6-K

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 February, 2026

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 ☒

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: February 18, 2026	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 February 18, 2026

EX-99.1

Exhibit 99.1

	News Release
TSX, NYSE: NTR

February 18, 2026 – all amounts are in US dollars, except as otherwise noted

Nutrien Reports Full-Year 2025 Results and Provides 2026 Guidance

•	Full-year results demonstrate strong execution of our strategic plan and progress towards 2026 performance targets.
•	2026 guidance reflects growth in upstream fertilizer sales volumes from our North American plants, higher Retailearnings, and a disciplined and consistent approach to capital allocation.
---	---

SASKATOON, Saskatchewan - Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2025 results, with net earnings of $0.58 billion ($1.18 diluted net earnings per share). Fourth quarter 2025 adjusted EBITDA^1^ was $1.28 billion and adjusted net earnings per share^1^ was $0.83.

“2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. Alongside delivering structural free cash flow growth, we took decisive actions to optimize our portfolio, strengthen our balance sheet and increase cash returns to shareholders,” commented Ken Seitz, Nutrien’s President and CEO.

“As we move into 2026, our priorities remain unchanged and we expect to build on our momentum supported by strong potash market fundamentals, an improved Nitrogen margin profile, and higher Retail earnings. I am excited about Nutrien’s extraordinary potential as we continue to position the Company for long-term growth and resilience,” added Mr. Seitz.

Highlights^2^:

•	Generated net earnings of $2.30 billion and adjusted EBITDA of $6.05 billion for the full year of 2025.<br>Adjusted EBITDA increased due to higher fertilizer net selling prices, record upstream fertilizer sales volumes and higher Retail earnings.
•	Generated strong free cash flow in 2025 and approximately $900 million in gross proceeds from asset divestiture<br>proceeds since the fourth quarter of 2024, enabling a reduction in adjusted net debt and a 30 percent increase in total cash returns to shareholders.^3^
---	---
•	Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower operating expenses from our cost savings<br>initiatives, stronger proprietary products gross margin and disciplined execution of our Brazil margin improvement plan. We continue to simplify our business and deliver earnings growth through proven organic initiatives.
---	---
•	Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher net selling prices and record sales volumes,<br>supported by strong potash affordability and underlying consumption growth in key offshore markets. We mined 49 percent of our potash ore tonnes using automation, further strengthening our low-cost<br>advantage.
---	---
•	Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to higher net selling prices. Total ammonia<br>production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate^4^ as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar.
---	---
•	We repurchased approximately 2 percent of our shares outstanding in 2025 for a total of $551 million. Nutrien’s<br>Board of Directors approved a 1 percent increase in the quarterly dividend to $0.55 per share and approved the purchase of up to 5 percent of outstanding common shares over a twelve-month period through a normal course issuer bid<br>(“NCIB”). The NCIB is subject to acceptance by the Toronto Stock Exchange.
---	---

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 twelve months ended December 31, 2025 to the results for the twelve months ended December 31, 2024, unless otherwise noted.

3 Cash used for dividends and share repurchases.

4 Excludes Trinidad and Joffre.

1

Update on Strategic Actions:

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

•	On December 10, 2025, we completed the sale of our 50 percent equity interest in Profertil S.A.<br>(“Profertil”) for approximately $0.6 billion. Since initiating portfolio actions in the fourth quarter of 2024, Nutrien has generated approximately $900 million in gross proceeds, enhancing capital efficiency and portfolio<br>resilience while strengthening the balance sheet and increasing cash returns to shareholders.
•	We are progressing as planned with the review of strategic alternatives for our Phosphate business and intend to solidify<br>the optimal path in 2026.
---	---
•	We continue to assess options for our Trinidad Nitrogen facility, and consistent with our approach of reviewing non-core assets, we ceased production at our New Madrid Nitrogen upgrade facility at year-end 2025. Our Trinidad and New Madrid plants combined accounted for approximately 1.6 million tonnes of Nitrogen sales<br>volumes in 2025, however contributed marginal free cash flow. These portfolio actions improve the margin profile of our Nitrogen business, allow for greater focus on enhancing our core North American assets, and provide increased stability to<br>consolidated free cash flow.
---	---

2

Market Outlook and Guidance

Agriculture and Retail Markets

•	Higher global grain and oilseed production in 2025 increased stocks-to-use ratios towards historical average levels and led to significant nutrient removal from the soil. Strong demand for food, feed and biofuel uses is expected to drive continued need for higher<br>global crop production and related crop inputs.
•	We expect total US crop acres in 2026 to be consistent with 2025 levels and project corn plantings of 94 to<br>96 million acres and soybean plantings of 84 to 86 million acres. This acreage outlook, combined with a compressed fertilizer application season in the fall of 2025, is expected to support increased crop input demand in the first half of<br>2026.
---	---
•	In Brazil, soybean production is expected to set another record in 2026, with harvest currently underway, and we<br>anticipate a 3 to 5 percent increase in safrinha corn plantings. Growth in planted area is expected to support crop input demand; however, weaker affordability is expected to result in just-in-time purchases and a continued shift to lower<br>analysis nitrogen and phosphate products.
---	---
•	In Australia, improved weather compared to the first half of 2025 is expected to support crop input demand and strong<br>livestock prices to support sales of Retail products and services.
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Crop Nutrient Markets

•	Global potash shipments increased to approximately 74.5 million tonnes in 2025, primarily driven by strong demand in<br>Southeast Asia. We expect a fourth consecutive year of growth in 2026, with total global potash shipments ranging between 74 and 77 million tonnes. Demand is supported by the need to replenish soil nutrients following a record crop, favorable<br>relative affordability and low inventory levels in key markets such as China and Brazil. We anticipate relatively tight fundamentals throughout 2026, as trend line demand growth is testing existing global operating and supply chain capabilities.<br>
•	Global nitrogen demand is expected to grow in line with historical rates, driven by increasing use in agricultural growth<br>markets such as Asia and Latin America. Global ammonia markets remain tight due to project delays and plant outages. Global urea markets have strengthened in the first quarter of 2026 due to strong seasonal demand from India, North America and<br>Brazil and geopolitical uncertainties impacting supply.
---	---
•	Global phosphate markets eased in the fourth quarter of 2025 due to lower demand related to weaker affordability relative<br>to potash and nitrogen. Phosphate markets have strengthened in the first quarter of 2026 due to Chinese export restrictions and elevated input costs.
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3

Financial and Operational Guidance

•	Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents continued structural growth in our downstream<br>business consistent with historical rates. The mid-point of our guidance range assumes high-single digit growth in proprietary products gross margins, a mid-single digit increase in our North American crop nutrient sales volumes, improved weather<br>conditions in Australia and cost reduction initiatives across all geographies.
•	Potash sales volume guidance of 14.1 to 14.8 million tonnes is consistent with our global shipment expectation.<br>
---	---
•	Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes assumes no production from our Trinidad and New Madrid<br>facility, which accounted for approximately 1.4 million tonnes and 0.2 million tonnes, respectively, in 2025. Nitrogen sales volumes are supported by planned reliability improvements and debottlenecks.
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•	Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflect the benefits of reliability improvement initiatives<br>completed in 2025.
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•	Total capital expenditures of $2.0 to $2.1 billion is consistent with 2025 as we continue to optimize capital to sustain<br>safe and reliable operations and to progress a set of targeted growth investments. The total includes approximately $400 million in investing capital focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions and product optimization projects in Nitrogen, and mine automation in Potash.
---	---

All guidance numbers, including those noted above, are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

	2026 Guidance ranges^1^ as of<br> <br>February 18, 2026
($ billions, except as otherwise noted)	Low		High		2025 Actual
Retail adjusted EBITDA		1.75		1.95		1.74
Potash sales volumes (million<br>tonnes)^2^		14.1		14.8		14.25
Nitrogen sales volumes (million tonnes)<br>^2^		9.2		9.7		10.89
Phosphate sales volumes (million tonnes)<br>^2^		2.4		2.6		2.36
Depreciation and amortization		2.4		2.5		2.4
Finance costs		0.65		0.75		0.7
Effective tax rate on adjusted net earnings<br>(%)^3^		24.0		26.0		24.9
Capital expenditures^4^		2.0		2.1		2.0

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.

2026 Annual Sensitivities
( millions, except EPS amounts)		Adjusted EPS^4^
25 per tonne change in potash net selling prices	± 280		± 0.45
25 per tonne change in ammonia net selling prices<br>2	±  35		± 0.05
25 per tonne change in urea and ESN® net<br>selling prices	±  65		± 0.10
25 per tonne change in solutions, nitrates and sulfates net selling prices	± 135		± 0.20
1 per MMBtu change in NYMEX natural gas price 3	± 180		± 0.30

All values are in US Dollars.

1 See the “Forward-Looking Statements” section.

2 Excludes Trinidad.

3 Nitrogen related impact.

4 Based on shares outstanding as at December 31, 2025.

4

Consolidated Results

					Twelve Months Ended December 31
( millions, except as otherwise noted)	2025	2024	% Change	****	****	2025	2024	% Change	****
Sales	5,340	5,079	5			26,885	25,972	4
Gross margin	1,888	1,581	19			8,347	7,530	11
Expenses	967	1,184	(18	)		4,611	5,674	(19	)
Net earnings	580	118	392			2,297	700	228
Adjusted EBITDA 1	1,277	1,055	21			6,046	5,355	13
Diluted net earnings per share (dollars) 2	1.18	0.23	413			4.66	1.36	243
Adjusted net earnings per share (dollars) 1, 2	0.83	0.31	168			4.56	3.47	31

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 fourth quarter primarily due to higher fertilizer net selling prices and Potash sales volumes, partially offset by lower Nitrogen sales volumes and Retail earnings. For the full year of 2025, net earnings and adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings for the fourth quarter of 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil.

Segment Results

Our discussion of segment results set out on the following pages is a comparison of the results for the three and twelve months ended December 31, 2025 to the results for the three and twelve months ended December 31, 2024, unless otherwise noted.

Retail
					Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	2024	% Change	****	****	2025	2024	% Change	****
Sales	3,144	3,179	(1	)		17,620	17,832	(1	)
Cost of goods sold	2,167	2,193	(1	)		13,017	13,211	(1	)
Gross margin	977	986	(1	)		4,603	4,621	-
Adjusted EBITDA 1	311	340	(9	)		1,736	1,696	2

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Retail adjusted EBITDA decreased in the fourth quarter as the prior period benefited from other income items, most<br>notably a $25 million gain on sale of land in Argentina. Adjusted EBITDA increased for the full year of 2025 due to lower operating expenses from our cost savings initiatives, higher proprietary products gross margin and strategic actions<br>related to our Brazil margin improvement plan.
										Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
					Gross Margin					Sales					Gross Margin
( millions)	2025	****	2024	****	****	2025	****	2024	****	****	2025	****	2024	****	****	2025	****	2024	****
Crop nutrients	1,512		1,528			288		294			7,285		7,211			1,424		1,444
Crop protection products	931		948			324		351			6,105		6,313			1,590		1,622
Seed	162		184			48		52			2,128		2,235			408		431
Services and other	254		228			219		188			944		918			750		716
Merchandise	226		230			39		40			875		897			148		150
Nutrien Financial	82		77			82		77			376		361			376		361
Nutrien Financial elimination 1	(23	)	(16	)		(23	)	(16	)		(93	)	(103	)		(93	)	(103	)
Total	3,144		3,179			977		986			17,620		17,832			4,603		4,621

All values are in US Dollars.

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

5

•	Crop nutrients sales and gross margin decreased in the fourth quarter of 2025 due to lower sales volumes from a<br>weather-shortened fall application window in the US and reduced demand for phosphate, partially offset by higher proprietary products gross margin. For the full year of 2025, sales increased due to higher selling prices, and gross margin was<br>impacted by product mix shifts in North America and reduced demand in the fourth quarter. International crop nutrient sales volumes were lower in the fourth quarter and full year of 2025 mainly due to strategic actions in South America.<br>
•	Crop protection products sales and gross margin were lower in the fourth quarter and full year of 2025 due to<br>product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin.
---	---
•	Seed sales and gross margin decreased in the fourth quarter due to strategic actions in South America. Sales and<br>gross margin were lower for the full year 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						Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---	---	---	---
			% 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	65	60		22	19		450	421		32	29
Crop protection products	43	41		13	11		503	470		32	29
Seed	7	6		18	16		137	154		34	36
Merchandise	4	4		9	9		14	15		9	10
Total	119	111		12	11		1,104	1,060		24	23

All values are in US Dollars.

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

	Three Months Ended December 31								Twelve Months Ended December 31
	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		1,600		1,854		137		125		8,502		8,547		143		142
International		626		716		108		87		3,358		3,715		61		62
Total		2,226		2,570		129		114		11,860		12,262		120		118
(percentages)	December 31, 2025		December 31, 2024
---	---	---	---	---
Financial performance measures ^1, 2^
Cash operating coverage ratio		62		63
Average working capital to sales		22		20
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.

6

Potash
	Three Months Ended December 31						Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---	---	---	---	---
($ millions, except as otherwise noted)	2025		2024		% Change		2025		2024		% Change
Net sales		736		536		37		3,593		2,989		20
Cost of goods sold		324		309		5		1,581		1,448		9
Gross margin		412		227		81		2,012		1,541		31
Adjusted EBITDA ^1^		445		291		53		2,254		1,848		22

1 See Note 2 to the interim financial statements.

•	Potash adjusted EBITDA increased in the fourth quarter and full year of 2025 due to higher net selling prices and<br>higher sales volumes, partially offset by higher provincial mining taxes. Total and offshore sales volumes in 2025 were the highest on record.
Manufactured Product	Three Months EndedDecember 31				Twelve Months EndedDecember 31
---	---	---	---	---	---	---	---	---
($ per tonne, except as otherwise noted)	2025		2024		2025		2024
Sales volumes (tonnes - thousands)
North America		726		718		4,638		4,672
Offshore		2,077		2,040		9,615		9,214
Total sales volumes		2,803		2,758		14,253		13,886
Net selling price
North America		305		270		286		285
Offshore		247		168		235		180
Average net selling price		262		194		252		215
Cost of goods sold		115		112		111		104
Gross margin		147		82		141		111
Depreciation and amortization		45		49		46		44
Gross margin excluding depreciation and<br>amortization ^1^		192		131		187		155

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

•	Sales volumes were higher in the fourth quarter and full year of 2025 compared to the same periods in 2024. Higher<br>offshore sales volumes were supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes in the fourth quarter and full year of 2025 were consistent to the same periods in 2024.<br>
•	Net selling price per tonne increased in the fourth quarter and full year of 2025 due to higher global<br>benchmark prices.
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•	Cost of goods sold per tonne increased in the fourth quarter and full year of 2025 primarily due to higher<br>royalties and maintenance costs, with the full year also impacted by higher depreciation.
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Supplemental Data	Three Months EndedDecember 31				Twelve Months EndedDecember 31
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Production volumes (tonnes – thousands)		3,539		3,369		13,966		14,205
Potash controllable cash cost of product<br>manufactured per tonne ^1^		61		59		58		54
Canpotex sales by market (percentage of sales volumes)<br>^2^
Latin America		35		35		39		40
Other Asian markets ^3^		26		24		29		28
China		13		16		11		13
India		11		11		6		7
Other markets		15		14		15		12
Total		100		100		100		100

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

2 See Note 10 to the interim financial statements.

3 All Asian markets except China and India.

7

Nitrogen
					Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	2024	^1, 2^	% Change	****	2025	2024	^1, 2^	% Change
Net sales	1,093	981		11		4,187	3,576		17
Cost of goods sold	682	669		2		2,580	2,374		9
Gross margin	411	312		32		1,607	1,202		34
Adjusted EBITDA 2	521	471		11		2,147	1,880		14

All values are in US Dollars.

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 2 to the interim financial statements.

•	Nitrogen adjusted EBITDA increased in the fourth quarter and the full year of 2025 due to higher net selling<br>prices, partially offset by lower equity earnings from Profertil. Adjusted EBITDA for the full year of 2024 benefitted from insurance recoveries. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia<br>operating rate as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar.
Manufactured Product			Twelve Months EndedDecember 31
---	---	---	---	---	---
( per tonne, except as otherwise noted)	2025	2024	****	2025	2024
Sales volumes (tonnes - thousands)
Ammonia	546	701		2,420	2,483
Urea and ESN®	656	888		3,099	3,188
Solutions, nitrates and sulfates	1,373	1,325		5,369	5,023
Total sales volumes	2,575	2,914		10,888	10,694
Net selling price
Ammonia	470	448		422	410
Urea and ESN®	505	403		490	421
Solutions, nitrates and sulfates	272	213		268	221
Average net selling price	373	327		365	324
Cost of goods sold	214	221		219	213
Gross margin	159	106		146	111
Depreciation and amortization	59	58		57	55
Gross margin excluding depreciation and<br>amortization 1	218	164		203	166

All values are in US Dollars.

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

•	Sales volumes decreased in the fourth quarter of 2025 due to the previously announced controlled shutdown of our<br>Trinidad facility on October 23, 2025 and planned turnarounds at our North American operations. Sales volumes increased for the full year of 2025 due to higher production from reliability improvements and<br>low-cost debottlenecks that increased the availability of upgraded products.
•	Net selling price per tonne was higher in the fourth quarter and full year of 2025 for all major nitrogen products<br>due to stronger benchmark prices.
---	---
•	Cost of goods sold per tonne decreased in the fourth quarter of 2025 due to a higher percentage of sales coming<br>from our low-cost North American nitrogen plants. For the full year of 2025, cost of goods sold per tonne increased compared to the prior year due to higher natural gas costs, mainly driven by Henry Hub<br>benchmark.
---	---
Supplemental Data	Three Months EndedDecember 31			Twelve Months EndedDecember 31
---	---	---	---	---	---	---
	****	2025	2024	****	2025	2024
Sales volumes (tonnes – thousands)
Fertilizer		1,545	1,801		6,425	6,259
Industrial and feed		1,030	1,113		4,463	4,435
Production volumes (tonnes – thousands)
Ammonia production – total ^1^		1,192	1,451		5,706	5,608
Ammonia production – adjusted ^1, 2^		1,004	1,041		4,135	3,953
Ammonia operating rate (%) ^2^		89	92		92	88
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact		3.31	3.56		3.53	3.15
Realized derivative impact ^3^		-	0.10		-	0.09
Overall natural gas cost		3.31	3.66		3.53	3.24

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 4 to the interim financial statements.

8

Phosphate
				Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	2024	% Change	****	2025	2024	% Change	****
Net sales	483	414	17		1,734	1,657	5
Cost of goods sold	430	394	9		1,590	1,510	5
Gross margin	53	20	165		144	147	(2	)
Adjusted EBITDA 1	107	86	24		382	384	(1	)

All values are in US Dollars.

1 See Note 2 to the interim financial statements.

•	Phosphate adjusted EBITDA increased in the fourth quarter of 2025 due to higher net selling prices and sales<br>volumes, partially offset by higher sulfur input costs. Adjusted EBITDA slightly decreased for the full year of 2025 due to higher sulfur input costs and lower sales volumes, partially offset by higher net selling prices.
Manufactured Product			Twelve Months EndedDecember 31
---	---	---	---	---	---
( per tonne, except as otherwise<br>noted)	2025	2024	****	2025	2024
Sales volumes (tonnes - thousands)
Fertilizer	468	435		1,646	1,751
Industrial and feed	186	173		717	683
Total sales volumes	654	608		2,363	2,434
Net selling price
Fertilizer	677	615		677	612
Industrial and feed	875	812		835	822
Average net selling price	733	671		725	671
Cost of goods sold	646	631		657	603
Gross margin	87	40		68	68
Depreciation and amortization	112	127		121	119
Gross margin excluding depreciation and<br>amortization 1	199	167		189	187

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 fourth quarter of 2025 due to higher production from reliability improvements and<br>weather-related events that impacted the fourth quarter of 2024 production volumes, partially offset by reduced demand for phosphate. Sales volumes were lower for the full year due to lower production volumes in the first quarter of 2025.<br>
•	Net selling price per tonne increased in the fourth quarter and full year of 2025 due to the strength of<br>fertilizer benchmark prices.
---	---
•	Cost of goods sold per tonne increased in the fourth quarter and full year of 2025 primarily due to higher sulfur<br>input costs.
---	---
Supplemental Data	Three Months EndedDecember 31			Twelve Months EndedDecember 31
---	---	---	---	---	---	---
	****	2025	2024	****	2025	2024
Production volumes (P2O5 tonnes – thousands)		367	319		1,360	1,327
P2O5 operating rate (%)		86	75		80	78

9

Corporate and Others andEliminations
							Twelve Months Ended December 31
---	---	---	---	---	---	---	---	---	---	---	---	---	---
( millions, except as otherwise noted)	2025	****	2024	^1, 2^	% Change	****	****	2025	****	2024	^1, 2^	% Change	****
Corporate and Others
Gross margin 2	7		14		(50	)		27		21		29
Selling expenses (recovery)	5		8		(38	)		(1	)	2		n/m
General and administrative expenses	106		126		(16	)		392		405		(3	)
Share-based compensation expense	44		20		120			163		37		341
Foreign exchange (gain) loss, net of related derivatives	(9	)	1		n/m			9		360		(98	)
Gain on sale of investment in Profertil 3	(301	)	-		-			(301	)	-		-
Other expenses	111		105		6			207		379		(45	)
Adjusted<br>EBITDA 2	(133	)	(160	)	(17	)		(427	)	(452	)	(6	)
Eliminations
Gross margin	28		22		27			(46	)	(2	)	n/m
Adjusted EBITDA<br>2	26		27		(4	)		(46	)	(1	)	n/m

All values are in US Dollars.

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 2 to the interim financial statements.

3 See Note 6 to the interim financial statements.

•	Share-based compensation expense was higher in the fourth quarter and full year of 2025 due to an increase<br>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 (gain) loss, net of related derivatives was lower in the full year of 2025 due to a lower loss on<br>foreign currency derivatives in Brazil and lower foreign exchange losses primarily from our South American Retail region.
---	---
•	Gain on sale of investment was higher in the fourth quarter and full year of 2025 due to the sale of our<br>50 percent equity ownership in Profertil.
---	---
•	Other expenses was lower in the full year of 2025 as the comparable period of 2024 included a higher expense for<br>asset retirement obligations related to our non-operating sites.
---	---

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

						Twelve Months Ended December 31
( millions, except as otherwise noted)	2025	2024	****	% Change	****	****	2025	2024	****	% Change	****
Finance costs	183	195		(6	)		687	720		(5	)
Income taxes
Income tax expense	158	84		88			752	436		72
Actual effective tax rate including discrete items (%)	22	42		(48	)		25	38		(34	)
Other comprehensive income (loss)	33	(298	)	n/m			224	(234	)	n/m

All values are in US Dollars.

•	I ncome tax expense increased in the fourth quarter and full year of 2025 mainly due to higher earnings. The<br>decrease in the actual effective tax rate for the three months ended December 31, 2025 is mainly due to the tax impact of the gain on sale of investment in Profertil. The decrease in the actual effective tax rate for the full year of 2025 is<br>mainly due to lower non-recognizable losses in South America compared to the same period in 2024.
•	Other comprehensive income (loss) increased in the **** fourth quarter and full year of 2025 mainly due to the<br>appreciation of the Australian, Brazilian and Canadian currencies, relative to the US dollar, compared to losses for the same periods in 2024.
---	---

10

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 2026 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 and the controlled shutdown of our Trinidad Nitrogen facility and options for our Trinidad operations and expectations related thereto, including the expected timing for strategic decisions in respect thereof; our expectations regarding Nutrien’s strategic priorities and our ability to advance and achieve such strategic priorities in 2026 and beyond; expectations regarding various performance targets in 2026 and beyond and our ability to achieve those; capital spending expectations for 2026 and beyond; expectations regarding performance of our operating segments in 2026 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, crop input 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, input costs, 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; expected grower margins; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to generate free cash flow and 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.

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, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; successful execution of margin improvement plan in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; sustained 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 2026 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 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

11

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: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets; failure to complete announced and future strategic and asset optimization initiatives, acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality of our business; 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 results of our review of strategic alternative for our Phosphate business, including the process and the timing thereof, and whether the review will result in Nutrien undertaking a transaction, including the terms and timing relating thereto, the completion thereof and realizing benefits resulting therefrom; 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 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.

12

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 farmers. Our vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence and a disciplined and intentional approach to capital allocation. This strategy is designed to create low-risk, structural free cash flow growth by leveraging our core competencies and to deliver reliable, growing cash returns to shareholders.

For Further Information:

Investor Contact:

Jeff Holzman

Senior Vice President, Investor Relations and FP&A

(306) 933-8545 – investors@nutrien.com

Media Contact:

Simon Scott

Vice President, Global Communications

(403) 225-7213 – media@nutrien.com

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, February 19, 2026 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
---	---
•	Conference ID: 93473. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner.<br>
---	---

Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q4-earnings-conference-call

13

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 sale 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.

				Twelve Months Ended December 31
( millions)	2025	****	2024	****	2025	****	2024
Net earnings	580		118		2,297		700
Finance costs	183		195		687		720
Income tax expense	158		84		752		436
Depreciation and amortization	567		590		2,369		2,339
EBITDA 1	1,488		987		6,105		4,195
Adjustments:
Share-based compensation expense	44		20		163		37
Foreign exchange (gain) loss, net of related derivatives	(9	)	1		9		360
ARO/ERL related expenses (income) for non-operating sites	9		(1)		2		151
Loss related to financial instruments in Argentina	-		1		-		35
Restructuring costs	46		47		68		47
Impairment of assets	-		-		-		530
Gain on sale of investment in Profertil	(301	)	-		(301	)	-
Adjusted EBITDA	1,277		1,055		6,046		5,355

All values are in US Dollars.

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

14

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 sale 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.

							Twelve Months Ended<br><br><br>December 31, 2025
( millions, except as otherwise noted)	Increases(Decreases	)	Post-Tax	****	PerDilutedShare	****	****	Increases<br> <br>(Decreases	**** <br> <br>)	Post-Tax	****	PerDilutedShare	****
Net earnings attributable to equity holders of<br>Nutrien			571		1.18					2,267		4.66
Adjustments:
Share-based compensation expense	44		33		0.07			163		123		0.25
Foreign exchange (gain) loss, net of related derivatives	(9	)	(8	)	(0.02	)		9		6		0.03
Restructuring costs	46		41		0.09			68		59		0.12
ARO/ERL related expenses for non-operating sites	9		7		0.01			2		2		-
Gain on sale of investment in Profertil	(301	)	(241	)	(0.50	)		(301	)	(241	)	(0.50	)
Sub-total adjustments	(211	)	(168	)	(0.35	)		(59	)	(51	)	(0.10	)
Adjusted net earnings			403		0.83					2,216		4.56
							Twelve Months Ended<br><br><br>December 31, 2024
( millions, except as otherwise noted)	Increases(Decreases	)	Post-Tax	****	PerDilutedShare	****	****	Increases<br> <br>(Decreases	**** <br> <br>)	Post-Tax	****	PerDilutedShare	****
Net earnings attributable to equity holders of<br>Nutrien			113		0.23					674		1.36
Adjustments:
Share-based compensation expense	20		15		0.03			37		27		0.05
Foreign exchange loss (gain), net of related derivatives	1		(16	)	(0.03	)		360		346		0.70
Restructuring costs	47		38		0.08			47		38		0.08
Impairment of assets	-		-		-			530		492		1.00
ARO/ERL related (income) expenses for non-operating sites	(1	)	(1	)	-			151		106		0.21
Loss related to financial instruments in Argentina	1		1		-			35		35		0.07
Sub-total adjustments	68		37		0.08			1,160		1,044		2.11
Adjusted net earnings			150		0.31					1,718		3.47

All values are in US Dollars.

15

Effective Tax Rate on Adjusted Net Earnings

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.

Effective tax rate on adjusted net earnings is calculated as adjusted income tax expense divided by adjusted earnings before income taxes. We use this measure to provide the actual result for a previously disclosed forward-looking effective tax rate on adjusted net earnings guidance.

($ millions, except as otherwise noted)	2025	****
Earnings before income taxes	3,049
Adjustments<br>^1^	(59	)
Adjusted earnings before income taxes	2,990
Income tax expense	752
Adjustments^2^	(8	)
Adjusted income tax expense	744
Effective tax rate on adjusted net earnings (%)	24.9

1 Calculated as sum of pre-tax adjustments noted in the Adjusted Net Earnings section.

2 Calculated as difference between the sum of pre-tax and post-tax adjustments noted in the Adjusted Net Earnings section.

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.

16

					Twelve Months Ended December 31
( millions, except as otherwise noted)	2025	****	2024	****	****	2025	****	2024	****
Total COGS – Potash	324		309			1,581		1,448
Change in inventory	94		66			(2	)	36
Other adjustments 1	(7	)	(7	)		(27	)	(21	)
COPM	411		368			1,552		1,463
Depreciation and amortization in COPM	(157	)	(142	)		(606	)	(581	)
Royalties in COPM	(25	)	(17	)		(93	)	(79	)
Natural gas costs and carbon taxes in COPM	(12	)	(9	)		(42	)	(36	)
Controllable cash COPM	217		200			811		767
Production volumes (tonnes – thousands)	3,539		3,369			13,966		14,205
Potash controllable cash COPM per tonne	61		59			58		54

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 December 31, 2025
($ millions, except as otherwise noted)	Q1 2025			Q2 2025			Q3 2025			Q4 2025			Total/Average
Nutrien Financial revenue		70			135			89			82
Deemed interest expense ^1^		(29	)		(49	)		(52	)		(47	)
Net interest		41			86			37			35			199
Average Nutrien Financial net receivables		2,569			4,645			4,452			3,106			3,693
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.

17

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 December 31, 2025
($ millions, except as otherwise noted)	Q1 2025			Q2 2025			Q3 2025			Q4 2025			Total
Selling expenses		755			948			792			811			3,306
General and administrative expenses		44			44			44			40			172
Other (income) expenses		25			54			40			4			123
Operating expenses		824			1,046			876			855			3,601
Depreciation and amortization in operating expenses		(179	)		(172	)		(179	)		(184	)		(714	)
Operating expenses excluding depreciation and<br>amortization		645			874			697			671			2,887
Gross margin		686			2,018			922			977			4,603
Depreciation and amortization in cost of goods sold		5			5			5			5			20
Gross margin excluding depreciation and amortization		691			2,023			927			982			4,623
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

18

Retail Average Working Capital to Sales and Retail Average Working Capital to Sales ExcludingNutrien Financial

Definition: Retail average working capital divided by Retail sales for the last four rolling quarters. 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 December 31, 2025
($ millions, except as otherwise noted)	Q1 2025			Q2 2025			Q3 2025			Q4 2025			Average/Total
Current assets		11,510			11,442			10,823			11,185
Current liabilities		(7,561	)		(8,051	)		(5,348	)		(8,275	)
Working capital		3,949			3,391			5,475			2,910			3,931
Nutrien Financial working<br>capital		(2,569	)		(4,645	)		(4,452	)		(3,106	)
Working capital excluding Nutrien<br>Financial		1,380			(1,254	)		1,023			(196	)		238
Sales		3,090			7,959			3,427			3,144			17,620
Nutrien Financial revenue		(70	)		(135	)		(89	)		(82	)
Sales excluding Nutrien Financial		3,020			7,824			3,338			3,062			17,244
Average working capital to sales (%)														22
Average working capital to sales excluding Nutrien Financial<br>(%)														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
Nutrien Financial working<br>capital		(2,489	)		(4,560	)		(4,318	)		(2,877	)
Working capital excluding Nutrien<br>Financial		931			(1,381	)		978			(545	)		(4	)
Sales		3,308			8,074			3,271			3,179			17,832
Nutrien Financial revenue		(66	)		(133	)		(85	)		(77	)
Sales excluding Nutrien Financial		3,242			7,941			3,186			3,102			17,471
Average working capital to sales (%)														20
Average working capital to sales excluding Nutrien Financial<br>(%)														-

19

Other Financial Measures

Selected Additional Financial Data

Nutrien Financial	As at December 31, 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		1,831		260		110		181		2,382		(50	)		2,332		2,178
International		647		82		21		31		781		(7	)		774		699
Nutrien Financial receivables		2,478		342		131		212		3,163		(57	)		3,106		2,877

1 Bad debt expense on the above receivables for the twelve months ended December 31, 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 cash to shareholders.

20

Unaudited

CondensedConsolidated Financial Statements

Condensed Consolidated Statements of Earnings

		Three Months EndedDecember 31						Twelve Months EndedDecember 31
( millions, except as otherwise noted)		2025			2024			2025			2024
Sales	2, 10		5,340			5,079			26,885			25,972
Freight, transportation and distribution			198			215			936			956
Cost of goods sold			3,254			3,283			17,602			17,486
Gross Margin			1,888			1,581			8,347			7,530
Selling expenses			817			813			3,320			3,435
General and administrative expenses			156			176			600			644
Provincial mining taxes			83			45			372			255
Share-based compensation expense			44			20			163			37
Impairment of assets	3		-			-			-			530
Foreign exchange (gain) loss, net of related derivatives	7		(9	)		1			9			360
Gain on sale of investment in Profertil	6		(301	)		-			(301	)		-
Other expenses	4		177			129			448			413
Earnings Before Finance Costs and Income Taxes			921			397			3,736			1,856
Finance costs			183			195			687			720
Earnings Before Income Taxes			738			202			3,049			1,136
Income tax expense	5		158			84			752			436
Net Earnings			580			118			2,297			700
Attributable to
Equity holders of Nutrien			571			113			2,267			674
Non-controlling<br>interest			9			5			30			26
Net Earnings			580			118			2,297			700
Net Earnings Per Share Attributable to Equity<br>Holders of Nutrien (“EPS”)							****
Basic			1.18			0.23			4.66			1.36
Diluted			1.18			0.23			4.66			1.36
Weighted average shares outstanding for basic EPS			483,028,000			492,843,000			486,335,000			494,198,000
Weighted average shares outstanding for diluted EPS			483,234,000			492,930,000			486,518,000			494,365,000
Condensed Consolidated Statements of Comprehensive Income (Loss)													****
		Three Months EndedDecember 31						Twelve Months EndedDecember 31
( millions, net of related income taxes)		2025			2024			2025			2024
Net Earnings			580			118			2,297			700
Other comprehensive income (loss)
Items that will not be reclassified to net earnings:
Net actuarial gain on defined benefit plans			6			17			6			17
Net fair value gain (loss) on investments			-			2			(18	)		55
Items that have been or may be subsequently reclassified to net earnings:
Gain (loss) on currency translation of foreign operations			16			(282	)		212			(254	)
Other			11			(35	)		24			(52	)
Other Comprehensive Income (Loss)			33			(298	)		224			(234	)
Comprehensive Income (Loss)			613			(180	)		2,521			466
Attributable to
Equity holders of Nutrien			604			(182	)		2,490			443
Non-controlling<br>interest			9			2			31			23
Comprehensive Income (Loss)			613			(180	)		2,521			466

All values are in US Dollars.

(See Notes to the Condensed Consolidated Financial Statements)

21

Unaudited

CondensedConsolidated Statements of Cash Flows

			Three Months EndedDecember 31						Twelve Months EndedDecember 31
($ millions)	Note		2025			2024			2025			2024
Operating Activities
Net earnings				580			118			2,297			700
Adjustments for:
Depreciation and amortization				567			590			2,369			2,339
Share-based compensation expense				44			20			163			37
Impairment of assets		3		-			-			-			530
Gain on sale of investment in Profertil		6		(301	)		-			(301	)		-
Provision for deferred income tax				23			16			250			31
Net (undistributed) distributed earnings of equity-accounted investees				(1	)		(22	)		65			(8	)
Loss related to financial instruments in Argentina		4		-			1			-			35
Long-term income tax receivables and payables				(83	)		30			(65	)		47
Other long-term assets, liabilities and<br>miscellaneous				61			(16	)		12			311
Cash from operations before working capital changes				890			737			4,790			4,022
Changes in non-cash operating working capital:
Receivables				2,120			2,170			(128	)		(224	)
Inventories and prepaid expenses and other current assets				(2,434	)		(2,205	)		(557	)		60
Trade, other payables and accrued liabilities				2,401			2,421			(98	)		(323	)
Cash Provided by Operating Activities				2,977			3,123			4,007			3,535
Investing Activities
Capital expenditures ^1^				(751	)		(767	)		(2,005	)		(2,154	)
Business acquisitions, net of cash acquired				(11	)		(15	)		(23	)		(21	)
Proceeds from (purchase of) investments, held within three months, net				35			74			(33	)		44
Purchase of investments				(1	)		-			(94	)		(112	)
Proceeds from sale of investments		6		416			79			838			138
Net changes in non-cash working capital				61			82			6			27
Other				-			28			(61	)		(55	)
Cash Used in Investing Activities				(251	)		(519	)		(1,372	)		(2,133	)
Financing Activities
Repayment of debt, maturing within three months, net				(1,621	)		(1,231	)		(696	)		(142	)
Proceeds from debt		8		-			24			998			1,022
Repayment of debt		8		(527	)		(527	)		(1,089	)		(659	)
Repayment of principal portion of lease liabilities				(106	)		(102	)		(419	)		(402	)
Dividends paid to Nutrien’s shareholders		9		(263	)		(265	)		(1,061	)		(1,060	)
Repurchase of common shares		9		(150	)		(134	)		(551	)		(184	)
Issuance of common shares				9			2			38			18
Other				(3	)		(6	)		(37	)		(46	)
Cash Used in Financing Activities				(2,661	)		(2,239	)		(2,817	)		(1,453	)
Effect of Exchange Rate Changes on Cash and CashEquivalents				12			(32	)		30			(37	)
Increase (Decrease) in Cash and Cash Equivalents				77			333			(152	)		(88	)
Cash and Cash Equivalents – Beginning ofPeriod				624			520			853			941
Cash and Cash Equivalents – End ofPeriod				701			853			701			853
Cash and cash equivalents is composed of:
Cash				566			741			566			741
Short-term investments				135			112			135			112
				701			853			701			853
Supplemental Cash Flows Information
Interest paid				220			244			738			740
Income taxes paid				134			61			335			321
Total cash outflow for leases				144			140			567			558

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended December 31, 2025 of $707 million and $44 million (2024 – $735 million and $32 million), respectively, and for the twelve months ended December 31, 2025 of $1,882 million and $123 million (2024 – $2,025 million and $129 million), respectively.

(See Notes to the Condensed Consolidated Financial Statements)

22

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		-			-			-			-			-			-			674			674			26			700
Other comprehensive (loss) income		-			-			-			(251	)		20			(231	)		-			(231	)		(3	)		(234	)
Shares repurchased for cancellation (Note 9)		(3,944,903	)		(110	)		(20	)		-			-			-			(60	)		(190	)		-			(190	)
Dividends declared ^1^		-			-			-			-			-			-			(1,063	)		(1,063	)		-			(1,063	)
Non-controlling interest transactions		-			-			-			-			-			-			-			-			(33	)		(33	)
Effect of share-based compensation including<br>issuance of common shares		418,619			20			5			-			-			-			-			25			-			25
Transfer of net gain on sale of investment		-			-			-			-			-			-			7			7			-			7
Transfer of net loss on cash flow hedges		-			-			-			-			29			29			-			29			-			29
Transfer of net actuarial gain on defined benefit<br>plans		-			-			-			-			(17	)		(17	)		17			-			-			-
Balance – December 31, 2024		491,025,446			13,748			68			(537	)		22			(515	)		11,106			24,407			35			24,442
Net earnings		-			-			-			-			-			-			2,267			2,267			30			2,297
Other comprehensive income		-			-			-			211			12			223			-			223			1			224
Shares repurchased for cancellation (Note 9)		(9,829,408	)		(275	)		(10	)		-			-			-			(275	)		(560	)		-			(560	)
Dividends declared ^1^		-			-			-			-			-			-			(1,059	)		(1,059	)		-			(1,059	)
Non-controlling interest transactions		-			-			-			-			-			-			1			1			(24	)		(23	)
Effect of share-based compensation including<br>issuance of common shares		766,195			46			(1	)		-			-			-			-			45			-			45
Transfer of net gain on sale of investment		-			-			-			-			(27	)		(27	)		27			-			-			-
Transfer of net gain on cash flow hedges		-			-			-			-			(1	)		(1	)		-			(1	)		-			(1	)
Transfer of net actuarial gain on defined benefit plans		-			-			-			-			(6	)		(6	)		6			-			-			-
Other		-			-			-			(3	)		-			(3	)		3			-			-			-
Balance – December 31, 2025		481,962,233			13,519			57			(329	)		-			(329	)		12,076			25,323			42			25,365

1 During the twelve months ended December 31, 2025, we declared dividends of $2.18 per share (2024 – $2.16 per share).

(See Notes to the Condensed Consolidated Financial Statements)

23

Unaudited

CondensedConsolidated Balance Sheets

		As atDecember 31			As atDecember 31
($ millions)	Note	2025			2024
Assets
Current assets
Cash and cash equivalents			701			853
Receivables	10		5,675			5,390
Inventories			6,977			6,148
Prepaid expenses and other current assets			1,396			1,401
			14,749			13,792
Non-current assets
Property, plant and equipment	3		22,747			22,604
Goodwill	3		12,136			12,043
Intangible assets	3		1,667			1,819
Investments	6		144			698
Other assets			858			884
Total Assets			52,301			51,840
Liabilities
Current liabilities
Short-term debt			873			1,534
Current portion of long-term debt	8		513			1,037
Current portion of lease liabilities			346			356
Trade, other payables and accrued liabilities	10		9,309			9,118
			11,041			12,045
Non-current liabilities
Long-term debt	8		9,350			8,881
Lease liabilities			937			999
Deferred income tax liabilities			3,666			3,539
Pension and other post-retirement benefit liabilities			221			227
Asset retirement obligations and accrued environmental costs			1,468			1,543
Other non-current<br>liabilities			253			164
Total Liabilities			26,936			27,398
Shareholders’ Equity
Share capital	9		13,519			13,748
Contributed surplus			57			68
Accumulated other comprehensive loss			(329	)		(515	)
Retained earnings			12,076			11,106
Equity holders of Nutrien			25,323			24,407
Non-controlling<br>interest			42			35
Total Shareholders’ Equity			25,365			24,442
Total Liabilities and Shareholders’Equity			52,301			51,840

(See Notes to the Condensed Consolidated Financial Statements)

24

Unaudited

Notes to theCondensed Consolidated Financial Statements

As at and for the Three and Twelve Months Ended December 31, 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 Note 2 Segment information and Note 4 Other expenses (income).

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 by the Audit Committee of the Board of Directors for issue on February 18, 2026.

Note2Segment information ****

We have four reportable operating segments: 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 businesses. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

In the fourth quarter of 2025, the Chief Operating Decision Maker (“CODM”) reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been recorded in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the three and twelve months ended December 31, 2024.

($ millions)	Three Months EndedDecember 31, 2024		Twelve Months EndedDecember 31, 2024
Sales		33		173
Gross Margin		1		8
EBITDA		1		4

25

Unaudited
	Three Months Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream		Upstream and Midstream
($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporateand Others			Eliminations			Consolidated
Sales  – third party		3,137		686		994		478		45			-			5,340
–<br>intersegment		7		106		246		65		-			(424	)		-
Sales  – total		3,144		792		1,240		543		45			(424	)		5,340
Freight, transportation and distribution^1^		-		56		147		60		(1	)		(64	)		198
Net sales		3,144		736		1,093		483		46			(360	)		5,142
Cost of goods sold		2,167		324		682		430		39			(388	)		3,254
Gross margin		977		412		411		53		7			28			1,888
Selling expenses (recovery)		811		2		5		1		5			(7	)		817
General and administrative expenses		40		3		4		3		106			-			156
Provincial mining taxes		-		83		-		-		-			-			83
Share-based compensation expense		-		-		-		-		44			-			44
Foreign exchange gain, net of related derivatives		-		-		-		-		(9	)		-			(9	)
Gain on sale of investment in Profertil		-		-		-		-		(301	)		-			(301	)
Other expenses		4		6		32		15		111			9			177
Earnings before finance costs and income taxes		122		318		370		34		51			26			921
Depreciation and amortization		189		127		151		73		27			-			567
EBITDA		311		445		521		107		78			26			1,488
Restructuring costs		-		-		-		-		46			-			46
Share-based compensation expense		-		-		-		-		44			-			44
ARO/ERL related expenses for non-operating sites		-		-		-		-		9			-			9
Foreign exchange gain, net of related derivatives		-		-		-		-		(9	)		-			(9	)
Gain on sale of investment in<br>Profertil		-		-		-		-		(301	)		-			(301	)
Adjusted EBITDA		311		445		521		107		(133	)		26			1,277

1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

26

Unaudited
	Three Months Ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream			Upstream and Midstream
($ millions)	Retail			Potash		Nitrogen^1^		Phosphate		Corporateand Others^1^			Eliminations			Consolidated
Sales  – third party		3,179			522		920		403		55			-			5,079
–<br>intersegment		-			65		223		68		-			(356	)		-
Sales  – total		3,179			587		1,143		471		55			(356	)		5,079
Freight, transportation and distribution^2^		-			51		162		57		1			(56	)		215
Net sales		3,179			536		981		414		54			(300	)		4,864
Cost of goods sold		2,193			309		669		394		40			(322	)		3,283
Gross margin		986			227		312		20		14			22			1,581
Selling expenses (recovery)		808			1		2		1		8			(7	)		813
General and administrative expenses		37			2		8		3		126			-			176
Provincial mining taxes		-			45		-		-		-			-			45
Share-based compensation expense		-			-		-		-		20			-			20
Foreign exchange loss, net of related derivatives		-			-		-		-		1			-			1
Other (income) expenses		(8	)		22		1		7		105			2			129
Earnings (loss) before finance costs and income taxes		149			157		301		9		(246	)		27			397
Depreciation and amortization		191			134		170		77		18			-			590
EBITDA		340			291		471		86		(228	)		27			987
Restructuring costs		-			-		-		-		47			-			47
Share-based compensation expense		-			-		-		-		20			-			20
Loss related to financial instruments in Argentina		-			-		-		-		1			-			1
ARO/ERL related income for non-operating sites		-			-		-		-		(1	)		-			(1	)
Foreign exchange loss, net of related<br>derivatives		-			-		-		-		1			-			1
Adjusted EBITDA		340			291		471		86		(160	)		27			1,055

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

27

Unaudited
	Twelve Months Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream		Upstream and Midstream
($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporateand Others			Eliminations			Consolidated
Sales  – third party		17,601		3,571		3,807		1,660		246			-			26,885
–<br>intersegment		19		424		932		298		-			(1,673	)		-
Sales  – total		17,620		3,995		4,739		1,958		246			(1,673	)		26,885
Freight, transportation and distribution ^1^		-		402		552		224		(1	)		(241	)		936
Net sales		17,620		3,593		4,187		1,734		247			(1,432	)		25,949
Cost of goods sold		13,017		1,581		2,580		1,590		220			(1,386	)		17,602
Gross margin		4,603		2,012		1,607		144		27			(46	)		8,347
Selling expenses (recovery)		3,306		10		26		6		(1	)		(27	)		3,320
General and administrative expenses		172		10		18		8		392			-			600
Provincial mining taxes		-		372		-		-		-			-			372
Share-based compensation expense		-		-		-		-		163			-			163
Foreign exchange loss, net of related derivatives		-		-		-		-		9			-			9
Gain on sale of investment in Profertil		-		-		-		-		(301	)		-			(301	)
Other expenses		123		26		32		33		207			27			448
Earnings (loss) before finance costs and income taxes		1,002		1,594		1,531		97		(442	)		(46	)		3,736
Depreciation and amortization		734		660		616		285		74			-			2,369
EBITDA		1,736		2,254		2,147		382		(368	)		(46	)		6,105
Restructuring costs		-		-		-		-		68			-			68
Share-based compensation expense		-		-		-		-		163			-			163
ARO/ERL related expenses for non-operating sites^^		-		-		-		-		2			-			2
Foreign exchange loss, net of related derivatives		-		-		-		-		9			-			9
Gain on sale of investment in<br>Profertil		-		-		-		-		(301	)		-			(301	)
Adjusted EBITDA		1,736		2,254		2,147		382		(427	)		(46	)		6,046

1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

28

Unaudited
	Twelve Months Ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Downstream		Upstream and Midstream
($ millions)	Retail		Potash		Nitrogen^1^			Phosphate		Corporateand Others^1^			Eliminations			Consolidated
Sales  – third party		17,832		3,008		3,327			1,610		195			-			25,972
–<br>intersegment		-		370		807			278		-			(1,455	)		-
Sales  – total		17,832		3,378		4,134			1,888		195			(1,455	)		25,972
Freight, transportation and distribution ^2^		-		389		558			231		4			(226	)		956
Net sales		17,832		2,989		3,576			1,657		191			(1,229	)		25,016
Cost of goods sold		13,211		1,448		2,374			1,510		170			(1,227	)		17,486
Gross margin		4,621		1,541		1,202			147		21			(2	)		7,530
Selling expenses (recovery)		3,418		10		24			6		2			(25	)		3,435
General and administrative expenses		191		12		22			14		405			-			644
Provincial mining taxes		-		255		-			-		-			-			255
Share-based compensation expense		-		-		-			-		37			-			37
Impairment of assets		335		-		195			-		-			-			530
Foreign exchange loss, net of related derivatives		-		-		-			-		360			-			360
Other expenses (income)		87		25		(135	)		33		379			24			413
Earnings (loss) before finance costs and income taxes		590		1,239		1,096			94		(1,162	)		(1	)		1,856
Depreciation and amortization		771		609		589			290		80			-			2,339
EBITDA		1,361		1,848		1,685			384		(1,082	)		(1	)		4,195
Restructuring costs		-		-		-			-		47			-			47
Share-based compensation expense		-		-		-			-		37			-			37
Impairment of assets		335		-		195			-		-			-			530
Loss related to financial instruments in Argentina		-		-		-			-		35			-			35
ARO/ERL related expenses for non-operating sites		-		-		-			-		151			-			151
Foreign exchange loss, net of related<br>derivatives		-		-		-			-		360			-			360
Adjusted EBITDA		1,696		1,848		1,880			384		(452	)		(1	)		5,355

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

29

Unaudited
	Three Months EndedDecember 31						Twelve Months EndedDecember 31
---	---	---	---	---	---	---	---	---	---	---	---	---
($ millions)	2025			2024			2025			2024
Retail sales by product line
Crop nutrients		1,512			1,528			7,285			7,211
Crop protection products		931			948			6,105			6,313
Seed		162			184			2,128			2,235
Services and other		254			228			944			918
Merchandise		226			230			875			897
Nutrien Financial		82			77			376			361
Nutrien Financial elimination ^1^		(23	)		(16	)		(93	)		(103	)
		3,144			3,179			17,620			17,832
Potash sales by geography
Manufactured product
North America		278			245			1,727			1,719
Offshore ^2^		514			342			2,264			1,658
Other potash and purchased products		-			-			4			1
		792			587			3,995			3,378
Nitrogen sales by product line
Manufactured product
Ammonia		319			376			1,218			1,232
Urea and ESN^®^		360			395			1,648			1,480
Solutions, nitrates and sulfates		424			339			1,641			1,300
Other nitrogen and purchased products ^3^		137			33			232			122
		1,240			1,143			4,739			4,134
Phosphate sales by product line
Manufactured product
Fertilizer		362			309			1,275			1,237
Industrial and feed		177			157			661			627
Other phosphate and purchased products		4			5			22			24
		543			471			1,958			1,888

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

2 Relates to Canpotex Limited (“Canpotex”) (see Note 10) and includes provisional pricing adjustments for the three months ended December 31, 2025 of $3 million (2024 – $(3) million) and the twelve months ended December 31, 2025 of $48 million (2024 – $4 million).

3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

Note 3 Impairment of assets

During the three and twelve months ended December 31, 2025, we assessed our assets for indicators of impairment. No impairment was recognized during the year.

Nitrogen

At December 31, 2025, circumstances within our Trinidad cash generating unit (CGU) presented an indicator of impairment. On October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown in response to port access restrictions imposed by Trinidad and Tobago’s National Energy Corporation and a lack of reliable and economic natural gas supply. As a result, we performed impairment testing on our Trinidad CGU, part of our Nitrogen segment. No impairment was recognized, as the recoverable amount of the Trinidad CGU exceeded its carrying amount. The recoverable amount was determined using a fair value less costs of disposal (“FVLCD”) methodology. The valuation was based on post-tax discounted cash flows using a 10-year projection and a 2.0% terminal growth rate discounted at a post-tax rate of 11.8%.

30

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Goodwill impairment testing

As at December 31 ($ millions)	2025		2024
Goodwill by CGU or Group of CGUs
Retail – North America		7,006		6,961
Retail – Australia		587		539
Potash		154		154
Nitrogen		4,389		4,389
		12,136		12,043

During the three and twelve months ended December 31, 2025, we performed our annual impairment test on goodwill and did not identify any impairment.

In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on post-tax discounted cash flows (five-year or 10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable.

The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.

Retail – North America CGU

During our performance of our annual impairment test, the Retail – North America group of CGUs recoverable amount exceeded its carrying amount by $2.9 billion. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below.

2025 Annual impairment testing		Change required for carrying amountto equal recoverable amount
Terminal growth rate (%)	2.3		1.8	Percentage point decrease
Discount rate 1 (%)	7.7		1.2	Percentage point increase
Forecasted EBITDA over forecast period ( millions)	8,500		12	Percent decrease

All values are in US Dollars.

1 The discount rate used in the previous measurement at October 1, 2024 was 7.3 percent.

Retail – Australia, Potash, and Nitrogen CGUs

The following table indicates the key assumptions used in testing the remaining groups of CGUs:

	Terminal growth rate (%)				Post-tax discount rate (%)
	2025		2024		2025		2024
Retail – Australia		2.5		2.6		7.6		7.9
Potash		2.0		2.5		7.3		6.3
Nitrogen		2.0		2.3		8.7		7.6

2024 Impairment of assets

In the twelve months ended December 31, 2024, we recorded the following non-cash impairment of assets in the condensed consolidated statements of earnings:

( millions)	December 31, 2024
Segment
Retail		200
		120
		15
Nitrogen		195
Impairment of assets		530

All values are in US Dollars.

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Note4 Other expenses (income)

	Three Months EndedDecember 31						Twelve Months EndedDecember 31
($ millions)	2025			2024			2025			2024
Restructuring costs		46			47			68			47
Earnings of equity-accounted investees		(1	)		(23	)		(37	)		(130	)
Bad debt (recovery) expense		(3)			23			85			117
Project feasibility costs		39			26			108			92
Customer prepayment costs		13			12			63			58
Legal expenses		8			15			21			47
ARO/ERL related expenses (income) for non-operating sites^1^		9			(1	)		2			151
Loss on natural gas derivatives not designated as a hedge		-			1			-			8
Loss related to financial instruments in Argentina		-			1			-			35
Insurance recoveries		-			(3	)		(1	)		(65	)
Other expenses		66			31			139			53
		177			129			448			413

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

Note 5 Income taxes

	Three Months EndedDecember 31				Twelve Months EndedDecember 31
($ millions, except as otherwise noted)	2025		2024		2025		2024
Actual effective tax rate on earnings (%)		21		33		24		40
Actual effective tax rate including discrete items (%)		22		42		25		38
Discrete tax adjustments that impacted<br>the tax rate ^1^		4		18		27		(13	)

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 6Investments

($ millions, except as otherwise noted)	PrincipalActivity		PrincipalPlace ofBusiness andIncorporation			Proportion of<br><br><br>Ownership Interest andVoting Rights Held (%)					Carrying Amount
					As atDecember 31,2025			As atDecember 31,2024		As atDecember 31,2025			As atDecember 31,2024
Equity-accounted investees					****					****
Profertil S.A. (“Profertil”)		Nitrogen producer		Argentina			-		50			-		349
Canpotex		Marketing and<br> <br>logistics of potash		Canada			50		50			-		-
Other associates and joint ventures												134		128
Total equity-accounted investees												134		477
Investments at FVTOCI
Sinofert Holdings<br>Limited (“Sinofert”)		Fertilizer supplier<br> <br>and distributor		China/Bermuda			-		19			-		211
Other												10		10
Total investments at FVTOCI												10		221
Total investments												144		698

32

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Equity-accounted investees

In 2025, as part of our strategic priority to simplify and focus, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. A deposit of $120 million was received from the purchaser on September 5, 2025. The sale closed on December 10, 2025 resulting in gross proceeds of $595 million and a gain of $301 million recorded in the consolidated statement of earnings within our Corporate and Others segment. This gain reflects the difference between the net proceeds and the carrying amount of the investment at the date of sale. The buyer remitted the applicable withholding tax on behalf of Nutrien, resulting in a $60 million non-cash transaction.

Investments at fair value through other comprehensive income

In 2025, as part of our strategic priority to simplify and focus, 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. Gross 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 other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.

Note 7 Financial instruments

Foreign currency derivatives

	Three Months EndedDecember 31						Twelve Months EndedDecember 31
($ millions)	2025			2024			2025			2024
Foreign exchange loss (gain)		7			(13	)		(2	)		14
Hyperinflationary loss ^1^		-			12			-			97
(Gain) loss on foreign currency<br>derivatives at fair value through profit or loss (“FVTPL”)		(16	)		2			11			249
Foreign exchange (gain) loss, net of<br>related derivatives		(9	)		1			9			360

1 In 2025, the functional currency of our Argentina operations changed from the Argentine peso to the US dollar and was applied prospectively from the date of change, eliminating the need for hyperinflationary adjustments.

Our financial instruments carrying amounts are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $9,863 million and fair value of $9,476 million as at December 31, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

Note 8 Debt

In 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)	Rate of interest (%)		Maturity		Amount
Senior notes repaid in 2025		3.000		April 1, 2025		500
Senior notes repaid in 2025		5.950		November 7, 2025		500
						1,000
Senior notes issued in 2025		4.500		March 12, 2027		400
Senior notes issued in 2025		5.250		March 12, 2032		600
						1,000

The senior notes issued in the twelve months ended December 31, 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.

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Note9 Share capital

Share repurchase programs

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

	Three Months EndedDecember 31				Twelve Months EndedDecember 31
($ millions, except as otherwise noted)	2025		2024		2025		2024
Number of common shares repurchased for cancellation		2,540,498		2,905,718		9,829,408		3,944,903
Average price per share (US dollars)		58.76		47.02		55.94		47.31
Total cost, inclusive of tax		151		139		560		190

Subsequent to December 31, 2025, as of February 17, 2026, an additional 1,097,694 common shares were repurchased for cancellation at a cost of $73 million and an average price per share of $66.97.

On February 18, 2026, our Board of Directors approved a share repurchase program for up to five percent of our outstanding common shares. The 2026 normal course issuer bid, which is subject to the acceptance by the Toronto Stock Exchange, will expire after a 12-month period, if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.

Dividends declared

We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended December 31, 2025, payable on January 16, 2026 to shareholders of record on December 31, 2025.

On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.

Note 10 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 December 31, 2025 were $50 million (2024 – $34 million) and the twelve months ended December 31, 2025 were $150 million (2024 – $146 million).

($ millions)	As at<br><br><br>December 31, 2025		As at<br><br><br>December 31, 2024
Receivables from Canpotex		279		122
Payables to Canpotex		63		66

Note 11 Accounting policies, estimates and judgments

Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments, issued in May 2024, describe the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date if specific conditions are met. These amendments will be effective January 1, 2026, and will not apply to comparative information. Nutrien has reviewed its banking procedures and assessed that the impact of the amendment is immaterial as at January 1, 2026.

IFRS 18, Presentationand Disclosure in Financial Statements, issued in April 2024, would replace IAS 1, Presentation of Financial Statements, and introduce new presentation requirements, including defined subtotals and enhances guidance on aggregation and disaggregation. IFRS 18 will be effective January 1, 2027, and will also apply to comparative information. We are reviewing the standard to determine the potential impact.

34