Company: CF
Filing Date: 2025-11-19
Form Type: 424B2
Source: 0001104659-25-113972
Chunk: 12

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-19
Form: 424B2
Chunk 12
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gain) on natural gas derivatives, (gain) loss on foreign currency transactions, including intercompany loans, gain on foreign currency transactions in noncontrolling interest, Blue Point joint venture construction costs, U.K. long-lived and intangible asset impairment, U.K. operations restructuring, acquisition and integration costs, impairment of equity method investment in PLNL, unrealized gain on embedded derivative liability, pension settlement loss and curtailments gains — net, loss on debt extinguishment, and impact of employee benefit plan policy change.

S-9

TABLE OF CONTENTS

The following table reconciles net earnings computed in accordance with GAAP to EBITDA and Adjusted EBITDA:

| ​                                                                          
 ​                                                                          | ​ 
 ​ | ​ 
 ​ | Nine Months EndedSeptember 30, 
 2025                           |   |       |   | ​ | ​ | 2024 |   |       |   | ​ 
 ​ | ​ 
 ​ | Year EndedDecember 31, 
 2024                   |   |       |   | ​ | ​ | 2023 |   |       |   | ​ | ​ | 2022 |   |       |   | ​ 
 ​ |
|:---------------------------------------------------------------------------|:--|:--|:-------------------------------|:--|------:|:--|:--|:--|:-----|:--|------:|:--|:--|:--|:-----------------------|:--|------:|:--|:--|:--|:-----|:--|------:|:--|:--|:--|:-----|:--|------:|:--|:--|
| (in millions)                                                              | ​ | ​ | ​                              | ​ |     ​ | ​ | ​ | ​ | ​    | ​ |     ​ | ​ | ​ | ​ | ​                      | ​ |     ​ | ​ | ​ | ​ | ​    | ​ |     ​ | ​ | ​ | ​ | ​    | ​ |     ​ | ​ | ​ |
| Net earnings                                                               | ​ | ​ | ​                              | $ | 1,303 | ​ | ​ | ​ | ​    | $ | 1,085 | ​ | ​ | ​ | ​                      | $ | 1,477 | ​ | ​ | ​ | ​    | $ | 1,838 | ​ | ​ | ​ | ​    | $ | 3,937 | ​ | ​ |
| Less: