Restatement of Previously Issued Financial Statements

6 Months Ended

Jun. 30, 2025

Restatement of Previously Issued Financial Statements

Restatement of Previously Issued Financial Statements

CALUMET, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Restatement of Previously Issued Financial Statements

The Company has restated its unaudited interim condensed consolidated financial statements for the period ended June 30, 2025. This restatement corrects the error related to the Statement of Cash Flow for the restated period. The error was a misclassification related to the Company’s debt extinguishment costs from its refinancing activities for its outstanding indebtedness and one of its inventory financing arrangements.  This error had no impact on revenue, net income (loss) or cash, cash equivalents and restricted cash.

The effects of the restatement on the condensed consolidated statement of cash flow for the six months ended June 30, 2025 are summarized in the following table:

	Six Months Ended June 30, 2025
	As Previously Reported		Effect of Restatement		As Restated
	(In millions)
Operating activities
Net loss	$	(309.9)	$	—	$	(309.9)
Non-cash RINs (gain) expense		211.6		—		211.6
Unrealized (gain ) loss on derivative instruments		(7.1)		—		(7.1)
Other non-cash activities		42.0		40.5		82.5
Changes in assets and liabilities		(44.6)		36.4		(8.2)
Net cash used in operating activities		(108.0)		76.9		(31.1)
Investing activities
Additions to property, plant and equipment		(31.2)		—		(31.2)
Proceeds from sale of business		95.4		—		95.4
Net cash used in investing activities		64.2		—		64.2
Financing activities
Proceeds from borrowings — revolving credit facility		1,357.7		—		1,357.7
Repayments of borrowings — revolving credit facility		(1,435.9)		—		(1,435.9)
Proceeds from borrowings — MRL revolving credit agreement		26.6		—		26.6
Repayments of borrowings — MRL revolving credit agreement		(26.6)		(0.1)		(26.7)
Proceeds from borrowings — senior notes		100.0		—		100.0
Repayments of borrowings — senior notes		(150.0)		—		(150.0)
Proceeds from inventory financing		192.9		(18.2)		174.7
Payments on inventory financing		(213.3)		(18.2)		(231.5)
Proceeds from DOE Loan		781.8		—		781.8
Proceeds from other financing obligations		40.0		—		40.0
Repayments of borrowings - MRL Asset Financing Arrangements		(368.0)		(28.1)		(396.1)
Repayments of borrowings - MRL Term Loan Credit Agreement		(73.7)		(12.3)		(86.0)
Payments on other financing obligations		(43.0)		—		(43.0)
Net cash provided by financing activities		188.5		(76.9)		111.6
Net increase in cash, cash equivalents and restricted cash		144.7		—		144.7
Cash, cash equivalents and restricted cash at beginning of period		45.9		—		45.9
Cash, cash equivalents and restricted cash at end of period	$	190.6	$	—	$	190.6
Cash and cash equivalents	$	110.6	$	—	$	110.6
Restricted cash	$	80.0	$	—	$	80.0
Supplemental disclosure of non-cash investing activities
Non-cash property, plant and equipment additions	$	24.1	$	—	$	24.1