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Second Quarter 2026 Earnings Presentation NASDAQ : GEVO * gevo
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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 context of the statement and generally arise when the Company or its management is discussing its beliefs, estimates or expectations. Such statements generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates,” “continues,” “may,” “plan,” “will,” “goal,” or similar expressions. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of our management about future events and are therefore subject to risks and uncertainties, many of which are outside the Company’s control, which could cause actual results to differ materially from what is contained in such forward-looking statements as a result of various factors, including, without limitation: the expected timing four the Company’s debottlenecking and expansion projects; expected financing of the Company’s expansion project; expected financial results (including Adjusted EBITDA and cash flow expectations); expected production growth from Gevo’s expansion projects; and other factors that could affect the Company’s business. These and other factors are identified and described in more detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as the Company’s subsequent filings and is available online at www.sec.gov. Readers are cautioned not to place undue reliance on the Company’s projections and other forward-looking statements, which speak only as of the date thereof. Except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Forward Looking Statement
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• 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 Key Takeaways 3
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Financial Results
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• Revenue of $89 million in 1H26, a 23% increase vs. 1H25 • Gross profit of $36 million in 1H26, a 70% increase vs. 1H25 • Gross margin of 40% in 1H26, an 11% increase vs. 1H25 First Half of 2026 Results Summary Gross Profit ($mm) 5 +70% YoY increase Revenue ($mm) +23% YoY increase
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• 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 decision • Non-GAAP Adjusted Net Loss of ($1) million in 2Q26 Second Quarter GAAP Net Income and Non-GAAP Adjusted Net Income 6 Note: Adjusted net income (loss) is a non-GAAP measure calculated by adding back impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss). Non-GAAP Adjusted Net Income (Loss) Reconciliation
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• We now expect 2026 Adjusted EBITDA1 to more than double our prior outlook, targeting more than $60 million • Increased outlook supported by: • New CFR pathway increases market optionality • Increased 45Z tax credits • Revenue growth from specialty fuels and demonstration-scale SAF • Further cost discipline • Expecting substantial increase in operating cash flow in 3Q and 4Q Non-GAAP Adjusted EBITDA1 and Cash Flow Outlook 7 Adjusted EBITDA1 ($mm) +2x increase +$60 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 derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations. A reconciliation of Q2 non-GAAP adjusted EBITDA to GAAP is provided in the Appendix. We have not provided a reconciliation of forward-looking non-GAAP adjusted EBITDA guidance measures to the most directly comparable GAAP measures because of the inherent difficulty in accurately forec asting certain items excluded from GAAP, which have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
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• 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 up to $20 million Cash and Liquidity 8
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Appendix
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Organic Growth 10 • Debottlenecking (in construction) • Expected to grow GevoND production by 10 – 15% starting by end of 2026 • Project tie-ins completed during planned outage in 2Q • Expansion (in development) • Target building new capacity to approximately double existing GevoND ethanol and CCS starting in 2028 • On track for financing with Ara Energy in 2H 2026 • Project Northstar (in development) • Add ATJ-30 to convert ~50mmgpy ethanol into ~30mmgpy SAF • FEL-3 engineering completed • Progressing fixed and floor price offtake contracts to enable project-level financing and FID
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Quarterly Revenue Quarterly Revenue ($mm) Acquisition of ethanol and CCS (partial quarter)
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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 derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations.
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Thank You NASDAQ: GEVO gevo.com