Page 1

VCF 4 Parkway North , Suite 400 Deerfield , IL 60015 www.cfindustries.com CF Industries Holdings , Inc. Reports First Half 2021 Net Earnings of $ 397 Million , EBITDA of $ 994 Million , Adjusted EBITDA of $ 997 Million Nitrogen Price Improvement Driven by Strong Demand , Favorable Energy Spreads Low Global Grains Stocks - to - Use Ratio Supports Nitrogen Demand Strength Into 2023 Forward Energy Curves Suggest Positive Global Nitrogen Cost Curve Over Next 2 Years DEERFIELD , IL - August 9 , 2021 - CF Industries Holdings , Inc. ( NYSE : CF ) , a leading global manufacturer of hydrogen and nitrogen products , today announced results for its first half and second quarter ended June 30 , 2021 . Highlights • • • • • First half net earnings of $ 397 million ( 1 ) , or $ 1.83 per diluted share ; EBITDA ( 2 ) of $ 994 million ; adjusted EBITDA ( 2 ) of $ 997 million Second quarter net earnings of $ 246 million ( 1 ) , or $ 1.14 per diluted share ; EBITDA of $ 596 million ; adjusted EBITDA of $ 599 million Trailing twelve month net cash from operating activities of $ 1.22 billion , free cash flow ( 3 ) of $ 698 million Company to redeem $ 250 million in debt on September 10 , 2021 Mitsui & Co. , Inc. , one of the leading ammonia marketers in the world , and CF Industries , the world's largest producer of ammonia , have agreed to jointly explore development of blue ammonia projects in the United States Company requested the initiation of antidumping and countervailing duty investigations on imports of UAN from Russia and Trinidad and Tobago ( Trinidad ) due to the harm the domestic UAN industry has experienced from dumped and unfairly subsidized UAN imports from Russia and Trinidad " The CF team performed well in the first half of 2021 as strong global nitrogen demand and favorable energy spreads enabled us to generate approximately $ 1 billion in adjusted EBITDA , nearly 25 percent higher than the first half of 2020 , " said Tony Will , president and chief executive officer , CF Industries Holdings , Inc. " These dynamics continue to support global nitrogen prices at levels far above those of a year ago , positioning CF Industries well for the second half of 2021. Looking ahead , we expect positive global nitrogen industry conditions to persist into 2023 , underpinned by the need to replenish global grains stocks . " Operations Overview The Company continues to operate safely and efficiently across its network . As of June 30 , 2021 , the 12 - month rolling average recordable incident rate was 0.28 incidents per 200,000 work hours , which is significantly better than industry benchmarks . Gross ammonia production for the second quarter of 2021 was approximately 2.2 million tons , and was approximately 4.7 million tons for the first half of 2021. Management expects gross ammonia production in 2021 will be at the lower end of its previous forecast , approximately 9.5 million tons . This reflects higher maintenance activity in 2021 compared to 2020 , which includes activities deferred from 2020 due to the COVID - 19 pandemic as well as maintenance related to the plant outages from the forced shut - downs due to natural gas availability issues in February 2021 . Additionally , management intends to complete certain maintenance activities originally planned for 2022 in the second half of 2021 . First Half 2021 Financial Results Overview 1