Q2 2026 Earnings Results & Supplemental Information of CNX Corporation

Investor Notices

This presentation, including the oral statements made in connection herewith, contains forward-looking statements, estimates, and projections within the meaning of the federal securities laws. Statements that are not historical are forward-looking and may include our operational and strategic plans; estimates of gas reserves and resources; projected timing and rates of return of future investments; and projections and estimates of future production revenues, income, and capital spending. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements estimates and projections. Investors should not place undue reliance on forward-looking statements as a prediction of future actual results. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Cautionary Statement Regarding Forward-looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (SEC) on February 10, 2026, as supplemented by our quarterly reports on Form 10-Q and any other reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; events beyond our control, including a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their contractual obligations; changes in customer, employee or supplier relationships; ability to qualify for environmental attribute credits and the volatility of environmental attribute markets; and changes in safety, health, environmental and other regulations.

Ǫ2 2026 Earnings Prepared Remarks

In the second quarter of 2026, CNX generated free cash flow (FCF)(1) of $138 million, marking our 26th consecutive quarter of FCF generation. Our unmatched track record of FCF generation highlights our high-quality asset base and industry-leading low-cost business structure. Since the inception of our 7-year plan in 2020, our differentiated business model has resulted in cumulative FCF of approximately $3.1 billion. We remain focused on successfully executing our Sustainable Business Model, which we expect will continue to create significant long-term per share value throughout the commodity cycle.

(1) Free Cash Flow (FCF): Net cash provided by operating activities minus capital expenditures plus proceeds from asset sales and minus investments in equity affiliates.

In the second quarter, we repurchased approximately 5.6 million shares for $199 million at an average price of $35.28 per share, a price we believe reflects a discount to our intrinsic value per share. Following the end of the quarter, we repurchased an additional 1.2 million shares for $40 million at an average price of $33.03 per share.

Since our peak share count in the third quarter of 2020, we have repurchased approximately 106 million shares for $2.2 billion at an average price of $20.43 per share. This represents a market leading 34% cumulative reduction in our total shares outstanding inclusive of the effect of share issuances associated with our convertible notes settlement and equity compensation.

With respect to the balance sheet, we settled the remaining $209 million of outstanding convertible notes during the quarter by issuing approximately 12.6 million shares, inclusive of the impact of the capped call settlement. This transaction further strengthened our balance sheet, and year-to-date, we have reduced our net debt by

$193 million. We will continue to manage our total debt levels and maturity schedule as part of overall risk management strategy to ensure we maintain our significant capital allocation flexibility.

Our short-term capital allocation decisions will continue to be a fluid evaluation process that enables us to be opportunistic and nimble to respond to changing capital market conditions. Most importantly, our long-term capital allocation strategy remains focused on actions that will increase our long-term per share value.