CVR Partners (UAN) investor relations material

Executive summary

• Reported Q4 2025 net sales of $131 million, net loss of $10 million, and EBITDA of $20 million; full-year 2025 EBITDA was $211 million and net income was $99 million ($9.33 per common unit); distributions totaled $10.54 per unit.

• Q4 2025 results were impacted by a 32-day planned turnaround and subsequent downtime at the Coffeyville plant, with ammonia plant utilization dropping to 64%.

• Board declared a Q4 distribution of $0.37 per common unit, paid on March 9th; full-year distributions totaled $10.54 per unit.

Financial highlights

• Full-year 2025 net sales reached $606 million, operating income was $129 million, and net income was $99 million ($9.33 per unit); Q4 net sales were $131 million, with a net loss of $10 million ($0.97 per unit).

• Q4 2025 EBITDA was $20 million, down from $50 million in Q4 2024; full-year 2025 EBITDA rose to $211 million from $179 million in 2024.

• Q4 2025 available cash for distribution was $3.9 million; full-year available cash for distribution was $111.4 million.

• UAN prices rose 55% and ammonia prices 32% year-over-year in Q4, despite lower sales volumes.

Outlook and guidance

• Ammonia utilization rate for Q1 2026 expected between 95% and 100%.

• Q1 2026 direct operating expenses projected at $57–$83 million, with capital spending of $25–$30 million.

• 2026 maintenance capital spending estimated at $35–$45 million; growth capital at $25–$30 million, funded from prior reserves.

• Nitrogen fertilizer market conditions remain supportive with tight global supply and strong demand; robust pricing expected into 2026.