Green Plains (GPRE) investor relations material

Strategic and operational overview

• Focus on operational excellence and continuous improvement, with new expectations set for employees across all business areas.

• Eight facilities with 680 million gallons of ethanol capacity and 250,000 tons of high-quality protein products annually.

• Ownership in Fluid Quip Technologies and Mechanical, supporting engineering and process services for ethanol and ag commodity sectors.

• Emphasis on being a low-cost, low-carbon intensity biofuel producer, optimizing asset performance and capital allocation.

• Record utilization achieved through process enhancements, with plans to update plant capacity figures in the next quarter.

Financial transformation and capital structure

• Monetized $26.5 million in 45Z tax credits year-to-date, with $15–25 million expected in Q4 as Nebraska plants ramp up carbon capture.

• Non-Nebraska plants expected to generate $38 million in 45Z credits in 2024, driven by regulatory changes and efficiency projects.

• Refinanced 2027 convertible debt into 2030 notes, raising $30 million in cash and buying back shares to buffer dilution, resulting in net dilution of about 6%.

• Deleveraged balance sheet with no major maturities until 2030; future free cash flow will be prioritized for asset health, CI reduction, and shareholder value.

Cost management and operational improvements

• SG&A run rate now in the low $90 million range, with ongoing focus on continuous improvement and further cost reduction opportunities.

• Achieved 101% utilization in the quarter through fermentation and process improvements, reducing downtime and increasing yields.

• Maintenance CapEx targeted at $15–25 million annually, with rigorous project evaluation to ensure optimal returns.