Natural Resource Partners Q2 2025 Earnings and Cash Flow Summary

Natural Resource Partners Q2 2025 Results

Period: Three Months Ended June 30, 2025

Metric	Q2 2025	LTM
Net Income	$34.2M	$155.8M
Operating Cash Flow	$45.6M	$200.4M
Free Cash Flow	$46.3M	$203.1M
Distribution per Unit	$0.75	-

Cash Flow Statement Summary (Q2 2025)

Item	Amount
Net Income	$34.2M
Depreciation & Amortization	$3.8M
Distributions from Sisecam Wyoming	$4.9M
Change in Working Capital	$4.7M
Other Adjustments	$(1.6)M
Operating Cash Flow	$45.6M
Investing Activities	$1.4M
Financing Activities	$(47.6)M
Net Change in Cash	$(0.5)M

Key Highlights:

• Debt: $101.5M (down from $142.1M at year-end 2024)
• Leverage ratio: 0.5x
• Available liquidity: $157.5M
• Distribution declared: $0.75/unit (payable Aug 26, 2025)

Management noted weak prices for metallurgical coal, thermal coal, and soda ash continue, but the partnership maintains strong free cash flow generation and is progressing toward paying off remaining debt.