Intrepid Potash (IPI) investor relations material

Executive summary

• Q2 2025 results exceeded expectations, with net income of $3.3M reversing a prior year loss and adjusted EBITDA rising to $16.4M, driven by strong potash and Trio sales, improved pricing, and higher production volumes.

• Gross margin more than doubled to $14.3M, reflecting increased sales and lower per ton costs.

• Cash and cash equivalents reached $87M as of August 2025, supporting a robust financial position and ongoing capital allocation discussions.

• Focus remains on operational durability, cost reduction, and maximizing long-term value from core assets.

Financial highlights

• Q2 2025 sales increased 15% year-over-year to $71.5M, with potash and Trio segments driving growth.

• Potash segment Q2 sales volumes rose 25% to 69,000 tons, with net realized sales price at $361/ton; Trio sales were 70,000 tons at $368/ton.

• Potash segment gross margin was $4.9M; Trio segment gross margin was $8.1M.

• Oilfield Solutions contributed $4.3M in revenue and $1.3M gross margin.

• Operating cash flow for the first half of 2025 was $50.9M.

Outlook and guidance

• Potash production forecast for 2025 and 2026 is 270,000–280,000 tons annually, reflecting weather and Amax well impacts.

• Q3 potash sales volumes expected at 55,000–65,000 tons, with net realized price of $375–$385/ton.

• Q3 Trio sales volumes expected at 27,000–37,000 tons, with price guidance of $383–$393/ton.

• CapEx guidance for 2025 is $32M–$37M, primarily for sustaining capital.

• Sufficient liquidity projected for the next twelve months, with $87M in cash and $150M available under the credit facility.