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Mosaic The Mosaic Company August 4th , 2026 Second Quarter 2026 Results ALAFIA
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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 1995. Such statements may include, but are not limited to, statements about future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations 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 economic instability, including geopolitical instability and heightened tensions involving Iran, disruptions to global shipping routes, including the Strait of Hormuz, and changes in government policies in countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject 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; international 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; the potential for curtailments, slowdowns, or temporary shutdowns of production due to market conditions, input availability, transportation constraints, or other operational factors; 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, implementation 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 tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, 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. Actual results may differ from those set forth in the forward-looking statements. This presentation includes the discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAAP 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 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 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, and adjusted 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 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 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 our 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 or a quantitative reconciliation of forward- looking adjusted EPS and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, 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 found below. Reconciliations for current and historical periods beginning with the quarter ended September 30, 2024 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information 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. 2
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$2,824M ($36M) ($273M) $407M Phosphate Potash Mosaic Fertilizantes Adjusted1 EBITDA Net Income (Loss) Operating Earnings (Loss) Consolidated Revenues 1 See Non-GAAP Financial Measures for additional information 3 $1,246M ($104M) $128M Net Revenues Adjusted1 EBITDA Operating Earnings (Loss) $650M Net Revenues $278M Adjusted1 EBITDA $195M Operating Earnings $1,034M ($41M) $60M Net Revenues Adjusted1 EBITDA Operating Earnings (Loss) Second Quarter 2026 Performance
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Q2 2026 Phosphate Results 4 Key Metrics Q2 2026 Sales Volumes – million tonnes* 1.4 Production Volumes – million tonnes* 1.4 DAP Selling Price FOB Plant - $ per tonne $773 Phosphate Cash Cost of Conversion1 - $ per tonne $129 Blended Rock Cost Consumed in COGS1 - $ per tonne $90 Idle, Turnaround and Unabsorbed Fixed Costs in COGS – millions $ $60 Q2 realized stripping margins well above historical levels * Tonnes = finished product tonnes 1 See Non-GAAP Financial Measures for additional information Additional curtailments in Q3 to manage through current market conditions Q3 sulfur contracts settled below prevailing spot market prices $1,246M ($104M) $128M Net Revenues Adjusted1 EBITDA Operating Earnings (Loss)
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Q2 2026 Potash Results 5 Q2 Adjusted EBITDA1 supported by higher realized prices Esterhazy turnaround complete; Hydrofloat ramp-up to drive higher production and lower unit costs Global potash fundamentals remained balanced, with strong demand expected across all key markets in Q3 Key Metrics Q2 2026 Sales Volumes – million tonnes* 2.0 Production Volumes – million tonnes* 1.8 MOP Selling Price FOB Mine - $ per tonne $275 MOP Cash Cost of Production1 - $ per tonne $84 Idle, Turnaround and Unabsorbed Fixed Costs in COGS – millions $ $26 $650M $195M $278M Net Revenues Adjusted1 EBITDA Operating Earnings * Tonnes = finished product tonnes 1 See Non-GAAP Financial Measures for additional information
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Q2 2026 Mosaic Fertilizantes Results 6 Key Metrics Q2 2026 Sales Volumes – million tonnes* 1.5 Sales Volumes of Produced Products – million tonnes2 0.7 Phosphate Cash Cost of Conversion1 - $ per tonne $141 Phosphate Blended Rock Cost Consumed in COGS – $ per tonne $105 Idle, Turnaround and Unabsorbed Fixed Costs in COGS3 – millions $ $61 Co-product margins improved during the second quarter * Tonnes = finished product tonnes sold to third parties 1 See Non-GAAP Financial Measures for additional information 2 Represents volumes produced in Brazil and sold directly to third parties or through distribution 3 Idle and Turnaround Expenses excludes notable items. Production scaled back to manage through current market conditions Araxá sale process is advancing; multiple indications of interest received $1,034M ($41M) $60M Net Revenues Adjusted1 EBITDA Operating Earnings (Loss)
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Market Highlights 7 Need new visual. Still a market theme
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Commodity Prices are Recovering 8 Source: CME Price data through July 30, 2026 3.8 4.0 4.2 4.4 4.6 4.8 5.0 Jan-26 Mar-26 May-26 Jul-26 $/bu 10.0 10.5 11.0 11.5 12.0 12.5 13.0 Jan-26 Mar-26 May-26 Jul-26 $/bu 5.0 5.5 6.0 6.5 7.0 7.5 8.0 Jan-26 Mar-26 May-26 Jul-26 $/bu Corn Front Month Contract Soybeans Front Month Contract HRW Wheat Front Month Contract
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Strong Harvest and Higher Acreage Driving Nutrient Depletion 9 Source: IPNI, USDA, Mosaic ’25/26 and ’26/27 (fcst) crop P&K removal compared to the average of ’22/23 – ’24/25 Source: IPNI, USDA, Mosaic ’25/26 and ’26/27 (fcst) crop P&K removal compared to the average of ’22/23 – ’24/25 0.0 0.3 0.5 0.8 1.0 1.3 1.5 P Removal (DAP-equiv) K Removal (MOP-equiv) Mil Tonnes '25 vs. '22-24 Avg '26 vs. '22-24 Avg 0.0 0.3 0.5 0.8 1.0 1.3 1.5 1.8 2.0 P Removal (DAP-equiv) K Removal (MOP-equiv) Mil Tonnes '25 vs. '22-24 Avg '26 vs. '22-24 Avg Two-Year Incremental Nutrient Removal on U.S. Corn, Soybeans, Wheat Two-Year Incremental Nutrient Removal on Brazil Corn, Soybeans
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50 55 60 65 70 75 24/25 25/26 26/27F Mil Ha 10 Expanding Acreage and Declining Yields Point To Higher Nutrient Replenishment Needs in Brazil Brazil Planted Soybean and Corn Area Source: Veeries, ANDA, CONAB, Mosaic Brazil Soybean Yield Brazil Corn Yield 3.50 3.55 3.60 3.65 3.70 3.75 24/25 25/26 26/27F MT/Ha 6.00 6.10 6.20 6.30 6.40 6.50 24/25 25/26 26/27F MT/Ha Pent-up Demand in Brazil
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0.75 1.50 2.25 DAP 0.60 0.90 1.20 MOP 0.60 1.00 1.40 Urea Rising Crop Prices Improve Affordability 11 Source: Weekly Price Publications, CME, USDA, AAPFCO, Mosaic Data through July 30, 2026 -15% +69% -13% 0% -20% +28% 0.40 0.60 0.80 1.00 1.20 1.40 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Affordability Metric Average (2010-present) Plant Nutrient Affordability Plant Nutrient Price Index / Crop Price Index Affordability by Nutrient Plant Nutrient Price Index / Crop Price Index More Affordable Fertilizers Less Affordable Fertilizers Average (2010-present) y-o-y chg. vs 2010-present avg.
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0 200 400 600 800 1,000 1,200 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 $/MT Sulphur Prices Tampa Middle East China Q3 Tampa Contract Settled Well Below Global Spot Prices 12 Sources: Argus, Fertecon, CRU Data through July 30, 2026 -200 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 $/MT Ammonia Prices W. Europe N. Africa Tampa Sulphur Prices Published Spot and Contract Prices Ammonia Prices Published Spot and Contract Prices
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200 250 300 350 400 450 500 550 600 650 700 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 $/MT Benchmark Stripping Margins Recovering 13 Source: Argus Data through July 30, 2026 Benchmark Stripping Margin Jan-21 P: $390/ST NOLA NH3: $270/MT S: $96/LT Aug-26 P: $795/ST NOLA NH3: $635/MT S: $705/LT
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Phosphate Pricing Elevated; Global Shipments Constrained 14 Source: Argus, IFA, CRU, Company Reports, Mosaic Prices as of July 30, 2026 Phosphate Prices Published Spot Prices Global Phosphate Shipments DAP/MAP/NPS/TSP 500 600 700 800 900 1,000 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 $/MT DAP c&f India MAP c&f Brazil 30 35 40 45 50 55 60 65 70 75 80 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25E26F Mil Tonnes
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Shrinking Chinese Export Availability; U.S. Imports Trail Last Year 15 2026 represents DAP/MAP/TSP/NP export forecast on a DAP-equivalent basis Source: China Customs, CAEV, Biachuan, Mosaic 0 2 4 6 8 10 12 14 18 19 20 21 22 23 24 25 26F Mil Tonnes NP Historical DAP/MAP/TSP Historical 2026 DAP Equiv Exports 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 16 17 18 19 20 21 22 23 24 25 26 YTD Mil Tonnes Other Australia Mexico Tunisia Egypt Israel Saudi Jordan Lithuania Russia Morocco U.S. Offshore Phosphate Imports DAP/MAP/TSP/NPS China Phosphate Exports DAP/MAP/TSP/NP Source: DOC, TDM, Wood Mackenzie, Mosaic
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Balanced Potash Markets Support Pricing; Chinese MOP Imports Set Record in 1H 26 16 Source: Argus, IFA, CRU, Company Reports, Mosaic Prices as of July 30, 2026 250 300 350 400 450 500 Jan-25 Jul-25 Jan-26 Jul-26 $/MT c&f Brazil c&f SE Asia delivered Cornbelt fob NOLA Potash Prices Published Spot Prices Global Potash Shipments MOP 40 45 50 55 60 65 70 75 80 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25E26F Mil 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 Disciplined cost management and raw material sourcing; Phosphate restart ready once markets normalize Higher potash production volumes and lower unit costs expected in 2H 2026 and beyond MF distribution managed through challenging credit conditions with sequential margin improvement 2026 CapEx outlook reduced to $1.2B MF co-product margins in Q2 improved significantly compared with Q1 Constructive Long-Term Macro Tailwinds 1 See Non-GAAP Financial Measures for additional information Global network enabled Mosaic to meet customer demand around the world NORMALIZE PRODUCTION AND COSTS Advancing Araxá sale process Completed Carlsbad sale in April 2026 Mosaic Biosciences launched 5 new products in 1H26
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Mosaic’s Realized Stripping Margin Typically Exceeds Benchmark 19 ▪ Realized stripping margin outperforms the benchmark in most market scenarios. ▪ Quarterly contracted sulfur rates limit exposure to market price volatility. ▪ Internally produced and contracted ammonia provides a cost advantage vs. non-integrated producers. ▪ Raw material cost timing through COGS smooths stripping margin variance over time. Quarterly Realized Stripping Margin Outperformance vs Benchmark ($/MT) $(100) $(50) $- $50 $100 $150 $200 Note: Benchmark stripping margins represent the estimated margins of a theoretical phosphate producer at a point in time using published market benchmark prices of DAP, sulfur and ammonia Realized stripping margins reflect Mosaic’s margins made on all finished goods and are calculated using netback sales prices, net of inventoried costs of sulfur and ammonia
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Ample Liquidity Maintained 20 $2.5B Revolver and Commercial Paper $0.3B Cash ▪ Mosaic established a $1 billion term loan to replace and extend very short-term commercial paper maturities. ▪ Maintains a strong balance sheet to manage through current environment. $0.7B Inventory Financing & Other Facility Total Liquidity Capacity
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Capital Reallocation Update ▪ Received multiple indications of interest on sale of Araxa in Q2 2026 ▪ ~111 million Ma’aden shares1 ▪ Closed in 2025 Proceeds Potential Carlsbad Araxa / Patrocinio Ma’aden shares Taquari Patos de Minas Strategy 21 ▪ Closed in 2025 ▪ Closed in April 2026 1 Approximate value of ~$1.8 billion as of 6/30/2026 Land monetization ▪ $31 million completed in 1H 26, with additional land sales expected over time Less than $50M $50M-$250M $250-$500M $500M+In Progress Completed
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22 Net Sales Registrations Innovation Platform 60+ Total registrations 5 Countries $13 $27 $68 $135+ 2023 2024 2025 2026F (In million USD) Product launches in 1H 2026 ▪ Mbio Floresce® (Brazil) ▪ Refirma Cybellion® (Brazil) ▪ Reva® (India) ▪ Neptunion Esprit® (China) ▪ BioBlend® (Brazil) 18 Total countries with product sales 8-10 Product launches in 2026 Mosaic Biosciences Growth Continues Countries with Sales & Registrations Countries with Registrations Only Expects to Double Net Sales, Fueled by New Product Launches in 2026.
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Q3 2026 Guidance Q3 2026 Phosphate Sales Volumes - million tonnes 1.1 – 1.4 DAP FOB Plant Prices - $ per tonne $820 - $840 Potash Sales Volumes - million tonnes 2.0 – 2.2 MOP FOB Mine Prices - $ per tonne $270 - $290 23
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2026 Guidance Full Year 2026 Potash Production Volumes - million tonnes 9.0 Total Capital Expenditures - billions $ $1.2 Depreciation, Depletion & Amortization - billions $ $1.1 - $1.2 Selling, General, and Administrative Expense - millions $ $510 - $530 Net Interest Expense - millions $ $220- $240 Cash Tax - millions $ $250 - $300 24
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Sensitivities Table Pricing & Sensitivities1 FY 2025 Sensitivity Average DAP fob plant ($/tonne) $670 $10 price = $60 million adjusted EBITDA Average MOP fob mine ($/tonne) $255 $10 price = $83 million adjusted EBITDA2 25 1 These sensitivities are provided based on 2025 cost structure and realized prices. 2 Includes impact of Canadian Resource Tax
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Reconciliations of non- GAAP Measures 26
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Reconciliation of non-GAAP measures 27 Consolidated Earnings (in millions) Q2 2026 Consolidated net earnings (loss) attributable to Mosaic $(273) Less: Consolidated interest expense, net (63) Plus: Consolidated depreciation, depletion and amortization 292 Plus: Accretion expense 34 Plus: Share-based compensation expense 8 Plus: (Benefit) provision for income taxes (34) Plus: Notable items 317 Adjusted EBITDA $407
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28 Reconciliation of non-GAAP measures Phosphates Earnings (in millions) Q2 2026 Operating earnings (loss) $(104) Plus: Depreciation, depletion and amortization 133 Plus: Accretion expense 26 Plus: Foreign exchange gain (loss) (6) Plus: Other income (expense) (2) Less: Earnings from consolidated noncontrolling interests 9 Plus: Notable items 90 Adjusted EBITDA $128
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29 Reconciliation of non-GAAP measures Potash Earnings (in millions) Q2 2026 Operating earnings $195 Plus: Depreciation, depletion and amortization 76 Plus: Accretion expense 4 Plus: Foreign exchange gain (loss) (95) Plus: Other income (expense) 1 Plus: Notable items 97 Adjusted EBITDA $278
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Reconciliation of non-GAAP measures 30 Mosaic Fertilizantes Earnings (in millions) Q2 2026 Operating earnings (loss) $(41) Plus: Depreciation, depletion and amortization 74 Plus: Accretion expense 4 Plus: Foreign exchange gain (loss) 2 Plus: Other income (expense) (2) Less: Earnings (loss) from consolidated noncontrolling interests (2) Plus: Notable items 21 Adjusted EBITDA $60
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Phosphate Cash Cost of Conversion Reconciliation 31 Phosphate Costs (in millions) Q2 2026 Total COGS $1,251 Less: Depreciation and Accretion expense 158 Less: Miski Mayo Costs 59 Less: Raw Material COGS and Product Freight 527 Less: Change in Inventory (66) Less: Non-Production Costs 259 Less: Cash Cost of U.S. Mined Rock 129 Total Phosphate Cash Cost of Conversion $185 Production Tonnes (Thousands) 1,433 Phosphate Cash Costs of Conversion per Production Tonne $129
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Potash Cash Cost of Production Reconciliation 32 Potash Costs (in millions) Q2 2026 Total COGS $443 Less: Depreciation and Accretion Expense 80 Less: Canadian Resource Taxes 70 Less: Change in Inventory 28 Less: Non-MOP Production Costs 112 Total MOP Cash Costs $153 Production Tonnes (Thousands) 1,830 MOP Cash Costs of Production per Production Tonne $84
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Mosaic Fertilizantes Cash Cost Reconciliations 33 Mosaic Fertilizantes Costs (in millions) Q2 2026 Total COGS $1,028 Less: Distribution Product costs 661 Less: Depreciation and Accretion Expense 79 Less: Change in Inventory 55 Less: Non-Production Costs 92 Less: Rock Cost of Production 75 Phosphate Cash Costs of Conversion $66 Production Tonnes (Thousands) 466 Phosphate Cash Costs of Conversion per Production Tonne $141
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