Net income attributable to common shareholders rose to $82.951 million in FY2025 (year ended Jan 31, 2026) from $58.167 million in FY2024, driven by a lower effective tax rate from 45Z tax credits. Net sales increased 1% to $650.487 million; gross profit was $93.706 million (14.4% margin) vs. $91.477 million in FY2024. Income before income taxes was $88.572 million vs. $92.872 million in FY2024; the effective tax rate was a 7.3% benefit, reflecting approximately $28.1 million of 45Z credits. Cash flow from operations grew to $117.829 million (from $64.192 million), funding $68.439 million of capex and $32.869 million of share repurchases (1.651 million shares). Cash and short-term investments totaled $375.782 million; working capital was $372.451 million; current ratio 5.9x. Ethanol revenue was $504.416 million on 290.0 million gallons sold at an average $1.74/gal; DDGS revenue $88.156 million on 611,929 tons at $144.06/ton; distillers corn oil revenue $52.382 million on 97.0 million lbs at $0.54/lb. Commodity sensitivity: a 10% adverse price move is estimated to reduce pre-tax income by $48.936 million (ethanol), $41.199 million (corn), $8.500 million (distillers grains), $4.430 million (distillers corn oil), and $2.246 million (natural gas). One Earth carbon sequestration: capture/compression facility constructed; EPA Class VI draft permit expected by May 2026 and final decision in 3Q 2026; Illinois law imposes a CO2 pipeline moratorium until the earlier of PHMSA final standards or July 1, 2026, delaying the connector pipeline. NuGen CCS: agreement with Summit Carbon Solutions remains, but a South Dakota eminent domain ban (Mar 2025) and a North Dakota court voiding Summit CO2 storage permits (Mar 2026) introduce execution risk. Capex for One Earth expansion + sequestration + CI reduction is budgeted at $220–$230 million (to be funded from cash); cumulative spend to date is $166.0 million with $16.1 million contractually committed. EPA set RVOs for conventional ethanol at 15.0 billion gallons for 2026 and 2027 (Mar 27, 2026); E-15 emergency summer waivers extended for 2026. A 2-for-1 stock split (stock dividend) was effected Sept 15, 2025; 32,937,718 shares outstanding as of Mar 27, 2026.