GPRE · Green Plains Inc.

Green Plains Inc. delivered a transformative Q1 2026 with net income of $32.9 million and Adjusted EBITDA of $71.5 million, reversing a $72.9 million loss from Q1 2025. The swing was propelled by $55.2 million in Section 45Z clean fuel production tax credits (net of discounts), boosting the ethanol production segment's Adjusted EBITDA to $63.1 million from a $19.4 million loss. Consolidated ethanol crush margin expanded to $64.6 million from a $14.7 million loss, supported by 97% utilization across eight operating plants despite 10.8% lower production volume of 174.2 million gallons, reflecting the Obion plant disposition. Agribusiness and energy services contributed $14.0 million Adjusted EBITDA, up 85.8% in gross margin terms. Revenues declined 25.9% to $445.8 million due to lower ethanol volumes and prices, plus cessation of a third-party marketing agreement. SG&A expenses dropped to $19.5 million, aided by prior-year restructuring that eliminated $16.6 million costs including former CEO severance. CEO Chris Osowski highlighted improved ethanol margins, strong co-products, and carbon program earnings from three Nebraska facilities, marking an 'inflection point.' CFO Ann Reis noted expense discipline and balance sheet flexibility with $183.1 million cash and $336 million revolver availability as of March 31. The company early-adopted ASU 2025-10 and shifted 45Z credits to the income model, reducing COGS versus prior ASC 740 tax treatment, with retrospective balance sheet reclassifications shown in Exhibit 99.2. Raising full-year EBITDA guidance to $200-$225 million signals confidence in tax credit generation and operational momentum amid lower interest coverage from higher carbon equipment debt.