Alliance Resource Partners (ARLP) Investor presentation summary

Company overview and business highlights

• Operates as a leading natural resources company with nearly 30 years of experience, focusing on coal and oil & gas royalties.

• Second largest coal producer in the eastern U.S., with seven underground mining complexes and a coal-loading terminal.

• Owns a growing oil & gas minerals royalty platform, investing over $1 billion and controlling 115,680 net royalty acres.

• Maintains a strong balance sheet, with $3.3 billion market cap, $3.8 billion enterprise value, and low leverage ratios.

• Insiders own approximately 17% of total equity, aligning interests with unitholders.

Coal operations and market positioning

• Coal operations contributed 72% of segment adjusted EBITDA, with 34.5 million tons sales guidance for FY26.

• Assets are strategically located to serve both domestic and export markets, producing high heat content thermal coal.

• Major capital projects completed in 2025 to lower costs and extend mine life, including investments in River View, Tunnel Ridge, and Hamilton mines.

• Multi-year contracts with blue-chip utilities provide sales visibility, with over 99% of FY26 coal sales volumes committed and priced.

• Policy and regulatory support, including federal directives and DOE funding, reinforce coal's role in grid reliability and delay plant retirements.

Oil & gas royalties and portfolio growth

• Oil & gas royalties contributed 23% of segment adjusted EBITDA, with a focus on Permian Basin and other top-tier regions.

• Completed $206 million acquisition of AllDale III & IV in July 2026, adding 48,500 net royalty acres.

• Portfolio underpinned by top operators, with 84% of volumes sourced from the Permian and 77% of revenue from oil.

• Segment adjusted EBITDA margin for oil & gas royalties reached 84% for the last twelve months.