PBF Energy (PBF) investor relations material

Executive summary

• Q2 2026 marked a dramatic turnaround with net income of $915.0 million ($7.54 per share), up from a net loss in Q2 2025, driven by higher refining margins, increased throughput, and significant insurance recoveries from the Martinez refinery fire.

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

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

• Product inventories remain low globally, and U.S. refining is increasingly critical as international supply chains are strained.

• All refineries are operating well, with Martinez fully restored and ongoing operational improvements across the system.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $1,239.9 million, with adjusted net income of $6.22 per share, and gross refining margin per barrel (excluding special items) was $23.40.

• 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, benefiting from a $430 million working capital reversal.

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

• Insurance recoveries from the Martinez fire totaled $250 million this quarter, with $1.25 billion received to date.

Outlook and guidance

• 2026 capital expenditure guidance reduced to $825–$875 million, excluding Martinez rebuild, reflecting deferred turnarounds.

• Elevated refining margins are expected to persist due to slow product inventory rebuild and ongoing global disruptions.

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

• Management anticipates a net cash position by the end of the third or fourth quarter if current trends continue.

• Q3 2026 throughput expected between 900,000 and 960,000 barrels per day.