Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation NASDAQ: GEVO
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: Key Takeaways
Key Takeaways • Strengthening outlook driven by carbon business • Expecting substantial positive operating cash flow during the third and fourth quarter • Transitioning all activities related to future SAF production to Gevo North Dakota 3
Slide 4: Financial Results
Financial Results Sy, gevo
Slide 5: First Half of 2026 Results Summary
First Half of 2026 Results Summary 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 $36 million in 1H26, a 70% increase vs. 1H25 • Gross margin of 40% in 1H26, an 11% increase vs. 1H25 5
Slide 6: Second Quarter GAAP Net Income and Non-GAAP Adjusted Net Income
Second Quarter GAAP Net Income and Non-GAAP Adjusted Net Income Non-GAAP Adjusted Net Income (Loss) Reconciliation • Strategic decision to focus on Gevo North Dakota location for near and medium term growth • GAAP Net Income includes one-time, non- cash impairment charge related to strategic decisio
Slide 7: Non-GAAP Adjusted EBITDA and Cash Flow Outlook
Non-GAAP Adjusted EBITDA1 and Cash Flow Outlook Adjusted EBITDA1 ($mm) • We now expect 2026 Adjusted EBITDA1 to more than double our +$60 prior outlook, targeting more than +2x increase $60 million • Increased outlook supported by: • New CFR pathway increases market optionality • Increased 45Z tax c
Slide 8: 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 $58 million as of June 30 • Undrawn working capital facility of
Slide 9: Appendix
Appendix Sy, gevo
Slide 10: Organic Growth
Organic Growth • Debottlenecking (in construction) • Expected to grow GevoND production by 10 – 15% starting by end of 2026 • Project tie-ins completed during planned outage in 2Q • Expansion (in development) • Target building new capacity to approximately double existing GevoND ethanol and CCS star
Slide 11: Quarterly Revenue
Quarterly Revenue Quarterly Revenue ($mm) Acquisition of ethanol and CCS (partial quarter)
Slide 12: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation 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 fair value of d
Slide 13: Thank You
Thank You NASDAQ: GEVO gevo.com