Green Plains : Third Quarter 2025 Results Presentation

Third Quarter 2025 Business Update

November 5, 2025

Third Quarter 2025 Results

Results of Operations

• Net income attributable to Green Plains of $11.9 million, or EPS of $0.17 per diluted share

• Adjusted EBITDA of $52.6 million

• Cash and cash equivalents, and restricted cash of $211.6 million and $325.0 million available under a committed credit facility

  Production Segment

• 197.3 million gallons of ethanol, with production at 101% of stated capacity (excluding Fairmont)

• 417 thousand tons of distillers grains (dry equivalent)

• 71 thousand tons of Ultra-High Protein

• 72.3 million pounds of renewable corn oil

• Processed 66.6 million bushels of corn

• Consolidated ethanol crush margin was $59.6 million, inclusive of 45Z production tax credits of $26.5 million

Business Activity & Updates

• On track for $15 - $25 million of 45Z production tax credit monetization value net of discounts and other costs for the fourth quarter

• Carbon capture started up and fully operational at York, Nebraska facility

• Central City and Wood River, Nebraska carbon capture systems are online and ramping up capture volumes providing a distinct carbon intensity advantage for Nebraska-based plants

• 45Z tax credit monetization agreement executed, advancing low-carbon ethanol value creation

• Sale of Obion, Tennessee plant completed; proceeds used to fully repay $130.7 million junior mezzanine debt and further strengthen the balance sheet

• Achieved strong utilization in the quarter from the nine operating ethanol plants of 101%

• Disciplined risk management strategy continues to support fourth quarter margins and cash flow

• On October 27, 2025, successfully completed $200 million in privately negotiated convertible note exchange and subscription transactions enhancing financial flexibility

Executing on Advantage Nebraska

Scaling decarbonization across Nebraska

Green Plains York

Fully online delivering biogenic CO2 to the Tallgrass Trailblazer pipeline

Green Plains Wood River & Central City

Online and ramping up capture volumes

Early Leader in Low-Carbon Markets

All eight operating ethanol plants expected to qualify for production tax credits in 2026

CI Reductions and Efficiency Gains Enhancing yields and driving long-term EBITDA growth

Selected Operating Data

(in thousands)

For the three months ended September 30,	2025	2024
Ethanol production
Ethanol (gallons)	197,264	220,299
Distillers grains (equivalent dried tons)	417	489
Ultra-High Protein (tons)	71	69
Renewable corn oil (pounds)	72,345	77,074
Corn consumed (bushels)	66,601	75,140

Agribusiness and energy services (1)

Ethanol (gallons) 210,473 262,111

(1) Includes gallons from the ethanol production segment.

Consolidated Crush Margin

For the three months ended September 30,	2025	2024
		(in millions)
Ethanol production
Operating income (1)	$ 4.4	$ 35.3
Depreciation and amortization	23.9	21.4
45Z production tax credits (2)	26.5	-
Total adjusted ethanol production operating income	$ 54.8	$ 56.7
Intercompany fees and nonethanol operating activities, net (3)	4.8	1.6
Consolidated ethanol crush margin	$ 59.6	$ 58.3

1. Ethanol production includes inventory lower of cost or net realizable value adjustments of $0.3 million and $10.1 million for the three months ended September 30, 2025, and 2024, respectively.

2. 45Z production tax credits are recorded within income tax benefit for the three months ended September 30, 2025.

3. Includes $2.8 million and $(3.8) million for certain nonrecurring decommissioning costs and nonethanol operating activities during the three months ended September 30, 2025 and 2024, respectively.

Condensed Consolidated Income Statement

(in millions, except per share amounts)

For the three months ended September 30,	2025	2024
Revenues	$ 508.5	$ 658.7
Costs and expenses	474.6	602.6
Operating income	$ 33.9	$ 56.1
Other expense	(49.3)	(7.9)
Income tax benefit	25.6	0.8
Income (loss) from equity method investees	0.8	(0.4)
Net income	$ 11.0	$ 48.6
Net income (loss) attributable to noncontrolling interests	(0.9)	0.4
Net income attributable to Green Plains	$ 11.9	$ 48.2
Net income attributable to Green Plains per share - basic	$ 0.17	$ 0.75
Net income attributable to Green Plains per share - diluted	$ 0.17	$ 0.69

Select Balance Sheet Data

(in millions, except per share amounts)
For the period ending	Sep. 30, 2025	Dec. 31, 2024
Cash and cash equivalents, and restricted cash	$ 211.6	$ 209.4
Working capital	$ 57.8	$ 141.6
Working capital financing (1)	(65.9)	(140.8)
Working capital, net	$ (8.1)	$ 0.8
Net investment in cash and working capital	$ 203.5	$ 210.2
Long-term assets and liabilities
Property and equipment, net	$ 958.3	$ 1,042.5
Other long-term assets (2)	127.6	170.7
Total long-term assets	$ 1,085.9	$ 1,213.2
Long-term debt (3)	$ 308.4	$ 434.6
Other long-term liabilities (4)	206.0	114.2
Total long-term liabilities	$ 514.4	$ 548.8
Net long-term investments	$ 571.5	$ 664.4
Total cash and invested capital	$ 775.0	$ 874.6
Book value per share	$ 10.69	$ 13.37

1. Working capital financing consists of revolvers for the Finance Company, Grain Company, and Trade Group $25.0 million, and Commodities Management $20.0 million, respectively, as well as a product financing arrangement of $20.9 million as of September 30, 2025.

2. Other long-term assets include $59.1 million of operating lease right-of-use assets as of September 30, 2025.

3. Long-term debt, net of debt issuance costs, includes convertible debt $228.2 million, term loan $70.3 million including current portion of long-term debt of $1.5 million, and Other $9.9 million including current portion of long-term debt of $0.5 million as of September 30, 2025.

4. Other long-term liabilities include $117.5 million of carbon equipment liabilities, $20.9 million of current operating lease liabilities and $39.7 million of long-term operating lease liabilities as of September 30, 2025.

Appendix

GREEN PLAINS INC.