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▼ CF 4 Parkway North , Suite 400 Deerfield , IL 60015 www.cfindustries.com CF Industries Holdings , Inc. Reports Nine Month 2021 Net Earnings of $ 212 Million , EBITDA of $ 984 Million , Adjusted EBITDA of $ 1,485 Million Grain Prices , Industrial Recovery Support Global Nitrogen Demand Strength into 2023 Widening Energy Spreads Steepen Global Cost Curve , Driving Improved Margins Company Achieved Investment Grade Credit Ratings Board Authorizes $ 1.5 Billion Share Repurchase Program DEERFIELD , IL ― November 3 , 2021 - CF Industries Holdings , Inc. ( NYSE : CF ) , a leading global manufacturer of hydrogen and nitrogen products , today announced results for its first nine months and third quarter ended September 30 , 2021. As discussed below , results are preliminary pending completion of an impairment analysis and finalization of non - cash impairment charges related to the Company's UK operations . Highlights • • • • First nine months net earnings of $ 212 million ( 1 ) , or $ 0.98 per diluted share , and EBITDA ( 2 ) of $ 984 million , which include the impact of preliminary pre - tax non - cash impairment charges of $ 495 million related to the Company's UK operations ; adjusted EBITDA ( 2 ) of $ 1,485 million Third quarter net loss of $ 185 million ( 1 ) , or $ 0.86 per diluted share , and EBITDA loss of $ 10 million , which include the impact of preliminary pre - tax non - cash impairment charges of $ 495 million related to the Company's UK operations ; adjusted EBITDA of $ 488 million Trailing twelve month net cash from operating activities of $ 1.68 billion , free cash flow ( 3 ) of $ 1.00 billion Achieved Investment Grade Credit Ratings from S & P Global Ratings and Fitch Ratings Redeemed $ 250 million in debt in the third quarter , lowering long - term debt to $ 3.5 billion , committed to lowering gross debt to $ 3.0 billion Repurchased approximately 1.1 million shares for $ 50 million during the third quarter ; new $ 1.5 billion share repurchase program authorized for 2022-2024 Board approved construction of carbon dioxide dehydration and compression units at Donaldsonville and Yazoo City complexes , enabling the production of up to 1.25 million tons of blue ammonia annually • U.S. International Trade Commission issued an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of UAN imports from Russia and Trinidad " Strong global nitrogen demand , favorable energy spreads and continued excellent performance by the CF team helped us deliver a nearly 50 percent increase in adjusted EBITDA through the first nine months of 2021 compared to 2020 , " said Tony Will , president and chief executive officer , CF Industries Holdings , Inc. " We expect positive nitrogen industry fundamentals will persist at least into 2023 , underpinned by the need to replenish global grains stocks and by rising economic activity . We are well - positioned to capitalize on these positive industry dynamics , enabling us to invest in our clean energy initiatives , return substantial capital to shareholders and achieve our goal of $ 3 billion of gross debt by 2023. " Nitrogen Market Outlook High crop prices and the need to replenish global grains stocks are expected to underpin global fertilizer demand in the near - term . Forward curves indicate elevated crop prices through 2023 , incentivizing strong plantings and fertilizer use globally . The rebound in global GDP growth and industrial activity also has supported increased nitrogen demand . Additionally , management believes that global nitrogen supply will remain constrained with production in key regions affected by high energy prices . 1