Calumet — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income for the third quarter of 2026 was $273.3 million, or $2.91 per basic share, compared to $313.4 million ($3.61 per share) in the prior year period.
• Adjusted EBITDA for the third quarter was $322.0 million, up from $69.6 million in the prior year; Adjusted EBITDA with Tax Attributes was $347.2 million, up from $92.5 million.
• For the nine months ended September 30, 2026, net income was a loss of $139.6 million ($1.79 per share), compared to net income of $3.5 million ($0.04 per share) in the prior year.
• Nine-month Adjusted EBITDA was $508.9 million, compared to $162.8 million in the prior year; Adjusted EBITDA with Tax Attributes was $572.6 million, compared to $224.0 million.
• Total sales for the third quarter were $1,682.9 million, compared to $1,078.0 million in the prior year.
• Gross profit for the third quarter was $543.2 million, compared to $373.7 million in the prior year.
• Operating profit for the third quarter was $453.7 million, compared to $322.9 million in the prior year.
• Interest expense for the third quarter was $50.8 million, compared to $53.6 million in the prior year.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $224.6 million, compared to a use of $7.6 million in the prior year.
• Cash and cash equivalents were $225.2 million as of September 30, 2026, compared to $125.1 million as of December 31, 2025.
• Total assets were $2,994.2 million as of September 30, 2026, compared to $2,688.9 million as of December 31, 2025.
• Long-term debt, less current portion, was $2,152.7 million as of September 30, 2026, compared to $2,077.3 million as of December 31, 2025.
• Net income was impacted by an unrealized loss of $113.8 million for derivatives and non-cash RINs related items of $176.7 million.

Guidance and Future Outlook:

• Management aims to reach approximately 200 million gallons of annual Sustainable Aviation Fuel (SAF) production and 17,000 barrels per day of total product sales by year-end 2028.
• The company is advancing a lower risk, highly capital-efficient MaxSAF expansion.
• Plans include the redeployment and long-term lease of certain Calumet Montana Refining (CMR) assets.
• Management expects to continue executing its strategy with momentum accelerating across both businesses.

Business Segments and Product Lines:

• Specialty Products and Solutions (SPS): Reported Adjusted EBITDA of $248.1 million for the third quarter, compared to $80.2 million in the prior year. Adjusted EBITDA margin was 23.2% for the quarter, up from 11.8%. Gross profit was $420.1 million, compared to $276.3 million.
• Performance Brands (PB): Reported Adjusted EBITDA of $9.1 million for the third quarter, compared to $13.2 million in the prior year. Results included $7.0 million of proceeds from a business interruption insurance claim.
• Montana/Renewables (MR): Reported Adjusted EBITDA with Tax Attributes of $110.6 million for the third quarter, compared to $17.1 million in the prior year. Adjusted EBITDA was $85.4 million, compared to a loss of $5.8 million.
• Total facility production for the third quarter was 88,283 barrels per day (bpd), compared to 88,668 bpd in the prior year.
• Total sales volume for the third quarter was 90,759 bpd, compared to 91,605 bpd in the prior year.
• SPS facility production was 62,228 bpd (Lubricating oils: 12,506 bpd; Solvents: 8,261 bpd; Waxes: 1,600 bpd; Fuels/asphalt/other: 39,861 bpd).
• Montana/Renewables facility production was 24,131 bpd (Fuels/asphalt/other: 13,243 bpd; Renewable fuels: 10,888 bpd).
• Performance Brands facility production was 1,924 bpd.

Market and Competitive Landscape:

• The SPS segment benefited from a constructive market, an ongoing global shortage in specialty products, strong production, and excellent commercial execution.
• The Montana/Renewables segment reflected a strong renewables margin, while Montana specialty asphalts benefited from higher asphalt and conventional fuel margins.
• Performance Brands results reflected solid volumes, partially offset by compressed margins due to a normal price lag in response to ongoing feedstock cost escalation.
• The company operates twelve facilities throughout North America.

Risks and Challenges:

• Forward-looking statements involve risks including fluctuations in crude oil and crack spread prices, demand for specialty products and renewable fuels, and the ability to meet financial covenants.
• Risks include the impact of RINs costs, regulatory changes, environmental liabilities, labor relations, and potential supply chain disruptions.
• The company notes risks related to the integration of acquired assets, access to capital, and the performance of hedging activities.

Management Commentary and Tone:

• CEO Todd Borgmann described the third quarter as "exceptional," noting that both businesses delivered outstanding results and the deleveraging and growth strategy accelerated by years.
• Management highlighted the conversion of earnings power into lasting shareholder value through debt retirement and advancing the MaxSAF expansion.
• The tone was confident, citing a strong market, years of deliberate positioning, and an organization executing at an increasingly high level.

Other Key Points:

• The company retired approximately $265 million of debt since July 2026.
• On July 15, 2026, the Company redeemed all outstanding $100.0 million 9.75% Senior Notes due 2028.
• On July 31, 2026, Calumet Montana fully repaid and terminated a Montana terminal asset financing arrangement for $15.5 million.
• On October 25, 2026, the Issuers redeemed $150 million of outstanding 9.75% Senior Notes due 2028.
• Total corporate expenses represented a loss of $20.6 million of Adjusted EBITDA for the third quarter, compared to $18.0 million in the prior year.
• The company has 88,079,064 shares of common stock issued and outstanding as of September 30, 2026.