Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q2 2026 Earnings Presentation
24 slides from Delek Us's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
NYSE: DK NYSE: DKL Second Quarter 2026 Earnings Conference Call August 5, 2026
Slide 2: Disclaimers
Disclaimers Forward Looking Statements: Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; and collectively with Delek US, “we” or “our”) are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL”, respectively. These slides
Slide 3: Second Quarter Business Update
Second Quarter Business Update Second Half 2026 Outlook • Limited maintenance in 2H’26 sets DK well to take advantage of the current margin environment • Peer leading distillate yield & access to advantaged barrels enables superior market capture • Big Spring refinery performing well post-turnaround
Slide 4: Underlying Business Performance
Underlying Business Performance Delek US Holdings 2Q 2026 Net Income and EPS $169.5 $2.71 Adjusted EBITDA and EPS $638.7 $5.48 $ in millions $ per share Impact of 50% RVO Adjustment 2nd Quarter 2026 $(148.6) $(1.84) Adjusted EBITDA and EPS (Net of 50% RVO Adjustment) $490.1 $3.64 Delek US 4
Slide 5: 2Q26 Financial Bridge
2Q26 Financial Bridge • Strong operational quarter allowed DK to capture the elevated margin environment in 2Q’26 • Sequential improvements in all segments resulted in strong financial performance • EOP improvement further helping market capture and FCF generation Total Increase Decrease 1Q26 → 2Q26
Slide 6: Enterprise Optimization Plan
Enterprise Optimization Plan • EOP continues to enable our value-creation agenda through improved cash generation • Current EOP forecast is to have at least $220 million of annual FCF improvement • Majority of the EOP improvement is in margin enhancement across refining, logistics, and wholesale Log
Slide 7: 3Q23 to 2Q26 Adjusted EBITDA Bridge
3Q23 to 2Q26 Adjusted EBITDA Bridge • EOP enabled ~$60M more in EBITDA in 2Q26 vs. 3Q23 in similar margin environment • EOP and other business improvements are significantly increasing DK’s FCF generation power Total Increase Decrease 3Q23 → 2Q26 net change: +$145.0M (+42.0%) 3Q23 NET MARGIN 2Q26 NE
Slide 8: El Dorado Refinery: Optimization Driving Margin Gains
El Dorado Refinery: Optimization Driving Margin Gains EOP initiatives are expanding net capture and refining margin while holding costs-securing free cash flow through the cycle Net Capture vs. 532 USGC Capture $50M Margin Improvement Plan 65.0% Net Capture 532 USGC Capture 56.3% 57.7% 53.7% 51.8% 5
Slide 9: Inland Crude Advantage with Yield in Focus
Inland Crude Advantage with Yield in Focus Delek’s Advantaged Portfolio vs. Peer Group(1) • Delek has one of the highest diesel 41% and jet yields across peer group 40% G • DK’s access to barrels gathered by Delek Logistics and connectivity to Distillate / Jet Yield 39% D several domestic crude hubs
Slide 10: DKL: A Compounding Value Creation Engine
DKL: A Compounding Value Creation Engine • A premier Permian midstream platform with durable growth, strong cash generation, and visible distribution momentum $520 - 560M 15.1% 8.2% ~$150M 2026E Adjusted EBITDA Guidance 5-Year EBITDA CAGR #1 Distribution Yield vs. Peers (1) Annual Distributions to D
Slide 11: Separation Unlocks the Hidden Value of DKL
Separation Unlocks the Hidden Value of DKL • A cleaner structure could surface DKL's standalone merits and sharpen investor focus on growth and yield 78.9% → 63.0% 5 4 #1 DK Ownership since 2Q22 Accretive Acquisitions since 1Q22 Paths to Value Realization Yield in AMZI Index (1) DK Ownership % of DK
Slide 12: Peer Leading Capital Returns
Peer Leading Capital Returns • Delivering peer leading cash returns through consistent dividends and share repurchases over the last 3 years • Delek delivers top-tier total shareholder returns Cumulative Quarterly Dividends + Buybacks ($M) $616 $565 $581 Dividends $530 $500 Share Repurchases $471 $2
Slide 13: Delek's Illustrative Free Cash Flow Profile
Delek’s Illustrative Free Cash Flow Profile 01 02 03 Supports growing free cash flow +$220M FCF benefit from EOP › Reducing financing costs › Upside from SREs profile for Delek Standalone Standalone bridge to illustrative free cash flow — ($MMs) Total Increase Decrease $305 $700 $220 $650 $150 $255
Slide 14: Delek US Holdings Illustrative Valuation
Delek US Holdings Illustrative Valuation Illustrative sum-of-the-parts value: standalone free cash flow plus DK’s ownership of DKL DK Standalone Valuation (FCF-Based) DKL Value to DK Standalone FCF (ex-DKL & SREs) (1) $245M DKL Unit Price (2) $57.0 Assumed FCF yield for valuation 10% DKL Units Owned
Slide 15: Consolidated Cash Flows
Consolidated Cash Flows 2Q26 vs. 1Q26 Consolidated Cash Flow Bridge — ($MMs) Total Increase Decrease $262.9 ($176.2) $624.1 $628.6 ($82.2) Cash and cash equivalents Cash flows from Cash flows from Cash flows from Cash and cash equivalents at the beginning of the period operating activities investing
Slide 16: Net Debt 2026 vs 2025
Net Debt 2026 vs 2025 $'s in Millions 6/30/2026 3/31/2026 DK long-term debt – current & non-current portion 817.0 888.5 DKL long-term debt – non-current portion 2,372.7 2,294.6 Consolidated total long-term debt $ 3,189.7 $ 3,183.1 Less: Cash and cash equivalents 628.6 624.1 Consolidated net debt $ 2
Slide 17: Guidance Third Quarter 2026
Guidance Third Quarter 2026 $'s in Millions Low High Operating Expenses $220 $230 General and Administrative Expenses $50 $55 Depreciation and Amortization $110 $120 Net Interest Expense: $75 $85 DK Interest Expense $28 $33 DKL Interest Expense $47 $52 Barrels per day (bpd) Low High Total Crude Thro
Slide 18: Second Quarter Capital Program
Second Quarter Capital Program Where 2Q26 capital is deployed — share of total spend by category DK Standalone total capital $46.3M DKL Logistics total capital $58.7M DK 23.5% Regulatory DKL 3.3% DK 75.6% Sustaining Maintenance DKL 12.4% DK 0.9% Growth DKL 84.3% Note: Excludes Corporate & Other Excl
Slide 19: Supplemental Slides
NYSE: DK NYSE: DKL Supplemental Slides
Slide 20: Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss) Adjusting items (1) Three Months Ended June 30, Six Months Ended June 30, $ in millions (unaudited) 2026 2025 2026 2025 Reported net income (loss) attributable to Delek US $ 169.5 $ (106.4) $ (31.8) $ (279.1) Inventory and o
Slide 21: Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA
Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA Three Months Three Months Ended June 30, Six Months Ended June 30, Ended March 31, $ in millions (unaudited) 2026 2025 2026 2025 2026 Reported net income (loss) attributable to Delek US $ 169.5 $ (106.4) $ (31.8) $ (279.
Slide 22: Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss)
Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended Three Months Ended June 30, Six Months Ended June 30, March 31, $ per share (unaudited) 2026 2025 2026 2025 2026 Reported diluted income (loss) per share $ 2.71 $ (1.76) $ (0.52) $ (4.5
Slide 23: Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended June 30, 2026 Corporate, Other $ in millions (unaudited) Refining Logistics Segment Total and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 556.0 $ 120.0 $ 676.0 $ (242.1) $
Slide 24: Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended March 31, 2026 Corporate, Other and $ in millions (unaudited) Refining Logistics Segment Total Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 79.2 $ 94.9 $ 174.1 $ (238.6) $ (