CLMT

Calumet (CLMT) delivered a strong Q2, with adjusted EBITDA of $159M versus $116M estimates, driven by robust Specialty Brands performance and early MaxSAF production at MRL. MRL's SAF production ramp is slower than planned, but cash flow remains strong, enabling rapid debt paydown and supporting over $1/share per month in free cash generation. Valuation updates reflect higher cash generation, with a sum-of-the-parts equity value estimate of $71.5/share, factoring in conservative EBITDA and expansion upside.

Calumet NASDAQ: CLMT reported second-quarter adjusted EBITDA with tax attributes of $175 million, as strong performance in its Specialty Products and Solutions business helped offset downtime tied to planned turnarounds and the first phase of its MaxSAF 150 expansion at Montana Renewables.

Second Quarter 2026 net loss of $(95.9) million, or basic earnings per common share of $(1.09), driven by non-cash RINs and other mark-to-market items Second Quarter 2026 Adjusted EBITDA with Tax Attributes of $175.2 million Montana Renewables completes first phase of MaxSAF® 150 expansion; now capturing robust renewable margins Accelerated deleveraging continues with $115 million of debt retirement in July Integrated specialties platform, favorable margin environment, and strong operational execution drive exceptional Specialty Products & Solutions results  INDIANAPOLIS, Aug. 7, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") today reported its results for the second quarter ended June 30, 2026, as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except share data) Net income (loss) $          (95.9) $         (147.9) $            (412.9) $            (309.9) Basic earnings per common share $          (1.09) $           (1.70) $              (4.73) $              (3.58) Adjusted EBITDA $          159.3 $            55.1 $             186.9 $               93.2 Adjusted EBITDA with Tax Attributes $          175.2 $            76.5 $             225.3 $             131.5   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit (loss) $           31.8 $          (14.9) $          16.9 $            22.1 $           (30.4) $         (50.8) Adjusted gross profit (loss) $         195.6 $           75.6 $          16.1 $            22.3 $            19.5 $           (2.0) Adjusted EBITDA $         161.7 $           66.8 $            6.3 $            13.5 $            10.7 $           (5.1) Adjusted EBITDA with Tax Attributes $         161.7 $           66.8 $             6.3 $            13.5 $            26.6 $          16.3 Gross profit (loss) per barrel $           5.25 $          (2.74) $         85.47 $        138.99 $        (17.67) $       (20.78) Adjusted gross profit (loss) per barrel $         32.25 $         13.81 $         81.42 $        140.25 $          11.36 $         (0.82) Specialty Products and Solutions Performance Brands Montana/Renewables Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit (loss) $         (31.1) $          (48.9) $            38.0 $            44.3 $         (76.0) $        (120.4) Adjusted gross profit (loss) $         254.9 $         140.5 $            38.1 $            46.5 $          13.0 $          (10.2) Adjusted EBITDA $         206.0 $         123.1 $            18.9 $            29.3 $           (1.7) $          (18.7) Adjusted EBITDA with Tax Attributes $         206.0 $         123.1 $            18.9 $            29.3 $          36.7 $           19.6 Gross profit (loss) per barrel $         (2.60) $          (4.51) $        104.24 $        141.53 $       (21.66) $        (26.07) Adjusted gross profit (loss) per barrel $         21.36 $         12.95 $        104.51 $        148.56 $          3.65 $          (2.21) "Calumet continues to execute against every element of our multi-dimensional strategy," said Todd Borgmann, CEO. "Our integrated specialties platform delivered exceptional results in a strong margin environment, supporting $115 million of debt retirement in July.

Does Calumet, Inc. (CLMT) have what it takes to be a top stock pick for momentum investors? Let's find out.

ST. PAUL, Minn., Aug. 4, 2026 /PRNewswire/ -- Montana Renewables, LLC (MRL) joined the Minnesota SAF Hub in celebration of new supply to Minneapolis-St. Paul International Airport (MSP).

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INDIANAPOLIS, July 23, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the Second Quarter 2026 on August 7, 2026. A conference call to discuss the financial and operational results is scheduled for August 7th at 9:00 AM ET.

Does Calumet, Inc. (CLMT) have what it takes to be a top stock pick for momentum investors? Let's find out.

Here is how Calumet, Inc. (CLMT) and Kosmos Energy (KOS) have performed compared to their sector so far this year.