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 in 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; this included $52.6 million from the base business and $65.4 million from 45Z production tax credit value net of discounts and other costs.
• Consolidated ethanol crush margin was $122.8 million for the third quarter of 2026, compared to $59.6 million in the prior year.
• Cash flow from operating activities was $47.4 million through the third quarter of 2026.
• 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.
• For the nine months ended September 30, 2026, net income was $185.5 million compared to a net loss of $133.2 million in the prior year period.
• Revenues for the nine months ended September 30, 2026, were $1.388 billion, a 16.5% decrease from $1.663 billion in the prior year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $282.9 million, compared to $44.9 million in the prior year period.

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 $230 million to $250 million.
• Management indicated a stronger base business and increased financial flexibility to invest in the platform and pursue value-creating opportunities.
• Capital deployment standards remain disciplined and selective, evaluated 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.
• Ethanol production segment revenues were $454.4 million for the quarter, a 4.1% decrease from $473.9 million in the prior year.
• Agribusiness and energy services segment revenues were $46.7 million for the quarter, a 14.5% increase from $40.8 million in the prior year.
• 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 segment operating income was $6.0 million for the quarter, compared to $6.9 million in the prior year.
• Operational execution included 95% utilization across eight operating ethanol plants and record quarterly ethanol and corn oil yields.
• Lower revenues in the ethanol production segment were primarily driven by the disposition of the Obion, Tennessee plant, offset by higher volumes sold and weighted average selling prices on ethanol and renewable corn oil.
• Ethanol production segment gross margin was $133.9 million for the quarter, a 93.9% increase from $69.1 million in the prior year.

Market and Competitive Landscape:

• The company operates as a leading producer of low-carbon biofuels and value-added products, focusing on maximizing yield and lowering carbon intensity.
• The company noted competition in the ethanol industry and other industries in which it operates as a risk factor.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in government policies, tax laws (such as the One Big Beautiful Bill Act), tariffs, renewable fuel programs, and low carbon programs.
• Risks include commodity market risks, weather conditions, global political or economic issues, and the financial condition of customers and counterparties.
• Potential risks include failure to realize anticipated results from new products or technologies, failure to realize SG&A savings from restructuring, and disruption caused by health epidemics.
• Risks associated with merchant trading and the results of any reviews, investigations, or proceedings by government authorities are noted.

Management Commentary and Tone:

• Chris Osowski, President and CEO, stated the company delivered record operating performance across the platform, demonstrating built earnings power.
• Osowski highlighted the execution of the 45Z monetization agreement as a milestone providing greater visibility into converting value into cash.
• Ann Reis, CFO, emphasized that the company's strong cash position and free cash flow allow for exploring options while maintaining disciplined and selective capital deployment standards.

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, changing its accounting policy to recognize Section 45Z production tax credits by analogy under the income model, resulting in a reduction of cost of goods sold.
• Retrospective adjustment to prior period financials was required, recording $26.5 million of 45Z production tax credits as a reduction of cost of goods sold for the three and nine months ended September 30, 2025.
• Interest expense decreased $39.7 million for the third quarter of 2026 compared to the prior year, primarily due to prior year loan fees related to refinancing and extinguishment of junior mezzanine notes, 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, at 4:30 p.m. Eastern time.