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Good morning, and welcome to the REX American Resources Corporation Fourth Quarter and Full Fiscal Year 2025 Conference Call. As a reminder, today's call is being recorded, and at this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. I would now like to turn the call over to Doug Bruggeman, Chief Financial Officer of REX American Resources Corporation. Please go ahead.

Good morning, and thank you for joining this morning's call. I have joining me on the call today Stuart Rose, REX Executive Chairman, and

Good morning, and thank you to everyone for joining us today. Fiscal 2025 was an exceptional year for REX American Resources Corporation, highlighted by outstanding operational performance and meaningful progress on our strategic growth initiatives. We demonstrated not only the resilience and scalability of our business model, but also the strength and capability of our team. Our ethanol sales volume reached record levels in 2025, driven by strong export demand and favorable industry conditions. In a dynamic commodity pricing environment, our team's operational excellence and market expertise enabled us to deliver strong financial results while maintaining our leadership position in the industry. While we expect these conditions to persist in the near term, our long-term success is rooted in discipline, execution, efficiency, and, most importantly, teamwork—qualities that allow us to perform consistently even in more challenging environments. On the strategic front, 2025 was a transformative year. We are encouraged by the initial implementation of the 45

Thank you, Stuart. Fiscal 2025 was a landmark year for REX American Resources Corporation, highlighted by exceptional execution across all aspects of our business and meaningful progress against our growth strategy. I am pleased to report that we are making strong progress toward completing the capacity expansion project at our One Earth Energy ethanol production facility, which will increase capacity to 200,000,000 gallons per year. We expect testing and commissioning to begin upon completion, with the facility becoming fully operational in fiscal 2026. In addition to increasing potential sales volume, this expanded capacity positions us to capture greater market share and benefit from the strong export demand environment that characterized 2025 and continues into 2026. This additional production also enhances our ability to maximize benefits under the 45B tax credit program. Turning to the 45

Thank you,

Thank you, Doug. I would now like to provide additional context around our priorities for 2026 and the key factors expected to influence our business throughout the year. We are well positioned as we enter fiscal 2026 with expanded production capacity expected to come online this year, contribution from the 45G tax credit expected to benefit our bottom line, and favorable market tailwinds so far. We anticipate another year of strong performance and continued growth. Our strategy and execution remain guided by our three P’s: profit, position, and policy. Profit: We have now delivered 22 consecutive quarters of profitability, a testament to our team's discipline, operational excellence, and market expertise. We expect a profitable first quarter. Earnings of 2026 are expected to benefit from expanded capacity, a continued laser focus on our core business, and expected contribution from the 45

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we poll for questions. Thank you. Our first question comes from the line of Peter Dastreich with Water Tower Research. Please proceed with your question.

Thank you. So, good morning, gentlemen, and congratulations on yet another quarter of better-than-expected results at REX. It is also great to see the One Earth expansion fully on track, and you have continued with the strong share buybacks. But my first questions are regarding 45

That is for the full fiscal year of 2025. You know, going forward, this is good through 2029. So we remain optimistic that we will continue to be able to claim these 45

Also, if we get the carbon capture project completed, that will significantly increase the amount of 45

Okay. Great. And just to follow up on that, are you able to disclose by how much that would improve your CI score with the CCS?

I think at this time we have not disclosed that publicly. Maybe in the future, if it is required, we will. It will be significant. Let us just leave it that it will be significant if we can get it. That is why we are working so hard on it.

Okay. Great. Very good. And regarding the CCS permitting, so the Illinois pipeline moratorium, I believe, was set to expire July 1. Just wanted to confirm where we are on the Class VI injection permit. I recall it was expected to be finalized in June. Is that still the case?

Yes. We have several—

It has been moved to September on the EPA website at this point.

It has moved on the website, but we have had several different conversations with the EPA over the last few months and even the last few weeks, and we are at the final stage of technical review at this time. We have all the documents which they requested; we have provided them. But, as you know, government agencies move a little bit slower than expected, and that is what they posted on their website, but that does not mean that will be the latest we will get. We are having regular meetings with them.

Okay. Great. Thank you. Just a couple of questions before I get back in the queue. Just regarding tariffs and the geopolitical situation. So, the first one on tariffs: How would you characterize the impact that tariffs are having on your operations for both ethanol and corn oil in the fourth quarter and looking into this year?

As far as tariff impact, we are pleased to see that there is no impact on our exports of ethanol. As you know, last year, 2025 export was the best export ever, and even though we have a great relationship with Canada at this time, Canada imported approximately 792,000,000 gallons, and so there seems to be no impact whatsoever at this time. Actually, the tariffs may help us to really export because we can see that Brazil is back in the business now. Last year, they only exported 49,600,000 gallons, and this year, first month of the year—it is January 2026—they imported about 36,400,000. Also, the export for January was the best five months since a long time. So we certainly see the export is increasing, and there is no other impact whatsoever on our business at this time.

Adding on to that, the high oil prices that we are currently experiencing should only be good for our business, both export and domestically. We are much greater value than we ever were, as far as I can recall anyway. The differential between the price of ethanol and the price of gasoline made from oil is significant. So, assuming that oil prices stay high, that should be very, very good for the ethanol business.

Okay. That is great. Actually, that was exactly what my fourth question was going to be about. Thank you very much, and I will get back in the queue.

Thank you. Thanks for the question.

As a reminder, if you would like to ask a question, please press 1. Our next question comes from the line of Mason Born with AWH Capital. Please proceed with your question.

Good morning. A couple of questions from me. I guess to start on 45

Your estimate is correct at this time.

Okay. So it is $0.10 on all of your gallons.

Correct.

Okay. And then are there other things within 45

I think, as you can see, and as Stuart mentioned, once the carbon capture facility is completed, that will reduce further our CI score at least 30 to 35 points more, so that will really make a significant effect on our—

Do you still view the full $1 as achievable on any of your plants, or is that more aspirational?

I think it is possible, once we have the carbon sequestration facilities completed and our construction is completed at the One Earth Energy level, that we may be able to achieve $1 a gallon at that location.

It seems like your language and your commentary around carbon capture being operational in 2026 is maybe different than last time. So are you more optimistic now? Is that fair to say as you have gotten further into discussions with EPA?

No. I think my conversation is about the completing of the construction of our facility at One Earth Energy. You know, carbon capture facility is already complete. It all depends on the permits when we receive them from EPA and IEPA and ICC, Illinois Commerce Commission. So it depends on the permits. But as far as the facility for the carbon capture, it is complete. But to be clear, we do not—

—expect to capture 45

Okay. I guess just the last thing for me. On the E15, there has been a lot of commentary there or speculation that maybe you could see some progress. I know there is a waiver just, I think, this week on a temporary basis. But what are your thoughts higher level on the likelihood of a nationwide E15 in a more sustainable manner?

Nationwide E15 would be great, but I do not expect that to happen. The oil companies are too powerful. But I do expect more and more independents to put in E15 pumps, and the E15, at least in our areas—I think in the whole country—significantly lessens the price to the consumer, significantly less than E10. Also, the retailers have a chance to make more money. So I expect that to happen. It should happen, and with more pumps of E15, I believe more consumers will use them, and it will benefit us in that way. I do not expect nationwide E15. That would be great, but I do not think that is going to happen.

Great. Thank you.

Thank you. It appears we have no further questions at this time. Mr. Rose, I would like to turn the floor back over to you for closing comments.

I would like to thank everyone for listening. As always, I would like to attribute our record year—and it is a record year in both earnings per share and after-tax earnings—to having the very, very best people, starting with our CEOs of our REX team and all the way down to the plant level. We just have excellent people, and our results speak to that. I think we are among the top, if not the top, in the industry, and it is truly due to having the best people. We feel we have the best people in the industry. Again, I would like to thank everyone for listening, and we will talk to you next quarter. Bye.