Green Plains Partners LP

for Q&A. At this time, all participants are in a listen-only mode.

All are the members of our Executive Committee. Michelle Mapes, Interim Principal Executive Officer and Chief Legal and Administration Officer. Jamie Herbert, Chief Human Resources Officer. Chris Osowski, Executive Vice President, Operations and Technology. And Imre Havasi, Senior Vice President, Head of Trading and Commercial Operations. There is a slide presentation available, and you can find it on the investor page under the events and presentations link 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 could materially differ because of factors discussed in this morning's press release, in the comments made during this conference call, and in the risk factors 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. Now I'd like to turn the call over to Michelle Mapes.

Thank you, Phil. To be direct, our performance has not met the expectations of this investment community or our own, and that is changing. As an executive committee and as a company, we are fully aligned and deeply committed to disciplined execution supported by the clear and objective measurement of our progress every day. Our team members at Green Plains understand not only the strategic goals, but their roles in delivering against them. We're focused on returning this company to sustain profitability, and with that, earning back your confidence. Over the past few months, we've executed a zero-based approach to cost structure, leading to decisive actions across the organization. We've exited non-core operations, launched the sale of non-strategic assets, and focused on a culture of operational excellence throughout the platform. These changes are driving meaningful efficiencies that position us to compete with greater focus and agility. On our last call, we committed to $50 million in cost reductions. I'm pleased to report we are well on track. We noted before we already achieved $30 million annualized cost savings, and our recently announced ethanol marketing partnership, among other internal initiatives, has unlocked another $15 million in annualized savings. Beyond strengthening our working capital, the ECO initiative delivers scale, market access, and logistics efficiencies that would have been very difficult to achieve on our own. We expect these gains to show up in the bottom line going forward, especially through transportation and marketing synergies. We also have a clear line of sight to the final $5 million of targeted savings, which we expect to come not only from SG&A, but also for some process improvements and commercial execution. We are empowering our top performers with clear goals, metrics, and accountability, and they are delivering. As a result of this effort, We anticipate our consolidated SG&A run rate to decline meaningfully from the 118 million recorded in 2024 to exit this year at an estimated 93 million annualized run rate. Corporate and trade functions are expected to be reduced to 12 to 13 million per quarter for the remainder of this year, with the line of sight to reducing that to the low 40 million range on an annualized basis by year end. which is much improved compared to the 73 million of corporate and trade SG&A incurred in 2024. This is a company that is focused, aligned, and committed to continuous improvement and return to profitability, and we're just getting started. Let me now hand it over to Chris Osowski to talk operations.