Green Plains Inc.
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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Contents
EX-99.1 · SEGMENT OPERATIONS
SEGMENT OPERATIONS
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | % Var. | 2026 | 2025 | % Var. | |
| Revenues | ||||||
| Ethanol production | $454,443 | $473,912 | (4.1)% | $1,258,570 | $1,498,837 | (16.0)% |
| Agribusiness and energy services | 46,707 | 40,789 | 14.5 | 144,858 | 182,149 | (20.5) |
| Intersegment eliminations | (5,160) | (6,214) | (17.0) | (15,410) | (18,155) | (15.1) |
| $495,990 | $508,487 | (2.5)% | $1,388,018 | $1,662,831 | (16.5)% | |
| Gross margin | ||||||
| Ethanol production (1) (2) | $133,907 | $69,066 | 93.9% | $309,864 | $96,864 | 219.9% |
| Agribusiness and energy services | 8,901 | 9,621 | (7.5) | 33,920 | 26,432 | 28.3 |
| $142,808 | $78,687 | 81.5% | $343,784 | $123,296 | 178.8% | |
| Depreciation and amortization | ||||||
| Ethanol production | $22,779 | $23,868 | (4.6)% | $68,670 | $67,821 | 1.3% |
| Agribusiness and energy services (3) | 32 | 252 | (87.3) | 94 | 4,710 | (98.0) |
| Corporate activities | 763 | 848 | (10.0) | 1,896 | 2,384 | (20.5) |
| $23,574 | $24,968 | (5.6)% | $70,660 | $74,915 | (5.7)% | |
| Operating income (loss) | ||||||
| Ethanol production (2) (4) (5) | $99,027 | $30,895 | 220.5% | $209,426 | $(20,873) | * |
| Agribusiness and energy services (3) | 5,968 | 6,942 | (14.0) | 26,499 | 10,224 | 159.2 |
| Corporate activities (6) (7) | (12,402) | 22,553 | * | (30,686) | (19,584) | 56.7 |
| $92,593 | $60,390 | 53.3% | $205,239 | $(30,233) | * | |
| Adjusted EBITDA | ||||||
| Ethanol production (2) (4) (5) | $122,268 | $55,185 | 121.6% | $279,778 | $44,761 | * |
| Agribusiness and energy services | 6,304 | 6,665 | (5.4) | 27,239 | 14,849 | 83.4 |
| Corporate activities (6) (7) | (10,636) | 22,745 | * | (24,278) | (45,404) | (46.5) |
| EBITDA | 117,936 | 84,595 | 39.4 | 282,739 | 14,206 | * |
| Restructuring costs | — | 2,709 | * | — | 21,815 | * |
| Gain on sale of assets, net | — | (36,006) | * | — | (31,962) | * |
| Impairment of assets held for sale | — | — | — | — | 10,724 | * |
| Other expense (8) | — | 2,025 | * | — | 2,025 | * |
| (Gain) loss on sale of equity method investment | — | (800) | * | — | 26,187 | * |
| Proportional share of EBITDA adjustments to equity method investees | 45 | 45 | — | 135 | 1,873 | (92.8) |
| $117,981 | $52,568 | 124.4% | $282,874 | $44,868 | * | |
(1)Ethanol production includes $67.2 million and $183.7 million of Section 45Z production tax credits net of discounts and other costs for the three and nine months ended September 30, 2026, respectively, and $25.0 million of Section 45Z production tax credits net of discounts and other costs for the three and nine months ended September 30, 2025, recorded as a reduction of cost of goods sold.
(2)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the nine months ended September 30, 2025.
(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the nine months ended September 30, 2025.
(4)Ethanol production includes $65.4 million and $179.3 million of Section 45Z production tax credits recorded net of discounts, other costs and selling, general and administrative expenses for the three and nine months ended September 30, 2026, respectively, and $25.0 million of Section 45Z production tax credits recorded net of discounts, other costs and selling, general and administrative expenses for the three and nine months ended September 30, 2025.
(5)Ethanol production includes impairment of assets held for sale of $10.7 million for the nine months ended September 30, 2025.
(6)Corporate activities includes $1.5 million and $13.5 million of restructuring costs for the three and nine months ended September 30, 2025, respectively, as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.
(7)Corporate activities include a pretax gain on sale of assets, net of $36.0 million and $32.0 million for the three and nine months ended September 30, 2025, respectively.
(8)Other expense includes non-cash expense related to the revaluation of liability-based warrants recorded in other, net on the consolidated statements of operations for the three and nine months ended September 30, 2025.
*Percentage variance not considered meaningful.
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