divested in a two-part transaction announced on January 3, 2023, the initial portion of which was consummated on December 29, 2022, and the second portion of which is expected to close in