Earnings release
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News Release TSX, NYSE: NTR November 5, 2025 – all amounts are in US dollars, except as otherwise noted Nutrien Reports Third Quarter 2025 Results • Nine-month results supported by strong operational performance and continue to show progress towards our 2026 targets. Initiating a review of strategic alternatives for our Phosphate business to enhance long-term value. SASKATOON, Saskatchewan - Nutrien Ltd. (TSX and NYSE: NTR) announced today its third quarter 2025 results, with net earnings of $0.5 billion ($0.96 diluted net earnings per share). Third quarter 2025 adjusted EBITDA 1 was $1.4 billion and adjusted net earnings per share 1 was $0.97. “Nutrien delivered structural earnings growth in the first nine months of 2025 through record upstream fertilizer sales volumes, improved reliability and higher Retail earnings, while lowering capital expenditures and increasing cash returned to shareholders. We continue to progress our strategic initiatives and take actions to simplify our portfolio, enhancing earnings quality, improving cash conversion and supporting growth in free cash flow per share over the long term,” commented Ken Seitz, Nutrien’s President and CEO. “The outlook for our business is supported by expectations for healthy crop input demand and growth in global potash shipments in 2026. Our focus remains on utilizing our world-class asset base to efficiently supply our customers with the products and services they need,” added Mr. Seitz. Highlights2: Generated net earnings of $1.7 billion and adjusted EBITDA of $4.8 billion in the first nine months of 2025. Adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Retail adjusted EBITDA increased to $1.4 billion in the first nine months of 2025 due to lower operating expenses from our cost savings initiatives and higher proprietary products gross margin. Potash adjusted EBITDA increased to $1.8 billion in the first nine months of 2025 due to higher net selling prices and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets. Nitrogen adjusted EBITDA increased to $1.6 billion in the first nine months of 2025 due to higher net selling prices and sales volumes. Our operations delivered a record ammonia operating rate 3 of 94 percent in the first nine months of 2025, achieved through improved reliability at our sites. Returned $1.2 billion to shareholders in the first nine months of 2025 through dividends and share repurchases. We repurchased 8.3 million shares in 2025 for a total of $465 million, as of November 4, 2025. 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted. 2 Our discussion of highlights set out on this page is a comparison of the results for the nine months ended September 30, 2025 to the results for the nine months ended September 30, 2024, unless otherwise noted. 3 Excludes Trinidad and Joffre. 1
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Strategic Actions: We are taking actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow. We are initiating a review of strategic alternatives for our Phosphate business, which could include reconfiguring operations, strategic partnerships or a potential sale. We intend to solidify the optimal path for our Phosphate business in 2026. On October 23, 2025, we completed a controlled shut down of our Trinidad Nitrogen facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply that has reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period of time. We continue to engage with stakeholders and assess options to enhance the long-term financial performance of our Trinidad operations. On September 8, 2025, we announced an agreement to sell our 50 percent equity interest in Profertil S.A. for approximately $0.6 billion, increasing expected gross proceeds from asset divestitures to approximately $0.9 billion over the last twelve months. We intend to allocate the sale proceeds to initiatives consistent with our capital allocation priorities, including targeted growth investments, share repurchases and debt reduction. 2
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Management’s Discussion and Analysis The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of November 5, 2025. The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 20, 2025 (“2024 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 20, 2025, each for the year ended December 31, 2024, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2024 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”). This MD&A is based on, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2025 (“interim financial statements”) based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the “Non-GAAP Financial Measures” and the “Forward-Looking Statements” sections, respectively. Market Outlook and Guidance Agriculture and Retail Markets Record crop production prospects in the US and trade uncertainties pressured crop prices; however, recently reported trade agreements between the US and China and proposed government payments are expected to provide support to farmers. The need to replenish crop nutrients removed from a record crop is expected to drive healthy crop nutrient demand ahead of the next planting season. Brazilian soybean acreage is expected to increase by two to four percent in 2025 supported by a faster than average planting pace and strong international demand. Safrinha corn acreage is expected to increase by a similar amount, further supporting crop input demand. Crop production prospects in most regions of Australia have improved following timely rainfall and recent strength in livestock markets is expected to further support farmer returns. Crop Nutrient Markets We maintained our 2025 global potash shipment forecast of 73 to 75 million tonnes, reflecting the upward revision made last quarter. We expect continued global potash demand growth and forecast global potash shipments between 74 and 77 million tonnes in 2026 supported by favorable affordability and low projected channel inventories in major markets. We anticipate limited new global capacity additions in 2026 with announced project delays. We expect 2 percent growth in global nitrogen demand in 2025 and supply related challenges to maintain a tight supply and demand balance going into 2026. Global ammonia markets are expected to remain tight due to plant outages and project delays. We anticipate the pace of Chinese urea exports will slow in the fourth quarter of 2025 and the emergence of seasonal demand to support market fundamentals. Phosphate markets continue to be tight due to limited supply, including from Chinese export restrictions. Global shipments in 2025 have been constrained by supply availability and weaker affordability for phosphate fertilizer has impacted demand. 3
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Financial and Operational Guidance Retail adjusted EBITDA guidance of $1.68 to $1.82 billion assumes higher crop nutrient and crop protection sales in the second half of 2025 compared to 2024 and continued recovery in Brazil, consistent with our previous expectations. Potash sales volume guidance was increased to 14.0 to 14.5 million tonnes due to the continued strength of global demand. The range is consistent with our historical share of global shipments. Nitrogen sales volume guidance of 10.7 to 11.0 million tonnes assumes no additional sales volumes from our Trinidad operations for the remainder of 2025, partially offset by the continued strong performance of our North American nitrogen operations. Phosphate sales volume guidance of 2.35 to 2.55 million tonnes assumes improved operating rates and sales volumes in the fourth quarter of 2025 compared to the prior year. Total capital expenditures of $2.0 to $2.1 billion includes approximately $400 to $500 million in investing capital expenditures focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions in Nitrogen and mine automation projects in Potash. All guidance numbers, including those noted above, are outlined in the table below. Refer to page 58 of our 2024 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share. 2025 Guidance Ranges 1 as of November 5, 2025 August 6, 2025 ($ billions, except as otherwise noted) Low High Low High Retail adjusted EBITDA 1.68 1.82 1.65 1.85 Potash sales volumes (million tonnes) 2 14.0 14.5 13.9 14.5 Nitrogen sales volumes (million tonnes) 2 10.7 11.0 10.7 11.2 Phosphate sales volumes (million tonnes) 2 2.35 2.55 2.35 2.55 Depreciation and amortization 2.35 2.40 2.35 2.45 Finance costs 0.65 0.70 0.65 0.75 Effective tax rate on adjusted net earnings (%) 3 24.5 25.5 24.0 26.0 Capital expenditures 4 2.0 2.1 2.0 2.1 1 See the “Forward-Looking Statements” section. 2 Manufactured product only. 3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. 4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, whi ch are supplementary financial measures. See the “Other Financial Measures” section. 4
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Consolidated Results Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Sales 6,007 5,348 12 21,545 20,893 3 Gross margin 1,964 1,500 31 6,459 5,949 9 Expenses 1,157 1,304 (11) 3,644 4,490 (19) Net earnings 469 25 n/m 1,717 582 195 Adjusted EBITDA 1 1,431 1,010 42 4,769 4,300 11 Diluted net earnings per share (dollars) 2 0.96 0.04 n/m 3.48 1.13 208 Adjusted net earnings per share (dollars) 1, 2 0.97 0.39 149 3.72 3.18 17 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. 2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted. Net earnings and adjusted EBITDA increased in the third quarter and first nine months of 2025 compared to the same periods in 2024 primarily due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings in the third quarter of 2024 were impacted by higher expense for asset retirement obligations at non-operating sites. Segment Results Our discussion of segment results set out on the following pages is a comparison of the results for the three and nine months ended September 30, 2025 to the results for the three and nine months ended September 30, 2024, unless otherwise noted. Nutrien Ag Solutions (“Retail”) Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Sales 3,427 3,271 5 14,476 14,653 (1) Cost of goods sold 2,505 2,412 4 10,850 11,018 (2) Gross margin 922 859 7 3,626 3,635 - Adjusted EBITDA 1 230 151 52 1,425 1,356 5 1 See Note 2 to the interim financial statements. Retail adjusted EBITDA increased in the third quarter and first nine months of 2025 due to lower operating expenses from our cost savings initiatives and higher proprietary products gross margin. Three Months Ended September 30 Nine Months Ended September 30 Sales Gross Margin Sales Gross Margin ($ millions) 2025 2024 2025 2024 2025 2024 2025 2024 Crop nutrients 1,188 1,093 220 210 5,773 5,683 1,136 1,150 Crop protection products 1,536 1,518 399 360 5,174 5,365 1,266 1,271 Seed 156 132 24 24 1,966 2,051 360 379 Services and other 258 242 178 164 690 690 531 528 Merchandise 222 222 34 37 649 667 109 110 Nutrien Financial 89 85 89 85 294 284 294 284 Nutrien Financial elimination 1 (22) (21) (22) (21) (70) (87) (70) (87) Total 3,427 3,271 922 859 14,476 14,653 3,626 3,635 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. 5
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Crop nutrients sales and gross margin increased in the third quarter of 2025 due to higher sales volumes and selling prices, which was supported by a stronger application season in North America. For the first nine months of 2025, sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America. International crop nutrient sales volumes were lower in the third quarter and first nine months of 2025 mainly due to strategic actions in South America. Crop protection products sales and gross margin were higher in the third quarter of 2025 due to a stronger plant health season in North America, paired with higher proprietary products gross margin. Sales and gross margin were lower in the first nine months of 2025 due to dry conditions in Australia in the first half of 2025 and product mix shifts in North America. Seed sales increased in the third quarter of 2025 due to delayed field activity in the US that shifted sales from the second quarter of 2025. Sales and gross margin were lower in the first nine months of 2025 due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin. Supplemental Data Three Months Ended September 30 Nine Months Ended September 30 Gross Margin % of Product Line 1 Gross Margin % of Product Line 1 ($ millions, except as otherwise noted) 2025 2024 2025 2024 2025 2024 2025 2024 Proprietary products Crop nutrients 88 71 40 38 385 361 34 31 Crop protection products 161 119 41 32 460 429 36 34 Seed 15 4 57 22 130 148 36 39 Merchandise 4 4 12 11 10 11 9 10 Total 268 198 29 24 985 949 27 26 1 Represents percentage of proprietary product margins over total product line gross margin. Three Months Ended September 30 Nine Months Ended September 30 Sales Volumes (tonnes - thousands) Gross Margin / Tonne (dollars) Sales Volumes (tonnes - thousands) Gross Margin / Tonne (dollars) 2025 2024 2025 2024 2025 2024 2025 2024 Crop nutrients North America 1,019 931 158 165 6,902 6,693 145 147 International 834 956 71 59 2,732 2,999 51 56 Total 1,853 1,887 119 111 9,634 9,692 118 119 (percentages) September 30, 2025 December 31, 2024 Financial performance measures 1, 2 Cash operating coverage ratio 62 63 Adjusted average working capital to sales 21 20 Adjusted average working capital to sales excluding Nutrien Financial 1 - Nutrien Financial adjusted net interest margin 5.4 5.3 1 Rolling four quarters. 2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section. 6
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Potash Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Net sales 1,122 884 27 2,857 2,453 16 Cost of goods sold 437 422 4 1,257 1,139 10 Gross margin 685 462 48 1,600 1,314 22 Adjusted EBITDA 1 733 555 32 1,809 1,557 16 1 See Note 2 to the interim financial statements. Potash adjusted EBITDA increased in the third quarter and first nine months of 2025 due to higher net selling prices, partially offset by higher provincial mining taxes. Total sales volumes in the first nine months of 2025 were the highest on record. Manufactured Product Three Months Ended September 30 Nine Months Ended September 30 ($ per tonne, except as otherwise noted) 2025 2024 2025 2024 Sales volumes (tonnes - thousands) North America 1,562 1,733 3,912 3,954 Offshore 2,497 2,419 7,538 7,174 Total sales volumes 4,059 4,152 11,450 11,128 Net selling price North America 319 264 283 287 Offshore 250 177 232 183 Average net selling price 277 213 250 220 Cost of goods sold 108 102 111 102 Gross margin 169 111 139 118 Depreciation and amortization 46 43 47 43 Gross margin excluding depreciation and amortization 1 215 154 186 161 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. Sales volumes were lower in the third quarter of 2025 compared to the record period in 2024, despite strong engagement in our North American summer fill program. Offshore sales volumes in the third quarter and first nine months of 2025 were higher, supported by strong potash affordability and underlying consumption growth in key offshore markets. Net selling price per tonne increased in the third quarter of 2025 due to higher global benchmark prices compared to the same period in 2024. For the first nine months of 2025, net selling price per tonne increased driven by stronger offshore benchmark prices, notably in Brazil and Southeast Asia, partially offset by lower North American benchmark prices in the first quarter of 2025. Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 primarily due to higher depreciation. Controllable cash cost of product manufactured per tonne increased in the first nine months of 2025 driven by lower production and higher turnaround costs. Supplemental Data Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Production volumes (tonnes – thousands) 3,607 3,696 10,427 10,836 Potash controllable cash cost of product manufactured per tonne 1 56 52 57 52 Canpotex sales by market (percentage of sales volumes) 2 Latin America 47 46 40 41 Other Asian markets 3 26 27 30 29 China 8 9 11 12 India 64 45 Other markets 13 14 15 13 Total 100 100 100 100 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. 2 See Note 9 to the interim financial statements. 3 All Asian markets except China and India. 7
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Nitrogen Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Net sales 1,063 793 34 3,277 2,732 20 Cost of goods sold 666 581 15 2,073 1,835 13 Gross margin 397 212 87 1,204 897 34 Adjusted EBITDA 1 556 355 57 1,631 1,413 15 1 See Note 2 to the interim financial statements. Nitrogen adjusted EBITDA increased in the third quarter and first nine months of 2025 due to higher net selling prices and higher sales volumes, which more than offset higher natural gas costs and lower equity earnings from Profertil S.A. (“Profertil”). Adjusted EBITDA for the first nine months of 2024 benefited from insurance recoveries. Our operations delivered a record ammonia operating rate of 94 percent in the first nine months of 2025, achieved through improved reliability at our sites. Manufactured Product Three Months Ended September 30 Nine Months Ended September 30 ($ per tonne, except as otherwise noted) 2025 2024 2025 2024 Sales volumes (tonnes - thousands) Ammonia 644 567 1,874 1,782 Urea and ESN ® 687 661 2,443 2,300 Solutions, nitrates and sulfates 1,496 1,227 3,996 3,698 Total sales volumes 2,827 2,455 8,313 7,780 Net selling price Ammonia 400 375 408 395 Urea and ESN ® 507 400 485 427 Solutions, nitrates and sulfates 272 207 266 224 Average net selling price 357 298 362 323 Cost of goods sold 218 215 220 210 Gross margin 139 83 142 113 Depreciation and amortization 56 54 56 54 Gross margin excluding depreciation and amortization 1 195 137 198 167 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. Sales volumes increased in the third quarter and first nine months of 2025 due to strong demand and increased production of ammonia and upgraded nitrogen products. Net selling price per tonne was higher in the third quarter and first nine months of 2025 for all major nitrogen products due to stronger benchmark prices. Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 due to higher natural gas costs, driven by a higher Henry Hub benchmark. Supplemental Data Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Sales volumes (tonnes – thousands) Fertilizer 1,646 1,319 4,880 4,458 Industrial and feed 1,181 1,136 3,433 3,322 Production volumes (tonnes – thousands) Ammonia production – total 1 1,436 1,322 4,514 4,157 Ammonia production – adjusted 1, 2 967 895 3,131 2,912 Ammonia operating rate (%) 2 86 79 94 87 Natural gas costs (dollars per MMBtu) Overall natural gas cost excluding realized derivative impact 3.54 3.13 3.59 2.98 Realized derivative impact 3 - 0.15 - 0.09 Overall natural gas cost 3.54 3.28 3.59 3.07 1 All figures are provided on a gross production basis in thousands of product tonnes. 2 Excludes Trinidad and Joffre. 3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses. Refer to Note 3 to the interim financial stat ements. 8
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Phosphate Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Net sales 495 412 20 1,251 1,243 1 Cost of goods sold 436 383 14 1,160 1,116 4 Gross margin 59 29 103 91 127 (28) Adjusted EBITDA 1 122 89 37 275 298 (8) 1 See Note 2 to the interim financial statements. Phosphate adjusted EBITDA increased in the third quarter of 2025 due to higher net selling prices and sales volumes, partially offset by higher sulfur input costs. Adjusted EBITDA decreased in the first nine months of 2025 due to higher sulfur input costs and lower sales volumes, which more than offset higher net selling prices. Manufactured Product Three Months Ended September 30 Nine Months Ended September 30 ($ per tonne, except as otherwise noted) 2025 2024 2025 2024 Sales volumes (tonnes - thousands) Fertilizer 472 454 1,178 1,316 Industrial and feed 194 168 531 510 Total sales volumes 666 622 1,709 1,826 Net selling price Fertilizer 701 605 677 611 Industrial and feed 824 797 821 826 Average net selling price 737 657 722 671 Cost of goods sold 643 601 661 594 Gross margin 94 56 61 77 Depreciation and amortization 108 121 124 117 Gross margin excluding depreciation and amortization 1 202 177 185 194 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. Sales volumes were higher in the third quarter of 2025 mainly due to higher production volumes compared to 2024, which was impacted by weather-related events, and strong demand for purified phosphoric acid. Sales volumes were lower in the first nine months of 2025 due to lower production volumes in the first quarter. Net selling price per tonne increased in the third quarter and first nine months of 2025 due to the strength of fertilizer benchmark prices. Industrial net selling prices were lower in the first nine months of 2025, reflecting the typical lag between price realizations and benchmark movements, partially offset by optimization of product mix. Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 primarily due to increased sulfur input costs and the impact of lower production volumes in the first nine months of 2025. Supplemental Data Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Production volumes (P 2O5 tonnes – thousands) 378 330 993 1,008 P2O5 operating rate (%) 88 77 78 79 9
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Corporate and Others and Eliminations Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Corporate and Others Gross margin 1 1 - n/m 12 - n/m Selling expenses (recovery) (2) (2) - (7) (7) - General and administrative expenses 91 90 1 284 277 3 Share-based compensation expense 28 1 n/m 119 17 600 Foreign exchange (gain) loss, net of related derivatives (11) 31 n/m 18 359 (95) Other expenses 32 194 (84) 96 274 (65) Adjusted EBITDA 1 (114) (74) 54 (299) (296) 1 Eliminations Gross margin (100) (62) 61 (74) (24) 208 Adjusted EBITDA 1 (96) (66) 45 (72) (28) 157 1 See Note 2 to the interim financial statements. Share-based compensation expense was higher in the third quarter and first nine months of 2025 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital. Foreign exchange loss, net of related derivatives was lower in the first nine months of 2025 due to a lower loss on foreign currency derivatives in Brazil and lower foreign exchange losses primarily from our South American Retail region. Other expenses were lower in the third quarter and first nine months of 2025 as the comparable periods of 2024 included a higher expense for asset retirement obligations related to changes in closure cost estimates at certain non-operating sites. Eliminations of gross margin between operating segments increased in the third quarter and first nine months of 2025 due to higher average margins. Finance Costs, Income Taxes and Other Comprehensive (Loss) Income Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Finance costs 170 184 (8) 504 525 (4) Income taxes Income tax expense (recovery) 168 (13) n/m 594 352 69 Actual effective tax rate including discrete items (%) 26 (112) n/m 26 38 (32) Other comprehensive (loss) income (18) 122 n/m 191 64 198 Income tax expense increased in the third quarter and first nine months of 2025 mainly due to higher earnings. The effective tax rate in the third quarter of 2025 increased as the comparable period in 2024 had a tax recovery. The lower effective tax rate in the first nine months of 2025 was due to lower losses in South America. Other comprehensive (loss) income was primarily driven by changes in the currency translation of our foreign operations. In the third quarter of 2025, the loss was mainly due to the depreciation of the Canadian currency, relative to the US dollar, compared to income for the same period in 2024. In the first nine months of 2025 higher income was due to the appreciation of the Brazilian, Australian and Canadian currencies, relative to the US dollar, compared to lower income for the same period in 2024. 10
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Liquidity and Capital Resources Sources and uses of liquidity We continued to manage our capital in accordance with our capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the “Capital Structure and Management” section for details on our existing long-term debt and credit facilities. Sources and uses of cash Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Cash (used in) provided by operating activities (426) (908) (53) 1,030 412 150 Cash used in investing activities (383) (506) (24) (1,121) (1,614) (31) Cash provided by (used in) financing activities 51 922 (94) (156) 786 n/m Cash used for dividends and share repurchases 1 (413) (318) 30 (1,199) (845) 42 1 This is a supplementary financial measure. See the “Other Financial Measures” section. Cash (used in) provided by operating activities Cash (used in) provided by operating activities in the third quarter and first nine months of 2025 was higher compared to the same periods in 2024 due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Cash used in investing activities Cash used in investing activities was lower in the third quarter and first nine months of 2025 due to a deposit received for the sale of our investment in Profertil. The first nine months of 2025 also had lower capital expenditures and included proceeds from the sale of our investment in Sinofert Holdings Limited (“Sinofert”). Cash provided by (used in) financing activities Cash provided by financing activities was lower in the third quarter of 2025 compared to the same period in 2024 due to lower commercial paper issuances. Cash used in financing activities was higher in the first nine months of 2025 compared to the cash provided by financing activities in the same period in 2024 due to higher debt repayment and share repurchases. Cash used for dividends and share repurchases Cash used for dividends and share repurchases was higher in the third quarter and first nine months of 2025 as noted in cash provided by (used in) financing activities. 11
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Financial Condition Review The following is a comparison of balance sheet categories that are considered material: As at ($ millions, except as otherwise noted) September 30, 2025 December 31, 2024 $ Change % Change Assets Cash and cash equivalents 624 853 (229) (27) Receivables 7,687 5,390 2,297 43 Inventories 5,281 6,148 (867) (14) Prepaid expenses and other current assets 598 1,401 (803) (57) Assets held for sale 284 - 284 - Property, plant and equipment 22,480 22,604 (124) (1) Investments 142 698 (556) (80) Liabilities and Shareholders’ Equity Short-term debt 2,486 1,534 952 62 Payables and accrued charges 6,899 9,118 (2,219) (24) Long-term debt, including current portion 10,390 9,918 472 5 Retained earnings 11,839 11,106 733 7 Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources and uses of cash” section. Receivables increased due to the seasonality of Retail sales, along with higher Potash and Nitrogen sales volumes and net selling prices. Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally increase at year-end in preparation for the following year’s planting and application seasons and drawdown from the first to third quarters. Prepaid expenses and other current assets decreased due to the seasonal drawdown of prepaid inventory where Retail takes delivery of prepaid inventories throughout the planting and application seasons in North America. Assets held for sale increased due to the reclassification of our investment in Profertil as an asset held for sale, pending its disposition. Property, plant and equipment decreased due to depreciation offsetting capital expenditures. Investments decreased due to the disposal of our remaining investment in Sinofert, dividends received from Profertil and the reclassification of our investment in Profertil to assets held for sale. Short-term debt increased due to seasonal working capital requirements and timing of vendor payments. Payables and accrued charges decreased due to the seasonality of our Retail segment where we generally receive higher customer payments in North America near year-end and customers drawdown on the balance throughout the year. This was partially offset by a deposit received for the sale of Profertil. Long-term debt, including current portion, increased due to the issuance of $1,000 million of senior notes during the first quarter of 2025, partially offset by the repayment of $500 million of senior notes in the second quarter of 2025. Retained earnings increased as net earnings exceeded dividends declared and share repurchases in the first nine months of 2025. 12
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Capital Structure and Management Principal debt instruments As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the nine months ended September 30, 2025. Capital structure (debt and equity) ($ millions) September 30, 2025 December 31, 2024 Short-term debt 2,486 1,534 Current portion of long-term debt 538 1,037 Current portion of lease liabilities 350 356 Long-term debt 9,852 8,881 Lease liabilities 954 999 Shareholders’ equity 25,153 24,442 Commercial paper, credit facilities and other debt We have a total facility limit of approximately $7,780 million comprised of several credit facilities available in the jurisdictions where we operate. Our total facility limit decreased in the third quarter of 2025 from a reduction in our unsecured committed revolving term facility limit from $750 million to $500 million. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities. As at September 30, 2025, we utilized $2,524 million of our total facility limit, which includes $2,228 million of commercial paper outstanding. In the third quarter of 2025, we extended the maturities on our $4,500 million unsecured committed revolving term credit facility to September 4, 2030 and our $500 million unsecured committed revolving term credit facility to September 2, 2026. As at September 30, 2025, $220 million in letters of credit were outstanding and committed, with $426 million of remaining credit available under our letter of credit facilities. Our long-term debt consists primarily of notes and debentures. See the “Capital Structure and Management” section of our 2024 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first nine months of 2025, we issued $400 million of 4.500 percent senior notes due March 12, 2027 and $600 million of 5.250 percent senior notes due March 12, 2032, and repaid our $500 million 3.000 percent senior notes upon maturity on April 1, 2025. See note 7 to the interim financial statements. Outstanding share data As at November 4, 2025 Common shares 483,340,553 Options to purchase common shares 2,655,972 For more information on our capital management, see Note 4 to the annual financial statements in our 2024 Annual Report. 13
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Quarterly Results ($ millions, except as otherwise noted) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Sales 6,007 10,438 5,100 5,079 5,348 10,156 5,389 5,664 Net earnings 469 1,229 19 118 25 392 165 176 Net earnings attributable to equity holders of Nutrien 464 1,221 11 113 18 385 158 172 Net earnings per share attributable to equity holders of Nutrien Basic 0.96 2.51 0.02 0.23 0.04 0.78 0.32 0.35 Diluted 0.96 2.50 0.02 0.23 0.04 0.78 0.32 0.35 Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, which have been volatile over the last two years and are affected by demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements. The following table describes certain items that impacted our quarterly earnings: Quarter Transaction or Event Q2 2024 $530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of our Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. Net earnings also included a foreign exchange loss of $220 million on foreign currency derivatives in Brazil. Critical Accounting Estimates Our significant accounting policies are disclosed in our 2024 Annual Report. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board. Our critical accounting estimates are discussed on pages 65 to 66 of our 2024 Annual Report. There were no material changes to our critical accounting estimates for the three or nine months ended September 30, 2025. Controls and Procedures Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings . ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. There has been no change in our ICFR during the three months ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR. 14
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Forward-Looking Statements Certain statements and other information included in this document, including within the “Market Outlook and Guidance” section, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “project”, “intend” or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien’s business strategies, plans, prospects and opportunities; Nutrien’s 2025 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies, including our intentions with respect to our strategic actions including the review of strategic alternatives for our Phosphate business, the allocation of sale proceeds from the divestment of our interests in Profertil, and the controlled shut down of our Trinidad Nitrogen facility and options for our Trinidad operations and expectations related thereto; our ability to advance strategic priorities that strengthen our core business and deliver structural improvements to our earnings and free cash flow; expectations regarding various performance targets and our ability to achieve those; capital spending expectations for 2025 and beyond; expectations regarding performance of our operating segments in 2025 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, including the expected impact of supply availability on global shipments of phosphate fertilizer and the expected impact of affordability on demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements. All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Nutrien cautions that there are no guarantees that the review of strategic alternatives for our Phosphate business will result in a transaction or if a transaction is undertaken, as to its terms, timing or benefits. The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures; increased proprietary products gross margin; continued Retail recovery in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; higher operating rates in Phosphate and Nitrogen; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, government support, crop development and cost of labor and interest, exchange and effective tax rates; potash demand growth in offshore markets; global economic conditions and the accuracy of our market outlook expectations for 2025 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment 15
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opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs. Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the review of strategic alternative for our Phosphate business, process and the timing thereof, whether the review will result in Nutrien undertaking a transaction, and if so, the terms and timing relating thereto, the completion thereof and realizing benefits resulting therefrom, general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets, such as our targeted $200 million in annual consolidated cost savings, expected capital expenditures in 2025, delivering upstream fertilizer sales volume growth and advancing high-return downstream Retail growth opportunities; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restrictions, or other changes to international trade arrangements; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC. The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws. Terms and Definitions For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the “Terms and definitions” section of our 2024 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, “n/m” indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted. 16
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About Nutrien Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our business across the ag value chain and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals. For Further Information: Investor Contact: Jeff Holzman Senior Vice President, Investor Relations and FP&A (306) 933-8545 – investors@nutrien.com Media Contact: Simon Scott Vice President, Global Communications (403) 225-7213 – media@nutrien.com More information about Nutrien can be found at www.nutrien.com. Selected financial data for download can be found in our data tool at https://www.nutrien.com/investors/interactive-data-tool Such data is not incorporated by reference herein. Nutrien will host a Conference Call on Thursday, November 6, 2025 at 10:00 a.m. Eastern Time. Telephone conference dial-in numbers: From Canada and the US: 1-800-990-2777 International: 1-416-855-9085 Conference ID: 26207. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner. Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q3-earnings-conference-call 17
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Non-GAAP Financial Measures We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company. These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations. Adjusted EBITDA (Consolidated) Most directly comparable IFRS financial measure: Net earnings (loss). Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, asset retirement obligations (“ARO”) and accrued environmental costs (“ERL”) related to our non-operating sites, and loss related to financial instruments in Argentina. Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations. Three Months Ended September 30 Nine Months Ended September 30 ($ millions) 2025 2024 2025 2024 Net earnings 469 25 1,717 582 Finance costs 170 184 504 525 Income tax expense (recovery) 168 (13) 594 352 Depreciation and amortization 617 598 1,802 1,749 EBITDA 1 1,424 794 4,617 3,208 Adjustments: Share-based compensation expense 28 1 119 17 Foreign exchange (gain) loss, net of related derivatives (11) 31 18 359 ARO/ERL related (income) expenses for non-operating sites (10) 184 (7) 152 Loss related to financial instruments in Argentina - - - 34 Restructuring costs - - 22 - Impairment of assets - - - 530 Adjusted EBITDA 1,431 1,010 4,769 4,300 1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization. 18
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Adjusted Net Earnings and Adjusted Net Earnings Per Share Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share. Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate. Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations. Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 ($ millions, except as otherwise noted) Increases (Decreases) Post-Tax Per Diluted Share Increases (Decreases) Post-Tax Per Diluted Share Net earnings attributable to equity holders of Nutrien 464 0.96 1,696 3.48 Adjustments: Share-based compensation expense 28 22 0.05 119 90 0.18 Foreign exchange (gain) loss, net of related derivatives (11) (9) (0.02) 18 14 0.03 Restructuring costs - - - 22 18 0.04 ARO/ERL related (income) for non-operating sites (10) (8) (0.02) (7) (5) (0.01) Sub-total adjustments 7 5 0.01 152 117 0.24 Adjusted net earnings 469 0.97 1,813 3.72 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 ($ millions, except as otherwise noted) Increases (Decreases) Post-Tax Per Diluted Share Increases (Decreases) Post-Tax Per Diluted Share Net earnings attributable to equity holders of Nutrien 18 0.04 561 1.13 Adjustments: Share-based compensation expense 1 1 - 17 13 0.03 Foreign exchange loss, net of related derivatives 31 38 0.08 359 361 0.73 Impairment of assets - - - 530 491 1.00 ARO/ERL related expenses for non-operating sites 184 134 0.27 152 112 0.22 Loss related to financial instruments in Argentina - - - 34 34 0.07 Sub-total adjustments 216 173 0.35 1,092 1,011 2.05 Adjusted net earnings 191 0.39 1,572 3.18 19
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Effective Tax Rate on Adjusted Net Earnings Guidance Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed. Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product Most directly comparable IFRS financial measure: Gross margin. Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the “Segment Results” section. Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions. Potash Controllable Cash Cost of Product Manufactured (“COPM”) Per Tonne Most directly comparable IFRS financial measure: Cost of goods sold (“COGS”) for the Potash segment. Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes. Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions. Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 2025 2024 Total COGS – Potash 437 422 1,257 1,139 Change in inventory (45) (51) (96) (30) Other adjustments 1 2 (5) (19) (14) COPM 394 366 1,142 1,095 Depreciation and amortization in COPM (157) (145) (449) (439) Royalties in COPM (26) (23) (68) (62) Natural gas costs and carbon taxes in COPM (8) (7) (30) (27) Controllable cash COPM 203 191 595 567 Production volumes (tonnes – thousands) 3,607 3,696 10,427 10,836 Potash controllable cash COPM per tonne 56 52 57 52 1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of i nventory and changes in inventory balances. 20
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Nutrien Financial Adjusted Net Interest Margin Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters. Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial. Rolling Four Quarters Ended September 30, 2025 ($ millions, except as otherwise noted) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total/Average Nutrien Financial revenue 77 70 135 89 Deemed interest expense 1 (45) (29) (49) (52) Net interest 32 41 86 37 196 Average Nutrien Financial net receivables 2,877 2,569 4,645 4,452 3,636 Nutrien Financial adjusted net interest margin (%) 5.4 Rolling Four Quarters Ended December 31, 2024 ($ millions, except as otherwise noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total/Average Nutrien Financial revenue 66 133 85 77 Deemed interest expense 1 (27) (50) (52) (45) Net interest 39 83 33 32 187 Average Nutrien Financial net receivables 2,489 4,560 4,318 2,877 3,561 Nutrien Financial adjusted net interest margin (%) 5.3 1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien F inancial. Retail Cash Operating Coverage Ratio Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters. Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow. Rolling Four Quarters Ended September 30, 2025 ($ millions, except as otherwise noted) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total Selling expenses 808 755 948 792 3,303 General and administrative expenses 37 44 44 44 169 Other (income) expenses (8) 25 54 40 111 Operating expenses 837 824 1,046 876 3,583 Depreciation and amortization in operating expenses (186) (179) (172) (179) (716) Operating expenses excluding depreciation and amortization 651 645 874 697 2,867 Gross margin 986 686 2,018 922 4,612 Depreciation and amortization in cost of goods sold 5 5 5 5 20 Gross margin excluding depreciation and amortization 991 691 2,023 927 4,632 Cash operating coverage ratio (%) 62 Rolling Four Quarters Ended December 31, 2024 ($ millions, except as otherwise noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total Selling expenses 790 1,005 815 808 3,418 General and administrative expenses 52 51 51 37 191 Other expenses (income) 22 41 32 (8) 87 Operating expenses 864 1,097 898 837 3,696 Depreciation and amortization in operating expenses (190) (193) (182) (186) (751) Operating expenses excluding depreciation and amortization 674 904 716 651 2,945 Gross margin 747 2,029 859 986 4,621 Depreciation and amortization in cost of goods sold 4 3 8 5 20 Gross margin excluding depreciation and amortization 751 2,032 867 991 4,641 Cash operating coverage ratio (%) 63 21
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Retail Adjusted Average Working Capital to Sales and Retail Adjusted Average Working Capital to Sales Excluding Nutrien Financial Definition: Retail adjusted average working capital divided by Retail adjusted sales for the last four rolling quarters. We exclude in our calculations the sales and working capital of certain acquisitions during the first year following the acquisition. We also look at this metric excluding Nutrien Financial revenue and working capital. Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio. Rolling Four Quarters Ended September 30, 2025 ($ millions, except as otherwise noted) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Average/Total Current assets 10,360 11,510 11,442 10,823 Current liabilities (8,028) (7,561) (8,051) (5,348) Working capital 2,332 3,949 3,391 5,475 3,787 Working capital from certain recent acquisitions ---- Adjusted working capital 2,332 3,949 3,391 5,475 3,787 Nutrien Financial working capital (2,877) (2,569) (4,645) (4,452) Adjusted working capital excluding Nutrien Financial (545) 1,380 (1,254) 1,023 151 Sales 3,179 3,090 7,959 3,427 Sales from certain recent acquisitions ---- Adjusted sales 3,179 3,090 7,959 3,427 17,655 Nutrien Financial revenue (77) (70) (135) (89) Adjusted sales excluding Nutrien Financial 3,102 3,020 7,824 3,338 17,284 Adjusted average working capital to sales (%) 21 Adjusted average working capital to sales excluding Nutrien Financial (%) 1 Rolling Four Quarters Ended December 31, 2024 ($ millions, except as otherwise noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Average/Total Current assets 11,821 11,181 10,559 10,360 Current liabilities (8,401) (8,002) (5,263) (8,028) Working capital 3,420 3,179 5,296 2,332 3,557 Working capital from certain recent acquisitions ---- Adjusted working capital 3,420 3,179 5,296 2,332 3,557 Nutrien Financial working capital (2,489) (4,560) (4,318) (2,877) Adjusted working capital excluding Nutrien Financial 931 (1,381) 978 (545) (4) Sales 3,308 8,074 3,271 3,179 Sales from certain recent acquisitions ---- Adjusted sales 3,308 8,074 3,271 3,179 17,832 Nutrien Financial revenue (66) (133) (85) (77) Adjusted sales excluding Nutrien Financial 3,242 7,941 3,186 3,102 17,471 Adjusted average working capital to sales (%) 20 Adjusted average working capital to sales excluding Nutrien Financial (%) - 22
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Other Financial Measures Selected Additional Financial Data Nutrien Financial As at September 30, 2025 As at December 31, 2024 ($ millions) Current <31 Days Past Due 31–90 Days Past Due >90 Days Past Due Gross Receivables Allowance 1 Net Receivables 2 Net Receivables North America 3,304 87 75 236 3,702 (81) 3,621 2,178 International 722 62 25 33 842 (11) 831 699 Nutrien Financial receivables 4,026 149 100 269 4,544 (92) 4,452 2,877 1 Bad debt expense on the above receivables for the nine months ended September 30, 2025 was $46 million, in the Retail segment. 2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 – 7:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the a ssets. Supplementary Financial Measures Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios. The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided. Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds. Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures exclude capital outlays for business acquisitions and equity-accounted investees. Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore. Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien’s shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of capital to shareholders. 23
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Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Statements of Earnings Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) Note 2025 2024 2025 2024 Sales 2, 9 6,007 5,348 21,545 20,893 Freight, transportation and distribution 272 263 738 741 Cost of goods sold 3,771 3,585 14,348 14,203 Gross Margin 1,964 1,500 6,459 5,949 Selling expenses 795 820 2,503 2,622 General and administrative expenses 144 156 444 468 Provincial mining taxes 124 74 289 210 Share-based compensation expense 28 1 119 17 Impairment of assets - - - 530 Foreign exchange (gain) loss, net of related derivatives 6 (11) 31 18 359 Other expenses 3 77 222 271 284 Earnings Before Finance Costs and Income Taxes 807 196 2,815 1,459 Finance costs 170 184 504 525 Earnings Before Income Taxes 637 12 2,311 934 Income tax expense (recovery) 4 168 (13) 594 352 Net Earnings 469 25 1,717 582 Attributable to Equity holders of Nutrien 464 18 1,696 561 Non-controlling interest 5 7 21 21 Net Earnings 469 25 1,717 582 Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”) Basic 0.96 0.04 3.48 1.13 Diluted 0.96 0.04 3.48 1.13 Weighted average shares outstanding for basic EPS 485,583,000 494,743,000 487,445,000 494,653,000 Weighted average shares outstanding for diluted EPS 485,776,000 494,857,000 487,624,000 494,851,000 Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30 Nine Months Ended September 30 ($ millions, net of related income taxes) 2025 2024 2025 2024 Net Earnings 469 25 1,717 582 Other comprehensive (loss) income Item that will not be reclassified to net earnings: Net fair value gain (loss) on investments - 35 (18) 53 Items that have been or may be subsequently reclassified to net earnings: (Loss) gain on currency translation of foreign operations (5) 85 196 28 Other (13) 2 13 (17) Other Comprehensive (Loss) Income (18) 122 191 64 Comprehensive Income 451 147 1,908 646 Attributable to Equity holders of Nutrien 446 139 1,886 625 Non-controlling interest 5 8 22 21 Comprehensive Income 451 147 1,908 646 (See Notes to the Condensed Consolidated Financial Statements) 24
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Unaudited Condensed Consolidated Statements of Cash Flows Three Months Ended September 30 Nine Months Ended September 30 ($ millions) Note 2025 2024 2025 2024 Operating Activities Net earnings 469 25 1,717 582 Adjustments for: Depreciation and amortization 617 598 1,802 1,749 Share-based compensation expense 28 1 119 17 Impairment of assets - - - 530 Provision for (recovery of) deferred income tax 195 (36) 227 15 Net (undistributed) distributed earnings of equity-accounted investees (19) (24) 66 14 Fair value adjustment to derivatives 6 (2) (180) 6 6 Loss related to financial instruments in Argentina 3 - - - 34 Long-term income tax receivables and payables 2 9 18 17 Other long-term assets, liabilities and miscellaneous (15) 251 (55) 321 Cash from operations before working capital changes 1,275 644 3,900 3,285 Changes in non-cash operating working capital: Receivables 357 418 (2,248) (2,394) Inventories and prepaid expenses and other current assets 257 373 1,877 2,265 Payables and accrued charges (2,315) (2,343) (2,499) (2,744) Cash (Used in) Provided by Operating Activities (426) (908) 1,030 412 Investing Activities Capital expenditures 1 (530) (508) (1,254) (1,387) Business acquisitions, net of cash acquired (1) (2) (12) (6) Proceeds from (purchase of) investments, held within three months, net 1 (15) (68) (30) Purchase of investments - (1) (93) (112) Proceeds from sale of investments 5 146 41 422 59 Net changes in non-cash working capital 23 30 (55) (55) Other (22) (51) (61) (83) Cash Used in Investing Activities (383) (506) (1,121) (1,614) Financing Activities Proceeds from debt, maturing within three months, net 591 1,378 925 1,089 Proceeds from debt 7 - - 998 998 Repayment of debt 7 (27) (43) (562) (132) Repayment of principal portion of lease liabilities (97) (98) (313) (300) Dividends paid to Nutrien’s shareholders 8 (265) (268) (798) (795) Repurchase of common shares, inclusive of related tax 8 (148) (50) (401) (50) Issuance of common shares - 7 29 16 Other (3) (4) (34) (40) Cash Provided by (Used in) Financing Activities 51 922 (156) 786 Effect of Exchange Rate Changes on Cash and Cash Equivalents (5) 8 18 (5) Decrease in Cash and Cash Equivalents (763) (484) (229) (421) Cash and Cash Equivalents – Beginning of Period 1,387 1,004 853 941 Cash and Cash Equivalents – End of Period 624 520 624 520 Cash and cash equivalents is composed of: Cash 514 472 514 472 Short-term investments 110 48 110 48 624 520 624 520 Supplemental Cash Flows Information Interest paid 166 148 518 496 Income taxes paid 213 127 201 260 Total cash outflow for leases 134 134 423 418 1 Includes additions to property, plant and equipment, and intangible assets for the three months ended September 30, 2025 of $498 million and $32 mill ion (2024 – $475 million and $33 million), respectively, and for the nine months ended September 30, 2025 of $1,175 million and $79 million (2024 – $1,290 million a nd $97 million), respectively. (See Notes to the Condensed Consolidated Financial Statements) 25
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Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity Accumulated Other Comprehensive (Loss) Income (“AOCI”) ($ millions, inclusive of related tax, except as otherwise noted) Number of Common Shares Share Capital Contributed Surplus (Loss) Gain on Currency Translation of Foreign Operations Other Total AOCI Retained Earnings Equity Holders of Nutrien Non- Controlling Interest Total Equity Balance – December 31, 2023 494,551,730 13,838 83 (286) (10) (296) 11,531 25,156 45 25,201 Net earnings - - - - - - 561 561 21 582 Other comprehensive income - - - 28 36 64 - 64 - 64 Shares repurchased for cancellation (Note 8) (1,039,185) (29) (21) - - - (1) (51) - (51) Dividends declared 1 - - - - - - (800) (800) - (800) Non-controlling interest transactions - - - - - - - - (26) (26) Effect of share-based compensation including issuance of common shares 369,904 18 5 - - - - 23 - 23 Transfer of net loss on cash flow hedges - - - - 13 13 - 13 - 13 Balance – September 30, 2024 493,882,449 13,827 67 (258) 39 (219) 11,291 24,966 40 25,006 Balance – December 31, 2024 491,025,446 13,748 68 (537) 22 (515) 11,106 24,407 35 24,442 Net earnings - - - - - - 1,696 1,696 21 1,717 Other comprehensive income (loss) - - - 195 (5) 190 - 190 1 191 Shares repurchased for cancellation (Note 8) (7,288,910) (204) (11) - - - (194) (409) - (409) Dividends declared 1 - - - - - - (797) (797) - (797) Non-controlling interest transactions - - - - - - - - (21) (21) Effect of share-based compensation including issuance of common shares 593,873 36 (1) - - - - 35 - 35 Transfer of net gain on sale of investment - - - - (27) (27) 27 - - - Transfer of net gain on cash flow hedges - - - - (6) (6) - (6) - (6) Other - - - - - - 1 1 - 1 Balance – September 30, 2025 484,330,409 13,580 56 (342) (16) (358) 11,839 25,117 36 25,153 1 During the nine months ended September 30, 2025, we declared dividends of $1.64 per share (2024 - $1.62 per share). (See Notes to the Condensed Consolidated Financial Statements) 26
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Unaudited Condensed Consolidated Balance Sheets As at September 30 As at December 31, 2024($ millions) Note 2025 2024 Assets Current assets Cash and cash equivalents 624 520 853 Receivables 9 7,687 7,786 5,390 Inventories 5,281 4,890 6,148 Prepaid expenses and other current assets 598 678 1,401 Assets held for sale 5 284 - - 14,474 13,874 13,792 Non-current assets Property, plant and equipment 22,480 22,329 22,604 Goodwill 12,116 12,122 12,043 Intangible assets 1,711 1,877 1,819 Investments 5 142 739 698 Other assets 903 970 884 Total Assets 51,826 51,911 51,840 Liabilities Current liabilities Short-term debt 2,486 2,967 1,534 Current portion of long-term debt 7 538 1,013 1,037 Current portion of lease liabilities 350 364 356 Payables and accrued charges 9 6,899 6,613 9,118 10,273 10,957 12,045 Non-current liabilities Long-term debt 7 9,852 9,383 8,881 Lease liabilities 954 1,029 999 Deferred income tax liabilities 3,678 3,555 3,539 Pension and other post-retirement benefit liabilities 229 245 227 Asset retirement obligations and accrued environmental costs 1,440 1,564 1,543 Other non-current liabilities 247 172 164 Total Liabilities 26,673 26,905 27,398 Shareholders’ Equity Share capital 8 13,580 13,827 13,748 Contributed surplus 56 67 68 Accumulated other comprehensive loss (358) (219) (515) Retained earnings 11,839 11,291 11,106 Equity holders of Nutrien 25,117 24,966 24,407 Non-controlling interest 36 40 35 Total Shareholders’ Equity 25,153 25,006 24,442 Total Liabilities and Shareholders’ Equity 51,826 51,911 51,840 (See Notes to the Condensed Consolidated Financial Statements) 27
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Unaudited Notes to the Condensed Consolidated Financial Statements As at and for the Three and Nine Months Ended September 30, 2025 Note 1 Basis of presentation Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers. These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries. Certain immaterial 2024 figures have been reclassified in the condensed consolidated statements of cash flows. In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. These interim financial statements were authorized for issue by the Audit Committee of the Board of Directors on November 5, 2025. Note 2 Segment information We have four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core business. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization. Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments received are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year. Downstream Upstream and Midstream ($ millions) Retail Potash Nitrogen Phosphate Corporate and Others Eliminations Consolidated Assets – as at September 30, 2025 22,535 13,837 11,269 2,535 2,246 (596) 51,826 Assets – as at December 31, 2024 22,149 13,792 11,603 2,453 2,571 (728) 51,840 28
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Unaudited Three Months Ended September 30, 2025 Downstream Upstream and Midstream ($ millions) Retail Potash Nitrogen Phosphate Corporate and Others Eliminations Consolidated Sales – third party 3,415 1,127 1,000 462 3 - 6,007 – intersegment 12 130 195 99 - (436) - Sales – total 3,427 1,257 1,195 561 3 (436) 6,007 Freight, transportation and distribution - 135 132 66 - (61) 272 Net sales 3,427 1,122 1,063 495 3 (375) 5,735 Cost of goods sold 2,505 437 666 436 2 (275) 3,771 Gross margin 922 685 397 59 1 (100) 1,964 Selling expenses (recovery) 792 3 7 2 (2) (7) 795 General and administrative expenses 44 3 4 2 91 - 144 Provincial mining taxes - 124 - - - - 124 Share-based compensation expense - - - - 28 - 28 Foreign exchange gain, net of related derivatives - - - - (11) - (11) Other expenses (income) 40 10 (13) 5 32 3 77 Earnings (loss) before finance costs and income taxes 46 545 399 50 (137) (96) 807 Depreciation and amortization 184 188 157 72 16 - 617 EBITDA 230 733 556 122 (121) (96) 1,424 Share-based compensation expense - - - - 28 - 28 ARO/ERL related income for non-operating sites - - - - (10) - (10) Foreign exchange gain, net of related derivatives - - - - (11) - (11) Adjusted EBITDA 230 733 556 122 (114) (96) 1,431 29
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Unaudited Three Months Ended September 30, 2024 Downstream Upstream and Midstream ($ millions) Retail Potash Nitrogen Phosphate Corporate and Others Eliminations Consolidated Sales – third party 3,271 915 753 409 - - 5,348 – intersegment - 113 163 58 - (334) - Sales – total 3,271 1,028 916 467 - (334) 5,348 Freight, transportation and distribution - 144 123 55 - (59) 263 Net sales 3,271 884 793 412 - (275) 5,085 Cost of goods sold 2,412 422 581 383 - (213) 3,585 Gross margin 859 462 212 29 - (62) 1,500 Selling expenses (recovery) 815 3 8 1 (2) (5) 820 General and administrative expenses 51 5 6 4 90 - 156 Provincial mining taxes - 74 - - - - 74 Share-based compensation expense - - - - 1 - 1 Foreign exchange loss, net of related derivatives - - - - 31 - 31 Other expenses (income) 32 2 (25) 10 194 9 222 Earnings (loss) before finance costs and income taxes (39) 378 223 14 (314) (66) 196 Depreciation and amortization 190 177 132 75 24 - 598 EBITDA 151 555 355 89 (290) (66) 794 Share-based compensation expense - - - - 1 - 1 ARO/ERL related expenses for non-operating sites - - - - 184 - 184 Foreign exchange loss, net of related derivatives - - - - 31 - 31 Adjusted EBITDA 151 555 355 89 (74) (66) 1,010 30
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Unaudited Nine Months Ended September 30, 2025 Downstream Upstream and Midstream ($ millions) Retail Potash Nitrogen Phosphate Corporate and Others Eliminations Consolidated Sales – third party 14,464 2,885 2,996 1,182 18 - 21,545 – intersegment 12 318 686 233 - (1,249) - Sales – total 14,476 3,203 3,682 1,415 18 (1,249) 21,545 Freight, transportation and distribution - 346 405 164 - (177) 738 Net sales 14,476 2,857 3,277 1,251 18 (1,072) 20,807 Cost of goods sold 10,850 1,257 2,073 1,160 6 (998) 14,348 Gross margin 3,626 1,600 1,204 91 12 (74) 6,459 Selling expenses (recovery) 2,495 8 22 5 (7) (20) 2,503 General and administrative expenses 132 7 16 5 284 - 444 Provincial mining taxes - 289 - - - - 289 Share-based compensation expense - - - - 119 - 119 Foreign exchange loss, net of related derivatives - - - - 18 - 18 Other expenses 119 20 - 18 96 18 271 Earnings (loss) before finance costs and income taxes 880 1,276 1,166 63 (498) (72) 2,815 Depreciation and amortization 545 533 465 212 47 - 1,802 EBITDA 1,425 1,809 1,631 275 (451) (72) 4,617 Restructuring costs - - - - 22 - 22 Share-based compensation expense - - - - 119 - 119 ARO/ERL related income for non-operating sites - - - - (7) - (7) Foreign exchange loss, net of related derivatives - - - - 18 - 18 Adjusted EBITDA 1,425 1,809 1,631 275 (299) (72) 4,769 31
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Unaudited Nine Months Ended September 30, 2024 Downstream Upstream and Midstream ($ millions) Retail Potash Nitrogen Phosphate Corporate and Others Eliminations Consolidated Sales – third party 14,653 2,486 2,547 1,207 - - 20,893 – intersegment - 305 584 210 - (1,099) - Sales – total 14,653 2,791 3,131 1,417 - (1,099) 20,893 Freight, transportation and distribution - 338 399 174 - (170) 741 Net sales 14,653 2,453 2,732 1,243 - (929) 20,152 Cost of goods sold 11,018 1,139 1,835 1,116 - (905) 14,203 Gross margin 3,635 1,314 897 127 - (24) 5,949 Selling expenses (recovery) 2,610 9 23 5 (7) (18) 2,622 General and administrative expenses 154 10 16 11 277 - 468 Provincial mining taxes - 210 - - - - 210 Share-based compensation expense - - - - 17 - 17 Impairment of assets 335 - 195 - - - 530 Foreign exchange loss, net of related derivatives - - - - 359 - 359 Other expenses (income) 95 3 (136) 26 274 22 284 Earnings (loss) before finance costs and income taxes 441 1,082 799 85 (920) (28) 1,459 Depreciation and amortization 580 475 419 213 62 - 1,749 EBITDA 1,021 1,557 1,218 298 (858) (28) 3,208 Share-based compensation expense - - - - 17 - 17 Impairment of assets 335 - 195 - - - 530 Loss related to financial instruments in Argentina - - - - 34 - 34 ARO/ERL related expenses for non-operating sites - - - - 152 - 152 Foreign exchange loss, net of related derivatives - - - - 359 - 359 Adjusted EBITDA 1,356 1,557 1,413 298 (296) (28) 4,300 32
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Unaudited Three Months Ended September 30 Nine Months Ended September 30 ($ millions) 2025 2024 2025 2024 Retail sales by product line Crop nutrients 1,188 1,093 5,773 5,683 Crop protection products 1,536 1,518 5,174 5,365 Seed 156 132 1,966 2,051 Services and other 258 242 690 690 Merchandise 222 222 649 667 Nutrien Financial 89 85 294 284 Nutrien Financial elimination 1 (22) (21) (70) (87) 3,427 3,271 14,476 14,653 Potash sales by geography Manufactured product North America 633 601 1,449 1,474 Offshore 2 623 427 1,750 1,316 Other potash and purchased products 1 - 4 1 1,257 1,028 3,203 2,791 Nitrogen sales by product line Manufactured product Ammonia 300 261 899 856 Urea and ESN ® 376 293 1,288 1,085 Solutions, nitrates and sulfates 466 299 1,217 961 Other nitrogen and purchased products 53 63 278 229 1,195 916 3,682 3,131 Phosphate sales by product line Manufactured product Fertilizer 379 316 913 928 Industrial and feed 178 148 484 470 Other phosphate and purchased products 4 3 18 19 561 467 1,415 1,417 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. 2 Relates to Canpotex Limited (“Canpotex”) (see Note 9) and includes provisional pricing adjustments for the three months ended September 30, 2025 of $(13) million (2024 – $(4) million) and the nine months ended September 30, 2025 of $45 million (2024 – $7 million). Note 3 Other expenses (income) Three Months Ended September 30 Nine Months Ended September 30 ($ millions) 2025 2024 2025 2024 Restructuring costs - - 22 - Earnings of equity-accounted investees (22) (26) (36) (107) Bad debt expense 31 31 88 94 Project feasibility costs 28 19 69 62 Customer prepayment costs 13 10 50 41 Legal expenses 6 4 13 12 Insurance recoveries (1) (3) (1) (70) Loss on natural gas derivatives not designated as a hedge - 5 - 7 Loss related to financial instruments in Argentina - - - 34 ARO/ERL related (income) expenses for non-operating sites ¹ (10) 184 (7) 152 Other expenses (income) 32 (2) 73 59 77 222 271 284 1 ARO/ERL refers to asset retirement obligations and accrued environmental costs. 33
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Unaudited Note 4 Income taxes A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction. Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 2025 2024 Actual effective tax rate on earnings (%) 27 (18) 25 41 Actual effective tax rate including discrete items (%) 26 (112) 26 38 Discrete tax adjustments that impacted the tax rate 1 (4) (11) 23 (31) 1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate. Note 5 Investments ($ millions, except as otherwise noted) Principal Activity Principal Place of Business and Incorporation Proportion of Ownership Interest and Voting Rights Held (%) Carrying Amount As at September 30, 2025 As at December 31, 2024 As at September 30, 2025 As at December 31, 2024 Equity-accounted investees Profertil S.A. (“Profertil”) Nitrogen producer Argentina 50 50 - 349 Canpotex Marketing and logistics of potash Canada 50 50 - - Other associates and joint ventures 132 128 Total equity-accounted investees 132 477 Investments at FVTOCI Sinofert Holdings Limited (“Sinofert”) Fertilizer supplier and distributor China/Bermuda - 22 - 211 Other 10 10 Total investments at FVTOCI 10 221 Total investments 142 698 Investments at fair value through other comprehensive income During the three months ended March 31, 2025, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Total proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in the period in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings. Equity-accounted investees During the three months ended September 30, 2025, as part of our portfolio review, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. As at September 30, 2025, we have reclassified the investment, with a net book value totaling $284 million, to a current asset held for sale under our Corporate and Others segment. A deposit of $120 million was received from the purchaser on September 5, 2025. Gross proceeds from the sale are expected to be approximately $600 million and the transaction is expected to close in the fourth quarter of 2025, subject to the exercise of a right of first refusal by the remaining joint venture partner. 34
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Unaudited Note 6 Financial instruments Foreign currency derivatives Three Months Ended September 30 Nine Months Ended September 30 ($ millions) 2025 2024 2025 2024 Foreign exchange (gain) loss (26) (3) (9) 27 Hyperinflationary loss - 20 - 85 Loss on foreign currency derivatives at fair value through profit or loss 15 14 27 247 Foreign exchange (gain) loss, net of related derivatives (11) 31 18 359 Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $10,390 million and fair value of $10,027 million as at September 30, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis. Note 7 Debt During the three months ended September 30, 2025, we extended the maturity of our $4,500 million unsecured committed revolving term facility to September 4, 2030. We also extended the term of our unsecured committed revolving term credit facility to September 2, 2026 and reduced the facility limit from $750 million to $500 million. ($ millions, except as otherwise noted) Rate of interest (%) Maturity Amount Senior notes repaid in 2025 3.000 April 1, 2025 500 Senior notes issued in 2025 4.500 March 12, 2027 400 Senior notes issued in 2025 5.250 March 12, 2032 600 1,000 The senior notes issued in the nine months ended September 30, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices. Note 8 Share capital Share repurchase programs The following table summarizes our share repurchase activities during the periods indicated below: Three Months Ended September 30 Nine Months Ended September 30 ($ millions, except as otherwise noted) 2025 2024 2025 2024 Number of common shares repurchased for cancellation 2,547,124 1,039,185 7,288,910 1,039,185 Average price per share (US dollars) 58.27 48.11 54.96 48.11 Total cost, inclusive of tax 152 51 409 51 Subsequent to September 30, 2025, as of November 4, 2025, an additional 993,278 common shares were repurchased for cancellation at a cost of $56 million and an average price per share of $57.80. Dividends declared We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended September 30, 2025, payable on October 17, 2025 to shareholders of record on September 29, 2025. 35
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Unaudited Note 9 Related party transactions We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended September 30, 2025 were $23 million (2024 – $41 million) and the nine months ended September 30, 2025 were $100 million (2024 – $112 million). ($ millions) As at September 30, 2025 As at December 31, 2024 Receivables from Canpotex 208 122 Payables to Canpotex 63 66 36