Calumet, Inc · NASDAQ:CLMT

Calumet — Q1 2026 Earnings Presentation

15 slides from Calumet's earnings presentation, May 8, 2026

  1. Slide 1: First Quarter 2026 Financial Results

    First Quarter 2026 Financial Results May 8, 2026

  2. 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 May 8, 2026. The information in this Presentation includes certain “forward- looking statements.” These statements can be identified by th

  3. Slide 3: Performance Summary

    PERFORMANCE SUMMARY Q1’26 Adjusted Q1’25 Adjusted Strategic Update EBITDA with Tax EBITDA with Tax Attributes ($MM) Attributes ($MM)  Integrated production footprint provides robust specialty Specialty Products and Solutions (SPS) $44.3 $56.3 margins with upside exposure to 55k BPD of fuel margins

  4. Slide 4: Integrated Business Well Positioned for Current Market

    INTEGRATED BUSINESS WELL POSITIONED FOR CURRENT MARKET  Calumet’s integrated operation generates: USGC 211 Crack Spread ($/BBL) (1) $45.00 $42.81  >22,000 BPD of high margin specialty products $40.03 $40.00  >55,000 BPD of fuels and asphalt $35.00 $31.67  Fuel margins have increased dramatically

  5. Slide 5: Montana Renewables – Historic RVO Finalized March 2026

    MONTANA RENEWABLES – HISTORIC RVO FINALIZED MARCH 2026  SET2 RVO translates to 6.7B gallons biomass-based diesel demand Biomass Based Diesel Supply Stack  Rapidly restored historical industry index margin of $2+ per gallon  Leaves ~0.5B gallon per year shortfall at 85% utilization 2026: 6.7B gal

  6. Slide 6: Commencing Operations Post MaxSAF 150 Expansion

    COMMENCING OPERATIONS POST MAXSAF 150® EXPANSION MaxSAF® 150 Significantly Increases SAF Production SAF Premium  Jet fuel demand growth is outpacing all other fuels  SAF is recovered from renewable diesel, so RD sets a firm base price  Iran conflict highlights traditional energy’s inability to ke

  7. Slide 7: Specialty Products and Solutions Segment

    SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT  Fuels and specialty markets are extremely well positioned for Q12026 Q12025 remainder of 2026 Adjusted EBITDA ($MM) $44.3 $56.3  Sixth consecutive quarter of specialty sales volume > 20K bpd Specialty Products Material Margin ($/bbl) $54.00 $57.01  Specia

  8. Slide 8: Performance Brands Segment

    PERFORMANCE BRANDS SEGMENT Q12026 Q12025  Strong Performance Brands results Sales ($MM) $88.9 $82.1  TruFuel posted record sales volume quarter  Multiple price increases implemented Adjusted EBITDA ($MM) $12.6 $15.8 (1)  Typically effective within 60-90 days Sales volume (MM gals) 7.0 6.5 (1) 

  9. Slide 9: Montana / Renewables Segment

    MONTANA / RENEWABLES SEGMENT Q12026 Q12025 Adjusted EBITDA ($MM) with Tax Attributes $10.2 $3.3 Renewables at 87% with Tax Attributes $8.8 $2.1 Montana Asphalt $1.4 $1.2 Renewable Sales (bpd) 7,863 10,264 Conventional Sales (bpd) 12,102 13,885 Renewables Montana Asphalt  100% of MRL Adjusted EBITDA

  10. Slide 10: Calumet: Driving Shareholder Value

    CALUMET: DRIVING SHAREHOLDER VALUE  Robust Specialties Business  Specialties continues to prove resilient reflecting diverse portfolio, commercial excellence and cost structure  Calumet Well-Positioned for Accelerated Deleveraging and Future Growth  Dynamic integrated specialties business  Mark

  11. Slide 11: Appendix

    4%) CALUMET Appendix

  12. Slide 12: Capital Structure Overview

    CAPITAL STRUCTURE OVERVIEW 12

  13. Slide 13: Reconciliation of Net Income (Loss) to Adjusted EBITDA with Tax Attributes

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net income (loss) $ (162.0) $ (147.9) $ 313.4 $ (37.3) $ (317.0) Add: Depreciation and amortization 46.7 47.9 50.7 44.6 41.4 LCM / LIFO (gain) loss (0.1) (1.9) 5.1 16.8

  14. Slide 14: 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) Specialty Products and Solutions segment gross profit (loss) $ 1Q 2025 (34.0) $ 2Q 2025 (14.9) $ 3Q 2025 276.3 $ 4Q 2025 38.3 $ 1Q 2026 (62.9) LCM/LIFO inventory (gain) loss

  15. Slide 15: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA

    RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 1Q 2025 1Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (114.9) $ (38.6) $ (153.5) $ (17.6) $ (27.8) $ (45.4) Add: Depreciation and amortization 16.6 11.3 27.9 12.0 9.9 21.9 LCM /

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