EX-99.1

EX-99.1 2 d86630dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

News Release

TSX, NYSE: NTR

August 6, 2025 – all amounts are in US dollars, except as otherwise noted

Nutrien Reports Second Quarter 2025 Results

•

First half results supported by strong operational performance and favorable fertilizer market fundamentals.

•

Increasing 2025 full-year Potash sales volume guidance range, maintaining capital allocation priorities and continuing to show progress on 2026 performance targets.

SASKATOON, Saskatchewan - 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 EBITDA¹ was $2.5 billion and adjusted net earnings per share¹ 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. We have seen healthy fertilizer customer engagement and field activity in North America to start the third quarter as farmers focus on maximizing crop yield potential,” added Mr. Seitz.

Highlights²:

•

Generated net earnings of $1.2 billion and adjusted EBITDA of $3.3 billion in the first half of 2025. Adjusted EBITDA increased from the same period in 2024 due to higher fertilizer sales volumes and net selling prices.

•

Retail adjusted EBITDA was $1.2 billion in the first half of 2025. Dry weather in Australia and wet conditions in the southern US impacted crop input sales and margins, offsetting the favorable impact of lower expenses and higher crop nutrient volumes in North America.

•

Potash adjusted EBITDA increased to $1.1 billion in the first half of 2025 due to higher net selling prices and record sales volumes, supported by strong demand in North America and key offshore markets.

•

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 rate³ 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. 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, 2025 to the results for the six months ended June 30, 2024, unless otherwise noted.

3 Excludes Trinidad and Joffre.

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 6, 2025. 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 20, 2025 (“2024 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 20, 2025, each for the year ended December 31, 2024, 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 2024 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, 2025 (“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

•

Favorable crop production prospects in the US and Brazil have pressured crop prices and prospective grower margins. Despite lower crop prices, demand for crop inputs in North America has been strong to start the third quarter of 2025 as farmers aim to maintain optimal plant health and yield potential.

•

Brazilian soybean acreage is expected to increase by one to three percent in 2025, supported by strong international soybean demand. Farmers in Brazil have been more active purchasing crop inputs in advance of the upcoming spring planting season compared to the prior two years.

•

In Australia, timely rains improved winter crop planting prospects and are expected to support crop input demand in the second half of 2025.

Crop Nutrient Markets

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Global potash demand in the first half of 2025 was supported by strong potash affordability and low channel inventories. The settlement of contracts with India and China in June and favorable economics for key crops grown in Southeast Asia is expected to support demand in standard grade markets in the second half of 2025. Solid uptake on our potash summer fill program in North America and stable demand in Brazil are expected to support third quarter shipments. As a result, we have raised our 2025 full-year global potash shipment forecast to 73 to 75 million tonnes.

•

Global urea supply and demand has remained tight, driven by strong seasonal demand from markets including India, combined with unplanned outages in key producing regions. US urea and UAN prices have been supported by low domestic inventories and trade flow shifts which we anticipate continuing in the second half of 2025.

•

Global ammonia prices have strengthened in the third quarter of 2025 due to plant outages, project delays and improved demand from phosphate producers.

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Phosphate markets continue to be tight due to limited supply, including from Chinese export restrictions. We anticipate 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 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.

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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.


	2025 Guidance Ranges¹ as of
	August 6, 2025				May 7, 2025

($ billions, except as otherwise noted)	Low		High		Low		High

Retail adjusted EBITDA		1.65		1.85		1.65		1.85

Potash sales volumes (million tonnes) ²		13.9		14.5		13.6		14.4

Nitrogen sales volumes (million tonnes) ²		10.7		11.2		10.7		11.2

Phosphate sales volumes (million tonnes) ²		2.35		2.55		2.35		2.55

Depreciation and amortization		2.35		2.45		2.35		2.45

Finance costs		0.65		0.75		0.65		0.75

Effective tax rate on adjusted net earnings (%) ³		24.0		26.0		22.0		25.0

Capital expenditures ⁴		2.0		2.1		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)		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.

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. Net earnings in the second quarter of 2024 were impacted by non-cash impairments of assets and a loss on foreign currency derivatives in Brazil.

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, 2025 to the results for the three and six months ended June 30, 2024, unless otherwise noted.

Nutrien Ag Solutions (“Retail”)


	Three Months Ended June 30					Six Months Ended June 30
($ millions, except as otherwise noted)		2025	2024	% Change			2025	2024	% Change
Sales		7,959	8,074	(1	)		11,049	11,382	(3	)
Cost of goods sold		5,941	6,045	(2	)		8,345	8,606	(3	)
Gross margin		2,018	2,029	(1	)		2,704	2,776	(3	)
Adjusted EBITDA ¹		1,149	1,128	2			1,195	1,205	(1	)

1 See Note 2 to the interim financial statements.

•

Retail adjusted EBITDA increased in the second quarter of 2025 due to higher gross margin for crop nutrients and lower expenses, partially offset by lower seed margins. 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.

•

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.


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)		2025	2024		2025	2024		2025	2024		2025	2024
Proprietary products
Crop nutrients		228	220		33	32		297	290		32	31
Crop protection products		246	227		37	34		299	310		34	34
Seed		87	127		37	44		115	144		34	41
Merchandise		3	4		6	9		6	7		7	9
Total		564	578		29	29		717	751		27	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)
		2025	2024		2025	2024		2025	2024		2025	2024
Crop nutrients
North America		4,419	4,298		146	146		5,883	5,762		142	144
International		1,072	1,125		48	53		1,898	2,043		42	54
Total		5,491	5,423		127	127		7,781	7,805		118	120


(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.

Potash


	Three Months Ended June 30						Six Months Ended June 30
($ millions, except as otherwise noted)	2025		2024		% Change		2025		2024		% Change
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.

•

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.


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)
North America		1,038		914		2,350		2,221
Offshore		2,951		2,649		5,041		4,755
Total sales volumes		3,989		3,563		7,391		6,976
Net selling price
North America		279		301		259		306
Offshore		237		182		224		187
Average net selling price		248		212		235		225

Cost of goods sold		110		101		112		103
Gross margin		138		111		123		122

Depreciation and amortization		47		42		47		43

Gross margin excluding depreciation and amortization ¹		185		153		170		165

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

•

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.

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.

•

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.

•

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.


Supplemental Data	Three Months Ended June 30		Six Months Ended June 30

	2025	2024	2025	2024
Sales volumes (tonnes – thousands)
Fertilizer	1,845	1,716	3,234	3,139
Industrial and feed	1,172	1,102	2,252	2,186
Production volumes (tonnes – thousands)
Ammonia production – total ¹	1,535	1,383	3,078	2,835
Ammonia production – adjusted ^{1, 2}	1,088	999	2,164	2,017
Ammonia operating rate (%) ²	98	89	98	91
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact	3.31	2.65	3.61	2.91
Realized derivative impact ³	-	0.10	-	0.07
Overall natural gas cost	3.31	2.75	3.61	2.98

1 All figures are provided on a gross production basis in thousands of product tonnes.

2 Excludes Trinidad and Joffre.

3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses. Refer to Note 3 to the interim financial statements.

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.

•

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. Adjusted EBITDA for the first half of 2025 decreased due to the impact of lower production volumes and higher sulfur input costs, which more than offset higher net selling prices.


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)
Fertilizer		374	415		706	862
Industrial and feed		169	169		337	342
Total sales volumes		543	584		1,043	1,204
Net selling price
Fertilizer		666	601		661	614
Industrial and feed		821	830		819	839
Average net selling price		714	667		712	678

Cost of goods sold		646	602		672	590
Gross margin		68	65		40	88

Depreciation and amortization		125	116		134	115

Gross margin excluding depreciation and amortization ¹		193	181		174	203

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

•

Sales volumes were lower in the second quarter and first half of 2025 due to the impact of lower production volumes in the first quarter.

•

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.


Supplemental Data	Three Months Ended June 30			Six Months Ended June 30

		2025	2024		2025	2024
Production volumes (P₂O₅ tonnes – thousands)		333	326		615	678

P₂O₅ operating rate (%)		79	77		73	80

Corporate and Others and Eliminations


	Three Months Ended June 30							Six Months Ended June 30
($ millions, except as otherwise noted)		2025		2024		% Change			2025		2024		% Change
Corporate and Others
Gross margin ¹		1		-		n/m			11		-		n/m
Selling expenses		(2	)	(3	)	(33	)		(5	)	(5	)	-
General and administrative expenses		95		98		(3	)		193		187		3
Share-based compensation expense		49		10		390			91		16		469
Foreign exchange loss, net of related derivatives		22		285		(92	)		29		328		(91	)
Other expenses		46		26		77			64		80		(20	)
Adjusted EBITDA¹		(104	)	(121	)	(14	)		(185	)	(222	)	(17	)
Eliminations
Gross margin		56		75		(25	)		26		38		(32)
Adjusted EBITDA ¹		52		74		(30	)		24		38		(37)

1 See Note 2 to the interim financial statements.

•

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.

Finance Costs, Income Taxes and Other Comprehensive Income (Loss)


	Three Months Ended June 30					Six Months Ended June 30
($ millions, except as otherwise noted)		2025	2024	% Change			2025	2024		% Change
Finance costs		155	162	(4	)		334	341		(2	)
Income taxes
Income tax expense		398	290	37			426	365		17
Actual effective tax rate including discrete items (%)		24	43	(44	)		25	40		(38	)
Other comprehensive income (loss)		184	44	318			209	(58	)	n/m

•

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


	Three Months Ended June 30							Six Months Ended June 30
($ millions, except as otherwise noted)		2025		2024		% Change			2025		2024		% Change
Cash provided by operating activities		2,538		1,807		40			1,456		1,320		10
Cash used in investing activities		(495	)	(614	)	(19	)		(738	)	(1,108	)	(33	)
Cash used in financing activities		(1,572	)	(684	)	130			(207	)	(136	)	52
Cash used for dividends and share repurchases ¹		(373	)	(266	)	40			(786	)	(527	)	49

1 This is a supplementary financial measure. See the “Other Financial Measures” section.



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.

Financial Condition Review

The following is a comparison of balance sheet categories that are considered material:


	As at
($ millions, except as otherwise noted)		June 30, 2025	December 31, 2024	$	Change		% Change
Assets
Cash and cash equivalents		1,387	853		534		63
Receivables		8,086	5,390		2,696		50
Inventories		5,576	6,148		(572	)	(9	)
Prepaid expenses and other current assets		566	1,401		(835	)	(60	)
Property, plant and equipment		22,496	22,604		(108	)	-
Investments		407	698		(291	)	(42	)
Liabilities and Shareholders’ Equity
Short-term debt		1,882	1,534		348		23
Payables and accrued charges		8,991	9,118		(127	)	(1	)
Long-term debt, including current portion		10,405	9,918		487		5
Retained earnings		11,719	11,106		613		6

•

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)


($ millions)	June 30, 2025		December 31, 2024

Short-term debt		1,882		1,534

Current portion of long-term debt		538		1,037

Current portion of lease liabilities		363		356

Long-term debt		9,867		8,881

Lease liabilities		988		999

Shareholders’ equity		25,120		24,442

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


	As at August 5, 2025

Common shares		485,884,041

Options to purchase common shares		2,680,721

For more information on our capital management, see Note 4 to the annual financial statements in our 2024 Annual Report.

Quarterly Results


($ millions, except as otherwise noted)	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023

Sales		10,438		5,100		5,079		5,348		10,156		5,389		5,664		5,631

Net earnings		1,229		19		118		25		392		165		176		82

Net earnings attributable to equity holders of Nutrien		1,221		11		113		18		385		158		172		75

Net earnings per share attributable to equity holders of Nutrien

Basic		2.51		0.02		0.23		0.04		0.78		0.32		0.35		0.15

Diluted		2.50		0.02		0.23		0.04		0.78		0.32		0.35		0.15

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.

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.

For Further Information:

Jeff Holzman

Senior Vice President, Investor Relations and FP&A

(306) 933-8545

Investors@nutrien.com

More information about Nutrien can be found at www.nutrien.com.

Selected financial data for download can be found in our data tool at https://www.nutrien.com/investors/interactive-data-tool

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 https://www.nutrien.com/news/events/2025-q2-earnings-conference-call

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.


	Three Months Ended June 30					Six Months Ended June 30
($ millions)		2025		2024			2025	2024

Net earnings		1,229		392			1,248	557

Finance costs		155		162			334	341

Income tax expense		398		290			426	365

Depreciation and amortization		614		586			1,185	1,151

EBITDA ¹		2,396		1,430			3,193	2,414

Adjustments:

Share-based compensation expense		49		10			91	16

Foreign exchange loss, net of related derivatives		22		285			29	328

ARO/ERL related (income) expenses for non-operating sites		(2	)	(35	)		3	(32	)

Loss related to financial instruments in Argentina		-		15			-	34

Restructuring costs		21		-			22	-

Impairment of assets		-		530			-	530
Adjusted EBITDA		2,486		2,235			3,338	3,290

1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.

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.


	Three Months Ended June 30, 2025							Six Months Ended June 30, 2025
($ millions, except as otherwise noted)		Increases (Decreases)		Post-Tax		Per Diluted Share			Increases (Decreases)		Post-Tax		Per Diluted Share
Net earnings attributable to equity holders of Nutrien				1,221		2.50					1,232		2.52
Adjustments:
Share-based compensation expense		49		37		0.08			91		68		0.14
Foreign exchange loss, net of related derivatives		22		17		0.04			29		23		0.05
Restructuring costs		21		17		0.03			22		18		0.04
ARO/ERL related (income) expenses for non-operating sites		(2	)	(1	)	-			3		3		-
Sub-total adjustments		90		70		0.15			145		112		0.23
Adjusted net earnings				1,291		2.65					1,344		2.75

	Three Months Ended June 30, 2024							Six Months Ended June 30, 2024
($ millions, except as otherwise noted)		Increases (Decreases)		Post-Tax		Per Diluted Share			Increases (Decreases)		Post-Tax		Per Diluted Share
Net earnings attributable to equity holders of Nutrien				385		0.78					543		1.10
Adjustments:
Share-based compensation expense		10		8		0.02			16		12		0.02
Foreign exchange loss, net of related derivatives		285		283		0.57			328		333		0.67
Impairment of assets		530		491		1.00			530		491		1.00
ARO/ERL related (income) for non-operating sites		(35	)	(25	)	(0.06	)		(32	)	(23	)	(0.05	)
Loss related to financial instruments in Argentina		15		15		0.03			34		34		0.07
Sub-total adjustments		805		772		1.56			876		847		1.71
Adjusted net earnings				1,157		2.34					1,390		2.81

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.


	Three Months Ended June 30					Six Months Ended June 30
($ millions, except as otherwise noted)		2025		2024			2025		2024
Total COGS – Potash		440		359			820		717
Change in inventory		(58	)	(7	)		(51	)	21
Other adjustments ¹		(8	)	(6	)		(21	)	(9	)
COPM		374		346			748		729
Depreciation and amortization in COPM		(147	)	(141	)		(292	)	(294	)
Royalties in COPM		(23	)	(20	)		(42	)	(39	)
Natural gas costs and carbon taxes in COPM		(10	)	(8	)		(22	)	(20	)
Controllable cash COPM		194		177			392		376
Production volumes (tonnes – thousands)		3,531		3,575			6,820		7,140
Potash controllable cash COPM per tonne		55		50			57		53

1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

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.

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.


	Rolling Four Quarters Ended June 30, 2025
($ millions, except as otherwise noted)	Q3 2024			Q4 2024			Q1 2025			Q2 2025			Total
Selling expenses		815			808			755			948			3,326
General and administrative expenses		51			37			44			44			176
Other expenses (income)		32			(8	)		25			54			103
Operating expenses		898			837			824			1,046			3,605
Depreciation and amortization in operating expenses		(182	)		(186	)		(179	)		(172	)		(719	)
Operating expenses excluding depreciation and amortization		716			651			645			874			2,886

Gross margin		859			986			686			2,018			4,549
Depreciation and amortization in cost of goods sold		8			5			5			5			23
Gross margin excluding depreciation and amortization		867			991			691			2,023			4,572
Cash operating coverage ratio (%)														63

	Rolling Four Quarters Ended December 31, 2024

($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Total
Selling expenses		790			1,005			815			808			3,418
General and administrative expenses		52			51			51			37			191
Other expenses (income)		22			41			32			(8	)		87
Operating expenses		864			1,097			898			837			3,696
Depreciation and amortization in operating expenses		(190	)		(193	)		(182	)		(186	)		(751	)
Operating expenses excluding depreciation and amortization		674			904			716			651			2,945

Gross margin		747			2,029			859			986			4,621
Depreciation and amortization in cost of goods sold		4			3			8			5			20
Gross margin excluding depreciation and amortization		751			2,032			867			991			4,641
Cash operating coverage ratio (%)														63

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 (%)														-

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 Receivables²		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.

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.


Unaudited

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


			Three Months Ended June 30					Six Months Ended 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

Condensed Consolidated Statements of Comprehensive Income

			Three Months Ended June 30					Six Months Ended 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)


Unaudited

Condensed Consolidated Statements of Cash Flows


			Three Months Ended June 30						Six Months Ended 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)


Unaudited

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)


Unaudited

Condensed Consolidated Balance Sheets



		As at June 30						As at 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)


Unaudited

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

($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporate 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


Unaudited


	Three Months Ended June 30, 2025

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporate 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


Unaudited


	Three Months Ended June 30, 2024

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen			Phosphate		Corporate 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


Unaudited


	Six Months Ended June 30, 2025

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen			Phosphate		Corporate 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

	Six Months Ended June 30, 2024

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen			Phosphate		Corporate 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


Unaudited

	$			$			$			$
	Three Months Ended June 30						Six Months Ended 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).

Note 3 Other expenses (income)

	$			$			$			$
	Three Months Ended June 30						Six Months Ended 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.


Unaudited

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 June 30					Six Months Ended 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.

Note 5 Financial instruments

Foreign currency derivatives


	Three Months Ended June 30					Six Months Ended 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

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

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.


Unaudited

Note 7 Share capital

Share repurchase programs

The following table summarizes our share repurchase activities during the periods indicated below:


	Three Months Ended June 30				Six Months Ended 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		-

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).



($ millions)	As at June 30, 2025		As at December 31, 2024
Receivables from Canpotex		425		122
Payables to Canpotex		89		66