Natural Resource Partners (NRP) Q4 2025 earnings summary

Executive summary

• Generated $169M free cash flow and retired $109M of debt in 2025, ending the year with $33M debt outstanding, despite challenging commodity markets.

• Paid total distributions of $4.21 per common unit in 2025, including a $1.21 special distribution for 2024 tax liabilities and a $0.12 special distribution for 2025 tax liabilities.

• Liquidity at year-end was $211.2M, with $30.1M in cash and $181.1M in borrowing capacity.

• No distributions received from Sisecam Wyoming JV for last two quarters; $39M capital investment made to support JV.

• Progress continues toward debt retirement and future distribution increases, though timing delayed by JV investment.

Financial highlights

• Q4 2025: $31M net income, $45M operating cash flow, $46M free cash flow.

• Full year 2025: $136.4M net income, $165.9M operating cash flow, $169M free cash flow, all down year-over-year.

• Retired $109M of debt in 2025; year-end debt at $33M.

• Consolidated leverage ratio improved to 0.2x at year-end 2025 from 0.6x at year-end 2024.

• Paid $0.75 per common unit for Q3 and Q4 2025; total 2025 distributions were $4.21 per unit.

Outlook and guidance

• No material market improvement expected for coal or soda ash in the near term; 2026 outlook for soda ash is even more negative.

• Distribution increase now expected in November, not May, due to $39M JV investment.

• No distributions from Sisecam Wyoming anticipated for several years due to market oversupply.

• No material changes to pricing or carbon neutral initiatives expected in 2026.