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NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2025


Unaudited

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


			Three Months Ended September 30						Nine Months Ended September 30
($ millions, except as otherwise noted)	Note		2025			2024			2025			2024
Sales		2, 9		6,007			5,348			21,545			20,893
Freight, transportation and distribution				272			263			738			741
Cost of goods sold				3,771			3,585			14,348			14,203
Gross Margin				1,964			1,500			6,459			5,949
Selling expenses				795			820			2,503			2,622
General and administrative expenses				144			156			444			468
Provincial mining taxes				124			74			289			210
Share-based compensation expense				28			1			119			17
Impairment of assets				-			-			-			530
Foreign exchange (gain) loss, net of related derivatives		6		(11	)		31			18			359
Other expenses		3		77			222			271			284
Earnings Before Finance Costs and Income Taxes				807			196			2,815			1,459
Finance costs				170			184			504			525
Earnings Before Income Taxes				637			12			2,311			934
Income tax expense (recovery)		4		168			(13	)		594			352
Net Earnings				469			25			1,717			582
Attributable to
Equity holders of Nutrien				464			18			1,696			561
Non-controlling interest				5			7			21			21
Net Earnings				469			25			1,717			582

Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”)
Basic				0.96			0.04			3.48			1.13
Diluted				0.96			0.04			3.48			1.13
Weighted average shares outstanding for basic EPS				485,583,000			494,743,000			487,445,000			494,653,000
Weighted average shares outstanding for diluted EPS				485,776,000			494,857,000			487,624,000			494,851,000

Condensed Consolidated Statements of Comprehensive Income

			Three Months Ended September 30						Nine Months Ended September 30
($ millions, net of related income taxes)			2025			2024			2025			2024
Net Earnings				469			25			1,717			582
Other comprehensive (loss) income
Item that will not be reclassified to net earnings:
Net fair value gain (loss) on investments				-			35			(18	)		53
Items that have been or may be subsequently reclassified to net earnings:
(Loss) gain on currency translation of foreign operations				(5	)		85			196			28
Other				(13	)		2			13			(17	)
Other Comprehensive (Loss) Income				(18	)		122			191			64
Comprehensive Income				451			147			1,908			646
Attributable to
Equity holders of Nutrien				446			139			1,886			625
Non-controlling interest				5			8			22			21
Comprehensive Income				451			147			1,908			646

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Cash Flows


			Three Months Ended September 30						Nine Months Ended September 30
($ millions)	Note		2025			2024			2025			2024
Operating Activities
Net earnings				469			25			1,717			582
Adjustments for:
Depreciation and amortization				617			598			1,802			1,749
Share-based compensation expense				28			1			119			17
Impairment of assets				-			-			-			530
Provision for (recovery of) deferred income tax				195			(36	)		227			15
Net (undistributed) distributed earnings of equity-accounted investees				(19	)		(24	)		66			14
Fair value adjustment to derivatives		6		(2	)		(180	)		6			6
Loss related to financial instruments in Argentina		3		-			-			-			34
Long-term income tax receivables and payables				2			9			18			17
Other long-term assets, liabilities and miscellaneous				(15	)		251			(55	)		321
Cash from operations before working capital changes				1,275			644			3,900			3,285
Changes in non-cash operating working capital:
Receivables				357			418			(2,248	)		(2,394	)
Inventories and prepaid expenses and other current assets				257			373			1,877			2,265
Payables and accrued charges				(2,315	)		(2,343	)		(2,499	)		(2,744	)
Cash (Used in) Provided by Operating Activities				(426	)		(908	)		1,030			412
Investing Activities
Capital expenditures ¹				(530	)		(508	)		(1,254	)		(1,387	)
Business acquisitions, net of cash acquired				(1	)		(2	)		(12	)		(6	)
Proceeds from (purchase of) investments, held within three months, net				1			(15	)		(68	)		(30	)
Purchase of investments				-			(1	)		(93	)		(112	)
Proceeds from sale of investments		5		146			41			422			59
Net changes in non-cash working capital				23			30			(55	)		(55	)
Other				(22	)		(51	)		(61	)		(83	)
Cash Used in Investing Activities				(383	)		(506	)		(1,121	)		(1,614	)
Financing Activities
Proceeds from debt, maturing within three months, net				591			1,378			925			1,089
Proceeds from debt		7		-			-			998			998
Repayment of debt		7		(27	)		(43	)		(562	)		(132	)
Repayment of principal portion of lease liabilities				(97	)		(98	)		(313	)		(300	)
Dividends paid to Nutrien’s shareholders		8		(265	)		(268	)		(798	)		(795	)
Repurchase of common shares, inclusive of related tax		8		(148	)		(50	)		(401	)		(50	)
Issuance of common shares				-			7			29			16
Other				(3	)		(4	)		(34	)		(40	)
Cash Provided by (Used in) Financing Activities				51			922			(156	)		786
Effect of Exchange Rate Changes on Cash and Cash Equivalents				(5	)		8			18			(5	)
Decrease in Cash and Cash Equivalents				(763	)		(484	)		(229	)		(421	)
Cash and Cash Equivalents – Beginning of Period				1,387			1,004			853			941
Cash and Cash Equivalents – End of Period				624			520			624			520
Cash and cash equivalents is composed of:
Cash				514			472			514			472
Short-term investments				110			48			110			48
				624			520			624			520
Supplemental Cash Flows Information
Interest paid				166			148			518			496
Income taxes paid				213			127			201			260
Total cash outflow for leases				134			134			423			418

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended September 30, 2025 of $498 million and $32 million (2024 – $475 million and $33 million), respectively, and for the nine months ended September 30, 2025 of $1,175 million and $79 million (2024 – $1,290 million and $97 million), respectively.

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Changes in Shareholders’ Equity



										Accumulated Other Comprehensive (Loss) Income (“AOCI”)

($ millions, inclusive of related tax, except as otherwise noted)	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		-			-			-			-			-			-			561			561			21			582

Other comprehensive income		-			-			-			28			36			64			-			64			-			64

Shares repurchased for cancellation (Note 8)		(1,039,185	)		(29	)		(21	)		-			-			-			(1	)		(51	)		-			(51	)

Dividends declared ¹		-			-			-			-			-			-			(800	)		(800	)		-			(800	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(26	)		(26	)

Effect of share-based compensation including issuance of common shares		369,904			18			5			-			-			-			-			23			-			23

Transfer of net loss on cash flow hedges		-			-			-			-			13			13			-			13			-			13

Balance – September 30, 2024		493,882,449			13,827			67			(258	)		39			(219	)		11,291			24,966			40			25,006

Balance – December 31, 2024		491,025,446			13,748			68			(537	)		22			(515	)		11,106			24,407			35			24,442

Net earnings		-			-			-			-			-			-			1,696			1,696			21			1,717

Other comprehensive income (loss)		-			-			-			195			(5	)		190			-			190			1			191

Shares repurchased for cancellation (Note 8)		(7,288,910	)		(204	)		(11	)		-			-			-			(194	)		(409	)		-			(409	)

Dividends declared ¹		-			-			-			-			-			-			(797	)		(797	)		-			(797	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(21	)		(21	)

Effect of share-based compensation including issuance of common shares		593,873			36			(1	)		-			-			-			-			35			-			35

Transfer of net gain on sale of investment		-			-			-			-			(27	)		(27	)		27			-			-			-

Transfer of net gain on cash flow hedges		-			-			-			-			(6	)		(6	)		-			(6	)		-			(6	)

Other		-			-			-			-			-			-			1			1			-			1

Balance – September 30, 2025		484,330,409			13,580			56			(342	)		(16	)		(358	)		11,839			25,117			36			25,153

1 During the nine months ended September 30, 2025, we declared dividends of $1.64 per share (2024 - $1.62 per share).

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Balance Sheets



		As at September 30						As at December 31, 2024
($ millions)	Note	2025			2024			As at December 31, 2024

Assets

Current assets

Cash and cash equivalents			624			520			853

Receivables	9		7,687			7,786			5,390

Inventories			5,281			4,890			6,148

Prepaid expenses and other current assets			598			678			1,401

Assets held for sale	5		284			-			-

			14,474			13,874			13,792

Non-current assets

Property, plant and equipment			22,480			22,329			22,604

Goodwill			12,116			12,122			12,043

Intangible assets			1,711			1,877			1,819

Investments	5		142			739			698

Other assets			903			970			884

Total Assets			51,826			51,911			51,840

Liabilities

Current liabilities

Short-term debt			2,486			2,967			1,534

Current portion of long-term debt	7		538			1,013			1,037

Current portion of lease liabilities			350			364			356

Payables and accrued charges	9		6,899			6,613			9,118

			10,273			10,957			12,045

Non-current liabilities

Long-term debt	7		9,852			9,383			8,881

Lease liabilities			954			1,029			999

Deferred income tax liabilities			3,678			3,555			3,539

Pension and other post-retirement benefit liabilities			229			245			227

Asset retirement obligations and accrued environmental costs			1,440			1,564			1,543

Other non-current liabilities			247			172			164

Total Liabilities			26,673			26,905			27,398

Shareholders’ Equity

Share capital	8		13,580			13,827			13,748

Contributed surplus			56			67			68

Accumulated other comprehensive loss			(358	)		(219	)		(515	)

Retained earnings			11,839			11,291			11,106

Equity holders of Nutrien			25,117			24,966			24,407

Non-controlling interest			36			40			35

Total Shareholders’ Equity			25,153			25,006			24,442

Total Liabilities and Shareholders’ Equity			51,826			51,911			51,840

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Notes to the Condensed Consolidated Financial Statements

As at and for the Three and Nine Months Ended September 30, 2025

Note 1 Basis of presentation

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.

These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim 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 the condensed consolidated statements of cash flows.

In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. These interim financial statements were authorized for issue by the Audit Committee of the Board of Directors on November 5, 2025.

Note 2 Segment information

We have four reportable operating segments: Nutrien Ag Solutions (“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. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core business. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

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 received 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.



	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporate and Others		Eliminations			Consolidated

Assets – as at September 30, 2025		22,535		13,837		11,269		2,535		2,246		(596	)		51,826

Assets – as at December 31, 2024		22,149		13,792		11,603		2,453		2,571		(728	)		51,840


Unaudited


	Three Months Ended September 30, 2025

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		3,415		1,127		1,000			462		3			-			6,007

– intersegment		12		130		195			99		-			(436	)		-

Sales – total		3,427		1,257		1,195			561		3			(436	)		6,007

Freight, transportation and distribution		-		135		132			66		-			(61	)		272

Net sales		3,427		1,122		1,063			495		3			(375	)		5,735

Cost of goods sold		2,505		437		666			436		2			(275	)		3,771

Gross margin		922		685		397			59		1			(100	)		1,964

Selling expenses (recovery)		792		3		7			2		(2	)		(7	)		795

General and administrative expenses		44		3		4			2		91			-			144

Provincial mining taxes		-		124		-			-		-			-			124

Share-based compensation expense		-		-		-			-		28			-			28

Foreign exchange gain, net of related derivatives		-		-		-			-		(11	)		-			(11	)

Other expenses (income)		40		10		(13	)		5		32			3			77

Earnings (loss) before finance costs and income taxes		46		545		399			50		(137	)		(96	)		807
Depreciation and amortization		184		188		157			72		16			-			617

EBITDA		230		733		556			122		(121	)		(96	)		1,424

Share-based compensation expense		-		-		-			-		28			-			28

ARO/ERL related income for non-operating sites		-		-		-			-		(10	)		-			(10	)

Foreign exchange gain, net of related derivatives		-		-		-			-		(11	)		-			(11	)

Adjusted EBITDA		230		733		556			122		(114	)		(96	)		1,431


Unaudited


	Three Months Ended September 30, 2024

	Downstream			Upstream and Midstream

($ millions)	Retail			Potash		Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		3,271			915		753			409		-			-			5,348

– intersegment		-			113		163			58		-			(334	)		-

Sales – total		3,271			1,028		916			467		-			(334	)		5,348

Freight, transportation and distribution		-			144		123			55		-			(59	)		263

Net sales		3,271			884		793			412		-			(275	)		5,085

Cost of goods sold		2,412			422		581			383		-			(213	)		3,585

Gross margin		859			462		212			29		-			(62	)		1,500

Selling expenses (recovery)		815			3		8			1		(2	)		(5	)		820

General and administrative expenses		51			5		6			4		90			-			156

Provincial mining taxes		-			74		-			-		-			-			74

Share-based compensation expense		-			-		-			-		1			-			1

Foreign exchange loss, net of related derivatives		-			-		-			-		31			-			31

Other expenses (income)		32			2		(25	)		10		194			9			222

Earnings (loss) before finance costs and income taxes		(39	)		378		223			14		(314	)		(66	)		196
Depreciation and amortization		190			177		132			75		24			-			598

EBITDA		151			555		355			89		(290	)		(66	)		794

Share-based compensation expense		-			-		-			-		1			-			1

ARO/ERL related expenses for non-operating sites		-			-		-			-		184			-			184

Foreign exchange loss, net of related derivatives		-			-		-			-		31			-			31

Adjusted EBITDA		151			555		355			89		(74	)		(66	)		1,010


Unaudited


	Nine Months Ended September 30, 2025

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		14,464		2,885		2,996		1,182		18			-			21,545

– intersegment		12		318		686		233		-			(1,249	)		-

Sales – total		14,476		3,203		3,682		1,415		18			(1,249	)		21,545

Freight, transportation and distribution		-		346		405		164		-			(177	)		738

Net sales		14,476		2,857		3,277		1,251		18			(1,072	)		20,807

Cost of goods sold		10,850		1,257		2,073		1,160		6			(998	)		14,348

Gross margin		3,626		1,600		1,204		91		12			(74	)		6,459

Selling expenses (recovery)		2,495		8		22		5		(7	)		(20	)		2,503

General and administrative expenses		132		7		16		5		284			-			444

Provincial mining taxes		-		289		-		-		-			-			289

Share-based compensation expense		-		-		-		-		119			-			119

Foreign exchange loss, net of related derivatives		-		-		-		-		18			-			18

Other expenses		119		20		-		18		96			18			271

Earnings (loss) before finance costs and income taxes		880		1,276		1,166		63		(498	)		(72	)		2,815
Depreciation and amortization		545		533		465		212		47			-			1,802

EBITDA		1,425		1,809		1,631		275		(451	)		(72	)		4,617

Restructuring costs		-		-		-		-		22			-			22

Share-based compensation expense		-		-		-		-		119			-			119

ARO/ERL related income for non-operating sites		-		-		-		-		(7	)		-			(7	)

Foreign exchange loss, net of related derivatives		-		-		-		-		18			-			18

Adjusted EBITDA		1,425		1,809		1,631		275		(299	)		(72	)		4,769


Unaudited


	Nine Months Ended September 30, 2024

	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		14,653		2,486		2,547			1,207		-			-			20,893

– intersegment		-		305		584			210		-			(1,099	)		-

Sales – total		14,653		2,791		3,131			1,417		-			(1,099	)		20,893

Freight, transportation and distribution		-		338		399			174		-			(170	)		741

Net sales		14,653		2,453		2,732			1,243		-			(929	)		20,152

Cost of goods sold		11,018		1,139		1,835			1,116		-			(905	)		14,203

Gross margin		3,635		1,314		897			127		-			(24	)		5,949

Selling expenses (recovery)		2,610		9		23			5		(7	)		(18	)		2,622

General and administrative expenses		154		10		16			11		277			-			468

Provincial mining taxes		-		210		-			-		-			-			210

Share-based compensation expense		-		-		-			-		17			-			17

Impairment of assets		335		-		195			-		-			-			530

Foreign exchange loss, net of related derivatives		-		-		-			-		359			-			359

Other expenses (income)		95		3		(136	)		26		274			22			284

Earnings (loss) before finance costs and income taxes		441		1,082		799			85		(920	)		(28	)		1,459
Depreciation and amortization		580		475		419			213		62			-			1,749

EBITDA		1,021		1,557		1,218			298		(858	)		(28	)		3,208

Share-based compensation expense		-		-		-			-		17			-			17

Impairment of assets		335		-		195			-		-			-			530

Loss related to financial instruments in Argentina		-		-		-			-		34			-			34

ARO/ERL related expenses for non-operating sites		-		-		-			-		152			-			152

Foreign exchange loss, net of related derivatives		-		-		-			-		359			-			359

Adjusted EBITDA		1,356		1,557		1,413			298		(296	)		(28	)		4,300


Unaudited


	Three Months Ended September 30						Nine Months Ended September 30

($ millions)	2025			2024			2025			2024
Retail sales by product line
Crop nutrients		1,188			1,093			5,773			5,683
Crop protection products		1,536			1,518			5,174			5,365
Seed		156			132			1,966			2,051
Services and other		258			242			690			690
Merchandise		222			222			649			667
Nutrien Financial		89			85			294			284
Nutrien Financial elimination ¹		(22	)		(21	)		(70	)		(87	)

		3,427			3,271			14,476			14,653

Potash sales by geography
Manufactured product

North America		633			601			1,449			1,474

Offshore ²		623			427			1,750			1,316
Other potash and purchased products		1			-			4			1

		1,257			1,028			3,203			2,791

Nitrogen sales by product line
Manufactured product

Ammonia		300			261			899			856

Urea and ESN^®		376			293			1,288			1,085

Solutions, nitrates and sulfates		466			299			1,217			961
Other nitrogen and purchased products		53			63			278			229

		1,195			916			3,682			3,131

Phosphate sales by product line
Manufactured product

Fertilizer		379			316			913			928

Industrial and feed		178			148			484			470

Other phosphate and purchased products		4			3			18			19

		561			467			1,415			1,417
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches. 2 Relates to Canpotex Limited (“Canpotex”) (see Note 9) and includes provisional pricing adjustments for the three months ended September 30, 2025 of $(13) million (2024 – $(4) million) and the nine months ended September 30, 2025 of $45 million (2024 – $7 million). Note 3 Other expenses (income)
	Three Months Ended September 30						Nine Months Ended September 30

($ millions)	2025			2024			2025			2024
Restructuring costs		-			-			22			-
Earnings of equity-accounted investees		(22	)		(26	)		(36	)		(107	)
Bad debt expense		31			31			88			94
Project feasibility costs		28			19			69			62
Customer prepayment costs		13			10			50			41
Legal expenses		6			4			13			12
Insurance recoveries		(1	)		(3	)		(1	)		(70	)
Loss on natural gas derivatives not designated as a hedge		-			5			-			7
Loss related to financial instruments in Argentina		-			-			-			34
ARO/ERL related (income) expenses for non-operating sites ¹		(10	)		184			(7	)		152
Other expenses (income)		32			(2	)		73			59
		77			222			271			284

1 ARO/ERL refers to asset retirement obligations and accrued environmental costs.


Unaudited

Note 4 Income taxes

A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction.


	Three Months Ended September 30					Nine Months Ended September 30
($ millions, except as otherwise noted)	2025		2024			2025		2024
Actual effective tax rate on earnings (%)		27		(18	)		25		41
Actual effective tax rate including discrete items (%)		26		(112	)		26		38
Discrete tax adjustments that impacted the tax rate ¹		(4)		(11	)		23		(31	)

1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate.

Note 5 Investments


($ millions, except as otherwise noted)	Principal Activity		Principal Place of Business and Incorporation		Proportion of Ownership Interest and Voting Rights Held (%)				Carrying Amount
($ millions, except as otherwise noted)	Principal Activity		Principal Place of Business and Incorporation		As at September 30, 2025		As at December 31, 2024		As at September 30, 2025		As at December 31, 2024
Equity-accounted investees
Profertil S.A. (“Profertil”)		Nitrogen producer		Argentina		50		50		-		349
Canpotex		Marketing and logistics of potash		Canada		50		50		-		-
Other associates and joint ventures										132		128
Total equity-accounted investees										132		477
Investments at FVTOCI
Sinofert Holdings Limited (“Sinofert”)		Fertilizer supplier and distributor		China/Bermuda		-		22		-		211
Other										10		10
Total investments at FVTOCI										10		221
Total investments										142		698

Investments at fair value through other comprehensive income

During the three months ended March 31, 2025, 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. Total 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 the period in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.

Equity-accounted investees

During the three months ended September 30, 2025, as part of our portfolio review, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. As at September 30, 2025, we have reclassified the investment, with a net book value totaling $284 million, to a current asset held for sale under our Corporate and Others segment. A deposit of $120 million was received from the purchaser on September 5, 2025. Gross proceeds from the sale are expected to be approximately $600 million and the transaction is expected to close in the fourth quarter of 2025, subject to the exercise of a right of first refusal by the remaining joint venture partner.


Unaudited

Note 6 Financial instruments

Foreign currency derivatives


	Three Months Ended September 30						Nine Months Ended September 30

($ millions)	2025			2024			2025			2024
Foreign exchange (gain) loss		(26	)		(3	)		(9	)		27
Hyperinflationary loss		-			20			-			85
Loss on foreign currency derivatives at fair value through profit or loss		15			14			27			247
Foreign exchange (gain) loss, net of related derivatives		(11	)		31			18			359

Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $10,390 million and fair value of $10,027 million as at September 30, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

Note 7 Debt

During the three months ended September 30, 2025, we extended the maturity of our $4,500 million unsecured committed revolving term facility to September 4, 2030. We also extended the term of our unsecured committed revolving term credit facility to September 2, 2026 and reduced the facility limit from $750 million to $500 million.



($ millions, except as otherwise noted)	Rate of interest (%)		Maturity		Amount
Senior notes repaid in 2025		3.000		April 1, 2025		500

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 the nine months ended September 30, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.

Note 8 Share capital

Share repurchase programs

The following table summarizes our share repurchase activities during the periods indicated below:


	Three Months Ended September 30				Nine Months Ended September 30

($ millions, except as otherwise noted)	2025		2024		2025	2024
Number of common shares repurchased for cancellation		2,547,124		1,039,185	7,288,910		1,039,185
Average price per share (US dollars)		58.27		48.11	54.96		48.11
Total cost, inclusive of tax		152		51	409		51

Subsequent to September 30, 2025, as of November 4, 2025, an additional 993,278 common shares were repurchased for cancellation at a cost of $56 million and an average price per share of $57.80.

Dividends declared

We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended September 30, 2025, payable on October 17, 2025 to shareholders of record on September 29, 2025.


Unaudited

Note 9 Related party transactions

We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex 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. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended September 30, 2025 were $23 million (2024 – $41 million) and the nine months ended September 30, 2025 were $100 million (2024 – $112 million).



($ millions)	As at September 30, 2025		As at December 31, 2024
Receivables from Canpotex		208		122
Payables to Canpotex		63		66