Intrepid Potash, Inc · NYSE:IPI
Intrepid Potash — Q3 2025 Earnings Presentation
27 slides from Intrepid Potash's earnings presentation, Nov 6, 2025
Slide 1: Intrepid Potash November 2025 Investor Presentation
Intrepid Potash November 2025 Investor Presentation November 2025 Investor Presentation | November 6, 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 November 2025 3
Slide 4: Key Assets & Corporate Profile
Key Assets & Corporate Profile The Only Domestic Producer of Potash(1); One of Two Global Producers of Langbeinite(2) Key Assets Our Business Wendover, UT Solar Brine Recovery Mine Corporate Profile(3) • Acquired in 2004; potash is primarily produced from naturally occurring brines sourced from a sh
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 Our CY 2025E prod. was revised higher by ~5k tons owing to higher HB run-rates in Q4 2025. Solution Mining Production Cyc
Slide 7: Our Trio Production
Our Trio® Production Since Q1/24, Trio® Continues To Be A Clear Standout for Intrepid Trio® Production & Market Overview Higher Production Supported by Long-Life Resources Conventional Underground Mining Higher Trio® production helping offset lower potash production guidance for 2026E+. We have five
Slide 8: Q3 2025 Highlights & Financial Results
Q3 2025 Highlights & Financial Results November 2025 8
Slide 9: Strong Q3 & YTD 2025 Results
Strong Q3 & YTD 2025 Results Improving Fertilizer Pricing, Solid YTD Demand, & Trio® Expectations Q3 2025 Potash Sales Volumes of 62k Tons: 62k Projected to Continue to Have Peer-Leading 62k Tons & tons represents an increase of eight thousand tons Potash/Trio® Netbacks: In Q4 2025E, we project our
Slide 10: Potash & Trio: Key Q3 2025 Results
Potash & Trio®: Key Q3 2025 Results Prioritizing Potash Sales Into Highest Netback Markets; Trio® Strength Continues Potash Key Metrics Q3/25 Q3/24 Q2/25 y/y change (%) q/q change(%) Sales Volumes (in short tons) 62k 54k 69k 15% (10%) (1) Average NRSP (per ton) $381 $356 $361 7% 6% Production(2) (in
Slide 11: Corporate & Oilfield Solutions: Key Q3 2025 Results
Corporate & Oilfield Solutions: Key Q3 2025 Results Fifth Straight Quarter of Improving Our Consolidated Adjusted EBITDA vs. Prior Year Corporate Key Metrics Q3/25 Q3/24 Q2/25 y/y change ($) q/q change($) (1) Adjusted EBITDA $12.0mm $10.0mm $16.4mm +$2.0mm -$4.4mm Cash Flow (used in) from Ops. ($4.0
Slide 12: Better Production & Operational Efficiencies Driving Lower COGS per Ton
Better Production Over Past Year & Operational Efficiencies Driving Lower Y/Y COGS per Ton 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) $450 $450 $400 $100/ton Improvement: COGS Ex-Byproducts/Ton $400 Soli
Slide 13: 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 Q3 2025, Our Potash COGS/Ton Improved 2% Y/Y: Our Q3 2025 w
Slide 14: Capital Allocation, Market Outlook, & Final Takeaways
Capital Allocation, Market Outlook, & Final Takeaways November 2025 14
Slide 15: Capital Allocation & Catalysts
Capital Allocation & Catalysts Positioning Intrepid for Sustained, Long-Term Success 2025 Capital Budget: $30-$34mm Potential Catalysts Growth CAPEX ~550k Higher Production: Goal to drive potash prod. to >300k tons and are evaluating options $34mm Growth dependent on market & to pursue an injection
Slide 16: 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 17: Lower Dollar Index Historically Positive for Corn/Soybeans Pricing & Exports
Lower Dollar Index (“DXY”)(1) Historically Positive for Corn/Soybeans Pricing & Exports Strong Exports for U.S. Corn/Soybeans in ‘24/’25 USDA Marketing Year Weaker Dollar Helps Boost Exports & Is Historically Positive for Corn & Soybeans U.S. Corn & Soybeans Exports Higher vs. Last USDA Marketing Ye
Slide 18: Updates for Key U.S. Crop Break-Evens & Farmer Balance Sheets
Updates for Key U.S. Crop Break-Evens & Farmer Balance Sheets Owned-Farmland Still Projected to Break-Even & Farmer Balance Sheets Are Solid Current Futures Prices Cover Costs for Farmers that Own Their Land Aggregate U.S. Farmer Balance Sheets Remain Solid to End 2025E $5,000 20% $12.00 Current Pri
Slide 19: 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: Soybeans stock-to- 25.0% use below historical average, co
Slide 20: Corn & Soybeans: CBOT Net Managed Money Positioning
Corn & Soybeans: Chicago Board of Trade (“CBOT”) Net Managed Money Positioning Funds Are Still Net Short Corn & Soybeans – Positive News Could Spark Reversal CBOT Corn Net Managed Money vs. Corn Prompt Month Futures Price (C 1) CBOT Soybean Net Managed Money vs. Soybean Prompt Month Futures Price (S
Slide 21: Strength in Key International Crop Futures
Strength in Key International Crop Futures, Corn/Soybeans Closer to 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.: +21% Current vs. 10-year avg.: +81% Current vs. 10-year avg.: -5% Current vs
Slide 22: Final Takeaways
Final Takeaways Focused On Getting Appropriate Value Back In the Equity • Unit economics have improved from higher production Maintaining Higher Prod. to Drive Better Unit Economics Is #1 Focus • Driving to >300k tons of production for both potash and Trio® production • Continued Trio® pricing stren
Slide 23: Appendix
Appendix November 2025 23
Slide 24: 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 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) Adjusted EBITDA Q3/24 Q2/25 Q3/25 Net (Loss) Income ($1,833) Net Income (Loss) $3,263 Net Income (Loss) $3,745 Impairment of long-lived assets 874 Impairment of long-lived assets 1,204 Impairment of long-lived assets 0 Lo
Slide 26: 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 Q3/24 Q2/25 Q3/25 Potash Q3/24 Q2/25 Q3/25 Total Segment Sales $28,356 $33,994 $32,479 COGS $18,783 $23,239 $21,050 Less: Segmen
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations (the tables are in thousands unless otherwise stated) COGS per Ton & COGS Ex-Byproducts per Ton COGS per Ton ($/ton) COGS Ex-Byproducts per Ton ($/ton) Sales Volumes (tons) COGS Byproducts Q3/23 Potash $406 $284 46 $18,673 $5,622 ® Trio $341 $313 52 $17,714 $1,425 Q4/23 Pota