Chemtrade Logistics Income Fund · TSX:CHE.UN
Chemtrade Logistics Income Fund — Investor Presentation (August 2026)
46 slides from Chemtrade Logistics Income Fund's investor presentation, August 2026
Slide 1: Our Commitment to Sustainability – Investor Presentation August 2026
RESPONSIBLE CARE® OUR COMMITMENT TO SUSTAINABILITY Chemtrade Logistics Income Fund (TSX: CHE.UN, OTCQX®: CGIFF) Investor Presentation – August 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: Leading Industrial Chemicals Provider
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: Leading Industrial Chemicals Provider
Chemtrade at a Glance Leading Industrial Chemicals Provider $3.1 Billion $1.9 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: Strong Margin & Cash Flows = Capital Return
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 ~5%pt. to Commodity Peers -7.6% Specialty Chemicals-like levels ADJUSTED E
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) $507M Chlor-alkali Water $280M Chlorate ADJUSTED EBITDA HIGHER BY $227M OR 80%+ Strategic Activities: Market pricing optimizations Reliability an
Slide 7: Balanced Capital Allocation & Debt Maturity
Balance Sheet Balanced Capital Allocation & Debt Maturity Capital Allocation (2021 – LTM ending Q2 2026, cumulative) Strong Balance Sheet Maintain strong balance sheet through Buybacks economic cycle $206 Leverage(1) target approximately 2.5x (2) Acquisitions $252 Distributions $361 Fully Funded
Slide 8: Chemtrade Vision – 2030 Key Drivers
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 Strategic Priorities
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: Capturing Secular Tailwinds
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: Market Comparison
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 Trustee Executive mentor, corporate financial advisor and corporate dir
Slide 17: Tariff Impact Update
Tariff Impact Update Chemtrade continues to actively monitor developments surrounding tariff developments to swiftly respond to any potential impacts and/or opportunities To date, excluding FX, Chemtrade’s products have not been directly impacted, given all of Chemtrade’s products are CUSMA- compl
Slide 18: Company History: Adjusted EBITDA Growth and Activities
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 $431
Slide 19: Chemtrade's Footprint: Transcontinental Reach
Chemtrade’s Footprint Transcontinental Reach Acid & Sulphur Products (ASP) • 2 facilities in Canada and 8 in the United States • Major Regen acid facilities are pipeline connected to 2 customer 1 2 1 1 Water Solutions (WS) 2 2 3 • 10 facilities in Canada and 1 37 in the United States 1 2 • Strategic
Slide 20: Acid and Sulphur Products (ASP) Segment
TSX: CHE.UN, OTCQX®: CGIFF Acid and Sulphur Products (ASP) Segment Sulphuric Acid (H2SO4) Products Non-Acid Products Regen Acid Ultrapure Acid Merchant Acid Sulphur, Sulphides, SHS, SBS, Sodium Nitrite, etc. Gasoline production Semiconductor manufacturing, Wood pulp, industrial chemicals, car Sulphu
Slide 21: Water Solutions (WS) Segment
TSX: CHE.UN, OTCQX®: CGIFF Water Solutions (WS) Segment Water Products and Services Alum, Ferric ACH, PACI Al+Clear® Services Municipal and industrial water treatment Specialized municipal and industrial Poultry litter management Value-added solutions for municipal and water treatment food / industr
Slide 22: Electrochemicals (EC) Segment
TSX: CHE.UN, OTCQX®: CGIFF Electrochemicals (EC) Segment Electrochemicals Caustic Soda (NaOH) Chlorine (Cl2) Hydrochloric Acid (HCI) Sodium Chlorate (NaCIO3) Pulp & paper, soaps & detergents, Water treatment, chemical processes pH adjustor in water treatment, oil & gas Pulp & paper bleaching aluminu
Slide 23: Q2 2026 Consolidated Results
TSX: CHE.UN, OTCQX®: CGIFF Q2 2026 Consolidated Results Positive Adjusted EBITDA contributions from (i) the Polytec acquisition in the WS segment and (ii) merchant and Regen acid in the ASP segment, were offset by lower selling prices for chlor-alkali products and lower volumes and selling prices fo
Slide 24: Acid and Sulphur Products (ASP) Q2 2026 Results
TSX: CHE.UN, OTCQX®: CGIFF Acid and Sulphur Products (ASP) Q2 2026 Results Comparable Revenue (C$ millions) Foreign Exchange Impact The Canadian dollar remained unchanged relative to the U.S. dollar year-over-year with no impact on revenue and Adjusted EBITDA during Q2 2026 $216.4 ASP Revenue $163
Slide 25: Water Solutions (WS) Q2 2026 Results
TSX: CHE.UN, OTCQX®: CGIFF Water Solutions (WS) Q2 2026 Results Comparable Revenue (C$ millions) Foreign Exchange Impact The Canadian dollar remained unchanged relative to the U.S. dollar year-over-year with no impact on revenue and Adjusted EBITDA during Q2 2026 $181.9 WS Revenue $139.1 WS Reve
Slide 26: Electrochemicals (EC) Q2 2026 Results
TSX: CHE.UN, OTCQX®: CGIFF Electrochemicals (EC ) Foreign Exchange Impact Q2 2026 Results The Canadian dollar remained unchanged relative to the U.S. dollar year-over-year with Comparable Revenue (C$ millions) no impact on revenue and Adjusted EBITDA during Q2 2026 North Vancouver biennial mainten
Slide 27: Q2 2026 Corporate Costs
TSX: CHE.UN, OTCQX®: CGIFF Q2 2026 Corporate Costs Foreign Exchange Impact Corporate Costs (C$ millions) Business results are presented on an unhedged basis. During Q2 2026, the Canadian dollar remained unchanged relative to the U.S. dollar year-over-year with no impact on results $30.3 The rela
Slide 28: Balance Sheet and Capital Allocation
TSX: CHE.UN, OTCQX®: CGIFF Balance Sheet and Capital Allocation Net Debt / LTM Adjusted EBITDA(1) Consistent focus on balanced capital allocation: 1) Invest in high-return, strategic growth opportunities Fully-funded growth strategy with internally-generated cash 2.5x 2.55x flow and revolver avail
Slide 29: 2026 Guidance
TSX: CHE.UN, OTCQX®: CGIFF 2026 Guidance 2026 Guidance: Reaffirming 2026 Adjusted EBITDA guidance, as Adjusted EBITDA previously issued in January 2026, to range between (C$ millions) 2026 Guidance: $485.0 million and $525.0 million $485.0 - $525.0 At midpoint, the 2026 Adjusted EBITDA implies 2
Slide 30: 2026 Guidance
TSX: CHE.UN, OTCQX®: CGIFF 2026 Guidance 2026 2025 Six Months ended Actual Guidance Actual C$ millions June 30, 2026 June 30, 2025 Adjusted EBITDA (1) $485.0 - 525.0 $507.4 $240.8 $258.0 Maintenance Capital Expenditures (1) $130.0 - $140.0 $123.5 $71.4 $43.9 Growth Capital Expenditures (1) $40.0 - $
Slide 31: Key Sensitivities: Annual Impact on Adjusted EBITDA
TSX: CHE.UN, OTCQX®: CGIFF Key Sensitivities: Annual Impact on Adjusted EBITDA Caustic Soda Price Change of US$50/DMT = C$14 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 Gla
Slide 32: 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 33: 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 34: 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 35: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF Non-IFRS Financial Measures and Ratios For the three months ended For the six months ended C$ millions, except per unit metrics and ratios June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Cash flow from operating activities $ 91.9 $ 85.1 $ 134.3 $ 119.4 Add (Less):
Slide 36: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF Non-IFRS Financial Measures and Ratios C$ millions, except per unit metrics and For the twelve months ended ratios Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 LTM Cash flow from operating activities $369.9 $363.1 $355.1 $350.5 $338.2 $357.0 $342
Slide 37: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN, OTCQX®: CGIFF Non-IFRS Financial Measures and Ratios Net debt Most directly comparable IFRS financial measure: Total long-term debt, Convertible Debentures, lease liabilities, and long-term lease liabilities, less cash and cash equivalents Definition: Net debt is calculated as the princ
Slide 38: Non-IFRS Financial Measures and Ratios
TSX: CHE.UN Non-IFRS Financial Measures and Ratios Growth capital expenditures Most directly comparable IFRS financial measure: Capital expenditures Definition: Growth capital expenditures are calculated as Capital expenditures less Maintenance Capital expenditures, plus investments in a joint ventu
Slide 39: Capital Management Measures
TSX: CHE.UN, OTCQX®: CGIFF Capital Management Measures Capital management measures are financial measures disclosed by an entity that (a) are intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital, (b) are not a component of a li
Slide 40: Total of Segments Measures
TSX: CHE.UN, OTCQX®: CGIFF Total of Segments Measures Total of segments measures are financial measures disclosed by an entity that (a) are a subtotal of two or more reportable segments, (b) are not a component of a line item disclosed in the primary financial statements of the entity, (c) are discl
Slide 41: Total of Segments Measures
TSX: CHE.UN, OTCQX®: CGIFF Total of Segments Measures Adjusted EBITDA Most directly comparable IFRS financial measure: Net earnings (loss) Three months ended June 30 Six months ended June 30 C$ millions 2026 2025 2026 2025 Net earnings $ 42.9 $ 9.7 $ 68.3 $ 58.8 Add (Less): Depreciation and amortiza
Slide 42: 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 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net earnings (loss) $ 148.9 $ 115.7 $ 139.4 $ 111.4 $ 129
Slide 43: 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 44: 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 45: Supplementary Financial Measures
TSX: CHE.UN, OTCQX®: CGIFF Supplementary Financial Measures Cash interest Represents interest expense related to long-term debt, interest on Convertible Debentures, pension interest expense and interest income. Cash tax Represents current income tax expense. Chemtrade at Glance Historical Performanc
Slide 46: 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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