Financial Results
November 6, 2026Adjusted EBITDA with Tax Attributes ($MM) | Q3 2026 | Q3 2025 |
Specialty Products and Solutions (SPS) | $248.1 | $80.2 |
Performance Brands (PB) | $9.1 | $13.2 |
Montana/Renewables (MRL at 87%) | $110.6 | $17.1 |
MRL at 100% | $80.4 | $(4.0) |
Corporate | $(20.6) | $(18.0) |
Adjusted EBITDA with Tax Attributes (1) | $347.2 | $92.5 |
Performance Update
$347.2mm of Adjusted EBITDA with Tax Attributes driving accelerated deleveraging
$265mm of debt retired over past 4 months with
~$26mm of annual cash interest savings
Strong operational and commercial execution with market tailwinds
Exceptional specialty margins reflect robust market environment and continued global base oil shortage
Extreme tightness in global refined fuels and specialty products markets expected to persist
F
Announced next stage of capital light MaxSA expansion: 17k BPD of feed and 200 million gallons of run-rate SAF production by end 2028
$137mm of remaining total project spend, reduced from
$1.2bn original LGA Phase 2 requirement
F
Reengineered MaxSA expected to deliver 70% of the return for 15% of the cost
F
3
Commenced Step 1 of MaxSA expansion; began tiein of initial CMR assets in early November
(1) See appendix to this presentation for GAAP to Non-GAAP reconciliations
EARNINGS GROWTH DRIVING RAPID DELEVERAGINGLeverage Reduced by ~ Two-Thirds since June 2025
Accelerated Deleveraging In Action
10.0x
9.0x
8.0x
7.0x
6.0x
5.0x
4.0x
3.0x
2.0x
1.0x
0.0x
Consolidated Net Leverage and Net Recourse Leverage
8.5x
7.4x
7.6x
7.0x 7.0x
5.7x
5.5x
5.6x
4.9x
3.9x
3.0x
2.3x
6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Consolidated Net Leverage Net Recourse Debt / LTM RG Adj. EBITDA
Strong Q3 2026 operating cash flow continues to fund debt reduction
Net leverage reduced to 3.0x consolidated and 2.3x recourse
$250mm of 9.75% 2028 Notes redeemed since July; $175mm remaining
$200mm 9.25% 2029 Secured Notes callable at par in January 2027
4
Accelerated debt reduction converting directly into expanded free cash flow shareholder value
Fully Integrated Specialties Business and Domestic Supply Chain Providing
Lasting Advantage In Today's Market
5
SPECIALTIES: STRUCTURALLY TIGHT, DURABLE OUTLOOKPhysical Shortage Takes Time to Resolve
Durable Specialties Advantage
Global specialties shortage unlikely to resolve quickly
>10% of global paraffinic base oil capacity damaged or offline
Group I & III capacity impacted in Europe & Middle East from Russia-Ukraine and Iran conflicts
Structural plant repair, recommissioning and requalification take quarters
Global supply chain disrupted with record high shipping costs
Depleted inventories must rebuild once capacity returns
Interconnected specialties markets remain tight
Group III shortfall continues to tighten broader lubricants market
Historic fuel spreads elevating floor for solvent pricing
Refining industry utilization is at the highest quarterly levels since the 90's and industry is still struggling to rebuild inventory levels
Intermediate inventories available for specialties upgrading are scarce for non-integrated market setters
Fully integrated specialties production capturing enhanced margin across the product mix
Domestic, nearby and readily available crude avoids global disruptions
Strong customer demand, supported by a long-standing and diversified customer base, resilient specialty portfolio and multi-year reliability investments
Specialties Volume Growth (SPS + PB)
25,000
24,000
23,000
22,000
21,000
20,000
19,000
BPD
Shreveport turnaround completed on-time and on-budget in early November -expecting strong throughput with revamped units
MONTANA RENEWABLES: RVO WORKING AS DESIGNED0 1000 2000 3000 4000 5000 6000 7000
Cumulative supply, MM gpy (85% utilization of 2025 capacities)
0.25
MRL
RD with pretreat RD no pretreat BD
0.75
0.50
USGC
USWC
1.00
1.25 Mid
con
Large
BD
2025: 4.5B gal
1.50
Small /
Independent BD
2.00
1.75
2026: 6.7B gal
2.50
2.25
Biomass Based Diesel Supply Stack
Strong Quarter, Expansion on Track$80.4mm of Adjusted EBITDA with Tax Attributes at 100% (~$1.86/gal)
Rates and SAF production moderated in Q3 2026, leading up to expansion
Breakeven Market Index
CMR asset tie-in began in early November, timed to the end of retail asphalt season
RVO Working as Designed; MRL Advantaged2026-2027 RVO underpinning strong industry demand
Biomass-based diesel production continues to be market setting mechanism
Record crush expanding domestic feedstock supply
Over time, physical margins settle at the level needed to incentivize marginal production
MRL advantaged across the cycle:
Low-cost operations, feedstock and product flexibility, and an advantaged geographic footprint
F
MaxSA expansion widening competitive advantage
Enhanced throughput - economies of scale
High SAF production at reduced naphtha yields
Recovery of renewable propane
Further enhanced feedstock flexibility
MRL
* Call on BBD = D4 RVO plus D5/D6 covered by D4
6
F
MAXSA : CLEARED FOR TAKEOFFF
Optimized MaxSA expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing megaproject with a series of discrete, highly engineered modules
Run-Rate Levels | Now | YE 2026 | YE 2027 | YE 2028 |
Throughput (kBPD) | 12-13 | 12-13 | 13 | 16-17 |
RD & SAF (kBPD) | 11-12 | 11-12 | 11-12 | 14-15 |
SAF annual gals (MM)* | 60+ | 80+ | 120-150 | 200 |
RN(1) (kBPD) | .5-1 | .5-1 | .5 | 1 |
RLPG(2) (kBPD) + (Volume Loss) | (.5) | 0 | 1 | 1-2 |
Total Sales (kBPD) | 12 | 12-13 | 13-14 | 17-18 |
Compelling economics anchored by:
Renewable product sales over 17,000 barrels per day
200mm gallons per year of neat SAF
20mm gpy of renewable propane and butane sales
Material improvements in renewable naphtha netback
Unit operating costs reduced with scale and decreased water usage
$137mm of remaining total project spend, reduced from $1.2bn original LGA Phase 2 requirement
*SAF ramp: 60M gallon run-rate end of Q2 2026 80M YE 2026 120M+ Spring 2027 200M gal YE 2028
Repurposing equipment from CMR's asphalt refinery
Phase 2 DOE debt draw reduced from $658mm to $34mm, which was received in mid-September
Balance of project spend is self-funded within MRL
Amended LGA executed; DOE issues final $34MM draw
Step 1; tie-in CMR equipment (2nd reactor +)
Q4 20262027
Steps 2-3; SAF run-rate 120MM+ gal by spring
Steps 4-5; increase SAF and total throughput
2028Mar 2029
First DOE loan servicing date (unchanged)
Potential 3rd reactor
(2) Renewable Liquified Petroleum Gas
7
Renewable Naphtha
MONTANA / RENEWABLES SEGMENTQ3 2026
Q3 2025
Adjusted EBITDA ($MM) with Tax Attributes
$110.6
$17.1
Renewables at 87% with Tax Attributes
$69.8
$(3.5)
Montana Asphalt
$40.8
$20.6
Renewable Sales (bpd)
11,185
10,813
Conventional Sales (bpd)
13,644
14,042
Renewables
100% of MRL Adjusted EBITDA with Tax Attributes totaled $80.4mm in Q3'26
Continuing to recognize expected recovery in industry margins following SET2 RVO
Index margin increased from $0.59/gal at 12/31/25 to
$3.52/gal in Q3'26
Optimized production for total throughput ahead of November outage for Step 1 tie-in
As of 11/4/2026 | Original Agreement | Amended Agreement |
Calumet Intercompany Instruments | ~$398mm (Blended rate of ~ 9.7%) | ~$398mm (11% rate) |
CMR Lease Payment from MRL | $0/yr. | $30mm/yr. |
Calumet Equity Interest in MRL | 86.83% | 100% (*92% assuming warrants are exercised at $750mm strike) |
Warburg Pincus Preferred Units | ~$346mm | ~$395mm |
Preferred Unit Rate (IRR) | 8% | 11.5% |
Warburg Pincus Equity Interest in MRL | 13.17% | 0% *8% warrants at $750mm equity strike |
Montana Asphalt
Seasonally strong quarter supported by fuel tailwinds
Repurposing equipment from CMR's asphalt refinery to MRL as planned
Certain CMR assets (hydrotreater, hydrogen plant, naphtha splitter, propane recovery unit) move to MRL under long-term lease
8
CMR will continue to produce high-quality retail asphalt and retain all employees
SPECIALTY PRODUCTS AND SOLUTIONS SEGMENTQ3 2026
Q3 2025
Adjusted EBITDA ($MM)
$248.1
$80.2
Specialty Products Material Margin ($/bbl)
$108.23
$62.66
Fuels & Asphalt Material Margin (1) ($/bbl)
$37.37
$9.33
Exceptional results driven by strong margin environment and disciplined execution
Commercial pricing actions held amid volatile crude prices; margins strengthened
Eighth consecutive quarter of specialty sales >20K BPD
Low-risk, organic growth pipeline continues to progress
9
Material Margin $/bbl
$120
$100
$40
$80
$30
$60
$20
$40
$20
$10
$0
$0
Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Specialty Products Fuels & Asphalt
Specialty Products
Fuels & Asphalt
(1) Includes RVO accrual
Sales Volume (bpd)
60,000
50,000
40,000
30,000
20,000
10,000
0
Q3'25
Q4'25
Q1'26
Q2'26
Q3'26
Specialty Products Fuels & Asphalt
PERFORMANCE BRANDS SEGMENTQ3 2026
Q3 2025
Sales ($MM)
$92.8
$79.7
Adjusted EBITDA ($MM)
$9.1
$13.2
Sales volume (MM gals)
6.8
6.3
Strong volume growth continues in extreme inflationary cost environment as business addresses temporary price lag
Q3 2026 includes $7.0 mm of business interruption insurance proceeds and over $10mm of LIFO and inflationary costs
Continuing to implement price increases to offset ongoing higher feedstock costs
Integrated specialties platform: PB input-cost pressure more than offset by SPS
10
Margins expected to normalize as 60-to-90-day price lag is realized
12
CAPITAL STRUCTURE OVERVIEWActual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | |
($ in millions) | 12/31/24 | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | 3/31/26 | 6/30/26 | 9/30/26 |
Cash and cash equivalents (Restricted Group) | $ 8.9 | $ 8.0 | $ 11.0 | $ 8.6 | $ 7.6 | $ 5.0 | $ 8.1 | $ 55.0 |
Cash, cash equivalents and restricted cash (Unrestricted Group) | 29.2 | 195.4 | 179.6 | 166.0 | 197.5 | 173.6 | 141.7 | 204.8 |
ABL Revolver Borrowings | $ 286.6 | $ 53.8 | $ 208.4 | $ 167.6 | $ 94.6 | $ 95.2 | $ 18.3 | $ - |
11.0% Senior Notes due 2026 | 354.4 | 354.4 | 204.4 | 124.4 | 124.4 | - | - | - |
8.125% Senior Notes due 2027 | 325.0 | 325.0 | 325.0 | 325.0 | 325.0 | - | - | - |
9.75% Senior Notes due 2028 | 325.0 | 425.0 | 425.0 | 425.0 | 425.0 | 425.0 | 425.0 | 325.0 |
9.25% Senior Secured First Lien Notes due 2029 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 | 200.0 |
9.75% Senior Notes due 2031 | - | - | - | - | - | 555.0 | 555.0 | 555.0 |
Shreveport terminal asset financing arrangement | 42.1 | 40.0 | 37.9 | 118.5 | 116.1 | 113.7 | 111.2 | 108.6 |
Montana terminal asset financing arrangement | 30.4 | 27.8 | 27.8 | 26.7 | 22.5 | 19.3 | 15.9 | - |
Montana refinery asset financing arrangement | 108.7 | 147.5 | 145.5 | 143.5 | 142.7 | 140.8 | 138.8 | 136.8 |
MRL term loan credit agreement | 73.7 | - | - | - | - | - | - | - |
DOE Loan | - | 786.1 | 795.7 | 805.5 | 815.4 | 825.2 | 835.2 | 879.6 |
MRL asset financing arrangements | 368.1 | - | - | - | - | - | - | - |
Finance lease obligations | 2.9 | 2.6 | 2.4 | 2.1 | 1.9 | 1.2 | 1.0 | 0.8 |
Total Debt | $ 2,116.9 | $ 2,362.2 | $ 2,372.1 | $ 2,338.3 | $ 2,267.6 | $ 2,375.4 | $ 2,300.4 | $ 2,205.8 |
Net Debt | $ 2,078.8 | $ 2,158.8 | $ 2,181.5 | $ 2,163.7 | $ 2,062.5 | $ 2,196.8 | $ 2,150.6 | $ 1,946.0 |
Less Non-Recourse Debt | 441.8 | 786.1 | 795.7 | 805.5 | 815.4 | 825.2 | 835.2 | 879.6 |
Total Recourse Debt | $ 1,675.1 | $ 1,576.1 | $ 1,576.4 | $ 1,532.8 | $ 1,452.2 | $ 1,550.2 | $ 1,465.2 | $ 1,326.2 |
Net Recourse Debt | $ 1,666.2 | $ 1,568.1 | $ 1,565.4 | $ 1,524.2 | $ 1,444.6 | $ 1,545.2 | $ 1,457.1 | $ 1,271.2 |
Less Intercompany | 541.0 | 375.8 | 389.1 | 394.8 | 397.5 | 400.4 | 407.8 | 419.1 |
Net Recourse Debt Adjusted for Intercompany | $ 1,125.2 | $ 1,192.3 | $ 1,176.3 | $ 1,129.4 | $ 1,047.1 | $ 1,144.8 | $ 1,049.3 | $ 852.1 |
LTM Adjusted EBITDA w/ Tax Attributes (CLMT Consolidated) | $ 229.3 | $ 256.2 | $ 257.9 | $ 290.6 | $ 293.3 | $ 288.4 | $ 387.1 | $ 641.8 |
Net Debt / LTM Adjusted EBITDA w/ Tax Attributes (CLMT Consolidated) | 9.1x | 8.4x | 8.5x | 7.4x | 7.0x | 7.6x | 5.6x | 3.0x |
LTM Adjusted EBITDA (Restricted Group) | $ 204.4 | $ 223.8 | $ 224.4 | $ 266.6 | $ 294.5 | $ 282.9 | $ 374.5 | $ 555.9 |
Net Recourse Debt / LTM Adjusted EBITDA (Restricted Group) | 8.2x | 7.0x | 7.0x | 5.7x | 4.9x | 5.5x | 3.9x | 2.3x |
Net Recourse Debt Adjusted for Intercompany / LTM Adjusted EBITDA (Restricted Group) | 5.5x | 5.3x | 5.2x | 4.2x | 3.6x | 4.0x | 2.8x | 1.5x |
13
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA WITH TAX ATTRIBUTES($ in millions) | 3Q 2025 | 4Q 2025 | 1Q 2026 | 2Q 2026 | 3Q 2026 | ||||
Net income (loss) Add: | $ 313.4 | $ (37.3) | $ (317.0) | $ (95.9) | $ 273.3 | ||||
Depreciation and amortization | 50.7 | 44.6 | 41.4 | 45.5 | 45.2 | ||||
LCM / LIFO (gain) loss | 5.1 | 16.8 | (26.2) | 4.4 | (7.6) | ||||
Interest expense | 53.6 | 50.8 | 51.1 | 52.0 | 50.8 | ||||
Debt extinguishment costs | (0.5) | 0.2 | 1.7 | - | 6.0 | ||||
Unrealized (gain) loss on derivatives | (2.0) | (14.9) | 102.7 | (9.0) | 113.8 | ||||
(Gain) loss on sale of business | 6.4 | - | - | - | - | ||||
RINs incurrence (gain) expense | (303.1) | 25.4 | 31.5 | 48.0 | (106.8) | ||||
RINs mark to market (gain) loss | (20.8) | 10.9 | 115.9 | 115.6 | (69.9) | ||||
(Gain) loss on impairment and disposal of assets | - | 1.3 | - | - | 0.1 | ||||
Other | (5.3) | (10.2) | 0.5 | 0.2 | 0.3 | ||||
Equity-based compensation and other items | 9.5 | 8.3 | 44.7 | 19.5 | 51.6 | ||||
Income tax (benefit) expense | (41.4) | (51.8) | (20.8) | (21.2) | (28.0) | ||||
Noncontrolling interest adjustments | 4.0 | 4.3 | 2.1 | 0.2 | (6.8) | ||||
Adjusted EBITDA | $ 69.6 | $ 48.4 | $ 27.6 | $ 159.3 | $ 322.0 | ||||
Tax attributes | 22.9 | 20.9 | 22.5 | 15.9 | 25.2 | ||||
Adjusted EBITDA with Tax Attributes | $ 92.5 | $ 69.3 | $ 50.1 | $ 175.2 | $ 347.2 | ||||
14
($ in millions, except per barrel data) | 3Q 2025 | 4Q 2025 | 1Q 2026 | 2Q 2026 | 3Q 2026 |
Specialty Products and Solutions segment gross profit | $ 276.3 | $ 38.3 | $ (62.9) | $ 31.8 | $ 420.1 |
LCM/LIFO inventory (gain) loss | 1.4 | 11.8 | 18.8 | 8.7 | (7.8) |
Other adjustments | - | - | - | - | - |
RINs incurrence expense | (192.9) | 20.7 | 24.6 | 40.1 | (89.0) |
RINs mark to market (gain) loss | (16.7) | 9.2 | 98.0 | 96.8 | (58.6) |
Depreciation and amortization | 21.4 | 17.8 | 18.4 | 18.2 | 18.8 |
Specialty Products and Solutions segment Adjusted gross profit | $ 89.5 | $ 97.8 | $ 96.9 | $ 195.6 | $ 283.5 |
Performance Brands segment gross profit | $ 18.5 | $ 15.4 | $ 21.0 | $ 16.9 | $ 17.2 |
LCM/LIFO inventory (gain) loss | 1.7 | (1.7) | (0.3) | (1.5) | 0.3 |
Other adjustments | - | - | - | - | - |
Depreciation and amortization | 0.7 | 0.7 | 1.1 | 0.7 | 0.7 |
Performance Brands segment Adjusted gross profit | $ 20.9 | $ 14.4 | $ 21.8 | $ 16.1 | $ 18.2 |
Montana/Renewables segment gross profit (loss) | $ 78.9 | $ (56.7) | $ (45.6) | $ (30.4) | $ 105.9 |
LCM/LIFO inventory (gain) loss | 2.0 | 6.7 | 7.7 | (2.8) | (0.1) |
Loss on firm purchase commitments | - | - | - | - | - |
RINs incurrence expense | (110.2) | 4.7 | 6.9 | 7.8 | (17.9) |
RINs mark to market (gain) loss | (4.1) | 1.7 | 17.9 | 18.8 | (11.3) |
Depreciation and amortization | 28.1 | 25.3 | 21.9 | 26.1 | 25.2 |
Montana Renewables segment Adjusted gross profit (loss) | $ (5.3) | $ (18.3) | $ 8.8 | $ 19.5 | $ 101.8 |
Reported Specialty Products and Solutions segment gross profit per barrel | $ 46.11 | $ 6.03 | $ (10.72) | $ 5.25 | $ 71.18 |
LCM/LIFO inventory (gain) loss per barrel | 0.23 | 1.86 | 3.20 | 1.43 | (1.32) |
Other adjustments per barrel | - | - | - | - | - |
RINs incurrence expense per barrel | (32.19) | 3.26 | 4.19 | 6.61 | (15.08) |
RINs mark to market (gain) loss per barrel | (2.79) | 1.45 | 16.70 | 15.96 | (9.93) |
Depreciation and amortization per barrel | 3.58 | 2.79 | 3.14 | 3.00 | 3.19 |
Specialty Products and Solutions segment Adjusted gross profit per barrel | $ 14.94 | $ 15.39 | $ 16.51 | $ 32.25 | $ 48.04 |
Performance Brands segment gross profit per barrel | $ 124.16 | $ 119.38 | $ 125.75 | $ 85.47 | $ 105.33 |
LCM/LIFO inventory (gain) loss per barrel | 11.41 | (13.18) | (1.80) | (7.60) | 1.84 |
Other adjustments per barrel | - | - | - | - | - |
Depreciation and amortization per barrel | 4.70 | 5.43 | 6.59 | 3.55 | 4.30 |
Performance Brands segment Adjusted gross profit per barrel | $ 140.27 | $ 111.63 | $ 130.54 | $ 81.42 | $ 111.47 |
Montana/Renewables segment gross profit (loss) per barrel | $ 34.50 | $ (24.32) | $ (25.38) | $ (17.67) | $ 46.38 |
LCM/LIFO inventory (gain) loss per barrel | 0.87 | 2.87 | 4.28 | (1.63) | (0.04) |
Loss on firm purchase commitments per barrel | - | - | - | - | - |
RINs incurrence expense per barrel | (48.19) | 2.02 | 3.84 | 4.54 | (7.84) |
RINs mark to market (gain) loss per barrel | (1.79) | 0.73 | 9.96 | 10.94 | (4.95) |
Depreciation and amortization per barrel | 12.29 | 10.85 | 12.19 | 15.18 | 11.03 |
Montana Renewables segment Adjusted gross profit (loss) per barrel | $ (2.32) | $ (7.85) | $ 4.89 | $ 11.36 | $ 44.58 |
Specialty Products and Solutions Adjusted EBITDA | $ 80.2 | $ 88.5 | $ 44.3 | $ 161.7 | $ 248.1 |
Specialty Products and Solutions Sales | $ 679.1 | $ 675.9 | $ 705.0 | $ 1,012.5 | $ 1,071.2 |
Specialty Products and Solutions Adjusted EBITDA margin | 11.8% | 13.1% | 6.3% | 16.0% | 23.2% |
15
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA3Q 2025 | 3Q 2026 | |||||||||
($ in millions) | MRL | CMR | Montana / Renewables | MRL | CMR | Montana / Renewables | ||||
Net income (loss) | $ (22.3) $ | 126.0 $ | 103.7 | $ 45.0 $ | 64.1 $ | 109.1 | ||||
Add: | ||||||||||
Depreciation and amortization | 16.6 | 11.3 | 27.9 | 15.6 | 9.5 | 25.1 | ||||
LCM / LIFO (gain) loss | 1.2 | 0.8 | 2.0 | (0.8) | 0.7 | (0.1) | ||||
Interest expense | 18.8 | (3.4) | 15.4 | 20.4 | (5.5) | 14.9 | ||||
Debt extinguishment costs | (0.1) | - | (0.1) | - | 0.8 | 0.8 | ||||
Unrealized (gain) loss on derivatives | - | - | - | - | - | - | ||||
RINs incurrence (gain) expense | - | (110.2) | (110.2) | - | (17.9) | (17.9) | ||||
RINs mark to market (gain) loss | - | (4.1) | (4.1) | - | (11.3) | (11.3) | ||||
(Gain) loss on impairment and disposal of assets | - | - | - | - | - | - | ||||
Other | (4.5) | 0.2 | (4.3) | (0.2) | 0.4 | 0.2 | ||||
Equity based compensation and other items | - | - | - | - | - | - | ||||
Income tax (benefit) expense | (40.1) | - | (40.1) | (28.6) | - | (28.6) | ||||
Noncontrolling interest adjustments | 4.0 | - | 4.0 | (6.8) | - | (6.8) | ||||
Adjusted EBITDA | $ (26.4) $ | 20.6 $ | (5.8) | $ 44.6 $ | 40.8 $ | 85.4 | ||||
Tax attributes | 22.9 | - | 22.9 | 25.2 | - | 25.2 | ||||
Adjusted EBITDA with Tax Attributes | $ (3.5) $ | 20.6 $ | 17.1 | $ 69.8 $ | 40.8 $ | 110.6 | ||||
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