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    Nutrien Reports First Quarter 2025 Results

    5/7/25 5:05:00 PM ET
    $NTR
    Agricultural Chemicals
    Industrials
    Get the next $NTR alert in real time by email
    • First quarter results supported by operational efficiency and cost savings initiatives.
    • Maintaining 2025 full-year guidance ranges as operating performance and capital allocation priorities consistent with previous expectations.

    All amounts are in US dollars, except as otherwise noted

    Nutrien Ltd. (TSX and NYSE:NTR) announced today its first quarter 2025 results, with net earnings of $19 million ($0.02 diluted net earnings per share). First quarter 2025 adjusted EBITDA1 was $0.9 billion and adjusted net earnings per share1 was $0.11.

    "In the first quarter, Nutrien delivered strong potash sales volumes, increased ammonia operating rates and positioned our downstream retail network for a strong expected spring planting season in North America. Global fertilizer market fundamentals have strengthened supported by growing demand and tight supplies, providing a positive outlook for our business in 2025," commented Ken Seitz, Nutrien's President and CEO.

    "Our world-class asset base and resilient business is built to generate free cash flow in a range of market conditions. We continue to focus on actions within our control and are taking a disciplined and intentional approach to capital allocation, prioritizing high-value investment opportunities, divesting non-core assets and returning cash to shareholders," added Mr. Seitz.

    Highlights2:

    • Retail adjusted EBITDA decreased to $46 million in the first quarter of 2025 as weather-related delays impacted sales and margins in the US and Australia, which more than offset lower expenses and higher seed margins.
    • Potash adjusted EBITDA decreased to $446 million in the first quarter of 2025 due to lower net selling prices in North America. Sales volumes in the first quarter were similar to the record volumes delivered in the same period in 2024.
    • Nitrogen adjusted EBITDA decreased to $408 million in the first quarter of 2025 due to higher natural gas costs and lower equity earnings from Profertil S.A., partially offset by higher net selling prices. Our operations delivered a record ammonia operating rate3 of 98 percent in the first quarter, achieved through less maintenance downtime and improved reliability at our sites.
    • Divested our remaining ownership position in Sinofert Holdings Limited for total proceeds of $223 million in the fourth quarter of 2024 and first quarter of 2025, providing incremental cash flow to allocate to high conviction capital allocation priorities that are core to our long-term strategy.
    • Repurchased 3.6 million shares in 2025 for a total of $188 million, as of May 6, 2025.
    • 2025 full-year guidance ranges have been maintained and reflect expectations for growth in upstream fertilizer volumes, higher downstream Retail earnings and lower capital expenditures.

    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 three months ended March 31, 2025 to the results for the three months ended March 31, 2024, unless otherwise noted.

    3. Excludes Trinidad and Joffre.

     

    Management's Discussion and Analysis

    The following management's discussion and analysis ("MD&A") is the responsibility of management and is dated as of May 7, 2025. The Board of Directors ("Board") of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term "Nutrien" refers to Nutrien Ltd. and the terms "we", "us", "our", "Nutrien" and "the Company" refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 20, 2025 ("2024 Annual Report"), which includes our annual audited consolidated financial statements ("annual financial statements") and MD&A, and our annual information form dated February 20, 2025, each for the year ended December 31, 2024, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2024 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the "SEC").

    This MD&A is based on, and should be read in conjunction with, the Company's unaudited interim condensed consolidated financial statements as at and for the three months ended March 31, 2025 ("interim financial statements") based on International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the "Non-GAAP Financial Measures" and the "Forward-Looking Statements" sections, respectively.



    Market Outlook and Guidance

    Agriculture and Retail Markets

    • We expect US crop input demand will be supported by acreage shifts in 2025, with corn planted area expected to increase to approximately 95 million acres and soybean plantings to decline to approximately 83 million acres. Fertilizer application rates in the second quarter have been strong as farmers focus on maximizing yield potential.
    • Brazilian soybean prices have been supported by strong international demand. Favorable prospective soybean margins and increased projected planted acreage are expected to support strong Brazilian crop input demand in the second half of 2025.
    • Low precipitation levels in the key cropping regions of Australia led to delayed crop input demand. Timely rains will be required to support winter crop planting and crop input demand.

    Crop Nutrient Markets

    • Global potash demand has remained strong in 2025 and tight supply has supported potash price increases in all key spot markets. We have maintained our 2025 full-year potash shipment forecast of 71 to 75 million tonnes. The high end of the range captures the potential for strong underlying global consumption and the lower end captures the potential for reduced global supply availability.
    • Global urea supply and demand has tightened in 2025, driven by strong seasonal demand in North America and Europe, combined with Chinese urea export restrictions and unplanned outages in key producing regions. US urea and UAN prices have also been supported by low domestic inventories, trade flow shifts and constrained logistics.
    • Global ammonia prices have weakened in 2025 due to the expectations for new export capacity in the US and Russia and macroeconomic uncertainty that has impacted industrial demand.
    • Phosphate markets continue to be tight due to limited supply, including ongoing Chinese export restrictions. We anticipate that global shipments in 2025 will be constrained by supply availability and weaker grower affordability for phosphate fertilizer could impact demand.

    Financial and Operational Guidance

    • Retail adjusted EBITDA guidance of $1.65 to $1.85 billion assumes growth in crop nutrient sales volumes, increased proprietary products gross margin and continued recovery in Brazil, partially offset by a return to historical average crop protection product margin percentages.
    • Potash sales volume guidance of 13.6 to 14.4 million tonnes is consistent with our historical share of global shipments.
    • Nitrogen sales volume guidance of 10.7 to 11.2 million tonnes assumes reliability improvements and higher operating rates at our North American plants compared to 2024.
    • Phosphate sales volume guidance of 2.35 to 2.55 million tonnes assumes lower production in the first half of 2025 and improved operating rates in the second half compared to the prior year.
    • Total capital expenditures of $2.0 to $2.1 billion are expected below the prior year. This total includes approximately $400 to $500 million in investing capital expenditures focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions in Nitrogen and mine automation projects in Potash.

    All guidance numbers, including those noted above, are outlined in the table below. Refer to page 58 of our 2024 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

     

    2025 Guidance Ranges 1 as of

     

    May 7, 2025

     

    February 19, 2025

    ($ billions, except as otherwise noted)

    Low

     

    High

     

    Low

     

    High

    Retail adjusted EBITDA

    1.65

     

    1.85

     

    1.65

     

    1.85

    Potash sales volumes (million tonnes) 2

    13.6

     

    14.4

     

    13.6

     

    14.4

    Nitrogen sales volumes (million tonnes) 2

    10.7

     

    11.2

     

    10.7

     

    11.2

    Phosphate sales volumes (million tonnes) 2

    2.35

     

    2.55

     

    2.35

     

    2.55

    Depreciation and amortization

    2.35

     

    2.45

     

    2.35

     

    2.45

    Finance costs

    0.65

     

    0.75

     

    0.65

     

    0.75

    Effective tax rate on adjusted net earnings (%) 3

    22.0

     

    25.0

     

    22.0

     

    25.0

    Capital expenditures 4

    2.0

     

    2.1

     

    2.0

     

    2.1

    1 See the "Forward-Looking Statements" section.

    2 Manufactured product only.

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

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

     

    Consolidated Results

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    % Change

    Sales

    5,100

     

    5,389

     

    (5)

    Gross margin

    1,320

     

    1,537

     

    (14)

    Expenses

    1,094

     

    1,118

     

    (2)

    Net earnings

    19

     

    165

     

    (88)

    Adjusted EBITDA 1

    852

     

    1,055

     

    (19)

    Diluted net earnings per share (dollars) 2

    0.02

     

    0.32

     

    (94)

    Adjusted net earnings per share (dollars) 1, 2

    0.11

     

    0.46

     

    (76)

    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 decreased in the first quarter of 2025 compared to the same period in 2024, primarily due to lower Potash net selling prices in North America, higher Phosphate costs and lower Retail earnings.





    Segment Results

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

    Nutrien Ag Solutions ("Retail")

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    % Change

    Sales

    3,090

     

    3,308

     

    (7)

    Cost of goods sold

    2,404

     

    2,561

     

    (6)

    Gross margin

    686

     

    747

     

    (8)

    Adjusted EBITDA 1

    46

     

    77

     

    (40)

    1 See Note 2 to the interim financial statements.

     
    • Retail adjusted EBITDA decreased in the first quarter of 2025 due to lower gross margin for crop protection products and crop nutrients, which more than offset lower expenses and higher seed margins.
     

     

    Three Months Ended

    March 31

     

    Sales

     

    Gross Margin

    ($ millions)

    2025

     

    2024

     

    2025

     

    2024

    Crop nutrients

    1,194

     

    1,309

     

    219

     

    254

    Crop protection products

    972

     

    1,114

     

    191

     

    234

    Seed

    532

     

    485

     

    70

     

    59

    Services and other

    146

     

    156

     

    118

     

    125

    Merchandise

    189

     

    200

     

    31

     

    31

    Nutrien Financial

    70

     

    66

     

    70

     

    66

    Nutrien Financial elimination 1

    (13)

     

    (22)

     

    (13)

     

    (22)

    Total

    3,090

     

    3,308

     

    686

     

    747

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

     
    • Crop nutrients sales and gross margin decreased in the first quarter of 2025 due to lower sales volumes, which were impacted by strategic actions in South America and cold and wet weather that delayed field activity and sales of higher margin products in the US.
    • Crop protection products sales and gross margin were lower in the first quarter of 2025 mainly due to hot and dry conditions in Australia and weather-related delays in North America impacting the sales of higher margin proprietary products.
    • Seed sales and gross margin increased in the first quarter of 2025 due to the shift from soybean seed to higher-value corn seed sales in North America. Gross margin for the first quarter was supported by higher proprietary products gross margin.
    • Nutrien Financial sales and gross margin increased in the first quarter of 2025 due to higher financing rates offered.
     

    Supplemental Data

    Three Months Ended

    March 31

     

    Gross Margin

     

    % of Product Line 1

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    2025

     

    2024

    Proprietary products

     

     

     

     

     

     

     

    Crop nutrients

    69

     

    70

     

    31

     

    28

    Crop protection products

    53

     

    83

     

    28

     

    36

    Seed

    28

     

    17

     

    40

     

    29

    Merchandise

    3

     

    3

     

    9

     

    9

    Total

    153

     

    173

     

    22

     

    23

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

     
     

     

    Three Months Ended

    March 31

     

    Sales Volumes

    (tonnes - thousands)

     

    Gross Margin / Tonne

    (dollars)

     

    2025

     

    2024

     

    2025

     

    2024

    Crop nutrients

     

     

     

     

     

     

     

    North America

    1,464

     

    1,464

     

    130

     

    139

    International

    826

     

    918

     

    34

     

    55

    Total

    2,290

     

    2,382

     

    95

     

    106

     
     

    (percentages)

    March 31, 2025

     

    December 31, 2024

    Financial performance measures 1, 2

     

     

     

    Cash operating coverage ratio

    64

     

    63

    Adjusted average working capital to sales

    21

     

    20

    Adjusted average working capital to sales excluding Nutrien Financial

    1

     

    -

    Nutrien Financial adjusted net interest margin

    5.3

     

    5.3

    1 Rolling four quarters.

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

    Potash

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    % Change

    Net sales

    744

     

    813

     

    (8)

    Cost of goods sold

    380

     

    358

     

    6

    Gross margin

    364

     

    455

     

    (20)

    Adjusted EBITDA 1

    446

     

    530

     

    (16)

    1 See Note 2 to the interim financial statements.

     
    • Potash adjusted EBITDA decreased in the first quarter of 2025 due to lower net selling prices in North America.

    Manufactured Product

    Three Months Ended

    March 31

    ($ per tonne, except as otherwise noted)

    2025

     

    2024

    Sales volumes (tonnes - thousands)

     

     

     

    North America

    1,312

     

    1,307

    Offshore

    2,090

     

    2,106

    Total sales volumes

    3,402

     

    3,413

    Net selling price

     

     

     

    North America

    243

     

    310

    Offshore

    204

     

    193

    Average net selling price

    219

     

    238

    Cost of goods sold

    112

     

    105

    Gross margin

    107

     

    133

    Depreciation and amortization

    46

     

    43

    Gross margin excluding depreciation and amortization 1

    153

     

    176

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

     
    • Sales volumes in the first quarter of 2025 were similar to the record first quarter volumes delivered in the same period in the prior year, supported by low channel inventories and strong potash affordability in North America and key offshore markets.
    • Net selling price per tonne decreased in the first quarter of 2025 primarily due to a decline in North American benchmark prices, partially offset by higher benchmark prices in Brazil and lower Offshore logistics costs.
    • Cost of goods sold per tonne increased in the first quarter of 2025 primarily due to higher depreciation. Controllable cash cost of product manufactured per tonne increased in the quarter primarily due to lower potash production.
     

    Supplemental Data

    Three Months Ended

    March 31

     

    2025

     

    2024

    Production volumes (tonnes – thousands)

    3,289

     

    3,565

    Potash controllable cash cost of product manufactured per tonne 1

    60

     

    56

    Canpotex sales by market (percentage of sales volumes) 2

     

     

     

    Latin America

    31

     

    32

    Other Asian markets 3

    32

     

    33

    China

    17

     

    20

    India

    4

     

    3

    Other markets

    16

     

    12

    Total

    100

     

    100

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

    2 See Note 8 to the interim financial statements.

    3 All Asian markets except China and India.

    Nitrogen

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

    % Change

    Net sales

    954

     

    911

    5

    Cost of goods sold

    663

     

    604

    10

    Gross margin

    291

     

    307

    (5)

    Adjusted EBITDA 1

    408

     

    464

    (12)

    1 See Note 2 to the interim financial statements.

     
    • Nitrogen adjusted EBITDA decreased in the first quarter of 2025 primarily due to higher natural gas costs and lower equity earnings from Profertil S.A., partially offset by higher net selling prices. Our operations delivered a record ammonia operating rate of 98 percent in the first quarter, achieved through less maintenance downtime and improved reliability at our sites.
     

    Manufactured Product

    Three Months Ended

    March 31

    ($ per tonne, except as otherwise noted)

    2025

     

    2024

    Sales volumes (tonnes - thousands)

     

     

     

    Ammonia

    496

     

    517

    Urea and ESN®

    795

     

    775

    Solutions, nitrates and sulfates

    1,178

     

    1,215

    Total sales volumes

    2,469

     

    2,507

    Net selling price

     

     

     

    Ammonia

    418

     

    403

    Urea and ESN®

    438

     

    432

    Solutions, nitrates and sulfates

    236

     

    226

    Average net selling price

    337

     

    326

    Cost of goods sold

    224

     

    207

    Gross margin

    113

     

    119

    Depreciation and amortization

    58

     

    54

    Gross margin excluding depreciation and amortization 1

    171

     

    173

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

     
    • Sales volumes decreased in the first quarter of 2025 primarily due to lower availability of nitrogen solutions products and the timing of demand for ammonia.
    • Net selling price per tonne was higher in the first quarter of 2025 for all major nitrogen products due to stronger benchmark prices.
    • Cost of goods sold per tonne increased in the first quarter of 2025 due to higher natural gas costs.
     

    Supplemental Data

    Three Months Ended

    March 31

     

    2025

     

    2024

    Sales volumes (tonnes – thousands)

     

     

     

    Fertilizer

    1,389

     

    1,423

    Industrial and feed

    1,080

     

    1,084

    Production volumes (tonnes – thousands)

     

     

     

    Ammonia production – total 1

    1,543

     

    1,452

    Ammonia production – adjusted 1, 2

    1,076

     

    1,018

    Ammonia operating rate (%) 2

    98

     

    92

    Natural gas costs (dollars per MMBtu)

     

     

     

    Overall natural gas cost excluding realized derivative impact

    3.91

     

    3.16

    Realized derivative impact 3

    ‐

     

    0.04

    Overall natural gas cost

    3.91

     

    3.20

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

    2 Excludes Trinidad and Joffre.

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

    Phosphate

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

    % Change

    Net sales

    360

     

    437

    (18)

    Cost of goods sold

    361

     

    372

    (3)

    Gross margin

    (1)

     

    65

    n/m

    Adjusted EBITDA 1

    61

     

    121

    (50)

    1 See Note 2 to the interim financial statements.

     
    • Phosphate adjusted EBITDA was lower in the first quarter of 2025 due to the impact of lower production volumes and higher input costs, including sulfur.
     

    Manufactured Product

    Three Months Ended

    March 31

    ($ per tonne, except as otherwise noted)

    2025

     

    2024

    Sales volumes (tonnes - thousands)

     

     

     

    Fertilizer

    332

     

    447

    Industrial and feed

    168

     

    173

    Total sales volumes

    500

     

    620

    Net selling price

     

     

     

    Fertilizer

    656

     

    627

    Industrial and feed

    817

     

    848

    Average net selling price

    710

     

    689

    Cost of goods sold

    700

     

    580

    Gross margin

    10

     

    109

    Depreciation and amortization

    144

     

    113

    Gross margin excluding depreciation and amortization 1

    154

     

    222

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

     
    • Sales volumes were lower in the first quarter of 2025 primarily due to planned and unplanned plant outages that impacted production volumes.
    • Net selling price per tonne increased in the first quarter of 2025 primarily due to strong phosphate fertilizer fundamentals and optimization of product mix, partially offset by lower industrial and feed net selling prices.
    • Cost of goods sold per tonne increased in the first quarter of 2025 due to lower production volumes, higher depreciation and higher input costs, including sulfur.
     

    Supplemental Data

    Three Months Ended

    March 31

     

    2025

     

    2024

    Production volumes (P2O5 tonnes – thousands)

    282

     

    352

    P2O5 operating rate (%)

    67

     

    83

     

    Corporate and Others and Eliminations

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    % Change

    Corporate and Others

     

     

     

     

     

    Gross margin 1

    10

     

    ‐

     

    n/m

    Selling expenses

    (3)

     

    (2)

     

    50

    General and administrative expenses

    98

     

    89

     

    10

    Share-based compensation expense

    42

     

    6

     

    600

    Foreign exchange loss, net of related derivatives

    7

     

    43

     

    (84)

    Other expenses

    18

     

    54

     

    (67)

    Adjusted EBITDA 1

    (81)

     

    (101)

     

    (20)

    Eliminations

     

     

     

     

     

    Gross margin

    (30)

     

    (37)

     

    (19)

    Adjusted EBITDA 1

    (28)

     

    (36)

     

    (22)

    1 See Note 2 to the interim financial statements.

     
    • Share-based compensation expense was higher in the first quarter of 2025 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors such as our share price movement, our performance relative to our peer group and our return on invested capital.
    • Foreign exchange loss, net of related derivatives was lower in the first quarter of 2025 due to a lower foreign exchange loss from our South America operations.
    • Other expenses were lower in the first quarter of 2025 mainly due to a lower loss related to financial instruments in Argentina. See Note 3 to the interim financial statements. 





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

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    % Change

    Finance costs

    179

     

    179

     

    ‐

    Income taxes

     

     

     

     

     

    Income tax expense

    28

     

    75

     

    (63)

    Actual effective tax rate including discrete items (%)

    60

     

    31

     

    94

    Other comprehensive income (loss)

    25

     

    (102)

     

    n/m

     
    • Income tax expense was lower in the first quarter of 2025 mainly due to lower earnings. The actual effective tax rate including discrete items increased due to a change in proportion of earnings (loss) between tax jurisdictions.
    • Other comprehensive income in the first quarter of 2025 was mainly due to the appreciation of the Brazilian and Australian currencies, relative to the US dollar, compared to a loss for the same period in 2024 due to the depreciation of Australian, Canadian and Brazilian currencies relative to the US dollar.





    Liquidity and Capital Resources

    Sources and uses of liquidity

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

    Sources and uses of cash

     

    Three Months Ended March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

     

    % Change

    Cash used in operating activities

    (1,082)

     

    (487)

     

    122

    Cash used in investing activities

    (243)

     

    (494)

     

    (51)

    Cash provided by financing activities

    1,365

     

    548

     

    149

    Cash used for dividends and share repurchases 1

    (413)

     

    (261)

     

    58

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

     
     

    Cash used in operating activities

    • Cash used in operating activities in the first quarter of 2025 was higher compared to the same period in 2024 primarily due to increased payments to our suppliers to take advantage of early payment discounts and higher input costs such as natural gas and sulfur costs.

    Cash used in investing activities

    • Cash used in investing activities was lower in the first quarter of 2025 compared to the same period in 2024. We received proceeds from the disposal of our investment in Sinofert Holdings Limited ("Sinofert") that reduced our cash used in investing activities. We also had lower capital expenditures for the first quarter of 2025.

    Cash provided by financing activities

    • Cash provided by financing activities increased in the first quarter of 2025 compared to the same period in 2024 due to proceeds from the issuance of $1.0 billion of senior notes in March 2025.

    Cash used for dividends and share repurchases

    • Cash used for dividends and share repurchases was higher in the first quarter of 2025 as we repurchased shares in the first quarter of 2025 with no similar share repurchases in the same period in 2024.
     
     

    Financial Condition Review

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

     

     

    As at

     

     

     

     

    ($ millions, except as otherwise noted)

    March 31, 2025

     

    December 31, 2024

     

    $ Change

     

    % Change

    Assets

     

     

     

     

     

     

     

    Cash and cash equivalents

    895

     

    853

     

    42

     

    5

    Receivables

    5,612

     

    5,390

     

    222

     

    4

    Inventories

    7,992

     

    6,148

     

    1,844

     

    30

    Prepaid expenses and other current assets

    863

     

    1,401

     

    (538)

     

    (38)

    Property, plant and equipment

    22,488

     

    22,604

     

    (116)

     

    (1)

    Investments

    495

     

    698

     

    (203)

     

    (29)

    Liabilities and Shareholders' Equity

     

     

     

     

     

     

     

    Short-term debt

    2,437

     

    1,534

     

    903

     

    59

    Payables and accrued charges

    8,752

     

    9,118

     

    (366)

     

    (4)

    Long-term debt, including current portion

    10,908

     

    9,918

     

    990

     

    10

    Retained earnings

    10,809

     

    11,106

     

    (297)

     

    (3)

     
    • Explanations for changes in Cash and cash equivalents are in the "Liquidity and Capital Resources - Sources and Uses of Cash" section.
    • Receivables increased due to higher Potash receivables from higher net selling prices compared to the fourth quarter of 2024.
    • Inventories increased due to the seasonality of our Retail segment and the larger portion of its operations in North America. Our inventory levels build up in the last quarter of the year and peak in the first quarter of the year, while inventories are drawn on in the succeeding quarters.
    • Prepaid expenses and other current assets decreased due to Retail taking delivery of prepaid inventories in preparation for the spring planting and applications season in North America.
    • Property, plant and equipment decreased due to depreciation more than offsetting capital expenditures.
    • Investments decreased due to disposal of our remaining investment in Sinofert with a fair value of $211 million as of December 31, 2024.
    • Short-term debt increased due to higher drawdowns on our credit facilities based on our working capital requirements driven by the seasonality of our business.
    • Payables and accrued charges decreased due to the settlement in the first quarter of 2025 of our supplier financing arrangement obligations that were entered into in the fourth quarter of 2024. This was partially offset by higher customer prepayments received in the first quarter of the year in anticipation of crop input price increases and additional inventory purchases made in the first quarter of 2025.
    • Long-term debt, including current portion, increased due to the issuance of $1.0 billion of senior notes in the first quarter of 2025.
    • Retained earnings decreased as dividends declared and share repurchases exceeded net earnings in the first quarter of 2025.





    Capital Structure and Management

    Principal debt instruments

    As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the three months ended March 31, 2025.

    Capital structure (debt and equity)

     

    ($ millions)

    March 31, 2025

     

    December 31, 2024

    Short-term debt

    2,437

     

    1,534

    Current portion of long-term debt

    1,038

     

    1,037

    Current portion of lease liabilities

    364

     

    356

    Long-term debt

    9,870

     

    8,881

    Lease liabilities

    998

     

    999

    Shareholders' equity

    24,070

     

    24,442

     

    Commercial paper, credit facilities and other debt

    We have a total facility limit of approximately $8,050 million comprised of several credit facilities available in the jurisdictions where we operate. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.

    As at March 31, 2025, we had utilized $2,488 million of our total facility limit, which includes $1,971 million of commercial paper outstanding.

    As at March 31, 2025, $235 million in letters of credit were outstanding and committed, with $271 million of remaining credit available under our letter of credit facilities.

    Our long-term debt consists primarily of notes and debentures. See the "Capital Structure and Management" section of our 2024 Annual Report for information on balances, rates and maturities for our notes and debentures. On March 13, 2025, we issued $400 million of 4.500 percent senior notes due March 12, 2027 and $600 million of 5.250 percent senior notes due March 12, 2032. Subsequent to the three months ended March 31, 2025, we repaid our outstanding $500 million 3.000 percent senior notes that matured on April 1, 2025.

    Outstanding share data

     

     

    As at May 6, 2025

    Common shares

    487,486,738

    Options to purchase common shares

    3,388,632

     

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





    Quarterly Results

     

    ($ millions, except as otherwise noted)

    Q1 2025

    Q4 2024

    Q3 2024

    Q2 2024

    Q1 2024

    Q4 2023

    Q3 2023

    Q2 2023

    Sales

    5,100

     

    5,079

     

    5,348

     

    10,156

     

    5,389

     

    5,664

     

    5,631

     

    11,654

    Net earnings

    19

     

    118

     

    25

     

    392

     

    165

     

    176

     

    82

     

    448

    Net earnings attributable to equity holders

    of Nutrien

    11

     

    113

     

    18

     

    385

     

    158

     

    172

     

    75

     

    440

    Net earnings per share attributable to equity

    holders of Nutrien

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

    0.02

     

    0.23

     

    0.04

     

    0.78

     

    0.32

     

    0.35

     

    0.15

     

    0.89

    Diluted

    0.02

     

    0.23

     

    0.04

     

    0.78

     

    0.32

     

    0.35

     

    0.15

     

    0.89

     

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

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

    Quarter

    Transaction or Event

    Q2 2024

    $530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of our Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. We also recorded a foreign exchange loss of $220 million on foreign currency derivatives in Brazil for the second quarter of 2024.

    Q2 2023

    $698 million non-cash impairment of assets comprised of a $233 million non-cash impairment of our Phosphate White Springs property, plant and equipment due to a decrease in our forecasted phosphate margins and a $465 million non-cash impairment of our Retail – South America assets primarily related to goodwill mainly due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, which lowered our forecasted earnings.

      

     

    Critical Accounting Estimates

    Our significant accounting policies are disclosed in our 2024 Annual Report. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board. Our critical accounting estimates are discussed on pages 65 to 66 of our 2024 Annual Report. There were no material changes to our critical accounting estimates for the three months ended March 31, 2025.





    Controls and Procedures

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

    There has been no change in our ICFR during the three months ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, our ICFR.





    Forward-Looking Statements

    Certain statements and other information included in this document, including within the "Market Outlook and Guidance" section, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", "forecast", "expect", "believe", "may", "will", "should", "estimate", "project", "intend" or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to:

    Nutrien's business strategies, plans, prospects and opportunities; Nutrien's 2025 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies; our ability to advance strategic priorities that strengthen our core business and deliver structural improvements to our earnings and free cash flow; capital spending expectations for 2025 and beyond; expectations regarding performance of our operating segments in 2025 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the expected impact of our margin improvement plan in South America; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to deliver long-term returns to shareholders.

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

    All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.

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

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

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

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





    Terms and Definitions

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





    About Nutrien

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

    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, May 8, 2025 at 10:00 a.m. Eastern Time.

    Telephone conference dial-in numbers:

    • From Canada and the US: 1 (800) 206-4400
    • International: 1 (289) 514-5005
    • No access code required. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner.

    Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q1-earnings-conference-call





    Non-GAAP Financial Measures

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

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

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

    Adjusted EBITDA (Consolidated)

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

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

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

     

    Three Months Ended

    March 31

    ($ millions)

    2025

     

    2024

    Net earnings

    19

     

    165

    Finance costs

    179

     

    179

    Income tax expense

    28

     

    75

    Depreciation and amortization

    571

     

    565

    EBITDA 1

    797

     

    984

    Adjustments:

     

     

     

    Share-based compensation expense

    42

     

    6

    Foreign exchange loss, net of related derivatives

    7

     

    43

    ARO/ERL related expenses for non-operating sites

    5

     

    3

    Loss related to financial instruments in Argentina

    ‐

     

    19

    Restructuring costs

    1

     

    ‐

    Adjusted EBITDA

    852

     

    1,055

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

     

    Adjusted Net Earnings and Adjusted Net Earnings Per Share

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

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

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

     

     

    Three Months Ended

    March 31, 2025

     

     

     

     

     

    Per

     

    Increases

     

     

     

    Diluted

    ($ millions, except as otherwise noted)

    (Decreases)

     

    Post-Tax

     

    Share

    Net earnings attributable to equity holders of Nutrien

     

     

    11

     

    0.02

    Adjustments:

     

     

     

     

     

    Share-based compensation expense

    42

     

    31

     

    0.06

    Foreign exchange loss, net of related derivatives

    7

     

    6

     

    0.01

    Restructuring costs

    1

     

    1

     

    ‐

    ARO/ERL related expenses for non-operating sites

    5

     

    4

     

    0.02

    Sub-total adjustments

    55

     

    42

     

    0.09

    Adjusted net earnings

     

     

    53

     

    0.11

     
     

     

    Three Months Ended

    March 31, 2024

     

     

     

     

     

    Per

     

    Increases

     

     

     

    Diluted

    ($ millions, except as otherwise noted)

    (Decreases)

     

    Post-Tax

     

    Share

    Net earnings attributable to equity holders of Nutrien

     

     

    158

     

    0.32

    Adjustments:

     

     

     

     

     

    Share-based compensation expense

    6

     

    5

     

    0.01

    Foreign exchange loss, net of related derivatives

    43

     

    46

     

    0.09

    ARO/ERL related expenses for non-operating sites

    3

     

    2

     

    ‐

    Loss related to financial instruments in Argentina

    19

     

    19

     

    0.04

    Sub-total adjustments

    71

     

    72

     

    0.14

    Adjusted net earnings

     

     

    230

     

    0.46

     

    Effective Tax Rate on Adjusted Net Earnings Guidance

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

    Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product

    Most directly comparable IFRS financial measure: Gross margin.

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

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

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

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

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

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

     

     

    Three Months Ended

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

    Total COGS – Potash

    380

     

    358

    Change in inventory

    7

     

    28

    Other adjustments 1

    (13)

     

    (3)

    COPM

    374

     

    383

    Depreciation and amortization in COPM

    (145)

     

    (153)

    Royalties in COPM

    (19)

     

    (19)

    Natural gas costs and carbon taxes in COPM

    (12)

     

    (12)

    Controllable cash COPM

    198

     

    199

    Production tonnes (tonnes – thousands)

    3,289

     

    3,565

    Potash controllable cash COPM per tonne

    60

     

    56

    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 March 31, 2025

    ($ millions, except as otherwise noted)

    Q2 2024

     

    Q3 2024

     

    Q4 2024

     

    Q1 2025

     

    Total/Average

    Nutrien Financial revenue

    133

     

    85

     

    77

     

    70

     

     

    Deemed interest expense 1

    (50)

     

    (52)

     

    (45)

     

    (29)

     

     

    Net interest

    83

     

    33

     

    32

     

    41

     

    189

     

     

     

     

     

     

     

     

     

     

    Average Nutrien Financial net receivables

    4,560

     

    4,318

     

    2,877

     

    2,569

     

    3,581

    Nutrien Financial adjusted net interest margin (%)

     

     

     

     

     

     

     

     

    5.3

     

     

     

     

     

     

     

     

     

     

     

    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 margin (%)

     

     

     

     

     

     

     

     

    5.3

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

     

    Retail Cash Operating Coverage Ratio

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

    Why we use the measure 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 March 31, 2025

    ($ millions, except as otherwise noted)

    Q2 2024

     

    Q3 2024

     

    Q4 2024

     

    Q1 2025

     

    Total

    Selling expenses

    1,005

     

    815

     

    808

     

    755

     

    3,383

    General and administrative expenses

    51

     

    51

     

    37

     

    44

     

    183

    Other expenses

    41

     

    32

     

    (8)

     

    25

     

    90

    Operating expenses

    1,097

     

    898

     

    837

     

    824

     

    3,656

    Depreciation and amortization in operating expenses

    (193)

     

    (182)

     

    (186)

     

    (179)

     

    (740)

    Operating expenses excluding depreciation and amortization

    904

     

    716

     

    651

     

    645

     

    2,916

     

     

     

     

     

     

     

     

     

     

    Gross margin

    2,029

     

    859

     

    986

     

    686

     

    4,560

    Depreciation and amortization in cost of goods sold

    3

     

    8

     

    5

     

    5

     

    21

    Gross margin excluding depreciation and amortization

    2,032

     

    867

     

    991

     

    691

     

    4,581

    Cash operating coverage ratio (%)

     

     

     

     

     

     

     

     

    64

     

     

     

     

     

     

     

     

     

     

     

    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

    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 amortization

    674

     

    904

     

    716

     

    651

     

    2,945

     

     

     

     

     

     

     

     

     

     

    Gross margin

    747

     

    2,029

     

    859

     

    986

     

    4,621

    Depreciation and amortization in cost of goods sold

    4

     

    3

     

    8

     

    5

     

    20

    Gross margin excluding depreciation and amortization

    751

     

    2,032

     

    867

     

    991

     

    4,641

    Cash operating coverage ratio (%)

     

     

     

     

     

     

     

     

    63

     

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

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

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

     

     

    Rolling four quarters ended March 31, 2025

    ($ millions, except as otherwise noted)

    Q2 2024

     

    Q3 2024

     

    Q4 2024

     

    Q1 2025

     

    Average/Total

    Current assets

    11,181

     

    10,559

     

    10,360

     

    11,510

     

     

    Current liabilities

    (8,002)

     

    (5,263)

     

    (8,028)

     

    (7,561)

     

     

    Working capital

    3,179

     

    5,296

     

    2,332

     

    3,949

     

    3,689

    Working capital from certain recent acquisitions

    ‐

     

    ‐

     

    ‐

     

    ‐

     

     

    Adjusted working capital

    3,179

     

    5,296

     

    2,332

     

    3,949

     

    3,689

    Nutrien Financial working capital

    (4,560)

     

    (4,318)

     

    (2,877)

     

    (2,569)

     

     

    Adjusted working capital excluding Nutrien Financial

    (1,381)

     

    978

     

    (545)

     

    1,380

     

    108

     

     

     

     

     

     

     

     

     

     

    Sales

    8,074

     

    3,271

     

    3,179

     

    3,090

     

     

    Sales from certain recent acquisitions

    ‐

     

    ‐

     

    ‐

     

    ‐

     

     

    Adjusted sales

    8,074

     

    3,271

     

    3,179

     

    3,090

     

    17,614

    Nutrien Financial revenue

    (133)

     

    (85)

     

    (77)

     

    (70)

     

     

    Adjusted sales excluding Nutrien Financial

    7,941

     

    3,186

     

    3,102

     

    3,020

     

    17,249

     

     

     

     

     

     

     

     

     

     

    Adjusted average working capital to sales (%)

     

     

     

     

     

     

     

     

    21

    Adjusted average working capital to sales excluding Nutrien Financial (%)

     

     

     

    1

     

     

     

     

     

     

     

     

     

     

     

    Rolling four quarters ended December 31, 2024

    ($ millions, except as otherwise noted)

    Q1 2024

     

    Q2 2024

     

    Q3 2024

     

    Q4 2024

     

    Average/Total

    Current assets

    11,821

     

    11,181

     

    10,559

     

    10,360

     

     

    Current liabilities

    (8,401)

     

    (8,002)

     

    (5,263)

     

    (8,028)

     

     

    Working capital

    3,420

     

    3,179

     

    5,296

     

    2,332

     

    3,557

    Working capital from certain recent acquisitions

    ‐

     

    ‐

     

    ‐

     

    ‐

     

     

    Adjusted working capital

    3,420

     

    3,179

     

    5,296

     

    2,332

     

    3,557

    Nutrien Financial working capital

    (2,489)

     

    (4,560)

     

    (4,318)

     

    (2,877)

     

     

    Adjusted working capital excluding Nutrien Financial

    931

     

    (1,381)

     

    978

     

    (545)

     

    (4)

     

     

     

     

     

     

     

     

     

     

    Sales

    3,308

     

    8,074

     

    3,271

     

    3,179

     

     

    Sales from certain recent acquisitions

    ‐

     

    ‐

     

    ‐

     

    ‐

     

     

    Adjusted sales

    3,308

     

    8,074

     

    3,271

     

    3,179

     

    17,832

    Nutrien Financial revenue

    (66)

     

    (133)

     

    (85)

     

    (77)

     

     

    Adjusted sales excluding Nutrien Financial

    3,242

     

    7,941

     

    3,186

     

    3,102

     

    17,471

     

     

     

     

     

     

     

     

     

     

    Adjusted average working capital to sales (%)

     

     

     

     

     

     

     

     

    20

    Adjusted average working capital to sales excluding Nutrien Financial (%)

     

     

     

    ‐

     
     

    Other Financial Measures

    Selected Additional Financial Data

    Nutrien Financial

    As at March 31, 2025

    As at

    December 31, 2024

    ($ millions)

    Current

    <31 Days

    Past Due

    31–90 Days

    Past Due

    >90 Days

    Past Due

    Gross Receivables

    Allowance 1

    Net

    Receivables 2

    Net

    Receivables

    North America

    1,290

    88

    251

    211

    1,840

    (63)

    1,777

    2,178

    International

    672

    40

    54

    38

    804

    (12)

    792

    699

    Nutrien Financial receivables

    1,962

    128

    305

    249

    2,644

    (75)

    2,569

    2,877

    1 Bad debt expense on the above receivables for the three months ended March 31, 2025 were $18 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 excludes capital outlays for business acquisitions and equity-accounted investees.

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

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





    Condensed Consolidated Financial Statements

    Unaudited

    Condensed Consolidated Statements of Earnings

     

     

    Three Months Ended

     

     

    March 31

    ($ millions, except as otherwise noted)

    Note

    2025

     

    2024

    Sales

    2, 8

    5,100

     

    5,389

    Freight, transportation and distribution

     

    226

     

    238

    Cost of goods sold

     

    3,554

     

    3,614

    Gross Margin

     

    1,320

     

    1,537

    Selling expenses

     

    757

     

    794

    General and administrative expenses

     

    152

     

    154

    Provincial mining taxes

     

    68

     

    68

    Share-based compensation expense

     

    42

     

    6

    Foreign exchange loss, net of related derivatives

     

    7

     

    43

    Other expenses

    3

    68

     

    53

    Earnings Before Finance Costs and Income Taxes

    226

     

    419

    Finance costs

     

    179

     

    179

    Earnings Before Income Taxes

     

    47

     

    240

    Income tax expense

    4

    28

     

    75

    Net Earnings

     

    19

     

    165

    Attributable to

     

     

     

     

    Equity holders of Nutrien

     

    11

     

    158

    Non-controlling interest

     

    8

     

    7

    Net Earnings

     

    19

     

    165

     

     

     

     

     

    Net Earnings Per Share Attributable to Equity Holders of Nutrien ("EPS")

    Basic

     

    0.02

     

    0.32

    Diluted

     

    0.02

     

    0.32

    Weighted average shares outstanding for basic EPS

     

    489,397,000

     

    494,570,000

    Weighted average shares outstanding for diluted EPS

     

    489,540,000

     

    494,792,000

     

     

     

     

     

    (See Notes to the Condensed Consolidated Financial Statements)

     

    Condensed Consolidated Statements of Comprehensive Income

     

     

    Three Months Ended

     

    March 31

    ($ millions, net of related income taxes)

    2025

     

    2024

    Net Earnings

    19

     

    165

    Other comprehensive income (loss)

     

     

     

    Items that will not be reclassified to net earnings:

     

     

     

    Net fair value loss on investments

    (18)

     

    (18)

    Items that have been or may be subsequently reclassified to net earnings:

     

     

     

    Gain (loss) on currency translation of foreign operations

    39

     

    (66)

    Other

    4

     

    (18)

    Other Comprehensive Income (Loss)

    25

     

    (102)

    Comprehensive Income

    44

     

    63

    Attributable to

     

     

     

    Equity holders of Nutrien

    36

     

    57

    Non-controlling interest

    8

     

    6

    Comprehensive Income

    44

     

    63

     

     

     

     

    Condensed Consolidated Statements of Cash Flows

     

     

     

    Three Months Ended

     

     

    March 31

    ($ millions)

    Note

    2025

     

    2024

    Operating Activities

     

     

     

     

    Net earnings

     

    19

     

    165

    Adjustments for:

     

     

     

     

    Depreciation and amortization

     

    571

     

    565

    Share-based compensation expense

     

    42

     

    6

    Provision for deferred income tax

     

    80

     

    28

    Net undistributed earnings of equity-accounted investees

     

    (5)

     

    (50)

    Loss related to financial instruments in Argentina

    3

    ‐

     

    19

    Long-term income tax receivables and payables

     

    (38)

     

    43

    Other long-term assets, liabilities and miscellaneous

     

    5

     

    64

    Cash from operations before working capital changes

     

    674

     

    840

    Changes in non-cash operating working capital:

     

     

     

     

    Receivables

     

    (143)

     

    (257)

    Inventories and prepaid expenses and other current assets

     

    (1,274)

     

    (1,330)

    Payables and accrued charges

     

    (339)

     

    260

    Cash Used in Operating Activities

     

    (1,082)

     

    (487)

    Investing Activities

     

     

     

     

    Capital expenditures 1

     

    (300)

     

    (353)

    Business acquisitions, net of cash acquired

     

    (11)

     

    ‐

    Purchase of investments, held within three months, net

     

    (16)

     

    (18)

    Purchase of investments

     

    (2)

     

    (4)

    Proceeds from sale of investments

    5

    183

     

    ‐

    Net changes in non-cash working capital

     

    (88)

     

    (90)

    Other

     

    (9)

     

    (29)

    Cash Used in Investing Activities

     

    (243)

     

    (494)

    Financing Activities

     

     

     

     

    Proceeds from debt, maturing within three months, net

     

    912

     

    926

    Proceeds from debt

    6

    998

     

    ‐

    Repayment of debt

    6

    (4)

     

    (14)

    Repayment of principal portion of lease liabilities

     

    (110)

     

    (96)

    Dividends paid to Nutrien's shareholders

    7

    (265)

     

    (261)

    Repurchase of common shares, inclusive of related tax

    7

    (148)

     

    ‐

    Issuance of common shares

     

    3

     

    1

    Other

     

    (21)

     

    (8)

    Cash Provided by Financing Activities

     

    1,365

     

    548

    Effect of Exchange Rate Changes on Cash and Cash Equivalents

     

    2

     

    (12)

    Increase (Decrease) in Cash and Cash Equivalents

     

    42

     

    (445)

    Cash and Cash Equivalents – Beginning of Period

     

    853

     

    941

    Cash and Cash Equivalents – End of Period

     

    895

     

    496

    Cash and cash equivalents is composed of:

     

     

     

     

    Cash

     

    828

     

    422

    Short-term investments

     

    67

     

    74

     

     

    895

     

    496

    Supplemental Cash Flows Information

     

     

     

     

    Interest paid

     

    132

     

    132

    Income taxes paid

     

    7

     

    50

    Total cash outflow for leases

     

    150

     

    131

    1 Includes additions to property, plant and equipment, and intangible assets for the three months ended March 31, 2025 of $279 million and $21 million (2024 – $324 million and $29 million).

     

    (See Notes to the Condensed Consolidated Financial Statements)

     

    Condensed Consolidated Statements of Changes in Shareholders' Equity

     

     

     

     

     

     

     

     

    Accumulated Other Comprehensive

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) Income ("AOCI")

     

     

     

     

     

     

     

    ($ millions, inclusive of related tax, except as otherwise noted)

    Number of

    Common

    Shares

     

    Share

    Capital

     

    Contributed

    Surplus

     

    (Loss) Gain

    on Currency

    Translation


    of Foreign

    Operations

     

    Other

     

    Total

    AOCI

     

    Retained

    Earnings

     

    Equity

    Holders


    of

    Nutrien

     

    Non-

    Controlling

    Interest

     

    Total

    Equity

    Balance – December 31, 2023

    494,551,730

     

    13,838

     

    83

     

    (286)

     

    (10)

     

    (296)

     

    11,531

     

    25,156

     

    45

     

    25,201

    Net earnings

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    158

     

    158

     

    7

     

    165

    Other comprehensive loss

    ‐

     

    ‐

     

    ‐

     

    (65)

     

    (36)

     

    (101)

     

    ‐

     

    (101)

     

    (1)

     

    (102)

    Dividends declared 1

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    (266)

     

    (266)

     

    ‐

     

    (266)

    Non-controlling interest transactions

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    (8)

     

    (8)

    Effect of share-based compensation including issuance of common shares

    37,199

     

    2

     

    2

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    4

     

    ‐

     

    4

    Transfer of net loss on cash flow hedges

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    2

     

    2

     

    ‐

     

    2

     

    ‐

     

    2

    Balance – March 31, 2024

    494,588,929

     

    13,840

     

    85

     

    (351)

     

    (44)

     

    (395)

     

    11,423

     

    24,953

     

    43

     

    24,996

    Balance – December 31, 2024

    491,025,446

     

    13,748

     

    68

     

    (537)

     

    22

     

    (515)

     

    11,106

     

    24,407

     

    35

     

    24,442

    Net earnings

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    11

     

    11

     

    8

     

    19

    Other comprehensive income (loss)

    ‐

     

    ‐

     

    ‐

     

    39

     

    (14)

     

    25

     

    ‐

     

    25

     

    ‐

     

    25

    Shares repurchased for cancellation (Note 7)

    (2,862,814)

     

    (80)

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    (69)

     

    (149)

     

    ‐

     

    (149)

    Dividends declared 1

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    (266)

     

    (266)

     

    ‐

     

    (266)

    Non-controlling interest transactions

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    (11)

     

    (11)

    Effect of share-based compensation including issuance of common shares

    59,751

     

    3

     

    1

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    4

     

    ‐

     

    4

    Transfer of net gain on sale of investment

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    (27)

     

    (27)

     

    27

     

    ‐

     

    ‐

     

    ‐

    Transfer of net loss on cash flow hedges

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    6

     

    6

     

    ‐

     

    6

     

    ‐

     

    6

    Balance – March 31, 2025

    488,222,383

     

    13,671

     

    69

     

    (498)

     

    (13)

     

    (511)

     

    10,809

     

    24,038

     

    32

     

    24,070

    1 During the three months ended March 31, 2025, we declared dividends of $0.545 per share (2024 - $0.54 per share).

     

    (See Notes to the Condensed Consolidated Financial Statements)

     

    Condensed Consolidated Balance Sheets

     

     

     

     

     

     

     

    As at

     

     

    As at March 31

     

    December 31,

    ($ millions)

    Note

    2025

     

    2024

     

    2024

    Assets

     

     

     

     

     

     

    Current assets

     

     

     

     

     

     

    Cash and cash equivalents

     

    895

     

    496

     

    853

    Receivables

    8

    5,612

     

    5,561

     

    5,390

    Inventories

     

    7,992

     

    8,188

     

    6,148

    Prepaid expenses and other current assets

     

    863

     

    905

     

    1,401

     

     

    15,362

     

    15,150

     

    13,792

    Non-current assets

     

     

     

     

     

     

    Property, plant and equipment

     

    22,488

     

    22,410

     

    22,604

    Goodwill

     

    12,058

     

    12,083

     

    12,043

    Intangible assets

     

    1,791

     

    2,165

     

    1,819

    Investments

    5

    495

     

    768

     

    698

    Other assets

     

    875

     

    999

     

    884

    Total Assets

     

    53,069

     

    53,575

     

    51,840

    Liabilities

     

     

     

     

     

     

    Current liabilities

     

     

     

     

     

     

    Short-term debt

     

    2,437

     

    2,835

     

    1,534

    Current portion of long-term debt

    6

    1,038

     

    513

     

    1,037

    Current portion of lease liabilities

     

    364

     

    346

     

    356

    Payables and accrued charges

     

    8,752

     

    9,431

     

    9,118

     

     

    12,591

     

    13,125

     

    12,045

    Non-current liabilities

     

     

     

     

     

     

    Long-term debt

    6

    9,870

     

    8,910

     

    8,881

    Lease liabilities

     

    998

     

    1,034

     

    999

    Deferred income tax liabilities

     

    3,591

     

    3,601

     

    3,539

    Pension and other post-retirement benefit liabilities

     

    225

     

    246

     

    227

    Asset retirement obligations and accrued environmental costs

     

    1,528

     

    1,485

     

    1,543

    Other non-current liabilities

     

    196

     

    178

     

    164

    Total Liabilities

     

    28,999

     

    28,579

     

    27,398

    Shareholders' Equity

     

     

     

     

     

     

    Share capital

    7

    13,671

     

    13,840

     

    13,748

    Contributed surplus

     

    69

     

    85

     

    68

    Accumulated other comprehensive loss

     

    (511)

     

    (395)

     

    (515)

    Retained earnings

     

    10,809

     

    11,423

     

    11,106

    Equity holders of Nutrien

     

    24,038

     

    24,953

     

    24,407

    Non-controlling interest

     

    32

     

    43

     

    35

    Total Shareholders' Equity

     

    24,070

     

    24,996

     

    24,442

    Total Liabilities and Shareholders' Equity

     

    53,069

     

    53,575

     

    51,840

     

     

     

     

     

     

     

    (See Notes to the Condensed Consolidated Financial Statements)

     

    Notes to the Condensed Consolidated Financial Statements

    As at and for the Three Months Ended March 31, 2025

    Note 1 Basis of presentation

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

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

    Certain immaterial 2024 figures have been reclassified in the condensed consolidated statements of earnings, condensed consolidated statements of cash flows and Note 3 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 for issue by the Audit Committee of the Board of Directors for issue on May 7, 2025.

    Note 2 Segment information

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

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

     

     

    Downstream

     

    Upstream and Midstream

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate

     

     

     

     

    ($ millions)

    Retail

     

    Potash

     

    Nitrogen

     

    Phosphate

     

    and others

     

    Eliminations

     

    Consolidated

    Assets – as at March 31, 2025

    23,253

     

    13,890

     

    11,581

     

    2,443

     

    2,442

     

    (540)

     

    53,069

    Assets – as at December 31, 2024

    22,149

     

    13,792

     

    11,603

     

    2,453

     

    2,571

     

    (728)

     

    51,840

     
     

     

     

    Three Months Ended March 31, 2025

     

     

    Downstream

     

    Upstream and Midstream

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate

     

     

     

     

    ($ millions)

    Retail

     

    Potash

     

    Nitrogen

     

    Phosphate

     

    and others

     

    Eliminations

     

    Consolidated

    Sales

    – third party

    3,090

     

    766

     

    892

     

    338

     

    14

     

    ‐

     

    5,100

     

    – intersegment

    ‐

     

    95

     

    182

     

    67

     

    ‐

     

    (344)

     

    ‐

    Sales

    – total

    3,090

     

    861

     

    1,074

     

    405

     

    14

     

    (344)

     

    5,100

    Freight, transportation and

    distribution

    ‐

     

    117

     

    120

     

    45

     

    ‐

     

    (56)

     

    226

    Net sales

    3,090

     

    744

     

    954

     

    360

     

    14

     

    (288)

     

    4,874

    Cost of goods sold

    2,404

     

    380

     

    663

     

    361

     

    4

     

    (258)

     

    3,554

    Gross margin

    686

     

    364

     

    291

     

    (1)

     

    10

     

    (30)

     

    1,320

    Selling expenses (recovery)

    755

     

    3

     

    7

     

    2

     

    (3)

     

    (7)

     

    757

    General and administrative

    expenses

    44

     

    2

     

    6

     

    2

     

    98

     

    ‐

     

    152

    Provincial mining taxes

    ‐

     

    68

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    68

    Share-based compensation

    expense

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    42

     

    ‐

     

    42

    Foreign exchange loss, net of

    related derivatives

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    7

     

    ‐

     

    7

    Other expenses (income)

    25

     

    2

     

    12

     

    6

     

    18

     

    5

     

    68

    Earnings (loss) before finance costs

    and income taxes

    (138)

     

    289

     

    266

     

    (11)

     

    (152)

     

    (28)

     

    226

    Depreciation and amortization

    184

     

    157

     

    142

     

    72

     

    16

     

    ‐

     

    571

    EBITDA

    46

     

    446

     

    408

     

    61

     

    (136)

     

    (28)

     

    797

    Restructuring costs

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    1

     

    ‐

     

    1

    Share-based compensation

    expense

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    42

     

    ‐

     

    42

    ARO/ERL related expenses for

    non-operating sites

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    5

     

    ‐

     

    5

    Foreign exchange loss, net of

    related derivatives

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    7

     

    ‐

     

    7

    Adjusted EBITDA

    46

     

    446

     

    408

     

    61

     

    (81)

     

    (28)

     

    852

     

     

     

    Three Months Ended March 31, 2024

     

     

    Downstream

     

    Upstream and Midstream

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate

     

     

     

     

    ($ millions)

    Retail

     

    Potash

     

    Nitrogen

     

    Phosphate

     

    and others

     

    Eliminations

     

    Consolidated

    Sales

    – third party

    3,308

     

    821

     

    846

     

    414

     

    ‐

     

    ‐

     

    5,389

     

    – intersegment

    ‐

     

    106

     

    182

     

    85

     

    ‐

     

    (373)

     

    ‐

    Sales

    – total

    3,308

     

    927

     

    1,028

     

    499

     

    ‐

     

    (373)

     

    5,389

    Freight, transportation and

    distribution

    ‐

     

    114

     

    117

     

    62

     

    ‐

     

    (55)

     

    238

    Net sales

    3,308

     

    813

     

    911

     

    437

     

    ‐

     

    (318)

     

    5,151

    Cost of goods sold

    2,561

     

    358

     

    604

     

    372

     

    ‐

     

    (281)

     

    3,614

    Gross margin

    747

     

    455

     

    307

     

    65

     

    ‐

     

    (37)

     

    1,537

    Selling expenses (recovery)

    790

     

    3

     

    7

     

    2

     

    (2)

     

    (6)

     

    794

    General and administrative

    expenses

    52

     

    4

     

    5

     

    4

     

    89

     

    ‐

     

    154

    Provincial mining taxes

    ‐

     

    68

     

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    68

    Share-based compensation

    expense

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    6

     

    ‐

     

    6

    Foreign exchange loss, net of

    related derivatives

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    43

     

    ‐

     

    43

    Other expenses (income)

    22

     

    (3)

     

    (33)

     

    8

     

    54

     

    5

     

    53

    Earnings (loss) before finance costs

    and income taxes

    (117)

     

    383

     

    328

     

    51

     

    (190)

     

    (36)

     

    419

    Depreciation and amortization

    194

     

    147

     

    136

     

    70

     

    18

     

    ‐

     

    565

    EBITDA

    77

     

    530

     

    464

     

    121

     

    (172)

     

    (36)

     

    984

    Share-based compensation

    expense

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    6

     

    ‐

     

    6

    Loss related to financial instruments

    in Argentina

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    19

     

    ‐

     

    19

    ARO/ERL related expenses for

    non-operating sites

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    3

     

    ‐

     

    3

    Foreign exchange loss, net of

    related derivatives

    ‐

     

    ‐

     

    ‐

     

    ‐

     

    43

     

    ‐

     

    43

    Adjusted EBITDA

    77

     

    530

     

    464

     

    121

     

    (101)

     

    (36)

     

    1,055

     
     

     

    Three Months Ended

     

    March 31

    ($ millions)

    2025

     

    2024

    Retail sales by product line

     

     

     

    Crop nutrients

    1,194

     

    1,309

    Crop protection products

    972

     

    1,114

    Seed

    532

     

    485

    Services and other

    146

     

    156

    Merchandise

    189

     

    200

    Nutrien Financial

    70

     

    66

    Nutrien Financial elimination 1

    (13)

     

    (22)

     

    3,090

     

    3,308

    Potash sales by geography

     

     

     

    Manufactured product

     

     

     

    North America

    434

     

    520

    Offshore 2

    426

     

    407

    Other potash and purchased products

    1

     

    ‐

     

    861

     

    927

    Nitrogen sales by product line

     

     

     

    Manufactured product

     

     

     

    Ammonia

    240

     

    244

    Urea and ESN®

    382

     

    366

    Solutions, nitrates and sulfates

    321

     

    319

    Other nitrogen and purchased products

    131

     

    99

     

    1,074

     

    1,028

    Phosphate sales by product line

     

     

     

    Manufactured product

     

     

     

    Fertilizer

    249

     

    321

    Industrial and feed

    151

     

    167

    Other phosphate and purchased products

    5

     

    11

     

    405

     

    499

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

    2 Relates to Canpotex Limited ("Canpotex") (see Note 8) and includes provisional pricing adjustments for the three months ended March 31, 2025 of $31 million (2024 – $12 million).

    Note 3 Other expenses (income)

     

     

    Three Months Ended

     

    March 31

    ($ millions)

    2025

     

    2024

    Restructuring costs

    1

     

    ‐

    Earnings of equity-accounted investees

    (5)

     

    (51)

    Bad debt expense

    19

     

    13

    Project feasibility costs

    15

     

    15

    Customer prepayment costs

    18

     

    16

    Legal expenses

    5

     

    8

    Loss on natural gas derivatives not designated as hedge

    ‐

     

    3

    Loss related to financial instruments in Argentina

    ‐

     

    19

    ARO/ERL related expenses for non-operating sites ¹

    5

     

    3

    Other expenses

    10

     

    27

     

    68

     

    53

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

    Note 4 Income taxes

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

     

     

    Three Months Ended

     

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

    Actual effective tax rate on earnings (%)

    49

     

    30

    Actual effective tax rate including discrete items (%)

    60

     

    31

    Discrete tax adjustments that impacted the tax rate 1

    5

     

    3

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

    Note 5 Financial instruments

    During the three months ended March 31, 2025, we fully divested our remaining equity ownership interest in Sinofert Holdings Limited, which had been classified as a financial asset measured at fair value through other comprehensive income. Total proceeds from the sale were $193 million of which $28 million was collected subsequent to March 31, 2025. Total proceeds from the sale reflected the fair value of the investment at the date of derecognition. A loss of $18 million related to the investment during the period 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.

    Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $10,908 million and fair value of $10,272 million as at March 31, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

    Note 6 Debt

    ($ millions, except as otherwise noted)

    Rate of interest (%)

     

    Maturity

     

    Amount

    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 three months ended March 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.

    Subsequent to the three months ended March 31, 2025, we repaid our outstanding $500 million 3.000 percent senior notes that matured April 1, 2025.

    Note 7 Share capital

    Share repurchase programs

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

     

     

    Three Months Ended

     

    March 31

    ($ millions, except as otherwise noted)

    2025

     

    2024

    Number of common shares repurchased for cancellation

    2,862,814

     

    ‐

    Average price per share (US dollars)

    51.08

     

    ‐

    Total cost, inclusive of tax

    149

     

    ‐

     

    Subsequent to March 31, 2025, as of May 6, 2025, an additional 749,958 common shares were repurchased for cancellation at a cost of $39 million and an average price per share of $52.15.

    Dividends declared

    We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended March 31, 2025, payable on April 10, 2025 to shareholders of record on March 31, 2025.

    Note 8 Related party transactions

    We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized, at the time product is loaded for shipping, 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 March 31, 2025 were $57 million (2024 – $31 million).

     

     

    As at

     

    As at

    ($ millions)

    March 31, 2025

     

    December 31, 2024

    Receivables from Canpotex

    232

     

    122

    Payables to Canpotex

    77

     

    66

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250429588547/en/

    Jeff Holzman

    Vice President, Investor Relations

    (306) 933-8545

    [email protected]

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    • Nutrien Announces Results of 2025 Annual Meeting

      Nutrien Ltd. (TSX and NYSE:NTR) announced today the results of its annual meeting of shareholders held on May 7, 2025 (the "Meeting"). A total of 488,556,988 common shares, representing 74.48% of common shares outstanding, were represented at the Meeting. Results of the matters voted on at the Meeting are set out below. Election of Directors Nutrien's 12 director nominees were elected: Votes For (percent) Votes Against (percent) Christopher M. Burley 98.02% 1.98% Maura J. Clark 98.88% 1.12% Russell K. Girling 96.64% 3.36% Michael J. Hennigan 96.21% 3.79% Miranda C. Hubbs 98.20% 1.80% Raj S. Kushwaha 98.88% 1.12%

      5/7/25 8:31:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien Announces Results of 2024 Annual Meeting

      Nutrien Ltd. (NYSE:NTR) announced today the results of its annual meeting of shareholders held on May 8, 2024 (the "Meeting"). A total of 369,251,444 common shares, representing 74.66% of common shares outstanding, were represented at the Meeting. Results of the matters voted on at the Meeting are set out below. Election of Directors Nutrien's 12 director nominees were elected: Votes For (percent) Votes Against (percent) Christopher M. Burley 98.33% 1.67% Maura J. Clark 98.95% 1.05% Russell K. Girling 98.31% 1.69% Michael J. Hennigan 94.88% 5.12% Miranda C. Hubbs 98.48% 1.52%

      5/8/24 7:11:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien Announces Results of 2023 Annual Meeting

      Nutrien Ltd. (NYSE:NTR) announced today the results of its annual meeting of shareholders held on May 10, 2023 (the "Meeting"). A total of 386,934,221 common shares, representing 77.42% of common shares outstanding, were represented at the Meeting. Results of the matters voted on at the Meeting are set out below. Election of Directors Nutrien's 12 director nominees were elected: Votes For (percent) Votes Against (percent) Christopher M. Burley 95.86% 4.14% Maura J. Clark 95.57% 4.43% Russell K. Girling 93.30% 6.70% Michael J. Hennigan 91.15% 8.85% Miranda C. Hubbs 95.80% 4.20

      5/10/23 7:44:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials

    $NTR
    Financials

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    • Nutrien Declares Quarterly Dividend of US$0.545 per Share

      Nutrien Ltd. (TSX and NYSE:NTR) announced today that its Board of Directors has declared a quarterly dividend of US$0.545 per share payable on July 18, 2025, to shareholders of record on June 30, 2025. Registered shareholders who are residents of Canada as reflected in Nutrien's shareholders register, as well as beneficial holders (i.e., shareholders who hold their common shares through a broker or other intermediary) whose intermediary is a participant in CDS Clearing and Depositary Services Inc. or its nominee, CDS & Co., will receive their dividend in Canadian dollars, calculated based on the Bank of Canada daily average exchange rate on June 30, 2025. Registered shareholders resident o

      5/7/25 5:18:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien Reports First Quarter 2025 Results

      First quarter results supported by operational efficiency and cost savings initiatives. Maintaining 2025 full-year guidance ranges as operating performance and capital allocation priorities consistent with previous expectations. All amounts are in US dollars, except as otherwise noted Nutrien Ltd. (TSX and NYSE:NTR) announced today its first quarter 2025 results, with net earnings of $19 million ($0.02 diluted net earnings per share). First quarter 2025 adjusted EBITDA1 was $0.9 billion and adjusted net earnings per share1 was $0.11. "In the first quarter, Nutrien delivered strong potash sales volumes, increased ammonia operating rates and positioned our downstream retail network for

      5/7/25 5:05:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien Announces Release Dates for First Quarter 2025 Results and Conference Call

      Nutrien Ltd. (TSX and NYSE:NTR) announced today plans to release first quarter 2025 results after market close on Wednesday, May 7. Nutrien will host a conference call to discuss its results and outlook at 10:00 a.m. EST on Thursday, May 8. Investors can access the call by dialing 1-800-206-4400 or 1-289-514-5005. A webcast of the call can be accessed by visiting Nutrien's Investor Events and Presentation page. A recording of the call will be available after its completion and can be accessed at: www.nutrien.com/investors/events. The webcast link will be live for 12 months following the call. About Nutrien Nutrien is a leading global provider of crop inputs and services. We operate a wo

      4/15/25 6:25:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials

    $NTR
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Goldman initiated coverage on Nutrien with a new price target

      Goldman initiated coverage of Nutrien with a rating of Sell and set a new price target of $53.00

      3/13/25 8:15:56 AM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien downgraded by Barclays with a new price target

      Barclays downgraded Nutrien from Overweight to Equal Weight and set a new price target of $56.00 from $55.00 previously

      1/21/25 8:24:05 AM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien upgraded by Piper Sandler with a new price target

      Piper Sandler upgraded Nutrien from Underweight to Overweight and set a new price target of $58.00 from $50.00 previously

      1/13/25 8:27:16 AM ET
      $NTR
      Agricultural Chemicals
      Industrials

    $NTR
    Press Releases

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    • Nutrien Announces Results of 2025 Annual Meeting

      Nutrien Ltd. (TSX and NYSE:NTR) announced today the results of its annual meeting of shareholders held on May 7, 2025 (the "Meeting"). A total of 488,556,988 common shares, representing 74.48% of common shares outstanding, were represented at the Meeting. Results of the matters voted on at the Meeting are set out below. Election of Directors Nutrien's 12 director nominees were elected: Votes For (percent) Votes Against (percent) Christopher M. Burley 98.02% 1.98% Maura J. Clark 98.88% 1.12% Russell K. Girling 96.64% 3.36% Michael J. Hennigan 96.21% 3.79% Miranda C. Hubbs 98.20% 1.80% Raj S. Kushwaha 98.88% 1.12%

      5/7/25 8:31:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien Declares Quarterly Dividend of US$0.545 per Share

      Nutrien Ltd. (TSX and NYSE:NTR) announced today that its Board of Directors has declared a quarterly dividend of US$0.545 per share payable on July 18, 2025, to shareholders of record on June 30, 2025. Registered shareholders who are residents of Canada as reflected in Nutrien's shareholders register, as well as beneficial holders (i.e., shareholders who hold their common shares through a broker or other intermediary) whose intermediary is a participant in CDS Clearing and Depositary Services Inc. or its nominee, CDS & Co., will receive their dividend in Canadian dollars, calculated based on the Bank of Canada daily average exchange rate on June 30, 2025. Registered shareholders resident o

      5/7/25 5:18:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • Nutrien Reports First Quarter 2025 Results

      First quarter results supported by operational efficiency and cost savings initiatives. Maintaining 2025 full-year guidance ranges as operating performance and capital allocation priorities consistent with previous expectations. All amounts are in US dollars, except as otherwise noted Nutrien Ltd. (TSX and NYSE:NTR) announced today its first quarter 2025 results, with net earnings of $19 million ($0.02 diluted net earnings per share). First quarter 2025 adjusted EBITDA1 was $0.9 billion and adjusted net earnings per share1 was $0.11. "In the first quarter, Nutrien delivered strong potash sales volumes, increased ammonia operating rates and positioned our downstream retail network for

      5/7/25 5:05:00 PM ET
      $NTR
      Agricultural Chemicals
      Industrials

    $NTR
    SEC Filings

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    • SEC Form 6-K filed by Nutrien Ltd.

      6-K - Nutrien Ltd. (0001725964) (Filer)

      5/8/25 6:05:11 AM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • SEC Form 6-K filed by Nutrien Ltd.

      6-K - Nutrien Ltd. (0001725964) (Filer)

      4/1/25 12:24:38 PM ET
      $NTR
      Agricultural Chemicals
      Industrials
    • SEC Form 6-K filed by Nutrien Ltd.

      6-K - Nutrien Ltd. (0001725964) (Filer)

      3/13/25 5:12:58 PM ET
      $NTR
      Agricultural Chemicals
      Industrials