Rex American Resources Corporation · NYSE:REX
Rex American Resources — Q2 2025 Earnings Presentation
25 slides from Rex American Resources's earnings presentation, Aug 27, 2025
Slide 1: August 2025 Investor Presentation
August 2025 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 on the NYSE since 1984; 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 blending from six C
Slide 5: REX American Second Quarter 2025 Financial Highlights
REX American Second Quarter 2025 Financial Highlights $158.6 $14.3 $0.43 million million Per diluted share Net Sales and Revenue Gross Profit Net Income Attributable to Shareholders Cash, Cash Equivalents & ST Investments Working Capital $310.5 million1 No Bank Debt $353.4 million1 Historically prof
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: 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 8: Second Quarter 2025 Continued Profitability
Second Quarter 2025 Continued REX’s Track Record of Profitability Total Quarterly Q2 Product Revenue Total Quarterly Q2 Gross Profit Total Quarterly Q2 Net Income Product Sales 2023-2025 2023-2025 Attributable to REX Shareholders 2023-2025 $20 $19.8 $14 ▪ Ethanol sales totaled $240 $18.4 70.6 millio
Slide 9: Ethanol Operations
Ethanol Operations
Slide 10: 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 11: Non-Consolidated REX Ethanol 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% 10.3% Iowa Wisconsin ▪ Annual Production Capacity: ▪ Annu
Slide 12: REX Consolidated Q2 Ethanol Sales Volumes
REX Consolidated Q2 Ethanol Sales Volumes, 2023-2025 72 Trailing 12 Months $1.00 EPS: 71 $2.95/share 70.6 $0.90 70 $0.80 69.1 $0.70 69 $0.70 68 $0.60 $0.52 $/share MM gallons 67 $0.50 $0.43 66 $0.40 65.1 65 $0.30 64 $0.20 63 $0.10 62 $0.00 2Q 2023 2Q 2024 2Q 2025 Ethanol Gallons Net Income/Share (Ri
Slide 13: REX Consolidated Product Revenue by Quarter
REX Consolidated Product Revenue by Quarter, 2023-2025 Ethanol DDG MDG Distillers Corn Oil Gross Profit (right hand axis) Q2 2025 Product Revenue $250,000 $40 ▪ Ethanol $35 ▪ $123.5 million1 (78% of Q2 2025) $200,000 $30 ▪ Avg. selling price/gal: $1.751 ▪ Dry Distillers Grain (DDG) $25 $150,000 ▪ $2
Slide 14: Crush Spread Outlook
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: Carbon Capture & Sequestration
Carbon Capture & Sequestration 15
Slide 16: 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 17: One Earth Energy Carbon Capture Project
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 18: Carbon Capture Relationships
Carbon Capture Relationships ▪ Fagen Inc. will lead ▪ Salof Ltd. will provide ▪ As previously announced, integration with existing complete modular CO2 REX has entered into an Gibson City ethanol liquefaction and agreement with Summit plant for the One Earth Carbon Solutions sequestration system pro
Slide 19: 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 carbon sequestered $0.10 and $1.00 per gal. on a ▪ Available for the first 12 years carbon intensity (CI) score after project begins operation below 5
Slide 20: Financial Update
Financial Update 20
Slide 21: Key Financial Metrics
Key Financial Metrics $ in 000s, except ($/gal) and per share info. 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Sales and Revenue $148,155 $174,877 $158,228 $158,340 $158,563 Gross Profit $19,773 $39,681 $17,572 $14,342 $14,319 SG&A ($6,440) ($8,426) ($6,171) ($5,944) ($6,201) Average ethanol sellin
Slide 22: Strong Balance Sheet
Strong Balance Sheet $ in 000s 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Cash, Cash Equivalents & Short-term $345,982 $365,075 $359,075 $315,892 $310,452 Investments Total Current Assets $418,914 $436,497 $435,819 $398,767 $390,516 Total Current Liabilities $51,909 $43,960 $50,443 $42,575 $37,085 Work
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
REX American Resources — Q2 2025 Earnings Presentation on 6ix