Key Highlights

  • Shares trading up 13.93% intraday, adding $5.50 to reach $44.98
  • Move extends a rebound from last week's post-earnings selloff
  • Q2 2026 Revenue of $1.48 billion beat estimates of $1.1 billion
  • Adjusted EBITDA of $175 million achieved despite three planned turnarounds
  • Montana Renewables segment delivered $17 million of adjusted EBITDA despite turnaround and expansion downtime
  • Restricted group Leverage Ratio fell below 4x, with expectations to surpass 3x next quarter

Shares Rebound From Last Week's Selloff

Calumet ( Nasdaq :CLMT) shares are surging Monday, extending a rebound from last week's post-earnings selloff as investors reassess the company's second-quarter 2026 results, which showed revenue of $1.48 billion, well ahead of the $1.1 billion analysts had expected. The initial market reaction on August 7 was negative due to a large adjusted EPS miss driven by non-cash RINs and mark-to-market charges, but sentiment has since shifted positively as investors focus on stronger underlying fundamentals.

Calumet is an Indianapolis, Indiana-based specialty chemicals and renewable fuels company founded in 1919, operating through four segments: Specialty Products and Solutions, Montana and Renewables, Performance Brands, and Corporate. The company manufactures, formulates, and markets a diversified slate of specialty products, including base oils, solvents, waxes, esters, and petrolatum, alongside renewable diesel and sustainable aviation fuel from its Montana Renewables Facility .

Adjusted EBITDA Held Up Despite Planned Turnarounds

The company delivered adjusted EBITDA of $175 million, achieved despite three planned turnarounds during the quarter, with restricted group leverage falling below 4x and expectations to surpass 3x in the third quarter. Management also called $100 million of notes and terminated a sale leaseback with a $115 million repurchase to eliminate high-interest Debt , further strengthening the Balance Sheet .

The Specialties segment delivered $161.7 million of adjusted EBITDA, more than double the prior year, driven by 20% price increases, Shreveport running clean, and record specialty production volumes up over 5% year-to-date, despite base oil and solvents markets remaining structurally tight due to Middle East, European, and Russian capacity disruptions that management expects will continue to persist through 2026.

Montana Renewables and Growth Projects

Montana Renewables delivered $17 million of adjusted EBITDA despite turnaround and expansion downtime, having completed the first phase of its Max SAF 150 expansion, which management expects to meaningfully raise output in the second half of the year. The company also outlined a capital-efficient reconfiguration plan to repurpose a second reactor from CMR, targeting 60 to 100 million gallons of sustainable aviation fuel rate near-term and ramping toward 120 to 100 million gallons by spring 2027, up to 200 million gallons long-term, expected to capture an incremental $50 million of CMR EBITDA before the winter reconfiguration.

Conclusion

Calumet's 13.93% intraday gain extends a rebound from last week's post-earnings selloff, with investors now focusing on the company's underlying strength, a revenue beat, resilient adjusted EBITDA despite planned turnarounds, and continued deleveraging. With Montana Renewables' expansion progressing and specialty product margins remaining tight globally, the stock's next moves will likely hinge on execution against its reconfiguration and growth plans through 2027.

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