Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q3 2026 Earnings Presentation
13 slides from Green Plains's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call November 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: Q3 2026 - Key Messages
Q3 2026 - KEY MESSAGES Net income attributable to Green Plains of $85.4 million, or EPS of $1.03 per diluted share Exceptional Financial Adjusted EBITDA of $118M, more than double the prior year, including $53M from the base Performance business Operational Excellence Approximately $0.11/gallon sequ
Slide 4: Demonstrating Earnings Power of the Platform
DEMONSTRATING EARNINGS POWER OF THE PLATFORM $85.4 million $496.0 million Net Income Revenue $118.0 million $52.6 million $65.4 million Adjusted Base Business 45Z EBITDA EBITDA EBITDA 4
Slide 5: Quarterly Highlights
QUARTERLY HIGHLIGHTS 174.9 million gallons 49 thousand tons of ethanol of Ultra-High Protein 95.0%* 64.2 million pounds of production capacity of renewable corn oil 357 thousand tons 58.6 million bushels of distillers grains (dry equivalent) of corn processed $122.8 million consolidated ethanol crus
Slide 6: Consistent Operations at Scale
CONSISTENT OPERATIONS AT SCALE Safety performance reinforces reliability across the platform Yields and uptime support repeatable margin capture Capital is being directed toward projects that permanently improve reliability, efficiency and cost structure 6
Slide 7: Carbon Platform Expectations
CARBON PLATFORM EXPECTATIONS $230 – $250M Expected 2026 EBITDA contribution from 45Z production tax credits $160 – $180M Advantage Nebraska 2026 EBITDA opportunity ~$70M Expected EBITDA contributions from 45Z generation at remaining facilities 7
Slide 8: 45Z Tax Credit Monetization
45Z TAX CREDIT MONETIZATION Converting low-carbon value into cash to invest in long-term shareholder value creation Agreement Highlights Converting 2026 Credits to Cash • Agreement signed October 29, 2026 $325M • Transfers supported by third-party emissions $250M of potential 2026 credits verificati
Slide 9: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Capital Allocation Priorities Q3 Highlights Reinvestment: prioritize investments in the safety, reliability, and competitiveness of our existing assets Q3 YTD Operating cash flow: $47M Strong Balance Sheet: maintain a strong balance sheet through disciplined debt manageme
Slide 10: Selected Operating Data
SELECTED OPERATING DATA (In thousands) For the three months ended September 30, 2026 2025 Ethanol production Ethanol (gallons) 174,881 197,264 Distillers grains (equivalent dried tons) 357 417 Ultra-High Protein (tons) 49 71 Renewable corn oil (pounds) 64,174 72,345 Corn consumed (bushels) 58,619 66
Slide 11: Consolidated Crush Margin
CONSOLIDATED CRUSH MARGIN (In millions) For the three months ended September 30, 2026 2025 Ethanol production operating income $ 99.0 $ 30.9 Depreciation and amortization 22.8 23.9 Total adjusted ethanol production operating income 121.8 54.8 Intercompany fees and nonethanol operating activities, ne
Slide 12: Condensed Consolidated Income Statement
CONDENSED CONSOLIDATED INCOME STATEMENT (In millions, except per share amounts) For the three months ended September 30, 2026 2025 Revenues $ 496.0 $ 508.5 Costs and expenses 403.4 448.0 Operating income 92.6 60.5 Other expense (6.3) (49.3) Income tax expense (0.7) (0.9) Income from equity method in
Slide 13: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION (In millions) For the three months ended September 30, 2026 2025 Net income $ 85.6 $ 11.0 Interest expense 8.1 47.7 Income tax expense, net of equity method income taxes 0.7 0.9 Depreciation and amortization (1) 23.6 25.0 EBITDA $ 118.0 $ 84.6 Restructuring costs — 2.8 Gain o