Green Plains Inc.

Green Plains Inc. is a U.S.-based renewable fuels and agricultural technology company that converts locally sourced corn into ethanol and co-products such as distillers grains, Ultra-High Protein feed ingredients, and renewable corn oil. The company operates a network of Midwest biorefineries and also runs an agribusiness and energy services platform that handles grain procurement, commodity marketing, and natural gas services.

1,5 %

6,5 %

−5,8 %

−14,9 %

1.79

1.79

— Green Plains Inc.
%
Ethanol Production75% Production, storage and transportation of ethanol plus co-products from nine Midwest biorefineries.
Agribusiness and Energy Services25% Grain handling, commodity marketing, merchant trading and natural gas services tied to plant operations.

Green Plains sells into fuel, feed, and industrial end markets rather than to a single customer type...

  • Fuel blenders and energy marketersprimary

    Buy ethanol under fixed and indexed pricing contracts for blending and resale.

  • Renewable diesel and biodiesel producersprimary

    Buy renewable corn oil as a low-carbon feedstock for renewable fuel production.

  • Feed and livestock customersprimary

    Buy distillers grains and Ultra-High Protein for animal nutrition and feed formulations.

  • Export and international buyerssecondary

    Buy ethanol and co-products through direct and indirect export channels to access non-U.S. demand.

  • Third-party commodity and energy counterpartiessecondary

    Buy or sell grain, natural gas and other commodities through the agribusiness and energy services platform.

Green Plains operates nine biorefineries across the U.S. Midwest, with plants in Illinois, Indiana, Iowa, Minnesota and...

  • •Nine biorefineries across Illinois, Indiana, Iowa, Minnesota and Nebraska
  • •Corn sourcing is concentrated in the U.S. Midwest near plant locations
  • •Ethanol sales reach U.S. domestic, Canadian and international buyers
  • •Corn oil is shipped by truck, rail and vessel to regional and export markets
  • •Geographic concentration ties results to Midwest crop, freight and basis conditions

Green Plains is focused on operational excellence, cost leadership and carbon reduction to improve the competitiveness...

01
Reduce carbon intensity across the ethanol fleetmedium-term

Lower-CI products should improve market access and pricing in low-carbon fuel markets.

02
Improve operational excellence and cost leadershipshort-term

Higher plant uptime and lower conversion costs are central to ethanol margin generation.

03
Preserve financial flexibilityshort-term

Liquidity and lower leverage support capital spending, working capital needs and project execution.

04
Develop CCS-enabled low-carbon optionalitymedium-term

CCS can support future tax benefits and differentiate the company in renewable fuels.

Green Plains is exposed to commodity price volatility, plant operating risk and counterparty credit risk because its...

high

Commodity spread and margin volatility

Earnings depend on ethanol prices, corn input costs, natural gas and freight spreads.

Scope
Ethanol production and agribusiness trading
Materiality
high
high

Carbon capture and sequestration execution risk

CCS projects require construction, operating reliability and regulatory alignment to deliver expected benefits.

Scope
Three Nebraska CCS projects and seven committed facilities
Materiality
high
high

Asset utilization and idling risk

Plant idling or lower production reduces throughput, spreads fixed costs and can trigger impairments.

Scope
Midwest biorefineries
Materiality
high
medium

Production tax credit policy risk

45Z and later 45Q economics depend on current laws, regulations and sunset timing.

Scope
Operating ethanol plants and CCS-enabled facilities
Materiality
high
medium

Counterparty credit risk

Customers and suppliers may fail to perform on fixed-price forward contracts or prepayments.

Scope
Integrated oil companies, refiners, wholesalers and ethanol counterparties
Materiality
medium
Derivative financial instruments and forward contracts
Revenue and operating income volatility
Impairment of assets held for sale
One-time charges and lower asset values
Income taxes and production tax credits
Tax expense and effective tax rate
Lease and commodity purchase commitments
Liquidity planning and cash flow forecasting
CCS construction commitments
Capex, depreciation and project economics

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: 28/04/2026