Chemtrade Logistics Income Fund · TSX:CHE.UN
Chemtrade Logistics Income Fund — Q3 2025 Earnings Presentation
40 slides from Chemtrade Logistics Income Fund's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Earnings Review
RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY Q3 2025 Chemtrade Logistics Income Fund (TSX: CHE.UN) Q3 2025 Earnings Review – November 12, 2025
Slide 2: Q3 2025 Earnings Call Agenda
TSX: CHE.UN Q3 2025 Earnings Call Agenda Q3 2025 Financial Results Review Balance Sheet and Capital Allocation Update 2025 Guidance & Assumptions Business Outlook Investment Highlights Q&A 2 Financial Capital Business Investment Agenda Results 2025 Guidance Appendix Allocation Outlook Hi
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 REGARDING can be generally identified by the use of words such as “anticipate”, “continue”
Slide 4: Q3 2025 Consolidated Results
TSX: CHE.UN Q3 2025 Consolidated Results Both segments contributed to a strong Q3 2025 with record quarterly Adjusted EBITDA and double-digit year-over-year growth in revenue and DCPU A weaker Canadian dollar relative to the US dollar year-over-year positively impacted revenue and Adjusted EBITDA
Slide 5: Sulphur and Water Chemicals (SWC) – Q3 2025 Results
TSX: CHE.UN Sulphur and Water Chemicals (SWC) – Q3 2025 Results Foreign Exchange Impact The weaker Canadian dollar relative to the US dollar year-over-year positively impacted SWC Revenue and SWC Adjusted EBITDA by $2.4 million and $0.3 million, respectively Comparable Revenue (C$ millions) SWC Re
Slide 6: Electrochemicals (EC) – Q3 2025 Results
TSX: CHE.UN Electrochemicals (EC ) – Q3 2025 Results Foreign Exchange Impact The weaker Canadian dollar relative to the US dollar year-over-year in Q3 2025 positively Comparable Revenue impacted EC Revenue and Adjusted EBITDA by $1.1 million and $0.8 million, respectively (C$ millions) +2.0% EC Re
Slide 7: Corporate Costs – Q3 2025
TSX: CHE.UN Corporate Costs – Q3 2025 Foreign Exchange Impact Corporate Costs (C$ millions) Business results are presented on an unhedged basis and, during Q3 2025, benefitted from weakness in the Canadian dollar relative to the US dollar The related but offsetting realized gains and losses on C
Slide 8: Balance Sheet and Capital Allocation
TSX: CHE.UN Balance Sheet and Capital Allocation Net Debt / LTM Adjusted EBITDA(2) Consistent focus on balanced capital allocation: 1) Invest in high-return, strategic growth opportunities 2.0x Fully-funded organic growth via cash flow and credit facility; 2.0x 2.0x 1.9x $40 million - $50 million
Slide 9: 2025 Guidance
TSX: CHE.UN 2025 Guidance 2025 Guidance: Adjusted EBITDA Although global trade tensions were prevalent (C$ million) through 2025 and still persist, Chemtade's business 2025 Guidance: Above $503 has shown resilience and continues to deliver strong results with market conditions for its products rem
Slide 10: 2025 Guidance
TSX: CHE.UN 2025 Guidance 2025 Guidance 2024 Nine months ended Actual C$ millions Current Previous Actual Sept. 30, 2025 Sept. 30, 2024 Adjusted EBITDA (1) > $502.6 $475.0 - 500.0 $470.8 $409.2 $362.2 Maintenance Capital Expenditures (1) $115.0 - $125.0 $100.0 - $120.0 $104.5 $74.2 $68.4 Growth Capi
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 materials costs have been increasing significantly in Chemtrade's sulphuric acid plants had higher maintenance alum. While Chemtrade has been successfully passing turnaround activity in Q3
Slide 14: EC Outlook
TSX: CHE.UN EC Outlook North Vancouver Chlor-Alkali Facility Lease Extension Update Forecast 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 Chemtrade submitted the rezoning application i
Slide 15: Growth Investments
TSX: CHE.UN Growth Investments Organic Growth Investment in 2025 Chemtrade plans to allocate $40 million - $50 million for Growth capital expenditures to support its organic growth projects in 2025 Primary areas of investment in 2025 include expansion of water treatment chemicals, upgrades to ul
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 Retu
Slide 17: Q&A
Q&A 17 Financial Capital Business Investment Agenda Results 2025 Guidance Appendix Allocation Outlook Highlights Review
Slide 18: Appendix
APPENDIX 18 Financial Capital Business Investment Agenda Results 2025 Guidance Appendix Allocation Outlook Highlights Review
Slide 19: Transcontinental Reach
TSX: CHE.UN Transcontinental Reach Sulphur & Water Chemicals 12 facilities in Canada and 41 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: Key Sensitivities: Annual Impact on Adjusted EBITDA
TSX: CHE.UN Key Sensitivities: Annual Impact on Adjusted EBITDA Caustic Soda Price Change of US$50/DMT = C$13.6 million Sodium Chlorate Price Change of CA$50/metric tonne = C$13.6 million C$/US$ exchange rate Change of 1 cent = C$3.8 million (favourable if C$ weakens) 22 Financial Capital Busi
Slide 23: SWC Segment
TSX: CHE.UN SWC Segment Three months ended September 30 Nine months ended September 30 C$ Thousands 2025 2024 2025 2024 Revenue $ 334,197 $ 280,500 $ 907,676 $ 778,053 Gross profit (loss) 69,148 62,137 165,847 156,905 Adjusted EBITDA $ 92,148 $ 78,296 $ 227,869 $ 207,920 23 Financial Capital Busines
Slide 24: EC Segment
TSX: CHE.UN EC Segment Three months ended September 30 Nine months ended September 30 C$ Thousands, except sales volume data 2025 2024 2025 2024 North American sales volumes: Sodium chlorate sales volume (000's MT) 70 65 206 205 Chlor-alkali sales volume (000's MECU) 48 47 135 129 Revenue $ 198,565
Slide 25: 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 26: 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 flow from ope
Slide 27: Non-IFRS Financial Measures and Ratios
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 28: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios For the three months ended For the nine months ended C$ millions, except per unit metrics and ratios Sept. 30, 2025 Sept. 30, 2024 Sept. 30, 2025 Sept. 30, 2024 Cash flow from operating activities $ 155,482 $ 143,244 $ 250,491 $ 247,808 Add (Less):
Slide 29: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios C$ millions, except per unit metrics and For the twelve months ended ratios Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 LTM Cash flow from operating activities $350.5 $338.2 $357.0 $348.0 $345.3 $332.3 $ 349.5 $ 401.5 $ 4
Slide 30: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Net debt Most directly comparable IFRS financial measure: Total long-term debt, Debentures, lease liabilities, and long-term lease liabilities, less cash and cash equivalents Definition: Net debt is calculated as the total of long-term debt, the pri
Slide 31: Non-IFRS Financial Measures and Ratios
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 less Maintenance Capital expenditures, plus investments in a joint ventu
Slide 32: 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 33: 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 34: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Three months ended Sept. 30 Nine months ended Sept. 30 C$ thousands 2025 2024 2025 2024 Net earnings $ 42,373 $ 60,080 $ 101,138 $ 116,634 Add (Less): Depreciation and amortiza
Slide 35: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Twelve Months Ended C$ millions Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Net earnings (loss) $ 111.4 $ 129.1 $ 134.0 $ 126.9 $ 128.3 $ 139.0 $ 21
Slide 36: Total of Segments Measures
TSX: CHE.UN Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Adjusted EBITDA for the year ended December 31 C$ millions 2024 2023 2022 2021 2020 2019 Net earnings (loss) $ 126.9 $ 249.3 $ 109.1 $ (235.2) $ (167.5) $ (99.7) Add (Less): De
Slide 37: 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 38: Supplementary Financial Measures
TSX: CHE.UN 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. 38 Financial Capital Business Investment Agenda Results 2025 Guidanc
Slide 39: 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
Slide 40: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Forward-looking statements in this presentation describe the expectations of Chemtrade Logistics Income Fund (“Chemtrade”) and its subsidiaries as of the date hereof. With respect to the forward-looking information contained in this presentation, Chemtrad
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