CF Industries (CF) Bank of America 2026 Global Agriculture and Materials Conference summary

2025 performance and operational highlights

• Achieved $2.9 billion EBITDA and $1.8 billion free cash flow in 2025, with 97% asset utilization and strong safety metrics.

• Consistently exceeded expectations in EBITDA and free cash flow since 2021.

Nitrogen and ammonia market dynamics

• Ammonia market remains structurally strong, with global demand at 200 million tons and only 15-17 million tons seaborne traded.

• U.S. producers benefit from low-cost gas and efficient logistics, maintaining a competitive edge.

• Pipeline capacity is fully subscribed, limiting the ability of new Gulf Coast plants to supply the Midwest.

• Farmers choose between urea, UAN, and ammonia based on economics, with the company upgrading ammonia to higher-value products where possible.

DEF and product innovation

• DEF market has grown significantly since 2010, with dosing rates for emissions control expected to double or triple compared to 15 years ago.

• New equipment and applications in agriculture and trucking are driving DEF demand.

• Recent policy changes may offer more flexibility for farmers but do not eliminate DEF use.

• Ongoing investment in DEF as a growth market.