CVR Energy (CVI) investor relations material

Executive summary

• Net loss attributable to stockholders was $192 million for Q1 2026, driven by $158 million in unrealized derivative losses, higher interest expense, and increased RIN costs, partially offset by higher revenues in both segments.

• Revenue increased to $1.98 billion, up from $1.65 billion year-over-year, with higher throughput in refining and improved fertilizer pricing.

• Adjusted EBITDA was $37 million, up from $24 million in Q1 2025.

• Crude utilization was 97% and ammonia plant utilization was 103% for the quarter.

• Declared a $0.10 per share dividend for Q1 2026 and a $4.00 per unit distribution for CVR Partners.

Financial highlights

• Net loss for Q1 2026 was $192 million, compared to $123 million in Q1 2025.

• Net sales rose 20% year-over-year to $1.98 billion.

• Adjusted EBITDA was $37 million; EBITDA loss was $52 million after significant items.

• Cash flow from operations was $64 million; free cash flow was $21 million, mainly from the fertilizer segment.

• Consolidated cash and cash equivalents stood at $512 million at quarter-end.

Outlook and guidance

• Q2 2026 petroleum throughput expected at 200,000–215,000 barrels/day; direct operating expenses projected at $110–$120 million.

• Ammonia utilization rate projected at 95–100% for Q2 2026.

• Full-year 2026 consolidated capital spending estimated at $200–$240 million.

• Diesel crack spreads expected to remain elevated through 2026 due to global supply disruptions.

• Dual-feedstock upgrades at the Coffeyville Fertilizer Facility expected in 2026.