Earnings release
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Delekus NEWS RELEASE Delek US Holdings Reports Second Quarter 2026 Results 2026-08-05 • Delek US reported a second quarter net income of $ 169.5 million or $ 2.71 per share , adjusted net income of $ 343.9 million or $ 5.48 per share and adjusted EBITDA of $ 638.7 million • • Excluding the impacts of the RVO adjustment , adjusted EPS was $ 3.64 per share and adjusted EBITDA was $ 490.1 million Delek's high distillate yield , access to advantaged crudes , improving BSR performance and limited turnaround activity positions it well in the current margin environment • Delek Logistics ( " DKL " ) had its best quarter reporting adjusted EBITDA of $ 143.5 million . It is well positioned to meet its annual EBITDA guidance of $ 520-560 million • EOP is progressing well paving the way for further improvements in the plan to sustain and scale EOP's momentum • Successfully refinanced portions of our capital structure , extending debt maturities while reducing interest expense • Purchased $ 20.0 million in DK common stock during the quarter • Paid $ 15.6 million of dividends and announced regular quarterly dividend of $ 0.255 per share BRENTWOOD , Tenn .-- ( BUSINESS WIRE ) -- Delek US Holdings , Inc. ( NYSE : DK ) ( " Delek US " , " Company " ) today announced financial results for its second quarter ended June 30 , 2026 . " Our second quarter results demonstrate the tangible progress we are making in strengthening Delek's free cash flow profile " said Avigal Soreq , President and Chief Executive Officer of Delek US . " Following the successful completion of the Big Spring refinery turnaround in the first quarter , Big Spring ran well during the second quarter and is continuing this trend as we move through the third quarter . We have no more planned turnarounds for the remainder of the year . With our full system online , we are well positioned to capture the benefits of a more 1
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constructive margin environment, supported by our peer-leading distillate yield, enhanced reliability, and the ongoing improvements from our Enterprise Optimization Plan. As we enter the second half of the year, we remain focused on disciplined execution, operational reliability, and advance the initiatives we believe can unlock meaningful value for our shareholders." “Delek Logistics Partners remains a key source of value creation, supported by its integrated three-stream service model, growing third-party cash ows, and continued asset optimization. As the economic separation between DK and DKL increases, we believe both companies are better positioned to unlock their respective standalone value”. “Looking ahead, we are encouraged by the setup for the third quarter and the remainder of 2026. We remain focused on safe and reliable operations, capturing the higher margin environment, maintaining capital discipline, and advancing incremental value creation initiatives that support our Sum of the Parts objectives,” Soreq concluded. Delek US Results Three Months Ended June 30,Six Months Ended June 30, ($ in millions, except per share data)2026 2025 2026 2025 Net income (loss) attributable to Delek$ 169.5$ (106.4) $ (31.8) $ (279.1)Total diluted income (loss) per share$ 2.71$ (1.76) $ (0.52) $ (4.55)Adjusted net income (loss)$ 343.9$ (33.1) $ 348.6$ (177.5)Adjusted net income (loss) per share$ 5.48$ (0.56) $ 5.73$ (2.90)Adjusted EBITDA $ 638.7$ 177.9$ 850.4$ 211.5 Re ning Segment The re ning segment Adjusted EBITDA was $566.2 million in the second quarter 2026 compared with $114.8 million in the same quarter last year, which re ects an increase in re ning margin driven by increased crack spreads. During the second quarter 2026, Delek US's benchmark crack spreads were up an average of 136.0% from prior- year levels. Adjusted EBITDA was also impacted by inventory adjustments of $(157.3) million and $41.9 million for second quarter 2026 and 2025, respectively. Logistics Segment The logistics segment Adjusted EBITDA in the second quarter 2026 was $143.5 million compared with $127.4 million in the prior-year quarter. The increase over last year's second quarter re ects higher margins in the wholesale business and increased interest income related to sales-type leases. 2
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Shareholder Distributions On July 23, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on August 10, 2026 to shareholders of record on August 3, 2026. Liquidity As of June 30, 2026, Delek US had a cash balance of $628.6 million and total consolidated long-term debt of $3,189.7 million, resulting in net debt of $2,561.1 million. As of June 30, 2026, Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") had $13.7 million of cash and $2,372.7 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $614.9 million in cash and $817.0 million of long-term debt, or a $202.1 million net debt position. Second Quarter 2026 Results | Conference Call Information Delek US will hold a conference call to discuss its second quarter 2026 results on Wednesday, August 5, 2026 at 10:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days. Investors may also wish to listen to Delek Logistics’ (NYSE: DKL) second quarter 2026 earnings conference call that will be held on Wednesday, August 5, 2026 at 11:30 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com. About Delek US Holdings, Inc. Delek US Holdings, Inc. is a diversi ed downstream energy company with assets in petroleum re ning, logistics, pipelines, and renewable fuels. The re ning assets consist primarily of re neries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth- oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. 3
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Delek US Holdings, Inc. and its subsidiaries owned approximately 63.0% (including the general partner interest) of Delek Logistics Partners, LP at June 30, 2026. Safe Harbor Provisions Regarding Forward-Looking Statements This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is de ned under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if", “potential,” “expect” or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and nancial position; cost reductions; throughput at the Company’s re neries; crude oil prices, discounts and quality and our ability to bene t therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth initiatives, and the exibility, bene ts and expected returns therefrom; and projected bene ts of Delek Logistics' acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses. Investors are cautioned that the following important factors, among others, may a ect these forward-looking statements: political or regulatory developments, including tari s, taxes and changes in governmental policies relating to crude oil, natural gas, re ned products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the re ned petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US' ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible bene ts of the H2O Midstream and Gravity transactions; acquired assets may su er a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and nished petroleum products; our competitive position and the e ects of competition; the 4
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projected growth of the industries in which we operate; general economic and business conditions a ecting the geographic areas in which we operate; and other risks described in Delek US’ lings with the United States Securities and Exchange Commission (the “SEC”), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other lings and reports with the SEC. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to di er materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to re ect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation. Non-GAAP Disclosures: Our management uses certain “non-GAAP” operational measures to evaluate our operating segment performance and non-GAAP nancial measures to evaluate past performance and prospects for the future to supplement our nancial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). These nancial and operational non-GAAP measures are important factors in assessing our operating results and pro tability and include: Adjusting items - certain identi ed infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends; Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period; Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution; Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments; Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identi ed Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and 5
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adjusted to include income (loss) attributable to non-controlling interests; Re ning margin - calculated as gross margin (which we de ne as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales; Adjusted re ning margin - calculated as re ning margin adjusted for other inventory impacts, net inventory LCM valuation loss (bene t), unrealized hedging (gain) loss and intercompany lease impacts; Re ning production margin - calculated based on the regional market sales price of re ned products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure re ects the economics of each re nery exclusive of the nancial impact of inventory price risk mitigation programs and marketing uplift strategies; Re ning production margin per throughput barrel - calculated as re ning production margin divided by our average re ning throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and Net debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a speci c balance sheet date. We believe these non-GAAP operational and nancial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP nancial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. “Net debt,” also a non-GAAP nancial measure, is an important measure to monitor leverage and evaluate the balance sheet. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that a ect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP nancial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Re ning Margin and Re ning Production Margin or any of our other identi ed non-GAAP measures may be de ned di erently by other companies in its industry, Delek US' de nition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. 6
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Delek US Holdings, Inc.Condensed Consolidated Balance Sheets (Unaudited)($ in millions, except share and per share data)June 30, 2026December 31, 2025ASSETS Current assets:Cash and cash equivalents $ 628.6$ 625.8Accounts receivable, net 866.3 648.7Inventories, net of inventory valuation reserves999.3 726.0 Other current assets 108.7 67.5 Total current assets 2,602.9 2,068.0 Property, plant and equipment:Property, plant and equipment 5,909.4 5,586.9 Less: accumulated depreciation (2,476.6) (2,314.4) Property, plant and equipment, net 3,432.8 3,272.5 Operating lease right-of-use assets 66.2 71.4Goodwill 475.3 475.3Other intangibles, net 400.4 405.7Equity method investments 430.9 427.7 Other non-current assets 142.9 127.1 Total assets $ 7,551.4$ 6,847.7 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:Accounts payable $ 1,853.0$ 1,633.8Current portion of long-term debt 8.5 9.5Current portion of operating lease liabilities27.2 27.2 Accrued expenses and other current liabilities1,522.6 858.9 Total current liabilities 3,411.3 2,529.4 Non-current liabilities:Long-term debt, net of current portion 3,181.2 3,223.6Obligation under Inventory Intermediation Agreement95.2 119.5Environmental liabilities, net of current portion30.7 31.1Asset retirement obligations 36.3 34.0Deferred tax liabilities 152.3 217.9Operating lease liabilities, net of current portion38.3 46.1 Other non-current liabilities 183.4 98.8 Total non-current liabilities 3,717.4 3,771.0 Stockholders’ equity:Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued andoutstanding — —Common stock, $0.01 par value, 110,000,000 shares authorized, 78,774,745 shares and77,357,447 shares issued at June 30, 2026, and December 31, 2025, respectively0.8 0.8Additional paid-in capital 1,267.6 1,290.9Accumulated other comprehensive loss — —Treasury stock, 17,575,527 shares, at cost, at June 30, 2026, and December 31, 2025,respectively (694.1) (694.1)Retained earnings (de cit) (387.8) (311.1) Non-controlling interests in subsidiaries 236.2 260.8 Total stockholders’ equity 422.7 547.3 Total liabilities and stockholders’ equity$ 7,551.4$ 6,847.7 Delek US Holdings, Inc.Condensed Consolidated Statements of Income (Loss) (Unaudited)($ in millions, except share and per sharedata) Three Months Ended June 30,Six Months Ended June 30, 2026 2025 2026 2025 Net revenues $ 4,087.0$ 2,764.6$ 6,740.1$ 5,406.5Cost of sales:Cost of materials and other3,390.6 2,415.0 5,856.4 4,814.5O i ( ldid i i d 7
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Operating expenses (excluding depreciation andamortization presented below)220.1 209.8 440.0 420.9 Depreciation and amortization111.2 87.6 208.8 182.6 Total cost of sales 3,721.9 2,712.4 6,505.2 5,418.0Operating expenses related to wholesale business(excluding depreciation and amortization presentedbelow) 2.9 2.2 4.5 3.5General and administrative expenses56.7 76.6 100.7 138.1Depreciation and amortization4.5 6.5 10.2 12.8 Other operating expense (income), net(1.4) 0.4 (3.6) (6.6) Total operating costs and expenses3,784.6 2,798.1 6,617.0 5,565.8 Operating income (loss) 302.4 (33.5) 123.1 (159.3)Interest expense, net 100.1 85.9 184.6 170.0Income from equity method investments(19.7) (22.2) (34.3) (35.5) Other expense (income), net0.1 6.2 (0.2) 4.6 Total non-operating expense, net80.5 69.9 150.1 139.1 Income (loss) from continuing operations beforeincome tax expense (bene t)221.9 (103.4) (27.0) (298.4) Income tax expense (bene t)41.8 (14.1) (16.4) (50.9) Income (loss) from continuing operations, net oftax 180.1 (89.3) (10.6) (247.5)Discontinued operations:Income (loss) from discontinued operations— (1.0) (0.3) (1.4) Income tax expense (bene t)— (0.2) (0.1) (0.3) Income (loss) from discontinued operations, net of tax— (0.8) (0.2) (1.1) Net income (loss) 180.1 (90.1) (10.8) (248.6) Net income attributed to non-controlling interests10.6 16.3 21.0 30.5 Net income (loss) attributable to Delek$ 169.5$ (106.4) $ (31.8) $ (279.1) Basic income (loss) per share:Income (loss) from continuing operations$ 2.76$ (1.75) $ (0.52) $ (4.53) Income (loss) from discontinued operations— (0.01) $ —$ (0.02) Total basic income (loss) per share$ 2.76$ (1.76) $ (0.52) $ (4.55) Diluted income (loss) per share:Income (loss) from continuing operations$ 2.71$ (1.75) $ (0.52) $ (4.53) Income (loss) from discontinued operations— (0.01) $ —$ (0.02) Total diluted income (loss) per share$ 2.71$ (1.76) $ (0.52) $ (4.55) Weighted average common shares outstanding: Basic 61,315,02060,506,94360,788,12661,306,915 Diluted 62,486,33660,506,94360,788,12661,306,915 Delek US Holdings, Inc.Condensed Consolidated Cash Flow Data (Unaudited)($ in millions) Three Months Ended June 30,Six Months Ended June 30, 2026 2025 2026 2025 Cash ows from operating activities: Cash provided by (used in) operating activities -continuing operations$ 262.9$ 52.2$ 724.2$ (9.9)Cash provided by (used in) operating activities -discontinued operations — (0.8) (0.2) (1.1) Net cash provided by (used in) operatingactivities 262.9 51.4 724.0 (11.0) Cash ows from investing activities: Net cash used in investing activities(176.2) (163.0) (366.5) (477.6) Cash ows from nancing activities: Net cash provided by (used in) nancingactivities (82.2) 103.3 (354.7) 368.5 Net decrease in cash and cash equivalents4.5 (8.3) 2.8 (120.1)Cash and cash equivalents at the beginning of theperiod 624.1 623.8 625.8 735.6 8
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Cash and cash equivalents at the end of the period628.6 615.5 628.6 615.5 Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations($ in millions) Three Months Ended June 30,Six Months Ended June 30, 2026 2025 2026 2025 Favorable (unfavorable) cash ow working capitalchanges $ (137.9) $ 51.3$ 463.0$ 76.9 Includes obligations under the inventory intermediation agreement. Signi cant Transactions During the Quarter Impacting Results: Restructuring Costs In 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the e ciency of our cost structure. For the second quarter 2026, we recorded restructuring costs totaling $10.9 million ($8.4 million after-tax) associated with our business transformation. Restructuring costs of $6.4 million are recorded in general and administrative expenses and $4.5 million are included in operating expenses in our condensed consolidated statements of income. General and Administrative Expenses Excluding transaction costs and restructuring costs, general and administrative expenses were $50.2 million for the three months ended June 30, 2026. Transactions with Delek Logistics In January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler re nery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase closed on April 1, 2026 with consideration paid through transfer of Delek Logistics common units, based on a 30-day volume weighted average unit price. The El Dorado Terminal Purchase is expected to close on October 1, 2027, subject to the satisfaction of customary closing (1) (1) 9
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conditions. Other Inventory Impact "Other inventory impact" is primarily calculated by multiplying the number of barrels sold during the period by the di erence between current period weighted average purchase cost per barrel directly related to our re neries and per barrel cost of materials and other for the period recognized on a rst-in, rst-out basis directly related to our re neries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving e ect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical re ning margins to current period average crack spreads, as well as provides a means to better compare our results to peers. Intercompany Leases As a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classi cation for the agreements that contain leases under Accounting Standards Codi cation 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and nance leases for the Re ning segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Re ning segment, as the underlying lease was reclassi ed from an operating lease to a nance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation. Delek Term Credit Facility On May 15, 2026, Delek entered into an amendment (“Amendment No. 1”) to the Delek Term Loan Credit Facility. Proceeds and cash on hand were used to re nance the Company’s existing term loan facility. As a result of the re nancing e ected pursuant to Amendment No. 1, outstanding term loans of the Company were reduced to an aggregate principal amount of $850.0 million. Amendment No. 1, among other modi cations, (i) extended the maturity of the Delek Term Credit Facility to May 15, 2032 and (ii) reduces the rate of interest on borrowings, at the Company’s election, to either term SOFR plus 300 basis points or base rate plus 200 basis points. The amendment 10
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also allows for up to 750.0 million in incremental loans subject to certain restrictions. Revolving Credit Facilities On April 9, 2026, the Company entered into Amendment No. 4 to Third Amended and Restated Credit Agreement. Amendment No. 4, among other modi cations, (i) increases the revolving loan commitments from $1,100.0 million to $1,250.0 million, (ii) extends the maturity date of the Delek Revolving Credit Facility from October 26, 2027 to April 9, 2031, (iii) reduces the interest rate margins applicable to the Delek Revolving Credit Facility by 0.25% and (iv) amends certain thresholds for obligations under the Existing ABL Credit Agreement. Delek Logistics 2034 Notes On May 14, 2026, Delek Logistics and its wholly owned subsidiary Delek Logistics Finance Corp. (“Finance Corp.” and together with Delek Logistics, the “Co-issuers”), sold $800.0 million in aggregate principal amount of the Co-issuers 6.875% Senior Notes due 2034 (the “Delek Logistics 2034 Notes”). Net proceeds were used to redeem the Delek Logistics 2028 Notes including accrued interest and a portion of the Delek Logistics 2029 Notes including accrued interest. Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)Three Months Ended June 30,Six Months Ended June 30, $ in millions (unaudited)2026 2025 2026 2025 Reported net income (loss) attributableto Delek US $ 169.5$ (106.4)$ (31.8)$ (279.1)Adjusting items Inventory and other LCM valuation (bene t) loss4.5 (0.1) (4.2) 0.1 Tax e ect (1.1) — 0.9 — Inventory and other LCM valuation (bene t) loss,net 3.4 (0.1) (3.3) 0.1 Other inventory impact (157.3) 41.9 (174.9) 68.1 Tax e ect 35.4 (9.4) 39.4 (15.3) Other inventory impact, net(121.9) 32.5 (135.5) 52.8 Loss on extinguishment of debt and other non-cashinterest 31.0 — 31.0 — Tax e ect (7.0) — (7.0) — Loss on extinguishment of debt and other non-cash interest, net 24.0 — 24.0 — Unrealized inventory/commodity hedging (gain) losswhere the hedged item is not yet recognized in the nancial statements (23.1) 6.3 0.8 4.7 Tax e ect 5.2 (1.5) (0.2) (1.1) Unrealized inventory/commodity hedging (gain)loss where the hedged item is not yet recognizedin the nancial statements, net(17.9) 4.8 0.6 3.6 Transaction related expenses0.1 3.9 2.2 7.4 Tax e ect — (0.9) (0.5) (1.7) Transaction related expenses, net0.1 3.0 1.7 5.7 Unrealized changes in fair value of the net RINsobligation due to price of underlying RINs and relatedhedging on forward RIN contracts210.5 7.6 391.3 7.4 Tax e ect (47.3) (1.7) (88.0) (1.7) Unrealized changes in fair value of the net RINs blii d i f dli RINd (1) (2) (4) 11
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obligation due to price of underlying RINs andrelated hedging on forward RIN contracts, net163.2 5.9 303.3 5.7 Restructuring costs 10.9 25.5 13.6 33.9 Tax e ect (2.5) (5.7) (3.1) (7.6) Restructuring costs, net 8.4 19.8 10.5 26.3 Renewable volume obligation short related to smallre nery exemptions 148.6 — 230.9 — Tax e ect (33.5) — (52.0) — Renewable volume obligation short related tosmall re nery exemptions, net115.1 — 178.9 — Impairment of investments held at cost and otherassets — 8.6 — 8.6 Tax e ect — (1.9) — (1.9) Impairment of investments held at cost and otherassets, net — 6.7 — 6.7 DPG inventory adjustment — 0.9 0.3 0.9 Tax e ect — (0.2) (0.1) (0.2) DPG inventory adjustment, net— 0.7 0.2 0.7 Total Adjusting items 174.4 73.3 380.4 101.6 Adjusted net income (loss)$ 343.9$ (33.1)$ 348.6$ (177.5) All adjustments have been tax e ected using the estimated marginal income tax rate, as applicable.See further discussion in the "Signi cant Transactions During the Quarter Impacting Results" section.Starting with the quarter ended September 30, 2025, we have updated our non-GAAP nancial measures to include the bene t related to smallre nery exemptions expected to be received speci c to the current year obligation based on current laws and regulations. Consistent with ourhistorical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions aregranted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure toinclude the bene t of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Starting with the quarter ended June 30, 2026, we have updated our non-GAAP nancial measures to adjust for certain non-cash interest expenses,including interest related to the loss on early extinguishment of debt and amortization of deferred debt nancing costs, discounts and premiums.The impact to historical non-GAAP nancial measures is immaterial. Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per shareThree Months Ended June 30,Six Months Ended June 30, $ per share (unaudited)2026 2025 2026 2025 Reported diluted net income (loss) per share$ 2.71$ (1.76)$ (0.52)$ (4.55)Adjusting items, after tax (per share) Net inventory and other LCM valuation (bene t) loss0.05 — (0.05) —Other inventory impact (1.95) 0.54 (2.23) 0.86Loss on extinguishment of debt and other non-cashinterest 0.38 — 0.39 —Unrealized inventory/commodity hedging (gain) loss wherethe hedged item is not yet recognized in the nancialstatements (0.29) 0.08 0.01 0.06Unrealized changes in fair value of the net RINs obligationdue to price of underlying RINs and related hedging onforward RIN contracts 2.61 0.09 4.99 0.09Transaction related expenses— 0.05 0.03 0.09Restructuring costs 0.13 0.32 0.17 0.43Renewable volume obligation short related to small re neryexemptions 1.84 — 2.94 —Impairment of investments held at cost and other assets— 0.11 — 0.11 DPG inventory adjustment, net— 0.01 — 0.01 Total Adjusting items 2.77 1.20 6.25 1.65 Adjusted net income (loss) per share$ 5.48$ (0.56)$ 5.73$ (2.90) (2) (3) (1) (1) (2) (3) (4) (1) (2) (3) (5) (3) (4) (1) 12
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The adjustments have been tax e ected using the estimated marginal tax rate, as applicable.For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average sharesoutstanding.See further discussion in the "Signi cant Transactions During the Quarter Impacting Results" section.Starting with the quarter ended September 30, 2025, we have updated our non-GAAP nancial measures to include the bene t related to smallre nery exemptions expected to be received speci c to the current year obligation based on current laws and regulations. Consistent with ourhistorical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions aregranted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure toinclude the bene t of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Starting with the quarter ended June 30, 2026, we have updated our non-GAAP nancial measures to adjust for certain non-cash interest expenses,including interest related to the loss on early extinguishment of debt and amortization of deferred debt nancing costs, discounts and premiums.The impact to historical non-GAAP nancial measures is immaterial. Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDAThree Months Ended June 30,Six Months Ended June 30, $ in millions (unaudited)2026 2025 2026 2025 Reported net income (loss) attributable to DelekUS $ 169.5$ (106.4)$ (31.8)$ (279.1) Add:Interest expense, net 100.1 85.9 184.6 170.0Income tax expense (bene t)41.8 (14.3) (16.5) (51.2)Depreciation and amortization115.7 94.1 219.0 195.4Proportional interest, taxes, depreciation and amortizationfrom equity-method investments6.8 7.7 14.1 14.8 EBITDA attributable to Delek US433.9 67.0 369.4 49.9Adjusting items Net inventory and other LCM valuation (bene t) loss4.5 (0.1) (4.2) 0.1Other inventory impact (157.3) 41.9 (174.9) 68.1Unrealized inventory/commodity hedging (gain) loss where thehedged item is not yet recognized in the nancial statements(23.1) 6.3 0.8 4.7Unrealized changes in fair value of the net RINs obligation due toprice of underlying RINs and related hedging on forward RINcontracts 210.5 7.6 391.3 7.4Transaction related expenses 0.1 3.9 2.2 7.4Restructuring costs 10.9 25.5 13.6 33.9Renewable volume obligation short related to small re neryexemptions 148.6 — 230.9 —Impairment of investments held at cost and other assets— 8.6 — 8.6DPG inventory adjustment — 0.9 0.3 0.9 Net income attributable to non-controlling interest10.6 16.3 21.0 30.5 Total Adjusting items 204.8 110.9 481.0 161.6 Adjusted EBITDA $ 638.7$ 177.9$ 850.4$ 211.5 See further discussion in the "Signi cant Transactions During the Quarter Impacting Results" section.Starting with the quarter ended September 30, 2025, we have updated our non-GAAP nancial measures to include the bene t related to smallre nery exemptions expected to be received speci c to the current year obligation based on current laws and regulations. Consistent with ourhistorical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions aregranted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure toinclude the bene t of receiving exemptions equal to approximately 50% of our recorded current-period obligation. (1) (2) (3) (4) (5) (1) (1) (2) (1) (2) 13
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Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDAThree Months Ended June 30, 2026 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Segment EBITDA Attributable to Delek US$ 556.0$ 120.0$ 676.0$ (242.1)$ 433.9Adjusting items Net inventory and other LCM valuation (bene t) loss4.5 — 4.5 — 4.5Other inventory impact (157.3) — (157.3) — (157.3)Unrealized inventory/commodity hedging (gain) losswhere the hedged item is not yet recognized in the nancial statements (22.4) (0.7) (23.1) — (23.1)Unrealized changes in fair value of the net RINs obligationdue to price of underlying RINs and related hedging onforward RIN contracts 59.3 — 59.3 151.2 210.5Transaction related expenses— 0.1 0.1 — 0.1Restructuring costs — — — 10.9 10.9Renewable volume obligation short related to smallre nery exemptions 148.6 — 148.6 — 148.6DPG inventory adjustment — — — — —Intercompany lease impacts(22.5) 24.1 1.6 (1.6) — Net income attributable to non-controlling interest— — — 10.6 10.6 Total Adjusting items10.2 23.5 33.7 171.1 204.8 Adjusted Segment EBITDA$ 566.2$ 143.5$ 709.7$ (71.0)$ 638.7 Three Months Ended June 30, 2025 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Segment EBITDA Attributable to Delek US$ 96.3$ 96.6$ 192.9$ (125.9)$ 67.0Adjusting items Net inventory and other LCM valuation (bene t) loss(0.1) — (0.1) — (0.1)Other inventory impact 41.9 — 41.9 — 41.9Unrealized inventory/commodity hedging (gain) loss wherethe hedged item is not yet recognized in the nancialstatements 6.3 — 6.3 — 6.3Unrealized changes in fair value of the net RINs obligationdue to price of underlying RINs and related hedging onforward RIN contracts — — — 7.6 7.6Transaction related expenses— 2.5 2.5 1.4 3.9Restructuring costs — — — 25.5 25.5Impairment of investments held at cost— — — 8.6 8.6DPG inventory adjustment — 0.9 0.9 — 0.9Intercompany lease impacts(29.6) 27.4 (2.2) 2.2 — Net income attributable to non-controlling interest— — — 16.3 16.3 Total Adjusting items18.5 30.8 49.3 61.6 110.9 Adjusted Segment EBITDA$ 114.8$ 127.4$ 242.2$ (64.3)$ 177.9 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDASiMhEddJ 302026 (1) (1) (2) (1) (3) (3) (1) (1) 14
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Six Months Ended June 30, 2026 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Segment EBITDA Attributable to Delek US$ 635.2$ 214.9$ 850.1$ (480.7)$ 369.4Adjusting items Net inventory and other LCM valuation (bene t) loss(4.2) — (4.2) — (4.2)Other inventory impact (174.9) — (174.9) — (174.9)Unrealized inventory/commodity hedging (gain) losswhere the hedged item is not yet recognized in the nancial statements 0.9 (0.1) 0.8 — 0.8Unrealized changes in fair value of the net RINs obligationdue to price of underlying RINs and related hedging onforward RIN contracts 81.6 — 81.6 309.7 391.3Restructuring costs — — — 13.6 13.6Transaction related expenses— 1.3 1.3 0.9 2.2Renewable volume obligation short related to smallre nery exemptions 230.9 — 230.9 — 230.9DPG inventory adjustment — 0.3 0.3 — 0.3Intercompany lease impacts(48.0) 59.5 11.5 (11.5) — Net income attributable to non-controlling interest— — — 21.0 21.0 Total Adjusting items 86.3 61.0 147.3 333.7 481.0 Adjusted Segment EBITDA$ 721.5$ 275.9$ 997.4$ (147.0)$ 850.4 Six Months Ended June 30, 2025 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Segment EBITDA Attributable to Delek US$ 80.5$ 188.8$ 269.3$ (219.4)$ 49.9Adjusting items Net inventory and other LCM valuation (bene t) loss0.1 — 0.1 — 0.1Other inventory impact 68.1 — 68.1 — 68.1Unrealized inventory/commodity hedging (gain) loss wherethe hedged item is not yet recognized in the nancialstatements 4.7 — 4.7 — 4.7Unrealized changes in fair value of the net RINs obligationdue to price of underlying RINs and related hedging onforward RIN contracts (5.5) — (5.5) 12.9 7.4Restructuring costs 0.3 — 0.3 33.6 33.9Transaction related expenses— 5.8 5.8 1.6 7.4Impairment of investments held at cost— — — 8.6 8.6DPG inventory adjustment — 0.9 0.9 — 0.9Intercompany lease impacts(60.4) 59.4 (1.0) 1.0 — Net income attributable to non-controlling interest— — — 30.5 30.5 Total Adjusting items 7.3 66.1 73.4 88.2 161.6 Adjusted Segment EBITDA$ 87.8$ 254.9$ 342.7$ (131.2)$ 211.5 See further discussion in the "Signi cant Transactions During the Quarter Impacting Results" section.Starting with the quarter ended September 30, 2025, we have updated our non-GAAP nancial measures to include the bene t related to smallre nery exemptions expected to be received speci c to the current year obligation based on current laws and regulations. Consistent with ourhistorical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions aregranted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure toinclude the bene t of receiving exemptions equal to approximately 50% of our recorded current-period obligation. (1) (1) (2) (1) (1) (1) (1) (2) 15
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Re ning Segment Selected Financial Information Three Months Ended June30, Six Months Ended June 30, 2026 2025 2026 2025 Total Re ning Segment (Unaudited) (Unaudited)Days in period 91 91 181 181Total sales volume - re ned product (average barrels per day ("bpd"))313,791315,259294,192305,132Total production (average bpd) 312,410311,298285,192298,505Crude oil 302,530304,831270,611288,597 Other feedstocks 13,02511,49417,33614,241 Total throughput (average bpd)315,555316,325287,947302,838 Total re ning production margin per bbl total throughput$ 19.84$ 8.03$ 16.37$ 6.95Total re ning operating expenses per bbl total throughput$ 5.32$ 5.17$ 5.70$ 5.57Total re ning production margin ($ in millions)$ 569.6$ 231.1$ 853.4$ 380.8 Supply, marketing and other($ millions) (0.5) 25.7 (61.8) 1.9 Total adjusted re ning margin ($ in millions)$ 569.1$ 256.8$ 791.6$ 382.7 Total crude slate detailsTotal crude slate: (% based on amount received in period)WTI crude oil 74.0% 77.5% 76.9% 72.2%Gulf Coast Sweet crude 8.4% 6.5% 6.7% 7.5%Local Arkansas crude oil 3.4% 3.3% 3.5% 3.5%Other 14.2% 12.7% 12.9% 16.8%Crude utilization (% based on nameplate capacity)100.2% 100.9% 89.6% 95.6% Tyler, TX Re nery Days in period 91 91 181 181Products manufactured (average bpd):Gasoline 37,56536,36937,76035,297Diesel/Jet 34,37833,37032,31831,901Petrochemicals, LPG, NGLs 2,091 2,044 1,954 1,953 Other 2,226 662 1,131 1,031 Total production 76,26072,44573,16370,182 Throughput (average bpd):Crude oil 75,52573,24971,80170,868 Other feedstocks 2,362 1,177 2,985 974 Total throughput 77,88774,42674,78671,842 Tyler re ning production margin ($ in millions)$ 165.1$ 67.4$ 270.1$ 116.1Per barrel of throughput:Tyler re ning production margin$ 23.30$ 9.95$ 19.95$ 8.93Operating expenses $ 4.86$ 4.58$ 5.23$ 5.11Crude Slate: (% based on amount received in period)WTI crude oil 77.7% 74.1% 78.6% 73.9%East Texas crude oil 22.0% 22.8% 20.4% 23.9%Other 0.3% 3.1% 1.0% 2.2%Capture rate 50.4% 49.3% 50.7% 48.0% El Dorado, AR Re nery Days in period 91 91 181 181Products manufactured (average bpd):Gasoline 41,85138,26339,70437,809Diesel/Jet 33,10530,98729,59929,472Petrochemicals, LPG, NGLs 1,247 1,018 1,276 980Asphalt 6,333 7,871 5,850 7,360 Other 737 1,266 1,127 1,417 Total production 83,27379,40577,55677,038 Throughput (average bpd):Crude oil 82,91078,59276,44575,275 Other feedstocks 1,596 2,829 2,261 3,331 Total throughput 84,50681,42178,70678,606 Re ning Segment Selected Financial Information(continued) Three Months Ended June30, Six Months Ended June 30, 2026 2025 2026 2025 El Dorado re ning production margin ($ in millions)$ 126.1$ 38.6$ 187.9$ 64.7Per barrel of throughput:ElDd i d i i $ 1640$ 521$ 1319$ 455 (1) (2) (4) (3) 16
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El Dorado re ning production margin$ 16.40$ 5.21$ 13.19$ 4.55Operating expenses $ 4.74$ 4.38$ 5.17$ 4.75Crude Slate: (% based on amount received in period)WTI crude oil 86.8% 83.1% 86.2% 76.3%Local Arkansas crude oil 12.3% 12.9% 12.6% 13.6%Other 0.9% 4.0% 1.2% 10.1%Capture rate 35.4% 25.8% 33.5% 24.5% Big Spring, TX Re nery Days in period 91 91 181 181Products manufactured (average bpd):Gasoline 33,37335,50624,59232,469Diesel/Jet 26,65127,88418,60223,478Petrochemicals, LPG, NGLs 2,919 4,901 2,040 4,027Asphalt 2,720 2,009 1,976 2,274 Other 3,552 4,003 2,682 3,941 Total production 69,21574,30349,89266,189 Throughput (average bpd):Crude oil 68,92471,44948,93262,435 Other feedstocks 1,213 4,210 1,513 5,147 Total throughput 70,13775,65950,44567,582 Big Spring re ning production margin ($ in millions)$ 130.7$ 66.5$ 152.2$ 92.4Per barrel of throughput:Big Spring re ning production margin$ 20.47$ 9.65$ 16.67$ 7.56Operating expenses $ 6.43$ 6.67$ 7.57$ 7.41Crude Slate: (% based on amount received in period)WTI crude oil 67.7% 77.8% 69.1% 71.3%WTS crude oil 32.3% 22.2% 30.9% 28.7%Capture rate 46.0% 48.7% 44.3% 42.1% Krotz Springs, LA Re nery Days in period 91 91 181 181Products manufactured (average bpd):Gasoline 43,18840,98344,94142,067Diesel/Jet 31,74432,90831,35132,616Heavy oils 1,977 4,596 1,773 3,917Petrochemicals, LPG, NGLs 6,754 6,660 6,512 6,496 Other — — — — Total production 83,66385,14784,57785,096 Throughput (average bpd):Crude oil 75,17181,54173,43380,019 Other feedstocks 7,854 3,278 10,576 4,789 Total throughput 83,02584,81984,00984,808 Krotz Springs re ning production margin ($ in millions)$ 147.7$ 58.6$ 243.2$ 107.5Per barrel of throughput:Krotz Springs re ning production margin$ 19.55$ 7.59$ 15.99$ 7.00Operating expenses $ 5.39$ 5.13$ 5.48$ 5.24Crude Slate: (% based on amount received in period)WTI Crude 62.2% 74.8% 70.6% 67.6%Gulf Coast Sweet Crude 33.3% 25.2% 24.9% 27.7%Other 4.5% —% 4.5% 4.7%Capture rate 51.0% 51.5% 48.5% 51.9% Includes sales to other segments which are eliminated in consolidation.Supply, marketing and other activities include re ned product wholesale and related marketing activities, asphalt and intermediates marketingactivities, optimization of inventory, the execution of risk management programs to capture the physical and nancial opportunities that extendfrom our re ning operations and our 50% interest in a joint venture that owns asphalt terminals. Formerly known as Trading & Supply.De ned as re ning production margin divided by the respective crack spread. See page 19 for crack spread information.Crude throughput as % of total nameplate capacity of 302,000 bpd. (3) (3) (3) (1) (2) (3) (4) 17
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Logistics Segment Selected InformationThree Months Ended June30, Six Months Ended June 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) Gathering & Processing: (average bpd) Lion Pipeline System:Crude pipelines (non-gathered)74,197 71,220 68,068 66,580Re ned products pipelines 52,059 53,597 48,379 54,797SALA Gathering System 9,737 9,983 9,485 10,151East Texas Crude Logistics System34,259 33,101 30,791 30,027Midland Gathering Assets 209,957207,183214,057209,059Plains Connection System 176,680158,881194,421169,004Delaware Gathering Assets:Natural gas gathering and processing (Mcfd)80,715 60,940 72,355 60,378Crude oil gathering (average bpd)157,156137,167143,380129,737Water disposal and recycling (average bpd)105,396116,504108,269122,468Midland Water Gathering System:Water disposal and recycling (average bpd)701,435600,891679,223613,817 Wholesale Marketing & Terminalling: East Texas - Tyler Re nery sales volumes (average bpd)— 67,516 — 67,695West Texas wholesale marketing throughputs (average bpd)4,191 10,757 7,960 10,791West Texas wholesale marketing margin per barrel$ 2.88$ 4.12$ 3.65$ 2.88Terminalling throughputs (average bpd)159,363150,971147,619144,030 Mcfd - average thousand cubic feet per day.Consists of volumes of H2O Midstream and Gravity. Includes freshwater sales of 119,653 bpd and 119,383 bpd for the three and six months endedJune 30, 2026, respectively, and 14,765 bpd and 13,697 bpd for the three and six months ended June 30, 2025, respectively.Gravity volumes in 2025 are from January 2, 2025 through June 30, 2025.Excludes jet fuel and petroleum coke.Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock,Arkansas terminals and Memphis and Nashville, Tennessee terminals. Supplemental InformationSchedule of Selected Segment Financial Data, Pricing Statistics Impacting our Re ning Segment, and OtherReconciliations of Amounts Reported Under U.S. GAAP Selected Segment Financial DataThree Months Ended June 30, 2026 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Net revenues (excluding intercompany fees and revenues)$ 3,907.1$ 179.9$ 4,087.0$ —$ 4,087.0 Inter-segment fees and revenues148.9204.8353.7(353.7) — Total revenues $4,056.0$ 384.7$4,440.7$ (353.7)$ 4,087.0 Cost of sales 3,581.2322.13,903.3(181.4) 3,721.9 Gross margin $ 474.8$ 62.6$ 537.4$ (172.3)$ 365.1 (1) (2) (2)(3) (4) (5) (1) (2) (3) (4) (5) 18
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Three Months Ended June 30, 2025 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Net revenues (excluding intercompany fees and revenues)$ 2,632.3$ 132.3$ 2,764.6$ —$ 2,764.6 Inter-segment fees and revenues84.5 114.1198.6(198.6) — Total revenues $2,716.8$ 246.4$2,963.2$ (198.6)$ 2,764.6 Cost of sales 2,695.5185.72,881.2(168.8) 2,712.4 Gross margin $ 21.3$ 60.7$ 82.0$ (29.8)$ 52.2 Six Months Ended June 30, 2026 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Net revenues (excluding intercompany fees and revenues)$ 6,429.4$ 310.7$ 6,740.1$ —$ 6,740.1 Inter-segment fees and revenues257.1371.5628.6(628.6) — Total revenues $6,686.5$ 682.2$7,368.7$ (628.6)$ 6,740.1 Cost of sales 6,198.5575.76,774.2(269.0) 6,505.2 Gross margin $ 488.0$ 106.5$ 594.5$ (359.6)$ 234.9 Six Months Ended June 30, 2025 $ in millions (unaudited)Re ningLogisticsSegmentTotal Corporate,Other andEliminationsConsolidated Net revenues (excluding intercompany fees and revenues)$ 5,150.6$ 255.9$ 5,406.5$ —$ 5,406.5 Inter-segment fees and revenues174.5 240.4414.9(414.9) — Total revenues $5,325.1$ 496.3$5,821.4$ (414.9)$ 5,406.5 Cost of sales 5,396.4385.05,781.4(363.4) 5,418.0 Gross margin $ (71.3)$ 111.3$ 40.0$ (51.5)$ (11.5) Pricing Statistics Three Months Ended June30, Six Months Ended June 30, (average for the period presented)2026 2025 2026 2025 WTI — Cushing crude oil (per barrel)$ 92.79$ 63.81$ 80.64$ 67.61WTI — Midland crude oil (per barrel)$ 94.69$ 64.42$ 81.78$ 68.44WTS — Midland crude oil (per barrel)$ 92.00$ 63.72$ 79.23$ 67.80LLS (per barrel) $ 96.34$ 66.15$ 83.18$ 70.21Brent (per barrel) $ 96.87$ 66.71$ 85.37$ 70.81U.S. Gulf Coast 5-3-2 crack spread (per barrel)$ 46.25$ 20.19$ 39.35$ 18.60U.S. Gulf Coast 3-2-1 crack spread (per barrel)$ 44.55$ 19.81$ 37.67$ 17.97USGlfC 211 k d( b l) $ 3834$ 1472$ 3299$ 1347 (1) (1) (1) (1) 19
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U.S. Gulf Coast 2-1-1 crack spread (per barrel)$ 38.34$ 14.72$ 32.99$ 13.47U.S. Gulf Coast Unleaded Gasoline (per gallon)$ 3.07$ 1.95$ 2.62$ 1.96Gulf Coast Ultra-low sulfur diesel (per gallon)$ 3.68$ 2.08$ 3.22$ 2.19U.S. Gulf Coast high sulfur diesel (per gallon)$ 3.35$ 1.85$ 2.92$ 1.98Natural gas (per MMBTU) $ 2.94$ 3.51$ 3.21$ 3.69 For our Tyler and El Dorado re neries, we compare our per barrel re ning product margin to the Gulf Coast 5-3-2 crack spread consisting of (Arguspricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring re nery, we compare our perbarrel re ning margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and GulfCoast ultra-low sulfur diesel. For our Krotz Springs re nery, we compare our per barrel re ning margin to the Gulf Coast 2-1-1 crack spreadconsisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil(high sulfur diesel). The Tyler re nery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado re nery's crude input is primarilya combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring re nery’s crude oil input is primarily comprised ofWTS and WTI Midland. The Krotz Springs re nery’s crude oil input is primarily comprised of LLS and WTI Midland. Other Reconciliations of Amounts Reported Under U.S. GAAP$ in millions (unaudited)Three Months Ended June 30,Six Months Ended June 30,Reconciliation of gross margin to Re ning marginto Adjusted re ning margin2026 2025 2026 2025 Gross margin $ 474.8$ 21.3$ 488.0$ (71.3)Add back (items included in cost of sales):Operating expenses (excluding depreciation and amortization)156.1 150.5 306.3 308.6 Depreciation and amortization76.6 66.5 141.9 138.4 Re ning margin $ 707.5$ 238.3$ 936.2$ 375.7Adjusting itemsNet inventory and other LCM valuation loss (bene t)4.5 (0.1) (4.2) 0.1Other inventory impact (157.3) 41.9 (174.9) 68.1Unrealized inventory/commodity hedging (gain) loss where thehedged item is not yet recognized in the nancial statements(22.4) 6.3 0.9 4.7Unrealized RINs hedging (gain) loss where the hedged item isnot yet recognized in the nancial statements59.3 — 81.6 (5.5) Intercompany lease impacts (22.5) (29.6) (48.0) (60.4) Total Adjusting items (138.4) 18.5 (144.6) 7.0 Adjusted re ning margin$ 569.1$ 256.8$ 791.6$ 382.7 See further discussion in the "Signi cant Transactions During the Quarter Impacting Results" section. (1) (1) (1) (1) (1) 20
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Calculation of Net Debt June 30, 2026December 31,2025 Long-term debt - current portion $ 8.5$ 9.5 Long-term debt - non-current portion 3,181.2 3,223.6 Total long-term debt 3,189.7 3,233.1 Less: Cash and cash equivalents 628.6 625.8 Net debt - consolidated 2,561.1 2,607.3 Less: DKL net debt 2,359.0 2,333.5 Net debt, excluding DKL $ 202.1$ 273.8 Investor/Media Relations Contacts: investor.relations@delekus.com Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its X account (@DelekUSHoldings). Source: Delek US Holdings, Inc. 21