Form 8-K

8-K — Green Plains Inc.

Accession: 0001309402-26-000058

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001309402

SIC: 2860 (INDUSTRIAL ORGANIC CHEMICALS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — gpre-20260507.htm (Primary)

EX-99.1 (gpreq12026earningsrelease.htm)

EX-99.2 (exh992-summaryofreclassifi.htm)

GRAPHIC (imagea.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: gpre-20260507.htm · Sequence: 1

gpre-20260507

FALSE000130940200013094022026-05-072026-05-07

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): May 7, 2026

_______________________________

GREEN PLAINS INC.

(Exact name of registrant as specified in its charter)

_______________________________

Iowa 001-32924 84-1652107

(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 class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.001 per share GPRE The 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 months ended March 31, 2026. A copy of this press release is attached as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

Prior period financial statements, which disclose the adjustments related to the change in accounting policy over the classification of transferable production tax credits, for the three months ended September 30, 2025, and the three and twelve months ended December 31, 2025 are incorporated herein by reference and are included as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, 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 May 7, 2026

99.2

Summary of Reclassifications Due to Change in Accounting Policy

104 Cover 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: May 7, 2026 By:

/s/ Ann Reis

Ann Reis

Chief Financial Officer

(Principal Financial Officer)

EX-99.1

Filename: gpreq12026earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

Green Plains Reports First Quarter 2026 Financial Results

Results for the First Quarter of 2026:

•Net income attributable to Green Plains of $32.9 million, or EPS of $0.42 per diluted share

•Adjusted EBITDA of $71.5 million, inclusive of $16.3 million from the base business and $55.2 million in 45Z production tax credit value net of discounts and other costs

•No recordable safety incidents during the first quarter of 2026

•Lowered selling, general and administrative expenses to $19.5 million for the first quarter of 2026 compared to both the prior quarter and first quarter of 2025

•Achieved strong utilization in the quarter from the eight operating ethanol plants of 97%

OMAHA, Neb., May 7, 2026 (BUSINESS WIRE) - Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the first quarter of 2026. Net income attributable to the company was $32.9 million, or $0.42 per diluted share compared to net loss attributable to the company of $(72.9) million or ($1.14) per diluted share, for the same period in 2025. Revenues were $445.8 million for the first quarter of 2026 compared with $601.5 million for the same period last year. EBITDA was $71.5 million compared to ($41.5) million for the same period in the prior year.

“The first quarter marked a meaningful inflection point compared to where the business stood a year ago. Our plants ran at a high level, ethanol margins improved, our co-products performed well, and our carbon program contributed significantly to earnings for the first full quarter with all three Nebraska facilities online,” said Chris Osowski, President and Chief Executive Officer. “Based on our first quarter performance and updated outlook for the remainder of the year, we are raising our guidance to $200 to $225 million of EBITDA associated with the generation of production tax credits.”

“The financial foundation of the business is in a meaningfully better place than it was a year ago,” said Ann Reis, Chief Financial Officer. “Expenses continue to trend lower and the balance sheet gives us flexibility to invest in the business while maintaining strong liquidity. With our focus on operational excellence combined with the earnings from carbon we believe the company is well positioned for sustainable cash flow generation through the remainder of the year.”

Results of Operations

Green Plains’ ethanol production segment sold 174.2 million gallons of ethanol during the first quarter of 2026, compared with 195.3 million gallons for the same period in 2025. The consolidated ethanol crush margin was $64.6 million for the first quarter of 2026, compared with ($14.7) 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 $155.7 million for the three months ended March 31, 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 and lower weighted average selling prices on ethanol, as well as lower revenues in our agribusiness and energy services segment as a result of the company ceasing a third-party marketing agreement with Tharaldson Ethanol Plant I LLC effective April 1, 2025.

Net income attributable to Green Plains increased $105.8 million and EBITDA increased $113.0 million for the three months ended March 31, 2026 compared with the same period in 2025 primarily due to recognition of $55.2 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 $16.6 million incurred during the three months ended March 31, 2025. Interest expense increased $2.6 million for the three months ended March 31, 2026 compared with the same period in 2025 primarily due to higher debt balances associated with carbon sequestration equipment.

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 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.

GREEN PLAINS INC.

SEGMENT OPERATIONS

(unaudited, in thousands)

Three Months Ended

March 31,

2026 2025 % Var.

Revenues

Ethanol production $ 393,359 $ 497,772 (21.0)%

Agribusiness and energy services 58,605 109,829 (46.6)

Intersegment eliminations (6,160) (6,086) 1.2

$ 445,804 $ 601,515 (25.9)%

Gross margin

Ethanol production (1)

$ 71,728 $ (5,692) *

Agribusiness and energy services 16,218 8,731 85.8

$ 87,946 $ 3,039 *

Depreciation and amortization

Ethanol production $ 23,218 $ 21,035 10.4%

Agribusiness and energy services 31 598 (94.8)

Corporate activities 388 754 (48.5)

$ 23,637 $ 22,387 5.6%

Operating income (loss)

Ethanol production $ 39,422 $ (39,550) *

Agribusiness and energy services 13,832 2,433 *

Corporate activities (2)

(8,482) (25,143) (66.3)

$ 44,772 $ (62,260) *

Adjusted EBITDA

Ethanol production (3)

$ 63,056 $ (19,416) *

Agribusiness and energy services 14,011 3,156 *

Corporate activities (2)

(5,564) (25,246) (78.0)

EBITDA 71,503 (41,506) *

Restructuring costs — 16,587 (100.0)

Proportional share of EBITDA adjustments to equity method investees 45 735 (93.9)

$ 71,548 $ (24,184) *

(1) Ethanol production includes $56.1 million of 45Z production tax credits net of discounts and other costs for the three months ended March 31, 2026, recorded as a reduction of cost of goods sold.

(2) Corporate activities includes $10.3 million of restructuring costs recorded within selling, general and administrative expenses for the three months ended March 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

(3) Ethanol production includes $55.2 million of 45Z production tax credits recorded net of discounts and other costs for the three months ended March 31, 2026.

*Percentage variance not considered meaningful

GREEN PLAINS INC.

SELECTED OPERATING DATA

(unaudited, in thousands)

Three Months Ended

March 31,

2026 2025 % Var.

Ethanol production

Ethanol (gallons) 174,196 195,328 (10.8)%

Distillers grains (equivalent dried tons) 362 417 (13.2)

Ultra-High Protein (tons) 54 68 (20.6)

Renewable corn oil (pounds) 58,476 64,263 (9.0)

Corn consumed (bushels) 58,802 66,264 (11.3)

Agribusiness and energy services (1)

Ethanol sold (gallons) 176,145 255,721 (31.1)

(1) Includes gallons from the ethanol production segment.

GREEN PLAINS INC.

CONSOLIDATED CRUSH MARGIN

(unaudited, in thousands)

Three Months Ended

March 31,

2026 2025

Ethanol production operating income (loss) (1)

$ 39,422 $ (39,550)

Depreciation and amortization 23,218 21,035

Adjusted ethanol production operating income (loss) 62,640 (18,515)

Intercompany fees and nonethanol operating activities, net (2)

1,976 3,848

Consolidated ethanol crush margin $ 64,616 $ (14,667)

(1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.5 million for the three months ended March 31, 2025.

(2) Includes ($1.7) million and ($0.4) million for the three months ended March 31, 2026 and 2025, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities.

Liquidity and Capital Resources

As of March 31, 2026, Green Plains had $183.1 million in total cash and cash equivalents, and restricted cash, and $336.0 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 March 31, 2026 was $492.2 million, including $34.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

Conference Call Information

On May 7, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss first quarter 2026 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. 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 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 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.

GREEN PLAINS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31,

2026 December 31,

2025

(unaudited)

ASSETS

Current assets

Cash and cash equivalents $ 95,719 $ 182,319

Restricted cash 87,425 47,813

Accounts receivable, net 85,856 74,374

Inventories 139,409 148,095

Production tax credits 105,888 40,328

Prepaid expenses and other 17,698 18,117

Derivative financial instruments 10,279 11,494

Total current assets 542,274 522,540

Property and equipment, net 928,679 957,256

Operating lease right-of-use assets 65,254 63,849

Other assets 50,546 41,242

Total assets $ 1,586,753 $ 1,584,887

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable $ 88,591 $ 134,912

Accrued and other liabilities 68,291 66,828

Derivative financial instruments 35,359 7,901

Operating lease current liabilities 22,477 21,557

Short-term notes payable and other borrowings 34,000 33,584

Current maturities of long-term debt 69,316 3,924

Total current liabilities 318,034 268,706

Long-term debt 388,923 361,992

Operating lease long-term liabilities 44,045 43,648

Carbon equipment liabilities 12,869 104,217

Other liabilities 31,857 34,353

Total liabilities 795,728 812,916

Stockholders' equity

Total Green Plains stockholders' equity 785,176 766,247

Noncontrolling interests 5,849 5,724

Total stockholders' equity 791,025 771,971

Total liabilities and stockholders' equity $ 1,586,753 $ 1,584,887

GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share amounts)

Three Months Ended

March 31,

2026 2025

Revenues $ 445,804 $ 601,515

Costs and expenses

Cost of goods sold (excluding depreciation and amortization expenses reflected below) 357,858 598,476

Selling, general and administrative expenses 19,537 42,912

Depreciation and amortization expenses 23,637 22,387

Total costs and expenses 401,032 663,775

Operating income (loss) 44,772 (62,260)

Other income (expense)

Interest income 2,920 1,003

Interest expense (11,485) (8,913)

Other, net 152 (1,515)

Total other expense (8,413) (9,425)

Income (loss) before income taxes and income (loss) from equity method investees 36,359 (71,685)

Income tax expense (2,916) (106)

Income (loss) from equity method investees, net of income taxes 22 (850)

Net income (loss) 33,465 (72,641)

Net income attributable to noncontrolling interests 527 265

Net income (loss) attributable to Green Plains $ 32,938 $ (72,906)

Earnings per share

Net income (loss) attributable to Green Plains - basic $ 0.48 $ (1.14)

Net income (loss) attributable to Green Plains - diluted $ 0.42 $ (1.14)

Weighted average shares outstanding

Basic 68,841 64,069

Diluted 84,135 64,069

GREEN PLAINS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Three Months Ended

March 31,

2026 2025

Cash flows from operating activities

Net income (loss) $ 33,465 $ (72,641)

Noncash operating adjustments

Depreciation and amortization 23,637 22,387

Inventory lower of cost or net realizable value adjustment — 2,519

Other 5,043 11,962

Net change in working capital (101,646) (19,268)

Net cash used in operating activities (39,501) (55,041)

Cash flows from investing activities

Purchases of property and equipment, net (6,448) (16,710)

Proceeds from the sale of assets 2,000 —

Investment in equity method investees — (4,000)

Net cash used in investing activities (4,448) (20,710)

Cash flows from financing activities

Net payments - long term debt (1,046) (480)

Net proceeds (payments) - short-term borrowings 416 (3,436)

Other (2,409) (3,125)

Net cash used in financing activities (3,039) (7,041)

Net change in cash and cash equivalents, and restricted cash (46,988) (82,792)

Cash and cash equivalents, and restricted cash, beginning of period 230,132 209,395

Cash and cash equivalents, and restricted cash, end of period $ 183,144 $ 126,603

Reconciliation of total cash and cash equivalents, and restricted cash

Cash and cash equivalents $ 95,719 $ 98,610

Restricted cash 87,425 27,993

Total cash and cash equivalents, and restricted cash $ 183,144 $ 126,603

GREEN PLAINS INC.

RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

Three Months Ended

March 31,

2026 2025

Net income (loss) $ 33,465 $ (72,641)

Interest expense 11,485 8,913

Income tax expense (benefit), net of equity method income taxes 2,916 (165)

Depreciation and amortization (1)

23,637 22,387

EBITDA 71,503 (41,506)

Restructuring costs — 16,587

Proportional share of EBITDA adjustments to equity method investees 45 735

Adjusted EBITDA

$ 71,548 $ (24,184)

(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 and Treasurer | 402.952.4946 | will.joekel@gpreinc.com

Media: 402.884.8700 | media@gpreinc.com

###

EX-99.2

Filename: exh992-summaryofreclassifi.htm · Sequence: 3

Document

Exhibit 99.2

SUMMARY OF RECLASSIFICATIONS DUE TO CHANGE IN ACCOUNTING POLICY

The company has included the adjusted consolidated balance sheets as of December 31, 2025 and consolidated statements of operations for the three months ended September 30, 2025 and December 31, 2025 and for the year ended December 31, 2025 below to disclose the impact to each period presented to conform to the presentation under the new accounting policy. Also included are the adjustments to the non-GAAP reconciliations of (1) net income to adjusted EBITDA and (2) segment EBITDA to adjusted EBITDA for the three months ended September 30, 2025 and December 31, 2025 and for the year ended December 31, 2025.

GREEN PLAINS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31, 2025

As Adjusted As Previously Reported

ASSETS

Current assets

Cash and cash equivalents $ 182,319 $ 182,319

Restricted cash 47,813 47,813

Accounts receivable, net of allowances 74,374 74,374

Inventories 148,095 148,095

Production tax credits

40,328 —

Prepaid expenses and other 18,117 18,117

Derivative financial instruments 11,494 11,494

Total current assets 522,540 482,212

Property and equipment, net

957,256 957,256

Operating lease right-of-use assets 63,849 63,849

Deferred income taxes, net — 33,837

Other assets 41,242 41,242

Total assets $ 1,584,887 $ 1,578,396

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable $ 134,912 $ 134,912

Accrued and other liabilities 66,828 66,828

Derivative financial instruments 7,901 7,901

Operating lease current liabilities 21,557 21,557

Short-term notes payable and other borrowings 33,584 33,584

Current maturities of long-term debt 3,924 3,924

Total current liabilities 268,706 268,706

Long-term debt 361,992 361,992

Operating lease long-term liabilities 43,648 43,648

Carbon equipment liabilities 104,217 104,217

Other liabilities 34,353 27,862

Total liabilities 812,916 806,425

Stockholders' equity

Common stock

76 76

Additional paid-in capital 1,267,839 1,267,839

Retained deficit (439,576) (439,576)

Accumulated other comprehensive loss (618) (618)

Treasury stock (61,474) (61,474)

Total Green Plains stockholders' equity 766,247 766,247

Noncontrolling interests 5,724 5,724

Total stockholders' equity 771,971 771,971

Total liabilities and stockholders' equity $ 1,584,887 $ 1,578,396

GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended Twelve Months Ended

September 30, 2025 December 31, 2025 December 31, 2025

As Adjusted

As Previously Reported

As Adjusted

As Previously Reported

As Adjusted

As Previously Reported

Revenues $ 508,487 $ 508,487 $ 428,849 $ 428,849 $ 2,091,680 $ 2,091,680

Costs and expenses

Cost of goods sold 429,800 456,321 361,059 388,698 1,900,594 1,954,754

Selling, general and administrative expenses 29,335 29,335 22,861 22,861 122,713 122,713

(Gain) loss on sale of assets, net (36,006) (36,006) 427 427 (31,535) (31,535)

Depreciation and amortization expenses 24,968 24,968 23,519 23,519 98,434 98,434

Impairment of assets held for sale — — 3,838 3,838 14,562 14,562

Total costs and expenses 448,097 474,618 411,704 439,343 2,104,768 2,158,928

Operating income (loss) 60,390 33,869 17,145 (10,494) (13,088) (67,248)

Other income (expense)

Interest income 1,089 1,089 1,454 1,454 4,180 4,180

Interest expense (47,763) (47,763) (6,093) (6,093) (76,668) (76,668)

Other, net (2,673) (2,673) 146 146 (4,081) (4,081)

Total other expense (49,347) (49,347) (4,493) (4,493) (76,569) (76,569)

Income (loss) before income taxes and income (loss) from equity method investees

11,043 (15,478) 12,652 (14,987) (89,657) (143,817)

Income tax benefit (expense) (883) 25,638 869 28,508 (2,414) 51,746

Income (loss) from equity method investees, net of income taxes

814 814 (627) (627) (28,929) (28,929)

Net income (loss) 10,974 10,974 12,894 12,894 (121,000) (121,000)

Net income (loss) attributable to noncontrolling interests (952) (952) 954 954 278 278

Net income (loss) attributable to Green Plains $ 11,926 $ 11,926 $ 11,940 $ 11,940 $ (121,278) $ (121,278)

Earnings per share

Net income (loss) attributable to Green Plains - basic $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ (1.80) $ (1.80)

Net income (loss) attributable to Green Plains - diluted $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ (1.80) $ (1.80)

Weighted average shares outstanding

Basic 69,855 69,855 69,482 69,482 67,496 67,496

Diluted 77,869 77,869 73,619 73,619 67,496 67,496

GREEN PLAINS INC.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(in thousands)

Three Months Ended Twelve Months Ended

September 30, 2025 December 31, 2025 December 31, 2025

As Adjusted

As Previously Reported

As Adjusted

As Previously Reported

As Adjusted

As Previously Reported

Net income (loss)

$ 10,974 $ 10,974 $ 12,894 $ 12,894 $ (121,000) $ (121,000)

Interest expense 47,763 47,763 6,093 6,093 76,668 76,668

Income tax expense (benefit), net of equity method income taxes

890 (25,631) (868) (28,508) 1,742 (52,419)

Depreciation and amortization expenses 24,968 24,968 23,519 23,519 98,434 98,434

EBITDA

84,595 58,074 41,638 13,998 55,844 1,683

Restructuring costs

2,709 2,709 2,526 2,526 24,341 24,341

Loss (gain) on sale of assets, net

(36,006) (36,006) 427 427 (31,535) (31,535)

Impairment of assets held for sale

— — 3,838 3,838 14,562 14,562

Other expense

2,025 2,025 — — 2,025 2,025

45Z production tax credits

— 26,521 — 27,640 — 54,161

(Gain) loss on sale of equity method investment

(800) (800) 669 669 26,856 26,856

Proportional share of EBITDA adjustments to equity method investees

45 45 45 45 1,918 1,918

Adjusted EBITDA

$ 52,568 $ 52,568 $ 49,143 $ 49,143 $ 94,011 $ 94,011

GREEN PLAINS INC.

RECONCILIATION OF SEGMENT EBITDA TO ADJUSTED EBITDA

(in thousands)

Three Months Ended Twelve Months Ended

September 30, 2025 December 31, 2025 December 31, 2025

As Adjusted

As Previously Reported

As Adjusted

As Previously Reported

As Adjusted

As Previously Reported

Ethanol production

$ 55,185 $ 28,664 $ 42,647 $ 15,007 $ 87,408 $ 33,247

Agribusiness and energy services

6,665 6,665 10,812 10,812 25,661 25,661

Corporate activities

22,745 22,745 (11,821) (11,821) (57,225) (57,225)

EBITDA

84,595 58,074 41,638 13,998 55,844 1,683

Restructuring costs

2,709 2,709 2,526 2,526 24,341 24,341

Loss (gain) on sale of assets, net

(36,006) (36,006) 427 427 (31,535) (31,535)

Impairment of assets held for sale

— — 3,838 3,838 14,562 14,562

Other expense

2,025 2,025 — — 2,025 2,025

45Z production tax credits

— 26,521 — 27,640 — 54,161

(Gain) loss on sale of equity method investment

(800) (800) 669 669 26,856 26,856

Proportional share of EBITDA adjustments to equity method investees

45 45 45 45 1,918 1,918

Adjusted EBITDA

$ 52,568 $ 52,568 $ 49,143 $ 49,143 $ 94,011 $ 94,011

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