Mosaic Company (the) · NYSE:MOS
Mosaic Company (the) — The Mosaic Company — Q4 2025 Earnings Presentation
65 slides from Mosaic Company (the)'s earnings presentation, Feb 25, 2026
Slide 1: Mosaic 2025 Analyst Day
Mosaic 2025 Analyst Day 1
Slide 2: Forward Looking Statements
Forward Looking Statements 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 share repurchases, future transactions or strategic plans and other state
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation refers to certain non-GAAP financial measures, such as Consolidated Adjusted EBITDA, cash conversion cost per tonne and net debt. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position o
Slide 4: Bruce Bodine, President & CEO
Bruce Bodine, President & CEO 4
Slide 5: Mosaic has Three Separate but Interdependent Businesses
Mosaic has Three Separate but Interdependent Businesses COMMODITY MARKET AG PRODUCTION ACCESS TECHNOLOGY Competitive potash assets Leading presence in the top MicroEssentials® with excess capacity agricultural markets Aspire® Large scale phosphate production Expansive product distributio
Slide 6: Mosaic's Value Creation Engine
Mosaic’s Value Creation Engine Constructive Macro Tailwinds Normalize Production Leverage and Costs Market Reallocate Capital Access Redefine Growth 6
Slide 7: Mosaic's Value Creation Engine
Mosaic’s Value Creation Engine Constructive Macro Tailwinds Positive Normalize Megatrends Production Leverage and Costs Market Reallocate Capital Access Redefine Supply Constraints Growth 7
Slide 8: Mosaic's Value Creation Engine – Short Term
Mosaic’s Value Creation Engine – Short Term Constructive Macro Tailwinds Improved Normalize Reliability Production Leverage and Costs Market Reallocate Capital Access Redefine Cost Discipline Growth 8
Slide 9: Mosaic's Value Creation Engine – Medium Term
Mosaic’s Value Creation Engine – Medium Term Constructive Macro Tailwinds Portfolio Review Normalize Production Leverage and Costs Market Reallocate Capital Access Redefine Cash Return Focus Growth 9
Slide 10: Mosaic's Value Creation Engine – Long Term
Mosaic’s Value Creation Engine – Long Term Constructive Macro Tailwinds New Markets Normalize Production Leverage and Costs Market New Products Reallocate Capital Access Redefine Growth New Sources 10
Slide 11: Mosaic's Value Creation Engine
Mosaic’s Value Creation Engine Constructive Macro Tailwinds Normalize Production Leverage and Costs Market Reallocate Capital Access Redefine Growth 11
Slide 12: Agenda
Mosaic’s Value Creation Engine Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Sian
Slide 13: Agenda
Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Siani Pires Closing Bruce Bodine 13
Slide 14: Macro Trends Provide a Favorable Backdrop for Mosaic
Macro Trends Provide a Favorable Backdrop for Mosaic RISING P & K DEMAND POPULATION GROWTH GROWING & FOOD SECURITY GRAIN SUPPLY AND INCREASING DEMAND GAP DEMANDS ON P FOR BIOFUELS ADOPTION NON-FERTILIZER USES ACCELERATED YIELD LIMITED ARABLE ACRES GROWTH NEEDED TIGHTER & DURABLE PHOSPHATE S&D 14
Slide 15: The Food (and Fuel) Story Continues to Provide a Constructive Backdrop
The Food (and Fuel) Story Continues to Provide a Constructive Backdrop for the Agriculture and Fertilizer Industries World grain Per capita and oilseed yields arable land GREW 1.7% EXPECTED CAGR between TO FALL 2000-2016, but (2024-2030) only 0.4% 2016-24 Global population In order to meet expected
Slide 16: Biofuel Demand and Production are Expected to Accelerate
Biofuel Demand and Production are Expected to Accelerate Global Biofuels Production % = Global biofuels as % of transport energy Billion Brazil Europe India Indonesia North America gallon 80 E20 Biodiesel Renewable Biodiesel Trending to IEA Range* 6.3% blending to reach energy blend to year-round 70
Slide 17: Expected Grain and Oilseed Demand Growth from 2024 to 2030
Expected Grain and Oilseed Demand Growth from 2024 to 2030 Billion tonnes World Grain and Oilseed Use 4.0 3.9 +8-10% Highly Probable '24-30 3.8 3.7 3.6 3.5 3.4 3.3 2024 Feed Food + Other Biofuels 2030F Feed Food+Other Biofuels (MOS baseline) Biofuels (IEA Accel) Source: IEA, USDA, FAO, Mosaic 17
Slide 18: Phosphate and Potash Demand Necessary to Achieve Yield Growth
Phosphate and Potash Demand Necessary to Achieve Yield Growth, Though Phosphate Demand Likely to be Constrained by Supply Availability Million tonnes World Phosphate Demand Million tonnes World Potash Demand 85 CAGR 85 CAGR ‘24-’30 = 1.4% ‘24-’30 = 2% 80 80 +9.5M +6.6M '24-30 '24-30 75 75 70 70 65 6
Slide 19: Global Energy Transition Expected to Limit Phosphate Fertilizer Supply
Global Energy Transition Expected to Limit Phosphate Fertilizer Supply Greater lithium iron phosphate (LFP) production for electric vehicles (EV) and energy storage systems (ESS) expected Global EV Sales Penetration in 2030 Million tonnes China LFP production 35-45% (20% today) 3.0 Global ESS Demand
Slide 20: China Phosphate Exports Expected to Decrease through 2030
China Phosphate Exports Expected to Decrease through 2030 China Phosphate1 Exports Million tonnes -1.8 10.3 MMT 7.9 This drop is on top of 7.3 5.5 ~3M tonne drop from historical norms already seen Average 2023 2024 Higher Domestic Ag Industrial 2030F 2015-20 P2O5 Demand Demand Supply Growth Pull 1 D
Slide 21: Phosphate and Potash Supply Expected to be Hard-Pressed to Catch Up to Trend Demand
Phosphate and Potash Supply Expected to be Hard-Pressed to Catch Up to Trend Demand, Even Assuming Demand Growth to 2030 is Below Historic Trend Million tonnes World Phosphate Supply Million tonnes World Potash Supply and Trend Demand and Trend Demand 90 90 Supply 85 Constraints 85 Supply Constraint
Slide 22: Agenda
Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Siani Pires Closing Bruce Bodine 22
Slide 23: Sulfuric Acid Turnarounds are Essential to Phosphate Production Reliability
Sulfuric Acid Turnarounds are Essential to Phosphate Production Reliability Number of turnarounds Working through backlog 10 9 7 7 7 All sulfuric acid plants are now 5 5 back into the normal 3-year 3 interval between turnarounds 2018 2019 2020 2021 2022 2023 2024 2025E 23
Slide 24: Mosaic is Investing $100 Million to Enhance Asset Reliability
Mosaic is Investing $100 Million to Enhance Asset Reliability Asset Health Phosphate Production Forecast¹ Production reliability Million tonnes Q4 2024 Q2 2025 1.9 – 2.2 1.8 – 2.1 By Q2 2025, we Bartow 1.7 – 2.0 expect most ~1.5² accelerated reliability New Wales projects will be completed and Mosai
Slide 25: Normalizing Phosphate Production Will Result in Lower Cash Conversion Cost per Tonne
Normalizing Phosphate Production Will Result in Lower Cash Conversion Cost per Tonne Production Volume Cash Conversion Cost¹ Million tonnes $/tonne 2023 6.6 700k loss 105 from unusual events 2024 6.3 106 -7% 2025E 7.2-7.6 95-100 2027E 7.8-8.2 90-95 ¹ Please see appendix for non-GAAP metric definitio
Slide 26: Hydrofloat Will Increase Potash Production and Lower Potash Cash Production Cost
Hydrofloat Will Increase Potash Production and Lower Potash Cash Production Cost Production Volume¹ Potash Cash Production Cost² Million tonnes $/tonne 2023 7.8 250k loss from 65 7 72 unusual events 2024 8.3 65 5 70 +8% -3% 2025E 8.9-9.1 59-64 5 64-69 2027E 9.0-9.2 57-62 5 62-67 Potash Cash Producti
Slide 27: Compaction Boosted Product Mix, Driving Significant Margin Improvement
Compaction Boosted Product Mix, Driving Significant Margin Improvement Potash production by grade Compaction Project Million tonnes Compaction Project Industrial Granular Standard Completed in 2024 1.1 – 1.3 1.0 – 1.2 Added 500k tonnes of compaction capacity 1.5 1.4 Margin enhancement • Granul
Slide 28: Mosaic Fertilizantes Operating Efficiency Initiatives are Driving Costs Down
Mosaic Fertilizantes Operating Efficiency Initiatives are Driving Costs Down Mosaic Fertilizantes cost per tonne in US$ Phosphate cash Blended rock cost realized Potash cash conversion cost¹ in cost of goods sold production cost¹ 2023 106 122 257 Key Initiatives -30% Mine plan 2024 92 109 180 opti
Slide 29: Mosaic Implemented an Ambitious Global Digital Acceleration Program
Mosaic Implemented an Ambitious Global Digital Acceleration Program with Expectation of $70+ Million Adjusted EBITDA Improvement Examples of future value capture opportunities Employee and contractor efficiency SAP S4/HANA Embedded analytics Lower working capital requirements Sales and opera
Slide 30: Production and Cost Improvements Can Lead to $650+ Million Adjusted EBITDA Uplift by 2027
Production and Cost Improvements Can Lead to $650+ Million Adjusted EBITDA Uplift by 2027 2027 Adjusted EBITDA Impact¹ US$ in millions Value Capture Timeline Phosphate Production Ramp-up $400 - $500 Run-rate achieved in 2H 2025 Significant benefits will be demonstrated in Run-rate achieved in 20
Slide 31: Question and Answer
Question and Answer 31
Slide 32: Mosaic 2025 Analyst Day
Mosaic 2025 Analyst Day 32
Slide 33: Agenda
Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Siani Pires Closing Bruce Bodine 33
Slide 34: Market Access is a Unique Strategic Advantage for Mosaic
Market Access is a Unique Strategic Advantage for Mosaic Mosaic Biosciences We've Earned the Right to Win 9M acres A reliable provider with expansive supply chain network Recognition as an expert and MicroEssentials ® thought leader 75M acres Innovation that supports a solid portfolio of high-
Slide 35: North America Market Access Underscores our Scale, Supply Chain Footprint and Customer Relationships
North America Market Access Underscores our Scale, Supply Chain Footprint and Customer Relationships Scale and Leadership 45-50% market share in phosphate 30-35% market share in potash Expansive Supply Chain Network Over 100 Mosaic controlled warehouses Over 400 exclusive space agreements St
Slide 36: Performance Product Growth in North America will be a Source of Margin Expansion
Performance Product Growth in North America will be a Source of Margin Expansion North America Performance Product (P+K) Sales² Million tonnes Performance products Opportunity for future performance products Most performance product ~1.0 sales are MicroEssentials®, which exceeds commodity margins
Slide 37: Long In-Country Operating History and Solid Execution Differentiate Us in Brazil
Long In-Country Operating History and Solid Execution Differentiate Us in Brazil Exceptional customer trust Direct to farmer access #1 earned media More than 2,600 customers In-country logistics advantage ~$50/tonne netback improvement 20 blending facilities, two ports Solid local operatin
Slide 38: Our Brazil Distribution Model Enables Us to Outpace Market Growth
Our Brazil Distribution Model Enables Us to Outpace Market Growth Brazil NPK Market Mosaic Fertilizantes Third-Party Sales Million tonnes Million tonnes Performance product sales 2.8% 11.2% CAGR CAGR 12.5 – 13.5 Brazil distribution business has consistently 53 - 55 11 - 12 yielded $30-$40 margin p
Slide 39: Distribution Model in China and India to Drive Targeted Growth
Distribution Model in China and India to Drive Targeted Growth India and China total sales Million tonnes Targeted growth • Potash and performance North America products expansion 3.4 – 3.8 • Fertilizers provide “real estate” for Mosaic Biosciences products 2.6 – 3.0 Substantial in-country acces
Slide 40: Market Access Targets ~$300 Million Adjusted EBITDA Uplift by 2030
Market Access Targets ~$300 Million Adjusted EBITDA Uplift by 2030 2030 Adjusted EBITDA¹ Impact US$ million Growth drivers ~$100 New performance products North America launch MicroEssentials® expansion Brazil $100 - $150 Volume growth acceleration in 2026 Expect market with completion of Palme
Slide 41: Agenda
Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Siani Pires Closing Bruce Bodine 41
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Slide 43: Biosciences is an Attractive Avenue for Future Growth
Biosciences is an Attractive Avenue for Future Growth What makes biosciences an attractive field? Fast growing market Significant upside Biologicals Market is High gross margins Potential to Fragmented Low CAPEX ~$10B¹ in 2023 to ~80% of farmers address key farmer receptive to new 30% to 60% combine
Slide 44: We Have Made Significant Progress and See Promising Future Opportunities
We Have Made Significant Progress and See Promising Future Opportunities Accomplishments Looking ahead Launched in Brazil, India, China, North America Dual focus: Customer-based products and bioremediation Aim to launch 5 products in 2025 Reached 9 million acres globally in 2024 Expect Mosaic Bi
Slide 45: Our Focus Areas Leverage Mosaic's Strategic Strengths in Crop Nutrition
Our Focus Areas Leverage Mosaic’s Strategic Strengths in Crop Nutrition Bio crop nutrition Bio crop stimulants Bioremediation Supply biological nutrients or Activate plant responses, Recover nutrients from phosphate by-products, Our focus improve their availability. improving resilience to stress wh
Slide 46: Mosaic Successfully Launched Two Flagship Products
Mosaic Successfully Launched Two Flagship Products Biological fertilizer complement formulated with The select strains of bacillus produce organic proven strains of PGPR—plant growth promoting acids and enzymes that improve the rhizobacteria. Increases nutrient availability, solubilization of dry fe
Slide 47: Nitrogen Fixation Represents a Sizable Market
Nitrogen Fixation Represents a Sizable Market Target Launch Date 2026 / 27 Why Key Differentiator Next Steps Gene edited nitrogen fixation live microbial 3 billion acres¹ global addressable market Obtain necessary regulatory approvals Capable of N-fixation (i.e., not ‘just’ a nutrient-use-efficiency
Slide 48: Phosphate Solubilizing Bacteria Shows Great Potential
Phosphate Solubilizing Bacteria Shows Great Potential Target Launch Date 2027 / 28 Why Key Differentiator Next Steps >100,000 bacterial strains screened to find Field testing on corn in North America 2.7 billion acres¹ global addressable the most potent from diverse soil (>2% yield increase) and soy
Slide 49: Mosaic Biosciences is Accelerating with Potential for $200 Million of Adjusted EBITDA in 2030
Mosaic Biosciences is Accelerating with Potential for $200 Million of Adjusted EBITDA in 2030 Long-term Aspiration $250-$500 million adjusted EBITDA 2030 ~$200 million adjusted EBITDA 2026 12 launched products to date 2025 ~$70 million revenue 2024 9 million acres 49
Slide 50: Question and Answer
Question and Answer 50
Slide 51: Agenda
Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Siani Pires Closing Bruce Bodine 51
Slide 52: Financial Strategy Components
Financial Strategy Components Current assessment Where Mosaic wants to be Maintain investment grade credit rating Balance sheet Ability to service debt at the trough of market cycles Flex short-term debt according to working capital needs Capital reallocation away from low-returning assets R
Slide 53: Mosaic is Committed to Retaining its Investment Grade Credit Rating
Mosaic is Committed to Retaining its Investment Grade Credit Rating Net debt at YE 2024 US$ billion Key indebtedness metrics² Working capital is largely funded with short-term Next bond maturity credit facilities and $700M due commercial paper November 2027 4.0 9.0x Leverage metrics at year-end
Slide 54: Capital Reallocation is Key to Healthy Returns on Capital Employed
Capital Reallocation is Key to Healthy Returns on Capital Employed Reallocate capital Commodity phosphate product and non-core assets Capital employed ~33% of total NPV ~20% of total Invest in strengths Corporate and Other¹ Tier 1 potash assets, performance Capital employed ~12% of total products an
Slide 55: We Are Pursuing $2 - $3 Billion of Reallocation Opportunities
We Are Pursuing $2 - $3 Billion of Reallocation Opportunities Proceeds/Value Potential Strategy Streamsong Sold for $160 million in 2023 Ma’aden shares ~111 million Ma’aden shares² with a clear path to monetization Patos de Minas $125 million sale expected to close in 2025 Carlsbad Indicatio
Slide 56: Our Path to Improving Adjusted EBITDA by ~55% in 5 Years
Our Path to Improving Adjusted EBITDA by ~55% in 5 years Captured by 2026 Captured by 2030 ASSUME FLAT 2024 PRICES +55% $3.3B - $3.5B $250M - $330M $150M - $250M Improvement in $650M - $800M adjusted EBITDA is $75M - $125M largely independent of $100M - $175M fertilizer prices $3.0B - $3.2B No m
Slide 57: Significant 5-year Adjusted EBITDA Expansion in a Range of Market Scenarios
Significant 5-year Adjusted EBITDA Expansion in a Range of Market Scenarios 2030 Adjusted EBITDA scenarios ($ billions) Scenarios selected for MOP Price FOB Mine ($/mt) discussion in next slide $195 $220 $245 Low $375 $2.9 - $3.1 $3.0 - $3.2 $2.7 - $2.9 Phosphate benchmark Medium stripping $425 $3.1
Slide 58: Adjusted EBITDA Expansion and Capital Reallocation will Generate Robust Allocable Cash Flow
Adjusted EBITDA Expansion and Capital Reallocation will Generate Robust Allocable Cash Flow Adjusted 2025 – 2030 Cumulative 2025 – 2030 EBITDA free cash flow1 Cash to be allocated scenarios $2 – 3B Low $3.5 – $3.7 $5.5 - $6.7 Medium $6.8 – $7.0 Capital reallocation $8.8 - $10 potential proceeds High
Slide 59: Agenda
Agenda Opening Bruce Bodine Constructive Macro Tailwinds Jenny Wang/Andy Jung Normalize Production & Costs Karen Swager/Luciano Siani Pires Leverage Market Access Jenny Wang Redefine Growth Jenny Wang/Floris Bielders Reallocate Capital & Financial Strategy Luciano Siani Pires Closing Bruce Bodine 59
Slide 60: Mosaic's Engine of Value Creation
Mosaic’s Engine of Value Creation Constructive Macro Tailwinds Normalize Production Leverage and Costs Market Reallocate Capital Access Redefine Growth 60
Slide 61: Question and Answer
Question and Answer 61
Slide 62: Appendix
Appendix 62
Slide 63: Non-GAAP Financial Measures
Non-GAAP Financial Measures Consolidated Adjusted EBITDA Consolidated Adjusted EBITDA is defined as Consolidated Net Income (loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for (benefit
Slide 64: Non-GAAP Financial Measures
Non-GAAP Financial Measures Phosphate cash costs of conversion per production tonne Total production costs plus COGS functional support costs, less depreciation, ARO costs including accretion, idle expenses and turnaround costs divided by metric tonnes of finished phosphate production in the period.
Slide 65: Thank You
Thank You 65