Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation May 6, 2026
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- look
Slide 3: Forward Looking Statements (continued)
Forward looking statements Forward Looking Statements (continued) and regulatory investigations; current and future litigation proceedings; the results of our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, including the process
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 Q2‘25 Q3’25 Q4’25 Q1’26 • Cancelled • Refreshed • Accelerated • Completed • Achieved • Announced sale • Record upstream sales • Record potash sales Geismar clean capital allocation cost savings sale of r
Slide 5: Financial highlights
Financial highlights Strong customer demand and solid operational performance in the first quarter Strategic priorities and capital allocation approach remain unchanged Full-year guidance ranges reaffirmed Q1 2026 Results Q1 2026 Highlights Net Earnings $139M Potash – record first quarter sales volu
Slide 6: Retail results – Q1 2026
Retail results – Q1 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Crop Nutrients • Increased sales volumes from our core geographies, including an earlier start $108 to field activity in the US Higher Crop Protection Products $46 • Increased sales of proprietary products, supported by
Slide 7: Potash results – Q1 2026
Potash results – Q1 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Net Selling Price $578 • Due to higher global benchmark prices $446 Higher Sales Volumes • Highest on record, supported by low inventory levels and favorable potash affordability in key offshore markets Q1'25 Average Ne
Slide 8: Nitrogen results – Q1 2026
Nitrogen results – Q1 2026 Adjusted EBITDA ($ millions) Variance Highlights Higher Net Selling Price • Due to stronger global benchmark prices $482 $405 Lower Sales Volumes • Reflecting no production from the Trinidad and New Madrid facilities2, partially offset by higher solutions, nitrates and sul
Slide 9: Financial guidance
Financial y guidance Ly,
Slide 10: Financial and operational guidance
Financial and operational guidance “We continue to take purposeful steps to simplify the business, strengthen and grow our core asset base and improve capital efficiency, resulting in a more resilient portfolio and delivering structural free cash flow growth,” Ken Seitz, President and CEO Ranges as
Slide 11: Retail Adjusted EBITDA, Market Outlook and Assumptions
Retail Adjusted EBITDA, Market Outlook and Assumptions Retail Adjusted EBITDA ($ billions) Market Outlook and Assumptions • Strong demand for food, feed and biofuel is expected to drive continued need for higher global crop production and related crop inputs. Global $1.95 grain and oilseed prices ha
Slide 12: Potash Sensitivity, Market Outlook and Assumptions
Potash Sensitivity, Market Outlook and Assumptions 2026 Potash Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions • Global potash demand remains strong and we have maintained our 4.0 Sensitivity Range previous forecast range for global potash shipments of 74 to 77 million 3.5 t
Slide 13: Nitrogen Sensitivity, Market Outlook and Assumptions
Nitrogen Sensitivity, Market Outlook and Assumptions 2026 Nitrogen Adjusted EBITDA Sensitivity1 ($ billions) Market Outlook and Assumptions 3.5 • Global nitrogen market fundamentals have tightened due to trade flow Sensitivity Range 3.0 disruptions and elevated natural gas costs and LNG availability
Slide 14: Capital optimized to sustain safe and reliable operations and targeted growth
Capital optimized to sustain safe and reliable operations and a set of targeted growth investments Capital Expenditures ($ billions) Investing Capital Priorities Retail: high value proprietary products, network optimization and digital capabilities $2.6B Potash: mine automation projects that enhance
Slide 15: Market outlook
Market outlook 15
Slide 16: Geopolitical events disrupt global fertilizer and energy markets
Geopolitical events disrupt global fertilizer and energy markets Middle East exports1 are a critical part of global fertilizer and energy ~40% ~30% ~25% ~50% ~20-25% Urea Ammonia DAP/MAP Sulfur Oil & LNG Iran provides ~8% of global urea Israel & Jordan exports China exports K: 6.2 Mmt N: 5.0 Mmt P:
Slide 17: Global grain and oilseed prices have strengthened in 2026
Global grain and oilseed prices have strengthened in 2026 Key Crop Grower Cash Margins1,2,3,4 US Corn Cash Selling Price & Costs1,4,5 (USD/acre, CAD/acre, BRL/hectare) (US$/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 18: Record global crop yields drive high nutrient removal and support demand
Record global crop yields drive high nutrient removal and support demand Global Nutrient Consumption and Crop Yields Nutrient Consumption (million tonnes nutrient, excl. China) Crop Yields (t/ha, excl. China) 180 4.0 160 3.5 140 3.0 120 2.5 100 2.0 80 1.5 60 1.0 40 20 0.5 0 0.0 2008 2015 2000 2001 2
Slide 19: 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 19.0-20.0 17.0-18.0 15 13.0-14.0 10 10.0-11.0 10.0-10.5 5 3.5-4.5 0 21 22 23 24 25 26F 21 22 23
Slide 20: 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 2025E 2026F 20 1. Includes production from Latin A
Slide 21: Reduced Chinese exports contribute to tight nitrogen and phosphate markets
Reduced Chinese exports contribute to tight nitrogen and phosphate markets China Urea Exports China DAP/MAP Exports (millions of tonnes product) (millions of tonnes product) 6 8 7 5 6 4 5 3 4 3 2 2 1 1 - - 2022 2023 2024 2025 2026F 2022 2023 2024 2025 2026F Source: CRU, Argus, Nutrien 21
Slide 22: Thank you!
Thank you! For more information, please visit: www.nutrien.com 22