Group 1 - Calumet stock has seen a significant rise, with shares up 10.9% today, continuing a momentum that resulted in a more than 14% increase last week, driven by a bullish analyst stance [1] - Analyst Amit Dayal from H.C. Wainwright has maintained a buy rating and raised the price target for Calumet stock from $33 to $60, indicating a belief that the company will benefit from ongoing disruptions in the energy market [1] - The new price target implies an upside of over 87% based on the stock's closing price of $32.06 last Friday [2] Group 2 - Other firms have also shown optimism towards Calumet, with TD Cowen raising its price target from $19 to $25 and Goldman Sachs increasing its target from $24 to $34 [2] - In 2025, Calumet's cost-reduction initiatives led to a significant improvement in cash from operations, rising to $108.9 million from a negative $6.4 million in 2024, highlighting the strength of its renewable fuels business [4] - The company's financial health is emphasized as a more reliable basis for long-term investment compared to analysts' price targets [3]

March 25, 2026 CAUTIONARY STATEMENTS H.C. Wainwright Renewable Fuels Day Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of March 25, 2026. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "continue" or other simil ...

Core Insights - UMeWorld Inc. has completed the Phase I process engineering design for its pretreatment unit (PTU) under Project Verdant, in collaboration with COFCO Engineering, establishing a technical foundation for its renewable fuels platform [1][6] Project Overview - The Phase I PTU is designed for a processing capacity of approximately 450 metric tons per day, equating to about 150,000 metric tons per annum, and will process various waste-based lipid feedstocks, including palm oil mill-derived oils, used cooking oil, and animal fats into refinery-ready intermediates for renewable fuels [2][5] - The PTU is a flexible and modular platform capable of processing multiple waste lipid streams, with optimized operating conditions based on feedstock characteristics [3] Financial Projections - At full utilization, the PTU is expected to generate approximately $180 million in annual revenue, based on a reference market price of around $1,200 per metric ton [4] Development Strategy - Project Verdant is being executed in phases, with Phase I aimed at establishing initial processing capacity and supporting early-stage revenue generation, while laying the groundwork for future expansion into a sustainable aviation fuel platform [5] - The company plans a Phase II expansion targeting an increase in PTU processing capacity to support up to approximately 300,000 metric tons per annum [5] Capital and Financing - UMeWorld has received preliminary, non-binding expressions of interest from a leading multilateral development institution and other capital providers for potential financing participation in Project Verdant, indicating growing institutional interest [7] - The company has engaged ARC Group as its strategic capital markets advisor to explore financing alternatives and support strategic partnerships [8] Leadership Perspective - The CEO of UMeWorld emphasized that the completion of Phase I process design is a significant milestone for establishing an integrated feedstock platform, focusing on scalable and flexible pretreatment systems to aggregate and upgrade diverse waste-based lipid streams [9]

Core Viewpoint - Alto Ingredients, Inc. is actively participating in the H.C. Wainwright Renewable Fuels Virtual Day, indicating its engagement in the renewable fuels sector and commitment to investor relations [1]. Company Overview - Alto Ingredients, Inc. (NASDAQ: ALTO) specializes in the production and distribution of renewable fuel, essential ingredients, and specialty alcohols [2]. - The company serves a diverse range of markets, including Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels [2].

Core Viewpoint - Alto Ingredients, Inc. is recognized as a promising investment opportunity due to its recent turnaround to profitability and strong operational performance in fiscal Q4 2025 [2]. Financial Performance - The company reported robust net income in Q4 2025, alongside a significant increase in adjusted EBITDA compared to the previous year's net loss [2]. - This financial improvement was attributed to cost discipline, higher margins from export and European sales, and better cash spread [2]. Structural Advantages - Alto Ingredients benefits from 45Z tax credits and is diversifying away from traditional ethanol, which positions the company favorably for future growth [4]. - The analyst anticipates higher tax credit values in 2026, along with opportunities arising from lower carbon intensity, increased volumes, and supportive regulations for ethanol blends [4]. Business Overview - Alto Ingredients, Inc. specializes in the production and distribution of specialty alcohols, renewable fuels like ethanol, and essential ingredients primarily derived from corn [4].

Core Insights - Gevo, Inc. reported approximately $5 million in revenue for the year ended December 31, 2025, from its specialty racing fuel blendstock, which caters to the growing demand for low-carbon advanced renewable fuels [1][3] Industry Trends - The 2026 racing season has seen a significant shift towards sustainable fuels, with Formula One using 100% advanced sustainable fuel, MotoGP aiming for 100% non-fossil fuel by 2027, and NASCAR incorporating zero-carbon bioethanol [2][3] - The rapid adoption of sustainable fuels in motorsports indicates a broader transition in global fuel markets towards lower-carbon solutions without sacrificing performance [3] Company Developments - Gevo's proprietary renewable fuel technology converts renewable feedstocks into high-octane hydrocarbon blendstocks, designed for high-performance engine applications [4] - The company is focused on developing drop-in fuel solutions that not only serve the motorsports sector but also support broader markets such as sustainable aviation fuel and low-carbon gasoline components [4] - Gevo operates an ethanol plant with an adjacent carbon capture and sequestration facility, and it is developing the world's first large-scale alcohol-to-jet facility at its North Dakota site [5]

Core Viewpoint - Calumet, Inc. is actively engaging with investors by attending the H.C. Wainwright Renewable Fuels Virtual Day and will conduct virtual one-on-one meetings on March 25, 2026 [1]. Group 1: Company Overview - Calumet, Inc. manufactures, formulates, and markets a diverse range of specialty branded products and renewable fuels [1]. - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [1]. Group 2: Financial Activities - Calumet has completed an offering of $150 million of additional 9.75% senior notes due in 2031 [3]. - The company has announced the pricing of a private placement for the same amount of senior notes [4].

Financial Data and Key Metrics Changes - For the full year 2025, adjusted EBITDA was $90.2 million, flat compared to 2024, despite a 28% increase in production [4][13] - Revenue for Q4 was $99.8 million, up from $80 million in the same period last year, driven by increased production and recognition of tax credits [13] - D3 pricing declined by approximately $0.70, equating to a $33 million impact on adjusted EBITDA, with the average realized RIN price at $2.45 in 2025 compared to $3.13 in 2024 [13][14] Business Line Data and Key Metrics Changes - RNG production reached 4.9 million MMBtu in 2025, representing a 28% year-over-year growth, with Q4 production exceeding 1.3 million MMBtu, up approximately 24% from Q4 2024 [14] - The Fuel Station Services segment's EBITDA increased to $46.7 million in 2025, a 22% increase from $38.4 million in 2024 [14][15] Market Data and Key Metrics Changes - The trucking and logistics sector experienced macro softness in 2025, but market fundamentals have stabilized and improved entering 2026 [10] - CNG and RNG currently fuel only 2% of the heavy-duty trucking market, indicating significant growth potential [11] Company Strategy and Development Direction - The company aims to improve RNG production through enhanced operations and efficiencies, with expectations for growth in 2026 driven by existing assets [5][10] - OPAL Fuels is focusing on expanding its Fuel Station Services platform to support RNG and CNG fueling infrastructure for heavy-duty trucking fleets [10][11] - The company has secured a $180 million preferred stock facility to fund infrastructure investments across the RNG value chain [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improved macro conditions and potential growth in fleet adoption of CNG and RNG in heavy-duty trucking [5][10] - The company anticipates a challenging start to 2026 due to adverse weather conditions impacting production [70][72] - Management highlighted the importance of capital allocation and maintaining a strong balance sheet while pursuing growth opportunities [26][44] Other Important Information - The company ended 2025 with $184 million in total liquidity, including $30 million in cash and short-term investments [15][16] - Capital expenditures for 2025 were approximately $90 million, with $16 million spent in Q4 primarily on new RNG facilities and fueling stations [16] Q&A Session Summary Question: Liquidity and growth outlook beyond current projects - Management indicated approximately $160 million in liquidity available for ongoing projects and expressed excitement about future capital allocation to Fuel Station Services [24][25] Question: Inlet utilization levels and drivers - Management reported increased inlet utilization levels, with expectations to achieve 85%-86% utilization through operational improvements [30][31] Question: Specific changes to improve operations - Management emphasized a focus on improving gas quality and operational training to enhance output from existing projects [36][38] Question: Relationship with NextEra - Management confirmed a strong ongoing partnership with NextEra, maintaining collaboration on environmental credits and project ownership [40] Question: MMBtu capacity goals for 2026 - Management acknowledged a strong pipeline of new project opportunities and indicated continued investment in production assets [43][44] Question: CapEx breakdown for 2026 - Management noted that the majority of the $154 million CapEx would be allocated to RNG projects, with some investment in downstream dispensing stations [48] Question: Growth expectations for Fuel Station Services in 2026 - Management anticipates lower growth levels in Fuel Station Services for 2026 but sees potential for margin expansion as more stations are owned [52][54]

Core Insights - Gevo, Inc. reported strong financial results for Q4 and full-year 2025, with revenues of $45 million for the quarter and $161 million for the year, alongside a narrowed operational loss of $2.2 million and a positive adjusted EBITDA of $7.7 million for three consecutive quarters [1][4] Financial Performance - The company generated $20 million in positive operating cash flow in Q4 and ended the year with $117 million in cash and equivalents [1] - Gevo sold $52 million in production tax credits in 2025, receiving approximately $41 million in cash proceeds [4] Operational Highlights - The North Dakota facility produced a record 69 million gallons of low-carbon ethanol in 2025, a 3% increase from 67 million gallons in 2024 [3] - Management approved a capital plan to expand ethanol capacity to 75 million gallons per year, with projects expected to yield returns by early 2027 [3] Future Outlook - Gevo is targeting neutral-to-positive cash flow from operations for 2026 and aims for a run-rate non-GAAP adjusted EBITDA of about $40 million per year [4]

Financial Data and Key Metrics Changes - For the full year of 2025, the company reported revenue of $161 million, a significant increase of 849% compared to the previous year, with a loss from operations of $20 million and non-GAAP Adjusted EBITDA of $16 million [17][18] - In Q4 2025, the company achieved positive cash flows from operations, generating $20 million during the period, and increased cash equivalents and restricted cash to $117 million at year-end, a $9 million increase from Q3 [17][18] - The company has recorded three consecutive quarters of positive non-GAAP Adjusted EBITDA, with nearly $8 million in Q4 [10][18] Business Line Data and Key Metrics Changes - Gevo North Dakota produced a record-setting low carbon ethanol volume of approximately 69 million gallons in 2025, while capturing 173,000 metric tons of carbon dioxide [10][22] - The company plans to expand capacity at Gevo North Dakota to 75 million gallons per year and increase carbon sequestration to at least 200,000 metric tons annually [10][23] Market Data and Key Metrics Changes - The company has built an inventory of roughly 30,000 tons of Carbon Dioxide Removal credits (CDRs) by the end of Q4 to meet future demand from spot and contract sales [12] - The customer base for CDR credits has expanded to include companies like PayPal and Bank of Montreal, indicating a growing market demand [12] Company Strategy and Development Direction - The company is focused on its Alcohol-to-Jet (ATJ) growth platform, with Project North Star anticipated to deliver $150 million in Adjusted EBITDA per year once constructed [13][14] - Gevo is pursuing a franchise model to deploy similar plants globally, leveraging its intellectual property and business system [14][15] - The company aims to reach Final Investment Decision (FID) on the ATJ project in 2026, with a conditional commitment from the U.S. Department of Energy for a loan guarantee [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve an annualized non-GAAP Adjusted EBITDA of about $40 million and maintain neutral to positive operating cash flow in 2026 [18][21] - The management highlighted the importance of monetizing carbon credits and the potential for significant growth in the carbon market as a key opportunity for the company [78][79] Other Important Information - The company has successfully integrated the Red Trail Energy assets, which has transformed its operations and financial performance [9][10] - Management emphasized the importance of proven technologies and experienced engineering teams in the development of the ATJ-30 project, differentiating it from other industry projects [86][87] Q&A Session Summary Question: Changes in CI calculations and their impact - Management discussed the expected reduction in CI score by 6 to 7 points due to changes in guidance, which could generate an incremental $0.10 per gallon in 2026 [29] Question: Financing and FID for ATJ-30 - Management confirmed that while the DOE loan guarantee would accelerate the project, they are also exploring other financing options [50][51] Question: Path to $40 million in EBITDA - Management outlined that the trajectory to reach $40 million in EBITDA involves leveraging existing assets and carbon monetization strategies [41][43] Question: Potential acquisitions - Management indicated they are looking for similar assets to Gevo North Dakota that can be integrated into their business model [44][47] Question: Pricing in voluntary CDR markets - Management noted that pricing for voluntary CDRs typically ranges from $100 to $300 per ton, with the company positioned as a top supplier in the market [98][99]