2375 Waterview Drive Northbrook, IL 60062 www.cfindustries.com CF Industries Holdings, Inc. Reports Full Year 2025 Net Earnings of $1.46 Billion, Adjusted EBITDA of $2.89 Billion Operational Excellence, Constructive Global Nitrogen Environment Drive Strong Results $1.7 Billion Returned to Shareholders in 2025 NORTHBROOK, Ill.—February 18, 2026—CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the full year and fourth quarter ...

Core Viewpoint - Analysts expect CF Industries to report quarterly earnings of $2.50 per share, reflecting a year-over-year increase of 32.3%, with revenues projected at $1.79 billion, up 17.3% from the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong relationship between earnings estimate revisions and short-term stock performance [2] Key Metrics Forecast - Analysts project 'Net Sales- Ammonia' at $570.71 million, indicating a year-over-year change of -0.2% [4] - 'Net Sales- Granular Urea' is expected to reach $423.03 million, reflecting a change of +21.6% from the prior year [4] - 'Net Sales- UAN (urea ammonium nitrate)' is forecasted at $560.37 million, suggesting a year-over-year increase of +50.6% [4] Sales Volume Estimates - 'Sales volume by product - Ammonia' is estimated at 1165 thousand tons, down from 1240 thousand tons year-over-year [5] - 'Sales volume by product - Granular Urea' is projected at 1022 thousand tons, up from 1002 thousand tons in the same quarter last year [6] - 'Sales volume by product - UAN' is expected to reach 1694 thousand tons, compared to 1613 thousand tons year-over-year [6] Average Selling Price - The average selling price per ton of 'Granular Urea' is estimated at $412.49, up from $347.00 a year ago [7] - The average selling price per ton of 'Ammonia' is projected at $485.54, compared to $461.00 in the same quarter last year [7] Other Sales Volume - 'Sales volume by product - Other Sales volume' is expected to be 581 thousand tons, compared to 535 thousand tons year-over-year [8] - 'Sales volume by product - AN (ammonium nitrate)' is projected at 244 thousand tons, down from 357 thousand tons in the same quarter last year [8] Stock Performance - Over the past month, shares of CF have returned +8.7%, while the Zacks S&P 500 composite has changed by -2% [9] - CF currently holds a Zacks Rank 3 (Hold), indicating that its performance may align with the overall market in the near future [9]

Company Overview - CF Industries Holdings, Inc. has a market cap of $14.4 billion and is a global manufacturer of hydrogen and nitrogen-based products, serving various markets including energy, fertilizer, emissions abatement, and industrial sectors across North America, Europe, and other regions. Key products include ammonia, urea, urea ammonium nitrate, and ammonium nitrate [1] Stock Performance - Over the past 52 weeks, CF stock has risen by 10.1%, underperforming the S&P 500 Index, which gained nearly 14%. However, on a year-to-date basis, CF shares have increased by 19.8%, significantly outperforming the S&P 500's 1.3% return [2] - The stock has also lagged behind the State Street Materials Select Sector SPDR ETF, which gained 16.8% over the same period [3] Recent Financial Results - Following the Q3 2025 results released on November 5, shares of CF Industries fell by 4.2%. Investors were concerned about higher cost pressures, particularly the increase in realized natural gas costs from $2.10 per MMBtu a year earlier to $2.96 per MMBtu. Additionally, sales volumes declined year-over-year to 4.5 million tons from 4.8 million tons, raising concerns about near-term volume momentum, despite net sales growing to $1.66 billion [5] Earnings Expectations - For the fiscal year ending December 2025, analysts expect CF's EPS to grow by 32.2% year-over-year to $8.91. The company has a promising earnings surprise history, having beaten consensus estimates in the last four quarters. Among 19 analysts covering the stock, the consensus rating is a "Hold," with four "Strong Buy" ratings, 13 "Holds," one "Moderate Sell," and one "Strong Sell" [6] Analyst Ratings and Price Targets - On January 30, Joshua Spector of UBS maintained a "Hold" rating on CF Industries Holdings with a price target of $86. The stock is currently trading above the mean price target of $90.11, while the highest price target of $110 implies a potential upside of 18.5% from current levels [8]

Core Viewpoint - CF Industries and POET have launched a pilot project in the U.S. to produce low-carbon ethanol using low-carbon fertilizers, aiming to reduce carbon intensity in corn farming and enhance sustainability in the biofuel industry [1] Group 1: Project Overview - The pilot project involves multiple agricultural cooperatives to create a low-carbon fertilizer supply chain from production to farmers [1] - The project covers states including Iowa, Minnesota, Missouri, and Nebraska [1] Group 2: Production Capacity and Goals - CF Industries' Donaldsonville plant can produce up to 1.9 million tons of low-carbon ammonia annually, sufficient for fertilizing 19 to 22 million acres of corn [1] - The first sales and application of low-carbon ammonia fertilizers are expected by fall 2025 [1] - POET plans to use corn grown with these low-carbon fertilizers to produce 5 to 6 million gallons of low-carbon intensity ethanol at its biofuel plants in Minnesota, Iowa, and Nebraska [1] Group 3: Strategic Implications - CF Industries' President Bert Frost highlighted that low-carbon fertilizers provide a quantifiable and certifiable path for decarbonizing bioethanol feedstock [1] - POET's President Christian McIlvain stated that this initiative opens new avenues for reducing ethanol carbon intensity, promising both environmental and economic benefits [1] - The collaboration signifies a deep partnership between agriculture and energy sectors in the low-carbon value chain, aiming to promote sustainable development in the biofuel industry [1]

Core Viewpoint - CF Industries Holdings, Inc. is a significant player in the agricultural fertilizer industry, providing essential nutrients to enhance crop yields and competing with major companies like Nutrien and Mosaic [1] Group 1: Stock Performance - Scotiabank set a price target of $82 for CF Industries, while the stock was trading at $89.40, approximately 8.28% above the target [2] - The current stock price is $89.34, reflecting a decrease of 4.17% or $3.89 from previous levels, with fluctuations between $88.78 and $92.14 on the same day [2][5] - Over the past year, CF Industries' stock has experienced significant volatility, reaching a high of $104.45 and a low of $67.34 [4] Group 2: Financials and Dividends - CF Industries announced a quarterly dividend of $0.50 per share, payable on February 27, 2026, to shareholders recorded by February 13, 2026, indicating a commitment to returning value to shareholders [3][5] - The company's market capitalization is approximately $14.47 billion, with a trading volume of 929,009 shares on the NYSE [3][5] Group 3: Upcoming Financial Results - The company is scheduled to release its fourth quarter and full year 2025 financial results on February 18, 2026, after market close, followed by a conference call to discuss these results [4]

Group 1 - The soft commodity sector, including grains, livestock, and dairy products, is gaining momentum and attracting market attention, alongside the strong performance of hard commodities like gold and silver [1] - The VanEck Agribusiness ETF (MOO.US) offers diversified exposure across the agricultural value chain, including fertilizers, machinery, and food processing, rather than solely betting on spot prices [1] - Nutrien (NTR.US) has seen a nearly 20% increase over the past two weeks and is considered a strong stock in the agricultural sector [1] Group 2 - CF Industries Holdings (CF.US) has risen over 18% year-to-date and has recorded four consecutive weeks of gains, marking its longest winning streak since last year [2] - Archer Daniels Midland (ADM.US) has increased approximately 17% this year, with a dividend yield close to 3%, and has recently broken through the key $65 resistance level [2] - Darling Ingredients (DAR.US) has seen a cumulative increase of about 23% over the past three months, with its stock price recently surpassing the critical $40 resistance level [2]

Group 1 - CF Industries Holdings, Inc. declared a dividend of $0.50 per share on its common stock, payable on February 27, 2026, to stockholders of record as of February 13, 2026 [1] - The company will report its fourth quarter and full year 2025 results after market close on February 18, 2026, with a conference call scheduled for February 19, 2026, at 11:00 a.m. ET [2] - Investors can access the conference call via a toll-free number or through the company's website, with a replay available post-event [3] Group 2 - CF Industries aims to provide clean energy sustainably, focusing on safe operations, environmental stewardship, and disciplined management [4] - The company is working to decarbonize its ammonia production network, which is the largest globally, to support low-carbon hydrogen and nitrogen products [4] - CF Industries has a strong manufacturing presence in the U.S., Canada, and the U.K., along with a robust logistics network in North America to facilitate its clean energy transition strategy [4]

Core Insights - CF Industries Holdings, Inc. has partnered with POET LLC and major U.S. agriculture cooperatives to launch a pilot program aimed at developing a low-carbon fertilizer supply chain to reduce carbon intensity in corn production and facilitate low-carbon ethanol production for motor fuel and export [1][4] Group 1: Pilot Program Details - The initiative involves tracking certified low-carbon nitrogen fertilizer produced at CF Industries' Donaldsonville Complex, utilizing CO2 emission capture and storage, and distributed through retail channels to growers in Iowa, Minnesota, Missouri, and Nebraska [2] - The pilot program includes partnerships with WinField United, NuWay-K&H, New Cooperative, and Farmer's Cooperative [2] Group 2: Ethanol Production - POET plans to use the low-carbon corn produced from this initiative to generate an estimated 5–6 million gallons of lower-carbon intensity ethanol at its Midwest bioprocessing facilities [3] - The first low-carbon ammonia distribution and field application were completed in late 2025, marking a significant advancement in decarbonizing agricultural inputs and biofuel outputs [3][8] Group 3: Environmental and Economic Impact - The collaboration emphasizes that low-carbon fertilizer can lead to measurable emissions reductions across the entire value chain, contributing to cleaner ethanol production, improved farmer economics, and progress towards U.S. low-carbon fuel goals [4]

Core Viewpoint - CF Industries, Trafigura, and TFG Marine have signed a memorandum of understanding to promote the use of low-carbon ammonia as a marine fuel to support emissions reduction in the global shipping industry [1] Group 1: Collaboration Details - The collaboration builds on existing partnerships between CF Industries and Trafigura in low-carbon ammonia transportation, focusing on market development, stakeholder engagement, and logistics planning, initially targeting the U.S. Gulf Coast and Northwest Europe [1] - CF Industries will leverage its low-ammonia production capacity and export facilities located in Donaldsonville, Louisiana, while Trafigura will provide expertise in commodity logistics and market expansion [1] - TFG Marine, a joint venture formed by Trafigura, Frontline Shipping, and Jin Marine Group, will coordinate ammonia fuel bunkering demands and establish "last mile" transportation solutions for global bunkering centers [1] Group 2: Industry Impact - The collaboration aims to integrate key capabilities across the entire supply chain of low-carbon ammonia, with the goal of creating a stable supply chain to assist shipping operators in the commercial application of ammonia fuel [1] - Low-carbon ammonia is considered a significant potential fuel for achieving decarbonization in the shipping sector [1]

Core Insights - Exxon Mobil has initiated commercial operations for carbon capture and storage (CCS) in collaboration with ammonia producer CF Industries in Louisiana, set to commence in 2025 [1] Company Summary - Exxon Mobil is advancing its sustainability efforts through the launch of CCS operations, indicating a strategic shift towards reducing carbon emissions [1] - The partnership with CF Industries highlights the company's focus on innovative solutions in the energy sector [1] Industry Summary - The move towards CCS reflects a growing trend in the energy industry to adopt technologies aimed at mitigating climate change [1] - The collaboration signifies an increasing emphasis on carbon management solutions within the ammonia production sector [1]