CF Industries Holdings, Inc.

Good day, ladies and gentlemen, and welcome to CF Industries' first half and second 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 toward the end of the presentation. To pose a question at any time, please press star, I would now like to turn the presentation over to the host for today, Mr. Martin Jarosick with CF Investor Relations. Sir, please proceed.

Good morning, and thanks for joining the CF Industries Earnings Conference Call. With me today are Chris Bohn, President and CEO, Bert Frost, Executive Vice President and Chief Commercial Officer, and Andrew Scribner, Executive Vice President and Chief Financial Officer. CF Industries reported its results for the first half and second 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 forward-looking 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 any statements. More detailed information about factors that may affect your performance may be found in our filings with the SEC, which are available on our website. Also, you'll find reconciliations between GAAP and non-GAAP measures in the press release and presentation posted on our website. Now, let me introduce Chris Bohn.

Thanks, Martin, and good morning, everyone. Yesterday afternoon, we posted results for the first half of 2026, in which we generated adjusted EBITDA of $2.2 billion. These results reflect the CF Industries team's strong operational performance and a tight global nitrogen supply-demand balance, which was further strained by the conflict with Iran. Most importantly, our teams continue to embrace our do-it-right culture to deliver outstanding safety performance. We closed the quarter with trailing 12-month incident rate of 0.16 incidents per 200,000 hours worked, well below industry averages. that focus on safety directly supported high asset utilization in the first half. We operated our available ammonia capacity at nearly 98%, enabling us to meet demand from our domestic, retail, wholesale, and cooperative customers who supply North American farmers. In addition to our strong operating performance, we are making steady progress on our strategic initiatives. At Bluepoint, We have received all necessary permits to begin construction. Nearly all long lead items are ordered, and module fabrication is set to begin later this year. Within our existing network, we expect our Yazoo City complex to resume operations in the first half of 2027, after completing work to improve the site's long-term sustainability and operational flexibility. We also continue to be disciplined as we evaluate high return projects across our network to unlock further value. As you saw in our presentation, we have raised our mid-cycle EBITDA and free cash flow expectations. In a moment, Andrew will address more of this, but I want to address the broader market context first. Right now, we believe the market views a disproportionate amount of our EBITDA and free cash flow growth primarily through the lens of short-term geopolitical friction in the Middle East. That view misses a fundamental structural shift in our industry that has been occurring over the years and exposed through the recent global nitrogen supply chain dislocation. Higher global capital costs have structurally raised the incentive price required for new global nitrogen capacity, lifting CF industry's baseline mid-cycle earnings power while reinforcing the value of our existing manufacturing and distribution network. This is before we factor in any geopolitical premium. To be clear, our low-cost, low-risk North American asset base and not geopolitical risk is the foundation of our profitability. Our ability to operate at high utilization rates during disruptions enhances our stable mid-cycle return profile above and beyond the strong free cash flow generation already embedded in our outlook. This, in turn, augments our ability to invest in high return projects and return capital to shareholders. With that, I'll turn it over to Bert to discuss the global nitrogen market. Bert?