• First quarter 2025 internet lack of $162.0 million, or unadorned loss consistent with habitual percentage of $1.87 consistent with percentage
• First quarter 2025 Adjusted EBITDA with Tax Attributes of $55.0 million, reflecting a $30.4 million adjustment for RINs incurrence expense and $16.9 million from the Manufacturing Tax Credit score (“PTC”)
• Montana Renewables expects to achieve 120 to 150-million-gallon SAF capability faster than in the past reported for a fragment of the price 
• Montana Renewables won $782 million investment of Area of Power (“DOE”) mortgage in February 2025, closed sale of Royal Red® commercial trade for $110 million in March 2025, and launches bias redemption for $150 million of 2026 Notes  
• Corporate-wide value relief plan on course with $22 million yr over yr relief in working prices
• Consolidated quarter finishing liquidity of $542.7 million

INDIANAPOLIS, Would possibly 9, 2025 /PRNewswire/ — Calumet, Inc. (NASDAQ: CLMT) lately reported result of Calumet, Inc. (the “Company,” “Calumet,” “we,” “our” or “us”) for the primary quarter ended March 31, 2025, as follows:

“The first quarter of 2025 reflected significant progress on multiple strategic fronts,” mentioned Todd Borgmann, CEO. “Most importantly, we closed – and received funding – of our DOE loan under the new administration setting the stage for transformational growth in our Renewables business. Further, we commenced our deleveraging program with a sale of the Royal Purple Industrial business and announced a partial redemption notice for $150 million of our 2026 Notes. Further today, we’re announcing a plan to accelerate the MaxSAF™ expansion and take the first step of our SAF capacity increase at a fraction of the initially expected costs. For $20 million to $30 million of capital, we expect to increase our SAF capacity to 120 million to 150 million gallons by the second quarter of 2026.  This breakthrough was achieved as our team in Montana deployed learnings from our first two years of operations to debottleneck current MRL property and higher make the most of our era, versus transporting and putting in alternative main apparatus on web page.  Time this primary step is a big expediter, our terminating plan of manufacturing as much as 300 million gallons of SAF by means of 2028 left-overs unchanged.

“Further, Calumet continued to execute on our 2025 priorities despite a seasonally difficult operating environment.  Year-over-year quarterly operating costs were reduced by over $22 million across the company.  Montana Renewables generated $2.4 million of Adjusted EBITDA with Tax Attributes, overcoming the lowest quarterly industry margin environment we have seen.  Further, we continue to experience strong demand throughout our specialties business.  We sold roughly 23,000 barrels per day of specialty products in our SPS segment, which ranks amongst the best sales volume quarters on record, and Performance Brands volume grew 7% year over year, amidst a volatile economic backdrop.”

Uniqueness Merchandise and Answers (SPS): The SPS department reported Adjusted EBITDA of $56.3 million right through the primary quarter of 2025 in comparison to Adjusted EBITDA of $47.2 million for a similar quarter a yr in the past.  Department effects mirrored robust area of expertise gross sales and glued value relief offsetting a deliberate turnaround within the first quarter of 2025.

Efficiency Manufacturers (PB): The PB department reported Adjusted EBITDA of $15.8 million right through the primary quarter of 2025 as opposed to Adjusted EBITDA of $13.4 million within the first quarter of 2024, benefitting from seven p.c expansion in year-over-year gross sales volumes and persevered quantity and margin expansion of our TruFuel logo.

Montana/Renewables (MR): The MR department reported $3.3 million of Adjusted EBITDA with Tax Attributes right through the primary quarter of 2025 in comparison to Adjusted EBITDA with Tax Attributes of $(13.4) million within the prior yr length.  This metric contains $16.9 million of Tax Attributes from the Manufacturing Tax Credit score, which might be added to Adjusted EBITDA to lend a related metric to prior sessions, when the Blenders Tax Credit score seemed in Adjusted EBITDA. The MR department benefitted from dramatic working value discounts in comparison to the prior yr length, which led to really extensive monetary growth in spite of the seasonally susceptible fuels and asphalt order and reasonably tight WCS-WTI unfold.          

Company: Overall company prices constitute $(20.4) million of Adjusted EBITDA for the primary quarter 2025. This compares to $(19.1) million of Adjusted EBITDA within the first quarter 2024.  

Calumet Problems Understand of Partiality Redemption for $150 Million of 2026 Notes

Calumet introduced lately that it has delivered a realize of bias redemption for $150 million mixture primary quantity of the phenomenal 11.00% Senior Notes due 2026 (the “2026 Notes”) at a redemption worth of par, plus gathered and unpaid passion to, however no longer together with, the redemption life. The redemption life for the 2026 Notes supplied within the realize of bias redemption is Would possibly 24, 2025. Wilmington Consider, Nationwide Affiliation is the trustee for the 2026 Notes and is serving because the paying agent for the redemption.

Operations Abstract

Refer to desk units forth details about the Corporate’s proceeding operations nearest giving impact to the removing of all intercompany task. Facility manufacturing quantity differs from gross sales quantity because of adjustments in inventories and the sale of bought blendstocks similar to ethanol and area of expertise blendstocks, in addition to the resale of crude oil.

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Webcast Data

A convention name is scheduled for 9:00 a.m. ET on Would possibly 9, 2025, to speak about the monetary and operational effects for the primary quarter of 2025. Buyers, analysts and contributors of the media desirous about paying attention to the reside presentation are inspired to connect a webcast of the decision with accompanying presentation slides, to be had on Calumet’s web page at www.calumet.investorroom.com/events. events might also take part within the name by means of dialing (844) 695-5524. A replay of the convention name will probably be to be had a couple of hours nearest the development at the investor members of the family category of Calumet’s web page, beneath the occasions and shows category and can stay to be had for no less than 90 days.

About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a various slate of area of expertise branded merchandise and renewable fuels to shoppers throughout a vast dimension of consumer-facing and commercial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve amenities during North The usa.

Cautionary Observation Referring to Ahead-Having a look Statements  

Positive statements and data on this press let go might represent “forward-looking statements.” The phrases “will,” “may,” “intend,” “believe,” “expect,” “outlook,” “forecast,” “anticipate,” “estimate,” “continue,” “plan,” “should,” “could,” “would,” or alternative homogeneous expressions are meant to spot forward-looking statements, which might be normally no longer historic in nature. The statements mentioned on this press let go that aren’t purely historic information are forward-looking statements, together with, however no longer restricted to, the statements relating to (i) call for for completed merchandise in markets we provide, (ii) our expectation relating to our trade outlook and coins flows, together with with recognize to the Montana Renewables trade and our plans to de-leverage our stability sheet, (iii) our expectation that the DOE Facility will allow Montana Renewables to finish the MaxSAF™ development on life and on finances, (iv) our skill to succeed in the strategic and alternative goals when it comes to the sale of the Royal Red® commercial trade, (v) the predicted redemption of a portion of the phenomenal 2026 Notes, (vi) our expectation relating to expected capital expenditures and strategic projects and (vii) our skill to fulfill our monetary loyalty, debt carrier duties, debt software covenants, contingencies and expected capital expenditures. Those forward-looking statements are in line with our wave expectancies and ideology regarding life traits and their doable impact on us. Time control believes that those forward-looking statements are affordable as and when made, there may also be incorrect contract that life traits affecting us will probably be those who we watch for. All feedback regarding our wave expectancies for life gross sales and working effects are in line with our forecasts for our current operations and don’t come with the prospective affect of any life acquisition or disposition transactions. Our forward-looking statements contain important dangers and uncertainties (a few of which might be past our keep an eye on) and suppositions that would purpose our fresh effects to fluctuate materially from our historic revel in and our provide expectancies or projections. Identified subject matter elements that would purpose our fresh effects to fluctuate materially from the ones within the forward-looking statements come with: the full call for for area of expertise merchandise, fuels, renewable fuels and alternative subtle merchandise; the extent of international and home manufacturing of crude oil and subtle merchandise; our skill to construct area of expertise merchandise, gasoline merchandise, and renewable gasoline merchandise that meet our shoppers’ distinctive and exact specs; the selling of extra and competing merchandise; the affect of fluctuations and speedy will increase or decreases in crude oil and break unfold costs, together with the ensuing affect on our liquidity; the result of our hedging and alternative possibility control actions; our skill to agree to monetary covenants contained in our debt tools; the supply of, and our skill to consummate, acquisition or mixture alternatives and the affect of any finished acquisitions; exertions members of the family; our get right of entry to to capital to charity expansions, acquisitions and our running capital wishes and our skill to procure debt or fairness financing on enough phrases; a success integration and life efficiency of bought property, companies or third-party product provide and processing relationships; our skill to well timed and successfully combine the operations of bought companies or property, specifically the ones in unutilized geographic disciplines or in unutilized traces of industrial; environmental liabilities or occasions that aren’t coated by means of an indemnity, insurance coverage or current reserves; upkeep of our credit score scores and skill to obtain clear credit score traces from our providers; call for for diverse grades of crude oil and ensuing adjustments in pricing situations; fluctuations in refinery capability; our skill to get right of entry to ample crude oil provide thru long-term or monthly evergreen commitments and at the spot marketplace; the results of festival; persevered creditworthiness of, and function by means of, counterparties; the affect of wave and life rules, rulings and governmental laws, together with steering matching to the Dodd-Frank Wall Boulevard Reform and Shopper Coverage Office; the prices of complying with the Renewable Gas Usual, together with the costs paid for renewable identity numbers (“RINs”); our skill to promote, and the costs won for, PTCs; shortages or value will increase of energy provides, herbal gasoline, fabrics or exertions; typhoon or alternative climate interference with trade operations; our skill to get right of entry to the debt and fairness markets; injuries or alternative unscheduled shutdowns; and common financial, marketplace, trade or political situations, together with inflationary pressures, instability in monetary establishments, common financial slowdown or a recession, political tensions, conflicts and battle (similar to the continued conflicts in Ukraine and the Heart East and their regional and world ramifications).

For alternative data relating to elements that would purpose our fresh effects to fluctuate from our projected effects, the following our filings with the SEC, together with the danger elements and alternative cautionary statements in our original Annual Record on Method 10-Ok and our alternative filings with the SEC.

We warning that those statements aren’t promises of life efficiency and also you must no longer depend unduly on them, as they contain dangers, uncertainties, and suppositions that we can not expect. As well as, we now have founded many of those forward-looking statements on suppositions about life occasions that can turn out to be erroneous. Time our control considers those suppositions to be affordable, they’re inherently topic to important trade, financial, aggressive, regulatory and alternative dangers, contingencies and uncertainties, maximum of which might be tough to expect and plenty of of which might be past our keep an eye on. Accordingly, our fresh effects might fluctuate materially from the life efficiency that we’ve got expressed or forecast in our forward-looking statements. Readers are cautioned to not park undue reliance on forward-looking statements, which discuss most effective as of the life they’re made. We adopt incorrect legal responsibility to publicly replace or revise any forward-looking statements nearest the life they’re made, whether or not because of unutilized data, life occasions or another way, aside from to the level required by means of appropriate regulation. Positive society statements made by means of us and our representatives at the life hereof might also comprise forward-looking statements, which might be certified of their entirety by means of the cautionary statements contained above.

Non-GAAP Monetary Measures

Our control makes use of positive non-GAAP efficiency measures to investigate working department efficiency and non-GAAP monetary measures to guage era efficiency and possibilities for the life to complement our monetary data introduced in response to normally permitted accounting ideas (“GAAP”). Those monetary and operational non-GAAP measures are remarkable elements in assessing our working effects and profitability and come with efficiency measures at the side of positive key working metrics.

We virtue please see monetary efficiency measures:

EBITDA: We outline EBITDA for any length as internet source of revenue (loss) plus passion expense (together with amortization of debt issuance prices), source of revenue taxes and depreciation and amortization. We imagine internet source of revenue (loss) is essentially the most without delay related GAAP measure to EBITDA.

Adjusted EBITDA: We outline Adjusted EBITDA for any length as: EBITDA adjusted for (a) impairment; (b) unrealized positive factors and losses from mark to marketplace accounting for hedging actions; (c) learned positive factors and losses beneath spinoff tools excluded from the choice of internet source of revenue (loss); (d) non-cash equity-based reimbursement expense and alternative non-cash pieces (aside from pieces similar to accruals of money bills in a life length or amortization of a pay as you go coins expense) that have been deducted in computing internet source of revenue (loss); (e) debt refinancing charges, extinguishment prices, premiums and consequences; (f) any internet acquire or loss learned in reference to an asset sale that was once deducted in computing internet source of revenue (loss); (g) amortization of turnaround prices; (h) LCM stock changes; (i) the affect of liquidation of stock layers calculated the usage of the LIFO form; (j) RINs mark-to-market changes; (ok) RINs incurrence expense; and (l) all strange, abnormal or non-recurring pieces of acquire or loss, or income or expense.

We outline Adjusted EBITDA with Tax Attributes for any length as Adjusted EBITDA plus the notional price of Manufacturing Tax Credit, much less the too much between the notional price of any Manufacturing Tax Credit offered and the quantity learned from such gross sales.

Uniqueness Merchandise and Answers department Adjusted EBITDA Margin: We outline Uniqueness Merchandise and Answers department Adjusted EBITDA Margin for any length as Uniqueness Merchandise and Answers department Adjusted EBITDA divided by means of Uniqueness Merchandise and Answers department gross sales.

Uniqueness Merchandise and Answers department Adjusted improper benefit (loss): We outline Uniqueness Merchandise and Answers department Adjusted improper benefit (loss) for any length as Uniqueness Merchandise and Answers department improper benefit (loss) aside from the affect of (a) LCM stock changes; (b) the affect of liquidation of stock layers calculated the usage of the LIFO form; (c) RINs mark-to-market changes; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all strange, abnormal or non-recurring pieces of income or value of gross sales.

Efficiency Manufacturers department Adjusted improper benefit (loss): We outline Efficiency Manufacturers department Adjusted improper benefit (loss) for any length as Efficiency Manufacturers department improper benefit (loss) aside from the affect of (a) LCM stock changes; (b) the affect of liquidation of stock layers calculated the usage of the LIFO form; (c) RINs mark-to-market changes; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all strange, abnormal or non-recurring pieces of income or value of gross sales.

Montana/Renewables department Adjusted improper benefit (loss): We outline Montana/Renewables department Adjusted improper benefit (loss) for any length as Montana/Renewables department improper benefit (loss) aside from the affect of (a) LCM stock changes; (b) the affect of liquidation of stock layers calculated the usage of the LIFO form; (c) RINs mark-to-market changes; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all strange, abnormal or non-recurring pieces of income or value of gross sales.

The definition of Adjusted EBITDA this is introduced on this press let go is homogeneous to the calculation of (i) “Consolidated Cash Flow” contained within the indentures governing our 11.0% Senior Notes due 2026 (the “2026 Notes”), our 8.125% Senior Notes due 2027 (the “2027 Notes”), each and every form of our 9.75% Senior Notes due 2028 (the “2028 Notes”), and our 9.25% Senior Attach First Lien Notes due 2029 (the “2029 Secured Notes”) and (ii) “Consolidated EBITDA” contained within the credit score promise governing our revolving credit score facility. We’re required to file Consolidated Money Tide to the holders of our 2026 Notes, 2027 Notes, 2028 Notes, and 2029 Attach Notes and Consolidated EBITDA to the lenders beneath our revolving credit score facility, and those measures are old by means of them to resolve our compliance with positive covenants governing the ones debt tools. The following our filings with the SEC, together with our most up-to-date Annual Record on Method 10-Ok and Stream Studies on Method 8-Ok, for alternative main points in regards to the covenants governing our debt tools.

Those non-GAAP measures are old as supplemental monetary measures by means of our control and by means of exterior customers of our monetary statements similar to buyers, industrial banks, analysis analysts and others, to evaluate:

• the monetary efficiency of our property with out regard to financing forms, capital construction or historic value foundation;
• the facility of our property to generate coins ample to pay passion prices and assistance our indebtedness;
• our working efficiency and go back on capital as in comparison to the ones of alternative firms in our trade, with out regard to financing or capital construction;
• the viability of acquisitions and capital expenditure initiatives and the full charges of go back on extra funding alternatives; and
• our working efficiency aside from the non-cash affect of LCM and LIFO stock changes, RINs mark-to-market changes, RINs incurrence expense, and depreciation and amortization.

We imagine that those non-GAAP measures are helpful to analysts and buyers, as they exclude transactions no longer matching to our core coins working actions and lend metrics to investigate our skill to charity our capital necessities and to pay passion on our debt duties. We imagine that aside from those transactions permits buyers to meaningfully analyze developments and function of our core coins operations.

EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and department Adjusted improper benefit (loss) must no longer be regarded as possible choices to Web source of revenue (loss), Running source of revenue (loss), Web coins supplied by means of (old in) working actions, improper benefit (loss) or any alternative measure of economic efficiency introduced in response to GAAP. In comparing our efficiency as slow by means of EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and department Adjusted improper benefit (loss) control appreciates and considers the restrictions of those measurements. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes don’t mirror our liabilities for the cost of source of revenue taxes, passion expense or alternative duties similar to capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and department Adjusted improper benefit (loss) are only some of a number of measurements that control makes use of. Additionally, our EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and department Adjusted improper benefit (loss) is probably not related to in a similar way titled measures of any other corporate as a result of all firms would possibly not calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and department Adjusted improper benefit (loss) in the similar method. The following the category of this let go entitled “Non-GAAP Reconciliations” for tables that provide reconciliations of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Web source of revenue (loss), our maximum without delay related GAAP monetary efficiency measure; and department Adjusted improper benefit (loss) to department improper benefit (loss), our maximum without delay related GAAP monetary efficiency measure.

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SOURCE Calumet, Inc.