Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 3

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 3
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 to grow cash generation, while at the same time deploying capital for our quarterly dividend and to reduce the outstanding share count, has served our long-term shareholders well. Our total shareholder return (share price appreciation plus reinvested dividends) has exceeded our peer group on a 1-, 3-, 5-, 7- and 10-year basis and exceeded the Dow Jones U.S. Commodity Chemicals Index on a 1-, 3-, 5- and 7-year basis and the S&P 500 on a 5-year basis, with similar returns on a 3- and 7-year basis. We believe CF Industries is well-positioned to build on this track record. We consistently deliver outstanding operational performance, generate superior cash flow compared to our peers and have a disciplined growth platform. Taken together, we are confident in the Company’s long-term cash generation outlook and our ability to continue to create significant shareholder value in the years ahead.

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Thank you for your continued trust in CF Industries. We look forward to discussing our corporate performance in 2024 and our strategy and vision for the future when we gather virtually for our annual meeting on May 6, 2025. Sincerely,

| ​ | Stephen J. HaggeChair of the Board | ​ | ​ | W. Anthony WillPresident and Chief Executive Officer | ​ |

(1) EBITDA is defined as net earnings attributable to common stockholders plus interest expense(income) — net, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for selected items as shown in Appendix A. See Appendix A for reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures. (2) Free cash flow is defined as net cash from operating activities less capital expenditures and distributions to noncontrolling interest. See Appendix A for a reconciliation of free cash flow to the most directly comparable GAAP measure.

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2375 Waterview Drive
Northbrook, IL 60062
Tel: 847.405.2400
cfindustries.com NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS

| ​ 
 ​ | Date and Time:                            
 Virtual Meeting:                          | ​ 
 ​ | ​ 
 ​ | Tuesday, May 6, 2025, at 10:00 a.m., Central time                                                                                                                                                                                                                                                                                                                                                       
 The 2025 Annual Meeting of Shareholders (the “Annual Meeting”) will be