Calumet : Presentation (Calumet First Quarter 2026 Earnings Presentation Final)

Published: 2026-05-08 07:35:08 ET CLMT

Published on 05/08/2026 at 07:35 am EDT

May 8, 2026

Q1'26 Adjusted EBITDA with Tax Attributes ($MM)

Q1'25 Adjusted EBITDA with Tax Attributes ($MM)

Specialty Products and Solutions (SPS)

$44.3

$56.3

Performance Brands (PB)

$12.6

$15.8

Montana/Renewables (MRL at 87%)

$10.2

$3.3

MRL at 100%

$10.1

$2.4

Corporate

$(17.0)

$(20.4)

Adjusted EBITDA with Tax Attributes (1)

$50.1

$55.0

Strategic Update

Integrated production footprint provides robust specialty margins with upside exposure to 55k BPD of fuel margins

EPA SET 2 RVO announcement in March transforms the industry outlook

Montana Renewables turnaround completed; MaxSAF® 150 commenced operations in early May

Performance Update

Q1'26 Adj. EBITDA with Tax Attributes of $50.1 million

Strong margin environment offset by ~750k barrels of lost Shreveport production resulting from crude contamination - resumed full operations in early April

Montana Renewables began turnaround and MaxSAF® 150 expansion in March - fully operating in early May

Continued commercial execution in Specialties

20+ specialty price increases substantially mitigated rapid crude escalation

Record TruFuel sales volume

See appendix to this presentation for GAAP to Non-GAAP reconciliations

INTEGRATED BUSINESS WELL POSITIONED FOR CURRENT MARKET

Calumet's integrated operation generates:

>22,000 BPD of high margin specialty products

>55,000 BPD of fuels and asphalt

Fuel margins have increased dramatically as a result of the Iranian conflict

Gulf Coast 2-1-1 forward strip is ~ $43/BBL compared to ~ $24/BBL for full year 2025

Hedged ~10k BPD of Shreveport's fuels production in '26 and '27 to protect accelerated deleveraging opportunity and strong cash flows

Advantaged specialty feedstock position demonstrated in this market

$45.00

$40.00

$35.00

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

$42.81

$40.03

$31.67

$24.10

$20.78

$18.07 $17.55

$9.38

USGC 211 Crack Spread ($/BBL) (1)

2019 2020 2021 2022 2023 2024 2025 2026

Calumet processes predominantly North American feedstocks

Large portion of global specialty crudes are directly impacted by conflict

Global specialty market is tightening

(1) 2026 reflects weighted average of Jan-Apr '26 settled price and May-Dec '26 forward strip as of 5/6/26.

Specialty Material Margin ($/BBL)

Beyond broader industry waterborne crude supply disruptions, ~10% of global base oil supply remains offline or stranded in the Middle East.

Industry has rapidly increased prices to offset crude cost increase; Calumet has executed over 20 price increases across product lines

Benefitted by an integrated operation

Fully integrated operation captures full margin of crude to specialty products, including the embedded value of diesel fuel or VGO

$85.00

$80.00

$75.00

$70.00

$65.00

$60.00

$55.00

$50.00

$45.00

$40.00

$80.94 $82.82

$76.61

$72.06

$70.94

$68.02

$61.46

$54.12

2019 2020 2021 2022 2023 2024 2025 LTM

Q1'26

2025: 4.5B gal

Biomass Based Diesel Supply Stack

202C: C.7B gal

SET2 RVO translates to 6.7B gallons biomass-based diesel demand

Rapidly restored historical industry index margin of $2+ per gallon

Leaves ~0.5B gallon per year shortfall at 85% utilization

RIN bank depletion; imports; above-plan industry utilization close the gap

MRL applauds Trump Administration and Zeldin EPA - industry is up for the challenge

U.S. agriculture will produce the feedstock

Healthy biobased diesel industry utilization slightly above 85% (and/or incremental imports)

Corrects 2023-25 SET1 RVO error, which didn't account for RD capacity growth and collapsed industry utilization to ~50% of capacity

Increases domestic energy supply and reduces fixed cost to produce per gallon

Renewable Diesel Market Index, $/gal

Gallons per Month Biomass Based Diesel Production

600,000,000

202C = 550mm*

500,000,000

400,000,000

2024 = 350mm*

2025 = 400 mm*

300,000,000

200,000,000

100,000,000

Domestic RD+SAF

Domestic BD

Imports (all)

Total D4

* Call on BBD = D4 RVO plus D5/D6 covered by D4

Mar-26

Jan-26

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

All while improving air quality

$3.00

$2.50

$2.00

$1.50

SET 1 RVO

(final June 2023)

$1.00

$0.50

Historical avg ~$2.00/gal Index Margin

SET 2 RVO

(final March 2026)

Renewable Diesel Industry Index Margin $/gal.

MaxSAF® 150 Significantly Increases SAF Production

SAF Premium

Jet fuel demand growth is outpacing all other fuels

Iran conflict highlights traditional energy's inability to keep up with increased jet demand over time

USWC is import dependent-supply at risk today

EU much more so

MRL is increasing domestic SAF production

Turnaround and MaxSAF®150 project completed during March/April

Successfully commenced operations in May

Sales to new and existing SAF customers resumed

Diversified mix of physical SPK off-takers, blended-SAF customers, and Scope 1 and Scope 3 buyers

(1) SAF registries include Avelia, SAFc, RSB, and IATA-CADO

MRL has more SAF on registries than anyone else in the world (1)

SAF is recovered from renewable diesel, so RD sets a firm base price

SAF market is voluntary in North America, mandatory in EU, and heading toward mandatory in Asia

North American market has proven robust for Montana Renewables

SAF contracts in place at $1-$2 premium over RD

Renewable Diesel Revenue Stack now $2+ per gallon

SAF premium

Guidance of

$1-2/gallon SAF premium to RD

Premium takes various forms including emissions credits

LCFS

BTC/PTC

D4 RIN

Wholesale diesel price

(1) Includes RVO accrual

Fuels and specialty markets are extremely well positioned for remainder of 2026

Q12026

Q12025

Adjusted EBITDA ($MM)

$44.3

$56.3

Specialty Products Material Margin ($/bbl)

$54.00

$57.01

Fuels & Asphalt Material Margin (1) ($/bbl)

$10.55

$7.25

Sixth consecutive quarter of specialty sales volume > 20K bpd

Specialty price increases rapidly executed to mitigate feedstock costs

Organic chlorides discovered in Shreveport crude supply resulted in 750,000 barrels of lost production (~$30mm impact in super-cycle margin environment) - fully operational in early April

60,000

50,000

40,000

30,000

20,000

10,000

Sales Volume (bpd)

1Q25 2Q25 3Q25 4Q25 1Q26

$70

$60

Specialty Products

$50

$40

$30

$20

$10

Material Margin $/bbl

1Q25 2Q25 3Q25 4Q25 1Q26

$20

$18

$16

Fuels & Asphalt

$14

$12

$10

(1)

Q12026

Q12025

Sales ($MM)

$88.9

$82.1

Adjusted EBITDA ($MM)

$12.6

$15.8 (1)

Sales volume (MM gals)

7.0

6.5 (1)

Strong Performance Brands results

TruFuel posted record sales volume quarter

Multiple price increases implemented

Growth in segment essentially replacing

divested Royal Purple Industrial business, which is included in Q1 2025 results

(1) Q1'25 results includes contribution from industrial portion of Royal Purple business divested in March 2025

Typically effective within 60-90 days

Q12026

Q12025

Adjusted EBITDA ($MM) with Tax Attributes

$10.2

$3.3

Renewables at 87% with Tax Attributes

$8.8

$2.1

Montana Asphalt

$1.4

$1.2

Renewable Sales (bpd)

7,863

10,264

Conventional Sales (bpd)

12,102

13,885

Renewables

Montana Asphalt

100% of MRL Adjusted EBITDA with Tax Attributes totaled

$10.1 million in Q1'26

Turnaround and MaxSAF ® 150 expansion work began in early March

Resumed normal operations in early May

SET2 RVO support positions RD & SAF for strong performance going forward

Index margin increased from $0.59/gal at 12/31/25 to

$3.15 at 3/31/26

Typical winter asphalt seasonality combined with price lag in wholesale asphalt pressured the quarter

Strong 2026 outlook

Expansive fuels margins stemming from Iran conflict

Retail asphalt rack opens in Q2

Robust Specialties Business

Specialties continues to prove resilient reflecting diverse portfolio, commercial excellence and cost structure

Calumet Well-Positioned for Accelerated Deleveraging and Future Growth

Dynamic integrated specialties business

Market tailwinds in Fuels

Supportive RVO

MaxSAF® 150

Positioning for Montana Renewables Monetization

Derisked operations

Federal loan funded

Demonstrate relative advantage of MRL

RVO reset restores historical industry profitability

MaxSAF® 150 expansion

Showcase financial impact with RVO and MaxSAF® 150 in place

MaxSAF® 150 catalyst loading in April 2026

($ in millions)

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

Net income (loss) Add:

(162.0)

$ (147.9)

$ 313.4

$ (37.3)

$ (317.0)

Depreciation and amortization

46.7

47.9

50.7

44.6

41.4

LCM / LIFO (gain) loss

(0.1)

(1.9)

5.1

16.8

(26.2)

Interest expense

58.5

52.9

53.6

50.8

51.1

Debt extinguishment costs

47.6

0.1

(0.5)

0.2

1.7

Unrealized (gain) loss on derivatives

(0.1)

(7.0)

(2.0)

(14.9)

102.7

(Gain) loss on sale of business

(62.2)

6.4

RINs incurrence (gain) expense

30.4

15.3

(303.1)

25.4

31.5

RINs mark to market (gain) loss

86.8

79.1

(20.8)

10.9

115.9

(Gain) loss on impairment and disposal of assets

1.3

Other

3.2

4.2

(5.3)

(10.2)

0.5

Equity-based compensation and other items

(13.5)

10.1

9.5

8.3

44.7

Income tax (benefit) expense

0.4

0.2

(41.4)

(51.8)

(20.8)

Noncontrolling interest adjustments

2.4

2.1

4.0

4.3

2.1

Adjusted EBITDA

$ 38.1

$ 55.1

$ 69.6

$ 48.4

$ 27.6

Tax attributes

16.9

21.4

22.9

20.9

22.5

Adjusted EBITDA with Tax Attributes

$ 55.0

$ 76.5

$ 92.5

$ 69.3

$ 50.1

($ in millions, except per barrel data)

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

Specialty Products and Solutions segment gross profit (loss)

$ (34.0)

$ (14.9)

$ 276.3

$ 38.3

$ (62.9)

LCM/LIFO inventory (gain) loss

(0.7)

4.9

1.4

11.8

(18.9)

Other adjustments

RINs incurrence expense

22.3

12.0

(192.9)

20.7

24.6

RINs mark to market (gain) loss

60.7

55.4

(16.7)

9.2

98.0

Depreciation and amortization

16.6

18.2

21.4

17.8

18.4

Specialty Products and Solutions segment Adjusted gross profit

$ 64.9

$ 75.6

$ 89.5

$ 97.8

$ 59.2

Performance Brands segment gross profit

$ 22.2

$ 22.1

$ 18.5

$ 15.4

$ 21.0

LCM/LIFO inventory (gain) loss

1.3

(0.5)

1.7

(1.7)

0.3

Other adjustments

Depreciation and amortization

0.7

Performance Brands segment Adjusted gross profit

$ 24.2

$ 22.3

$ 20.9

$ 14.4

$ 22.0

Montana/Renewables segment gross profit (loss)

$ (69.6)

$ (50.8)

$ 78.9

$ (56.7)

$ (45.6)

LCM/LIFO inventory (gain) loss

(0.7)

(6.3)

2.0

6.7

(7.6)

Loss on firm purchase commitments

RINs incurrence expense

8.1

3.3

(110.2)

4.7

6.9

RINs mark to market (gain) loss

26.1

23.7

(4.1)

1.7

17.9

Depreciation and amortization

27.9

28.1

25.3

21.9

Montana Renewables segment Adjusted gross profit (loss)

$ (8.2)

$ (2.0)

$ (5.3)

$ (18.3)

$ (6.5)

Reported Specialty Products and Solutions segment gross profit per barrel

$ (6.33)

$ (2.72)

$ 46.11

$ 6.03

$ (10.72)

LCM/LIFO inventory (gain) loss per barrel

(0.13)

0.90

0.23

1.86

(3.22)

Other adjustments per barrel

RINs incurrence expense per barrel

4.15

2.19

(32.19)

3.26

4.19

RINs mark to market (gain) loss per barrel

11.30

10.12

(2.79)

1.45

16.70

Depreciation and amortization per barrel

3.09

3.32

3.58

2.79

3.14

Specialty Products and Solutions segment Adjusted gross profit per barrel

$ 12.08

$ 13.81

$ 14.94

$ 15.39

$ 10.09

Performance Brands segment gross profit per barrel

$ 144.16

$ 138.99

$ 124.16

$ 119.38

$ 125.75

LCM/LIFO inventory (gain) loss per barrel

8.44

(3.14)

11.41

(13.18)

1.80

Other adjustments per barrel

Depreciation and amortization per barrel

4.54

4.40

4.70

5.43

4.19

Performance Brands segment Adjusted gross profit per barrel

$ 157.14

$ 140.25

$ 140.27

$ 111.63

$ 131.74

Montana/Renewables segment gross profit (loss) per barrel

$ (32.03)

$ (20.78)

$ 34.50

$ (24.32)

$ (25.38)

LCM/LIFO inventory (gain) loss per barrel

(0.32)

(2.58)

0.87

2.87

(4.23)

Loss on firm purchase commitments per barrel

RINs incurrence expense per barrel

3.73

1.35

(48.19)

2.02

3.84

RINs mark to market (gain) loss per barrel

12.01

9.69

(1.79)

0.73

9.96

Depreciation and amortization per barrel

12.84

11.50

12.29

10.85

12.19

Montana Renewables segment Adjusted gross profit (loss) per barrel

$ (3.77)

$ (0.82)

$ (2.32)

$ (7.85)

$ (3.62)

Specialty Products and Solutions Adjusted EBITDA

$ 56.3

$ 66.8

$ 80.2

$ 88.5

$ 44.3

Specialty Products and Solutions Sales

$ 650.1

$ 627.9

$ 679.1

$ 675.9

$ 705.0

Specialty Products and Solutions Adjusted EBITDA margin

8.7%

10.6%

11.8%

13.1%

6.3%

RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS)

1Q 2025

1Q 2026

($ in millions)

MRL

CMR

Montana / Renewables

MRL

CMR

Montana / Renewables

Net income (loss)

$ (114.9) $

(38.6) $

(153.5)

$ (17.6) $

(27.8) $

(45.4)

Add:

Depreciation and amortization

16.6

11.3

27.9

12.0

9.9

21.9

LCM / LIFO (gain) loss

(1.3)

0.6

(0.7)

(5.5)

(2.1)

(7.6)

Interest expense

24.8

(6.5)

18.3

18.0

(3.7)

14.3

Debt extinguishment costs

47.6

Unrealized (gain) loss on derivatives

RINs incurrence (gain) expense

8.1

6.9

RINs mark to market (gain) loss

26.1

17.9

(Gain) loss on impairment and disposal of assets

Other

4.4

0.2

4.6

0.3

0.6

Equity based compensation and other items

5.6

Income tax (benefit) expense

(23.0)

Noncontrolling interest adjustments

2.4

2.1

Adjusted EBITDA

$ (14.8) $

1.2 $

(13.6)

(13.7) $

1.4 $

(12.3)

Tax attributes

16.9

22.5

Adjusted EBITDA with Tax Attributes

$ 2.1 $

1.2 $

3.3

$ 8.8 $

1.4 $

10.2

Disclaimer

Calumet Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 11:34 UTC.