AutoNation (AN) Gets a Hold from Wells Fargo
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In addition to Wells Fargo, AutoNation also received a Hold from J.P. Morgan's Rajat Gupta CFA in a report issued on July 17. However, on July 25, Bank of America Securities maintained a Buy rating on AutoNation (NYSE: AN).
AN market cap is currently $7.66B and has a P/E ratio of 12.73.
Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AN in relation to earlier this year. Most recently, in May 2025, C Coleman Edmunds, the EVP, Gen Counsel & Corp Sec of AN sold 12,324.00 shares for a total of $2,347,105.80.
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SASKATOON, Saskatchewan--(BUSINESS WIRE)--Nutrien Ltd. (TSX and NYSE: NTR) announced today its second quarter 2025 results, with net earnings of $1.2 billion ($2.50 diluted net earnings per share). Second quarter 2025 adjusted EBITDA 1 was $2.5 billion and adjusted net earnings per share 1 was $2.65. '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 optimizing capital expenditures and consistently returning cash to shareholders,' commented Ken Seitz, Nutrien's President and CEO. 'Fertilizer market fundamentals are supported by strong global demand, persistent supply disruptions and project delays. 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Nitrogen adjusted EBITDA increased to $1.1 billion in the first half of 2025 due to higher net selling prices and sales volumes. Our operations delivered a record ammonia operating rate 3 of 98 percent in the first half of 2025, achieved through improved reliability at our sites. Returned $0.8 billion to shareholders in the first half of 2025 through dividends and share repurchases. We repurchased 5.7 million shares in 2025 for a total of $316 million, as of August 5, 2025. Raising 2025 full-year Potash sales volume guidance to 13.9 to 14.5 million tonnes. All other full-year operational guidance ranges remain unchanged. 1 This is a non-GAAP financial measure. See the 'Non-GAAP Financial Measures' section. 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Financial and Operational Guidance Retail adjusted EBITDA guidance of $1.65 to $1.85 billion assumes higher North American crop nutrient and crop protection sales in the second half of 2025 compared to 2024, improved moisture conditions in Australia and continued recovery in Brazil. Potash sales volume guidance was increased to 13.9 to 14.5 million tonnes due to expectations for higher global demand in 2025. The range is consistent with our historical share of global shipments. Nitrogen sales volume guidance of 10.7 to 11.2 million tonnes assumes lower ammonia operating rates in the second half of 2025 compared to the record achieved in the first half of 2025 due to planned turnaround activity at our North American plants. Phosphate sales volume guidance of 2.35 to 2.55 million tonnes assumes improved operating rates and sales volumes in the second half of 2025 compared to the prior year with the completion of planned turnarounds in the first half of 2025. Total capital expenditures of $2.0 to $2.1 billion are expected to be below the prior year. This total includes approximately $400 to $500 million in investing capital expenditures focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions in Nitrogen and mine automation projects in Potash. Effective tax rate on adjusted net earnings guidance was increased to 24.0% to 26.0% due to a change to our expected geographic mix of earnings. All guidance numbers, including those noted above, are outlined in the table below. Refer to page 58 of our 2024 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share. Consolidated Results Three Months Ended June 30 Six Months Ended June 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Sales 10,438 10,156 3 15,538 15,545 ‐ Gross margin 3,175 2,912 9 4,495 4,449 1 Expenses 1,393 2,068 (33) 2,487 3,186 (22) Net earnings 1,229 392 214 1,248 557 124 Adjusted EBITDA 1 2,486 2,235 11 3,338 3,290 1 Diluted net earnings per share (dollars) 2 2.50 0.78 221 2.52 1.10 129 Adjusted net earnings per share (dollars) 1, 2 2.65 2.34 13 2.75 2.81 (2) 1 This is a non-GAAP financial measure. See the 'Non-GAAP Financial Measures' section. 2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted. Expand Net earnings and adjusted EBITDA increased in the second quarter and first half of 2025 compared to the same periods in 2024, primarily due to higher fertilizer sales volumes and net selling prices. 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Dry weather in Australia and wet conditions in the southern US impacted crop input sales and margins in the first half of 2025, offsetting a six percent reduction in selling and general and administrative expenses and higher crop nutrient volumes in North America. Three Months Ended June 30 Six Months Ended June 30 Sales Gross Margin Sales Gross Margin ($ millions) 2025 2024 2025 2024 2025 2024 2025 2024 Crop nutrients 3,391 3,281 697 686 4,585 4,590 916 940 Crop protection products 2,666 2,733 676 677 3,638 3,847 867 911 Seed 1,278 1,434 266 296 1,810 1,919 336 355 Services and other 286 292 235 239 432 448 353 364 Merchandise 238 245 44 42 427 445 75 73 Nutrien Financial 135 133 135 133 205 199 205 199 Nutrien Financial elimination 1 (35) (44) (35) (44) (48) (66) (48) (66) Total 7,959 8,074 2,018 2,029 11,049 11,382 2,704 2,776 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. Expand Crop nutrients sales and gross margin increased in the second quarter of 2025 due to higher sales volumes and selling prices in North America, partially offset by lower sales volumes in Australia due to hot and dry conditions. First half of 2025 sales and gross margin were impacted by lower sales volumes due to strategic actions related to our margin improvement plan in Brazil. Crop protection products sales and gross margin were lower in the second quarter and first half of 2025 due to hot and dry conditions in Australia and product mix shifts in North America. Seed sales and gross margin decreased in the second quarter and first half of 2025 due to weather related impacts in the southern US leading to fewer planted acres which impacted proprietary products gross margin. (percentages) June 30, 2025 December 31, 2024 Financial performance measures 1, 2 Cash operating coverage ratio 63 63 Adjusted average working capital to sales 21 20 Adjusted average working capital to sales excluding Nutrien Financial 1 - Nutrien Financial adjusted net interest margin 5.3 5.3 1 Rolling four quarters. 2 These are non-GAAP financial measures. See the 'Non-GAAP Financial Measures' section. Expand Potash Three Months Ended June 30 Six Months Ended June 30 Net sales 991 756 31 1,735 1,569 11 Cost of goods sold 440 359 23 820 717 14 Gross margin 551 397 39 915 852 7 Adjusted EBITDA 1 630 472 33 1,076 1,002 7 1 See Note 2 to the interim financial statements. Expand Potash adjusted EBITDA increased in the second quarter and first half of 2025 due to higher net selling prices and record sales volumes, partially offset by higher provincial mining taxes. Sales volumes in the second quarter and first half of 2025 were the highest on record, supported by healthy potash affordability and strong underlying consumption in North America and key offshore markets. Net selling price per tonne increased in the second quarter and first half of 2025 driven by higher benchmark prices in Brazil and Southeast Asia, partially offset by lower benchmark prices in North America compared to the same periods last year. Cost of goods sold per tonne increased in the second quarter and first half of 2025 primarily due to higher depreciation. Controllable cash cost of product manufactured per tonne increased in the first half of 2025 driven by lower planned potash production and higher turnaround costs. Supplemental Data Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Production volumes (tonnes – thousands) 3,531 3,575 6,820 7,140 Potash controllable cash cost of product manufactured per tonne 1 55 50 57 53 Canpotex sales by market (percentage of sales volumes) 2 Latin America 42 44 37 38 Other Asian markets 3 34 27 33 30 China 8 7 12 13 India ‐ 8 2 6 Other markets 16 14 16 13 Total 100 100 100 100 1 This is a non-GAAP financial measure. See the 'Non-GAAP Financial Measures' section. 2 See Note 8 to the interim financial statements. 3 All Asian markets except China and India. Expand Nitrogen Three Months Ended June 30 Six Months Ended June 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Net sales 1,260 1,028 23 2,214 1,939 14 Cost of goods sold 744 650 14 1,407 1,254 12 Gross margin 516 378 37 807 685 18 Adjusted EBITDA 1 667 594 12 1,075 1,058 2 1 See Note 2 to the interim financial statements. Expand Nitrogen adjusted EBITDA increased in the second quarter and first half of 2025 due to higher net selling prices and higher sales volumes, which more than offset higher natural gas costs and lower equity earnings from Profertil S.A. Second quarter of 2024 adjusted EBITDA benefited from insurance recoveries included in other income. Our operations delivered a record ammonia operating rate of 98 percent in the first half of 2025, achieved through improved reliability at our sites. Manufactured Product Three Months Ended June 30 Six Months Ended June 30 ($ per tonne, except as otherwise noted) 2025 2024 2025 2024 Sales volumes (tonnes - thousands) Ammonia 734 698 1,230 1,215 Urea and ESN ® 961 864 1,756 1,639 Solutions, nitrates and sulfates 1,322 1,256 2,500 2,471 Total sales volumes 3,017 2,818 5,486 5,325 Net selling price Ammonia 408 405 412 404 Urea and ESN ® 509 445 477 438 Solutions, nitrates and sulfates 287 238 263 232 Average net selling price 387 343 365 335 Cost of goods sold 219 211 222 209 Gross margin 168 132 143 126 Depreciation and amortization 55 54 56 54 Gross margin excluding depreciation and amortization 1 223 186 199 180 1 This is a non-GAAP financial measure. See the 'Non-GAAP Financial Measures' section. Expand Sales volumes increased in the second quarter and first half of 2025 due to strong demand and increased production of ammonia and upgraded nitrogen products. Net selling price per tonne was higher in the second quarter and first half of 2025 for all major upgraded nitrogen products due to stronger benchmark prices. Ammonia net selling price per tonne was higher in the second quarter of 2025 despite lower global benchmark prices, reflecting the favorable mix of fertilizer sales in the quarter. Cost of goods sold per tonne increased in the second quarter and first half of 2025 due to higher natural gas costs. Phosphate Three Months Ended June 30 Six Months Ended June 30 ($ millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Net sales 396 394 1 756 831 (9) Cost of goods sold 363 361 1 724 733 (1) Gross margin 33 33 ‐ 32 98 (67) Adjusted EBITDA 1 92 88 5 153 209 (27) 1 See Note 2 to the interim financial statements. Expand Phosphate adjusted EBITDA was higher in the second quarter due to higher net selling prices, partially offset by lower sales volumes and higher sulfur input costs. 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Net selling price per tonne increased in the second quarter and first half of 2025 due to strong phosphate fertilizer fundamentals and optimization of product mix, partially offset by lower industrial net selling prices which reflect the typical lag in price realizations relative to benchmark prices. Cost of goods sold per tonne increased in the second quarter and first half of 2025 due to increased sulfur input costs, higher depreciation and the impact of lower production volumes in the first quarter. Corporate and Others and Eliminations Share-based compensation expense was higher in the second quarter and first half of 2025 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors such as our share price movement, our performance relative to our peer group and our return on invested capital. Foreign exchange loss, net of related derivatives was lower in the second quarter and first half of 2025 due to a lower loss on foreign currency derivatives in Brazil. Income tax expense was higher in the second quarter and first half of 2025 mainly due to higher earnings. The decrease in the effective tax rate on ordinary earnings in the second quarter and first half of 2025 was mainly due to lower losses in South America. Other comprehensive income (loss) is primarily driven by changes in the currency translation of our foreign operations. In the second quarter and first half of 2025, the gain was higher mainly due to the appreciation of the Brazilian, Australian and Canadian currencies, relative to the US dollar, compared to a depreciation of Brazilian and Canadian currencies relative to the US dollar for the same periods in 2024. Liquidity and Capital Resources Sources and uses of liquidity We continued to manage our capital in accordance with our capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the 'Capital Structure and Management' section for details on our existing long-term debt and credit facilities. Sources and uses of cash Cash provided by operating activities Cash provided by operating activities in the second quarter was higher compared to the same period in 2024 due to higher fertilizer sales volumes and net selling prices. Cash provided by operating activities in the first half of 2025 was higher due to lower cash income taxes paid. Cash used in investing activities Cash used in investing activities was lower in the second quarter and first half of 2025 due to lower capital expenditures. The first half of 2025 also included proceeds from the sale of our investment in Sinofert Holdings Limited ('Sinofert'). Cash used in financing activities Cash used in financing activities was higher in the second quarter of 2025 as $1.0 billion in senior notes were issued in the second quarter of 2024 with no comparable issuance in the second quarter of 2025. There was also a higher repayment of senior notes maturing in the second quarter of 2025 partially offset by increased commercial paper issuances. The first half of 2025 was higher compared to 2024, primarily from higher share repurchases. Cash used for dividends and share repurchases Cash used for dividends and share repurchases was higher in the second quarter and first half of 2025 as a result of share repurchases in 2025 that did not occur in the same periods in 2024. Expand Financial Condition Review The following is a comparison of balance sheet categories that are considered material: Explanations for changes in Cash and cash equivalents are in the 'Liquidity and Capital Resources - Sources and uses of cash' section. Receivables increased primarily due to the seasonality of Retail sales and higher Potash sales volumes. Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels typically build up at year end in preparation for the following year's planting and application season and are drawn on in the succeeding quarters. Prepaid expenses and other current assets decreased due to Retail taking delivery of prepaid inventories during the planting and application season in North America. Property, plant and equipment decreased due to depreciation more than offsetting capital expenditures. Investments decreased due to the disposal of our remaining investment in Sinofert in the first half of 2025 and dividends received from Profertil S.A. Short-term debt increased due to higher draws on our credit facilities based on our working capital requirements driven by the seasonality of our business. Payables and accrued charges decreased due to lower customer prepayments in North America as Retail customers took delivery of prepaid sales, partially offset by higher income tax payable from strong earnings in the second quarter of 2025. Long-term debt, including current portion, increased due to the issuance of $1,000 million of senior notes in the first quarter of 2025, partially offset by the repayment of $500 million of senior notes in the second quarter of 2025. Retained earnings increased as net earnings exceeded dividends declared and share repurchases in the first half of 2025. Capital Structure and Management Principal debt instruments As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the six months ended June 30, 2025. Capital structure (debt and equity) Commercial paper, credit facilities and other debt We have a total facility limit of approximately $8,030 million comprised of several credit facilities available in the jurisdictions where we operate. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities. As at June 30, 2025, we utilized $1,934 million of our total facility limit, which includes $1,654 million of commercial paper outstanding. As at June 30, 2025, $214 million in letters of credit were outstanding and committed, with $452 million of remaining credit available under our letter of credit facilities. Our long-term debt consists primarily of notes and debentures. See the 'Capital Structure and Management' section of our 2024 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first half of 2025, we issued $400 million of 4.500 percent senior notes due March 12, 2027 and $600 million of 5.250 percent senior notes due March 12, 2032, and repaid our $500 million 3.000 percent senior notes upon maturity on April 1, 2025. See note 6 to the interim financial statements. Outstanding share data For more information on our capital management, see Note 4 to the annual financial statements in our 2024 Annual Report. Quarterly Results Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, which have been volatile over the last two years and are affected by demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements. The following table describes certain items that impacted our quarterly earnings: Quarter Transaction or Event Q2 2024 $530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of our Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. Net earnings also included a foreign exchange loss of $220 million on foreign currency derivatives in Brazil. Expand Critical Accounting Estimates Our significant accounting policies are disclosed in our 2024 Annual Report. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board. Our critical accounting estimates are discussed on pages 65 to 66 of our 2024 Annual Report. There were no material changes to our critical accounting estimates for the three or six months ended June 30, 2025. Controls and Procedures Management is responsible for establishing and maintaining adequate internal control over financial reporting ('ICFR'), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. There has been no change in our ICFR during the three months ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR. Forward-Looking Statements Certain statements and other information included in this document, including within the 'Market Outlook and Guidance' section, constitute 'forward-looking information' or 'forward-looking statements' (collectively, 'forward-looking statements') under applicable securities laws (such statements are often accompanied by words such as 'anticipate', 'forecast', 'expect', 'believe', 'may', 'will', 'should', 'estimate', 'project', 'intend' or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's business strategies, plans, prospects and opportunities; Nutrien's revised 2025 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies; our ability to advance strategic priorities that strengthen our core business and deliver structural improvements to our earnings and free cash flow; capital spending expectations for 2025 and beyond; expectations regarding performance of our operating segments in 2025 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, including the expected impact of supply availability on global shipments of phosphate fertilizer and the expected impact of affordability on demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; expectations regarding demand in standard grade markets for the second half of 2025; the expected impact of uptake on Nutrien's summer fill program on third quarter shipments; expectations regarding the demand for crop inputs in North America and Australia; the anticipated inventory levels and trade flow shifts in the second half of 2025 and into 2026 and the expected impact on US urea and UAN prices; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders. These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements. All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures; increased proprietary products gross margin; continued Retail recovery in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; higher operating rates in Phosphate and Nitrogen; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, crop development and cost of labor and interest, exchange and effective tax rates; potash demand growth in offshore markets and normalization of Canpotex port operations; global economic conditions and the accuracy of our market outlook expectations for 2025 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs. Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets, such as our targeted $200 million in annual consolidated cost savings, expected capital expenditures in 2025, delivering upstream fertilizer sales volume growth and advancing high-return downstream Retail growth opportunities; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; 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 restrictions, or other changes to international trade arrangements; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions and climate change initiatives), 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 malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); 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; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC. The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws. Terms and Definitions For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the 'Terms and definitions' section of our 2024 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, 'n/m' indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted. About Nutrien 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 the needs of farmers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our business across the ag value chain and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals. More information about Nutrien can be found at Selected financial data for download can be found in our data tool at Such data is not incorporated by reference herein. Nutrien will host a Conference Call on Thursday, August 7, 2025 at 10:00 a.m. Eastern Time. Telephone conference dial-in numbers: From Canada and the US: 1 (800) 206-4400 International: 1 (289) 514-5005 No access code required. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner. Live Audio Webcast: Visit Non-GAAP Financial Measures We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company. These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations. Adjusted EBITDA (Consolidated) Most directly comparable IFRS financial measure: Net earnings (loss). Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, asset retirement obligations ('ARO') and accrued environmental costs ('ERL') related to our non-operating sites, and loss related to financial instruments in Argentina. Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations. Adjusted Net Earnings and Adjusted Net Earnings Per Share Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share. Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate. Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations. Effective Tax Rate on Adjusted Net Earnings Guidance Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed. Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product Most directly comparable IFRS financial measure: Gross margin. Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the 'Segment Results' section. Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions. Potash Controllable Cash Cost of Product Manufactured ('COPM') Per Tonne Most directly comparable IFRS financial measure: Cost of goods sold ('COGS') for the Potash segment. Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes. Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions. Expand Nutrien Financial Adjusted Net Interest Margin Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters. Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial. Rolling Four Quarters Ended June 30, 2025 ($ millions, except as otherwise noted) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total/Average Nutrien Financial revenue 85 77 70 135 Deemed interest expense 1 (52) (45) (29) (49) Net interest 33 32 41 86 192 Average Nutrien Financial net receivables 4,318 2,877 2,569 4,645 3,602 Nutrien Financial adjusted net interest margin (%) 5.3 Rolling Four Quarters Ended December 31, 2024 ($ millions, except as otherwise noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total/Average Nutrien Financial revenue 66 133 85 77 Deemed interest expense 1 (27) (50) (52) (45) Net interest 39 83 33 32 187 Average Nutrien Financial net receivables 2,489 4,560 4,318 2,877 3,561 Nutrien Financial adjusted net interest margin (%) 5.3 1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial. Expand Retail Cash Operating Coverage Ratio Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters. Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow. Retail Adjusted Average Working Capital to Sales and Retail Adjusted Average Working Capital to Sales Excluding Nutrien Financial Definition: Retail adjusted average working capital divided by Retail adjusted sales for the last four rolling quarters. We exclude in our calculations the sales and working capital of certain acquisitions during the first year following the acquisition. We also look at this metric excluding Nutrien Financial revenue and working capital. Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio. Rolling Four Quarters Ended June 30, 2025 ($ millions, except as otherwise noted) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Average/Total Current assets 10,559 10,360 11,510 11,442 Current liabilities (5,263) (8,028) (7,561) (8,051) Working capital 5,296 2,332 3,949 3,391 3,742 Working capital from certain recent acquisitions ‐ ‐ ‐ ‐ Adjusted working capital 5,296 2,332 3,949 3,391 3,742 Nutrien Financial working capital (4,318) (2,877) (2,569) (4,645) Adjusted working capital excluding Nutrien Financial 978 (545) 1,380 (1,254) 140 Sales 3,271 3,179 3,090 7,959 Sales from certain recent acquisitions ‐ ‐ ‐ ‐ Adjusted sales 3,271 3,179 3,090 7,959 17,499 Nutrien Financial revenue (85) (77) (70) (135) Adjusted sales excluding Nutrien Financial 3,186 3,102 3,020 7,824 17,132 Adjusted average working capital to sales (%) 21 Adjusted average working capital to sales excluding Nutrien Financial (%) 1 Rolling Four Quarters Ended December 31, 2024 ($ millions, except as otherwise noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Average/Total Current assets 11,821 11,181 10,559 10,360 Current liabilities (8,401) (8,002) (5,263) (8,028) Working capital 3,420 3,179 5,296 2,332 3,557 Working capital from certain recent acquisitions ‐ ‐ ‐ ‐ Adjusted working capital 3,420 3,179 5,296 2,332 3,557 Nutrien Financial working capital (2,489) (4,560) (4,318) (2,877) Adjusted working capital excluding Nutrien Financial 931 (1,381) 978 (545) (4) Sales 3,308 8,074 3,271 3,179 Sales from certain recent acquisitions ‐ ‐ ‐ ‐ Adjusted sales 3,308 8,074 3,271 3,179 17,832 Nutrien Financial revenue (66) (133) (85) (77) Adjusted sales excluding Nutrien Financial 3,242 7,941 3,186 3,102 17,471 Adjusted average working capital to sales (%) 20 Adjusted average working capital to sales excluding Nutrien Financial (%) ‐ Expand Other Financial Measures Selected Additional Financial Data Nutrien Financial As at June 30, 2025 As at December 31, 2024 ($ millions) Current <31 Days Past Due 31–90 Days Past Due >90 Days Past Due Gross Receivables Allowance 1 Net Receivables 2 Net Receivables North America 3,384 192 62 257 3,895 (76) 3,819 2,178 International 724 55 17 43 839 (13) 826 699 Nutrien Financial receivables 4,108 247 79 300 4,734 (89) 4,645 2,877 1 Bad debt expense on the above receivables for the six months ended June 30, 2025 were $38 million, in the Retail segment. 2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 – 7:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets. Expand Supplementary Financial Measures Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios. The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided. Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds. Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures exclude capital outlays for business acquisitions and equity-accounted investees. Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore. Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien's shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of capital to shareholders. Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Statements of Earnings Three Months Ended Six Months Ended June 30 June 30 ($ millions, except as otherwise noted) Note 2025 2024 2025 2024 Sales 2, 8 10,438 10,156 15,538 15,545 Freight, transportation and distribution 240 240 466 478 Cost of goods sold 7,023 7,004 10,577 10,618 Gross Margin 3,175 2,912 4,495 4,449 Selling expenses 951 1,008 1,708 1,802 General and administrative expenses 148 158 300 312 Provincial mining taxes 97 68 165 136 Share-based compensation expense 49 10 91 16 Impairment of assets ‐ 530 ‐ 530 Foreign exchange loss, net of related derivatives 5 22 285 29 328 Other expenses 3 126 9 194 62 Earnings Before Finance Costs and Income Taxes 1,782 844 2,008 1,263 Finance costs 155 162 334 341 Earnings Before Income Taxes 1,627 682 1,674 922 Income tax expense 4 398 290 426 365 Net Earnings 1,229 392 1,248 557 Attributable to Equity holders of Nutrien 1,221 385 1,232 543 Non-controlling interest 8 7 16 14 Net Earnings 1,229 392 1,248 557 Net Earnings Per Share Attributable to Equity Holders of Nutrien ("EPS") Basic 2.51 0.78 2.52 1.10 Diluted 2.50 0.78 2.52 1.10 Weighted average shares outstanding for basic EPS 487,396,000 494,646,000 488,391,000 494,608,000 Weighted average shares outstanding for diluted EPS 487,598,000 494,915,000 488,563,000 494,851,000 (See Notes to the Condensed Consolidated Financial Statements) Expand Condensed Consolidated Statements of Comprehensive Income Three Months Ended Six Months Ended June 30 June 30 ($ millions, net of related income taxes) 2025 2024 2025 2024 Net Earnings 1,229 392 1,248 557 Other comprehensive income (loss) Item that will not be reclassified to net earnings: Net fair value gain (loss) on investments ‐ 36 (18) 18 Items that have been or may be subsequently reclassified to net earnings: Gain (loss) on currency translation of foreign operations 162 9 201 (57) Other 22 (1) 26 (19) Other Comprehensive Income (Loss) 184 44 209 (58) Comprehensive Income 1,413 436 1,457 499 Attributable to Equity holders of Nutrien 1,404 429 1,440 486 Non-controlling interest 9 7 17 13 Comprehensive Income 1,413 436 1,457 499 (See Notes to the Condensed Consolidated Financial Statements) Expand Condensed Consolidated Statements of Cash Flows Three Months Ended Six Months Ended June 30 June 30 ($ millions) Note 2025 2024 2025 2024 Operating Activities Net earnings 1,229 392 1,248 557 Adjustments for: Depreciation and amortization 614 586 1,185 1,151 Share-based compensation expense 49 10 91 16 Impairment of assets ‐ 530 ‐ 530 (Recovery of) provision for deferred income tax (48) 23 32 51 Net distributed earnings of equity-accounted investees 90 88 85 38 Fair value adjustment to derivatives 5 2 187 8 186 Loss related to financial instruments in Argentina 3 ‐ 15 ‐ 34 Long-term income tax receivables and payables 54 (35) 16 8 Other long-term assets, liabilities and miscellaneous (39) 5 (40) 70 Cash from operations before working capital changes 1,951 1,801 2,625 2,641 Changes in non-cash operating working capital: Receivables (2,462) (2,555) (2,605) (2,812) Inventories and prepaid expenses and other current assets 2,894 3,222 1,620 1,892 Payables and accrued charges 155 (661) (184) (401) Cash Provided by Operating Activities 2,538 1,807 1,456 1,320 Investing Activities Capital expenditures 1 (424) (526) (724) (879) Business acquisitions, net of cash acquired ‐ (4) (11) (4) (Purchase of) proceeds from investments, held within three months, net (53) 3 (69) (15) Purchase of investments (91) (107) (93) (111) Proceeds from sale of investments 5 93 18 276 18 Net changes in non-cash working capital 10 5 (78) (85) Other (30) (3) (39) (32) Cash Used in Investing Activities (495) (614) (738) (1,108) Financing Activities (Repayment of) proceeds from debt, maturing within three months, net (578) (1,215) 334 (289) Proceeds from debt 6 ‐ 998 998 998 Repayment of debt 6 (531) (75) (535) (89) Repayment of principal portion of lease liabilities (106) (106) (216) (202) Dividends paid to Nutrien's shareholders 7 (268) (266) (533) (527) Repurchase of common shares, inclusive of related tax 7 (105) ‐ (253) ‐ Issuance of common shares 26 8 29 9 Other (10) (28) (31) (36) Cash Used in Financing Activities (1,572) (684) (207) (136) Effect of Exchange Rate Changes on Cash and Cash Equivalents 21 (1) 23 (13) Increase in Cash and Cash Equivalents 492 508 534 63 Cash and Cash Equivalents – Beginning of Period 895 496 853 941 Cash and Cash Equivalents – End of Period 1,387 1,004 1,387 1,004 Cash and cash equivalents is composed of: Cash 1,228 953 1,228 953 Short-term investments 159 51 159 51 1,387 1,004 1,387 1,004 Supplemental Cash Flows Information Interest paid 220 216 352 348 Income taxes (received) paid (19) 83 (12) 133 Total cash outflow for leases 139 153 289 284 1 Includes additions to property, plant and equipment, and intangible assets for the three months ended June 30, 2025 of $398 million and $26 million (2024 – $491 million and $35 million), respectively, and for the six months ended June 30, 2025 of $677 million and $47 million (2024 – $815 million and $64 million), respectively. (See Notes to the Condensed Consolidated Financial Statements) Expand Condensed Consolidated Statements of Changes in Shareholders' Equity Accumulated Other Comprehensive (Loss) Income ("AOCI") ($ millions, inclusive of related tax, except as otherwise noted) Number of Common Shares Share Capital Contributed Surplus (Loss) Gain on Currency Translation of Foreign Operations Other Total AOCI Retained Earnings Equity Holders of Nutrien Non- Controlling Interest Total Equity Balance – December 31, 2023 494,551,730 13,838 83 (286) (10) (296) 11,531 25,156 45 25,201 Net earnings ‐ ‐ ‐ ‐ ‐ ‐ 543 543 14 557 Other comprehensive loss ‐ ‐ ‐ (56) (1) (57) ‐ (57) (1) (58) Dividends declared 1 ‐ ‐ ‐ ‐ ‐ ‐ (532) (532) ‐ (532) Non-controlling interest transactions ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (26) (26) Effect of share-based compensation including issuance of common shares 153,808 8 3 ‐ ‐ ‐ ‐ 11 ‐ 11 Transfer of net loss on cash flow hedges ‐ ‐ ‐ ‐ 8 8 ‐ 8 ‐ 8 Other ‐ ‐ ‐ (2) ‐ (2) ‐ (2) ‐ (2) Balance – June 30, 2024 494,705,538 13,846 86 (344) (3) (347) 11,542 25,127 32 25,159 Balance – December 31, 2024 491,025,446 13,748 68 (537) 22 (515) 11,106 24,407 35 24,442 Net earnings ‐ ‐ ‐ ‐ ‐ ‐ 1,232 1,232 16 1,248 Other comprehensive income ‐ ‐ ‐ 200 8 208 ‐ 208 1 209 Shares repurchased for cancellation (Note 7) (4,741,786) (133) (10) ‐ ‐ ‐ (114) (257) ‐ (257) Dividends declared 1 ‐ ‐ ‐ ‐ ‐ ‐ (533) (533) ‐ (533) Non-controlling interest transactions ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (21) (21) Effect of share-based compensation including issuance of common shares 581,799 35 (3) ‐ ‐ ‐ ‐ 32 ‐ 32 Transfer of net gain on sale of investment ‐ ‐ ‐ ‐ (27) (27) 27 ‐ ‐ ‐ Transfer of net loss on cash flow hedges ‐ ‐ ‐ ‐ 1 1 ‐ 1 ‐ 1 Other ‐ ‐ ‐ (2) ‐ (2) 1 (1) ‐ (1) Balance – June 30, 2025 486,865,459 13,650 55 (339) 4 (335) 11,719 25,089 31 25,120 1 During the six months ended June 30, 2025, we declared dividends of $1.09 per share (2024 - $1.08 per share). (See Notes to the Condensed Consolidated Financial Statements) Expand Condensed Consolidated Balance Sheets As at As at June 30 December 31, ($ millions) Note 2025 2024 2024 Assets Current assets Cash and cash equivalents 1,387 1,004 853 Receivables 8 8,086 8,123 5,390 Inventories 5,576 5,298 6,148 Prepaid expenses and other current assets 566 663 1,401 15,615 15,088 13,792 Non-current assets Property, plant and equipment 22,496 22,198 22,604 Goodwill 12,121 12,094 12,043 Intangible assets 1,745 1,912 1,819 Investments 5 407 703 698 Other assets 871 996 884 Total Assets 53,255 52,991 51,840 Liabilities Current liabilities Short-term debt 1,882 1,571 1,534 Current portion of long-term debt 6 538 1,012 1,037 Current portion of lease liabilities 363 364 356 Payables and accrued charges 8,991 9,024 9,118 11,774 11,971 12,045 Non-current liabilities Long-term debt 6 9,867 9,399 8,881 Lease liabilities 988 1,024 999 Deferred income tax liabilities 3,512 3,615 3,539 Pension and other post-retirement benefit liabilities 232 245 227 Asset retirement obligations and accrued environmental costs 1,536 1,406 1,543 Other non-current liabilities 226 172 164 Total Liabilities 28,135 27,832 27,398 Shareholders' Equity Share capital 7 13,650 13,846 13,748 Contributed surplus 55 86 68 Accumulated other comprehensive loss (335) (347) (515) Retained earnings 11,719 11,542 11,106 Equity holders of Nutrien 25,089 25,127 24,407 Non-controlling interest 31 32 35 Total Shareholders' Equity 25,120 25,159 24,442 Total Liabilities and Shareholders' Equity 53,255 52,991 51,840 (See Notes to the Condensed Consolidated Financial Statements) Expand Notes to the Condensed Consolidated Financial Statements As at and for the Three and Six Months Ended June 30, 2025 Note 1 Basis of presentation Nutrien Ltd. (collectively with its subsidiaries, 'Nutrien', 'we', 'us', 'our' or 'the Company') 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 the needs of farmers. These unaudited interim condensed consolidated financial statements ('interim financial statements') are based on International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, 'Interim Financial Reporting'. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries. Certain immaterial 2024 figures have been reclassified in the condensed consolidated statements of cash flows. In management's opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. These interim financial statements were authorized for issue by the Audit Committee of the Board of Directors on August 6, 2025. Note 2 Segment information We have four reportable operating segments: Nutrien Ag Solutions ('Retail'), Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core business. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization. Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments received are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year. Downstream Upstream and Midstream Corporate ($ millions) Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Assets – as at June 30, 2025 23,241 14,110 11,651 2,501 2,683 (931) 53,255 Assets – as at December 31, 2024 22,149 13,792 11,603 2,453 2,571 (728) 51,840 Expand Three Months Ended June 30, 2025 Downstream Upstream and Midstream Corporate ($ millions) Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 7,959 992 1,104 382 1 ‐ 10,438 – intersegment ‐ 93 309 67 ‐ (469) ‐ Sales – total 7,959 1,085 1,413 449 1 (469) 10,438 Freight, transportation and distribution ‐ 94 153 53 ‐ (60) 240 Net sales 7,959 991 1,260 396 1 (409) 10,198 Cost of goods sold 5,941 440 744 363 ‐ (465) 7,023 Gross margin 2,018 551 516 33 1 56 3,175 Selling expenses (recovery) 948 2 8 1 (2) (6) 951 General and administrative expenses 44 2 6 1 95 ‐ 148 Provincial mining taxes ‐ 97 ‐ ‐ ‐ ‐ 97 Share-based compensation expense ‐ ‐ ‐ ‐ 49 ‐ 49 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 22 ‐ 22 Other expenses 54 8 1 7 46 10 126 Earnings (loss) before finance costs and income taxes 972 442 501 24 (209) 52 1,782 Depreciation and amortization 177 188 166 68 15 ‐ 614 EBITDA 1,149 630 667 92 (194) 52 2,396 Restructuring costs ‐ ‐ ‐ ‐ 21 ‐ 21 Share-based compensation expense ‐ ‐ ‐ ‐ 49 ‐ 49 ARO/ERL related expenses for non-operating sites ‐ ‐ ‐ ‐ (2) ‐ (2) Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 22 ‐ 22 Adjusted EBITDA 1,149 630 667 92 (104) 52 2,486 Expand Three Months Ended June 30, 2024 Downstream Upstream and Midstream Corporate ($ millions) Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 8,074 750 948 384 ‐ ‐ 10,156 – intersegment ‐ 86 239 67 ‐ (392) ‐ Sales – total 8,074 836 1,187 451 ‐ (392) 10,156 Freight, transportation and distribution ‐ 80 159 57 ‐ (56) 240 Net sales 8,074 756 1,028 394 ‐ (336) 9,916 Cost of goods sold 6,045 359 650 361 ‐ (411) 7,004 Gross margin 2,029 397 378 33 ‐ 75 2,912 Selling expenses (recovery) 1,005 3 8 2 (3) (7) 1,008 General and administrative expenses 51 1 5 3 98 ‐ 158 Provincial mining taxes ‐ 68 ‐ ‐ ‐ ‐ 68 Share-based compensation expense ‐ ‐ ‐ ‐ 10 ‐ 10 Impairment of assets 335 ‐ 195 ‐ ‐ ‐ 530 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 285 ‐ 285 Other expenses (income) 41 4 (78) 8 26 8 9 Earnings (loss) before finance costs and income taxes 597 321 248 20 (416) 74 844 Depreciation and amortization 196 151 151 68 20 ‐ 586 EBITDA 793 472 399 88 (396) 74 1,430 Share-based compensation expense ‐ ‐ ‐ ‐ 10 ‐ 10 Impairment of assets 335 ‐ 195 ‐ ‐ ‐ 530 Loss related to financial instruments in Argentina ‐ ‐ ‐ ‐ 15 ‐ 15 ARO/ERL related income for non-operating sites ‐ ‐ ‐ ‐ (35) ‐ (35) Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 285 ‐ 285 Adjusted EBITDA 1,128 472 594 88 (121) 74 2,235 Expand Six Months Ended June 30, 2025 Downstream Upstream and Midstream Corporate ($ millions) Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 11,049 1,758 1,996 720 15 ‐ 15,538 – intersegment ‐ 188 491 134 ‐ (813) ‐ Sales – total 11,049 1,946 2,487 854 15 (813) 15,538 Freight, transportation and distribution ‐ 211 273 98 ‐ (116) 466 Net sales 11,049 1,735 2,214 756 15 (697) 15,072 Cost of goods sold 8,345 820 1,407 724 4 (723) 10,577 Gross margin 2,704 915 807 32 11 26 4,495 Selling expenses (recovery) 1,703 5 15 3 (5) (13) 1,708 General and administrative expenses 88 4 12 3 193 ‐ 300 Provincial mining taxes ‐ 165 ‐ ‐ ‐ ‐ 165 Share-based compensation expense ‐ ‐ ‐ ‐ 91 ‐ 91 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 29 ‐ 29 Other expenses 79 10 13 13 64 15 194 Earnings (loss) before finance costs and income taxes 834 731 767 13 (361) 24 2,008 Depreciation and amortization 361 345 308 140 31 ‐ 1,185 EBITDA 1,195 1,076 1,075 153 (330) 24 3,193 Restructuring costs ‐ ‐ ‐ ‐ 22 ‐ 22 Share-based compensation expense ‐ ‐ ‐ ‐ 91 ‐ 91 ARO/ERL related expenses for non-operating sites ‐ ‐ ‐ ‐ 3 ‐ 3 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 29 ‐ 29 Adjusted EBITDA 1,195 1,076 1,075 153 (185) 24 3,338 Expand Six Months Ended June 30, 2024 Downstream Upstream and Midstream Corporate ($ millions) Retail Potash Nitrogen Phosphate and Others Eliminations Consolidated Sales – third party 11,382 1,571 1,794 798 ‐ ‐ 15,545 – intersegment ‐ 192 421 152 ‐ (765) ‐ Sales – total 11,382 1,763 2,215 950 ‐ (765) 15,545 Freight, transportation and distribution ‐ 194 276 119 ‐ (111) 478 Net sales 11,382 1,569 1,939 831 ‐ (654) 15,067 Cost of goods sold 8,606 717 1,254 733 ‐ (692) 10,618 Gross margin 2,776 852 685 98 ‐ 38 4,449 Selling expenses (recovery) 1,795 6 15 4 (5) (13) 1,802 General and administrative expenses 103 5 10 7 187 ‐ 312 Provincial mining taxes ‐ 136 ‐ ‐ ‐ ‐ 136 Share-based compensation expense ‐ ‐ ‐ ‐ 16 ‐ 16 Impairment of assets 335 ‐ 195 ‐ ‐ ‐ 530 Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 328 ‐ 328 Other expenses (income) 63 1 (111) 16 80 13 62 Earnings (loss) before finance costs and income taxes 480 704 576 71 (606) 38 1,263 Depreciation and amortization 390 298 287 138 38 ‐ 1,151 EBITDA 870 1,002 863 209 (568) 38 2,414 Share-based compensation expense ‐ ‐ ‐ ‐ 16 ‐ 16 Impairment of assets 335 ‐ 195 ‐ ‐ ‐ 530 Loss related to financial instruments in Argentina ‐ ‐ ‐ ‐ 34 ‐ 34 ARO/ERL related income for non-operating sites ‐ ‐ ‐ ‐ (32) ‐ (32) Foreign exchange loss, net of related derivatives ‐ ‐ ‐ ‐ 328 ‐ 328 Adjusted EBITDA 1,205 1,002 1,058 209 (222) 38 3,290 Expand Three Months Ended Six Months Ended June 30 June 30 ($ millions) 2025 2024 2025 2024 Retail sales by product line Crop nutrients 3,391 3,281 4,585 4,590 Crop protection products 2,666 2,733 3,638 3,847 Seed 1,278 1,434 1,810 1,919 Services and other 286 292 432 448 Merchandise 238 245 427 445 Nutrien Financial 135 133 205 199 Nutrien Financial elimination 1 (35) (44) (48) (66) 7,959 8,074 11,049 11,382 Potash sales by geography Manufactured product North America 382 353 816 873 Offshore 2 701 482 1,127 889 Other potash and purchased products 2 1 3 1 1,085 836 1,946 1,763 Nitrogen sales by product line Manufactured product Ammonia 359 351 599 595 Urea and ESN ® 530 426 912 792 Solutions, nitrates and sulfates 430 343 751 662 Other nitrogen and purchased products 94 67 225 166 1,413 1,187 2,487 2,215 Phosphate sales by product line Manufactured product Fertilizer 285 291 534 612 Industrial and feed 155 155 306 322 Other phosphate and purchased products 9 5 14 16 449 451 854 950 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. 2 Relates to Canpotex Limited ("Canpotex") (see Note 8) and includes provisional pricing adjustments for the three months ended June 30, 2025 of $27 million (2024 – $(1) million) and the six months ended June 30, 2025 of $58 million (2024 – $11 million). Expand Note 3 Other expenses (income) Three Months Ended Six Months Ended June 30 June 30 ($ millions) 2025 2024 2025 2024 Restructuring costs 21 ‐ 22 ‐ Earnings of equity-accounted investees (9) (30) (14) (81) Bad debt expense 38 50 57 63 Project feasibility costs 26 28 41 43 Customer prepayment costs 19 15 37 31 Legal expenses 5 4 7 8 Insurance recoveries ‐ (67) ‐ (67) (Gain) loss on natural gas derivatives not designated as hedge ‐ (1) ‐ 2 Loss related to financial instruments in Argentina ‐ 15 ‐ 34 ARO/ERL related (income) expenses for non-operating sites ¹ (2) (35) 3 (32) Other expenses 28 30 41 61 126 9 194 62 1 ARO/ERL refers to asset retirement obligations and accrued environmental costs. Expand Note 4 Income taxes A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction. Three Months Ended Six Months Ended June 30 June 30 ($ millions, except as otherwise noted) 2025 2024 2025 2024 Actual effective tax rate on earnings (%) 23 46 24 42 Actual effective tax rate including discrete items (%) 24 43 25 40 Discrete tax adjustments that impacted the tax rate 1 22 (23) 27 (20) 1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate. Expand Note 5 Financial instruments Foreign currency derivatives Three Months Ended Six Months Ended June 30 June 30 ($ millions) 2025 2024 2025 2024 Foreign exchange loss 31 40 17 30 Hyperinflationary loss ‐ 20 ‐ 65 (Gain) loss on foreign currency derivatives at fair value through profit or loss (9) 225 12 233 Foreign exchange loss, net of related derivatives 22 285 29 328 Expand Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $10,405 million and fair value of $9,929 million as at June 30, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis. Investments at fair value through other comprehensive income During the six months ended June 30, 2025, we fully divested our remaining equity ownership interest in Sinofert Holdings Limited, which had been classified as a financial asset measured at fair value through other comprehensive income. Total proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in the period in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings. Note 6 Debt ($ millions, except as otherwise noted) Rate of interest (%) Maturity Amount Senior notes repaid in 2025 3.000 April 1, 2025 500 Senior notes issued in 2025 4.500 March 12, 2027 400 Senior notes issued in 2025 5.250 March 12, 2032 600 1,000 Expand The senior notes issued in the six months ended June 30, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices. Note 7 Share capital Share repurchase programs The following table summarizes our share repurchase activities during the periods indicated below: Three Months Ended Six Months Ended June 30 June 30 ($ millions, except as otherwise noted) 2025 2024 2025 2024 Number of common shares repurchased for cancellation 1,878,972 ‐ 4,741,786 ‐ Average price per share (US dollars) 56.39 ‐ 53.19 ‐ Total cost, inclusive of tax 108 ‐ 257 ‐ Expand Subsequent to June 30, 2025, as of August 5, 2025, an additional 990,171 common shares were repurchased for cancellation at a cost of $59 million and an average price per share of $59.93. Dividends declared We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended June 30, 2025, payable on July 18, 2025 to shareholders of record on June 30, 2025. Note 8 Related party transactions We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended June 30, 2025 were $20 million (2024– $40 million) and the six months ended June 30, 2025 were $77 million (2024 – $71 million). As at As at ($ millions) June 30, 2025 December 31, 2024 Receivables from Canpotex 425 122 Payables to Canpotex 89 66 Expand
