CF · 10-Q · 2026Q2 · Full report

Low-Carbon Product Demand

CF Industries Holdings, Inc. · 2026-08-06 · Importance 31 · Surprise 42

CF Industries completed its first premium low-carbon ammonia sales to traditional customers in Europe and Africa in 2025 as customers began establishing low-carbon supply chains. Demand in Europe is linked to the European Union’s carbon border adjustment mechanism and other carbon regulations affecting imported ammonia and upgraded products. JERA and Mitsui committed Blue Point One volumes for power generation and steel production, and both were certified by Japan’s METI in December 2025 under the Hydrogen Society Promotion Act. In 2026, CF Industries began selling low-carbon upgraded products, including low-carbon UAN purchased by PepsiCo, while evaluating additional long-term offtake agreements and joint investments.

Key facts

• In December 2025, both JERA and Mitsui were certified as a Supplier of Low-Carbon Hydrogen and its Derivatives by Japan’s METI under the Support Focusing on the Price Gap scheme. source
• In March 2026, METI granted approval for certification of the Tomakomai Clean Energy Hub under Japan’s Hub Development Support Program, evidencing developing demand for low‑carbon ammonia. source
• In 2025, JERA and Mitsui committed low-carbon ammonia volumes from the Blue Point One joint venture for power generation and steel production among other uses. source
• In 2026, we began sales of low-carbon upgraded products, with the first sale being PepsiCo’s purchase of low-carbon UAN. source
• In 2025, we completed our first sales of low-carbon ammonia at a premium to traditional ammonia consumers in Europe and Africa. source