Nutrien (NTR) Q1 2025 earnings summary

Executive summary

• Q1 2025 net earnings were $19 million ($0.02 diluted EPS), with adjusted EBITDA of $852 million, reflecting strong potash and nitrogen segment performance despite lower prices, higher input costs, and weather-impacted retail sales.

• Strategic focus included two US retail acquisitions, divestment of Sinofert for $223 million, and early achievement of $200 million in annual cost savings.

• Fertilizer market fundamentals strengthened due to robust global demand and tight supplies, with no impact from recent geopolitical volatility.

• Maintained 2025 full-year guidance, supported by operational efficiency, cost savings, and positive global fertilizer market fundamentals.

• Repurchased 3.6 million shares for $188 million as of May 6, 2025.

Financial highlights

• Q1 2025 sales were $5.1 billion, down 5% year-over-year; adjusted EBITDA was $852 million; net earnings were $19 million.

• Retail Adjusted EBITDA was $46 million, impacted by weather-related delays; potash Adjusted EBITDA was $446 million, down year-over-year due to lower net selling prices; nitrogen Adjusted EBITDA was $408 million, down from the prior year due to higher natural gas costs.

• Phosphate Adjusted EBITDA was $61 million, down year-over-year due to lower production and higher input costs.

• Diluted EPS was $0.02 (down 94%); adjusted net EPS was $0.11 (down 76%).

• Cash used in operating activities increased to $1.08 billion, mainly due to higher supplier payments and input costs.

Outlook and guidance

• 2025 full-year guidance maintained: Retail Adjusted EBITDA $1.65–$1.85 billion; potash sales 13.6–14.4 million tonnes; nitrogen sales 10.7–11.2 million tonnes; phosphate sales 2.35–2.55 million tonnes.

• Capital expenditures expected at $2.0–$2.1 billion, below prior year, focused on proprietary products, network optimization, and mine automation.

• Henry Hub natural gas prices projected at $3.25–$4 per MMBtu for 2025.

• US crop input demand supported by increased corn acreage and strong fertilizer application rates in Q2.

• Effective tax rate on adjusted net earnings guided at 22–25%.