#United States #Indianapolis #financial results #Fiscal Year #Calumet Inc.

Calumet, Inc. Releases Preliminary Financial Results for Fiscal Year 2025

On January 5, 2026, Calumet, Inc. (NASDAQ: CLMT), a major player in the specialty products and renewable fuels market, announced its preliminary selected financial results for the year ending December 31, 2025. The figures, while preliminary, indicate a challenging year, with projected net losses expected to fall between $69 million and $12 million. However, even amidst these losses, the company forecasts Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) with Tax Attributes to be in the range of $285 million to $305 million, suggesting some underlying operational strengths.

Financial Summary

As Calumet navigated through a turbulent fiscal landscape, the company highlighted several strategic actions that led to a reduction in restricted debt exceeding $220 million. This impressive reduction is a combination of over $70 million derived from planned annual cost improvements, alongside $20 million in efficiencies and flexibility enhancements within its crude supply chain. Additionally, the company maintained a disciplined approach to capital expenditure while executing a vital $110 million divestiture of its Royal Purple Industrial business, which significantly bolstered its financial resilience.

Todd Borgmann, CEO of Calumet, emphasized the significance of these structural improvements, stating, "This cost transformation, coupled with our premier commercial excellence platform and reliable production initiatives that led to an increase of 1.3 million barrels of annual production, positions the company for sustainable free cash flow generation and continued deleveraging into 2026."

Focus on Montana Renewables

A pivotal area of focus for Calumet has been its Montana Renewables division. In 2025, this segment marked a turning point as the company showcased its leadership within the renewable sector and outlined a more cost-effective expansion strategy with its MaxSAF™ 150 initiative. The financial recovery efforts included the successful completion of the first loan from the U.S. Department of Energy approved during the Trump administration, thus alleviating about $80 million in annual cash debt obligations. Coupled with the monetization of more than $90 million in producer tax credits, Montana Renewables has positioned itself for promising long-term growth.

The MaxSAF expansion is on schedule for the second quarter of 2026, with Wong also anticipating favorable regulatory adjustments that could enhance their operational landscape. "Looking ahead, we are optimistic about Montana Renewables' long-term growth trajectory and margin outlook," Borgmann added, highlighting the company's commitment to innovation in renewables.

Liquidity and Future Outlook

By the end of December 2025, preliminary data also revealed that Calumet maintained approximately $250 million of liquidity within its Restricted Subsidiaries Group, contributing to a total liquidity of around $447 million, which includes restricted cash. However, it’s important to note that the company cautions investors regarding the preliminary nature of these results, emphasizing the potential for substantial variance in the final audited figures.

Calumet's leadership urges stakeholders to remain cautious, noting that these financial estimates should not solely dictate future expectations. The company continues to navigate a dynamic market that poses numerous challenges, including fluctuating demand and competition in the specialty product and renewable fuels sectors. Investors are encouraged to look for further updates as the company refines its financial reporting processes.

About Calumet, Inc.

Calumet, Inc. operates as a manufacturer and marketer of a wide range of specialty products and renewable fuels, serving diverse consumer and industrial markets. With its headquarters in Indianapolis, Indiana, the company operates twelve facilities across North America. Calumet remains committed to leveraging innovative strategies and maintaining operational excellence as it navigates the evolving landscape of the specialty products and renewable fuels market.

In summary, the preliminary financial results from Calumet reveal both challenges and potential, underscoring a proactive approach to financial and operational restructuring aimed at establishing a solid foundation for future growth and profitability.