Montauk Renewables, Inc.

Good day, everyone, and thank you for participating in today's conference call. I would like to turn the call over to Mr. John Cerulli as he provides some important cautions regarding forward-looking statements and non-GAAP financial measures contained in the earning materials or made on this call. John, please go ahead.

Thank you, and good day, everyone. Welcome to Montauk Renewables Earnings Conference Call to review the third quarter 2025 financial and operating results and development. I'm John Cirolli, Chief Legal Officer and Secretary at Montauk. Joining me today are Sean McClain, Montauk's President and Chief Executive Officer, to discuss business development, and Kevin Van Asselen, Chief Financial Officer, to discuss our third quarter 2025 financial and operating results. At this time, I would like to direct your attention to our forward-looking disclosure statements. During this call, certain comments we make constitute forward-looking statements, and as such, involve a number of assumptions, risks, and uncertainties that could cause the company's actual results or performance to differ materially from those expressed or implied by such forward-looking statements. And uncertainties are detailed in Montauk Renewable's SEC filings. Our remarks today may also include non-GAAP financial measures. We present EBITDA and adjusted EBITDA metrics because we believe the measures assist investors in analyzing our performances across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in our slide presentation and in our third quarter 2025 earnings press release and form 10Q issued and filed on November 5th, 2025. These are available also on our website at ir.montaukrenewables.com. After our remarks, we will open the call to questions from our analysts. We ask that you keep to one question to accommodate as many questions as possible. With that, I turn the call over to Sean. Thank you, John.

Good day, everyone, and thank you for joining our call. On August 22, 2025, the EPA issued decisions on 175 million small refinery exemption, or SRE, petitions. The SRE decisions exempted corresponding volumes of gasoline and diesel for the 2023 and 2024 compliance years, an increase the number of RINs available for obligated parties to use for compliance with their renewable fuel standard or RFS obligations. On September 16, 2025, the EPA proposed supplemental rule options that seek to offset these recent SRE decisions through increases in future renewable volume obligations by either a complete 100% reallocation or partial 50% reallocation of the SREs granted. The EPA had indicated the intention to finalize both the supplemental rule and the RBOs for 2025, 2026, and 2027 by the end of this year. However, the duration of the most recent U.S. federal government shutdown and any residual impacts on EPA staffing after the shutdown concludes may extend finalization of these items into 2026. Gross of any future decision to reallocate obligated volumes associated with the recent SRE grants The proposed cellulosic biofuel volume requirements for 2026 and 2027 are 1,300,000,000 and 1,360,000,000 D3 RINs respectively. We note purchasing activity of 2025 D3 RINs by obligated parties has continued during the current U.S. federal government shutdown. In our August 2025 earnings call, we announced our agreement with Pioneer Renewables Energy Marketing to form a joint venture, Green Wave Energy Partners, LLC. The primary goal of the joint venture is to help address the limited capacity of RNG utilization for transportation by offering third-party RNG volumes access to exclusive, unique, and proprietary transportation pathways. We have begun to match available RNG capacity to dispensing opportunities through Green Wave's transportation pathways and have separated RINs for a limited amount of volumes. We expect the benefits from this partnership to increase in the fourth quarter of 2025 and have made additional capital contributions to GreenWave during the third quarter of 2025 and have not directly recognized any significant share of profits from GreenWave. We continue our development efforts in North Carolina and continue to expect our production and revenue generation activities to commence in the first quarter of 2026. Alongside our construction efforts for this first phase, for which total investment continues to be projected between $180 million and $220 million, we continue to progress our negotiations with obligated utilities to monetize all remaining uncontracted renewable energy credits, RECs, from our projected first phase production volumes. Given the historically limited swine REC market in North Carolina, we've been negotiating our REC agreements with individually based on a variety of factors. While many of these agreements contain competitive details and there remains a limited active swine rec market in North Carolina, we believe the prices we are negotiating will be market-based. While we do not believe our negotiated rec prices will be based on solar rec prices seen in other U.S. markets, we do believe those indices are more illustrative of our expectations of North Carolina swine rec prices versus the pricing for wind recs across the United States markets. Depending on a variety of factors, including but not limited to geographic region, we believe our negotiated swine rec prices could fall in the ranges experienced by solar rec indices at $200 to $450 per rec. In September 2025, a joint motion was filed with the North Carolina Utility Commission, the NCUC, by various entities seeking to modify and delay the 2025 requirements of certain aspects of North Carolina clean energy and portfolio standards. specifically the portfolio standards related to swine wrecks. We note this filing is not dissimilar to historical annual filings in response to the historically limited swine wreck market in North Carolina. In October 2025, we filed our response comments to this joint motion with the NCUC requesting that they grant modifications or delays only to individual power suppliers that have demonstrated need and compliance best efforts. that they require power suppliers that have not achieved 100% compliance in 2025 to apply cumulatively acquired swine recs to the supplier's unsatisfied 2025 pro rata obligation and modify swine recs set aside for 2026 and beyond to match the requirement as set by North Carolina in 2018. We are awaiting the response from the NCUC in regards to these filings. Our other announced development initiatives for new RNG facilities, CO2 development, and biomethanol development remain active, and we expect to provide progress disclosures in our upcoming releases. And with that, I will turn the call over to Kevin.