>1,800

Retail locations

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.

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.

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

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

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

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.

Upstream manufactured sales volumes guidance

(million tonnes)

Downstream adjusted

EBITDA guidance

($ billions)

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 consumption^1,2

(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

$127B

2025 crop input sales¹

~74.5Mmt

2025 global potash

(KCl) demand

~167Mmt

2025 global nitrogen

(N) demand

~52Mmt

2025 global phosphate

(P₂O₅) demand

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

Yield vs. nutrient consumption²

(tonnes/hectare, million tonnes)

Global potash demand

(million tonnes KCl)

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

Global data excludes China.

Global ammonia demand

(million tonnes NH₃)

Global P₂ O₅ demand

(million tonnes P₂O₅)

Overview

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

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

 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

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.

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.

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.

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.

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.

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.

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.

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.

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.

 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.

($ billions, except as otherwise noted)

Retail adjusted EBITDA

1.75

1.95

1.74

Potash sales volumes (million tonnes)³

Nitrogen sales volumes (million tonnes)³

Phosphate sales volumes (million tonnes)³

Depreciation and amortization

Finance costs

Effective tax rate on adjusted net earnings (%)⁴

Capital expenditures⁵

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

See the “Forward-looking statements” section.

Manufactured product only.

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

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.

Effect on¹

($ millions, except EPS amounts)

$25 per tonne change in potash net selling prices

$25 per tonne change in ammonia net selling prices²

$25 per tonne change in urea and ESN^® net selling prices

$25 per tonne change in solutions, nitrates and sulfates net selling prices

$1 per MMBtu change in NYMEX natural gas price³

See the “Forward-looking statements” section.

Excludes Trinidad.

Nitrogen related impact.

Based on shares outstanding as at December 31, 2025.