Calumet narrowed its second-quarter loss in 2026 while sharply lifting operating profit, led by a surge in its specialty products business and a stronger renewable-margin environment.
The company reported a net loss of $95.9 million, or $1.09 a share, compared with a loss of $147.9 million, or $1.70 a share, a year earlier. For the first half, the loss widened to $412.9 million from $309.9 million.
Adjusted EBITDA climbed to $159.3 million in the quarter from $55.1 million a year ago, while adjusted EBITDA with tax attributes rose to $175.2 million from $76.5 million. For the first six months, adjusted EBITDA increased to $186.9 million from $93.2 million, and adjusted EBITDA with tax attributes rose to $225.3 million from $131.5 million.
Specialty Products and Solutions delivered the biggest jump. Quarterly adjusted EBITDA in that segment rose to $161.7 million from $66.8 million, with adjusted gross profit increasing to $195.6 million from $75.6 million. Gross profit moved to $31.8 million from a $14.9 million loss. For the first half, the segment’s adjusted EBITDA increased to $206.0 million from $123.1 million, while adjusted gross profit rose to $254.9 million from $140.5 million.
Performance Brands posted lower second-quarter adjusted EBITDA of $6.3 million, down from $13.5 million a year earlier. The segment’s adjusted gross profit slipped to $16.1 million from $22.3 million. For six months, adjusted EBITDA fell to $18.9 million from $29.3 million, and adjusted gross profit declined to $38.1 million from $46.5 million.
Montana/Renewables improved on the back of stronger margins and the restart after turnaround work. Quarterly adjusted EBITDA with tax attributes rose to $26.6 million from $16.3 million. The segment’s gross loss narrowed to $30.4 million from $50.8 million, while adjusted gross loss improved to $2.0 million from a $2.0 million loss. For the first half, adjusted EBITDA with tax attributes increased to $36.7 million from $19.6 million, and the gross loss narrowed to $76.0 million from $120.4 million.
Production was mixed across the portfolio. Total facility production rose to 83,191 barrels per day from 79,912 barrels per day. Specialty Products and Solutions production increased to 62,903 barrels per day from 55,704 barrels per day. Performance Brands production climbed to 2,164 barrels per day from 1,663 barrels per day. Montana/Renewables production fell to 18,124 barrels per day from 22,545 barrels per day, reflecting the turnaround and expansion work.
Calumet also stepped up debt reduction after quarter end. On July 15, it redeemed $100 million of 9.75% senior notes due 2028. On July 31, it fully repaid and terminated the Montana terminal asset financing arrangement for $15.5 million. The company said it also retired $115 million of debt in July.
Management said Montana Renewables completed the first phase of its MaxSAF 150 expansion and is moving toward the next stage. The market has reacted to these announcements by moving the company's shares -6.47% to a price of $39.17. Check out the company's full 8-K submission here.
