PBF Energy (PBF) investor relations material

Executive summary

• Q3 2025 net income was $171.7 million ($1.45/share), reversing a net loss of $289.1 million in Q3 2024, driven by insurance recoveries and asset sales.

• Revenues for Q3 2025 were $7.7 billion, down 8.3% year-over-year due to lower commodity prices and reduced throughput from the Martinez Refinery Fire.

• Martinez refinery restart remains on track for year-end 2025, with all permits secured and a safety-focused plan in place.

• Business improvement initiatives (RBI) are delivering significant cost savings and operational efficiencies across all refineries.

• Declared a quarterly dividend of $0.275 per share, payable in Q4 2025.

Financial highlights

• Q3 2025 adjusted net loss was $0.52 per share; adjusted EBITDA was $144.4 million; reported net income was $171.7 million.

• Q3 2025 revenues were $7.7 billion; gross refining margin per barrel was $9.00, up from $6.79 in Q3 2024.

• Special items included $250 million in insurance recoveries and a $94 million gain on terminal asset sales.

• Cash and cash equivalents at quarter-end were $482 million; net debt was $1.91 billion.

• Cash flow from operations for the nine months ended September 30, 2025, was negative $444.6 million, impacted by working capital and insurance proceeds timing.

Outlook and guidance

• Martinez refinery expected to be fully operational by year-end 2025, supporting improved efficiency and system-wide performance.

• RBI program on track for $230 million annualized run-rate savings by end of 2025, with full realization and projected savings exceeding $350 million by end of 2026.

• Full-year capital expenditures projected at $750–$775 million, excluding Martinez restoration costs.

• Q4 2025 throughput guidance: 860,000–910,000 bpd across all regions.

• Insurance expected to cover most Martinez fire-related costs, but timing of proceeds may affect quarterly results.