Nutrien (NTR) Investor Day 2024 summary

Strategic Priorities and Portfolio Actions

• Simplifying the portfolio by divesting retail assets in Argentina, Chile, and Uruguay, and discontinuing the Geismar clean ammonia project to focus on core North American fertilizer production and global distribution.

• Prioritizing growth in North American fertilizer production, proprietary product capabilities, and strengthening the global distribution network.

• Reviewing strategic options for the Profertil stake in Argentina and optimizing non-core assets.

• Investing in core retail businesses, emphasizing proprietary products and targeted acquisitions to drive growth and margin improvement.

• Focusing on high-return brownfield nitrogen projects and optimizing product mix to increase volumes of higher-margin upgraded products.

Performance Targets and Operational Initiatives

• Targeting 40%-50% of potash ore tons cut using automation by 2026, doubling from 2023, and increasing nitrogen sales volumes by over 500,000 tons through reliability projects.

• Retail network optimization in North America and Brazil, including consolidating locations and focusing on proprietary products to enhance margins.

• Reducing controllable costs by approximately $200 million and aiming for $400 million-$600 million in retail EBITDA growth by 2026 compared to 2023.

• Targeting $1.9–$2.1 billion Retail adjusted EBITDA in 2026, with a 7% CAGR from 2024 guidance midpoint to 2026 target.

• Projecting consolidated cost savings of ~$200 million and 2–3 million metric tons sales volume growth in potash and nitrogen by 2026, compared to 2023.

Growth and Positioning for the Future

• Potash sales targeted at 14-15 million tons and nitrogen manufactured sales at 11.5-12 million tons by 2026, leveraging existing capacity and brownfield expansions.

• Proprietary products, especially crop nutrition and biostimulants, expected to deliver $500 million-$600 million in gross margin by 2026, with a 10% annual growth rate.

• Expanding international sales of proprietary products, aiming for one-third of crop nutrient product line margins from proprietary products by 2026.

• Expanding in the fast-growing biostimulant and bionutrition markets, projected to nearly double globally by 2030.

• Strengthening global supply chain and distribution, leveraging six potash mines, extensive rail and marine terminal network, and 2,000+ retail locations.