Green Plains Inc.

Good morning and welcome to the Green Plains, Inc. First Quarter 2026 Earnings Conference Call. Following the company's prepared remarks, instructions will be provided for Q&A. At this time, all participants are in listen-only mode. I will now turn the call over to your host, Will Yackel, Vice President and Treasurer. Will, please go ahead.

Thank you and good morning, everyone. Welcome to the Green Plains, Inc. First Quarter 2026 Earnings Conference Call. Joining me on today's call are Chris Osaski, President and Chief Executive Officer, Ann Reese, Chief Financial Officer, Emery Abbasi, Senior Vice President of Training and Commercial Operations, along with the rest of the leadership team. There is a slide presentation available on the investor page under the events and presentations links on our website. During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results can materially differ because of risk factors discussed in today's press release, comments made during this call, and in the risk factors section of our Form 10-K, 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements. With that, I'll turn the call over to Chris.

Thanks, Will, and good morning, everyone. The first quarter reflected a different operating environment than a year ago, and more importantly, a different level of execution across the business. First quarter adjusted EBITDA was $71.5 million, up $22 million from Q4, and more than $95 million higher than the first quarter of 2025. The first quarter is traditionally the most challenging period of the year for ethanol producers. Our first quarter results are a strong example of what this organization can deliver when we stay focused on the fundamentals. Four things drove the improvement. First, our continued focus on operational excellence allowed us to run the platform at high rates. Second, strong sustainable demand for our products resulted in a favorable pricing environment while input costs remained in check. Third, the cost structure and simplification work we've been executing on for several quarters continues to compound. And finally, our carbon program contributed $55 million of EBITDA in its first full quarter following the startups completed last year. I also want to recognize the work the team has done in terms of safety. We completed the first quarter with no recordable injuries, which is an important milestone in exactly how we expect to operate. Safety is a prerequisite for everything we're trying to accomplish. A clear example of this is our central city plant, which achieved highly protected risk recognition from our property insurer, FM, a recognition that reflects exceptional operational discipline and safety standards, reinforcing the culture our team has built. On the production front, our focus on operational excellence once again paid dividends, with the plants producing 174 million gallons during the quarter, or approximately 97% of our operating capacity. In our York, Nebraska facility, we set a monthly production record in March, and our Superior, Iowa facility set a new quarterly production record during the quarter. These achievements are a direct reflection of the operational improvements the teams have made and gives us the confidence in the sustainability of these production rates. At the same time, ethanol, corn oil, and protein yields remain strong across the fleet and have been solid contributors to our gross margins. A key accomplishment for us in this quarter was the continued progress in our carbon strategy. Construction and startup was completed last year, and the focus has shifted toward operational performance, monetization, and incremental opportunities to maximize 45Z. Capture performance is now near our expected long-term rates, which reduces CI and creates substantial value for the business. As shown in our results, our carbon program is improving results in a meaningful way. In February, we guided to at least $188 million of EBITDA contribution from 45Z production tax credits. Based on Q1 performance and operational data, we're raising that range to $200 to $225 million for the full year, with Advantage Nebraska contributing $140 to $165 million of that. I'll now hand the call over to Ann to review the financials.