Calumet, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Reported a net loss of $(95.9) million for the second quarter of 2026, compared to a net loss of $(147.9) million in the same period in 2025.
• Basic earnings per common share were $(1.09) for the second quarter of 2026, compared to $(1.70) in the prior year period.
• Adjusted EBITDA was $159.3 million for the second quarter of 2026, an increase from $55.1 million in the second quarter of 2025.
• Adjusted EBITDA with Tax Attributes was $175.2 million for the second quarter of 2026, compared to $76.5 million in the prior year period.
• For the six months ended June 30, 2026, net loss was $(412.9) million versus $(309.9) million in 2025.
• Six-month Adjusted EBITDA was $186.9 million for 2026, up from $93.2 million in 2025.
• Six-month Adjusted EBITDA with Tax Attributes was $225.3 million for 2026, compared to $131.5 million in 2025.
• Sales were $1,445.1 million for the second quarter of 2026, compared to $1,026.6 million in 2025.
• Gross profit was $18.3 million for the second quarter of 2026, compared to a gross loss of $(43.6) million in 2025.
• Net cash provided by operating activities was $6.1 million for the six months ended June 30, 2026, compared to $(31.1) million in 2025.
• Cash and cash equivalents were $109.8 million as of June 30, 2026, down from $125.1 million as of December 31, 2025.
• Long-term debt was $2,225.2 million as of June 30, 2026, up from $2,077.3 million as of December 31, 2025.
• The second quarter net loss included a non-cash RINs expense of $163.6 million and an unrealized gain of $9.0 million for derivatives.

Business Segments and Product Lines

• Specialty Products and Solutions (SPS) segment Adjusted EBITDA was $161.7 million for the second quarter of 2026, compared to $66.8 million in 2025.
• SPS segment Adjusted gross profit was $195.6 million for the second quarter of 2026, compared to $75.6 million in 2025.
• SPS segment Adjusted EBITDA margin was 16.0% for the second quarter of 2026, up from 10.6% in 2025.
• Performance Brands (PB) segment Adjusted EBITDA was $6.3 million for the second quarter of 2026, compared to $13.5 million in 2025.
• PB segment Adjusted gross profit was $16.1 million for the second quarter of 2026, compared to $22.3 million in 2025.
• PB results reflected record quarterly sales of TruFuel® and strong volumes, offset by compressed margins and a $7.3 million LIFO impact.
• Montana/Renewables (MR) segment Adjusted EBITDA with Tax Attributes was $26.6 million for the second quarter of 2026, compared to $16.3 million in 2025.
• MR segment Adjusted EBITDA was $10.7 million for the second quarter of 2026, compared to $(5.1) million in 2025.
• MR completed the first phase of the MaxSAF® 150 expansion in the second quarter of 2026.
• Total facility production was 83,191 barrels per day (bpd) for the second quarter of 2026, compared to 79,912 bpd in 2025.
• Total sales volume was 87,722 bpd for the second quarter of 2026, compared to 88,766 bpd in 2025.

Other Key Points

• The Company retired $115 million of debt in July 2026, including the redemption of all outstanding $100 million 9.75% Senior Notes due 2028.
• On July 31, 2026, the Company fully repaid and terminated the Montana terminal asset financing arrangement for $15.5 million.
• Total corporate costs represented $(19.4) million of Adjusted EBITDA for the second quarter of 2026, compared to $(20.1) million in 2025.
• The Company operates twelve facilities throughout North America.
• A conference call to discuss results was scheduled for August 7, 2026, at 9:00 a.m. ET.