Calumet, Inc · NASDAQ:CLMT
Calumet — Goldman Sachs Leveraged Finance & Credit Conference 2026
22 slides from Calumet's conference presentation, May 28, 2026
Slide 1: Goldman Sachs Leveraged Finance & Credit Conference
Goldman Sachs Leveraged Finance & Credit Conference May 28, 2026
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 May 28, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified by th
Slide 3: Leading Growth Platforms
LEADING GROWTH PLATFORMS Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel platform and geographic niche in Renewable Diesel Specialties Business Demonstrated Track Record
Slide 4: Montana Renewables Overview
Montana Renewables Overview
Slide 5: Montana Renewables: An Established Renewable Fuels Growth Leader
MONTANA RENEWABLES: AN ESTABLISHED RENEWABLE FUELS GROWTH LEADER ■ 12,000 bpd renewable production, increasing to 13,000 bpd beginning in Q2’26 ■ SAF production increasing to 120-150mm gpy with MaxSAF® 150 expansion (beginning in Q2’26), up from 30mm today ■ Producing full slate of renewable fuels ■
Slide 6: Montana Renewables – Historic RVO Finalized March 2026
MONTANA RENEWABLES – HISTORIC RVO FINALIZED MARCH 2026 SET2 RVO translates to 6.7B gallons biomass-based diesel demand Biomass Based Diesel Supply Stack Rapidly restored historical industry index margin of $2+ per gallon Leaves ~0.5B gallon per year shortfall at 85% utilization 2026: 6.7B gal
Slide 7: Commencing Operations Post MaxSAF 150 Expansion
COMMENCING OPERATIONS POST MAXSAF 150® EXPANSION MaxSAF® 150 Significantly Increases SAF Production SAF Premium Jet fuel demand growth is outpacing all other fuels SAF is recovered from renewable diesel, so RD sets a firm base price Iran conflict highlights traditional energy’s inability to ke
Slide 8: MaxSAF 150 vs Increasing Global Short
MAXSAF® 150 VS INCREASING GLOBAL SHORT SAF Global Demand Global SAF mandates still increasing with large penalties for non-compliance; supply capacity appears short Montana Renewables turnaround completed; MaxSAF® 150 commenced operations in early May SAF capacity will be 120-150mm gal/yr. S
Slide 9: Specialties Business Overview
Specialties Business Overview
Slide 10: How We Win: Resilient Specialties Moat
HOW WE WIN: RESILIENT SPECIALTIES MOAT Customer Diversification Extensive Portfolio Commercial Excellence Strategic Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule management base across industries serving diverse applications processes
Slide 11: Integrated Specialties Business Well Positioned for Current Market
INTEGRATED SPECIALTIES BUSINESS WELL POSITIONED FOR CURRENT MARKET Calumet’s integrated operation generates: USGC 211 Crack Spread ($/BBL) (1) $45.00 $42.81 >22,000 BPD of high margin specialty products $40.03 $40.00 >55,000 BPD of fuels and asphalt $35.00 $31.67 Fuel margins have increased
Slide 12: Specialties Business Generates Strong Cash Flow Across Business Cycle
SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS BUSINESS CYCLE Historical Mid-Cycle Restricted Group Adjusted EBITDA ~$300mm (1) Restricted Group Adj. EBITDA ($mm) Specialties business has demonstrated strong free cash flow Restricted Group throughout the cycle, including in Covid environ
Slide 13: Accelerating Cash Flow, Deleveraging and Growth
ACCELERATING CASH FLOW, DELEVERAGING AND GROWTH Robust Specialties Cash Flow Generation Specialties continues to generate resilient and growing cash flow due to FY’25 Leverage Reduction diverse portfolio, commercial excellence and cost improvements 9.0 $222mm Restricted Group debt reduction in
Slide 14: The Calumet Story
THE CALUMET STORY Key Investment Considerations Calumet owns two proven, fully separable and competitively advantaged 1 platforms with strong cash generation– Specialties and Renewables Calumet Specialties business has delivered robust performance 2 through cyclical environments Montana Renewables i
Slide 15: Appendix
Appendix
Slide 16: Debt Capital Markets
DEBT CAPITAL MARKETS CLMT 2028--> 2031 Note Spread vs B, BB, & C Rated Indexes ■ In Q1’26, eliminated ’26 and ‘27 Senior Notes 12% 10% 8% 6% 4% As of 05/22 YTW Coupon Price 2% 0% 2028s 5.15% 9.75% $ 103.02 -2% -4% 2028 Mirror 7.24% 9.75% $ 102.67 -6% 2029s 6.16% 9.25% $ 101.88 2031s 7.86% 9.75% $ 10
Slide 17: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical ~$2/Gal Historical Index Margin: Set 1 RVO decimates margin RVO compliance requires biodiesel supply biodiesel industry 17
Slide 18: Restricted Group Non G.A.A.P. Reconciliation of Restricted Group Adj. EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q1'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (94.2) $ (24.4) Add: Depreciation and amor
Slide 19: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW 19
Slide 20: Reconciliation of Net Income (Loss) to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net income (loss) $ (162.0) $ (147.9) $ 313.4 $ (37.3) $ (317.0) Add: Depreciation and amortization 46.7 47.9 50.7 44.6 41.4 LCM / LIFO (gain) loss (0.1) (1.9) 5.1 16.8
Slide 21: 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) Specialty Products and Solutions segment gross profit (loss) $ 1Q 2025 (34.0) $ 2Q 2025 (14.9) $ 3Q 2025 276.3 $ 4Q 2025 38.3 $ 1Q 2026 (62.9) LCM/LIFO inventory (gain) loss
Slide 22: & ) CALUMET
& ) CALUMET i
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