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  4. [8-K] Green Plains Inc. Reports Material Event

Green Plains (NASDAQ: GPRE) swings to $67M profit on tax credits

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Green Plains Inc. reported strong second quarter 2026 results, with net income attributable to the company of $67.1 million, or $0.83 per diluted share, compared with a net loss of $72.2 million, or $(1.09) per diluted share, a year earlier. Revenues were $446.2 million versus $552.8 million, as ethanol volumes declined after the sale of the Obion, Tennessee plant, but profitability improved sharply. Adjusted EBITDA rose to $93.3 million from $16.4 million, supported by a $95.1 million consolidated ethanol crush margin and recognition of $58.7 million in Section 45Z production tax credits net of discounts and costs.

The company produced 160.7 million gallons of ethanol in the quarter at 88% utilization and reduced selling, general and administrative expenses by $5.9 million, or 21%, to $21.7 million. Cash flow from operating activities was $86.3 million. As of June 30, 2026, Green Plains held $243.1 million in cash, cash equivalents and restricted cash and had $290.0 million available under its revolver, against $483.7 million of total debt. The company early adopted ASU 2025-10 and changed its policy so Section 45Z clean fuel production tax credits reduce cost of goods sold and are recorded as production tax credits, with related balance sheet amounts reclassified.

Positive

  • Q2 2026 swung to $67.1 million net income (diluted EPS $0.83) from a $72.2 million net loss a year earlier, indicating a major turnaround in profitability.
  • Adjusted EBITDA jumped to $93.3 million from $16.4 million in Q2 2025, driven by higher ethanol and agribusiness margins and $58.7 million of Section 45Z production tax credits.
  • Operating cash generation was strong, with $86.3 million of cash flow from operating activities in Q2 2026, supporting internal funding and balance sheet strengthening.
  • Selling, general and administrative expenses fell by $5.9 million, or 21%, to $21.7 million year over year, reflecting sustained cost discipline after prior restructuring.

Negative

  • Q2 2026 revenue declined by $106.6 million to $446.2 million, primarily from lower ethanol segment revenues due to reduced volumes following the disposition of the Obion, Tennessee plant.

Filing Explained

The revolver’s borrowing ceiling fell to $300 million while its termination date moved to September 25, 2027.

This August 6, 2026 Form 8-K reports a specified material event and furnishes the company’s second-quarter results release under Item 2.02; that information is furnished, not filed, and is not deemed incorporated by reference unless explicitly incorporated. The structural financing change is an amended revolving facility.

The amendment dated April 17, 2026 extended the facility’s termination date from March 25, 2027 to September 25, 2027, while reducing its borrowing limit from $350 million to $300 million.

The borrowing limit is available capacity rather than a reported amount borrowed. As of June 30, 2026, the company reported $290 million available under the facility, subject to restrictions and other lending conditions.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net income attributable to Green Plains $67.1 million Three months ended June 30, 2026, vs net loss of $72.2 million in Q2 2025
Q2 2026 diluted EPS $0.83 per diluted share Net income per diluted share for the second quarter of 2026 vs $(1.09) a year earlier
Q2 2026 revenue $446.2 million Revenues for the three months ended June 30, 2026 vs $552.8 million in 2025
Q2 2026 adjusted EBITDA $93.3 million Adjusted EBITDA for Q2 2026 vs $16.4 million for the same period in 2025
Q2 2026 consolidated ethanol crush margin $95.1 million Consolidated ethanol crush margin for the three months ended June 30, 2026 vs $26.3 million in 2025
Cash and restricted cash as of June 30, 2026 $243.1 million Total cash and cash equivalents, and restricted cash at June 30, 2026
Total debt as of June 30, 2026 $483.7 million Total debt outstanding at June 30, 2026, including $27.0 million under revolvers and short-term borrowings
Q2 2026 cash flow from operating activities $86.3 million Cash flow from operating activities for the second quarter of 2026
Section 45Z production tax credits regulatory
"Net income increased primarily due to recognition of $58.7 million of 45Z production tax credits"
consolidated ethanol crush margin financial
"The consolidated ethanol crush margin was $95.1 million for the second quarter of 2026"
Consolidated ethanol crush margin measures how much money a company makes, per unit of ethanol, after paying for the corn and other direct costs across all its plants. Think of it like a bakery’s profit per loaf after buying flour — it combines revenue from ethanol and co‑products (like animal feed) minus the feedstock cost. Investors watch it because it shows the core profitability of an ethanol producer and signals sensitivity to corn, energy and fuel prices.
Ultra-High Protein technical
"production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil"
equity method investees financial
"Proportional share of EBITDA adjustments to equity method investees"
Equity method investees are companies in which an investor owns a substantial minority stake and can influence decisions but does not control them, typically through holding around 20–50% of voting shares. The investor records its share of the investee’s profits or losses on its own income statement and adjusts the carrying value of the investment, similar to reporting your share of profits from a jointly owned shop. For investors, these holdings matter because they affect reported earnings, balance-sheet exposure, and the firm’s economic risk without full consolidation of the investee’s assets and liabilities.
ASU 2025-10, Accounting for Government Grants Received by Business Entities financial
"elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities"
Q2 2026 net income attributable to Green Plains $67.1 million vs net loss of $72.2 million in Q2 2025; increase of $139.4 million
Q2 2026 diluted EPS $0.83 vs $(1.09) in Q2 2025
Q2 2026 revenue $446.2 million vs $552.8 million in Q2 2025, a decrease of $106.6 million
Q2 2026 adjusted EBITDA $93.3 million vs $16.4 million in Q2 2025, an increase of $76.9 million
Q2 2026 cash flow from operating activities $86.3 million

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FAQ

How did Green Plains (GPRE) perform financially in the second quarter of 2026?
Green Plains reported Q2 2026 net income of $67.1 million, or $0.83 diluted EPS, versus a $72.2 million loss a year earlier. Revenue was $446.2 million and adjusted EBITDA reached $93.3 million, compared with $16.4 million in Q2 2025.

What drove the year-over-year earnings improvement for Green Plains (GPRE) in Q2 2026?
Earnings improved mainly from $58.7 million of Section 45Z production tax credits, stronger ethanol and agribusiness margins, and lower SG&A. Net income rose by $139.4 million and adjusted EBITDA by $76.9 million compared with Q2 2025, while interest expense also decreased.

How much Section 45Z production tax credit value did Green Plains (GPRE) recognize in Q2 2026 and how is it treated?
Green Plains recognized $58.7 million of 45Z production tax credits in Q2 2026, net of discounts and other costs. After early adopting ASU 2025-10, these credits reduce cost of goods sold and are recorded as production tax credits on the balance sheet.

What were Green Plains (GPRE)'s ethanol production volumes and crush margin in Q2 2026?
The ethanol production segment sold 160.7 million gallons of ethanol in Q2 2026, down from 193.6 million gallons a year earlier. The consolidated ethanol crush margin was $95.1 million, significantly higher than $26.3 million in the prior-year quarter.

What is Green Plains (GPRE)'s liquidity and debt position as of June 30, 2026?
As of June 30, 2026, Green Plains had $243.1 million in cash, cash equivalents and restricted cash, plus $290.0 million of availability under its revolver. Total debt was $483.7 million, including $27.0 million under working capital revolvers and other short-term borrowings.

How did Green Plains (GPRE) change its accounting for Section 45Z tax credits?
During early 2026, Green Plains elected to early adopt ASU 2025-10 and changed its policy so Section 45Z clean fuel production tax credits are recognized under an income model, reducing cost of goods sold and recorded as production tax credits, with prior balance sheet amounts reclassified.
FALSE000130940200013094022026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  August 6, 2026
_______________________________
GREEN PLAINS INC.
(Exact name of registrant as specified in its charter)
_______________________________
Iowa001-3292484-1652107
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1811 Aksarben Drive
Omaha, Nebraska 68106
(Address of Principal Executive Offices) (Zip Code)
(402) 884-8700
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareGPREThe Nasdaq Stock Market LLC
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
Green Plains Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2026. A copy of this press release is attached as Exhibit 99.1.

The information in this current report on Form 8-K, including Exhibit 99.1, is “furnished,” not “filed,” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not subject to liability of that section nor deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, before or after this date and regardless of any general incorporation language in the filing, unless explicitly incorporated by reference in such filing.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report.
Exhibit No.Description of Exhibit
99.1
Press Release, dated August 6, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Green Plains Inc.
Date: August 6, 2026By:
/s/ Ann Reis
Ann Reis
Chief Financial Officer
(Principal Financial Officer)

imagea.jpg
Exhibit 99.1


FOR IMMEDIATE RELEASE
Green Plains Reports Second Quarter 2026 Financial Results

Results for the Second Quarter of 2026:
•Net income attributable to Green Plains of $67.1 million, or EPS of $0.83 per diluted share
•Adjusted EBITDA of $93.3 million, inclusive of $34.6 million from the base business and $58.7 million in 45Z production tax credit value net of discounts and other costs
•Cash flow from operating activities of $86.3 million for the second quarter of 2026
•The Superior, Iowa facility joined the Central City, Nebraska facility in achieving the Highly Protected Status from GPRE’s property insurance carrier, FM
•Lowered selling, general and administrative expenses by $5.9 million or 21% to $21.7 million for the second quarter of 2026 compared to the second quarter of 2025
•88% utilization from the eight operating ethanol plants in the quarter

OMAHA, Neb., August 6, 2026 (BUSINESS WIRE) - Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the second quarter of 2026. Net income attributable to the company was $67.1 million, or $0.83 per diluted share compared to net loss attributable to the company of $72.2 million or $(1.09) per diluted share, for the same period in 2025. Revenues were $446.2 million for the second quarter of 2026 compared with $552.8 million for the same period last year. Core operating profitability strengthened with adjusted EBITDA of $93.3 million compared to $16.4 million for the same period in the prior year.

“The second quarter demonstrated the earnings capability of the Green Plains platform,” said Chris Osowski, President and Chief Executive Officer. “Even with lower utilization due to maintenance, we generated more than $67 million of net income. The combination of operational excellence, achieving multiple safety milestones, improved ethanol economics, strong commercial execution and our low-carbon platform is translating into meaningful financial results. ”

“Our financial profile continues to improve as we execute on our operating and capital allocation priorities,” said Ann Reis, Chief Financial Officer. “Stronger earnings from our plants and continued discipline on SG&A are generating meaningful cash flow, which we intend to direct toward reducing debt and building a more resilient balance sheet that is positioned for growth.”
Results of Operations
Green Plains’ ethanol production segment sold 160.7 million gallons of ethanol during the second quarter of 2026, compared with 193.6 million gallons for the same period in 2025. The consolidated ethanol crush margin was $95.1 million for the second quarter of 2026, compared with $26.3 million for the same period in 2025. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, including intercompany marketing and agribusiness fees and excluding net nonethanol operating activities.
Consolidated revenues decreased $106.6 million for the three months ended June 30, 2026, compared with the same period in 2025, primarily due to lower revenues within our ethanol production segment as a result of lower volumes sold primarily driven by the disposition of our Obion, Tennessee plant.
Net income attributable to Green Plains increased $139.4 million and adjusted EBITDA increased $76.9 million for the three months ended June 30, 2026 compared with the same period in 2025 primarily due to recognition of $58.7 million of 45Z production tax credits net of discounts and other costs, higher margins in our ethanol production and agribusiness and energy services segments and lower selling, general and administrative expenses as a result of restructuring costs of $2.5 million incurred during the three months ended June 30, 2025. Interest expense decreased $5.8 million for the three months ended June 30, 2026 compared with the same period in 2025 primarily due to prior year loan fees related to the issuance and modification of warrants in conjunction with access to a short-term line of credit and an amendment on our Junior Notes, offset by higher debt balances associated with carbon sequestration equipment. Income tax benefit was $5.5 million for the three months ended June 30, 2026, compared with income tax expense of $2.3 million for the same period in 2025 primarily due to the changes in the valuation allowance on deferred tax assets, offset by an increase in pre-tax book income from the generation of non-taxable 45Z production tax credits.
During the first quarter of 2026, the company elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities. Concurrently, the company elected to change its accounting policy related to the recognition of Section 45Z clean fuel production tax credits. The change in accounting policy results in the recognition of Section 45Z clean fuel production tax credits by analogy under the income model of ASU 2025-10, which results in a reduction of cost of goods sold in the statements of operations and recognition as production tax credits on the consolidated balance sheets. The company previously
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recorded the credits under ASC 740, Accounting for Income Taxes, which resulted in recognition within income tax benefit in the statements of operations and deferred income taxes, net in the consolidated balance sheets. The company determined that the income model under ASU 2025-10 is preferable because it better reflects the financial benefit of Section 45Z clean fuel production tax credits netted against the costs to produce the low-carbon fuels that the tax legislation was meant to incentivize. The company determined that retrospective adjustment to prior period financials is required. No Section 45Z clean fuel production tax credits were recognized during the first or second quarters of 2025, so no adjustments were made in the statements of operations; however, the company has reclassified balances previously reported as deferred income taxes, net, and other long-term liabilities to production tax credits on the consolidated balance sheets as of December 31, 2025.
Segment Information
The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil, in addition to CCS operations at our three Nebraska plants and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.



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GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)

Three Months Ended
June 30,		Six Months Ended
June 30,
20262025% Var.20262025% Var.
Revenues
Ethanol production$410,768 $527,153 (22.1)%$804,127 $1,024,925 (21.5)%
Agribusiness and energy services39,546 31,531 25.498,151 141,360 (30.6)
Intersegment eliminations(4,090)(5,855)(30.1)(10,250)(11,941)(14.2)
$446,224 $552,829 (19.3)%$892,028 $1,154,344 (22.7)%
Gross margin
Ethanol production (1) (2)
$104,229 $33,490 *$175,957 $27,798 *
Agribusiness and energy services8,801 8,080 8.925,019 16,811 48.8
$113,030 $41,570 171.9%$200,976 $44,609 *
Depreciation and amortization
Ethanol production$22,673 $22,918 (1.1)%$45,891 $43,953 4.4%
Agribusiness and energy services (3)
31 3,860 (99.2)62 4,458 (98.6)
Corporate activities745 782 (4.7)1,133 1,536 (26.2)
$23,449 $27,560 (14.9)%$47,086 $49,947 (5.7)%
Operating income (loss)
Ethanol production (2) (4) (5)
$70,977 $(12,218)*$110,399 $(51,768)*
Agribusiness and energy services (3)
6,699 849 *20,531 3,282 *
Corporate activities (6) (7)
(9,802)(16,994)(42.3)(18,284)(42,137)(56.6)
$67,874 $(28,363)*$112,646 $(90,623)*
Adjusted EBITDA
Ethanol production (2) (4) (5)
$94,454 $8,992 *$157,510 $(10,424)*
Agribusiness and energy services6,924 5,028 37.720,935 8,184 155.8
Corporate activities (8)
(8,078)(42,903)(81.2)(13,642)(68,149)(80.0)
EBITDA93,300 (28,883)*164,803 (70,389)*
Restructuring costs— 2,520 *— 19,106 *
Loss on sale of assets— 4,044 *— 4,044 *
Impairment of assets held for sale— 10,724 *— 10,724 *
Loss on sale of equity method investment— 26,987 *— 26,987 *
Proportional share of EBITDA adjustments to equity method investees45 1,050 (95.7)90 1,828 (95.1)
$93,345 $16,442 *$164,893 $(7,700)*

(1) Ethanol production includes $60.4 million and $116.5 million of Section 45Z production tax credits net of discounts and other costs for the three and six months ended June 30, 2026, recorded as a reduction of cost of goods sold.
(2) Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the three and six months ended June 30, 2025.
(3) Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the three and six months ended June 30, 2025.
(4) Ethanol production includes $58.7 million and $113.9 million of 45Z production tax credits recorded net of discounts, other costs and selling, general and administrative expenses for the three and six months ended June 30, 2026, respectively.
(5) Ethanol production includes impairment of assets held for sale of $10.7 million for the three and six months ended June 30, 2025.
(6) Corporate activities includes $1.7 million and $12.0 million of restructuring costs for the three and six months ended June 30, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
(7) Corporate activities include a pretax loss on sale of assets of $4.0 million for the three and six months ended June 30, 2025.
(8) Corporate activities include a pretax loss on sale of assets of $4.0 million and a pretax loss on sale of equity method investment of $27.0 million for the three and six months ended June 30, 2025, respectively.
*Percentage variance not considered meaningful


3

GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)

Three Months Ended
June 30,		Six Months Ended
June 30,
20262025% Var.20262025% Var.
Ethanol production
Ethanol (gallons)160,700 193,571 (17.0)%334,896 388,899 (13.9)%
Distillers grains (equivalent dried tons)323 413 (21.8)685 830 (17.5)
Ultra-High Protein (tons)49 66 (25.8)103 134 (23.1)
Renewable corn oil (pounds)58,332 65,231 (10.6)116,808 129,494 (9.8)
Corn consumed (bushels)54,558 65,312 (16.5)113,360 131,576 (13.8)
Agribusiness and energy services (1)
Ethanol sold (gallons)180,760 225,703 (19.9)356,905 481,424 (25.9)

(1) Includes gallons from the ethanol production segment.

GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands)

Three Months Ended
June 30,
20262025
Ethanol production operating income (loss) (1)
$70,977 $(12,218)
Depreciation and amortization22,673 22,918 
Impairment of assets held for sale— 10,724 
Adjusted ethanol production operating income93,650 21,424 
Intercompany fees and nonethanol operating activities, net (2)
1,421 4,862 
Consolidated ethanol crush margin$95,071 $26,286 
(1) For the three months ended June 30, 2025, ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million and an inventory lower of cost or net realizable value adjustment of $2.3 million.
(2) Includes certain nonrecurring decommissioning costs and nonethanol operating activities of ($1.9) million and $($1.0) million for the three months ended June 30, 2026 and 2025, respectively.

4

Liquidity and Capital Resources
As of June 30, 2026, Green Plains had $243.1 million in total cash and cash equivalents, and restricted cash, and $290.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. On April 17, 2026, the Revolver Facility was amended by the Second Amendment to the Loan and Security Agreement and the termination date was extended from March 25, 2027 to September 25, 2027 and the borrowing limit was reduced from $350 million to $300 million. Total debt outstanding at June 30, 2026 was $483.7 million, including $27.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.
Conference Call Information
On August 6, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss second quarter 2026 operating results. Domestic and international participants can access the conference call by dialing 833.461.5787 and 585.542.9983, respectively, and referencing conference ID 249495185. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains website https://investor.gpreinc.com/events-and-presentations.
Non-GAAP Financial Measures
Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, loss on sale of assets, impairment of assets held for sale, loss on sale of equity method investment and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low‑carbon biofuels and high‑value ingredients. The company operates a performance‑driven platform focused on maximizing yield, lowering carbon intensity, and delivering long‑term value through responsible capital deployment. For more information, visit www.gpreinc.com.
Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including
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changes to tax laws such as the One Big Beautiful Bill Act, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the Securities and Exchange Commission (the “SEC”).

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
6

GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

June 30, 2026December 31, 2025
(unaudited)
ASSETS
Current assets
Cash and cash equivalents$185,384 $182,319 
Restricted cash57,691 47,813 
Accounts receivable, net79,584 74,374 
Inventories128,563 148,095 
Production tax credits133,182 40,328 
Prepaid expenses and other17,051 18,117 
Derivative financial instruments23,997 11,494 
Total current assets625,452 522,540 
Property and equipment, net918,053 957,256 
Operating lease right-of-use assets63,798 63,849 
Other assets49,764 41,242 
Total assets$1,657,067 $1,584,887 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$94,688 $134,912 
Accrued and other liabilities42,530 39,427 
Unearned revenue29,902 27,401 
Derivative financial instruments26,605 7,901 
Operating lease current liabilities23,508 21,557 
Short-term notes payable and other borrowings27,004 33,584 
Current maturities of long-term debt69,510 3,924 
Total current liabilities313,747 268,706 
Long-term debt387,176 361,992 
Operating lease long-term liabilities41,436 43,648 
Carbon equipment liabilities12,360 104,217 
Other liabilities32,503 34,353 
Total liabilities787,222 812,916 
Stockholders' equity
Total Green Plains stockholders' equity869,934 766,247 
Noncontrolling interests(89)5,724 
Total stockholders' equity869,845 771,971 
Total liabilities and stockholders' equity$1,657,067 $1,584,887 
7

GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues$446,224 $552,829 $892,028 $1,154,344 
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)333,194 511,259 691,052 1,109,735 
Selling, general and administrative expenses21,707 27,605 41,244 70,517 
Loss on sale of assets— 4,044 — 4,044 
Depreciation and amortization expenses23,449 27,560 47,086 49,947 
Impairment of assets held for sale— 10,724 — 10,724 
Total costs and expenses378,350 581,192 779,382 1,244,967 
Operating income (loss)67,874 (28,363)112,646 (90,623)
Other income (expense)
Interest income1,449 634 4,369 1,637 
Interest expense(8,130)(13,899)(19,615)(22,812)
Other, net516 (39)668 (1,554)
Total other expense(6,165)(13,304)(14,578)(22,729)
Income (loss) before income taxes and income (loss) from equity method investees61,709 (41,667)98,068 (113,352)
Income tax benefit (expense)5,485 (2,294)2,569 (2,400)
Income (loss) from equity method investees, net of income taxes12 (28,266)34 (29,116)
Net income (loss)$67,206 $(72,227)$100,671 $(144,868)
Net income attributable to noncontrolling interests57 11 584 276 
Net income (loss) attributable to Green Plains$67,149 $(72,238)$100,087 $(145,144)
Earnings per share
Net income (loss) attributable to Green Plains - basic$0.97 $(1.09)$1.45 $(2.22)
Net income (loss) attributable to Green Plains - diluted$0.83 $(1.09)$1.25 $(2.22)
Weighted average shares outstanding
Basic69,112 66,491 68,977 65,287 
Diluted84,494 66,491 84,381 65,287 
8

GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Six Months Ended
March 31,
20262025
Cash flows from operating activities
Net income (loss)$100,671 $(144,868)
Noncash operating adjustments
Depreciation and amortization47,086 49,947 
Loss on sale of assets— 4,044 
Impairment of assets held for sale— 10,724 
Inventory lower of cost or net realizable value adjustment— 2,255 
Stock-based compensation4,203 11,123 
(Income) loss from equity method investees, net of income taxes(34)29,116 
Other751 8,830 
Net change in working capital(105,910)32,583 
Net cash provided by operating activities46,767 3,754 
Cash flows from investing activities
Purchases of property and equipment, net(17,140)(27,853)
Proceeds from the sale of assets2,000 421 
Investment in equity method investees— (4,909)
Net cash used in investing activities(15,140)(32,341)
Cash flows from financing activities
Net payments - long term debt(3,098)(962)
Net payments - short-term borrowings(6,580)(60,962)
Net proceeds from product financing arrangement— 37,146 
Purchase of minority interests(4,700)— 
Other(4,306)(3,310)
Net cash used in financing activities(18,684)(28,088)
Net change in cash and cash equivalents, and restricted cash12,943 (56,675)
Cash and cash equivalents, and restricted cash, beginning of period230,132 209,395 
Cash and cash equivalents, and restricted cash, end of period$243,075 $152,720 
Reconciliation of total cash and cash equivalents, and restricted cash
Cash and cash equivalents$185,384 $108,624 
Restricted cash57,691 44,096 
Total cash and cash equivalents, and restricted cash$243,075 $152,720 
9

GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income (loss)$67,206 $(72,227)$100,671 $(144,868)
Interest expense8,130 13,899 19,615 22,812 
Income tax (benefit) expense, net of equity method income taxes(5,485)1,885 (2,569)1,720 
Depreciation and amortization (1)
23,449 27,560 47,086 49,947 
EBITDA93,300 (28,883)164,803 (70,389)
Restructuring costs— 2,520 — 19,106 
Loss on sale of assets— 4,044 — 4,044 
Impairment of assets held for sale— 10,724 — 10,724 
Loss on sale of equity method investment— 26,987 — 26,987 
Proportional share of EBITDA adjustments to equity method investees45 1,050 90 1,828 
Adjusted EBITDA$93,345 $16,442 $164,893 $(7,700)

(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.


Green Plains Inc. Contacts
Investors: Will Joekel, CFA | Vice President, Investor Relations and Treasurer | 402.952.4946 | will.joekel@gpreinc.com
Media: 402.884.8700 | media@gpreinc.com

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