NATURAL RESOURCE PARTNERS LP SEC 10-Q Report

NATURAL RESOURCE PARTNERS LP has released its Q3 2025 Form 10-Q report, revealing total revenues of $160.6 million, a 21% decrease year-over-year, and net income of $105.4 million, down $35.5 million. The Mineral Rights segment saw a 16% revenue drop, while the Soda Ash segment experienced a 72% decline. Future outlook indicates continued weak pricing for coal and oversupply in the soda ash market. Operational challenges persist, including high costs and regulatory uncertainties. Adjusted EBITDA decreased significantly across both segments.

NATURAL RESOURCE PARTNERS LP, a diversified natural resource company, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial and operational performance, reflecting the challenges and opportunities faced in the current market environment.

Financial Highlights

Total Revenues and Other Income: $160.6 million, a decrease of 21% compared to the prior year period, primarily due to lower sales prices in the Soda Ash segment and lower metallurgical coal sales prices and volumes.
Net Income: $105.4 million, a decrease of $35.5 million compared to the prior year period, primarily due to decreased revenues and other income, partially offset by lower interest expense.
Net Income Per Common Unit (Basic): $7.87, reflecting a decrease from the prior year period.
Net Income Per Common Unit (Diluted): $7.77, reflecting a decrease from the prior year period.
Adjusted EBITDA: $126.9 million, a decrease of $49.7 million compared to the prior year period due to lower revenues and other income in the Mineral Rights and Soda Ash segments.

Business Highlights

Revenue Segments: The Mineral Rights segment experienced a 16% decrease in revenues and other income during the nine months ended September 30, 2025, primarily due to lower metallurgical coal sales prices and volumes. The Soda Ash segment saw a 72% decrease in revenues and other income, attributed to lower sales prices.
Geographical Performance: In the Mineral Rights segment, coal sales volumes in Appalachia increased by 17% in the third quarter of 2025 compared to the same period in 2024, driven by a significant increase in Northern Appalachia. However, sales volumes in the Illinois Basin and Northern Powder River Basin decreased by 11% each.
Sales Units: Total coal sales volumes for the nine months ended September 30, 2025, were 21,864 tons, a slight increase of 2% compared to the same period in 2024. This increase was primarily due to a 33% rise in sales volumes in the Illinois Basin.
Future Outlook: The company anticipates continued weak pricing levels for both metallurgical and thermal coal due to soft global steel demand and low natural gas prices. The soda ash market is expected to remain oversupplied, with weak demand for flat glass and no immediate catalyst for market rebalancing.
Operational Challenges: The Mineral Rights segment faced challenges with carbon neutral revenue opportunities, as a lessee dropped its subsurface carbon sequestration lease in Texas. The burdens on the industry, including high costs and an uncertain regulatory environment, continue to pose challenges.
Interest Expense Impact: Interest expense, net, decreased significantly due to lower borrowings outstanding on the Opco Credit Facility, positively impacting the Corporate and Financing segment's cash flow.
Adjusted EBITDA: Adjusted EBITDA for the Mineral Rights segment decreased by $29.4 million, and for the Soda Ash segment by $20.3 million, primarily due to lower revenues and cash distributions from Sisecam Wyoming.

SEC Filing: NATURAL RESOURCE PARTNERS LP [ NRP ] - 10-Q - Nov. 04, 2025