Calumet Posts $317M Q1 Loss; EPA SET2 RVO Sparks Stronger Biofuel Margins
Calumet posted a first-quarter 2026 net loss of $317.0 million, or $3.64 per share, while delivering Adjusted EBITDA with Tax Attributes of $50.1 million. EPA’s SET2 RVO announcement in March has improved biofuel margin outlook and Montana Renewables completed its turnaround to commence MaxSAF® 150 operations in early May.
1. Q1 2026 Financial Results
Calumet reported a net loss of $317.0 million, or $3.64 per share, for the quarter ended March 31, 2026. Adjusted EBITDA was $27.6 million, rising to $50.1 million when including tax attributes, compared with $55.0 million in the prior year period.
2. Segment Performance
The Specialty Products and Solutions segment posted Adjusted EBITDA of $44.3 million, down from $56.3 million due to higher feedstock costs and an unplanned Shreveport outage. Performance Brands generated $12.6 million of Adjusted EBITDA, driven by record TruFuel® volumes. Montana Renewables delivered $10.2 million of Adjusted EBITDA with tax attributes despite its planned turnaround.
3. Operational Developments
Montana Renewables completed its scheduled turnaround and commenced MaxSAF® 150 production in early May after March expansion work. The Shreveport refinery resumed normal operations in early April following an organic chloride contamination that halted production of roughly 750,000 barrels.
4. Regulatory Impact
EPA’s March SET2 Renewable Volume Obligation announcement has transformed the biofuel margin outlook, creating one of the strongest margin environments in both traditional and renewable energy segments. This regulatory shift positions Calumet to accelerate deleveraging and pursue long-term growth.