Calumet Provides Preliminary Fiscal Year 2025 Selected Financial Results

Core Insights - Calumet, Inc. anticipates a net loss between $69 million and $12 million for the year ended December 31, 2025, with Adjusted EBITDA with Tax Attributes expected to range from $285 million to $305 million [2][19]. Financial Performance - The company reported a significant reduction in restricted debt by over $220 million in 2025, attributed to structural cost improvements exceeding $70 million, cost efficiencies of approximately $20 million, and a $110 million divestiture of the Royal Purple Industrial business [3]. - As of December 31, 2025, Calumet had approximately $250 million of liquidity in the Restricted Subsidiaries Group and total liquidity of about $447 million, including restricted cash [3]. Operational Highlights - The company achieved an increase of 1.3 million barrels in annual production, positioning itself for durable free cash flow generation and continued deleveraging in 2026 [3]. - Montana Renewables marked a pivotal year with the successful completion of a U.S. Department of Energy loan, eliminating around $80 million in annual cash debt service, and monetizing over $90 million in producer tax credits during 2025 [3]. Future Outlook - The company is optimistic about the long-term growth and margin outlook for Montana Renewables, especially with the MaxSAF expansion on track for the second quarter of 2026 and anticipated favorable regulatory developments [3].