Gevo, Inc. · NASDAQ:GEVO
Gevo — Investor Presentation (September 2026)
36 slides from Gevo's investor presentation, September 2026
Slide 1: A Leader in Renewable Fuels and Carbon Management
A Leader in Renewable Fuels and Carbon Management Investor Presentation September 2026
Slide 2: Forward-Looking Statement
Forward-Looking Statement This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements ma
Slide 3: Visible Execution
Visible Execution gevo.com |
Slide 4: The Business Has Reached an Inflection Point
The Business Has Reached an Inflection Point Multiple value streams Growing cash flow >$60M Low-carbon fuel Substantial increase in operating cash flow expected in 3Q and 4Q 2026 Captured carbon 2026 Adjusted EBITDA 45Z and RIN incentives >$70M expected 45Z monetization in outlook 2026 $89M $36M Car
Slide 5: Increased First-Half 2026 Results
Increased First-Half 2026 Results Revenue ($mm) Gross Profit ($mm) Revenue of $89 million in 1H26, a 23% increase vs. 1H25 +23% YoY increase +70% YoY increase Gross profit of $36 million in 1H26, a 70% increase vs. 1H25 Gross margin of 40% in 1H26, an 11% increase vs. 1H25 gevo.com 5 © 2026 Gevo, In
Slide 6: Growing Non-GAAP Adjusted EBITDA and Cash Flow Outlook
Growing Non-GAAP Adjusted EBITDA and Cash Flow Outlook Adjusted EBITDA ($mm) We now expect 2026 Adjusted EBITDA to more than double our prior outlook, targeting more than $60 million +$60 +2x increase Increased outlook supported by: • Increased market optionality through CFR pathway • Increased 45Z
Slide 7: A Simple Three-Step Path to Compound Growth
A Simple Three-Step Path to Compound Growth Each step builds on an operating asset and improves the ability to finance the next step. STEP 1 STEP 2 STEP 3 DEBOTTLENECK EXPAND ACCRETIVE OPTIONALITY MARKET-DRIVEN ~75 MGPY ~150 MGPY GROWTH 10–15% targeted increase in GevoND Approximately double low-car
Slide 8: We are Targeting Substantial Growth
We are Targeting Substantial Growth Targeted Adjusted EBITDA1 ($mm) Debottlenecking (in construction) Includes expansion only • Expected to grow low-carbon ethanol, CCS capacity by (does not include Project Northstar SAF ) 10 – 15% starting by end of 2026 • Targeting 75mmgpy ethanol capacity • Funde
Slide 9: Gevo North Dakota Creates a Defensible Platform
Gevo North Dakota Creates a Defensible Platform The advantage is the ability to stack value today and shift products long term as markets evolve. Operating asset Carbon moat Low-cost growth Brownfield debottlenecking and Commercial fuel production and Integrated CCS, Class VI storage expansion aroun
Slide 10: The business is at an inflection point.
>$60M 2026 Adjusted The business is at an NOW EBITDA outlook inflection point. NEXT Debottlenecking toward ~75 MGPY The business serves as a growth platform. SCALE Expansion toward ~150 MGPY A great business now. A larger opportunity ahead. UPSIDE Market-driven advanced fuels and carbon management N
Slide 11: Cash and Liquidity
Cash and Liquidity More than $70 million in 45Z monetization expected this year • Closed on the sale of $20 million after the end of the second quarter • Expect to monetize remaining $50 million in 2H26 Cash and cash equivalents of $58 million as of June 30 Undrawn working capital facility of up to
Slide 12: Appendix: Company Overview
Appendix Company Overview gevo.com
Slide 13: We Are a Leader in Renewable Fuels and Carbon Management
We Are a Leader in Renewable Fuels and Carbon Management Carbon Capture & Sequestration Low-Carbon Ethanol: domestic, (CCS): high-purity, biogenic CO2 renewable corn feedstock converted 1 2 captured and geologically into protein, corn oil and low-carbon, sequestered fuel-grade ethanol Renewable Natu
Slide 14: How We Create Value
How We Create Value Fuels Carbon Incentives Growth Low-Carbon Ethanol, Natural Voluntary and Compliance 45Z Production Tax Credits, Optimize and Expand Gas and Racing Fuels Markets (LCF, CDR, Scope 1&3) Renewable Fuel Standard (RINs), State SAF tax credits Run our plants Carbon is our Convert our IP
Slide 15: Efficiency + Low Carbon = High Margin
Efficiency + Low Carbon = High Margin • Our low-carbon ethanol is +85% Lower Carbon Product Higher Margin lower carbon intensity than gasoline $ per ethanol gallon +85% +7x Carbon Intensity lower higher gCO2e/MJ EBITDA • Margin per gallon is +7x higher as a result of monetizing carbon attributes and
Slide 16: How We Monetize Carbon Value
How We Monetize Carbon Value Two primary end markets to monetize our carbon value. By optimizing the mix, we maximize value. Low Carbon Fuel (LCF) Markets Carbon Dioxide Removal (CDR) Markets How it Biofuels can be transported to end markets with the CCS Biofuels sold in non-LCF markets; CDRs can be
Slide 17: Debottlenecking Progress Update
Debottlenecking Progress Update Debottlenecking Expected completion Project tie-ins includes new end of 2026 targeting completed during fermenter, liquefaction 75mmgpy capacity planned outage in 2Q tank, degassing, plus associated CCS milling building Timelapse video at https://investors.gevo.com/ g
Slide 18: Expansion Project Layout
Expansion Project Layout Doubling GevoND Low-Carbon Ethanol, Coproducts and CCS Capacity gevo.com 18 © 2026 Gevo, Inc. All rights reserved. Not for distribution.
Slide 19: Long Term Vision: Project Northstar ATJ Can be Deployed at Our Site
Long Term Vision: Project Northstar ATJ Can be Deployed at Our Site, Grow to Many Sites in the Future • 2.3 billion gallons per year of 180 Ethanol Plants in Operation in US new jet fuel demand by 2035 • Requires +70 Alcohol-to-Jet facilities, each producing 30 million gallons of jet fuel per year •
Slide 20: Appendix: Operational Detail
Appendix Operational Detail gevo.com 20
Slide 21: Our Products Serve Large Markets, Critical Needs
Our Products Serve Large Markets, Critical Needs Fuels and Related Product Markets Grains and Veg Oil High-Performance Fuels On-Road Transport Aviation Chemicals & Materials Carbon Compliance Markets State Federal International California, Oregon, Washington, New Canada Clean Fuel Regulation (CFR),
Slide 22: GevoND CCS and Low-Carbon Ethanol: Operating Since 2007
GevoND CCS and Low-Carbon Ethanol: Operating Since 2007, Continues to Improve as a Result of Operational Excellence 2025 = Record Production Year Asset Production History Targeting 75mmgpy starting in 2027 Ethanol (mmgpy) CCS (‘000 metric tons) CCS operating since 2022 and using ~17% of pore CCS sta
Slide 23: High-Quality Carbon Capture
High-Quality Carbon Capture • CO2 from the ethanol Steel Casing & Durable Cement to fermentation process protect freshwater aquifer injected into onsite Class VI well into porous rock layers ~1.3 miles (~2,000 meters) below ground becomes mineralized and dissolved into the rock. • Safely and continu
Slide 24: Our CCS Process Starts with an Efficient Source
Our CCS Process Starts with an Efficient Source • Ethanol fermentation provides a high- purity source of biogenic CO2 CO2 Concentration (%) compared to other industrial sources • This is the same process that makes bubbles in beer • In effect, it is using nature (photosynthesis in plants, fermentati
Slide 25: Our CCS Process Provides an Efficient and Secure Sink
Our CCS Process Provides an Efficient and Secure Sink Geological Thickness & Site Layout Overview • The CCS technology is integrated with the ethanol plant and consists of a CO2 liquefaction system, piping the liquid CO2 nearly two miles to an injection well onsite and injecting it into the Descript
Slide 26: Methane Capture at GevoRNG
Methane Capture at GevoRNG • Our Renewable Natural Gas (RNG) is produced by capturing methane emissions from cow manure • Anaerobic digesters supplied by manure at three dairies • Biogas is transferred via low pressure pipeline to a centrally located Gas Production History (‘000 MMBtu) Upgrading Sys
Slide 27: Appendix: Financial Detail
Appendix Financial Detail gevo.com
Slide 28: Quarterly Revenue History
Quarterly Revenue History Quarterly Revenue ($mm) Acquisition of ethanol and CCS (partial quarter) gevo.com 28 © 2026 Gevo, Inc. All rights reserved. Not for distribution.
Slide 29: How We Will Grow: 1H 2026 Breakdown By Reporting Segment
How We Will Grow: 1H 2026 Breakdown By Reporting Segment Non-GAAP Adjusted EBITDA Reconciliation Streamline Maintain Invest • Includes project development, G&A, R&D • Debottlenecking to add ~10-15% • Optimize and • Project development may be equity in kind or recoverable in SAF project • Expansion t
Slide 30: Balance Sheet Highlights
Balance Sheet Highlights ($ in millions) June 30, 2026 Cash and Cash Equivalents $58 Property, Plant and Equipment, Net 238 Total Assets 491 Loans Payable 167 gevo.com 30 © 2026 Gevo, Inc. All rights reserved. Not for distribution.
Slide 31: Appendix: Supplemental Detail
Appendix Supplemental Detail gevo.com
Slide 32: Putting Our Values Into Action & Leading by Example
Putting Our Values Into Action & Leading by Example Featured in NASDAQ Sustainability Report(3) Carbon Neutral for our own company air travel in 2025(1) +500,000 tons of CO2 reduction emissions reduction per year attributable to our products(2) 100,000 cars off the road emissions reduction per year
Slide 33: Nine Years with Zero Lost-Time Incidents at GevoND
Nine Years with Zero Lost-Time Incidents at GevoND gevo.com 33 © 2026 Gevo, Inc. All rights reserved. Not for distribution.
Slide 34: Efficiency + Low Carbon = High Margin
Efficiency + Low Carbon = High Margin • Our RNG is +450% lower carbon intensity than diesel (negative carbon) Lower Carbon Product Higher Margin • Revenue per MMBtu is +15x +15x Carbon Intensity $ per MMBtu Revenue gCO2e/MJ higher higher as a result of monetizing +450% carbon attributes and incentiv
Slide 35: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation gevo.com 35 Note: Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fai
Slide 36: Gevo North Dakota
Gevo North Dakota Site Photos Site Layout Ethanol Plant Injection Well & Monitoring Area gevo.com 36 © 2026 Gevo, Inc. All rights reserved. Not for distribution.