Wells Fargo Industrial & Materials Conference
June 9, 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 OverviewHistorical Mid-Cycle Restricted Group Adjusted EBITDA of
$286mm (1)
Strong historical generator of cash flow from operations
(1) End markets based on FY'25 sales
5
Leading Brands
LEADING SPECIALTY PRODUCTS PLATFORM WITH DEMONSTRATED EARNINGS POWER
Superior Customer & Market Diversification (1)
More than
50%
of our customers buy across product lines
Leading specialty products company with demonstrated earnings power, strong free cash flow, and identified growth opportunities
Unique, prominent customer base, brands, and assets that perform through all economic cycles
Industry leading integration and operational flexibility -significant portion of our production volumes are upgraded through our integrated network
Diversified customer base and product offerings across multiple industries and markets approached with our innovative, customer-centric culture
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
6
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
7
Q1'26
INDUSTRY LEADING INTEGRATED PLANTS AT SCALENorthwest Louisiana Base Production
Base Oils
Solvents
Waxes
Esters
Specialty Asphalt
Transportation Fuels
Upgrading and Blending
Gels
Petrolatum
Process Oils
Ink Oils
Drilling Fluids
Finished Lubricants
Ag Spray Oils
Engineered Fuels
Synthetic Basestocks
Isoparaffinics
Downstream specialties generates higher margin
NW Louisiana refinery complex anchors Specialties business
8
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
9
Montana Renewables Overview MONTANA RENEWABLES - HISTORIC RVO FINALIZED MARCH 20262025: 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
CALUMET: DRIVING SHAREHOLDER VALUE
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
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
Shreveport Site
14
MaxSAF® 150 catalyst loading in April 2026
Appendix RENEWABLE DIESEL MARGIN FRAMEWORK
Set 2 RVO
16
restores
~$2/Gal Historical Index Margin:
RVO compliance requires biodiesel supply
Set 1 RVO decimates biodiesel industry
historical margin
RESTRICTED GROUP NON G.A.A.P. RECONCILIATION OF RESTRICTED GROUP ADJ. EBITDA
17
($ 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 | |||||||||
$
18
CAPITAL STRUCTURE OVERVIEW
19
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 | |
20
($ in millions, except per barrel data) | 1Q 2025 | 2Q 2025 | 3Q 2025 | 4Q 2025 | 1Q 2026 |
Specialty Products and Solutions segment gross profit (loss) | $ (34.0) | $ (14.9) | $ 276.3 | $ 38.3 | $ (62.9) |
LCM/LIFO inventory (gain) loss | (0.7) | 4.9 | 1.4 | 11.8 | (18.9) |
Other adjustments | - | - | - | - | - |
RINs incurrence expense | 22.3 | 12.0 | (192.9) | 20.7 | 24.6 |
RINs mark to market (gain) loss | 60.7 | 55.4 | (16.7) | 9.2 | 98.0 |
Depreciation and amortization | 16.6 | 18.2 | 21.4 | 17.8 | 18.4 |
Specialty Products and Solutions segment Adjusted gross profit | $ 64.9 | $ 75.6 | $ 89.5 | $ 97.8 | $ 59.2 |
Performance Brands segment gross profit | $ 22.2 | $ 22.1 | $ 18.5 | $ 15.4 | $ 21.0 |
LCM/LIFO inventory (gain) loss | 1.3 | (0.5) | 1.7 | (1.7) | 0.3 |
Other adjustments | - | - | - | - | - |
Depreciation and amortization | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
Performance Brands segment Adjusted gross profit | $ 24.2 | $ 22.3 | $ 20.9 | $ 14.4 | $ 22.0 |
Montana/Renewables segment gross profit (loss) | $ (69.6) | $ (50.8) | $ 78.9 | $ (56.7) | $ (45.6) |
LCM/LIFO inventory (gain) loss | (0.7) | (6.3) | 2.0 | 6.7 | (7.6) |
Loss on firm purchase commitments | - | - | - | - | - |
RINs incurrence expense | 8.1 | 3.3 | (110.2) | 4.7 | 6.9 |
RINs mark to market (gain) loss | 26.1 | 23.7 | (4.1) | 1.7 | 17.9 |
Depreciation and amortization | 27.9 | 28.1 | 28.1 | 25.3 | 21.9 |
Montana Renewables segment Adjusted gross profit (loss) | $ (8.2) | $ (2.0) | $ (5.3) | $ (18.3) | $ (6.5) |
Reported Specialty Products and Solutions segment gross profit per barrel | $ (6.33) | $ (2.72) | $ 46.11 | $ 6.03 | $ (10.72) |
LCM/LIFO inventory (gain) loss per barrel | (0.13) | 0.90 | 0.23 | 1.86 | (3.22) |
Other adjustments per barrel | - | - | - | - | - |
RINs incurrence expense per barrel | 4.15 | 2.19 | (32.19) | 3.26 | 4.19 |
RINs mark to market (gain) loss per barrel | 11.30 | 10.12 | (2.79) | 1.45 | 16.70 |
Depreciation and amortization per barrel | 3.09 | 3.32 | 3.58 | 2.79 | 3.14 |
Specialty Products and Solutions segment Adjusted gross profit per barrel | $ 12.08 | $ 13.81 | $ 14.94 | $ 15.39 | $ 10.09 |
Performance Brands segment gross profit per barrel | $ 144.16 | $ 138.99 | $ 124.16 | $ 119.38 | $ 125.75 |
LCM/LIFO inventory (gain) loss per barrel | 8.44 | (3.14) | 11.41 | (13.18) | 1.80 |
Other adjustments per barrel | - | - | - | - | - |
Depreciation and amortization per barrel | 4.54 | 4.40 | 4.70 | 5.43 | 4.19 |
Performance Brands segment Adjusted gross profit per barrel | $ 157.14 | $ 140.25 | $ 140.27 | $ 111.63 | $ 131.74 |
Montana/Renewables segment gross profit (loss) per barrel | $ (32.03) | $ (20.78) | $ 34.50 | $ (24.32) | $ (25.38) |
LCM/LIFO inventory (gain) loss per barrel | (0.32) | (2.58) | 0.87 | 2.87 | (4.23) |
Loss on firm purchase commitments per barrel | - | - | - | - | - |
RINs incurrence expense per barrel | 3.73 | 1.35 | (48.19) | 2.02 | 3.84 |
RINs mark to market (gain) loss per barrel | 12.01 | 9.69 | (1.79) | 0.73 | 9.96 |
Depreciation and amortization per barrel | 12.84 | 11.50 | 12.29 | 10.85 | 12.19 |
Montana Renewables segment Adjusted gross profit (loss) per barrel | $ (3.77) | $ (0.82) | $ (2.32) | $ (7.85) | $ (3.62) |
Specialty Products and Solutions Adjusted EBITDA | $ 56.3 | $ 66.8 | $ 80.2 | $ 88.5 | $ 44.3 |
Specialty Products and Solutions Sales | $ 650.1 | $ 627.9 | $ 679.1 | $ 675.9 | $ 705.0 |
Specialty Products and Solutions Adjusted EBITDA margin | 8.7% | 10.6% | 11.8% | 13.1% | 6.3% |
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS)
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |