Chemtrade Logistics Income Fund · TSX:CHE.UN
Chemtrade Logistics Income Fund — Investor Presentation (September 2025)
49 slides from Chemtrade Logistics Income Fund's investor presentation, September 2025
Slide 1: Our Commitment to Sustainability – September 2025 Investor Presentation
RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY Chemtrade Logistics Income Fund (TSX: CHE.UN) SEPTEMBER 2025 Investor Presentation
Slide 2: Caution Regarding Forward-Looking Statements
CAUTION Certain statements contained in this presentation constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally REGARDING identified by the use of words such as “anticipate”, “continue”
Slide 3: Chemtrade at a Glance: Leading Industrial Chemicals Provider
Chemtrade at a Glance Leading Industrial Chemicals Provider CHEMTRADE is a Leading Industrial Chemicals Provider supplying essential products to critical industries Attractive Growth – Step-change in earnings with 3- Adjusted EBITDA Comparison by Products year Adjusted EBITDA(1) CAGR of 19% and +6 %
Slide 4: Chemtrade at a Glance: Leading Industrial Chemicals Provider
Chemtrade at a Glance Leading Industrial Chemicals Provider $2.5 Billion $1.5 Billion $475 Million - $500 Million Enterprise Value(1) Market Capitalization(1) 2025 Adjusted EBITDA Guidance Geographic Split Segment Split & Key End Markets TSX: CHE.UN Historical Unit Performance *LTM Q2 2025 Revenue *
Slide 5: Strong Cash Flows Support Capital Return
Chemtrade at a Glance Strong Cash Flows Support Capital Return Distributable Cash Flow Conversion Increasing Cash Flow and Solid Conversion 56% (2021 to Q2/2025 or implied 2025 guidance mid-point) 50% 45% Distributable Cash Flow CAGR of 20%+ (1) 43% Adj. EBITDA to Distributable Cash Flow 30% con
Slide 6: Historical Growth Drivers 2021–2024
Historical Growth Drivers 2021 – 2024 Adjusted EBITDA Growth Driven By: Adjusted EBITDA Growth Bridge (2021 to 2024) Chlor-alkali Water Chlorate Strategic Activities: ADJUSTED EBITDA INCREASED BY $190M Market pricing optimizations Reliability and Productivity improvements Organic growth
Slide 7: Balance Sheet: Conservative Financial Approach
Balance Sheet Conservative Financial Approach Strong Balance Sheet Capital Allocation Split (2021 – Q2/2025) Maintain strong balance sheet through economic cycle Buybacks $116 Leverage(1) target <2.5x (2) Distributions $281 Growth Capex Fully Funded Strategy $194 Fully funded growth capital ex
Slide 8: Chemtrade Vision – 2030
Chemtrade Vision – 2030 Key Drivers “Vision 2030” targets for unitholder returns: Targeted growth for EBITDA and DCPU(1) of 5-10% per year Growth on a per unit basis supplemented by reduced units outstanding via buybacks Distributable Cash Growth Unit Purchases Distribution Organic Growth Extern
Slide 9: Chemtrade Vision 2030
TSX: CHE.UN Chemtrade Vision 2030 Targeting $550 - $600M of annual mid-economic Anticipated Drivers of Growth (2025 – 2030): cycle Adjusted EBITDA by 2030 Existing Business Improvements Continued focus on Commercial and Operational Reflects targeted growth in Adjusted EBITDA of 5-10% annually Ex
Slide 10: Water Treatment Chemicals: Capturing Secular Tailwinds
Water Treatment Chemicals Capturing Secular Tailwinds Growing Water Treatment Chemicals Demand Opportunity to Grow Water Chemicals Business Chemtrade can leverage its broad set of 5% CAGR (2023 – 2033) US$12Bn internal resources and capabilities in water Expected growth in global water 2023 North Am
Slide 11: Acquisition of Polytec
TSX: CHE.UN Acquisition of Polytec CHEMTRADE TO ACQUIRE POLYTEC Transaction Summary Strategic Rationale Consideration Polytec Fits Chemtrade’s Growth Strategy Chemtrade to acquire Polytec, Inc., a provider Broadens scope of offerings via addition of turnkey of water treatment solutions for an ag
Slide 12: Acquisition of Polytec
TSX: CHE.UN Acquisition of Polytec CHEMTRADE TO ACQUIRE POLYTEC Overview of Polytec Polytec Operates in Two Primary Markets Description & Positioning Food / Industrial Founded in 1994 in Mooresville, NC by Jack Harmon Approximately 50%+ of revenue who continues to run the business Supplies che
Slide 13: Valuation: Market Comparison
Valuation Market Comparison Recent Third-Party Precedent Transactions Water Chemicals Regen Acid Transaction: USALCO Water Treatment Transaction: Veolia (North American Chemicals Regeneration Services Business) Transaction Value: $1,450M Transaction Value: $620M LTM EV/EBITDA: 10.2x LTM
Slide 14: Investment Highlights
TSX: CHE.UN Investment Highlights Diversified end-market exposure, with a resilient product portfolio offering both defensiveness and growth Resilient Business Model Significant regional market share across product portfolio with several multi-year tailwinds Strong Total Unitholder Return through gr
Slide 15: Pro Forma Debt & Undrawn Revolver
Pro Forma Debt & Undrawn Revolver After giving effect to the redemption of 2026 Debentures and Polytec acquisition Actual Effect of Effect of Pro forma balance as of redeeming 2026 Polytec balance as of June 30, 2025 Debentures acquisition June 30, 2025 2026 Convertible Debentures 100,000 - 100,000
Slide 16: Substantial Issuer Bids: Offer Highlights
Substantial Issuer Bids Offer Highlights Offer for 2027 Convertible Debentures (the 2027 Offer): Offer price of $1,340 in cash per $1,000 principal amount of 2027 debentures Offer for 2028 Convertible Debentures (the 2028 Offer): Offer to purchase each $1,000 principal amount of 2028 debentures,
Slide 17: For more information
TSX: CHE.UN For more information: investor-relations@chemtradelogistics.com Chemtrade at Glance Historical Performance Growth Outlook Valuation Investment Highlights Appendix 17
Slide 18: Appendix
Appendix Chemtrade at Glance Historical Performance Growth Outlook Valuation Investment Highlights Appendix 18
Slide 19: Management Team
Management Team Scott Rook Joined Chemtrade in 2019 as COO; CEO since March 2021 President & CEO More than 28 years’ experience in the chemical industry including commercial, operational, and business leadership roles Previously Senior VP, Commercial at Ascend Performance Materials Rohit Bhardwaj Jo
Slide 20: Board of Trustees
Board of Trustees Douglas Muzyka Trustee since November 2020 Chair of the Board Corporate Director Previously Senior VP and Chief Science and Technology Officer of E.I. DuPont de Nemours Lucio Di Clemente Trustee since July 2009 Chair of the Governance and Nominating Committee Executive mentor, corp
Slide 21: Tariff Impact Update
TSX: CHE.UN Tariff Impact Update Chemtrade continues to actively monitor developments surrounding the tariff environment to swiftly respond to any potential impacts and/or opportunities To date, excluding FX, Chemtrade has seen no material direct impacts on its own business or on its customers, gi
Slide 22: Company History
Company History Adjusted EBITDA Growth and Activities Achieved Record Revenue Scott Rook and EBITDA Results $900mm Appointed 2023 Added President & CEO Chlor-Alkali Portfolio 2021 2025 Guide: Adjusted US$860mm 2017 27% 26% $475-$500* EBITDA & Strengthened Sulphur 24% Acquisitions & Water Segments 20
Slide 23: Chemtrade's Footprint
Chemtrade’s Footprint Transcontinental Reach Sulphur & Water Chemicals • 12 facilities in Canada and 41 in the United States 2 • Strategic locations near 3 2 customers create a 1 1 barrier to entry given 2 3 transportation costs 1 3 Electrochemicals 1 • Operating facilities in 2 1 1 BRAZIL 1 Canada
Slide 24: Q2 2025 Consolidated Results
TSX: CHE.UN Q2 2025 Consolidated Results Q2 2025 - strong year-over-year revenue and Adjusted EBITDA growth, led by the EC segment A weaker Canadian dollar relative to the US dollar year-over-year positively impacted revenue and Adjusted EBITDA in Q2 2025 by $5.8 million and $2.6 million, respecti
Slide 25: Sulphur and Water Chemicals (SWC) – Q2 2025 Results
TSX: CHE.UN Sulphur and Water Chemicals (SWC) – Q2 2025 Results Foreign Exchange Impact The weaker Canadian dollar relative to the US dollar year-over-year in Q2 2025 positively Comparable Revenue impacted SWC Revenue and SWC Adjusted EBITDA by $2.7 million and $0.4 million, (C$ millions) respecti
Slide 26: Electrochemicals (EC) – Q2 2025 Results
TSX: CHE.UN Electrochemicals (EC ) – Q2 2025 Results Foreign Exchange Impact The weaker Canadian dollar relative to the US dollar year-over-year in Q2 2025 positively impacted EC Revenue and EC Adjusted EBITDA by $3.1 million and $2.2 million, respectively Comparable Revenue (C$ millions) North Va
Slide 27: Corporate Costs – Q2 2025
TSX: CHE.UN Corporate Costs – Q2 2025 Foreign Exchange Impact Corporate Costs (C$ millions) Business results are presented on an unhedged basis and, during Q2 2025, benefitted from weakness in the Canadian dollar relative to the US dollar The related but offsetting realized gains and losses on C
Slide 28: Balance Sheet and Capital Allocation
TSX: CHE.UN Balance Sheet and Capital Allocation Net Debt / LTM Adjusted EBITDA(1) Consistent focus on balanced capital allocation across three pillars: 1) Investing in high-return, strategic growth opportunities 2.0x 2.0x Fully-funded organic growth strategy with internally-generated 2.0x 1.9x ca
Slide 29: 2025 Guidance
TSX: CHE.UN 2025 Guidance 2025 Guidance: Although global trade tensions persist, the Adjusted EBITDA anticipated weakness in our business has not (C$ millions) $475.0 - $500.0 materialized Assuming current market conditions for key products remain unchanged for the remainder of 2025, we are rais
Slide 30: 2025 Guidance
TSX: CHE.UN 2025 Guidance 2025 Guidance 2024 Six months ended Actual C$ millions Current Previous Actual June 30, 2025 June 30, 2024 Adjusted EBITDA (1) $475.0 - 500.0 $430.0 - 460.0 $470.8 $258.0 $225.0 Maintenance Capital Expenditures (1) $100.0 - $120.0 $100.0 - $120.0 $104.5 $43.9 $41.9 Growth C
Slide 31: Sulphur and Water Chemicals (SWC) Segment
TSX: CHE.UN Sulphur and Water Chemicals (SWC) Segment Water Solutions Sulphuric Acid (H2SO4) Alum, ACH, Regen Acid Ultrapure Acid Merchant Acid PACI, Ferric Municipal and industrial water treatment Gasoline production Semiconductor manufacturing, Wood pulp, industrial chemicals, car speciality batte
Slide 32: SWC Outlook
TSX: CHE.UN SWC Outlook Water Chemicals Sulphuric Acid Near-Term Considerations Maintenance Turnarounds Raw materials costs have been increasing significantly. Chemtrade’s sulphuric acid plants had more maintenance While Chemtrade has been successfully passing through turnaround activity in Q2 2
Slide 33: Electrochemicals (EC) Segment
TSX: CHE.UN Electrochemicals (EC) Segment Electrochemicals Caustic Soda (NaOH) Chlorine (Cl2) Hydrochloric Acid (HCI) Sodium Chlorate (NaCI3) Pulp & paper, soaps & detergents, Water treatment, chemical processes pH adjustor in water treatment, oil & gas Pulp & paper bleaching aluminum, oil & gas, li
Slide 34: EC Outlook
TSX: CHE.UN EC Outlook North Vancouver Chlor-Alkali Facility Lease Extension Update Forecast Chemtrade entered into non-binding LOI with the Port of Vancouver to extend its land lease until December 31, 2044, on similar terms to the existing lease Chemtrade expects to submit its rezoning applica
Slide 35: Key Sensitivities: Annual Impact on Adjusted EBITDA
TSX: CHE.UN Key Sensitivities: Annual Impact on Adjusted EBITDA Caustic Soda Price Change of US$50/DMT = C$13.8 million Sodium Chlorate Price Change of CA$50/metric tonne = C$13.5 million C$/US$ exchange rate Change of 1 cent = C$4.1 million (favourable if C$ weakens) Chemtrade at Glance Histo
Slide 36: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Non-IFRS financial measures are financial measures disclosed by an entity that (a) depict historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to their composition, exclude amounts that
Slide 37: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Distributable cash after maintenance capital expenditures Most directly comparable IFRS financial measure: Cash flows from operating activities Definition: Distributable cash after maintenance capital expenditures is calculated as cash flow from ope
Slide 38: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Payout ratio Definition: Payout ratio is calculated as Distributions declared per unit divided by Distributable cash after maintenance capital expenditures per unit. Why we use the measure and why it is useful to investors: It provides useful inform
Slide 39: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios For the three months ended For the six months ended C$ millions, except per unit metrics and ratios June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Cash flow from operating activities $ 83,373 $ 102,152 $ 95,009 $ 104,564 Add (Less): Lease p
Slide 40: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios C$ millions, except per unit metrics and For the twelve months ended ratios Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 LTM Cash flow from operating activities $338.2 $357.0 $348.0 $345.3 $332.3 $ 349.5 $ 401.5 $ 407.5 $
Slide 41: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Net debt Most directly comparable IFRS financial measure: Total long-term debt, Debentures, lease liabilities, and long-term lease liabilities, less cash and cash equivalents Definition: Net debt is calculated as the total of long-term debt, the pri
Slide 42: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Growth capital expenditures Most directly comparable IFRS financial measure: Capital expenditures Definition: Growth capital expenditures are calculated as Capital expenditures less Maintenance Capital expenditures, plus investments in a joint ventu
Slide 43: Capital Management Measures
TSX: CHE.UN Capital Management Measures Capital management measures are financial measures disclosed by an entity that (a) are intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital, (b) are not a component of a line item disclos
Slide 44: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Total of segments measures are financial measures disclosed by an entity that (a) are a subtotal of two or more reportable segments, (b) are not a component of a line item disclosed in the primary financial statements of the entity, (c) are disclosed in the not
Slide 45: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Three months ended June 30 Six months ended June 30 C$ thousands 2025 2024 2025 2024 Net earnings $ 9,696 $ 14,599 $ 58,765 $ 56,554 Add (Less): Depreciation and amortization 5
Slide 46: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Twelve Months Ended C$ millions Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Net earnings (loss) $ 129.1 $ 134.0 $ 126.9 $ 128.3 $ 139.0 $ 211.7 $ 24
Slide 47: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Adjusted EBITDA for the year ended December 31 C$ millions 2024 2023 2022 2021 2020 2019 Net earnings (loss) $ 126.9 $ 249.3 $ 109.1 $ (235.2) $ (167.5) $ (99.7) Add (Less): De
Slide 48: Supplementary Financial Measures
TSX: CHE.UN Supplementary Financial Measures Supplementary financial measures are financial measures disclosed by an entity that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an enti
Slide 49: Supplementary Financial Measures
TSX: CHE.UN Supplementary Financial Measures Cash interest Represents interest expense related to long-term debt, interest on Debentures, pension interest expense and interest income. Cash tax Represents current income tax expense. Chemtrade at Glance Historical Performance Growth Outlook Valuation
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