Summary
Calumet Is Quietly Ramping Up
Calumet (CLMT) delivered a strong Q2, with adjusted EBITDA of $159M versus $116M estimates, driven by robust Specialty Brands performance and early MaxSAF production at MRL. MRL's SAF production ramp is slower than planned, but cash flow remains strong, enabling rapid debt paydown and supporting over $1/share per month in free cash generation. Valuation updates reflect higher cash generation, with a sum-of-the-parts equity value estimate of $71.5/share, factoring in conservative EBITDA and expansion upside.
Calumet, Inc. (CLMT) Q2 2026 Earnings Call Transcript
Calumet, Inc. (CLMT) Q2 2026 Earnings Call Transcript
Calumet Q2 Earnings Call Highlights
Calumet NASDAQ: CLMT reported second-quarter adjusted EBITDA with tax attributes of $175 million, as strong performance in its Specialty Products and Solutions business helped offset downtime tied to planned turnarounds and the first phase of its MaxSAF 150 expansion at Montana Renewables.
Calumet, Inc. Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
 Curtis Ellergodt Rothschild Investment LLC | 95 | $1,798.74 | $4,198.05 | $2,399.31 | 133.39% |
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 32,551 | $1.09M | $1.29M | $197,584.57 | 18.17% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 660 | $11,761.2 | $30,386.4 | $18,625.2 | 158.36% |
| NA Nizar Araji National Bank Of Canada /FI/ | 9 | $300.69 | $355.23 | $54.54 | 18.14% |
| DS Deborah Straughn MCINTYRE FREEDMAN & FLYNN INVESTMENT ADVISERS Inc. | 6,000 | $215,400 | $276,240 | $60,840 | 28.25% |
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Calumet, Inc. Profile
| Oil, Gas & Consumable Fuels Industry | Energy Sector | Louis Todd Borgmann CEO | NASDAQ (NGS) Exchange | 131428104 CUSIP |
| US Country | 1,540 Employees | 12 Feb 2016 Last Dividend | 11 Jul 2024 Last Split | - IPO Date |
Overview
Calumet, Inc. is a distinguished company specializing in the production, formulation, and distribution of a wide range of specialty branded products and renewable fuels across various consumer-facing and industrial markets both within North America and on an international scale. Founded in 1919 and based in Indianapolis, Indiana, Calumet operates through three main segments: Specialty Products and Solutions; Montana/Renewables; and Performance Brands. These segments exemplify the company's diversified approach to offering high-quality, specialized products and services that cater to a multitude of market needs and sustainability goals.
Products and Services
- Specialty Products and Solutions
This segment delivers an array of specialty products including solvents, waxes, custom lubricating oils, white oils, petrolatums, gels, esters, and more. These products find wide applications across various industries, catering to specific needs for high-quality solvents and lubricants among other specialized requirements.
- Montana/Renewables
Focused on sustainability, this segment processes renewable feedstocks into products like renewable diesel, sustainable aviation fuel, renewable hydrogen, and renewable natural gas, among others. It highlights Calumet's commitment to renewable energy and its efforts to produce alternative fuels that offer environmental benefits. Additionally, it processes Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialized grades of asphalt, showcasing the company's versatility in handling different types of feedstocks to produce a wide range of products.
- Performance Brands
Through its Performance Brands segment, Calumet blends, packages, and markets high-performance products under the Royal Purple, Bel-Ray, and TruFuel brands. This segment emphasizes the company’s dedication to quality and performance, offering top-tier products for automotive, industrial, and recreational applications. These brands are known for their high-quality solutions that enhance the performance and longevity of engines and machinery.
