Calumet (CLMT) Q2 2026 Earnings Call Transcript

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DATE

Friday, Aug. 7, 2026, astatine 9 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer-Louis Borgmann

• Executive Vice President and Chief Financial Officer-David Lunin

• Executive Vice President, Montana Renewables and Corporate Development-Bruce Fleming

• President, Specialties-Scott Obermeier

• Investor Relations-John Kompa

Full Conference Call Transcript

Operator: Good day, and invited to the Calumet Inc. Second Quarter 2026 Conference Call. [Operator Instructions] Please note, this lawsuit is being recorded. I would present similar to crook the league implicit to John Kompa, Investor Relations. Please spell ahead.

John Kompa: Thanks, David. Good morning. Thank you for joining our 2nd 4th 2026 net call. With maine connected today's telephone are Todd Borgmann, CEO; David Lunin, EVP and Chief Financial Officer; Bruce Fleming, EVP, Montana Renewables and Corporate Development; and Scott Obermeier, President, Specialties. You whitethorn present download the slides that travel the remarks made connected today's league call, which tin beryllium accessed successful the Investor Relations conception of our website astatine calumet.com. Also, a webcast replay of this telephone volition beryllium disposable connected our tract wrong a fewer hours. Turning to the presentation. On Slide 2, you tin find our cautionary statements. I'd similar to punctual everyone that during this call, we whitethorn supply assorted forward-looking statements.

Please notation to our property merchandise that was issued this greeting arsenic good arsenic our latest filings with the SEC for a database of factors that whitethorn impact our existent results and origin them to disagree from our expectations. As we crook to Slide 3, I'll present walk the telephone to Todd.

Louis Borgmann: Thanks, John. Good morning, and invited to today's call. The past clip we were together, we expressed that this twelvemonth was mounting up a batch similar 2022, and the 2nd 4th delivered connected that with $175 cardinal of adjusted EBITDA with taxation attributes contempt starting the play with 3 planned turnarounds successful Princeton, Cotton Valley and Montana Renewables. Just arsenic important arsenic the quarterly net is what they mean for Calumet's strategical positioning. Our restricted radical leverage ratio is present beneath 4x. And with the archetypal signifier of our MaxCalf 150 enlargement down america and beardown currency flows successful each businesses, we're expecting to surpass 3x adjacent quarter. About a period ago, we called $100 cardinal of notes.

And past week, we terminated the merchantability leaseback of our CMR motortruck rack with $115 cardinal repurchase, eliminating that precocious involvement debt. The outlook is for continued and accelerated deleveraging from here. So the speech contiguous is progressively astir what our self-funding and increasing level does next. Let's crook to Slide 4, and we'll commencement with our specialties business. We've agelong talked astir our integrated specialty strategy. And this quarter, we saw it successful spades. Our routinely high-margin specialty products are exposed to an highly favorable marketplace dynamic, we'll deed connected momentarily.