Core Viewpoint - Delek US Holdings, Inc. (DK) has experienced a remarkable share price increase of 203.6% over the past year, significantly outperforming both its sub-industry and the broader oil and energy sector [1][7]. Group 1: Performance and Market Position - Delek's shares have outperformed peers such as CVR Energy, Inc. (CVI) and Phillips 66 (PSX), which saw gains of 80.1% and 49.6%, respectively [1][2]. - The company plays a crucial role in the U.S. downstream energy sector, focusing on refining and distributing fuels like gasoline, diesel, and jet fuel, supported by strategically located refineries and an integrated logistics network [4][5]. Group 2: Factors Favoring Delek Stock - The widening refining crack spreads in 2026 are expected to drive Delek's performance, benefiting from secure domestic crude sourcing in the Permian Basin and East Texas, which insulates the company from supply shocks [5][6]. - Delek's Enterprise Optimization Plan (EOP) aims for at least $200 million in annual free cash flow, reflecting operational improvements and disciplined execution [6][8]. - The company anticipates at least $40 million in annual interest savings by reducing inventory-related financing, enhancing profitability and free cash flow [7][8]. Group 3: Challenges Facing Delek Stock - The Zacks Consensus Estimate indicates an 83.3% year-over-year decline in DK's 2026 earnings per share, contrasting with positive growth expectations for peers like CVR Energy and Phillips 66 [9][10]. - The capital-intensive nature of refining and midstream operations requires continuous capital expenditure, which can limit free cash flow during downturns [12]. - Delek's earnings and cash flow are significantly dependent on regulatory outcomes related to Small Refinery Exemptions (SREs) and Renewable Identification Numbers (RINs), introducing uncertainty [13]. - Periodic refinery turnarounds, such as the Big Spring maintenance in 2026, pose operational risks that could impact near-term financial results [14]. Group 4: Overall Assessment - Delek is benefiting from strong refining crack spreads, improved operational efficiency, and a clearer free cash flow outlook, supported by balance sheet improvements and lower interest costs [15][16]. - However, significant concerns remain regarding the expected decline in earnings, high capital intensity, and reliance on regulatory factors, suggesting a cautious approach for investors [16][17].

Core Insights - Delek US Holdings, Inc. has outperformed both the Oil Refining & Marketing sub-industry and the broader Oils & Energy sector over the past six months, with a stock growth of 28.4% compared to 27.8% and 27.5% respectively [1][8] Financial Performance - In the fourth quarter of 2025, Delek reported adjusted earnings per share of 44 cents, significantly beating the Zacks Consensus Estimate of a 25-cent loss and showing a sharp improvement from a loss of $2.54 in the same quarter last year [3] - The company's net revenues increased by 2.3% year over year to $2.4 billion, surpassing the Zacks Consensus Estimate by 6.3% [3] Strategic Initiatives - Delek has raised its cash flow improvement target from an initial $80-$120 million to at least $200 million due to successful execution of its Enterprise Optimization Plan [5] - The company monetized approximately $360 million in Renewable Identification Numbers (RINs) in the fourth quarter, which was faster than the original six to nine-month plan, enhancing cash flow and reducing debt [6][9] Shareholder Returns - In the fourth quarter of 2025, Delek returned approximately $15 million in dividends and repurchased about $20 million of its own shares, demonstrating a commitment to shareholder returns [10] Financial Health - As of December 31, 2025, Delek had a manageable net debt position of approximately $273.8 million, excluding logistics debt, providing significant financial flexibility [11] Market Position - Delek's strong fourth-quarter results and ongoing operational improvements position it as a key player in the downstream market, raising questions about whether investors should buy, hold, or wait [4][16]

Core Viewpoint - Delek US Holdings, Inc. has demonstrated a significant turnaround in financial performance, reporting a strong earnings per share (EPS) and implementing strategic initiatives to optimize operations and improve cash flow [2][3][6] Financial Performance - The company reported an EPS of $1.26 for the quarter, surpassing the anticipated loss of $0.19 per share and improving from a loss of $2.54 per share in the same quarter last year [2][6] - Revenue for the quarter was approximately $2.43 billion, slightly below the expected $2.55 billion [2][6] - The Enterprise Optimization Plan has enhanced the company's cash flow profile and reduced costs related to Inventory Intermediation Agreements [3] Valuation Metrics - Delek US has a price-to-sales ratio of 0.21 and an enterprise value to sales ratio of 0.16, indicating a relatively low valuation compared to its sales [4] - The enterprise value to operating cash flow ratio stands at 3.26, reflecting a reasonable valuation based on cash flow [4][6] Dividend and Stock Performance - The company declared a quarterly dividend of 25.5 cents per share, and its stock price increased by 8.5%, closing at $36.38 [5] - Despite positive developments, an analyst maintained a Neutral rating on the stock, adjusting the price target from $42 to $38 [5] Debt and Liquidity - Delek US has a low debt-to-equity ratio of 0.15, indicating a low level of debt [5] - The current ratio of 0.82 suggests potential challenges in meeting short-term liabilities [5]

NYSE: DK Exhibit 99.2 NYSE: DKL Fourth Quarter 2025 Earnings Conference Call February 27, 2026 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 and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal ...

Core Insights - Delek US Holdings, Inc. reported a significant turnaround in financial performance for the fourth quarter of 2025, achieving a net income of $78.3 million compared to a loss of $413.8 million in the same quarter of 2024 [3][35] - The company emphasized its focus on operational excellence, cost optimization, and disciplined capital allocation to enhance free cash flow generation [2][4] Financial Performance - For the fourth quarter of 2025, total revenues were $2,429.4 million, an increase from $2,373.7 million in the fourth quarter of 2024 [3][22] - Adjusted EBITDA for the fourth quarter was $374.8 million, a significant improvement from a loss of $15.2 million in the prior year [3][4] - The refining segment's Adjusted EBITDA rose to $314.1 million from a loss of $68.7 million year-over-year, driven by increased refining margins and crack spreads, which were up 66.0% [4][22] Segment Performance - The logistics segment reported Adjusted EBITDA of $141.9 million for the fourth quarter of 2025, compared to $114.3 million in the same quarter of 2024, attributed to acquisitions and increased wholesale margins [5][22] - The company benefited from regulatory relief under renewable fuel standards, resulting in a reduction of costs by $75.3 million in the fourth quarter [5][32] Shareholder Returns - The Board of Directors approved a quarterly dividend of $0.255 per share, to be paid on March 9, 2026 [6] Liquidity and Debt - As of December 31, 2025, Delek US had a cash balance of $625.8 million and total long-term debt of $3,233.1 million, resulting in a net debt of $2,607.3 million [7][19] - Excluding Delek Logistics, the company had $614.9 million in cash and $888.7 million in long-term debt, leading to a net debt position of $273.8 million [7] Strategic Initiatives - The company is progressing with its Enterprise Optimization Plan, which aims to improve cash flow and reduce costs associated with inventory intermediation agreements [2][29] - Delek US is focused on enhancing its position in the Permian Basin through investments in gas processing facilities and sour gas handling capabilities [2][4]

Core Insights - Delek US Holdings, Inc. (DK) has outperformed the Oil Refining & Marketing sub-industry and the broader Oils & Energy sector, with a share price increase of 69% over the past 12 months compared to 14.4% and 7.5% respectively [1][7] Company Overview - Delek is a significant player in the U.S. downstream oil and gas sector, producing gasoline, diesel, and jet fuel, while managing a logistics network for product transportation [3] - The company's financial performance is influenced by crude oil prices, refining margins, and market conditions, necessitating a balance between long-term growth potential and short-term volatility [3] Financial Performance - In Q3 2025, Delek paid $15.3 million in dividends and repurchased approximately $15 million of its shares, indicating a strong commitment to shareholder returns [5][7] - The company reported revenues of $2.89 billion for Q3 2025, reflecting a 5.11% year-over-year decline, which may signal challenges in volume or pricing within its core operations [14] Strategic Initiatives - The wholesale marketing business contributed around $70 million in Q3 2025, driven by initiatives from the Enterprise Optimization Plan (EOP) aimed at enhancing profitability through optimized logistics and strategic market adjustments [8] - Delek is positioned to benefit from a leading role in the Permian sour gas market, with ongoing projects expected to drive growth in the midstream segment [9] Market Outlook - Management has indicated a positive outlook for Q4 2025, highlighting a strong start from EOP initiatives and a high distillate yield system of 42%, which may allow the company to capitalize on favorable market conditions [10]

Core Insights - Delek US Holdings, Inc. (DK) reported third-quarter 2025 adjusted earnings per share of $1.52, significantly exceeding the Zacks Consensus Estimate of 28 cents, and showing a substantial improvement from the adjusted loss of $1.45 in the same quarter last year, driven by enhanced performance across segments and an 18.1% reduction in operating expenses [1][2][8] Financial Performance - Net revenues decreased by 5.1% year over year to $2.9 billion, primarily due to lower revenues from the refining segment, but still surpassed the Zacks Consensus Estimate by $177 million [2] - Adjusted EBITDA for the quarter was $759.6 million, a sharp increase from $70.6 million reported a year earlier, and also exceeded estimates by $177 million [2] - Total operating expenses fell by approximately 18.1% year over year to $2.6 billion, with capital program expenditures amounting to $90.6 million [8] Segment Performance - The refining segment achieved an adjusted EBITDA profit of $696.9 million, a significant rise from the $10.2 million profit in the prior-year quarter, surpassing profit estimates of $3.1 million [4][11] - The logistics segment reported adjusted EBITDA of $131.5 million, up from $106.1 million in the year-ago quarter, driven by recent acquisitions and higher wholesale margins, also beating estimates of $85.2 million [7][11] Dividends and Share Repurchase - The board of directors approved a regular quarterly dividend of 25.5 cents per share, to be paid on November 17, 2025, to shareholders of record as of November 10, 2025 [3] - During the same period, the company repurchased approximately $15 million worth of its common shares and distributed $15.3 million in dividends [3][11] Future Guidance - The company anticipates a strong close to the fourth quarter, with expected operating expenses between $205 million and $220 million, and general and administrative expenses of $52 million to $57 million [12] - Projected crude throughput is expected to remain healthy, ranging from 252,000 to 284,000 barrels per day [13] - For 2025, the company expects improved cash-flow visibility, targeting at least $180 million in annual run-rate improvement under the Enterprise Optimization Plan, and anticipates receiving about $400 million from the monetization of historical Small Refinery Exemption credits [14]

Financial Performance - Adjusted EPS was $7.13 in 3Q 2025[17] - Adjusted EBITDA reached $759.6 million[18] - CFO (ex WC and SREs) amounted to $150 million[19] Enterprise Optimization Plan (EOP) - The company achieved approximately $60 million in EOP improvements in 3Q 2025[9] - The run-rate cash flow improvement guidance is raised to at least $180 million from the previous $130 - $170 million[12] - $50 million margin improvement plan stems from enhanced logistics, reduced costs, higher quality product slate and higher yields at El Dorado[37] Delek Logistics (DKL) - DKL is increasing its expected 2025 EBITDA range to $500 million[13] - Increased DKL Distribution: $1.12 per unit ($4.48 per unit annualized)[15] Small Refinery Exemptions (SREs) - The majority of pending 2019-2024 SRE petitions were approved[13] - A cash inflow of approximately $400 million is expected over the next six to nine months due to SREs[14] - The impact of (50% RVO Exemption 1Q to 3Q 2025) is $160.2 million[21] Capital Returns - Approximately $30 million was allocated to dividends and buybacks in 3Q 2025[15, 17] - Delek has led the group in the last twelve months in total shareholder returns, outperforming the group average by 7%[26]

Core Insights - Delek US Holdings, Inc. (DK) is a significant player in the U.S. downstream energy sector, focusing on refining crude oil and managing logistics, producing essential fuels like gasoline, diesel, and jet fuel [1] - The company has seen a 40.8% increase in share price over the past six months, outperforming the broader refining and marketing oil and gas sub-industry and the overall oils and energy sector [2] Performance Overview - DK's logistics segment achieved a record $117 million in adjusted EBITDA in Q1 2025, contributing to strong cash flows and growth [7] - The refining operations have improved, with throughput guidance for Q2 2025 set between 302,000-318,000 barrels per day, and margin improvements expected at El Dorado [9][11] - Seasonal demand is anticipated to enhance refining margins in Q2 2025 due to increased gasoline demand and tighter supply conditions [11] Strategic Positioning - DK's midstream assets are strategically located in the Permian Basin, benefiting from sour gas gathering and water midstream opportunities, with the Libby 2 gas plant nearing completion [10] - Management has expressed confidence in the long-term strategy, highlighting operational improvements and midstream growth [12] Challenges and Risks - The refining segment reported an adjusted EBITDA loss of $27.4 million in Q1 2025, a significant decline from $110.1 million in Q1 2024, primarily due to lower crack spreads [13] - Execution risks related to the Enterprise Optimization Plan could impact cash flow improvements, with potential delays in operational efficiencies and cost cuts [15] - Regulatory uncertainty surrounding Small Refinery Exemptions poses a risk, as the approval timeline and political factors remain hurdles [17] Investment Considerations - DK presents both opportunities and risks, with strong logistics performance and strategic positioning in the Permian Basin, but ongoing challenges in refining margins and high capital intensity could pressure near-term cash flows [21][22] - A cautious investment approach is suggested, with a hold strategy recommended until a more favorable entry point is identified [23]

Core Viewpoint - Delek US Holdings, Inc. is a significant player in the downstream energy sector, focusing on refining and logistics, transforming crude oil into essential fuels and managing the infrastructure for their transportation and storage [1] Group 1: Performance and Strategic Initiatives - The company is making strong progress on its Enterprise Optimization Plan, targeting at least $120 million in annual cash flow improvements by the second half of 2025, with operational gains already realized [4][10] - Delek is actively deconsolidating Delek Logistics, aiming to increase third-party EBITDA to 80%, which has improved liquidity by $250 million and could unlock hidden value in DKL [5][10] - Despite a challenging refining margin environment, Delek repurchased $32 million in shares and paid $16 million in dividends in Q1 2025, indicating confidence in its long-term value [6][10] - The company’s refineries are positioned for stronger performance heading into the summer driving season, with improved throughput guidance suggesting better earnings [7] - Potential retroactive small refinery exemption approvals from the EPA could provide a financial benefit exceeding $300 million, significantly improving liquidity and earnings [8] Group 2: Challenges and Risks - First-quarter 2025 refining margins were down nearly 30% year over year, contributing to a net loss of $173 million, with ongoing macroeconomic headwinds posing risks to profitability [11] - Execution risks in the midstream deconsolidation process could hinder value realization, as full deconsolidation is not yet complete [12] - Competitive pressures in the Southwest refining market, with gasoline and diesel cracks below five-year averages, may impact refining margins [13] - Reliance on Permian crude output presents risks; any decrease in production could increase feedstock costs and disadvantage Delek compared to larger refiners [14] - The company's share price has declined 20.5% over the past year, underperforming its sub-industry, indicating investor concerns about margin pressures and operational efficiency [15]