# EDGAR Filing Document

**Accession Number:** 0001725964
**File Stem:** 0001193125-26-081339
**Filing Date:** 2026-2
**Character Count:** 422392
**Document Hash:** 9ceacefd94f70aefe95a7806b7be9d52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081339.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081339

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nutrien Ltd.
- **CENTRAL INDEX KEY:** 0001725964
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE CHEMICALS [2870]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 981400416
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38336
- **FILM NUMBER:** 26695966

**BUSINESS ADDRESS:**
- **STREET 1:** 211 19TH STREET EAST
- **STREET 2:** SUITE 1700
- **CITY:** SASKATOON
- **STATE:** A9
- **ZIP:** S7K 5R6
- **BUSINESS PHONE:** (306) 933-8500

**MAIL ADDRESS:**
- **STREET 1:** 211 19TH STREET EAST
- **STREET 2:** SUITE 1700
- **CITY:** SASKATOON
- **STATE:** A9
- **ZIP:** S7K 5R6

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**Report of Foreign Private Issuer** 

**Pursuant to Rule 13a-16 or 15d-16 Under the** 

**Securities Exchange Act of 1934** 

**For the month of February, 2026** 

**Commission File Number: 001-38336** 

## NUTRIEN LTD.
**(Name of registrant)** 

**Suite 1700, 211 19th Street East** 

**Saskatoon, Saskatchewan, Canada** 

**S7K 5R6** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

------

**SIGNATURE** 

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, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NUTRIEN LTD.** | **NUTRIEN LTD.** |
| Date: February 27, 2026 | By: | /s/ Noralee Bradley |
|  | Name: | Noralee Bradley |
|  | Title: | Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary |

---

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| 99.1 | [2025 Annual Report to Shareholders](d25691dex991.htm) |

---

## Exhibit 99.1

##### [**Table of Contents**](#toc)
**Exhibit 99.1**![LOGO](g31567dsp001a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **2025** |
| **ANNUAL** |
| **REPORT** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567dsp004.jpg)  | Overview | MD&A | Five-year highlights | Financial statements and notes |

---

**TABLE OF CONTENTS**<br>You can find this report and other information about Nutrien on our website at nutrien.com.<br>

---

| | | |
|:---|:---|:---|
|  **[Overview](#cov31567_1)** | | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  <br> [2025 Highlights](#cov31567_2) | 1 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Letter from our President and CEO](#cov31567_3) | 2 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  **[Management's discussion and analysis ("MD&A")](#cov31567_4)** | **6** | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  <br> [Our approach to annual reporting](#cov31567_5) | 7 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  **[Our Company profile and strategy](#cov31567_6)** | **8** | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Global profile](#cov31567_7) | 10 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Nutrien's advantage](#cov31567_8) | 12 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Nutrien's strategy](#cov31567_9) | 13 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
| &nbsp;&nbsp;&nbsp;&nbsp; [2025 Delivery](#cov31567_10) | 14 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
| &nbsp;&nbsp;&nbsp;&nbsp; [2026 Focus](#cov31567_11) | 15 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  **[Market environment](#cov31567_12)** | **16** | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Market overview and fundamentals](#cov31567_13) | 18 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
| &nbsp;&nbsp;&nbsp;&nbsp; [Agriculture and retail](#cov31567_14) | 20 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
| &nbsp;&nbsp;&nbsp;&nbsp; [Potash, nitrogen and phosphate](#cov31567_15) | 20 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  **[Governance and key enterprise risks](#cov31567_16)** | **22** | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Risk governance](#cov31567_17) | 24 | The Overview contains certain non-GAAP financial measures, which do not have a standard meaning under IFRS, and other financial measures including:<br>**• Adjusted EBITDA**<br>**• Return on invested capital ("ROIC")**<br>**• Adjusted net debt**<br>**• Free cash flow**<br>For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" section. See the "Other financial measures" and "Terms and definitions" sections for certain definitions, abbreviations and terms used in this annual report. |
|  [Risk management process](#cov31567_18) | 25 |  |
|  [Key enterprise risks](#cov31567_19) | 26 |  |
|  **[Our outlook and results](#cov31567_20)** | **30** |  |
|  [Market outlook](#cov31567_21) | 32 |  |
|  [2026 Guidance and sensitivities](#cov31567_22) | 33 |  |
|  [Operating segments and results](#cov21153_23) | 34 |  |
|  [Financial results and capital management](#cov21153_24) | 44 |  |
|  [Appendices](#cov21153_25) | 56 |  |
|  **[Five-year highlights](#cov21153_26)** | **66** |  |
|  **[Financial statements and notes](#cov23756_27)** | **68** |  |
|  **[Terms and definitions](#cov23756_28)** | **114** |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Overview** | MD&A | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

---

**2025 Highlights<br>**

<br> ## 2025 HIGHLIGHTS

---

| | |
|:---|:---|
| **HIGHER FERTILIZER SALES VOLUMES**  | **HIGHER RETAIL ADJUSTED EBITDA**  |
| ![LOGO](g31567dsp005a.jpg) <br>| ![LOGO](g31567dsp005b.jpg) |
| **LOWER CAPITAL EXPENDITURES** | **HIGHER CASH RETURNS TO SHAREHOLDERS**  |
| ![LOGO](g31567dsp005c.jpg) | ![LOGO](g31567dsp005d.jpg) |

---

**FINANCIAL RESULTS** 

**Years ended December 31** 

---

| | | | |
|:---|:---|:---|:---|
|  ($ millions, except as otherwise noted) | **2025** | **2024** | **2023** |
|  Sales | 26885 | 25972 | 29056 |
|  Net earnings | 2297 | 700 | 1282 |
|  Adjusted EBITDA<sup>3,4</sup> | 6046 | 5355 | 6058 |
|  Cash provided by operating activities | 4007 | 3535 | 5066 |
|  Free cash flow<sup>3</sup> | 1979 | 1409 | 3025 |
|  Capital expenditures | 2005 | 2154 | 2600 |
|  Cash used for dividends and share repurchases<sup>1</sup> | 1612 | 1244 | 2079 |
|  Adjusted net debt<sup>4.5</sup> | 11060 | 11678 | 11331 |
|  Adjusted net debt to adjusted EBITDA<sup>4,5</sup> | 1.8x | 2.2x | 1.9x |
|  Return on invested capital ("ROIC") (%)<sup>3,4</sup> | 9 | 8 | 10 |

---

1 This is a supplementary financial measure. See the "Other financial measures" section.

2 Represented as number of common shares outstanding at the beginning of 2023, compared to closing balance for 2025.

3 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

4 Additional information relating to 2023 is contained in the "Appendix A – non-GAAP financial measures" and "Appendix B – other financial measures" sections of Nutrien's MD&A dated February 22, 2024 for the year ended December 31, 2023.

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

Nutrien Annual Report 2025 **1**

------

##### [**Table of Contents**](#toc)
![LOGO](g31567dsp007.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567dsp023b.jpg) <br>| **Overview**<br>| MD&A<br>| Five-year highlights<br>| Financial statements and notes <br>|

---

**Letter from our President and CEO**

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| | |
|:---|:---|
|  | **LETTER FROM OUR**<br> **PRESIDENT** <br> **AND CEO** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Ken Seitz<br> President & CEO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. With an organization that is leaner, more disciplined and better positioned than ever to deliver on its potential, I am confident in our path ahead as our focus remains on continuous improvement: lowering costs, improving asset reliability, efficiently serving our customers and maintaining capital allocation discipline to position Nutrien for long-term success.**<br>

 **2** Nutrien Annual Report 2025

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Overview** | MD&A | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

---

**Letter from our President and CEO<br>**

<br> **FELLOW SHAREHOLDERS,** 

Nutrien plays a critical role in feeding a growing global population through deep relationships with farmers and leading assets across the agriculture value chain. As farmers face challenges amid an evolving market, our focus remains on efficiently supplying the products and services they need to improve crop yields and support more resilient food systems.

2025 was a defining year for our Company, with exceptional performance across all operating segments and an organization that is now leaner, more disciplined and better positioned than ever to deliver on its potential.

**Advancing our strategic focus** 

Our vision is to be the leading global agriculture solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence, and disciplined and intentional capital allocation. This strategy is designed to strengthen our business, drive structural growth in free cash flow and deliver reliable and growing cash returns to shareholders.

At our 2024 Investor Day, we outlined an ambitious three-year plan with clear performance targets to measure our progress. This included increasing upstream fertilizer sales volumes from our existing low-cost asset base, growing downstream Retail earnings through targeted growth initiatives and reducing overall operating expenses and capital expenditures.

We also communicated a plan to simplify our portfolio, evaluating all assets with further rigor and initiating strategic reviews where warranted. This portfolio optimization concentrates our capital on assets with the highest quality earnings and cash flow streams while supporting prudent balance sheet management.

To support the execution of our plan, we have taken purposeful steps to position our organization as one

that is committed to excellence and determined to deliver industry-leading results. We have streamlined leadership structures, established clear accountabilities, centralized functions and decision-making, and created a single corporate compensation scorecard aligned to the achievement of our strategic priorities.

**Delivering clear results** 

In 2025, our strong execution delivered excellent operational and financial results.

We achieved record fertilizer sales volumes of 27.5 million tonnes, utilizing our world-class upstream and midstream network to efficiently serve our customers. In Potash, we achieved 49 percent mine automation, a significant accomplishment that further strengthens our low-cost advantage and supports worker health and safety. Our Nitrogen operations delivered a 4-percentage-point improvement in ammonia operating rates, as we advanced reliability initiatives and completed low-cost debottlenecks at our Redwater and Geismar sites.

Our downstream Retail business increased adjusted EBITDA to $1.74 billion through decisive cost reduction actions, stronger proprietary margins and disciplined execution of our Brazil margin-improvement plan. Our unwavering focus on controllables enabled us to manage through weaker agricultural commodity markets and persistent geopolitical volatility, ultimately delivering results consistent with our guidance set at the beginning of the year.

We surpassed our $200 million annual cost savings target and reduced capital expenditures to $2.0 billion, well below our target of $2.2 to $2.3 billion. As a result of these efforts, we have structurally grown free cash flow, strengthening the Company today and providing significant headroom for capital deployment going forward.

---

| | | |
|:---|:---|:---|
|  **Structural growth** |  |  |
|  **~1.3MMT** | **~$300M** | **~$200M** |
| increase in upstream<br> manufactured sales volumes<sup>1</sup> | growth in Retail adjusted EBITDA<sup>1</sup> | annual operating cost savings<sup>1</sup><br>(accelerated into 2025) |
|  **Disciplined capital allocation** | **Disciplined capital allocation** | **Optimized portfolio** |
|  **~$600M** | **30%** | **~$900M** |
| lower capital expenditures<sup>1</sup> | increase in cash returns to shareholders<sup>2</sup> | gross proceeds from asset |
|  | (dividends and share repurchases) | divestitures since Q4 2024 |

---

1 2025 results compared to Investor Day baseline of 2023. <br> 2 2025 results compared to 2024.

Nutrien Annual Report 2025 **3** 

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | **Overview** | MD&A | Five-year highlights | Financial statements and notes |

---

**Letter from our President and CEO <br>**

<br> **Focusing capital allocation with strategic actions** 

Alongside exceptional operational performance, we view consistent and disciplined capital allocation as essential to enhancing our competitive position. In 2025, we optimized our portfolio of assets, strengthened our balance sheet and enhanced shareholder returns.

We completed a comprehensive evaluation of each asset in our portfolio on the merits of free cash flow contribution, return on invested capital and relative competitive position. This review highlighted assets that could be further optimized or monetized, while sharpening our focus on improving capital efficiency, thereby enhancing both sources and uses of cash.

Where an asset did not meet our thresholds or was not a strategic fit, we took action. We progressed non-core divestitures, including our equity interests in Profertil, Sinofert and smaller assets, generating approximately $900 million in gross proceeds. We initiated a review of strategic alternatives for our Phosphate business and are on track to solidify the optimal path in 2026, and we continue to assess options for our Trinidad operations.

We materially lowered adjusted net debt<sup>1</sup> by approximately $600 million and ended the year at 1.8x adjusted net debt to adjusted EBITDA.<sup>1</sup> We continue to position the balance sheet as a strategic asset that provides flexibility to act counter-cyclically and pursue high-return growth opportunities or return cash to our shareholders.

![LOGO](g31567dsp009a.jpg)

2025 marked the first full year of ratable share repurchases. This approach maintains market participation via consistent repurchases that dollar-cost average and aligns with our focus on growing free cash flow per share. The reduction in share count further supports our longstanding track record of providing shareholders with a reliable and growing dividend per share, while keeping total dividend expense broadly stable.

Taken together, strong operating performance and disciplined capital allocation contributed to industry-leading share price appreciation in 2025.<sup>2</sup>

![LOGO](g31567dsp009b.jpg)

 1 This is a capital management measure that includes non-GAAP components. See the "Non-GAAP financial measures" and "Other financial measures" sections.<br> 2 Comparative includes 22 companies based on DAX AGRI index and aligned with 2025 performance share unit peer group.<br> 3 Average dividend yield is calculated as 2025 annual dividend per share divided by the average share price in 2025.<br>

 **4** Nutrien Annual Report 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Overview** | MD&A | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

---

**Letter from our President and CEO<br>**

<br> **Positioning for outperformance** 

Looking ahead, our goal remains unchanged. We are determined to deliver clear, reliable growth and remain well positioned to be resilient through all market conditions.

Global potash demand is projected to grow for the fourth consecutive year in 2026, supported by strong relative affordability, large nutrient removal and low inventories in key regions. The start of the year has been constructive as most major benchmarks are approximately 20 percent higher than twelve months ago. We are investing in our six-mine potash network and midstream distribution assets to ensure that we are positioned to meet growth in market demand and remain among the most reliable, flexible and cost-advantaged producers.

Geopolitical uncertainty and supply outages continue to impact global nitrogen markets and provide supportive fundamentals for our low-cost North American nitrogen assets. We are well positioned to cost effectively supply our customers and see opportunities to grow volumes through continued reliability improvements and low-cost debottlenecking projects.

Downstream, we anticipate earnings growth through expansion of our proprietary products, tuck-in acquisitions, network optimization initiatives and continued execution of our margin improvement plan in Brazil. For 2026, our Retail adjusted EBITDA guidance is consistent with historical growth rates, underscoring our confidence in the business's structural earnings expansion.

**Organizational focus** 

I believe an unrelenting focus on our strategic priorities is delivering clear results and positioning Nutrien for long-term success. Across our business, we are focused on driving continuous improvement: lowering costs, improving asset reliability, efficiently serving our customers and maintaining capital allocation discipline to structurally grow free cash flow. These priorities strengthen the core of the business and build a durable foundation for through-the-cycle performance.

On behalf of Nutrien's Board of Directors and leadership team, a special thank you to our employees for their focus, hard work and dedication. To our shareholders, thank you for the trust you place in Nutrien and our team.

I am proud of our achievements in 2025 and excited about the extraordinary potential to build on this momentum and continue generating industry-leading results for our shareholders.

![LOGO](g31567dsp010a.jpg)

**Ken Seitz** 

President and Chief Executive Officer

February 19, 2026

![LOGO](g31567dsp010b.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Nutrien Annual Report 2025 **5** 

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Management's discussion and analysis** 

## MANAGEMENT'S DISCUSSION AND ANALYSIS
The following management's discussion and analysis ("MD&A") is the responsibility of management and is dated as of February 19, 2026.

The Board of Directors ("Board") of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, comprised exclusively of independent directors. The Audit Committee reviews and, prior to its publication, recommends approval of this disclosure to the Board. The Board has approved this disclosure. The term "Nutrien" refers to Nutrien Ltd. and the terms "we", "us", "our", "Nutrien" and "the Company" refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. This MD&A should be read together with the Company's audited consolidated financial statements for the year ended December 31, 2025 ("consolidated financial statements").

The generally accepted accounting principles ("GAAP") we use are International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, unless otherwise stated.

This MD&A contains certain non-GAAP financial measures and ratios, which do not have a standard meaning under IFRS and, therefore, may not be comparable to similar measures presented by other issuers. Such non-GAAP financial measures and ratios include:

• Adjusted EBITDA

• Adjusted net earnings and adjusted net earnings per share

• Effective tax rate on adjusted net earnings guidance

• Free cash flow

• Gross margin excluding depreciation and amortization per tonne – manufactured product

• Potash controllable cash cost of product manufactured per tonne

• Ammonia controllable cash cost of product manufactured per tonne

• Retail average working capital to sales and Retail average working capital to sales excluding Nutrien
Financial

• Nutrien Financial adjusted net interest margin

• Retail cash operating coverage ratio

• Return on invested capital ("ROIC")

• Adjusted net debt

For definitions, further information and reconciliations of these measures to the most directly comparable measures under IFRS, see the "Non-GAAP financial measures" and "Other financial measures" sections.

This MD&A also contains forward-looking information and forward-looking statements. See the "Forward-Looking Statements" section.

All references to per share amounts pertain to diluted net earnings per share. Financial data in this MD&A is stated in millions of US dollars, which is the functional currency of Nutrien and the majority of its subsidiaries, unless otherwise noted. Information that is not meaningful is indicated by n/m. Information that is not applicable is indicated by n/a. See the "Other financial measures" and "Terms and Definitions" sections for certain definitions, abbreviations, measures and terms used in this MD&A.

Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our Annual Information Form for the year ended December 31, 2025, can be found on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the "SEC").

The information contained on or accessible from our website or any other website is not incorporated by reference into this MD&A or any other report or document we file with or furnish to applicable Canadian or US securities regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6** Nutrien Annual Report 2025

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##### [**Table of Contents**](#toc)
45 ![LOGO](g31567g33d50.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567dsp013b.jpg)  |

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 **Our approach to annual reporting<br>**

<br>**OUR APPROACH TO ANNUAL REPORTING**<br>Through our annual report, we aim to communicate how we assess opportunities and risks, which guide our strategy, risk management and governance. Our stakeholders' priorities influence our approach to creating long-term value.<br>

---

| | |
|:---|:---|
|  **8 OUR COMPANY<br>PROFILE AND<br>STRATEGY** | **16 MARKET<br>ENVIRONMENT** |
|  Outlines who we are as a company, where<br> we operate, and our competitive advantages.<br> Describes our strategy, how we delivered in<br> 2025 and our focus going forward.<br>**10** [Global profile](#cov31567_7)<br>**12** [Nutrien's advantage](#cov31567_8)<br>**13** [Nutrien's strategy](#cov31567_9)<br>**14** [2025 Delivery](#cov31567_10)<br>**15** [2026 Focus](#cov31567_11) | Describes factors and trends that influence<br> the environment we operate in.<br>**18** [Market overview and fundamentals](#cov31567_13)<br>**20** [Agriculture and retail](#cov31567_14)<br>**20** [Potash, nitrogen and phosphate](#cov31567_15) |

---

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| | |
|:---|:---|
|  **22 GOVERNANCE<br>AND KEY<br>ENTERPRISE RISKS** | **30 OUR OUTLOOK AND RESULTS** |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |
|  Explains our core corporate governance<br> principles and risk management process and<br> outlines the key enterprise risks that may<br> impact our performance and future operations.<br>**23** [Board and executive leadership](#cov31567_16)<br>**24** [Risk governance](#cov31567_17)<br>**25** [Risk management process](#cov31567_18)<br>**26** [Key enterprise risks](#cov31567_19)<br>For more information on our corporate governance practices, see<br>our most recent Management Proxy Circular.<br>For a more detailed discussion of our key enterprise risks and other risks that may have a material effect on us, refer to our 2025 Annual<br> Information Form. | Provides a review of our operating segments,<br> including market outlook, 2026 guidance<br> and highlights of our overall financial<br> performance.<br>**32** [Market outlook](#cov31567_21)<br>**33** [2026 Guidance and sensitivities](#cov31567_22)<br>**34** [Operating segments and results](#cov21153_23)<br>**44** [Financial results and capital management](#cov21153_24)<br>**56** [Appendices](#cov21153_25) |

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Nutrien Annual Report 2025 **7** 

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![LOGO](g31567dsp014.jpg)

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567dsp014b.jpg) <br>| Overview<br>| **MD&A**<br>| Five-year highlights<br>| Financial statements and notes <br>|

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**Our Company profile and strategy** 

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUR COMPANY PROFILE AND

## &nbsp;&nbsp;&nbsp;&nbsp; STRATEGY
 **8** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567dsp015b.jpg)  |

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 **Our Company profile and strategy<br>**

<br> Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve farmers. Our vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence and a disciplined and intentional approach to capital allocation. This strategy is designed to create low-risk, structural free cash flow growth by leveraging our core competencies and to deliver reliable, growing cash returns to shareholders.

Nutrien Annual Report 2025 **9** 

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| ![LOGO](g31567dsp016b.jpg) | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Global profile**<br>**GLOBAL PROFILE**<br>Our upstream fertilizer manufacturing assets are primarily located in North America, with access to high-quality resources, lower-cost inputs and an extensive midstream distribution network to efficiently supply our customers. Our downstream Retail business serves farmers in key agricultural markets in North America, Australia and South America.<br>**SCALE AND ADVANTAGED POSITION ACROSS THE AG VALUE CHAIN**<br>

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| | | |
|:---|:---|:---|
| **#1** | **#1** | **#2** |
| Global ag retailer | Global potash producer | North American<br> nitrogen producer |
| **UNIQUE AND DIVERSE RELATIONSHIP WITH THE FARMER** | **UNIQUE AND DIVERSE RELATIONSHIP WITH THE FARMER** | **UNIQUE AND DIVERSE RELATIONSHIP WITH THE FARMER** |
| **>50** | **>4,200** | **>600,000** |
| countries served by our <br> products and services | crop consultants | customer accounts |
| <br> **PROVEN FINANCIAL STRENGTH AND STABILITY** | <br> **PROVEN FINANCIAL STRENGTH AND STABILITY** | <br> **PROVEN FINANCIAL STRENGTH AND STABILITY** |
| World-class assets | High-quality earnings | Strong balance sheet and |
| and market access | through the cycle | track record of returns |
| **10** Nutrien Annual Report 2025 | **10** Nutrien Annual Report 2025 | **10** Nutrien Annual Report 2025 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567dsp017b.jpg)  |

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&nbsp;&nbsp;&nbsp;&nbsp;**Global profile** 

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| | | | |
|:---|:---|:---|:---|
| **>1,800** | **6** | **12** | **6** |
| &nbsp;&nbsp; Retail locations | Potash mines | Nitrogen facilities | Phosphate facilities |

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Retail Potash Nitrogen Phosphate Proprietary products

**Australia** 

Nutrien Annual Report 2025 **11**

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Nutrien's advantage<br>**

<br> ## NUTRIEN'S ADVANTAGE
Our leading position across the ag value chain offers key competitive advantages and differentiation from our competitors. We focus on driving efficiencies across our network, enhancing our relationships with farmers, and strengthening our financial position and resilience.

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| | |
|:---|:---|
|  ![LOGO](g31567dsp018a.jpg)  |  |
|  ![LOGO](g31567dsp018a.jpg)  | **SCALE AND ADVANTAGED POSITION ACROSS THE AG VALUE CHAIN**<br>Our global reach provides competitive advantages to support higher upstream sales of manufactured fertilizer and proprietary products, drive supply chain efficiencies, optimize transportation and logistics and efficiently supply our customers. |
|  ![LOGO](g31567dsp018b.jpg)  | <br> **UNIQUE AND DIVERSE RELATIONSHIP WITH THE FARMER**<br>The farmer is at the heart of everything we do and our connection with our customers is unlike any other. Together we are working to improve on-farm productivity and foster innovation to address the demands of a growing global population. |
|  ![LOGO](g31567dsp018c.jpg)  | <br> **PROVEN FINANCIAL STRENGTH AND STABILITY**<br>Our business is diversified, which enhances our earnings profile. Our downstream Retail business provides greater stability to our earnings base and counter-cyclical cash flow, while our low-cost upstream fertilizer production assets are positioned to generate significant cash flow, providing the ability to invest in our business and consistently return cash to our shareholders. |

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**12** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**Nutrien's strategy<br>**

<br> ## NUTRIEN'S STRATEGY
Our strategy is centered on three priorities that span our upstream, midstream and downstream businesses.

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| | |
|:---|:---|
|  ![LOGO](g31567dsp019a.jpg)  |  |
|  ![LOGO](g31567dsp019a.jpg)  | **SIMPLIFY AND FOCUS**<br>Simplify our approach to focus on business activities that are core to our long-term vision and explore opportunities to exit non-core activities.<br>|
|  ![LOGO](g31567dsp019b.jpg)  | <br> **OPERATIONAL EXCELLENCE**<br>Enhance safety, increase operational efficiency and asset utilization, maximize cost savings and improve the quality of earnings. |
|  ![LOGO](g31567dsp019c.jpg)  | <br> **DISCIPLINED AND INTENTIONAL CAPITAL ALLOCATION**<br>Optimize the sources and uses of our cash and prioritize sustaining safe and reliable operations, maintaining a strong and flexible balance sheet, strategically investing in our business and increasing cash returns to shareholders. |

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Nutrien Annual Report 2025 **13**

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**2025 Delivery <br>**

<br> ## 2025 DELIVERY
We delivered significant progress on our strategic priorities and 2026 performance targets.

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| | | |
|:---|:---|:---|
| **SIMPLIFY AND FOCUS**<br>~$900M of total gross proceeds from asset divestitures since the fourth quarter of 2024<br>~$200M annual cost savings target surpassed through centralization of functions and retail optimizations<br>Controlled shutdown of Trinidad facility and ceased production at New Madrid upgrade facility<br>Initiated strategic review of Phosphate business | **OPERATIONAL EXCELLENCE**<br>49% potash ore tonnes mined using automation – more than double 2023 level<br>92% ammonia operating rate<sup>1</sup> – achieved through reliability improvements<br>Achieved Brazil margin-improvement plan despite challenging market conditions<br>87% Phosphate P<sub>2</sub>O<sub>5</sub> operating rate for second half of 2025 – improving reliability and cost stewardship | **DISCIPLINED AND INTENTIONAL CAPITAL ALLOCATION**<br>$1.6B in cash returns to shareholders – increase facilitated by ratable buyback program<br>$2.0B in capital expenditures, driven by risk-orientated approach to capital optimization, continuous improvement initiatives and a focus on leveraging existing assets to deliver organic growth<br>1.8x adjusted net debt to adjusted EBITDA<sup>2</sup> – strengthening our balance sheet |

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![LOGO](g31567dsp020.jpg)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**14** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**2026 Focus <br>**

<br> ## 2026 FOCUS
We are determined to build on our momentum and deliver stronger performance.

In 2026, we will continue driving the priorities that support structural free cash flow growth:

• With streamlined leadership and disciplined organization, we are lowering costs, increasing production through reliability
and debottlenecks and enhancing margins by optimizing our midstream and retail network.

• We are improving the resilience and efficiency of our portfolio, all while identifying additional opportunities to
increase profitability.

**Enhance safety performance** 

• Safety is a core value – reinforce standards, strengthen accountability and continue building required capabilities
to improve safety performance across our operations.

**Grow free cash flow** 

• Deliver upstream fertilizer sales volume growth from our low-cost North American
asset base and increase Retail adjusted EBITDA through targeted growth initiatives.

• Strengthen our midstream capabilities, including evaluation of west coast port facility.

• Assess further growth pathways that leverage asset quality and inter-asset synergies to improve margins and reduce
costs.

**Reliably increase cash returns to shareholders** 

• Maintain ratable share repurchases that align with free cash flow per share growth and reliable dividend per share
increase.

• Continue positioning the balance sheet as a strategic asset.

**Optimize portfolio** 

• Strengthen our world-class asset base, which is a competitive differentiator.

• Complete the strategic review of alternatives for our Phosphate business, assess options for our Trinidad operations and
evaluate each component of our Brazilian business to determine the optimal way to participate in the long-term growth in this market.

• Progress optimizing capital on our highest-quality assets and resilient earnings streams.

**GROWING FREE CASH FLOW INTO 2026**

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| | |
|:---|:---|
| **Upstream manufactured sales volumes guidance**<br>(million tonnes) | **Downstream adjusted**<br> **EBITDA guidance**<br>($ billions)<br>|
| ![LOGO](g31567dsp021a.jpg) | ![LOGO](g31567dsp021b.jpg) |

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

2 See the "Forward-looking statements" section.

3 Guidance assumes no production from Trinidad and New Madrid facilities in 2026.

Nutrien Annual Report 2025 **15**

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| <br> ![LOGO](g31567dsp022b.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Market environment <br>**

<br> ## MARKET

## ENVIRONMENT
We operate in a rapidly changing world and must anticipate and adapt to our market environment. We seek to understand global markets and broader trends that influence and shape our operational landscape. This understanding helps us to seize new opportunities as they emerge and better identify the risks that could impact our ability to deliver on our strategy.

**16** Nutrien Annual Report 2025

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| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567dsp023b.jpg)  |

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&nbsp;&nbsp;&nbsp;&nbsp;**Market environment <br>**

<br> Nutrien Annual Report 2025 **17** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Market overview and fundamentals <br>**

<br> ## MARKET OVERVIEW AND FUNDAMENTALS

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| | |
|:---|:---|
| **Rising global food demand**<br>From 2000 to 2025, global food consumption growth outpaced population growth. This increase was driven largely by higher per-capita consumption of animal products, fruits, and oils, particularly in emerging economies where rising incomes and urbanization reshape diets. Looking ahead, as global population continues to rise, arable land per capita is expected to decline. These dynamics underscore the mounting challenge of food security, creating long-term opportunities for farmers and input providers to meet escalating demand amid geopolitical volatility that continues to influence trade flows and commodity pricing. | **Growth in global population vs. crop consumption<sup>1,2</sup>**<br> (2000–2025 CAGR)<br>![LOGO](g31567dsp024a.jpg)  |
| **Driving the need for farming improvements**<br>To meet rising consumption, farming practices that include crop inputs, technology and agronomy have evolved significantly, enabling farmers to produce more from finite land. Crop yield, measured as output per unit of land, has been a major contributor to aggregate production growth. Crop intensity, measured as higher rotation of crops each year, has also contributed. Lastly, increases in cropping area have played an important role in meeting historical food consumption growth; however, availability of arable land will limit future growth. This trend underscores the importance of productivity gains as crucial to meet the needs of a growing population. | **Crop growth drivers**<br> (2000–2025 CAGR)<br>![LOGO](g31567dsp024b.jpg)  |
| **Supported by critical role of crop inputs for growers**<br>Modern agriculture relies on a tightly integrated set of inputs that include balanced crop nutrition, crop protection, improved seed genetics and agronomy advancements. Collectively, these advancements support yield across seasons by enhancing plant resilience against pests, weeds and environmental stress.<br>Potash, nitrogen and phosphate are essential to crop production and a cornerstone of agricultural output. Each nutrient plays a distinct role: potash supports water uptake and efficiency of other nutrients, nitrogen improves crop yield and quality and phosphate aids root development. | **Growth in key crop inputs**<br> (2000–2024 CAGR)<br>![LOGO](g31567dsp024c.jpg)  |
| Together, they enable farmers to improve crop intensity and achieve higher yields. Looking ahead, fertilizer demand is expected to grow steadily – as global food, feed and fuel demand grows, the need for crop inputs and agronomic services remains a key growth engine for the agricultural supply chain.<br>1 Global data excludes China.<br> 2 Crop consumption data includes grains, oilseeds, pulses, roots and tubers.<br> 3 Based on annual figures represented on a tonnes basis.<br> 4 Reported data is calculated on the basis of size of global market in $ billions. | **Growth in crop nutrients**<br> (2000–2024 CAGR)<br>![LOGO](g31567dsp024d.jpg) <br>Source: Nutrien estimates based on CRU, IFA, IHS, FAO STAT, S&P, USDA |

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**18** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**Market overview and fundamentals <br>**

<br> ---

| | |
|:---|:---|
| **Agriculture and retail markets** | **Agriculture and retail markets** |
| **$127B**<br>2025 crop input sales<sup>1</sup> | ![LOGO](g31567dsp025a.jpg) |
| **Crop nutrients** |  |
| **~74.5Mmt**<br>2025 global potash<br> (KCl) demand | ![LOGO](g31567dsp025b.jpg) |
| **~167Mmt**<br>2025 global nitrogen<br> (N) demand | ![LOGO](g31567dsp025c.jpg) |
| **~52Mmt**<br>2025 global phosphate<br> (P<sub>2</sub>O<sub>5</sub>) demand | ![LOGO](g31567dsp025d.jpg) |

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| | |
|:---|:---|
| 1 | Represents total market sales of seed, fertilizer and crop protection products in the US, Canada, Australia and Brazil.  |

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Market overview and fundamentals <br>**

<br> **Agriculture and retail** 

The agriculture retail industry is highly fragmented in most of the major markets in which we operate, and is primarily composed of small and medium-sized competitors. Scale, reliability of supply and the ability to provide innovative products and solutions, including digital offerings, are increasingly important to farmers.

In North America, the primary crops grown include corn, soybeans, wheat, canola and cotton. It is a more mature market, with farmers who are leveraging advanced agriculture tools and are willing and able to invest in high-value products and services. In Australia, our customers require a full suite of crop production inputs and solutions for livestock, water and irrigation services given the more mixed nature of farm operations. Brazil is one of the world's largest and fastest-growing agriculture markets. It is currently the largest soybean producer and the third largest producer of corn and cotton globally.

Our Proprietary products differentiate our crop input offerings and deliver stronger agronomic outcomes, while contributing to an improved margin profile. We also provide flexible financing solutions aligned with growers' seasonal cash-flow needs, helping them obtain essential crop inputs and supporting our product and service sales.

Agricultural and retail markets are influenced by short and long-term factors ranging from acreage and crop yield, to crop prices and grower cash margins, to government incentives and trade-flows. Global grains ending stocks-to-use ratio is a key indicator to understand supply tightness and explains price trends for key crops.

**Potash** 

Potash strengthens root systems, supporting water uptake and drought and disease tolerance, and increases the efficiency of other nutrients. Potash demand growth is driven by increasing nutrient requirements of higher-yielding crops and improving soil fertility practices, particularly in emerging markets where potash has been historically under-applied and crop yields lag.

High-quality potash reserves in significant quantities are limited to a small number of countries. Canada has the largest known global potash capacity, accounting for approximately 40 percent of the total. Another 35 percent of the world's potash production capacity is held by Russia and Belarus, making them the next major exporting countries after Canada.

Building new production capacity requires significant capital and time to bring online. The expected cost for a greenfield project, including infrastructure, is over $2,300 per tonne and requires a minimum of 10 years.<sup>1</sup> Brownfield projects have a significant per-tonne capital cost advantage over greenfield projects.

Most major potash-consuming countries in Asia and Latin America have limited production capability and rely on imports to meet their needs. Trade typically accounts for approximately three-quarters of demand for potash, resulting in a globally diversified marketplace.

Inflation in operating and logistics costs has increased the short run marginal cost of potash supply and higher capital costs have also impacted the long-run marginal cost.

---

| | |
|:---|:---|
| **Yield vs. nutrient consumption<sup>2</sup>**<br>(tonnes/hectare, million tonnes) | **Global potash demand**<br>(million tonnes KCl) |
| ![LOGO](g31567dsp026a.jpg) | ![LOGO](g31567dsp026b.jpg) |
| Source: USDA, IFA, CRU, Nutrien | Source: IFA, Argus, CRU, SPGCI, Nutrien |

---

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

2 Global data excludes China.

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**20** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**Market overview and fundamentals <br>**

<br> **Nitrogen** 

Nitrogen is an essential crop nutrient and is a fundamental building block of plant proteins that improves both crop yield and quality. The necessity of nitrogen for crop yield supports a strong and growing demand for nitrogen fertilizers. Additionally, nitrogen is used as an input in many industrial processes, both as a chemical feedstock and as an inert process gas.

Production of nitrogen products is the most geographically diverse of the three primary crop nutrients due to the widespread availability of hydrogen sources. Access to reliable and competitively priced energy feedstock supply, commonly natural gas, is an important driver of profitability. Geopolitical events continue to create additional volatility in certain global energy markets. North American nitrogen producers currently have an advantaged cost position due to the relatively low price of natural gas compared to competitors in Europe and Asia.

The US is the third largest nitrogen-producing country and remains one of the largest importers of nitrogen products. China and India are the largest consumers of nitrogen fertilizer, accounting for approximately 45 percent of the world's consumption.

**Phosphate** 

Phosphorus is essential to all living things and is key to energy reactions in plants, particularly photosynthesis, and is vital to plant growth. Additionally, phosphate is used as an input in animal feed, food ingredients and industrial processes.

Phosphate rock is found in significant quantity and quality in only a handful of geographic locations, with only 11 major phosphate-producing countries. Due to the concentration of deposits, the majority of recent capacity additions have come from existing producers in North Africa, the Middle East and China.

China is the world's largest producer of phosphate, and its trade policy has a major impact on the global market. To illustrate, in 2025, Chinese DAP/MAP exports were down approximately 40 percent, compared to normal historical levels as a result of export restrictions that prioritized domestic use.

India and Brazil are the largest importers of phosphate fertilizers, with limited domestic production. In more mature markets like North America, we have seen continued demand growth for phosphate fertilizers that incorporate secondary nutrients and micronutrients like Nutrien's MAP+MST product.

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| | |
|:---|:---|
| **Global ammonia demand**<br>(million tonnes NH<sub>3</sub>) | **Global P<sub>2 </sub>O<sub>5 </sub>demand**<br>(million tonnes P<sub>2</sub>O<sub>5</sub>) |
| ![LOGO](g31567dsp027a.jpg) | ![LOGO](g31567dsp027b.jpg) |
| Source: SPGCI, CRU, Argus, Nutrien | Source: CRU, TFI, Industry Consultants, Nutrien |

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| <br> ![LOGO](g31567dsp028a.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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&nbsp;&nbsp;&nbsp;&nbsp;**Governance and key enterprise risks<br>**

<br> ## GOVERNANCE AND

## KEY ENTERPRISE RISKS
We embed strong corporate governance systems and principles across our business to ensure the interests of shareholders and other stakeholders remain central to our decision making. Our governance supports value preservation and long-term value creation by ensuring that our key enterprise risks and opportunities are appropriately identified and addressed. Nutrien's corporate governance structure includes policies and processes that clearly define the respective roles of the Board and the Executive Leadership Team ("ELT"). Our Board provides oversight of corporate strategy execution and risk management.

**22** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567dsp029b.jpg)  |

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**Governance and key enterprise risks<br>**

<br> **BOARD OF DIRECTORS** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g31567dsp029c.jpg) | ![LOGO](g31567dsp029d.jpg) | ![LOGO](g31567dsp029e.jpg) | ![LOGO](g31567dsp029f.jpg) | ![LOGO](g31567dsp029g.jpg) | ![LOGO](g31567dsp029h.jpg) |
|  **Russell Girling** | **Ken Seitz** | **Christopher Burley** | **Maura Clark** | **Michael Hennigan** | **Miranda Hubbs** |
|  Chair | President and Chief | Director | Director | Director | Director |
|  | Executive Officer |  |  |  |  |
| ![LOGO](g31567dsp029i.jpg) | ![LOGO](g31567dsp029j.jpg) | ![LOGO](g31567dsp029k.jpg) | ![LOGO](g31567dsp029l.jpg) | ![LOGO](g31567dsp029m.jpg) | ![LOGO](g31567dsp029n.jpg) |
|  **Raj Kushwaha** | **Julie Lagacy** | **Consuelo Madere** | **Keith Martell** | **Aaron Regent** | **Nelson L.C. Silva** |
|  Director | Director | Director | Director | Director | Director |

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**EXECUTIVE LEADERSHIP TEAM** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g31567dsp029o.jpg) | ![LOGO](g31567dsp029p.jpg) | ![LOGO](g31567dsp029q.jpg) | ![LOGO](g31567dsp029r.jpg) | ![LOGO](g31567dsp029s.jpg) | ![LOGO](g31567dsp029t.jpg) |
|  **Ken Seitz** | **Noralee Bradley** | **Andrew Kelemen** | **Chris Reynolds** | **Mark Thompson** | **Sarah Walters** |
|  President and Chief | Executive Vice | Executive Vice | Executive Vice | Executive Vice | Executive Vice |
|  Executive Officer | President, External | President, Corporate | President, Global Sales | President and Chief | President, IT and |
|  | Affairs, Chief Legal | Development and |  | Financial Officer | Chief People Officer |
|  | Officer and Corporate | Chief Strategy Officer |  |  |  |
|  | Secretary |  |  |  |  |

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| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Risk governance<br>**

<br> ## RISK GOVERNANCE
Risk management is an integral part of doing business and our Board is responsible for overseeing the execution and alignment of Nutrien's corporate strategy and risk management processes.

Nutrien's ELT has the responsibility of ensuring the Company's principal risks are being appropriately identified, assessed and addressed. Management keeps the Board and each of the Board committees regularly apprised of risks and developments relevant to their mandates.

Responsibility and accountability for risk management are embedded in all levels of our organization, and we strive to integrate risk management into key decision-making processes and strategies. By proactively assessing risk across our organization, we aim to effectively manage the risks that could have an impact on our ability to achieve our strategic objectives and deliver long-term value.

**Role of the Board committees** 

While the Board as a whole oversees our strategy and risk management processes, each Board committee has oversight over business topics and certain risk areas relevant to their committee mandate. More information can be found in Nutrien's Board and Board committee charters on our website at nutrien.com.

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| | | |
|:---|:---|:---|
|  **Board/Board Committee**<br>| **Oversight includes the following business topics or risk areas** | **Oversight includes the following business topics or risk areas** |
|  **Board of Directors** | Corporate strategy | Risk management |
|  | Oversight of safety, health, environmental and<br> security matters | Human resources and compensation |
|  | Oversight of safety, health, environmental and<br> security matters | Corporate governance and compliance |
|  **Safety Committee** | Health and safety risks | Environmental risks |
|  | Crisis and emergency response management | Process safety and operational integrity |
|  | Incident reporting and response | Regulatory and compliance risk |
|  |  | Safety culture and performance |
|  **Audit Committee** | Accounting and financial reporting | Whistleblower, ethics and compliance |
|  | Internal controls and disclosure controls | Financial risk management |
|  | Internal audit | External audit |
|  **Corporate Governance &** | Corporate governance | Board evaluations |
|  **Nominating Committee** | Board composition | Activities that maintain or enhance the ability to<br> create value over the long term (including oversight of<br> climate-related risks) |
|  | Director compensation | Activities that maintain or enhance the ability to<br> create value over the long term (including oversight of<br> climate-related risks) |
|  | Director orientation and continuing education | Activities that maintain or enhance the ability to<br> create value over the long term (including oversight of<br> climate-related risks) |
|  | Stakeholder and Indigenous relations | Cybersecurity, artificial intelligence ("AI") and |
|  |  | data governance |
|  |  | Related-party transactions |
|  **Human Resources &** | Executive compensation | Human capital management, including the Company's<br> Indigenous Strategy as it relates to Indigenous<br> employment and human resources |
|  **Compensation Committee** | Incentive plan design and performance metrics | Human capital management, including the Company's<br> Indigenous Strategy as it relates to Indigenous<br> employment and human resources |
|  | Succession planning | Human capital management, including the Company's<br> Indigenous Strategy as it relates to Indigenous<br> employment and human resources |
|  | Talent management and leadership | Learning and development |
|  | development |  |

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**24** Nutrien Annual Report 2025

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| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**Risk management process <br>**

<br> ## RISK MANAGEMENT PROCESS
Risk management is embedded in our strategy and business processes to support informed decision making and responsible stewardship of resources. Our centralized Enterprise Risk Management program is guided by a global risk management framework. The framework promotes consistent and integrated application of risk management principles and practices across our organization.

Nutrien's operating segments and corporate functions use our global risk management framework to identify, assess and develop mitigation actions for risks that may affect their strategy, operations or future performance. Annually, we conduct a top-down enterprise risk assessment alongside a bottom-up risk assessment, resulting in a consolidated view of our risk profile.

Management evaluates risk holistically to understand Nutrien's overall risk landscape and the interconnections among risks. A comprehensive view of enterprise risks is evaluated by our ELT and senior leaders, and our key enterprise risks are presented to the Board at least annually.

![LOGO](g31567dsp031.jpg)

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**Key enterprise risks <br>**

<br> ## KEY ENTERPRISE RISKS
We characterize a key enterprise risk as an individual risk, or combination of risks, that could materially affect our ability to achieve our strategic objectives, deliver shareholder value or maintain operational and financial stability. Our key enterprise risks presented below represent our most significant exposures; however, we continue to be exposed to other important general business, financial and operational risks.

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|:---|:---|
| **1** | **COMPETITION AND MACROECONOMIC CONDITIONS**  |

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| | |
|:---|:---|
| **Description**<br>Changes in global macroeconomic conditions and market dynamics – including tariffs, trade or export restrictions, market volatility, geopolitical events, increased price competition or new competitors or major shifts in agriculture production or consumption – could lead to a sustained environment of reduced demand for our products, create lower or more volatile commodity prices or increase costs and thereby negatively affect our short- and long-term profitability. | **Risk management approach**<br>We operate across the ag value chain with a favorable cost structure and a diversified portfolio of products and services that help minimize the impact of changing market conditions. Additionally, we maintain a strong and flexible balance sheet and pursue a clearly identified strategy that aims to enhance key advantages of our core business and drive operational excellence.<br>See page 18 of this report for more information on our market environment. |

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|:---|:---|
| **2** | **CHANGING REGULATIONS**  |

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| | |
|:---|:---|
| **Description**<br>Changes in laws, regulations or government policies – including those relating to the environment, climate change, data privacy, health and safety, taxes and royalties, or from pressure on lawmakers and regulators to address concerns related to fertilizer and food prices – can affect how we operate. New requirements may limit our ability to produce or sell certain products, reduce our efficiency, increase costs for materials, energy, transportation or compliance or require upgrades to our facilities. These and other factors could impact our strategy, operations, financial results or reputation. | **Risk management approach**<br>We maintain regular engagement with governments, regulators and key industry associations through our Government & External Affairs Team. This helps us to stay informed about policy and regulatory developments, anticipate their impacts and work with industry partners to support outcomes that enable our long-term success. We also use cross-functional compliance programs and internal reviews to assess potential impacts and ensure our operations and products meet evolving requirements. |

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**26** Nutrien Annual Report 2025

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| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**Key enterprise risks <br>**

<br> ---

| | |
|:---|:---|
| **3** | **POLITICAL, ECONOMIC AND SOCIAL INSTABILITY**  |

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| | |
|:---|:---|
| **Description**<br>Nutrien operates a global business with significant operations in Canada and the US and additional operations in Australia, South America, Trinidad and parts of Europe. Operating internationally exposes us to political, economic and social instability that can affect how we do business.<br>These risks include, but are not limited to, restrictions on moving money out of certain countries, inflation or government actions aimed at controlling inflation, currency exchange rate fluctuations between the US dollar and foreign currencies, labor disruptions, competitive restrictions and changes to or loss of important agreements or permits. We may also be affected by tariffs, sanctions, embargoes, trade barriers, exchange controls,forced divestitures or broad geopolitical events such as military conflict. Shifts in political or regulatory environments can disrupt our operations or ability to do business, affect the value of our assets and impact our financial performance. | **Risk management approach**<br>Our Government & External Affairs Team engages regularly with governments, regulators, industry associations and other stakeholders in the regions where we operate or plan to operate. We factor political and country-specific risks into our capital investment and project decisions and limit our exposure in jurisdictions where we believe the risk is too high. We also monitor global political and regulatory developments and trends to understand potential impacts on our business. |

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| | |
|:---|:---|
| **4** | **AGRICULTURAL CHANGES AND TRENDS**  |

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| | |
|:---|:---|
| **Description**<br>The agricultural landscape is impacted by factors such as ongoing farm and industry consolidation, shifts in farmer demographics, new technologies, evolving sustainability practices, changing government programs and policies, trade disputes and trade tariffs, climate impacts and broader social trends. Many of these factors vary by region and can affect long-term demand for our products and services and as a result may adversely affect our strategy and our financial performance. | **Risk management approach**<br>Our downstream Retail network gives us direct insight into what farmers need, allowing us to anticipate emerging trends early and respond quickly. We focus on delivering solutions that help farmers manage challenges, including offering financing solutions through Nutrien Financial, expanding our portfolio of proprietary products and investing in digital tools, agronomic expertise and technologies that improve productivity and on-farm decision making. |

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**Key enterprise risks<br>**

<br> ---

| | |
|:---|:---|
| **5** | **SUPPLY CHAIN DISRUPTION**  |

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| | |
|:---|:---|
| **Description**<br>Our ability to produce and deliver products depends on reliable inbound and outbound supply chains. Disruptions can affect our access to key materials or limit our ability, as well as the ability of third parties we depend on, to transport products to customers on time. Geopolitical conflicts, regulatory changes, sanctions, tariffs, labor disputes, pandemics and extreme weather events can create supply chain challenges and delays and/or limit our future ability to sell or distribute our products when needed. These challenges can negatively affect our business and financial performance. | **Risk management approach**<br>Our scale and advantaged position across the ag value chain provides us the flexibility to optimize our operations and distribution network in response to supply chain disruptions. We have an extensive and diverse transportation and storage network that helps us navigate logistical challenges. We also maintain a diverse supplier base that we regularly review to ensure we have reliable access to critical feedstocks and materials for our operations. |

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| | |
|:---|:---|
| **6** | **CYBERSECURITY THREATS**  |

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| | |
|:---|:---|
| **Description**<br>Nutrien relies on information technology, operational control systems and third-party or cloud-based platforms to run our business. As our dependence on these systems grows, so does our exposure to increasingly sophisticated cyber threats, including those driven by AI. Cybersecurity risks can include attacks on information technology and infrastructure by hackers, ransomware, viruses, unauthorized access to confidential or personal information, disruptions to computer control systems and broader business or supply chain interruptions. A cyber incident could lead to operational downtime, higher security or insurance costs, reputational harm, legal or third-party claims and other impacts that could negatively affect our business and financial performance. | **Risk management approach**<br>Our Global Information Management and Cyber Security Team, supported by third-party specialists, oversees our network security and helps coordinate incident response when needed. We promote strong cybersecurity awareness across the Company through our cybersecurity policies, controls and best practices. All new information technology systems undergo threat and risk assessments, and our incident response processes are reinforced by external support. We also run regular phishing simulations and targeted cybersecurity and incident response training to help reduce vulnerabilities. |

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| | |
|:---|:---|
| **7** | **SAFETY, HEALTH AND ENVIRONMENT**  |

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| | |
|:---|:---|
| **Description**<br>Our operations involve safety, health and environmental risks inherent in mining, manufacturing and the transportation, storage and distribution of our products. These risks can lead to injuries or fatalities and may affect air quality, biodiversity, water resources or local ecosystems near our sites. Any such incident could disrupt our operations and have a negative impact on our financial performance and reputation. | **Risk management approach**<br>We follow regulatory, industry and internal safety, health and environmental standards, supported by strong governance and oversight. We have structured systems to prevent and respond to incidents, and we conduct regular security and vulnerability assessments. Across our operations, we maintain crisis communication and emergency response programs, along with environmental monitoring and controls, including independent reviews of key containment structures. |

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**28** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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**Key enterprise risks<br>**

<br> ---

| | |
|:---|:---|
| **8** | **TALENT AND ORGANIZATIONAL CULTURE**  |

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| | |
|:---|:---|
| **Description**<br>Our ability to attract, develop and retain skilled employees, as well as maintain the programs, structure and culture that support them, is essential to our growth and performance. Increasing competition for talent, particularly in certain regions or for specialized roles, can create challenges in hiring or retaining employees and increase costs and reduce productivity. Our investment in training also makes our employees valuable to competitors. If we are unable to sustain an engaging workplace or retain the talent needed to support our operations and future growth, our operations and financial performance could be negatively affected. | **Risk management approach**<br>Our Talent Attraction and Sourcing Team works to build a diverse, skilled workforce, while our development programs support employee growth and engagement. We use a structured succession process to identify critical roles and strengthen our internal and external talent pipelines. Our compensation and incentive programs are competitive, performance-based and aligned with our purpose-driven culture. |

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| | |
|:---|:---|
| **9** | **CAPITAL REDEPLOYMENT**  |

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| | |
|:---|:---|
| **Description**<br>We may be unable to deploy capital to efficiently achieve sustained growth, effectively execute on opportunities or meet stakeholder expectations. This risk may arise from market conditions, limited investment opportunities or other factors. Additionally, deploying capital in a manner that is inconsistent with our strategic priorities could negatively impact our returns, operations, reputation, access to or cost of capital or result in potential asset impairments. | **Risk management approach**<br>Our capital allocation is guided by a disciplined framework and supported by Nutrien's diversified earnings base. We focus on sustaining safe and reliable operations, preserving balance sheet strength and flexibility, deploying capital to strategic investments and providing meaningful returns to our shareholders. Additionally, our centralized Enterprise Capital Team helps to ensure consistent project evaluation and an enterprise-wide view of capital project decisions. |

---

---

| | |
|:---|:---|
| **10** | **STAKEHOLDER SUPPORT**  |

---

---

| | |
|:---|:---|
| **Description**<br>Nutrien's reputation and stakeholder relationships are critical to our ability to operate and execute our strategy and can be affected by actual or perceived actions across our business and supply chain. Any erosion of trust could impair our ability to execute on our business plans. It could also negatively impact our ability to produce or sell our products, lead to reputational and financial losses or negatively impact our access to or cost of capital or trigger shareholder action. | **Risk management approach**<br>Our Investor Relations and Government & External Affairs teams regularly engage with key stakeholders to identify their concerns and convey the long-term value proposition of our business. We are active in industry associations, implement our community relations and investment initiatives across our operations and have a focused Indigenous Relations engagement strategy. Our overarching strategy is designed to address and support the areas most important to our stakeholders. |

---

Nutrien Annual Report 2025 **29**

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![LOGO](g31567dsp036a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567dsp036b.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Our outlook and results<br>**

<br> ## OUR OUTLOOK AND

## &nbsp;&nbsp;&nbsp;&nbsp; RESULTS
Nutrien has four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. The downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise and provides services, including financing, directly to farmers through a network of retail locations in North America, Australia and South America. The upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30** Nutrien Annual Report 2025

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##### [**Table of Contents**](#toc)
![LOGO](g31567dsp037a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567dsp037b.jpg)  |

---

**Our outlook and results<br>**

<br> Adjusted EBITDA is the primary profit measure used to evaluate the segments' performance as it excludes the impact of non-cash impairments and impairment reversals and other costs that are centrally managed by our corporate function. Refer to Note 3 to the consolidated financial statements for details.

Net sales (sales less freight, transportation and distribution expenses) is the primary measure used in planning and forecasting in the Potash, Nitrogen and Phosphate operating segments.

Nutrien Annual Report 2025 **31** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g31567g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Market outlook<br>**

<br> ## MARKET OUTLOOK
**Agriculture and retail markets** 

• Higher global grain and oilseed production in 2025 increased stocks-to-use ratios towards historical average levels and led to significant nutrient removal from the soil. Strong demand for food, feed and biofuel uses is expected to drive continued need for higher
global crop production and related crop inputs.

• We expect total US crop acres in 2026 to be consistent with 2025 levels and project corn plantings of 94 to
96 million acres and soybean plantings of 84 to 86 million acres. This acreage outlook, combined with a compressed fertilizer application season in the fall of 2025, is expected to support increased crop input demand in the first half of
2026. • In Brazil, soybean production is expected to set another record in 2026, with harvest currently underway, and we
anticipate a 3 to 5 percent increase in safrinha corn plantings. Growth in planted area is expected to support crop input demand; however, weaker affordability is expected to result in just-in-time purchases and a continued shift to lower analysis nitrogen and phosphate products.

• In Australia, improved weather compared to the first half of 2025 is expected to support crop input demand and strong
livestock prices to support sales of Retail products and services.

**Crop nutrient markets** 

• Global potash shipments increased to approximately 74.5 million tonnes in 2025, primarily driven by strong demand in
Southeast Asia. We expect a fourth consecutive year of growth in 2026, with total global potash shipments ranging between 74 and 77 million tonnes. Demand is supported by the need to replenish soil nutrients following a record crop, favorable
relative affordability and low inventory levels in key markets such as China and Brazil. We anticipate relatively tight fundamentals throughout 2026, as trend line demand growth is testing existing global operating and supply chain capabilities.

• Global nitrogen demand is expected to grow in line with historical rates, driven by increasing use in agricultural growth
markets such as Asia and Latin America. Global ammonia markets remain tight due to project delays and plant outages. Global urea markets have strengthened in the first quarter of 2026 due to strong seasonal demand from India, North America and
Brazil and geopolitical uncertainties impacting supply.

• Global phosphate markets eased in the fourth quarter of 2025 due to lower demand related to weaker affordability relative
to potash and nitrogen. Phosphate markets have strengthened in the first quarter of 2026 due to Chinese export restrictions and elevated input costs.

![LOGO](g31567dsp038.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**32** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

---

**2026 Guidance and sensitivities <br>**

<br> ## 2026 GUIDANCE

---

| | | | |
|:---|:---|:---|:---|
| | **2026 Guidance ranges<sup>1,2</sup> as of February 18, 2026**  | **2026 Guidance ranges<sup>1,2</sup> as of February 18, 2026**  | |
| <br> ($ billions, except as otherwise noted)<br>| **Low**  | **High**  | <br>**2025 Actual**  |
|  <br> Retail adjusted EBITDA | <br> 1.75 | <br> 1.95 | <br> 1.74 |
|  Potash sales volumes (million tonnes)<sup>3</sup> | 14.1 | 14.8 | 14.25 |
|  Nitrogen sales volumes (million tonnes)<sup>3</sup> | 9.2 | 9.7 | 10.89 |
|  Phosphate sales volumes (million tonnes)<sup>3</sup> | 2.4 | 2.6 | 2.36 |
|  Depreciation and amortization | 2.4 | 2.5 | 2.4 |
|  Finance costs | 0.65 | 0.75 | 0.7 |
|  Effective tax rate on adjusted net earnings (%)<sup>4</sup> | 24.0 | 26.0 | 24.9 |
|  Capital expenditures<sup>5</sup> | 2.0 | 2.1 | 2.0 |

---

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

2 See the "Forward-looking statements" section.

3 Manufactured product only.

4 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

5 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the "Other financial measures" section.

## 2026 SENSITIVITIES

---

| | | | |
|:---|:---|:---|:---|
| | **Effect on<sup>1</sup>** | **Effect on<sup>1</sup>** |  |
| <br> ($ millions, except EPS amounts)<br>| **Adjusted EBITDA**  | **Adjusted EPS**  | **<sup>4</sup>**  |
|  $25 per tonne change in potash net selling prices | ± 280 | ± 0.45 |  |
|  $25 per tonne change in ammonia net selling prices<sup>2</sup> | ± 35 | ± 0.05 |  |
|  $25 per tonne change in urea and ESN<sup>®</sup> net selling prices | ± 65 | ± 0.10 |  |
|  $25 per tonne change in solutions, nitrates and sulfates net selling prices | ± 135 | ± 0.20 |  |
|  $1 per MMBtu change in NYMEX natural gas price<sup>3</sup> | ± 180 | ± 0.30 |  |

---

1 See the "Forward-looking statements" section.

2 Excludes Trinidad.

3 Nitrogen related impact.

4 Based on shares outstanding as at December 31, 2025.

Nutrien Annual Report 2025 **33**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Results<br>**

<br> ## 2025 RETAIL OPERATING SEGMENT AND RESULTS
Our Retail network of over 1,800 locations provides the reach and flexibility to reliably serve our grower customers. We offer a comprehensive portfolio of value-added products, including crop nutrients, crop protection products, seed and merchandise, and provide services, including financing. Over 4,200 crop consultants support our customers with crop planning, seed selection, soil sampling, variable-rate fertilizer application and crop monitoring.

We own and operate eight formulation facilities focused on manufacturing proprietary crop nutrient and crop protection products. As a leading provider of crop nutritionals, including biostimulants, our portfolio includes approximately 1,700 innovative proprietary crop nutrient, crop protection and seed products. Our proprietary offering generates higher margins for Nutrien and enhances crop production efficiency and profitability for farmers.

Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower operating expenses from our cost savings initiatives, stronger proprietary products gross margin and disciplined execution of our Brazil margin-improvement plan. We continue to simplify our business and deliver earnings growth through proven organic initiatives.

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **% Change** |
|  Sales | 17620 | 17832 | (1) |
|  Cost of goods sold | 13017 | 13211 | (1) |
|  Gross margin | 4603 | 4621 |  |
|  Adjusted EBITDA<sup>1</sup> | 1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

1 See Note 3 to the consolidated financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Gross margin** | **Gross margin** |
| <br>($ millions) | **2025** | **2024** | **2025** | **2024** |
|  Crop nutrients | 7285 | 7211 | 1424 | 1444 |
|  Crop protection products | 6105 | 6313 | 1590 | 1622 |
|  Seed | 2128 | 2235 | 408 | 431 |
|  Services and other | 944 | 918 | 750 | 716 |
|  Merchandise | 875 | 897 | 148 | 150 |
|  Nutrien Financial | 376 | 361 | 376 | 361 |
|  Nutrien Financial elimination<sup>1</sup> | (93) | (103) | (93) | (103) |
|  Total | 17620 | 17832 | 4603 | 4621 |

---

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

Supplemental data

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross margin** | **Gross margin** | **% of product line<sup>1</sup>** | **% of product line<sup>1</sup>** |
| <br>($ millions, except as otherwise noted) | **2025** | **2024** | **2025** | **2024** |
|  Proprietary products |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crop nutrients | 450 | 421 | 32 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crop protection products | 503 | 470 | 32 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seed | 137 | 154 | 34 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchandise | 14 | 15 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 1104 | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;23 |

---

---

| | |
|:---|:---|
| 1 | Represents percentage of proprietary product margins over total product line gross margin.  |

---

**34** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Results<br>**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales volumes**<br> **(tonnes – thousands)** | **Sales volumes**<br> **(tonnes – thousands)** | **Gross margin / tonne**<br> **(dollars)** | **Gross margin / tonne**<br> **(dollars)** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Crop nutrients |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 8502 | 8547 | 143 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; International | 3358 | 3715 | 61 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 11860 | 12262 | 120 | 118 |

---

![LOGO](g21153g99a01.jpg)

---

| | |
|:---|:---|
|  | **2025 versus 2024** |
| &nbsp;&nbsp; Crop nutrients | Sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America and reduced demand in the fourth quarter. International crop nutrient sales volumes were lower mainly due to strategic actions in South America. |
| &nbsp;&nbsp; Crop protection products | Sales and gross margin were lower due to product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin. |
| &nbsp;&nbsp; Seed | Sales and gross margin were lower due to weather related impacts in the Southern US leading to fewer planted acres, which impacted proprietary products gross margin. |

---

![LOGO](g21153g99a02.jpg)

Nutrien Annual Report 2025 **35** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Results<br>**

<br> Selected financial performance measures

---

| | | |
|:---|:---|:---|
| (percentages) | **2025** | **2024** |
|  Retail adjusted EBITDA margin<sup>1</sup> | 9.9 | 9.5 |
|  Cash operating coverage ratio<sup>2</sup> | 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
|  Average working capital to sales<sup>2</sup> | 22 | 20 |
|  Average working capital to sales excluding Nutrien Financial<sup>2</sup> | 1 |  |
|  Nutrien Financial adjusted net interest margin<sup>2</sup> | 5.4 | 5.3 |

---

1 This is a supplementary financial measure. See the "Other financial measures" section.

2 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

**Nutrien Financial** 

We offer flexible financing solutions to our customers in support of Nutrien's agricultural product and service sales. Qualifying Retail customers in the US and Australia are offered extended payment terms, typically up to one year, to facilitate the alignment of farmer crop cycles with cash flows. Nutrien Financial revenues are primarily earned through interest from farmers.

We hold a significant portion of receivables from customers that have historically experienced a low-default rate. We manage our credit portfolio based on a combination of review of customer credit metrics, past experience with the customer and exposure to any single customer. Nutrien Financial, which is our wholly owned finance captive, monitors and services the portfolio of our high-quality receivables from customers that have the lowest risk of default among Retail's receivables from customers. We monitor the results of this portfolio of receivables separately because we calculate the cost of capital attributable to the high-quality receivables from customers differently from our other receivables. Specifically, we assume a debt-to-equity ratio of 9:1 in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.

Nutrien Financial relies on corporate capital for funding. For 2025, we estimated the deemed interest expense using an average borrowing rate of 5.0 percent (2024 — 5.6 percent) applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial. The balance of our Retail receivables (outside of Nutrien Financial) is subject to marginally higher credit risk.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As at December 31** | **As at December 31** | **As at December 31** | **As at December 31** | **As at December 31** | **As at December 31** | **As at December 31** | **As at December 31** |
| <br>($ millions) | **Current** | **<31 Days<br>past due** | **31–90 Days<br>past due** | **>90 Days<br>past due** | **Gross<br>receivables** | **Allowance<sup>1</sup>** | **2025 Net<br> receivables** | **2024 Net<br> receivables** |
|  North America | 1831 | 260 | 110 | 181 | 2382 | (50) | 2332 | 2178 |
|  International | 647 | 82 | 21 | 31 | 781 | (7) | 774 | 699 |
|  Nutrien Financial receivables | 2478 | 342 | 131 | 212 | 3163 | (57) | 3106 | 2877 |

---

---

| | |
|:---|:---|
| 1 | Bad debt expense on the above receivables for 2025 was $46 million (2024 – $55 million) in the Retail segment.  |

---

**36** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Results<br>**

<br> ## 2025 POTASH OPERATING SEGMENT AND RESULTS
We operate six low-cost potash mines in Saskatchewan, located within a world-class potash deposit and in a stable geopolitical environment, which helps minimize supply risk for our customers. We produce multiple grades of potash and our flexible network provides the operational flexibility to optimize value.

Our extensive North American transportation and distribution network includes approximately 5,600 owned or leased railcars serviced by multiple railway providers. Through Canpotex – our joint venture potash export, sales and marketing company – we have access to four primary North American marine terminals and other facilities as needed to export potash to customers in over 40 countries around the world.

Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher net selling prices and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets, and partially offset by higher provincial mining taxes. We delivered a potash controllable cash cost of product manufactured<sup>2</sup> per tonne of $58. We mined 49 percent of our potash ore tonnes using automation, further strengthening our low-cost advantage.

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **% Change** |
|  Net sales | 3593 | 2989 | 20 |
|  Cost of goods sold | 1581 | 1448 | 9 |
|  Gross margin | 2012 | 1541 | 31 |
|  Adjusted EBITDA<sup>1</sup> | 2254 | 1848 | 22 |
| <br> Manufactured product<br>|  |  |  |
| ($ per tonne, except as otherwise noted) |  | **2025** | **2024** |
|  Sales volumes (tonnes – thousands) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 4638 | 4672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offshore |  | 9615 | 9214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total sales volumes |  | 14253 | 13886 |
|  Net selling price |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 286 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offshore |  | 235 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net selling price |  | 252 | 215 |
|  Cost of goods sold |  | 111 | 104 |
|  Gross margin |  | 141 | 111 |
|  Depreciation and amortization |  | 46 | 44 |
|  Gross margin excluding depreciation and amortization<sup>2</sup> |  | 187 | 155 |

---

1 See Note 3 to the consolidated financial statements.

2 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

Nutrien Annual Report 2025 **37** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Results<br>**

<br> Supplemental data

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Potash controllable cash cost of product manufactured per tonne<sup>1</sup> | 58 | 54 |
|  Canpotex sales by market (percentage of sales volumes)<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Latin America | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Asian markets<sup>3</sup> | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 11 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other markets | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 100 | 100 |

---

1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

2 See Note 26 to the consolidated financial statements.

3 All Asian markets except China and India.

---

| | |
|:---|:---|
|  | **2025 versus 2024** |
| &nbsp;&nbsp; Sales volumes | Higher offshore sales volumes were supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes were consistent with the prior year. |
| &nbsp;&nbsp; Net selling price per tonne | Increased due to higher global benchmark prices. |
| &nbsp;&nbsp; Cost of goods sold per tonne | Increased primarily due to higher royalties, maintenance costs and depreciation. |

---

![LOGO](g21153g99a03.jpg)

**Potash production** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Operational capability<sup>2</sup>** | **Operational capability<sup>2</sup>** | **Production** | **Production** |
| <br>(million tonnes KCl) |<br>**Nameplate capacity<sup>1</sup>** | **2026<sup>3</sup>** | **2025** | **2025** | **2024** |
|  Rocanville | 6.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 |
|  Allan | 4 | 3.1 | 2.7 | 2.51 | 2.40 |
|  Lanigan | 3.8 | 3.5 | 3.2 | 3.43 | 3.40 |
|  Vanscoy | 3 | 1.1 | 1.1 | 1.08 | 1.03 |
|  Cory | 3 | 2.2 | 2.1 | 2.09 | 2.11 |
|  Patience Lake | 0.3 | 0.3 | 0.3 | 0.22 | 0.25 |
|  Total | 20.6 | 14.7 | 14.4 | 13.97 | 14.21 |

---

---

| | |
|:---|:---|
| 1 | Represents estimates of capacity as at December 31, 2025. Estimates based on capacity as per design specifications or Canpotex entitlements once determined. In the case of Patience Lake, estimate reflects current operational capability. Estimates for all other mine facilities do not necessarily represent operational capability.  |

---

2 Estimated annual achievable production based on expected staffing and operational readiness (estimated at the beginning of the year, and may vary during the year, and year to year, including between our mine facilities). Estimate does not include inventory-related shutdowns and unplanned downtime.

3 See the "Forward-Looking Statements" section.

**38** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Results<br>**

<br> ## 2025 NITROGEN OPERATING SEGMENT AND RESULTS
We produce and upgrade nitrogen at 11 strategically located facilities in Canada and the US, in addition to our facility in Trinidad. Our North American operations, which account for approximately 85 percent of our nitrogen sales volumes, have access to some of the lowest-cost natural gas in the world and are well positioned to serve agriculture and industrial markets.

We produce a diverse portfolio of nitrogen products and have flexibility to optimize product mix in changing market conditions. Our transportation and distribution network leverages truck, rail, pipeline, barge and marine vessels. We utilize established CCUS infrastructure in Alberta and Louisiana to reduce GHG emissions. Over the last five years, we captured and sold an annual average of 1 million tonnes of CO<sub>2</sub>, with approximately 40 percent permanently sequestered via enhanced oil recovery.

Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to higher net selling prices, partially offset by lower equity earnings from Profertil. Adjusted EBITDA for the full year of 2024 benefitted from insurance recoveries. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate (excludes Trinidad and Joffre) as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar. In the fourth quarter of 2025, we completed a controlled shutdown of our Trinidad Nitrogen facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply that has reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period of time.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **¹** | **% Change** |
|  Net sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 | 3576 |  | 17 |
|  Cost of goods sold | 2580 | 2374 |  | 9 |
|  Gross margin | 1607 | 1202 |  | 34 |
|  Adjusted EBITDA<sup>2</sup> | 2147 | 1880 |  | 14 |
|  <br> 1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment. See Note 3 to the consolidated financial statements.<br> 2 See Note 3 to the consolidated financial statements. | <br> 1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment. See Note 3 to the consolidated financial statements.<br> 2 See Note 3 to the consolidated financial statements. | <br> 1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment. See Note 3 to the consolidated financial statements.<br> 2 See Note 3 to the consolidated financial statements. | <br> 1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment. See Note 3 to the consolidated financial statements.<br> 2 See Note 3 to the consolidated financial statements. | <br> 1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment. See Note 3 to the consolidated financial statements.<br> 2 See Note 3 to the consolidated financial statements. |
| <br> Manufactured product<br>|  |  |  |  |
| ($ per tonne, except as otherwise noted) |  | **2025** |  | **2024** |
|  Sales volumes (tonnes – thousands) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ammonia |  | 2420 |  | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urea and ESN<sup>®</sup> |  | 3099 |  | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solutions, nitrates and sulfates |  | 5369 |  | 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total sales volumes |  | 10888 |  | 10694 |
|  Net selling price |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ammonia |  | 422 |  | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urea and ESN<sup>®</sup> |  | 490 |  | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solutions, nitrates and sulfates |  | 268 |  | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net selling price |  | 365 |  | 324 |
|  Cost of goods sold |  | 219 |  | 213 |
|  Gross margin |  | 146 |  | 111 |
|  Depreciation and amortization |  | 57 |  | 55 |
|  Gross margin excluding depreciation and amortization<sup>1</sup> |  | 203 |  | 166 |
|  <br> 1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section. |  |  |  |  |

---

Supplemental data

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Ammonia controllable cash cost of product manufactured per tonne<sup>1</sup> | 58 | 61 |
|  Sales volumes (tonnes – thousands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertilizer | 6425 | 6259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and feed | 4463 | 4435 |
|  Ammonia operating rate<sup>2</sup> (%) | 92 | 88 |
|  Natural gas costs ($ per MMBtu) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Overall natural gas cost excluding realized derivative impact | 3.53 | 3.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized derivative impact | – | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overall natural gas cost | 3.53 | 3.24 |
|  <br> 1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.<br> 2 Excludes Trinidad and Joffre. | <br> 1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.<br> 2 Excludes Trinidad and Joffre. | <br> 1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.<br> 2 Excludes Trinidad and Joffre. |

---

Nutrien Annual Report 2025 **39** 

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Results<br>**

<br> ---

| | |
|:---|:---|
|  | **2025 versus 2024** |
| &nbsp;&nbsp; Sales volumes | Increased due to higher production from reliability improvements and low-cost debottlenecks that increased the availability of upgraded products. |
| &nbsp;&nbsp; Net selling price per tonne | Higher for all major nitrogen products due to stronger benchmark prices. |
| &nbsp;&nbsp; Cost of goods sold per tonne | Increased due to higher natural gas costs, mainly driven by Henry Hub benchmark. |

---

![LOGO](g21153g99a04.jpg)

**Nitrogen production** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ammonia<sup>1</sup>** | **Ammonia<sup>1</sup>** | **Ammonia<sup>1</sup>** | **Urea<sup>2</sup>** | **Urea<sup>2</sup>** | **Urea<sup>2</sup>** |
| (million tonnes, except as otherwise noted) | **Annual**<br> **capacity<sup>3</sup>** | **Production** | **Production** | **Annual**<br> **capacity<sup>3</sup>** | **Production** | **Production** |
| (million tonnes, except as otherwise noted) | **Annual**<br> **capacity<sup>3</sup>** | **2025** | **2024** | **Annual**<br> **capacity<sup>3</sup>** | **2025** | **2024** |
|  Trinidad<sup>4</sup> | 2.2 | 1.18 | 1.27 | 0.7 | 0.54 | 0.47 |
|  Redwater | 1 | 0.73 | 0.86 | 0.7 | 0.53 | 0.70 |
|  Augusta | 0.8 | 0.74 | 0.68 | 0.6 | 0.58 | 0.52 |
|  Lima | 0.7 | 0.76 | 0.59 | 0.5 | 0.53 | 0.46 |
|  Geismar | 0.6 | 0.61 | 0.58 | 0.4 | 0.43 | 0.38 |
|  Carseland | 0.5 | 0.53 | 0.46 | 0.7 | 0.73 | 0.65 |
|  Fort Saskatchewan | 0.5 | 0.47 | 0.44 | 0.4 | 0.42 | 0.40 |
|  Borger | 0.5 | 0.29 | 0.35 | 0.6 | 0.38 | 0.42 |
|  Joffre | 0.5 | 0.39 | 0.38 | – | – | – |
|  Total | 7.3 | 5.71 | 5.61 | 4.6 | 4.14 | 4.00 |
|  Adjusted total<sup>5</sup> |  | 4.13 | 3.96 |  |  |  |

---

1 All figures are shown on a gross production basis.

2 Reflects capacity and production of urea liquor prior to final product upgrade. Urea liquor is used in the production of solid urea, UAN and DEF.

3 Annual capacity estimates include allowances for normal operating plant conditions.

4 In 2024 and 2025, Trinidad production was restricted due to natural gas curtailments. On October 23, 2025, we completed a controlled shutdown of our Trinidad facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply.

5 Excludes Trinidad and Joffre.

**40** Nutrien Annual Report 2025

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Results<br>**

<br> ## 2025 PHOSPHATE OPERATING SEGMENT AND RESULTS
Nutrien has two large integrated phosphate production facilities and four regional product upgrade sites in the US. Our high-quality phosphate rock enables production of a diverse mix of phosphate products, including solid and liquid fertilizers, feed and industrial acids. We are the largest producer of purified phosphoric acid in North America and sell the majority of our product in this market, benefiting from our extensive distribution network and customer relationships.

Phosphate adjusted EBITDA slightly decreased to $382 million in 2025 due to higher sulfur input costs and lower sales volumes, partially offset by higher net selling prices. In the third quarter of 2025, we initiated a review of strategic alternatives for our Phosphate business, which could include reconfiguring operations, strategic partnerships or a potential sale, and we intend to solidify the optimal path in 2026.

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **% Change** |
|  Net sales | 1734 | 1657 | 5 |
|  Cost of goods sold | 1590 | 1510 | 5 |
|  Gross margin | 144 | 147 | (2) |
|  Adjusted EBITDA<sup>1</sup> | 382 | 384 | (1) |

---

1 See Note 3 to the consolidated financial statements.

Manufactured product

---

| | | |
|:---|:---|:---|
| ($ per tonne, except as otherwise noted) | **2025** | **2024** |
|  Sales volumes (tonnes – thousands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertilizer | 1646 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and feed | 717 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total sales volumes | 2363 | 2434 |
|  Net selling price |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertilizer | 677 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial and feed | 835 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average net selling price | 725 | 671 |
|  Cost of goods sold | 657 | 603 |
|  Gross margin | 68 | 68 |
|  Depreciation and amortization | 121 | 119 |
|  Gross margin excluding depreciation and amortization<sup>1</sup> | 189 | 187 |

---

1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

---

| | |
|:---|:---|
|  | **2025 versus 2024** |
| &nbsp;&nbsp; Sales volumes | Lower due to lower production volumes in the first quarter of 2025. |
| &nbsp;&nbsp; Net selling price | Increased due to the strength of fertilizer benchmark prices. |
| &nbsp;&nbsp; Cost of goods sold per tonne | Increased primarily due to higher sulfur input costs. |

---

Nutrien Annual Report 2025 **41** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Results<br>**<br> ![LOGO](g21153g99a05.jpg)

**Phosphate production** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Phosphate rock** | **Phosphate rock** | **Phosphate rock** | **Phosphoric acid (P<sub>2</sub>O<sub>5</sub>)** | **Phosphoric acid (P<sub>2</sub>O<sub>5</sub>)** | **Phosphoric acid (P<sub>2</sub>O<sub>5</sub>)** | **Liquid products** | **Liquid products** | **Liquid products** | **Solid fertilizer products** | **Solid fertilizer products** | **Solid fertilizer products** |
| (million tonnes,<br>except as<br>otherwise noted) | **Annual**<br> **capacity** | **Production** | **Production** | **Annual**<br> **capacity** | **Production** | **Production** | **Annual**<br> **capacity** | **Production** | **Production** | **Annual**<br> **capacity** | **Production** | **Production** |
| (million tonnes,<br>except as<br>otherwise noted) | **Annual**<br> **capacity** | **2025** | **2024** | **Annual**<br> **capacity** | **2025** | **2024** | **Annual**<br> **capacity** | **2025** | **2024** | **Annual**<br> **capacity** | **2025** | **2024** |
|  Aurora | 5.4 | 4.66 | 3.99 | 1.2 | 1.00 | 0.97 | 2.7<sup>1</sup> | 2.10 | 2.05 | 0.9 | 0.72 | 0.76 |
|  White Springs | 2 | 1.39 | 1.19 | 0.5 | 0.36 | 0.36 | 0.7<sup>2</sup> | 0.31 | 0.29 | 0.8 | 0.29 | 0.31 |
|  Total | 7.4 | 6.05 | 5.18 | 1.7 | 1.36 | 1.33 | 3.4 | 2.41 | 2.34 | 1.7 | 1.01 | 1.07 |
|  P<sub>2</sub>O<sub>5</sub> operating rate (%) |  |  |  |  | 80 | 78 |  |  |  |  |  |  |

---

1 A substantial portion is consumed internally in the production of downstream products. The balance is exported to phosphate fertilizer producers or sold domestically to dealers who custom-mix liquid fertilizer. Capacity is composed of 2.0 million tonnes MGA and 0.7 million tonnes SPA.

2 Represents annual SPA capacity. A substantial portion is consumed internally in the production of downstream products. The balance is exported to phosphate fertilizer producers or sold domestically to dealers who custom-mix liquid fertilizer.

In addition to the production above, annual capacity for phosphate feed and purified acid was 0.7 and 0.3 million tonnes, respectively. Production in 2025 was 0.34 and 0.19 million tonnes, respectively, and 2024 production was 0.31 and 0.17 million tonnes, respectively.

**42** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Results<br>**

<br> ## 2025 CORPORATE AND OTHERS AND ELIMINATIONS
"Corporate and Others" is a non-operating segment comprising corporate and administrative functions that provide support and governance to our operating segments. It also includes gross margin related to our non-core businesses. Intersegment sales, costs of goods sold and expenses are removed from the consolidated results in Eliminations. Intersegment activities include sale of product between our segments, primarily from Potash, Nitrogen and Phosphate to our Retail segment.

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024<sup>1, 2</sup>** | **% Change** |
|  Corporate and Others |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA<sup>2</sup> | (427) | (452) | (6) |
|  Eliminations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin | (46) | (2) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA<sup>2</sup> | (46) | (1) | n/m |

---

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

2 See Note 3 to the consolidated financial statements.

## FINANCE COSTS, INCOME TAXES AND OTHER COMPREHENSIVE INCOME (LOSS)

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **% Change** |
|  Finance costs | 687 | 720 | (5) |
|  Income tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
|  Other comprehensive income (loss) | 224 | (234) | n/m |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025 versus 2024** |  |  |
|  Finance costs | **Weighted average debt balances and rates**<br>|  |  |
|  | ($ millions, except as otherwise noted) | **2025** | **2024** |
|  | Short-term debt balance | 3170 | 3328 |
|  | Short-term debt rate (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 |
|  | North American short-term debt balance | 2800 | 2679 |
|  | North American short-term debt rate (%) | 4.6 | 5.5 |
|  | Long-term debt balance | 10025 | 9629 |
|  | Long-term debt rate (%) | 5 | 5 |
|  | Lease obligations balance | 1331 | 1375 |
|  | Lease obligations rate (%) | 4.9 | 4.6 |
|  Income tax expense | Income tax increased mainly due to higher earnings. The decrease in the actual effective tax rate was mainly due to lower non-recognizable losses in South America compared to the same period in 2024. Refer to Note 10 to the consolidated financial statements for additional information. | Income tax increased mainly due to higher earnings. The decrease in the actual effective tax rate was mainly due to lower non-recognizable losses in South America compared to the same period in 2024. Refer to Note 10 to the consolidated financial statements for additional information. | Income tax increased mainly due to higher earnings. The decrease in the actual effective tax rate was mainly due to lower non-recognizable losses in South America compared to the same period in 2024. Refer to Note 10 to the consolidated financial statements for additional information. |
|  | **Effective tax rates and discrete items**<br>|  |  |
|  | ($ millions, except as otherwise noted) | **2025** | **2024** |
|  | Actual effective tax rate on earnings (%) | 24 | 40 |
|  | Actual effective tax rate including discrete items (%) | 25 | 38 |
|  | Discrete tax adjustments that impacted the rate | 27 | (13) |
| Other comprehensive income (loss) | Other comprehensive income increased mainly due to the appreciation of the Australian, Brazilian and Canadian currencies, relative to the US dollar, compared to losses in 2024. | Other comprehensive income increased mainly due to the appreciation of the Australian, Brazilian and Canadian currencies, relative to the US dollar, compared to losses in 2024. | Other comprehensive income increased mainly due to the appreciation of the Australian, Brazilian and Canadian currencies, relative to the US dollar, compared to losses in 2024. |

---

Nutrien Annual Report 2025 **43** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Results<br>**

<br> ## FINANCIAL RESULTS

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **2023** |
|  Sales | 26885 | 25972 | 29056 |
|  Net earnings | 2297 | 700 | 1282 |
|  Basic net earnings per share (dollars) | 4.66 | 1.36 | 2.53 |
|  Diluted net earnings per share (dollars) | 4.66 | 1.36 | 2.53 |
|  Total assets | 52301 | 51840 | 52749 |
|  Total non-current financial liabilities | 10287 | 9880 | 9912 |
|  Dividends declared per share (dollars) | 2.18 | 2.16 | 2.12 |

---

---

| | | |
|:---|:---|:---|
|  | **2025 versus 2024** | **2024 versus 2023** |
| &nbsp;&nbsp; Sales | Sales increased primarily due to higher fertilizer net selling prices and record upstream sales volumes. | Sales decreased primarily due to lower fertilizer net selling prices, partially offset by record Potash sales volumes. |
| &nbsp;&nbsp; Net earnings and earnings per share | Net earnings and earnings per share increased primarily due to higher sales (see above), and higher Retail earnings. These were partially offset by higher provincial mining taxes, as well as higher costs for royalties, maintenance, depreciation, natural gas and sulfur.<br>Net earnings in 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil. | Net earnings and earnings per share decreased primarily due to lower sales (see above), partially offset by lower operational expenses due to lower input costs such as cost to purchase inventories, natural gas, royalties and provincial mining taxes.<br>Net earnings in 2024 were also impacted by a $220 million loss on foreign currency derivatives in Brazil.<br>Our impairment of assets was lower in 2024. We recorded $530 million non-cash impairments of our Retail – Brazil and Nitrogen Geismar Clean Ammonia project assets in 2024 compared to non-cash impairment of $774 million of Retail, Phosphate and Nitrogen assets recorded in 2023. |
| &nbsp;&nbsp; Assets and non-current financial liabilities | Total assets increased in 2025 compared to 2024 primarily due to higher working capital assets, resulting from increased net selling prices and higher inventory balances for Retail, Nitrogen and Phosphate. See the Financial Condition section for further details.<br>Non-current financial liabilities increased due to the higher long-term debt balance from the issuance of new senior notes, partially offset by the repayment of senior notes upon maturity in 2025, as well as an increase in deferred income tax liabilities. | Total assets decreased in 2024 compared to 2023 primarily due to the non-cash impairments discussed above, as well as from lower working capital assets from reduced net selling prices and lower cost of inventories.<br>Non-current financial liabilities increased due to the higher long-term debt balance from the issuance of new senior notes, partially offset by the repayment of senior notes upon maturity in 2024. |
| &nbsp;&nbsp; Dividends declared per share | Dividends declared per share increased as we declared a higher quarterly dividend per share of $0.545 in 2025 compared to $0.54 in 2024. | Dividends declared per share increased as we declared a higher quarterly dividend per share of $0.54 in 2024 compared to $0.53 in 2023. |

---

**44** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Results<br>**

<br> ## FINANCIAL CONDITION

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | | |
| <br>($ millions, except as otherwise noted) | **December 31, 2025** | **December 31, 2024** |<br>**$ Change** |<br>**% Change** |
|  **Assets** |  |  |  |  |
|  Cash and cash equivalents | 701 | 853 | (152) | (18) |
|  Receivables | 5675 | 5390 | 285 | 5 |
|  Inventories | 6977 | 6148 | 829 | 13 |
|  Property, plant and equipment | 22747 | 22604 | 143 | 1 |
|  Investments | 144 | 698 | (554) | (79) |
|  **Liabilities and Shareholders' Equity** |  |  |  |  |
|  Short-term debt | 873 | 1534 | (661) | (43) |
|  Trade, other payables and accrued liabilities | 9309 | 9118 | 191 | 2 |
|  Long-term debt, including current portion | 9863 | 9918 | (55) | (1) |
|  Share capital | 13519 | 13748 | (229) | (2) |
|  Retained earnings | 12076 | 11106 | 970 | 9 |

---

---

| | |
|:---|:---|
| **Assets** | **Liabilities** |
| Explanations for changes in Cash and cash equivalents are in the "Liquidity and Capital Resources – Sources and uses of cash" section.<br>Receivables increased due to higher Potash and Phosphate net selling prices, higher receivables in Australia due to the appreciation of foreign exchange rates relative to the US dollar, and greater usage of payment terms from our Retail customers. The increases were partially offset by lower income tax receivable.<br>Inventories increased in Retail due to higher crop nutrients input costs from global supply constraints and earlier seasonal purchases, as well as higher crop protection volumes to support anticipated 2026 demand. Nitrogen and Phosphate also saw increases due to higher volumes and higher natural gas and sulfur costs. <br>Property, plant and equipment increased due to capital expenditures increasing more than offsetting depreciation and disposals.<br>Investments decreased due to the sale of our remaining investment in Sinofert and the sale of our investment in Profertil in 2025. | Short-term debt decreased due to lower draws on our commercial paper and repayment of credit facilities with funds from the sale of investments.<br>Trade, other payables and accrued liabilities increased due to Retail purchases through supplier financing in North America and timing of payments. These increases were partially offset by lower customer prepayments in North America.<br>Long-term debt, including the current portion, decreased due to the repayment of $1,000 million senior notes in 2025, as well as repayments of other long-term debt, partially offset by the issuance of $1,000 million senior notes during the first quarter of 2025.<br>**Shareholders' equity**<br>Share capital decreased primarily from shares repurchased under our normal course issuer bid program.<br>Retained earnings increased as net earnings exceeded dividends declared and share repurchases in 2025. |

---

We do not hold material cash and cash equivalents in currencies other than the US dollar and Canadian dollar. As at December 31, 2025, we held the equivalent of approximately $273 million in other jurisdictions outside the US and Canada. We do not depend on repatriation of cash from our foreign subsidiaries to meet our liquidity and capital resource needs in North America.

Nutrien Annual Report 2025 **45** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Results<br>**

<br> ## LIQUIDITY AND CAPITAL RESOURCES
**Sources and uses of liquidity** 

Liquidity risk arises from our general funding needs and in the management of our assets, liabilities and capital structure. We manage liquidity risk to maintain sufficient liquid financial resources to fund our financial position and meet our commitments and obligations in a cost-effective manner. Our primary sources of liquidity in 2025 and our expected ongoing primary uses of liquidity are listed below:

---

| | |
|:---|:---|
| **Primary uses of liquidity** | **Primary sources of liquidity** |
| &nbsp;&nbsp;&nbsp;&nbsp; –<br>seasonal working capital requirements<br>–<br>operational expenses<br>–<br>capital expenditures to sustain our assets to support safe and reliable operations<br>–<br>high-value growth opportunities<br>–<br>shareholder returns through dividends and/or share repurchases<br>–<br>principal payments of debt securities<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>cash from operations (including customer prepayments)<br>–<br>commercial paper issuances<br>–<br>increase of credit facility limits and drawdowns<br>–<br>debt capital markets<br>–<br>supplier financing arrangements<br>|

---

We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. We do not reasonably expect any presently known trend or uncertainty to affect our ability to access our historical sources of liquidity.

**Cash requirements** 

The following aggregated information about our contractual obligations and other commitments summarizes our liquidity and capital resource requirements as at December 31, 2025. Commitments reflect the estimated cash outflows for these obligations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated<br>financial<br>statements<br>note reference** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| <br>($ millions) | **Consolidated<br>financial<br>statements<br>note reference** | **Total** | **Within 1**<br> **year** | **1 to 3**<br> **years** | **3 to 5**<br> **years** | **Over 5**<br> **years** |
|  Long-term debt | 19, 24 | 9685 | 513 | 1670 | 1250 | 6252 |
|  Estimated interest payments on long-term debt | 24 | 5792 | 482 | 833 | 699 | 3778 |
|  Asset retirement obligations and accrued environmental costs | 22 | 3587 | 194 | 235 | 173 | 2985 |
|  Lease liabilities | 20, 24 | 1283 | 346 | 408 | 203 | 326 |
|  Estimated interest payments on lease liabilities | 24 | 214 | 49 | 61 | 36 | 68 |
|  Purchase commitments | 24 | 1278 | 1230 | 24 | 24 |  |
|  Capital commitments | 24 | 83 | 63 | 20 |  |  |
|  Other commitments | 24 | 751 | 195 | 259 | 109 | 188 |
|  Derivatives | 5 | 8 | 8 | – | – | – |
|  Total |  | 22681 | 3080 | 3510 | 2494 | 13597 |

---

The information presented in the table above does not include planned cash outflows unless they are legally committed for capital expenditures, business acquisitions or shareholder returns, including share repurchases and dividends. In addition to the commitments included above, we have other obligations for goods and services as part of our normal operations, which may terminate on short notice, including purchase commitments for crop input products.

For information on pension and other post-retirement benefits funding, refer to Note 21 to the consolidated financial statements. Future cash requirements are subject to changes in regulations, actuarial assumptions and our expected operating results.

On February 18, 2026, our Board approved a share repurchase program of up to a maximum of 24,057,066 common shares, representing 5 percent of Nutrien's outstanding common shares. The 2026 normal course issuer bid will commence on March 3, 2026. The share repurchase program will expire on the earlier of March 2, 2027, the date on which we have acquired the maximum number of common shares allowable or the date we determine not to make any further repurchases.

On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.

**46** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

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**Results<br>**

<br> **Sources and uses of cash** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Cash provided by operating activities | <br> ![LOGO](g21153g10a10.jpg) <br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>Cash provided by operating activities increased due to stronger Potash and Nitrogen selling prices and an increase in the North American supplier financing program.<br>|
| &nbsp;&nbsp; <br> Cash used in investing activities | <br> ![LOGO](g21153g10b10.jpg) <br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>Cash used in investing activities decreased due to the proceeds received on the sale of investments in Profertil and Sinofert and lower capital expenditures.<br>|
| &nbsp;&nbsp; <br> Cash used in financing activities | <br> ![LOGO](g21153g10c10.jpg) <br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>Cash used in financing activities increased due to higher repayment of debt and share repurchases.<br>|

---

Nutrien Annual Report 2025 **47** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Results<br>**

<br> ## CAPITAL STRUCTURE AND MANAGEMENT
We manage our capital structure with a focus on maintaining a strong balance sheet, enabling a strong investment-grade credit rating.

**Principal debt instruments** 

As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable.

Capital structure (debt and equity)

---

| | | |
|:---|:---|:---|
| ($ millions) | **December 31, 2025** | **December 31, 2024** |
|  Short-term debt | 873 | 1534 |
|  Current portion of long-term debt | 513 | 1037 |
|  Current portion of lease liabilities | 346 | 356 |
|  Long-term debt | 9350 | 8881 |
|  Lease liabilities | 937 | 999 |
|  Shareholders' equity | 25365 | 24442 |

---

Senior Notes and Debentures

As at December 31, 2025, our long-term debt consisted primarily of senior notes and debentures with the following maturities and interest rates:

![LOGO](g21153g15a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **Rate of interest (%)** | **Maturity** | **Amount** |
|  Senior notes repaid in 2025 | 3.000 | April 1, 2025 | 500 |
|  Senior notes repaid in 2025 | 5.950 | November 7, 2025 | 500 |
|  |  |  | 1000 |
|  Senior notes issued in 2025 | 4.500 | March 12, 2027 | 400 |
|  Senior notes issued in 2025 | 5.250 | March 12, 2032 | 600 |
|  |  |  | 1000 |

---

The senior notes issued in 2025 are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.

**48** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

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**Results<br>**

<br> Credit facilities and other debt

We have several available credit facilities in the jurisdictions where we operate. We have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility. In 2025, our total facility limit decreased $250 million from a reduction in our unsecured committed revolving term facility. As at December 31, 2025, we had a $399 million outstanding balance in commercial paper. Any excess cash is invested in highly liquid securities.

As at December 31, 2025, $234 million in letters of credit were outstanding and committed, with $250 million of remaining credit available under our dedicated letter of credit facilities.

![LOGO](g21153g18c38.jpg)

Lease obligations

We have lease obligations totaling $1,283 million (including current portion) with a weighted average effective interest rate of 4.9 percent as at December 31, 2025.

**Debt covenants** 

Our credit facilities have financial tests and other covenants with which we must comply at each quarter-end. Non-compliance with any such covenants could result in accelerated payment of amounts borrowed and termination of lenders' further funding obligations under the credit facilities. We were in compliance with all covenants as at December 31, 2025.

The table below summarizes the limit and result of our key financial covenant:

---

| | | |
|:---|:---|:---|
| As at December 31 | **Limit** | **2025** |
|  Debt to capital ratio<sup>1</sup> | 0.65 : 1.00 | 0.32 : 1.00 |

---

1 Refer to Note 4 to the consolidated financial statements for the detailed calculation.

**Credit ratings** 

Our ability to access reasonably priced debt in the capital markets depends, in part, on the quality of our credit ratings. We continue to maintain investment-grade credit ratings for our long-term debt. A downgrade of the credit rating of our long-term debt could increase the interest rates applicable to borrowings under our credit facilities.

Commercial paper markets are generally a source of same-day cash. Our access to the US commercial paper market primarily depends on maintaining our current short-term credit ratings as well as general conditions in the money markets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Long-term debt rating (outlook)** | **Long-term debt rating (outlook)** | **Short-term debt rating** | **Short-term debt rating** |
| <br>As at December 31 | **2025** | **2024** | **2025** | **2024** |
|  Moody's | Baa2 (stable) | Baa2 (stable) | P-2 | P-2 |
|  S&P | BBB (stable) | BBB (stable) | A-2 | A-2 |

---

A credit rating is not a recommendation to buy, sell or hold securities. The ratings may be subject to revision or withdrawal at any time by the respective credit rating agency and each rating should be evaluated independently of any other rating.

Moody's stable outlook on Nutrien's credit rating means that there is a low likelihood of a rating change over the medium term. S&P's stable outlook on Nutrien's credit rating means that the rating is not likely to change (generally up to two years).

Nutrien Annual Report 2025 **49** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Results<br>**

<br> **Outstanding share data** 

---

| | |
|:---|:---|
|  | **As at February 17, 2026** |
|  Common shares | 481141322 |
|  Options to purchase common shares | 2,221,163 |

---

For more information on our capital structure and management, see Note 4 to the consolidated financial statements.

## QUARTERLY RESULTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| <br>($ millions, except as otherwise noted) | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** |
|  Sales | 5340 | 6007 | 10438 | 5100 | 5079 | 5348 | 10156 | 5389 |
|  Net earnings | 580 | 469 | 1229 | 19 | 118 | 25 | 392 | 165 |
|  Net earnings attributable to equity holders of Nutrien | 571 | 464 | 1221 | 11 | 113 | 18 | 385 | 158 |
|  Net earnings per share attributable to equity holders of Nutrien |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 1.18 | 0.96 | 2.51 | 0.02 | 0.23 | 0.04 | 0.78 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 1.18 | 0.96 | 2.50 | 0.02 | 0.23 | 0.04 | 0.78 | 0.32 |

---

Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, as well as by demand-supply conditions, farmer affordability and weather. See Note 28 to the consolidated financial statements.

Other material transactions or events that impacted our quarterly results included:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Quarter** | **Transaction or event** |
| &nbsp;&nbsp;&nbsp; 2024 Q2  | $530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of the Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Nitrogen Geismar Clean Ammonia project property, plant and equipment as we decided to no longer pursue the project. Net earnings were also impacted by a $220 million loss on foreign currency derivatives in Brazil. |

---

**50** Nutrien Annual Report 2025

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| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

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**Results<br>**

<br> ## FOURTH QUARTER RESULTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ millions, except as otherwise noted)<br>Three months ended December 31 | **Sales** | **Sales** | **Gross margin** | **Gross margin** |
| ($ millions, except as otherwise noted)<br>Three months ended December 31 | **2025** | **2024** | **2025** | **2024** |
|  **Retail** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crop nutrients | 1512 | 1528 | 288 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crop protection products | 931 | 948 | 324 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seed | 162 | 184 | 48 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services and other | 254 | 228 | 219 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchandise | 226 | 230 | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Financial | 82 | 77 | 82 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Financial elimination<sup>1</sup> | (23) | (16) | (23) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 3144 | 3179 | 977 | 986 |

---

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

**Manufactured Product** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Dollars, except as otherwise noted)<br> Three months ended December 31 | **Sales volumes**<br> **(tonnes – thousands)** | **Sales volumes**<br> **(tonnes – thousands)** | **Average dollars<br>per tonne** | **Average dollars<br>per tonne** |
| (Dollars, except as otherwise noted)<br> Three months ended December 31 | **2025** | **2024** | **2025** | **2024** |
|  **Potash** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America | 726 | 718 | 305 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offshore | 2077 | 2040 | 247 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 2803 | 2758 | 262 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold |  |  | 115 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin |  |  | 147 | 82 |
|  **Nitrogen** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ammonia | 546 | 701 | 470 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urea and ESN<sup>®</sup> | 656 | 888 | 505 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solutions, nitrates and sulfates | 1373 | 1325 | 272 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 2575 | 2914 | 373 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold |  |  | 214 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin |  |  | 159 | 106 |
|  **Phosphate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertilizer | 468 | 435 | 677 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial and feed | 186 | 173 | 875 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 654 | 608 | 733 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of goods sold |  |  | 646 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross margin |  |  | 87 | 40 |
| ($ millions, except as otherwise noted)<br> Three months ended December 31 |  |  | **2025** | **2024** |
|  Adjusted EBITDA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail |  |  | 311 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potash |  |  | 445 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitrogen |  |  | 521 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phosphate |  |  | 107 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and others |  |  | (133) | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eliminations |  |  | 26 | 27 |
|  Adjusted EBITDA<sup>1</sup> |  |  | 1277 | 1055 |
|  Net earnings |  |  | 580 | 118 |

---

1 This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section.

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| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Results<br>**

<br> Highlights of our 2025 fourth quarter compared to the 2024 fourth quarter results were as follows:

---

| | |
|:---|:---|
|  | **Q4 2025 versus Q4 2024** |
| &nbsp;&nbsp; Retail | **Retail adjusted EBITDA** decreased as prior period benefited from income items, most notably $25 million gain on sale of land in Argentina.<br>**Crop nutrients** sales and gross margin decreased due to lower sales volumes from a weather-shortened fall application window in the US and reduced demand for phosphate, partially offset by higher proprietary products gross margin. International crop nutrient sales volumes were lower mainly due to strategic actions in South America.<br>**Crop protection products** sales and gross margin were lower due to product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin.<br>**Seed** sales and gross margin were lower due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin. |
| &nbsp;&nbsp; Potash | **Potash adjusted EBITDA** increased due to higher net selling prices and higher sales volumes, partially offset by higher provincial mining taxes.<br>**Sales volumes** were higher due to higher offshore sales volumes supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes were consistent with the prior year.<br>**Net selling price per tonne** increased due to higher global benchmark prices.<br>**Cost of goods sold per tonne** increased primarily due to higher royalties and maintenance costs. |
| &nbsp;&nbsp; Nitrogen | **Nitrogen adjusted EBITDA** increased due to higher net selling prices, partially offset by lower equity earnings from Profertil.<br>**Sales volumes** decreased due to the previously announced controlled shutdown of our Trinidad facility on October 23, 2025 and planned turnarounds at our North American operations.<br>**Net selling price per tonne** was higher for all major nitrogen products due to stronger benchmark prices.<br>**Cost of goods sold per tonne** decreased due to a higher percentage of sales coming from our low-cost North American nitrogen plants. |
| &nbsp;&nbsp; Phosphate | **Phosphate adjusted EBITDA** increased due to higher net selling prices and sales volumes, partially offset by higher sulfur input costs.<br>**Sales volumes** were higher due to higher production from reliability improvements and weather-related events that impacted the fourth quarter of 2024 production volumes, partially offset by reduced demand for phosphate.<br>**Net selling price per tonne** increased due to the strength of fertilizer benchmark prices.<br>**Cost of goods sold per tonne** increased primarily due to higher sulfur input costs. |
| &nbsp;&nbsp; Other fourth quarter financial highlights | **Share-based compensation** expense was higher in the fourth quarter and full year of 2025 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital.<br>**Gain on sale of investment** was higher due to the sale of our 50 percent equity ownership in Profertil.<br>**Income tax** increased mainly due to higher earnings. The decrease in the actual effective tax rate is mainly due to the tax impact of the gain on sale of investment in Profertil. |

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**52** Nutrien Annual Report 2025

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| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

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**Results<br>**

<br> ## CONTROLS AND PROCEDURES
**Disclosure controls and procedures** 

We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by Nutrien in its annual filings, interim filings (as these terms are defined in National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings* ("NI 52-109")), and other reports filed or submitted by us under securities legislation is recorded, processed, summarized and reported within the required time periods. Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures as of the end of the period covered by the annual filings, being December 31, 2025, have concluded that, as of such date, our disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed by Nutrien in its annual filings, interim filings, or other reports filed or submitted by it under securities legislation is (a) recorded, processed, summarized and reported within the time periods specified in the securities legislation, and (b) accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

**Internal control over financial reporting** 

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR"), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and NI 52-109. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of consolidated financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Board of Directors, through its Audit Committee, oversees management's responsibilities for financial reporting and internal controls.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have designed ICFR based on the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013) and conducted an evaluation of the design and effectiveness of our ICFR as of the end of the fiscal year ended December 31, 2025. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as at December 31, 2025, Nutrien maintained effective internal control over financial reporting. There have been no changes during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, as reflected in their Report of Independent Registered Public Accounting Firm for 2025, which is included in this 2025 Annual Report.

Nutrien Annual Report 2025 **53** 

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| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Results<br>**

<br> ## FORWARD-LOOKING STATEMENTS
Certain statements and other information included in this document, including within the "2026 Guidance" section and the "Market outlook" sections for each segment, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", "forecast", "expect", "believe", "may", "will", "should", "estimate", "project", "intend" or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's business strategies, plans, prospects and opportunities; Nutrien's 2026 annual guidance, including expectations regarding our Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted earnings and capital expenditures; our 2026 adjusted EBITDA and adjusted earnings per share sensitivity analysis; our belief that Nutrien's production assets are positioned to generate significant cash flow and the resulting benefits thereof; expectations regarding Nutrien's 2026 targets, including with respect to Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, annual consolidated cost savings, Potash ore tonnes mined using automation, Ammonia operating rate, Phosphate operating rate and supply chain optimization and efficiency run-rate value; Nutrien's market outlook for 2026 and the projections and expectations related thereto; expectations regarding our capital allocation strategies, including with respect to uses of cash that prioritize safe and reliable operations, maintaining a strong and flexible balance sheet, leveraging existing assets, and returning capital to shareholders through share repurchases and dividends and investment in high-value opportunities to generate significant long-term returns; our ability to advance strategic priorities and high value growth investments; our expectations regarding our priorities for 2026, including safety, growing free cash flow, maintaining ratable share repurchases, completing strategic reviews and optimizing our existing portfolio; expectations regarding our ability to generate cash flow and return capital to our shareholders, including our expectations regarding share repurchases and stable and growing dividends; expectations that internally generated cash flow, as supplemented by new and existing financing sources, will be sufficient to meet our anticipated future cash requirements; expectations regarding performance of our operating segments in 2026; our operating segment market outlooks and our expectations for market conditions, fundamentals and trends in 2026 and beyond, including agriculture and crop nutrient markets and global energy supply, the anticipated supply and demand for our products and services, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development, natural gas curtailments in Trinidad and elsewhere, and global population growth expectations; our review of strategic alternatives for our Phosphate business, including potential outcomes such as reconfiguring operations, strategic partnerships, a potential sale of all or part of the business and the possibility that no transaction or change occurs; expectations concerning future product offerings; the negotiation of sales and other contracts, including the expiry of existing contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders.

These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.

All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, the assumptions set forth below are not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.

Key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions and expectations regarding our strategic priorities and targets in 2026 and beyond, and our ability to achieve them; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, availability, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, crop development and cost of labor and interest, exchange and effective tax rates; assumptions with respect to global economic conditions and the accuracy of our market outlook expectations for 2025 and in the future; assumptions with respect to our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives; that we will conduct

**54** Nutrien Annual Report 2025

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**Results<br>**

<br> our operations and achieve results of operations as anticipated; assumptions related to our assessment of recoverable amount estimates of our assets, including in relation to asset and goodwill impairments of certain of our cash generating units; potash demand growth in offshore markets and normalization of Canpotex port operations; our intention to complete share repurchases under our normal course issuer bid programs, including TSX approval, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; assumptions related to our ability to fund our dividends at the current level and at increased levels in the future; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; our ability to successfully negotiate sales and other contracts; and our ability to successfully implement new initiatives and programs. In respect of our 2026 Potash sales volume target, we have made assumptions with respect to, among other things: market conditions, fertilizer and commodity prices, supply and demand, capital availability, logistics, our ability to maintain market share and that potash operations will operate within expectations. In respect of 2026 nitrogen sales volume target, we have made assumptions with respect to, among other things: market conditions, fertilizer and commodity prices, supply and demand, capital availability, natural gas availability, timely execution of expansion projects and reliability.

Events or circumstances could cause actual results to differ materially from those in the forward-looking statements. With respect to our business generally and our ability to meet other targets, commitments, goals, strategies and related milestones and schedules disclosed in this document, such events or circumstances include, but are not limited to: failure to achieve an optimal outcome of our strategic review process for our Phosphate business; general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives or results of operations or targets, expected capital expenditures in 2026, delivering upstream fertilizer sales volume growth and advancing high return downstream Retail growth opportunities; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality; climate change and weather conditions, and impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including in respect of tariffs, trade restrictions and climate change initiatives) and government ownership requirements; the potential that Nutrien may become subject to new laws or regulations that impose new requirements or require new or additional permits or approvals, and the associated effects thereof, and changes in environmental, tax, antitrust, and other laws or regulations and the interpretation thereof; trade restrictions, including the imposition of any tariffs, or other changes to international trade arrangements; the effects of current and future international trade agreements or other developments affecting the level of global trade; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC in the US.

The purpose of our 2026 Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate on adjusted earnings and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.

The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws. Any forward-looking statements contained herein are expressly qualified by this cautionary statement.

Nutrien Annual Report 2025 **55** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Appendices<br>**

<br> ## APPENDICES

## Non-GAAP financial measures
We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.

These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.

**Adjusted EBITDA (consolidated)** 

**Most directly comparable IFRS financial measure:** Net earnings (loss).

**Definition:** Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and certain foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, asset retirement obligations ("ARO") and accrued environmental costs ("ERL") related to our non-operating sites, and loss related to financial instruments in Argentina.

**Why we use the measure and why it is useful to investors:** It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.

---

| | | |
|:---|:---|:---|
| ($ millions) | **2025** | **2024** |
|  Net earnings | 2297 | 700 |
|  Finance costs | 687 | 720 |
|  Income tax expense | 752 | 436 |
|  Depreciation and amortization | 2369 | 2339 |
|  EBITDA<sup>1</sup> | 6105 | 4195 |
|  Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 163 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss, net of related derivatives | 9 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARO/ERL related expenses for non-operating sites | 2 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss related to financial instruments in Argentina |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring costs | 68 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of assets |  | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of investment in Profertil | (301) | – |
|  Adjusted EBITDA | 6046 | 5355 |

---

1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.

**56** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Appendices<br>**

<br> **Adjusted net earnings and adjusted net earnings per share** 

**Most directly comparable IFRS financial measure:** Net earnings (loss) and diluted net earnings (loss) per share.

**Definition:** Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and certain foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, ARO and accrued ERL related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate.

**Why we use the measure and why it is useful to investors:** Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>($ millions, except as otherwise noted) | **Increases<br>(decreases)** | **Post-tax** | **Per diluted<br>share** | **Increases<br>(decreases)** | **Post-tax** | **Per diluted<br>share** |
|  Net earnings attributable to equity holders of Nutrien |  | 2267 | 4.66 |  | 674 | 1.36 |
|  Adjustments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 163 | 123 | 0.25 | 37 | 27 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange loss, net of related derivatives | 9 | 6 | 0.03 | 360 | 346 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring costs | 68 | 59 | 0.12 | 47 | 38 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of assets |  |  |  | 530 | 492 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARO/ERL related expenses for non-operating sites | 2 | 2 |  | 151 | 106 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of investment in Profertil | (301) | (241) | (0.50) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss related to financial instruments in Argentina | – | – | – | 35 | 35 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-total adjustments | (59) | (51) | (0.10) | 1160 | 1044 | 2.11 |
|  Adjusted net earnings |  | 2216 | 4.56 |  | 1718 | 3.47 |

---

Nutrien Annual Report 2025 **57** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Appendices<br>**

<br> **Effective tax rate on adjusted net earnings** 

Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed.

Effective tax rate on adjusted net earnings ratio is calculated as adjusted income tax expense divided by adjusted earnings before income taxes. We use this measure to provide the actual result for a previously disclosed forward-looking effective tax rate on adjusted net earnings guidance.

---

| | |
|:---|:---|
| ($ millions, except as otherwise noted) | **2025** |
|  Earnings before income taxes | 3049 |
|  Adjustments<sup>1</sup> | (59) |
|  Adjusted earnings before income taxes | 2990 |
|  Income tax expense | 752 |
|  Adjustments<sup>2</sup> | (8) |
|  Adjusted income tax expense | 744 |
|  Effective tax rate on adjusted net earnings (%) | 24.9 |

---

1 Calculated as sum of pre-tax adjustments noted in the Adjusted Net Earnings section.

2 Calculated as difference between the sum of pre-tax and post-tax adjustments noted in the Adjusted Net Earnings section.

**Free cash flow** 

**Most directly comparable IFRS financial measure:** Cash provided by operating activities.

**Definition:** Free cash flow is calculated as cash provided by operating activities less sustaining capital expenditures, mine development and pre-stripping capital expenditures, and repayment of the principal portion of lease liabilities.

**Why we use the measure and why it is useful to investors:** To assess our operational performance and evaluate our ability to create long-term value by funding activities that include dividend payments, investing capital, debt repayment and share repurchases.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Cash provided by operating activities | 4007 | 3535 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustaining capital expenditures<sup>1</sup> | (1364) | (1468) | (1404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mine development and pre-stripping capital expenditures<sup>1</sup> | (245) | (256) | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of principal portion of lease liabilities | (419) | (402) | (375) |
|  Free cash flow | 1979 | 1409 | 3025 |

---

1 These are supplementary financial measures. See the "Other financial measures" section.

**58** Nutrien Annual Report 2025

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|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Appendices<br>**

<br> **Gross margin excluding depreciation and amortization per tonne – manufactured product** 

**Most directly comparable IFRS financial measure:** Gross margin.

**Definition:** Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the "Results" section.

**Why we use the measure and why it is useful to investors:** Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.

**Potash controllable cash cost of product manufactured ("COPM") per tonne** 

**Most directly comparable IFRS financial measure:** Cost of goods sold ("COGS") for the Potash segment.

**Definition:** Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.

**Why we use the measure and why it is useful to investors:** To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Total COGS – Potash | 1581 | 1448 |
|  Change in inventory | (2) | 36 |
|  Other adjustments<sup>1</sup> | (27) | (21) |
|  COPM | 1552 | 1463 |
|  Depreciation and amortization in COPM | (606) | (581) |
|  Royalties in COPM | (93) | (79) |
|  Natural gas costs and carbon taxes in COPM | (42) | (36) |
|  Controllable cash COPM | 811 | 767 |
|  Production tonnes (tonnes – thousands) | 13966 | 14205 |
|  Potash controllable cash COPM per tonne | 58 | 54 |

---

1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

Nutrien Annual Report 2025 **59** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

---

**Appendices<br>**

<br> **Ammonia controllable cash COPM per tonne** 

**Most directly comparable IFRS financial measure:** COGS for the Nitrogen segment.

**Definition:** Total Nitrogen COGS excluding depreciation and amortization expense included in COGS, cash COGS for products other than ammonia, other adjustments, and natural gas and steam costs, divided by net ammonia production tonnes.

**Why we use the measure and why it is useful to investors:** To assess operational performance. Ammonia controllable cash COPM excludes the effects of production from other periods, the costs of natural gas and steam, and long-term investment decisions, supporting a focus on the performance of our day-to-day operations.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024¹** |
|  Total Manufactured COGS – Nitrogen<sup>2</sup> | 2382 | 2282 |
|  Total Other COGS – Nitrogen<sup>2</sup> | 198 | 92 |
|  Total COGS – Nitrogen | 2580 | 2374 |
|  Depreciation and amortization in COGS | (522) | (483) |
|  Cash COGS for products other than ammonia | (1487) | (1287) |
|  Ammonia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash COGS before other adjustments | 571 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other adjustments<sup>2</sup> | (142) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total cash COPM | 429 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural gas and steam costs in COPM | (296) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Controllable cash COPM | 133 | 147 |
|  Production tonnes (net tonnes<sup>3</sup> – thousands) | 2308 | 2372 |
|  Ammonia controllable cash COPM per tonne | 58 | 62 |

---

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

2 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

3 Ammonia tonnes available for sale, as not upgraded to other nitrogen products.

**Retail average working capital to sales and Retail average working capital to sales excluding Nutrien Financial** 

**Definition:** Retail average working capital divided by Retail sales for the last four rolling quarters. We also look at this metric excluding Nutrien Financial revenue and working capital.

**Why we use the measure and why it is useful to investors:** To evaluate operational efficiency. A lower or higher percentage

represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working

capital of Nutrien Financial has on the ratio.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Average current assets | 11240 | 10981 |
|  Average current liabilities | 7309 | 7424 |
|  Average working capital | 3931 | 3557 |
|  Average Nutrien Financial working capital | (3693) | (3561) |
|  Average working capital excluding Nutrien Financial | 238 | (4) |
|  Sales | 17620 | 17832 |
|  Nutrien Financial revenue | (376) | (361) |
|  Sales excluding Nutrien Financial | 17244 | 17471 |
|  Average working capital to sales (%) | 22 | 20 |
|  Average working capital to sales excluding Nutrien Financial (%) | 1 | – |

---

**60** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

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**Appendices<br>**

<br> **Nutrien Financial adjusted net interest margin** 

**Definition:** Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.

**Why we use the measure and why it is useful to investors:** Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Nutrien Financial revenue | 376 | 361 |
|  Deemed interest expense<sup>1</sup> | (177) | (174) |
|  Net interest | 199 | 187 |
|  Average Nutrien Financial net receivables | 3693 | 3561 |
|  Nutrien Financial adjusted net interest margin (%) | 5.4 | 5.3 |

---

1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.

**Retail cash operating coverage ratio** 

**Definition:** Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.

**Why we use the measure and why it is useful to investors:** To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Selling expenses | 3306 | 3418 |
|  General and administrative expenses | 172 | 191 |
|  Other expenses | 123 | 87 |
|  Operating expenses | 3601 | 3696 |
|  Depreciation and amortization in operating expenses | (714) | (751) |
|  Operating expenses excluding depreciation and amortization | 2887 | 2945 |
|  Gross margin | 4603 | 4621 |
|  Depreciation and amortization in cost of goods sold | 20 | 20 |
|  Gross margin excluding depreciation and amortization | 4623 | 4641 |
|  Cash operating coverage ratio (%) | 62 | 63 |

---

Nutrien Annual Report 2025 **61** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Appendices<br>**

<br> **Return on invested capital ("ROIC")** 

**Definition:** ROIC is calculated as net operating profit after taxes divided by the average invested capital for the last four rolling quarters.

Net operating profit after taxes, a non-GAAP financial measure, is calculated as earnings before finance costs and income taxes, depreciation and amortization related to the fair value adjustments as a result of the Merger (the merger of equals transaction between PotashCorp and Agrium), share-based compensation, and certain foreign exchange gain/loss (net of related derivatives) and Nutrien Financial earnings before finance costs and income taxes. The most directly comparable IFRS financial measure to net operating profit after taxes is earnings before finance costs and income taxes. We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: integration and restructuring related costs, impairment or reversal of impairment of assets, and gain or loss on disposal of certain businesses and investments. A tax rate of 25 percent is applied on the calculated amount.

Invested capital is calculated as last four rolling quarter average of total assets less cash and cash equivalents; payables and accrued charges; Merger fair value adjustments on goodwill, intangible assets, and property, plant and equipment; and average Nutrien Financial working capital.

We exclude in our calculations the related financial information of certain acquisitions during the first year following the acquisition.

**Why we use the measure and why it is useful to investors:** ROIC provides useful information to evaluate how efficiently we allocate our capital and is used as a component of employee remuneration calculations.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Earnings before finance costs and income taxes | 3736 | 1856 |
|  Merger adjustments<sup>1</sup> | 186 | 216 |
|  Restructuring costs | 68 | 47 |
|  Share-based compensation expense (recovery) | 163 | 37 |
|  Impairment of assets |  | 530 |
|  ARO/ERL related expense for non-operating sites | 2 | 151 |
|  Foreign exchange loss, net of related derivatives | 9 | 360 |
|  Loss related to financial instruments in Argentina |  | 35 |
|  Gain on sale of investment in Profertil | (301) |  |
|  Nutrien Financial earnings before finance costs and income taxes | (215) | (170) |
|  Net operating profit | 3648 | 3062 |
|  Tax (calculated at 25%) | 912 | 766 |
|  Net operating profit after tax | 2736 | 2296 |

---

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Average total assets | 52613 | 52579 |
|  Average cash and cash equivalents | (902) | (718) |
|  Average payables and accrued charges | (8488) | (8547) |
|  Average merger adjustments<sup>1</sup> | (9596) | (9628) |
|  Average Nutrien Financial receivables | (3693) | (3561) |
|  Invested capital | 29934 | 30125 |
|  Return on invested capital (%) | 9 | 8 |

---

1 Depreciation and amortization related to the fair value adjustments as a result of the Merger.

**62** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Appendices<br>**

<br> ## Other financial measures
Supplementary financial measures

Supplementary financial measures are financial measures disclosed by the Company that: (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) are not disclosed in the financial statements of the Company; (c) are not non-GAAP financial measures; and (d) are not non-GAAP ratios.

**Retail adjusted EBITDA margin:** Retail adjusted EBITDA divided by Retail sales for the last four rolling quarters.

**Sustaining capital expenditures:** Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.

**Investing capital expenditures:** Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures excludes capital outlays for business acquisitions and equity-accounted investees.

**Mine development and pre-stripping capital expenditures:** Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.

**Cash used for dividends and share repurchases:** Calculated as dividends paid to Nutrien's shareholders plus repurchase of common shares as reflected in the consolidated statements of cash flows. This measure is useful as it represents return of cash to shareholders.

Capital management measures

Capital management measures are financial measures disclosed by the Company that: (a) are intended to enable an individual to evaluate the Company's objectives, policies and processes for managing the Company's capital; (b) are not a component of a line item disclosed in the primary financial statements of the Company; (c) are disclosed in the notes of the financial statements of the Company; and (d) are not disclosed in the primary financial statements of the Company.

The following section outlines our capital management measure, its composition and why management uses the measure.

**Adjusted net debt to adjusted EBITDA:** Calculated as adjusted net debt to adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. This ratio measures financial leverage and our ability to pay our debt.

The most directly comparable measure for adjusted net debt is total short-term and long-term debt and lease liabilities less cash and cash equivalents and is defined as the total of short-term and long-term debt plus lease liabilities less cash and cash equivalents and unamortized fair value adjustments. This measure is useful as it adjusts for the unamortized fair value adjustments that arose at the time of the Merger and is non-cash in nature.

---

| | | |
|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** |
|  Short-term debt | 873 | 1534 |
|  Current portion of long-term debt | 513 | 1037 |
|  Current portion of lease liabilities | 346 | 356 |
|  Long-term debt | 9350 | 8881 |
|  Lease liabilities | 937 | 999 |
|  Total debt | 12019 | 12807 |
|  Cash and cash equivalents | (701) | (853) |
|  Unamortized fair value adjustments | (258) | (276) |
|  Adjusted net debt | 11060 | 11678 |

---

Nutrien Annual Report 2025 **63** 

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|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | **MD&A** | Five-year highlights | Financial statements and notes |

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**Appendices<br>**

<br> ## OTHER FINANCIAL INFORMATION

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Nature of financial**<br> **information and**<br> **consolidated**<br> **financial**<br> **statements**<br> **note reference** | **Description** |
| &nbsp;&nbsp;&nbsp; Off-Balance Sheet Arrangements<br>(Notes 5, 12, 22, 25 and 27) | &nbsp;&nbsp;&nbsp;&nbsp; Principal off-balance sheet activities primarily include:<br>–<br>Agreement to reimburse losses of Canpotex.<br>–<br>Issuance of guarantee contracts.<br>–<br>An agency arrangement with a financial institution in relation to certain customer loans.<br>–<br>Certain non-financial derivatives that were entered into and continued to be held for the purpose of the receipt or delivery of a non-financial item, such as grain or natural gas, in accordance with expected purchase, sale or usage requirements. Other derivatives are included on our balance sheet at fair value.<br>We do not reasonably expect any presently known trend or uncertainty to affect our ability to continue using these arrangements, except as indicated above. |
| &nbsp;&nbsp;&nbsp; Related Party Transactions<br>(Note 26) | Our main related party is Canpotex, a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer. |
| &nbsp;&nbsp;&nbsp; Financial Instruments and Other Instruments<br>(Note 5) | Our financial instruments are subject to various risks such as credit, liquidity and market risks. As discussed in the "Governance" section, our ELT is responsible for ensuring that our principal risks, including financial risks, are being appropriately identified, assessed and addressed. |

---

**Material accounting policies and Critical accounting estimates** 

Nutrien's material accounting policies are described in Note 28 of the audited Consolidated Financial Statements for the year ended December 31, 2025.

**Critical accounting estimates** 

We prepare our consolidated financial statements in accordance with IFRS, which requires us to make judgments, assumptions and estimates in applying accounting policies. Critical accounting estimates are those which are highly uncertain at the time they are made or where different estimates would be reasonably likely to have a material impact on our financial condition or results of operations. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board.

Refer to the notes to the consolidated financial statements for additional information on the following critical accounting estimates including methodology used for calculating our estimates (when applicable), key assumptions used, and factors considered in our estimates and judgments.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Consolidated**<br> **financial**<br> **statements**<br> **note reference** | **Critical accounting estimate description** |
| &nbsp;&nbsp;&nbsp; Notes 14 and 27 | **Long-lived asset impairments and reversals**<br>We review our assets, at each reporting period, for conditions to determine whether there is any indication that an impairment exists that could potentially impact the carrying amount of our long-lived assets to be held and used. When such indicators exist, impairment testing is performed. We review, at each reporting period, for possible reversal of the impairment for non-financial assets, other than goodwill. |

---

**64** Nutrien Annual Report 2025

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | **MD&A** | Five-year highlights | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Appendices<br>**

<br> ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Consolidated**<br> **financial**<br> **statements**<br> **note reference** | **Critical accounting estimate description** |
| &nbsp;&nbsp;&nbsp; Notes 14, 15 and 27 | **Goodwill impairment analysis**<br>We test our operating segments that have goodwill allocated to them when events or circumstances indicate that there could be an impairment, or at least annually on October 1. Goodwill is more susceptible to impairment risk if business operating results or economic conditions deteriorate and we anticipate not meeting our forecasts. The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions are based on historical data and our estimates of future results from internal sources considering industry and market information. Key assumptions in our testing models may change, and changes that could reasonably be expected to occur may cause impairment. Such change in assumptions could be driven by global supply and demand, other market factors, changes in regulations, and other future events outside our control. Refer to note 14 of the consolidated financial statements for sensitivity analysis. |
| &nbsp;&nbsp;&nbsp; Notes 22 and 27 | **Asset retirement obligations ("AROs") and accrued environmental costs ("ERLs") – measurement**<br>AROs and ERLs have a high degree of estimation uncertainty for future costs and estimated remediation timelines. The Potash and Phosphate segments have AROs and ERLs associated with their mining operations while the Corporate and Others segment has these liabilities for any non-operational sites. Refer to note 22 of the consolidated financial statements for sensitivity analysis.<br>For the Nitrogen segment, there are no significant AROs recorded as there is no reasonable basis for estimating a date or range of dates for cessation of operations. We considered the historical performance of our facilities as well as our planned maintenance, major upgrades and replacements, which can extend the useful lives beyond the foreseeable future. |

---

**Standards, amendments and interpretations effective and applied** 

The IASB and IFRS Interpretations Committee ("IFRIC") have issued certain standards and amendments or interpretations to existing standards that were effective, and we have applied.

In 2025, we adopted the following standards, amendments and annual improvements with no material impact on our consolidated financial statements:

– Lack of Exchangeability (Amendments to IAS 21)

**Standards, amendments and interpretations not yet effective and not applied** 

The IASB and IFRIC have issued the following standards, amendments or interpretations to existing standards that were not yet effective and not applied as at December 31, 2025.

The following amendments will be adopted in 2026 and are not expected to have a material impact on our consolidated financial statements:

– Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), effective January 1, 2026.

Based on our adoption work to date, we expect liabilities settled by cheque to be derecognized when the cheque is cleared and settled with the counterpart's bank, instead of when the cheque is written. This change will affect the timing of derecognition for certain trade and other payables but is not expected to have a material impact on the consolidated financial statements.

The following standard is being reviewed to determine the potential impact on our consolidated financial statements:

Presentation and Disclosure in Financial Statements (IFRS 18), effective January 1, 2027. In April 2024, the IASB issued IFRS 18, which will replace IAS 1 Presentation of Financial Statements. The new standard will require classification of income and expenses into specified categories of operating, investing and financing. The standard will also require defined subtotals including operating profit, and note disclosures including our management-defined performance measures ("MPMs"). The new standard also provides guidance on aggregation and disaggregation of disclosures. <br>

We will continue to assess the full impact of IFRS 18 and disclose any significant updates as our implementation progresses.

Nutrien Annual Report 2025 **65** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g21153g57f90.jpg)  | Overview | MD&A | **Five-year highlights** | Financial statements and notes |

---

**Five-year highlights<br>**

<br> ## FIVE-YEAR HIGHLIGHTS
The following information is not part of our MD&A on SEDAR+ and EDGAR and is furnished for those readers who may find value in the use of such information over the long term.

**Summary financial information** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ millions, except as otherwise noted) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Operations** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | 26885 | 25972 | 29056 | 37884 | 27712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings before finance costs and income taxes | 3736 | 1856 | 2745 | 10809 | 4781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net earnings | 2297 | 700 | 1282 | 7687 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted net earnings per share (dollars) | 4.66 | 1.36 | 2.53 | 14.18 | 5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 687 | 720 | 793 | 563 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA<sup>1</sup> | 6046 | 5355 | 6058 | 12170 | 7126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash provided by operating activities | 4007 | 3535 | 5066 | 8110 | 3886 |
|  **Balance sheet** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 52301 | 51840 | 52749 | 54586 | 49954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term debt and long-term debt (including leases) | 12019 | 12807 | 12566 | 11928 | 10846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 25365 | 24442 | 25201 | 25863 | 23699 |
|  **Common share information** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares (millions) | 487 | 494 | 497 | 540 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing share price on NYSE (dollars) | 61.72 | 44.75 | 56.33 | 73.03 | 75.20 |
|  **Operating segment information** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail net sales | 17620 | 17832 | 19542 | 21350 | 17734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potash net sales | 3593 | 2989 | 3759 | 7899 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitrogen net sales<sup>3</sup> | 4187 | 3576 | 4034 | 6988 | 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phosphate net sales | 1734 | 1657 | 1993 | 2377 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail adjusted EBITDA | 1736 | 1696 | 1459 | 2293 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potash adjusted EBITDA | 2254 | 1848 | 2404 | 5769 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitrogen adjusted EBITDA<sup>3</sup> | 2147 | 1880 | 1965 | 3913 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phosphate adjusted EBITDA | 382 | 384 | 470 | 594 | 540 |
|  **Capital allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sustaining capital expenditures<sup>2, 4</sup> | 1364 | 1468 | 1404 | 1449 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mine development and pre-stripping expenditures<sup>2, 4</sup> | 245 | 256 | 262 | 234 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investing capital expenditures<sup>2, 4</sup> | 396 | 430 | 934 | 792 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business acquisitions (net of cash acquired) | 23 | 21 | 153 | 407 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to Nutrien's shareholders | 1061 | 1060 | 1032 | 1031 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase of common shares, inclusive of related tax | 551 | 184 | 1047 | 4520 | 1035 |

---

---

| | |
|:---|:---|
| 1 | This is a non-GAAP financial measure. See the "Non-GAAP financial measures" section. Additional information relating to 2023, 2022 and 2021 is contained in the "Appendix A – non-GAAP financial measures" section of Nutrien's MD&A dated February 22, 2024 for the year ended December 31, 2023, "Appendix – Non-IFRS Financial Measures" section of Nutrien's MD&A dated February 16, 2023 for the year ended December 31, 2022 and "Appendix – Non-IFRS Financial Measures" section of Nutrien's MD&A dated February 17, 2022 for the year ended December 31, 2021, which information is incorporated by reference herein. Such MD&A are available on SEDAR+ at sedarplus.ca.  |

---

2 Certain immaterial 2023 figures have been reclassified.

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

4 This is a supplementary financial measure. See the "Other financial measures" section.

**66** Nutrien Annual Report 2025

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | **Five-year highlights** | Financial statements and notes | <br> ![LOGO](g21153g57f90.jpg)  |

---

**Five-year highlights<br>**

<br> **Summary production and sales volumes information** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Production (thousands)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Potash production (product tonnes) | 13966 | 14205 | 12998 | 13007 | 13790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitrogen production (total ammonia tonnes)<sup>1</sup> | 5706 | 5608 | 5357 | 5759 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phosphate production (P<sub>2</sub>O<sub>5</sub> tonnes) | 1360 | 1327 | 1406 | 1351 | 1518 |
|  **Sales of manufactured product tonnes (thousands)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail crop nutrients tonnes sold | 11860 | 12262 | 12632 | 11513 | 13383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potash tonnes sold | 14253 | 13886 | 13216 | 12537 | 13625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitrogen tonnes sold | 10888 | 10694 | 10423 | 10023 | 10725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phosphate tonnes sold | 2363 | 2434 | 2551 | 2378 | 2619 |

---

1 All figures are provided on a gross production basis.

Nutrien Annual Report 2025 **67** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

## FINANCIAL STATEMENTS AND NOTES

---

| | |
|:---|:---|
|  [**Management's responsibility for financial reporting**](#fins_toc23756_1) | **69** |
|  [**Reports of independent registered public accounting firm**](#fins_toc23756_2) | **70** |
|  [**Consolidated statements of earnings**](#fins_toc23756_3) | **72** |
|  [**Consolidated statements of comprehensive income**](#fins_toc23756_4) | **72** |
|  [**Consolidated statements of cash flows**](#fins_toc23756_5) | **73** |
|  [**Consolidated statements of changes in shareholders' equity**](#fins_toc23756_6) | **74** |
|  [**Consolidated balance sheets**](#fins_toc23756_7) | **75** |

---

---

| | | |
|:---|:---|:---|
|  **[Notes to the consolidated financial statements](#fins_toc23756_8)** | **[Notes to the consolidated financial statements](#fins_toc23756_8)** | **[Notes to the consolidated financial statements](#fins_toc23756_8)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[General information](#fins_toc23756_9)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[General information](#fins_toc23756_9)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[General information](#fins_toc23756_9)* |
| **1** | [\\| Description of business](#fins_toc23756_17) | 76 |
| **2** | [\\| Basis of presentation](#fins_toc23756_18) | 76 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Segment operations and management](#fins_toc23756_10)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Segment operations and management](#fins_toc23756_10)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Segment operations and management](#fins_toc23756_10)* |
| **3** | [\\| Segment information](#fins_toc23756_19) | 77 |
| **4** | [\\| Capital management](#fins_toc23756_20) | 81 |
| **5** | [\\| Financial instruments and related risk management](#fins_toc23756_21) | 82 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Detailed information on financial performance](#fins_toc23756_11)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Detailed information on financial performance](#fins_toc23756_11)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Detailed information on financial performance](#fins_toc23756_11)* |
| **6** | [\\| Nature of expenses](#fins_toc23756_22) | 86 |
| **7** | [\\| Share-based compensation](#fins_toc23756_23) | 86 |
| **8** | [\\| Other expenses (income)](#fins_toc23756_24) | 87 |
| **9** | [\\| Finance costs](#fins_toc23756_25) | 88 |
| **10** | [\\| Income taxes](#fins_toc23756_26) | 88 |
| **11** | [\\| Net earnings per share](#fins_toc23756_27) | 90 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Detailed information on financial position](#fins_toc23756_12)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Detailed information on financial position](#fins_toc23756_12)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Detailed information on financial position](#fins_toc23756_12)* |
| **12** | [\\| Receivables](#fins_toc23756_28) | 90 |
| **13** | [\\| Inventories](#fins_toc23756_29) | 91 |
| **14** | [\\| Property, plant and equipment](#fins_toc23756_30) | 92 |
| **15** | [\\| Goodwill and intangible assets](#fins_toc23756_31) | 94 |
| **16** | [\\| Investments](#fins_toc23756_32) | 96 |
| **17** | [\\| Other assets](#fins_toc23756_33) | 96 |
| **18** | [\\| Trade, other payables and accrued liabilities](#fins_toc23756_34) | 97 |
| **19** | [\\| Debt](#fins_toc23756_35) | 97 |
| **20** | [\\| Lease liabilities](#fins_toc23756_36) | 99 |
| **21** | [\\| Pension and other post-retirement benefits](#fins_toc23756_37) | 99 |
| **22** | [\\| Asset retirement obligations and accrued environmental costs](#fins_toc23756_38) | 102 |
| **23** | [\\| Share capital](#fins_toc23756_39) | 103 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Other disclosures](#fins_toc23756_13)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Other disclosures](#fins_toc23756_13)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*[Other disclosures](#fins_toc23756_13)* |
| **24** | [\\| Commitments](#fins_toc23756_40) | 103 |
| **25** | [\\| Guarantees](#fins_toc23756_41) | 104 |
| **26** | [\\| Related party transactions](#fins_toc23756_42) | 104 |
| **27** | [\\| Contingencies and other matters](#fins_toc23756_43) | 105 |
| **28** | [\\| Accounting policies, estimates and judgments](#fins_toc23756_44) | 106 |

---

**68** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Management's responsibility** 

## MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
Management's report on the consolidated financial statements

The accompanying consolidated financial statements and related financial information are the responsibility of the management of Nutrien Ltd. (the "Company"). They have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and include amounts based on estimates and judgments. Financial information included elsewhere in this report is consistent with the consolidated financial statements.

The consolidated financial statements are approved by the Board of Directors on the recommendation of the Audit Committee. The Audit Committee, appointed by the Board of Directors, is composed entirely of independent directors. The Audit Committee discusses and analyzes the Company's condensed consolidated financial statements and management's discussion and analysis ("MD&A") with management before such information is approved by the committee and submitted to securities commissions or other regulatory authorities. The Audit Committee and management also analyze the annual consolidated financial statements and MD&A prior to their approval by the Board of Directors.

The Board of Directors, through its Audit Committee, oversees management's responsibilities for financial reporting and internal controls. The Audit Committee's duties also include reviewing critical accounting policies and significant estimates and judgments underlying the consolidated financial statements as presented by management and approving the fees of our independent registered public accounting firm.

Our independent registered public accounting firm, KPMG LLP, performs an audit of the consolidated financial statements, the results of which are reflected in their Report of Independent Registered Public Accounting Firm for 2025. KPMG LLP has full and independent access to the Audit Committee to discuss their audit and related matters.

Management's annual report on internal control over financial reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR"), as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings. Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS.

Under our supervision and with the participation of management, the Company conducted an evaluation of the design and effectiveness of our internal control over financial reporting as at the end of the fiscal year covered by this report, based on the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013). Based on this evaluation, management concluded that, as at December 31, 2025, the Company maintained effective internal control over financial reporting. There has been no change in our ICFR during the three and twelve months ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, as reflected in their Report of Independent Registered Public Accounting Firm for 2025.

---

| | |
|:---|:---|
| ![LOGO](g23756g04s19.jpg) | <br>![LOGO](g23756g23l02.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Ken Seitz**<br> President and Chief Executive Officer<br> February 19, 2026 | **Mark Thompson**<br> Executive Vice President and Chief Financial Officer<br> February 19, 2026 |

---

Nutrien Annual Report 2025 **69** 

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Auditor's Report** 

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
**To the Shareholders and Board of Directors of Nutrien Ltd.** 

Opinion on Internal Control Over Financial Reporting

We have audited Nutrien Ltd.'s (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, changes in shareholders' equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 19, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

![LOGO](g23756g02s02.jpg)

Chartered Professional Accountants

Calgary, Canada

February 19, 2026

**70** Nutrien Annual Report 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Auditor's Report** 

## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
**To the Shareholders and Board of Directors of Nutrien Ltd.** 

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Nutrien Ltd. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, changes in shareholders' equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill Impairment Assessment of the Retail North America Group of Cash-Generating Units

As discussed in Note 15 to the consolidated financial statements, the carrying amount of goodwill as of December 31, 2025 was $12,136 million, of which $7,006 million of goodwill is attributed to the Retail North America group of cash-generating units ("Retail North America CGU"). The Retail North America CGU is tested for impairment annually, and whenever events or changes in circumstances may indicate the carrying amount, including goodwill, exceeds its estimated recoverable amount. The calculation of the recoverable amount of the Retail North America CGU involved estimates including the forecasted net earnings before finance costs, income taxes and depreciation and amortization ("EBITDA"), terminal growth rate and discount rate.

We identified the calculation of the recoverable amount of goodwill for the Retail North America CGU as of October 1, 2025 as a critical audit matter. A high degree of auditor judgment was required to evaluate the Company's forecasted EBITDA, terminal growth rate and discount rate used to calculate the recoverable amount of the Retail North America CGU. Minor changes to these assumptions could have had a significant effect on the Company's calculation of the recoverable amount of the Retail North America CGU. Additionally, the audit effort associated with this estimate required specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the calculation of the recoverable amount of goodwill for the Retail North America CGU. This included controls related to the determination of the forecasted EBITDA, terminal growth rate and discount rate. We evaluated the Company's forecasted EBITDA for the Retail North America CGU by comparing it to historical results taking into account changes in conditions and events affecting the Company. We evaluated the terminal growth rate by comparing it to the historical growth of the Retail North America CGU and to market information, including forecasted inflation and forecasted gross domestic product in the United States. We assessed the Company's ability to accurately forecast EBITDA by comparing historical forecasts of EBITDA to actual results. In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in:

– evaluating the Company's determination of the discount rate by comparing the inputs to the discount rate to publicly available market data and assessing the resulting discount rate, and

evaluating the Company's estimate of the recoverable amount of the Retail North America CGU by comparing the results of the Company's estimate to publicly available market data and valuation metrics for comparable entities. <br>

![LOGO](g23756g02s02.jpg)

Chartered Professional Accountants

We have served as the Company's auditor since 2018.

Calgary, Canada

February 19, 2026

Nutrien Annual Report 2025 **71** 

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Financial statements** 

## CONSOLIDATED STATEMENTS OF EARNINGS

---

| | | | |
|:---|:---|:---|:---|
| For the years ended December 31 | **Note** | **2025** | **2024** |
|  **Sales** | 3, 26 | 26885 | 25972 |
|  Freight, transportation and distribution | 6 | 936 | 956 |
|  Cost of goods sold | 6, 13 | 17602 | 17486 |
|  **Gross margin** |  | 8347 | 7530 |
|  Selling expenses | 6 | 3320 | 3435 |
|  General and administrative expenses | 6 | 600 | 644 |
|  Provincial mining taxes | 6 | 372 | 255 |
|  Share-based compensation expense | 7 | 163 | 37 |
|  Impairment of assets | 14, 15 |  | 530 |
|  Foreign exchange loss, net of related derivatives | 5 | 9 | 360 |
|  Gain on sale of investment in Profertil | 16 | (301) |  |
|  Other expenses | 8 | 448 | 413 |
|  **Earnings before finance costs and income taxes** |  | 3736 | 1856 |
|  Finance costs | 9 | 687 | 720 |
|  **Earnings before income taxes** |  | 3049 | 1136 |
|  Income tax expense | 10 | 752 | 436 |
|  **Net earnings** |  | 2297 | 700 |
|  Attributable to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity holders of Nutrien |  | 2267 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest |  | 30 | 26 |
|  **Net earnings** |  | 2297 | 700 |
|  **Net earnings per share attributable to equity holders of Nutrien ("EPS")** | 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic |  | 4.66 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted |  | 4.66 | 1.36 |
|  Weighted average shares outstanding for basic EPS | 11 | 486335000 | 494198000 |
|  Weighted average shares outstanding for diluted EPS | 11 | 486518000 | 494365000 |

---

## CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
| For the years ended December 31 (net of related income taxes) | **Note** | **2025** | **2024** |
|  **Net earnings** |  | 2297 | 700 |
|  Other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified to net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net actuarial gain on defined benefit plans | 21 | 6 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net fair value (loss) gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | (18) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Items that have been or may be subsequently reclassified to net earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on currency translation of foreign operations |  | 212 | (254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 24 | (52) |
|  **Other comprehensive income (loss)** |  | 224 | (234) |
|  **Comprehensive income** |  | 2521 | 466 |
|  Attributable to |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity holders of Nutrien |  | 2490 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest |  | 31 | 23 |
|  **Comprehensive income** |  | 2521 | 466 |

---

(See Notes to the consolidated financial statements)

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| | |
|:---|:---|
| **72** \| Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Financial statements** 

## CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
| For the years ended December 31 | **Note** | **2025** | **2024** |
|  **Operating activities** |  |  |  |
|  Net earnings |  | 2297 | 700 |
|  Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization |  | 2369 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 7 | 163 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of assets | 14, 15 |  | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of investment in Profertil | 16 | (301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for deferred income tax |  | 250 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributed (undistributed) earnings of equity-accounted investees |  | 65 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss related to financial instruments in Argentina | 8 |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term income tax receivables and payables | 17 | (65) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets, liabilities and miscellaneous |  | 12 | 311 |
|  Cash from operations before working capital changes |  | 4790 | 4022 |
|  Changes in non-cash operating working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables |  | (128) | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories and prepaid expenses and other current assets |  | (557) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade, other payables and accrued liabilities |  | (98) | (323) |
|  **Cash provided by operating activities** |  | 4007 | 3535 |
|  **Investing activities** |  |  |  |
|  Capital expenditures<sup>1</sup> | 14, 15 | (2005) | (2154) |
|  Business acquisitions, net of cash acquired |  | (23) | (21) |
|  (Purchase of) proceeds from investments, held within three months, net |  | (33) | 44 |
|  Purchase of investments |  | (94) | (112) |
|  Proceeds from sale of investments |  | 838 | 138 |
|  Net changes in non-cash working capital |  | 6 | 27 |
|  Other |  | (61) | (55) |
|  **Cash used in investing activities** |  | (1372) | (2133) |
|  **Financing activities** |  |  |  |
|  Repayment of debt, maturing within three months, net | 19 | (696) | (142) |
|  Proceeds from debt | 19 | 998 | 1022 |
|  Repayment of debt | 19 | (1089) | (659) |
|  Repayment of principal portion of lease liabilities | 19, 20 | (419) | (402) |
|  Dividends paid to Nutrien's shareholders | 23 | (1061) | (1060) |
|  Repurchase of common shares | 23 | (551) | (184) |
|  Issuance of common shares | 23 | 38 | 18 |
|  Other |  | (37) | (46) |
|  **Cash used in financing activities** |  | (2817) | (1453) |
|  **Effect of exchange rate changes on cash and cash equivalents** |  | 30 | (37) |
|  **Decrease in cash and cash equivalents** |  | (152) | (88) |
|  **Cash and cash equivalents – beginning of year** |  | 853 | 941 |
|  **Cash and cash equivalents – end of year** |  | 701 | 853 |
|  Cash and cash equivalents is composed of: |  |  |  |
|  Cash |  | 566 | 741 |
|  Short-term investments |  | 135 | 112 |
|  |  | 701 | 853 |
|  **Supplemental cash flows information** |  |  |  |
|  Interest paid |  | 738 | 740 |
|  Income taxes paid |  | 335 | 321 |
|  Total cash outflow for leases |  | 567 | 558 |

---

---

| | |
|:---|:---|
| 1 | Includes additions to property, plant and equipment, and intangible assets of $1,882 million and $123 million (2024 – $2,025 million and $129 million), respectively.  |

---

(See Notes to the consolidated financial statements)

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **73** |

---

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Financial statements** 

## CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Accumulated other<br>comprehensive<br>(loss) income ("AOCI")** | **Accumulated other<br>comprehensive<br>(loss) income ("AOCI")** | **Accumulated other<br>comprehensive<br>(loss) income ("AOCI")** | | | | |
| <br>(Inclusive of related tax) |<br>**Number of<br>common<br>shares** |<br>**Share<br>capital** |<br>**Contributed<br>surplus** | **(Loss) gain<br>on currency<br>translation of<br>foreign<br>operations** | **Other** | **Total<br>AOCI** |<br>**Retained<br>earnings** |<br>**Equity<br>holders<br>of Nutrien** |<br>**Non-<br>controlling<br>interest** |<br>**Total<br>equity** |
|  **Balance – December 31, 2023** | 494551730 | 13838 | 83 | (286) | (10) | (296) | 11531 | 25156 | 45 | 25201 |
|  Net earnings |  |  |  |  |  |  | 674 | 674 | 26 | 700 |
|  Other comprehensive (loss) income |  |  |  | (251) | 20 | (231) |  | (231) | (3) | (234) |
|  Shares repurchased for cancellation (Note 23) | (3944903) | (110) | (20) |  |  |  | (60) | (190) |  | (190) |
|  Dividends declared<sup>1</sup> (Note 23) |  |  |  |  |  |  | (1063) | (1063) |  | (1063) |
|  Non-controlling interest transactions |  |  |  |  |  |  |  |  | (33) | (33) |
|  Effect of share-based compensation including issuance of common shares (Note 7) | 418619 | 20 | 5 |  |  |  |  | 25 |  | 25 |
|  Transfer of net gain on sale of investment |  |  |  |  |  |  | 7 | 7 |  | 7 |
|  Transfer of net loss on cash flow hedges |  |  |  |  | 29 | 29 |  | 29 |  | 29 |
|  Transfer of net actuarial gain on defined benefit plans | – | – | – | – | (17) | (17) | 17 | – | – | – |
|  **Balance – December 31, 2024** | 491025446 | 13748 | 68 | (537) | 22 | (515) | 11106 | 24407 | 35 | 24442 |
|  Net earnings |  |  |  |  |  |  | 2267 | 2267 | 30 | 2297 |
|  Other comprehensive income |  |  |  | 211 | 12 | 223 |  | 223 | 1 | 224 |
|  Shares repurchased for cancellation (Note 23) | (9829408) | (275) | (10) |  |  |  | (275) | (560) |  | (560) |
|  Dividends declared<sup>1</sup> (Note 23) |  |  |  |  |  |  | (1059) | (1059) |  | (1059) |
|  Non-controlling interest transactions |  |  |  |  |  |  | 1 | 1 | (24) | (23) |
|  Effect of share-based compensation including issuance of common shares (Note 7) | 766195 | 46 | (1) |  |  |  |  | 45 |  | 45 |
|  Transfer of net gain on sale of investment |  |  |  |  | (27) | (27) | 27 |  |  |  |
|  Transfer of net gain on cash flow hedges |  |  |  |  | (1) | (1) |  | (1) |  | (1) |
|  Transfer of net actuarial gain on defined benefit plans |  |  |  |  | (6) | (6) | 6 |  |  |  |
|  Other | – | – | – | (3) | – | (3) | 3 | – | – | – |
|  **Balance – December 31, 2025** | 481962233 | 13519 | 57 | (329) | – | (329) | 12076 | 25323 | 42 | 25365 |

---

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| | |
|:---|:---|
| 1 | During the year, we declared dividends of $2.18 per share (2024 – $2.16 per share).  |

---

(See Notes to the consolidated financial statements)

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| | |
|:---|:---|
| **74** \| Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Financial statements** 

## CONSOLIDATED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
| As at December 31 | **Note** | **2025** | **2024** |
|  **Assets** |  |  |  |
|  Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 701 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables | 5, 12, 19, 26 | 5675 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories | 13 | 6977 | 6148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets |  | 1396 | 1401 |
|  |  | 14749 | 13792 |
|  Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 14 | 22747 | 22604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 15 | 12136 | 12043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 15 | 1667 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 16 | 144 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 17 | 858 | 884 |
|  **Total assets** |  | 52301 | 51840 |
|  **Liabilities** |  |  |  |
|  Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term debt | 19 | 873 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 19 | 513 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | 20 | 346 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade, other payables and accrued liabilities | 18, 26 | 9309 | 9118 |
|  |  | 11041 | 12045 |
|  Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 19 | 9350 | 8881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 20 | 937 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liabilities | 10 | 3666 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pension and other post-retirement benefit liabilities | 21 | 221 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations and accrued environmental costs | 22 | 1468 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 253 | 164 |
|  **Total liabilities** |  | 26936 | 27398 |
|  **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Share capital | 23 | 13519 | 13748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributed surplus |  | 57 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss |  | (329) | (515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings |  | 12076 | 11106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity holders of Nutrien |  | 25323 | 24407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest |  | 42 | 35 |
|  **Total shareholders' equity** |  | 25365 | 24442 |
|  **Total liabilities and shareholders' equity** |  | 52301 | 51840 |

---

(See Notes to the consolidated financial statements)

Approved by the Board of Directors,

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| | |
|:---|:---|
| ![LOGO](g23756g36u79.jpg) | ![LOGO](g23756g34o96.jpg) |
| Director | Director |

---

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **75** |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**General information** 

**Note 1** \| Description of business

Nutrien Ltd. (collectively with its subsidiaries, "Nutrien", "we", "us", "our" or "the Company") is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.

The Company is a corporation organized under the laws of Canada with its registered head office located at Suite 1700, 211 19th Street East, Saskatoon, Saskatchewan, Canada, S7K 5R6.

Our business operations are further categorized into upstream, midstream and downstream through our involvement across the agriculture value chain.

---

| | |
|:---|:---|
| **Upstream** | This is comprised of our low-cost production assets including mining and manufacturing of essential crop nutrients needed for fertilizer production, such as potash, nitrogen and phosphate. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Potash** | &nbsp;&nbsp;&nbsp;&nbsp; –<br>6 operations in the province of Saskatchewan<br>–<br>investment in Canpotex Limited ("Canpotex"), a Canadian potash export, sales and marketing company owned in equal shares by Nutrien and another potash producer<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nitrogen** | &nbsp;&nbsp;&nbsp;&nbsp; –<br>11 production and upgrade facilities in North America<br>–<br>1 facility in Trinidad<sup>1</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phosphate** | &nbsp;&nbsp;&nbsp;&nbsp; –<br>2 mines and processing plants: 1 in Florida and 1 in North Carolina<br>–<br>phosphate feed plants in Illinois, Missouri and Nebraska<br>–<br>1 industrial phosphoric acid plant in Ohio<br>|
| **Midstream** | This includes our global logistics and distribution network that facilitates our ability to efficiently and reliably sell and transport products from our facilities to our customers and downstream retail locations. |
| **Downstream** | We operate one of the largest global agriculture retail networks, allowing us to deliver crop inputs and services directly to farmers. |

---

1 Our Trinidad Nitrogen operations remain in a controlled shutdown as we continue to assess options to enhance its long-term financial performance.

Our Corporate function provides support and governance to the above business activities, as well as our non-core businesses.

**Note 2** \| Basis of presentation

We prepared these consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). We have consistently applied the same accounting policies throughout all periods presented, as if these policies had always been in effect, with the exception of the accounting standards adopted effective January 1, 2025, as disclosed in Note 28. These consolidated financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.

Certain immaterial 2024 figures have been reclassified in Note 3 Segment information.

These consolidated financial statements were authorized for issue by the Board of Directors on February 19, 2026.

Sensitivity analyses included throughout the notes should be used with caution as the changes are hypothetical and not reflective of future performance. The sensitivities have been calculated independently of changes in other key variables. We prepared these consolidated financial statements under the historical cost basis, except for items that IFRS requires to be measured at fair value. Reference to n/a indicates information is not applicable.

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| | |
|:---|:---|
| **76** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

**Segment operations and management** 

**Note 3** \| Segment information

We have four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Sales reported under our Corporate and Others segment relate to our non-core businesses.

Our Executive Leadership Team ("ELT"), which is comprised of officers at the Executive Vice President level and above, is the Chief Operating Decision Maker ("CODM"). Our CODM uses adjusted EBITDA, calculated as below, to measure performance and allocate resources to the operating segments. Our CODM considers adjusted EBITDA to be a meaningful measure because it is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. In addition, it excludes the impact of impairments and other costs that are centrally managed by our corporate function.

In 2025, the CODM reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been recorded in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the year ended December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
|  Sales |  | 173 |
|  Gross Margin |  | 8 |
|  EBITDA | | 4 |

---

We determine the composition of the reportable segments based on factors including risks and returns, internal organization and internal reports reviewed by the CODM. We allocate certain expenses across segments based on reasonable considerations such as production capabilities or historical trends.

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **77** |

---

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Downstream** | **Upstream and midstream** | **Upstream and midstream** | **Upstream and midstream** | | | |
| 2025 | **Retail** | **Potash** | **Nitrogen** | **Phosphate** |<br>**Corporate<br>and Others** |<br>**Eliminations** |<br>**Consolidated** |
|  Sales – third party | 17601 | 3571 | 3807 | 1660 | 246 |  | 26885 |
|  &nbsp;&nbsp;&nbsp;&nbsp; – intersegment | 19 | 424 | 932 | 298 | – | (1673) | – |
|  Sales – total | 17620 | 3995 | 4739 | 1958 | 246 | (1673) | 26885 |
|  Freight, transportation and distribution<sup>3</sup> | – | 402 | 552 | 224 | (1) | (241) | 936 |
|  Net sales | 17620 | 3593 | 4187 | 1734 | 247 | (1432) | 25949 |
|  Cost of goods sold | 13017 | 1581 | 2580 | 1590 | 220 | (1386) | 17602 |
|  Gross margin | 4603 | 2012 | 1607 | 144 | 27 | (46) | 8347 |
|  Selling expenses (recovery) | 3306 | 10 | 26 | 6 | (1) | (27) | 3320 |
|  General and administrative expenses | 172 | 10 | 18 | 8 | 392 |  | 600 |
|  Provincial mining taxes |  | 372 |  |  |  |  | 372 |
|  Share-based compensation expense |  |  |  |  | 163 |  | 163 |
|  Foreign exchange loss, net of related derivatives |  |  |  |  | 9 |  | 9 |
|  Gain on sale of investment in Profertil |  |  |  |  | (301) |  | (301) |
|  Other expenses (income) | 123 | 26 | 32 | 33 | 207 | 27 | 448 |
|  Earnings (loss) before finance costs and income taxes | 1002 | 1594 | 1531 | 97 | (442) | (46) | 3736 |
|  Depreciation and amortization | 734 | 660 | 616 | 285 | 74 | – | 2369 |
|  EBITDA<sup>1</sup> | 1736 | 2254 | 2147 | 382 | (368) | (46) | 6105 |
|  Restructuring costs |  |  |  |  | 68 |  | 68 |
|  Share-based compensation expense |  |  |  |  | 163 |  | 163 |
|  ARO/ERL related expenses for non-operating sites<sup>2</sup> |  |  |  |  | 2 |  | 2 |
|  Foreign exchange loss, net of related derivatives |  |  |  |  | 9 |  | 9 |
|  Gain on sale of investment in Profertil | – | – | – | – | (301) | – | (301) |
|  Adjusted EBITDA | 1736 | 2254 | 2147 | 382 | (427) | (46) | 6046 |

---

1 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

2 ARO/ERL refers to asset retirement obligations and accrued environmental costs. Refer to Note 22.

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

---

| | |
|:---|:---|
| **78** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Downstream** | **Upstream and midstream** | **Upstream and midstream** | **Upstream and midstream** | | | |
| 2024 | **Retail** | **Potash** | **Nitrogen** **<sup>1</sup>** | **Phosphate** |<br>**Corporate<br>and Others** **<br> <sup>1</sup>** |<br>**Eliminations** |<br>**Consolidated** |
|  Sales – third party | 17832 | 3008 | 3327 | 1610 | 195 |  | 25972 |
|  &nbsp;&nbsp;&nbsp;&nbsp; – intersegment | – | 370 | 807 | 278 | – | (1455) | – |
|  Sales – total | 17832 | 3378 | 4134 | 1888 | 195 | (1455) | 25972 |
|  Freight, transportation and distribution<sup>2</sup> | – | 389 | 558 | 231 | 4 | (226) | 956 |
|  Net sales | 17832 | 2989 | 3576 | 1657 | 191 | (1229) | 25016 |
|  Cost of goods sold | 13211 | 1448 | 2374 | 1510 | 170 | (1227) | 17486 |
|  Gross margin | 4621 | 1541 | 1202 | 147 | 21 | (2) | 7530 |
|  Selling expenses (recovery) | 3418 | 10 | 24 | 6 | 2 | (25) | 3435 |
|  General and administrative expenses | 191 | 12 | 22 | 14 | 405 |  | 644 |
|  Provincial mining taxes |  | 255 |  |  |  |  | 255 |
|  Share-based compensation expense |  |  |  |  | 37 |  | 37 |
|  Impairment of assets (Notes 14 and 15) | 335 |  | 195 |  |  |  | 530 |
|  Foreign exchange loss, net of related derivatives |  |  |  |  | 360 |  | 360 |
|  Other expenses (income) | 87 | 25 | (135) | 33 | 379 | 24 | 413 |
|  Earnings (loss) before finance costs and income taxes | 590 | 1239 | 1096 | 94 | (1162) | (1) | 1856 |
|  Depreciation and amortization | 771 | 609 | 589 | 290 | 80 | – | 2339 |
|  EBITDA | 1361 | 1848 | 1685 | 384 | (1082) | (1) | 4195 |
|  Restructuring costs |  |  |  |  | 47 |  | 47 |
|  Share-based compensation expense |  |  |  |  | 37 |  | 37 |
|  Impairment of assets (Notes 14 and 15) | 335 |  | 195 |  |  |  | 530 |
|  Loss related to financial instruments in Argentina |  |  |  |  | 35 |  | 35 |
|  ARO/ERL related expenses for non-operating sites |  |  |  |  | 151 |  | 151 |
|  Foreign exchange loss, net of related derivatives | – | – | – | – | 360 | – | 360 |
|  Adjusted EBITDA | 1696 | 1848 | 1880 | 384 | (452) | (1) | 5355 |

---

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

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

---

| | |
|:---|:---|
| **Retail segment product line** | **Sales** |
| Crop nutrients | Dry and liquid macronutrient and micronutrient products including potash, nitrogen and phosphate, specialty fertilizers and proprietary liquid micronutrient products. |
| Crop protection products | Various third-party supplier and proprietary products designed to maintain crop quality and manage plant diseases, weeds and other pests. |
| Seed | Various third-party supplier seed brands and proprietary seed product lines. |
| Services and other revenues | Product application, soil and leaf testing, crop scouting and precision agriculture services, water services and brokerage agency services. |
| Merchandise | Fencing, feed supplements, livestock-related animal health products, storage and irrigation equipment, and other products. |
| Nutrien Financial | Financing solutions provided to US and Australia Retail branches and customers in support of Nutrien's agricultural product and service sales. |

---

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **79** |

---

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

---

| | | |
|:---|:---|:---|
| **Segment** | **Products** | **Sales prices impacted by** |
|  Potash | &nbsp;&nbsp;&nbsp;&nbsp; –<br>North America – primarily granular<br>–<br>Offshore (international) – primarily granular and standard<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>North American prices referenced at delivered prices (including transportation and distribution costs)<br>–<br>International prices pursuant to term and spot contract prices (excluding transportation and distribution costs)<br>|
|  Nitrogen | &nbsp;&nbsp;&nbsp;&nbsp; –<br>Ammonia, urea and Environmentally Smart Nitrogen<sup>®</sup> ("ESN<sup>®</sup>"), and nitrogen solutions, nitrates and sulfates<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>Global cost and supply of natural gas<br>|
|  Phosphate | &nbsp;&nbsp;&nbsp;&nbsp; –<br>Solid and liquid fertilizers, and industrial and feed products<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>Global prices and supplies of ammonia and sulfur<br>|

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Retail sales by product line** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crop nutrients | 7285 | 7211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crop protection products | 6105 | 6313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seed | 2128 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services and other | 944 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchandise | 875 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Financial | 376 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Financial elimination<sup>1</sup> | (93) | (103) |
|  | 17620 | 17832 |
| **Potash sales by geography** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufactured product |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America | 1727 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offshore<sup>2</sup> | 2264 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other potash and purchased products | 4 | 1 |
|  | 3995 | 3378 |
| **Nitrogen sales by product line** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufactured product |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ammonia | 1218 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urea and ESN<sup>®</sup> | 1648 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solutions, nitrates and sulfates | 1641 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other nitrogen and purchased products<sup>3</sup> | 232 | 122 |
|  | 4739 | 4134 |
| **Phosphate sales by product line** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufactured product |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertilizer | 1275 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial and feed | 661 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other phosphate and purchased products | 22 | 24 |
|  | 1958 | 1888 |

---

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

---

| | |
|:---|:---|
| 2 | Relates to Canpotex, a major customer, and includes other revenue representing provisional pricing adjustments of $48 million (2024 – $4 million) (Note 26).  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales – third party by<br>customer location** | **Sales – third party by<br>customer location** | **Non-current assets at<br>December 31<sup>1</sup>** | **Non-current assets at<br>December 31<sup>1</sup>** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | 16326 | 15899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15773 |
| Canada | 2890 | 2872 | 19490 | 19281 |
| Australia | 3302 | 3305 | 997 | 948 |
| Canpotex (Note 26) | 2267 | 1658 |  |  |
| Trinidad | 61 | 69 | 735 | 730 |
| Brazil | 696 | 855 | 112 | 138 |
| Other South America | 645<sup>2</sup> | 733<sup>2</sup> | 63 | 63 |
| Other | 698<sup>3</sup> | 581<sup>3</sup> | 29 | 353 |
|  | 26885 | 25972 | 37121 | 37286 |

---

1 Excludes financial instruments (other than equity-accounted investees), deferred tax assets and post-employment benefit assets.

---

| | |
|:---|:---|
| 2 | Other South America third-party sales includes sales to Argentina of $301 million (2024 – $368 million).  |

---

---

| | |
|:---|:---|
| 3 | Other third-party sales primarily relate to Europe of $386 million (2024 – $317 million) and Others of $312 million (2024 – $264 million).  |

---

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| | |
|:---|:---|
| **80** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

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| | | |
|:---|:---|:---|
| Canpotex sales by market (%) | **2025** | **2024** |
| Latin America | 39 | 40 |
| Other Asian markets<sup>1</sup> | 29 | 28 |
| China | 11 | 13 |
| India | 6 | 7 |
| Other markets | 15 | 12 |

---

1 All Asian markets except China and India.

**Note 4** \| Capital management

Our capital allocation policy prioritizes safe and reliable operations, a strong and flexible balance sheet, return of capital to shareholders through a combination of stable and growing dividends and share repurchases, and a strategy to allocate remaining cash flow to high-value growth opportunities. We monitor our capital structure and based on changes in economic conditions, may adjust allocation of capital accordingly.

We have access to the capital markets through our base shelf prospectus discussed further below. We use a combination of short-term and long-term debt to finance our operations. We typically pay floating rates of interest on short-term debt and credit facilities, and fixed rates on senior notes and debentures.

We include adjusted total debt and shareholders' equity as components of our capital structure. We monitor the following measures to evaluate our ability to service debt, make strategic investments and ensure we are in compliance with our debt covenants:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Adjusted net debt to adjusted EBITDA | 1.8 | 2.2 |
|  Adjusted EBITDA to adjusted finance costs | 8.6 | 7.2 |
|  Debt to capital (calculated as adjusted total debt to adjusted capital) (Limit: 0.65 : 1.00) | 0.32 : 1.00 | 0.35 : 1.00 |

---

Adjusted EBITDA is calculated in Note 3, while the calculations of the remaining components in the above ratios are set out in the following tables:

---

| | | |
|:---|:---|:---|
| As at December 31 | **2025** | **2024** |
|  Short-term debt | 873 | 1534 |
|  Current portion of long-term debt | 513 | 1037 |
|  Current portion of lease liabilities | 346 | 356 |
|  Long-term debt | 9350 | 8881 |
|  Lease liabilities | 937 | 999 |
|  Total debt | 12019 | 12807 |
|  Letters of credit – financial | 75 | 101 |
|  Adjusted total debt | 12094 | 12908 |
| As at December 31 | **2025** | **2024** |
|  Total debt | 12019 | 12807 |
|  Cash and cash equivalents | (701) | (853) |
|  Net unamortized fair value adjustments | (258) | (276) |
|  Adjusted net debt | 11060 | 11678 |
| As at December 31 | **2025** | **2024** |
|  Total shareholders' equity | 25365 | 24442 |
|  Adjusted total debt | 12094 | 12908 |
|  Adjusted capital | 37459 | 37350 |

---

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **81** |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Finance costs (Note 9) | 687 | 720 |
|  Unwinding of discount on asset retirement obligations (Note 22) | (50) | (49) |
|  Borrowing costs capitalized to property, plant and equipment | 71 | 82 |
|  Interest on net defined benefit pension and other post-retirement plan obligations | (4) | (5) |
|  Adjusted finance costs | 704 | 748 |

---

In 2024, we filed a base shelf prospectus in Canada and the US qualifying the issuance of common shares, debt securities and other securities during a period of 25 months from March 22, 2024. In 2025 and 2024, we issued senior notes of $1.0 billion and $1.0 billion, respectively, pursuant to the base shelf prospectus and the applicable prospectus supplement. Refer to Note 19 for details.

**Note 5** \| Financial instruments and related risk management

Our ELT, along with the Board of Directors (including Board committees), is responsible for monitoring our risk exposures and managing our policies to address these risks. Our strategic and risk management processes are integrated to ensure we understand the benefit from the relationship between strategy, risk and value creation. Outlined below are our risk management strategies we have developed to mitigate the financial market risks that we are exposed to.

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| | |
|:---|:---|
| **Credit risk** | **Risk management strategies** |
| Receivables from customers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – establish credit approval policies and procedures for new and existing customers<br> – extend credit to qualified customers through:<br> – review of credit agency reports, financial statements and/or credit references, as available<br> – review of existing customer accounts every 12 to 24 months based on the credit limit amounts<br> –<br>evaluation of customer and country risk for international customers<br>– establish credit period:<br> –<br>15 and 30 days for wholesale fertilizer customers<br>–<br>30 days for industrial and feed customers<br>–<br>30 to 360 days for Retail customers, including Nutrien Financial<br>–<br>up to 180 days for select export sales customers, including Canpotex<br>– transact on a cash basis with certain customers who may not meet specified benchmark creditworthiness or cannot provide other evidence of ability to pay<br> – execute agency arrangements with financial institutions or other partners with which we have only a limited recourse involvement<br> – sell receivables to financial institutions which substantially transfer the risks and rewards<br> – set eligibility requirements to limit the risk of the receivables<br> – may require security over certain crop or livestock inventories<br> – set up provision using the lifetime expected credit loss method considering all possible default events over the expected life of a financial instrument. Receivables are grouped based on days past due and/or customer credit risk profile. Estimated losses on receivables are based on known troubled accounts and historical experience of losses incurred. Receivables are considered to be in default and written off against the allowance when it is probable that all remaining contractual payments due will not be collected in accordance with the terms of the agreement. |
| Cash and cash equivalents and other receivables | &nbsp;&nbsp;&nbsp;&nbsp; –<br>require acceptable minimum counterparty credit ratings<br>–<br>limit counterparty or credit exposure<br>–<br>select counterparties with investment-grade quality<br>|

---

Aging of receivables (%) as at December 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Retail**<br> **(Nutrien**<br> **Financial)** | **Retail<br>(excluding**<br> **Nutrien**<br> **Financial)** | **Potash,**<br> **Nitrogen and**<br> **Phosphate** | **Retail**<br> **(Nutrien<br>Financial)** | **Retail**<br> **(excluding<br>Nutrien<br>Financial)** | **Potash,<br>Nitrogen and<br>Phosphate** |
|  Current | 78 | 67 | 97 | 76 | 70 | 94 |
|  30 days or less past due | 11 | 9 | 3 | 13 | 9 | 6 |
|  31 – 90 days past due | 4 | 2 |  | 4 | 3 |  |
|  Greater than 90 days past due | 7 | 22 | – | 7 | 18 | – |
|  | 100 | 100 | 100 | 100 | 100 | 100 |

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| | |
|:---|:---|
| **82** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

Maximum exposure to credit risk as at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Cash and cash equivalents | 701 | 853 |
|  Receivables (excluding income tax receivable) (Note 12) | 5540 | 5145 |
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998 |

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| | |
|:---|:---|
| **Liquidity risk** | **Risk management strategies** |
| Access to cash | &nbsp;&nbsp;&nbsp;&nbsp; –<br>establish an external borrowing policy to maintain sufficient liquid financial resources to fund our operations and meet our commitments and obligations in a cost-effective manner<br>–<br>maintain an optimal capital structure<br>–<br>maintain investment-grade credit ratings that provide ease of access to the debt capital and commercial paper markets<br>–<br>maintain sufficient short-term credit availability<br>–<br>uphold long-term relationships with a sufficient number of high-quality and diverse lenders<br>–<br>enter into financial arrangements (e.g., Blue Chip Swaps) to remit cash from certain foreign jurisdictions<br>Refer to Note 19 for our available credit facilities. |

---

The following maturity analysis of our financial liabilities and gross settled derivative contracts (for which the cash flows are settled simultaneously) is based on the expected undiscounted contractual cash flows from the date of the consolidated balance sheets to the contractual maturity date.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 2025 | **Carrying amount<br>of liability as at<br>December 31** | **Contractual<br>cash**<br> **flows** | **Within<br>1 year** | **1 to 3<br>years** | **3 to 5<br>years** | **Over 5<br>years** |
| Short-term debt | 873 | 873 | 873 |  |  |  |
| Trade, other payables and accrued liabilities<sup>1</sup> | 8763 | 8763 | 8763 |  |  |  |
| Long-term debt, including current portion<sup>2, 3</sup> | 9966 | 15477 | 995 | 2503 | 1949 | 10030 |
| Lease liabilities, including current portion<sup>2, 3</sup> | 1290 | 1497 | 395 | 469 | 239 | 394 |
| Derivatives | 8 | 8 | 8 | – | – | – |
|  | 20900 | 26618 | 11034 | 2972 | 2188 | 10424 |

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| | |
|:---|:---|
| 1 | Excludes non-financial liabilities and financial liabilities included elsewhere in the table, including derivatives and accrued interest related to long-term debt and lease liabilities. Includes payables of approximately $2.9 billion related to our supplier financing arrangement. These payables were paid in January 2026.  |

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| | |
|:---|:---|
| 2 | Carrying amount of long-term debt and lease liabilities includes accrued interest from trade, other payables and accrued liabilities.  |

---

3 Contractual cash flows include contractual interest payments related to debt obligations and lease liabilities. Interest rates on debt with variable rates are based on the prevailing rates as at December 31, 2025.

Supplier financing arrangements

We enter into contractual arrangements whereby we advance payment to suppliers under inventory prepayment programs to secure product discounts on future inventory purchases. Under these arrangements, we may use financial institutions to remit payment directly to the supplier in accordance with the contractual payment terms. We classify the obligations under these arrangements within trade, other payables and accrued liabilities as the settlement with the financial institution occurs within the normal payment terms with the supplier.

Carrying amounts of liabilities under supplier financing arrangements, presented within trade, other payables and accrued liabilities, were $2,888 at December 31, 2025 (2024 – $2,710), of which amounts remitted to suppliers were $2,888 (2024 – $2,710).

The amounts payable to the financial institution are due within 50 days from the date of payment to the supplier. Our normal payment terms for trade and other payables that are not part of supplier financing arrangements are 60 days from invoice date. The associated payments of amounts classified within trade, other payables and accrued liabilities are included in cash provided by operating activities within the Consolidated statements of cash flows.

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **83** |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Notes** 

---

| | | | |
|:---|:---|:---|:---|
| **Market risks** | **Account** | **Risk management strategies** |  |
| Interest rate | Short-term and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp; –<br>use a portfolio of fixed and floating rate instruments<br>–<br>align current and long-term assets with demand and fixed-term debt<br>–<br>monitor the effects of market changes in interest rates<br>–<br>use interest rate swaps, if desired<br>| We did not believe we have material exposure to interest, price or foreign exchange risk on our financial instruments as at December 31, 2025 and 2024. |
| Price | Natural gas derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp; –<br>diversify our forecast gas volume requirements, including a portion of annual requirements purchased at spot market prices, a portion at fixed prices (up to 10 years) and a portion indexed to the market price of ammonia<br>–<br>acquire a reliable supply of natural gas feedstock and fuel on a location-adjusted, cost-competitive basis and hold firm pipeline transportation to our operating sites<br>| We did not believe we have material exposure to interest, price or foreign exchange risk on our financial instruments as at December 31, 2025 and 2024. |
| Price | Investment at fair value | &nbsp;&nbsp;&nbsp;&nbsp; –<br>ensure the security of principal amounts invested<br>–<br>provide for an adequate degree of liquidity<br>–<br>achieve a satisfactory return<br>| We did not believe we have material exposure to interest, price or foreign exchange risk on our financial instruments as at December 31, 2025 and 2024. |
| Foreign exchange | Financial instruments in a foreign currency | &nbsp;&nbsp;&nbsp;&nbsp; –<br>execute foreign currency derivative contracts within certain prescribed limits for both actual and forecasted expenditures to manage the impact to cash flows and earnings, including those related to our equity-accounted investees, that could occur from a reasonably possible strengthening or weakening of the US dollar<br>|  |

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Foreign currency derivatives

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Foreign exchange (gain) loss | (2) | 14 |
|  Hyperinflationary loss<sup>1</sup> |  | 97 |
|  Loss on foreign currency derivatives at fair value through profit or loss | 11 | 249 |
|  Foreign exchange loss, net of related derivatives | 9 | 360 |

---

1 In 2025 the functional currency of our Argentina operations changed from the Argentine peso to the US dollar and was applied prospectively from the date of change, eliminating the need for hyperinflationary adjustments.

In 2024, we entered into various foreign currency derivative contracts. The losses on our foreign currency derivatives were primarily related to Brazil, which matured in July 2024. As of December 31, 2024, outstanding derivative contracts were related to our ongoing risk management strategy.

The fair value of our net foreign exchange currency derivative assets (liabilities) as at December 31, 2025 was $11 million (December 31, 2024 – $(13) million). The following table presents the significant foreign currency derivatives that existed as at December 31:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
|  | **Notional** | **Maturities<br>(year)** | **Average<br>contract**<br> **rate<br>(1:1)** | **Notional** | **Maturities<br>(year)** | **Average<br>contract<br>rate<br>(1:1)** |
| **Derivatives not designated as hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forwards (Sell/buy) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD/Canadian dollars ("CAD") | 505 | 2026 | 1.3700 | 604 | 2025 | 1.4382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian real ("BRL")/USD | 60 | 2026 | 5.6100 | 233 | 2025 | 5.5383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian dollars ("AUD")/USD | 139 | 2026 | 1.5200 | 89 | 2025 | 1.5341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD/BRL | 50 | 2026 | 6.1000 | 47 | 2025 | 5.7470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD/AUD | 5 | 2026 | 1.5100 | 7 | 2025 | 1.6081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand dollars ("NZD")/AUD | 1 | 2026 | 1.6900 |  |  |  |
| **Derivatives designated as hedges** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forwards (Sell/buy) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD/CAD | 854 | 2026 | 1.3800 | 538 | 2025 | 1.3828 |

---

---

| | |
|:---|:---|
| **84** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

Fair value

---

| | |
|:---|:---|
| **Financial instruments at fair value** | **Fair value method and associated level within the fair value hierarchy** |
| Cash and cash equivalents | Carrying amount (approximation to fair value assumed due to short-term nature) |
| Equity securities | Closing bid price of the common shares (Level 1) as at the balance sheet date |
| Debt securities | Closing bid price of the debt or other instruments with similar terms and credit risk (Level 2) as at the balance sheet date |
| Foreign exchange forward contracts, swaps and options, and natural gas swaps not traded in an active market | Based on quoted forward exchange rates or a discounted cash flow ("DCF") model. Inputs included contractual cash flows based on prices for natural gas futures contracts, fixed prices and notional volumes specified by the swap contracts, the time value of money, liquidity risk, our own credit risk (related to instruments in a liability position) and counterparty credit risk (related to instruments in an asset position). Futures contract prices used as inputs in the model were supported by prices quoted in an active market and therefore categorized in Level 2. |
| **Financial instruments at amortized cost** | **Fair value method** |
| Receivables, short-term debt, and trade, other payables and accrued liabilities | Carrying amount (approximation to fair value assumed due to short-term nature) |
| Long-term debt | Quoted market prices (Level 1 or 2 depending on the market liquidity of the debt), for fair value disclosure purposes |
| Other long-term debt instruments | Carrying amount (approximation to fair value) |

---

The following table presents our fair value hierarchy for financial instruments carried at fair value on a recurring basis or measured at amortized cost and require fair value disclosure. The table does not include fair value information for financial instruments that are measured using their carrying amount as a reasonable approximation of fair value.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
| <br>Financial assets (liabilities) measured at | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** | **Carrying<br>amount** | **Level 1** | **Level 2** | **Level 3** |
| **Fair value on a recurring basis<sup>1</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instrument assets | 20 |  | 20 |  | 22 |  | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current financial assets – marketable securities<sup>2</sup> | 148 | 32 | 116 |  | 108 | 23 | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value through other comprehensive income ("FVTOCI") (Note 16) | 10 |  |  | 10 | 221 | 211 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instrument liabilities | (8) |  | (8) |  | (33) |  | (33) |  |
| **Amortized cost** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes and debentures | (500) | (500) |  |  | (999) | (1002) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed and floating rate debt | (13) |  | (13) |  | (38) |  | (38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes and debentures | (9337) | (5676) | (3274) |  | (8866) | (3309) | (4953) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed and floating rate debt | (13) | – | (13) | – | (15) | – | (15) | – |

---

1 During 2025 and 2024, there were no transfers between levels for financial instruments measured at fair value on a recurring basis. Our policy is to recognize transfers at the end of the reporting period.

2 Marketable securities consist of equity and debt securities.

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **85** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

**Detailed information on financial performance** 

**Note 6** \| Nature of expenses

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Purchased and produced raw materials and product for resale<sup>1</sup> | 14325 | 14289 |
| Depreciation and amortization | 2369 | 2339 |
| Employee costs<sup>2</sup> | 3043 | 3077 |
| Freight | 1097 | 1133 |
| Impairment of assets (Notes 14 and 15) |  | 530 |
| Provincial mining taxes<sup>3</sup> | 372 | 255 |
| Restructuring costs | 68 | 47 |
| Contract services | 866 | 793 |
| Lease expense | 102 | 110 |
| Fleet fuel, repairs and maintenance | 333 | 354 |
| Loss related to financial instruments in Argentina |  | 35 |
| ARO/ERL related expenses for non-operating sites (Note 22) | 2 | 151 |
| Bad debt | 85 | 117 |
| Project feasibility | 108 | 92 |
| Customer prepayment costs | 63 | 58 |
| Foreign exchange loss, net of related derivatives | 9 | 360 |
| Earnings of equity-accounted investees | (37) | (130) |
| Gain on sale of investment in Profertil (Note 16) | (301) |  |
| Other expenses | 645 | 506 |
| Total cost of goods sold and expenses | 23149 | 24116 |

---

1 Significant expenses include supplies, energy, fuel, purchases of raw material (natural gas – feedstock, sulfur, ammonia and reagents) and product for resale (crop nutrients, crop protection products and seed).

2 Includes salaries and wages, employee benefits, and share-based compensation.

---

| | |
|:---|:---|
| 3 | Includes Saskatchewan potash production tax and Saskatchewan resource surcharge of $259 million and $113 million (2024 – $161 million and $94 million), respectively, as required under Saskatchewan provincial legislation.  |

---

**Note 7** \| Share-based compensation

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Plans** | **Eligibility** | **Granted** | **Vesting period** | **Maximum<br>term** | **Settlement** |
| Stock Options | Officers and<br>eligible employees | Annually | 25 percent per year over four years | 10 years | Shares<sup>1</sup> |
| Performance Share Units ("PSUs") | Officers and<br>eligible employees | Annually | On third anniversary of grant date based on total shareholder return relative to PSU peer group (75 percent weighting) and return on invested capital (25 percent weighting) | Not applicable | Cash |
| Restricted Share Units<br>("RSUs") | Officers and<br>eligible employees | Annually | On third anniversary of grant date and not subject to performance conditions | Not applicable | Cash |
| Deferred Share Units<br>("DSUs") | Non-executive<br>directors | At the discretion of the Board of Directors | Fully vest upon grant | Not applicable | Cash<sup>2</sup> |
| Stock Appreciation Rights ("SARs") | Awards no longer<br>granted; legacy<br>awards only | Awards no longer granted; legacy awards only | 25 percent per year over four years | 10 years | Cash |

---

1 Stock options may also be settled by cash settlement or, if approved by the Company, by a broker-assisted "cashless exercise" arrangement or a "net exercise" arrangement.

---

| | |
|:---|:---|
| 2 | Directors can redeem their DSUs for cash only when they leave the Board of Directors for an amount equal to the market value of the common shares at the time of redemption or as mandated by the Nutrien DSU Plan.  |

---

---

| | |
|:---|:---|
| **86** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

---

| | | | |
|:---|:---|:---|:---|
| | | **Year of grant** | **Year of grant** |
| <br>**Stock options** | <br>**Based on** | **2025** | **2024** |
|  Weighted average grant date fair value per option | Black-Scholes-Merton option-pricing model as of the date of the grant | 14.12 | 14.22 |
|  Weighted average assumptions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercise price per option | Quoted market closing price of common shares on the last trading day immediately preceding the date of the grant | 53.29 | 53.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected annual dividend yield (%) | Annualized dividend rate as of the date of the grant | 4.15 | 4.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected volatility (%) | Historical volatility of Nutrien's shares over a period commensurate with the expected life of the grant | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk-free interest rate (%) | Zero-coupon government issues implied yield available on equivalent remaining term at the time of the grant | 4.34 | 4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average expected life of options (years)<br>| Historical experience | 8.5 | 8.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Compensation expense (recovery)** | **Compensation expense (recovery)** |
|  | <br>**Units granted<br>in 2025** | <br>**Units outstanding<br>as at December 31, 2025** | **2025** | **2024** |
| Stock options | 556585 | 2445677 | 7 | 7 |
| PSUs | 744362 | 1847420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 3 |
| RSUs | 975766 | 2382090 | 65 | 30 |
| DSUs | 41732 | 465830 | 11 | (2)  |
| SARs | – | 47584 | – | (1)  |
|  |  |  | 163 | 37 |

---

**Note 8** \| Other expenses (income)

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Restructuring costs | 68 | 47 |
| Earnings of equity-accounted investees | (37) | (130) |
| Bad debt expense | 85 | 117 |
| Project feasibility costs | 108 | 92 |
| Customer prepayment costs | 63 | 58 |
| Legal expenses | 21 | 47 |
| ARO/ERL related expenses for non-operating sites (Note 22) | 2 | 151 |
| Loss on natural gas derivatives not designated as hedge |  | 8 |
| Loss related to financial instruments in Argentina |  | 35 |
| Insurance recoveries | (1) | (65) |
| Other expenses | 139 | 53 |
|  | 448 | 413 |

---

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **87** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

**Note 9** \| Finance costs

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term debt | 178 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 503 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 65 | 63 |
| Total interest expense | 746 | 765 |
| Unwinding of discount on asset retirement obligations (Note 22) | 50 | 49 |
| Interest on net defined benefit pension and other post-retirement plan obligations (Note 21) | 4 | 5 |
| Borrowing costs capitalized to property, plant and equipment | (71) | (82) |
| Interest income | (51) | (28) |
| Other finance costs | 9 | 11 |
|  | 687 | 720 |

---

Borrowing costs capitalized to property, plant and equipment in 2025 were calculated by applying an average capitalization rate of 5.3 percent (2024 – 5.3 percent) to expenditures on qualifying assets.

**Note 10** \| Income taxes

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Current income tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense for current year | 491 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments in respect of prior years | 11 | (4) |
|  Total current income tax expense | 502 | 405 |
|  Deferred income tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Origination and reversal of temporary differences | 235 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments in respect of prior years | 7 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in recognition of tax losses and deductible temporary differences | 8 | – |
|  Total deferred income tax expense | 250 | 31 |
|  Income tax expense included in net earnings | 752 | 436 |

---

We operate in a specialized industry and in several tax jurisdictions; as a result, our earnings are subject to various rates of taxation. We have operations in countries where the global minimum top-up tax under Pillar Two tax legislation has been enacted. Our current exposure is minimal.

---

| | |
|:---|:---|
| **88** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

The provision for income taxes differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings before income taxes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **2025** | **2024** |
|  Earnings (loss) before income taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada |  |  | 1182 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States |  |  | 1089 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia |  |  | 162 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 616 | (441) |
|  |  |  | 3049 | 1136 |
|  Canadian federal and provincial statutory income tax rate (%) |  |  | 27 | 27 |
|  Income tax at statutory rates |  |  | 823 | 307 |
|  Adjusted for the effect of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of foreign tax rates |  |  | (181) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-taxable income |  |  | (43) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Production-related deductions |  |  | (37) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes |  |  | 91 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current year losses for which no deferred tax asset is recognized | &nbsp;&nbsp;&nbsp;&nbsp; Current year losses for which no deferred tax asset is recognized | &nbsp;&nbsp;&nbsp;&nbsp; Current year losses for which no deferred tax asset is recognized | 42 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in estimates related to prior years | &nbsp;&nbsp;&nbsp;&nbsp; Change in estimates related to prior years | &nbsp;&nbsp;&nbsp;&nbsp; Change in estimates related to prior years | 24 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses | &nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses | &nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses | 4 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax authority examinations |  |  | 1 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 28 | 11 |
|  Income tax expense included in net earnings |  |  | 752 | 436 |
|  | **Deferred income tax (assets)<br>liabilities** | **Deferred income tax (assets)<br>liabilities** | **Deferred income tax (recovery)<br>expense recognized in net<br>earnings** | **Deferred income tax (recovery)<br>expense recognized in net<br>earnings** |
| As at December 31 | **2025** | **2024** | **2025** | **2024** |
|  Deferred income tax assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations and accrued environmental costs | (410) | (411) | 1 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | (313) | (304) | (9) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax loss and other carryforwards | (164) | (334) | 170 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pension and other employment benefits | (141) | (96) | (48) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories | (102) | (99) | (3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade, other payables and accrued liabilities | (102) | (102) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | (82) | (88) | 6 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables | (66) | (63) | (3) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | (7) | (1) | (6) |  |
|  Deferred income tax liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 4622 | 4470 | 152 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill and intangible assets | 115 | 137 | (22) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 40 | 29 | 12 | (1) |
|  | 3390 | 3138 | 250 | 31 |

---

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **89** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

---

| | | |
|:---|:---|:---|
| As at December 31, 2025 | **Amount** | **Expiry date** |
|  Unused federal operating losses | 1609 | 2026 – Indefinite |
|  Unused federal capital losses | 722 | Indefinite |
|  Unused investment tax credits | 11 | 2030 - 2044 |

---

The unused tax losses and credits with no expiry dates can be carried forward indefinitely. As at December 31, 2025, we had $2,895 million of federal tax losses and deductible temporary differences for which we did not recognize deferred tax assets.

We have determined that it is probable that all recognized deferred tax assets will be realized through a combination of future reversals of temporary differences and taxable income.

We did not recognize deferred tax liabilities related to temporary differences associated with investments in subsidiaries and equity-accounted investees amounting to $8,575 million as at December 31, 2025 (2024 – $7,644 million).

**Note 11** \| Net earnings per share

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Weighted average number of common shares | 486335000 | 494198000 |
|  Dilutive effect of stock options | 183000 | 167000 |
|  Weighted average number of diluted common shares | 486518000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494365000 |

---

Options excluded from the calculation of diluted net earnings per share due to the option exercise prices being greater than the average market price of common shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  Number of options excluded | | &nbsp;&nbsp;&nbsp;&nbsp;1,681,305 | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,056,982 |

---

**Detailed information on financial position** 

**Note 12** \| Receivables

---

| | | | |
|:---|:---|:---|:---|
| As at December 31 |  | **2025** | **2024** |
|  Receivables from customers | **Segment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Third parties | Retail (Nutrien Financial)<sup>1</sup> | 3163 | 2937 |
|  | Retail | 1186 | 1211 |
|  | Potash, Nitrogen, Phosphate | 649 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Related party – Canpotex | Potash (Note 26) | 279 | 122 |
|  Less allowance for expected credit losses of receivables from customers |  | (197) | (167) |
|  |  | 5080 | 4635 |
|  Rebates |  | 250 | 239 |
|  Income taxes (Note 10) |  | 135 | 245 |
|  Other receivables |  | 210 | 271 |
|  |  | 5675 | &nbsp;&nbsp;&nbsp;&nbsp;5390 |

---

---

| | |
|:---|:---|
| 1 | Includes $2,797 million of very low risk of default and $366 million of low risk of default (2024 – $2,531 million of very low risk of default and $406 million of low risk of default).  |

---

---

| | |
|:---|:---|
| **90** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

Qualifying receivables from customers financed by Nutrien Financial represent high-quality receivables from customers that have been rated very low to low risk of default among Retail's receivables from customers.

Customer credit with a financial institution of $425 million as at December 31, 2025, related to our agency agreement, is not recognized in our consolidated balance sheets. Through the agency agreement, we only have a limited recourse involvement to the extent of an indemnification of the financial institution to a maximum of 5 percent (2024 – 5 percent) of the qualified customer loans. Historical indemnification losses on this arrangement have been negligible, and the average aging of the customer loans with the financial institution is current.

**Note 13** \| Inventories

---

| | | |
|:---|:---|:---|
| As at December 31 | **2025** | **2024** |
|  Purchased products | 5338 | 4745 |
|  Finished products | 475 | 357 |
|  Intermediate products | 184 | 154 |
|  Raw materials | 318 | 252 |
|  Materials and supplies | 662 | 640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148 |
| By segment | **2025** | **2024** |
|  Retail | 5353 | 4817 |
|  Potash | 477 | 433 |
|  Nitrogen<sup>1</sup> | 554 | 458 |
|  Phosphate | 560 | 420 |
|  Corporate and Others<sup>1</sup> | 33 | 20 |
|  | 6977 | 6148 |

---

1 Comparative figures have been restated for the reclassification of our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

Inventories expensed to cost of goods sold during the year were $17,408 million (2024 – $17,284 million).

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **91** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

**Note 14** \| Property, plant and equipment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Land and<br>improvements** | **Buildings and<br>improvements** | **Machinery<br>and<br>equipment** | **Mine<br>development<br>costs** | **Assets under<br>construction** | **Total** |
| Useful life range (years) | 3 – 85 | 1 – 65 | 1 – 80 | 1 – 60 | n/a |  |
| Carrying amount – December 31, 2024 | 1228 | 6284 | 11695 | 1287 | 2110 | 22604 |
| Additions |  | 1 | 14 |  | 1916 | 1931 |
| Additions – Right-of-use ("ROU") assets |  | 25 | 212 |  |  | 237 |
| Disposals | (2) | (14) | (17) | 1 | (1) | (33) |
| Transfers | 211 | 162 | 1456 | 239 | (2068) |  |
| Foreign currency translation and other | 4 | 18 | 47 | (7) | 6 | 68 |
| Depreciation | (46) | (211) | (1233) | (143) |  | (1633) |
| Depreciation – ROU assets | (2) | (56) | (369) | – | – | (427) |
| Carrying amount – December 31, 2025 | 1393 | 6209 | 11805 | 1377 | 1963 | 22747 |
|  Balance – December 31, 2025 is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | 1938 | 9373 | 25570 | 3445 | 1963 | 42289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation and impairments | (545) | (3164) | (13765) | (2068) | – | (19542) |
| Carrying amount – December 31, 2025 | 1393 | 6209 | 11805 | 1377 | 1963 | 22747 |
|  Balance – December 31, 2025 is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Owned property, plant and equipment | 1366 | 5847 | 11020 | 1377 | 1963 | 21573 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROU assets | 27 | 362 | 785 | – | – | 1174 |
| Carrying amount – December 31, 2025 | 1393 | 6209 | 11805 | 1377 | 1963 | 22747 |
| Carrying amount – December 31, 2023 | 1175 | 6376 | 11327 | 1115 | 2468 | 22461 |
| Additions |  | 1 | 7 |  | 2073 | 2081 |
| Additions – ROU assets |  | 61 | 356 |  |  | 417 |
| Disposals | (4) | (11) | (30) | (2) | (9) | (56) |
| Transfers | 119 | 222 | 1632 | 296 | (2269) |  |
| Foreign currency translation and other | (14) | (40) | (5) | 20 | 42 | 3 |
| Depreciation | (45) | (210) | (1170) | (142) |  | (1567) |
| Depreciation – ROU assets | (2) | (56) | (362) |  |  | (420) |
| Impairment | (1) | (59) | (60) | – | (195) | (315) |
| Carrying amount – December 31, 2024 | 1228 | 6284 | 11695 | 1287 | 2110 | 22604 |
|  Balance – December 31, 2024 is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | 1726 | 9193 | 24421 | 3223 | 2110 | 40673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated depreciation and impairments | (498) | (2909) | (12726) | (1936) | – | (18069) |
| Carrying amount – December 31, 2024 | 1228 | 6284 | 11695 | 1287 | 2110 | 22604 |
|  Balance – December 31, 2024 is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owned property, plant and equipment | 1200 | 5916 | 10832 | 1287 | 2110 | 21345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROU assets | 28 | 368 | 863 | – | – | 1259 |
| Carrying amount – December 31, 2024 | 1228 | 6284 | 11695 | 1287 | 2110 | 22604 |

---

---

| | |
|:---|:---|
| **92** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

---

| | | |
|:---|:---|:---|
| Depreciation breakdown | **2025** | **2024** |
| Freight, transportation and distribution | 168 | 176 |
| Cost of goods sold | 1375 | 1303 |
| Selling expenses | 467 | 464 |
| General and administrative expenses | 38 | 42 |
| Depreciation recorded in earnings | 2048 | 1985 |
| Depreciation recorded in inventory | 176 | 159 |

---

Impairment of assets

For each cash generating unit ("CGU") or groups of CGUs in which we complete an impairment analysis, the recoverable amount estimate used the following key assumptions: our forecasted EBITDA, discount rate, long-term growth rate and recoverable market value. For our Phosphate CGU, we also estimate the end of expected mine lives. We used key assumptions that were based on historical data and estimates of future results from internal sources, independent third-party price benchmarks, and mineral reserve and resource technical reports (relating to our Phosphate CGU), as well as industry and market information.

In 2024, we recorded the following non-cash impairment of assets in the consolidated statements of earnings:

---

| | | |
|:---|:---|:---|
| **Segment** | **Category** | **2024** |
|  Retail | Intangible assets | 200 |
|  | Property, plant and equipment | 120 |
|  | Other | 15 |
| Nitrogen | Property, plant and equipment | 195 |
| Impairment of assets | Impairment of assets | 530 |

---

Nitrogen

In 2025, circumstances within our Trinidad cash generating unit (CGU) presented an indicator of impairment. On October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown in response to port access restrictions imposed by Trinidad and Tobago's National Energy Corporation and a lack of reliable and economic natural gas supply. As a result, we performed impairment testing on our Trinidad CGU, part of our Nitrogen segment. No impairment was recognized, as the recoverable amount of the Trinidad CGU exceeded its carrying amount. The recoverable amount was determined using a fair value less costs of disposal ("FVLCD") methodology. The valuation was based on post-tax discounted cash flows using a 10-year projection and a 2.0% terminal growth rate discounted at a post-tax rate of 11.8%.

In 2024, we decided that we are no longer pursuing our Geismar Clean Ammonia project. As a result, we recorded an impairment loss of $195 million to fully write off the amount of property, plant and equipment related to this project. As the project was cancelled before it generated revenue, the recoverable amount, which was based on its value in use was $nil.

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **93** |

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------

##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

Retail – Brazil

In 2024, we recorded an impairment loss of $335 million on our Retail – Brazil CGU due to a decrease in our forecasted EBITDA as a result of ongoing market instability and more moderate margin expectations. Of the total impairment amount recognized, $120 million related to the impairment of property, plant and equipment and $215 million related to intangible and other assets within the CGU.

---

| | | |
|:---|:---|:---|
| June 30, 2024 | **Retail – Brazil** | **Retail – Brazil** |
|  Recoverable amount comprised of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Working capital and other |  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | | – |

---

**Note 15** \| Goodwill and intangible assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** |
|  | <br>**Goodwill** | **Customer<br>relationships<sup>1</sup>** | **Technology<sup>4</sup>** | **Trade<br>names** | **Other** | **Total** |
|  Useful life range (years) | n/a | 5 – 15 | 2 – 25 | 3 – 15<sup>2</sup> | 1 – 30 |  |
|  Carrying amount – December 31, 2024 | 12043 | 794 | 835 | 33 | 157 | 1819 |
|  Additions |  |  | 132 |  | 13 | 145 |
|  Foreign currency translation and other | 93 | (18) | 4 |  | 15 | 1 |
| Amortization<sup>3</sup> | – | (135) | (114) | (6) | (43) | (298) |
|  Carrying amount – December 31, 2025 | 12136 | 641 | 857 | 27 | 142 | 1667 |
|  Balance – December 31, 2025 is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | 12517 | 1995 | 1472 | 143 | 681 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated amortization and impairment | (381) | (1354) | (615) | (116) | (539) | (2624) |
|  Carrying amount – December 31, 2025 | 12136 | 641 | 857 | 27 | 142 | 1667 |
|  Carrying amount – December 31, 2023 | 12114 | 1061 | 843 | 98 | 215 | 2217 |
|  Additions |  |  | 152 |  | 3 | 155 |
|  Foreign currency translation and other | (71) | (19) | 12 | (6) | 1 | (12) |
|  Amortization<sup>3</sup> |  | (162) | (124) | (8) | (47) | (341) |
|  Impairment | – | (86) | (48) | (51) | (15) | (200) |
|  Carrying amount – December 31, 2024 | 12043 | 794 | 835 | 33 | 157 | 1819 |
|  Balance – December 31, 2024 is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost | 12381 | 1981 | 1406 | 144 | 656 | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated amortization and impairment | (338) | (1187) | (571) | (111) | (499) | (2368) |
|  Carrying amount – December 31, 2024 | 12043 | 794 | 835 | 33 | 157 | 1819 |

---

1 The average remaining amortization period of customer relationships as at December 31, 2025, was approximately 4 years.

2 Certain trade names have indefinite useful lives as there are no regulatory, legal, contractual, cooperative, economic or other factors that limit their useful lives.

---

| | |
|:---|:---|
| 3 | Amortization of $242 million was included in selling expenses during the year ended December 31, 2025 (2024 – $276 million).  |

---

---

| | |
|:---|:---|
| 4 | The average remaining amortization period of technology with a carrying amount of $598 million as at December 31, 2025 (2024 – $529 million) is 25 years.  |

---

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| | |
|:---|:---|
| **94** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

Goodwill impairment testing

---

| | | |
|:---|:---|:---|
| Goodwill by CGU or group of CGUs at December 31 | **2025** | **2024** |
|  Retail – North America | 7006 | 6961 |
|  Retail – Australia | 587 | 539 |
|  Potash | 154 | 154 |
|  Nitrogen | 4389 | 4389 |
|  | 12136 | 12043 |

---

We performed our annual impairment test on goodwill and did not identify any impairment.

In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on post-tax discounted cash flows (five-year or 10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable.

The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.

Retail – North America CGU

During our performance of our annual impairment test, the Retail – North America group of CGUs recoverable amount exceeded its carrying amount by $2.9 billion. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future, as shown in the table below.

---

| | | |
|:---|:---|:---|
| 2025 Annual impairment testing | **Key assumption<br>used in impairment model** | **Change required for carrying<br>amount to equal recoverable amount** |
|  Terminal growth rate (%) | 2.3 | 1.8 Percentage point decrease |
|  Discount rate<sup>1</sup> (%) | 7.7 | 1.2 Percentage point increase |
|  Forecasted EBITDA over forecast period ($ millions) | 8500 | 12 Percent decrease |

---

---

| | |
|:---|:---|
| 1 | The discount rate used in the previous measurement at October 1, 2024 was 7.3 percent.  |

---

Retail – Australia, Potash, and Nitrogen CGUs

The following table indicates the key assumptions used in testing the remaining groups of CGUs:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Terminal growth rate (%)** | **Terminal growth rate (%)** | **Post-tax discount rate (%)** | **Post-tax discount rate (%)** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Retail – Australia | 2.5 | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 |
|  Potash | 2.0 | 2.5 | 7.3 | 6.3 |
|  Nitrogen | 2.0 | 2.3 | 8.7 | 7.6 |

---

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **95** |

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------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

**Note 16** \| Investments

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As at December 31 | **Principal activity** | **Principal place**<br> **of business and<br>incorporation** | **Proportion of**<br> **ownership interest<br>and voting rights<br>held (%)** | **Proportion of**<br> **ownership interest<br>and voting rights<br>held (%)** | **Carrying amount** | **Carrying amount** |
| As at December 31 | **Principal activity** | **Principal place**<br> **of business and<br>incorporation** | **2025** | **2024** | **2025** | **2024** |
| **Equity-accounted investees** | **Equity-accounted investees** |  |  |  |  |  |
|  Profertil S.A. ("Profertil") | Nitrogen producer | Argentina |  | 50 |  | 349 |
|  Canpotex | Marketing and logistics of potash | Canada | 50 | 50 |  |  |
|  Other associates and joint ventures | Other associates and joint ventures |  |  |  | 134 | 128 |
|  Total equity-accounted investees | Total equity-accounted investees |  |  |  | 134 | 477 |
| **Investments at FVTOCI** | **Investments at FVTOCI** | **Investments at FVTOCI** |  |  |  |  |
|  Sinofert Holdings Limited ("Sinofert") | Fertilizer supplier and distributor | China/Bermuda |  | 19 |  | 211 |
|  Other |  |  |  |  | 10 | 10 |
|  Total investments at FVTOCI | Total investments at FVTOCI |  |  |  | 10 | 221 |
|  **Total investments** | **Total investments** |  |  |  | 144 | 698 |

---

We continuously assess our ability to exercise significant influence or joint control over our investments.

Equity-accounted investees

In 2025, as part of our strategic priority to simplify and focus, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. A deposit of $120 million was received from the purchaser on September 5, 2025. The sale closed on December 10, 2025 resulting in gross proceeds of $595 million and a gain of $301 million recorded in the consolidated statement of earnings within our Corporate and Others segment. This gain reflects the difference between the net proceeds and the carrying amount of the investment at the date of sale. The buyer remitted the applicable withholding tax on behalf of Nutrien, resulting in a $60 million non-cash transaction.

Investments at fair value through other comprehensive income

In 2025, as part of our strategic priority to simplify and focus, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Gross proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.

**Note 17** \| Other assets

---

| | | |
|:---|:---|:---|
| As at December 31 | **2025** | **2024** |
| Deferred income tax assets (Note 10) | 276 | 401 |
| Ammonia catalysts<sup>1</sup> | 125 | 126 |
| Long-term income tax receivable (Note 10) | 72 | 48 |
| Accrued pension benefit assets (Note 21) | 145 | 140 |
| Other | 240 | 169 |
|  | 858 | 884 |

---

---

| | |
|:---|:---|
| 1 | Net of accumulated amortization of $110 million (2024 – $100 million).  |

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| | |
|:---|:---|
| **96** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

**Note 18** \| Trade, other payables and accrued liabilities

---

| | | |
|:---|:---|:---|
| As at December 31 | **2025** | **2024** |
|  Trade and other payables (Note 5) | 5540 | 5359 |
|  Customer prepayments | 1826 | 1881 |
|  Dividends | 263 | 265 |
|  Accrued compensation | 615 | 606 |
|  Current portion of asset retirement obligations and accrued environmental costs (Note 22) | 208 | 188 |
|  Accrued interest | 110 | 112 |
|  Current portion of share-based compensation (Note 7) | 60 | 34 |
|  Current portion of derivatives | 8 | 33 |
|  Income taxes (Note 10) | 20 | 22 |
|  Provincial mining taxes | 20 |  |
|  Other taxes | 59 | 49 |
|  Current portion of pension and other post-retirement benefits (Note 21) | 13 | 15 |
|  Customer rebates | 48 | 44 |
|  Other accrued expenses | 473 | 469 |
|  Other | 46 | 41 |
|  | 9309 | 9118 |

---

**Note 19** \| Debt

---

| | | |
|:---|:---|:---|
| Credit facility limits at December 31 | **Maturity** | **2025** |
|  Unsecured revolving term facility<sup>1</sup> | September 4, 2030 | 4500 |
|  Uncommitted revolving demand facility | n/a | 1000 |
|  Unsecured revolving term facility<sup>2</sup> | September 2, 2026 | 500 |
|  Other credit facilities | Various | 850 |
|  Accounts receivable purchase facility<sup>3</sup> | March 6, 2026 | 500 |

---

1 In 2025, we extended the maturity date from September 4, 2029 to September 4, 2030, subject to extension at the request of Nutrien provided that the resulting maturity date may not exceed five years from the date of request.

---

| | |
|:---|:---|
| 2 | In 2025, we extended the maturity date from September 3, 2025 to September 2, 2026 and reduced the facility limit from $750 million to $500 million.  |

---

3 In 2025, we extended the maturity date from March 7, 2025 to March 6, 2026.

Principal covenants and events of default under the unsecured revolving term credit facilities include a debt to capital ratio (refer to Note 4) and other customary events of default and covenant provisions. Non-compliance with such covenants could result in accelerated repayment and/or termination of the credit facility. We were in compliance with all covenants as at December 31, 2025 (Note 4).

We have an uncommitted $500 million accounts receivable repurchase facility (the "repurchase facility"), where we may sell certain receivables from customers to a financial institution and agree to repurchase those receivables at a future date. When we draw under this repurchase facility, the receivables from customers remain on our consolidated balance sheet as we control and retain substantially all of the risks and rewards associated with the receivables. As at December 31, 2025, there were no borrowings made under this facility.

---

| | | | |
|:---|:---|:---|:---|
| As at December 31 | **Rate of interest (%)** | **2025** | **2024** |
|  Credit facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other credit facilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South America | 3.9 – 8.3 | 180 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 4.5 | 187 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4.6 | 4 | 1 |
|  Commercial paper<sup>1</sup> | 3.9 – 4.0 | 399 | 961 |
|  Other short-term debt |  | 103 | 67 |
|  Total short-term debt |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | 1534 |

---

---

| | |
|:---|:---|
| 1 | We use our $4,500 million commercial paper program for our short-term cash requirements. The amount available under the commercial paper program is limited to the availability of funds under the $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.  |

---

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **97** |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| As at December 31 | **Rate of interest (%)** | **Maturity** | **2025** | **2024** |
| Senior notes<sup>1</sup> |  |  |  |  |
|  | 3.000 | April 1, 2025 |  | 500 |
|  | 5.950 | November 7, 2025 |  | 500 |
|  | 4.000 | December 15, 2026 | 500 | 500 |
|  | 4.500 | March 12, 2027 | 400 |  |
|  | 5.200 | June 21, 2027 | 400 | 400 |
|  | 4.900 | March 27, 2028 | 750 | 750 |
|  | 4.200 | April 1, 2029 | 750 | 750 |
|  | 2.950 | May 13, 2030 | 500 | 500 |
|  | 5.250 | March 12, 2032 | 600 |  |
|  | 5.400 | June 21, 2034 | 600 | 600 |
|  | 4.125 | March 15, 2035 | 450 | 450 |
|  | 7.125 | May 23, 2036 | 212 | 212 |
|  | 5.875 | December 1, 2036 | 500 | 500 |
|  | 5.625 | December 1, 2040 | 500 | 500 |
|  | 6.125 | January 15, 2041 | 401 | 401 |
|  | 4.900 | June 1, 2043 | 500 | 500 |
|  | 5.250 | January 15, 2045 | 489 | 489 |
|  | 5.000 | April 1, 2049 | 750 | 750 |
|  | 3.950 | May 13, 2050 | 500 | 500 |
|  | 5.800 | March 27, 2053 | 750 | 750 |
| Debentures<sup>1</sup> | 7.800 | February 1, 2027 | 120 | 120 |
| Other credit facilities | Various | Various | 13 | 53 |
|  |  |  | 9685 | 9725 |
| Add net unamortized fair value adjustments |  |  | 258 | 276 |
| Less net unamortized debt issue costs |  |  | (80) | (83) |
| Total long-term debt |  |  | 9863 | 9918 |
| Less current maturities |  |  | (513) | (1037) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8881 |

---

1 Each series of senior notes and debentures is unsecured and has no sinking fund requirements prior to maturity. Each series is redeemable and has various provisions that allow redemption prior to maturity, at our option, at specified prices.

We are subject to certain customary covenants, including limitation on liens, merger and change of control covenants, and customary events of default. We are also subject to certain financial covenants as calculated in Note 4. As at December 31, 2025 we were in compliance with these covenants.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-term<br>debt** | **Long-term<br>debt** | **Lease<br>liabilities** | **Total** |
| Balance – December 31, 2024 | 1534 | 9918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12807 |
| Cash flows (cash inflows and outflows presented on a net basis) | (745) | (51) | (419) | (1215) |
| Additions and other adjustments to ROU liabilities |  |  | 306 | 306 |
| Foreign currency translation and other non-cash changes | 84 | (4) | 41 | 121 |
| Balance – December 31, 2025 | 873 | 9863 | 1283 | 12019 |
| Balance – December 31, 2023 | 1815 | 9425 | 1326 | 12566 |
| Cash flows (cash inflows and outflows presented on a net basis) | (287) | 495 | (402) | (194) |
| Additions and other adjustments to ROU liabilities |  |  | 470 | 470 |
| Foreign currency translation and other non-cash changes | 6 | (2) | (39) | (35) |
| Balance – December 31, 2024 | 1534 | 9918 | 1355 | 12807 |

---

---

| | |
|:---|:---|
| **98** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

**Note 20** \| Lease liabilities

---

| | | | |
|:---|:---|:---|:---|
| As at December 31 | **Average rate of interest (%)** | **2025** | **2024** |
| Lease liabilities – non-current | 4.6 | 937 | 999 |
| Current portion of lease liabilities | 5.1 | 346 | 356 |
| Total |  | 1283 | 1355 |

---

**Note 21** \| Pension and other post-retirement benefits

We offer the following pension and other post-retirement benefits to qualified employees: defined benefit pension plans; defined contribution pension plans; and health, dental and life insurance, referred to as other post-retirement plans. Substantially all our employees participate in at least one of these plans.

Description of defined benefit pension plans

---

| | | |
|:---|:---|:---|
|  | **Plan type** | **Contributions** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; –<br>non-contributory,<br>–<br>guaranteed annual pension payments for life,<br>–<br>benefits generally depend on years of service and compensation level in the final years leading up to age 65,<br>–<br>benefits available starting at age 55 at a reduced rate, and<br>–<br>plans provide for maximum pensionable salary and maximum annual benefit limits. | &nbsp;&nbsp;&nbsp;&nbsp; –<br>made to meet or exceed minimum funding requirements of the *Employee Retirement Income Security Act of 1974* and associated Internal Revenue Service regulations and procedures.<br>|
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; –<br>non-contributory,<br>–<br>guaranteed annual pension payments for life,<br>–<br>benefits generally depend on years of service and compensation level in the final years leading up to age 65,<br>–<br>benefits available starting at age 55 at a reduced rate, and<br>–<br>plans provide for maximum pensionable salary and maximum annual benefit limits. | &nbsp;&nbsp;&nbsp;&nbsp; –<br>made to meet or exceed minimum funding requirements based on provincial statutory requirements and associated federal taxation rules.<br>|
| Supplemental Plans in US and Canada for Senior Management | &nbsp;&nbsp;&nbsp;&nbsp; –<br>non-contributory,<br>–<br>unfunded, and<br>–<br>supplementary pension benefits.<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>provided for by charges to earnings sufficient to meet the projected benefit obligations, and<br>–<br>payments to plans are made as plan payments to retirees occur.<br>|

---

Our defined benefit pension plans are funded with separate funds that are legally separated from the Company and administered through the Pension Committee in each country, which is composed of our employees. The Pension Committee is required by law to act in the best interests of the plan participants and, in the US and Canada, is responsible for the governance of the plans, including setting certain policies (e.g., investment and contribution) of the funds. The current investment policy for each country's plans generally does not include currency hedging strategies. Plan assets held in trusts are governed by local regulations and practices in each country, as is the nature of the relationship between the Company and the trustees and their composition.

Description of other post-retirement plans

We provide health care plans for certain eligible retired employees in the US, Canada and Trinidad. Eligibility for these benefits is generally based on a combination of age and years of service at retirement. Certain terms of the plans include:

– coordination with government-provided medical insurance in each country;

– certain unfunded cost-sharing features such as co-insurance, deductibles and co-payments – benefits subject to change;

– for certain plans, maximum lifetime benefits;

– at retirement, the employee's spouse and certain dependent children may be eligible for coverage;

– benefits are self-insured and are administered through third-party providers; and

– generally, retirees contribute towards annual cost of the plans.

In addition, certain Medicare eligible retired employees in the US receive an annual contribution to a Healthcare Reimbursement Account, which can be used to purchase health benefits through a private exchange. This annual contribution can be used for premiums or to pay deductibles and/or co-insurance. Finally, we provide non-contributory life insurance plans for certain retired employees who meet specific age and service eligibility requirements.

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **99** |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

Risks

The defined benefit pension and other post-retirement plans expose us to broadly similar actuarial risks. The most significant risks include investment risk and interest rate risk as discussed below. Other risks include longevity risk.

---

| | |
|:---|:---|
| Investment risk | &nbsp;&nbsp;&nbsp;&nbsp; A deficit will be created if plan assets underperform the discount rate used in the defined benefit obligation valuation. To mitigate investment risk, we employ<br>–<br>a diversified mix of return seeking and liability hedging (i.e., fixed income) investments; and<br>–<br>a risk tolerance established through careful consideration of plan liabilities, plan funded status and corporate financial condition.<br>Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements and periodic asset/liability studies. |
| Interest rate risk | A decrease in bond interest rates will increase the pension liability; however, this is generally expected to be partially offset by an increase in the return on the plan's debt investments. |

---

Financial information

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Obligation** | **Plan<br>assets** | **Net** | **Obligation** | **Plan<br>assets** | **Net** |
| Balance – beginning of year | (1364) | 1262 | (102) | (1439) | 1310 | (129) |
|  Components of defined benefit expense recognized in earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current service cost for benefits earned during the year | (9) |  | (9) | (15) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (expense) income | (70) | 66 | (4) | (69) | 64 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Past service cost, including curtailment gains and settlements | 196 | (189) | 7 | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange rate changes and other | (17) | 10 | (7) | 28 | (21) | 7 |
|  Subtotal of components of defined benefit (recovery) expense recognized in earnings | 100 | (113) | (13) | (57) | 43 | (14) |
|  Remeasurements of the net defined benefit liability recognized in Other Comprehensive Income ("OCI") during the year |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial gain arising from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in financial assumptions | 13 |  | 13 | 47 |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in demographic assumptions | 4 |  | 4 | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on plan assets (excluding amounts included in net interest) | – | (9) | (9) | – | (29) | (29) |
| Subtotal of remeasurements | 17 | (9) | 8 | 51 | (29) | 22 |
| Cash flows |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions by plan participants | (2) | 2 |  | (3) | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employer contributions |  | 18 | 18 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits paid | 85 | (85) | – | 84 | (84) | – |
| Subtotal of cash flows | 83 | (65) | 18 | 81 | (62) | 19 |
| Balance – end of year<sup>1</sup> | (1164) | 1075 | (89) | (1364) | 1262 | (102) |
| Balance is composed of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-current assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets (Note 17) |  |  | 145 |  |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade, other payables and accrued liabilities (Note 18) |  |  | (13) |  |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-current liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension and other post-retirement benefit liabilities |  |  | (221) |  |  | (227) |

---

---

| | |
|:---|:---|
| 1 | Obligations arising from funded and unfunded pension plans are $(1015) million and $(149) million (2024 – $(1206) million and $(158) million), respectively. Other post-retirement benefit plans have no plan assets and are unfunded.  |

---

---

| | |
|:---|:---|
| **100** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

Plan assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>As at December 31 | **Quoted prices<br>in active<br>markets for<br>identical assets** | **Other<sup>1</sup>** | **Total<br>fair<br>value** | **Quoted prices<br>in active<br>markets for<br>identical assets** | **Other<sup>1</sup>** | **Total<br>fair<br>value** |
|  Cash and cash equivalents | 12 | 4 | 16 | 16 | 3 | 19 |
|  Equity securities and equity funds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; US | 10 | 109 | 119 | 10 | 131 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; International |  | 6 | 6 |  | 7 | 7 |
|  Debt securities<sup>2</sup> |  | 722 | 722 |  | 875 | 875 |
|  Other | – | 212 | 212 | – | 220 | 220 |
|  Total pension plan assets | 22 | 1053 | 1075 | 26 | 1236 | 1262 |

---

---

| | |
|:---|:---|
| 1 | Approximately 96 percent (2024 – 96 percent) of the Other plan assets are held in funds whose fair values are estimated using their net asset value per share. For the majority of these funds, the redemption frequency is immediate. The Pension Committee manages the asset allocation based upon our current liquidity and income needs.  |

---

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| | |
|:---|:---|
| 2 | Debt securities included US securities of 70 percent (2024 – 75 percent), International securities of 26 percent (2024 – 21 percent) and Mortgage-backed securities of 4 percent (2024 – 4 percent).  |

---

We use letters of credit or surety bonds to secure certain Canadian unfunded defined benefit plan liabilities as at December 31, 2025.

We expect to contribute approximately $149 million to all pension and post-retirement plans in 2026. Total contributions recognized as expense under all defined contribution plans for 2025 was $147 million (2024 – $153 million).

We used the following significant assumptions to determine the benefit obligations and expense for our significant plans as at and for the year ended December 31. These assumptions are determined by management and are reviewed annually by our independent actuaries.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pension** | **Pension** | **Other** | **Other** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Assumptions used to determine the benefit obligations<sup>1</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discount rate (%) | 5.41 | 5.35 | 5.16 | 5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rate of increase in compensation levels (%) | 3.85 | 3.89 | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical cost trend rate – assumed (%)<sup>2</sup> | n/a | n/a | 4.50 – 7.00 | 4.50 – 6.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical cost trend rate – year reaches ultimate trend rate | n/a | n/a | 2036 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality assumptions (years)<sup>3</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life expectancy at 65 for a male member currently at age 65 | 20.9 | 20.7 | 21.4 | 21.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life expectancy at 65 for a female member currently at age 65 | 23.1 | 22.9 | 23.9 | 23.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average duration of the defined benefit obligations (years)<sup>4</sup> | 12.5 | 11.8 | 10.8 | 10.7 |

---

1 The current year's expense is determined using the assumptions that existed at the end of the previous year.

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| | |
|:---|:---|
| 2 | We assumed a graded medical cost trend rate starting at 7.00 percent in 2025, moving to 4.50 percent by 2036 (2024 – starting at 6.50 percent, moving to 4.50 percent by 2033). The annual health care reimbursement amount is assumed to increase by 2.00 percent each year.  |

---

3 Based on actuarial advice in accordance with the latest available published tables, adjusted where appropriate to reflect future longevity improvements for each country.

4 Weighted average length of the underlying cash flows.

Of the most significant assumptions, a change in discount rates has the greatest potential impact on our pension and other post-retirement benefit plans, with sensitivity to change as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Change in assumption** | **2025** | **2024** |
|  Benefit obligation as reported |  | 1164 | 1364 |
|  Discount rate | 1.0 percentage point decrease | 150 | 170 |
|  | 1.0 percentage point increase | (120) | (140) |

---

---

| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **101** |

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

**Note 22** \| Asset retirement obligations and accrued environmental costs

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Cash flow**<br> **payments<br>(years)** | <br> **<br><sup>1</sup>**  | **Discounted**<br> **cash<br>flows<sup>2, 3</sup>** | **Discount rate** | **Discount rate** |
| <br>As at December 31, 2025 | **Cash flow**<br> **payments<br>(years)** | <br> **<br><sup>1</sup>**  | **Discounted**<br> **cash<br>flows<sup>2, 3</sup>** | **+0.5%** | **-0.5%** |
|  Asset retirement obligations |  |  |  | (80) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | 1 – 30 |  | 15 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Potash | 20 – 520 |  | 134 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phosphate | 1 – 80 |  | 443 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and Others<sup>4, 5</sup> | 1 – 65 |  | 741 |  |  |
|  Accrued environmental costs |  |  |  | (5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | 1 – 30 |  | 49 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate and Others | 1 – 30 |  | 294 |  |  |
|  Total |  |  | 1676 |  |  |

---

1 Time frame in which payments are expected to principally occur from December 31, 2025. Adjustments to the years can result from changes to the mine life and/or changes in the rate of tailings volumes.

---

| | |
|:---|:---|
| 2 | Risk-free discount rates used to discount cash flows reflect current market assessments of the time value of money and the risks specific to the timing and jurisdiction of the obligation. Risk-free discount rates range from 3.2 percent to 6.3 percent.  |

---

---

| | |
|:---|:---|
| 3 | The Company's total undiscounted cash flows as at December 31, 2025 are $3.6 billion. For the Potash segment, the amount presented reflects only the undiscounted cash flows in the first year of decommissioning. This excludes tailings dissolution, fine tails capping, tailings management area reclamation, post-reclamation activities and monitoring, and final decommissioning beyond the first year of decommissioning, which are estimated to take an additional 125 to 500 years.  |

---

4 For nitrogen sites, there are no significant asset retirement obligations recorded. We considered the historical performance of our facilities as well as our planned maintenance, major upgrades and replacements, which can extend the useful lives beyond the foreseeable future.

5 Includes certain potash and phosphate sites that are non-operating sites, with the majority of phosphate site payments taking place over the next 10 years.

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset<br>retirement<br>obligations** | **Accrued<br>environmental<br>costs** | **Total** |
|  Balance – December 31, 2024 | 1371 | 360 | 1731 |
|  Disposals |  | (3) | (3) |
|  Change in estimate (Note 8) | (11) | 10 | (1) |
|  Settlements | (103) | (25) | (128) |
|  Accretion | 49 | 1 | 50 |
|  Foreign currency translation and other | 27 | – | 27 |
|  Balance – December 31, 2025 | 1333 | 343 | 1676 |
|  Balance – December 31, 2025 is composed of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade, other payables and accrued liabilities (Note 18) | 185 | 23 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations and accrued environmental costs | 1148 | 320 | 1468 |

---

We are subject to numerous environmental requirements under federal, provincial, state and local laws in the countries in which we operate. We have gypsum stack capping, and closure and post-closure obligations in White Springs, Florida and Geismar, Louisiana, through our subsidiaries pursuant to the financial assurance regulatory requirements in those states. As at December 31, 2025, we had $486 million in surety bonds and letters of credit outstanding relating to these financial assurance obligations. The recorded provisions may not necessarily reflect our obligations under these financial assurances.

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| | |
|:---|:---|
| **102** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

**Note 23** \| Share capital

Authorized

We are authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares. The common shares are not redeemable or convertible. The preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors.

Share repurchase programs

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commencement<br>date** | **Expiry** | **Maximum<br>shares for<br>repurchase** | **Maximum<br>shares for<br>repurchase<br>(%)** | **Number of<br>shares<br>repurchased** |
|  2023 Normal Course Issuer Bid | March 1, 2023 | February 29, 2024 | 24962194 | 5 | 5375397 |
|  2024 Normal Course Issuer Bid | March 1, 2024 | February 28, 2025 | 24728159 | 5 | 6163104 |
|  2025 Normal Course Issuer Bid | March 3, 2025 | March 2, 2026 | 24462941 | 5 | 7611207 |
|  2026 Normal Course Issuer Bid<sup>1</sup> | March 3, 2026 | March 2, 2027 | 24057066 | 5 | – |

---

1 On February 18, 2026, our Board of Directors approved a share repurchase program. The 2026 normal course issuer bid will expire earlier than the date above if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.

Purchases under the normal course issuer bids were, or may be, made through open market purchases at market prices as well as by other means permitted by applicable securities regulatory authorities, including private agreements.

---

| | | |
|:---|:---|:---|
| Summary of share repurchases | **2025** | **2024** |
| Number of common shares repurchased for cancellation | 9829408 | 3944903 |
| Average price per share (US dollars) | 55.94 | 47.31 |
| Total cost, inclusive of tax | 560 | 190 |

---

Subsequent to December 31, 2025, as of February 17, 2026, an additional 1,097,694 common shares were repurchased for cancellation at a cost of $73 million and an average price per share of $66.97.

Dividends declared

During 2025, we declared a dividend of $0.545 per share for each of the three months ended March 31, June 30, and September 30. During the three months ended December 31, 2025, we declared a dividend of $0.545 per share, which was paid on January 16, 2026 to shareholders of record on December 31, 2025.

On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.

**Other disclosures** 

**Note 24** \| Commitments

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Principal portion and**<br> **estimated interest** | **Principal portion and**<br> **estimated interest** | | | | |
| <br>December 31, 2025 | **Lease<br>liabilities** | **Long-term<br>debt** | <br>**Purchase<br>commitments** | <br>**Capital<br>commitments** | <br>**Other<br>commitments** | <br>**Total** |
| Within 1 year | 395 | 995 | 1230 | 63 | 195 | 2878 |
| 1 to 3 years | 469 | 2503 | 24 | 20 | 259 | 3275 |
| 3 to 5 years | 239 | 1949 | 24 |  | 109 | 2321 |
| Over 5 years | 394 | 10030 | – | – | 188 | 10612 |
| Total | 1497 | 15477 | 1278 | 83 | 751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19086 |

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **103** |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

---

**Notes** 

Purchase commitments

In 2025, we completed a controlled shutdown of our Trinidad Nitrogen facility due to uncertainty with respect to port access and a lack of reliable and economic gas supply. The current natural gas contract has expired and negotiations for renewal are in progress.

In 2023, we also entered into natural gas pipeline transportation agreements at our Geismar plant, the latest of which expires in 2033 and accounts for approximately 85 percent of the expected natural gas requirements in Geismar.

The Carseland facility has a power cogeneration agreement expiring on December 31, 2026, which provides 60 megawatt-hours of power per hour. The price for the power is based on a fixed charge adjusted for inflation and a variable charge based on the cost of natural gas provided to the facility for power generation.

Agreements for the purchase of sulfur for use in production of phosphoric acid provide for specified purchase quantities and prices based on Green Markets Tampa Index price per long ton at the time of delivery, which expire in 2026 and 2027. Commitments included in the foregoing table are based on expected contract prices.

Other commitments

Other commitments consist principally of technology service contracts, managed services contracts, natural gas transportation and truck distribution contracts, various rail contracts, committed donations, the latest of which expires in 2028, and mineral lease commitments, the latest of which expires in 2044.

**Note 25** \| Guarantees

In the normal course of business, we provide indemnification agreements to counterparties in transactions such as purchase and sale contracts, service agreements, director/officer contracts, and leasing transactions. The terms of these indemnification agreements

may require us to compensate counterparties for costs incurred as a result of various events, including environmental liabilities and changes in (or in the interpretation of) laws and regulations, or as a result of litigation claims or statutory sanctions that may be suffered by a counterparty as a consequence of the transaction; <br>

will vary based upon the contract, the nature of which prevents us from making a reasonable estimate of the maximum potential amount that we could be required to pay to counterparties; and <br>

have not historically resulted in any significant payments by Nutrien and, as at December 31, 2025, no amounts have been accrued in the consolidated financial statements (except for accruals relating to certain underlying liabilities). <br>

We directly guarantee our share of certain commitments of Canpotex (such as railcar leases) under certain agreements with third parties. We would be required to perform on these guarantees in the event of default by the investee. Nutrien does not have any financial guarantee contracts. No material loss is anticipated by reason of such agreements and guarantees.

**Note 26** \| Related party transactions

Sales and purchases of goods

We sell potash outside Canada and the US exclusively through Canpotex. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. Sales to Canpotex are shown in Note 3. The receivable outstanding from Canpotex is shown in Note 12 and arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Purchases from Canpotex in 2025 were $150 million (2024 – $146 million).

---

| | | | | |
|:---|:---|:---|:---|:---|
| As at December 31 | **2025** | **2025** | **2024** | **2024** |
| Receivables from Canpotex |  | 279 |  | 122 |
| Payables to Canpotex | | 63 | | 66 |

---

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| | |
|:---|:---|
| **104** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

---

**Notes** 

Key management personnel compensation and transactions with post-employment benefit plans

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Salaries and other short-term benefits | 11 | 12 |
| Share-based compensation | 43 | 6 |
| Post-employment benefits | 2 | 2 |
| Termination benefits | 2 | 4 |
|  | 58 | 24 |

---

Disclosures related to our post-employment benefit plans are shown in Note 21.

**Note 27** \| Contingencies and other matters

Accounting estimates and judgments

The following judgments are required to determine our exposure to possible losses and gains related to environmental matters and other various claims and lawsuits pending:

– prediction of the outcome of uncertain events (i.e., being virtually certain, probable, remote or undeterminable);

– determination of whether recognition or disclosure in the consolidated financial statements is required; and

– estimation of potential financial effects.

Where no amounts are recognized, such amounts are contingent and disclosure may be appropriate. While the amount disclosed in the consolidated financial statements may not be material, the potential for large liabilities exists and, therefore, these estimates could have a material impact on our consolidated financial statements.

Supporting information

**Canpotex** 

Nutrien is a shareholder in Canpotex, which markets Canadian potash outside of Canada and the US. Should any operating losses or other liabilities be incurred by Canpotex, the shareholders have contractually agreed to reimburse it in proportion to each shareholder's productive capacity. Through December 31, 2025, we are not aware of any operating losses or other liabilities.

**Mining risk** 

The risk of underground water inflows and other underground risks is insured on a limited basis, subject to insurance market availability. Through December 31, 2025, we are not aware of any material losses or other liabilities that we have not accrued for.

**Environmental remediation, legal and other matters** 

We are engaged in ongoing site assessment and/or remediation activities at a number of facilities and sites. Anticipated costs associated with these matters are added to accrued environmental costs in the manner described in Note 22.

We have established provisions for environmental site assessment and/or remediation matters to the extent that we consider expenses associated with those matters likely to be incurred. Except for the uncertainties described below, we do not believe that our future obligations with respect to these matters are reasonably likely to have a material adverse effect on our consolidated financial statements.

Legal matters with significant uncertainties include the following:

The United States Environmental Protection Agency ("US EPA") has an ongoing enforcement initiative directed at the phosphate industry related to the scope of an exemption for mineral processing wastes under the US Resource Conservation and Recovery Act ("RCRA"). This initiative affects the Conda Phosphate plant previously owned by Nu-West Industries, Inc. ("Nu-West"), a wholly owned subsidiary of Nutrien (Canada) Holdings ULC, and the Nutrien phosphoric acid facilities in Aurora, North Carolina; Geismar, Louisiana; and White Springs, Florida. Nutrien facilities received US EPA notices of violation ("NOVs") for alleged violations of the RCRA and various other environmental laws. Notwithstanding the sale of the Conda phosphate operations in January 2018, Nu-West remains responsible for certain environmental liabilities attributable to its historic activities and for resolution of the NOVs. The facilities have been and continue to be involved in ongoing discussions with the US EPA, the US Department of Justice and the related state agencies to resolve these matters, with one such settlement being reached for the Geismar facility. The Geismar consent decree was entered on October 19, 2022, and resolved the allegations associated with the historic phosphoric acid operations at that facility. Due to the nature of the allegations at the other facilities, we are uncertain as to how the matters will be resolved. Based on settlements with <br>

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **105** |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Notes** 

other members of the phosphate industry and the Geismar consent decree, we expect that a resolution could involve any or all of the following: 1) penalties, which we currently believe will not be material; 2) modification of certain operating practices; 3) capital improvement projects; 4) providing financial assurance for the future closure, maintenance and monitoring costs for the phosphogypsum stack system; and 5) addressing findings resulting from the RCRA section 3013 site investigations.

We operate in countries that are parties to the Paris Agreement adopted in December 2015 pursuant to the United Nations Framework Convention on Climate Change. Each country that is a party to the Paris Agreement submitted an Intended Nationally Determined Contribution ("INDC") towards the control of greenhouse gas emissions. The impacts on our operations of these INDCs and other national and local efforts to limit or tax greenhouse gas emissions cannot be determined with any certainty at this time. <br>

In addition, various other claims and lawsuits are pending against the Company in the ordinary course of business. While it is not possible to determine the ultimate outcome of such actions at this time, and inherent uncertainties exist in predicting such outcomes, we believe that the ultimate resolution of such actions is not reasonably likely to have a material adverse effect on our consolidated financial statements.

The breadth of our operations and the global complexity of tax regulations require assessments of uncertainties and judgments in estimating the taxes we will ultimately pay. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions, outcomes of tax litigation, and resolution of disputes arising from federal, provincial, state and local tax audits. The resolution of these uncertainties and the associated final taxes may result in adjustments to our tax assets and tax liabilities.

We own facilities that have been either permanently or indefinitely shut down. We expect to incur nominal annual expenditures for site security and other maintenance costs at some of these facilities. Should the facilities be dismantled, certain other shutdown-related costs may be incurred. Such costs are not expected to have a material adverse effect on our consolidated financial statements and would be recognized and recorded in the period in which they are incurred.

**Note 28** \| Accounting policies, estimates and judgments

The following discusses the material accounting policies, estimates, judgments and assumptions that we have adopted and applied and how they affect the amounts reported in the consolidated financial statements. Certain of our policies involve accounting estimates and judgments because they require us to make subjective or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts could be reported under different conditions or using different assumptions.

Basis of consolidation

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| | | |
|:---|:---|:---|
| **Principal (wholly owned) operating<br>subsidiaries** | **Location** | **Principal activity** |
| Potash Corporation of Saskatchewan Inc. | Canada | Mining and/or processing of crop nutrients and corporate functions |
| Nutrien (Canada) Holdings ULC | Canada | Manufacturer and distributor of crop nutrients and corporate functions |
| Agrium Canada Partnership | Canada | Manufacturer and distributor of crop nutrients |
| Agrium Potash Ltd. | Canada | Manufacturer and distributor of crop nutrients |
| Cominco Fertilizer Partnership | US | Manufacturer and distributor of crop nutrients |
| Loveland Products Inc. | US | Manufacturer and distributor of crop nutrients |
| Nutrien Ag Solutions (Canada) Inc. | Canada | Crop input retailer |
| Nutrien Ag Solutions, Inc. | US | Crop input retailer |
| Nutrien Ag Solutions Limited | Australia | Crop input retailer |
| PCS Nitrogen Fertilizer, L.P. | US | Producer of nitrogen products |
| PCS Nitrogen Trinidad Limited | Trinidad | Producer of nitrogen products |
| PCS Phosphate Company, Inc. | US | Mining and/or processing of phosphate products |
| PCS Sales (USA), Inc. | US | Marketing and sales of potash, nitrogen and phosphate products |
| Nutrien Financial US LLC | US | Provide financing to customers |

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| | |
|:---|:---|
| **106** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

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**Notes** 

Revenue

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| | |
|:---|:---|
| **Transfer of control for sale of goods** | **Transfer of control for sale of services** |
| &nbsp;&nbsp;&nbsp;&nbsp; At the point in time when the product is:<br> –<br>purchased at our Retail farm center,<br>–<br>delivered and accepted by customers at their premises, or<br>–<br>loaded for shipping.<br>| Over time as the promised service is rendered. |

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Judgment is used to determine whether we are acting as principal or agent by evaluating who:

– has the primary responsibility for fulfilling the promised good or service;

– bears the inventory risk including if the vendor has the right to have its product returned on demand; and

– has discretion for establishing the price.

For transactions in which we act as an agent rather than the principal, revenue is recognized net of any commissions earned. The related commissions are recognized as the sales occur or as unconditional contracts are signed.

We recognize revenue on sales to Canpotex (as described in Note 26) when there is a transfer of control, either at the time the product is loaded for shipping or delivered, depending on the terms of the contract. Sales revenue is recognized using a provisional price at the time control is transferred to Canpotex, with the final pricing determined upon Canpotex's final sale to a third party (generally between one and three months from date of sale to Canpotex).

Our sales revenue relating to our Potash, Nitrogen and Phosphate segments is generally recorded and measured based on the "freight on board" mine, plant, warehouse or terminal price specified in the contract (except for certain vessel sales or specific product sales that are shipped and recorded on a delivered basis), which reflects the consideration we expect to be entitled to in exchange for the goods or services, adjusted for any variable consideration (e.g., any trade discounts or estimated volume rebates). Our customer contracts may provide certain product quality specification guarantees but do not generally provide for refunds or returns.

Due to the nature of goods and services sold, any single estimate would have only a negligible impact on revenue.

As the expected period between when control over a promised good or service is transferred and when the customer pays for that good or service is generally less than 12 months, we apply the practical expedient as provided in IFRS 15, "Revenue from Contracts with Customers," and do not adjust the promised amount of consideration for the effects of financing.

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.

Share-based compensation

Estimation involves determining:

– stock option-pricing model assumptions as described in the weighted average assumptions table in Note 7;

– forfeiture rate for options granted based on past experience and future expectations, and adjusted upon actual vesting;

projected outcome of performance conditions for PSUs, including our return on invested capital compared to Nutrien's weighted average cost of capital, and including the relative ranking of our total shareholder return, including expected dividends, compared with a specified peer group using a Monte Carlo simulation option-pricing model; and <br>

– the number of dividend equivalent units expected to be earned.

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **107** |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Notes** 

Income taxes

Taxation on earnings (loss) is composed of current and deferred income tax. Taxation is recognized in the statements of earnings unless it relates to items recognized either in OCI or directly in shareholders' equity.

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| | |
|:---|:---|
| **Current income tax** | **Deferred income tax** |
| &nbsp;&nbsp;&nbsp;&nbsp; –<br>is calculated using rates enacted or substantively enacted at the dates of the consolidated balance sheets in the countries where our subsidiaries and equity-accounted investees operate and generate taxable earnings.<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>is determined using tax rates that have been enacted or substantively enacted by the dates of the consolidated balance sheets and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.<br>|
| The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively. | The realized and unrealized excess tax benefits from share-based compensation arrangements are recognized in contributed surplus as current and deferred tax, respectively. |

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The final taxes paid, and potential adjustments to tax assets and liabilities, are dependent upon many factors including:

– negotiations with taxation authorities in various jurisdictions;

– outcomes of tax litigation; and

– resolution of disputes arising from federal, provincial, state and local tax audits.

Deferred income tax is not accounted for:

– with respect to investments in subsidiaries and equity-accounted investees where we are able to control the reversal of the temporary difference and that difference is not expected to reverse in the foreseeable future; and

– if arising from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred tax assets are:

– recognized to the extent it is probable future taxable profit will be available to use deductible temporary differences and could be reduced if projected earnings are not achieved or increased if earnings previously not projected become probable; and

– reviewed at each balance sheet date and amended to the extent that it is no longer probable that the related tax benefit will be realized.

As provided in the amendments to International Accounting Standards ("IAS") 12, we apply the mandatory exception to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The mandatory exception has been applied retrospectively, with no material impact on our consolidated financial statements.

Financial instruments

Financial instruments are classified and measured as follows based on the objective of the business model for managing the instrument or group of instruments and the contractual terms of the cash flows.

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| | | | |
|:---|:---|:---|:---|
| **Fair value classification** | **FVTPL** | **FVTOCI** | **Amortized cost** |
|  Instrument type | Cash and cash<br> equivalents, derivatives, and certain equity investments not held for trading | Certain equity investments not held for trading for which an irrevocable election was made at initial recognition | Receivables, short-term debt, trade, other payables and accrued liabilities, long-term debt, lease liabilities, and other long-term debt instruments |

---

Financial instruments are recognized at trade date when we commit to purchase or sell the asset.

Derivatives are used to lock in exchange rates. For designated and qualified cash flow hedges:

– the effective portion of the change in the fair value of the derivative is accumulated in OCI;

– when the hedged forecast transaction occurs, the related gain or loss is removed from AOCI and included in the cost of inventory or property, plant and equipment;

– the hedging gain or loss included in the cost of inventory is recognized in earnings when the product containing the hedged item is sold or becomes impaired; and

– the ineffective portions of hedges are recorded in net earnings in the current period.

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| | |
|:---|:---|
| **108** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

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**Notes** 

We assess whether our derivative hedging transactions are expected to be or were highly effective, both at the hedge's inception and on an ongoing basis, in offsetting changes in fair values of hedged items.

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| | | |
|:---|:---|:---|
| **Hedging transaction** | **Measurement of ineffectiveness** | **Potential sources of ineffectiveness** |
|  Foreign exchange | Comparison of the cumulative changes in fair value and the cumulative change in the fair value of a hypothetical derivative with terms based on the hedged forecast cash flows | &nbsp;&nbsp;&nbsp;&nbsp; Changes in:<br> –<br>timing or amounts of forecasted cash flows<br>–<br>embedded optionality<br>–<br>our credit risk or the credit risk of a counterparty<br>|
| New York Mercantile Exchange ("NYMEX") natural gas hedges | Assessed on a prospective and retrospective basis using regression analyses | &nbsp;&nbsp;&nbsp;&nbsp; Changes in:<br> –<br>timing of forecast transactions<br>–<br>volume delivered<br>–<br>our credit risk or the credit risk of a counterparty<br>|

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Financial assets and financial liabilities are offset, and the net amount is presented in the consolidated balance sheets when we:

currently have a legally enforceable right to offset the recognized amounts; and <br>

– intend either to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Fair value measurements

Estimated fair values for financial instruments are designed to approximate amounts for which the instruments could be exchanged in a current arm's length transaction between knowledgeable, willing parties. The valuation policies and procedures for financial reporting purposes are determined by our finance department.

Fair value measurements are categorized into different levels within a fair value hierarchy based on the degree to which the lowest level inputs are observable and their significance:

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| | | |
|:---|:---|:---|
| **Level 1** | **Level 2** | **Level 3** |
| Unadjusted quoted prices (in active markets accessible at the measurement date for identical assets or liabilities) | Quoted prices (in markets that are not active or based on inputs that are observable for substantially the full term of the asset or liability) | Prices or valuation techniques that require inputs that are both unobservable and significant to the overall measurement |

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Fair value estimates:

– are at a point in time and may change in subsequent reporting periods due to market conditions or other factors;

– can be determined using multiple methods, which can cause values (or a range of reasonable values) to differ; and

– may require assumptions about costs/prices over time, discount and inflation rates, defaults and other relevant variables.

Inventories

Costs are allocated to inventory using the weighted average cost method.

Net realizable value is based on:

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| | |
|:---|:---|
| **Products and raw materials** | **Materials and supplies** |
| &nbsp;&nbsp;&nbsp;&nbsp; –<br>selling price of the finished product (in ordinary course of business) less the estimated<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs of completion and estimated costs to make the sale | &nbsp;&nbsp;&nbsp;&nbsp; –<br>replacement cost<br>|

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Inventories are valued monthly. Various factors impact our estimates of net realizable value, including inventory levels, forecasted prices of key production inputs, global nutrient capacities, crop price trends, and changes in regulations and standards employed.

Vendors may offer various incentives to purchase products for resale. Vendor rebates and prepay discounts are accounted for as a reduction of the prices of the suppliers' products. Rebates based on the amount of materials purchased reduce cost of goods sold as inventory is sold. Rebates earned based on sales volumes of products are offset to cost of goods sold.

Rebates that are probable and can be reasonably estimated are accrued. Rebates that are not probable or estimable are accrued when certain milestones are achieved.

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **109** |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Notes** 

Estimation of rebates can be complex in nature as vendor arrangements are diverse. The amount of the accrual is determined by analyzing and reviewing historical trends to apply negotiated rates to estimated and actual purchase volumes. Estimated amounts accrued throughout the year could also be impacted if actual purchase volumes differ from projected volumes.

Property, plant and equipment

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| | | |
|:---|:---|:---|
|  | **Owned** | **Right-of-use (leased)** |
|  **Description** | Majority of our tangible assets are buildings, machinery and equipment used to produce or distribute our products and render our services. | Primarily include railcars, marine vessels, real estate and mobile equipment. |
|  **Measurement** | &nbsp;&nbsp;&nbsp;&nbsp; –<br>cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses<br>–<br>cost of major inspections and overhauls is capitalized<br>–<br>maintenance and repair expenditures that do not improve or extend productive life are expensed in the period incurred<br>| &nbsp;&nbsp;&nbsp;&nbsp; –<br>cost less accumulated depreciation and any accumulated impairment losses<br>–<br>lease payments are allocated between finance costs and a reduction of the liability<br>|
|  **Depreciation method** | &nbsp;&nbsp;&nbsp;&nbsp; –<br>certain property, plant and equipment directly related to our Potash, Nitrogen and Phosphate segments uses units-of-production based on the shorter of estimates of reserves or service lives<br>–<br>pre-stripping costs uses units-of-production over the ore mined from the mineable acreage stripped<br>–<br>remaining assets uses straight-line<br>| Straight-line over the shorter of the asset's useful life and the lease term. |
|  | Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually. | Estimated useful lives, expected patterns of consumption, depreciation method and residual values are reviewed at least annually. |
| **Judgment/practical expedients** | &nbsp;&nbsp;&nbsp;&nbsp; Judgment is required in determining:<br> –<br>costs, including income or expenses derived from an asset under construction, that are eligible for capitalization;<br>–<br>timing to cease cost capitalization, generally when the asset is capable of operating in the manner intended by management, but also considering the circumstances and the industry in which the asset is to be operated, normally predetermined by management with reference to such factors as productive capacity;<br>–<br>the appropriate level of componentization (for individual components for which different depreciation methods or rates are appropriate);<br>–<br>repairs and maintenance that qualify as major inspections and overhauls; and<br>–<br>useful life over which such costs should be depreciated, which may be impacted by changes in our strategy, process or operations as a result of climate-change initiatives.<br>| &nbsp;&nbsp;&nbsp;&nbsp; Judgment is required to determine whether a contract or arrangement includes a lease and if it is reasonably certain that an extension option will be exercised. We seek to maximize operational flexibility in managing our leasing activities by including extension options when negotiating new leases. Extension options are exercisable at our option and not by the lessors. In determining if a renewal period should be included in the lease term, we consider all relevant factors that create an economic incentive for us to exercise a renewal, including:<br> –<br>the location of the asset and the availability of suitable alternatives,<br>–<br>the significance of the asset to operations, and<br>–<br>our business strategy.<br>Estimation is used to determine the useful lives of ROU assets, the lease term and the appropriate discount rate applied to the lease payments to calculate the lease liability. |
|  | Uncertainties are inherent in estimating reserve and resource quantities, particularly as they relate to assumptions regarding future prices, the geology of our mines, the mining methods used, and the related costs incurred to develop and mine reserves and resources. Changes in these assumptions could result in material adjustments to reserve estimates, which could result in impairments or changes to depreciation expense in future periods. | &nbsp;&nbsp;&nbsp;&nbsp; We have chosen to:<br> –<br>include the use of a single discount rate for a portfolio of leases with reasonably similar characteristics,<br>–<br>not separate non-lease components and instead to account for lease and non-lease components as a single arrangement, and<br>–<br>use exemptions for short-term and low-value leases which allow payments to be expensed as incurred.<br>|
|  **Other** | Not applicable. | Lease agreements do not contain significant covenants; however, leased assets may be used as security for lease liabilities and other borrowings. |

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| | |
|:---|:---|
| **110** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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| | | | | |
|:---|:---|:---|:---|:---|
| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

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**Notes** 

Goodwill and intangible assets

Goodwill is carried at cost less any accumulated impairment losses, is not amortized, and represents the excess of the cost of an acquisition over the fair value of the Company's share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is allocated to a CGU or group of CGUs for impairment testing based on the level at which it is monitored by management and not at a level higher than an operating segment. The allocation is made to the CGU or group of CGUs expected to benefit from the business combination in which the goodwill arose.

Intangible assets are generally measured at cost less accumulated amortization and any accumulated impairment losses. Accumulated amortization is calculated on a straight-line basis over the asset's useful life. We use judgment to determine which expenditures are eligible for capitalization as intangible assets. Costs incurred internally from researching and developing a product are expensed as incurred until technological feasibility is established, at which time the costs are capitalized until the product is available for its intended use. Judgment is required in determining when technological feasibility of a product is established. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. At least annually, the useful lives are reviewed and adjusted if appropriate.

Impairment of long-lived assets

To assess impairment, assets are grouped at the smallest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (this can be at the asset or CGU level).

At the end of each reporting period, we review conditions to determine whether there is any indication that an impairment exists that could potentially impact the carrying amounts of both our long-lived assets to be held and used (including property, plant and equipment, and investments), and our goodwill and intangible assets. When such indicators exist, impairment testing is performed. Additionally, goodwill is tested at least annually on October 1.

We review, at each reporting period, for possible reversal of the impairment for non-financial assets, other than goodwill.

Estimates and judgment involve:

– identifying the appropriate asset, group of assets, CGU or group of CGUs;

determining the appropriate discount rate for assessing the recoverable amount; <br>

– making assumptions about future sales, market conditions, terminal growth rates and cash flow forecasts over the long-term life of the assets or CGUs; and

– evaluating impacts of climate change to our strategy, processes and operations.

We cannot predict if an event that triggers impairment or a reversal of impairment will occur, when it will occur or how it will affect reported asset amounts. Asset impairment amounts previously recorded could be affected if different assumptions were used or if market and other conditions change. Such changes could result in non-cash charges materially affecting our consolidated financial statements.

Equity-accounted investments

For equity-accounted investments reduced to zero, we do not eliminate our share of the unrealized earnings. If the investee earns a profit in the subsequent period, we then recognize our share of the earnings only after adjusting for the unrealized earnings that were not previously eliminated.

Pension and other post-retirement benefits

When a plan amendment occurs before a settlement, we recognize past service cost before any gain or loss on settlement.

Our discount rate assumptions are impacted by:

– the weighted average interest rate at which each pension and other post-retirement plan liability could be effectively settled at the measurement date;

– country specific rates; and

the use of a yield curve approach based on the respective plans' demographics, expected future pension benefits and medical claims. Payments are measured and discounted to determine the present value of the expected future cash flows. The cash flows are discounted using yields on high-quality AA-rated non-callable bonds with cash flows of similar timing where there is a deep market for such bonds. Where we do not believe there is a deep market for such bonds (such as for terms in excess of 10 years in Canada), the cash flows are discounted using a yield curve derived from yields on provincial bonds rated AA or better to which a spread adjustment is added to reflect the additional risk of corporate bonds. <br>

Net actuarial gains or loss incurred during the period for defined benefit plans are closed out to retained earnings at each period-end.

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **111** |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | **Financial statements and notes** |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Notes** 

Asset retirement obligations and accrued environmental costs

Asset retirement obligations and accrued environmental costs include:

– reclamation and restoration costs at our potash and phosphate mining operations, including management of materials generated by mining and mineral processing, such as various mine tailings and gypsum;

– land reclamation and revegetation programs;

– decommissioning of underground and surface operating facilities;

– general clean-up activities aimed at returning the areas to an environmentally acceptable condition; and

– post-closure care and maintenance.

We consider the following factors as we estimate our provisions:

– environmental laws and regulations and interpretations by regulatory authorities, including updates on climate change, could change or circumstances affecting our operations could change, either of which could result in significant changes to current plans;

– the nature, extent and timing of current and proposed reclamation and closure techniques in view of present environmental laws and regulations;

– appropriate technical resources, including outside consultants, assist us in developing specific site closure and post-closure plans in accordance with the jurisdiction requirements;

– timing of settlement of the obligations, which is typically correlated with mine life estimates except for certain land reclamation programs; and

– changes in the pre-tax risk-free rate used to discount the expected future cash flows associated with these provisions.

It is reasonably possible that the ultimate costs could change in the future and that changes to these estimates could have a material effect on our consolidated financial statements. We review our estimates for any changes in assumptions at the end of each reporting period.

We recognized contingent liabilities related to our business combinations or acquisitions, which represent additional environmental costs that are present obligations although cash outflows of resources are not probable. These contingent liabilities are subsequently measured at the higher of the amount initially recognized and the amount that would be recognized if the liability becomes probable.

Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. When we repurchase our own common shares, share capital and contributed surplus is reduced by the average carrying value of the shares repurchased. The excess of the purchase price over the average carrying value is recognized as a deduction from retained earnings. If the average carrying value of the shares repurchased is less than the average carrying value of the shares in share capital, the excess is recognized as an addition to share capital. Shares are cancelled upon repurchase.

Climate change

Climate-related risks and opportunities could impact our accounting estimates and judgments including, but not limited to, assessment of our asset useful lives, impairment of other long-lived assets, and asset retirement obligations and accrued environmental costs. There are also ongoing regulatory initiatives that could further impact our accounting estimates and judgments, and we will continue to monitor these developments and their impact on our consolidated financial statements.

Standards, amendments and interpretations effective and applied

The IASB and IFRS Interpretations Committee ("IFRIC") have issued certain standards and amendments or interpretations to existing standards that were effective, and we have applied.

In 2025, we adopted the following standards, amendments and annual improvements with no material impact on our consolidated financial statements:

– Lack of Exchangeability (Amendments to IAS 21)

Standards, amendments and interpretations not yet effective and not applied

The IASB and IFRIC have issued the following standards, amendments or interpretations to existing standards that were not yet effective and not applied as at December 31, 2025.

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| | |
|:---|:---|
| **112** Nutrien Annual Report 2025 | In millions of dollars, except as otherwise noted |

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| Overview | MD&A | Five-year highlights | **Financial statements and notes** | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

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**Notes** 

The following amendments will be adopted in 2026 and are not expected to have a material impact on our consolidated financial statements:

Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), effective January 1, 2026. In May 2024, the IASB issued these amendments to clarify the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date if specific conditions are met. <br>

Based on our adoption work to date, we expect liabilities settled by cheque to be derecognized when the cheque is cleared and settled with the counterpart's bank, instead of when the cheque is written. This change will affect the timing of derecognition for certain trade and other payables but is not expected to have a material impact on the consolidated financial statements.

The following standard is being reviewed to determine the potential impact on our consolidated financial statements:

Presentation and Disclosure in Financial Statements (IFRS 18), effective January 1, 2027. In April 2024, the IASB issued IFRS 18, which will replace IAS 1 *Presentation of Financial Statements*. The new standard will require classification of income and expense into specified categories of operating, investing and financing. The standard will also require defined subtotals, including operating profit, and note disclosure including our management-defined performance measures ("MPMs"). The new standard also provides guidance on aggregation and disaggregation of disclosures. <br>

We will continue to assess the full impact of IFRS 18 and disclose any significant updates as our implementation progresses.

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| | |
|:---|:---|
| In millions of dollars, except as otherwise noted | Nutrien Annual Report 2025 **113** |

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| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | Financial statements and notes |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Terms** 

## TERMS AND DEFINITIONS

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| | |
|:---|:---|
| **Terms** |  |
| AECO | Alberta Energy Company, Canada |
| ABARES | Australian Bureau of Agricultural and Resource Economics and Sciences |
| AgbioInvestor | AgbioInvestor, UK |
| Argus | Argus Media group, UK |
| Bloomberg | Bloomberg Finance L.P., USA |
| Conab | The National Supply Company (CONAB) is a public company under the Ministry of Agriculture, Livestock and Food Supply – MAPA |
| CME | Chicago Mercantile Exchange |
| Croplife | Croplife Media Group, USA |
| CRU | CRU International Ltd., UK |
| ICE | Intercontinental Exchange |
| IFA | International Fertilizer Association |
| IMEA | Mato Grosso Institute of Agricultural Economics |
| Moody's | Moody's Corporation (NYSE: MCO), USA |
| NYMEX | New York Mercantile Exchange, USA |
| NYSE | New York Stock Exchange, USA |
| S&P | S&P Global Inc., USA |
| SPGCI | S&P Global Commodity Insights |
| StatsCan | Statistics Canada |
| TFI | The Fertilizer Institute, USA |
| TTF | Title Transfer Facility |
| TSX | Toronto Stock Exchange, Canada |
| USDA | United States Department of Agriculture, USA |
| WASDE | World Agriculture Supply and Demand Estimates, USA |
| AUD | Australian dollar |
| BRL | Brazilian real |
| CAD | Canadian dollar |
| USD | United States dollar |

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**114** Nutrien Annual Report 2025

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| Overview | MD&A | Five-year highlights | Financial statements and notes | <br> ![LOGO](g23756g57f90.jpg)  |
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | | <br> ![LOGO](g23756g57f90.jpg)  |

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**Terms** 

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| | | |
|:---|:---|:---|
| **Scientific terms** |  |  |
| Potash | KCI | potassium chloride, 60%–63.2% K<sub>2</sub>O (solid) |
| Nitrogen | CO<sub>2</sub> | carbon dioxide |
|  | DEF | diesel exhaust fluid |
|  | ESN<sup>®</sup> | Environmentally Smart Nitrogen<sup>®</sup>, 44% nitrogen |
|  | UAN | urea ammonium nitrate solution, 28%–32% N (liquid) |
| Phosphate | AS | ammonium sulfate (solid) |
|  | DAP | diammonium phosphate, 46% P<sub>2</sub>O<sub>5 </sub>(solid) |
|  | MAP | monoammonium phosphate, 52% P<sub>2</sub>O<sub>5 </sub>(solid) |
|  | MGA | merchant grade acid, 54% P<sub>2</sub>O<sub>5 </sub>(liquid) |
|  | MST | micronized sulfur technology, P + S |
|  | P<sub>2</sub>O<sub>5</sub> | diphosphorus pentoxide |
|  | SPA | superphosphoric acid, 70% P<sub>2</sub>O<sub>5</sub> (liquid) |

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| | |
|:---|:---|
| **Product measures** |  |
| K<sub>2</sub>O tonne | Measures the potassium content of products having different chemical analyses |
| Mmt | Million metric tonnes |
| MMBtu | Metric million British thermal units |
| P<sub>2</sub>O<sub>5 </sub>tonne | Measures the phosphorus content of products having different chemical analyses |
| Product tonne | Standard measure of the weights of all types of potash, nitrogen and phosphate products |

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Nutrien Annual Report 2025 **115**

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| <br> ![LOGO](g23756g57f90.jpg)  | Overview | MD&A | Five-year highlights | Financial statements and notes |
| <br> ![LOGO](g23756g57f90.jpg)  | | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | |

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**Definitions** 

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| | |
|:---|:---|
| **Definitions** |  |
| Brownfield | New project expanding or developing an existing facility or operation. |
| CCUS | Carbon capture, utilization and storage. Process by which CO<sub>2</sub> produced from various industrial processes is captured and either utilized for further industrial processes or transported to a permanent storage location to prevent release into the atmosphere. |
| Capital expenditures | Represents the sum of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures. See the "Other financial measures" section. |
| Clean ammonia | Ammonia made with direct GHG emissions reduced by at least 90 percent compared to a conventional process, produced from hydrogen obtained using the next generation of ammonia production technology, such as auto-thermal reforming or water electrolysis with renewable power; this definition does not include end product use. |
| EBITDA | Calculated as net earnings (loss) before finance costs, income taxes and depreciation and amortization. |
| Greenfield | New project on a previously undeveloped site. |
| Greenhouse gas ("GHG") | Gases that contribute to the greenhouse effect and global warming by trapping heat in the atmosphere. These gases include those outlined by the Kyoto Protocol and covered under the Greenhouse Gas Protocol Accounting and Reporting Standards. They include the following seven major greenhouse gases: carbon dioxide (CO<sub>2</sub>), methane (CH<sub>4</sub>), nitrous oxide (N<sub>2</sub>O), sulfur hexafluoride (SF<sub>6</sub>), perfluorocarbons (PFCs), hydrofluorocarbons (HFCs), and nitrogen trifluoride (NF<sub>3</sub>). |
| Latin America | South America, Central America, Caribbean and Mexico. |
| Merger | The merger of equals transaction between PotashCorp and Agrium completed effective January 1, 2018, pursuant to which PotashCorp and Agrium combined their businesses pursuant to a statutory plan of arrangement under the Canada Business Corporations Act and became wholly owned subsidiaries of Nutrien Ltd. |
| North America | Canada and the US. |
| Offshore | All markets except Canada and the US. |
| Total shareholder return | Return on investment in Nutrien shares from the time the investment is made based on two components: (1) growth in share price and (2) return from reinvested dividend income on the shares. |

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**116** Nutrien Annual Report 2025<br>

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| Overview | MD&A | Five-year highlights | Financial statements and notes | <br> ![LOGO](g31567g57f90.jpg)  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**

<br> ## SHAREHOLDER INFORMATION
**Dividends** 

Dividend amounts paid to shareholders resident in Canada are paid in Canadian dollars, calculated based on the Bank of Canada daily average exchange rate on the dividend record date. The declaration, amount and payment date of any dividend by the Company is at the discretion of the Board of Directors and will depend on numerous factors, including compliance with applicable laws and the financial performance, debt obligations, working capital requirements and future capital requirements of Nutrien and its subsidiaries. Historically dividends have been paid in January, April, July and October approximately three weeks after record dates on the last trading day of the immediately preceding month. Registered shareholders may enroll for direct deposit by contacting Computershare Investor Services Inc., the Company's registrar and transfer agent.

**Ownership** 

On February 17, 2026, there were 803 holders of record of the Company's common shares.

**Common share prices** 

The Company's common shares are traded on the Toronto Stock Exchange and the New York Stock Exchange. Nutrien is included in the S&P/TSX 60 and the S&P/TSX Composite indices.

**Office** 

**Nutrien's registered head office is:** 

Suite 1700, 211 19th Street East

Saskatoon, Saskatchewan

Canada S7K 5R6

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| | |
|:---|:---|
|  **Investor relations** | **NYSE corporate governance** |
|  Investor Relations Department<br>**Email** investors@nutrien.com | The certifications required by Section 302 of the *Sarbanes-Oxley Act of 2002* are filed as exhibits to our 2025 Annual Report on Form 40-F. |
|  Investor Relations Department<br>**Email** investors@nutrien.com | The certifications required by Section 302 of the *Sarbanes-Oxley Act of 2002* are filed as exhibits to our 2025 Annual Report on Form 40-F. |

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**Transfer agent** 

You can contact Computershare Investor Services Inc., the Company's transfer agent, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Phone** | **1-888-847-9773**<br>(toll-free within Canada and the US)<br>**1-514-982-7555** | **By Mail** | Computershare<br> 100 University Ave, 8th Floor<br> Toronto, ON M5J 2Y1 |
|  | (from any country other than Canada and the US) | **Internet** | Access your registered account on the |
| **By Fax** | <br> **1-888-453-0330**<br> (all countries) |  | Investor Centre website: **investorcentre.com** |

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![LOGO](g31567dsp041.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | facebook.com/nutrienltd |
|  | linkedin.com/company/nutrien |
|  | youtube.com/nutrien |
| &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien.com | @nutrienltd |

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### Attached PDF Documents

**Attachment 1:** `d25691dex9911.pdf`

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