Slide 1: Q2 2025 Results Presentation
Q2 2025 Results Presentation August 6, 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) the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restric
Slide 4: Demonstrated significant progress towards strategic priorities
Demonstrated significant progress towards strategic priorities Higher fertilizer Lower Lower Higher shareholder sales volumes expenses capital expenditure returns Record potash sales Continued advancement Optimized to sustain safe Enhanced by share volumes and ammonia of cost savings initiatives and
Slide 5: Financial highlights
Financial highlights “Nutrien delivered growth in earnings and cash flow in the first half of 2025, demonstrating strong operational performance and execution on our strategic priorities. We sold record Potash sales volumes, increased Nitrogen operating rates and lowered expenses, while further opti
Slide 6: Retail results – Q2 2025
Retail results – Q2 2025 Adjusted EBITDA ($ millions) Variance Highlights Higher Crop Nutrients • Due to higher sales volumes and $1,149 selling prices in North America, $1,128 partially offset by dry conditions in Australia Lower Crop Protection Products • Hot and dry conditions in Australia Q2'24
Slide 7: Retail results – Q2 2025 YTD
Retail results – Q2 2025 YTD Adjusted EBITDA ($ millions) Variance Highlights Lower Crop Nutrients $1,205 $1,195 • Lower international sales volumes due to strategic actions related to margin improvement plan in Brazil Lower Crop Protection Products • Hot and dry conditions in Australia Q2'24 YTD Cr
Slide 8: Potash results – Q2 2025
Potash results – Q2 2025 Adjusted EBITDA ($ millions) Variance Highlights Higher Average Net Selling Price • Increase in benchmark prices in $630 Brazil and Southeast Asia, partially offset by lower benchmark prices in $472 North America Record Sales Volumes • Supported by healthy affordability 1 Q2
Slide 9: Potash results – Q2 2025 YTD
Potash results – Q2 2025 YTD Adjusted EBITDA Variance Highlights ($ millions) Higher Average Net Selling Price • Increase in benchmark prices in $1,076 $1,002 Brazil and Southeast Asia, partially offset by lower benchmark prices in North America Record Sales Volumes 1 • Supported by healthy affordab
Slide 10: Nitrogen results – Q2 2025
Nitrogen results – Q2 2025 Adjusted EBITDA ($ millions) Variance Highlights Higher Average Net Selling Price • Stronger benchmark prices for all major upgraded nitrogen products $667 and favorable fertilizer sales mix $594 offset lower global ammonia prices Higher Sales Volumes • Strong demand and i
Slide 11: Nitrogen results – Q2 2025 YTD
Nitrogen results – Q2 2025 YTD Adjusted EBITDA ($ millions) Variance Highlights Higher Average Net Selling Price • Stronger benchmark prices $1,058 $1,075 Higher Sales Volumes • Strong demand and increased production of ammonia and upgraded nitrogen products Higher COGS/mt • Higher natural gas costs
Slide 12: Financial guidance
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Slide 13: Financial and operational guidance
Financial and operational guidance Increasing 2025 full-year Potash sales volume guidance range. All other full-year operational guidance ranges remain unchanged and maintaining capital allocation priorities. Ranges as of Ranges as of 2025 Annual Guidance1 August 6, 2025 May 7, 2025 ($ billions, exc
Slide 14: Retail Adjusted EBITDA, Market Outlook and Assumptions
Retail Adjusted EBITDA, Market Outlook and Assumptions Retail Adjusted EBITDA ($ billions) Market Outlook and Assumptions $2.3 • Favorable crop production prospects in the US and Brazil have $1.9 pressured crop prices and prospective grower margins. $1.85 $1.7 • Despite lower crop prices, demand for
Slide 15: Potash Sensitivity, Market Outlook and Assumptions
Potash Sensitivity, Market Outlook and Assumptions 2025 Potash Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 4.0 • Global potash demand in the first half of 2025 was supported by strong Sensitivity Range potash affordability and low channel inventories. 3.5 3.0 • The settl
Slide 16: Nitrogen Sensitivity, Market Outlook and Assumptions
Nitrogen Sensitivity, Market Outlook and Assumptions 2025 Nitrogen Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 3.5 • Global urea supply and demand has remained tight, driven by strong Sensitivity Range 3.0 seasonal demand from markets including India, combined with unpla
Slide 17: 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 • We anticipate that
Slide 18: 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 - $2.1B Potash: mine automation projects that enhance productivity and safet
Slide 19: Market outlook
Market outlook / 19
Slide 20: Global grains stocks/use ratios remain historically low
Global grains stocks/use ratios remain historically low Global Grains Ending Stocks & Stocks/Use Ratio1,2 (ending stocks Mmt) (stocks/use ratio %) Stocks/Use Ratio Ending Stocks 400 20 350 300 15 250 200 10 150 100 5 50 0 0 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25E 202
Slide 21: Favorable crop production has pressured prospective grower margins
Favorable crop production has pressured prospective grower margins; however farmers expected to remain focused on maximizing crop yield potential Key Crop Grower Cash Margins1,2,3,4 US Corn Cash Selling Price & Costs1,4,5 (USD/acre, CAD/acre, BRL/hectare) (US$/bushel) US Corn US Soybeans US Wheat US
Slide 22: Strong demand through 1H 2025 supports an increase to our global potash shipment range
Strong demand through 1H 2025 supports an increase to our global potash shipment range – 73 and 75 million tonnes for 2025 Historical & Projected Potash Demand by Region (million tonnes KCl) India Other Asia North America Latin America China Other 20 18.0-19.0 16.5-18.0 15 13.0-14.0 10.0-11.0 10.0-1
Slide 23: 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) 2023 2024 2025F 26 24 22 20 18 16 14 12 10 8 6 4 2 0 Canada Canada Russia Russia Belarus Belarus Europe Europe Middle MiddleEast East China China Other11 O
Slide 24: Reduced US nitrogen trade balance has resulted in tight nitrogen supplies
Reduced US nitrogen trade balance over the last fertilizer year has resulted in tight nitrogen supplies Fertilizer Year (July-June) US Nitrogen Trade Balance (imports less exports)1 (millions of tonnes product) Ammonia Urea UAN +2% 4.0 3.0 2.0 -56% -54% 1.0 0.0 5-year Avg. 2024/25 5-year Avg. 2024/2
Slide 25: Historically low US nitrogen producer inventories entering 2H 2025
Historically low US nitrogen producer inventories entering 2H 2025 US Nitrogen Producer Inventory Levels (ending June 30) (millions of tonnes product) Ammonia Urea UAN 1.6 1.4 2020-2024 Avg. 1.2 2020-2024 Avg. 1.0 0.8 0.6 0.4 2020-2024 Avg. 0.2 0.0 2021 2022 2023 2024 2025E 2021 2022 2023 2024 2025E
Slide 26: Limited Chinese fertilizer exports have tightened global phosphate and nitrogen supply
Limited Chinese fertilizer exports have tightened global phosphate and nitrogen supply China DAP/MAP Exports China Urea Exports (millions of tonnes product) (millions of tonnes product) 12 DAP/MAP Annual Exports 6 Urea Annual Exports 11 DAP/MAP (Jan-Jun) Urea (Jan-Jun) 10 5 9 8 4 7 6 3 5 4 2 3 2 1 1
Slide 27: Thank you!
Thank you! For more information, please visit: www.nutrien.com / 27