Calumet (CLMT) Q1 2026 earnings summary

Executive summary

• Q1 2026 Adjusted EBITDA with Tax Attributes was $50.1 million, down from $55 million in Q1 2025, impacted by Shreveport production loss but offset by strong margin environments, specialty price increases, and record TruFuel sales.

• Montana Renewables completed turnaround and MaxSAF 150 expansion, resuming full operations in May and positioning for increased SAF production.

• EPA's SET2 RVO announcement in March 2026 reset the biofuels industry outlook, supporting strong, stable margins and incentivizing utilization growth.

• Shreveport plant resumed normal operations in April after downtime caused by crude contamination.

• Entered into a Second Omnibus Amendment Agreement with J. Aron & Company LLC, extending and amending key inventory monetization, supply, and financing agreements for the Shreveport refinery through January 31, 2030.

Financial highlights

• Q1 2026 net loss widened to $317.0 million from $162.0 million year-over-year, primarily due to non-cash RINs and mark-to-market items.

• Adjusted EBITDA with Tax Attributes was $50.1 million, down from $55 million in Q1 2025.

• Specialty Products and Solutions Adjusted EBITDA: $44.3 million (Q1 2026) vs $56.3 million (Q1 2025); margin $54.00/bbl vs $57.01/bbl.

• Performance Brands Adjusted EBITDA: $12.6 million (Q1 2026) vs $15.8 million (Q1 2025); record TruFuel sales.

• Montana Renewables Adjusted EBITDA with Tax Attributes: $10.2 million (Q1 2026) vs $3.3 million (Q1 2025); index margin rose from $0.59/gal to $3.15/gal.

Outlook and guidance

• Fuels and specialty markets are well positioned for the remainder of 2026, with strong margin environment and continued specialty price increases.

• Renewables business at a positive inflection point, with a 4-5x increase in SAF volumes anticipated on an annual run rate basis.

• SET2 RVO finalized in March 2026 supports robust renewable diesel and SAF demand.

• No change in the plan to eventually monetize Montana Renewables; focus remains on demonstrating earnings power post-expansion.

• Positioned to accelerate deleveraging and pursue long-term growth as operational improvements take effect.