INDIANAPOLIS, Jan. 5, 2026 /PRNewswire/ — Calumet, Inc. (NASDAQ:CLMT) (the “Company,” “Calumet,” “we,” “our” or “us”) announced today preliminary selected financial results for the year ended December 31, 2025.
Based on preliminary data, the Company currently expects to report a net loss between $69.0 million and $12.0 million and Adjusted EBITDA with Tax Attributes between $285.0 million and $305.0 million for year ended December 31, 2025. In addition, based on preliminary data, the Company expects 2025 Adjusted EBITDA for its Restricted Subsidiary Group within the same range. For a reconciliation of the preliminary estimate of Adjusted EBITDA with Tax Attributes to preliminary estimated net loss, the most directly comparable GAAP measure, see “Non-GAAP Financial Measures” below.
“Based on preliminary data Calumet reduced restricted debt by more than $220 million in 2025,” said Todd Borgmann, CEO. “This was driven by over $70 million of structural annual cost improvements, approximately $20 million of cost efficiencies and flexibility gains in our crude supply chain, a disciplined and responsible approach to capital spending, and an accretive $110 million divestiture of the Royal Purple Industrial business. This cost transformation, coupled with our leading commercial excellence platform and reliability initiatives that drove 1.3 million barrels of increased annual production, position the company for durable free cash flow generation and continued deleveraging in 2026.”
“At Montana Renewables, 2025 marked a pivotal year as we demonstrated our leadership position in the space and established a faster, more cost-effective MaxSAF™ 150 expansion path,” Borgmann continued. “Montana Renewables’ balance sheet was transformed with the successful completion of the first U.S. Department of Energy loan approved under the Trump administration, which eliminated approximately $80 million of annual cash debt service. Further, we monetized over $90 million of producer tax credits during 2025. Looking ahead to 2026, with our MaxSAF expansion on track for the second quarter and anticipated favorable regulatory developments, including an increase in the D4 Renewable Volume Obligation, we are highly encouraged by Montana Renewables’ long-term growth and margin outlook.”
As of December 31, 2025, based on preliminary data, we had approximately $250 million of liquidity in the Restricted Subsidiaries Group, and total liquidity of approximately $447 million (inclusive of restricted cash).
The Company has prepared the estimated preliminary financial data presented above based on the most current information available to management. The Company’s normal financial reporting processes with respect to the preliminary financial data have not been fully completed and the Company’s independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to the accompanying preliminary financial data. As a result, the Company’s actual financial results could vary materially from this preliminary financial data. Investors should not place undue reliance on these preliminary financial data. These estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with U.S. GAAP.
About Calumet
Calumet, Inc. (NASDAQ:CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “will,” “may,” “intend,” “believe,” “expect,” “outlook,” “forecast,” “anticipate,” “estimate,” “continue,” “plan,” “should,” “could,” “would,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding (i) preliminary estimates of selected financial results for the most recent annual period, (ii) demand for finished products in markets we serve, (iii) our expectation regarding our business outlook and cash flows, including with respect to the Montana Renewables business and our plans to de-leverage our balance sheet, (iv) our ability to monetize PTCs and the price we expect to receive for PTCs, (v) our expectation regarding anticipated capital expenditures and strategic initiatives and (vi) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or disposition transactions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ materially from those in the forward-looking statements include: the overall demand for specialty products, fuels, renewable fuels and other refined products; the level of foreign and domestic production of crude oil and refined products; our ability to produce specialty products, fuel products, and renewable fuel products that meet our customers’ unique and precise specifications; the marketing of alternative and competing products; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the costs of complying with the Renewable Fuel Standard, including the prices paid for renewable identification numbers (“RINs”); our ability to sell, and the prices received for, PTCs; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; our ability to access the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market, business or political conditions, including inflationary pressures, instability in financial institutions, general economic slowdown or a recession, political tensions, conflicts and war (such as the ongoing conflicts in Ukraine and the Middle East and their regional and global ramifications).
For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and our other filings with the SEC.
We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or …