Calumet, Inc · NASDAQ:CLMT

Calumet — Q1 2025 Earnings Presentation

19 slides from Calumet's earnings presentation, May 9, 2025

  1. Slide 1: First Quarter 2025 Financial Results

    First Quarter 2025 Financial Results May 9, 2025

  2. 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 9, 2025. The information in this Presentation includes certain “forward- looking statements.” These statements can be identified by th

  3. Slide 3: Performance Summary

    PERFORMANCE SUMMARY Financial Performance and Q1’25 Adjusted Q1’24 Adjusted Key Strategic Milestones EBITDA with EBITDA with  Plan announced to accelerate MaxSAF expansion Tax Attributes Tax Attributes2  120 million to 150-million-gallon SAF capacity unlocked by Q2 ($MM) ($MM) 2026 (“MaxSAF150”) S

  4. Slide 4: Resilient Specialties Moat

    RESILIENT SPECIALTIES MOAT Customer Diversification Extensive Portfolio Commercial Excellence Strategic Integration ■ Best-in-breed customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule management base across industries serving diverse applications extreme customer focus

  5. Slide 5: Renewable Diesel Market Recovery

    RENEWABLE DIESEL MARKET RECOVERY Supply Stack Biomass Based Diesel Gallons of Biomass Based Diesel 600,000,000 RVO not being met 500,000,000 in 2025 400,000,000 4.5 bn gpy 300,000,000 Future mandate requires small BD 200,000,000 restart to meet RVO? 100,000,000 2025 RVO - driven BBD demand Domestic

  6. Slide 6: MaxSAF Capacity Sooner at Lower Cost

    MAXSAF CAPACITY SOONER AT LOWER COST ■ MaxSAFTM includes a series of discrete, modular projects to enhance MRL capability and reduce emissions A. Increase SAF capacity to 120mm-150mm gallons/year by second quarter 2026 (MaxSAF 150) ■ Reduced capex estimate of $20-30MM compared to initial estimate of

  7. Slide 7: Changes to Adjusted EBITDA

    CHANGES TO ADJUSTED EBITDA Consolidated CLMT ($ in millions) 4Q24 1Q25 ■ New Adjusted EBITDA definition to better reflect cash flow Net income (loss) ($40.7) ($162.0) generation of the business Add: Depreciation and amortization 50.4 46.7 ■ Prior Adjusted EBITDA was burdened by non-cash RINs incurre

  8. Slide 8: Focused on Deleveraging and Value Creation

    FOCUSED ON DELEVERAGING AND VALUE CREATION ■ Driving Cashflow from the Business ■ Specialties continued to post strong results and demonstrate resiliency due to diverse portfolio, commercial excellence and cost controls ■ Announced proposal to accelerate MaxSAF expansion for dramatically less capex

  9. Slide 9: Specialty Products and Solutions Segment

    SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT  Continued strong commercial execution Q12025 Q12024  3rd highest quarter on record for SPS sales volumes  Margins resilient despite challenging macro environment Adjusted EBITDA ($MM) $56.3 $47.2  Operational improvement trend continues Specialty Product

  10. Slide 10: Performance Brands Segment

    PERFORMANCE BRANDS SEGMENT  Fully integrated specialties strategy and implementation of commercial excellence Q12025 Q12024 programs continues to drive strong results Sales ($MM) $82.1 $79.7  Q1’25 Adj. EBITDA increased $2.4MM, or 18%, YoY  Exceptional volume and margin growth within TruFuel busi

  11. Slide 11: Montana / Renewables Segment

    MONTANA / RENEWABLES SEGMENT Q12025 Q12024 Adjusted EBITDA ($MM) with Tax Attributes (1) (2) $3.3 $(13.4) Renewables at 87% with Tax Attributes (2) $2.1 $(5.4) Montana Asphalt (2) $1.2 $(8.0) Renewable Sales (bpd) 10,264 9,291 Conventional Sales (bpd) 13,885 13,291 (1) Q1’25 Montana/Renewables segme

  12. Slide 12: 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.

  13. Slide 13: Competitive Advantage: Dynamic Optimization

    COMPETITIVE ADVANTAGE: DYNAMIC OPTIMIZATION ■ MRL profits by quickly reacting to market volatility ■ Close proximity to end-markets provides dynamic product placement ■ ~ 60% of MRL’s shipments shifted to Washington and Oregon in recent months ■ Robust pre-treater and close proximity to multiple fee

  14. Slide 14: Adjusted EBITDA as Revised

    ADJUSTED EBITDA AS REVISED ($ in millions) FY 2022 FY 2023 FY 2024 Net income (loss) ($173.3) $48.1 ($222.0) Add: Depreciation and amortization 121.4 183.0 187.0 LCM / LIFO (gain) loss 6.6 35.6 12.3 Interest expense 175.9 221.7 236.7 Debt extinguishment costs 41.4 5.9 0.4 Unrealized (gain) loss on d

  15. Slide 15: Segment Adjusted EBITDA

    SEGMENT ADJUSTED EBITDA Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 As Reported Revised As Reported Revised As Reported Revised As Reported Revised As Reported Revised ($ in millions) Specialty Products and Solutions $ 76.0 88.0 $ 61.0 96.8 $ 38.6 52.5 $ 75.6 85.6 $ 251.2 322.9 Performance Brands 16.4 1

  16. Slide 16: Capital Structure Overview

    CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 3/31/23 6/30/23 9/30/23 13/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Cash and cash equivalents (Restricted Group) $ 5.9 $ 32.6 $ 6.1 $ 7.3 $ 22.3 $ 6.4 $ 30.9 $ 8.9 $ 8.0 Cash, cash equival

  17. Slide 17: Reconciliation of Net Income (Loss) to Adjusted EBITDA

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA ($ in millions) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net income (loss) $ 18.6 $ (22.3) $ 99.8 $ (48.0) $ (41.6) $ (39.1) $ (100.6) $ (40.7) $ (162.0) Add: Depreciation and amortization 37.2 42.9 43.6 59.3 45.4

  18. Slide 18: Reconciliation of Segment Gross Profit to Segment Adjusted Gross Profit

    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 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Specialty Products and Solutions segment gross profit $ 325.5 $ 109.9 $ 45.3 $ 158.9 $ 88.1 $

  19. Slide 19: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA

    RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 1Q 2024 1Q 2025 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (63.6) $ 9.8 $ (53.8) $ (114.9) $ (38.6) $ (153.5) Add: Depreciation and amortization 14.0 11.3 25.3 16.6 11.3 27.9 LCM / L

Calumet — Q1 2025 Earnings Presentation on 6ix