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Calumet (CLMT) investor relations material
Calumet Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved significant deleveraging in FY2025, reducing recourse debt by $222 million and eliminating 2026 and 2027 maturities, supported by strong free cash flow and $100 million in cost reductions.
Adjusted EBITDA with Tax Attributes rose to $293.3 million, up nearly 30% year-over-year, reflecting operational improvements and margin resilience.
Net loss narrowed to $33.8 million from $222.0 million in 2024, with basic loss per share of $0.39.
Completed DOE loan closure at Montana Renewables, reducing annual debt service by $80 million, and divested Royal Purple Industrial business.
Delivered record production in Specialty Products & Solutions and Montana Renewables segments.
Financial highlights
FY2025 Adjusted EBITDA with Tax Attributes: $293.3 million; Q4: $69.3 million.
Sales for 2025 were $4,137.1 million, slightly down from $4,189.4 million in 2024.
Gross profit increased to $245.7 million from $230.8 million; operating income improved to $108.7 million from $8.1 million.
Net cash provided by operating activities was $108.9 million, reversing a negative $46.4 million in 2024.
Cash and cash equivalents at year-end were $125.1 million, up from $80.0 million.
Outlook and guidance
Montana Renewables MaxSAF 150 expansion on track for Q2 2026, with 100 million gallons of SAF contracted at a $1–$2/gal premium over renewable diesel.
2026 CapEx forecasted at $115–$145 million due to heavy turnaround year at multiple sites.
Expect continued production growth, cost discipline, and reliability improvements in specialties.
Anticipated regulatory support, including finalized RVO and 45Z, expected to improve industry margins in 2026.
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