Calumet, Inc · NASDAQ:CLMT

Calumet — Q2 2026 Earnings Presentation

14 slides from Calumet's earnings presentation, Aug 7, 2026

  1. Slide 1: Second Quarter 2026 Financial Results

    Second Quarter 2026 Financial Results August 7, 2026

  2. Slide 2: Cautionary Statements

    CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of August 7, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified by

  3. Slide 3: Performance Summary

    PERFORMANCE SUMMARY Performance Update Adjusted EBITDA with Tax Attributes ($MM) Q2 2026 Q2 2025  $175mm Adjusted EBITDA with Tax Attributes Specialty Products and Solutions (SPS) $161.7 $66.8  Accelerated deleveraging continues Performance Brands (PB) $6.3 $13.5  July: $100M notes called; $15M C

  4. Slide 4: Specialties: Tight Markets Today, High-Return Growth Ahead

    SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEAD Well Positioned in Structurally Tight Markets Growth Built on Demonstrated Success  Global specialties shortage unlikely to resolve quickly  Accelerated deleveraging and strong free cash flow outlook support renewed investment in high-retu

  5. Slide 5: Montana Renewables: RVO Working as Designed

    MONTANA RENEWABLES: RVO WORKING AS DESIGNED  RVO working as designed, driving a full industry restart – market approaching historical highs  Higher margins incentivizing renewable diesel and biodiesel production growth  RVO announcement driven a 70% increase in biomass-based diesel production thi

  6. Slide 6: MRL Expansion Update

    MRL EXPANSION UPDATE  MaxSAF® 150 catalyst performance testing successfully completed, proving catalyst ability to support next phase of MaxSAF® Run rate MaxSAF® 150: MaxSAF® 150: MaxSAF® 2025 1 reactor (now) 2 reactor YE 2028  Capital light expansion progressing Throughput 12 12-13 13+ 17  17k B

  7. Slide 7: Specialty Products and Solutions Segment

    SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT  Exceptional results driven by strong margin environment and disciplined execution Q22026 Q22025  Rapid commercial response to extreme cost volatility  Strong operational quarter and turnaround execution Adjusted EBITDA ($MM) $161.7 $66.8  Another record

  8. Slide 8: Performance Brands Segment

    PERFORMANCE BRANDS SEGMENT  Strong volume performance across all brands Q22026 Q22025  Sales volume increased 24% YoY Sales ($MM) $103.6 $80.7  TruFuel sets another quarterly record sales volume  Multiple price increases implemented in Q2, with more under way as Adjusted EBITDA ($MM) $6.3 $13.5

  9. Slide 9: Montana / Renewables Segment

    MONTANA / RENEWABLES SEGMENT Q22026 Q22025 Renewables Adjusted EBITDA ($MM) with Tax Attributes $26.6 $16.3  100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2’26 Renewables at 87% with Tax Attributes $14.4 $7.2  Strong results in May and June, with over $40 MM of foregone

  10. Slide 10: Appendix

    4%) CALUMET Appendix

  11. Slide 11: Capital Structure Overview

    CAPITAL STRUCTURE OVERVIEW Actual Actual Actual Actual Actual Actual Actual Actual Actual ($ in millions) 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Cash and cash equivalents (Restricted Group) $ 6.4 $ 30.9 $ 8.9 $ 8.0 $ 11.0 $ 8.6 $ 7.6 $ 5.0 $ 8.1 Cash, cash equivale

  12. Slide 12: Reconciliation of Net Income (Loss) to Adjusted EBITDA with Tax Attributes

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES ($ in millions) 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net income (loss) $ (147.9) $ 313.4 $ (37.3) $ (317.0) $ (95.9) Add: Depreciation and amortization 47.9 50.7 44.6 41.4 45.5 LCM / LIFO (gain) loss (1.9) 5.1 16.8 (26.2)

  13. Slide 13: Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss)

    RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS) ($ in millions, except per barrel data) Specialty Products and Solutions segment gross profit $ 2Q 2025 (14.9) $ 3Q 2025 276.3 $ 4Q 2025 38.3 $ 1Q 2026 (62.9) $ 2Q 2026 31.8 LCM/LIFO inventory (gain) loss 4.9 1.4 1

  14. Slide 14: Reconciliation of MRL and CMR Net Income (Loss) to Adjusted EBITDA

    RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA 2Q 2025 2Q 2026 Montana / Montana / MRL CMR MRL CMR Renewables Renewables ($ in millions) Net income (loss) $ (50.8) $ (24.1) $ (74.9) $ (15.3) $ (17.2) $ (32.5) Add: Depreciation and amortization 16.8 11.4 28.2 16.4 9.8 26.2 LCM / L

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