Mosaic Company (the) · NYSE:MOS

Mosaic Company (the) — The Mosaic Company — Q1 2025 Earnings Presentation

28 slides from Mosaic Company (the)'s earnings presentation, May 7, 2025

  1. Slide 1: First Quarter 2025 Results

    The Mosaic Company May 6, 2025 First 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 share repurchases, future transactions or s

  3. Slide 3: First Quarter 2025 Performance

    First Quarter 2025 Performance CONSOLIDATED OPERATING NET ADJUSTED (1) REVENUES EARNINGS INCOME EBITDA $2,621M $339M $238M $544M PHOSPHATE POTASH MOSAIC FERTILIZANTES Net Operating Adjusted(1) Net Operating Adjusted(1) Net Operating Adjusted(1) Revenues Earnings EBITDA Revenues Earnings EBITDA Reven

  4. Slide 4: Business Highlights

    Business Highlights NORMALIZE LEVERAGE REALLOCATE REDEFINE PRODUCTION MARKET CAPITAL GROWTH AND COSTS ACCESS March was one of the highest Actively engaging investors to Increase potash production Mosaic Biosciences first quarter phosphate production months discuss strategic alternatives for volume g

  5. Slide 5: Phosphate Asset Reliability Update

    Phosphate Asset Reliability Update Asset Health Production reliability Q4 2024 Q1 2025 Q2 2025 Completed Asset reliability at high end of expected High run rates post- Bartow turnaround in Q1. range due to recency of turnarounds. turnaround. Completed turnaround Additional reliability projects Expec

  6. Slide 6: Phosphate Production and Cost Progress

    Phosphate Production and Cost Progress Production Volume Cash Cost of Conversion¹ Million tonnes $/tonne Q1 2024 1.57 110  Low Q1 2025 volumes due to substantial downtime. Higher spending on asset reliability 1.58 118 work and lower volumes Q4 2024 resulted in higher cash cost of conversion per ton

  7. Slide 7: Potash Production and Cost Progress

    Potash Production and Cost Progress Production Volume Cash Cost of Production¹ Million tonnes $/tonne  Slightly lower Q1 2025 volumes in response to weather related challenges. Higher maintenance Q1 2024 2.34 72 spend and lower fixed cost absorption resulted in higher unit cost. Q4 2024 2.33 73  R

  8. Slide 8: Mosaic Fertilizantes Cost Progress

    Mosaic Fertilizantes Cost Progress Phosphate Cash Cost Phosphate Blended Potash Cash Cost of of Conversion¹ Rock Cost Production¹ $/tonne $/tonne $/tonne Q1 2024 101 115 196  Significant year-over-year 6.6 decline of all unit cost metrics in Q1 2025 due to 6.3 efficiency gains Q4 2024 85 109 151 

  9. Slide 9: Brazil Market Access

    Brazil Market Access Sales Volumes Million tonnes 2022 9.40 6.6  2025 sales volumes guidance of 10.0 to 10.8 million tonnes is ~15% higher than 2023 9.68 2024. 6.3  Palmeriante, expected to be completed in July, will add to our blending 2024 1.4 7.2-7.6 9.03 capacity; over 50% of 2025 Palmeriante

  10. Slide 10: Q2 2025 and 2025 Guidance

    Q2 2025 and 2025 Guidance Second Quarter ($ in millions) Q2 2025 Phosphate Sales Volumes (million tonnes) 1.7 - 1.9 DAP Prices (FOB Plant) $635 - $655 Potash Sales Volumes (million tonnes) 2.3 - 2.5 MOP Prices (FOB Mine) $230 - $250 Full Year ($ in millions) 2025 Phosphate Production Volumes (millio

  11. Slide 11: Sensitivities Table

    Sensitivities Table Pricing & Sensitivities FY 2024 Sensitivity Average DAP fob plant ($/tonne) $585 $10 price = $74 million adjusted EBITDA Average MOP fob mine ($/tonne) $222 $10 price = $60 million adjusted EBITDA BRL/USD(1) 5.39 Unhedged: $0.10 = $10 million adjusted EBITDA (1) The company hedge

  12. Slide 12: Market Highlights

    Market Highlights 12

  13. Slide 13: U.S. Grower Returns Challenging; Globally More Compelling

    U.S. Grower Returns Challenging; Globally More Compelling Supplemental government support akin to 2018-2020 would change the picture notably. U.S. Farmer Return Brazil Farmer Return India Rice: Farmer Return (USD/acre Index; 2016-24 Avg=100) (Reais/hectare Index; Combined 2016-24 (INR/hectare Index;

  14. Slide 14: Mosaic's Brazilian Hedge Against NAM Uncertainty

    Mosaic’s Brazilian Hedge Against NAM Uncertainty Brazil vs Chicago Corn Prices Brazil vs. Chicago Soybean Prices USD/Bu USD/Bu Brazil Chicago Brazil Chicago 7.50 11.00 7.00 10.75 6.50 10.50 6.00 10.25 5.50 10.00 5.00 9.75 4.50 9.50 4.00 9.25 3.50 9.00 Jan-25 Feb-25 Mar-25 Apr-25 Jan-25 Feb-25 Mar-25

  15. Slide 15: Opportunity to Pivot P&K Shipment Plans Amid NAM Uncertainty

    Opportunity to Pivot P&K Shipment Plans Amid NAM Uncertainty Global Phosphate Demand by Region Global Potash Demand by Region Other Other North North America China China America Other Latin Other Latin America 2025F America 2025F 76MMT 73MMT India Brazil Brazil India Indonesia+ Malaysia Europe + Oth

  16. Slide 16: Rising Prices and Elevated Stripping Margins

    Rising Prices and Elevated Stripping Margins $/MT MOP Prices $/MT Benchmark DAP Stripping Margin Published Spot Prices Calculated from Published Weekly Spot Prices 600 700 c&f Brazil 550 c&f SE Asia 600 delivered Cornbelt 500 fob NOLA 500 450 400 400 300 350 200 300 250 100 200 0 Jan-23 May-23 Sep-2

  17. Slide 17: India Poised for China's Return to the Market

    India Poised for China’s Return to the Market Mil Tonnes China Phosphate Exports Mil Tonnes India DAP Imports DAP/MAP/TSP 3.0 4.0 2.5 3.0 2.0 2.0 1.5 1.0 1.0 0.5 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023=7.9 2024=7.3 2025F=6.8 2023=6.5 2024=4.6 2025=6.4 Source: Mosaic

  18. Slide 18: Despite Phosphate Supply Growing in 2025, Demand is Still Constrained by Availability

    Despite Phosphate Supply Growing in 2025, Demand is Still Constrained by Availability Million Tonnes Y-o-Y Phosphate Balance Changes World Phosphate Supply 77.0 Million Tonnes 76.5 and Trend Demand 90 76.0 85 75.5 80 Supply Trend Demand = Constraints 75.0 75 ~2% per annum 74.5 70 74.0 Demand Changes

  19. Slide 19: Affordability Driving Robust Demand as Near-Term Potash Supply Reductions Tighten Global S/D

    Affordability Driving Robust Demand as Near-Term Potash Supply Reductions Tighten Global S/D Million Tonnes World Potash Supply Y-o-Y Potash Balance Changes Million Tonnes 75.0 and Trend Demand 90 74.5 85 74.0 80 Supply 73.5 75 Constraints 73.0 70 Trend Demand = Demand Changes Supply Changes ~2.5% p

  20. Slide 20: Reconciliations of non-GAAP Measures

    Reconciliations of non- GAAP Measures 20

  21. Slide 21: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Consolidated Earnings (in millions) Q1 2025 Q1 2024 Consolidated net earnings attributable to Mosaic $238 $45 Less: Consolidated interest expense, net (41) (48) Plus: Consolidated depreciation, depletion and amortization 243 241 Plus: Accretion expense 32 27 Plus:

  22. Slide 22: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Potash Earnings (in millions) Q1 2025 Q1 2024 Operating earnings $157 $198 Plus: Depreciation, depletion and amortization 81 82 Plus: Accretion expense 3 2 Plus: Foreign exchange gain (loss) 13 (31) Plus: Other Income (Expense) (1) - Plus: Notable items (13) 30 Ad

  23. Slide 23: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Phosphate Earnings (in millions) Q1 2025 Q1 2024 Operating earnings $139 $40 Plus: Depreciation, depletion and amortization 113 117 Plus: Accretion expense 25 20 Plus: Foreign exchange gain (loss) (3) 2 Plus: Other income (expense) - 3 Plus: Dividends received fro

  24. Slide 24: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Mosaic Fertilizantes Earnings (in millions) Q1 2025 Q1 2024 Operating earnings $98 $42 Plus: Depreciation, depletion and amortization 38 40 Plus: Accretion expense 4 5 Plus: Foreign exchange gain (loss) 41 (45) Plus: Other income (expense) (1) (2) Less: Earnings f

  25. Slide 25: Potash Cash Cost of Production Reconciliation

    Potash Cash Cost of Production Reconciliation Potash Costs (in millions) Q1 2025 Q4 2024 Q1 2024 Total COGS $402 $434 $431 Less: Depreciation and accretion expense 84 94 84 Less: Canadian Resource Taxes 47 56 64 Less: Change in Inventory (27) 24 (25) Less: Non-MOP Production Costs 128 97 150 Total M

  26. Slide 26: Phosphate Cash Cost of Conversion Reconciliation

    Phosphate Cash Cost of Conversion Reconciliation Phosphate Costs (in millions) Q1 2025 Q4 2024 Q1 2024 Total COGS $931 $1,027 $1,009 Less: Depreciation and accretion expense 132 157 137 Less: Miski Mayo Costs 51 55 48 Less: Change in Inventory 132 264 273 Less: Non-Production Costs 295 276 245 Less:

  27. Slide 27: Mosaic Fertilizantes Cash Cost Reconciliations

    Mosaic Fertilizantes Cash Cost Reconciliations Mosaic Fertilizantes Costs (in millions) Q1 2025 Q4 2024 Q1 2024 Total COGS $807 $986 $811 Less: Distribution Product costs $606 $704 $587 Less: Depreciation and accretion expense $43 $44 $45 Less: Change in Inventory $(78) $(17) $(83) Less: Non-Product

  28. Slide 28: ©2025 The Mosaic Company

    ©2025 The Mosaic Company

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