Alto Ingredients : Investor Presentation (ALTO 1Q 2026 Final)

Published: 2026-05-08 18:22:10 ET ALTO

Published on 05/08/2026 at 06:22 pm EDT

Elevating Essential Products

Leading producer of specialty alcohols and high-quality ingredients

Q1 2026 INVESTOR PRESENTATION

reported on May 6, 2026

Our mission is to produce the highest quality, sustainable ingredients that make everyday products better

Driving growth and delivering valuable ingredients through efficiency, diversification and sustainability

Profitable on an Adjusted EBITDA and net income basis

Net income of $4.0 million, or $0.05 per share versus net loss of $12.0 million, or

$0.16 per share

Adjusted EBITDA of $4.7 million versus negative Adjusted EBITDA of $4.4 million

Strong export sales, higher crush margin, and incremental earnings from 45Z tax

credits contributed to profitability

Executing plans to improve plant utilization and reliability in support of higher value revenue streams and to monetize more premium liquid CO2

Increasing the Intrinsic Value of

Alto's Facilities

Recorded $3.9M of net 45Z credit earnings ($0.20/gallon) for Q1 2026

Expect to generate $15M ($0.20/gallon) in net proceeds from 45Z for 2026

Executing plans for ~$25 million in capital expenditures during 2026, both maintenance projects and optimization projects with strong returns

Advancing commercial strategy to earn premiums over domestic fuel

and increase value captured from 45Z tax credits

Section 45Z tax credit extended through end of 2029

Increases focus on domestic production

Lowers incentives for certain advanced biofuels

CI Score/

Emission Rate Range

Emission Factor

Per Annual Gallon Benefit

50.0 - 47.5

0.0

$0.00

47.4 - 42.5

0.1

$0.10

42.4 - 37.5

0.2

$0.20

37.4 - 32.5

0.3

$0.30

32.4 - 27.5

0.4

$0.40

27.4 - 22.5

0.5

$0.50

22.4 - 17.5

0.6

$0.60

17.4 - 12.5

0.7

$0.70

12.4 - 7.5

0.8

$0.80

7.4 - 2.5

0.9

$0.90

2.4 - 0

1.0

$1.00

Introduces new eligibility restrictions, especially foreign involvement

50%, or 5-7BG, potential increase in annual U.S. ethanol demand if national year-round E15 adoption 1

Approx. 670MGY in CA when going from E10 to E15 2

95% of vehicles already compatible

California's AB 30 provides a pathway for year-round E15 sales

Growing bipartisan support for permanent, nationwide E15 sales

Lower carbon emissions

Greater U.S. energy independence

1: National Corn Growers Association and Ethanol Producer Magazine; 2: US Energy Information Administration/Oklahoma Farm Report

Alto Columbia, LLC Alto Carbonic, LLC Dry Mill

Beverage-grade liquid CO2 processor

Boardman, Oregon

Alto Ingredients, Inc. Alto Pekin, LLC Headquarters

Dry Mill Wet Mill Yeast Plant

Pekin, Illinois

MAKING EVERYDAY PRODUCTS BETTER

Kinergy Marketing LLC

Pekin, Illinois

Alto ICP, LLC

Distillery

Pekin, Illinois

Alto Magic Valley, LLC

Dry Mill (Currently idled)

Burley, Idaho

Eagle Alcohol, LLC

Break Bulk Packaging & Distribution

St. Louis, Missouri

HEALTH, HOME & BEAUTY

FOOD & BEVERAGE

INDUSTRY & AGRICULTURE

ESSENTIAL INGREDIENTS

RENEWABLE FUELS

ALTO'S 100% BIO-BASED RENEWABLE INGREDIENTS

SAMPLE END-USE PRODUCTS

Laundry detergents

Over-the-counter medications

Mouthwash

Sanitizers

Disinfectant sprays

Vinegar

Grain neutral spirits

Flavorings

Sauces

Ready-to-drink, such as hard seltzers

Beverage carbonation

Dry ice

Automotive fluids

Fertilizers

Industrial feedstock (ethyl acetate, etc.)

Inks

Pet foods and flavorings

Breadings

Plant-based proteins

Animal feeds

Food-grade and feed-grade corn oils

Aquaculture feeds

E85

Biodiesel

Racing fuel

88 Octane

Certified export products

SMETA PILLAR 4 APPROVED

Safe Food/Safe Feed - a third-party product safety certification

EcoVadis Silver Medal at ICP, 87th percentile among peers1

EcoVadis Bronze Medal at Pekin, 71st percentile among peers2

Continuous improvement in environmental, health & safety, and quality metrics and culture

Expanded supplier transparency program

Includes on-site third-party environmental, health & safety

assessments

1 ICP: https://recognition.ecovadis.com/FqmrvKIZQkeCTWMSp30GCQ

2Pekin: https://recognition.ecovadis.com/Gr8tVkWNa0eWoQyK2xOz2A

Deepen Relationships

and Open Doors to New Customers

Are more challenging to produce

Require audits, equipment and testing validation, and other prerequisite programs

Create significant product performance impact for a fraction of their cost

SPECIALTY ALCOHOLS & ESSENTIAL INGREDIENTS

HEALTH, HOME & BEAUTY

FOOD & BEVERAGE

INDUSTRY & AGRICULTURE

ESSENTIAL INGREDIENTS

RENEWABLE FUELS

CUSTOMERS PRIORITIZE ALTO'S CERTIFICATIONS, RELIABILITY, SERVICE AND QUALITY

Enhanced Earnings Profile

Increased Gross Profit $11.0M, Net Income $16.0M and Adj. EBITDA $9.1M

In Q1 2026 VS. Q1 2025

UNAUDITED, S IN MILLIONS

Q1 2026

Q1 2025

NET SALES

S224.7

S226.5

GROSS PROFIT (LOSS)

S9.2

S(1.8)

NET INCOME (LOSS)

S4.0

S(12.0)

ADJ. EBITDA

S4.7

S(4.4)

MAR. 31, 2026

DEC. 31, 2025

CASH & CASH EQUIVALENTS

S20.3

S23.4

WORKING CAPITAL

S116.9

S96.8

TOTAL DEBT

S73.1

S79.6

BORROWING AVAILABILITY

S94.3

S102.0

SEGMENTED GROSS PROFIT Q1 2026 vs. Q1 2025

PEKIN CAMPUS

Up S11.3M to S8.2M

WESTERN ASSETS

Up S0.1M to S(1.1)M

MARKETING & DISTRIBUTION

Down S0.2M to S3.7M

Total borrowing availability of S94.3M, consisting of S29.3M under operating LOC at March 31, 2026 and S65M under term loan facility

Optimizing asset base and

Leveraging Section 45Z tax credit and

other governmental incentive programs

Advancing traceability and sustainability

certifications and programs

APPENDIX

Illinois Sugar Refining Company (now Alto Pekin)

Began producing sugar from beets

1904

Corn Products Company

1981

Pekin Energy

Began producing fuel ethanol

1995

Williams Bio-Energy

1998

Yeast Plant Constructed and began producing

yeast November 1998

2000

Kinergy Marketing LLC

2003

Aventine Renewable Energy

2005

MGP Ingredients Began producing fuel ethanol May 2005

2007

Pekin Dry Mill Constructed and began producing

fuel ethanol

2017

ICP

Purchased by Pacific Ethanol

2022

Eagle Alcohol Co.

Purchased by

Alto Ingredients

1890

1980

1991

2002

2003

2015

2025

Distilling

Midwest

MGP

Pacific Ethanol

Pekin

Alto

& Cattle

Solvents

Grain

Ingredients

was founded

Purchased by

Pacific Ethanol

Carbonic LLC

Feeding Co.

Hamburg Distillery (now Alto ICP)

1908

American Distilling

Several facilities from

Products

1996

GNS system added

at Pekin Wet Mill

System was taken

Columbia & Magic Valley constructed and began producing fuel ethanol in 2007

& 2008

2021

Acquired beverage-grade

liquid carbon dioxide processor at Columbia facility

Began producing alcohol; fire destroyed the facility in 1887, but it was soon rebuilt

New York to California

with branded gins, whiskeys, liquors. and more

offline and later expanded and upgraded in 2021

2009

Illinois Corn Processing

Name changed to Alto Ingredients, Inc.

Bryon McGregor President & CEO 18 years with Alto

Brigham Young University BS in Business Management

Todd Benton

Chief Operating Officer

27 years with Alto(1)

Eastern Illinois University BS in Biology

Business Admin.

at Bradley University

Rob Olander, CPA Chief Financial Officer 19 years with Alto

Midland University

BS in Business Administration

Jim Sneed

Chief Commercial Officer

34 years with Alto(1)

Olivet Nazarene University BS in Accounting

Kellogg School of

Management, MBA

Auste Graham, JD

Chief Legal Officer & Secretary

4 years with Alto

Vassar College

B.A. in Latin American Studies

Vanderbilt University

Law School, JD

PRIOR EXPERIENCE

Brokerage Treasurer

Project Finance Head

Plant Manager & Senior Process Engineering

Site Manager

Controller & Business Manager

Senior Auditor

Vice President, Ethanol Marketing & Trading

Vice President, Marketing & Logistics

Vice President, Legal Americas

Senior Legal Counsel

Director

*(1) In aggregate, including years with Aventine, acquired by Alto in 2015.

PRIOR EXPERIENCE

Michael Kramer

VP, Treasurer

19 years with Alto

Ed Baker

VP, Human Resources

19 years with Alto

Stacy Swanson

VP, EHS, Quality & Sustainability 13 years with Alto(1)

John Shriver

VP, Operations

26 years with Alto(1)

Patrick McKenzie

VP, Business Development

14 years with Alto

*(1) In aggregate, including years with Aventine, acquired by Alto in 2015.

Three Months Ended March 31,

2026 2025

Net sales

$ 224,680

$ 226,540

Cost of goods sold

215,461

228,347

Gross profit (loss)

9,219

(1,807)

Selling, general and administrative expenses

6,699

7,190

Income (loss) from operations

2,520

(8,997)

Interest expense, net

(2,198)

(2,729)

Transferable tax credits, net

3,900

Other income, net

Income (loss) before (benefit) provision for income taxes

4,271

(11,679)

(Benefit) provision for income taxes

Net income (loss)

$ 4,271

$ (11,679)

Preferred stock dividends

$ (312)

Net income (loss) attributable to common stockholders

$ 3.959

$ (11,991)

Net income (loss) per share, basic

$ 0.05

$ (0.16)

Net income (loss) per share, diluted

$ 0.05

$ (0.16)

Weighted-average shares outstanding, basic

74,789

73,836

Weighted-average shares outstanding, diluted

76,639

73,836

GAAP TO NON-GAAP

RECONCILIATION

Management believes that certain financial measures not in accordance with generally accepted accounting principles ("GAAP") are useful measures of operations.

The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, unrealized derivative gains and losses, acquisition-related income and expense, excess insurance proceeds, provision (benefit) for income taxes, and depreciation and amortization expense. A table is provided at the end of this presentation that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP

measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company's results as reported under GAAP.

Disclaimer

Alto Ingredients Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 22:21 UTC.