Chemtrade Logistics Income Fund : Q2 2023 Earnings Review

RESPONSIBLE CARE®

OUR COMMITMENT TO

SUSTAINABILITY

2023

Q2 2023 Earnings Review | August 15, 2023

1

Q2 2023 Earnings Call

Agenda

• Q2 2023 Financial Results Review
• 2023 Guidance & Assumptions
• Outlook for Key Products
• Update on Organic Growth Projects
• Investment Highlights
• Q&A

2

Agenda	Financial Results	2023 Guidance	Outlook for Key	Organic Growth	Investment	Appendix
Review	and Assumptions	Products	Projects	Highlights

CAUTION REGARDING FORWARD- LOOKING STATEMENTS

Certain statements contained in this presentation constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward- looking statements can be generally identified by the use of words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions. Forward-looking statements in this presentation describe the expectations of Chemtrade Logistics Income Fund ("Chemtrade") and its subsidiaries as of the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation the risks and uncertainties detailed under the "RISK FACTORS" section of Chemtrade's latest Annual Information Form and the "RISKS AND UNCERTAINTIES" section of Chemtrade's most recent Management's Discussion & Analysis. Although Chemtrade believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward- looking statements, and they should not be unduly relied upon. Except as required by law, Chemtrade does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Further information can be found in the disclosure documents filed by Chemtrade with the securities regulatory authorities, available on www.sedar.com.

One of the measures referred to in this presentation is Adjusted EBITDA, which is EBITDA modified to exclude only non-cash items such as unrealized foreign exchange gains and losses. Non-IFRS and other financial measure are fully defined in our MD&A.

3

Q2 2023 Consolidated Quarterly Results

C$ Millions, except per unit metrics and ratios

Q2 2023 represents Chemtrade's highest quarterly Adjusted EBITDA ever

	Q2 2023	Q2 2022	Change ($)	Change (%)
Revenue	470.0	446.4	23.6	5%
Net Earnings (1)	87.3	34.8	52.5	151%
Adjusted EBITDA (2)	144.2	81.7	62.5	76%
Cash Flows from Operating Activities	119.3	84.0	35.3	42%
Distributable cash after maintenance	95.5	25.9	69.5	268%
capital expenditures(2)
DCPU (2) (3)	0.82	0.25	0.57	228%
LTM Payout ratio (%) (2) (4)	22%	47%	n/a	n/a
Net debt (2)	928.1	1,126.8	(198.7)	(18)%
Net debt to Adjusted EBITDA (2)	1.8x	3.2x	n/a	n/a

1. Results for the three months ended June 30, 2022 include a gain of $17.4 million of $0.17 per unit relating to the sale of an idled acid plant in Augusta, GA.
2. Adjusted EBITDA is a Total of segments measure; Distributable cash after maintenance capital expenditures is a non-IFRS financial measure and DCPU (Distributable cash after maintenance capital expenditures per unit) and Payout ratio are non-IFRS ratios. Net debt to Adjusted EBITDA is a Capital management measure that includes Net debt, which is a non-IFRS measure. See Appendix for more information.
3. Based on weighted average number of units outstanding for the period.

(4) Payout ratio for the last twelve months.					4
Agenda	Financial Results	2023 Guidance	Outlook for Key	Organic Growth	Investment	Appendix
Review	and Assumptions	Products	Projects	Highlights

Q2 2023 SWC Results

C$ Millions

Revenue

• Revenue was $280.3 million for the period

• Weaker CAD improved revenue by $12.2million.
• Excluding impact of F/X, revenue declined by $1.4 million or <1%.
• Lower selling prices of merchant acid primarily due to lower sulfur costs led to the reduction in Revenue.
• Partially offset by higher selling prices of water solutions products and higher Regen acid volumes.

Revenue
<-1%	$12.2
$269.5	$268.1
Q2 2022	Q2 2023
Comparable Revenue	F/X Benefit

Adjusted EBITDA (1)

• Adjusted EBITDA was 73.2 million for the period.
• Excluding impact of F/X, Adjusted EBITDA increased by $15.7 million or 29%.
• Adjusted EBITDA benefitted from higher selling prices for water solutions products, higher Regen acid volumes
• Lower merchant pricing had minimal impact on Adjusted EBITDA year-over-year.

(1) Adjusted EBITDA is a Total of segments measure. See Appendix for more information.

Agenda	Financial Results	2023 Guidance	Outlook for Key	Organic Growth
Review	and Assumptions	Products	Projects

Adjusted EBITDA
	$3.0
$54.8	$70.2
Q2 2022	Q2 2023
Comparable Adjusted EBITDA	F/X Benefit
	5
Investment	Appendix
Highlights