Delek US (DK) investor relations material

Executive summary

• Reported a Q1 2026 net loss of $201.3 million ($3.34 per share), but achieved adjusted net income of $4.7 million ($0.08 per share) and adjusted EBITDA of $211.7 million, driven by strong operational execution and the successful Big Spring Refinery turnaround, completed safely, on time, and on budget.

• Raised Enterprise Optimization Plan (EOP) annual run-rate cash flow improvement target to at least $220 million, more than doubling since inception.

• Delek Logistics (DKL) reaffirmed 2026 Adjusted EBITDA guidance of $520–560 million, with over 80% of cash flows from third parties and a 5-year EBITDA CAGR of 15.1%.

• Peer-leading capital returns through increased distributions and consistent buybacks, including a 53rd consecutive quarterly increase in DKL distribution.

• Revenues increased slightly to $2,653.1 million, up 0.4% year-over-year, driven by higher refined product prices despite lower sales volumes.

Financial highlights

• Net loss attributable to shareholders was $201.3 million, or $(3.34) per share; adjusted net income was $4.7 million, or $0.08 per share; adjusted EBITDA was $211.7 million.

• Net revenues for Q1 2026 were $2,653.1 million, nearly flat year-over-year.

• Cash flow from operations was $461.3 million, with $190 million used in investing activities and $273 million in financing activities.

• Paid $15.6 million in dividends ($0.255 per share) during the quarter.

• Cash balance at March 31, 2026 was $624.1 million; total consolidated long-term debt was $3,183.1 million.

Outlook and guidance

• No further major turnarounds or capital projects planned for the rest of 2026; system positioned to capture strong margins during the driving season.

• Q2 2026 throughput guidance: Tyler 72,000–77,000 bpd, El Dorado 78,000–83,000 bpd, Big Spring 65,000–70,000 bpd, Krotz Springs 78,000–83,000 bpd; system throughput target 293,000–313,000 bpd.

• Q2 operating expenses expected at $215–225 million, G&A at $47–52 million, D&A at $105–115 million, and net interest expense at $80–90 million.

• Management expects continued volatility due to geopolitical instability, commodity price swings, and regulatory pressures, particularly from RINs costs.

• Focus remains on safe, efficient operations, disciplined capital allocation, and incremental value creation.