Calumet Reports First Quarter 2026 Results
First Quarter 2026 net loss of $317.0 million, or basic loss per common share of $3.64, driven by non-cash RINs and other mark-to-market items First Quarter 2026 Adjusted EBITDA with Tax Attributes of $50.1 million Montana Renewables completed turnaround and commenced MaxSAF® 150 operations in early May EPA's SET2 RVO, announced in March, has transformed the outlook for biofuel margins Integrated specialties business entering extremely strong margin environment Shreveport plant resumed normal operations in early April following previously disclosed downtime INDIANAPOLIS, May 8, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") today reported its results for the first quarter ended March 31, 2026, as follows: Three Months Ended March 31, 2026 2025 (Dollars in millions, except per share data) Net loss $ (317.0) $ (162.0) Basic earnings (loss) per common share $ (3.64) $ (1.87) Adjusted EBITDA $ 27.6 $ 38.1 Adjusted EBITDA with Tax Attributes $ 50.1 $ 55.0 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit (loss) $ (62.9) $ (34.0) $ 21.0 $ 22.2 $ (45.6) $ (69.6) Adjusted gross profit (loss) $ 59.2 $ 64.9 $ 22.0 $ 24.2 $ (6.5) $ (8.2) Adjusted EBITDA $ 44.3 $ 56.3 $ 12.6 $ 15.8 $ (12.3) $ (13.6) Adjusted EBITDA with Tax Attributes $ 44.3 $ 56.3 $ 12.6 $ 15.8 $ 10.2 $ 3.3 Gross profit (loss) per barrel $ (10.72) $ (6.33) $ 125.75 $ 144.16 $ (25.38) $ (32.03) Adjusted gross profit (loss) per barrel $ 10.09 $ 12.08 $ 131.74 $ 157.14 $ (3.62) $ (3.77) "The first quarter of 2026 marked a pivotal moment in Calumet's transformation," said Todd Borgmann, CEO. "Late in the quarter, we saw the renewable fuels market fundamentally transformed following EPA's long-awaited SET2 RVO announcement in March, and we entered one of the strongest margin environments we've seen across both traditional and renewable energy markets.
CLMT - Calumet, Inc.
