INDIANAPOLIS, March 12, 2026 — Calumet, Inc. (NASDAQ: CLMT) (the “Company” or “Calumet”) announced today that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the “Partnership”) and Calumet Finance Corp. (together with the Partnership, the “Issuers”), set the price for their private placement (the “Offering”) under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), of $150 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the “Additional Notes”). The Additional Notes will mature on February 15, 2031 and will be issued at 105% of par value. The Offering is expected to conclude on March 17, 2026, subject to customary closing conditions.

Calumet aims to utilize the net proceeds from the Offering to pay off outstanding borrowings under Calumet’s revolving credit facility. The Additional Notes will be a further issuance of the Issuers’ 9.75% Senior Notes due 2031, with $405 million in aggregate principal amount having been issued on January 12, 2026 (the “Existing Notes”). The Additional Notes will form a single series with, and have the same terms (except for the initial offering price) as, the Existing Notes.

The securities to be sold have not been, and will not be, registered under the Securities Act or any state securities laws. Unless registered, the securities may not be offered or sold in the United States except in accordance with an exemption from, or a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Calumet plans to offer and sell the securities only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation S of the Securities Act.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of these securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation, or sale would be illegal. This press release is being issued in accordance with Rule 135c of the Securities Act.

About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diverse range of specialty branded products and renewable fuels to customers across a wide array of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this press release may be “forward-looking statements.” Words such as “will,” “may,” “intend,” “believe,” “expect,” “outlook,” “forecast,” “anticipate,” “estimate,” “continue,” “plan,” “should,” “could,” “would,” or other similar expressions are used to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, statements regarding the Offering and the use of proceeds from it. These forward-looking statements are based on our current expectations and beliefs about future developments and their potential impact on us. While our management considers these assumptions reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond our control. Consequently, our actual results may differ materially from the future performance we have expressed or forecast in our forward-looking statements. For additional information about known material risks, uncertainties, and other factors that can affect future results, please refer to our filings with the Securities and Exchange Commission (“SEC”), including the risk factors and other cautionary statements in the Company’s latest Annual Report on Form 10-K and other filings with the SEC. We have no obligation to publicly update or revise any forward-looking statements after they are made, whether due to new information, future events, or otherwise, except as required by applicable law.

SOURCE Calumet, Inc.