Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 1

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 1
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 matters properly brought before the annual meeting. Whether or not you are able to attend the annual meeting, we encourage you to read the enclosed materials and submit your proxy. 2024 Performance CF Industries’ performance in 2024 reflected strong execution by the CF Industries team against the backdrop of constructive global nitrogen industry conditions. Net earnings attributable to common stockholders for the year were $1.22 billion, or $6.74 per diluted share, EBITDA (1) was $2.33 billion and adjusted EBITDA (1) was $2.28 billion. Net cash from operating activities was $2.27 billion and free cash flow (2) was $1.45 billion. We returned approximately $1.9 billion to shareholders in 2024. This includes repurchasing 18.8 million shares for $1.5 billion, 10 percent of shares outstanding at the beginning of 2024, and $364 million in dividend payments to shareholders. We also advanced key strategic initiatives during the year. This includes successfully integrating the Waggaman ammonia production facility, which we acquired in December 2023, into our network. Additionally, commissioning activities have begun at our landmark carbon capture and sequestration (CCS) project at our Donaldsonville, Louisiana, Complex. Sequestration and generation of 45Q tax credits is expected to start in 2025. Strategic Focus Our approach to operating CF Industries remains the same: we invest in the business to grow cash generation while returning excess cash to shareholders through dividends and share repurchases. We invest in the business in three ways: investing in high-return projects within our existing network, pursuing inorganic growth opportunities and developing disciplined growth initiatives in clean energy. Our focus on clean energy aligns with our outlook for the global nitrogen industry over the long-term. • We expect the global nitrogen supply-demand balance to tighten in the coming years as new ammonia capacity under construction is not sufficient to keep pace with demand for traditional applications. • We believe customer and regulatory requirements will move the global industry towards manufacturing our products with a lower carbon intensity. • There is emerging demand from energy-intensive industries, such as power generation and marine shipping, that have identified ammonia as a clean energy source due to the hydrogen atoms in a molecule of ammonia. As a result, our strategy is to leverage our unique capabilities — high capacity utilization underpinned by outstanding safety performance, low-cost production base due to access to North TABLE OF CONTENTS American natural gas, leading distribution and logistics capabilities, and