On this call, we'll review the results, discuss our outlook, and then host a question-and-answer session. Yesterday afternoon, we posted results for the first nine months of 2025, in which we generated adjusted EBITDA of $2.1 billion. We commissioned two new, highly efficient, lower emissions plants that have return profiles exceeding 20% IRR. Slides 10 and 11 show our consistently strong free cash flow generation and our relentless share repurchase program.
Slide 12 shows our remarkable free cash flow conversion efficiency from EBITDA and yet amazingly how we trade at a shockingly low valuation. We are also very different from capital equipment companies or those selling more discretionarily applied products like phosphate and potash, who are really and truly subject to grower profitability. Even in periods of relatively weak grower profitability, nitrogen demand is unaffected, almost completely inelastic. As Bert will talk about in a few minutes, we see the same strong demand dynamic shaping up for next year.
We do not suffer from global overcapacity, nor from sluggish or declining demand. Our free cash flow generation is consistently high, and yet, as shown on page 12, we have traded at an anemic average cash flow multiple of barely 7.5x free cash flow. Realistically, that should be the low end of an EBITDA multiple, not a cash flow multiple. The materials sector trades at 30x cash flow, while our consistently high cash flow generation on average has traded at a sickly 7.6x.