Nutrien (NTR) investor relations material

Business performance and market conditions

• Achieved record potash sales volumes and strong nitrogen reliability, with robust downstream retail engagement in Q1.

• Improved phosphate sales volumes due to better production and reliability, with continued focus on cost and capital discipline.

• Maintains a resilient asset portfolio, aiming for strong free cash flow per share in all market conditions.

• Volatile global markets, especially due to Middle East disruptions, have impacted energy and fertilizer supply chains.

• Guidance ranges for retail and wholesale volumes remain unchanged, with a constructive outlook for the remainder of the year.

Fertilizer market dynamics

• Potash market remains demand-driven, with strong global fundamentals and stable, affordable prices.

• Nitrogen markets have seen dramatic price increases due to supply disruptions, with higher benchmarks expected in Q2.

• Phosphate faces unsustainable economics as input costs (sulfur, ammonia) outpace finished product prices, leading to rationed demand.

• North American fertilizer supply is stable, with some weakness in phosphate demand but strong potash and nitrogen application rates.

• Potash demand is set to grow for a fourth consecutive year, supported by low inventories and healthy crop economics.

Retail and proprietary products

• Retail EBITDA has grown at a mid-single-digit rate, with a healthy outlook for continued growth through organic and tuck-in acquisitions.

• Proprietary products, especially in crop protection and nutrition, are expected to deliver high single-digit growth.

• Tuck-in acquisitions typically close at 6x-7x EBITDA pre-synergies, dropping to 4x-5x post-synergy.

• Crop protection margins have expanded despite generic pricing pressure, with proprietary business growth offsetting market challenges.