Cvr Energy Inc.NYSE: CVI

CVI Investor Presentation - February 2026

· Issued by Cvr Energy Inc.






Investor Presentation

February 2026





Company Overview

CVR Energy (NYSE: CVI) is a diversified holding company, formed in 2006, primarily engaged in the petroleum refining and marketing industry and the fertilizer manufacturing industry through its interest in CVR Partners, LP (NYSE: UAN), a publicly traded limited partnership ("CVR Partners"). Strategic Priorities:
  • Constant focus on the safe, reliable operations of our facilities

  • Evaluate commercial optimization opportunities to improve margin capture in the Petroleum Segment

  • Actively pursue opportunities to expand our asset footprint

  • Maintain a disciplined approach to capital allocation

  • CVR Energy owns the general partner and 37% of the common units of CVR Partners, LP.

  • Two strategically located nitrogen fertilizer facilities serving the Southern Plains and Corn Belt.

  • Primarily engaged in the production of nitrogen fertilizers - ammonia and urea ammonium nitrate (UAN).

  • Diverse feedstock exposure through petroleum coke ("pet coke") and natural gas.

Nitrogen Fertilizer

  • Two strategically located Mid-Continent refineries close to Cushing, Oklahoma.

  • Total nameplate crude oil capacity of 206,500; average complexity rating of 10.8.

  • Complementary logistics assets and access to key pipelines provide a variety of advantaged crude oil supply options: 100% exposure to Brent - WTI crude differential.

  • Historically high product yield vs. peers: 97% liquid volume yield and 90% yield of gasoline and distillate.(1)

Petroleum Refining



(1) Based on total throughputs; for the twelve months ended December 31, 2025. 2





Petroleum Segment Overview

Crude Throughput



Competitively Positioned Mid-Con Refineries
  • Nameplate crude oil capacity of 206,500 bpd across two refineries with an average complexity rating of 10.8.

  • Located in Group 3 of PADD II.

  • Significant crude oil sourcing optionality via proprietary pipeline and truck gathering systems, close proximity to major crude oil hub at Cushing, and contracted space on Keystone and Spearhead pipelines for Canadian crude oil deliveries.

  • Multiple product sales outlets between refinery racks, ONEOK and NuStar pipeline systems and racks, and the bulk product market.

  • Rail logistics assets at both refineries provide additional

    product marketing opportunities outside of Group 3.

  • New refined product pipeline capacity scheduled to come online later in 2026 to provide additional outlet from Group 3 to Denver.

Product Slate(3)

Nameplate

Capacity (bpd)

Avg.

Utilization(1)(2)

Gasoline

Distillate

Other Liquids

Other

Coffeyville

132,000

75%

49%

44%

4%

3%

Wynnewood 74,500 92%

54%

35%

11%

0%

Consolidated

206,500

81%

51%

41%

6%

2%

  1. Based on crude oil throughputs for the twelve months ended December 31, 2025.

  2. Coffeyville utilization impacted by the large, planned turnaround completed in 1H 2025. 3

  3. Based on production for the twelve months ended December 31, 2025.



Key Operating Statistics - Petroleum

Consistent History of High Refinery Utilization Rates

  • Five-year average utilization of 90% including turnarounds

  • 1Q 2025 and 2Q 2025 impacted by the large turnaround at

    Coffeyville

    Advantaged Crude Oil and Feedstock Slate

  • Over 60% of crude oil throughputs sourced locally via CVR's

    proprietary gathering systems

  • Approximately 1,300 bpd of Canadian crude oil processed at Coffeyville, remainder sold at Cushing

    High Conversion Refineries Leveraged to Diesel

  • Historically high product yield - 97% liquid volume yield and 90% yield of gasoline and distillate(1)

225.0

180.0

135.0

90.0

45.0

0.0

Consolidated Throughputs and Crude Oil Utilization



1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

Crude Oil Throughput (mbpd) Other Feedstocks Throughput (mbpd)

Crude Oil Utilization

100%

80%

60%

40%

20%

0%

Total Throughputs(2)

~182,000 bpd

Total Production(3)

~179,500 bpd



  1. Based on total throughputs for the twelve months ending December 31, 2025.

  2. Based on total throughputs for the twelve months ending December 31, 2025. Other includes natural gasoline, isobutane, normal butane and gas oil.

    4

  3. Based on total production for the twelve months ended December 31, 2025. Other includes pet coke, NGLs, slurry, sulfur and gas oil, and specialty products such as propylene and solvents; excludes internally produced fuels.

    Constructive Refining Macro Environment(1)



    Favorable Refining Macro Environment Driven by Reduced Domestic Supply and Stable Demand Trends

    • U.S. operable refining capacity has declined over 800,000 bpd since 2020 as refineries converted to renewable fuels production or shuttered due to poor economics. Additional closures have been announced for 2026.

    • Global net refining capacity additions are slowing, which creates potential for global demand growth to exceed refining capacity growth in 2026.

    • U.S. Energy Information Administration ("EIA") forecasting domestic consumption of gasoline to decline 1% in 2026 while supply also declines 1%. Distillate consumption in the U.S. is forecast to increase 1% in 2026, while supply is forecast to decline 2%.

    • Mid-Continent ("Mid Con") Days of Supply for gasoline continues to trend in-line with the U.S. average, while distillate has declined significantly. YTD 2026 vs YTD 2025 average Days of Supply:

      • Gasoline: Mid Con +0 % vs. U.S. +3%

      • Distillate: Mid Con -24% vs. U.S. +5%

    • Multiple refined product pipeline systems under construction or under development could provide additional access to regions outside

of the Mid Con, if completed.

U.S. Gasoline and Distillate Days of Supply Continue to Trend in Line with '21 - '25 Average Levels





(1) Source: EIA 5



Focused on Capture Rate Improvements

  • Group 3 2-1-1 crack spreads improved in 2025 - FY 2025 average of $22.63/bbl vs. FY 2024 average $18.05/bbl, although

    prices for Renewable Identification Numbers ("RINs") in 2025 have increased as well.

  • CVR adjusted margin capture averaged 46% for FY 2025, down slightly from FY 2024 average of 48%, primarily due to the large turnaround at Coffeyville in 1H 2025 and higher RINs prices.

  • Currently pursuing opportunities to sustainably improve margin capture at both refineries:

    • Optimizing crude/feedstock slates and refined product marketing to generate the highest available netbacks.

    • Reversion of the Renewable Diesel Unit ("RDU") at Wynnewood back to hydrocarbon processing should allow for increased crude slate flexibility, while repurposing rail assets should provide for additional product shipment optionality and feedstock security.

    • Diligently pursue Small Refinery Exemptions ("SREs") at Wynnewood: Margin capture would have improved by

      approximately 5% on average for 2021 - 2024 accounting for SREs granted in August 2025.

    • Increasing jet fuel production at Coffeyville and pursuing more opportunities to rail product west when arbs are supportive.

Historical Group 3 2-1-1 and CVR Energy Margin Capture(1)





(1) Margin Capture = Adjusted Gross Margin per barrel / Group 3 2-1-1 Benchmark including RINs. 6





Capital Allocation Strategy



Prioritize Sustaining Capital Investments

Maintaining safe, reliable operations is priority #1.

Disciplined Approach to Capital Allocation

Maintain Strong Balance Sheet and Liquidity Pursue Accretive Acquisition and Investment Opportunities Return Cash to Investors When Appropriate

Focusing on debt reduction in the near-term to return to targeted leverage levels while maintaining sufficient cash balances.

Actively pursue opportunities to profitably grow our asset footprint and improve margin capture.

Dividends and distributions are quarterly determination by the Boards - debt repayment progress, cash balances and free cash flow generation are among the key criteria evaluated.

7



Capital Expenditures and Turnarounds

Petroleum Segment estimated 2026 Capex of $130MM - $145MM



  • Maintenance capex estimated at $80MM to $90MM.

  • Growth capex estimated at $50MM to $55MM.

    • Wynnewood Alky Project accounts for a significant

      portion of the expected 2026 growth capex spend.

    • Currently evaluating additional low-cost/high-return opportunities aimed at increasing margin capture.

      2026 Turnaround Spending of $15MM - $20MM



  • No planned turnarounds in the Petroleum Segment in 2026.

  • 2026 turnaround spending associated with pre-spending for planned turnarounds currently scheduled at Wynnewood in 2027 and Coffeyville in 2028.

  • Currently exploring opportunities to optimize the future turnaround schedule at Coffeyville to better balance spending and increase overall throughput volumes over the turnaround cycle.

    8



    Nitrogen Fertilizer Segment Overview



    Strategically Located Nitrogen Fertilizer Facilities
    • Large geographic footprint serving the Southern Plains and Corn Belt regions.

    • Well positioned to minimize distribution costs and maximize netback pricing.

    • Rail loading rack at the Coffeyville facility provides significant logistics optionality west of the Mississippi River due to access to both UP and BNSF delivery points.

    • Production sustainability due to storage capabilities at the plants and offsite locations.

    • Location of the Coffeyville facility allows potential for diversification of feedstock to optimize the economics between natural gas and pet coke.

Metric

Coffeyville Facility

East Dubuque Facility

Current Ammonia / UAN Capacity

1,300 / 3,100 Tons per day

1,075 / 950 Tons per day

TTM Ammonia / UAN Production Volumes(1)

2,085 / 3,216 Tons per day (Consolidated)

Feedstock

Pet Coke

Natural Gas

Distribution Methods

Rail(2)& Truck

Rail(3), Truck & Barge

  1. Based on production for the twelve months ended December 31, 2025.

  2. Coffeyville Facility carries out railcar distribution via the Union Pacific ("UP") or Burlington Northern Santa Fe ("BNSF") railroad lines.

  3. East Dubuque Facility carries out railcar distribution via the Canadian National Railway Company. 9



Key Operating Statistics - Nitrogen Fertilizer



Consistent History of High Ammonia Utilization Rates

  • Five-year average utilization of 93% including turnarounds.

  • Turnarounds typically completed every 3 years - Coffeyville turnaround completed in 4Q 2025 and East Dubuque scheduled for 3Q 2026.

    Diversified Feedstock Slate

  • Coffeyville facility utilizes pet coke from the Coffeyville Refinery in addition to 3rd party sources, while the East Dubuque Facility uses natural gas as its primary feedstock.



  • Currently working on a detailed design and construction plan to allow the Coffeyville Facility to utilize natural gas and excess hydrogen from the Coffeyville Refinery as alternative feedstocks to 3rd party pet coke.

    Consolidated Feedstock Costs(1)

    Consolidated Product Revenue(1)(2)

  1. For the twelve months ended December 31, 2025.

  2. Excludes freight and other.

10



Recent Domestic Nitrogen Fertilizer Market Conditions

  • Strong demand for nitrogen fertilizers in the U.S. combined with domestic and global nitrogen fertilizer supply issues led to

    elevated ammonia and UAN prices in 2025.

    • U.S. Department of Agriculture ("USDA") estimated 98.8 million acres of corn were planted in 2025, compared to

      90.9 million acres in 2024.

    • Yield estimates of 187 bushels of corn per acre resulting in carryout inventory estimates in-line with the ten-year average.

    • Geopolitical issues impacted fertilizer supply throughout 2025, particularly over the summer with nitrogen fertilizer plant disruptions in Egypt, Iran and Russia all driving tightness in available supplies.

  • Major global nitrogen capacity build cycle was largely complete by 2018, with limited new production capacity anticipated over the next few years. U.S. projects under construction are primarily targeting export markets.

  • Preliminary estimates indicating 2026 corn plantings could be approximately 95 million acres. While this is a decline from 2025, inventory levels of nitrogen fertilizers remain tight across the system, which should be supportive of pricing through 1H 2026.

Domestic Corn Stocks to Use Ratios and Corn Belt Nitrogen Fertilizer Pricing Trends(1)



(1) Sources: USDA and Green Markets 11



Strong Demand for Corn in the U.S.

  • Corn has a variety of uses and applications, including feed grains, ethanol for fuel, and feed, seed and industrial (FSI).

    • Feed Grains: Approximately 96% of domestic feed grains are supplied by corn. Feed grains consume approximately 39% of the annual corn crop in the United States.(1)(2)

    • Ethanol: Consumes approximately 36% of the annual corn crop in the United States.(1)(2)

  • Corn production volumes are typically driven more by yield than acres planted.

  • Nitrogen fertilizer is crucial for corn yield and is generally low on the cost curve for farmers.

U.S. Domestic Corn Use(1)

Historical Corn Pricing

$4.26



  1. Source: USDA Economic Research Service and USDA WASDE.

  2. Based on 2020 - 2024 average. 12



Capital Expenditures and Turnaround Expenses

2026 Total Capex budget of $60MM - $75MM



  • Maintenance capex estimated at $35MM - $45MM.

  • Growth capex estimated at $25MM - $30MM.

    • Growth capex projects planned for 2026 primarily focused on margin improvement and debottlenecking projects at both plants.

    • Ammonia expansion and feedstock diversification project at the Coffeyville facility, water quality upgrade projects at both facilities and diesel exhaust fluid ("DEF") production and loadout capacity expansions.

    • Majority of planned growth capex to be funded through reserves taken in 2023 through 2025.

      2026 Turnaround expense estimated at $30MM - $35MM



  • Coffeyville's planned turnaround was completed in the

    fourth quarter of 2025 with a total cost of approximately

    $16MM.

  • East Dubuque's next planned turnaround is currently

scheduled for the third quarter of 2026.

13

APPENDIX







Mission and Values

Our mission is to be a top tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company as measured by safe and reliable operations, superior financial performance and profitable growth.

Our core values are driven by our people, inform the way we do business each and every day and enhance our ability to

accomplish our mission and related strategic objectives.

Safety - We always put safety first.

The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to

safety above all else. If it's not safe, then we don't do it.



Environment - We care for our environment.

Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand

our obligation to the environment and that it's our duty to protect it.



Integrity - We require high business ethics.

We comply with the law and practice sound corporate governance. We only conduct business one way - the right way with integrity.



Corporate Citizenship - We are proud members of the communities where we operate.

We are good neighbors and know that it's a privilege we can't take for granted. We seek to make a positive economic and social impact through our financial donations and contributions of time, knowledge and talent of our employees to the places where we live and work.



Continuous Improvement - We foster accountability under a performance-driven culture.

We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversity and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization.



15



Non-GAAP Financial Measures

Adjusted EBITDA represents EBITDA adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Adjusted Refining Margin and Adjusted Renewables Margin represents Refining Margin and Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Direct Operating Expenses per Throughput Barrel represents direct operating expenses for the Company's Petroleum segment divided by total

throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon represents direct operating expenses for the Company's Renewables segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

EBITDA represents net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Refining Margin represents the difference between the Company's Petroleum segment net sales and cost of materials and other.

Refining Margin and Adjusted Refining Margin per Throughput Barrel represents Refining Margin and Adjusted Refining Margin divided by the total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin represents the difference between the Company's Renewables segment net sales and cost of materials and other.

Renewables Margin and Adjusted Renewables Margin per Vegetable Oil Throughput Gallon represents Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Note: Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

16



Non-GAAP Financial Measures

(In USD Millions)

CVR Energy, Inc.

2021

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

Net income (loss)

$ 74 $ 644

$ 878

$ 45 $

(105) $

(90) $

401

$ (116)

90

Add: Interest expense and other financing costs, net of interest income

117 85

52

77

25

30

25

29

108

Add: Income tax expense (benefit)

(8) 157

207

(26)

(49)

(42)

88

(7)

(10)

Add: Depreciation and amortization

279 288

298

298

68

78

111

145

403

EBITDA

$ 462 $ 1,174

$ 1,435

$ 3G4 $

(61) $

(24) $

625

$ 51

$ 5G1

Changes in the RFS liability

63

135

(284)

(89)

112

89

(471)

9

(262)

Gain on marketable securities and sale of equity method investment

(81)

-

-

(24)

-

-

-

-

-

Unrealized loss (gain) on derivatives, net

(16)

5

(32)

22

(3)

2

8

(10)

(4)

Inventory valuation impacts, unfavorable (favorable)

(127)

(24)

45

14

(24)

32

18

39

66

Call Option Lawsuits settlement

-

79

-

-

-

-

-

-

-

Other non-cash adjustments

-

-

-

-

-

-

-

2

2

Adjusted EBITDA

$ 301

$ 1,36G

$ 1,164

$ 317

$ 24

$ GG

$ 180

$ G1

$ 3G3

17



Non-GAAP Financial Measures

Petroleum Segment

Refining Margin and Adjusted Refining Margin (: in Millions)

2021

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

$ 6,721 $

9,919 $

8,287 $

6,920 $

1,477 $

1,561 $

1,739 $

1,649 $

6,426

(6,100)

(8,488)

(6,629)

(6,236)

(1,482)

(1,526)

(1,031)

(1,482)

(5,520)

Net sales Less:

Cost of materials and other

Direct operating expenses (exclusive of depreciation and amortization)

(369)

(426)

(406)

(421)

(93)

(102)

(113)

(108)

(415)

Depreciation and amortization

(197)

(182)

(185)

(174)

(41)

(48)

(52)

(52)

(194)

Gross profit (loss)

55

823

1,067

8G

(13G)

(115)

543

7

2G7

Add:

Direct operating expenses (exclusive of depreciation and amortization)

369

426

406

421

93

102

113

108

415

Depreciation and amortization

197

182

185

174

41

48

52

52

194

Refining margin

621

1,431

1,658

684

(5)

35

708

167

G06

Adjustments:

Inventory valuation impacts, unfavorable (favorable)

(127)

(22)

32

6

(20)

31

11

33

54

Unrealized loss (gain) on derivatives, net

(16)

3

(30)

22

(3)

2

8

(10)

(4)

Changes in the RFS liability

63

135

(284)

(89)

112

89

(471)

9

(262)

Adjusted refining margin

$ 541

$ 1,547

$ 1,376

$ 623

$ 84 $

157

$ 256

$ 1GG

$ 6G4

Petroleum Segment

Refining Margin and Adjusted Refining Margin per Throughput Barrel (: in Millions)

2021

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

Refining margin

$ 621

$ 1,431

$ 1,658

$ 684

$ (5) $

35

$ 708

$ 167

$ 906

Dividend by: total throughput barrels

76

75

76

72

11

16

20

20

66

Refining margin per total throughput barrel

$ 8.14

$ 1G.0G

$ 21.82

$ G.53

$ (0.42) $

2.21

$ 35.65

$ 8.35

$ 13.64

Adjusted refining margin

$ 541

$ 1,547

$ 1,376

$ 623

$ 84

$ 157

$ 256

$ 199

$ 694

Dividend by: total throughput barrels

76

75

76

72

11

16

20

20

66

Adjusted refining margin per throughput barrel

$ 7.12

$ 20.65

$ 18.11

$ 8.67

$ 7.72

$ G.G5

$ 12.87

$ G.G2

$ 10.45

Petroleum Segment

Direct Operating Expenses per Throughput Barrel (: in Millions)

2021

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

Direct operating expenses

$ 369

$ 426

$ 406

421

93

102

113

108

415

Divided by: total throughput (mm bbls)

76

75

76

72

11

16

20

20

66

Direct operating expenses per total throughput barrel

$ 4.83

$ 5.68

$ 5.34

$ 5.86

$ 8.58

$ 6.45

$ 5.6G

$ 5.40

$ 6.25

18



Non-GAAP Financial Measures

Renewables Segment

newables Margin and Adjusted Renewables Margin (: in Millions)

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

Net sales

$ 338

$ 559

$ 289

$ 66

$ 76

$ 99

$ 72

$ 312

Less:

Cost of materials and other

(342)

(537)

(245)

(50)

(71)

(99)

(69)

(288)

Direct operating expenses (exclusive of depreciation and amortization)

(24)

(28)

(31)

(6)

(7)

(9)

(7)

(30)

Depreciation and amortization

(16)

(20)

(25)

(6)

(6)

(36)

(68)

(115)

Gross profit (loss)

(44)

(26)

(12)

4

(8)

(45)

(72)

(121)

Add:

Direct operating expenses (exclusive of depreciation and amortization)

24

28

31

6

7

9

7

30

Depreciation and amortization

16

20

25

6

6

36

68

115

Renewables margin

(4)

22

44

16

5

-

3

24

Adjustments:

Inventory valuation impacts, unfavorable (favorable)

7

14

7

(3)

1

8

6

12

Unrealized loss (gain) on derivatives, net

5

(2)

-

-

-

-

-

-

Other non-cash adjustments

-

-

-

-

-

-

2

2

Adjusted renewables margin

$ 8

$ 34

$ 51

$ 13

$ 6

$ 8

$ 11

$ 38

Renewables Segment

Renewables Margin and Adjusted Renewables Margin per Vegetable Oil Throughput Gallon (: in Millions)

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

Renewables margin

$ (4)

$ 22

$ 44

$ 16

$ 5

$ -

$ 3

$ 24

Dividend by: total vegetable oil throughput gallons

43

82

55

14

14

19

13

60

Renewables margin per vegetable oil throughput gallon

$ (0.10)

$ 0.27

$ 0.80

$ 1.13

$ 0.38

$ (0.01)

$ 0.25

$ 0.40

Adjusted Renewables margin

$ 8

$ 34

$ 51

$ 13

$ 6

$ 8

$ 11

$ 38

Dividend by: total vegetable oil throughput gallons

43

82

55

14

14

19

13

60

Adjusted Renewables margin per vegetable oil throughput gallon

$ 0.18

$ 0.41

$ 0.G3

$ 0.G4

$ 0.44

$ 0.37

$ 0.G1

$ 0.63

Renewables Segment

rect Operating Expenses per Vegetable Oil Throughput Gallon (: in Millions)

2022

2023

2024

1Q 2025

2Q 2025

3Q 2025

4Q 2025

2025

Direct operating expenses

$ 24

$ 28

$ 31

$ 6

$ 7

$ 9

$ 7

$ 30

Divided by: total throughput (mm bbls)

43

82

55

14

14

19

13

60

Direct operating expenses per vegetable oil throughput gallon

$ 0.55

$ 0.35

$ 0.57

$ 0.48

$ 0.54

$ 0.45

$ 0.56

$ 0.50

19

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