Fourth Quarter & Full Year 2024 Financial Results February 28, 2025 CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of February 28, 2025. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "cont ...

Core Viewpoint - Lubrication Engineers, Inc. has announced a definitive agreement to acquire the industrial brands and products of Royal Purple, enhancing its portfolio in high-performance industrial lubricants and asset reliability solutions [1][3]. Company Overview - Lubrication Engineers, Inc. (LE) is a leader in the development, manufacturing, and sale of premium industrial greases, gear oils, and lubricants, servicing customers in over 60 countries from its 150,000 sq. ft. manufacturing facility in Wichita, Kansas [5]. - Royal Purple (RPI) specializes in premium synthetic performance fluids, lubricants, and greases, designed for various industrial applications, including gear oils and hydraulic lubricants [2]. Strategic Fit - The acquisition of RPI aligns with LE's core strategy of developing ultra-premium, maintenance, repair, and operations (MRO)-oriented industrial lubricants and asset reliability solutions [4]. - LE aims to leverage RPI's research and development, sales, and marketing teams to enhance product offerings and customer service [3][4]. Transaction Details - The transaction is expected to close in the first half of 2025, pending customary closing conditions [4]. - Calumet, Inc. will retain ownership of the consumer segment of Royal Purple and related manufacturing assets [1].

Core Viewpoint - Calumet, Inc. has entered into a definitive agreement to sell the industrial portion of its Royal Purple® business for $110 million, while retaining the consumer segment and the production facility in Porter, Texas [1][4]. Group 1: Transaction Details - The sale includes Royal Purple's high-performance synthetic industrial product line, which encompasses industrial gear lubricants, bio-environmental lubricants, stationary natural gas engine oils, hydraulic lubricants, and compressor oils, along with an exclusive license for industrial applications [2]. - In the year ending December 31, 2024, Royal Purple's industrial business generated approximately $29 million in total sales [2]. Group 2: Retained Assets - Calumet will maintain ownership of the manufacturing site in Porter, Texas, and the consumer portion of the Royal Purple business, which serves a variety of automotive product applications through a multi-channel strategy [3]. - Key brands within the consumer segment include High Performance Motor Oil, HPS®, HMX®, Max EZ®, Max Gear®, Max-Clean®, XPR®, and Duralec Super™ [3]. Group 3: Financial Strategy - The company plans to use the proceeds from the sale primarily to pay down debt, with the transaction expected to close in the first half of 2025, subject to customary closing conditions [4]. - The CEO emphasized that the transaction aligns with the company's priority of deleveraging its balance sheet and reflects a strategic fit for the business [5].

Company Overview - Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels [2] - The company serves a broad range of consumer-facing and industrial markets [2] - Calumet is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America [2] Upcoming Events - Calumet plans to attend the Raymond James Institutional Investors Conference on March 4, 2025, in Orlando, Florida [1] - The company will hold one-on-one investor meetings throughout the day at the conference [1]

Core Viewpoint - Calumet, Inc. announced that its subsidiary Montana Renewables, LLC has received a $782 million drawdown from a $1.44 billion loan facility with the U.S. Department of Energy to fund the construction and expansion of a renewable fuels facility, positioning it as a leading producer of Sustainable Aviation Fuel (SAF) globally [1][2][3] Loan Details - The loan guarantee is structured in two tranches, with the first tranche of approximately $782 million released for eligible expenses, while an additional $150 million equity investment was made by Calumet [4] - The remaining balance of approximately $658 million is expected to be disbursed during construction from 2025 to 2028, with disbursements subject to certain conditions [4] - The loan has a 15-year tenor with an interest rate at the U.S. Treasury rate plus 3/8%, and servicing of principal and interest will be deferred until the MaxSAF™ project is commissioned [4] Production Capacity and Expansion - The expansion will increase annual production capacity to approximately 300 million gallons of SAF and 330 million gallons of combined SAF and renewable diesel [2] - A second renewable fuels reactor is a key component of the expansion, expected to bring half of the SAF capability online by 2026 [2] Economic Impact - An economic impact study predicts that by 2028, the Great Falls site will support a population of 4,400 Montanans, primarily working-aged families [5] - The expansion is expected to create 450 construction jobs and up to 40 operations jobs [8] Regional Development - The expansion is anticipated to catalyze additional regional development, particularly for renewable feedstocks sourced from local farms and ranches [6] - MRL aims to create a large-scale, end-to-end SAF industry in Montana and the Pacific Northwest, similar to the Minnesota SAF Hub [6] Company Overview - Montana Renewables is a leading renewable fuel company in Great Falls, Montana, producing SAF, Renewable Diesel, Renewable Hydrogen, and Renewable Naphtha [9] - As the largest SAF producer in North America, MRL is committed to meeting the growing demand for sustainable fuels and supporting local economic development [9]

Group 1 - Calumet, Inc. plans to report its Fourth Quarter and Fiscal Year 2024 results on February 28, 2025 [1] - A conference call to discuss the financial and operational results is scheduled for February 28th at 9:00 AM ET [1] - The company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels [3] Group 2 - Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America [3] - Investors and analysts can join a webcast of the call with accompanying presentation slides [2] - A toll-free participant dial-in is available for the conference call [2]

Core Viewpoint - Calumet, Inc. (CLMT) shares experienced a significant increase of 12.1% in the last trading session, closing at $16.83, following a period of 31.8% loss over the past four weeks, indicating a potential turnaround in investor sentiment [1] Group 1: Company Performance - The recent bullish trend in Calumet's stock is attributed to strong demand for its specialty products and renewable fuels, with a diverse portfolio that includes base oils, specialty oils, waxes, and fuels [2] - The company is expected to report a quarterly loss of $1.06 per share, reflecting a year-over-year decline of 34.2%, with revenues projected at $943.05 million, down 3.4% from the previous year [3] - The consensus EPS estimate for Calumet has been revised 4.1% higher over the last 30 days, suggesting a positive trend that may lead to price appreciation [4] Group 2: Industry Context - Calumet, Inc. operates within the Zacks Oil and Gas - Integrated - United States industry, where it competes with other companies like DT Midstream (DTM), which also holds a Zacks Rank of 2 (Buy) [4][5] - DT Midstream's consensus EPS estimate has changed by +0.2% over the past month, indicating a year-over-year change of -26.6%, reflecting similar challenges faced in the industry [5]

Core Points - Calumet, Inc. has announced a tactical delay in the disbursement of approximately $782 million from the U.S. Department of Energy's guaranteed loan facility, which is intended for the construction and expansion of a renewable fuels facility in Great Falls, Montana [1][2] - The CEO of Calumet emphasized alignment with White House priorities regarding domestic agriculture, energy security, and technical innovation, which have garnered bipartisan support for the loan [2] - The expansion of Montana Renewables, LLC (MRL) is expected to create significant regional economic benefits, including job creation and infrastructure development [3][4] Company Overview - Montana Renewables is a leading renewable fuel company producing Sustainable Aviation Fuel, Renewable Diesel, Renewable Hydrogen, and Renewable Naphtha, and is the largest SAF producer in North America as of 2024 [5] - Calumet, Inc. manufactures and markets a diverse range of specialty branded products and renewable fuels across North America, operating twelve facilities [6] Economic Impact - An economic impact study predicts that by 2028, the Great Falls facility will support a population of 4,400 Montanans, primarily working-aged families [3] - The MRL expansion is projected to create 450 construction jobs and up to 40 operational jobs, contributing to local economic growth [4]

Core Viewpoint - Calumet, Inc. (CLMT) has experienced a significant downtrend, with a stock decline of 22.2% over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to improved earnings expectations from analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold stocks, with a reading below 30 typically indicating oversold conditions [2]. - CLMT's current RSI reading is 26.31, suggesting that the heavy selling pressure may be exhausting, indicating a possible price rebound [5]. Group 2: Fundamental Analysis - There is strong consensus among sell-side analysts regarding an increase in earnings estimates for CLMT, with the consensus EPS estimate rising by 165.7% over the last 30 days [6]. - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term, supporting the case for a potential turnaround [6]. Group 3: Analyst Ratings - CLMT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further indicating a favorable outlook for the stock [7].

Core Viewpoint - Calumet, Inc. (CLMT) has experienced a 15.4% decline in shares over the past week, but the formation of a hammer chart pattern suggests potential support and a possible trend reversal in the future [1][2]. Technical Analysis - The hammer chart pattern indicates a minor difference between opening and closing prices, with a long lower wick suggesting that the stock may have found support after a downtrend [3][4]. - This pattern signals that bears may have lost control, and the emergence of buying interest could indicate a potential trend reversal [4]. Fundamental Analysis - Recent upward revisions in earnings estimates for CLMT serve as a bullish indicator, correlating strongly with near-term stock price movements [6]. - The consensus EPS estimate for the current year has increased by 165.7% over the last 30 days, indicating strong agreement among analysts regarding improved earnings potential [7]. - CLMT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [8].