Nutrien (NTR) Q1 2025 earnings summary

Executive summary

• Q1 2025 net earnings were $19 million and adjusted EBITDA reached $852 million, supported by operational efficiency, cost savings, and strong potash and nitrogen segment performance despite weather-impacted retail sales.

• Two U.S. retail acquisitions were completed, and the divestiture of the Sinofert stake generated $223 million in proceeds.

• Maintained 2025 full-year guidance and capital allocation priorities, with a focus on cost savings and shareholder returns.

• Fertilizer market fundamentals remain strong, with tight global supply and robust demand supporting prices.

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

Financial highlights

• Q1 2025 sales were $5.1 billion (down 5% YoY); adjusted EBITDA was $852 million; net earnings were $19 million; diluted EPS was $0.02.

• Retail Adjusted EBITDA was $46 million, impacted by weather-related delays in the U.S. and Australia.

• Potash Adjusted EBITDA was $446 million, with sales volumes steady but lower net selling prices; North American reference prices increased post-winter fill.

• Nitrogen Adjusted EBITDA was $408 million, down year-over-year due to higher natural gas costs and lower equity earnings, but ammonia operating rate reached 98%.

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

Outlook and guidance

• 2025 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, focused on proprietary products, network optimization, and mine automation.

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

• Phosphate production expected to improve in the second half of 2025 after planned turnarounds.

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