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CLMTBullishEarningsShort Term

High materiality7/10

Calumet Reports Second Quarter 2026 Results

StockNews.AIAug 7, 7:00 AM EDT1 source

Trading thesisImportance 7/10

Bullish over the next 6–12 months as debt reduction and renewables margin improvements support cash flow.

AI summary

What happened and why it matters

Calumet reported a Q2 2026 net loss of $95.9 million driven by non-cash RINs and mark-to-market items, while Adjusted EBITDA with Tax Attributes reached $175.2 million. Montana Renewables advanced the MaxSAF2 0 expansion with phase 1 complete, helping renewables margins, as the company continues debt reduction with $115 million retirement in July. The mix of deleveraging, stronger SPS margins, and renewable-margin improvement defines the near-term trajectory.

Debt reduction: $115 million paid down in July—lower interest burden ahead.
Montana Renewables MaxSAF 150 expansion progress improves margin outlook.
Q2 net loss includes non-cash RINs; GAAP results remain pressured, non-GAAP metrics improving.
Adjusted EBITDA with Tax Attributes at $175.2 million signals improving core cash generation.

Sentiment rationale

Debt reduction and accelerated deleveraging typically support equity-like multiple re-rating, especially when non-GAAP metrics show robust cash flow progression despite GAAP net losses. The MaxSAF expansion and renewables-margin strength are catalysts that may calibrate CLMT's risk-reward to the upside as leverage declines and EBITDA-focused metrics improve, a dynamic seen in peers during deleveraging cycles.

Key facts

01
CLMT Q2 2026 net loss $95.9M; EPS $(1.09) due to RINs and mark-to-market items.
02
Adjusted EBITDA with Tax Attributes rose to $175.2M.
03
Montana Renewables MaxSAF 150 phase I completed; stronger renewables margins.
04
Deleveraging continues with $115M debt retirement in July.
05
SPS margin environment; Montana/Renewables turnaround supports growth across segments.

Earnings

Category: Earnings. The release centers on quarterly results, segment performance, and debt-reduction actions, framing a pivot toward deleveraging and growth investments in SPS and Montana Renewables.