Green Plains Reports Fourth Quarter and Full Year 2025 Financial Results

Results for the Fourth Quarter 2025 and Future Outlook:

• Net income attributable to Green Plains of $11.9 million, or EPS of $0.17 per diluted share
• Adjusted EBITDA of $49.1 million, inclusive of $23.4 million in 45Z production tax credit value net of discounts and other costs
• Actively marketing 2026 45Z production tax credits
• Carbon capture fully operational at Central City, Wood River and York, Nebraska facilities
• Achieved strong utilization in the quarter from the eight operating ethanol plants of 97%, calculated using revised stated capacity
• Disciplined risk management strategy continues to support first quarter margins and cash flow

Green Plains Inc. (NASDAQ:GPRE) ("Green Plains" or the "company") today announced financial results for the fourth quarter and full year 2025. Net income attributable to the company was $11.9 million, or $0.17 per diluted share for the fourth quarter compared to net loss attributable to the company of $54.9 million, or $(0.86) per diluted share, for the same period in 2024. Adjusted EBITDA was $49.1 million for the quarter compared to $(18.2) million for the same period in 2024. The results for the quarter include $27.7 million of 45Z production tax credit value net of discounts recorded as income tax benefit. Revenues for the quarter were $428.8 million compared with $584.0 million for the same period in the prior year.

"Another quarter of strong operating cash flow shows the impact of the actions we have taken to strengthen the business," said Chris Osowski, President and Chief Executive Officer of Green Plains. "Our continued focus on operational excellence is translating directly into improved financial performance across the company."

"Our high-performing, disciplined operations are continuing to deliver strong results," added Osowski. "Maintaining that focus will support sustainable performance and drive long-term value for our shareholders."

45Z production tax credits based on 2025 production were recorded as a benefit to income tax for the year ended December 31, 2025 of $54.2 million, net of a valuation allowance, in accordance with ASC 740 under U.S. GAAP and were added back to Adjusted EBITDA to reflect the operating benefit of the credits. Based on current production outlook and eligible gallons the company expects to generate at least $188 million of 45Z-related Adjusted EBITDA in 2026, net of discounts and applicable operating expenses. Final results will primarily depend on actual production volumes and carbon intensity factors at eligible plants. The company is considering early adopting ASU 2025-10, Accounting for Government Grants Received by Business Entities, effective in the first quarter of 2026 and is still assessing the impact on its financial statements including the presentation of its 45Z production tax credits.

Full Year Highlights:

• In the fourth quarter of 2025, carbon capture facilities in Central City, Wood River and York, Nebraska started up, significantly lowering the carbon intensity of these sites
• On October 27, 2025, successfully completed $200 million in privately negotiated convertible note exchange and subscription transactions enhancing financial flexibility
• On September 25, 2025, completed the sale of Obion, Tennessee plant for $170 million plus working capital, using the proceeds to eliminate $130.7 million junior mezzanine debt and strengthen corporate liquidity
• On September 17, 2025, executed tax credit monetization agreement for the Advantage Nebraska sites, along with an amendment on December 10, 2025 to expand program to three additional facilities
• Completed the sale of our 50% investment in GP Turnkey Tharaldson LLC as of June 30, 2025, for $24.3 million
• On April 22, 2025 the company announced that Eco-Energy, LLC had been selected as its exclusive ethanol marketer
• On April 15, 2025 the company entered into a Cooperation Agreement with Ancora Holdings Group, LLC and announced the refreshment of its Board of Directors through appointments of three independent new Board members

Results of Operations

Green Plains' ethanol production segment sold 178.8 million gallons of ethanol during the fourth quarter of 2025, compared with 209.5 million gallons for the same period in 2024. The consolidated ethanol crush margin was $44.4 million for the fourth quarter of 2025, compared with $(15.5) million for the same period in 2024. The consolidated ethanol crush margin is the ethanol production segment's operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities, as well as 45Z production tax credits.

Consolidated revenues decreased $155.2 million for the three months ended December 31, 2025, compared with the same period in 2024, primarily as a result of lower ethanol volumes sold, as well as the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC effective April 1, 2025.

Net income attributable to Green Plains increased $66.9 million and adjusted EBITDA increased $67.3 million for the three months ended December 31, 2025, compared with the same period last year, primarily as a result of higher margins in our ethanol production segment as well as the benefit of 45Z production tax credits in the current year. Interest expense decreased $1.6 million for the three months ended December 31, 2025, primarily as a result of lower debt balances when compared with the same period in 2024. Income tax benefit was $28.5 million for the three months ended December 31, 2025 compared with income tax expense of $(7.0) million for the same period in 2024, primarily due to the recognition of 45Z production tax credits during the fourth quarter of 2025.

Segment Information

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

Liquidity and Capital Resources

As of December 31, 2025, Green Plains had $230.1 million in total cash and cash equivalents, and restricted cash, and $325.0 million available under a committed revolving credit facility, subject to restrictions or other lending conditions based specifically on the availability of sufficient eligible collateral to support additional borrowings. Total debt outstanding at December 31, 2025 was $399.5 million, including $33.6 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

Conference Call Information

On February 5, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter 2025 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains' website https://investor.gpreinc.com/events-and-presentations.

Non-GAAP Financial Measures

Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company's financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, net (gain) loss on sale of assets, loss on sale of equity method investment, impairment of assets held for sale, our proportional share of EBITDA adjustments of our equity method investees, 45Z production tax credits and other expense related to liability-based warrant expense. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). These non-GAAP calculations may vary from company to company. Accordingly, the company's computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company driving the transition to a low-carbon economy through the production of renewable fuels and sustainable, high-impact ingredients. Leveraging agricultural, biological, and fermentation expertise, the company transforms renewable crops into low-carbon energy and feedstocks. Green Plains is a leader in low-carbon intensity (CI) biofuels production and continues to explore opportunities to expand its output. With a strong commitment to innovation and operational excellence, Green Plains is delivering long-term value to stakeholders. For more information, visit www.gpreinc.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as "believe," "intend," "expect," "may," "should," "will," "anticipate," "could," "estimate," "plan," "predict," "project" and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company's customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the Securities and Exchange Commission (the "SEC").

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company's control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC, and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

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Green Plains Inc. Contacts

Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | will.joekel@gpreinc.com

Media: 402.884.8700 | media@gpreinc.com