Slides
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Fiscal 2025 Third-QuarterBusiness Update// Aug. 11, 2025
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Forward-Looking Statements and Other DisclaimersThis presentation may contain forward-looking statements, including, without limitation, statements about theoutcome of the North American bid season, including pricing and commitment sizes, the execution of back-to-basics strategy, competitive advantages, tariffs, tax rates, and the company's outlook for 2025, including itsexpectations regarding sales volumes, revenue, Adjusted EBITDA, depreciation, depletion, and amortization,interest expense, tax rates, and capital expenditures. Forward-looking statements are those that predict ordescribe future events or trends and that do not relate solely to historical matters. The company uses wordssuch as “may,” “would,” “could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,”“forecast,” “outlook,” “project,” “estimate” and similar expressions suggesting future outcomes or events toidentify forward-looking statements or forward-looking information. These statements are based on thecompany’s current expectations and involve risks and uncertainties that could cause the company’s actualresults to differ materially. The differences could be caused by a number of factors, including without limitation(i) weather conditions, (ii) inflation, the cost and availability of transportation for the distribution of thecompany’s products and foreign exchange rates, (iii) pressure on prices and impact from competitive products,and (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving orenterprise optimization initiatives. For further information on these and other risks and uncertainties that mayaffect the company’s business, see the “Risk Factors” and “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” sections of the company’s Amended Annual Report on Form10-K for the period ended Sept. 30, 2024, and its Quarterly Reports on Form 10-Q for the quarters ended Dec.31, 2024, March 31, 2025, and June 30, 2025 filed or to be filed with the SEC, as well as the company's otherSEC filings. The company undertakes no obligation to update any forward-looking statements made in thispress release to reflect future events or developments, except as required by law. Because it is not possible topredict or identify all such factors, this list cannot be considered a complete set of all potential risks oruncertainties. 2
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Fiscal 2025 Third-Quarter Results
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4 Fiscal 2025 Third-Quarter Performance Overview 4 • Net loss for the third quarter of fiscal 2025 of $17.0 million, compared to a net loss of $43.6 million in the third quarter of fiscal 2024• Total company adjusted EBITDA for the third quarter of fiscal 2025 of $41.0 million, up 25% from $32.8 million in the prior year• Salt sales volumes up 4% year over year; per-ton operating earnings and adjusted EBITDA up 4% and 6%, respectively, from comparable period in 2024• Plant Nutrition sale volumes up 21% year over year, helping to contribute to increases in operating earnings and adjusted EBITDA on both absolute and per-ton bases• Net total debt down 13% year over year and down 2% sequentially to $746 million, with liquidity of $389 million as of June 30, 2025; successful refinancing activities during quarter improves financial flexibility, enhances liquidity, and extends the maturity profile1 Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net income (loss), the most directly comparable GAAP financial measure.
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Third-Quarter Fiscal 2025 Consolidated Results 1 Adjusted EBITDA from continuing operations is a non-GAAP financial measure. See appendix for reconciliation to net income (loss), the most directly comparable GAAP financial measure.$190 $199 $206 $173 0.0%10.0%20.0%30.0%40.0%$0$50$100$150$200$250Sept. 30, 2022 Sept. 30, 2023 Sept. 30, 2024 June 30, 2025Adjusted EBITDAAdjusted EBITDA MarginHistorical TTM Reported Adjusted EBITDA1 and Margin(millions) Commentary•Consolidated financial results for the quarter reflect improvement in both core businesses; Salt and Plant Nutrition both realized:oGrowth in sales volumes and revenueoIncrease in operating earnings and adjusted EBITDA on absolute and per-ton bases•Net loss improved to a loss of $17.0 MM compared to a loss of $43.6 MM in the comparable period in 2024•Reported adjusted EBITDA1of $41.0 MM in the quarter, an increase of 25% year over year53Q243Q253Q25 Reported Adjusted EBITDA1(in millions)$4.2$32.8$41.0$(0.2)$4.2Salt Plant NutritionCorp. & Other 3Q25Consolidated Results+6%Revenue (y/y change)+25%Adjusted EBITDA1 (y/y change)19.1%Adjusted EBITDA1 margin
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6 %Δ3Q243Q25($ in millions)+3.4%$160.6$166.0Revenue+10.1%$41.6$45.8Adj. EBITDA1+1.7 pts25.9%27.6%Adj. EBITDA1margin-1%~$108/ton~$108/tonAverage price per tonThird-Quarter Fiscal 2025 Summary•Salt segment sales volumes up 4%, with average selling price down 1% yearover year; pricing down 1% for C&I and highway deicing up 1%•Net revenue per ton, which reflects distribution costs, decreased ~1% yearover year•Operating earnings and adjusted EBITDA1per ton improved 4% and 6%,respectively, year over year•North American highway deicing inventory values and volumes upsequentially with normal seasonal builds ahead of 2025/26 deicing season 28%and 27%, respectively; managing inventory build with volumes down 54% yearover year•Approximately 70% of the company's North American highway deicing biddingprocess for the upcoming 2025/2026 winter season has been completed;average contract selling price for the coming season expected to be upapproximately 2%-4% and committed bid volumes are expected to be increaseby approximately 3%-5% Fiscal 2025 Third-Quarter Salt ResultsSales Volumes(in thousands of short tons)$182 $231 $228 $217 10%20%30%40%$0$50$100$150$200$250Sept. 30, 2022 Sept. 30, 2023 Sept. 30, 2024 June 30, 2025EBITDAEBITDA MarginHistorical TTM Adj. EBITDA1 and Margin(millions) 1 Non-GAAP financial measure. See appendix for reconciliation to operating earnings, the most directly comparable GAAP financial measure. 1,1441,090Highway Deicing3Q253Q24400393Consumer &Industrial
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68563Q25 3Q24$73 $44 $18 $18 0%10%20%30%40%50%$0$20$40$60$80Sept. 30, 2022 Sept. 30, 2023 Sept. 30, 2024 Mar. 31, 2025EBITDAEBITDA Margin%Δ3Q243Q25($ in millions)+15.5%$38.8$44.8Revenue+58.3%$7.2$11.4Adj. EBITDA1+6.9pts18.6%25.4%Adj. EBITDA1margin-4.7%~$691/ton~$659/tonAverage price per ton 7 Fiscal 2025 Third-Quarter Plant Nutrition Results (millions)1 Non-GAAP financial measure. See appendix for reconciliation to operating earnings, the most directly comparable GAAP financial measure. Sales Volumes(in thousands of short tons)Historical TTM Adj. EBITDA1 and MarginThird-Quarter Fiscal 2025 Summary•Sales volumes increased 21% year over year, to 68 thousand tons ofsales in the quarter; positive production trends in 2025 have allowedthe company to pursue business beyond normally serviced market,leading to incremental sales•Sales price decreased 5% year over year, reflecting pricing dynamicsof potash pricing in the global marketplace•Plant Nutrition adjusted EBITDA1up to $11.4 million from $7.2 millionyear over year
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Charting a Prudent Financial Path Forward•Successful execution on strategy to harvest cash from working capital through inventory rationalization has contributed to a 13% reduction of net total debt1year over year•Completed refinancing transaction in 3Q25 that improved the company’s financial flexibility, enhanced its liquidity, and extended it maturity profile•Strong liquidity & attractive debt maturity profileo$388.7 million in liquidity as of June 30, 2025 comprised of $79.4 million in cash and $309.3 million available under revolving credit agreementoRecent refinancing pushed maturity wall out to 2030 1Total net debt defined as sum of current portion of long-term debt and long-term debt, net of current portion less cash and cash equivalents2As of June 30, 2025. $40 $150 $650 2025 2026 2027 2028 2029 2030Fiscal year 81 Debt Maturity Profile2 (in millions)$746 $862 $500 $600 $700 $800 $9006/30/25 6/30/24Total Net Debt1(in millions)Down 13%
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Outlook & Guidance
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Long-Term Attributes• Largest producer of SOP in the Western Hemisphere• Unique solar evaporation asset in Ogden, Utah, provides competitive advantagesoWell positioned to serve specialty crops, particularly on the west coast of U.S. oStrategic forward-deploy warehouse network• Attractive marketsoHigh-value and chloride-sensitive crops in North AmericaoDiversified end markets insulated from the volatility of commodity row crops in North AmericaFiscal 2025 Plant Nutrition Guidance2025 Range325320FY25 Volumes (thousands of tons)$205$200FY25 Revenue (in millions)$27$24FY25 EBITDA (in millions)10 Salt and Plant Nutrition Outlook and GuidanceLong-Term Attributes• Resilient, recession-resistant demand profile• Difficult to replicate asset base with important logistical advantagesoNew mine development rarely economically feasibleoConvenient access to water transportationoExtensive depot network• Attractive marketsoHighway deicing in North America and the U.K. oConsumer and industrial in North AmericaFiscal 2025 Salt Guidance2025 Range9,0008,800Highway Deicing volumes (thousands of tons)2,0001,900Consumer and industrial volumes (thousands of tons)11,00010,700FY25 Total Volumes (thousands of tons)$1,040$1,000FY25 Revenue (in millions)$229$220FY25 Adj. EBITDA (in millions) SaltPlant Nutrition
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Consolidated Guidance Summary 2025 Adj. EBITDA Range(in millions)$229$220Salt2724Plant Nutrition(55)(59)Corporate1 $201$185TOTAL2025 Capital Expenditure Range(in millions)$85$75TOTALOther Consolidated Modeling Information(in millions of dollars unless otherwise noted)2025 Range$75$70Interest expense, net of interest income$115$105Depreciation, depletion and amortization18%13%Effective tax rate (excl. valuation allowance and impairments)21Includes financial contribution of DeepStore as well as $3 to $5 million in cash expenses related to Fortress; also included is approximately $8 million related to the write down of the contingent consideration liability related to Fortress.2Guidance for the 2025 effective income tax rate reflects the income mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S., for which a valuation allowance is expected to be recorded against the U.S. tax benefit carryforward.11
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Appendix
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131 There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred tax assets. Applicable product recall costs reflect an impact from Canadian taxes.2 Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities. Special Items Special Items Impacting Three Months Ended June 30, 2025(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description$---$0.2$---$0.2Product cost and Other operating incomeSaltProduct recall costs---0.3---0.3Other operating expenseCorporate and OtherRestructuring charges(2) 0.020.7---0.7Loss on impairments, netCorporate and OtherImpairments$0.02$1.2$---$1.2TotalSpecial Items Impacting Three Months Ended June 30, 2024(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description$0.04$1.5$---$1.5Other operating incomeCorporate and OtherRestructuring charges(2) $0.04$1.5$---$1.5Total
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141 There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred tax assets. Applicable product recall costs reflect an impact from Canadian taxes.2 Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities. Special Items Special Items Impacting Nine Months Ended June 30, 2025(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description$0.03$1.6$(0.4)$2.0Product cost and Other operating incomeSaltProduct recall costs0.010.3---0.3Other operating incomeSaltRestructuring charges(2) 0.094.0---4.0Other operating incomeCorporate and OtherRestructuring charges(2) 1.3053.7---53.7Loss on impairments, netCorporate and OtherImpairments$1.43$59.6$(0.4)$60.0TotalSpecial Items Impacting Nine Months Ended June 30, 2024(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description$0.37$15.1$---$15.1Other operating incomeCorporate and OtherRestructuring charges(2) 0.010.4---0.4Other operating incomeSaltRestructuring charges(2) 0.031.7---1.7Other operating incomePlant NutritionRestructuring charges(2) 3.02124.8---124.8COGS and Loss on impairments, netCorporate and OtherImpairments1.2351.0---51.0Loss on impairments, netPlant NutritionGoodwill impairment$4.66$193.0$---$193.0Total
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15 Reconciliation for Adjusted Operating Earnings (unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025(87.0)$13.3$5.9$15.9$Operating income (loss)---2.0---0.2Product recall costs1 17.24.31.50.3Restructuring charges2 175.853.7---0.7Loss on impairments, net3 106.0$73.3$7.4$17.1$Adjusted operating earnings908.61,016.4202.9214.6Sales(9.6)%1.3%2.9%7.4%Operating margin11.7%7.2%3.6%8.0%Adjusted operating margin1 The company recognized costs related to a recall of food-grade salt produced at its Goderich plant.. 2 The company incurred severance and related charges due to reductions in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business during the three and nine months ended June 30, 2025. The company also incurred severance and related charges for the three and nine months ended June 30, 2024, due to reductions in workforce and changes to executive leadership and additional restructuring costs for the termination of our lithium development project.3 For the three and nine months ended June 30, 2025, the company recognized impairments of assets related to the exit of the Fortress fire retardant business. For the nine months ended June 30, 2024, the company recognized impairments of long-lived assets related to the termination of the lithium development project; Fortress goodwill, intangible assets and inventory; and Plant Nutrition goodwill. Reconciliation of Non-GAAP Information
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16 Reconciliation for Adjusted Net Earnings(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025(157.8)$(72.6)$(43.6)$(17.0)$Net loss---2.0---0.2Product recall costs1 17.24.31.50.3Restructuring charges2 173.453.7---0.7Loss on impairments, net3 2.4---------Loss on inventory impairments3 ---(0.4)------Income tax effect35.2$(13.0)$(42.1)$(15.8)$Adjusted net earnings(3.83)$(1.74)$(1.05)$(0.41)$Net loss per diluted share0.83$(0.31)$(1.01)$(0.39)$Adjusted net earnings per diluted shareWeighted-average common shares outstanding (in thousands):41,28441,73841,34241,859Diluted1 The company recognized costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three and nine months ended June 30, 2025 were $0.2 million ($0.2 million net of tax) and $2.0 million ($1.6 million net of tax), respectively.2 The company incurred severance and related charges due to reductions in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business during the three and nine months ended June 30, 2025. The company also incurred severance and related charges for the three and nine months ended June 30, 2024, due to reductions in workforce and changes to executive leadership and additional restructuring costs for the termination of our lithium development project.3 For the three and nine months ended June 30, 2025, the company recognized impairments of assets related to the exit of the Fortress fire retardant business. For the nine months ended June 30, 2024, the company recognized impairments of long-lived assets related to the termination of the lithium development project; Fortress goodwill, intangible assets and inventory; and Plant Nutrition goodwill. Reconciliation of Non-GAAP Information
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17 Reconciliation for EBITDA and Adjusted EBITDA(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025(157.8)$(72.6)$(43.6)$(17.0)$Net loss50.451.217.216.3Interest expense20.422.932.73.4Income tax expense78.476.526.123.2Depreciation, depletion and amortization(8.6)$78.0$32.4$25.9$EBITDAAdjustments to EBITDA:6.37.3(0.7)0.6Stock-based compensation - non cash(0.8)(0.9)(0.2)(0.3)Interest income(1.1)3.1(0.5)8.4Loss (gain) on foreign exchange---7.6---7.6Loss on extinguishment of debt---2.1---0.3Product recall costs1 17.24.31.50.3Restructuring charges2 175.853.7---0.7Loss on impairments, net3 1.92.00.3(2.5)Other (income) expense, net190.7$157.2$32.8$41.0$Adjusted EBITDA1 The company recognized costs related to a recall of food-grade salt produced at its Goderich plant.2The company incurred severance and related charges due to reductions in workforce, changes to executive leadership and additional restructuring costs related to the exit of the Fortress fire retardant business during the three and nine months ended June 30, 2025. The company also incurred severance and related charges for the three and nine months ended June 30, 2024, due to reductions in workforce and changes to executive leadership and additional restructuring costs for the termination of our lithium development project.3For the three and nine months ended June 30, 2025, the company recognized impairments of assets related to the exit of the Fortress fire retardant business. For the nine months ended June 30, 2024, the company recognized impairments of long-lived assets related to the termination of the lithium development project; Fortress goodwill, intangible assets and inventory; and Plant Nutrition goodwill. Reconciliation of Non-GAAP Information
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18 Salt Segment Performance(in millions, except for sales volumes and prices per short ton)Nine months ended June 30,Three months ended June 30,2024202520242025745.3$840.9$160.6 $166.0 $Sales142.6$124.4$25.9$28.1$Operating earnings19.1%14.8%16.1%16.9%Operating margin143.0$126.7$25.9$28.3$Adjusted operating earnings1 19.2%15.1%16.1%17.0% Adjusted operating margin1 189.7$176.8$41.6$45.6$EBITDA1 25.5%21.0%25.9%27.5%EBITDA1margin190.1$179.1$41.6$45.8$Adjusted EBITDA1 25.5%21.3%25.9%27.6%Adjusted EBITDA margin1Sales volumes (in thousands of tons):6,4017,7141,0901,144Highway deicing1,4031,428393400Consumer and industrial7,8049,1421,4831,544Total SaltAverage sales price (per ton):73.60$71.52$77.20$77.63$Highway deicing195.37$202.60$194.35$193.26$Consumer and industrial95.50$91.99$108.27$107.54$Total Salt Salt Segment Performance 1 Non-GAAP financial measure. Reconciliations follow in these tables.
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19Reconciliation for Salt Segment EBITDA and Adjusted EBITDA(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025142.6 $124.4$25.9 $28.1 $Reported GAAP segment operating earnings47.152.415.717.5Depreciation, depletion and amortization189.7$176.8$41.6$45.6$Segment EBITDA0.40.3------Restructuring charges1 ---2.0---0.2Product recall costs2 190.1$179.1$41.6$45.8$Segment adjusted EBITDA745.3840.9160.6166.0Segment sales25.5%21.0%25.9%27.5%Segment EBITDA margin25.5%21.3%25.9%27.6%Segment adjusted EBITDA margin Salt Reconciliation of Non-GAAP Information 1 The company incurred severance and related charges due to a reduction of its workforce.2 The company incurred costs related to a product recall of food-grade salt produced at its Goderich plant. Reconciliation for Salt Segment Adjusted Operating Earnings(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025142.6 $124.4 $25.9 $28.1 $Reported GAAP segment operating earnings0.40.3------Restructuring charges1 ---2.0---0.2Product recall costs2 143.0$126.7$25.9$28.3$Segment adjusted operating earnings745.3840.9160.6166.0Segment sales19.1%14.8%16.1%16.9%Segment operating margin19.2%15.1%16.1%17.0%Segment adjusted operating margin
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20 Plant Nutrition Segment Performance(in millions, except for sales volumes and prices per short ton)Nine months ended June 30,Three months ended June 30,2024202520242025138.6 $164.5$38.8 $44.8 $Sales(56.7)$0.3$(1.4)$5.2$Operating earnings (loss)(40.9)%0.2%(3.6)%11.6%Operating margin(4.0)$0.3$(1.4)$5.2$Adjusted operating earnings (loss)1 (2.9)%0.2%(3.6)%11.6%Adjusted operating margin1 (31.0)$21.4$7.2$11.4$EBITDA1 (22.4)%13.0%18.6%25.4%EBITDA1margin21.7$21.4$7.2$11.4$Adjusted EBITDA1 15.7%13.0%18.6%25.4%Adjusted EBITDA margin1 2052635668Sales volumes (in thousands of tons):676.11$625.28$691.29$658.79$Average sales price (per ton): Plant Nutrition Segment Performance 1 Non-GAAP financial measure. Reconciliations follow in these tables.
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21Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025(56.7)$0.3 $(1.4) $5.2 $Reported GAAP segment operating earnings (loss)25.721.18.66.2Depreciation, depletion and amortization(31.0)$21.4$7.2$11.4$Segment EBITDA1.7---------Restructuring charges1 51.0---------Loss on goodwill impairment2 21.7$21.4$7.2$11.4$Segment adjusted EBITDA138.6164.538.844.8Segment sales(22.4)%13.0%18.6%25.4%Segment EBITDA margin15.7%13.0%18.6%25.4%Segment adjusted EBITDA margin Plant Nutrition Reconciliation of Non-GAAP Information 1 The company incurred severance and related charges due to a reduction of its workforce.2 The company recognized a goodwill impairment during the nine months ended June 30, 2024. Reconciliation for Plant Nutrition Segment Adjusted Operating Loss(unaudited, in millions)Nine months ended June 30,Three months ended June 30,2024202520242025(56.7) $0.3 $(1.4) $5.2 $Reported GAAP segment operating earnings (loss)1.7---------Restructuring charges1 51.0---------Loss on goodwill impairment2 (4.0)$0.3$(1.4)$5.2$Segment adjusted operating earnings (loss)138.6164.538.844.8Segment sales(40.9)%0.2%(3.6)%11.6%Segment operating margin(2.9)%0.2%(3.6)%11.6%Segment adjusted operating margin