Nacco Industries, Inc. · NYSE:NC
Nacco Industries — Q4 2025 Earnings Presentation
26 slides from Nacco Industries's earnings presentation, Mar 5, 2026
Slide 1: Compounding Long-Term Value in Natural Resources
Compounding Long-Term Value in Natural Resources March 2026 Investor Presentation March 2026 1
Slide 2: Forward Looking Information Disclosures
Forward Looking Information Disclosures This presentation includes forward-looking statements subject to important risks and uncertainties. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). The for
Slide 3: NACCO is Strategically Positioned to Deliver Growth Over Long-Term Investment Horizons
NACCO is Strategically Positioned to Deliver Growth Over Long-Term Investment Horizons We are a Diversified Natural 1 Resource Platform with Multiple Value Creation Vectors and Minimal Competition or Peers We are in Beginning Stages of Expected Recurring 2 Harvesting Returns from our Recent Investme
Slide 4: The NACCO Legacy: 110+ Years of Value Creation
The NACCO Legacy: 110+ Years of Value Creation ✓ Multi-decade customer relationships (40+ years) 2015 Natural Resource 2019 ✓ Proven ability to adapt 1961 diversification Catapult Mineral Listed on the NYSE plan launched Partners formed through market cycles ✓ Evolution from single- industry focus t
Slide 5: Capturing Dependable Returns Through Disciplined Investment Criteria
Capturing Dependable Returns Through Disciplined Investment Criteria ✓ Long-Term Relationships/Investments ✓ Integrated Services Align Objectives with Customers ✓ Predictable Income and Cash Flow ✓ Minimal Maintenance CapEx Requirements Additional Returns from Fee-Based Services, with No Investment
Slide 6: Our Diversified Natural Resource Platforms Drive Investment Opportunities and Growth
Our Diversified Natural Resource Platforms Drive Investment Opportunities and Growth ® Utility Coal Mining Contract Mining Minerals (R) & Royalties Ecological Solutions Stable Cash Geographic & Mineral Scalable Acquisition Emerging Growth Generation Expansion Platform Opportunity Fee-based model Lon
Slide 7: Building on Historical Strength to Deliver Growth and Higher Returns
Building on Historical Strength to Deliver Growth and Higher Returns More Long-term Projects and Customers Investment Compounding Criteria Effect • Long-term Contracts Recurring Expanding • Long-term Relationships Cash Flow Core • Long-term Investments Growth Competencies Targeting • Minimal Mainten
Slide 8: Compounding Effect
Compounding Effect Methodical Reinvestment Creating Exponential Value Every year, we add new long-term projects and capture value, which enhance already strong recurring cash flows • Shorter-term value creation projects supplement Grows with Inflation contracts with terms ranging from 3 to 20+ years
Slide 9: Power of Compounding: $150M EBITDA Target
Power of Compounding: $150M EBITDA Target $150M 5 to 7 Years EBITDA Target Time Horizon EBITDA $150M $49M Projects/investments entered into during 2025 expected to Full Year 12/31/25 2030+ add over $11M of annual EBITDA beginning in 2026 Investor Presentation March 2026 EBITDA is a non-GAAP measure.
Slide 10: Strategic Growth Platforms Reaching Maturity
Strategic Growth Platforms Reaching Maturity “The Inflection Point” Contract Mining: Minerals & Royalties: Ecological Solutions: Enhanced Capital Geographic and Mineral Platform Gaining Expected to Achieve Deployment Expansion Accelerating Momentum Profitability in H2 2026 Capacity Multiple Growth C
Slide 11: NACCO is Strategically Positioned to Deliver Growth over Long-Term Investment Horizons
NACCO is Strategically Positioned to Deliver Growth over Long-Term Investment Horizons 1 2 3 Strong, steady, dependable, We are not speculative. We A Different Kind Of Stock: and genuinely uncorrelated are not cyclical. We are not While others focus on 1- to 3- to the tech-heavy market — trend-depen
Slide 12: Thank You
Thank You www.nacco.com Investor Presentation March 2026 12
Slide 13: Appendix
APPENDIX Investor Presentation March 2026 13
Slide 14: Business Platform Overview
BUSINESS PLATFORM OVERVIEW Investor Presentation March 2026 14
Slide 15: Utility Coal Mining
Utility Coal Mining Stable Cash Generation Platform Coteau* Falkirk Coyote MLMC** Years Active: 1983 - 2037 1978 - Ongoing 2016 - 2040 2002 - 2032 • Long-term customer relationships (40+ years average) • Exclusive mine-mouth supplier to adjacent power plants or synfuels plant • Embedded within custo
Slide 16: Mississippi Lignite Mining Company (MLMC)
Mississippi Lignite Mining Company (MLMC) Business Structure and Operations Recent Performance Contracts • Current mine area reserves are sufficient • Exclusive lignite supplier to Red Hills to meet contractual requirements Power Plant (RHPP) through April 2032 through 2032 contract term • Included
Slide 17: Contract Mining
Contract Mining Proven Model with Expansion Opportunity 21 +200% 34 +225% Number of 10-Year Growth: Number of 10-Year Growth: Mining Locations Mining Locations Draglines Draglines • Long-term contracts create exponential growth through compounding • Established relationships with several of the top
Slide 18: Minerals & Royalties
Minerals & Royalties Scalable Investment Platform ~$105 million ~64,000 Acres 2,514 / 23.9 Capital Deployed Net Royalty Acres Gross/Net Well Count since 2020 • Long-term assets with recurring cash flows • Scaled platform enabling a repeatable low-cost model • Upside: Asset base includes substantial,
Slide 19: Oil & Gas Portfolio Diversification
Oil & Gas Portfolio Diversification 4% 1% 4% Basin Legend 8% Appalachia Gulf Coast 32% 2019 2025 Midcontinent Net Acres 31% Net Acres Permian by Basin by Basin Rockies 64% 56% Williston Other Reserves owned by Minerals and Royalties 1 2019 Net Gross 2025 Net Gross 20251 Acreage Gross Developed Undev
Slide 20: Ecological Solutions
Ecological Solutions Leveraging Reclamation Expertise for Growth 3 Mitigation Projects 14 Mitigation Projects in 2019 in 2025* • Expanding project portfolio with diversified revenue streams from short-term restoration and long-term mitigation projects • Short-term: Reclaiming disturbed land for spec
Slide 21: Our Fundamental Stewardship Commitment
Our Fundamental Stewardship Commitment Safety People Community Environment Safety is our highest Employees fuel our success Long-term community Environmental excellence priority and a core focus and are encouraged to investments make an is at our core. We are experts of our operations. Our pursue co
Slide 22: Conservative Balance Sheet Enables Strategic Flexibility
Conservative Balance Sheet Enables Strategic Flexibility As of December 31, 2025 $49.7M • Robust, dependable cash generation Cash across diverse business platforms $74.5M • Balance Sheet strength and liquidity Amount Available Under provide strategic flexibility Revolving Credit Facility • Consisten
Slide 23: Non-GAAP Disclosure
Non-GAAP Disclosure This presentation contains non-GAAP financial measures. Included in this presentation are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. generally accepted accounting principles ("GAAP").
Slide 24: Non-GAAP Reconciliation Consolidated EBITDA
Non-GAAP Reconciliation Consolidated EBITDA ($ in thousands) Year ended 12/31/25 Year ended 12/31/24 Net Income $17,574 $33,741 Pension settlement charge 7,804 - Income tax benefit (4,430) (95) Interest expense 5,754 5,566 Interest income (3,052) (4,428) Depreciation, depletion and amortization expe
Slide 25: Non-GAAP Reconciliation Segment Adjusted EBITDA
Non-GAAP Reconciliation Segment Adjusted EBITDA Utility Contract Minerals and Unallocated ($ in thousands) Eliminations Consolidated Coal Mining Mining Royalties Items Year ended 12/31/2025 Operating Profit (Loss) $17,155 $5,767 $29,108 $(29,962) $(87) $21,981 Depreciation, Depletion, 8,815 10,854 4
Slide 26: Investor Presentation March 2026
Investor Presentation March 2026 26