Green Plains, Inc.

Good morning and welcome to the Green Plains Inc. 4th Quarter and Full Year 2035 Earnings Conference Call. Following the company's prepared remarks, instructions will be provided for Q&A. At this time, all participants are in a listen-only mode. I will now turn the call over to your hosts, Will Yackel, Vice President and Treasurer. Will, please go ahead.

Welcome to the Green Plains Inc. 4th Quarter 2025 Earnings Call. Joining me on today's call will be Chris Losowski, President and Chief Executive Officer Anne Reese, Chief Financial Officer, Emre Havassi, Senior Vice President of Trading and Commercial Operations, as well as the entire 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 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 statements. 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 teams 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 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.