卡路美 2025年度报告

ABOUT CALUMETMET Calumet delivers high-quality products and services to customers around the world.Calumet manufactures, formulates and markets a diversified slate of specialty brandedproducts and renewable fuels to customers across a broad range of consumer-facingand industrial markets.ty products and services to customers around the world.mulates and markets a diversified slate of specialty brandedels to c stomers across a broad range of cons mer facing CALUMETBY THENUMBERS Headquartered in Indianapolis, Indiana, over 1,500 team members operate at12 specialty product manufacturing and production facilities across North America.Calumet products are available in more than 80 countries across the world, servingapproximately 2,400 customers globally. MontanaRenewables™ PerformanceBrands Specialty Productsand Solutions 1.9K+UNIQUEPRODUCTS RENEWABLE ENERGYPRODUCTS LUBRICANTS, GREASES &ENGINEERED FUEL REFINED PRODUCTS 83.9KPRODUCTIONBPD 1.5KEMPLOYEESNATIONWIDE SPK BASE OILS (Sustainable Aviation Fuel) 12PRODUCTIONFACILITIES ~80COUNTRIESSERVED 2.4KGLOBALCUSTOMERS 100+YEARS INBUSINESS Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.໨Yes໪No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filingrequirements for the past 90 days.໪Yes໨No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).໪Yes໨No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer໪Accelerated filer໨Non-accelerated filer໨Smaller Reporting Company໨Emerging growth company໨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.໨ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.໪ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.໨ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).໨ The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $1.4 billion on June 30, 2025, based on$15.76 per share, the closing price of the common stock as reported on the Nasdaq Global Select Market on such date. On February 27, 2026, there were 86,776,552 common shares outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of our definitive proxy statement for the 2026 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120days after the fiscal year end of December 31, 2025 are incorporated by reference into Part III of this Report. Table of Contents PART I Items 1 and 2.Business and PropertiesItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.Cybersecurity Item 3.Legal ProceedingsItem 4.Mine Safety Disclosures 5252 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities53Item 6.[Reserved]53Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations54Item 7A.Quantitative and Qualitative Disclosures About Market Risk77Item 8.Financial Statements and Supplementary Data79Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure133Item 9A.Controls and Procedures133Item 9B.Other Information135Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections135 PART III Item 10.Directors, Executive Officers and Corporate Governance136Item 11.Executive and Director Compensa