CVR Partners — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $11 million ($1.02 per common unit) for the third quarter of 2026, compared to net income of $43 million ($4.08 per common unit) in the same period of 2025.
• Net sales were $146 million for the quarter, down from $164 million in the prior year period.
• EBITDA was $20 million for the third quarter of 2026, a decrease from $71 million in the third quarter of 2025.
• Turnaround expenses incurred during the quarter were $26.8 million, compared to $1.2 million in the prior year.
• Direct operating expenses were $89.5 million for the quarter, up from $57.7 million in the prior year.
• Cash and cash equivalents increased to $158.2 million as of September 30, 2026, from $69.2 million as of December 31, 2025.
• Total long-term debt and finance lease obligations remained stable at $569.7 million as of September 30, 2026, compared to $569.8 million at year-end 2025.
• Available Cash for Distribution was $18.9 million for the quarter, down from $42.4 million in the prior year.

Guidance and Future Outlook:

• Provided Q4 2026 outlook for ammonia utilization rates between 88% and 93%.
• Forecasted Q4 2026 direct operating expenses (exclusive of depreciation, amortization, turnaround expenses, and inventory adjustments) to range between $58 million and $63 million.
• Projected Q4 2026 total capital expenditures to range between $26 million and $34 million.

Business Segments and Product Lines:

• Completed a 41-day planned turnaround at the East Dubuque facility in mid-October 2026, along with water system upgrades and a brownfield ammonia capacity expansion expected to increase production capacity by approximately 5%.
• Produced 175,000 tons of ammonia in the third quarter of 2026, down from 208,000 tons in the prior year, with 46,000 net tons available for sale compared to 59,000 tons in the prior year.
• Produced 294,000 tons of UAN in the third quarter of 2026, down from 337,000 tons in the prior year.
• Average realized gate prices for ammonia increased 20% year-over-year to $637 per ton, while UAN prices decreased 11% to $309 per ton.
• Sales volumes for ammonia were 36,000 tons and UAN were 327,000 tons in the third quarter of 2026.

Market and Competitive Landscape:

• Reported tight supplies of nitrogen fertilizers across the system during the fall harvest in the Corn Belt.
• Noted that nitrogen fertilizer prices have steadily increased since summer fill programs with strong customer demand.
• Ammonia utilization rate was 80% for the third quarter of 2026, down from 95% in the prior year.

Risks and Challenges:

• Financial results were impacted by the 41-day planned turnaround at the East Dubuque facility.
• Forward-looking statements highlight risks including impacts of planting seasons, potential operating hazards, compliance costs, geopolitical instability, trade policies, tariffs, plant outages, and weather conditions.
• Distributions may vary due to operating performance, product price fluctuations, maintenance capital expenditures, and Board discretion regarding cash reserves.

Management Commentary and Tone:

• CEO Dane Neumann stated that despite downtime from the turnaround, the company achieved "solid results" for the quarter.
• Management expressed satisfaction in declaring a cash distribution of $1.79 per common unit for the third quarter.
• Neumann highlighted the completion of the turnaround and capacity expansion projects as key operational milestones.

Other Key Points:

• The Board of Directors declared a third quarter 2026 cash distribution of $1.79 per common unit, payable on November 23, 2026, to unitholders of record as of November 16, 2026.
• The partnership is a variable distribution master limited partnership where distributions vary based on operating performance and Board discretion.
• 100% of distributions to foreign investors are attributable to income effectively connected with a U.S. trade or business and are subject to federal income tax withholding at the highest effective tax rate.
• Total capital expenditures for the nine months ended September 30, 2026, were $65.9 million, compared to $29.4 million in the prior year period.
• Net cash flow provided by operating activities was $116.7 million for the third quarter of 2026, compared to $91.7 million in the prior year.