Calumet (NASDAQ:CLMT) reported a net loss of $33.8 million, or $0.39 per share, for the fiscal year 2025, but highlighted a series of structural overhauls that have significantly de-risked its balance sheet.
The Indianapolis-based refiner and specialty products manufacturer posted adjusted EBITDA with tax attributes of $293.3 million, a nearly 30% increase year-over-year, driven by record production and aggressive cost-cutting measures.
The company achieved approximately $100 million in structural cost savings during the year, which allowed it to pay down $222 million in recourse debt.
This deleveraging was further supported by a $405 million senior notes offering due 2031 and an amended asset-based loan facility that provides $500 million in commitments through January 2031.
A central focus for investors remains Montana Renewables, Calumet’s subsidiary and North America’s largest producer of sustainable aviation fuel (SAF).
The division is currently in the final stages of its MaxSAF 150 expansion, which remains on track for a second-quarter 2026 launch.
Once complete, the project is expected to increase the facility's SAF capacity to 315 million gallons per year.