Core Insights - The company is focusing on strategic capital allocation towards high-return projects, including the expansion of the Clymers plant and upgrades to the Port of Houston's soybean meal export capacity [1] - The investment in Skyland Grain has shown improved performance, contributing nearly $20 million in EBITDA for the full year as it integrates into the broader Western asset footprint [1] Agribusiness Performance - Agribusiness results in the Eastern Grain Belt were bolstered by strong elevation margins for corn exports, while the Renewables segment faced challenges from higher natural gas costs and a firmer Eastern Corn basis [2] - The Western footprint benefited from a larger-than-expected fall harvest, allowing the company to accumulate corn and sorghum at favorable basis values despite limited merchandising opportunities [2] Financial Outlook - Record fourth quarter EPS was driven by the portfolio's versatility, particularly through full ownership of four ethanol plants and high grain volumes in the Western Grain Belt [3] - Management anticipates improved financial results in Agribusiness for 2026 due to increased certainty in global grain markets and sustained strong demand for ethanol [3] - The company projects 2026 45Z tax credits to be between $90 million and $100 million, benefiting from the removal of the indirect land use change penalty [3] - Guidance for 2026 exit run rate EPS has been raised above the previous target of $4.30, with a long-term goal of reaching $7.00 EPS by the end of 2028 [3] - Agricultural nutrient volumes are expected to benefit from higher-than-normal planted acres in 2026, although farmer decisions remain sensitive to current farm-gate economics [3] - Operational milestones for 2026 include the completion of the Port of Houston grain elevator upgrades in Q2 and soybean meal capacity in Q3 [3]