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Q2 2026 Earnings Call August 6 , 2026 Green Plains Green Plains Ingredients that matter
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2 This presentation includes forward-looking statements that reflect management’s current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those expressed or implied in its reports filed with the Securities and Exchange Commission. Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations which involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements include words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “outlook,” “plan,” “predict,” “may,” “could,” “should,” “will” and similar words and phrases as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions. Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in this presentation, those discussed under “Risk Factors” in our Annual Report on Form 10-K or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the OBBB, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the SEC. We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management’s views as of the date of this report or documents incorporated by reference. Forward-Looking Statements
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DEMONSTRATING EARNINGS POWER OF THE PLATFORM 3 $67.1 million Operational excellence, disciplined cost management, favorable market conditions and carbon sequestration drove improved Q2 results $0.83 EPS (dilutive) $93.3 million Adjusted EBITDA $446.2 million Revenue Net Income attributable to Green Plains
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QUARTERLY HIGHLIGHTS 4 160.7 million gallons of ethanol 88%* of production capacity 323 thousandtons of distillers grains (dry equivalent) 49 thousand tons of Ultra-High Protein 58.3 million pounds of renewable corn oil 54.6 million bushels of corn processed $95.1 million consolidated ethanol crush margin *excludes Fairmont's idled capacity, calculated using revised stated capacity disclosed in 2025 10-K
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CONSISTENT OPERATIONS AT SCALE 5 Safety performance reinforces reliability across the platform Yields and uptime support repeatable margin capture Capital is being directed toward projects that permanently improve reliability, efficiency and cost structure Our team is focused on safe execution to deliver consistent, repeatable results
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CARBON PLATFORM EXPECTATIONS 6 $200 - 225M Focus on capture efficiency, monetization and maximizing 45z value Expected 2026 EBITDA contribution from 45z production tax credits $140 - $165M Advantage Nebraska 2026 EBITDA opportunity ~$60M Expected EBITDA contributions from 45Z generation at remaining facilities
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7 SELECTED OPERATING DATA For the three months ended June 30, 2026 2025 Ethanol production Ethanol (gallons) 160,700 193,571 Distillers grains (equivalent dried tons) 323 413 Ultra-High Protein (tons) 49 66 Renewable corn oil (pounds) 58,332 65,231 Corn consumed (bushels) 54,558 65,312 Agribusiness and energy services(1) Ethanol (gallons) 180,760 225,703 (In thousands) (1) includes gallons from the ethanol production segment.
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8 For the three months ended June 30, 2026 2025 Ethanol production Operating income (loss) (1) $ 71.0 $ (12.2) Depreciation and amortization 22.7 22.9 Impairment of assets held for sale — 10.7 Adjusted ethanol production operating income 93.7 21.4 Intercompany fees and nonethanol operating activities, net (2) 1.4 4.9 Consolidated ethanol crush margin $ 95.1 $ 26.3 CONSOLIDATED CRUSH MARGIN (In millions) (1) For the three months ended June 30, 2025, ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million and an inventory lower of cost or net realizable value adjustment of $2.3 million. (2) Includes certain nonrecurring decommissioning costs and nonethanol operating activities of ($1.9) million and ($1.0) million for the three months ended June 30, 2026 and 2025, respectively.
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9 For the three months ended June 30, 2026 2025 Revenues $ 446.2 $ 552.8 Costs and expenses 378.3 581.1 Operating income (loss) $ 67.9 $ (28.3) Other expense (6.2) (13.3) Income tax benefit (expense) 5.5 (2.3) Loss from equity method investees, net of income taxes — (28.3) Net income (loss) $ 67.2 $ (72.2) Net income attribution to noncontrolling interests 0.1 — Net income (loss) attribution to Green Plains $ 67.1 $ (72.2) Net income (loss) attribution to Green Plains per share –basic $ 0.97 $ (1.09) Net income (loss) attribution to Green Plains per share –diluted $ 0.83 $ (1.09) CONDENSED CONSOLIDATED INCOME STATEMENT (In millions, except per share amounts)
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10 For the three months ended June 30, 2026 2025 Net income (loss) $ 67.2 $ (72.2) Interest expense 8.1 13.8 Income tax expense (benefit), net of equity method income taxes (5.5) 1.9 Depreciation and amortization (1) 23.4 27.6 EBITDA $ 93.2 $ (28.9) Restructuring costs — 2.5 Loss on sale of assets — 4.0 Impairment of assets held for sale — 10.7 Loss on sale of equity method investment — 27.0 Proportional share of EBITDA adjustments to equity method investees 0.1 1.1 Adjusted EBITDA $ 93.3 $ 16.4 NON-GAAP RECONCILIATION (In millions) (1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.