Slide 1: Fiscal 2025 Third-Quarter Business Update
Fiscal 2025 Third-Quarter Business Update // Aug. 11, 2025
Slide 2: Forward-Looking Statements and Other Disclaimers
Forward-Looking Statements and Other Disclaimers This presentation may contain forward-looking statements, including, without limitation, statements about the outcome of the North American bid season, including pricing and commitment sizes, the execution of back-to- basics strategy, competitive adva
Slide 3: Fiscal 2025 Third-Quarter Results
Fiscal 2025 Third-Quarter Results
Slide 4: Fiscal 2025 Third-Quarter Performance Overview
Fiscal 2025 Third-Quarter Performance Overview • Net loss for the third quarter of fiscal 2025 of $17.0 million, compared to a net loss of $43.6 million in the third quarter of fiscal 2024 • Total company adjusted EBITDA for the third quarter of fiscal 2025 of $41.0 million, up 25% from $32.8 millio
Slide 5: Third-Quarter Fiscal 2025 Consolidated Results
Third-Quarter Fiscal 2025 Consolidated Results Commentary Consolidated Results 3Q25 • Consolidated financial results for the quarter reflect improvement in both core businesses; Salt and Plant Nutrition both realized: Revenue (y/y change) +6% o Growth in sales volumes and revenue Adjusted EBITDA1 (y
Slide 6: Fiscal 2025 Third-Quarter Salt Results
Fiscal 2025 Third-Quarter Salt Results ($ in millions) 3Q25 3Q24 %Δ Sales Volumes (in thousands of short tons) Revenue $166.0 $160.6 +3.4% Adj. EBITDA1 $45.8 $41.6 +10.1% 1,144 1,090 Adj. EBITDA1 margin 27.6% 25.9% +1.7 pts 400 393 Average price per ton ~$108/ton ~$108/ton -1% Third-Quarter Fiscal 2
Slide 7: Fiscal 2025 Third-Quarter Plant Nutrition Results
Fiscal 2025 Third-Quarter Plant Nutrition Results ($ in millions) 3Q25 3Q24 %Δ Revenue $44.8 $38.8 +15.5% Sales Volumes (in thousands of short tons) Adj. EBITDA1 $11.4 $7.2 +58.3% 68 Adj. EBITDA1 margin 25.4% 18.6% +6.9pts 56 Average price per ton ~$659/ton ~$691/ton -4.7% Third-Quarter Fiscal 2025
Slide 8: Charting a Prudent Financial Path Forward
Charting a Prudent Financial Path Forward • Successful execution on strategy to harvest Total Net Debt1 cash from working capital through inventory (in millions) rationalization has contributed to a 13% $900 Down $862 reduction of net total debt1 year over year $800 13% $746 $700 • Completed refinan
Slide 9: Outlook & Guidance
Outlook & Guidance
Slide 10: Salt and Plant Nutrition Outlook and Guidance
Salt and Plant Nutrition Outlook and Guidance Salt Plant Nutrition Long-Term Attributes Long-Term Attributes • Resilient, recession-resistant demand profile • Largest producer of SOP in the Western Hemisphere • Difficult to replicate asset base with important logistical advantages • Unique solar eva
Slide 11: Consolidated Guidance Summary
Consolidated Guidance Summary 2025 Adj. EBITDA Range (in millions) Salt $220 $229 Plant Nutrition 24 27 Corporate1 (59) (55) TOTAL $185 $201 2025 Capital Expenditure Range (in millions) TOTAL $75 $85 Other Consolidated Modeling Information (in millions of dollars unless otherwise noted) 2025 Range I
Slide 12: Appendix
Appendix
Slide 13: Special Items
Special Items Special Items Impacting Three Months Ended June 30, 2025 (unaudited, in millions, except per share data) Item Description Segment Line Item Amount Tax Effect1 After Tax EPS Impact Product cost and Other Product recall costs Salt $0.2 $--- $0.2 $--- operating income Restructuring charge
Slide 14: Special Items
Special Items Special Items Impacting Nine Months Ended June 30, 2025 (unaudited, in millions, except per share data) Item Description Segment Line Item Amount Tax Effect1 After Tax EPS Impact Product cost and Other Product recall costs Salt $2.0 $(0.4) $1.6 $0.03 operating income Restructuring char
Slide 15: Reconciliation of Non-GAAP Information
Reconciliation of Non-GAAP Information Reconciliation for Adjusted Operating Earnings (unaudited, in millions) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Operating income (loss) $ 15.9 $ 5.9 $ 13.3 $ (87.0) Product recall costs1 0.2 --- 2.0 --- Restructuring charges2
Slide 16: Reconciliation of Non-GAAP Information
Reconciliation of Non-GAAP Information Reconciliation for Adjusted Net Earnings (unaudited, in millions) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Net loss $ (17.0) $ (43.6) $ (72.6) $ (157.8) Product recall costs1 0.2 --- 2.0 --- Restructuring charges2 0.3 1.5 4.3 1
Slide 17: Reconciliation of Non-GAAP Information
Reconciliation of Non-GAAP Information Reconciliation for EBITDA and Adjusted EBITDA (unaudited, in millions) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Net loss $ (17.0) $ (43.6) $ (72.6) $ (157.8) Interest expense 16.3 17.2 51.2 50.4 Income tax expense 3.4 32.7 22.9
Slide 18: Salt Segment Performance
Salt Segment Performance Salt Segment Performance (in millions, except for sales volumes and prices per short ton) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Sales $ 166.0 $ 160.6 $ 840.9 $ 745.3 Operating earnings $ 28.1 $ 25.9 $ 124.4 $ 142.6 Operating margin 16.9%
Slide 19: Salt Reconciliation of Non-GAAP Information
Salt Reconciliation of Non-GAAP Information Reconciliation for Salt Segment Adjusted Operating Earnings (unaudited, in millions) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Reported GAAP segment operating earnings $ 28.1 $ 25.9 $ 124.4 $ 142.6 Restructuring charges1 --
Slide 20: Plant Nutrition Segment Performance
Plant Nutrition Segment Performance Plant Nutrition Segment Performance (in millions, except for sales volumes and prices per short ton) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Sales $ 44.8 $ 38.8 $ 164.5 $ 138.6 Operating earnings (loss) $ 5.2 $ (1.4) $ 0.3 $ (56.
Slide 21: Plant Nutrition Reconciliation of Non-GAAP Information
Plant Nutrition Reconciliation of Non-GAAP Information Reconciliation for Plant Nutrition Segment Adjusted Operating Loss (unaudited, in millions) Three months ended Nine months ended June 30, June 30, 2025 2024 2025 2024 Reported GAAP segment operating earnings (loss) $ 5.2 $ (1.4) $ 0.3 $ (56.7) R