Green Plains (GPRE) investor relations material

Executive summary

• Net income for Q2 2026 was $67.1 million, or $0.83 per diluted share, a turnaround from a $72.2 million loss in Q2 2025, driven by operational excellence, Section 45Z production tax credits, and improved segment margins.

• Revenues for Q2 2026 were $446.2 million, down from $552.8 million year-over-year, mainly due to lower ethanol production volumes and the sale of the Obion, Tennessee plant.

• Adjusted EBITDA reached $93.3 million, up from $16.4 million in Q2 2025, reflecting higher margins and $58.7 million in 45Z tax credits.

• Operational excellence, disciplined cost management, and a growing carbon platform, including carbon sequestration, drove performance.

• Cash flow from operating activities was $86.3 million for the quarter, supporting debt reduction and balance sheet strength.

Financial highlights

• Gross margin for Q2 2026 was $113.0 million, up from $41.6 million in Q2 2025.

• Consolidated ethanol crush margin increased to $95.1 million from $26.3 million year-over-year.

• Total cash and equivalents at quarter-end were $243.1 million; restricted cash was $57.7 million.

• Total debt outstanding was $483.7 million as of June 30, 2026; CCS project debt totals $125.3 million.

• SG&A expenses reduced by 21% year-over-year to $21.7 million; interest expense $8 million; CapEx $11 million.

Outlook and guidance

• The company expects to generate $200–$225 million of EBITDA from Section 45Z production tax credits for the full year 2026, with credits expiring in 2029.

• Margin structure is expected to remain strong into Q3 and early Q4, with some seasonality anticipated.

• Additional capital spending of $20–$25 million is planned for efficiency projects in 2026.

• Monetization of 2026 45Z credits is progressing, aiming for stable, predictable cash flows.

• Long-term ethanol demand outlook remains positive, with export growth and policy support.