Core Insights - The company reported a record level of earnings per share in the fourth quarter, driven by strong performance in renewables and effective execution in agribusiness [4][7] - Full-year adjusted EBITDA decreased to $337 million from $363 million in 2024, while quarterly adjusted EBITDA improved to $137 million from $117 million year-over-year [1][3] Financial Performance - Fourth-quarter gross profit increased by 8% year-over-year to $231 million, attributed to higher volume and margins in renewables and the acquisition of Skyland Grain [2] - Net income for the fourth quarter was $67 million, or $1.97 per diluted share, with adjusted net income rising to $70 million, or $2.04 per diluted share, compared to $47 million, or $1.36 per diluted share, in the same quarter of 2024 [3][7] - Cash flow from operations before changes in working capital was $110 million in the fourth quarter, up from $100 million a year earlier, while full-year cash flow was $278 million, down from $323 million in 2024 [8] Segment Performance - Agribusiness reported fourth-quarter pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million a year ago [11][13] - Renewables generated fourth-quarter pre-tax income of $54 million, significantly up from $17 million in the same quarter of 2024, with renewables EBITDA reaching $69 million, up from $41 million [6][15] Strategic Initiatives - The company outlined growth projects, including a 30 million gallon expansion in Climer, Indiana, and upgrades at the Port of Houston, with expectations for improved agribusiness results and strong ethanol demand in 2026 [5][16] - Management emphasized a commitment to profitable growth in both agribusiness and renewables, with plans for additional investments and infrastructure improvements [16][17] Market Outlook - The company anticipates better financial results in agribusiness for 2026, driven by more certainty in global grain markets and strong demand for ethanol [17][20] - Long-term targets were updated, with expectations to exit 2026 with run-rate EPS above $4.30 and a long-range target of $7 by the end of 2028 [21]