Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results November 7, 2025
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 November 7, 2025. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified b
Slide 3: Performance Summary
PERFORMANCE SUMMARY Q3’25 Adjusted Q3’24 Adjusted Financial Drivers & Key Strategic Milestones EBITDA with EBITDA with Tax Attributes Tax Attributes(2) Q3’25 Adj. EBITDA with Tax Attributes of $92.5 million ($MM) ($MM) $44 million of restricted debt reduction in Q3’25 Specialty Products and Solu
Slide 4: Montana Renewables: Well Positioned for 2026
MONTANA RENEWABLES: WELL POSITIONED FOR 2026 MaxSAF 150 on Schedule for Q2’26 SAF pre-marketing tracking ahead of plan SAF premiums of $1-$2/gallon 100 million gallons already placed including new Scope 3 credit buyers Montana Renewables’ SAF is represented on all major Scope 1 and 3 registr
Slide 5: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Continued best-in-class commercial execution Q32025 Q32024 Fourth consecutive quarter of specialty sales volume > 20K bpd Q3 record production volume 9.3% higher than Q3 2024 Adjusted EBITDA ($MM) $80.2 $50.7 Continue to place higher volumes at strong
Slide 6: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Q32025 Q32024 Results continue to reflect exceptional progress on commercial excellence and integration initiatives Sales ($MM) $79.7 $80.3 Q3’25 Adj. EBITDA essentially flat YoY despite Royal Purple Adjusted EBITDA ($MM) $13.2 $13.6 Industrial divestment (1) Benefit
Slide 7: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q32025 Q32024 Adjusted EBITDA ($MM) with Tax Attributes (1) (2) $17.1 $14.6 Renewables at 87% with Tax Attributes (2) $(3.5) $6.0 Montana Asphalt (2) $20.6 $8.6 Renewable Sales (bpd) 10,813 10,974 Conventional Sales (bpd) 14,042 14,782 (1) Q3’25 Montana/Renewables segmen
Slide 8: Focused on Deleveraging and Value Creation
FOCUSED ON DELEVERAGING AND VALUE CREATION Driving Cashflow from the Business Supporting Balance Sheet Improvements Executing Across Potential Portfolio Optimization MaxSAF 150 Expansion On Track for Q2’26 8
Slide 9: Appendix
Appendix © 2024 Calumet, Inc. All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Calumet, Inc.
Slide 10: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Cash and cash equivalents (Restricted Group) $ 6.1 $ 7.3 $ 22.3 $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 Cash, cash equival
Slide 11: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA ($ in millions) 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Net income (loss) $ (100.6) $ (40.7) $ (162.0) $ (147.9) $ 313.4 Add: Depreciation and amortization 45.3 50.4 46.7 47.9 50.7 LCM / LIFO (gain) loss 9.4 3.4 (0.1) (1.9) 5.1 Interest expense
Slide 12: 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) 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Specialty Products and Solutions segment gross profit $ 2.3 $ 62.3 $ (34.0) $ (14.9) $ 276.3 LCM/LIFO inventory (gain) loss 4.2 (1.1)
Slide 13: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 3Q 2024 3Q 2025 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (41.3) $ (8.6) $ (49.9) $ (22.3) $ 126.0 $ 103.7 Add: Depreciation and amortization 14.1 11.4 25.5 16.6 11.3 27.9 LCM / LIF