Financial Performance - Calumet's Q2'25 Adjusted EBITDA with Tax Attributes was $76.5 million[6], compared to $74.8 million in Q2'24[6] - Specialty Products and Solutions (SPS) segment achieved Adjusted EBITDA of $66.8 million in Q2'25[6], slightly lower than the $72.7 million in Q2'24[6] - Performance Brands (PB) segment reported Adjusted EBITDA of $13.5 million in Q2'25[6], compared to $14.1 million in Q2'24[6] - Montana/Renewables (MRL at 87%) segment saw an increase in Adjusted EBITDA with Tax Attributes to $16.3 million in Q2'25[6] from $8.7 million in Q2'24[6] - Montana Renewables generated $0.53 per gallon in Production Tax Credits (PTC), totaling $24.6 million in Q2'25[27] Strategic Initiatives and Regulatory Landscape - The company achieved $42 million year-over-year operating cost reduction in the first half of 2025[6, 7] - Operating costs at Montana Renewables were $0.43 per gallon[6, 7] ($0.51 per gallon including SG&A)[6, 7] - The company issued a partial redemption notice for $80 million of '26 Notes, following a $150 million partial redemption in April[7, 16] - EPA's Renewable Volume Obligation (RVO) proposal includes a proposed 5.6 billion gallon requirement for biomass-based diesel[10, 11], up from the current 4.5 billion gallons[10, 11] - Plans are on track to unlock 120 million to 150 million gallons of Sustainable Aviation Fuel (SAF) capacity by Q2 2026 ("MaxSAF150") at a capital cost of $20 million to $30 million[6, 15, 33]

Financial Performance Summary - Calumet's Adjusted EBITDA with Tax Attributes for Q1 2025 was $55 million, compared to $28.1 million in Q1 2024[5] - Specialty Products and Solutions (SPS) Adjusted EBITDA with Tax Attributes was $56.3 million in Q1 2025, up from $47.2 million in Q1 2024[5] - Performance Brands (PB) Adjusted EBITDA with Tax Attributes increased to $15.8 million in Q1 2025 from $13.4 million in Q1 2024[5] - Montana/Renewables (MRL at 87%) Adjusted EBITDA with Tax Attributes was $3.3 million in Q1 2025, a significant improvement from $(13.4) million in Q1 2024[5] - MRL at 100% Adjusted EBITDA with Tax Attributes totaled $2.4 million in Q1 2025, compared to $(6.3) million in Q1 2024[5] Strategic Initiatives and Operational Improvements - Calumet announced plans to accelerate MaxSAF expansion, targeting 120 million to 150 million gallons of SAF capacity by Q2 2026 ("MaxSAF150") with an initial capital cost estimate of $20-$30 million[6] - The company issued a notice of partial redemption for $150 million of '26 Notes[6] - Calumet achieved a year-over-year operating cost reduction of $22 million in Q1 2025[6] - Montana Renewables generated a Production Tax Credit (PTC) of $0.47 per gallon, totaling $19.6 million in Q1 2025[40, 45] - Consolidated quarter-ending liquidity was $542.7 million, with $347.3 million in the restricted group[6]