MOSAIC CO

Previous wording

The following table shows the results of operations for the three and six months ended June 30, 2026 and June 30, 2025:

Current wording

The following table shows the results of operations for the three and nine months ended September 30, 2026 and September 30, 2025:

Previous wording

For the three months ended June 30, 2026, Mosaic incurred a net loss of $272.8 million, or $(0.86) per diluted share, compared to net income of $410.7 million, or $1.29 per diluted share, for the same period last year. Gross margin for the current year period was unfavorably impacted by higher raw material and input costs, as well as reduced sales volumes, driven largely by increased sulfur prices and supply constraints in the current period as discussed further below. During the quarter we recorded charges of approximately $69 million related to engineering and equipment costs associated with the decision not to proceed with a project based on finalization of assessments during this quarter. Pre-tax earnings (loss) for the three months ended June 30, 2026 was also negatively impacted by a foreign currency transaction loss of $39.4 million and an unrealized mark-to-market loss of approximately $161.6 million on the investment in Ma’aden shares, included in other income (expense).

Current wording

For the three months ended September 30, 2026, Mosaic incurred a net loss of $72.1 million, or $(0.23) per diluted share, compared to net income of $411.4 million, or $1.29 per diluted share, for the same period last year. Gross margin for the current year period was unfavorably impacted by higher raw material and input costs, as well as reduced sales volumes, driven largely by increased sulfur prices and supply constraints in the current period as discussed further below. Unfavorable impacts to net income were partially offset by an unrealized mark-to-market gain of approximately $38.0 million on the investment in Ma’aden shares, included in other income (expense) and a foreign currency transaction gain of $38.3 million.

Previous wording

In 2026, geopolitical events continue to drive volatility throughout global commodity markets. The continued conflict in the Middle East and attacks on the Russian and Ukraine commodities industrial assets have restricted exports of fertilizers and raw materials (namely sulfur and ammonia), further tightening global supplies, driving input costs higher and pressuring affordability of fertilizer products. While average selling prices increased in the current year periods, compared to the prior year, the increases were more than offset by elevated input costs, particularly sulfur and ammonia, which pressured margins and limited the benefit of higher selling prices.

Current wording

In 2026, geopolitical events continue to drive supply constraints and volatility throughout global commodity markets. The continued conflict in the Middle East and attacks on the Russian and Ukraine commodities industrial assets have restricted exports of fertilizers and raw materials (namely sulfur and ammonia), further tightening global supplies, driving input costs higher and pressuring affordability of fertilizer products. While average selling prices increased in the current year periods, compared to the prior year, the increases were more than offset by elevated input costs, particularly sulfur and ammonia, which also pressured margins.

Previous wording

In our Phosphate segment, the operating loss for the three months ended June 30, 2026 was $104 million compared to an operating loss of $8 million in the prior year period. In the current year period, operating results were negatively impacted by higher raw material costs of sulfur, ammonia and blended rock, compared to the prior year period. The increased raw materials costs reflect the tightened global supply conditions mentioned above. Operating results were also unfavorably impacted by decreased sales volumes, driven by affordability challenges weakening global demand. The unfavorable impact of increased costs was partially offset by favorable sales prices in the current year period driven by tight global supply conditions. In response to market conditions in the current year period, we made the decision to temporarily curtail production at certain facilities. Phosphate operating results in the current year period were also unfavorably impacted by the project write-off discussed above.

Current wording

In our Phosphate segment, the operating loss for the three months ended September 30, 2026 was $194 million compared to operating earnings of $102 million in the prior year period. In the current year period, operating results were negatively impacted by higher raw material costs of sulfur, ammonia and blended rock, compared to the prior year period. The increased raw materials costs reflect the tightened global supply conditions mentioned above. Operating results were also unfavorably impacted by decreased sales volumes, driven by customers' affordability challenges weakening global demand. Sales volumes were further impacted by our decision to temporarily curtail production at certain facilities in response to market conditions and continuing high input costs in the current year period. In addition, operating results were unfavorably impacted by an increase in environmental reserves in the current period. The unfavorable impact of increased costs was partially offset by favorable sales prices in the current year period which were driven by tight global supply conditions.

Previous wording

In our Potash segment, operating earnings for the three months ended June 30, 2026 were $196 million, compared to $194 million in the prior year. Operating results benefited from higher average selling prices, which have increased due to ongoing global supply challenges. This benefit was mostly offset by reduced sales volumes, which were driven by lower product availability resulting from lower production at our Esterhazy, Saskatchewan mine and the sale of our Carlsbad, New Mexico facility We closed on the sale of this facility in April of the current year.

Current wording

In our Potash segment, operating earnings for the three months ended September 30, 2026 were $188 million, compared to $229 million in the prior year. Operating results were unfavorably impacted by reduced sales volumes, which were driven by lower product availability. Product availability was reduced due to lower production at our Belle Plaine and Esterhazy, Saskatchewan mines and the sale of our Carlsbad, New Mexico facility in April of the current year. These unfavorable impacts were partially offset by higher average selling prices, which have increased due to ongoing global supply challenges.

Previous wording

In our Mosaic Fertilizantes segment, the operating loss for the three months ended June 30, 2026 was $41 million, compared to operating earnings of $109 million in the prior year. The decrease was primarily driven by lower sales volumes, reflecting reduced production resulting from constrained raw material availability and limited customer credit availability in Brazil during the current-year period. During the current-year period, we temporarily curtailed production at certain facilities in response to market conditions. Operating results were also adversely affected by higher costs of purchased products for resale, increased raw material costs, primarily sulfur, and higher idle costs associated with production curtailments. These unfavorable impacts were partially offset by higher average selling prices in the current-year period, reflecting tight global supply conditions.

Current wording

In our Mosaic Fertilizantes segment, the operating loss for the three months ended September 30, 2026 was $22 million, compared to operating earnings of $96 million in the prior year. The decrease was primarily driven by lower sales volumes, reflecting reduced production resulting from constrained raw material availability and limited customer credit availability in Brazil during the current-year period. During the current-year period, production was temporarily curtailed at certain facilities in response to market conditions. Operating results were also adversely affected by higher costs of purchased products for resale, increased raw material costs, primarily sulfur, and higher idle costs associated with production curtailments. These unfavorable impacts were partially offset by higher average selling prices in the current-year period, reflecting tight global supply conditions.

Previous wording

Corporate, Eliminations and Other had an operating loss of $86 million for the three months ended June 30, 2026, compared to a loss of $51 million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, the Mosaic Bioscience business (other than Brazil), intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.

Current wording

Corporate, Eliminations and Other had an operating loss of $70 million for the three months ended September 30, 2026, compared to a loss of $87 million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, the Mosaic Bioscience business (other than Brazil), intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.

Previous wording

•In response to current market conditions and limited sulfur supply, in the third quarter of 2026 we are taking and may continue to take steps to temporarily curtail additional production at our phosphate production facilities in North America and Brazil, and blending units in Brazil.

Current wording

•In response to current market conditions and limited sulfur supply, we decided to temporarily curtail production at additional phosphate production facilities in North America, as well as extend curtailed phosphate production in North America and Brazil. The Company continues to evaluate the impact of market conditions on its business and will take appropriate actions in response to evolving circumstances.

Previous wording

Overview of Consolidated Results for the six months ended June 30, 2026 and 2025

Current wording

Overview of Consolidated Results for the nine months ended September 30, 2026 and 2025

Previous wording

For the six months ended June 30, 2026, Mosaic incurred a net loss of $530.4 million, or $(1.67) per diluted share, compared to net income of $648.8 million, or $2.04 per diluted share, for the same period a year ago. Gross margin for the three months ended June 30, 2026 decreased 55% compared to the same period of the prior year. This result was primarily driven by higher raw material and input costs, as well as reduced sales volumes, driven largely by increased sulfur prices and supply constraints in the current period as discussed above in the three-month discussion and reduced sales volumes, reflecting product availability constraints and continued affordability challenges. Net income for the six months ended June 30, 2026, was also negatively impacted by the strategic decision to idle and divest the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil, which resulted in additional expense of approximately $482 million. Net income was also impacted by an unrealized mark-to-market loss of $49.2 million on the investment in Ma’aden shares, included in other income (expense).

Current wording

For the nine months ended September 30, 2026, Mosaic incurred a net loss of $602.5 million, or $(1.90) per diluted share, compared to net income of $1,060.2 million, or $3.33 per diluted share, for the same period a year ago. Gross margin for the nine months ended September 30, 2026 decreased 66% compared to the same period of the prior year. This result was primarily driven by higher raw material and input costs, as well as reduced sales volumes, driven largely by increased sulfur prices and supply constraints in the current period as discussed above in the three-month discussion and reduced sales volumes, reflecting product availability constraints and continued affordability challenges. Net income for the nine months ended September 30, 2026, was also negatively impacted by the strategic decision to idle and divest the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil, which resulted in additional expense of approximately $496 million. Net income was also impacted by a loss of $15 million on marketable securities held in the RCRA Trusts, the loss on the extinguishment of debt of $13 million and an unrealized mark-to-market loss of $11.1 million on the investment in Ma’aden shares, included in other income (expense). The unfavorable impacts to net income were partially offset by a foreign currency transaction gain of $36.5 million.

Previous wording

Results for the six months ended June 30, 2026 reflected the factors discussed above in the discussion for the three months ended June 30, 2026, in addition to those noted below. Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Current wording

Results for the nine months ended September 30, 2026 reflected the factors discussed above in the discussion for the three months ended September 30, 2026, in addition to those noted below. Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Previous wording

Operating results in our Phosphate segment for the six months ended June 30, 2026 declined from the prior year. Higher input costs of sulfur, ammonia and blended rock, drove the unfavorable impact to lower segment earnings in the current year period. The unfavorable impact of higher costs in the current year period was partially offset by favorable sales prices and increased sales volumes, reflecting increased global demand and stronger starting inventories that enabled fulfillment of export demand in the first quarter of 2026. Results also reflect the unfavorable impact of the project write-off mentioned above in the three-month discussion.

Current wording

Operating results in our Phosphate segment for the nine months ended September 30, 2026 declined from earnings in the prior year of $234 million to a loss of $345 million in the current year period. Higher input costs of sulfur, ammonia and blended rock primarily drove the unfavorable impact to lower segment earnings in the current year period. Phosphate operating earnings also reflect the unfavorable impact of increased expenses as a result of underutilized and idle plants. The unfavorable impacts of higher input costs and operating expenses in the current year period were partially offset by favorable sales prices and increased sales volumes, reflecting increased global demand and stronger starting inventories that enabled fulfillment of export demand in the current year period.

Previous wording

Operating results in our Potash segment for the six months ended June 30, 2026 were slightly higher than the prior year period. Higher average selling prices driven by global supply conditions favorably impacted current year results. Lower sales volumes, driven by lower product availability, partially offset this benefit.

Current wording

Operating results in our Potash segment for the nine months ended September 30, 2026 were earnings of $561 million in the current year period compared to $580 million in the prior year period. Results were unfavorably impacted by lower sales volumes, which were driven by lower product availability from reduced production and the sale of our Carlsbad mine in April of the current year period. Higher average selling prices driven by global supply conditions partially offset the unfavorable impacts to current year results.

Previous wording

For the six months ended June 30, 2026, operating results in our Mosaic Fertilizantes segment were unfavorable compared to the same period in the prior year. As mentioned above, in March 2026 we committed to a plan to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil. This decision resulted in an initial charge of approximately $442 million in the first quarter of 2026 and subsequent costs of approximately $40 million in the current quarter, primarily related to the impairment of the disposal group, write-off of other assets, termination of contracts no longer in use, idle facility costs and accelerated depreciation. In addition, year-over-year performance reflects higher costs of purchased products for resale and higher raw material costs, primarily sulfur, due to global supply conditions. Sales volumes were also unfavorably impacted reflecting reduced production resulting from constrained raw material availability and limited customer credit availability in Brazil. These impacts were partially offset by the global pricing environment driving an increase in average selling prices.

Current wording

For the nine months ended September 30, 2026, operating results in our Mosaic Fertilizantes segment generated an operating loss of $(484.6) million compared to earnings of $304 million in the same period in the prior year. As mentioned above, in the first quarter of 2026, we committed to a plan to divest the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex, in Brazil. This decision resulted in additional expense of approximately $496 million in the current nine-month period. In addition, year-over-year performance reflects higher costs of purchased products for resale and higher raw material costs, primarily sulfur, due to global supply conditions. Sales volumes were also unfavorably impacted due to reduced production resulting from constrained raw material availability and limited customer credit availability in Brazil.

Previous wording

Corporate, Eliminations and Other had an operating loss of $166 million for the six months ended June 30, 2026 compared to a loss of $107 million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.

Current wording

Corporate, Eliminations and Other had an operating loss of $236 million for the nine months ended September 30, 2026 compared to a loss of $194 million in the prior year period. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, the Mosaic Bioscience business (other than Brazil), intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.

Previous wording

The Phosphate segment’s net sales were $1,246.3 million for the three months ended June 30, 2026, compared to $1,173.0 million for the three months ended June 30, 2025. The year-over-year increase was primarily driven by higher sales prices, which contributed approximately $120 million to net sales compared to the prior year period. This impact was partially offset by decreased sales volumes of approximately $90 million compared to the prior year period. Additionally, higher sales of other products, including rock and raw material sales, and freight revenue contributed approximately $40 million compared to the prior year period.

Current wording

The Phosphate segment’s net sales were $1,294.9 million for the three months ended September 30, 2026, compared to $1,290.2 million for the three months ended September 30, 2025. The year-over-year increase was primarily driven by higher sales prices, which contributed approximately $145 million to net sales compared to the prior year period. This impact was substantially offset by decreased sales volumes of approximately $120 million compared to the prior year period. Additionally, reduced sales of other products, including rock and raw materials, and reduced freight revenue combined to have an unfavorable impact of approximately $20 million compared to the prior year period.

Previous wording

The Phosphate segment’s sales volumes of finished products decreased to 1.4 million for the three months ended June 30, 2026, compared to 1.5 million in the prior year period due to the factors discussed in the Overview.

Current wording

The Phosphate segment’s sales volumes of finished products decreased to 1.4 million for the three months ended September 30, 2026, compared to 1.6 million in the prior year period due to the factors discussed in the Overview.

Previous wording

Gross margin for the Phosphate segment decreased to a loss of $4.5 million for the three months ended June 30, 2026, from a positive $103.0 million for the three months ended June 30, 2025. Gross margin in the current year period was negatively impacted by higher raw material costs, primarily sulfur, ammonia and blended rock, of approximately $290 million. In addition, reduced sales volume impacts resulted in an increase of finished goods costs of approximately $20 million compared to the prior year period. These negative impacts were partially offset by higher average selling prices of approximately $165 million, decreased turnaround, idle and unabsorbed fixed costs of approximately $20 million and a lower impact from land reclamation adjustments of approximately $15 million in the current period compared to the prior year.

Current wording

Gross margin for the Phosphate segment decreased to a loss of $147.8 million for the three months ended September 30, 2026, from a positive $143.9 million for the three months ended September 30, 2025. Gross margin in the current year period was negatively impacted by higher raw material costs, primarily sulfur, of approximately $380 million. In addition, gross margin was negatively affected by reduced sales volume impacts of approximately $35 million and increased idle expense and unabsorbed fixed costs of approximately $50 million, compared to the prior year period. These negative impacts were partially offset by higher average selling prices of approximately $145 million and lower turnaround costs of approximately $15 million in the current year period, compared to the prior year. Also, the prior year period included costs of approximately $15 million related to tariffs and dry dock expense that did not repeat in the current year.

Previous wording

The average consumed price for ammonia for our North America operations increased 40%, to $621 per tonne, for the three months ended June 30, 2026, from $445 in the same period a year ago. The average consumed sulfur price for our North America operations increased 150%, to $522 per long ton, for the three months ended June 30, 2026, from $209 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

Current wording

The average consumed price for ammonia for our North America operations increased 36%, to $619 per tonne, for the three months ended September 30, 2026, from $455 in the same period a year ago. The average consumed sulfur price for our North America operations increased 163%, to $715 per long ton, for the three months ended September 30, 2026, from $272 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

Previous wording

The average consumed cost of purchased and produced phosphate rock increased to $90 per tonne for the three months ended June 30, 2026, from $74 per tonne for the three months ended June 30, 2025. For the three months ended June 30, 2026 our North America phosphate rock production was unfavorably impacted by moving into new mining areas, which resulted in production of 2.1 million tonnes compared to 2.7 million tonnes in the prior year period.

Current wording

The average consumed cost of purchased and produced phosphate rock increased to $91 per tonne for the three months ended September 30, 2026, from $80 per tonne for the three months ended September 30, 2025 due to additional costs associated with bench mining methods, where deeper phosphate reserves and thicker overburden require additional material removal. For the three months ended September 30, 2026 our North America phosphate rock production was 2.1 million tonnes compared to 2.2 million tonnes in the prior year period.

Previous wording

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients for the three months ended June 30, 2026 was unfavorably impacted by raw material availability, primarily sulfur, which resulted in a decrease of 5% from the prior year. This resulted in an operating rate for processed phosphate production of 58% for the three months ended June 30, 2026, down from 61% for the same period in 2025.

Current wording

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients for the three months ended September 30, 2026 was unfavorably impacted by raw material availability, primarily sulfur, which resulted in a decrease of 23% from the prior year period. These ongoing availability constraints resulted in our decision to further curtail production, which resulted in an operating rate for processed phosphate production of 52% for the three months ended September 30, 2026, down from 68% for the same period in 2025.

Previous wording

The Phosphate segment’s net sales were $2,672.3 million for the six months ended June 30, 2026, compared to $2,271.6 million for the six months ended June 30, 2025. The year-over-year increase was driven by increased sales volumes, which contributed approximately $190 million and higher average finished goods sales prices, which contributed approximately $160 million to net sales compared to the prior year period. Net sales were also positively impacted by higher freight and other product revenue of approximately $50 million compared to the prior year period.

Current wording

The Phosphate segment’s net sales were $3,967.2 million for the nine months ended September 30, 2026, compared to $3,561.8 million for the nine months ended September 30, 2025. The year-over-year increase was driven by higher average finished goods sales prices, which contributed approximately $285 million, and increased sales volumes, which contributed approximately $90 million, to net sales compared to the prior year period. Net sales were also positively impacted by higher freight and other product revenue of approximately $30 million compared to the prior year period.

Previous wording

Our average finished product selling price was $695 per tonne for the six months ended June 30, 2026, an increase of $46 per tonne from the same period a year ago, due to the factors discussed in the Overview.

Current wording

Our average finished product selling price was $730 per tonne for the nine months ended September 30, 2026, an increase of $60 per tonne from the same period a year ago, due to the factors discussed in the Overview.

Previous wording

The Phosphate segment’s sales volumes of finished products increased by 10% for the six months ended June 30, 2026, compared to the same period in the prior year due to the factors discussed in the Overview.

Current wording

The Phosphate segment’s sales volumes of finished products increased by 3% for the nine months ended September 30, 2026, compared to the same period in the prior year due to the factors discussed in the Overview.

Previous wording

Gross margin for the Phosphate segment decreased to a loss of $1.1 million for the six months ended June 30, 2026, from $270.3 million for the six months ended June 30, 2025. The decrease was primarily attributable to approximately $540 million of unfavorable production cost impacts, driven largely by higher sulfur, ammonia and blended rock input costs. These unfavorable impacts were partially offset by approximately $160 million from higher average selling prices, approximately $60 million from higher finished goods sales volumes, and approximately $15 million from lower turnaround, idle and unabsorbed fixed costs. In addition, higher freight revenue and raw material sales increased gross margin by approximately $40 million compared to the prior year period.

Current wording

Gross margin for the Phosphate segment decreased to a loss of $148.9 million for the nine months ended September 30, 2026, from a positive $414.2 million for the nine months ended September 30, 2025. The decrease was primarily attributable to approximately $910 million of unfavorable production cost impacts, driven largely by higher sulfur, ammonia and blended rock input costs. In addition, increased idle and unabsorbed fixed costs negatively impacted gross margin by approximately $65 million compared to the prior year period. These unfavorable impacts were partially offset by approximately $285 million from higher average selling prices, approximately $50 million from higher finished goods sales volumes, and approximately $30 million from increased margins on other products compared to the prior year period. In addition, lower turnaround costs of approximately $50 million in the current year period favorably impacted gross margin compared to the prior year.

Previous wording

The average consumed price for ammonia for our North America operations was $624 per tonne for the six months ended June 30, 2026, compared to $430 per tonne in the same period a year ago. The average consumed price for sulfur for our North America operations increased to $440 per long ton for the six months ended June 30, 2026, from $184 per long ton in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

Current wording

The average consumed price for ammonia for our North America operations was $622 per tonne for the nine months ended September 30, 2026, compared to $444 per tonne in the same period a year ago. The average consumed price for sulfur for our North America operations increased to $524 per long ton for the nine months ended September 30, 2026, from $220 per long ton in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

Previous wording

The average consumed cost of purchased and produced phosphate rock increased to $88 per tonne for the six months ended June 30, 2026, compared to $76 per tonne for the prior year period. Our North America phosphate rock production was unfavorably impacted by moving into new mining areas which resulted in production of 3.9 million tonnes for the six months ended June 30, 2026, compared to 5.1 million for the six months ended June 30, 2025.

Current wording

The average consumed cost of purchased and produced phosphate rock increased to $88 per tonne for the nine months ended September 30, 2026, compared to $78 per tonne for the prior year period. Our North America phosphate rock production was unfavorably impacted by moving into new mining areas and production curtailments which resulted in production of 6.0 million tonnes for the nine months ended September 30, 2026, compared to 7.2 million for the nine months ended September 30, 2025.

Previous wording

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased to 3.1 million tonnes for the six months ended June 30, 2026, compared to 2.9 million tonnes in the prior year period. Our operating rate for processed phosphate production increased to 62% for the six months ended June 30, 2026, from 59% for the same period in 2025.

Current wording

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased to 4.4 million tonnes for the nine months ended September 30, 2026, compared to 4.6 million tonnes in the prior year period primarily due to the production curtailments discussed above in the three-month discussion. Our operating rate for processed phosphate production decreased to 59% for the nine months ended September 30, 2026, from 62% for the prior year period.

Previous wording

The Potash segment’s net sales decreased to $650.3 million for the three months ended June 30, 2026, compared to $710.5 million in the same period a year ago. The decrease was primarily due to lower sales volumes, which unfavorably impacted net sales by approximately $90 million compared to the prior year period. This was partially offset by higher average selling prices of approximately $10 million compared to the prior year period. Additionally, increased freight and other product revenue contributed approximately $15 million compared to the prior year period.

Current wording

The Potash segment’s net sales decreased to $643.4 million for the three months ended September 30, 2026, compared to $694.8 million in the same period a year ago. The decrease was primarily due to lower sales volumes, which unfavorably impacted net sales by approximately $60 million. This was partially offset by higher average selling prices which had a favorable impact on net sales of approximately $5 million compared to the prior year period.

Previous wording

Our average finished product selling price was $280 per tonne for the three months ended June 30, 2026, compared to $274 per tonne for the same period a year ago, as a result of the factors described in the Overview.

Current wording

Our average finished product selling price was $280 per tonne for the three months ended September 30, 2026, compared to $278 per tonne for the same period a year ago, due to the factors described in the Overview.

Previous wording

The Potash segment’s sales volumes of finished products were 2.0 million tonnes for the three months ended June 30, 2026, compared to 2.3 million tonnes for the same period a year ago due to lower production and the sale of the Carlsbad facility as described in the Overview.

Current wording

The Potash segment’s sales volumes of finished products were 2.1 million tonnes for the three months ended September 30, 2026, compared to 2.3 million tonnes for the same period a year ago due to lower production and the sale of the Carlsbad facility in the second quarter of 2026.

Previous wording

We incurred $70.4 million in Canadian resource taxes for the three months ended June 30, 2026, compared to $61.7 million in the same period a year ago. Canadian royalty expense decreased to $10.1 million for the three months ended June 30, 2026, compared to $10.5 million for the three months ended June 30, 2025. The fluctuations in Canadian resource taxes and royalties are primarily due to sales mix.

Current wording

We incurred $85.1 million in Canadian resource taxes for the three months ended September 30, 2026, compared to $86.8 million in the same period a year ago. Canadian royalty expense decreased to $11.2 million for the three months ended September 30, 2026, compared to $12.4 million for the three months ended September 30, 2025. The fluctuations in Canadian resource taxes and royalties are primarily due to decreases in sales revenues and margin.

Previous wording

Our operating rate for potash production was 64% for the three months ended June 30, 2026, compared to 73% for the same period in 2025. Current period production was impacted by the sale of our Carlsbad, New Mexico mine and lower production at our Esterhazy, Saskatchewan mine due to downtime.

Current wording

Our operating rate for potash production was 73% for the three months ended September 30, 2026, compared to 79% for the same period in 2025. Current period production was impacted by lower production at our Esterhazy and Belle Plaine, Saskatchewan mines due to downtime.

Previous wording

Our average potash selling price was $279 per tonne for the six months ended June 30, 2026, compared to $255 per tonne for the same period a year ago, due to the factor discussed above in the Overview.

Current wording

Our average potash selling price was $279 per tonne for the nine months ended September 30, 2026, compared to $263 per tonne for the same period a year ago, due to the factors discussed above in the Overview.

Previous wording

The Potash segment’s sales volumes for the six months ended June 30, 2026 decreased 6%, compared to the same period a year ago, due to the factor discussed above in the Overview.

Current wording

The Potash segment’s sales volumes for the nine months ended September 30, 2026 decreased 7%, compared to the same period a year ago, due to the factors discussed above in the Overview.

Previous wording

Gross margin for the Potash segment increased to $398.6 million for the six months ended June 30, 2026, up from $378.0 million for the same period last year. This increase was largely attributable to higher average selling prices, which contributed approximately $100 million compared to the prior year period. These benefits were partially offset by reduced sales volumes impacts of approximately $35 million and higher fixed costs of approximately $20 million compared to the same period in the prior year. In addition, higher Canadian resource taxes and royalties unfavorably impacted gross margin by $28 million in the current year period.

Current wording

Gross margin for the Potash segment decreased to $598.1 million for the nine months ended September 30, 2026, from $613.9 million for the same period last year. The decrease primarily reflected lower sales volumes impacts of approximately $60 million, higher fixed costs of approximately $30 million and higher Canadian resource taxes of approximately $25 million compared to the same period in the prior year. These unfavorable impacts were largely offset by higher average selling prices of approximately $100 million compared to the prior year period.

Previous wording

We incurred $137.2 million in Canadian resource taxes for the six months ended June 30, 2026, compared to $109.0 million in the same period a year ago. Canadian royalty expense increased to $21.8 million for the six months ended June 30, 2026, compared to $19.3 million for the six months ended June 30, 2025. The fluctuations in Canadian resource taxes and royalties are due to the increases in our sales revenues and margin.

Current wording

We incurred $222.3 million in Canadian resource taxes for the nine months ended September 30, 2026, compared to $195.8 million in the same period a year ago. Canadian royalty expense increased to $33.0 million for the nine months ended September 30, 2026, compared to $31.7 million for the nine months ended September 30, 2025. The fluctuations in Canadian resource taxes and royalties are due to sales mix and the increases in margin subject to resource taxes.

Previous wording

Our operating rate decreased to 71% for the current year period, compared to 76% in the prior year period primarily due to lower production at Esterhazy as discussed in the three-month discussion above.

Current wording

Our operating rate decreased to 71% for the current year period, compared to 77% in the prior year period primarily due to the sale of our Carlsbad, New Mexico mine and lower production at the Esterhazy and Belle Plaine mines as discussed in the three-month discussion above.

Previous wording

The Mosaic Fertilizantes segment’s net sales decreased to $1,033.8 million for the three months ended June 30, 2026, compared to the prior year period of $1,174.9 million. The $141.1 million decrease in net sales from the prior year period was driven by lower sales volumes which unfavorably impacted net sale by approximately $340 million partially offset by higher finished product sales prices which impacted net sale by approximately $170 million. Sales of other products, primarily gypsum, favorably impacted net sales by approximately $30 million compared to the prior year due to an increase in average selling price of these products.

Current wording

The Mosaic Fertilizantes segment’s net sales decreased to $1,254.0 million for the three months ended September 30, 2026, compared to the prior year period of $1,592.2 million. The $338.2 million decrease in net sales from the prior year period was driven by lower finished good sales volumes, which unfavorably impacted net sales by approximately $480 million. In addition, decreased sales volumes and selling prices of other products, primarily gypsum, unfavorably impacted net sales by approximately $70 million. These impacts were partially offset by higher finished product sales prices, which favorably impacted net sales by approximately $210 million.

Previous wording

The Mosaic Fertilizantes segment’s sales volumes of finished products decreased 32% for the three months ended June 30, 2026, compared to the same period a year ago, due to the factor discussed in the Overview.

Current wording

The Mosaic Fertilizantes segment’s sales volumes of finished products decreased 32% for the three months ended September 30, 2026, compared to the same period a year ago, due to the factors discussed in the Overview.