Mosaic Company (the) · NYSE:MOS

Mosaic Company (the) — The Mosaic Company — Q2 2025 Earnings Presentation

34 slides from Mosaic Company (the)'s earnings presentation, Aug 6, 2025

  1. Slide 1: The Mosaic Company Second Quarter 2025 Results

    The Mosaic Company August 5, 2025 Second Quarter 2025 Results 1

  2. Slide 2: Forward Looking Statements & Non-GAAP Financial Measures

    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

  3. Slide 3: Second Quarter 2025 Performance

    Second Quarter 2025 Performance Consolidated Operating Net Adjusted1 Revenues Earnings Income EBITDA $3,006M $244M $411M $566M Phosphate Potash Mosaic Fertilizantes $1,173M $8M $217M $711M $194M $278M $1,175M $109M $159M Net Revenues Operating Adjusted1 Net Revenues Operating Adjusted1 Net Revenues

  4. Slide 4: Phosphate Results

    Phosphate Results Q2 2025 Key Metrics Sales Volumes 1.5M tonnes $1,173M $8M $217M Production Volumes DAP FOB Plant 1.5M tonnes $668/tonne Net Revenues Operating Adjusted1 Loss EBITDA Cash Cost of Conversion per tonne1 $126/tonne Blended Rock Cost in COGS $74/tonne Idle and Turnaround Expenses $84M Q

  5. Slide 5: Potash Results

    Potash Results Q2 2025 Key Metrics Sales Volumes 2.3M tonnes $711M $194M $278M Production Volumes 2.1M tonnes Net Revenues Operating Adjusted1 MOP FOB Mine $261/tonne Earnings EBITDA Cash Cost of Production1 $75/tonne Idle and Turnaround Expenses $34M Raised potash production volume guidance to the

  6. Slide 6: Mosaic Fertilizantes Results

    Mosaic Fertilizantes Results Q2 2025 Key Metrics Sales Volumes 2.2M tonnes $1,175M $109M $159M Sales Volumes of Produced Products2 Phosphate Cash Cost of Production1 1.1M tonnes $84/tonne Net Revenues Operating Adjusted1 Earnings EBITDA Phosphate Blended Rock Cost in COGS $94/tonne Potash Cash Cost

  7. Slide 7: Performance and Strategy Highlights

    NORMALIZE Performance PRODUCTION AND COSTS REALLOCATE CAPITAL LEVERAGE MARKET REDEFINE GROWTH and Strategy ACCESS Highlights Mosaic Fertilizantes Significant free cash flow Q3 adjusted1 EBITDA expected in second half 2025 potash Mosaic Biosciences expected above $200 million production volume revenu

  8. Slide 8: Elevated Phosphate Asset Reliability Work Completed

    Elevated Phosphate Asset Reliability Work Completed Asset Health Production reliability Q1 2025 Aug 2025 Bartow Assets running at target rates and asset health remains within target range. New Wales 3 new Gypsum pumping systems have been replaced. Riverview Granulation system optimized in Q2 with mi

  9. Slide 9: Elevated Q2 Idle and Turnaround Expenses Due to Esterhazy Timing and Phosphate Reliability Work

    Elevated Q2 Idle and Turnaround Expenses Due to Esterhazy Timing and Phosphate Reliability Work Mosaic Period Phosphate Potash Total Fertilizantes Q2 2025 $84M $34M $26M $144M Q1 2025 $44M $1M $13M $58M Q2 2024 $36M $18M $24M $78M Q2 Year over Year +$48M +$16M +$2M +$66M Change 1 Idle and Turnaround

  10. Slide 10: Hydrofloat to Help Optimize Potash Costs

    Hydrofloat to Help Optimize Potash Costs Incremental Cost per Production Tonne -$60 per tonne Canadian  The Hydrofloat project provides Resource Tax 400,000 tonnes in incremental capacity at our low-cost Cost per tonne ~$100 Esterhazy mine.  Enables Mosaic to flex capacity to produce more low-cost

  11. Slide 11: Cost Reduction and Value Capture Target Raised to $250 Million

    Cost Reduction and Value Capture Target Raised to $250 Million $250 million  $150 million cost reduction ~$90 million target has been achieved.¹ $161 million  Value capture target has been expanded to $250 million to be $55 million achieved by the end of 2026.¹  Additional opportunities include:

  12. Slide 12: Palmeirante to Support Long Term Growth Plan in Brazil

    Palmeirante to Support Long Term Growth Plan in Brazil Mosaic Fertilizantes Total Sales Volumes Million tonnes 2024 Mosaic Fertilizantes Total Sales Volumes  Mosaic’s Palmeirante Organic Sales Volume Growth blending facility was 13.0 - 14.0 recently opened in the Sales Volume Growth from Palmeriant

  13. Slide 13: Mosaic Biosciences Progressing on Milestones

    Mosaic Biosciences Progressing on Milestones Long-term Aspiration $250-$500 million adjusted EBITDA  Mosaic Biosciences is expected to positively contribute to adjusted EBITDA in the fourth quarter 2030 ~$200 million adjusted EBITDA 2026  Launched 2 new products year to 12 launched date and expect

  14. Slide 14: Capital Reallocation Update

    Capital Reallocation Update Proceeds/Value Potential Strategy Streamsong  Sold for $160 million in 2023 Ma’aden shares  ~111 million Ma’aden shares with a clear path to monetization Patos de Minas  Sale expected to close in 2025 Carlsbad  Engaging with interested parties to advance on strategic

  15. Slide 15: Mosaic is Committed to Reduce Debt and Return Capital to Shareholders

    Mosaic is Committed to Reduce Debt and Return Capital to Shareholders Key Cash Flow Metrics Q2 2025 YTD 2025  Mosaic anticipates Net Cash provided by significant free cash flow $610 million $652 million Operating Activities generation through the balance of the year. Capital Expenditures ($305 mill

  16. Slide 16: Q3 2025 Guidance

    Q3 2025 Guidance Third Quarter ($ in millions) Q3 2025 Phosphate Sales Volumes (million tonnes) 1.8 – 2.0 DAP Prices (FOB Plant) $700 - $720 Potash Sales Volumes (million tonnes) 2.2 - 2.4 MOP Prices (FOB Mine) $270 - $290 16

  17. Slide 17: 2025 Guidance

    2025 Guidance Full Year ($ in millions) 2025 Phosphate Production Volumes (million tonnes) 6.9 - 7.2 Potash Production Volumes (million tonnes) 9.3 - 9.5 Mosaic Fertilizantes Sales Volumes (million tonnes) 10.0 - 10.8 Total Capital Expenditures $1.2 - $1.3 billion Depreciation, Depletion and Amortiz

  18. Slide 18: Sensitivities Table

    Sensitivities Table Pricing & Sensitivities FY 2024 Sensitivity Average DAP fob plant ($/tonne) $585 $10 price = $70 million adjusted EBITDA Average MOP fob mine ($/tonne) $222 $10 price = $65 million adjusted EBITDA 18

  19. Slide 19: Market Highlights

    Market Highlights Ks at A : 4. Lg te “¢ . | = 4. t $ Pas erat a7 Y rr ee Ag ) x iW whe Sa Me Cd 4 s if \ if 1/4, the

  20. Slide 20: Optionality to Pursue Active Demand Outside NAM and Brazil and Away from Corn and Soybeans

    Optionality to Pursue Active Demand Outside NAM and Brazil and Away from Corn and Soybeans Global Phosphate Demand by Region Global Potash Demand by Region  North America and Other Other Brazil each represent North North less than 15% of global China America China America phosphate demand Other Lat

  21. Slide 21: Rising Prices and Elevated Phosphate Stripping Margins

    Rising Prices and Elevated Phosphate Stripping Margins MOP Prices Benchmark DAP Stripping Margin Published Spot Prices Calculated from Published Weekly Spot Prices $/MT $/MT c&f Brazil 600 c&f SE Asia 600 delivered Cornbelt 550 550 fob NOLA 500 500 450 450 400 400 350 350 300 300 250 250 200 200 Jan

  22. Slide 22: Global Phosphate Demand Remains Constrained by Supply

    Global Phosphate Demand Remains Constrained by Supply Global Phosphate Shipments 2025 YoY Changes of Phosphate Supply/Demand DAP/MAP/NPS/TSP DAP/MAP/NPS/TSP Million Million Tonnes Tonnes 80 2.0 China 1.5 75 India 1.0 Brazil 70 0.5 North America 0.0 65 Europe + FSU -0.5 ME + Africa 60 -1.0 Other -1.5

  23. Slide 23: Phosphate Pent-up Demand in India is Unfolding as Chinese Exports Move Lower

    Phosphate Pent-up Demand in India is Unfolding as Chinese Exports Move Lower China Phosphate Exports DAP/MAP/TSP India DAP/TSP Imports Mil Tonnes Mil Tonnes 14 8 12 7 6 10 5 8 4 6 3 4 2 2 1 0 0 15 16 17 18 19 20 21 22 23 24 25F 15 16 17 18 19 20 21 22 23 24 25F Source: China Customs, FAI, TDM, Mosai

  24. Slide 24: Potash Affordability Driving Robust Demand. Supply Reductions Tighten Supply-Demand Picture

    Potash Affordability Driving Robust Demand. Supply Reductions Tighten Supply-Demand Picture 2025 YoY Changes of Potash Supply/Demand Global MOP Shipments (MOP) Million Million Tonnes KCl Tonnes 80 1.5 70 Brazil 1.0 60 China 0.5 50 India 40 0.0 SE Asia 30 -0.5 North America 20 Europe+FSU -1.0 10 Othe

  25. Slide 25: Strong Palm Oil Fundamentals Driving Higher Potash Demand

    Strong Palm Oil Fundamentals Driving Higher Potash Demand SE Asia MOP/CPO Price Ratio (MOP/CPO) Indonesia + Malaysia MOP Imports Mil 1.4 Tonnes Less Affordable Fertilizers 1.2 7.0 Min/Max Range (20-24) 1.0 6.0 2024 5.0 2025 0.8 4.0 0.6 37% 3.0 0.4 2.0 0.2 1.0 More Affordable Fertilizers YTD % change

  26. Slide 26: Reconciliations of non-GAAP Measures

    Reconciliations of non- GAAP Measures 26

  27. Slide 27: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Consolidated Earnings (Loss) (in millions) Q2 2025 Q2 2024 Consolidated net earnings attributable to Mosaic $411 $(162) Less: Consolidated interest expense, net (53) (46) Plus: Consolidated depreciation, depletion and amortization 262 264 Plus: Accretion expense 3

  28. Slide 28: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Q2 2025 Mosaic Earnings (in millions) Phosphate Potash Fertilizantes Operating earnings (loss) $(8) $194 $109 Plus: Depreciation, depletion and amortization 129 79 44 Plus: Accretion expense 26 3 4 Plus: Foreign exchange gain (loss) (7) 82 (17) Plus: Other income

  29. Slide 29: Potash Cash Cost of Production Reconciliation

    Potash Cash Cost of Production Reconciliation Potash Costs (in millions) Q2 2025 Q1 2025 Q2 2024 Total COGS $501 $402 $477 Less: Depreciation and accretion expense 82 84 97 Less: Canadian Resource Taxes 62 47 67 Less: Change in Inventory 26 (27) 9 Less: Non-MOP Production Costs 179 128 170 Total MOP

  30. Slide 30: Phosphate Cash Cost of Conversion Reconciliation

    Phosphate Cash Cost of Conversion Reconciliation Phosphate Costs (in millions) Q2 2025 Q1 2025 Q2 2024 Total COGS $1,070 $931 $1,026 Less: Depreciation and accretion expense 163 132 159 Less: Miski Mayo Costs 22 51 47 Less: Change in Inventory 226 132 274 Less: Non-Production Costs 334 295 247 Less:

  31. Slide 31: Mosaic Fertilizantes Cash Cost Reconciliations

    Mosaic Fertilizantes Cash Cost Reconciliations Mosaic Fertilizantes Costs (in millions) Q2 2025 Q1 2025 Q2 2024 Total COGS $1,013 $807 $947 Less: Distribution Product costs 810 606 661 Less: Depreciation and accretion expense 48 43 46 Less: Change in Inventory (93) (78) (17) Less: Non-Production Cos

  32. Slide 32: Appendix

    Appendix 32

  33. Slide 33: SG&A was a significant contributor to the $150 million cost reduction program

    SG&A was a significant contributor to the $150 million cost reduction program. $28M Realized in 2024 2H -$4M 2024 Cost $31 $13 $48 Savings  Realized $55 million in SG&A cost reductions $501 $497 compared to the 2023 baseline. FY 2023 Bad Debt Global Digital Cost Savings1 FY 2024 Accelaration Amorti

  34. Slide 34: ©2025 The Mosaic Company

    ©2025 The Mosaic Company

The Mosaic Company — Q2 2025 Earnings Presentation on 6ix