Chemtrade Logistics Income Fund (CHE-UN) Guidance Presentation summary

2026 financial outlook

• Adjusted EBITDA for 2026 is projected between $485 million and $525 million, similar to 2025 if the midpoint is achieved, reflecting a significant increase from pre-pandemic levels.

• Implied payout ratio for 2026 is expected to be approximately 45% or less based on the guidance midpoint.

• Maintenance capital expenditures are forecasted at $120–$150 million, and growth capital expenditures at $35–$55 million for 2026.

• Key assumptions include North American MECU sales volumes of 171,000, sodium chlorate production of 254,000 MTs, and an average USD/CAD exchange rate of 1.375.

• Long Term Incentive Plan costs are estimated at $22–$28 million for 2026.

Key sensitivities and drivers

• A US$50/DMT change in caustic soda price impacts Adjusted EBITDA by C$13.2 million.

• A CA$50/MT change in sodium chlorate price affects Adjusted EBITDA by C$12.7 million.

• A 1 cent change in the CAD/USD exchange rate results in a C$3.8 million impact on Adjusted EBITDA, favorable if CAD weakens.

Non-IFRS financial measures and definitions

• Adjusted EBITDA excludes non-cash items such as unrealized foreign exchange gains/losses and is used to assess segment performance.

• Distributable cash after maintenance capital expenditures is calculated as cash flow from operations minus lease payments, maintenance capex, and adjusted for cash interest and taxes.

• Payout ratio is defined as distributions declared per unit divided by distributable cash after maintenance capital expenditures per unit.

• Growth capital expenditures are capital outlays intended to expand earnings, calculated as total capex minus maintenance capex.