• Fourth quarter 2024 internet lack of $40.7 million, or ordinary loss according to ordinary proportion of $0.47 according to proportion
• Fourth quarter 2024 Adjusted EBITDA of $56.6 million
• Declares sale of Royal Pink® business industry for $110 million
• Montana Renewables gained preliminary finances from U.S. Branch of Power (“DOE”) mortgage in February 2025
• Specialties industry posts report gross sales quantity and price growth in 2024

INDIANAPOLIS, Feb. 28, 2025 /PRNewswire/ — Calumet, Inc. (NASDAQ: CLMT) nowadays reported result of Calumet, Inc. (the “Company,” “Calumet,” “we,” “our” or “us”) for the fourth quarter ended December 31, 2024, as follows:

“The past twelve months of strategic activity at Calumet has fundamentally reset the company’s foundation,” mentioned Todd Borgmann, CEO. “Successfully completing the conversion to a C-Corporation, receiving the first DOE funding under the new administration, derisking Montana Renewables operations, and continuing to widen the competitive moat around our Specialties business positions the company to succeed against our top priority of deleveraging the balance sheet and growing cash flows.”

“With receipt of funding from the DOE in February 2025, we have completely recapitalized Montana Renewables, which eliminates approximately $80 million annually during the construction period that was previously used for third-party debt service and sets the stage for growth through our MaxSAF™ expansion. In addition to the large cash flow unlocked through this loan, today’s announced sale of the Royal Purple® industrial business demonstrates the next step in our commitment to accelerate the deleveraging of our company.”

Uniqueness Merchandise and Answers (SPS): The SPS department reported Adjusted EBITDA of $43.4 million throughout the fourth quarter of 2024 in comparison to Adjusted EBITDA of $75.6 million for a similar quarter a 12 months in the past.  Section effects mirrored robust manufacturing ranges in part offsetting headwinds in fuels reflecting adverse break spreads.  

Efficiency Manufacturers (PB):  The PB department reported Adjusted EBITDA of $16.3 million throughout the fourth quarter of 2024 as opposed to Adjusted EBITDA of $6.1 million within the fourth quarter of 2023, benefitting from 15 p.c expansion in year-over-year volumes.

Montana/Renewables (MR): The MR department reported $10.9 million of Adjusted EBITDA throughout the fourth quarter of 2024 in comparison to Adjusted EBITDA of $(25.8) million within the prior 12 months length.  Fourth quarter effects replicate persisted working momentum in our renewables industry and the receipt of an insurance coverage declare, in part offset through the have an effect on of a deliberate turnaround within the fourth quarter of 2024.  The turnaround was once effectively finished throughout the quarter and the website resumed standard operations in December 2024.       

Company: Overall company prices constitute $(14.0) million of Adjusted EBITDA for the fourth quarter 2024. This compares to $(16.2) million of Adjusted EBITDA within the fourth quarter 2023.

Calumet Declares Sale of Belongings Alike to Business Portion of its Royal Pink® Trade  

Calumet introduced it has entered right into a definitive assurance with an entirely owned subsidiary of Lubrication Engineers, Inc., a portfolio corporate of Aurora Capital Companions, to promote property indistinguishable to the economic portion of its Royal Pink® industry, for $110 million.  Calumet will store and keep growing the shopper portion of the Royal Pink industry and the Royal Pink manufacturing facility in Porter, TX.

The transaction of Royal Pink’s prime efficiency artificial business product layout come with business tools lubricants, bio-environmental lubricants, desk bound herbal gasoline engine oils, hydraulic lubricants, and compressor oils, at the side of an unique license of the logo for business programs.  All through the 12 months ended December 31, 2024, Royal Pink’s business industry generated roughly $29 million of overall gross sales. 

Calumet will store possession of the Porter, Texas, production website and the shopper portion of the Royal Pink industry, which caters to a numerous array of automobile product programs via a multi-channel process of important nationwide shops and forte auto portions shops.  Key manufacturers inside the user portion of Royal Pink come with: Prime Efficiency Motor Oil, HPS®, HMX®, Max EZ®, Max Equipment®, Max-Blank®, XPR®, and Duralec Tremendous™. 

The Corporate expects to virtue the sale proceeds to basically pay ill debt. The transaction is anticipated to akin within the first part of 2025, topic to commonplace utmost statuses.

Calumet Uniqueness Merchandise Companions, L.P. Completes Conversion to C-Company

As prior to now introduced in July 2024, Calumet Uniqueness Merchandise Companions, L.P. finished the prior to now introduced conversion (the “Conversion”) of its construction from an MLP to a C-Company, pursuant to which the unitholders of Calumet Uniqueness Merchandise Companions, L.P. (the “Partnership”) become shareholders of Calumet, Inc. As prior to now introduced, on the Partnership’s particular assembly of unitholders hung on July 9, 2024, over 99% of the votes forged at the Conversion proposal had been forged in partiality of the kindness of the Conversion. The Partnership’s unitholders additionally voted to approve all alternative proposals offered on the particular assembly.  

Montana Renewables Receives First Drawdown from $1.44 Billion DOE Mortgage Facility

Calumet introduced on February 18, 2025, that Montana Renewables, LLC, an unrestricted subsidiary of Calumet gained its first drawdown of roughly $782 million from its $1.44 billion assured mortgage facility with the DOE Mortgage Systems Place of business (“LPO”). The mortgage finances the development and growth of the renewable fuels facility owned through Montana Renewables.

The growth positions Montana Renewables as one of the crucial biggest Sustainable Flying Gasoline (“SAF”) manufacturers globally, enabling an build up in annual manufacturing capability to roughly 300 million gallons of SAF and 330 million gallons of mixed SAF and renewable diesel. The deliberate growth contains a number of key modular parts, which can grant the power to extend capability and shed prices. Essentially the most notable feature is a 2nd renewable fuels reactor, which can permit roughly part of the 300-million-gallon SAF capacity to be on-line through 2026.

The mortgage assurance is structured in two tranches, with the primary tranche of roughly $782 million exempt to treasure eligible bills prior to now incurred through MRL. Coincident with the primary tranche investment, Calumet made an spare $150 million fairness funding in Montana Renewables Holdings LLC, the dad or mum corporate of MRL, with coins available. The steadiness of the assured mortgage proceeds of as much as roughly $658 million is anticipated to be distributed via a behind schedule draw building facility, and MRL expects this 2nd tranche to be distributed throughout building starting in 2025 throughout the expected final touch of the MaxSAF™ challenge in 2028. Disbursements underneath the assured mortgage facility are topic to the pride of sure industrial, technical, and prison statuses precedent. All through building, retained profits from MRL are anticipated to complement DOE finances to guard debt at 55% of capitalization throughout the MaxSAF™ building layout. The mortgage has a 15-year tenor and an annual rate of interest on the U.S. Treasury price plus 3/8%. Servicing of predominant and hobby will probably be deferred till MaxSAF™ is commissioned.

Operations Abstract

Refer to desk units forth details about the Corporate’s proceeding operations upcoming giving impact to the removing of all intercompany process. Facility manufacturing quantity differs from gross sales quantity because of adjustments in inventories and the sale of bought blendstocks reminiscent of ethanol and forte blendstocks, in addition to the resale of crude oil.

Webcast Data

A convention name is scheduled for 9:00 a.m. ET on February 28, 2025, to talk about the monetary and operational effects for the fourth quarter of 2024. Traders, analysts and individuals of the media curious about being attentive to the are living presentation are inspired to tied a webcast of the decision with accompanying presentation slides, to be had on Calumet’s web site at www.calumet.investorroom.com/events. events may additionally take part within the name through dialing (844) 695-5524. A replay of the convention name will probably be to be had a couple of hours upcoming the development at the investor family members division of Calumet’s web site, underneath the occasions and displays division and can stay to be had for no less than 90 days.

About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diverse slate of forte branded merchandise and renewable fuels to consumers throughout a vast field of consumer-facing and business markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve amenities right through North The united states.

Cautionary Commentary Referring to Ahead-Having a look Statements  

Positive statements and knowledge on this press let fall would possibly represent “forward-looking statements.” The phrases “will,” “may,” “intend,” “believe,” “expect,” “outlook,” “forecast,” “anticipate,” “estimate,” “continue,” “plan,” “should,” “could,” “would,” or alternative indistinguishable expressions are supposed to spot forward-looking statements, which might be in most cases now not ancient in nature. The statements mentioned on this press let fall that don’t seem to be purely ancient knowledge are forward-looking statements, together with, however now not restricted to, the statements relating to (i) call for for completed merchandise in markets we handover, (ii) our expectation relating to our industry outlook and coins flows, together with with recognize to the Montana Renewables industry and our plans to de-leverage our steadiness sheet, (iii) our expectancies in regards to the DOE mortgage facility (the “DOE Facility”), together with the timing, dimension and supposed virtue of borrowings underneath such facility, (iv) our expectation that the DOE Facility will permit MRL to finish the MaxSAF™ building and that such challenge will probably be finished on generation and on finances, (v) our expectation in regards to the generation required to consummate the proposed sale of the Royal Pink® business industry (the “Proposed Transaction”) and the pride or waiver of statuses within the assurance governing the Proposed Transaction, (vi) our talent to procure regulatory or alternative third-party approvals and is of the same opinion and in a different way consummate the Proposed Transaction, (vii) our talent to succeed in the strategic and alternative targets in relation to the Proposed Transaction, (viii) our expectation relating to expected capital expenditures and strategic projects, and (vii) our talent to fulfill our monetary loyalty, debt provider duties, debt software covenants, contingencies and expected capital expenditures. Those forward-looking statements are in accordance with our flow expectancies and ideology relating to presen trends and their doable impact on us. Era control believes that those forward-looking statements are cheap as and when made, there will also be refuse commitment that presen trends affecting us will probably be those who we watch for. All feedback relating to our flow expectancies for presen gross sales and working effects are in accordance with our forecasts for our present operations and don’t come with the prospective have an effect on of any presen acquisition or disposition transactions. Our forward-looking statements contain vital dangers and uncertainties (a few of which might be past our keep watch over) and suppositions that might motive our unedited effects to vary materially from our ancient enjoy and our provide expectancies or projections. Recognized subject material elements that might motive our unedited effects to vary materially from the ones within the forward-looking statements come with: the full call for for forte merchandise, fuels, renewable fuels and alternative delicate merchandise; the extent of international and home manufacturing of crude oil and delicate merchandise; our talent to manufacture forte merchandise, gasoline merchandise, and renewable gasoline merchandise that meet our consumers’ distinctive and actual specs; the selling of additional and competing merchandise; the have an effect on of fluctuations and speedy will increase or decreases in crude oil and break unfold costs, together with the ensuing have an effect on on our liquidity; the result of our hedging and alternative chance control actions; our talent to agree to monetary covenants contained in our debt tools; the supply of, and our talent to consummate, acquisition or aggregate alternatives and the have an effect on of any finished acquisitions; exertions family members; our get right of entry to to capital to treasure expansions, acquisitions and our running capital wishes and our talent to procure debt or fairness financing on ample phrases; a hit integration and presen efficiency of received property, companies or third-party product provide and processing relationships; our talent to well timed and successfully combine the operations of received companies or property, in particular the ones in fresh geographic fields or in fresh traces of commercial; environmental liabilities or occasions that don’t seem to be coated through an indemnity, insurance coverage or present reserves; upkeep of our credit score scores and talent to obtain seen credit score traces from our providers; call for for diverse grades of crude oil and ensuing adjustments in pricing statuses; fluctuations in refinery capability; our talent to get right of entry to enough crude oil provide via long-term or monthly evergreen agreements and at the spot marketplace; the consequences of festival; persisted creditworthiness of, and function through, counterparties; the have an effect on of flow and presen rules, rulings and governmental rules, together with steerage indistinguishable to the Dodd-Frank Wall Boulevard Reform and Client Coverage Operate; the prices of complying with the Renewable Gasoline Usual, together with the costs paid for renewable id numbers (“RINs”); shortages or price will increase of energy provides, herbal gasoline, fabrics or exertions; storm or alternative climate interference with industry operations; our talent to get right of entry to the debt and fairness markets; injuries or alternative unscheduled shutdowns; and normal financial, marketplace, industry or political statuses, together with inflationary pressures, instability in monetary establishments, normal financial slowdown or a recession, political tensions, conflicts and warfare (reminiscent of the continued conflicts in Ukraine and the Center East and their regional and world ramifications).

For spare knowledge relating to elements that might motive our unedited effects to vary from our projected effects, the following our filings with the SEC, together with the chance elements and alternative cautionary statements within the Partnership’s unedited Annual Document on Method 10-Ok and alternative filings with the SEC through Calumet and the Partnership.

We warning that those statements don’t seem to be promises of presen efficiency and also you must now not depend unduly on them, as they contain dangers, uncertainties, and suppositions that we can’t expect. As well as, we now have founded many of those forward-looking statements on suppositions about presen occasions that can end up to be misguided. Era our control considers those suppositions to be cheap, they’re inherently topic to vital industry, financial, aggressive, regulatory and alternative dangers, contingencies and uncertainties, maximum of which might be tricky to expect and plenty of of which might be past our keep watch over. Accordingly, our unedited effects would possibly vary materially from the presen efficiency that we’ve got expressed or forecast in our forward-looking statements. Readers are cautioned to not park undue reliance on forward-looking statements, which discuss most effective as of the generation they’re made. We adopt refuse legal responsibility to publicly replace or revise any forward-looking statements upcoming the generation they’re made, whether or not on account of fresh knowledge, presen occasions or in a different way, aside from to the level required through appropriate legislation. Positive folk statements made through us and our representatives at the generation hereof may additionally include forward-looking statements, which might be certified of their entirety through the cautionary statements contained above.

Non-GAAP Monetary Measures

Our control makes use of sure non-GAAP efficiency measures to investigate working department efficiency and non-GAAP monetary measures to judge year efficiency and potentialities for the presen to complement our monetary knowledge offered in keeping with in most cases authorized accounting ideas (“GAAP”). Those monetary and operational non-GAAP measures are notable elements in assessing our working effects and profitability and come with efficiency measures at the side of sure key working metrics.

We virtue please see monetary efficiency measures:

EBITDA: We outline EBITDA for any length as internet source of revenue (loss) plus hobby expense (together with amortization of debt issuance prices), source of revenue taxes and depreciation and amortization. Traditionally, we thought to be internet source of revenue (loss) to be essentially the most at once related GAAP measure to EBITDA. We imagine internet source of revenue (loss) is essentially the most at once related GAAP measure to EBITDA.

Adjusted EBITDA: We outline Adjusted EBITDA for any length as: EBITDA adjusted for (a) impairment; (b) unrealized good points and losses from mark to marketplace accounting for hedging actions; (c) discovered good points and losses underneath by-product tools excluded from the resolution of internet source of revenue (loss); (d) non-cash equity-based reimbursement expense and alternative non-cash pieces (with the exception of pieces reminiscent of accruals of money bills in a presen length or amortization of a pay as you go coins expense) that had been deducted in computing internet source of revenue (loss); (e) debt refinancing charges, extinguishment prices, premiums and consequences; (f) any internet achieve or loss discovered in reference to an asset sale that was once deducted in computing internet source of revenue (loss); (g) amortization of turnaround prices; (h) LCM stock changes; (i) the have an effect on of liquidation of stock layers calculated the use of the LIFO form; (j) RINs mark-to-market changes; and (okay) all strange, extraordinary or non-recurring pieces of achieve or loss, or income or expense.

Uniqueness Merchandise and Answers department Adjusted EBITDA Margin: We outline Uniqueness Merchandise and Answers department Adjusted EBITDA Margin for any length as Uniqueness Merchandise and Answers department Adjusted EBITDA divided through Uniqueness Merchandise and Answers department gross sales.

Uniqueness Merchandise and Answers department Adjusted improper benefit (loss): We outline Uniqueness Merchandise and Answers department Adjusted improper benefit (loss) for any length as Uniqueness Merchandise and Answers department improper benefit (loss) with the exception of the have an effect on of (a) LCM stock changes; (b) the have an effect on of liquidation of stock layers calculated the use of the LIFO form; (c) RINs mark-to-market changes; (d) depreciation and amortization; and (e) all strange, extraordinary or non-recurring pieces of income or price of gross sales.

Efficiency Manufacturers department Adjusted improper benefit (loss): We outline Efficiency Manufacturers department Adjusted improper benefit (loss) for any length as Efficiency Manufacturers department improper benefit (loss) with the exception of the have an effect on of (a) LCM stock changes; (b) the have an effect on of liquidation of stock layers calculated the use of the LIFO form; (c) RINs mark-to-market changes; (d) depreciation and amortization; and (e) all strange, extraordinary or non-recurring pieces of income or price of gross sales.

Montana/Renewables department Adjusted improper benefit (loss): We outline Montana/Renewables department Adjusted improper benefit (loss) for any length as Montana/Renewables department improper benefit (loss) with the exception of the have an effect on of (a) LCM stock changes; (b) the have an effect on of liquidation of stock layers calculated the use of the LIFO form; (c) RINs mark-to-market changes; (d) depreciation and amortization; and (e) all strange, extraordinary or non-recurring pieces of income or price of gross sales.

The definition of Adjusted EBITDA this is offered on this press let fall is indistinguishable to the calculation of (i) “Consolidated Cash Flow” contained within the indentures governing our 11.00% Senior Notes due 2025 (the “2025 Notes”), our 8.125% Senior Notes due 2027 (the “2027 Notes”), each and every line of our 9.75% Senior Notes due 2028 (the “2028 Notes”), and our 9.25% Senior Fix First Lien Notes due 2029 (the “2029 Secured Notes”) and (ii) “Consolidated EBITDA” contained within the credit score assurance governing our revolving credit score facility. We’re required to document Consolidated Money Wave to the holders of our 2025 Notes, 2027 Notes, 2028 Notes, and 2029 Fix Notes and Consolidated EBITDA to the lenders underneath our revolving credit score facility, and those measures are worn through them to decide our compliance with sure covenants governing the ones debt tools. Refer to our filings with the SEC, together with our most up-to-date Annual Document on Method 10-Ok and Wave Reviews on Method 8-Ok, for spare main points in regards to the covenants governing our debt tools.

Those non-GAAP measures are worn as supplemental monetary measures through our control and through exterior customers of our monetary statements reminiscent of buyers, industrial banks, analysis analysts and others, to evaluate:

• the monetary efficiency of our property with out regard to financing forms, capital construction or ancient price foundation;
• the power of our property to generate coins enough to pay hobby prices and backup our indebtedness;
• our working efficiency and go back on capital as in comparison to the ones of alternative corporations in our trade, with out regard to financing or capital construction;
• the viability of acquisitions and capital expenditure initiatives and the full charges of go back on additional funding alternatives; and
• our working efficiency with the exception of the non-cash have an effect on of LCM and LIFO stock changes, RINs mark-to-market changes, and depreciation and amortization.

We imagine that those non-GAAP measures are helpful to analysts and buyers, as they exclude transactions now not indistinguishable to our core coins working actions and grant metrics to investigate our talent to treasure our capital necessities and to pay hobby on our debt duties. We imagine that with the exception of those transactions lets in buyers to meaningfully analyze developments and function of our core coins operations.

EBITDA, Adjusted EBITDA, and department Adjusted improper benefit (loss) must now not be thought to be choices to Internet source of revenue (loss), Running source of revenue (loss), Internet coins equipped through (worn in) working actions, improper benefit (loss) or any alternative measure of economic efficiency offered in keeping with GAAP. In comparing our efficiency as steady through EBITDA, Adjusted EBITDA, and department Adjusted improper benefit (loss) control appreciates and considers the constraints of those measurements. EBITDA and Adjusted EBITDA don’t replicate our liabilities for the cost of source of revenue taxes, hobby expense or alternative duties reminiscent of capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, and department Adjusted improper benefit (loss) are only some of a number of measurements that control makes use of. Additionally, our EBITDA, Adjusted EBITDA, and department Adjusted improper benefit (loss) will not be related to in a similar way titled measures of any other corporate as a result of all corporations won’t calculate EBITDA, Adjusted EBITDA, and department Adjusted improper benefit (loss) in the similar approach. Refer to the division of this let fall entitled “Non-GAAP Reconciliations” for tables that provide reconciliations of EBITDA and Adjusted EBITDA to Internet source of revenue (loss), our maximum at once related GAAP monetary efficiency measure; and department Adjusted improper benefit (loss) to department improper benefit (loss), our maximum at once related GAAP monetary efficiency measure.

SOURCE Calumet Uniqueness Merchandise Companions, L.P.