Nutrien Ltd.

2024 NUTRIEN AG SOLUTIONS (“RETAIL”) OPERATING SEGMENT AND RESULTS

Retail – #1 Global ag retailer

Our global Retail network of over 1,900 locations in seven countries provides farmers with a comprehensive portfolio of value-added agronomic products and services that includes crop nutrients, crop protection products, seed and application services. The size and scale of our network provides reach and flexibility to reliably serve our customers throughout the growing season. We are focused on building leading digital capabilities that support data-driven insights to more efficiently serve our farmer customers and offer competitive credit products that meet their crop input financing needs.

We produce an innovative portfolio of approximately 2,000 proprietary crop nutrient, crop protection and seed products. These proprietary products generate a higher margin for Nutrien and enhance crop production efficiency and profitability for the farmer. We are a leading provider of plant nutritional products, including biostimulants, which aim to increase crop yields through enhanced nutrient efficiency and improved plant and soil health outcomes.

Over 4,500 crop consultants support our customers in crop planning, seed selection, soil sampling, variable rate fertilizer application and crop monitoring. Our agronomic tools and expertise combined with our broad portfolio of value-added products aim to support the agricultural productivity of our customers.

Our Retail business generated adjusted EBITDA of $1.7 billion in 2024, higher than the prior year, supported by improved product margins in all geographies and lower expenses. Lower crop nutrients selling prices and volumes were more than offset by higher per-tonne margins in North America, including growth in our proprietary crop nutritional and biostimulant product lines. Crop protection product gross margin increased, supported by proprietary products, strong operational execution and the selling through of lower cost inventory in South America compared to 2023. Seed gross margin increased as improved margins in North America more than offset the impact of dry weather and competitive market pressures in Brazil.

Supplemental data

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Selected retail measures

Nutrien Financial

We offer flexible financing solutions to our customers in support of Nutrien’s agricultural product and service sales. Qualifying Retail customers in the US and Australia are offered extended payment terms, typically up to one year, to facilitate the alignment of farmer crop cycles with cash flows. Nutrien Financial revenues are primarily earned through interest from farmers.

We hold a significant portion of receivables from customers that have historically experienced alow-default rate. We manage our credit portfolio based on a combination of review of customer credit metrics, past experience with the customer and exposure to any single customer. Nutrien Financial, which is our wholly owned finance captive, monitors and services the portfolio of our high-quality receivables from customers that have the lowest risk of default among Retail’s receivables from customers. We monitor the results of this portfolio of receivables separately because we calculate the cost of capital attributable to the high-quality receivables from customers differently from our other receivables. Specifically, we assume adebt-to-equity ratio of 7:1 in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.

Nutrien Financial relies on corporate capital for funding. For 2024, we estimated the deemed interest expense using an average borrowing rate of 5.6 percent (2023 — 4.1 percent) applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial. The balance of our Retail receivables (outside of Nutrien Financial) is subject to marginally higher credit risk.

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2024 POTASH OPERATING SEGMENT AND RESULTS

Potash – #1 Global potash producer

We operate sixlow-cost potash mines in Saskatchewan, which have access to the best potash geology in the world and are located in a stable geopolitical environment, minimizing supply risk for our customers. We produce multiple grades of potash and our flexible network provides the ability to efficiently adjust operating capability in response to changing market conditions.

Our extensive North American transportation and distribution network includes approximately 5,800 owned or leased railcars serviced by multiple railway providers.

Through Canpotex – our joint venture potash export, sales and marketing company – we have access to four North American marine terminals and other facilities as needed to export potash to customers in approximately 40 countries around the world.

Our engagement practices help in building relationships and supporting our communities, including the procurement of materials and supplies from over 35 Indigenous owned and operated businesses.

Our Potash business delivered adjusted EBITDA of $1.8 billion as lower net selling prices were partially offset by higher sales volumes. Sales volumes were the highest on record, supported by low channel inventories and strong potash affordability in North America and key offshore markets. Higher potash production supported by the continued advancement of mine automation contributed to our lower controllable cash cost of product manufactured for the year.

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Potash production

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2024 NITROGEN OPERATING SEGMENT AND RESULTS

Nitrogen – #3 Global nitrogen producer

We produce nitrogen at nine strategically located production facilities throughout Canada, the US and Trinidad and operate four regional product upgrade sites in North America. Our North American operations, which account for approximately 85 percent of our Nitrogen sales volumes, have access to some of the lowest cost natural gas in the world and are well positioned to serve agriculture and industrial markets. Our Trinidad operations support sales to approximately 30 countries and have natural gas supply contracts indexed to ammonia prices.

We produce a diverse portfolio of nitrogen products, including ESN®, which aims to improve nitrogen-use efficiency, and have flexibility to optimize product mix in changing market conditions. Our transportation and distribution network leverages truck, rail, pipeline, barge and marine vessel modes, including direct access to tidewater in both the US and Trinidad.

We leverage carbon capture, utilization and storage technology at two of our facilities. In 2024, we received verification of the carbon intensity of ammonia production at our Redwater facility under The Fertilizer Institute’s Verified Ammonia Carbon Intensity Program. We have captured and sold at least 1 million tonnes of CO 2 annually for the last five years, of which approximately 450K tonnes of CO 2 were permanently sequestered via enhanced oil recovery from our operations in 2024.

Our Nitrogen business generated adjusted EBITDA of $1.9 billion, relatively flat compared to the prior year as lower net selling prices offset higher sales volumes and lower natural gas costs. Sales volumes increased due to higher production at our operations in Trinidad and reliability improvements across our network in North America increasing the availability of upgraded products. Cost of goods sold per tonne decreased primarily due to lower natural gas costs in North America and the impact of higher production volumes.

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Supplemental data

Nitrogen production

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2024 PHOSPHATE OPERATING SEGMENT AND RESULTS

Phosphate – #2 North American phosphate producer

Nutrien has two large integrated phosphate production facilities and four regional product upgrade sites in the US. Our high-quality phosphate rock enables production of a diverse mix of phosphate products, including solid and liquid fertilizers, feed and industrial acids. We are the largest producer of purified phosphoric acid in North America and sell the majority of our product in this market, benefiting from our extensive distribution network and customer relationships.

Our Phosphate business generated adjusted EBITDA of $384 million, lower than the prior year due to weaker industrial and feed net selling prices and the impact of lower production, partially offset by lower sulfur and ammonia input costs. Sales volumes were lower primarily due to weather-related events and plant outages that impacted production volumes. Lower production volumes and higher water treatment costs related to weather-related events increased our cost of goods sold per tonne, which was partially offset by lower sulfur and ammonia input costs.

Manufactured product

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Phosphate production

In addition to the production above, annual capacity (in millions of tonnes) for phosphate feed and purified acid was 0.7 and 0.3 million tonnes, respectively. Production in 2024 was 0.31 and 0.17 million tonnes, respectively, and 2023 production was 0.30 and 0.16 million tonnes, respectively.

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2024 CORPORATE AND OTHERS AND ELIMINATIONS

“Corporate and Others” is anon-operating segment comprising corporate and administrative functions that provide support and governance to our operating segments. It also includes gross margin related to our non-core business. Intersegment sales, costs of goods sold and expenses are removed from the consolidated results in Eliminations. Intersegment activities include sale of product between our segments, primarily from Potash, Nitrogen and Phosphate to our Retail segment.

FINANCE COSTS, INCOME TAXES AND OTHER COMPREHENSIVE (LOSS) INCOME

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