EX-99.3

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NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE MONTHS ENDED

MARCH 31, 2026

Unaudited

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


			Three Months Ended March 31

($ millions, except as otherwise noted)	Note		2026			2025

Sales		2, 8		6,046			5,100

Freight, transportation and distribution				244			226

Cost of goods sold				4,156			3,554

Gross Margin				1,646			1,320

Selling expenses				799			757

General and administrative expenses				164			152

Provincial mining taxes				90			68

Share-based compensation expense				116			42

Foreign exchange loss, net of related derivatives				3			7

Other expenses		3		114			68

Earnings Before Finance Costs and Income Taxes				360			226

Finance costs				176			179

Earnings Before Income Taxes				184			47

Income tax expense		4		45			28

Net Earnings				139			19

Attributable to

Equity holders of Nutrien				131			11

Non-controlling interest				8			8

Net Earnings				139			19

Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”)

Basic				0.27			0.02

Diluted				0.27			0.02

Weighted average shares outstanding for basic EPS				481,260,000			489,397,000

Weighted average shares outstanding for diluted EPS				481,647,000			489,540,000

Condensed Consolidated Statements of Comprehensive Income

			Three Months Ended March 31

($ millions, net of related income taxes)			2026			2025

Net Earnings				139			19

Other comprehensive income

Items that will not be reclassified to net earnings:

Net fair value loss on investments				-			(18	)

Items that have been or may be subsequently reclassified to net earnings:

Gain on currency translation of foreign operations				72			39

Other				(6	)		4

Other Comprehensive Income				66			25

Comprehensive Income				205			44

Attributable to

Equity holders of Nutrien				196			36

Non-controlling interest				9			8

Comprehensive Income				205			44

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Statements of Cash Flows


			Three Months Ended March 31

($ millions)	Note		2026			2025

Operating Activities

Net earnings				139			19

Adjustments for:

Depreciation and amortization				606			571

Share-based compensation expense				116			42

Provision for deferred income tax				41			80

Net undistributed earnings of equity-accounted investees				(1	)		(5	)

Long-term income tax receivables and payables				(15	)		(38	)

Other long-term assets, liabilities and miscellaneous				27			5

Cash from operations before working capital changes				913			674

Changes in non-cash operating working capital:

Receivables				(530	)		(143	)

Inventories and prepaid expenses and other current assets				(991	)		(1,274	)

Trade, other payables and accrued liabilities				(243	)		(339	)

Cash Used in Operating Activities				(851	)		(1,082	)

Investing Activities

Capital expenditures¹				(325	)		(300	)

Business acquisitions, net of cash acquired				(50	)		(11	)

Purchase of investments, held within three months, net				(8	)		(16	)

Purchase of investments				-			(2	)

Proceeds from sale of investments				-			183

Net changes in non-cash working capital				(94	)		(88	)

Other				(10	)		(9	)

Cash Used in Investing Activities				(487	)		(243	)

Financing Activities

Proceeds from debt, maturing within three months, net				1,921			912

Proceeds from debt				-			998

Repayment of debt				(9	)		(4	)

Repayment of principal portion of lease liabilities				(100	)		(110	)

Dividends paid to Nutrien’s shareholders		7		(262	)		(265	)

Repurchase of common shares		7		(147	)		(148	)

Issuance of common shares				45			3

Other				(22	)		(21	)

Cash Provided by Financing Activities				1,426			1,365

Effect of Exchange Rate Changes on Cash and Cash Equivalents				1			2

Increase in Cash and Cash Equivalents				89			42

January 1, 2026 opening balance prior to restatement for amendments to IFRS 9		9		701			-

Adjustment on initial application of amendments to IFRS 9 on January 1, 2026		9		(13	)		-

Cash and Cash Equivalents – Beginning of Period				688			853

Cash and Cash Equivalents – End of Period				777			895

Cash and cash equivalents is composed of:

Cash				712			828

Short-term investments				65			67

				777			895

Supplemental Cash Flows Information

Interest paid				148			132

Income taxes paid				37			7

Total cash outflow for leases				137			150

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended March 31, 2026 of $299 million and $26 million (2025 – $279 million and $21 million).

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

Net earnings		-			-			-			-			-			-			11			11			8			19

Other comprehensive income (loss)		-			-			-			39			(14	)		25			-			25			-			25

Shares repurchased for cancellation (Note 7)		(2,862,814	)		(80	)		-			-			-			-			(69	)		(149	)		-			(149	)

Dividends declared¹		-			-			-			-			-			-			(266	)		(266	)		-			(266	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(11	)		(11	)

Effect of share-based compensation including issuance of common shares		59,751			3			1			-			-			-			-			4			-			4

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

Transfer of net loss on cash flow hedges		-			-			-			-			6			6			-			6			-			6

Balance – March 31, 2025		488,222,383			13,671			69			(498	)		(13	)		(511	)		10,809			24,038			32			24,070

Balance – December 31, 2025		481,962,233			13,519			57			(329	)		-			(329	)		12,076			25,323			42			25,365

Net earnings		-			-			-			-			-			-			131			131			8			139

Other comprehensive income (loss)		-			-			-			71			(6	)		65			-			65			1			66

Shares repurchased for cancellation (Note 7)		(2,081,503	)		(58	)		-			-			-			-			(90	)		(148	)		-			(148	)

Dividends declared¹		-			-			-			-			-			-			(264	)		(264	)		-			(264	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(13	)		(13	)

Effect of share-based compensation including issuance of common shares		876,975			54			(8	)		-			-			-			-			46			-			46

Transfer of net loss on cash flow hedges		-			-			-			-			1			1			-			1			-			1

Balance – March 31, 2026		480,757,705			13,515			49			(258	)		(5	)		(263	)		11,853			25,154			38			25,192

1 During the three months ended March 31, 2026, we declared dividends of $0.55 per share (2025 - $0.545 per share).

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Balance Sheets



		As at March 31						As at December 31

($ millions)	Note	2026			2025			2025

Assets

Current assets

Cash and cash equivalents			777			895			701

Receivables	8		6,284			5,612			5,675

Inventories			8,681			7,992			6,977

Prepaid expenses and other current assets			733			863			1,396

			16,475			15,362			14,749

Non-current assets

Property, plant and equipment			22,659			22,488			22,747

Goodwill			12,176			12,058			12,136

Intangible assets			1,621			1,791			1,667

Investments			146			495			144

Other assets			846			875			858

Total Assets			53,923			53,069			52,301

Liabilities

Current liabilities

Short-term debt	6		2,766			2,437			873

Current portion of long-term debt			1,036			1,038			513

Current portion of lease liabilities			362			364			346

Trade, other payables and accrued liabilities	8		9,137			8,752			9,309

			13,301			12,591			11,041

Non-current liabilities

Long-term debt			8,825			9,870			9,350

Lease liabilities			957			998			937

Deferred income tax liabilities			3,701			3,591			3,666

Pension and other post-retirement benefit liabilities			218			225			221

Asset retirement obligations and accrued environmental costs			1,478			1,528			1,468

Other non-current liabilities			251			196			253

Total Liabilities			28,731			28,999			26,936

Shareholders’ Equity

Share capital	7		13,515			13,671			13,519

Contributed surplus			49			69			57

Accumulated other comprehensive loss			(263	)		(511	)		(329	)

Retained earnings			11,853			10,809			12,076

Equity holders of Nutrien			25,154			24,038			25,323

Non-controlling interest			38			32			42

Total Shareholders’ Equity			25,192			24,070			25,365

Total Liabilities and Shareholders’ Equity			53,923			53,069			52,301

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Notes to the Condensed Consolidated Financial Statements

As at and for the Three Months Ended March 31, 2026

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 2025 annual audited consolidated financial statements with the exception of the amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, which were adopted effective January 1, 2026 (refer to Note 9). 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 2025 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 2025 figures have been reclassified in Note 2 Segment information.

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 by the Audit Committee of the Board of Directors for issue on May 6, 2026.

Note 2 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, Australia and South America. 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 businesses. 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 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.

Unaudited

In the fourth quarter of 2025, the Chief Operating Decision Maker (“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 presented 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 three months ended March 31, 2025.


($ millions)			Three Months Ended March 31, 2025
Sales			70
Gross Margin			4
EBITDA			3


	Three Months Ended March 31, 2026

	Downstream			Upstream and Midstream

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

Sales – third party		3,640			966		884		478			78			-			6,046

– intersegment		-			75		247		69			-			(391	)		-

Sales – total		3,640			1,041		1,131		547			78			(391	)		6,046

Freight, transportation and distribution¹		-			115		117		62			-			(50	)		244

Net sales		3,640			926		1,014		485			78			(341	)		5,802

Cost of goods sold		2,840			422		647		489			64			(306	)		4,156

Gross margin		800			504		367		(4	)		14			(35	)		1,646

Selling expenses (recovery)		798			3		6		2			(3	)		(7	)		799

General and administrative expenses		44			3		4		2			111			-			164

Provincial mining taxes		-			90		-		-			-			-			90

Share-based compensation expense		-			-		-		-			116			-			116

Foreign exchange (gain) loss, net of related derivatives		(2	)		-		-		-			5			-			3

Other expenses		36			26		27		7			10			8			114

Earnings (loss) before finance costs and income taxes		(76	)		382		330		(15	)		(225	)		(36	)		360

Depreciation and amortization		184			175		152		72			23			-			606

EBITDA		108			557		482		57			(202	)		(36	)		966

Restructuring costs (Note 3)		-			-		-		-			16			-			16

Share-based compensation expense		-			-		-		-			116			-			116

Impairment of assets recorded in other income and expenses (Note 3)		-			21		-		-			9			-			30

ARO/ERL related income for non-operating sites² (Note 3)		-			-		-		-			(28	)		-			(28	)

Foreign exchange loss, net of related derivatives		-			-		-		-			5			-			5

Adjusted EBITDA		108			578		482		57			(84	)		(36	)		1,105

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

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

Unaudited


	Three Months Ended March 31, 2025

	Downstream			Upstream and Midstream

($ millions)	Retail			Potash		Nitrogen¹		Phosphate			Corporate and Others¹			Eliminations			Consolidated

Sales – third party		3,090			766		822		338			84			-			5,100

– intersegment		-			95		182		67			-			(344	)		-

Sales – total		3,090			861		1,004		405			84			(344	)		5,100

Freight, transportation and distribution²		-			117		119		45			1			(56	)		226

Net sales		3,090			744		885		360			83			(288	)		4,874

Cost of goods sold		2,404			380		598		361			69			(258	)		3,554

Gross margin		686			364		287		(1	)		14			(30	)		1,320

Selling expenses (recovery)		755			3		7		2			(3	)		(7	)		757

General and administrative expenses		44			2		5		2			99			-			152

Provincial mining taxes		-			68		-		-			-			-			68

Share-based compensation expense		-			-		-		-			42			-			42

Foreign exchange loss, net of related derivatives		-			-		-		-			7			-			7

Other expenses		25			2		12		6			18			5			68

Earnings (loss) before finance costs and income taxes		(138	)		289		263		(11	)		(149	)		(28	)		226

Depreciation and amortization		184			157		142		72			16			-			571

EBITDA		46			446		405		61			(133	)		(28	)		797

Restructuring costs (Note 3)		-			-		-		-			1			-			1

Share-based compensation expense		-			-		-		-			42			-			42

ARO/ERL related expenses for non-operating sites (Note 3)		-			-		-		-			5			-			5

Foreign exchange loss, net of related derivatives		-			-		-		-			7			-			7

Adjusted EBITDA		46			446		405		61			(78	)		(28	)		852

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.

Unaudited


	Three Months Ended March 31
($ millions)	2026			2025

Retail sales by product line
Crop nutrients		1,483			1,194
Crop protection products		1,137			972
Seed		562			532
Services and other		175			146
Merchandise		223			189
Nutrien Financial		80			70
Nutrien Financial elimination¹		(20	)		(13	)

		3,640			3,090

Potash sales by geography
Manufactured product

North America		484			434

Offshore²		557			426
Other potash and purchased products		-			1

		1,041			861

Nitrogen sales by product line
Manufactured product

Ammonia		167			240

Urea and ESN^®		416			382

Solutions, nitrates and sulfates		416			321
Other nitrogen and purchased products³		132			61

		1,131			1,004

Phosphate sales by product line
Manufactured product

Fertilizer		359			249

Industrial and feed		183			151
Other phosphate and purchased products		5			5

		547			405

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

2 Relates to Canpotex Limited (“Canpotex”) (see Note 8) and includes provisional pricing adjustments for the three months ended March 31, 2026 of $(3) million (2025 – $31 million).

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

Note 3 Other expenses (income)


	Three Months Ended March 31
($ millions)	2026			2025

Restructuring costs		16			1

Earnings of equity-accounted investees		(2	)		(5	)

Bad debt expense		15			19

Project feasibility costs		18			15

Customer prepayment costs		19			18

Legal expenses		5			5

ARO/ERL related (income) expenses for non-operating sites		(28	)		5

Impairment of assets		30			-

Other expenses		41			10

		114			68

Unaudited

Note 4 Income taxes


	Three Months Ended March 31
($ millions, except as otherwise noted)	2026			2025

Actual effective tax rate on earnings (%)		29			49

Actual effective tax rate including discrete items (%)		24			60

Discrete tax adjustments that impacted the tax rate¹		(8	)		5

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 Financial instruments

During the three months ended March 31, 2026, we entered into interest rate derivative contracts to manage exposure to changes in variable interest rates on certain long-term debt instruments.

The following table presents the Company’s interest rate derivatives outstanding as at March 31, 2026:


	As at March 31, 2026
($ millions, except as otherwise noted)	Notional¹		Maturities (year)		Average fixed interest rate (%)		Fair value of assets²

Interest rate derivatives - 5-year		250		2026		3.6473		3

Interest rate derivatives - 10-year		350		2026		4.0774		8

1 Notional amounts represent the gross contractual amount outstanding.

2 Fair value of interest rate derivatives are based on a discounted cash flow model using observable market inputs which are classified as Level 2.

Our financial instruments carrying amounts are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $9,861 million and fair value of $9,372 million as at March 31, 2026. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

Note 6 Debt

On March 3, 2026, we entered into a $69 million uncommitted revolving demand facility. As at March 31, 2026, there were no borrowings outstanding under this facility.

During the three months ended March 31, 2026, we extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028.

Note 7 Share capital

Share repurchase programs

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


	Three Months Ended March 31
($ millions, except as otherwise noted)	2026		2025

Number of common shares repurchased for cancellation		2,081,503		2,862,814

Average price per share (US dollars)		70.97		51.08

Total cost, inclusive of tax		148		149

Subsequent to March 31, 2026, as of May 5, 2026, an additional 865,577 common shares were repurchased for cancellation at a cost of $66 million and an average price per share of $73.71.

Dividends declared

We declared a dividend per share of $0.55 (2025 – $0.545) during the three months ended March 31, 2026, payable on April 16, 2026 to shareholders of record on March 31, 2026.

Unaudited

Note 8 Related party transactions

We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized, at the time product is loaded for shipping, 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 March 31, 2026 were $64 million (2025 – $57 million).


($ millions)	As at March 31, 2026		As at December 31, 2025

Receivables from Canpotex		293		279

Payables to Canpotex		74		63

Note 9 Accounting policies, estimates and judgments

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The amendments clarified the timing of recognition and derecognition of financial assets and financial liabilities. The adoption resulted in a change in the accounting policy relating to the timing of the derecognition of certain financial assets and financial liabilities, such that derecognition now occurs upon settlement.

The amendments were applied retrospectively without restatement of prior periods in accordance with the transitional provisions other than, on initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the three months ended March 31, 2026.