CLMT Q2 2026 Earnings Presentation

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CALUMET Second Quarter 2026 Financial Results August 7 , 2026 wwwww OVERPLE Titanias

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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 August 7, 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. Non-GAAP Financial MeasuresAdjusted EBITDA, Adjusted EBITDA with Tax Attributes, net recourse debt and net recourse debt adjusted for intercompany are non-GAAP financial measures provided in this Presentation. Reconciliations to the most comparable GAAP financial measures are included in the Appendix to this Presentation. These non-GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), net cash from operations or other financial measures prepared in accordance with GAAP.CAUTIONARY STATEMENTS

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PERFORMANCE SUMMARY Performance Update(1) See appendix to this presentation for GAAP to Non-GAAP reconciliationsQ2 2025Q2 2026Adjusted EBITDA with Tax Attributes ($MM)$66.8$161.7Specialty Products and Solutions (SPS)$13.5$6.3Performance Brands (PB)$16.3$26.6Montana/Renewables (MRL at 87%) $8.3$16.6MRL at 100%$(20.1)$(19.4)Corporate$76.5$175.2Adjusted EBITDA with Tax Attributes (1) 3 $175mm Adjusted EBITDA with Tax Attributes Accelerated deleveraging continues July: $100M notes called; $15M CMR sale-leaseback retiredExceptional operational and commercial execution in strong marketThree turnarounds completed on-time and on-budgetNear-record production volumesStandout specialty margins in dynamic market environment and global base oil shortageMontana Renewables expansion accelerating1ststage of Montana Renewables MaxSAF®150 project complete $40 million foregone margin during MaxSAF expansion downtimeNext stage of capital light expansion: 17k BPD of feed and 200 million gallons of run-rate SAF production by end 20282ndreactor online this winter, repurposed from CMR Provides proprietary, competitively advantaged SAF yieldsWinter tie-in provides ability to capture current market margins before the reconfiguration: CMR expecting to generate ~$50M of EBITDA in 2ndhalfSAF ramp: 60M gallon run-rate end of Q2 2026 80M YE 2026 120M+ Spring 2027 200M gal YE 2028

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SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD 4 Global specialties shortage unlikely to resolve quickly>10% of global paraffinic base oil production is damaged, turning a traditionally balanced base oil market into an extreme shortageGroup I & III production offline in Eastern Europe & Middle East from Russia and Iran warsU.S. is world’s largest exporter and can’t meet shortfallRecord refining utilization and intermediates are scarce Extreme increase in industry’s waterborne shipping costs Distillate intermediates for incremental industry solvent production are extremely expensiveCalumet’s fully integrated operation generates:>22,000 BPD of high margin specialty products 12k BPD lubricating oils (paraffinics, naphthenics, white oils)10k BPD of solvents exposed to diesel upside>55,000 BPD of fuels and asphaltLargely North American supply chain Well Positioned in Structurally Tight MarketsGrowth Built on Demonstrated SuccessAccelerated deleveraging and strong free cash flow outlook support renewed investment in high-return specialties growth opportunities.Industry leadership demonstrated with strong track record of organic growth, despite minimal capital deployed Progressing pipeline of ~$50mm low-risk, 30%+ IRR organic growth opportunities through FEL processOpportunities developed during past few years of tightened spend Large portion of the pipeline expected to be approved for 2027 18,000 19,000 20,000 21,000 22,000 23,000 24,000BPDSpecialties Volume Growth (SPS + PB)

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2025: 4.5B gal2026: 6.7B galBiomass Based Diesel Supply StackMONTANA RENEWABLES: RVO WORKING AS DESIGNED 5* Call on BBD = D4 RVO plus D5/D6 covered by D4 RVO working as designed, driving a full industry restart – market approaching historical highsHigher margins incentivizing renewable diesel and biodiesel production growth RVO announcement driven a 70% increase in biomass-based diesel production this yearRecord soybean and canola crush expands domestic feedstock supply and growing investments in ag industryRIN generation trends demonstrate successful market response to RVO targets 2024 = 350mm* 2025 = 400 mm*2026 = 550mm*Gallons/mos. Biomass Based Diesel Production

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MRL EXPANSION UPDATE 6 MaxSAF®150 catalyst performance testing successfully completed, proving catalyst ability to support next phase of MaxSAF®Capital light expansion progressing17k BPD of throughput and 200mm gallons of run-rate SAF by year end 2028 for fraction of original investmentDOE process progressing well – details provided then2ndreactor to be installed this winter – expedited by repurposing an existing CMR reactor. Dual reactor system provides proprietary, competitively advantaged SAF yields, minimizing LPG and naphtha make, in a “polishing” service as opposed to an industry standard “cracking” serviceExecuting 15-day tie-in early winter allows CMR to capture current market environment rather than tie-in unit mid-summer~$50mm of EBITDA expected at CMR from July through tie-in at current strong marginsIn extremely high RD margin environment, MRL economic optimum is at ~60mm gal SAF run-rate until polishing reactor installedSAF volume ramp: 60M gallon run-rate end of Q2 2026 80M+ YE 2026 120M+ Spring 2027 200M gal YE 2028Existing owned reactor in Gulf Coast storage serves as potential future 3rdreactor MaxSAF®YE 2028MaxSAF® 150: 2 reactor MaxSAF® 150: 1 reactor (now)Run rate20251713+12-1312Throughput (kBPD)~200120+60+30SAF annual run-rate (MM gals)

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$0$5$10$15$20$25$30$0$10$20$30$40$50$60$70$80$90$100Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Fuels & Asphalt Specialty ProductsMaterial Margin $/bblSpecialty ProductsFuels & Asphalt Exceptional results driven by strong margin environment and disciplined executionRapid commercial response to extreme cost volatility Strong operational quarter and turnaround executionAnother record specialties volume quarter Strong margin outlookGlobal specialties supply chain disruptions driving shortage without a clear solutionRecord high refinery industry utilization coupled with low inventory levelsStrong cash flows projected to continue – 10k BPD 2:1:1 hedged through Q1 ‘28SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT 7 Q22025Q22026$66.8$161.7Adjusted EBITDA ($MM)$66.17$92.39Specialty Products Material Margin ($/bbl)$7.96$20.27Fuels & Asphalt Material Margin (1)($/bbl)(1) Includes RVO accrual(1)010,00020,00030,00040,00050,00060,000Q2'25 Q3'25 Q4'25 Q1'26 Q2'26Sales Volume (bpd)Specialty ProductsFuels & Asphalt

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PERFORMANCE BRANDS SEGMENT 8 Q22025Q22026$80.7$103.6Sales ($MM)$13.5 $6.3Adjusted EBITDA ($MM)6.78.3Sales volume (MM gals) Strong volume performance across all brandsSales volume increased 24% YoYTruFuel sets another quarterly record sales volume Multiple price increases implemented in Q2, with more under way as feedstock costs continue to escalateTypical price lag of 60-90 days in retail channelsIntegrated specialties platform: the strong market fundamentals supporting SPS pressure create significant margin impact downstream until cost increases have fully passed through the system$7.3 million LIFO impact

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MONTANA / RENEWABLES SEGMENT 100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26Strong results in May and June, with over $40 MM of foregone margin during planned expansion downtime Recognizing expected recovery in industry margins following SET2 RVOIndex margin increased from $0.59/gal at 12/31/25 to $2.58/gal in June ‘26 Achieved operating costs (ex SG&A) of $0.40 per gallon in June ’26, in line with $0.42 per gallon in Q4 2025 Q22025Q22026$16.3$26.6Adjusted EBITDA ($MM) with Tax Attributes $7.2$14.4Renewables at 87% with Tax Attributes$9.1$12.2Montana Asphalt 12,1026,511Renewable Sales (bpd)14,766 12,379Conventional Sales (bpd)9Retail asphalt rack seasonally re-opened in Q2Normal asphalt price lag pressured margins early in quarterSeasonally strong Q3’26 and outsized CMR performance expected this fallRenewablesMontana Asphalt $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00Renewable Diesel Industry Index Margin $/gal.2026-2027 RVO:$2.50/gal Index Margin2016-2023: ~$2.00/gal Index Margin

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Appendix

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CAPITAL STRUCTURE OVERVIEW 11 ActualActualActualActualActualActualActualActualActual6/30/263/31/2612/31/259/30/256/30/253/31/2512/31/249/30/246/30/24($ in millions)8.1 $5.0 $7.6 $8.6 $11.0 $8.0 $8.9 $30.9 $6.4 $Cash and cash equivalents (Restricted Group)141.7 173.6 197.5 166.0 179.6 195.4 29.2 3.7 0.6 Cash, cash equivalents and restricted cash (Unrestricted Group)18.3 $95.2 $94.6 $167.6 $208.4 $53.8 $286.6 $225.9 $315.1 $ABL Revolver Borrowings-------363.5 363.5 11.00% Senior Notes due 2025--124.4 124.4 204.4 354.4 354.4 --11.0% Senior Notes due 2026--325.0 325.0 325.0 325.0 325.0 325.0 325.0 8.125% Senior Notes due 2027425.0 425.0 425.0 425.0 425.0 425.0 325.0 325.0 325.0 9.75% Senior Notes due 2028200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 200.0 9.25% Senior Secured First Lien Notes due 2029555.0 555.0 -------9.75% Senior Notes due 2031111.2 113.7 116.1 118.5 37.9 40.0 42.1 44.9 46.9 Shreveport terminal asset financing arrangement15.9 19.3 22.5 26.7 27.8 27.8 30.4 34.7 -Montana terminal asset financing arrangement138.8 140.8 142.7 143.5 145.5 147.5 108.7 110.0 -Montana refinery asset financing arrangement--------6.4 MRL revolving credit agreement------73.7 73.9 74.1 MRL term loan credit agreement835.2 825.2 815.4 805.5 795.7 786.1 ---DOE Loan------368.1 372.5 376.6 MRL asset financing arrangements1.0 1.2 1.9 2.1 2.4 2.6 2.9 2.9 2.5 Finance lease obligations2,300.4 $2,375.4 $2,267.6 $2,338.3 $2,372.1 $2,362.2 $2,116.9 $2,078.3 $2,035.1 $Total Debt835.2 825.2 815.4 805.5 795.7 786.1 441.8 446.4 457.1 Less Non-Recourse Debt1,465.2 $1,550.2 $1,452.2 $1,532.8 $1,576.4 $1,576.1 $1,675.1 $1,631.9 $1,578.0 $Total Recourse Debt1,457.1 $1,545.2 $1,444.6 $1,524.2 $1,565.4 $1,568.1 $1,666.2 $1,601.0 $1,571.6 $Net Recourse Debt407.8 400.4 397.5 394.8 389.1 375.8 541.0 507.1 483.1 Less Intercompany1,049.3 $1,144.8 $1,047.1 $1,129.4 $1,176.3 $1,192.3 $1,125.2 $1,093.9 $1,088.5 $Net Recourse Debt Adjusted for Intercompany374.5$282.9$294.5$266.6$224.4$223.8$204.4$230.5$255.2$LTM Adjusted EBITDA (Restricted Group)3.9x5.5x4.9x5.7x7.0x7.0x8.2x6.9x6.2xNet Recourse Debt / LTM Adjusted EBITDA (Restricted Group)2.8x4.0x3.6x4.2x5.2x5.3x5.5x4.7x4.3xNet Recourse Debt Adjusted for Intercompany / LTM Adjusted EBITDA (Restricted Group)

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RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES 12 2Q 20261Q 20264Q 20253Q 20252Q 2025($ in millions)(95.9)$(317.0)$(37.3)$313.4 $(147.9)$Net income (loss)Add:45.5 41.4 44.6 50.7 47.9 Depreciation and amortization4.4 (26.2)16.8 5.1 (1.9)LCM / LIFO (gain) loss52.0 51.1 50.8 53.6 52.9 Interest expense-1.7 0.2 (0.5)0.1 Debt extinguishment costs(9.0)102.7 (14.9)(2.0)(7.0)Unrealized (gain) loss on derivatives---6.4 -(Gain) loss on sale of business48.0 31.5 25.4 (303.1)15.3 RINs incurrence (gain) expense115.6 115.9 10.9 (20.8)79.1 RINs mark to market (gain) loss--1.3 --(Gain) loss on impairment and disposal of assets0.2 0.5 (10.2)(5.3)4.2 Other19.5 44.7 8.3 9.5 10.1 Equity-based compensation and other items(21.2)(20.8)(51.8)(41.4)0.2 Income tax (benefit) expense0.2 2.1 4.3 4.0 2.1 Noncontrolling interest adjustments159.3 $27.6 $48.4 $69.6 $55.1 $Adjusted EBITDA15.9 22.5 20.9 22.9 21.4 Tax attributes175.2 $50.1 $69.3 $92.5 $76.5 $Adjusted EBITDA with Tax Attributes

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RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) 13 2Q 20261Q 20264Q 20253Q 20252Q 2025($ in millions, except per barrel data)31.8 $(62.9)$38.3 $276.3 $(14.9)$Specialty Products and Solutions segment gross profit8.7 18.8 11.8 1.4 4.9 LCM/LIFO inventory (gain) loss-----Other adjustments40.1 24.6 20.7 (192.9)12.0 RINs incurrence expense96.8 98.0 9.2 (16.7)55.4 RINs mark to market (gain) loss18.2 18.4 17.8 21.4 18.2 Depreciation and amortization195.6 $96.9 $97.8 $89.5 $75.6 $Specialty Products and Solutions segment Adjusted gross profit16.9 $21.0 $15.4 $18.5 $22.1 $Performance Brands segment gross profit(1.5)(0.3)(1.7)1.7 (0.5)LCM/LIFO inventory (gain) loss-----Other adjustments0.7 1.1 0.7 0.7 0.7 Depreciation and amortization16.1 $21.8 $14.4 $20.9 $22.3 $Performance Brands segment Adjusted gross profit(30.4)$(45.6)$(56.7)$78.9 $(50.8)$Montana/Renewables segment gross profit (loss)(2.8)7.7 6.7 2.0 (6.3)LCM/LIFO inventory (gain) loss-----Loss on firm purchase commitments7.8 6.9 4.7 (110.2)3.3 RINs incurrence expense18.8 17.9 1.7 (4.1)23.7 RINs mark to market (gain) loss26.1 21.9 25.3 28.1 28.1 Depreciation and amortization19.5 $8.8 $(18.3)$(5.3)$(2.0)$Montana Renewables segment Adjusted gross profit (loss)5.25 $(10.72)$6.03 $46.11 $(2.72)$Reported Specialty Products and Solutions segment gross profit per barrel1.43 3.20 1.86 0.23 0.90 LCM/LIFO inventory (gain) loss per barrel-----Other adjustments per barrel6.61 4.19 3.26 (32.19)2.19 RINs incurrence expense per barrel15.96 16.70 1.45 (2.79)10.12 RINs mark to market (gain) loss per barrel3.00 3.14 2.79 3.58 3.32 Depreciation and amortization per barrel32.25 $16.51 $15.39 $14.94 $13.81 $Specialty Products and Solutions segment Adjusted gross profit per barrel85.47 $125.75 $119.38 $124.16 $138.99 $Performance Brands segment gross profit per barrel(7.60)(1.80)(13.18)11.41 (3.14)LCM/LIFO inventory (gain) loss per barrel-----Other adjustments per barrel3.55 6.59 5.43 4.70 4.40 Depreciation and amortization per barrel81.42 $130.54 $111.63 $140.27 $140.25 $Performance Brands segment Adjusted gross profit per barrel(17.67)$(25.38)$(24.32)$34.50 $(20.78)$Montana/Renewables segment gross profit (loss) per barrel(1.63)4.28 2.87 0.87 (2.58)LCM/LIFO inventory (gain) loss per barrel-----Loss on firm purchase commitments per barrel4.54 3.84 2.02 (48.19)1.35 RINs incurrence expense per barrel10.94 9.96 0.73 (1.79)9.69 RINs mark to market (gain) loss per barrel15.18 12.19 10.85 12.29 11.50 Depreciation and amortization per barrel11.36 $4.89 $(7.85)$(2.32)$(0.82)$Montana Renewables segment Adjusted gross profit (loss) per barrel161.7 $44.3 $88.5 $80.2 $66.8 $Specialty Products and Solutions Adjusted EBITDA1,012.5 $705.0 $675.9 $679.1 $627.9 $Specialty Products and Solutions Sales16.0%6.3%13.1%11.8%10.6%Specialty Products and Solutions Adjusted EBITDA margin

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14 RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 20262Q 2025Montana / RenewablesCMRMRLMontana / RenewablesCMRMRL($ in millions)(32.5)$(17.2)$(15.3)$(74.9)$(24.1)$(50.8)$Net income (loss)Add:26.2 9.8 16.4 28.2 11.4 16.8 Depreciation and amortization(2.8)(3.1)0.3 (6.3)(2.3)(4.0)LCM / LIFO (gain) loss14.5 (4.1)18.6 15.1 (3.1)18.2 Interest expense------Debt extinguishment costs------Unrealized (gain) loss on derivatives7.8 7.8 -3.3 3.3 -RINs incurrence (gain) expense18.8 18.8 -23.7 23.7 -RINs mark to market (gain) loss------(Gain) loss on impairment and disposal of assets-0.2 (0.2)3.7 0.2 3.5 Other------Equity based compensation and other items(21.5)-(21.5)---Income tax (benefit) expense0.2 -0.2 2.1 -2.1 Noncontrolling interest adjustments10.7 $12.2 $(1.5)$(5.1)$9.1 $(14.2)$Adjusted EBITDA15.9 -15.9 21.4 -21.4 Tax attributes26.6 $12.2 $14.4 $16.3 $9.1 $7.2 $Adjusted EBITDA with Tax Attributes

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