Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q3 2025 Earnings Presentation
35 slides from Delek Us's earnings presentation, Nov 7, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call November 7, 2025 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: Third Quarter Business Update
Delek US 3| Third Quarter Business Update Refining Operations • Delivered another safe and reliable quarter • Record throughput at KSR • Well-positioned for a strong finish to 2025 Enterprise Optimization Plan (EOP) • Excellent progress with EOP; Raising the run-rate cash flow improvement guidance t
Slide 4: Third Quarter Financial Highlights
Delek US 4| Third Quarter Financial Highlights $7.13 Adjusted EPS $1.52 Adjusted EPS (ex. SRE) $759.6M Adjusted EBITDA $318.6M Adjusted EBITDA (ex. SRE)3rd Quarter 2025 3Q $ Millions (unless stated otherwise) ~$30M Dividends & Buybacks $150M CFO (ex WC and SREs)
Slide 5: Small Refinery Exemptions
Delek US 5| Small Refinery Exemptions Adjusted EBITDA including 50% 2025 RVO (3 months/yr) $372.0 Impact of (50% RVO Exemption 1Q to 3Q 2025) $160.2 Historical SREs included in Results $280.8 SRE Impact on Delek US Holdings 3Q 2025 $2.20 $2.18 $3.81 Adjusted EBITDA and EPS $759.6 $7.13 Adjusted EBIT
Slide 6: Peer Leading Capital Returns
Delek US 6| • Delivering cash returns through consistent dividends and share repurchases over the last 3 years • DK has led the group in the last twelve months in total shareholder returns, outperforming the group average by 7% Shares Outstanding (in millions) Cumulative Quarterly Dividends + Buybac
Slide 7: EOP in Action: Planning Execution Results
Delek US 7| EOP in Action: Planning Execution Results Note: $'s in millions • EOP delivering results across all business units • EOP and clarity on RFS obligations set to significantly increase DK's FCF generation
Slide 8: Enterprise Optimization Plan
Delek US 8| Enterprise Optimization Plan Stronger Margins $125M Efficient Costs $55M Other Margin Improvements Logistics, Supply and Offtake G&A Cost Financial Expenses $70M $55M $30M $25M • Increasing EOP run-rate annual cash flow improvement target to at least $180M • Majority of the EOP improveme
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 El Dorado EOP Highlights QoQ (1) $ per barrel
Slide 10: Delek US Holdings Estimated Valuation
Delek US | 10 Delek US Holdings Estimated Valuation DK Valuation $ in millions unless stated otherwise Adjusted DK Standalone Mid-Cycle(1) EBITDA @ $180M EOP $525.0 Enterprise Value @ 4.5x Refining Multiple $2,362.5 Less: Net Debt excluding DKL $265.0 Equity Value $2,097.5 DK Shares o/s 60.0 DK Shar
Slide 11: Delek Logistics Value Proposition
Delek US 11| 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 o
Slide 12: Deliberate Midstream Value Creation Objectives
Delek US 12| 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
Slide 13: Progressing Midstream Value Creation
Delek US 13| Progressing Midstream Value Creation DKL Distributions to DK DK Proportional EBITDA DK Ownership % of DKL • Achieved the highest proportional EBITDA for DK to date • DKL distributions fully cover DK’s dividend, reinforcing DK’s commitment to returning capital to shareholders Note: $ in
Slide 14: Powering Growth, Return and Independence
Delek US 14| Powering Growth, Return and Independence Increasing Third Party Cash Flows Increasing Economic Separation Peer Leading Investor Returns • DKL has one of the strongest combinations of cash flow growth and yield within the AMZI index • Increasing contribution of third-party EBITDA at DKL
Slide 15: Lowered Cost with a Focus on Reliability
Delek US 15| Lowered Cost with a Focus on Reliability G&A Cost ex Retail(1) Delek US 15| Throughput by Refinery(2) Source: https://www.usinflationcalculator.com/inflation/historical-inflation-rates/ (1) $'s in millions (2) in thousands of barrels per day
Slide 16: Financial Summary
Delek US 16 Financial Summary 3rd Quarter 2025 Financial Highlights $ in millions (except per share) As Reported Adjusted Net Income $178.0 $434.2 Net Income Per Share $2.93 $7.13 EBITDA $412.2 $759.6 |
Slide 17: Total Refining Throughput 3Q 2025 vs 2Q 2025
Delek US 17 Total Refining Throughput 3Q 2025 vs 2Q 2025 3Q 25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $11.32 $7.43 $10.99 $9.01 316.3 1.7 1.5 (5.6) 0.3 314.2 Q2 25 Tyler El Dorado Big Spring Krotz Springs 3Q 25 MBPD Note: Throughputs are rounded |
Slide 18: Adjusted EBITDA 3Q 2025 vs 2Q 2025
Delek US 18 Adjusted EBITDA 3Q 2025 vs 2Q 2025 3Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) $696.9 $131.5 $(68.4) $(0.4) $170.2 $583.3 $11.3 $(5.2) $759.6 Q2 25 Refining Logistics Discontinued Ops, Corporate, Other & Eliminations 3
Slide 19: Consolidated Cash Flow 3Q 2025 vs 2Q 2025
Delek US 19 Consolidated Cash Flow 3Q 2025 vs 2Q 2025 (1) Includes cash and cash equivalents (2) Includes impact from the inventory intermediation agreement Note: Includes discontinued operations $615.5 $44.0 $(103.4) $74.8 $630.9 6/30/2025 Cash Balance Operating Activities Investing Activities Fina
Slide 20: Capital Program 2025 YTD Actual
Delek US 20 Capital Program 2025 YTD Actual $'s in Millions 2025 YTD ($ millions) Total Refining $ 130 Logistics (Delek Logistics Partners) 241 Corporate & Other 17 Capital expenditures $ 388 2025 Actual 39% 61% Regulatory & Sustaining Growth |
Slide 21: Net Debt 2025 vs 2024
Delek US 21 Net Debt 2025 vs 2024 $'s in Millions 9/30/2025 6/30/2025 12/31/2024 Consolidated long-term debt - current portion $ 9.5 $ 9.5 $ 9.5 DK long-term debt - non-current portion 879.5 879.8 880.3 DKL long-term debt - non-current portion 2,288.3 2,211.4 1,875.4 Consolidated total long-term deb
Slide 22: Guidance 4th Quarter 2025
Delek US 22 Guidance 4th Quarter 2025 $'s in Millions Low High Operating Expenses $205 $220 General and Administrative Expenses $52 $57 Depreciation and Amortization $100 $110 Net Interest Expense $85 $95 Barrels per day (bpd) Low High Total Crude Throughput 252,000 284,000 Total Throughput 271,000
Slide 23: Supplemental Slides
Delek US 23 Supplemental Slides |
Slide 24: Total Refining Throughput 3Q 2025 vs 3Q 2024
Delek US 24 Total Refining Throughput 3Q 2025 vs 3Q 2024 3Q 25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $11.32 $7.43 $10.99 $9.01 307.6 1.1 4.9 (2.5) 3.1 314.2 3Q 24 Tyler El Dorado Big Spring Krotz Springs 3Q 25 MBPD Note: Throughputs are rounded |
Slide 25: Adjusted EBITDA 3Q 2025 vs 3Q 2024
Delek US 25 $70.6 $686.7 $25.4 $(14.5) $(8.6) $759.6 3Q 24 Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) 3Q 25 Adjusted EBITDA 3Q 2025 vs 3Q 2024 3Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) $6
Slide 26: Adjusted EBITDA YTD 3Q 2025 vs 3Q 2024
Delek US 26 Adjusted EBITDA YTD 3Q 2025 vs 3Q 2024 YTD 3Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) $783.1 $368.2 $(193.2) $(1.8) $336.8 $620.7 $61.8 $(33.3) $(29.7) $956.3 3Q 24 Refining Logistics Corporate, Other & Eliminations D
Slide 27: YTD Consolidated Cash Flow
Delek US 27 $735.6 $61.7 $(28.7) $(581.0) $443.3 $630.9 12/31/2024 Cash Balance* Operating Activities Excluding Working Capital Working Capital Impact Included in Operating Activities Investing Activities Financing Activities 6/30/2025 Cash Balance* YTD Consolidated Cash Flow *includes cash and cash
Slide 28: Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss)
Delek US 28 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 29: Reconciliation of Net Income (Loss) per share to Adjusted Net Income per share
Delek US 29 Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended September 30, Nine Months Ended September 30, $ per share (unaudited) 2025 2024 2025 2024 Reported diluted loss per share $ 2.93 $ (1.20) $ (1.66) $ (2.29) Adjusting items,
Slide 30: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Delek US 30 Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended June 30, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported net income (loss) attributable to Delek US $ 178.0 $ (7
Slide 31: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Delek US 31 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 32: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Delek US 32 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 33: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Delek US 33 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Three Months Ended June 30, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek
Slide 34: Reconciliation of Continuing Operations Income to Adjusted EBITDA
Delek US 34 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 35: Reconciliation of Discontinued Operations Income to Adjusted EBITDA
Delek US 35 Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended June 30, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported (loss) income