Rex American Resources Corporation · NYSE:REX
Rex American Resources — Q2 2026 Earnings Presentation
23 slides from Rex American Resources's earnings presentation, Sep 2, 2026
Slide 1: September 2026 Investor Presentation
September 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: Second Quarter Summary
Second Quarter Summary ▪ REX has interest in the ethanol production from six facilities spread across four states in the Midwest Total Annual Ethanol Production Capacity From Consolidated and Non-Consolidated Facilities: ▪ Total production capacity for all facilities: approx. 730 million Approx. 730
Slide 5: REX American Second Quarter 2026 Financial Highlights
REX American Second Quarter 2026 Financial Highlights $168.5 $53.3 $1.06 million million Per diluted share Net Sales and Revenue Gross Profit Net Income Attributable to Shareholders Cash, Cash Equivalents & ST Investments Working Capital $379.5 million1 No Bank Debt $391.5 million1 Historically prof
Slide 6: Key Financial Metrics
Key Financial Metrics $ in 000s, except ($/gal) and per share info. 2Q 2025 2Q 2026 Net Sales and Revenue $158,563 $168,493 Gross Profit $14,319 $53,300 SG&A ($6,201) ($15,622) Net income attributable to REX common shareholders $7,111 $34,944 Diluted net income per share attributable to REX common s
Slide 7: Strong Balance Sheet
Strong Balance Sheet $ in 000s 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Cash, Cash Equivalents & Short-term $310,452 $335,541 $375,782 $364,308 $379,514 Investments Total Current Assets $390,516 $411,663 $447,828 $441,533 $458,077 Total Current Liabilities $37,085 $57,481 $75,377 $65,315 $66,538 Work
Slide 8: Second Quarter 2026 Continued REX's Track Record of Profitability
Second Quarter 2026 Continued REX’s Track Record of Profitability Q2 Product Revenue Q2 Gross Profit Q2 Net Income 2024-2026 2024-2026 Attributable to REX Shareholders 2024-2026 $180 $60 $40 $168.5 $158.6 $53.3 $34.9 $160 $148.2 $35 $50 $140 $30 $120 $40 $25 $100 $ Millions $ Millions $ Millions $30
Slide 9: REX Consolidated Q2 Ethanol Sales Volumes, 2024-2026
REX Consolidated Q2 Ethanol Sales Volumes, 2024-2026 72 Trailing 12 Months $2.00 EPS: 71 70.6 $3.65/share 70.6 $1.80 70 $1.60 69 $1.40 68 $1.06 $1.20 $/share MM gallons 67 $1.00 66 $0.80 65.1 65 $0.60 $0.35 64 $0.40 $0.22 63 $0.20 62 $0.00 2Q 2024 2Q 2025 2Q 2026 Ethanol Gallons Net Income/Share (Ri
Slide 10: REX Consolidated Product Revenue by Quarter, 2024-2026
REX Consolidated Product Revenue by Quarter, 2024-2026 Ethanol DDG MDG Distillers Corn Oil Q2 2026 Product Revenue $200,000 ▪ Ethanol $180,000 ▪ $125.8 million1 (74.7% of Q2 2026) $160,000 ▪ Avg. selling price/gal: $1.781 $140,000 ▪ Dry Distillers Grain (DDG) $120,000 ▪ $24.2 million (14.4% of Q2 20
Slide 11: Crush Spread Reflects Seasonality (Platt's/CBOT Corn)
Crush Spread Reflects Seasonality (Platt’s/CBOT Corn) $0.70 Crush Spread Outlook ▪ Crush spread is an indication of the $0.60 profitability of corn-derived ethanol ▪ Crush spread calculation is as $0.50 follows: ▪ One bushel of corn makes ~2.8 $0.40 gallons of ethanol ▪ Crush Spread = Ethanol Price
Slide 12: Ethanol Operations & Strategy
Ethanol Operations & Strategy
Slide 13: Over 15 Years of Ethanol Production Capacity Growth
Over 15 Years of Ethanol Production Capacity Growth Organic Growth ▪ REX American Resources has consistently focused on organic growth in ethanol production. The Company’s consolidated ethanol facilities, One Earth Energy in Gibson City, Illinois, and NuGen Energy in Marion, South Dakota each origin
Slide 14: 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 15: 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 16: Carbon Capture & Sequestration
Carbon Capture & Sequestration 16
Slide 17: REX American CCS Growth Story
REX American CCS Growth Story 2026 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 18: 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 19: 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) Milestones and Timeline ✓ Secured consent from 100% of landowners for use of land for pipeline route for injection wells 1 and 2 ✓ Secured sufficient subsurface easements for Well #1 - to allow
Slide 20: Capturing Inflation Reduction Act Tax Credits
Capturing Inflation Reduction Act Tax Credits 45Q Program 45Z Program* ▪ Credits may be earned in $0.10 ▪ Credit of $85 per ton of increments between $0.10 and $1.00 carbon sequestered per gal. on a carbon intensity (CI) score below 50, with the first $0.10 ▪ Available for the first 12 years earned
Slide 21: Appendix
Appendix 21
Slide 22: 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 23: Contact
Contact rexamerican@icrinc.com
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