Chemtrade Logistics Income Fund (CHE-UN) investor relations material

Executive summary

• Q2 2025 delivered double-digit year-over-year growth in revenue, Adjusted EBITDA, and distributable cash, led by the EC segment and supported by favorable FX and operational execution.

• Announced the acquisition of Polytec/Polytech for US$150 million, expected to close in Q4 2025, broadening water treatment offerings and supporting Vision 2030 growth targets.

• 2025 Adjusted EBITDA guidance raised to $475–$500 million, positioning the year as one of the top two in company history.

• Vision 2030 targets mid-cycle Adjusted EBITDA of $550–$600 million by 2030, with 5–10% annual growth from business improvements, organic projects, and acquisitions.

• Strategic focus on organic growth, disciplined capital allocation, and maintaining a strong balance sheet.

Financial highlights

• Q2 2025 revenue was $496.7 million, up 10.8% year-over-year; Adjusted EBITDA rose 19.9% to $138.0 million.

• Distributable cash after maintenance CapEx grew 49.6% year-over-year to $71.5 million; per unit basis up 54.2% to $0.63.

• Q2 payout ratio at 27%, trailing twelve months at 33%.

• Net debt at June 30, 2025 was $982.8 million, with net debt to LTM Adjusted EBITDA at 2.0x and $700M in available liquidity.

• Cash flows from operating activities were $83.4 million, down 18.4% year-over-year due to higher working capital and tax payments.

Outlook and guidance

• 2025 Adjusted EBITDA guidance increased to $475–$500 million, a 10% rise from initial guidance, excluding Polytec earnings.

• Implied 2025 payout ratio midpoint of 38–40%.

• Vision 2030 targets $550–$600 million mid-cycle Adjusted EBITDA by 2030, with 5–10% annual growth.

• Organic growth investments of $40–$60 million planned for 2025, focused on water chemicals and ultrapure acid capacity.

• Polytec earnings excluded from 2025 guidance due to uncertain closing timing.