Calumet (NASDAQ:CLMT) shareholders approved all proposals presented at the company’s annual meeting, including the election of director nominees, an advisory vote on executive compensation and the ratification of Grant Thornton LLP as the company’s independent registered public accounting firm for 2026.
Steve Mawer, chair of the board and chair of the meeting, said preliminary voting results showed sufficient votes and proxies to elect Todd Borgmann, Daniel J. Sajkowski and Bradford T. Sanders as Class 1 directors to serve until the 2029 annual meeting of stockholders. Mawer said the final vote totals will be reported in a Form 8-K filing with the Securities and Exchange Commission.
Board Changes and Governance Updates
In a business update following the formal portion of the meeting, President and Chief Executive Officer Todd Borgmann also thanked Straumins for her service, citing her role on the board since February 2021 as well as her prior 13 years as a Calumet employee.
“Her leadership, enthusiasm, strategic insight, and commitment to Calumet on behalf of its shareholders has been instrumental in guiding us through times of change and establishing our strong foundation for growth going forward,” Borgmann said.
Borgmann also recognized Karen Narwold and Julio Quintana for their first year of service on the board following their election at the previous annual meeting. He said that after Calumet’s conversion from an MLP, the company sought to strengthen governance and strategic oversight.
Following the preliminary election results, Borgmann welcomed Bradford Sanders to the board. He said Sanders brings more than 30 years of executive leadership across the energy value chain, including refining, chemicals, trading, logistics, renewable fuels and environmental credit markets.
2025 Results Highlight Debt Reduction and Operational Progress
Borgmann described 2025 as “another transformational year” for Calumet, citing progress in both the company’s specialties and renewables businesses. He said the Specialties business demonstrated market leadership and continued to benefit from a broad product offering, a long-standing customer base, an integrated supply chain and a flexible production footprint.
According to Borgmann, cash generated from the Specialties business drove more than $220 million of restricted group debt reduction in 2025 as Calumet worked to improve its credit profile.
Borgmann said the company strengthened its balance sheet during the year by reducing restricted group debt by more than $220 million, which he said helped lower its debt-to-EBITDA ratio from more than 8x at the beginning of the year to under 5x by year-end. He also said Calumet eliminated all near-term maturities and paid off its 2026 and 2027 senior notes.
The company also reported a 28% year-over-year increase in adjusted EBITDA with tax attributes, which Borgmann attributed to an initiative to reduce costs. He said Calumet improved operational reliability and generated 1.3 million more barrels of production compared with the prior year.
Borgmann said Calumet completed the sale of its Royal Purple industrial assets as part of its specialty strategy and deleveraging efforts, describing the transaction as successful and accretive.
Montana Renewables Reaches New Milestones
Borgmann said Montana Renewables achieved “new and critical strategic milestones” in 2025 despite trough industry margin conditions in biofuels. He said the business de-risked operations, lowered operating costs, set production records and demonstrated advantages tied to its Great Falls, Montana, location.
He said Montana Renewables reduced operating costs to a record low of $0.41 per gallon in the second half of the year, below its previous goal of $0.70 per gallon.
Borgmann also highlighted the company’s receipt of a Department of Energy loan, which he described as the first DOE loan approved in the Trump administration. He said the loan recapitalized Montana Renewables, eliminated about $80 million in annual third-party debt servicing costs and set the stage for the MaxSAF 150 expansion.
He added that Calumet announced a new approach to expediting the MaxSAF 150 expansion, with its first leg completed in early 2026.
Company Points to 2026 Opportunities
Looking ahead, Borgmann said both Calumet’s specialties and renewables businesses are positioned for success. He said the specialty margin outlook remains strong, supported by commercial excellence initiatives and a favorable margin environment that could enable opportunistic growth and accelerated deleveraging.
For Montana Renewables, Borgmann pointed to the Environmental Protection Agency’s Set 2 renewable volume obligation, which he said translates to 6.7 billion gallons of biomass-based diesel demand. He said that returns the industry to what he described as its historic normal and steady margin environment.
“We’ve seen the market rapidly recover to this level with over $2 per gallon index margins post-announcement,” Borgmann said.
Borgmann said Calumet remains focused on widening its strategic position in specialties, continuing to deleverage, pursuing opportunistic growth and positioning Montana Renewables to drive shareholder value.
No stockholder questions were submitted during the question-and-answer portion of the meeting, and the meeting was adjourned shortly thereafter.
About Calumet (NASDAQ:CLMT)
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.
Calumet’s product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.
