Calumet Q2 2026: $175M Adjusted EBITDA, $115M Debt Paid, MaxSAF Expansion Online
CLMT has more than doubled off its 52-week low of $12.935.
Summary
Calumet reported Q2 2026 Adjusted EBITDA of $175.2 million, retired $115 million of debt, and completed the first phase of its MaxSAF 150 renewable fuels expansion. The net loss of $95.9 million was driven by non-cash RINs and mark-to-market items.
Key Events · Earnings and Guidance · CLMT
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Adjusted EBITDA Surges to $175.2M
Q2 2026 Adjusted EBITDA with Tax Attributes reached $175.2 million, up from $76.5 million a year ago, driven by a global specialty products shortage and strong operational execution.
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Specialty Products Segment Drives Results
The Specialty Products & Solutions segment generated $161.7 million in Adjusted EBITDA, reflecting a constructive margin environment and strong production.
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$115M Debt Retired in July
The company redeemed $100 million of 9.75% Senior Notes due 2028 and repaid a $15.5 million terminal asset financing arrangement, accelerating its deleveraging plan.
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MaxSAF 150 Expansion Phase 1 Complete
Montana Renewables completed the first phase of its MaxSAF 150 expansion and is now capturing robust renewable margins, with a faster, capital-efficient next phase planned.
Analysis · CLMT · Energy & Transportation
A global specialty products shortage propelled the SPS segment to $161.7 million in Adjusted EBITDA, driving a strong operational quarter with total Adjusted EBITDA of $175.2 million. The company also retired $115 million of debt in July and completed the first phase of its MaxSAF 150 renewable fuels expansion, positioning it to capture robust renewable margins. The net loss of $95.9 million was largely non-cash, driven by RINs mark-to-market and derivative items. This quarter marks a significant inflection in cash generation and deleveraging, though the balance sheet remains highly leveraged with negative equity.
At the time of this filing, CLMT was trading at $41.75 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $12.94 to $45.20. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.