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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Green Plains (GPRE) investor relations material
Green Plains Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net income attributable to shareholders was $11.9 million ($0.17/share) for Q3 2025, down from $48.2 million ($0.69/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 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
Adjusted EBITDA for Q3 2025 was $52.6 million, nearly flat year-over-year.
Q3 2025 revenues were $508.5 million, down 22.8% from Q3 2024.
Consolidated ethanol crush margin was $59.6 million, including $26.5 million in 45Z production tax credits.
Operating income for Q3 2025 was $33.9 million, compared to $56.1 million in Q3 2024.
Income tax benefit of $25.6 million, reflecting 45Z tax credits.
Outlook and guidance
On track to monetize $15–$25 million of 45Z production tax credits 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.
Estimated $40–$50 million in 2025 Section 45Z adjusted EBITDA contribution.
Margins remain attractive for Q4; about 75% hedged on crush for Q4 and have positions for Q1 2026.
SG&A run rate targeted to exit the year in the low $90 million range, down from $133 million in 2023.
What is the 45Z credit's net cash impact?
Remaining debt structure post-refinancing?
Reconcile ethanol crush margin to operating income.
Timeline for full 45Z earnings realization
Prioritize capital allocation beyond 2025
CST investment path and 2026 reevaluation
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Next Green Plains earnings date
Stephens Annual Investment Conference19 Nov, 2025
Next Green Plains earnings date
Stephens Annual Investment Conference19 Nov, 2025
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Frequently asked questions
Green Plains Inc is a biorefining company focused on the production of low-carbon fuels and high-protein ingredients. The company operates ethanol production facilities and develops sustainable agricultural and food technology solutions, including renewable corn oil and feed products. The company is headquartered in Omaha, Nebraska, and its shares are listed on the NASDAQ.
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