# EDGAR Filing Document

**Accession Number:** 0001285785
**File Stem:** 0001243786-23-000008
**Filing Date:** 2023-2
**Character Count:** 105970
**Document Hash:** 414949c1d962afc6cb765b385210c50b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001243786-23-000008.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001243786-23-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MOSAIC CO
- **CENTRAL INDEX KEY:** 0001285785
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE CHEMICALS [2870]
- **IRS NUMBER:** 201026454
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32327
- **FILM NUMBER:** 23653182

**BUSINESS ADDRESS:**
- **STREET 1:** 101 EAST KENNEDY BLVD.
- **STREET 2:** SUITE 2500
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602
- **BUSINESS PHONE:** 813-775-4200

**MAIL ADDRESS:**
- **STREET 1:** 101 EAST KENNEDY BLVD.
- **STREET 2:** SUITE 2500
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLOBAL NUTRITION SOLUTIONS INC
- **DATE OF NAME CHANGE:** 20040401

?xml version="1.0" ? mos-20230222

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): February 22, 2023** 

**THE MOSAIC COMPANY** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **001-32327** | **20-1026454** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

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| | | |
|:---|:---|:---|
| **101 East Kennedy Blvd.** | **101 East Kennedy Blvd.** | **33602** |
| **Suite 2500** | **Suite 2500** | **33602** |
| **Tampa,** | **Florida** | **33602** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

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**Registrant's telephone number, including area code: (800) 918-8270** 

**Not applicable** 

**(Former Name or Former Address, if Changed Since Last Report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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| | | | |
|:---|:---|:---|:---|
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Securities registered pursuant to Section 12(b) of the Act | Securities registered pursuant to Section 12(b) of the Act | Securities registered pursuant to Section 12(b) of the Act | Securities registered pursuant to Section 12(b) of the Act |
| Title of each class | Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | Common Stock, par value $0.01 per share | MOS | New York Stock Exchange |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. |
| ☐ | Emerging growth company | | |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ |

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

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The following information is being "furnished" in accordance with General Instruction B.2. of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing:

Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company's ("Mosaic," and Mosaic and its subsidiaries, individually or in any combination, "we," "us" or "our") announcement regarding its earnings and results of operations for the quarter and full year ended December 31, 2022, as presented in a press release issued on February 22, 2023.

Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended December 31, 2022 to be published on Mosaic's website.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits.

Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being "furnished" in accordance with General Instruction B.2. of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release, dated February 22, 2023, of The Mosaic Company regarding its earnings and results of operations for the quarter and full year ended December 31, 2022](pressreleaseq42022-ex991.htm)</u> |
| 99.2 | <u>[Performance data for the period ended December 31, 2022](performancedataq42022-ex992.htm)</u> |

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**SIGNATURES**

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

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| | | |
|:---|:---|:---|
| | **THE MOSAIC COMPANY** | **THE MOSAIC COMPANY** |
| Date: February 22, 2023 | By: | /s/ Philip E. Bauer |
|  | Name: | Philip E. Bauer |
|  | Title: | Senior Vice President, General Counsel |
|  |  | and Corporate Secretary |

---

## Exhibit 99.1

**`&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 99.1**

---

| | |
|:---|:---|
| ![mosaicsigna2016a03.jpg](mosaicsigna2016a03.jpg) | **The Mosaic Company**<br>101 E. Kennedy Blvd., Suite 2500<br>Tampa, FL 33602<br>www.mosaicco.com |

---

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| | |
|:---|:---|
| **For Immediate Release** | |
| **<u>Investors</u>**<br>Paul Massoud<br>813-775-4260<br><u>paul.massoud@mosaicco.com</u> | **<u>Media</u>**<br>Ben Pratt<br>813-775-4206<br><u>benjamin.pratt@mosaicco.com</u> |

---

**THE MOSAIC COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Full year net income of $3.6 billion, adjusted EBITDA***<sup>(1)</sup> ***of $6.2 billion***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Cash from operations of $3.9 billion, free cash flow***<sup>(1)</sup> ***of $2.6 billion***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Retired $550 million of long-term debt and returned $1.9 billion to shareholders through share repurchases and dividends in 2022***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Accelerated share repurchase of $300 million and special dividend of $0.25 per share in the first quarter of 2023***

TAMPA, FL, February 22, 2023 - The Mosaic Company (NYSE: MOS) today reported net income of $3.6 billion and diluted earnings per share (EPS) of $10.06 for full year 2022. Adjusted EBITDA<sup>(1)</sup> for the year was $6.2 billion and adjusted diluted EPS<sup>(1)</sup> was $11.01.

The company also reported fourth quarter net income of $523 million and diluted EPS of $1.52. Adjusted EBITDA<sup>(1)</sup> totaled $1.05 billion for the quarter and adjusted diluted EPS<sup>(1)</sup> was $1.74.

"Mosaic delivered record results in 2022, and we expect favorable agricultural markets to continue in 2023," said Joc O'Rourke, President and CEO. "Despite significant volatility through the year, our business was able to deliver strong free cash flow and return significant capital to shareholders, while also reinvesting in the business. Mosaic is well positioned to continue delivering strong results in 2023, thanks to our low cost potash operations, our portfolio of value-added phosphate products, and our leading footprint in Brazil, the world's fastest-growing major agricultural market."

**Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full year revenues were up 55 percent year-over-year to $19.1 billion, as stronger pricing more than offset lower volumes. The gross margin rate in 2022 was 30 percent, up from 26 percent in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Income in 2022 totaled $3.6 billion, up 120 percent from 2021. Adjusted EBITDA<sup>(1)</sup> in 2022 totaled $6.2 billion, up 73 percent from 2021. Cash from operating activities totaled $3.9 billion and Free Cash Flow<sup>(1)</sup> totaled $2.6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potash operating earnings were $2.8 billion in 2022, up from $837 million in the prior year. Adjusted EBITDA<sup>(1)</sup> totaled $3.1 billion in 2022, up from $1.3 billion last year. Esterhazy's K3 mine reached its targeted initial annual run-rate of 5.5 million tonnes in the first half of 2022, and output was expanded further with the addition of an eleventh miner, which entered service in the fourth quarter. The decision to stop production at the Colonsay mine in the fourth quarter because of market conditions is expected to be temporary, and a restart is expected in the first half of 2023.

\*Free cash flow is defined as cash from operations minus total capital expenditures and adjusted for working capital financing.

<sup>(1)</sup> See "Non-GAAP Financial Measures" for additional information and reconciliation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phosphate operating earnings were $1.3 billion in 2022, compared to $1.2 billion in 2021. Adjusted EBITDA<sup>(1)</sup> totaled $2.2 billion in 2022, up from $1.7 billion the prior year. The segment benefited from higher prices more than offsetting lower production and sales volumes, which were impacted by Hurricane Ian, unplanned operational outages, and a slower-than-expected recovery in demand in the second half of the year. Production returned to normal operating rates in February of 2023. MicroEssentials sales volumes totaled 2.8 million tonnes in 2022, with gross margins averaging $33 per tonne higher than commodity fertilizer sales. Performance products now account for 43% of total phosphate segment volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mosaic Fertilizantes operating earnings were $910 million in 2022, up from $745 million in 2021. Adjusted EBITDA<sup>(1)</sup> totaled $1.0 billion in 2022, up from $821 million last year. Mosaic Fertilizantes saw market share for its distribution business grow to approximately 18% in 2022, from 16% in the prior year, and is now Brazil's largest distributor of fertilizer. When combined with direct sales from the production business, total sales volumes accounted for 23% of all fertilizer sales in Brazil.

**2023 Capital Allocation Strategy**

Mosaic remains committed to a disciplined capital allocation strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mosaic anticipates returning virtually all of 2023 generated free cash flow to shareholders through a combination of regular common dividends, special dividends, and share repurchases<sup>(2)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mosaic expects to initiate an accelerated share repurchase (ASR) of $300 million in first quarter of 2023. Following execution of the ASR, Mosaic will have repurchased shares worth more than $2.5 billion since the third quarter of 2021. As of February 17, shares outstanding totaled 336.5 million shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mosaic has a regular common dividend target of $0.80 per share<sup>(2)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In an effort to further reward long-term shareholders, Mosaic's Board of Directors has approved a special dividend of $0.25 per share to be distributed on March 30, 2023, to shareholders of record on March 15, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consistent with the maintenance of a balance sheet reflective of investment grade metrics, Mosaic retired $550 million of long-term debt in November 2022 and met its previously established goal of reducing long-term debt by $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management of assets remains a key focus. Mosaic divested Streamsong Resort in January of 2023 for gross proceeds of $160 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mosaic will continue to evaluate its capital expenditure budget in 2023. Capex is expected to total $1.3-1.4 billion, with a portion of the spend being directed to projects that we expect will improve operational performance in the phosphates segment. Mosaic is also pursuing high-returning projects. Examples include an expansion of MicroEssentials capacity at our Riverview facility, construction of the new Palmeirante blending and distribution facility in Brazil, construction of a purified phosphoric acid test plant in North America, and extending production from the Taquari potash mine in Brazil. On average, these projects are expected to generate an after tax, internal rate of return of approximately 50%.

<sup>(1)</sup> See "Non-GAAP Financial Measures" for additional information and reconciliation.

<sup>(2)</sup> The declarations and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on several factors, including the Company's financial performance and available cash resources.

------

**Segment Analysis** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Potash** | **Q4 2022** | **Q4 2021** | **2022** | **2021** |
| Sales Volumes - million tonnes\* | 1.9 | 2.1 | 8.1 | 8.2 |
| MOP Selling Price<sup>(3)</sup> | $581 | $414 | $632 | $285 |
| Gross Margin (GAAP) per tonne | $289 | $224 | $351 | $129 |
| Adjusted Gross Margin (non-GAAP) per tonne<sup>(1)</sup> | $289 | $224 | $351 | $134 |
| Operating Earnings - millions | $497 | $443 | $2768 | $837 |
| Segment Adjusted EBITDA<sup>(1)</sup> - millions | $597 | $517 | $3117 | $1286 |

---

\*Tonnes = finished product tonnes

<sup>(3)</sup> Average per tonne MOP selling price (fob mine)

The Potash segment reported net sales of $5.2 billion in 2022, up from $2.6 billion in 2021, reflecting the benefit of higher prices. MOP cash costs of production, excluding brine management costs, averaged $78 per tonne, up from $67 in 2021, primarily driven by higher price-related royalties, natural gas prices, other inflationary pressures, and market-related shutdowns during the year. Gross margin per tonne was $351, up from $129 last year, and adjusted gross margin per tonne<sup>(1)</sup> rose year over year from $134 to $351.

At Esterhazy, 11 miners are now in operation, a twelfth miner is currently being commissioned, and the final thirteenth miner is expected to enter service in the second half of 2023. Upon completion, these three additional miners will add one million tonnes of annual capacity. At Colonsay, production was temporarily halted in December but is expected to restart in the first half of 2023.

Sales volumes in the first quarter are expected to be 1.8-2.0 million tonnes with realized mine-gate MOP prices in the range of $425-$475 per tonne.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Phosphate** | **Q4 2022** | **Q4 2021** | **2022** | **2021** |
| Sales Volumes - million tonnes\* | 1.6 | 1.8 | 6.6 | 7.7 |
| DAP Selling Price<sup>(4)</sup> | $722 | $676 | $804 | $564 |
| Gross Margin (GAAP) per tonne | $148 | $254 | $268 | $170 |
| Adjusted Gross Margin (non-GAAP) per tonne<sup>(1)</sup> | $167 | $259 | $274 | $173 |
| Operating Earnings (Loss) - millions | $145 | $418 | $1347 | $1180 |
| Segment Adjusted EBITDA<sup>(1)</sup> - millions | $348 | $571 | $2219 | $1729 |

---

\*Tonnes = finished product tonnes

<sup>(4)</sup> Average DAP Selling Price (fob plant)

Net sales in the Phosphate segment increased to $6.2 billion in 2022, up from $4.9 billion in 2021. Sales volumes decreased from 7.7 million tonnes in 2021 to 6.6 million tonnes, reflecting the impact of Hurricane Ian as well as other unplanned operational outages. This decrease was more than offset by the rise in average realized selling prices to $913 per tonne, up from $618 in 2021. Gross margin per tonne was $268 in 2022, compared to $170 in 2021, and adjusted gross margin per tonne<sup>(1)</sup> increased to $274 in 2022 from $173 in the prior year.

Mosaic continues to benefit from access to internally produced and attractively priced external ammonia. Realized ammonia costs in 2022 averaged $603 per tonne, compared with the market average of $1,167 per tonne in 2022, and we expect similar benefits in 2023.

Sales volumes in the first quarter are expected to be 1.7-1.9 million tonnes with DAP prices on an FOB basis averaging $625-$675 per tonne. Stripping margins are expected to be in line with the fourth quarter as lower raw material costs offset the decline in realized prices.

<sup>(1)</sup> See "Non-GAAP Financial Measures" for additional information and reconciliation.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Mosaic Fertilizantes** | **Q4 2022** | **Q4 2021** | **2022** | **2021** |
| Sales Volumes - million tonnes\* | 2.5 | 2.3 | 9.4 | 10.1 |
| Finished Product Selling Price | $773 | $654 | $878 | $504 |
| Gross Margin (GAAP) per tonne | $11 | $95 | $111 | $83 |
| Adjusted Gross Margin per tonne<sup>(1)</sup> | $12 | $85 | $111 | $81 |
| Operating Earnings - millions | $(20) | $195 | $910 | $745 |
| Segment Adjusted EBITDA<sup>(1)</sup> - millions | $29 | $197 | $1049 | $821 |

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\*Tonnes = finished product tonnes

Mosaic Fertilizantes reported net sales of $8.3 billion in 2022, up from $5.1 billion in the prior year, reflecting higher prices, offset by lower volumes. These factors led to significant improvements in gross margin per tonne, which averaged $111 in 2022, up from $83 in 2021, and offset the impact of inflationary cost pressures. Despite lower volumes, Mosaic Fertilizantes saw market share for its distribution business grow from 16% to approximately 18% during the year.

**Other**

Full-year selling, general and administrative expenses were $498.0 million in 2022 versus $430.5 million in 2021, primarily driven by additional spend related to our Global Digital Acceleration effort.

Mosaic recognized strong earnings from equity investments of $196.0 million, reflecting contribution from the company's share of the MWSPC joint venture in Saudi Arabia. Mosaic received a $25 million dividend distribution from MWSPC in February 2023.

The reported effective tax rate for 2022 was 26.4 percent, and 25.8 percent excluding discrete items. Discrete items included true-up of estimates primarily related to our U.S. tax return and restricted stock units vested during the year above the grant price. The effective rate, excluding discrete items, was driven by the mix of earnings across jurisdictions, tax costs related to repatriation of earnings to the U.S. and benefits related to non-U.S. tax incentives. Cash taxes paid in 2022 were $1.1 billion.

In 2022, net cash provided by operating activities was $3.9 billion and capital expenditures were $1.2 billion.

**2023 Market Outlook** 

Strong agricultural commodity pricing trends are expected to drive a recovery in demand for fertilizers in 2023. Global demand for grain and oilseeds remain high while stock-to-use ratios are at the lowest point in more than 25 years. Food security concerns, rising biofuel consumption, and crop production headwinds suggest elevated crop prices will persist through 2023 and likely beyond. As a result, strong global fertilizer demand is expected in 2023 as growers seek to maximize yields.

Grower profitability has improved significantly as input costs have eased while ag commodity prices have held at elevated levels, and farmer economics in most global growing regions are constructive. Channel inventories for phosphates and potash in North America, Brazil, India, and other key growing regions have been drawn down, but nutrient price volatility has delayed replenishment of these channels. As grower demand ramps up ahead of the Northern Hemisphere's spring planting season, wholesalers and retailers are expected to return to the market to meet farmer demand.

Global phosphate supply remains constrained. China's domestic phosphate industry is undergoing significant change as production is diverted from export markets toward domestic industrial and agricultural uses, a secular trend that is expected to continue.

In potash, price weakness persisted through the winter as a result of aggressive marketing of small volumes from producers in Russia and Belarus seeking to recover market share lost in 2022. However, global supplies remain constrained and are unlikely to be sufficient to allow a return to trend demand and could struggle to satisfy the pent up demand expected in 2023.

<sup>(1)</sup> See "Non-GAAP Financial Measures" for additional information and reconciliation.

------

**2023 Modeling Assumptions**

The Company provides the following modeling assumptions for the full year 2023:

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| | |
|:---|:---|
| **Modeling Assumptions** | **Full Year 2023** |
| Total Capital Expenditures | $1.3 - 1.4 billion |
| Depreciation, Depletion & Amortization | $830 - $850 million |
| Selling, General, and Administrative Expense | $475 - $500 million |
| Net Interest Expense | $170 - $180 million |
| Effective tax rate | Mid 20's % |
| Cash tax rate | Low 20's % |

---

**Sensitivities Table Using 2022 Cost Structure** 

The Company provided the following sensitivities to price and foreign exchange rates to help investors anticipate the potential impact of movements in these factors.

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| | | |
|:---|:---|:---|
| **Sensitivity** | **Full year adj. EBITDA impact**<sup>(1)</sup> | **2022 Actual** |
| Average MOP Price / tonne (fob mine)<sup>(6)</sup> | $10/mt price change = $60 million <sup>(5)</sup> | $632 |
| Average DAP Price / tonne (fob plant)<sup>(6)</sup> | $10/mt price change = $90 million | $804 |
| Average BRL / USD | 0.10 change, unhedged = $10 million<sup>(7)</sup> | 5.16 |

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<sup>(5)</sup> Includes impact of Canadian Resource Tax

<sup>(6)</sup> Approximately 20% of DAP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.; approximately 5% of the MOP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.

<sup>(7)</sup> The company hedged about 50 percent of the annual sensitivity. Over longer periods of time, inflation is expected to offset a portion of currency benefits.

**About The Mosaic Company**

The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single-source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at <u>www.mosaicco.com</u>.

Mosaic will conduct a conference call on Thursday, February 23, 2023, at 11:00 a.m. Eastern Time to discuss fourth quarter and full year 2022 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic's website at www.mosaicco.com/investors. This webcast will be available up to one year from the time of the earnings call.

*This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending common dividends, special dividends, share repurchases, future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: the economic impact and operating impacts of the coronavirus (Covid-19) pandemic, political and economic instability and changes in government policies in Brazil and other countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa'ad Al Shamal Phosphate Company (also known as* 

<sup>(1)</sup> See "Non-GAAP Financial Measures" for additional information and reconciliation.

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*MWSPC), the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic's decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic's operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic's processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management's current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic's available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic's potash mines; other accidents and disruptions involving Mosaic's operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. The declarations and payment of future dividends and special dividends remain at the discretion of the Board of Directors.*

*###*

***Non-GAAP Financial Measures***

*This press release includes the presentation and discussion of non-GAAP diluted net earnings per share guidance, or adjusted EPS, non-GAAP gross margin per tonne, or adjusted gross margin per tonne, non-GAAP adjusted EBITDA, and free cash flow, referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, adjusted gross margin, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Free Cash Flow is defined as net cash provided by operating activities less capital expenditures and adjusted for changes in working capital financing. Management utilizes these adjusted measures in analyzing and assessing Mosaic's overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, gross margin per tonne, or a quantitative reconciliation of forward-looking adjusted EPS, adjusted gross margin and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended March 31, 2021 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the "Financial Information - Quarterly Earnings" section under the "Investors" tab.*

<sup>(1)</sup> See "Non-GAAP Financial Measures" for additional information and reconciliation.

------

For the three months ended December 31, 2022, the Company reported the following notable items which, combined, negatively impacted earnings per share by $0.22:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Amount** | **Tax effect** | **EPS impact** |
| **Description** | **Segment** | **Line item** | **(in millions)** | **(in millions)** | **(per share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $75 | $(18) | $0.16 |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | $14 | $(4) | $0.03 |
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (11) | 3 | (0.03) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | (1) |  |  |
| Fixed asset write-off | Phosphate | Other operating income (expense) | (6) | 2 | (0.01) |
| ARO Adjustment | Potash | Other operating income (expense) | 3 | (1) | 0.01 |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (9) | (0.03) |
| Realized gain (loss) on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | (20) | 5 | (0.04) |
| Environmental reserve | Phosphates | Other operating income (expense) | (44) | 11 | (0.09) |
| Hurricane Ian idle costs | Phosphates | Cost of goods sold | (30) | 8 | (0.07) |
| Insurance proceeds | Phosphates | Other operating income (expense) | 5 | (1) | 0.01 |
| Pension plan termination settlement | Consolidated | Other non-operating income (expense) | (42) | 10 | (0.09) |
| Environmental reserve | Potash | Other operating income (expense) | (28) | 7 | (0.06) |
| Lease termination and severance | Corporate and Other | Other operating income (expense) | (4) | 1 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Notable Items |  |  | $(89) | $14 | $(0.22) |

---

------

For the three months ended December 31, 2021, the Company reported the following notable items which, combined, negatively impacted earnings per share by $0.19:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** |<br>**Segment** |<br>**Line item** | **Amount**<br>**(in millions)** | **Tax effect**<br>**(in millions)** | **EPS impact**<br>**(per share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $(44) | $11 | $(0.09) |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (18) | 5 | (0.03) |
| Closed and indefinitely idled facility costs | Phosphates | Other operating income (expense) | (9) | 3 | (0.02) |
| Pre-acquisition reserve adjustment | Mosaic Fertilizantes | Other operating income (expense) | 5 | (2) | 0.01 |
| Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | (2) | 1 |  |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (26) | (0.06) |
| ARO Adjustment | Phosphates | Other operating income (expense) | (5) | 1 | (0.01) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | 23 | (6) | 0.04 |
| Hurricane Ida recovery | Phosphates | Cost of goods sold/Other income (expense) | (9) | 2 | (0.02) |
| ARO Adjustment | Potash | Other operating income (expense) | (4) | 1 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Notable Items |  |  | $(63) | $(10) | $(0.19) |

---

------

**Condensed Consolidated Statements of Earnings**

**(in millions, except per share amounts)**

---

| | |
|:---|:---|
| **The Mosaic Company** | **(unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended<br> December 31,** | **Years ended<br> December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net sales | $4481.3 | $3841.0 | $19125.2 | $12357.4 |
| Cost of goods sold | 3512.9 | 2692.4 | 13369.4 | 9157.1 |
| Gross margin | 968.4 | 1148.6 | 5755.8 | 3200.3 |
| Selling, general and administrative expenses | 132.9 | 123.5 | 498.0 | 430.5 |
| Impairment, restructuring and other expenses |  |  |  | 158.1 |
| Other operating expenses | 134.9 | 55.4 | 472.5 | 143.2 |
| Operating earnings | 700.6 | 969.7 | 4785.3 | 2468.5 |
| Interest expense, net | (33.8) | (39.0) | (137.8) | (169.1) |
| Foreign currency transaction gain (loss) | 75.1 | (43.7) | 97.5 | (78.5) |
| Other (expense) income | (64.7) | (1.1) | (102.5) | 3.9 |
| Earnings from consolidated companies before income taxes | 677.2 | 885.9 | 4642.5 | 2224.8 |
| Provision for (benefit from) income taxes | 206.0 | 245.5 | 1224.3 | 597.7 |
| Earnings from consolidated companies | 471.2 | 640.4 | 3418.2 | 1627.1 |
| Equity in net earnings (loss) of nonconsolidated companies | 57.3 | 21.0 | 196.0 | 7.8 |
| Net earnings including noncontrolling interests | 528.5 | 661.4 | 3614.2 | 1634.9 |
| Less: Net earnings (loss) attributable to noncontrolling interests | 5.3 | (3.4) | 31.4 | 4.3 |
| Net earnings attributable to Mosaic | $523.2 | $664.8 | $3582.8 | $1630.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted net earnings per share attributable to Mosaic | $1.52 | $1.76 | $10.06 | $4.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average number of shares outstanding | 343.8 | 377.5 | 356.0 | 381.6 |

---

------

**Condensed Consolidated Balance Sheets**

**(in millions, except per share amounts)**

---

| | |
|:---|:---|
| **The Mosaic Company** | **(unaudited)** |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $735.4 | $769.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 1699.9 | 1531.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 3543.1 | 2741.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 578.2 | 282.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6556.6 | 5325.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 12678.7 | 12475.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in nonconsolidated companies | 885.9 | 691.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1116.3 | 1172.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 752.3 | 997.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1396.2 | 1374.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $23386.0 | $22036.4 |
| **Liabilities and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $224.9 | $302.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 985.3 | 596.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured accounts payable arrangements | 751.2 | 743.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1292.5 | 1260.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 2279.9 | 1883.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 5533.8 | 4787.4 |
| Long-term debt, less current maturities | 2411.9 | 3382.2 |
| Deferred income taxes | 1010.1 | 1016.2 |
| Other noncurrent liabilities | 2236.0 | 2102.1 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of December 31, 2022 and 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 1,000,000,000 shares authorized, 391,964,464 shares issued and 339,071,423 shares outstanding as of December 31, 2022, 390,815,099 shares issued and 368,732,231 shares outstanding as of December 31, 2021 | 3.4 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value |  | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 14203.4 | 12014.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (2152.2) | (1891.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mosaic stockholders' equity | 12054.6 | 10604.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 139.6 | 144.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 12194.2 | 10748.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $23386.0 | $22036.4 |

---

------

**Condensed Consolidated Statements of Cash Flows**

**(in millions, except per share amounts)**

---

| | |
|:---|:---|
| **The Mosaic Company** | **(unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended<br> December 31,** | **Years ended<br> December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Cash Flows from Operating Activities:** | **Cash Flows from Operating Activities:** | **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $955.7 | $430.4 | $3935.8 | $2187.0 |
| **Cash Flows from Investing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (340.5) | (362.8) | (1247.3) | (1288.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale securities - restricted | (302.9) | (110.3) | (762.5) | (433.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of available-for-sale securities - restricted | 298.4 | 106.9 | 743.0 | 410.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1.9 | (25.5) | 7.2 | (10.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (343.1) | (391.7) | (1259.6) | (1322.3) |
| **Cash Flows from Financing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of short-term debt | (1602.6) | (701.6) | (1761.2) | (726.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of short-term debt | 1827.7 | 701.6 | 1980.5 | 726.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments from inventory financing arrangement | (200.5) |  | (1651.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from inventory financing arrangement |  | 302.7 | 1348.8 | 302.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of structured accounts payable arrangements | (332.5) | (352.7) | (1476.6) | (1028.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from structured accounts payable arrangements | 439.9 | 360.0 | 1460.5 | 1122.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of long-term debt | (565.8) | (13.6) | (610.3) | (608.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collections of transferred receivables | 1068.5 | 134.7 | 2352.1 | 445.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of transferred receivables | (1069.7) | (101.1) | (2433.2) | (363.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of stock | (64.0) | (390.9) | (1665.2) | (410.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (51.1) | (27.8) | (197.7) | (103.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interest | (21.3) | (11.8) | (38.0) | (31.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1.6) | (2.9) | 13.1 | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (573.0) | (103.4) | (2678.7) | (682.1) |
| Effect of exchange rate changes on cash | (8.0) | (7.7) | (29.7) | 9.3 |
| Net change in cash, cash equivalents and restricted cash | 31.6 | (72.4) | (32.2) | 191.9 |
| Cash, cash equivalents and restricted cash—beginning of year | 722.5 | 858.7 | 786.3 | 594.4 |
| Cash, cash equivalents and restricted cash—end of year | $754.1 | $786.3 | $754.1 | $786.3 |

---

---

| | | |
|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2021** |
| | **2022** | **2021** |
| **Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $735.4 | $769.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash in other current assets | 8.2 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash in other assets | 10.5 | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $754.1 | $786.3 |

---

------

**<u>Reconciliation of Non-GAAP Financial Measures</u>**

**<u>Earnings Per Share Calculation</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended<br> December 31,** | **Years ended<br> December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net earnings attributed to Mosaic | $523.2 | $664.8 | $3582.8 | $1630.6 |
| Basic weighted average number of shares outstanding | 340.3 | 379.1 | 352.4 | 378.1 |
| Dilutive impact of share-based awards | 3.5 | 3.2 | 3.6 | 3.5 |
| Diluted weighted average number of shares outstanding | 343.8 | 382.3 | 356.0 | 381.6 |
| Basic net earnings per share | $1.54 | $1.75 | $10.17 | $4.31 |
| Diluted net earnings per share | $1.52 | $1.74 | $10.06 | $4.27 |
| Notable items impact on earnings per share | $0.22 | $0.19 | $0.95 | $0.77 |
| Adjusted earnings per share | $1.74 | $1.93 | $11.01 | $5.04 |

---

**<u>Free Cash Flow</u>**

---

| | |
|:---|:---|
| | **Years ended<br> December 31,** |
| | **2022** |
| Net cash provided by operating activities | $3936 |
| Capital expenditures | (1247) |
| Working capital financing<sup>(a)</sup> | (95) |
| Free cash flow | $2594 |

---

<sup>(a)</sup> Includes net proceeds (payments) from inventory financing arrangements, structured accounts payable arrangements and commercial paper borrowings.

------

**<u>Reconciliation of Non-GAAP Financial Measures</u>**

---

| | |
|:---|:---|
| **Consolidated Earnings *(in millions)*** | **Year ended <br>December 31,** |
|  | **2022** |
| Consolidated net earnings attributable to Mosaic | $3583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Consolidated interest expense, net | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Consolidated depreciation, depletion and amortization | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Accretion expense | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Share-based compensation expense | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Consolidated provision for income taxes | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Equity in net earnings of nonconsolidated companies, net of dividends | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Notable items not included above | 425 |
| Adjusted EBITDA | $6216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Potash Earnings *(in millions)*** | **2022** | **2021** | **2022** | **2021** |
| Operating Earnings | $497 | $443 | $2768 | $837 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 73 | 68 | 307 | 268 |
| &nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 2 | 2 | 8 | 10 |
| &nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | 6 | 3 | (19) | 8 |
| &nbsp;&nbsp;&nbsp;Plus: Other Non Operating Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Plus: Notable Items | 19 | 1 | 53 | 163 |
| Adjusted EBITDA | $597 | $517 | $3117 | $1286 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Phosphate Earnings *(in millions)*** | **2022** | **2021** | **2022** | **2021** |
| Operating Earnings | $145 | $418 | $1347 | $1180 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 111 | 115 | 485 | 429 |
| &nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 15 | 13 | 55 | 48 |
| &nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | (4) | (11) | (8) | 9 |
| &nbsp;&nbsp;&nbsp;Plus: Other Non Operating Income (Expense) | (9) |  | (32) | 8 |
| &nbsp;&nbsp;&nbsp;Less: Earnings (Loss) from Consolidated Noncontrolling Interests | 5 | (3) | 32 | 6 |
| &nbsp;&nbsp;&nbsp;Plus: Notable Items | 95 | 33 | 404 | 61 |
| Adjusted EBITDA | $348 | $571 | $2219 | $1729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Mosaic Fertilizantes *(in millions)*** | **2022** | **2021** | **2022** | **2021** |
| Operating Earnings | $(20) | $195 | $910 | $745 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 45 | 28 | 125 | 101 |
| &nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 5 | 4 | 17 | 14 |
| &nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | 38 | (31) | 8 | (70) |
| &nbsp;&nbsp;&nbsp;Plus: Other Non Operating Income (Expense) | (1) | (1) | (4) | (6) |
| &nbsp;&nbsp;&nbsp;Less: Earnings (Loss) from Consolidated Noncontrolling Interests |  |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Plus: Notable Items | (38) | 2 | (8) | 36 |
| Adjusted EBITDA | $29 | $197 | $1049 | $821 |

---

------

**<u>Reconciliation of Non-GAAP Financial Measures</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Potash Earnings *(in millions)*** | **2022** | **2021** | **2022** | **2021** |
| Gross Margin / tonne | $289 | $224 | $351 | $129 |
| Notable items in gross margin |  |  |  | 5 |
| Adjusted gross margin / tonne | $289 | $224 | $351 | $134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Phosphates Earnings *(in millions)*** | **2022** | **2021** | **2022** | **2021** |
| Gross Margin / tonne | $148 | $254 | $268 | $170 |
| Notable items in gross margin | 19 | 5 | 6 | 3 |
| Adjusted gross margin / tonne | $167 | $259 | $274 | $173 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **Mosaic Fertilizantes Earnings *(in millions)*** | **2022** | **2021** | **2022** | **2021** |
| Gross Margin / tonne | $11 | $95 | $111 | $83 |
| Notable items in gross margin | 1 | (10) |  | (2) |
| Adjusted gross margin / tonne | $12 | $85 | $111 | $81 |

---

## Exhibit 99.2

**Exhibit 99.2**

**The Mosaic Company** 

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2021** | **Q2 2021** | **Q3 2021** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| **Consolidated data** *(in millions, except per share)* | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Diluted net earnings (loss) per share** | $**0.41** | $**1.14** | $**0.97** | $**1.76** | $**3.19** | $**2.85** | $**2.42** | $**1.52** |
| &nbsp;&nbsp;&nbsp;Notable items impact on earnings per share<sup>(a)</sup> | (0.16) | (0.03) | (0.38) | (0.19) | 0.78 | (0.79) | (0.80) | (0.22) |
| &nbsp;&nbsp;&nbsp;Adjusted diluted net earnings per share<sup>(a)</sup> | $0.57 | $1.17 | $1.35 | $1.95 | $2.41 | $3.64 | $3.22 | $1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average # of shares outstanding | 382.8 | 383.3 | 383.2 | 377.5 | 370.1 | 363.1 | 347.7 | 343.8 |
| &nbsp;&nbsp;&nbsp;**Total Net Sales** | $**2297** | $**2801** | $**3419** | $**3841** | $**3922** | $**5373** | $**5348** | $**4481** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 1862 | 2049 | 2554 | 2693 | 2483 | 3526 | 3846 | 3512 |
| &nbsp;&nbsp;&nbsp;**Gross Margin** | $**435** | $**752** | $**865** | $**1148** | $**1439** | $**1847** | $**1502** | $**969** |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A | 102 | 108 | 98 | 123 | 133 | 108 | 124 | 133 |
| &nbsp;&nbsp;&nbsp;Other operating (income) expense<sup>(p)</sup> | 20 | 160 | 65 | 55 | 50 | 65 | 224 | 136 |
| &nbsp;&nbsp;&nbsp;**Operating earnings** | $**313** | $**484** | $**702** | $**970** | $**1256** | $**1674** | $**1154** | $**700** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (45) | (37) | (48) | (39) | (40) | (34) | (31) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated foreign currency gain/(loss) | (46) | 111 | (100) | (44) | 311 | (227) | (61) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from consolidated companies before income taxes | **225** | **559** | **554** | **886** | **1527** | **1377** | **1061** | **677** |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 60 | 116 | 177 | 245 | 372 | 369 | 277 | 206 |
| &nbsp;&nbsp;&nbsp;**Earnings (loss) from consolidated companies** | $**165** | $**443** | $**377** | $**641** | $**1155** | $**1008** | $**784** | $**471** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in net earnings (loss) of nonconsolidated companies | (7) | (4) | (1) | 20 | 31 | 36 | 72 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net earnings (loss) attributable to noncontrolling interests | 1 | 2 | 4 | (4) | 4 | 8 | 14 | 5 |
| &nbsp;&nbsp;&nbsp;**Net earnings (loss) attributable to Mosaic** | $**157** | $**437** | $**372** | $**665** | $**1182** | $**1036** | $**842** | $**523** |
| &nbsp;&nbsp;&nbsp;&nbsp;After tax Notable items included in earnings | $(63) | $(10) | $(145) | $(73) | $288 | $(286) | $(277) | $(75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Margin Rate | *19 %* | *27 %* | *25 %* | *30 %* | *37 %* | *34 %* | *28 %* | *22 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective Tax Rate (including discrete tax) | *27 %* | *21 %* | *32 %* | *28 %* | *24 %* | *27 %* | *26 %* | *30 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Discrete Tax benefit (expense) | $(4) | $49 | $(19) | $(26) | $9 | $(14) | $(12) | $(9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, Depletion and Amortization | $209 | $204 | $186 | $214 | $226 | $245 | $229 | $233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion Expense | $17 | $19 | $18 | $19 | $20 | $20 | $19 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-Based Compensation Expense | $15 | $4 | $5 | $6 | $16 | $(1) | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notable Items | $50 | $8 | $163 | $59 | $(374) | $361 | $354 | $84 |
| &nbsp;&nbsp;**Adjusted EBITDA**<sup>(b)</sup> | $**560** | $**829** | $**969** | $**1227** | $**1451** | $**2028** | $**1686** | $**1051** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | $319 | $1015 | $423 | $431 | $506 | $1585 | $889 | $956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest (net of amount capitalized) | 1 | 88 | 18 | 82 | 4 | 80 | 3 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes (net of refunds) | 83 | 36 | 54 | 36 | 259 | 233 | 253 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | $(309) | $(271) | $(351) | $(392) | $(297) | $(265) | $(355) | $(343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (289) | (297) | (340) | (363) | (291) | (263) | (354) | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | $122 | $(82) | $(618) | $(107) | $(125) | $(1331) | $(650) | $(573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (19) | (29) | (28) | (28) | (41) | (54) | (51) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | $(20) | $69 | $(32) | $(5) | $31 | $(33) | $(20) | $(8) |
| &nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents** | $**112** | $**731** | $**(579)** | $**(72)** | $**115** | $**(44)** | $**(135)** | $**32** |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $15 | $— | $— | $303 | $481 | $17 | $201 | $225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt (including current portion) | 4470 | 4463 | 3995 | 3979 | 3977 | 3960 | 3959 | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash & cash equivalents | 692 | 1418 | 843 | 770 | 882 | 839 | 703 | 735 |
| &nbsp;&nbsp;&nbsp;**Net debt** | $**3793** | $**3045** | $**3152** | $**3512** | $**3576** | $**3138** | $**3457** | $**2887** |
| **Segment Contributions** *(in millions)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phosphates | $1001 | $1175 | $1281 | $1466 | $1496 | $1801 | $1577 | $1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potash | 477 | 663 | 589 | 897 | 1060 | 1580 | 1432 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Fertilizantes | 764 | 1036 | 1755 | 1535 | 1488 | 2260 | 2629 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other<sup>(c)</sup> | 55 | (73) | (206) | (57) | (122) | (268) | (290) | 125 |
| &nbsp;&nbsp;&nbsp;**Total net sales** | $**2297** | $**2801** | $**3419** | $**3841** | $**3922** | $**5373** | $**5348** | $**4481** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phosphates | $153 | $283 | $326 | $418 | $493 | $578 | $131 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potash | 125 | 49 | 220 | 443 | 563 | 915 | 793 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Fertilizantes | 90 | 170 | 290 | 195 | 187 | 420 | 323 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other<sup>(c)</sup> | (55) | (18) | (134) | (86) | 13 | (239) | (93) | 78 |
| &nbsp;&nbsp;&nbsp;**Consolidated operating earnings (loss)** | $**313** | $**484** | $**702** | $**970** | $**1256** | $**1674** | $**1154** | $**700** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Phosphates<sup>(d)</sup> | 2062 | 1982 | 1836 | 1813 | 1661 | 1675 | 1651 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potash<sup>(d)</sup> | 1980 | 2326 | 1808 | 2072 | 1792 | 2304 | 2142 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Fertilizantes | 2064 | 2341 | 3350 | 2347 | 1822 | 2320 | 2824 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | 475 | 427 | 292 | 432 | 370 | 533 | 221 | 466 |
| &nbsp;&nbsp;**Total finished product tonnes sold** *('000 tonnes)* | **6581** | **7076** | **7286** | **6664** | **5645** | **6832** | **6838** | **6372** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of Performance Products (third party) ('000 tonnes) <sup>(e)</sup> | 1023 | 917 | 1132 | 1077 | 711 | 741 | 790 | 1265 |

---

------

**The Mosaic Company - Phosphates Segment**

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2021** | **Q2 2021** | **Q3 2021** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| **Net Sales and Gross Margin** *(in millions, except per tonne)* | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Segment income statement** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Sales** | $**1001** | $**1175** | $**1281** | $**1466** | $**1496** | $**1801** | $**1577** | $**1310** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Goods Sold | 828 | 866 | 917 | 1006 | 968 | 1159 | 1219 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross Margin** | $**173** | $**309** | $**364** | $**460** | $**528** | $**642** | $**358** | $**232** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notable Items Included in Gross Margin |  |  | (17) | (9) |  |  | (9) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Gross Margin**<sup>(b)</sup> | $**173** | $**309** | $**381** | $**469** | $**528** | $**642** | $**367** | $**262** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&A | 10 | 10 | 7 | 15 | 8 | 10 | 8 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense | 10 | 16 | 31 | 27 | 27 | 54 | 219 | 72 |
| &nbsp;&nbsp;&nbsp;**Operating Earnings** | $**153** | $**283** | $**326** | $**418** | $**493** | $**578** | $**131** | $**145** |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 102 | 106 | 106 | 115 | 120 | 133 | 121 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 12 | 10 | 13 | 13 | 13 | 14 | 13 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | 6 | 8 | 6 | (11) | (7) |  | 3 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other Non operating Income (Expense) | 5 | 2 | 1 |  |  | (24) | 1 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (loss) from Consolidated Noncontrolling Interests | 3 | 2 | 4 | (3) | 4 | 9 | 14 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Notables Items | (4) | 1 | 31 | 33 | 17 | 66 | 226 | 95 |
| &nbsp;&nbsp;**Adjusted EBITDA**<sup>(b)</sup> | $**271** | $**408** | $**479** | $**571** | $**632** | $**758** | $**481** | $**348** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | $153 | $150 | $161 | $187 | $148 | $157 | $168 | $159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Margin $/ tonne of finished product | $84 | $156 | $198 | $254 | $318 | $383 | $217 | $148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross Margin $/ tonne of finished product | $84 | $156 | $208 | $259 | $318 | $383 | $222 | $167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin as a percent of sales | *17 %* | *26 %* | *28 %* | *31 %* | *35 %* | *36 %* | *23 %* | *18 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight included in finished goods (in millions) | $97 | $103 | $96 | $103 | $90 | $94 | $98 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idle/Turnaround costs (excluding notable items) | $41 | $38 | $33 | $25 | $31 | $79 | $79 | $70 |
| **Operating Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Sales volumes** *('000 tonnes)*<sup>(d)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP/MAP | 1210 | 880 | 907 | 907 | 917 | 814 | 824 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance products<sup>(f)</sup> | 724 | 971 | 812 | 813 | 659 | 780 | 750 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other products<sup>(i)</sup> | 128 | 131 | 117 | 93 | 85 | 81 | 77 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finished Product**<sup>(d)</sup> | **2062** | **1982** | **1836** | **1813** | **1661** | **1675** | **1651** | **1571** |
| &nbsp;&nbsp;&nbsp;DAP selling price (fob plant)<sup>(r)</sup> | $426 | $544 | $605 | $676 | $785 | $920 | $809 | $722 |
| &nbsp;&nbsp;&nbsp;Average finished product selling price (destination)<sup>(g)</sup> | $477 | $580 | $681 | $758 | $877 | $1048 | $924 | $794 |
| &nbsp;&nbsp;**Production Volumes** *('000 tonnes)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total tonnes produced<sup>(h)</sup> | 1911 | 1827 | 1738 | 1857 | 1745 | 1636 | 1664 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Rate | *77 %* | *73 %* | *70 %* | *75 %* | *70 %* | *66 %* | *67 %* | *65 %* |
| &nbsp;&nbsp;&nbsp;**Raw Materials** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ammonia used in production (tonnes) | 281 | 256 | 255 | 287 | 258 | 236 | 236 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% manufactured ammonia used in production | *23 %* | *29 %* | *20 %* | *20 %* | *34 %* | *22 %* | *5 %* | *42 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur used in production | 841 | 824 | 792 | 848 | 818 | 764 | 781 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% prilled sulfur used in production | *27 %* | *18 %* | *21 %* | *17 %* | *11 %* | *5 %* | *— %* | *3 %* |
| &nbsp;&nbsp;**Realized costs** *($/tonne)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ammonia (tonne)<sup>(j)</sup> | $316 | $382 | $424 | $463 | $532 | $591 | $665 | $653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur (long ton)<sup>(k)</sup> | $119 | $172 | $214 | $229 | $281 | $385 | $436 | $348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended rock | $61 | $60 | $59 | $64 | $61 | $64 | $68 | $78 |
| &nbsp;&nbsp;&nbsp;Phosphates cash conversion costs / production tonne<sup>(s)</sup> | $63 | $68 | $68 | $71 | $76 | $86 | $85 | $96 |
| &nbsp;&nbsp;&nbsp;Cash costs of U.S. mined rock / production tonne<sup>(t)</sup> | $36 | $37 | $41 | $44 | $50 | $46 | $41 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARO cash spending (in millions) | $32 | $33 | $26 | $26 | $33 | $28 | $33 | $43 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MWSPC equity earnings (loss) | $(8) | $(7) | $(1) | $20 | $31 | $34 | $72 | $58 |
| &nbsp;&nbsp;&nbsp;&nbsp;MWSPC total sales tonnes (DAP/MAP/NPK) | 612 | 360 | 486 | 653 | 592 | 413 | 599 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miski Mayo external sales revenue | $7 | $7 | $15 | $14 | $17 | $18 | $21 | $38 |

---

------

**The Mosaic Company - Potash Segment**

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2021** | **Q2 2021** | **Q3 2021** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| **Net Sales and Gross Margin** *(in millions, except per tonne)* | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Segment income statement** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Sales** | $**477** | $**663** | $**589** | $**897** | $**1060** | $**1580** | $**1432** | $**1136** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Goods Sold | 337 | 446 | 353 | 433 | 481 | 652 | 633 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross Margin** | $**140** | $**217** | $**236** | $**464** | $**579** | $**928** | $**799** | $**538** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notable Items Included in Gross Margin | (22) | (15) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Gross Margin**<sup>(b)</sup> | $**162** | $**232** | $**236** | $**464** | $**579** | $**928** | $**799** | $**538** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&A | 7 | 8 | 8 | 11 | 7 | 8 | 6 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense <sup>(p)</sup> | 8 | 160 | 8 | 10 | 9 | 5 |  | 32 |
| &nbsp;&nbsp;&nbsp;**Operating Earnings** | $**125** | $**49** | $**220** | $**443** | $**563** | $**915** | $**793** | $**497** |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 80 | 70 | 50 | 68 | 77 | 81 | 76 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 2 | 4 | 2 | 2 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | 15 | 28 | (38) | 3 | 17 | (23) | (19) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other Non operating Income (Expense) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Notable Items | (10) | 134 | 38 | 1 | (8) | 23 | 19 | 19 |
| &nbsp;&nbsp;**Adjusted EBITDA**<sup>(b)</sup> | $**212** | $**285** | $**272** | $**517** | $**651** | $**998** | $**871** | $**597** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | $97 | $98 | $123 | $92 | $65 | $67 | $78 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Margin $/ tonne of finished product | $71 | $93 | $131 | $224 | $323 | $403 | $373 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross Margin $/ tonne of finished product | $82 | $100 | $131 | $224 | $323 | $403 | $373 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin as a percent of sales | *29 %* | *33 %* | *40 %* | *52 %* | *55 %* | *59 %* | *56 %* | *47 %* |
| &nbsp;&nbsp;&nbsp;**Supplemental Cost Information** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian resource taxes | $35 | $54 | $57 | $113 | $157 | $274 | $258 | $238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties | $9 | $10 | $8 | $15 | $27 | $32 | $31 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freight<sup>(l)</sup> | $78 | $99 | $60 | $65 | $70 | $76 | $55 | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idle/Turnaround costs (excluding notable items) | $2 | $13 | $36 | $11 | $15 | $9 | $13 | $24 |
| **Operating Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Sales volumes** *('000 tonnes)*<sup>(d)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP | 1747 | 2064 | 1547 | 1870 | 1532 | 2045 | 1952 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance products<sup>(m)</sup> | 221 | 252 | 202 | 187 | 243 | 245 | 178 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other products<sup>(i)</sup> | 12 | 10 | 59 | 15 | 17 | 14 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finished Product**<sup>(d)</sup> | **1980** | **2326** | **1808** | **2072** | **1792** | **2304** | **2142** | **1863** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crop Nutrients North America | 876 | 1117 | 642 | 610 | 618 | 727 | 439 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crop Nutrients International | 967 | 1061 | 1067 | 1301 | 1020 | 1415 | 1574 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agricultural | 137 | 148 | 99 | 161 | 154 | 162 | 129 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finished Product**<sup>(d)</sup> | **1980** | **2326** | **1808** | **2072** | **1792** | **2304** | **2142** | **1863** |
| &nbsp;&nbsp;&nbsp;MOP selling price (fob mine)<sup>(o)</sup> | $200 | $243 | $290 | $414 | $582 | $678 | $666 | $581 |
| &nbsp;&nbsp;&nbsp;Average finished product selling price (destination)<sup>(g)</sup> | $241 | $285 | $326 | $433 | $591 | $686 | $669 | $610 |
| &nbsp;&nbsp;**Production Volumes** *('000 tonnes)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production Volume | 2285 | 2131 | 1580 | 2208 | 2200 | 2436 | 2266 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Rate | *94 %* | *88 %* | *65 %* | *81 %* | *80 %* | *87 %* | *81 %* | *77 %* |
| &nbsp;&nbsp;&nbsp;MOP cash costs of production excluding brine / production tonne<sup>(n)</sup> | $64 | $62 | $72 | $71 | $81 | $78 | $78 | $76 |
| &nbsp;&nbsp;&nbsp;ARO cash spending *(in millions)* | $1 | $3 | $7 | $15 | $18 | $13 | $11 | $5 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Average CAD / USD | $1.266 | $1.229 | $1.259 | $1.261 | $1.267 | $1.276 | $1.304 | $1.358 |

---

------

**The Mosaic Company - Mosaic Fertilizantes Segment**

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2021** | **Q2 2021** | **Q3 2021** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| **Net Sales and Gross Margin** *(in millions, except per tonne)* | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Segment income statement** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Sales** | $**764** | $**1036** | $**1755** | $**1535** | $**1488** | $**2260** | $**2629** | $**1910** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Goods Sold | 661 | 852 | 1423 | 1313 | 1269 | 1810 | 2281 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross Margin** | $**103** | $**184** | $**332** | $**222** | $**219** | $**450** | $**348** | $**28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notable Items Included in Gross Margin |  | (6) | 3 | 23 | (18) |  | 14 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Gross Margin**<sup>(b)</sup> | $**103** | $**190** | $**329** | $**199** | $**237** | $**450** | $**334** | $**29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&A | 18 | 18 | 20 | 24 | 21 | 27 | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense | (5) | (4) | 22 | 3 | 11 | 3 |  | 19 |
| &nbsp;&nbsp;&nbsp;**Operating Earnings** | $**90** | $**170** | $**290** | $**195** | $**187** | $**420** | $**323** | $**(20)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 23 | 24 | 26 | 28 | 25 | 27 | 28 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 3 | 4 | 3 | 4 | 4 | 4 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | (33) | 34 | (40) | (31) | 119 | (83) | (66) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other Non operating Income (Expense) | (1) | (2) | (2) | (1) | (1) | (1) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings from Consolidated Noncontrolling Interests |  | (1) |  |  |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Notable Items | 22 | (28) | 40 | 2 | (101) | 76 | 55 | (38) |
| &nbsp;&nbsp;**Adjusted EBITDA**<sup>(b)</sup> | $**104** | $**203** | $**317** | $**197** | $**233** | $**444** | $**343** | $**29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | $39 | $44 | $52 | $81 | $75 | $39 | $92 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Margin $/ tonne of finished product | $50 | $78 | $99 | $95 | $120 | $194 | $123 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Gross Margin $/ tonne of finished product | $50 | $81 | $98 | $85 | $130 | $194 | $118 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin as a percent of sales | *13 %* | *18 %* | *19 %* | *14 %* | *15 %* | *20 %* | *13 %* | *1 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Idle/Turnaround costs (excluding notable items) | $5 | $9 | $16 | $25 | $9 | $30 | $44 | $29 |
| **Operating Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Sales volumes** *('000 tonnes)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phosphate produced in Brazil | 536 | 686 | 722 | 599 | 737 | 638 | 488 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potash produced in Brazil | 63 | 66 | 56 | 59 | 46 | 46 | 33 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased nutrients for distribution<sup>(q)</sup> | 1465 | 1589 | 2572 | 1689 | 1039 | 1636 | 2303 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finished Product** | **2064** | **2341** | **3350** | **2347** | **1822** | **2320** | **2824** | **2472** |
| &nbsp;&nbsp;&nbsp;Sales of Performance Products ('000 tonnes)<sup>(e)</sup> | $176 | $299 | $584 | $375 | $155 | $290 | $574 | $473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil MAP price (Brazil production delivered price to third party) | $421 | $589 | $622 | $765 | $882 | $1021 | $866 | $663 |
| &nbsp;&nbsp;&nbsp;Average finished product selling price (destination)<sup>(g)</sup>  | $370 | $442 | $524 | $654 | $817 | $974 | $931 | $773 |
| &nbsp;&nbsp;**Production Volumes** *('000 tonnes)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAP | 235 | 218 | 210 | 233 | 261 | 266 | 174 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSP | 107 | 127 | 130 | 102 | 131 | 129 | 85 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSP | 301 | 287 | 350 | 349 | 312 | 275 | 343 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCP | 106 | 117 | 130 | 124 | 127 | 85 | 114 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPK | 54 | 52 | 65 | 55 | 64 | 55 | 25 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total phosphate tonnes produced** | **803** | **801** | **885** | **863** | **895** | **810** | **741** | **851** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOP | 82 | 92 | 97 | 97 | 94 | 38 | 69 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phosphate operating rate | *82 %* | *82 %* | *91 %* | *89 %* | *92 %* | *83 %* | *76 %* | *87 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potash operating rate | *63 %* | *71 %* | *75 %* | *74 %* | *72 %* | *29 %* | *55 %* | *80 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Costs ($/tonne) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ammonia/tonne<sup>(j)</sup> | $381 | $527 | $640 | $775 | $1145 | $1396 | $1267 | $1354 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur (long ton)<sup>(k)</sup> | $124 | $177 | $222 | $251 | $337 | $384 | $432 | $402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended rock | $73 | $80 | $81 | $83 | $105 | $102 | $106 | $106 |
| &nbsp;&nbsp;**Purchases** *('000 tonnes)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP/MAP from Mosaic | 64 | 96 | 62 | 89 | 102 | 102 | 30 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroEssentials® from Mosaic | 203 | 418 | 344 | 243 | 248 | 448 | 370 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potash from Mosaic/Canpotex | 489 | 473 | 1023 | 550 | 398 | 663 | 798 | 417 |
| &nbsp;&nbsp;&nbsp;Phosphate cash conversion costs in BRL, Production / tonne<sup>(s)</sup>  | R$334 | R$359 | R$347 | R$388 | R$403 | R$506 | R$533 | R$483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potash cash conversion costs in BRL, production / tonne | R$879 | R$1,076 | R$986 | R$1,059 | R$1,296 | R$2,285 | R$1,591 | R$1,176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mined rock costs in BRL, cash produced / tonne | R$392 | R$409 | R$430 | R$456 | R$557 | R$500 | R$525 | R$632 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARO cash spending (in millions) | $5 | $5 | $5 | $5 | $2 | $4 | $5 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average BRL / USD | $5.470 | $5.301 | $5.225 | $5.579 | $5.235 | $4.917 | $5.244 | $5.255 |

---

------

**The Mosaic Company - Corporate and Other Segment**

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2021** | **Q2 2021** | **Q3 2021** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| **Net Sales and Gross Margin** *(in millions)* | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment income statement** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Sales** | $**55** | $**(73)** | $**(206)** | $**(57)** | $**(122)** | $**(268)** | $**(290)** | $**125** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Goods Sold | 36 | (115) | (139) | (59) | (235) | (95) | (287) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross Margin (Loss)** | $**19** | $**42** | $**(67)** | $**2** | $**113** | $**(173)** | $**(3)** | $**171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notable items Included in Gross Margin | (8) | 38 | (26) | (18) | 100 | (62) | (76) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted Gross Margin (Loss)**<sup>(b)</sup> | $**27** | $**4** | $**(41)** | $**20** | $**13** | $**(111)** | $**73** | $**157** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&A | 67 | 72 | 63 | 73 | 97 | 63 | 85 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (income) expense | 7 | (12) | 4 | 15 | 3 | 3 | 5 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating Earnings (Loss)** | $**(55)** | $**(18)** | $**(134)** | $**(86)** | $**13** | $**(239)** | $**(93)** | $**78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation, Depletion and Amortization | 4 | 4 | 4 | 3 | 4 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Share-Based Compensation Expense | 15 | 4 | 5 | 6 | 16 | (1) | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Foreign Exchange Gain (Loss) | (34) | 41 | (28) | (4) | 182 | (121) | 21 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other Non operating Income (Expense) |  | 1 |  |  | 2 | (11) | (1) | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Earnings (Loss) from Consolidated Noncontrolling Interests | (1) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Notable Items | 42 | (99) | 54 | 23 | (282) | 196 | 54 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA**<sup>(b)</sup> | $**(27)** | $**(67)** | $**(99)** | $**(58)** | $**(65)** | $**(172)** | $**(9)** | $**77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elimination of profit in inventory income (loss) included in COGS | $(3) | $(39) | $(60) | $(29) | $(76) | $(180) | $104 | $171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives included in COGS | $(8) | $38 | $(26) | $(17) | $100 | $(59) | $(76) | $14 |
| **Operating Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sales volumes** *('000 tonnes)* | 475 | 427 | 292 | 432 | 370 | 533 | 221 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of Performance Products ('000 tonnes) | 29 | 28 | 13 | 12 | 1 | 14 | 9 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average finished product selling price (destination)<sup>(g)</sup> | $336 | $421 | $466 | $539 | $597 | $732 | $720 | $692 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** *('000 tonnes)* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAP/MAP from Mosaic |  |  |  |  |  |  | 6 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroEssentials® from Mosaic |  | 5 | 1 | 4 | 15 |  | 15 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potash from Mosaic/Canpotex | 400 | 163 | 218 | 304 | 220 | 471 | 332 | 337 |

---

------

**The Mosaic Company**

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

**Notable Items**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q4 2022** | **Q4 2022** | **Q4 2022** | **Q4 2022** | **Q4 2022** | **Q4 2022** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $75 | $(18) | $0.16 |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 14 | (4) | 0.03 |
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (11) | 3 | (0.03) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | (1) |  |  |
| Fixed asset write-off | Phosphate | Other operating income (expense) | (6) | 2 | (0.01) |
| ARO Adjustment | Potash | Other operating income (expense) | 3 | (1) | 0.01 |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (9) | (0.03) |
| Realized gain (loss) on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | (20) | 5 | (0.04) |
| Environmental reserve | Phosphates | Other operating income (expense) | (44) | 11 | (0.09) |
| Hurricane Ian idle costs | Phosphates | Cost of goods sold | (30) | 8 | (0.07) |
| Insurance proceeds | Phosphates | Other operating income (expense) | 5 | (1) | 0.01 |
| Pension plan termination settlement | Consolidated | Other non-operating income (expense) | (42) | 10 | (0.09) |
| Environmental reserve | Potash | Other operating income (expense) | (28) | 7 | (0.06) |
| Lease termination and severance | Corporate and Other | Other operating income (expense) | (4) | 1 | (0.01) |
| **Total Notable Items** |  |  | $**(89)** | $**14** | $**(0.22)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q3 2022** | **Q3 2022** | **Q3 2022** | **Q3 2022** | **Q3 2022** | **Q3 2022** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $(61) | $16 | $(0.13) |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (76) | 20 | (0.16) |
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (12) | 4 | (0.02) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | 14 | (4) | 0.03 |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (12) | (0.04) |
| ARO Adjustment | Phosphates | Other operating income (expense) | (143) | 36 | (0.31) |
| Environmental reserve | Phosphates | Other operating income (expense) | (71) | 18 | (0.15) |
| Hurricane Ian idle costs | Phosphates | Cost of goods sold | (9) | 2 | (0.02) |
| Insurance proceeds | Phosphates | Other operating income (expense) | 4 | (1) | 0.01 |
| ARO Adjustment | Mosaic Fertilizantes | Other operating income (expense) | (3) | 1 | (0.01) |
| **Total Notable Items** |  |  | $**(357)** | $**80** | $**(0.80)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q2 2022** | **Q2 2022** | **Q2 2022** | **Q2 2022** | **Q2 2022** | **Q2 2022** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $(227) | $57 | $(0.47) |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (59) | 15 | (0.12) |
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (9) | 3 | (0.03) |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (14) | (0.04) |
| Realized gain (loss) on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | (26) | 7 | (0.05) |
| Gain on sale of plant | Mosaic Fertilizantes | Other operating income (expense) | 7 | (2) | 0.02 |
| ARO Adjustment | Phosphates | Other operating income (expense) | (5) | 1 | (0.01) |
| Environmental reserve | Phosphates | Other operating income (expense) | (30) | 7 | (0.06) |
| Write down of investment | Corporate and Other | Other non-operating income (expense) | (12) | 3 | (0.02) |
| Inventory lower of cost or market | Corporate and Other | Cost of goods sold | (3) | 1 | (0.01) |
| **Total Notable Items** |  |  | $**(364)** | $**78** | $**(0.79)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q1 2022** | **Q1 2022** | **Q1 2022** | **Q1 2022** | **Q1 2022** | **Q1 2022** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $311 | $(78) | $0.62 |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 100 | (25) | 0.21 |
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (9) | 3 | (0.02) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | (18) | 5 | (0.03) |
| Fixed asset write-off | Phosphate | Other operating income (expense) | (4) | 1 | (0.01) |
| ARO Adjustment | Potash | Other operating income (expense) | (9) | 2 | (0.02) |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | 9 | 0.03 |
| **Total Notable Items** |  |  | $**371** | $**(83)** | $**0.78** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q4 2021** | **Q4 2021** | **Q4 2021** | **Q4 2021** | **Q4 2021** | **Q4 2021** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $(44) | $11 | $(0.09) |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (18) | 5 | (0.03) |
| Closed and indefinitely idled facility costs | Phosphates | Other operating income (expense) | (9) | 3 | (0.02) |
| Pre-acquisition reserve adjustment | Mosaic Fertilizantes | Other operating income (expense) | 5 | (2) | 0.01 |
| Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | (2) | 1 |  |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (26) | (0.06) |
| ARO Adjustment | Phosphates | Other operating income (expense) | (5) | 1 | (0.01) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | 23 | (6) | 0.04 |
| Hurricane Ida recovery | Phosphates | Cost of goods sold/Other income (expense) | (9) | 2 | (0.02) |
| ARO Adjustment | Potash | Other operating income (expense) | (4) | 1 | (0.01) |
| **Total Notable Items** |  |  | $**(63)** | $**(10)** | $**(0.19)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q3 2021** | **Q3 2021** | **Q3 2021** | **Q3 2021** | **Q3 2021** | **Q3 2021** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $(100) | $25 | $(0.19) |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (26) | 6 | (0.05) |
| Closed and indefinitely idled facility costs | Phosphates | Other operating income (expense) | (11) | 3 | (0.03) |
| Pre-acquisition reserve adjustment | Mosaic Fertilizantes | Other operating income (expense) | (3) | 1 | (0.01) |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (19) | (0.05) |
| ARO Adjustment | Phosphates | Other operating income (expense) | (13) | 3 | (0.03) |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | 3 | (1) | 0.01 |
| Hurricane Ida recovery | Phosphates | Cost of goods sold/Other income (expense) | (18) | 5 | (0.03) |
| **Total Notable Items** |  |  | $**(168)** | $**23** | $**(0.38)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q2 2021** | **Q2 2021** | **Q2 2021** | **Q2 2021** | **Q2 2021** | **Q2 2021** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $111 | $(27) | $0.21 |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 38 | (10) | 0.08 |
| Closed and indefinitely idled facility costs | Phosphates | Other operating income (expense) | (11) | 3 | (0.02) |
| Closed and indefinitely idled facility costs | Potash | Other operating income (expense) | (4) | 1 |  |
| Accelerated depreciation | Potash | Cost of goods sold | (15) | 4 | (0.04) |
| Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | 1 |  |  |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | 6 | 0.01 |
| ARO Adjustment | Phosphates | Other operating income (expense) | (3) | 1 |  |
| FX functional currency | Mosaic Fertilizantes | Cost of goods sold | (6) | 1 | (0.01) |
| Esterhazy closure costs | Potash | Restructuring | (158) | 43 | (0.30) |
| Gain on sale of warehouse | Corporate and Other | Other operating income (expense) | 20 | (5) | 0.04 |
| **Total Notable Items** |  |  | $**(27)** | $**17** | $**(0.03)** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Q1 2021** | **Q1 2021** | **Q1 2021** | **Q1 2021** | **Q1 2021** | **Q1 2021** |
| **Description** | **Segment** | **Line Item** | **Amount (in millions)** | **Tax Effect**<sup>(u)</sup> **(in millions)** | **EPS Impact (per basic share)** |
| Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $(46) | $10 | $(0.09) |
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (8) | 2 | (0.02) |
| Closed and indefinitely idled facility costs | Phosphates | Other operating income (expense) | (10) | 3 | (0.02) |
| Closed and indefinitely idled facility costs | Potash | Other operating income (expense) | (5) | 2 | (0.01) |
| Accelerated depreciation | Potash | Cost of goods sold | (22) | 5 | (0.04) |
| Pre-acquisition reserve adjustment | Mosaic Fertilizantes | Other operating income (expense) | 11 | (3) | 0.02 |
| Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | 3 | (1) | 0.01 |
| Discrete tax items | Consolidated | (Provision for) benefit from income taxes |  | (4) | (0.01) |
| **Total Notable Items** |  |  | $**(77)** | $**14** | $**(0.16)** |

---

------

**Footnotes**

&nbsp;&nbsp;&nbsp;&nbsp;(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".

&nbsp;&nbsp;&nbsp;&nbsp;(b)See definition of Adjusted EBITDA and Adjusted Gross Margin under "Non-GAAP Reconciliations".

&nbsp;&nbsp;&nbsp;&nbsp;(c)Includes elimination of intersegment sales.

&nbsp;&nbsp;&nbsp;&nbsp;(d)Finished product sales volumes include intersegment sales.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.

&nbsp;&nbsp;&nbsp;&nbsp;(f)Includes MicroEssentials performance products.

&nbsp;&nbsp;&nbsp;&nbsp;(g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China.

&nbsp;&nbsp;&nbsp;&nbsp;(h)Includes crop nutrient dry concentrates and animal feed ingredients.

&nbsp;&nbsp;&nbsp;&nbsp;(i)Includes finished goods sales of feed and other products.

&nbsp;&nbsp;&nbsp;&nbsp;(j)Amounts are representative of our average ammonia costs in cost of goods sold.

&nbsp;&nbsp;&nbsp;&nbsp;(k)Amounts are representative of our average sulfur costs in cost of goods sold.

&nbsp;&nbsp;&nbsp;&nbsp;(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.

&nbsp;&nbsp;&nbsp;&nbsp;(m)Includes K-Mag and Aspire finished performance products.

&nbsp;&nbsp;&nbsp;&nbsp;(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;(p)Includes $158 million related to the closure of the Esterhazy K1 and K2 mine shafts in Q2 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(q)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.

&nbsp;&nbsp;&nbsp;&nbsp;(r)Includes intersegment sales.

&nbsp;&nbsp;&nbsp;&nbsp;(s)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period.

&nbsp;&nbsp;&nbsp;&nbsp;(t)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.

&nbsp;&nbsp;&nbsp;&nbsp;(u)Tax impact is based on our expected annual effective tax rate.

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**The Mosaic Company**

**Selected Calendar Quarter Financial Information**

**(Unaudited)**

**Non-GAAP Financial Measures**

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.

The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.

**Adjusted Diluted Net Earnings Per Share**

Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic's overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under "Consolidated Data" on the first page of this Selected Calendar Quarter Financial Information.

**Consolidated Adjusted EBITDA**

Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit) from income taxes. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (*in millions*) | **Q1 2021** | **Q2 2021** | **Q3 2021** | **Q4 2021** | **Q1 2022** | **Q2 2022** | **Q3 2022** | **Q4 2022** |
| Consolidated Net Income (Loss) | $157 | $437 | $372 | $665 | $1182 | $1036 | $842 | $523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Consolidated Interest Expense, Net | (45) | (37) | (48) | (39) | (40) | (34) | (31) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Consolidated Depreciation, Depletion & Amortization | 209 | 204 | 186 | 214 | 226 | 245 | 229 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Accretion Expense | 17 | 19 | 17 | 19 | 20 | 20 | 19 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Share-Based Compensation Expense | 15 | 4 | 5 | 6 | 16 | (1) | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Consolidated Provision for (Benefit from) Income Taxes | 60 | 116 | 177 | 245 | 372 | 369 | 277 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends | (7) | (4) | (1) | 20 | 31 | 36 | 72 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Notable Items not included above | 50 | 8 | 163 | 59 | (374) | 361 | 354 | 84 |
| Consolidated Adjusted EBITDA | $560 | $829 | $969 | $1227 | $1451 | $2028 | $1686 | $1051 |

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**Segment Adjusted EBITDA**

Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization plus asset retirement obligation accretion plus foreign exchange gain (loss) plus other income (expense) plus equity earnings (loss) less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also

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adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.

**Adjusted Gross Margin**

Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.

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