Calumet, Inc · NASDAQ:CLMT
Calumet — H.C. Wainwright Renewable Fuels Day 2026
19 slides from Calumet's conference presentation, Mar 25, 2026
Slide 1: H.C. Wainwright Renewable Fuels Day
H.C. Wainwright Renewable Fuels Day March 25, 2026
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 March 25, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified by
Slide 3: The Calumet Story: Key Investment Considerations
THE CALUMET STORY Key Investment Considerations Calumet owns two proven, fully separable and competitively advantaged 1 platforms with strong cash generation– Specialties, and Renewables Calumet Specialties business has delivered robust performance 2 through cyclical environments Montana Renewables
Slide 4: Specialties Business Generates Strong Cash Flow Across Business Cycle
SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS BUSINESS CYCLE Restricted Group Adj. EBITDA ($mm) Historical Mid-Cycle Restricted Group Adjusted EBITDA ~$300mm (1) $500 Restricted Group Historical Average: $439 Specialties business has demonstrated strong free cash flow $400 $286mm $373 t
Slide 5: Montana Renewables: An Established Renewable Fuels Growth Leader
MONTANA RENEWABLES: AN ESTABLISHED RENEWABLE FUELS GROWTH LEADER ■ 12,000 bpd renewable production, increasing to 13,000 bpd in Q2’26 ■ SAF production increasing to 120-150mm gpy with MaxSAF® 150 expansion (Q2’26), up from 30mm today ■ Producing full slate of renewable fuels ■ Renewable diesel ■ Ren
Slide 6: Montana Renewables: Investable Through Calumet
MONTANA RENEWABLES: INVESTABLE THROUGH CALUMET Key Investment Considerations Geographically advantaged facility providing quick access to customers and feedstocks; short supply chains; dynamic optimization of product mix Scale and operational excellence are delivering low-cost profile Sustaina
Slide 7: Geographically Advantaged Facility
GEOGRAPHICALLY ADVANTAGED FACILITY Montana Product Advantage Montana Feedstock Advantage Calumet Feedstock: Lower cost of transportation into Great Falls Calumet Product: Best access to PNW, Canada Industry Feedstock: Higher cost of feedstock transportation to GC Great Falls, MT Camelina Growing Den
Slide 8: SAF Premium
SAF PREMIUM ■ SAF is recovered from renewable diesel, so RD sets a firm base price ■ SAF market is voluntary in North America, mandatory in EU, and heading toward mandatory in Asia ■ North American market has proven robust for Montana Renewables; we continue to place SAF at a premium ■ Montana Renew
Slide 9: MaxSAF 150 vs Increasing Global Short
MAXSAF® 150 VS INCREASING GLOBAL SHORT SAF Global Demand Global SAF mandates still increasing with large penalties for non-compliance; supply capacity appears short 48-day turnaround and MaxSAF® 150 project underway to remove SAF production constraints SAF capacity will be 120-150mm gal/yr S
Slide 10: Favorable Regulatory Outlook
FAVORABLE REGULATORY OUTLOOK Continued Strong Regulatory Support for Domestic Ag & Biofuels Stronger RVO expected to improve industry margins Proposed 5.6B gal Idle facilities will be required to meet increased RVO, but will only restart if fixed costs are Current 4.5B gal comfortably met 45Z
Slide 11: Calumet: Driving Shareholder Value
CALUMET: DRIVING SHAREHOLDER VALUE Robust Specialties Cash Flow Generation Specialties continues to generate resilient and growing cash flow due to diverse portfolio, commercial excellence and cost improvements $222mm Restricted Group debt reduction in 2025, with continued emphasis on delevera
Slide 12: Appendix
APPENDIX
Slide 13: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Cash and cash equivalents (Restricted Group) $ 7.3 $ 22.3 $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 Cash, cash equiva
Slide 14: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA ($ in millions) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Net income (loss) $ (41.6) $ (39.1) $ (100.6) $ (40.7) $ (162.0) $ (147.9) $ 313.4 $ (37.3) Add: Depreciation and amortization 45.4 45.9 45.3 50.4 46.7 47.9 50.7 44.
Slide 15: Restricted Group Non G.A.A.P. Reconciliation of Restricted Group Adj. 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 7-Year Average Net income (loss) $ (43.6) $ (149.0) $ (256.4) $ (100.0) $ 287.1 $ (67.3) $ 158.1 $ (24.4) Add: Depreciation and amortization 129.4 119.
Slide 16: Restricted Group Non G.A.A.P. Reconciliation of Restricted Group Adj. EBITDA
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA ($ in millions) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Net income (loss) $ 22.0 $ (16.4) $ (59.3) $ (13.5) $ (47.1) $ (97.1) $ 335.7 $ (33.4) Add: Depreciation and amortization 31.4 31.8 31.2 31.3 3
Slide 17: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Specialty Products and Solutions segment gross profit $ 62.3 $ (34.0) $ (14.9) $ 276.3 $ 38.3 LCM/LIFO inventory (gain) loss (1.1) (0.
Slide 18: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 4Q 2024 4Q 2025 Montana / Montana / MRL CMR Renewables MRL CMR Renewables ($ in millions) Net income (loss) $ (27.2) $ (3.7) $ (30.9) $ (3.9) $ (16.5) $ (20.4) Add: Depreciation and amortization 19.1 11.5 30.6 15.2 10.3 25.5 LCM / LI
Slide 19: & ) CALUMET
& ) CALUMET i