Calumet reports preliminary 2025 results with debt reduction exceeding $220M

Calumet, Inc. (NASDAQ: CLMT) announced preliminary financial results for fiscal year 2025, reporting an expected net loss between $12.0 million and $69.0 million and Adjusted EBITDA with Tax Attributes between $285.0 million and $305.0 million.

The Indianapolis-based specialty products and renewable fuels manufacturer reduced restricted debt by more than $220 million during 2025, according to CEO Todd Borgmann. The debt reduction was driven by over $70 million in annual cost improvements, approximately $20 million in crude supply chain efficiencies, and a $110 million divestiture of the Royal Purple Industrial business.

At Montana Renewables, the company completed the first U.S. Department of Energy loan approved under the Trump administration, eliminating approximately $80 million of annual cash debt service. The company also monetized over $90 million of producer tax credits during 2025.

As of December 31, 2025, Calumet had approximately $250 million of liquidity in its Restricted Subsidiaries Group and total liquidity of approximately $447 million, including restricted cash.

The company noted that reliability initiatives drove 1.3 million barrels of increased annual production during the year. Montana Renewables' MaxSAF expansion remains on track for the second quarter of 2026.

The preliminary financial data has not been audited or reviewed by the company's independent registered public accounting firm, and actual results could vary materially from these estimates, according to the company's statement.

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