CVR Energy Inc. · NYSE:CVI
CVR Energy — Debt Investor Presentation (November 2026)
50 slides from CVR Energy's debt investor presentation, Nov 9, 2026
Slide 1: Project Continental Lender Presentation
CON CONF FI IDEN DENT TI IA AL L Exhibit 99.1 PRELIMINARY DRAFT Project Continental Lender Presentation November 9, 2026
Slide 2: Forward-Looking Statements
CONFIDENTIAL Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. Forward-looking stat
Slide 3: Disclaimer
CONFIDENTIAL Disclaimer Special Notice regarding Material Non-Public Information THE COMPANY HAS REPRESENTED THAT THE INFORMATION CONTAINED IN THIS LENDER PRESENTATION IS EITHER PUBLICLY AVAILABLE OR DOES NOT CONSTITUTE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY, ITS SUBSIDIARIES OR
Slide 4: Executive Summary
CONFIDENTIAL Executive Summary
Slide 5: Executive Summary | Transaction Overview
CONFIDENTIAL Executive Summary | Transaction Overview Transformative Refining & Marketing System Acquisition at a Compelling Mid-Cycle Valuation in an Above Mid-Cycle Environment Transformed CVR Energy (NYSE: CVI) Overview High Performing Integrated Refining and Marketing Platform th Pro forma CVI w
Slide 6: Key Transaction Highlights
CONFIDENTIAL Executive Summary | Key Transaction Highlights Acquisition of integrated PADD II Northern Tier system materially increases scale, diversifies earnings profile and enhances margin capture via expansive marketing system Key Transaction Highlights • Unique opportunity to acquire an integra
Slide 7: Pro Forma CVR Energy
CONFIDENTIAL Executive Summary | Pro Forma CVR Energy (5) Pro Forma Company Highlights Pro Forma CVI Map ’26 St. Paul Park Major Turnaround ($ in millions) (4) SK CVI UAN Distributions Target • Refinery Downtime: 9/1 – 10/18 MB ON Williston ’25 Coffeyville Major Turnaround Basin $1,907 $2,000 • Refi
Slide 8: Transformative Increase in Scale
CONFIDENTIAL Executive Summary | Transformative Increase in Scale Larger enterprise with enhanced access to Northern PADD II regions U.S. Refining Landscape (mbpd) 2,986 2,515 2,809 1,714 1,023 678 384 302 219 207 (2) (3) (3) (3) Pro Forma Status Quo 983 (mbpd) 806 573 440 384 375 365 285 275 260 20
Slide 9: Compelling Margin Environment
CONFIDENTIAL Executive Summary | Compelling Margin Environment Mid-Con margin environment has proven resilient through the cycle while benefiting from the ongoing “super-cycle” Historical Crack Spreads Forward Outlook – Key Drivers ($ / bbl) Group 3 2-1-1 Group 3 3-2-1 (1) (1) 10-Year Average $30.38
Slide 10: Compelling Indicative Earnings Profile
CONFIDENTIAL Executive Summary | Compelling Indicative Earnings Profile Indicative Historical Group 3 3-2-1 Crack Spread EBITDA Build ($ / bbl) (1) Indicative Annual EBITDA ($ mm) $28.50 $30 $22.62 ~$800 ~$990 ~$1,300 79% $25 x $19.43 $20 $16.23 ($2.45) ($6.38) $4.50 $15.23 $15 ($5.94) $12.34 $10 $5
Slide 11: Historical vs. Indicative Mid-Cycle Performance
CONFIDENTIAL Pro Forma Company | Historical vs. Indicative Mid-Cycle Performance ($ in millions) Historical Performance Indicative Mid-Cycle Analysis • Lower margin environment relative to historical mid -cycle § Average 2024 / 2025 crack spreads of $26.11 / bbl and $28.32 / bbl vs. (4) 10-year and
Slide 12: Precedent Transactions Refining (Corporate)
CONFIDENTIAL Precedent Transactions Refining (Corporate) (EV / FY + 1 EBITDA) EV / EBITDA Median: 6.6x 12.0x 9.7x 10.0x 8.5x 8.0x 7.4x 7.3x 6.8x 6.8x 6.3x 6.3x 6.2x 6.0x 5.4x 5.2x 5.1x 4.0x 2.0x 0.0x Acquiror (2) (1) (4) (3) Target Ashland Announcement Dat e 9/23/96 2/4/01 5/7/01 3/19/04 4/25/05 8/2
Slide 13: Sources and Uses and Capitalization
CONFIDENTIAL Executive Summary | Sources and Uses and Capitalization SOURCES AND USES Sources Amount ($mm) Uses Amount ($mm) Equity $1,300 Acquisition of Target $4,200 TLB 1,500 (1) Net Working Capital 650 Other Secured Debt 1,000 ABL Draw 308 (2) Redeem Existing 5.750% Senior Notes due 2028 185 Cas
Slide 14: Refining Market Update
CONFIDENTIAL Refining Market Update
Slide 15: Constructive Forward Outlook
CONFIDENTIAL 1 2 3 4 5 6 Refining Market | Constructive Forward Outlook Research Views “Refiners should enjoy a new higher mid-cycle – the market overestimates “Near-term US refining margins have more than doubled since the start of the new capacity addition and underestimates disruption to existing
Slide 16: Supply-Demand Balances Remain Tight
CONFIDENTIAL Refining Market | Supply-Demand Balances Remain Tight Structural tightness across the globe and in the U.S. has been created by continued rationalization (1) Overview Global Refining Capacity Additions and Closures (mbd) Continued rationalization of U.S. refining capacity 1 3 • Since CO
Slide 17: Tailwinds Remain for Constructive Margin Environment
CONFIDENTIAL Refining Market | Tailwinds Remain for Constructive Margin Environment Compelling margin environment is supported by ongoing conflicts (1) Overview U.S. Gasoline + Diesel Days of Supply Days Compelling forward margins supported by supply / demand imbalances generated Current: 24.5 3 by
Slide 18: PADD II Refining Landscape
CONFIDENTIAL Refining Market | PADD II Refining Landscape (1) Overview Mid-Con Gasoline Margin $/bbl • Large supply region with advantaged crude oil access $60 § Diversified market with limited consolidation outside the top players § Proximity to the Bakken and Canada provides access to cost advanta
Slide 19: PADD II Refining Landscape (cont'd)
CONFIDENTIAL Refining Market | PADD II Refining Landscape (cont’d) PADD II Refineries by Capacity Overview Bakken Corporation Site Name Location Capacity (bpd) Formation Williston MAN & SPP ND 1 BP Whiting Whiting, IN 440,000 Basin Other Refineries MN 2 Flint Hills Pine Bend Saint Paul, MN 375,000 M
Slide 20: Appendix
CONFIDENTIAL Appendix
Slide 21: Company Overview
CONFIDENTIAL Company Overview
Slide 22: CVR Energy Overview
CONFIDENTIAL CVR Energy | Overview Overview Business Segments • CVR Energy (NYSE: CVI) is a diversified energy company with petroleum refining, marketing, and nitrogen fertilizer operations across the Mid-Con region East Dubuque, IL • Current refining assets include two high-complexity refineries in
Slide 23: Petroleum Segment Overview
CONFIDENTIAL CVR Energy | Petroleum Segment Overview Refining Assets • Nameplate crude oil capacity of 206,500 bpd across two refineries with an Wynnewood, OK Coffeyville, KS average NCI of 10.8 • 74,500 bpd • Capacity: 132,000 bpd • Strategically located in Group 3 of PADD II • NCI: ~10.5 • NCI: ~1
Slide 24: Nitrogen Fertilizer Segment Overview
CONFIDENTIAL CVR Energy | Nitrogen Fertilizer Segment Overview Fertilizer Assets • Strategically located facilities serving Southern Plains and Corn Belt regions Company-Owned Nitrogen Fertilizer Facilities Union Pacific, BNSF and shared lines • Integrated logistics network supports efficient distri
Slide 25: Recent Performance Update
CONFIDENTIAL CVR Energy | Recent Performance Update Refining market conditions have improved significantly in 2026 following the onset of the war in Iran and the ongoing conflicts in Ukraine and Russia Refining • The closures of the Strait of Hormuz have driven increased volatility across crude oil
Slide 26: Pro Forma Organizational Structure
CONFIDENTIAL Pro Forma Organizational Structure Legend New $1,500mm Term Loan B Petroleum Issuer / Borrower Segment New $1,000mm Other Secured Icahn Debt Nitrogen Fertilizer Guarantor (6) Enterprises Segment Public L.P. & Existing $600mm 7.500% Senior Affiliates Outstanding Debt Secured Notes due 20
Slide 27: Acquisition Overview
CONFIDENTIAL Acquisition Overview
Slide 28: Refining Highlights
CONFIDENTIAL Integrated Refining and Marketing Platform | Refining Highlights St. Paul Park, MN Mandan, ND 105 mbpd | 8.3 NCI 72 mbpd | ~6.9 NCI 101% ~72% 93% ~83% ~80% ~94% Avg. Crude Utilization Avg. Margin Capture Avg. Crude Utilization Avg. Margin Capture Clean Product Yield Clean Product Yield
Slide 29: Charges & Yield
CONFIDENTIAL Integrated Refining and Marketing Platform | Charges & Yield St. Paul Park Crude Oil Charge Product Yield Total Throughput: 111,657 bpd Total Production: 108,574 bpd Other Gasoline 3% 49% Light Crude Other 72% Jet / 1% Heavy Crude Kerosene 25% 4% ULSD Asphalt 30% 14% LPG 2% Mandan Crude
Slide 30: Logistics and Marketing
CONFIDENTIAL Integrated Refining and Marketing Platform | Logistics and Marketing Up to 590 150 mbpd 14% 17% Branded locations Across Avg. Gasoline and Diesel Volumes Branded Share of Volumes Interest in the Minnesota Pipeline (1) (2) MN, ND, WI, SD and IA (2023A – 2025A) (2023A – 2025A avg.) Market
Slide 31: Key Credit Highlights
CONFIDENTIAL Key Credit Highlights
Slide 32: CVI Credit Highlights
CONFIDENTIAL CVI Credit Highlights 1 • Total crude oil processing capacity of ~384 mbpd located in strong demand geographies Significant Scale and th (1) th • 6 largest independent U.S. refiner and 4 largest refiner in PADD II Diversification across • Exposure to northern PADD II expands CVI's geogr
Slide 33: Significant Scale and Diversification across Northern and Southern PADD II
CONFIDENTIAL 1 2 3 4 5 6 Significant Scale and Diversification across Northern and Southern PADD II Overview Pro Forma CVI • ~384 mbpd of crude oil capacity across four refineries located in strong demand markets th (1) th • 6 largest independent U.S. refiner and 4 largest refiner in PADD II • Expos
Slide 34: High-Quality, Complex System with Integrated Marketing Platform
CONFIDENTIAL 1 2 3 4 5 6 High-Quality, Complex System with Integrated Marketing Platform (1) Overview Sub-IG Peer NCI 12.8 (1) • Complex platform – system-wide NCI of ~9.4 , similar to sub-IG peer average of ~10.0 9.6 9.4 • Complementary configurations add flexibility 7.5 § Coffeyville / Wynnewood:
Slide 35: Moderate Leverage and Robust EBITDA
CONFIDENTIAL 1 2 3 4 5 6 Moderate Leverage and Robust EBITDA Inclusion of pre-payable debt LTM LEVERAGE as of 9/30/2026 allows management the flexibility to accelerate future de-leveraging ~2.0x via opportunistic debt repayment (1) (2) LTM PF Q3’26 Adj. EBITDA PF DEBT SERVICE COVERAGE ~$1,907mm >8.0
Slide 36: Experienced Management Team
CONFIDENTIAL 1 2 3 4 5 6 Experienced Management Team Experienced management team with 90+ years of combined industry experience and a deep downstream pedigree Executive Management Dane Neumann President & Chief Executive Officer President & CEO since June 2026; previously EVP & CFO from 2021 and wit
Slide 37: Term Sheet and Timeline
CONFIDENTIAL Term Sheet and Timeline
Slide 38: Summary of Proposed Terms
CONFIDENTIAL Summary of Proposed Terms New Senior Secured Term Loan B Borrowers CVR Energy, Inc. (the “Borrower”) Guarantors Same as existing senior notes and all the Borrowers/loan parties under ABL Ranking Pari Passu with all existing and future senior indebtedness and senior to all subordinated i
Slide 39: Transaction Timeline
CONFIDENTIAL Transaction Timeline November 2026 M T W T F 2 3 4 5 6 9 10 11 12 13 16 17 18 19 20 23 24 25 26 27 30 Key Transaction Date US Bank Holiday Key Dates: Event th November 9 • Global Lender Call at 11:00am ET • Commitments due at 12:00pm ET th November 19 • Price & allocate Thereafter • Clo
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 41: Reconciliation of Target Net Income to Target Adjusted EBITDA
CONFIDENTIAL Non-GAAP Reconciliation | Reconciliation of Target Net Income to Target Adjusted EBITDA $ in Millions EBITDA to Adjusted EBITDA Bridge 2024A Target 2025A Target Carve-Out Net Income ($27) $289 Depreciation and Amortization 117 111 Top Side Entry Impacting Net Income 2 - (1) Income Tax E
Slide 42: Reconciliation of Target Net Income to Target Adjusted EBITDA
CONFIDENTIAL Non-GAAP Reconciliation | Reconciliation of Target Net Income to Target Adjusted EBITDA $ in Millions EBITDA to Adjusted EBITDA Bridge 2024A Target 2025A Target Carve-Out Net Income ($27) $289 Depreciation and Amortization 117 111 Top Side Entry Impacting Net Income 2 - Income Tax Expen
Slide 43: Reconciliation of Target Net Income to Target Adjusted EBITDA
CONFIDENTIAL Non-GAAP Reconciliation | Reconciliation of Target Net Income to Target Adjusted EBITDA $ in Millions EBITDA to Adjusted EBITDA Bridge 2024A Target 2025A Target Carve-Out Net Income ($27) $289 Depreciation and Amortization 117 111 Top Side Entry Impacting Net Income 2 - Income Tax Expen
Slide 44: Pro Forma Adjusted EBITDA Bridge
CONFIDENTIAL Non-GAAP Reconciliation | Pro Forma Adjusted EBITDA Bridge Nine Months Ended $ in Millions September 30, 2026 Target Before Target as (5) 9/30/2026 YTD EBITDA Reconciliation Reclassification CVR Pro Forma Total Reclassification Reclassified (1) Net Income $697 $71 $768 $449 $1,217 (+) I
Slide 45: CVI & UAN Adjusted EBITDA Bridge
CONFIDENTIAL Non-GAAP Reconciliation | CVI & UAN Adjusted EBITDA Bridge $ in Millions CVI EBITDA Reconciliation 2024A 9M2025A 2025A 9M2026A LTM (1) Net Income 45 206 90 449 333 (+) Interest Expense 77 79 108 105 134 (2) (+) Income Tax (26) (3) (10) 122 115 (+) Depreciation and Amortization 298 258 4
Slide 46: LTM Target EBITDA
CONFIDENTIAL Non-GAAP Reconciliation | LTM Target EBITDA 9M2025A Before 2025A Before 9M2026A Before (1) (3) Target LTM EBITDA Reconciliation Reclassification LTM Reclassification Reclassification Reclassification (1) Net Income $267 $289 $697 $72 $791 (2) (+) Income Tax 94 101 246 23 276 (+) Depreci
Slide 47: CVI Free Cash Flow Reconciliation
CONFIDENTIAL Non-GAAP Reconciliation | CVI Free Cash Flow Reconciliation $ in Millions Free Cash Flow Reconciliation 9M2026A Net Cash Provided by Operating Activities $1,026 (-) Capital Expenditures (152) (-) Capitalized Turnaround Expenditures (2) (+) Return of Equity Method Investment 6 Consolidat
Slide 48: Gross Margin Reconciliation
CONFIDENTIAL Non-GAAP Reconciliation | Gross Margin Reconciliation $ in Millions Target Gross Margin Reconciliation 2024A 2025A Revenue and Other Income (Incl. D6 RIN Income) $8,110 $7,867 (-) Cost of Sales, Excl. RIN Expense (6,986) (6,533) (-) RIN Expense (76) (93) (-) Inventory Cost Adjustments (
Slide 49: Refining Margin
CONFIDENTIAL Non-GAAP Reconciliation | Refining Margin $ in Millions, except throughput data Refining Margin Reconciliation 2024A 2025A Net Sales $6,920 $6,426 (-) Cost of Materials and Other (6,236) (5,520) (-) Direct Operating Expenses (Exclusive of D&A) (421) (415) (-) Depreciation and Amortizati
Slide 50: MPC Mid-Con Adjusted EBITDA Margin
CONFIDENTIAL (1) Non-GAAP Reconciliation | MPC Mid-Con Adjusted EBITDA Margin MPC Mid-Con Adjusted EBITDA Margin Reconciliation 2024A 2025A Refining & Marketing margin ($/bbl) $15.77 $17.27 (-) Refining Operating Costs (5.15) (5.22) (-) Distribution Costs (5.64) (5.67) (-) Other (Income) Loss (0.18)
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