Calumet, Inc · NASDAQ:CLMT

Calumet — Q3 2026 Earnings Presentation

15 slides from Calumet's earnings presentation, Nov 6, 2026

  1. Slide 1: Third Quarter 2026 Financial Results

    Third Quarter 2026 Financial Results November 6, 2026

  2. Slide 2: Cautionary Statements

    CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of November 6, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified b

  3. Slide 3: Third Quarter 2026 Highlights

    THIRD QUARTER 2026 HIGHLIGHTS Performance Update Adjusted EBITDA with Tax Attributes ($MM) Q3 2026 Q3 2025  $347.2mm of Adjusted EBITDA with Tax Attributes driving Specialty Products and Solutions (SPS) $248.1 $80.2 accelerated deleveraging  $265mm of debt retired over past 4 months with Performan

  4. Slide 4: Earnings Growth Driving Rapid Deleveraging

    EARNINGS GROWTH DRIVING RAPID DELEVERAGING Leverage Reduced by ~ Two-Thirds since June 2025 Accelerated Deleveraging In Action Consolidated Net Leverage and Net Recourse Leverage  Strong Q3 2026 operating cash flow continues to fund debt 10.0x reduction 9.0x 8.5x  Net leverage reduced to 3.0x cons

  5. Slide 5: Specialties: Structurally Tight, Durable Outlook

    SPECIALTIES: STRUCTURALLY TIGHT, DURABLE OUTLOOK Physical Shortage Takes Time to Resolve Durable Specialties Advantage  Global specialties shortage unlikely to resolve quickly  Fully integrated specialties production capturing enhanced margin across the product mix  >10% of global paraffinic base

  6. Slide 6: Montana Renewables: RVO Working as Designed

    MONTANA RENEWABLES: RVO WORKING AS DESIGNED Strong Quarter, Expansion on Track Biomass Based Diesel Supply Stack  $80.4mm of Adjusted EBITDA with Tax Attributes at 100% (~$1.86/gal) 2.50  Rates and SAF production moderated in Q3 2026, leading up to expansion 2.25 2026: 6.7B gal  CMR asset tie-in

  7. Slide 7: MaxSAF: Cleared for Takeoff

    MAXSAF : CLEARED FOR TAKEOFF Optimized MaxSAF expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules ■ Compelling economics anchored by: Run-Rate Levels Now YE 2026 YE 2027 YE 2028 ■ Re

  8. Slide 8: Montana / Renewables Segment

    MONTANA / RENEWABLES SEGMENT Q3 2026 Q3 2025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $110.6 $17.1  100% of MRL Adjusted EBITDA with Tax Attributes totaled $80.4mm in Q3’26 Renewables at 87% with Tax Attributes $69.8 $(3.5)  Continuing to recognize expected recovery in industry margins

  9. Slide 9: Specialty Products and Solutions Segment

    SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT Q3 2026 Q3 2025  Exceptional results driven by strong margin environment and disciplined Adjusted EBITDA ($MM) $248.1 $80.2 execution  Commercial pricing actions held amid volatile crude prices; margins strengthened Specialty Products Material Margin ($/bbl

  10. Slide 10: Performance Brands Segment

    PERFORMANCE BRANDS SEGMENT Q3 2026 Q3 2025  Strong volume growth continues in extreme inflationary cost environment as business addresses temporary price lag Sales ($MM) $92.8 $79.7  Q3 2026 includes $7.0 mm of business interruption insurance proceeds and over $10mm of LIFO and inflationary costs

  11. Slide 11: Appendix

    4%) CALUMET Appendix

  12. Slide 12: Capital Structure Overview

    CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Cash and cash equivalents (Restricted Group) $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 $ 55.0 Cash, cash equivalents and restricted ca

  13. Slide 13: Reconciliation of Net Income (Loss) to Adjusted EBITDA with Tax Attributes

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Net income (loss) $ 313.4 $ (37.3) $ (317.0) $ (95.9) $ 273.3 Add: Depreciation and amortization 50.7 44.6 41.4 45.5 45.2 LCM / LIFO (gain) loss 5.1 16.8 (26.2) 4.4 (7.6

  14. Slide 14: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)

    RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Specialty Products and Solutions segment gross profit $ 276.3 $ 38.3 $ (62.9) $ 31.8 $ 420.1 LCM/LIFO inventory (gain) loss 1.4 11.8 1

  15. Slide 15: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA

    RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 3Q 2025 3Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (22.3) $ 126.0 $ 103.7 $ 45.0 $ 64.1 $ 109.1 Add: Depreciation and amortization 16.6 11.3 27.9 15.6 9.5 25.1 LCM / LIFO (ga

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