Slides
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September 1, 2026MAXSAF®: A New Flight PlanAmended DOE Loan
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2 Forward-Looking StatementsThis Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 1, 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 forward-looking statements. These forward-looking statements discuss future expectations or state other “forward-looking” information and involve risks and uncertainties. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in our most recent Annual Report on Form 10-K and our other filings with the SEC. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and other filings with the SEC could cause our actual results to differ materially from those contained in any forward-looking statement. Our forward-looking statements are not guarantees of future performance, and actual results and future performance may differ materially from those suggested in any forward-looking statement. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Existing and prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Presentation. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. CAUTIONARY STATEMENTS
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MAXSAF®: CLEARED FOR TAKEOFF 3 Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules■Compelling economics anchored by:■Renewable product sales over 17,000 barrels per day■200mm gallons per year of neat SAF■20mm gpy of renewable propane and butane sales, previously burned as fuel gas■Material improvements in renewable naphtha netback ■Unit operating costs reduced with scale and decreased water usage■$137mm of remaining total project spend, reduced from $1.2bn original LGA Phase 2 requirement■Repurposing equipment from CMR’s asphalt refinery■Phase 2 DOE debt draw reduced from $658mm to $34mm ■Balance of project spend is self-funded within MRL■CMR Asphalt Refinery■Facility will continue to operate, produce retail asphalt, retain all employees, and provide shared cost efficiencies across full site 17k BPD: 40% increase in renewable product sales by 2028200MM gallon run-rate SAF capability by 2028$137MM: remaining capital for MRL expansion
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AMENDED LOAN GUARANTEE—HIGHLIGHTS 4 AMENDED AGREEMENT (Aug. 2026)ORIGINAL AGREEMENT (Jan. 2025)KEY CHANGES TO PHASE 2 BUILDOUT$137MM$1.2BCapex for Phase 2 buildoutSingle, final draw of $34MM; rest of capex self-funded; total loan facility downsizedUp to $658MM of additional DOE debt drawn over 2026–29; ~$538MM third-party equity required to be raisedPhase 2 fundingNo large initial third-party equity requirement provides simple capital structure and no dilution, positioning MRL for future strategic opportunityEntire project equity required to be raised before Phase 2 construction beginsEquity requirementInitial sweep 25%, protecting cash retained through 2029; 50% sweep thereafter, if DSCR > 1.550% sweep if DSCR 1.5–1.7; 25% if above 1.7Cash sweeps (beginning at project completion)UnchangedMarch 2029 / December 2039Debt servicing / maturityLower cost, lower execution risk project allows commensurate reduction of reservesReserve requirementsThe amended LGA has been filed with the SEC; investors should refer to the filed agreement for complete terms
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SIX SMALL, CONTROLLABLE PROJECTSEach quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk 5 Primary DriverDescriptionStepHigher SAF recoveryConstraint removal at Spring 2026 turnaround (complete)--Adds second reactor for throughput & SAFTie-in leased CMR equipment (hydrotreater, hydrogen plant, naphtha splitter)1 Volume & yield captureOff-gas handling; capture renewable LPG as saleable product2 Cost reduction, feedstock flexibilityWater handling and feedstock selectivity improvements3 SAF yield flexibilityFractionation retrofit to shift yield mix further toward SAF4 Throughput & reliabilityHydrogen supply expansion — retrofit plus new build5Aug 2026Amended LGA executed; DOE issues final $34MM drawQ4 20262027Steps 2–3; SAF run-rate 120MM+ gal by spring2028Mar 2029First DOE loan servicing date (unchanged)Step 1; tie-in CMR equipment (2ndreactor +)Steps 4-5; increase SAF and total throughputYE 2028YE 2027YE 2026NowRun-Rate Levels16-171312-1312-13Throughput (kBPD)14-1511-1211-1211-12RD & SAF (kBPD)200120-15080+ 60+SAF annual gals (MM)*1.5.5-1.5-1RN(1) (kBPD)1-210(.5)RLPG(2)(kBPD) + (Volume Loss)17-1813-1412-1312Total Sales (kBPD)*SAF ramp: 60M gallon run-rate end of Q2 2026 80M YE 2026 120M+ Spring 2027 200M gal YE 2028Potential 3rdreactor(1) Renewable Naphtha (2) Renewable Liquified Petroleum Gas
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GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY■Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution■Redeployment of proven, installed refining equipment is the key to delivering MaxSAF®for a fraction of the originally contemplated investment■Selected CMR assets (hydrotreater, hydrogen plant, naphtha splitter) move to MRL under a long-term lease which replaces foregone refining value■CMR’s FCC and alkylation units permanently retired in Q4 2026■Timing the tie-in for Q4 2026 allows CMR to capture ~$50MM EBITDA at current elevated global margins■CMR will remain in service, continuing to produce high-quality retail asphalt and retaining all employees6The reconfiguration preserves Great Falls jobs and community presence while optimizing the entire site to its highest-value use
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MAXSAF®FROM EVERY ANGLEDiversified value driversProgram meaningfully expands throughput and builds on existing MRL advantages around feedstock flexibility, cost to operate, SAF first mover advantageCapital efficiency~200MM gallon SAF outcome for $137mm capex versus the original LGA of $1.2B, no equity raise required to fund projectDe-risked executionSmall, quick payback steps using proven, installed equipment replace a multi-year mega-projectAmerican Energy Growth ~2 billion pounds of ranch- and farm-originated feeds converted to U.S. produced diesel, jet, and gasolineMontana CommunityContinuing to grow Montana wage and tax base while providing highly-skilled and technical employment opportunities in a rural communityU.S. SAF leadershipPositions Montana Renewables among the largest SAF producers in the world, using U.S. technology and locally sourced feedstock sold into a global jet marketMontana Renewables thanks the United States Department of EnergyThrough continued partnership, this amendment dramatically improves project returns for all stakeholders while simultaneously increasing American Energy, American Agricultural demand and keeping great jobs in Montana