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The Mosaic Company 1 February 24, 2026 Fourth 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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Fourth Quarter 2025 Performance $2,974M ($101M) ($519M) $505M Phosphate Potash Mosaic Fertilizantes Adjusted1 EBITDA Net Income (Loss) Operating Earnings (Loss) Consolidated Revenues 1 See Non-GAAP Financial Measures for additional information 3 $1,015M ($98M) $144M Net Revenues Adjusted 1 EBITDA Operating Earnings (Loss) $686M Net Revenues $336M Adjusted1 EBITDA $58M Operating Earnings $1,146M ($26M) $45M Net Revenues Adjusted 1 EBITDA Operating Earnings (Loss)
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Full Year 2025 Performance $12,052M $822M $541M $2,421M Phosphate Potash Mosaic Fertilizantes 1 See Non-GAAP Financial Measures for additional information 4 $135M $916M Adjusted1 EBITDA Operating Earnings $2,662M Net Revenues $1,183M Adjusted1 EBITDA $638M Operating Earnings $4,847M $277M $597M Net Revenues Adjusted 1 EBITDA Operating Earnings Adjusted1 EBITDA Net Income Operating Earnings Consolidated Revenues $4,577M Net Revenues
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Phosphate Results 5 2025Q4 2025Key Metrics 5.9MT1.3MTSales Volumes 6.3MT1.7MTProduction Volumes $670$686DAP FOB Plant $125$112Cash Cost of Conversion1 $80$84Blended Rock Cost in COGS $238M$67MIdle and Turnaround Expenses Q4 sales volumes of 1.3 MT impacted by soft U.S. demand. Expect recovery to 1.7 to 1.9 MT in Q1 Q4 production volumes improved with momentum continuing into early 2026 1 See Non-GAAP Financial Measures for additional information $1,015M $144M$(98M) $4,577M $917M$135M Q4 2025 2025 Cash cost of conversion per tonne decreased to $112, down 16% from the high-water mark earlier this year Net Revenues Operating Earnings (Loss) Adjusted1 EBITDA
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Potash Results 6 8.5 MT MOP finished product production in 2025 is the highest in 8 years despite lower-than-expected volumes in Q4 Signed Carlsbad sale agreement in Q4 with ~$30 million in expected value and ~$20 million reduction in asset retirement obligations Q4 results reflect continued strong international demand, contributing to record full year international sales volumes of 5.5M MT 1 See Non-GAAP Financial Measures for additional information $686M $336M$58M $2,662M $1,183M$638M 2025Q4 2025Key Metrics 9.0MT2.2MTSales Volumes 8.8MT2.2MTProduction Volumes $255 $264MOP FOB Mine $75$77MOP Cash Cost of Production1 $60M$8MIdle and Turnaround Expenses Q4 2025 2025 Net Revenues Operating Earnings Adjusted1 EBITDA
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Mosaic Fertilizantes Results 7 2025Q4 2025Key Metrics 9.0MT2.1MTSales Volumes 3.4MT0.6MTSales Volumes of Produced Products2 $95$113Phosphate Cash Cost of Production1 $97$98Phosphate Blended Rock Cost in COGS $128$62Idle and Turnaround Expenses $1,146M $45M$(26M) 2025 Adjusted EBITDA1 of $567M, up 65% YoY, the third highest in our operating history, despite a challenging Q4 1 See Non-GAAP Financial Measures for additional information 2 Represents volumes produced in Brazil and sold directly to third parties or through distribution $4,847M $567M$277M Q4 results negatively impacted by market factors - credit challenges, intensified competition and rapid rise in sulfur prices Cost management remains a key focus with blended rock costs declining to $97 per tonne in 2025, the lowest level since 2021 Q4 2025 2025 Net Revenues Operating Earnings (Loss) Adjusted1 EBITDA
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Market Highlights 8 Need new visual. Still a market theme
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9 Ag Commodity Prices Daily Close of Front Month Contract Crop Prices are Range Bound at Levels Supportive of Fertilizer Demand Sources: CBOT, MDEX, CME, KCGE 3,000 3,300 3,600 3,900 4,200 4,500 4,800 5,100 5,400 5,700 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Palm Oil Ringgits/MT Corn, Soy, Wheat $/bu Corn Soybeans HRW Wheat Palm Oil
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92.3 93.8 95.9 70 75 80 85 90 95 24/25 25/26 26/27 Mil Ha 10 Brazil Crop Production Growth on Acreage Expansion. Fertilizer Application Will be Required to Drive Yield Increases Brazil Planted Area 1.6% 2.2% Source: Veeries, ANDA, CONAB, Mosaic Brazil Soybean Yield 3.50 3.55 3.60 3.65 3.70 24/25 25/26 MT/Ha Brazil Corn Yield 5.90 6.00 6.10 6.20 6.30 6.40 6.50 24/25 25/26 MT/Ha -0.1% -5.3%
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0.25 0.45 0.65 0.85 1.05 1.25 1.45 15 16 17 18 19 20 21 22 23 24 25 26 Affordability Metric MOP Avg. (2010-current) 11Source: Weekly Price Publications, CME, USDA, AAPFCO, Mosaic Phosphate Affordability Improved in Q4. Growers Finding Value in Potash DAP Affordability DAP Price / Crop Price Index Less Affordable Fertilizers More Affordable Fertilizers MOP Affordability MOP Price / Crop Price Index Urea Affordability Urea Price / Crop Price Index 0.50 0.75 1.00 1.25 1.50 1.75 2.00 15 16 17 18 19 20 21 22 23 24 25 26 Affordability Metric DAP Avg. (2010-current) 0.20 0.40 0.60 0.80 1.00 1.20 1.40 15 16 17 18 19 20 21 22 23 24 25 26 Affordability Metric Urea Avg. (2010-current)
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Phosphate Demand Still Constrained by Supply; Chinese Export Policy Could Further Trim Supply. Prices Increasing as Seasonal Demand Builds 12 Global Phosphate Demand DAP/MAP/TSP/NPS Source: Argus, IFA, CRU, Company Reports, Mosaic Phosphate Prices Published Spot Prices 600 650 700 750 800 850 900 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 $/MT DAP c&f India MAP fob NOLA MAP c&f Brazil DAP fob Tampa 50 55 60 65 70 75 80 85 2010 2015 2020 2025F Mil Tonnes Supply Constraints Trend Demand 76-79
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Chinese Export Pullback to Remove Meaningful Tonnage with Bias to Downside if Restrictions Extend Through August 13 China Phosphate Exports (DAP Equivalent) China LFP Production Above reflects exports return meaningfully in ~June 2026. Low case highlights ~August export return. Exports of DAP, MAP, TSP, NP included above on DAP equivalent basis Source: China Customs, CAEV, Biachuan, Mosaic 0.0 1.0 2.0 3.0 4.0 5.0 15 16 17 18 19 20 21 22 23 24 25 26F Mil Tonnes 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 18 19 20 21 22 23 24 25 26F Mil Tonnes DAP/MAP/TSP Historical NP Historical 2026 DAP Equiv ~June Return 2026 DAP Equiv ~August Return
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14Source: Argus, CRU, Mosaic Benchmark DAP Stripping Margin 0 100 200 300 400 500 600 700 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 $/MT Stripping Margins at Five-Year Lows on Higher Raw Material Prices, Pressuring Producer Economics Jan ‘21 P: $390/st NOLA NH3: $270/mt S: $96/lt Feb ‘26 P: $630/st NOLA NH3: $625/mt S: $496/lt
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Affordability Driving Potash Demand Growth. Largely Balanced S/D Supports Stable Prices 15Source: Argus, IFA, CRU, Company Reports, Mosaic 250 300 350 400 450 500 Jan-25 May-25 Sep-25 Jan-26 $/MT c&f Brazil c&f SE Asia delivered Cornbelt fob NOLA MOP Prices Published Spot Prices 50 55 60 65 70 75 80 85 2010 2015 2020 2025F Mil Tonnes Trend Demand Balanced S/D Global Potash Demand MOP 74-76
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Low Brazil and China Potash Inventories Support 2026 Demand Source: ANDA, China Customs, Mosaic China MOP Ending Stocks (end-'25) Including Bonded Warehouses Brazil MOP Ending Stocks (end-'25) 0% 3% 6% 9% 12% 15% 18% 21% 24% 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 2023 2024 2025 Stocks to Use Mil Tonnes 0% 4% 8% 12% 16% 20% 24% 28% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2023 2024 2025 Stocks to UseMil Tonnes
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Performance & Strategy Highlights 17
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REDEFINE GROWTH LEVERAGE MARKET ACCESS Performance and Strategy Highlights 18 REALLOCATE CAPITAL 2025 Mosaic Fertilizantes operating earnings of $277M, and adjusted1 EBITDA of $567M, including operating efficiency gains Q4 Phosphate production of 1.7 MT reflects a second straight quarter of improved and steady results Highest MOP production in 8 years. Strong phosphate rock production across Florida, Brazil and Miski Mayo in 2025 Highest India and China gross margin per tonne in three years 2025 announced asset sales expected to yield ~$230M in value and ARO reduction Mosaic Biosciences positively contributed to adjusted EBTIDA in Q4 Successfully launched 5 new Mosaic Biosciences products in 2025 Constructive Macro Tailwinds 1 See Non-GAAP Financial Measures for additional information The value of Ma’aden stake appreciated ~20% in 2025 to ~$1.8B India and China sales volumes at highest levels since 2023 Target net sales to double again in 2026 North America market share gains in Phosphate and Potash in 2025 1 See Non-GAAP Financial Measures for additional information NORMALIZE PRODUCTION AND COSTS
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Q4 2024 Q3 2025 Q4 2025 North America Phosphoric Acid Production Trending Higher 19 North America Phosphoric Acid Production Volumes in ‘000 metric tonnes North American phosphoric acid production increased by 21% year over year, reflecting progress towards normalized phosphate production levels. Higher phosphoric acid output: • Strengthens Mosaic’s ability to increase finished product volumes in 2026, and • Enhances product mix flexibility to better align with market demand 770 635 754 +21%
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Near Record Phosphate Rock Production 20 Phosphate Rock Production Volumes in million metric tonnes Record rock production at the Miski Mayo Joint Venture, of 5.1 million tonnes. Highest rock production in Florida since 2022 Increased rock production to support future mine plans in 2026 and beyond. 2025 2024 2023 2022 Florida Miski Mayo 13.8 13.8 13.7 14.6
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An Additional $100 million in Value Capture in 2026 21 $150 million value capture achieved in 20251 includes: Cost reductions in Mosaic Fertilizantes operations Supply Chain Optimization Reduction in administrative functions Additional $100 million value capture in 20262 includes: Further cost reductions in operations with focus on North America Supply chain efficiencies – optimizes excess inventories, scrap, demurrage and internal transfers Improved pricing, netbacks and margin optimization Contract management – AI to prevent “over-invoicing” Shared services transformation Further reduction in administrative functions 1 2025 value capture based on 2023 baseline. 2 2026 value capture based on 2025 baseline.
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Inventory is a Key Factor of Working Capital Increase in 2025 22 1,113 785 1,090 1,293 165 2,877 1,079 1,797 1,436 1,721 206 2,644 (35) 346 428 40 232 1,012 Accounts Receivable Raw Materials Finished Goods Other Accounts Payable and Accrued Liabilities Working Capital (Balance Sheet) Inventory December 31, 2024 December 31, 2025 Change$ in millions 2025 Comments 2026 Outlook Higher sulfur prices, elevated rock inventories to support Phosphates production Rock inventories to decrease as Phosphate production levels continue to improve Increase in prices and finished product inventories in North America and Brazil 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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Debt Increase from Working Capital Build; Reduction a Top Priority 23 2025Q4 2025Key Cash Flow Metrics $1,786 million$306 millionNet Cash provided by Operating Activities, before Changes in Assets and Liabilities $(961) million$(362) millionChanges in Assets and Liabilities $825 million$(56) millionNet Cash (used in) provided by Operating Activities $(1,359) million$(350) millionCapital Expenditures $(535) million$(406) millionFree Cash Flow1 $829 million$486 millionChange in Net Debt $280 million$70 millionDividends Anticipate free cash flow to improve in 2026 as finished good and rock inventories are released, and phosphate production volumes continue to recover. Priorities for 2026 cash use: • Regular dividend • Debt paydown 1 See Non-GAAP Financial Measures for additional information
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Higher 2026 Capital Expenditure Partially Offset by Lower Other Cash Spend 24 2025 CapEx elevated to restore phosphate asset health and support reliable future phosphate production rates CapEx is expected to remain high in 2026 due to peak spending in clay settling areas and gypsum stacks Total 2026 CapEx and ARO/Environmental Reserves cash spend are expected to show only a modest increase Capital Expenditures ARO and Environmental Reserve Cash Spend Total CapEx and ARO 2025 2026 2026E2025 ~$1.5B$1.36BCapital Expenditures $350M$408MARO and Environmental Reserves Cash Spend ~1.85B$1.77BTotal
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Capital Reallocation Update Niobium opportunity expected to advance in 2026 and exploring optimization of Phosphate operations. ~111 million Ma’aden shares* with clear path to monetization Closed in 2025 with expected value of ~$111 million Proceeds/Value Potential Carlsbad Araxa / Patrocinio Ma’aden shares Taquari Patos de Minas Strategy 25 Closed in 2025 with expected value of ~$27 million and ~$22 million in ARO reduction Sale agreement signed in 2025; ~$30 million expected value, and an additional ~$20 million of ARO reduction * Approximate value of ~$1.8 billion as of 12/31/2025 ($2.1 billion as of 2/24/2026) Land monetization Several deals expected to be completed in 2026
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26 Net Sales Registrations Innovation Platform Mosaic Biosciences Net Sales > Doubles as Portfolio Expands 60+ Total registrations 5 Countries $13 $27 $68 2023 2024 2025 (In million USD) Product launches in 2025 Neptunion® (China) Orion® (China) BioPath® (Argentina) PowerCoat (Argentina) RootGenix (India) 16 Total countries with product sales Mosaic Biosciences’ key markets
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Q1 2026 Guidance Q1 2026Fourth Quarter ($ in millions) 1.7 – 1.9Phosphate Sales Volumes (million tonnes) $640 - $670DAP Prices (FOB Plant) 2.0 – 2.2Potash Sales Volumes (million tonnes) $255 - $275MOP Prices (FOB Mine) 27
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2026 Guidance 2026Full Year At or Above 7.0 million tonnesPhosphate Production Volumes Approximately 9 million tonnesPotash Production Volumes Approximately $1.5 billionTotal Capital Expenditures $1.1 - $1.2 billionDepreciation, Depletion and Amortization $530 - $550 millionSelling, General, and Administrative Expense $200 - $220 millionNet Interest Expense Low - Mid 30’s%Adjusted Effective Tax Rate Mid - High 20’s%Cash Taxes 28
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Sensitivities Table SensitivityFY 2025Pricing & Sensitivities $10 price = $80 million adjusted EBITDA$670Average DAP fob plant ($/tonne) $10 price = $65 million adjusted EBITDA1$255Average MOP fob mine ($/tonne) 291 Includes impact of Canadian Resource Tax
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Reconciliations of non- GAAP Measures 30
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Reconciliation of non-GAAP measures 2025Q4 2025Consolidated Earnings (in millions) $541$(519)Consolidated net earnings (loss) attributable to Mosaic (188)(48)Less: Consolidated interest expense, net 1,050268Plus: Consolidated depreciation, depletion and amortization 13032Plus: Accretion expense 316Plus: Share-based compensation expense 640256Plus: Consolidated provision for income taxes (159)414Plus: Notable items $2,421$505Adjusted EBITDA 31
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Phosphates 2025Q4 2025Earnings (in millions) $135$(98)Operating earnings (loss) 501130Plus: Depreciation, depletion and amortization 10225Plus: Accretion expense (3)(3)Plus: Foreign exchange gain (loss) (7)5Plus: Other income (expense) 29-Less: Earnings from consolidated noncontrolling interests 21885Plus: Notable items $917$144Adjusted EBITDA Reconciliation of non-GAAP measures 32
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Potash 2025Q4 2025Earnings (in millions) $638$58Operating earnings (loss) 33683Plus: Depreciation, depletion and amortization 123Plus: Accretion expense 8546Plus: Foreign exchange gain (loss) 41Plus: Other income (expense) 108145Plus: Notable items $1,183$336Adjusted EBITDA Reconciliation of non-GAAP measures 33
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Mosaic Fertilizantes 2025Q4 2025Earnings (in millions) $277$(26)Operating earnings (loss) 17446Plus: Depreciation, depletion and amortization 164Plus: Accretion expense (52)(57)Plus: Foreign exchange gain (loss) (5)(2)Plus: Other income (expense) 21Less: Earnings from consolidated noncontrolling interests 15981Plus: Notable items $567$45Adjusted EBITDA Reconciliation of non-GAAP measures 34
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Phosphate Cash Cost of Conversion Reconciliation 2025Q4 2025Phosphate Costs (in millions) $4,139$992Total COGS 603147Less: Depreciation and accretion expense 15460Less: Miski Mayo Costs 830198Less: Change in Inventory 1,236268Less: Non-Production Costs 529133Less: Cash Cost of U.S. Mined Rock $787$186Total Phosphate Cash Cost of Conversion 6,2721,666Production Tonnes (Thousands) $125$112Phosphate Cash Costs of Conversion per Production Tonne 35
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Potash Cash Cost of Production Reconciliation 2025Q4 2025Potash Costs (in millions) $1,792$430Total COGS 34886Less: Depreciation and accretion expense 27377Less: Canadian Resource Taxes (51)(1)Less: Change in Inventory 582104Less: Non-MOP Production Costs $640$164Total MOP Cash Costs 8,5132,128Production Tonnes (Thousands) $75$77MOP Cash Costs of Production per Production Tonne 36
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Mosaic Fertilizantes Cash Cost Reconciliations 2025Q4 2025Mosaic Fertilizantes Costs (in millions) $4,355$1,125Total COGS 3,448829Less: Distribution Product costs 19050Less: Depreciation and accretion expense (318)(14)Less: Change in Inventory 29383Less: Non-Production Costs 36992Less: Rock Cost of Production 738Potash Cash Costs of Production 35027Production Tonnes (Thousands) $207$286Potash Cash Costs of Production per Production Tonne $298$77Phosphate Cash Costs of Conversion 3,138683Production Tonnes (Thousands) $95$113Phosphate Cash Costs of Conversion per Production Tonne 37
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Free Cash Flow 2025Q4 2025(in millions) $825$(56)Net cash provided by (used in) operating activities (1,360)(350)Capital expenditures $(535)$(406)Free cash flow 38
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