Earnings release
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NEWS RELEASE CVR Partners Reports Third Quarter 2026 Results 2026-11-03 Third quarter net loss of $11 million, or $1.02 per common unit; EBITDA of $20 million Planned turnaround at East Dubuque completed on schedule in mid-October, along with completion of the water system upgrade and brown eld ammonia capacity expansion projects Announced cash distribution of $1.79 per common unit SUGAR LAND, Texas--(BUSINESS WIRE)-- CVR Partners, LP (“CVR Partners” or the “Partnership”) (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (“UAN”) solution fertilizer products, today announced a net loss of $11 million, or $1.02 per common unit, and EBITDA of $20 million on net sales of $146 million for the third quarter of 2026, compared to net income of $43 million, or $4.08 per common unit, and EBITDA of $71 million on net sales of $164 million for the third quarter of 2025. “Our results for the third quarter were impacted by the 41-day planned turnaround at our East Dubuque facility, which was completed in mid-October as scheduled. During the turnaround we also completed the upgrades to East Dubuque’s water systems, along with the brown eld ammonia capacity expansion that is expected to increase ammonia production capacity by approximately 5%,” said Dane Neumann, President and Chief Executive O cer of CVR Partners. “Despite the downtime associated with the turnaround, we had another quarter of solid results, and we are pleased to declare a cash distribution of $1.79 per common unit for the third quarter. “The fall harvest is well underway in the Corn Belt, and supplies of nitrogen fertilizers remain tight across the system,” Neumann continued. “Prices for nitrogen fertilizers have steadily increased since the summer ll programs, and we continue to see strong demand from our customers.” 1
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Consolidated Operations Production at CVR Partners’ fertilizer facilities decreased compared to the third quarter of 2025, producing a combined 175,000 tons of ammonia during the third quarter of 2026, of which 46,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 294,000 tons of UAN. During the third quarter of 2025, the fertilizer facilities produced a combined 208,000 tons of ammonia, of which 59,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN. These decreases were primarily due to the planned turnaround at the East Dubuque Facility which began in late August 2026 and was completed in mid-October 2026. For the third quarter of 2026, average realized gate prices for ammonia were up 20 percent over the prior year to $637 per ton, while average realized gate prices for UAN were down 11 percent over the prior year to $309 per ton. Average realized gate prices for ammonia and UAN were $531 and $348 per ton, respectively, for the third quarter of 2025. Distributions CVR Partners also announced that the Board of Directors of the Partnership’s general partner (the “Board”) declared a third quarter 2026 cash distribution of $1.79 per common unit, which will be paid on November 23, 2026, to common unitholders of record as of November 16, 2026. CVR Partners is a variable distribution master limited partnership. As a result, its distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, uctuations in the prices received for its nished products, maintenance capital expenditures, and use of cash and cash reserves deemed necessary or appropriate by the Board. Third Quarter 2026 Earnings Conference Call CVR Partners previously announced that it will host its third quarter 2026 Earnings Conference Call on Tuesday, November 3, at 9:30 a.m. Eastern. This Earnings Conference Call may also include discussion of the Partnership’s developments, forward-looking information and other material information about business and nancial matters. The third quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com. For investors or analysts who want to participate during the call, the dial-in number is (833) 461-5787, conference ID 749461965. A repeat of the call can be accessed for seven days by dialing (833) 309-1852, conference ID 749461965. The webcast will be archived and available on 2
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the Investor Relations section of CVR Partners’ website at www.CVRPartners.com. Quali ed Notice This release serves as a quali ed notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Partners’ distributions to foreign investors are attributable to income that is e ectively connected with a United States trade or business. Accordingly, CVR Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest e ective tax rate. Forward-Looking Statements This news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is de ned under the federal securities laws. These forward-looking statements include, but are not limited to, the information provided under the section titled “Q4 2026 Outlook” herein and statements regarding future: continued safe and reliable operations; impacts of planned and unplanned downtime and turnarounds on our results; drivers of our results; utilization and production rates; supply and demand; pricing of our products; ability to generate free cash ow; distributions, including the timing, payment and amount (if any) thereof; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; global fertilizer industry conditions; ability to increase ammonia production capacity through our brown eld ammonia capacity expansion initiatives; grain prices; crop inventory levels; farmer economics and planting seasons; direct operating expenses; capital expenditures; turnaround expense and timing; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may a ect these forward-looking statements, including (among others) impacts of the planting season on our business; CVR Energy, Inc.’s and its controlling stockholder’s intention regarding potential strategic transactions involving the Partnership and ownership of our common units; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; general economic and business conditions; political disturbances, geopolitical instability and tensions, including those arising from trade policies and tari s; impacts of plant outages and weather conditions and events; and other risks. For additional discussion of risk factors which may a ect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently led Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) lings. These and other risks may 3
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cause our actual results, performance or achievements to di er materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. About CVR Partners, LP Headquartered in Sugar Land, Texas, CVR Partners is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Co eyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton- per-day UAN unit and a dual-train gasi er complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per- day ammonia unit and a 950 ton-per-day UAN unit. Investors and others should note that CVR Partners may announce material information using SEC lings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Partners may use these channels to distribute material information about the Partnership and to communicate important information about the Partnership, corporate initiatives and other matters. Information that CVR Partners posts on its website could be deemed material; therefore, CVR Partners encourages investors, the media, its customers, business partners and others interested in the Partnership to review the information posted on its website. Non-GAAP Measures Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our nancial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and pro tability and include the measures de ned below. The following are non-GAAP measures we present for the periods ended September 30, 2026 and 2025: EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (bene t) and (iii) depreciation and amortization expense. Adjusted EBITDA - EBITDA adjusted for certain signi cant noncash items and items that management believes are 4
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not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Available Cash for Distribution - EBITDA for the period excluding noncash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the Board in its sole discretion, less (i) reserves for maintenance capital expenditures, turnarounds, debt service and other contractual obligations and (ii) reserves for future operating or capital needs (if any), in each case, that the Board deems necessary or appropriate in its sole discretion. Available Cash for Distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the Board. We present these measures because we believe they may help investors, analysts, lenders, and ratings agencies analyze our results of operations and liquidity in conjunction with our GAAP results, including, but not limited to, our operating performance as compared to other publicly traded companies in the fertilizer industry, without regard to historical cost basis or nancing methods, and our ability to incur and service debt and fund capital and turnaround expenditures. Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that a ect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP nancial measures. Refer to the “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document. Factors A ecting Comparability of Our Financial Results Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to expenses incurred as part of planned turnarounds. We incurred turnaround expenses of $26.8 million and $1.2 million during the three months ended September 30, 2026 and 2025, respectively, and $28.9 million and $2.5 million during the nine months ended September 30, 2026 and 2025, respectively. CVR Partners, LP (all information in this release is unaudited) Statement of Operations Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in thousands, except per unit data)2026 2025 2026 2025 Net sales $ 146,152 $ 163,549 $ 528,394 $ 474,973 Operating costs and expenses: Cost of materials and other 24,888 25,390 82,391 85,837 Direct operating expenses (exclusive of depreciation andamortization) 89,545 57,681 211,426 172,685 Depreciation and amortization 23,253 19,958 65,437 58,859 Cost of sales 137,686 103,029 359,254 317,381 11600 28165 (1) 5
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Selling, general and administrative expenses 11,600 9,171 28,165 25,094 Loss on asset disposal and project write-o s 508 713 2,153 955 Operating (loss) income (3,642) 50,636 138,822 131,543 Other (expense) income: Interest expense, net (7,205) (7,587) (22,450) (22,894) Other income, net 105 23 303 279 Net (loss) income $ (10,742) $ 43,072 $ 116,675 $ 108,928 Basic and diluted (loss) earnings per common unit$ (1.02) $ 4.08 $ 11.04 $ 10.31 Distributions declared per common unit 6.08 3.89 10.45 7.90 EBITDA* $ 19,716 $ 70,617 $ 204,562 $ 190,681 Available Cash for Distribution* 18,889 42,440 125,355 107,466 Weighted-average common units outstanding: Basic and Diluted 10,570 10,570 10,570 10,570 ____________________* See “Non-GAAP Reconciliations” section below for a reconciliation of these amounts.(1) Below are the components of net sales: Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in thousands) 2026 2025 2026 2025 Fertilizer sales $ 131,763 $ 149,809 $ 484,308 $ 432,274 Other 14,389 13,740 44,086 42,699 Total net sales $ 146,152 $ 163,549 $ 528,394 $ 474,973 Selected Balance Sheet Data (in thousands) September 30,2026 December 31,2025 Cash and cash equivalents $ 158,191 $ 69,243 Working capital (inclusive of cash and cash equivalents) 117,257 117,094 Total assets 1,056,549 969,455 Total long-term debt and nance lease obligation, including current portion 569,741 569,846 Total liabilities 784,585 703,714 Total partners’ capital 271,964 265,741 Selected Cash Flow Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in thousands) 2026 2025 2026 2025 6
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Net cash ow provided by (used in): Operating activities $ 116,714 $ 91,744 $ 258,390 $ 171,237 Investing activities (31,518) (10,729) (58,414) (21,419) Financing activities (64,461) (39,232) (111,028) (84,492) Net increase in cash and cash equivalents$ 20,735 $ 41,783 $ 88,948 $ 65,326 Capital Expenditures Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in thousands) 2026 2025 2026 2025 Maintenance $ 20,812 $ 7,412 $ 40,633 $ 17,665 Growth 13,993 5,301 25,256 11,727 Total capital expenditures$ 34,805 $ 12,713 $ 65,889 $ 29,392 Key Operating Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (percent of capacity utilization)2026 2025 2026 2025 Ammonia utilization rate 80% 95% 94% 96% ____________________(1)Re ects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operationaloutput at each of the Partnership’s facilities. Utilization is calculated as actual tons of ammonia produced divided by capacity. We present ourutilization for the three and nine months ended September 30, 2026 and 2025 and take into account the impact of our current turnaround cycleson any speci c period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides acomparative baseline against industry peers and eliminates the disparity of plant con gurations for upgrade of ammonia into other nitrogenproducts. With our e orts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well weoperate. Sales and Production Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Consolidated sales volumes (thousand tons): Ammonia 36 48 164 165 UAN 327 328 971 1,009 Consolidated product pricing at gate (dollars per ton): Ammonia $ 637 $ 531 $ 710 $ 561 UAN 309 348 348 307 Consolidated production volume (thousand tons): Ammonia—gross produced 175 208 609 621 Ammonia—net available for sale 46 59 179 181 UAN 294 337 971 1,005 (1) (1) (2) (2) 7
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Feedstock: Petroleum coke used in production (thousands of tons) 133 134 407 394 Petroleum coke used in production (dollars per ton)$ 45.50 $ 44.58 $ 41.38 $ 47.86 Natural gas used in production (thousands of MMBtus) 1,376 2,114 5,505 6,171 Natural gas used in production (dollars per MMBtu)$ 3.09 $ 3.18 $ 3.89 $ 3.72 ____________________(1)Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricingmeasure that is comparable across the fertilizer industry.(2)Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizerproducts. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.(3)The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operatingexpense. Key Market Indicators Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Ammonia — Southern plains (dollars per ton) $ 690 $ 618 $ 764 $ 582 Ammonia — Corn belt (dollars per ton) 746 657 819 635 UAN — Corn belt (dollars per ton) 361 399 436 375 Petroleum coke (dollars per ton) $ 56.62 $ 64.61 $ 56.85 $ 67.75 Natural gas NYMEX (dollars per MMBtu) 2.87 3.03 3.50 3.46 Q4 2026 Outlook The table below summarizes our outlook for certain operational statistics and nancial information for the fourth quarter of 2026. See “Forward-Looking Statements” above. Q4 2026 Low High Ammonia utilization rate 88% 93% Direct operating expenses (in millions) $ 58 $ 63 Total capital expenditures (in millions) $ 26 $ 34 ____________________(1)Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments. (2)Capital expenditures are disclosed on an accrual basis. Non-GAAP ReconciliationsReconciliation of Net (Loss) Income to EBITDA, Adjusted EBITDA, and Available Cash for DistributionThree Months EndedNine Months Ended (3) (3) (1) (2) 8
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September 30, September 30, (in thousands) 2026 2025 2026 2025 Net (loss) income $ (10,742) $ 43,072 $ 116,675 $ 108,928 Interest expense, net 7,205 7,587 22,450 22,894 Depreciation and amortization 23,253 19,958 65,437 58,859 EBITDA and Adjusted EBITDA 19,716 70,617 204,562 190,681 Adjustments (Reserves)/Releases: Accrued interest expense (excluding capitalized interest) (9,104) (9,192) (27,317) (27,215)Future operating needs 20,000 6,000 — (2,000)Capital expenditures and investments (33,324) (15,312) (71,308) (40,920)Turnaround expenditures, net 22,237 (8,974) 18,069 (14,104)Equity method investment (636) (699) 1,349 1,024 Available Cash for Distribution$ 18,889 $ 42,440 $ 125,355 $ 107,466 Common units outstanding 10,570 10,570 10,570 10,570 ____________________(1)Amount consists of reserves established by management and approved by the Board for potential future cash needs related to nitrogen fertilizerseasonality and feedstock price volatility.(2)Amount consists of maintenance capital expenditures, including additional reserves for future pro t and growth projects and potential investmentopportunities, net of any releases of previously reserved funds, of $10.2 million and $30.7 million for the three and nine months ended September30, 2026, respectively, and $7.9 million and $23.3 million for the three and nine months ended September 30, 2025, respectively.(3)Amount consists of reserves for periodic, planned turnarounds, net of expenditures incurred in the period. (4)Amount consists of distributions received by the Partnership adjusted for the amortization of deferred revenue related to the joint venturecreated to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986.(5)Amount represents the cumulative Available Cash for Distribution based on full year results. However, Available Cash for Distribution is calculatedquarterly, with distributions (if any) being paid in the following period. The Partnership declared and paid a cash distribution of 37 cents, $4.00,and $6.08 per common unit related to the fourth quarter of 2025 and the rst and second quarters of 2026, respectively, and declared a cashdistribution of $1.79 per common unit related to the third quarter of 2026 to be paid in November 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20261102834181/en/ Investor Relations Richard Roberts (281) 207-3205 InvestorRelations@CVRPartners.com Source: CVR Partners, LP (1) (2) (3) (4) (5) 9