Financial Performance - Calumet's Q2'25 Adjusted EBITDA with Tax Attributes was $76.5 million[6], compared to $74.8 million in Q2'24[6] - Specialty Products and Solutions (SPS) segment achieved Adjusted EBITDA of $66.8 million in Q2'25[6], slightly lower than the $72.7 million in Q2'24[6] - Performance Brands (PB) segment reported Adjusted EBITDA of $13.5 million in Q2'25[6], compared to $14.1 million in Q2'24[6] - Montana/Renewables (MRL at 87%) segment saw an increase in Adjusted EBITDA with Tax Attributes to $16.3 million in Q2'25[6] from $8.7 million in Q2'24[6] - Montana Renewables generated $0.53 per gallon in Production Tax Credits (PTC), totaling $24.6 million in Q2'25[27] Strategic Initiatives and Regulatory Landscape - The company achieved $42 million year-over-year operating cost reduction in the first half of 2025[6, 7] - Operating costs at Montana Renewables were $0.43 per gallon[6, 7] ($0.51 per gallon including SG&A)[6, 7] - The company issued a partial redemption notice for $80 million of '26 Notes, following a $150 million partial redemption in April[7, 16] - EPA's Renewable Volume Obligation (RVO) proposal includes a proposed 5.6 billion gallon requirement for biomass-based diesel[10, 11], up from the current 4.5 billion gallons[10, 11] - Plans are on track to unlock 120 million to 150 million gallons of Sustainable Aviation Fuel (SAF) capacity by Q2 2026 ("MaxSAF150") at a capital cost of $20 million to $30 million[6, 15, 33]

First Quarter 2025 Financial Results May 9, 2025 CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of May 9, 2025. 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 similar w ...