Calumet (CLMT) H.C. Wainwright Renewables Fuels Virtual Day presentation summary

Key investment highlights

• Two distinct, cash-generating platforms: Specialties and Renewables, both with competitive advantages.

• Specialties business has shown robust performance and resilience through market cycles.

• Montana Renewables delivers positive Adjusted EBITDA and is expanding SAF production, with much of the new capacity pre-sold at a premium.

• Accelerated deleveraging with $220 million debt reduction in 2025 and $80 million annual debt service savings after a federal loan.

Specialties business performance

• Historical mid-cycle Adjusted EBITDA averages $286 million, with recent years outperforming this average.

• Achieved record production levels and $100 million in cost reductions, including $61 million in opex savings.

• Specialty margins remain strong, outpacing historic levels despite a softer macro environment.

• Diversified customer base and agile supply chain support margin resilience.

Montana Renewables growth and outlook

• Renewable fuels production at 12,000 bpd, increasing to 13,000 bpd in Q2 2026.

• SAF production expanding from 30 million to 120–150 million gallons per year with MaxSAF® 150 project.

• Over 100 million gallons of SAF pre-sold at a $1–2/gallon premium to renewable diesel.

• Facility benefits from geographic advantages, low-cost feedstock access, and short supply chains.