Mosaic Company (the) · NYSE:MOS

Mosaic Company (the) — The Mosaic Company — Q3 2025 Earnings Presentation

33 slides from Mosaic Company (the)'s earnings presentation, Nov 5, 2025

  1. Slide 1: The Mosaic Company Third Quarter 2025 Results

    The Mosaic Company November 4, 2025 Third 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 future transactions or strategic plans and

  3. Slide 3: Third Quarter 2025 Performance

    Third Quarter 2025 Performance Consolidated Operating Net Adjusted1 Revenues Earnings Income EBITDA $3,452M $340M $411M $806M Phosphate Potash Mosaic Fertilizantes $1,290M $102M $280M $695M $229M $329M $1,592M $96M $241M Net Revenues Operating Adjusted1 Net Revenues Operating Adjusted1 Net Revenues

  4. Slide 4: Phosphate Results

    Phosphate Results Q3 2025 Key Metrics Sales Volumes 1.6M tonnes $1,290M $102M $280M Production Volumes 1.7M tonnes Net Revenues Operating Adjusted1 DAP FOB Plant $714/tonne Earnings EBITDA Cash Cost of Conversion1 $131/tonne Blended Rock Cost in COGS $80/tonne Idle and Turnaround Expenses $42 millio

  5. Slide 5: Potash Results

    Potash Results Q3 2025 Key Metrics Sales Volumes 2.3M tonnes $695M $229M $329M Production Volumes 2.3M tonnes Net Revenues Operating Adjusted1 MOP FOB Mine $271/tonne Earnings EBITDA MOP Cash Cost of Production1 $71/tonne Idle and Turnaround Expenses $16M All assets Q3 MOP cash cost of production of

  6. Slide 6: Mosaic Fertilizantes Results

    Mosaic Fertilizantes Results Q3 2025 Key Metrics Sales Volumes 2.8M tonnes $1,592M $96M $241M Sales Volumes of Produced Products2 1.0M tonnes Net Revenues Operating Adjusted1 Phosphate Cash Cost of Production1 $99/tonne Earnings EBITDA Phosphate Blended Rock Cost in COGS $99/tonne Idle and Turnaroun

  7. Slide 7: Market Highlights

    Market Highlights Aa a eee Be SS x WS 7 Pi< * < ~ . » ose SS AS ‘ zn ae yy) - pte NS PVT Kr 7 Mg v, ante 0 49 7 / Sa) HA t/% 2 . we rz 7 ’ n- A> ~ i, } x } > F - ue \ < ws zi a", i res Re tf ¢ 3 ' t play)

  8. Slide 8: Significantly More Nutrients Removed From U.S. and Brazilian Soils In Recent Harvests

    Significantly More Nutrients Removed From U.S. and Brazilian Soils In Recent Harvests Driven by Higher Acreage and Yields Y-o-Y Incremental Nutrient Removal on U.S. Corn, Y-o-Y Incremental Nutrient Removal on Brazil Corn, Soybeans, Wheat Soybeans ‘000 MT ‘000 MT 700 1,150 600 1,100 500 1,050 400 1,0

  9. Slide 9: Heavy Nutrient Removal Amid Record Yields. Deferred Application Would Have Yield Consequences

    Heavy Nutrient Removal Amid Record Yields. Deferred Application Would Have Yield Consequences Nutrient Removal on Corn Nutrient Removal on Soybeans Nutrient Removal on Wheat (lbs P2O5 and K2O per ac) (lbs P2O5 and K2O per ac) (lbs P2O5 and K2O per ac) 120 120 50 100 100 40 80 80 30 60 60 20 40 40 10

  10. Slide 10: Brazil Fertilizer Demand Holding in 2025 Despite Financing Hurdles

    Brazil Fertilizer Demand Holding in 2025 Despite Financing Hurdles. Expecting Growth in 2026. Affordability Improving. Brazil Fertilizer Shipments Brazil Soybean and Corn Barter Ratios Mil Tonnes Soy Bag/MT 50 47- 48 40 Less Affordable Fertilizers 45 30 40 20 35 10 More Affordable Fertilizers 30 0 2

  11. Slide 11: Phosphate Demand Remains Constrained by Supply

    Phosphate Demand Remains Constrained by Supply. Stripping Margins Expected to Remain Historically Elevated. Global Phosphate Shipments Benchmark DAP Stripping Margin DAP/MAP/TSP/NPS Calculated from Published Weekly Spot Prices Mil Tonnes $/MT 80 75 - 77 600 75 500 70 400 65 300 60 200 55 100 50 0 10

  12. Slide 12: YTD LFP Production Surpasses Prior Annual Record

    YTD LFP Production Surpasses Prior Annual Record. China EVs Account for ~50% of Vehicle Sales; 80% Use LFP. China LFP Production China LFP Penetration* Mil Tonnes 3.0 100% 2.5 80% 2.6 2.6 81% 2.0 75% 71% 60% 67% 62% 1.8 1.5 1.7 52% 40% 1.0 38% 1.1 20% 0.5 0.4 0.0 0.1 0% 20 21 22 23 24 24 25 20 21 22

  13. Slide 13: Asia Driving Potash Demand Growth

    Asia Driving Potash Demand Growth. Stronger Demand in China and Southeast Asia Supporting Prices MOP Prices Global MOP Shipments Published Spot Prices Mil Tonnes $/MT 75 72 - 74 500 c&f Brazil c&f SE Asia delivered Cornbelt fob NOLA 70 450 65 400 60 350 55 300 50 250 45 200 10 11 12 13 14 15 16 17 1

  14. Slide 14: SE Asia Markets on Track for Record or Near-Record MOP Imports this Year

    SE Asia Markets on Track for Record or Near-Record MOP Imports this Year Indonesia MOP Imports Malaysia MOP Imports Thailand MOP Imports MMT MMT MMT 4.0 2.1 1.2 34% 1.8 47% 3.0 0.9 20% 1.5 1.2 2.0 0.6 0.9 0.6 1.0 0.3 0.3 0.0 0.0 0.0 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep

  15. Slide 15: China Potash Demand Drawing Down Inventory

    China Potash Demand Drawing Down Inventory China MOP Port Inventory China MOP Shipments Including Bonded Warehouses Mil Tonnes Mil Tonnes 19 - 20 5.0 20 Min/Max Range (20-24) 2024 2025 18 16 4.0 14 12 3.0 10 8 2.0 6 4 1.0 2 0 0.0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24E 25F Feb Nov Dec Mar Apr

  16. Slide 16: Performance & Strategy Highlights

    Performance & Strategy Highlights 16

  17. Slide 17: Performance and Strategy Highlights

    NORMALIZE Performance PRODUCTION AND COSTS REALLOCATE CAPITAL LEVERAGE MARKET REDEFINE GROWTH and Strategy ACCESS Highlights Mosaic Fertilizantes Q3 Closed Taquari transaction Expect near record Mosaic Biosciences operating income of $96 in November for $27 million, potash production revenue more th

  18. Slide 18: Journey to Normalize Phosphate Production

    Journey to Normalize Phosphate Production Phosphate Production Volumes in ‘000 metric tonnes  Completed 10 catch-up turnarounds in 2023-25 to return to normal cadence ~1.8MT  Increased 2025 CAPEX by $100 million and spending on maintenance activities and repairs by over $100 million to address rel

  19. Slide 19: Potash Cash Cost of Production Continues to Decline

    Potash Cash Cost of Production Continues to Decline Potash Cash Cost of Production USD per tonne $80 $78  Efficiency gains drove cost lower, despite: $75  The impact of the strengthening Canadian dollar $71  More production from the higher cost Colonsay mine to meet robust international demand 

  20. Slide 20: Mosaic Fertilizantes Delivers Consistent Strong Performance

    Mosaic Fertilizantes Delivers Consistent Strong Performance Adjusted EBITDA¹ In USD, millions $300 $241  Significant 2025 Adjusted EBITDA growth driven by operational efficiency gains and higher prices. $159  The 4th quarter is seasonally low in the Brazil market. $122 $96 $100+ $83 $83  With pri

  21. Slide 21: Working Capital Increase in the First Nine Months of 2025 is Expected to Reverse

    Working Capital Increase in the First Nine Months of 2025 is Expected to Reverse in Future Quarters $ in millions December 31, 2024 September 30, 2025 Change Q3 2025 Comments Outlook Accounts Receivable 1,113 1,060 (53) Higher Sulfur/ Ammonia prices, Rock inventories to decrease as Raw Materials 1,0

  22. Slide 22: Capital Reallocation Update

    Capital Reallocation Update Proceeds/Value Potential Strategy Ma’aden shares  ~111 million Ma’aden shares* with clear path to monetization Patos de Minas  Sold for $111 million in 2025 Taquari  Sold for $27 million in 2025 and avoid $22 million in ARO liabilities Araxa / Patrocinio  Further feas

  23. Slide 23: Q4 2025 Guidance

    Q4 2025 Guidance Fourth Quarter ($ in millions) Q4 2025 Phosphate Sales Volumes (million tonnes) 1.7 – 1.9 DAP Prices (FOB Plant) $700 - $730 Potash Sales Volumes (million tonnes) 2.3 – 2.6 MOP Prices (FOB Mine) $270 - $280 23

  24. Slide 24: 2025 Guidance

    2025 Guidance Full Year ($ in millions) 2025 Phosphate Production Volumes (million tonnes) 6.3 – 6.5 Potash Production Volumes (million tonnes) 9.1 - 9.4 Mosaic Fertilizantes Sales Volumes (million tonnes) 9.4 – 9.6 Total Capital Expenditures Approx. $1.3 billion Depreciation, Depletion and Amortiza

  25. Slide 25: Sensitivities Table

    Sensitivities Table Pricing & Sensitivities FY 2024 Sensitivity Average DAP fob plant ($/tonne) $585 $10 price = $64 million adjusted EBITDA Average MOP fob mine ($/tonne) $222 $10 price = $58 million adjusted EBITDA 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 Q3 2025 Q3 2024 (in millions) Consolidated net earnings attributable to Mosaic $411 $122 Less: Consolidated interest expense, net (46) (42) Plus: Consolidated depreciation, depletion and amortization 277 238 Plus: Accretion expense 33 26 Plus

  28. Slide 28: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Q3 2025 Earnings (in millions) Phosphate Potash Operating earnings $102 $229 Plus: Depreciation, depletion and amortization 129 93 Plus: Accretion expense 26 3 Plus: Foreign exchange gain (loss) 10 (56) Plus: Other income (expense) (4) 3 Less: Earnings from consol

  29. Slide 29: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Mosaic Fertilizantes Earnings (in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating earnings $42 $61 $56 $79 $98 $109 $96 Plus: Depreciation, depletion and amortization 40 40 39 40 38 44 46 Plus: Accretion expense 5 5 4 4 4 4 4 Plus: Fore

  30. Slide 30: Potash Cash Cost of Production Reconciliation

    Potash Cash Cost of Production Reconciliation Potash Costs (in millions) Q3 2025 Q2 2025 Q1 2025 Q3 2024 Total COGS $459 $501 $402 $404 Less: Depreciation and accretion expense 96 82 84 71 Less: Canadian Resource Taxes 87 62 47 44 Less: Change in Inventory (13) 26 (27) (10) Less: Non-MOP Production

  31. Slide 31: Phosphate Cash Cost of Conversion Reconciliation

    Phosphate Cash Cost of Conversion Reconciliation Phosphate Costs (in millions) Q3 2025 Total COGS $1,146 Less: Depreciation and accretion expense 161 Less: Miski Mayo Costs 55 Less: Change in Inventory 310 Less: Non-Production Costs 267 Less: Cash Cost of U.S. Mined Rock 133 Total Phosphate Cash Cos

  32. Slide 32: Mosaic Fertilizantes Cash Cost Reconciliations

    Mosaic Fertilizantes Cash Cost Reconciliations Mosaic Fertilizantes Costs (in millions) Q3 2025 Total COGS $1,410 Less: Distribution Product costs 1,202 Less: Depreciation and accretion expense 51 Less: Change in Inventory (139) Less: Non-Production Costs 80 Less: Rock Cost of Production 101 Potash

  33. Slide 33: ©2025 The Mosaic Company

    ©2025 The Mosaic Company

The Mosaic Company — Q3 2025 Earnings Presentation on 6ix