Strong 2025 rebound at Nutrien (NTR) with higher cash returns and 2026 outlook

Rhea-AI Filing Summary

Nutrien Ltd. reports strong 2025 results, with sales of $26,885 million and net earnings of $2,297 million for the year ended December 31, 2025, up sharply from 2024. Adjusted EBITDA reached $6,046 million, and free cash flow was $1,979 million, supported by record fertilizer sales volumes and cost savings.

Retail adjusted EBITDA was $1,736 million, Potash $2,254 million, Nitrogen $2,147 million and Phosphate $382 million. Capital expenditures declined to $2,005 million while cash used for dividends and share repurchases totaled $1,612 million. Adjusted net debt ended at $11,060 million, or 1.8x adjusted EBITDA.

Portfolio actions included divesting equity interests in Profertil and Sinofert for about $900 million in gross proceeds and launching a strategic review of the Phosphate business. For 2026, Nutrien guides Retail adjusted EBITDA between $1.75–$1.95 billion, Potash sales volumes of 14.1–14.8 million tonnes, Nitrogen volumes of 9.2–9.7 million tonnes and capital expenditures of $2.0–$2.1 billion, while targeting continued free cash flow growth and ratable share repurchases.

Positive

• Sharp earnings and cash flow recovery: 2025 net earnings rose to $2,297 million with adjusted EBITDA of $6,046 million, free cash flow of $1,979 million and improved leverage to 1.8x adjusted net debt to adjusted EBITDA, materially enhancing financial flexibility.
• Capital returns and portfolio optimization: About $900 million of divestiture proceeds, reduced capex to $2,005 million and $1,612 million of dividends and buybacks, plus approval to repurchase up to 24,057,066 shares, support a more focused portfolio and higher cash returned per share.

Negative

• Asset uncertainties in phosphate and Trinidad: A strategic review of the Phosphate business and the controlled shutdown of the Trinidad nitrogen facility introduce execution and earnings-visibility risks around future configuration, potential transactions and the timing of any replacement cash flows.

Insights

Equity valuation analyst

2025 profitability rebounded sharply with disciplined capex and active portfolio pruning.

Nutrien delivered a substantial earnings recovery in 2025, with net earnings rising to $2,297 million from $700 million and adjusted EBITDA at $6,046 million. Drivers included record potash volumes of 14.25 million tonnes, higher nitrogen pricing and cost savings that lifted free cash flow to $1,979 million while capex fell to $2,005 million.

Leverage improved as adjusted net debt declined to $11,060 million and the adjusted net debt to adjusted EBITDA ratio moved to 1.8x from 2.2x. About $900 million of proceeds from divesting Profertil, Sinofert and smaller assets supported balance sheet strength and helped fund $1,612 million of dividends and buybacks, alongside a modest net reduction in long-term debt.

For 2026, guidance implies broadly stable to modestly higher Retail adjusted EBITDA of $1.75–$1.95 billion, slightly lower potash and nitrogen volumes versus 2025 actuals and capex held around $2.0–$2.1 billion. The announced review of strategic alternatives for Phosphate and an approved normal course issuer bid of up to 24,057,066 shares create further optionality, though actual outcomes will depend on market conditions and execution over the 2026 period.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 Under the

Securities Exchange Act of 1934

For the month of February, 2026

Commission File Number: 001-38336

NUTRIEN LTD.

(Name of registrant)

Suite 1700, 211 19th Street East

Saskatoon, Saskatchewan, Canada

S7K 5R6

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐   Form 40-F ☒

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				NUTRIEN LTD.
Date: February 27, 2026				By:		/s/ Noralee Bradley
				Name:		Noralee Bradley
				Title:		Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary

EXHIBIT INDEX

Exhibit		Description of Exhibit
99.1		2025 Annual Report to Shareholders

Table of Contents

Exhibit 99.1 

2025

ANNUAL

REPORT

Table of Contents

  Overview MD&A Five-year highlights Financial statements and notes

TABLE OF CONTENTS

You can find this report and other information about Nutrien on our website at nutrien.com.

Overview				The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including: • Adjusted EBITDA • Return on invested capital (“ROIC”) • Adjusted net debt • Free cash flow For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the “Non-GAAP financial measures” section. See the “Other financial measures” and “Terms and definitions” sections for certain definitions, abbreviations and terms used in this annual report.
2025 Highlights		1
Letter from our President and CEO		2
Management’s discussion and analysis (“MD&A”)		6
Our approach to annual reporting		7
Our Company profile and strategy		8
Global profile		10
Nutrien’s advantage		12
Nutrien’s strategy		13
2025 Delivery		14
2026 Focus		15
Market environment		16
Market overview and fundamentals		18
Agriculture and retail		20
Potash, nitrogen and phosphate		20
Governance and key enterprise risks		22
Risk governance		24
Risk management process		25
Key enterprise risks		26
Our outlook and results		30
Market outlook		32
2026 Guidance and sensitivities		33
Operating segments and results		34
Financial results and capital management		44
Appendices		56
Five-year highlights		66
Financial statements and notes		68
Terms and definitions		114

Table of Contents

Overview MD&A Five-year highlights Financial statements and notes  

2025 Highlights

2025 HIGHLIGHTS

		HIGHER FERTILIZER SALES VOLUMES				HIGHER RETAIL ADJUSTED EBITDA
		LOWER CAPITAL EXPENDITURES				HIGHER CASH RETURNS TO SHAREHOLDERS

FINANCIAL RESULTS

Years ended December 31

($ millions, except as otherwise noted)			2025				2024				2023
Sales			26,885				25,972				29,056
Net earnings			2,297				700				1,282
Adjusted EBITDA3,4			6,046				5,355				6,058
Cash provided by operating activities			4,007				3,535				5,066
Free cash flow3			1,979				1,409				3,025
Capital expenditures			2,005				2,154				2,600
Cash used for dividends and share repurchases1			1,612				1,244				2,079
Adjusted net debt4.5			11,060				11,678				11,331
Adjusted net debt to adjusted EBITDA4,5			1.8x				2.2x				1.9x
Return on invested capital (“ROIC”) (%)3,4			9				8				10

1 This is a supplementary financial measure. See the “Other financial measures” section.

2 Represented as number of common shares outstanding at the beginning of 2023, compared to closing balance for 2025.

3 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

4 Additional information relating to 2023 is contained in the “Appendix A – non-GAAP financial measures” and “Appendix B – other financial measures” sections of Nutrien’s MD&A dated February 22, 2024 for the year ended December 31, 2023.

5 This is a capital management measure that includes non-GAAP components. See the “Non-GAAP financial measures” and “Other financial measures” sections.

Nutrien Annual Report 2025  1

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    Overview   MD&A   Five-year highlights   Financial statements and notes    

Letter from our President and CEO

LETTER FROM OUR

PRESIDENT 

AND CEO

Ken Seitz

President & CEO

2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. With an organization that is leaner, more disciplined and better positioned than ever to deliver on its potential, I am confident in our path ahead as our focus remains on continuous improvement: lowering costs, improving asset reliability, efficiently serving our customers and maintaining capital allocation discipline to position Nutrien for long-term success.

2   Nutrien Annual Report 2025

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Overview MD&A Five-year highlights Financial statements and notes  

Letter from our President and CEO

FELLOW SHAREHOLDERS,

Nutrien plays a critical role in feeding a growing global population through deep relationships with farmers and leading assets across the agriculture value chain. As farmers face challenges amid an evolving market, our focus remains on efficiently supplying the products and services they need to improve crop yields and support more resilient food systems.

2025 was a defining year for our Company, with exceptional performance across all operating segments and an organization that is now leaner, more disciplined and better positioned than ever to deliver on its potential.

Advancing our strategic focus

Our vision is to be the leading global agriculture solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence, and disciplined and intentional capital allocation. This strategy is designed to strengthen our business, drive structural growth in free cash flow and deliver reliable and growing cash returns to shareholders.

At our 2024 Investor Day, we outlined an ambitious three-year plan with clear performance targets to measure our progress. This included increasing upstream fertilizer sales volumes from our existing low-cost asset base, growing downstream Retail earnings through targeted growth initiatives and reducing overall operating expenses and capital expenditures.

We also communicated a plan to simplify our portfolio, evaluating all assets with further rigor and initiating strategic reviews where warranted. This portfolio optimization concentrates our capital on assets with the highest quality earnings and cash flow streams while supporting prudent balance sheet management.

To support the execution of our plan, we have taken purposeful steps to position our organization as one

that is committed to excellence and determined to deliver industry-leading results. We have streamlined leadership structures, established clear accountabilities, centralized functions and decision-making, and created a single corporate compensation scorecard aligned to the achievement of our strategic priorities.

Delivering clear results

In 2025, our strong execution delivered excellent operational and financial results.

We achieved record fertilizer sales volumes of 27.5 million tonnes, utilizing our world-class upstream and midstream network to efficiently serve our customers. In Potash, we achieved 49 percent mine automation, a significant accomplishment that further strengthens our low-cost advantage and supports worker health and safety. Our Nitrogen operations delivered a 4-percentage-point improvement in ammonia operating rates, as we advanced reliability initiatives and completed low-cost debottlenecks at our Redwater and Geismar sites.

Our downstream Retail business increased adjusted EBITDA to $1.74 billion through decisive cost reduction actions, stronger proprietary margins and disciplined execution of our Brazil margin-improvement plan. Our unwavering focus on controllables enabled us to manage through weaker agricultural commodity markets and persistent geopolitical volatility, ultimately delivering results consistent with our guidance set at the beginning of the year.

We surpassed our $200 million annual cost savings target and reduced capital expenditures to $2.0 billion, well below our target of $2.2 to $2.3 billion. As a result of these efforts, we have structurally grown free cash flow, strengthening the Company today and providing significant headroom for capital deployment going forward.

Structural growth
~1.3MMT				~$300M				~$200M
increase in upstream manufactured sales volumes1				growth in Retail adjusted EBITDA1				annual operating cost savings1 (accelerated into 2025)
Disciplined capital allocation								Optimized portfolio
~$600M				30%				~$900M
lower capital expenditures1				increase in cash returns to shareholders2				gross proceeds from asset
				(dividends and share repurchases)				divestitures since Q4 2024

1  2025 results compared to Investor Day baseline of 2023.

2  2025 results compared to 2024.

Nutrien Annual Report 2025    3

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  Overview MD&A Five-year highlights Financial statements and notes

Letter from our President and CEO

Focusing capital allocation with strategic actions

Alongside exceptional operational performance, we view consistent and disciplined capital allocation as essential to enhancing our competitive position. In 2025, we optimized our portfolio of assets, strengthened our balance sheet and enhanced shareholder returns.

We completed a comprehensive evaluation of each asset in our portfolio on the merits of free cash flow contribution, return on invested capital and relative competitive position. This review highlighted assets that could be further optimized or monetized, while sharpening our focus on improving capital efficiency, thereby enhancing both sources and uses of cash.

Where an asset did not meet our thresholds or was not a strategic fit, we took action. We progressed non-core divestitures, including our equity interests in Profertil, Sinofert and smaller assets, generating approximately $900 million in gross proceeds. We initiated a review of strategic alternatives for our Phosphate business and are on track to solidify the optimal path in 2026, and we continue to assess options for our Trinidad operations.

We materially lowered adjusted net debt¹ by approximately $600 million and ended the year at 1.8x adjusted net debt to adjusted EBITDA.¹ We continue to position the balance sheet as a strategic asset that provides flexibility to act counter-cyclically and pursue high-return growth opportunities or return cash to our shareholders.

2025 marked the first full year of ratable share repurchases. This approach maintains market participation via consistent repurchases that dollar-cost average and aligns with our focus on growing free cash flow per share. The reduction in share count further supports our longstanding track record of providing shareholders with a reliable and growing dividend per share, while keeping total dividend expense broadly stable.

Taken together, strong operating performance and disciplined capital allocation contributed to industry-leading share price appreciation in 2025.²

1  This is a capital management measure that includes non-GAAP components. See the “Non-GAAP financial measures” and “Other financial measures” sections.

2  Comparative includes 22 companies based on DAX AGRI index and aligned with 2025 performance share unit peer group.

3  Average dividend yield is calculated as 2025 annual dividend per share divided by the average share price in 2025.

4   Nutrien Annual Report 2025

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Overview MD&A Five-year highlights Financial statements and notes  

Letter from our President and CEO

Positioning for outperformance

Looking ahead, our goal remains unchanged. We are determined to deliver clear, reliable growth and remain well positioned to be resilient through all market conditions.

Global potash demand is projected to grow for the fourth consecutive year in 2026, supported by strong relative affordability, large nutrient removal and low inventories in key regions. The start of the year has been constructive as most major benchmarks are approximately 20 percent higher than twelve months ago. We are investing in our six-mine potash network and midstream distribution assets to ensure that we are positioned to meet growth in market demand and remain among the most reliable, flexible and cost-advantaged producers.

Geopolitical uncertainty and supply outages continue to impact global nitrogen markets and provide supportive fundamentals for our low-cost North American nitrogen assets. We are well positioned to cost effectively supply our customers and see opportunities to grow volumes through continued reliability improvements and low-cost debottlenecking projects.

Downstream, we anticipate earnings growth through expansion of our proprietary products, tuck-in acquisitions, network optimization initiatives and continued execution of our margin improvement plan in Brazil. For 2026, our Retail adjusted EBITDA guidance is consistent with historical growth rates, underscoring our confidence in the business’s structural earnings expansion.

Organizational focus

I believe an unrelenting focus on our strategic priorities is delivering clear results and positioning Nutrien for long-term success. Across our business, we are focused on driving continuous improvement: lowering costs, improving asset reliability, efficiently serving our customers and maintaining capital allocation discipline to structurally grow free cash flow. These priorities strengthen the core of the business and build a durable foundation for through-the-cycle performance.

On behalf of Nutrien’s Board of Directors and leadership team, a special thank you to our employees for their focus, hard work and dedication. To our shareholders, thank you for the trust you place in Nutrien and our team.

I am proud of our achievements in 2025 and excited about the extraordinary potential to build on this momentum and continue generating industry-leading results for our shareholders.

Ken Seitz

President and Chief Executive Officer

February 19, 2026

Nutrien Annual Report 2025   5

Table of Contents

  Overview MD&A Five-year highlights Financial statements and notes

Management’s discussion and analysis

MANAGEMENT’S DISCUSSION AND ANALYSIS

The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of February 19, 2026.

The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, comprised exclusively of independent directors. The Audit Committee reviews and, prior to its publication, recommends approval of this disclosure to the Board. The Board has approved this disclosure. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. This MD&A should be read together with the Company’s audited consolidated financial statements for the year ended December 31, 2025 (“consolidated financial statements”).

The generally accepted accounting principles (“GAAP”) we use are International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, unless otherwise stated.

This MD&A contains certain non-GAAP financial measures and ratios, which do not have a standard meaning under IFRS and, therefore, may not be comparable to similar measures presented by other issuers. Such non-GAAP financial measures and ratios include:

• Adjusted EBITDA

• Adjusted net earnings and adjusted net earnings per share

• Effective tax rate on adjusted net earnings guidance

• Free cash flow

• Gross margin excluding depreciation and amortization per tonne – manufactured product

• Potash controllable cash cost of product manufactured per tonne

• Ammonia controllable cash cost of product manufactured per tonne

• Retail average working capital to sales and Retail average working capital to sales excluding Nutrien Financial

• Nutrien Financial adjusted net interest margin

• Retail cash operating coverage ratio

• Return on invested capital (“ROIC”)

• Adjusted net debt

For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the “Non-GAAP financial measures” and “Other financial measures” sections.

This MD&A also contains forward-looking information and forward-looking statements. See the “Forward-Looking Statements” section.

All references to per share amounts pertain to diluted net earnings per share. Financial data in this MD&A is stated in millions of US dollars, which is the functional currency of Nutrien and the majority of its subsidiaries, unless otherwise noted. Information that is not meaningful is indicated by n/m. Information that is not applicable is indicated by n/a. See the “Other financial measures” and “Terms and Definitions” sections for certain definitions, abbreviations, measures and terms used in this MD&A.

Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our Annual Information Form for the year ended December 31, 2025, can be found on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”).

The information contained on or accessible from our website or any other website is not incorporated by reference into this MD&A or any other report or document we file with or furnish to applicable Canadian or US securities regulatory authorities.

6  Nutrien Annual Report 2025

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45

Overview MD&A Five-year highlights Financial statements and notes  

 Our approach to annual reporting

OUR APPROACH TO ANNUAL REPORTING

Through our annual report, we aim to communicate how we assess opportunities and risks, which guide our strategy, risk management and governance. Our stakeholders’ priorities influence our approach to creating long-term value.

8  OUR COMPANY PROFILE AND STRATEGY

16  MARKET ENVIRONMENT

Outlines who we are as a company, where we operate, and our competitive advantages. Describes our strategy, how we delivered in 2025 and our focus going forward. 10   Global profile 12   Nutrien’s advantage 13   Nutrien’s strategy 14   2025 Delivery 15   2026 Focus

Describes factors and trends that influence the environment we operate in. 18   Market overview and fundamentals 20   Agriculture and retail 20   Potash, nitrogen and phosphate

22  GOVERNANCE AND KEY ENTERPRISE RISKS

30  OUR OUTLOOK AND RESULTS

Explains our core corporate governance principles and risk management process and outlines the key enterprise risks that may impact our performance and future operations. 23   Board and executive leadership 24   Risk governance 25   Risk management process 26   Key enterprise risks For more information on our corporate governance practices, see our most recent Management Proxy Circular. For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual Information Form.

Provides a review of our operating segments, including market outlook, 2026 guidance and highlights of our overall financial performance. 32   Market outlook 33   2026 Guidance and sensitivities 34   Operating segments and results 44   Financial results and capital management 56   Appendices

Nutrien Annual Report 2025   7     

Table of Contents

    Overview   MD&A   Five-year highlights   Financial statements and notes    

Our Company profile and strategy

   OUR COMPANY PROFILE AND

     STRATEGY

8   Nutrien Annual Report 2025

Table of Contents

 Overview MD&A Five-year highlights Financial statements and notes  

 Our Company profile and strategy

Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve farmers. Our vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence and a disciplined and intentional approach to capital allocation. This strategy is designed to create low-risk, structural free cash flow growth by leveraging our core competencies and to deliver reliable, growing cash returns to shareholders.

Nutrien Annual Report 2025   9       

Table of Contents

Overview MD&A Five-year highlights Financial statements and notes

Global profile

GLOBAL PROFILE

Our upstream fertilizer manufacturing assets are primarily located in North America, with access to high-quality resources, lower-cost inputs and an extensive midstream distribution network to efficiently supply our customers. Our downstream Retail business serves farmers in key agricultural markets in North America, Australia and South America.

SCALE AND ADVANTAGED POSITION ACROSS THE AG VALUE CHAIN

#1		#1		#2
Global ag retailer		Global potash producer		North American nitrogen producer
UNIQUE AND DIVERSE RELATIONSHIP WITH THE FARMER
>50		>4,200		>600,000
countries served by our   products and services		crop consultants		customer accounts
PROVEN FINANCIAL STRENGTH AND STABILITY
World-class assets		High-quality earnings		Strong balance sheet and
and market access		through the cycle		track record of returns
10  Nutrien Annual Report 2025

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  Overview MD&A Five-year highlights Financial statements and notes  

  Global profile

>1,800		6		12		6
Retail locations		Potash mines		Nitrogen facilities		Phosphate facilities

  Retail   Potash   Nitrogen   Phosphate  Proprietary products

Australia

Nutrien Annual Report 2025   11

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  Overview MD&A Five-year highlights Financial statements and notes

Nutrien’s advantage

NUTRIEN’S ADVANTAGE

Our leading position across the ag value chain offers key competitive advantages and differentiation from our competitors. We focus on driving efficiencies across our network, enhancing our relationships with farmers, and strengthening our financial position and resilience.

				SCALE AND ADVANTAGED POSITION ACROSS THE AG VALUE CHAIN Our global reach provides competitive advantages to support higher upstream sales of manufactured fertilizer and proprietary products, drive supply chain efficiencies, optimize transportation and logistics and efficiently supply our customers.
				UNIQUE AND DIVERSE RELATIONSHIP WITH THE FARMER The farmer is at the heart of everything we do and our connection with our customers is unlike any other. Together we are working to improve on-farm productivity and foster innovation to address the demands of a growing global population.
				PROVEN FINANCIAL STRENGTH AND STABILITY Our business is diversified, which enhances our earnings profile. Our downstream Retail business provides greater stability to our earnings base and counter-cyclical cash flow, while our low-cost upstream fertilizer production assets are positioned to generate significant cash flow, providing the ability to invest in our business and consistently return cash to our shareholders.

12  Nutrien Annual Report 2025

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Overview MD&A Five-year highlights Financial statements and notes  

Nutrien’s strategy

NUTRIEN’S STRATEGY

Our strategy is centered on three priorities that span our upstream, midstream and downstream businesses.

				SIMPLIFY AND FOCUS Simplify our approach to focus on business activities that are core to our long-term vision and explore opportunities to exit non-core activities.
				OPERATIONAL EXCELLENCE Enhance safety, increase operational efficiency and asset utilization, maximize cost savings and improve the quality of earnings.
				DISCIPLINED AND INTENTIONAL CAPITAL ALLOCATION Optimize the sources and uses of our cash and prioritize sustaining safe and reliable operations, maintaining a strong and flexible balance sheet, strategically investing in our business and increasing cash returns to shareholders.

Nutrien Annual Report 2025  13

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  Overview MD&A Five-year highlights Financial statements and notes

2025 Delivery

2025 DELIVERY

We delivered significant progress on our strategic priorities and 2026 performance targets.

SIMPLIFY AND FOCUS     ~$900M of total gross proceeds from asset divestitures since the fourth quarter of 2024     ~$200M annual cost savings target surpassed through centralization of functions and retail optimizations     Controlled shutdown of Trinidad facility and ceased production at New Madrid upgrade facility     Initiated strategic review of Phosphate business OPERATIONAL EXCELLENCE     49% potash ore tonnes mined using automation – more than double 2023 level     92% ammonia operating rate¹ – achieved through reliability improvements     Achieved Brazil margin-improvement plan despite challenging market conditions     87% Phosphate P₂O₅ operating rate for second half of 2025 – improving reliability and cost stewardship DISCIPLINED AND INTENTIONAL CAPITAL ALLOCATION     $1.6B in cash returns to shareholders – increase facilitated by ratable buyback program     $2.0B in capital expenditures, driven by risk-orientated approach to capital optimization, continuous improvement initiatives and a focus on leveraging existing assets to deliver organic growth     1.8x adjusted net debt to adjusted EBITDA² – strengthening our balance sheet

1 Operating rate represents production volumes divided by production capacity (excluding Joffre and Trinidad facilities).

2 This is a capital management measure that includes non-GAAP components. See the “Non-GAAP financial measures” and “Other financial measures” sections.

14  Nutrien Annual Report 2025

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Overview MD&A Five-year highlights Financial statements and notes  

2026 Focus

2026 FOCUS

We are determined to build on our momentum and deliver stronger performance.

In 2026, we will continue driving the priorities that support structural free cash flow growth:

• With streamlined leadership and disciplined organization, we are lowering costs, increasing production through reliability and debottlenecks and enhancing margins by optimizing our midstream and retail network.

• We are improving the resilience and efficiency of our portfolio, all while identifying additional opportunities to increase profitability.

Enhance safety performance

• Safety is a core value – reinforce standards, strengthen accountability and continue building required capabilities to improve safety performance across our operations.

Grow free cash flow

• Deliver upstream fertilizer sales volume growth from our low-cost North American asset base and increase Retail adjusted EBITDA through targeted growth initiatives.

• Strengthen our midstream capabilities, including evaluation of west coast port facility.

• Assess further growth pathways that leverage asset quality and inter-asset synergies to improve margins and reduce costs.

Reliably increase cash returns to shareholders

• Maintain ratable share repurchases that align with free cash flow per share growth and reliable dividend per share increase.

• Continue positioning the balance sheet as a strategic asset.

Optimize portfolio

• Strengthen our world-class asset base, which is a competitive differentiator.

• Complete the strategic review of alternatives for our Phosphate business, assess options for our Trinidad operations and evaluate each component of our Brazilian business to determine the optimal way to participate in the long-term growth in this market.

• Progress optimizing capital on our highest-quality assets and resilient earnings streams.

GROWING FREE CASH FLOW INTO 2026

Upstream manufactured sales volumes guidance (million tonnes)		Downstream adjusted EBITDA guidance ($ billions)

1 Guidance provided in our news release dated February 18, 2026.

2 See the “Forward-looking statements” section.

3 Guidance assumes no production from Trinidad and New Madrid facilities in 2026.

Nutrien Annual Report 2025  15

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  Overview MD&A Five-year highlights Financial statements and notes

Market environment

 MARKET

 ENVIRONMENT

We operate in a rapidly changing world and must anticipate and adapt to our market environment. We seek to understand global markets and broader trends that influence and shape our operational landscape. This understanding helps us to seize new opportunities as they emerge and better identify the risks that could impact our ability to deliver on our strategy.

16  Nutrien Annual Report 2025

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 Overview MD&A Five-year highlights Financial statements and notes  

  Market environment

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  Overview MD&A Five-year highlights Financial statements and notes

Market overview and fundamentals

MARKET OVERVIEW AND FUNDAMENTALS

Rising global food demand From 2000 to 2025, global food consumption growth outpaced population growth. This increase was driven largely by higher per-capita consumption of animal products, fruits, and oils, particularly in emerging economies where rising incomes and urbanization reshape diets. Looking ahead, as global population continues to rise, arable land per capita is expected to decline. These dynamics underscore the mounting challenge of food security, creating long-term opportunities for farmers and input providers to meet escalating demand amid geopolitical volatility that continues to influence trade flows and commodity pricing.		Growth in global population vs. crop consumption1,2 (2000–2025 CAGR)
Driving the need for farming improvements To meet rising consumption, farming practices that include crop inputs, technology and agronomy have evolved significantly, enabling farmers to produce more from finite land. Crop yield, measured as output per unit of land, has been a major contributor to aggregate production growth. Crop intensity, measured as higher rotation of crops each year, has also contributed. Lastly, increases in cropping area have played an important role in meeting historical food consumption growth; however, availability of arable land will limit future growth. This trend underscores the importance of productivity gains as crucial to meet the needs of a growing population.		Crop growth drivers (2000–2025 CAGR)
Supported by critical role of crop inputs for growers Modern agriculture relies on a tightly integrated set of inputs that include balanced crop nutrition, crop protection, improved seed genetics and agronomy advancements. Collectively, these advancements support yield across seasons by enhancing plant resilience against pests, weeds and environmental stress. Potash, nitrogen and phosphate are essential to crop production and a cornerstone of agricultural output. Each nutrient plays a distinct role: potash supports water uptake and efficiency of other nutrients, nitrogen improves crop yield and quality and phosphate aids root development.		Growth in key crop inputs (2000–2024 CAGR)
Together, they enable farmers to improve crop intensity and achieve higher yields. Looking ahead, fertilizer demand is expected to grow steadily – as global food, feed and fuel demand grows, the need for crop inputs and agronomic services remains a key growth engine for the agricultural supply chain. 1 Global data excludes China. 2 Crop consumption data includes grains, oilseeds, pulses, roots and tubers. 3 Based on annual figures represented on a tonnes basis. 4 Reported data is calculated on the basis of size of global market in $ billions.		Growth in crop nutrients (2000–2024 CAGR) Source: Nutrien estimates based on CRU, IFA, IHS, FAO STAT, S&P, USDA

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Overview MD&A Five-year highlights Financial statements and notes  

Market overview and fundamentals

Agriculture and retail markets
$127B 2025 crop input sales1
Crop nutrients
~74.5Mmt 2025 global potash (KCl) demand
~167Mmt 2025 global nitrogen (N) demand
~52Mmt 2025 global phosphate (P2O5) demand

1 Represents total market sales of seed, fertilizer and crop protection products in the US, Canada, Australia and Brazil.

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  Overview MD&A Five-year highlights Financial statements and notes

Market overview and fundamentals

Agriculture and retail

The agriculture retail industry is highly fragmented in most of the major markets in which we operate, and is primarily composed of small and medium-sized competitors. Scale, reliability of supply and the ability to provide innovative products and solutions, including digital offerings, are increasingly important to farmers.

In North America, the primary crops grown include corn, soybeans, wheat, canola and cotton. It is a more mature market, with farmers who are leveraging advanced agriculture tools and are willing and able to invest in high-value products and services. In Australia, our customers require a full suite of crop production inputs and solutions for livestock, water and irrigation services given the more mixed nature of farm operations. Brazil is one of the world’s largest and fastest-growing agriculture markets. It is currently the largest soybean producer and the third largest producer of corn and cotton globally.

Our Proprietary products differentiate our crop input offerings and deliver stronger agronomic outcomes, while contributing to an improved margin profile. We also provide flexible financing solutions aligned with growers’ seasonal cash-flow needs, helping them obtain essential crop inputs and supporting our product and service sales.

Agricultural and retail markets are influenced by short and long-term factors ranging from acreage and crop yield, to crop prices and grower cash margins, to government incentives and trade-flows. Global grains ending stocks-to-use ratio is a key indicator to understand supply tightness and explains price trends for key crops.

Potash

Potash strengthens root systems, supporting water uptake and drought and disease tolerance, and increases the efficiency of other nutrients. Potash demand growth is driven by increasing nutrient requirements of higher-yielding crops and improving soil fertility practices, particularly in emerging markets where potash has been historically under-applied and crop yields lag.

High-quality potash reserves in significant quantities are limited to a small number of countries. Canada has the largest known global potash capacity, accounting for approximately 40 percent of the total. Another 35 percent of the world’s potash production capacity is held by Russia and Belarus, making them the next major exporting countries after Canada.

Building new production capacity requires significant capital and time to bring online. The expected cost for a greenfield project, including infrastructure, is over $2,300 per tonne and requires a minimum of 10 years.¹ Brownfield projects have a significant per-tonne capital cost advantage over greenfield projects.

Most major potash-consuming countries in Asia and Latin America have limited production capability and rely on imports to meet their needs. Trade typically accounts for approximately three-quarters of demand for potash, resulting in a globally diversified marketplace.

Inflation in operating and logistics costs has increased the short run marginal cost of potash supply and higher capital costs have also impacted the long-run marginal cost.

Yield vs. nutrient consumption2 (tonnes/hectare, million tonnes)				Global potash demand (million tonnes KCl)
Source: USDA, IFA, CRU, Nutrien				Source: IFA, Argus, CRU, SPGCI, Nutrien

1 KCl conventional potash mine of 3 million tonnes in Saskatchewan, Canada. Cost includes rail, utility systems, port facilities and, if applicable, cost of deposit.

2 Global data excludes China.

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Overview MD&A Five-year highlights Financial statements and notes  

Market overview and fundamentals

Nitrogen

Nitrogen is an essential crop nutrient and is a fundamental building block of plant proteins that improves both crop yield and quality. The necessity of nitrogen for crop yield supports a strong and growing demand for nitrogen fertilizers. Additionally, nitrogen is used as an input in many industrial processes, both as a chemical feedstock and as an inert process gas.

Production of nitrogen products is the most geographically diverse of the three primary crop nutrients due to the widespread availability of hydrogen sources. Access to reliable and competitively priced energy feedstock supply, commonly natural gas, is an important driver of profitability. Geopolitical events continue to create additional volatility in certain global energy markets. North American nitrogen producers currently have an advantaged cost position due to the relatively low price of natural gas compared to competitors in Europe and Asia.

The US is the third largest nitrogen-producing country and remains one of the largest importers of nitrogen products. China and India are the largest consumers of nitrogen fertilizer, accounting for approximately 45 percent of the world’s consumption.

Phosphate

Phosphorus is essential to all living things and is key to energy reactions in plants, particularly photosynthesis, and is vital to plant growth. Additionally, phosphate is used as an input in animal feed, food ingredients and industrial processes.

Phosphate rock is found in significant quantity and quality in only a handful of geographic locations, with only 11 major phosphate-producing countries. Due to the concentration of deposits, the majority of recent capacity additions have come from existing producers in North Africa, the Middle East and China.

China is the world’s largest producer of phosphate, and its trade policy has a major impact on the global market. To illustrate, in 2025, Chinese DAP/MAP exports were down approximately 40 percent, compared to normal historical levels as a result of export restrictions that prioritized domestic use.

India and Brazil are the largest importers of phosphate fertilizers, with limited domestic production. In more mature markets like North America, we have seen continued demand growth for phosphate fertilizers that incorporate secondary nutrients and micronutrients like Nutrien’s MAP+MST product.

Global ammonia demand (million tonnes NH3)				Global P2 O5 demand (million tonnes P2O5)
Source: SPGCI, CRU, Argus, Nutrien				Source: CRU, TFI, Industry Consultants, Nutrien

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  Overview MD&A Five-year highlights Financial statements and notes

  Governance and key enterprise risks

GOVERNANCE AND

KEY ENTERPRISE RISKS

We embed strong corporate governance systems and principles across our business to ensure the interests of shareholders and other stakeholders remain central to our decision making. Our governance supports value preservation and long-term value creation by ensuring that our key enterprise risks and opportunities are appropriately identified and addressed. Nutrien’s corporate governance structure includes policies and processes that clearly define the respective roles of the Board and the Executive Leadership Team (“ELT”). Our Board provides oversight of corporate strategy execution and risk management.

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Overview MD&A Five-year highlights Financial statements and notes  

Governance and key enterprise risks

BOARD OF DIRECTORS

Russell Girling		Ken Seitz		Christopher Burley		Maura Clark		Michael Hennigan		Miranda Hubbs
Chair		President and Chief		Director		Director		Director		Director
		Executive Officer
Raj Kushwaha		Julie Lagacy		Consuelo Madere		Keith Martell		Aaron Regent		Nelson L.C. Silva
Director		Director		Director		Director		Director		Director

EXECUTIVE LEADERSHIP TEAM

Ken Seitz		Noralee Bradley		Andrew Kelemen		Chris Reynolds		Mark Thompson		Sarah Walters
President and Chief		Executive Vice		Executive Vice		Executive Vice		Executive Vice		Executive Vice
Executive Officer		President, External		President, Corporate		President, Global Sales		President and Chief		President, IT and
		Affairs, Chief Legal		Development and				Financial Officer		Chief People Officer
		Officer and Corporate		Chief Strategy Officer
		Secretary

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  Overview MD&A Five-year highlights Financial statements and notes

Risk governance

RISK GOVERNANCE

Risk management is an integral part of doing business and our Board is responsible for overseeing the execution and alignment of Nutrien’s corporate strategy and risk management processes.

Nutrien’s ELT has the responsibility of ensuring the Company’s principal risks are being appropriately identified, assessed and addressed. Management keeps the Board and each of the Board committees regularly apprised of risks and developments relevant to their mandates.

Responsibility and accountability for risk management are embedded in all levels of our organization, and we strive to integrate risk management into key decision-making processes and strategies. By proactively assessing risk across our organization, we aim to effectively manage the risks that could have an impact on our ability to achieve our strategic objectives and deliver long-term value.

Role of the Board committees

While the Board as a whole oversees our strategy and risk management processes, each Board committee has oversight over business topics and certain risk areas relevant to their committee mandate. More information can be found in Nutrien’s Board and Board committee charters on our website at nutrien.com.

Board/Board Committee		Oversight includes the following business topics or risk areas
Board of Directors		Corporate strategy		Risk management
		Oversight of safety, health, environmental and security matters		Human resources and compensation
				Corporate governance and compliance
Safety Committee		Health and safety risks		Environmental risks
		Crisis and emergency response management		Process safety and operational integrity
		Incident reporting and response		Regulatory and compliance risk
				Safety culture and performance
Audit Committee		Accounting and financial reporting		Whistleblower, ethics and compliance
		Internal controls and disclosure controls		Financial risk management
		Internal audit		External audit
Corporate Governance &		Corporate governance		Board evaluations
Nominating Committee		Board composition		Activities that maintain or enhance the ability to create value over the long term (including oversight of climate-related risks)
		Director compensation
		Director orientation and continuing education
		Stakeholder and Indigenous relations		Cybersecurity, artificial intelligence (“AI”) and
				data governance
				Related-party transactions
Human Resources &		Executive compensation		Human capital management, including the Company’s Indigenous Strategy as it relates to Indigenous employment and human resources
Compensation Committee		Incentive plan design and performance metrics
		Succession planning
		Talent management and leadership		Learning and development
		development

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Overview MD&A Five-year highlights Financial statements and notes  

Risk management process

RISK MANAGEMENT PROCESS

Risk management is embedded in our strategy and business processes to support informed decision making and responsible stewardship of resources. Our centralized Enterprise Risk Management program is guided by a global risk management framework. The framework promotes consistent and integrated application of risk management principles and practices across our organization.

Nutrien’s operating segments and corporate functions use our global risk management framework to identify, assess and develop mitigation actions for risks that may affect their strategy, operations or future performance. Annually, we conduct a top-down enterprise risk assessment alongside a bottom-up risk assessment, resulting in a consolidated view of our risk profile.

Management evaluates risk holistically to understand Nutrien’s overall risk landscape and the interconnections among risks. A comprehensive view of enterprise risks is evaluated by our ELT and senior leaders, and our key enterprise risks are presented to the Board at least annually.

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  Overview MD&A Five-year highlights Financial statements and notes

Key enterprise risks

KEY ENTERPRISE RISKS

We characterize a key enterprise risk as an individual risk, or combination of risks, that could materially affect our ability to achieve our strategic objectives, deliver shareholder value or maintain operational and financial stability. Our key enterprise risks presented below represent our most significant exposures; however, we continue to be exposed to other important general business, financial and operational risks.

1 COMPETITION AND MACROECONOMIC CONDITIONS

Description   Changes in global macroeconomic conditions and market dynamics – including tariffs, trade or export restrictions, market volatility, geopolitical events, increased price competition or new competitors or major shifts in agriculture production or consumption – could lead to a sustained environment of reduced demand for our products, create lower or more volatile commodity prices or increase costs and thereby negatively affect our short- and long-term profitability. Risk management approach   We operate across the ag value chain with a favorable cost structure and a diversified portfolio of products and services that help minimize the impact of changing market conditions. Additionally, we maintain a strong and flexible balance sheet and pursue a clearly identified strategy that aims to enhance key advantages of our core business and drive operational excellence.   See page 18 of this report for more information on our market environment.

2 CHANGING REGULATIONS

Description   Changes in laws, regulations or government policies – including those relating to the environment, climate change, data privacy, health and safety, taxes and royalties, or from pressure on lawmakers and regulators to address concerns related to fertilizer and food prices – can affect how we operate. New requirements may limit our ability to produce or sell certain products, reduce our efficiency, increase costs for materials, energy, transportation or compliance or require upgrades to our facilities. These and other factors could impact our strategy, operations, financial results or reputation. Risk management approach   We maintain regular engagement with governments, regulators and key industry associations through our Government & External Affairs Team. This helps us to stay informed about policy and regulatory developments, anticipate their impacts and work with industry partners to support outcomes that enable our long-term success. We also use cross-functional compliance programs and internal reviews to assess potential impacts and ensure our operations and products meet evolving requirements.

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Key enterprise risks

3 POLITICAL, ECONOMIC AND SOCIAL INSTABILITY

Description   Nutrien operates a global business with significant operations in Canada and the US and additional operations in Australia, South America, Trinidad and parts of Europe. Operating internationally exposes us to political, economic and social instability that can affect how we do business.   These risks include, but are not limited to, restrictions on moving money out of certain countries, inflation or government actions aimed at controlling inflation, currency exchange rate fluctuations between the US dollar and foreign currencies, labor disruptions, competitive restrictions and changes to or loss of important agreements or permits. We may also be affected by tariffs, sanctions, embargoes, trade barriers, exchange controls,forced divestitures or broad geopolitical events such as military conflict. Shifts in political or regulatory environments can disrupt our operations or ability to do business, affect the value of our assets and impact our financial performance. Risk management approach   Our Government & External Affairs Team engages regularly with governments, regulators, industry associations and other stakeholders in the regions where we operate or plan to operate. We factor political and country-specific risks into our capital investment and project decisions and limit our exposure in jurisdictions where we believe the risk is too high. We also monitor global political and regulatory developments and trends to understand potential impacts on our business.

4 AGRICULTURAL CHANGES AND TRENDS

Description   The agricultural landscape is impacted by factors such as ongoing farm and industry consolidation, shifts in farmer demographics, new technologies, evolving sustainability practices, changing government programs and policies, trade disputes and trade tariffs, climate impacts and broader social trends. Many of these factors vary by region and can affect long-term demand for our products and services and as a result may adversely affect our strategy and our financial performance. Risk management approach   Our downstream Retail network gives us direct insight into what farmers need, allowing us to anticipate emerging trends early and respond quickly. We focus on delivering solutions that help farmers manage challenges, including offering financing solutions through Nutrien Financial, expanding our portfolio of proprietary products and investing in digital tools, agronomic expertise and technologies that improve productivity and on-farm decision making.

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  Overview MD&A Five-year highlights Financial statements and notes

Key enterprise risks

5 SUPPLY CHAIN DISRUPTION

Description   Our ability to produce and deliver products depends on reliable inbound and outbound supply chains. Disruptions can affect our access to key materials or limit our ability, as well as the ability of third parties we depend on, to transport products to customers on time. Geopolitical conflicts, regulatory changes, sanctions, tariffs, labor disputes, pandemics and extreme weather events can create supply chain challenges and delays and/or limit our future ability to sell or distribute our products when needed. These challenges can negatively affect our business and financial performance. Risk management approach   Our scale and advantaged position across the ag value chain provides us the flexibility to optimize our operations and distribution network in response to supply chain disruptions. We have an extensive and diverse transportation and storage network that helps us navigate logistical challenges. We also maintain a diverse supplier base that we regularly review to ensure we have reliable access to critical feedstocks and materials for our operations.

6 CYBERSECURITY THREATS

Description   Nutrien relies on information technology, operational control systems and third-party or cloud-based platforms to run our business. As our dependence on these systems grows, so does our exposure to increasingly sophisticated cyber threats, including those driven by AI. Cybersecurity risks can include attacks on information technology and infrastructure by hackers, ransomware, viruses, unauthorized access to confidential or personal information, disruptions to computer control systems and broader business or supply chain interruptions. A cyber incident could lead to operational downtime, higher security or insurance costs, reputational harm, legal or third-party claims and other impacts that could negatively affect our business and financial performance. Risk management approach   Our Global Information Management and Cyber Security Team, supported by third-party specialists, oversees our network security and helps coordinate incident response when needed. We promote strong cybersecurity awareness across the Company through our cybersecurity policies, controls and best practices. All new information technology systems undergo threat and risk assessments, and our incident response processes are reinforced by external support. We also run regular phishing simulations and targeted cybersecurity and incident response training to help reduce vulnerabilities.

7 SAFETY, HEALTH AND ENVIRONMENT

Description   Our operations involve safety, health and environmental risks inherent in mining, manufacturing and the transportation, storage and distribution of our products. These risks can lead to injuries or fatalities and may affect air quality, biodiversity, water resources or local ecosystems near our sites. Any such incident could disrupt our operations and have a negative impact on our financial performance and reputation. Risk management approach   We follow regulatory, industry and internal safety, health and environmental standards, supported by strong governance and oversight. We have structured systems to prevent and respond to incidents, and we conduct regular security and vulnerability assessments. Across our operations, we maintain crisis communication and emergency response programs, along with environmental monitoring and controls, including independent reviews of key containment structures.

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Overview MD&A Five-year highlights Financial statements and notes  

Key enterprise risks

8 TALENT AND ORGANIZATIONAL CULTURE

Description   Our ability to attract, develop and retain skilled employees, as well as maintain the programs, structure and culture that support them, is essential to our growth and performance. Increasing competition for talent, particularly in certain regions or for specialized roles, can create challenges in hiring or retaining employees and increase costs and reduce productivity. Our investment in training also makes our employees valuable to competitors. If we are unable to sustain an engaging workplace or retain the talent needed to support our operations and future growth, our operations and financial performance could be negatively affected. Risk management approach   Our Talent Attraction and Sourcing Team works to build a diverse, skilled workforce, while our development programs support employee growth and engagement. We use a structured succession process to identify critical roles and strengthen our internal and external talent pipelines. Our compensation and incentive programs are competitive, performance-based and aligned with our purpose-driven culture.

9 CAPITAL REDEPLOYMENT

Description   We may be unable to deploy capital to efficiently achieve sustained growth, effectively execute on opportunities or meet stakeholder expectations. This risk may arise from market conditions, limited investment opportunities or other factors. Additionally, deploying capital in a manner that is inconsistent with our strategic priorities could negatively impact our returns, operations, reputation, access to or cost of capital or result in potential asset impairments. Risk management approach   Our capital allocation is guided by a disciplined framework and supported by Nutrien’s diversified earnings base. We focus on sustaining safe and reliable operations, preserving balance sheet strength and flexibility, deploying capital to strategic investments and providing meaningful returns to our shareholders. Additionally, our centralized Enterprise Capital Team helps to ensure consistent project evaluation and an enterprise-wide view of capital project decisions.

10  STAKEHOLDER SUPPORT

Description   Nutrien’s reputation and stakeholder relationships are critical to our ability to operate and execute our strategy and can be affected by actual or perceived actions across our business and supply chain. Any erosion of trust could impair our ability to execute on our business plans. It could also negatively impact our ability to produce or sell our products, lead to reputational and financial losses or negatively impact our access to or cost of capital or trigger shareholder action. Risk management approach   Our Investor Relations and Government & External Affairs teams regularly engage with key stakeholders to identify their concerns and convey the long-term value proposition of our business. We are active in industry associations, implement our community relations and investment initiatives across our operations and have a focused Indigenous Relations engagement strategy. Our overarching strategy is designed to address and support the areas most important to our stakeholders.

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  Overview MD&A Five-year highlights Financial statements and notes

Our outlook and results

OUR OUTLOOK AND

   RESULTS

Nutrien has four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. The downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise and provides services, including financing, directly to farmers through a network of retail locations in North America, Australia and South America. The upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces.

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Overview MD&A Five-year highlights Financial statements and notes  

Our outlook and results

Adjusted EBITDA is the primary profit measure used to evaluate the segments’ performance as it excludes the impact of non-cash impairments and impairment reversals and other costs that are centrally managed by our corporate function. Refer to Note 3 to the consolidated financial statements for details.

Net sales (sales less freight, transportation and distribution expenses) is the primary measure used in planning and forecasting in the Potash, Nitrogen and Phosphate operating segments.

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Market outlook

MARKET OUTLOOK

Agriculture and retail markets

• Higher global grain and oilseed production in 2025 increased stocks-to-use ratios towards historical average levels and led to significant nutrient removal from the soil. Strong demand for food, feed and biofuel uses is expected to drive continued need for higher global crop production and related crop inputs.

• We expect total US crop acres in 2026 to be consistent with 2025 levels and project corn plantings of 94 to 96 million acres and soybean plantings of 84 to 86 million acres. This acreage outlook, combined with a compressed fertilizer application season in the fall of 2025, is expected to support increased crop input demand in the first half of 2026.

• In Brazil, soybean production is expected to set another record in 2026, with harvest currently underway, and we anticipate a 3 to 5 percent increase in safrinha corn plantings. Growth in planted area is expected to support crop input demand; however, weaker affordability is expected to result in just-in-time purchases and a continued shift to lower analysis nitrogen and phosphate products.

• In Australia, improved weather compared to the first half of 2025 is expected to support crop input demand and strong livestock prices to support sales of Retail products and services.

Crop nutrient markets

• Global potash shipments increased to approximately 74.5 million tonnes in 2025, primarily driven by strong demand in Southeast Asia. We expect a fourth consecutive year of growth in 2026, with total global potash shipments ranging between 74 and 77 million tonnes. Demand is supported by the need to replenish soil nutrients following a record crop, favorable relative affordability and low inventory levels in key markets such as China and Brazil. We anticipate relatively tight fundamentals throughout 2026, as trend line demand growth is testing existing global operating and supply chain capabilities.

• Global nitrogen demand is expected to grow in line with historical rates, driven by increasing use in agricultural growth markets such as Asia and Latin America. Global ammonia markets remain tight due to project delays and plant outages. Global urea markets have strengthened in the first quarter of 2026 due to strong seasonal demand from India, North America and Brazil and geopolitical uncertainties impacting supply.

• Global phosphate markets eased in the fourth quarter of 2025 due to lower demand related to weaker affordability relative to potash and nitrogen. Phosphate markets have strengthened in the first quarter of 2026 due to Chinese export restrictions and elevated input costs.

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2026 Guidance and sensitivities

2026 GUIDANCE

			2026 Guidance ranges1,2 as of  February 18, 2026
($ billions, except as otherwise noted)			Low				High				2025 Actual
Retail adjusted EBITDA			1.75				1.95				1.74
Potash sales volumes (million tonnes)3			14.1				14.8				14.25
Nitrogen sales volumes (million tonnes)3			9.2				9.7				10.89
Phosphate sales volumes (million tonnes)3			2.4				2.6				2.36
Depreciation and amortization			2.4				2.5				2.4
Finance costs			0.65				0.75				0.7
Effective tax rate on adjusted net earnings (%)4			24.0				26.0				24.9
Capital expenditures5			2.0				2.1				2.0

1 Guidance provided in our news release dated February 18, 2026.

2 See the “Forward-looking statements” section.

3 Manufactured product only.

4 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

5 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the “Other financial measures” section.

2026 SENSITIVITIES

			Effect on1
($ millions, except EPS amounts)			Adjusted EBITDA				Adjusted EPS	4
$25 per tonne change in potash net selling prices			± 280				± 0.45
$25 per tonne change in ammonia net selling prices2			± 35				± 0.05
$25 per tonne change in urea and ESN® net selling prices			± 65				± 0.10
$25 per tonne change in solutions, nitrates and sulfates net selling prices			± 135				± 0.20
$1 per MMBtu change in NYMEX natural gas price3			± 180				± 0.30

1 See the “Forward-looking statements” section.

2 Excludes Trinidad.

3 Nitrogen related impact.

4 Based on shares outstanding as at December 31, 2025.

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Results

2025 RETAIL OPERATING SEGMENT AND RESULTS

Our Retail network of over 1,800 locations provides the reach and flexibility to reliably serve our grower customers. We offer a comprehensive portfolio of value-added products, including crop nutrients, crop protection products, seed and merchandise, and provide services, including financing. Over 4,200 crop consultants support our customers with crop planning, seed selection, soil sampling, variable-rate fertilizer application and crop monitoring.

We own and operate eight formulation facilities focused on manufacturing proprietary crop nutrient and crop protection products. As a leading provider of crop nutritionals, including biostimulants, our portfolio includes approximately 1,700 innovative proprietary crop nutrient, crop protection and seed products. Our proprietary offering generates higher margins for Nutrien and enhances crop production efficiency and profitability for farmers.

Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower operating expenses from our cost savings initiatives, stronger proprietary products gross margin and disciplined execution of our Brazil margin-improvement plan. We continue to simplify our business and deliver earnings growth through proven organic initiatives.

($ millions, except as otherwise noted)		2025				2024				% Change
Sales			17,620				17,832				(1	)
Cost of goods sold			13,017				13,211				(1	)
Gross margin			4,603				4,621				–
Adjusted EBITDA1			1,736				1,696				2

1 See Note 3 to the consolidated financial statements.

		Sales								Gross margin
($ millions)		2025				2024				2025				2024
Crop nutrients			7,285				7,211				1,424				1,444
Crop protection products			6,105				6,313				1,590				1,622
Seed			2,128				2,235				408				431
Services and other			944				918				750				716
Merchandise			875				897				148				150
Nutrien Financial			376				361				376				361
Nutrien Financial elimination1			(93	)			(103	)			(93	)			(103	)
Total			17,620				17,832				4,603				4,621

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

Supplemental data

		Gross margin								% of product line1
($ millions, except as otherwise noted)		2025				2024				2025				2024
Proprietary products
Crop nutrients			450				421				32				29
Crop protection products			503				470				32				29
Seed			137				154				34				36
Merchandise			14				15				9				10
Total			1,104				1,060				24				23

1 Represents percentage of proprietary product margins over total product line gross margin.

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Results

		Sales volumes (tonnes – thousands)								Gross margin / tonne (dollars)
		2025				2024				2025				2024
Crop nutrients
North America			8,502				8,547				143				142
International			3,358				3,715				61				62
Total			11,860				12,262				120				118

		2025 versus 2024
Crop nutrients		Sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America and reduced demand in the fourth quarter. International crop nutrient sales volumes were lower mainly due to strategic actions in South America.
Crop protection products		Sales and gross margin were lower due to product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin.
Seed		Sales and gross margin were lower due to weather related impacts in the Southern US leading to fewer planted acres, which impacted proprietary products gross margin.

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Results

Selected financial performance measures

(percentages)		2025				2024
Retail adjusted EBITDA margin1			9.9				9.5
Cash operating coverage ratio2			62				63
Average working capital to sales2			22				20
Average working capital to sales excluding Nutrien Financial2			1				–
Nutrien Financial adjusted net interest margin2			5.4				5.3

1 This is a supplementary financial measure. See the “Other financial measures” section.

2 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

Nutrien Financial

We offer flexible financing solutions to our customers in support of Nutrien’s agricultural product and service sales. Qualifying Retail customers in the US and Australia are offered extended payment terms, typically up to one year, to facilitate the alignment of farmer crop cycles with cash flows. Nutrien Financial revenues are primarily earned through interest from farmers.

We hold a significant portion of receivables from customers that have historically experienced a low-default rate. We manage our credit portfolio based on a combination of review of customer credit metrics, past experience with the customer and exposure to any single customer. Nutrien Financial, which is our wholly owned finance captive, monitors and services the portfolio of our high-quality receivables from customers that have the lowest risk of default among Retail’s receivables from customers. We monitor the results of this portfolio of receivables separately because we calculate the cost of capital attributable to the high-quality receivables from customers differently from our other receivables. Specifically, we assume a debt-to-equity ratio of 9:1 in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.

Nutrien Financial relies on corporate capital for funding. For 2025, we estimated the deemed interest expense using an average borrowing rate of 5.0 percent (2024 — 5.6 percent) applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial. The balance of our Retail receivables (outside of Nutrien Financial) is subject to marginally higher credit risk.

		As at December 31
($ millions)			Current				<31 Days past due				31–90 Days past due				>90 Days past due				Gross receivables				Allowance1				2025 Net  receivables				2024 Net  receivables
North America			1,831				260				110				181				2,382				(50	)			2,332				2,178
International			647				82				21				31				781				(7	)			774				699
Nutrien Financial receivables			2,478				342				131				212				3,163				(57	)			3,106				2,877

1 Bad debt expense on the above receivables for 2025 was $46 million (2024 – $55 million) in the Retail segment.

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Overview MD&A Five-year highlights Financial statements and notes  

Results

2025 POTASH OPERATING SEGMENT AND RESULTS

We operate six low-cost potash mines in Saskatchewan, located within a world-class potash deposit and in a stable geopolitical environment, which helps minimize supply risk for our customers. We produce multiple grades of potash and our flexible network provides the operational flexibility to optimize value.

Our extensive North American transportation and distribution network includes approximately 5,600 owned or leased railcars serviced by multiple railway providers. Through Canpotex – our joint venture potash export, sales and marketing company – we have access to four primary North American marine terminals and other facilities as needed to export potash to customers in over 40 countries around the world.

Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher net selling prices and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets, and partially offset by higher provincial mining taxes. We delivered a potash controllable cash cost of product manufactured² per tonne of $58. We mined 49 percent of our potash ore tonnes using automation, further strengthening our low-cost advantage.

($ millions, except as otherwise noted)		2025				2024				% Change
Net sales			3,593				2,989				20
Cost of goods sold			1,581				1,448				9
Gross margin			2,012				1,541				31
Adjusted EBITDA1			2,254				1,848				22
Manufactured product
($ per tonne, except as otherwise noted)						2025				2024
Sales volumes (tonnes – thousands)
North America							4,638				4,672
Offshore							9,615				9,214
Total sales volumes							14,253				13,886
Net selling price
North America							286				285
Offshore							235				180
Average net selling price							252				215
Cost of goods sold							111				104
Gross margin							141				111
Depreciation and amortization							46				44
Gross margin excluding depreciation and amortization2							187				155

1 See Note 3 to the consolidated financial statements.

2 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

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Results

Supplemental data

						2025				2024
Potash controllable cash cost of product manufactured per tonne1							58				54
Canpotex sales by market (percentage of sales volumes)2
Latin America							39				40
Other Asian markets3							29				28
China							11				13
India							6				7
Other markets							15				12
Total							100				100

1 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

2 See Note 26 to the consolidated financial statements.

3 All Asian markets except China and India.

		2025 versus 2024
Sales volumes		Higher offshore sales volumes were supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes were consistent with the prior year.
Net selling price per tonne		Increased due to higher global benchmark prices.
Cost of goods sold per tonne		Increased primarily due to higher royalties, maintenance costs and depreciation.

Potash production

																										Operational capability2										Production
(million tonnes KCl)																						Nameplate capacity1				20263				2025						2025				2024
Rocanville																							6.5				4.5				5.0						4.64				5.02
Allan																							4.0				3.1				2.7						2.51				2.40
Lanigan																							3.8				3.5				3.2						3.43				3.40
Vanscoy																							3.0				1.1				1.1						1.08				1.03
Cory																							3.0				2.2				2.1						2.09				2.11
Patience Lake																							0.3				0.3				0.3						0.22				0.25
Total																							20.6				14.7				14.4						13.97				14.21

1 Represents estimates of capacity as at December 31, 2025. Estimates based on capacity as per design specifications or Canpotex entitlements once determined. In the case of Patience Lake, estimate reflects current operational capability. Estimates for all other mine facilities do not necessarily represent operational capability.

2 Estimated annual achievable production based on expected staffing and operational readiness (estimated at the beginning of the year, and may vary during the year, and year to year, including between our mine facilities). Estimate does not include inventory-related shutdowns and unplanned downtime.

3 See the “Forward-Looking Statements” section.

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Overview MD&A Five-year highlights Financial statements and notes  

Results

2025 NITROGEN OPERATING SEGMENT AND RESULTS

We produce and upgrade nitrogen at 11 strategically located facilities in Canada and the US, in addition to our facility in Trinidad. Our North American operations, which account for approximately 85 percent of our nitrogen sales volumes, have access to some of the lowest-cost natural gas in the world and are well positioned to serve agriculture and industrial markets.

We produce a diverse portfolio of nitrogen products and have flexibility to optimize product mix in changing market conditions. Our transportation and distribution network leverages truck, rail, pipeline, barge and marine vessels. We utilize established CCUS infrastructure in Alberta and Louisiana to reduce GHG emissions. Over the last five years, we captured and sold an annual average of 1 million tonnes of CO₂, with approximately 40 percent permanently sequestered via enhanced oil recovery.

Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to higher net selling prices, partially offset by lower equity earnings from Profertil. Adjusted EBITDA for the full year of 2024 benefitted from insurance recoveries. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate (excludes Trinidad and Joffre) as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar. In the fourth quarter of 2025, we completed a controlled shutdown of our Trinidad Nitrogen facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply that has reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period of time.

($ millions, except as otherwise noted)			2025				2024	¹			% Change
Net sales			4,187				3,576				17
Cost of goods sold			2,580				2,374				9
Gross margin			1,607				1,202				34
Adjusted EBITDA2			2,147				1,880				14
1  Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment. See Note 3 to the consolidated financial statements. 2  See Note 3 to the consolidated financial statements.
Manufactured product
($ per tonne, except as otherwise noted)						2025				2024
Sales volumes (tonnes – thousands)
Ammonia							2,420				2,483
Urea and ESN®							3,099				3,188
Solutions, nitrates and sulfates							5,369				5,023
Total sales volumes							10,888				10,694
Net selling price
Ammonia							422				410
Urea and ESN®							490				421
Solutions, nitrates and sulfates							268				221
Average net selling price							365				324
Cost of goods sold							219				213
Gross margin							146				111
Depreciation and amortization							57				55
Gross margin excluding depreciation and amortization1							203				166
1  This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

Supplemental data

				2025				2024
Ammonia controllable cash cost of product manufactured per tonne1					58				61
Sales volumes (tonnes – thousands)
Fertilizer					6,425				6,259
Industrial and feed					4,463				4,435
Ammonia operating rate2 (%)					92				88
Natural gas costs ($ per MMBtu)
Overall natural gas cost excluding realized derivative impact					3.53				3.15
Realized derivative impact					–				0.09
Overall natural gas cost					3.53				3.24
1  This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section. 2  Excludes Trinidad and Joffre.

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Results

		2025 versus 2024
Sales volumes		Increased due to higher production from reliability improvements and low-cost debottlenecks that increased the availability of upgraded products.
Net selling price per tonne		Higher for all major nitrogen products due to stronger benchmark prices.
Cost of goods sold per tonne		Increased due to higher natural gas costs, mainly driven by Henry Hub benchmark.

Nitrogen production

		Ammonia1												Urea2
(million tonnes, except as otherwise noted)			Annual capacity3				Production								Annual capacity3				Production
						2025				2024								2025				2024
Trinidad4			2.2				1.18				1.27				0.7				0.54				0.47
Redwater			1.0				0.73				0.86				0.7				0.53				0.70
Augusta			0.8				0.74				0.68				0.6				0.58				0.52
Lima			0.7				0.76				0.59				0.5				0.53				0.46
Geismar			0.6				0.61				0.58				0.4				0.43				0.38
Carseland			0.5				0.53				0.46				0.7				0.73				0.65
Fort Saskatchewan			0.5				0.47				0.44				0.4				0.42				0.40
Borger			0.5				0.29				0.35				0.6				0.38				0.42
Joffre			0.5				0.39				0.38				–				–				–
Total			7.3				5.71				5.61				4.6				4.14				4.00
Adjusted total5							4.13				3.96

1 All figures are shown on a gross production basis.

2 Reflects capacity and production of urea liquor prior to final product upgrade. Urea liquor is used in the production of solid urea, UAN and DEF.

3 Annual capacity estimates include allowances for normal operating plant conditions.

4 In 2024 and 2025, Trinidad production was restricted due to natural gas curtailments. On October 23, 2025, we completed a controlled shutdown of our Trinidad facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply.

5 Excludes Trinidad and Joffre.

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Overview MD&A Five-year highlights Financial statements and notes  

Results

2025 PHOSPHATE OPERATING SEGMENT AND RESULTS

Nutrien has two large integrated phosphate production facilities and four regional product upgrade sites in the US. Our high-quality phosphate rock enables production of a diverse mix of phosphate products, including solid and liquid fertilizers, feed and industrial acids. We are the largest producer of purified phosphoric acid in North America and sell the majority of our product in this market, benefiting from our extensive distribution network and customer relationships.

Phosphate adjusted EBITDA slightly decreased to $382 million in 2025 due to higher sulfur input costs and lower sales volumes, partially offset by higher net selling prices. In the third quarter of 2025, we initiated a review of strategic alternatives for our Phosphate business, which could include reconfiguring operations, strategic partnerships or a potential sale, and we intend to solidify the optimal path in 2026.

($ millions, except as otherwise noted)		2025				2024				% Change
Net sales			1,734				1,657				5
Cost of goods sold			1,590				1,510				5
Gross margin			144				147				(2	)
Adjusted EBITDA1			382				384				(1	)

1 See Note 3 to the consolidated financial statements.

Manufactured product

($ per tonne, except as otherwise noted)		2025				2024
Sales volumes (tonnes – thousands)
Fertilizer			1,646				1,751
Industrial and feed			717				683
Total sales volumes			2,363				2,434
Net selling price
Fertilizer			677				612
Industrial and feed			835				822
Average net selling price			725				671
Cost of goods sold			657				603
Gross margin			68				68
Depreciation and amortization			121				119
Gross margin excluding depreciation and amortization1			189				187

1 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

		2025 versus 2024
Sales volumes		Lower due to lower production volumes in the first quarter of 2025.
Net selling price		Increased due to the strength of fertilizer benchmark prices.
Cost of goods sold per tonne		Increased primarily due to higher sulfur input costs.

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Results

Phosphate production

		Phosphate rock												Phosphoric acid (P2O5)												Liquid products												Solid fertilizer products
(million tonnes, except as otherwise noted)		Annual capacity				Production								Annual capacity				Production								Annual capacity				Production								Annual capacity				Production
						2025				2024								2025				2024								2025				2024								2025				2024
Aurora			5.4				4.66				3.99				1.2				1.00				0.97				2.7	1			2.10				2.05				0.9				0.72				0.76
White Springs			2.0				1.39				1.19				0.5				0.36				0.36				0.7	2			0.31				0.29				0.8				0.29				0.31
Total			7.4				6.05				5.18				1.7				1.36				1.33				3.4				2.41				2.34				1.7				1.01				1.07
P2O5 operating rate (%)																			80				78

1 A substantial portion is consumed internally in the production of downstream products. The balance is exported to phosphate fertilizer producers or sold domestically to dealers who custom-mix liquid fertilizer. Capacity is composed of 2.0 million tonnes MGA and 0.7 million tonnes SPA.

2 Represents annual SPA capacity. A substantial portion is consumed internally in the production of downstream products. The balance is exported to phosphate fertilizer producers or sold domestically to dealers who custom-mix liquid fertilizer.

In addition to the production above, annual capacity for phosphate feed and purified acid was 0.7 and 0.3 million tonnes, respectively. Production in 2025 was 0.34 and 0.19 million tonnes, respectively, and 2024 production was 0.31 and 0.17 million tonnes, respectively.

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Results

2025 CORPORATE AND OTHERS AND ELIMINATIONS

“Corporate and Others” is a non-operating segment comprising corporate and administrative functions that provide support and governance to our operating segments. It also includes gross margin related to our non-core businesses. Intersegment sales, costs of goods sold and expenses are removed from the consolidated results in Eliminations. Intersegment activities include sale of product between our segments, primarily from Potash, Nitrogen and Phosphate to our Retail segment.

($ millions, except as otherwise noted)		2025				20241, 2				% Change
Corporate and Others
Gross margin2			27				21				29
Adjusted EBITDA2			(427	)			(452	)			(6	)
Eliminations
Gross margin			(46	)			(2	)			n/m
Adjusted EBITDA2			(46	)			(1	)			n/m

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 3 to the consolidated financial statements.

FINANCE COSTS, INCOME TAXES AND OTHER COMPREHENSIVE INCOME (LOSS)

($ millions, except as otherwise noted)		2025				2024				% Change
Finance costs			687				720				(5	)
Income tax expense			752				436				72
Other comprehensive income (loss)			224				(234	)			n/m

		2025 versus 2024
Finance costs		Weighted average debt balances and rates
		($ millions, except as otherwise noted)		2025				2024
		Short-term debt balance			3,170				3,328
		Short-term debt rate (%)			5.3				6.1
		North American short-term debt balance			2,800				2,679
		North American short-term debt rate (%)			4.6				5.5
		Long-term debt balance			10,025				9,629
		Long-term debt rate (%)			5.0				5.0
		Lease obligations balance			1,331				1,375
		Lease obligations rate (%)			4.9				4.6
Income tax expense		Income tax increased mainly due to higher earnings. The decrease in the actual effective tax rate was mainly due to lower non-recognizable losses in South America compared to the same period in 2024. Refer to Note 10 to the consolidated financial statements for additional information.
		Effective tax rates and discrete items
		($ millions, except as otherwise noted)		2025				2024
		Actual effective tax rate on earnings (%)			24				40
		Actual effective tax rate including discrete items (%)			25				38
		Discrete tax adjustments that impacted the rate			27				(13	)
Other comprehensive income (loss)		Other comprehensive income increased mainly due to the appreciation of the Australian, Brazilian and Canadian currencies, relative to the US dollar, compared to losses in 2024.

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Results

FINANCIAL RESULTS

($ millions, except as otherwise noted)		2025				2024				2023
Sales			26,885				25,972				29,056
Net earnings			2,297				700				1,282
Basic net earnings per share (dollars)			4.66				1.36				2.53
Diluted net earnings per share (dollars)			4.66				1.36				2.53
Total assets			52,301				51,840				52,749
Total non-current financial liabilities			10,287				9,880				9,912
Dividends declared per share (dollars)			2.18				2.16				2.12

		2025 versus 2024		2024 versus 2023
Sales		Sales increased primarily due to higher fertilizer net selling prices and record upstream sales volumes.		Sales decreased primarily due to lower fertilizer net selling prices, partially offset by record Potash sales volumes.
Net earnings and earnings per share		Net earnings and earnings per share increased primarily due to higher sales (see above), and higher Retail earnings. These were partially offset by higher provincial mining taxes, as well as higher costs for royalties, maintenance, depreciation, natural gas and sulfur. Net earnings in 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil.		Net earnings and earnings per share decreased primarily due to lower sales (see above), partially offset by lower operational expenses due to lower input costs such as cost to purchase inventories, natural gas, royalties and provincial mining taxes. Net earnings in 2024 were also impacted by a $220 million loss on foreign currency derivatives in Brazil. Our impairment of assets was lower in 2024. We recorded $530 million non-cash impairments of our Retail – Brazil and Nitrogen Geismar Clean Ammonia project assets in 2024 compared to non-cash impairment of $774 million of Retail, Phosphate and Nitrogen assets recorded in 2023.
Assets and non-current financial liabilities		Total assets increased in 2025 compared to 2024 primarily due to higher working capital assets, resulting from increased net selling prices and higher inventory balances for Retail, Nitrogen and Phosphate. See the Financial Condition section for further details. Non-current financial liabilities increased due to the higher long-term debt balance from the issuance of new senior notes, partially offset by the repayment of senior notes upon maturity in 2025, as well as an increase in deferred income tax liabilities.		Total assets decreased in 2024 compared to 2023 primarily due to the non-cash impairments discussed above, as well as from lower working capital assets from reduced net selling prices and lower cost of inventories. Non-current financial liabilities increased due to the higher long-term debt balance from the issuance of new senior notes, partially offset by the repayment of senior notes upon maturity in 2024.
Dividends declared per share		Dividends declared per share increased as we declared a higher quarterly dividend per share of $0.545 in 2025 compared to $0.54 in 2024.		Dividends declared per share increased as we declared a higher quarterly dividend per share of $0.54 in 2024 compared to $0.53 in 2023.

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Results

FINANCIAL CONDITION

		As at
($ millions, except as otherwise noted)		December 31, 2025				December 31, 2024				$ Change				% Change
Assets
Cash and cash equivalents			701				853				(152	)			(18	)
Receivables			5,675				5,390				285				5
Inventories			6,977				6,148				829				13
Property, plant and equipment			22,747				22,604				143				1
Investments			144				698				(554	)			(79	)
Liabilities and Shareholders’ Equity
Short-term debt			873				1,534				(661	)			(43	)
Trade, other payables and accrued liabilities			9,309				9,118				191				2
Long-term debt, including current portion			9,863				9,918				(55	)			(1	)
Share capital			13,519				13,748				(229	)			(2	)
Retained earnings			12,076				11,106				970				9

Assets		Liabilities
Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources – Sources and uses of cash” section. Receivables increased due to higher Potash and Phosphate net selling prices, higher receivables in Australia due to the appreciation of foreign exchange rates relative to the US dollar, and greater usage of payment terms from our Retail customers. The increases were partially offset by lower income tax receivable. Inventories increased in Retail due to higher crop nutrients input costs from global supply constraints and earlier seasonal purchases, as well as higher crop protection volumes to support anticipated 2026 demand. Nitrogen and Phosphate also saw increases due to higher volumes and higher natural gas and sulfur costs. Property, plant and equipment increased due to capital expenditures increasing more than offsetting depreciation and disposals. Investments decreased due to the sale of our remaining investment in Sinofert and the sale of our investment in Profertil in 2025.		Short-term debt decreased due to lower draws on our commercial paper and repayment of credit facilities with funds from the sale of investments. Trade, other payables and accrued liabilities increased due to Retail purchases through supplier financing in North America and timing of payments. These increases were partially offset by lower customer prepayments in North America. Long-term debt, including the current portion, decreased due to the repayment of $1,000 million senior notes in 2025, as well as repayments of other long-term debt, partially offset by the issuance of $1,000 million senior notes during the first quarter of 2025. Shareholders’ equity Share capital decreased primarily from shares repurchased under our normal course issuer bid program. Retained earnings increased as net earnings exceeded dividends declared and share repurchases in 2025.

We do not hold material cash and cash equivalents in currencies other than the US dollar and Canadian dollar. As at December 31, 2025, we held the equivalent of approximately $273 million in other jurisdictions outside the US and Canada. We do not depend on repatriation of cash from our foreign subsidiaries to meet our liquidity and capital resource needs in North America.

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LIQUIDITY AND CAPITAL RESOURCES

Sources and uses of liquidity

Liquidity risk arises from our general funding needs and in the management of our assets, liabilities and capital structure. We manage liquidity risk to maintain sufficient liquid financial resources to fund our financial position and meet our commitments and obligations in a cost-effective manner. Our primary sources of liquidity in 2025 and our expected ongoing primary uses of liquidity are listed below:

Primary uses of liquidity		Primary sources of liquidity
– seasonal working capital requirements – operational expenses – capital expenditures to sustain our assets to support safe and reliable operations – high-value growth opportunities – shareholder returns through dividends and/or share repurchases – principal payments of debt securities		– cash from operations (including customer prepayments) – commercial paper issuances – increase of credit facility limits and drawdowns – debt capital markets – supplier financing arrangements

We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. We do not reasonably expect any presently known trend or uncertainty to affect our ability to access our historical sources of liquidity.

Cash requirements

The following aggregated information about our contractual obligations and other commitments summarizes our liquidity and capital resource requirements as at December 31, 2025. Commitments reflect the estimated cash outflows for these obligations.

		Consolidated financial statements note reference		Payments due by period
($ millions)				Total				Within 1 year				1 to 3 years				3 to 5 years				Over 5 years
Long-term debt		19, 24			9,685				513				1,670				1,250				6,252
Estimated interest payments on long-term debt		24			5,792				482				833				699				3,778
Asset retirement obligations and accrued environmental costs		22			3,587				194				235				173				2,985
Lease liabilities		20, 24			1,283				346				408				203				326
Estimated interest payments on lease liabilities		24			214				49				61				36				68
Purchase commitments		24			1,278				1,230				24				24				–
Capital commitments		24			83				63				20				–				–
Other commitments		24			751				195				259				109				188
Derivatives		5			8				8				–				–				–
Total					22,681				3,080				3,510				2,494				13,597

The information presented in the table above does not include planned cash outflows unless they are legally committed for capital expenditures, business acquisitions or shareholder returns, including share repurchases and dividends. In addition to the commitments included above, we have other obligations for goods and services as part of our normal operations, which may terminate on short notice, including purchase commitments for crop input products.

For information on pension and other post-retirement benefits funding, refer to Note 21 to the consolidated financial statements. Future cash requirements are subject to changes in regulations, actuarial assumptions and our expected operating results.

On February 18, 2026, our Board approved a share repurchase program of up to a maximum of 24,057,066 common shares, representing 5 percent of Nutrien’s outstanding common shares. The 2026 normal course issuer bid will commence on March 3, 2026. The share repurchase program will expire on the earlier of March 2, 2027, the date on which we have acquired the maximum number of common shares allowable or the date we determine not to make any further repurchases.

On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.

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Results

Sources and uses of cash

Cash provided by operating activities				– Cash provided by operating activities increased due to stronger Potash and Nitrogen selling prices and an increase in the North American supplier financing program.
Cash used in investing activities				– Cash used in investing activities decreased due to the proceeds received on the sale of investments in Profertil and Sinofert and lower capital expenditures.
Cash used in financing activities				– Cash used in financing activities increased due to higher repayment of debt and share repurchases.

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CAPITAL STRUCTURE AND MANAGEMENT

We manage our capital structure with a focus on maintaining a strong balance sheet, enabling a strong investment-grade credit rating.

Principal debt instruments

As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable.

Capital structure (debt and equity)

($ millions)		December 31, 2025				December 31, 2024
Short-term debt			873				1,534
Current portion of long-term debt			513				1,037
Current portion of lease liabilities			346				356
Long-term debt			9,350				8,881
Lease liabilities			937				999
Shareholders’ equity			25,365				24,442

Senior Notes and Debentures

As at December 31, 2025, our long-term debt consisted primarily of senior notes and debentures with the following maturities and interest rates:

($ millions, except as otherwise noted)		Rate of interest (%)				Maturity				Amount
Senior notes repaid in 2025			3.000				April 1, 2025				500
Senior notes repaid in 2025			5.950				November 7, 2025				500
											1,000
Senior notes issued in 2025			4.500				March 12, 2027				400
Senior notes issued in 2025			5.250				March 12, 2032				600
											1,000

The senior notes issued in 2025 are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.

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Credit facilities and other debt

We have several available credit facilities in the jurisdictions where we operate. We have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility. In 2025, our total facility limit decreased $250 million from a reduction in our unsecured committed revolving term facility. As at December 31, 2025, we had a $399 million outstanding balance in commercial paper. Any excess cash is invested in highly liquid securities.

As at December 31, 2025, $234 million in letters of credit were outstanding and committed, with $250 million of remaining credit available under our dedicated letter of credit facilities.

Lease obligations

We have lease obligations totaling $1,283 million (including current portion) with a weighted average effective interest rate of 4.9 percent as at December 31, 2025.

Debt covenants

Our credit facilities have financial tests and other covenants with which we must comply at each quarter-end. Non-compliance with any such covenants could result in accelerated payment of amounts borrowed and termination of lenders’ further funding obligations under the credit facilities. We were in compliance with all covenants as at December 31, 2025.

The table below summarizes the limit and result of our key financial covenant:

As at December 31		Limit				2025
Debt to capital ratio1			0.65 : 1.00				0.32 : 1.00

1 Refer to Note 4 to the consolidated financial statements for the detailed calculation.

Credit ratings

Our ability to access reasonably priced debt in the capital markets depends, in part, on the quality of our credit ratings. We continue to maintain investment-grade credit ratings for our long-term debt. A downgrade of the credit rating of our long-term debt could increase the interest rates applicable to borrowings under our credit facilities.

Commercial paper markets are generally a source of same-day cash. Our access to the US commercial paper market primarily depends on maintaining our current short-term credit ratings as well as general conditions in the money markets.

Long-term debt rating (outlook)

Short-term debt rating

As at December 31

2025

2024

2025

2024

Moody’s

Baa2 (stable

)

Baa2 (stable

)

P-2

P-2

S&P

BBB (stable

)

BBB (stable

)

A-2

A-2

A credit rating is not a recommendation to buy, sell or hold securities. The ratings may be subject to revision or withdrawal at any time by the respective credit rating agency and each rating should be evaluated independently of any other rating.

Moody’s stable outlook on Nutrien’s credit rating means that there is a low likelihood of a rating change over the medium term. S&P’s stable outlook on Nutrien’s credit rating means that the rating is not likely to change (generally up to two years).

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Outstanding share data

		As at February 17, 2026
Common shares		481,141,322
Options to purchase common shares		2,221,163

For more information on our capital structure and management, see Note 4 to the consolidated financial statements.

QUARTERLY RESULTS

		2025																2024
($ millions, except as otherwise noted)		Q4				Q3				Q2				Q1				Q4				Q3				Q2				Q1
Sales			5,340				6,007				10,438				5,100				5,079				5,348				10,156				5,389
Net earnings			580				469				1,229				19				118				25				392				165
Net earnings attributable to equity holders of Nutrien			571				464				1,221				11				113				18				385				158
Net earnings per share attributable to equity holders of Nutrien
Basic			1.18				0.96				2.51				0.02				0.23				0.04				0.78				0.32
Diluted			1.18				0.96				2.50				0.02				0.23				0.04				0.78				0.32

Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, as well as by demand-supply conditions, farmer affordability and weather. See Note 28 to the consolidated financial statements.

Other material transactions or events that impacted our quarterly results included:

Quarter		Transaction or event
2024 Q2		$530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of the Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Nitrogen Geismar Clean Ammonia project property, plant and equipment as we decided to no longer pursue the project. Net earnings were also impacted by a $220 million loss on foreign currency derivatives in Brazil.

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FOURTH QUARTER RESULTS

($ millions, except as otherwise noted) Three months ended December 31		Sales								Gross margin
		2025				2024				2025				2024
Retail
Crop nutrients			1,512				1,528				288				294
Crop protection products			931				948				324				351
Seed			162				184				48				52
Services and other			254				228				219				188
Merchandise			226				230				39				40
Nutrien Financial			82				77				82				77
Nutrien Financial elimination1			(23	)			(16	)			(23	)			(16	)
Total			3,144				3,179				977				986

1 Represents elimination for the interest and service fees charged by Nutrien Financial to Retail branches.

Manufactured Product

(Dollars, except as otherwise noted) Three months ended December 31		Sales volumes (tonnes – thousands)								Average dollars per tonne
		2025				2024				2025				2024
Potash
North America			726				718				305				270
Offshore			2,077				2,040				247				168
Sales			2,803				2,758				262				194
Cost of goods sold											115				112
Gross margin											147				82
Nitrogen
Ammonia			546				701				470				448
Urea and ESN®			656				888				505				403
Solutions, nitrates and sulfates			1,373				1,325				272				213
Sales			2,575				2,914				373				327
Cost of goods sold											214				221
Gross margin											159				106
Phosphate
Fertilizer			468				435				677				615
Industrial and feed			186				173				875				812
Sales			654				608				733				671
Cost of goods sold											646				631
Gross margin											87				40
($ millions, except as otherwise noted) Three months ended December 31										2025				2024
Adjusted EBITDA
Retail											311				340
Potash											445				291
Nitrogen											521				471
Phosphate											107				86
Corporate and others											(133	)			(160	)
Eliminations											26				27
Adjusted EBITDA1											1,277				1,055
Net earnings											580				118

1 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section.

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Highlights of our 2025 fourth quarter compared to the 2024 fourth quarter results were as follows:

		Q4 2025 versus Q4 2024
Retail		Retail adjusted EBITDA decreased as prior period benefited from income items, most notably $25 million gain on sale of land in Argentina. Crop nutrients sales and gross margin decreased due to lower sales volumes from a weather-shortened fall application window in the US and reduced demand for phosphate, partially offset by higher proprietary products gross margin. International crop nutrient sales volumes were lower mainly due to strategic actions in South America. Crop protection products sales and gross margin were lower due to product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin. Seed sales and gross margin were lower due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin.
Potash		Potash adjusted EBITDA increased due to higher net selling prices and higher sales volumes, partially offset by higher provincial mining taxes. Sales volumes were higher due to higher offshore sales volumes supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes were consistent with the prior year. Net selling price per tonne increased due to higher global benchmark prices. Cost of goods sold per tonne increased primarily due to higher royalties and maintenance costs.
Nitrogen		Nitrogen adjusted EBITDA increased due to higher net selling prices, partially offset by lower equity earnings from Profertil. Sales volumes decreased due to the previously announced controlled shutdown of our Trinidad facility on October 23, 2025 and planned turnarounds at our North American operations. Net selling price per tonne was higher for all major nitrogen products due to stronger benchmark prices. Cost of goods sold per tonne decreased due to a higher percentage of sales coming from our low-cost North American nitrogen plants.
Phosphate		Phosphate adjusted EBITDA increased due to higher net selling prices and sales volumes, partially offset by higher sulfur input costs. Sales volumes were higher due to higher production from reliability improvements and weather-related events that impacted the fourth quarter of 2024 production volumes, partially offset by reduced demand for phosphate. Net selling price per tonne increased due to the strength of fertilizer benchmark prices. Cost of goods sold per tonne increased primarily due to higher sulfur input costs.
Other fourth quarter financial highlights		Share-based compensation expense was higher in the fourth quarter and full year of 2025 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital. Gain on sale of investment was higher due to the sale of our 50 percent equity ownership in Profertil. Income tax increased mainly due to higher earnings. The decrease in the actual effective tax rate is mainly due to the tax impact of the gain on sale of investment in Profertil.

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CONTROLS AND PROCEDURES

Disclosure controls and procedures

We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by Nutrien in its annual filings, interim filings (as these terms are defined in National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”)), and other reports filed or submitted by us under securities legislation is recorded, processed, summarized and reported within the required time periods. Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures as of the end of the period covered by the annual filings, being December 31, 2025, have concluded that, as of such date, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed by Nutrien in its annual filings, interim filings, or other reports filed or submitted by it under securities legislation is (a) recorded, processed, summarized and reported within the time periods specified in the securities legislation, and (b) accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Internal control over financial reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and NI 52-109. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of consolidated financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Board of Directors, through its Audit Committee, oversees management’s responsibilities for financial reporting and internal controls.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have designed ICFR based on the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013) and conducted an evaluation of the design and effectiveness of our ICFR as of the end of the fiscal year ended December 31, 2025. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as at December 31, 2025, Nutrien maintained effective internal control over financial reporting. There have been no changes during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, as reflected in their Report of Independent Registered Public Accounting Firm for 2025, which is included in this 2025 Annual Report.

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FORWARD-LOOKING STATEMENTS

Certain statements and other information included in this document, including within the “2026 Guidance” section and the “Market outlook” sections for each segment, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “project”, “intend” or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien’s business strategies, plans, prospects and opportunities; Nutrien’s 2026 annual guidance, including expectations regarding our Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted earnings and capital expenditures; our 2026 adjusted EBITDA and adjusted earnings per share sensitivity analysis; our belief that Nutrien’s production assets are positioned to generate significant cash flow and the resulting benefits thereof; expectations regarding Nutrien’s 2026 targets, including with respect to Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, annual consolidated cost savings, Potash ore tonnes mined using automation, Ammonia operating rate, Phosphate operating rate and supply chain optimization and efficiency run-rate value; Nutrien’s market outlook for 2026 and the projections and expectations related thereto; expectations regarding our capital allocation strategies, including with respect to uses of cash that prioritize safe and reliable operations, maintaining a strong and flexible balance sheet, leveraging existing assets, and returning capital to shareholders through share repurchases and dividends and investment in high-value opportunities to generate significant long-term returns; our ability to advance strategic priorities and high value growth investments; our expectations regarding our priorities for 2026, including safety, growing free cash flow, maintaining ratable share repurchases, completing strategic reviews and optimizing our existing portfolio; expectations regarding our ability to generate cash flow and return capital to our shareholders, including our expectations regarding share repurchases and stable and growing dividends; expectations that internally generated cash flow, as supplemented by new and existing financing sources, will be sufficient to meet our anticipated future cash requirements; expectations regarding performance of our operating segments in 2026; our operating segment market outlooks and our expectations for market conditions, fundamentals and trends in 2026 and beyond, including agriculture and crop nutrient markets and global energy supply, the anticipated supply and demand for our products and services, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development, natural gas curtailments in Trinidad and elsewhere, and global population growth expectations; our review of strategic alternatives for our Phosphate business, including potential outcomes such as reconfiguring operations, strategic partnerships, a potential sale of all or part of the business and the possibility that no transaction or change occurs; expectations concerning future product offerings; the negotiation of sales and other contracts, including the expiry of existing contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders.

These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.

All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, the assumptions set forth below are not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.

Key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions and expectations regarding our strategic priorities and targets in 2026 and beyond, and our ability to achieve them; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, availability, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, crop development and cost of labor and interest, exchange and effective tax rates; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2025 and in the future; assumptions with respect to our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives; that we will conduct

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our operations and achieve results of operations as anticipated; assumptions related to our assessment of recoverable amount estimates of our assets, including in relation to asset and goodwill impairments of certain of our cash generating units; potash demand growth in offshore markets and normalization of Canpotex port operations; our intention to complete share repurchases under our normal course issuer bid programs, including TSX approval, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; assumptions related to our ability to fund our dividends at the current level and at increased levels in the future; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; our ability to successfully negotiate sales and other contracts; and our ability to successfully implement new initiatives and programs. In respect of our 2026 Potash sales volume target, we have made assumptions with respect to, among other things: market conditions, fertilizer and commodity prices, supply and demand, capital availability, logistics, our ability to maintain market share and that potash operations will operate within expectations. In respect of 2026 nitrogen sales volume target, we have made assumptions with respect to, among other things: market conditions, fertilizer and commodity prices, supply and demand, capital availability, natural gas availability, timely execution of expansion projects and reliability.

Events or circumstances could cause actual results to differ materially from those in the forward-looking statements. With respect to our business generally and our ability to meet other targets, commitments, goals, strategies and related milestones and schedules disclosed in this document, such events or circumstances include, but are not limited to: failure to achieve an optimal outcome of our strategic review process for our Phosphate business; general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives or results of operations or targets, expected capital expenditures in 2026, delivering upstream fertilizer sales volume growth and advancing high return downstream Retail growth opportunities; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality; climate change and weather conditions, and impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including in respect of tariffs, trade restrictions and climate change initiatives) and government ownership requirements; the potential that Nutrien may become subject to new laws or regulations that impose new requirements or require new or additional permits or approvals, and the associated effects thereof, and changes in environmental, tax, antitrust, and other laws or regulations and the interpretation thereof; trade restrictions, including the imposition of any tariffs, or other changes to international trade arrangements; the effects of current and future international trade agreements or other developments affecting the level of global trade; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC in the US.

The purpose of our 2026 Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate on adjusted earnings and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.

The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws. Any forward-looking statements contained herein are expressly qualified by this cautionary statement.

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APPENDICES

Non-GAAP financial measures

We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.

These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.

Adjusted EBITDA (consolidated)

Most directly comparable IFRS financial measure: Net earnings (loss).

Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and certain foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, asset retirement obligations (“ARO”) and accrued environmental costs (“ERL”) related to our non-operating sites, and loss related to financial instruments in Argentina.

Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.

($ millions)		2025				2024
Net earnings			2,297				700
Finance costs			687				720
Income tax expense			752				436
Depreciation and amortization			2,369				2,339
EBITDA1			6,105				4,195
Adjustments:
Share-based compensation expense			163				37
Foreign exchange loss, net of related derivatives			9				360
ARO/ERL related expenses for non-operating sites			2				151
Loss related to financial instruments in Argentina			–				35
Restructuring costs			68				47
Impairment of assets			–				530
Gain on sale of investment in Profertil			(301	)			–
Adjusted EBITDA			6,046				5,355

1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.

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Adjusted net earnings and adjusted net earnings per share

Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.

Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and certain foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, ARO and accrued ERL related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate.

Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.

		2025												2024
($ millions, except as otherwise noted)		Increases (decreases)				Post-tax				Per diluted share				Increases (decreases)				Post-tax				Per diluted share
Net earnings attributable to equity holders of Nutrien							2,267				4.66								674				1.36
Adjustments:
Share-based compensation expense			163				123				0.25				37				27				0.05
Foreign exchange loss, net of related derivatives			9				6				0.03				360				346				0.70
Restructuring costs			68				59				0.12				47				38				0.08
Impairment of assets			–				–				–				530				492				1.00
ARO/ERL related expenses for non-operating sites			2				2				–				151				106				0.21
Gain on sale of investment in Profertil			(301	)			(241	)			(0.50	)			–				–				–
Loss related to financial instruments in Argentina			–				–				–				35				35				0.07
Sub-total adjustments			(59	)			(51	)			(0.10	)			1,160				1,044				2.11
Adjusted net earnings							2,216				4.56								1,718				3.47

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Appendices

Effective tax rate on adjusted net earnings

Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed.

Effective tax rate on adjusted net earnings ratio is calculated as adjusted income tax expense divided by adjusted earnings before income taxes. We use this measure to provide the actual result for a previously disclosed forward-looking effective tax rate on adjusted net earnings guidance.

($ millions, except as otherwise noted)		2025
Earnings before income taxes			3,049
Adjustments1			(59	)
Adjusted earnings before income taxes			2,990
Income tax expense			752
Adjustments2			(8	)
Adjusted income tax expense			744
Effective tax rate on adjusted net earnings (%)			24.9

1 Calculated as sum of pre-tax adjustments noted in the Adjusted Net Earnings section.

2 Calculated as difference between the sum of pre-tax and post-tax adjustments noted in the Adjusted Net Earnings section.

Free cash flow

Most directly comparable IFRS financial measure: Cash provided by operating activities.

Definition: Free cash flow is calculated as cash provided by operating activities less sustaining capital expenditures, mine development and pre-stripping capital expenditures, and repayment of the principal portion of lease liabilities.

Why we use the measure and why it is useful to investors: To assess our operational performance and evaluate our ability to create long-term value by funding activities that include dividend payments, investing capital, debt repayment and share repurchases.

		2025				2024				2023
Cash provided by operating activities			4,007				3,535				5,066
Sustaining capital expenditures1			(1,364	)			(1,468	)			(1,404	)
Mine development and pre-stripping capital expenditures1			(245	)			(256	)			(262	)
Repayment of principal portion of lease liabilities			(419	)			(402	)			(375	)
Free cash flow			1,979				1,409				3,025

1 These are supplementary financial measures. See the “Other financial measures” section.

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Appendices

Gross margin excluding depreciation and amortization per tonne – manufactured product

Most directly comparable IFRS financial measure: Gross margin.

Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the “Results” section.

Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.

Potash controllable cash cost of product manufactured (“COPM”) per tonne

Most directly comparable IFRS financial measure: Cost of goods sold (“COGS”) for the Potash segment.

Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.

Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.

($ millions, except as otherwise noted)		2025				2024
Total COGS – Potash			1,581				1,448
Change in inventory			(2	)			36
Other adjustments1			(27	)			(21	)
COPM			1,552				1,463
Depreciation and amortization in COPM			(606	)			(581	)
Royalties in COPM			(93	)			(79	)
Natural gas costs and carbon taxes in COPM			(42	)			(36	)
Controllable cash COPM			811				767
Production tonnes (tonnes – thousands)			13,966				14,205
Potash controllable cash COPM per tonne			58				54

1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

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Appendices

Ammonia controllable cash COPM per tonne

Most directly comparable IFRS financial measure: COGS for the Nitrogen segment.

Definition: Total Nitrogen COGS excluding depreciation and amortization expense included in COGS, cash COGS for products other than ammonia, other adjustments, and natural gas and steam costs, divided by net ammonia production tonnes.

Why we use the measure and why it is useful to investors: To assess operational performance. Ammonia controllable cash COPM excludes the effects of production from other periods, the costs of natural gas and steam, and long-term investment decisions, supporting a focus on the performance of our day-to-day operations.

($ millions, except as otherwise noted)		2025				2024¹
Total Manufactured COGS – Nitrogen2			2,382				2,282
Total Other COGS – Nitrogen2			198				92
Total COGS – Nitrogen			2,580				2,374
Depreciation and amortization in COGS			(522	)			(483	)
Cash COGS for products other than ammonia			(1,487	)			(1,287	)
Ammonia
Total cash COGS before other adjustments			571				604
Other adjustments2			(142	)			(165	)
Total cash COPM			429				439
Natural gas and steam costs in COPM			(296	)			(292	)
Controllable cash COPM			133				147
Production tonnes (net tonnes3 – thousands)			2,308				2,372
Ammonia controllable cash COPM per tonne			58				62

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

3 Ammonia tonnes available for sale, as not upgraded to other nitrogen products.

Retail average working capital to sales and Retail average working capital to sales excluding Nutrien Financial

Definition: Retail average working capital divided by Retail sales for the last four rolling quarters. We also look at this metric excluding Nutrien Financial revenue and working capital.

Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage

represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working

capital of Nutrien Financial has on the ratio.

($ millions, except as otherwise noted)		2025				2024
Average current assets			11,240				10,981
Average current liabilities			7,309				7,424
Average working capital			3,931				3,557
Average Nutrien Financial working capital			(3,693	)			(3,561	)
Average working capital excluding Nutrien Financial			238				(4	)
Sales			17,620				17,832
Nutrien Financial revenue			(376	)			(361	)
Sales excluding Nutrien Financial			17,244				17,471
Average working capital to sales (%)			22				20
Average working capital to sales excluding Nutrien Financial (%)			1				–

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Appendices

Nutrien Financial adjusted net interest margin

Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.

Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.

($ millions, except as otherwise noted)		2025				2024
Nutrien Financial revenue			376				361
Deemed interest expense1			(177	)			(174	)
Net interest			199				187
Average Nutrien Financial net receivables			3,693				3,561
Nutrien Financial adjusted net interest margin (%)			5.4				5.3

1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.

Retail cash operating coverage ratio

Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.

Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow.

($ millions, except as otherwise noted)		2025				2024
Selling expenses			3,306				3,418
General and administrative expenses			172				191
Other expenses			123				87
Operating expenses			3,601				3,696
Depreciation and amortization in operating expenses			(714	)			(751	)
Operating expenses excluding depreciation and amortization			2,887				2,945
Gross margin			4,603				4,621
Depreciation and amortization in cost of goods sold			20				20
Gross margin excluding depreciation and amortization			4,623				4,641
Cash operating coverage ratio (%)			62				63

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Appendices

Return on invested capital (“ROIC”)

Definition: ROIC is calculated as net operating profit after taxes divided by the average invested capital for the last four rolling quarters.

Net operating profit after taxes, a non-GAAP financial measure, is calculated as earnings before finance costs and income taxes, depreciation and amortization related to the fair value adjustments as a result of the Merger (the merger of equals transaction between PotashCorp and Agrium), share-based compensation, and certain foreign exchange gain/loss (net of related derivatives) and Nutrien Financial earnings before finance costs and income taxes. The most directly comparable IFRS financial measure to net operating profit after taxes is earnings before finance costs and income taxes. We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: integration and restructuring related costs, impairment or reversal of impairment of assets, and gain or loss on disposal of certain businesses and investments. A tax rate of 25 percent is applied on the calculated amount.

Invested capital is calculated as last four rolling quarter average of total assets less cash and cash equivalents; payables and accrued charges; Merger fair value adjustments on goodwill, intangible assets, and property, plant and equipment; and average Nutrien Financial working capital.

We exclude in our calculations the related financial information of certain acquisitions during the first year following the acquisition.

Why we use the measure and why it is useful to investors: ROIC provides useful information to evaluate how efficiently we allocate our capital and is used as a component of employee remuneration calculations.

($ millions, except as otherwise noted)		2025				2024
Earnings before finance costs and income taxes			3,736				1,856
Merger adjustments1			186				216
Restructuring costs			68				47
Share-based compensation expense (recovery)			163				37
Impairment of assets			–				530
ARO/ERL related expense for non-operating sites			2				151
Foreign exchange loss, net of related derivatives			9				360
Loss related to financial instruments in Argentina			–				35
Gain on sale of investment in Profertil			(301	)			–
Nutrien Financial earnings before finance costs and income taxes			(215	)			(170	)
Net operating profit			3,648				3,062
Tax (calculated at 25%)			912				766
Net operating profit after tax			2,736				2,296

($ millions, except as otherwise noted)		2025				2024
Average total assets			52,613				52,579
Average cash and cash equivalents			(902	)			(718	)
Average payables and accrued charges			(8,488	)			(8,547	)
Average merger adjustments1			(9,596	)			(9,628	)
Average Nutrien Financial receivables			(3,693	)			(3,561	)
Invested capital			29,934				30,125
Return on invested capital (%)			9				8

1 Depreciation and amortization related to the fair value adjustments as a result of the Merger.

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Appendices

Other financial measures

Supplementary financial measures

Supplementary financial measures are financial measures disclosed by the Company that: (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) are not disclosed in the financial statements of the Company; (c) are not non-GAAP financial measures; and (d) are not non-GAAP ratios.

Retail adjusted EBITDA margin: Retail adjusted EBITDA divided by Retail sales for the last four rolling quarters.

Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.

Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures excludes capital outlays for business acquisitions and equity-accounted investees.

Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.

Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien’s shareholders plus repurchase of common shares as reflected in the consolidated statements of cash flows. This measure is useful as it represents return of cash to shareholders.

Capital management measures

Capital management measures are financial measures disclosed by the Company that: (a) are intended to enable an individual to evaluate the Company’s objectives, policies and processes for managing the Company’s capital; (b) are not a component of a line item disclosed in the primary financial statements of the Company; (c) are disclosed in the notes of the financial statements of the Company; and (d) are not disclosed in the primary financial statements of the Company.

The following section outlines our capital management measure, its composition and why management uses the measure.

Adjusted net debt to adjusted EBITDA: Calculated as adjusted net debt to adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. This ratio measures financial leverage and our ability to pay our debt.

The most directly comparable measure for adjusted net debt is total short-term and long-term debt and lease liabilities less cash and cash equivalents and is defined as the total of short-term and long-term debt plus lease liabilities less cash and cash equivalents and unamortized fair value adjustments. This measure is useful as it adjusts for the unamortized fair value adjustments that arose at the time of the Merger and is non-cash in nature.

($ millions, except as otherwise noted)		2025				2024
Short-term debt			873				1,534
Current portion of long-term debt			513				1,037
Current portion of lease liabilities			346				356
Long-term debt			9,350				8,881
Lease liabilities			937				999
Total debt			12,019				12,807
Cash and cash equivalents			(701	)			(853	)
Unamortized fair value adjustments			(258	)			(276	)
Adjusted net debt			11,060				11,678

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Appendices

OTHER FINANCIAL INFORMATION

Nature of financial information and consolidated financial statements note reference				Description
Off-Balance Sheet Arrangements (Notes 5, 12, 22, 25 and 27)				Principal off-balance sheet activities primarily include: – Agreement to reimburse losses of Canpotex. – Issuance of guarantee contracts. – An agency arrangement with a financial institution in relation to certain customer loans. – Certain non-financial derivatives that were entered into and continued to be held for the purpose of the receipt or delivery of a non-financial item, such as grain or natural gas, in accordance with expected purchase, sale or usage requirements. Other derivatives are included on our balance sheet at fair value. We do not reasonably expect any presently known trend or uncertainty to affect our ability to continue using these arrangements, except as indicated above.
Related Party Transactions (Note 26)				Our main related party is Canpotex, a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer.
Financial Instruments and Other Instruments (Note 5)				Our financial instruments are subject to various risks such as credit, liquidity and market risks. As discussed in the “Governance” section, our ELT is responsible for ensuring that our principal risks, including financial risks, are being appropriately identified, assessed and addressed.

Material accounting policies and Critical accounting estimates

Nutrien’s material accounting policies are described in Note 28 of the audited Consolidated Financial Statements for the year ended December 31, 2025.

Critical accounting estimates

We prepare our consolidated financial statements in accordance with IFRS, which requires us to make judgments, assumptions and estimates in applying accounting policies. Critical accounting estimates are those which are highly uncertain at the time they are made or where different estimates would be reasonably likely to have a material impact on our financial condition or results of operations. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board.

Refer to the notes to the consolidated financial statements for additional information on the following critical accounting estimates including methodology used for calculating our estimates (when applicable), key assumptions used, and factors considered in our estimates and judgments.

Consolidated financial statements note reference				Critical accounting estimate description
Notes 14 and 27				Long-lived asset impairments and reversals We review our assets, at each reporting period, for conditions to determine whether there is any indication that an impairment exists that could potentially impact the carrying amount of our long-lived assets to be held and used. When such indicators exist, impairment testing is performed. We review, at each reporting period, for possible reversal of the impairment for non-financial assets, other than goodwill.

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Consolidated financial statements note reference				Critical accounting estimate description
Notes 14, 15 and 27				Goodwill impairment analysis We test our operating segments that have goodwill allocated to them when events or circumstances indicate that there could be an impairment, or at least annually on October 1. Goodwill is more susceptible to impairment risk if business operating results or economic conditions deteriorate and we anticipate not meeting our forecasts. The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions are based on historical data and our estimates of future results from internal sources considering industry and market information. Key assumptions in our testing models may change, and changes that could reasonably be expected to occur may cause impairment. Such change in assumptions could be driven by global supply and demand, other market factors, changes in regulations, and other future events outside our control. Refer to note 14 of the consolidated financial statements for sensitivity analysis.
Notes 22 and 27				Asset retirement obligations (“AROs”) and accrued environmental costs (“ERLs”) – measurement AROs and ERLs have a high degree of estimation uncertainty for future costs and estimated remediation timelines. The Potash and Phosphate segments have AROs and ERLs associated with their mining operations while the Corporate and Others segment has these liabilities for any non-operational sites. Refer to note 22 of the consolidated financial statements for sensitivity analysis. For the Nitrogen segment, there are no significant AROs recorded as there is no reasonable basis for estimating a date or range of dates for cessation of operations. We considered the historical performance of our facilities as well as our planned maintenance, major upgrades and replacements, which can extend the useful lives beyond the foreseeable future.

Standards, amendments and interpretations effective and applied

The IASB and IFRS Interpretations Committee (“IFRIC”) have issued certain standards and amendments or interpretations to existing standards that were effective, and we have applied.

In 2025, we adopted the following standards, amendments and annual improvements with no material impact on our consolidated financial statements:

– Lack of Exchangeability (Amendments to IAS 21)

Standards, amendments and interpretations not yet effective and not applied

The IASB and IFRIC have issued the following standards, amendments or interpretations to existing standards that were not yet effective and not applied as at December 31, 2025.

The following amendments will be adopted in 2026 and are not expected to have a material impact on our consolidated financial statements:

– Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), effective January 1, 2026.

Based on our adoption work to date, we expect liabilities settled by cheque to be derecognized when the cheque is cleared and settled with the counterpart’s bank, instead of when the cheque is written. This change will affect the timing of derecognition for certain trade and other payables but is not expected to have a material impact on the consolidated financial statements.

The following standard is being reviewed to determine the potential impact on our consolidated financial statements:

– Presentation and Disclosure in Financial Statements (IFRS 18), effective January 1, 2027. In April 2024, the IASB issued IFRS 18, which will replace IAS 1 Presentation of Financial Statements. The new standard will require classification of income and expenses into specified categories of operating, investing and financing. The standard will also require defined subtotals including operating profit, and note disclosures including our management-defined performance measures (“MPMs”). The new standard also provides guidance on aggregation and disaggregation of disclosures.

We will continue to assess the full impact of IFRS 18 and disclose any significant updates as our implementation progresses.

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Five-year highlights

FIVE-YEAR HIGHLIGHTS

The following information is not part of our MD&A on SEDAR+ and EDGAR and is furnished for those readers who may find value in the use of such information over the long term.

Summary financial information

($ millions, except as otherwise noted)		2025				2024				2023				2022				2021
Operations
Sales			26,885				25,972				29,056				37,884				27,712
Earnings before finance costs and income taxes			3,736				1,856				2,745				10,809				4,781
Net earnings			2,297				700				1,282				7,687				3,179
Diluted net earnings per share (dollars)			4.66				1.36				2.53				14.18				5.52
Finance costs			687				720				793				563				613
Adjusted EBITDA1			6,046				5,355				6,058				12,170				7,126
Cash provided by operating activities			4,007				3,535				5,066				8,110				3,886
Balance sheet
Total assets			52,301				51,840				52,749				54,586				49,954
Short-term debt and long-term debt (including leases)			12,019				12,807				12,566				11,928				10,846
Total shareholders’ equity			25,365				24,442				25,201				25,863				23,699
Common share information
Weighted average common shares (millions)			487				494				497				540				571
Closing share price on NYSE (dollars)			61.72				44.75				56.33				73.03				75.20
Operating segment information
Retail net sales			17,620				17,832				19,542				21,350				17,734
Potash net sales			3,593				2,989				3,759				7,899				4,036
Nitrogen net sales3			4,187				3,576				4,034				6,988				4,381
Phosphate net sales			1,734				1,657				1,993				2,377				1,829
Retail adjusted EBITDA			1,736				1,696				1,459				2,293				1,939
Potash adjusted EBITDA			2,254				1,848				2,404				5,769				2,736
Nitrogen adjusted EBITDA3			2,147				1,880				1,965				3,913				2,298
Phosphate adjusted EBITDA			382				384				470				594				540
Capital allocation
Sustaining capital expenditures2, 4			1,364				1,468				1,404				1,449				1,247
Mine development and pre-stripping expenditures2, 4			245				256				262				234				156
Investing capital expenditures2, 4			396				430				934				792				510
Business acquisitions (net of cash acquired)			23				21				153				407				88
Dividends paid to Nutrien’s shareholders			1,061				1,060				1,032				1,031				1,045
Repurchase of common shares, inclusive of related tax			551				184				1,047				4,520				1,035

1 This is a non-GAAP financial measure. See the “Non-GAAP financial measures” section. Additional information relating to 2023, 2022 and 2021 is contained in the “Appendix A – non-GAAP financial measures” section of Nutrien’s MD&A dated February 22, 2024 for the year ended December 31, 2023, “Appendix – Non-IFRS Financial Measures” section of Nutrien’s MD&A dated February 16, 2023 for the year ended December 31, 2022 and “Appendix – Non-IFRS Financial Measures” section of Nutrien’s MD&A dated February 17, 2022 for the year ended December 31, 2021, which information is incorporated by reference herein. Such MD&A are available on SEDAR+ at sedarplus.ca.

2 Certain immaterial 2023 figures have been reclassified.

3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

4 This is a supplementary financial measure. See the “Other financial measures” section.

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Five-year highlights

Summary production and sales volumes information

		2025				2024				2023				2022				2021
Production (thousands)
Potash production (product tonnes)			13,966				14,205				12,998				13,007				13,790
Nitrogen production (total ammonia tonnes)1			5,706				5,608				5,357				5,759				5,996
Phosphate production (P2O5 tonnes)			1,360				1,327				1,406				1,351				1,518
Sales of manufactured product tonnes (thousands)
Retail crop nutrients tonnes sold			11,860				12,262				12,632				11,513				13,383
Potash tonnes sold			14,253				13,886				13,216				12,537				13,625
Nitrogen tonnes sold			10,888				10,694				10,423				10,023				10,725
Phosphate tonnes sold			2,363				2,434				2,551				2,378				2,619

1 All figures are provided on a gross production basis.

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FINANCIAL STATEMENTS AND NOTES

Management’s responsibility for financial reporting			69
Reports of independent registered public accounting firm			70
Consolidated statements of earnings			72
Consolidated statements of comprehensive income			72
Consolidated statements of cash flows			73
Consolidated statements of changes in shareholders’ equity			74
Consolidated balance sheets			75

Notes to the consolidated financial statements
General information
1		| Description of business			76
2		| Basis of presentation			76
Segment operations and management
3		| Segment information			77
4		| Capital management			81
5		| Financial instruments and related risk management			82
Detailed information on financial performance
6		| Nature of expenses			86
7		| Share-based compensation			86
8		| Other expenses (income)			87
9		| Finance costs			88
10		| Income taxes			88
11		| Net earnings per share			90
Detailed information on financial position
12		| Receivables			90
13		| Inventories			91
14		| Property, plant and equipment			92
15		| Goodwill and intangible assets			94
16		| Investments			96
17		| Other assets			96
18		| Trade, other payables and accrued liabilities			97
19		| Debt			97
20		| Lease liabilities			99
21		| Pension and other post-retirement benefits			99
22		| Asset retirement obligations and accrued environmental costs			102
23		| Share capital			103
Other disclosures
24		| Commitments			103
25		| Guarantees			104
26		| Related party transactions			104
27		| Contingencies and other matters			105
28		| Accounting policies, estimates and judgments			106

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Management’s responsibility

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

Management’s report on the consolidated financial statements

The accompanying consolidated financial statements and related financial information are the responsibility of the management of Nutrien Ltd. (the “Company”). They have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and include amounts based on estimates and judgments. Financial information included elsewhere in this report is consistent with the consolidated financial statements.

The consolidated financial statements are approved by the Board of Directors on the recommendation of the Audit Committee. The Audit Committee, appointed by the Board of Directors, is composed entirely of independent directors. The Audit Committee discusses and analyzes the Company’s condensed consolidated financial statements and management’s discussion and analysis (“MD&A”) with management before such information is approved by the committee and submitted to securities commissions or other regulatory authorities. The Audit Committee and management also analyze the annual consolidated financial statements and MD&A prior to their approval by the Board of Directors.

The Board of Directors, through its Audit Committee, oversees management’s responsibilities for financial reporting and internal controls. The Audit Committee’s duties also include reviewing critical accounting policies and significant estimates and judgments underlying the consolidated financial statements as presented by management and approving the fees of our independent registered public accounting firm.

Our independent registered public accounting firm, KPMG LLP, performs an audit of the consolidated financial statements, the results of which are reflected in their Report of Independent Registered Public Accounting Firm for 2025. KPMG LLP has full and independent access to the Audit Committee to discuss their audit and related matters.

Management’s annual report on internal control over financial reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings. Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS.

Under our supervision and with the participation of management, the Company conducted an evaluation of the design and effectiveness of our internal control over financial reporting as at the end of the fiscal year covered by this report, based on the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013). Based on this evaluation, management concluded that, as at December 31, 2025, the Company maintained effective internal control over financial reporting. There has been no change in our ICFR during the three and twelve months ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, as reflected in their Report of Independent Registered Public Accounting Firm for 2025.

   

Ken Seitz President and Chief Executive Officer February 19, 2026 Mark Thompson Executive Vice President and Chief Financial Officer February 19, 2026

Nutrien Annual Report 2025  69

Table of Contents

  Overview MD&A Five-year highlights Financial statements and notes

Auditor’s Report

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of Nutrien Ltd.

Opinion on Internal Control Over Financial Reporting

We have audited Nutrien Ltd.’s (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 19, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chartered Professional Accountants

Calgary, Canada

February 19, 2026

70  Nutrien Annual Report 2025

Table of Contents

Overview MD&A Five-year highlights Financial statements and notes  

Auditor’s Report

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of Nutrien Ltd.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Nutrien Ltd. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill Impairment Assessment of the Retail North America Group of Cash-Generating Units

As discussed in Note 15 to the consolidated financial statements, the carrying amount of goodwill as of December 31, 2025 was $12,136 million, of which $7,006 million of goodwill is attributed to the Retail North America group of cash-generating units (“Retail North America CGU”). The Retail North America CGU is tested for impairment annually, and whenever events or changes in circumstances may indicate the carrying amount, including goodwill, exceeds its estimated recoverable amount. The calculation of the recoverable amount of the Retail North America CGU involved estimates including the forecasted net earnings before finance costs, income taxes and depreciation and amortization (“EBITDA”), terminal growth rate and discount rate.

We identified the calculation of the recoverable amount of goodwill for the Retail North America CGU as of October 1, 2025 as a critical audit matter. A high degree of auditor judgment was required to evaluate the Company’s forecasted EBITDA, terminal growth rate and discount rate used to calculate the recoverable amount of the Retail North America CGU. Minor changes to these assumptions could have had a significant effect on the Company’s calculation of the recoverable amount of the Retail North America CGU. Additionally, the audit effort associated with this estimate required specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the calculation of the recoverable amount of goodwill for the Retail North America CGU. This included controls related to the determination of the forecasted EBITDA, terminal growth rate and discount rate. We evaluated the Company’s forecasted EBITDA for the Retail North America CGU by comparing it to historical results taking into account changes in conditions and events affecting the Company. We evaluated the terminal growth rate by comparing it to the historical growth of the Retail North America CGU and to market information, including forecasted inflation and forecasted gross domestic product in the United States. We assessed the Company’s ability to accurately forecast EBITDA by comparing historical forecasts of EBITDA to actual results. In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in:

– evaluating the Company’s determination of the discount rate by comparing the inputs to the discount rate to publicly available market data and assessing the resulting discount rate, and

– evaluating the Company’s estimate of the recoverable amount of the Retail North America CGU by comparing the results of the Company’s estimate to publicly available market data and valuation metrics for comparable entities.

Chartered Professional Accountants

We have served as the Company’s auditor since 2018.

Calgary, Canada

February 19, 2026

Nutrien Annual Report 2025  71

Table of Contents

  Overview MD&A Five-year highlights Financial statements and notes

Financial statements

CONSOLIDATED STATEMENTS OF EARNINGS

For the years ended December 31		Note				2025				2024
Sales			3, 26				26,885				25,972
Freight, transportation and distribution			6				936				956
Cost of goods sold			6, 13				17,602				17,486
Gross margin							8,347				7,530
Selling expenses			6				3,320				3,435
General and administrative expenses			6				600				644
Provincial mining taxes			6				372				255
Share-based compensation expense			7				163				37
Impairment of assets			14, 15				–				530
Foreign exchange loss, net of related derivatives			5				9				360
Gain on sale of investment in Profertil			16				(301	)			–
Other expenses			8				448				413
Earnings before finance costs and income taxes							3,736				1,856
Finance costs			9				687				720
Earnings before income taxes							3,049				1,136
Income tax expense			10				752				436
Net earnings							2,297				700
Attributable to
Equity holders of Nutrien							2,267				674
Non-controlling interest							30				26
Net earnings							2,297				700
Net earnings per share attributable to equity holders of Nutrien (“EPS”)			11
Basic							4.66				1.36
Diluted							4.66				1.36
Weighted average shares outstanding for basic EPS			11				486,335,000				494,198,000
Weighted average shares outstanding for diluted EPS			11				486,518,000				494,365,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the years ended December 31 (net of related income taxes)		Note				2025				2024
Net earnings							2,297				700
Other comprehensive income (loss)
Items that will not be reclassified to net earnings:
Net actuarial gain on defined benefit plans			21				6				17
Net fair value (loss) gain on investments			16				(18	)			55
Items that have been or may be subsequently reclassified to net earnings:
Gain (loss) on currency translation of foreign operations							212				(254	)
Other							24				(52	)
Other comprehensive income (loss)							224				(234	)
Comprehensive income							2,521				466
Attributable to
Equity holders of Nutrien							2,490				443
Non-controlling interest							31				23
Comprehensive income							2,521				466

(See Notes to the consolidated financial statements)

72 | Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

Table of Contents

Overview MD&A Five-year highlights Financial statements and notes  

Financial statements

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31		Note				2025				2024
Operating activities
Net earnings							2,297				700
Adjustments for:
Depreciation and amortization							2,369				2,339
Share-based compensation expense			7				163				37
Impairment of assets			14, 15				–				530
Gain on sale of investment in Profertil			16				(301	)			–
Provision for deferred income tax							250				31
Net distributed (undistributed) earnings of equity-accounted investees							65				(8	)
Loss related to financial instruments in Argentina			8				–				35
Long-term income tax receivables and payables			17				(65	)			47
Other long-term assets, liabilities and miscellaneous							12				311
Cash from operations before working capital changes							4,790				4,022
Changes in non-cash operating working capital:
Receivables							(128	)			(224	)
Inventories and prepaid expenses and other current assets							(557	)			60
Trade, other payables and accrued liabilities							(98	)			(323	)
Cash provided by operating activities							4,007				3,535
Investing activities
Capital expenditures1			14, 15				(2,005	)			(2,154	)
Business acquisitions, net of cash acquired							(23	)			(21	)
(Purchase of) proceeds from investments, held within three months, net							(33	)			44
Purchase of investments							(94	)			(112	)
Proceeds from sale of investments							838				138
Net changes in non-cash working capital							6				27
Other							(61	)			(55	)
Cash used in investing activities							(1,372	)			(2,133	)
Financing activities
Repayment of debt, maturing within three months, net			19				(696	)			(142	)
Proceeds from debt			19				998				1,022
Repayment of debt			19				(1,089	)			(659	)
Repayment of principal portion of lease liabilities			19, 20				(419	)			(402	)
Dividends paid to Nutrien’s shareholders			23				(1,061	)			(1,060	)
Repurchase of common shares			23				(551	)			(184	)
Issuance of common shares			23				38				18
Other							(37	)			(46	)
Cash used in financing activities							(2,817	)			(1,453	)
Effect of exchange rate changes on cash and cash equivalents							30				(37	)
Decrease in cash and cash equivalents							(152	)			(88	)
Cash and cash equivalents – beginning of year							853				941
Cash and cash equivalents – end of year							701				853
Cash and cash equivalents is composed of:
Cash							566				741
Short-term investments							135				112
							701				853
Supplemental cash flows information
Interest paid							738				740
Income taxes paid							335				321
Total cash outflow for leases							567				558

1 Includes additions to property, plant and equipment, and intangible assets of $1,882 million and $123 million (2024 – $2,025 million and $129 million), respectively.

(See Notes to the consolidated financial statements)

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  73

Table of Contents

  Overview MD&A Five-year highlights Financial statements and notes

Financial statements

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

														Accumulated other comprehensive (loss) income (“AOCI”)
(Inclusive of related tax)		Number of common shares				Share capital				Contributed surplus				(Loss) gain on currency translation of foreign operations				Other				Total AOCI				Retained earnings				Equity holders of Nutrien				Non- controlling interest				Total equity
Balance – December 31, 2023			494,551,730				13,838				83				(286	)			(10	)			(296	)			11,531				25,156				45				25,201
Net earnings			–				–				–				–				–				–				674				674				26				700
Other comprehensive (loss) income			–				–				–				(251	)			20				(231	)			–				(231	)			(3	)			(234	)
Shares repurchased for cancellation (Note 23)			(3,944,903	)			(110	)			(20	)			–				–				–				(60	)			(190	)			–				(190	)
Dividends declared1 (Note 23)			–				–				–				–				–				–				(1,063	)			(1,063	)			–				(1,063	)
Non-controlling interest transactions			–				–				–				–				–				–				–				–				(33	)			(33	)
Effect of share-based compensation including issuance of common shares (Note 7)			418,619				20				5				–				–				–				–				25				–				25
Transfer of net gain on sale of investment			–				–				–				–				–				–				7				7				–				7
Transfer of net loss on cash flow hedges			–				–				–				–				29				29				–				29				–				29
Transfer of net actuarial gain on defined benefit plans			–				–				–				–				(17	)			(17	)			17				–				–				–
Balance – December 31, 2024			491,025,446				13,748				68				(537	)			22				(515	)			11,106				24,407				35				24,442
Net earnings			–				–				–				–				–				–				2,267				2,267				30				2,297
Other comprehensive income			–				–				–				211				12				223				–				223				1				224
Shares repurchased for cancellation (Note 23)			(9,829,408	)			(275	)			(10	)			–				–				–				(275	)			(560	)			–				(560	)
Dividends declared1 (Note 23)			–				–				–				–				–				–				(1,059	)			(1,059	)			–				(1,059	)
Non-controlling interest transactions			–				–				–				–				–				–				1				1				(24	)			(23	)
Effect of share-based compensation including issuance of common shares (Note 7)			766,195				46				(1	)			–				–				–				–				45				–				45
Transfer of net gain on sale of investment			–				–				–				–				(27	)			(27	)			27				–				–				–
Transfer of net gain on cash flow hedges			–				–				–				–				(1	)			(1	)			–				(1	)			–				(1	)
Transfer of net actuarial gain on defined benefit plans			–				–				–				–				(6	)			(6	)			6				–				–				–
Other			–				–				–				(3	)			–				(3	)			3				–				–				–
Balance – December 31, 2025			481,962,233				13,519				57				(329	)			–				(329	)			12,076				25,323				42				25,365

1 During the year, we declared dividends of $2.18 per share (2024 – $2.16 per share).

(See Notes to the consolidated financial statements)

74 | Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

Table of Contents

Overview MD&A Five-year highlights Financial statements and notes  

Financial statements

CONSOLIDATED BALANCE SHEETS

As at December 31		Note				2025				2024
Assets
Current assets
Cash and cash equivalents							701				853
Receivables			5, 12, 19, 26				5,675				5,390
Inventories			13				6,977				6,148
Prepaid expenses and other current assets							1,396				1,401
							14,749				13,792
Non-current assets
Property, plant and equipment			14				22,747				22,604
Goodwill			15				12,136				12,043
Intangible assets			15				1,667				1,819
Investments			16				144				698
Other assets			17				858				884
Total assets							52,301				51,840
Liabilities
Current liabilities
Short-term debt			19				873				1,534
Current portion of long-term debt			19				513				1,037
Current portion of lease liabilities			20				346				356
Trade, other payables and accrued liabilities			18, 26				9,309				9,118
							11,041				12,045
Non-current liabilities
Long-term debt			19				9,350				8,881
Lease liabilities			20				937				999
Deferred income tax liabilities			10				3,666				3,539
Pension and other post-retirement benefit liabilities			21				221				227
Asset retirement obligations and accrued environmental costs			22				1,468				1,543
Other non-current liabilities							253				164
Total liabilities							26,936				27,398
Shareholders’ equity
Share capital			23				13,519				13,748
Contributed surplus							57				68
Accumulated other comprehensive loss							(329	)			(515	)
Retained earnings							12,076				11,106
Equity holders of Nutrien							25,323				24,407
Non-controlling interest							42				35
Total shareholders’ equity							25,365				24,442
Total liabilities and shareholders’ equity							52,301				51,840

(See Notes to the consolidated financial statements)

Approved by the Board of Directors,

Director		Director

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  75

Table of Contents

  Overview MD&A Five-year highlights Financial statements and notes

Notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General information

Note 1 | Description of business

Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.

The Company is a corporation organized under the laws of Canada with its registered head office located at Suite 1700, 211 19th Street East, Saskatoon, Saskatchewan, Canada, S7K 5R6.

Our business operations are further categorized into upstream, midstream and downstream through our involvement across the agriculture value chain.

Upstream		This is comprised of our low-cost production assets including mining and manufacturing of essential crop nutrients needed for fertilizer production, such as potash, nitrogen and phosphate.
Potash		– 6 operations in the province of Saskatchewan – investment in Canpotex Limited (“Canpotex”), a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer
Nitrogen		– 11 production and upgrade facilities in North America – 1 facility in Trinidad1
Phosphate		– 2 mines and processing plants: 1 in Florida and 1 in North Carolina – phosphate feed plants in Illinois, Missouri and Nebraska – 1 industrial phosphoric acid plant in Ohio
Midstream		This includes our global logistics and distribution network that facilitates our ability to efficiently and reliably sell and transport products from our facilities to our customers and downstream retail locations.
Downstream		We operate one of the largest global agriculture retail networks, allowing us to deliver crop inputs and services directly to farmers.

1 Our Trinidad Nitrogen operations remain in a controlled shutdown as we continue to assess options to enhance its long-term financial performance.

Our Corporate function provides support and governance to the above business activities, as well as our non-core businesses.

Note 2 | Basis of presentation

We prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). We have consistently applied the same accounting policies throughout all periods presented, as if these policies had always been in effect, with the exception of the accounting standards adopted effective January 1, 2025, as disclosed in Note 28. These consolidated financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.

Certain immaterial 2024 figures have been reclassified in Note 3 Segment information.

These consolidated financial statements were authorized for issue by the Board of Directors on February 19, 2026.

Sensitivity analyses included throughout the notes should be used with caution as the changes are hypothetical and not reflective of future performance. The sensitivities have been calculated independently of changes in other key variables. We prepared these consolidated financial statements under the historical cost basis, except for items that IFRS requires to be measured at fair value. Reference to n/a indicates information is not applicable.

76  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

Table of Contents

Overview MD&A Five-year highlights Financial statements and notes  

Notes

Segment operations and management

Note 3 | Segment information

We have four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Sales reported under our Corporate and Others segment relate to our non-core businesses.

Our Executive Leadership Team (“ELT”), which is comprised of officers at the Executive Vice President level and above, is the Chief Operating Decision Maker (“CODM”). Our CODM uses adjusted EBITDA, calculated as below, to measure performance and allocate resources to the operating segments. Our CODM considers adjusted EBITDA to be a meaningful measure because it is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. In addition, it excludes the impact of impairments and other costs that are centrally managed by our corporate function.

In 2025, the CODM reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been recorded in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the year ended December 31, 2024.

		2024
Sales			173
Gross Margin			8
EBITDA			4

We determine the composition of the reportable segments based on factors including risks and returns, internal organization and internal reports reviewed by the CODM. We allocate certain expenses across segments based on reasonable considerations such as production capabilities or historical trends.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  77

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  Overview MD&A Five-year highlights Financial statements and notes

Notes

		Downstream				Upstream and midstream
2025			Retail				Potash				Nitrogen				Phosphate				Corporate and Others				Eliminations				Consolidated
Sales – third party			17,601				3,571				3,807				1,660				246				–				26,885
– intersegment			19				424				932				298				–				(1,673	)			–
Sales – total			17,620				3,995				4,739				1,958				246				(1,673	)			26,885
Freight, transportation and distribution3			–				402				552				224				(1	)			(241	)			936
Net sales			17,620				3,593				4,187				1,734				247				(1,432	)			25,949
Cost of goods sold			13,017				1,581				2,580				1,590				220				(1,386	)			17,602
Gross margin			4,603				2,012				1,607				144				27				(46	)			8,347
Selling expenses (recovery)			3,306				10				26				6				(1	)			(27	)			3,320
General and administrative expenses			172				10				18				8				392				–				600
Provincial mining taxes			–				372				–				–				–				–				372
Share-based compensation expense			–				–				–				–				163				–				163
Foreign exchange loss, net of related derivatives			–				–				–				–				9				–				9
Gain on sale of investment in Profertil			–				–				–				–				(301	)			–				(301	)
Other expenses (income)			123				26				32				33				207				27				448
Earnings (loss) before finance costs and income taxes			1,002				1,594				1,531				97				(442	)			(46	)			3,736
Depreciation and amortization			734				660				616				285				74				–				2,369
EBITDA1			1,736				2,254				2,147				382				(368	)			(46	)			6,105
Restructuring costs			–				–				–				–				68				–				68
Share-based compensation expense			–				–				–				–				163				–				163
ARO/ERL related expenses for non-operating sites2			–				–				–				–				2				–				2
Foreign exchange loss, net of related derivatives			–				–				–				–				9				–				9
Gain on sale of investment in Profertil			–				–				–				–				(301	)			–				(301	)
Adjusted EBITDA			1,736				2,254				2,147				382				(427	)			(46	)			6,046

1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

2 ARO/ERL refers to asset retirement obligations and accrued environmental costs. Refer to Note 22.

3 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

78  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

		Downstream				Upstream and midstream
2024			Retail				Potash				Nitrogen	1			Phosphate				Corporate and Others	1			Eliminations				Consolidated
Sales – third party			17,832				3,008				3,327				1,610				195				–				25,972
– intersegment			–				370				807				278				–				(1,455	)			–
Sales – total			17,832				3,378				4,134				1,888				195				(1,455	)			25,972
Freight, transportation and distribution2			–				389				558				231				4				(226	)			956
Net sales			17,832				2,989				3,576				1,657				191				(1,229	)			25,016
Cost of goods sold			13,211				1,448				2,374				1,510				170				(1,227	)			17,486
Gross margin			4,621				1,541				1,202				147				21				(2	)			7,530
Selling expenses (recovery)			3,418				10				24				6				2				(25	)			3,435
General and administrative expenses			191				12				22				14				405				–				644
Provincial mining taxes			–				255				–				–				–				–				255
Share-based compensation expense			–				–				–				–				37				–				37
Impairment of assets (Notes 14 and 15)			335				–				195				–				–				–				530
Foreign exchange loss, net of related derivatives			–				–				–				–				360				–				360
Other expenses (income)			87				25				(135	)			33				379				24				413
Earnings (loss) before finance costs and income taxes			590				1,239				1,096				94				(1,162	)			(1	)			1,856
Depreciation and amortization			771				609				589				290				80				–				2,339
EBITDA			1,361				1,848				1,685				384				(1,082	)			(1	)			4,195
Restructuring costs			–				–				–				–				47				–				47
Share-based compensation expense			–				–				–				–				37				–				37
Impairment of assets (Notes 14 and 15)			335				–				195				–				–				–				530
Loss related to financial instruments in Argentina			–				–				–				–				35				–				35
ARO/ERL related expenses for non-operating sites			–				–				–				–				151				–				151
Foreign exchange loss, net of related derivatives			–				–				–				–				360				–				360
Adjusted EBITDA			1,696				1,848				1,880				384				(452	)			(1	)			5,355

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

Retail segment product line		Sales
Crop nutrients		Dry and liquid macronutrient and micronutrient products including potash, nitrogen and phosphate, specialty fertilizers and proprietary liquid micronutrient products.
Crop protection products		Various third-party supplier and proprietary products designed to maintain crop quality and manage plant diseases, weeds and other pests.
Seed		Various third-party supplier seed brands and proprietary seed product lines.
Services and other revenues		Product application, soil and leaf testing, crop scouting and precision agriculture services, water services and brokerage agency services.
Merchandise		Fencing, feed supplements, livestock-related animal health products, storage and irrigation equipment, and other products.
Nutrien Financial		Financing solutions provided to US and Australia Retail branches and customers in support of Nutrien’s agricultural product and service sales.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  79

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  Overview MD&A Five-year highlights Financial statements and notes

Notes

Segment		Products		Sales prices impacted by
Potash		– North America – primarily granular – Offshore (international) – primarily granular and standard		– North American prices referenced at delivered prices (including transportation and distribution costs) – International prices pursuant to term and spot contract prices (excluding transportation and distribution costs)
Nitrogen		– Ammonia, urea and Environmentally Smart Nitrogen® (“ESN®”), and nitrogen solutions, nitrates and sulfates		– Global cost and supply of natural gas
Phosphate		– Solid and liquid fertilizers, and industrial and feed products		– Global prices and supplies of ammonia and sulfur

		2025				2024
Retail sales by product line
Crop nutrients			7,285				7,211
Crop protection products			6,105				6,313
Seed			2,128				2,235
Services and other			944				918
Merchandise			875				897
Nutrien Financial			376				361
Nutrien Financial elimination1			(93	)			(103	)
			17,620				17,832
Potash sales by geography
Manufactured product
North America			1,727				1,719
Offshore2			2,264				1,658
Other potash and purchased products			4				1
			3,995				3,378
Nitrogen sales by product line
Manufactured product
Ammonia			1,218				1,232
Urea and ESN®			1,648				1,480
Solutions, nitrates and sulfates			1,641				1,300
Other nitrogen and purchased products3			232				122
			4,739				4,134
Phosphate sales by product line
Manufactured product
Fertilizer			1,275				1,237
Industrial and feed			661				627
Other phosphate and purchased products			22				24
			1,958				1,888

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

2 Relates to Canpotex, a major customer, and includes other revenue representing provisional pricing adjustments of $48 million (2024 – $4 million) (Note 26).

3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

						Sales – third party by customer location								Non-current assets at December 311
						2025				2024				2025				2024
United States							16,326				15,899				15,695				15,773
Canada							2,890				2,872				19,490				19,281
Australia							3,302				3,305				997				948
Canpotex (Note 26)							2,267				1,658				–				–
Trinidad							61				69				735				730
Brazil							696				855				112				138
Other South America							645	2			733	2			63				63
Other							698	3			581	3			29				353
							26,885				25,972				37,121				37,286

1 Excludes financial instruments (other than equity-accounted investees), deferred tax assets and post-employment benefit assets.

2 Other South America third-party sales includes sales to Argentina of $301 million (2024 – $368 million).

3 Other third-party sales primarily relate to Europe of $386 million (2024 – $317 million) and Others of $312 million (2024 – $264 million).

80  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

Canpotex sales by market (%)		2025				2024
Latin America			39				40
Other Asian markets1			29				28
China			11				13
India			6				7
Other markets			15				12

1 All Asian markets except China and India.

Note 4 | Capital management

Our capital allocation policy prioritizes safe and reliable operations, a strong and flexible balance sheet, return of capital to shareholders through a combination of stable and growing dividends and share repurchases, and a strategy to allocate remaining cash flow to high-value growth opportunities. We monitor our capital structure and based on changes in economic conditions, may adjust allocation of capital accordingly.

We have access to the capital markets through our base shelf prospectus discussed further below. We use a combination of short-term and long-term debt to finance our operations. We typically pay floating rates of interest on short-term debt and credit facilities, and fixed rates on senior notes and debentures.

We include adjusted total debt and shareholders’ equity as components of our capital structure. We monitor the following measures to evaluate our ability to service debt, make strategic investments and ensure we are in compliance with our debt covenants:

		2025				2024
Adjusted net debt to adjusted EBITDA			1.8				2.2
Adjusted EBITDA to adjusted finance costs			8.6				7.2
Debt to capital (calculated as adjusted total debt to adjusted capital) (Limit: 0.65 : 1.00)			0.32 : 1.00				0.35 : 1.00

Adjusted EBITDA is calculated in Note 3, while the calculations of the remaining components in the above ratios are set out in the following tables:

As at December 31		2025				2024
Short-term debt			873				1,534
Current portion of long-term debt			513				1,037
Current portion of lease liabilities			346				356
Long-term debt			9,350				8,881
Lease liabilities			937				999
Total debt			12,019				12,807
Letters of credit – financial			75				101
Adjusted total debt			12,094				12,908
As at December 31		2025				2024
Total debt			12,019				12,807
Cash and cash equivalents			(701	)			(853	)
Net unamortized fair value adjustments			(258	)			(276	)
Adjusted net debt			11,060				11,678
As at December 31		2025				2024
Total shareholders’ equity			25,365				24,442
Adjusted total debt			12,094				12,908
Adjusted capital			37,459				37,350

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  81

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Notes

		2025				2024
Finance costs (Note 9)			687				720
Unwinding of discount on asset retirement obligations (Note 22)			(50	)			(49	)
Borrowing costs capitalized to property, plant and equipment			71				82
Interest on net defined benefit pension and other post-retirement plan obligations			(4	)			(5	)
Adjusted finance costs			704				748

In 2024, we filed a base shelf prospectus in Canada and the US qualifying the issuance of common shares, debt securities and other securities during a period of 25 months from March 22, 2024. In 2025 and 2024, we issued senior notes of $1.0 billion and $1.0 billion, respectively, pursuant to the base shelf prospectus and the applicable prospectus supplement. Refer to Note 19 for details.

Note 5 | Financial instruments and related risk management

Our ELT, along with the Board of Directors (including Board committees), is responsible for monitoring our risk exposures and managing our policies to address these risks. Our strategic and risk management processes are integrated to ensure we understand the benefit from the relationship between strategy, risk and value creation. Outlined below are our risk management strategies we have developed to mitigate the financial market risks that we are exposed to.

Credit risk		Risk management strategies
Receivables from customers		–   establish credit approval policies and procedures for new and existing customers –   extend credit to qualified customers through: –   review of credit agency reports, financial statements and/or credit references, as available –   review of existing customer accounts every 12 to 24 months based on the credit limit amounts – evaluation of customer and country risk for international customers –   establish credit period: – 15 and 30 days for wholesale fertilizer customers – 30 days for industrial and feed customers – 30 to 360 days for Retail customers, including Nutrien Financial – up to 180 days for select export sales customers, including Canpotex –   transact on a cash basis with certain customers who may not meet specified benchmark creditworthiness or cannot provide other evidence of ability to pay –   execute agency arrangements with financial institutions or other partners with which we have only a limited recourse involvement –   sell receivables to financial institutions which substantially transfer the risks and rewards –   set eligibility requirements to limit the risk of the receivables –   may require security over certain crop or livestock inventories –   set up provision using the lifetime expected credit loss method considering all possible default events over the expected life of a financial instrument. Receivables are grouped based on days past due and/or customer credit risk profile. Estimated losses on receivables are based on known troubled accounts and historical experience of losses incurred. Receivables are considered to be in default and written off against the allowance when it is probable that all remaining contractual payments due will not be collected in accordance with the terms of the agreement.
Cash and cash equivalents and other receivables		– require acceptable minimum counterparty credit ratings – limit counterparty or credit exposure – select counterparties with investment-grade quality

Aging of receivables (%) as at December 31:

				2025												2024
					Retail (Nutrien Financial)				Retail (excluding Nutrien Financial)				Potash, Nitrogen and Phosphate				Retail (Nutrien Financial)				Retail (excluding Nutrien Financial)				Potash, Nitrogen and Phosphate
Current					78				67				97				76				70				94
30 days or less past due					11				9				3				13				9				6
31 – 90 days past due					4				2				–				4				3				–
Greater than 90 days past due					7				22				–				7				18				–
					100				100				100				100				100				100

82  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

Maximum exposure to credit risk as at December 31:

		2025				2024
Cash and cash equivalents			701				853
Receivables (excluding income tax receivable) (Note 12)			5,540				5,145
			6,241				5,998

Liquidity risk		Risk management strategies
Access to cash		– establish an external borrowing policy to maintain sufficient liquid financial resources to fund our operations and meet our commitments and obligations in a cost-effective manner – maintain an optimal capital structure – maintain investment-grade credit ratings that provide ease of access to the debt capital and commercial paper markets – maintain sufficient short-term credit availability – uphold long-term relationships with a sufficient number of high-quality and diverse lenders – enter into financial arrangements (e.g., Blue Chip Swaps) to remit cash from certain foreign jurisdictions Refer to Note 19 for our available credit facilities.

The following maturity analysis of our financial liabilities and gross settled derivative contracts (for which the cash flows are settled simultaneously) is based on the expected undiscounted contractual cash flows from the date of the consolidated balance sheets to the contractual maturity date.

2025		Carrying amount of liability as at December 31				Contractual cash flows				Within 1 year				1 to 3 years				3 to 5 years				Over 5 years
Short-term debt			873				873				873				–				–				–
Trade, other payables and accrued liabilities1			8,763				8,763				8,763				–				–				–
Long-term debt, including current portion2, 3			9,966				15,477				995				2,503				1,949				10,030
Lease liabilities, including current portion2, 3			1,290				1,497				395				469				239				394
Derivatives			8				8				8				–				–				–
			20,900				26,618				11,034				2,972				2,188				10,424

1 Excludes non-financial liabilities and financial liabilities included elsewhere in the table, including derivatives and accrued interest related to long-term debt and lease liabilities. Includes payables of approximately $2.9 billion related to our supplier financing arrangement. These payables were paid in January 2026.

2 Carrying amount of long-term debt and lease liabilities includes accrued interest from trade, other payables and accrued liabilities.

3 Contractual cash flows include contractual interest payments related to debt obligations and lease liabilities. Interest rates on debt with variable rates are based on the prevailing rates as at December 31, 2025.

Supplier financing arrangements

We enter into contractual arrangements whereby we advance payment to suppliers under inventory prepayment programs to secure product discounts on future inventory purchases. Under these arrangements, we may use financial institutions to remit payment directly to the supplier in accordance with the contractual payment terms. We classify the obligations under these arrangements within trade, other payables and accrued liabilities as the settlement with the financial institution occurs within the normal payment terms with the supplier.

Carrying amounts of liabilities under supplier financing arrangements, presented within trade, other payables and accrued liabilities, were $2,888 at December 31, 2025 (2024 – $2,710), of which amounts remitted to suppliers were $2,888 (2024 – $2,710).

The amounts payable to the financial institution are due within 50 days from the date of payment to the supplier. Our normal payment terms for trade and other payables that are not part of supplier financing arrangements are 60 days from invoice date. The associated payments of amounts classified within trade, other payables and accrued liabilities are included in cash provided by operating activities within the Consolidated statements of cash flows.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  83

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Notes

Market risks		Account		Risk management strategies
Interest rate		Short-term and long-term debt		– use a portfolio of fixed and floating rate instruments – align current and long-term assets with demand and fixed-term debt – monitor the effects of market changes in interest rates – use interest rate swaps, if desired		We did not believe we have material exposure to interest, price or foreign exchange risk on our financial instruments as at December 31, 2025 and 2024.
Price		Natural gas derivative instruments		– diversify our forecast gas volume requirements, including a portion of annual requirements purchased at spot market prices, a portion at fixed prices (up to 10 years) and a portion indexed to the market price of ammonia – acquire a reliable supply of natural gas feedstock and fuel on a location-adjusted, cost-competitive basis and hold firm pipeline transportation to our operating sites
Price		Investment at fair value		– ensure the security of principal amounts invested – provide for an adequate degree of liquidity – achieve a satisfactory return
Foreign exchange		Financial instruments in a foreign currency		– execute foreign currency derivative contracts within certain prescribed limits for both actual and forecasted expenditures to manage the impact to cash flows and earnings, including those related to our equity-accounted investees, that could occur from a reasonably possible strengthening or weakening of the US dollar

Foreign currency derivatives

		2025				2024
Foreign exchange (gain) loss			(2	)			14
Hyperinflationary loss1			–				97
Loss on foreign currency derivatives at fair value through profit or loss			11				249
Foreign exchange loss, net of related derivatives			9				360

1 In 2025 the functional currency of our Argentina operations changed from the Argentine peso to the US dollar and was applied prospectively from the date of change, eliminating the need for hyperinflationary adjustments.

In 2024, we entered into various foreign currency derivative contracts. The losses on our foreign currency derivatives were primarily related to Brazil, which matured in July 2024. As of December 31, 2024, outstanding derivative contracts were related to our ongoing risk management strategy.

The fair value of our net foreign exchange currency derivative assets (liabilities) as at December 31, 2025 was $11 million (December 31, 2024 – $(13) million). The following table presents the significant foreign currency derivatives that existed as at December 31:

		As at December 31, 2025												As at December 31, 2024
		Notional				Maturities (year)				Average contract rate (1:1)				Notional				Maturities (year)				Average contract rate (1:1)
Derivatives not designated as hedges
Forwards (Sell/buy)
USD/Canadian dollars (“CAD”)			505				2026				1.3700				604				2025				1.4382
Brazilian real (“BRL”)/USD			60				2026				5.6100				233				2025				5.5383
Australian dollars (“AUD”)/USD			139				2026				1.5200				89				2025				1.5341
USD/BRL			50				2026				6.1000				47				2025				5.7470
USD/AUD			5				2026				1.5100				7				2025				1.6081
New Zealand dollars (“NZD”)/AUD			1				2026				1.6900				–				–				–
Derivatives designated as hedges
Forwards (Sell/buy)
USD/CAD			854				2026				1.3800				538				2025				1.3828

84  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

Fair value

Financial instruments at fair value		Fair value method and associated level within the fair value hierarchy
Cash and cash equivalents		Carrying amount (approximation to fair value assumed due to short-term nature)
Equity securities		Closing bid price of the common shares (Level 1) as at the balance sheet date
Debt securities		Closing bid price of the debt or other instruments with similar terms and credit risk (Level 2) as at the balance sheet date
Foreign exchange forward contracts, swaps and options, and natural gas swaps not traded in an active market		Based on quoted forward exchange rates or a discounted cash flow (“DCF”) model. Inputs included contractual cash flows based on prices for natural gas futures contracts, fixed prices and notional volumes specified by the swap contracts, the time value of money, liquidity risk, our own credit risk (related to instruments in a liability position) and counterparty credit risk (related to instruments in an asset position). Futures contract prices used as inputs in the model were supported by prices quoted in an active market and therefore categorized in Level 2.
Financial instruments at amortized cost		Fair value method
Receivables, short-term debt, and trade, other payables and accrued liabilities		Carrying amount (approximation to fair value assumed due to short-term nature)
Long-term debt		Quoted market prices (Level 1 or 2 depending on the market liquidity of the debt), for fair value disclosure purposes
Other long-term debt instruments		Carrying amount (approximation to fair value)

The following table presents our fair value hierarchy for financial instruments carried at fair value on a recurring basis or measured at amortized cost and require fair value disclosure. The table does not include fair value information for financial instruments that are measured using their carrying amount as a reasonable approximation of fair value.

		As at December 31, 2025																As at December 31, 2024
Financial assets (liabilities) measured at		Carrying amount				Level 1				Level 2				Level 3				Carrying amount				Level 1				Level 2				Level 3
Fair value on a recurring basis1
Derivative instrument assets			20				–				20				–				22				–				22				–
Other current financial assets – marketable securities2			148				32				116				–				108				23				85				–
Investments at fair value through other comprehensive income (“FVTOCI”) (Note 16)			10				–				–				10				221				211				–				10
Derivative instrument liabilities			(8	)			–				(8	)			–				(33	)			–				(33	)			–
Amortized cost
Current portion of long-term debt
Senior notes and debentures			(500	)			(500	)			–				–				(999	)			(1,002	)			–				–
Fixed and floating rate debt			(13	)			–				(13	)			–				(38	)			–				(38	)			–
Long-term debt
Senior notes and debentures			(9,337	)			(5,676	)			(3,274	)			–				(8,866	)			(3,309	)			(4,953	)			–
Fixed and floating rate debt			(13	)			–				(13	)			–				(15	)			–				(15	)			–

1 During 2025 and 2024, there were no transfers between levels for financial instruments measured at fair value on a recurring basis. Our policy is to recognize transfers at the end of the reporting period.

2 Marketable securities consist of equity and debt securities.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  85

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Notes

Detailed information on financial performance

Note 6 | Nature of expenses

		2025				2024
Purchased and produced raw materials and product for resale1			14,325				14,289
Depreciation and amortization			2,369				2,339
Employee costs2			3,043				3,077
Freight			1,097				1,133
Impairment of assets (Notes 14 and 15)			–				530
Provincial mining taxes3			372				255
Restructuring costs			68				47
Contract services			866				793
Lease expense			102				110
Fleet fuel, repairs and maintenance			333				354
Loss related to financial instruments in Argentina			–				35
ARO/ERL related expenses for non-operating sites (Note 22)			2				151
Bad debt			85				117
Project feasibility			108				92
Customer prepayment costs			63				58
Foreign exchange loss, net of related derivatives			9				360
Earnings of equity-accounted investees			(37	)			(130	)
Gain on sale of investment in Profertil (Note 16)			(301	)			–
Other expenses			645				506
Total cost of goods sold and expenses			23,149				24,116

1 Significant expenses include supplies, energy, fuel, purchases of raw material (natural gas – feedstock, sulfur, ammonia and reagents) and product for resale (crop nutrients, crop protection products and seed).

2 Includes salaries and wages, employee benefits, and share-based compensation.

3 Includes Saskatchewan potash production tax and Saskatchewan resource surcharge of $259 million and $113 million (2024 – $161 million and $94 million), respectively, as required under Saskatchewan provincial legislation.

Note 7 | Share-based compensation

Plans		Eligibility		Granted		Vesting period		Maximum term		Settlement
Stock Options		Officers and eligible employees		Annually		25 percent per year over four years		10 years		Shares1
Performance Share Units (“PSUs”)		Officers and eligible employees		Annually		On third anniversary of grant date based on total shareholder return relative to PSU peer group (75 percent weighting) and return on invested capital (25 percent weighting)		Not applicable		Cash
Restricted Share Units (“RSUs”)		Officers and eligible employees		Annually		On third anniversary of grant date and not subject to performance conditions		Not applicable		Cash
Deferred Share Units (“DSUs”)		Non-executive directors		At the discretion of the Board of Directors		Fully vest upon grant		Not applicable		Cash2
Stock Appreciation Rights (“SARs”)		Awards no longer granted; legacy awards only		Awards no longer granted; legacy awards only		25 percent per year over four years		10 years		Cash

1 Stock options may also be settled by cash settlement or, if approved by the Company, by a broker-assisted “cashless exercise” arrangement or a “net exercise” arrangement.

2 Directors can redeem their DSUs for cash only when they leave the Board of Directors for an amount equal to the market value of the common shares at the time of redemption or as mandated by the Nutrien DSU Plan.

86  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

						Year of grant
Stock options		Based on				2025				2024
Weighted average grant date fair value per option		Black-Scholes-Merton option-pricing model as of the date of the grant					14.12				14.22
Weighted average assumptions:
Exercise price per option		Quoted market closing price of common shares on the last trading day immediately preceding the date of the grant					53.29				53.45
Expected annual dividend yield (%)		Annualized dividend rate as of the date of the grant					4.15				4.06
Expected volatility (%)		Historical volatility of Nutrien’s shares over a period commensurate with the expected life of the grant					33				33
Risk-free interest rate (%)		Zero-coupon government issues implied yield available on equivalent remaining term at the time of the grant					4.34				4.23
Average expected life of options (years)		Historical experience					8.5				8.5

										Compensation expense (recovery)
		Units granted in 2025				Units outstanding as at December 31, 2025				2025				2024
Stock options			556,585				2,445,677				7			7
PSUs			744,362				1,847,420				80			3
RSUs			975,766				2,382,090				65			30
DSUs			41,732				465,830				11			(2)
SARs			–				47,584				–			(1)
											163			37

Note 8 | Other expenses (income)

		2025				2024
Restructuring costs			68				47
Earnings of equity-accounted investees			(37	)			(130	)
Bad debt expense			85				117
Project feasibility costs			108				92
Customer prepayment costs			63				58
Legal expenses			21				47
ARO/ERL related expenses for non-operating sites (Note 22)			2				151
Loss on natural gas derivatives not designated as hedge			–				8
Loss related to financial instruments in Argentina			–				35
Insurance recoveries			(1	)			(65	)
Other expenses			139				53
			448				413

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  87

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Notes

Note 9 | Finance costs

		2025				2024
Interest expense
Short-term debt			178				223
Long-term debt			503				479
Lease liabilities			65				63
Total interest expense			746				765
Unwinding of discount on asset retirement obligations (Note 22)			50				49
Interest on net defined benefit pension and other post-retirement plan obligations (Note 21)			4				5
Borrowing costs capitalized to property, plant and equipment			(71	)			(82	)
Interest income			(51	)			(28	)
Other finance costs			9				11
			687				720

Borrowing costs capitalized to property, plant and equipment in 2025 were calculated by applying an average capitalization rate of 5.3 percent (2024 – 5.3 percent) to expenditures on qualifying assets.

Note 10 | Income taxes

		2025				2024
Current income tax
Tax expense for current year			491				409
Adjustments in respect of prior years			11				(4	)
Total current income tax expense			502				405
Deferred income tax
Origination and reversal of temporary differences			235				41
Adjustments in respect of prior years			7				(10	)
Change in recognition of tax losses and deductible temporary differences			8				–
Total deferred income tax expense			250				31
Income tax expense included in net earnings			752				436

We operate in a specialized industry and in several tax jurisdictions; as a result, our earnings are subject to various rates of taxation. We have operations in countries where the global minimum top-up tax under Pillar Two tax legislation has been enacted. Our current exposure is minimal.

88  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

The provision for income taxes differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings before income taxes as follows:

										2025				2024
Earnings (loss) before income taxes
Canada											1,182				699
United States											1,089				709
Australia											162				169
Other											616				(441	)
											3,049				1,136
Canadian federal and provincial statutory income tax rate (%)											27				27
Income tax at statutory rates											823				307
Adjusted for the effect of:
Impact of foreign tax rates											(181	)			(151	)
Non-taxable income											(43	)			(49	)
Production-related deductions											(37	)			(44	)
Withholding taxes											91				50
Current year losses for which no deferred tax asset is recognized											42				300
Change in estimates related to prior years											24				(19	)
Non-deductible expenses											4				19
Tax authority examinations											1				12
Other											28				11
Income tax expense included in net earnings											752				436
		Deferred income tax (assets) liabilities								Deferred income tax (recovery) expense recognized in net earnings
As at December 31		2025				2024				2025				2024
Deferred income tax assets
Asset retirement obligations and accrued environmental costs			(410	)			(411	)			1				(11	)
Lease liabilities			(313	)			(304	)			(9	)			(1	)
Tax loss and other carryforwards			(164	)			(334	)			170				9
Pension and other employment benefits			(141	)			(96	)			(48	)			5
Inventories			(102	)			(99	)			(3	)			10
Trade, other payables and accrued liabilities			(102	)			(102	)			–				(6	)
Long-term debt			(82	)			(88	)			6				10
Receivables			(66	)			(63	)			(3	)			(13	)
Other assets			(7	)			(1	)			(6	)			–
Deferred income tax liabilities
Property, plant and equipment			4,622				4,470				152				63
Goodwill and intangible assets			115				137				(22	)			(34	)
Other liabilities			40				29				12				(1	)
			3,390				3,138				250				31

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  89

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Notes

As at December 31, 2025		Amount				Expiry date
Unused federal operating losses			1,609				2026 – Indefinite
Unused federal capital losses			722				Indefinite
Unused investment tax credits			11				2030 - 2044

The unused tax losses and credits with no expiry dates can be carried forward indefinitely. As at December 31, 2025, we had $2,895 million of federal tax losses and deductible temporary differences for which we did not recognize deferred tax assets.

We have determined that it is probable that all recognized deferred tax assets will be realized through a combination of future reversals of temporary differences and taxable income.

We did not recognize deferred tax liabilities related to temporary differences associated with investments in subsidiaries and equity-accounted investees amounting to $8,575 million as at December 31, 2025 (2024 – $7,644 million).

Note 11 | Net earnings per share

		2025				2024
Weighted average number of common shares			486,335,000				494,198,000
Dilutive effect of stock options			183,000				167,000
Weighted average number of diluted common shares			486,518,000				494,365,000

Options excluded from the calculation of diluted net earnings per share due to the option exercise prices being greater than the average market price of common shares were as follows:

		2025				2024
Number of options excluded			1,681,305				2,056,982

Detailed information on financial position

Note 12 | Receivables

As at December 31				2025				2024
Receivables from customers		Segment
Third parties		Retail (Nutrien Financial)1			3,163				2,937
		Retail			1,186				1,211
		Potash, Nitrogen, Phosphate			649				532
Related party – Canpotex		Potash (Note 26)			279				122
Less allowance for expected credit losses of receivables from customers					(197	)			(167	)
					5,080				4,635
Rebates					250				239
Income taxes (Note 10)					135				245
Other receivables					210				271
					5,675				5,390

1 Includes $2,797 million of very low risk of default and $366 million of low risk of default (2024 – $2,531 million of very low risk of default and $406 million of low risk of default).

90  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Qualifying receivables from customers financed by Nutrien Financial represent high-quality receivables from customers that have been rated very low to low risk of default among Retail’s receivables from customers.

Customer credit with a financial institution of $425 million as at December 31, 2025, related to our agency agreement, is not recognized in our consolidated balance sheets. Through the agency agreement, we only have a limited recourse involvement to the extent of an indemnification of the financial institution to a maximum of 5 percent (2024 – 5 percent) of the qualified customer loans. Historical indemnification losses on this arrangement have been negligible, and the average aging of the customer loans with the financial institution is current.

Note 13 | Inventories

As at December 31		2025				2024
Purchased products			5,338				4,745
Finished products			475				357
Intermediate products			184				154
Raw materials			318				252
Materials and supplies			662				640
			6,977				6,148
By segment		2025				2024
Retail			5,353				4,817
Potash			477				433
Nitrogen1			554				458
Phosphate			560				420
Corporate and Others1			33				20
			6,977				6,148

1 Comparative figures have been restated for the reclassification of our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

Inventories expensed to cost of goods sold during the year were $17,408 million (2024 – $17,284 million).

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  91

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Note 14 | Property, plant and equipment

		Land and improvements				Buildings and improvements				Machinery and equipment				Mine development costs				Assets under construction				Total
Useful life range (years)			3 – 85				1 – 65				1 – 80				1 – 60				n/a
Carrying amount – December 31, 2024			1,228				6,284				11,695				1,287				2,110				22,604
Additions			–				1				14				–				1,916				1,931
Additions – Right-of-use (“ROU”) assets			–				25				212				–				–				237
Disposals			(2	)			(14	)			(17	)			1				(1	)			(33	)
Transfers			211				162				1,456				239				(2,068	)			–
Foreign currency translation and other			4				18				47				(7	)			6				68
Depreciation			(46	)			(211	)			(1,233	)			(143	)			–				(1,633	)
Depreciation – ROU assets			(2	)			(56	)			(369	)			–				–				(427	)
Carrying amount – December 31, 2025			1,393				6,209				11,805				1,377				1,963				22,747
Balance – December 31, 2025 is composed of:
Cost			1,938				9,373				25,570				3,445				1,963				42,289
Accumulated depreciation and impairments			(545	)			(3,164	)			(13,765	)			(2,068	)			–				(19,542	)
Carrying amount – December 31, 2025			1,393				6,209				11,805				1,377				1,963				22,747
Balance – December 31, 2025 is composed of:
Owned property, plant and equipment			1,366				5,847				11,020				1,377				1,963				21,573
ROU assets			27				362				785				–				–				1,174
Carrying amount – December 31, 2025			1,393				6,209				11,805				1,377				1,963				22,747
Carrying amount – December 31, 2023			1,175				6,376				11,327				1,115				2,468				22,461
Additions			–				1				7				–				2,073				2,081
Additions – ROU assets			–				61				356				–				–				417
Disposals			(4	)			(11	)			(30	)			(2	)			(9	)			(56	)
Transfers			119				222				1,632				296				(2,269	)			–
Foreign currency translation and other			(14	)			(40	)			(5	)			20				42				3
Depreciation			(45	)			(210	)			(1,170	)			(142	)			–				(1,567	)
Depreciation – ROU assets			(2	)			(56	)			(362	)			–				–				(420	)
Impairment			(1	)			(59	)			(60	)			–				(195	)			(315	)
Carrying amount – December 31, 2024			1,228				6,284				11,695				1,287				2,110				22,604
Balance – December 31, 2024 is composed of:
Cost			1,726				9,193				24,421				3,223				2,110				40,673
Accumulated depreciation and impairments			(498	)			(2,909	)			(12,726	)			(1,936	)			–				(18,069	)
Carrying amount – December 31, 2024			1,228				6,284				11,695				1,287				2,110				22,604
Balance – December 31, 2024 is composed of:
Owned property, plant and equipment			1,200				5,916				10,832				1,287				2,110				21,345
ROU assets			28				368				863				–				–				1,259
Carrying amount – December 31, 2024			1,228				6,284				11,695				1,287				2,110				22,604

92  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Overview MD&A Five-year highlights Financial statements and notes  

Notes

Depreciation breakdown		2025				2024
Freight, transportation and distribution			168				176
Cost of goods sold			1,375				1,303
Selling expenses			467				464
General and administrative expenses			38				42
Depreciation recorded in earnings			2,048				1,985
Depreciation recorded in inventory			176				159

Impairment of assets

For each cash generating unit (“CGU”) or groups of CGUs in which we complete an impairment analysis, the recoverable amount estimate used the following key assumptions: our forecasted EBITDA, discount rate, long-term growth rate and recoverable market value. For our Phosphate CGU, we also estimate the end of expected mine lives. We used key assumptions that were based on historical data and estimates of future results from internal sources, independent third-party price benchmarks, and mineral reserve and resource technical reports (relating to our Phosphate CGU), as well as industry and market information.

In 2024, we recorded the following non-cash impairment of assets in the consolidated statements of earnings:

Segment		Category		2024
Retail		Intangible assets			200
		Property, plant and equipment			120
		Other			15
Nitrogen		Property, plant and equipment			195
Impairment of assets					530

Nitrogen

In 2025, circumstances within our Trinidad cash generating unit (CGU) presented an indicator of impairment. On October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown in response to port access restrictions imposed by Trinidad and Tobago’s National Energy Corporation and a lack of reliable and economic natural gas supply. As a result, we performed impairment testing on our Trinidad CGU, part of our Nitrogen segment. No impairment was recognized, as the recoverable amount of the Trinidad CGU exceeded its carrying amount. The recoverable amount was determined using a fair value less costs of disposal (“FVLCD”) methodology. The valuation was based on post-tax discounted cash flows using a 10-year projection and a 2.0% terminal growth rate discounted at a post-tax rate of 11.8%.

In 2024, we decided that we are no longer pursuing our Geismar Clean Ammonia project. As a result, we recorded an impairment loss of $195 million to fully write off the amount of property, plant and equipment related to this project. As the project was cancelled before it generated revenue, the recoverable amount, which was based on its value in use was $nil.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  93

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Notes

Retail – Brazil

In 2024, we recorded an impairment loss of $335 million on our Retail – Brazil CGU due to a decrease in our forecasted EBITDA as a result of ongoing market instability and more moderate margin expectations. Of the total impairment amount recognized, $120 million related to the impairment of property, plant and equipment and $215 million related to intangible and other assets within the CGU.

June 30, 2024		Retail – Brazil
Recoverable amount comprised of:
Working capital and other			324
Property, plant and equipment			92
Intangible assets			–

Note 15 | Goodwill and intangible assets

						Intangible assets
			Goodwill				Customer relationships1				Technology4				Trade names				Other				Total
Useful life range (years)			n/a				5 – 15				2 – 25				3 – 15	2			1 – 30
Carrying amount – December 31, 2024			12,043				794				835				33				157				1,819
Additions			–				–				132				–				13				145
Foreign currency translation and other			93				(18	)			4				–				15				1
Amortization3			–				(135	)			(114	)			(6	)			(43	)			(298	)
Carrying amount – December 31, 2025			12,136				641				857				27				142				1,667
Balance – December 31, 2025 is composed of:
Cost			12,517				1,995				1,472				143				681				4,291
Accumulated amortization and impairment			(381	)			(1,354	)			(615	)			(116	)			(539	)			(2,624	)
Carrying amount – December 31, 2025			12,136				641				857				27				142				1,667
Carrying amount – December 31, 2023			12,114				1,061				843				98				215				2,217
Additions			–				–				152				–				3				155
Foreign currency translation and other			(71	)			(19	)			12				(6	)			1				(12	)
Amortization3			–				(162	)			(124	)			(8	)			(47	)			(341	)
Impairment			–				(86	)			(48	)			(51	)			(15	)			(200	)
Carrying amount – December 31, 2024			12,043				794				835				33				157				1,819
Balance – December 31, 2024 is composed of:
Cost			12,381				1,981				1,406				144				656				4,187
Accumulated amortization and impairment			(338	)			(1,187	)			(571	)			(111	)			(499	)			(2,368	)
Carrying amount – December 31, 2024			12,043				794				835				33				157				1,819

1 The average remaining amortization period of customer relationships as at December 31, 2025, was approximately 4 years.

2 Certain trade names have indefinite useful lives as there are no regulatory, legal, contractual, cooperative, economic or other factors that limit their useful lives.

3 Amortization of $242 million was included in selling expenses during the year ended December 31, 2025 (2024 – $276 million).

4 The average remaining amortization period of technology with a carrying amount of $598 million as at December 31, 2025 (2024 – $529 million) is 25 years.

94  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Goodwill impairment testing

Goodwill by CGU or group of CGUs at December 31		2025				2024
Retail – North America			7,006				6,961
Retail – Australia			587				539
Potash			154				154
Nitrogen			4,389				4,389
			12,136				12,043

We performed our annual impairment test on goodwill and did not identify any impairment.

In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on post-tax discounted cash flows (five-year or 10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable.

The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.

Retail – North America CGU

During our performance of our annual impairment test, the Retail – North America group of CGUs recoverable amount exceeded its carrying amount by $2.9 billion. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future, as shown in the table below.

2025 Annual impairment testing		Key assumption used in impairment model				Change required for carrying amount to equal recoverable amount
Terminal growth rate (%)			2.3				1.8 Percentage point decrease
Discount rate1 (%)			7.7				1.2 Percentage point increase
Forecasted EBITDA over forecast period ($ millions)			8,500				12 Percent decrease

1 The discount rate used in the previous measurement at October 1, 2024 was 7.3 percent.

Retail – Australia, Potash, and Nitrogen CGUs

The following table indicates the key assumptions used in testing the remaining groups of CGUs:

		Terminal growth rate (%)								Post-tax discount rate (%)
		2025				2024				2025				2024
Retail – Australia			2.5				2.6				7.6				7.9
Potash			2.0				2.5				7.3				6.3
Nitrogen			2.0				2.3				8.7				7.6

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  95

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Note 16 | Investments

As at December 31		Principal activity		Principal place of business and incorporation				Proportion of ownership interest and voting rights held (%)								Carrying amount
								2025				2024				2025				2024
Equity-accounted investees
Profertil S.A. (“Profertil”)		Nitrogen producer			Argentina				–				50				–				349
Canpotex		Marketing and logistics of potash			Canada				50				50				–				–
Other associates and joint ventures																	134				128
Total equity-accounted investees																	134				477
Investments at FVTOCI
Sinofert Holdings Limited (“Sinofert”)		Fertilizer supplier and distributor			China/Bermuda				–				19				–				211
Other																	10				10
Total investments at FVTOCI																	10				221
Total investments																	144				698

We continuously assess our ability to exercise significant influence or joint control over our investments.

Equity-accounted investees

In 2025, as part of our strategic priority to simplify and focus, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. A deposit of $120 million was received from the purchaser on September 5, 2025. The sale closed on December 10, 2025 resulting in gross proceeds of $595 million and a gain of $301 million recorded in the consolidated statement of earnings within our Corporate and Others segment. This gain reflects the difference between the net proceeds and the carrying amount of the investment at the date of sale. The buyer remitted the applicable withholding tax on behalf of Nutrien, resulting in a $60 million non-cash transaction.

Investments at fair value through other comprehensive income

In 2025, as part of our strategic priority to simplify and focus, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Gross proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.

Note 17 | Other assets

As at December 31		2025				2024
Deferred income tax assets (Note 10)			276				401
Ammonia catalysts1			125				126
Long-term income tax receivable (Note 10)			72				48
Accrued pension benefit assets (Note 21)			145				140
Other			240				169
			858				884

1 Net of accumulated amortization of $110 million (2024 – $100 million).

96  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Note 18 | Trade, other payables and accrued liabilities

As at December 31		2025				2024
Trade and other payables (Note 5)			5,540				5,359
Customer prepayments			1,826				1,881
Dividends			263				265
Accrued compensation			615				606
Current portion of asset retirement obligations and accrued environmental costs (Note 22)			208				188
Accrued interest			110				112
Current portion of share-based compensation (Note 7)			60				34
Current portion of derivatives			8				33
Income taxes (Note 10)			20				22
Provincial mining taxes			20				–
Other taxes			59				49
Current portion of pension and other post-retirement benefits (Note 21)			13				15
Customer rebates			48				44
Other accrued expenses			473				469
Other			46				41
			9,309				9,118

Note 19 | Debt

Credit facility limits at December 31		Maturity				2025
Unsecured revolving term facility1			September 4, 2030				4,500
Uncommitted revolving demand facility			n/a				1,000
Unsecured revolving term facility2			September 2, 2026				500
Other credit facilities			Various				850
Accounts receivable purchase facility3			March 6, 2026				500

1 In 2025, we extended the maturity date from September 4, 2029 to September 4, 2030, subject to extension at the request of Nutrien provided that the resulting maturity date may not exceed five years from the date of request.

2 In 2025, we extended the maturity date from September 3, 2025 to September 2, 2026 and reduced the facility limit from $750 million to $500 million.

3 In 2025, we extended the maturity date from March 7, 2025 to March 6, 2026.

Principal covenants and events of default under the unsecured revolving term credit facilities include a debt to capital ratio (refer to Note 4) and other customary events of default and covenant provisions. Non-compliance with such covenants could result in accelerated repayment and/or termination of the credit facility. We were in compliance with all covenants as at December 31, 2025 (Note 4).

We have an uncommitted $500 million accounts receivable repurchase facility (the “repurchase facility”), where we may sell certain receivables from customers to a financial institution and agree to repurchase those receivables at a future date. When we draw under this repurchase facility, the receivables from customers remain on our consolidated balance sheet as we control and retain substantially all of the risks and rewards associated with the receivables. As at December 31, 2025, there were no borrowings made under this facility.

As at December 31		Rate of interest (%)								2025				2024
Credit facilities
Other credit facilities
South America							3.9 – 8.3				180				307
Australia							4.5				187				198
Other							4.6				4				1
Commercial paper1							3.9 – 4.0				399				961
Other short-term debt											103				67
Total short-term debt											873				1,534

1 We use our $4,500 million commercial paper program for our short-term cash requirements. The amount available under the commercial paper program is limited to the availability of funds under the $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  97

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Notes

As at December 31		Rate of interest (%)				Maturity				2025				2024
Senior notes1
			3.000				April 1, 2025				–				500
			5.950				November 7, 2025				–				500
			4.000				December 15, 2026				500				500
			4.500				March 12, 2027				400				–
			5.200				June 21, 2027				400				400
			4.900				March 27, 2028				750				750
			4.200				April 1, 2029				750				750
			2.950				May 13, 2030				500				500
			5.250				March 12, 2032				600				–
			5.400				June 21, 2034				600				600
			4.125				March 15, 2035				450				450
			7.125				May 23, 2036				212				212
			5.875				December 1, 2036				500				500
			5.625				December 1, 2040				500				500
			6.125				January 15, 2041				401				401
			4.900				June 1, 2043				500				500
			5.250				January 15, 2045				489				489
			5.000				April 1, 2049				750				750
			3.950				May 13, 2050				500				500
			5.800				March 27, 2053				750				750
Debentures1			7.800				February 1, 2027				120				120
Other credit facilities			Various				Various				13				53
											9,685				9,725
Add net unamortized fair value adjustments											258				276
Less net unamortized debt issue costs											(80	)			(83	)
Total long-term debt											9,863				9,918
Less current maturities											(513	)			(1,037	)
											9,350				8,881

1 Each series of senior notes and debentures is unsecured and has no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions that allow redemption prior to maturity, at our option, at specified prices.

We are subject to certain customary covenants, including limitation on liens, merger and change of control covenants, and customary events of default. We are also subject to certain financial covenants as calculated in Note 4. As at December 31, 2025 we were in compliance with these covenants.

		Short-term debt				Long-term debt				Lease liabilities				Total
Balance – December 31, 2024			1,534				9,918				1,355				12,807
Cash flows (cash inflows and outflows presented on a net basis)			(745	)			(51	)			(419	)			(1,215	)
Additions and other adjustments to ROU liabilities			–				–				306				306
Foreign currency translation and other non-cash changes			84				(4	)			41				121
Balance – December 31, 2025			873				9,863				1,283				12,019
Balance – December 31, 2023			1,815				9,425				1,326				12,566
Cash flows (cash inflows and outflows presented on a net basis)			(287	)			495				(402	)			(194	)
Additions and other adjustments to ROU liabilities			–				–				470				470
Foreign currency translation and other non-cash changes			6				(2	)			(39	)			(35	)
Balance – December 31, 2024			1,534				9,918				1,355				12,807

98  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Note 20 | Lease liabilities

As at December 31		Average rate of interest (%)		2025				2024
Lease liabilities – non-current		4.6			937				999
Current portion of lease liabilities		5.1			346				356
Total					1,283				1,355

Note 21 | Pension and other post-retirement benefits

We offer the following pension and other post-retirement benefits to qualified employees: defined benefit pension plans; defined contribution pension plans; and health, dental and life insurance, referred to as other post-retirement plans. Substantially all our employees participate in at least one of these plans.

Description of defined benefit pension plans

		Plan type		Contributions
United States		– non-contributory, – guaranteed annual pension payments for life, – benefits generally depend on years of service and compensation level in the final years leading up to age 65, – benefits available starting at age 55 at a reduced rate, and – plans provide for maximum pensionable salary and maximum annual benefit limits.		– made to meet or exceed minimum funding requirements of the Employee Retirement Income Security Act of 1974 and associated Internal Revenue Service regulations and procedures.
Canada				– made to meet or exceed minimum funding requirements based on provincial statutory requirements and associated federal taxation rules.
Supplemental Plans in US and Canada for Senior Management		– non-contributory, – unfunded, and – supplementary pension benefits.		– provided for by charges to earnings sufficient to meet the projected benefit obligations, and – payments to plans are made as plan payments to retirees occur.

Our defined benefit pension plans are funded with separate funds that are legally separated from the Company and administered through the Pension Committee in each country, which is composed of our employees. The Pension Committee is required by law to act in the best interests of the plan participants and, in the US and Canada, is responsible for the governance of the plans, including setting certain policies (e.g., investment and contribution) of the funds. The current investment policy for each country’s plans generally does not include currency hedging strategies. Plan assets held in trusts are governed by local regulations and practices in each country, as is the nature of the relationship between the Company and the trustees and their composition.

Description of other post-retirement plans

We provide health care plans for certain eligible retired employees in the US, Canada and Trinidad. Eligibility for these benefits is generally based on a combination of age and years of service at retirement. Certain terms of the plans include:

– coordination with government-provided medical insurance in each country;

– certain unfunded cost-sharing features such as co-insurance, deductibles and co-payments – benefits subject to change;

– for certain plans, maximum lifetime benefits;

– at retirement, the employee’s spouse and certain dependent children may be eligible for coverage;

– benefits are self-insured and are administered through third-party providers; and

– generally, retirees contribute towards annual cost of the plans.

In addition, certain Medicare eligible retired employees in the US receive an annual contribution to a Healthcare Reimbursement Account, which can be used to purchase health benefits through a private exchange. This annual contribution can be used for premiums or to pay deductibles and/or co-insurance. Finally, we provide non-contributory life insurance plans for certain retired employees who meet specific age and service eligibility requirements.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  99

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Notes

Risks

The defined benefit pension and other post-retirement plans expose us to broadly similar actuarial risks. The most significant risks include investment risk and interest rate risk as discussed below. Other risks include longevity risk.

Investment risk		A deficit will be created if plan assets underperform the discount rate used in the defined benefit obligation valuation. To mitigate investment risk, we employ – a diversified mix of return seeking and liability hedging (i.e., fixed income) investments; and – a risk tolerance established through careful consideration of plan liabilities, plan funded status and corporate financial condition. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies.
Interest rate risk		A decrease in bond interest rates will increase the pension liability; however, this is generally expected to be partially offset by an increase in the return on the plan’s debt investments.

Financial information

		2025												2024
		Obligation				Plan assets				Net				Obligation				Plan assets				Net
Balance – beginning of year			(1,364	)			1,262				(102	)			(1,439	)			1,310				(129	)
Components of defined benefit expense recognized in earnings
Current service cost for benefits earned during the year			(9	)			–				(9	)			(15	)			–				(15	)
Interest (expense) income			(70	)			66				(4	)			(69	)			64				(5	)
Past service cost, including curtailment gains and settlements			196				(189	)			7				(1	)			–				(1	)
Foreign exchange rate changes and other			(17	)			10				(7	)			28				(21	)			7
Subtotal of components of defined benefit (recovery) expense recognized in earnings			100				(113	)			(13	)			(57	)			43				(14	)
Remeasurements of the net defined benefit liability recognized in Other Comprehensive Income (“OCI”) during the year
Actuarial gain arising from:
Changes in financial assumptions			13				–				13				47				–				47
Changes in demographic assumptions			4				–				4				4				–				4
Loss on plan assets (excluding amounts included in net interest)			–				(9	)			(9	)			–				(29	)			(29	)
Subtotal of remeasurements			17				(9	)			8				51				(29	)			22
Cash flows
Contributions by plan participants			(2	)			2				–				(3	)			3				–
Employer contributions			–				18				18				–				19				19
Benefits paid			85				(85	)			–				84				(84	)			–
Subtotal of cash flows			83				(65	)			18				81				(62	)			19
Balance – end of year1			(1,164	)			1,075				(89	)			(1,364	)			1,262				(102	)
Balance is composed of:
Non-current assets
Other assets (Note 17)											145												140
Current liabilities
Trade, other payables and accrued liabilities (Note 18)											(13	)											(15	)
Non-current liabilities
Pension and other post-retirement benefit liabilities											(221	)											(227	)

1 Obligations arising from funded and unfunded pension plans are $(1,015) million and $(149) million (2024 – $(1,206) million and $(158) million), respectively. Other post-retirement benefit plans have no plan assets and are unfunded.

100  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Plan assets

		2025												2024
As at December 31		Quoted prices in active markets for identical assets				Other1				Total fair value				Quoted prices in active markets for identical assets				Other1				Total fair value
Cash and cash equivalents			12				4				16				16				3				19
Equity securities and equity funds
US			10				109				119				10				131				141
International			–				6				6				–				7				7
Debt securities2			–				722				722				–				875				875
Other			–				212				212				–				220				220
Total pension plan assets			22				1,053				1,075				26				1,236				1,262

1 Approximately 96 percent (2024 – 96 percent) of the Other plan assets are held in funds whose fair values are estimated using their net asset value per share. For the majority of these funds, the redemption frequency is immediate. The Pension Committee manages the asset allocation based upon our current liquidity and income needs.

2 Debt securities included US securities of 70 percent (2024 – 75 percent), International securities of 26 percent (2024 – 21 percent) and Mortgage-backed securities of 4 percent (2024 – 4 percent).

We use letters of credit or surety bonds to secure certain Canadian unfunded defined benefit plan liabilities as at December 31, 2025.

We expect to contribute approximately $149 million to all pension and post-retirement plans in 2026. Total contributions recognized as expense under all defined contribution plans for 2025 was $147 million (2024 – $153 million).

We used the following significant assumptions to determine the benefit obligations and expense for our significant plans as at and for the year ended December 31. These assumptions are determined by management and are reviewed annually by our independent actuaries.

		Pension								Other
		2025				2024				2025				2024
Assumptions used to determine the benefit obligations1:
Discount rate (%)			5.41				5.35				5.16				5.04
Rate of increase in compensation levels (%)			3.85				3.89				n/a				n/a
Medical cost trend rate – assumed (%)2			n/a				n/a				4.50 – 7.00				4.50 – 6.50
Medical cost trend rate – year reaches ultimate trend rate			n/a				n/a				2036				2033
Mortality assumptions (years)3
Life expectancy at 65 for a male member currently at age 65			20.9				20.7				21.4				21.2
Life expectancy at 65 for a female member currently at age 65			23.1				22.9				23.9				23.7
Average duration of the defined benefit obligations (years)4			12.5				11.8				10.8				10.7

1 The current year’s expense is determined using the assumptions that existed at the end of the previous year.

2 We assumed a graded medical cost trend rate starting at 7.00 percent in 2025, moving to 4.50 percent by 2036 (2024 – starting at 6.50 percent, moving to 4.50 percent by 2033). The annual health care reimbursement amount is assumed to increase by 2.00 percent each year.

3 Based on actuarial advice in accordance with the latest available published tables, adjusted where appropriate to reflect future longevity improvements for each country.

4 Weighted average length of the underlying cash flows.

Of the most significant assumptions, a change in discount rates has the greatest potential impact on our pension and other post-retirement benefit plans, with sensitivity to change as follows:

		Change in assumption				2025				2024
Benefit obligation as reported							1,164				1,364
Discount rate			1.0 percentage point decrease				150				170
			1.0 percentage point increase				(120	)			(140	)

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  101

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Notes

Note 22 | Asset retirement obligations and accrued environmental costs

			Cash flow payments (years)	1			Discounted cash flows2, 3				Discount rate
As at December 31, 2025										+0.5%				-0.5%
Asset retirement obligations											(80	)			100
Retail			1 – 30				15
Potash			20 – 520				134
Phosphate			1 – 80				443
Corporate and Others4, 5			1 – 65				741
Accrued environmental costs											(5	)			5
Retail			1 – 30				49
Corporate and Others			1 – 30				294
Total							1,676

1 Time frame in which payments are expected to principally occur from December 31, 2025. Adjustments to the years can result from changes to the mine life and/or changes in the rate of tailings volumes.

2 Risk-free discount rates used to discount cash flows reflect current market assessments of the time value of money and the risks specific to the timing and jurisdiction of the obligation. Risk-free discount rates range from 3.2 percent to 6.3 percent.

3 The Company’s total undiscounted cash flows as at December 31, 2025 are $3.6 billion. For the Potash segment, the amount presented reflects only the undiscounted cash flows in the first year of decommissioning. This excludes tailings dissolution, fine tails capping, tailings management area reclamation, post-reclamation activities and monitoring, and final decommissioning beyond the first year of decommissioning, which are estimated to take an additional 125 to 500 years.

4 For nitrogen sites, there are no significant asset retirement obligations recorded. We considered the historical performance of our facilities as well as our planned maintenance, major upgrades and replacements, which can extend the useful lives beyond the foreseeable future.

5 Includes certain potash and phosphate sites that are non-operating sites, with the majority of phosphate site payments taking place over the next 10 years.

		Asset retirement obligations				Accrued environmental costs				Total
Balance – December 31, 2024			1,371				360				1,731
Disposals			–				(3	)			(3	)
Change in estimate (Note 8)			(11	)			10				(1	)
Settlements			(103	)			(25	)			(128	)
Accretion			49				1				50
Foreign currency translation and other			27				–				27
Balance – December 31, 2025			1,333				343				1,676
Balance – December 31, 2025 is composed of:
Current liabilities
Trade, other payables and accrued liabilities (Note 18)			185				23				208
Non-current liabilities
Asset retirement obligations and accrued environmental costs			1,148				320				1,468

We are subject to numerous environmental requirements under federal, provincial, state and local laws in the countries in which we operate. We have gypsum stack capping, and closure and post-closure obligations in White Springs, Florida and Geismar, Louisiana, through our subsidiaries pursuant to the financial assurance regulatory requirements in those states. As at December 31, 2025, we had $486 million in surety bonds and letters of credit outstanding relating to these financial assurance obligations. The recorded provisions may not necessarily reflect our obligations under these financial assurances.

102  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Note 23 | Share capital

Authorized

We are authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares. The common shares are not redeemable or convertible. The preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors.

Share repurchase programs

Commencement date

Expiry

Maximum shares for repurchase

Maximum shares for repurchase (%)

Number of shares repurchased

2023 Normal Course Issuer Bid

March 1, 2023

February 29, 2024

24,962,194

5

5,375,397

2024 Normal Course Issuer Bid

March 1, 2024

February 28, 2025

24,728,159

5

6,163,104

2025 Normal Course Issuer Bid

March 3, 2025

March 2, 2026

24,462,941

5

7,611,207

2026 Normal Course Issuer Bid1

March 3, 2026

March 2, 2027

24,057,066

5

–

1 On February 18, 2026, our Board of Directors approved a share repurchase program. The 2026 normal course issuer bid will expire earlier than the date above if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.

Purchases under the normal course issuer bids were, or may be, made through open market purchases at market prices as well as by other means permitted by applicable securities regulatory authorities, including private agreements.

Summary of share repurchases		2025				2024
Number of common shares repurchased for cancellation			9,829,408				3,944,903
Average price per share (US dollars)			55.94				47.31
Total cost, inclusive of tax			560				190

Subsequent to December 31, 2025, as of February 17, 2026, an additional 1,097,694 common shares were repurchased for cancellation at a cost of $73 million and an average price per share of $66.97.

Dividends declared

During 2025, we declared a dividend of $0.545 per share for each of the three months ended March 31, June 30, and September 30. During the three months ended December 31, 2025, we declared a dividend of $0.545 per share, which was paid on January 16, 2026 to shareholders of record on December 31, 2025.

On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.

Other disclosures

Note 24 | Commitments

		Principal portion and estimated interest
December 31, 2025		Lease liabilities				Long-term debt				Purchase commitments				Capital commitments				Other commitments				Total
Within 1 year			395				995				1,230				63				195				2,878
1 to 3 years			469				2,503				24				20				259				3,275
3 to 5 years			239				1,949				24				–				109				2,321
Over 5 years			394				10,030				–				–				188				10,612
Total			1,497				15,477				1,278				83				751				19,086

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  103

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Notes

Purchase commitments

In 2025, we completed a controlled shutdown of our Trinidad Nitrogen facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply. The current natural gas contract has expired and negotiations for renewal are in progress.

In 2023, we also entered into natural gas pipeline transportation agreements at our Geismar plant, the latest of which expires in 2033 and accounts for approximately 85 percent of the expected natural gas requirements in Geismar.

The Carseland facility has a power cogeneration agreement expiring on December 31, 2026, which provides 60 megawatt-hours of power per hour. The price for the power is based on a fixed charge adjusted for inflation and a variable charge based on the cost of natural gas provided to the facility for power generation.

Agreements for the purchase of sulfur for use in production of phosphoric acid provide for specified purchase quantities and prices based on Green Markets Tampa Index price per long ton at the time of delivery, which expire in 2026 and 2027. Commitments included in the foregoing table are based on expected contract prices.

Other commitments

Other commitments consist principally of technology service contracts, managed services contracts, natural gas transportation and truck distribution contracts, various rail contracts, committed donations, the latest of which expires in 2028, and mineral lease commitments, the latest of which expires in 2044.

Note 25 | Guarantees

In the normal course of business, we provide indemnification agreements to counterparties in transactions such as purchase and sale contracts, service agreements, director/officer contracts, and leasing transactions. The terms of these indemnification agreements

– may require us to compensate counterparties for costs incurred as a result of various events, including environmental liabilities and changes in (or in the interpretation of) laws and regulations, or as a result of litigation claims or statutory sanctions that may be suffered by a counterparty as a consequence of the transaction;

– will vary based upon the contract, the nature of which prevents us from making a reasonable estimate of the maximum potential amount that we could be required to pay to counterparties; and

– have not historically resulted in any significant payments by Nutrien and, as at December 31, 2025, no amounts have been accrued in the consolidated financial statements (except for accruals relating to certain underlying liabilities).

We directly guarantee our share of certain commitments of Canpotex (such as railcar leases) under certain agreements with third parties. We would be required to perform on these guarantees in the event of default by the investee. Nutrien does not have any financial guarantee contracts. No material loss is anticipated by reason of such agreements and guarantees.

Note 26 | Related party transactions

Sales and purchases of goods

We sell potash outside Canada and the US exclusively through Canpotex. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. Sales to Canpotex are shown in Note 3. The receivable outstanding from Canpotex is shown in Note 12 and arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Purchases from Canpotex in 2025 were $150 million (2024 – $146 million).

As at December 31		2025				2024
Receivables from Canpotex			279				122
Payables to Canpotex			63				66

104  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Key management personnel compensation and transactions with post-employment benefit plans

		2025				2024
Salaries and other short-term benefits			11				12
Share-based compensation			43				6
Post-employment benefits			2				2
Termination benefits			2				4
			58				24

Disclosures related to our post-employment benefit plans are shown in Note 21.

Note 27 | Contingencies and other matters

Accounting estimates and judgments

The following judgments are required to determine our exposure to possible losses and gains related to environmental matters and other various claims and lawsuits pending:

– prediction of the outcome of uncertain events (i.e., being virtually certain, probable, remote or undeterminable);

– determination of whether recognition or disclosure in the consolidated financial statements is required; and

– estimation of potential financial effects.

Where no amounts are recognized, such amounts are contingent and disclosure may be appropriate. While the amount disclosed in the consolidated financial statements may not be material, the potential for large liabilities exists and, therefore, these estimates could have a material impact on our consolidated financial statements.

Supporting information

Canpotex

Nutrien is a shareholder in Canpotex, which markets Canadian potash outside of Canada and the US. Should any operating losses or other liabilities be incurred by Canpotex, the shareholders have contractually agreed to reimburse it in proportion to each shareholder’s productive capacity. Through December 31, 2025, we are not aware of any operating losses or other liabilities.

Mining risk

The risk of underground water inflows and other underground risks is insured on a limited basis, subject to insurance market availability. Through December 31, 2025, we are not aware of any material losses or other liabilities that we have not accrued for.

Environmental remediation, legal and other matters

We are engaged in ongoing site assessment and/or remediation activities at a number of facilities and sites. Anticipated costs associated with these matters are added to accrued environmental costs in the manner described in Note 22.

We have established provisions for environmental site assessment and/or remediation matters to the extent that we consider expenses associated with those matters likely to be incurred. Except for the uncertainties described below, we do not believe that our future obligations with respect to these matters are reasonably likely to have a material adverse effect on our consolidated financial statements.

Legal matters with significant uncertainties include the following:

– The United States Environmental Protection Agency (“US EPA”) has an ongoing enforcement initiative directed at the phosphate industry related to the scope of an exemption for mineral processing wastes under the US Resource Conservation and Recovery Act (“RCRA”). This initiative affects the Conda Phosphate plant previously owned by Nu-West Industries, Inc. (“Nu-West”), a wholly owned subsidiary of Nutrien (Canada) Holdings ULC, and the Nutrien phosphoric acid facilities in Aurora, North Carolina; Geismar, Louisiana; and White Springs, Florida. Nutrien facilities received US EPA notices of violation (“NOVs”) for alleged violations of the RCRA and various other environmental laws. Notwithstanding the sale of the Conda phosphate operations in January 2018, Nu-West remains responsible for certain environmental liabilities attributable to its historic activities and for resolution of the NOVs. The facilities have been and continue to be involved in ongoing discussions with the US EPA, the US Department of Justice and the related state agencies to resolve these matters, with one such settlement being reached for the Geismar facility. The Geismar consent decree was entered on October 19, 2022, and resolved the allegations associated with the historic phosphoric acid operations at that facility. Due to the nature of the allegations at the other facilities, we are uncertain as to how the matters will be resolved. Based on settlements with

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  105

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Notes

other members of the phosphate industry and the Geismar consent decree, we expect that a resolution could involve any or all of the following: 1) penalties, which we currently believe will not be material; 2) modification of certain operating practices; 3) capital improvement projects; 4) providing financial assurance for the future closure, maintenance and monitoring costs for the phosphogypsum stack system; and 5) addressing findings resulting from the RCRA section 3013 site investigations.

– We operate in countries that are parties to the Paris Agreement adopted in December 2015 pursuant to the United Nations Framework Convention on Climate Change. Each country that is a party to the Paris Agreement submitted an Intended Nationally Determined Contribution (“INDC”) towards the control of greenhouse gas emissions. The impacts on our operations of these INDCs and other national and local efforts to limit or tax greenhouse gas emissions cannot be determined with any certainty at this time.

In addition, various other claims and lawsuits are pending against the Company in the ordinary course of business. While it is not possible to determine the ultimate outcome of such actions at this time, and inherent uncertainties exist in predicting such outcomes, we believe that the ultimate resolution of such actions is not reasonably likely to have a material adverse effect on our consolidated financial statements.

The breadth of our operations and the global complexity of tax regulations require assessments of uncertainties and judgments in estimating the taxes we will ultimately pay. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions, outcomes of tax litigation, and resolution of disputes arising from federal, provincial, state and local tax audits. The resolution of these uncertainties and the associated final taxes may result in adjustments to our tax assets and tax liabilities.

We own facilities that have been either permanently or indefinitely shut down. We expect to incur nominal annual expenditures for site security and other maintenance costs at some of these facilities. Should the facilities be dismantled, certain other shutdown-related costs may be incurred. Such costs are not expected to have a material adverse effect on our consolidated financial statements and would be recognized and recorded in the period in which they are incurred.

Note 28 | Accounting policies, estimates and judgments

The following discusses the material accounting policies, estimates, judgments and assumptions that we have adopted and applied and how they affect the amounts reported in the consolidated financial statements. Certain of our policies involve accounting estimates and judgments because they require us to make subjective or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts could be reported under different conditions or using different assumptions.

Basis of consolidation

Principal (wholly owned) operating subsidiaries		Location		Principal activity
Potash Corporation of Saskatchewan Inc.		Canada		Mining and/or processing of crop nutrients and corporate functions
Nutrien (Canada) Holdings ULC		Canada		Manufacturer and distributor of crop nutrients and corporate functions
Agrium Canada Partnership		Canada		Manufacturer and distributor of crop nutrients
Agrium Potash Ltd.		Canada
Cominco Fertilizer Partnership		US
Loveland Products Inc.		US
Nutrien Ag Solutions (Canada) Inc.		Canada		Crop input retailer
Nutrien Ag Solutions, Inc.		US
Nutrien Ag Solutions Limited		Australia
PCS Nitrogen Fertilizer, L.P.		US		Producer of nitrogen products
PCS Nitrogen Trinidad Limited		Trinidad
PCS Phosphate Company, Inc.		US		Mining and/or processing of phosphate products
PCS Sales (USA), Inc.		US		Marketing and sales of potash, nitrogen and phosphate products
Nutrien Financial US LLC		US		Provide financing to customers

106  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Revenue

Transfer of control for sale of goods		Transfer of control for sale of services
At the point in time when the product is: – purchased at our Retail farm center, – delivered and accepted by customers at their premises, or – loaded for shipping.		Over time as the promised service is rendered.

Judgment is used to determine whether we are acting as principal or agent by evaluating who:

– has the primary responsibility for fulfilling the promised good or service;

– bears the inventory risk including if the vendor has the right to have its product returned on demand; and

– has discretion for establishing the price.

For transactions in which we act as an agent rather than the principal, revenue is recognized net of any commissions earned. The related commissions are recognized as the sales occur or as unconditional contracts are signed.

We recognize revenue on sales to Canpotex (as described in Note 26) when there is a transfer of control, either at the time the product is loaded for shipping or delivered, depending on the terms of the contract. Sales revenue is recognized using a provisional price at the time control is transferred to Canpotex, with the final pricing determined upon Canpotex’s final sale to a third party (generally between one and three months from date of sale to Canpotex).

Our sales revenue relating to our Potash, Nitrogen and Phosphate segments is generally recorded and measured based on the “freight on board” mine, plant, warehouse or terminal price specified in the contract (except for certain vessel sales or specific product sales that are shipped and recorded on a delivered basis), which reflects the consideration we expect to be entitled to in exchange for the goods or services, adjusted for any variable consideration (e.g., any trade discounts or estimated volume rebates). Our customer contracts may provide certain product quality specification guarantees but do not generally provide for refunds or returns.

Due to the nature of goods and services sold, any single estimate would have only a negligible impact on revenue.

As the expected period between when control over a promised good or service is transferred and when the customer pays for that good or service is generally less than 12 months, we apply the practical expedient as provided in IFRS 15, “Revenue from Contracts with Customers,” and do not adjust the promised amount of consideration for the effects of financing.

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.

Share-based compensation

Estimation involves determining:

– stock option-pricing model assumptions as described in the weighted average assumptions table in Note 7;

– forfeiture rate for options granted based on past experience and future expectations, and adjusted upon actual vesting;

– projected outcome of performance conditions for PSUs, including our return on invested capital compared to Nutrien’s weighted average cost of capital, and including the relative ranking of our total shareholder return, including expected dividends, compared with a specified peer group using a Monte Carlo simulation option-pricing model; and

– the number of dividend equivalent units expected to be earned.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  107

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Notes

Income taxes

Taxation on earnings (loss) is composed of current and deferred income tax. Taxation is recognized in the statements of earnings unless it relates to items recognized either in OCI or directly in shareholders’ equity.

Current income tax		Deferred income tax
– is calculated using rates enacted or substantively enacted at the dates of the consolidated balance sheets in the countries where our subsidiaries and equity-accounted investees operate and generate taxable earnings.		– is determined using tax rates that have been enacted or substantively enacted by the dates of the consolidated balance sheets and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively.

The final taxes paid, and potential adjustments to tax assets and liabilities, are dependent upon many factors including:

– negotiations with taxation authorities in various jurisdictions;

– outcomes of tax litigation; and

– resolution of disputes arising from federal, provincial, state and local tax audits.

Deferred income tax is not accounted for:

– with respect to investments in subsidiaries and equity-accounted investees where we are able to control the reversal of the temporary difference and that difference is not expected to reverse in the foreseeable future; and

– if arising from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred tax assets are:

– recognized to the extent it is probable future taxable profit will be available to use deductible temporary differences and could be reduced if projected earnings are not achieved or increased if earnings previously not projected become probable; and

– reviewed at each balance sheet date and amended to the extent that it is no longer probable that the related tax benefit will be realized.

As provided in the amendments to International Accounting Standards (“IAS”) 12, we apply the mandatory exception to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The mandatory exception has been applied retrospectively, with no material impact on our consolidated financial statements.

Financial instruments

Financial instruments are classified and measured as follows based on the objective of the business model for managing the instrument or group of instruments and the contractual terms of the cash flows.

Fair value classification		FVTPL		FVTOCI		Amortized cost
Instrument type		Cash and cash equivalents, derivatives, and certain equity investments not held for trading		Certain equity investments not held for trading for which an irrevocable election was made at initial recognition		Receivables, short-term debt, trade, other payables and accrued liabilities, long-term debt, lease liabilities, and other long-term debt instruments

Financial instruments are recognized at trade date when we commit to purchase or sell the asset.

Derivatives are used to lock in exchange rates. For designated and qualified cash flow hedges:

– the effective portion of the change in the fair value of the derivative is accumulated in OCI;

– when the hedged forecast transaction occurs, the related gain or loss is removed from AOCI and included in the cost of inventory or property, plant and equipment;

– the hedging gain or loss included in the cost of inventory is recognized in earnings when the product containing the hedged item is sold or becomes impaired; and

– the ineffective portions of hedges are recorded in net earnings in the current period.

108  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

We assess whether our derivative hedging transactions are expected to be or were highly effective, both at the hedge’s inception and on an ongoing basis, in offsetting changes in fair values of hedged items.

Hedging transaction		Measurement of ineffectiveness		Potential sources of ineffectiveness
Foreign exchange		Comparison of the cumulative changes in fair value and the cumulative change in the fair value of a hypothetical derivative with terms based on the hedged forecast cash flows		Changes in: – timing or amounts of forecasted cash flows – embedded optionality – our credit risk or the credit risk of a counterparty
New York Mercantile Exchange (“NYMEX”) natural gas hedges		Assessed on a prospective and retrospective basis using regression analyses		Changes in: – timing of forecast transactions – volume delivered – our credit risk or the credit risk of a counterparty

Financial assets and financial liabilities are offset, and the net amount is presented in the consolidated balance sheets when we:

– currently have a legally enforceable right to offset the recognized amounts; and

– intend either to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Fair value measurements

Estimated fair values for financial instruments are designed to approximate amounts for which the instruments could be exchanged in a current arm’s length transaction between knowledgeable, willing parties. The valuation policies and procedures for financial reporting purposes are determined by our finance department.

Fair value measurements are categorized into different levels within a fair value hierarchy based on the degree to which the lowest level inputs are observable and their significance:

Level 1		Level 2		Level 3
Unadjusted quoted prices (in active markets accessible at the measurement date for identical assets or liabilities)		Quoted prices (in markets that are not active or based on inputs that are observable for substantially the full term of the asset or liability)		Prices or valuation techniques that require inputs that are both unobservable and significant to the overall measurement

Fair value estimates:

– are at a point in time and may change in subsequent reporting periods due to market conditions or other factors;

– can be determined using multiple methods, which can cause values (or a range of reasonable values) to differ; and

– may require assumptions about costs/prices over time, discount and inflation rates, defaults and other relevant variables.

Inventories

Costs are allocated to inventory using the weighted average cost method.

Net realizable value is based on:

Products and raw materials		Materials and supplies
– selling price of the finished product (in ordinary course of business) less the estimated    costs of completion and estimated costs to make the sale		– replacement cost

Inventories are valued monthly. Various factors impact our estimates of net realizable value, including inventory levels, forecasted prices of key production inputs, global nutrient capacities, crop price trends, and changes in regulations and standards employed.

Vendors may offer various incentives to purchase products for resale. Vendor rebates and prepay discounts are accounted for as a reduction of the prices of the suppliers’ products. Rebates based on the amount of materials purchased reduce cost of goods sold as inventory is sold. Rebates earned based on sales volumes of products are offset to cost of goods sold.

Rebates that are probable and can be reasonably estimated are accrued. Rebates that are not probable or estimable are accrued when certain milestones are achieved.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  109

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Notes

Estimation of rebates can be complex in nature as vendor arrangements are diverse. The amount of the accrual is determined by analyzing and reviewing historical trends to apply negotiated rates to estimated and actual purchase volumes. Estimated amounts accrued throughout the year could also be impacted if actual purchase volumes differ from projected volumes.

Property, plant and equipment

		Owned		Right-of-use (leased)
Description		Majority of our tangible assets are buildings, machinery and equipment used to produce or distribute our products and render our services.		Primarily include railcars, marine vessels, real estate and mobile equipment.
Measurement		– cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses – cost of major inspections and overhauls is capitalized – maintenance and repair expenditures that do not improve or extend productive life are expensed in the period incurred		– cost less accumulated depreciation and any accumulated impairment losses – lease payments are allocated between finance costs and a reduction of the liability
Depreciation method		– certain property, plant and equipment directly related to our Potash, Nitrogen and Phosphate segments uses units-of-production based on the shorter of estimates of reserves or service lives – pre-stripping costs uses units-of-production over the ore mined from the mineable acreage stripped – remaining assets uses straight-line		Straight-line over the shorter of the asset’s useful life and the lease term.
		Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually.
Judgment/practical expedients		Judgment is required in determining: – costs, including income or expenses derived from an asset under construction, that are eligible for capitalization; – timing to cease cost capitalization, generally when the asset is capable of operating in the manner intended by management, but also considering the circumstances and the industry in which the asset is to be operated, normally predetermined by management with reference to such factors as productive capacity; – the appropriate level of componentization (for individual components for which different depreciation methods or rates are appropriate); – repairs and maintenance that qualify as major inspections and overhauls; and – useful life over which such costs should be depreciated, which may be impacted by changes in our strategy, process or operations as a result of climate-change initiatives.		Judgment is required to determine whether a contract or arrangement includes a lease and if it is reasonably certain that an extension option will be exercised. We seek to maximize operational flexibility in managing our leasing activities by including extension options when negotiating new leases. Extension options are exercisable at our option and not by the lessors. In determining if a renewal period should be included in the lease term, we consider all relevant factors that create an economic incentive for us to exercise a renewal, including: – the location of the asset and the availability of suitable alternatives, – the significance of the asset to operations, and – our business strategy. Estimation is used to determine the useful lives of ROU assets, the lease term and the appropriate discount rate applied to the lease payments to calculate the lease liability.
		Uncertainties are inherent in estimating reserve and resource quantities, particularly as they relate to assumptions regarding future prices, the geology of our mines, the mining methods used, and the related costs incurred to develop and mine reserves and resources. Changes in these assumptions could result in material adjustments to reserve estimates, which could result in impairments or changes to depreciation expense in future periods.		We have chosen to: – include the use of a single discount rate for a portfolio of leases with reasonably similar characteristics, – not separate non-lease components and instead to account for lease and non-lease components as a single arrangement, and – use exemptions for short-term and low-value leases which allow payments to be expensed as incurred.
Other		Not applicable.		Lease agreements do not contain significant covenants; however, leased assets may be used as security for lease liabilities and other borrowings.

110  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

Goodwill and intangible assets

Goodwill is carried at cost less any accumulated impairment losses, is not amortized, and represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is allocated to a CGU or group of CGUs for impairment testing based on the level at which it is monitored by management and not at a level higher than an operating segment. The allocation is made to the CGU or group of CGUs expected to benefit from the business combination in which the goodwill arose.

Intangible assets are generally measured at cost less accumulated amortization and any accumulated impairment losses. Accumulated amortization is calculated on a straight-line basis over the asset’s useful life. We use judgment to determine which expenditures are eligible for capitalization as intangible assets. Costs incurred internally from researching and developing a product are expensed as incurred until technological feasibility is established, at which time the costs are capitalized until the product is available for its intended use. Judgment is required in determining when technological feasibility of a product is established. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. At least annually, the useful lives are reviewed and adjusted if appropriate.

Impairment of long-lived assets

To assess impairment, assets are grouped at the smallest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (this can be at the asset or CGU level).

At the end of each reporting period, we review conditions to determine whether there is any indication that an impairment exists that could potentially impact the carrying amounts of both our long-lived assets to be held and used (including property, plant and equipment, and investments), and our goodwill and intangible assets. When such indicators exist, impairment testing is performed. Additionally, goodwill is tested at least annually on October 1.

We review, at each reporting period, for possible reversal of the impairment for non-financial assets, other than goodwill.

Estimates and judgment involve:

– identifying the appropriate asset, group of assets, CGU or group of CGUs;

– determining the appropriate discount rate for assessing the recoverable amount;

– making assumptions about future sales, market conditions, terminal growth rates and cash flow forecasts over the long-term life of the assets or CGUs; and

– evaluating impacts of climate change to our strategy, processes and operations.

We cannot predict if an event that triggers impairment or a reversal of impairment will occur, when it will occur or how it will affect reported asset amounts. Asset impairment amounts previously recorded could be affected if different assumptions were used or if market and other conditions change. Such changes could result in non-cash charges materially affecting our consolidated financial statements.

Equity-accounted investments

For equity-accounted investments reduced to zero, we do not eliminate our share of the unrealized earnings. If the investee earns a profit in the subsequent period, we then recognize our share of the earnings only after adjusting for the unrealized earnings that were not previously eliminated.

Pension and other post-retirement benefits

When a plan amendment occurs before a settlement, we recognize past service cost before any gain or loss on settlement.

Our discount rate assumptions are impacted by:

– the weighted average interest rate at which each pension and other post-retirement plan liability could be effectively settled at the measurement date;

– country specific rates; and

– the use of a yield curve approach based on the respective plans’ demographics, expected future pension benefits and medical claims. Payments are measured and discounted to determine the present value of the expected future cash flows. The cash flows are discounted using yields on high-quality AA-rated non-callable bonds with cash flows of similar timing where there is a deep market for such bonds. Where we do not believe there is a deep market for such bonds (such as for terms in excess of 10 years in Canada), the cash flows are discounted using a yield curve derived from yields on provincial bonds rated AA or better to which a spread adjustment is added to reflect the additional risk of corporate bonds.

Net actuarial gains or loss incurred during the period for defined benefit plans are closed out to retained earnings at each period-end.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  111

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Notes

Asset retirement obligations and accrued environmental costs

Asset retirement obligations and accrued environmental costs include:

– reclamation and restoration costs at our potash and phosphate mining operations, including management of materials generated by mining and mineral processing, such as various mine tailings and gypsum;

– land reclamation and revegetation programs;

– decommissioning of underground and surface operating facilities;

– general clean-up activities aimed at returning the areas to an environmentally acceptable condition; and

– post-closure care and maintenance.

We consider the following factors as we estimate our provisions:

– environmental laws and regulations and interpretations by regulatory authorities, including updates on climate change, could change or circumstances affecting our operations could change, either of which could result in significant changes to current plans;

– the nature, extent and timing of current and proposed reclamation and closure techniques in view of present environmental laws and regulations;

– appropriate technical resources, including outside consultants, assist us in developing specific site closure and post-closure plans in accordance with the jurisdiction requirements;

– timing of settlement of the obligations, which is typically correlated with mine life estimates except for certain land reclamation programs; and

– changes in the pre-tax risk-free rate used to discount the expected future cash flows associated with these provisions.

It is reasonably possible that the ultimate costs could change in the future and that changes to these estimates could have a material effect on our consolidated financial statements. We review our estimates for any changes in assumptions at the end of each reporting period.

We recognized contingent liabilities related to our business combinations or acquisitions, which represent additional environmental costs that are present obligations although cash outflows of resources are not probable. These contingent liabilities are subsequently measured at the higher of the amount initially recognized and the amount that would be recognized if the liability becomes probable.

Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. When we repurchase our own common shares, share capital and contributed surplus is reduced by the average carrying value of the shares repurchased. The excess of the purchase price over the average carrying value is recognized as a deduction from retained earnings. If the average carrying value of the shares repurchased is less than the average carrying value of the shares in share capital, the excess is recognized as an addition to share capital. Shares are cancelled upon repurchase.

Climate change

Climate-related risks and opportunities could impact our accounting estimates and judgments including, but not limited to, assessment of our asset useful lives, impairment of other long-lived assets, and asset retirement obligations and accrued environmental costs. There are also ongoing regulatory initiatives that could further impact our accounting estimates and judgments, and we will continue to monitor these developments and their impact on our consolidated financial statements.

Standards, amendments and interpretations effective and applied

The IASB and IFRS Interpretations Committee (“IFRIC”) have issued certain standards and amendments or interpretations to existing standards that were effective, and we have applied.

In 2025, we adopted the following standards, amendments and annual improvements with no material impact on our consolidated financial statements:

– Lack of Exchangeability (Amendments to IAS 21)

Standards, amendments and interpretations not yet effective and not applied

The IASB and IFRIC have issued the following standards, amendments or interpretations to existing standards that were not yet effective and not applied as at December 31, 2025.

112  Nutrien Annual Report 2025 In millions of dollars, except as otherwise noted

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Notes

The following amendments will be adopted in 2026 and are not expected to have a material impact on our consolidated financial statements:

– Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), effective January 1, 2026. In May 2024, the IASB issued these amendments to clarify the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date if specific conditions are met.

Based on our adoption work to date, we expect liabilities settled by cheque to be derecognized when the cheque is cleared and settled with the counterpart’s bank, instead of when the cheque is written. This change will affect the timing of derecognition for certain trade and other payables but is not expected to have a material impact on the consolidated financial statements.

The following standard is being reviewed to determine the potential impact on our consolidated financial statements:

– Presentation and Disclosure in Financial Statements (IFRS 18), effective January 1, 2027. In April 2024, the IASB issued IFRS 18, which will replace IAS 1 Presentation of Financial Statements. The new standard will require classification of income and expense into specified categories of operating, investing and financing. The standard will also require defined subtotals, including operating profit, and note disclosure including our management-defined performance measures (“MPMs”). The new standard also provides guidance on aggregation and disaggregation of disclosures.

We will continue to assess the full impact of IFRS 18 and disclose any significant updates as our implementation progresses.

In millions of dollars, except as otherwise noted Nutrien Annual Report 2025  113

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Terms

TERMS AND DEFINITIONS

Terms
AECO		Alberta Energy Company, Canada
ABARES		Australian Bureau of Agricultural and Resource Economics and Sciences
AgbioInvestor		AgbioInvestor, UK
Argus		Argus Media group, UK
Bloomberg		Bloomberg Finance L.P., USA
Conab		The National Supply Company (CONAB) is a public company under the Ministry of Agriculture, Livestock and Food Supply – MAPA
CME		Chicago Mercantile Exchange
Croplife		Croplife Media Group, USA
CRU		CRU International Ltd., UK
ICE		Intercontinental Exchange
IFA		International Fertilizer Association
IMEA		Mato Grosso Institute of Agricultural Economics
Moody’s		Moody’s Corporation (NYSE: MCO), USA
NYMEX		New York Mercantile Exchange, USA
NYSE		New York Stock Exchange, USA
S&P		S&P Global Inc., USA
SPGCI		S&P Global Commodity Insights
StatsCan		Statistics Canada
TFI		The Fertilizer Institute, USA
TTF		Title Transfer Facility
TSX		Toronto Stock Exchange, Canada
USDA		United States Department of Agriculture, USA
WASDE		World Agriculture Supply and Demand Estimates, USA
AUD		Australian dollar
BRL		Brazilian real
CAD		Canadian dollar
USD		United States dollar

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Terms

Scientific terms
Potash		KCI		potassium chloride, 60%–63.2% K2O (solid)
Nitrogen		CO2		carbon dioxide
		DEF		diesel exhaust fluid
		ESN®		Environmentally Smart Nitrogen®, 44% nitrogen
		UAN		urea ammonium nitrate solution, 28%–32% N (liquid)
Phosphate		AS		ammonium sulfate (solid)
		DAP		diammonium phosphate, 46% P2O5 (solid)
		MAP		monoammonium phosphate, 52% P2O5 (solid)
		MGA		merchant grade acid, 54% P2O5 (liquid)
		MST		micronized sulfur technology, P + S
		P2O5		diphosphorus pentoxide
		SPA		superphosphoric acid, 70% P2O5 (liquid)

Product measures
K2O tonne		Measures the potassium content of products having different chemical analyses
Mmt		Million metric tonnes
MMBtu		Metric million British thermal units
P2O5 tonne		Measures the phosphorus content of products having different chemical analyses
Product tonne		Standard measure of the weights of all types of potash, nitrogen and phosphate products

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Definitions

Definitions
Brownfield		New project expanding or developing an existing facility or operation.
CCUS		Carbon capture, utilization and storage. Process by which CO2 produced from various industrial processes is captured and either utilized for further industrial processes or transported to a permanent storage location to prevent release into the atmosphere.
Capital expenditures		Represents the sum of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures. See the “Other financial measures” section.
Clean ammonia		Ammonia made with direct GHG emissions reduced by at least 90 percent compared to a conventional process, produced from hydrogen obtained using the next generation of ammonia production technology, such as auto-thermal reforming or water electrolysis with renewable power; this definition does not include end product use.
EBITDA		Calculated as net earnings (loss) before finance costs, income taxes and depreciation and amortization.
Greenfield		New project on a previously undeveloped site.
Greenhouse gas (“GHG”)		Gases that contribute to the greenhouse effect and global warming by trapping heat in the atmosphere. These gases include those outlined by the Kyoto Protocol and covered under the Greenhouse Gas Protocol Accounting and Reporting Standards. They include the following seven major greenhouse gases: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), sulfur hexafluoride (SF6), perfluorocarbons (PFCs), hydrofluorocarbons (HFCs), and nitrogen trifluoride (NF3).
Latin America		South America, Central America, Caribbean and Mexico.
Merger		The merger of equals transaction between PotashCorp and Agrium completed effective January 1, 2018, pursuant to which PotashCorp and Agrium combined their businesses pursuant to a statutory plan of arrangement under the Canada Business Corporations Act and became wholly owned subsidiaries of Nutrien Ltd.
North America		Canada and the US.
Offshore		All markets except Canada and the US.
Total shareholder return		Return on investment in Nutrien shares from the time the investment is made based on two components: (1) growth in share price and (2) return from reinvested dividend income on the shares.

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SHAREHOLDER INFORMATION

Dividends

Dividend amounts paid to shareholders resident in Canada are paid in Canadian dollars, calculated based on the Bank of Canada daily average exchange rate on the dividend record date. The declaration, amount and payment date of any dividend by the Company is at the discretion of the Board of Directors and will depend on numerous factors, including compliance with applicable laws and the financial performance, debt obligations, working capital requirements and future capital requirements of Nutrien and its subsidiaries. Historically dividends have been paid in January, April, July and October approximately three weeks after record dates on the last trading day of the immediately preceding month. Registered shareholders may enroll for direct deposit by contacting Computershare Investor Services Inc., the Company’s registrar and transfer agent.

Ownership

On February 17, 2026, there were 803 holders of record of the Company’s common shares.

Common share prices

The Company’s common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange. Nutrien is included in the S&P/TSX 60 and the S&P/TSX Composite indices.

Office

Nutrien’s registered head office is:

Suite 1700, 211 19th Street East

Saskatoon, Saskatchewan

Canada S7K 5R6

Investor relations		NYSE corporate governance
Investor Relations Department Email investors@nutrien.com		The certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to our 2025 Annual Report on Form 40-F.

Transfer agent

You can contact Computershare Investor Services Inc., the Company’s transfer agent, as follows:

Phone		1-888-847-9773 (toll-free within Canada and the US) 1-514-982-7555		By Mail		Computershare 100 University Ave, 8th Floor Toronto, ON M5J 2Y1
		(from any country other than Canada and the US)		Internet		Access your registered account on the
By Fax		1-888-453-0330 (all countries)				Investor Centre website: investorcentre.com

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FAQ

How did Nutrien (NTR) perform financially in 2025?

Nutrien generated $26,885 million in sales and $2,297 million in net earnings in 2025. Adjusted EBITDA reached $6,046 million and free cash flow was $1,979 million, reflecting higher fertilizer volumes, improved pricing and company-wide cost savings initiatives.

What were Nutrien’s key segment results for 2025?

In 2025, Retail adjusted EBITDA was $1,736 million, Potash delivered $2,254 million, Nitrogen $2,147 million and Phosphate $382 million. Record potash sales volumes of 14.25 million tonnes and stronger nitrogen prices were major contributors to the overall earnings improvement.

What 2026 guidance has Nutrien (NTR) provided?

For 2026, Nutrien guides Retail adjusted EBITDA of $1.75–$1.95 billion, potash sales volumes of 14.1–14.8 million tonnes, nitrogen volumes of 9.2–9.7 million tonnes and capital expenditures of $2.0–$2.1 billion, indicating a focus on steady operating performance and controlled investment.

How is Nutrien managing capital allocation and balance sheet risk?

Nutrien reduced capital expenditures to $2,005 million and lowered adjusted net debt to $11,060 million, or 1.8x adjusted EBITDA. It returned $1,612 million via dividends and buybacks and plans further repurchases under a 24,057,066-share normal course issuer bid approved for 2026.

What portfolio changes did Nutrien make in 2025?

Nutrien completed divestitures including its equity interests in Profertil and Sinofert, generating about $900 million of gross proceeds. It also launched a strategic review of the Phosphate business, exploring options such as reconfiguring operations, partnerships or a potential sale.

How did Nutrien’s potash and nitrogen operations perform in 2025?

Potash achieved record sales volumes of 14.25 million tonnes and 49 percent mine automation, lifting adjusted EBITDA to $2,254 million. Nitrogen adjusted EBITDA rose to $2,147 million on higher prices and a four-point improvement in ammonia operating rates, despite a shutdown at the Trinidad facility.

What is Nutrien’s dividend outlook following the 2025 results?

Nutrien declared $2.18 per share in 2025 dividends and has increased its quarterly dividend to $0.55 per share, payable April 16, 2026 to shareholders of record March 31, 2026, reflecting confidence in ongoing cash generation and commitment to returning capital.

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