Alto Ingredients, Inc. · NASDAQ:ALTO
Alto Ingredients — Q4 2025 Earnings Presentation
23 slides from Alto Ingredients's earnings presentation, Mar 4, 2026
Slide 1: Elevating Essential Products
Elevating Essential Products Leading producer of specialty alcohols and high-quality ingredients Q4 2025 INVESTOR PRESENTATION reported on March 4, 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements and information contained in this presentation that refer to or renewable fuels, specialty alcohols and essential ingredients; export include Alto Ingredients’ estimated or anticipated future results or other conditions and international demand for the company’s prod
Slide 3: Our mission is to produce the highest quality, sustainable ingredients
Our mission is to produce the highest quality, sustainable ingredients that make everyday products better 3
Slide 4: Driving growth and delivering valuable ingredients through efficiency, diversification and sustainability
Driving growth and delivering valuable ingredients through efficiency, diversification and sustainability 4
Slide 5: 2025 - A Year of Strategic Realignment and Execution
2025 - A Year of Strategic Realignment and Execution • Implemented a wide range of efficiency, diversification and sustainability initiatives ➢ Positive impact clearly demonstrated by strong financial results • Entered 2026 with leaner cost structure, higher mix of premium exports and carbon-advanta
Slide 6: Regulatory Trends Positive for Industry
Increasing the Intrinsic Valuation of Alto’s Facilities Regulatory Trends > Recorded $7.5M of net 45Z credit earnings ($0.10/gallon) for 2025 in Q4 Positive for Industry 2025 > Expect to generate $15M ($0.20/gallon) in net proceeds from 45Z in 2026 ONE BIG BEAUTIFUL BILL ACT > Raise capex investment
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 RENEWABL
Slide 9: Best-in-Class Sustainability Program
Best-in-Class Sustainability Program EARNED AT PEKIN CAMPUS FACILITIES > Safe Food/Safe Feed - a third-party product safety certification A white circle with black text and a black background AI-generated content may be incorrect. > EcoVadis Silver Medal at ICP, 87th percentile among peers1 > EcoVad
Slide 10: Certifications Create Differentiation
Certifications Create Differentiation Deepen Relationships and 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
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 AND QUALITY 11
Slide 12: Enhanced Earnings Profile
Enhanced Earnings Profile Increased Gross Profit $16.6M, Net Income $63.5M and Adj. EBITDA $35.6M IN Q4 2025 VS. Q4 2024 UNAUDITED, $ IN MILLIONS Q4 2025 Q4 2024 SEGEMENTED GROSS PROFIT Q4 2025 vs. Q4 2024 NET SALES $232.0 $236.3 GROSS PROFIT $15.2 $(1.4) PEKIN CAMPUS > Up $8.7M to $11.4M NET INCOME
Slide 13: Unlocking Value, Managing Liquidity
Unlocking Value, Optimizing asset base and Managing Liquidity executing efficiency initiatives Targeting premium and diversified markets with significant opportunities Ramping up capex while maintaining strong cost discipline and prioritizing highest ROI Leveraging Section 45Z tax credit and other g
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, JD President & CEO Chief Operating Officer Chief Financial Officer Chief Commercial Officer Chief Legal Officer & Secretary 18 years with Alto 27 years with Alto(1) 19 years with Alto 34 years with Alto(1
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 14 years with Alto 26 years with Alto(1) & Sustainability 19 years with Alto 19 years with Alto 13
Slide 18: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended Years Ended December 31, December 31, 2025 2024 2025 2024 Net sales $ 231,965 $ 236,347 $ 917,927 $ 965,258 Cost of goods sold 216,802 237,738 883,014 955,536 Gross profit (loss) 15,163 (1,391) 34,913 9,722 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 provides this non-GAAP measure so that investors will have the same generally accepted accounting principles (“GAAP”) are useful measures of financial information that management uses, which may assis
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Years Ended December 31, December 31, (in thousands) (unaudited) 2025 2024 2025 2024 Net income (loss) $ 21,806 $ (41,712) $ 13,338 $ (58,984) Adjustments: Interest expense, net 2,425 2,474 10,765 7,644 Interest income (175) (112) (381) (689) Unreali
Slide 22: Segment Results
Three Months Ended Years Ended December 31, December 31, Segment Results Net Sales 2025 2024 2025 TO UPDATE 2024 Pekin Campus, recorded as gross: Alcohol sales $ 105,134 $ 100,216 $ 415,801 $ 415,710 Essential ingredient sales 45,108 42,011 174,598 169,308 Intersegment sales 324 316 1,088 1,243 Tota
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