Intrepid Potash, Inc · NYSE:IPI
Intrepid Potash — Q2 2025 Earnings Presentation
25 slides from Intrepid Potash's earnings presentation, Aug 7, 2025
Slide 1: Intrepid Potash
Intrepid Potash August 2025 Investor Presentation August 2025 Investor Presentation | August 7, 2025 NYSE: IPI | intrepidpotash.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements about our future results of operations and financial position, our business strategy and plans, and our objectives for fut
Slide 3: Company Overview
Company Overview August 2025 3
Slide 4: Key Assets & Corporate Profile
Key Assets & Corporate Profile We Are the Only Domestic Producer of Potash(1) in the United States Key Assets Our Business Wendover, UT Solar Brine Recovery Mine Corporate Profile(2) • Acquired in 2004; potash is primarily produced from naturally occurring brines sourced from a shallow aquifer and d
Slide 5: Why Invest In IPI?
Why Invest In IPI? Capitalizing On Our Unique Positioning & Opportunity ` • Existing infrastructure helps protect this positioning; IPI owns ~88k surface acres (1) The Only Potash Producer In the United States • Proximity to key markets drives logistics, transportation, and price advantages • Higher
Slide 6: Our Potash Production
Our Potash Production Higher Production Improves Unit Economics; Focused On >300k Tons/Year Potash Production Overview Higher Production Supported by Long-Life Reserves/Resources We reduced our CY ’25E & ‘26E prod. guidance owing to delays in our AMAX Cavern project, and Solution Mining Production C
Slide 7: Q2 2025 Highlights & Financial Results
Q2 2025 Highlights & Financial Results August 2025 7
Slide 8: Strong Q2 2025 Results & Constructive Outlook For H2 2025
Strong Q2 2025 Results & Constructive Outlook For H2 2025 Solid Demand, Improving Fertilizer Pricing, & Trio® Still Exceeding Expectations Q2 2025 Potash Production of 44k Tons & Strong Projected to Continue to Have Peer-Leading 44k Tons & YTD Sales Volumes: 44k tons represents an increase Potash/Tr
Slide 9: Potash & Trio: Key Q2 2025 Results
Potash & Trio®: Key Q2 2025 Results Higher Prod. Driving Improving Sales Volumes; Strong Pricing to Continue in Q3/25E Potash Key Metrics Q2/25 Q2/24 Q1/25 y/y change (%) q/q change(%) Sales Volumes (in short tons) 69k 55k 103k 25% (33%) (1) Average NRSP (per ton) $361 $405 $312 (11%) 16% Production
Slide 10: Oilfield Solutions & Corporate: Key Q2 2025 Results
Oilfield Solutions & Corporate: Key Q2 2025 Results Steady Oilfield Solutions Results; Corporate Margin Improvement Still a Top Priority Oilfield Solutions Key Metrics Q2/25 Q2/24 Q1/25 y/y change ($) q/q change($) Sales $4.3mm $5.5mm $4.4mm -$1.2mm -$0.1mm Gross Margin $1.3mm $2.1mm $1.7mm -$0.8mm
Slide 11: Better Production & Operational Efficiencies Driving Lower Y/Y COGS per Ton
Better Production & Operational Efficiencies Driving Lower Y/Y COGS per Ton in Potash & Trio® We Don’t Subtract Byproducts from COGS(1), but Positive Margin Impact is the Same Potash Segment COGS per Ton Trio® Segment COGS per Ton(3) COGS per Ton(2) COGS per Ton(2) $450 COGS per Ton Ex-Byproducts(2)
Slide 12: Other Key Highlights & Competitive Advantages
Other Key Highlights & Competitive Advantages Improving Unit Economics, Strong Production/Sales Volumes, & Focus on FCF(2) Highlights Competitive Advantages ✓ Proximity to key markets provides logistics/transportation advantages Improved In Q2 2025, Our Potash COGS/Ton Improved 13% Y/Y: Our Q2 2025
Slide 13: Capital Allocation, Market Outlook, & Final Takeaways
Capital Allocation, Market Outlook, & Final Takeaways August 2025 13
Slide 14: Capital Allocation & Catalysts
Capital Allocation & Catalysts Positioning Intrepid for Sustained, Long-Term Success 2025 Capital Budget: $32-$37mm Potential Catalysts Growth CAPEX >300k Potash Production: Although we reduced our near-term potash prod. forecast, we still $37mm Growth dependent on market & have a goal to drive pota
Slide 15: Constructive Outlook for Global Potash Market
Constructive Outlook for Global Potash Market Potash Fundamentals Balanced, While Major Project (Jansen) Announced Delays(1) Long-Term Potash Demand Getting Back to Trendline Growth of ~2% CAGR Global Supply Still Faces Risks & Heavily Reliant on Eastern European Tons 100.0 Global potash market is s
Slide 16: Lower Dollar Index (DXY) Historically Positive for Corn/Soybeans
Lower Dollar Index (“DXY”)(1) Historically Positive for Corn/Soybeans (& Most Commodities) Lower DXY Drives Higher U.S. Exports, Which Lower Inventories, & Helps Pricing Weaking Dollar Helps Boost Exports & Is Historically Positive for Corn & Soybeans YTD U.S. Corn & Soybeans Exports Higher vs. Same
Slide 17: Updates for 2025E Key U.S. Crop Break-Evens & Net Managed Money vs. Corn Futures
Updates for 2025E Key U.S. Crop Break-Evens & Net Managed Money vs. Corn Futures Could Corn Price Rally if Funds Keep Unwinding Significant Short Position? Corn & Soybeans Break-Even Price-to-Cover Trending Lower CBOT Corn Net Managed Money vs. Corn Prompt Month Futures Price (C 1) 400k $9.00 $12.00
Slide 18: Update On U.S. & Global Stocks-to-Use Ratios
Update On U.S. & Global Stocks-to-Use Ratios U.S. at Historical Averages; World Ex-China Corn Remains Close to Record Lows U.S. Corn & Soybeans Stocks-to-Use Ratios World Ex-China Corn & Soybeans Stocks-to-Use Ratios 25.0% U.S. Stocks-to-Use Ratios: Projected to 25.0% be around historical averages f
Slide 19: Continued Strength in Key International Crop Futures
Continued Strength in Key International Crop Futures, Corn/Soybeans at Historical Averages ~70% of Global Potash Is Applied to Non-Corn/Soybeans Crops Palm Oil(1) & Rice Cocoa & Coffee Corn & Soybeans Current vs. 10-year avg.: +26% Current vs. 10-year avg.: +132% Current vs. 10-year avg.: -14% Curre
Slide 20: Final Takeaways
Final Takeaways Focused On Getting Appropriate Value Back In the Equity • Unit economics have improved from higher potash production Maintaining Higher Production Is #1 Focus • Driving to >300k tons of annual potash production • Our goal is for sustained higher potash production over the long-term;
Slide 21: Appendix
Appendix August 2025 21
Slide 22: December 2023 Agreement with XTO
December 2023 Agreement with XTO $50mm Additional Guaranteed & Up To An Additional $100mm In Potential Payments Key Takeaways IPI Could Receive Up To an Additional Cooperative Development Agreement Third Amendment Highlights #1 $150mm - Timing Uncertain Parties in the Agreement • Intrepid Potash Inc
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Adjusted EBITDA Q2/24 Q1/25 Q2/25 Net Income (Loss) ($833) Net Income (Loss) $4,606 Net Income (Loss) $3,263 Impairment of long-lived assets 831 Impairment of long-lived assets 662 Impairment of long-lived assets 1,204 (G
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Average Net Realized Sales Price ("NRSP") per Ton Cost of Goods Sold ("COGS") per Ton Potash Q2/24 Q1/25 Q2/25 Potash Q2/24 Q1/25 Q2/25 Total Segment Sales $30,034 $43,577 $33,994 COGS $21,224 $32,242 $23,239 Less: Segmen
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) COGS per Ton & COGS Ex-Byproducts per Ton COGS per Ton ($/ton) COGS Ex-Byproducts per Ton ($/ton) Sales Volumes (tons) COGS Byproducts Q1/23 Potash $355 $295 89 $31,584 $5,342 ® Trio $321 $302 65 $20,883 $1,221 Q2/23 Pota