Natural Resource Partners Q3 2025 Earnings and Cash Flow Results

Natural Resource Partners Q3 2025 Results

Period: Three Months Ended September 30, 2025

Metric	Q3 2025	LTM
Net Income	$30.9M	$148.1M
Operating Cash Flow	$41.1M	$187.3M
Free Cash Flow	$41.8M	$190.1M
Distribution per Unit	$0.75	-

Cash Flow Statement Summary (Q3 2025)

Item	Amount
Net Income	$30.9M
Depreciation & Amortization	$3.9M
Distributions from Sisecam Wyoming	$0.0M
Change in Working Capital	$4.0M
Other Adjustments	$2.3M
Operating Cash Flow	$41.1M
Investing Activities	$1.6M
Financing Activities	$(42.1)M
Net Change in Cash	$0.7M

Key Highlights:

• Debt: $69.5M (down from $101.5M at Q2 2025)
• Leverage ratio: 0.4x (improved from 0.5x)
• Available liquidity: $190.1M
• Distribution declared: $0.75/unit (payable Nov 25, 2025)
• Notable: No distribution received from Sisecam Wyoming in Q3 2025

Management noted continued weak coal and soda ash prices but emphasized strong free cash flow generation continues ($190M LTM). The partnership is making progress on deleveraging with only $69.5M debt remaining. They noted Oxy dropped its carbon sequestration lease in Texas, and expect no distributions from Sisecam Wyoming until the soda ash market rebalances.