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1 Elevating Essential Products Q3 2025 INVESTOR PRESENTATION reported on November 5, 2025 Leading producer of specialty alcohols and high quality ingredients
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2 Safe Harbor Statement Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non- historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning: Alto Ingredients’ projected outlook and future performance, including as to the renewable fuel export market; the effects of Alto Ingredients’ past and future cost saving and other initiatives; the timing, costs and effects of Alto Ingredients’ capital projects and other business initiatives and strategies, including CO2 utilization; expectations around Section 45Z tax credits, including the timing and amount of credits that may be received, and Alto Ingredients’ ability to lower its carbon intensity scores to boost available tax credits; E15 blending in California and the resulting demand for additional fuel-grade ethanol volumes; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon many factors affecting Alto Ingredients’ business and plans. These factors include, among others, adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; unexpected repair and maintenance expenses; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas, as well as corn basis; adverse impacts of inflation (including tariffs) and supply chain constraints; and the cost, ability to fund, timing and effects of, including the financial and other results deriving from, Alto Ingredients’ repair and maintenance programs, plant improvement and other capital projects, and other business initiatives and strategies. These factors also include, among others, the inherent uncertainty associated with financial and other projections and large-scale capital projects; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production and marketing industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies, including with respect to the Inflation Reduction Act’s tax and other benefits Alto Ingredients expects to derive from its initiatives; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2025.
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3 Transforming corn into the highest-quality, sustainable ingredients that make everyday products better 3
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4 Producer and distributor of specialty alcohols, renewable fuels and essential ingredients 4
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5 Targeted Project Focus Short-term paybacks, more immediate returns and long-term benefits • Supporting path to incremental profitability, improved future and increased valuations • Prioritizing project cost, timing and anticipated ROI • Evaluating projects to • Lower carbon intensity to capture more of the benefits from 45Z • Increase CO2 utilization at the Pekin campus and at Columbia, building upon successful Carbonic acquisition • Continuing cost reduction and containment projects 5
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6 Regulatory Trends Positive for Industry 6 ONE BIG BEAUTIFUL BILL ACT > Section 45Z tax credit extended through end of 2029 > Increases focus on domestic production > Lowers incentives for certain advanced biofuels > Introduces new eligibility restrictions, especially foreign involvement E15 POLICY MOMENTUM; EXPANDING MARKET OPPORTUNITY > 50%, or 5-7BG, potential increase in annual U.S. ethanol demand if national year-round E15 adoption 1 > ~670MGY in CA when going from E10 to E15 2 > Bipartisan support for permanent, nationwide E15 sales > 95% of vehicles already compatible SUSTAINABILITY & ENERGY ADVANTAGES > Lower carbon emissions > Greater U.S. energy independence Improving Earnings Profile, Increasing the Intrinsic Valuation of Alto’s Facilities 1: National Corn Growers Association and Ethanol Producer Magazine; 2: US Energy Information Administration/Oklahoma Farm Rep ort > Applying for Section 45Z tax credits for Alto Columbia and Alto Pekin Dry Mill that are estimated to total ~$18M in the next two years, based on our nameplate and targeted carbon intensity > Increasing value of idled Magic Valley asset > Creating opportunity to capture more of the export market CI Score/ Emission Rate Range Emission Factor Per Annual Gallon Benefit 50.0 – 47.5 0.0 $0.00 47.4 - 42.5 0.1 $0.10 42.4 – 37.5 0.2 $0.20 37.4 – 32.5 0.3 $0.30 32.4 – 27.5 0.4 $0.40 27.4 – 22.5 0.5 $0.50 22.4 – 17.5 0.6 $0.60 17.4 – 12.5 0.7 $0.70 12.4 – 7.5 0.8 $0.80 7.4 – 2.5 0.9 $0.90 2.4 - 0 1.0 $1.00
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7 7 MAKING EVERYDAY PRODUCTS BETTER: Health, Home & Beauty Food & Beverage, including CO2 Industry & Agriculture Essential Ingredients Renewable Fuels Targeting Premium Markets Alto Columbia, LLC Alto Carbonic, LLC Dry Mill Beverage-grade liquid CO2 processor Boardman, Oregon Alto Magic Valley, LLC Dry Mill Burley, Idaho Eagle Alcohol, LLC Break Bulk Packaging & Distribution St. Louis, Missouri Alto Ingredients, Inc. Alto Pekin, LLC Headquarters Dry Mill Wet Mill Yeast Plant Pekin, Illinois Alto ICP, LLC Distillery Pekin, Illinois Kinergy Marketing LLC Pekin, Illinois Corporate Headquarters Production Distribution Marketing
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8 Making Everyday Products Better ALTO’S 100% BIO-BASED RENEWABLE INGREDIENTS SAMPLE END-USE PRODUCTS HEALTH, HOME & BEAUTY API Grade Ethyl Alcohol USP Grade Ethyl Alcohol > Laundry detergents > Over-the-counter medications > Mouthwash > Sanitizers > Disinfectant sprays FOOD & BEVERAGE Grain Neutral Spirits Corn Germ CO2 Gas & Liquid > Vinegar > Grain neutral spirits > Flavorings > Sauces > Ready-to-drink, such as hard seltzers > Beverage carbonation > Dry ice INDUSTRY & AGRICULTURE Industrial Grade Ethyl Alcohol > Automotive fluids > Fertilizers > Industrial feedstock (ethyl acetate, etc.) > Inks ESSENTIAL INGREDIENTS Alto Yeast Corn Meal, Oil, Germ & Protein Feed High Protein DDGS Distillers Grains > Pet foods and flavorings > Breadings > Plant-based proteins > Animal feeds > Food-grade and feed-grade corn oils > Aquaculture feeds RENEWABLE FUELS Transportation Fuel: Ethanol Corn Oil: Renewable Diesel Feedstock > E85 > Biodiesel > Racing fuel > 88 Octane > Certified export products 8
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9 EARNED AT PEKIN CAMPUS > Safe Food/Safe Feed - a third-party product safety certification > EcoVadis Silver Medal at ICP, 87th percentile among peers COMPLETED MATERIALITY SURVEY & INITIAL ROADMAP > Strengthened environmental, health and safety policy and objectives > Improved Code of Ethics and Supplier Code of Conduct > Implemented a supplier transparency program COMPLETED SMETA 4-PILLAR AUDIT IN 2025 COMPLETED 4th ANNUAL THIRD-PARTY SCOPE 1 & 2 GREENHOUSE GAS VERIFICATIONS Sustainability Efforts SMETA PILLAR 4 APPROVED
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10 Certifications Create Differentiation Deepen Relationships & Open Doors to New Customers 10 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 fraction of their cost
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11 Quality Customer Base HEALTH, HOME & BEAUTY FOOD & BEVERAGE INDUSTRY & AGRICULTURE ESSENTIAL INGREDIENTS RENEWABLE FUELS 11 CUSTOMERS PRIORITIZE ALTO’S CERTIFICATIONS, RELIABILITY, SERVICE & QUALITY
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12 Improving Financial Position UNAUDITED, $ IN MILLIONS SEPT 30, 2025 SEPT. 30, 2024 NET SALES $241.0 $251.8 GROSS PROFIT $23.5 $6.0 NET INCOME (LOSS) $13.9 $(2.8) ADJ. EBITDA $21.4 $12.2 SEPT 30, 2025 DEC. 31, 2024 CASH & CASH EQUIVALENTS $32.5 $35.5 WORKING CAPITAL $108.5 $95.3 LONG-TERM DEBT, NET $100.6 $92.9 BORROWING AVAILABILITY $85.0 $88.1 12 Borrowing availability include $20M and $23.1M under operating LOC at Sept. 30, 2025 and Dec. 31. 2024, respectively, and $65M under term loan facility, subject to certain conditions, for both periods. Increased Gross Profit $18M, Net Income $17M and Adj. EBITDA $9M VS. Q3 2024 MARKETING & DISTRIBUTION WESTERN ASSETS > Up $0.5M to $4.4M > Up $3.8M to $1.5M SEGEMENTED GROSS PROFIT Q3 2025 vs Q3 2024: PEKIN CAMPUS > Up $12.7M to $18.9M
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13 Unlocking Value, Managing Liquidity 13 Targeting premium markets with high quality products Evaluating short-term projects with more immediate ROI & long-term benefits Optimizing asset base & executing efficiency initiatives Advancing traceability & sustainability certifications & programs Broadening customer base
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14 APPENDIX
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15 Building on a Rich Foundation 1861 Hamburg Distillery (now Alto ICP) Began producing alcohol; fire destroyed the facility in 1887, but it was soon rebuilt 1890 Distilling & Cattle Feeding Co. 1899 Illinois Sugar Refining Company (now Alto Pekin) Began producing sugar from beets 1904 Corn Products Company 1908 American Distilling Several facilities from New York to California with branded gins, whiskeys, liquors. and more 1980 Midwest Solvents 1991 Midwest Grain Products 1981 Pekin Energy Began producing fuel ethanol 1995 Williams Bio- Energy 1996 GNS system added at Pekin Wet Mill System was taken offline and later expanded and upgraded in 2021 2002 MGP Ingredients 1998 Yeast Plant Constructed and began producing yeast November 1998 2003 Aventine Renewable Energy 2003 Pacific Ethanol was founded Columbia & Magic Valley constructed and began producing fuel ethanol in 2007 & 2008 2005 MGP Ingredients Began producing fuel ethanol May 2005 2009 Illinois Corn Processing 2007 Pekin Dry Mill Constructed and began producing fuel ethanol 2015 Pekin Purchased by Pacific Ethanol 2017 ICP Purchased by Pacific Ethanol 2022 2025 Alto Carbonic LLC Acquired beverage-grade liquid carbon dioxide processor at Columbia facility Eagle Alcohol Co. Purchased by Alto Ingredients 2021 Name changed to Alto Ingredients, Inc. Kinergy Marketing LLC 2000
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16 PRIOR EXPERIENCE Brokerage Treasurer Project Finance Head Controller & Business Manager Senior Auditor Bryon McGregor President & CEO 17 years with Alto > Brigham Young University BS in Business Management Rob Olander, CPA Chief Financial Officer 18 years with Alto > Midland University BS in Business Administration Jim Sneed Chief Commercial Officer 33 years with Alto(1) > Olivet Nazarene University BS in Accounting > Kellogg School of Management, MBA Auste Graham Chief Legal Officer & Secretary 3 years with Alto > Vassar College B.A. in Latin American Studies > Vanderbilt University Law School, JD Vice President, Ethanol Marketing & Trading *(1) In aggregate, including years with Aventine, acquired by Alto in 2015. Experienced Leadership Team Todd Benton Chief Operating Officer 26 years with Alto(1) > Eastern Illinois University BS in Biology > Business Admin. at Bradley University Director Plant Manager & Senior Process Engineering Site Manager Vice President, Marketing & Logistics Vice President, Legal Americas Senior Legal Counsel
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17 Michael Kramer VP, Treasurer 18 years with Alto Patrick McKenzie VP, Business Development 13 years with Alto Ed Baker VP, Human Resources 18 years with Alto John Shriver VP, Operations 25 years with Alto(1) Stacy Swanson VP, EHS, Quality & Sustainability 12 years with Alto(1) Senior Management with Deep Bench Strength *(1) In aggregate, including years with Aventine, acquired by Alto in 2015. PRIOR EXPERIENCE
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18 Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net sales $ 240,986 $ 251,814 $ 685,962 $ 728,911 Cost of goods sold 217,492 245,854 666,212 717,798 Gross profit 23,494 5,960 19,750 11,113 Selling, general and administrative expenses (6,514) (7,510) (19,875) (24,403) Gain on sale of assets — 830 — 830 Income (loss) from operations 16,980 (720) (125) (12,460) Interest expense, net (2,800) (1,867) (8,340) (5,170) Other income (expense), net 28 146 (3) 358 Income (loss) before provision for income taxes 14,208 (2,441) (8,468) (17,272) Provision for income taxes — — — — Net income (loss) $ 14,208 $ (2,441) $ (8,468) $ (17,272) Preferred stock dividends $ (319) $ (319) $ (946) $ (950) Net income (loss) attributable to common stockholders $ 13,889 $ (2,760) $ (9,414) $ (18,222) Net income (loss) per share, basic and diluted $ 0.19 $ (0.04) $ (0.13) $ (0.25) Weighted-average shares outstanding, basic and diluted 74,777 73,835 74,415 73,364
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19 GAAP TO NON-GAAP RECONCILIATION
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20 Use of Non-GAAP Measures Management believes that certain financial measures not in accordance with generally accepted accounting principles (“GAAP”) are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, unrealized derivative gains and losses, acquisition-related income and expense, provision for income taxes, asset impairments, and depreciation and amortization expense. A table is provided at the end of this presentation that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company’s performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company’s results as reported under GAAP.
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21 Adjusted EBITDA Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) (unaudited) 2025 2024 2025 2024 Net income (loss) $ 14,208 $ (2,441) $ (8,468) $ (17,272) Adjustments: Interest expense, net 2,800 1,867 8,340 5,170 Interest income (56) (194) (206) (519) Unrealized derivative (gains) losses (1,841) 6,199 (1,357) (8,079) Acquisition-related expense — 675 (460) 2,025 Depreciation and amortization expense 6,257 6,058 18,888 17,860 Total adjustments 7,160 14,605 25,205 16,457 Adjusted EBITDA $ 21,368 $ 12,164 $ 16,737 $ (815)
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22 Segment Results (1) includes depreciation and amortization expense (2) includes unrealized gain (loss) on derivatives TO UPDATE Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net Sales Pekin Campus production, recorded as gross: Alcohol sales $ 109,276 $ 106,459 $ 310,666 $ 315,494 Essential ingredient sales 45,307 41,217 129,490 127,297 Intersegment sales 283 321 764 927 Total Pekin Campus sales 154,866 147,997 440,920 443,718 Marketing and distribution: Alcohol sales, gross $ 58,595 $ 54,531 $ 165,695 $ 179,118 Alcohol sales, net 74 71 215 169 Intersegment sales 2,497 2,862 7,338 8,002 Total marketing and distribution sales 61,166 57,464 173,248 187,289 Western production, recorded as gross: Alcohol sales $ 17,419 $ 36,395 $ 50,218 $ 74,084 Essential ingredient sales 8,017 10,408 24,076 24,184 Intersegment sales 513 8 1,281 (122) Total Western production sales 25,949 46,811 75,575 98,146 Corporate and other 2,298 2,733 5,602 8,565 Intersegment eliminations (3,293) (3,191) (9,383) (8,807) Net sales as reported $ 240,986 $ 251,814 $ 685,962 $ 728,911 Cost of goods sold:(1, 2) Pekin Campus production $ 135,942 $ 141,823 $ 431,669 $ 423,135 Marketing and distribution 56,738 53,553 160,904 176,676 Western production 24,447 49,079 72,719 112,762 Corporate and other 2,063 2,952 5,449 8,690 Intersegment eliminations (1,698) (1,553) (4,529) (3,465) Cost of goods sold as reported $ 217,492 $ 245,854 $ 666,212 $ 717,798 Gross profit (loss): Pekin Campus production $ 18,924 $ 6,174 $ 9,251 $ 20,583 Marketing and distribution 4,428 3,911 12,344 10,613 Western production 1,502 (2,268) 2,856 (14,616) Corporate and other 235 (219) 153 (125) Intersegment eliminations (1,595) (1,638) (4,854) (5,342) Gross profit as reported $ 23,494 $ 5,960 $ 19,750 $ 11,113
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23 FOR MORE INFOMATION, CONTACT: info@altoingredients.com (833) 710-ALTO linkedin.com/company/alto-ingredients ir.altoingredients.com