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Natural Resource Partners (NRP) investor relations material
Natural Resource Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Generated $42 million of free cash flow in Q3 2025 and $190 million over the last 12 months, despite significant headwinds in metallurgical coal, thermal coal, and soda ash markets.
Operating cash flow was $121.1 million and free cash flow was $123.2 million for the nine months ended September 30, 2025, with liquidity of $190.1 million and a leverage ratio of 0.4x.
Revenues and other income declined 21% year-over-year to $160.6 million, driven by lower coal and soda ash prices and volumes.
Retired nearly $130 million of debt over the past 12 months, with $70 million remaining at quarter-end; on track to increase unit holder distributions, but timing may be delayed if market weakness persists.
Paid $0.75 per common unit for both Q2 and Q3 2025 distributions, with a special $1.21 per unit distribution in March 2025.
Financial highlights
Q3 2025 net income was $31 million, operating cash flow $41 million, and free cash flow $42 million.
Net income for the nine months ended September 30, 2025 was $105.4 million, down from $140.9 million year-over-year.
Adjusted EBITDA for the period was $126.9 million, a decrease from $176.6 million in the prior year.
Mineral rights segment generated $41 million net income, $44 million operating cash flow, and $45 million free cash flow; net income flat year-over-year, but operating and free cash flow down $9 million due to weaker met coal prices.
Soda ash segment net income decreased $11 million year-over-year, with operating and free cash flow each down $6 million, driven by lower international prices and weak demand.
Outlook and guidance
Management expects continued weak pricing for metallurgical and thermal coal due to soft global steel demand and ample coal stockpiles.
No near-term catalysts identified for coal or soda ash market recovery; expect supply rationalization in soda ash, but timing is uncertain and may take years.
Plan to increase unit holder distributions once debt is further reduced, but warn that prolonged market weakness could delay this.
Carbon sequestration strategy outlook?
Sisecam Wyoming distribution resumption?
Deleveraging goals vs. distribution policy?
Capital allocation priorities post-debt paydown
Triggers for soda ash market rebalancing
Thermal coal CapEx for data center demand
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Next Natural Resource Partners earnings date
Q4 202527 Feb, 2026
Next Natural Resource Partners earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Natural Resource Partners L.P. is a master limited partnership that owns, manages, and leases a diversified portfolio of natural resource and infrastructure assets. The company’s holdings include coal reserves, aggregates, and industrial minerals, as well as rights for oil and gas production. It generates revenue primarily through royalty payments and leasing arrangements. Natural Resource Partners also owns infrastructure assets, such as transportation and storage facilities, that support its resource-based operations. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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