Q1 2016 Financial Information ENVIVA PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per unit amounts) (Unaudited) As discussed in Note 1, Business and Basis of Presentation, to our Annual Report on Form 10-K (the “10-K”), the consolidated financial statements for the periods prior to the Reorganization and the Southampton Drop-Down (each as defined in the 10-K) have been retroactively recast. This quarterly information presented below has also been recast accordingly 33 Three Months Ended March 31,2016 December 31,2015 September 30,2015 June 30,2015 March 31,2015 (Recast) (Recast) (Recast) Product sales $103,445 $115,123 $115,081 $107,195 $113,581 Other revenue 3,807 1,690 1,507 2,464 733 Net revenue 107,252 116,813 116,588 109,659 114,314 Cost of goods sold, excluding depreciation and amortization 84,616 92,049 92,437 86,175 94,400 Depreciation and amortization 6,881 6,640 7,568 8,225 8,259 Total cost of goods sold 91,497 98,689 100,005 94,400 102,659 Gross margin 15,755 18,124 16,583 15,259 11,655 General and administrative expenses 5,017 4,913 5,082 4,613 3,752 Loss (gain) on disposal of assets — 2,181 (128) 10 18 Income from operations 10,738 11,030 11,629 10,636 7,885 Other income (expense): Interest expense (3,181) (2,933) (2,910) (2,791) (1,917) Related party interest expense (209) (57) — (296) (801) Early retirement of debt obligation — — (4,699) Other income 131 889 75 4 11 Total other expense, net (3,259) (2,101) (2,835) (7,782) (2,707) Income before income tax (benefit) expense 7,479 8,929 8,794 2,854 5,178 Income tax (benefit) expense — (34) 1 (11) 2,667 Net income 7,479 8,963 8,793 2,865 2,511 Less net loss attributable to noncontrolling partners’ interests 15 12 14 8 8 Net income attributable to Enviva Partners, LP $7,494 $8,975 $8,807 $2,873 $2,519 Less: Predecessor (income) loss to May 4, 2015 (prior to IPO) $— $— $— $(4,651) $2,519 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 $2,395 $1,839 $— Enviva Partners, LP partners’ interest in net income from May 5, 2015 to December 31, 2015 $7,494 $6,945 $6,412 $5,685 $— Net income per common unit: Basic $ 0.30 $0.29 $0.27 $0.24 — Diluted $ 0.29 $0.29 $0.27 $0.24 — Net income per subordinated unit: Basic $0.30 $0.29 $0.27 $0.24 — Diluted $ 0.29 $0.29 $0.27 $0.24 — Weighted average number of limited partner units outstanding: Common – basic 12,852 12,122 11,906 11,905 — Common – diluted 13,337 12,418 12,193 12,159 — Subordinated – basic and diluted 11,905 11,905 11,905 11,905 —
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