Second Quarter 2026 net loss of $(95.9) million, or basic earnings per common share of $(1.09), driven by non-cash RINs and other mark-to-market items Second Quarter 2026 Adjusted EBITDA with Tax Attributes of $175.2 million Montana Renewables completes first phase of MaxSAF® 150 expansion; now capturing robust renewable margins Accelerated deleveraging continues with $115 million of debt retirement in July Integrated specialties platform, favorable margin environment, and strong operational execution drive exceptional Specialty Products & Solutions results INDIANAPOLIS, Aug. 7, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") today reported its results for the second quarter ended June 30, 2026, as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except share data) Net income (loss) $ (95.9) $ (147.9) $ (412.9) $ (309.9) Basic earnings per common share $ (1.09) $ (1.70) $ (4.73) $ (3.58) Adjusted EBITDA $ 159.3 $ 55.1 $ 186.9 $ 93.2 Adjusted EBITDA with Tax Attributes $ 175.2 $ 76.5 $ 225.3 $ 131.5 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit (loss) $ 31.8 $ (14.9) $ 16.9 $ 22.1 $ (30.4) $ (50.8) Adjusted gross profit (loss) $ 195.6 $ 75.6 $ 16.1 $ 22.3 $ 19.5 $ (2.0) Adjusted EBITDA $ 161.7 $ 66.8 $ 6.3 $ 13.5 $ 10.7 $ (5.1) Adjusted EBITDA with Tax Attributes $ 161.7 $ 66.8 $ 6.3 $ 13.5 $ 26.6 $ 16.3 Gross profit (loss) per barrel $ 5.25 $ (2.74) $ 85.47 $ 138.99 $ (17.67) $ (20.78) Adjusted gross profit (loss) per barrel $ 32.25 $ 13.81 $ 81.42 $ 140.25 $ 11.36 $ (0.82) Specialty Products and Solutions Performance Brands Montana/Renewables Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit (loss) $ (31.1) $ (48.9) $ 38.0 $ 44.3 $ (76.0) $ (120.4) Adjusted gross profit (loss) $ 254.9 $ 140.5 $ 38.1 $ 46.5 $ 13.0 $ (10.2) Adjusted EBITDA $ 206.0 $ 123.1 $ 18.9 $ 29.3 $ (1.7) $ (18.7) Adjusted EBITDA with Tax Attributes $ 206.0 $ 123.1 $ 18.9 $ 29.3 $ 36.7 $ 19.6 Gross profit (loss) per barrel $ (2.60) $ (4.51) $ 104.24 $ 141.53 $ (21.66) $ (26.07) Adjusted gross profit (loss) per barrel $ 21.36 $ 12.95 $ 104.51 $ 148.56 $ 3.65 $ (2.21) "Calumet continues to execute against every element of our multi-dimensional strategy," said Todd Borgmann, CEO. "Our integrated specialties platform delivered exceptional results in a strong margin environment, supporting $115 million of debt retirement in July.
