Green Plains (GPRE) investor relations material

Executive summary

• Adjusted EBITDA reached $71.5 million, up from a loss of $24.2 million in Q1 2025, driven by operational excellence, strong demand, cost improvements, and $55.2 million in Section 45Z tax credits.

• Net income was $33.5 million ($0.42 per diluted share), a turnaround from a net loss of $72.9 million in Q1 2025, supported by improved segment margins and tax credits.

• Revenues were $445.8 million, down 25.9% year-over-year, mainly due to lower ethanol volumes, prices, and the sale of the Obion facility.

• Plants operated at 97% capacity, with record production at key facilities and no recordable injuries in Q1.

• SG&A expenses were $19.5 million, reflecting ongoing cost discipline and trending lower year-over-year.

Financial highlights

• Gross margin was $88 million, up from $3 million in Q1 2025; consolidated ethanol crush margin was $64.6 million, up from $(14.7) million last year.

• Operating income improved to $44.8 million from a loss of $62.3 million in Q1 2025.

• Cash and cash equivalents at quarter-end were $95.7 million, with $87.4 million in restricted cash and $336 million available under a revolving credit facility.

• Total debt outstanding was $492.2 million as of March 31, 2026.

• Interest expense was $11.5 million, up due to higher debt balances for carbon sequestration equipment.

Outlook and guidance

• Full-year 2026 EBITDA from Section 45Z credits is projected at $200–$225 million, with Advantage Nebraska contributing $60–$165 million.

• Sustaining CapEx for 2026 is expected to total $15–$25 million.

• Management expects sustainable cash flow generation and compliance with debt covenants.

• Interest expense for the year is expected to be about $35 million.

• Q2 margins, co-product pricing, and carbon contributions are expected to support stronger results than Q1.