The Indianapolis-based firm saw its Specialty Products and Solutions segment serve as a primary engine for liquidity, generating $161.7 million in adjusted EBITDA. This performance, fueled by global supply shortages and strong commercial execution, stands in contrast to the performance of its branded fuels business. The Performance Brands division faced margin compression as rising feedstock costs outpaced price adjustments, leading to a dip in adjusted EBITDA to $6.3 million.

Operations at the Montana Renewables unit also shifted gears. Following a planned turnaround and the first phase of the MaxSAF 150 expansion, the facility resumed production in May. The company remains focused on capital-efficient growth, with CEO Todd Borgmann emphasizing that current operational momentum supports both the ongoing debt retirement strategy and future expansion plans. Calumet finished the quarter with $109.8 million in cash, while continuing to navigate the volatility of renewable fuel markets.