Green Plains Inc.

Company purpose

Green Plains produces low-cost, low-carbon intensity (CI) ethanol and related co-products. Its core co-products include distillers grains, Ultra-High Protein, and renewable corn oil sourced from locally grown corn. The company emphasizes operational excellence, cost leadership, and carbon reduction to compete in expanding low‑carbon fuel markets.

Operating segments

• Ethanol Production
  • Production, storage, and transport of ethanol, distillers grains, Ultra‑High Protein, and renewable corn oil at nine biorefineries in Illinois, Indiana, Iowa, Minnesota, and Nebraska.
  • Nameplate capacity for nine plants: ~287 million bushels of corn per year and ~850 million gallons of ethanol; co-products include ~2.0 million tons of distillers grains/Ultra‑High Protein and ~296 million pounds of renewable corn oil.
  • As of 2025, eight facilities are operational, processing ~246 million bushels, producing ~730 million gallons of ethanol, ~1.7 million tons of distillers grains/Ultra‑High Protein, and ~254 million pounds of renewable corn oil.
• Agribusiness and Energy Services
  • Grain procurement, storage, and commodity marketing.
  • Marketing of ethanol and co-products.
  • Natural gas procurement and related services.

Key products and technologies

• Ethanol: primary fuel additive and octane source; marketed through various pricing structures.
• Co-products:
  • Distillers grains (wet, modified wet, and dried forms).
  • Ultra‑High Protein (50%+ protein, up to ~60% for Sequence™).
  • Renewable corn oil (used in renewable diesel, biodiesel, and SAF feedstocks).
• Technologies and capabilities:
  • MSC™ (FQT) technology to produce Ultra‑High Protein and improve corn oil yields.
  • CST™ (Shell Fiber Technology) demonstrated at Shenandoah, enabling dextrose production (food and industrial) and potential feedstocks for renewable chemicals.
  • Collaboration with Equilon/Shell to combine fermentation, separation, and fiber conversion on a single platform to expand coproducts and feedstocks.

Feedstock and production profile

• Feedstock: Primarily locally sourced corn; facilities located on or near rail lines for logistics.
• Process: Dry mill ethanol production with fermentation, distillation, and by‑product recovery (dried and wet distillers grains, wet syrup streams for corn oil extraction, etc.).

Carbon reduction and incentives

• Carbon capture and sequestration (CCS):
  • CCS operations began at three Nebraska biorefineries connected to the Tallgrass Trailblazer CO2 pipeline, enabling biogenic CO2 sequestration and tax benefits.
  • Four Iowa/Minnesota facilities committed to Summit Carbon Solutions, with project activity projected to commence in 2028.
• Tax incentives and credits:
  • 45Z production tax credits (IRA-driven) recognized beginning in 2025 at several plants; six plants generated 45Z credits in 2025, with all eight expected to generate credits in 2026.
  • 45Q credits for CCS anticipated after the sunset of 45Z; ongoing monetization of credits.
• Renewable fuel programs:
  • Participation in state LCFS-like programs and federal incentives; positioning low‑CI ethanol as a feedstock for ATJ and SAF pathways.

Corporate and leadership developments

• Restructuring and cost reduction: One-time restructuring costs of $24.3 million in 2025 as part of a cost‑reduction initiative.
• Strategic review: Concluded in August 2025 and reaffirmed the current strategy.
• Major financings and transactions in 2025:
  • Convertible debt exchange: Replaced $170 million of 2027 Notes with $170 million of new 2030 Notes; issued $30 million of additional 2030 Notes; repurchased about 2.9 million shares.
  • Obion plant sale: Sold the Rives, Tennessee ethanol plant for $170 million plus working capital; recorded a $35.8 million gain on sale.
  • Ancora/financing arrangements: Secured a revolving credit facility and related warrants with Ancora entities; warrants exercised in 2025.
• Leadership changes:
  • CEO transition in 2025 (interim CEO early 2025; new CEO later in 2025).
  • CFO and General Counsel appointed January 2026.

Assets and capacity details

• Corporate: Approximately 54,000 sq ft of office space in Omaha, NE for corporate functions and trading.
• Ethanol production footprint: Nine plants (eight operational as of 2025); landholdings include ~1,369 acres owned and ~79 acres leased at facilities, plus ~5 acres leased at a fuel terminal.
• Agribusiness storage: Approximately 12.0 million bushels of on‑site grain storage across facilities.
• Marketing and logistics:
  • Eco‑Energy, LLC entered an exclusive marketing arrangement for ethanol in 2025 and handles back‑office duties and platform marketing.
  • Green Plains Trade ceased ethanol marketing in 2025 and continues to market other co‑products.
• Transportation assets:
  • Rail logistics are prevalent. As of 12/31/2025, the company owned ~1,944 ethanol railcars (57.7 million gallons capacity) and ~860 hopper/tank cars for other products; railcar counts may fluctuate with leases.
• Terminal capacity:
  • One fuel terminal with ~180 thousand gallons of storage and ~40 million gallons per year throughput.

Plant locations and capacity (ethanol)

• Central City, NE: 120 mmgy; Ultra‑High Protein producer; connected to Tallgrass Trailblazer pipeline.
• Fairmont, MN: 120 mmgy; idled January 2025.
• Madison, IL: 100 mmgy.
• Mount Vernon, IN: 110 mmgy.
• Otter Tail, MN: 70 mmgy.
• Shenandoah, IA: 80 mmgy; Ultra‑High Protein producer; CST commissioned in 2024; idled in 2025 to optimize product mix.
• Superior, IA: 70 mmgy.
• Wood River, NE: 120 mmgy; Ultra‑High Protein producer; connected to Tallgrass pipeline.
• York, NE: 60 mmgy.
• Total nameplate capacity: 850 mmgy; capacity adjustments made in 2025 to reflect actual production capabilities.

Employees

• 642 full‑time, part‑time, temporary, and seasonal employees as of December 31, 2025.

Notable financial and operational items

• One‑time restructuring costs: $24.3 million in 2025.
• 45Z production tax credits: $54.2 million income tax benefit (net of valuation allowance) recognized in 2025; six plants qualified in 2025 and all eight expected to qualify in 2026.
• Obion asset sale: Net gain on sale of $35.8 million.
• Debt and equity actions: Exchange of 2027 Notes for 2030 Notes; $200 million of 2030 Notes outstanding; $60 million of 2027 Notes remaining; approximately $30 million used for stock repurchases; warrants issued and exercised.
• CCS activity: Financing and commissioning related to CCS assets, including engagement with the Tallgrass Trailblazer pipeline and projects with Summit Carbon Solutions.
• Idling and optimization: Shenandoah CST facility idled in 2025; Fairmont, MN plant idled in January 2025.
• Marketing transition: Ethanol marketing transitioned to Eco‑Energy in 2025.