Mosaic Company (the) · NYSE:MOS
Mosaic Company (the) — The Mosaic Company — Q2 2026 Earnings Presentation
34 slides from Mosaic Company (the)'s earnings presentation, Aug 5, 2026
Slide 1: The Mosaic Company Second Quarter 2026 Results
The Mosaic Company August 4th, 2026 Second Quarter 2026 Results 1
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
Slide 3: Second Quarter 2026 Performance
Second Quarter 2026 Performance Consolidated Operating Net Income Adjusted1 Revenues Earnings (Loss) (Loss) EBITDA $2,824M ($36M) ($273M) $407M Phosphate Potash Mosaic Fertilizantes $1,246M ($104M) $128M $650M $195M $278M $1,034M ($41M) $60M Net Revenues Operating Adjusted1 Net Revenues Operating Ad
Slide 4: Q2 2026 Phosphate Results
Q2 2026 Phosphate Results Key Metrics Q2 2026 Sales Volumes – million tonnes* 1.4 Production Volumes – million tonnes* 1.4 $1,246M ($104M) $128M DAP Selling Price FOB Plant - $ per tonne $773 Net Revenues Operating Adjusted1 Phosphate Cash Cost of Conversion1 - $ per tonne $129 Earnings (Loss) EBITD
Slide 5: Q2 2026 Potash Results
Q2 2026 Potash Results Key Metrics Q2 2026 Sales Volumes – million tonnes* 2.0 Production Volumes – million tonnes* 1.8 $650M $195M $278M MOP Selling Price FOB Mine - $ per tonne $275 Net Revenues Operating Adjusted1 MOP Cash Cost of Production1 - $ per tonne $84 Earnings EBITDA Idle, Turnaround and
Slide 6: Q2 2026 Mosaic Fertilizantes Results
Q2 2026 Mosaic Fertilizantes Results Key Metrics Q2 2026 Sales Volumes – million tonnes* 1.5 $1,034M ($41M) $60M Sales Volumes of Produced Products – million tonnes2 0.7 Phosphate Cash Cost of Conversion1 - $ per tonne $141 Net Revenues Operating Adjusted1 Phosphate Blended Rock Cost Consumed in COG
Slide 7: Market Highlights
Need new visual. Still a market theme Market Highlights 7
Slide 8: Commodity Prices are Recovering
Commodity Prices are Recovering Corn Soybeans HRW Wheat Front Month Contract Front Month Contract Front Month Contract $/bu $/bu $/bu 5.0 13.0 8.0 4.8 12.5 7.5 4.6 12.0 7.0 4.4 11.5 6.5 4.2 11.0 6.0 4.0 10.5 5.5 3.8 10.0 5.0 Jan-26 Mar-26 May-26 Jul-26 Jan-26 Mar-26 May-26 Jul-26 Jan-26 Mar-26 May-2
Slide 9: Strong Harvest and Higher Acreage Driving Nutrient Depletion
Strong Harvest and Higher Acreage Driving Nutrient Depletion Two-Year Incremental Nutrient Removal Two-Year Incremental Nutrient Removal on U.S. Corn, Soybeans, Wheat on Brazil Corn, Soybeans Mil Tonnes Mil Tonnes 1.5 2.0 '25 vs. '22-24 Avg '25 vs. '22-24 Avg 1.8 1.3 '26 vs. '22-24 Avg '26 vs. '22-2
Slide 10: Pent-up Demand in Brazil
Pent-up Demand in Brazil Expanding Acreage and Declining Yields Point To Higher Nutrient Replenishment Needs in Brazil Brazil Planted Soybean and Corn Area Brazil Soybean Yield Brazil Corn Yield Mil Ha MT/Ha MT/Ha 75 3.75 6.50 70 3.70 6.40 65 3.65 6.30 60 3.60 6.20 55 3.55 6.10 50 3.50 6.00 24/25 25
Slide 11: Rising Crop Prices Improve Affordability
Rising Crop Prices Improve Affordability Plant Nutrient Affordability Affordability by Nutrient Plant Nutrient Price Index / Crop Price Index Plant Nutrient Price Index / Crop Price Index Average (2010-present) y-o-y chg. vs 2010-present avg. 1.40 Less Affordable Fertilizers 2.25 DAP Affordability M
Slide 12: Q3 Tampa Contract Settled Well Below Global Spot Prices
Q3 Tampa Contract Settled Well Below Global Spot Prices Sulphur Prices Ammonia Prices Published Spot and Contract Prices Published Spot and Contract Prices $/MT Sulphur Prices $/MT Ammonia Prices 1,200 1,800 Tampa Middle East China W. Europe N. Africa Tampa 1,600 1,000 1,400 1,200 800 1,000 600 800
Slide 13: Benchmark Stripping Margins Recovering
Benchmark Stripping Margins Recovering Benchmark Stripping Margin $/MT 700 650 600 Aug-26 550 P: $795/ST NOLA 500 NH3: $635/MT 450 S: $705/LT 400 350 Jan-21 P: $390/ST NOLA 300 NH3: $270/MT 250 S: $96/LT 200 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Source: Argus Data through July 30, 2026 13
Slide 14: Phosphate Pricing Elevated; Global Shipments Constrained
Phosphate Pricing Elevated; Global Shipments Constrained Phosphate Prices Global Phosphate Shipments Published Spot Prices DAP/MAP/NPS/TSP $/MT Mil Tonnes 1,000 80 DAP c&f India MAP c&f Brazil 75 900 70 65 800 60 55 700 50 45 600 40 35 500 30 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 10 11 12
Slide 15: Shrinking Chinese Export Availability; U.S. Imports Trail Last Year
Shrinking Chinese Export Availability; U.S. Imports Trail Last Year China Phosphate Exports U.S. Offshore Phosphate Imports DAP/MAP/TSP/NP DAP/MAP/TSP/NPS Mil Tonnes Mil Tonnes NP Historical Other 14 4.0 DAP/MAP/TSP Historical Australia 12 3.5 Mexico 2026 DAP Equiv Exports 3.0 Tunisia 10 2.5 Egypt 8
Slide 16: Balanced Potash Markets Support Pricing; Chinese MOP Imports Set Record in 1H 26
Balanced Potash Markets Support Pricing; Chinese MOP Imports Set Record in 1H 26 Potash Prices Global Potash Shipments Published Spot Prices MOP $/MT Mil Tonnes 500 80 c&f Brazil c&f SE Asia delivered Cornbelt fob NOLA 75 450 70 400 65 60 350 55 50 300 45 250 40 Jan-25 Jul-25 Jan-26 Jul-26 10 11 12
Slide 17: Performance & Strategy Highlights
Performance & Strategy Highlights 17
Slide 18: Performance and Strategy Highlights
Performance and Strategy Highlights NORMALIZE LEVERAGE REALLOCATE REDEFINE PRODUCTION MARKET CAPITAL GROWTH AND COSTS ACCESS Disciplined cost management 2026 CapEx outlook Global network enabled Mosaic Biosciences and raw material sourcing; reduced to $1.2B Mosaic to meet customer launched 5 new Pho
Slide 19: Mosaic's Realized Stripping Margin Typically Exceeds Benchmark
Mosaic’s Realized Stripping Margin Typically Exceeds Benchmark Quarterly Realized Stripping Margin Outperformance vs Benchmark ($/MT) $200 ▪ Realized stripping margin outperforms the benchmark $150 in most market scenarios. ▪ Quarterly contracted sulfur $100 rates limit exposure to market price vola
Slide 20: Ample Liquidity Maintained
Ample Liquidity Maintained Total Liquidity Capacity $2.5B Revolver and Commercial Paper ▪ Mosaic established a $1 billion term loan to replace and extend very short-term commercial paper maturities. $0.7B Inventory Financing & ▪ Maintains a strong balance sheet to manage through current environment.
Slide 21: Capital Reallocation Update
Capital Reallocation Update Proceeds Potential Strategy Araxa / Patrocinio ▪ Received multiple indications of interest on sale of Araxa in Q2 2026 ▪ $31 million completed in 1H 26, with additional land sales Land monetization expected over time Ma’aden shares ▪ ~111 million Ma’aden shares1 Patos de
Slide 22: Mosaic Biosciences Growth Continues
Mosaic Biosciences Growth Continues Expects to Double Net Sales, Fueled by New Product Launches in 2026. Countries with Sales & Registrations Countries with Registrations Only Net Sales Innovation Platform (In million USD) $135+ 5 Product launches in 1H 2026 ▪ Mbio Floresce® (Brazil) ▪ Refirma Cybel
Slide 23: Q3 2026 Guidance
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
Slide 24: 2026 Guidance
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- $240
Slide 25: Sensitivities Table
Sensitivities Table Pricing & Sensitivities1 FY 2025 Sensitivity Average DAP fob plant ($/tonne) $670 $10 price = $60 million adjusted EBITDA Average MOP fob mine ($/tonne) $255 $10 price = $83 million adjusted EBITDA2 1 These sensitivities are provided based on 2025 cost structure and realized pric
Slide 26: Reconciliations of non-GAAP Measures
Reconciliations of non- GAAP Measures 26
Slide 27: Reconciliation of non-GAAP measures
Reconciliation of non-GAAP measures 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 co
Slide 28: Reconciliation of non-GAAP measures: Phosphates
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 noncon
Slide 29: Reconciliation of non-GAAP measures: Potash
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 29
Slide 30: Reconciliation of non-GAAP measures: Mosaic Fertilizantes
Reconciliation of non-GAAP measures 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 consoli
Slide 31: Phosphate Cash Cost of Conversion Reconciliation
Phosphate Cash Cost of Conversion Reconciliation 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 Cos
Slide 32: Potash Cash Cost of Production Reconciliation
Potash Cash Cost of Production Reconciliation 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
Slide 33: Mosaic Fertilizantes Cash Cost Reconciliations
Mosaic Fertilizantes Cash Cost Reconciliations 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 Cas
Slide 34: ©2026 The Mosaic Company
©2026 The Mosaic Company