[Management View]
Net sales for Q3 2025 were $164 million, driven by higher UAN and ammonia pricing. Net income was $43 million, or $4.02 per common unit. EBITDA was $71 million, reflecting higher product pricing. Strategic priorities include maintaining high plant utilization, prudent capital management, and executing reliability and safety objectives.

[Outlook]
Management anticipates higher pricing momentum into Q4 2025 and 2026. Ammonia utilization is estimated at 80%-85% for 2025 due to the ongoing Coffeyville turnaround. Capital spending for 2025 is projected at $58-$65 million, with significant portions funded by cash reserves. A thirty-five-day turnaround is scheduled for Q3 2026 at the East Dubuque facility.

[Financial Performance]
YoY, UAN prices increased 52% and ammonia prices rose 33%, driven by tight inventory levels and elevated demand. Direct operating expenses increased by $7 million due to higher natural gas and electricity costs. Capital expenditures year-to-date were $13 million, with full-year spending projected at $58-$65 million.

[Q&A Highlights]
Question 1: Could you provide more details on the Coffeyville natural gas feedstock project, including anticipated start date and total cost?
Answer: We are in detailed engineering and need to confirm some aspects of the project. It involves taking additional hydrogen from the refinery and potentially replacing pet coke with natural gas. This could increase production capacity by up to 8%. We expect to provide more specifics by the next call.

Question 2: Are there any concerns about drought conditions impacting ammonia runs?
Answer: No concerns in our markets. Recent moisture has created near-perfect conditions for a strong fall ammonia run. We have a good book of business and expect additional cash orders.

Question 3: How significant will the impact be if acreage is down next season?
Answer: We expect corn acreage might not drop as much due to trade war concerns. Inventory tightness will likely mitigate potential negative impacts. Nutrien's shutdown of a Trinidad plant will affect replenishment time frames.

Question 4: Are you seeing any impact on imports from Trinidad and Russia?
Answer: No impact on Russian imports; they remain a significant factor in the U.S. market. The fear is potential tariffs or sanctions, but no restrictions have been seen so far.

Question 5: What is your outlook for ammonia, UAN, and urea prices heading into Q4?
Answer: We expect a solid quarter with higher pricing compared to March. We are optimistic about the supply-demand balance and expect favorable market conditions to continue into 2026.

[Sentiment Analysis]
Analysts were positive, focusing on strategic projects and market conditions. Management was optimistic about pricing momentum and strategic initiatives.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-------------------------|---------------|---------------|
| Net Sales | $164 million | N/A |
| Net Income | $43 million | N/A |
| EBITDA | $71 million | N/A |
| UAN Average Sales Price | $348/ton | N/A |
| Ammonia Average Price | $531/ton | N/A |
| Direct Operating Expenses| $58 million | N/A |
| Capital Expenditures | $13 million | N/A |

[Risks and Concerns]
Potential delays in the Coffeyville turnaround due to an ammonia release. Geopolitical risks, including potential tariffs on Russian fertilizer imports, could impact pricing. Natural gas pricing differentials between Europe and the U.S. may affect production costs.

[Final Takeaway]
CVR Partners delivered strong financial performance in Q3 2025, driven by higher UAN and ammonia pricing. Strategic projects, including the Coffeyville feedstock project, are expected to enhance production capacity. Management remains optimistic about pricing momentum and market conditions heading into 2026, despite potential geopolitical risks.