Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Investor Presentation (February 2026)
23 slides from Cvr Energy's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
Investor Presentation February 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements (“FLS”) within the meaning of federal securities laws which are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. The assumptions and estimates underlyi
Slide 3: Company Overview
Company Overview CVR Energy (NYSE: CVI) is a diversified holding company, formed in 2006, primarily engaged in the petroleum refining and marketing industry and the fertilizer manufacturing industry through its interest in CVR Partners, LP (NYSE: UAN), a publicly traded limited partnership (“CVR Par
Slide 4: Petroleum Segment Overview
Petroleum Segment Overview Competitively Positioned Mid-Con Refineries ▪ Nameplate crude oil capacity of 206,500 bpd across two refineries with an average complexity rating of 10.8. ▪ Located in Group 3 of PADD II. ▪ Significant crude oil sourcing optionality via proprietary pipeline and truck gathe
Slide 5: Key Operating Statistics - Petroleum
Key Operating Statistics - Petroleum Consistent History of High Refinery Utilization Rates Consolidated Throughputs and Crude Oil Utilization • Five-year average utilization of 90% including turnarounds 225.0 100% • 1Q 2025 and 2Q 2025 impacted by the large turnaround at 180.0 80% Coffeyville 135.0
Slide 6: Constructive Refining Macro Environment
Constructive Refining Macro Environment(1) Favorable Refining Macro Environment Driven by Reduced Domestic Supply and Stable Demand Trends • U.S. operable refining capacity has declined over 800,000 bpd since 2020 as refineries converted to renewable fuels production or shuttered due to poor economi
Slide 7: Focused on Capture Rate Improvements
Focused on Capture Rate Improvements ▪ Group 3 2-1-1 crack spreads improved in 2025 – FY 2025 average of $22.63/bbl vs. FY 2024 average $18.05/bbl, although prices for Renewable Identification Numbers (“RINs”) in 2025 have increased as well. ▪ CVR adjusted margin capture averaged 46% for FY 2025, do
Slide 8: Capital Allocation Strategy
Capital Allocation Strategy Prioritize Sustaining Maintaining safe, reliable operations is priority #1. Capital Investments Focusing on debt reduction in the near-term to Maintain Strong Balance return to targeted leverage levels while maintaining Sheet and Liquidity sufficient cash balances. Discip
Slide 9: Capital Expenditures and Turnarounds
Capital Expenditures and Turnarounds Petroleum Segment estimated 2026 Capex of $130MM - $145MM ▪ Maintenance capex estimated at $80MM to $90MM. ▪ Growth capex estimated at $50MM to $55MM. ▪ Wynnewood Alky Project accounts for a significant portion of the expected 2026 growth capex spend. ▪ Currently
Slide 10: Nitrogen Fertilizer Segment Overview
Nitrogen Fertilizer Segment Overview Strategically Located Nitrogen Fertilizer Facilities ▪ Large geographic footprint serving the Southern Plains and Corn Belt regions. ▪ Well positioned to minimize distribution costs and maximize netback pricing. ▪ Rail loading rack at the Coffeyville facility pro
Slide 11: Key Operating Statistics – Nitrogen Fertilizer
Key Operating Statistics – Nitrogen Fertilizer Consistent History of High Ammonia Utilization Rates • Five-year average utilization of 93% including turnarounds. • Turnarounds typically completed every 3 years – Coffeyville turnaround completed in 4Q 2025 and East Dubuque scheduled for 3Q 2026. Dive
Slide 12: Recent Domestic Nitrogen Fertilizer Market Conditions
Recent Domestic Nitrogen Fertilizer Market Conditions ▪ Strong demand for nitrogen fertilizers in the U.S. combined with domestic and global nitrogen fertilizer supply issues led to elevated ammonia and UAN prices in 2025. ▪ U.S. Department of Agriculture (“USDA”) estimated 98.8 million acres of cor
Slide 13: Strong Demand for Corn in the U.S.
Strong Demand for Corn in the U.S. ▪ Corn has a variety of uses and applications, including feed grains, ethanol for fuel, and feed, seed and industrial (FSI). ▪ Feed Grains: Approximately 96% of domestic feed grains are supplied by corn. Feed grains consume approximately 39% of the annual corn crop
Slide 14: Capital Expenditures and Turnaround Expenses
Capital Expenditures and Turnaround Expenses 2026 Total Capex budget of $60MM - $75MM ▪ Maintenance capex estimated at $35MM - $45MM. ▪ Growth capex estimated at $25MM - $30MM. ▪ Growth capex projects planned for 2026 primarily focused on margin improvement and debottlenecking projects at both plant
Slide 15: Appendix
APPENDIX
Slide 16: Mission and Values
Mission and Values Our mission is to be a top tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company as measured by safe and reliable operations, superior financial performance and profitable growth. Our core values are driven by our people, inform the way we
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA represents EBITDA adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Adjusted Refining Margin and Adjuste
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures (In USD Millions) CVR Energy, Inc. 2021 2022 2023 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 2025 Net income (loss) $ 74 $ 644 $ 878 $ 45 $ (105) $ (90) $ 401 $ (116) 90 Add: Interest expense and other financing costs, net of interest income 117 85 52 77 25 30 25 29 108 Add: In
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Petroleum Segment Refining Margin and Adjusted Refining Margin ($ in Millions) 2021 2022 2023 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 2025 Net sales $ 6,721 $ 9,919 $ 8,287 $ 6,920 $ 1,477 $ 1,561 $ 1,739 $ 1,649 $ 6,426 Less: Cost of materials and other (6,100) (8,488) (6,6
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Renewables Segment Renewables Margin and Adjusted Renewables Margin ($ in Millions) 2022 2023 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 2025 Net sales $ 338 $ 559 $ 289 $ 66 $ 76 $ 99 $ 72 $ 312 Less: Cost of materials and other (342) (537) (245) (50) (71) (99) (69) (288) Dire
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures (In USD Millions) CVR Partners, LP 2021 2022 2023 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 2025 Net Income (loss) $ 78 $ 287 $ 172 $ 61 $ 27 $ 39 $ 43 $ (10) $ 99 Add: Interest expense and other financing costs, net of interest income 61 34 29 30 8 7 8 7 30 Add: Depreciation
Slide 22: 2025 & 2026 Est. Capital Expenditures
2025 & 2026 Est. Capital Expenditures 2025 Actual 2026 Estimate Maintenance Growth Total (in millions) Maintenance Growth Total Low High Low High Low High Petroleum $ 96 $ 39 $ 135 $ 80 $ 90 $ 50 $ 55 $ 130 $ 145 Renewables 3 1 4 - - - - - - Nitrogen Fertilizer 35 22 57 35 45 25 30 60 75 Other - 1 1
Slide 23: Simplified Organizational Structure
Simplified Organizational Structure Icahn Enterprises Public L.P. & Affiliates 30.0 % 70.0 % CVR Energy, Inc. NYSE: CVI CVR GP, LLC Public N-E GP Interest 2.6 % Other Renewables Segment Petroleum Segment Subsidiaries Subsidiaries Subsidiaries CVR Partners, LP 36.8 % NYSE: UAN 60.6 % 40% JV Entity: E