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King Safon

Research Analyst at Bank of America Corporation

King Safon is a Research Analyst at Bank of America Corporation, specializing in fundamental analysis within the ethanol and biofuels sector. He has covered companies such as Green Plains, actively engaging in earnings calls by asking detailed questions on cash flow, working capital, and EBITDA outlooks, including a Q4 2025 query on behalf of Salvatore Tiano. Limited public data is available on his performance metrics, rankings, or quantitative track record, with no success rates or returns reported across platforms like TipRanks. Safon's career timeline and previous experience are not detailed in available sources, and no specific professional credentials such as FINRA registrations or securities licenses are documented.

King Safon's questions to Green Plains (GPRE) leadership

Question · Q4 2025

King Safon, on behalf of Salvatore Tiano from Bank of America Corporation, asked for clarification on why Q4 cash flow from operations before working capital was significantly lower than EBITDA. He also inquired about the massive working capital tailwind in Q4 and its implications for 2026 net working capital, and the outlook for Q1 and Q2 ethanol EBITDA.

Answer

Will Joekel, Vice President and Treasurer, explained that the lower Q4 cash flow was due to not having taken full receipt of carbon earnings cash, with the remainder expected in Q1. He attributed the working capital tailwind to accelerated receivables and inventory from the Eco transaction and building farmer payments. Imre Havasi, Senior Vice President of Trading and Commercial Operations, noted that Q1 is seasonally the low point but the industry and company are in much better shape than last year, with strong operational efficiency, good yields, and resilient consolidated crush margins due to inexpensive corn and better corn oil prices. He expressed confidence in a strong Q1 compared to the prior year.

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