Calumet, Inc. /DE (CLMT)

• Calumet generated $92.5 million of adjusted EBITDA with tax attributes in the third quarter of 2025.
• The Specialty Products and Solutions segment generated $80.2 million of adjusted EBITDA in Q3 2025, with sales volumes exceeding 20,000 barrels per day at margins above $60 per barrel.
• The company reduced its outstanding balance sheet RIN obligation by over $320 million and successfully monetized its first $25 million PTC sale in Q3 2025, with an additional $15 million sold in October.
• The max SAF expansion remains on schedule for the first half of 2026, with a test run confirming the ability to generate 120-150 million annual gallons of SAF and approximately 100 million gallons of post-expansion volumes already placed through contracts.
• Operating costs were reduced by $24 million compared to Q3 last year, contributing to a $60 million year-to-date reduction.

Calumet, Inc. reported its results for the third quarter ended September 30, 2025, with key financial metrics as follows:

• The company achieved $61 million of year-over-year operating cost savings through the first nine months of 2025.
• Montana Renewables remains on track to achieve 120–150 million gallons of annualized SAF production by Q2 2026, with approximately 100 million gallons of SAF fully committed or deep into contracting.
• Calumet announced a decision to restatethe unaudited interim consolidated financial statements for Q1 and Q2 2025 due to misclassification of cash flows, which is expected to result in an upward adjustment of approximately $80 million to operating cash flows.

• Calumet reported net income of $313.4 million and basic income per common share of $3.61 for the third quarter ended September 30, 2025.
• Adjusted EBITDA with Tax Attributes was $92.5 million for the third quarter of 2025 and $224.0 million for the first nine months of 2025.
• Company-wide cost reduction initiatives generated $61 million in year-over-year operating cost savings through the first nine months of 2025.
• Montana Renewables is on track to achieve 120–150 million gallons of annualized SAF production by the second quarter of 2026, with approximately 100 million gallons of SAF fully committed or deep in contracting.
• The Specialty Products & Solutions segment achieved record production and strong margins.

• Montana Renewables (MRL), an unrestricted subsidiary of Calumet, Inc., in collaboration with Calumet Montana Refining (CMR), has commissioned onsite blending and shipping facilities.
• MRL will offer a nominal 50/50 blend of renewable and fossil jet fuel, certified under ASTM D7566 and ASTM D1655 specifications.
• This MaxSAF™ blended fuel is drop-in compatible and will initially be distributed through AEG Fuels' network to select aviation hubs in Montana, Washington, and Oregon.
• MRL is one of only three Sustainable Aviation Fuel (SAF) producers operating at commercial scale in North America.

• Calumet, Inc. (NASDAQ: CLMT) announced on August 26, 2025, that the U.S. Environmental Protection Agency (EPA) notified the company on August 22, 2025, of successful full or partial exemptions for all small refinery exemption petitions filed from 2019 through 2024.
• This decision is expected to reduce Calumet's prior 2019-2024 Renewable Identification Number (RIN) balance sheet accrued liability from 396 million RINs to 89 million RINs.
• The remaining 89 million RINs consist of 57 million from the 2022 and 2023 vintage, and 32 million from 2024.
• CEO Todd Borgmann stated that the ruling removes the majority of Calumet's historic RIN obligation and provides clarity for the renewable fuels industry.