Gevo (GEVO) Water Tower Research Virtual Insights Conference summary

Business overview and recent developments

• Focused on low carbon ethanol, renewable natural gas, and emerging markets like racing fuels.

• North Dakota facility is expanding from 67 to 75 million gallons by year-end, with plans to double capacity and add a 30-million-gallon alcohol-to-jet platform.

• Monetizes fuels and carbon through compliance and voluntary markets, maximizing value from incentives.

• Revenue model leverages RINs, state and federal credits, and carbon value, resulting in higher realized margins.

• Achieved a 7x increase in adjusted EBITDA at the North Dakota facility since acquisition.

Carbon capture and market strategy

• Operates a fully permitted Class VI carbon sequestration well, capturing and injecting CO2 over a mile deep for permanent storage.

• Asset enables flexibility to sell carbon credits into compliance or voluntary markets, supporting future expansion.

• Carbon business drives EBITDA growth, with new pathways like Canadian Clean Fuel Regulations and improved 45Z tax credit capture.

• Ongoing efforts to unlock new carbon pathways and maximize market optionality.

• Carbon arbitrage strategy ensures credits are sold to the highest value market.

Financial performance and market positioning

• Adjusted EBITDA grew from $16M in 2025 to an anticipated $60M by end of 2026, driven by carbon monetization.

• Improvements in carbon credit capture and regulatory changes contributed to financial outperformance.

• Among few in the industry delivering carbon dioxide removal (CDR) at scale, with top supplier status.

• Average CDR credit price is around $200/ton, with growing customer interest from major corporations.

• All carbon credits are tracked and registered, enhancing transparency and credibility.