Financial Data and Key Metrics Changes - In 2025, adjusted EBITDA increased to $162 million, a 25% year-over-year growth from $130 million in 2024 [11] - Q4 adjusted EBITDA grew 42% year-over-year from $38 million in Q4 2024 to $54 million in Q4 2025 [11] - Operating cash flow for the full year of 2025 was $96 million, with free cash flow at $44 million after sustaining capital expenditures [12] Business Line Data and Key Metrics Changes - The industrial business optimized production by reducing UAN production volumes to maximize ammonium nitrate (AN) sales, which are strong due to demand from mining sectors [8] - UAN pricing averaged $320 per ton in Q4, up 39% from Q4 2024, reflecting low domestic inventory and constrained supply [9] - Strong fall ammonia sales were supported by favorable weather conditions, with the Tampa ammonia benchmark price remaining above year-ago levels [9] Market Data and Key Metrics Changes - Demand for AN for explosives in mining is strong, particularly among copper and gold miners [8] - The U.S. coal production remains resilient, contributing to steady demand for ammonium nitrate [8] - The market for ammonia is tight due to reduced supply from the Middle East and Trinidad, with prices expected to trend back to mid-cycle levels as new production comes online [10] Company Strategy and Development Direction - The company aims to achieve upper quartile manufacturing status, targeting 95% capacity utilization for ammonia plants [48] - Continued focus on operational reliability and efficiency improvements, with planned turnarounds to enhance production capabilities [15][48] - Strategic initiatives are in place to capture an additional $50 million in annual EBITDA through various operational improvements [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing value from operational and commercial improvements, despite ongoing challenges in the market [6] - The company is optimistic about the favorable market conditions and expects strong underlying volume momentum in 2026 [15] - Management acknowledged the stress in the agricultural sector but believes demand for nitrogen fertilizers will remain solid due to projected corn planting acres [61][62] Other Important Information - The company is making progress on its carbon capture and sequestration project at the El Dorado site, with a timeline to begin sequestering CO2 by the end of 2026 [22] - The company ended 2025 with approximately $150 million in cash and a net leverage of 1.8 times [12] Q&A Session Summary Question: Thoughts on gross ammonia production and productivity - Management indicated confidence in increasing gross ammonia production to 875,000-880,000 tons without turnarounds, with 30%-40% of the $35 million production improvement initiatives linked to higher production rates [28] Question: Non-gas cost assumptions for 2026 - Management noted improved efficiency and reduced maintenance costs as key factors in holding non-gas costs flat or slightly down [31] Question: Market response to supply disruption from CF at Yazoo City - The market is currently tight, with significant production capacity out, and pricing for AN sales is above typical contract rates [33] Question: Potential tailwind from rising U.S. coal production - Management believes coal production is holding steady, providing a solid demand backdrop for AN [37] Question: Demand evolution for fertilizers in 2027 - Management expects tight supply and demand balance for ammonia and UAN products to continue, with pricing reflecting market conditions [40] Question: Strategic priorities for 2026 - The focus remains on manufacturing improvements, operational reliability, and exploring growth opportunities through capital investments [48] Question: Willingness to pay for blue ammonia - The market is slow to pay a premium for low-carbon products, but there are niche opportunities being pursued [50][51]

Core Viewpoint - Nutrien reported a revenue of $5.34 billion for the quarter ended December 2025, marking a year-over-year increase of 5.1% and exceeding the Zacks Consensus Estimate by 2.55% [1] Financial Performance - Earnings per share (EPS) for the quarter was $0.83, compared to $0.31 a year ago, although it fell short of the consensus estimate of $0.87 by 4.96% [1] - Nutrien's stock has returned +3.9% over the past month, outperforming the Zacks S&P 500 composite, which declined by -1.3% [3] Sales Metrics - Potash sales volumes totaled 2,803 KTon, below the average estimate of 2,876.83 KTon [4] - Nitrogen sales volumes reached 2,575 KTon, also below the average estimate of 2,667.94 KTon [4] - Average selling price per tonne for phosphate (industrial and feed) was $875, exceeding the average estimate of $713.89 [4] - Retail sales (Nutrient Ag Solutions) amounted to $3.14 billion, slightly below the estimated $3.21 billion, reflecting a -1.1% change year-over-year [4] - Potash sales were reported at $792 million, a +34.9% increase year-over-year, but below the estimate of $804.4 million [4] - Nitrogen sales reached $1.24 billion, surpassing the estimate of $1.09 billion, with a year-over-year increase of +5.4% [4] - Phosphate sales were $543 million, exceeding the average estimate of $513.52 million, representing a +15.3% year-over-year change [4] - Net sales for phosphate were $483 million, above the estimate of $421.42 million, with a +16.7% year-over-year change [4] - Net sales for potash were $736 million, exceeding the estimate of $706.92 million, reflecting a +37.3% year-over-year change [4] - Net sales for nitrogen were $1.09 billion, surpassing the estimate of $990.83 million, with a +7.9% year-over-year change [4]

Financial Data and Key Metrics Changes - The company achieved $1 billion of specialty-driven EBITDA for the year, with consolidated sales of $7.153 billion, up 5% year-over-year [4][8][9] - Adjusted diluted earnings per share were $0.36 for 2025, with operating cash flow of $1.056 billion [9][32] - In Q4, sales were $1.701 billion, up 6% year-over-year, and consolidated adjusted EBITDA was $380 million, improving 10% year-over-year [7][8] Business Line Data and Key Metrics Changes - Industrial Products, Phosphate Solutions, and Growing Solutions segments had sales of $5.650 billion in 2025, also up 5% [8][9] - For the Industrial Products segment, Q4 sales were $296 million, up 6%, with EBITDA of $68 million [10] - Potash sales for 2025 were $1.714 billion, up 4%, with Q4 sales of $473 million, also up 12% year-over-year [12] - Phosphate Solutions sales for 2025 were $2.333 billion, up 5%, while Q4 sales increased 2% to $518 million [13][14] - Growing Solutions sales for 2025 were $2.063 billion, improving 6% year-over-year, with Q4 sales increasing 6% to $467 million [16] Market Data and Key Metrics Changes - Prices for bromine, potash, and phosphate fertilizers continued to increase in Q4, with potash prices averaging $348 CIF per ton, up more than 20% year-over-year [8][12] - The grain price index declined on a quarterly basis, with rice showing significant reductions, while corn and soybeans improved [24] - The Brazilian market faced affordability issues, impacting farmers and distributors, but there is potential for improvement in 2026 [38][46] Company Strategy and Development Direction - The company is focusing on specialty crop nutrition and specialty food solutions as growth engines, with plans for further acquisitions [5][9] - A definitive agreement with the State of Israel regarding Dead Sea concession assets was signed, securing future compensation [6][95] - The company is discontinuing less synergistic activities, including LFP battery material projects, to redirect resources towards more aligned opportunities [6][18] Management Comments on Operating Environment and Future Outlook - Management noted that while there are pressures from rising raw material costs, particularly sulfur, they are actively working to mitigate these impacts [20][23] - The strengthening of the shekel against the U.S. dollar poses challenges for operations in Israel, but hedging techniques are being employed to manage exposure [21][60] - The company expects consolidated EBITDA for 2026 to be between $1.4 billion and $1.6 billion, with potash sales volume projected between 4.5 million and 4.7 million metric tons [21][22] Other Important Information - The company recorded a $14 million fee for water extracted from wells in the Dead Sea concession area, impacting Q4 results [27] - Adjustments made in Q4 included a $61 million write-off related to the discontinuation of LFP projects and a $50 million impairment for Boulby assets [29][30] Q&A Session Summary Question: What are the upside and downside risks for 2026 guidance? - Management indicated that higher potash production and prices could drive upside, while rising sulfur costs and the strengthening shekel present downside risks [35][36] Question: How is the demand in Brazil for Growing Solutions? - Management acknowledged that Brazil faced a difficult year but expressed optimism for 2026, anticipating improved conditions as interest rates may decrease [42][46] Question: What is the company's position on the LFP battery project? - Management clarified that they are stepping back from LFP projects due to market conditions and will focus on supplying raw materials instead [89][90]

2025 Fourth Quarter Financial Results AI & Innovation as Key Enablers Note: Specialty crop nutrition is part of the Growing Solutions division; Specialty food solutions is part of food specialties under the Phosphate Solutions division. 3 Optimization Elad Aharonson | President and CEO February 18, 2026 Important legal notes Disclaimer and safe harbor for forward-looking statements This presentation contains statements that constitute "forward-looking statements," many of which can be identified by the use ...