绿色平原能源 2025年度报告

Report WhoWe Are Green Plains is a leading biorefiningcompany focused on disciplinedexecution and leadership inlow‑carbon biofuels and high‑valueingredients. We operate an integrated,performance‑driven platform designedto maximize yield, lower carbon intensity,and deliver value through our coreoperations. How we operate is central to how we createvalue. Every investment must reinforce ourleadership in low‑carbon biofuels and strengthenour position in high‑value ingredients acrossthe broader industry. Guided by a strongsafety culture, operational excellence, rigorousmeasurement, and continuous improvement, wefocus on responsible capital deployment andconsistent, long‑term performance. 9 Biorefineries Strategically located throughout the United States 287 Million Bushels of annual corn consumption capacity Approximately 640 Dedicated employees Forward‑Looking Statement This annual report contains “forward-lookingstatements” within the meaning of the federal securitieslaws. See the discussion under “Cautionary StatementRegarding Forward-Looking Statements” in our 2025Form 10-K for matters to be considered in this regard. Letter from OurChief Executive Officer Execution That Changed theProfile of the Business Dear Shareholders, Green Plains is operating at a different levelthan it was just a few years ago. The progresswe delivered in 2025 reflects a clear shift—inclusive of strategy and execution, with laserfocus on performance. We set priorities, heldourselves accountable, and delivered results. 2025 was a year where execution showed upclearly across our operations. Four plants reachedhistoric production volumes. Seven delivered recordethanol yields. Protein and renewable corn oil yieldscontinued to improve across the fleet. This level ofperformance is now being delivered consistently. That progress starts with our people. I wantto thank the Green Plains team for theirfocus and discipline throughout the year, ourBoard for its confidence and oversight, andour shareholders for their continued trust.The results reflect a team that executed withdiscipline and operated to the high standardswe expect, including a strong safety recordacross the fleet. As a result of sustained operating gains, weincreased the stated capacity of our operational fleetto 730 million gallons per year. This update reflectsdemonstrated performance, not optimism. Ourplants are doing more with the same assets becausethe teams running them are executing better. This is the outcome of a culture built onmeasurement, accountability, and safe, reliableexecution. Today, the GreenPlains team isfocused. We areclear about whatcreates value andwhat does not. Green Plains Inc. 2025 Annual ReportGreen Plains Inc. 2025 Annual Report The progress made in2025 gives us confidence—not because the work isfinished, but because thefoundation is solid. clarity is fundamental to how we operate, how weinvest, and how we manage operating and financialrisk. Decarbonization Built IntoOperations Another important shift became clear late in 2025:decarbonization moved from development todelivery. All three Nebraska plants now have CO2compression fully operational, with carbon beingpermanently sequestered. This lowers carbonintensity, improves competitiveness, and creates realeconomic value. Clear Priorities HeadingInto 2026 As we move forward, our priorities are clear. We arefocused on execution, advancing energy efficiencyand carbon intensity reduction projects, evaluatingadditional carbon sequestration options, andadvancing opportunities for debottlenecking ourfacilities when objective analysis presents returns thatjustify investment. Carbon is not an add-on to our business—it isintegrated into how we operate our plants. Wecontinue to believe that low carbon ethanol will playa critical role in future energy markets, and our earlyexecution positions Green Plains at the front of thatcurve. In our company, every project competes for capital.Every investment must reinforce our leadership in low-carbon biofuels and across the broader industry. We operate our plants efficiently and safely, withoutcompromise. Decarbonization builds on thatfoundation. The progress made in 2025 gives us confidence—not because the work is finished, but because thefoundation is solid. We know what we are focused on,and we know how to execute. A More Disciplined, BetterPositioned Company I am proud of what our team delivered last year andconfident in where we are headed. Green Plains enters2026 with momentum, discipline, and a clear pathforward—and we remain committed to deliveringlong-term value for our shareholders. Operational performance and cost discipline drovemeaningful improvement in results during 2025. Justas important, we took decisive actions to strengthenand derisk the balance sheet—improving flexibilityand positioning Green Plains to allocate capital withconfidence. Today, the Green Plains team is focused. We are clearabout what creates value and wh