Nutrien (NTR) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Market overview and structural growth

• Global demand for food remains high, driving ongoing adoption of best agricultural practices and increased use of crop inputs, including fertilizers.

• Asset quality and extensive downstream network enable access to over 500,000 grower accounts and wholesale customers in 50+ countries.

• Structural growth in fertilizer volumes and retail earnings, with 1.3 million tons added and $300 million retail earnings growth in 2025.

• Ongoing focus on capital allocation, including disciplined dividend policy and $600 million CapEx reduction, with $900 million in divestitures last year.

• Strategic reviews underway for Brazil, Trinidad, and phosphate businesses, aiming to upgrade portfolio quality.

U.S. farmer sentiment and business impact

• U.S. farmers face challenges from weather and lower commodity prices, but bad accounts remain within typical ranges.

• Despite adverse weather, spring planting is expected to proceed normally, with strong demand for crop nutrients.

• Government support, including $11 billion in recent assistance, helps stabilize farmer finances.

• Grain stocks-to-use ratios and commodity prices are at 10-year averages, supporting a stable outlook for spring.

Regulatory and competitive landscape

• Operates in a highly competitive environment, investing in automation and infrastructure to maintain cost leadership.

• Potash, phosphate, and nitrogen markets are cyclical, with current pricing at or below mid-cycle levels.

• Ongoing investments expand volumes and maintain competitiveness, with no evidence of anti-competitive behavior.