Cf Industries Holdings, Inc. · NYSE:CF
Cf Industries — Investor Day (June 2025)
92 slides from Cf Industries's investor day presentation, Jun 24, 2025
Slide 1: Investor Day 2025
Investor Day 2025 June 24, 2025 NYSE: CF
Slide 2: Welcome
Welcome Martin Jarosick VP, Treasury and Investor Relations 2
Slide 3: Safe Harbor Statement and Appendix Information
Safe Harbor Statement and Appendix Information 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
Slide 4: 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, gross debt/adjusted EBITDA, free cash flow, free cash flow to adjusted EBITDA conversion (al
Slide 5: Back of House / Elevators / Presentation / Reception
5 Back of House Back of House Elevators Elevators Presentation Reception
Slide 6: Today's Agenda
Today’s Agenda Welcome Martin Jarosick VP, Treasury and Investor Relations Opening Remarks Tony Will President and Chief Executive Officer Sustainable Competitive Advantages Bert Frost EVP, Sales, Market Development and Supply Chain Uniquely Positioned for Growth Chris Bohn EVP and Chief Operating O
Slide 7: Opening Remarks
Opening Remarks Tony Will President and Chief Executive Officer 7
Slide 8: CF Senior Leadership Team
Tony Will Bert Frost Chris Bohn Greg Cameron Sue Menzel Ashraf Malik Mike McGrane Linda Dempsey President & Chief Executive Officer EVP, Sales, Market Development & Supply Chain EVP & Chief Operating Officer EVP & Chief Financial Officer EVP & Chief Administrative Officer SVP, Manufacturing & Distri
Slide 9: Our Mission
OUR MISSION We provide clean energy to feed and fuel the world sustainably 9 In operation Pure-play ammonia producer 79 years 10+ years Listed on NYSE 20 years
Slide 10: CF Industries' evolution to the world's largest ammonia producer
Acquisition of Terra Industries doubled production capacity CF Industries’ evolution to the world’s largest ammonia producer 2005 2010 2014 2016 2020 2022 2023 IPO, listed on NYSE Sold phosphate business $1.4B North American capacity increased by 25% Donaldsonville & Port Neal expansion projects Evo
Slide 11: Our success is rooted in our values
Our success is rooted in our values 11
Slide 12: Our Strategy: Leverage our unique capabilities
Advantaged Production Unmatched Distribution & Logistics Network Operational Excellence Disciplined Capital Stewardship 12 OUR STRATEGY Leverage our unique capabilities
Slide 13: Strategic growth initiatives
$1.9B returned to shareholders in 2024(1) Return capital to shareholders Inorganic growth opportunities Investing where we win 13 Strategic growth initiatives Blue Point JV & clean energy Invest in high-return projects within our network Increased DEF loading capacity Carbon capture and sequestratio
Slide 14: Balanced capital allocation strategy creates value
Balanced capital allocation strategy creates value while providing capacity growth 14 Returned to shareholders through share repurchases and dividends 60% Invested in growth to drive cash flow generation(1) 40% Capital Allocation 2010 - Q1 2025 ~$24B
Slide 15: CF long-term total shareholder return continuously outperforms
CF long-term total shareholder return continuously outperforms 247% 91% 831% 130% 22% 85% 56% 72% 193% 112% 152% 371% 5-Year 10-Year 15-Year S&P 500 Materials S&P 500 Industrials 15 Peer Average (Nutrien, Yara, Mosaic)
Slide 16: Strong cash generation supports balanced capital allocation priorities
Strong cash generation supports balanced capital allocation priorities Investment in Blue Point JV through 2029 $2.0B(2) Share repurchase authorizations through 2029 $2.6B(1) Increasing capacity Decreasing shares 16
Slide 17: Our formula for success
17 30 39 52 2010 2015 2020 2025F CAGR ~7% 17 Decreased share count 56% Increased production capacity 36% Estimated by December 31, 2025 Our formula for success Annual Nitrogen Equivalent Tons per 1,000 Shares Outstanding(1) (2)
Slide 18: Sustainable Competitive Advantages
Sustainable Competitive Advantages Bert Frost EVP, Sales, Market Development and Supply Chain 18
Slide 19: Nitrogen is the building block of life
Nitrogen is the building block of life Nitrogen needed for every acre of grains planted annually World’s food production dependent on fertilizer 2024 global ammonia production 100-180 lbs ~50% ~200 MMT 19
Slide 20: Where we win on the value chain
Where we win on the value chain 20 Ammonia Production Natural Gas Distribution Network Industrials Agriculture Retail Clean Energy Growers Upgrade Production Grain Protein Ethanol
Slide 21: Long-term sustainable North American structural advantages
Long-term sustainable North American structural advantages Import dependent and highly productive agriculture Access to low-cost natural gas 21 North America Advantages
Slide 22: Advantaged network provides lowest delivered cost to North America
Advantaged network provides lowest delivered cost to North America 22 Middle East Imports Ocean Freight $1.50 Tariff $1.70 Barge Offload $0.15 Barge & Throughput $1.90 Trucking $0.95 Importers face additional transport costs of ~$6.20 $/MMBtu Equivalent(1) Lead Time: 30-40 days Port Neal Complex
Slide 23: Our competitive network advantages
Our competitive network advantages Import dependent and highly productive agriculture Access to low-cost natural gas Production and distribution flexibility Distribution network 23 Unmatched logistics Advantages North America Advantages Efficient North American asset base
Slide 24: North American advantaged production network
Product tons annual capacity ~20M Production units across 8 strategically-located sites ~60 24 North American advantaged production network Manufacturing Plants Sunoco Ammonia Pipeline
Slide 25: North American advantaged distribution network
North American advantaged distribution network 25 Distribution Facilities Manufacturing Plants Sunoco Ammonia Pipeline Integrated distribution terminals 21 Distribution terminals (owned & leased) ~45
Slide 26: Unmatched production network flexibility
5.2 8.8 5.5 4.6 4.4 2.9 1.0 0.9 Max Urea Max UAN Unmatched production network flexibility Product switching within our network < 1 day Ability to meet customer needs and produce highest margin product North American Production Flexibility (excluding Other) AN NH3 Urea/DEF UAN 26 (Million short tons)
Slide 27: Unmatched distribution network flexibility
Unmatched distribution network flexibility Pipe Barge Rail Truck Export Ammonia Urea UAN AN DEF CF Logistic Capabilities 27 Global Capabilities Export capabilities from: Donaldsonville, Verdigris, Yazoo City Exported to over 20 countries in 2024
Slide 28: Hard to replicate and built for the long term
Hard to replicate and built for the long term Import dependent and highly productive agriculture Access to low-cost natural gas Production and distribution flexibility Distribution network Highest value net back 28 Advantages North America Advantages Unmatched logistics Efficient North American asse
Slide 29: Net importers require ~55 MMT of urea annually
Net importers require ~55 MMT of urea annually 29 Net Importer
Slide 30: Net exporters of urea
Net exporters of urea 30 Net Importer Net Exporter
Slide 31: Natural gas-related curtailments have impeded nitrogen supply
Natural gas-related production curtailments have impeded nitrogen supply 31 Net Importer Net Exporter Trinidad Egypt Iran Europe Natural gas-related curtailments
Slide 32: Geopolitical conflicts disrupt global nitrogen production and trade
Geopolitical conflicts disrupt global nitrogen production and trade 32 Egypt Iran Russia ~5-6M tons urea exports annually ~1.5M tons UAN annual capacity offline ~4-5M tons urea exports annually
Slide 33: Limited Chinese urea exports expected
Limited Chinese urea exports expected as the government focuses on ensuring domestic supply to stabilize prices China Urea Exports 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 2 4 6 8 10 12 14 16 18 20 15 20 18 20 21 20 24 20 27F 20 30 F MMT % of Global Total Exports Large-scale capacity closures due to high
Slide 34: Nitrogen demand growth supports new ammonia capacity
Nitrogen demand growth supports new ammonia capacity Source of Nitrogen Demand Growth by 2029 (ex. China) Demand Growth 2025-2029(1) 12-14 MMT Industrial applications and clean energy demand growth Population/income growth Protein consumption 34 (Ammonia equivalent)
Slide 35: Global demand significantly outpaces supply growth
Global demand significantly outpaces supply growth 35 Estimated 5-year Global Ammonia Demand and Supply Growth (ex. China) 3-4 MMT 5-6 MMT Net Additions 12-14 MMT Supply Growth 2025-2029 Expected European Closures 7-8 MMT Shortfall Additional ammonia facilities required FID/Under Construction Additi
Slide 36: DEF market development provides blueprint for low-carbon growth
DEF market development provides blueprint for low-carbon growth 36 Leader in developing DEF market in North America We achieve ~$100/st cash margin premium to NOLA urea Long-term demand growth North America Urea-Equivalent DEF Consumption Million short tons urea - 500 1,000 1,500 2,000 2,500 3,000 N
Slide 37: Opportunity to strengthen our existing business
Opportunity to strengthen our existing business… Low-carbon fertilizers Low-carbon ammonia 37 $25-$100/mt(1) Low-carbon Ethanol Consumer Packaged Goods European CBAM Industrials
Slide 38: Fostering demand from new low-carbon applications
…while fostering demand from new low-carbon applications $25-$100/mt(1) Low-carbon fertilizers Low-carbon ammonia Power Generation Fuel Applications 38 Unlocks new demand Low-carbon Ethanol Consumer Packaged Goods European CBAM Industrials
Slide 39: Uniquely Positioned for Growth
Uniquely Positioned for Growth Chris Bohn EVP and Chief Operating Officer 39
Slide 40: We are the world's largest ammonia producer
We are the world’s largest ammonia producer 12-month Rolling Average Recordable Incident Rate(1) Q1 2025 TTM Capacity Utilization Greater Capacity Utilization vs. North America Peers(2) 5-year rolling avg. percent of capacity ending 2024 0.34 98% +8% 40
Slide 41: Operational success is rooted in our values, scale and expertise
Operational success is rooted in our values, scale and expertise 41 “Do It Right” Culture 2.4 0.3 3.4 1.9 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total injuries per 200,000 work hours(1) Total Recordable Incident Rate BLS Fertilizer Manufacturing
Slide 42: Operational success is rooted in our values, scale and expertise
42 Scale and Expertise Team of engineers within our network Pure-play Ammonia producer Consistent Investments to maintain assets Highly-skilled Operational success is rooted in our values, scale and expertise
Slide 43: Leading safety culture and scale drive superior capacity utilization
Leading safety culture and scale drive superior capacity utilization 96% 88% 5-year rolling avg. percent of capacity ending 2024 CF North America(2) North America Excluding CF(3) +8%(4) North American Ammonia Capacity Utilization(1) Equivalent to ~$3.5B capital investment savings(5) 43
Slide 44: Global leader in decarbonization
0.0 0.5 1.0 1.5 2.0 2.5 Global leader in decarbonization 44 Scope 1 CO2e Intensity(1) 37% Target Intensity 1.71 2015 Baseline Intensity 2030 Expected Emissions Intensity 2030 Potential Emissions Intensity Decarbonization Project Pipeline Emission-efficient Expansion Plants(2) Donaldsonville CCS Verd
Slide 45: Opportunities to decarbonize profitably
45 Opportunities to decarbonize profitably Structural benefits Tax Incentives Realization — 45Q tax incentive Carbon Tax Avoidance — CBAM (Carbon Border Adjustment Mechanism) — Canadian carbon tax CF Market Opportunities Low-carbon price premium Selling carbon credits
Slide 46: Donaldsonville CO2 dehydration & compression fully commissioned
Donaldsonville CO2 dehydration & compression fully commissioned 46 Sequestration CO2 storage sites – class VI permit in queue CO2 pipelines Enhanced oil recovery Dehydration & Compression Unit Donaldsonville, LA Donaldsonville Baton Rouge Lake Charles Beaumont LA MS Port Arthur TX
Slide 47: Pathways to sequester ~6.6MMT of CO2 per year
Pathways to sequester ~6.6MMT of CO2 per year 47 Announced Projects Incentives MMT per year Donaldsonville 45Q 2.0 Yazoo City 45Q 0.5 Blue Point JV 45Q 2.3 Projects in Pipeline Waggaman 45Q 1.0 Medicine Hat Canadian carbon programs 0.8 of CO2 per year sequestered ~6.6MMT CO2 Capture CO2 Dehydration
Slide 48: Ammonia projects are easy to announce, difficult to commercialize
Ammonia projects are easy to announce, difficult to commercialize 48 232 Low-carbon projects announced globally Only 6 World-scale projects FID / under construction(1) 2 Green projects ~2.4M tons 4 Low-carbon projects ~5M tons 2 Located in the U.S. CF Blue Point JV Woodside
Slide 49: Global partnerships foster low-carbon ammonia growth
Global partnerships foster low-carbon ammonia growth 49 Oxygen & nitrogen supply CO2 transportation & sequestration ATR ammonia technology volume subscribed(1) 80% Engineering, procurement & fabrication Blue Point Low-Carbon Ammonia Production
Slide 50: Blue Point capital requirements, CF estimated contribution ~$2B
Blue Point capital requirements, CF estimated contribution ~$2B $500M Contingency Initial Blue Point Capex Estimate Air Separation Unit Estimate New Blue Point Capex Estimate $2.0B Fixed Price Components $4.0B $3.7B $1.2B Mechanical & Civil Assembly 50 CF portion $1.5B Common facilities +$550M
Slide 51: Blue Point complex strategically positioned for global demand
Blue Point complex strategically positioned for global demand On Mississippi River Deep-water dock access To Donaldsonville complex 9 miles To Waggaman production facility 60 miles Donaldsonville Complex Blue Point Complex Waggaman 51
Slide 52: Operational excellence underscores global leadership
Operational excellence underscores global leadership 52 Global Leader High-capacity utilization Low-cost efficient production Extensive logistics and distribution network Strong financial performance Industry-leading safety
Slide 53: Focused Capital Deployment
Focused Capital Deployment 53 Greg Cameron EVP and Chief Financial Officer
Slide 54: Strong financial performance
Strong financial performance Q1 2025 LTM Adj. EBITDA* Q1 2025 LTM Free Cash Flow* Q1 2025 LTM FCF/Adj. EBITDA* $2.5B $1.6B 63% 54 Q1 2025 LTM Net Earnings Q1 2025 LTM Cash from Operations $1.3B $2.4B Q1 2025 LTM Returned to Shareholders(1) $2.0B * Non-GAAP financial measures; see Appendix for reconc
Slide 55: Consistently high free cash flow generation
$969 $1,403 $1,610 $1,350 $2,743 $5,880 $2,760 $2,284 $2,469 $1,027 $936 $915 $748 $2,165 $2,783 $1,799 $1,445 $1,567 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 LTM Consistently high free cash flow generation $ millions 2017-Q1 2025 Capital Allocation Adj. EBITDA Free cash flow Returned to shar
Slide 56: CF ranks as the top performer vs fertilizer peers
CF ranks as the top performer vs fertilizer peers 56 Adj. EBITDA Margin 5-year average(2) FCF Conversion 5-year average(3) Total Shareholder Return 5-year average vs. Fertilizers #1 #1 #1 (1) (count = 4)
Slide 57: CF ranks as a top performer vs Materials
57 Adj. EBITDA Margin 5-year average(2) FCF Conversion 5-year average(3) Total Shareholder Return 5-year average vs. Fertilizers #1 #1 #1 (1) (count = 4) vs. Materials #1 #1 #3 (count = 30) CF ranks as a top performer vs companies with similar KPIs in Materials
Slide 58: CF a top performer vs Industrials
58 Adj. EBITDA Margin 5-year average(2) FCF Conversion 5-year average(3) Total Shareholder Return 5-year average vs. Fertilizers #1 #1 #1 (1) (count = 4) vs. Materials #1 #1 #3 (count = 30) (count = 78) vs. Industrials Top 10% Top 40% Top 25% CF a top performer vs companies with similar KPIs in Indu
Slide 59: CF a top performer vs the S&P 500
59 Adj. EBITDA Margin 5-year average(2) FCF Conversion 5-year average(3) Total Shareholder Return 5-year average vs. Fertilizers #1 #1 #1 (1) (count = 4) vs. Materials #1 #1 #3 (count = 30) (count = 78) vs. Industrials Top 10% Top 40% Top 25% vs. S&P 500 Top 15% Top 40% Top 15% CF a top performer vs
Slide 60: CF trades at a discounted valuation despite compelling KPIs
CF trades at a discounted valuation despite compelling KPIs 10.7% 7.1% 4.5% 4.0% 4.3% 0% 2% 4% 6% 8% 10% 12% CF Industries Fertilizer Average Materials Averag e Industrials Averag e S&P 500 Average 60 FCF Yield (LTM)(1) FCF Yield (FY2025E)(2)
Slide 61: Strong balance sheet and liquidity provide financial resilience
Strong balance sheet and liquidity provide financial resilience 61 Notes / Bonds Amt Out Coupon 4.0 0% 5.00 % 6.00 % $0 $200 $40 0 $60 0 $80 0 Dec-26 Mar-34 Jun-4 3 Mar-44 Only one near-term debt maturity(1) of all long-term debt fixed rate 100% Gross Debt/Adj. EBITDA as of 12/31/2024* 1.3x to maint
Slide 62: Near-term capital allocation deployment
Near-term capital allocation deployment Share repurchase authorizations through 2029(1) Dividend yield(2) Low-carbon capacity growth through 2029(3) $2.6B 2.2% $2.0B 62
Slide 63: CF through-the-cycle metrics as reported
$3.40 $3.16 $2.74 $2.24 $4.21 $7.18 $3.67 $2.40 $223 $270 $277 $242 $438 $633 $399 $354 0 100 200 300 400 500 600 700 0 2 4 6 8 10 12 14 201 7 201 8 201 9 2020 2021 2022 2023 2024 CF through-the-cycle metrics as reported 63 CF urea realized average sales price $/ST CF realized gas cost $/MMBtu
Slide 64: CF historical performance through-the-cycle
$969 $1,403 $1,610 $1,350 $2,743 $5,880 $2,760 $2,284 2017 2018 2019 2020 2021 2022 2023 2024 8-year Average 8-year average ~$2.4B CF historical performance through-the-cycle Adjusted EBITDA ~$2.4B as reported 64
Slide 65: Mid-cycle calculated on urea price to incentivize new capacity
Our mid-cycle is calculated based on the urea price to incentivize new capacity additions in key regions 65 NOLA urea price ~$355/ST(1)
Slide 66: We achieve ~$25/ton premium in realized urea price vs NOLA
We achieve ~$25/ton premium in realized urea price vs NOLA 66 $223 $270 $277 $242 $438 $633 $399 $354 $207 $259 $245 $227 $493 $599 $354 $320 $- $100 $200 $300 $400 $500 $600 $700 201 7 201 8 201 9 2020 2021 2022 2023 2024 CF realized urea price Urea benchmark (NOLA barge)(1) Average premium vs NOLA
Slide 67: Adjusted EBITDA sensitivity to natural gas and urea prices
$2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $300 $1.5 $1.4 $1.3 $1.1 $1.0 $0.8 $0.7 $350 $2.3 $2.2 $2.0 $1.9 $1.7 $1.6 $1.5 $400 $3.0 $2.9 $2.8 $2.6 $2.5 $2.4 $2.2 $450 $3.8 $3.7 $3.5 $3.4 $3.3 $3.1 $3.0 $500 $4.6 $4.4 $4.3 $4.1 $4.0 $3.9 $3.7 $550 $5.3 $5.2 $5.0 $4.9 $4.8 $4.6 $4.5 $600 $6.1 $5.9 $5.
Slide 68: Both approaches support ~$2.5B mid-cycle Adj. EBITDA
Both approaches support ~$2.5B mid-cycle Adj. EBITDA 68 Through-the-cycle Adj. EBITDA (ex. Inflation) Price to incentivize new capacity $ $2.5B
Slide 69: Decarbonization provides ~$200M EBITDA annually
Decarbonization provides ~$200M EBITDA annually ~$115M projected EBITDA per year(1)(2) United States 45Q tax incentives for CCS Low-carbon Premium $25-$50/ton $50 - $100M projected EBITDA per year(1) Decarbonization CO2 Donaldsonville, LA 69
Slide 70: Mid-teens return expected on our Blue Point investment
Mid-teens return expected on our Blue Point investment 70 CF investment of ~$2B for Blue Point low-carbon facility, start-up 2029 ~$300M CF Blue Point Underwriting Case Operational Excellence $50-100 Price Premium/CBAM CF Blue Point Expected Return ~2030
Slide 71: Strategic initiatives expected to provide 20% EBITDA growth
Strategic initiatives expected to provide 20% EBITDA growth $2,500 $200 $300 Current Mid-Cycle EBITDA Monetizing Decarbonization Blue Point Expected Mid-Cycle EBITDA ~2030 $ millions ~$3,000 +20% 71
Slide 72: Expected 2030 mid-cycle EBITDA implies ~$2B FCF generation
Expected 2030 mid-cycle EBITDA implies ~$2B FCF generation $2,500 ~ $3,000 ~ $1,500 ~ $2,000 Current Mid-Cycle EBITDA Expected Mid-Cycle ~2030 EBITDA FCF FCF Growth 33% FCF/Adj. EBITDA Conversion ~65% based on historical 8-10% FCF yield $20-$25B valuation 72
Slide 73: Closing Remarks
Closing Remarks Tony Will President and Chief Executive Officer 73
Slide 74: Our Strategy: Leverage our unique capabilities
Advantaged Production Unmatched Distribution & Logistics Network Operational Excellence Disciplined Capital Stewardship 74 OUR STRATEGY Leverage our unique capabilities
Slide 75: Our formula for success
Our formula for success 17 30 39 52 2010 2015 2020 2025F(2) CAGR ~7% 75 Decreased share count 56% Increased production capacity 36% Estimated by December 31, 2025 Annual Nitrogen Equivalent Tons per 1,000 Shares Outstanding(1)
Slide 76: Our formula for success: 2030 outlook
Our formula for success 17 30 39 52 65 2010 2015 2020 2025F 2030F (2) (3) CAGR ~7% 76 Expected by 2030 Decreased share count 62% Increased production capacity 46% Annual Nitrogen Equivalent Tons per 1,000 Shares Outstanding(1) Estimated by December 31, 2030
Slide 77: Q&A
Q&A Moderator: Martin Jarosick 77
Slide 78: Thank you!
Thank you! Operational Excellence Kiverior Cashflow SV @) I isciplined Growth
Slide 79: a O Cc OD oO. el L
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Slide 80: Reconciliation of net earnings to EBITDA and adjusted EBITDA
Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA (1) Loanfee amortizationis includedinbothinterest expense(income)—net and depreciationandamortization In millions Q1 2025 LTM FY 2024 Net earnings $ 1,590 $ 1,477 Less: Net earnings attributable to noncontrolling interest (254) (
Slide 81: 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 2023 FY 2022 FY 2021 FY 2020 Net earnings $ 1,838 $ 3,937 $ 1,260 $ 432 Less: Net earnings attributable to noncontrollinginterest (313) (591) (343) (115) Net earnings attributabletocommonstockholders 1,5
Slide 82: 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 2019 FY 2018 FY 2017 Net earnings $ 646 $ 428 $ 450 Less: Net earnings attributable tononcontrollinginterests (153) (138) (92) Net earnings attributable to common stockholders 493 290 358 Interest expens
Slide 83: Reconciliation of cash from operations to free cash flow
Non-GAAP: reconciliation of cash from operations to free cash flow, free cash flow yield and free cash flow to adjusted EBITDA conversion In millions, except percentages Q1 2025 LTM FY 2024 FY 2023 FY 2022 FY 2021 Cash provided by operating activities $ 2,412 $ 2,271 $ 2,757 $ 3,855 $ 2,873 Capital
Slide 84: Reconciliation of cash from operations to free cash flow, continued
Non-GAAP: reconciliation of cash from operations to free cash flow, free cash flow yield and free cash flow to adjusted EBITDA conversion, continued In millions, except percentages FY 2020 FY 2019 FY 2018 FY 2017 Cash provided by operating activities $ 1,231 $ 1,505 $ 1,497 $ 1,631 Capital expenditu
Slide 85: Reconciliation of gross debt to adjusted EBITDA
Non-GAAP: reconciliation of gross debt to adjusted EBITDA In millions, except percentages FY 2024 Gross debt(1) $ 2,971 Adjusted EBITDA $ 2,284 Gross debt / Adjusted EBITDA 130 % (1) Represents the long-termdebt balanceonthe Company’s Consolidated BalanceSheet as of December 31, 2024
Slide 86: Presentation Notes
Presentation Notes • MT refers to metric tons • Tons refers to short tons 86
Slide 87: Footnote directory
Footnote directory Slide 19 (1) Share repurchases and dividends for the year ended December 31, 2024 Slide 20 (1) The growth investment amount is equal to the cash invested in organic and inorganic growth less cash received from divestitures and does not reflect any capital contributions from CHS In
Slide 88: Footnote directory
Footnote directory Slide 31 (1) $/MMBtu equivalent is calculated using transport costs per ton of urea divided by 23 MMBtu per ton Source: Industry Publications, CF Analysis Slide 38, 39, 40, 41 Source: Industry Publications, CF Analysis Slide 42 Source: Industry Publications, CF Analysis Slide 43 (
Slide 89: Footnote directory
Footnote directory Slide 46, 47, 48 (1) Premium based on CF Analysis and the projected 2030 carbon border adjustment mechanism Slide 50 (1) Per 200,000 work hours as of March 31, 2025 (2) The 8% figure represents the difference between CF Industries' actual trailing 5-year average North American cap
Slide 90: Footnote directory
Footnote directory Slide 54 (1) Note: Emissions intensity: annual Scope 1 GHG emissions (metric tons CO2e)/annual gross ammonia production (2) Expansion plants at Donaldsonville and Port Neal Slide 58 (1) World-scale plant represent 1.1 MMT of nameplate capacity Source: Industry Publications, CF Ana
Slide 91: Footnote directory
Footnote directory 91 Slide 70 Source: Capital IQ as of May 31, 2025 (1) CF's FCF Yield calculated as using Q1 LTM FCF divided by a market cap of $14.7M as of May 31, 2025 (2) FCF Yield 2025E uses consensus analyst estimates as of May 31, 2025 as reported in Capital IQ. Fertilizers group consists of
Slide 92: Footnote directory
Footnote directory 92 Slide 85, 86 (1) All N production numbers based on year-end figures per applicable 10-K filings (2) Assumes completion of the ~$630M remaining. as of March 31, 2025, in the current share repurchase authorization authorized in Q4 2022 and set to expire in December 2025, using th