Calumet, Inc · NASDAQ:CLMT
Calumet — Barclays CEO Energy-Power Conference 2026
150 slides from Calumet's conference presentation, Sep 10, 2026
Slide 1: Barclays CEO Energy-Power Conference
Barclays CEO Energy-Power Conference September 10, 2026
Slide 2: Cautionary Statements
CAU T I O N A RY STAT E M E N T S Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 24, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can b
Slide 3: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 4: Leading Growth Platforms
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l L E A D I N G G ROW T H P L AT F O RM S Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel and
Slide 5: YTD '26 Strategic Progress
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l Y T D ’ 26 ST R AT EG I C P RO G R E S S Measured against the position and commitments set out with fourth quarter and full year 2025 results: YEAR-END 2025 YTD 2026 4.9x net recourse leverage after $222mm of 2.8x adjusted
Slide 6: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 7: Leading Specialty Products Platform with Demonstrated Cash Flow Growth
S p e ci al ti es B u s i nes s O v e rvi ew Superior Customer and L E A D I N G S P E C I A LT Y P R O D U C T S P L AT F O R M Market Diversification(1) W I T H D E M O N S T R AT E D C A S H F L O W G R O W T H Leading specialty products company with demonstrated earnings power, strong free cash
Slide 8: How We Win: Resilient Specialties Moat
S p e ci al ti es B u s i nes s O v e rvi ew H O W W E W I N : R E S I L I E N T S P E C I ALT I E S M OAT Customer Extensive Commercial Strategic Diversification Portfolio Excellence Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule mana
Slide 9: Specialties: Tight Markets Today, High-Return Growth Ahead
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD Well Positioned in Structurally Tight Markets Growth Built on Demonstrated Success Global specialties shortage unlikely to resolve quickly Accelerated deleveraging and strong free cash flow ou
Slide 10: Industry Leading Integrated Plants at Scale
S p e ci al ti es B u s i nes s O v e rvi ew I N D U ST RY L E A D I N G I N T EG R AT E D P L A N T S AT S CA L E Northwest Louisiana Base Production ■ Base Oils ■ Solvents ■ Waxes ■ Esters ■ Specialty Asphalt ■ Transportation Fuels Upgrading and Blending ■ Gels ■ Finished Lubricants ■ Petrolatum ■
Slide 11: Specialties Business Generates Strong Cash Flow Across the Business Cycle
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS THE BUSINESS CYCLE Restricted Group Adj. EBITDA ($mm) LTM Q2'26 Restricted Group Adjusted EBITDA of $374.5mm vs. a $286mm seven-year average (1) 500 Strong free cash flow throughout the cycle, inc
Slide 12: Deleveraging Scoreboard
S p e ci al ti es B u s i nes s O v e rvi ew DELEVERAGING SCOREBOARD Leverage nearly halved in twelve months YTD 2026 BALANCE SHEET ACTIONS Net recourse debt / LTM Restricted Group Adjusted EBITDA January 2026 -- Refinancing ■ Issued $405mm of 9.75% Senior Notes due 2031; 8 proceeds, together with c
Slide 13: Montana Renewables Overview
Montana Renewables Overview
Slide 14: MaxSAF: Cleared for Takeoff
M o n t a n a R e n ew abl es O v e rview MAXSAF®: CLEARED FOR TAKEOFF Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules 17k BPD: 40% increase in renewable ■ Comp
Slide 15: Six Small, Controllable Projects
M o n t a n a R e n ew abl es O v e rview SIX SMALL, CONTROLLABLE PROJECTS Each quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk Step Description Primary Driver Run-Rate Levels Now YE 2026 YE 2027 YE 2028 Constraint removal at Spring 2026 Throughput (
Slide 16: Great Falls Refinery Site Reconfiguration
M o n t a n a R e n ew abl es O v e rview GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY ■ Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution ■ Redeployment of proven, installed refining equipment is the k
Slide 17: Montana Renewables: RVO Working as Designed
M o n t a n a R e n ew abl es O v e rview MONTANA RENEWABLES: RVO WORKING AS DESIGNED RVO working as designed, driving a full industry restart – market approaching historical highs Higher margins incentivizing renewable diesel and biodiesel production growth RVO announcement driven a 70% incre
Slide 18: Calumet: Driving Shareholder Value
CA LU M E T: D R I V I N G S H A R E H O LD E R VA LU E Robust Specialties Cash Flow Generation Q2'26 SPS Adjusted EBITDA of $161.7mm at a 16.0% segment margin; LTM Restricted Group Adjusted EBITDA of $374.5mm Deleveraging Is Working, Not Aspirational Net recourse leverage of 3.9x at 6/30/26
Slide 19: Appendix
APPENDIX
Slide 20: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Exceptional results driven by strong margin environment and disciplined execution Q22026 Q22025 Rapid commercial response to extreme cost volatility Strong operational quarter and turnaround execution Adjusted EBITDA ($MM) $161.7 $66.8 Another record
Slide 21: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Strong volume performance across all brands Q22026 Q22025 Sales volume increased 24% YoY Sales ($MM) $103.6 $80.7 TruFuel sets another quarterly record sales volume Multiple price increases implemented in Q2, with more under way as Adjusted EBITDA ($MM) $6.3 $13.5
Slide 22: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q22026 Q22025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $26.6 $16.3 100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26 Renewables at 87% with Tax Attributes $14.4 $7.2 Strong results in May and June, with over $40 MM of foregone
Slide 23: MaxSAF From Every Angle
MAXSAF® FROM EVERY ANGLE Diversified value drivers Capital efficiency De-risked execution Program meaningfully expands throughput and builds ~200MM gallon SAF outcome for $137mm capex Small, quick payback steps using proven, installed on existing MRL advantages around feedstock versus the original L
Slide 24: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical margin ~$2/Gal Historical Index Margin: Set 1 RVO decimates RVO compliance requires biodiesel supply biodiesel industry 24
Slide 25: Restricted Group Non-GAAP Reconciliation of Adjusted EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q2'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (77.7) $ (24.4) Add: Depreciation and amor
Slide 26: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Cash and cash equivalents (Restricted Group) $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 Cash, cash equivale
Slide 27: Reconciliation of Net Income to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net income (loss) $ (147.9) $ 313.4 $ (37.3) $ (317.0) $ (95.9) Add: Depreciation and amortization 47.9 50.7 44.6 41.4 45.5 LCM / LIFO (gain) loss (1.9) 5.1 16.8 (26.2)
Slide 28: Reconciliation of Segment Gross Profit to Adjusted Gross Profit
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Specialty Products and Solutions segment gross profit $ (14.9) $ 276.3 $ 38.3 $ (62.9) $ 31.8 LCM/LIFO inventory (gain) loss 4.9 1.4 1
Slide 29: Reconciliation of MRL and CMR Net Income to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2025 2Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (50.8) $ (24.1) $ (74.9) $ (15.3) $ (17.2) $ (32.5) Add: Depreciation and amortization 16.8 11.4 28.2 16.4 9.8 26.2 LCM / L
Slide 30: Calumet
Se» CALUMET a __atll
Slide 31: Barclays CEO Energy-Power Conference
Barclays CEO Energy-Power Conference September 10, 2026
Slide 32: Cautionary Statements
CAU T I O N A RY STAT E M E N T S Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 24, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can b
Slide 33: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 34: Leading Growth Platforms
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l L E A D I N G G ROW T H P L AT F O RM S Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel and
Slide 35: YTD '26 Strategic Progress
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l Y T D ’ 26 ST R AT EG I C P RO G R E S S Measured against the position and commitments set out with fourth quarter and full year 2025 results: YEAR-END 2025 YTD 2026 4.9x net recourse leverage after $222mm of 2.8x adjusted
Slide 36: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 37: Leading Specialty Products Platform with Demonstrated Cash Flow Growth
S p e ci al ti es B u s i nes s O v e rvi ew Superior Customer and L E A D I N G S P E C I A LT Y P R O D U C T S P L AT F O R M Market Diversification(1) W I T H D E M O N S T R AT E D C A S H F L O W G R O W T H Leading specialty products company with demonstrated earnings power, strong free cash
Slide 38: How We Win: Resilient Specialties Moat
S p e ci al ti es B u s i nes s O v e rvi ew H O W W E W I N : R E S I L I E N T S P E C I ALT I E S M OAT Customer Extensive Commercial Strategic Diversification Portfolio Excellence Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule mana
Slide 39: Specialties: Tight Markets Today, High-Return Growth Ahead
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD Well Positioned in Structurally Tight Markets Growth Built on Demonstrated Success Global specialties shortage unlikely to resolve quickly Accelerated deleveraging and strong free cash flow ou
Slide 40: Industry Leading Integrated Plants at Scale
S p e ci al ti es B u s i nes s O v e rvi ew I N D U ST RY L E A D I N G I N T EG R AT E D P L A N T S AT S CA L E Northwest Louisiana Base Production ■ Base Oils ■ Solvents ■ Waxes ■ Esters ■ Specialty Asphalt ■ Transportation Fuels Upgrading and Blending ■ Gels ■ Finished Lubricants ■ Petrolatum ■
Slide 41: Specialties Business Generates Strong Cash Flow Across the Business Cycle
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS THE BUSINESS CYCLE Restricted Group Adj. EBITDA ($mm) LTM Q2'26 Restricted Group Adjusted EBITDA of $374.5mm vs. a $286mm seven-year average (1) 500 Strong free cash flow throughout the cycle, inc
Slide 42: Deleveraging Scoreboard
S p e ci al ti es B u s i nes s O v e rvi ew DELEVERAGING SCOREBOARD Leverage nearly halved in twelve months YTD 2026 BALANCE SHEET ACTIONS Net recourse debt / LTM Restricted Group Adjusted EBITDA January 2026 -- Refinancing ■ Issued $405mm of 9.75% Senior Notes due 2031; 8 proceeds, together with c
Slide 43: Montana Renewables Overview
Montana Renewables Overview
Slide 44: MaxSAF: Cleared for Takeoff
M o n t a n a R e n ew abl es O v e rview MAXSAF®: CLEARED FOR TAKEOFF Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules 17k BPD: 40% increase in renewable ■ Comp
Slide 45: Six Small, Controllable Projects
M o n t a n a R e n ew abl es O v e rview SIX SMALL, CONTROLLABLE PROJECTS Each quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk Step Description Primary Driver Run-Rate Levels Now YE 2026 YE 2027 YE 2028 Constraint removal at Spring 2026 Throughput (
Slide 46: Great Falls Refinery Site Reconfiguration
M o n t a n a R e n ew abl es O v e rview GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY ■ Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution ■ Redeployment of proven, installed refining equipment is the k
Slide 47: Montana Renewables: RVO Working as Designed
M o n t a n a R e n ew abl es O v e rview MONTANA RENEWABLES: RVO WORKING AS DESIGNED RVO working as designed, driving a full industry restart – market approaching historical highs Higher margins incentivizing renewable diesel and biodiesel production growth RVO announcement driven a 70% incre
Slide 48: Calumet: Driving Shareholder Value
CA LU M E T: D R I V I N G S H A R E H O LD E R VA LU E Robust Specialties Cash Flow Generation Q2'26 SPS Adjusted EBITDA of $161.7mm at a 16.0% segment margin; LTM Restricted Group Adjusted EBITDA of $374.5mm Deleveraging Is Working, Not Aspirational Net recourse leverage of 3.9x at 6/30/26
Slide 49: Appendix
APPENDIX
Slide 50: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Exceptional results driven by strong margin environment and disciplined execution Q22026 Q22025 Rapid commercial response to extreme cost volatility Strong operational quarter and turnaround execution Adjusted EBITDA ($MM) $161.7 $66.8 Another record
Slide 51: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Strong volume performance across all brands Q22026 Q22025 Sales volume increased 24% YoY Sales ($MM) $103.6 $80.7 TruFuel sets another quarterly record sales volume Multiple price increases implemented in Q2, with more under way as Adjusted EBITDA ($MM) $6.3 $13.5
Slide 52: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q22026 Q22025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $26.6 $16.3 100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26 Renewables at 87% with Tax Attributes $14.4 $7.2 Strong results in May and June, with over $40 MM of foregone
Slide 53: MaxSAF From Every Angle
MAXSAF® FROM EVERY ANGLE Diversified value drivers Capital efficiency De-risked execution Program meaningfully expands throughput and builds ~200MM gallon SAF outcome for $137mm capex Small, quick payback steps using proven, installed on existing MRL advantages around feedstock versus the original L
Slide 54: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical margin ~$2/Gal Historical Index Margin: Set 1 RVO decimates RVO compliance requires biodiesel supply biodiesel industry 24
Slide 55: Restricted Group Non-GAAP Reconciliation of Adjusted EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q2'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (77.7) $ (24.4) Add: Depreciation and amor
Slide 56: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Cash and cash equivalents (Restricted Group) $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 Cash, cash equivale
Slide 57: Reconciliation of Net Income to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net income (loss) $ (147.9) $ 313.4 $ (37.3) $ (317.0) $ (95.9) Add: Depreciation and amortization 47.9 50.7 44.6 41.4 45.5 LCM / LIFO (gain) loss (1.9) 5.1 16.8 (26.2)
Slide 58: Reconciliation of Segment Gross Profit to Adjusted Gross Profit
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Specialty Products and Solutions segment gross profit $ (14.9) $ 276.3 $ 38.3 $ (62.9) $ 31.8 LCM/LIFO inventory (gain) loss 4.9 1.4 1
Slide 59: Reconciliation of MRL and CMR Net Income to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2025 2Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (50.8) $ (24.1) $ (74.9) $ (15.3) $ (17.2) $ (32.5) Add: Depreciation and amortization 16.8 11.4 28.2 16.4 9.8 26.2 LCM / L
Slide 60: Calumet
Se» CALUMET a __atll
Slide 61: Barclays CEO Energy-Power Conference
Barclays CEO Energy-Power Conference September 10, 2026
Slide 62: Cautionary Statements
CAU T I O N A RY STAT E M E N T S Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 24, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can b
Slide 63: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 64: Leading Growth Platforms
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l L E A D I N G G ROW T H P L AT F O RM S Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel and
Slide 65: YTD '26 Strategic Progress
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l Y T D ’ 26 ST R AT EG I C P RO G R E S S Measured against the position and commitments set out with fourth quarter and full year 2025 results: YEAR-END 2025 YTD 2026 4.9x net recourse leverage after $222mm of 2.8x adjusted
Slide 66: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 67: Leading Specialty Products Platform with Demonstrated Cash Flow Growth
S p e ci al ti es B u s i nes s O v e rvi ew Superior Customer and L E A D I N G S P E C I A LT Y P R O D U C T S P L AT F O R M Market Diversification(1) W I T H D E M O N S T R AT E D C A S H F L O W G R O W T H Leading specialty products company with demonstrated earnings power, strong free cash
Slide 68: How We Win: Resilient Specialties Moat
S p e ci al ti es B u s i nes s O v e rvi ew H O W W E W I N : R E S I L I E N T S P E C I ALT I E S M OAT Customer Extensive Commercial Strategic Diversification Portfolio Excellence Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule mana
Slide 69: Specialties: Tight Markets Today, High-Return Growth Ahead
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD Well Positioned in Structurally Tight Markets Growth Built on Demonstrated Success Global specialties shortage unlikely to resolve quickly Accelerated deleveraging and strong free cash flow ou
Slide 70: Industry Leading Integrated Plants at Scale
S p e ci al ti es B u s i nes s O v e rvi ew I N D U ST RY L E A D I N G I N T EG R AT E D P L A N T S AT S CA L E Northwest Louisiana Base Production ■ Base Oils ■ Solvents ■ Waxes ■ Esters ■ Specialty Asphalt ■ Transportation Fuels Upgrading and Blending ■ Gels ■ Finished Lubricants ■ Petrolatum ■
Slide 71: Specialties Business Generates Strong Cash Flow Across the Business Cycle
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS THE BUSINESS CYCLE Restricted Group Adj. EBITDA ($mm) LTM Q2'26 Restricted Group Adjusted EBITDA of $374.5mm vs. a $286mm seven-year average (1) 500 Strong free cash flow throughout the cycle, inc
Slide 72: Deleveraging Scoreboard
S p e ci al ti es B u s i nes s O v e rvi ew DELEVERAGING SCOREBOARD Leverage nearly halved in twelve months YTD 2026 BALANCE SHEET ACTIONS Net recourse debt / LTM Restricted Group Adjusted EBITDA January 2026 -- Refinancing ■ Issued $405mm of 9.75% Senior Notes due 2031; 8 proceeds, together with c
Slide 73: Montana Renewables Overview
Montana Renewables Overview
Slide 74: MaxSAF: Cleared for Takeoff
M o n t a n a R e n ew abl es O v e rview MAXSAF®: CLEARED FOR TAKEOFF Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules 17k BPD: 40% increase in renewable ■ Comp
Slide 75: Six Small, Controllable Projects
M o n t a n a R e n ew abl es O v e rview SIX SMALL, CONTROLLABLE PROJECTS Each quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk Step Description Primary Driver Run-Rate Levels Now YE 2026 YE 2027 YE 2028 Constraint removal at Spring 2026 Throughput (
Slide 76: Great Falls Refinery Site Reconfiguration
M o n t a n a R e n ew abl es O v e rview GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY ■ Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution ■ Redeployment of proven, installed refining equipment is the k
Slide 77: Montana Renewables: RVO Working as Designed
M o n t a n a R e n ew abl es O v e rview MONTANA RENEWABLES: RVO WORKING AS DESIGNED RVO working as designed, driving a full industry restart – market approaching historical highs Higher margins incentivizing renewable diesel and biodiesel production growth RVO announcement driven a 70% incre
Slide 78: Calumet: Driving Shareholder Value
CA LU M E T: D R I V I N G S H A R E H O LD E R VA LU E Robust Specialties Cash Flow Generation Q2'26 SPS Adjusted EBITDA of $161.7mm at a 16.0% segment margin; LTM Restricted Group Adjusted EBITDA of $374.5mm Deleveraging Is Working, Not Aspirational Net recourse leverage of 3.9x at 6/30/26
Slide 79: Appendix
APPENDIX
Slide 80: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Exceptional results driven by strong margin environment and disciplined execution Q22026 Q22025 Rapid commercial response to extreme cost volatility Strong operational quarter and turnaround execution Adjusted EBITDA ($MM) $161.7 $66.8 Another record
Slide 81: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Strong volume performance across all brands Q22026 Q22025 Sales volume increased 24% YoY Sales ($MM) $103.6 $80.7 TruFuel sets another quarterly record sales volume Multiple price increases implemented in Q2, with more under way as Adjusted EBITDA ($MM) $6.3 $13.5
Slide 82: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q22026 Q22025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $26.6 $16.3 100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26 Renewables at 87% with Tax Attributes $14.4 $7.2 Strong results in May and June, with over $40 MM of foregone
Slide 83: MaxSAF From Every Angle
MAXSAF® FROM EVERY ANGLE Diversified value drivers Capital efficiency De-risked execution Program meaningfully expands throughput and builds ~200MM gallon SAF outcome for $137mm capex Small, quick payback steps using proven, installed on existing MRL advantages around feedstock versus the original L
Slide 84: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical margin ~$2/Gal Historical Index Margin: Set 1 RVO decimates RVO compliance requires biodiesel supply biodiesel industry 24
Slide 85: Restricted Group Non-GAAP Reconciliation of Adjusted EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q2'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (77.7) $ (24.4) Add: Depreciation and amor
Slide 86: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Cash and cash equivalents (Restricted Group) $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 Cash, cash equivale
Slide 87: Reconciliation of Net Income to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net income (loss) $ (147.9) $ 313.4 $ (37.3) $ (317.0) $ (95.9) Add: Depreciation and amortization 47.9 50.7 44.6 41.4 45.5 LCM / LIFO (gain) loss (1.9) 5.1 16.8 (26.2)
Slide 88: Reconciliation of Segment Gross Profit to Adjusted Gross Profit
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Specialty Products and Solutions segment gross profit $ (14.9) $ 276.3 $ 38.3 $ (62.9) $ 31.8 LCM/LIFO inventory (gain) loss 4.9 1.4 1
Slide 89: Reconciliation of MRL and CMR Net Income to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2025 2Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (50.8) $ (24.1) $ (74.9) $ (15.3) $ (17.2) $ (32.5) Add: Depreciation and amortization 16.8 11.4 28.2 16.4 9.8 26.2 LCM / L
Slide 90: Calumet
Se» CALUMET a __atll
Slide 91: Barclays CEO Energy-Power Conference
Barclays CEO Energy-Power Conference September 10, 2026
Slide 92: Cautionary Statements
CAU T I O N A RY STAT E M E N T S Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 24, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can b
Slide 93: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 94: Leading Growth Platforms
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l L E A D I N G G ROW T H P L AT F O RM S Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel and
Slide 95: YTD '26 Strategic Progress
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l Y T D ’ 26 ST R AT EG I C P RO G R E S S Measured against the position and commitments set out with fourth quarter and full year 2025 results: YEAR-END 2025 YTD 2026 4.9x net recourse leverage after $222mm of 2.8x adjusted
Slide 96: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 97: Leading Specialty Products Platform with Demonstrated Cash Flow Growth
S p e ci al ti es B u s i nes s O v e rvi ew Superior Customer and L E A D I N G S P E C I A LT Y P R O D U C T S P L AT F O R M Market Diversification(1) W I T H D E M O N S T R AT E D C A S H F L O W G R O W T H Leading specialty products company with demonstrated earnings power, strong free cash
Slide 98: How We Win: Resilient Specialties Moat
S p e ci al ti es B u s i nes s O v e rvi ew H O W W E W I N : R E S I L I E N T S P E C I ALT I E S M OAT Customer Extensive Commercial Strategic Diversification Portfolio Excellence Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule mana
Slide 99: Specialties: Tight Markets Today, High-Return Growth Ahead
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD Well Positioned in Structurally Tight Markets Growth Built on Demonstrated Success Global specialties shortage unlikely to resolve quickly Accelerated deleveraging and strong free cash flow ou
Slide 100: Industry Leading Integrated Plants at Scale
S p e ci al ti es B u s i nes s O v e rvi ew I N D U ST RY L E A D I N G I N T EG R AT E D P L A N T S AT S CA L E Northwest Louisiana Base Production ■ Base Oils ■ Solvents ■ Waxes ■ Esters ■ Specialty Asphalt ■ Transportation Fuels Upgrading and Blending ■ Gels ■ Finished Lubricants ■ Petrolatum ■
Slide 101: Specialties Business Generates Strong Cash Flow Across the Business Cycle
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS THE BUSINESS CYCLE Restricted Group Adj. EBITDA ($mm) LTM Q2'26 Restricted Group Adjusted EBITDA of $374.5mm vs. a $286mm seven-year average (1) 500 Strong free cash flow throughout the cycle, inc
Slide 102: Deleveraging Scoreboard
S p e ci al ti es B u s i nes s O v e rvi ew DELEVERAGING SCOREBOARD Leverage nearly halved in twelve months YTD 2026 BALANCE SHEET ACTIONS Net recourse debt / LTM Restricted Group Adjusted EBITDA January 2026 -- Refinancing ■ Issued $405mm of 9.75% Senior Notes due 2031; 8 proceeds, together with c
Slide 103: Montana Renewables Overview
Montana Renewables Overview
Slide 104: MaxSAF: Cleared for Takeoff
M o n t a n a R e n ew abl es O v e rview MAXSAF®: CLEARED FOR TAKEOFF Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules 17k BPD: 40% increase in renewable ■ Comp
Slide 105: Six Small, Controllable Projects
M o n t a n a R e n ew abl es O v e rview SIX SMALL, CONTROLLABLE PROJECTS Each quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk Step Description Primary Driver Run-Rate Levels Now YE 2026 YE 2027 YE 2028 Constraint removal at Spring 2026 Throughput (
Slide 106: Great Falls Refinery Site Reconfiguration
M o n t a n a R e n ew abl es O v e rview GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY ■ Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution ■ Redeployment of proven, installed refining equipment is the k
Slide 107: Montana Renewables: RVO Working as Designed
M o n t a n a R e n ew abl es O v e rview MONTANA RENEWABLES: RVO WORKING AS DESIGNED RVO working as designed, driving a full industry restart – market approaching historical highs Higher margins incentivizing renewable diesel and biodiesel production growth RVO announcement driven a 70% incre
Slide 108: Calumet: Driving Shareholder Value
CA LU M E T: D R I V I N G S H A R E H O LD E R VA LU E Robust Specialties Cash Flow Generation Q2'26 SPS Adjusted EBITDA of $161.7mm at a 16.0% segment margin; LTM Restricted Group Adjusted EBITDA of $374.5mm Deleveraging Is Working, Not Aspirational Net recourse leverage of 3.9x at 6/30/26
Slide 109: Appendix
APPENDIX
Slide 110: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Exceptional results driven by strong margin environment and disciplined execution Q22026 Q22025 Rapid commercial response to extreme cost volatility Strong operational quarter and turnaround execution Adjusted EBITDA ($MM) $161.7 $66.8 Another record
Slide 111: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Strong volume performance across all brands Q22026 Q22025 Sales volume increased 24% YoY Sales ($MM) $103.6 $80.7 TruFuel sets another quarterly record sales volume Multiple price increases implemented in Q2, with more under way as Adjusted EBITDA ($MM) $6.3 $13.5
Slide 112: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q22026 Q22025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $26.6 $16.3 100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26 Renewables at 87% with Tax Attributes $14.4 $7.2 Strong results in May and June, with over $40 MM of foregone
Slide 113: MaxSAF From Every Angle
MAXSAF® FROM EVERY ANGLE Diversified value drivers Capital efficiency De-risked execution Program meaningfully expands throughput and builds ~200MM gallon SAF outcome for $137mm capex Small, quick payback steps using proven, installed on existing MRL advantages around feedstock versus the original L
Slide 114: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical margin ~$2/Gal Historical Index Margin: Set 1 RVO decimates RVO compliance requires biodiesel supply biodiesel industry 24
Slide 115: Restricted Group Non-GAAP Reconciliation of Adjusted EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q2'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (77.7) $ (24.4) Add: Depreciation and amor
Slide 116: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Cash and cash equivalents (Restricted Group) $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 Cash, cash equivale
Slide 117: Reconciliation of Net Income to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net income (loss) $ (147.9) $ 313.4 $ (37.3) $ (317.0) $ (95.9) Add: Depreciation and amortization 47.9 50.7 44.6 41.4 45.5 LCM / LIFO (gain) loss (1.9) 5.1 16.8 (26.2)
Slide 118: Reconciliation of Segment Gross Profit to Adjusted Gross Profit
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Specialty Products and Solutions segment gross profit $ (14.9) $ 276.3 $ 38.3 $ (62.9) $ 31.8 LCM/LIFO inventory (gain) loss 4.9 1.4 1
Slide 119: Reconciliation of MRL and CMR Net Income to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2025 2Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (50.8) $ (24.1) $ (74.9) $ (15.3) $ (17.2) $ (32.5) Add: Depreciation and amortization 16.8 11.4 28.2 16.4 9.8 26.2 LCM / L
Slide 120: Calumet
Se» CALUMET a __atll
Slide 121: Barclays CEO Energy-Power Conference
Barclays CEO Energy-Power Conference September 10, 2026
Slide 122: Cautionary Statements
CAU T I O N A RY STAT E M E N T S Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 24, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can b
Slide 123: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 124: Leading Growth Platforms
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l L E A D I N G G ROW T H P L AT F O RM S Leading Specialty Products and Renewable Fuels Business ■ Decades of innovation in essential, every-day specialty product markets ■ Leading unrestricted Sustainable Aviation Fuel and
Slide 125: YTD '26 Strategic Progress
L e a d i ng G r o w t h i n S p e c i al ti es a n d R e n ew abl e F u e l Y T D ’ 26 ST R AT EG I C P RO G R E S S Measured against the position and commitments set out with fourth quarter and full year 2025 results: YEAR-END 2025 YTD 2026 4.9x net recourse leverage after $222mm of 2.8x adjusted
Slide 126: Leading Growth in Specialties and Renewable Fuel
Leading Growth in Specialties and Renewable Fuel
Slide 127: Leading Specialty Products Platform with Demonstrated Cash Flow Growth
S p e ci al ti es B u s i nes s O v e rvi ew Superior Customer and L E A D I N G S P E C I A LT Y P R O D U C T S P L AT F O R M Market Diversification(1) W I T H D E M O N S T R AT E D C A S H F L O W G R O W T H Leading specialty products company with demonstrated earnings power, strong free cash
Slide 128: How We Win: Resilient Specialties Moat
S p e ci al ti es B u s i nes s O v e rvi ew H O W W E W I N : R E S I L I E N T S P E C I ALT I E S M OAT Customer Extensive Commercial Strategic Diversification Portfolio Excellence Integration ■ Expansive loyal customer ■ Broad slate of products ■ Best-in-class talent and ■ Flexible molecule mana
Slide 129: Specialties: Tight Markets Today, High-Return Growth Ahead
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD Well Positioned in Structurally Tight Markets Growth Built on Demonstrated Success Global specialties shortage unlikely to resolve quickly Accelerated deleveraging and strong free cash flow ou
Slide 130: Industry Leading Integrated Plants at Scale
S p e ci al ti es B u s i nes s O v e rvi ew I N D U ST RY L E A D I N G I N T EG R AT E D P L A N T S AT S CA L E Northwest Louisiana Base Production ■ Base Oils ■ Solvents ■ Waxes ■ Esters ■ Specialty Asphalt ■ Transportation Fuels Upgrading and Blending ■ Gels ■ Finished Lubricants ■ Petrolatum ■
Slide 131: Specialties Business Generates Strong Cash Flow Across the Business Cycle
S p e ci al ti es B u s i nes s O v e rvi ew SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS THE BUSINESS CYCLE Restricted Group Adj. EBITDA ($mm) LTM Q2'26 Restricted Group Adjusted EBITDA of $374.5mm vs. a $286mm seven-year average (1) 500 Strong free cash flow throughout the cycle, inc
Slide 132: Deleveraging Scoreboard
S p e ci al ti es B u s i nes s O v e rvi ew DELEVERAGING SCOREBOARD Leverage nearly halved in twelve months YTD 2026 BALANCE SHEET ACTIONS Net recourse debt / LTM Restricted Group Adjusted EBITDA January 2026 -- Refinancing ■ Issued $405mm of 9.75% Senior Notes due 2031; 8 proceeds, together with c
Slide 133: Montana Renewables Overview
Montana Renewables Overview
Slide 134: MaxSAF: Cleared for Takeoff
M o n t a n a R e n ew abl es O v e rview MAXSAF®: CLEARED FOR TAKEOFF Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules 17k BPD: 40% increase in renewable ■ Comp
Slide 135: Six Small, Controllable Projects
M o n t a n a R e n ew abl es O v e rview SIX SMALL, CONTROLLABLE PROJECTS Each quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk Step Description Primary Driver Run-Rate Levels Now YE 2026 YE 2027 YE 2028 Constraint removal at Spring 2026 Throughput (
Slide 136: Great Falls Refinery Site Reconfiguration
M o n t a n a R e n ew abl es O v e rview GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY ■ Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution ■ Redeployment of proven, installed refining equipment is the k
Slide 137: Montana Renewables: RVO Working as Designed
M o n t a n a R e n ew abl es O v e rview MONTANA RENEWABLES: RVO WORKING AS DESIGNED RVO working as designed, driving a full industry restart – market approaching historical highs Higher margins incentivizing renewable diesel and biodiesel production growth RVO announcement driven a 70% incre
Slide 138: Calumet: Driving Shareholder Value
CA LU M E T: D R I V I N G S H A R E H O LD E R VA LU E Robust Specialties Cash Flow Generation Q2'26 SPS Adjusted EBITDA of $161.7mm at a 16.0% segment margin; LTM Restricted Group Adjusted EBITDA of $374.5mm Deleveraging Is Working, Not Aspirational Net recourse leverage of 3.9x at 6/30/26
Slide 139: Appendix
APPENDIX
Slide 140: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Exceptional results driven by strong margin environment and disciplined execution Q22026 Q22025 Rapid commercial response to extreme cost volatility Strong operational quarter and turnaround execution Adjusted EBITDA ($MM) $161.7 $66.8 Another record
Slide 141: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Strong volume performance across all brands Q22026 Q22025 Sales volume increased 24% YoY Sales ($MM) $103.6 $80.7 TruFuel sets another quarterly record sales volume Multiple price increases implemented in Q2, with more under way as Adjusted EBITDA ($MM) $6.3 $13.5
Slide 142: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q22026 Q22025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $26.6 $16.3 100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26 Renewables at 87% with Tax Attributes $14.4 $7.2 Strong results in May and June, with over $40 MM of foregone
Slide 143: MaxSAF From Every Angle
MAXSAF® FROM EVERY ANGLE Diversified value drivers Capital efficiency De-risked execution Program meaningfully expands throughput and builds ~200MM gallon SAF outcome for $137mm capex Small, quick payback steps using proven, installed on existing MRL advantages around feedstock versus the original L
Slide 144: Renewable Diesel Margin Framework
RENEWABLE DIESEL MARGIN FRAMEWORK Set 2 RVO restores historical margin ~$2/Gal Historical Index Margin: Set 1 RVO decimates RVO compliance requires biodiesel supply biodiesel industry 24
Slide 145: Restricted Group Non-GAAP Reconciliation of Adjusted EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 LTM Q2'26 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (77.7) $ (24.4) Add: Depreciation and amor
Slide 146: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Cash and cash equivalents (Restricted Group) $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 Cash, cash equivale
Slide 147: Reconciliation of Net Income to Adjusted EBITDA with Tax Attributes
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net income (loss) $ (147.9) $ 313.4 $ (37.3) $ (317.0) $ (95.9) Add: Depreciation and amortization 47.9 50.7 44.6 41.4 45.5 LCM / LIFO (gain) loss (1.9) 5.1 16.8 (26.2)
Slide 148: Reconciliation of Segment Gross Profit to Adjusted Gross Profit
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Specialty Products and Solutions segment gross profit $ (14.9) $ 276.3 $ 38.3 $ (62.9) $ 31.8 LCM/LIFO inventory (gain) loss 4.9 1.4 1
Slide 149: Reconciliation of MRL and CMR Net Income to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2025 2Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (50.8) $ (24.1) $ (74.9) $ (15.3) $ (17.2) $ (32.5) Add: Depreciation and amortization 16.8 11.4 28.2 16.4 9.8 26.2 LCM / L
Slide 150: Calumet
Se» CALUMET a __atll