press release

Nutrien Reports Second Quarter 2026 Results

2026-08-05

TSX - Toronto Stock Exchange · Corporate Finance

First half results demonstrate continued operational excellence and strong financial performance

Raised Potash sales volumes and lowered capital expenditures guidance ranges

Increased cash returns to shareholders

All amounts are in US dollars, except as otherwise noted

Nutrien Ltd. (TSX and NYSE: NTR) announced today its second quarter 2026 results, with net earnings of $1.22 billion ($2.53 diluted net earnings per share). Second quarter 2026 adjusted EBITDA 1 was $2.43 billion and adjusted net earnings per share 1 was $2.61.

“In the first half of 2026, Nutrien delivered record potash sales volumes, strong growth in proprietary products margins and further enhanced the reliability and cost position of our nitrogen assets in a dynamic global operating environment,” commented Ken Seitz, Nutrien’s President and CEO. “Our focus on operational excellence, targeted growth investments and ongoing portfolio optimization initiatives is strengthening our business, supporting structural free cash flow growth and increasing cash returns to shareholders.”

Highlights 2 :

Retail adjusted EBITDA increased to $1.24 billion in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia, partially offset by lower crop nutrient sales volumes and higher fuel costs.

Potash adjusted EBITDA increased to $1.24 billion in the first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes. We had record potash production and progressed mine automation, maintaining our controllable cash cost of product manufactured 1 below $60 per tonne.

Nitrogen adjusted EBITDA increased to $1.12 billion in the first half of 2026 due to higher global nitrogen benchmarks and lower natural gas costs. Production from our low-cost North American nitrogen plants was consistent with our plan, which included the successful execution of the largest turnaround in our Carseland facility’s history.

Cash provided by operating activities increased by 12 percent in the first half of 2026. We returned $848 million to shareholders in the first half of 2026 through dividends and share repurchases, including a 26 percent increase in share repurchases. We further increased the pace of share repurchases in the third quarter of 2026 and repurchased approximately $82 million of common shares in the quarter as of August 4, 2026.

Since June 2026, we entered into agreements to sell non-core assets for expected gross proceeds of approximately $90 million. Including these agreements, we have divested approximately $1 billion of non-core assets since the fourth quarter of 2024.

Remain on track to solidify the optimal path for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business in 2026.

| 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted. | | 2 Our discussion of highlights set out on this page is a comparison of the results for the six months ended June 30, 2026 to the results for the six months ended June 30, 2025, unless otherwise noted. | | | | |

Management’s Discussion and Analysis

The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of August 5, 2026. The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 19, 2026 (“2025 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 19, 2026, each for the year ended December 31, 2025, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . No update is provided to the disclosure in our 2025 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”).

This MD&A is based on, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as at and for the three and six months ended June 30, 2026 (“interim financial statements”) based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the “Non-GAAP Financial Measures” and the “Forward-Looking Statements” sections, respectively.

Market Outlook and Guidance

Agriculture and Retail Markets

Global agricultural markets are supported by robust grain and oilseed demand. Risks to global crop production and trade have increased due to geopolitical uncertainty and forecasts indicating El Niño conditions, which are expected to place upside pressure on crop prices.

In North America, firming crop prices and a focus on protecting yield potential is expected to support crop input demand in the third quarter of 2026. A faster than average pace of crop development supports the potential for an earlier start to the fall fertilizer application season.

In Australia, grower engagement across key cropping regions and strong livestock economics are supporting demand for retail products and services. In Brazil, soybean acreage is expected to moderately increase from the prior year and purchasing activity continues to be influenced by credit availability and affordability.

Crop Nutrient Markets

Global potash markets remain constructive due to favorable affordability, healthy demand in all major global markets and stable supply relative to other commodities. We have maintained our forecast for global potash shipments of 74 to 77 million tonnes in 2026 as projected shipment levels are expected to be consistent with consumption.

Global urea prices have strengthened in the third quarter of 2026 following a decline in the latter half of the second quarter during a seasonal low point for demand that was exacerbated this year due to evolving geopolitical developments. Global nitrogen market fundamentals are expected to remain tight in the second half of 2026, driven by ongoing trade flow disruptions, production outages, elevated energy prices and import demand from key consuming regions such as India and Brazil.

Global phosphate market fundamentals continue to be affected by trade flow disruptions, constrained sulfur feedstock availability and elevated costs, which have placed unsustainable pressure on phosphate producer margins and have resulted in reduced global operating rates.

Financial and Operational Guidance

Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents structural growth in our downstream business consistent with historical rates. The mid-point of our full-year guidance range assumes high-single digit growth in proprietary products gross margins, strong demand for crop inputs and services in Australia, increased crop nutrient margins per tonne and lower crop nutrient sales volumes compared to the prior year.

Potash sales volume guidance was increased to 14.2 to 14.8 million tonnes due to strong demand in key offshore markets and is consistent with our global shipment expectation.

Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes is supported by planned reliability improvements and debottlenecking initiatives. The range reflects the completion of planned turnarounds in the third quarter of 2026 and higher ammonia operating rates in the fourth quarter compared to the prior year.

Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflects the benefits of reliability improvement initiatives completed in 2025.

Total capital expenditures guidance was lowered to $1.95 to $2.05 billion and reflects a focus on capital efficiency and structurally growing free cash flow.

All guidance expectations, including those noted above, are outlined in the table below. Refer to page 33 of our 2025 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

| | 2026 Guidance Ranges 1 as of | | | | | | | | | | | August 5, 2026 | | | May 6, 2026 | | | | | | | ($ billions, except as otherwise noted) | Low | | | High | | | Low | | High | | Retail adjusted EBITDA | 1.75 | | | 1.95 | | | 1.75 | | 1.95 | | Potash sales volumes (million tonnes) 2 | 14.2 | | | 14.8 | | | 14.1 | | 14.8 | | Nitrogen sales volumes (million tonnes) 2 | 9.2 | | | 9.7 | | | 9.2 | | 9.7 | | Phosphate sales volumes (million tonnes) 2 | 2.4 | | | 2.6 | | | 2.4 | | 2.6 | | Depreciation and amortization | 2.4 | | | 2.5 | | | 2.4 | | 2.5 | | Finance costs | 0.65 | | | 0.75 | | | 0.65 | | 0.75 | | Effective tax rate on adjusted net earnings (%) 3 | 24.0 | | | 26.0 | | | 24.0 | | 26.0 | | Capital expenditures 4 | 1.95 | | | 2.05 | | | 2.0 | | 2.1 | | 1 See the “Forward-Looking Statements” section.

2 Manufactured product only.

3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the “Other Financial Measures” section. | | | | | | | | | | | | | | | | | | | | |

Consolidated Results

| | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ($ millions, except as otherwise noted) | 2026 | | | 2025 | | | % Change | | 2026 | | | 2025 | | | % Change | | Sales | 10,812 | | | 10,438 | | | 4 | | 16,858 | | | 15,538 | | | 8 | | Gross margin | 3,251 | | | 3,175 | | | 2 | | 4,897 | | | 4,495 | | | 9 | | Expenses | 1,474 | | | 1,393 | | | 6 | | 2,760 | | | 2,487 | | | 11 | | Net earnings | 1,222 | | | 1,229 | | | (1) | | 1,361 | | | 1,248 | | | 9 | | Adjusted EBITDA 1 | 2,430 | | | 2,486 | | | (2) | | 3,535 | | | 3,338 | | | 6 | | Diluted net earnings per share (dollars) 2 | 2.53 | | | 2.50 | | | 1 | | 2.80 | | | 2.52 | | | 11 | | Adjusted net earnings per share (dollars) 1, 2 | 2.61 | | | 2.65 | | | (2) | | 3.11 | | | 2.75 | | | 13 | | 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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Net earnings and adjusted EBITDA increased in the first half of 2026, primarily due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes. Net earnings and adjusted EBITDA decreased in the second quarter of 2026, as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs.

Segment Results

Our discussion of segment results set out on the following pages is a comparison of the results for the three and six months ended June 30, 2026 to the results for the three and six months ended June 30, 2025, unless otherwise noted.

Retail

| | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | | | | | | ($ millions, except as otherwise noted) | 2026 | | | 2025 | | | % Change | | 2026 | | | 2025 | | | % Change | | Sales | 8,270 | | | 7,959 | | | 4 | | 11,910 | | | 11,049 | | | 8 | | Cost of goods sold | 6,224 | | | 5,941 | | | 5 | | 9,064 | | | 8,345 | | | 9 | | Gross margin | 2,046 | | | 2,018 | | | 1 | | 2,846 | | | 2,704 | | | 5 | | Adjusted EBITDA 1 | 1,131 | | | 1,149 | | | (2) | | 1,239 | | | 1,195 | | | 4 | | 1 See Note 2 to the interim financial statements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Retail adjusted EBITDA increased in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia. Retail adjusted EBITDA decreased in the second quarter of 2026 mainly due to lower crop nutrient sales volumes and higher fuel costs.

| | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | | | | | | | | | | | Sales | | Gross Margin | | Sales | | Gross Margin | | | | | | | | | | | | | | ($ millions) | 2026 | | | 2025 | | 2026 | | | 2025 | | 2026 | | | 2025 | | 2026 | | | 2025 | | Crop nutrients | 3,541 | | | 3,391 | | 695 | | | 697 | | 5,024 | | | 4,585 | | 945 | | | 916 | | Crop protection products | 2,755 | | | 2,666 | | 707 | | | 676 | | 3,892 | | | 3,638 | | 933 | | | 867 | | Seed | 1,278 | | | 1,278 | | 242 | | | 266 | | 1,840 | | | 1,810 | | 326 | | | 336 | | Services and other | 308 | | | 286 | | 256 | | | 235 | | 483 | | | 432 | | 400 | | | 353 | | Merchandise | 291 | | | 238 | | 49 | | | 44 | | 514 | | | 427 | | 85 | | | 75 | | Nutrien Financial | 145 | | | 135 | | 145 | | | 135 | | 225 | | | 205 | | 225 | | | 205 | | Nutrien Financial elimination 1 | (48) | | | (35) | | (48) | | | (35) | | (68) | | | (48) | | (68) | | | (48) | | Total | 8,270 | | | 7,959 | | 2,046 | | | 2,018 | | 11,910 | | | 11,049 | | 2,846 | | | 2,704 | | 1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Crop nutrients sales increased in the second quarter and first half of 2026 due to higher selling prices. Gross margin was relatively flat in the second quarter of 2026, as increased sales of proprietary nutritional products was offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products. Gross margin increased in the first half of 2026, reflecting increased sales of proprietary nutritional products.

Crop protection products sales and gross margin increased in the second quarter and first half of 2026 due to higher sales of proprietary products, supported by increased herbicide sales volumes in the US and earlier grower engagement in Australia.

Seed gross margin decreased in the second quarter and first half of 2026 primarily due to product mix shifts, partially offset by higher sales volumes, including higher-margin canola seed in Australia.

Services and other sales and gross margin increased in the second quarter and first half of 2026 due to a strong livestock market in Australia.

| Supplemental Data | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | | | | | | | | | | | Gross Margin | | % of Product Line 1 | | Gross Margin | | % of Product Line 1 | | | | | | | | | | | | | | ($ millions, except as otherwise noted) | 2026 | | | 2025 | | 2026 | | | 2025 | | 2026 | | | 2025 | | 2026 | | | 2025 | | Proprietary products | | | | | | | | | | | | | | | | | | | | | Crop nutrients | 248 | | | 228 | | 36 | | | 33 | | 328 | | | 297 | | 35 | | | 32 | | Crop protection products | 314 | | | 246 | | 45 | | | 37 | | 402 | | | 299 | | 43 | | | 34 | | Seed | 86 | | | 87 | | 35 | | | 37 | | 107 | | | 115 | | 33 | | | 34 | | Merchandise | 4 | | | 3 | | 8 | | | 6 | | 6 | | | 6 | | 7 | | | 7 | | Total | 652 | | | 564 | | 32 | | | 29 | | 843 | | | 717 | | 30 | | | 27 | | 1 Represents percentage of proprietary product margins over total product line gross margin. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | | | | | | | | | | | Sales Volumes

(tonnes – thousands) | | Gross Margin / Tonne

(dollars) | | Sales Volumes

(tonnes – thousands) | | Gross Margin / Tonne

(dollars) | | | | | | | | | | | | | | | 2026 | | | 2025 | | 2026 | | | 2025 | | 2026 | | | 2025 | | 2026 | | | 2025 | | Crop nutrients | | | | | | | | | | | | | | | | | | | | | North America | 3,795 | | | 4,419 | | 167 | | | 146 | | 5,395 | | | 5,883 | | 156 | | | 142 | | International | 1,057 | | | 1,072 | | 58 | | | 48 | | 1,905 | | | 1,898 | | 54 | | | 42 | | Total | 4,852 | | | 5,491 | | 143 | | | 127 | | 7,300 | | | 7,781 | | 129 | | | 118 | | | | | | | | | | | | | | | | | | | | | |

| (percentages) | June 30, 2026 | | | December 31, 2025 | | Financial performance measures 1, 2 | | | | | | Cash operating coverage ratio | 63 | | | 62 | | Average working capital to sales | 23 | | | 22 | | 1 Rolling four quarters.

2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section. | | | | |

Potash

| | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | | | | | | ($ millions, except as otherwise noted) | 2026 | | | 2025 | | % Change | | 2026 | | | 2025 | | % Change | | | | Net sales | 1,053 | | | 991 | | | 6 | | 1,979 | | | 1,735 | | | 14 | | Cost of goods sold | 446 | | | 440 | | | 1 | | 868 | | | 820 | | | 6 | | Gross margin | 607 | | | 551 | | | 10 | | 1,111 | | | 915 | | | 21 | | Adjusted EBITDA 1 | 658 | | | 630 | | | 4 | | 1,236 | | | 1,076 | | | 15 | | 1 See Note 2 to the interim financial statements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Potash adjusted EBITDA increased in the second quarter and first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes, partially offset by higher provincial mining taxes. We had record production and progressed mine automation, maintaining our controllable cash cost of product manufactured 1 below $60 per tonne.

| Manufactured Product | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | ($ per tonne, except as otherwise noted) | 2026 | | | 2025 | | 2026 | | | 2025 | | Sales volumes (tonnes – thousands) | | | | | | | | | | | North America | 922 | | | 1,038 | | 2,207 | | | 2,350 | | Offshore | 3,021 | | | 2,951 | | 5,246 | | | 5,041 | | Total sales volumes | 3,943 | | | 3,989 | | 7,453 | | | 7,391 | | Net selling price | | | | | | | | | | | North America | 295 | | | 279 | | 290 | | | 259 | | Offshore | 259 | | | 237 | | 255 | | | 224 | | Average net selling price | 267 | | | 248 | | 266 | | | 235 | | Cost of goods sold | 113 | | | 110 | | 117 | | | 112 | | Gross margin | 154 | | | 138 | | 149 | | | 123 | | Depreciation and amortization | 47 | | | 47 | | 48 | | | 47 | | Gross margin excluding depreciation and amortization 1 | 201 | | | 185 | | 197 | | | 170 | | 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. | | | | | | | | | | | | | | | | | | | | |

Sales volumes increased in the first half of 2026 due to low inventory levels and favorable potash affordability in key offshore markets.

Net selling price per tonne increased in the second quarter and first half of 2026 due to higher global benchmark prices, partially offset by higher offshore freight and insurance costs.

Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher royalties and maintenance costs.

| Supplemental Data | Three Months Ended June 30 | | Six Months Ended June 30 | | | | | | | | | 2026 | | | 2025 | | 2026 | | | 2025 | | Production volumes (tonnes – thousands) | 3,996 | | | 3,531 | | 7,656 | | | 6,820 | | Potash controllable cash cost of product manufactured per tonne 1 | 55 | | | 55 | | 57 | | | 57 | | Canpotex sales by market (percentage of sales volumes) 2 | | | | | | | | | | | Latin America | 47 | | | 42 | | 44 | | | 37 | | Other Asian markets 3 | 23 | | | 34 | | 26 | | | 33 | | China | 11 | | | 8 | | 14 | | | 12 | | India | 4 | | | ‐ | | 3 | | | 2 | | Other markets | 15 | | | 16 | | 13 | | | 16 | | Total | 100 | | | 100 | | 100 | | | 100 | | 1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.