Financial Analysis

4. ACQUISITIONS JC Resources On February 22, 2023, we completed the JC Resources Acquisition, which gave us increased exposure to a prolific area of the Delaware Basin that was within close proximity to reserves that we already owned. This acquisition was approved by the conflicts committee of MGPs board of directors, which is comprised entirely of independent directors. Because JC Resources was under common control with us, we recorded the acquisition at JC Resources carrying value for each period presented. The carrying value of the mineral interests as well as related receivables and payables at February 22, 2023 was $65.0 million inclusive of $25.4 million and $37.8 million of mineral interests in proved and unproved properties, respectively. Acquisition Agreement During 2023 and 2024, we were party to a collaborative agreement with a third party for the acquisition of oil & gas mineral interests in the Midland and Delaware Basins. Under the agreement, the third party assisted us in the identification, evaluation, and acquisition of target oil & gas mineral interests. In exchange for these services, the third party received a participation share, partially funded by the third party, and was paid a periodic management fee. Pursuant to this agreement, we purchased $5.8 million and $10.7 million of oil & gas mineral interests in proved and unproved properties, respectively, during the year ended December 31, 2024 and $6.5 million and $6.7 million in proved and un …

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16. COMMITMENTS AND CONTINGENCIES Commitments We lease buildings and equipment under operating lease agreements that provide for the payment of both minimum and contingent rentals. We also have noncancelable coal mineral reserve and resource leases as discussed in Note 21 Related-Party Transactions. We have contractual commitments of $94.3 million at December 31, 2025. General Litigation Certain of our subsidiaries were party to litigation in which the plaintiffs alleged violations of the Fair Labor Standards Act and state law due to alleged failure to compensate for time donning and doffing equipment and to account for certain bonuses in the calculation of overtime rates and pay. In April 2024, we entered into a settlement agreement with the plaintiffs to settle the litigation for $15.3 million, which we accrued as of December 31, 2024. Our $15.3 million accrual is included in the Other current liabilities line item on our consolidated balance sheet. In November 2025, the court approved the parties settlement and settlement checks were distributed in December 2025. We also have various other lawsuits, claims and regulatory proceedings incidental to our business that are pending against us. We record an accrual for a potential loss related to these matters when, in managements opinion, such loss is probable and reasonably estimable. Based on known facts and circumstances, we believe the ultimate outcome of these outstanding lawsuits, claims and regulatory proceedings will not …

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Coal Operations Royalties Other, Illinois Corporate and Basin Appalachia Oil & Gas Coal Elimination Consolidated (in thousands) Year Ended December 31, 2025 Coal sales $ 1,342,334 $ 590,181 $ $ $ $ 1,932,515 Oil & gas royalties 137,849 137,849 Coal royalties 80,471 (80,471) Transportation revenues 24,967 11,645 36,612 Other revenues 8,861 2,877 1,707 74,390 87,835 Total revenues $ 1,376,162 $ 604,703 $ 139,556 $ 80,471 $ (6,081) $ 2,194,811 Year Ended December 31, 2024 Coal sales $ 1,399,100 $ 712,703 $ $ $ $ 2,111,803 Oil & gas royalties 138,311 138,311 Coal royalties 69,676 (69,676) Transportation revenues 85,142 27,448 112,590 Other revenues 11,901 3,091 825 65 70,122 86,004 Total revenues $ 1,496,143 $ 743,242 $ 139,136 $ 69,741 $ 446 $ 2,448,708 Year Ended December 31, 2023 Coal sales $ 1,364,901 $ 845,309 $ $ $ $ 2,210,210 Oil & gas royalties 137,751 137,751 Coal royalties 65,572 (65,572) Transportation revenues 106,150 36,140 142,290 Other revenues 10,505 1,885 3,774 42 60,244 76,450 Total revenues $ 1,481,556 $ 883,334 $ 141,525 $ 65,614 $ (5,328) $ 2,566,701 …

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18. COMMON UNIT-BASED COMPENSATION PLANS Long-Term Incentive Plan A summary of non-vested LTIP grants of restricted units is as follows: Number of units Weighted average grant date fair value per unit Intrinsic value (in thousands) Non-vested grants at January 1, 2023 3,697,133 $ 7.40 $ 75,126 Granted (1) 450,125 21.54 Vested (2) (1,291,330) 5.02 Forfeited (145,584) 6.86 Non-vested grants at December 31, 2023 2,710,344 10.91 57,405 Granted (1) 455,574 19.69 Vested (2) (1,582,422) 6.53 Forfeited (124,932) 20.37 Non-vested grants at December 31, 2024 1,458,564 17.60 38,346 Granted (1) 376,853 26.92 Vested (2) (625,649) 13.62 Forfeited (17,525) 21.39 Non-vested grants at December 31, 2025 1,192,243 22.58 27,696 (1) Restricted units granted have certain minimum-value guarantees per unit, regardless of whether the awards vest . (2) During the years ended December 31, 2025, 2024 and 2023, we issued 366,043 , 936,544 and 860,060 unrestricted common units, respectively, to the LTIP participants. The remaining vested units were withheld to satisfy tax withholdings. For the years ended December 31, 2025, 2024 and 2023, our LTIP expense for grants of restricted units was $8.9 million, $8.3 million and $10.4 million, respectively. The total obligation associated with LTIP grants of restricted units as of December 31, 2025 and 2024 was $17.2 million and $16.9 million, respectively, and is included in the partners capital Limited partners-common unitholders line item in our consolidated ba …

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5. FAIR VALUE MEASUREMENTS The following table summarizes certain fair value measurements within the hierarchy not included elsewhere in these notes: Fair Value Carrying Value Level 1 Level 2 Level 3 (in thousands) December 31, 2025 Recorded on a recurring basis: Digital assets $ 51,834 $ 51,834 $ $ Contingent consideration $ 18,000 $ $ $ 18,000 Additional disclosures: Long-term debt $ 463,456 $ $ 508,844 $ December 31, 2024 Recorded on a recurring basis: Digital assets $ 45,037 $ 45,037 $ $ Contingent consideration $ 13,100 $ $ $ 13,100 Additional disclosures: Long-term debt $ 490,387 $ $ 523,461 $ The carrying amounts for cash equivalents, accounts receivable, accounts payable, accrued and other liabilities, approximate fair value due to the short maturity of those instruments. The fair value of our digital assets is based on an exchange quoted price. See Note 7 Digital Assets for more information on our digital assets. The fair value measurement of our contingent consideration liability is determined using an option approach methodology simulation based on significant inputs not observable in active markets representing a Level 3 fair value measurement under the fair value hierarchy. Our contingent consideration liability is associated with our acquisition of our Hamilton County Coal, LLC (Hamilton) mine in 2015 wherein we agreed to pay the seller additional consideration for the acquisition if the average quarterly sales price exceeds a defined threshold price in any futu …

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22. INCOME TAXES Components of income before income taxes were attributable to the following categories: Year Ended December 31, 2025 2024 2023 (in thousands) Domestic $ 335,450 $ 381,494 $ 644,450 Foreign 565 Total income before income taxes $ 336,015 $ 381,494 $ 644,450 Components of income tax expense disaggregated by jurisdiction are as follows: Year Ended December 31, 2025 2024 2023 (in thousands) Current: Federal $ 17,952 $ 16,719 $ 15,917 State 1,541 1,403 1,336 Foreign 156 19,649 18,122 17,253 Deferred: Federal (587) (2,104) (7,235) State (297) (81) (1,738) (884) (2,185) (8,973) Income tax expense $ 18,765 $ 15,937 $ 8,280 Reconciliations of income taxes at the U.S. federal statutory tax rate to income taxes at our effective tax rate are as follows: Year Ended December 31, 2025 Amount Rate (in thousands) U.S. federal statutory income tax rate $ 70,563 21.0% State and local income tax, net of federal income tax benefit (1) 983 0.3% Foreign tax effects 38 0.0% Tax credits (602) (0.2)% Nontaxable or nondeductible items: Partnership income not subject to income taxes (50,423) (15.0)% Noncontrolling interest income not subject to income taxes (1,367) (0.4)% Other adjustments (427) (0.1)% Income tax expense $ 18,765 5.6% (1) State taxes in Texas and Oklahoma made up the majority of the tax effect in this category for 2025. The effective income tax rate for our income tax expense for the years ended December 31, 2025 is less than the federal statutory rate, primarily due to …

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12. LONG-TERM DEBT Long-term debt consists of the following: Unamortized Discount and Principal Debt Issuance Costs December 31, December 31, 2025 2024 2025 2024 (in thousands) Revolving credit facility $ $ $ (5,007) $ (7,231) Term loan 31,640 45,703 (884) (1,276) 8.625% Senior notes due 2029 400,000 400,000 (6,782) (8,720) Securitization facility February 2024 equipment financing 31,816 44,684 463,456 490,387 (12,673) (17,227) Less current maturities (28,041) (26,669) 4,395 4,394 Total long-term debt $ 435,415 $ 463,718 $ (8,278) $ (12,833) Credit Facility On January 13, 2023, Alliance Coal, as borrower, entered into a credit agreement with various financial institutions which was amended on June 12, 2024 (the Credit Agreement). The Credit Agreement provides for a $425.0 million revolving credit facility which includes a sublimit of $15.0 million for swingline borrowings and permits the issuance of letters of credit up to the full amount of the Credit Facility (the Revolving Credit Facility), and for a term loan in an aggregate principal amount of $75.0 million (the Term Loan). The Revolving Credit Facility also includes an incremental facility providing for an increase of $100.0 million at our option subject to lenders agreeing to participate in such incremental facility. The Credit Agreement matures on March 9, 2028, at which time the aggregate outstanding principal amount of all Revolving Credit Facility advances and all Term Loan advances are required to be repaid in ful …

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New Accounting Standards Issued and Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 primarily requires enhanced disclosures to (1) disclose specific categories in the rate reconciliation, (2) disclose the amount of income taxes paid and expensed disaggregated by federal, state, and foreign taxes, with further disaggregation by individual jurisdictions if certain criteria are met, and (3) disclose income (loss) from continuing operations before income tax (benefit) disaggregated between domestic and foreign. The adoption of ASU 2023-09 did not have a material effect on our consolidated financial statements. The new disclosure requirements were applied prospectively beginning with the year ended December 31, 2025. See Note 22 Income Taxes. New Accounting Standards Issued and Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40 ) (ASU 2024-03). ASU 2024-03 requires the disclosure of additional information about specific expense categories in the notes to the financial statements to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with e …

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14. EMPLOYEE BENEFIT PLANS Defined Contribution Plans All regular full-time employees are eligible to participate in a defined contribution profit sharing and savings plan (PSSP) that we sponsor. PSSP participants may elect to make voluntary contributions to this plan up to a specified amount of their compensation. We make matching contributions based on a percentage of an employees eligible compensation and also make an additional non-matching contribution. Our contribution expense for the PSSP was $23.7 million, $25.5 million and $21.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Defined Benefit Plan Eligible employees and former employees of certain of our mining operations participate in a defined benefit plan (the Pension Plan) that we sponsor. The Pension Plan is closed to new applicants. Participants in the Pension Plan are no longer receiving benefit accruals for service. The benefit formula for the Pension Plan is a fixed-dollar unit based on years of service. The following sets forth changes in benefit obligations and plan assets for the years ended December 31, 2025 and 2024 and the funded status of the Pension Plan reconciled with the amounts reported in our consolidated financial statements: December 31, 2025 2024 (dollars in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 98,977 $ 105,870 Interest cost 5,242 5,107 Actuarial gain (1,806) (4,509) Benefits paid (6,374) (7,491) Benefit obligations a …

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21. RELATED-PARTY TRANSACTIONS We have continuing related-party transactions with MGP and its affiliates. The board of directors of our general partner (Board of Directors) and its conflicts committee (Conflicts Committee) review our related-party transactions that involve a potential conflict of interest between our general partner or its affiliates and ARLP or its subsidiaries or any other partner of ARLP to determine that such transactions are fair and reasonable to ARLP. As a result of these reviews, the Board of Directors and the Conflicts Committee approved each of the transactions described below that had such potential conflict of interest as fair and reasonable to ARLP. Affiliate Coal Lease Agreements The following table summarizes advanced royalties outstanding and related payments and recoupments under our affiliate coal lease agreements: WKY CoalPlay Towhead Henderson WKY Craft Foundations Coal Coal CoalPlay Henderson Henderson Tunnel & Union Henderson & Union Ridge Counties, KY County, KY Counties, KY Total Acquired Acquired Acquired Acquired 2005 2014 2014 2015 (in thousands) As of January 1, 2023 $ 1,500 $ 22,092 $ 20,172 $ 16,844 $ 60,608 Payments 3,000 3,597 2,521 2,131 11,249 Recoupment (3,000) (4,258) (7,258) Unrecoupable As of December 31, 2023 1,500 21,431 22,693 18,975 64,599 Payments 3,000 3,597 2,521 2,131 11,249 Recoupment (3,000) (5,380) (258) (21) (8,659) Unrecoupable As of December 31, 2024 1,500 19,648 24,956 21,085 67,189 Payments 1,500 3 …

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19. REVENUE FROM CONTRACTS WITH CUSTOMERS The following table illustrates the disaggregation of our revenues by type, including a reconciliation to our segment presentation as presented in Note 25 Segment Information. Coal Operations Royalties Other, Illinois Corporate and Basin Appalachia Oil & Gas Coal Elimination Consolidated (in thousands) Year Ended December 31, 2025 Coal sales $ 1,342,334 $ 590,181 $ $ $ $ 1,932,515 Oil & gas royalties 137,849 137,849 Coal royalties 80,471 (80,471) Transportation revenues 24,967 11,645 36,612 Other revenues 8,861 2,877 1,707 74,390 87,835 Total revenues $ 1,376,162 $ 604,703 $ 139,556 $ 80,471 $ (6,081) $ 2,194,811 Year Ended December 31, 2024 Coal sales $ 1,399,100 $ 712,703 $ $ $ $ 2,111,803 Oil & gas royalties 138,311 138,311 Coal royalties 69,676 (69,676) Transportation revenues 85,142 27,448 112,590 Other revenues 11,901 3,091 825 65 70,122 86,004 Total revenues $ 1,496,143 $ 743,242 $ 139,136 $ 69,741 $ 446 $ 2,448,708 Year Ended December 31, 2023 Coal sales $ 1,364,901 $ 845,309 $ $ $ $ 2,210,210 Oil & gas royalties 137,751 137,751 Coal royalties 65,572 (65,572) Transportation revenues 106,150 36,140 142,290 Other revenues 10,505 1,885 3,774 42 60,244 76,450 Total revenues $ 1,481,556 $ 883,334 $ 141,525 $ 65,614 $ (5,328) $ 2,566,701 The following table illustrates the beginning and ending balances of our trade receivables: Year Ended December 31, 2025 2024 2023 (in thousands) Beginning balance $ 166,829 $ 282,62 …

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25. SEGMENT INFORMATION We operate in the United States as a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers as well as royalty income from oil & gas mineral interests located in key producing regions across the United States. We aggregate multiple operating segments into four reportable segments, Illinois Basin Coal Operations, Appalachia Coal Operations, Oil & Gas Royalties and Coal Royalties. We also have an all other category referred to as Other, Corporate and Elimination. Our two coal operations reportable segments correspond to major coal producing regions in the eastern United States with similar economic characteristics including coal quality, geology, coal marketing opportunities, mining and transportation methods and regulatory issues. The two coal operations reportable segments include seven mining complexes operating in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia and a coal loading terminal on the Ohio River in Indiana. Our Oil & Gas Royalties reportable segment includes our oil & gas mineral interests which are located primarily in the Permian (Delaware and Midland), Anadarko (SCOOP/STACK) and Williston (Bakken) basins. The operations within our Oil & Gas Royalties reportable segment primarily include receiving royalties and lease bonuses for our oil & gas mineral i …

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Variable Interest Entity (VIE) VIEs are primarily entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders, as a group, lack one or more of the following characteristics: (a) direct or indirect ability to make decisions, (b) obligation to absorb expected losses or (c) right to receive expected residual returns. A VIE must be evaluated quantitatively and qualitatively to determine the primary beneficiary, which is the reporting entity that has (a) the power to direct activities of a VIE that most significantly impact the VIEs economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. To determine a VIEs primary beneficiary, we perform a qualitative assessment to determine which party, if any, has the power to direct activities of the VIE and the obligation to absorb losses and/or receive its benefits. This assessment involves identifying the activities that most significantly impact the VIEs economic performance and determine whether it, or another party, has the power to direct those activities. When evaluating whether we are the primary beneficiary of a VIE, we perform a qualitative analysis that …

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26. SUBSEQUENT EVENT On January 29, 2026, we announced our decision to cease longwall production at our Mettiki mining complex and primarily satisfy remaining contracted commitments from existing inventory. We will continue to evaluate options concerning the mines future. We are in the process of determining the fair value of the assets at Mettiki and estimate that there could be an impairment charge of up to approximately $43.0 million in the first quarter of 2026 primarily in our Appalachia reportable segment. …

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