NACCO Industries, Inc. (NYSE:NC) Q3 2022 Results Conference Call November 3, 2022 8:30 AM ET Company Participants Christina Kmetko - IR J.C. Butler - President and CEO Elizabeth Loveman - VP and Controller Operator Hello, and welcome to the NACCO Industries Q3 2022 Earnings Conference Call. My name is Lauren, and I will be coordinating your call today. [Operator Instructions] I will now hand you over to your host, Christina Kmetko to begin. Christina, please go ahead. Christina Kmetko Thank you. Good mornin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

Financial Data and Key Metrics Changes - Consolidated operating profit for Q2 2022 rose significantly to $29.7 million from $8.7 million in Q2 2021 [12] - Consolidated net income increased to $37.2 million or $5.07 per share from $6.5 million or $0.91 per share in the previous year [12] - Adjusted EBITDA increased to $21 million, up 37% from $15.3 million in the prior year [13] Business Segment Data and Key Metrics Changes - Coal Mining segment's operating profit decreased moderately due to higher employee-related costs and lower earnings at Mississippi Lignite Mining Company [14] - Minerals Management segment's operating profit and adjusted EBITDA more than doubled from the prior year, driven by higher natural gas and oil prices [15] - North American Mining segment saw an increase in revenues but lower operating profit due to rising employee-related costs [9] Market Data and Key Metrics Changes - The coal mining industry faces ongoing political and regulatory challenges, but there is optimism about coal-fired power generation in the U.S. [6] - Higher natural gas and oil prices in 2022 significantly benefited the Minerals Management segment [8] Company Strategy and Development Direction - The company is focused on supporting existing customers in the coal mining segment while exploring new projects in North American Mining [9][10] - The acquisition of Rainbow Energy as a new customer is expected to enhance future operations [5] - The company aims to grow and diversify its Minerals Management business through attractive acquisitions [8] Management's Comments on Operating Environment and Future Outlook - Management expects a significant decrease in operating profit for the Coal Mining segment in the second half of 2022 compared to the previous year [16] - Anticipated cost inflation is expected to increase the cost per ton sold, impacting overall results [18] - North American Mining's operating profit is expected to increase in the second half of 2022 due to improved contract mix [20] Other Important Information - The company ended the quarter with consolidated cash of $97.1 million and debt of $18.4 million [25] - Cash flow before financing activities is expected to be significantly lower than in 2021 due to high capital expenditures [25] Q&A Session Summary Question: Are the office building and ethanol company membership units long-term assets? - Management indicated that the office building is being evaluated for potential occupancy and may be held or sold based on future conditions [31][32] Question: Does the shift of planned equipment acquisition costs for Thacker Pass reflect a change in project expectations? - Management acknowledged that the Thacker Pass project is behind schedule but remains optimistic about its future impact [34] Question: Will future value changes of certain assets be recorded in the Corporate segment? - It was clarified that these items will be reported below operating profit as part of other income [37]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

NACCO Industries, Inc. (NYSE:NC) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET Company Participants Christina Kmetko - Investor Relations J.C. Butler - President and Chief Executive Officer Elizabeth Loveman - Vice President and Controller Conference Call Participants Andrew Kuhn - Focused Compounding Operator Good day and thank you for standing by. Welcome to NACCO Industries Q1 2022 Earnings Conference Call. [Operator Instructions] Thank you. I would now like to hand the conference over to your ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 1-9172 NACCO INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 34-1505819 (State or other jurisdiction of incorporation or organization) (I.R.S. ...

Financial Data and Key Metrics Changes - The consolidated operating profit for Q3 2021 improved significantly to $27.6 million from $9.4 million in Q3 2020 [16] - Consolidated net income rose to $24.8 million or $3.47 per share, compared to $8 million or $1.14 per share in the previous year [16] - Consolidated adjusted EBITDA, excluding the termination fee, increased by 55.3% to $23.3 million from $15 million in the prior year [16][29] Business Segment Data and Key Metrics Changes - The Minerals Management segment had a strong quarter, with operating profit and segment adjusted EBITDA significantly increasing due to $3.3 million of settlement income and higher royalty income from increased production and higher natural gas and oil prices [19][27] - In the Coal Mining segment, operating profit improved primarily due to the Bisti termination payment and increased earnings from unconsolidated operations, despite higher operating expenses [9][17] - North American Mining's segment adjusted EBITDA increased significantly over the prior year, driven by increased production and new contracts [24] Market Data and Key Metrics Changes - The demand for coal has increased as power generation companies rely more on coal for low-cost and dependable electricity due to rising natural gas prices [9] - The company expects coal deliveries to decrease in 2022 due to the Bisti Fuels contract termination and anticipated customer requirements [23] Company Strategy and Development Direction - The company is focused on protecting its core business while diversifying and growing through strategic acquisitions and management fee contracts [14] - There is a strong growth potential in North American Mining, with a robust pipeline of new projects and the ability to leverage expertise across various minerals [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook, citing confidence in strategies to grow and diversify the business [14] - The company anticipates a significant increase in consolidated operating profit and net income for Q4 2021, but expects a decrease in consolidated net income for 2022 due to lower earnings in the Coal Mining and Minerals Management segments [29] Other Important Information - The company ended Q3 2021 with consolidated cash of $87.5 million and debt of $17 million, compared to $85 million in cash and $32 million in debt at the end of Q2 2021 [30] - The anticipated sale of GRE's Coal Creek Station is expected to close in Q1 2022, which will result in a $14 million termination payment [13] Q&A Session Summary Question: Sensitivity to Natural Gas Prices - Management acknowledged that natural gas prices significantly affect both royalties at Minerals Management and dispatch at coal power plants, contributing to increased demand for coal [33][34] Question: Credit Availability and Fossil Fuel Lending Policies - Management noted that it is becoming more difficult for coal companies to borrow due to banks steering away from fossil fuels, but they are currently pleased with the terms of their refinancing efforts [36][37] Question: CapEx at Mitigation Resources - The $2 million CapEx mentioned is for equipment to enhance financial returns in mitigation resources, which is treated as work in process inventory rather than traditional CapEx [38][39] Question: Risk of Early Termination of Coal Sales Agreement - Management discussed the new owners' intent to operate the plant efficiently, viewing it similarly to a manufacturing operation, while acknowledging various business and regulatory risks [44][45] Question: Capacity Factors and Demand in Mississippi - Management explained that increased natural gas prices have supported higher dispatch levels at the Red Hills power plant, which is expected to continue operating through its power purchase agreement [50][51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

NACCO Industries, Inc. (NYSE:NC) Q2 2021 Earnings Conference Call August 5, 2021 8:30 AM ET Company Participants Christina Kmetko - Investor Relations J.C. Butler - President & Chief Executive Officer Elizabeth Loveman - Vice President & Controller Conference Call Participants Nachy Kanfer - Donavan Energy. Operator Good day and thank you for standing by. Welcome to the NACCO Industries Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speakers??? presentation ...