Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission file number 001-32924 GREEN PLAINS INC. (Exact name of registrant as specified in its charter) Iowa 84-1652107 (State or other juri ...

Core Insights - Green Plains Inc. reported significant profitability improvements in Q4 2025, driven by operational execution and tax credit benefits, despite revenue falling short of expectations [1][4] - The company is focusing on carbon capture and low-carbon initiatives, with a target of at least $188 million in adjusted EBITDA from carbon-related activities in 2026 [2][3] Financial Performance - Revenue for Q4 2025 was $428.8 million, down approximately 26.6% from $584.0 million in Q4 2024, partly due to the sale of the Obion plant and the end of third-party ethanol marketing [2][4] - Net income attributable to Green Plains was $11.9 million, or $0.17 per diluted share, exceeding analyst estimates [4] - Adjusted EBITDA improved to $49.1 million for the quarter, a significant turnaround from a negative $18.2 million in Q4 2024, aided by operational performance and tax credits [4] Valuation and Financial Ratios - The price-to-sales ratio is low at around 0.4, indicating the stock is trading at a discount relative to revenue [5] - The debt-to-equity ratio stands at a moderate 0.60, while the current ratio of 1.79 suggests solid liquidity [5]

Core Insights - The company has achieved significant operational improvements, resulting in a Q4 adjusted EBITDA of $49.1 million, an increase of over $67 million compared to the previous year [1][11] - The company is benefiting from the 45Z clean fuel production tax credit, generating $27.7 million in Q4, which is contributing to the overall financial performance [1][11] - The company has increased production capacities across several facilities, with a new total capacity of 730 million gallons per year, reflecting a 10% increase [2][3] Financial Performance - For Q4 2025, the company reported a net income of $11.9 million, compared to a net loss of $54.9 million in Q4 2024 [10] - Revenue for Q4 was $428.8 million, down 26.6% year-over-year, primarily due to the sale of the Obion plant and idling of the Fairmont facility [12] - SG&A expenses totaled $22.9 million, a decrease of $2.8 million from the previous year, indicating effective cost management [12] Production and Capacity - The company has increased production capacities at several facilities, with Central City and Wood River now at 120 million gallons per year each, and other plants adjusted accordingly [2] - The start-up of CO2 compression equipment at Nebraska plants has made carbon capture fully operational, contributing to lower carbon intensity scores [2][3] Strategic Initiatives - The company is focusing on five strategic priorities, including improving energy efficiency, evaluating carbon sequestration opportunities, and expanding grain storage capabilities [21][22] - The introduction of new leadership in finance and legal functions aims to enhance governance and strategic transactions [8] Market Outlook - The company anticipates that carbon-related opportunities could generate at least $188 million of adjusted EBITDA in 2026, subject to production volumes and carbon intensity factors [5][36] - Strong export demand for ethanol and a record corn crop are expected to support the company's market position [6][17] Regulatory Environment - The release of proposed 45C clean fuel production credit regulations is seen as a positive development for the industry, providing clarity and supporting decarbonization efforts [7] - The company is actively marketing its 2026 tax credits and expects to announce agreements soon, reflecting strong interest from counterparties [5][25]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $11.9 million, or $0.17 per diluted share, compared to a net loss of $54.9 million, or -$0.86 per diluted share in Q4 2024 [12] - Adjusted EBITDA for Q4 2025 was $49.1 million, an improvement of over $67 million compared to Q4 2024's adjusted EBITDA of -$18.2 million [7][13] - Revenue for Q4 2025 was $428.8 million, down 26.6% year-over-year, primarily due to the sale of the Obion plant and idling of the Fairmont facility [14] Business Line Data and Key Metrics Changes - The production capacity for plants, excluding Fairmont, was increased to 730 million gallons per year, a 10% increase from the previous capacity [5] - The startup of CO2 compression equipment at three Nebraska plants was highlighted, with carbon capture now fully operational [7] Market Data and Key Metrics Changes - Ethanol margins remained resilient in Q4 2025, supported by strong domestic blending and export demand [20] - Ethanol exports set a record last year, and demand is expected to increase again in 2026 [21] Company Strategy and Development Direction - The company is focusing on five strategic priorities: improving energy efficiency, evaluating carbon sequestration opportunities, expanding facilities, increasing grain storage, and balancing capital structure [24] - The company aims to capitalize on carbon decarbonization programs and operational excellence while maintaining a disciplined hedging strategy [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational execution and the potential for carbon-related earnings, projecting at least $188 million of adjusted EBITDA from carbon initiatives in 2026 [8][9] - The company is optimistic about the ethanol market, citing strong bipartisan support for biofuels and favorable policy developments [9][10] Other Important Information - The company refinanced a majority of its 2027 convertible notes with a new $200 million convertible note due in 2030 [13] - The company has a federal net operating loss balance of $2,260.2 million, providing future tax efficiency [18] Q&A Session Questions and Answers Question: Interest in 2026 45Z credits - Management is actively marketing the 2026 45Z credits and is confident in the platform's ability to deliver credits going forward [28] Question: Cash flow from operations vs. EBITDA - The lower cash flow from operations was due to not fully receiving cash from carbon earnings, with a portion expected in Q1 [34] Question: Q1 ethanol EBITDA outlook - The company expects a better position compared to the previous year, with operational efficiency and favorable market fundamentals [36] Question: Clarification on carbon efficiency projects - The $5-$10 million efficiency projects are separate from the $15-$25 million in capital expenditures for maintenance [46] Question: CI score and on-farm practices - The company is optimistic about capturing value from on-farm practices, which could positively impact the CI score [54]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $11.9 million, or $0.17 per diluted share, compared to a net loss of $54.9 million, or -$0.86 per diluted share in Q4 2024 [12] - Adjusted EBITDA for Q4 2025 was $49.1 million, an improvement of over $67 million compared to Q4 2024's adjusted EBITDA of -$18.2 million [7][13] - Revenue for Q4 2025 was $428.8 million, down 26.6% year-over-year due to the sale of the Obion plant and idling of the Fairmont facility [14] Business Line Data and Key Metrics Changes - The production capacity for plants, excluding Fairmont, was increased to 730 million gallons per year, a 10% increase from the previous capacity [5] - The startup of CO2 compression equipment at three Nebraska plants is now fully operational, contributing to cash flow and lowering carbon intensity (CI) scores [7] Market Data and Key Metrics Changes - Ethanol margins remained resilient in Q4 2025, supported by strong domestic blending and export demand, with a record corn crop helping to keep feedstock prices in check [20] - Ethanol exports set a record last year, and demand is expected to increase again in 2026 [21] Company Strategy and Development Direction - The company is focusing on five strategic priorities: improving energy efficiency, evaluating carbon sequestration opportunities, debottlenecking or expanding facilities, increasing on-site grain storage, and balancing capital structure [24] - The company aims to be a low-cost, low-carbon biofuels producer, with ongoing projects to reduce energy consumption and operational costs [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational execution and the potential for carbon monetization, expecting at least $188 million of adjusted EBITDA from carbon-related activities in 2026 [8][9] - The company is optimistic about the ethanol market, citing strong bipartisan support for biofuels and favorable policy developments [9][10] Other Important Information - The company refinanced a majority of its 2027 convertible notes through a new $200 million convertible note due in 2030, using part of the proceeds to repurchase shares [13] - The company has a federal net operating loss balance of $2,260.2 million, providing future tax efficiency [18] Q&A Session Summary Question: Interest in 2026 45Z credits - Management is actively marketing the credits and is confident in their ability to deliver credits going forward [28] Question: Upside potential for carbon opportunities - Management mentioned numerous efficiency projects with fast returns, focusing on reducing energy consumption and operational costs [29][31] Question: Q4 cash flow from operations - The lower cash flow was attributed to not fully receiving cash from carbon earnings and accelerated receivables and inventory [34][35] Question: Q1 ethanol EBITDA outlook - Management indicated that while Q1 is typically a low point, the company is in a better position compared to the previous year due to operational efficiency [36][37] Question: $188 million carbon expectation - The increase from previous estimates is due to expanded capacity and operational changes, with a focus on maintaining yields and energy efficiency [40][41] Question: CI score and on-farm practices - Management is optimistic about the potential impact of on-farm practices on CI scores and will provide further calculations in the next quarter [53][54] Question: Capital allocation and debt reduction - Management is evaluating opportunities for free cash flow and considering debt reduction and share repurchases as options [66][67]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $11.9 million, or $0.17 per diluted share, compared to a net loss of $54.9 million, or -$0.86 per diluted share in Q4 2024 [12] - Adjusted EBITDA for Q4 2025 was $49.1 million, an improvement of over $67 million compared to Q4 2024's adjusted EBITDA of -$18.2 million [6][13] - Revenue for Q4 2025 was $428.8 million, down 26.6% year-over-year due to the impact of the Obion plant sale and idling of the Fairmont facility [14] Business Line Data and Key Metrics Changes - The company increased its maximum production capacity to 730 million gallons per year, a 10% increase from the previous capacity [5] - Four plants reached historical production volumes, and seven plants achieved record ethanol yields [4] - The startup of CO2 compression equipment at three Nebraska plants is now fully operational, contributing to cash flow and lowering carbon intensity (CI) scores [6] Market Data and Key Metrics Changes - Ethanol margins remained resilient in Q4 2025 due to strong domestic blending and export demand, supported by a record corn crop [20] - Ethanol exports set a record last year, with expectations for increased demand in 2026 [21] - Corn oil markets remained steady, contributing positively to gross margins, while protein pricing faced pressure [21] Company Strategy and Development Direction - The company is focusing on five strategic priorities: improving energy efficiency, evaluating carbon sequestration opportunities, debottlenecking or expanding facilities, increasing on-site grain storage, and balancing capital structure [23][24] - The company aims to be a low-cost, low-carbon biofuels producer, with ongoing projects to reduce energy consumption and operational costs [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational execution and the potential for carbon monetization, with expectations of at least $188 million of adjusted EBITDA from carbon-related activities in 2026 [8][9] - The company is optimistic about the regulatory environment supporting biofuels and the potential for year-round E15 adoption [9][62] Other Important Information - The company refinanced a majority of its 2027 convertible notes through a new $200 million convertible note due in 2030 [13] - Consolidated liquidity at the end of the quarter included $230.1 million in cash equivalents and restricted cash, with $325 million in working capital revolver availability [18] Q&A Session Summary Question: Interest in 2026 45Z credits - Management confirmed active marketing of 2026 45Z credits and expressed confidence in the platform's ability to deliver credits [28] Question: Upside potential for carbon opportunities - Management indicated numerous plant efficiency projects with fast returns and potential for additional investments to lower energy consumption [29][30] Question: Q4 cash flow from operations - Management explained that Q4 cash flow was lower than EBITDA due to timing of cash receipts from carbon earnings and accelerated receivables [33] Question: Q1 ethanol EBITDA outlook - Management noted that while Q1 is typically a low point, the company is in a better position compared to the previous year, with strong operational efficiency [35] Question: CI score and potential improvements - Management discussed the potential for further reductions in CI scores due to new guidance and ongoing projects [51][52]

分组1 - Green Plains Renewable Energy (GPRE) reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.08 per share, compared to a loss of $0.86 per share a year ago [1] - The earnings surprise for the quarter was +121.64%, and the company had a previous surprise of +250% when it reported earnings of $0.07 per share against an expectation of $0.02 [2] - The company posted revenues of $428.85 million for the quarter, missing the Zacks Consensus Estimate by 21.91%, and this is a decline from year-ago revenues of $584.02 million [3] 分组2 - Green Plains shares have increased by approximately 28.6% since the beginning of the year, while the S&P 500 has gained only 0.5% [4] - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $555.8 million, and for the current fiscal year, it is $0.27 on revenues of $2.31 billion [8] - The Zacks Industry Rank for Chemical - Specialty is currently in the bottom 25% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [9]

Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in this presentation, those discussed under "Risk Factors" in our Annual Report on Form 10-K or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the failure to realize the anticipated results from the new products being develop ...

Financial Performance - Net income attributable to Green Plains for Q4 2025 was $11.9 million, or $0.17 per diluted share, a significant improvement from a net loss of $54.9 million, or $(0.86) per diluted share, in Q4 2024[1]. - Adjusted EBITDA for Q4 2025 was $49.1 million, compared to $(18.2) million in Q4 2024, including $27.7 million from 45Z production tax credits[1][2]. - Revenues for Q4 2025 decreased to $428.8 million, down 26.6% from $584.0 million in Q4 2024, primarily due to lower ethanol volumes sold[1][7]. - Ethanol production gross margin for Q4 2025 was $27.2 million, a turnaround from a loss of $(10.4) million in Q4 2024[11]. - Adjusted ethanol production operating income for the quarter was $46.1 million, a significant improvement from an operating loss of $19.9 million in the same quarter of 2024[20]. - For the twelve months ended December 31, 2025, Green Plains Inc. reported a net loss of $121 million, compared to a net loss of $81.2 million for the same period in 2024[36]. - The company generated $110.9 million in net cash from operating activities for the twelve months ended December 31, 2025, a significant increase from a cash outflow of $30 million in 2024[36]. - Adjusted EBITDA for the twelve months ended December 31, 2025, was $94 million, compared to $18.7 million in 2024[38]. Production and Sales - Ethanol production segment sold 178.8 million gallons in Q4 2025, a decrease of 14.7% from 209.5 million gallons in Q4 2024[6][18]. - The consolidated ethanol crush margin improved to $44.4 million in Q4 2025, compared to $(15.5) million in Q4 2024[6]. - The company expects to generate at least $188 million of 45Z-related Adjusted EBITDA in 2026, net of discounts and applicable operating expenses[2]. - The company is actively marketing 2026 45Z production tax credits, indicating a strategic focus on leveraging tax incentives for future growth[4]. Assets and Liabilities - As of December 31, 2025, total cash and cash equivalents, along with restricted cash, amounted to $230.1 million, with an additional $325.0 million available under a committed revolving credit facility[22]. - Total debt outstanding as of December 31, 2025, was $399.5 million, which includes $33.6 million in short-term borrowings[22]. - Green Plains' total assets decreased to $1.58 billion as of December 31, 2025, down from $1.78 billion in 2024[31]. - The company experienced a reduction in inventories, which fell to $148.1 million from $227.4 million year-over-year[31]. Operational Developments - Carbon capture facilities became fully operational at three Nebraska sites, significantly lowering carbon intensity[5]. - The company completed the sale of the Obion, Tennessee plant for $170 million, using proceeds to eliminate $130.7 million in junior mezzanine debt[5]. - Green Plains continues to focus on innovation and operational excellence to drive long-term value in the low-carbon economy[25]. Expenses and Costs - The company incurred $24.3 million in restructuring costs during the twelve months ended December 31, 2025[38]. - Interest expense for the twelve months ended December 31, 2025, was $76.7 million, significantly higher than $33.1 million in 2024[38]. - The company reported a depreciation and amortization expense of $98.4 million for the twelve months ended December 31, 2025, compared to $90.6 million in 2024[38]. - Green Plains Inc. recorded a loss on the extinguishment of debt amounting to $36.9 million for the twelve months ended December 31, 2025[36].

Industry Overview - The renewable fuels industry is undergoing a structural transformation towards a policy-backed, decarbonization-oriented energy sector, focusing on low-carbon, higher-value fuels [1] - Global capacity in the renewable fuels sector is expected to triple by 2028 according to a Bain & Company report [1] Alto Ingredients (ALTO) - Alto Ingredients is transitioning from a conventional fuel ethanol producer to a diversified business focused on specialty alcohols and essential ingredients [3] - The product mix has expanded to include specialty alcohols and ingredients for pharmaceutical, personal care, food, and industrial applications, aimed at diversifying revenue streams and reducing exposure to volatile ethanol pricing [4] - A key strategy involves reducing carbon intensity scores to benefit from the federal Section 45Z clean fuel tax credit, potentially generating up to $18 million in incremental gross benefit over 2025–2026 [5] - Alto is expanding carbon dioxide capture and utilization at its facilities, which adds a higher-margin revenue stream and supports sustainability objectives [6] - The company is focused on operational discipline, streamlining costs, and capitalizing on near-term opportunities with clear return visibility [7] - ALTO shares have risen 17.4% over the past year, with a Zacks Consensus Estimate for 2026 revenues implying a year-over-year increase of 10.5% and EPS growth of 260% [7][12] Green Plains (GPRE) - Green Plains is evolving into a leading biorefining company by commercializing Clean Sugar Technology and producing low-carbon dextrose and glucose for industrial fermentation [8] - The company is restructuring its business mix towards higher-margin protein and renewable ingredients, aiming to reduce exposure to ethanol cyclicality [9] - Green Plains has improved its balance sheet with no near-term debt maturities and enhanced liquidity through asset sales [9] - The company plans to deploy capital to strengthen plant assets, reduce carbon intensity, and explore options for returning capital to shareholders [10] - GPRE shares have also risen 17.4% over the past year, with a Zacks Consensus Estimate for 2026 revenues implying a year-over-year increase of 5.2% and EPS growth of 122.9% [11][12] Comparative Analysis - Both ALTO and GPRE have seen their shares rise 17.4% over the past year, but ALTO's 2026 EPS growth estimate and valuation favor its investment case [8][16] - ALTO is trading at a forward price-to-earnings multiple of 16.88, while GPRE's multiple is at 36.74, indicating that ALTO may offer a less expensive valuation [14]