CF Industries · Earnings release · 8-K Exhibit 99

Financial Results

NYSE: CF

Safe harbor statement

All statements in this presentation by CF Industries Holdings, Inc. (together with its subsidiaries, the “Company”), other than those relating to historical

facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “believe,” “could,”

“estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which

are beyond the Company’s control, which could cause actual results to differ materially from such statements. These statements may include, but are not

limited to, statements about: strategic plans and management’s expectations with respect to the production of low-carbon ammonia, the development of

carbon capture and sequestration projects, the transition to and growth of a hydrogen economy, greenhouse gas reduction targets, projected capital

expenditures, statements about future financial and operating results, and other items described in this presentation. Important factors that could cause

actual results to differ materially from those in the forward-looking statements include, among others: the Company’s ability to complete the projects at its

Blue Point Complex, including the construction of a low-carbon ammonia production facility with its joint venture partners and scalable infrastructure on

schedule and on budget or at all; the Company’s ability to fund the capital expenditure needs related to the joint venture at its Blue Point Complex, which

may exceed its current estimates; the cyclical nature of the Company’s business and the impact of global supply and demand on the Company’s selling

prices and operating results; the global commodity nature of the Company’s nitrogen products, the conditions in the global market for nitrogen products,

and the intense global competition from other producers; T1announced or future tariffs, retaliatory measures, and global trade relations, including the

potential impact of tariffs and retaliatory measures on the price and availability of materials for its capital projects and maintenance; conditions in the

United States, Europe and other agricultural areas, including the influence of governmental policies and technological developments on the demand for its

fertilizer products; the volatility of natural gas prices in North America and globally; weather conditions and the impact of adverse weather events; the

seasonality of the fertilizer business; the impact of changing market conditions on the Company’s forward sales programs; difficulties in securing the

supply and delivery of raw materials or utilities, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of

transportation services and equipment, including those related to carbon dioxide sequestration; the Company’s reliance on a limited number of key

facilities; risks associated with cybersecurity; acts of terrorism and regulations to combat terrorism; the significant risks and hazards involved in producing

and handling the Company’s products against which the Company may not be fully insured; risks associated with international operations; the Company’s

ability to manage its indebtedness and any additional indebtedness that may be incurred; risks associated with changes in tax laws and adverse

determinations by taxing authorities, including any potential changes in tax regulations and its qualification for tax credits; risks involving derivatives and

the effectiveness of the Company’s risk management and hedging activities; potential liabilities and expenditures related to environmental, health and

safety laws and regulations and permitting requirements; regulatory provisions and requirements related to greenhouse gas emissions and sustainability

matters, including announced or future changes in environmental, climate change or sustainability laws; the development and growth of the market for low-carbon ammonia and the risks and uncertainties relating to the development and implementation of the Company’s low-carbon ammonia projects; risks

associated with investments in and expansions of the Company’s business, including unanticipated adverse consequences and the significant resources

that could be required; and failure of technologies to perform, develop or be available as expected, including the low-carbon ATR ammonia production

facility with carbon capture and sequestration technologies being constructed at its Blue Point Complex. More detailed information about factors that may

affect the Company’s performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF

Industries Holdings, Inc.’s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.’s most recent annual and quarterly

reports on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the Company’s web site. It is not possible to predict or

identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and

uncertainties should not be considered exhaustive. There is no guarantee that any of the events, plans or goals anticipated by these forward-looking

statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on our business, results of operations, cash flows,

financial condition and future prospects. Forward-looking statements are given only as of the date of this presentation and the Company disclaims any

obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Note regarding non-GAAP financial measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management

believes that EBITDA, adjusted EBITDA, free cash flow, and free cash flow to adjusted EBITDA conversion, which are non-GAAP

financial measures, provide additional meaningful information regarding the Company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in

accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, adjusted EBITDA, free cash flow,

and free cash flow to adjusted EBITDA conversion included in this presentation may not be comparable to similarly titled measures

of other companies. Reconciliations of EBITDA, adjusted EBITDA, and free cash flow to the most directly comparable GAAP

measures are provided in the tables accompanying this presentation.

EBITDA is defined as net earnings attributable to common stockholders plus interest expense—net, income taxes and depreciation

and amortization. Other adjustments include the elimination of the portion of interest income (expense)—net and the portion of

depreciation and amortization that are included in noncontrolling interests, and loan fee amortization that is included in both interest

and amortization. The Company has presented EBITDA because management uses the measure to track performance and believes

that it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry.

Adjusted EBITDA is defined as EBITDA adjusted with the selected items as summarized in the tables accompanying this

presentation. The Company has presented adjusted EBITDA because management uses adjusted EBITDA, and believes it is useful

to investors, as a supplemental financial measure in the comparison of year-over-year performance.

Free cash flow is defined as net cash provided by operating activities, as stated in the consolidated statements of cash flows,

reduced by capital expenditures and distributions to noncontrolling interest plus contributions from noncontrolling interests. Free cash

flow to adjusted EBITDA conversion is defined as free cash flow divided by adjusted EBITDA. The Company has presented free

cash flow and free cash flow to adjusted EBITDA conversion because management uses these measures and believes they are

useful to investors, as an indication of the strength of the Company and its ability to generate cash and to evaluate the Company’s

cash generation ability relative to its industry competitors. It should not be inferred that the entire free cash flow amount is available

for discretionary expenditures.

4

T2Outstanding operational performance in a tight global nitrogen

supply-demand balance delivers strong financial results

(1) Q1 2026 Net Earnings and Q1 2026 Adjusted EBITDA includes a gain of ~$170M from a litigation settlement. See appendix for reconciliation of adjusted EBITDA to the most directly

comparable GAAP measure

(2) Represents last twelve months share repurchases and dividends paid through March 31, 2026

(3) Includes the cash inflows and outflows associated with the Blue Point joint venture, which includes a net cash inflow of ~$185M representing $408M in contributions from JERA and

Mitsui, less Capex funded by JERA and Mitsui of $223M. See appendix for reconciliation of free cash flow to the most directly comparable GAAP measure

(4) As of March 31, 2026; share repurchase authorization runs through 2029

(6) Available ammonia capacity represents CF Industries’ average annual gross ammonia capacity of its manufacturing network, as described in the Company's 2025 Form 10-K, less the

average gross ammonia capacity of its Yazoo City Complex, which management previously announced would not resume operations until late fourth quarter of 2026 at the earliest

(7) Represents Q1 2026 LTM free cash flow divided by Q1 2026 LTM adjusted EBITDA. See appendix for reconciliations of free cash flow and adjusted EBITDA to the most directly

comparable GAAP measures

(8) Sourced from CRU Ammonia Database on December 22, 2025, see slide 5

Available Ammonia

Capacity Utilization(6)

12-month Rolling Average

Recordable Incident Rate(5)

EBITDA Conversion(7)

Adjusted EBITDA(1)

Adjusted EBITDA(1)

Cash from Operations

Free Cash Flow(3)

T3Capital Returned to

Shareholders(2)

Remaining in Current $2B

Share Repurchase

Authorization(4)

Net Earnings (1)

Net Earnings(1)

Greater Capacity Utilization

than North America Peers(8)

5-year rolling average ending 2025

5

Outstanding safety performance drives industry leading

production capacity utilization

5-Year Rolling Avg. North American

Ammonia Percent of Capacity Utilization(1)

CF’s 10% greater capacity utilization yields an

additional ~1 million tons of ammonia annually(4)​

CF

BLS Fertilizer

Manufacturing

Total Recordable Incident Rate

5-year rolling avg. percent of capacity utilization

CF North America(2) North America

Excluding CF(3)

(1) Source of data: December 22, 2025, CRU Ammonia Database​

(2) Represents CF Industries historical North American production and CRU’s capacity estimates for CF Industries​

(3) Calculated by removing CF Industries’ annual reported production and capacity from the CRU data for all North American ammonia production peer group

(4) ~1 million tons represents the difference between CF Industries’ actual trailing 5-year average ammonia production of 9.5 million tons at 96% of capacity utilization and the 8.6 million tons

CF Industries would have produced if operated at the 86% CRU North American benchmark excluding CF Industries​

Note: CRU North American peer group includes AdvanSix, Austin Powder (US Nitrogen), Carbonair, CF Industries, Chevron, CVR Partners, Dakota Gasification Co, Incitec Pivot Ltd, Fortigen,

Koch Industries, LSB Industries, LSB Industries/Cherokee Nitrogen, Methanex, Mississippi Power, Mosaic, Nutrien, OCI N.V., Sherritt International Corp, Shoreline Chemical, Simplot, Yara

International, Gulf Coast Ammonia​

6

T4CF’s investments expand gross ammonia capacity to meet

nitrogen demand

Gross ammonia capacity

In million short tons

CF Gross Ammonia Capacity

gross

ammonia

capacity

gross

ammonia

capacity

Blue Point

low-carbon

ammonia

gross

ammonia

capacity

Donaldsonville

expansion

Port Neal

expansion

Network

Optimization

Waggaman

acquisition

7

Near-term global nitrogen supply tight; further constrained

by ongoing geopolitical disruptions

Sources: Industry Publications, CRU Urea Market Outlook as of March 2026, CF Analysis

India Urea Imports

China Urea Exports

Million metric tons

Brazil Urea Imports

Nitrogen Market Outlook

Global nitrogen supply tight through 2027

T5Supply disruptions from Russia & Iran conflicts persist

Chinese urea exports expected under strict quota

Indian imports to grow on reduced domestic production

U.S. planted corn acres expected above average in 2026

Potential yield impacts due to demand destruction

Near- and

medium-term

global nitrogen

supply tight

Pre-conflict

Forecast:

8

~50% of first quartile global urea capacity is exposed to

geopolitical conflicts

2026 Monthly Delivered U.S. Gulf Urea Cost Curve(1)

Y-axis: USD/st

X-axis: Monthly Production Capacity at 95% Operating Rate, million short tons

“Fragile & Exposed”

segment represents

plants/regions directly shut

down, curtailed or face

feedstock limitations due to

geopolitical conflicts.

Low-risk segment represents

plants/regions with minimal

feedstock exposure to current

geopolitical conflicts.

Chinese capacity is largely

insulated from global oil/gas

shocks due to large share of

coal-based production.

Limited global supply due to

Chinese government export

restrictions.

First

quartile

Second

quartile

Third

quartile

Fourth

quartile

(1) 2026 annual average feedstock gas and coal prices represent actuals through March 2026 and forward curves as of April 27, 2026

**India gas cost assumed at $10.81/MMBtu; representative of imported spot LNG to cover typical contracted Middle East LNG supply

Source: Industry Publications, CF Analysis

9

T6CF’s North American network insulated from recent geopolitical

disruptions Efficient North American asset base Access to low-cost natural gas Unmatched distribution & logistics

network Production & distribution flexibility Access to serve global market

Conflict zone supply creates

structural disadvantages Accounts for 50% of first quartile

urea production capacity High risk of volatility and security

of supply Nitrogen, feedstock and logistic

asset damage unknown Transport risk – Strait of Hormuz,

Red Sea & Horn of Africa LNG dependent regions impacting

nitrogen production in India, Pakistan

and Bangladesh Governments diverting natural gas

from nitrogen production in North Africa Gas supply volatility in Trinidad Increased economic stress on

European high-cost production

CF’s durable advantages Feedstock supply disruptions

Intrinsic value of CF’s North American assets, durable

advantages, and growth initiatives has increased

EBITDA

Current Mid-Cycle

EBITDA

Expected Mid-Cycle

CF Mid-Cycle Expectations Strengthening

CF’s valuation should reflect:

$2,500+ Strengthening mid-cycle expectations

with low-risk asset profile vs other first

quartile producers which will require a risk

premium to incentivize new capacity

Strategic initiatives provide growth

through decarbonization and margin-enhancing projects

Globally advantaged growth through

Blue Point site with room for additional

capacity, low-carbon optionality, access to

low-cost natural gas, export capability,

and lower exposure to disruptions from

geopolitical conflicts

$ millions

FCF

Appendix

Adjusted EBITDA favorable driven by tight global nitrogen

(1) See appendix for reconciliations of adjusted EBITDA to the most directly comparable GAAP measure

Adj. EBITDA

Price Volume Realized

Gas Cost

Adj. EBITDA

$ millions

Other

Litigation

Settlement

T7Continued strong cash generation…

(1) Represents the cash and cash equivalents balance on the Company's Consolidated Balance Sheet at the end of each respective period

(2) Consists of 60% of the total Blue Point JV capex of ~$65M in Q1 2026

(3) Includes Blue Point JV capex of ~$26M in Q1 2026, which represents the 40% attributable to CF

(4) Semi-annual distribution paid to noncontrolling interests (CHS Inc.) in Q1 2026

(5) Represents share repurchases and dividends paid in Q1 2026 as reflected on the Company’s Consolidated Statement of Cash Flows

Cash

Cash from

Operations

Return to

Shareholders(5)

Other Cash

Capex

Funded by

JERA & Mitsui(2)

Funded

by CF(3)

Consolidated

CF Capex

$ millions

CHS

Distribution(4)

JERA & Mitsui

Blue Point

JV Capital

Contributions

LTM Free Cash Flow

(millions)

CF Industries’ Free Cash Flow and Shares Outstanding as of Period End

Shares Outstanding

(millions)

$0

…provides robust free cash flow participation

(millions) Non-GAAP reconciliation: Cash from Operations to Free Cash Flow

outstanding

Cash from Operations

Capital expenditures

Distributions to

noncontrolling interests

Free Cash Flow

Contributions from

noncontrolling interests

CF Industries Adjusted EBITDA sensitivity table

Table illustrates the CF Industries business model across a broad range of

industry conditions

$50/ton urea realized movement implies ~$800M change in Adjusted EBITDA on an annual basis

(1) Based on 2025 sales volumes of approximately 19.1 million product tons, 2025 gas consumption of 352 million MMBtus and 2023-2025 average nitrogen product sales price

relationships. Changes in product prices and gas costs are not applied to the CHS minority interest or industrial contracts where CF Industries is naturally hedged against changes in

product prices and gas costs. Table output assumes 1.4M MT CO2 captured via Donaldsonville CCS

(2) Assumes that a $50 per ton change in urea prices is also applied proportionally to all nitrogen products and is equivalent to a $34.78 per ton change in UAN price, $36.96 per ton change

in AN price, $89.14 per ton change in ammonia price, and $21.20 per ton change in the price of the Other segment

Adjusted EBITDA Sensitivity to Natural Gas and Urea Prices(1)

$ billions CF Realized Natural Gas Cost ($/MMBtu)

CF Realized Urea Price ($/ton)(2)

Financial results – first quarter 2026

- As a percentage of net sales 37.6 % 34.4 %

Net earnings attributable to common stockholders $ 615 $ 312

Net earnings per diluted share 3.98 1.85

Diluted weighted-average common shares outstanding 154.5 168.8

Natural gas costs in cost of sales (per MMBtu)(2) $ 4.95 $ 3.69

Realized derivatives gain in cost of sales (per MMBtu)(3) (0.38) (0.01)

Cost of natural gas used for production in cost of sales (per MMBtu) $ 4.57 $ 3.68

Average daily market price of natural gas at the Henry Hub (per MMBtu) $ 4.90 $ 4.28

(1) See appendix for reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures

(2) Includes the cost of natural gas used for production and related transportation that is included in cost of sales during the period under the first-in, first-out inventory cost method

(3) Includes realized gains and losses on natural gas derivatives settled during the period. Excludes unrealized mark-to-market gains and losses on natural gas derivatives

LTM

Less: Net earnings attributable to noncontrolling interests (61) (39) (365)

Less other adjustments:

Interest income (expense)—net in noncontrolling interests 1 — 3

Depreciation and amortization in noncontrolling interests (22) (21) (91)

Loan fee amortization(1) (1) (1) (4)

Unrealized net mark-to-market (gain) loss on natural gas derivatives (3) 2 —

Loss (gain) on foreign currency transactions 3 2 (4)

Less: (Loss) gain on foreign currency transactions in noncontrolling interests (1) — 6

Asset impairment(2) — — 76

Insurance recoveries—property damage (25) — (25)

Loss on sale of Ince facility — 23 —

Blue Point joint venture construction costs(3) 1 — 5

Loss on debt extinguishment — — 6

Pension settlement loss — — 1

Non-GAAP: reconciliation of net earnings to EBITDA and

adjusted EBITDA

(1) Loan fee amortization is included in both interest expense—net and depreciation and amortization

(2) Consists of asset impairment charges related to property, plant and equipment at the Donaldsonville and Yazoo City Complexes

(3) Represents 40% of Blue Point joint venture costs related to the construction of the low-carbon ammonia production facility at our Blue Point Complex, which excludes

the portion attributable to the noncontrolling interests

Non-GAAP: reconciliation of cash from operations to free

cash flow and free cash flow to adjusted EBITDA conversion

In millions, except percentages Q1 2026

LTM

Cash provided by operating activities $ 2,662

Capital expenditures (1,041)

Distributions to noncontrolling interests (376)

Contributions from noncontrolling interests 408

Free cash flow to Adjusted EBITDA conversion(1) 51 %

(1) Represents Q1 2026 LTM free cash flow divided by Q1 2026 LTM adjusted EBITDA