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

Global grains include corn, wheat, rice, barley, oats, millets, mixed grains, rye and sorghum. RoW is Rest of World excluding China and the US.

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

Based on CRU historical data and forecasts.

Short-run marginal cost refers to the breakeven delivered cash cost of the market-clearing high-cost production on a short-term basis. Long-run marginal cost refers to the full economic cost of new capacity.

2025F based on front month Europe TTF futures prices as of February 14, 2025. North American natural gas prices are based on the Nutrien 2025 forecast.

annual consolidated cost savings expected to be achieved in 2025, ahead of our initial target of 2026

Simplify and focus

Consolidated cost savings¹

Based on targeted reductions in operational and corporate costs.

•  Investing in Potash mine automation technology and operational excellence

•  Increasing Nitrogen reliability and energy efficiency

•  Improving Phosphate reliability and cost stewardship

•  Optimizing our logistics infrastructure

•  Leveraging our extensive sales and distribution capabilities

•  Consolidating and modernizing our North American footprint

•  Executing on a margin improvement plan in Brazil

Operational excellence

Potash ore tonnes mined using automation

Ammonia operating rate¹

P₂O₅ operating rate

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

DISCIPLINED AND INTENTIONAL CAPITAL ALLOCATION

Disciplined and intentional capital allocation

Annual average capital expenditures (2024-2026)¹

Potash manufactured sales volumes (million tonnes)

Nitrogen manufactured sales volumes (million tonnes)

Retail adjusted EBITDA

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

Sustaining, mine development and pre-stripping capital expenditures¹

2024

Sustaining, mine development and pre-stripping capital expenditures

(percent)

Key 2024 actions

•  Completed reliability work and replaced key identified end-of-life assets across our upstream operations, including five major maintenance turnarounds and planned outages at four of our Nitrogen sites

•  Received the National Safety Council’s Green Cross for Safety Innovation award in recognition of tele-remote technology in our potash mines

•  Invested in maintenance and safety-related initiatives for our downstream Retail facilities

Adjusted net debt to adjusted EBITDA²

2.2X

Debt and equity^3,4

(percent)

Key 2024 actions

•  Maintained our Baa2/BBB investment-grade credit rating

•  Repaid $500 million in senior notes that matured in 2024 and issued a total of $1.0 billion of 3-year and 10-year senior notes

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

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

As at December 31, 2024.

Debt includes short-term debt, long-term debt and lease liabilities, including the current portions of each where applicable.

Key 2024 actions

•  Repurchased 3.9M shares for a total of ~$190 million in the second half of 2024

•  Announced a 1 percent increase to our quarterly dividend to $0.545 per share in February 2025, our seventh increase since 2018

•  In February 2025, we approved the purchase of up to 5 percent of Nutrien’s outstanding common shares over a twelve-month period through a renewal of our normal course issuer bid

Cash used for dividends and

share repurchases

average dividend yield in 2024

$1.2B

returned to shareholders through dividends and share repurchases in 2024

Key 2024 actions

•  Invested in potash autonomous mining machines and technology and increased our ore tonnes mined using automation by more than 75% (vs 2023)

•  Invested in low-cost nitrogen brownfield expansions and added incremental ammonium sulfate capability at our Redwater nitrogen site

•  Invested in proprietary products, network optimization and digital capabilities to better serve our customers

Targeted growth investments

investing capital expenditures in 2024

8%

growth in proprietary crop nutritional and biostimulants gross margin in 2024 (vs 2023)

As disclosed in Nutrien’s 2024 Management Proxy Circular.

Board/Board Committee

Oversight includes the following business topics or risk areas

Board of Directors

•  Corporate strategy

•  Oversight of safety, health, environmental and security matters

•  Risk management

•  Human resources and compensation

•  Governance and compliance

Audit Committee

•  Accounting and financial reporting

•  Internal controls

•  Compliance

•  Financial risk management

Corporate Governance & Nominating Committee

•  Corporate governance

•  Board diversity

•  Director compensation

•  Director orientation and continuing education

•  Board evaluation

Human Resources & Compensation Committee

•  Executive compensation

•  Succession planning

•  Equity, diversity and inclusion, including the Company’s Indigenous Strategy as it relates to Indigenous employment and human resources matters with appropriate coordination with the S&S Committee

•  Learning and development

Safety & Sustainability (“S&S”) Committee

•  Sustainability priorities

•  Risks, strengths and opportunities related to safety and sustainability including climate-related impacts

•  Safety and sustainability performance and strategy

•  Cybersecurity and data privacy

•  Status of remediation projects and environmental provisions

•  The Company’s Indigenous Strategy as it relates to Indigenous engagement and stakeholder relations, with appropriate coordination with the Human Resources & Compensation Committee

1

Competition and shifting market fundamentals

Description

Global macroeconomic conditions and shifting market fundamentals – including trade tariffs and trade restrictions, market volatility, geopolitical conditions, increased price competition or new entrants, and/or a significant change in agriculture production or consumption trends – could lead to a sustained environment of reduced demand for our products, increased costs and/or low or volatile commodity prices, thereby negatively impacting our short- and long-term profitability.

Risk management approach

We operate across the ag value chain and have a diversified portfolio of products and services that are designed to enable us to respond to changing economic conditions. We have a favorable cost-structure and the flexibility to make operational changes across our portfolio to help minimize the impact of changing market dynamics. We prioritize a strong and flexible balance sheet and focus on initiatives that simplify and enhance our core business, optimize our advantages across the ag value chain and allocate capital to high-value investments.

See page 18 of this report for more information on our market fundamentals.

2

Changing regulations

Description

Changing laws, regulations and government policies, including those relating to the environment, climate change (including regulation of GHG emissions), data privacy, health and safety, and taxes and royalties, could affect our ability to produce or sell certain products, reduce our efficiency and competitive advantage, increase our costs of raw materials, energy, transportation and compliance, or require us to make capital improvements to our operations. These and other factors could impact our strategy, operations, financial results or reputation.

Risk management approach

Our Government & External Affairs Team maintains an active engagement strategy with governments and regulators, including participation in industry associations. These relationships allow us to keep current on regulatory developments affecting our business or industry, allowing us to anticipate new or changing laws and regulations and put us in the best position for success while leveraging our industry association allies.

3

Political, economic and social instability

Description

We are a global business with significant operations in Canada and the US as well as operations outside of North America, including Australia, South America, Trinidad and certain European countries.

We are subject to numerous risks and uncertainties related to international sales and operations, and wide-ranging political, economic and social instability. These risks include, but are not limited to: restrictions on monetary distributions in jurisdictions we operate, inflation and/or conditions resulting from governmental attempts to reduce inflation, currency exchange rate fluctuations between the US dollar and foreign currencies, labor disruptions, competitive restrictions, forced divestitures or changes to, or termination or nullification of, existing agreements, military or other armed conflicts, mining permits or leases, the imposition of tariffs, exchange controls,

international sanctions, embargoes, trade barriers or other restrictions. Instability in political or regulatory regimes could also affect our ability to do business and could impact our financial results or the value of our assets.

Risk management approach

Our Government & External Affairs Team maintains an active engagement strategy with governments, regulators and other stakeholders in the countries where we operate or plan to operate and is well positioned with the US Administration. We assess capital investments and project decisions against political, country-specific and other related risk factors and avoid or reduce our exposure to jurisdictions with unacceptable risk levels. We actively monitor regulatory and political developments and global trends that may impact us.

4

Agricultural changes and trends

Description

The agricultural landscape continues to evolve as a result of factors including, but not limited to, farm and industry consolidation, changing farmer demographics, technology developments, sustainability practices, changing government programs and policies, climate change and shifting social trends, many of which vary from jurisdiction to jurisdiction. These factors as well as other factors affecting long-term demand for our products and services could adversely impact our strategy and our financial results.

Risk management approach

We operate across the ag value chain and have a diversified portfolio of products and services that enable us to adapt to changes in the agriculture industry and help position us to achieve long-term value creation. Our downstream Retail network provides access and insights directly to the farmer, providing an opportunity to anticipate trends and respond faster to the needs of our customers. We are focused on bringing value-added products and services to market that address key grower challenges, including offering financing solutions through Nutrien Financial and expanding innovative proprietary product offerings.

See page 28 of this report for more information on our strategy.

5

Cybersecurity threats

Description

Information technology and operational control systems are embedded in our business and as we become more dependent on these systems, third-party systems and cloud-based platforms, we may become more exposed to cyberattacks, which continue to become increasingly sophisticated. Cybersecurity risks can include attacks on information technology and infrastructure by hackers, industrial espionage, terrorist attacks, viruses, ransom events, the unintended disclosure of confidential

information and/or personally identifiable information, the misuse or loss of control over computer control systems, power outages, business and/or supply chain disruptions, and related breaches. Any of these could result in business disruptions, increased defense or insurance costs, reputational damage, personal injury or third-party claims, which could, in turn, negatively impact our operations, financial results or reputation.

5

Cybersecurity threats (continued)

Risk management approach

Our Global Information Management and Cyber Security Team is supported by third-party specialists, oversees our network security and may assist in incident response. We promote a strong culture of cybersecurity awareness to minimize threats and vulnerabilities, which is supported by our cybersecurity framework, policies and best practices.

Threat and risk assessments are completed for all new information technology systems, and our cybersecurity incident response processes are backstopped by external response measures. We also conduct regular simulated phishing and targeted cybersecurity training as well as incident response training.

6

Supply chain disruption

Description

Our ability to produce and supply our customers and markets with products can be negatively impacted by disruptions in our inbound and outbound supply chains. These disruptions can result in difficulties supplying key materials or supplies to our facilities or impair our ability (or the ability of the third parties upon which we rely) to deliver products to our customers in a timely manner. Ongoing geopolitical conflicts, regulatory instability, sanctions, tariffs, labor disputes and extreme weather events or disasters have created and could create supply chain challenges and disruptions, and/or limit our future ability to sell or distribute our products in a timely manner, any of which could negatively impact our business and financial results.

Risk management approach

Our business structure and position across the ag value chain provides us the flexibility to optimize our operations and distribution network to be able to respond to potential supply chain disruptions. We have an extensive and diverse transportation and storage network that allows us to effectively manage and adapt to logistical challenges. We maintain a sizable and diverse network of suppliers that we regularly review to ensure we can maintain critical feedstocks for our operations.

7

Climate change

Description

Our business and our customers are subject to risks related to or resulting from climate change, which are commonly grouped into physical risk and transition risk categories.

Physical risks include the impacts that climate change could have on our operations, supply chains and customers. These may cause or result in, among other things, more frequent and severe weather events, diminishing biodiversity, impacts to growing seasons or crop yields and changing weather factors such as temperature, precipitation, wind and water levels, and affect freshwater availability. These risks may also result in operational or supply chain disruptions.

Transition risks relate to the risk inherent in changing strategies, policies or investments as society and industry work to reduce the reliance on carbon and its impact on the climate. Impacts from transition risks include, among other things, policy constraints on emissions, carbon pricing mechanisms, water restrictions, land use restrictions or incentives, changing consumer preferences and market demand and supply shifts.

We are also subject to reputational risks associated with climate change, including our stakeholders’ perception of the agriculture industry and our role in the transition to a lower-carbon economy. These and other factors resulting from climate change could adversely impact our operations, financial results or liquidity.

Risk management approach

Our capital allocation framework and preventive maintenance programs help support the long-term reliability and efficiency of our assets. Additionally, our geographically diversified network of facilities and operations helps to minimize the overall impact of physical risk from climate change on our Company.

For more information refer to our 2024 Sustainability Report on our website at nutrien.com.

8

Safety, health and environment

Description

Our operations are subject to safety, health and environmental risks inherent in mining, manufacturing and the transportation, storage and distribution of our products. These inherent risks could result in injuries or fatalities, or impact air quality, biodiversity, water resources or related ecosystems near our operations, which could, in turn, negatively impact our operations, financial performance or reputation.

Risk management approach

Our safety strategy and governance processes are designed to follow regulatory, industry and internal standards of safety, health and environmental. We have structured incident prevention and response systems in place and conduct regular security vulnerability assessments. We have crisis communication protocols and emergency response programs across our business and maintain environmental monitoring and control systems, including third-party reviews of key containment structures.

For more information refer to our 2024 Sustainability Report on our website at nutrien.com.

9

Talent and organization culture

Description

Our ability to attract and retain qualified top talent, including skillsets in high demand or in certain regions, and provide the necessary organizational structure, programs and culture to engage and develop our employees, is crucial to our growth and achieving our business results. Failure to do so could impact our operations, financial results or our ability to achieve our growth objectives.

Risk management approach

Our Talent Attraction and Sourcing Team focuses on building a diverse and talented workforce. We are committed to the career development of our employees and building a culture grounded in our organizational purpose and the values of safety, inclusion, integrity and results. Our talent succession process focuses on identifying and managing critical roles and the proactive build-up of internal and external bench strength. Our incentive programs are competitive, performance-based and they support our purpose-driven culture.

10

Capital redeployment

Description

We may not be able to deploy capital to efficiently achieve sustained growth, effectively execute on opportunities or meet stakeholder expectations – whether due to market conditions, lack of investment options or otherwise, or deploying capital in a manner inconsistent with our strategic priorities – could impact our returns, operations, reputation, access to or cost of capital, or result in potential asset impairments.

Risk management approach

We continue to concentrate on creating long-term value through a disciplined and intentional approach to capital allocation. We prioritize sustaining safe and reliable operations, maintaining a healthy balance sheet, strategically investing in our business and providing meaningful returns to our shareholders.

See page 31 of this report for more information on our capital allocation and key actions.