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Here are two brief analogies to describe Nutrien:

• The Shell for food production. (Nutrien extracts and processes essential raw materials for agriculture, much like Shell extracts and refines oil, and then distributes them through a vast network to end-users.)
• The Intel Inside for agriculture. (Nutrien provides the critical, fundamental nutrients that are essential for plant growth and modern farming, similar to how Intel provides the core processors that power computers.)

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Nutrien (NTR) major products are:

• Potash: A key crop nutrient used to enhance plant health, yield, and crop quality.
• Nitrogen Fertilizers: Essential plant nutrients provided in various forms like urea, ammonia, and UAN solutions.
• Phosphate Fertilizers: Vital nutrients for root development and plant energy, commonly sold as DAP and MAP.
• Retail Agricultural Products and Services: Provides crop nutrients, crop protection products, seeds, and agronomic services directly to farmers.

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Nutrien (NTR) serves a diverse customer base, with its extensive retail network primarily selling directly to farmers and agricultural producers. While Nutrien also has wholesale customers for its fertilizer products (potash, nitrogen, and phosphate), the company's significant retail presence means a substantial portion of its direct customers are individual farmers or family-owned farm businesses. Therefore, the major customer categories are:

• Large-scale Commercial Farmers

  These customers operate extensive acreage, often across multiple locations, and are highly focused on maximizing yield and efficiency through advanced agricultural practices, precision agriculture technologies, and large volume purchases of fertilizers, crop protection products, and seeds. They represent a significant portion of Nutrien's retail sales volume and often seek integrated solutions and financing options.

• Mid-sized Family Farmers

  Comprising a vast segment of the agricultural industry, these are often multi-generational operations that form the backbone of rural economies. They require a reliable supply of essential crop inputs, practical agronomic advice, and services tailored to their specific crop rotations and regional conditions. They balance operational efficiency with sustainability and long-term farm viability.

• Specialty Crop and Livestock Producers

  While Nutrien's primary focus is broadacre crops (e.g., corn, soybeans, wheat), its retail network also serves producers involved in specialty crops (e.g., fruits, vegetables, nuts, nursery stock) and those with integrated livestock operations. These customers often have unique input and service requirements due to their specific production systems, and they rely on Nutrien for specialized products and expertise.

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• Bayer AG (BAYRY)
• Corteva Agriscience (CTVA)
• BASF SE (BASFY)
• FMC Corporation (FMC)
• Canadian National Railway Company (CNI)
• Canadian Pacific Kansas City Limited (CP)
• Union Pacific Corporation (UNP)

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Ken Seitz, President and Chief Executive Officer

Ken Seitz was appointed President and Chief Executive Officer of Nutrien in January 2022. He brings over 25 years of global management experience in the agriculture and mining sectors, having worked in more than 60 countries. Prior to becoming CEO, Mr. Seitz served as Nutrien's Executive Vice President and CEO of Potash, a role he took in October 2019. Before joining Nutrien, he was the President and CEO of Canpotex, one of the world's largest potash suppliers, a position he held from 2015. Earlier in his career, he spent 18 years at Cameco Corporation, a uranium mining company, where he held various senior management roles, including Senior VP and Chief Commercial Officer.

Mark Thompson, Executive Vice President and Chief Financial Officer

Mark Thompson was appointed Executive Vice President and Chief Financial Officer of Nutrien, effective August 26, 2024. He joined Nutrien in 2011 and has held numerous executive and senior leadership positions across the company's business units. Most recently, he served as the Executive Vice President and Chief Commercial Officer. His previous roles include Executive Vice President and Chief Strategy & Sustainability Officer, Executive Vice President and Chief Corporate Development & Strategy Officer, and Vice President of Business Development for Nutrien's Retail business.

Jeff Tarsi, Executive Vice President and President, Global Retail

Jeff Tarsi serves as Executive Vice President and President, Global Retail at Nutrien.

Noralee Bradley, Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary

Noralee Bradley is the Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary for Nutrien.

Chris Reynolds, Executive Vice President and Chief Commercial Officer

Chris Reynolds is the Executive Vice President and Chief Commercial Officer at Nutrien. He has been with the company for over 20 years, gaining extensive experience across Nutrien's Potash, Nitrogen, and Phosphate business units. Prior to his current role, he served as Executive Vice President & President, Potash, and previously headed the company's Sales organization as Senior Vice President, Sales. He has over 25 years of experience in the global fertilizer industry.

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The public company Nutrien (NTR) faces several key risks inherent to the agricultural and commodity sectors. The three most significant risks include:

1. Commodity Price Volatility and Fertilizer Demand: Nutrien's revenues and margins are heavily influenced by the fluctuating prices of fertilizers, including potash, nitrogen, and phosphate. Volatility in natural gas prices, a crucial input for nitrogen fertilizers, further contributes to this risk. Lower crop prices can also lead to decreased farmer spending and, consequently, reduced demand for fertilizers.
2. Geopolitical Risks and Supply Chain Disruptions: Global geopolitical tensions, shifts in trade policies (such as proposed tariffs), and evolving regulatory landscapes can significantly impact Nutrien's operations. These factors can disrupt global supply chains, affecting the availability and cost of both Nutrien's products and the non-integrated raw materials it procures.
3. Financial Health and Debt Levels: While Nutrien generally maintains a robust financial position, some analyses indicate an Altman Z-Score that suggests potential financial distress, along with considerable debt levels. Furthermore, concerns have been raised regarding potential increases in bad debt expense and loss reserves within Nutrien Financial, the company's captive lending unit within its Retail segment.

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Nutrien (symbol: NTR) operates in several key addressable markets related to crop inputs and services:

• Potash: The global potash market size was estimated at approximately USD 62.37 billion in 2024 and is projected to reach around USD 93.50 billion by 2032. Another estimate places the global potash market at USD 63.00 billion in 2024, increasing to approximately USD 101.57 billion by 2034. In North America, the market generated USD 11.9 billion in revenue in 2022.

• Nitrogen: The global nitrogenous fertilizer market was valued at USD 63.83 billion in 2023 and is expected to grow to USD 105.39 billion by 2032. Other estimations include a global market size of USD 135.39 billion in 2025, forecasted to reach approximately USD 223.35 billion by 2034.

• Phosphate: The global phosphate fertilizer market size was valued at USD 69.92 billion in 2024 and is expected to reach USD 97.92 billion by 2032. Another source indicates the global phosphate fertilizer market was valued at USD 61.42 billion in 2025 and is forecast to reach USD 101.00 billion by 2035.

• Retail (Crop Inputs and Services): Nutrien's retail segment, which offers farmers complete agricultural solutions including plant nutrition, crop protection products, seed, and agronomic advice, operates within the broader agriculture and agribusiness markets. The global agriculture market size was valued at approximately USD 1.2 trillion in 2023 and is projected to expand to USD 8.68 trillion by 2030. Another estimate states the agriculture market size reached USD 12,122.26 billion in 2024 and is expected to grow to USD 16,763.88 billion by 2029. The global agribusiness market size was valued at USD 3.4 trillion in 2024 and is estimated to reach USD 4.4 trillion by 2033.

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Expected Drivers of Future Revenue Growth for Nutrien (NTR)

1. Increased Upstream Fertilizer Sales Volumes: Nutrien anticipates higher sales volumes for both potash and nitrogen. The company has provided guidance for increased potash sales volumes, supported by strong global demand and firming potash fundamentals. Similarly, higher nitrogen sales volumes are expected due to improved operating rates and reliability at its production facilities.
2. Growth in Downstream Retail Earnings, including Proprietary Products: The company is focused on expanding its Retail segment's adjusted EBITDA, driven by higher product margins, particularly in North America, and continued growth of its proprietary crop nutrient and biostimulant product lines. Nutrien aims to optimize its downstream Retail network through modernization and consolidation initiatives in North America and a targeted margin improvement plan in Brazil.
3. Operational Efficiencies and Cost Savings: Nutrien is committed to accelerating cost-saving initiatives and driving operational improvements to increase asset efficiency. The company targets a reduction of approximately $200 million in costs by 2026 across operations and corporate functions. While primarily impacting profitability, these efficiencies can indirectly support revenue growth by enhancing competitiveness and freeing up capital for strategic investments.
4. Strategic Portfolio Optimization and Focus on Core Assets: Nutrien is simplifying its portfolio by focusing on core assets and markets, prioritizing investments in North American fertilizer production and proprietary products capabilities. This includes reviewing strategic options for certain assets, such as its phosphate business and its stake in Profertil, to enhance earnings quality and improve free cash flow, which can then be reinvested into higher-return growth opportunities.

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Share Repurchases

• In the first three quarters of 2025 (Q3 YTD), Nutrien reported $401 million in share repurchases, marking a 42% increase from the same period in 2024.
• As of February 26, 2025, the Toronto Stock Exchange approved a renewed Normal Course Issuer Bid (NCIB) allowing Nutrien to purchase up to 5% of its outstanding common shares, with this program expiring on March 2, 2026.
• Under a prior NCIB, Nutrien repurchased approximately US$4.68 billion worth of common shares at a weighted-average price of US$84.86 per share, with this program expiring in February 2023.

Inbound Investments

• In March 2025, Nutrien announced a successful $1 billion funding round to enhance innovative solutions and invest in cutting-edge technologies.

Outbound Investments

• In June 2024, Nutrien Ag Solutions acquired Suncor Energy's AgroScience assets, which include patented and patent-pending biocontrol technologies.
• In 2022, Nutrien made several acquisitions, including Safra Rica in October, Casa Do Adubo in July, Marca Agro in July, and Agromercantil in June.
• Nutrien is in the process of divesting its 50% equity interest in Profertil S.A. for approximately $0.6 billion, contributing to expected gross proceeds from asset divestitures of approximately $0.9 billion over the last twelve months as of November 2025.

Capital Expenditures

• Nutrien's forecasted capital expenditures for 2025 are anticipated to be between $2.0 and $2.1 billion, a decrease from $2.2 billion in 2024 and $2.6 billion in 2023.
• Approximately $400 million to $500 million of the 2025 investing capital expenditures are earmarked for retail proprietary products, network optimization, digital capabilities, low-cost brownfield expansions in Nitrogen, and potash mine automation projects.
• Total capital expenditures were $2.155 billion in 2024, $2.645 billion in 2023, $2.475 billion in 2022, $1.913 billion in 2021, and $1.530 billion in 2020.