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Nutrien Feeding the Future Nutrien Q2 2026 Results Presentation August 5 , 2026
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Forward looking statements Forward Looking Statements Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted. 2 Certain statements and other information included in this presentation, including under the sections "Financial Guidance" and"Market Outlook", constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws and within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (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 thisdocument, 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; our strategic priorities and focus; our 2026 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; our sensitivities and scenarios for Potash and Nitrogen, including related market outlook and assumptions; expectations regarding our strategic reviews of non-core assets, and pending or announced divestitures of certain assets, and the anticipated timing thereof; expectations regarding our capital allocation approach, priorities and strategies; our expected investing capital priorities, including proprietary products, network optimization and digital capabilities in Retail, mine automation projects to enhance productivity and safety in Potash and low-cost brownfield expansions and product optimization projects in Nitrogen; expectations regarding performance of our operating segments; and our operating segment market outlooks and our expectations for market conditions and fundamentals in 2026 and beyond, and the anticipated supply and demand for our products and services, crop input demand, expected market, industry and growing conditions with respect to planted acres, farmer crop investment, crop mix and the need to replenish soil nutrient levels, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, trade or export restrictions, and geopolitical disruptions, including the ongoing conflict in the Middle East. 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 presentation. 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 readers should not place undue reliance on these assumptions and the forward-looking statements to which they relate. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. 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 and gross margins; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; successful execution of the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, within the anticipated timing and parameters, and realization of the expected benefits therefrom; continued reliability improvements; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, operating rates, demand, supply, natural gas costs and availability, 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; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; the reliability and accuracy of third-party weather and climate forecasts, including forecasts regarding El Niño/La Niña conditions, underlying our crop production and crop price expectations; 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, directand indirect, of certain geopolitical conflicts, including the ongoing 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 and volatility in oil prices; 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; the availability of investment 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. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and are difficult to predict, which could cause actual results or events to differ materially from results or events expressed in such forward-looking statements. Such events or circumstances include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets; failure to complete announced and future strategic and asset optimization initiatives, acquisitions ordivestitures at all or on the expected terms and within the expected timeline; seasonality of our business; 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)
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Forward looking statements and regulatory investigations; current and future litigation proceedings, investigations and other contingencies; the resultsof our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, including the process and the timing thereof, and whether the review will result in Nutrien undertaking a transaction, including the terms and timing relating thereto, the completion thereof and the benefits to be realized therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions; government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; politicalor 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 ongoing 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 Nutrienreports filed with the Canadian securities regulators and the Securities and Exchange Commission in the United States. This presentation contains certain information which constitutes "financial outlook" and "future-oriented financial information" under applicable Canadian securities laws, including Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures guidance ranges, the purpose of which is 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 presentation are made as of the date hereof and Nutrien disclaims any intention or obligationto update or revise any forward-looking statements resulting from new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures and non-GAAP ratios, including adjusted EBITDA (consolidated) andeffective tax rate on adjusted net earnings guidance, which 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. Additional information with respect to the non-GAAP financial measures and non-GAAP ratios included in this presentation, including, among other things, disclosure of their composition, how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any,for which management uses each non-GAAP financial measure and non-GAAP ratio, the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed by Nutrien, a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable IFRS measure or information about the inability to provide reconciliations of forward-looking non-GAAP financial measures to the most directly comparable IFRS measures given the unavailability of reconciling information or the inability to assess the probable significance of such unavailable information, in each case, without unreasonable efforts, is contained under the heading "Non-GAAP financial measures" included in our management's discussion and analysis dated February 19, 2026 as at and for the twelve months ended December 31, 2025 (the “Annual MD&A”), which information is incorporated by reference in this presentation, and under the heading "Non-GAAP Financial Measures" included in our management's discussion and analysis dated August 5, 2026 as at and for the three and six months ended June 30, 2026 (the "Interim MD&A"), which information is incorporated by reference in this presentation. The news release dated August 5, 2026 containing our annual guidance for 2026 is available under our corporate profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Other Financial Measures This presentation contains certain supplementary financial measures. Supplementary financial measures are financial measures disclosed by Nutrien 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 Nutrien; (b) are not disclosed in the financial statements of Nutrien; (c) are not non-GAAP financial measures; and (d) are not non-GAAP ratios. Additional information with respect to such supplementary financial measures is contained under the heading "Appendices – Other financial measures –Supplementary financial measures" included in our Annual MD&A, which information is incorporated by reference in this presentation, and under the heading “Other Financial Measures – Supplementary Financial Measures”, included in our Interim MD&A, which informationis incorporated by reference in this presentation. Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted. Forward Looking Statements (continued) 3
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First Half 2026 Results 4 $3,338 $3,535 1H2025 1H2026 $1,248 $1,361 1H2025 1H2026 Net earnings ($ millions) $1,456 $1,633 1H2025 1H2026 Adjusted EBITDA1 ($ millions) Cash provided by operating activities ($ millions) $786 $848 1H2025 1H2026 Cash used for dividends and share repurchases2 ($ millions) 1. This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. 2. This is a supplementary financial measure. See the “Other Financial Measures” section. +6% +9% +12% +8%
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First Half 2026 Highlights 1. Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre -stripping capital expenditures which are supplementary financial measures. See the “Other Financial Measures” section. 2. Includes portfolio actions (divestitures or agreement in place) between Q4 2025 and August 5, 2026. 5 Strong 1H execution1 2 FY outlook supports higher returns Further enhanced the reliability and cost position of our nitrogen assets Record potash sales volumes Strong growth in proprietary products margins Raised the bottom end of potash sales volume guidance Lowered capital expenditures1 guidance range ~$1B gross proceeds from asset divestitures since Q4 20242 Increased the pace of share repurchases Remain on track to solidify the optimal path for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business in 2026 3 Optimized portfolio
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Retail results – Q2 2026 1. Includes Services and other revenue, Merchandise and Nutrien Financial. Adjusted EBITDA ($ millions) Proprietary Products Gross Margin ($ millions) Crop Nutrients Gross Margin per Tonne ($/mt) Crop Nutrients Sales Volumes (million tonnes) Lower Crop Nutrients • Increased sales of proprietary nutritional products offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products Higher Crop Protection Products • Increased sales of proprietary products, supported by increased herbicide sales volumes in the US and earlier grower engagement in Australia Higher Other1 • Due to a strong livestock market in Australia Higher Expenses • Mainly due to higher fuel costs International North America Variance Highlights 6 $564 $652 Q2'25 Q2'26 $127 $143 Q2'25 Q2'26 4.42 3.80 1.07 1.06 5.49 4.85 Q2'25 Q2'26 +16% +13% -12% $1,149 $1,131 Q2'25 Crop Nutrients Crop Protection Products Seed Other¹ Expenses Q2'26
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Retail results – YTD 2026 Variance Highlights 1. Includes Services and other revenue, Merchandise and Nutrien Financial. Proprietary Products Gross Margin ($ millions) Crop Nutrients Gross Margin per Tonne ($/mt) Crop Nutrients Sales Volumes (million tonnes) International North America Adjusted EBITDA ($ millions) $717 $843 Q2'25 YTD Q2'26 YTD $118 $129 Q2'25 YTD Q2'26 YTD 5.88 5.40 1.90 1.91 7.8 7.3 Q2'25 YTD Q2'26 YTD +18% +9% -6% $1,195 $1,239 Q2'25 YTD Crop Nutrients Crop Protection Products Seed Other¹ Expenses Q2'26 YTD Higher Crop Nutrients • Increased sales of proprietary nutritional products offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products Higher Crop Protection Products • Increased sales of proprietary products, supported by increased herbicide sales volumes in the US and earlier grower engagement in Australia Higher Other1 • Due to a strong livestock market in Australia Higher Expenses • Mainly due to higher fuel costs 7
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Potash results – Q2 2026 1. COGS excluding D&A. Adjusted EBITDA ($ millions) Average Net Selling Price ($/mt) COGS ($/mt) Sales Volumes (million tonnes) Higher Net Selling Price • Due to higher global benchmark prices, partially offset by higher offshore freight and insurance costs Higher COGS/mt • Higher royalties and maintenance costs Higher expenses • Mainly due to increased provincial mining taxes Variance Highlights Offshore North America 8 $248 $267 Q2'25 Q2'26 $110 $113 Q2'25 Q2'26 1.04 0.92 2.95 3.02 3.99 3.94 Q2'25 Q2'26 +8% +3% -1% $630 $658 Q2'25 Average Net Selling Price Sales Volumes COGS¹ Expenses Q2'26
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Potash results – YTD 2026 Higher Net Selling Price • Due to higher global benchmark prices, partially offset by higher offshore freight and insurance costs Higher Sales Volumes • Low inventory levels and favorable potash affordability in key offshore markets Higher COGS/mt • Higher royalties and maintenance costs Higher expenses • Mainly due to increased provincial mining taxes Variance Highlights Offshore North America Adjusted EBITDA ($ millions) $235 $266 Q2'25 YTD Q2'26 YTD $112 $117 Q2'25 YTD Q2'26 YTD 2.35 2.21 5.04 5.25 7.39 7.45 Q2'25 YTD Q2'26 YTD +13% +4% +1% $1,076 $1,236 Q2'25 YTD Average Net Selling Price Sales Volumes COGS¹ Expenses Q2'26 YTD 9 Average Net Selling Price ($/mt) COGS ($/mt) Sales Volumes (million tonnes) 1. COGS excluding D&A.
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Nitrogen results – Q2 2026 Average Net Selling Price ($/mt) Adjusted EBITDA ($ millions) Sales Volumes (million tonnes) COGS ($/mt) Higher Net Selling Price • Due to stronger global benchmark prices, and reflected the portion of sales volumes established earlier in the year, prior to the onset of geopolitical conflict Lower Sales Volumes • Reflecting no production from the Trinidad and New Madrid facilities2, planned maintenance at Carseland and deferred customer purchases Lower COGS/mt • Due to lower overall natural gas costs, partially offset by higher sulfur input costs for ammonium sulfate and turnaround costs 1. COGS excluding D&A. 2. As previously disclosed, on October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown and we ceased production at our New Madrid nitrogen upgrade facility at year-end 2025. Variance Highlights 10 $387 $452 Q2'25 Q2'26 $219 $216 Q2'25 Q2'26 3.02 2.25 Q2'25 Q2'26 +17% -1% -25% $665 $635 Q2'25 Average Net Selling Price Sales Volumes COGS¹ Expenses Q2'26
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Nitrogen results – YTD 2026 Higher Net Selling Price • Due to higher global benchmark prices Lower Sales Volumes • Reflecting no production from the Trinidad and New Madrid facilities2, planned maintenance at Carseland and deferred customer purchases, partially offset by higher solutions, nitrates and sulfates sales volumes driven by reliability and debottlenecking initiatives Lower COGS/mt • Due to lower overall natural gas costs, partially offset by higher sulfur input costs for ammonium sulfate and turnaround costs Variance HighlightsAdjusted EBITDA ($ millions) $365 $416 Q2'25 YTD Q2'26 YTD $222 $220 Q2'25 YTD Q2'26 YTD 5.49 4.59 Q2'25 YTD Q2'26 YTD +14% -1% -16% $1,070 $1,117 Q2'25 YTD Average Net Selling Price Sales Volumes COGS¹ Expenses Q2'26 YTD 11 Average Net Selling Price ($/mt) Sales Volumes (million tonnes) COGS ($/mt) 1. COGS excluding D&A. 2. As previously disclosed, on October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown and we ceased production at our New Madrid nitrogen upgrade facility at year-end 2025.
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Financial guidance 12
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Financial and operational guidance 1. Guidance provided in our news release dated August 5, 2026. See the “Forward-Looking Statements” section. 2. Manufactured product only. 3. This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. 4. Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre -stripping capital expenditures which are supplementary financial measures. See the “Other Financial Measures” section. 2026 Annual Guidance1 Ranges as of August 5, 2026 Ranges as of May 6, 2026 ($ billions, except as otherwise noted) Low High Low High Retail adjusted EBITDA 1.75 1.95 1.75 1.95 Potash sales volumes (million tonnes)2 14.2 14.8 14.1 14.8 Nitrogen sales volumes (million tonnes)2 9.2 9.7 9.2 9.7 Phosphate sales volumes (million tonnes)2 2.4 2.6 2.4 2.6 Depreciation and amortization 2.4 2.5 2.4 2.5 Finance costs 0.65 0.75 0.65 0.75 Effective tax rate on adjusted net earnings (%)3 24.0 26.0 24.0 26.0 Capital expenditures4 1.95 2.05 2.0 2.1 “Our focus on operational excellence, targeted growth investments and ongoing portfolio optimization initiatives is strengthening our business, supporting structural free cash flow growth and increasing cash returns to shareholders.” Ken Seitz, President and CEO 13
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Retail Adjusted EBITDA, Market Outlook and Assumptions 1. Guidance provided in our news release dated August 5 , 2026. 2. See the “Forward-Looking Statements” section. Retail Adjusted EBITDA ($ billions) 2023 2024 $1.75 2025 • Global agricultural markets are supported by robust grain and oilseed demand. Risks to global crop production and trade have increased due to geopolitical uncertainty and forecasts indicating El Niño conditions, which are expected to place upside pressure on crop prices. • In North America, firming crop prices and a focus on protecting yield potential is expected to support crop input demand in the third quarter of 2026. A faster than average pace of crop development supports the potential for an earlier start to the fall fertilizer application season. • In Australia, grower engagement across key cropping regions and strong livestock economics are supporting demand for retail products and services. In Brazil, soybean acreage is expected to moderately increase from the prior year and purchasing activity continues to be influenced by credit availability and affordability. Market Outlook and Assumptions 14 2026 Guidance1,2 $1.70 $1.46 $1.74 $1.95
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• Adjusted EBITDA sensitivities based on average net selling price scenarios and internal cost estimates • Ranges based on Nutrien’s annual sales volume guidance of 14.2 to 14.8 million tonnes1,2 • Historical average net selling price references: Q2’26 of $267/mt; Q2’26 YTD of $266/mt; 5-year average of $335/mt3 Potash Sensitivity, Market Outlook and Assumptions 2026 Potash Adjusted EBITDA Sensitivity1 ($ billions) Potash Average Net Selling Price Scenarios (per tonne) • Global potash markets remain constructive due to favorable affordability, healthy demand in all major global markets and stable supply relative to other commodities. • We have maintained our forecast for global potash shipments of 74 to 77 million tonnes in 2026 as projected shipment levels are expected to be consistent with consumption. 1. Sales volume guidance provided in our news release dated August 5, 2026. 2. See the “Forward-Looking Statements” section. 3. Annual average from 2021-2025. Market Outlook and Assumptions 15 Sensitivity Range 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 $150 $200 $250 $300 $350 $400
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• Adjusted EBITDA sensitivities based on average net selling price scenarios and internal cost estimates • Ranges based on Nutrien’s annual sales volume guidance of 9.2 to 9.7 million tonnes1,3 • Historical average net selling price references: Q2’26 of $452/mt; Q2’26 YTD of $416/mt; 5-year average of $414/mt4 Nitrogen Sensitivity, Market Outlook and Assumptions • Global urea prices have strengthened in the third quarter of 2026 following a decline in the latter half of the second quarter during a seasonal low point for demand that was exacerbated this year due to evolving geopolitical developments. • Global nitrogen market fundamentals are expected to remain tight in the second half of 2026, driven by ongoing trade flow disruptions, production outages, elevated energy prices and import demand from key consuming regions such as India and Brazil. 2026 Nitrogen Adjusted EBITDA Sensitivity1 ($ billions) Nitrogen Average Net Selling Price Scenarios2 (per tonne) 1. Sales volume guidance provided in our news release dated August 5 , 2026. 2. Assumes annual average NYMEX natural gas price between $3.50 and $3.75/MMBtu. 3. See the “Forward-Looking Statements” section. 4. Annual average from 2021-2025. Sensitivity Range Market Outlook and Assumptions 16 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 $250 $300 $350 $400 $450 $500
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Capital expenditures reflect a focus on capital efficiency and free cash flow Capital Expenditures ($ billions) 2024 2025 Retail: high value proprietary products, network optimization and digital capabilities Potash: mine automation projects that enhance productivity and safety Nitrogen: low-cost brownfield expansions and product optimization projects 1. Annual guidance provided in our news release dated August 5, 2026. 2. See the “Forward-Looking Statements” section. 2023 Investing Capital Priorities 17 2026F1,2 $2.2B $2.0B $2.6B $1.95B – 2.05B Investing Sustaining, Mine Development and Pre-stripping
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Market outlook 18
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0% 5% 10% 15% 20% 2019 2020 2021 2022 2023 2024 2025 Vegetable oil 2026F 19 Risks to global crop production and trade expected to place upside pressure on crop prices Note: Grains include corn, wheat, milled rice, rye, sorghum, oats, millet, mixed grains, and barley. Vegetable oil includes palm, canola, soybean, sunflower, cottonseed, peanut, and olive oil. Source: Nutrien estimates based on USDA data. Global stocks to use ratio (stocks to use ratio %, excl. China) 0% 5% 10% 15% 20% 2019 2020 2021 2022 2023 2024 2025 Grain 2026F (-2%) 2026F Yield reduction of 1 to 3% Yield reduction of 1 to 3%
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Key Crop Grower Cash Margins1,2,3,4 (USD/acre, CAD/acre, BRL/hectare) US Corn Cash Selling Price & Costs1,4,5 (US$/bushel) Global grain and oilseed prices have strengthened in 2026 US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans Source: USDA, IMEA, Bloomberg, ICE, FAO, IFA, Nutrien 20 1. 2026F are based on trend yields and 2026 futures prices as of July 17, 2026. 2. 10-year average represents 2016 to 2025. 3. 2026F for Brazil is the 2025/26 crop, whereas 2026F for the US is the 2026/27 crop. 4. Does not include recent economic assistance, or other subsidies for growers. 5. Annual cash costs on a per bushel basis are impacted by both realized inflation/deflation and by the annual corn yield. 6. Includes cash rent and with other variable costs such as fuel, energy and repairs. Note that the range of estimated grower cash margins reflects differing fertilizer cost assumptions, both pre -conflict pricing scenarios and higher post-conflict input cost assumptions. 0 600 1,200 1,800 2,400 3,000 3,600 10-yr Avg. 2025E 2026F 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025F 2026F Chemicals Seed Fertilizer Other Costs Corn Price6 0 100 200 300 400 10-yr Avg 2025F 2026F 10-yr Avg 2025F 2026F 10-yr Avg 2025F 2026F 10-yr Avg 2025F 2026F 10-yr Avg 2025F 2026F
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Geopolitical events disrupt global fertilizer and energy markets Iran exports N: 5.4 Mmt Rest of M/E exports N: 15.1 Mmt P: 6.2 Mmt Egypt exports N: 4.3 Mmt P: 0.6 Mmt Israel & Jordan exports K: 6.2 Mmt P: 0.8 Mmt China exports N: 5.0 Mmt P: 5.0 Mmt India imports N: 9.3 Mmt P: 6.5 Mmt Middle East exports1 are a critical part of global fertilizer and energy ~40% Urea ~30% Ammonia ~25% DAP/MAP ~50% Sulfur ~20-25% Oil & LNG Iran provides ~8% of global urea Exports from other regional producers2 remain logistically constrained Upstream supply (natural gas and sulfur) is key for nitrogen and phosphate production, and TTF price in Europe determines nitrogen marginal cost of production Potash supply out of the region remains operational but transportation costs have increased 21Note – the figures represented on the map reflect 2025 actuals. “N” refers to predominantly urea products, “P” refers to Phospha te (including DAP, MAP, TSP), and “K” refers to Potash. 1 Includes countries in the Middle East, as well as Iran and Egypt. Note that these figures represent 2025 estimates, and rec ent trade flow restrictions have directly impacted a smaller portion of global exports (e.g. >30% urea and ~25% ammonia) 2 Include Saudi Arabia, Bahrain, Qatar, Kuwait, UAE.
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Maintaining our global potash shipment forecast range of 74–77 Mmt in 2026 Historical & Projected Potash Demand by Region (millions tonnes KCl) Source: Industry Consultants, Nutrien 22 India Other Asia North America Latin America China Other 0 5 10 15 20 21 22 23 24 25 26F 21 22 23 24 25 26F 21 22 23 24 25 26F 21 22 23 24 25 26F 21 22 23 24 25 26F 21 22 23 24 25 26F 3.5-4.0 9.8-10.2 17.0-18.0 19.5-20.5 10.0-11.0 13.5-14.0
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0 5 10 15 20 25 30 Higher demand testing existing global operating and supply chain capabilities Source: CRU, Company Reports, Nutrien 1. Includes production from Latin America, Laos, the US, and Eastern Europe (excluding Russia and Belarus). Potash Production in Selected Regions - Midpoint Forecast (million tonnes KCl) 23 2024 2025E 2026F 2024 2025 2026F Canada Russia Belarus Europe Middle East Other1China
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China DAP/MAP Exports (millions of tonnes product) China Urea Exports (millions of tonnes product) Source: CRU, Argus, Nutrien 24 Chinese fertilizer exports remain constrained amid ongoing geopolitical uncertainty - 2 4 6 8 2022 2023 2024 2025 2026F - 2 4 6 8 2022 2023 2024 2025 2026F
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2022 2023 2024 2025 2026 2H 0 5 10 15 20 2022 2023 2024 2025 2026 1H Urea Imports for key consuming regions (millions of tonnes product) Global nitrogen market fundamentals are expected to remain tight in the 2H 2026 Source: AgrInvest, CRU, and Nutrien Data set includes India, Brazil, SE Asia (Bangladesh, Indonesia, Malaysia, Philippines, Thailand, and Vietnam), Latin America (Argentina, Chile, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Panama, Peru, Venezuela) 25 ~40% of FY imports ~60% of FY imports ~25% down vs. 2022-25 avg
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Thank you! For more information, please visit: www.nutrien.com 26