Basic earnings per share is calculated by dividing income available to holders of Class A common stock by the weighted average number of shares of Class A common stock outstanding during the period. Diluted net (loss) earnings per share gives effect, when applicable, to unvested RSUs and PSUs granted under the Plan and the exchange of INR Units (and the cancellation of an equal number of shares of Class B common stock) held by the Legacy Owners into shares of Class A common stock. The Series A Preferred Stock is not included in diluted earnings per share because conversion is not considered probable, and the effect would be anti‑dilutive for the periods presented.


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
(in thousands, except per share amounts)
Net income (loss) attributable to Infinity Natural Resources, Inc.	$	31,752	$	17,988	$	29,887	$	(16,581)
Less
Series A Preferred Stock cumulative undeclared dividends	(6,511)		—		(9,612)		—

Net income attributable to Infinity Natural Resources, Inc. - basic and diluted	$	25,241	$	17,988	$	20,275	$	(16,581)

Weighted average number of shares of Class A common stock outstanding:
Basic	18,711,659		15,237,500		18,190,162		15,237,500
Effect of dilutive securities:

RSUs	683,511		—		571,936		—
Series A Preferred Stock	16,812,155		—		11,796,374
Diluted	36,207,325		15,237,500		30,558,472		15,237,500

Net income (loss) available to holders of Class A common stock per share
Basic	$	1.35	$	1.18	$	1.11	$	(1.09)
Diluted	$	0.88	$	1.18	$	0.98	$	(1.09)

The calculation of diluted net income per share includes (i) unvested RSUs calculated using the treasury stock method and (ii) the assumed conversion of the Series A Preferred Stock using the “if-converted” method. The calculation excludes (i) the assumed conversion of the Company’s INR Units and (ii) unvested PSUs, because their inclusion in the calculation would be anti-dilutive.