This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of February 27, 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 similar words. The statements discussed in this Presentation that are not purely historical data are f ...

Core Viewpoint - Calumet, Inc. reported its fourth quarter and fiscal year 2025 results, highlighting significant financial improvements, including a reduction in debt and strong cash flow driven by cost reduction initiatives, while facing challenges in the renewable diesel market. Financial Performance - The company reported a net loss of $33.8 million for fiscal year 2025, an improvement from a net loss of $222 million in 2024 [1] - Adjusted EBITDA for fiscal year 2025 was $293.3 million, up from $229.3 million in 2024, reflecting nearly 30% year-over-year growth [1] - For the fourth quarter of 2025, the company reported a net loss of $37.3 million, compared to a net loss of $40.7 million in the same quarter of 2024 [1] Segment Performance - Specialty Products and Solutions (SPS) segment achieved an Adjusted EBITDA of $88.5 million in Q4 2025, up from $51.9 million in Q4 2024, driven by strong specialty product sales and cost reductions [1] - Performance Brands (PB) segment reported Adjusted EBITDA of $5.4 million in Q4 2025, down from $16.3 million in Q4 2024, impacted by the divestiture of the Royal Purple® Industrial business [1] - Montana/Renewables (MR) segment reported an Adjusted EBITDA with Tax Attributes of $(5.4) million in Q4 2025, compared to $12.4 million in Q4 2024, affected by low industry renewable diesel margins [1] Operational Highlights - The company achieved approximately $100 million in cost reductions in 2025, which contributed to a $222 million reduction in recourse debt [1] - Total sales volume for the fourth quarter of 2025 was 95,829 barrels per day, compared to 85,882 barrels per day in Q4 2024 [2] - The company is on track to complete the MaxSAF®150 expansion in the second quarter of 2026, enhancing its competitive position in the renewable diesel market [1] Corporate Developments - In January 2026, Calumet closed a private placement of $405 million in Senior Notes due 2031, which was used to redeem outstanding higher-interest debt [1] - The company amended its asset-based loan facility to extend the maturity date to January 2031, with total commitments of $500 million [1]