Reportable segment results are presented below.


	Coal Operations				Royalties
	Illinois
	Basin		Appalachia		Oil & Gas		Coal		Total

	(in thousands)
Three Months Ended June 30, 2025

Revenues - Outside	$	350,247	$	145,983	$	35,501	$	—	$	531,731
Revenues - Intercompany		—		—		—		17,612		17,612
Total revenues (1)		350,247		145,983		35,501		17,612		549,343
Less:
Segment Adjusted EBITDA Expense (2)		231,189		112,829		4,558		5,795		354,371
Transportation expenses		4,829		3,729		—		—		8,558
Other segment items (3)		—		—		1,060		—		1,060
Segment Adjusted EBITDA (4)		114,229		29,425		29,883		11,817		185,354

Capital expenditures (6)		50,072		15,226		—		102		65,400

Three Months Ended June 30, 2024

Revenues - Outside	$	354,761	$	188,212	$	36,437	$	3	$	579,413
Revenues - Intercompany		—		—		—		16,584		16,584
Total revenues (1)		354,761		188,212		36,437		16,587		595,997
Less:
Segment Adjusted EBITDA Expense (2)		216,168		136,762		4,635		6,632		364,197
Transportation expenses		20,570		6,131		—		—		26,701
Other segment items (3)		—		—		544		—		544
Segment Adjusted EBITDA (4)		118,023		45,319		31,258		9,955		204,555

Capital expenditures (6)		65,973		32,793		—		—		98,766

Six Months Ended June 30, 2025

Revenues - Outside	$	693,242	$	285,479	$	72,414	$	—	$	1,051,135
Revenues - Intercompany		—		—		—		33,407		33,407
Total revenues (1)		693,242		285,479		72,414		33,407		1,084,542
Less:
Segment Adjusted EBITDA Expense (2)		441,148		233,397		10,279		12,195		697,019
Transportation expenses		11,692		7,066		—		—		18,758
Other segment items (3)		—		—		2,368		—		2,368
Segment Adjusted EBITDA (4)		240,402		45,016		59,767		21,212		366,397

Total assets (5)		1,076,634		472,142		847,300		308,959		2,705,035
Capital expenditures (6)		102,657		46,054		—		147		148,858

Six Months Ended June 30, 2024

Revenues - Outside	$	752,602	$	386,226	$	73,782	$	9	$	1,212,619
Revenues - Intercompany		—		—		—		35,286		35,286
Total revenues (1)		752,602		386,226		73,782		35,295		1,247,905
Less:
Segment Adjusted EBITDA Expense (2)		449,255		254,264		9,575		12,896		725,990
Transportation expenses		45,046		12,408		—		—		57,454
Other segment items (3)		—		—		1,547		—		1,547
Segment Adjusted EBITDA (4)		258,301		119,554		62,660		22,399		462,914

Total assets (5)		1,011,972		552,796		793,416		316,505		2,674,689
Capital expenditures (6)		162,106		59,244		—		—		221,350

(1)	The following is a reconciliation of our total segment revenues to total consolidated revenues:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in thousands)
Total segment revenues	$	549,343	$	595,997	$	1,084,542	$	1,247,905
Other, Corporate and Elimination revenues - Outside		15,732		13,937		36,796		32,428
Other, Corporate and Elimination revenues - Intercompany		(17,612)		(16,584)		(33,407)		(35,286)
Total consolidated revenues	$	547,463	$	593,350	$	1,087,931	$	1,245,047

Revenues included in Other, Corporate and Elimination are attributable to intercompany eliminations, which are primarily intercompany coal royalties eliminations, outside revenues at the Matrix Group and other outside miscellaneous sales and revenue activities.

(2)

Segment Adjusted EBITDA Expense includes operating expenses, coal purchases, if applicable, and other income or expense as adjusted to remove certain items from operating expenses that we characterize as unrepresentative of our ongoing operations. Segment Adjusted EBITDA Expense is used as a financial measure by our management to assess the operating performance of our segments. Segment Adjusted EBITDA Expense is a key component of Segment Adjusted EBITDA in addition to coal sales, royalty revenues and other revenues. The exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA Expense allows management to focus solely on the evaluation of segment operating performance as it primarily relates to our operating expenses.

(3)	Other segment items include:

Oil & Gas Royalties – equity method investment income from AllDale III and income allocated to noncontrolling interest

(4)

Segment Adjusted EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes, depreciation, depletion and amortization and general and administrative expenses adjusted for certain items that we characterize as unrepresentative of our ongoing operations. Segment Adjusted EBITDA is used as a financial measure by Mr. Craft, who is also our chief operating decision maker (“CODM”), other management and by external users of our financial statements such as investors, commercial banks, research analysts and others. Our CODM uses Segment Adjusted EBITDA in assessing segment performance and deciding how to allocate resources. Segment Adjusted EBITDA provides useful information to our CODM and investors regarding our performance and results of operations because Segment Adjusted EBITDA (i) provides additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provides investors with the financial analytical framework upon which we base financial, operational, compensation and planning decisions, (iii) presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations and (iv) allows our CODM and management to focus solely on the evaluation of segment operating profitability as it relates to our revenues and operating expenses, which are primarily controlled by our segments.

The following is a reconciliation of total Segment Adjusted EBITDA for our segments to consolidated income before income taxes:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in thousands)
Segment Adjusted EBITDA – total segments	$	185,354	$	204,555	$	366,397	$	462,914
Other, Corporate and Elimination profit (loss)		(3,050)		(2,551)		(3,578)		(356)
General and administrative		(20,380)		(20,562)		(40,960)		(42,691)
Depreciation, depletion and amortization		(76,340)		(66,454)		(144,969)		(132,003)
Interest expense, net		(8,682)		(7,193)		(16,249)		(13,666)
Change in fair value of digital assets		12,856		(3,748)		7,282		8,105
Impairment loss on investments		(25,000)		—		(25,000)		—
Litigation expense accrual		—		—		—		(15,250)
Noncontrolling interest		1,615		1,322		3,192		2,832
Income before income taxes	$	66,373	$	105,369	$	146,115	$	269,885

Other, Corporate and Elimination profit (loss) represents profit (loss) from operating segments below the quantitative thresholds when determining our reportable segments as well as the elimination of intersegment profit (loss) between our reportable segments. The operating segments included are those described as part of our Other, Corporate and Eliminations category.

(5)	The following is a reconciliation of our total segment assets to total consolidated assets:


	June 30,
	2025		2024

	(in thousands)
Total segment assets	$	2,705,035	$	2,674,689
Other, Corporate and Elimination total assets		164,411		378,257
Total consolidated assets	$	2,869,446	$	3,052,946

(6)	Capital expenditures excludes $2.7 million paid towards oil & gas reserve acquisitions for the six months ended June 30, 2025 and $2.9 million and $4.7 million paid towards oil & gas reserve acquisitions for the three and six months ended June 30, 2024, respectively.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in thousands)
Total segment capital expenditures	$	65,400	$	98,766	$	148,858	$	221,350
Other, Corporate and Elimination capital expenditures		1,617		2,676		4,935		3,938
Total consolidated capital expenditures	$	67,017	$	101,442	$	153,793	$	225,288

Schedule segment adjusted EBITDA


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in thousands)
Segment Adjusted EBITDA – total segments	$	185,354	$	204,555	$	366,397	$	462,914
Other, Corporate and Elimination profit (loss)		(3,050)		(2,551)		(3,578)		(356)
General and administrative		(20,380)		(20,562)		(40,960)		(42,691)
Depreciation, depletion and amortization		(76,340)		(66,454)		(144,969)		(132,003)
Interest expense, net		(8,682)		(7,193)		(16,249)		(13,666)
Change in fair value of digital assets		12,856		(3,748)		7,282		8,105
Impairment loss on investments		(25,000)		—		(25,000)		—
Litigation expense accrual		—		—		—		(15,250)
Noncontrolling interest		1,615		1,322		3,192		2,832
Income before income taxes	$	66,373	$	105,369	$	146,115	$	269,885

Schedule of segment capital expenditures


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in thousands)
Total segment capital expenditures	$	65,400	$	98,766	$	148,858	$	221,350
Other, Corporate and Elimination capital expenditures		1,617		2,676		4,935		3,938
Total consolidated capital expenditures	$	67,017	$	101,442	$	153,793	$	225,288