Chemtrade Logistics Income Fund · TSX:CHE.UN
Chemtrade Logistics Income Fund — Investor Presentation (January 2026)
46 slides from Chemtrade Logistics Income Fund's investor presentation, January 2026
Slide 1: Our Commitment to Sustainability – Investor Presentation January 2026
RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY Chemtrade Logistics Income Fund (TSX: CHE.UN) Investor Presentation – January 2026
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 REGARDING can be generally identified by the use of words such as “anticipate”, “continue”
Slide 3: Chemtrade at a Glance
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 Adjusted EBITDA Adjusted EBITDA Comparison by Products Adj. EBITDA Adj. EBITDA Margin Margin and ear
Slide 4: Chemtrade at a Glance
Chemtrade at a Glance Leading Industrial Chemicals Provider $2.6 Billion $1.7 Billion $485 to $525 Million Enterprise Value(1) Market Capitalization(1) 2026 Adjusted EBITDA Guidance range is a record for Chemtrade Geographic Split Segment Split & Key End Markets TSX: CHE.UN Historical Unit Performan
Slide 5: Strong Margin & Cash Flows = Capital Return
Chemtrade at a Glance Strong Margin & Cash Flows = Capital Return CUMULATIVE ADJUSTED EBITDA MARGIN GAIN (pp) Significant Margin Improvement Chemtrade 6.2% (2021 to LTM ending Q3/2025) Specialty Peers -0.8% Improved Adj. EBITDA Margin by ~600+ bps to Commodity Peers -7.6% Specialty Chemicals-like
Slide 6: Historical Growth Drivers
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
Balance Sheet Balanced Capital Allocation & Debt Maturity Capital Allocation Split (2021 – Q3/2025) Strong Balance Sheet Maintain strong balance sheet through economic cycle Growth Capex Leverage(1) target <2.5x (2) $205 Asset Disposition, 243 Buybacks Debt $129 Reduction Fully Funded Strategy $
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 Introduced in May 2025, Chemtrade’s Vision 2030 Anticipated Drivers of Growth (to 2030): framework targets $550 - $600M of annual mid- Existing Business Improvements economic cycle Adjusted EBITDA by 2030 Continued focus on Commercial and Operational Reflects ta
Slide 10: Water Treatment
Water Treatment Capturing Secular Tailwinds Growing Water Treatment Chemicals Demand Opportunity to Grow Water Business Chemtrade can leverage its broad set of 5% CAGR (2023 – 2033) US$12Bn internal and acquired capabilities in water Expected growth in global water 2023 North American chemical treat
Slide 11: Acquisition of Polytec
Water Treatment Acquisition of Polytec ACQUISITION OF POLYTEC Transaction Summary Strategic Rationale Consideration Polytec Fits Chemtrade’s Growth Strategy Chemtrade acquired Polytec, Inc., a provider Broadens scope of offerings via addition of turnkey of water treatment solutions for an aggreg
Slide 12: Acquisition of Polytec
Water Treatment Acquisition of Polytec ACQUISITION OF POLYTEC Overview of Polytec Polytec Operates in Two Primary Markets Description & Positioning Food / Industrial Founded in 1994 in Mooresville, North Carolina Approximately 50%+ of revenue Customer segments consist of food processing Supp
Slide 13: 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: For more information
TSX: CHE.UN For more information: investor-relations@chemtradelogistics.com Chemtrade at Glance Historical Performance Growth Outlook Valuation Investment Highlights Appendix 15
Slide 16: Appendix
Appendix Chemtrade at Glance Historical Performance Growth Outlook Valuation Investment Highlights Appendix 16
Slide 17: 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 18: 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 19: 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, given all of Chemtrade
Slide 20: Company History
Company History Adjusted EBITDA Growth and Activities US$150M Scott Rook Added Appointed Water Solutions Platform $900M 2025 President & CEO Added 2021 Chlor-Alkali Portfolio 27% 2017 26% 2025 Guide: 2026 Guide: Adjusted Above $503M $485 - $525M EBITDA & 24% Acquisitions 20% 19% 19% 19% 17% 18% 12%
Slide 21: Chemtrade's Footprint
Chemtrade’s Footprint Transcontinental Reach Sulphur & Water Chemicals • 12 facilities in Canada and 45 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 22: Q3 2025 Consolidated Results
TSX: CHE.UN Q3 2025 Consolidated Results Both segments contributed to a strong Q3 2025 with record quarterly Adjusted EBITDA and double-digit year-over-year growth in revenue and DCPU A weaker Canadian dollar relative to the US dollar year-over-year positively impacted revenue and Adjusted EBITDA
Slide 23: Sulphur and Water Chemicals (SWC) – Q3 2025 Results
TSX: CHE.UN Sulphur and Water Chemicals (SWC) – Q3 2025 Results Foreign Exchange Impact The weaker Canadian dollar relative to the US dollar year-over-year positively impacted SWC Revenue and SWC Adjusted EBITDA by $2.4 million and $0.3 million, respectively Comparable Revenue (C$ millions) SWC Re
Slide 24: Electrochemicals (EC) – Q3 2025 Results
TSX: CHE.UN Electrochemicals (EC ) – Q3 2025 Results Foreign Exchange Impact The weaker Canadian dollar relative to the US dollar year-over-year in Q3 2025 positively Comparable Revenue impacted EC Revenue and Adjusted EBITDA by $1.1 million and $0.8 million, respectively (C$ millions) +2.0% EC Re
Slide 25: Corporate Costs – Q3 2025
TSX: CHE.UN Corporate Costs – Q3 2025 Foreign Exchange Impact Corporate Costs (C$ millions) Business results are presented on an unhedged basis and, during Q3 2025, benefitted from weakness in the Canadian dollar relative to the US dollar The related but offsetting realized gains and losses on C
Slide 26: Balance Sheet and Capital Allocation
TSX: CHE.UN Balance Sheet and Capital Allocation Net Debt / LTM Adjusted EBITDA(2) Consistent focus on balanced capital allocation: 1) Invest in high-return, strategic growth opportunities 2.0x Fully-funded organic growth via cash flow and credit facility; 2.0x 2.0x 1.9x Growth CapEx(1) expected a
Slide 27: 2025 & 2026 Guidance
TSX: CHE.UN 2025 & 2026 Guidance 2025 Guidance: Adjusted EBITDA 2026 Guide: Chemtrade expects 2025 Adjusted EBITDA to be (C$ million) $485M to above $502.6 million 2025 Guide: $525M Above $503M Implied 2025 payout ratio of ~37% or less 2026 Guidance: Chemtade expects 2026 Adjusted EBITDA to be
Slide 28: Guidance
TSX: CHE.UN Guidance Nine months ended Actual 2026 Guidance 2025 Guidance 2024 Actual C$ millions Sept. 30, 2025 Sept. 30, 2024 Adjusted EBITDA (1) $485.0 - $525.0 > $502.6 $470.8 $409.2 $362.2 Maintenance Capital Expenditures (1) $120.0 - $150.0 $115.0 - $125.0 $104.5 $74.2 $68.4 Growth Capital Exp
Slide 29: 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 30: 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 31: Key Sensitivities
TSX: CHE.UN Key Sensitivities: Annual Impact on Adjusted EBITDA Caustic Soda Price Change of US$50/DMT = C$13.2 million Sodium Chlorate Price Change of CA$50/metric tonne = C$12.7 million C$/US$ exchange rate Change of 1 cent = C$3.8 million (favourable if C$ weakens) Chemtrade at Glance Histo
Slide 32: 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 33: 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 34: 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 35: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios For the three months ended For the nine months ended C$ millions, except per unit metrics and ratios Sept. 30, 2025 Sept. 30, 2024 Sept. 30, 2025 Sept. 30, 2024 Cash flow from operating activities $ 155,482 $ 143,244 $ 250,491 $ 247,808 Add (Less):
Slide 36: 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 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 LTM Cash flow from operating activities $350.5 $338.2 $357.0 $348.0 $345.3 $332.3 $ 349.5 $ 401.5 $ 4
Slide 37: 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 38: 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 39: 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 40: 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 41: 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 Sept. 30 Nine months ended Sept. 30 C$ thousands 2025 2024 2025 2024 Net earnings $ 42,373 $ 60,080 $ 101,138 $ 116,634 Add (Less): Depreciation and amortiza
Slide 42: 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 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Net earnings (loss) $ 111.4 $ 129.1 $ 134.0 $ 126.9 $ 128.3 $ 139.0 $ 21
Slide 43: 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 44: 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 45: 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
Slide 46: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking statements and forward looking information within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally iden
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