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ALTO INGREDIENTS Elevating Essential Products Leading producer of specialty alcohols and high - quality ingredients Q2 2026 INVESTOR PRESENTATION reported on August 5 , 2026 ALTO 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’ expectations around profitability and executing on opportunities to grow earnings, including through improved utilization, reliability and throughput; optimization and capital projects, including their timing, cost and effects such as increased annual production capacity and incremental gross margin; the timing and amounts of Section 45Z tax credits and the ability to qualify for additional credits; facility repairs; the use and benefits of its ATM program, including returns that Alto Ingredients may generate from using funds, if any, from the program to make capital investments; its planned plant outages and their effects; year-round adoption of E15 and its timing and effects; 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 a number of 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; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints, including from tariffs; prevailing market prices and trading volumes of Alto Ingredients’ stock; Alto Ingredients’ ability, if desirable, to execute on its ATM program; Alto Ingredients’ ability to timely and within budget execute on its optimization and capital projects; Alto Ingredients’ ability to expand and monetize the value of its CO2 production to lower its carbon footprint; regulatory developments and Alto Ingredients’ ability to successfully pursue and secure opportunities, and realize the expected results, under existing and new legislation, including the Section 45Z regulations, and to successfully apply for and receive anticipated credit amounts. These factors also include, among others, the inherent uncertainty associated with financial and other projections; 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, marketing and distribution 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; 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 May 8, 2026.
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3 Our mission is to produce the highest quality, sustainable ingredients that make everyday products better 3
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4 > Diversification strategy designed to shift production toward the most attractive end markets > Operating model positions Alto to generate positive adjusted EBITDA through commodity cycles while providing meaningful upside when market conditions are favorable > Investing to expand capacity, improve plant utilization and reliability in support of higher value revenue streams and to optimize CO 2 > Executing high-return projects totaling over $10 million of capital investment near term > Expect to generate $15 million in net proceeds from 45Z credits for 2026 DIVERSIFIED REVENUE PORTFOLIO ALLOWS FOR CAPTURE OF HIGHER VALUE OPPORTUNITIES 59%22% 11% 6% 2% FY 2025 Revenue by Product Renewable Fuels Essential Ingredients Industry & Agriculture Food & Beverage Health, Home & Beauty 4
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5 5 Diverse, Unique Plant Assets Alto Columbia, LLC Dry Mill Alto Carbonic, LLC Beverage-grade liquid CO2 processor Boardman, Oregon Alto Magic Valley, LLC Dry Mill (Currently idled) Burley, Idaho Alto Ingredients, Inc. Alto Pekin, LLC Headquarters Dry Mill Wet Mill Yeast Plant Pekin, Illinois Alto ICP, LLC Distillery Pekin, Illinois Corporate Headquarters Production Eagle Alcohol, LLC Break Bulk Packaging & Distribution St. Louis, Missouri
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6 Making Everyday Products Better ALTO’S 100% BIO-BASED RENEWABLE INGREDIENTS SAMPLE END-USE PRODUCTS 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 RENEWABLE FUELS Transportation Fuel: Ethanol Corn Oil: Renewable Diesel Feedstock > E85 > Biodiesel > Racing fuel > 88 Octane > Certified export products 6 HEALTH, HOME & BEAUTY API Grade Ethyl Alcohol USP Grade Ethyl Alcohol > Laundry detergents > Over-the-counter medications > Mouthwash > Sanitizers > Disinfectant sprays 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 2025 Revenue %: 59% 22% 11% 6% 2%
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7 Quality Customer Base HEALTH, HOME & BEAUTY FOOD & BEVERAGE INDUSTRY & AGRICULTURE 7 CUSTOMERS PRIORITIZE ALTO’S CERTIFICATIONS, RELIABILITY, SERVICE AND QUALITY RENEWABLE FUELS ESSENTIAL INGREDIENTS
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8 -45,000 -35,000 -25,000 -15,000 -5,000 5,000 15,000 25,000 35,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (in thousands) Net Income (loss) Adjusted EBITDA Consistent Profitability Over The Last 4 Quarters • Q2 2026 marked 4th consecutive quarter of positive gross profit, income from operations, net income and adjusted EBITDA • Consistently profitable LTM ended 6/30/2026, even without 45Z tax credits • Q2 2026 results reflect strong domestic demand and improved essential ingredients values compared to Q2 2025 -45,000 -35,000 -25,000 -15,000 -5,000 5,000 15,000 25,000 35,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (in thousands) Gross Profit Operating Income
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9 Selected Financial Highlights UNAUDITED, $ IN MILLIONS Q2 2026 Q2 2025 NET SALES $245.7 $218.4 GROSS PROFIT (LOSS) $16.6 $(1.9) NET INCOME (LOSS) $11.4 $(11.3) ADJ. EBITDA $23.7 $(0.2) 6/30/2026 12/31/2025 CASH & CASH EQUIVALENTS $24.0 $23.4 WORKING CAPITAL $110.4 $96.8 TOTAL DEBT $60.5 $79.6 BORROWING AVAILABILITY $106.0 $102.0 9 Total borrowing availability was $106 million dollars, consisting of $41 million dollars under our operating line of credit and $65 million dollars under the term loan facility. Gross Profit Improved $18.6M to $16.6M Q2 principal payment on long-term debt of $8.5M for total payments year-to-date of $25.1M -8,000 -4,000 0 4,000 8,000 12,000 16,000 Pekin Campus Western Campus Marketing Distribution (in thousands) Segment Gross Profit Q2 2026 Q2 2025
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10 Consolidated Statements of Operations Three Months Ended June 30, (unaudited, in thousands, except per share amounts) 2026 2025 Net sales $ 245,698 $ 218,436 Cost of goods sold 229,062 220,373 Gross profit (loss) 16,636 (1,937) Selling, general and administrative expenses 8,017 6,171 Income (loss) from operations 8,619 (8,108) Interest expense, net (1,960) (2,811) Transferable tax credits, net 5,112 — Other expense, net (70) (78) Income (loss) before provision for income taxes 11,701 (10,997) Provision for income taxes — — Net income (loss) $ 11,701 $ (10,997) Preferred stock dividends $ (315) $ (315) Net income (loss) attributable to common stockholders $ 11,386 $ (11,312) Net income (loss) per share, basic $ 0.15 $ (0.15) Net income (loss) per share, diluted $ 0.15 $ (0.15) Weighted-average shares outstanding, basic 75,588 74,611 Weighted-average shares outstanding, diluted 77,071 74,611
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11 Unlocking Value, Managing Liquidity, Enhancing Earnings Power 11 Optimizing asset base and executing efficiency initiatives Targeting premium and diversified markets with significant opportunities Expanding capital investments in high- return projects while maintaining disciplined cost management Leveraging Section 45Z tax credit and other governmental incentive programs Advancing supply chain management and sustainability certifications and programs
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12 APPENDIX
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13 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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14 PRIOR EXPERIENCE Brokerage Treasurer Project Finance Head Controller & Business Manager Senior Auditor Bryon McGregor President & CEO 18 years with Alto > Brigham Young University BS in Business Management Rob Olander, CPA Chief Financial Officer 19 years with Alto > Midland University BS in Business Administration Jim Sneed Chief Commercial Officer 34 years with Alto(1) > Olivet Nazarene University BS in Accounting > Kellogg School of Management, MBA Auste Graham, JD Chief Legal Officer & Secretary 4 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 27 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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15 Michael Kramer VP, Treasurer 19 years with Alto Patrick McKenzie VP, Business Development 14 years with Alto Ed Baker VP, Human Resources 19 years with Alto John Shriver VP, Operations 26 years with Alto(1) Stacy Swanson VP, EHS, Quality & Sustainability 13 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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16 Certifications Create Differentiation Deepen Relationships and Open Doors to New Customers 16 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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17 EARNED AT PEKIN CAMPUS FACILITIES > Safe Food/Safe Feed - a third-party product safety certification > EcoVadis Silver Medal at ICP, 87th percentile among peers1 > EcoVadis Bronze Medal at Pekin, 71st percentile among peers2 STRENGTHENING ENVIRONMENTAL, HEALTH & SAFETY PROGRAMS > Continuous improvement in environmental, health & safety, and quality metrics and culture > Expanded supplier transparency program COMPLETED SMETA 4-PILLAR AUDIT IN 2025 > Includes on-site third-party environmental, health & safety assessments COMPLETED 4th ANNUAL THIRD-PARTY SCOPE 1 & 2 GREENHOUSE GAS VERIFICATIONS Best-in-Class Sustainability Program SMETA PILLAR 4 APPROVED A white circle with black text and a black background AI-generated content may be incorrect. 1 ICP: https://recognition.ecovadis.com/FqmrvKIZQkeCTWMSp30GCQ 2Pekin: https://recognition.ecovadis.com/Gr8tVkWNa0eWoQyK2xOz2A
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18 Regulatory Trends Positive for Industry 18 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 > Approx. 670MGY in CA when going from E10 to E15 2 > 95% of vehicles already compatible > California’s AB 30 provides a pathway for year-round E15 sales > Growing bipartisan support for permanent, nationwide E15 sales SUSTAINABILITY AND ENERGY ADVANTAGES > Lower carbon emissions > Greater U.S. energy independence Increasing the Intrinsic Value of Alto’s Facilities 1: National Corn Growers Association and Ethanol Producer Magazine; 2: US Energy Information Administration/Oklahoma Farm Rep ort > Recorded $3.9M of net 45Z credit earnings ($0.20/gallon) for Q1 2026 > Expect to generate $15M ($0.20/gallon) in net proceeds from 45Z for 2026 > Executing plans for ~$25 million in capital expenditures during 2026, both maintenance projects and optimization projects with strong returns > Advancing commercial strategy to earn premiums over domestic fuel and increase value captured from 45Z tax credits 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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19 (unaudited, in thousands) June 30, 2026 December 31, 2025 Current Assets: Cash and cash equivalents $ 23,962 $ 23,415 Restricted cash — 2,258 Accounts receivable, net 67,889 55,069 Inventories 51,609 61,676 Transferable tax credits, net 8,265 7,500 Derivative instruments 4,173 525 Other current assets 4,926 5,474 Total current assets 160,824 155,917 Property and equipment, net 197,479 198,501 Other Assets: Right of use operating lease assets, net 21,492 16,931 Intangible assets, net 7,264 7,574 Other assets 10,011 9,863 Total other assets 38,767 34,368 Total Assets $ 397,070 $ 388,786 Consolidated Balance Sheet
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20 Consolidated Balance Sheet (continued) LIABILITIES AND STOCKHOLDERS’ EQUITY June 30, December 31, (unaudited, in thousands) 2026 2025 Current Liabilities: Accounts payable $ 24,219 $ 14,509 Accrued liabilities 16,424 16,691 Current portion – long-term debt — 16,600 Current portion – operating leases 4,916 4,958 Derivative instruments 277 1,067 Other current liabilities 4,561 5,246 Total current liabilities 50,397 59,071 Long-term debt, net 60,469 63,027 Operating leases, net of current portion 17,553 13,012 Other liabilities 8,774 8,435 Total Liabilities 137,193 143,545 Stockholders’ Equity: Total Stockholders’ Equity 259,877 245,241 Total Liabilities and Stockholders’ Equity $ 397,070 $ 388,786
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21 (1) includes depreciation and amortization expense (2) includes unrealized gain (loss) on derivatives Three Months Ended June 30, (unaudited, in thousands) 2026 2025 Net Sales Total Pekin Campus sales $ 159,670 $ 133,903 Total marketing and distribution sales 57,184 60,520 Total Western production sales 30,090 25,359 Corporate and other 1,944 1,676 Intersegment eliminations (3,190) (3,022) Net sales as reported $ 245,698 $ 218,436 Cost of goods sold : Pekin Campus (1) (2) $ 148,148 $ 139,748 Marketing and distribution 53,404 56,518 Western production (1) 27,955 23,501 Corporate and other 1,010 1,705 Intersegment eliminations (1,455) (1,099) Cost of goods sold as reported $ 229,062 $ 220,373 Gross profit (loss): Pekin Campus $ 11,522 $ (5,845) Marketing and distribution 3,780 4,002 Western production 2,135 1,858 Corporate and other 934 (29) Intersegment eliminations (1,735) (1,923) Gross profit (loss) as reported $ 16,636 $ (1,937) Segment Results
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22 GAAP TO NON-GAAP RECONCILIATION
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23 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, excess insurance proceeds, provision (benefit) 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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24 Adjusted EBITDA Reconciliation Three Months Ended June 30, (in thousands) (unaudited) 2026 2025 Net income (loss) $ 11,701 $ (10,997) Adjustments: Interest expense 1,960 2,811 Interest income (87) (67) Unrealized derivative losses (gains) 3,634 2,117 Acquisition-related income — (460) Depreciation and amortization expense 6,452 6,365 Total adjustments 11,959 10,766 Adjusted EBITDA $ 23,660 $ (231)
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25 FOR MORE INFOMATION, CONTACT: info@altoingredients.com (833) 710-ALTO linkedin.com/company/alto-ingredients ir.altoingredients.com