Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q4 2025 Earnings Presentation
38 slides from Delek Us's earnings presentation, Feb 27, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
Fourth Quarter 2025 Earnings Conference Call February 27, 2026 Exhibit 99.2NYSE: DK NYSE: DKL
Slide 2: Disclaimers
Delek US 2 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; and collectively with Delek US, “we” or “our”) are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL”, respectively. T
Slide 3: Fourth Quarter Business Update
Delek US 3 Fourth Quarter Business Update Refining Operations • 1Q’26 Big Spring Refinery turnaround to expected further improve reliability and flexibility leading to cost and margin improvements Enterprise Optimization Plan (EOP) • Raising the run-rate cash flow improvement guidance to at least $2
Slide 4: Fourth Quarter Financial Highlights
Delek US 4 Fourth Quarter Financial Highlights $1.26 EPS $0.44 Adjusted EPS (ex. SRE) $78M Net Income $226M Adjusted EBITDA (ex. SRE)4th Quarter 2025 4Q $ Millions (unless stated otherwise) ~$35M Dividends & Buybacks $119M CFO (ex WC and SREs)
Slide 5: Underlying Business Performance
Delek US 5 Underlying Business Performance Adjusted EBITDA including 50% 2025 RVO (3 months/yr) $299.5 Impact of (50% RVO Exemption 4th Quarter 2025)* $74.0 Delek US Holdings 4Q 2025 $1.37 $0.93 Adjusted EBITDA and EPS $374.8 $2.31 Adjusted EBITDA and EPS (excluding SREs) $225.5 $0.44 EBITDA EPS $ p
Slide 6: Peer Leading Capital Returns
Delek US 6 • Delivering peer leading cash returns through consistent dividends and share repurchases over the last 3 years • Delek delivered top-tier total shareholder returns over the past twelve months, outperforming the peer group average by 4% Cumulative Quarterly Dividends + Buybacks(3) Last Tw
Slide 7: Enterprise Optimization Plan
Delek US 7 Enterprise Optimization Plan Stronger Margins $135M Efficient Costs $65M Other Margin Improvements Logistics, Supply and Offtake G&A Cost Financial Expenses $75M $60M $30M $35M • EOP has been a strong success, driving tangible improvements in free cash flow • We expect at least $200M in a
Slide 8: EOP in Action: Planning Execution Results
Delek US 8 EOP in Action: Planning Execution Results (1) Based on net crack spread Note: $ in millions ex SREs • EOP delivering results across all business units • EOP and other business improvements set to significantly increase DK's FCF generation 4Q24 to 4Q25 Adjusted EBITDA Bridge (1)
Slide 9: EOP: Tracking Progress at El Dorado
Delek US 9 EOP: Tracking Progress at El Dorado Progressing EOP initiatives at EDR to ensure FCF through cycle $50M margin improvement plan stems from: • Enhanced logistics • Reduced costs • Higher quality product slate • Higher yields • Improved margin capture by ~$2.0 per barrel El Dorado EOP Highl
Slide 10: EOP: Supply & Marketing Improvements
Delek US 10 EOP: Supply & Marketing Improvements (1) Adjusted for $43 million one-time impact in 3Q25 Note: $ in millions (1) • Supply & Marketing improvements are tied to a multi-phase strategy of improvements • Producing right products for the right markets reliably • Access to advantaged logistic
Slide 11: EOP: Corporate Optimization Initiatives
Delek US 11 EOP: Corporate Optimization Initiatives • EOP’s cost initiatives have continued from where ZBB left off • Incremental savings achieved through a culture of continuous cost optimization • This trend is expected to continue in 2026 Note: $ in millions
Slide 12: IIA Revamp to Further Increase DK FCF
Delek US 12 IIA Revamp to Further Increase DK FCF • Inventory Intermediation Agreement (IIA) Revamp: • DK has recently amended its Inventory Intermediation agreements • The reduction in inventory financing to improve working capital efficiency and is expected to generate at least $40M of incremental
Slide 13: 2026 Delek Logistics Partners Guidance
Delek US 13 2026 Delek Logistics Partners Guidance
Slide 14: Delek Logistics History of Growth
Delek US 14 Delek Logistics History of Growth CAGR: 15.1% CAGR: 3.4% 5 Year EBITDA Growth 5 Year Distribution Growth • DKL has delivered peer-leading EBITDA growth driven by its advantaged position in the Permian Basin and disciplined execution • DKL has increased distributions for 52 consecutive qu
Slide 15: Delek Logistics Value Proposition
Delek US 15 Delek Logistics Value Proposition • Developing unique portfolio in the Delaware basin through rising processing capacity, advancing sour gas gathering/processing, and acid gas injection capabilities • Rising acreage dedication provides long runway for growth • Combined crude and water of
Slide 16: Deliberate Midstream Value Creation Objectives
Delek US 16 Deliberate Midstream Value Creation Objectives Objectives: • Realize full value of rising third party DKL EBITDA • Complete economic separation between DK and DKL • Separate in a methodical manner which maximizes the value of DK and DKL Strategic Combination or Investments • Investment f
Slide 17: Progressing Midstream Value Creation
Delek US 17 Progressing Midstream Value Creation • DK has been progressing on a deconsolidation path, reducing its ownership while still getting higher distributions • DKL distributions cover DK’s dividend over two times and/or support its sustaining capital requirements, allowing DK’s competitive r
Slide 18: Delek US Holdings Illustrative Valuation
Delek US 18 Delek US Holdings Illustrative Valuation DK Valuation $ in millions unless stated otherwise Adjusted DK Standalone Mid-Cycle(1) EBITDA @ $200M EOP $545.0 Enterprise Value @ 4.5x Refining Multiple $2,452.5 Less: Net Debt excluding DKL $273.8 Implied Equity Value $2,178.7 DK Shares o/s 60
Slide 19: 3Q25 to 4Q25 Adjusted EBITDA Bridge ex SREs
Delek US 19 3Q25 to 4Q25 Adjusted EBITDA Bridge ex SREs Note: $'s in millions ex SREs (1) Based upon 3Q 2025 presentation (1)
Slide 20: Consolidated Cash Flow 4Q 2025 vs 3Q 2025
Delek US 20 Consolidated Cash Flow 4Q 2025 vs 3Q 2025 (1) Includes cash and cash equivalents (2) Includes impact from the inventory intermediation agreement Note: Includes discontinued operations $630.9 $502.8 $(116.9) $(391.0) $625.8 9/30/2025 Cash Balance Operating Activities Investing Activities
Slide 21: Fourth Quarter Capital Program
Delek US 21 Fourth Quarter Capital Program Note: Excludes Corporate & Other
Slide 22: Net Debt 2025 vs 2024
Delek US 22 Net Debt 2025 vs 2024 $'s in Millions 12/31/2025 9/30/2025 12/31/2024 Consolidated long-term debt - current portion $ 9.5 $ 9.5 $ 9.5 DK long-term debt - non-current portion 879.2 879.5 880.3 DKL long-term debt - non-current portion 2,344.4 2,288.3 1,875.4 Consolidated total long-term de
Slide 23: Guidance First Quarter 2026
Delek US 23 Guidance First Quarter 2026 $'s in Millions Low High Operating Expenses $210 $220 General and Administrative Expenses $47 $52 Depreciation and Amortization $100 $110 Net Interest Expense $75 $85 Barrels per day (bpd) Low High Total Crude Throughput 212,000 247,000 Total Throughput 240,00
Slide 24: Supplemental Slides
Delek US 24 Supplemental Slides
Slide 25: Financial Summary
Delek US 25 Financial Summary 4th Quarter 2025 Financial Highlights $ in millions (except per share) As Reported Adjusted Net Income $78.3 $143.0 Net Income Per Share $1.26 $2.31 EBITDA $272.7 $374.8
Slide 26: Total Refining Throughput 4Q 2025 vs 3Q 2025
Delek US 26 Total Refining Throughput 4Q 2025 vs 3Q 2025 4Q 25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $12.45 $8.37 $11.54 $9.59 314.2 4.1 (12.3) (7.3) (3.9) 294.8 Q3 25 Tyler El Dorado Big Spring Krotz Springs 4Q 25 MBPD Note: Throughputs are rounded
Slide 27: Total Refining Throughput 4Q 2025 vs 4Q 2024
Delek US 27 Total Refining Throughput 4Q 2025 vs 4Q 2024 4Q 25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $12.45 $8.37 $11.54 $9.59 266.5 13.9 (6.7) (10.1) 31.2 294.8 4Q 24 Tyler El Dorado Big Spring Krotz Springs 4Q 25 MBPD Note: Throughputs are rounded
Slide 28: 4Q 2025 vs 4Q 2024 Adjusted EBITDA Results
Delek US 28 $(15.2) $382.8 $27.6 $(19.7) $(0.7) $374.8 4Q 24 Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) 4Q 25 Adjusted EBITDA 4Q 2025 vs 4Q 2024 4Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail)
Slide 29: Adjusted EBITDA YTD 4Q 2025 vs 4Q 2024
Delek US 29 Adjusted EBITDA YTD 4Q 2025 vs 4Q 2024 YTD 4Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) $1,099.3 $535.0 $(278.3) $(3.0) $341.8 $1,004.8 $105.5 $(68.7) $(30.4) $1,353.0 4Q 24 Refining Logistics Corporate, Other & Elimina
Slide 30: YTD Consolidated Cash Flow
Delek US 30 $735.6 $538.7 $(2.9) $(697.9) $52.3 $625.8 12/31/2024 Cash Balance* Operating Activities Excluding Working Capital Working Capital Impact Included in Operating Activities Investing Activities Financing Activities 12/31/2025 Cash Balance* YTD Consolidated Cash Flow *includes cash and cash
Slide 31: Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss)
Delek US 31 Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss) (1) The adjustments have been tax effected using the estimated marginal tax rate, as applicable. (2) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Ea
Slide 32: Reconciliation of Net Income attributable to Delek US to Adjusted EBITDA
Delek US 32 Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, Three Months Ended September 30, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported net income (loss) attributable to Delek US $ 78.3 $ (413.8)
Slide 33: Reconciliation of Net Income (Loss) per share to Adjusted
Delek US 33 Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended December 31, Year Ended December 31, $ per share (unaudited) 2025 2024 2025 2024 Reported diluted income (loss) per share $ 1.26 $ (6.55) $ (0.38) $ (8.77) Adjusting items,
Slide 34: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Delek US 34 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Three Months Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to De
Slide 35: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Delek US 35 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (2) Starting with the quarter ended March 31,
Slide 36: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA (3Q 2025)
Delek US 36 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Three Months Ended September 30, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to D
Slide 37: Reconciliation of Continuing Operations Income to Adjusted EBITDA
Delek US 37 Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (2) Starting with the quarter ended Marc
Slide 38: Reconciliation of Discontinued Operations Income to Adjusted EBITDA
Delek US 38 Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Three Months Ended December 31, Year Ended December 31, Three Months Ended September 30, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported (loss) income form