Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation November 5, 2025
Slide 2: Forward looking statements
Forward looking statements Forward Looking Statements Certain statements and other information included in this presentation, including under the sections "Financial Guidance" and "Market Outlook", constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looki
Slide 3: Forward Looking Statements (continued)
Forward looking statements Forward Looking Statements (continued) government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and mal
Slide 4: Demonstrated significant progress towards strategic priorities
Demonstrated significant progress towards strategic priorities Higher fertilizer Lower Lower Higher shareholder sales volumes expenses capital expenditures returns Record upstream fertilizer Continued advancement Optimized to sustain safe Enhanced by share sales volumes and of cost savings initiativ
Slide 5: Financial highlights
Financial highlights “Nutrien delivered structural earnings growth in the first nine months of 2025 through record upstream fertilizer sales volumes, improved reliability and higher Retail earnings, while lowering capital expenditures and increasing cash returned to shareholders. We continue to prog
Slide 6: Strategic update
Strategic update Taking actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow: Initiating a review of strategic alternatives for our Phosphate business to enhance long- 1 term value. Continue to engage with stakeholders and assess options to enhanc
Slide 7: Retail results – Q3 2025
Retail results – Q3 2025 Adjusted EBITDA ($ millions) Variance Highlights Higher Crop Nutrients $230 • Higher sales volumes and selling prices, supported by a stronger $151 application season in North America Higher Crop Protection Products • Stronger plant health season in North America, paired wit
Slide 8: Retail results – Q3 2025 YTD
Retail results – Q3 2025 YTD Adjusted EBITDA ($ millions) Variance Highlights $1,425 Lower Crop Nutrients $1,356 • Impacted by product mix shifts in North America. Lower Crop Protection Products • Dry conditions in Australia in the first half of 2025, and product mix shifts in North America Q3'24 YT
Slide 9: Potash results – Q3 2025
Potash results – Q3 2025 Adjusted EBITDA ($ millions) Variance Highlights Higher Average Net Selling Price $733 • Due to higher global benchmark prices $555 Lower Sales Volumes • Despite strong engagement in our North American summer fill program, lower than record period in 2024 Q3'24 Average Net S
Slide 10: Potash results – Q3 2025 YTD
Potash results – Q3 2025 YTD Adjusted EBITDA Variance Highlights ($ millions) Higher Average Net Selling Price • Stronger offshore benchmark prices, $1,809 notably in Brazil and Southeast Asia, $1,557 partially offset by lower North American benchmark prices in the first quarter of 2025 Higher Sales
Slide 11: Nitrogen results – Q3 2025
Nitrogen results – Q3 2025 Adjusted EBITDA ($ millions) Variance Highlights $556 Higher Average Net Selling Price • Stronger benchmark prices for all major nitrogen products $355 Higher Sales Volumes • Due to strong demand and increased production of ammonia and upgraded nitrogen products Q3'24 Aver
Slide 12: Nitrogen results – Q3 2025 YTD
Nitrogen results – Q3 2025 YTD Adjusted EBITDA ($ millions) Variance Highlights Higher Average Net Selling Price • Stronger benchmark prices for all $1,631 major nitrogen products $1,413 Higher Sales Volumes • Due to strong demand and increased production of ammonia and upgraded nitrogen products Hi
Slide 13: Financial guidance
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Slide 14: Financial and operational guidance
Financial and operational guidance Raising our Potash sales volumes guidance for the second time this year and maintained the mid-point of our Retail adjusted EBITDA guidance, highlighting the stability of this business throughout 2025. Ranges as of Ranges as of 2025 Annual Guidance1 November 5, 202
Slide 15: Retail Adjusted EBITDA, Market Outlook and Assumptions
Retail Adjusted EBITDA, Market Outlook and Assumptions Retail Adjusted EBITDA ($ billions) Market Outlook and Assumptions $2.3 • Record crop production prospects in the US and trade uncertainties $1.9 pressured crop prices; however, recently reported trade agreements $1.82 between the US and China a
Slide 16: Potash Sensitivity, Market Outlook and Assumptions
Potash Sensitivity, Market Outlook and Assumptions 2025 Potash Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 4.0 • We maintained our 2025 global potash shipment forecast of 73 to 75 Sensitivity Range million tonnes, reflecting the upward revision made last quarter. 3.5 3.0
Slide 17: Nitrogen Sensitivity, Market Outlook and Assumptions
Nitrogen Sensitivity, Market Outlook and Assumptions 2025 Nitrogen Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 3.5 • We expect 2 percent growth in global nitrogen demand in 2025 and Sensitivity Range supply related challenges to maintain a tight supply and demand 3.0 bal
Slide 18: Phosphate Sensitivity, Market Outlook and Assumptions
Phosphate Sensitivity, Market Outlook and Assumptions 2025 Phosphate Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 0.6 • Phosphate markets continue to be tight due to limited supply, including Sensitivity Range from Chinese export restrictions. 0.5 0.4 • Global shipments i
Slide 19: Disciplined approach to capital expenditures
Disciplined approach to capital expenditures Capital Expenditures ($ billions) Investing Capital Priorities $2.6B Retail: high value proprietary products categories, network optimization and digital capabilities $2.2B $2.0B - $2.1B Potash: mine automation projects that enhance productivity and safet
Slide 20: Market outlook
Market outlook 20
Slide 21: Global grains supply remains historically tight; projected increase in corn production weighs on US grains stocks
Global grains supply remains historically tight; projected increase in corn production weighs on US grains stocks compared to recent lows Grains Stocks/Use Ratio1,2,3 (stocks/use ratio %) 25 Rest of the world USA 20 15 10 5 0 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 20
Slide 22: Favorable crop production has pressured prospective grower margins
Favorable crop production has pressured prospective grower margins; however farmers expected to remain focused on maximizing crop yield potential Key Crop Grower Cash Margins1,2,3,4 US Corn Cash Selling Price & Costs1,4,5 (USD/acre, CAD/acre, BRL/hectare) (US$/bushel) US Corn US Soybeans US Wheat US
Slide 23: Record global crop yields drive high nutrient removal and demand into 2026
Record global crop yields drive high nutrient removal and demand into 2026 Global Nutrient Consumption and Crop Yields Nutrient Consumption (million tonnes nutrient, excl. China) Crop Yields (t/ha, excl. China) 180 3.5 160 3.0 140 2.5 120 100 2.0 80 1.5 60 1.0 40 0.5 20 0 0.0 2000 2001 2002 2003 200
Slide 24: Potash demand remains strong across key markets
Potash demand remains strong across key markets – maintain 2025 shipment forecast (73-75Mmt) and expect shipments to grow to 74-77Mmt in 2026 Historical & Projected Potash Demand by Region (Millions of Tonnes KCl) India Other Asia North America Latin America China Other 20 18.5-19.5 18.0-19.0 17.0-1
Slide 25: Increased production from Canada and Eastern Europe required to meet growth in demand
Increased production from Canada and Eastern Europe required to meet growth in demand Potash Production in Selected Regions (million tonnes KCl) Canada Russia Belarus Europe Middle East China Other1 26 24 22 20 18 16 14 12 10 8 6 4 2 0 2023 2024 2025F 25 1. Includes production from Latin America, La
Slide 26: Reduced US nitrogen trade balance has resulted in tight nitrogen supplies
Reduced US nitrogen trade balance has resulted in tight nitrogen supplies Calendar Year-To-Date (January-October) US Nitrogen Trade Balance (imports less exports)1 (millions of tonnes product) Ammonia Urea UAN +17% 4.0 3.0 2.0 -46% -7% 1.0 0.0 5-Year Avg. 2024 2025E 5-Year Avg. 2024 2025E 5-Year Avg
Slide 27: US nitrogen producer inventories remain tight entering the fall application period
US nitrogen producer inventories remain tight entering the fall application period US Nitrogen Producer Inventory Levels (ending September 30) (millions of tonnes product) Ammonia Urea UAN 1.6 1.4 2020-2024 Avg. 1.2 1.0 2020-2024 Avg. 0.8 0.6 2020-2024 Avg. 0.4 0.2 0.0 2021 2022 2023 2024 2025E 202
Slide 28: Limited Chinese exports have tightened global phosphate and urea supply
Limited Chinese exports have tightened global phosphate and urea supply China DAP/MAP Exports China Urea Exports (millions of tonnes product) (millions of tonnes product) DAP/MAP Annual Exports Urea Annual Exports 6 12 DAP/MAP (Jan-Sep) Urea (Jan-Sep) 11 5 10 9 4 8 7 3 6 5 4 2 3 2 1 1 0 0 2021 2022
Slide 29: Thank you!
Thank you! For more information, please visit: www.nutrien.com 29