Calumet, Inc · NASDAQ:CLMT
Calumet — Q2 2024 Earnings Presentation
15 slides from Calumet's earnings presentation, Aug 9, 2024
Slide 1: Second Quarter 2024 Financial Results
Second Quarter 2024 Financial Results August 9, 2024
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 August 9, 2024. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified by
Slide 3: Performance Summary
PERFORMANCE SUMMARY Business Overview Q2’24 Adjusted Business Segment EBITDA ($MM) Q2’24 Adjusted EBITDA of $66.8MM(1) Specialty Products and Solutions (SPS) $65.8 Record volumes achieved in both Specialties and Montana / Renewables (MR) $7.6 Renewables businesses Performance Brands (PB) $14.1
Slide 4: Multi-Year Specialties Transformation
MULTI-YEAR SPECIALTIES TRANSFORMATION Specialty Material Margin ($/BBL) Intercompany Volumes (BPD) 14,000 $90.00 $80.00 13,500 $70.00 13,000 $60.00 12,500 $50.00 12,000 $40.00 11,500 $30.00 11,000 $20.00 10,500 $10.00 10,000 $- 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 YTD YTD Mate
Slide 5: Montana Renewables Demonstrating Competitive Advantage
MONTANA RENEWABLES DEMONSTRATING COMPETITIVE ADVANTAGE Summary Feedstock Rate and Key Products (bpd) ■ Clean operational quarter at planned throughput in Q2’24 12,000 ■ Produced ~ 7MM gallons of SAF in Q2’24 10,000 ■ Industry index margin remains volatile at trough conditions ■ Industry index margin
Slide 6: Strategic Initiatives Focused on Shareholder Value
STRATEGIC INITIATIVES FOCUSED ON SHAREHOLDER VALUE Strategic Overview Successfully completed conversion of structure from a MLP to a C-Corp in July 2024 DOE loan remains on track and in final stages Successful step in Small Refinery Exemption litigation Potential Eligible Passive Funds from C-
Slide 7: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Q2’2024 Q2’2023 Specialty margins remain resilient Adjusted EBITDA ($MM) $65.8 $61.0 Offset weaker commodity environment Near record volumes driven by solid operations Specialty Products Material Margin ($/bbl) $62.44 $77.37 Fuels & Asphalt Material Mar
Slide 8: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Continued strong results driven by commercial excellence program Q2’2024 Q2’2023 and northwest Louisiana value chain integration Sales ($MM) $96.1 $85.5 ~ 30% YoY volume growth Adjusted EBITDA ($MM) $14.1 $12.2 Royal Purple continues to deliver exceptional margins vi
Slide 9: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q2’2024 Q2’2023 Adjusted EBITDA ($MM) $7.6 $13.0 Renewables (1) (2) $6.1 $(4.7) Montana Asphalt (2) $1.5 $17.7 Conventional Production (bpd) 11,195 11,887 Renewable Production (bpd) 11,797 7,312 (1) Adjusted EBITDA represents Calumet’s 86% allocation of Montana Renewable
Slide 10: Focused on Near Term Catalysts to Drive Shareholder Value
FOCUSED ON NEAR TERM CATALYSTS TO DRIVE SHAREHOLDER VALUE C-Corp conversion completed Demonstrating the competitive advantage of Montana Renewables DOE Loan expected to fund future MaxSAF expansion 10
Slide 11: Appendix
Appendix © 2024 Calumet, Inc. All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Calumet, Inc.
Slide 12: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW 12
Slide 13: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA 13
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) 14
Slide 15: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 15