CVR Energy (CVI) investor relations material

Executive summary

• Achieved strong operating results in Q2 2026 with crude utilization at 98% and ammonia plant utilization at 99%.

• Net income for Q2 2026 was $46 million, a $136 million increase year-over-year; adjusted EBITDA rose to $209 million from $99 million year-over-year.

• Declared a Q2 2026 dividend of $0.10 per share; CVR Partners declared a $6.08 per unit distribution.

• Global conflicts tightened energy and fertilizer markets, benefiting asset base and driving volatility.

• The company reverted its Wynnewood renewable diesel unit to hydrocarbon processing in late 2025, consolidating renewables into "Other" for reporting.

Financial highlights

• Q2 2026 net sales rose to $2.74 billion from $1.76 billion year-over-year; net income was $46 million, compared to a net loss of $90 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $209 million, up from $99 million in Q2 2025; adjusted EPS was $0.34.

• Petroleum segment adjusted EBITDA was $106 million, up from $38 million year-over-year.

• Free cash flow for Q2 2026 was $264 million, up from negative $12 million in Q2 2025.

• Consolidated cash and cash equivalents stood at $737 million as of June 30, 2026.

Outlook and guidance

• Petroleum segment Q3 2026 throughput expected at 205,000–220,000 barrels/day; direct operating expenses $110–$120 million.

• Fertilizer segment Q3 ammonia utilization expected at 75–80% due to planned turnaround; direct operating expenses $57–$62 million.

• Full-year 2026 capital spending estimated at $215–$240 million.

• Planned turnaround and brownfield expansion at East Dubuque to increase ammonia capacity by 5%.

• Management expects continued volatility in crude oil, refined product, and fertilizer prices due to ongoing geopolitical conflicts and supply chain disruptions.