Slide 1: March 2026 Investor Presentation
March 2026 Investor Presentation NYSE: REX www.rexamerican.com
Slide 2: Safe Harbor
Safe SafeHarbor Harbor This presentation contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “con
Slide 3: Executive Summary
Executive Summary
Slide 4: REX American Overview
REX American Overview Established, Mature Company • Publicly traded since 1984, on the NYSE since 1986; currently traded under the ticker symbol “REX” • Headquartered in Dayton, OH Growth Strategy Vital to a Low Carbon Future • Existing ethanol production business provides feedstock for fuel blendin
Slide 5: REX American Full Year 2025 Financial Highlights
REX American Full Year 2025 Financial Highlights $650.5 $93.7 $2.50 million million Per diluted share Net Sales and Revenue Gross Profit Net Income Attributable to Shareholders Cash, Cash Equivalents & ST Investments Working Capital $375.8 million1 No Bank Debt $372.5 million1 Historically profitabl
Slide 6: Ethanol Production
Ethanol Production ▪ REX has interest in the ethanol production from six facilities spread across four states in the Midwest, which are located in: Total Annual Ethanol Production Capacity From Consolidated and Non-Consolidated Facilities: • Marion, SD – majority owned Approx. 730 million gallons •
Slide 7: Gross Profit and Net Income Were Strong in 2025
Gross Profit and Net Income Were Strong in 2025 Total Annual Product Revenue Total Annual Gross Profit Total Annual Net Income Product Sales 2023-2025 2023-2025 2023-2025 $900 $100 $98.2 $90 $833.4 ▪ Ethanol sales totaled $91.5 $93.7 $85 $83.0 290.0 million gallons for $800 $90 $80 FY 2025 $75 $700
Slide 8: Ethanol Operations
Ethanol Operations
Slide 9: REX Consolidated Ethanol Facilities
REX Consolidated Ethanol Facilities ▪ NuGen Energy, LLC ▪ Located in Marion, SD South Dakota ▪ REX Ownership Interest: 99.7% ▪ Annual Production Capacity: ~150 MM gallons ▪ One Earth Energy, LLC Illinois ▪ Located in Gibson City, IL ▪ REX Ownership Interest: 76.1% ▪ Annual Production Capacity: ~150
Slide 10: Non-Consolidated REX Ethanol Production Facilities
Non-Consolidated REX Ethanol Production Facilities Big River Resources Boyceville, LLC Big River Resources W. Burlington, LLC ▪ Located in Boyceville, WI ▪ Located in W. Burlington, IA ▪ REX Ownership Interest: ▪ REX Ownership Interest: 10.3% Wisconsin 10.3% Iowa ▪ Annual Production Capacity: ▪ Annu
Slide 11: One Earth Energy Ethanol Production Expansion Project – Gibson City, IL
One Earth Energy Ethanol Production Expansion Project – Gibson City, IL Project Details ▪ Planned expansion underway since 2023 ▪ Initial expansion will increase ethanol production capacity at One Earth Energy from 150 million gallons per year (MMg/y) to 175MMg/y ▪ After achieving 175MMg/y from the
Slide 12: REX Consolidated Full Year Ethanol Sales Volumes and Net Income/Share, 2022-2025
REX Consolidated Full Year Ethanol Sales Volumes and Net Income/Share, 2022-2025 Trailing 12 Months 295 $4.00 EPS: 289.7 $2.50/share 290.0 290 $3.50 285.9 285 $3.00 280 $2.50 $2.50 275 $/share MM gallons $1.73 $1.65 $2.00 270 265.8 $1.50 265 $0.79 $1.00 260 255 $0.50 250 $0.00 2022 2023 2024 2025 Et
Slide 13: REX Consolidated Product Revenue by Quarter, 2023-2025
REX Consolidated Product Revenue by Quarter, 2023-2025 Ethanol DDG MDG Distillers Corn Oil Gross Profit (right hand axis) Q4 2025 Product Revenue $250,000 $40 ▪ Ethanol $35 ▪ $120.5 million1 (77.4% of Q4 2025) $200,000 $30 ▪ Avg. selling price/gal: $1.721 ▪ Dry Distillers Grain (DDG) $25 $150,000 ▪
Slide 14: Crush Spread Reflects Seasonality
Crush Spread Reflects Seasonality (Platt’s/CBOT Corn) $0.70 Crush Spread Outlook $0.60 ▪ Crush spread is an indication of the profitability of corn-derived ethanol $0.50 ▪ Crush spread calculation is as follows: $0.40 ▪ One bushel of corn makes ~2.8 $0.30 gallons of ethanol ▪ Crush Spread = Ethanol
Slide 15: Financial Update
Financial Update 15
Slide 16: Key Financial Metrics
Key Financial Metrics $ in 000s, except ($/gal) and per share info. 4Q 2024 4Q 2025 Net Sales and Revenue $158,228 $157,959 Gross Profit $17,572 $28,913 SG&A ($6,171) ($12,257) Average ethanol selling price ($/gal)1 $1.64 $1.72 Diluted net income per share attributable to REX common shareholders $0.
Slide 17: Strong Balance Sheet
Strong Balance Sheet $ in 000s 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Cash, Cash Equivalents & Short-term $359,075 $315,892 $310,452 $335,541 $375,782 Investments Total Current Assets $435,819 $398,767 $390,516 $411,663 $447,828 Total Current Liabilities $50,443 $42,575 $37,085 $57,481 $75,377 Work
Slide 18: Carbon Capture & Sequestration
Carbon Capture & Sequestration 18
Slide 19: REX American CCS Growth Story
REX American CCS Growth Story 2025 2028+ One Earth Carbon Excess Storage Capacity Sustainable Aviation Fuel Storage Potential Potential (SAF) • CCS capture and compression facility • Excess storage • Potential additional market for construction is substantially complete capacity could be used low-ca
Slide 20: Carbon Capture and Sequestration
Carbon Capture and Sequestration One Earth Energy ▪ Under development since 2019 ▪ Project co-located with REX’s Gibson City, IL ethanol production facility, which will produce approx. 560,000 tons of carbon per year after expansion ▪ Three underground injection wells will have capacity to sequester
Slide 21: One Earth Energy Carbon Capture Project – Gibson City, IL
One Earth Energy Carbon Capture Project – Gibson City, IL Exterior of carbon capture facility (April 2025) Project Details ▪ Pursued in partnership with the University of Illinois ▪ Carbon capture operations at One Earth Energy designed to capture carbon emissions from co-located ethanol plant (est.
Slide 22: Capturing Inflation Reduction Act Tax Credits
Capturing Inflation Reduction Act Tax Credits 45Q Program 45Z Program* ▪ Credit of $85 per ton of ▪ Credits may be earned in $0.10 increments between $0.10 and carbon sequestered $1.00 per gal. on a carbon ▪ Available for the first 12 years intensity (CI) score below 50, with the first $0.10 earned
Slide 23: Appendix
Appendix 23
Slide 24: Experienced Management Team
Experienced Management Team Stuart Rose - Founder, Executive Chairman of the Board Mr. Rose was elected Executive Chairman of the Board in 2015. Mr. Rose had served as Chairman of the Board and Chief Executive Officer since the Company’s incorporation in 1984 as a holding company. Prior to 1984, Mr.
Slide 25: Contact
Contact rexamerican@icrinc.com