Green Plains Inc.

These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results can materially differ because of factors discussed in today's press release and the comments made during this conference call and in the risk factor section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement. I'd like to thank you all for joining. It's my pleasure to hand the call over to our President and CEO, Chris Osowski.

Thank you, Will, and good morning, everyone. As we close out 2025, a year marked by both challenges and meaningful achievements, I want to start by thanking our employees for their dedication, our board for their confidence, and our shareholders for their continued support. Our team has delivered strong operational execution across the fleet while maintaining an exceptional safety record. As always, safety remains the center of everything we do. Nothing we accomplish matters unless we send people home safely every day. For the year, four of our plants reached historical production volumes and seven plants achieved record ethanol yields. At the same time, protein and corn oil yields continued to increase across our fleet. These results reflect a culture of continuous improvement, measuring everything, learning quickly, and applying the lessons learned. During the fourth quarter, our operations teams continued to demonstrate the potential of our platform. Our fleet once again generated volumes above their original stated capacities. As we committed during a previous earnings call, we updated our maximum production volumes, which is a clear reflection of the team's progress. Our new stated production capacity for our plants, excluding Fairmont, have been increased to 730 million gallons per year, an increase of 10% over the previously stated capacity. We've increased the Central City and Wood River facilities to 120 million gallons per year each. We adjusted Mount Vernon to 110, Madison to 100, and Shenandoah to 80 million gallons. Finally, we moved Otter Tail and Superior both to 70 million gallons each and increased York from 50 up to 60 million gallons. At Madison, we remain limited by state regulations and we're currently working with the state of Illinois to increase the permitted production levels. Q4 was highlighted by the startup of our CO2 compression equipment at our three Nebraska plants where carbon capture is now fully operational. As we previously shared, CO2 from all three Nebraska plants is being sequestered in Wyoming and the impact is lowering CI scores for our plants and generating cash flow. Financially, the focus on operational excellence and our efforts to remove costs from the business have resulted in considerably stronger results compared to last year. Q4 adjusted EBITDA of $49.1 million is an improvement of more than $67 million compared to Q4 of 2024. We continue to realize the benefits of the 45Z Clean Fuel Production Tax Credit, which generated $27.7 million in the quarter, net of discounts, and we received our first payment for the transfer of credits. Although we have not yet announced a tax credit agreement for the sale of our 2026 credits, we are encouraged by the interest we've received and expect to have something to announce soon. Although it's early in the year, there's plenty to be excited about as we enter 2026. As we mentioned in earlier calls, the opportunity around carbon alone is expected to generate at least $188 million of adjusted EBITDA during the year, subject to actual production volumes and carbon intensity factors. That figure reflects the contribution of the 45Z production tax credit and voluntary credits at our Nebraska facilities that are sequestering CO2, as well as approximately $38 million of net 45Z benefits from our plants outside of Nebraska all of which are producing low-carbon ethanol qualifying for 45C. While it's easy to get caught up in the opportunities around carbon, let's not forget about ethanol. Export demand remains strong, and we're coming off a record-breaking corn crop. From a policy standpoint, strong administration and bipartisan support across several fronts, RBOs, SREs, and the push for a year-round E15 can help strengthen biofuel markets and support American farmers. The release of Treasury's proposed 45C clean fuel production credit regulations provides long-awaited clarity for the industry, recognition of CI improvements from on-farm practices, and key one big beautiful bill improvements such as the removal of the indirect land use change penalties and clarification of the qualified sale definition. We view this as a constructive step that should support our decarbonization program strengthen domestic feedstock markets, and create a favorable debt backdrop for our low CI platform. The continued strong production from our network of plants will allow us to capitalize on these tailwinds. Finally, I'd like to introduce two new faces to the Green Plains senior leadership team, Anne Reese and Ryan Loneman. Ryan is leading our legal function and will serve as a key advisor on governance, regulatory, and strategic transactions, while Anne leads our finance and accounting organization, and is already providing insightful leadership in our tax credit monetization efforts, and has brought a tremendous amount of industry experience to the role. With that, I'll hand it over to Anne to review the financial results.

Thanks, Chris, and good morning, everyone. I'm extremely excited to be a member of the Green Plains team, and I've been so warmly welcomed by everyone here over the past four weeks. 2026 is looking to be a positive year for Green Plains and the ethanol industry. But first, let's talk about the last quarter of 2025. For the fourth quarter of 2025, we reported net income attributable to Green Plains of $11.9 million, or 17 cents per diluted share, versus Q4 2024's net loss of $54.9 million, or negative 86 cents per diluted share. Adjusted for $3.6 million of restructuring and non-cash charges, primarily related to accelerated stock compensation, and inclusive of the production tax credit benefits, Q4 2025 adjusted EBITDA ended at $49.1 million, compared to a negative $18.2 million in Q4 of 2024. These year-over-year improvements reflect the successful execution of operational and cost discipline and the beginning stages of our carbonization monetization strategy. During the fourth quarter, we refinanced the majority of our 2027 convertible notes through a new $200 million convertible note due in 2030. We used $30 million from that transaction to repurchase approximately 2.9 million shares of stock. Outside of the $60 million of 2027 convertible notes that remain outstanding that we anticipate retiring with cash at maturity, We now have no near-term debt maturities and have the runway to focus on execution. Revenue for the quarter was $428.8 million, down 26.6% year over year. Our Q4 revenue was lower due to the impact of the O'Brien plant sale, idling our Fairmont facility in January of last year, and discontinuing ethanol marketing for a third party, all of which naturally reduced the gallons we had to sell. SG&A totaled $22.9 million, which is $2.8 million lower than the prior year Q4. We continue to keep a sharp focus on expenses in the business, and we can see that reflected in the significant cost reductions compared to last year. We expect a consolidated SG&A run rate in the low $90 million range for 2026, an improvement of more than $25 million compared to 2024. Q4 2025 depreciation and amortization finished at $23.5 million, compared to $21.5 million in the fourth quarter of 2024. Depreciation is expected to increase modestly in Q1 as we take ownership and begin depreciating the remaining carbon compression equipment. Interest expense was $6.1 million during the fourth quarter, a decrease of $1.6 million compared to the fourth quarter of 2024. We expect $30 to $35 million of interest expense during 2026. In the fourth quarter, we had an income tax benefit of $28.5 million. Similar to last quarter, our 45Z clean fuel production tax credits are currently recorded under ASC 740 as a deferred tax asset and then adjusted with a valuation allowance to recognize the likelihood of monetization. We've included the production tax credits and adjusted EBITDA to match our view that these are operating results of our production assets. In December of 2025, the Financial Accounting Standards Board issued ASU 2025-10, Accounting for Government Grants Received by Business Entities. The standard is effective after December 15, 2028, but it does permit early adoption. The company will consider the impact of early adoption in the first quarter of 2026 which would adjust the presentation of the 45Z tax credits within the financial statement. At the end of the quarter, our federal net operating loss balance of $260.2 million will provide future tax efficiency. Our normalized tax rate going forward is expected to remain in the 23% to 24% range. Our consolidated liquidity at quarter end included $230.1 million in cash, equivalents and restricted cash, $325 million in working capital revolver availability, which is primarily designated for financing commodity inventories and receivables within our business. Capital expenditures in Q4 were $5.3 million. For 2026, we expect sustaining capital expenditures for maintenance, safety, and regulatory spending to total $15 to $25 million. Our York compression equipment passed its final performance testing during the fourth quarter, and the associated liability has moved into the debt portion of the balance sheet. The compression equipment liabilities for Central City and Wood River remain in a separate line item as of December 31st, but that liability was moved into long-term debt in January. Inclusive of the carbon equipment liabilities, our total debt balance is approximately $504 million. With that, I'll turn the call over to Emery for a commercial update.