Mosaic Company (the) · NYSE:MOS

Mosaic Company (the) — The Mosaic Company — Q1 2026 Earnings Presentation

36 slides from Mosaic Company (the)'s earnings presentation, May 11, 2026

  1. Slide 1: The Mosaic Company First Quarter 2026 Results

    The Mosaic Company May 11, 2026 First Quarter 2026 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: First Quarter 2026 Performance

    First Quarter 2026 Performance Consolidated Operating Net Income Adjusted1 Revenues Earnings (Loss) (Loss) EBITDA $2,998M $(373)M ($258M) $416M Phosphate Potash Mosaic Fertilizantes $1,426M ($48M) $115M $667M $177M $275M $937M $(422)M $79M Net Revenues Operating Adjusted1 Net Revenues Operating Adju

  4. Slide 4: Q1 2026 Phosphate Results

    Q1 2026 Phosphate Results Key Metrics Q1 2026 $1,426M $(48M) $115M Sales Volumes – million tonnes* Production Volumes – million tonnes* 1.9 1.6 Net Revenues Operating Adjusted1 DAP Selling Price FOB Plant - $ per tonne $668 Earnings (Loss) EBITDA Phosphate Cash Cost of Conversion1 - $ per tonne $124

  5. Slide 5: Q1 2026 Potash Results

    Q1 2026 Potash Results Key Metrics Q1 2026 $667M $177M $275M Sales Volumes – million tonnes* Production Volumes – million tonnes* 2.2 2.1 Net Revenues Operating Adjusted1 MOP Selling Price FOB Mine - $ per tonne $265 Earnings EBITDA MOP Cash Cost of Production1 - $ per tonne $84 Idle and Turnaround

  6. Slide 6: Q1 2026 Mosaic Fertilizantes Results

    Q1 2026 Mosaic Fertilizantes Results Key Metrics Q1 2026 $937M $(422M) $79M Sales Volumes – million tonnes* Sales Volumes of Produced Products – million tonnes2 1.6 0.6 Net Revenues Operating Adjusted1 Earnings (Loss) EBITDA Phosphate Cash Cost of Conversion1 - $ per tonne $113 Phosphate Blended Roc

  7. Slide 7: Market Highlights

    Need new visual. Still a market theme Market Highlights 7

  8. Slide 8: Crop Prices Gain on Persian Gulf Tensions

    Crop Prices Gain on Persian Gulf Commodity Current $ Since Feb 27th YTD Y-o-Y 10yr Avg Tensions Ag Commodity Prices Corn $4.53/bu 3% 3% 3% 0% Soybean $11.77/bu 2% 14% 14% 5% Wheat (HRW) $6.55/bu 14% 27% 27% 12% Ag Commodity Prices Palm Oil MYR 4,491/MT 13% 14% 21% 30% Daily Close of Front Month Cont

  9. Slide 9: Strong Demand, Limited Available Nutrient Supply Will Impact Stock to Use Ratios

    Strong Demand, Limited Available Nutrient Supply Will Impact Stock to Use Ratios World Grain and Oilseed Stocks:Use (Excl. China) 20% 19% 18% 17% 16% 15% 14% 13% 12% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Source: USDA, Mosaic 9

  10. Slide 10: Phosphate Shipments Constrained by Supply

    Phosphate Shipments Constrained by Supply Phosphate Prices Global Phosphate Shipments Published Spot Prices DAP/MAP/NPS/TSP $/MT Mil Tonnes 950 80 DAP fob NOLA DAP c&f India 900 70 MAP c&f Brazil DAP fob TPA 60 850 50 800 40 750 30 700 20 650 10 600 0 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 10 11

  11. Slide 11: Benchmark Stripping Margins Remain Pressured by Raw Material Prices

    Benchmark Stripping Margins Remain Pressured by Raw Material Prices Benchmark Stripping Margin $/MT 700 600 500 400 300 Jan-21 May-26 200 P: $390/ST NOLA P: $760/ST NOLA 100 NH3: $270/MT NH3: $825/MT S: $96/LT S: $655/LT 0 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Source: Argus Data through April 30

  12. Slide 12: Phosphate Leads Sulfur Demand, but Metals are Gaining

    Phosphate Leads Sulfur Demand, but Metals are Gaining. Middle East Drives Half of Global Sulfur Trade. Global Sulphur Demand by Use Global Sulphur Exports MMT 100 57% 56% 56% 60% 52% 90 RoW P acid % of total 18% 50% 80 70 40% 60 USA 4% 2025 Exports Middle 50 30% East ~40 MMT 48% 40 Canada 20% 12% 30

  13. Slide 13: Chinese Export Restrictions Reflect Lower Production Rates and Rising Domestic Demand

    Chinese Export Restrictions Reflect Lower Production Rates and Rising Domestic Demand China Phosphate Exports (DAP Equivalent) China LFP Production Mil Tonnes Mil Tonnes NP Historical DAP/MAP/TSP Historical 14 6.0 2026 DAP Equiv June Return 2026 DAP Equiv Aug Return 12 5.0 10 4.0 8 3.0 6 2.0 4 2 1.0

  14. Slide 14: Compelling Value Drives Potash Demand Growth; Chinese MOP Imports Set Q1 Record

    Compelling Value Drives Potash Demand Growth; Chinese MOP Imports Set Q1 Record on Low Inventories Global Potash Demand China Port Inventory MOP Including Bonded Warehouses Mil Tonnes Mil Tonnes 80 4.0 75 3.5 70 3.0 2.5 65 2.0 60 1.5 55 1.0 Min/Max Range (21-25) 2026 2025 50 0.5 45 0.0 10 11 12 13 1

  15. Slide 15: Performance & Strategy Highlights

    Performance & Strategy Highlights 15

  16. Slide 16: Performance and Strategy Highlights

    Performance and Strategy Highlights NORMALIZE LEVERAGE REALLOCATE REDEFINE PRODUCTION MARKET CAPITAL GROWTH AND COSTS ACCESS 2026 capex reduced by 1.9 million tonnes of phosphate $250M to $1.25B sales in Q1 following deferrals in U.S. phosphate operating rates Q4 2025 Mosaic Biosciences ~80%+ at thr

  17. Slide 17: Mosaic's Structural Advantage and Strategic Actions

    Mosaic’s Structural Advantage and Strategic Actions Structural Input Strategic Actions to Manage Through Market Disruption Cost Advantages Production Cost Capital SECURED Rationalization Reductions Discipline molten sulfur access through U.S. Gulf Coast IDLED & $150M+ REDUCED refineries; 80-85% DEMO

  18. Slide 18: Mosaic's Realized Stripping Margin Typically Exceeds Benchmark

    Mosaic’s Realized Stripping Margin Typically Exceeds Benchmark Quarterly Margin Outperformance vs Benchmark ($/MT)  Realized stripping margin outperforms the benchmark $200 in most market scenarios.  Quarterly contracted sulfur rates limit exposure to market $100 price volatility.  Internally pro

  19. Slide 19: Q1 2026 Free Cash Flow Above Prior Years

    Q1 2026 Free Cash Flow Above Prior Years Key Cash Flow Metrics ($ in millions) Q1 2024 Q1 2025 Q1 2026 Net Cash provided by Operating Activities,  First quarter cash flow are $384 $434 $175 seasonally the lowest of before Changes in Assets and Liabilities the year. Changes in Assets and Liabilities

  20. Slide 20: Capital Reallocation Update

    Capital Reallocation Update Proceeds/Value Potential Strategy Araxa / Patrocinio  Announced idling and demobilization of Araxa and either pursuit of sale or Niobium project at Patrocinio In Progress Land monetization  Several deals expected to be completed in 2026, $31 million in the first quarter

  21. Slide 21: Mosaic Biosciences Expects to Double Net Sales, Fueled by New Product Launches in 2026

    Mosaic Biosciences Expects to Double Net Sales, Fueled by New Product Launches in 2026. Net Sales Innovation Platform (In million USD) 2 $135+ Product launches in Q1 2026  Mbio Floresce ® (Brazil)  Refirma Cybellion ® (Brazil) Mosaic Biosciences’ $68 key markets $27 8-10 Product launches Countries

  22. Slide 22: Q2 2026 Guidance

    Q2 2026 Guidance Q2 2026 Phosphate Sales Volumes - million tonnes 1.4 – 1.7 DAP FOB Plant Prices - $ per tonne $760 - $780 Potash Sales Volumes - million tonnes 1.9 – 2.1 MOP FOB Mine Prices - $ per tonne $260 - $280 22

  23. Slide 23: 2026 Guidance

    2026 Guidance Full Year 2026 Potash Production Volumes - million tonnes 9.0 Total Capital Expenditures - billions $ $1.25 Depreciation, Depletion & Amortization - billions $ $1.1 - $1.2 Selling, General, and Administrative Expense - millions $ $520 - $540 Net Interest Expense - millions $ $200 - $22

  24. Slide 24: 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

  25. Slide 25: Contact Information

    Contact Information For all investor inquiries: Paul Massoud, CFA  (813) 775-4260  Paul.Massoud@mosaicco.com Joan Tong, CFA  (863) 640-0826  Joan.Tong@mosaicco.com Bruce Robinson  (813) 997-7505  Bruce.Robinson@mosaicco.com 25

  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 (in millions) Q1 2026 Consolidated net earnings (loss) attributable to Mosaic $(258) Less: Consolidated interest expense, net (55) Plus: Consolidated depreciation, depletion and amortization 317 Plus: Accretion expense 35 Plus: Share-based co

  28. Slide 28: Reconciliation of non-GAAP measures: Phosphates

    Reconciliation of non-GAAP measures Phosphates Earnings (in millions) Q1 2026 Operating earnings (loss) $(48) Plus: Depreciation, depletion and amortization 151 Plus: Accretion expense 26 Plus: Foreign exchange gain (loss) (1) Plus: Other income (expense) (9) Less: Earnings from consolidated noncont

  29. Slide 29: Reconciliation of non-GAAP measures: Potash

    Reconciliation of non-GAAP measures Potash Earnings (in millions) Q1 2026 Operating earnings $177 Plus: Depreciation, depletion and amortization 90 Plus: Accretion expense 4 Plus: Foreign exchange gain (loss) (56) Plus: Other income (expense) 3 Plus: Notable items 57 Adjusted EBITDA $275 29

  30. Slide 30: Reconciliation of non-GAAP measures: Mosaic Fertilizantes

    Reconciliation of non-GAAP measures Mosaic Fertilizantes Earnings (in millions) Q1 2026 Operating earnings (loss) $(422) Plus: Depreciation, depletion and amortization 66 Plus: Accretion expense 5 Plus: Foreign exchange gain (loss) 30 Plus: Other income (expense) (2) Less: Earnings from consolidated

  31. Slide 31: Phosphate Cash Cost of Conversion Reconciliation

    Phosphate Cash Cost of Conversion Reconciliation Phosphate Costs (in millions) Q1 2026 Total COGS $1,423 Less: Depreciation and Accretion expense 141 Less: Miski Mayo Costs 54 Less: Raw Material COGS and Product Freight 578 Less: Change in Inventory 85 Less: Non-Production Costs 246 Less: Cash Cost

  32. Slide 32: Potash Cash Cost of Production Reconciliation

    Potash Cash Cost of Production Reconciliation Potash Costs (in millions) Q1 2026 Total COGS $476 Less: Depreciation and Accretion Expense 93 Less: Canadian Resource Taxes 67 Less: Change in Inventory 31 Less: Non-MOP Production Costs 105 Total MOP Cash Costs $180 Production Tonnes (Thousands) 2,131

  33. Slide 33: Mosaic Fertilizantes Cash Cost Reconciliations

    Mosaic Fertilizantes Cash Cost Reconciliations Mosaic Fertilizantes Costs (in millions) Q1 2026 Total COGS $902 Less: Distribution Product costs 644 Less: Depreciation and Accretion Expense 70 Less: Change in Inventory (26) Less: Non-Production Costs 59 Less: Rock Cost of Production 81 Phosphate Cas

  34. Slide 34: Core Working Capital

    Core Working Capital (in millions) Q4 2024 Q1 2025 Change Q4 2025 Q1 2026 Change Accounts Receivable $1,113 $1,067 $(46) $1,079 $1,016 $(63) Inventory $2,548 $2,783 $235 $3,363 $3,423 $60 Accounts Payable $(1,157) $(936) $221 $(1,172) $(1,085) $87 Core Working Capital (Balance Sheet) $2,504 $2,914 $

  35. Slide 35: Free Cash Flow

    Free Cash Flow (in millions) Q1 2026 Q1 2025 Q1 2024 Net cash provided by (used in) operating activities $104 $43 $(80) Capital expenditures (357) (341) (383) Free cash flow $(253) $(298) $(463) 35

  36. Slide 36: ©2026 The Mosaic Company

    ©2026 The Mosaic Company

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