Overview

• US specialty products and renewable fuels maker posted wider Q1 net loss on non-cash items

• Adjusted EBITDA for Q1 fell yr/yr, impacted by operational downtime and planned turnaround

• Company says EPA's SET2 RVO has improved biofuel margin outlook

Outlook

• Company says EPA's SET2 RVO announcement has transformed outlook for biofuel margins

• Calumet expects to benefit from strong margin environment in both traditional and renewable energy markets

• Company says it is well positioned to capture market tailwinds and accelerate deleveraging

Result Drivers

• SHREVEPORT OUTAGE - Unplanned outage at Shreveport facility due to organic chloride contamination reduced production by about 750,000 barrels; operations resumed in early April

• HIGHER FEEDSTOCK COSTS - Specialty Products and Solutions segment faced rapid feedstock cost increases, leading to over 20 price hikes across the network

• PLANNED TURNAROUND - Montana Renewables segment operated in January and February, then began planned turnaround and MaxSAF 150 expansion in March, limiting segment contribution for the quarter

Company press release: ID:nPnGRDrTa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$317 mln
Q1 Adjusted EBITDA		$27.6 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

• Wall Street's median 12-month price target for Calumet Inc is $32.00, about 7.5% below its May 7 closing price of $34.61

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