Bank of America Energy & Power Credit Conference
June 4, 2026
LEADING GROWTH PLATFORMSLeading 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
Specialties Business Overview HOW WE WIN: RESILIENT SPECIALTIES MOAT
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)
Calumet's integrated operation generates:
>22,000 BPD of high margin specialty products
>55,000 BPD of fuels and asphalt
Fuel margins have increased dramatically as a result of the Iranian conflict
Gulf Coast 2-1-1 forward strip is ~ $43/BBL compared to ~ $24/BBL for full year 2025
Hedged ~10k BPD of Shreveport's fuels production in '26 and '27 to protect accelerated deleveraging opportunity and strong cash flows
Advantaged specialty feedstock position demonstrated in this market
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$-
2019 2020 2021 2022 2023 2024 2025 2026
Calumet processes predominantly North American feedstocks
Large portion of global specialty crudes are directly impacted by conflict
Global specialty market is tightening
(1) 2026 reflects weighted average of Jan-Apr '26 settled price and May-Dec '26 forward strip as of 5/6/26.
Specialty Material Margin ($/BBL)
Beyond broader industry waterborne crude supply disruptions, ~10% of global base oil supply remains offline or stranded in the Middle East.
Industry has rapidly increased prices to offset crude cost increase; Calumet has executed over 20 price increases across product lines
Benefitted by an integrated operation
Fully integrated operation captures full margin of crude to specialty products, including the embedded value of diesel fuel or VGO
$85.00
$80.00
$75.00
$70.00
$65.00
$60.00
$55.00
$50.00
$45.00
$40.00
$80.94 $82.82
$76.61
$72.06
$70.94
$68.02
$61.46
$54.12
2019 2020 2021 2022 2023 2024 2025 LTM
11
Q1'26
SPECIALTIES BUSINESS GENERATES STRONG CASH FLOW ACROSS BUSINESS CYCLE
Historical Mid-Cycle Restricted Group Adjusted EBITDA ~$300mm (1)
Specialties business has demonstrated strong free cash flow throughout the cycle, including in Covid environment
Business improvements continued in 2025
~$100mm total company cost reductions ($61mm reduction in opex)
Record Specialties production levels demonstrated
Lower cost, more flexible crude supply optionality added
Specialty margins continue to outpace historic levels despite softer specialty chemicals industry macro
Continued commercial execution in Specialties in Q1'26
20+ specialty price increases substantially mitigated rapid crude escalation
Resilient margin in Specialties business
Diversified customer base
Leading customer experience
Agile supply chain, nimble operations, integration optionality
Extremely flexible product offering and end-market placement
Strong consistent margin growth
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
ACCELERATING CASH FLOW, DELEVERAGING AND GROWTHFY'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 Overview10
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
MONTANA RENEWABLES: AN ESTABLISHED RENEWABLE FUELS GROWTH LEADER
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
2025: 4.5B gal
Biomass Based Diesel Supply Stack
202C: C.7B gal
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
$-
Historical avg ~$2.00/gal Index Margin
SET 2 RVO
(final March 2026)
Renewable Diesel Industry Index Margin $/gal.
COMMENCING OPERATIONS POST MAXSAF ® 150 EXPANSION
MaxSAF® 150 Significantly Increases SAF Production
SAF Premium
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
Guidance of
$1-2/gallon SAF premium to RD
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
THE CALUMET STORY
Key Investment Considerations
1
Calumet owns two proven, fully separable and competitively advantaged platforms with strong cash generation- Specialties and Renewables
2Calumet 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
4Accelerated 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)
Appendix DEBT CAPITAL MARKETS
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
As of 05/29 | YTW | Coupon | Price |
2028s | 5.06% | 9.75% | $ 102.97 |
2028 Mirror | 7.24% | 9.75% | $ 102.65 |
2029s | 6.26% | 9.25% | $ 101.78 |
2031s | 7.85% | 9.75% | $ 105.98 |
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
RENEWABLE DIESEL MARGIN FRAMEWORKSet 2 RVO
17
restores
~$2/Gal Historical Index Margin:
RVO compliance requires biodiesel supply
Set 1 RVO decimates biodiesel industry
historical margin
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA
18
($ in millions) | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | LTM Q1'26 | 7-Year Average | |||||||||
Net income (loss) | (43.6) | $ | (149.0) | $ | (256.4) | $ | (100.0) | $ | 287.1 | $ | (67.3) | $ | 158.1 | $ | (94.2) | $ | (24.4) | |
Add: Depreciation and amortization | 129.4 | 119.7 | 123.0 | 110.2 | 128.8 | 125.5 | 124.7 | 124.0 | 123.0 | |||||||||
LCM / LIFO (gain) loss | (41.8) | 28.5 | (50.3) | (13.0) | 1.8 | (0.6) | 21.0 | (0.9) | (7.8) | |||||||||
Interest expense | 134.6 | 125.9 | 146.0 | 143.1 | 143.9 | 136.9 | 135.6 | 135.1 | 138.0 | |||||||||
Debt extinguishment costs | 2.2 | - | - | 3.1 | 5.9 | 0.4 | - | 1.6 | 1.7 | |||||||||
Unrealized (gain) loss on derivatives | 26.1 | (2.8) | 24.4 | 57.2 | (44.3) | (47.1) | (24.0) | 78.8 | (1.5) | |||||||||
RINs incurrence (gain) expense | (1.6) | 34.9 | 76.6 | 81.9 | 94.0 | 34.5 | (232.0) | 6.4 | 12.6 | |||||||||
RINs mark to market (gain) loss | (4.4) | 75.8 | 57.7 | 115.7 | (290.2) | (66.4) | 156.0 | (230.9) | 6.3 | |||||||||
Loss on impairment and disposal of assets | 37.0 | 6.8 | 4.1 | 0.7 | 0.1 | 0.9 | 1.3 | 185.1 | 7.3 | |||||||||
(Gain) loss on sale of business, net | 8.7 | - | - | - | - | - | (55.8) | 1.3 | (6.7) | |||||||||
Gain on sale of unconsolidated affiliate | (1.2) | - | - | - | - | - | - | 1.2 | (0.2) | |||||||||
Other | 3.5 | 2.4 | 6.0 | 2.6 | 24.4 | 67.1 | (0.2) | 72.6 | 15.1 | |||||||||
Equity-based compensation and other items | 7.4 | 8.9 | 50.7 | 34.4 | 20.2 | 19.7 | 8.8 | 2.8 | 21.4 | |||||||||
Income tax expense | 0.5 | 1.1 | 1.5 | 3.4 | 1.6 | 0.8 | 1.0 | - | 1.4 | |||||||||
Adjusted EBITDA | $ 256.8 | $ 252.2 | $ 183.3 | $ 439.3 | $ 373.3 | $ 204.4 | $ 294.5 | $ 282.9 | $ 286.3 | |||||||||
$
19
CAPITAL STRUCTURE OVERVIEW
20
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) Add: | $ | (162.0) | $ (147.9) | $ 313.4 | $ (37.3) | $ (317.0) |
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 | (26.2) | |
Interest expense | 58.5 | 52.9 | 53.6 | 50.8 | 51.1 | |
Debt extinguishment costs | 47.6 | 0.1 | (0.5) | 0.2 | 1.7 | |
Unrealized (gain) loss on derivatives | (0.1) | (7.0) | (2.0) | (14.9) | 102.7 | |
(Gain) loss on sale of business | (62.2) | - | 6.4 | - | - | |
RINs incurrence (gain) expense | 30.4 | 15.3 | (303.1) | 25.4 | 31.5 | |
RINs mark to market (gain) loss | 86.8 | 79.1 | (20.8) | 10.9 | 115.9 | |
(Gain) loss on impairment and disposal of assets | - | - | - | 1.3 | - | |
Other | 3.2 | 4.2 | (5.3) | (10.2) | 0.5 | |
Equity-based compensation and other items | (13.5) | 10.1 | 9.5 | 8.3 | 44.7 | |
Income tax (benefit) expense | 0.4 | 0.2 | (41.4) | (51.8) | (20.8) | |
Noncontrolling interest adjustments | 2.4 | 2.1 | 4.0 | 4.3 | 2.1 | |
Adjusted EBITDA | $ 38.1 | $ 55.1 | $ 69.6 | $ 48.4 | $ 27.6 | |
Tax attributes | 16.9 | 21.4 | 22.9 | 20.9 | 22.5 | |
Adjusted EBITDA with Tax Attributes | $ 55.0 | $ 76.5 | $ 92.5 | $ 69.3 | $ 50.1 | |
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