Calumet Q3 2026 Earnings Call Transcript - Calumet (NASDAQ:CLMT)

Calumet (NASDAQ:CLMT) reported record strength in its third-quarter 2026 results, citing $347 million in adjusted EBITDA driven by both its specialties and renewables segments. The company said it retired roughly $265 million of debt over the past four months, cutting annual cash interest by $26 million, and aims to keep reducing leverage. Montana Renewables delivered a record $80 million in adjusted EBITDA, while the specialties segment generated $248 million supported by strong demand and constrained global supply and a major turnaround at its Shreveport facility. Calumet reported improved leverage to about 3 times and outlined a continuing push to reduce high-cost debt. Management also announced an amended agreement with Warburg Pincus to provide financial flexibility, including a $30 million annual lease payment to CMR for the Montana Renewables expansion.