Green Plains Partners LP

Q&A. At this time, all participants are in listen-only mode. I will now turn the call over to your host, Bill Boggs, Chief Financial Officer. Mr. Boggs, please go ahead.

Good morning, and welcome to the Green Plains, Inc. Third Quarter 2025 Earnings Call. Joining me on today's call is Chris Osowski, President and Chief Executive Officer, and other members of our leadership team. 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 today'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. And now I'd like to turn the call over to Chris Osowski.

Thanks, Phil, and good morning, everyone. This has been a milestone quarter for Green Plains, one defined by operational excellence, discipline, and execution. I want to first thank our employees for their hard work and dedication through what has been a very, very busy quarter. Also, to our board of directors for their confidence in me and our leadership team. And finally, to our shareholders for their continued support of Green Plains. I'm proud of what we have been able to accomplish, and I'm confident that we can and will continue to deliver sustainable, profitable results. For the first time in years, we entered the fourth quarter with no near-term debt concerns. Our balance sheet is restructured, our carbon capture systems are up and operational in all three Nebraska locations, and our plans continue to perform at record levels. We built a simpler, fundamentally restructured business, allowing us to focus on value creation and strong, consistent cash flows. In order to recap the major activities since our last call, we want to highlight the following. The first we executed on the sale of the O'Brien Tennessee facility and concluded our strategic review process. We use those funds to fully repay approximately $130 million of high cost debt. And next we refinance most of our 2027 convertible debt with a new $200 million facility due in 2030. We also executed on our first 45Z clean fuel production tax credit monetization agreement. And finally, we commissioned and started up the carbon capture facility at York, Nebraska, with the Wood River and Central City Nebraska locations currently in the process of ramping up capture rates as we speak. Operationally, we're continuing to deliver record performance with our network of plants hitting over 101% capacity utilization. the highest level we've reported in over a decade. This has been driven by our operational excellence programs that have been working in the background to improve fermentation yields and reduce plant downtime. We are seeing the results of what a focused effort can do with record or near record yields for this group of plants in ethanol, corn oil, and protein. Financially, this quarter's results, including $52.6 million in adjusted EBITDA and $11.9 million in net income reflect the new foundation we've laid, and this is just the start. During the quarter, we began realizing benefits from the 45Z Clean Fuel Production Tax Credit, and we recognized $25 million of production tax credit value net of discounts and costs during the quarter, and we anticipate another $15 to $25 million of benefit in the fourth quarter. As we look to 2026, We anticipate these values to grow as we expand the program to all of our plants and see the impact from policy changes going into effect January 1st. We're proud of the progress that we've made to deliver on what we said we would do, which is positioning us to provide solid, transparent results in the fourth quarter and beyond. With that, I'll hand it back over to Phil to review the detailed financial results, and then I'll come back with a strategic update and commercial outlook.