Nutrien To Highlight Strategic Priorities And 2026 Targets At Investor Day Today At 10:00 a.m. ET; Targeting Retail Adjusted EBITDA Of $1.9B-$2.1B In 2026, Including A Goal Of $1.4B In Gross Margin From Proprietary Products Portfolio; Intends To Reduce Controllable Costs Across Operations And Corporate Functions By ~$200M And Maintain Annual Average Capital Expenditures Of $2.2B-$2.3B Through 2026

Strategic Priorities and Performance Targets

Simplifying portfolio and focusing on core assets and markets to enhance earnings quality and free cash flow.

• Prioritizing investments to enhance our North American fertilizer production assets and proprietary products capabilities, strengthen our global distribution network and grow in our core downstream Retail markets.
• Reviewing strategic options for our 50 percent ownership stake in Profertil and announcing we are no longer pursuing our Geismar clean ammonia project.

Driving operational improvements and network optimization opportunities to increase asset efficiency.

• Focused on maintaining a low-cost position and enhancing the reliability of our upstream production assets. Supporting these objectives through the deployment of automation and other operational excellence initiatives in potash and the implementation of reliability and energy efficiency programs in nitrogen.
• Optimizing downstream Retail network through modernization and consolidation initiatives in North America and a targeted margin improvement plan in Brazil.

Utilizing competitive advantages to deliver scalable growth.

• Targeting potash and nitrogen sales volume growth of approximately 2.0 to 3.0 million tonnes by 2026, compared to 2023 levels.
• Targeting Retail adjusted EBITDA of $1.9 to $2.1 billion in 2026, including a goal of $1.4 billion in gross margin from our proprietary products portfolio.

Maintaining disciplined approach to cost and capital management.

• Intend to reduce controllable costs across our operations and corporate functions by approximately $200 million by 2026 and maintain annual average capital expenditures of $2.2 to $2.3 billion through 2026.
• Expect to generate strong cash flow through the cycle, providing the opportunity to pursue high conviction capital deployment opportunities, including meaningful returns to shareholders.

Nutrien will provide more detail on its strategic priorities, 2026 performance targets and capital allocation plans at its Investor Day this morning.