Q4 2025 Calumet Inc Earnings Call Transcript

Feb 27, 2026 / 02:00 PM GMT

Release Date Price: €1.94

Transcript 10-K8-K

Key Points

Positve

Calumet Inc (CLMT) achieved a 30% year-over-year increase in adjusted EBITDA, reaching $293 million.
The company successfully reduced restricted debt by over $220 million, improving net recourse leverage from 8.2 times to 4.9 times.
Montana Renewables closed a transformative DOE loan, removing approximately $80 million of annual cash debt service.
Operational improvements led to a reduction in fixed costs by over $40 million and increased production by 1.3 million barrels.
The specialty products and solutions segment achieved record production levels, maintaining material margins above historic norms despite softer macro conditions.

Negative

Montana Renewables faced a challenging renewable diesel margin environment, resulting in a negative $5.4 million adjusted EBITDA for Q4 2025.
The company anticipates a heavy turnaround year in 2026, which may impact operations and require increased capital expenditures.
Despite improvements, the renewable fuel industry conditions remained tough, with low 2025 RVO impacting margins.
The performance brand segment experienced weakness in Q4 2025 due to retail destocking, affecting sales.
Regulatory uncertainties in the global energy transition market continue to pose challenges for Calumet Inc (CLMT).

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CLMT.OQ - Calumet Inc
Q4 2025 Calumet Inc Earnings Call
Feb 27, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day everyone and welcome to the Calumet Inc. 4th quarter in fiscal year 2025 earnings conference call.

All participants will be in a listen-only mode. Should you need assistance, please send to a conference specialist by pressing the key, followed by 0.

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press and then 1 on your telephone keypads. To withdraw your questions, you may press and 2.

There's also no today's event is being recorded.

At this time I'd like to turn the conference call over to John Kampa, investor relations. Sir, please go ahead.

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Unidentified_2

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