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NACCO Industries Q3 net income falls 18% to $10.9M

Full-year 2026 operating profit is expected to be comparable to 2025, while Consolidated Adjusted EBITDA is expected to increase substantially.

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Rhea-AI Filing Summary

NACCO Industries, Inc. (NC) reported Q3 2026 revenue of $80.494 million, up 5% year over year. Gross profit rose 18% to $11.783 million, operating profit rose 37% to $9.257 million and Consolidated Adjusted EBITDA increased 63% to $20.374 million. Net income declined 18% to $10.908 million and diluted EPS fell 19% to $1.44 as higher income tax expense outweighed improved pretax results. Income before taxes was $12.536 million and included a $4.5 million gain from settlement of an excess pension funding liability. Solar curtailment costs were $3.4 million in the quarter.

At September 30, 2026, outstanding debt was $124.8 million and total liquidity was $115.2 million, comprising $56.5 million cash and $58.7 million of availability under the revolving credit facility. NACCO expects full-year 2026 consolidated operating profit to be comparable to 2025, including approximately $15 million of solar-related impairment and curtailment costs recognized through Q3; full-year Consolidated Adjusted EBITDA is expected to increase substantially year over year. Planned investment is up to $32 million for the remainder of 2026 and up to $56 million in 2027. Cash flow before financing is expected to remain a use of cash in 2026 and improve in 2027.

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Positive

  • Moderate pointRevenue rose 5% to $80.494 million year over year.
  • Moderate pointOperating profit rose 37% to $9.257 million year over year.
  • Moderate pointConsolidated Adjusted EBITDA rose 63% to $20.374 million in Q3 2026.

Negative

  • Moderate pointNet income fell 18% to $10.908 million as tax expense increased.

Filing Explained

NACCO may incur further solar-project costs in the fourth quarter and future years, beyond the costs recognized through the third quarter.

NACCO reports that it began operations at an Arizona limestone quarry in early October under a contract spanning more than a decade, adding long-term contracted work to Contract Mining.

The company says it continues to evaluate solar project sales, contract amendments and other transactions intended to monetize project value. The amount and timing of additional solar-project costs depend on discussions with counterparties and efforts to transfer ownership or otherwise monetize the projects.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue $80.494 million Q3 2026; up 5% year over year
Gross profit $11.783 million Q3 2026; up 18% year over year
Operating profit $9.257 million Q3 2026; up 37% year over year
Net income $10.908 million Q3 2026; down 18% year over year
Diluted EPS $1.44 per share Q3 2026; down 19% year over year
Consolidated Adjusted EBITDA $20.374 million Q3 2026; up 63% year over year
Outstanding debt $124.8 million At September 30, 2026
Total liquidity $115.2 million At September 30, 2026
Consolidated Adjusted EBITDA financial
"Consolidated Adjusted EBITDA is a non-GAAP measure"
Consolidated adjusted EBITDA is a company’s combined operating profit across all its units before interest, taxes, depreciation and amortization, further cleaned up by removing one‑time, noncash or unusual items so it shows the ongoing cash-generating performance. Think of it as the business’s engine power after stripping out financing, tax rules and one-off events—investors use it to compare operating health and value companies, but it’s not a formal accounting measure.
revolving credit facility financial
"availability under our revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
solar curtailment costs technical
"Solar curtailment costs"
earnings of unconsolidated operations financial
"Earnings of unconsolidated operations"
Revenue $80.494 million +5% year over year
Gross profit $11.783 million +18% year over year
Operating profit $9.257 million +37% year over year
Net income $10.908 million -18% year over year
Diluted EPS $1.44 per share -19% year over year
Consolidated Adjusted EBITDA $20.374 million +63% year over year
Guidance

Full-year 2026 consolidated operating profit is expected to be comparable to 2025, including approximately $15 million of solar-related impairment and curtailment costs recognized through Q3; full-year Consolidated Adjusted EBITDA is expected to increase substantially year over year.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were NC's Q3 2026 revenue and Adjusted EBITDA?
NC reported revenue of $80.494 million and Consolidated Adjusted EBITDA of $20.374 million for Q3 2026. Revenue increased 5% and Consolidated Adjusted EBITDA increased 63% year over year.

Why did NC's net income fall in Q3 2026?
NC said higher income tax expense more than offset the improvement in income before taxes. The Q3 2026 income tax provision was $1.628 million, compared with an income tax benefit of $7.297 million in Q3 2025.

How much debt and liquidity did NC report at September 30, 2026?
NC reported $124.8 million of outstanding debt and $115.2 million of total liquidity at September 30, 2026. Total liquidity consisted of $56.5 million of cash and $58.7 million of availability under its revolving credit facility.

What solar project costs did NC report or expect?
NC recognized $3.4 million of solar curtailment costs in Q3 2026 and expects certain additional costs in Q4. It may incur further costs in future years; their amount and timing depend on discussions with counterparties and efforts to transfer ownership of or otherwise monetize the projects.

How much does NC expect to invest in 2027?
NC anticipates investing up to $56 million in 2027, including Minerals and Royalties' annual $20 million growth-investment budget. The estimate also includes approximately $16 million related to Sawtooth, which is to be recovered from the customer over a five-year period.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 _______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):November 4, 2026
NACCO INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware1-917234-1505819
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
22901 Millcreek Blvd.
Suite 600
Cleveland, Ohio44122
(Address of principal executive offices)(Zip code)
(440)229-5151
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, $1 par value per shareNCNew York Stock Exchange
Class A Common Stock, $1 par value per shareNCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company       ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐


Item 2.02 Results of Operations and Financial Condition.
    
On November 4, 2026, NACCO Industries, Inc. (the Company) issued a press release announcing the unaudited financial results for the three and nine months ended September 30, 2026, a copy of which is attached as Exhibit 99 to this Current Report on Form 8-K.
    
The information set forth in Item 2.02 of this Current Report on Form 8-K and the information attached hereto are being furnished by the Company pursuant to Item 2.02 of Form 8-K, insofar as they disclose historical information regarding the Company's results of operations.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

As described in Item 2.02 of this Current Report on Form 8-K, the following Exhibit is furnished as part of this Current Report on Form 8-K.
    

(d) Exhibits
99
NACCO Industries, Inc. third quarter ended September 30, 2026 earnings release, dated November 4, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:November 4, 2026NACCO INDUSTRIES, INC.
By:/s/ Elizabeth I. Loveman
Elizabeth I. Loveman
Senior Vice President and Controller



Exhibit 99

naccoindnew2025logoregistea.jpg                                                 
NEWS RELEASE22901 Millcreek Boulevard • Suite 600 • Cleveland, Ohio 44122
Tel. (440) 229-5151
FOR FURTHER INFORMATION, CONTACT:
Christina KmetkoFor Immediate Release
(440) 229-5130Wednesday, November 4, 2026

NACCO INDUSTRIES
ANNOUNCES THIRD QUARTER 2026 RESULTS

Consolidated Q3 2026 Highlights:
•Gross profit of $11.8 million improved 18% year over year on increased revenue
•Income before taxes of $12.5 million improved $6.6 million over Q3 2025
◦Operating profit of $9.3 million, which includes solar curtailment costs of $3.4 million, rose $2.5 million, or 37%, over Q3 2025
◦Other income includes a $4.5 million excess funding liability settlement gain
•Net income of $10.9 million decreased from $13.3 million in Q3 2025 due to higher income tax expense
•Adjusted EBITDA of $20.4 million increased 63% over Q3 2025 and 28% sequentially

Cleveland, Ohio, Wednesday, November 4, 2026 - NACCO Industries® (NYSE: NC) today announced consolidated results for the three and nine months ended September 30, 2026.

“NACCO’s third-quarter results reflect continued progress in strengthening the performance of our businesses,” said J.C. Butler, NACCO President and Chief Executive Officer. “Strong improvements in operating profitability and Adjusted EBITDA demonstrate the momentum we are building across the organization, even as we incur costs associated with the curtailment of certain solar development activities. We delivered solid results with increasing contributions from newer projects and contracts and remain focused on building on this progress to create a stronger foundation for future growth and long-term shareholder value.”
Three Months Ended
($ in thousands)9/30/20269/30/2025
Year/Year % Change
6/30/2026
Sequential % Change
Revenues$80,494$76,6145%$72,31011%
Gross profit$11,783$9,97118%$15,202(22)%
Solar curtailment costs (Q3) / Asset impairment charges (Q2)$3,375$—**n/m$11,984**n/m
Operating profit (loss)$9,257$6,77737%$(2,267)**n/m
Other (income) expense, net$(3,279)$820(500)%$906**n/m
Income before taxes
$12,536$5,957110%$(3,173)**n/m
** n/m = not meaningful
1

Three Months Ended
($ in thousands, except per share amounts)
9/30/20269/30/2025
Year/Year % Change
6/30/2026
Sequential % Change
Income before taxes
$12,536$5,957110%$(3,173)**n/m
Income tax provision (benefit)$1,628$(7,297)**n/m$(2,210)**n/m
Net Income (loss)$10,908$13,254(18)%$(963)**n/m
Diluted EPS$1.44$1.78(19)%$(0.13)**n/m
Consolidated Adjusted EBITDA*
$20,374$12,53063%$15,90828%
*Non-GAAP financial measures are defined and reconciled on page 9. / ** n/m = not meaningful

Third-quarter operating performance improved over the prior-year quarter, led by higher operating profit in the Contract Mining and Utility Coal Mining segments. The improvement in these segments more than offset lower Unallocated results, which included $3.4 million of solar curtailment-related costs. Minerals and Royalties' results were comparable year over year, with higher equity earnings largely offsetting lower royalty revenues.

Income before taxes improved year over year, driven by higher operating profit and an approximately $4 million improvement in other income (expense), primarily attributable to a $4.5 million gain associated with the settlement of an excess pension funding liability. A substantial increase in income tax expense more than offset the improvement in income before tax resulting in lower net income year over year.

Liquidity
At September 30, 2026, the Company had outstanding debt of $124.8 million. Total liquidity was $115.2 million, which consisted of $56.5 million of cash and $58.7 million of availability under our revolving credit facility. We remain focused on maintaining a strong balance sheet by enhancing liquidity and reducing debt over time, while preserving the flexibility to fund disciplined, high-return investment opportunities.

Detailed Discussion of 2026 Third Quarter Compared to 2025 Third Quarter

Utility Coal Mining Results
20262025
Tons of coal delivered(in thousands)
        Unconsolidated operations5,644 5,469 
        Consolidated operations572 609 
                        Total deliveries6,216 6,078 

20262025
(in thousands)
Revenues$20,766 $19,654 
Gross profit (loss)$(55)$(1,857)
Earnings of unconsolidated operations$14,333 $14,311 
Operating expenses(1)
$7,671 $7,467 
Operating profit
$6,607 $4,987 
Segment Adjusted EBITDA(2)
$8,919 $7,122 
(1) Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets.
(2) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 10.

2

Utility Coal Mining delivered improved year-over-year operating profit and Segment Adjusted EBITDA, benefiting from improved contractual pricing and lower inventory impairment charges at Mississippi Lignite Mining Company.

Contract Mining Results
20262025
(in thousands)
Tons delivered14,288 14,385 

20262025
(in thousands)


Total revenues
$48,254 $45,611 
Reimbursable costs26,103 32,959 
Revenues excluding reimbursable costs$22,151 $12,652 
Operating profit$4,912 $1,929 
Segment Adjusted EBITDA(1)
$7,625 $4,706 
(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 10.

Third-quarter 2026 results improved substantially with the continued ramp up of the new dragline services contract in Palm Beach County, Florida, reflecting ongoing progress in the strategic expansion of Contract Mining's business model. Contributions from this new contract more than offset lower customer requirements at the limestone mining operations, resulting in a 75% increase in revenues excluding reimbursable costs, and substantial year-over-year and sequential improvements in operating profit and Segment Adjusted EBITDA.

Minerals and Royalties Results
20262025
(in thousands)
Revenues $6,133 $9,313 
Operating profit $7,675 $7,968 
Segment Adjusted EBITDA(1)
$8,717 $8,903 
(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 10.

At Minerals and Royalties, a substantial increase in third-quarter earnings from an equity investment supported comparable year-over-year operating profit and Segment Adjusted EBITDA, largely offsetting lower royalty revenues. Lower natural gas production and pricing primarily drove the royalty revenue decline, while an increase in oil production and pricing partly offset the decrease.

Unallocated
20262025
(in thousands)
Revenues$5,341 $2,036 
Solar curtailment costs$3,375 $— 
Operating loss$(9,937)$(8,107)
Segment Adjusted EBITDA(1)
$(9,676)$(7,760)
(1) Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP. See non-GAAP explanation and the related reconciliations to GAAP on page 10.

Unallocated primarily includes the financial results of Mitigation Resources of North America® and other developing businesses that are not directly attributable to our reportable segments, as well as Bellaire Corporation, solar development and public company administrative costs.

3

Unallocated revenues increased over the prior-year quarter primarily as a result of higher restoration and reclamation service revenue, as well as stream and wetland credit sales at Mitigation Resources, while results were affected by $3.4 million of solar curtailment costs. Excluding these costs, the Unallocated operating loss and Segment Adjusted EBITDA improved year over year.

Outlook
NACCO Industries is a diversified natural resources company with a unique business model strategically positioned to deliver stable and growing financial returns over the long term. Our business model is purposefully built for durability and resilience with an expanding portfolio of long-term contracts, relationships and investments that leverage our proven operational expertise, disciplined capital allocation and entrepreneurial, yet patient approach. We have methodically built distinctive capabilities and clear competitive advantages that allow us to pursue a wide range of growth opportunities, often completely integrated into customers’ operations in partnership-based relationships. We have multiple vectors for value creation, and we are steadfastly committed to delivering compounding returns and expanding investor value over the long term, as evidenced by our reportable segments each contributing over $7 million of Segment Adjusted EBITDA in third-quarter 2026.

Our foundation rests on a stable base of long-term coal mining contracts and legacy mineral and royalty assets, which generate dependable recurring cash flows. As new long-term contracts and investments are added across the Company, these new multi-year agreements create a “layering effect” as their contributions compound over time.

While these long-term agreements and investments are intended to strengthen our earnings base over time, we continually evaluate whether individual projects or initiatives remain aligned with our strategic and financial objectives. During the second quarter of 2026, changing market conditions, regulatory developments and project-specific challenges led us to reassess certain solar investments. We continue to evaluate strategic alternatives for our solar development projects, including project sales, contract amendments and other transactions intended to monetize project value. We recognized $3.4 million of curtailment costs in third-quarter 2026. We expect to incur certain additional costs in fourth-quarter 2026 and may incur further costs associated with these projects in future years; however, the amount and timing of such costs will depend on ongoing discussions with counterparties and our efforts to transfer ownership of, or otherwise monetize, the projects.

At our Utility Coal Mining segment, operated by North American Coal®, full-year 2026 operating profit is expected to increase over 2025. At Mississippi Lignite Mining Company, full-year operating results are expected to improve primarily due to the shift in focus to reclamation activities in the first half of 2026 and lower year-over-year inventory impairment charges, while earnings at the unconsolidated mining operations are anticipated to be comparable to 2025.

Full-year Utility Coal Mining operating profit is anticipated to improve, while fourth-quarter operating results are expected to be lower than the prior-year quarter due to reduced customer demand and higher diesel fuel costs at Mississippi Lignite Mining Company. Earnings at the unconsolidated mining operations are also expected to contribute to the decline primarily due to Sabine Mining Company's owner assuming reclamation activities effective October 1, 2026.

Looking ahead to 2027, overall customer demand for coal is expected to remain consistent with 2026, while profitability is expected to improve. This increase is driven by anticipated improvements at Mississippi Lignite Mining Company if the customer's power plant is able to operate more consistently, as well as continued stable earnings at our unconsolidated operations. Improved results at Coteau and Falkirk are expected to largely offset the absence of reclamation income at the Sabine Mining Company.

4

The Contract Mining segment, operated by North American Mining®, serves as our mining growth platform. We are building a portfolio of long-term contracts through geographic and mineral expansion that are expected to strengthen the foundation for sustained profitability in this segment. In early 2026, we commenced activities under a new multi-year dragline services contract as part of a U.S. Army Corps of Engineers construction project in Palm Beach County, Florida. In early October, we also commenced operations at a new limestone quarry in Arizona under a contract mining agreement that spans over a decade.

Sawtooth Mining, a North American Mining subsidiary, provides exclusive comprehensive mining services at Thacker Pass, which is owned by a joint venture led by Lithium Americas Corp. Sawtooth will supply all the lithium-bearing ore requirements for our customer's Thacker Pass lithium processing facility, which is currently under construction. This project provides stable income during construction and is expected to contribute increased income and long-term cash flows as lithium production commences and ramps up to full production under a 20-year contract mining agreement. Lithium Americas is targeting mechanical completion of Thacker Pass Phase 1 in late 2027, with ramp-up to commercial production through 2028.

As a result of earnings contributions from new long-term contracts, we anticipate substantial year-over-year growth in Contract Mining operating profit and Segment Adjusted EBITDA in both the fourth-quarter and full-year 2026. We expect continued Contract Mining operating profit growth in 2027, which will include a full year of contributions from the Palm Beach County, Florida and Arizona quarry contracts.

The Minerals and Royalties segment, managed by Catapult Mineral Partners®, has constructed a high-quality, diversified portfolio of oil and gas mineral and royalty interests in the United States. The Catapult team is expanding its portfolio by leveraging a data-driven approach to capital deployment that incorporates a longer-term view of production and development. This segment also holds a meaningful equity investment in Eiger Resources, which holds working interests in oil and natural gas assets.

We expect fourth-quarter and full-year 2026 operating profit and Segment Adjusted EBITDA at Minerals and Royalties to decline from the respective prior-year periods, primarily as a result of lower anticipated royalty income, partially offset by higher expected income from Eiger Resources. In 2027, the Minerals and Royalties segment is expected to continue generating meaningful earnings and cash flow, although operating profit is expected to moderate from 2026 levels.

Mitigation Resources of North America® provides natural resource restoration and reclamation services that include stream and wetland mitigation solutions. Mitigation Resources is leveraging its strong reputation and clear competitive strengths to expand into additional mitigation, restoration and reclamation markets. Mitigation Resources is expected to deliver increasing profitability over time from the sale of mitigation credits and as reclamation and restoration services expand. This business, while currently variable in performance due to permit and project timing, is expected to generate a profit in the 2026 fourth quarter and in 2027. We expect the business to move toward more consistent and improving results over time as its portfolio of mitigation projects matures.

Overall, full-year consolidated operating profit is expected to be comparable to the prior year, including approximately $15 million of solar-related impairment and curtailment costs recognized through third-quarter 2026. Strong underlying business performance through the first nine months of 2026 positions NACCO to deliver a substantial year-over-year increase in full-year consolidated Adjusted EBITDA, which excludes solar impairment charges recognized in second-quarter 2026 and a $7.8 million pension settlement charge, $6.0 million after tax, recorded in fourth-quarter 2025. Income before income taxes and net income are also expected to increase year over year.


5

In the fourth quarter, net income is expected to increase year over year, primarily due to the absence of the pension settlement charge. Fourth-quarter 2026 consolidated operating profit and Adjusted EBITDA could be lower than the prior-year quarter depending on the timing of solar project curtailment costs.

We remain confident in our ability to deliver improving results and increasing cash flow over time. We expect meaningful year-over-year improvements in operating profit, net income and Consolidated EBITDA in 2027. Earnings are expected to benefit from continued expansion in Contract Mining and Mitigation Resources, along with improved operating performance across our other businesses. Looking ahead, our recent investments are expected to support sustained earnings growth and stronger cash flow as they mature.

NACCO continues to invest in its businesses to support future growth. We anticipate investing up to $32 million during the remainder of 2026 and up to $56 million in 2027. Both periods include Minerals and Royalties' annual budget of $20 million for growth investments. In addition, the 2027 estimate includes approximately $16 million related to Sawtooth that will be recovered from the customer over a five-year period. The remaining 2027 balance primarily relates to ongoing operations and other business development opportunities. Growth investments will be made only if new project proposals meet our disciplined investment criteria. While cash generated from operations is expected to increase moderately year over year, cash flow before financing is projected to remain a use of cash in 2026, reflecting our planned investment activity. We expect the full-year 2026 use of cash before financing to improve modestly over 2025. In 2027, cash flow before financing is expected to improve as recent investments contribute to earnings.

Our businesses provide essential inputs for electricity generation, construction and development, and industrial production. As demand for reliable uninterrupted energy continues to grow, natural resources fundamentals remain strong, reinforcing the importance of dependable baseload generation. Recent policy developments, including the re-establishment of the National Coal Council, highlight coal’s ongoing strategic role in supporting grid reliability, economic competitiveness and national security. This development, along with a favorable regulatory environment, reinforces our confidence in our near-term outlook and long-term growth trajectory.

Our conservative approach to maintaining a strong capital structure and operating discipline minimizes risk, while the compounding effect of a growing portfolio of long-term contracts and strategic growth investments creates a robust foundation for cash flow growth. With a perspective that spans decades, we are methodically building a strong, stable business that is expected to deliver annuity-like returns. This long-term view allows us to leverage our core skills for strategic, measured expansion and pursue opportunities with longer-term horizons and higher returns. We pursue opportunities that other companies with shorter time horizons might overlook. Our commitment is to generate increasing cash flows and return value to shareholders, whether through reinvestment for growth or direct returns such as share repurchases and payment of dividends. We remain confident in our ability to drive growth, expand our capabilities and reward shareholders over the long run.

****

Conference Call
NACCO Industries will host a conference call on Thursday, November 5, 2026, at 8:30 a.m. Eastern Time to discuss the results. The call may be accessed by dialing (888) 880-3330 (North America Toll Free) or (646) 357-8766 (International), Conference ID: 6737879, or over the Internet through the Company's website at ir.nacco.com/overview. For those not planning to ask a question of management, we recommend listening to the call via the online webcast. Please allow 15 minutes to register, download and install any necessary audio software required to listen to the webcast. A
6

replay of the call will be available shortly after the call ends through November 12, 2026. An archive of the webcast will also be available on the Company's website approximately two hours after the live call ends.

Non-GAAP and Other Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (GAAP). Adjusted EBITDA and Segment Adjusted EBITDA are provided solely as supplemental non-GAAP disclosures of operating results. Management believes that Adjusted EBITDA and Segment Adjusted EBITDA assist investors in understanding the results of operations of NACCO Industries. In addition, management evaluates results using these non-GAAP measures.

Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) a significant reduction in demand by the Company's customers from extended power plant outages, weather conditions or other events that would change the level of customers' coal or aggregates requirements, (2) customer liquidity constraints that could increase exposure to customer credit risk, (3) changes in the prices of hydrocarbons, particularly diesel fuel, natural gas, natural gas liquids and oil as a result of factors such as OPEC and/or government actions, geopolitical developments, economic conditions and regulatory changes, as well as supply and demand dynamics, (4) changes to or termination of customer or other third-party contracts, or a customer or other third party default under a contract, (5) costs to pursue and develop new mining, mitigation, oil and gas and power generation development opportunities and other value-added service opportunities, (6) the ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives, (7) changes in development plans by third-party lessees of the Company's mineral interests, (8) failure or delays by the Company's lessees in achieving expected production of natural gas and other hydrocarbons; the availability and cost of transportation and processing services in the areas where the Company's oil and gas reserves are located; and the ability of lessees to obtain capital or financing needed for well-development operations and leasing and development of oil and gas reserves on federal lands, (9) any customer's early retirement or premature facility closure or extended project development delay, (10) federal and state legislative and regulatory actions affecting fossil fuels, (11) supply chain disruptions, including price increases and shortages of parts and materials, inclusive of tariff effects, (12) changes in tax laws or regulatory requirements, including the elimination of, or reduction in, the percentage depletion tax deduction, changes in mining or power plant emission regulations and health, safety or environmental legislation, (13) impairment charges, (14) changes in costs related to geological and geotechnical conditions, repairs and maintenance, new equipment and replacement parts, fuel or other similar items, (15) equipment problems that could affect deliveries to customers, (16) changes in the costs to reclaim mining areas, (17) disruptions from natural or human causes, including severe weather, accidents, fires, earthquakes and terrorist acts, any of which could result in suspension of operations or harm to people or the environment, and (18) the ability to attract, retain, and replace workforce.
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About NACCO Industries
NACCO Industries® brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through its robust portfolio of NACCO Natural Resources® businesses. Learn more about our companies at nacco.com, or get investor information at ir.nacco.com.

*****
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NACCO INDUSTRIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDEDNINE MONTHS ENDED
SEPTEMBER 30SEPTEMBER 30
2026202520262025
(In thousands, except per share data)
Revenues$80,494 $76,614 $215,579 $210,420 
Cost of sales68,711 66,643 174,303 183,975 
Gross profit11,783 9,971 41,276 26,445 
Earnings of unconsolidated operations20,007 16,494 50,742 45,618 
Operating expenses
Selling, general and administrative expenses19,006 19,549 57,955 57,190 
Amortization of intangible assets164 167 511 574 
(Gain) loss on sale of assets
(12)(28)187 (109)
    Solar asset impairment charges— — 11,984 — 
    Solar curtailment costs3,375 — 3,375 — 
22,533 19,688 74,012 57,655 
Operating profit9,257 6,777 18,006 14,408 
Other (income) expense
Interest expense2,197 1,087 5,475 4,805 
Interest income(687)(708)(1,915)(2,343)
Closed mine obligations497 478 1,431 1,454 
(Gain) loss on equity securities(497)(284)(1,810)237 
  Gain on settlements of excess funding liabilities(4,475)— (4,475)(3,590)
Other, net(314)247 110 767 
(3,279)820 (1,184)1,330 
Income before income tax provision (benefit)12,536 5,957 19,190 13,078 
Income tax provision (benefit)1,628 (7,297)409 (8,336)
Net income$10,908 $13,254 $18,781 $21,414 
Earnings per share:
Basic earnings per share$1.44 $1.78 $2.50 $2.89 
Diluted earnings per share$1.44 $1.78 $2.49 $2.87 
Basic weighted average shares outstanding7,549 7,454 7,520 7,415 
Diluted weighted average shares outstanding7,549 7,454 7,548 7,449 
CONSOLIDATED ADJUSTED EBITDA RECONCILIATION (UNAUDITED)
Quarter EndedLTM
9/30/202512/31/20253/31/20266/30/20269/30/20269/30/2026
(in thousands)
Net income (loss) $13,254 $(3,840)$8,836 $(963)$10,908 $14,941 
Pension settlement charge— 7,804 — — — 7,804 
Solar asset impairment charges— — — 11,984 — 11,984 
Income tax provision (benefit)(7,297)3,906 991 (2,210)1,628 4,315 
Interest expense1,087 949 1,658 1,620 2,197 6,424 
Interest income(708)(709)(595)(633)(687)(2,624)
Depreciation, depletion and amortization expense6,194 6,199 5,507 6,110 6,328 24,144 
Consolidated Adjusted EBITDA*$12,530 $14,309 $16,397 $15,908 $20,374 $66,988 
*Consolidated Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Consolidated Adjusted EBITDA as net income (loss) before pension settlement charge, solar asset impairment charges, income taxes, net interest expense and depreciation, depletion and amortization expense. Consolidated Adjusted EBITDA is not a measure under U.S. GAAP and is not necessarily comparable to similarly titled measures of other companies.
9



NACCO INDUSTRIES, INC. AND SUBSIDIARIES
FINANCIAL SEGMENT HIGHLIGHTS AND SEGMENT ADJUSTED EBITDA RECONCILIATIONS (UNAUDITED)

Three Months Ended September 30, 2026
Utility Coal MiningContract MiningMinerals and RoyaltiesUnallocated ItemsEliminationsTotal
(In thousands)
Revenues$20,766 $48,254 $6,133 $5,975 $(634)$80,494 
Cost of sales20,821 42,529 1,288 4,766 (693)68,711 
Gross profit (loss)(55)5,725 4,845 1,209 59 11,783 
Earnings (loss) of unconsolidated operations14,333 1,424 4,256 (6)— 20,007 
Gain on sale of assets— — — (12)— (12)
Solar curtailment costs— — — 3,375 — 3,375 
Operating expenses*7,671 2,237 1,426 7,836 — 19,170 
Operating profit (loss)$6,607 $4,912 $7,675 $(9,996)$59 $9,257 
Segment Adjusted EBITDA**
Operating profit (loss)$6,607 $4,912 $7,675 $(9,996)$59 $9,257 
Depreciation, depletion and amortization2,312 2,713 1,042 261 — 6,328 
Segment Adjusted EBITDA**$8,919 $7,625 $8,717 $(9,735)$59 $15,585 

Three Months Ended September 30, 2025
Utility Coal MiningContract MiningMinerals and RoyaltiesUnallocated ItemsEliminationsTotal
(In thousands)
Revenues$19,654 $45,611 $9,313 $2,958 $(922)$76,614 
Cost of sales21,511 42,395 1,121 2,502 (886)66,643 
Gross profit (loss)(1,857)3,216 8,192 456 (36)9,971 
Earnings (loss) of unconsolidated operations14,311 1,074 1,111 (2)— 16,494 
Gain on sale of assets(17)(2)— (9)— (28)
Operating expenses*7,484 2,363 1,335 8,534 — 19,716 
Operating profit (loss)$4,987 $1,929 $7,968 $(8,071)$(36)$6,777 
Segment Adjusted EBITDA**
Operating profit (loss)$4,987 $1,929 $7,968 $(8,071)$(36)$6,777 
Depreciation, depletion and amortization2,135 2,777 935 347 — 6,194 
Segment Adjusted EBITDA**$7,122 $4,706 $8,903 $(7,724)$(36)$12,971 
*Operating expenses consist of Selling, general and administrative expenses and Amortization of intangible assets.
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before solar asset impairment charges and depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies.








10


NACCO INDUSTRIES, INC. AND SUBSIDIARIES
FINANCIAL SEGMENT HIGHLIGHTS AND SEGMENT ADJUSTED EBITDA RECONCILIATIONS (UNAUDITED)

Nine Months Ended September 30, 2026
Utility Coal MiningContract MiningMinerals and RoyaltiesUnallocated ItemsEliminationsTotal
(In thousands)
Revenues$58,934 $117,812 $26,296 $15,239 $(2,702)$215,579 
Cost of sales57,875 102,318 3,687 13,193 (2,770)174,303 
Gross profit 1,059 15,494 22,609 2,046 68 41,276 
Earnings (loss) of unconsolidated operations42,087 4,505 4,156 (6)— 50,742 
Loss (gain) on sale of assets122 100 (1)(34)— 187 
Solar asset impairment charges— — — 11,984 — 11,984 
Solar curtailment costs— — — 3,375 — 3,375 
Operating expenses*22,713 7,234 4,607 23,912 — 58,466 
Operating profit (loss)$20,311 $12,665 $22,159 $(37,197)$68 $18,006 
Segment Adjusted EBITDA**
Operating profit (loss)$20,311 $12,665 $22,159 $(37,197)$68 $18,006 
Depreciation, depletion and amortization7,028 7,204 2,873 840 — 17,945 
Solar asset impairment charges— — — 11,984 — 11,984 
Segment Adjusted EBITDA**$27,339 $19,869 $25,032 $(24,373)$68 $47,935 

Nine Months Ended September 30, 2025
Utility Coal MiningContract MiningMinerals and RoyaltiesUnallocated ItemsEliminationsTotal
(In thousands)
Revenues$67,519 $107,860 $27,483 $9,581 $(2,023)$210,420 
Cost of sales74,408 99,432 4,351 7,790 (2,006)183,975 
Gross profit (loss)(6,889)8,428 23,132 1,791 (17)26,445 
Earnings (loss) of unconsolidated operations40,430 3,275 1,916 (3)— 45,618 
Gain on sale of assets(103)(2)— (4)— (109)
Operating expenses*23,644 6,796 3,968 23,356 — 57,764 
Operating profit (loss)$10,000 $4,909 $21,080 $(21,564)$(17)$14,408 
Segment Adjusted EBITDA**
Operating profit (loss)$10,000 $4,909 $21,080 $(21,564)$(17)$14,408 
Depreciation, depletion and amortization6,285 8,396 3,688 709 — 19,078 
Segment Adjusted EBITDA**$16,285 $13,305 $24,768 $(20,855)$(17)$33,486 
*Operating expenses consist of Selling, general and administrative expenses and Amortization of intangible assets.
**Segment Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for GAAP measures. NACCO defines Segment Adjusted EBITDA as operating profit (loss) before solar asset impairment charges and depreciation, depletion and amortization expense. Segment Adjusted EBITDA is not a measure under U.S. GAAP and is not necessarily comparable with similarly titled measures of other companies.



11

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