Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q1 2026 Earnings Presentation
32 slides from Delek Us's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
NYSE: DK NYSE: DKL First Quarter 2026 Earnings Conference Call April 29, 2026
Slide 2: Disclaimers
Disclaimers Forward Looking Statements: Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; and collectively with Delek US, “we” or “our”) are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL”, respectively. These slides
Slide 3: First Quarter Business Update
First Quarter Business Update 2026 Outlook • Limited turnaround activity likely to support FCF generation through rest of the year • Strong Distillate/Jet yield as well as ability to effectively procure crude through advanced logistics creating a differentiated benefit for DK in the current market s
Slide 4: Underlying Business Performance
Underlying Business Performance Delek US Holdings 1Q 2026 Adjusted EBITDA and EPS(1) $211.7 $0.08 Impact of (50% RVO Exemption 1st Quarter 2026)(2) $82.3 $(1.06) $ in millions $ per share Adjusted EBITDA and EPS (excluding SREs) $129.4 $(0.98) Dividends Paid (1Q26) $15.6 $0.255 (1) Net loss attribut
Slide 5: 1Q’26 Financial Bridge
1Q’26 Financial Bridge • Despite BSR turnaround in the first quarter, EOP continues to move DK towards higher free cash flow • EOP and other business improvements set to significantly increase DK's FCF generation 4Q25 to 1Q26 Adjusted EBITDA Bridge (1) Note: $ in millions 1Q26 ex SREs Delek US 5 (1)
Slide 6: Enterprise Optimization Plan
Enterprise Optimization Plan • EOP has been a strong success, driving tangible improvements in free cash flow • Increasing EOP target to at least $220M vs. previous expectation of at least $200 million on an annual run-rate basis • Majority of the EOP improvement is likely to come from margin enhanc
Slide 7: EOP: Tracking Progress at El Dorado
EOP: Tracking Progress at El Dorado 2Q24 to 1Q25 2Q25 to 1Q26 Net Crack: $10.17/Bbl Net Crack: $14.62/Bbl El Dorado EOP Highlights Progressing EOP initiatives at EDR to ensure FCF through cycle $50M margin improvement plan stems from: • Enhanced logistics • Reduced costs • Higher quality product sla
Slide 8: Big Spring Turnaround
Big Spring Turnaround Successfully completed the BSR turnaround in a safe, timely, and cost-effective manner Post TAR improvements are focused on improving margin capture and costs through: Enhancing operational reliability & flexibility Greater crude slate optimization Improved product yields Highe
Slide 9: Distillate / Jet Yield
Strong Diesel / Jet Yield Delek’s Advantaged Portfolio vs. Peer Group • Delek has one of the highest diesel 41% and jet yields 40% G • DK’s access to barrels gathered by Distillate / Jet Yield (1) Delek Logistics and connectivity to 39% D several domestic crude hubs gives it unmatched crude procurem
Slide 10: Delek’s Illustrative Free Cash Flow Profile
Delek’s Illustrative Free Cash Flow Profile • Building on our recently amended inventory intermediation agreement • +$20 million of incremental benefit from EOP program • Incremental upside from higher 2026 volumes and RIN prices • Supports Delek’s growing free cash flow potential $650 (1) DK Standa
Slide 11: DK’s RFS Cost of Compliance
DK’s RFS Cost of Compliance • Small refiners face a fundamentally unequal cost structure, with compliance costs consuming a disproportionate share of enterprise value • Delek’s annualized 1Q 2026 RFS obligations are trending ~41% higher than 2025 RFS obligations 5-Year Cost of Compliance over Market
Slide 12: Peer Leading Capital Returns
Peer Leading Capital Returns • Delivering peer leading cash returns through consistent dividends and share repurchases over the last 3 years • Delek delivered peer-competitive total shareholder returns over the past twelve months Cumulative Quarterly Dividends + Buybacks(1) (1) $ in millions Delek U
Slide 13: Delek Logistics History of Growth
Delek Logistics History of Growth • DKL has delivered competitive EBITDA growth driven by its advantaged position in the Permian Basin and disciplined execution • DKL has increased distributions for 53 consecutive quarters and ranks among the highest-yielding U.S. midstream companies 5 Year EBITDA G
Slide 14: Delek Logistics Value Proposition
Delek Logistics Value Proposition • DKL is a premier provider of three stream midstream service in the Permian Basin with one of the best combinations of yield & growth • Developing unique portfolio in the Delaware basin through rising Strong Gas Growth processing capacity, advancing sour gas gather
Slide 15: Midstream Value Creation Objectives
Midstream Value Creation Objectives Strategic Combination or Investments • Investment from financial players reducing DK’s ownership without compromising DKL • Strategic combination to boost DKL’s scale and market presence Objectives: DKL Unit buybacks from DK • Realize full value of rising • Tax-ef
Slide 16: Progressing Midstream Value Creation
Progressing Midstream Value Creation • DK has been progressing on a deconsolidation path, reducing its ownership while still getting higher distributions • DKL distributions cover DK’s dividend over two times and/or support its sustaining capital requirements, allowing DK’s competitive return of cap
Slide 17: Delek US Holdings Illustrative Valuation
Delek US Holdings Illustrative Valuation (1) Mid-cycle net crack is based upon $15.0/bbl including EOP (2) DKL Unit Price as of 4/27/2026 (3) RVO cost is based upon 1Q26 actual RVO cost, 2026E volumes and RIN prices at $1.50/gallon Note: This slide is provided for illustrative purposes only, does no
Slide 18: Consolidated Cash Flow 1Q 2026 vs 4Q 2025
Consolidated Cash Flow 1Q 2026 vs 4Q 2025 $ in millions $461.1 $(190.3) $625.8 $624.1 $(272.5) 12/31/2025 Operating Activities Investing Activities Financing Activities 3/31/2026 (1) Cash Balance Cash Balance (1) Includes cash and cash equivalents Delek US 18 Note: Includes discontinued operations
Slide 19: First Quarter Capital Program
First Quarter Capital Program DK Capital Spending 1Q’26 $ in millions DKL Capital Spending 1Q’26 $ in millions DK Standalone(1) $181.7 Logistics $49.8 (1) Includes Corporate and Other segment of $9.8 millions Delek US 19
Slide 20: Net Debt 2026 vs 2025
Net Debt 2026 vs 2025 $'s in Millions 3/31/2026 12/31/2025 Consolidated long-term debt - current portion $ 9.5 $ 9.5 DK long-term debt - non-current portion 879.0 879.2 DKL long-term debt - non-current portion 2,294.6 2,344.4 Consolidated total long-term debt $ 3,183.1 $ 3,233.1 Less: Cash and cash
Slide 21: Guidance Second Quarter 2026
Guidance Second Quarter 2026 $'s in Millions Low High Operating Expenses $215 $225 General and Administrative Expenses $47 $52 Depreciation and Amortization $105 $115 Net Interest Expense $80 $90 Barrels per day (bpd) Low High Total Crude Throughput 283,000 303,000 Total Throughput 293,000 313,000 T
Slide 22: Supplemental Slides
Supplemental Slides
Slide 23: Financial Summary 1st Quarter 2026
Financial Summary 1st Quarter 2026 Financial Highlights $ in millions (except per share) As Reported Adjusted Net Income (Loss) $(201.3) $4.7 Net Income (Loss) Per Share $(3.34) $0.08 EBITDA $(64.5) $211.7 Delek US 23
Slide 24: Total Refining Throughput 1Q 2026 vs 4Q 2025
Total Refining Throughput 1Q 2026 vs 4Q 2025 MBPD 294.8 2.2 (8.5) 3.8 260.0 (32.3) Q4 25 Tyler El Dorado Big Spring Krotz Springs 1Q26 1Q26 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $16.27 $9.44 $7.85 $12.48 Note: Throughputs are rounded Delek US 24
Slide 25: Adjusted EBITDA 1Q 2026 vs 4Q 2025
Adjusted EBITDA 1Q 2026 vs 4Q 2025 $ in millions $374.8 $5.2 $211.7 $(158.8) $(9.5) Q4 25 Refining Logistics Discontinued Ops, 1Q26 Corporate, Other & Eliminations 1Q26 Adjusted EBITDA Results Corporate, Other & Refining Logistics Eliminations $155.3 $132.4 $(76.0) Delek US 25
Slide 26: Total Refining Throughput 1Q 2026 vs 1Q 2025
Total Refining Throughput 1Q 2026 vs 1Q 2025 MBPD 289.2 2.5 (3.0) 0.2 260.0 (28.9) 1Q25 Tyler El Dorado Big Spring Krotz Springs 1Q26 1Q26 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $16.27 $9.44 $7.85 $12.48 Delek US 26
Slide 27: Adjusted EBITDA 1Q 2026 vs 1Q 2025
Adjusted EBITDA 1Q 2026 vs 1Q 2025 $ in $9.2 millions $182.3 $211.7 $(13.4) $33.6 1Q25 Refining Logistics Corporate, Other & 1Q26 Eliminations 1Q26 Adjusted EBITDA Results Corporate, Other & Refining Logistics Eliminations $155.3 $132.4 $(76.0) Delek US 27
Slide 28: Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss) Adjusting items (1) Three Months Ended March 31, $ in millions (unaudited) 2026 2025 Reported net income (loss) attributable to Delek US $ (201.3) $ (172.7) Inventory and other LCM valuation (benefit) loss (8.7) 0.2 Tax effe
Slide 29: Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA
Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA Three Months Ended March 31, Three Months Ended December 31, $ in millions (unaudited) 2026 2025 2025 Reported net income (loss) attributable to Delek US $ (201.3) $ (172.7) $ 78.3 Add: Interest expense, net 84.5 84.1 82
Slide 30: Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share
Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended March 31, $ per share (unaudited) 2026 2025 Reported diluted income (loss) per share $ (3.34) $ (2.78) Adjusting items, after tax (per share) (1) (2) Net inventory and other LCM valuati
Slide 31: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA (Q1 2026)
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended March 31, 2026 Corporate, Other $ in millions (unaudited) Refining Logistics Segment Total and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 79.2 $ 94.9 $ 174.1 $ (227.9) $ (
Slide 32: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA (Q4 2025)
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended December 31, 2025 Corporate, Other and $ in millions (unaudited) Refining Logistics Segment Total Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 258.3 $ 98.2 $ 356.5 $ (83.8)