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Mosaic FOR IMMEDIATE RELEASE Media Ben Pratt The Mosaic Company 813-775-4206 benjamin.pratt@mosaicco.com Investors Paul Massoud The Mosaic Company 813-775-4260 paul.massoud@mosaicco.com The Mosaic Company 101 E. Kennedy Blvd. , Suite 2500 Tampa , FL 33602 www.mosaicco.com THE MOSAIC COMPANY REPORTS STRONG THIRD QUARTER 2021 RESULTS Third quarter net income of $ 372 million , adjusted EBITDA of $ 969 million Fourth quarter phosphate and potash realized prices expected to reflect material increases over the third quarter Repurchased 956,404 shares to date ; raised 2022 annual dividend target by 50 percent ; retired $ 450 million of long - term debt TAMPA , FL , November 1 , 2021 - The Mosaic Company ( NYSE : MOS ) , reported net income of $ 372 million , or $ 0.97 per diluted share , for the third quarter of 2021. Adjusted EPS ( 1 ) was $ 1.35 and adjusted EBITDA ( 1 ) was $ 969 million . Gross margin was $ 865 million compared to $ 355 million a year ago , as all three operating segments benefited from higher prices and transformation efforts , partially offset by lower volumes . Reported earnings were negatively impacted by primarily non - cash notable items of $ 168 million . " Mosaic's third quarter results were the strongest in more than a decade , as our business continues to realize the benefits of a favorable market amplified by our transformation efforts . From the acquisition and optimization of Mosaic Fertilizantes to the acceleration of our Esterhazy K3 potash mine and the recent restart of the Colonsay potash mine , Mosaic has evolved into a business that we believe can deliver results throughout the cycle , " said Joc O'Rourke , President and CEO . " These efforts are generating significant free cash flow , which we are using to strengthen the balance sheet and invest in the business , while returning capital to investors . " Highlights : Third quarter revenues were up 44 percent year - over - year to $ 3.4 billion , as stronger pricing more than offset lower volumes . Gross margins in the quarter were up 143 percent from the prior year period . The gross margin rate in the quarter was 25.3 percent , up from 14.9 percent in third quarter of 2020 . The company generated $ 423 million in cash flow from operations during the quarter . Year - to - date cash flow from operations totaled $ 1.8 billion . Cash and equivalents totaled $ 843 million as of September 30 , 2021 . Repairs to address the impacts of Hurricane Ida at our Louisiana phosphate plants and the mechanical failure at our New Wales facility have proceeded in line with early expectations . Louisiana operations have now been restored to normal operating levels , and repairs at New Wales are nearly complete . Operating rates in the phosphates segment are expected to reach normalized levels during the fourth quarter . ( 1 ) See " Non - GAAP Financial Measures " for additional information and reconciliation . 1