Financial Performance - Nutrien reported net sales of $19.5 billion for the Retail segment, $3.8 billion for Nitrogen, and $1.7 billion for Phosphate in 2023[77]. - The company achieved an adjusted EBITDA of $2.4 billion in the Retail segment, $1.9 billion in Nitrogen, and $0.5 billion in Phosphate for the fiscal year ended December 31, 2023[77]. - Nutrien's annual average cash provided by operating activities from 2019 to 2023 was $4.8 billion, indicating strong cash generation capabilities[71]. - The company paid out 20% of its cash flow as dividends and repurchased 33% of its shares during the same period[72]. - Adjusted Net Debt to Adjusted EBITDA ratio is 1.9X with a total adjusted net debt of $1.7 billion in 2023[202]. - Cash returned to shareholders through dividends and share repurchases totaled $2.1 billion in 2023, with 50% allocated to dividends and 50% to share repurchases[208]. - The average dividend yield for 2023 was 3.3%, and a 2% increase in quarterly dividend to $0.54 per share was announced for February 2024[208]. - Nutrien expects to maintain an adjusted net debt/adjusted EBITDA leverage ratio below three times through the cycle, ensuring a strong balance sheet[199]. Market Position and Strategy - Nutrien's market share in the US ag retail industry is 22%, with significant competition from independents and cooperatives[137]. - Brazil was identified as the largest market for Canpotex potash sales in 2023, highlighting the importance of this region for Nutrien's growth strategy[97]. - The agriculture retail industry is highly fragmented, with small and medium-sized competitors dominating the market, emphasizing the need for scale and innovative solutions[130]. - Nutrien completed 23 acquisitions in its core Retail markets, enhancing its market presence[182]. - Completed 23 Retail acquisitions across the US, Australia, and Brazil in 2023[208]. Sustainability and Environmental Initiatives - The company captured and sold at least 1 million tonnes of CO2 annually for the last five years, demonstrating its commitment to sustainability[90]. - Nutrien has a strong focus on environmental stewardship, having planted over half a million trees in 2023 as part of its sustainability initiatives[92]. - Nutrien's capital allocation framework emphasizes sustaining safe operations, maintaining a healthy balance sheet, and providing returns to shareholders through dividends and share repurchases[198]. - The company has doubled its sustainably engaged acres to two million, integrating high-value products and services into its sustainability programming[182]. Production and Supply Chain - Nutrien's potash production facilities in Saskatchewan are positioned to minimize supply risk, with access to the best potash geology globally[83]. - Nutrien operates six low-cost potash mines, which provide flexibility to adjust production in response to market conditions[83]. - Global potash demand for 2023 is estimated between 67 to 68 million tonnes, with expectations for 2024 to recover towards trend levels of 68-71 million tonnes[145][146]. - Global nitrogen demand for 2023 is projected at approximately 155 million tonnes, driven by the essential role of nitrogen in crop yield and quality[123][151]. - US nitrogen fertilizer net imports in the first half of the 2023/2024 fertilizer year decreased by an estimated 55 percent compared to the three-year average, indicating a tight supply and demand balance[155]. - Chinese DAP/MAP exports fell by approximately 30 percent in 2023 compared to 2021 levels due to export restrictions, impacting global phosphate markets[162]. Innovation and Technology - Nutrien is focusing on developing climate-smart agriculture practices to enhance resilience and improve yields under challenging conditions[106]. - The company is leveraging digital technologies and big data to transform agricultural practices and provide insights to growers[108][110]. - Nutrien increased its low-carbon ammonia production capability to 1.2 million tonnes across its Geismar, Redwater, and Joffre sites[194]. - Sales of the micronized sulfur dry phosphate product, MAP+MST, increased by 125 percent compared to 2022 levels, reflecting strong demand for premium products[196]. - Global proprietary seed revenue has grown by over 25% since 2021[240]. Capital Expenditures and Financial Management - Total capital expenditures for sustaining, mine development, and pre-stripping are $1.0 billion, with 84% allocated to sustaining and 16% to mine development and pre-stripping[202]. - Reduced planned capital expenditures by $300 million, providing flexibility in capital allocation[208]. - Maintained a BBB investment-grade credit rating and repaid $500 million in senior notes during the year[208]. Market Trends and Economic Factors - Global crop input sales in 2023 reached approximately $130 billion, with 49% from crop nutrients, 22% from seed, and 29% from crop protection[122]. - In 2024, US corn plantings are expected to range from 91 to 92 million acres, while soybean plantings are anticipated to be between 87 to 88 million acres[134]. - Global grain stocks-to-use ratios remain historically low, impacting grain and oilseed production and exports[133]. - Geopolitical instability continues to pose risks to supply chains and product distribution, potentially affecting operational performance[114][115]. - North American natural gas prices are expected to average approximately $2.50 per MMBtu in 2024, maintaining competitiveness against Europe and Asia[154].

Company and Industry Overview * **Company**: Nutrien Ltd. (NYSE:NTR) * **Industry**: Agriculture and Materials * **Event**: Bank of America Securities 2024 Global Agriculture and Materials Conference * **Date**: February 28, 2024 * **Time**: 9:50 AM ET Potash Market * **Historical Strategy**: Nutrien has maintained a consistent strategy of maintaining share in the potash market as global demand grows, historically holding a 19% to 20% share. * **Supply Disruptions**: In 2021, supply disruptions due to flooding, sanctions, and the war in Ukraine caused a supply crisis and led to potash prices exceeding $1,000 per ton, damaging demand. * **Market Recovery**: Since 2022, demand has been recovering, with global shipments falling from 70 million tons in 2022 to 61 million tons in 2023. In 2024, Nutrien expects demand to grow from 67 million to 68 million tons last year to 68 million to 71 million tons. * **Balanced Market**: Nutrien sees 2024 as a more balanced market, with demand recovery and improved affordability. The company aims to grow share with the market, targeting 14 million to 15 million tons in 2024. * **Investments**: Nutrien has invested in low-cost assets, with an installed capacity of 15 million tons, positioning the company for organic growth as the market recovers. Nitrogen Market * **U.S. Market**: The U.S. Gulf region is experiencing tightness in nitrogen supply, particularly in urea and UAN, due to strong planting expectations and supply constraints. * **Supply Constraints**: Constraints include exports leaving the U.S. or Trinidad, gas supply issues in Trinidad, production issues in the U.S., and logistics interruptions in the Middle East. * **Retail Supply**: Nutrien's retail business is adequately supplied, with inventory levels sufficient through the middle of April and into May. * **Capacity Expansion**: Nutrien plans to increase nitrogen production from 10.4 million tons in 2023 to 11.5 million to 12 million tons in the mid-cycle case through improvements in Trinidad, Borger, and Geismar, and incremental brownfield projects. Retail Business * **Acquisition**: Nutrien acquired a retail organization with a proprietary platform and scale, doubling profitability. * **Market Share**: Nutrien's retail business has a market share of less than 25% in the U.S. market, with opportunities for further consolidation. * **Synergies**: Nutrien leverages its low-cost position, proprietary products, and scale to drive synergies and profitability. * **Brazilian Business**: Nutrien's Brazilian business faced challenges due to market volatility, devaluation of fertilizer and crop protection markets, and inventory management issues. The company is taking a breather from acquiring further in Brazil and focusing on integrating existing acquisitions. Phosphate Business * **Focus**: Nutrien's phosphate business focuses on optimizing the asset base and product mix, with over 50% of phosphates used for non-agricultural purposes. * **MAP+MST**: Nutrien has successfully converted its traditional dry phosphates business to MAP+MST, a sulfur-enhanced MAP product with strong penetration in North America. * **LFP**: Nutrien is monitoring the global discussion around lithium iron phosphate (LFP) and its potential impact on the existing product mix.

Financial Performance - Nutrien reported fourth quarter 2023 net earnings of $176 million ($0.35 diluted net earnings per share) and adjusted EBITDA of $1.1 billion[3]. - For the full year 2023, Nutrien generated net earnings of $1.3 billion ($2.53 diluted net earnings per share) and adjusted EBITDA of $6.1 billion, both down from record levels in 2022[7]. - Adjusted EBITDA for the full year 2023 decreased by 36% to $1,459 million, primarily due to lower gross margins for crop nutrients and crop protection products[23]. - Net earnings for Q4 2023 were $176 million, a significant drop from $1,118 million in Q4 2022, reflecting a decline of 84%[70]. - Adjusted net earnings for the twelve months ended December 31, 2023, were $2,206 million, down from $7,124 million in 2022, with diluted earnings per share of $4.44 versus $13.19[75]. - The company reported a comprehensive income of $1,363 million for the twelve months ended December 31, 2023, down from $7,510 million in 2022[104]. - Adjusted EBITDA for the three months ended December 31, 2023, was $1,075 million, compared to $2,095 million in the same period of 2022, a decrease of about 48%[119]. Sales and Revenue - Retail adjusted EBITDA for 2023 was $1.5 billion, a decrease attributed to lower gross margins for crop nutrients and crop protection products[7]. - Total sales for the twelve months ended December 31, 2023, were $29,056 million, a decrease of 23.2% compared to $37,884 million in 2022[103]. - Net sales for the twelve months ended December 31, 2023, were $28,082 million, down from $37,012 million in 2022, reflecting a decline of 24.0%[120]. - Sales volumes for nitrogen products were higher in Q4 2023, driven by increased UAN production, despite lower ammonia availability[37]. - Retail sales for crop nutrients decreased by 22% to $1,808 million in Q4 2023 compared to $2,320 million in Q4 2022, with gross margin declining from 19% to 15%[20]. - Crop protection products sales fell by 2% to $960 million in Q4 2023, with gross margin decreasing from 42% to 35%[20]. - Total sales for the three months ended December 31, 2023, were $5,664 million, down from $7,533 million in the same period of 2022, a decrease of approximately 25%[117]. Market Outlook - The company expects retail adjusted EBITDA guidance for 2024 to be between $1.65 billion and $1.85 billion, assuming increased gross margins across major product lines[10]. - Potash sales volume guidance for 2024 is projected between 13.0 and 13.8 million tonnes, reflecting demand growth in offshore markets[16]. - Nitrogen sales volume guidance for 2024 is estimated between 10.6 and 11.2 million tonnes, with expectations of higher operating rates at US and Trinidad plants[16]. - Global potash demand is expected to recover towards trend levels in 2024, with full-year shipments projected between 68 to 71 million tonnes[11]. - Nutrien anticipates a tight nitrogen supply and demand balance in 2024, with net imports down approximately 55% compared to the three-year average[11]. Impairments and Costs - The company recorded a non-cash impairment of $774 million in 2023, primarily related to Retail – South America goodwill and Nitrogen and Phosphate property, plant, and equipment[18]. - The company recognized a $465 million non-cash impairment related to goodwill of South American Retail assets in 2023[25]. - A non-cash impairment of $76 million was recognized for Trinidad property, plant, and equipment in Q4 2023 due to higher expected natural gas costs[37]. - The ammonia controllable cash cost of product manufactured per tonne increased in 2023, primarily due to lower ammonia production[37]. Expenses and Costs Management - Selling expenses increased by 40% to $7 million in Q4 2023 compared to $5 million in Q4 2022[42]. - General and administrative expenses rose by 5% to $104 million in Q4 2023, and by 12% to $364 million for the full year 2023[42][45]. - Finance costs increased by 13% to $213 million in Q4 2023 and by 41% to $793 million for the full year 2023[44][46]. - The effective tax rate on adjusted earnings for 2023 was 34%, up from 25% in 2022[44][46]. - Other expenses surged by 140% to $161 million in Q4 2023, driven by higher asset retirement obligations and foreign exchange losses[42][45]. Shareholder Returns - Nutrien returned $2.1 billion to shareholders in 2023 through dividends and share repurchases, with a quarterly dividend increase to $0.54 per share[7]. - The company repurchased 13,378,189 shares at a cost of $374 million during 2023[117]. - A dividend per share of $0.53 was declared for Q4 2023, an increase from $0.48 in 2022, with a total estimated dividend payment of $265[140]. Production and Operational Efficiency - Natural gas costs per MMBtu decreased by 55% in Q4 2023 to $3.30 from $7.44 in Q4 2022, contributing to lower production costs[35]. - Ammonia production adjusted operating rate improved to 91% in Q4 2023 from 83% in Q4 2022, indicating better production efficiency[62]. - Retail cash operating coverage ratio improved to 68% in 2023 from 55% in 2022, reflecting stronger cash flow management[58]. - The company plans to focus on operational efficiency and cost management in the upcoming year to improve margins and profitability[79].

Financial Data and Key Metrics Changes - Nutrien reported adjusted EBITDA of $1.1 billion for Q3 2023, totaling $5 billion for the first nine months, a decrease from record levels in 2022 [5][6] - The company narrowed its full-year adjusted EBITDA guidance to a range of $5.8 billion to $6.4 billion, with adjusted net earnings revised to $4.15 to $5 per share [18] Business Line Data and Key Metrics Changes - North American crop nutrient sales volumes increased by 5% in Q3 and 10% year-to-date, with margins rising by $10 per ton compared to the previous year [6][7] - Crop protection sales in North America declined due to lower prices and slightly reduced volumes, while South American crop nutrient volumes surged by 25% in Q3 [7][8] - Potash sales volumes reached a record 3.9 million tons in Q3, with production costs declining to $56 per ton [9][10] - Phosphate sales volumes increased, although production was impacted by hurricane-related downtime [11] Market Data and Key Metrics Changes - Global grain yields are projected to fall below trend for the fourth consecutive year, with U.S. fertilizer demand expected to rise by 5% to 10% in Q4 compared to the previous year [12][13] - Global potash demand is forecasted to be between 65 million to 67 million tons in 2023, with expectations for growth in 2024 [13][15] - The ammonia supply has been tight due to outages in Europe, while urea markets remain balanced [14] Company Strategy and Development Direction - Nutrien is focusing on targeted investments in retail, potash, and nitrogen businesses, with plans to return over $2 billion to shareholders through dividends and share repurchases [18][20] - The company has paused additional investments in Brazil until market stabilization occurs, while continuing to optimize its cost structure [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong crop nutrient demand in North America and stability in global potash markets, anticipating continued growth in 2024 [15][29] - The company highlighted the importance of operational efficiencies and maintaining a balanced approach to capital allocation [29] Other Important Information - Nutrien completed two smaller Brownfield expansions and installed N2O abatement projects to reduce greenhouse gas emissions [10][11] - The company is experiencing logistical challenges due to port strikes and production outages, but expects operations to normalize by the end of the year [9][10] Q&A Session All Questions and Answers Question: Thoughts on BHP's Phase 2 project at Jansen - Management acknowledged the growing potash market and emphasized Nutrien's ability to expand volumes despite BHP's plans, citing the technical challenges of such projects [24] Question: Expectations for potash market balance in 2024 - Management indicated that while there are concerns about supply from Eastern Europe, they expect continued demand growth and are prepared to meet customer needs [72] Question: Update on nitrogen division outages - Management explained that outages were due to equipment issues and gas supply challenges, but they expect to return to normal operations soon [50][69] Question: Potash demand expectations and expansion plans - Management confirmed that they expect potash demand to grow and are prepared to deploy additional low-cost tons into the market as needed [73]

Exhibit 99.1 NYSE, TSX: NTR News Release November 1, 2023 – all amounts are in US dollars except as otherwise noted Nutrien Reports Third Quarter 2023 Results Delivered record potash sales volumes in the third quarter and benefited from strong crop nutrient demand in North America. SASKATOON, Saskatchewan - Nutrien Ltd. (TSX and NYSE: NTR) announced today its third quarter 2023 results, with net earnings of $82 million ($0.15 diluted net earnings per share). Third quarter 2023 adjusted net earnings per shar ...

Forward-Looking Statements Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and are difficult to predict, which could cause actual results or events to differ materially from results or events expressed in such forward-looking statements. Such events or circumstances include, but are not limited to: general global economic, market and business conditions; failure to complete announced and future acquisitions or divestitures at all or on the ...

Financial Data and Key Metrics Changes - Nutrien reported adjusted EBITDA of $2.5 billion for Q2 2023 and $3.9 billion for the first half of the year, marking a significant decline from the record levels of the previous year due to lower fertilizer prices and reduced sales volumes [7][11] - Fertilizer inventories ended the quarter at a multiyear low, down more than 40% from the prior year, indicating potential for large purchasing requirements in the second half [18] Business Line Data and Key Metrics Changes - North American nitrogen sales volumes increased by 10% year-over-year, driven by strong fertilizer demand, with nitrogen gross margin at approximately 35% [20] - Crop protection gross margins were impacted by lower prices for certain commodity products and reduced demand due to dry conditions in the US Midwest [8][50] - Potash sales volumes in North America increased, with stable pricing compared to the previous quarter, but overall potash shipment estimates were lowered to 63 million to 65 million tonnes for 2023 [19][24] Market Data and Key Metrics Changes - North American crop development is ahead of historical averages, supporting increased demand for fertilizer products in Q3 [12] - In Brazil, fertilizer prices have strengthened recently, with potash prices up around 10% since early June, indicating a recovery in demand [55] - Southeast Asia is experiencing a mixed recovery, with prices varying significantly across markets [46] Company Strategy and Development Direction - Nutrien is focusing on disciplined capital allocation and enhancing free cash flow through the cycle, pausing potash ramp-up projects while maintaining operational flexibility [6][25] - The company expects structural market shifts to support higher average fertilizer prices in the next cycle, driven by tight global crop markets and inflationary impacts [59][60] - Nutrien is prioritizing integration of recently acquired businesses in Brazil and enhancing supply chain efficiencies [58][82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization and recovery of demand, particularly in North America and Brazil, despite ongoing volatility in offshore markets [16][43] - The company anticipates a strong fall fertilizer application season, with per ton margins expected to be above historical averages [56] - Management acknowledged the uncertainty surrounding the timing of demand for clean ammonia, leading to the suspension of the Geismar project [57][108] Other Important Information - A non-cash impairment charge was recognized for the White Springs phosphate assets due to their shorter mine life and market volatility [21] - The company has revised its full-year adjusted EBITDA guidance to a range of $5.5 billion to $6.7 billion, reflecting lower offshore realized prices and potash sales volume guidance [24][56] Q&A Session Summary Question: Can you discuss potash capability and demand recovery? - Management indicated that for 2023, global shipments were reduced to 63 million to 65 million tonnes, with the ability to meet customer needs for 15.5 million tonnes next year [62] Question: What are the assumptions for retail in the mid-cycle earnings? - The retail assumption was adjusted to $1.9 billion to $2.1 billion, reflecting margin pressure and higher cost inventory [38] Question: What is the outlook for nitrogen expectations in the back half of the year? - Management noted that nitrogen prices are expected to firm up in the second half, with a significant portion of the ag nitrogen book already sold [112][90] Question: Can you clarify the decision to defer the Geismar clean ammonia project? - The decision was based on capital cost escalations and the need for flexibility in capital allocation, with a potential delay of at least 24 months [127][128]

Exhibit 99.1 NYSE, TSX: NTR News Release August 2, 2023 – all amounts are in US dollars except as otherwise noted Nutrien Reports Second Quarter 2023 Results Revising full-year guidance to reflect factors impacting offshore potash sales through Canpotex and lower global potash prices than previously anticipated. Announcing strategic actions expected to reduce controllable costs and enhance free cash flow. SASKATOON, Saskatchewan - Nutrien Ltd. (TSX and NYSE: NTR) announced today its second quarter 2023 resu ...

Good morning. Thank you for joining us today. Nutrien???s first quarter results reflect the impact of structural supply issues and shifting buying patterns that have contributed to an unprecedented period of market volatility. We delivered adjusted EBITDA of $1.4 billion the second highest for any first quarter on record. Continuing to demonstrate the advantages of our flexible low cost production assets and global distribution network. We invested $700 million to sustain and grow our assets and returned ov ...

[First Quarter 2023 Results Overview](index=1&type=section&id=Nutrien%20Reports%20First%20Quarter%202023%20Results) Nutrien achieved its second-highest Q1 net earnings, returning $1.1 billion to shareholders despite a significant decline from 2022's record, with full-year guidance revised downwards [Highlights and Executive Summary](index=1&type=section&id=Highlights) Nutrien reported its second-highest Q1 net earnings, returning $1.1 billion to shareholders despite a significant decline from 2022's record, with full-year guidance revised downwards Q1 2023 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Earnings | $0.6 billion | | Diluted Net Earnings per Share | $1.14 | | Adjusted Net Earnings per Share | $1.11 | | Adjusted EBITDA | $1.4 billion | - Returned **$1.1 billion** to shareholders in Q1 2023, consisting of approximately **$900 million** in share repurchases (**11.8 million shares**) and dividends[2](index=2&type=chunk)[4](index=4&type=chunk)[7](index=7&type=chunk) - Full-year 2023 guidance was revised to an adjusted EBITDA of **$6.5-$8.0 billion** and adjusted EPS of **$5.50-$7.50**, reflecting the stabilization of fertilizer markets[7](index=7&type=chunk) - Crop input demand has strengthened for the spring planting season, and the company anticipates increased demand in the second half of 2023 due to strong agricultural fundamentals and lower inventory levels[5](index=5&type=chunk) [Management's Discussion and Analysis (MD&A)](index=2&type=section&id=Management%27s%20Discussion%20and%20Analysis) This section provides an in-depth analysis of Nutrien's financial performance, market outlook, and operational results for the quarter [Market Outlook and Financial Guidance](index=2&type=section&id=Market%20Outlook%20and%20Guidance) Market outlook remains positive due to strong agricultural fundamentals, yet full-year 2023 guidance was revised downwards due to lower forecasted fertilizer prices - The global grain stocks-to-use ratio is projected to end the current growing season at its lowest level in over **25 years**, providing incentive for growers to invest in crops[12](index=12&type=chunk) - Global potash shipment forecast for 2023 is maintained at **63 to 67 million tonnes**, with increased demand expected in H2 2023 due to lower inventories and improved grower affordability[12](index=12&type=chunk) Revised Full-Year 2023 Guidance (as of May 10, 2023) | Metric | Previous Guidance (Feb 15, 2023) | Revised Guidance (May 10, 2023) | | :--- | :--- | :--- | | Adjusted Net Earnings per Share | $8.45 - $10.65 | $5.50 - $7.50 | | Adjusted EBITDA | $8.4 - $10.0 billion | $6.5 - $8.0 billion | | Retail Adjusted EBITDA | $1.85 - $2.05 billion | $1.60 - $1.75 billion | | Potash Adjusted EBITDA | $3.7 - $4.5 billion | $2.65 - $3.35 billion | | Nitrogen Adjusted EBITDA | $2.5 - $3.2 billion | $1.95 - $2.55 billion | - Guidance was lowered primarily due to the expectation of below-normal crop nutrient gross margins (Retail), and lower forecasted benchmark fertilizer prices (Potash and Nitrogen)[17](index=17&type=chunk) [Consolidated Results](index=4&type=section&id=Consolidated%20Results) Nutrien's Q1 2023 consolidated results showed significant year-over-year declines in sales and net earnings, driven by lower selling prices across all segments Consolidated Financial Highlights (Three Months Ended March 31) | Metric | 2023 (US$ million) | 2022 (US$ million) | % Change | | :--- | :--- | :--- | :--- | | Sales | $6,107 million | $7,657 million | (20)% | | Gross Margin | $1,913 million | $3,257 million | (41)% | | Net Earnings | $576 million | $1,385 million | (58)% | | Adjusted EBITDA | $1,421 million | $2,615 million | (46)% | | Diluted Net Earnings per Share | $1.14 | $2.49 | (54)% | - The primary reason for the decline in earnings was lower net realized selling prices in all segments and lower sales volumes in Retail, Potash, and Phosphate[20](index=20&type=chunk) - Cash used in operating activities increased significantly, primarily due to lower earnings across all segments[20](index=20&type=chunk) [Segment Results](index=4&type=section&id=Segment%20Results) All operating segments reported a year-over-year adjusted EBITDA decline in Q1 2023, with Retail incurring a loss and other segments affected by lower selling prices [Nutrien Ag Solutions ("Retail")](index=5&type=section&id=Nutrien%20Ag%20Solutions%20%28%22Retail%22%29) The Retail segment reported an adjusted EBITDA loss of **$34 million** in Q1 2023, driven by lower sales and gross margins for crop nutrients and protection products Retail Segment Performance (Three Months Ended March 31) | Metric | 2023 (US$ million) | 2022 (US$ million) | % Change | | :--- | :--- | :--- | :--- | | Sales | $3,422 million | $3,861 million | (11)% | | Gross Margin | $615 million | $845 million | (27)% | | Adjusted EBITDA | $(34) million | $240 million | n/m | - Crop nutrient gross margin per tonne decreased in all regions due to lower selling prices and higher cost inventory[25](index=25&type=chunk) - Crop protection product sales and gross margin decreased, particularly in North America, compared to a historically strong Q1 2022[25](index=25&type=chunk) [Potash](index=6&type=section&id=Potash) Potash adjusted EBITDA fell **52%** to **$676 million** in Q1 2023, driven by lower net realized selling prices and decreased sales volumes Potash Segment Performance (Three Months Ended March 31) | Metric | 2023 (US$ million) | 2022 (US$ million) | % Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $676 million | $1,406 million | (52)% | | Sales Volumes (k tonnes) | 2,636 | 3,043 | (13)% | | Avg. Net Realized Price/Tonne ($) | $380 | $608 | (38)% | | COGS per Tonne ($) | $115 | $100 | 15% | - Sales volumes in North America decreased due to just-in-time buying, while record Q1 Canpotex sales to Brazil partially offset lower demand from Asia[28](index=28&type=chunk) - Cost of goods sold per tonne increased primarily due to lower production volumes and a pull forward of maintenance activities[28](index=28&type=chunk) [Nitrogen](index=7&type=section&id=Nitrogen) Nitrogen adjusted EBITDA decreased **32%** to **$676 million** due to lower selling prices, partially offset by reduced natural gas costs and improved operational reliability Nitrogen Segment Performance (Three Months Ended March 31) | Metric | 2023 (US$ million) | 2022 (US$ million) | % Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $676 million | $995 million | (32)% | | Sales Volumes (k tonnes) | 2,357 | 2,325 | 1% | | Avg. Net Realized Price/Tonne ($) | $500 | $651 | (23)% | | COGS per Tonne ($) | $275 | $290 | (5)% | - The decline was driven by weaker benchmark prices for all major nitrogen products, while cost of goods sold per tonne decreased due to lower natural gas costs[33](index=33&type=chunk) - Ammonia utilization rate increased to **95%** from **89%** in Q1 2022, due to a focus on reliability initiatives[33](index=33&type=chunk)[75](index=75&type=chunk) [Phosphate](index=8&type=section&id=Phosphate) Phosphate adjusted EBITDA declined **43%** to **$137 million** due to decreased sales volumes and lower net realized prices for fertilizer products Phosphate Segment Performance (Three Months Ended March 31) | Metric | 2023 (US$ million) | 2022 (US$ million) | % Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $137 million | $239 million | (43)% | | Sales Volumes (k tonnes) | 548 | 651 | (16)% | | Avg. Net Realized Price/Tonne ($) | $814 | $865 | (6)% | - The decrease in adjusted EBITDA was due to lower sales volumes and lower net realized prices for fertilizer products[37](index=37&type=chunk) [Corporate and Others](index=8&type=section&id=Corporate%20and%20Others) Corporate and Others' adjusted EBITDA loss improved to **$(13) million**, driven by reduced share-based compensation and a gain on post-retirement benefit plans - Share-based compensation expense decreased to **$15 million** from **$135 million** in Q1 2022 due to a decrease in the fair value of share-based awards[36](index=36&type=chunk)[38](index=38&type=chunk) - Other income of **$81 million** was mainly due to an **$80 million** gain on amendments to other post-retirement benefit plans[38](index=38&type=chunk) [Liquidity and Capital Resources](index=9&type=section&id=Liquidity%20and%20Capital%20Resources) Nutrien's liquidity was impacted by lower earnings, leading to increased debt and borrowings, with capital deployed for assets, growth, and shareholder returns Sources and Uses of Cash (Three Months Ended March 31) | Activity | 2023 (US$ million) | 2022 (US$ million) | | :--- | :--- | :--- | | Cash used in operating activities | $(858) million | $(62) million | | Cash used in investing activities | $(694) million | $(457) million | | Cash provided by financing activities | $2,129 million | $588 million | - Financing activities were higher due to the issuance of **$1.5 billion** of notes in Q1 2023[44](index=44&type=chunk) - Short-term debt increased by **$1.87 billion** from year-end 2022 to finance seasonal working capital and share repurchases[45](index=45&type=chunk)[46](index=46&type=chunk) - The company repurchased **11.8 million shares** for approximately **$900 million** year-to-date as of March 31, 2023, reducing total shares outstanding by **10%** compared to the same period in 2022[7](index=7&type=chunk) [Supplementary Information](index=12&type=section&id=Supplementary%20Information) This section provides additional financial data and reconciliations of non-IFRS measures to support the understanding of the company's performance [Quarterly Results](index=12&type=section&id=Quarterly%20Results) This section summarizes key financial metrics for the past eight quarters, highlighting earnings volatility influenced by fertilizer prices and business seasonality - The company's earnings are significantly affected by volatile fertilizer benchmark prices and seasonality, with crop input sales higher in spring and fall[52](index=52&type=chunk)[53](index=53&type=chunk) - The provided eight-quarter data shows sales peaking at **$14.5 billion** and net earnings at **$3.6 billion** in Q2 2022, demonstrating the recent cyclical peak[52](index=52&type=chunk) [Non-IFRS Financial Measures](index=18&type=section&id=Non-IFRS%20Financial%20Measures) This section defines and reconciles non-IFRS financial measures like Adjusted EBITDA and Adjusted Net Earnings, used by management to assess operational performance - Management uses non-IFRS measures to evaluate the performance of day-to-day operations, as they are not impacted by long-term investment and financing decisions[79](index=79&type=chunk)[83](index=83&type=chunk) Reconciliation of Net Earnings to Adjusted EBITDA (Q1) | (millions of US dollars) | 2023 | 2022 | | :--- | :--- | :--- | | Net earnings | 576 | 1,385 | | Finance costs | 170 | 109 | | Income tax expense | 193 | 505 | | Depreciation and amortization | 496 | 461 | | **EBITDA** | **1,435** | **2,460** | | Adjustments (Share-based comp, FX, etc.) | (14) | 155 | | **Adjusted EBITDA** | **1,421** | **2,615** | Reconciliation of Net Earnings to Adjusted Net Earnings (Q1) | (millions of US dollars) | 2023 | 2022 | | :--- | :--- | :--- | | Net earnings attributable to equity holders | 571 | 1,378 | | Post-tax adjustments | (10) | 117 | | **Adjusted net earnings** | **561** | **1,495** | [Condensed Consolidated Financial Statements](index=24&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements for Q1 2023, including the Statements of Earnings, Cash Flows, and Balance Sheet [Financial Statements](index=24&type=section&id=Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements for Q1 2023, including the Statements of Earnings, Cash Flows, and Balance Sheet - The Statement of Earnings shows Net Earnings of **$576 million** for Q1 2023, down from **$1,385 million** in Q1 2022[114](index=114&type=chunk) - The Balance Sheet as of March 31, 2023 shows Total Assets of **$56.6 billion**, Total Liabilities of **$31.3 billion**, and Total Shareholders' Equity of **$25.3 billion**[118](index=118&type=chunk) - The Statement of Cash Flows indicates cash used in operating activities was **$858 million**, cash used in investing activities was **$694 million**, and cash provided by financing activities was **$2,129 million**[116](index=116&type=chunk) [Notes to the Financial Statements](index=28&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed disclosures supporting the financial statements, including segment performance, new long-term debt issuance, and share repurchase details - Note 2 (Segment Information) provides a detailed reconciliation of segment sales, gross margin, and EBITDA to the consolidated company totals[123](index=123&type=chunk)[124](index=124&type=chunk) - Note 8 (Long-Term Debt) details the issuance of **$1.5 billion** in new notes on March 27, 2023, comprising **$750 million** at **4.900%** due 2028 and **$750 million** at **5.800%** due 2053[139](index=139&type=chunk) - Note 9 (Share Capital) confirms the repurchase and cancellation of **11,751,290 common shares** for a total cost of **$899 million** during the three months ended March 31, 2023[142](index=142&type=chunk)