Reportable segment results are presented below.


	Coal Operations				Royalties
	Illinois
	Basin		Appalachia		Oil & Gas		Coal		Total

	(in thousands)
Three Months Ended September 30, 2025

Revenues - Outside	$	343,892	$	177,867	$	32,758	$	—	$	554,517
Revenues - Intercompany		—		—		—		24,662		24,662
Total revenues (1)		343,892		177,867		32,758		24,662		579,179
Less:
Segment Adjusted EBITDA Expense (2)		233,806		120,802		4,052		7,572		366,232
Transportation expenses		4,725		2,976		—		—		7,701
Other segment items (3)		—		—		986		—		986
Segment Adjusted EBITDA (4)		105,361		54,089		27,720		17,090		204,260

Capital expenditures (6)		50,167		13,631		—		165		63,963

Three Months Ended September 30, 2024

Revenues - Outside	$	356,911	$	203,163	$	34,688	$	—	$	594,762
Revenues - Intercompany		—		—		—		16,647		16,647
Total revenues (1)		356,911		203,163		34,688		16,647		611,409
Less:
Segment Adjusted EBITDA Expense (2)		225,498		157,792		5,844		5,589		394,723
Transportation expenses		16,764		7,853		—		—		24,617
Other segment items (3)		—		—		138		—		138
Segment Adjusted EBITDA (4)		114,649		37,518		28,706		11,058		191,931

Capital expenditures (6)		68,512		32,471		—		—		100,983

Nine Months Ended September 30, 2025

Revenues - Outside	$	1,037,134	$	463,346	$	105,172	$	—	$	1,605,652
Revenues - Intercompany		—		—		—		58,069		58,069
Total revenues (1)		1,037,134		463,346		105,172		58,069		1,663,721
Less:
Segment Adjusted EBITDA Expense (2)		674,954		354,199		14,331		19,767		1,063,251
Transportation expenses		16,417		10,042		—		—		26,459
Other segment items (3)		—		—		3,354		—		3,354
Segment Adjusted EBITDA (4)		345,763		99,105		87,487		38,302		570,657

Total assets (5)		1,046,853		477,756		861,938		303,521		2,690,068
Capital expenditures (6)		152,824		59,685		—		312		212,821

Nine Months Ended September 30, 2024

Revenues - Outside	$	1,109,513	$	589,389	$	108,470	$	9	$	1,807,381
Revenues - Intercompany		—		—		—		51,933		51,933
Total revenues (1)		1,109,513		589,389		108,470		51,942		1,859,314
Less:
Segment Adjusted EBITDA Expense (2)		674,753		412,056		15,419		18,485		1,120,713
Transportation expenses		61,810		20,261		—		—		82,071
Other segment items (3)		—		—		1,685		—		1,685
Segment Adjusted EBITDA (4)		372,950		157,072		91,366		33,457		654,845

Total assets (5)		1,029,389		534,449		806,332		313,044		2,683,214
Capital expenditures (6)		230,618		91,715		—		—		322,333

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Total segment revenues	$	579,179	$	611,409	$	1,663,721	$	1,859,314
Other, Corporate and Elimination revenues - Outside		16,850		18,807		53,646		51,235
Other, Corporate and Elimination revenues - Intercompany		(24,662)		(16,647)		(58,069)		(51,933)
Total consolidated revenues	$	571,367	$	613,569	$	1,659,298	$	1,858,616

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				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Segment Adjusted EBITDA – total segments	$	204,260	$	191,931	$	570,657	$	654,845
Other, Corporate and Elimination profit (loss)		2,926		342		(652)		(14)
General and administrative		(21,373)		(21,878)		(62,333)		(64,569)
Depreciation, depletion and amortization		(78,211)		(72,971)		(223,180)		(204,974)
Interest expense, net		(10,351)		(7,352)		(26,600)		(21,018)
Change in fair value of digital assets		3,739		332		11,021		8,437
Impairment loss on investments		—		—		(25,000)		—
Litigation expense accrual		—		—		—		(15,250)
Noncontrolling interest		1,714		635		4,906		3,467
Income before income taxes	$	102,704	$	91,039	$	248,819	$	360,924

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:


	September 30,
	2025		2024

	(in thousands)
Total segment assets	$	2,690,068	$	2,683,214
Other, Corporate and Elimination total assets		218,273		348,959
Total consolidated assets	$	2,908,341	$	3,032,173

(6)

Capital expenditures excludes $0.8 million and $3.5 million paid towards oil & gas reserve acquisitions for the three and nine months ended September 30, 2025, respectively and $10.5 million and $15.2 million paid towards oil & gas reserve acquisitions for the three and nine months ended September 30, 2024, respectively.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Total segment capital expenditures	$	63,963	$	100,983	$	212,821	$	322,333
Other, Corporate and Elimination capital expenditures		765		9,315		5,700		13,253
Total consolidated capital expenditures	$	64,728	$	110,298	$	218,521	$	335,586

Schedule segment adjusted EBITDA


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Segment Adjusted EBITDA – total segments	$	204,260	$	191,931	$	570,657	$	654,845
Other, Corporate and Elimination profit (loss)		2,926		342		(652)		(14)
General and administrative		(21,373)		(21,878)		(62,333)		(64,569)
Depreciation, depletion and amortization		(78,211)		(72,971)		(223,180)		(204,974)
Interest expense, net		(10,351)		(7,352)		(26,600)		(21,018)
Change in fair value of digital assets		3,739		332		11,021		8,437
Impairment loss on investments		—		—		(25,000)		—
Litigation expense accrual		—		—		—		(15,250)
Noncontrolling interest		1,714		635		4,906		3,467
Income before income taxes	$	102,704	$	91,039	$	248,819	$	360,924

Schedule of segment capital expenditures


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Total segment capital expenditures	$	63,963	$	100,983	$	212,821	$	322,333
Other, Corporate and Elimination capital expenditures		765		9,315		5,700		13,253
Total consolidated capital expenditures	$	64,728	$	110,298	$	218,521	$	335,586