Mosaic Company (the) · NYSE:MOS

Mosaic Company (the) — The Mosaic Company — Q4 2025 Earnings Presentation

39 slides from Mosaic Company (the)'s earnings presentation, Feb 24, 2026

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

    The Mosaic Company February 24, 2026 Fourth 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: Fourth Quarter 2025 Performance

    Fourth Quarter 2025 Performance Consolidated Operating Net Income Adjusted1 Revenues Earnings (Loss) (Loss) EBITDA $2,974M ($101M) ($519M) $505M Phosphate Potash Mosaic Fertilizantes $1,015M ($98M) $144M $686M $58M $336M $1,146M ($26M) $45M Net Revenues Operating Adjusted1 Net Revenues Operating Adj

  4. Slide 4: Full Year 2025 Performance

    Full Year 2025 Performance Consolidated Operating Net Adjusted1 Revenues Earnings Income EBITDA $12,052M $822M $541M $2,421M Phosphate Potash Mosaic Fertilizantes $4,577M $135M $916M $2,662M $638M $1,183M $4,847M $277M $597M Net Revenues Operating Adjusted1 Net Revenues Operating Adjusted1 Net Reven

  5. Slide 5: Phosphate Results

    Phosphate Results Operating Key Metrics Q4 2025 2025 Net Revenues Adjusted1 EBITDA Earnings (Loss) Sales Volumes 1.3MT 5.9MT Q4 2025 Production Volumes 1.7MT 6.3MT $1,015M $(98M) $144M DAP FOB Plant $686 $670 Cash Cost of Conversion1 $112 $125 Blended Rock Cost in COGS $84 $80 2025 $4,577M $135M $91

  6. Slide 6: Potash Results

    Potash Results Operating Key Metrics Q4 2025 2025 Net Revenues Adjusted1 EBITDA Earnings Sales Volumes 2.2MT 9.0MT Q4 2025 Production Volumes 2.2MT 8.8MT $686M $58M $336M MOP FOB Mine $264 $255 MOP Cash Cost of Production1 $77 $75 Idle and Turnaround Expenses $8M $60M 2025 $2,662M $638M $1,183M Q4 r

  7. Slide 7: Mosaic Fertilizantes Results

    Mosaic Fertilizantes Results Operating Key Metrics Q4 2025 2025 Net Revenues Adjusted1 EBITDA Earnings (Loss) Sales Volumes 2.1MT 9.0MT Q4 2025 Sales Volumes of Produced Products2 0.6MT 3.4MT $1,146M $(26M) $45M Phosphate Cash Cost of Production1 $113 $95 Phosphate Blended Rock Cost in COGS $98 $97

  8. Slide 8: Market Highlights

    Need new visual. Still a market theme Market Highlights 8

  9. Slide 9: Crop Prices are Range Bound at Levels Supportive of Fertilizer Demand

    Crop Prices are Range Bound at Levels Supportive of Fertilizer Demand Ag Commodity Prices Daily Close of Front Month Contract Corn, Soy, Wheat Palm Oil $/bu Ringgits/MT 12.0 5,700 Corn Soybeans HRW Wheat Palm Oil 11.0 5,400 10.0 5,100 9.0 4,800 8.0 4,500 7.0 4,200 6.0 3,900 5.0 3,600 4.0 3,300 3.0 3

  10. Slide 10: Brazil Crop Production Growth on Acreage Expansion

    Brazil Crop Production Growth on Acreage Expansion. Fertilizer Application Will be Required to Drive Yield Increases Brazil Planted Area Brazil Soybean Yield Brazil Corn Yield Mil Ha 1.6% 2.2% MT/Ha MT/Ha 3.70 6.50 95 95.9 -5.3% 93.8 6.40 92.3 -0.1% 90 3.65 6.30 85 3.60 6.20 80 6.10 3.55 75 6.00 70

  11. Slide 11: Phosphate Affordability Improved in Q4. Growers Finding Value in Potash

    Phosphate Affordability Improved in Q4. Growers Finding Value in Potash DAP Affordability MOP Affordability Urea Affordability DAP Price / Crop Price Index MOP Price / Crop Price Index Urea Price / Crop Price Index Less Affordable Fertilizers 2.00 1.45 1.40 Affordability Metric Affordability Metric

  12. Slide 12: Phosphate Demand Still Constrained by Supply

    Phosphate Demand Still Constrained by Supply; Chinese Export Policy Could Further Trim Supply. Prices Increasing as Seasonal Demand Builds Global Phosphate Demand Phosphate Prices DAP/MAP/TSP/NPS Published Spot Prices Mil Tonnes $/MT 85 900 DAP c&f India Supply 80 Constraints 850 MAP fob NOLA 76-79

  13. Slide 13: Chinese Export Pullback to Remove Meaningful Tonnage

    Chinese Export Pullback to Remove Meaningful Tonnage with Bias to Downside if Restrictions Extend Through August China Phosphate Exports (DAP Equivalent) China LFP Production Mil Tonnes Mil Tonnes 14.0 DAP/MAP/TSP Historical NP Historical 2026 DAP Equiv ~June Return 2026 DAP Equiv ~August Return 5.0

  14. Slide 14: Stripping Margins at Five-Year Lows on Higher Raw Material Prices

    Stripping Margins at Five-Year Lows on Higher Raw Material Prices, Pressuring Producer Economics Benchmark DAP Stripping Margin $/MT 700 600 500 400 300 Jan ‘21 Feb ‘26 200 P: $390/st NOLA P: $630/st NOLA 100 NH3: $270/mt NH3: $625/mt S: $96/lt S: $496/lt 0 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26

  15. Slide 15: Affordability Driving Potash Demand Growth

    Affordability Driving Potash Demand Growth. Largely Balanced S/D Supports Stable Prices Global Potash Demand MOP Prices MOP Published Spot Prices Mil Tonnes $/MT 85 500 c&f Brazil c&f SE Asia Balanced 80 74-76 S/D delivered Cornbelt fob NOLA 450 75 400 70 Trend Demand 65 350 60 300 55 50 250 2010 20

  16. Slide 16: Low Brazil and China Potash Inventories Support 2026 Demand

    Low Brazil and China Potash Inventories Support 2026 Demand China MOP Ending Stocks (end-'25) Brazil MOP Ending Stocks (end-'25) Including Bonded Warehouses Stocks to Mil Tonnes Stocks to Mil Tonnes Use Use 3.5 28% 2.4 24% 2.1 21% 3.0 24% 1.8 18% 2.5 20% 1.5 15% 2.0 16% 1.2 12% 1.5 12% 0.9 9% 1.0 8%

  17. Slide 17: Performance & Strategy Highlights

    Performance & Strategy Highlights 17

  18. Slide 18: Performance and Strategy Highlights

    Performance and Strategy Highlights NORMALIZE PRODUCTION REALLOCATE LEVERAGE CAPITAL MARKET REDEFINE AND COSTS GROWTH ACCESS 2025 Mosaic Fertilizantes operating 2025 announced asset sales North America market share Mosaic Biosciences positively earnings of $277M, and adjusted1 EBITDA of expected to

  19. Slide 19: North America Phosphoric Acid Production Trending Higher

    North America Phosphoric Acid Production Trending Higher North America Phosphoric Acid Production Volumes in ‘000 metric tonnes  North American phosphoric acid +21% production increased by 21% year over year, reflecting progress towards 770 normalized phosphate production 754 levels.  Higher phosp

  20. Slide 20: Near Record Phosphate Rock Production

    Near Record Phosphate Rock Production Phosphate Rock Production Volumes in million metric tonnes 2022 13.8  Record rock production at the Miski Mayo Joint Venture, of 5.1 million tonnes. 2023 13.8  Highest rock production in Florida since 2022 2024 13.7  Increased rock production to support futur

  21. Slide 21: An Additional $100 million in Value Capture in 2026

    An Additional $100 million in Value Capture in 2026 $150 million value capture Additional $100 million value capture in 20262 includes: achieved in 20251 includes:  Further cost reductions in operations with focus on North America  Cost reductions in Mosaic  Supply chain efficiencies – optimizes

  22. Slide 22: Inventory is a Key Factor of Working Capital Increase

    Inventory is a Key Factor of Working Capital Increase in 2025 $ in millions December 31, 2024 December 31, 2025 Change 2025 Comments 2026 Outlook Accounts Receivable 1,113 1,079 (35)  Higher sulfur prices, elevated  Rock inventories to decrease Raw Materials 1,090 1,436 346 rock inventories to sup

  23. Slide 23: Debt Increase from Working Capital Build; Reduction a Top Priority

    Debt Increase from Working Capital Build; Reduction a Top Priority Key Cash Flow Metrics Q4 2025 2025 Net Cash provided by Operating Activities, $306 million $1,786 million  Anticipate free cash flow before Changes in Assets and Liabilities to improve in 2026 as Changes in Assets and Liabilities $(

  24. Slide 24: Higher 2026 Capital Expenditure Partially Offset by Lower Other Cash Spend

    Higher 2026 Capital Expenditure Partially Offset by Lower Other Cash Spend 2025 2026  2025 CapEx elevated to restore phosphate asset health and support reliable future phosphate production rates  CapEx is expected to remain high in 2026 due to peak spending in Capital Expenditures ARO and Environm

  25. Slide 25: 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  Closed in 2025 with expected value of ~$111 million  Closed in 2025 with expected value of ~$27 million and ~$22 million in Taquari ARO reduct

  26. Slide 26: Mosaic Biosciences Net Sales Doubles as Portfolio Expands

    Mosaic Biosciences Net Sales > Doubles as Portfolio Expands Net Sales Innovation Platform 5 (In million USD) Product launches $68 in 2025  Neptunion® (China)  Orion® (China)  BioPath® (Argentina)  PowerCoat (Argentina) Mosaic  RootGenix (India) Biosciences’ key markets $27 $13 Countries Registr

  27. Slide 27: Q1 2026 Guidance

    Q1 2026 Guidance Fourth Quarter ($ in millions) Q1 2026 Phosphate Sales Volumes (million tonnes) 1.7 – 1.9 DAP Prices (FOB Plant) $640 - $670 Potash Sales Volumes (million tonnes) 2.0 – 2.2 MOP Prices (FOB Mine) $255 - $275 27

  28. Slide 28: 2026 Guidance

    2026 Guidance Full Year 2026 Phosphate Production Volumes At or Above 7.0 million tonnes Potash Production Volumes Approximately 9 million tonnes Total Capital Expenditures Approximately $1.5 billion Depreciation, Depletion and Amortization $1.1 - $1.2 billion Selling, General, and Administrative Ex

  29. Slide 29: Sensitivities Table

    Sensitivities Table Pricing & Sensitivities FY 2025 Sensitivity Average DAP fob plant ($/tonne) $670 $10 price = $80 million adjusted EBITDA Average MOP fob mine ($/tonne) $255 $10 price = $65 million adjusted EBITDA1 1 Includes impact of Canadian Resource Tax 29

  30. Slide 30: Reconciliations of non-GAAP Measures

    Reconciliations of non- GAAP Measures 30

  31. Slide 31: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Consolidated Earnings (in millions) Q4 2025 2025 Consolidated net earnings (loss) attributable to Mosaic $(519) $541 Less: Consolidated interest expense, net (48) (188) Plus: Consolidated depreciation, depletion and amortization 268 1,050 Plus: Accretion expense 3

  32. Slide 32: Reconciliation of non-GAAP measures: Phosphates

    Reconciliation of non-GAAP measures Phosphates Earnings (in millions) Q4 2025 2025 Operating earnings (loss) $(98) $135 Plus: Depreciation, depletion and amortization 130 501 Plus: Accretion expense 25 102 Plus: Foreign exchange gain (loss) (3) (3) Plus: Other income (expense) 5 (7) Less: Earnings f

  33. Slide 33: Reconciliation of non-GAAP measures: Potash

    Reconciliation of non-GAAP measures Potash Earnings (in millions) Q4 2025 2025 Operating earnings (loss) $58 $638 Plus: Depreciation, depletion and amortization 83 336 Plus: Accretion expense 3 12 Plus: Foreign exchange gain (loss) 46 85 Plus: Other income (expense) 1 4 Plus: Notable items 145 108 A

  34. Slide 34: Reconciliation of non-GAAP measures: Mosaic Fertilizantes

    Reconciliation of non-GAAP measures Mosaic Fertilizantes Earnings (in millions) Q4 2025 2025 Operating earnings (loss) $(26) $277 Plus: Depreciation, depletion and amortization 46 174 Plus: Accretion expense 4 16 Plus: Foreign exchange gain (loss) (57) (52) Plus: Other income (expense) (2) (5) Less:

  35. Slide 35: Phosphate Cash Cost of Conversion Reconciliation

    Phosphate Cash Cost of Conversion Reconciliation Phosphate Costs (in millions) Q4 2025 2025 Total COGS $992 $4,139 Less: Depreciation and accretion expense 147 603 Less: Miski Mayo Costs 60 154 Less: Change in Inventory 198 830 Less: Non-Production Costs 268 1,236 Less: Cash Cost of U.S. Mined Rock

  36. Slide 36: Potash Cash Cost of Production Reconciliation

    Potash Cash Cost of Production Reconciliation Potash Costs (in millions) Q4 2025 2025 Total COGS $430 $1,792 Less: Depreciation and accretion expense 86 348 Less: Canadian Resource Taxes 77 273 Less: Change in Inventory (1) (51) Less: Non-MOP Production Costs 104 582 Total MOP Cash Costs $164 $640 P

  37. Slide 37: Mosaic Fertilizantes Cash Cost Reconciliations

    Mosaic Fertilizantes Cash Cost Reconciliations Mosaic Fertilizantes Costs (in millions) Q4 2025 2025 Total COGS $1,125 $4,355 Less: Distribution Product costs 829 3,448 Less: Depreciation and accretion expense 50 190 Less: Change in Inventory (14) (318) Less: Non-Production Costs 83 293 Less: Rock C

  38. Slide 38: Free Cash Flow

    Free Cash Flow (in millions) Q4 2025 2025 Net cash provided by (used in) operating activities $(56) $825 Capital expenditures (350) (1,360) Free cash flow $(406) $(535) 38

  39. Slide 39: ©2026 The Mosaic Company

    ©2026 The Mosaic Company

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