Calumet Inc (CLMT) 2025 Q2 法說會逐字稿

Good day, and welcome to Calumet Inc.'s second quarter 2025 conference call. (Operator Instructions)

大家好，歡迎參加 Calumet Inc. 2025 年第二季電話會議。（操作員指示）

Please note this event is being recorded. I would now like to turn the conference over to John Kompa, Investor Relations for Calumet. Please go ahead.

請注意，此事件正在被記錄。現在我想將會議交給 Calumet 投資者關係部門的 John Kompa。請繼續。

Thank you, Steve. Good morning, everyone. Thanks for joining our call today. With me on today's call are Todd Borgmann, CEO; David Lunin, EVP and Chief Financial Officer; and Scott Obermeier, EVP of Specialties. Please note, Bruce Fleming, EVP, Montana Renewables and Corporate Development, has an unavoidable company obligation today. Todd Borgmann will address questions regarding Montana/Renewables in his absence.

謝謝你，史蒂夫。大家早安。感謝您今天參加我們的電話會議。參加今天電話會議的還有執行長 Todd Borgmann、執行副總裁兼財務長大衛‧魯寧 (David Lunin) 和特種產品執行副總裁 Scott Obermeier。請注意，蒙大拿州再生能源和企業發展部執行副總裁布魯斯·弗萊明今天有一項不可避免的公司義務。托德·博格曼 (Todd Borgmann) 將在缺席的情況下回答有關蒙大拿州/可再生能源的問題。

You may now download the slides that accompany the remarks made on today's conference call, which can be accessed in the IR section of our website at calumet.com. Also, a webcast replay of this call will be available on our site within a few hours.

您現在可以下載今天電話會議發言的幻燈片，可在我們網站 calumet.com 的投資者關係 (IR) 部分下載。此外，本次電話會議的網路直播回放將在幾小時內在我們的網站上提供。

Turning to the presentation on slide 2, you can find our cautionary statements. I'd like to remind everyone that during this call, we may provide various forward-looking statements. Please refer to our press release that was issued this morning as well as our latest filings with the SEC for a list of factors that may affect our actual results and cause them to differ from our expectations. As we turn to slide 3, I'll now pass the call to Todd.

翻到投影片 2 上的簡報，您可以找到我們的警告聲明。我想提醒大家，在本次電話會議中，我們可能會提供各種前瞻性陳述。請參閱我們今天早上發布的新聞稿以及我們向美國證券交易委員會提交的最新文件，以了解可能影響我們的實際結果並導致其與我們的預期不同的因素清單。當我們翻到幻燈片 3 時，我現在將電話轉給 Todd。

Thanks, John. Good morning, and welcome to our second quarter 2025 earnings call. This quarter was one of sound execution, paralleled with foundational and supportive steps taken on the regulatory front, both of which we'll walk through on today's call.

謝謝，約翰。早安，歡迎參加我們 2025 年第二季財報電話會議。本季執行情況良好，同時在監管方面採取了基礎性和支持性措施，我們將在今天的電話會議上詳細介紹這兩項措施。

Calumet earned $76.5 million of adjusted EBITDA with tax attributes during the second quarter. This result was a function of continued execution of our near-term initiatives on reliability, cost discipline, and commercial excellence across the company.

卡盧梅特第二季的調整後 EBITDA（含稅）為 7,650 萬美元。這項結果得益於我們在整個公司範圍內持續執行關於可靠性、成本控制和商業卓越的近期措施。

$8.3 million of our quarterly result was earned at Montana Renewables, which we'll touch on more momentarily, leaving the lion's share of the quarterly result being earned in our specialties business despite a full month turnaround at our largest facility in Shreveport.

我們的季度業績中有 830 萬美元來自蒙大拿再生能源公司，我們稍後會詳細介紹該公司，儘管我們位於什里夫波特的最大工廠整整一個月都處於虧損狀態，但季度業績的最大份額仍然來自我們的特種業務。

Specialty margins continue to prove resilient overall, and our product and market diversification has been critical to this, as pockets of weakness in the more commoditized paraffinic lube space have been more than offset with continued strength across our specialized lines of naphthenics, solvents, waxes, and food-grade and pharmaceutical products.

特種產品利潤率總體上繼續保持彈性，而我們的產品和市場多樣化對此至關重要，因為商品化程度更高的石蠟潤滑油領域的一些弱點已被我們專業的環烷油、溶劑、蠟以及食品級和醫藥產品系列的持續強勁表現所抵消。

Further, specialty sales volume within our SPS segment marked the third straight quarter over 20,000 barrels a day. And despite a late start to the outdoor lawn and garden season, our Performance Brands segment posted its second highest quarterly sales volume in its modern form, second only to this quarter last year. These results are a combination of continued deployment of our integrated specialty strategy in the industrial lubricants and, separately, rapid growth of our TruFuel brand.

此外，我們 SPS 部門的特種油銷售量連續第三個季度超過每天 20,000 桶。儘管戶外草坪和花園季節開始較晚，但我們的 Performance Brands 部門的現代形式季度銷售量仍排名第二，僅次於去年本季。這些成果是我們在工業潤滑油領域持續部署全面專業策略以及 TruFuel 品牌快速成長的結合。

One area we haven't talked about much when it comes to commercial excellence is the impact of our program outside our core specialties offering. Specifically, I'll note the results from the change in our approach to our Southern asphalt margin. This is a fairly commoditized space, but with three crude-fed refineries in northwest Louisiana, we have a number of streams to choose from and have proven the ability to more intentionally blend products and offer a broader offering in a market that changes rapidly between seasons.

在商業卓越方面，我們很少談論的一個領域是我們的專案對我們核心專業以外的影響。具體來說，我將記錄我們改變南方瀝青利潤率方法所產生的結果。這是一個相當商品化的領域，但在路易斯安那州西北部擁有三家原油煉油廠，我們有多種原油可供選擇，並且已經證明有能力更有目的地混合產品，並在季節快速變化的市場中提供更廣泛的產品。

Asphalt is yielding improved margins to the tune of $5 million-plus per year, which as a singular item isn't a game-changing scale, but represents a great example of the type of continuous optimizations that add up as we deploy the strength of our product diversity, innovative mindset, and commercial excellence engine across our business.

瀝青的利潤率每年增加 500 多萬美元，作為單一項目，這雖然不會改變遊戲規則，但卻是持續優化的一個很好的例子，隨著我們在整個業務中部署產品多樣性、創新思維和商業卓越引擎的力量，這種優化會不斷累積。

Next, the cost and reliability initiatives rolled out to begin this year continue to track ahead of plan. Company-wide, our operating costs have been reduced $42 million through the first half of the year versus the first half of last year, despite a $7 million increase in the cost of natural gas and electricity, our largest variable expenses.

其次，今年開始推出的成本和可靠性措施將繼續提前完成計畫。從全公司範圍來看，儘管我們最大的變動費用——天然氣和電力的成本增加了 700 萬美元，但與去年上半年相比，今年上半年我們的營運成本還是減少了 4,200 萬美元。

Further, through the halfway point, company-wide production has slightly increased year-over-year despite the full month turnaround at our largest plant. I want to thank our teams on the ground who are leading these efforts and continue to deliver on the challenge to fortify our operation.

此外，儘管我們最大的工廠的周轉期為整整一個月，但截至目前，全公司產量仍略有增加。我要感謝我們在實地領導這些努力並繼續應對挑戰以加強我們的行動的團隊。

Flexibility and customer centricity don't have to come at the expense of efficiency and reliability. We can be both, and the one thousand plus men and women in our operations team are proving that daily. We believe more is possible when it comes to operational excellence, but the team is strong out of the gate, and we look forward to building on the successes thus far.

靈活性和以客戶為中心並不需要以犧牲效率和可靠性為代價。我們可以兩者兼顧，我們營運團隊中的一千多名男女員工每天都在證明這一點。我們相信，在卓越營運方面還有更多的可能性，但團隊從一開始就實力雄厚，我們期待在迄今為止的成功基礎上再接再厲。

Let's turn to slide 4 and talk more about the recent developments at Montana Renewables, as the second quarter was a busy one on the regulatory front. While the renewable diesel industry saw its lowest quarterly index margin to date, Montana Renewables was able to generate a positive $8.3 million of adjusted EBITDA with tax attributes.

讓我們翻到投影片 4，進一步討論蒙大拿再生能源公司最近的發展，因為第二季在監管方面非常繁忙。儘管再生柴油產業經歷了迄今為止最低的季度指數利潤率，但蒙大拿再生能源公司仍能夠產生 830 萬美元的調整後 EBITDA（含稅收屬性）。

Our ability to remain positive in this brutal market is a function of our advantaged feed flexibility, leading SAF position, ultra-competitive costs, and the highest throughput volumes we've achieved yet. More simply, Montana/Renewables has firmly established itself as one of the most competitively advantaged producers in the space.

我們之所以能夠在如此殘酷的市場中保持積極態勢，得益於我們優越的進料靈活性、領先的 SAF 地位、極具競爭力的成本以及我們迄今為止實現的最高吞吐量。更簡單地說，Montana/Renewables 已牢固確立了自己作為該領域最具競爭優勢的生產商之一的地位。

Dave will take you through these quarterly results shortly. But before that, I'd like to take a moment to hit on the continued strategic progress we're making around our streamlined MaxSAF 150 project and the regulatory outlook, which came more clearly into focus in the second quarter.

戴夫將很快向您介紹這些季度業績。但在此之前，我想花點時間談談我們在精簡的 MaxSAF 150 專案和監管前景方面取得的持續策略進展，這些進展在第二季變得更加清晰。

With the advantaged operational and commercial position of Montana/Renewables proven out, the remaining critical steps prior to potential monetization are margin recovery, which requires regulatory clarity and taking the next step in our SAF leadership journey.

隨著 Montana/Renewables 的優勢運營和商業地位得到證實，在實現潛在貨幣化之前剩下的關鍵步驟是利潤率恢復，這需要監管明確性並邁出我們 SAF 領導力之旅的下一步。

Starting with our MaxSAF 150 project, we remain on track to start up in the first half of 2026. When we expect to generate 120 million to 150 million annual gallons of SAF for a capital cost of $20 million to $30 million.

從我們的 MaxSAF 150 計畫開始，我們預計在 2026 年上半年啟動。我們預計每年生產 1.2 億至 1.5 億加侖的 SAF，資本成本為 2,000 萬至 3,000 萬美元。

With the purchase order for the catalyst placed and engineering underway, we're excited for this next milestone, and we've begun the SAF marketing cycle. Earlier in the quarter, there was plenty of speculation around SAF demand as the big bill legislation was negotiated, and we saw a temporary pause as market participants awaited the legislation.

隨著催化劑採購訂單的下達和工程的進行，我們對下一個里程碑感到興奮，並且我們已經開始了 SAF 行銷週期。本季度早些時候，隨著大法案的談判，圍繞 SAF 需求出現大量猜測，但由於市場參與者在等待立法，市場暫時停頓。

With that behind us, conversations are now feeling more normal. As we've discussed in the past, the SAF market is close to balance now, and the world is gearing up for the next step in mandated demand that we'll see in international markets in January, and voluntary demand continues to feel robust.

有了這個，對話現在感覺更正常了。正如我們過去所討論過的，SAF 市場現在已接近平衡，世界正在為 1 月份國際市場上將要出現的強制需求的下一步做好準備，而自願需求則繼續保持強勁。

We don't want to do a public play-by-play of each potential contract we're negotiating. But what I can report is that we have active conversations regarding more potential volume than our increased supply can meet. We continue to see SAF premiums in the previously reported $1 to $2 per gallon over renewable diesel range, and our customer slate is very likely to include a diversified portfolio, including large middle market aviation fuelers as we've had historically, direct airline sales, both large and regional and even some separated direct sales of Scope 3 and Scope 1 credits. As we've done with renewable diesel, our SAF portfolio targets a diversified set of geographies, both in the US and Canada, where we can capture maximum value from our location.

我們不想對我們正在談判的每一個潛在合約進行公開的詳細說明。但我可以報告的是，我們正在就潛在產量超過我們增加的供應量所能滿足的產量進行積極的討論。我們繼續看到 SAF 溢價在先前報告的可再生柴油範圍內每加侖 1 至 2 美元，我們的客戶群很可能包括多元化的組合，包括我們歷史上有過的大型中型市場航空燃料商、大型和區域性的航空公司直接銷售，甚至一些範圍 3 和範圍 1 信用的單獨直接銷售。正如我們對再生柴油所做的那樣，我們的 SAF 產品組合瞄準美國和加拿大的多個地區，我們可以在這些地區獲得最大價值。

On the renewable diesel front, we continue to be bullish around the return of industry margins, which are temporarily paused as the industry awaits the finalization of the RVO, clarity on small refinery exemptions and choose through the excess RINs that were created by imports last year, while the blenders tax credit was still in place.

在再生柴油方面，我們繼續看好行業利潤率的回升，但由於行業正在等待 RVO 的最終確定、小型煉油廠豁免的明確性以及選擇去年進口產生的過剩 RIN，而混合器稅收抵免仍然有效，因此利潤率的回升暫時停止。

At current margin levels, some of the top players in the industry have reported rate reductions, which tells you empirically what you need to know about the current margin environment being unsustainable. At Montana/Renewables, we continue to run at full rates as the incremental gallon remains positive, but there's not much room to spare at current margin levels, and we'll continue to make monthly run decisions based on near-term economic signals we receive from the market.

在目前的保證金水準下，一些業內頂尖企業已報告利率下調，這從經驗上告訴你，當前的保證金環境是不可持續的。在蒙大拿州/再生能源公司，由於增量加侖仍然為正，我們繼續以全速運行，但在當前的利潤水平下沒有太多的剩餘空間，我們將繼續根據從市場收到的近期經濟訊號做出每月的運行決策。

As we know, renewable diesel margins are largely a function of regulatory outlook. And while not perfect, the fundamental drivers became more clear during the quarter. I'm not sure whether or not it's gotten easier to predict and we'll see major margin reversal this year or when the new RVO steps up in January and the carry-forward RINs from 2024 are eliminated, but the regulatory actions taken thus far are supportive on balance.

眾所周知，再生柴油的利潤率很大程度上取決於監管前景。儘管並不完美，但本季的基本驅動因素變得更加清晰。我不確定現在是否更容易預測，我們是否會看到今年的利潤率大幅逆轉，或者當新的 RVO 在 1 月份出台並且 2024 年的結轉 RIN 被取消時，但迄今為止採取的監管行動總體上是有利的。

Let me highlight a few of these. The first example was the One Big Beautiful Bill Act. The most important element of the bill to our industry was the extension of the PTC, highlighting that biofuels continue to receive bipartisan support.

讓我重點介紹其中的幾點。第一個例子是《一項偉大的美麗法案》。該法案對我們行業最重要的內容是延長 PTC，強調生物燃料繼續得到兩黨的支持。

Of the roughly 20 tax credits established in the 2022 IRA legislation, nearly half were cut or reduced in a new bill. However, the 45Z credit impacting us not only remained intact but was extended through 2029, demonstrating the importance of growth in this space to the ag community, the energy transition, and with nearly 7 billion gallons of domestic feedstock produced annually, a meaningful and growing component of American energy dominance. This extension through 2029 will mark 25 years of a blenders tax credit or production tax credit for biomass-based diesel.

在 2022 年 IRA 立法中設立的大約 20 項稅收抵免中，近一半在新法案中被削減或減少。然而，對我們產生影響的 45Z 信貸不僅保持不變，而且還延長至 2029 年，這表明該領域的增長對農業界、能源轉型的重要性，並且每年生產近 70 億加侖的國內原料，這是美國能源主導地位的一個有意義且不斷增長的組成部分。此政策將延長至 2029 年，標誌著生物質柴油混合器稅收抵免或生產稅收抵免將持續 25 年。

Next in the bill, the 45Z credit is transferable. This is important to Montana/Renewables as we're not yet able to use the full credit to offset taxable income in these early days, and the credit is a critical part of our margin stack. In fact, we have over $50 million worth of PTCs built up on our balance sheet through the first half of the year as the market was waiting for the bill to be finalized to act.

接下來，法案中提到的 45Z 抵免是可以轉讓的。這對 Montana/Renewables 來說很重要，因為在早期我們還不能使用全部抵免額來抵消應稅收入，而抵免額是我們利潤堆疊的關鍵部分。事實上，由於市場正在等待法案最終生效，今年上半年我們的資產負債表上已經累積了價值超過 5,000 萬美元的 PTC。

Upon completion, the market has picked back up. In fact, we just signed a term sheet on about half of our credits, and we look forward to completing the monetization of these and the rest of the credit portfolio in short order.

工程完成後，市場已回升。事實上，我們剛剛就大約一半的信貸簽署了條款清單，我們期待著盡快完成這些信貸和其餘信貸組合的貨幣化。

Also important was the continued language that imported overseas product and feed won't qualify for the producer's tax credit. This supports domestic ag and highlights the administration's focus on American energy dominance and independence. We estimate roughly 1 billion gallons of imports, drove surplus and D4 RINs last year, and that surplus has been carried forward this year. But going forward, foreign production will not be incentivized to be dumped here again.

同樣重要的是，繼續規定進口海外產品和飼料不符合生產者稅收抵免的資格。這有利於國內農業，並凸顯了政府對美國能源主導地位和獨立性的關注。我們估計去年進口量約為 10 億加侖，造成了盈餘和 D4 RIN，而這筆盈餘已結轉到今年。但展望未來，外國產品將不再有動機傾銷到美國。

One regrettable component of the bill was the SAF PTC, whose formula is now equal to the renewable diesel PTC formula. Whereas previously, SAF generated a larger PTC than renewable diesel. It's now the same.

該法案中一個令人遺憾的部分是 SAF PTC，其公式現在等於再生柴油 PTC 公式。而此前，SAF 產生的 PTC 比再生柴油更大。現在也一樣。

For Montana/Renewables, this means the value of the PTC associated with our SAF production will be reduced by approximately $0.40 to $0.50 per gallon at our current carbon intensity. While we do expect that this will influence the SAF premium, we continue to see strong premiums to renewable diesel in the marketplace, which remain within our historically discussed $1 to $2 per gallon range. Interestingly, the changes to tax credits for SAF may also have the unintended consequence of reducing future supply in a market which looks solidly at a deficit as global mandates ramp up.

對於 Montana/Renewables 來說，這意味著按照我們目前的碳強度，與我們的 SAF 生產相關的 PTC 價值將減少約每加侖 0.40 美元至 0.50 美元。雖然我們確實預計這會影響 SAF 溢價，但我們仍然看到市場上可再生柴油的溢價強勁，仍在我們歷史討論的每加侖 1 至 2 美元的範圍內。有趣的是，隨著全球授權的增加，SAF 稅收抵免的變化也可能產生意想不到的後果，即減少市場未來的供應，因為市場肯定會出現短缺。

Next, let's switch from the One Big Beautiful Bill Act to the renewable volume obligation, where we received the first insights into the 2026 RVO from the Trump era. I'll start by saying the new administration at the EPA inherited a real mess between the six year backlog of unresolved SREs combined with a 2023 to 2025 RVO that's decimating the biodiesel industry.

接下來，讓我們從《一項偉大的美麗法案》轉到可再生能源數量義務，我們從中獲得了川普時代對 2026 年 RVO 的初步了解。首先我要說的是，美國環保署新政府接手了一個真正的爛攤子：六年來未解決的 SRE 積壓問題，加上 2023 年至 2025 年的 RVO，正在摧毀生質柴油產業。

After some initial confusion around the demand generated by the RVO proposal, most now expect the proposed RVO would equate to roughly 4.5 billion gallons of biomass-based diesel. This is a nice 30% increase from the approximately 3.5 billion gallon D4 RVO that exists today and industry margins should react positively as industry capacity utilization increases.

在最初對 RVO 提案產生的需求產生一些困惑之後，大多數人現在預計，擬議的 RVO 將相當於約 45 億加侖的生物質柴油。這比目前約 35 億加侖的 D4 RVO 增長了 30%，隨著行業產能利用率的提高，行業利潤率應該會出現積極反應。

We see the impact of these levels to the chart on the right, where we combine the D4 RVO just discussed with roughly 1 billion gallons of additional D4 demand that's required to meet the D6 RIN shortage to arrive at the total expected biomass-based diesel demand, both at today's and the proposed levels.

我們在右側的圖表中看到了這些水平的影響，我們將剛剛討論的 D4 RVO 與滿足 D6 RIN 短缺所需的大約 10 億加侖額外 D4 需求相結合，以達到預期的生物質柴油總需求，包括今天的水平和提議的水平。

What this chart does not include is the 1 year carry-forward RINs from the 2024 surplus, which practically offset significant 2025 demand. The massive shutdowns we've seen in biodiesel and even some renewable diesel are a direct result of the 2023 to 2025 RVO being set too low.

這張圖表未包括 2024 年盈餘的 1 年結轉 RIN，實際上抵消了 2025 年的大量需求。我們看到生質柴油甚至一些再生柴油的大規模停產，直接原因是 2023 年至 2025 年的 RVO 設定得太低。

That all being said, we believe the new RVO should be much higher. North America is capable of producing roughly 7 billion gallons of biomass-based diesel feedstocks. And including biodiesel production, there's at least 7 billion gallons of industry capacity to process this domestic feed into product.

綜上所述，我們認為新的 RVO 應該會更高。北美能夠生產約 70 億加侖的生質柴油原料。包括生質柴油生產在內，至少有 70 億加侖的工業產能將國內飼料加工成產品。

This idea that 1 billion gallons of foreign feed will be required to generate the mandated RIN count is not supported by the data. In fact, we're exporting nearly 1 billion gallons of soybean oil alone. In addition to that, and specifically to China exports, we're exporting over 22 million tons of soybeans to get crushed into well over 1 billion gallons of potential feed offshore.

數據並不支持需要 10 億加侖的外國飼料才能達到規定的 RIN 數量。事實上，光是大豆油我們就出口了近10億加侖。除此之外，特別是對中國出口，我們還出口了超過 2,200 萬噸大豆，並在海外壓榨成超過 10 億加侖的潛在飼料。

We have enough feed right here at home to dramatically increase the supply to our growing industry today and in addition, for future crush investment here in the US that will serve a future step up. The mandate can be increased to match capacity as we've done historically every year until the 2023 set rule under the Biden administration.

我們國內有足夠的飼料，可以大幅增加當前不斷增長的行業的供應量，此外，還可用於未來在美國進行的壓榨投資，為未來的升級提供動力。可以增加授權以匹配容量，就像我們每年所做的那樣，直到拜登政府制定的 2023 年規則。

The open comment period on the Trump EPA set two rule closes today, and we hope the D4 RVO level will be revisited to incentivize the continued growth of American energy, American jobs, and the American farmer. With that, I'll turn the call over to David to take us into the quarterly results. David?

關於川普環保署制定的兩項規則的公開評論期今天結束，我們希望重新審視 D4 RVO 水平，以激勵美國能源、美國就業和美國農民的持續成長。說完這些，我將把電話交給大衛，讓他向我們介紹季度業績。戴維？

Thanks, Todd. It's great to see the progress in Montana on all fronts as monetization of that asset continues to be the final step in our deleveraging strategy. Before I go through each of the segments, I'd like to highlight some recent activity as our deleveraging and maturity management strategy continues to unfold.

謝謝，托德。很高興看到蒙大拿州在各方面都取得了進展，因為該資產的貨幣化仍然是我們去槓桿策略的最後一步。在介紹每個部分之前，我想先強調一下我們的去槓桿和成熟度管理策略不斷展開的一些近期活動。

Last week, we announced a refresh of our Shreveport terminal assets financing, which was a nice optimizer within our broader plan. We had previously sold these assets to Stonebriar for $70 million back in 2021. And given the improvements in Shreveport production, the truck rack and related assets value increased to $120 million.

上週，我們宣布更新什里夫波特碼頭資產融資，這對我們的更廣泛計劃來說是一個很好的最佳化。我們先前在 2021 年以 7,000 萬美元的價格將這些資產出售給了 Stonebriar。鑑於什里夫波特生產的提高，卡車貨架和相關資產的價值增加到 1.2 億美元。

Instead of repurchasing the asset in 1.5 years, we were able to add $80 million of new cash to the existing $40 million of principal and call another $80 million of our 2026 notes, reducing the outstanding balance to a manageable $124 million. Add this to the accretive Royal Purple industrial asset monetization and deleveraging that occurred earlier this year, and we now will have called $230 million of the 2026 notes in the last few months.

我們無需在 1.5 年內回購該資產，而是能夠在現有的 4,000 萬美元本金基礎上註入 8,000 萬美元新現金，並贖回另外 8,000 萬美元的 2026 年票據，從而將未償餘額減少到可控的 1.24 億美元。加上今年稍早發生的增值皇家紫色工業資產貨幣化和去槓桿，我們現在已經在過去幾個月裡贖回了 2.3 億美元的 2026 年票據。

With our revolver capacity and approximately $50 million to $60 million of cash flow expected in the restricted group through the rest of the year, we shift our near-term strategic focus to broader deleveraging and managing the 2027 notes. With improving cash flows from the business and the renewable regulatory outlook solidifying, we remain confident in our plan to reach our ultimate goal of $800 million of restricted group debt. Further, the broader strategic activity that we've mentioned previously continues to progress well, and we'll discuss that more at an appropriate time.

憑藉我們的循環信貸能力以及預計今年剩餘時間內受限組內約 5,000 萬至 6,000 萬美元的現金流，我們將近期戰略重點轉向更廣泛的去槓桿和管理 2027 年票據。隨著業務現金流的改善和再生能源監管前景的鞏固，我們對我們的計劃仍然充滿信心，我們能夠實現 8 億美元限制性集團債務的最終目標。此外，我們之前提到的更廣泛的策略活動繼續進展順利，我們將在適當的時候進一步討論這個問題。

Turning to slide 6. Our Specialty Products and Solutions segment generated $66.8 million of adjusted EBITDA during the quarter. We continue to see strong performance, particularly among our specialty product lines, reflecting our commercial excellence program. In fact, this was the third consecutive quarter that our specialty products posted sales volume exceeding 20,000 barrels per day, reflecting our customer and application diversity and improved reliability.

翻到幻燈片 6。我們的專業產品和解決方案部門在本季產生了 6,680 萬美元的調整後 EBITDA。我們繼續看到強勁的表現，特別是在我們的專業產品線中，這反映了我們的商業卓越計劃。事實上，這是我們的特種產品連續第三個季度銷售超過 20,000 桶/天，反映了我們的客戶和應用的多樣性以及可靠性的提高。

Further, we saw margins in our specialty products increased to more than $66 per barrel. These accomplishments made despite a full month turnaround at Shreveport in June. The team also successfully managed through a major disruption in service from a key rail provider that had issues across their network.

此外，我們的特種產品的利潤率也上升至每桶 66 美元以上。儘管 6 月什里夫波特經歷了整整一個月的磨合，我們仍然取得了這些成就。該團隊也成功應對了主要鐵路供應商網路出現問題而導致的嚴重服務中斷。

The rail service provider is a major transporter for our network and Calumet incurred meaningful costs as the team went above and beyond to arrange alternative logistics to keep our customers supplied. Thankfully, the railway is reporting that the worst of that is now behind us, and we're seeing service normalize. Regardless, Calumet will always do everything we can to deliver service to our valued customers.

鐵路服務提供者是我們網路的主要運輸商，由於團隊竭盡全力安排替代物流以確保我們的客戶供應，Calumet 產生了重大成本。值得慶幸的是，鐵路部門報告稱，最糟糕的時期已經過去，服務正在恢復正常。無論如何，Calumet 將始終竭盡全力為我們尊貴的客戶提供服務。

Looking ahead, we continue to expect to operate at mid-cycle margins even amidst an industry backdrop that is below mid-cycle, highlighting our commercial advantage. Our operational improvement trend also continued in the second quarter as we reduced our fixed cost by approximately $10 million in the first half of 2025 compared to the prior year.

展望未來，即使在產業背景低於中期水準的情況下，我們仍有望以中期利潤率運營，從而凸顯我們的商業優勢。我們的營運改善趨勢在第二季也得以延續，與前一年相比，我們在 2025 年上半年減少了約 1,000 萬美元的固定成本。

Interestingly, strong operations not only increase volume and reduces costs, but increases margin as well as it allows our commercial team to place more volume to secure contracted homes at higher margins rather than keeping volume available for the spot market.

有趣的是，強勁的營運不僅可以增加銷售、降低成本，還可以提高利潤率，因為它使我們的商業團隊能夠投放更多銷量，以更高的利潤率獲得簽約房屋，而不是將銷量保留在現貨市場上。

With the downtime associated with the turnaround, our quarterly results included only $11 million of total restricted group adjusted EBITDA plus tax attributes in June. The plant is now back online and successfully generating full revenue.

由於與轉型相關的停工期，我們的季度業績僅包括 6 月份 1,100 萬美元的總限制集團調整後 EBITDA 加上稅收屬性。該工廠現已恢復運作並成功產生全部收入。

Looking ahead, we expect and already have begun to see the unwind of approximately $30 million in the third quarter of 2025 from working capital build associated with the turnaround as we have no more turnarounds planned for the rest of the year and are running at full rates.

展望未來，我們預計，並且已經開始看到 2025 年第三季與扭虧為盈相關的營運資本建設將減少約 3000 萬美元，因為我們在今年剩餘時間內沒有計劃進行更多扭虧為盈，並且正在全速運轉。

Finally, as tariffs have been topical again, I wanted to remind our shareholders that we do not believe they are impactful to our specialties business considering our US-based manufacturing and feedstock supply footprint, customer base product diversity and the fact that nearly all of our sales in feedstock are domestic or protected by USMCA.

最後，由於關稅再次成為熱門話題，我想提醒我們的股東，考慮到我們在美國的生產和原料供應足跡、客戶群產品多樣性以及我們幾乎所有原料銷售都在國內或受 USMCA 保護的事實，我們認為關稅不會對我們的特種業務產生影響。

Moving to slide 7 and our Performance Brands segment. We are now firmly in the third year of our revised strategy that leverages commercial excellence and integration optionality across our specialties business.

轉到投影片 7 和我們的「Performance Brands」部分。我們目前正處於修訂策略的第三年，該策略充分利用了我們專業業務的商業卓越性和整合可選性。

We posted strong quarterly results of $13.5 million, reflecting continued volume growth and ongoing commercial improvements in the business. As a reminder, we completed the sale of the industrial portion of the Royal Purple business, and this is the first quarterly period to not include Royal Purple industrial results following the divestiture. Our second quarter results reflected strong volumes and margins across the business, particularly for our TruFuel brand.

我們公佈了強勁的季度業績，達到 1,350 萬美元，反映出業務的持續成長和商業的持續改善。提醒一下，我們完成了 Royal Purple 業務工業部分的出售，這是剝離後第一個不包括 Royal Purple 工業業績的季度。我們第二季的業績反映了整個業務的強勁銷售和利潤，尤其是我們的 TruFuel 品牌。

Moving to slide 8. Our Montana/Renewables segment adjusted with tax attributes generated $16.3 million in the second quarter compared to $8.7 million in the prior year period. Montana/Renewables specifically generated adjusted EBITDA with tax attributes of $8.3 million, making the 87% attributable portion to Calumet worth $7.2 million.

移至幻燈片 8。我們的蒙大拿州/再生能源部門經稅收調整後，第二季的收入為 1,630 萬美元，而去年同期的收入為 870 萬美元。Montana/Renewables 特別產生了 830 萬美元的調整後 EBITDA（含稅），使得 Calumet 的 87% 歸屬部分價值 720 萬美元。

Montana/Renewables continued ability to generate positive EBITDA with tax attributes even in the lowest industry margin we've ever seen is representative of our competitive position and reflects our unique assets, logistical advantage and strong customer relationships. In addition, as we previously disclosed, we continue to expect to monetize the value of the production tax credits. And as Todd mentioned earlier, our monetization efforts are in advanced stages of discussion.

即使在我們所見過的最低的行業利潤率下，蒙大拿州/可再生能源仍能繼續產生具有稅收屬性的正 EBITDA，這代表了我們的競爭地位，並反映了我們獨特的資產、物流優勢和牢固的客戶關係。此外，正如我們先前所揭露的，我們繼續期望將生產稅收抵免的價值貨幣化。正如托德之前提到的，我們的貨幣化努力正處於討論的後期階段。

Despite the worst margin environment, the primary driver of the year-over-year improvement in this segment continues to be with the tremendous cost savings we've made in the business and improvements in operations. You can see in the lower right-hand side of the renewable slide, we have reduced op costs and SG&A down well north of $1 a gallon to current levels.

儘管利潤率環境最差，但該部門同比增長的主要驅動力仍然是我們在業務上節省了大量成本並改善了營運。您可以在再生能源幻燈片的右下角看到，我們已將營運成本和銷售、一般及行政費用 (SG&A) 降低至每加侖 1 美元以上，達到當前水準。

Focusing just on operating costs, we recorded $0.43 a gallon. This represents our seventh consecutive quarter of operational cost improvement trend, excluding the turnaround in the fourth quarter of 2024. When factoring in our lean SG&A position, we posted operating plus SG&A costs of approximately $0.51 per gallon, also a record low for the business and proves our low-cost position in the industry.

僅關注營運成本，我們記錄到每加侖 0.43 美元。這是我們連續第七個季度呈現營運成本改善趨勢（不包括 2024 年第四季的扭轉）。當考慮到我們精益的銷售、一般及行政費用 (SG&A) 狀況時，我們公佈的營運成本加上銷售、一般及行政費用約為每加侖 0.51 美元，這也是該業務的最低記錄，證明了我們在行業中的低成本地位。

Our plans also remain on track for our MaxSAF expansion as we expect to bring on 120 million to 150 million gallons of annual SAF production in the second quarter of 2026 for an investment of $20 million to $30 million. So there is no change to what was previously announced, and we're excited to continue this exciting step.

我們的 MaxSAF 擴建計畫也仍在按計畫進行，我們預計在 2026 年第二季實現每年 1.2 億至 1.5 億加侖的 SAF 產量，投資額為 2,000 萬至 3,000 萬美元。因此，先前宣布的內容沒有任何變化，我們很高興繼續這項令人興奮的舉措。

On the Montana Asphalt side, the business saw a $6.5 million year-over-year improvement. The same discipline and rigor that we've deployed with MRLs is also being applied in the asphalt side on costs and is generating these improved results.

蒙大拿瀝青業務方面，其業務年增了 650 萬美元。我們在 MRL 中部署的相同紀律和嚴謹性也應用於瀝青方面的成本，並產生了這些改進的結果。

Thank you for your time today. With a strong quarter, meaningful progress on the regulatory front, thoughtful maturity management and a clear expectation of meaningful free cash flow generation in the business, we look forward to the major value-creating opportunities that rest ahead for our shareholders. With that, I'll turn the call back to the operator for questions.

感謝您今天抽出時間。憑藉強勁的季度表現、監管方面的重大進展、周到的到期管理以及對業務中有意義的自由現金流產生的明確預期，我們期待著為股東創造重大價值的機會。說完這些，我會將電話轉回給接線生以回答問題。

(Operator Instructions) Alexa Petrick, Goldman Sachs.

（操作員指示） Alexa Petrick，高盛。

Good morning team and and thank you for taking our question. First one, just wanted to ask on renewable diesel. We appreciate we're in a challenging macro right now, just given the uncertain regulatory environment. But would love your updated thoughts on what mid-cycle earnings looks like for the business? And then what do we need to see in the industry to get to more normalized earnings?

大家早安，感謝您回答我們的問題。首先，我只是想問一下再生柴油。考慮到不確定的監管環境，我們意識到我們目前正處於一個充滿挑戰的宏觀環境中。但您是否想了解您對該企業中期獲利狀況的最新看法？那麼我們需要看到產業中的哪些方面才能實現更正常的獲利呢？

Hey, Alex, it's Todd. Good question. Like you said, it's obviously a tough environment out there right now. And we think the driver of that is really just the market waiting for news on the permanent RVO and the SRE to respond plus working through that backlog of RINs that was carried forward from 2024. So I'd point to those as kind of the key drivers for recovery.

嘿，亞歷克斯，我是托德。好問題。正如您所說，現在的環境顯然很艱難。我們認為，造成這種情況的真正原因只是市場在等待永久性 RVO 和 SRE 的回應，以及處理從 2024 年結轉的 RIN 積壓問題。因此，我認為這些是復甦的關鍵驅動力。

We provide that chart every quarter that talks about the supply stack, the biomass-based diesel supply stack. And basically, what we see is at the proposed RVO levels, you should see D4 demand of basically 5.5 billion gallons or so, which would suggest that you need a good chunk of biodiesel to run and meet that demand. That puts you in that $1.50 to $2 a gallon index margin range. We're ways away from that right now. But really, that's the range that we've seen throughout history up until kind of the 2023 RVO change things.

我們每季都會提供一張圖表，討論供應堆疊，即基於生物質的柴油供應堆疊。基本上，我們看到的是，在建議的 RVO 水平下，您應該會看到 D4 需求基本上為 55 億加侖左右，這表明您需要大量的生物柴油來運行並滿足該需求。這就使您處於每加侖 1.50 美元至 2 美元的指數保證金範圍內。目前我們距離這個目標還很遠。但實際上，這是我們在歷史上看到的範圍，直到 2023 年 RVO 改變一切。

So at those levels, I think we put some information out in the past that says at $1.50 a gallon index margin, Montana/Renewables should be making around $140 million, $150 million a year of adjusted EBITDA with tax attributes.

因此，在這樣的水平上，我認為我們過去發布的一些資訊表明，以每加侖 1.50 美元的指數利潤率計算，蒙大拿州/可再生能源公司每年的調整後 EBITDA（含稅）應該約為 1.4 億美元、1.5 億美元。

So I kind of point to that. And then obviously, if you increase back up to the historic $2 a gallon level, you're meaningfully higher than that. That's at our current yields. The other thing I'd point out is adding the SAF flexibility that we are really provides a meaningful kick to those margin numbers.

所以我有點指出這一點。然後顯然，如果油價回升至歷史性的每加侖 2 美元的水平，那麼價格就會明顯高於這個水平。這是我們目前的收益率。我想指出的另一件事是，增加 SAF 靈活性確實為這些利潤數字提供了有意義的推動。

When you're talking an extra $1 to $2 a gallon premium on an incremental 90 million to 100 million gallons or 120 million gallons of SAF, it's a pretty meaningful bump in margin, which is why we're so excited to be able to streamline this MaxSAF 150 project and move that forward. You talk about $1 a gallon plus on 100 million gallons. Obviously, that's the math. And we stack that on top of the core renewable diesel EBITDA that we just talked about.

當您談論增量 9000 萬至 1 億加侖或 1.2 億加侖 SAF 的每加侖額外溢價 1 至 2 美元時，這是一個非常有意義的利潤增長，這就是為什麼我們如此興奮能夠簡化這個 MaxSAF 150 項目並推動其向前發展。你說的是每加侖 1 美元以上，一億加侖。顯然，這就是數學。我們將其疊加在我們剛才討論的核心再生柴油 EBITDA 之上。

Okay. That's great. And then my follow-up, just on the balance sheet. It's nice to see the partial redemption of the '26 notes. Can you talk about the path to further debt paydown? And then particularly, what considerations do you guys think about for potential future divestitures?

好的。那太棒了。然後我的後續問題是關於資產負債表。很高興看到 26 年票據的部分贖回。能談談進一步償還債務的途徑嗎？那麼具體來說，你們對於未來可能的資產剝離有何考量？

Yeah. Good question. The -- like David said, there's not too much remaining on the 2026 is after we called the $230 million so far this year. So really nice progress on that front. I think if you look at that, you could say we have enough availability in free cash flow in the second half of the year to manage that in itself.

是的。好問題。就像大衛所說的那樣，今年到目前為止我們已經花了 2.3 億美元，但 2026 年剩下的就不多了。因此，在這方面取得了非常好的進展。我想如果你看一下，你會發現，我們下半年有足夠的自由現金流來管理這個問題。

So we kind of look forward and say what next on the 2027. We've talked about potential strategic asset sales. I don't want to get too far into that. But I can tell you that's certainly an option. We're expecting meaningful cash flow next year and throughout the rest of this year.

因此，我們有點期待並預測 2027 年接下來會發生什麼。我們已經討論過潛在的策略資產出售。我不想對此進行過多探討。但我可以告訴你，這當然是一種選擇。我們預計明年以及今年剩餘時間的現金流將十分可觀。

And then also, you have the Montana/Renewables monetization, which we continue to expect is the ultimate step to reach our final deleveraging target of $800 million. So those are kind of the three, I'd say, large steps. There is other things that can be done as well and kind of the -- just the maturity management mode. But as far as ultimate deleveraging, that's really what we're looking at.

此外，還有蒙大拿州/再生能源貨幣化，我們繼續預計這是實現 8 億美元最終去槓桿目標的最終一步。所以我想說，這算是三大步。還有其他事情可以做，就像成熟度管理模式一樣。但就最終的去槓桿而言，這才是我們真正關注的。

Okay. Thank you. I'll turn it over.

好的。謝謝。我把它翻過來。

Thank you.

謝謝。

Conor Fitzpatrick, Bank of America.

美國銀行的康納·菲茨帕特里克。

Hi everybody, This was another quarter where OpEx per gallon was reduced in the renewables business. Cost reductions have had momentum for a while now. But I think it would help us to explain the types of improvements and changes you've made in your operations year-to-date that are driving these cost reductions. Thanks.

大家好，這是再生能源業務每加侖營運成本降低的另一個季度。成本削減目前已形成動能。但我認為這有助於我們解釋今年迄今為止您在營運中所做的改進和改變，從而推動了成本的降低。謝謝。

Conor, it's Todd again. Thanks for the question. And you're right. It's fundamental really to our success, particularly in this tight market, what we've been able to do on costs and really establish ourselves as one of the cost leaders in the space, which stacked on top of our geographic advantage and feedstock flexibility and ability to generate SAF, we're quite excited about.

康納，又是托德。謝謝你的提問。你是對的。這對我們的成功至關重要，特別是在這個緊張的市場中，我們能夠在成本上取得進步，並真正確立自己作為該領域成本領先者之一的地位，再加上我們的地理優勢和原料靈活性以及生產 SAF 的能力，我們對此感到非常興奮。

Specifically, I'd say ther are -- the primary improvement that we've made on cost is real minimization of water. We've spent a lot of time and effort understanding water treatment, reducing the amount of water we have to treat in general. That's been a major step down.

具體來說，我想說的是——我們在成本方面取得的主要改進是真正減少用水量。我們花了大量的時間和精力來了解水處理，從而減少了我們需要處理的水量。這是一個重大的退步。

And then with smaller amounts, you can obviously treat it more efficiently as well. In fact, we put out something not too long ago that said as part of the expansion in the future, we -- highlighting that on treatment -- on-site treatment of water is a piece of that plan, which hasn't changed. That's always been the case.

而且使用較少的劑量，顯然也能更有效地治療。事實上，不久前我們就發布了一些消息，稱作為未來擴展的一部分，我們強調，現場水處理是該計劃的一部分，這一點沒有改變。情況一直都是這樣的。

So water treatment is the primary improvement. We've also just got more efficient with the operation. You learn a lot, and we came up the learning scale really quickly in Montana over the past couple of years. But we had a number of folks on site, third-party contractors, et cetera, to just help us with the learning curve over the last year. And we've had a meaningful contractor reduction on site this year.

因此，水處理是首要的改進。我們的營運效率也提高了。你可以學到很多東西，而且在過去的幾年裡，我們在蒙大拿州的學習進度非常快。但在過去的一年裡，我們有許多現場人員、第三方承包商等幫助我們完成學習曲線。今年我們現場承包商的數量已大幅減少。

And obviously, in the numbers -- the production numbers and the cost numbers, we see that we didn't need them. So the teams just done a really spectacular job of getting up to speed, familiarizing themselves with the assets, and keeping costs down.

顯然，從生產數字和成本數字來看，我們發現我們不需要它們。因此，這些團隊在加快速度、熟悉資產和降低成本方面做得非常出色。

Great. That's clear. And then as a follow-up, it looks like there's a few regions to play for SAF in the United States. The West Coast has LCFS programs and transpacific voluntary and mandatory markets. The Gulf Coast has voluntary and mandatory markets in Europe.

偉大的。這很清楚。然後作為後續行動，看起來美國有幾個地區可以為 SAF 效力。西海岸有低碳食品服務 (LCFS) 計劃以及跨太平洋自願和強制市場。墨西哥灣沿岸在歐洲擁有自願市場和強制市場。

And there are several US Midwest states that have purchasers or producers tax credits. And then SAF prices nationally trade at a premium from incremental voluntary demand versus RD and conventional jet. So how would you characterize the attractiveness of the different regions from where you sit? And do you think the proximity to the Midwest will win out versus other regions over time or at least provide a more stable end market?

美國中西部的幾個州都實施購買者或生產者稅收抵免。然後，全國範圍內的 SAF 價格因增量自願需求而高於 RD 和傳統噴射機。那麼從您所處的位置來看，您如何描述不同地區的吸引力呢？您是否認為隨著時間的推移，靠近中西部地區將會比其他地區更勝一籌，或至少能夠提供更穩定的終端市場？

Yeah, great question. The Midwest is a really interesting market just because of the state tax credit, right? So I think you used the word just stability or kind of stabilize the whole outlook. That tax credit goes a long way to do that. So yeah0, that will be a piece of the solution.

是的，很好的問題。僅僅因為州稅收抵免，中西部就是一個非常有趣的市場，對嗎？所以我認為你使用的只是穩定這個詞，或者某種程度上穩定整個前景。稅收抵免對實現這一目標大有幫助。是的，這將是解決方案的一部分。

California is obviously a big piece as well. Oregon, Washington, we've talked about all of these areas. Honestly, just like renewable diesel, we're pretty flexible on our output, and we take it to whatever areas we're geographically advantaged in. That's what we're doing now with our partners at Shell, and that's what we expect to do in the future as we add to the portfolio that we're building on the marketing side.

加州顯然也是一塊大地。俄勒岡州、華盛頓州，我們已經討論了所有這些地區。老實說，就像再生柴油一樣，我們的產量非常靈活，我們可以將其運送到任何具有地理優勢的地區。這就是我們現在與殼牌的合作夥伴正在做的事情，也是我們未來在擴大行銷方面的產品組合時所期望做的事情。

The other thing I wouldn't forget about is Canada. We're right on the border there. And there's some real ability to partner with the right people in Canada, blend our product and service that market. And there's a pretty meaningful SAF premium still in Canada.

另一件我不會忘記的事情是加拿大。我們就在那裡的邊境。我們確實有能力與加拿大合適的人合作，將我們的產品和服務融入這個市場。加拿大仍然有相當可觀的 SAF 獎金。

So like always, at Montana/Renewables, the key to our advantage or one of the keys to our advantage is really that end market flexibility. And sitting right there on the BNSF, we can go east to Minnesota and Illinois. We can go west to California, Washington, Oregon, and we can even truck north to Canada. So very flexible, and I'd expect all of those to be part of the solution.

因此，與往常一樣，在 Montana/Renewables，我們的優勢的關鍵或優勢之一實際上是終端市場的靈活性。搭乘 BNSF 列車，我們就可以向東前往明尼蘇達州和伊利諾伊州。我們可以向西前往加利福尼亞州、華盛頓州、俄勒岡州，甚至可以向北前往加拿大。非常靈活，我希望所有這些都能成為解決方案的一部分。

Great, thank you.

太好了，謝謝。

The next question comes from Greg Brody with Bank of America. Please go ahead.

下一個問題來自美國銀行的格雷格·布羅迪。請繼續。

Hey, good morning guys. Nice quarter. It's nice to see the operations coming together in Specialty. I was -- you gave a couple of numbers there on the restricted group that I just wanted to run through to make sure that's clear.

嘿，大家早安。不錯的季度。很高興看到 Specialty 的業務得以整合。我 - 你給出了限制組中的幾個數字，我只是想瀏覽一下以確保它們清楚。

So I think you said the second half of '25, you expect $50 million to $60 million of cash flow. And then you also mentioned the unwind of some working capital of $35 million.ome of some working capital of $35 million. Is that part of that number or is that in addition to that?

所以我認為您說過 25 年下半年預計現金流為 5000 萬至 6000 萬美元。然後您還提到了 3500 萬美元的部分營運資金的解除。 3500 萬美元的部分營運資金。這是該數字的一部分還是另外的數字？

Yeah it it's part of that number.. So we're already seeing some of that unwind from the working capital, just related to the turnaround and timing of building inventory in advance.

是的，它是該數字的一部分。因此，我們已經看到部分營運資金的減少，這與週轉和提前建立庫存的時間有關。

Got it. And then you suggested that you could deal with the remaining $125 million of the [26's] this year. So the $50 million to $60 million is from restricted group. Should we expect cash from anything from renewable diesel business to be sent out? Or is the rest going to be solved for with possibly strategic actions?

知道了。然後你建議今年可以處理剩下的 1.25 億美元。因此，5000 萬到 6000 萬美元來自限制組。我們是否應該期望從再生柴油業務中獲得現金？或者其餘問題可以透過可能的策略行動來解決？

It's a good question. It's possible to have cash out of Montana/Renewables. Honestly, the way we plan for it is just the fully controllable in today's market. So the way we plan for things is just what can we generate in the restricted group. So yes, to your point, you've got the $50 million, $60 million of cash flow.

這是個好問題。有可能從蒙大拿州/再生能源公司獲得現金。老實說，我們規劃的方式在當今市場是完全可控的。因此，我們規劃事物的方式就是在受限的群體中我們能夠產生什麼。是的，正如您所說，您有 5000 萬美元、6000 萬美元的現金流。

I think you said is that -- all in the business -- there will be additional to that from the $35 million of capital unwind. So I don't want you to think that there's only $15 million of free cash flow generated in the core business in the second half plus that $35 million of working capital unwind, right?

我認為您說的是——所有業務——從 3500 萬美元的資本釋放中還會有額外的收益。所以我不想讓你認為下半年核心業務只產生了 1500 萬美元的自由現金流，再加上 3500 萬美元的營運資金釋放，對嗎？

So it's $50 million plus the rest. So we are expecting more cash flow in the second half. We do expect some strategic activity to help with that. But I'd also just point to our general liquidity and revolver balance for a very small amount.

所以是 5000 萬美元加上剩餘部分。因此我們預計下半年會有更多現金流。我們確實希望一些戰略活動能夠對此有所幫助。但我還要指出的是，我們的整體流動性和循環信貸餘額非常小。

Okay. And then just shifting to the PTC monetization. I think you said you had a term sheet for about half of it. Sort of two questions there. I think you had mentioned a discount the way to think about it, if I'm remembering like 5% to 7% versus what the book value is?

好的。然後轉向 PTC 貨幣化。我認為您說過您已經擁有了其中大約一半的條款清單。這裡有兩點疑問。我認為您提到過折扣，那麼如何考慮呢，我記得折扣是相對於賬面價值的 5% 到 7% 左右？

And then just remind us if that's -- if I'm remembering that right, and if that's sort of a good way to think about it? And then second part of that is, when do you think you'll address this -- the other half of the PTCs? And just in general, based on the way the market is coming together, should we expect that to be a quarterly -- to be done quarterly ratably with what your -- the actual income is?

然後提醒我們一下——如果我記得正確的話，這是一種很好的思考方式嗎？第二部分是，您認為什麼時候會解決這個問題—PTC 的另一半？總的來說，根據市場的發展情況，我們是否應該預期這將是按季度進行的——根據您的實際收入按季度進行？

Yeah, we think so. The -- I don't want to get too deep into the price. Obviously, we're still working through all of these. But, what I said is we historically, projected that established tax credits sell for 95%, 98% of their value. And that's what we expect of these producers tax credits to be over time.

是的，我們這麼認為。我不想多談價格。顯然，我們仍在努力解決所有這些問題。但是，我說的是，根據歷史數據，我們預計既定的稅收抵免的售價為其價值的 95% 到 98%。這就是我們對這些生產者稅收抵免的長期預期。

New credits, new market, there could be a small startup discount on the first few, but not much. So everything we've learned says we should be thinking at 95% range as the normal mental model. And yeah, as far as timing, we've seen the market pick up quite a bit since the, Big Beautiful Bill was signed and provide a little bit more clarity around these BTC. So we do expect to sell them all in the near future. And after we clear that backlog, yes, we expect it to be, a quarterly transaction.

新的信用，新的市場，前幾個可能會有小額的啟動折扣，但不會太多。因此，我們所學到的一切都表明，我們應該以 95% 的範圍作為正常的思考模型來思考。是的，就時間而言，自從《大美麗法案》簽署以來，我們已經看到市場回暖不少，並為這些 BTC 提供了更清晰的認識。因此我們確實希望在不久的將來將它們全部賣掉。在我們清理完積壓訂單後，是的，我們預計它將成為一項季度交易。

Got it. And one piece in for me. So I was wondering if you have your liquidity as of today, just -- or basically what's on the revolver?

知道了。給我來一塊。所以我想知道截至今天您是否有流動資金，或者基本上有多少流動資金？

It's just about $200 million.

大約只有 2 億美元。

Great. All right. Thanks for your time guys. I appreciate it.

偉大的。好的。謝謝你們的時間。我很感激。

Amit Dayal, HC Wainwright.

阿米特·達亞爾、HC 溫賴特。

Thank you. Good morning, everyone. Pretty solid execution despite some -- and on that front, Todd, are there any particular catalysts we should be looking for with respect to any remaining sort of macro overhangs for you to start hitting your stride, especially with respect to Montana/Renewables. I mean it looks like on the cost side.

謝謝。大家早安。儘管存在一些問題，但執行仍然相當穩健——在這方面，托德，對於任何剩餘的宏觀懸而未決的問題，我們是否應該尋找任何特定的催化劑，以便您開始大步前進，特別是在蒙大拿州/可再生能源方面。我的意思是它看起來像是成本方面。

You've already done pretty well in terms of bringing costs down. If some margin improvement starts showing up, I mean, it looks like there's a lot of operating leverage you could start generating. So any color on maybe this topic would be helpful.

在降低成本方面，你們已經做得相當不錯了。如果利潤率開始出現一些改善，那麼看起來你就可以開始產生很大的經營槓桿。因此，關於這個主題的任何顏色也許都會有幫助。

Yes. I think that's the million-dollar question you've nailed it is, is when do we see the reversal in margins. Very comfortable and confident that with the regulatory actions we've seen here in the second quarter that it's a matter of when, not if on these, right?

是的。我認為您提出的這個價值百萬美元的問題是，我們什麼時候才能看到利潤率的逆轉。我們非常放心和有信心，根據我們在第二季度看到的監管行動，這只是時間問題，而不是是否會發生的問題，對嗎？

We talked earlier in Q&A about a 5.5 billion gallon RVO without an overhang, you're at substantially better volumes than prices -- margins than we are today just to stay compliant. So we're very bullish to long-term outlook.

我們之前在問答環節談到了 55 億加侖的 RVO，沒有過剩，產量遠高於價格——利潤率比我們現在的水平要高，只是為了保持合規。因此，我們對長期前景非常看好。

I think the big question is just the overhang around when is that RVO going to be finalized. A lot of rumors still flowing around the SREs and how that interacts with the RVO, if at all. And then the market just has to work through this backlog. There is a year's worth of overproduction from 2024 RINs that have been carried into 2025. So the market is not acting like it would in a normal environment.

我認為最大的問題在於 RVO 何時能夠最終完成。關於 SRE 以及其如何與 RVO 相互作用（如果有的話）的謠言仍然很多。然後市場就必須解決這些積壓問題。2024 年 RIN 中的過剩​​產量已延續至 2025 年。因此，市場表現並不像正常環境下那樣。

When it has those RINs that it has to eat through in the current year, I'll say just expire, that essentially becomes part of the balance and the market doesn't have to respond to just normal fundamentals like it would. But that all ends at the end of this year when we step into 2026, those old RINs can't be carried forward again, and we see the step-up in RVO.

當它擁有那些必須在今年消耗掉的 RIN 時，我會說它們會過期，這基本上會成為餘額的一部分，而市場不必像以前那樣只對正常基本面做出反應。但這一切都將在今年年底結束，屆時我們將進入 2026 年，那些舊的 RIN 將無法再延續，而且我們將看到 RVO 的提升。

So I think the big question in our mind is, do we see margin recovery before that as people get more comfortable with how strong the outlook looks for 2026 and starts to ramp up production or RIN prices start to respond expecting that there's going to be such an increase in 2026.

因此，我認為我們心中最大的問題是，隨著人們對 2026 年的前景更加樂觀並開始提高產量，或者 RIN 價格開始做出反應，預期 2026 年會出現這樣的增長，我們是否會看到利潤率在此之前復甦。

So that's what our eyes are on. I think that's what most folks in the industry are tracking as well. And long-term, we think the changes that occurred in Q2 are quite bullish for the space. So looking forward to getting there.

這就是我們所關注的。我認為這也是業內大多數人正在追蹤的。從長遠來看，我們認為第二季度發生的變化對該領域非常有利。非常期待到達那裡。

Okay, thank you. And just on the Montana/Renewables monetization, it's -- I mean, it looks like it's still on the table. But from a timeline perspective, should we expect any movement on that front in 2026? Or is this a little bit more sort of a future type event for the company now?

好的，謝謝。就蒙大拿州/再生能源貨幣化而言，我的意思是，它看起來仍在討論中。但從時間軸的角度來看，我們是否應該期待 2026 年在這方面有任何進展？或者這對公司來說更像是一種未來類型的事件？

Yeah, I don't think 2026 should be thought of as off the table at all. When we rewind the clock a little bit and we say, what do we have to do at Montana/Renewables, we need to get the DOE loan that's done. We needed to prove out our operation, commercial position that's done. We needed to demonstrate our cost advantage, that's done.

是的，我認為 2026 年完全不是不可能的。當我們回顧當時的情況並問自己，我們要在蒙大拿州再生能源計畫上做什麼時，我們發現我們需要獲得能源部貸款。我們需要證明我們的營運和商業地位。我們需要展示我們的成本優勢，已經做到了。

Right now, we're ramping up kind of the faster, cheaper first step into MaxSAF. We think that's a really nice value upside for potential buyers. And then the last thing you need that's a little bit outside of our control is really just demonstrated margins, which we kind of just talked about.

目前，我們正在加快步伐，以更快、更便宜的方式邁入 MaxSAF。我們認為這對潛在買家來說確實是一個很大的價值優勢。然後，您所需要的最後一件事是我們無法控制的，實際上只是展示的利潤率，我們剛才談到了這一點。

So we think that you get a little bit of margin improvement here late this year, early into next year have a quarter or two of really strong earnings, and it's an active conversation. I don't want to predict exactly when that happens and the like. But I wouldn't say 2026 is off the table by any stretch.

因此，我們認為今年年底的利潤率會略有提高，明年年初的一兩個季度的盈利會非常強勁，這是一個積極的討論。我不想準確預測那件事何時發生等等。但我絕不認為 2026 年是不可能的。

Understood. Thank you for that/

明白了。謝謝你/

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Yeah, good morning. Thanks for taking my questions. I wanted to get your views on the RVO proposal and specifically the part that talks about half RIN generation for imported feed or products. And I'm wondering if you have a sense of what that does to the market.

是的，早安。感謝您回答我的問題。我想聽聽您對 RVO 提案的看法，特別是關於進口飼料或產品半數 RIN 產生的部分。我想知道您是否知道這對市場有何影響。

Does that essentially just double the value for RINs? Or is there some offset on feedstock costs? And do you think that is likely to be included in the final RVO?

這是否實際上只是使 RIN 的價值翻倍了？或是原料成本方面是否有所抵銷？您認為這可能被納入最終的 RVO 中嗎？

Jason, it's Todd. Great question. I wish Bruce is here to help with it a little bit, but he'll be back this afternoon and hopefully, by the time we get to connect a little later to chime in more. But the whole half RIN concept is an interesting one. I'd say the most important thing is we don't see that imported feed is needed to basically meet the RVO as it is.

傑森，我是托德。好問題。我希望布魯斯能在這裡提供一點幫助，但他將在今天下午回來，希望我們稍後再聯繫時他能提供更多幫助。但整個半 RIN 概念很有趣。我想說最重要的是，我們認為不需要進口飼料就能基本滿足 RVO。

4.5 billion gallons of domestic feed is what it calls for in the proposal. And we're generating almost 7 billion gallons of domestic feed in North America now. So big macro, I would start there and say, I don't know how much imported feed is even in the mix.

該提案要求的國內飼料為 45 億加侖。目前我們在北美生產近70億加侖的國內飼料。因此從宏觀角度來看，我想說，我不知道其中有多少進口飼料。

Now if you go down a little bit, there are certain plants that just logistically would have a really hard time potentially bringing in or would need to just work on their rail, et cetera, to do more around domestic. And I think that's something that can be done in time.

現在，如果你稍微往下看，有些工廠在物流方面會遇到很大的困難，或者只需要在鐵路等方面開展工作，就可以在國內做更多的事情。我認為這件事可以及時完成。

But they may be in the mix for a little bit. But big picture, we don't think that imported feed is needed to meet the proposed RVO. If it is temporary, then I think exactly what you said is right. You would look at our supply stack and you would say those folks that are running on imported feed, the RINs basically would have to cover that price. The RIN price in order for them to run and meet the D4 requirement would have to adjust so that at half RIN value, they'd be incentivized to do that.

但他們可能會暫時參與其中。但從總體上看，我們認為不需要進口飼料來滿足擬議的 RVO。如果是暫時的，那麼我認為你說的完全正確。您可以查看我們的供應堆棧，您會說那些使用進口飼料的人，RIN 基本上必須支付該價格。為了使他們能夠運行並滿足 D4 要求，RIN 價格必須進行調整，以便在 RIN 值減半時，他們有動力這樣做。

So either the price of the imported feed would have to go down. That's not going to happen because it's a global market that has a floor price to it or the price of RINs would have to react. So we see that as a potential. And I guess it's an upside possibility.

因此進口飼料的價格必須下降。這種情況不會發生，因為這是一個全球市場，有一個底價，否則 RIN 的價格必須做出反應。因此我們認為這是一種潛力。我想這是一個有利的可能性。

But more practically, I just don't see that imported feed will be needed to meet the proposed RVO. And we're hoping that as the group there, the EPA studies deeper into it and closes the comment period today that they'll come to the same conclusion and increase it.

但更實際的是，我認為不需要進口飼料來滿足擬議的 RVO。我們希望，作為環保署的團隊，他們能夠深入研究這個問題，並在今天結束評論期，得出相同的結論並增加它。

Got it. Yes, that's great color. And my follow-up is just a clarification on the PTC monetizations. And I know you talked about signing some term sheets. Is there anything on regulatory front that needs to be finalized in order to convert those term sheets into final deals? Or is it just normal -- more normal course working through the paperwork?

知道了。是的，顏色很棒。我的後續只是對 PTC 貨幣化進行澄清。我知道您談到了簽署一些條款清單。為了將這些條款清單轉化為最終交易，監管方面是否需要最終敲定？或者這只是正常的——更正常的文書工作？

No, I think just normal course working through the paperwork. We're in that process now. We haven't come across anything where anybody said that, hey, we need to slow down. So I think it's just the normal process. It did get delayed a little bit while rumors were swirling around the PTC and the Big Beautiful Bill kind of negotiation.

不，我認為只是正常的文書工作。我們現在正處於這過程中。我們還沒有遇到有人說「嘿，我們需要放慢速度」的情況。所以我認為這只是正常的過程。當有關 PTC 和 Big Beautiful Bill 談判的謠言四起時，它確實被推遲了一點。

But now that's behind us, it looks like game on and return to normal. So we're not seeing anything that would stand in the way. We're seeing a lot of activity there and expect to have these things sold by the next time we're talking. Thanks for the.

但現在這一切都已成為過去，一切看起來都恢復正常了。因此，我們沒有看到任何阻礙。我們看到那裡有很多活動，並希望在下次談話時將這些東西賣掉。謝謝。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to John Kompa for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給約翰·科帕 (John Kompa) 作結束語。

Thank you, Steve. On behalf of Todd and the entire management team, I'd like to thank our shareholders for joining our call today and your continued support. Have a great rest of the day. Thank you.

謝謝你，史蒂夫。我謹代表托德和整個管理團隊感謝我們的股東今天參加我們的電話會議並感謝你們的持續支持。祝您今天剩餘時間愉快。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may not disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您不能斷開連線。