HOUSTON, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2026 results as follows:
For the Three MonthsEnded Last Twelve Months
Ended (In thousands) (Unaudited)June 30, 2026 Net income$25,176 $106,698 Operating cash flow 40,950 159,824 Free cash flow before investment in soda ash business$41,723 $162,826 Investment in soda ash business — (39,200)Free cash flow (1)$41,723 $123,626
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(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Highlights:
- Generated $41.7 million of free cash flow in the second quarter of 2026
- Paid first quarter 2026 distribution of $0.75 per common unit
- Declares second quarter 2026 common unit distribution of $0.75 per unit
"NRP generated $42 million of free cash flow in the second quarter of 2026 and $163 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. "We are on track to pay off all debt and significantly raise distributions before year-end.”
NRP announced today that the board of directors of its general partner declared a second quarter 2026 cash distribution of $0.75 per common unit to be paid on August 25, 2026, to unitholders of record on August 18, 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 revenues for the second quarter of 2026 increased $6.1 million as compared to the prior year quarter, driven primarily by higher metallurgical and thermal coal sales volumes and higher prices at certain properties. Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2026.
Operating cash flow and free cash flow decreased $1.0 million and $0.9 million, respectively, as compared to the prior year period primarily due to higher recoupments during the second quarter of 2026, partially offset by increased cash received from minimum payments.
Net income for the second quarter of 2026 decreased $3.5 million as compared to the prior year period primarily due to revised engineering and increased depletion rate at a thermal property. This property continues to hold significant economic tons and long-term mine life, and there has been no material change to NRP's estimate of the segment's long-term earning power.
Mineral Rights segment results continue to be impacted by low natural gas prices, ample coal stockpiles at power plants, and soft global steel demand.
NRP has no meaningful developments to report on its carbon neutral initiatives but continues to explore opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets.
Soda Ash Segment
Soda Ash net income in the second quarter of 2026 decreased $7.5 million as compared to the prior year period primarily due to lower sales prices in 2026. Operating and free cash flow each decreased $5.0 million in the second quarter of 2026 as compared to the prior year period due to the $4.9 million distribution received in the second quarter of 2025 and no distribution in the second quarter of 2026.
The global soda ash market remains weak with international soda ash prices below the cost of production for many producers due to the increased natural soda ash supply from China, along with sluggish demand for flat glass due to slowing commercial and residential construction globally. NRP does not expect to receive distributions from Sisecam Wyoming for several years until the soda ash market returns to equilibrium through increased demand and/or capacity rationalization.
Corporate and Financing
Corporate and Financing net income increased $1.9 million, while operating cash flow and free cash flow each increased $1.3 million in the second 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 second quarter of 2026 as compared to the prior year period due to less debt outstanding.
In May 2026, NRP paid a first quarter 2026 cash distribution of $0.75 per common unit and today, NRP declared a second quarter 2026 cash distribution of $0.75 per common unit.
NRP had $217.0 million of available liquidity at June 30, 2026, consisting of $30.1 million of cash and cash equivalents and $186.9 million of borrowing capacity available under its revolving credit facility.
NRP's consolidated leverage ratio was 0.2 x at June 30, 2026.
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/548891416?pwd=t0aSXC6s. 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
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 [email protected]. 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.
"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)
For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, (In thousands, except per unit data)2026 2025 2026 2026 2025 Revenues and other income Royalty and other mineral rights$49,119 $44,295 $43,297 $92,416 $95,555 Transportation and processing services 3,851 2,551 3,885 7,736 6,972 Equity in earnings (loss) of Sisecam Wyoming (4,905) 2,526 (7,828) (12,733) 7,136 Gain (loss) on asset sales and disposals 45 729 (1) 44 976 Total revenues and other income$48,110 $50,101 $39,353 $87,463 $110,639 Operating expenses Operating and maintenance expenses$5,731 $4,159 $6,113 $11,844 $10,935 Depreciation, depletion and amortization 11,131 3,754 7,614 18,745 7,743 General and administrative expenses 5,020 5,597 5,034 10,054 12,429 Asset impairments — — — — 20 Total operating expenses$21,882 $13,510 $18,761 $40,643 $31,127 Income from operations$26,228 $36,591 $20,592 $46,820 $79,512 Interest expense, net$(1,052) $(2,380) $(973) $(2,025) $(5,048) Net income$25,176 $34,211 $19,619 $44,795 $74,464 Net income attributable to common unitholders$24,672 $33,527 $19,227 $43,899 $72,975 Net income attributable to the general partner 504 684 392 896 1,489 Net income per common unit Basic$1.86 $2.55 $1.46 $3.32 $5.56 Diluted 1.85 2.52 1.44 3.29 5.49 Net income$25,176 $34,211 $19,619 $44,795 $74,464 Comprehensive income (loss) from unconsolidated investment and other 904 (414) (140) 764 1,846 Comprehensive income$26,080 $33,797 $19,479 $45,559 $76,310
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
June 30, December 31, 2026 2025 (In thousands, except unit data)(Unaudited) ASSETS Current assets Cash and cash equivalents$30,132 $30,141 Accounts receivable, net 30,640 28,666 Other current assets, net 934 2,105 Total current assets$61,706 $60,912 Land 24,007 24,008 Mineral rights, net 351,503 366,987 Intangible assets, net 8,655 11,908 Equity in unconsolidated investment 277,475 250,244 Long-term contract receivable, net 18,775 20,406 Other long-term assets, net 15,414 13,900 Total assets$757,535 $748,365 LIABILITIES AND CAPITAL Current liabilities Accounts payable$989 $1,159 Accrued liabilities 7,127 10,897 Accrued interest 63 69 Current portion of deferred revenue 6,705 6,663 Current portion of long-term debt, net 14,271 14,198 Total current liabilities$29,155 $32,986 Deferred revenue 59,744 58,067 Long-term debt, net 13,084 18,884 Other non-current liabilities 5,496 5,909 Total liabilities$107,479 $115,846 Commitments and contingencies Partners’ capital Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)$641,221 $625,188 General partner’s interest 12,072 11,332 Accumulated other comprehensive loss (3,237) (4,001)Total partners’ capital$650,056 $632,519 Total liabilities and partners' capital$757,535 $748,365
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
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 the general 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 unconsolidated investment 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 the general partner — (9,938) (203) — (10,141)Unit-based awards amortization — 1,585 — — 1,585 Comprehensive income from unconsolidated investment and other — — — 904 904 Balance at June 30, 2026 13,250 $641,221 $12,072 $(3,237) $650,056
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results for the three months ended June 30, 2026 and 2025 and March 31, 2026:
Reportable Segments (In thousands)MineralRights Soda Ash Corporate
and
Financing Total For the Three Months Ended June 30, 2026 Revenues$52,970 $— $— $52,970 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(1)$47,363 $(79) $(5,020) $42,264 Cash flow provided by (used in) continuing operations: Operating activities$44,579 $(79) $(3,550) $40,950 Investing activities$819 $— $— $819 Financing activities$— $— $(43,141) $(43,141)Free cash flow(1)$45,352 $(79) $(3,550) $41,723 For the Three Months Ended June 30, 2025 Revenues$46,846 $— $— $46,846 Equity in earnings of Sisecam Wyoming — 2,526 — 2,526 Gain on asset sales and disposals 729 — — 729 Total revenues and other income$47,575 $2,526 $— $50,101 Asset impairments$— $— $— $— Net income (loss)$39,691 $2,502 $(7,982) $34,211 Adjusted EBITDA(1)$43,439 $4,876 $(5,596) $42,719 Cash flow provided by (used in) continuing operations: Operating activities$45,576 $4,875 $(4,872) $45,579 Investing activities$1,444 $— $— $1,444 Financing activities$— $— $(47,555) $(47,555)Free cash flow(1)$46,290 $4,875 $(4,872) $46,293 For the Three Months Ended March 31, 2026 Revenues$47,182 $— $— $47,182 Equity in loss of Sisecam Wyoming — (7,828) — (7,828)Loss on asset sales and disposals (1) — — (1)Total revenues and other income$47,181 $(7,828) $— $39,353 Asset impairments$— $— $— $— Net income (loss)$33,530 $(7,900) $(6,011) $19,619 Adjusted EBITDA(1)$41,140 $(72) $(5,034) $36,034 Cash flow provided by (used in) continuing operations: Operating activities$41,827 $(72) $(8,741) $33,014 Investing activities$758 $(39,200) $— $(38,442)Financing activities$(1,256) $— $8,047 $6,791 Free cash flow(1)$42,585 $(39,272) $(8,741) $(5,428)
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(1) 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 six months ended June 30, 2026 and 2025:
Rights Soda Ash Corporate
and
Financing Total For the Six Months Ended June 30, 2026 Revenues$100,152 $— $— $100,152 Equity in loss of Sisecam Wyoming — (12,733) — (12,733)Gain on asset sales and disposals 44 — — 44 Total revenues and other income$100,196 $(12,733) $— $87,463 Asset impairments$— $— $— $— Net income (loss)$69,767 $(12,884) $(12,088) $44,795 Adjusted EBITDA(1)$88,503 $(151) $(10,054) $78,298 Cash flow provided by (used in) continuing operations: Operating activities$86,406 $(151) $(12,291) $73,964 Investing activities$1,577 $(39,200) $— $(37,623)Financing activities$(1,256) $— $(35,094) $(36,350)Free cash flow(1)$87,937 $(39,351) $(12,291) $36,295 For the Six Months Ended June 30, 2025 Revenues$102,527 $— $— $102,527 Equity in earnings of Sisecam Wyoming — 7,136 — 7,136 Gain on asset sales and disposals 976 — — 976 Total revenues and other income$103,503 $7,136 $— $110,639 Asset impairments$20 $— $— $20 Net income (loss)$84,899 $7,052 $(17,487) $74,464 Adjusted EBITDA(1)$92,652 $7,756 $(12,429) $87,979 Cash flow provided by (used in) continuing operations: Operating activities$88,799 $7,755 $(16,551) $80,003 Investing activities$2,391 $— $— $2,391 Financing activities$(841) $— $(81,653) $(82,494)Free cash flow(1)$90,213 $7,755 $(16,551) $81,417
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(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, (In thousands, except per ton data)2026 2025 2026 2026 2025 Coal sales volumes (tons) Appalachia Northern 1,492 132 472 1,964 256 Central 3,371 3,195 2,967 6,338 6,501 Southern 453 548 329 782 844 Total Appalachia 5,316 3,875 3,768 9,084 7,601 Illinois Basin 2,416 1,637 2,420 4,836 4,979 Northern Powder River Basin 309 426 175 484 1,342 Gulf Coast 198 176 162 360 413 Total coal sales volumes 8,239 6,114 6,525 14,764 14,335 Coal royalty revenue per ton Appalachia Northern$1.18 $1.91 $1.42 $1.24 $1.70 Central 6.06 6.41 6.18 6.11 6.29 Southern 11.52 8.53 11.40 11.47 8.76 Illinois Basin 2.45 2.21 2.32 2.38 2.36 Northern Powder River Basin 4.86 5.73 6.19 5.35 4.93 Gulf Coast 0.82 0.80 0.83 0.83 0.78 Combined average coal royalty revenue per ton 4.25 5.17 4.53 4.37 4.70 Coal royalty revenues Appalachia Northern$1,759 $252 $671 $2,430 $435 Central 20,414 20,494 18,328 38,742 40,920 Southern 5,218 4,676 3,750 8,968 7,394 Total Appalachia 27,391 25,422 22,749 50,140 48,749 Illinois Basin 5,925 3,610 5,606 11,531 11,751 Northern Powder River Basin 1,503 2,443 1,084 2,587 6,612 Gulf Coast 163 140 135 298 324 Unadjusted coal royalty revenues 34,982 31,615 29,574 64,556 67,436 Coal royalty adjustment for minimum leases (189) (72) — (189) (395)Total coal royalty revenues$34,793 $31,543 $29,574 $64,367 $67,041 Other revenues Production lease minimum revenues$251 $123 $558 $809 $2,848 Minimum lease straight-line revenues 4,019 4,050 4,019 8,038 8,100 Oil and gas royalty revenues 2,447 1,981 1,386 3,833 4,425 Carbon neutral revenues 94 290 185 279 885 Property tax revenues 1,710 1,519 1,711 3,421 3,156 Wheelage revenues 1,959 2,543 1,990 3,949 4,281 Coal overriding royalty revenues 1,040 456 1,386 2,426 1,336 Lease amendment revenues 1,242 656 1,200 2,442 1,311 Aggregates royalty revenues 1,246 906 1,118 2,364 1,759 Other revenues 318 228 170 488 413 Total other revenues$14,326 $12,752 $13,723 $28,049 $28,514 Royalty and other mineral rights$49,119 $44,295 $43,297 $92,416 $95,555 Transportation and processing services revenues 3,851 2,551 3,885 7,736 6,972 Gain (loss) on asset sales and disposals 45 729 (1) 44 976 Total Mineral Rights segment revenues and other income$53,015 $47,575 $47,181 $100,196 $103,503
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Reportable Segments (In thousands)Mineral
Rights Soda Ash Corporate
and
Financing Total For the Three Months Ended June 30, 2026 Net income (loss)$36,237 $(4,984) $(6,077) $25,176 Add (Less): equity in (earnings) loss from unconsolidated investment — 4,905 — 4,905 Add: total distributions from unconsolidated investment — — — — 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 For the Three Months Ended June 30, 2025 Net income (loss)$39,691 $2,502 $(7,982) $34,211 Add (Less): equity in (earnings) loss from unconsolidated investment — (2,526) — (2,526)Add: total distributions from unconsolidated investment — 4,900 — 4,900 Add: interest expense, net — — 2,380 2,380 Add: depreciation, depletion and amortization 3,748 — 6 3,754 Add: asset impairments — — — — Adjusted EBITDA$43,439 $4,876 $(5,596) $42,719 For the Three Months Ended March 31, 2026 Net income (loss)$33,530 $(7,900) $(6,011) $19,619 Add (Less): equity in (earnings) loss from unconsolidated investment — 7,828 — 7,828 Add: total distributions from unconsolidated investment — — — — Add: interest expense, net — — 973 973 Add: depreciation, depletion and amortization 7,610 — 4 7,614 Add: asset impairments — — — — Adjusted EBITDA$41,140 $(72) $(5,034) $36,034
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Reportable Segments (In thousands)Mineral
Rights Soda Ash Corporate
and
Financing Total For the Six Months Ended June 30, 2026 Net income (loss)$69,767 $(12,884) $(12,088) $44,795 Add (Less): equity in (earnings) loss from unconsolidated investment — 12,733 — 12,733 Add: total distributions from unconsolidated investment — — — — Add: interest expense, net — — 2,025 2,025 Add: depreciation, depletion and amortization 18,736 — 9 18,745 Add: asset impairments — — — — Adjusted EBITDA$88,503 $(151) $(10,054) $78,298 For the Six Months Ended June 30, 2025 Net income (loss)$84,899 $7,052 $(17,487) $74,464 Add (Less): equity in (earnings) loss from unconsolidated investment — (7,136) — (7,136)Add: total distributions from unconsolidated investment — 7,840 — 7,840 Add: interest expense, net — — 5,048 5,048 Add: depreciation, depletion and amortization 7,733 — 10 7,743 Add: asset impairments 20 — — 20 Adjusted EBITDA$92,652 $7,756 $(12,429) $87,979
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Rights Soda Ash Corporate
and
Financing Total 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 Net cash provided by investing activities$819 $— $— $819 Net cash used in financing activities$— $— $(43,141) $(43,141) For the Three Months Ended June 30, 2025 Net cash provided by (used in) operating activities$45,576 $4,875 $(4,872) $45,579 Add: return of long-term contract receivable 714 — — 714 Free cash flow$46,290 $4,875 $(4,872) $46,293 Net cash provided by investing activities$1,444 $— $— $1,444 Net cash used in financing activities$— $— $(47,555) $(47,555) For the Three Months Ended March 31, 2026 Net cash provided by (used in) operating activities$41,827 $(72) $(8,741) $33,014 Add: return of long-term contract receivable 758 — — 758 Less: capital to unconsolidated investment — (39,200) — (39,200)Free cash flow$42,585 $(39,272) $(8,741) $(5,428) Net cash provided by (used in) investing activities$758 $(39,200) $— $(38,442)Net cash provided by (used in) financing activities$(1,256) $— $8,047 $6,791
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Reportable Segments (In thousands)Mineral
Rights Soda Ash Corporate
and
Financing Total For the Six Months Ended June 30, 2026 Net cash provided by (used in) operating activities$86,406 $(151) $(12,291) $73,964 Add: return of long-term contract receivable 1,531 — — 1,531 Less: capital to unconsolidated investment — (39,200) — (39,200)Free cash flow$87,937 $(39,351) $(12,291) $36,295 Net cash provided by investing activities$1,577 $(39,200) $— $(37,623)Net cash prided by (used in) financing activities$(1,256) $— $(35,094) $(36,350) For the Six Months Ended June 30, 2025 Net cash provided by (used in) operating activities$88,799 $7,755 $(16,551) $80,003 Add: return of long-term contract receivable 1,414 — — 1,414 Free cash flow$90,213 $7,755 $(16,551) $81,417 Net cash provided by investing activities$2,391 $— $— $2,391 Net cash used in financing activities$(841) $— $(81,653) $(82,494)
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
For the Three Months Ended (In thousands)September 30,
2025 December 31,
2025 March 31,
2026 June 30,
2026 Last 12 Months Net cash provided by operating activities$41,095 $44,765 $33,014 $40,950 $159,824 Add: return of long-term contract receivable 728 743 758 773 3,002 Less: capital to unconsolidated investment — — (39,200) — (39,200)Free cash flow$41,823 $45,508 $(5,428) $41,723 $123,626 Add: investment in soda ash business — — 39,200 — 39,200 Free cash flow before investment in soda ash business$41,823 $45,508 $33,772 $41,723 $162,826
For the Three Months Ended (In thousands)September 30,
2025 December 31,
2025 March 31,
2026 June 30,
2026 Last 12
Months Net income$30,905 $30,998 $19,619 $25,176 $106,698 Add (Less): equity in (earnings) loss from unconsolidated investment 2,390 1,686 7,828 4,905 16,809 Add: total distributions from unconsolidated investment — — — — — Add: interest expense, net 1,779 1,157 973 1,052 4,961 Add: depreciation, depletion and amortization 3,868 3,344 7,614 11,131 25,957 Add: asset impairments — — — — — Adjusted EBITDA$38,942 $37,185 $36,034 $42,264 $154,425 Debt—at June 30, 2026 $27,415 Leverage Ratio 0.2 x
2024 December 31,
2024 March 31,
2025 June 30,
2025 Last 12 Months Net income$38,595 $42,772 $40,253 $34,211 $155,831 Less: equity in earnings from unconsolidated investment (8,109) (931) (4,610) (2,526) (16,176)Add: total distributions from unconsolidated investment 6,320 10,667 2,940 4,900 24,827 Add: interest expense, net 4,194 3,524 2,668 2,380 12,766 Add: depreciation, depletion and amortization 4,730 2,827 3,989 3,754 15,300 Add: asset impairments 87 — 20 — 107 Adjusted EBITDA$45,817 $58,859 $45,260 $42,719 $192,655 Debt—at June 30, 2025 $101,547 Leverage Ratio 0.5 x