CF · CF Industries Holdings, Inc.

CF Industries Holdings, Inc. reported strong Q1 2026 financial performance driven by outstanding operational execution amid a tight global nitrogen supply-demand balance. Adjusted EBITDA reached $983 million for the quarter, which includes a significant ~$170 million gain from a litigation settlement, while last twelve months (LTM) Adjusted EBITDA expanded to $3.2 billion and LTM Net Earnings hit $1.8 billion. The company generated robust LTM Free Cash Flow of $1.7 billion, achieving a 51% conversion rate to LTM Adjusted EBITDA, bolstered by $2.7 billion in LTM Cash from Operations. This cash generation supported $1.3 billion in LTM capital returns to shareholders through share repurchases and dividends, with $1.7 billion remaining in the current $2 billion share repurchase authorization extending through 2029. Operationally, CF achieved 99% available ammonia capacity utilization in Q1 2026, outperforming North American peers by 10 percentage points on a 5-year rolling average, yielding an additional ~1 million tons of annual ammonia production. Safety performance was industry-leading with a 12-month rolling average recordable incident rate of 0.16 per 200,000 work hours as of March 31, 2026. The presentation highlights CF's gross ammonia capacity expansion from 7.3 million short tons in 2012 to 12.0 million projected for 2030, including Blue Point low-carbon ammonia and other expansions. Global nitrogen market outlook remains tight through 2027 due to geopolitical disruptions from Russia and Iran conflicts, reduced Chinese urea exports under quotas, and growing Indian and Brazilian imports, with ~50% of first quartile global urea capacity exposed. CF's North American network benefits from low-cost natural gas access and efficient logistics, insulating it from these disruptions. A conference call on May 7, 2026, will provide further details using Exhibit 99.1.