Nutrien (NTR) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Market overview and business performance

• Global demand for food remains high, driving increased adoption of best agricultural practices and higher fertilizer use.

• Asset quality and extensive downstream network enable access to over 500,000 grower accounts and wholesale customers in 50+ countries.

• Structural growth in fertilizer volumes and retail earnings, with 1.3 million tons added and $300 million retail earnings growth in 2025.

• Ongoing focus on capital allocation, including stable dividends, $600 million CapEx reduction, and 30% more cash returned to shareholders.

• Portfolio optimization led to $900 million in divestitures and ongoing strategic reviews in Brazil, Trinidad, and phosphate business.

U.S. farmer sentiment and operational resilience

• U.S. farmers face challenges from weather and lower commodity prices, but bad accounts remain within normal ranges.

• Despite adverse weather, spring planting is expected to be normal, with strong demand for crop nutrients and oversubscribed Winter Fill Program.

• Government assistance, including $11 billion in recent support, helps stabilize farmer finances.

• Grain stocks-to-use ratios and commodity prices are at 10-year averages, supporting a stable outlook for the spring season.

Regulatory environment and competition

• Regulatory scrutiny on fertilizer markets is acknowledged, but the sector is described as highly competitive.

• Investments in mine automation and new terminals are aimed at maintaining cost competitiveness.

• Market cycles cause price fluctuations, but ongoing investments expand volumes and reinforce competitive positioning.