This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those expressed or implied in its reports filed with the Securities and Exchange Commission ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents _______________________ FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 OR ☐ 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) (State or other jurisdiction of incorpo ...

Green Plains Inc. (NASDAQ:GPRE) Q2 2023 Earnings Conference Call August 4, 2023 9:00 AM ET Company Participants Phil Boggs – Executive Vice President-Investor Relations Todd Becker – President and Chief Executive Officer Jim Stark – Chief Financial Officer Devin Mogler – Senior Vice President, Government Affairs, Sustainability & Communications Conference Call Participants Craig Irwin – ROTH Capital Adam Samuelson – Goldman Sachs Kristen Owen – Oppenheimer Manav Gupta – UBS Salvator Tiano – Bank of America ...

Forward-Looking Statements Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations which involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements include words such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "outlook," "plan," "pred ...

Financial Data and Key Metrics Changes - Green Plains reported consolidated revenues of $832.9 million for Q1 2023, an increase of $51.5 million compared to the same period last year, driven by higher run rates in ethanol and high-protein ingredients production [64] - The company experienced a net loss of $70.3 million, or a loss of $1.20 per diluted share, compared to a loss of $61.5 million, or a loss of $1.16 per diluted share in Q1 2022 [64] - Adjusted EBITDA for the quarter was a negative $27.7 million, consistent with the prior year, with a $4.5 million increase in depreciation and amortization expenses [6][64] - Cash and cash equivalents at the end of the quarter totaled $408 million, with a working capital of $376.9 million, down from $464.4 million at the end of 2022 [7][65] Business Line Data and Key Metrics Changes - The Ag & Energy segment recorded $5.2 million in EBITDA, about $5.5 million lower than the prior year, primarily due to market volatility [6] - The company’s plant utilization rate improved to 87.5% in Q1 2023, compared to 83.1% in the same period last year [64] - The MSC operations achieved an average production of over 900 tons per day of ultra-high protein products, with some days exceeding 1,000 tons [4] Market Data and Key Metrics Changes - Ethanol margins were reported as weak in Q1 but began to recover, with expectations for improved margins in the second half of the year [62][80] - Renewable diesel demand is anticipated to grow, with the company positioned to benefit from state-level programs supporting low-carbon renewable corn oil production [5][69] - The company noted a recent resurgence in corn oil pricing, trading at a premium to soybean oil, which is expected to tighten as renewable diesel capacity increases [69] Company Strategy and Development Direction - The company is focused on a transformation strategy that includes expanding protein production, clean sugar initiatives, and decarbonization efforts [5][70] - Plans to partner or acquire larger plants for technology installation are underway, with a focus on optimizing production processes [8] - The company aims to enhance its product offerings, including a 60% protein product, to replace traditional feed ingredients [66][67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of ethanol margins and the potential for increased corn acreage in 2023 [80] - The company is confident in its ability to meet customer expectations and is focused on executing its transformation strategy to insulate against market volatility [66][70] - Management highlighted the importance of decarbonization and the potential for significant value increases in the future due to low-carbon initiatives [70] Other Important Information - The company announced an offer to acquire all publicly held common units of Green Plains Partners to simplify its corporate structure and improve governance [61] - The clean sugar facility in Shenandoah is progressing well, with construction on track for completion by the end of the year [69] Q&A Session Questions and Answers Question: Can you provide insights on the ethanol crush and the impact of the Wood River plant being offline? - Management indicated that the Wood River plant's downtime would have a minor impact on the second quarter utilization rate, but they expect to return to full rates soon [62][80] Question: What are the plans for carbon capture and other plants not on the pipeline? - Management discussed ongoing evaluations of carbon capture technologies and potential projects, emphasizing the importance of sequestration for maximizing benefits [51][70] Question: How does the company view the current landscape for ethanol assets and M&A activity? - Management noted that while there is interest in ethanol M&A, the focus remains on optimizing existing assets and exploring strategic partnerships [43][80]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 1811 Aksarben Drive, Omaha, NE 68106 (402) 884-8700 (Address of principal executive offices, including zip code) (Registrant's telephone number, including area code) For the Quarterly Period Ended March 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Ex ...

Operational Performance - The company maintained an average utilization rate of approximately 91% of capacity during 2022, compared to 77% in the prior year[243]. - The top four producers accounted for approximately 41% of the domestic ethanol production capacity as of December 31, 2022[74]. - The company produced Ultra-High Protein at three locations and began commissioning FQT's MSC technology at two additional locations in Q4 2022[243]. - The company has formed a 50/50 joint venture with Tharaldson Ethanol to enhance renewable corn oil yields[82]. - Ethanol production segment sold 872,133 thousand gallons in 2022, up from 750,648 thousand gallons in 2021, representing a volume increase of approximately 16.2%[289]. Financial Performance - Total revenues including intersegment activity reached $3,662,849,000 in 2022, a 29.5% increase from $2,827,168,000 in 2021[275]. - Ethanol production segment revenues from external customers increased to $3,070,192,000 in 2022, up 42.5% from $2,153,368,000 in 2021[275]. - Agribusiness and energy services segment revenues from external customers decreased to $588,654,000 in 2022, down 12.1% from $669,526,000 in 2021[275]. - The partnership segment generated revenues from external customers of $4,003,000 in 2022, a slight decrease from $4,274,000 in 2021[275]. - Consolidated revenues increased by $835.7 million in 2022 compared to 2021, primarily due to higher average selling prices and higher volumes sold in the ethanol production segment[286]. Cost and Expenses - Cost of goods sold for ethanol production was $3,068,366,000 in 2022, an increase of 48.7% from $2,063,283,000 in 2021[275]. - The company’s cost of goods sold includes significant raw material costs, with corn being the most significant, followed by natural gas[262]. - Operating loss in the ethanol production segment increased by $89.8 million in 2022, primarily due to decreased margins[291]. - Corporate activities incurred an operating loss of $(60,478,000) in 2022, compared to a loss of $(10,499,000) in 2021[282]. Profitability - The operating loss for the ethanol production segment was $(117,764,000) in 2022, compared to a loss of $(27,996,000) in 2021[276]. - Adjusted EBITDA for the ethanol production segment was $(8,619,000) in 2022, down from $55,056,000 in 2021[282]. - The net loss for the year ended December 31, 2022, was $(103,377,000), compared to $(44,146,000) in 2021[280]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $69.7 million in 2022, a significant increase from $4.2 million in 2021[300]. - Capital expenditures totaled $212.4 million in 2022, primarily for Ultra-High Protein expansion projects, with projected capital spending for 2023 estimated between $150 million and $250 million[302]. - The company had $444.7 million in cash and cash equivalents and $55.6 million in restricted cash as of December 31, 2022[298]. Debt and Financing - As of December 31, 2022, the outstanding principal balance on the $125.0 million junior secured mezzanine notes was $125.0 million with an interest rate of 11.75%[318]. - The company has a $75.0 million delayed draw loan agreement with an outstanding principal balance of $74.6 million and an interest rate of 5.02% as of December 31, 2022[318]. - Green Plains Partners has a term loan balance of $59.0 million with an interest rate of 12.77% as of December 31, 2022[325]. - Green Plains Commodity Management has an uncommitted $40.0 million revolving credit facility with an outstanding principal balance of $22.7 million and an interest rate of 6.05% as of December 31, 2022[321]. - The company expects to refinance or extend its $40.0 million revolving credit facility prior to maturity[321]. Grants and Other Income - The company received a $27.7 million grant from the USDA in 2022 as part of the Biofuel Producer Program[267]. Shareholder Activities - The company authorized a share repurchase program of up to $200.0 million of its common stock, with no repurchases made in 2022[305]. - In August 2022, the company exchanged approximately $32.6 million of 4.125% notes for about 1.2 million shares of common stock[316]. Taxation - Income tax expense increased to $4.7 million in 2022 from $1.8 million in 2021, primarily due to an increase in the valuation allowance against certain deferred tax assets[296].

Forward Looking Statements This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those expressed or implied in its reports filed with the Securiti ...

Financial Data and Key Metrics Changes - Green Plains consolidated revenues for Q4 2022 were $914 million, an increase of $112 million compared to the same period in 2021, driven by higher run rates [21] - The net loss attributable to Green Plains was $38.6 million or $0.66 per diluted share, compared to a loss of $9.6 million or $0.18 per diluted share for the same period in 2021 [49] - Adjusted EBITDA for Q4 2022 was $5.8 million, down from $32 million in the same period last year [49] - The consolidated crush margin for Q4 2022 was $0.03 per gallon, which is $0.17 lower than the previous year [49] Business Line Data and Key Metrics Changes - The Ag and Energy segment recorded an EBITDA increase of $9.6 million to $11.8 million for Q4 2022, driven by market volatility in merchant trading and distribution [22] - The plant utilization rate improved to 93.4% in Q4 2022, compared to 83% in the same period last year [21] - Capital expenditures for 2022 totaled $212 million, with expectations for 2023 CapEx in the range of $150 million to $250 million [25][52] Market Data and Key Metrics Changes - The basis in the Western Corn Belt remained high, about $0.45 per bushel higher than the prior five-year average [15] - The company anticipates interest expense for 2023 to be approximately $40 million, reflecting current interest rates [23] Company Strategy and Development Direction - The company is focused on its transformation plan, which includes expanding MSC protein and corn oil facilities, completing a clean sugar facility, and executing carbon capture initiatives [20][34] - Green Plains is positioning itself for sustainable aviation fuel opportunities through partnerships and technology advancements [45][61] - The company aims to capitalize on the Inflation Reduction Act's benefits to enhance margins starting in 2025 [89] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the ethanol market but expressed optimism about the potential for margin improvements as market conditions evolve [14][93] - The company is confident in its transformation strategy and the long-term value of its biorefinery platform [19][34] - Management highlighted strong customer engagement and expectations for continued demand for their products [27][68] Other Important Information - The company has contracted and sold nearly half of its anticipated production for 2023, with approximately 250,000 tons or 75% of capacity effectively spoken for [27] - The partnership with Tallgrass and United Airlines aims to develop sustainable aviation fuel technology, which is seen as a significant opportunity for the company [45][61] Q&A Session Summary Question: What are the current asset values and their implications for the ethanol industry? - Management noted strong interest in sustainable aviation fuel and decarbonization, leading to increased asset values in the ethanol industry [64] Question: How is the company approaching the commercial process for its clean sugar technology? - Management indicated that learnings from the protein sales side will apply to the clean sugar technology business, emphasizing the importance of quality control and ramping up sales processes [73] Question: What are the expectations for protein pricing in 2023? - Management confirmed that they have exceeded the initial target of a $200 premium over traditional products and are effectively sold out for the first half of the year [67][68] Question: How does the company view the future of ethanol pricing in relation to sustainable aviation fuel? - Management expressed optimism that the transition to sustainable aviation fuel will provide the industry with pricing power and improve margins [76][100]

| --- | --- | --- | --- | |----------------------------------------|-------|-------|-------| | | | | | | | | | | | Stephens Annual Investment Conference | | | | | November 16-17, 2022 | | | | Forward-Looking Statements This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains ha ...