Natural Resource Partners (NRP) investor relations material

Executive summary

• Generated $46M free cash flow in Q2 2025 and $203M over the last twelve months, despite cyclical lows in coal and soda ash prices.

• Revenues and net income declined year-over-year due to lower metallurgical coal and soda ash prices and volumes, with a 22% drop in total revenues for the six months ended June 30, 2025 compared to 2024.

• Deleveraging strategy has strengthened financial position, enabling continued debt reduction and robust cash flow generation.

• Expect to pay off substantially all debt by mid-next year and increase unitholder distributions starting next August.

• Distributions to common unitholders continued, including a special distribution to cover tax liabilities, and the company remains in compliance with all debt covenants.

Financial highlights

• Q2 2025 net income was $34M; operating and free cash flow both $46M.

• Six-month revenues fell to $110.6 million from $142.0 million year-over-year, and net income dropped to $74.5 million from $102.3 million.

• Adjusted EBITDA for the six months was $88.0 million, down from $130.8 million in the prior year period.

• Paid $0.75 per common unit distribution for both Q1 and Q2 2025, plus a $1.21 per unit special distribution in March 2025.

• Interest expense declined due to lower borrowings, and the company ended the quarter with $30.3 million in cash.

Outlook and guidance

• On track to pay off nearly all debt in coming months; significant increase in unitholder distributions expected next August.

• Management expects continued weak pricing for metallurgical and thermal coal and soda ash through 2025 and into 2026.

• Soda ash distributions from Sisojam/Sisecam Wyoming projected to remain at historically low levels until demand rebounds or supply rationalizes.

• The company continues to explore carbon neutral revenue opportunities, though timing and likelihood of material cash flows remain uncertain.