1Investor Presentation August 2025 Compounding Long-Term Value in Natural Resources August 2025

2Investor Presentation August 2025 Forward Looking Information Disclosures This presentation includes forward-looking statements subject to important risks and uncertainties. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). The forward-looking statements included are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any and all statements regarding the Company’s expected future financial position, results of operations, cash flows, business strategy, projected costs, capital expenditures, services, competitive positions, growth opportunities, plans, goals and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. Forward-looking Information noted in the following slides was effective as of August 25, 2025. Such statements are inherently uncertain, and readers must recognize that actual results may differ materially from the expectations of NACCO Industries’ management. The Company does not undertake a duty to update such forward-looking statements. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) a significant reduction in demand by the Company's customers, (2) weather conditions, extended power plant outages, liquidity events or other events that would change the level of customers' coal or aggregates requirements, (3) changes to or termination of customer or other third-party contracts, or a customer or other third party default under a contract, (4) changes in the prices of hydrocarbons, particularly diesel fuel, natural gas, natural gas liquids and oil as a result of factors such as OPEC and/or government actions, geopolitical developments, economic conditions and regulatory changes, vehicle electrification, as well as supply and demand dynamics, (5) changes in development plans by third-party lessees of the Company's mineral interests, (6) failure or delays by the Company's lessees in achieving expected production of natural gas and other hydrocarbons; the availability and cost of transportation and processing services in the areas where the Company's oil and gas reserves are located; and the ability of lessees to obtain capital or financing needed for well-development operations and leasing and development of oil and gas reserves on federal lands, (7) any customer's premature facility closure or extended project development delay, (8) federal and state legislative and regulatory actions affecting fossil fuels, (9) supply chain disruptions, including price increases and shortages of parts and materials, inclusive of tariff effects, (10) failure to obtain adequate insurance coverages at reasonable rates, (11) changes in tax laws or regulatory requirements, including the elimination of, or reduction in, the percentage depletion tax deduction, changes in mining or power plant emission regulations and health, safety or environmental legislation, (12) impairment charges, (13) changes in costs related to geological and geotechnical conditions, repairs and maintenance, new equipment and replacement parts, fuel or other similar items, (14) equipment problems that could affect deliveries to customers, (15) changes in the costs to reclaim mining areas, (16) costs to pursue and develop new mining, mitigation, oil and gas and power generation development opportunities and other value-added service opportunities, (17) the ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives, (18) disruptions from natural or human causes, including severe weather, accidents, fires, earthquakes and terrorist acts, any of which could result in suspension of operations or harm to people or the environment, and (19) the ability to attract, retain, and replace workforce and administrative employees.

3Investor Presentation August 2025 NACCO is Strategically Positioned to Deliver Growth Over Long-Term Investment Horizons Expected Recurring EBITDA of $50M/Year From Current Businesses 1 We are a Diversified Natural Resource Platform with Multiple Value Creation Vectors 2 We are in Beginning Stages of Harvesting Returns from our Recent Investment Cycle 3 We Pursue Higher-Return Investment Opportunities Others Cannot 4 We are Compounding Value Through Disciplined Capital Deployment EBITDA is a non-GAAP measure. See explanations and reconciliations to GAAP measures beginning on page 23.

4Investor Presentation August 2025 Our Operational Experience Has Created Distinctive Capabilities The NACCO Legacy: 110+ Years of Value Creation 1961 Listed on the NYSE 1995 North American Mining (Contract Mining) began operations ✓ Multi-decade customer relationships (40+ years) ✓ Proven ability to adapt through market cycles ✓ Evolution from single- industry focus to diversified platform ✓ Conservative financial management in all environments 1913 Founder, Frank Taplin, formed what has become NACCO’s legacy coal mining operations 2015 Natural Resource diversification plan launched 2019 Catapult Mineral Partners formed 2018 Mitigation Resources formed 2025 Investment Cycle “Inflection Point”

5Investor Presentation August 2025 Capturing Dependable Returns Through Disciplined Investment Criteria Additional Returns from Fee-Based Services, with No Investment Required ✓ Long-Term Relationships/Investments ✓ Predictable Income and Cash Flow ✓ Minimal Maintenance CapEx Requirements

6Investor Presentation August 2025 Our Diversified Natural Resource Platforms Drive Investment Opportunities and Growth Utility Coal Mining Stable Cash Generation Contract Mining Geographic & Mineral Expansion Minerals & Royalties Scalable Acquisition Platform Ecological Solutions Emerging Growth Opportunity Fee-based model eliminates commodity price exposure Low capital requirements, predictable cash flows Diversified portfolio with dependable cash flows $20M annual investment target with future development upside 14 active mitigation projects Regulated market with significant barriers to entry Market value of underlying land exceeds book value Long-term relationships with several of the top 10 U.S. aggregates producers Skill set applied to large addressable market fuels growth

7Investor Presentation August 2025 Building on Historical Strength to Deliver Growth and Higher Returns More Long-term Projects and Customers Expanding Core Competencies Recurring Cash Flow Growth More Opportunities Targeting $150 Million of EBITDA Compounding Effect Investment Criteria • Long-term Contracts • Long-term Relationships • Long-term Investments • Minimal Maintenance CapEx • Fee-based Services EBITDA is a non-GAAP measure. See explanations and reconciliations to GAAP measures beginning on page 23.

8Investor Presentation August 2025 2030 2029 2028 2027 2026 • Expected recurring EBITDA of $50M from current businesses • Foundation from our Legacy Utility Coal Mining Segment and Legacy Mineral Assets Compounding Effect Methodical Reinvestment Creating Exponential Value Every year, we add new long-term projects and capture value, which enhance already strong recurring cash flows • Shorter-term value creation projects supplement contracts with terms ranging from 3 to 20+ years • Some require capital • Some are service-based, with no capital required Time E B IT D A G ro w s w it h I n fl a ti o n Added nearly $150M of NPV from 2019 through 2024+ EBITDA is a non-GAAP measure. See explanations and reconciliations to GAAP measures beginning on page 23.

9Investor Presentation August 2025 $57M $150M TTM 6/30/25 2030+ Power of Compounding: $150M EBITDA Target $150M 5 to 7 Years EBITDA Target Time Horizon Projects/investments entered into during 2024 expected to add over $11M of annual EBITDA beginning in 2026 EBITDA EBITDA is a non-GAAP measure. See explanations and reconciliations to GAAP measures beginning on page 23.

10Investor Presentation August 2025 Strategic Growth Platforms Reaching Maturity “The Inflection Point” Minerals & Royalties: Platform Gaining Momentum Ecological Solutions: Expected to Achieve Profitability Milestone in 2026 Contract Mining: Geographic and Mineral Expansion Accelerating Enhanced Capital Deployment Capacity Multiple Growth Catalysts Converging

11Investor Presentation August 2025 NACCO is Strategically Positioned to Deliver Growth over Long-Term Investment Horizons Strong, steady, dependable, and genuinely uncorrelated to the tech-heavy market — a true, U.S.-centric portfolio anchor for the long-term We are not speculative. We are not cyclical. We are not trend-dependent. NACCO is a unique domestic natural resource investment opportunity A Different Kind Of Stock: While others focus on 1- to 3- year time horizons, we are building a diversified compounder you can own for the long-term 1 2 3

12Investor Presentation August 2025 Thank You www.nacco.com