Calumet says MaxSAF expansion targets 200 million gallons annual SAF run rate by end-2028

• Calumet outlined strategy at the Barclays CEO Energy-Power Conference, highlighting growth in specialty products and renewable fuels.
• Adjusted EBITDA with tax attributes totaled $175.2 million in Q2 2026, up from $76.5 million a year earlier.
• Net recourse leverage measured 3.9x at June 30, 2026, down from 7.0x a year earlier; $115 million of debt retired in July.
• Montana Renewables targets about 200 million gallons of SAF annual run-rate by year-end 2028; remaining expansion capital cut to $137 million.
• Specialties growth pipeline estimated at about $50 million of organic projects with 30%+ IRR, with much of the slate targeted for 2027.

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