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Calumet Reports Solid Third Quarter 2025 Financial Results

Calumet, Inc. (NASDAQ: CLMT) has released its financial results for the third quarter ending September 30, 2025, showcasing an impressive turnaround from the previous year. The company reported a net income of $313.4 million, translating to a basic earnings per share of $3.61. This marks a stark contrast to the net loss of $100.6 million reported in the same quarter of 2024.

The adjusted EBITDA stood at $92.5 million when including tax attributes, highlighting a significant growth trajectory as compared to $59.8 million in the previous year. This boosts the year-to-date adjusted EBITDA to $224 million, up from $162.7 million in 2024, reflecting Calumet’s effective cost management strategies and operational efficiencies.

Key Financial Highlights

One of the standout features of Calumet’s third quarter performance was the cost reduction initiatives, which led to a remarkable $61 million savings in operating costs year-over-year. CEO Todd Borgmann emphasized the company’s commitment to operational excellence and strategic growth during this quarter, saying, "Calumet posted strong financial results and continued to achieve key strategic milestones. Our financial success again demonstrated the strength of Calumet's integrated specialties business."

The Specialty Products and Solutions (SPS) segment saw adjusted EBITDA soar to $80.2 million from $50.7 million, bolstered by strong specialty product sales and improved margins. This shift is attributed to robust production figures and cost-saving measures that have positively impacted profit margins across various product lines.

Montana Renewables’ Progress

Lookout for the Montana Renewables (MR) segment, which has been pivotal in advancing the company’s renewable energy initiatives. The segment reported an adjusted EBITDA with tax attributes of $17.1 million, reflecting improvements over the $14.6 million reported in the prior year. Significant contracts for sustainable aviation fuel (SAF), totaling approximately 100 million gallons, have already been committed, positioning Montana Renewables to ramp up production significantly by mid-2026.

Borgmann noted that the expansion of Calumet's MaxSAF™ 150 is slated to come online in the second quarter of 2026, allowing the company to dramatically increase SAF outputs. This project underscores Calumet’s strategic pivot toward renewable fuels, which aligns with global sustainability trends.

Operational Metrics

For the quarter, total sales volume was recorded at 91,605 barrels per day, with the specialty products segment contributing significantly to this total. The facility also demonstrated strong production volumes across lubricating oils, solvents, and fuels, indicating a well-oiled operational front as the company continues to adapt to market changes and customer demands.

However, the performance brands segment, which recorded $13.2 million in adjusted EBITDA, saw a slight decrease compared to the previous year, mainly due to the divestment of the Royal Purple® Industrial business earlier in 2025. Still, sales performance within important brands such as TruFuel® indicated strong margins, supporting overall profitability.

Looking Ahead

As Calumet navigates the complexities of the market landscape, ongoing strategies include a focus on further improving cost efficiencies, enhancing product offerings, and ensuring robust returns for investors. The financial metrics and operational highlights from Q3 2025 present a solid foundation as the company prepares for future challenges and opportunities ahead.

In conclusion, Calumet, Inc. has clearly established itself as a resilient player in the specialty products and renewable fuels market, successfully pushing through financial recovery while emphasizing sustainability. Stakeholders and investors will be keenly watching how these ongoing initiatives progress in the upcoming quarters.

Stay tuned for more updates during the conference call scheduled for 9:00 a.m. ET on November 7, 2025, where the full implications of these results will be discussed in detail. Join the event via Calumet's investor relations page for a live presentation.