CVR Energy (CVI) investor relations material

Executive summary

• Reported full-year 2025 consolidated net income of $90 million and EBITDA of $591 million; Q4 2025 saw a net loss of $116 million and EBITDA of $51 million, impacted by accelerated depreciation, extended downtime at the Coffeyville fertilizer facility, and non-cash charges from asset reversion at Wynnewood.

• Strategic priorities include safe operations, margin capture improvement, asset footprint expansion, and disciplined capital allocation.

• New Chief Commercial Officer appointed to drive commercial optimization.

• Strong refining throughput and favorable crack spreads supported results, while the renewables segment faced unfavorable economics leading to asset reversion.

Financial highlights

• Q4 2025 net loss attributable to shareholders was $110 million ($1.10 per share); adjusted loss per share was $0.80; full-year net income was $90 million.

• Q4 Adjusted EBITDA was $91 million, with petroleum segment Adjusted EBITDA at $73 million, up from $9 million in Q4 2024.

• Q4 2025 included $62 million in accelerated depreciation; full-year 2025 included $93 million in accelerated depreciation from the RDU reversion.

• Full-year capital spending totaled $197 million, with $135 million in petroleum, $57 million in fertilizer, and $4 million in renewables.

• Consolidated cash and cash equivalents at year-end 2025 were $511 million; total debt and finance lease obligations were $1.8 billion.

Outlook and guidance

• 2026 consolidated capital spending expected at $200–$240 million; petroleum turnaround spending at $15–$20 million.

• Q1 2026 petroleum throughput guidance: 200–215k bbl/day; direct operating expenses $110–$120 million.

• Fertilizer segment Q1 2026 ammonia utilization rate expected at 95–100%; direct operating expenses $57–$62 million.

• Growth capital spending in 2026 to peak due to alkylation project and fertilizer upgrades.

• Total capital expenditures for Q1 2026 projected at $56–$68 million.