Slide 1: 2026 First Quarter Financial Results
2026 First Quarter Financial Results May 6, 2026 NYSE: CF
Slide 2: Safe harbor statement
Safe harbor statement 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 their use of terms such
Slide 3: 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, free cash flow, and free cash flow to adjusted EBITDA conversion, which are non-GAAP financi
Slide 4: Outstanding operational performance in a tight global nitrogen supply-demand balance delivers strong financial results
Outstanding operational performance in a tight global nitrogen supply-demand balance delivers strong financial results $615M $983M $2.7B $1.3B Q1 2026 Q1 2026 Q1 2026 LTM Q1 2026 LTM Net Earnings(1) Adjusted EBITDA(1) Cash from Operations Capital Returned to Shareholders(2) $1.8B $3.2B $1.7B $1.7B Q
Slide 5: Outstanding safety performance drives industry leading production capacity utilization
Outstanding safety performance drives industry leading production capacity utilization Total Recordable Incident Rate 5-Year Rolling Avg. North American Ammonia Percent of Capacity Utilization(1) Total injuries per 200,000 work hours 4.5 CF 4.0 BLS Fertilizer 3.5 Manufacturing 96% +10% 3.0 2.5 1.9 2
Slide 6: CF's investments expand gross ammonia capacity to meet nitrogen demand
CF’s investments expand gross ammonia capacity to meet nitrogen demand Gross ammonia capacity In million short tons CF Gross Ammonia Capacity ~66% 1.5 12.0 0.9 10.5 0.8 0.2 1.3 7.3 ~45% 2012 CF Donaldsonville Port Neal Network Waggaman 2025 CF Blue Point 2030F CF gross expansion expansion Optimizati
Slide 7: Near-term global nitrogen supply tight; further constrained by ongoing geopolitical disruptions
Near-term global nitrogen supply tight; further constrained by ongoing geopolitical disruptions Nitrogen Market Outlook Global nitrogen supply tight through 2027 Supply disruptions from Russia & Iran conflicts persist Near- and medium-term Chinese urea exports expected under strict quota globa
Slide 8: ~50% of first quartile global urea capacity is exposed to geopolitical conflicts
~50% of first quartile global urea capacity is exposed to geopolitical conflicts 2026 Monthly Delivered U.S. Gulf Urea Cost Curve(1) Y-axis: USD/st “Fragile & Exposed” X-axis: Monthly Production Capacity at 95% Operating Rate, million short tons segment represents plants/regions directly shut down,
Slide 9: CF's North American network insulated from recent geopolitical disruptions
CF’s North American network insulated from recent geopolitical disruptions Conflict zone supply creates CF’s durable advantages Feedstock supply disruptions structural disadvantages Efficient North American asset base Accounts for 50% of first quartile LNG dependent regions impacting urea prod
Slide 10: Intrinsic value of CF's North American assets, durable advantages, and growth initiatives has increased
Intrinsic value of CF’s North American assets, durable advantages, and growth initiatives has increased CF Mid-Cycle Expectations Strengthening $ millions EBITDA CF’s valuation should reflect: $3,000+ FCF $2,500+ Strengthening mid-cycle expectations with low-risk asset profile vs other first quartil
Slide 11: Appendix
Appendix
Slide 12: Adjusted EBITDA favorable driven by tight global nitrogen supply-demand balance in Q1 2026
Adjusted EBITDA favorable driven by tight global nitrogen supply-demand balance in Q1 2026 Q1 2026 vs Q1 2025 Adjusted EBITDA $ millions $170 $401 $983 $(39) $(117) $(76) $644 Adj. EBITDA Price Volume Realized Litigation Other Adj. EBITDA Q1 2025(1) Gas Cost Settlement Q1 2026(1) (1) See appendix fo
Slide 13: Continued strong cash generation…
Continued strong cash generation… Q1 2026 Cash Sources and Uses $ millions Funded by Funded $117 JERA & Mitsui(2) by CF(3) $496 $(39) $1,982 $(184) $2,042 $(223) $(201) $(106) $(23) Consolidated CF Capex Cash Cash from JERA & Mitsui Capex CHS Return to Other Cash Q4 2025(1) Operations Blue Point Dis
Slide 14: …provides robust free cash flow participation
…provides robust free cash flow participation CF Industries’ Free Cash Flow and Shares Outstanding as of Period End LTM Free Cash Flow Shares Outstanding (millions) (millions) $3,000 208 215 $2,500 205 196 188 195 $2,000 185 170 $1,500 175 $2,165 $2,783 $1,799 $1,789 165 154 $1,653 $1,000 $1,445 155
Slide 15: CF Industries Adjusted EBITDA sensitivity table
CF Industries Adjusted EBITDA sensitivity table Table illustrates the CF Industries business model across a broad range of industry conditions Adjusted EBITDA Sensitivity to Natural Gas and Urea Prices(1) $ billions CF Realized Natural Gas Cost ($/MMBtu) $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 CF
Slide 16: Financial results – first quarter 2026
Financial results – first quarter 2026 In millions, except percentages, per MMBtu and EPS Q1 2026 Q1 2025 Net sales $ 1,986 $ 1,663 Gross margin 746 572 - As a percentage of net sales 37.6 % 34.4 % Net earnings attributable to common stockholders $ 615 $ 312 Net earnings per diluted share 3.98 1.85
Slide 17: Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA
Non-GAAP: reconciliation of net earnings to EBITDA and adjusted EBITDA Q1 2026 Q1 2025 Q1 2026 In millions LTM Net earnings $ 676 $ 351 $ 2,123 Less: Net earnings attributable to noncontrolling interests (61) (39) (365) Net earnings attributable to common stockholders 615 312 1,758 Interest expense—
Slide 18: Non-GAAP: reconciliation of cash from operations to free cash flow and conversion
Non-GAAP: reconciliation of cash from operations to free cash flow and free cash flow to adjusted EBITDA conversion Q1 2026 In millions, except percentages LTM Cash provided by operating activities $ 2,662 Capital expenditures (1,041) Distributions to noncontrolling interests (376) Contributions fro