Calumet Specialty Products

CLMT

Market cap $1.62B

Calumet delivered a strong quarter, outperforming expectations with robust cost controls and positive results from both specialty and renewable segments. MRL achieved industry-leading breakeven costs and positive EBITDA despite a challenging renewable fuels market, positioning Calumet as a standout operator. Upcoming catalysts include the MaxSAF-150 project and a higher EPA RVO, which should drive significant cash flow and margin expansion in 2026.

INDIANAPOLIS , Aug. 26, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet, ""we," "our" or "us") provided an update regarding the recent U.S. Environmental Protection Agency (EPA) decision on small refinery exemptions and the expected impact on our Renewable Identification Number ("RINs") balance sheet accrual. On Friday, August 22, the EPA notified Calumet that we were successful in receiving full or partial exemptions on every petition that was filed by the Company from 2019 through 2024.

Calumet, Inc. (NASDAQ:CLMT ) Q2 2025 Earnings Conference Call August 8, 2025 9:00 AM ET Company Participants David A. Lunin - Executive VP & CFO John Kompa - Director of Investor Relations Louis Todd Borgmann - President, CEO & Director Conference Call Participants Alexa Petrick - Goldman Sachs Group, Inc., Research Division Amit Dayal - H.C.

Calumet (CLMT -0.57%) reported second quarter 2025 earnings on August 8, 2025, delivering $76.5 million of adjusted EBITDA with tax attributes, including $8.3 million of adjusted EBITDA with tax attributes from Montana Renewables amid cyclical margin lows. Management accelerated its deleveraging plan through asset optimizations and robust specialty performance.

Calumet (CLMT) Q2 Revenue Tops by 11%

Second quarter 2025 net loss of $147.9 million, or basic loss per common share of $1.70 per share Second quarter 2025 Adjusted EBITDA with Tax Attributes of $76.5 million Company-wide cost reduction initiatives tracking ahead of plan, delivering $42 million in year-over-year operating cost savings through the first half of 2025 Montana Renewables remains on track to achieve 120–150 million gallons of annualized SAF production by second quarter of 2026 Specialties business demonstrating significant margin expansion and continued strong sales volume INDIANAPOLIS , Aug. 8, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet, Inc. (the "Company," "Calumet," "we," "our" or "us") for the second quarter ended June 30, 2025, as follows: Three Months Ended June 30,  Six Months Ended June 30,  2025 2024 2025 2024 (Dollars in millions, except per share/unit data) Net loss $ (147.9) $ (39.1) $ (309.9) $ (80.7) Basic earnings (loss) per common share/unit $ (1.70) $ (0.48) $ (3.58) $ (0.98) Adjusted EBITDA $ 55.1 $ 74.8 $ 93.2 $ 102.9 Adjusted EBITDA with Tax Attributes $ 76.5 $ 74.8 $ 131.5 $ 102.9   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended June 30,  Three Months Ended June 30,  Three Months Ended June 30,  2025 2024 2025 2024 2025 2024 (Dollars in millions, except per barrel data) Gross profit (loss) $ (14.9) $ 39.1 $ 22.1 $ 25.1 $ (50.8) $ (0.4) Adjusted gross profit (loss) $ 75.6 $ 72.9 $ 22.3 $ 25.4 $ (2.0) $ 19.9 Adjusted EBITDA $ 66.8 $ 72.7 $ 13.5 $ 14.1 $ (5.1) $ 8.7 Adjusted EBITDA with Tax Attributes $ 66.8 $ 72.7 $ 13.5 $ 14.1 $ 16.3 $ 8.7 Gross profit (loss) per barrel $ (2.72) $ 6.71 $ 138.99 $ 141.01 $ (20.78) $ (0.18) Adjusted gross profit (loss) per barrel $ 13.81 $ 12.51 $ 140.25 $ 142.70 $ (0.82) $ 9.02   Specialty Products and Solutions Performance Brands Montana/Renewables Six Months Ended June 30,  Six Months Ended June 30,  Six Months Ended June 30,  2025 2024 2025 2024 2025 2024 (Dollars in millions, except per barrel data) Gross profit (loss) $ (48.9) $ 124.4 $ 44.3 $ 47.4 $ (120.4) $ (29.5) Adjusted gross profit (loss) $ 140.5 $ 129.7 $ 46.5 $ 48.6 $ (10.2) $ 15.0 Adjusted EBITDA $ 123.1 $ 119.9 $ 29.3 $ 27.5 $ (18.7) $ (4.7) Adjusted EBITDA with Tax Attributes $ 123.1 $ 119.9 $ 29.3 $ 27.5 $ 19.6 $ (4.7) Gross profit (loss) per barrel $ (4.51) $ 11.07 $ 141.53 $ 147.20 $ (26.07) $ (6.92) Adjusted gross profit (loss) per barrel $ 12.95 $ 11.54 $ 148.56 $ 150.93 $ (2.21) $ 3.52 "Our second quarter results reflect continued strength in our Specialties business, record operational performance at Montana Renewables, and meaningful cost reductions across the portfolio," said Todd Borgmann, CEO. "Robust margin expansion and strong volumes were demonstrated in our Specialties segment despite a planned, month-long turnaround at our Shreveport facility, which was completed successfully.

NEW YORK--(BUSINESS WIRE)--Eldridge Diversified Credit, the private, liquid, and asset-based credit investment strategy of Eldridge Capital Management (“Eldridge”), has announced the renewal and upsizing of its Shreveport, LA terminal lease facility with Calumet, Inc. (NASDAQ: CLMT) (“Calumet” or the “Company”). This transaction increases the assigned value of the subject terminal assets to $120 million and provides $80 million of net proceeds to Calumet to be used to reduce the Company's outst.

INDIANAPOLIS , Aug 1, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend two investor conferences in September 2025. On Wednesday, September 3rd, Calumet will attend the Barclays 39th Annual CEO Energy-Power Conference and will be holding one-on-one investor meetings at the conference.

Company Intends to Use Proceeds to Partially Redeem its Senior Notes due 2026 INDIANAPOLIS , July 28, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet" or the "Company") announced today that it has extended its Shreveport terminal asset financing arrangement with Stonebriar Commercial Finance LLC ("Stonebriar"). This transaction increases the assigned value of these terminal assets to $120 million and will provide $80 million of proceeds to Calumet, the difference between the new value of the assets and the remaining $40 million balance on the prior schedule.

INDIANAPOLIS , July 18, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the Second Quarter 2025 on August 8, 2025. A conference call to discuss the financial and operational results is scheduled for August 8th at 9:00 AM ET.