Calumet (CLMT) investor relations material

Strategic growth and financial performance

• Achieved Q2 2026 Adjusted EBITDA with Tax Attributes of $175.2 million, more than doubling prior year results, driven by strong specialty products and renewable fuels performance.

• Net recourse leverage reduced to 3.9x at 6/30/26 from 7.0x a year ago, with $115 million of debt retired in July 2026, reflecting accelerated deleveraging.

• LTM Restricted Group Adjusted EBITDA reached $374.5 million, significantly above the seven-year average of $286 million.

• Specialty Products & Solutions segment posted a record Q2 2026 Adjusted EBITDA of $161.7 million at a 16.0% margin, with material margin rising to $92.39/bbl.

• Performance Brands segment sales grew 24% year-over-year in Q2 2026, with TruFuel achieving record sales volume.

Specialties business and market positioning

• Specialties platform benefits from broad customer and market diversification, with over 1,900 products and 3,000 customers in 85 countries.

• No single customer accounts for more than 10% of sales, supporting resilience across economic cycles.

• Structurally tight global specialty markets and supply chain disruptions have driven ongoing price increases and strong cash flow.

• Integrated operations generate over 22,000 BPD of high-margin specialty products, with a largely North American supply chain.

• Pipeline of ~$50 million in low-risk, 30%+ IRR organic growth projects progressing, with major approvals targeted for 2027.

Montana Renewables and MaxSAF® expansion

• First phase of MaxSAF® expansion completed, capturing robust renewable margins and enabling a 60 million gallon SAF run-rate, with a capital-light path to 200 million gallons by year-end 2028.

• Remaining project capital for expansion reduced to $137 million from $1.2 billion, funded internally and with a $34 million DOE loan draw.

• Six modular, quick-payback projects de-risk execution and expedite expansion, leveraging repurposed equipment from the adjacent asphalt refinery.

• Renewable product sales expected to increase 40% to 17,000 BPD by 2028, positioning the platform among the world’s largest SAF producers.

• RVO reset in 2026 restored industry profitability, driving a 70% increase in biomass-based diesel production and supporting margin recovery.