Chemtrade Logistics Income Fund · TSX:CHE.UN
Chemtrade Logistics Income Fund — Investor Presentation (April 2026)
43 slides from Chemtrade Logistics Income Fund's investor presentation, April 2026
Slide 1: Our Commitment to Sustainability
RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY Chemtrade Logistics Income Fund (TSX: CHE.UN, OTCQX®: CGIFF) Investor Presentation – March / April 2026
Slide 2: 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 REGARDING can be generally identified by the use of words such as “anticipate”, “continue”
Slide 3: Chemtrade at a Glance
Chemtrade at a Glance Leading Industrial Chemicals Provider CHEMTRADE is a Leading Industrial Chemicals Provider supplying essential products to critical industries Adjusted EBITDA Comparison by Product (2025) Attractive Growth – Step-change in Adjusted EBITDA Adj. EBITDA Adj. EBITDA Margin Margin a
Slide 4: Chemtrade at a Glance
Chemtrade at a Glance Leading Industrial Chemicals Provider $3.0 Billion $1.8 Billion $485 to $525 Million Enterprise Value(1) Market Capitalization(1) 2026 Adjusted EBITDA Guidance range is a record for Chemtrade Geographic Split Segment Split & Key End Markets TSX: CHE.UN Historical Unit Performan
Slide 5: Chemtrade at a Glance
Chemtrade at a Glance Strong Margin & Cash Flows = Capital Return CUMULATIVE ADJUSTED EBITDA MARGIN GAIN (pp) Significant Margin Improvement Chemtrade 4.9% (2021 to 2025) Specialty Peers -0.8% Improved Adj. EBITDA Margin by ~500+ bps to Commodity Peers -7.6% Specialty Chemicals-like levels ADJUSTE
Slide 6: Historical Growth & Contribution by Product
Historical Growth & Contribution by Product 2021 – 2025 Adjusted EBITDA Growth Driven Primarily By: Adjusted EBITDA Growth Bridge (2021 to 2025) Chlor-alkali Water Chlorate ADJUSTED EBITDA HIGHER BY $227M OR 80%+ Strategic Activities: Market pricing optimizations Reliability and Productivi
Slide 7: Balance Sheet
Balance Sheet Balanced Capital Allocation & Debt Maturity Capital Allocation (2021 – 2025, cumulative) Strong Balance Sheet Maintain strong balance sheet through economic cycle Buybacks $155 Acquisitions Leverage(1) target <2.5x (2) $252 Distributions Fully Funded Strategy $320 Growth Capex Fu
Slide 8: Chemtrade Vision – 2030
Chemtrade Vision – 2030 Key Drivers “Vision 2030” targets for unitholder returns: Targeted growth for EBITDA and DCPU(1) of 5-10% per year Growth on a per unit basis supplemented by reduced units outstanding via buybacks Distributable Cash Growth Unit Purchases Distribution Organic Growth Extern
Slide 9: Chemtrade Vision 2030
Chemtrade Vision 2030 Strategic Priorities Introduced in May 2025, Chemtrade’s Vision 2030 Anticipated Drivers of Growth (to 2030): framework targets $550 - $600M of annual mid- Existing Business Improvements economic cycle Adjusted EBITDA by 2030 Continued focus on Commercial and Operational Re
Slide 10: Water Treatment
Water Treatment Capturing Secular Tailwinds Growing Water Treatment Chemicals Demand Opportunity to Grow Water Business Chemtrade can leverage its broad set of 5% CAGR (2023 – 2033) US$12Bn internal and acquired capabilities in water Expected growth in global water 2023 North American chemical treat
Slide 11: Valuation
Valuation Market Comparison Recent Third-Party Precedent Transactions Water Chemicals Regen Acid Transaction: USALCO Water Treatment Transaction: Veolia (North American Chemicals Regeneration Services Business) Transaction Value: $1,450M Transaction Value: $620M LTM EV/EBITDA: 10.2x LTM
Slide 12: Investment Highlights
TSX: CHE.UN, OTCQX®: CGIFF 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 Strong Total Unitholder Re
Slide 13: For more information:
TSX: CHE.UN, OTCQX®: CGIFF For more information: investor-relations@chemtradelogistics.com Chemtrade at Glance Historical Performance Growth Outlook Valuation Investment Highlights Appendix 13
Slide 14: Appendix
Appendix Chemtrade at Glance Historical Performance Growth Outlook Valuation Investment Highlights Appendix 14
Slide 15: Management Team
Management Team Scott Rook Joined Chemtrade in 2019 as COO; CEO since March 2021 President & CEO More than 28 years’ experience in the chemical industry including commercial, operational, and business leadership roles Previously Senior VP, Commercial at Ascend Performance Materials Rohit Bhardwaj Jo
Slide 16: Board of Trustees
Board of Trustees Douglas Muzyka Trustee since November 2020 Chair of the Board Corporate Director Previously Senior VP and Chief Science and Technology Officer of E.I. DuPont de Nemours Lucio Di Clemente Trustee since July 2009 Chair of the Governance and Nominating Committee Executive mentor, corp
Slide 17: Tariff Impact Update
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’s products
Slide 18: Company History
Company History Adjusted EBITDA Growth and Activities US$150M Scott Rook Added Appointed Water Solutions Platform $900M 2025 President & CEO Added 27% 2021 26% 25% Chlor-Alkali Portfolio 2017 24% 2026 Guide: Adjusted $485 - $525M EBITDA & 20% Acquisitions 19% 19% 19% 17% 18% 12% $503 $507 $471 $431
Slide 19: Chemtrade's Footprint
Chemtrade’s Footprint Transcontinental Reach Sulphur & Water Chemicals • 12 facilities in Canada and 45 in the United States 2 • Strategic locations near 3 2 customers create a 1 1 barrier to entry given 2 3 transportation costs 1 3 Electrochemicals 1 • Operating facilities in 2 1 1 BRAZIL 1 Canada
Slide 20: Q4 & Full-Year 2025 Consolidated Results
TSX: CHE.UN, OTCQX®: CGIFF Q4 & 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
Slide 21: Full Year 2025 Results
TSX: CHE.UN, OTCQX®: CGIFF 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, reven
Slide 22: Q4 2025 Results
TSX: CHE.UN, OTCQX®: CGIFF 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 h
Slide 23: Balance Sheet and Capital Allocation
TSX: CHE.UN, OTCQX®: CGIFF 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 Inves
Slide 24: 2026 Guidance
TSX: CHE.UN, OTCQX®: CGIFF 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 - $525.0 At midpoint, the 2026 Adjusted EBITDA impl
Slide 25: 2026 Guidance
TSX: CHE.UN, OTCQX®: CGIFF 2026 Guidance 2026 2025 2024 C$ 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
Slide 26: Sulphur and Water Chemicals (SWC) Segment
TSX: CHE.UN, OTCQX®: CGIFF 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 s
Slide 27: Electrochemicals (EC) Segment
TSX: CHE.UN, OTCQX®: CGIFF 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
Slide 28: Key Sensitivities
TSX: CHE.UN, OTCQX®: CGIFF Key Sensitivities: Annual Impact on Adjusted EBITDA Caustic Soda Price Change of US$50/DMT = ~C$13 million Sodium Chlorate Price Change of CA$50/metric tonne = ~C$13 million C$/US$ exchange rate Change of 1 cent = ~C$4 million (favourable if C$ weakens) Chemtrade at
Slide 29: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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, exclud
Slide 30: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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 cas
Slide 31: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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 provide
Slide 32: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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
Slide 33: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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
Slide 34: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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 princ
Slide 35: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF 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 Maintenan
Slide 36: Capital Management Measures
TSX: CHE.UN, OTCQX®: CGIFF 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 li
Slide 37: Total of Segments Measures
TSX: CHE.UN, OTCQX®: CGIFF 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 discl
Slide 38: Total of Segments Measures
TSX: CHE.UN, OTCQX®: CGIFF 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 am
Slide 39: Total of Segments Measures
TSX: CHE.UN, OTCQX®: CGIFF 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
Slide 40: Total of Segments Measures
TSX: CHE.UN, OTCQX®: CGIFF 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): Depreciatio
Slide 41: Supplementary Financial Measures
TSX: CHE.UN, OTCQX®: CGIFF 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
Slide 42: Supplementary Financial Measures
TSX: CHE.UN, OTCQX®: CGIFF Supplementary Financial Measures Cash interest Represents interest expense related to long-term debt, interest on Debentures, pension interest expense and interest income. Cash tax Represents current income tax expense. Chemtrade at Glance Historical Performance Growth Out
Slide 43: 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
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