The Directors present the Strategic Report for the year ended 31 December 2025.

The principal activities of CF Fertilisers UK Limited (“the Company”) are the manufacture and supply of plant nutrients into the agricultural market and intermediate chemicals into the process chemicals industry.

The immediate parent company is CF Industries (UK) Limited, which is an intermediate holding company, ultimately controlled by CF Industries Holdings, Inc.

The Company’s activities are exposed to several financial risks including price risk, credit risk and liquidity risk.

Price risk

Ammonia prices are recognised as a source of risk as they represent a significant portion of product cost and can fluctuate with market conditions. The Company’s exposure to Ammonia price risk is regularly monitored with regular updates given to the Directors and Management.

Credit risk

The Company’s principal financial assets are bank balances and trade debtors.

The Company regularly reviews the credit risk associated with its trade debtors.

The Company’s principal financial liabilities are trade payables and accruals. The Company purchases under typical industry credit terms.

Liquidity risk

As at 31 December 2025, the Company had no outstanding balance under the revolving loan facility provided by CF Industries Enterprises, LLC. This facility was amended on 8 March 2024, extending the £45,000,000 facility termination date to 31 December 2026. None of the aforementioned loan was drawn as at 31 December 2025.

The Board periodically undertakes a review of treasury risks facing the Company and ensures the appropriate treasury management strategies are in place to manage those risks.

On 31 December 2025, the Company showed a cash position of £89,953,099. The Company continues to have access to a £45,000,000 revolving loan facility provided by CF Industries Enterprises, LLC and £5,000,000 overnight and £10,000,000 intraday unsecured overdraft facilities with Citi Bank. On 31 December 2025, no borrowings were outstanding on either facility.

The Directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. The forecast has been prepared on the basis that the Company continues to operate from the Billingham complex under the imported Ammonia model. Management has developed a plausible severe downside scenario, including a mechanical failure of the Billingham complex for an extended period. The forecast demonstrates that by taking account of plausible downside changes, the Company will have sufficient funds to meet its liabilities as they fall due for that period, with sufficient headroom to fund anticipated costs as they become due.

Consequently, the Directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. The Directors have therefore prepared the financial statements on a going concern basis.

The Directors are confident regarding the future outlook of the business.

The Company is committed to conducting business in a manner which will protect the environment, in accordance with all legal requirements and sound environmental management practices. The Company has practices in place for the continuous review and improvement of its operations in order to reduce their environmental impact and its use of resources, outlined in the Directors’ Report, Streamlined Energy and Carbon Reporting.

The Company puts safety first and takes it seriously, not only of the individuals who work in its plants, but also the communities in which it operates. The Company continually reviews and seeks to improve the safety of its operations.

Safety (and operational reliability) underpins the Company’s significant level of capital expenditure.

The Directors are committed to engagement with employees and other stakeholders of the Company in compliance with section 172(1) (a) to (f), The Companies (Miscellaneous Reporting) Regulations 2018, described below and in the Directors’ Report.

During the period, the Directors have focused attention on how to deliver the best outcomes considering the management of all stakeholders including employees, customers, suppliers and the broader community, evidenced as follows:

• The strategic direction and business decisions are regularly evaluated and considered by the Directors and the UK management team. The team is made up of the senior leaders from the various areas of the business who meet on a regular basis to review and discuss the market and customer relationships, employee matters, supplier management and environmental and community update.

• The sales and customer service teams are structured to ensure that customer needs, strategies and priorities are understood and fulfilled. The UK management team is actively engaged in new and changing customer contract activity and regularly provides the Directors with updates on customer relationships.

• Regular forecasting, planning and cash updates are provided, to ensure that decisions taken focus on the long-term viability of the business as defined by the core values.

• Allocation of capital, particularly with regards to maintenance and upgrades required to ensure the safe operation of plants, is regularly reviewed.

• The UK management team participates in monthly meetings with the site general manager and site management team to review all operational issues of significance.

• The UK management team engages proactively with the pension Trustees on behalf of the Directors, and updates the Directors on relevant matters.

• The Directors receive updates from the UK management team regarding engagement with and developments in respect of government, key stakeholders and agencies focused on environmental issues such as the Department of Business and Trade and the Chemical Industries Association.

The Directors are satisfied that S172 requirements have been performed to a high standard and in line with the code of conduct requirements of all employees.

On behalf of the board

The Directors present their annual report and financial statements for the year ended 31 December 2025.

The results for the year are set out on page 11.

No dividends were paid during the year to the parent entity CF Industries (UK) Limited (2024: £69,700,000). The Directors do not recommend payment of a final dividend as of the date of these financial statements.

The Directors who held office during the year and up to the date of signature of the financial statements were as follows:

The Company has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force at the reporting date.

It is Company policy to agree and clearly communicate the terms of payment as part of the commercial arrangement negotiated with suppliers and then to pay according to those terms based upon the timely receipt of an accurate invoice.

Trade creditor days of the Company for the year ended 31 December 2025 were 28 days (2024: 28 days), calculated as the ratio, expressed in days, between the amounts invoiced to the Company by its suppliers in the year and the amounts due to trade creditors at the year end.

During the year the Company made charitable donations of £66,012 (2024: £16,453), principally to local charities serving the communities in which the Company operates. The Company made no political donations (2024: £Nil).

The Company gives full and fair consideration to applications for employment made by disabled persons having regard to their particular aptitudes and abilities. Appropriate training is arranged and reasonable adjustments made for disabled persons, including retraining for suitable alternative work for employees who become disabled, the aim being to facilitate the employee’s ability to remain within the organisation.

Regular meetings are held with employee representatives. Opportunity is given at these meetings for senior management to be questioned about matters that concern the employees.

The Company complies with all employment legislation including requirements concerning equal opportunities in employment, employment of disabled people and health and safety at work.

Health, safety and welfare of employees

The Company is committed to protecting the health, safety and welfare of its employees. This is achieved by complying with all relevant health and safety legislation and adopting appropriate industry standards. This in turn is supported by controlled systems of work and the provision of health, safety and welfare training and services. The Company has achieved certification to OSHAS 45001 across active locations.

There have been no post balance sheet events since year end to the date of signing the Directors Report that warrant disclosure.

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The Company's operations are subject to reporting requirements under the Emissions Trading Scheme, with direct emissions calculated in-line with ETS permit requirements. Emissions associated with manufacturing electricity consumption are zero from 2022 onwards (100% certified renewable). Emissions associated with company electric vehicles are 122.12 CO2e.

The Company's facilities are inherently energy intensive and therefore energy efficiency has been a long-term priority. Improvement projects on existing plants tend to be incremental and undertaken during periodic maintenance shutdowns. Energy efficiency improvements are identified and implemented as part of the ongoing capital programme, with input provided by relevant studies, such as through the Energy Savings Opportunities Scheme (ESOS).

So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Current developments in the business and particulars of significant events which have occurred in the financial year have been included in the Strategic Report, along with details of financial risks to the business, going concern and related cashflow; and the actions undertaken by the Directors to manage such risks.

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of CF Fertilisers UK Limited (the 'Company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the Company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 16 to 39 form part of these financial statements.

The notes on pages 16 to 39 form part of these financial statements.

The notes on pages 16 to 39 form part of these financial statements.

The notes on pages 16 to 39 form part of these financial statements.

CF Fertilisers UK Limited (the "Company") is a private company limited by shares incorporated in England and Wales. The registered office is Billingham Complex, Haverton Hill Road, Billingham, United Kingdom, TS23 1PY. The Company's principal activities and nature of its operations are disclosed in the Strategic Report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of International Financial Reporting Standards (IFRS):

• inclusion of an explicit and unreserved statement of compliance with IFRS;

• presentation of a statement of cash flows and related notes;

• disclosure of the objectives, policies and processes for managing capital;

• disclosure of key management personnel compensation;

• disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

• the effect of financial instruments on the statement of comprehensive income;

• comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment and intangible assets;

• disclosure of the future impact of new IFRS in issue but not yet effective at the reporting date;

• comparative narrative information; and

• related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of CF Industries Holdings, Inc. The group accounts of CF Industries Holdings, Inc. are available to the public and can be obtained as set out in note 28.

The trueDirectors have at the time of approving the financial statements, gained the necessary assurance to be confident that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing these accounts. The Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the invoiced value of goods and services provided in the normal course of business, net of rebates, and excluding value added tax. Revenue is recognised at the point of despatch, or where satisfaction of a performance obligation transfers control of goods to the customer occurs, when this is not the same as the date of despatch.

Carbon credit sales are classified within other operating income. The carbon credits are not recognised until the point of sale.

Other operating income also includes the sale of utilities, which are covered by contracts to supply. The income recognised is determined as follows:

• servicing fees included in the price of products sold are recognised by reference to contractual terms and conditions; and

• income is recognised at the contractual rates as goods are delivered and direct expenses incurred.

Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply. At the balance sheet date, goodwill has been fully amortised / impaired.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Patents, trademarks and similar rights

Patents and trademarks are included at net book value as at the transition date 1 January 2014.

Research and development

Expenditure on research activities is written off to the profit and loss account in the year in which it is incurred.

Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of material and any external labour involved with the development project. Other development expenditure is recognised in the profit and loss account as an expense is incurred.

Other intangible assets

Expenditure on internally generated goodwill and brands is recognised in the profit and loss account as the expense is incurred.

Amortisation is recognised so as to write off the cost or valuation of assets, less their residual values, over their useful lives on the following bases:

• Patents and trademarks - indefinite life

• Capitalised development expenditure - 5-7 years

Tangible fixed assets are initially measured at cost and subsequently measured at cost or revaluation, net of depreciation and any impairment losses.

Stocks of precious metals, used as catalysts in the production process, are valued on a weighted average cost basis. Cost comprises purchase price and associated refining costs.

The cost of precious metals used in the manufacture of nitric acid is charged at an estimated rate of use, based on production levels, over the life of the campaign. The amount of precious metal actually used during the campaign is established when the catalyst is removed from the plant at the end of the campaign and the remaining precious metal is recovered as part of the refining process. Any adjustment to estimated usage is made at the end of the refining process.

Engineering spares of a long term nature are valued at cost, with provision made for slow moving and obsolete spares, less any provision for impairment.

Depreciation is recognised to write off the cost or valuation of assets, less their residual values, over their useful lives on the following bases:

The costs associated with the plant maintenance for periodic shutdowns and catalyst replacement are capitalised within plant and equipment and depreciated over the period until the next shutdown or replacement, being no longer than 15 years.

Freehold land and capital work in progress are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the profit and loss account.

At each reporting end date, the Company assesses whether there are indicators of impairment. If indicators are identified, the Company will assess the recoverable amount compared to the carrying value. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Engineering spares are valued at cost with provision made for slow moving and obsolete spares, less any provision for impairment.

Cash and cash equivalents include cash in hand, deposits held with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The Company recognises financial liabilities when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at amortised cost.

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Company has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to present value.

The Company operates pension schemes providing benefits based on final pensionable salary. The defined benefit Terra Nitrogen (UK) Limited Pension Scheme (East scheme) was closed to future accruals in 2003 and the defined benefit Kemira GrowHow UK Ltd Pension Fund (West scheme) was closed to future accruals in 2009.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

For defined benefit schemes the amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately as other comprehensive income.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the Balance Sheet.

In the year, the Trustee of the East and West schemes purchased bulk annuity (“buy in”) policies, of which are recognised as scheme assets and are measured at fair value, calculated as the present value of the insured pension obligations. The purchase of a buy in policy does not extinguish or reduce the Company’s legal obligations to members; accordingly, the full defined benefit obligation continues to be recognised. Any difference between the fair value of the buy in policy at the time of the buy in and the value of the related insured liabilities has been recognised within remeasurement gains and losses in Other Comprehensive Income.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The Company’s parent grants rights to its equity instruments to certain Company employees, which are accounted for as equity-settled in the consolidated accounts of the parent. The Company accounts for these share-based payments as equity-settled.

At inception, the Company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the Company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the Company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the Company's estimate of the amount expected to be payable under a residual value guarantee; or the Company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or it is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Environmental liabilities

Liabilities for environmental costs are recognised when environmental assessments or clean-ups are probable and the associated costs can be reasonably estimated. Generally, the timing of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites. The amount recognised is the best estimate of the expenditure required. Where the liability will not be settled for a number of years, the amount recognised is the present value of the estimated future expenditure.

Expenditure in respect of environmental liabilities that relates to current or future expenditure is expensed or capitalised as appropriate. Expenditure that relates to an existing condition caused by past operations and does not contribute to current or future earnings is expensed.

Carbon emissions

The Net Liability Approach has been adopted with respect to accounting for carbon emission rights. No asset or deferred income is recognised when the carbon emission allowances are initially allocated. Allowances received are used to offset any liability arising as a result of carbon emissions. No accounting entries are required so long as the Company holds sufficient allowances to meet its emission obligations.

If the Company has insufficient allowances to meet its emission obligation a provision is recognised on the basis of the best estimate of the cost to be incurred to meet the emission obligation. The cost is based on the current market price of the carbon emission allowances required to meet its obligation at the balance sheet date.

Intra-group financial instruments

Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will not be required to make a payment under the guarantee.

In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

As described above, the Company reviews the reasonableness of the estimated useful lives of property, plant and equipment during each reporting period.

In determining the valuation of the defined benefit pension schemes, certain assumptions about the scheme have been made, notably the expected return on assets, inflation, discount rates, mortality and pension increases. The factors affecting these assumptions are largely outside the Company’s control.

Sensitivity analysis of these assumptions have been detailed in note 22.

Exceptional items have been separately disclosed on the basis that they fall outside the ordinary activities of the Company and are not expected to recur.

Exceptional items relate to the sale of the Company's site at Ince, comprising a loss on disposal, release of impairment (note 15), release of provisions (note 21), and associated legal fees. These non-recurring items fall outside the Company’s ordinary activities and are shown separately to clarify underlying performance.

The average monthly number of persons (including Directors) employed by the Company during the year was:

Their aggregate remuneration comprised:

The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

The number of Directors who are entitled to receive shares under long term incentive schemes during the year was 2 (2024 - 2).

As total Directors' remuneration was less than £200k in the prior year, no disclosure is provided for that year.

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

The gross book value of land and buildings includes £2,572k (2024: £3,695k) of land that is not depreciated.

Tangible fixed assets includes right-of-use assets, as follows:

A reversal of impairment of £1,469k has been recognised within exceptional items (note 5) during the year. The reversal reflects updated assessments indicating that the previously recorded impairment is no longer required.

The Company applies the simplified lifetime expected credit loss model to trade debtors. Provisions are based on historical default experience adjusted for current and forward looking information. Specific provisions are recognised where recovery is doubtful. The expected credit loss provision at year end was £1,668k (2024: £1,588k).

Amounts owed by group undertakings are non-interest bearing and repayable on demand.

Other creditors falling due after more than one year include long term provisions of £257k (2024: £241k), which have been discounted over an estimated 50-year period and are therefore classified as non current.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon during the current and prior reporting period.

During the year, the Company released provisions following a reassessment of the obligations to which they related. The majority of the release has been recognised within exceptional items (note 5), with the remainder recorded within operating costs.

The Board of Trustees of the CF Fertilisers UK Limited Pension Scheme is composed of one employer representative, one member representative and one Company appointed professional trustee. The Trustees of the scheme are required to act in the best interest of the scheme's beneficiaries. The appointment of the Trustees is determined by the scheme's trust documentation.

During the year, the member nominated and employee nominated Trustees of the Company’s defined benefit pension Kemira GrowHow UK Ltd Pension Fund (West scheme) and Terra Nitrogen (UK) Limited Pension Scheme (East scheme) were removed and Capital Cranfield Pension Trustees Limited (the Trustee) agreed to continue as the sole corporate professional trustee. The deeds of removal were signed on 17 October 2025 and 21 October 2025, respectively. The Trustee of the schemes are required to act in the best interest of the schemes’ beneficiaries.

The schemes typically expose the Company to actuarial risks such as investment risk, interest rate risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to scheme liabilities. This would detrimentally impact the balance sheet position and may give rise to increased charges on future profit and loss accounts. This effect would be partially offset by an increase in the value of the schemes’ bond holdings.

With reference to asset volatility, the Trustees utilised an LDI strategy which aimed to reduce some of the volatility of the funding level of the fund to gilt yields. The discount rate was set with reference to corporate bonds, and thus some volatility remained. Regarding inflation risk, to better protect the fund’s assets against movements in inflation an LDI strategy providing hedging against movements in RPI was implemented.

The Company’s final salary schemes are subject to triennial valuation by independent actuaries (on the basis of annual valuations on the defined accrued benefits method). The latest valuation was at 31 December 2022.

The Company expects to pay £1,500k and £1,400k contributions to the West and East Schemes in 2026.

During the year, the Trustee of the Company’s defined benefit pension West and East schemes entered into bulk annuity (“buy in”) insurance contracts. Under these arrangements, the insurer is required to make payments to the schemes that match the timing and amount of the covered pension obligations. The insurance policies are held as scheme assets and are measured at fair value, which is equal to the present value of the related insured liabilities.

The buy in transactions do not change the schemes’ legal obligations to members, and therefore the Company continues to recognise the full defined benefit obligations on its balance sheet. Any difference between the value of the buy in policies and the corresponding liabilities at the time of the buy in has been recognised in the remeasurement of the net defined benefit liability within other comprehensive income.

The schemes remain subject to the Company’s funding arrangements, and the buy in contracts form part of the schemes’ overall investment strategy to reduce risk and improve the security of members’ benefits.

Assumed life expectations on retirement at age 65:

The assumptions relating to post retirement mortality are as follows:

For 2025, S3PA Year of Birth tables with 100%/105% scaling factors for males/females, with CMI 2024 (H=1.0, A=0.2%), with long term rate of mortality improvement of 1.25% p.a.

For 2024, S3PA Year of Birth tables with 100%/105% scaling factors for males/females, with CMI 2023 (Sk=7.0, A=0.2%) projections and long term rate of improvement of 1.25% p.a.

The above assumptions apply to both the West and East defined benefit pension schemes.

Of the total expenses for the year, £1,777k relates to administration expenses, £100k to past service costs, £14,650k to interest receivable and £13,410k to interest payable.

The amounts included in the balance sheet arising from the Company's obligations in respect of defined benefit plans are as follows:

Movements in the present value of defined benefit obligations

Movements in the fair value of plan assets:

The sensitivity information shown has been prepared using the same method used to adjust the results of the latest funding valuation to the balance sheet date. This is the same approach as has been adopted in previous periods.

The fair value of plan assets at the reporting period end was as follows:

Plan assets do not include any of the entity’s own transferable financial instruments or property, or other assets used by the entity. All assets have a quoted market value in an active market.

The Company issues share-based payments to certain employees.

Movements in share based payments are recognised in other reserves (note 25).

Ordinary share capital shall be non-redeemable but shall hold full rights of voting, and shall entitle the holder to full participation in respect of equity.

Share premium

The share premium account represents the total contribution paid by shareholders above the nominal value on issue of the shares.

Other reserves

This reserve records the fair value of equity-settled share-based payments recognised less shares that have vested during the year.

Profit and loss account reserves

The profit and loss account represents all current and historic profits or losses of the Company.

At 31 December 2025 the Company had capital commitments as follows:

The Company has taken advantage of the exemption available within FRS 101.8(k) that allows it not to disclose transactions with other companies in the CF Industries Holdings, Inc. group of companies for the year.

The immediate parent company is CF Industries (UK) Limited, a company incorporated in the United Kingdom.

The ultimate controlling party is CF Industries Holdings, Inc. 2375 Waterview Drive, Northbrook, Illinois, 60062, USA.

The largest group in which the results of the Company are consolidated is headed by CF Industries Holdings, Inc. No other group financial statement includes the results of the Company. The consolidated financial statements of CF Industries Holdings, Inc. can be obtained from the Company website https://www.cfindustries.com/.