Green Plains — Second Quarter 2026 Earnings Summary

Financial Performance

• Net income attributable to Green Plains was $67.1 million ($0.83 per diluted share) for the second quarter of 2026, compared to a net loss of $72.2 million ($(1.09) per diluted share) in the same period in 2025.
• Consolidated revenues were $446.2 million for the second quarter of 2026, a decrease of 19.3% from $552.8 million in the second quarter of 2025.
• Adjusted EBITDA was $93.3 million for the second quarter of 2026, an increase from $16.4 million in the second quarter of 2025.
• Cash flow from operating activities was $86.3 million for the second quarter of 2026.
• Selling, general and administrative (SG&A) expenses decreased 21% to $21.7 million in the second quarter of 2026, down from $27.6 million in the prior year period.
• Consolidated ethanol crush margin was $95.1 million for the second quarter of 2026, compared to $26.3 million in the second quarter of 2025.
• Total debt outstanding was $483.7 million as of June 30, 2026, including $27.0 million in short-term borrowings.
• Total cash and cash equivalents, including restricted cash, were $243.1 million as of June 30, 2026.
• Production tax credits recognized on the balance sheet increased to $133.2 million as of June 30, 2026, from $40.3 million as of December 31, 2025.

Guidance and Future Outlook

• Management intends to direct meaningful cash flow toward reducing debt and building a more resilient balance sheet positioned for growth.
• The company highlighted operational excellence, safety milestones, improved ethanol economics, and its low-carbon platform as drivers for future financial results.

Business Segments and Product Lines

• Ethanol production segment sold 160.7 million gallons in the second quarter of 2026, down from 193.6 million gallons in the same period in 2025.
• Agribusiness and energy services segment revenues were $39.5 million for the second quarter of 2026, up 25.4% from $31.5 million in the prior year period.
• Ethanol production segment operating income was $71.0 million for the second quarter of 2026, compared to a loss of $12.2 million in the prior year period.
• Agribusiness and energy services segment operating income was $6.7 million for the second quarter of 2026, compared to $0.8 million in the prior year period.
• Corporate activities operating loss was $9.8 million for the second quarter of 2026, compared to a loss of $17.0 million in the prior year period.
• The Superior, Iowa facility achieved Highly Protected Status from property insurance carrier FM, joining the Central City, Nebraska facility.
• Eight operating ethanol plants achieved 88% utilization during the second quarter of 2026.
• Ethanol production segment gross margin was $104.2 million for the second quarter of 2026, compared to $33.5 million in the prior year period.
• Agribusiness and energy services gross margin was $8.8 million for the second quarter of 2026, compared to $8.1 million in the prior year period.

Market and Competitive Landscape

• Revenues in the ethanol production segment decreased 22.1% to $410.8 million in the second quarter of 2026, primarily driven by the disposition of the Obion, Tennessee plant and lower volumes sold.
• The company noted competition in the ethanol industry and other industries in which it operates as a risk factor.

Risks and Challenges

• Risks include failure to realize anticipated results from new products or technologies, failure to realize SG&A savings from restructuring, and economic conditions impacting customers.
• Risks related to commodity market conditions, weather, government policies, and changes in tax laws, tariffs, and renewable fuel programs are noted.
• Risks include potential non-performance by customers and counterparties and results of government investigations or proceedings.

Management Commentary and Tone

• Chris Osowski, President and CEO, stated the second quarter demonstrated the earnings capability of the Green Plains platform, generating over $67 million in net income despite lower utilization due to maintenance.
• Ann Reis, CFO, noted the financial profile is improving through operating and capital allocation priorities, with stronger plant earnings and SG&A discipline generating cash flow for debt reduction.
• Management highlighted the combination of operational excellence, safety milestones, improved ethanol economics, and strong commercial execution as translating into meaningful financial results.

Other Key Points

• The company elected to early adopt ASU 2025-10 and changed its accounting policy to recognize Section 45Z clean fuel production tax credits by analogy under the income model, resulting in a reduction of cost of goods sold.
• $58.7 million of 45Z production tax credits (net of discounts and other costs) contributed to the second quarter 2026 adjusted EBITDA.
• The Revolver Facility was amended on April 17, 2026, extending the termination date to September 25, 2027, and reducing the borrowing limit from $350 million to $300 million.
• Restructuring costs of $2.5 million were incurred in the second quarter of 2025, contributing to the year-over-year variance in SG&A and operating income.
• A one-time sale of accumulated RINs generating $22.6 million in margin occurred in the second quarter of 2025.
• The company reported a loss on sale of equity method investment of $27.0 million in the second quarter of 2025.
• Interest expense decreased $5.8 million in the second quarter of 2026 compared to the prior year, primarily due to prior year loan fees, offset by higher debt balances associated with carbon sequestration equipment.
• Income tax benefit was $5.5 million for the second quarter of 2026, compared to an expense of $2.3 million in the prior year period.