Chemtrade Logistics Income Fund · TSX:CHE.UN
Chemtrade Logistics Income Fund — Q4 2025 Earnings Presentation
38 slides from Chemtrade Logistics Income Fund's earnings presentation, Feb 25, 2026
Slide 1: Full Year 2025 and Q4 2025 Earnings Review
RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY FY2025 Chemtrade Logistics Income Fund (TSX: CHE.UN) Full Year 2025 and Q4 2025 Earnings Review Q4 2025 February 25, 2026
Slide 2: Q4 2025 Earnings Review Agenda
TSX: CHE.UN Q4 2025 Earnings Review Agenda Q4 and Full Year 2025 Financial Results Review Balance Sheet and Capital Allocation Update 2026 Guidance & Assumptions Business Outlook Investment Highlights Q&A 2 Financial Capital Business Investment Agenda Results 2026 Guidance Appendix Alloc
Slide 3: Caution Regarding Forward-Looking Statements
CAUTION Certain statements contained in this presentation constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally REGARDING identified by the use of words such as “anticipate”, “continue”
Slide 4: Continued Strong Performance in 2025
TSX: CHE.UN Continued Strong Performance in 2025 2025 marked a year of record Adjusted EBITDA alongside continued strategic progress and Adjusted EBITDA1 (C$ millions) capital structure optimization Achieved the highest annual Adjusted EBITDA in Chemtrade’s history Strong operational execution i
Slide 5: Q4 and Full-Year 2025 Consolidated Results
TSX: CHE.UN Q4 and Full-Year 2025 Consolidated Results Full-year 2025 Adjusted EBITDA was the highest annual level ever achieved by Chemtrade Benefited from strength in (i) higher prices and volumes for merchant and Regen acid due to external market conditions; and (ii) higher prices in caustic so
Slide 6: Full Year 2025 Results
TSX: CHE.UN Full Year 2025 Results Full-year 2025 Revenue Revenue for the full year 2025 was $1,997.8 million, an increase of $210.7 million or 11.8% compared to the prior year Revenue (C$ millions) 9.5% Excluding FX and the maintenance turnaround at North Vancouver in 2024, revenue increased by
Slide 7: Q4 2025 Results
TSX: CHE.UN Q4 2025 Results Q4 2025 Revenue Revenue for Q4 2025 was $502.0 million, up $55.5 million or 12.4% year-over-year Revenue (C$ millions) Excluding the impact of foreign exchange, Adjusted EBITDA was $56.5 million or 12.7% higher year-over-year Factors contributing to higher revenue y
Slide 8: Balance Sheet and Capital Allocation
TSX: CHE.UN Balance Sheet and Capital Allocation Net Debt / LTM Adjusted EBITDA(1) Consistent focus on balanced capital allocation: 1) Invest in high-return, strategic growth opportunities Fully-funded organic growth via cash flow and credit facility 2.3x 1.9x 2.0x 2.0x 2.0x Invested $48.2 milli
Slide 9: 2026 Guidance
TSX: CHE.UN 2026 Guidance 2026 Guidance: Reaffirming 2026 guidance, as previously issued in January 2026, with expected Adjusted EBITDA between Adjusted EBITDA $485.0 million and $525.0 million. (C$ million) 2026 Guidance: $485.0 - $525.0 At midpoint, the 2026 Adjusted EBITDA implies 2026YE Net
Slide 10: 2026 Guidance
TSX: CHE.UN 2026 Guidance 2026 2025 2024 C$ millions Guidance Actual Actual Adjusted EBITDA (1) $485.0 - 525.0 $507.4 $470.8 Maintenance Capital Expenditures (1) $120.0 - $150.0 $123.5 $104.5 Growth Capital Expenditures (1) $35.0 - $55.0 $48.2 $81.3 Lease Payments $70.0 - $80.0 $70.0 $65.4 Cash Inte
Slide 11: Chemtrade Vision 2030
TSX: CHE.UN Chemtrade Vision 2030 “Vision 2030” targets for unitholder returns: Targeted growth in Adjusted EBITDA and Distributable Cash of 5-10% per year, resulting in: $550 million - $600 million of mid-cycle Adjusted EBITDA by 2030 Growth on a per unit basis supplemented by reduced units out
Slide 12: Tariff Impact Update
TSX: CHE.UN Tariff Impact Update Chemtrade continues to actively monitor developments surrounding the tariff environment to swiftly respond to any potential impacts and/or opportunities To date, excluding FX, Chemtrade has seen no material direct impacts on its own business, given all of Chemtrade
Slide 13: SWC Outlook
TSX: CHE.UN SWC Outlook Water Chemicals Sulphuric Acid Near-Term Considerations Maintenance Turnarounds Raw material costs have been increasing significantly in 2026 expected maintenance-heavy for acid assets alum. While Chemtrade has been successfully passing through these higher costs over tim
Slide 14: EC Outlook
TSX: CHE.UN EC Outlook North Vancouver Chlor-Alkali Facility Lease Extension Update Chemtrade entered into a non-binding LOI with the Port of Vancouver to extend its land lease until December 31, 2044, on similar terms to the existing lease Forecast Chemtrade submitted the rezoning application i
Slide 15: Growth Investments Review & Outlook
TSX: CHE.UN Growth Investments Review & Outlook Organic Growth Investment in 2026 Chemtrade plans to allocate $35 million - $55 million for Growth capital expenditures to support its organic growth projects in 2026, compared to approximately $48 million in 2025 Focus areas of investment in 2026
Slide 16: Investment Highlights
TSX: CHE.UN Investment Highlights Diversified end-market exposure, with a resilient product portfolio offering both defensiveness and growth Resilient Business Model Significant regional market share across product portfolio with several multi-year tailwinds Focused on strong Total Unitholder Return
Slide 17: Q&A
Q&A 17 Financial Capital Business Investment Agenda Results 2026 Guidance Appendix Allocation Outlook Highlights Review
Slide 18: Appendix
APPENDIX 18 Financial Capital Business Investment Agenda Results 2026 Guidance Appendix Allocation Outlook Highlights Review
Slide 19: Transcontinental Reach
TSX: CHE.UN Transcontinental Reach Sulphur & Water Chemicals 12 facilities in Canada and 45 in the United States 2 3 Strategic locations near 2 customers create a high 1 1 2 3 barrier to entry given transportation costs 1 3 Electrochemicals 1 2 1 1 BRAZIL Operating facilities in 1 Canada and S
Slide 20: Sulphur and Water Chemicals (SWC) Segment
TSX: CHE.UN Sulphur and Water Chemicals (SWC) Segment Water Solutions Sulphuric Acid (H2SO4) Alum, ACH, Regen Acid Ultrapure Acid Merchant Acid PACI, Ferric Municipal and industrial water treatment Gasoline production Semiconductor manufacturing, Wood pulp, industrial chemicals, car speciality batte
Slide 21: Electrochemicals (EC) Segment
TSX: CHE.UN Electrochemicals (EC) Segment Electrochemicals Caustic Soda (NaOH) Chlorine (Cl2) Hydrochloric Acid (HCI) Sodium Chlorate (NaCI3) Pulp & paper, soaps & detergents, Water treatment, chemical processes pH adjustor in water treatment, oil & gas Pulp & paper bleaching aluminum, oil & gas, li
Slide 22: SWC Segment
TSX: CHE.UN SWC Segment Three months ended December 31 Year ended December 31 C$ Thousands 2025 2024 2025 2024 Revenue $ 323,063 $ 260,110 $ 1,230,739 $ 1,038,163 Gross profit (loss) 32,983 39,842 198,830 196,747 Adjusted EBITDA $ 60,707 $ 62,450 $ 288,576 $ 270,370 Figures for 2025 are unaudited. 2
Slide 23: EC Segment
TSX: CHE.UN EC Segment Three months ended December 31 Year ended December 31 C$ Thousands, except sales volume data 2025 2024 2025 2024 North American sales volumes: Sodium chlorate sales volume (000's MT) 67 65 273 270 Chlor-alkali sales volume (000's MECU) 35 43 170 172 Revenue $ 178,978 $ 186,415
Slide 24: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Non-IFRS financial measures are financial measures disclosed by an entity that (a) depict historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to their composition, exclude amounts that
Slide 25: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Distributable cash after maintenance capital expenditures Most directly comparable IFRS financial measure: Cash flows from operating activities Definition: Distributable cash after maintenance capital expenditures is calculated as cash flows from op
Slide 26: Payout Ratio
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Payout ratio Definition: Payout ratio is calculated as Distributions declared per unit divided by Distributable cash after maintenance capital expenditures per unit. Why we use the measure and why it is useful to investors: It provides useful inform
Slide 27: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Three months ended Year ended C$ millions, except per unit metrics and ratios Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 Cash flow from operating activities $ 85,468 $ 83,842 $ 355,074 $ 342,069 Add (Less): Lease payments net of sub-lea
Slide 28: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios C$ millions, except per unit metrics and Twelve months ended ratios Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 LTM Cash flow from operating activities $355.1 $350.5 $338.2 $357.0 $342.1 $345.3 $332.3 $ 349.5 $ 401.5 Add
Slide 29: Net Debt
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Net debt Most directly comparable IFRS financial measure: Total long-term debt, Convertible Debentures, lease liabilities, and long-term lease liabilities, less cash and cash equivalents Definition: Net debt is calculated as the principal of long-te
Slide 30: Growth Capital Expenditures
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Growth capital expenditures Most directly comparable IFRS financial measure: Capital expenditures Definition: Growth capital expenditures are calculated as Capital expenditures, adjusted for unpaid capital expenditures, less Maintenance Capital expe
Slide 31: Capital Management Measures
TSX: CHE.UN Capital Management Measures Capital management measures are financial measures disclosed by an entity that (a) are intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital, (b) are not a component of a line item disclos
Slide 32: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Total of segments measures are financial measures disclosed by an entity that (a) are a subtotal of two or more reportable segments, (b) are not a component of a line item disclosed in the primary financial statements of the entity, (c) are disclosed in the not
Slide 33: Adjusted EBITDA
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Three months ended Dec. 31 Year ended Dec. 31 C$ thousands 2025 2024 2025 2024 Net earnings $ 38,252 $ 10,274 $ 139,390 $ 126,908 Add (Less): Depreciation and amortization 57,7
Slide 34: Adjusted EBITDA
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Twelve Months Ended C$ millions Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net earnings (loss) $ 139.4 $ 111.4 $ 129.1 $ 134.0 $ 126.9 $ 128.3 $ 13
Slide 35: Adjusted EBITDA
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Year ended December 31 C$ millions 2025 2024 2023 2022 2021 2020 Net earnings (loss) $ 139.4 $ 126.9 $ 109.1 $ (235.2) $ (167.5) $ (99.7) Add (Less): Depreciation and amortizat
Slide 36: Supplementary Financial Measures
TSX: CHE.UN Supplementary Financial Measures Supplementary financial measures are financial measures disclosed by an entity that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an enti
Slide 37: Supplementary Financial Measures
TSX: CHE.UN Supplementary Financial Measures Cash interest Represents interest expense related to long-term debt, interest on Convertible Debentures, pension interest expense and interest income. Cash tax Represents current income tax expense. 37 Financial Capital Business Investment Agenda Results
Slide 38: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking statements and forward looking information within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally iden
Chemtrade Logistics Income Fund — Q4 2025 Earnings Presentation on 6ix