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The Mosaic Company 1 November 4, 2025 Third Quarter 2025 Results
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Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 199 5. Such statements may include, but are not limited to, st atements about future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectati ons of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and ec onomic instability and changes in government policies in countri es in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subjec t to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; inte rnational trade risks, including the impact of U.S. tariffs and retaliatory tariffs on economic conditions; and other risks associated with Mosaic’s international operations; a material adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of Ma'aden; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, im plementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of America or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global ta x audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississi ppi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, s now, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/ or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Act ual results may differ from those set forth in the forward-looking statements. This presentation includes the presentation and discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAA P adjusted EBITDA, non-GAAP cash cost of conversion or production per tonne, or non-GAAP adjusted effective tax rate, collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental nu merical 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 U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures 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 metrics, including adjusted EPS, adjusted gross margin, and adj usted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and adjusted EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that these adjusted measures provide securities analysts, investors, management and ot hers with useful supplemental information regarding our performance by excluding certain items that may not be indica tive of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist o ur management in comparing our and our competitors' operating results. We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, gross margin per tonne, or a quantitative reconciliation of forward-look ing adjusted EPS, adjusted gross margin and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Histori cally, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives and equity securities, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non- GAAP financial measures contained in this press release are f ound below. Reconciliations for current and historical periods beg inning with the quarter ended December 31, 2023 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross ma rgin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This informat ion is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.
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Third Quarter 2025 Performance $3,452M $340M $411M $806M Phosphate Potash Mosaic Fertilizantes Adjusted1 EBITDA Net Income Operating Earnings Consolidated Revenues 1 See Non-GAAP Financial Measures for additional information 3 $1,290M $102M $280M Net Revenues Adjusted 1 EBITDA Operating Earnings $695M Net Revenues $329M Adjusted1 EBITDA $229M Operating Earnings $1,592M $96M $241M Net Revenues Adjusted 1 EBITDA Operating Earnings
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Phosphate Results 4 Q3 2025 Key Metrics 1.6M tonnesSales Volumes 1.7M tonnesProduction Volumes $714/tonneDAP FOB Plant $131/tonneCash Cost of Conversion1 $80/tonneBlended Rock Cost in COGS $42 millionIdle and Turnaround Expenses $1,290M $102M $280M Q3 realized stripping margin in excess of $500 per tonne Net Revenues Adjusted 1 EBITDA Operating Earnings Q3 production volumes showed significant sequential improvement. Trailing 3-month period ending October reached approximately 1.8 million tonnes Q3 idle and turnaround expenses of $42M declined from $84 million in Q2 1 See Non-GAAP Financial Measures for additional information
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Potash Results 5 Q3 2025 Key Metrics 2.3M tonnesSales Volumes 2.3M tonnesProduction Volumes $271/tonneMOP FOB Mine $71/tonneMOP Cash Cost of Production1 $16MIdle and Turnaround Expenses $695M Net Revenues $329M Adjusted1 EBITDA $229M Operating Earnings Q3 MOP cash cost of production of $71 per tonne declined by 4% from $74 in the same quarter of the prior year as production increased Q3 idle and turnaround declined to $16M as expected from $34M in the second quarter All assets running to meet robust demand 1 See Non-GAAP Financial Measures for additional information
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Mosaic Fertilizantes Results 6 Q3 2025 Key Metrics 2.8M tonnesSales Volumes 1.0M tonnesSales Volumes of Produced Products2 $99/tonnePhosphate Cash Cost of Production1 $99/tonnePhosphate Blended Rock Cost in COGS $27MIdle and Turnaround Expenses $1,592M Net Revenues $241M Adjusted1 EBITDA $96M Operating Earnings Adjusted EBITDA1 of $241M, up 190% compared to the prior year. 1 See Non-GAAP Financial Measures for additional information 2 Represents volumes produced in Brazil and sold directly to third parties or through distribution Higher prices and solid co-products performance underscore strong MF results Continue to navigate credit challenges effectively. Recovered $27M in Q3 against bad debt in prior quarter
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Market Highlights 7
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Significantly More Nutrients Removed From U.S. and Brazilian Soils In Recent Harvests Driven by Higher Acreage and Yields 8 Source: IPNI, USDA, Mosaic 25/26 U.S. corn yield 186.7 bu/ac and 90.0 mil harv. ac. 24/25 corn yield 179.3 bu/ac and 82.9 mil ac. 25/26 U.S. soybean yield 53.5 bu/ac and 80.3 mil harv. ac. 24/25 soybean yield 50.7 bu/ac and 86.1 mil ac. Y-o-Y Incremental Nutrient Removal on U.S. Corn, Soybeans, Wheat - 100 200 300 400 500 600 700 2025/26 vs. 2024/25 ‘000 MT Y-o-Y Incremental P Removal (DAP Equiv) Y-o-Y Incremental K Removal (MOP Equiv) Y-o-Y Incremental Nutrient Removal on Brazil Corn, Soybeans 800 850 900 950 1,000 1,050 1,100 1,150 2024/25 vs. 2023/24 ‘000 MT Y-o-Y Incremental P Removal (DAP Equiv) Y-o-Y Incremental K Removal (MOP Equiv) Source: IPNI, USDA CONAB, Mosaic 24/25 Bzl corn yield 6.5 mt/ha and 21.8 mil ha. 23/24 corn yield 5.5 mt/ha and 21.1 mil ha. 24/25 Bzl soybean yield 3.6 mt/ha and 47.3 mil ha. 23/24 soybean yield 3.3 mt/ha and 46.1 mil ha.
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Heavy Nutrient Removal Amid Record Yields. Deferred Application Would Have Yield Consequences 9 Source: IPNI September 2025 USDA average U.S. corn yield 186.7 bu/ac, soybean yield 53.5 bu/ac, wheat yield 52.7 bu/ac Nutrient Removal on Corn (lbs P2O5 and K2O per ac) Nutrient Removal on Soybeans (lbs P2O5 and K2O per ac) Nutrient Removal on Wheat (lbs P2O5 and K2O per ac) 0 20 40 60 80 100 120 200 bu/ac 250 bu/ac 300 bu/ac P2O5 Removal K2O Removal 0 20 40 60 80 100 120 50 bu/ac 70 bu/ac 90 bu/ac P2O5 Removal K2O Removal 0 10 20 30 40 50 50 bu/ac 70 bu/ac 90 bu/ac P2O5 Removal K2O Removal
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Brazil Fertilizer Demand Holding in 2025 Despite Financing Hurdles. Expecting Growth in 2026. Affordability Improving. 0 5 10 15 20 25 30 35 40 45 50 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25F Mil Tonnes 47- 48 Source: Fertilizer Week, CME, ANDA, Mosaic Brazil Fertilizer Shipments Less Affordable Fertilizers More Affordable Fertilizers Less Affordable Fertilizers More Affordable Fertilizers 0 10 20 30 40 15 16 17 18 19 20 21 22 23 24 25 Soy Bag/MT 0 20 40 60 80 15 16 17 18 19 20 21 22 23 24 25 Corn Bag/MT Brazil Soybean and Corn Barter Ratios
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0 100 200 300 400 500 600 Jan-16 Jan-18 Jan-20 Jan-22 Jan-24 $/MT Phosphate Demand Remains Constrained by Supply. Stripping Margins Expected to Remain Historically Elevated. 11 Global Phosphate Shipments DAP/MAP/TSP/NPS Source: Argus, IFA, CRU, Company Reports, Mosaic 50 55 60 65 70 75 80 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24E 25F Mil Tonnes 75 - 77 Benchmark DAP Stripping Margin Calculated from Published Weekly Spot Prices
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YTD LFP Production Surpasses Prior Annual Record. China EVs Account for ~50% of Vehicle Sales; 80% Use LFP. 12 China LFP Production *LFP % of EV Batteries Installed Source: CAEV, Baichuan China LFP Penetration* 0.1 0.4 1.1 1.7 2.6 1.8 2.6 0.0 0.5 1.0 1.5 2.0 2.5 3.0 20 21 22 23 24 24 25 Mil Tonnes Jan-SepAnnual 38% 52% 62% 67% 75% 71% 81% 0% 20% 40% 60% 80% 100% 20 21 22 23 24 24 25 Jan-Sep
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Asia Driving Potash Demand Growth. Stronger Demand in China and Southeast Asia Supporting Prices 13 Global MOP Shipments Source: Argus, IFA, CRU, Company Reports, Mosaic 45 50 55 60 65 70 75 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24E 25F Mil Tonnes 72 - 74 200 250 300 350 400 450 500 Jan-24 Apr-24 Jul-24 Oct-24 J an-25 Apr-25 Jul-25 Oct-25 $/MT c&f Brazil c&f SE Asia delivered Cornbelt fob NOLA MOP Prices Published Spot Prices
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SE Asia Markets on Track for Record or Near-Record MOP Imports this Year 34% 0.0 1.0 2.0 3.0 4.0 Jan Mar May Jul Sep Nov MMT 47% 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 Jan Mar May Jul Sep Nov MMT 20% 0.0 0.3 0.6 0.9 1.2 Jan Mar May Jul Sep Nov MMT Source: TDM Indonesia MOP Imports Malaysia MOP Imports Thailand MOP Imports
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China Potash Demand Drawing Down Inventory Source: China Customs, CRU, IFA, Mosaic 15 China MOP Shipments 0.0 1.0 2.0 3.0 4.0 5.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mil Tonnes Min/Max Range (20-24) 2024 2025 0 2 4 6 8 10 12 14 16 18 20 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24E 25F Mil Tonnes China MOP Port Inventory Including Bonded Warehouses 19 - 20
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Performance & Strategy Highlights 16
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REDEFINE GROWTH LEVERAGE MARKET ACCESS NORMALIZE PRODUCTION AND COSTSPerformance and Strategy Highlights REALLOCATE CAPITAL Mosaic Fertilizantes Q3 operating income of $96 million, and adjusted EBITDA1 of $241 million Phosphate Q4 sales volumes in the range of 1.7 to 1.9 MT Long term commitment to drive further phosphate production improvements and sustainably higher operating rates Expect near record potash production level in 2025 Closed Taquari transaction in November for $27 million, with $12 million collected at closing and expect to eliminate approximately $50 million in Capex and ARO Mosaic Biosciences revenue more than doubled in first nine months of 2025 Expect positive EBITDA contribution from Mosaic Biosciences in Q4 Constructive Macro Tailwinds 1 See Non-GAAP Financial Measures for additional information Closed Patos de Minas transaction in October for $111 million, with $51 million collected at closing 17 Investing to support strong 2026 distribution growth
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Q1 2025 Q2 2025 Q3 2025 Rolling 3-Month* Journey to Normalize Phosphate Production 18 Phosphate Production Volumes in ‘000 metric tonnes Completed 10 catch-up turnarounds in 2023-25 to return to normal cadence Increased 2025 CAPEX by $100 million and spending on maintenance activities and repairs by over $100 million to address reliability issues Consultants engaged to improve maintenance, risk assessments and operational practices Operating rates improving monthly since July despite temporary disruptions in September *Rolling 3-month production including August, September and October 2025. ~1.8MT
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Potash Cash Cost of Production Continues to Decline 19 Potash Cash Cost of Production USD per tonne Efficiency gains drove cost lower, despite: The impact of the strengthening Canadian dollar More production from the higher cost Colonsay mine to meet robust international demand Higher royalties from rising prices. $78 $75 $71 $60 $80 Q1 2025 Q2 2025 Q3 2025 ¹See Non-GAAP Financial Measures for additional information
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Mosaic Fertilizantes Delivers Consistent Strong Performance 20 Adjusted EBITDA¹ In USD, millions Significant 2025 Adjusted EBITDA growth driven by operational efficiency gains and higher prices. The 4th quarter is seasonally low in the Brazil market. With prices and margins declining, Mosaic expects Q4 2025 Adjusted EBITDA¹ to be above $100 million $83 $96 $83 $82 $122 $159 $241 $100+ $- $300 Q1 Q2 Q3 Q4 2024 2025 ¹See Non-GAAP Financial Measures for additional information Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024$ in millions $96$109$98$79$56$61$42Operating Earnings
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Working Capital Increase in the First Nine Months of 2025 is Expected to Reverse in Future Quarters 21 1,113 2,505 1,090 1,240 219 1,156 1,060 3,125 1,322 1,682 276 1,215 (53) 232 442 57 (59) 619 Accounts Receivable Raw Materials Finished Goods Other Accounts Payable Core Working Capital (Balance Sheet) Inventory December 31, 2024 September 30, 2025 Change$ in millions Q3 2025 Comments Outlook Higher Sulfur/ Ammonia prices, elevated rock inventories to support Phosphates production Rock inventories to decrease as Phosphate production levels continue to increase Increase in prices and finished product inventories in North America, Brazil and China Investment in materials and supplies to support reliability in Phosphates Reversal of finished good inventories over the next few quarters Stabilization of inventory
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Capital Reallocation Update Further feasibility studies to be completed; negotiations to resume in 1H 2026 ~111 million Ma’aden shares* with clear path to monetization Sold for $111 million in 2025 Proceeds/Value Potential Araxa / Patrocinio Carlsbad Ma’aden shares Taquari Patos de Minas Strategy 22 Sold for $27 million in 2025 and avoid $22 million in ARO liabilities Engaging with interested parties to advance on strategic alternatives *Approximate value of ~$1.9 billion as of 9/30/2025
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Q4 2025 Guidance Q4 2025Fourth Quarter ($ in millions) 1.7 – 1.9Phosphate Sales Volumes (million tonnes) $700 - $730DAP Prices (FOB Plant) 2.3 – 2.6Potash Sales Volumes (million tonnes) $270 - $280MOP Prices (FOB Mine) 23
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2025 Guidance 2025Full Year ($ in millions) 6.3 – 6.5Phosphate Production Volumes (million tonnes) 9.1 - 9.4Potash Production Volumes (million tonnes) 9.4 – 9.6Mosaic Fertilizantes Sales Volumes (million tonnes) Approx. $1.3 billionTotal Capital Expenditures $1.1 - $1.2 billionDepreciation, Depletion and Amortization $530 - $550Selling, General, and Administrative Expense* $180 - $200Net Interest Expense ~ High 20's%Adjusted Effective Tax Rate ~ Low 20's%Cash Taxes 24*Includes Q2 Bad debt provision, whereas recovery from insurance claims was booked outside of SG&A
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Sensitivities Table SensitivityFY 2024Pricing & Sensitivities $10 price = $64 million adjusted EBITDA$585Average DAP fob plant ($/tonne) $10 price = $58 million adjusted EBITDA$222Average MOP fob mine ($/tonne) 25
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Reconciliations of non- GAAP Measures 26
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Reconciliation of non-GAAP measures Q3 2024Q3 2025Consolidated Earnings (in millions) $122$411Consolidated net earnings attributable to Mosaic (42)(46)Less: Consolidated interest expense, net 238277Plus: Consolidated depreciation, depletion and amortization 2633Plus: Accretion expense 57Plus: Share-based compensation expense 48175Plus: Consolidated provision for income taxes 5-Less: Equity in net earnings of nonconsolidated companies, net of dividends (28)(143)Plus: Notable items $448$806Adjusted EBITDA 27
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Q3 2025 PotashPhosphateEarnings (in millions) $229$102Operating earnings 93129Plus: Depreciation, depletion and amortization 326Plus: Accretion expense (56)10Plus: Foreign exchange gain (loss) 3(4)Plus: Other income (expense) -11Less: Earnings from consolidated noncontrolling interests 5728Plus: Notable items $329$280Adjusted EBITDA Reconciliation of non-GAAP measures 28
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Mosaic Fertilizantes Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Earnings (in millions) $96$109$98$79$56$61$42Operating earnings 46443840394040Plus: Depreciation, depletion and amortization 4444455Plus: Accretion expense (19)(17)41(84)17(144)(45)Plus: Foreign exchange gain (loss) (1)(1)(1)(2)(2)(2)(2)Plus: Other income (expense) 1(1)11-(1)1Less: Earnings from consolidated noncontrolling interests 11619(57)46(31)13544Plus: Notable items $241$159$122$82$83$96$83Adjusted EBITDA Reconciliation of non-GAAP measures 29
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Potash Cash Cost of Production Reconciliation Q3 2024Q1 2025Q2 2025Q3 2025Potash Costs (in millions) $404$402$501$459Total COGS 71848296Less: Depreciation and accretion expense 44476287Less: Canadian Resource Taxes (10)(27)26(13)Less: Change in Inventory 167128179134Less: Non-MOP Production Costs $132$170$152$155Total MOP Cash Costs 1,7892,1692,0252,186Production Tonnes (Thousands) $74$78$75$71MOP Cash Costs of Production per Production Tonne 30
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Phosphate Cash Cost of Conversion Reconciliation Q3 2025Phosphate Costs (in millions) $1,146Total COGS 161Less: Depreciation and accretion expense 55Less: Miski Mayo Costs 310Less: Change in Inventory 267Less: Non-Production Costs 133Less: Cash Cost of U.S. Mined Rock $220Total Phosphate Cash Cost of Conversion 1,677Production Tonnes (Thousands) $131Phosphate Cash Costs of Conversion per Production Tonne 31
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Mosaic Fertilizantes Cash Cost Reconciliations Q3 2025Mosaic Fertilizantes Costs (in millions) $1,410Total COGS 1,202Less: Distribution Product costs 51Less: Depreciation and accretion expense (139)Less: Change in Inventory 80Less: Non-Production Costs 101Less: Rock Cost of Production $25Potash Cash Costs of Production 104Production Tonnes (Thousands) $240Potash Cash Costs of Production per Production Tonne $83Phosphate Cash Costs of Conversion 835Production Tonnes (Thousands) $99Phosphate Cash Costs of Conversion per Production Tonne 32
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