Calumet (CLMT) investor relations material

Executive summary

• Q1 2026 was strategically pivotal, with strong margin environments in both traditional and renewable energy markets, despite operational downtime at Shreveport and planned expansion work in Montana limiting full margin capture.

• Adjusted EBITDA with Tax Attributes was $50.1 million, down from $55 million in Q1 2025, impacted by Shreveport production loss but offset by specialty price increases and record TruFuel sales.

• Montana Renewables completed the MaxSAF 150 expansion and turnaround, resuming operations in May and positioning for increased SAF production.

• EPA's Set 2 RVO announcement in March 2026 reset the outlook for the biofuels industry, supporting strong, stable margins and incentivizing industry utilization growth.

• Reported a net loss of $317.0 million for Q1 2026, primarily due to non-cash RINs and mark-to-market items.

Financial highlights

• Generated $50.1 million of adjusted EBITDA in Q1 2026, down from $55 million in Q1 2025, primarily due to operational issues at Shreveport.

• Specialty Products and Solutions segment delivered $44.3 million of adjusted EBITDA, compared to $56.3 million in Q1 2025.

• Performance Brands reported $12.6 million of adjusted EBITDA, with record TruFuel sales volume.

• Montana Renewables segment posted $10.2 million of adjusted EBITDA with Tax Attributes, up from $3.3 million in Q1 2025.

• Net income (loss) for Q1 2026 was $(317.0) million, with significant non-cash expenses including $147.4 million RINs and $102.7 million unrealized derivative loss.

Outlook and guidance

• Expectation of a strong Q2 with additional cash flow generation, supported by price increases and elevated fuel margins.

• SET2 RVO finalized in March 2026 supports robust renewable diesel and SAF demand, correcting prior regulatory shortfalls.

• Renewables business at a positive inflection point, with a 4-5x increase in SAF volumes anticipated on an annual run rate basis.

• No change in the plan to eventually monetize Montana Renewables; focus remains on demonstrating earnings power post-expansion.

• Positioned to accelerate deleveraging and pursue long-term growth as operational improvements take effect.