Green Plains (GPRE) Stephens Annual Investment Conference summary

Strategic overview and operational transformation

• Emphasis on operational excellence, continuous improvement, and asset optimization across all facilities.

• Focus on becoming a low-cost, low-carbon intensity biofuel producer with disciplined capital allocation.

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

• Ownership in Fluid Quip Technologies and Mechanical supports engineering and process innovation.

• New expectations set for employees to drive reliability and yield improvements.

Financial performance, tax credits, and capital structure

• Monetized $26.5 million in 45Z tax credits YTD, with $15–25 million expected in Q4 as Nebraska plants ramp up.

• Non-Nebraska plants expected to generate $38 million in 45Z credits in 2024, with further CI score reduction opportunities.

• Refinanced 2027 converts into 2030 notes, raised $30 million cash, and repurchased shares to offset dilution, net dilution ~6%.

• Obion asset sale used to pay down high-cost debt and streamline operations.

• SG&A run rate now in low $90 million range, with ongoing focus on cost reduction and efficiency.

Plant performance, capacity, and margin environment

• Achieved 101% utilization in the quarter through fermentation and process improvements, not new equipment.

• Capacity figures to be updated, with some plants capable of exceeding stated capacity by 5–10%.

• Ethanol margins improved to mid-cycle in August/September, supported by strong corn crop and disciplined hedging.

• Over 75% of Q4 production hedged, with ongoing focus on margin management and OPEX reduction.