Presentation (Bank of America Energy and Power Credit Conference Final)

June 4, 2026

Leading Specialty Products and Renewable Fuels Business

• Decades of innovation in essential, every-day specialty product markets

• Leading unrestricted Sustainable Aviation Fuel platform and geographic niche in Renewable Diesel

  Specialties Business Demonstrated Track Record of Growth

• Specialties multi-year track record of differentiated success provides strong and steady cash flow for deleveraging

  • Flexible, integrated supply chain with best of breed customer base has proven successful across the business cycle

  • Reliability - 2025 production increase of over 1.3mm bbls YoY, overcoming heavy turnaround year

  • Commercial advantage demonstrated - staying well above mid-cycle levels despite softer specialty chem industry macro trends in 2025

  • Growth capital has intentionally not been deployed, but a stack of strong IRR projects exist as post deleveraging opportunity

    Strategic Objectives

• Deleverage balance sheet with strong free cash flow and strategic activity

  F

• Demonstrate Montana Renewables earnings power with new RVO finalized and MaxSA 150 expansion

• Complete the deleveraging of Calumet through a partial monetization of Montana Renewables

3

Customer Diversification

• Expansive loyal customer base across industries

• No customer is more than

  10% of our sales

  Extensive Portfolio

• Broad slate of products serving diverse applications

  5

  
  
  

• Accelerated development of cutting-edge solutions

  Commercial Excellence

• Best-in-class talent and processes customer focused

• Scalable technology platforms for effective growth

  Strategic Integration

• Flexible molecule management for optimized production

• Capability to upgrade streams and deliver premium quality

  INTEGRATED SPECIALTIES BUSINESS WELL POSITIONED FOR CURRENT MARKET

  $42.81

  $40.03

  $31.67

  $24.10

  $20.78

  $18.07 $17.55

  $9.38

  USGC 211 Crack Spread ($/BBL) (1)

Note: See appendix to this presentation for GAAP to non-GAAP reconciliations

(1) 7-Year Restricted Group (2019-2025) excluding renewables Adjusted EBITDA averages $286mm

Restricted Group Adj. EBITDA ($mm)

Restricted Group Historical Average:

$286mm

Material Margin ($/bbl)

Margins outpace historic levels despite softer industry macro in 2025

7

FY'25 Leverage Reduction

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

Q4 '24

Q1 '25

Q2 '25

Q3 '25

Q4'25

Net Recourse Debt / LTM Adjusted EBITDA

Net Recourse Debt Adjusted for Intercompany / LTM Adjusted EBITDA

• Robust Specialties Cash Flow Generation

  • Specialties continues to generate resilient and growing cash flow due to diverse portfolio, commercial excellence and cost improvements

    • $222mm Restricted Group debt reduction in 2025

• Continued Specialties Momentum in Q1'26

  • Fuels and specialty markets are extremely well positioned for remainder of 2026

  • Specialty price increases rapidly executed to mitigate feedstock costs

• Specialties Advantage

  • Unrivaled passion for customers

  • Best-in-class breadth and depth of product slate

  • Irreplicable asset base built on unique combination of scale, integration, and flexibility

  • All underpin consistent margin growth and strong cash flows

    
    
    

• Positioning for Montana Renewables Monetization

  • Derisked operations

  • Federal loan funded

  • Demonstrate relative advantage of MRL

    
    
    

  • RVO reset restores historical industry profitability

    
    
    

  • MaxSAF® 150 expansion

    
    
    
    
    

  • Showcase financial impact with RVO and MaxSAF® 150 in place

    8

    
    
    Montana Renewables Overview

    10

    • History:

      • 2022: First sales

      • 2023: Expansion provides renewable hydrogen and first SAF production

      • 2024: Full scale operation-largest SAF producer in Western Hemisphere

      • 2025: Receive first Federal loan disbursement from Trump administration and delivered industry-leading financials during worst market on record

      • 2026: Expanding SAF capability to 120-150MM gallons per year

• 12,000 bpd renewable production, increasing to 13,000 bpd beginning in Q2'26

• SAF production increasing to 120-150mm gpy with MaxSAF® 150 expansion (beginning in Q2'26), up from 30mm today

• Producing full slate of renewable fuels

  • Renewable diesel

  • Renewable naphtha (gasoline today, renewable plastics tomorrow)

  • Renewable hydrogen

  • SAF

• SET2 RVO translates to 6.7B gallons biomass-based diesel demand

  • Rapidly restored historical industry index margin of $2+ per gallon

  • Leaves ~0.5B gallon per year shortfall at 85% utilization

    • RIN bank depletion; imports; above-plan industry utilization close the gap

• MRL applauds Trump Administration and Zeldin EPA - industry is up for the challenge

  • U.S. agriculture will produce the feedstock

  • Healthy biobased diesel industry utilization slightly above 85% (and/or incremental imports)

  • Corrects 2023-25 SET1 RVO error, which didn't account for RD capacity growth and collapsed industry utilization to ~50% of capacity

  • Increases domestic energy supply and reduces fixed cost to produce per gallon

    Renewable Diesel Market Index, $/gal

    Gallons per Month Biomass Based Diesel Production

    600,000,000

    202C = 550mm*

    500,000,000

    400,000,000

    2024 = 350mm*

    2025 = 400 mm*

    300,000,000

    200,000,000

    100,000,000

    -

    Domestic RD+SAF

    Domestic BD

    Imports (all)

    Total D4

    * Call on BBD = D4 RVO plus D5/D6 covered by D4

    
    
    

    Mar-26

    Jan-26

    Nov-25

    Sep-25

    Jul-25

    May-25

    Mar-25

    Jan-25

    Nov-24

    Sep-24

    Jul-24

    May-24

    Mar-24

    Jan-24

  • All while improving air quality

$3.00

$2.50

$2.00

$1.50

SET 1 RVO

(final June 2023)

$1.00

$0.50

$-

• Jet fuel demand growth is outpacing all other fuels

  • Iran conflict highlights traditional energy's inability to keep up with increased jet demand over time

    • USWC is import dependent-supply at risk today

    • EU much more so

• MRL is increasing domestic SAF production

  • Turnaround and MaxSAF®150 project completed during March/April

  • Successfully commenced operations in May

• Sales to new and existing SAF customers resumed

  • Diversified mix of physical SPK off-takers, blended-SAF customers, and Scope 1 and Scope 3 buyers

    (1) SAF registries include Avelia, SAFc, RSB, and IATA-CADO

    12

    
    
    

  • MRL has more SAF on registries than anyone else in the world (1)

• SAF is recovered from renewable diesel, so RD sets a firm base price

• SAF market is voluntary in North America, mandatory in EU, and heading toward mandatory in Asia

• North American market has proven robust for Montana Renewables

• SAF contracts in place at $1-$2 premium over RD

  Renewable Diesel Revenue Stack now $2+ per gallon

  SAF premium

• • Premium takes various forms including emissions credits

    LCFS

    BTC/PTC

    D4 RIN

    Wholesale diesel price

    
    
    MAXSAF® 150 VS INCREASING GLOBAL SHORT

• Global SAF mandates still increasing with large penalties for non-compliance; supply capacity appears short

• Montana Renewables turnaround completed; MaxSAF® 150 commenced operations in early May

  • SAF capacity will be 120-150mm gal/yr.

• SAF contracting:

  • ~100mm gals of contracts approved and executed in anticipation; ramp up continues

  • Robust mix of physical SPK off-takers, blended SAF customers, and Scope 1 and Scope 3 buyers

  • Firm volume contracts continue to land at

13

$1-2/gal RD premium

SAF Global Demand

Calumet owns two proven, fully separable and competitively advantaged platforms with strong cash generation- Specialties and Renewables

Calumet Specialties business has delivered robust performance through cyclical environments

Montana Renewables is competitively advantaged with positive Adj.

3 EBITDA and attractive growth through MaxSAF® 150 expansion coming online in May '26

Accelerated deleveraging: ~$220mm Restricted Group debt reduction in 2025 plus

14

~ $80mm reduction in annual debt service cost after the Trump Administration's first Federal loan (guaranteed by DOE)

• In Q1'26, eliminated '26 and '27 Senior Notes

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

CLMT 2028--> 2031 Note Spread vs B, BB, & C Rated Indexes

vs. B Index vs. BB Index vs. CCC Index

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

B, BB, & C Rated Index YTW

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%

CLMT 2028-->2031 Note Spread vs Industry Indexes

16

B Rated BB Rated CCC Rated 2028s-->2031s vs. HY Refining vs. HY Chemical

Set 2 RVO

17

restores

~$2/Gal Historical Index Margin:

RVO compliance requires biodiesel supply

Set 1 RVO decimates biodiesel industry

historical margin

18

$

19

20