Gevo, Inc. · NASDAQ:GEVO
Gevo — Investor Presentation (September 2025)
32 slides from Gevo's investor presentation, Sep 9, 2025
Slide 1: Gevo, Inc. A diversified energy company and leading developer of SAF
Gevo, Inc. NASDAQ: GEVO A diversified energy company and leading developer of synthetic aviation fuel (SAF) NASDAQ: GEVO
Slide 2: 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 may be identified by the
Slide 3: Experienced Team
3 Experienced Team • More than 180 years of collective relevant experience • Fermentation businesses • Chemical processing businesses • Plant operations • Renewable energy and bio - fuels • Renewable product market development and commercialization • Responsible for multiple products take from conce
Slide 4: Diversified Energy Businesses With a Common Thread
4 Diversified Energy Businesses With a Common Thread Scalable • Leverages existing infrastructure for feedstocks and products Cost effective • Let nature do the work. Our ATJ jet fuel is cash cost of production competitive with fossil jet fuel. Enables marketing of new attributes • Carbon abatement
Slide 5: Our Footprint
Our Footprint 5 * In - Process of being sold to A.E. Innovation, LLC **Owned by Trecora Hydrocarbons LLC, formerly by South Hampton Resources, Inc. Historically operated in partnership with Gevo to produce SAF and bio - octane from Gevo’s alcohol production in Luverne, MN. ***Project under developme
Slide 6: North Dakota: Low-Carbon Ethanol Today, SAF Tomorrow
(1) Based on Argonne - R&D - GREET model. (2) Based on pore space lease agreements. 500 Acre Site North Dakota: Low - Carbon Ethanol Today, SAF Tomorrow Low - Carbon Ethanol Capacity Carbon Intensity Carbon Capture (Capacity / Usage) 67 million gallons, including ultra - low CI corn fiber ethanol <2
Slide 7: 1 Million Metric Tons of CO2 Sequestration Capacity
CO 2 Mineralization & Dissolution 1000 years geological storage Stored CO 2 Steel Casing & Durable Cement to protect freshwater aquifer Freshwater Aquifer 7 1 Million Metric Tons of CO 2 Sequestration Capacity (1) Capacity based on pore space lease agreements . Current utilization ~16%. • CO 2 injec
Slide 8: The Corn We Use Isn't The Kind That Humans Eat
8 The Corn We Use Isn’t The Kind That Humans Eat https://www.nass.usda.gov/Publications/Todays_Reports/reports/acrg0624.pdf?utm_source=chatgpt.com ; https://nebraskacorn.gov/corn - 101/growing - corn/ Total US Corn Production ~1% sweet corn, popcorn, white corn Popcorn Field Corn Generates Large Qua
Slide 9: Products from Corn to Fuel Conversion
9 Products from Corn to Fuel Conversion Amounts are shown by weight. 1/3 1/3 1/3 Ethanol ( Jet Fuel, Diesel) High Protein Animal Feed Carbon Dioxide – CO 2 Field Corn
Slide 10: EBITDA is Generated from Primary Fuel Products AND Co-Products
10 EBITDA is Generated from The Primary Fuel Products AND Co - Products Milling Fermentation Carbon Abatement Low - Carbon Animal Feed and Protein Low - Carbon Corn Oil Low Carbon Corn ATJ Process Biogenic CO 2 /Carbon Abatement Jet fuel Diesel Fuel, Naptha RINS Low Carbon Ethanol
Slide 11: CO2 is a Co-Product We Can Monetize in Multiple Ways
11 CO2 is a Co - Product We Can Monetize in Multiple Ways (1) LCFS prices based on recent ranges of British Columbia, Alberta, Oregon Washington and California. CDR prices based on a ver age prices listed on https://www.cdr.fyi/ using Bioenergy with Carbon Capture and Sequestration credits (illustra
Slide 12: Large Potential Adjusted EBITDA Growth
12 Large Potential Adjusted EBITDA Growth (Prior to deploying ATJ plants) (1) Adjusted EBITDA potential is based on information currently available to the Company and based on certain assumptions made by th e Company. Such figures are estimated consistent with relevant past practice. Adjusted EBITDA
Slide 13: Strong Capitalization
13 Strong Capitalization Combined $127mm cash, equivalents and restricted cash ($ in millions) June 30, 2025 Cash and cash equivalents $57 Restricted Cash 70 Property, Plant and Equipment, Net 345 Total Assets 702 Remarketed Bonds Payable, Net 68 Loans Payable (Secured by GevoND) 100 Total Stockhold
Slide 14: Why We Like SAF (Jet Fuel) and Especially ATJ
Why We Like SAF (Jet Fuel) and Especially ATJ 14
Slide 15: Jet Fuel Demand is Increasing, Gasoline Decreasing
15 Jet Fuel Demand is Increasing, Gasoline Decreasing US Jet Fuel Demand US Gasoline Demand Compare to: The Alcohol - to - Jet process targets +90% jet fuel yield in its product stream
Slide 16: Alcohol-to-Jet is the Most Competitive Cash Cost of Production to make SAF
Cost Effective: Alcohol - to - Jet is the Most Competitive Cash Cost of Production to make SAF Cash cost of production represents total economic cost of production before capital cost. Does not include federal and state in centives. Based on work done by an independent global consulting firm, Nexant
Slide 17: MGPY ATJ Production Expected to Add Significant Value to Ethanol Sites
30 MGPY ATJ Production Expected to Add Significant Value to Ethanol Sites Adjusted EBITDA potential is based on information currently available to the Company and based on certain assumptions made by th e Company. Such figures are estimated consistent with relevant past practice. Adjusted EBITDA is
Slide 18: Ethanol Infrastructure Can Be Leveraged for ATJ Platform
18 Ethanol Infrastructure Can Be Leveraged for ATJ Platform • 0.15 million barrels per day, or 2.3 billion gallons per year, of new jet fuel demand by 2035 • Requires +70 Alcohol - to - Jet facilities, each producing 30 million gallons of jet fuel per year • Would consume 3.5 billion gallons of etha
Slide 19: Presidential Actions: Declaring a National Energy Emergency
PRESIDENTIAL ACTIONS DECLARING A NATIONAL ENERGY EMERGENCY TheWhiteHouse | January20,2025 Sec. 8. Definitions. For purposes of this order, the following definitions shall apply: (a) The term “energy” or “energy resources” means crude oil, natural gas, lease condensates, natural gas liquids, refined
Slide 20: Project North Star: Initiative to Drive EBITDA Growth
Developing the playbook and first plant in parallel for copy - edit - paste growth of ATJ30s, globally. • Low cost plant design and deployment • IP - Leveraging the 300+ patents and know - how gained over the last 18 years of ATJ development • Low cost production processes • Serve US, EU, and Asian
Slide 21: What's Next: Develop North Star and Grow AEBITDA
Grow the EBITDA of Gevo ND to achieve greater EBITDA (even before ATJ - 30 project) Gevo North Dakota is a foundation Develop carbon markets for our 1 million/t per year of capacity Get the first large scale ATJ plant built adding further EBITDA to Gevo ND Finance, then build a modular ATJ - 30 at G
Slide 22: Appendix
Appendix oy gevo
Slide 23: Verifiable Track and Trace is Required
Field & Farm Level Inputs Truck Scale Milling and Protein Production Ethanol Production Product Storage Product Transport Corn Storage Proprietary DLT Based Reporting Engine Proprietary DLT based technology merged to carbon tracking, and delivering verifiable sustainability metrics and carbon intens
Slide 24: We're Making Complicated Tracking Simple
24 We’re Making Complicated Tracking Simple • Measure sustainability attributes of every supplier • Track and Trace attributes through complex supply chains • Manage farm inventory • Data - driven decisions • Audit trail First Revenue accomplished Seven Customers have signed agreements (5 corn, 2 so
Slide 25: Our 2Q Results Signified a Transformational Step-Up to Baseline Results
25 Our 2Q Results Signified a Transformational Step - Up to Baseline Results Adjusted EBITDA potential is based on information currently available to the Company and based on certain assumptions made by th e Company. Such figures are estimated consistent with relevant past practice. Adjusted EBITDA
Slide 26: Gevo Has a Track Record & Trusted Name in Fuels & Chemicals
Gevo Has a Track Record & Trusted Name in Fuels & Chemicals We have over 300 patents and proprietary plant designs with proven technologies . Many Firsts in Alcohol to Hydrocarbons, Chemicals, Net - Zero and Carbon Negative Technologies 2011 • First to produce alcohol - to - jet (ATJ) and gasoline a
Slide 27: Case Study: NatureWorks Plant
Project Manager Co - Founder, COO and CTO Co - Founder, CTO Three separate plants (fermentation + two chemical plants) were successfully designed and integrated to process corn into high quality specialty product – polymer for packaging, fibers and bottles Marketed sustainability benefits to “br
Slide 28: An Example of Management Experience: NatureWorks LLC
• In 2000, d eveloped and built $300 million PLA plastic production complex within the Blair wet mill • NatureWorks made up of 3 production plants: • World’s largest lactic acid fermentation plant • C hemical plant for lactide production • PLA polymer production • Leaders in the business unit that c
Slide 29: Non-GAAP Adjusted EBITDA Reconciliation
29 Non - GAAP Adjusted EBITDA Reconciliation (1) Adjusted EBITDA is a non - GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses f or shared service functions, non - cash stock - based compensation, and the change in fair value of derivative instrumen
Slide 30: Non-GAAP Adjusted EBITDA Reconciliation (Cont'd)
30 Non - GAAP Adjusted EBITDA Reconciliation (Cont’d) (1) Adjusted EBITDA is a non - GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses f or shared service functions, non - cash stock - based compensation, and the change in fair value of derivative
Slide 31: Red Trail Energy, LLC Pro Forma Non-GAAP Adjusted EBITDA Reconciliation
31 Red Trail Energy, LLC Pro Forma Non - GAAP Adjusted EBITDA Reconciliation (1) As reported in the SEC filings of Red Trail Energy, LLC (now known as South 8 Energy, LLC), prior to Gevo’s acquisition of su bst antially all of its assets and certain of its liabilities on January 31, 2025. Red Trail
Slide 32: Thank You
Thank You 345 Inverness Drive South Building C | Suite 310 Englewood, Colorado 80112 gevo.com A Carbon Abatement Company