Nutrien reports first quarter 2025 results with net earnings of $19 million and adjusted EBITDA of $0.9 billion

• First quarter results supported by operational efficiency and cost savings initiatives.

• Maintaining 2025 full-year guidance ranges as operating performance and capital allocation priorities consistent with previous expectations.

All amounts are in US dollars, except as otherwise noted

Nutrien Ltd. (TSX and NYSE: NTR) announced its first quarter 2025 results, with net earnings of $19 million ($0.02 diluted net earnings per share). First quarter 2025 adjusted EBITDA¹ was $0.9 billion and adjusted net earnings per share¹ was $0.11.

″In the first quarter, Nutrien delivered strong potash sales volumes, increased ammonia operating rates and positioned our downstream retail network for a strong expected spring planting season in North America. Global fertilizer market fundamentals have strengthened supported by growing demand and tight supplies, providing a positive outlook for our business in 2025,″ commented Ken Seitz, Nutrien’s President and CEO.

″Our world-class asset base and resilient business is built to generate free cash flow in a range of market conditions. We continue to focus on actions within our control and are taking a disciplined and intentional approach to capital allocation, prioritizing high-value investment opportunities, divesting non-core assets and returning cash to shareholders,″ added Mr. Seitz.

Highlights²:

• Retail adjusted EBITDA decreased to $46 million in the first quarter of 2025 as weather-related delays impacted sales and margins in the US and Australia, which more than offset lower expenses and higher seed margins.

• Potash adjusted EBITDA decreased to $446 million in the first quarter of 2025 due to lower net selling prices in North America. Sales volumes in the first quarter were similar to the record volumes delivered in the same period in 2024.

• Nitrogen adjusted EBITDA decreased to $408 million in the first quarter of 2025 due to higher natural gas costs and lower equity earnings from Profertil S.A., partially offset by higher net selling prices. Nutrien’s operations delivered a record ammonia operating rate3of 98 percent in the first quarter, achieved through less maintenance downtime and improved reliability at Nutrien’s sites.

• Divested Nutrien’s remaining ownership position in Sinofert Holdings Limited for total proceeds of $223 million in the fourth quarter of 2024 and first quarter of 2025, providing incremental cash flow to allocate to high conviction capital allocation priorities that are core to Nutrien’s long-term strategy.

• Repurchased 3.6 million shares in 2025 for a total of $188 million, as of May 6, 2025.

• 2025 full-year guidance ranges have been maintained and reflect expectations for growth in upstream fertilizer volumes, higher downstream Retail earnings and lower capital expenditures.

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. The discussion of highlights set out on this page is a comparison of the results for the three months ended March 31, 2025 to the results for the three months ended March 31, 2024, unless otherwise noted.

3. Excludes Trinidad and Joffre.

Market Outlook and Guidance

Agriculture and Retail Markets

• Nutrien expects US crop input demand will be supported by acreage shifts in 2025, with corn planted area expected to increase to approximately 95 million acres and soybean plantings to decline to approximately 83 million acres. Fertilizer application rates in the second quarter have been strong as farmers focus on maximizing yield potential.

• Brazilian soybean prices have been supported by strong international demand. Favorable prospective soybean margins and increased projected planted acreage are expected to support strong Brazilian crop input demand in the second half of 2025.

• Low precipitation levels in the key cropping regions of Australia led to delayed crop input demand. Timely rains will be required to support winter crop planting and crop input demand.

Crop Nutrient Markets

• Global potash demand has remained strong in 2025 and tight supply has supported potash price increases in all key spot markets. Nutrien has maintained Nutrien’s 2025 full-year potash shipment forecast of 71 to 75 million tonnes. The high end of the range captures the potential for strong underlying global consumption and the lower end captures the potential for reduced global supply availability.

• Global urea supply and demand has tightened in 2025, driven by strong seasonal demand in North America and Europe, combined with Chinese urea export restrictions and unplanned outages in key producing regions. US urea and UAN prices have also been supported by low domestic inventories, trade flow shifts and constrained logistics.

• Global ammonia prices have weakened in 2025 due to the expectations for new export capacity in the US and Russia and macroeconomic uncertainty that has impacted industrial demand.

• Phosphate markets continue to be tight due to limited supply, including ongoing Chinese export restrictions. Nutrien anticipates that global shipments in 2025 will be constrained by supply availability and weaker grower affordability for phosphate fertilizer could impact demand.

Financial and Operational Guidance

• Retail adjusted EBITDA guidance of $1.65 to $1.85 billion assumes growth in crop nutrient sales volumes, increased proprietary products gross margin and continued recovery in Brazil, partially offset by a return to historical average crop protection product margin percentages.

• Potash sales volume guidance of 13.6 to 14.4 million tonnes is consistent with Nutrien’s historical share of global shipments.

• Nitrogen sales volume guidance of 10.7 to 11.2 million tonnes assumes reliability improvements and higher operating rates at Nutrien’s North American plants compared to 2024.

• Phosphate sales volume guidance of 2.35 to 2.55 million tonnes assumes lower production in the first half of 2025 and improved operating rates in the second half compared to the prior year.

• Total capital expenditures of $2.0 to $2.1 billion are expected 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.

All guidance numbers, including those noted above, are outlined in the table below. Refer to page 58 of Nutrien’s 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

Net earnings and adjusted EBITDA decreased in the first quarter of 2025 compared to the same period in 2024, primarily due to lower Potash net selling prices in North America, higher Phosphate costs and lower Retail earnings.

Segment Results

The discussion of segment results set out on the following pages is a comparison of the results for the three months ended March 31, 2025 to the results for the three months ended March 31, 2024, unless otherwise noted.

Nutrien Ag Solutions (″Retail″)

• Retail adjusted EBITDA decreased in the first quarter of 2025 due to lower gross margin for crop protection products and crop nutrients, which more than offset lower expenses and higher seed margins.

• Crop nutrients sales and gross margin decreased in the first quarter of 2025 due to lower sales volumes, which were impacted by strategic actions in South America and cold and wet weather that delayed field activity and sales of higher margin products in the US.

• Crop protection products sales and gross margin were lower in the first quarter of 2025 mainly due to hot and dry conditions in Australia and weather-related delays in North America impacting the sales of higher margin proprietary products.

• Seeds ales and gross margin increased in the first quarter of 2025 due to the shift from soybean seed to higher-value corn seed sales in North America. Gross margin for the first quarter was supported by higher proprietary products gross margin.

• Nutrien Financial sales and gross margin increased in the first quarter of 2025 due to higher financing rates offered.

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