Slides
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Fiscal 2026 First-Quarter Business Update// Feb. 5, 2026
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Forward-Looking Statements and Other DisclaimersThis press release 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-basicsstrategy, competitive advantages, tariffs, tax rates, and the company's outlook for 2026, including its expectationsregarding sales volumes, revenue, Adjusted EBITDA, depreciation, depletion, and amortization, interest expense, taxrates, and capital expenditures. Forward-looking statements are those that predict or describe future events or trendsand that do not relate solely to historical matters. The company uses words such as “may,” “would,” “could,” “should,”“will,” “likely,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and similarexpressions suggesting future outcomes or events to identify forward-looking statements or forward-lookinginformation. These statements are based on the company’s current expectations and involve risks and uncertaintiesthat could cause the company’s actual results to differ materially. The differences could be caused by a number offactors, including without limitation (i) weather conditions, (ii) inflation, the cost and availability of transportation forthe distribution of the company’s products and foreign exchange rates, (iii) pressure on prices and impact fromcompetitive products, and (iv) any inability by the company to successfully implement its strategic priorities or itscost-saving or enterprise optimization initiatives. For further information on these and other risks and uncertaintiesthat may affect 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 Annual Report on Form 10-K for the periodended Sept. 30, 2025, and its Quarterly Reports on Form 10-Q for the quarter ended Dec. 31, 2025, filed or to befiled with the SEC, as well as the company's other SEC filings. The company undertakes no obligation to update anyforward-looking statements made in this press release to reflect future events or developments, except as requiredby law. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete setof all potential risks or uncertainties. 2
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Fiscal 2026 First-Quarter Results
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4 Fiscal 2026 First-Quarter Overview 4 • Net income of $18.6 million for the first quarter of 2026, compared to a net loss of $23.6 million in the prior year• Total company adjusted EBITDA for the first quarter of 2026 of $65.3 million, up 103% year over year• Strong sales volume growth year over year of 37% led to increases in Salt business operating earnings and adjusted EBITDA of 67% and 41%, respectively, from the prior-year period• Improvements in pricing and cost structure increased Plant Nutrition segment operating earnings and adjusted EBITDA on both absolute and per-ton bases• Net debt decreased to $836.9 million as of December 31, 2025, a $92 million, or 10%,decrease from December 31, 2024• Full-year guidance for total company adjusted EBITDA increased 2% at the mid-point of guidance range to $208 million to $240 million, inclusive of the impact of the Wynyard sulfate of potash (SOP) operation sale1 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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First-Quarter Fiscal 2026 Consolidated Results 1 Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net income, the most directly comparable GAAP financial measure.$199 $206 $199 $232 0.0%10.0%20.0%30.0%40.0%$0$50$100$150$200$250Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 Dec. 31, 2025Adjusted EBITDAAdjusted EBITDA MarginHistorical TTM Adjusted EBITDA1 and Margin(millions) 51Q25 1Q261Q26 Adjusted EBITDA1(in millions)$8.4$32.1$65.3$5.4$19.4Salt Plant NutritionCorp. & Other1Q26Consolidated Results+29%Revenue (y-o-y)+103%Adjusted EBITDA1 (y-o-y)16.5%Adjusted EBITDA1 marginFirst-Quarter Fiscal 2026 Summary•Steady winter weather during 1Q26 driving improved Salt adjusted EBITDA year over year•Stronger pricing and improvements to cost structure drivingimprovements in Plant Nutrition segment despite lower sales volumes compared to the prior year period•Corporate and Other reflects positive momentum reducing costs resulting from in multi-year cost control and continuous improvement initiatives
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6 %Δ1Q251Q26($ in millions)+37%$242.2$331.5Revenue+41%$47.8$67.2Adj. EBITDA1+0.6 pts19.7%20.3%Adj. EBITDA1margin-0.4%$97/ton$97/tonAverage price per tonFirst-Quarter Fiscal 2026 Summary•Strong start to 2026 deicing season propelled sales volumes for both highway deicing and C&I higher year over year, with increases of 43% and 14%, respectively•Pricing up 6% and 2%, respectively, for highway deicing and C&I, Salt segment average selling price flat year over year due to change in mix, with pricing up 6% for both highway deicing and C&I•Adjusted EBITDA1improved 41% to $67.2 million year over year led by volume growth and lower production costs per ton, offset by higher transportation cost per ton First-Quarter 2026 Salt ResultsSales Volumes(in thousands of short tons)$231 $228 $221 $240 10%20%30%40%$0$50$100$150$200$250$300Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 Dec. 31, 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. 2,8511,987Highway Deicing1Q261Q25575506Consumer &Industrial
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891021Q26 1Q25$43.8 $18.0 $34.9 $43.3 0.0%10.0%20.0%30.0%40.0%50.0%$0.0$20.0$40.0$60.0Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 Dec. 31, 2025EBITDAEBITDA Margin%Δ1Q251Q26($ in millions)-1%$61.4$60.8Revenue191%$4.4$12.8Adj. EBITDA1+13.9 pts7.2%21.1%Adj. EBITDA1margin+14%$603/ton$687/tonAverage price per ton 7 First-Quarter 2026 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 MarginFirst-Quarter Fiscal 2026 Summary•Sales volumes declined in 2026 by 13% year over year as the company recalibrated away from lower margin export opportunities•Strong growth in sales pricing of 14% helped maintain revenue despite reduction in sale volumes•Plant Nutrition adjusted EBITDA1up to $12.8 million from $4.4 million year over year, driven by improve pricing and lower costs per ton, offset by higher per-unit distribution costs
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Charting a Prudent Financial Path Forward•Net debt1declined 10% year over year as of Dec. 31, 2026•Completed refinancing transaction in 3Q25 that improved the company’s financial flexibility, enhanced its liquidity, and extended its maturity profile•Strong liquidity & attractive debt maturity profileo$341.7 million in liquidity as of Dec. 31, 2025comprised of $46.7 million in cash and $295.0million available under revolving credit agreement1Total 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 Dec. 31, 2025 $97 $150 $650 2026 2027 2028 2029 2030Fiscal year 81 Debt Maturity Profile2 (in millions)$837 $929 $500 $600 $700 $800 $900 $1,00012/31/25 12/31/24Total Net Debt1(in millions)Down 10%
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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 2026 Plant Nutrition Guidance2026 Range275255FY26 Volumes (thousands of tons)$185$170FY26 Revenue (in millions)$39$34FY26 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 2026 Salt Guidance2026 Range8,5008,200Highway Deicing volumes (thousands of tons)1,9501,700Consumer and industrial volumes (thousands of tons)10,4509,900FY26 Total Volumes (thousands of tons)$1,050$980FY26 Revenue (in millions)$252$230FY26 Adj. EBITDA (in millions) SaltPlant Nutrition
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Consolidated Guidance Summary 2026 Adj. EBITDA Range(in millions)$252$230Salt3934Plant Nutrition(51)(56)Corporate$240$208TOTAL2026 Capital Expenditure Range(in millions)$110$90TOTALOther Consolidated Modeling Information(in millions of dollars unless otherwise noted)2026 Range$70$65Interest expense, net of interest income$115$105Depreciation, depletion and amortization34%30%Effective tax rate (excl. valuation allowance and impairments)11Guidance for the 2026 effective income tax rate reflects the income tax mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S.11
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Appendix
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131 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million. Special Items Special Items Impacting Three Months Ended Dec. 31,2024(unaudited, in millions, except per share data)EPS ImpactAfter TaxTax Effect1AmountLine ItemSegmentItem Description$0.02$0.7$(0.2)$0.9Product cost and Other operating expenseSaltProduct recall costs (1) $0.02$0.7$(0.2)$0.9Total
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141 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million. Reconciliation of Non-GAAP Information Reconciliation for Adjusted Operating Income (unaudited, in millions)Three months ended Dec. 31,202420250.5$36.6$Operating income0.9---Product recall costs1 1.4$36.6$Adjusted operating earnings307.2396.1Sales0.2%9.2%Operating margin0.5%9.2%Adjusted operating margin
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151 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million. Reconciliation of Non-GAAP Information Reconciliation for Adjusted Net Income(unaudited, in millions)Three months ended Dec. 31,20242025(23.6)$18.6$Net income (loss)0.9---Product recall costs1 (0.2)---Income tax effect(22.9)$18.6$Adjusted net earnings(0.57)$0.43$Net loss per diluted share(0.55)$0.43$Adjusted net earnings per diluted shareWeighted-average common shares outstanding (in thousands):41,44142,267Diluted
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161 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million. Reconciliation of Non-GAAP Information Reconciliation for EBITDA and Adjusted EBITDA(unaudited, in millions)Three months ended Dec. 31,20242025(23.6)$18.6$Net income (loss)16.918.1Interest expense9.7(2.2)Income tax (benefit) expense26.826.4Depreciation, depletion and amortization29.8$60.9$EBITDAAdjustments to EBITDA:3.92.3Stock-based compensation – non-cash(0.4)(0.3)Interest income(5.2)2.1Loss (gain) on foreign exchange0.9---Product recall costs1 3.10.3Other expense, net32.1$65.3$Adjusted EBITDA
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17 Salt Segment Performance 1 Non-GAAP financial measure. Reconciliations follow in these tables. Salt Segment Performance(in millions, except for sales volumes and prices per short ton)Three months ended Dec. 31,20242025242.2 $331.5 $Sales29.4$49.1$Operating income12.1%14.8%Operating margin30.3$49.1$Adjusted operating income1 12.5%14.8% Adjusted operating margin1 46.9$67.2$EBITDA1 19.4%20.3%EBITDA1margin47.8$67.2$Adjusted EBITDA1 19.7%20.3%Adjusted EBITDA margin1Sales volumes (in thousands of tons):1,9872,851Highway deicing506575Consumer and industrial2,4933,426Total SaltAverage sales price (per ton):69.50$73.96$Highway deicing205.74$209.83$Consumer and industrial97.16$96.77$Total Salt
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18 Salt Reconciliation of Non-GAAP Information 1 The company recorded costs related to a recall of food-grade salt produced at its Goderich plant. Charges for the three months ended Dec. 31, 2024 were $0.9 million. Reconciliation for Salt Segment Adjusted Operating Income(unaudited, in millions)Three months ended Dec. 31,2024202529.4 $49.1 $Reported GAAP segment operating income0.9---Product recall costs1 30.3$49.1$Segment adjusted operating income242.2331.5Segment sales12.1%14.8%Segment operating margin12.5%14.8%Segment adjusted operating marginReconciliation for Salt Segment EBITDA and Adjusted EBITDA(unaudited, in millions)Three months ended Dec. 31,2024202529.4 $49.1 $Reported GAAP segment operating income17.518.1Depreciation, depletion and amortization46.9$67.2$Segment EBITDA0.9---Product recall costs1 47.8$67.2$Segment adjusted EBITDA242.2331.5Segment sales19.4%20.3%Segment EBITDA margin19.7%20.3%Segment adjusted EBITDA margin
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19 Plant Nutrition Segment Performance 1 Non-GAAP financial measure. Reconciliations follow in these tables. Plant Nutrition Segment Performance(in millions, except for sales volumes and prices per short ton)Three months ended Dec. 31,2024202561.4 $60.8 $Sales(3.1)$5.4$Operating income (loss)(5.0)%8.9%Operating margin(3.1)$5.4$Adjusted operating income (loss)1 (5.0)%8.9%Adjusted operating margin1 4.4$12.8$EBITDA1 7.2%21.1%EBITDA1margin4.4$12.8$Adjusted EBITDA1 7.2%21.1%Adjusted EBITDA margin1 10289Sales volumes (in thousands of tons):602.86$687.26$Average sales price (per ton):
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20 Plant Nutrition Reconciliation of Non-GAAP Information Reconciliation for Plant Nutrition Segment Adjusted Operating Income (Loss)(unaudited, in millions)Three months ended Dec. 31,20242025(3.1) $5.4 $Reported GAAP segment operating income (loss)(3.1)$5.4$Segment adjusted operating income (loss)61.460.8Segment sales(5.0)%8.9%Segment operating margin(5.0)%8.9%Segment adjusted operating marginReconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA(unaudited, in millions)Three months ended Dec. 31,20242025(3.1) $5.4 $Reported GAAP segment operating income (loss)7.57.4Depreciation, depletion and amortization4.4$12.8$Segment EBITDA4.4$12.8$Segment adjusted EBITDA61.460.8Segment sales7.2%21.1%Segment EBITDA margin7.2%21.1%Segment adjusted EBITDA margin