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- **Debt Restructuring Success**: Reduced total debt by $220 million, eliminating near-term maturities.
- **Operational Excellence**: Plants at 101% capacity utilization, driving $52.6 million adjusted EBITDA.
- **Carbon Capture Impact**: Nebraska facilities generating $15-$25 million Q4 tax credits, with $150 million+ annual impact expected.
- **Cost Efficiency**: SG&A reduction initiatives targeting $50 million+ annual savings.
- **Liquidity Strength**: $211.6 million cash and $325 million working capital availability.
- **Strategic Focus**: Prioritizing plant efficiency, carbon intensity reduction, and disciplined capital allocation.

**【CEO Opening Remarks】**
- Highlighted operational excellence and debt restructuring, entering Q4 with no near-term debt concerns.
- Achieved record performance with plants at 101% capacity utilization, driven by operational improvements in yields and downtime reduction.
- Completed carbon capture commissioning at all 3 Nebraska facilities, with CO2 delivery to pipeline and credit generation underway.

**【CFO Financial Summary】**
- Q3 2025 net income: $11.9 million ($0.17 per share), adjusted EBITDA: $52.6 million.
- Revenue: $508.5 million (down 22.8% YoY) due to asset exits and reduced marketing volumes.
- SG&A: $29.3 million (up $2.6 million YoY), targeting $90 million+ annualized run rate.
- Interest expense: $47.8 million (including $35.7 million one-time debt extinguishment costs).
- Liquidity: $211.6 million in cash, $325 million in working capital revolver availability.

**【CEO Strategic Update】**
- Carbon capture program to generate $15-$25 million in Q4 2025 tax credits, with 2026 expectations for expanded program benefits.
- Nebraska plants expected to deliver $150 million annual P&L impact, non-pipeline plants targeting $38 million contribution.
- SG&A reduction initiatives on track to save $50 million+ annually.
- CapEx policy overhaul prioritizing returns, with focus on plant efficiency, carbon intensity reduction, and capacity expansion.

**【Q&A Highlights】**
- **Challenges & Cash Use**: Focus on operational execution, carbon credit monetization, and debt reduction. Future cash allocation may include plant efficiency upgrades (e.g., low-energy distillation), debt repayment, and shareholder returns.
- **45Z Credits Beyond Nebraska**: Non-pipeline plants achieving sub-50 CI scores, with potential for $38 million annual P&L impact without additional CapEx.
- **Carbon Capture Progress**: All Nebraska facilities operational, with CO2 injection into Wyoming sequestration wells expected to commence shortly.
- **Ethanol Market Outlook**: Q4 margins remain attractive, with 75% crush hedging in place. 2026 export growth and E15 adoption expected to drive demand.
- **CST Technology**: CS technology functional but deprioritized due to high CapEx requirements; reevaluation planned for mid-2026.


Green Plains Inc. (GPRE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GPRE

GPRE fundamentals

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