Calumet Achieves 30% EBITDA Growth and Reduces Leverage to 4.9x
Calumet delivered $293 million of adjusted EBITDA in 2025, up nearly 30% year-on-year, reduced net recourse leverage from 8.2x to 4.9x and eliminated 2026–27 debt maturities after closing an $80 million annual debt-service DOE loan. Montana Renewables cut operating costs to $0.41 per gallon, monetized over $90 million of PTCs and advanced its MaxSAF 150 expansion.
1. Specialty Products and Solutions Performance
Calumet’s SPS segment produced record volumes in 2025, delivering adjusted EBITDA of $88.5 million in Q4 and $291.8 million for the full year. Management sustained margins above $60 per barrel and achieved five consecutive quarters above 20,000 barrels per day despite softer industry conditions.
2. Financial Flexibility and Debt Reduction
Full-year adjusted EBITDA reached $293 million, a nearly 30% increase, while restricted debt was reduced by over $220 million. The closing of a DOE loan removed approximately $80 million of annual debt service, cut net recourse leverage from 8.2x to 4.9x and eliminated debt maturities in 2026 and 2027.
3. Montana Renewables Progress and MaxSAF 150
Montana Renewables lowered operating costs to $0.41 per gallon in H2 2025, a 60% improvement over two years, and monetized more than $90 million of Production Tax Credits. Adjusted EBIT was negative $5.4 million in Q4 but positive $31.3 million for the year, and the MaxSAF 150 project is set to add 120–150 million gallons of annual SAF capacity.
4. 2026 Capital Expenditure Outlook
Calumet plans total 2026 capital expenditures of $115–145 million, including $70–90 million in its restricted group, $30–40 million above a typical year. Management intends to balance elevated maintenance spending with free cash flow generation.