Second Quarter 2026 Financial Results
August 7, 2026
Adjusted EBITDA with Tax Attributes ($MM) | Q2 2026 | Q2 2025 |
Specialty Products and Solutions (SPS) | $161.7 | $66.8 |
Performance Brands (PB) | $6.3 | $13.5 |
Montana/Renewables (MRL at 87%) | $26.6 | $16.3 |
MRL at 100% | $16.6 | $8.3 |
Corporate | $(19.4) | $(20.1) |
Adjusted EBITDA with Tax Attributes (1) | $175.2 | $76.5 |
Performance Update
$175mm Adjusted EBITDA with Tax Attributes
Accelerated deleveraging continues
July: $100M notes called; $15M CMR sale-leaseback retired
Exceptional operational and commercial execution in strong market
Three turnarounds completed on-time and on-budget
Near-record production volumes
Standout specialty margins in dynamic market environment and global base oil shortage
Montana Renewables expansion accelerating
1st stage of Montana Renewables MaxSAF® 150 project complete
$40 million foregone margin during MaxSAF expansion downtime
Next stage of capital light expansion: 17k BPD of feed and 200 million gallons of run-rate SAF production by end 2028
2nd reactor online this winter, repurposed from CMR
Provides proprietary, competitively advantaged SAF yields
Winter tie-in provides ability to capture current market margins before the reconfiguration: CMR expecting to generate ~$50M of EBITDA in 2nd half
3
SAF ramp: 60M gallon run-rate end of Q2 2026 80M YE 2026 120M+ Spring 2027 200M gal YE 2028
See appendix to this presentation for GAAP to Non-GAAP reconciliations
SPECIALTIES: TIGHT MARKETS TODAY, HIGH-RETURN GROWTH AHEADWell Positioned in Structurally Tight Markets Growth Built on Demonstrated Success
Global specialties shortage unlikely to resolve quickly
>10% of global paraffinic base oil production is damaged, turning a traditionally balanced base oil market into an extreme shortage
Group I & III production offline in Eastern Europe & Middle East from Russia and Iran wars
U.S. is world's largest exporter and can't meet shortfall
Record refining utilization and intermediates are scarce
Extreme increase in industry's waterborne shipping costs
Distillate intermediates for incremental industry solvent production are extremely expensive
Calumet's fully integrated operation generates:
>22,000 BPD of high margin specialty products
BPD
12k BPD lubricating oils (paraffinics, naphthenics, white oils)
10k BPD of solvents exposed to diesel upside
>55,000 BPD of fuels and asphalt
4
Largely North American supply chain
Accelerated deleveraging and strong free cash flow outlook support renewed investment in high-return specialties growth opportunities.
Industry leadership demonstrated with strong track record of organic growth, despite minimal capital deployed
Progressing pipeline of ~$50mm low-risk, 30%+ IRR organic growth opportunities through FEL process
Opportunities developed during past few years of tightened spend
Specialties Volume Growth (SPS + PB)
24,000
23,000
22,000
21,000
20,000
19,000
18,000
Large portion of the pipeline expected to be approved for 2027
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 this year
Record soybean and canola crush expands domestic feedstock supply and growing investments in ag industry
RIN generation trends demonstrate successful market response to RVO targets
202C: C.7B gal
5
2024 = 350mm*
2025 = 400 mm*
202C = 550mm*
2025: 4.5B gal
Biomass Based Diesel Supply Stack
Gallons/mos. Biomass Based Diesel Production
* Call on BBD = D4 RVO plus D5/D6 covered by D4
MRL EXPANSION UPDATERun rate 2025 | MaxSAF® 150: 1 reactor (now) | MaxSAF® 150: 2 reactor | MaxSAF® YE 2028 | |
Throughput (kBPD) | 12 | 12-13 | 13+ | 17 |
SAF annual run- rate (MM gals) | 30 | 60+ | 120+ | ~200 |
MaxSAF® 150 catalyst performance testing successfully completed, proving catalyst ability to support next phase of MaxSAF®
Capital light expansion progressing
17k BPD of throughput and 200mm gallons of run-rate SAF by year end 2028 for fraction of original investment
DOE process progressing well - details provided then
2nd reactor to be installed this winter - expedited by repurposing an existing CMR reactor.
Dual reactor system provides proprietary, competitively advantaged SAF yields, minimizing LPG and naphtha make, in a "polishing" service as opposed to an industry standard "cracking" service
Executing 15-day tie-in early winter allows CMR to capture current market environment rather than tie-in unit mid-summer
~$50mm of EBITDA expected at CMR from July through tie-in at current strong margins
In extremely high RD margin environment, MRL economic optimum is at ~60mm gal SAF run-rate until polishing reactor installed
SAF volume ramp: 60M gallon run-rate end of Q2 2026 80M+ YE 2026 120M+ Spring 2027 200M gal YE 2028
6
Existing owned reactor in Gulf Coast storage serves as potential future 3rd reactor
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENT(1) Includes RVO accrual
Exceptional results driven by strong margin environment and disciplined execution
Q22026
Q22025
Adjusted EBITDA ($MM)
$161.7
$66.8
Specialty Products Material Margin ($/bbl)
$92.39
$66.17
Fuels & Asphalt Material Margin (1) ($/bbl)
$20.27
$7.96
Rapid commercial response to extreme cost volatility
Strong operational quarter and turnaround execution
Another record specialties volume quarter
Strong margin outlook
Global specialties supply chain disruptions driving shortage without a clear solution
Record high refinery industry utilization coupled with low inventory levels
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Specialty Products Fuels & Aspha(l1t)
$30
$25
$20
$15
$10
$5
$0
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
Material Margin $/bbl
Specialty Products Fuels & Asphalt
Q2'26
Q1'26
Q4'25
Q3'25
Q2'25
60,000
50,000
40,000
30,000
20,000
10,000
0
Sales Volume (bpd)
7
Specialty Products
Fuels & Asphalt
Strong cash flows projected to continue - 10k BPD 2:1:1 hedged through Q1 '28
PERFORMANCE BRANDS SEGMENTQ22026
Q22025
Sales ($MM)
$103.6
$80.7
Adjusted EBITDA ($MM)
$6.3
$13.5
Sales volume (MM gals)
8.3
6.7
Strong volume performance across all brands
Sales volume increased 24% YoY
TruFuel sets another quarterly record sales volume
Multiple price increases implemented in Q2, with more under way as feedstock costs continue to escalate
Integrated specialties platform: the strong market fundamentals supporting
SPS pressure create significant margin impact downstream until cost increases have fully passed through the system
$7.3 million LIFO impact
8
Typical price lag of 60-90 days in retail channels
MONTANA / RENEWABLES SEGMENTQ22026
Q22025
Adjusted EBITDA ($MM) with Tax Attributes
$26.6
$16.3
Renewables at 87% with Tax Attributes
$14.4
$7.2
Montana Asphalt
$12.2
$9.1
Renewable Sales (bpd)
6,511
12,102
Conventional Sales (bpd)
12,379
14,766
Renewables
100% of MRL Adjusted EBITDA with Tax Attributes totaled $16.6 million in Q2'26
Strong results in May and June, with over $40 MM of foregone margin during planned expansion downtime
Recognizing expected recovery in industry margins following SET2 RVO
Index margin increased from $0.59/gal at 12/31/25 to $2.58/gal in June '26
$3.00
2016-2023: ~$2.00/gal Index Margin
2026-2027 RVO:
$2.50/gal Index Margin
$2.50
$2.00
$1.50
$1.00
$0.50
$-
Renewable Diesel Industry Index Margin $/gal.
Achieved operating costs (ex SG&A) of $0.40 per gallon in June '26, in line with $0.42 per gallon in Q4 2025
Montana Asphalt
Retail asphalt rack seasonally re-opened in Q2
Normal asphalt price lag pressured margins early in quarter
9
Seasonally strong Q3'26 and outsized CMR performance expected this fall
Appendix
11
CAPITAL STRUCTURE OVERVIEW
Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | ||
($ 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 equivalents and restricted cash (Unrestricted Group) | 0.6 | 3.7 | 29.2 | 195.4 | 179.6 | 166.0 | 197.5 | 173.6 | 141.7 | |
ABL Revolver Borrowings | $ | 315.1 $ | 225.9 $ | 286.6 $ | 53.8 $ | 208.4 $ | 167.6 $ | 94.6 $ | 95.2 $ | 18.3 |
11.00% Senior Notes due 2025 | 363.5 | 363.5 | - | - | - | - | - | - | - | |
11.0% Senior Notes due 2026 | - | - | 354.4 | 354.4 | 204.4 | 124.4 | 124.4 | - | - | |
8.125% Senior Notes due 2027 | 325.0 | 325.0 | 325.0 | 325.0 | 325.0 | 325.0 | 325.0 | - | - | |
9.75% Senior Notes due 2028 | 325.0 | 325.0 | 325.0 | 425.0 | 425.0 | 425.0 | 425.0 | 425.0 | 425.0 | |
9.25% Senior Secured First Lien Notes due 2029 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | |
9.75% Senior Notes due 2031 | - | - | - | - | - | - | - | 555.0 | 555.0 | |
Shreveport terminal asset financing arrangement | 46.9 | 44.9 | 42.1 | 40.0 | 37.9 | 118.5 | 116.1 | 113.7 | 111.2 | |
Montana terminal asset financing arrangement | - | 34.7 | 30.4 | 27.8 | 27.8 | 26.7 | 22.5 | 19.3 | 15.9 | |
Montana refinery asset financing arrangement | - | 110.0 | 108.7 | 147.5 | 145.5 | 143.5 | 142.7 | 140.8 | 138.8 | |
MRL revolving credit agreement | 6.4 | - | - | - | - | - | - | - | - | |
MRL term loan credit agreement | 74.1 | 73.9 | 73.7 | - | - | - | - | - | - | |
DOE Loan | - | - | - | 786.1 | 795.7 | 805.5 | 815.4 | 825.2 | 835.2 | |
MRL asset financing arrangements | 376.6 | 372.5 | 368.1 | - | - | - | - | - | - | |
Finance lease obligations | 2.5 | 2.9 | 2.9 | 2.6 | 2.4 | 2.1 | 1.9 | 1.2 | 1.0 | |
Total Debt | $ | 2,035.1 $ | 2,078.3 $ | 2,116.9 $ | 2,362.2 $ | 2,372.1 $ | 2,338.3 $ | 2,267.6 $ | 2,375.4 $ | 2,300.4 |
Less Non-Recourse Debt | 457.1 | 446.4 | 441.8 | 786.1 | 795.7 | 805.5 | 815.4 | 825.2 | 835.2 | |
Total Recourse Debt | $ | 1,578.0 $ | 1,631.9 $ | 1,675.1 $ | 1,576.1 $ | 1,576.4 $ | 1,532.8 $ | 1,452.2 $ | 1,550.2 $ | 1,465.2 |
Net Recourse Debt | $ | 1,571.6 $ | 1,601.0 $ | 1,666.2 $ | 1,568.1 $ | 1,565.4 $ | 1,524.2 $ | 1,444.6 $ | 1,545.2 $ | 1,457.1 |
Less Intercompany | 483.1 | 507.1 | 541.0 | 375.8 | 389.1 | 394.8 | 397.5 | 400.4 | 407.8 | |
Net Recourse Debt Adjusted for Intercompany | $ | 1,088.5 $ | 1,093.9 $ | 1,125.2 $ | 1,192.3 $ | 1,176.3 $ | 1,129.4 $ | 1,047.1 $ | 1,144.8 $ | 1,049.3 |
LTM Adjusted EBITDA (Restricted Group) | $ | 255.2 $ | 230.5 $ | 204.4 $ | 223.8 $ | 224.4 $ | 266.6 $ | 294.5 $ | 282.9 $ | 374.5 |
Net Recourse Debt / LTM Adjusted EBITDA (Restricted Group) | 6.2x | 6.9x | 8.2x | 7.0x | 7.0x | 5.7x | 4.9x | 5.5x | 3.9x | |
Net Recourse Debt Adjusted for Intercompany / LTM Adjusted EBITDA (Restricted Group) | 4.3x | 4.7x | 5.5x | 5.3x | 5.2x | 4.2x | 3.6x | 4.0x | 2.8x | |
12
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) | 4.4 | ||||
Interest expense | 52.9 | 53.6 | 50.8 | 51.1 | 52.0 | ||||
Debt extinguishment costs | 0.1 | (0.5) | 0.2 | 1.7 | - | ||||
Unrealized (gain) loss on derivatives | (7.0) | (2.0) | (14.9) | 102.7 | (9.0) | ||||
(Gain) loss on sale of business | - | 6.4 | - | - | - | ||||
RINs incurrence (gain) expense | 15.3 | (303.1) | 25.4 | 31.5 | 48.0 | ||||
RINs mark to market (gain) loss | 79.1 | (20.8) | 10.9 | 115.9 | 115.6 | ||||
(Gain) loss on impairment and disposal of assets | - | - | 1.3 | - | - | ||||
Other | 4.2 | (5.3) | (10.2) | 0.5 | 0.2 | ||||
Equity-based compensation and other items | 10.1 | 9.5 | 8.3 | 44.7 | 19.5 | ||||
Income tax (benefit) expense | 0.2 | (41.4) | (51.8) | (20.8) | (21.2) | ||||
Noncontrolling interest adjustments | 2.1 | 4.0 | 4.3 | 2.1 | 0.2 | ||||
Adjusted EBITDA | $ 55.1 | $ 69.6 | $ 48.4 | $ 27.6 | $ 159.3 | ||||
Tax attributes | 21.4 | 22.9 | 20.9 | 22.5 | 15.9 | ||||
Adjusted EBITDA with Tax Attributes | $ 76.5 | $ 92.5 | $ 69.3 | $ 50.1 | $ 175.2 | ||||
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS
PROFIT (LOSS)
($ in millions, except per barrel data)
2Q 2025 3Q 2025
4Q 2025
1Q 2026
2Q 2026
Specialty Products and Solutions segment gross profit
LCM/LIFO inventory (gain) loss Other adjustments
RINs incurrence expense
13
RINs mark to market (gain) loss
$ (14.9) $
4.9
-12.0
55.4
276.3 $
1.4
-(192.9)
(16.7)
38.3 $
11.8
-20.7
9.2
(62.9) $
18.8
-24.6
98.0
31.8
8.7
-40.1
96.8
Depreciation and amortization | 18.2 | 21.4 | 17.8 | 18.4 | 18.2 | |||||
Specialty Products and Solutions segment Adjusted gross profit | $ 75.6 | $ 89.5 | $ 97.8 | $ 96.9 | $ 195.6 | |||||
Performance Brands segment gross profit | $ | 22.1 | $ | 18.5 | $ | 15.4 | $ | 21.0 | $ | 16.9 |
LCM/LIFO inventory (gain) loss | (0.5) | 1.7 | (1.7) | (0.3) | (1.5) | |||||
Other adjustments | - | - | - | - | - | |||||
Depreciation and amortization | 0.7 | 0.7 | 0.7 | 1.1 | 0.7 | |||||
Performance Brands segment Adjusted gross profit | $ 22.3 | $ 20.9 | $ 14.4 | $ 21.8 | $ 16.1 | |||||
Montana/Renewables segment gross profit (loss) | $ | (50.8) | $ | 78.9 | $ | (56.7) | $ | (45.6) | $ | (30.4) |
LCM/LIFO inventory (gain) loss | (6.3) | 2.0 | 6.7 | 7.7 | (2.8) | |||||
Loss on firm purchase commitments | - | - | - | - | - | |||||
RINs incurrence expense | 3.3 | (110.2) | 4.7 | 6.9 | 7.8 | |||||
RINs mark to market (gain) loss | 23.7 | (4.1) | 1.7 | 17.9 | 18.8 | |||||
Depreciation and amortization | 28.1 | 28.1 | 25.3 | 21.9 | 26.1 | |||||
Montana Renewables segment Adjusted gross profit (loss) | $ (2.0) | $ (5.3) | $ (18.3) | $ 8.8 | $ 19.5 | |||||
Reported Specialty Products and Solutions segment gross profit per barrel | $ | (2.72) | $ | 46.11 | $ | 6.03 | $ | (10.72) | $ | 5.25 |
LCM/LIFO inventory (gain) loss per barrel | 0.90 | 0.23 | 1.86 | 3.20 | 1.43 | |||||
Other adjustments per barrel | - | - | - | - | - | |||||
RINs incurrence expense per barrel | 2.19 | (32.19) | 3.26 | 4.19 | 6.61 | |||||
RINs mark to market (gain) loss per barrel | 10.12 | (2.79) | 1.45 | 16.70 | 15.96 | |||||
Depreciation and amortization per barrel | 3.32 | 3.58 | 2.79 | 3.14 | 3.00 | |||||
Specialty Products and Solutions segment Adjusted gross profit per barrel | $ 13.81 | $ 14.94 | $ 15.39 | $ 16.51 | $ 32.25 | |||||
Performance Brands segment gross profit per barrel | $ | 138.99 | $ | 124.16 | $ | 119.38 | $ | 125.75 | $ | 85.47 |
LCM/LIFO inventory (gain) loss per barrel | (3.14) | 11.41 | (13.18) | (1.80) | (7.60) | |||||
Other adjustments per barrel | - | - | - | - | - | |||||
Depreciation and amortization per barrel | 4.40 | 4.70 | 5.43 | 6.59 | 3.55 | |||||
Performance Brands segment Adjusted gross profit per barrel | $ 140.25 | $ 140.27 | $ 111.63 | $ 130.54 | $ 81.42 | |||||
Montana/Renewables segment gross profit (loss) per barrel | $ | (20.78) | $ | 34.50 | $ | (24.32) | $ | (25.38) | $ | (17.67) |
LCM/LIFO inventory (gain) loss per barrel | (2.58) | 0.87 | 2.87 | 4.28 | (1.63) | |||||
Loss on firm purchase commitments per barrel | - | - | - | - | - | |||||
RINs incurrence expense per barrel | 1.35 | (48.19) | 2.02 | 3.84 | 4.54 | |||||
RINs mark to market (gain) loss per barrel | 9.69 | (1.79) | 0.73 | 9.96 | 10.94 | |||||
Depreciation and amortization per barrel | 11.50 | 12.29 | 10.85 | 12.19 | 15.18 | |||||
Montana Renewables segment Adjusted gross profit (loss) per barrel | $ (0.82) | $ (2.32) | $ (7.85) | $ 4.89 | $ 11.36 | |||||
Specialty Products and Solutions Adjusted EBITDA | $ | 66.8 | $ | 80.2 | $ | 88.5 | $ | 44.3 | $ | 161.7 |
Specialty Products and Solutions Sales | $ | 627.9 | $ | 679.1 | $ | 675.9 | $ | 705.0 | $ | 1,012.5 |
Specialty Products and Solutions Adjusted EBITDA margin | 10.6% | 11.8% | 13.1% | 6.3% | 16.0% | |||||
14
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA
2Q 2025 | 2Q 2026 | |||||||||
($ in millions) | MRL | CMR | Montana / Renewables | MRL | CMR | Montana / Renewables | ||||
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 / LIFO (gain) loss | (4.0) | (2.3) | (6.3) | 0.3 | (3.1) | (2.8) | ||||
Interest expense | 18.2 | (3.1) | 15.1 | 18.6 | (4.1) | 14.5 | ||||
Debt extinguishment costs | - | - | - | - | - | - | ||||
Unrealized (gain) loss on derivatives | - | - | - | - | - | - | ||||
RINs incurrence (gain) expense | - | 3.3 | 3.3 | - | 7.8 | 7.8 | ||||
RINs mark to market (gain) loss | - | 23.7 | 23.7 | - | 18.8 | 18.8 | ||||
(Gain) loss on impairment and disposal of assets | - | - | - | - | - | - | ||||
Other | 3.5 | 0.2 | 3.7 | (0.2) | 0.2 | - | ||||
Equity based compensation and other items | - | - | - | - | - | - | ||||
Income tax (benefit) expense | - | - | - | (21.5) | - | (21.5) | ||||
Noncontrolling interest adjustments | 2.1 | - | 2.1 | 0.2 | - | 0.2 | ||||
Adjusted EBITDA | $ (14.2) $ | 9.1 $ | (5.1) | $ (1.5) $ | 12.2 $ | 10.7 | ||||
Tax attributes | 21.4 | - | 21.4 | 15.9 | - | 15.9 | ||||
Adjusted EBITDA with Tax Attributes | $ 7.2 $ | 9.1 $ | 16.3 | $ 14.4 $ | 12.2 $ | 26.6 | ||||
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