Nutrien (NTR) Investor Day 2024 summary

Strategic priorities and portfolio actions

• Simplifying and concentrating on core assets and markets, including divesting retail assets in Argentina, Chile, and Uruguay, and discontinuing the Geismar clean ammonia project to focus on higher-return opportunities and core North American fertilizer production.

• Reviewing strategic options for the Profertil stake in Argentina and targeting growth in North American fertilizer production, proprietary products, and global distribution.

• Investing in core Retail businesses, emphasizing proprietary products, targeted acquisitions, and network optimization, especially in Brazil.

• Targeting cost reductions of $200 million across operations and corporate functions, aiming for structural savings.

• Annual CapEx reduced to $2.2-$2.3 billion for 2024-2026, maintaining flexibility for high-conviction capital deployment.

Performance targets and operational initiatives

• Potash automation to reach 40%-50% of ore tons cut by 2026, doubling from 2023, with computer vision and AI supporting safety and efficiency.

• Reliability projects in nitrogen expected to increase sales volumes by over 500,000 tons and improve operating rates, especially at Borger and Geismar.

• Retail EBITDA targeted at $1.9-$2.1 billion in 2026, a 7% annualized growth rate over 2024 guidance, with proprietary products as a key driver.

• Incremental potash and nitrogen sales volumes of 2-3 million tons by 2026 versus 2023, contributing ~$500 million in annual adjusted EBITDA.

• Expanding proprietary crop nutrition and biostimulant portfolio, aiming for >10% gross margin CAGR from 2023 to 2026 and increasing proprietary products’ share of product line margin.

Market outlook and growth opportunities

• Potash sales targeted at 14-15 million tons by 2026, maintaining a 19%-20% global market share, with installed capacity to support growth.

• Nitrogen manufactured sales volumes expected at 11.5-12 million tons in 2026, driven by brownfield expansions and higher operating rates.

• International expansion of proprietary products through third-party distribution, leveraging existing global fertilizer sales relationships.

• Positioned to capture growth from rising global potash demand, with the world expected to need 12–17 million metric tons of incremental annual supply by 2030.

• Expanding in the fast-growing biostimulant and bionutrition markets, projected to nearly double globally by 2030.