Slide 1: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results August 8, 2025
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of August 8, 2025. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified by
Slide 3: Performance Summary
PERFORMANCE SUMMARY Q2’25 Adjusted Q2’24 Adjusted Financial Drivers & Key Strategic Milestones EBITDA with EBITDA with Tax Attributes Tax Attributes2 Continued strong business execution ($MM) ($MM) $42 million YoY operating cost reduction in 1H 2025 Specialty Products and Solutions (SPS) $66.8 $
Slide 4: Supportive Regulatory Landscape Coming Into Focus
SUPPORTIVE REGULATORY LANDSCAPE COMING INTO FOCUS Regulatory Developments Supply Stack Biomass Based Diesel EPA RVO proposal and 45Z extension White House Support demonstrates support for domestic ag and Proposed 5.6B gal renewable fuels Current 4.5B gal PTC extended through 2029 (marks 25 years
Slide 5: Focused on Deleveraging and Value Creation
FOCUSED ON DELEVERAGING AND VALUE CREATION ■ Driving Cashflow from the Business ■ Specialties continued to post strong results and demonstrate resiliency due to diverse portfolio, commercial excellence and cost discipline ■ Continuing to deliver operating cost improvement across the business ■ Plans
Slide 6: Specialty Products and Solutions Segment
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Continued strong commercial execution Q22025 Q22024 Third consecutive quarter of specialty sales volume > 20K bpd Resilient specialty margin growth driven by broad specialty product Adjusted EBITDA ($MM) $66.8 $72.7 portfolio offsetting softness in para
Slide 7: Performance Brands Segment
PERFORMANCE BRANDS SEGMENT Q22025 Q22024 Integrated specialties strategy, leveraging commercial excellence and integration optionality, continues to drive results Sales ($MM) $80.7 $96.1 Exceptional volume and margin growth continues across the business Adjusted EBITDA ($MM) $13.5 $14.1 Q2’25
Slide 8: Montana / Renewables Segment
MONTANA / RENEWABLES SEGMENT Q22025 Q22024 Adjusted EBITDA ($MM) with Tax Attributes (1) (2) $16.3 $8.7 Renewables at 87% with Tax Attributes (2) $7.2 $6.1 Montana Asphalt (2) $9.1 $2.6 Renewable Sales (bpd) 12,102 11,860 Conventional Sales (bpd) 14,766 12,373 (1) Q2’25 Montana/Renewables segment Ad
Slide 9: Focused on Deleveraging and Value Creation
FOCUSED ON DELEVERAGING AND VALUE CREATION Driving Cashflow from the Business Supporting Balance Sheet Improvements Executing Across Potential Portfolio Optimization Positioning for Montana Renewables Monetization 9
Slide 10: Appendix
Appendix © 2024 Calumet, Inc. All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Calumet, Inc.
Slide 11: Capital Structure Overview
CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Cash and cash equivalents (Restricted Group) $ 32.6 $ 6.1 $ 7.3 $ 22.3 $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 Cash, cash equiva
Slide 12: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA ($ in millions) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net income (loss) $ (41.6) $ (39.1) $ (100.6) $ (40.7) $ (162.0) $ (147.9) Add: Depreciation and amortization 45.4 45.9 45.3 50.4 46.7 47.9 LCM / LIFO (gain) loss 9.0 (9.5) 9.4 3.4
Slide 13: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Specialty Products and Solutions segment gross profit $ 85.3 $ 39.1 $ 2.3 $ 62.3 $ (34.0) $ (14.9) LCM/LIFO inventory (gain) l
Slide 14: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2024 1Q 2025 2Q 2025 Montana / Montana / Montana / MRL CMR MRL CMR MRL CMR Renewables Renewables Renewables ($ in millions) Net income (loss) $ (22.7) $ (1.1) $ (23.8) $ (114.9) $ (38.6) $ (153.5) (50.8) $ (24.1) $ (74.9) Add: Dep