Financial Performance and Capital Allocation - Nutrien's adjusted EBITDA is projected to be between $6.9 billion and $7.1 billion in 2021[12] - Nutrien returned $900 million to shareholders year-to-date through dividends and share buybacks[9] - The company plans approximately $2 billion in de-leveraging over the next 6 months[18] - Sustaining capital expenditures are estimated at $1.2 billion for 2021[18] Retail Segment - Retail adjusted EBITDA margin reached 10.8% in Q3 2021[20] - Adjusted average working capital to sales in Retail was 12% in Q3 2021[20] - Adjusted EBITDA per US selling location in Retail was $1362K in Q3 2021[20] - Proprietary products accounted for 26.8% of total margin in Retail in Q3 2021[20] - Digital platform sales in Retail reached $1.899 billion year-to-date[20] - Nutrien expects ~$50 million in synergies from the Ruralco acquisition by the end of 2021[23] - Nutrien has announced transactions in Brazil totaling >$300 million in the last 21 months[18] Potash and Nitrogen Segments - Nutrien increased Potash production by 1 million tonnes in 2021[9] - Nutrien's ammonia capacity is 7.1 million metric tonnes[57] Sustainability - Nutrien is targeting a 30% reduction in GHG emissions per tonne of product produced by 2030[10] - The Carbon Program covers ~200K acres in US and Canadian pilots[77]

Financial Data and Key Metrics Changes - Adjusted EBITDA exceeded $1.6 billion in Q3 2021, an increase of nearly $1 billion compared to the same period last year [15] - Year-to-date adjusted EBITDA increased by 61% to $4.7 billion, with free cash flow of $2.8 billion generated over this period [15] - Full year 2021 adjusted EBITDA projected in the range of $6.9 billion to $7.1 billion, representing a $3.3 billion increase from 2020 [36] Business Line Data and Key Metrics Changes - Retail delivered a record third quarter, driven by higher sales and increased margins, with significant earnings growth across all geographies [16] - Potash adjusted EBITDA up 131% from last year, with expectations of a surge to an annualized run rate of 17 million tonnes in Q4 [19] - Nitrogen and phosphate generated nearly $700 million in combined adjusted EBITDA in Q3, supported by higher selling prices across all product lines [21] Market Data and Key Metrics Changes - Global grain and oilseed inventory is well below historic levels, supporting strong crop prices and grower margins [24] - In Brazil, fertilizer consumption projected to grow by more than 10% in 2021, driven by strong agricultural fundamentals [27] - Potash prices have increased significantly, with Brazilian granular potash prices transacting above $750 per tonne [31] Company Strategy and Development Direction - Company focuses on enhancing nitrogen position through strategic capacity expansions and projects supporting GHG emissions reduction targets [12] - Plans to grow retail business through acquisitions and expanding market share, particularly in Brazil [38] - Commitment to reducing long-term debt by approximately $2 billion over the next 6 months to strengthen the balance sheet [37] Management's Comments on Operating Environment and Future Outlook - Management expects tight crop input markets to continue into 2022 due to supply-related outages and constraints [9] - Positive sentiment in North America, with growers investing in soils and preparing for next year's crop [25] - Anticipation of strong demand for crop inputs, with growers expected to maximize planted acreage in 2022 [26] Other Important Information - Company repurchased 2.4 million shares in Q3 2021 and returned $900 million to shareholders through dividends and share buybacks [37] - Progress on decarbonization projects expected to reduce CO2 equivalent emissions by approximately 1 million tonnes by the end of 2023 [40] Q&A Session Summary Question: Expectations for potash production in 2022 - Management clarified that the 17 million-tonne run rate is for Q4 only and not sustainable throughout 2022, expecting to produce around 14 million tonnes this year and potentially ramping up by another 1 million tonnes next year [44][49] Question: Nitrogen trade dynamics in Europe and China - Management indicated that nitrogen trade remains tight, exacerbated by high energy prices in Europe, with expectations for continued demand growth despite curtailments [52][55] Question: Potash pricing and forward sales - Management noted that realized prices lag behind posted benchmark prices due to the timing of contracts, but they are now placing volumes at posted prices for Q1 2022 [70] Question: Retail organic growth expectations - Management expressed confidence in organic growth opportunities, particularly in proprietary products, with expectations for continued market share gains [102][106] Question: Capital allocation strategy - Management highlighted a balanced approach to capital allocation, focusing on debt reduction, investments in growth opportunities, and returning capital to shareholders [84][90]

Financial Performance - Nutrien raised its full-year 2021 adjusted EBITDA guidance to $6.9 to $7.1 billion, up from $6.0 to $6.4 billion[12]. - Adjusted net earnings guidance for 2021 increased to $5.85 to $6.10 per share, compared to the previous range of $4.60 to $5.10 per share[12]. - Sales for the three months ended September 30, 2021, reached $6,024 million, a 43% increase from $4,227 million in the same period of 2020[15]. - Adjusted EBITDA for the third quarter of 2021 was $1,642 million, a 145% increase compared to $670 million in Q3 2020[15]. - Free cash flow for the first nine months of 2021 increased by over $1 billion, reaching $2,751 million compared to $1,634 million in the same period of 2020[17]. - Nutrien's gross margin for the nine months ended September 30, 2021, was $3,427 million, a 20% increase from $2,851 million in 2020[21]. - Gross margin for the third quarter reached $816 million, a significant increase of 183% compared to $288 million in Q3 2020, with gross margin per tonne rising to $215[24]. - Adjusted EBITDA for Q3 2021 was $808 million, up 131% from $350 million in the same quarter last year, driven by higher sales volumes and prices[24]. - Q3 2021 sales reached $6,024 million, a significant increase from $4,227 million in Q3 2020, while net earnings attributable to equity holders were $717 million compared to a loss of $587 million in the same period last year[54]. - Adjusted EBITDA for Q3 2021 was $1,642 million, up from $670 million in Q3 2020, reflecting strong operational performance[54]. - Comprehensive income for the nine months ended September 30, 2021, was $1,978 million, compared to $57 million in the same period of 2020[118]. - Adjusted EBITDA for the nine months ended September 30, 2021, was $4,663 million, compared to $2,899 million in 2020, representing a 61% increase[143]. Sales and Market Trends - Nutrien Ag Solutions' crop nutrients sales increased by 53% to $1,194 million in Q3 2021, with a gross margin of $246 million[19]. - Global potash prices are rising due to record demand, with shipments forecasted between 69 and 71 million tonnes for 2021[11]. - The company expects Brazilian growers to increase plantings by 5 to 7 million acres, leading to higher crop input spending[11]. - Net sales for North America increased by 92% to $483 million in Q3 2021, while offshore sales rose by 108% to $705 million, resulting in total net sales of $1,188 million, a 101% increase year-over-year[24]. - Latin America accounted for 48% of sales volumes in Q3 2021, up from 36% in the same period last year, indicating a shift in market demand[29]. - Total consolidated sales for the nine months ended September 30, 2021, reached $20,445 million, a 21% increase from $16,856 million in the same period of 2020[137]. - Net sales for the nine months ended September 30, 2021, were $19,792 million, compared to $16,203 million in 2020, reflecting a 22% year-over-year growth[137]. Cost and Expenses - Overall gas cost per MMBtu increased by 119% to $4.77 in Q3 2021, impacting production costs due to higher North American gas index prices[34]. - Cost of goods sold per tonne increased due to higher raw material input costs, impacting gross margin negatively[39]. - Total cost of goods sold for nitrogen increased to $695 million in Q3 2021 from $482 million in Q3 2020, representing a 44.2% increase[96]. - Cash cost of production per tonne for potash decreased to $66 in Q3 2021 from $53 in Q3 2020, while cash COPM for nitrogen increased to $53 from $47[96][94]. Debt and Cash Flow Management - Cash used in operating activities was $(1,565) million in Q3 2021, a 128% increase compared to $(685) million in Q3 2020[46]. - Short-term debt rose significantly by 689% to $1,255 million as of September 30, 2021, compared to $159 million at the end of 2020[47]. - The company anticipates that internally generated cash flow will be sufficient to meet future capital expenditures and cash requirements[45]. - As of September 30, 2021, total outstanding and committed short-term and long-term debt amounted to $1,255 million, with short-term debt at $128 million and long-term debt at $156 million[50]. - The company expects to reduce long-term debt by approximately $2 billion in the next six months using cash on hand and proceeds from commercial paper issuance[52]. - The company reported a significant reduction in short-term debt, decreasing to $1,255 million from $1,644 million in 2020, indicating better debt management[124]. Shareholder Returns - Dividends paid to shareholders in Q3 2021 amounted to $261 million, slightly up from $257 million in Q3 2020[120]. - A dividend of $0.46 per share was declared for the three months ended September 30, 2021, compared to $0.45 in 2020, with total dividends of $1.38 for the nine months ended September 30, 2021, up from $1.35 in 2020[152]. - The company reported a share repurchase of 2,460,097 shares in the nine months ended September 30, 2021[122]. - The average price per share for repurchases in the three months ended September 30, 2021, was $61.18, with a total cost of $148 million for that period[151]. Operational Highlights - The company operates as the world's largest provider of crop inputs, producing approximately 27 million tonnes of potash, nitrogen, and phosphate products globally[66]. - Retail adjusted EBITDA margin for 2021 was 11%[70]. - Crop nutrients sales volumes increased to 10,562 thousand tonnes in the nine months ended September 30, 2021, compared to 10,047 thousand tonnes in 2020, representing a 5.1% increase[69]. - Crop nutrients selling price per tonne rose to $595 in 2021 from $411 in 2020, a 45% increase[69]. - The company continues to focus on expanding its market presence and enhancing its product offerings to support sustainable food production globally[126].

Financial Data and Key Metrics Changes - Nutrien increased its annual adjusted EBITDA guidance to a midpoint over $6 billion for 2021, representing an increase of over 33% compared to previous estimates [12][33] - The first half adjusted EBITDA was over $3 billion, up 36% year-over-year [15][33] - Free cash flow generated in the first half of the year was $1.9 billion [15] Business Line Data and Key Metrics Changes - Nutrien Ag Solutions, the retail operations, achieved a 24% year-over-year increase in adjusted EBITDA for the first half of 2021 [16] - Potash earnings increased by 48% year-over-year, while nitrogen and phosphate businesses saw a 45% increase [17] - Adjusted EBITDA in the first half for the U.S., Canada, and Australia was up over 20%, with South American EBITDA nearly doubling year-over-year [18] Market Data and Key Metrics Changes - Global potash demand in 2021 is projected to be at record levels between 69 and 71 million tonnes, with low inventory levels in key regions [30] - The company expects solid crop input demand in North America and favorable weather conditions in Australia to support strong demand [29] - Current fertilizer prices are driven by robust demand for all nutrients, supported by agricultural market fundamentals [29] Company Strategy and Development Direction - The company aims to enhance its market position to drive value and is committed to operational excellence and cost management [32][34] - Nutrien is focused on sustainability and reducing its carbon footprint, with ongoing commitments to improve carbon outcomes [35] - The company plans to maintain a disciplined capital allocation approach, including potential investments in the business and shareholder returns [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future outlook, expecting crop prices to remain above historical levels and fertilizer markets to remain tight [32][36] - The company anticipates that the current price environment will support continued strong demand for fertilizers into 2022 [30][36] - Management noted that while there are inflationary pressures, they do not feel disadvantaged at this point in the cycle [104] Other Important Information - Nutrien reported $1.6 billion in digitally-enabled sales in the first half of the year, nearly double the same period in 2020 [22] - The company is expanding its retail business in Brazil and has announced an agreement to acquire Terra Nova, enhancing its market presence [23] Q&A Session Summary Question: What are the plans for debt reduction and capital allocation? - Management discussed the disciplined capital allocation approach, including potential debt reduction and share buybacks, but did not provide specific numbers [40][46] Question: What is the inventory level in the retail channel? - Retail inventory for NP and K was about $150 million higher in the U.S. than last year, planned for a good fall application season [48] Question: What is the visibility on potash pricing and supply? - Management expects limited new supply in the next couple of years and is well-positioned with strong pricing [54][56] Question: Is there evidence of demand destruction in potash? - Management indicated that demand remains strong, with inventories being drawn down in key markets [61] Question: What are the assumptions for EBITDA guidance? - Management highlighted strong fundamentals and the ability to sustain prices, despite uncertainties in the market [84][90]

Source 1 Nutrien Q2 2021 Results Presentation August 9, 2021 Forward Looking Statements 2 Certain statements and other information included in this presentation, including within "Outlook and Guidance" 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", "intend" or other s ...

Nutrien Ltd. (NYSE:NTR) BMO Capital Markets Virtual 16th Annual Farm to Market Conference May 20, 2021 10:00 AM ET Company Participants Mayo Schmidt - President, Chief Executive Officer and Director Conference Call Participants Joel Jackson - BMO Capital Markets Equity Research Joel Jackson Okay, next up is our fireside chat with Nutrien, of course, the large global fertilizer producer, which also has a very large retail farm center network. The company recently underwent some senior management changes and ...

Nutrien Ltd. (NYSE:NTR) Q1 2021 Earnings Conference Call May 4, 2021 10:00 AM ET Company Participants Richard Downey - VP, IR Mayo Schmidt - President and CEO Jason Newton - Head Economist Jeff Tarsi - SVP, Retail North America Kenneth Seitz - EVP & CEO of Potash Raef Sully - EVP & CEO, Phosphate & Nitrogen Pedro Farah - CFO David Elser - VP, Strategic Supply Chain Operations Conference Call Participants Steve Byrne - Bank of America Ben Isaacson - Scotiabank Andrew Wong - RBC Capital Markets P.J. Juvekar - ...

Source 1 Nutrien Q1 2021 Results Presentation 5/3/2021 May 3, 2021 Forward Looking Statements 2 Certain statements and other information included in this document and incorporated by reference, including within "Outlook and Guidance" 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", ...

| --- | --- | |------------------------------------------------------------------|-------| | | | | | | | | | | | | | Investor Presentation | | | BofA Securities 2021 Global Agriculture & Materials Conference | | | March 3, 2021 | | Forward Looking Statements 2 Forward Looking Statements Certain statements and other information included in this presentation and incorporated by reference constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under ...

| --- | --- | |----------------------------------------------|-------| | | | | | | | | | | | | | | | | Investor Presentation | | | BMO 30th Global Metals & Mining Conference | | | | | Forward Looking Statements 2 Forward Looking Statements Certain statements and other information included in this presentation and incorporated by reference constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are ...