Green Plains — Third Quarter 2026 Earnings Summary

Financial Performance

• Net income attributable to Green Plains was $85.4 million ($1.03 per diluted share) for the third quarter of 2026, compared to $11.9 million ($0.17 per diluted share) in the same period of 2025.
• Revenues were $496.0 million for the third quarter of 2026, a decrease from $508.5 million in the prior year period.
• Adjusted EBITDA reached a record $118.0 million for the quarter, up from $52.6 million in the prior year, driven by $52.6 million from the base business and $65.4 million in 45Z production tax credit value.
• Cash flow from operating activities totaled $47.4 million through the third quarter of 2026.
• Consolidated ethanol crush margin increased to $122.8 million for the quarter, compared to $59.6 million in the prior year.
• Total debt outstanding was $477.7 million as of September 30, 2026, including $22.7 million in short-term borrowings.
• Cash and cash equivalents plus restricted cash totaled $225.1 million as of September 30, 2026.

Guidance and Future Outlook

• Updated 2026 full-year guidance for adjusted EBITDA contribution from 45Z tax credit value (net of discounts and other costs) to a range of $230 million to $250 million.
• Management intends to remain disciplined and selective regarding capital deployment, evaluating opportunities against risk-adjusted returns, strategic fit, and long-term value creation.

Business Segments and Product Lines

• Ethanol production segment sold 174.9 million gallons in the third quarter of 2026, down from 197.3 million gallons in the prior year, primarily due to the disposition of the Obion, Tennessee plant.
• Agribusiness and energy services segment revenues increased 14.5% to $46.7 million for the quarter, offsetting declines in the ethanol segment.
• Ethanol production segment operating income was $99.0 million for the quarter, compared to $30.9 million in the prior year.
• Agribusiness and energy services operating income was $6.0 million for the quarter, down from $6.9 million in the prior year.
• Operational execution achieved 95% utilization across eight operating ethanol plants with record quarterly ethanol and corn oil yields.

Market and Competitive Landscape

• The company reported higher volumes sold and weighted average selling prices on ethanol and renewable corn oil, which partially offset volume declines in the ethanol production segment.
• The company operates a platform focused on maximizing yield and lowering carbon intensity across market conditions.

Risks and Challenges

• Forward-looking statements highlight risks including changes in government policies, tax laws (such as the One Big Beautiful Bill Act), tariffs, and renewable fuel programs.
• Potential risks include commodity market volatility, weather conditions, global political or economic issues, and the financial condition of customers and counterparties.
• Risks related to the failure to realize anticipated results from new products, technologies, or expense savings from restructuring are noted.

Management Commentary and Tone

• Chris Osowski, President and CEO, stated the company delivered record operating performance, demonstrating earnings power built across the business.
• Ann Reis, CFO, emphasized that strong cash positions and free cash flow allow for exploring options while maintaining high standards for capital deployment.
• Management highlighted the monetization agreement executed post-quarter-end as a milestone providing greater visibility into converting 45Z tax credit value into cash.

Other Key Points

• On October 29, 2026, the company executed an agreement to monetize $250 million to $325 million of 2026 45Z production tax credits.
• The company elected to early adopt ASU 2025-10 and changed its accounting policy to recognize Section 45Z production tax credits as a reduction of cost of goods sold, resulting in a retrospective adjustment of $26.5 million for the nine months ended September 30, 2025.
• Interest expense decreased $39.7 million for the quarter compared to the prior year, primarily due to prior year loan fees related to refinancing, partially offset by higher debt balances for carbon sequestration equipment.
• The company has $290.0 million available under a committed revolving credit facility as of September 30, 2026.
• A conference call to discuss results was held on November 5, 2026.