NRP 2026 年第三季法說會：隨債務下降配息升至 2.34 美元

重點摘要

• Natural Resource Partners L.P. 在 2026 年第三季產生了 2,700 萬美元淨利、4,400 萬美元營業現金流 以及 4,500 萬美元自由現金流。
• 該合夥企業調升其季度配息至 每普通單位 2.34 美元，高於 8 月針對第二季發放的 每單位 0.75 美元 配息。
• NRP 在本季償還了 1,300 萬美元 的債務，並表示剩餘的 1,400 萬美元 預計將於下個月償還。
• 礦業權部門本季產生了 4,700 萬美元的季度自由現金流，過去 12 個月累計達 1.85 億美元，持續作為 NRP 的主要現金來源。
• 管理層預估，根據目前狀況，2027 年煤炭價格不會出現重大變化。管理層亦表示純鹼基本面疲軟將使 2027 年比 2026 年更加艱難。
• 在純鹼需求復甦或低迷的市場出現大幅供應回應之前，NRP 預計不會恢復來自 Sisecam Wyoming 的配息。

重要財務數據

業務與營運表現

礦業權

特定資產的冶金煤價格與出貨量上升，加上付款時程因素，支撐了該部門現金流的年成長。然而，這些效益被 2025 年第三季收到的租約修改費用所部分抵銷。

在 2026 年第三季，冶金煤約佔 煤炭特許權使用費收入的 70% 與 煤炭特許權銷售量的 45%。

管理層表示，全球鋼鐵需求依然疲軟，持續壓制冶金煤價格。由於天然氣價格低廉以及發電廠煤炭庫存偏高，燃料煤市場狀況同樣持續低迷。此外，柴油成本上漲正為營運商的利潤率帶來額外壓力。

純鹼

純鹼部門的淨利 年減 200 萬美元，主因國際市場供過於求導致銷售價格下跌，以及平板玻璃需求減弱所致。

管理層指出，國際價格已停止下跌，但對大多數生產商而言仍低於生產成本。隨著合約重新簽訂以及對國際價格的溢價收窄，預計國內價格將會下滑。

該公司持續將 Sisecam Wyoming 視為全球成本最低的純鹼營運項目之一。其執行合夥人正致力於控制成本，同時維持安全可靠的營運。

管理層前景展望

管理層表示，目前的指標未顯示 2027 年煤炭價格會出現重大變化，但地緣政治衝突可能會推動價格向上或向下波動。

在純鹼方面，管理層預計市場重新達到平衡需要數年而非數個季度。雖然工廠關閉已經開始，但供應回應依然緩慢。國內合約價格調降預計將使 2027 年比 2026 年面臨更多挑戰。

未來的配息將由董事會根據營運結果、流動性需求以及現金的其他用途（包括單位庫藏股買回或擇機收購）逐季決定。

風險與關注事項

• 全球鋼鐵需求疲軟正在限制冶金煤價格。
• 天然氣價格低廉與發電廠煤炭庫存高企正在拖累燃料煤市場狀況。
• 地緣政治不確定性與柴油成本上升可能會影響大宗商品價格、供應鏈成本及營運商利潤率。
• 全球純鹼供應過剩與需求疲軟持續為價格帶來壓力。
• 在需求改善或供應大幅縮減之前，預計 Sisecam Wyoming 不會恢復配息。
• 各季度的自由現金流與配息可能會出現大幅波動。

分析師問答亮點

在回答有關潛在單位買回的問題時，管理層拒絕透露其對 NRP 內在價值的估計。

NRP 還表示，在資產負債表去槓桿化之後，其對二氧化碳封存、太陽能、地熱及其他再生能源相關機會的方向並未改變。該合夥企業持續尋找能夠在其土地上開發項目的承租方。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Hello, everyone. Thank you for joining us, and welcome to the Natural Resource Partners L.P. Third Quarter 2026 Earnings Conference Call. [Operator Instructions]

I will now hand the conference over to Tiffany Sammis, Investor Relations. Tiffany, please go ahead.

Tiffany Sammis

Thank you. Good morning, and welcome to the Natural Resource Partners third quarter 2026 conference call. Today's call is being webcast, and a replay will be available on our website.

Joining me today are Craig Nunez, President and Chief Operating Officer; Chris Zolas, Chief Financial Officer; and Kevin Craig, Executive Vice President.

Some of our comments today may include forward-looking statements reflecting NRP's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in NRP's Form 10-K and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP measures are included in our third quarter press release, which can be found on our website.

I would like to remind everyone that we do not intend to discuss the operations or outlook for any particular coal lessee or detailed market fundamentals.

Now I would like to turn the call over to Craig Nunez, our President and Chief Operating Officer.

Craig Nunez

Thank you, Tiffany. Good morning, everyone. NRP generated $45 million of free cash flow in the third quarter of 2026 and $166 million of free cash flow over the last 12 months before the investment in our soda ash business earlier this year. Last quarter, I said that [ barring ] something unforeseen, we intended to raise distribution significantly in November. We are delivering on that. A decade of work to pay down debt and derisk the partnership has brought us to the point where we can pay out free cash flow beyond the unitholder tax liability. We generated $45 million of free cash in the quarter. We paid down $13 million of debt, leaving $32 million or $2.34 per unit available to distribute.

Our free cash flow can move around a lot from quarter-to-quarter and year-to-year. Our Board will decide on distributions each quarter weighing our results, our liquidity needs and other uses of cash, which could include unit repurchases or opportunistic acquisitions. If the Board decides to retain cash rather than pay it out, we will hold ourselves to the same test as always, more than $1 of intrinsic value per unit for every dollar we keep.

Last quarter, I said our Mineral Rights segment was our most dependable cash generator. It delivered again this quarter, producing $47 million of free cash flow and $185 million over the last 12 months. Spot prices for metallurgical coal bumped up modestly in the quarter before pulling back. Global steel demand remains weak, and that keeps a lid on prices. Similar story with thermal coal. Natural gas is cheap, power plants are sitting on plenty of coal, and we do not see anything on the horizon to change that. The geopolitical backdrop remains bumpy and diesel is up more than 75% this year which raises costs all along the supply chain and squeezes operator margins. For 2027, nothing we are watching points to a material change in coal pricing. If geopolitical conflicts drag on, prices can move in either direction, and I will not pretend to know which.

Now to Soda Ash. The picture is the same as a quarter ago, too much supply, too little demand and no quick fix. Increased natural soda ash exports from China are pushing older synthetic plants to modernize, shutdown or both. Producers are doing what you would expect. Running plants at lower rates, shedding higher-cost capacity, cutting discretionary spending and hunting for efficiencies. International prices have stopped falling, but have settled at levels that are below the cost of production of most producers. As we explained last quarter, domestic prices should move lower as contracts reset and the premium over international prices narrows. That will make 2027 harder than 2026.

Closures are beginning to occur, however, but slowly. We continue to think rebalancing the market will take years, not quarters. Our investment in Sisecam Wyoming is -- holds one of the lowest cost of soda ash operations in the world and low cost is what carries you through a downturn. Our managing partner continues to aggressively pursue cost savings while keeping operations safe and reliable and protecting the plant's competitive position. This cycle may take years to turn, but we are confident in the quality of the asset and its ability to generate competitive returns when the market returns to balance. So to sum it up, Mineral Rights keeps generating strong free cash flow. We have $14 million of debt left to repay next month, and we are finally at the point where we can return the cash this business generates to you, our partners, subject to the Board's quarterly decision.

With that, I'll turn it over to Chris.

Christopher Zolas

Thank you, Craig. In the third quarter of 2026, NRP generated $27 million of net income, $44 million of operating cash flow and $45 million of free cash flow. Of these consolidated amounts, our Mineral Rights segment generated $37 million of net income, $46 million of operating cash flow and $47 million of free cash flow. When compared to the prior year third quarter, our Mineral Rights segment net income decreased $4 million primarily due to increased DD&A expense. Operating cash flow and free cash flow each increased $2 million as compared to the prior year period, primarily due to higher met coal pricing and volumes at certain properties and timing of payments, partially offset by lease amendment fees we received in the third quarter of last year. Regarding our met thermal coal royalty mix, met coal made up approximately 70% of our coal royalty revenues and 45% of our coal royalty sales volumes for the third quarter of 2026.

For our Soda Ash segment, net income for the third quarter decreased $2 million compared to the prior year quarter. This decrease was driven by lower sales prices due to the oversupplied international soda ash market and weakened demand for flat glass. Operating and free cash flow was flat when compared to the prior year period due to not receiving a distribution of third quarters of 2025 and 2026. NRP does not expect distributions from Sisecam Wyoming to resume until the sodas market demand rebounds where there is a significant supply response to this depressed market.

Moving to our corporate and financing results. Net income, operating cash flow and free cash flow for the third quarter of 2026, each improved $1 million as compared to the prior year period. These improvements were due to lower debt resulting in lower interest costs and less cash paid for interest. Regarding our quarterly distributions, in August, we paid the second quarter distribution of $0.75 per common unit. Also during the third quarter of this year, we fully repaid the remaining $13 million balance on our Opco credit facility. As a result, and consistent with our communications throughout the year, the partnership increased the distribution to $2.34 per common unit with respect to the third quarter of 2026.

In our recent earnings release, we have included a reconciliation of this Q3 distribution amount from the operating cash flow we generated in the third quarter.

And with that, I'll turn the call over to our operator for questions.

Operator

[Operator Instructions] Your first question comes from the line of Robert Lu.

Unknown Attendee

This is Robert Lu. I'm an independent investor in NRP for the last few years. I'm curious, you talked about the potential for share buybacks when you saw that the intrinsic value is below or above the current market price. I'm curious, would you be able to share your thoughts on that and where that might be?

Craig Nunez

No. We will not give you guidance on what we think is the intrinsic value of our units. But thank you for your support.

Unknown Attendee

Yes. Thank you for following through on what you said you do and excited about the news today.

Craig Nunez

You bet. Thank you.

Operator

Your next question comes from the line of Steven Balsam with Yellow Gate Capital.

分析師問答

Steven Balsam

I just wanted to say congratulations on reaching this point. It's really rare to see such a long-term decision taken and made and follow through consist really been fantastic [indiscernible] on long-term sale trend feels great to get to this point. I'd like to just one question regarding...

Craig Nunez

Thank you for being with us for a long time and supporting us. We couldn't have done it without all of our partners.

Steven Balsam

You bet. I was hoping maybe you guys could comment a little bit on potential activities that you're looking at, whether it be carbon sequestration or any other sort of actions that your debt that are going on with respect to the various properties.

Craig Nunez

I would tell you that our activities with respect to CO2 sequestration, solar, geothermal, all of the renewable type activities that we look at they're not changing at all as a result of the change in our capital structure and the change in our cash allocation strategy, capital deployment strategy here now that we've paid off our debt or about to pay off all of our debt. There's no changes to that. We're attempting to maximize the acreage that we have, find lessees that are willing to come in and and develop projects on our acreage for all the various types of initiatives. And we've been doing that even before we've reached this point with our -- with respect to our capital structure.

Steven Balsam

Excellent. I love the approach and really happy with the approach taken on it as far. And I realize there's nothing -- no statements made about future distribution like the way it was set out in the financials being that variable distribution paid out of free cash flow feels great. Congratulations, again.

Craig Nunez

Thank you so much. Appreciate it.

Operator

There are no further questions at this time. I will now turn the call back to Craig Nunez for closing remarks.

Craig Nunez

Thank you, operator. And again, thank all of you for your support over the years. We're still on the journey. But being able to raise our distribution today and pay out a larger share of our free cash flow now that we have practically delever the entire balance sheet. It was a joint effort, and we couldn't have done it without you. So now we got to look ahead and add value in the next period. So with that, thank you, and have a great day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.