Calumet Reports $317M Q1 Loss Amid Renewable Fuel Market Shift

Event summary

  • Calumet reported a net loss of $317.0 million for Q1 2026, driven by non-cash RINs and other mark-to-market items.
  • Adjusted EBITDA with Tax Attributes was $50.1 million, down from $55.0 million in Q1 2025.
  • Montana Renewables completed turnaround and commenced MaxSAF® 150 operations in early May 2026.
  • EPA's SET2 RVO announcement in March transformed the outlook for biofuel margins.
  • Shreveport plant resumed normal operations in early April following previously disclosed downtime.

The big picture

Calumet's Q1 2026 results highlight the transformative impact of the EPA's SET2 RVO on the renewable fuels market. The company is positioning itself to capture these tailwinds, despite operational challenges and non-cash expenses. The strategic focus on deleveraging and long-term growth will be critical in the coming quarters.

What we're watching

Regulatory Tailwinds
How the EPA's SET2 RVO will sustain biofuel margins and impact Calumet's renewable fuels segment.
Operational Execution
Whether Calumet can capitalize on the strong margin environment across traditional and renewable energy markets.
Debt Management
The pace at which Calumet can accelerate deleveraging and improve its financial position.

Related topics

EBITDA