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Calumet Specialty Products Partners (CLMT) investor relations material
Calumet Specialty Products Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Reported a net loss of $147.9 million for Q2 2025, with Adjusted EBITDA with Tax Attributes of $76.5 million, reflecting strong cost discipline and margin expansion in specialties despite a major turnaround at Shreveport.
Achieved $42 million year-over-year operating cost reduction in H1 2025, with Montana Renewables operating costs at $0.43–$0.51 per gallon.
Montana Renewables delivered record operational performance and Adjusted EBITDA with Tax Attributes of $16.3 million, up from $8.7 million year-over-year, and is on track for 120–150 million gallons of annualized SAF production by Q2 2026.
Performance Brands posted $13.5 million Adjusted EBITDA, with strong TruFuel growth and the first quarter post-Royal Purple Industrial divestiture.
Enhanced capital structure by calling $230 million of 2026 Senior Notes and executing strategic asset sales, supporting deleveraging.
Financial highlights
Q2 2025 sales were $1,026.6 million, down 9.4% year-over-year, primarily due to lower crude oil prices and reduced volumes from a major turnaround.
Adjusted EBITDA for Q2 2025 was $55.1 million, down from $74.8 million in Q2 2024, while Adjusted EBITDA with Tax Attributes was $76.5 million, up from $74.8 million.
Specialty Products and Solutions Adjusted EBITDA was $66.8 million, with margin improving to $66.17/bbl and sales volume above 20,000 bpd for the third consecutive quarter.
RINs compliance expense increased to $90.8 million in Q2 2025, contributing to a gross loss of $43.6 million.
Liquidity as of June 30, 2025, was $379.2 million, including $110.6 million in unrestricted cash and $188.6 million in available credit.
Outlook and guidance
Montana Renewables remains on track for 120–150 million gallons of annualized SAF production by Q2 2026, with the MaxSAF 150 project targeting $20–$30 million in capex.
Strong free cash flow is anticipated in H2 2025, with continued focus on cost improvements and portfolio optimization.
Regulatory developments, including EPA RVO proposal and 45Z extension, are expected to further support renewables growth.
Assess impact of Shreveport turnaround on SPS.
Explain drivers of MR's operating cost reduction.
How will MaxSAFT expansion impact cash flow?
MRL cost reduction drivers
SAF PTC change impact on margins?
Deleveraging path beyond 2026 notes?
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Next Calumet Specialty Products Partners earnings date
Q3 20257 Nov, 2025
Next Calumet Specialty Products Partners earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Calumet Specialty Products Partners, L.P. is a master limited partnership focused on the production and distribution of specialty hydrocarbon products. The company manufactures a diverse range of products, including lubricants, solvents, waxes, and asphalt, as well as fuel products such as gasoline and diesel. Calumet serves a variety of industries, including automotive, industrial, construction, and personal care, with customized formulations designed to meet specific application requirements. The company is headquartered in Indianapolis, Indiana, and its shares are listed on the NASDAQ.
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