Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q2 2025 Earnings Presentation
35 slides from Delek Us's earnings presentation, Aug 6, 2025
Slide 1: Second Quarter 2025 Earnings Conference Call
Exhibit 99.2 Second Quarter 2025 Earnings Conference Call August 6, 2025
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: Overview
Overview • DK Operations ◦ Delivered another safe, reliable, and record throughput quarter ◦ Well-positioned for a strong finish to the summer driving season ◦ Optimizing capital efficiency with lower 2H’25 CAPEX • EOP & SOTP efforts ◦ Achieved run-rate of $120mm in cash flow improvement in 2Q’25 ◦
Slide 4: Strategic Objectives DK/DKL Strategy
Strategic Objectives DK/DKL Strategy DK DKL Safe, Reliable, & Efficient Refiner Full-service Midstream Provider • Maximize Operating Leverage • Better Reliability • One stop midstream shop • Throughput • Crude, Gas & Water • Optimized yields • Lower cost per barrel • Rising Economic Independence • M
Slide 5: DK: Value Proposition & Areas of Focus
DK: Value Proposition & Areas of Focus DK’s current value creation journey is tied to EOP, SOTP & SREs 1. EOP to lower corporate break-evens & generate higher FCF EOP 2. Moved EOP range to $130-170mm from $80-120mm at the start of the plan 1. Methodical Midstream value creation continues SOTP/ Midst
Slide 6: DKL: Value Proposition & Areas of Focus
DKL: Value Proposition & Areas of Focus DKL is a premier provider of three stream midstream service in the Permian Basin with one of the best combinations of yield & growth 1. Developing unique portfolio in the Delaware basin through rising Strong Gas Growth processing capacity, advancing sour gas g
Slide 7: Tracking EOP Progress
Tracking EOP Progress • EOP intends to improve DK's overall profitability and free cash flow at constant margins • Confident in reaching between $130 – 170 million in run-rate cash flow improvements in 2H’2025 • These improvements are reflecting in results & will achieve run-rate expectations in 2H’
Slide 8: EOP: From Planning Execution Results
EOP: From Planning Execution Results EOP has started to flow through the P&L 2Q24 vs. 2Q25 Refining margin and Opex per barrel • ~$30mm of cash improvements in 2Q’2025 • EOP improvements enable free cash flow neutrality in a below mid-cycle net crack environment Increase Decrease Total 8
Slide 9: El Dorado EOP Improvements
El Dorado EOP Improvements El Dorado 2Q24 vs. 2Q25 Improvements • New initiatives to ensure El Dorado makes free cash flow through cycle • $50mm margin improvement plan stems from – enhanced logistics, – reduced costs, e as re – higher quality product slate inc 5 1.4 ~$ – and higher yields • During
Slide 10: Lower Costs & Improved Reliability
Lower Costs & Improved Reliability G&A Cost (1) Throughput by Refinery (2) (2) (1) G&A have been normalized to exclude discontinued operations (2) Adjusted for transactions costs and restructuring costs 10
Slide 11: SOTP: Progressing Midstream Value Creation
SOTP: Progressing Midstream Value Creation 3Q24: 1Q25: 1Q25: 2Q25: Acquired H2O Acquired Gravity Intercompany Commissioned Midstream Water Midstream Agreements Libby 2 Gas Plant (1) Assumes DKL EBITDA is all 3rd party 11
Slide 12: SOTP: Midstream Value Creation
SOTP: Midstream Value Creation Goal: • Realize full value of rising 3rd party DKL EBITDA • Complete economic separation between DK and DKL Strategic Combination DKL unit buybacks from DK or Investments • Most tax-efficient path for DK to reduce • Investment from financial players reduces DK’s owners
Slide 13: DKL Message: Growth, Returns, Financial Discipline & Economic Separation
DKL Message: Growth, Returns, Financial Discipline & Economic Separation • DKL provides one of the best combinations of cash flow growth, distribution growth and yield in the AMZI index • DKL continues to increase its third-party cash flows to become a strong independent midstream company • DKL has
Slide 14: Focus on Free Cash Flow: Lowered 2025 Capex
Focus on Free Cash Flow: Lowered 2025 Capex Reduction in capex, along with EOP efforts should enhance cash flow generation Refining and Corporate Capital Spending 14
Slide 15: DK Illustrative Valuation (based on mid-cycle EBITDA & FCF)
DK Illustrative Valuation (based on mid-cycle EBITDA & FCF) SREs not included in valuation *Based on FactSet Estimates as of 7/23/25 15
Slide 16: Financial Summary
Financial Summary 2nd Quarter 2025 Financial Highlights $ in millions (except per share) As Reported Adjusted Net Loss $(106.4) $(33.1) Net Loss Per Share $(1.76) $(0.56) EBITDA $59.3 $170.2 16
Slide 17: Total Refining Throughput
Total Refining Throughput 2Q 2025 vs 1Q 2025 MBPD 16.3 0.0 316.3 289.2 5.2 5.6 1Q25 Tyler El Dorado Big Spring Krotz Springs 2Q25 2Q25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $9.95 $5.21 $9.65 $7.59 17 Note: Throughputs are rounded
Slide 18: Adjusted EBITDA
Adjusted EBITDA 2Q 2025 vs 1Q 2025 ($MM) $141.0 $3.7 $170.2 $(1.0) $26.5 1Q25 Refining Logistics Discontinued Ops, 2Q25 Corporate, Other & Eliminations 2Q25 Adjusted EBITDA Results Corporate, Other & Discontinued Refining Logistics Eliminations Operations (Retail) $113.6 $120.2 $(62.6) $(1.0) 18
Slide 19: Consolidated Cash Flow
Consolidated Cash Flow 2Q 2025 vs 1Q 2025 ($MM) $51.4 $623.8 $103.3 $615.5 $(163.0) (1) (1) 3/31/2025 Operating Activities Investing Activities Financing Activities 6/30/25 Cash Balance (2) Cash Balance (1) Includes cash and cash equivalents (2) Includes impact from the inventory intermediation agre
Slide 20: Capital Program
Capital Program 2025 YTD Actual 2025 $'s in Millions 2025 YTD Actual ($ millions) Total Refining $ 97 36% Regulatory & Sustaining Logistics (Delek Logistics Partners) 191 64% Growth Corporate & Other 9 Capital expenditures $ 297 2025 Refining and Corporate Capital Spending Forecast: $150 - $170 mill
Slide 21: Net Debt
Net Debt 2025 vs 2024 $'s in Millions 6/30/2025 3/31/2025 12/31/2024 Consolidated long-term debt - current portion $ 9.5 $ 9.5 $ 9.5 DK long-term debt - non-current portion 879.8 880.1 880.3 DKL long-term debt - non-current portion 2,211.4 2,145.7 1,875.4 Consolidated total long-term debt $ 3,100.7
Slide 22: Guidance
Guidance 3rd Quarter 2025 $'s in Millions Low High Operating Expenses* $210 $225 General and Administrative Expenses $52 $57 Depreciation and Amortization $100 $110 Net Interest Expense $85 $95 Barrels per day (bpd) Low High Total Crude Throughput 291,000 306,000 Total Throughput 302,000 317,000 Tot
Slide 23: Supplemental Slides
Delek @ Supplemental Slides 23
Slide 24: Total Refining Throughput
Total Refining Throughput 2Q 2025 vs 2Q 2024 MBPD 316.0 1.7 3.2 316.3 (1.3) (3.3) 2Q24 Tyler El Dorado Big Spring Krotz Springs 2Q25 2Q25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $9.95 $5.21 $9.65 $7.59 Note: Throughputs are rounded 24
Slide 25: Adjusted EBITDA
Adjusted EBITDA 2Q 2025 vs 2Q 2024 ($MM) $19.6 $71.5 $170.2 $(14.8) $(13.6) $107.5 2Q24 Refining Logistics Corporate, Other Discontinued 2Q25 & Eliminations Operations (Retail) 2Q25 Adjusted EBITDA Results Corporate, Other & Discontinued Refining Logistics Eliminations Operations (Retail) $113.6 $12
Slide 26: Adjusted EBITDA
Adjusted EBITDA YTD 2Q 2025 vs 2Q 2024 ($MM) $266.2 $36.4 $196.7 $(18.8) $(66.0) $(21.1) 2Q24 Refining Logistics Corporate, Other Discontinued 2Q25 & Eliminations Operations (Retail) YTD 2Q25 Adjusted EBITDA Results Corporate, Other & Discontinued Refining Logistics Eliminations Operations (Retail)
Slide 27: YTD Consolidated Cash Flow
YTD Consolidated Cash Flow ($MM) $735.6 $76.9 $368.5 $615.5 $(87.9) $(477.6) 12/31/2024 Operating Working Capital Investing Activities Financing Activities 6/30/2025 Cash Balance* Activities Excluding Impact Included in Cash Balance* Working Capital Operating Activities (1) *includes cash and cash e
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) Three Months Ended June 30, Six Months Ended June 30, $ in millions (unaudited) 2025 2024 2025 2024 Reported net loss attributable to Delek US $ (106.4) $ (37.2) $ (279.1) $ (69.8) Adjusting items (1) Inventory LCM valuation
Slide 29: Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss)
Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended June 30, Six Months Ended June 30, $ per share (unaudited) 2025 2024 2025 2024 Reported diluted loss per share $ (1.76) $ (0.58) $ (4.55) $ (1.09) Adjusting items, after tax (per share)
Slide 30: Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA
Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA Three Months Ended Three Months Ended June 30, Six Months Ended June 30, March 31, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported net loss attributable to Delek US $ (106.4) $ (37.2) $ (279.1) $ (69.8) $ (17
Slide 31: Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended June 30, 2025 Corporate, Other $ in millions (unaudited) Refining Logistics Segment Total and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 95.1 $ 90.1 $ 185.2 $ (108.6) $ 76
Slide 32: Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Six Months Ended June 30, 2025 Corporate, Other $ in millions (unaudited) Refining Logistics Segment Total and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 78.9 $ 175.6 $ 254.5 $ (187.5) $ 67.
Slide 33: Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended March 31, 2025 Corporate, Other $ in millions (unaudited) Refining Logistics Segment Total and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ (16.2) $ 85.5 $ 69.3 $ (78.9) $ (
Slide 34: Reconciliation of Income (Loss) from Continuing Operations to Adjusted EBITDA
Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations Three Months Three Months Ended June 30, Six Months Ended June 30,
Slide 35: Reconciliation of Income (Loss) from Discontinued Operations to Adjusted EBITDA
Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Three Months Ended Three Months Ended June 30, Six Months