Earnings release
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Natural Resource Partners L.P. Reports Third Quarter 2026 Results and Declares Third Quarter 2026 Distribution of $2.34 per Common Unit November 4, 2026 HOUSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2026 results as follows: For the ThreeMonths Ended Last Twelve MonthsEnded (In thousands) (Unaudited) September 30, 2026 Operating cash flow $ 43,992 $ 162,721 Add: return of long-term contract receivable 787 3,061 Less: investment in soda ash business — (39,200)Free cash flow $ 44,779 $ 126,582 Less: cash for debt repayments (13,084) (54,242)Add: other changes in cash 5 (8,595)Free cash flow available for common unitholder and GP distributions $ 31,700 $ 63,745 Free cash flow available for common unitholder and GP distributions per unit$ 2.34 $ 4.71 ____________________________________ See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Highlights: Generated $44.8 million of free cash flow in the third quarter of 2026 Fully repaid remaining $13.1 million balance on credit facility in the third quarter of 2026; $14.3 million of debt remaining, maturing in December 2026 Declares third quarter 2026 distribution of $2.34 per common unit Paid second quarter 2026 distribution of $0.75 per common unit "NRP generated $45 million of free cash flow in the third quarter of 2026 and $166 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business in the first quarter of 2026," said Craig Nunez, NRP's president and chief operating officer. "I am pleased to say we fully repaid the remaining $13 million balance on our credit facility during the third quarter. Consistent with our communications throughout the year, we are able to significantly increase the distribution this quarter and will pay out $32 million, or $2.34 per common unit." Mr. Nunez continued, "I am delighted that we are nearing the end of our long journey to de-lever and de-risk the business, especially in light of the challenging market environment facing all three of our key commodities." NRP announced today that the board of directors of its general partner declared a third quarter 2026 cash distribution of $2.34 per common unit to be paid on November 24, 2026, to unitholders of record on November 17, 2026. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs. Mineral Rights Segment Mineral Rights net income for the third quarter of 2026 decreased $3.9 million as compared to the prior year period primarily due to revised engineering and increased depletion rate at a thermal property as compared to the prior year period. Operating cash (1) (1) (1) (1)
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flow and free cash flow increased $1.9 million and $2.0 million, respectively, as compared to the prior year period primarily due to increased thermal coal sales volumes and increased prices and volumes at certain metallurgical properties, partially offset by timing of minimum payments and lease amendment fees in the third quarter of 2025. Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2026. NRP's mineral rights segment cash flows are primarily tied to market prices of metallurgical and thermal coal, commodities characterized by volatile and unpredictable price movements. As a result, the free cash flow generated by this segment may also be quite volatile. Metallurgical coal pricing improved in the third quarter of 2026, however, NRP expects continued pressure on pricing as soft global demand for steel persists. Thermal coal prices remain muted due to low natural gas prices and ample coal stockpiles at power plants. NRP does not expect any meaningful change to pricing in 2027. NRP continues to explore opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets but has no material developments to report on its carbon neutral initiatives. Soda Ash Segment Soda Ash net income in the third quarter of 2026 decreased $1.7 million as compared to the prior year period primarily due to lower sales prices in 2026. NRP's soda ash segment cash flows result from distributions received from Sisecam Wyoming, which NRP does not control. NRP did not receive a distribution from Sisecam Wyoming in the third quarter of 2025 or 2026, and the last distribution received was in the second quarter of 2025. Soda ash prices are volatile and remain low as capacity in China has grown faster than global demand. NRP does not expect to receive distributions from Sisecam Wyoming until the soda ash market returns to equilibrium through capacity rationalization and increased demand, something not expected to occur in the near term. Corporate and Financing Corporate and Financing net income increased $1.3 million, while operating cash flow and free cash flow each increased $1.0 million in the third quarter of 2026 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the third quarter of 2026 as compared to the prior year period due to less debt outstanding. In August 2026, NRP paid a second quarter 2026 cash distribution of $0.75 per common unit and today NRP declared a third quarter 2026 cash distribution of $2.34 per common unit. NRP had $251.7 million of available liquidity at September 30, 2026, consisting of $51.7 million of cash and cash equivalents and $200.0 million of borrowing capacity available under its revolving credit facility. NRP has $14.3 million of debt remaining which will be repaid in December of this year. Conference Call A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://events.q4inc.com/analyst/233500581?pwd=J7hnCFGG. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website. Withholding Information for Foreign Investors Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%). Company Profile
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Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash. For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com. Forward-Looking Statements This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership’s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash business; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures "Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis. “Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less capital expenditures, cash flow used in acquisition costs classified as investing or financing activities, and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt. “Free cash flow available for common unitholder and GP distributions” is a non-GAAP financial measure that we define as free cash flow, as defined above, adjusted for cash for debt repayments, other changes in cash (which includes cash flow used for taxes on unit-based award settlements, capital contributed by the general partner, proceeds from asset sales, and cash flow used in unit buybacks or asset acquisitions), and cash retained at the discretion of the board of directors. Free cash flow available for common unitholder and GP distributions is not a measure of financial performance under GAAP and should not be
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considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow available for common unitholder and GP distributions may not be calculated the same for us as for other companies. Free cash flow available for common unitholder and GP distributions is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess cash that is available for distribution to our unitholders. "Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios. -Financial Tables and Reconciliation of Non-GAAP Measures Follow- Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Comprehensive Income For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, (In thousands, except per unit data)2026 2025 2026 2026 2025 Revenues and other income Royalty and other mineral rights$ 46,989 $ 49,615 $ 49,119 $ 139,405 $ 145,170 Transportation and processing services 1,952 1,800 3,851 9,688 8,772 Equity in earnings (loss) of SisecamWyoming (4,126) (2,390) (4,905) (16,859) 4,746 Gain on asset sales and disposals 5 906 45 49 1,882 Total revenues and other income$ 44,820 $ 49,931 $ 48,110 $ 132,283 $ 160,570 Operating expenses Operating and maintenance expenses$ 5,540 $ 7,654 $ 5,731 $ 17,384 $ 18,589 Depreciation, depletion and amortization 6,526 3,868 11,131 25,271 11,611 General and administrative expenses 5,660 5,725 5,020 15,714 18,154 Asset impairments — — — — 20 Total operating expenses $ 17,726 $ 17,247 $ 21,882 $ 58,369 $ 48,374 Income from operations $ 27,094 $ 32,684 $ 26,228 $ 73,914 $ 112,196 Interest expense, net $ (552) $ (1,779) $ (1,052) $ (2,577) $ (6,827) Net income $ 26,542 $ 30,905 $ 25,176 $ 71,337 $ 105,369 Net income attributable to common unitholders$ 26,011 $ 30,287 $ 24,672 $ 69,910 $ 103,262 Net income attributable to the general partner 531 618 504 1,427 2,107 Net income per common unit Basic $ 1.96 $ 2.31 $ 1.86 $ 5.28 $ 7.87 Diluted 1.95 2.28 1.85 5.24 7.77 Net income $ 26,542 $ 30,905 $ 25,176 $ 71,337 $ 105,369 Comprehensive income (loss) fromunconsolidated investment and other 847 (2,391) 904 1,611 (545)Comprehensive income $ 27,389 $ 28,514 $ 26,080 $ 72,948 $ 104,824 Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Cash Flows For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, (In thousands) 2026 2025 2026 2026 2025
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Cash flows from operating activities Net income $ 26,542 $ 30,905 $ 25,176 $ 71,337 $ 105,369 Adjustments to reconcile net income to net cashprovided by operating activities: Depreciation, depletion and amortization 6,526 3,868 11,131 25,271 11,611 Distributions from unconsolidated investment — — — — 7,840 Equity in (earnings) loss from unconsolidatedinvestment 4,126 2,390 4,905 16,859 (4,746)Gain on asset sales and disposals (5) (906) (45) (49) (1,882)Asset impairments — — — — 20 Bad debt expense 53 1,731 33 (690) 862 Unit-based compensation expense 2,573 2,724 1,671 5,408 8,103 Amortization of debt issuance costs andother 318 368 442 1,207 (81)Change in operating assets and liabilities: Accounts receivable 5,169 (3,115) (3,826) 1,958 346 Accounts payable (38) (43) (1,460) (208) (23)Accrued liabilities 927 358 2,361 (3,868) (5,336)Accrued interest 179 324 (216) 173 190 Deferred revenue (2,853) 1,577 285 (1,134) (2,636)Other items, net 475 914 493 1,692 1,461 Net cash provided by operating activities$ 43,992 $ 41,095 $ 40,950 $ 117,956 $ 121,098 Cash flows from investing activities Proceeds from asset sales and disposals$ 5 $ 906 $ 46 $ 51 $ 1,883 Capital to unconsolidated investment — — — (39,200) — Return of long-term contract receivable 787 728 773 2,318 2,142 Net cash provided by (used in) investingactivities $ 792 $ 1,634 $ 819 $ (36,831) $ 4,025 Cash flows from financing activities Debt borrowings $ — $ — $ 6,000 $ 67,200 $ 33,700 Debt repayments (13,084) (32,000) (39,000) (86,084) (106,500)Distributions to common unitholders and thegeneral partner (10,140) (10,055) (10,141) (32,044) (46,386)Other items, net — 1 — (8,646) (5,362)Net cash used in financing activities$ (23,224) $ (42,054) $ (43,141) $ (59,574) $ (124,548) Net increase (decrease) in cash and cashequivalents $ 21,560 $ 675 $ (1,372) $ 21,551 $ 575 Cash and cash equivalents at beginning ofperiod 30,132 30,344 31,504 30,141 30,444 Cash and cash equivalents at end of period$ 51,692 $ 31,019 $ 30,132 $ 51,692 $ 31,019 Supplemental cash flow information: Cash paid for interest $ 310 $ 1,413 $ 1,204 $ 2,198 $ 6,509 Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Balance Sheets September 30, December 31, 2026 2025 (In thousands, except unit data) (Unaudited) ASSETS Current assets Cash and cash equivalents $ 51,692 $ 30,141 Accounts receivable, net 28,740 28,666 Other current assets, net 457 2,105 Total current assets $ 80,889 $ 60,912 Land 24,007 24,008 Mineral rights, net 345,679 366,987 Intangible assets, net 7,958 11,908 Equity in unconsolidated investment 274,197 250,244 Long-term contract receivable, net 17,935 20,406 Other long-term assets, net 13,278 13,900 Total assets $ 763,943 $ 748,365 LIABILITIES AND CAPITAL
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Current liabilities Accounts payable $ 950 $ 1,159 Accrued liabilities 8,207 10,897 Accrued interest 242 69 Current portion of deferred revenue 5,789 6,663 Current portion of long-term debt, net 14,307 14,198 Total current liabilities $ 29,495 $ 32,986 Deferred revenue 59,075 58,067 Long-term debt, net — 18,884 Other non-current liabilities 5,689 5,909 Total liabilities $ 94,259 $ 115,846 Commitments and contingencies Partners’ capital Common unitholders’ interest (13,250,412 and 13,138,097 units issued andoutstanding at September 30, 2026 and December 31, 2025, respectively)$ 659,674 $ 625,188 General partner’s interest 12,400 11,332 Accumulated other comprehensive loss (2,390) (4,001)Total partners’ capital $ 669,684 $ 632,519 Total liabilities and partners' capital $ 763,943 $ 748,365 Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Partners' Capital Accumulated Other Total Common Unitholders General Comprehensive Partners' (In thousands) Units Amounts Partner Loss Capital Balance at December 31, 2025 13,138 $ 625,188 $ 11,332 $ (4,001) $ 632,519 Net income — 19,227 392 — 19,619 Distributions to common unitholders and thegeneral partner — (11,528) (235) — (11,763)Issuance of unit-based awards 112 — — — — Unit-based awards amortization and vesting,net — (7,985) — — (7,985)Capital contribution — — 282 — 282 Comprehensive loss from unconsolidatedinvestment and other — — — (140) (140)Balance at March 31, 2026 13,250 $ 624,902 $ 11,771 $ (4,141) $ 632,532 Net income — 24,672 504 — 25,176 Distributions to common unitholders and thegeneral partner — (9,938) (203) — (10,141)Unit-based awards amortization — 1,585 — — 1,585 Comprehensive income from unconsolidatedinvestment and other — — — 904 904 Balance at June 30, 2026 13,250 $ 641,221 $ 12,072 $ (3,237) $ 650,056 Net income — 26,011 531 — 26,542 Distributions to common unitholders and thegeneral partner — (9,937) (203) — (10,140)Unit-based awards amortization — 2,379 — — 2,379 Comprehensive income from unconsolidatedinvestment and other — — — 847 847 Balance at September 30, 2026 13,250 $ 659,674 $ 12,400 $ (2,390) $ 669,684 Accumulated Other Total Common Unitholders General Comprehensive Partners' (In thousands) Units Amounts Partner Income (Loss) Capital Balance at December 31, 2024 13,049 $ 543,231 $ 9,547 $ (1,670) $ 551,108 Net income — 39,448 805 — 40,253 Distributions to common unitholders andthe general partner — (25,750) (526) — (26,276)Issuance of unit-based awards 89 — — — — Unit-based awards amortization andvesting, net — (3,175) — — (3,175)
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Capital contribution — — 187 — 187 Comprehensive income fromunconsolidated investment and other — — — 2,260 2,260 Balance at March 31, 2025 13,138 $ 553,754 $ 10,013 $ 590 $ 564,357 Net income — 33,527 684 — 34,211 Distributions to common unitholders andthe general partner — (9,854) (201) — (10,055)Unit-based awards amortization — 2,346 — — 2,346 Comprehensive loss from unconsolidatedinvestment and other — — — (414) (414)Balance at June 30, 2025 13,138 $ 579,773 $ 10,496 $ 176 $ 590,445 Net income — 30,287 618 — 30,905 Distributions to common unitholders andthe general partner — (9,854) (201) — (10,055)Unit-based awards amortization — 2,346 — — 2,346 Comprehensive loss from unconsolidatedinvestment and other — — — (2,391) (2,391)Balance at September 30, 2025 13,138 $ 602,552 $ 10,913 $ (2,215) $ 611,250 Natural Resource Partners L.P. Financial Tables (Unaudited) The following table presents NRP's unaudited business results for the three months ended September 30, 2026 and 2025 and June 30, 2026: Reportable Segments (In thousands) Mineral Rights Soda Ash Corporate andFinancing Total For the Three Months Ended September 30, 2026 Revenues $ 48,941 $ — $ — $ 48,941 Equity in loss of Sisecam Wyoming — (4,126) — (4,126)Gain on asset sales and disposals 5 — — 5 Total revenues and other income$ 48,946 $ (4,126) $ — $ 44,820 Asset impairments $ — $ — $ — $ — Net income (loss) $ 36,937 $ (4,178) $ (6,217) $ 26,542 Adjusted EBITDA $ 43,458 $ (52) $ (5,660) $ 37,746 Cash flow provided by (used in) continuingoperations: Operating activities $ 46,338 $ (52) $ (2,294) $ 43,992 Investing activities $ 792 $ — $ — $ 792 Financing activities $ — $ — $ (23,224) $ (23,224)Free cash flow $ 47,125 $ (52) $ (2,294) $ 44,779 Free cash flow available for common unitholder andGP distributions $ 47,130 $ (52) $ (15,378) $ 31,700 Free cash flow available for common unitholder andGP distributions per unit $ 2.34 For the Three Months Ended September 30, 2025 Revenues $ 51,415 $ — $ — $ 51,415 Equity in loss of Sisecam Wyoming — (2,390) — (2,390)Gain on asset sales and disposals 906 — — 906 Total revenues and other income$ 52,321 $ (2,390) $ — $ 49,931 Asset impairments $ — $ — $ — $ — Net income (loss) $ 40,859 $ (2,446) $ (7,508) $ 30,905 Adjusted EBITDA $ 44,723 $ (56) $ (5,725) $ 38,942 Cash flow provided by (used in) continuingoperations: Operating activities $ 44,428 $ (55) $ (3,278) $ 41,095 Investing activities $ 1,634 $ — $ — $ 1,634 Financing activities $ — $ — $ (42,054) $ (42,054)Free cash flow $ 45,156 $ (55) $ (3,278) $ 41,823 Free cash flow available for common unitholder andGP distributions $ 46,062 $ (55) $ (35,952) $ 10,055 Free cash flow available for common unitholder andGP distributions per unit $ 0.75 For the Three Months Ended June 30, 2026 Revenues $ 52,970 $ — $ — $ 52,970 (1) (1) (1) (1) (1) (1) (1) (1)
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Equity in loss of Sisecam Wyoming — (4,905) — (4,905)Gain on asset sales and disposals 45 — — 45 Total revenues and other income$ 53,015 $ (4,905) $ — $ 48,110 Asset impairments $ — $ — $ — $ — Net income (loss) $ 36,237 $ (4,984) $ (6,077) $ 25,176 Adjusted EBITDA $ 47,363 $ (79) $ (5,020) $ 42,264 Cash flow provided by (used in) continuingoperations: Operating activities $ 44,579 $ (79) $ (3,550) $ 40,950 Investing activities $ 819 $ — $ — $ 819 Financing activities $ — $ — $ (43,141) $ (43,141)Free cash flow $ 45,352 $ (79) $ (3,550) $ 41,723 Free cash flow available for common unitholder andGP distributions $ 45,398 $ (79) $ (35,178) $ 10,141 Free cash flow available for common unitholder andGP distributions per unit $ 0.75 ____________________________________ See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Natural Resource Partners L.P. Financial Tables (Unaudited) The following table presents NRP's unaudited business results for the nine months ended September 30, 2026 and 2025: Reportable Segments (In thousands) Mineral Rights Soda Ash Corporate andFinancing Total For the Nine Months Ended September 30, 2026 Revenues $ 149,093 $ — $ — $ 149,093 Equity in loss of Sisecam Wyoming — (16,859) — (16,859)Gain on asset sales and disposals 49 — — 49 Total revenues and other income$ 149,142 $ (16,859) $ — $ 132,283 Asset impairments $ — $ — $ — $ — Net income (loss) $ 106,704 $ (17,062) $ (18,305) $ 71,337 Adjusted EBITDA $ 131,961 $ (203) $ (15,714) $ 116,044 Cash flow provided by (used in) continuingoperations: Operating activities $ 132,744 $ (203) $ (14,585) $ 117,956 Investing activities $ 2,369 $ (39,200) $ — $ (36,831)Financing activities $ (1,256) $ — $ (58,318) $ (59,574)Free cash flow $ 135,062 $ (39,403) $ (14,585) $ 81,074 Free cash flow available for common unitholder andGP distributions $ 133,857 $ (39,403) $ (42,472) $ 51,982 Free cash flow available for common unitholder andGP distributions per unit $ 3.84 For the Nine Months Ended September 30, 2025 Revenues $ 153,942 $ — $ — $ 153,942 Equity in earnings of Sisecam Wyoming — 4,746 — 4,746 Gain on asset sales and disposals 1,882 — — 1,882 Total revenues and other income$ 155,824 $ 4,746 $ — $ 160,570 Asset impairments $ 20 $ — $ — $ 20 Net income (loss) $ 125,758 $ 4,606 $ (24,995) $ 105,369 Adjusted EBITDA $ 137,375 $ 7,700 $ (18,154) $ 126,921 Cash flow provided by (used in) continuingoperations: Operating activities $ 133,227 $ 7,700 $ (19,829) $ 121,098 Investing activities $ 4,025 $ — $ — $ 4,025 Financing activities $ (841) $ — $ (123,707) $ (124,548)Free cash flow $ 135,369 $ 7,700 $ (19,829) $ 123,240 Free cash flow available for common unitholder andGP distributions $ 136,411 $ 7,700 $ (113,946) $ 30,165 Free cash flow available for common unitholder andGP distributions per unit $ 2.25 (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
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See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Natural Resource Partners L.P. Financial Tables (Unaudited) Operating Statistics - Mineral Rights For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, (In thousands, except per ton data)2026 2025 2026 2026 2025 Coal sales volumes (tons) Appalachia Northern 2,075 1,508 1,492 4,039 1,764 Central 3,442 3,296 3,371 9,780 9,797 Southern 494 678 453 1,276 1,522 Total Appalachia 6,011 5,482 5,316 15,095 13,083 Illinois Basin 1,468 1,005 2,416 6,304 5,984 Northern Powder River Basin 507 841 309 991 2,183 Gulf Coast 186 201 198 546 614 Total coal sales volumes 8,172 7,529 8,239 22,936 21,864 Coal royalty revenue per ton Appalachia Northern $ 1.18 $ 1.48 $ 1.18 $ 1.21 $ 1.51 Central 6.24 6.08 6.06 6.16 6.22 Southern 11.73 8.36 11.52 11.57 8.58 Illinois Basin 2.32 1.93 2.45 2.37 2.29 Northern Powder River Basin 5.29 4.68 4.86 5.31 4.83 Gulf Coast 0.88 0.80 0.82 0.85 0.79 Combined average coal royalty revenue perton 4.40 4.51 4.25 4.38 4.64 Coal royalty revenues Appalachia Northern $ 2,451 $ 2,225 $ 1,759 $ 4,881 $ 2,660 Central 21,470 20,051 20,414 60,212 60,971 Southern 5,796 5,666 5,218 14,764 13,060 Total Appalachia 29,717 27,942 27,391 79,857 76,691 Illinois Basin 3,410 1,943 5,925 14,941 13,694 Northern Powder River Basin 2,680 3,932 1,503 5,267 10,544 Gulf Coast 164 161 163 462 485 Unadjusted coal royalty revenues 35,971 33,978 34,982 100,527 101,414 Coal royalty adjustment for minimum leases (829) 215 (189) (1,018) (180)Total coal royalty revenues$ 35,142 $ 34,193 $ 34,793 $ 99,509 $ 101,234 Other revenues Production lease minimum revenues$ 531 $ 1,365 $ 251 $ 1,340 $ 4,213 Minimum lease straight-line revenues 4,019 4,176 4,019 12,057 12,276 Oil and gas royalty revenues 1,477 1,787 2,447 5,310 6,212 Carbon neutral revenues 245 316 94 524 1,201 Property tax revenues 420 2,105 1,710 3,841 5,261 Wheelage revenues 2,055 2,225 1,959 6,004 6,506 Coal overriding royalty revenues 544 297 1,040 2,970 1,633 Lease amendment revenues 1,117 1,699 1,242 3,559 3,010 Aggregates royalty revenues 1,198 1,011 1,246 3,562 2,770 Other revenues 241 441 318 729 854 Total other revenues $ 11,847 $ 15,422 $ 14,326 $ 39,896 $ 43,936 Royalty and other mineral rights$ 46,989 $ 49,615 $ 49,119 $ 139,405 $ 145,170 Transportation and processing servicesrevenues 1,952 1,800 3,851 9,688 8,772 Gain on asset sales and disposals 5 906 45 49 1,882 Total Mineral Rights segment revenues andother income $ 48,946 $ 52,321 $ 53,015 $ 149,142 $ 155,824 (1)
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Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Adjusted EBITDA Reportable Segments (In thousands) Mineral Rights Soda Ash Corporate andFinancing Total For the Three Months Ended September 30, 2026 Net income (loss) $ 36,937 $ (4,178) $ (6,217) $ 26,542 Add: equity in loss from unconsolidated investment — 4,126 — 4,126 Add: total distributions from unconsolidatedinvestment — — — — Add: interest expense, net — — 552 552 Add: depreciation, depletion and amortization 6,521 — 5 6,526 Add: asset impairments — — — — Adjusted EBITDA $ 43,458 $ (52) $ (5,660) $ 37,746 For the Three Months Ended September 30, 2025 Net income (loss) $ 40,859 $ (2,446) $ (7,508) $ 30,905 Add: equity in loss from unconsolidated investment — 2,390 — 2,390 Add: total distributions from unconsolidatedinvestment — — — — Add: interest expense, net — — 1,779 1,779 Add: depreciation, depletion and amortization 3,864 — 4 3,868 Add: asset impairments — — — — Adjusted EBITDA $ 44,723 $ (56) $ (5,725) $ 38,942 For the Three Months Ended June 30, 2026 Net income (loss) $ 36,237 $ (4,984) $ (6,077) $ 25,176 Add: equity in loss from unconsolidated investment — 4,905 — 4,905 Add: total distributions from unconsolidatedinvestment — — — — Add: interest expense, net — — 1,052 1,052 Add: depreciation, depletion and amortization 11,126 — 5 11,131 Add: asset impairments — — — — Adjusted EBITDA $ 47,363 $ (79) $ (5,020) $ 42,264 Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Adjusted EBITDA Reportable Segments (In thousands) Mineral Rights Soda Ash Corporate andFinancing Total For the Nine Months Ended September 30, 2026 Net income (loss) $ 106,704 $ (17,062) $ (18,305) $ 71,337 Add: equity in loss from unconsolidated investment — 16,859 — 16,859 Add: total distributions from unconsolidatedinvestment — — — — Add: interest expense, net — — 2,577 2,577 Add: depreciation, depletion and amortization 25,257 — 14 25,271 Add: asset impairments — — — — Adjusted EBITDA $ 131,961 $ (203) $ (15,714) $ 116,044 For the Nine Months Ended September 30, 2025 Net income (loss) $ 125,758 $ 4,606 $ (24,995) $ 105,369 Less: equity in earnings from unconsolidatedinvestment — (4,746) — (4,746)Add: total distributions from unconsolidatedinvestment — 7,840 — 7,840 Add: interest expense, net — — 6,827 6,827 Add: depreciation, depletion and amortization 11,597 — 14 11,611
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Add: asset impairments 20 — — 20 Adjusted EBITDA $ 137,375 $ 7,700 $ (18,154) $ 126,921 Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Free Cash Flow and Free Cash Flow Available for Common Unitholder and GP Distributions Reportable Segments (In thousands) Mineral Rights Soda Ash Corporate andFinancing Total For the Three Months Ended September 30, 2026 Net cash provided by (used in) operating activities$ 46,338 $ (52) $ (2,294) $ 43,992 Add: return of long-term contract receivable 787 — — 787 Free cash flow $ 47,125 $ (52) $ (2,294) $ 44,779 Less: cash for debt repayments — — (13,084) (13,084)Add (less): other changes in cash Add: proceeds from asset sales 5 — — 5 Less: cash used for taxes on unit-based awardsettlements — — — — Add: capital contributed by the general partner — — — — Total other changes in cash 5 — — 5 Free cash flow available for common unitholder andGP distributions $ 47,130 $ (52) $ (15,378) $ 31,700 Free cash flow available for common unitholder andGP distributions per unit $ 2.34 Net cash provided by investing activities$ 792 $ — $ — $ 792 Net cash used in financing activities$ — $ — $ (23,224) $ (23,224) For the Three Months Ended September 30, 2025 Net cash provided by (used in) operating activities$ 44,428 $ (55) $ (3,278) $ 41,095 Add: return of long-term contract receivable 728 — — 728 Free cash flow $ 45,156 $ (55) $ (3,278) $ 41,823 Less: cash for debt repayments — — (32,674) (32,674)Add (less): other changes in cash Add: proceeds from asset sales 906 — — 906 Less: cash used for taxes on unit-based awardsettlements — — — — Add: capital contributed by the general partner — — — — Total other changes in cash 906 — — 906 Free cash flow available for common unitholder andGP distributions $ 46,062 $ (55) $ (35,952) $ 10,055 Free cash flow available for common unitholder andGP distributions per unit $ 0.75 Net cash provided by investing activities$ 1,634 $ — $ — $ 1,634 Net cash used in financing activities$ — $ — $ (42,054) $ (42,054) For the Three Months Ended June 30, 2026 Net cash provided by (used in) operating activities$ 44,579 $ (79) $ (3,550) $ 40,950 Add: return of long-term contract receivable 773 — — 773 Free cash flow $ 45,352 $ (79) $ (3,550) $ 41,723 Less: cash for debt repayments — — (31,628) (31,628)Add (less): other changes in cash Add: proceeds from asset sales 46 — — 46 Less: cash used for taxes on unit-based awardsettlements — — — — Add: capital contributed by the general partner — — — — Total other changes in cash 46 — — 46 Free cash flow available for common unitholder andGP distributions $ 45,398 $ (79) $ (35,178) $ 10,141 Free cash flow available for common unitholder andGP distributions per unit $ 0.75 Net cash provided by investing activities$ 819 $ — $ — $ 819 Net cash used in financing activities$ — $ — $ (43,141) $ (43,141)
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Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Free Cash Flow and Free Cash Flow Available for Common Unitholder and GP Distributions Reportable Segments (In thousands) Mineral Rights Soda Ash Corporate andFinancing Total For the Nine Months Ended September 30, 2026 Net cash provided by (used in) operating activities$ 132,744 $ (203) $ (14,585) $ 117,956 Add: return of long-term contract receivable 2,318 — — 2,318 Less: capital to unconsolidated investment — (39,200) — (39,200)Free cash flow $ 135,062 $ (39,403) $ (14,585) $ 81,074 Less: cash for debt repayments — — (20,497) (20,497)Add (less): other changes in cash Add: proceeds from asset sales 51 — — 51 Less: cash used for taxes on unit-based awardsettlements (1,256) — (7,672) (8,928)Less: capital contributed by the general partner — — 282 282 Total other changes in cash (1,205) — (7,390) (8,595)Free cash flow available for common unitholder andGP distributions $ 133,857 $ (39,403) $ (42,472) $ 51,982 Free cash flow available for common unitholder andGP distributions per unit $ 3.84 Net cash provided by (used in) investing activities$ 2,369 $ (39,200) $ — $ (36,831)Net cash provided by financing activities$ (1,256) $ — $ (58,318) $ (59,574) For the Nine Months Ended September 30, 2025 Net cash provided by (used in) operating activities$ 133,227 $ 7,700 $ (19,829) $ 121,098 Add: return of long-term contract receivable 2,142 — — 2,142 Free cash flow $ 135,369 $ 7,700 $ (19,829) $ 123,240 Less: cash for debt repayments — — (89,596) (89,596)Add (less): other changes in cash Add: proceeds from asset sales 1,883 — — 1,883 Less: cash used for taxes on unit-based awardsettlements (841) — (4,708) (5,549)Less: capital contributed by the general partner — — 187 187 Total other changes in cash 1,042 — (4,521) (3,479)Free cash flow available for common unitholder andGP distributions $ 136,411 $ 7,700 $ (113,946) $ 30,165 Free cash flow available for common unitholder andGP distributions per unit $ 2.25 Net cash provided by investing activities$ 4,025 $ — $ — $ 4,025 Net cash used in financing activities$ (841) $ — $ (123,707) $ (124,548) Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Last Twelve Months (LTM) Free Cash Flow and Free Cash Flow Available for Common Unitholder and GP Distributions For the Three Months Ended (In thousands) December31, 2025 March 31,2026 June 30,2026 September30, 2026 Last 12Months Net cash provided by operating activities$ 44,765 $ 33,014 $ 40,950 $ 43,992 $ 162,721 Add: return of long-term contract receivable 743 758 773 787 3,061 Less: capital contribution to unconsolidatedinvestment — (39,200) — — (39,200)Free cash flow $ 45,508 $ (5,428) $ 41,723 $ 44,779 $ 126,582 Less: cash for debt repayments (33,745) 24,215 (31,628) (13,084) (54,242)Add (less): other changes in cash
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Add: proceeds from asset sales — — 46 5 51 Less: cash used for taxes on unit-basedaward settlements — (8,928) — — (8,928)Add: capital contributed by the generalpartner — 282 — — 282 Total other changes in cash — (8,646) 46 5 (8,595)Free cash flow available for common unitholderand GP distributions $ 11,763 $ 10,141 $ 10,141 $ 31,700 $ 63,745 Free cash flow available for common unitholderand GP distributions per unit $ 0.87 $ 0.75 $ 0.75 $ 2.34 $ 4.71 Leverage Ratio For the Three Months Ended (In thousands) December31, 2025 March 31,2026 June 30,2026 September30, 2026 Last 12Months Net income $ 30,998 $ 19,619 $ 25,176 $ 26,542 $ 102,335 Add: equity in loss from unconsolidatedinvestment 1,686 7,828 4,905 4,126 18,545 Add: interest expense, net 1,157 973 1,052 552 3,734 Add: depreciation, depletion andamortization 3,344 7,614 11,131 6,526 28,615 Adjusted EBITDA $ 37,185 $ 36,034 $ 42,264 $ 37,746 $ 153,229 Debt—at September 30, 2026 $ 14,331 Leverage Ratio 0.1 x For the Three Months Ended (In thousands) December31, 2024 March 31,2025 June 30,2025 September30, 2025 Last 12Months Net income $ 42,772 $ 40,253 $ 34,211 $ 30,905 $ 148,141 Add (Less): equity in (earnings) loss fromunconsolidated investment (931) (4,610) (2,526) 2,390 (5,677)Add: total distributions from unconsolidatedinvestment 10,667 2,940 4,900 — 18,507 Add: interest expense, net 3,524 2,668 2,380 1,779 10,351 Add: depreciation, depletion andamortization 2,827 3,989 3,754 3,868 14,438 Add: asset impairments — 20 — — 20 Adjusted EBITDA $ 58,859 $ 45,260 $ 42,719 $ 38,942 $ 185,780 Debt—at September 30, 2025 $ 69,547 Leverage Ratio 0.4 x Source: Natural Resource Partners LP