First Quarter 2026 Quarter Business Update

Fiscal 2026 First-Quarter Business Update

// Feb. 5, 2026

1 Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net income (loss), the most directly comparable GAAP financial measure.

• Net income of $18.6 million for the first quarter of 2026, compared to a net loss of $23.6 million in the prior year

  Fiscal 2026 First-Quarter Overview

  
  
  
  
  

• Total company adjusted EBITDA for the first quarter of 2026 of $65.3 million, up 103% year over year

  
  
  

• Strong sales volume growth year over year of 37% led to increases in Salt business operating earnings and adjusted EBITDA of 67% and 41%, respectively, from the prior-year period

• Improvements in pricing and cost structure increased Plant Nutrition segment operating earnings and adjusted EBITDA on both absolute and per-ton bases

• Net debt decreased to $836.9 million as of December 31, 2025, a $92 million, or 10%, decrease from December 31, 2024

• Full-year guidance for total company adjusted EBITDA increased 2% at the mid-point of guidance range to $208 million to $240 million, inclusive of the impact of the Wynyard sulfate of potash (SOP) operation sale

  4

  First-Quarter Fiscal 2026 Consolidated Results

  
  
  

  Consolidated Results

  Revenue (y-o-y)

  1Q26

  +29%

  1Q26 Adjusted EBITDA1

  (in millions)

  $32.1

  $19.4

  $8.4

  $5.4

  $65.3

  Adjusted EBITDA1 (y-o-y)

  +103%

  Adjusted EBITDA1 margin

  16.5%

  1Q25

  Salt Plant

  Nutrition

  Corp. & Other

  1Q26

  Historical TTM Adjusted EBITDA1 and Margin

  First-Quarter Fiscal 2026 Summary

  • Steady winter weather during 1Q26 driving improved Salt adjusted EBITDA year over year

  • Stronger pricing and improvements to cost structure driving improvements in Plant Nutrition segment despite lower sales volumes compared to the prior year period

  • Corporate and Other reflects positive momentum reducing costs resulting from in multi-year cost control and continuous improvement initiatives

    $250

    $200

    (millions)

    $150

    $100

    $50

    $0

    Adjusted EBITDA Adjusted EBITDA Margin
    
    

    $199

    $206

    $199

    $232

    Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 Dec. 31, 2025

    40.0%

    30.0%

    20.0%

    10.0%

    0.0%

    ($ in millions)		1Q26	1Q25	%Δ
    Revenue		$331.5	$242.2	+37%
    Adj. EBITDA1		$67.2	$47.8	+41%
    Adj. EBITDA1 margin		20.3%	19.7%	+0.6 pts
    Average price per ton		$97/ton	$97/ton	-0.4%

    2,851

    Sales Volumes

    First-Quarter 2026 Salt Results

    
    
    

    1,987

    (in thousands of short tons)

    575

    506

    First-Quarter Fiscal 2026 Summary

  • Strong start to 2026 deicing season propelled sales volumes for both highway deicing and C&I higher year over year, with increases of 43%

    Highway Deicing

    Consumer & Industrial

    and 14%, respectively

  • Pricing up 6% and 2%, respectively, for highway deicing and C&I, Salt segment average selling price flat year over year due to change in mix,

    1Q26 1Q25

    Historical TTM Adj. EBITDA1 and Margin

    with pricing up 6% for both highway deicing and C&I

  • Adjusted EBITDA1 improved 41% to $67.2 million year over year led by volume growth and lower production costs per ton, offset by higher transportation cost per ton

    $300

    $250

    $200

    (millions)

    $150

    EBITDA EBITDA Margin
    
    

    40%

    $231

    $228

    $221

    $240

    30%

    $100 20%

    $50

    $0

    Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 Dec. 31, 2025

    10%

    First-Quarter 2026 Plant Nutrition Results

    
    
    

    ($ in millions)		1Q26	1Q25	%Δ
    Revenue		$60.8	$61.4	-1%
    Adj. EBITDA1		$12.8	$4.4	191%
    Adj. EBITDA1 margin		21.1%	7.2%	+13.9 pts
    Average price per ton		$687/ton	$603/ton	+14%

    Sales Volumes

    (in thousands of short tons)

    89

    102

    First-Quarter Fiscal 2026 Summary

  • Sales volumes declined in 2026 by 13% year over year as the company recalibrated away from lower margin export opportunities

  • Strong growth in sales pricing of 14% helped maintain revenue

    1Q26 1Q25

    Historical TTM Adj. EBITDA1 and Margin

    despite reduction in sale volumes

  • Plant Nutrition adjusted EBITDA1 up to $12.8 million from $4.4 million year over year, driven by improve pricing and lower costs per ton, offset by higher per-unit distribution costs

    $60.0

    (millions)

    $40.0

    $20.0

    EBITDA EBITDA Margin
    
    

    $43.3

    50.0%

    $18.0

    $34.9

    $43.8

    40.0%

    30.0%

    20.0%

    10.0%

    $0.0

    Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 Dec. 31, 2025

    0.0%

    Total Net Debt1

    (in millions)

    $1,000

    $900

    $800

    $700

    $600

    $500

    $837

    Down

    10%

    $929

    12/31/25 12/31/24

    Debt Maturity Profile2

    (in millions)

    $650

    $150

    $97

    2026

    2027

    2028

    Fiscal year

    2029

    2030

    8

    
    
    

    Charting a Prudent Financial Path Forward

    
    
    
  • Net debt1 declined 10% year over year as of Dec. 31, 2026
  • Completed refinancing transaction in 3Q25 that improved the company's financial flexibility, enhanced its liquidity, and extended its maturity profile
  • Strong liquidity & attractive debt maturity profile

    o $341.7 million in liquidity as of Dec. 31, 2025 comprised of $46.7 million in cash and $295.0 million available under revolving credit agreement

    1 Total net debt defined as sum of current portion of long-term debt and long-term debt, net of current portion less

    cash and cash equivalents

    2 As of Dec. 31, 2025

    
    
    Outlook & Guidance

    Salt and Plant Nutrition Outlook and Guidance

    Salt Plant Nutrition

    Long-Term Attributes

  • Resilient, recession-resistant demand profile

  • Difficult to replicate asset base with important logistical advantages

    • New mine development rarely economically feasible

    • Convenient access to water transportation

    • Extensive depot network

  • Attractive markets

    • Highway deicing in North America and the U.K.

    • Consumer and industrial in North America

      Fiscal 2026 Salt Guidance

      Long-Term Attributes

  • Largest producer of SOP in the Western Hemisphere

  • Unique solar evaporation asset in Ogden, Utah, provides competitive advantages

    • Well positioned to serve specialty crops, particularly on the west coast of U.S.

    • Strategic forward-deploy warehouse network

  • Attractive markets

    • High-value and chloride-sensitive crops in North America

    • Diversified end markets insulated from the volatility of commodity row crops in North America

Fiscal 2026 Plant Nutrition Guidance

Highway Deicing volumes (thousands of tons) Consumer and industrial volumes (thousands of tons) FY26 Total Volumes (thousands of tons)

8,200

1,700

9,900

2026 Range

8,500

1,950

10,450

FY26 Volumes (thousands of tons)

255

2026 Range

275

FY26 Revenue (in millions)

$980

$1,050

FY26 Revenue (in millions)

$170

$185

FY26 Adj. EBITDA (in millions)

$230

$252

FY26 EBITDA (in millions)

$34

$39

Consolidated Guidance Summary

1 Guidance for the 2026 effective income tax rate reflects the income tax mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S.

Product recall costs (1)

Salt

Product cost and Other

$0.9

$(0.2)

$0.7

$0.02

operating expense

Total

$0.9

$(0.2)

$0.7

$0.02

1 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million.

Special Items

Reconciliation of Non-GAAP Information

Reconciliation of Non-GAAP Information

Reconciliation of Non-GAAP Information

Salt Segment Performance

Salt Reconciliation of Non-GAAP Information

Plant Nutrition Segment Performance

Plant Nutrition Reconciliation of Non-GAAP Information

Reconciliation for Plant Nutrition Segment Adjusted Operating Income (Loss)

(unaudited, in millions)

Three months ended Dec. 31,

20