Intrepid Potash (IPI) investor relations material

Executive summary

• Q3 continuing-operations sales were $51.0 million versus $50.8 million YoY; net income rose to $1.7 million from $0.7 million.

• Stronger Trio® production, pricing and margins supported improved profitability and a 10,000-ton increase to FY2026 production guidance.

• Nine-month sales increased 2% to $216.4 million; continuing-operations net income was $11.0 million, while total net income of $24.7 million included discontinued operations and a sale gain.

Financial highlights

• Q3 gross margin was $10.0 million, essentially unchanged YoY; nine-month gross margin rose 24% to $44.4 million.

• Q3 adjusted EBITDA rose to $11.7 million from $10.7 million; adjusted net income from continuing operations was $1.8 million versus $0.7 million.

• Nine-month adjusted EBITDA increased to $48.2 million from $39.1 million; continuing-operations net income was $11.0 million versus $5.5 million.

• Q3 operating income was $0.2 million versus $0.5 million; nine-month operating income was $7.5 million versus $5.6 million.

• Nine-month cash flow from continuing operations increased to $50.5 million from $37.3 million.

Outlook and guidance

• FY2026 production guidance: potash 290,000–300,000 tons; Trio® 305,000–315,000 tons, raised from 295,000–305,000 tons; capital expenditures ~ $45 million, up from ~ $40 million.

• 2027 production outlook: Trio® 320,000–330,000 tons and potash ~310,000–330,000 tons; full-year 2027 capital guidance expected next quarter.

• Planned 2027 investments of $16 million for Trio® and ~ $20 million for potash target annual output gains of ~30,000 tons and 20,000–30,000 tons, respectively; each targets ~30% returns.

• Q4 guidance: potash sales of 63,000–73,000 tons at $385–$395 per ton; Trio® sales of 83,000–93,000 tons at $385–$395 per ton.

• Healthy fertilizer demand is expected through H1 2027, with seasonal and regional variation and grower purchasing discipline amid elevated input costs.