PBF Energy (PBF) investor relations material

Executive summary

• Net income for Q2 2026 was $915.0 million, a sharp turnaround from a net loss of $5.4 million in Q2 2025, driven by higher refining margins, increased throughput, and significant insurance recoveries related to the Martinez refinery fire.

• Revenues rose 56% year-over-year to $11.7 billion for Q2 2026, reflecting higher commodity prices and increased sales volumes across all refineries.

• The Martinez refinery returned to full operations in May 2026 after a fire in early 2025, with cumulative insurance proceeds of $1.25 billion received to date.

• All refineries are operating well, with ongoing operational improvements and cost reduction initiatives positioning the company to capitalize on favorable market conditions.

• Quarterly dividend declared at $0.275 per share.

Financial highlights

• Q2 2026 revenues: $11,678.3 million (Q2 2025: $7,475.3 million); net income attributable to stockholders: $906.4 million for Q2 2026 ($7.54 per diluted share).

• Adjusted net income was $6.22 per share and adjusted EBITDA reached $1,239.9 million for Q2 2026, excluding special items.

• Net debt was reduced by over $1.4 billion, ending the quarter at $855 million, with $894 million in cash.

• Cash from operations was $1.6 billion, including a $430 million working capital benefit.

• RFS compliance costs increased to $331.3 million in Q2 2026 due to new EPA requirements and higher RIN prices.

Outlook and guidance

• 2026 capital expenditure guidance reduced to $825–$875 million, excluding Martinez rebuild costs, due to rescheduling of major turnarounds.

• RBI program expected to deliver over $350 million in run-rate cost improvements by year-end 2026.

• Net cash position is anticipated by the end of Q3 or Q4, with continued focus on balance sheet strength and shareholder returns.

• Operational liquidity exceeds $3.5 billion as of June 30, 2026.

• Renewable diesel production at SBR expected to average 18,000–20,000 barrels per day in Q3 2026.