Earnings release
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Exhibit 99.2 The Mosaic Company Selected Calendar Quarter Financial Information (Unaudited) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Consolidated data (in millions, except per share) Diluted net earnings (loss) per share $ (0.01) $ 1.11 $ 0.14 $ (0.50) $ 0.38 $ 0.53 $ 0.75 $ 1.29 Notable items impact on earnings per share (0.69) 0.40 (0.51) (1.04) 0.04 0.08 0.26 0.78 Adjusted diluted net earnings per share $ 0.68 $ 0.71 $ 0.65 $ 0.54 $ 0.34 $ 0.45 $ 0.49 $ 0.51 Diluted weighted average # of shares outstanding 332.0 327.7 323.5 321.2 319.4 318.5 318.2 319.0 Total Net Sales $ 3,548 $ 3,149 $ 2,679 $ 2,817 $ 2,811 $ 2,816 $ 2,621 $ 3,005 Cost of goods sold 3,139 2,589 2,280 2,423 2,395 2,514 2,133 2,487 Gross Margin $ 409 $ 560 $ 399 $ 394 $ 416 $ 302 $ 488 $ 518 SG&A 120 123 107 128 149 113 123 167 Other operating (income) expense 144 158 119 33 153 89 27 107 Operating earnings $ 145 $ 279 $ 173 $ 233 $ 115 $ 100 $ 338 $ 244 Interest expense, net (17) (35) (48) (46) (42) (47) (41) (53) Consolidated foreign currency gain/(loss) (97) 91 (100) (268) 101 (419) 133 169 Earnings from consolidated companies before income taxes (19) 324 25 (74) 174 191 313 564 Provision for (benefit from) income taxes (6) (44) 6 99 48 34 63 146 Earnings (loss) from consolidated companies $ (13) $ 368 $ 19 $ (173) $ 126 $ 157 $ 250 $ 418 Equity in net earnings (loss) of nonconsolidated companies 16 — 37 22 5 9 — 2 Less: Net earnings (loss) attributable to noncontrollinginterests 7 3 11 11 9 (3) 12 9 Net earnings (loss) attributable to Mosaic $ (4) $ 365 $ 45 $ (162) $ 122 $ 169 $ 238 $ 411 After tax Notable items included in earnings $ (231) $ 131 $ (165) $ (334) $ 15 $ 25 $ 82 $ 249 Gross Margin Rate 12 % 18 % 15 % 14 % 15 % 11 % 19 % 17 % Effective Tax Rate (including discrete tax) 32 % (14)% 24 % (133)% 28 % 18 % 20 % 26 % Discrete Tax benefit (expense) $ 17 $ 2 $ 1 $ (120) $ 4 $ (11) $ 26 $ (1) Depreciation, Depletion and Amortization $ 239 $ 257 $ 241 $ 264 $ 238 $ 283 $ 243 $ 262 Accretion Expense $ 23 $ 27 $ 27 $ 28 $ 26 $ 31 $ 32 $ 33 Share-Based Compensation Expense $ 6 $ 6 $ 9 $ 12 $ 5 $ 7 $ 10 $ 7 Notable Items $ 335 $ — $ 222 $ 319 $ (28) $ 32 $ (83) $ (347) Adjusted EBITDA $ 594 $ 646 $ 576 $ 584 $ 448 $ 594 $ 544 $ 566 Net cash provided by (used in) operating activities $ 647 $ 538 $ (80) $ 847 $ 313 $ 219 $ 43 $ 610 Cash paid for interest (net of amount capitalized) 5 76 17 77 20 72 12 82 Cash paid for income taxes (net of refunds) 49 (36) 99 74 111 53 76 75 Net cash used in investing activities $ (422) $ (362) $ (388) $ (349) $ (248) $ (277) $ (341) $ (319) Capital expenditures (412) (359) (383) (334) (241) (294) (341) (305) Net cash (used in) provided by financing activities $ (254) $ (411) $ 458 $ (489) $ (138) $ 37 $ 272 $ (285) Cash dividends paid (66) (65) (70) (68) (67) (67) (71) (70) Effect of exchange rate changes on cash $ (10) $ (6) $ (4) $ (6) $ 55 $ (7) $ — $ 18 Net change in cash and cash equivalents $ (39) $ (241) $ (14) $ 3 $ (18) $ (27) $ (26) $ 24 Short-term debt $ 300 $ 400 $ 1,204 $ 882 $ 752 $ 847 $ 1,234 $ 1,041 Long-term debt (including current portion) 3,357 3,362 3,350 3,319 3,313 3,378 3,363 3,370 Cash & cash equivalents 591 349 337 322 302 273 259 286 Net debt $ 3,066 $ 3,413 $ 4,217 $ 3,879 $ 3,763 $ 3,952 $ 4,338 $ 4,125 Segment Contributions (in millions) Phosphate $ 986 $ 1,070 $ 1,169 $ 1,180 $ 1,005 $ 1,165 $ 1,099 $ 1,173 Potash 720 758 643 663 526 557 570 710 Mosaic Fertilizantes 1,731 1,192 886 1,049 1,399 1,088 934 1,175 Corporate and Other 111 129 (19) (75) (119) 6 18 (53) Total net sales $ 3,548 $ 3,149 $ 2,679 $ 2,817 $ 2,811 $ 2,816 $ 2,621 $ 3,005 Phosphate $ (58) $ 21 $ 40 $ 133 $ 8 $ 44 $ 139 $ (8) Potash 200 222 198 174 109 123 157 194 Mosaic Fertilizantes 77 50 42 61 56 79 98 109 Corporate and Other (74) (14) (107) (135) (58) (146) (56) (51) Consolidated operating earnings $ 145 $ 279 $ 173 $ 233 $ 115 $ 100 $ 338 $ 244 (a) (a) (b) (c) (c)
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Phosphate 1,651 1,582 1,644 1,696 1,475 1,622 1,498 1,546 Potash 2,220 2,577 2,163 2,346 1,996 2,239 2,113 2,343 Mosaic Fertilizantes 3,060 2,158 1,715 2,196 2,879 2,240 1,847 2,232 Corporate and Other 482 618 333 316 297 432 361 301 Total finished product tonnes sold ('000 tonnes) 7,413 6,935 5,855 6,554 6,647 6,533 5,819 6,422 Sales of Performance Products ('000 tonnes) 1,305 1,044 787 839 1,001 1,135 681 900 (d) (d) (e)
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The Mosaic Company - Phosphate Segment Selected Calendar Quarter Financial Information (Unaudited) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Sales and Gross Margin (in millions, except per tonne) Segment income statement Net Sales - Finished Goods $ 946 $ 1,028 Net Sales - Other revenue 153 145 Net Sales $ 986 $ 1,070 $ 1,169 $ 1,180 $ 1,005 $ 1,165 $ 1,099 $ 1,173 Cost of Goods Sold 899 931 1,010 1,026 863 1,027 932 1,070 Gross Margin $ 87 $ 139 $ 159 $ 154 $ 142 $ 138 $ 167 $ 103 Notable Items Included in Gross Margin — (28) — (15) — (53) — — Adjusted Gross Margin $ 87 $ 167 $ 159 $ 169 $ 142 $ 191 $ 167 $ 103 SG&A 10 11 13 10 12 10 12 13 Other operating (income) expense 135 107 106 11 123 84 16 98 Operating Earnings $ (58) $ 21 $ 40 $ 133 $ 8 $ 44 $ 139 $ (8) Plus: Depreciation, Depletion and Amortization 117 124 117 128 118 143 113 129 Plus: Accretion Expense 16 19 20 20 20 25 25 26 Plus: Foreign Exchange Gain (Loss) 4 (1) 2 2 (5) (4) (3) (7) Plus: Other Income (Expense) (6) (9) 3 (2) 1 517 — (8) Plus: Dividends from equity investments — — 15 — — — — — Less: Earnings (loss) from Consolidated Noncontrolling Interests 8 2 10 11 8 (4) 8 10 Plus: Notables Items 136 107 90 38 131 (388) 10 95 Adjusted EBITDA $ 201 $ 259 $ 277 $ 308 $ 265 $ 341 $ 276 $ 217 Capital expenditures $ 157 $ 208 $ 197 $ 177 $ 127 $ 160 $ 236 $ 185 Gross Margin $ / tonne of finished product $ 53 $ 88 $ 97 $ 91 $ 96 $ 85 $ 111 $ 67 Adjusted Gross Margin $ / tonne of finished product $ 53 $ 106 $ 97 $ 100 $ 96 $ 118 $ 111 $ 67 Gross margin as a percent of sales 9 % 13 % 14 % 13 % 14 % 12 % 15 % 9 % Freight included in finished goods (in millions) $ 92 $ 105 $ 103 $ 104 $ 79 $ 83 $ 84 $ 93 Idle/Turnaround costs (excluding notable items) $ 25 $ 32 $ 56 $ 36 $ 7 $ 24 $ 44 $ 84 Operating Data Sales volumes ('000 tonnes) DAP/MAP 913 762 900 828 656 749 846 711 Performance & other products 673 741 673 794 750 814 587 773 Other products 65 79 71 74 69 59 65 62 Total Finished Product 1,651 1,582 1,644 1,696 1,475 1,622 1,498 1,546 DAP selling price (fob plant) $ 487 $ 552 $ 598 $ 575 $ 569 $ 593 $ 623 $ 668 Average finished product selling price(g) $ 491 $ 553 $ 593 $ 578 $ 579 $ 606 $ 632 $ 665 Production Volumes ('000 tonnes) Total tonnes produced 1,593 1,479 1,577 1,675 1,625 1,413 1,423 1,505 Operating Rate 64 % 60 % 64 % 68 % 66 % 58 % 58 % 61 % Raw Materials Ammonia used in production (tonnes) $ 234 $ 209 $ 246 $ 243 $ 238 $ 228 $ 214 $ 226 Sulfur used in production $ 735 $ 549 $ 725 $ 778 $ 739 $ 694 $ 661 $ 732 Realized costs ($/tonne) Ammonia (tonne) $ 353 $ 366 $ 404 $ 424 $ 482 $ 435 $ 416 $ 445 Sulfur (long ton) $ 156 $ 152 $ 142 $ 138 $ 126 $ 127 $ 157 $ 209 Blended rock $ 81 $ 77 $ 81 $ 86 $ 87 $ 87 $ 77 $ 74 Phosphate cash conversion costs, production / tonne $ 105 $ 118 $ 110 $ 100 $ 101 $ 118 $ 134 $ 126 Cash costs of U.S. mined rock/production tonne $ 56 $ 56 $ 57 $ 54 $ 56 $ 52 $ 54 $ 51 ARO cash spending (in millions) $ 42 $ 41 $ 40 $ 59 $ 54 $ 72 $ 70 $ 79 (b) (b) (d) (f) (i) (d) (q) (h) (j) (k) (r) (s)
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The Mosaic Company - Potash Segment Selected Calendar Quarter Financial Information (Unaudited) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Sales and Gross Margin (in millions, except per tonne) Segment income statement Net Sales - Finished Goods $ 495 $ 641 Net Sales - Other revenue 75 69 Net Sales $ 720 $ 758 $ 643 $ 663 $ 526 $ 557 $ 570 $ 710 Cost of Goods Sold 510 503 431 477 404 434 402 501 Gross Margin $ 210 $ 255 $ 212 $ 186 $ 122 $ 123 $ 168 $ 209 Notable Items Included in Gross Margin — — — — — — — — Adjusted Gross Margin $ 210 $ 255 $ 212 $ 186 $ 122 $ 123 $ 168 $ 209 SG&A 6 8 9 7 7 8 8 8 Other operating (income) expense 4 25 5 5 6 (8) 3 7 Operating Earnings $ 200 $ 222 $ 198 $ 174 $ 109 $ 123 $ 157 $ 194 Plus: Depreciation, Depletion and Amortization 66 89 82 94 69 93 81 79 Plus: Accretion Expense 2 3 2 3 2 2 3 3 Plus: Foreign Exchange Gain (Loss) (26) 41 (31) (12) 48 (185) 13 82 Plus: Other Income (Expense) (43) (2) — — — 1 (1) 1 Plus: Notable Items 68 (31) 30 12 (48) 178 (13) (81) Adjusted EBITDA $ 267 $ 322 $ 281 $ 271 $ 180 $ 212 $ 240 $ 278 Capital expenditures $ 85 $ 105 $ 97 $ 75 $ 61 $ 65 $ 45 $ 73 Gross Margin $ / tonne of finished product $ 95 $ 99 $ 98 $ 79 $ 61 $ 55 $ 80 $ 89 Adjusted Gross Margin $ / tonne of finished product $ 95 $ 99 $ 98 $ 79 $ 61 $ 55 $ 80 $ 89 Gross margin as a percent of sales 29 % 34 % 33 % 28 % 23 % 22 % 29 % 29 % Supplemental Cost Information Canadian resource taxes $ 86 $ 102 $ 64 $ 67 $ 45 $ 56 $ 47 $ 62 Royalties $ 9 $ 13 $ 10 $ 10 $ 9 $ 10 $ 9 $ 10 Freight $ 99 $ 78 $ 86 $ 94 $ 87 $ 60 $ 74 $ 74 Idle/Turnaround costs (excluding notable items) $ 37 $ 3 $ 9 $ 18 $ 23 $ 6 $ 1 $ 34 Operating Data Sales volumes ('000 tonnes) MOP 2,031 2,359 1,927 2,113 1,775 2,064 1,947 2,122 Performance & other products 177 207 225 225 211 168 159 214 Other products 12 11 11 8 10 7 7 7 Total Finished Product 2,220 2,577 2,163 2,346 1,996 2,239 2,113 2,343 Crop Nutrients North America 1,129 773 838 970 647 779 863 752 Crop Nutrients International 1,007 1,666 1,195 1,260 1,255 1,341 1,126 1,439 Non-Agricultural 84 138 130 116 94 119 124 152 Total Finished Product 2,220 2,577 2,163 2,346 1,996 2,239 2,113 2,343 MOP selling price (fob mine) $ 266 $ 243 $ 241 $ 224 $ 215 $ 199 $ 223 $ 261 Average finished product selling price(g) $ 278 $ 262 $ 258 $ 240 $ 233 $ 214 $ 234 $ 274 Production Volumes ('000 tonnes) Production Volume 1,854 2,527 2,338 2,224 1,904 2,332 2,256 2,094 Operating Rate 66 % 90 % 81 % 78 % 66 % 81 % 78 % 73 % MOP cash costs of production including brine / production tonne $ 73 $ 66 $ 72 $ 64 $ 74 $ 73 $ 78 $ 75 ARO cash spending (in millions) $ 3 $ 2 $ 1 $ 2 $ 2 $ 3 $ 1 $ 3 Average CAD / USD $ 1.342 $ 1.361 $ 1.348 $ 1.368 $ 1.364 $ 1.399 $ 1.434 $ 1.384 (b) (b) (l) (d) (m) (i) (d) (d) (o) (n)
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The Mosaic Company - Mosaic Fertilizantes Segment Selected Calendar Quarter Financial Information (Unaudited) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Sales and Gross Margin (in millions, exceptper tonne) Segment income statement Net Sales - Finished Goods $ 834 $ 1,059 Net Sales - Other revenue 100 116 Net Sales $ 1,731 $ 1,192 $ 886 $ 1,049 $ 1,399 $ 1,088 $ 934 $ 1,175 Cost of Goods Sold 1,625 1,098 811 947 1,271 986 807 1,013 Gross Margin $ 106 $ 94 $ 75 $ 102 $ 128 $ 102 $ 127 $ 162 Notable Items Included in Gross Margin (2) (3) 1 4 6 9 — — Adjusted Gross Margin $ 108 $ 97 $ 74 $ 98 $ 122 $ 93 $ 127 $ 162 SG&A 26 29 30 27 62 16 23 61 Other operating (income) expense 3 15 3 14 10 7 6 (8) Operating Earnings $ 77 $ 50 $ 42 $ 61 $ 56 $ 79 $ 98 $ 109 Plus: Depreciation, Depletion and Amortization 54 41 40 40 39 40 38 44 Plus: Accretion Expense 5 5 5 5 4 4 4 4 Plus: Foreign Exchange Gain (Loss) (48) 32 (45) (144) 17 (84) 41 (17) Plus: Other Income (Expense) (1) (1) (2) (2) (2) (2) (1) (1) Less: Earnings from Consolidated NoncontrollingInterests — — 1 (1) — 1 1 (1) Plus: Notable Items 60 (16) 44 135 (31) 46 (57) 19 Adjusted EBITDA $ 147 $ 111 $ 83 $ 96 $ 83 $ 82 $ 122 $ 159 Capital expenditures $ 118 $ 68 $ 82 $ 46 $ 51 $ 64 $ 59 $ 46 Gross Margin $ / tonne of finished product $ 35 $ 44 $ 44 $ 46 $ 44 $ 46 $ 69 $ 73 Adjusted Gross Margin $ / tonne of finished product $ 35 $ 45 $ 43 $ 45 $ 42 $ 42 $ 69 $ 73 Gross margin as a percent of sales 6 % 8 % 8 % 10 % 9 % 9 % 14 % 14 % Idle/Turnaround costs (excluding notable items) $ 28 $ 26 $ 15 $ 24 $ 40 $ 18 $ 13 $ 26 Operating Data Sales volumes ('000 tonnes) Fertilizer produced in Brazil sold to third parties 610 453 357 473 629 461 331 387 Fertilizer produced in Brazil sold through distribution 519 272 328 489 409 207 358 666 Purchased nutrients for distribution(p) 1,931 1,433 1,030 1,234 1,841 1,572 1,158 1,179 Total Finished Product 3,060 2,158 1,715 2,196 2,879 2,240 1,847 2,232 Sales of Performance Products ('000 tonnes) 660 341 123 215 462 307 93 252 Brazil MAP price (Brazil production delivered price tothird party) $ 533 $ 580 $ 581 $ 596 $ 601 $ 632 $ 681 $ 729 Average finished product selling price(g) $ 531 $ 500 $ 463 $ 423 $ 447 $ 433 $ 452 $ 474 Production Volumes ('000 tonnes) Phosphate tonnes produced 807 774 793 752 779 781 778 843 MOP tonnes produced 106 114 104 79 105 108 97 122 Phosphate operating rate 81 % 77 % 79 % 75 % 78 % 78 % 78 % 84 % Potash operating rate 85 % 91 % 83 % 63 % 85 % 88 % 78 % 98 % Realized Costs ($/tonne) Ammonia/tonne $ 667 $ 655 $ 705 $ 623 $ 572 $ 628 $ 684 $ 601 Sulfur (long ton) $ 219 $ 179 $ 173 $ 174 $ 170 $ 177 $ 219 $ 270 Blended rock $ 117 $ 117 $ 115 $ 107 $ 105 $ 109 $ 97 $ 94 (b) (b) (e)
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Purchases ('000 tonnes) DAP/MAP from Mosaic 20 58 68 30 43 54 62 21 MicroEssentials® from Mosaic 152 163 169 289 337 195 120 282 Potash from Mosaic/Canpotex 672 404 358 736 682 419 355 507 Phosphate cash conversion costs in USD, production /tonne(r) $ 101 $ 110 $ 101 $ 100 $ 88 $ 85 $ 87 $ 84 Potash cash conversion costs in USD, production / tonne $ 235 $ 217 $ 196 $ 208 $ 175 $ 151 $ 187 $ 178 Mined rock costs in USD, cash produced / tonne $ 102 $ 111 $ 121 $ 98 $ 105 $ 93 $ 87 $ 90 ARO cash spending (in millions) $ 6 $ 7 $ 2 $ 5 $ 6 $ 5 $ 1 $ 1 Average BRL / USD $ 4.880 $ 4.953 $ 4.952 $ 5.216 $ 5.546 $ 5.842 $ 5.853 $ 5.669
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The Mosaic Company - Corporate and Other Segment Selected Calendar Quarter Financial Information (Unaudited) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Sales and Gross Margin (in millions) Segment income statement Net Sales $ 111 $ 129 $ (19) $ (75) $ (119) $ 6 $ 18 $ (53) Cost of Goods Sold 105 57 28 (27) (143) 67 (8) (97) Gross Margin (Loss) $ 6 $ 72 $ (47) $ (48) $ 24 $ (61) $ 26 $ 44 Notable items Included in Gross Margin (45) 40 (31) (28) 38 (80) 59 51 Adjusted Gross Margin (Loss) $ 51 $ 32 $ (16) $ (20) $ (14) $ 19 $ (33) $ (7) SG&A 78 75 55 84 68 79 80 85 Other operating (income) expense 2 11 5 3 14 6 2 10 Operating Earnings (Loss) $ (74) $ (14) $ (107) $ (135) $ (58) $ (146) $ (56) $ (51) Plus: Depreciation, Depletion and Amortization 2 3 2 2 12 7 11 10 Plus: Share-Based Compensation Expense 6 6 9 11 5 7 10 7 Plus: Foreign Exchange Gain (Loss) (26) 19 (27) (114) 40 (145) 82 111 Plus: Other Income (Expense) — — — 11 — 39 (116) 213 Plus: Earnings (Loss) from equity investments — — — — — — — 2 Less: Earnings (Loss) from Consolidated Noncontrolling Interests — — — — (1) (1) 2 — Plus: Notable Items 71 (60) 58 134 (80) 196 (23) (380) Adjusted EBITDA $ (21) $ (46) $ (65) $ (91) $ (80) $ (41) $ (94) $ (88) Elimination of profit in inventory included in COGS $ 45 $ 16 $ (15) $ (10) $ (3) $ 7 $ (49) $ — Unrealized gain (loss) on derivatives included in COGS $ (45) $ 41 $ (31) $ (29) $ 39 $ (80) $ 59 $ 51 (b) (b)
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The Mosaic Company Selected Calendar Quarter Financial Information (Unaudited) Notable Items Q2 2025 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ 169 $ (45) $ 0.39 Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold 51 (14) 0.11 Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (14) 4 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income(expense) 216 (58) 0.50 ARO Adjustment Phosphate Other operating income(expense) (44) 12 (0.10) Environmental Reserve Phosphate Other operating income(expense) (32) 9 (0.07) Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) (7) 2 (0.02) Total Notable Items $ 339 $ (90) $ 0.78 Q1 2025 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ 148 $ (43) $ 0.33 Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold 59 (17) 0.13 Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (14) 3 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income(expense) (117) 34 (0.26) ARO Adjustment Phosphate Other operating income(expense) (2) 1 — Discrete tax items Consolidated (Provision for) benefit fromincome taxes — 30 0.09 Total Notable Items $ 74 $ 8 $ 0.26 (t) (t)
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Q4 2024 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ (390) $ 75 $ (0.99) Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold (80) 15 (0.20) Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (13) 2 (0.04) FX functional currency Mosaic Fertilizantes Cost of goods sold 9 (2) 0.02 Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) (5) 1 (0.01) ARO Adjustment Phosphate Other operating income(expense) (23) 4 (0.06) Hurricane Milton idle costs Phosphate Cost of goods sold (52) 10 (0.13) Gain on sale of equityinvestment Phosphate Other non-operating income(expense) 522 (43) 1.51 Ma'aden mark-to-market Corporate and Other Other non-operating income(expense) 28 (5) 0.07 ARO Adjustment Potash Other operating income(expense) 7 (1) 0.02 Arbitration reserve Phosphate Other Operating Expense/NonControlling Interest (43) 9 (0.11) Total Notable Items $ (40) $ 65 $ 0.08 Q3 2024 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ 111 $ (35) $ 0.22 Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold 38 (11) 0.09 Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (15) 5 (0.03) FX functional currency Mosaic Fertilizantes Cost of goods sold 6 (2) 0.01 Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) 5 (2) 0.01 ARO Adjustment Phosphate Other operating income(expense) (102) 31 (0.22) Environmental reserve Phosphate Other operating income(expense) (20) 6 (0.04) Total Notable Items $ 23 $ (8) $ 0.04 (t) (t)
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Q2 2024 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ (263) $ 76 $ (0.58) Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold (28) 9 (0.07) Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (13) 3 (0.03) FX functional currency Mosaic Fertilizantes Cost of goods sold 4 (1) — Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) (2) — — Land reclamation Phosphate Cost of goods sold (15) 4 (0.03) Pension plan termination Corporate and Other Other non-operating income(expense) 8 (2) 0.02 Franchise tax reversal Phosphate Other operating income(expense) (15) 4 (0.03) Discrete tax items Consolidated (Provision for) benefit fromincome taxes — (103) (0.32) Total Notable Items $ (324) $ (10) $ (1.04) Q1 2024 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ (100) $ 28 $ (0.22) Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold (31) 8 (0.07) Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (11) 3 (0.03) FX functional currency Mosaic Fertilizantes Cost of goods sold 1 — — Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) 4 (1) 0.01 ARO Adjustment Phosphate Other operating income(expense) (14) 4 (0.03) Environmental reserve Phosphate Other operating income(expense) (77) 21 (0.17) Total Notable Items $ (228) $ 63 $ (0.51) (t) (t)
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Q4 2023 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ 79 $ (16) $ 0.20 Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold 40 (7) 0.10 Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (9) 2 (0.03) FX functional currency Mosaic Fertilizantes Cost of goods sold (3) 1 (0.01) Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) (7) 2 (0.02) ARO Adjustment Phosphate Other operating income(expense) (4) 1 (0.01) Environmental reserve Phosphate Other operating income(expense) (64) 11 (0.16) Land reclamation Phosphate Cost of goods sold (28) 5 (0.07) ARO adjustment Potash Other operating income(expense) (10) 2 (0.02) Tax law change Mosaic Fertilizantes (Provision for) benefit fromincome taxes — 136 0.42 Total Notable Items $ (6) $ 137 $ 0.40 Q3 2023 Description Segment Line Item Amount(in millions) Tax Effect(in millions) EPS Impact(per basicshare) Foreign currency transactiongain (loss) Consolidated Foreign currency transactiongain (loss) $ (107) $ 27 $ (0.23) Unrealized gain (loss) onderivatives Corporate and Other Cost of goods sold (45) 12 (0.10) Closed and indefinitely idledfacility costs Phosphate Other operating income(expense) (12) 3 (0.03) FX functional currency Mosaic Fertilizantes Cost of goods sold (2) 1 — Realized gain (loss) on RCRATrust Securities Phosphate Other non-operating income(expense) (6) 1 (0.01) ARO Adjustment Phosphate Other operating income(expense) (123) 32 (0.28) Environmental reserve Phosphate Other operating income(expense) (3) 1 (0.01) Pension plan terminationsettlement Potash Other non-operating income(expense) (42) 10 (0.10) Discrete tax items Consolidated (Provision for) benefit fromincome taxes — 22 0.07 Total Notable Items $ (340) $ 109 $ (0.69) (t) (t)
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Footnotes (a) Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations". (b) See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”. (c) Includes elimination of intersegment sales. (d) Finished product sales volumes include intersegment sales. (e) Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes. (f) Includes MicroEssentials performance products. (g) Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods. (h) Includes crop nutrient dry concentrates and animal feed ingredients. (i) Includes finished goods sales of feed and other products. (j) Amounts are representative of our average ammonia costs in cost of goods sold. (k) Amounts are representative of our average sulfur costs in cost of goods sold. (l) Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales. (m)Includes K-Mag, and Aspire finished performance products. (n) MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs. (o) Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate. (p) Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex. (q) Includes intersegment sales. (r) Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. (s) Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period. (t) Tax impact is based on our expected annual effective rate.
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The Mosaic Company Selected Calendar Quarter Financial Information (Unaudited) Non-GAAP Financial Measures In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below. The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted Diluted Net Earnings Per Share Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information. Consolidated Adjusted EBITDA Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below. (in millions) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Consolidated Net Income (Loss) $ (4) $ 365 $ 45 $ (162) $ 122 $ 169 $ 238 $ 411 Less: Consolidated Interest Expense, Net (17) (35) (48) (46) (42) (47) (41) (53) Plus: Consolidated Depreciation, Depletion & Amortization 239 257 241 264 238 283 243 262 Plus: Accretion Expense 23 27 27 28 26 31 32 33 Plus: Share-Based Compensation Expense (Benefit) 6 6 9 12 5 7 10 8 Plus: Consolidated Provision for (Benefit from) Income Taxes (6) (44) 6 99 48 34 63 146 Less: Equity in net earnings (loss) of nonconsolidated companies, net ofdividends 16 — 22 22 5 9 — — Plus: Notable Items 335 — 222 319 (28) 32 (83) (347) Consolidated Adjusted EBITDA $ 594 $ 646 $ 576 $ 584 $ 448 $ 594 $ 544 $ 566
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Segment Adjusted EBITDA Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense) plus dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information. Adjusted Gross Margin Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.