Calumet, Inc. reported a second-quarter 2026 net loss of $95.9 million, or $1.09 per common share, while Adjusted EBITDA rose to $159.3 million and Adjusted EBITDA with Tax Attributes reached $175.2 million. The company said results were driven by a strong margin environment in Specialty Products and Solutions, continued progress at Montana Renewables and ongoing balance-sheet repair, even as earnings were heavily affected by non-cash RINs (renewable compliance credits) expense and other mark-to-market accounting items. CEO Todd Borgmann said the integrated specialties platform delivered exceptional results and helped support $115 million of debt retirement in July, while Montana Renewables completed the first phase of its MaxSAF 150 expansion. Calumet said second-quarter net loss was significantly affected by a $9.0 million unrealized gain on derivatives and $163.6 million of non-cash RINs-related expense. Specialty Products and Solutions posted Adjusted EBITDA of $161.7 million versus $66.8 million a year earlier, while Performance Brands reported $6.3 million versus $13.5 million and Montana/Renewables generated $26.6 million of Adjusted EBITDA with Tax Attributes versus $16.3 million. Calumet also redeemed $100 million of 9.75% Senior Notes due 2028 on July 15 and repaid a Montana terminal asset financing arrangement for $15.5 million on July 31, saying it remains focused on using cash from operations to reduce debt further.