Highwater Ethanol posts Q3 FY2026 net income $10.8M; plans expansion to 85M gal/yr

HIGHWATER ETHANOL LLC

2026-Q3 EPS reported $5211.99 revenue$111,871,437

Q3 FY2026 net income $10.8M ($5.7M operating + $5.2M other income incl. 45Z credits); nine-month net income ~$24.8M.
45Z tax credits: $5.0M in Q3, $11.7M YTD; 2025 credits sold ~$0.20/gal, 2026 expected ~$0.30/gal.
Ethanol yield 3.07 gal/bushel maintained since Aug 2019; corn oil recovery up to 1.21 lbs/bushel adding ~$300K/month.
Seeking MPCA permit for 85M gal/yr vs ~68.5M current; sixth fermenter and DEER project online July 2027.
Group I Governors Eis, Garth, Moldan reelected to three-year terms; 2027 nominations due Oct 2, 2026.

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