Earnings release
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NEWS RELEASE PBF Energy Announces Third Quarter 2026 Results, Declares Dividend of $0.325 per Share 2026-10-29 Third quarter income from operations of $2,100.9 million (excluding special items, third quarter income from operations of $2,111.9 million) Third quarter ending cash of $2.5 billion, total debt of $2.1 billion, resulted in net debt reduction of 150% as compared to the second quarter of 2026 Increases quarterly dividend by 18% to $0.325 per share PARSIPPANY, N.J., Oct. 29, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported third quarter 2026 income from operations of $2,100.9 million as compared to income from operations of $285.9 million for the third quarter of 2025. Excluding special items, third quarter 2026 income from operations was $2,111.9 million as compared to loss from operations of $27.1 million for the third quarter of 2025. The company reported third quarter 2026 net income of $1,543.3 million and net income attributable to PBF Energy Inc. of $1,529.3 million or $12.54 per share. This compares to net income of $171.7 million and net income attributable to PBF Energy Inc. of $170.1 million or $1.45 per share for the third quarter 2025. Non-cash special items included in the third quarter 2026 results, which decreased net income by a net, after-tax charge of $28.9 million, or $0.24 per share, primarily consisted of a loss on extinguishment of debt related to the redemption of the 2030 7.875% Senior Notes and the write-o of a portion of unamortized deferred nancing costs in connection with re nancing activities, as well as costs related to PBF's Re nery Business Improvement initiative ("RBI"). Adjusted fully-converted net income for the third quarter 2026, excluding special items, was $1,568.6 million, or $12.78 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $60.3 million or $(0.52) per share, for the third quarter 2025. 1
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Matt Lucey, PBF's President and CEO, said, "The current environment provides PBF with an opportunity to further improve our through-the-cycle performance and enhance long-term value. By investing in our assets, strengthening the balance sheet and maintaining a disciplined approach to capital allocation, we are positioning PBF for success across market cycles. During the third quarter, while re ning fundamentals remained exceptionally strong, we continued to execute on these priorities, including further reducing net debt by more than $1.2 billion." Mr. Lucey concluded, "Our focus remains on operating safely, reliably and in an environmentally responsible manner. With our complex, strategically located coastal re ning system, PBF is well positioned to capture opportunities across market cycles, supply critical products to our markets and generate signi cant long-term value for our investors." PBF Energy Inc. Declares Dividend The company announced today that it will pay a quarterly dividend of $0.325 per share of Class A common stock on November 24, 2026, to shareholders of record at the close of business on November 12, 2026. Martinez Re nery Update The Martinez re nery returned to full operations in May 2026. As previously disclosed, the company expects the re-related cost of restoring the re nery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will signi cantly o set the nancial loss resulting from the downtime. This coverage commenced on April 3, 2025. PBF's insurers have paid, on an unallocated basis, insurance proceeds totaling $1.25 billion to date related to this claim. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to nalize the claim process before year-end 2026. PBF Guidance Update and Outlook We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and e ciency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF's cost structure and we expect to continue this e ort beyond our current goals. Concurrent with the goal of improving system-wide reliability and e ciency, we expect to realize these bene ts of the RBI program in our re nery operating expenses and our capital and turnaround programs. During the third quarter, PBF reduced net debt by approximately 150% by continuing to invest in its balance sheet. 2
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PBF issued $550 million of 0% Exchangeable Notes due 2032 (the "2032 Exchangeable Notes") and used the proceeds and cash on hand to fully redeem the $500 million of 7.875% Senior Unsecured Notes due 2030. At quarter-end, we had approximately $2.5 billion of cash, approximately $2.1 billion of total debt, and $426 million of net cash. Subsequent to the end of the third quarter, PBF called and fully repaid the balance of the $800 million 9.875% Senior Unsecured Notes due 2030, using cash on hand. With this redemption, along with the capital transactions earlier this year, PBF has signi cantly reduced our cost of capital and cash interest expense. PBF's initial turnaround planning guidance for 2026 included ve major turnarounds across our system. We completed the Torrance turnaround in the rst quarter, and, after careful evaluation and safety inspections, we elected to move the scheduled Martinez second quarter hydrocracker complex turnaround to the end of the third quarter. Additionally, after further diligent review, we elected to move the planned fourth quarter turnarounds at both Chalmette and Toledo to 2027. The scheduled turnarounds at both Martinez and Paulsboro commenced in September and were completed in October. As a result of the changes to our initial plan, our guidance for 2026 capital expenditures remains $825-$875 million for the year, excluding capital related to the Martinez rebuild. Importantly, included in our 2026 capital spending guidance is funding for advance purchases of materials for the 2026 turnarounds rescheduled in 2027. Timing of planned maintenance and throughput ranges provided re ect current expectations and are subject to change based on market conditions and other factors. Current throughput expectations are included in the table below. Expected throughput ranges (barrels per day) Fourth Quarter 2026 Low HighEast Coast 300,000 320,000Mid-continent 155,000 165,000Gulf Coast 180,000 190,000West Coast 290,000 310,000Total 925,000 985,000 Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company con guration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All gures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance. 3
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Renewable Diesel St. Bernard Renewables LLC ("SBR") averaged approximately 19,156 barrels per day of renewable diesel production in the third quarter. Renewable diesel production for the fourth quarter is expected to average approximately 18,000 to 20,000 barrels per day. Adjusted Fully-Converted Results Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision. Non-GAAP Measures This earnings release, and the discussion during the management conference call, may include references to Non- GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross re ning margin, gross re ning margin excluding special items, gross re ning margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP nancial measures provide useful information about its operating performance and nancial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP nancial measures. PBF's Non-GAAP nancial measures may also di er from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures. Conference Call Information PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, October 29, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 715-9871 or (646) 307-1963. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website. Forward-Looking Statements Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act 4
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of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, estimates, and intentions with respect to the anticipated insurance recoveries related to the Martinez re nery re, the amount and the timing of cost savings and operational e ciencies to be achieved through the Company's RBI initiative as well as the Company's future earnings and operations overall, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to di er materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to di er include but are not limited to the risks disclosed in the Company's lings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the bene ts from such acquisitions or investments; our ability to close acquisitions or divestitures and the timing thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identi cation Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in in ation, interest rates and capital costs; tari s and other trade measures and their e ects on trading relationships; global geopolitical and other con icts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict re ning and marketing operations or could otherwise negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law. About PBF Energy Inc. PBF Energy Inc. (NYSE:PBF) is one of the largest independent re ners in North America, operating, through its subsidiaries, oil re neries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive in uence in the communities where we do business, and provide superior returns to our investors. PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels. 5
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Contacts: Colin Murray (investors) ir@pbfenergy.com Tel: 973.455.7578 Michael C. Karlovich (media) mediarelations@pbfenergy.com Tel: 973.455.8994 PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, in millions, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025Revenues $ 12,132.8 $ 7,651.1 $ 31,715.4 $ 22,192.8 Cost and expenses: Cost of products and other 9,107.6 6,839.3 25,591.4 20,170.1 Operating expenses (excluding depreciation and amortization expense as reflected below) 688.0 613.5 2,047.0 1,977.0 Depreciation and amortization expense 166.5 159.1 481.0 484.7Cost of sales 9,962.1 7,611.9 28,119.4 22,631.8 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 127.4 74.0 365.6 224.7 Depreciation and amortization expense 4.1 3.6 11.5 10.8 Gain on insurance recoveries, net — (250.0) (356.5) (439.0) Equity (income) loss in investee (62.4) 19.7 (98.2) 41.0 Loss (gain) on sale of assets 0.7 (94.0) 1.0 (94.2) Total cost and expenses 10,031.9 7,365.2 28,042.8 22,375.1 Income (loss) from operations 2,100.9 285.9 3,672.6 (182.3) Other income (expense): Interest expense (net of interest income of $16.6, $8.6, $28.1 and $17.2, respectively) (27.2) (50.3) (111.3) (141.0) Loss on extinguishment of debt (28.0) — (30.2) — Other non-service components of net periodic benefit cost 1.4 0.4 3.7 1.0 Income (loss) before income taxes 2,047.1 236.0 3,534.8 (322.3) Income tax expense (benefit) 503.8 64.3 876.3 (82.7) Net income (loss) 1,543.3 171.7 2,658.5 (239.6) Less: net income (loss) attributable to noncontrolling interest 14.0 1.6 24.5 (2.7) Net income (loss) attributable to PBF Energy Inc. stockholders $ 1,529.3 $ 170.1 $ 2,634.0 $ (236.9) Net income (loss) available to Class A common stock per share: Basic $ 12.73 $ 1.47 $ 22.21 $ (2.08) Diluted $ 12.54 $ 1.45 $ 21.82 $ (2.08) Weighted-average shares outstanding-basic 120,131,825 115,734,251 118,575,273 113,845,472 Weighted-average shares outstanding-diluted 122,756,464 117,958,349 121,541,269 114,708,252 Dividends per common share $ 0.275 $ 0.275 $ 0.825 $ 0.825 Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1): Adjusted fully-converted net income (loss) $ 1,539.7 $ 171.3 $ 2,652.2 $ (238.9) Adjusted fully-converted net income (loss) per fully h d f ll dil t d h $ 1254 $ 145 $ 2182 $ (208) 6
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exchanged, fully diluted share $ 12.54 $ 1.45 $ 21.82 $ (2.08) Adjusted fully-converted shares outstanding - diluted (Note 6) 122,756,464 117,958,349 121,541,269 114,708,252 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP(Unaudited, in millions, except share and per share data) RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income (loss) attributable to PBF Energy Inc. stockholders $ 1,529.3 $ 170.1 $ 2,634.0 $ (236.9) Less: Income allocated to participating securities — — 0.1 — Income (loss) available to PBF Energy Inc. stockholders - basic 1,529.3 170.1 2,633.9 (236.9) Add: Net income (loss) attributable to noncontrolling interest (Note 2) 14.1 1.6 24.7 (2.7) Less: Income tax (expense) benefit (Note 3) (3.7) (0.4) (6.4) 0.7 Adjusted fully-converted net income (loss) $ 1,539.7 $ 171.3 $ 2,652.2 $ (238.9)Special items (Note 4): Add: LCM inventory adjustment — — (313.0) — Add: LCM inventory adjustment - SBR — 8.5 (9.4) (8.2) Add: Martinez refinery fire expenses — 14.6 34.2 123.1 Add: Gain on insurance recoveries, net — (250.0) (356.5) (439.0) Add: Costs related to RBI initiative 11.0 7.9 29.6 21.5 Add: Loss on extinguishment of debt 28.0 — 30.2 — Add: Gain on sale of terminal assets — (94.0) — (94.0) Less: Recomputed income tax on special items (Note 3, 4) (10.1) 81.4 152.0 103.1 Adjusted fully-converted net income (loss) excluding special items $ 1,568.6 $ (60.3) $ 2,219.3 $ (532.4) Weighted-average shares outstanding of PBF Energy Inc. 120,131,825 115,734,251 118,575,273 113,845,472Conversion of PBF LLC Series A Units (Note 5) 838,397 862,780 853,731 862,780Common stock equivalents (Note 6) 1,786,242 1,361,318 2,112,265 — Fully-converted shares outstanding - diluted 122,756,464 117,958,349 121,541,269 114,708,252 Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) $ 12.54 $ 1.45 $ 21.82 $ (2.08) Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) $ 12.78 $ (0.52) $ 18.26 $ (4.64) Three Months Ended Nine Months EndedRECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS September 30, September 30, 2026 2025 2026 2025 Income (loss) from operations $ 2,100.9 $ 285.9 $ 3,672.6 $ (182.3)Special Items (Note 4): Add: LCM inventory adjustment — — (313.0) — Add: LCM inventory adjustment - SBR — 8.5 (9.4) (8.2) Add: Martinez refinery fire expenses — 14.6 34.2 123.1 Add: Gain on insurance recoveries, net — (250.0) (356.5) (439.0) Add: Costs related to RBI initiative 11.0 7.9 29.6 21.5 Add: Gain on sale of terminal assets — (94.0) — (94.0) Income (loss) from operations excluding special items $ 2,111.9 $ (27.1) $ 3,057.5 $ (578.9) See Footnotes to Earnings Release Tables 7
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PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAPEBITDA RECONCILIATIONS (Note 7)(Unaudited, in millions) Three Months Ended Nine Months Ended September 30, September 30,RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS 2026 2025 2026 2025 Net income (loss) $ 1,543.3 $ 171.7 $ 2,658.5 $ (239.6)Add: Depreciation and amortization expense 170.6 162.7 492.5 495.5Add: Interest expense, net 27.2 50.3 111.3 141.0Add: Income tax expense (benefit) 503.8 64.3 876.3 (82.7) EBITDA $ 2,244.9 $ 449.0 $ 4,138.6 $ 314.2Special Items (Note 4): Add: LCM inventory adjustment — — (313.0) —Add: LCM inventory adjustment - SBR — 8.5 (9.4) (8.2)Add: Martinez refinery fire expenses — 14.6 34.2 123.1Add: Gain on insurance recoveries, net — (250.0) (356.5) (439.0)Add: Costs related to RBI initiative 11.0 7.9 29.6 21.5Add: Loss on extinguishment of debt 28.0 — 30.2 —Add: Gain on sale of terminal assets — (94.0) — (94.0) EBITDA excluding special items $ 2,283.9 $ 136.0 $ 3,553.7 $ (82.4) Three Months Ended Nine Months Ended September 30, September 30, RECONCILIATION OF EBITDA TO ADJUSTED EBITDA 2026 2025 2026 2025 EBITDA $ 2,244.9 $ 449.0 $ 4,138.6 $ 314.2Add: Stock-based compensation 7.8 8.4 25.2 29.8Add: Interest, depreciation, and amortization expense - SBR 9.7 8.4 31.1 32.7Special Items (Note 4): Add: LCM inventory adjustment — — (313.0) —Add: LCM inventory adjustment - SBR — 8.5 (9.4) (8.2)Add: Martinez refinery fire expenses — 14.6 34.2 123.1Add: Gain on insurance recoveries, net — (250.0) (356.5) (439.0)Add: Costs related to RBI initiative 11.0 7.9 29.6 21.5Add: Loss on extinguishment of debt 28.0 — 30.2 —Add: Gain on sale of terminal assets — (94.0) — (94.0) Adjusted EBITDA $ 2,301.4 $ 152.8 $ 3,610.0 $ (19.9) See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONDENSED CONSOLIDATED BALANCE SHEET DATA(Unaudited, in millions) September 30, December 31,Balance Sheet Data: 2026 2025 Cash and cash equivalents $ 2,544.3 $ 527.9 Inventories 3,215.1 2,563.1T t l t 172340 130199 8
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Total assets 17,234.0 13,019.9 Total debt 2,118.4 2,148.3 Total equity 8,103.8 5,449.9 Total equity excluding special items (Note 4, 14) $ 6,364.5 $ 4,143.5 Total debt to capitalization ratio (Note 14) 21 % 28 % Total debt to capitalization ratio, excluding special items (Note 14) 25 % 34 % Net debt to capitalization ratio * (Note 14) (6) % 23 % Net debt to capitalization ratio, excluding special items * (Note 14) (7) % 28 % * Negative ratio exists at September 30, 2026 as cash is in excess of debt. SUMMARIZED STATEMENT OF CASH FLOW DATA(Unaudited, in millions) Nine Months Ended September 30, 2026 2025 Cash flows provided by (used in) operating activities $ 3,142.8 $ (444.6)Cash flows used in investing activities (707.8) (459.4)Cash flows (used in) provided by financing activities (418.6) 849.9Net change in cash and cash equivalents 2,016.4 (54.1)Cash and cash equivalents, beginning of period 527.9 536.1 Cash and cash equivalents, end of period $ 2,544.3 $ 482.0 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESCONSOLIDATING FINANCIAL INFORMATION (Note 8)(Unaudited, in millions) Three Months Ended September 30, 2026 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 12,127.7 $ 93.9 $ — $ (88.8) $ 12,132.8 Cost of products and other 9,190.2 1.7 — (84.3) 9,107.6 Operating expenses (income) 662.8 29.7 — (4.5) 688.0 Depreciation and amortization expense 158.1 8.4 4.1 — 170.6 Other segment expenses, net 0.7 1.7 63.3 — 65.7 Income (loss) from operations 2,115.8 52.5 (67.4) — 2,100.9 Interest (income) expense, net (4.2) (0.4) 31.8 — 27.2 Capital expenditures 168.4 2.1 6.0 — 176.5 Three Months Ended September 30, 2025 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641.6 $ 97.5 $ — $ (88.0) $ 7,651.1 Cost of products and other 6,920.6 2.3 — (83.6) 6,839.3 Operating expenses (income) 589.2 28.7 — (4.4) 613.5 Depreciation and amortization expense 149.5 9.6 3.6 — 162.7 Other segment (income) expenses, net (250.0) (92.3) 92.0 — (250.3) Income (loss) from operations 232.3 149.2 (95.6) — 285.9 Interest (income) expense, net (6.8) (0.4) 57.5 — 50.3 Capital expenditures 124.4 3.3 4.0 — 131.7 Nine Months Ended September 30, 2026 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 31,703.8 $ 282.0 $ — $ (270.4) $ 31,715.4 Cost of products and other 25,840.0 8.2 — (256.8) 25,591.4 O i (i ) (a) (b) (c) (a) (c) 9
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Operating expenses (income) 1,970.0 90.6 — (13.6) 2,047.0 Depreciation and amortization expense 456.0 25.0 11.5 — 492.5 Other segment (income) expenses, net (355.5) 5.1 262.3 — (88.1) Income (loss) from operations 3,793.3 153.1 (273.8) — 3,672.6 Interest (income) expense, net (33.8) (0.9) 146.0 — 111.3 Capital expenditures 668.5 5.7 10.9 — 685.1 Nine Months Ended September 30, 2025 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 22,164.3 $ 290.0 $ — $ (261.5) $ 22,192.8 Cost of products and other 20,411.4 7.1 — (248.4) 20,170.1 Operating expenses (income) 1,903.0 87.1 — (13.1) 1,977.0 Depreciation and amortization expense 456.9 27.8 10.8 — 495.5 Other segment (income) expenses, net (439.0) (88.9) 260.4 — (267.5) Income (loss) from operations (168.1) 256.9 (271.1) — (182.3) Interest (income) expense, net (16.1) (1.2) 158.3 — 141.0 Capital expenditures 484.5 13.9 6.3 — 504.7 Balance at September 30, 2026 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 15,600.1 $ 654.8 $ 1,018.9 $ (39.8) $ 17,234.0 Balance at December 31, 2025 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 11,469.1 $ 683.4 $ 906.3 $ (38.9) $ 13,019.9 (a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gainon insurance recoveries, net, Equity (income) loss in investee, and Loss (gain) on sale of assets. (b) For both the three and nine months ended September 30, 2026, the Company's refining segment Capital expenditures exclude $46.5 million ofcosts associated with the Air Products Asset Purchase. (c) For the three and nine months ended September 30, 2026, the Company's refining segment Capital expenditures exclude $8.4 million and$253.6 million, respectively, of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insuranceproceeds. For the three and nine months ended September 30, 2025, the Company's refining segment Capital expenditures exclude $127.6 millionand $259.5 million, respectively, of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed byinsurance proceeds. (d) As of September 30, 2026 and December 31, 2025, Corporate assets include the Company's Equity method investment in SBR of $896.9million and $826.3 million, respectively. See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESMARKET INDICATORS AND KEY OPERATING INFORMATION(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, Market Indicators (dollars per barrel) (Note 9) 2026 2025 2026 2025 $ $ $ $ (a) (b) (c) (a) (c) (d) (d) 10
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Dated Brent crude oil $ 97.24 $ 69.17 $ 94.63 $ 70.80West Texas Intermediate (WTI) crude oil $ 86.08 $ 65.07 $ 84.06 $ 66.74Light Louisiana Sweet (LLS) crude oil $ 89.84 $ 67.17 $ 87.03 $ 69.18Alaska North Slope (ANS) crude oil $ 87.84 $ 70.07 $ 89.53 $ 71.54Crack Spreads: Dated Brent (NYH) 2-1-1 $ 64.77 $ 25.82 $ 45.22 $ 21.72 WTI (Chicago) 4-3-1 $ 54.64 $ 22.01 $ 39.82 $ 19.03 LLS (Gulf Coast) 2-1-1 $ 69.06 $ 24.41 $ 49.54 $ 20.70 ANS (West Coast-LA) 4-3-1 $ 71.45 $ 29.34 $ 54.07 $ 27.14 ANS (West Coast-SF) 3-2-1 $ 73.33 $ 30.59 $ 57.77 $ 30.76Crude Oil Differentials: Dated Brent (foreign) less WTI $ 11.15 $ 4.11 $ 10.57 $ 4.06 Dated Brent less Maya (heavy, sour) $ 19.16 $ 8.15 $ 16.50 $ 9.27 Dated Brent less WTS (sour) $ 12.53 $ 4.22 $ 11.94 $ 4.04 Dated Brent less ASCI (sour) $ 11.81 $ 4.46 $ 10.00 $ 3.67 WTI less WCS (heavy, sour) $ 19.63 $ 12.54 $ 18.58 $ 12.07 WTI less Bakken (light, sweet) $ 0.16 $ 0.96 $ 0.81 $ 1.11 WTI less Syncrude (light, sweet) $ (6.62) $ 0.72 $ (2.67) $ 0.78 WTI less LLS (light, sweet) $ (3.75) $ (2.11) $ (2.97) $ (2.44) WTI less ANS (light, sweet) $ (1.76) $ (5.01) $ (5.47) $ (4.80)Effective RIN basket price $ 14.36 $ 6.38 $ 12.34 $ 5.77Natural gas (dollars per MMBTU) $ 2.89 $ 3.07 $ 3.10 $ 3.48 Key Operating Information Production (barrels per day ("bpd") in thousands) 936.5 876.2 890.8 818.8Crude oil and feedstocks throughput (bpd in thousands) 923.8 871.0 885.4 814.0Total crude oil and feedstocks throughput (millions of barrels) 85.0 80.1 241.7 222.2Consolidated gross margin per barrel of throughput $ 25.54 $ 0.49 $ 14.88 $ (1.98)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 34.56 $ 9.00 $ 22.96 $ 7.89Refining operating expense, per barrel of throughput (Note 11) $ 7.80 $ 7.35 $ 8.15 $ 8.56 Crude and feedstocks (% of total throughput) (Note 13) Heavy 30 % 25 % 28 % 26 % Medium 32 % 37 % 33 % 36 % Light 24 % 20 % 23 % 23 % Other feedstocks and blends 14 % 18 % 16 % 15 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput) Gasoline and gasoline blendstocks 47 % 43 % 44 % 45 % Distillates and distillate blendstocks 34 % 34 % 35 % 35 % Lubes * — % 1 % 1 % 1 % Chemicals 1 % 2 % 1 % 1 % Other 19 % 21 % 20 % 19 % Total yield 101 % 101 % 101 % 101 % *Lube production was less than 1% for the three months ended September 30, 2026. See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro) Production (bpd in thousands) 293.7 303.9 301.5 286.5Crude oil and feedstocks throughput (bpd in thousands) 293.8 307.8 302.4 290.1Total crude oil and feedstocks throughput (millions of barrels) 27.0 28.3 82.5 79.2Gross margin per barrel of throughput $ 25.93 $ 1.64 $ 16.07 $ (0.49)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 33.54 $ 8.14 $ 21.95 $ 7.20Refining operating expense, per barrel of throughput (Note 11, 12) $ 5.93 $ 4.98 $ 6.07 $ 5.96Crude and feedstocks (% of total throughput) (Note 13): Heavy 25 % 22 % 21 % 23 % Medium 36 % 48 % 41 % 44 %Li ht 23% 10% 20% 14% 11
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Light 23 % 10 % 20 % 14 % Other feedstocks and blends 16 % 20 % 18 % 19 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 37 % 35 % 36 % 37 % Distillates and distillate blendstocks 36 % 38 % 38 % 38 % Lubes 1 % 2 % 2 % 2 % Chemicals 1 % 1 % 1 % 2 % Other 25 % 23 % 23 % 20 % Total yield 100 % 99 % 100 % 99 % Supplemental Operating Information - Mid-Continent (Toledo) Production (bpd in thousands) 159.1 143.7 145.5 149.5Crude oil and feedstocks throughput (bpd in thousands) 156.4 141.5 143.8 147.0Total crude oil and feedstocks throughput (millions of barrels) 14.4 13.0 39.3 40.1Gross margin per barrel of throughput $ 29.18 $ 2.97 $ 18.75 $ 1.21Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 36.86 $ 11.03 $ 22.04 $ 9.39Refining operating expense, per barrel of throughput (Note 11, 12) $ 6.40 $ 6.33 $ 7.02 $ 6.30Crude and feedstocks (% of total throughput) (Note 13): Medium 32 % 42 % 36 % 37 % Light 67 % 56 % 62 % 61 % Other feedstocks and blends 1 % 2 % 2 % 2 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 48 % 54 % 47 % 53 % Distillates and distillate blendstocks 41 % 37 % 41 % 38 % Chemicals 4 % 4 % 4 % 3 % Other 9 % 7 % 9 % 8 % Total yield 102 % 102 % 101 % 102 % See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025Supplemental Operating Information - Gulf Coast (Chalmette) Production (bpd in thousands) 182.9 191.7 183.1 176.2Crude oil and feedstocks throughput (bpd in thousands) 180.5 187.7 181.0 173.2Total crude oil and feedstocks throughput (millions of barrels) 16.6 17.3 49.4 47.3Gross margin per barrel of throughput $ 19.11 $ 3.76 $ 11.74 $ 0.83Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 27.61 $ 10.18 $ 19.66 $ 7.77Refining operating expense, per barrel of throughput (Note 11, 12) $ 7.16 $ 5.21 $ 6.46 $ 5.62Crude and feedstocks (% of total throughput) (Note 13): Heavy 20 % 14 % 20 % 12 % Medium 37 % 39 % 34 % 42 % Light 26 % 27 % 29 % 27 % Other feedstocks and blends 17 % 20 % 17 % 19 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 44 % 45 % 44 % 47 % Distillates and distillate blendstocks 32 % 33 % 33 % 33 % Chemicals 1 % 2 % 1 % 1 % Other 24 % 22 % 23 % 21 % Total yield 101 % 102 % 101 % 102 % Supplemental Operating Information - West Coast (Torrance and Martinez) Production (bpd in thousands) 300.8 236.9 260.7 206.6Crude oil and feedstocks throughput (bpd in thousands) 293.1 234.0 258.2 203.7T t l d il df d t k th h t( illi fb l ) 270 215 705 556 12
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Total crude oil and feedstocks throughput (millions of barrels) 27.0 21.5 70.5 55.6Gross margin per barrel of throughput $ 25.55 $ (7.78) $ 11.77 $ (11.79)Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 38.64 $ 7.96 $ 26.99 $ 7.89Refining operating expense, per barrel of throughput (Note 11, 12) $ 10.41 $ 12.81 $ 11.91 $ 16.40Crude and feedstocks (% of total throughput) (Note 13): Heavy 56 % 56 % 59 % 62 % Medium 27 % 16 % 20 % 17 % Light — % 7 % 2 % 4 % Other feedstocks and blends 17 % 21 % 19 % 17 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 58 % 47 % 52 % 49 % Distillates and distillate blendstocks 30 % 30 % 28 % 30 % Other 15 % 24 % 21 % 22 % Total yield 103 % 101 % 101 % 101 % See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESRECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAPGROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)(Unaudited, in millions, except per barrel amounts) Three Months Ended September 30, 2026 2025 RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS $ per barrel ofthroughput $ per barrel ofthroughput Calculation of consolidated gross margin: Revenues $ 12,132.8 $ 142.75 $ 7,651.1 $ 95.49Less: Cost of sales 9,962.1 117.21 7,611.9 95.00 Consolidated gross margin $ 2,170.7 $ 25.54 $ 39.2 $ 0.49 Reconciliation of consolidated gross margin to gross refining margin: Consolidated gross margin $ 2,170.7 $ 25.54 $ 39.2 $ 0.49 Add: Logistics operating expense 29.7 0.35 28.7 0.36 Add: Logistics depreciation expense 8.4 0.10 9.6 0.12 Less: Logistics gross margin (92.2) (1.09) (95.1) (1.19) Add: Refining operating expense 662.8 7.80 589.2 7.35 Add: Refining depreciation expense 158.1 1.86 149.5 1.87 Gross refining margin $ 2,937.5 $ 34.56 $ 721.1 $ 9.00 Gross refining margin excluding special items $ 2,937.5 $ 34.56 $ 721.1 $ 9.00 Nine Months Ended September 30, 2026 2025 RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS $ per barrel ofthroughput $ per barrel ofthroughput Calculation of consolidated gross margin: Revenues $ 31,715.4 $ 131.21 $ 22,192.8 $ 99.87Less: Cost of sales 28,119.4 116.33 22,631.8 101.85 Consolidated gross margin $ 3,596.0 $ 14.88 $ (439.0) $ (1.98) Reconciliation of consolidated gross margin to gross refining margin: Consolidated gross margin $ 3,596.0 $ 14.88 $ (439.0) $ (1.98) Add: Logistics operating expense 90.6 0.37 87.1 0.39 Add: Logistics depreciation expense 25.0 0.10 27.8 0.13 Less: Logistics gross margin (273.8) (1.13) (282.9) (1.27) Add: Refining operating expense 1,970.0 8.15 1,903.0 8.56 Add: Refining depreciation expense 456.0 1.89 456.9 2.06 Gross refining margin $ 5,863.8 $ 24.26 $ 1,752.9 $ 7.89 S i l It (N t 4) 13
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Special Items (Note 4): Add: LCM inventory adjustment (313.0) (1.30) — — Gross refining margin excluding special items $ 5,550.8 $ 22.96 $ 1,752.9 $ 7.89 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIESEARNINGS RELEASE TABLESFOOTNOTES TO EARNINGS RELEASE TABLES (1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented inconjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate anunderstanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not beconsidered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences betweenadjusted fully-converted and GAAP results are explained in footnotes 2 through 6. (2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBFLLC") other than PBF Energy Inc. ("PBF Energy"), as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF EnergyClass A common stock. (3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2026and 2025 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the fullexchange of existing PBF LLC Series A Units as described in footnote 2. (4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operationsexcluding special items, EBITDA excluding special items, and gross refining margin excluding special items. Special items for the periodspresented relate to a lower of cost or market ("LCM") inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associatedwith the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, loss on extinguishment of debt, and gain on sale ofterminal assets, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shownin footnote 14. Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investorsregarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures shouldonly be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Special Items: LCM inventory adjustment - LCM is a GAAP requirement for inventory valuation that mandates inventory to be stated at the lower of cost ormarket. Our inventories are valued at the lower of cost or market with cost determined using the last-in, first-out ("LIFO") inventory valuationmethodology, under which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs.Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory.When the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record anadjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory isreassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between periods. The net impactof these LCM inventory adjustments is included in the Refining segment's income from operations, but excluded from the operating resultspresented, as applicable, to ensure comparability between periods. PBF Energy LCM inventory adjustment - During the nine months ended September 30, 2026, we reversed the $313.0 million LCM inventoryreserve recorded at December 31, 2025. This reversal increased income from operations and net income by $313.0 million and $231.6 million,respectively, and resulted in no LCM inventory reserve at September 30, 2026. There were no such adjustments in any of the other periodspresented. SBR LCM inventory adjustment - During the nine months ended September 30, 2026, SBR reversed the $18.8 million LCM inventory reserverecorded at December 31, 2025. During the three and nine months ended September 30, 2025, SBR recorded adjustments to value its inventoryto the LCM which decreased its income from operations by $17.0 million and increased its income from operations by $16.3 million, respectively.Our Equity (income) loss in investee reflects our 50% share of these adjustments. Accordingly, for the nine months ended September 30, 2026,the reversal increased our income from operations and net income by $9.4 million and $7.0 million, respectively. For the three and nine monthsended September 30, 2025, these LCM adjustments decreased our income from operations by $8.5 million and increased our income fromoperations by $8.2 million, respectively ($6.3 million and $6.1 million, respectively, net of tax). There were no such adjustments during the threemonths ended September 30, 2026. Martinez refinery fire expenses - During the nine months ended September 30, 2026, we recorded operating expenses associated with theMartinez refinery fire that decreased income from operations and net income by $34.2 million and $25.3 million, respectively. During the three andnine months ended September 30, 2025, we recorded operating expenses associated with the Martinez refinery fire that decreased income fromoperations by $14.6 million and $123.1 million, respectively ($10.8 million and $91.1 million, respectively, net of tax). There were no such expensesduring the three months ended September 30, 2026. Gain on insurance recoveries, net - During the nine months ended September 30, 2026, we recorded gains on insurance recoveries associatedwith the Martinez refinery fire that increased income from operations and net income by $356.5 million and $263.8 million, respectively. During thethree and nine months ended September 30, 2025, we recorded a gain on insurance recoveries associated with the Martinez refinery fire thatincreased income from operations by $250.0 million and $439.0 million, respectively ($185.0 million and $324.9 million, respectively, net of tax).Th h i d i th th th d dS t b 30 2026 14
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There was no such gain during the three months ended September 30, 2026. Costs related to RBI initiative - During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extractincremental value across our business. As a result, for the three and nine months ended September 30, 2026, we recorded expenses related to theexecution of this initiative that decreased income from operations by $11.0 million and $29.6 million, respectively ($8.2 million and $21.9 million,respectively, net of tax). For the three and nine months ended September 30, 2025, we recorded expenses related to the execution of this initiativethat decreased income from operations by $7.9 million and $21.5 million, respectively ($5.8 million and $15.9 million, respectively, net of tax).These charges are included within General and administrative expenses. Loss on extinguishment of debt - During the three and nine months ended September 30, 2026, we recorded a pre-tax loss on extinguishment ofdebt of $28.0 million and $30.2 million, respectively ($20.7 million and $22.3 million, respectively, net of tax), related to the redemption of our 20286.00% Senior Notes in June 2026 and our 2030 7.875% Senior Notes in September 2026, as well as the write-off of a portion of unamortizeddeferred financing costs associated with refinancing activities. There were no such losses in any of the other periods presented. Gain on sale of terminal assets - During both the three and nine months ended September 30, 2025, we recorded a gain on the sale of our terminalassets, through a subsidiary of PBFX, which increased income from operations and net income by $94.0 million and $69.6 million, respectively.There were no such gains during any of the other periods presented. Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rates shown in (3) above. (5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units asdescribed in footnote 2. (6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options andwarrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculatedunder the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and nine months endedSeptember 30, 2026 and 2025, respectively. Common stock equivalents exclude the effects of performance share units, options, and warrants topurchase 59,543 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the nine monthsended September 30, 2026 (compared with 3,635,550 and 6,857,076 shares for the three and nine months ended September 30, 2025,respectively). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. No incremental shares attributable to the 2032 Exchangeable Notes were included in diluted weighted-average shares outstanding because themarket price of the Class A common stock did not exceed the applicable exchange price during the period. Only the portion of the exchange value,if any, in excess of the principal amount of the notes may be settled in shares and result in incremental shares for diluted net income (loss) pershare. Such shares are included only when their effect is dilutive and are excluded when anti-dilutive, including during periods in which theCompany reports a net loss. (7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures ofperformance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for itemssuch as stock-based compensation expense, our share of SBR interest, depreciation, and amortization expense, LCM inventory adjustment, ourshare of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related toRBI initiative, loss on extinguishment of debt, gain on sale of terminal assets, and certain other non-cash items. We use these Non-GAAP financialmeasures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA andAdjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net incomeas determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by allcompanies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA havetheir limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported underGAAP. For the periods ending September 30, 2026, our share of SBR interest, depreciation, and amortization expense, recorded within Equity (income)loss in investee in the Condensed Consolidated Statements of Operations, is treated as an adjustment included in Adjusted EBITDA. Prior-periodamounts in the table shown has been conformed to the 2026 presentation. (8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments areincluded in Corporate. As of September 30, 2026, the Refining segment includes the operations of our oil refineries and related facilities inDelaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logisticssegment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns orleases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logisticsassets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion ofwhich were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marineterminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers throughfee-based commercial agreements. PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From aPBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individualoperating segments. (9) Our Market Indicators Table summarizes certain market indicators relating to our operating results as reported by Platts, a division of TheMcGraw-Hill Companies. (10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operatingexpenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin,divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide usefulinformation to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shownin the Market Indicators Table, as such benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies inour industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and grossrefining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutesfor analysis of our results as reported under GAAP. (11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by totalcrude oil and feedstocks throughput. (12) Refining operating expenses per barrel at the regional level exclude the impact of nonpermanent loss adjusted excess insurance premiumcosts. (13) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as d il ithAPI it b t 24 d35d W d fi li ht d il d il ithAPI it hi h th 35d 15
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crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees. (14) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurementthat management believes is useful to investors in analyzing our leverage. Net debt is calculated by subtracting cash and cash equivalents fromtotal debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cashand cash equivalents to retire or pay down our debt. Net debt and the net debt to capitalization ratio are Non-GAAP measures and should not beconsidered an alternative to any other measure of financial performance or liquidity presented in accordance with GAAP. Additionally, we have alsopresented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity. September 30, December 31, 2026 2025 (in millions)Total debt $ 2,118.4 $ 2,148.3Total equity 8,103.8 5,449.9Total capitalization $ 10,222.2 $ 7,598.2 Total debt $ 2,118.4 $ 2,148.3Total equity excluding special items 6,364.5 4,143.5Total capitalization excluding special items $ 8,482.9 $ 6,291.8 Total equity $ 8,103.8 $ 5,449.9Special Items (Note 4) Add: LCM inventory adjustment (313.0) —Add: LCM inventory adjustment - SBR (9.4) —Add: Martinez refinery fire expenses 34.2 —Add: Gain on insurance recoveries, net (356.5) —Add: Costs related to RBI initiative 29.6 —Add: Loss on extinguishment of debt 30.2 —Add: Cumulative historical equity adjustments (a) (1,753.3) (1,753.3)Less: Recomputed income tax on special items 598.9 446.9Net impact of special items (1,739.3) (1,306.4) Total equity excluding special items $ 6,364.5 $ 4,143.5 Total debt $ 2,118.4 $ 2,148.3Less: Cash and cash equivalents 2,544.3 527.9Net debt $ (425.9) $ 1,620.4 Total debt to capitalization ratio 21 % 28 %Total debt to capitalization ratio, excluding special items 25 % 34 %Net debt to capitalization ratio * (6) % 23 %Net debt to capitalization ratio, excluding special items * (7) % 28 % * Negative ratio exists at September 30, 2026 as cash is in excess of debt. (a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income taxeffect. Refer to the Company's 2025 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion andAnalysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to2026. View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy- announces-third-quarter-2026-results-declares-dividend-of-0-325-per-share-302923043.html 16
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SOURCE PBF Energy Inc. 17