HOUSTON, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2026 results as follows:
For the Three Months Last Twelve Months
Ended 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
_______________________________(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 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.
"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 Six Months
For the Three Months Ended Ended
March
June 30, 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)
Consolidated Statements of Cash Flows
For the Six Months
For the Three Months Ended Ended
March
June 30, 31, June 30,
(In thousands) 2026 2025 2026 2026 2025
--------------------
Cash flows from
operating
activities
Net income $ 25,176 $ 34,211 $ 19,619 $ 44,795 $ 74,464
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation,
depletion and
amortization 11,131 3,754 7,614 18,745 7,743
Distributions
from
unconsolidated
investment -- 4,900 -- -- 7,840
Equity in
(earnings)
loss from
unconsolidated
investment 4,905 (2,526) 7,828 12,733 (7,136)
Loss (gain) on
asset sales
and disposals (45) (729) 1 (44) (976)
Asset
impairments -- -- -- -- 20
Bad debt
expense 33 (1,320) (776) (743) (869)
Unit-based
compensation
expense 1,671 2,662 1,164 2,835 5,379
Amortization of
debt issuance
costs and
other 442 (281) 447 889 (449)
Change in
operating assets
and liabilities: --
Accounts
receivable (3,826) 3,610 615 (3,211) 3,461
Accounts
payable (1,460) (526) 1,290 (170) 20
Accrued
liabilities 2,361 2,296 (7,156) (4,795) (5,694)
Accrued
interest (216) (388) 210 (6) (134)
Deferred
revenue 285 (986) 1,434 1,719 (4,213)
Other items,
net 493 902 724 1,217 547
Net cash
provided by
operating
activities $ 40,950 $ 45,579 $ 33,014 $ 73,964 $ 80,003
Cash flows from
investing
activities
Proceeds from
asset sales and
disposals $ 46 $ 730 $ -- $ 46 $ 977
Capital to
unconsolidated
investment -- -- (39,200) (39,200) --
Return of
long-term
contract
receivable 773 714 758 1,531 1,414
Net cash
provided by
(used in)
investing
activities $ 819 $ 1,444 $(38,442) $(37,623) $ 2,391
Cash flows from
financing
activities
Debt borrowings $ 6,000 $ -- $ 61,200 $ 67,200 $ 33,700
Debt repayments (39,000) (37,500) (34,000) (73,000) (74,500)
Distributions to
common
unitholders and
the general
partner (10,141) (10,055) (11,763) (21,904) (36,331)
Other items, net -- -- (8,646) (8,646) (5,363)
Net cash
provided by
(used in)
financing
activities $(43,141) $(47,555) $ 6,791 $(36,350) $(82,494)
Net increase
(decrease) in
cash and cash
equivalents $ (1,372) $ (532) $ 1,363 $ (9) $ (100)
Cash and cash
equivalents at
beginning of
period 31,504 30,876 30,141 30,141 30,444
Cash and cash
equivalents at end
of period $ 30,132 $ 30,344 $ 31,504 $ 30,132 $ 30,344
Supplemental cash
flow information:
Cash paid for
interest $ 1,204 $ 2,725 $ 684 $ 1,888 $ 5,096
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Balance Sheets
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)
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
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
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 and
the general
partner -- (25,750) (526) -- (26,276)
Issuance of
unit-based
awards 89 -- -- -- --
Unit-based
awards
amortization
and vesting,
net -- (3,175) -- -- (3,175)
Capital
contribution -- -- 187 -- 187
Comprehensive
income from
unconsolidated
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 and
the general
partner -- (9,854) (201) -- (10,055)
Unit-based
awards
amortization -- 2,346 -- -- 2,346
Comprehensive
loss from
unconsolidated
investment and
other -- -- -- (414) (414)
------ ------- ------ ----------- -------
Balance at June
30, 2025 13,138 $579,773 $10,496 $ 176 $ 590,445
====== ======= ====== =========== =======
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
--------------------
Corporate
Mineral and
(In thousands) Rights Soda Ash 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)
_______________________________
(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:
Reportable Segments
-------------------
Corporate
Mineral and
(In thousands) Rights Soda Ash 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
_______________________________
(1) 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 Six Months
For the Three Months Ended Ended
March
June 30, 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)
Adjusted EBITDA
Reportable
Segments
Corporate
Mineral Soda and
(In thousands) Rights Ash 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)
Adjusted EBITDA
Reportable
Segments
Corporate
Mineral and
(In thousands) Rights Soda Ash 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)
Free Cash Flow
Reportable Segments
-------------------
Corporate
Mineral and
(In thousands) Rights Soda Ash 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)
Free Cash Flow
Reportable Segments
Corporate
Mineral and
(In thousands) Rights Soda Ash 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
Last Twelve Months $(LTM)$ Free Cash Flow
For the Three Months Ended
-----------------------------------------
March June
September December 31, 30, Last 12
(In thousands) 30, 2025 31, 2025 2026 2026 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
========= ======== ======= ====== =======
Leverage Ratio
For the Three Months Ended
---------------------------------------
March June
September December 31, 30, Last 12
(In thousands) 30, 2025 31, 2025 2026 2026 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
For the Three Months Ended
------------------------------------------
March June
September December 31, 30, Last 12
(In thousands) 30, 2024 31, 2024 2025 2025 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