Q4 2015 Financial Information ENVIVA PARTNERS, LP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per unit amounts) 36 Three Months Ended December 31, Year Ended December 31, 2015 2014 2015 2014 (Predecessor) (Predecessor) Product sales $115,123 $78,309 $450,980 $286,641 Other revenue 1,690 668 6,394 3,495 Net revenue 116,813 78,977 457,374 290,136 Cost of goods sold, excluding depreciation and amortization 92,049 66,171 365,061 251,058 Depreciation and amortization 6,640 4,663 30,692 18,971 Total cost of goods sold 98,689 70,834 395,753 270,029 Gross margin 18,124 8,143 61,621 20,107 General and administrative expenses 4,913 3,455 18,360 10,792 Loss on disposal of assets 2,181 278 2,081 340 Income from operations 11,030 4,410 41,180 8,975 Other income (expense): Interest expense (2,933) (2,105) (10,551) (8,724) Related party interest expense (57) — (1,154) — Early retirement of debt obligation — — (4,699) (73) Other income 889 6 979 22 Total other expense, net (2,101) (2,099) (15,425) (8,775) Income before tax expense 8,929 2,311 25,755 200 Income tax (benefit) expense (34) 3 2,623 15 Net income 8,963 2,308 23,132 185 Less net loss attributable to noncontrolling partners’ interests 12 18 42 79 Net income attributable to Enviva Partners, LP $8,975 $2,326 $23,174 $ 264 Less: Predecessor loss to May 4, 2015 (prior to IPO) $(2,132) Less: Pre-acquisition income from April 10, 2015 to December 10, 2015 from operations of Enviva Pellets Southampton Drop-Down allocated to General Partner $2,030 6,264 Enviva Partners, LP partners’ interest in net income from May 5, 2015 to December 31, 2015 $6,945 $19,042 Net income per common unit: Basic $ 0.29 $ 0.80 Diluted $ 0.29 $ 0.79 Net income per subordinated unit: Basic $ 0.29 $ 0.80 Diluted $ 0.29 $ 0.79 Weighted average number of limited partner units outstanding: Common – basic 12,122 11,988 Common – diluted 12,419 12,271 Subordinated – basic and diluted 11,905 11,905 Distribution declared per limited partner unit for respective periods $0.46000 $1.1630
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