Strong Operations: Production Achieved 98% of Available Ammonia Capacity

Global Nitrogen Supply-Demand Fundamentals Remain Constructive into 2027

Blue Point One Receives Permits, Construction Commencing in August

NORTHBROOK, Ill. -- (Business Wire)

CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the first half and second quarter ended June 30, 2026.

Highlights

• First half 2026 net earnings⁽¹⁾ of $1.34 billion, or $8.71 per diluted share, EBITDA⁽²⁾ of $2.17 billion, and adjusted EBITDA⁽²⁾ of $2.18 billion. First half 2026 financial results include a gain of approximately $170 million from a litigation settlement
• Second quarter 2026 net earnings of $727 million, or $4.73 per diluted share, EBITDA of $1.17 billion, and adjusted EBITDA of $1.19 billion
• Trailing twelve months net cash from operating activities of $2.98 billion; free cash flow⁽³⁾ of $1.82 billion for same period, which includes cash inflows and outflows associated with the Blue Point One joint venture
• Repurchased 2.0 million shares for $230 million during the second quarter of 2026
• Declared quarterly dividend of $0.60 per share of common stock in July 2026, a 20% increase over prior quarterly dividend
• In July 2026, received permits necessary to commence construction at Blue Point Complex in August

“The CF Industries team operated safely and delivered excellent operational results despite rapidly changing customer dynamics,” said Chris Bohn, president and chief executive officer, CF Industries Holdings, Inc. “We believe the Company is positioned extremely well in the near- and longer-term, with our premium-grade North American asset base, disciplined strategic growth opportunities, including Blue Point, and strong balance sheet. As a result, we believe CF Industries will continue to generate substantial free cash flow, enabling us to build on our strong track record of investing in high-return initiatives and returning capital to shareholders through share repurchases and our increased quarterly dividend.”

Operations Overview

The Company’s trailing twelve-month recordable incident rate was 0.16 incidents per 200,000 work hours as of June 30, 2026.

Gross ammonia production for the first half and second quarter of 2026 was approximately 4.9 million and 2.4 million tons, respectively. Year-to-date, the Company has operated at a 98% utilization rate of available ammonia capacity.⁽⁴⁾

The Company expects gross ammonia production for the full year 2026 to be approximately 9.5 million tons, which includes the impact of the ongoing outage at the Yazoo City, Mississippi, Complex as a result of an incident that occurred in November 2025.

Management expects the Yazoo City Complex to resume ammonia, ammonium nitrate solution, nitric acid, urea ammonium nitrate solution (UAN) and urea liquor production during the first half of 2027. The Company is finalizing cost estimates for restoration of operations at the facility and expects a substantial portion of the cost will be covered by insurance. The Yazoo City Complex carbon capture and sequestration project is proceeding as scheduled and is expected to start up in 2028.

Financial Results Overview

First Half 2026 Financial Results

For the first half of 2026, net earnings attributable to common stockholders were $1.34 billion, or $8.71 per diluted share, EBITDA was $2.17 billion, and adjusted EBITDA was $2.18 billion. These results compare to first half of 2025 net earnings attributable to common stockholders of $698 million, or $4.20 per diluted share, EBITDA of $1.37 billion, and adjusted EBITDA of $1.41 billion. First half 2026 financial results include a gain of approximately $170 million from a litigation settlement.

Net sales in the first half of 2026 were $4.21 billion compared to $3.55 billion in the first half of 2025. Average selling prices for the first half of 2026 were higher than in the first half of 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the conflict with Iran. Sales volumes were 11% lower in the first half of 2026 than in the first half of 2025 due primarily to lower UAN, ammonium nitrate (AN), and ammonia sales, partially offset by higher granular urea and other sales. Excluding the impact of lost product availability from the Company’s Yazoo City Complex, sales volumes in the first half of 2026 were approximately 5% lower than the first half of 2025.

Cost of sales for the first half of 2026 was higher compared to the first half of 2025 due primarily to higher maintenance costs, including the extended outage at the Company’s Yazoo City Complex, and higher realized natural gas costs, including the impact of realized derivatives, partially offset by the impact of lower sales volumes.

The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $4.01 per MMBtu in the first half of 2026 compared to the average cost of natural gas in cost of sales of $3.52 per MMBtu in the first half of 2025.

Second Quarter 2026 Financial Results

For the second quarter of 2026, net earnings attributable to common stockholders were $727 million, or $4.73 per diluted share, EBITDA was $1.17 billion, and adjusted EBITDA was $1.19 billion. These results compare to second quarter of 2025 net earnings attributable to common stockholders of $386 million, or $2.37 per diluted share, EBITDA of $757 million, and adjusted EBITDA of $761 million.

Net sales in the second quarter of 2026 were $2.22 billion compared to $1.89 billion in the second quarter of 2025. Average selling prices were higher for all segments in the second quarter of 2026 compared to the second quarter of 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the conflict with Iran. Sales volumes were 15% lower in the second quarter of 2026 compared to the second quarter of 2025 due primarily to lower UAN, AN and ammonia sales, partially offset by higher granular urea and other sales. Excluding the impact of lost product availability from the Company’s Yazoo City Complex, sales volumes in the second quarter of 2026 were approximately 9% lower than the second quarter of 2025.

Cost of sales for the second quarter of 2026 was lower compared to the second quarter of 2025 due primarily to the impact of lower sales volumes, partially offset by higher maintenance costs, including the extended outage at the Company’s Yazoo City Complex.

The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $3.37 per MMBtu in the second quarter of 2026 compared to the average cost of natural gas in cost of sales of $3.36 per MMBtu in the second quarter of 2025.

Capital Management

On April 8, 2025, CF Industries announced that it formed a joint venture (Blue Point One joint venture) with JERA Co., Inc. (JERA) and Mitsui & Co., Ltd. (Mitsui) for the construction, production and offtake of low-carbon ammonia. CF Industries holds 40% ownership, JERA holds 35% ownership, and Mitsui holds 25% ownership in the joint venture, with the joint venture funded by the equity partners according to their ownership percentages.

CF Industries consolidates the Blue Point One joint venture in its consolidated financial statements, with the combined 60% interest owned by JERA and Mitsui recorded as noncontrolling interests. CF Industries’ consolidated financial statements at June 30, 2026, included the cash held by the joint venture, capital contributions from the joint venture equity partners and the capital expenditures of the joint venture.

Cash and Cash Equivalents

As of June 30, 2026, CF Industries had cash and cash equivalents of $2.48 billion, of which $341 million was held by the Blue Point One joint venture.

Capital Expenditures

Capital expenditures in the second quarter and first half of 2026 were $271 million and $494 million, respectively, of which $78 million and $143 million, respectively, was attributable to the Blue Point One joint venture.

Reflecting the consolidation of the Blue Point One joint venture into CF Industries’ financial statements, management projects capital expenditures for full year 2026 will be approximately $1.3 billion, of which approximately $550 million is related to activities within the Company’s existing network and approximately $600 million is related to total estimated capital expenditures in 2026 of the Blue Point One joint venture, which will be funded by each joint venture partner according to their ownership percentage. The Company expects to have approximately $150 million in capital expenditures in 2026 related to its wholly owned Blue Point common facilities. For the full year, management projects capital expenditures for CF Industries, excluding the portion of capital expenditures funded by JERA and Mitsui, to be approximately $950 million.

Additionally, the Company expects to record approximately $40 million of capitalized interest as capital expenditures. Interest expense will be reduced by a corresponding amount.

Share Repurchase Program

The Company repurchased 2.2 million shares for $245 million during the first half of 2026, which includes the repurchase of 2.0 million shares for $230 million during the second quarter of 2026. Since CF Industries commenced its current $2 billion share repurchase program in October 2025, the Company has repurchased 5.6 million shares for approximately $523 million. As of June 30, 2026, approximately $1.48 billion remains under the program, which expires in December 2029.

CHS Inc. Distribution

On July 31, 2026, the Board of Managers of CF Industries Nitrogen, LLC approved a semi-annual distribution payment to CHS Inc. of $246 million for the distribution period ended June 30, 2026. The distribution was paid on July 31, 2026.

Nitrogen Market Outlook

Global nitrogen prices increased from mid-February 2026 into the second quarter of 2026 as the conflict with Iran further tightened an already constrained global supply-demand balance during the peak Northern Hemisphere application season. By the end of the second quarter, seasonal declines in Northern Hemisphere demand and expectations for returning Middle East supply pushed nitrogen prices back to pre-conflict levels.

Based on global production disruptions in 2026 and supportive grain stocks-to-use ratios, management expects nitrogen supply to remain constrained and demand to remain constructive through the end of 2026 and into 2027.

Ongoing geopolitical risks for major nitrogen exporters: CF Industries estimates that the conflict with Iran has reduced Middle East traded nitrogen supply by approximately 4.0 to 4.5 million metric tons of urea and approximately 1 million metric tons of ammonia to date. Management expects supply from the region, which typically accounts for 25-30% of globally traded ammonia and 35-40% of globally traded urea, to remain below pre-conflict levels due to continued hostilities, uncertainty around transit through the Strait of Hormuz, and the time required to restore production facilities. The Company also expects higher shipping costs from the region to persist over the longer term. Production from nitrogen facilities in Russia also remains at risk from the ongoing Russia-Ukraine war. Management believes nitrogen producers in the Middle East and Russia will face an enduring geopolitical risk premium that adds cost and uncertainty to product distribution.

European production economics remain challenged: European natural gas prices have increased significantly in recent months due to liquefied natural gas supply uncertainty, persistent heat waves, and gas storage levels below the five-year average. The Company believes current natural gas prices will further pressure marginal European nitrogen production and support the global clearing price needed to meet demand.

Chinese urea exports in second-half 2026: Management expects steady Chinese urea exports from July through October 2026. Export quotas and price floors introduced in May 2026 remain in effect, although they have been revised. The Company projects 4-6 million metric tons of Chinese urea exports in 2026, with actual volumes dependent on government policy, domestic pricing, and the strength of fall restocking demand.

Demand recovery: Lower nitrogen prices entering the second half of 2026 are expected to support strong demand into 2027. India, Southeast Asia, and other regions that may have deferred purchases earlier in the year are expected to import urea at or above second-half 2025 levels. Brazilian urea imports are also projected to be robust in the second half of 2026 following lower urea import demand in the first half of 2026 due to operating domestic capacity, product substitution, and local credit constraints.

Steady demand in North America: Based on strong uptake of the Company’s ammonia and UAN fill programs in July 2026 as well as inventory in the North American nitrogen channel projected to be lower than average, management believes nitrogen demand in North America for the 2027 growing season will be firm.

The Company continues to expect the global nitrogen supply-demand balance to tighten over the long term, as capacity additions under construction are not projected to keep pace with demand growth over the next four years. Additionally, the cost of building new nitrogen capacity has increased in other regions with low-cost natural gas, which raises management’s mid-cycle EBITDA expectations for the Company.

Strategic Initiatives Update

Blue Point One Joint Venture with JERA and Mitsui

The Blue Point One joint venture is constructing at CF Industries’ Blue Point Complex in Modeste, Louisiana, an autothermal reforming ammonia production facility with a carbon dioxide (CO₂) dehydration and compression unit to prepare captured CO₂ for transportation and sequestration, and CF Industries will build scalable infrastructure to supply the ammonia production facility with services, including production storage and vessel loading. In July 2026, the State of Louisiana and the U.S. Army Corps of Engineers issued permits required for civil construction activities for the ammonia plant and common infrastructure. Permitted construction is commencing in August.

Courtright Diesel Exhaust Fluid (DEF) FEED Study

CF Industries has signed an agreement with thyssenkrupp Uhde for a front-end engineering and engineering design (FEED) study for the construction of a new urea liquor upgrade plant at its Courtright, Ontario, Complex. The project, if a positive final investment decision (FID) is reached, is expected to add incremental DEF capacity of more than 400,000 tons per year. FID is expected in 2027.

Consolidated Results

Ammonia Segment

CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the base product that the Company manufactures, containing 82 percent nitrogen and 18 percent hydrogen. The results of the ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. In addition, the Company upgrades ammonia into other nitrogen products such as granular urea, UAN and AN.

Comparison of first half 2026 to first half 2025:

• Ammonia sales volumes for 2026 were lower than 2025 due primarily to lower global demand for ammonia in the production of phosphate fertilizers and lower supply availability due to planned maintenance.
• Ammonia average selling prices increased for 2026 compared to 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the conflict with Iran.
• Ammonia adjusted gross margin per ton increased for 2026 compared to 2025 due primarily to higher average selling prices partially offset by higher maintenance costs and higher realized natural gas costs.

Granular Urea Segment

CF Industries’ granular urea segment produces granular urea, which contains 46 percent nitrogen. Produced from ammonia and CO₂, it has the highest nitrogen content of any of the Company’s solid nitrogen products.

Comparison of first half 2026 to first half 2025:

• Granular urea sales volumes for 2026 were higher than 2025 due primarily to greater supply availability from higher starting inventory and product mix favoring granular urea production.
• Granular urea average selling prices increased for 2026 compared to 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the conflict with Iran.
• Granular urea adjusted gross margin per ton increased for 2026 compared to 2025 due primarily to higher average selling prices partially offset by higher realized natural gas costs.

UAN Segment

CF Industries’ UAN segment produces urea ammonium nitrate solution (UAN). UAN is a liquid product with nitrogen content that typically ranges from 28 percent to 32 percent and is produced by combining urea and ammonium nitrate in solution.

Comparison of first half 2026 to first half 2025:

• UAN sales volumes for 2026 decreased compared to 2025 due primarily to lower global demand and a production mix favoring granular urea.
• UAN average selling prices increased for 2026 compared to 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the Russia-Ukraine war.
• UAN adjusted gross margin per ton increased for 2026 compared to 2025 due primarily to higher average selling prices partially offset by higher freight and distribution costs and higher realized natural gas costs.

AN Segment

CF Industries’ AN segment produces ammonium nitrate (AN). AN is used as a nitrogen fertilizer with nitrogen content between 29 percent to 35 percent, and is also used extensively by the commercial explosives industry as a component of explosives.

Comparison of first half 2026 to first half 2025:

• AN sales volumes were lower for 2026 compared to 2025 due primarily to the loss of production at the Company’s Yazoo City, Mississippi, Complex following an incident in November 2025.
• AN average selling prices increased for 2026 compared to 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the Russia-Ukraine war, as well as a higher proportion of AN sales made in the United Kingdom.
• AN adjusted gross margin per ton decreased for 2026 compared to 2025 due primarily to higher purchased ammonia costs to support AN production in the UK and costs related to the ongoing outage at the Company’s Yazoo City, Mississippi, Complex, partially offset by higher average selling prices.

Other Segment

CF Industries’ Other segment primarily includes diesel exhaust fluid (DEF), urea liquor and nitric acid.

Comparison of first half 2026 to first half 2025:

• Other sales volumes for 2026 increased compared to 2025 due primarily to higher DEF and nitric acid sales.
• Other average selling prices increased for 2026 compared to 2025 due to a tighter global nitrogen supply-demand balance.
• Other adjusted gross margin per ton increased for 2026 compared to 2025 due primarily to higher average selling prices partially offset by costs related to the ongoing outage at the Company’s Yazoo City, Mississippi, Complex.

Dividend Payment

On July 8, 2026, CF Industries’ Board of Directors declared a quarterly dividend of $0.60 per common share. The dividend will be paid on August 31, 2026 to stockholders of record as of August 14, 2026.

Conference Call

CF Industries will hold a conference call to discuss its second quarter and first half 2026 results at 11:00 a.m. ET on Thursday, August 6, 2026. This conference call will include discussion of CF Industries’ business environment and outlook. Investors can access the call and find dial-in information on the Investor Relations section of the Company’s website at www.cfindustries.com.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

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, EBITDA per ton, adjusted EBITDA, adjusted EBITDA per ton, free cash flow, and, on a segment basis, adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton, which are non-GAAP financial measures, provide additional meaningful information regarding the Company’s performance and financial strength. Management uses these measures, and believes they are useful to investors, as supplemental financial measures in the comparison of year-over-year performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, EBITDA per ton, adjusted EBITDA, adjusted EBITDA per ton, free cash flow, adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton, included in this release may not be comparable to similarly titled measures of other companies. Reconciliations of EBITDA, EBITDA per ton, adjusted EBITDA, adjusted EBITDA per ton, and free cash flow to the most directly comparable GAAP measures are provided in the tables accompanying this release under “CF Industries Holdings, Inc.-Selected Financial Information-Non-GAAP Disclosure Items.” Reconciliations of adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton to the most directly comparable GAAP measures are provided in the segment tables included in this release.

Safe Harbor Statement

All statements in this communication 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 as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These statements may include, but are not limited to, statements about strategic plans and management’s expectations with respect to the production of low-carbon ammonia, the development of carbon capture and sequestration projects, the transition to and growth of a hydrogen economy, greenhouse gas reduction targets, projected capital expenditures, statements about future financial and operating results, and other items described in this communication.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others: the Company’s ability to complete the projects at its Blue Point Complex, including the construction of a low-carbon ammonia production facility with its joint venture partners and scalable infrastructure on schedule and on budget or at all; the Company’s ability to fund the capital expenditure needs related to the joint venture at its Blue Point Complex, which may exceed its current estimates; the cyclical nature of the Company’s business and the impact of global supply and demand on the Company’s selling prices and operating results; the global commodity nature of the Company’s nitrogen products, the conditions in the global market for nitrogen products, and the intense global competition from other producers; announced or future tariffs, retaliatory measures, and global trade relations, including the potential impact of tariffs and retaliatory measures on the price and availability of materials for its capital projects and maintenance; conditions in the United States, Europe and other agricultural areas, including the influence of governmental policies and technological developments on the demand for its fertilizer products; the volatility of natural gas prices in North America and globally; weather conditions and the impact of adverse weather events; the seasonality of the fertilizer business; the impact of changing market conditions on the Company’s forward sales programs; difficulties in securing the supply and delivery of raw materials or utilities, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of transportation services and equipment, including those related to carbon dioxide sequestration; the Company’s reliance on a limited number of key facilities; risks associated with cybersecurity; acts of terrorism and regulations to combat terrorism; the significant risks and hazards involved in producing and handling the Company’s products against which the Company may not be fully insured; risks associated with international operations; the Company’s ability to manage its indebtedness and any additional indebtedness that may be incurred; risks associated with changes in tax laws and adverse determinations by taxing authorities, including any potential changes in tax regulations and its qualification for tax credits; risks involving derivatives and the effectiveness of the Company’s risk management and hedging activities; potential liabilities and expenditures related to environmental, health and safety laws and regulations and permitting requirements; regulatory provisions and requirements related to greenhouse gas emissions and sustainability matters, including announced or future changes in environmental, climate change or sustainability laws; the development and growth of the market for low-carbon ammonia and the risks and uncertainties relating to the development and implementation of the Company’s low-carbon ammonia projects; risks associated with investments in and expansions of the Company’s business, including unanticipated adverse consequences and the significant resources that could be required; and failure of technologies to perform, develop or be available as expected, including the low-carbon ATR ammonia production facility with carbon capture and sequestration technologies being constructed at its Blue Point Complex.

More detailed information about factors that may affect the Company’s performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF Industries Holdings, Inc.’s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.’s most recent annual and quarterly reports on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the Company’s web site. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events, plans or goals anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on our business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements are given only as of the date of this communication and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.