Alto Ingredients, Inc. · NASDAQ:ALTO
Alto Ingredients — Q3 2025 Earnings Presentation
23 slides from Alto Ingredients's earnings presentation, Nov 5, 2025
Slide 1: Elevating Essential Products
Elevating Essential Products Leading producer of specialty alcohols and high quality ingredients Q3 2025 INVESTOR PRESENTATION reported on November 5, 2025 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements and information contained in this communication that refer to or alcohols and essential ingredients; export conditions and international demand include Alto Ingredients’ estimated or anticipated future results or other non- for the company’s products; unexpected repa
Slide 3: Transforming Corn into Sustainable Ingredients
Transforming corn into the highest-quality, sustainable ingredients that make everyday products better 3
Slide 4: Producer and Distributor of Specialty Alcohols
Producer and distributor of specialty alcohols, renewable fuels and essential ingredients 4
Slide 5: Targeted Project Focus
Targeted Project Focus Short-term paybacks, more immediate returns and long-term benefits • Supporting path to incremental profitability, improved future and increased valuations • Prioritizing project cost, timing and anticipated ROI • Evaluating projects to • Lower carbon intensity to capture more
Slide 6: Regulatory Trends Positive for Industry
Regulatory Trends Improving Earnings Profile, Increasing the Intrinsic Positive for Industry Valuation of Alto’s Facilities ONE BIG BEAUTIFUL BILL ACT > Applying for Section 45Z tax credits for Alto Columbia and Alto Pekin Dry Mill that are estimated to total ~$18M in the next two years, > Section 4
Slide 7: Targeting Premium Markets
Alto Columbia, LLC Alto Ingredients, Inc. Targeting Alto Carbonic, LLC Alto Pekin, LLC Dry Mill Headquarters Beverage-grade liquid CO2 processor Dry Mill Premium Markets Boardman, Oregon Wet Mill Yeast Plant Pekin, Illinois Kinergy Marketing LLC Pekin, Illinois Alto ICP, LLC Distillery MAKING EVERYD
Slide 8: Making Everyday Products Better
Making Everyday Products Better HEALTH, HOME FOOD & INDUSTRY & ESSENTIAL RENEWABLE & BEAUTY BEVERAGE AGRICULTURE INGREDIENTS FUELS ALTO’S 100% API Grade Grain Neutral Industrial Grade Alto Yeast Transportation Fuel: BIO-BASED Ethyl Alcohol Spirits Ethyl Alcohol Corn Meal, Oil, Germ Ethanol RENEWABLE
Slide 9: Sustainability Efforts
Sustainability Efforts EARNED AT PEKIN CAMPUS > Safe Food/Safe Feed - a third-party product safety certification > EcoVadis Silver Medal at ICP, 87th percentile among peers COMPLETED MATERIALITY SURVEY & INITIAL ROADMAP > Strengthened environmental, health and safety policy and objectives SMETA PILL
Slide 10: Certifications Create Differentiation
Certifications Create Differentiation Deepen Relationships & Open Doors to New Customers SPECIALTY ALCOHOLS & ESSENTIAL INGREDIENTS Are more challenging to produce Require audits, equipment and testing validation, and other prerequisite programs Create significant product performance impact for a fr
Slide 11: Quality Customer Base
Quality Customer Base HEALTH, HOME FOOD & INDUSTRY & ESSENTIAL RENEWABLE & BEAUTY BEVERAGE AGRICULTURE INGREDIENTS FUELS CUSTOMERS PRIORITIZE ALTO’S CERTIFICATIONS, RELIABILITY, SERVICE & QUALITY 11
Slide 12: Improving Financial Position
Improving Financial Position Increased Gross Profit $18M, Net Income $17M and Adj. EBITDA $9M VS. Q3 2024 UNAUDITED, $ IN MILLIONS SEPT 30, 2025 SEPT. 30, 2024 SEGEMENTED GROSS PROFIT Q3 2025 vs Q3 2024: NET SALES $241.0 $251.8 GROSS PROFIT $23.5 $6.0 PEKIN CAMPUS > Up $12.7M to $18.9M NET INCOME (L
Slide 13: Unlocking Value, Managing Liquidity
Unlocking Value, Targeting premium markets Managing Liquidity with high quality products Evaluating short-term projects with more immediate ROI & long-term benefits Optimizing asset base & executing efficiency initiatives Advancing traceability & sustainability certifications & programs Broadening c
Slide 14: Appendix
APPENDIX 14
Slide 15: Building on a Rich Foundation
Building on a Rich Foundation 1899 Illinois Sugar Refining 1998 2005 Company (now Alto Pekin) Yeast Plant MGP Ingredients Began producing Constructed and Began producing fuel sugar from beets 1995 began producing yeast November 1998 ethanol May 2005 2022 Williams 2007 Eagle 1981 Bio- Alcohol Co. Pek
Slide 16: Experienced Leadership Team
Experienced Leadership Team Bryon McGregor Todd Benton Rob Olander, CPA Jim Sneed Auste Graham President & CEO Chief Operating Officer Chief Financial Officer Chief Commercial Officer Chief Legal Officer & Secretary 17 years with Alto 26 years with Alto(1) 18 years with Alto 33 years with Alto(1) 3
Slide 17: Senior Management with Deep Bench Strength
Senior Management with Deep Bench Strength Patrick McKenzie John Shriver Stacy Swanson Ed Baker Michael Kramer VP, Business Development VP, Operations VP, EHS, Quality VP, Human Resources VP, Treasurer 13 years with Alto 25 years with Alto(1) & Sustainability 18 years with Alto 18 years with Alto 12
Slide 18: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net sales $ 240,986 $ 251,814 $ 685,962 $ 728,911 Cost of goods sold 217,492 245,854 666,212 717,798 Gross profit 23,494 5,960 19,750 11,113 Selling, general and administrative
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION 19
Slide 20: Use of Non-GAAP Measures
Use of Non-GAAP Measures Management believes that certain financial measures not in accordance with so that investors will have the same financial information that management generally accepted accounting principles (“GAAP”) are useful measures of uses, which may assist investors in properly assessi
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Nine Months Ended September 30, September 30, (in thousands) (unaudited) 2025 2024 2025 2024 Net income (loss) $ 14,208 $ (2,441) $ (8,468) $ (17,272) Adjustments: Interest expense, net 2,800 1,867 8,340 5,170 Interest income (56) (194) (206) (519) U
Slide 22: Segment Results
Three Months Ended Nine Months Ended Segment Results September 30, 2025 2024 2025 September 30, TO UPDATE 2024 Net Sales Pekin Campus production, recorded as gross: Alcohol sales $ 109,276 $ 106,459 $ 310,666 $ 315,494 Essential ingredient sales 45,307 41,217 129,490 127,297 Intersegment sales 283 3
Slide 23: For More Information, Contact
FOR MORE INFOMATION, CONTACT: info@altoingredients.com (833) 710-ALTO ir.altoingredients.com linkedin.com/company/alto-ingredients 23