Cf Industries Holdings, Inc. · NYSE:CF

Cf Industries — Q2 2026 Earnings Presentation

21 slides from Cf Industries's earnings presentation, Aug 6, 2026

  1. Slide 1: 2026 First Half and Second Quarter Financial Results

    2026 First Half and Second Quarter Financial Results August 5, 2026 NYSE: CF

  2. Slide 2: Safe harbor statement

    Safe harbor statement All statements in this presentation by CF Industries Holdings, Inc. (together with its subsidiaries, the “Company”), other than those relating to historical facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such

  3. Slide 3: Note regarding non-GAAP financial measures

    Note regarding non-GAAP financial measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, adjusted EBITDA, free cash flow, free cash flow to adjusted EBITDA conversion and free cash flow yield, which

  4. Slide 4: Outstanding operational performance in a tight global nitrogen supply-demand balance delivers strong financial results

    Outstanding operational performance in a tight global nitrogen supply-demand balance delivers strong financial results $727M $1.2B $3.0B $1.3B Q2 2026 Q2 2026 Q2 2026 LTM Q2 2026 LTM Net Earnings Adjusted EBITDA(1) Cash from Operations Capital Returned to Shareholders(2) $2.1B $3.7B $1.8B $1.5B Q2 2

  5. Slide 5: Outstanding safety performance drives industry leading production capacity utilization

    Outstanding safety performance drives industry leading production capacity utilization Total Recordable Incident Rate 5-Year Rolling Avg. North American Ammonia Percent of Capacity Utilization(1) Total injuries per 200,000 work hours 4.5 CF 4.0 BLS Fertilizer 3.5 Manufacturing 96% +10% 3.0 2.5 1.9 2

  6. Slide 6: Highlights and Outlook

    Highlights and Outlook Highlights:  Blue Point project hits milestone as permits received in July enabling construction to commence in August  Initiated a front-end engineering and engineering design (FEED) study for DEF capacity expansion at the Courtright Complex  Q2 2026 returned $302 million

  7. Slide 7: Tight near-term global nitrogen supply; further constrained by ongoing geopolitical disruptions

    Tight near-term global nitrogen supply; further constrained by ongoing geopolitical disruptions Nitrogen Market Outlook  Tight global nitrogen supply continues  Supply disrupted from Russia & Middle East Tight near- and  Chinese urea exports expected under strict quota long-term global  Indian i

  8. Slide 8: Blue Point reaches key milestone enabling construction to start

    Blue Point reaches key milestone enabling construction to start August 2026 JV formed with JERA & Mitsui Positive Blue Point One FID JERA & Mitsui awarded contract for difference from the Japanese government Permits received in July Construction to commence in August * Image based on rendering of Bl

  9. Slide 9: Strategic initiatives drive 2030 mid-cycle EBITDA to ~$3.3B

    Strategic initiatives drive 2030 mid-cycle EBITDA to ~$3.3B CF Mid-Cycle Growth EBITDA $ millions FCF ~$400 ~$3,300 Strategic Strategic initiatives ~$2,900(1) Initiatives  Monetizing decarbonization - 45Q tax credits - Low-carbon product premium $2,000+  Blue Point One JV $1,700+  Margin enhancem

  10. Slide 10: Durable cash flow generation underscores significant valuation disconnect to Industrial and Material sectors

    Durable cash flow generation underscores significant valuation disconnect to Industrial and Material sectors CF Free Cash Flow (1) Valuation Disconnect $ millions 12.0% CF 3,000.0 $2,783 11.1%(4) 2,500.0 10.0% 2,000.0 $1,799 $1,789 $1,823 $1,445 8.0% 1,500.0 1,000.0 6.0% 500.0 S&P 500 S&P 500 4.0% I

  11. Slide 11: Robust free cash flow participation…

    Robust free cash flow participation… CF Industries’ Free Cash Flow and Shares Outstanding as of Period End LTM Free Cash Flow Shares Outstanding (millions) (millions) $3,000 208 215 $2,500 205 196 188 195 $2,000 185 170 $1,500 175 $2,165 $2,783 $1,799 $1,789 $1,823 165 $1,000 154 $1,445 155 152 145

  12. Slide 12: …delivers value by increasing nitrogen participation per share

    …delivers value by increasing nitrogen participation per share Annual Nitrogen Equivalent Tons per 1,000 Shares Outstanding Since 2010: Increased production capacity 36% Decreased share count 57% 70 63 60 54 53 50 39 40 30 30 20 17 10 0 (2) 2010 2015 2020 2025 Q2 2026 2030F Production Capacity milli

  13. Slide 13: Appendix

    Appendix

  14. Slide 14: Q2 2026 adjusted EBITDA favorable driven by strong pricing partially offset by lower volumes

    Q2 2026 adjusted EBITDA favorable driven by strong pricing partially offset by lower volumes Q2 2026 vs Q2 2025 Adjusted EBITDA $ millions $588 $50 $3 $1,192 $(158) $(52) $761 Adj. EBITDA Price Volume Realized Business Other Adj. EBITDA Q2 2025(1) Gas Cost Interruption Q2 2026(1) Insurance (1) See a

  15. Slide 15: 1H 2026 adjusted EBITDA favorable driven by strong pricing

    1H 2026 adjusted EBITDA favorable driven by strong pricing 1H 2026 vs 1H 2025 Adjusted EBITDA $ millions $989 $50 $1 $2,175 $(197) $(73) $1,405 Adj. EBITDA Price Volume Realized Business Other(2) Adj. EBITDA 1H 2025(1) Gas Cost Interruption 1H 2026(1) Insurance (1) See appendix for reconciliations o

  16. Slide 16: 1H 2026 strong cash generation and focused capital allocation

    1H 2026 strong cash generation and focused capital allocation 1H 2026 Cash Sources and Uses Funded by Funded $233 JERA & Mitsui(2) $ millions by CF(3) $1,374 $(86) $(408) $(201) $(494) $2,480 Consolidated CF Capex $(408) $(6) $1,982 Cash Cash from JERA & Mitsui Capex CHS Return to Other Cash Q4 2025

  17. Slide 17: CF Industries Adjusted EBITDA sensitivity table

    CF Industries Adjusted EBITDA sensitivity table Table illustrates the CF Industries business model across a broad range of industry conditions Adjusted EBITDA Sensitivity to Natural Gas and Urea Prices(1) $ billions CF Realized Natural Gas Cost ($/MMBtu) $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 CF

  18. Slide 18: Financial results – second quarter and first half 2026

    Financial results – second quarter and first half 2026 In millions, except percentages, per MMBtu and EPS Q2 2026 Q2 2025 1H 2026 1H 2025 Net sales $ 2,222 $ 1,890 $ 4,208 $ 3,553 Gross margin 1,145 755 1,891 1,327 - As a percentage of net sales 51.5 % 39.9 % 44.9 % 37.3 % Net earnings attributable

  19. Slide 19: Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA

    Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA Q2 2026 Q2 2025 Q2 2026 In millions 1H 2026 1H 2025 LTM Net earnings $ 869 $ 492 $ 1,545 $ 843 $ 2,500 Less: Net earnings attributable to noncontrolling interests (142) (106) (203) (145) (401) Net earnings attributable to common

  20. Slide 20: Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA, continued

    Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA, continued In millions FY 2025 FY 2024 FY 2023 FY 2022 Net earnings $ 1,798 $ 1,477 $ 1,838 $ 3,937 Less: Net earnings attributable to noncontrolling interests (343) (259) (313) (591) Net earnings attributable to common stockhold

  21. Slide 21: Non-GAAP: reconciliation of cash from operations to free cash flow

    Non-GAAP: reconciliation of cash from operations to free cash flow, free cash flow to adjusted EBITDA conversion and free cash flow yield In millions, except percentages and share price Q2 2026 FY 2025 FY 2024 FY 2023 FY 2022 LTM Cash provided by operating activities $ 2,977 $ 2,752 $ 2,271 $ 2,757

CF Industries Holdings — Q2 2026 Earnings Presentation on 6ix