Alto Ingredients : Investor Presentation Q2 2023

Alto Ingredients, Inc.

Q2 2023 Investor Presentation August 7, 2023

1

Safe Harbor Statement

Statements and information contained in this communication that refer to or include Alto Ingredients' estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto

Ingredients' current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as "anticipate," "believe," "plan," "could," "should," "estimate," "expect," "forecast," "outlook," "guidance," "intend," "may," "might," "will," "possible," "potential," "predict," "project," or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients' plant improvements, other capital projects and other business initiatives and strategies, and their financing, costs, timing and effects, including, but not limited to, EBITDA and/or Adjusted EBITDA that Alto Ingredients' expects to generate as a result of its projects, initiatives and strategies; estimates of EBITDA or Adjusted EBITDA and Alto Ingredients' other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients' plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients' current expectations depending upon many factors affecting Alto Ingredients' business and plans. These factors include, among others, adverse economic and market conditions, including for fuel-grade ethanol, specialty alcohols and essential ingredients; export conditions and international demand for the company's products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; and the cost, ability to fund, timing and effects of,

including the financial and other results deriving from, Alto Ingredients' plant improvement and other capital projects and other business initiatives and strategies. These factors also include,Companyamong others,ProfilethePresentationinherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto

Ingredients' products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the specialty alcohol production and marketing industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients' facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients' filings with the Securities and Exchange Commission including, specifically, those factors set forth in the "Risk Factors" section contained in Alto

Ingredients' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2023.

2

Transforming grain into high-margin components used in a wide range of consumer and commercial products

3

Optimizing Asset Base and Reducing Carbon Footprint

Increasing High-margin Product Sales and Growing EBITDA

• Expanding production: corn oil, GNS/specialty alcohol, yeast, etc.
• Implementing efficiency initiatives: corn storage, natural gas pipeline, biogas RNG, and operating & equipment upgrades
• Initiating carbon capture utilization and sequestration & cogeneration
• Broadening blue chip customer base by targeting niche, high-margin markets

Projecting Additional Incremental Annual Adj. EBITDA: ~$67M by year end 2025 and ~$125M by year end 2026

4

Investing in Premier Assets, Expanding Markets Served

Major producer and distributor of specialty alcohols and essential ingredients

Making Everyday Products Better:

• Health, Home & Beauty

COLUMBIA

Boardman, OR

MAGIC VALLEY

Burley, ID

• Food & Beverage
• Essential Ingredients
• Renewable Fuels

... Supporting sustainability and

positioning for carbon capture and sequestration

EAGLE

St. Louis, MO

PEKIN CAMPUS

Pekin, IL

Corporate Headquarters Production Distribution

5