Slide 1: Third Quarter 2024 Financial Results
Third Quarter 2024 Financial Results November 8, 2024
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of November 8, 2024. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified b
Slide 3: Performance Summary
PERFORMANCE SUMMARY Strategic Update Q3’24 Adjusted Business Segment EBITDA ($MM) Executing on strategic catalysts: Specialty Products and Solutions (SPS) $42.6 Awarded a $1.44 billion DOE conditional commitment Montana / Renewables (MR) $12.7 in October for Montana Renewables’ MaxSAF project Re
Slide 4: Sustainable Aviation Fuel Overview
SUSTAINABLE AVIATION FUEL OVERVIEW Global SAF Demand United States SAF Demand ■ Global jet fuel consumption is ~120 billion gallons per year and the fastest ■ U.S. jet fuel consumption is 23 billion gallons per year as of 2023 growing transportation fuel ■ IATA projects 60% of jet fuel demand will b
Slide 5: DOE Loan Summary and $778MM Tranche 1
DOE LOAN SUMMARY AND $778MM TRANCHE 1 DOE Selected Metrics Tranche 1 Borrower Montana Renewables, LLC Uses of Tranche 1 DOE loan guarantee proceeds Guarantor US Department of Energy ■ Funds MRL eligible expenses incurred to date Up to $1.44bn in two tranches ■ Consolidates collateral for DOE sen
Slide 6: MaxSAF and Tranche 2 Funding
TM MAXSAF AND TRANCHE 2 FUNDING ■ MaxSAFTM includes a series of discrete, modular projects to enhance MRL capability and reduce emissions A. Increase SAF capacity to ~150mm gallons/year within ~2 years ■ First step is to install the previously-acquired second reactor ■ Early estimate capex of $150-2
Slide 7: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Q3’2024 Q3’2023 Highest volume in 5 years as plan to harden operations unfolds Adjusted EBITDA ($MM) $42.6 $38.6 Specialty margins continue to be resilient and within our Specialty Products Material Margin ($/bbl) $68.96 $59.81 improved mid-cycle range of
Slide 8: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Q3’2024 Q3’2023 Continued outperformance driven by integrated specialties strategy and commercial excellence Sales ($MM) $80.3 $75.2 YTD volume growth of 21% vs YTD 2023 Adjusted EBITDA ($MM) $13.6 $13.2 Remain focused on industrial markets, such as mining, Sales vol
Slide 9: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q3’2024 Q3’2023 Adjusted EBITDA ($MM) $12.7 $38.2 Renewables at 86% (1) (2) $6.0 $13.0 Montana Asphalt (2) $6.7 $25.2 Renewable Production (bpd) 11,488 7,455 Conventional Production (bpd) 10,853 11,742 (1) Adjusted EBITDA represents Calumet’s 86% allocation of Montana Re
Slide 10: Montana Renewables Demonstrating Competitive Advantage
MONTANA RENEWABLES DEMONSTRATING COMPETITIVE ADVANTAGE Summary 2024 Monthly SAF Production (kbpd) ■ Strong operational quarter in Q3’24 SAF Sales (kbpd) ■ Produced ~ 10MM gallons of SAF in Q3’24 3.5 ■ New SAF production record was achieved each month 3.0 during the third quarter ■ Culminating with a
Slide 11: Focused on Creating Shareholder Value
FOCUSED ON CREATING SHAREHOLDER VALUE DOE awarded a $1.44bn conditional commitment in October C-Corp conversion completed in July Continue to grow the competitive advantage of Montana Renewables Uniquely positioned Specialties business Committed to deleveraging 11
Slide 12: Appendix
Appendix © 2024 Calumet, Inc. All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Calumet, Inc.
Slide 13: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW 13
Slide 14: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA 14
Slide 15: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) 15
Slide 16: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 16