Nutrien Reports Full-Year 2025 Results and Provides 2026 Guidance

“2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. Alongside delivering structural free cash flow growth, we took decisive actions to optimize our portfolio, strengthen our balance sheet and increase cash returns to shareholders,” commented Ken Seitz, Nutrien’s President and CEO.

“As we move into 2026, our priorities remain unchanged and we expect to build on our momentum supported by strong potash market fundamentals, an improved Nitrogen margin profile, and higher Retail earnings. I am excited about Nutrien’s extraordinary potential as we continue to position the Company for long-term growth and resilience,” added Mr. Seitz.

Highlights²:

• Generated net earnings of $2.30 billion and adjusted EBITDA of $6.05 billion for the full year of 2025. Adjusted EBITDA increased due to higher fertilizer net selling prices, record upstream fertilizer sales volumes and higher Retail earnings.

• Generated strong free cash flow in 2025 and approximately $900 million in gross proceeds from asset divestiture proceeds since the fourth quarter of 2024, enabling a reduction in adjusted net debt and a 30 percent increase in total cash returns to shareholders.³

• Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower operating expenses from our cost savings initiatives, stronger proprietary products gross margin and disciplined execution of our Brazil margin improvement plan. We continue to simplify our business and deliver earnings growth through proven organic initiatives.

• Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher net selling prices and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets. We mined 49 percent of our potash ore tonnes using automation, further strengthening our low-cost advantage.

• Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to higher net selling prices. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate⁴ as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar.

• We repurchased approximately 2 percent of our shares outstanding in 2025 for a total of $551 million. Nutrien’s Board of Directors approved a 1 percent increase in the quarterly dividend to $0.55 per share and approved the purchase of up to 5 percent of outstanding common shares over a twelve-month period through a normal course issuer bid (“NCIB”). The NCIB is subject to acceptance by the Toronto Stock Exchange.

Update on Strategic Actions:

We continue to take actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow.

• On December 10, 2025, we completed the sale of our 50 percent equity interest in Profertil S.A. (“Profertil”) for approximately $0.6 billion. Since initiating portfolio actions in the fourth quarter of 2024, Nutrien has generated approximately $900 million in gross proceeds, enhancing capital efficiency and portfolio resilience while strengthening the balance sheet and increasing cash returns to shareholders.

• We are progressing as planned with the review of strategic alternatives for our Phosphate business and intend to solidify the optimal path in 2026.

• We continue to assess options for our Trinidad Nitrogen facility, and consistent with our approach of reviewing non-core assets, we ceased production at our New Madrid Nitrogen upgrade facility at year-end 2025. Our Trinidad and New Madrid plants combined accounted for approximately 1.6 million tonnes of Nitrogen sales volumes in 2025, however contributed marginal free cash flow. These portfolio actions improve the margin profile of our Nitrogen business, allow for greater focus on enhancing our core North American assets, and provide increased stability to consolidated free cash flow.

Market Outlook and Guidance

Agriculture and Retail Markets

• Higher global grain and oilseed production in 2025 increased stocks-to-use ratios towards historical average levels and led to significant nutrient removal from the soil. Strong demand for food, feed and biofuel uses is expected to drive continued need for higher global crop production and related crop inputs.

• We expect total US crop acres in 2026 to be consistent with 2025 levels and project corn plantings of 94 to 96 million acres and soybean plantings of 84 to 86 million acres. This acreage outlook, combined with a compressed fertilizer application season in the fall of 2025, is expected to support increased crop input demand in the first half of 2026.

• In Brazil, soybean production is expected to set another record in 2026, with harvest currently underway, and we anticipate a 3 to 5 percent increase in safrinha corn plantings. Growth in planted area is expected to support crop input demand; however, weaker affordability is expected to result in just-in-time purchases and a continued shift to lower analysis nitrogen and phosphate products.

• In Australia, improved weather compared to the first half of 2025 is expected to support crop input demand and strong livestock prices to support sales of Retail products and services.

Crop Nutrient Markets

• Global potash shipments increased to approximately 74.5 million tonnes in 2025, primarily driven by strong demand in Southeast Asia. We expect a fourth consecutive year of growth in 2026, with total global potash shipments ranging between 74 and 77 million tonnes. Demand is supported by the need to replenish soil nutrients following a record crop, favorable relative affordability and low inventory levels in key markets such as China and Brazil. We anticipate relatively tight fundamentals throughout 2026, as trend line demand growth is testing existing global operating and supply chain capabilities.

• Global nitrogen demand is expected to grow in line with historical rates, driven by increasing use in agricultural growth markets such as Asia and Latin America. Global ammonia markets remain tight due to project delays and plant outages. Global urea markets have strengthened in the first quarter of 2026 due to strong seasonal demand from India, North America and Brazil and geopolitical uncertainties impacting supply.

• Global phosphate markets eased in the fourth quarter of 2025 due to lower demand related to weaker affordability relative to potash and nitrogen. Phosphate markets have strengthened in the first quarter of 2026 due to Chinese export restrictions and elevated input costs.

Financial and Operational Guidance

• Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents continued structural growth in our downstream business consistent with historical rates. The mid-point of our guidance range assumes high-single digit growth in proprietary products gross margins, a mid-single digit increase in our North American crop nutrient sales volumes, improved weather conditions in Australia and cost reduction initiatives across all geographies.

• Potash sales volume guidance of 14.1 to 14.8 million tonnes is consistent with our global shipment expectation.

• Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes assumes no production from our Trinidad and New Madrid facility, which accounted for approximately 1.4 million tonnes and 0.2 million tonnes, respectively, in 2025. Nitrogen sales volumes are supported by planned reliability improvements and debottlenecks.

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

• Total capital expenditures of $2.0 to $2.1 billion is consistent with 2025 as we continue to optimize capital to sustain safe and reliable operations and to progress a set of targeted growth investments. The total includes approximately $400 million in investing capital focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions and product optimization projects in Nitrogen, and mine automation in Potash.

All guidance numbers, including those noted above, are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

Consolidated Results

Net earnings and adjusted EBITDA increased in the fourth quarter primarily due to higher fertilizer net selling prices and Potash sales volumes, partially offset by lower Nitrogen sales volumes and Retail earnings. For the full year of 2025, net earnings and adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings for the fourth quarter of 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil.

Segment Results

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

Retail

• Retail adjusted EBITDA decreased in the fourth quarter as the prior period benefited from other income items, most notably a $25 million gain on sale of land in Argentina. Adjusted EBITDA increased for the full year of 2025 due to lower operating expenses from our cost savings initiatives, higher proprietary products gross margin and strategic actions related to our Brazil margin improvement plan.

• Crop nutrients sales and gross margin decreased in the fourth quarter of 2025 due to lower sales volumes from a weather-shortened fall application window in the US and reduced demand for phosphate, partially offset by higher proprietary products gross margin. For the full year of 2025, sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America and reduced demand in the fourth quarter. International crop nutrient sales volumes were lower in the fourth quarter and full year of 2025 mainly due to strategic actions in South America.

• Crop protection products sales and gross margin were lower in the fourth quarter and full year of 2025 due to product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin.

• Seed sales and gross margin decreased in the fourth quarter due to strategic actions in South America. Sales and gross margin were lower for the full year of 2025 due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin.

Potash

• Potash adjusted EBITDA increased in the fourth quarter and full year of 2025 due to higher net selling prices and higher sales volumes, partially offset by higher provincial mining taxes. Total and offshore sales volumes in 2025 were the highest on record.

• Sales volumes were higher in the fourth quarter and full year of 2025 compared to the same periods in 2024. Higher offshore sales volumes were supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes in the fourth quarter and full year of 2025 were consistent to the same periods in 2024.

• Net selling price per tonne increased in the fourth quarter and full year of 2025 due to higher global benchmark prices.

• Cost of goods sold per tonne increased in the fourth quarter and full year of 2025 primarily due to higher royalties and maintenance costs, with the full year also impacted by higher depreciation.

Nitrogen

• Nitrogen adjusted EBITDA increased in the fourth quarter and the full year of 2025 due to higher net selling prices, partially offset by lower equity earnings from Profertil. Adjusted EBITDA for the full year of 2024 benefitted from insurance recoveries. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar.

• Sales volumes decreased in the fourth quarter of 2025 due to the previously announced controlled shutdown of our Trinidad facility on October 23, 2025 and planned turnarounds at our North American operations. Sales volumes increased for the full year of 2025 due to higher production from reliability improvements and low-cost debottlenecks that increased the availability of upgraded products.

• Net selling price per tonne was higher in the fourth quarter and full year of 2025 for all major nitrogen products due to stronger benchmark prices.

• Cost of goods sold per tonne decreased in the fourth quarter of 2025 due to a higher percentage of sales coming from our low-cost North American nitrogen plants. For the full year of 2025, cost of goods sold per tonne increased compared to the prior year due to higher natural gas costs, mainly driven by Henry Hub benchmark.

Supplemental Data	Three Months Ended December 31				Twelve Months Ended December 31
	2025		2024		2025		2024
Sales volumes (tonnes – thousands)
Fertilizer	1,545		1,801		6,425		6,259
Industrial and feed	1,030		1,113		4,463		4,435
Production volumes (tonnes – thousands)
Ammonia production – total 1	1,192	Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des Autors 18.02.26 Nutrien Increases Quarterly Dividend and Announces Intent to Launch a New Share Repurchase Program 18.02.26 CRH 2025 Annual Report on Form 10-K 18.02.26 Atlassian Appoints James Chuong as Chief Financial Officer 18.02.26 Oceaneering Reports Fourth Quarter and Full Year 2025 Results Themen im Trend 18.02.26 Bayer-Aktie: Schlimmer hätte es kaum kommen können! 18.02.26 Das hatte kaum jemand auf der Rechnung: Starke Zahlen und Dividendenerhöhung um 31,3 % 18.02.26 Nvidia und Meta schmieden eine KI-Allianz 18.02.26 Pentagon blockiert Anthropic: KI-Konflikt um Militärnutzung eskaliert! Themen im Trend Bayer-Aktie: Schlimmer hätte es kaum kommen können! Das hatte kaum jemand auf der Rechnung: Starke Zahlen und Dividendenerhöhung um 31,3 % Nvidia und Meta schmieden eine KI-Allianz Pentagon blockiert Anthropic: KI-Konflikt um Militärnutzung eskaliert! Zwei Aktienindizes im Namen des Herrn – Vatikanbank plant ETFs Neueste News ROUNDUP/Weißes Haus an Iran: Wäre 'klug', Deal mit USA zu machen Weißes Haus an Iran: Wäre 'klug', Deal mit USA zu machen Merz fordert Mentalitätswechsel: 'Zusammen ins Rad packen' Trump: Insel Diego Garcia für Verteidigung wichtig Merz bezeichnet Debatte um Erbschaftsteuer als 'verheerend' Meistgesuchte Aktien auf Ariva.de Novo-Nordisk AS DroneShield Ltd SAP SE Rheinmetall AG Nvidia Corp Bayer AG PayPal Holdings Inc Microsoft Corp Amazon Inc BASF SE Siemens Energy AG Evotec SE Almonty Industries Inc BioNTech SE ADR Deutsche Telekom AG TUI AG BYD Co Ltd Deutsche Bank AG Palantir Technologies Inc Gerresheimer AG