Calumet publishes third-quarter 2026 earnings call transcript
CLMT•Calumet reported $347 million in adjusted EBITDA with tax attributes for the third quarter, including $248.1 million from Specialty Products and Solutions. Management cited near-term elevated specialty margins, about $265 million of debt retired over four months, and a revised $137 million MaxSAF expansion targeting 200 million gallons of annual sustainable aviation fuel production in 2028.
1. Quarterly results and outlook
Calumet’s November 6 third-quarter 2026 earnings call included CEO Todd Borgmann, CFO David Lunin, Bruce Fleming, Scott Obermeier and John Kompa. Adjusted EBITDA with tax attributes reached $347 million, with Specialty Products and Solutions contributing $248.1 million. Management expects specialty margins to remain elevated near term, with damaged capacity and depleted inventories extending supply constraints into 2027 and beyond.
2. Debt and MaxSAF plans
Calumet retired roughly $265 million of debt over four months, a move expected to save approximately $26 million annually; $175 million of 2028 notes remain. The revised MaxSAF expansion requires $137 million and targets annual sustainable aviation fuel production of 200 million gallons in 2028.
