As defined in the indentures governing the Company’s outstanding senior notes, an unrestricted subsidiary means MRHL, MRL and any other subsidiary of the Company, other than Calumet Finance Corp., that is designated by the governing body of the General Partner as an unrestricted subsidiary, but only to the extent that such subsidiary:

•is not party to any agreement, contract, arrangement or understanding with the Company or any restricted subsidiary of the Company unless the terms of any such agreement, contract, arrangement or other understanding are no less favorable to the Company or such restricted subsidiary than those that might be obtained at the time from persons who are not affiliates of the Company, except to the extent permitted by the indentures of the senior notes;

•is a person with respect to which neither the Company nor any of its restricted subsidiaries has any direct or indirect obligation (a) to subscribe for additional equity interests or (b) to maintain or preserve such person’s financial condition or to cause such person to achieve any specified levels of operating results, except to the extent permitted by the indentures of the senior notes; and

As of June 30, 2026 and December 31, 2025, respectively, MRHL and MRL were the only unrestricted subsidiaries of the Company. In accordance with the indentures governing the Company’s outstanding senior notes, the following tables set forth certain financial information of (i) the Company and its restricted subsidiaries, on a combined basis, (ii) the Company’s unrestricted subsidiaries, on a combined basis, and (iii) the Company and its subsidiaries, on a consolidated basis, in each case, as of June 30, 2026 and December 31, 2025, respectively (dollars in millions):


June 30, 2026	Parent Company and Restricted Subsidiaries		Unrestricted Subsidiaries		Eliminations		Consolidated Total

Cash and cash equivalents	$	8.1	$	101.7	$	—	$	109.8
Restricted cash	$	—	$	40.0	$	—	$	40.0
Accounts receivable, net:	$	383.7	$	33.3	$	—	$	417.0
Inventory	$	371.0	$	50.0	$	—	$	421.0
Prepaid expenses and other current assets	$	25.8	$	9.2	$	—	$	35.0
Property, plant and equipment, net	$	614.9	$	706.3	$	—	$	1,321.2
Other noncurrent assets, net	$	427.9	$	30.9	$	—	$	458.8
Accounts payable	$	352.9	$	329.2	$	(310.0)	$	372.1
Other current liabilities	$	105.8	$	3.4	$	—	$	109.2
Current portion of long-term debt	$	33.3	$	0.2	$	—	$	33.5
Other long-term liabilities	$	243.2	$	4.1	$	—	$	247.3
Long-term debt, less current portion	$	1,409.0	$	914.0	$	(97.8)	$	2,225.2
Redeemable noncontrolling interest	$	—	$	250.6	$	—	$	250.6
Stockholders' equity	$	(450.1)	$	(530.1)	$	(156.9)	$	(1,137.1)


December 31, 2025	Parent Company and Restricted Subsidiaries		Unrestricted Subsidiaries		Eliminations		Consolidated Total
Cash and cash equivalents	$	7.6	$	117.5	$	—	$	125.1
Restricted cash	$	—	$	80.0	$	—	$	80.0
Accounts receivable - trade	$	206.4	$	18.0	$	—	$	224.4
Inventory	$	341.0	$	44.2	$	—	$	385.2
Prepaid expenses and other current assets	$	21.5	$	6.8	$	—	$	28.3
Property, plant and equipment, net	$	637.7	$	715.3	$	—	$	1,353.0
Operating lease right-of-use assets	$	216.9	$	7.3	$	—	$	224.2
Other noncurrent assets, net	$	92.7	$	12.0	$	—	$	104.7
Accounts payable	$	236.3	$	344.9	$	(299.7)	$	281.5
Other taxes payable	$	15.5	$	2.2	$	—	$	17.7
Other current liabilities	$	16.1	$	5.0	$	—	$	21.1
Current portion of operating lease liabilities	$	61.9	$	2.3	$	—	$	64.2
Current portion of long-term debt	$	156.1	$	0.1	$	—	$	156.2
Long-term operating lease liabilities	$	156.4	$	5.0	$	—	$	161.4
Long-term debt, less current portion	$	1,281.4	$	893.7	$	(97.8)	$	2,077.3
Redeemable noncontrolling interest	$	—	$	245.6	$	—	$	245.6
Stockholders' equity	$	(78.6)	$	(497.2)	$	(156.9)	$	(732.7)


	Three Months Ended June 30,
	2026						2025
	Restricted		Unrestricted		Consolidated		Restricted		Unrestricted		Consolidated

Sales	$	1,245.6	$	199.5	$	1,445.1	$	817.7	$	208.9	$	1,026.6
Cost of sales	1,217.1		209.7		1,426.8		835.9		234.3		1,070.2
Gross profit (loss)	28.5		(10.2)		18.3		(18.2)		(25.4)		(43.6)
Operating costs and expenses:
Selling	13.5		—		13.5		12.2		—		12.2
General and administrative	32.2		7.2		39.4		32.3		8.8		41.1
Gain on sale of business	—		—		—		—		—		—
Other operating expense	3.6		1.8		5.4		3.7		0.4		4.1
Operating loss	(20.8)		(19.2)		(40.0)		(66.4)		(34.6)		(101.0)

Other income (expense):
Interest expense	(33.5)		(18.5)		(52.0)		(34.8)		(18.1)		(52.9)
Debt extinguishment costs	—		—		—		(0.1)		—		(0.1)
(Gain) loss on derivative instruments	(26.0)		—		(26.0)		4.3		—		4.3
Other income (expense)	(0.1)		1.0		0.9		0.1		1.9		2.0
Total other income (expense)	(59.6)		(17.5)		(77.1)		(30.5)		(16.2)		(46.7)
Net loss before income taxes	(80.4)		(36.7)		(117.1)		(96.9)		(50.8)		(147.7)
Income tax (benefit) expense	0.2		(21.4)		(21.2)		0.2		—		0.2
Net loss	$	(80.6)	$	(15.3)	$	(95.9)	$	(97.1)	$	(50.8)	$	(147.9)


	Six Months Ended June 30,
	2026						2025
	Restricted		Unrestricted		Consolidated		Restricted		Unrestricted		Consolidated

Sales	$	2,124.3	$	350.6	$	2,474.9	$	1,646.0	$	374.5	$	2,020.5
Cost of sales	2,167.2		376.8		2,544.0		1,719.1		426.4		2,145.5
Gross profit (loss)	(42.9)		(26.2)		(69.1)		(73.1)		(51.9)		(125.0)
Operating costs and expenses:
Selling	25.8		—		25.8		24.5		—		24.5
General and administrative	92.1		13.3		105.4		34.7		18.5		53.2
Gain on sale of business	—		—		—		(62.2)		—		(62.2)
Other operating expense	7.4		3.6		11.0		7.3		1.9		9.2
Operating loss	(168.2)		(43.1)		(211.3)		(77.4)		(72.3)		(149.7)

Other income (expense):
Interest expense	(66.6)		(36.5)		(103.1)		(68.5)		(42.9)		(111.4)
Debt extinguishment costs	(1.7)		—		(1.7)		(0.1)		(47.6)		(47.7)
(Gain) loss on derivative instruments	(141.4)		—		(141.4)		2.7		(5.6)		(2.9)
Other income (expense)	0.3		2.2		2.5		(0.3)		2.7		2.4
Total other income (expense)	(209.4)		(34.3)		(243.7)		(66.2)		(93.4)		(159.6)
Net loss before income taxes	(377.6)		(77.4)		(455.0)		(143.6)		(165.7)		(309.3)
Income tax (benefit) expense	2.4		(44.5)		(42.1)		0.6		—		0.6
Net loss	$	(380.0)	$	(32.9)	$	(412.9)	$	(144.2)	$	(165.7)	$	(309.9)