NTR 6-K 2025 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the month of November, 2025

Commission File Number: 001-38336

NUTRIEN LTD.

(Name ofregistrant)

Suite 1700, 211 19th Street East

Saskatoon, Saskatchewan, Canada

S7K 5R6

(Address ofprincipal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Exhibits 99.2 and 99.3 to this report on Form 6-K shall be incorporated by reference into the registrant’s Registration Statements on Form S-8 (File Nos. 333-222384, 333-222385 and 333-226295) and on Form F-10 (File No. 333-278180) under the Securities Act of 1933, as amended.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NUTRIEN LTD.
Date: November 5, 2025	By:	/s/ Noralee Bradley
	Name:	Noralee Bradley
	Title:	Executive Vice President, External Affairs,<br><br><br>Chief Legal Officer and Corporate Secretary

EXHIBIT INDEX

Exhibit		Description of Exhibit
99.1		News Release dated November 5, 2025
99.2		Management’s Discussion and Analysis
99.3		Interim Financial Statements and Notes

EX-99.1

Exhibit 99.1

		News Release
TSX, NYSE: NTR

November 5, 2025 – all amounts are in US dollars, except as otherwise noted

Nutrien Reports Third Quarter 2025 Results

•	Nine-month results supported by strong operational performance and continue to show progress towards our 2026 targets.
•	Initiating a review of strategic alternatives for our Phosphate business to enhance long-term value.
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SASKATOON, Saskatchewan - Nutrien Ltd. (TSX and NYSE: NTR) announced today its third quarter 2025 results, with net earnings of $0.5 billion ($0.96 diluted net earnings per share). Third quarter 2025 adjusted EBITDA^1^ was $1.4 billion and adjusted net earnings per share^1^ was $0.97.

“Nutrien delivered structural earnings growth in the first nine months of 2025 through record upstream fertilizer sales volumes, improved reliability and higher Retail earnings, while lowering capital expenditures and increasing cash returned to shareholders. We continue to progress our strategic initiatives and take actions to simplify our portfolio, enhancing earnings quality, improving cash conversion and supporting growth in free cash flow per share over the long term,” commented Ken Seitz, Nutrien’s President and CEO.

“The outlook for our business is supported by expectations for healthy crop input demand and growth in global potash shipments in 2026. Our focus remains on utilizing our world-class asset base to efficiently supply our customers with the products and services they need,” added Mr. Seitz.

Highlights^2^:

•	Generated net earnings of $1.7 billion and adjusted EBITDA of $4.8 billion in the first nine months of 2025.<br>Adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings.
•	Retail adjusted EBITDA increased to $1.4 billion in the first nine months of 2025 due to lower operating expenses<br>from our cost savings initiatives and higher proprietary products gross margin.
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•	Potash adjusted EBITDA increased to $1.8 billion in the first nine months of 2025 due to higher net selling prices<br>and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets.
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•	Nitrogen adjusted EBITDA increased to $1.6 billion in the first nine months of 2025 due to higher net selling prices<br>and sales volumes. Our operations delivered a record ammonia operating rate^3^ of 94 percent in the first nine months of 2025, achieved through improved reliability at our sites.<br>
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•	Returned $1.2 billion to shareholders in the first nine months of 2025 through dividends and share repurchases. We<br>repurchased 8.3 million shares in 2025 for a total of $465 million, as of November 4, 2025.
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1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.

2 Our discussion of highlights set out on this page is a comparison of the results for the nine months ended September 30, 2025 to the results for the nine months ended September 30, 2024, unless otherwise noted.

3 Excludes Trinidad and Joffre.

Strategic Actions:

We are taking actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow.

•	We are initiating a review of strategic alternatives for our Phosphate business, which could include reconfiguring<br>operations, strategic partnerships or a potential sale. We intend to solidify the optimal path for our Phosphate business in 2026.
•	On October 23, 2025, we completed a controlled shut down of our Trinidad Nitrogen facility due to uncertainty with<br>respect to port access and a lack of reliable and economic gas supply that has reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period of time. We continue to engage with stakeholders and assess options to<br>enhance the long-term financial performance of our Trinidad operations.
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•	On September 8, 2025, we announced an agreement to sell our 50 percent equity interest in Profertil S.A. for<br>approximately $0.6 billion, increasing expected gross proceeds from asset divestitures to approximately $0.9 billion over the last twelve months. We intend to allocate the sale proceeds to initiatives consistent with our capital allocation<br>priorities, including targeted growth investments, share repurchases and debt reduction.
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Management’s Discussion and Analysis

The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of November 5, 2025. The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 20, 2025 (“2024 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 20, 2025, each for the year ended December 31, 2024, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2024 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”).

This MD&A is based on, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2025 (“interim financial statements”) based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the “Non-GAAP Financial Measures” and the “Forward-Looking Statements” sections, respectively.

Market Outlook and Guidance

Agriculture and Retail Markets

•	Record crop production prospects in the US and trade uncertainties pressured crop prices; however, recently reported<br>trade agreements between the US and China and proposed government payments are expected to provide support to farmers. The need to replenish crop nutrients removed from a record crop is expected to drive healthy crop nutrient demand ahead of the<br>next planting season.
•	Brazilian soybean acreage is expected to increase by two to four percent in 2025 supported by a faster than average<br>planting pace and strong international demand. Safrinha corn acreage is expected to increase by a similar amount, further supporting crop input demand.
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•	Crop production prospects in most regions of Australia have improved following timely rainfall and recent strength in<br>livestock markets is expected to further support farmer returns.
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Crop Nutrient Markets

•	We maintained our 2025 global potash shipment forecast of 73 to 75 million tonnes, reflecting the upward revision<br>made last quarter. We expect continued global potash demand growth and forecast global potash shipments between 74 and 77 million tonnes in 2026 supported by favorable affordability and low projected channel inventories in major markets. We<br>anticipate limited new global capacity additions in 2026 with announced project delays.
•	We expect 2 percent growth in global nitrogen demand in 2025 and supply related challenges to maintain a tight supply and<br>demand balance going into 2026. Global ammonia markets are expected to remain tight due to plant outages and project delays. We anticipate the pace of Chinese urea exports will slow in the fourth quarter of 2025 and the emergence of seasonal demand<br>to support market fundamentals.
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•	Phosphate markets continue to be tight due to limited supply, including from Chinese export restrictions. Global<br>shipments in 2025 have been constrained by supply availability and weaker affordability for phosphate fertilizer has impacted demand.
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Financial and Operational Guidance

•	Retail adjusted EBITDA guidance of $1.68 to $1.82 billion assumes higher crop nutrient and crop protection sales in the<br>second half of 2025 compared to 2024 and continued recovery in Brazil, consistent with our previous expectations.
•	Potash sales volume guidance was increased to 14.0 to 14.5 million tonnes due to the continued strength of global demand.<br>The range is consistent with our historical share of global shipments.
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•	Nitrogen sales volume guidance of 10.7 to 11.0 million tonnes assumes no additional sales volumes from our Trinidad<br>operations for the remainder of 2025, partially offset by the continued strong performance of our North American nitrogen operations.
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•	Phosphate sales volume guidance of 2.35 to 2.55 million tonnes assumes improved operating rates and sales volumes in the<br>fourth quarter of 2025 compared to the prior year.
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•	Total capital expenditures of $2.0 to $2.1 billion includes approximately $400 to $500 million in investing capital<br>expenditures focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions in Nitrogen and mine automation projects in Potash.
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All guidance numbers, including those noted above, are outlined in the table below. Refer to page 58 of our 2024 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

	2025 Guidance Ranges ^1^ as of
	November 5, 2025				August 6, 2025
($ billions, except as otherwise noted)	Low		High		Low		High
Retail adjusted EBITDA		1.68		1.82		1.65		1.85
Potash sales volumes (million tonnes) ^2^		14.0		14.5		13.9		14.5
Nitrogen sales volumes (million tonnes)<br>^2^		10.7		11.0		10.7		11.2
Phosphate sales volumes (million tonnes)<br>^2^		2.35		2.55		2.35		2.55
Depreciation and amortization		2.35		2.40		2.35		2.45
Finance costs		0.65		0.70		0.65		0.75
Effective tax rate on adjusted net earnings (%)<br>^3^		24.5		25.5		24.0		26.0
Capital expenditures ^4^		2.0		2.1		2.0		2.1

1 See the “Forward-Looking Statements” section.

2 Manufactured product only.

3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the “Other Financial Measures” section.

Consolidated Results

		Three Months Ended September 30									Nine Months Ended September 30
( millions, except as otherwise noted)	****	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Sales		6,007			5,348			12			21,545			20,893			3
Gross margin		1,964			1,500			31			6,459			5,949			9
Expenses		1,157			1,304			(11	)		3,644			4,490			(19	)
Net earnings		469			25			n/m			1,717			582			195
Adjusted EBITDA 1		1,431			1,010			42			4,769			4,300			11
Diluted net earnings per share (dollars) 2		0.96			0.04			n/m			3.48			1.13			208
Adjusted net earnings per share (dollars) 1, 2		0.97			0.39			149			3.72			3.18			17

All values are in US Dollars.

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.

Net earnings and adjusted EBITDA increased in the third quarter and first nine months of 2025 compared to the same periods in 2024 primarily due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings in the third quarter of 2024 were impacted by higher expense for asset retirement obligations at non-operating sites.

Segment Results

Our discussion of segment results set out on the following pages is a comparison of the results for the three and nine months ended September 30, 2025 to the results for the three and nine months ended September 30, 2024, unless otherwise noted.

Nutrien Ag Solutions(“Retail”)
		Three Months Ended September 30												Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	****	2025	****		****	2024	****		****	% Change	****		****	2025	****		****	2024	****		****	% Change	****
Sales		3,427				3,271				5				14,476				14,653				(1	)
Cost of goods sold		2,505				2,412				4				10,850				11,018				(2	)
Gross margin		922				859				7				3,626				3,635				-
Adjusted EBITDA 1		230				151				52				1,425				1,356				5

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Retail adjusted EBITDA increased in the third quarter and first nine months of 2025 due to lower operating<br>expenses from our cost savings initiatives and higher proprietary products gross margin.
		Three Months Ended September 30														Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Sales							Gross Margin							Sales							Gross Margin
( millions)	****	2025	****	****	2024	****		****	2025	****	****	2024	****		****	2025	****	****	2024	****		****	2025	****	****	2024	****
Crop nutrients		1,188			1,093				220			210				5,773			5,683				1,136			1,150
Crop protection products		1,536			1,518				399			360				5,174			5,365				1,266			1,271
Seed		156			132				24			24				1,966			2,051				360			379
Services and other		258			242				178			164				690			690				531			528
Merchandise		222			222				34			37				649			667				109			110
Nutrien Financial		89			85				89			85				294			284				294			284
Nutrien Financial elimination 1		(22	)		(21	)			(22	)		(21	)			(70	)		(87	)			(70	)		(87	)
Total		3,427			3,271				922			859				14,476			14,653				3,626			3,635

All values are in US Dollars.

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

•	Crop nutrients sales and gross margin increased in the third quarter of 2025 due to higher sales volumes and<br>selling prices, which was supported by a stronger application season in North America. For the first nine months of 2025, sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America.<br>International crop nutrient sales volumes were lower in the third quarter and first nine months of 2025 mainly due to strategic actions in South America.
•	Crop protection products sales and gross margin were higher in the third quarter of 2025 due to a stronger plant<br>health season in North America, paired with higher proprietary products gross margin. Sales and gross margin were lower in the first nine months of 2025 due to dry conditions in Australia in the first half of 2025 and product mix shifts in North<br>America.
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•	Seed sales increased in the third quarter of 2025 due to delayed field activity in the US that shifted sales from<br>the second quarter of 2025. Sales and gross margin were lower in the first nine months of 2025 due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin.
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Supplemental Data	Three Months Ended September 30																	Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Gross Margin								% of Product Line ^1^									Gross Margin								% of Product Line ^1^
( millions, except as<br> otherwise noted)	****	2025	****		****	2024	****		****	2025	****		****	2024	****			****	2025	****		****	2024	****		****	2025	****		****	2024	****
Proprietary products
Crop nutrients		88				71				40				38					385				361				34				31
Crop protection products		161				119				41				32					460				429				36				34
Seed		15				4				57				22					130				148				36				39
Merchandise		4				4				12				11					10				11				9				10
Total		268				198				29				24					985				949				27				26

All values are in US Dollars.

1 Represents percentage of proprietary product margins over total product line gross margin.

		Three Months Ended September 30									Nine Months Ended September 30
		Sales Volumes<br><br><br>(tonnes - thousands)					Gross Margin / Tonne<br><br><br>(dollars)				Sales Volumes<br><br><br>(tonnes - thousands)				Gross Margin / Tonne<br><br><br>(dollars)
		2025			2024		2025		2024		2025		2024		2025		2024
Crop nutrients
North America			1,019			931		158		165		6,902		6,693		145		147
International			834			956		71		59		2,732		2,999		51		56
Total			1,853			1,887		119		111		9,634		9,692		118		119
(percentages)		September 30, 2025			December 31, 2024
---	---	---	---	---	---	---
Financial performance measures ^1, 2^
Cash operating coverage ratio			62			63
Adjusted average working capital to sales			21			20
Adjusted average working capital to sales excluding Nutrien Financial			1			-
Nutrien Financial adjusted net interest<br>margin			5.4			5.3

1 Rolling four quarters.

2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.

Potash
		Three Months Ended September 30									Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025			2024			% Change			2025			2024			% Change
Net sales		1,122			884			27			2,857			2,453			16
Cost of goods sold		437			422			4			1,257			1,139			10
Gross margin		685			462			48			1,600			1,314			22
Adjusted EBITDA 1		733			555			32			1,809			1,557			16

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Potash adjusted EBITDA increased in the third quarter and first nine months of 2025 due to higher net selling<br>prices, partially offset by higher provincial mining taxes. Total sales volumes in the first nine months of 2025 were the highest on record.
Manufactured Product	Three Months EndedSeptember 30					Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---
($ per tonne, except as otherwise noted)	2025			2024		2025			2024
Sales volumes (tonnes - thousands)
North America		1,562			1,733		3,912			3,954
Offshore		2,497			2,419		7,538			7,174
Total sales volumes		4,059			4,152		11,450			11,128
Net selling price
North America		319			264		283			287
Offshore		250			177		232			183
Average net selling price		277			213		250			220
Cost of goods sold		108			102		111			102
Gross margin		169			111		139			118
Depreciation and amortization		46			43		47			43
Gross margin excluding depreciation and<br>amortization ^1^		215			154		186			161

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

•	Sales volumes were lower in the third quarter of 2025 compared to the record period in 2024, despite strong<br>engagement in our North American summer fill program. Offshore sales volumes in the third quarter and first nine months of 2025 were higher, supported by strong potash affordability and underlying consumption growth in key offshore markets.<br>
•	Net selling price per tonne increased in the third quarter of 2025 due to higher global benchmark prices<br>compared to the same period in 2024. For the first nine months of 2025, net selling price per tonne increased driven by stronger offshore benchmark prices, notably in Brazil and Southeast Asia, partially offset by lower North American benchmark<br>prices in the first quarter of 2025.
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•	Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 primarily due to higher<br>depreciation. Controllable cash cost of product manufactured per tonne increased in the first nine months of 2025 driven by lower production and higher turnaround costs.
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Supplemental Data	Three Months EndedSeptember 30				Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Production volumes (tonnes – thousands)		3,607		3,696		10,427		10,836
Potash controllable cash cost of product<br>manufactured per tonne ^1^		56		52		57		52
Canpotex sales by market (percentage of sales volumes)<br>^2^
Latin America		47		46		40		41
Other Asian markets ^3^		26		27		30		29
China		8		9		11		12
India		6		4		4		5
Other markets		13		14		15		13
Total		100		100		100		100

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

2 See Note 9 to the interim financial statements.

3 All Asian markets except China and India.

Nitrogen
	Three Months Ended September 30												Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	****	****	****	2025	****	****	2024	****	****	% Change	****
Net sales	1,063			793			34						3,277			2,732			20
Cost of goods sold	666			581			15						2,073			1,835			13
Gross margin	397			212			87						1,204			897			34
Adjusted EBITDA 1	556			355			57						1,631			1,413			15

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Nitrogen adjusted EBITDA increased in the third quarter and first nine months of 2025 due to higher net selling<br>prices and higher sales volumes, which more than offset higher natural gas costs and lower equity earnings from Profertil S.A. (“Profertil”). Adjusted EBITDA for the first nine months of 2024 benefited from insurance recoveries. Our<br>operations delivered a record ammonia operating rate of 94 percent in the first nine months of 2025, achieved through improved reliability at our sites.
Manufactured Product	Three Months EndedSeptember 30						Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---	---	---
( per tonne, except as otherwise<br>noted)	2025	****	****	2024	****	****	2025	****	****	2024	****
Sales volumes (tonnes - thousands)
Ammonia	644			567			1,874			1,782
Urea and ESN®	687			661			2,443			2,300
Solutions, nitrates and sulfates	1,496			1,227			3,996			3,698
Total sales volumes	2,827			2,455			8,313			7,780
Net selling price
Ammonia	400			375			408			395
Urea and ESN®	507			400			485			427
Solutions, nitrates and sulfates	272			207			266			224
Average net selling price	357			298			362			323
Cost of goods sold	218			215			220			210
Gross margin	139			83			142			113
Depreciation and amortization	56			54			56			54
Gross margin excluding depreciation and<br>amortization 1	195			137			198			167

All values are in US Dollars.

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

•	Sales volumes increased in the third quarter and first nine months of 2025 due to strong demand and increased<br>production of ammonia and upgraded nitrogen products.
•	Net selling price per tonne was higher in the third quarter and first nine months of 2025 for all major nitrogen<br>products due to stronger benchmark prices.
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•	Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 due to higher natural<br>gas costs, driven by a higher Henry Hub benchmark.
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Supplemental Data	****	Three Months EndedSeptember 30			****	****	Nine Months EndedSeptember 30			****
---	---	---	---	---	---	---	---	---	---	---
	2025		2024			2025		2024
Sales volumes (tonnes – thousands)
Fertilizer		1,646		1,319			4,880		4,458
Industrial and feed		1,181		1,136			3,433		3,322
Production volumes (tonnes – thousands)
Ammonia production – total ^1^		1,436		1,322			4,514		4,157
Ammonia production – adjusted ^1, 2^		967		895			3,131		2,912
Ammonia operating rate (%) ^2^		86		79			94		87
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact		3.54		3.13			3.59		2.98
Realized derivative impact ^3^		-		0.15			-		0.09
Overall natural gas cost		3.54		3.28			3.59		3.07

1 All figures are provided on a gross production basis in thousands of product tonnes.

2 Excludes Trinidad and Joffre.

3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses. Refer to Note 3 to the interim financial statements.

Phosphate
	Three Months Ended September 30												Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	****	****	****	2025	****	****	2024	****	****	% Change	****
Net sales	495			412			20						1,251			1,243			1
Cost of goods sold	436			383			14						1,160			1,116			4
Gross margin	59			29			103						91			127			(28	)
Adjusted EBITDA 1	122			89			37						275			298			(8	)

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Phosphate adjusted EBITDA increased in the third quarter of 2025 due to higher net selling prices and sales<br>volumes, partially offset by higher sulfur input costs. Adjusted EBITDA decreased in the first nine months of 2025 due to higher sulfur input costs and lower sales volumes, which more than offset higher net selling prices.
Manufactured Product	Three Months EndedSeptember 30						Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---	---	---
( per tonne, except as otherwise<br>noted)	2025	****	****	2024	****	****	2025	****	****	2024	****
Sales volumes (tonnes - thousands)
Fertilizer	472			454			1,178			1,316
Industrial and feed	194			168			531			510
Total sales volumes	666			622			1,709			1,826
Net selling price
Fertilizer	701			605			677			611
Industrial and feed	824			797			821			826
Average net selling price	737			657			722			671
Cost of goods sold	643			601			661			594
Gross margin	94			56			61			77
Depreciation and amortization	108			121			124			117
Gross margin excluding depreciation and<br>amortization 1	202			177			185			194

All values are in US Dollars.

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

•	Sales volumes were higher in the third quarter of 2025 mainly due to higher production volumes compared to 2024,<br>which was impacted by weather-related events, and strong demand for purified phosphoric acid. Sales volumes were lower in the first nine months of 2025 due to lower production volumes in the first quarter.
•	Net selling price per tonne increased in the third quarter and first nine months of 2025 due to the strength of<br>fertilizer benchmark prices. Industrial net selling prices were lower in the first nine months of 2025, reflecting the typical lag between price realizations and benchmark movements, partially offset by optimization of product mix.<br>
---	---
•	Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 primarily due to<br>increased sulfur input costs and the impact of lower production volumes in the first nine months of 2025.
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Supplemental Data	****	Three Months EndedSeptember 30				****	****	Nine Months EndedSeptember 30				****
---	---	---	---	---	---	---	---	---	---	---	---	---
	****	2025	****	****	2024	****	****	2025	****	****	2024	****
Production volumes (P2O5 tonnes – thousands)		378			330			993			1,008
P2O5 operating rate (%)		88			77			78			79

Corporate and Others andEliminations
	Three Months Ended September 30									Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Corporate and Others
Gross margin 1	1			-			n/m			12			-			n/m
Selling expenses (recovery)	(2	)		(2	)		-			(7	)		(7	)		-
General and administrative expenses	91			90			1			284			277			3
Share-based compensation expense	28			1			n/m			119			17			600
Foreign exchange (gain) loss, net of related derivatives	(11	)		31			n/m			18			359			(95	)
Other expenses	32			194			(84	)		96			274			(65	)
Adjusted<br>EBITDA 1	(114	)		(74	)		54			(299	)		(296	)		1
Eliminations
Gross margin	(100	)		(62	)		61			(74	)		(24	)		208
Adjusted EBITDA<br>1	(96	)		(66	)		45			(72	)		(28	)		157

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Share-based compensation expense was higher in the third quarter and first nine months of 2025 due to an<br>increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital.<br>
•	Foreign exchange loss, net of related derivatives was lower in the first nine months of 2025 due to a lower loss<br>on foreign currency derivatives in Brazil and lower foreign exchange losses primarily from our South American Retail region.
---	---
•	Other expenses were lower in the third quarter and first nine months of 2025 as the comparable periods of 2024<br>included a higher expense for asset retirement obligations related to changes in closure cost estimates at certain non-operating sites.
---	---
•	Eliminations of gross margin between operating segments increased in the third quarter and first nine months of<br>2025 due to higher average margins.
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Finance Costs, Income Taxes and Other Comprehensive (Loss) Income

	Three Months Ended September 30									Nine Months Ended September 30
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Finance costs	170			184			(8	)		504			525			(4	)
Income taxes
Income tax expense (recovery)	168			(13	)		n/m			594			352			69
Actual effective tax rate including discrete items (%)	26			(112	)		n/m			26			38			(32	)
Other comprehensive (loss) income	(18	)		122			n/m			191			64			198

All values are in US Dollars.

•	I ncome tax expense increased in the third quarter and first nine months of 2025 mainly due to higher<br>earnings. The effective tax rate in the third quarter of 2025 increased as the comparable period in 2024 had a tax recovery. The lower effective tax rate in the first nine months of 2025 was due to lower losses in South America.<br>
•	Other comprehensive (loss) income was primarily driven by changes in the currency translation of our foreign<br>operations. In the third quarter of 2025, the loss was mainly due to the depreciation of the Canadian currency, relative to the US dollar, compared to income for the same period in 2024. In the first nine months of 2025 higher income was due to the<br>appreciation of the Brazilian, Australian and Canadian currencies, relative to the US dollar, compared to lower income for the same period in 2024.
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•

I ncome tax expense increased in the third quarter and first nine months of 2025 mainly due to higher<br>earnings. The effective tax rate in the third quarter of 2025 increased as the comparable period in 2024 had a tax recovery. The lower effective tax rate in the first nine months of 2025 was due to lower losses in South America.<br>

•

Other comprehensive (loss) income was primarily driven by changes in the currency translation of our foreign<br>operations. In the third quarter of 2025, the loss was mainly due to the depreciation of the Canadian currency, relative to the US dollar, compared to income for the same period in 2024. In the first nine months of 2025 higher income was due to the<br>appreciation of the Brazilian, Australian and Canadian currencies, relative to the US dollar, compared to lower income for the same period in 2024.

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Liquidity and Capital Resources

Sources and uses of liquidity

We continued to manage our capital in accordance with our capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the “Capital Structure and Management” section for details on our existing long-term debt and credit facilities.

Sourcesand uses of cash

	Three Months Ended September 30									Nine Months Ended September 30
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Cash (used in) provided by operating activities	(426	)		(908	)		(53	)		1,030			412			150
Cash used in investing activities	(383	)		(506	)		(24	)		(1,121	)		(1,614	)		(31	)
Cash provided by (used in) financing activities	51			922			(94	)		(156	)		786			n/m
Cash used for dividends and share repurchases 1	(413	)		(318	)		30			(1,199	)		(845	)		42

All values are in US Dollars.

1 This is a supplementary financial measure. See the “Other Financial Measures” section.

Cash (used in) provided by operating activities		•<br><br>Cash (used in) provided by operating activities in the third quarter and first nine months of 2025 was higher compared to the same periods in<br>2024 due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings.
Cash used in investing activities		•<br><br>Cash used in investing activities was lower in the third quarter and first nine months of 2025 due to a deposit received for the sale of our<br>investment in Profertil. The first nine months of 2025 also had lower capital expenditures and included proceeds from the sale of our investment in Sinofert Holdings Limited (“Sinofert”).
Cash provided by (used in) financing activities		•<br><br>Cash provided by financing activities was lower in the third quarter of 2025 compared to the same period in 2024 due to lower commercial paper<br>issuances.<br><br>•<br><br>Cash used in financing activities was higher in the first nine<br>months of 2025 compared to the cash provided by financing activities in the same period in 2024 due to higher debt repayment and share repurchases.
Cash used for dividends and share repurchases		•<br><br>Cash used for dividends and share repurchases was higher in the<br>third quarter and first nine months of 2025 as noted in cash provided by (used in) financing activities.

Financial Condition Review

The following is a comparison of balance sheet categories that are considered material:

	As at
( millions, except as otherwise noted)	September 30, 2025	****	****	December 31, 2024	****	$	Change	****	****	% Change	****
Assets
Cash and cash equivalents	624			853			(229	)		(27)
Receivables	7,687			5,390			2,297			43
Inventories	5,281			6,148			(867	)		(14)
Prepaid expenses and other current assets	598			1,401			(803	)		(57)
Assets held for sale	284			-			284			-
Property, plant and equipment	22,480			22,604			(124	)		(1)
Investments	142			698			(556	)		(80)
Liabilities and Shareholders’ Equity
Short-term debt	2,486			1,534			952			62
Payables and accrued charges	6,899			9,118			(2,219	)		(24)
Long-term debt, including current portion	10,390			9,918			472			5
Retained earnings	11,839			11,106			733			7

All values are in US Dollars.

•	Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources<br>and uses of cash” section.
•	Receivables increased due to the seasonality of Retail sales, along with higher Potash and Nitrogen sales volumes<br>and net selling prices.
---	---
•	Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally<br>increase at year-end in preparation for the following year’s planting and application seasons and drawdown from the first to third quarters.
---	---
•	Prepaid expenses and other current assets decreased due to the seasonal drawdown of prepaid inventory where Retail<br>takes delivery of prepaid inventories throughout the planting and application seasons in North America.
---	---
•	Assets held for sale increased due to the reclassification of our investment in Profertil as an asset held for<br>sale, pending its disposition.
---	---
•	Property, plant and equipment decreased due to depreciation offsetting capital expenditures.<br>
---	---
•	Investments decreased due to the disposal of our remaining investment in Sinofert, dividends received from<br>Profertil and the reclassification of our investment in Profertil to assets held for sale.
---	---
•	Short-term debt increased due to seasonal working capital requirements and timing of vendor payments.<br>
---	---
•	Payables and accrued charges decreased due to the seasonality of our Retail segment where we generally receive<br>higher customer payments in North America near year-end and customers drawdown on the balance throughout the year. This was partially offset by a deposit received for the sale of Profertil.<br>
---	---
•	Long-term debt, including current portion, increased due to the issuance of $1,000 million of senior notes<br>during the first quarter of 2025, partially offset by the repayment of $500 million of senior notes in the second quarter of 2025.
---	---
•	Retained earnings increased as net earnings exceeded dividends declared and share repurchases in the first nine<br>months of 2025.
---	---

Capital Structure and Management

Principal debt instruments

As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the nine months ended September 30, 2025.

Capital structure (debt and equity)

( millions)		December 31, 2024
Short-term debt	2,486	1,534
Current portion of long-term debt	538	1,037
Current portion of lease liabilities	350	356
Long-term debt	9,852	8,881
Lease liabilities	954	999
Shareholders’ equity	25,153	24,442

All values are in US Dollars.

Commercial paper, credit facilities and other debt

We have a total facility limit of approximately $7,780 million comprised of several credit facilities available in the jurisdictions where we operate. Our total facility limit decreased in the third quarter of 2025 from a reduction in our unsecured committed revolving term facility limit from $750 million to $500 million. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.

As at September 30, 2025, we utilized $2,524 million of our total facility limit, which includes $2,228 million of commercial paper outstanding. In the third quarter of 2025, we extended the maturities on our $4,500 million unsecured committed revolving term credit facility to September 4, 2030 and our $500 million unsecured committed revolving term credit facility to September 2, 2026.

As at September 30, 2025, $220 million in letters of credit were outstanding and committed, with $426 million of remaining credit available under our letter of credit facilities.

Our long-term debt consists primarily of notes and debentures. See the “Capital Structure and Management” section of our 2024 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first nine months of 2025, we issued $400 million of 4.500 percent senior notes due March 12, 2027 and $600 million of 5.250 percent senior notes due March 12, 2032, and repaid our $500 million 3.000 percent senior notes upon maturity on April 1, 2025. See note 7 to the interim financial statements.

Outstanding share data

		As at November 4, 2025
Common shares		483,340,553
Options to purchase common shares		2,655,972

For more information on our capital management, see Note 4 to the annual financial statements in our 2024 Annual Report.

Quarterly Results

( millions, except as otherwise noted)
Sales	6,007	10,438	5,100	5,079	5,348	10,156	5,389	5,664
Net earnings	469	1,229	19	118	25	392	165	176
Net earnings attributable to equity holders of Nutrien	464	1,221	11	113	18	385	158	172
Net earnings per share attributable to equity holders of<br>Nutrien
Basic	0.96	2.51	0.02	0.23	0.04	0.78	0.32	0.35
Diluted	0.96	2.50	0.02	0.23	0.04	0.78	0.32	0.35

All values are in US Dollars.

Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, which have been volatile over the last two years and are affected by demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements.

The following table describes certain items that impacted our quarterly earnings:

Quarter		Transaction or Event
Q2 2024		$530 million non-cash<br>impairment of assets comprised of a $335 million non-cash impairment of our Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate<br>margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. Net earnings also included a<br>foreign exchange loss of $220 million on foreign currency derivatives in Brazil.

Critical Accounting Estimates

Our significant accounting policies are disclosed in our 2024 Annual Report. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board. Our critical accounting estimates are discussed on pages 65 to 66 of our 2024 Annual Report. There were no material changes to our critical accounting estimates for the three or nine months ended September 30, 2025.

Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

There has been no change in our ICFR during the three months ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR.

Forward-Looking Statements

Certain statements and other information included in this document, including within the “Market Outlook and Guidance” section, 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”, “project”, “intend” or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to:

Nutrien’s business strategies, plans, prospects and opportunities; Nutrien’s 2025 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies, including our intentions with respect to our strategic actions including the review of strategic alternatives for our Phosphate business, the allocation of sale proceeds from the divestment of our interests in Profertil, and the controlled shut down of our Trinidad Nitrogen facility and options for our Trinidad operations and expectations related thereto; our ability to advance strategic priorities that strengthen our core business and deliver structural improvements to our earnings and free cash flow; expectations regarding various performance targets and our ability to achieve those; capital spending expectations for 2025 and beyond; expectations regarding performance of our operating segments in 2025 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, including the expected impact of supply availability on global shipments of phosphate fertilizer and the expected impact of affordability on demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders.

These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.

All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Nutrien cautions that there are no guarantees that the review of strategic alternatives for our Phosphate business will result in a transaction or if a transaction is undertaken, as to its terms, timing or benefits.

The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures; increased proprietary products gross margin; continued Retail recovery in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; higher operating rates in Phosphate and Nitrogen; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, government support, crop development and cost of labor and interest, exchange and effective tax rates; potash demand growth in offshore markets; global economic conditions and the accuracy of our market outlook expectations for 2025 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment

opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs.

Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the review of strategic alternative for our Phosphate business, process and the timing thereof, whether the review will result in Nutrien undertaking a transaction, and if so, the terms and timing relating thereto, the completion thereof and realizing benefits resulting therefrom, general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets, such as our targeted $200 million in annual consolidated cost savings, expected capital expenditures in 2025, delivering upstream fertilizer sales volume growth and advancing high-return downstream Retail growth opportunities; failure to complete announced and future acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restrictions, or other changes to international trade arrangements; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, including the war in Eastern Europe and the conflict in the Middle East, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC.

The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.

The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.

Terms and Definitions

For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the “Terms and definitions” section of our 2024 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, “n/m” indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted.

About Nutrien

Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our business across the ag value chain and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.

For Further Information:

Investor Contact:

Jeff Holzman

Senior Vice President, Investor Relations and FP&A

(306) 933-8545 – [email protected]

Media Contact:

Simon Scott

Vice President, Global Communications

(403) 225-7213 – [email protected]

More information about Nutrien can be found at www.nutrien.com.

Selected financial data for download can be found in our data tool at https://www.nutrien.com/investors/interactive-data-tool

Such data is not incorporated by reference herein.

Nutrien will host a Conference Call on Thursday, November 6, 2025 at 10:00 a.m. Eastern Time.

Telephone conference dial-in numbers:

•	From Canada and the US:<br>1-800-990-2777
•	International:<br>1-416-855-9085
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•	Conference ID: 26207. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner.<br>
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Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q3-earnings-conference-call

Non-GAAP Financial Measures

We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.

These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.

Adjusted EBITDA (Consolidated)

Most directly comparable IFRS financial measure: Net earnings (loss).

Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, asset retirement obligations (“ARO”) and accrued environmental costs (“ERL”) related to our non-operating sites, and loss related to financial instruments in Argentina.

Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.

		Three Months Ended September 30						Nine Months Ended September 30
( millions)	****	2025	****	****	2024	****	****	2025	****	****	2024	****
Net earnings		469			25			1,717			582
Finance costs		170			184			504			525
Income tax expense (recovery)		168			(13	)		594			352
Depreciation and amortization		617			598			1,802			1,749
EBITDA 1		1,424			794			4,617			3,208
Adjustments:
Share-based compensation expense		28			1			119			17
Foreign exchange (gain) loss, net of related derivatives		(11	)		31			18			359
ARO/ERL related (income) expenses for non-operating sites		(10	)		184			(7	)		152
Loss related to financial instruments in Argentina		-			-			-			34
Restructuring costs		-			-			22			-
Impairment of assets		-			-			-			530
Adjusted EBITDA		1,431			1,010			4,769			4,300

All values are in US Dollars.

1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.

Adjusted Net Earnings and Adjusted Net Earnings Per Share

Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.

Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on disposal of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate.

Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.

		Three Months Ended<br><br><br>September 30, 2025									Nine Months Ended<br><br><br>September 30, 2025
( millions, except as otherwise noted)	****	Increases<br> <br>(Decreases)	** <br> <br>**	****	Post-Tax	****	****	PerDilutedShare	****	****	Increases<br> <br>(Decreases	**** <br> <br>)	****	Post-Tax	****	****	PerDilutedShare	****
Net earnings attributable to equity holders of<br>Nutrien					464			0.96						1,696			3.48
Adjustments:
Share-based compensation expense		28			22			0.05			119			90			0.18
Foreign exchange (gain) loss, net of related derivatives		(11	)		(9	)		(0.02	)		18			14			0.03
Restructuring costs		-			-			-			22			18			0.04
ARO/ERL related (income) for<br>non-operating sites		(10	)		(8	)		(0.02	)		(7	)		(5	)		(0.01	)
Sub-total adjustments		7			5			0.01			152			117			0.24
Adjusted net earnings					469			0.97						1,813			3.72
		Three Months Ended<br><br><br>September 30, 2024									Nine Months Ended<br><br><br>September 30, 2024
( millions, except as otherwise noted)	****	Increases<br> <br>(Decreases)	** <br> <br>**	****	Post-Tax	****	****	PerDilutedShare	****	****	Increases<br> <br>(Decreases	**** <br> <br>)	****	Post-Tax	****	****	PerDilutedShare	****
Net earnings attributable to equity holders of<br>Nutrien					18			0.04						561			1.13
Adjustments:
Share-based compensation expense		1			1			-			17			13			0.03
Foreign exchange loss, net of related derivatives		31			38			0.08			359			361			0.73
Impairment of assets		-			-			-			530			491			1.00
ARO/ERL related expenses for non-operating sites		184			134			0.27			152			112			0.22
Loss related to financial instruments in Argentina		-			-			-			34			34			0.07
Sub-total adjustments		216			173			0.35			1,092			1,011			2.05
Adjusted net earnings					191			0.39						1,572			3.18

All values are in US Dollars.

Effective Tax Rate on Adjusted Net Earnings Guidance

Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed.

Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product

Most directly comparable IFRS financial measure: Gross margin.

Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the “Segment Results” section.

Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.

Potash Controllable Cash Cost of Product Manufactured (“COPM”) Per Tonne

Most directly comparable IFRS financial measure: Cost of goods sold (“COGS”) for the Potash segment.

Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.

Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.

		Three Months Ended September 30					Nine Months Ended September 30
( millions, except as otherwise noted)	****	2025	****	****	2024	****	2025		****	2024	****
Total COGS – Potash		437			422		1,257			1,139
Change in inventory		(45	)		(51	)	(96	)		(30	)
Other adjustments 1		2			(5	)	(19	)		(14	)
COPM		394			366		1,142			1,095
Depreciation and amortization in COPM		(157	)		(145	)	(449	)		(439	)
Royalties in COPM		(26	)		(23	)	(68	)		(62	)
Natural gas costs and carbon taxes in COPM		(8	)		(7	)	(30	)		(27	)
Controllable cash COPM		203			191		595			567
Production volumes (tonnes – thousands)		3,607			3,696		10,427			10,836
Potash controllable cash COPM per tonne		56			52		57			52

All values are in US Dollars.

1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

Nutrien Financial Adjusted Net Interest Margin

Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.

Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.

	Rolling Four Quarters Ended September 30, 2025
($ millions, except as otherwise noted)	Q4 2024			Q1 2025			Q2 2025			Q3 2025			Total/Average
Nutrien Financial revenue		77			70			135			89
Deemed interest expense ^1^		(45	)		(29	)		(49	)		(52	)
Net interest		32			41			86			37			196
Average Nutrien Financial net receivables		2,877			2,569			4,645			4,452			3,636
Nutrien Financial adjusted net interest<br>margin (%)														5.4
	Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Total/Average
Nutrien Financial revenue		66			133			85			77
Deemed interest expense ^1^		(27	)		(50	)		(52	)		(45	)
Net interest		39			83			33			32			187
Average Nutrien Financial net receivables		2,489			4,560			4,318			2,877			3,561
Nutrien Financial adjusted net interest<br>margin (%)														5.3

1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.

Retail Cash Operating Coverage Ratio

Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.

Why we use themeasure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow.

	Rolling Four Quarters Ended September 30, 2025
($ millions, except as otherwise noted)	Q4 2024			Q1 2025			Q2 2025			Q3 2025			Total
Selling expenses		808			755			948			792			3,303
General and administrative expenses		37			44			44			44			169
Other (income) expenses		(8	)		25			54			40			111
Operating expenses		837			824			1,046			876			3,583
Depreciation and amortization in operating expenses		(186	)		(179	)		(172	)		(179	)		(716	)
Operating expenses excluding depreciation and<br>amortization		651			645			874			697			2,867
Gross margin		986			686			2,018			922			4,612
Depreciation and amortization in cost of goods sold		5			5			5			5			20
Gross margin excluding depreciation and amortization		991			691			2,023			927			4,632
Cash operating coverage ratio (%)														62
	Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Total
Selling expenses		790			1,005			815			808			3,418
General and administrative expenses		52			51			51			37			191
Other expenses (income)		22			41			32			(8	)		87
Operating expenses		864			1,097			898			837			3,696
Depreciation and amortization in operating expenses		(190	)		(193	)		(182	)		(186	)		(751	)
Operating expenses excluding depreciation and<br>amortization		674			904			716			651			2,945
Gross margin		747			2,029			859			986			4,621
Depreciation and amortization in cost of goods sold		4			3			8			5			20
Gross margin excluding depreciation and amortization		751			2,032			867			991			4,641
Cash operating coverage ratio (%)														63

Retail Adjusted Average Working Capital to Sales and Retail Adjusted Average Working Capitalto Sales Excluding Nutrien Financial

Definition: Retail adjusted average working capital divided by Retail adjusted sales for the last four rolling quarters. We exclude in our calculations the sales and working capital of certain acquisitions during the first year following the acquisition. We also look at this metric excluding Nutrien Financial revenue and working capital.

Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio.

	Rolling Four Quarters Ended September 30, 2025
($ millions, except as otherwise noted)	Q4 2024			Q1 2025			Q2 2025			Q3 2025			Average/Total
Current assets		10,360			11,510			11,442			10,823
Current liabilities		(8,028	)		(7,561	)		(8,051	)		(5,348	)
Working capital		2,332			3,949			3,391			5,475			3,787
Working capital from certain recent acquisitions		-			-			-			-
Adjusted working capital		2,332			3,949			3,391			5,475			3,787
Nutrien Financial working<br>capital		(2,877	)		(2,569	)		(4,645	)		(4,452	)
Adjusted working capital excluding<br>Nutrien Financial		(545	)		1,380			(1,254	)		1,023			151
Sales		3,179			3,090			7,959			3,427
Sales from certain recent<br>acquisitions		-			-			-			-
Adjusted sales		3,179			3,090			7,959			3,427			17,655
Nutrien Financial revenue		(77	)		(70	)		(135	)		(89	)
Adjusted sales excluding Nutrien Financial		3,102			3,020			7,824			3,338			17,284
Adjusted average working capital to sales (%)														21
Adjusted average working capital to sales excluding Nutrien<br>Financial (%)														1
	Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Average/Total
Current assets		11,821			11,181			10,559			10,360
Current liabilities		(8,401	)		(8,002	)		(5,263	)		(8,028	)
Working capital		3,420			3,179			5,296			2,332			3,557
Working capital from certain recent acquisitions		-			-			-			-
Adjusted working capital		3,420			3,179			5,296			2,332			3,557
Nutrien Financial working<br>capital		(2,489	)		(4,560	)		(4,318	)		(2,877	)
Adjusted working capital excluding<br>Nutrien Financial		931			(1,381	)		978			(545	)		(4	)
Sales		3,308			8,074			3,271			3,179
Sales from certain recent<br>acquisitions		-			-			-			-
Adjusted sales		3,308			8,074			3,271			3,179			17,832
Nutrien Financial revenue		(66	)		(133	)		(85	)		(77	)
Adjusted sales excluding Nutrien Financial		3,242			7,941			3,186			3,102			17,471
Adjusted average working capital to sales (%)														20
Adjusted average working capital to sales excluding Nutrien Financial (%)														-

Other Financial Measures

Selected Additional Financial Data

Nutrien Financial	As at September 30, 2025															As at<br><br><br>December 31, 2024
( millions)	Current		<31 Days<br><br><br>Past Due		31–90Days<br><br><br>Past Due		>90 Days<br><br><br>Past Due		GrossReceivables		Allowance ^1^			NetReceivables^2^		Net<br><br><br>Receivables
North America		3,304		87		75		236		3,702		(81	)		3,621		2,178
International		722		62		25		33		842		(11	)		831		699
Nutrien Financial receivables		4,026		149		100		269		4,544		(92	)		4,452		2,877

All values are in US Dollars.

1 Bad debt expense on the above receivables for the nine months ended September 30, 2025 was $46 million, in the Retail segment.

2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 – 7:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.

Supplementary Financial Measures

Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios.

The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided.

Sustaining capital expenditures: **** Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.

Investing capital expenditures: **** Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures exclude capital outlays for business acquisitions and equity-accounted investees.

Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.

Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien’s shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of capital to shareholders.

Unaudited

Condensed Consolidated FinancialStatements

Condensed Consolidated Statements of Earnings

					Three Months EndedSeptember 30						Nine Months Ended<br><br><br>September 30
( millions, except as otherwise noted)	Note			2025			2024			2025			2024
Sales		2, 9			6,007			5,348			21,545			20,893
Freight, transportation and distribution					272			263			738			741
Cost of goods sold					3,771			3,585			14,348			14,203
Gross Margin					1,964			1,500			6,459			5,949
Selling expenses					795			820			2,503			2,622
General and administrative expenses					144			156			444			468
Provincial mining taxes					124			74			289			210
Share-based compensation expense					28			1			119			17
Impairment of assets					-			-			-			530
Foreign exchange (gain) loss, net of related derivatives		6			(11	)		31			18			359
Other expenses		3			77			222			271			284
Earnings Before Finance Costs and Income Taxes			****		807			196			2,815			1,459
Finance costs					170			184			504			525
Earnings Before Income Taxes					637			12			2,311			934
Income tax expense (recovery)		4			168			(13	)		594			352
Net Earnings					469			25			1,717			582
Attributable to
Equity holders of Nutrien					464			18			1,696			561
Non-controlling<br>interest					5			7			21			21
Net Earnings					469			25			1,717			582
Net Earnings Per Share Attributable to Equity<br>Holders of Nutrien (“EPS”)									****
Basic					0.96			0.04			3.48			1.13
Diluted					0.96			0.04			3.48			1.13
Weighted average shares outstanding for basic EPS					485,583,000			494,743,000			487,445,000			494,653,000
Weighted average shares outstanding for diluted EPS					485,776,000			494,857,000			487,624,000			494,851,000
Condensed Consolidated Statements of Comprehensive Income															****
					Three Months EndedSeptember 30						Nine Months Ended<br><br><br>September 30
( millions, net of related income taxes)				2025			2024			2025			2024
Net Earnings					469			25			1,717			582
Other comprehensive (loss) income
Item that will not be reclassified to net earnings:
Net fair value gain (loss) on investments					-			35			(18	)		53
Items that have been or may be subsequently reclassified to net earnings:
(Loss) gain on currency translation of foreign operations					(5	)		85			196			28
Other					(13	)		2			13			(17	)
Other Comprehensive (Loss) Income					(18	)		122			191			64
Comprehensive Income					451			147			1,908			646
Attributable to
Equity holders of Nutrien					446			139			1,886			625
Non-controlling<br>interest					5			8			22			21
Comprehensive Income					451			147			1,908			646

All values are in US Dollars.

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Statements ofCash Flows

				Three Months EndedSeptember 30						Nine Months EndedSeptember 30
( millions)	Note		2025			2024			2025			2024
Operating Activities
Net earnings				469			25			1,717			582
Adjustments for:
Depreciation and amortization				617			598			1,802			1,749
Share-based compensation expense				28			1			119			17
Impairment of assets				-			-			-			530
Provision for (recovery of) deferred income tax				195			(36	)		227			15
Net (undistributed) distributed earnings of equity-accounted investees				(19	)		(24	)		66			14
Fair value adjustment to derivatives		6		(2	)		(180	)		6			6
Loss related to financial instruments in Argentina		3		-			-			-			34
Long-term income tax receivables and payables				2			9			18			17
Other long-term assets, liabilities and<br>miscellaneous				(15	)		251			(55	)		321
Cash from operations before working capital changes				1,275			644			3,900			3,285
Changes in non-cash operating working capital:
Receivables				357			418			(2,248	)		(2,394	)
Inventories and prepaid expenses and other current assets				257			373			1,877			2,265
Payables and accrued charges				(2,315	)		(2,343	)		(2,499	)		(2,744	)
Cash (Used in) Provided by Operating<br>Activities				(426	)		(908	)		1,030			412
Investing Activities
Capital expenditures 1				(530	)		(508	)		(1,254	)		(1,387	)
Business acquisitions, net of cash acquired				(1	)		(2	)		(12	)		(6	)
Proceeds from (purchase of) investments, held within three months, net				1			(15	)		(68	)		(30	)
Purchase of investments				-			(1	)		(93	)		(112	)
Proceeds from sale of investments		5		146			41			422			59
Net changes in non-cash working capital				23			30			(55	)		(55	)
Other				(22	)		(51	)		(61	)		(83	)
Cash Used in Investing Activities				(383	)		(506	)		(1,121	)		(1,614	)
Financing Activities
Proceeds from debt, maturing within three months, net				591			1,378			925			1,089
Proceeds from debt		7		-			-			998			998
Repayment of debt		7		(27	)		(43	)		(562	)		(132	)
Repayment of principal portion of lease liabilities				(97	)		(98	)		(313	)		(300	)
Dividends paid to Nutrien’s shareholders		8		(265	)		(268	)		(798	)		(795	)
Repurchase of common shares, inclusive of related tax		8		(148	)		(50	)		(401	)		(50	)
Issuance of common shares				-			7			29			16
Other				(3	)		(4	)		(34	)		(40	)
Cash Provided by (Used in) Financing<br>Activities				51			922			(156	)		786
Effect of Exchange Rate Changes on Cash and Cash<br>Equivalents				(5	)		8			18			(5	)
Decrease in Cash and Cash Equivalents				(763	)		(484	)		(229	)		(421	)
Cash and Cash Equivalents – Beginning of<br>Period				1,387			1,004			853			941
Cash and Cash Equivalents – End of<br>Period				624			520			624			520
Cash and cash equivalents is composed of:
Cash				514			472			514			472
Short-term investments				110			48			110			48
					624			520			624			520
Supplemental Cash Flows Information
Interest paid				166			148			518			496
Income taxes paid				213			127			201			260
Total cash outflow for leases				134			134			423			418

All values are in US Dollars.

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended September 30, 2025 of $498 million and $32 million (2024 – $475 million and $33 million), respectively, and for the nine months ended September 30, 2025 of $1,175 million and $79 million (2024 – $1,290 million and $97 million), respectively.

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Statements of Changes in Shareholders’ Equity

										Accumulated Other Comprehensive(Loss) Income (“AOCI”)
($ millions, inclusive of related tax, except as otherwise<br> noted)	Number ofCommonShares			ShareCapital			ContributedSurplus			(Loss) Gainon CurrencyTranslationof ForeignOperations			Other			TotalAOCI			RetainedEarnings			EquityHoldersofNutrien			Non-ControllingInterest			TotalEquity
Balance – December 31, 2023		494,551,730			13,838			83			(286	)		(10	)		(296	)		11,531			25,156			45			25,201
Net earnings		-			-			-			-			-			-			561			561			21			582
Other comprehensive income		-			-			-			28			36			64			-			64			-			64
Shares repurchased for cancellation (Note 8)		(1,039,185	)		(29	)		(21	)		-			-			-			(1	)		(51	)		-			(51	)
Dividends declared ^1^		-			-			-			-			-			-			(800	)		(800	)		-			(800	)
Non-controlling interest transactions		-			-			-			-			-			-			-			-			(26	)		(26	)
Effect of share-based compensation including<br>issuance of common shares		369,904			18			5			-			-			-			-			23			-			23
Transfer of net loss on cash flow hedges		-			-			-			-			13			13			-			13			-			13
Balance – September 30, 2024		493,882,449			13,827			67			(258	)		39			(219	)		11,291			24,966			40			25,006
Balance – December 31, 2024		491,025,446			13,748			68			(537	)		22			(515	)		11,106			24,407			35			24,442
Net earnings		-			-			-			-			-			-			1,696			1,696			21			1,717
Other comprehensive income (loss)		-			-			-			195			(5	)		190			-			190			1			191
Shares repurchased for cancellation (Note 8)		(7,288,910	)		(204	)		(11	)		-			-			-			(194	)		(409	)		-			(409	)
Dividends declared ^1^		-			-			-			-			-			-			(797	)		(797	)		-			(797	)
Non-controlling interest transactions		-			-			-			-			-			-			-			-			(21	)		(21	)
Effect of share-based compensation including<br>issuance of common shares		593,873			36			(1	)		-			-			-			-			35			-			35
Transfer of net gain on sale of investment		-			-			-			-			(27	)		(27	)		27			-			-			-
Transfer of net gain on cash flow hedges		-			-			-			-			(6	)		(6	)		-			(6	)		-			(6	)
Other		-			-			-			-			-			-			1			1			-			1
Balance – September 30, 2025		484,330,409			13,580			56			(342	)		(16	)		(358	)		11,839			25,117			36			25,153

1 During the nine months ended September 30, 2025, we declared dividends of $1.64 per share (2024 - $1.62 per share).

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Balance Sheets

			As at September 30					As at December 31,<br><br><br>2024
( millions)	Note	2025			2024
Assets
Current assets
Cash and cash equivalents			624			520		853
Receivables	9		7,687			7,786		5,390
Inventories			5,281			4,890		6,148
Prepaid expenses and other current assets			598			678		1,401
Assets held for sale	5		284			-		-
				14,474			13,874		13,792
Non-current assets
Property, plant and equipment			22,480			22,329		22,604
Goodwill			12,116			12,122		12,043
Intangible assets			1,711			1,877		1,819
Investments	5		142			739		698
Other assets			903			970		884
Total Assets			51,826			51,911		51,840
Liabilities
Current liabilities
Short-term debt			2,486			2,967		1,534
Current portion of long-term debt	7		538			1,013		1,037
Current portion of lease liabilities			350			364		356
Payables and accrued charges	9		6,899			6,613		9,118
				10,273			10,957		12,045
Non-current liabilities
Long-term debt	7		9,852			9,383		8,881
Lease liabilities			954			1,029		999
Deferred income tax liabilities			3,678			3,555		3,539
Pension and other post-retirement benefit liabilities			229			245		227
Asset retirement obligations and accrued environmental costs			1,440			1,564		1,543
Other non-current<br>liabilities			247			172		164
Total Liabilities			26,673			26,905		27,398
Shareholders’ Equity
Share capital	8		13,580			13,827		13,748
Contributed surplus			56			67		68
Accumulated other comprehensive loss			(358	)		(219	)	(515	)
Retained earnings			11,839			11,291		11,106
Equity holders of Nutrien			25,117			24,966		24,407
Non-controlling<br>interest			36			40		35
Total Shareholders’ Equity			25,153			25,006		24,442
Total Liabilities and Shareholders’<br>Equity			51,826			51,911		51,840

All values are in US Dollars.

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Notes to the Condensed ConsolidatedFinancial Statements

As at and for the Three and Nine Months Ended September 30, 2025

Note 1Basis of presentation ****

Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.

These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.

Certain immaterial 2024 figures have been reclassified in the condensed consolidated statements of cash flows.

In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. These interim financial statements were authorized for issue by the Audit Committee of the Board of Directors on November 5, 2025.

Note 2Segment information ****

We have four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core business. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments received are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.

	Downstream		Upstream and Midstream
($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporateand Others		Eliminations			Consolidated
Assets – as at September 30, 2025		22,535		13,837		11,269		2,535		2,246		(596	)		51,826
Assets – as at December 31,<br>2024		22,149		13,792		11,603		2,453		2,571		(728	)		51,840

Unaudited
	Three Months Ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream						Upstream and Midstream
($ millions)	Retail						Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		3,415						1,127			1,000			462			3			-			6,007
– intersegment		12						130			195			99			-			(436	)		-
Sales – total		3,427						1,257			1,195			561			3			(436	)		6,007
Freight, transportation and<br>distribution		-						135			132			66			-			(61	)		272
Net sales		3,427						1,122			1,063			495			3			(375	)		5,735
Cost of goods sold		2,505						437			666			436			2			(275	)		3,771
Gross margin		922						685			397			59			1			(100	)		1,964
Selling expenses (recovery)		792						3			7			2			(2	)		(7	)		795
General and administrative expenses		44						3			4			2			91			-			144
Provincial mining taxes		-						124			-			-			-			-			124
Share-based compensation expense		-						-			-			-			28			-			28
Foreign exchange gain, net of related derivatives		-						-			-			-			(11	)		-			(11	)
Other expenses (income)		40						10			(13	)		5			32			3			77
Earnings (loss) before finance costs and income taxes		46						545			399			50			(137	)		(96	)		807
Depreciation and amortization		184						188			157			72			16			-			617
EBITDA		230						733			556			122			(121	)		(96	)		1,424
Share-based compensation expense		-						-			-			-			28			-			28
ARO/ERL related income for non-operating sites		-						-			-			-			(10	)		-			(10	)
Foreign exchange gain, net of related<br>derivatives		-						-			-			-			(11	)		-			(11	)
Adjusted EBITDA		230						733			556			122			(114	)		(96	)		1,431

Unaudited
	Three Months Ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream							Upstream and Midstream
($ millions)	Retail							Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		3,271							915			753			409			-			-			5,348
– intersegment		-							113			163			58			-			(334	)		-
Sales – total		3,271							1,028			916			467			-			(334	)		5,348
Freight, transportation and<br>distribution		-							144			123			55			-			(59	)		263
Net sales		3,271							884			793			412			-			(275	)		5,085
Cost of goods sold		2,412							422			581			383			-			(213	)		3,585
Gross margin		859							462			212			29			-			(62	)		1,500
Selling expenses (recovery)		815							3			8			1			(2	)		(5	)		820
General and administrative expenses		51							5			6			4			90			-			156
Provincial mining taxes		-							74			-			-			-			-			74
Share-based compensation expense		-							-			-			-			1			-			1
Foreign exchange loss, net of related derivatives		-							-			-			-			31			-			31
Other expenses (income)		32							2			(25	)		10			194			9			222
Earnings (loss) before finance costs and income taxes		(39	)						378			223			14			(314	)		(66	)		196
Depreciation and amortization		190							177			132			75			24			-			598
EBITDA		151							555			355			89			(290	)		(66	)		794
Share-based compensation expense		-							-			-			-			1			-			1
ARO/ERL related expenses for non-operating sites		-							-			-			-			184			-			184
Foreign exchange loss, net of related<br>derivatives		-							-			-			-			31			-			31
Adjusted EBITDA		151							555			355			89			(74	)		(66	)		1,010

Unaudited
	Nine Months Ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream						Upstream and Midstream
($ millions)	Retail						Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		14,464						2,885			2,996			1,182			18			-			21,545
– intersegment		12						318			686			233			-			(1,249	)		-
Sales – total		14,476						3,203			3,682			1,415			18			(1,249	)		21,545
Freight, transportation and<br>distribution		-						346			405			164			-			(177	)		738
Net sales		14,476						2,857			3,277			1,251			18			(1,072	)		20,807
Cost of goods sold		10,850						1,257			2,073			1,160			6			(998	)		14,348
Gross margin		3,626						1,600			1,204			91			12			(74	)		6,459
Selling expenses (recovery)		2,495						8			22			5			(7	)		(20	)		2,503
General and administrative expenses		132						7			16			5			284			-			444
Provincial mining taxes		-						289			-			-			-			-			289
Share-based compensation expense		-						-			-			-			119			-			119
Foreign exchange loss, net of related derivatives		-						-			-			-			18			-			18
Other expenses		119						20			-			18			96			18			271
Earnings (loss) before finance costs and income taxes		880						1,276			1,166			63			(498	)		(72	)		2,815
Depreciation and amortization		545						533			465			212			47			-			1,802
EBITDA		1,425						1,809			1,631			275			(451	)		(72	)		4,617
Restructuring costs		-						-			-			-			22			-			22
Share-based compensation expense		-						-			-			-			119			-			119
ARO/ERL related income for non-operating sites^^		-						-			-			-			(7	)		-			(7	)
Foreign exchange loss, net of related<br>derivatives		-						-			-			-			18			-			18
Adjusted EBITDA		1,425						1,809			1,631			275			(299	)		(72	)		4,769

Unaudited
	Nine Months Ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream						Upstream and Midstream
($ millions)	Retail						Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		14,653						2,486			2,547			1,207			-			-			20,893
– intersegment		-						305			584			210			-			(1,099	)		-
Sales – total		14,653						2,791			3,131			1,417			-			(1,099	)		20,893
Freight, transportation and<br>distribution		-						338			399			174			-			(170	)		741
Net sales		14,653						2,453			2,732			1,243			-			(929	)		20,152
Cost of goods sold		11,018						1,139			1,835			1,116			-			(905	)		14,203
Gross margin		3,635						1,314			897			127			-			(24	)		5,949
Selling expenses (recovery)		2,610						9			23			5			(7	)		(18	)		2,622
General and administrative expenses		154						10			16			11			277			-			468
Provincial mining taxes		-						210			-			-			-			-			210
Share-based compensation expense		-						-			-			-			17			-			17
Impairment of assets		335						-			195			-			-			-			530
Foreign exchange loss, net of related derivatives		-						-			-			-			359			-			359
Other expenses (income)		95						3			(136	)		26			274			22			284
Earnings (loss) before finance costs and income taxes		441						1,082			799			85			(920	)		(28	)		1,459
Depreciation and amortization		580						475			419			213			62			-			1,749
EBITDA		1,021						1,557			1,218			298			(858	)		(28	)		3,208
Share-based compensation expense		-						-			-			-			17			-			17
Impairment of assets		335						-			195			-			-			-			530
Loss related to financial instruments in Argentina		-						-			-			-			34			-			34
ARO/ERL related expenses for non-operating sites		-						-			-			-			152			-			152
Foreign exchange loss, net of related<br>derivatives		-						-			-			-			359			-			359
Adjusted EBITDA		1,356						1,557			1,413			298			(296	)		(28	)		4,300

Unaudited
	Three Months Ended<br><br><br>September 30							Nine Months Ended<br><br><br>September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---
($ millions)	2025			2024				2025			2024
Retail sales by product line
Crop nutrients	1,188			1,093				5,773			5,683
Crop protection products	1,536			1,518				5,174			5,365
Seed	156			132				1,966			2,051
Services and other	258			242				690			690
Merchandise	222			222				649			667
Nutrien Financial	89			85				294			284
Nutrien Financial elimination 1	(22	)		(21	)			(70	)		(87	)
		3,427			3,271				14,476			14,653
Potash sales by geography
Manufactured product
North America	633			601				1,449			1,474
Offshore 2	623			427				1,750			1,316
Other potash and purchased products	1			-				4			1
		1,257			1,028				3,203			2,791
Nitrogen sales by product line
Manufactured product
Ammonia	300			261				899			856
Urea and ESN®	376			293				1,288			1,085
Solutions, nitrates and sulfates	466			299				1,217			961
Other nitrogen and purchased products	53			63				278			229
		1,195			916				3,682			3,131
Phosphate sales by product line
Manufactured product
Fertilizer	379			316				913			928
Industrial and feed	178			148				484			470
Other phosphate and purchased products	4			3				18			19
		561			467				1,415			1,417
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.<br>2 Relates to Canpotex Limited (“Canpotex”) (see Note 9) and includes provisional pricing adjustments for the three months ended September 30, 2025<br>of (13) million (2024 – (4) million) and the nine months ended September 30, 2025 of 45 million (2024 – 7 million). <br>Note 3 Other expenses (income)
	Three Months Ended<br><br><br>September 30							Nine Months Ended<br><br><br>September 30
($ millions)	2025			2024				2025			2024
Restructuring costs	-			-				22			-
Earnings of equity-accounted investees	(22	)		(26	)			(36	)		(107	)
Bad debt expense	31			31				88			94
Project feasibility costs	28			19				69			62
Customer prepayment costs	13			10				50			41
Legal expenses	6			4				13			12
Insurance recoveries	(1	)		(3	)			(1	)		(70	)
Loss on natural gas derivatives not designated as a hedge	-			5				-			7
Loss related to financial instruments in Argentina	-			-				-			34
ARO/ERL related (income) expenses for non-operating sites<br>¹	(10	)		184				(7	)		152
Other expenses (income)	32			(2	)			73			59
		77			222				271			284

All values are in US Dollars.

1 ARO/ERL refers to asset retirement obligations and accrued environmental costs.

Unaudited

Note 4 Income taxes

A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction.

		Three Months EndedSeptember 30					Nine Months EndedSeptember 30
( millions, except as otherwise noted)	2025		2024			2025		2024
Actual effective tax rate on earnings (%)		27		(18	)		25		41
Actual effective tax rate including discrete items (%)		26		(112	)		26		38
Discrete tax adjustments that impacted<br>the tax rate 1		(4)		(11	)		23		(31	)

All values are in US Dollars.

1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate.

Note 5 Investments

($ millions, except as otherwise noted)						Proportion of<br><br><br>Ownership Interest andVoting Rights Held (%)					Carrying Amount
						As atSeptember 30,2025		As atDecember 31,2024			As atSeptember 30,2025		As atDecember 31,2024
Equity-accounted investees		****			****					****
Profertil S.A. (“Profertil”)	Nitrogen producer		Argentina				50		50			-		349
Canpotex	Marketing and<br> <br>logistics of potash		Canada				50		50			-		-
Other associates and joint ventures												132		128
Total equity-accounted investees												132		477
Investments at FVTOCI				****
Sinofert Holdings Limited (“Sinofert”)	Fertilizer supplier<br> <br>and distributor		China/Bermuda				-		22			-		211
Other												10		10
Total investments at FVTOCI												10		221
Total investments												142		698

Investments at fair value through other comprehensive income

During the three months ended March 31, 2025, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Total proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in the period in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.

Equity-accounted investees

During the three months ended September 30, 2025, as part of our portfolio review, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. As at September 30, 2025, we have reclassified the investment, with a net book value totaling $284 million, to a current asset held for sale under our Corporate and Others segment. A deposit of $120 million was received from the purchaser on September 5, 2025. Gross proceeds from the sale are expected to be approximately $600 million and the transaction is expected to close in the fourth quarter of 2025, subject to the exercise of a right of first refusal by the remaining joint venture partner.

Unaudited

Note 6 Financial instruments

Foreign currency derivatives

		Three Months EndedSeptember 30							Nine Months EndedSeptember 30
( millions)	2025			2024			****	2025			2024
Foreign exchange (gain) loss		(26	)		(3	)			(9	)		27
Hyperinflationary loss		-			20				-			85
Loss on foreign currency derivatives at<br>fair value through profit or loss		15			14				27			247
Foreign exchange (gain) loss, net of<br>related derivatives		(11	)		31				18			359

All values are in US Dollars.

Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $10,390 million and fair value of $10,027 million as at September 30, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

Note 7 Debt

During the three months ended September 30, 2025, we extended the maturity of our $4,500 million unsecured committed revolving term facility to September 4, 2030. We also extended the term of our unsecured committed revolving term credit facility to September 2, 2026 and reduced the facility limit from $750 million to $500 million.

( millions, except as otherwise noted)
Senior notes repaid in 2025	3.000	April 1, 2025	500
Senior notes issued in 2025	4.500	March 12, 2027	400
Senior notes issued in 2025	5.250	March 12, 2032	600
				1,000

All values are in US Dollars.

The senior notes issued in the nine months ended September 30, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.

Note 8 Share capital

Share repurchaseprograms

The following table summarizes our share repurchase activities during the periods indicated below:

		Three Months EndedSeptember 30
( millions, except as otherwise noted)	2025		2024		2025	2024
Number of common shares repurchased for cancellation		2,547,124		1,039,185	7,288,910		1,039,185
Average price per share (US dollars)		58.27		48.11	54.96		48.11
Total cost, inclusive of tax		152		51	409		51

All values are in US Dollars.

Subsequent to September 30, 2025, as of November 4, 2025, an additional 993,278 common shares were repurchased for cancellation at a cost of $56 million and an average price per share of $57.80.

Dividends declared

We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended September 30, 2025, payable on October 17, 2025 to shareholders of record on September 29, 2025.

Unaudited

Note 9 Related party transactions

We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended September 30, 2025 were $23 million (2024 – $41 million) and the nine months ended September 30, 2025 were $100 million (2024 – $112 million).

( millions)	As at September 30, 2025			As at<br><br><br>December 31, 2024
Receivables from Canpotex		208			122
Payables to Canpotex		63			66

All values are in US Dollars.

EX-99.2

Exhibit 99.2

LOGO

NUTRIEN LTD.

MANAGEMENT’S DISCUSSION AND ANALYSIS

AS AT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2025

Management’s Discussion and Analysis

Market Outlook and Guidance

Agriculture and Retail Markets

•	Record crop production prospects in the US and trade uncertainties pressured crop prices; however, recently reported<br>trade agreements between the US and China and proposed government payments are expected to provide support to farmers. The need to replenish crop nutrients removed from a record crop is expected to drive healthy crop nutrient demand ahead of the<br>next planting season.
•	Brazilian soybean acreage is expected to increase by two to four percent in 2025 supported by a faster than average<br>planting pace and strong international demand. Safrinha corn acreage is expected to increase by a similar amount, further supporting crop input demand.
---	---
•	Crop production prospects in most regions of Australia have improved following timely rainfall and recent strength in<br>livestock markets is expected to further support farmer returns.
---	---

Crop Nutrient Markets

•	We maintained our 2025 global potash shipment forecast of 73 to 75 million tonnes, reflecting the upward revision<br>made last quarter. We expect continued global potash demand growth and forecast global potash shipments between 74 and 77 million tonnes in 2026 supported by favorable affordability and low projected channel inventories in major markets. We<br>anticipate limited new global capacity additions in 2026 with announced project delays.
•	We expect 2 percent growth in global nitrogen demand in 2025 and supply related challenges to maintain a tight supply and<br>demand balance going into 2026. Global ammonia markets are expected to remain tight due to plant outages and project delays. We anticipate the pace of Chinese urea exports will slow in the fourth quarter of 2025 and the emergence of seasonal demand<br>to support market fundamentals.
---	---
•	Phosphate markets continue to be tight due to limited supply, including from Chinese export restrictions. Global<br>shipments in 2025 have been constrained by supply availability and weaker affordability for phosphate fertilizer has impacted demand.
---	---

Financial and Operational Guidance

•	Retail adjusted EBITDA guidance of $1.68 to $1.82 billion assumes higher crop nutrient and crop protection sales in the<br>second half of 2025 compared to 2024 and continued recovery in Brazil, consistent with our previous expectations.
•	Potash sales volume guidance was increased to 14.0 to 14.5 million tonnes due to the continued strength of global demand.<br>The range is consistent with our historical share of global shipments.
---	---
•	Nitrogen sales volume guidance of 10.7 to 11.0 million tonnes assumes no additional sales volumes from our Trinidad<br>operations for the remainder of 2025, partially offset by the continued strong performance of our North American nitrogen operations.
---	---
•	Phosphate sales volume guidance of 2.35 to 2.55 million tonnes assumes improved operating rates and sales volumes in the<br>fourth quarter of 2025 compared to the prior year.
---	---
•	Total capital expenditures of $2.0 to $2.1 billion includes approximately $400 to $500 million in investing capital<br>expenditures focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions in Nitrogen and mine automation projects in Potash.
---	---

	2025 Guidance Ranges ^1^ as of
	November 5, 2025				August 6, 2025
($ billions, except as otherwise noted)	Low		High		Low		High
Retail adjusted EBITDA		1.68		1.82		1.65		1.85
Potash sales volumes (million tonnes) ^2^		14.0		14.5		13.9		14.5
Nitrogen sales volumes (million tonnes)<br>^2^		10.7		11.0		10.7		11.2
Phosphate sales volumes (million tonnes)<br>^2^		2.35		2.55		2.35		2.55
Depreciation and amortization		2.35		2.40		2.35		2.45
Finance costs		0.65		0.70		0.65		0.75
Effective tax rate on adjusted net earnings (%)<br>^3^		24.5		25.5		24.0		26.0
Capital expenditures ^4^		2.0		2.1		2.0		2.1

1 See the “Forward-Looking Statements” section.

2 Manufactured product only.

3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

Consolidated Results

		Three Months Ended September 30									Nine Months Ended September 30
( millions, except as otherwise noted)	****	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Sales		6,007			5,348			12			21,545			20,893			3
Gross margin		1,964			1,500			31			6,459			5,949			9
Expenses		1,157			1,304			(11	)		3,644			4,490			(19	)
Net earnings		469			25			n/m			1,717			582			195
Adjusted EBITDA 1		1,431			1,010			42			4,769			4,300			11
Diluted net earnings per share (dollars) 2		0.96			0.04			n/m			3.48			1.13			208
Adjusted net earnings per share (dollars) 1, 2		0.97			0.39			149			3.72			3.18			17

All values are in US Dollars.

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.

Segment Results

Nutrien Ag Solutions(“Retail”)
		Three Months Ended September 30												Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	****	2025	****		****	2024	****		****	% Change	****		****	2025	****		****	2024	****		****	% Change	****
Sales		3,427				3,271				5				14,476				14,653				(1	)
Cost of goods sold		2,505				2,412				4				10,850				11,018				(2	)
Gross margin		922				859				7				3,626				3,635				-
Adjusted EBITDA 1		230				151				52				1,425				1,356				5

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Retail adjusted EBITDA increased in the third quarter and first nine months of 2025 due to lower operating<br>expenses from our cost savings initiatives and higher proprietary products gross margin.
		Three Months Ended September 30														Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Sales							Gross Margin							Sales							Gross Margin
( millions)	****	2025	****	****	2024	****		****	2025	****	****	2024	****		****	2025	****	****	2024	****		****	2025	****	****	2024	****
Crop nutrients		1,188			1,093				220			210				5,773			5,683				1,136			1,150
Crop protection products		1,536			1,518				399			360				5,174			5,365				1,266			1,271
Seed		156			132				24			24				1,966			2,051				360			379
Services and other		258			242				178			164				690			690				531			528
Merchandise		222			222				34			37				649			667				109			110
Nutrien Financial		89			85				89			85				294			284				294			284
Nutrien Financial elimination 1		(22	)		(21	)			(22	)		(21	)			(70	)		(87	)			(70	)		(87	)
Total		3,427			3,271				922			859				14,476			14,653				3,626			3,635

All values are in US Dollars.

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

•	Crop nutrients sales and gross margin increased in the third quarter of 2025 due to higher sales volumes and<br>selling prices, which was supported by a stronger application season in North America. For the first nine months of 2025, sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America.<br>International crop nutrient sales volumes were lower in the third quarter and first nine months of 2025 mainly due to strategic actions in South America.
•	Crop protection products sales and gross margin were higher in the third quarter of 2025 due to a stronger plant<br>health season in North America, paired with higher proprietary products gross margin. Sales and gross margin were lower in the first nine months of 2025 due to dry conditions in Australia in the first half of 2025 and product mix shifts in North<br>America.
---	---
•	Seed sales increased in the third quarter of 2025 due to delayed field activity in the US that shifted sales from<br>the second quarter of 2025. Sales and gross margin were lower in the first nine months of 2025 due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin.
---	---
Supplemental Data	Three Months Ended September 30																	Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Gross Margin								% of Product Line ^1^									Gross Margin								% of Product Line ^1^
( millions, except as<br> otherwise noted)	****	2025	****		****	2024	****		****	2025	****		****	2024	****			****	2025	****		****	2024	****		****	2025	****		****	2024	****
Proprietary products
Crop nutrients		88				71				40				38					385				361				34				31
Crop protection products		161				119				41				32					460				429				36				34
Seed		15				4				57				22					130				148				36				39
Merchandise		4				4				12				11					10				11				9				10
Total		268				198				29				24					985				949				27				26

All values are in US Dollars.

1 Represents percentage of proprietary product margins over total product line gross margin.

		Three Months Ended September 30									Nine Months Ended September 30
		Sales Volumes<br><br><br>(tonnes - thousands)					Gross Margin / Tonne<br><br><br>(dollars)				Sales Volumes<br><br><br>(tonnes - thousands)				Gross Margin / Tonne<br><br><br>(dollars)
		2025			2024		2025		2024		2025		2024		2025		2024
Crop nutrients
North America			1,019			931		158		165		6,902		6,693		145		147
International			834			956		71		59		2,732		2,999		51		56
Total			1,853			1,887		119		111		9,634		9,692		118		119
(percentages)		September 30, 2025			December 31, 2024
---	---	---	---	---	---	---
Financial performance measures ^1, 2^
Cash operating coverage ratio			62			63
Adjusted average working capital to sales			21			20
Adjusted average working capital to sales excluding Nutrien Financial			1			-
Nutrien Financial adjusted net interest<br>margin			5.4			5.3

1 Rolling four quarters.

2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.

Potash
		Three Months Ended September 30									Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025			2024			% Change			2025			2024			% Change
Net sales		1,122			884			27			2,857			2,453			16
Cost of goods sold		437			422			4			1,257			1,139			10
Gross margin		685			462			48			1,600			1,314			22
Adjusted EBITDA 1		733			555			32			1,809			1,557			16

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Potash adjusted EBITDA increased in the third quarter and first nine months of 2025 due to higher net selling<br>prices, partially offset by higher provincial mining taxes. Total sales volumes in the first nine months of 2025 were the highest on record.
Manufactured Product	Three Months EndedSeptember 30					Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---
($ per tonne, except as otherwise noted)	2025			2024		2025			2024
Sales volumes (tonnes - thousands)
North America		1,562			1,733		3,912			3,954
Offshore		2,497			2,419		7,538			7,174
Total sales volumes		4,059			4,152		11,450			11,128
Net selling price
North America		319			264		283			287
Offshore		250			177		232			183
Average net selling price		277			213		250			220
Cost of goods sold		108			102		111			102
Gross margin		169			111		139			118
Depreciation and amortization		46			43		47			43
Gross margin excluding depreciation and<br>amortization ^1^		215			154		186			161

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

•	Sales volumes were lower in the third quarter of 2025 compared to the record period in 2024, despite strong<br>engagement in our North American summer fill program. Offshore sales volumes in the third quarter and first nine months of 2025 were higher, supported by strong potash affordability and underlying consumption growth in key offshore markets.<br>
•	Net selling price per tonne increased in the third quarter of 2025 due to higher global benchmark prices<br>compared to the same period in 2024. For the first nine months of 2025, net selling price per tonne increased driven by stronger offshore benchmark prices, notably in Brazil and Southeast Asia, partially offset by lower North American benchmark<br>prices in the first quarter of 2025.
---	---
•	Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 primarily due to higher<br>depreciation. Controllable cash cost of product manufactured per tonne increased in the first nine months of 2025 driven by lower production and higher turnaround costs.
---	---
Supplemental Data	Three Months EndedSeptember 30				Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Production volumes (tonnes – thousands)		3,607		3,696		10,427		10,836
Potash controllable cash cost of product<br>manufactured per tonne ^1^		56		52		57		52
Canpotex sales by market (percentage of sales volumes)<br>^2^
Latin America		47		46		40		41
Other Asian markets ^3^		26		27		30		29
China		8		9		11		12
India		6		4		4		5
Other markets		13		14		15		13
Total		100		100		100		100

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

2 See Note 9 to the interim financial statements.

3 All Asian markets except China and India.

Nitrogen
	Three Months Ended September 30												Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	****	****	****	2025	****	****	2024	****	****	% Change	****
Net sales	1,063			793			34						3,277			2,732			20
Cost of goods sold	666			581			15						2,073			1,835			13
Gross margin	397			212			87						1,204			897			34
Adjusted EBITDA 1	556			355			57						1,631			1,413			15

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Nitrogen adjusted EBITDA increased in the third quarter and first nine months of 2025 due to higher net selling<br>prices and higher sales volumes, which more than offset higher natural gas costs and lower equity earnings from Profertil S.A. (“Profertil”). Adjusted EBITDA for the first nine months of 2024 benefited from insurance recoveries. Our<br>operations delivered a record ammonia operating rate of 94 percent in the first nine months of 2025, achieved through improved reliability at our sites.
Manufactured Product	Three Months EndedSeptember 30						Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---	---	---
( per tonne, except as otherwise<br>noted)	2025	****	****	2024	****	****	2025	****	****	2024	****
Sales volumes (tonnes - thousands)
Ammonia	644			567			1,874			1,782
Urea and ESN®	687			661			2,443			2,300
Solutions, nitrates and sulfates	1,496			1,227			3,996			3,698
Total sales volumes	2,827			2,455			8,313			7,780
Net selling price
Ammonia	400			375			408			395
Urea and ESN®	507			400			485			427
Solutions, nitrates and sulfates	272			207			266			224
Average net selling price	357			298			362			323
Cost of goods sold	218			215			220			210
Gross margin	139			83			142			113
Depreciation and amortization	56			54			56			54
Gross margin excluding depreciation and<br>amortization 1	195			137			198			167

All values are in US Dollars.

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

•	Sales volumes increased in the third quarter and first nine months of 2025 due to strong demand and increased<br>production of ammonia and upgraded nitrogen products.
•	Net selling price per tonne was higher in the third quarter and first nine months of 2025 for all major nitrogen<br>products due to stronger benchmark prices.
---	---
•	Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 due to higher natural<br>gas costs, driven by a higher Henry Hub benchmark.
---	---
Supplemental Data	****	Three Months EndedSeptember 30			****	****	Nine Months EndedSeptember 30			****
---	---	---	---	---	---	---	---	---	---	---
	2025		2024			2025		2024
Sales volumes (tonnes – thousands)
Fertilizer		1,646		1,319			4,880		4,458
Industrial and feed		1,181		1,136			3,433		3,322
Production volumes (tonnes – thousands)
Ammonia production – total ^1^		1,436		1,322			4,514		4,157
Ammonia production – adjusted ^1, 2^		967		895			3,131		2,912
Ammonia operating rate (%) ^2^		86		79			94		87
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact		3.54		3.13			3.59		2.98
Realized derivative impact ^3^		-		0.15			-		0.09
Overall natural gas cost		3.54		3.28			3.59		3.07

1 All figures are provided on a gross production basis in thousands of product tonnes.

2 Excludes Trinidad and Joffre.

3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses. Refer to Note 3 to the interim financial statements.

Phosphate
	Three Months Ended September 30												Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	****	****	****	2025	****	****	2024	****	****	% Change	****
Net sales	495			412			20						1,251			1,243			1
Cost of goods sold	436			383			14						1,160			1,116			4
Gross margin	59			29			103						91			127			(28	)
Adjusted EBITDA 1	122			89			37						275			298			(8	)

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Phosphate adjusted EBITDA increased in the third quarter of 2025 due to higher net selling prices and sales<br>volumes, partially offset by higher sulfur input costs. Adjusted EBITDA decreased in the first nine months of 2025 due to higher sulfur input costs and lower sales volumes, which more than offset higher net selling prices.
Manufactured Product	Three Months EndedSeptember 30						Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---	---	---
( per tonne, except as otherwise<br>noted)	2025	****	****	2024	****	****	2025	****	****	2024	****
Sales volumes (tonnes - thousands)
Fertilizer	472			454			1,178			1,316
Industrial and feed	194			168			531			510
Total sales volumes	666			622			1,709			1,826
Net selling price
Fertilizer	701			605			677			611
Industrial and feed	824			797			821			826
Average net selling price	737			657			722			671
Cost of goods sold	643			601			661			594
Gross margin	94			56			61			77
Depreciation and amortization	108			121			124			117
Gross margin excluding depreciation and<br>amortization 1	202			177			185			194

All values are in US Dollars.

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

•	Sales volumes were higher in the third quarter of 2025 mainly due to higher production volumes compared to 2024,<br>which was impacted by weather-related events, and strong demand for purified phosphoric acid. Sales volumes were lower in the first nine months of 2025 due to lower production volumes in the first quarter.
•	Net selling price per tonne increased in the third quarter and first nine months of 2025 due to the strength of<br>fertilizer benchmark prices. Industrial net selling prices were lower in the first nine months of 2025, reflecting the typical lag between price realizations and benchmark movements, partially offset by optimization of product mix.<br>
---	---
•	Cost of goods sold per tonne increased in the third quarter and first nine months of 2025 primarily due to<br>increased sulfur input costs and the impact of lower production volumes in the first nine months of 2025.
---	---
Supplemental Data	****	Three Months EndedSeptember 30				****	****	Nine Months EndedSeptember 30				****
---	---	---	---	---	---	---	---	---	---	---	---	---
	****	2025	****	****	2024	****	****	2025	****	****	2024	****
Production volumes (P2O5 tonnes – thousands)		378			330			993			1,008
P2O5 operating rate (%)		88			77			78			79

Corporate and Others andEliminations
	Three Months Ended September 30									Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Corporate and Others
Gross margin 1	1			-			n/m			12			-			n/m
Selling expenses (recovery)	(2	)		(2	)		-			(7	)		(7	)		-
General and administrative expenses	91			90			1			284			277			3
Share-based compensation expense	28			1			n/m			119			17			600
Foreign exchange (gain) loss, net of related derivatives	(11	)		31			n/m			18			359			(95	)
Other expenses	32			194			(84	)		96			274			(65	)
Adjusted<br>EBITDA 1	(114	)		(74	)		54			(299	)		(296	)		1
Eliminations
Gross margin	(100	)		(62	)		61			(74	)		(24	)		208
Adjusted EBITDA<br>1	(96	)		(66	)		45			(72	)		(28	)		157

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Share-based compensation expense was higher in the third quarter and first nine months of 2025 due to an<br>increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital.<br>
•	Foreign exchange loss, net of related derivatives was lower in the first nine months of 2025 due to a lower loss<br>on foreign currency derivatives in Brazil and lower foreign exchange losses primarily from our South American Retail region.
---	---
•	Other expenses were lower in the third quarter and first nine months of 2025 as the comparable periods of 2024<br>included a higher expense for asset retirement obligations related to changes in closure cost estimates at certain non-operating sites.
---	---
•	Eliminations of gross margin between operating segments increased in the third quarter and first nine months of<br>2025 due to higher average margins.
---	---

Finance Costs, Income Taxes and Other Comprehensive (Loss) Income

	Three Months Ended September 30									Nine Months Ended September 30
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Finance costs	170			184			(8	)		504			525			(4	)
Income taxes
Income tax expense (recovery)	168			(13	)		n/m			594			352			69
Actual effective tax rate including discrete items (%)	26			(112	)		n/m			26			38			(32	)
Other comprehensive (loss) income	(18	)		122			n/m			191			64			198

All values are in US Dollars.

•

---

Liquidity and Capital Resources

Sources and uses of liquidity

Sourcesand uses of cash

	Three Months Ended September 30									Nine Months Ended September 30
( millions, except as otherwise noted)	2025	****	****	2024	****	****	% Change	****	****	2025	****	****	2024	****	****	% Change	****
Cash (used in) provided by operating activities	(426	)		(908	)		(53	)		1,030			412			150
Cash used in investing activities	(383	)		(506	)		(24	)		(1,121	)		(1,614	)		(31	)
Cash provided by (used in) financing activities	51			922			(94	)		(156	)		786			n/m
Cash used for dividends and share repurchases 1	(413	)		(318	)		30			(1,199	)		(845	)		42

All values are in US Dollars.

1 This is a supplementary financial measure. See the “Other Financial Measures” section.

Cash (used in) provided by operating activities		•<br><br>Cash (used in) provided by operating activities in the third quarter and first nine months of 2025 was higher compared to the same periods in<br>2024 due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings.
Cash used in investing activities		•<br><br>Cash used in investing activities was lower in the third quarter and first nine months of 2025 due to a deposit received for the sale of our<br>investment in Profertil. The first nine months of 2025 also had lower capital expenditures and included proceeds from the sale of our investment in Sinofert Holdings Limited (“Sinofert”).
Cash provided by (used in) financing activities		•<br><br>Cash provided by financing activities was lower in the third quarter of 2025 compared to the same period in 2024 due to lower commercial paper<br>issuances.<br><br>•<br><br>Cash used in financing activities was higher in the first nine<br>months of 2025 compared to the cash provided by financing activities in the same period in 2024 due to higher debt repayment and share repurchases.
Cash used for dividends and share repurchases		•<br><br>Cash used for dividends and share repurchases was higher in the<br>third quarter and first nine months of 2025 as noted in cash provided by (used in) financing activities.

Financial Condition Review

The following is a comparison of balance sheet categories that are considered material:

	As at
( millions, except as otherwise noted)	September 30, 2025	****	****	December 31, 2024	****	$	Change	****	****	% Change	****
Assets
Cash and cash equivalents	624			853			(229	)		(27)
Receivables	7,687			5,390			2,297			43
Inventories	5,281			6,148			(867	)		(14)
Prepaid expenses and other current assets	598			1,401			(803	)		(57)
Assets held for sale	284			-			284			-
Property, plant and equipment	22,480			22,604			(124	)		(1)
Investments	142			698			(556	)		(80)
Liabilities and Shareholders’ Equity
Short-term debt	2,486			1,534			952			62
Payables and accrued charges	6,899			9,118			(2,219	)		(24)
Long-term debt, including current portion	10,390			9,918			472			5
Retained earnings	11,839			11,106			733			7

All values are in US Dollars.

•	Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources<br>and uses of cash” section.
•	Receivables increased due to the seasonality of Retail sales, along with higher Potash and Nitrogen sales volumes<br>and net selling prices.
---	---
•	Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally<br>increase at year-end in preparation for the following year’s planting and application seasons and drawdown from the first to third quarters.
---	---
•	Prepaid expenses and other current assets decreased due to the seasonal drawdown of prepaid inventory where Retail<br>takes delivery of prepaid inventories throughout the planting and application seasons in North America.
---	---
•	Assets held for sale increased due to the reclassification of our investment in Profertil as an asset held for<br>sale, pending its disposition.
---	---
•	Property, plant and equipment decreased due to depreciation offsetting capital expenditures.<br>
---	---
•	Investments decreased due to the disposal of our remaining investment in Sinofert, dividends received from<br>Profertil and the reclassification of our investment in Profertil to assets held for sale.
---	---
•	Short-term debt increased due to seasonal working capital requirements and timing of vendor payments.<br>
---	---
•	Payables and accrued charges decreased due to the seasonality of our Retail segment where we generally receive<br>higher customer payments in North America near year-end and customers drawdown on the balance throughout the year. This was partially offset by a deposit received for the sale of Profertil.<br>
---	---
•	Long-term debt, including current portion, increased due to the issuance of $1,000 million of senior notes<br>during the first quarter of 2025, partially offset by the repayment of $500 million of senior notes in the second quarter of 2025.
---	---
•	Retained earnings increased as net earnings exceeded dividends declared and share repurchases in the first nine<br>months of 2025.
---	---

Capital Structure and Management

Principal debt instruments

Capital structure (debt and equity)

( millions)		December 31, 2024
Short-term debt	2,486	1,534
Current portion of long-term debt	538	1,037
Current portion of lease liabilities	350	356
Long-term debt	9,852	8,881
Lease liabilities	954	999
Shareholders’ equity	25,153	24,442

All values are in US Dollars.

Commercial paper, credit facilities and other debt

As at September 30, 2025, $220 million in letters of credit were outstanding and committed, with $426 million of remaining credit available under our letter of credit facilities.

Outstanding share data

		As at November 4, 2025
Common shares		483,340,553
Options to purchase common shares		2,655,972

For more information on our capital management, see Note 4 to the annual financial statements in our 2024 Annual Report.

Quarterly Results

( millions, except as otherwise noted)
Sales	6,007	10,438	5,100	5,079	5,348	10,156	5,389	5,664
Net earnings	469	1,229	19	118	25	392	165	176
Net earnings attributable to equity holders of Nutrien	464	1,221	11	113	18	385	158	172
Net earnings per share attributable to equity holders of<br>Nutrien
Basic	0.96	2.51	0.02	0.23	0.04	0.78	0.32	0.35
Diluted	0.96	2.50	0.02	0.23	0.04	0.78	0.32	0.35

All values are in US Dollars.

The following table describes certain items that impacted our quarterly earnings:

Quarter		Transaction or Event
Q2 2024		$530 million non-cash<br>impairment of assets comprised of a $335 million non-cash impairment of our Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate<br>margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. Net earnings also included a<br>foreign exchange loss of $220 million on foreign currency derivatives in Brazil.

Critical Accounting Estimates

Controls and Procedures

There has been no change in our ICFR during the three months ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR.

Forward-Looking Statements

Terms and Definitions

Non-GAAP Financial Measures

Adjusted EBITDA (Consolidated)

Most directly comparable IFRS financial measure: Net earnings (loss).

		Three Months Ended September 30						Nine Months Ended September 30
( millions)	****	2025	****	****	2024	****	****	2025	****	****	2024	****
Net earnings		469			25			1,717			582
Finance costs		170			184			504			525
Income tax expense (recovery)		168			(13	)		594			352
Depreciation and amortization		617			598			1,802			1,749
EBITDA 1		1,424			794			4,617			3,208
Adjustments:
Share-based compensation expense		28			1			119			17
Foreign exchange (gain) loss, net of related derivatives		(11	)		31			18			359
ARO/ERL related (income) expenses for non-operating sites		(10	)		184			(7	)		152
Loss related to financial instruments in Argentina		-			-			-			34
Restructuring costs		-			-			22			-
Impairment of assets		-			-			-			530
Adjusted EBITDA		1,431			1,010			4,769			4,300

All values are in US Dollars.

1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.

Adjusted Net Earnings and Adjusted Net Earnings Per Share

Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.

Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.

		Three Months Ended<br><br><br>September 30, 2025									Nine Months Ended<br><br><br>September 30, 2025
( millions, except as otherwise noted)	****	Increases<br> <br>(Decreases)	** <br> <br>**	****	Post-Tax	****	****	PerDilutedShare	****	****	Increases<br> <br>(Decreases	**** <br> <br>)	****	Post-Tax	****	****	PerDilutedShare	****
Net earnings attributable to equity holders of<br>Nutrien					464			0.96						1,696			3.48
Adjustments:
Share-based compensation expense		28			22			0.05			119			90			0.18
Foreign exchange (gain) loss, net of related derivatives		(11	)		(9	)		(0.02	)		18			14			0.03
Restructuring costs		-			-			-			22			18			0.04
ARO/ERL related (income) for<br>non-operating sites		(10	)		(8	)		(0.02	)		(7	)		(5	)		(0.01	)
Sub-total adjustments		7			5			0.01			152			117			0.24
Adjusted net earnings					469			0.97						1,813			3.72
		Three Months Ended<br><br><br>September 30, 2024									Nine Months Ended<br><br><br>September 30, 2024
( millions, except as otherwise noted)	****	Increases<br> <br>(Decreases)	** <br> <br>**	****	Post-Tax	****	****	PerDilutedShare	****	****	Increases<br> <br>(Decreases	**** <br> <br>)	****	Post-Tax	****	****	PerDilutedShare	****
Net earnings attributable to equity holders of<br>Nutrien					18			0.04						561			1.13
Adjustments:
Share-based compensation expense		1			1			-			17			13			0.03
Foreign exchange loss, net of related derivatives		31			38			0.08			359			361			0.73
Impairment of assets		-			-			-			530			491			1.00
ARO/ERL related expenses for non-operating sites		184			134			0.27			152			112			0.22
Loss related to financial instruments in Argentina		-			-			-			34			34			0.07
Sub-total adjustments		216			173			0.35			1,092			1,011			2.05
Adjusted net earnings					191			0.39						1,572			3.18

All values are in US Dollars.

Effective Tax Rate on Adjusted Net Earnings Guidance

Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product

Most directly comparable IFRS financial measure: Gross margin.

Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the “Segment Results” section.

Potash Controllable Cash Cost of Product Manufactured (“COPM”) Per Tonne

Most directly comparable IFRS financial measure: Cost of goods sold (“COGS”) for the Potash segment.

		Three Months Ended September 30					Nine Months Ended September 30
( millions, except as otherwise noted)	****	2025	****	****	2024	****	2025		****	2024	****
Total COGS – Potash		437			422		1,257			1,139
Change in inventory		(45	)		(51	)	(96	)		(30	)
Other adjustments 1		2			(5	)	(19	)		(14	)
COPM		394			366		1,142			1,095
Depreciation and amortization in COPM		(157	)		(145	)	(449	)		(439	)
Royalties in COPM		(26	)		(23	)	(68	)		(62	)
Natural gas costs and carbon taxes in COPM		(8	)		(7	)	(30	)		(27	)
Controllable cash COPM		203			191		595			567
Production volumes (tonnes – thousands)		3,607			3,696		10,427			10,836
Potash controllable cash COPM per tonne		56			52		57			52

All values are in US Dollars.

1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

Nutrien Financial Adjusted Net Interest Margin

Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.

Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.

	Rolling Four Quarters Ended September 30, 2025
($ millions, except as otherwise noted)	Q4 2024			Q1 2025			Q2 2025			Q3 2025			Total/Average
Nutrien Financial revenue		77			70			135			89
Deemed interest expense ^1^		(45	)		(29	)		(49	)		(52	)
Net interest		32			41			86			37			196
Average Nutrien Financial net receivables		2,877			2,569			4,645			4,452			3,636
Nutrien Financial adjusted net interest<br>margin (%)														5.4
	Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Total/Average
Nutrien Financial revenue		66			133			85			77
Deemed interest expense ^1^		(27	)		(50	)		(52	)		(45	)
Net interest		39			83			33			32			187
Average Nutrien Financial net receivables		2,489			4,560			4,318			2,877			3,561
Nutrien Financial adjusted net interest<br>margin (%)														5.3

1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.

Retail Cash Operating Coverage Ratio

	Rolling Four Quarters Ended September 30, 2025
($ millions, except as otherwise noted)	Q4 2024			Q1 2025			Q2 2025			Q3 2025			Total
Selling expenses		808			755			948			792			3,303
General and administrative expenses		37			44			44			44			169
Other (income) expenses		(8	)		25			54			40			111
Operating expenses		837			824			1,046			876			3,583
Depreciation and amortization in operating expenses		(186	)		(179	)		(172	)		(179	)		(716	)
Operating expenses excluding depreciation and<br>amortization		651			645			874			697			2,867
Gross margin		986			686			2,018			922			4,612
Depreciation and amortization in cost of goods sold		5			5			5			5			20
Gross margin excluding depreciation and amortization		991			691			2,023			927			4,632
Cash operating coverage ratio (%)														62
	Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Total
Selling expenses		790			1,005			815			808			3,418
General and administrative expenses		52			51			51			37			191
Other expenses (income)		22			41			32			(8	)		87
Operating expenses		864			1,097			898			837			3,696
Depreciation and amortization in operating expenses		(190	)		(193	)		(182	)		(186	)		(751	)
Operating expenses excluding depreciation and<br>amortization		674			904			716			651			2,945
Gross margin		747			2,029			859			986			4,621
Depreciation and amortization in cost of goods sold		4			3			8			5			20
Gross margin excluding depreciation and amortization		751			2,032			867			991			4,641
Cash operating coverage ratio (%)														63

Retail Adjusted Average Working Capital to Sales and Retail Adjusted Average Working Capitalto Sales Excluding Nutrien Financial

	Rolling Four Quarters Ended September 30, 2025
($ millions, except as otherwise noted)	Q4 2024			Q1 2025			Q2 2025			Q3 2025			Average/Total
Current assets		10,360			11,510			11,442			10,823
Current liabilities		(8,028	)		(7,561	)		(8,051	)		(5,348	)
Working capital		2,332			3,949			3,391			5,475			3,787
Working capital from certain recent acquisitions		-			-			-			-
Adjusted working capital		2,332			3,949			3,391			5,475			3,787
Nutrien Financial working<br>capital		(2,877	)		(2,569	)		(4,645	)		(4,452	)
Adjusted working capital excluding<br>Nutrien Financial		(545	)		1,380			(1,254	)		1,023			151
Sales		3,179			3,090			7,959			3,427
Sales from certain recent<br>acquisitions		-			-			-			-
Adjusted sales		3,179			3,090			7,959			3,427			17,655
Nutrien Financial revenue		(77	)		(70	)		(135	)		(89	)
Adjusted sales excluding Nutrien Financial		3,102			3,020			7,824			3,338			17,284
Adjusted average working capital to sales (%)														21
Adjusted average working capital to sales excluding Nutrien<br>Financial (%)														1
	Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Average/Total
Current assets		11,821			11,181			10,559			10,360
Current liabilities		(8,401	)		(8,002	)		(5,263	)		(8,028	)
Working capital		3,420			3,179			5,296			2,332			3,557
Working capital from certain recent acquisitions		-			-			-			-
Adjusted working capital		3,420			3,179			5,296			2,332			3,557
Nutrien Financial working<br>capital		(2,489	)		(4,560	)		(4,318	)		(2,877	)
Adjusted working capital excluding<br>Nutrien Financial		931			(1,381	)		978			(545	)		(4	)
Sales		3,308			8,074			3,271			3,179
Sales from certain recent<br>acquisitions		-			-			-			-
Adjusted sales		3,308			8,074			3,271			3,179			17,832
Nutrien Financial revenue		(66	)		(133	)		(85	)		(77	)
Adjusted sales excluding Nutrien Financial		3,242			7,941			3,186			3,102			17,471
Adjusted average working capital to sales (%)														20
Adjusted average working capital to sales excluding Nutrien Financial (%)														-

Other Financial Measures

Selected Additional Financial Data

Nutrien Financial	As at September 30, 2025															As at<br><br><br>December 31, 2024
( millions)	Current		<31 Days<br><br><br>Past Due		31–90Days<br><br><br>Past Due		>90 Days<br><br><br>Past Due		GrossReceivables		Allowance ^1^			NetReceivables^2^		Net<br><br><br>Receivables
North America		3,304		87		75		236		3,702		(81	)		3,621		2,178
International		722		62		25		33		842		(11	)		831		699
Nutrien Financial receivables		4,026		149		100		269		4,544		(92	)		4,452		2,877

All values are in US Dollars.

1 Bad debt expense on the above receivables for the nine months ended September 30, 2025 was $46 million, in the Retail segment.

2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 – 7:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.

Supplementary Financial Measures

The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided.

Sustaining capital expenditures: **** Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.

EX-99.3

Exhibit 99.3

LOGO

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

ASAT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2025

Unaudited

Condensed Consolidated FinancialStatements

Condensed Consolidated Statements of Earnings

					Three Months EndedSeptember 30						Nine Months Ended<br><br><br>September 30
( millions, except as otherwise noted)	Note			2025			2024			2025			2024
Sales		2, 9			6,007			5,348			21,545			20,893
Freight, transportation and distribution					272			263			738			741
Cost of goods sold					3,771			3,585			14,348			14,203
Gross Margin					1,964			1,500			6,459			5,949
Selling expenses					795			820			2,503			2,622
General and administrative expenses					144			156			444			468
Provincial mining taxes					124			74			289			210
Share-based compensation expense					28			1			119			17
Impairment of assets					-			-			-			530
Foreign exchange (gain) loss, net of related derivatives		6			(11	)		31			18			359
Other expenses		3			77			222			271			284
Earnings Before Finance Costs and Income Taxes			****		807			196			2,815			1,459
Finance costs					170			184			504			525
Earnings Before Income Taxes					637			12			2,311			934
Income tax expense (recovery)		4			168			(13	)		594			352
Net Earnings					469			25			1,717			582
Attributable to
Equity holders of Nutrien					464			18			1,696			561
Non-controlling<br>interest					5			7			21			21
Net Earnings					469			25			1,717			582
Net Earnings Per Share Attributable to Equity<br>Holders of Nutrien (“EPS”)									****
Basic					0.96			0.04			3.48			1.13
Diluted					0.96			0.04			3.48			1.13
Weighted average shares outstanding for basic EPS					485,583,000			494,743,000			487,445,000			494,653,000
Weighted average shares outstanding for diluted EPS					485,776,000			494,857,000			487,624,000			494,851,000
Condensed Consolidated Statements of Comprehensive Income															****
					Three Months EndedSeptember 30						Nine Months Ended<br><br><br>September 30
( millions, net of related income taxes)				2025			2024			2025			2024
Net Earnings					469			25			1,717			582
Other comprehensive (loss) income
Item that will not be reclassified to net earnings:
Net fair value gain (loss) on investments					-			35			(18	)		53
Items that have been or may be subsequently reclassified to net earnings:
(Loss) gain on currency translation of foreign operations					(5	)		85			196			28
Other					(13	)		2			13			(17	)
Other Comprehensive (Loss) Income					(18	)		122			191			64
Comprehensive Income					451			147			1,908			646
Attributable to
Equity holders of Nutrien					446			139			1,886			625
Non-controlling<br>interest					5			8			22			21
Comprehensive Income					451			147			1,908			646

All values are in US Dollars.

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Statements ofCash Flows

				Three Months EndedSeptember 30						Nine Months EndedSeptember 30
( millions)	Note		2025			2024			2025			2024
Operating Activities
Net earnings				469			25			1,717			582
Adjustments for:
Depreciation and amortization				617			598			1,802			1,749
Share-based compensation expense				28			1			119			17
Impairment of assets				-			-			-			530
Provision for (recovery of) deferred income tax				195			(36	)		227			15
Net (undistributed) distributed earnings of equity-accounted investees				(19	)		(24	)		66			14
Fair value adjustment to derivatives		6		(2	)		(180	)		6			6
Loss related to financial instruments in Argentina		3		-			-			-			34
Long-term income tax receivables and payables				2			9			18			17
Other long-term assets, liabilities and<br>miscellaneous				(15	)		251			(55	)		321
Cash from operations before working capital changes				1,275			644			3,900			3,285
Changes in non-cash operating working capital:
Receivables				357			418			(2,248	)		(2,394	)
Inventories and prepaid expenses and other current assets				257			373			1,877			2,265
Payables and accrued charges				(2,315	)		(2,343	)		(2,499	)		(2,744	)
Cash (Used in) Provided by Operating<br>Activities				(426	)		(908	)		1,030			412
Investing Activities
Capital expenditures 1				(530	)		(508	)		(1,254	)		(1,387	)
Business acquisitions, net of cash acquired				(1	)		(2	)		(12	)		(6	)
Proceeds from (purchase of) investments, held within three months, net				1			(15	)		(68	)		(30	)
Purchase of investments				-			(1	)		(93	)		(112	)
Proceeds from sale of investments		5		146			41			422			59
Net changes in non-cash working capital				23			30			(55	)		(55	)
Other				(22	)		(51	)		(61	)		(83	)
Cash Used in Investing Activities				(383	)		(506	)		(1,121	)		(1,614	)
Financing Activities
Proceeds from debt, maturing within three months, net				591			1,378			925			1,089
Proceeds from debt		7		-			-			998			998
Repayment of debt		7		(27	)		(43	)		(562	)		(132	)
Repayment of principal portion of lease liabilities				(97	)		(98	)		(313	)		(300	)
Dividends paid to Nutrien’s shareholders		8		(265	)		(268	)		(798	)		(795	)
Repurchase of common shares, inclusive of related tax		8		(148	)		(50	)		(401	)		(50	)
Issuance of common shares				-			7			29			16
Other				(3	)		(4	)		(34	)		(40	)
Cash Provided by (Used in) Financing<br>Activities				51			922			(156	)		786
Effect of Exchange Rate Changes on Cash and Cash<br>Equivalents				(5	)		8			18			(5	)
Decrease in Cash and Cash Equivalents				(763	)		(484	)		(229	)		(421	)
Cash and Cash Equivalents – Beginning of<br>Period				1,387			1,004			853			941
Cash and Cash Equivalents – End of<br>Period				624			520			624			520
Cash and cash equivalents is composed of:
Cash				514			472			514			472
Short-term investments				110			48			110			48
					624			520			624			520
Supplemental Cash Flows Information
Interest paid				166			148			518			496
Income taxes paid				213			127			201			260
Total cash outflow for leases				134			134			423			418

All values are in US Dollars.

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Statements of Changes in Shareholders’ Equity

										Accumulated Other Comprehensive(Loss) Income (“AOCI”)
($ millions, inclusive of related tax, except as otherwise<br> noted)	Number ofCommonShares			ShareCapital			ContributedSurplus			(Loss) Gainon CurrencyTranslationof ForeignOperations			Other			TotalAOCI			RetainedEarnings			EquityHoldersofNutrien			Non-ControllingInterest			TotalEquity
Balance – December 31, 2023		494,551,730			13,838			83			(286	)		(10	)		(296	)		11,531			25,156			45			25,201
Net earnings		-			-			-			-			-			-			561			561			21			582
Other comprehensive income		-			-			-			28			36			64			-			64			-			64
Shares repurchased for cancellation (Note 8)		(1,039,185	)		(29	)		(21	)		-			-			-			(1	)		(51	)		-			(51	)
Dividends declared ^1^		-			-			-			-			-			-			(800	)		(800	)		-			(800	)
Non-controlling interest transactions		-			-			-			-			-			-			-			-			(26	)		(26	)
Effect of share-based compensation including<br>issuance of common shares		369,904			18			5			-			-			-			-			23			-			23
Transfer of net loss on cash flow hedges		-			-			-			-			13			13			-			13			-			13
Balance – September 30, 2024		493,882,449			13,827			67			(258	)		39			(219	)		11,291			24,966			40			25,006
Balance – December 31, 2024		491,025,446			13,748			68			(537	)		22			(515	)		11,106			24,407			35			24,442
Net earnings		-			-			-			-			-			-			1,696			1,696			21			1,717
Other comprehensive income (loss)		-			-			-			195			(5	)		190			-			190			1			191
Shares repurchased for cancellation (Note 8)		(7,288,910	)		(204	)		(11	)		-			-			-			(194	)		(409	)		-			(409	)
Dividends declared ^1^		-			-			-			-			-			-			(797	)		(797	)		-			(797	)
Non-controlling interest transactions		-			-			-			-			-			-			-			-			(21	)		(21	)
Effect of share-based compensation including<br>issuance of common shares		593,873			36			(1	)		-			-			-			-			35			-			35
Transfer of net gain on sale of investment		-			-			-			-			(27	)		(27	)		27			-			-			-
Transfer of net gain on cash flow hedges		-			-			-			-			(6	)		(6	)		-			(6	)		-			(6	)
Other		-			-			-			-			-			-			1			1			-			1
Balance – September 30, 2025		484,330,409			13,580			56			(342	)		(16	)		(358	)		11,839			25,117			36			25,153

1 During the nine months ended September 30, 2025, we declared dividends of $1.64 per share (2024 - $1.62 per share).

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Condensed Consolidated Balance Sheets

			As at September 30					As at December 31,<br><br><br>2024
( millions)	Note	2025			2024
Assets
Current assets
Cash and cash equivalents			624			520		853
Receivables	9		7,687			7,786		5,390
Inventories			5,281			4,890		6,148
Prepaid expenses and other current assets			598			678		1,401
Assets held for sale	5		284			-		-
				14,474			13,874		13,792
Non-current assets
Property, plant and equipment			22,480			22,329		22,604
Goodwill			12,116			12,122		12,043
Intangible assets			1,711			1,877		1,819
Investments	5		142			739		698
Other assets			903			970		884
Total Assets			51,826			51,911		51,840
Liabilities
Current liabilities
Short-term debt			2,486			2,967		1,534
Current portion of long-term debt	7		538			1,013		1,037
Current portion of lease liabilities			350			364		356
Payables and accrued charges	9		6,899			6,613		9,118
				10,273			10,957		12,045
Non-current liabilities
Long-term debt	7		9,852			9,383		8,881
Lease liabilities			954			1,029		999
Deferred income tax liabilities			3,678			3,555		3,539
Pension and other post-retirement benefit liabilities			229			245		227
Asset retirement obligations and accrued environmental costs			1,440			1,564		1,543
Other non-current<br>liabilities			247			172		164
Total Liabilities			26,673			26,905		27,398
Shareholders’ Equity
Share capital	8		13,580			13,827		13,748
Contributed surplus			56			67		68
Accumulated other comprehensive loss			(358	)		(219	)	(515	)
Retained earnings			11,839			11,291		11,106
Equity holders of Nutrien			25,117			24,966		24,407
Non-controlling<br>interest			36			40		35
Total Shareholders’ Equity			25,153			25,006		24,442
Total Liabilities and Shareholders’<br>Equity			51,826			51,911		51,840

All values are in US Dollars.

(See Notes to the Condensed Consolidated Financial Statements)

Unaudited

Notes to the Condensed ConsolidatedFinancial Statements

As at and for the Three and Nine Months Ended September 30, 2025

Note 1Basis of presentation ****

Certain immaterial 2024 figures have been reclassified in the condensed consolidated statements of cash flows.

Note 2Segment information ****

	Downstream		Upstream and Midstream
($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporateand Others		Eliminations			Consolidated
Assets – as at September 30, 2025		22,535		13,837		11,269		2,535		2,246		(596	)		51,826
Assets – as at December 31,<br>2024		22,149		13,792		11,603		2,453		2,571		(728	)		51,840

Unaudited
	Three Months Ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream						Upstream and Midstream
($ millions)	Retail						Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		3,415						1,127			1,000			462			3			-			6,007
– intersegment		12						130			195			99			-			(436	)		-
Sales – total		3,427						1,257			1,195			561			3			(436	)		6,007
Freight, transportation and<br>distribution		-						135			132			66			-			(61	)		272
Net sales		3,427						1,122			1,063			495			3			(375	)		5,735
Cost of goods sold		2,505						437			666			436			2			(275	)		3,771
Gross margin		922						685			397			59			1			(100	)		1,964
Selling expenses (recovery)		792						3			7			2			(2	)		(7	)		795
General and administrative expenses		44						3			4			2			91			-			144
Provincial mining taxes		-						124			-			-			-			-			124
Share-based compensation expense		-						-			-			-			28			-			28
Foreign exchange gain, net of related derivatives		-						-			-			-			(11	)		-			(11	)
Other expenses (income)		40						10			(13	)		5			32			3			77
Earnings (loss) before finance costs and income taxes		46						545			399			50			(137	)		(96	)		807
Depreciation and amortization		184						188			157			72			16			-			617
EBITDA		230						733			556			122			(121	)		(96	)		1,424
Share-based compensation expense		-						-			-			-			28			-			28
ARO/ERL related income for non-operating sites		-						-			-			-			(10	)		-			(10	)
Foreign exchange gain, net of related<br>derivatives		-						-			-			-			(11	)		-			(11	)
Adjusted EBITDA		230						733			556			122			(114	)		(96	)		1,431

Unaudited
	Three Months Ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream							Upstream and Midstream
($ millions)	Retail							Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		3,271							915			753			409			-			-			5,348
– intersegment		-							113			163			58			-			(334	)		-
Sales – total		3,271							1,028			916			467			-			(334	)		5,348
Freight, transportation and<br>distribution		-							144			123			55			-			(59	)		263
Net sales		3,271							884			793			412			-			(275	)		5,085
Cost of goods sold		2,412							422			581			383			-			(213	)		3,585
Gross margin		859							462			212			29			-			(62	)		1,500
Selling expenses (recovery)		815							3			8			1			(2	)		(5	)		820
General and administrative expenses		51							5			6			4			90			-			156
Provincial mining taxes		-							74			-			-			-			-			74
Share-based compensation expense		-							-			-			-			1			-			1
Foreign exchange loss, net of related derivatives		-							-			-			-			31			-			31
Other expenses (income)		32							2			(25	)		10			194			9			222
Earnings (loss) before finance costs and income taxes		(39	)						378			223			14			(314	)		(66	)		196
Depreciation and amortization		190							177			132			75			24			-			598
EBITDA		151							555			355			89			(290	)		(66	)		794
Share-based compensation expense		-							-			-			-			1			-			1
ARO/ERL related expenses for non-operating sites		-							-			-			-			184			-			184
Foreign exchange loss, net of related<br>derivatives		-							-			-			-			31			-			31
Adjusted EBITDA		151							555			355			89			(74	)		(66	)		1,010

Unaudited
	Nine Months Ended September 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream						Upstream and Midstream
($ millions)	Retail						Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		14,464						2,885			2,996			1,182			18			-			21,545
– intersegment		12						318			686			233			-			(1,249	)		-
Sales – total		14,476						3,203			3,682			1,415			18			(1,249	)		21,545
Freight, transportation and<br>distribution		-						346			405			164			-			(177	)		738
Net sales		14,476						2,857			3,277			1,251			18			(1,072	)		20,807
Cost of goods sold		10,850						1,257			2,073			1,160			6			(998	)		14,348
Gross margin		3,626						1,600			1,204			91			12			(74	)		6,459
Selling expenses (recovery)		2,495						8			22			5			(7	)		(20	)		2,503
General and administrative expenses		132						7			16			5			284			-			444
Provincial mining taxes		-						289			-			-			-			-			289
Share-based compensation expense		-						-			-			-			119			-			119
Foreign exchange loss, net of related derivatives		-						-			-			-			18			-			18
Other expenses		119						20			-			18			96			18			271
Earnings (loss) before finance costs and income taxes		880						1,276			1,166			63			(498	)		(72	)		2,815
Depreciation and amortization		545						533			465			212			47			-			1,802
EBITDA		1,425						1,809			1,631			275			(451	)		(72	)		4,617
Restructuring costs		-						-			-			-			22			-			22
Share-based compensation expense		-						-			-			-			119			-			119
ARO/ERL related income for non-operating sites^^		-						-			-			-			(7	)		-			(7	)
Foreign exchange loss, net of related<br>derivatives		-						-			-			-			18			-			18
Adjusted EBITDA		1,425						1,809			1,631			275			(299	)		(72	)		4,769

Unaudited
	Nine Months Ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream						Upstream and Midstream
($ millions)	Retail						Potash			Nitrogen			Phosphate			Corporateand Others			Eliminations			Consolidated
Sales – third party		14,653						2,486			2,547			1,207			-			-			20,893
– intersegment		-						305			584			210			-			(1,099	)		-
Sales – total		14,653						2,791			3,131			1,417			-			(1,099	)		20,893
Freight, transportation and<br>distribution		-						338			399			174			-			(170	)		741
Net sales		14,653						2,453			2,732			1,243			-			(929	)		20,152
Cost of goods sold		11,018						1,139			1,835			1,116			-			(905	)		14,203
Gross margin		3,635						1,314			897			127			-			(24	)		5,949
Selling expenses (recovery)		2,610						9			23			5			(7	)		(18	)		2,622
General and administrative expenses		154						10			16			11			277			-			468
Provincial mining taxes		-						210			-			-			-			-			210
Share-based compensation expense		-						-			-			-			17			-			17
Impairment of assets		335						-			195			-			-			-			530
Foreign exchange loss, net of related derivatives		-						-			-			-			359			-			359
Other expenses (income)		95						3			(136	)		26			274			22			284
Earnings (loss) before finance costs and income taxes		441						1,082			799			85			(920	)		(28	)		1,459
Depreciation and amortization		580						475			419			213			62			-			1,749
EBITDA		1,021						1,557			1,218			298			(858	)		(28	)		3,208
Share-based compensation expense		-						-			-			-			17			-			17
Impairment of assets		335						-			195			-			-			-			530
Loss related to financial instruments in Argentina		-						-			-			-			34			-			34
ARO/ERL related expenses for non-operating sites		-						-			-			-			152			-			152
Foreign exchange loss, net of related<br>derivatives		-						-			-			-			359			-			359
Adjusted EBITDA		1,356						1,557			1,413			298			(296	)		(28	)		4,300

Unaudited
	Three Months Ended<br><br><br>September 30							Nine Months Ended<br><br><br>September 30
---	---	---	---	---	---	---	---	---	---	---	---	---	---
($ millions)	2025			2024				2025			2024
Retail sales by product line
Crop nutrients	1,188			1,093				5,773			5,683
Crop protection products	1,536			1,518				5,174			5,365
Seed	156			132				1,966			2,051
Services and other	258			242				690			690
Merchandise	222			222				649			667
Nutrien Financial	89			85				294			284
Nutrien Financial elimination 1	(22	)		(21	)			(70	)		(87	)
		3,427			3,271				14,476			14,653
Potash sales by geography
Manufactured product
North America	633			601				1,449			1,474
Offshore 2	623			427				1,750			1,316
Other potash and purchased products	1			-				4			1
		1,257			1,028				3,203			2,791
Nitrogen sales by product line
Manufactured product
Ammonia	300			261				899			856
Urea and ESN®	376			293				1,288			1,085
Solutions, nitrates and sulfates	466			299				1,217			961
Other nitrogen and purchased products	53			63				278			229
		1,195			916				3,682			3,131
Phosphate sales by product line
Manufactured product
Fertilizer	379			316				913			928
Industrial and feed	178			148				484			470
Other phosphate and purchased products	4			3				18			19
		561			467				1,415			1,417
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.<br>2 Relates to Canpotex Limited (“Canpotex”) (see Note 9) and includes provisional pricing adjustments for the three months ended September 30, 2025<br>of (13) million (2024 – (4) million) and the nine months ended September 30, 2025 of 45 million (2024 – 7 million). <br>Note 3 Other expenses (income)
	Three Months Ended<br><br><br>September 30							Nine Months Ended<br><br><br>September 30
($ millions)	2025			2024				2025			2024
Restructuring costs	-			-				22			-
Earnings of equity-accounted investees	(22	)		(26	)			(36	)		(107	)
Bad debt expense	31			31				88			94
Project feasibility costs	28			19				69			62
Customer prepayment costs	13			10				50			41
Legal expenses	6			4				13			12
Insurance recoveries	(1	)		(3	)			(1	)		(70	)
Loss on natural gas derivatives not designated as a hedge	-			5				-			7
Loss related to financial instruments in Argentina	-			-				-			34
ARO/ERL related (income) expenses for non-operating sites<br>¹	(10	)		184				(7	)		152
Other expenses (income)	32			(2	)			73			59
		77			222				271			284

All values are in US Dollars.

1 ARO/ERL refers to asset retirement obligations and accrued environmental costs.

Unaudited

Note 4 Income taxes

A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction.

		Three Months EndedSeptember 30					Nine Months EndedSeptember 30
( millions, except as otherwise noted)	2025		2024			2025		2024
Actual effective tax rate on earnings (%)		27		(18	)		25		41
Actual effective tax rate including discrete items (%)		26		(112	)		26		38
Discrete tax adjustments that impacted<br>the tax rate 1		(4)		(11	)		23		(31	)

All values are in US Dollars.

Note 5 Investments

($ millions, except as otherwise noted)						Proportion of<br><br><br>Ownership Interest andVoting Rights Held (%)					Carrying Amount
						As atSeptember 30,2025		As atDecember 31,2024			As atSeptember 30,2025		As atDecember 31,2024
Equity-accounted investees		****			****					****
Profertil S.A. (“Profertil”)	Nitrogen producer		Argentina				50		50			-		349
Canpotex	Marketing and<br> <br>logistics of potash		Canada				50		50			-		-
Other associates and joint ventures												132		128
Total equity-accounted investees												132		477
Investments at FVTOCI				****
Sinofert Holdings Limited (“Sinofert”)	Fertilizer supplier<br> <br>and distributor		China/Bermuda				-		22			-		211
Other												10		10
Total investments at FVTOCI												10		221
Total investments												142		698

Investments at fair value through other comprehensive income

Equity-accounted investees

Unaudited

Note 6 Financial instruments

Foreign currency derivatives

		Three Months EndedSeptember 30							Nine Months EndedSeptember 30
( millions)	2025			2024			****	2025			2024
Foreign exchange (gain) loss		(26	)		(3	)			(9	)		27
Hyperinflationary loss		-			20				-			85
Loss on foreign currency derivatives at<br>fair value through profit or loss		15			14				27			247
Foreign exchange (gain) loss, net of<br>related derivatives		(11	)		31				18			359

All values are in US Dollars.

Note 7 Debt

( millions, except as otherwise noted)
Senior notes repaid in 2025	3.000	April 1, 2025	500
Senior notes issued in 2025	4.500	March 12, 2027	400
Senior notes issued in 2025	5.250	March 12, 2032	600
				1,000

All values are in US Dollars.

Note 8 Share capital

Share repurchaseprograms

The following table summarizes our share repurchase activities during the periods indicated below:

		Three Months EndedSeptember 30
( millions, except as otherwise noted)	2025		2024		2025	2024
Number of common shares repurchased for cancellation		2,547,124		1,039,185	7,288,910		1,039,185
Average price per share (US dollars)		58.27		48.11	54.96		48.11
Total cost, inclusive of tax		152		51	409		51

All values are in US Dollars.

Subsequent to September 30, 2025, as of November 4, 2025, an additional 993,278 common shares were repurchased for cancellation at a cost of $56 million and an average price per share of $57.80.

Dividends declared

We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended September 30, 2025, payable on October 17, 2025 to shareholders of record on September 29, 2025.

Unaudited

Note 9 Related party transactions

( millions)	As at September 30, 2025			As at<br><br><br>December 31, 2024
Receivables from Canpotex		208			122
Payables to Canpotex		63			66

All values are in US Dollars.