2016 and 2015 Quarterly 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 36 Three Months Ended September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 (Recast) (Recast) (Recast) Product sales $102,557 $116,247 $103,445 $115,123 $115,081 $107,195 $113,581 Other revenue 7,217 3,462 3,807 1,690 1,507 2,464 733 Net revenue 109,774 119,709 107,252 116,813 116,588 109,659 114,314 Cost of goods sold, excluding depreciation and amortization 80,420 92,983 84,616 92,049 92,437 86,175 94,400 Depreciation and amortization 6,434 7,114 6,881 6,640 7,568 8,225 8,259 Total cost of goods sold 86,854 100,097 91,497 98,689 100,005 94,400 102,659 Gross margin 22,920 19,612 15,755 18,124 16,583 15,259 11,655 General and administrative expenses 5,056 4,237 5,016 4,913 5,082 4,613 3,752 Loss (gain) on disposal of assets 1,489 155 1 2,181 (128) 10 18 Income from operations 16,375 15,220 10,738 11,030 11,629 10,636 7,885 Other income (expense): Interest expense (3,314) (3,039) (3,181) (2,933) (2,910) (2,791) (1,917) Related party interest expense (51) (301) (209) (57) — (296) (801) Early retirement of debt obligation — — — — — (4,699) Other income 2 140 131 889 74 15 11 Total other expense, net (3,363) (3,200) (3,259) (2,101) (2,836) (7,771) (2,707) Income before income tax (benefit) expense 13,012 12,020 7,479 8,929 8,793 2,865 5,178 Income tax (benefit) expense — — — (34) — — 2,667 Net income 13,012 12,020 7,479 8,963 8,793 2,865 2,511 Less net loss attributable to noncontrolling partners’ interests 21 33 15 12 14 8 8 Net income attributable to Enviva Partners, LP $13,033 $12,053 $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 $13,033 $12,053 $7,494 $6,945 $6,412 $5,685 $— Net income per common unit: Basic $ 0.51 $ 0.48 $ 0.30 $0.29 $0.27 $0.24 — Diluted $ 0.50 $ 0.47 $ 0.29 $0.29 $0.27 $0.24 — Net income per subordinated unit: Basic $0.51 $0.48 $0.30 $0.29 $0.27 $0.24 — Diluted $ 0.50 $ 0.47 $ 0.29 $0.29 $0.27 $0.24 — Weighted average number of limited partner units outstanding: Common – basic 12,919 12,862 12,852 12,122 11,906 11,905 — Common – diluted 13,480 13,445 13,337 12,418 12,193 12,159 — Subordinated – basic and diluted 11,905 11,905 11,905 11,905 11,905 11,905 —
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