Slide 1: Q2 2026 Results Presentation
Q2 2026 Results Presentation August 5, 2026
Slide 2: Forward looking statements
Forward looking statements Forward Looking Statements Certain statements and other information included in this presentation, including under the sections "Financial Guidance" and "Market Outlook", constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looki
Slide 3: Forward Looking Statements (continued)
Forward looking statements Forward Looking Statements (continued) and regulatory investigations; current and future litigation proceedings, investigations and other contingencies; the results of our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian
Slide 4: First Half 2026 Results
First Half 2026 Results Adjusted EBITDA1 Net earnings ($ millions) +6% ($ millions) +9% $1,361 $3,535 $1,248 $3,338 1H2025 1H2026 1H2025 1H2026 Cash provided by operating activities Cash used for dividends and share repurchases2 ($ millions) ($ millions) +12% +8% $1,633 $848 $1,456 $786 1H2025 1H202
Slide 5: First Half 2026 Highlights
First Half 2026 Highlights 1 Strong 1H execution FY outlook supports 3 Optimized portfolio 2 higher returns Record potash sales volumes Raised the bottom end of potash ~$1B gross proceeds from asset sales volume guidance divestitures since Q4 20242 Strong growth in proprietary Lowered capital expend
Slide 6: Retail results – Q2 2026
Retail results – Q2 2026 Adjusted EBITDA ($ millions) Variance Highlights Lower Crop Nutrients $1,149 • Increased sales of proprietary $1,131 nutritional products offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products Higher Crop Protection Products • Increased sa
Slide 7: Retail results – YTD 2026
Retail results – YTD 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Crop Nutrients $1,239 • Increased sales of proprietary $1,195 nutritional products offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products Higher Crop Protection Products • Increased
Slide 8: Potash results – Q2 2026
Potash results – Q2 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Net Selling Price $658 • Due to higher global benchmark prices, $630 partially offset by higher offshore freight and insurance costs Higher COGS/mt • Higher royalties and maintenance costs Q2'25 Average Net Sales COGS¹
Slide 9: Potash results – YTD 2026
Potash results – YTD 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Net Selling Price $1,236 • Due to higher global benchmark prices, partially offset by higher offshore freight $1,076 and insurance costs Higher Sales Volumes • Low inventory levels and favorable potash affordability in
Slide 10: Nitrogen results – Q2 2026
Nitrogen results – Q2 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Net Selling Price • Due to stronger global benchmark prices, $665 and reflected the portion of sales $635 volumes established earlier in the year, prior to the onset of geopolitical conflict Lower Sales Volumes • Refl
Slide 11: Nitrogen results – YTD 2026
Nitrogen results – YTD 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Net Selling Price • Due to higher global benchmark prices $1,117 $1,070 Lower Sales Volumes • Reflecting no production from the Trinidad and New Madrid facilities2, planned maintenance at Carseland and deferred custo
Slide 12: Financial guidance
Financial y guidance Ly,
Slide 13: Financial and operational guidance
Financial and operational guidance “Our focus on operational excellence, targeted growth investments and ongoing portfolio optimization initiatives is strengthening our business, supporting structural free cash flow growth and increasing cash returns to shareholders.” Ken Seitz, President and CEO Ra
Slide 14: Retail Adjusted EBITDA, Market Outlook and Assumptions
Retail Adjusted EBITDA, Market Outlook and Assumptions Retail Adjusted EBITDA ($ billions) Market Outlook and Assumptions • Global agricultural markets are supported by robust grain and oilseed demand. Risks to global crop production and trade have increased due to $1.95 geopolitical uncertainty and
Slide 15: Potash Sensitivity, Market Outlook and Assumptions
Potash Sensitivity, Market Outlook and Assumptions 2026 Potash Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 4.2 • Global potash markets remain constructive due to favorable Sensitivity Range 3.6 affordability, healthy demand in all major global markets and stable supply r
Slide 16: Nitrogen Sensitivity, Market Outlook and Assumptions
Nitrogen Sensitivity, Market Outlook and Assumptions 2026 Nitrogen Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 3.5 • Global urea prices have strengthened in the third quarter of 2026 Sensitivity Range 3.0 following a decline in the latter half of the second quarter durin
Slide 17: Capital expenditures reflect a focus on capital efficiency and free cash flow
Capital expenditures reflect a focus on capital efficiency and free cash flow Capital Expenditures ($ billions) Investing Capital Priorities Retail: high value proprietary products, network optimization and digital capabilities $2.6B Potash: mine automation projects that enhance productivity and saf
Slide 18: Market outlook
Market outlook 18
Slide 19: Risks to global crop production and trade expected to place upside pressure on crop prices
Risks to global crop production and trade expected to place upside pressure on crop prices Global stocks to use ratio (stocks to use ratio %, excl. China) Grain Vegetable oil 20% 20% Yield reduction of 1 to 3% Yield reduction of 1 to 3% 15% 15% 10% 10% 5% 5% 0% 0% 2019 2020 2021 2022 2023 2024 2025
Slide 20: Global grain and oilseed prices have strengthened in 2026
Global grain and oilseed prices have strengthened in 2026 Key Crop Grower Cash Margins1,2,3,4 US Corn Cash Selling Price & Costs1,4,5 (USD/acre, CAD/acre, BRL/hectare) (US$/bushel) US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans 400 3,600 7.00 6.00 3,000 300 5.00 2,400 4.00 200 1,800
Slide 21: Geopolitical events disrupt global fertilizer and energy markets
Geopolitical events disrupt global fertilizer and energy markets Middle East exports1 are a critical part of global fertilizer and energy ~40% ~30% ~25% ~50% ~20-25% Urea Ammonia DAP/MAP Sulfur Oil & LNG Iran provides ~8% of global urea Israel & Jordan exports China exports K: 6.2 Mmt N: 5.0 Mmt P:
Slide 22: Maintaining our global potash shipment forecast range of 74–77 Mmt in 2026
Maintaining our global potash shipment forecast range of 74–77 Mmt in 2026 Historical & Projected Potash Demand by Region (millions tonnes KCl) India Other Asia North America Latin America China Other 20 19.5-20.5 17.0-18.0 15 13.5-14.0 10 10.0-11.0 9.8-10.2 5 3.5-4.0 0 21 22 23 24 25 26F 21 22 23 2
Slide 23: Higher demand testing existing global operating and supply chain capabilities
Higher demand testing existing global operating and supply chain capabilities Potash Production in Selected Regions - Midpoint Forecast (million tonnes KCl) Canada Russia Belarus Europe Middle East China Other1 30 25 2024 2025E 2026F 20 15 10 5 0 2024 2025 2026F 23 1. Includes production from Latin
Slide 24: Chinese fertilizer exports remain constrained amid ongoing geopolitical uncertainty
Chinese fertilizer exports remain constrained amid ongoing geopolitical uncertainty China Urea Exports China DAP/MAP Exports (millions of tonnes product) (millions of tonnes product) 8 8 6 6 4 4 2 2 - - 2022 2023 2024 2025 2026F 2022 2023 2024 2025 2026F Source: CRU, Argus, Nutrien 24
Slide 25: Global nitrogen market fundamentals are expected to remain tight in the 2H 2026
Global nitrogen market fundamentals are expected to remain tight in the 2H 2026 Urea Imports for key consuming regions (millions of tonnes product) 1H 2H 20 ~60% of FY imports 15 ~40% of FY imports 10 ~25% down vs. 2022-25 avg 5 0 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 25 Source: AgrInves
Slide 26: Thank you!
Thank you! For more information, please visit: www.nutrien.com 26