Calumet Q4 Earnings Call Highlights

3 weeks ago 13

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Fri, February 27, 2026 astatine 9:24 AM CST 8 min read

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Calumet reported full-year adjusted EBITDA of $293 cardinal (nearly 30% YoY) and reduced restricted indebtedness by much than $220 million, improving nett recourse leverage from 8.2x to 4.9x and eliminating 2026–2027 maturities.
Specialty Products & Solutions delivered grounds accumulation and beardown margins, with SPS adjusted EBITDA of $291.8 cardinal for the twelvemonth (Q4 $88.5M), margins supra $60/ tube and 5 consecutive quarters supra 20,000 barrels per day.
Montana Renewables chopped operating costs to $0.41/gal successful H2 2025, monetized >$90 cardinal of PTCs, and is advancing the MaxSAF 150 task to adhd 120–150 cardinal gallons of SAF capacity; Calumet expects higher 2026 attraction capex ($115–145M) but volition prioritize escaped currency travel and further deleveraging.
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Calumet (NASDAQ:CLMT) executives utilized the company’s fourth-quarter and full-year fiscal 2025 net telephone to item what CEO Todd Borgmann described arsenic a “defining precocious interaction year,” pointing to improved profitability, little leverage, and the closing of a U.S. Department of Energy (DOE) indebtedness astatine Montana Renewables arsenic cardinal strategical achievements.

Borgmann said the institution entered 2025 with 4 objectives: show durable escaped currency travel from the specialties business, beryllium Montana Renewables’ standalone resilience and structural advantage, unafraid the DOE indebtedness astatine Montana Renewables, and materially delever the equilibrium sheet. He said Calumet achieved each of these.

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For full-year 2025, Calumet reported $293 cardinal of adjusted EBITDA with taxation attributes, which Borgmann said was astir a 30% summation twelvemonth implicit year. He added that the institution reduced restricted indebtedness by much than $220 million, improved nett recourse leverage from 8.2x to 4.9x, and eliminated 2026 and 2027 indebtedness maturities.

A large contributor to the company’s fiscal flexibility, absorption said, was Montana Renewables’ palmy closing of its DOE loan, which Borgmann said removed astir $80 cardinal of yearly currency indebtedness service.

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Borgmann attributed improved fiscal durability to “structural improvements” crossed the system, including outgo reductions and accrued reliability. He cited:

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