CF Industries Holdings, Inc.

Good day, ladies and gentlemen, and welcome to CF Industries' first quarter of 2026. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. We will facilitate a question and answer session towards the end of the presentation. To pose a question at any time, please press star, then one on your touch-tone phone. I would now like to turn the presentation over to the host for today, Mr. Martin Jarvisik with CF Investor Relations. Sir, please proceed.

Good morning, and thanks for joining the CF Industries Earnings Conference Call. With me today are Chris Bone, President and CEO, Bert Ross, Executive Vice President and Chief Commercial Officer, and Rich Hofer, Vice President, Interim CFO, and Chief Accounting Officer. CF Industries reported its results for the first quarter of 2026 yesterday afternoon. On this call, we'll review the results, discuss our outlook, and then host a question and answer session. Statements made on this call and in the presentation on our website that are not historical facts are boards of statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in More detailed information about factors that may affect your performance may be found in our filings with the FTC, which are available on our website. Also, you will find reconciliations between GAAP and non-GAAP measures in the press release and presentation posted on the website. Now, let me introduce Chris Vaughn.

Thanks, Martin, and good morning, everyone. Yesterday afternoon, we posted results for the first quarter of 2026 in which we generated adjusted EBITDA of $983 million. These results reflect a continued focus on safety, operational excellence, and discipline execution by our team. Starting with safety, our trailing 12-month recordable incident rate at the end of the quarter was 0.16 incidents per 200,000 hours worked. This is a direct result of how our team lives our do it right culture every day. Operationally, we had another strong quarter running available ammonia capacity at nearly 100%. And our commercial, logistics, and distribution teams ensured we met customers' requirements leading into the North American spring application season. Our performance in the quarter also reflected the tight global nitrogen supply-demand balance that carried into 2026. Late in the quarter, the conflict with Iran severely tightened the global nitrogen market a dynamic we expect to continue for some time. Lost production cannot be recovered. Damaged nitrogen and upstream feedstock capacity must be restored, and global trade flows will require time to recalibrate. In addition, the Russia-Ukraine war continues to disrupt nitrogen production at Russian facilities. From a macro perspective, we believe recent geopolitical disruptions are driving a fundamental shift in our global industry's risk return framework. First quartile producers have historically been defined by low natural gas costs alone. Recent supply disruptions from the Middle East and Russia show that low cost feedstock is no longer enough. As a result, we see a clear divide within the first quartile. North America where we have intentionally invested billions of dollars over decades to build the leading nitrogen manufacturing and distribution network is low cost and low risk, representing premium grade assets. This is in stark contrast to their approximately 50 percent of first quartile capacity that is fragile and exposed with low natural gas costs that are offset by extreme geopolitical exposure. We believe the geopolitical risk premium that fragile and exposed producers face will be an enduring structural headwind, increasing the cost of capital and adding cost and uncertainty for moving product to customers. In our view, this has strengthened mid-cycle economics across the nitrogen industry. With a higher urea price now required to incentivize investment in new capacity in the Middle East to offset geopolitical risk, or to build in higher capital cost, low risk regions. With that, I'll turn it over to Bert to discuss the global nitrogen market environment. Bert? Thanks, Chris.