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Nutrien (NTR) investor relations material

Nutrien Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Achieved record upstream fertilizer sales volumes, improved reliability, and higher Retail earnings, driving structural earnings growth and increased cash returned to shareholders in the first nine months of 2025.

  • Advanced strategic objectives, including portfolio simplification and divestiture of non-core assets, generating $900 million in gross proceeds and enhancing free cash flow.

  • On track to achieve $200 million cost reduction target one year ahead of schedule, supporting higher shareholder returns.

  • Announced leadership transition in downstream retail business, effective end of 2025.

  • Initiated a strategic review of the Phosphate business to enhance long-term value, including potential reconfiguration, partnerships, or sale.

Financial highlights

  • Third quarter adjusted EBITDA reached $1.4 billion, up 42% year-over-year; nine-month adjusted EBITDA was $4.8 billion.

  • Net earnings for the first nine months were $1.7 billion; Q3 2025 net earnings were $469 million.

  • Potash segment delivered $733 million in Q3 adjusted EBITDA and $1.8 billion year-to-date, driven by higher net selling prices and near-record sales volumes.

  • Nitrogen segment generated $556 million in Q3 adjusted EBITDA and $1.6 billion year-to-date, benefiting from higher prices, volumes, and a 94% ammonia operating rate.

  • Retail segment achieved $230 million in Q3 adjusted EBITDA, up 52% year-over-year, and $1.4 billion year-to-date, with strong crop input demand and margin growth in proprietary products.

Outlook and guidance

  • Full-year potash sales volume guidance raised to 14–14.5 million tonnes, supported by strong offshore demand.

  • Nitrogen sales volume guidance set at 10.7–11 million tonnes, excluding Trinidad operations for the remainder of the year.

  • Retail adjusted EBITDA guidance narrowed to $1.68–$1.82 billion, reflecting business stability and higher crop nutrient sales.

  • Phosphate sales volume guidance: 2.35–2.55 million tonnes, with improved Q4 operating rates expected.

  • Expect continued growth in global potash shipments, with 2026 forecast at 74–77 million tonnes, and anticipate tight supply/demand balance in nitrogen and constructive pricing for potash and urea into 2026.

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Frequently asked questions

Nutrien Ltd. provides crop inputs and services, including seed, chemical and fertilizer, through a network of over 1,500 retail locations in Canada and the United States. The company’s wholesale division is one of the world’s largest wholesale distributors of fertilizer with over 30 million metric tons of products sold annually. Nutrien produces approximately 20% of the global supply of potash and operates nine potash mines and seven salt mines in Canada and the United States.

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