Calumet, Inc · NASDAQ:CLMT

Calumet — Q1 2024 Earnings Presentation

14 slides from Calumet's earnings presentation, May 10, 2024

  1. Slide 1: First Quarter 2024 Financial Results

    click to enter your slide title First Quarter 2024 Financial Results May 10, 2024 1

  2. Slide 2: Cautionary Statements

    Cautionary Statements Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company,” “Calumet,” "we," "our" or like terms) and Montana Renewables, LLC (“MRL”) as of May 10, 2024. The information in this Presentation includes certain “forwa

  3. Slide 3: Tax Disclosures

    Tax Disclosures No Advice This Presentation has been prepared by Calumet as of May 10, 2024. This Presentation has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Calumet unitholders should consult their

  4. Slide 4: C-Corp Conversion Remains on Track for Mid-Year 2024

    C-Corp Conversion Remains on Track for Mid-Year 2024 Expected Actions  File final amendment to Form S-4 and distribute proxy statement to unitholders  Schedule unitholder vote on C-Corp conversion and related matters  Convert to C-Corp structure following unitholder approval Anticipated Benefits

  5. Slide 5: Performance Summary

    Performance Summary Business Overview Q1’24 Adjusted Business Segment EBITDA ($MM)  Q1 2024 Adjusted EBITDA of $21.6MM(1) Specialty Products and Solutions (SPS) $41.8  Successful Shreveport turnaround completed in Q1 Montana/Renewables (MR) $(14.5)  Performance Brands continues to grow and perfor

  6. Slide 6: Montana Renewables Competitive Advantage

    Montana Renewables Competitive Advantage  Competitive Advantage in Renewable Diesel Driven By: (1) − Feedstock flexibility and access  Pretreatment capability  Location Normal index margin − Proximity to end markets − SAF yield − Scale and operating efficiencies  Size  Experienced operations &

  7. Slide 7: Specialty Products and Solutions

    Specialty Products and Solutions Q1’2024 Q1’2023  Successfully completed Shreveport turnaround Adjusted EBITDA ($MM) $41.8 $76.0  Continued strong specialty margins in mid-cycle environment driven by commercial excellence and agility Specialty Products Material Margin ($/bbl) $62.90 $81.90 − Margi

  8. Slide 8: Performance Brands

    Performance Brands  Strong results from leading brands, excellent market Q1’2024 Q1’2023 positioning, and commercial focus Sales ($MM) $79.7 $78.8 − 13% YoY volume growth as industrial focus and high- (1) performance products overcome broad retail headwinds Adjusted EBITDA ($MM) $13.4 $16.4 − Comme

  9. Slide 9: Montana/Renewables

    Montana/Renewables Q1’2024 Q1’2023 Adjusted EBITDA ($MM) $(14.5) $4.8 Conventional Production (bpd) 10,752 11,795 Renewable Production (bpd) 8,243 5,030 MRL - Renewables  Sequential month-over-month operational and financial improvement  Adjusted EBITDA became positive in March 2024 Renewable Feed

  10. Slide 10: 2024 Catalysts

    2024 Catalysts Strategic Priorities Q1 2024 Progress Update  Execute conversion of Calumet to C-Corp  On track to complete conversion mid-year  Demonstrate the competitive advantage of Montana  Processed old, expensive feed in Q1 Renewables  Consistently processing ~12,000 barrels per day of re

  11. Slide 11: Appendix

    click to enter your slide title Appendix 11

  12. Slide 12: Capital Structure Overview

    Capital Structure Overview Actual Actual Actual Actual Actual Actual ($ in millions) 12/31/22 03/31/23 06/30/23 09/30/23 12/31/23 3/31/24 Unrestricted Cash $ 35.2 $ 11.2 $ 36.0 $ 13.7 $ 7.9 $ 23.9 ABL Revolver Borrowings $ 104.0 $ 226.0 $ 87.8 $ 71.1 $ 136.7 $ 309.8 9.25% Senior Secured First Lien N

  13. Slide 13: Reconciliation of Net Income (Loss) to Adjusted EBITDA

    Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in millions) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Net income (loss) $(95.5) $(15.3) $14.6 $(77.1) $18.6 $(22.3) $99.8 $(48.0) $(41.6) Add: Depreciation and amortization 30.2 30.3 30.2 30.7 37.2 42.9 43.6 59.

  14. Slide 14: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)

    Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss) ($ in millions, except per barrel data) FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Specialty Products and Solution segment gross profit $325.5 $109.9 $45.3 $158.9 $88.1 $85.3 LCM/LIFO inventory (gain) loss (14

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