Slide 1: Investor Presentation
Investor Presentation September 2026
Slide 2: Global profile
Global profile Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve farmers. Our vision is to be >1,800 6 12 6 the leading global agricultural solutions provider,
Slide 3: Positioned as a unique investment across large cap North American companies
Positioned as a unique investment across large cap North American companies NUTRIEN – THE ONLY AG COMPANY WITH SCALE, HIGH-QUALITY EARNINGS, A RATABLE SHARE REPURCHASE PROGRAM, GROWING DPS1, AND >3% DIVIDEND YIELD. 5 AND > 3% DIVIDEND YIELD N=25 AND DPS1 GROWTH EACH YEAR N=159 4 3 AND SHARE REPURCHA
Slide 4: Results demonstrate strong execution of strategic plan
Results demonstrate strong execution of strategic plan Strategic actions Q2’24 Q3’24 Q4’24 Q1’25 Q3’25 Q4’25 Q2’26 • Cancelled Geismar • Refreshed capital • Accelerated cost • Completed sale • Announced sale of • Record upstream sales • Record potash sales volumes, clean ammonia allocation framework
Slide 5: Strong cash flow from scale and advantaged position across ag value chain
Strong cash flow from scale and advantaged position across ag value chain ($/t) $8.1 B 1400 1200 1000 $5.1 B 800 $3.9 B $4.0 B $3.5 B 600 $3.3 B $2.5 B $2.6 B 400 $2.2 B $1.9 B $2.0 B $1.5 B 200 0 2020 2021 2022 2023 2024 2025 Cash provided by operating activities Capital Expenditures 1 NPK price ra
Slide 6: Capital allocation optimized for balanced growth, and reliable returns
Capital allocation optimized for balanced growth, and reliable returns Sources and uses of cash1 ($,B) Ratable share repurchases ($,B) Consistent market participation that dollar-cost averages and aligns with our focus on growing free cash flow per share 6 5 Narrow set of growth investments DIVESTME
Slide 7: Committed to reliable shareholder returns and strong balance sheet
Committed to reliable shareholder returns and strong balance sheet >45% of market cap returned since 20201 Cash returns above peers and indices2 Underpinned by strong balance sheet ($,B) Baa2 (stable) 14 12% 12 10% Moody’s Cumulative Cash Returns 10 8% 8 BBB (stable) 6% S&P 6 4% 4 1.8X 2 2% Adjusted
Slide 8: Potash – reliable supplier with high quality and low risk resource
Potash – reliable supplier with high quality and low risk resource Six mine network with Mine automation reinforces Delivering sales volume significant flexibility safety and low-cost position growth in line with market Operational capability1 (Mmt) Percent ore tonnes cut using automation Sales volu
Slide 9: Nitrogen – operational enhancements improve margin profile
Nitrogen – operational enhancements improve margin profile Reliability initiatives increase Product mix weighted to higher- Natural gas input profile ammonia operating rates1 margin upgraded products weighted to lower cost sources Sales volumes (Mmt) 92% 10.7 10.9 10.4 88% 88% ~20% ~50% ~40% ~50% ~4
Slide 10: Midstream – well-positioned network captures efficiencies across the value chain
Midstream – well-positioned network captures efficiencies across the value chain Global supply chain excellence Capturing efficiencies across the network Strategic positioning provides margin uplift • Product management with market intelligence • In-market storage lowers risk of supply for customers
Slide 11: Retail – industry leader with track record of growth
Retail – industry leader with track record of growth Adjusted EBITDA ($,B) Proprietary products • 2x margin vs. third-party products • Focus on biostimulants and plant nutritionals CAGR1 >5% $1.75-1.95 Expansion in core markets $1.74 $1.70 • Invest in network upgrades $1.46 • Pursue opportunistic tu
Slide 12: 2026 Guidance, financial sensitivities and market outlook
2026 Guidance, financial sensitivities and market outlook 2026 Guidance & Sensitivities Market Outlook Ranges as of Key benchmark prices5 2026 Year-to-date 10-year 2026 Annual guidance1 average average Aug 5, 2026 ($ billions, except as otherwise noted) Low High Brazil Potash ($/mt) 391 392 Retail a
Slide 13: Market outlook
Market outlook 13
Slide 14: Risks to global crop production and trade expected to place upside pressure on crop prices
Risks to global crop production and trade expected to place upside pressure on crop prices Global stocks to use ratio (stocks to use ratio %, excl. China) Grain Vegetable oil 20% 20% Yield reduction of 1 to 3% Yield reduction of 1 to 3% 15% 15% 10% 10% 5% 5% 0% 0% 2019 2020 2021 2022 2023 2024 2025
Slide 15: Global grain and oilseed prices have strengthened in 2026
Global grain and oilseed prices have strengthened in 2026 Key Crop Grower Cash Margins1,2,3,4 US Corn Cash Selling Price & Costs1,4,5 (USD/acre, CAD/acre, BRL/hectare) (US$/bushel) US Corn US Soybeans US Wheat US Cotton CAN Canola BRZ Soybeans 400 3,600 7.00 6.00 3,000 300 5.00 2,400 4.00 200 1,800
Slide 16: Geopolitical events disrupt global fertilizer and energy markets
Geopolitical events disrupt global fertilizer and energy markets Middle East exports1 are a critical part of global fertilizer and energy ~40% ~30% ~25% ~50% ~20-25% Urea Ammonia DAP/MAP Sulfur Oil & LNG Iran provides ~8% of global urea Israel & Jordan exports China exports K: 6.2 Mmt N: 5.0 Mmt P:
Slide 17: Maintaining our global potash shipment forecast range of 74–77 Mmt in 2026
Maintaining our global potash shipment forecast range of 74–77 Mmt in 2026 Historical & Projected Potash Demand by Region (millions tonnes KCl) India Other Asia North America Latin America China Other 20 19.5-20.5 17.0-18.0 15 13.5-14.0 10 10.0-11.0 9.8-10.2 5 3.5-4.0 0 21 22 23 24 25 26F 21 22 23 2
Slide 18: Higher demand testing existing global operating and supply chain capabilities
Higher demand testing existing global operating and supply chain capabilities Potash Production in Selected Regions - Midpoint Forecast (million tonnes KCl) Canada Russia Belarus Europe Middle East China Other1 30 25 2024 2025E 2026F 20 15 10 5 0 2024 2025 2026F 18 1. Includes production from Latin
Slide 19: Positioned to meet projected potash demand growth in key international markets
Positioned to meet projected potash demand growth in key international markets Higher Netback Regions Latin America Other Asia1 Europe & Other2 China & India 24 - 26 18 - 20 21.1 Potash 15 - 17 11 - 13 Demand by 14.6 12.1 12.4 13.9 15.4 Key Region 9.1 8.7 (Mmt KCl)3 7.4 8.0 6.1 4.9 2000 2010 2020 20
Slide 20: Global potash demand increasing and marginal cost of supply is rising
Global potash demand increasing and marginal cost of supply is rising Global Potash Demand Delivered Cash Cost of Potash to Brazil1,2 (millions tonnes KCl) (US$ per tonne) 90 80 - 85 $600 80 ~74.5 69 $500 70 60 60 54 $400 51 50 41 $300 40 30 $200 20 $100 10 0 $0 2000 2005 2010 2015 2020 2025E 2030F
Slide 21: North American natural gas prices remain highly competitive
North American natural gas prices remain highly competitive 2026 Global Urea Production Cost Curve Key Global Natural Gas Prices1 Y-Axis= Ex-Works Cost ($/MT) (US$/MMBtu) X-Axis=Operational Capability (million tonnes urea) 1 Natural gas prices are based on the front month futures price as of Septemb
Slide 22: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements Certain statements and other information included in this presentation, including under the "Market outlook" section, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under appl
Slide 23: Forward-Looking Statements
Forward-Looking Statements Forward Looking Statements (continued) the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks;
Slide 24: Thank you!
Thank you! For more information, please visit: www.nutrien.com 24