Green Plains (GPRE) investor relations material

Executive summary

• Net income attributable to shareholders was $11.9 million, or $0.17 per diluted share, down from $48.2 million ($0.69 per share) year-over-year, mainly due to $35.7 million in non-recurring interest expense from extinguished junior mezzanine notes.

• Adjusted EBITDA was $52.6 million, nearly flat year-over-year, including $25.0 million in 45Z production tax credit value net of discounts and costs.

• Revenues for Q3 2025 were $508.5 million, a 22.8% decrease from $658.7 million in Q3 2024, primarily due to lower ethanol volumes and prices, and the end of a third-party marketing agreement.

• Sale of the Obion, Tennessee plant generated $170 million plus working capital, with proceeds used to fully repay $130.7 million in junior mezzanine debt, strengthening the balance sheet.

• Carbon capture facilities in York, Central City, and Wood River, Nebraska are now operational, providing a carbon intensity advantage and supporting low-carbon ethanol initiatives.

Financial highlights

• Q3 2025 net income was $11.9 million ($0.17 per share), down from $48.2 million ($0.69 per share) in Q3 2024, due to $35.7 million in non-recurring interest expense and $2.7 million in restructuring charges.

• Adjusted EBITDA was $52.6 million, nearly flat year-over-year compared to $53.3 million in Q3 2024.

• Revenue for the quarter was $508.5 million, down 22.8% year-over-year, primarily due to exiting ethanol marketing for Tarleton and placing Fairmont on cold maintenance.

• SG&A expenses were $29.3 million, up $2.6 million year-over-year due to one-time expenses.

• Income tax benefit of $25.6 million, with 45Z clean fuel production tax credits recognized as deferred tax assets.

Outlook and guidance

• On track for $15–$25 million of 45Z production tax credit monetization value in Q4 2025, with values expected to grow as the program expands and policy changes take effect in 2026.

• All eight operating ethanol plants expected to qualify for Section 45Z clean fuel production credits by 2026, supporting long-term EBITDA growth.

• Recurring interest costs projected to fall significantly in Q4 and into 2026, with forward interest expense for the next 12 months estimated at $30–$35 million.

• Expects to generate $40–$50 million of 45Z-related Adjusted EBITDA in 2025, net of discounts and expenses, depending on production volumes and carbon intensity factors.

• Disciplined risk management strategy expected to support Q4 margins and cash flow.