Good day, everyone, and thank you for participating in today's conference call. I would like to turn the call over to Mr. John Ciroli as he provides some important cautions regarding forward-looking statements and non-GAAP financial measures contained in the earnings materials were made on this call. John, please go ahead.

Thank you, and good day, everyone. Welcome to Montauk Renewables earnings conference call to review the third quarter 2025 financial and operating results and development. I'm John Ciroli, Chief Legal Officer and Secretary at Montauk. Joining me today are Sean McClain, Montauk's President and Chief Executive Officer, to discuss business development and Kevin Van Asdalan, Chief Financial Officer, to discuss our third quarter 2025 financial and operating results. At this time, I would like to direct your attention to our forward-looking disclosure statement. During this call, certain comments we may constitute forward-looking statements, and as such, involve a number of assumptions, risks and uncertainties that could cause the company's actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risk factors and uncertainties are detailed in Montauk Renewables' SEC filings. Our remarks today may also include non-GAAP financial measures. We present EBITDA and adjusted EBITDA metrics because we believe the measures assist investors in analyzing our performances across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in our slide presentation and in our third quarter 2025 earnings press release and Form 10-Q issued and filed on November 5, 2025. These are available also on our website at ir.montaukrenewables.com. After our remarks, we will open the call to questions from our analysts. [Operator Instructions] And with that, I'll turn the call over to Sean.

Thank you, John. Good day, everyone, and thank you for joining our call. On August 22, 2025, the EPA issued decisions on 175 million small refinery exemption or SRE petitions. The SRE decisions exempted corresponding volumes of gasoline and diesel for the 2023 and 2024 compliance years and increased the number of RINs available for obligated parties to use for compliance with the renewable fuel standard or RFS obligations. On September 16, 2025, the EPA proposed supplemental rule options that seek to offset these recent SRE decisions for increases in future renewable volume obligations by either a complete 100% reallocation or partial 50% reallocation of the SREs granted. The EPA had indicated the intention to finalize both the supplemental rule and the RVOs for 2025, 2026 and 2027 by the end of this year. However, the duration of the most recent U.S. federal government shutdown and any residual impacts on EPA staffing after the shutdown concludes, may extend finalization of these items into 2026. Growth of any future decision to reallocate obligated volumes associated with the recent SRE grants, the proposed cellulosic biofuel volume requirements for 2026 and 2027 are $1.300 billion and $1.360 billion D3 RINs, respectively. We note purchasing activity of 2025 D3 RINs by obligated parties has continued during the current U.S. federal government shutdown. In our August 2025 earnings call, we announced our agreement with Pioneer Renewables Energy Marketing to form a joint venture, GreenWave Energy Partners, LLC. The primary goal of the joint venture is to help address the limited capacity of RNG utilization for transportation by offering third-party RNG volumes access to exclusive, unique and proprietary transportation pathways. We have begun to match available RNG capacity to dispensing opportunities through GreenWave's transportation pathways and have separated RINs for a limited amount of volumes. We…

Thank you, Sean. I will be discussing our third quarter 2025 financial and operating results. Please refer to our earnings press release, Form 10-Q and the supplemental slides that have been posted to our website for additional information. Our profitability is highly dependent on the market price of environmental attributes, including the market price for RINs. As we self-market a significant portion of our RINs, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit. The impact of EPA rulemaking associated with the implementation of what we refer to as BRRR K2 separation has impacted our commitment timing in the 2025 year of adoption. We expect this timing between RINs generated but unseparated and RINs available for sale to only impact [ 2025 ], which is the year BRRR became effective. Also, the EPA indicated their intention to analyze the supplemental rule and the RVOs for 2025, '26 and '27 by the end of 2025. However, the duration of the U.S. federal government shutdown and any impact on EPA staffing after the U.S. federal government shutdown may extend this intended deadline into 2026, as Sean referenced. The average D3 index price for the third quarter of 2025 was approximately $2.19, a decrease of approximately 34.8% compared to $3.36 in the third quarter of 2024. At September 30, 2025, we had approximately 0.7 million RINs generated and unseparated. We had approximately 10,000 RINs in inventory from 2025 RNG production as of September 30, 2025. Total revenues in the third quarter of 2025 were $45.3 million, a decrease of $20.6 million or 31.3% compared to $65.9 million in the third quarter of 2024. The decrease is related to a decrease in the number of RINs we self marketed from 2025 RNG production in…

Thank you, Kevin. In closing, and although we don't provide guidance on our internal expectations on the market price of environmental attributes, including the market price of D3 RINs, we would like to provide our full year 2025 outlook. We expect our RNG production volumes to remain unchanged and range between 5.8 million and 6 million MMBTus with corresponding RNG revenues also unchanged to range between $150 million and $170 million. We expect our 2025 renewable electricity production volumes to range between 175,000 and 180,000 megawatt hours with unchanged corresponding renewable electricity revenues ranging between $17 million and $18 million. And with that, we will pause for any questions.

[Operator Instructions] Our first question comes from the line of Matthew Blair of TPH.

You maintained your 2025 RNG production guide, which would imply a step-up quarter-over-quarter in the fourth quarter even at the low end of the guide. Could you talk about the drivers of the step up? Is this just better operations? Or is there any sort being that would push things up. And then thinking about your RNG production for 2026, I think most of your new projects are really more for 2027. So at this stage, would it be appropriate to think of 2026 RNG production is probably pretty similar to 2025?

Thanks, Matthew. Thanks for joining our call. Yes, we continue to maintain our production ranges for RNG for the full 2025 year, which implies an expected step-up to hit the low end in the fourth quarter. It's a combination of a variety of factors, improvement in feedstock supply, which is also being beneficial at our Apex facility that we mentioned associated with some improvements in a newer plan. We continue to work with our rum landfill site to work through those wealth field challenges that we've been experiencing. So yes, we do believe we expect a continued uplift in our quarter-over-quarter production as we've been experiencing in 2025. Notably, in 2026, we have a policy not to provide other than current operating year guidance expectations. We'll look to release those expectations at our full year results release that next year in 2026 in March but we expect to continue to expect our normal growth rate in going into 2026 as well.

Our next question comes from the line of Tim Moore of Clear Street.

I know the RIN pricing is out here control EPA and such. I just want to switch gears to something that improved in the quarter that was nice to see it seems like the maintenance CapEx wave might be hopefully done, there was some catch up there in the last 12 months for overhauled engines and things like that. Can you just kind of speak to that a bit? The OpEx looked good, do you expect any more kind of catch-up maintenance spending in the next couple of quarters? Or are you past it?

Thanks, Tim. I appreciate the question. I would view the shift in the operating expenses as less of a catch-up and more of some nonlinear expense items that correspond to the life cycle of the equipment. There is a component of it that although it's bundled in your operating expenses, it is directed towards noncapitalizable investment into some of the debottlenecking of feedstock volumes for well field production. And so you're seeing that corresponding lift in your production volumes as you're moving quarter-to-quarter. Kevin's explanation of your expected growth rate. We do not see any meaningful increase as we go into the outlook of operating expenses other than onboarding, obviously, our new Turkey Creek facility in 2026. And so you have to compare that to the revenue and the EBITDA lift that we get from commissioning that project in the first quarter.

Our next question comes from Betty Zhang of Scotiabank.

My question, I wanted to ask about G&A. I understand you talked about the variance versus a year ago. but curious what the drivers were for the difference versus last quarter? It seems like this quarter was quite a bit lower versus your run rate. So curious if you could just give a bit of color there.

Yes. The vast majority with that Betty is associated with timing of various professional fees, items like that. We are noticing a nominal increase in audit fees and auditor fees. As a reminder, this is our final year of EGC status. So there's some additional work as we're prepping for our first year in 2026 of a fully integrated audit. Last year, as we noted, there was the uplift in stock-based compensation associated with an employee termination. And then if you remember, there was another employee termination in the second quarter of 2024. That also was a onetime increase to G&A. So there are some blips in the third quarter of last year, second quarter of this year that we're getting through as we get back into a more normalized G&A run rate.

This concludes the question-and-answer session. I would now like to turn it back to Sean McClain for closing remarks.

Thank you for taking the time to join us on the conference call today. We look forward to speaking with you in 2026.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.