PBF Energy (PBF) investor relations material

Executive summary

• Q3 net income was $1,543.3M; net income attributable to shareholders was $1,529.3M, or $12.54 diluted EPS.

• Adjusted fully converted net income was $1,568.6M, or $12.78/share; Adjusted EBITDA was $2,301.4M.

• Strong refining margins and higher throughput drove results; net debt fell by more than $1.2B in Q3, leaving $425.9M of quarter-end net cash.

Financial highlights

• Revenue was $12,132.8M versus $7,651.1M YoY; operating income was $2,100.9M versus $285.9M.

• Gross refining margin was $2,937.5M, or $34.56/bbl, versus $721.1M, or $9.00/bbl, in Q3 2025.

• Cash from operations was ~$1.9B, including a $56M working-capital tailwind; consolidated CapEx was $177M, excluding Martinez rebuild and hydrogen-plant purchase costs.

• 9M operating cash flow was $3,142.8M versus cash used of $444.6M YoY; 9M revenue was $31,715.4M and net income was $2,658.5M.

• Special items reduced net income by $28.9M after tax; Q3 included a $28.0M pre-tax debt-extinguishment loss and deferred financing-cost write-offs.

Outlook and guidance

• Q4 refining throughput guidance is 925–985K bpd; regional guidance is East Coast 300–320K, Mid-continent 155–165K, Gulf Coast 180–190K and West Coast 290–310K bpd.

• 2026 capital spending guidance is $825–$875M, excluding Martinez rebuild and hydrogen-plant purchase costs; Chalmette and Toledo turnarounds shifted to 2027.

• SBR Q4 renewable diesel production guidance is 18–20K bpd; Q3 production averaged 19,156 bpd.

• RBI run-rate cost improvements exceeded $230M; the target is more than $350M by year-end 2026.

• Final Martinez fire insurance settlement was expected to be negotiated by year-end; timing and amount remain uncertain.