CVR Partners Sees Solid 2025 EBITDA and $65M–$75M Cash Balance Despite Q4 Turnaround Delays

CVR Partners, LP ("CVR Partners" or the "Partnership") (NYSE:UAN) today announced preliminary estimated financial results for the fourth quarter and full-year 2025.

"The planned turnaround at our Coffeyville facility was completed as scheduled in early November; however, the subsequent startup was delayed by several weeks due to downtime at the third-party owned air separation unit," said Mark Pytosh, Chief Executive Officer. "Despite this delay, we saw strong demand for nitrogen fertilizers in the fourth quarter and pricing remained robust as inventories continue to be tight amid ongoing geopolitical tensions."

Preliminary estimated fourth quarter and full-year 2025 results are expected to be within the following ranges:

	Three Months Ended December 31, 2025								Year Ended December 31, 2025
(in millions, except utilization data)	Low Estimate				High Estimate				Low Estimate				High Estimate
Net income (loss)	$	(14	)		$	(7	)		$	95			$	102
EBITDA (1)	$	15			$	25			$	206			$	216
Ammonia utilization rate		60	%			65	%			87	%			89	%
Cash and cash equivalents	$	65			$	75			$	65			$	75
Total long-term debt and finance lease obligations		550				600				550				600

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(1)	For a reconciliation of preliminary estimated EBITDA to preliminary estimated net income (loss), the most directly comparable measure in accordance with accounting principles generally accepted in the United States of America ("GAAP"), see "Non-GAAP Reconciliations" section below.

Preliminary Financial Data

The financial and operating results included in this press release are preliminary estimates and subject to the completion of our financial statements, including the completion of the annual audit by the Partnership's independent registered public accounting firm. The Partnership's actual results may differ as a result of the Partnership's financial closing procedures, final adjustments and other developments that may arise between now and the time the Partnership's results for the fourth quarter and full-year 2025 are issued.

These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP, and they should not be viewed as indicative of the Partnership's results for any future period. The Partnership's independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these preliminary estimated financial results and, accordingly, does not express an opinion or any other form of assurance with respect to these preliminary estimates.

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 financial information presented in accordance with GAAP. These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.

The following is a non-GAAP measure we present for the three and twelve months ended December 31, 2025:

EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

We present this measure because we believe it may help investors, analysts, lenders and ratings agencies analyze our results of operations 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 financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP measures. See "Non-GAAP Reconciliation" 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.

Non-GAAP Reconciliation

Reconciliation of Preliminary Estimated Net Income (Loss) to Preliminary Estimated EBITDA
	Three Months Ended December 31, 2025								Year Ended December 31, 2025
(in millions)	Low Estimate				High Estimate				Low Estimate			High Estimate
Net income (loss)	$	(14	)		$	(7	)		$	95		$	102
Interest expense, net		7				8				30			31
Depreciation and amortization		22				24				81			83
EBITDA	$	15			$	25			$	206		$	216