Calumet, Inc. (NASDAQ: CLMT) reported its financial results for the fourth quarter and fiscal year ending December 31, 2025. The company's net loss for the fiscal year 2025 was $33.8 million, representing a significant improvement from the net loss of $222.0 million in the prior year. The basic loss per common share also improved to $0.39 from $2.67 in the previous year.
Adjusted EBITDA for the fiscal year 2025 with tax attributes amounted to $293.3 million, reflecting a notable increase from the $229.3 million reported in the prior year.
The Specialty Products and Solutions (SPS) segment recorded adjusted EBITDA of $88.5 million in the fourth quarter of 2025, up from $51.9 million in the same period of 2024. The Performance Brands (PB) segment, however, reported a decline in adjusted EBITDA, registering $5.4 million in the fourth quarter of 2025 compared to $16.3 million in the same period of 2024. The Montana/Renewables (MR) segment also experienced a decrease, with adjusted EBITDA standing at $(5.4) million in the fourth quarter of 2025, down from $12.4 million in the prior year period.
In terms of production, the total sales volume for the fiscal year 2025 reached 90,468 barrels per day, an increase from 88,007 barrels per day in the prior year. The company highlighted that it has seen a record production year in its specialty products and solutions segment and Montana Renewables.
Calumet's CEO, Todd Borgmann, expressed optimism, emphasizing the reduction of financial risk, strengthening of the balance sheet, and positioning the company for its next phase of growth. He pointed out that approximately $100 million of structural cost reductions, combined with continued commercial leadership and record production in both their specialties and Montana Renewables businesses, enabled the paydown of $222 million of recourse debt and drove nearly 30% year-over-year EBITDA growth.
The company also provided an update on its refinancing activities, including the closure of a private placement of $405 million in aggregate principal amount of 9.75% senior notes due 2031 and the amendment of its existing asset-based loan facility to extend the maturity date to January 2031.
Calumet's webcast to discuss the financial and operational results for the fourth quarter and fiscal year 2025 is scheduled for February 27, 2026.
About Calumet: Calumet, Inc. is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America, manufacturing, formulating, and marketing a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Following these announcements, the company's shares moved -1.12%, and are now trading at a price of $20.33. For the full picture, make sure to review Calumet's 8-K report.
