​ Significant relationships referenced in this management’s discussion and analysis of financial condition and results of operations include the following: ​ ● References to “we,” “us,” “our” or “ARLP Partnership” mean the business and operations of Alliance Resource Partners, L.P., the parent company, as well as its consolidated subsidiaries. ● References to “ARLP” mean Alliance Resource Partners, L.P., individually as the parent company, and not on a consolidated basis. ● References to “MGP” mean Alliance Resource Management GP, LLC, ARLP’s general partner. ● References to “Mr. Craft” mean Joseph W. Craft III, the Chairman, President and Chief Executive Officer of MGP. ● References to “Intermediate Partnership” mean Alliance Resource Operating Partners, L.P., the intermediate partnership of Alliance Resource Partners, L.P. ● References to “Alliance Coal” mean Alliance Coal, LLC, an indirect wholly owned subsidiary of ARLP. ● References to “Alliance Minerals” mean Alliance Minerals, LLC, an indirect wholly owned subsidiary of ARLP. ● References to “Alliance Resource Properties” mean Alliance Resource Properties, LLC, an indirect wholly owned subsidiary of ARLP. ​ Summary ​ We are 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. Our core objective is to maximize the value of our mineral asset base—both through coal production from our mining operations and through the leasing and development of our coal and oil & gas mineral interests. Our strategy is to provide reliable, baseload fuel for electricity generating customers while positioning the Partnership for long-term growth through investments in energy related technologies and infrastructure. Leveraging our relationships with electric utilities, industrial customers, and government partners, we intend to pursue strategic opportunities that complement our operational strengths. We believe our diverse resource portfolio and targeted investments will continue to create long-term value for our unitholders. ​ We are the second largest coal producer in the eastern United States and as of June 30, 2026, we operated seven underground mining complexes across Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia and a coal-loading terminal on the Ohio River in Indiana. We manage and report our coal operations under two regions, Illinois Basin and Appalachia. We market our coal production to major domestic and international utilities and industrial customers. ​ We also own mineral and royalty interests across premier basins and resource plays in the United States including the Permian, Anadarko, Bakken, and after the AllDale III & IV Acquisition on July 1, 2026, Haynesville. We market our oil & gas mineral interests for lease to operators in those regions and generate royalty income from their development of those mineral interests. Please read “Item 1. Financial Statements (Unaudited) – Note 3 – Variable Interest Entities, Note 4 – Acquisitions and Note 17. – Related Party Transactions” for more information on the AllDale III & IV Acquisition. ​ We also hold coal mineral reserves and resources in Illinois, Indiana, Kentucky, Pennsylvania and West Virginia. Substantially all of our coal mineral resources and a majority of our coal mineral reserves are owned or leased by Alliance Resource Properties, which are (a) leased or subleased to our mining complexes or (b) near other internal and external coal mining operations but not yet leased. We generate intercompany royalty income through the leasing and development of our coal mineral reserves and resources. ​ Beyond our core mineral platform, we have invested in growth-oriented businesses and energy-related technologies. Our subsidiaries, Matrix Design Group, LLC (and its subsidiaries), and Alliance Design Group, LLC (collectively referred to as "Matrix Group"), develop and market industrial, mining and technology products and services worldwide and our subsidiary, Bitiki KY, LLC (“Bitiki”), mines bitcoin. We have also made investments in emerging energy and infrastructure opportunities, including Infinitum Electric, Inc. (“Infinitum”), NGP Energy Transition IV, L.P. (“NGP ET IV”) and Gavin Generation Holdings A, LP (“Gavin Generation”). ​ 28 Table of Contents We have 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. Our Oil & Gas Royalties reportable segment includes our oil & gas mineral interests. Our Coal Royalties reportable segment includes coal mineral reserves and resources owned or leased by Alliance Resource Properties. ​ ● Illinois Basin Coal Operations reportable segment includes (a) the Gibson County Coal, LLC mining complex, (b) the Warrior Coal, LLC mining complex, (c) the River View Coal, LLC (“River View”) mining complex, which includes the River View and Henderson County mines and (d) the Hamilton County Coal, LLC (“Hamilton”) mining complex. The segment also includes activity associated with support services and our non-operating mining complexes. ​ ● Appalachia Coal Operations reportable segment includes (a) the Mettiki Coal, LLC and Mettiki Coal (WV), LLC (collectively, “Mettiki”) mining complex, (b) the Tunnel Ridge, LLC (“Tunnel Ridge”) mining complex and (c) the MC Mining, LLC mining complex. ​ ● Oil & Gas Royalties reportable segment includes oil & gas mineral interests held by Alliance Minerals through its consolidated subsidiaries and prior to the AllDale III & IV Acquisition on July 1, 2026, our equity method investment in AllDale III. Please read “Item 1. Financial Statements (Unaudited) – Note 3 – Variable Interest Entities, Note 4 – Acquisitions and Note 17 – Related Party Transactions” for more information on the AllDale III & IV Acquisition. ​ ● Coal Royalties reportable segment includes substantially all of our coal mineral resources and the majority of our coal mineral reserves owned or leased by Alliance Resource Properties. ​ ● Other, Corporate and Elimination includes marketing and administrative activities, certain of our subsidiaries, primarily consisting of Matrix Group, Bitiki, which holds our crypto-mining activities, our non oil & gas equity and debt investments, Wildcat Insurance, LLC, which assists the ARLP Partnership with its insurance requirements, AROP Funding, LLC (“AROP Funding”) and Alliance Resource Finance Corporation (“Alliance Finance”), and other miscellaneous activities. The eliminations included in Other, Corporate and Elimination primarily represent the intercompany coal royalty transactions described above between our Coal Royalties reportable segment and our coal operations’ mines. Please read “Item 1. Financial Statements (Unaudited) – Note 3 – Variable Interest Entities, Note 9 – Investments, and Note 8 – Long-Term Debt” for more information on our investments in Infinitum, Gavin Generation, and NGP ET IV as well as AROP Funding and Alliance Finance. ​ Recent Developments ​ During the six months ended June 30, 2026, we acquired 881 oil & gas net royalty acres through a series of transactions in the Permian Basin for an aggregate cash purchase price of $22.0 million which was funded with cash on hand. The interests include royalty interests in both developed properties and undeveloped properties. Please see “Item 1. Financial Statements (Unaudited) – Note 4 – Acquisitions” for additional information. ​ Prior to January 29, 2026, certain of the coal mined and to be mined by Tunnel Ridge had been leased from the Craft Foundations. On January 29, 2026, we purchased all of the ownership interests in these coal reserves together with surface rights from the Craft Foundations for an aggregate $15.5 million. Please see “Item 1. Financial Statements (Unaudited) – Note 17 – Related-Party Transactions” for additional information. ​ In January 2026, we announced our decision to cease longwall production at our Mettiki mining complex due to a series of planned and unplanned outages at a key customer’s plant. While limited coal production is ongoing with continuous mining units, we continue to evaluate options concerning the mine’s future. Please see “Item 1. Financial Statements (Unaudited) – Note 8 – Long-Lived Asset Impairment” for additional information. ​ On July 1, 2026, we completed the acquisition of certain general partner and limited partner interests in AllDale III & IV for approximately $206.2 million. The AllDale III & IV Acquisition expands and diversifies our portfolio of mineral and royalty interests through the added control of approximately 48,500 net royalty acres across premier basins 29 Table of Contents and resource plays including the Permian, Anadarko, Bakken and Haynesville. ARLP funded the acquisition using a combination of cash on hand, borrowings under its revolving credit facility, and a new $150.0 million term loan at Alliance Minerals. ​ Risks and Uncertainties ​ We face a variety of risks and uncertainties that management considers in the operation and planning of our businesses, which could affect our financial position and results of operations. For additional information regarding our risks and uncertainties that affect our business and the industries in which we operate, see “Item 1A. Risk Factors” herein and in our Annual Report on Form 10-K for the year ended December 31, 2025. ​ How We Evaluate Our Performance ​ Our management uses a variety of financial and operational measurements to analyze our performance. Primary measurements include the following: (1) coal volumes; (2) coal sales; (3) oil & gas volumes; (4) oil & gas royalties; (5) intercompany coal royalties; (6) Segment Adjusted EBITDA Expense; and (7) Segment Adjusted EBITDA. Please see below and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information. ​ Analysis of Historical Results of Operations ​ Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 ​ Consolidated Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ 2025 ​ Increase (Decrease) ​ ​ ​ (in thousands) ​ ​ ​ ​ Consolidated Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ 8,558 ​ 8,382 ​ 176 ​ 2.1 % ​ Tons produced ​ ​ 8,225 ​ 8,105 ​ 120 ​ 1.5 % ​ Volume - BOE (1) ​ ​ 936 ​ ​ 880 ​ 56 ​ 6.4 % ​ Coal sales $ 469,544 ​ $ 485,469 $ (15,925) ​ (3.3) % ​ Oil & gas royalties ​ $ 46,293 ​ $ 35,473 ​ $ 10,820 ​ 30.5 % ​ Total revenues ​ $ 551,560 ​ $ 547,463 ​ $ 4,097 ​ 0.7 % ​ Segment Adjusted EBITDA Expense (2) ​ $ 340,045 ​ $ 353,450 ​ $ (13,405) ​ (3.8) % ​ Net income of ARLP ​ $ 79,562 ​ $ 59,410 ​ $ 20,152 ​ 33.9 % ​ Segment Adjusted EBITDA (2) ​ $ 211,508 ​ $ 182,304 ​ $ 29,204 ​ 16.0 % ​ (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). (2) For definitions of Segment Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to their respective comparable GAAP financial measures, please see below under “— Reconciliation of Non-GAAP Financial Measures.” ​ Total Revenues ​ Total revenues for the three months ended June 30, 2026 (“2026 Quarter”) increased 0.7% to $551.6 million compared to $547.5 million for the three months ended June 30, 2025 (“2025 Quarter”) as a result of record oil & gas royalty revenues, increased coal sales volumes and higher other revenues, partially offset by lower coal sales prices per ton. ​ ● Coal sales decreased to $469.5 million for the 2026 Quarter compared to $485.5 million for the 2025 Quarter. The decrease was attributable to lower average coal sales prices, which reduced coal sales by $26.1 million, partially offset by higher tons sold, which increased coal sales by $10.2 million. Coal sales price per ton decreased by 5.3% as a result of lower domestic price realizations at several mines resulting from the continued roll-off of 30 Table of Contents higher-priced legacy contracts. Higher coal sales volumes were primarily driven by increased volumes at our River View and Tunnel Ridge operations due to improved recoveries and higher productivity. ​ ● Oil & gas royalties increased 30.5% to a record $46.3 million for the 2026 Quarter compared to $35.5 million for the 2025 Quarter. The increase was due to higher average sales prices, which increased 22.7%, and improved oil & gas royalty volumes, partially offset by higher expenses. Oil & gas royalty volumes increased 6.4% compared to the 2025 Quarter as a result of increased drilling and completion activities on our acreage combined with additional volumes from oil & gas mineral interests acquired. ​ ● Other revenues increased to $28.2 million for the 2026 Quarter compared to $18.0 million for the 2025 Quarter. The increase was due to higher miscellaneous sales and revenue activities in our Appalachian segment. ​ Segment Adjusted EBITDA Expense ​ Segment Adjusted EBITDA Expense decreased 3.8% to $340.0 million for the 2026 Quarter compared to $353.5 million for the 2025 Quarter primarily due to decreased expenses at our coal operations. Segment Adjusted EBITDA Expense for our coal operations decreased 4.3% to $331.0 million due to lower per ton costs, partially offset by higher coal sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 6.3% to $38.68 per ton sold in the 2026 Quarter compared to $41.27 per ton in the 2025 Quarter, primarily due to increased production at several mines as well as the following per ton cost decreases: ​ ● Labor and benefit expenses per ton produced decreased 5.1% to $14.47 per ton in the 2026 Quarter from $15.24 per ton in the 2025 Quarter. The decrease of $0.77 per ton was primarily due to lower labor costs at several mines and decreased workers’ compensation accruals. ​ ● Material and supplies expenses per ton produced decreased 10.0% to $12.16 per ton in the 2026 Quarter from $13.51 per ton in the 2025 Quarter. The decrease of $1.35 per ton produced primarily reflects decreases of $0.63 per ton for miscellaneous materials and supplies, $0.26 per ton for ventilation related expenses, $0.24 per ton for electrical expenses, and $0.21 per ton for various preparation plant expenses, partially offset by an increase of $0.36 per ton for roof support. ​ ● Maintenance expenses per ton produced decreased 5.2% to $4.40 per ton in the 2026 Quarter from $4.64 per ton in the 2025 Quarter. The decrease of $0.24 per ton produced was primarily a result of lower maintenance costs at several mines. ​ ● Production taxes and royalty expenses per ton incurred as a percentage of coal sales prices and volumes decreased $0.40 per produced ton sold in the 2026 Quarter compared to the 2025 Quarter primarily resulting from lower coal sales prices, partially offset by an unfavorable mix of tons sold that were mined in states with severance taxes. ​ ● We had no sales of outside coal purchases in the 2026 Quarter compared to $7.2 million in the 2025 Quarter. Thus, costs per ton in the 2026 Quarter decreased as the cost of our produced coal is generally lower on a per ton basis than outside coal purchases. ​ General and administrative ​ General and administrative expenses for the 2026 Quarter increased to $25.8 million compared to $20.4 million in the 2025 Quarter. The increase of $5.4 million was primarily due to higher incentive compensation expenses and increased outside services. ​ Equity method investment income (loss) ​ Equity method investment income was $9.5 million in the 2026 Quarter compared to a loss of $1.5 million in the 2025 Quarter. The change was primarily due to an increase in the value of our share of the net assets of Gavin Generation and NGP ET IV. ​ 31 Table of Contents Change in fair value of digital assets ​ The fair value adjustment on our digital assets decreased by $19.2 million for the 2026 Quarter compared to the 2025 Quarter reflecting movement in the price of bitcoin. ​ Impairment loss on investments ​ During the 2025 Quarter, we recorded a $25.0 million impairment on our equity investment in Ascend. Please read “Item 1. Financial Statements (Unaudited) – Note 9 – Investments” for more information. ​ Net income attributable to ARLP ​ Net income attributable to ARLP for the 2026 Quarter increased 33.9% to $79.6 million, or $0.61 per basic and diluted limited partner unit, compared to $59.4 million, or $0.46 per basic and diluted limited partner unit for the 2025 Quarter, primarily as a result of higher total revenues and equity method investment income as well as the impact of the impairment loss on investments in the 2025 Quarter. ​ Segment Adjusted EBITDA ​ Our 2026 Quarter Segment Adjusted EBITDA increased 16.0% to $211.5 million from the 2025 Quarter Segment Adjusted EBITDA of $182.3 million. ​ Segment Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Increase (Decrease) ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ Illinois Basin Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 6,367 ​ 6,665 ​ (298) ​ (4.5) % ​ Coal sales ​ $ 330,272 ​ $ 343,841 ​ $ (13,569) ​ (3.9) % ​ Other revenues ​ $ 3,117 ​ $ 1,577 ​ $ 1,540 ​ 97.7 % ​ Segment Adjusted EBITDA Expense ​ $ 229,177 ​ $ 231,189 ​ $ (2,012) ​ (0.9) % ​ Segment Adjusted EBITDA ​ $ 104,212 ​ $ 114,229 ​ $ (10,017) ​ (8.8) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachia Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 2,191 ​ 1,717 ​ 474 ​ 27.6 % ​ Coal sales ​ $ 139,272 ​ $ 141,628 ​ $ (2,356) ​ (1.7) % ​ Other revenues ​ $ 11,198 ​ $ 626 ​ $ 10,572 ​ n/m % ​ Segment Adjusted EBITDA Expense ​ $ 101,277 ​ $ 112,829 ​ $ (11,552) ​ (10.2) % ​ Segment Adjusted EBITDA ​ $ 49,193 ​ $ 29,425 ​ $ 19,768 ​ 67.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil & Gas Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - BOE (1) ​ ​ 936 ​ ​ 880 ​ 56 ​ 6.4 % ​ Oil & gas royalties ​ $ 46,293 ​ $ 35,473 ​ $ 10,820 ​ 30.5 % ​ Other revenues ​ $ 234 ​ $ 28 ​ $ 206 ​ n/m % ​ Segment Adjusted EBITDA Expense ​ $ 7,224 ​ $ 4,558 ​ $ 2,666 ​ 58.5 % ​ Segment Adjusted EBITDA ​ $ 38,012 ​ $ 29,883 ​ $ 8,129 ​ 27.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - Tons sold (2) ​ ​ 7,537 ​ ​ 5,492 ​ 2,045 ​ 37.2 % ​ Intercompany coal royalties ​ $ 22,723 ​ $ 17,612 ​ $ 5,111 ​ 29.0 % ​ Segment Adjusted EBITDA Expense ​ $ 9,754 ​ $ 5,795 ​ $ 3,959 ​ 68.3 % ​ Segment Adjusted EBITDA ​ $ 12,969 ​ $ 11,817 ​ $ 1,152 ​ 9.7 % ​ n/m - Percentage change not meaningful. (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). 32 Table of Contents (2) Represents tons sold by our Coal Operations segments associated with coal reserves leased from our Coal Royalties segment. ​ Illinois Basin Coal Operations – Segment Adjusted EBITDA decreased 8.8% to $104.2 million in the 2026 Quarter from $114.2 million in the 2025 Quarter. The decrease of $10.0 million was primarily attributable to lower average coal sales volumes. Tons sold decreased by 4.5% compared to the 2025 Quarter due primarily to decreased sales volumes from our Hamilton mine as a result of a planned extended longwall move during the 2026 Quarter, partially offset by a strong sales performance and productivity at our River View complex. Segment Adjusted EBITDA Expense decreased to $229.2 million in the 2026 Quarter from $231.2 million in the 2025 Quarter, primarily as a result of reduced volumes, partially offset by increased operating expenses per ton. Segment Adjusted EBITDA Expense per ton increased by 3.7% compared to the 2025 Quarter due primarily to the planned extended longwall move at our Hamilton mine during the 2026 Quarter. ​ Appalachia Coal Operations – Segment Adjusted EBITDA increased 67.2% to $49.2 million for the 2026 Quarter from $29.4 million in the 2025 Quarter. The increase of $19.8 million was primarily attributable to reduced operating expenses and higher other revenues, partially offset by lower coal sales. The decrease in coal sales primarily reflects lower coal sales prices, which decreased by 22.9% compared to the 2025 Quarter primarily due to an increased sales mix of lower priced Tunnel Ridge sales volumes in the 2026 Quarter and reduced sales price per ton at Mettiki. Partially offsetting lower coal sales prices, coal sales volumes increased 27.6% compared to the 2025 Quarter primarily as a result of increased production at Tunnel Ridge due to improved recoveries and higher productivity. Other revenues increased by $10.6 million in the 2026 Quarter reflecting higher miscellaneous revenue activities. Segment Adjusted EBITDA Expense decreased 10.2% to $101.3 million in the 2026 Quarter from $112.8 million in the 2025 Quarter due primarily to lower per ton expenses, partially offset by increased sales volumes. Segment Adjusted EBITDA Expense per ton for the 2026 Quarter decreased by 29.7% compared to the 2025 Quarter as a result of increased production at our Tunnel Ridge operation. ​ Oil & Gas Royalties – Segment Adjusted EBITDA increased to a record $38.0 million in the 2026 Quarter compared to $29.9 million in the 2025 Quarter primarily due to higher average sales prices, which increased 22.7%, partially offset by higher expenses. Oil & gas royalty volumes increased 6.4% compared to the 2025 Quarter as a result of increased drilling and completion activities on our acreage combined with additional volumes from oil & gas mineral interests acquired. ​ Coal Royalties – Segment Adjusted EBITDA increased to $13.0 million in the 2026 Quarter compared to $11.8 million in the 2025 Quarter due to higher royalty tons sold, primarily from Tunnel Ridge and River View, partially offset by higher expenses. ​ Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 ​ Consolidated Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ 2025 ​ Increase (Decrease) ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ Consolidated Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold 16,418 ​ 16,153 ​ 265 ​ 1.6 % ​ Tons produced ​ ​ 16,209 ​ 16,562 ​ (353) ​ (2.1) % ​ Volume - BOE (1) ​ ​ 1,958 ​ ​ 1,760 ​ 198 ​ 11.3 % ​ Coal sales ​ $ 912,826 ​ $ 953,980 $ (41,154) ​ (4.3) % ​ Oil & gas royalties ​ $ 87,634 ​ $ 71,557 ​ $ 16,077 ​ 22.5 % ​ Total revenues ​ $ 1,067,577 ​ $ 1,087,931 ​ $ (20,354) ​ (1.9) % ​ Segment Adjusted EBITDA Expense (2) ​ $ 671,003 ​ $ 699,620 ​ $ (28,617) ​ (4.1) % ​ Net income of ARLP ​ $ 88,656 ​ $ 133,393 ​ $ (44,737) ​ (33.5) % ​ Segment Adjusted EBITDA (2) ​ $ 390,557 ​ $ 362,819 ​ $ 27,738 ​ 7.6 % ​ (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). 33 Table of Contents (2) For definitions of Segment Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to their respective comparable GAAP financial measures, please see below under “— Reconciliation of Non-GAAP Financial Measures.” ​ Total Revenues ​ Total revenues for the six months ended June 30, 2026 (“2026 Period”) decreased 1.9% to $1.07 billion compared to $1.09 billion for the six months ended June 30, 2025 (“2025 Period”) primarily due to lower coal sales, partially offset by record oil & gas royalty revenues. ​ ● Coal sales decreased to $912.8 million for the 2026 Period compared to $954.0 million for the 2025 Period. The decrease was attributable to lower average coal sales prices, which reduced coal sales by $56.8 million, partially offset by higher tons sold, which increased coal sales by $15.7 million. Coal sales price per ton decreased by 5.9% as a result of lower domestic price realizations at several mines resulting from the continued roll-off of higher-priced legacy contracts. Higher coal sales volumes were primarily driven by increased volumes at our River View and Tunnel Ridge operations due to improved recoveries and higher productivity, partially offset by decreased sales volumes from our Hamilton mine as a result of a planned extended longwall move during the 2026 Period. ​ ● Oil & gas royalties increased 22.5% to $87.6 million for the 2026 Period compared to $71.6 million for the 2025 Period. The increase was due to record oil & gas royalty volumes, which increased 11.3%, as a result of increased drilling and completion activities on our interests and acquisitions of additional oil & gas mineral interests, and higher average sales prices, which increased 10.1%. ​ Segment Adjusted EBITDA Expense ​ Segment Adjusted EBITDA Expense decreased 4.1% to $671.0 million for the 2026 Period compared to $699.6 million for the 2025 Period primarily due to decreased expenses at our coal operations and a $6.5 million benefit from the correction of black lung actuarial assumptions during the 2026 Period. ​ Segment Adjusted EBITDA Expense for our coal operations decreased 3.2% to $656.6 million due to lower per ton costs, partially offset by higher coal sales volumes. Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 4.7% to $39.99 per ton sold in the 2026 Period compared to $41.98 per ton in the 2025 Period, primarily due to increased production at several mines as well as the following per ton cost decreases: ​ ● Labor and benefit expenses per ton produced decreased 2.3% to $14.84 per ton in the 2026 Period from $15.19 per ton in the 2025 Quarter. The decrease of $0.35 per ton was primarily due to lower labor costs at several mines and decreased workers’ compensation accruals. ​ ● Maintenance expenses per ton produced decreased 5.1% to $4.51 per ton in the 2026 Period from $4.75 per ton in the 2025 Period. The decrease of $0.24 per ton produced was primarily a result of lower maintenance costs at several mines. ​ ● Production taxes and royalty expenses per ton incurred as a percentage of coal sales prices and volumes decreased $0.26 per produced ton sold in the 2026 Period compared to the 2025 Period primarily resulting from lower coal sales prices, partially offset by an unfavorable mix of tons sold that were mined in states with severance taxes. ​ ● We had no sales of outside coal purchases in the 2026 Period compared to $14.5 million in the 2025 Period. Thus, costs per ton in the 2026 Period decreased as the cost of our produced coal is generally lower on a per ton basis than outside coal purchases. ​ Depreciation, depletion and amortization ​ Depreciation, depletion and amortization expense increased to $163.6 million for the 2026 Period compared to $145.0 million for the 2025 Period primarily as a result of new mine infrastructure and equipment placed in service during the second half of 2025 at our Hamilton and River View operations as well as increased sales volumes in the 2026 Period. ​ 34 Table of Contents Asset impairments ​ During the 2026 Period, we recorded $37.8 million of non-cash asset impairment charges due to our decision to cease longwall production at our Mettiki mining complex, along with uncertainty regarding future longwall production resumption and our evaluation of potential operation scenarios. Please read "Item 1. Financial Statements (Unaudited) – Note 8 – Long-Lived Asset Impairments." ​ Equity method investment income (loss) ​ Equity method investment income was $13.8 million in the 2026 Period compared to a loss of $3.5 million in the 2025 Period. The change was primarily due to an increase in the value of our share of the net assets of Gavin Generation and NGP ET IV. ​ Change in fair value of digital assets ​ The fair value adjustment on our digital assets decreased by $25.3 million for the 2026 Period compared to the 2025 Period reflecting movement in the price of bitcoin. ​ Impairment loss on investments ​ During the 2025 Period, we recorded a $25.0 million impairment on our equity investment in Ascend. Please read “Item 1. Financial Statements (Unaudited) – Note 9 – Investments” for more information. ​ Net income attributable to ARLP ​ Net income attributable to ARLP for the 2026 Period decreased 33.5% to $88.7 million, or $0.68 per basic and diluted limited partner unit, compared to $133.4 million, or $1.03 per basic and diluted limited partner unit for the 2025 Period, primarily as a result of lower revenues, higher depreciation, a decrease in the fair value of our digital assets, and the non-cash asset impairment charges at Mettiki, partially offset by the $25.0 million impairment loss on investments in the 2025 Period, higher equity method investment income and lower outside coal purchases. ​ Segment Adjusted EBITDA ​ Our 2026 Period Segment Adjusted EBITDA increased 7.6% to $390.6 million from the 2025 Period Segment Adjusted EBITDA of $362.8 million. ​ 35 Table of Contents Segment Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Increase (Decrease) ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ Illinois Basin Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 12,435 ​ 12,707 ​ (272) ​ (2.1) % ​ Coal sales ​ $ 640,027 ​ $ 677,075 ​ $ (37,048) ​ (5.5) % ​ Other revenues ​ $ 6,147 ​ $ 4,475 ​ $ 1,672 ​ 37.4 % ​ Segment Adjusted EBITDA Expense ​ $ 442,763 ​ $ 441,148 ​ $ 1,615 ​ 0.4 % ​ Segment Adjusted EBITDA ​ $ 203,411 ​ $ 240,402 ​ $ (36,991) ​ (15.4) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachia Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 3,983 ​ 3,446 ​ 537 ​ 15.6 % ​ Coal sales ​ $ 272,799 ​ $ 276,905 ​ $ (4,106) ​ (1.5) % ​ Other revenues ​ $ 15,308 ​ $ 1,508 ​ $ 13,800 ​ n/m ​ ​ Segment Adjusted EBITDA Expense ​ $ 212,729 ​ $ 233,397 ​ $ (20,668) ​ (8.9) % ​ Segment Adjusted EBITDA ​ $ 75,378 ​ $ 45,016 ​ $ 30,362 ​ 67.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil & Gas Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - BOE (1) ​ ​ 1,958 ​ ​ 1,760 ​ 198 ​ 11.3 % ​ Oil & gas royalties ​ $ 87,634 ​ $ 71,557 ​ $ 16,077 ​ 22.5 % ​ Other revenues ​ $ 677 ​ $ 857 ​ $ (180) ​ (21.0) % ​ Segment Adjusted EBITDA Expense ​ $ 13,188 ​ $ 10,279 ​ $ 2,909 ​ 28.3 % ​ Segment Adjusted EBITDA ​ $ 72,619 ​ $ 59,767 ​ $ 12,852 ​ 21.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - Tons sold (2) ​ ​ 14,149 ​ ​ 10,564 ​ 3,585 ​ 33.9 % ​ Intercompany coal royalties ​ $ 41,823 ​ $ 33,407 ​ $ 8,416 ​ 25.2 % ​ Other revenues ​ $ 291 ​ $ — ​ $ 291 ​ n/m ​ ​ Segment Adjusted EBITDA Expense ​ $ 16,878 ​ $ 12,195 ​ $ 4,683 ​ 38.4 % ​ Segment Adjusted EBITDA ​ $ 25,236 ​ $ 21,212 ​ $ 4,024 ​ 19.0 % ​ n/m - Percentage change not meaningful. (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). (2) Represents tons sold by our Coal Operations segments associated with coal reserves leased from our Coal Royalties segment. ​ Illinois Basin Coal Operations – Segment Adjusted EBITDA decreased 15.4% to $203.4 million in the 2026 Period from $240.4 million in the 2025 Period. The decrease of $37.0 million was primarily attributable to lower coal sales. The decrease in coal sales reflects lower coal sales prices, which decreased by 3.4% compared to the 2025 Period as a result of the expiration of higher priced legacy contracts, and decreased coal sales volumes. Tons sold decreased by 2.1% compared to the 2025 Period due primarily to decreased sales volumes from our Hamilton mine as a result of the planned extended longwall move during the 2026 Period, partially offset by a strong sales performance and productivity at our River View complex. Segment Adjusted EBITDA Expense remained comparable to the 2025 Period as reduced sales volumes substantially offset higher per ton costs. Segment Adjusted EBITDA Expense per ton increased by 2.6% compared to the 2025 Period due primarily to the planned extended longwall move at our Hamilton mine during the 2026 Period. ​ Appalachia Coal Operations – Segment Adjusted EBITDA increased 67.4% to $75.4 million for the 2026 Period from $45.0 million in the 2025 Period. The increase of $30.4 million was primarily attributable to reduced operating expenses and higher other revenues, partially offset by lower coal sales. The decrease in coal sales primarily reflects lower coal sales prices, which decreased by 14.8% compared to the 2025 Period primarily due to an increased sales mix of lower priced Tunnel Ridge sales volumes in the 2026 Period and reduced sales price per ton at Mettiki. Partially offsetting lower coal sales prices, coal sales volumes increased 15.6% compared to the 2025 Period primarily as a result of increased production at Tunnel Ridge due to improved recoveries, higher productivity, and fewer longwall move days during the 36 Table of Contents 2026 Period. Other revenues increased by $13.8 million in the 2026 Period reflecting higher miscellaneous revenue activities. Segment Adjusted EBITDA Expense decreased 8.9% to $212.7 million in the 2026 Period from $233.4 million in the 2025 Period due primarily to lower per ton expenses, partially offset by increased sales volumes. Segment Adjusted EBITDA Expense per ton for the 2026 Period decreased by 21.1% compared to the 2025 Period as a result of increased production at our Tunnel Ridge operation. ​ Oil & Gas Royalties – Segment Adjusted EBITDA increased to a record $72.6 million in the 2026 Period compared to $59.8 million in the 2025 Period due to record oil & gas royalty volumes, which increased 11.3% as a result of increased drilling and completion activities on our interests and acquisitions of additional oil & gas mineral interests, and higher average sales prices, which increased 10.1% compared to the 2025 Period. ​ Coal Royalties – Segment Adjusted EBITDA increased to $25.2 million in the 2026 Period compared to $21.2 million in the 2025 Period due to higher royalty tons sold, primarily from Tunnel Ridge and River View, partially offset by lower average royalty rates per ton received from the Partnership’s mining subsidiaries. ​ Reconciliation of Non-GAAP Financial Measures ​ Segment Adjusted EBITDA ​ We define Segment Adjusted EBITDA (a non-GAAP financial measure) 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 a key component of consolidated Adjusted EBITDA, which is used as a supplemental financial measure by management and by external users of our financial statements such as investors, commercial banks, research analysts and others. We believe that the presentation of consolidated Adjusted EBITDA provides useful information to investors regarding our performance and results of operations because Adjusted EBITDA, when used in conjunction with related GAAP financial measures, (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 and (iii) presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations. ​ Segment Adjusted EBITDA is also used as a supplemental measure by our management for reasons similar to those stated in the previous explanation of Adjusted EBITDA. In addition, the exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA allows 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 net income, the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Net income ​ $ 81,548 ​ $ 61,025 ​ $ 92,295 ​ $ 136,585 ​ Noncontrolling interest ​ ​ (1,986) ​ ​ (1,615) ​ ​ (3,639) ​ ​ (3,192) ​ Net income attributable to ARLP ​ $ 79,562 ​ $ 59,410 ​ $ 88,656 ​ $ 133,393 ​ General and administrative ​ 25,836 ​ 20,380 ​ 49,877 ​ 40,960 ​ Depreciation, depletion and amortization ​ 81,277 ​ 76,340 ​ 163,631 ​ 144,969 ​ Asset impairments ​ — ​ — ​ 37,820 ​ — ​ Interest expense, net ​ 12,247 ​ 8,682 ​ 23,673 ​ 16,249 ​ Change in fair value of digital assets ​ ​ 6,345 ​ ​ (12,856) ​ ​ 17,974 ​ ​ (7,282) ​ Impairment loss on investments ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ Income tax expense ​ 6,241 ​ 5,348 ​ 8,926 ​ 9,530 ​ Consolidated Segment Adjusted EBITDA ​ $ 211,508 ​ $ 182,304 ​ $ 390,557 ​ $ 362,819 ​ ​ 37 Table of Contents Segment Adjusted EBITDA Expense ​ We define Segment Adjusted EBITDA Expense (a non-GAAP financial measure) as the sum of operating expenses, coal purchases and other income or expenses as adjusted to remove certain items from operating expenses that we characterize as unrepresentative of our ongoing operations. Transportation expenses are excluded as these expenses are passed through to our customers and, consequently, we do not realize any gain or loss on transportation revenues. Segment Adjusted EBITDA Expense is used as a supplemental 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. We also review Segment Adjusted EBITDA Expense on a per ton basis for cost trends at our coal operations by dividing Segment Adjusted EBITDA expense by coal sales volumes. ​ The following is a reconciliation of operating expenses, the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA Expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Operating expenses (excluding depreciation, depletion and amortization) ​ $ 341,352 ​ $ 346,288 ​ $ 682,650 ​ $ 685,724 ​ Outside coal purchases ​ — ​ 7,179 ​ — ​ 14,524 ​ Other income ​ ​ (1,307) ​ ​ (17) ​ ​ (11,647) ​ ​ (628) ​ Consolidated Segment Adjusted EBITDA Expense ​ $ 340,045 ​ $ 353,450 ​ $ 671,003 ​ $ 699,620 ​ ​ ​ ​ ​ 38 Table of Contents Liquidity and Capital Resources ​ Liquidity ​ We have historically satisfied our working capital requirements and funded our capital expenditures, investments, contractual obligations and debt service obligations with cash generated from operations, cash provided by the issuance of debt or equity, borrowings under credit and securitization facilities and other financing transactions. We believe that existing cash balances, future cash flows from operations and investments, borrowings under credit facilities and cash provided from the issuance of debt or equity will be sufficient to meet our working capital requirements, capital expenditures and additional investments, debt payments, contractual obligations, commitments and distribution payments. Nevertheless, our ability to satisfy our working capital requirements and additional investments, to satisfy our contractual obligations, to fund planned capital expenditures, to service our debt obligations or to pay distributions will depend upon our future operating performance and access to and cost of financing sources, which will be affected by prevailing economic conditions generally, and in both the coal and oil & gas industries specifically, as well as other financial and business factors, some of which are beyond our control. Based on our recent operating cash flow results, current cash position, anticipated future cash flows and sources of financing that we expect to have available, we anticipate being in compliance with the covenants of our credit agreements and expect to have sufficient liquidity to fund our operations and growth strategies. However, to the extent operating cash flow or access to and cost of financing sources are materially different than expected, future covenant compliance or liquidity may be adversely affected. Please read “Item 1A. Risk Factors” herein and in our Annual Report on Form 10-K for the year ended December 31, 2025. ​ Unit Repurchase Program ​ We have $80.6 million remaining authorized under our unit repurchase program as of June 30, 2026. No units were repurchased during the six months ended June 30, 2026. The program has no time limit and we may repurchase units from time to time in the open market or in other privately negotiated transactions. The unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of units. The timing of any future unit repurchases and the ultimate number of units to be purchased will depend on several factors, including business and market conditions, our future financial performance, and other capital priorities. Please read “Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” of this Quarterly Report on Form 10-Q for more information on the unit repurchase program. ​ Accounts Receivable Securitization ​ In January 2026, we extended the term of the accounts receivable securitization facility (the “Securitization Facility”) to January 2027. The borrowing availability under the facility is a maximum of $75.0 million. For additional information on the Securitization Facility, please see “Item 1. Financial Statements (Unaudited) – Note 10 – Long-Term Debt.” ​ Alliance Minerals Term Loan ​ On July 1, 2026, Alliance Minerals, as borrower, entered into a term loan for an aggregate principal amount of $150.0 million (the “Alliance Minerals Term Loan”). The Alliance Minerals Term Loan matures on January 1, 2028. For additional information on the Alliance Minerals Term Loan, please see “Item 1. Financial Statements (Unaudited) – Note 10 – Long-Term Debt.” ​ AllDale III & IV Acquisition ​ On July 1, 2026, we completed the AllDale III & IV Acquisition for approximately $206.2 million, which was funded using a combination of cash on hand, borrowings under our revolving credit facility and proceeds from the Alliance Minerals Term Loan. ​ Cash Flows ​ Cash provided by operating activities was $258.5 million for the 2026 Period compared to $297.4 million for the 2025 Period. The decrease in cash provided by operating activities was primarily due to the decrease in net income adjusted for non-cash items and unfavorable working capital changes primarily related to trade and other receivables. These 39 Table of Contents decreases were partially offset by favorable working capital changes primarily related to inventories and other miscellaneous changes compared to the 2025 Period. ​ Net cash used in investing activities was $181.2 million for the 2026 Period compared to $168.3 million for the 2025 Period. The increase in cash used in investing activities was primarily due to increased oil & gas reserve acquisitions in the 2026 Period as compared to the 2025 Period. This increase was partially offset by decrease in accounts payable and accrued liabilities and reduced capital expenditure during the 2026 Period. ​ Net cash used in financing activities was $37.4 million for the 2026 Period compared to $211.2 million for the 2025 Period. The decrease in cash used in financing activities was primarily attributable to increased borrowings under both the revolving credit facility and Securitization Facility and reduced distributions paid to partners in the 2026 Period as compared to the 2025 Period. These decreases were partially offset by increased payments on the revolving credit facility and Securitization Facility in the 2026 Period compared to the 2025 Period. ​ Cash Requirements ​ Management anticipates having sufficient cash flow to meet 2026 cash requirements, including capital expenditures, acquisitions of oil & gas mineral interests, scheduled payments on long-term debt, lease obligations, asset retirement obligation costs and workers’ compensation and pneumoconiosis costs, with our June 30, 2026 cash and cash equivalents of $111.2 million, cash flows from operations, or borrowings under our revolving credit facility and Securitization Facility, if necessary. We project average estimated annual maintenance capital expenditures over the next five years of approximately $7.23 per ton produced. Our anticipated total capital expenditures, including maintenance capital expenditures, for 2026 are estimated in the range of $280.0 million to $300.0 million. We will continue to have significant cash requirements over the long term, which may require us to incur debt or seek additional equity capital. The availability and cost of additional capital will depend upon prevailing market conditions, the market price of our common units and several other factors over which we have limited control, as well as our financial condition and results of operations. ​ Debt Obligations ​ See “Item 1. Financial Statements (Unaudited) – Note 10 – Long-Term Debt” of this Quarterly Report on Form 10-Q for a discussion of our long-term debt obligations. ​ We also have an agreement with a bank to provide additional letters of credit in the amount of $5.0 million to maintain surety bonds to secure certain asset retirement obligations and our obligations for workers’ compensation benefits. On June 30, 2026, we had $5.0 million in letters of credit outstanding under this agreement. ​ Related-Party Transactions ​ We have related-party transactions and activities with Mr. Craft, MGP and their respective affiliates as well as other related parties. These related-party transactions and activities relate principally to (1) an installment purchase obligation with The Joseph W. Craft III Foundation resulting from our January 2026 acquisition of ownership interests in certain coal reserves and associated surface rights that we had previously been leasing from The Joseph W. Craft III Foundation and The Kathleen S. Craft Foundation, (2) the use of aircraft, (3) master supply and services agreements for the purchase and servicing of electronic components and other parts used in mining equipment, and (4) contribution and exchange agreements entered with related parties of Mr. Craft in connection with the AllDale III & IV Acquisition on July 1, 2026. We also have related-party transactions with (a) WKY CoalPlay LLC, a company owned by entities related to Mr. Craft, regarding three mineral leases, and (b) entities in which we hold equity investments. For more information, please read “Item 1. Financial Statements (Unaudited) – Note 9 – Investments, Note 10 – Long-Term Debt and Note 17 – Related-Party Transactions” of this Quarterly Report on Form 10-Q. Please read our Annual Report on Form 10-K for the year ended December 31, 2025, “Item 8. Financial Statements and Supplementary Data—Note 21 – Related-Party Transactions” for additional information concerning related-party transactions. ​ New Accounting Standards ​ See “Item 1. Financial Statements (Unaudited) – Note 2. New Accounting Standards” of this Quarterly Report on Form 10-Q for a discussion of new accounting standards. 40 Table of Contents