Exhibit 99.2

 

 

 

NUTRIEN LTD.

MANAGEMENT’S DISCUSSION AND ANALYSIS

AS AT AND FOR THE THREE AND SIX MONTHS ENDED

JUNE 30, 2026

Management’s Discussion and Analysis

The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of August 5, 2026. 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 19, 2026 (“2025 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 19, 2026, each for the year ended December 31, 2025, 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 2025 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 and six months ended June 30, 2026 (“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.

 

2

Market Outlook and Guidance

Agriculture and Retail Markets

 

•

Global agricultural markets are supported by robust grain and oilseed demand. Risks to global crop production and trade have increased due to geopolitical uncertainty and forecasts indicating El Niño conditions, which are expected to place upside pressure on crop prices.

 

•

In North America, firming crop prices and a focus on protecting yield potential is expected to support crop input demand in the third quarter of 2026. A faster than average pace of crop development supports the potential for an earlier start to the fall fertilizer application season.

 

•

In Australia, grower engagement across key cropping regions and strong livestock economics are supporting demand for retail products and services. In Brazil, soybean acreage is expected to moderately increase from the prior year and purchasing activity continues to be influenced by credit availability and affordability.

Crop Nutrient Markets

 

•

Global potash markets remain constructive due to favorable affordability, healthy demand in all major global markets and stable supply relative to other commodities. We have maintained our forecast for global potash shipments of 74 to 77 million tonnes in 2026 as projected shipment levels are expected to be consistent with consumption.

 

•

Global urea prices have strengthened in the third quarter of 2026 following a decline in the latter half of the second quarter during a seasonal low point for demand that was exacerbated this year due to evolving geopolitical developments. Global nitrogen market fundamentals are expected to remain tight in the second half of 2026, driven by ongoing trade flow disruptions, production outages, elevated energy prices and import demand from key consuming regions such as India and Brazil.

 

•

Global phosphate market fundamentals continue to be affected by trade flow disruptions, constrained sulfur feedstock availability and elevated costs, which have placed unsustainable pressure on phosphate producer margins and have resulted in reduced global operating rates.

 

3

Financial and Operational Guidance

 

•

Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents structural growth in our downstream business consistent with historical rates. The mid-point of our full-year guidance range assumes high-single digit growth in proprietary products gross margins, strong demand for crop inputs and services in Australia, increased crop nutrient margins per tonne and lower crop nutrient sales volumes compared to the prior year.

 

•

Potash sales volume guidance was increased to 14.2 to 14.8 million tonnes due to strong demand in key offshore markets and is consistent with our global shipment expectation.

 

•

Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes is supported by planned reliability improvements and debottlenecking initiatives. The range reflects the completion of planned turnarounds in the third quarter of 2026 and higher ammonia operating rates in the fourth quarter compared to the prior year.

 

•

Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflects the benefits of reliability improvement initiatives completed in 2025.

 

•

Total capital expenditures guidance was lowered to $1.95 to $2.05 billion and reflects a focus on capital efficiency and structurally growing free cash flow.

All guidance expectations, including those noted above, are outlined in the table below. Refer to page 33 of our 2025 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

 

		2026 Guidance Ranges1 as of
		August 5, 2026						May 6, 2026
($ billions, except as otherwise noted)		Low			High				Low				High
Retail adjusted EBITDA		1.75			1.95				1.75				1.95
Potash sales volumes (million tonnes)2		14.2			14.8				14.1				14.8
Nitrogen sales volumes (million tonnes)2		9.2			9.7				9.2				9.7
Phosphate sales volumes (million tonnes)2		2.4			2.6				2.4				2.6
Depreciation and amortization		2.4			2.5				2.4				2.5
Finance costs		0.65			0.75				0.65				0.75
Effective tax rate on adjusted net earnings (%)3		24.0			26.0				24.0				26.0
Capital expenditures4		1.95			2.05				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.

 

4

Consolidated Results

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Sales			10,812				10,438				4								16,858				15,538				8
Gross margin			3,251				3,175				2								4,897				4,495				9
Expenses			1,474				1,393				6								2,760				2,487				11
Net earnings			1,222				1,229				(1	)							1,361				1,248				9
Adjusted EBITDA1			2,430				2,486				(2	)							3,535				3,338				6
Diluted net earnings per share (dollars)2			2.53				2.50				1								2.80				2.52				11
Adjusted net earnings per share (dollars)1, 2			2.61				2.65				(2	)							3.11				2.75				13

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 increased in the first half of 2026, primarily due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes. Net earnings and adjusted EBITDA decreased in the second quarter of 2026, as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs.

Segment Results

Our discussion of segment results set out on the following pages is a comparison of the results for the three and six months ended June 30, 2026 to the results for the three and six months ended June 30, 2025, unless otherwise noted.

 

Retail

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Sales			8,270				7,959				4								11,910				11,049				8
Cost of goods sold			6,224				5,941				5								9,064				8,345				9
Gross margin			2,046				2,018				1								2,846				2,704				5
Adjusted EBITDA1			1,131				1,149				(2	)							1,239				1,195				4

1 See Note 2 to the interim financial statements.

 

•

Retail adjusted EBITDA increased in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia. Retail adjusted EBITDA decreased in the second quarter of 2026 mainly due to lower crop nutrient sales volumes and higher fuel costs.

 

		Three Months Ended June 30																								Six Months Ended June 30
		Sales												Gross Margin												Sales												Gross Margin
($ millions)			2026				2025								2026				2025								2026				2025								2026				2025
Crop nutrients			3,541				3,391								695				697								5,024				4,585								945				916
Crop protection products			2,755				2,666								707				676								3,892				3,638								933				867
Seed			1,278				1,278								242				266								1,840				1,810								326				336
Services and other			308				286								256				235								483				432								400				353
Merchandise			291				238								49				44								514				427								85				75
Nutrien Financial			145				135								145				135								225				205								225				205
Nutrien Financial elimination1			(48	)			(35	)							(48	)			(35	)							(68	)			(48	)							(68	)			(48	)
Total			8,270				7,959								2,046				2,018								11,910				11,049								2,846				2,704

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

 

•

Crop nutrients sales increased in the second quarter and first half of 2026 due to higher selling prices. Gross margin was relatively flat in the second quarter of 2026, as increased sales of proprietary nutritional products was offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products. Gross margin increased in the first half of 2026, reflecting increased sales of proprietary nutritional products.

 

•

Crop protection products sales and gross margin increased in the second quarter and first half of 2026 due to higher sales of proprietary products, supported by increased herbicide sales volumes in the US and earlier grower engagement in Australia.

 

5

•

Seed gross margin decreased in the second quarter and first half of 2026 primarily due to product mix shifts, partially offset by higher sales volumes, including higher-margin canola seed in Australia.

 

•

Services and other sales and gross margin increased in the second quarter and first half of 2026 due to a strong livestock market in Australia.

 

Supplemental Data		Three Months Ended June 30																								Six Months Ended June 30
		Gross Margin												% of Product Line1												Gross Margin												% of Product Line1
($ millions, except as otherwise noted)			2026				2025								2026				2025								2026				2025								2026				2025
Proprietary products
Crop nutrients			248				228								36				33								328				297								35				32
Crop protection products			314				246								45				37								402				299								43				34
Seed			86				87								35				37								107				115								33				34
Merchandise			4				3								8				6								6				6								7				7
Total			652				564								32				29								843				717								30				27
1 Represents percentage of proprietary product margins over total product line gross margin.
		Three Months Ended June 30																								Six Months Ended June 30
		Sales Volumes (tonnes – thousands)												Gross Margin / Tonne (dollars)												Sales Volumes (tonnes – thousands)												Gross Margin / Tonne (dollars)
			2026				2025								2026				2025								2026				2025								2026				2025
Crop nutrients
North America			3,795				4,419								167				146								5,395				5,883								156				142
International			1,057				1,072								58				48								1,905				1,898								54				42
Total			4,852				5,491								143				127								7,300				7,781								129				118

 

(percentages)			June 30, 2026								December 31, 2025
Financial performance measures1, 2
Cash operating coverage ratio			63								62
Average working capital to sales			23								22

1 Rolling four quarters.

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

 

6

Potash

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Net sales			1,053				991				6								1,979				1,735				14
Cost of goods sold			446				440				1								868				820				6
Gross margin			607				551				10								1,111				915				21
Adjusted EBITDA1			658				630				4								1,236				1,076				15

1 See Note 2 to the interim financial statements.

 

•

Potash adjusted EBITDA increased in the second quarter and first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes, partially offset by higher provincial mining taxes. We had record production and progressed mine automation, maintaining our controllable cash cost of product manufactured1 below $60 per tonne.

 

Manufactured Product			Three Months Ended June 30												Six Months Ended June 30
($ per tonne, except as otherwise noted)			2026				2025								2026				2025
Sales volumes (tonnes – thousands)
North America			922				1,038								2,207				2,350
Offshore			3,021				2,951								5,246				5,041
Total sales volumes			3,943				3,989								7,453				7,391
Net selling price
North America			295				279								290				259
Offshore			259				237								255				224
Average net selling price			267				248								266				235
Cost of goods sold			113				110								117				112
Gross margin			154				138								149				123
Depreciation and amortization			47				47								48				47
Gross margin excluding depreciation and amortization1			201				185								197				170

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

 

•

Sales volumes increased in the first half of 2026 due to low inventory levels and favorable potash affordability in key offshore markets.

 

•

Net selling price per tonne increased in the second quarter and first half of 2026 due to higher global benchmark prices, partially offset by higher offshore freight and insurance costs.

 

•

Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher royalties and maintenance costs.

 

Supplemental Data			Three Months Ended June 30												Six Months Ended June 30
			2026				2025								2026				2025
Production volumes (tonnes – thousands)			3,996				3,531								7,656				6,820
Potash controllable cash cost of product manufactured per tonne1			55				55								57				57
Canpotex sales by market (percentage of sales volumes)2
Latin America			47				42								44				37
Other Asian markets3			23				34								26				33
China			11				8								14				12
India			4				-								3				2
Other markets			15				16								13				16
Total			100				100								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.

 

7

Nitrogen

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				20251, 2				% Change								2026				20251, 2				% Change
Net sales			1,154				1,187				(3	)							2,168				2,072				5
Cost of goods sold			611				674				(9	)							1,258				1,272				(1	)
Gross margin			543				513				6								910				800				14
Adjusted EBITDA2			635				665				(5	)							1,117				1,070				4

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 2 to the interim financial statements.

 

•

Nitrogen adjusted EBITDA increased in the first half of 2026 due to higher global nitrogen benchmarks and lower natural gas costs. Production from our low-cost North American nitrogen plants was consistent with our plan, which included the successful execution of the largest turnaround in our Carseland facility’s history. Nitrogen adjusted EBITDA decreased in the second quarter of 2026 due to lower sales volumes, partially offset by higher global benchmarks. Other expenses increased in the second quarter and first half of 2026 due to Trinidad safe mode costs incurred in connection with its controlled shutdown and the absence of Profertil equity earnings recognized in the comparable periods in 2025.

 

Manufactured Product			Three Months Ended June 30												Six Months Ended June 30
($ per tonne, except as otherwise noted)			2026				2025								2026				2025
Sales volumes (tonnes – thousands)
Ammonia			403				734								701				1,230
Urea and ESN®			536				961								1,284				1,756
Solutions, nitrates and sulfates			1,314				1,322								2,609				2,500
Total sales volumes			2,253				3,017								4,594				5,486
Net selling price
Ammonia			609				408								554				412
Urea and ESN®			620				509								559				477
Solutions, nitrates and sulfates			335				287								309				263
Average net selling price			452				387								416				365
Cost of goods sold			216				219								220				222
Gross margin			236				168								196				143
Depreciation and amortization			56				55								58				56
Gross margin excluding depreciation and amortization1			292				223								254				199

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

 

•

Sales volumes decreased in the second quarter of 2026, reflecting no production from the Trinidad and New Madrid facilities4, planned maintenance at Carseland and deferred customer purchases. For the first half of 2026, the impact of these factors was partially offset by higher solutions, nitrates and sulfates sales volumes driven by reliability and debottlenecking initiatives.

 

•

Net selling price per tonne was higher in the second quarter and first half of 2026 for all major nitrogen products due to stronger global benchmark prices. In the second quarter of 2026, net selling prices reflected the portion of sales volumes established earlier in the year, prior to the onset of geopolitical conflict in the Middle East.

 

•

Cost of goods sold per tonne was lower in the second quarter and first half of 2026 due to lower overall natural gas costs, partially offset by higher sulfur input costs for ammonium sulfate and turnaround costs. The lower overall natural gas cost reflects a higher proportion of production from our low-cost North American nitrogen plants compared to the same periods in 2025.

 

Supplemental Data			Three Months Ended June 30												Six Months Ended June 30
			2026				2025								2026				2025
Sales volumes (tonnes – thousands)
Fertilizer			1,346				1,845								2,755				3,234
Industrial and feed			907				1,172								1,839				2,252
Production volumes (tonnes – thousands)
Ammonia production – total1			1,056				1,535								2,178				3,078
Ammonia production – adjusted1, 2			956				1,088								1,975				2,164
Ammonia operating rate (%)2			86				98								89				98
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact			2.10				3.31								2.72				3.61
Realized derivative impact3			-				-								-				-
Overall natural gas cost			2.10				3.31								2.72				3.61

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.

4 As previously disclosed, on October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown and we ceased production at our New Madrid nitrogen upgrade facility at year-end 2025.

 

8

Phosphate

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Net sales			468				396				18								953				756				26
Cost of goods sold			493				363				36								982				724				36
Gross margin			(25	)			33				n/m								(29	)			32				n/m
Adjusted EBITDA1			23				92				(75	)							80				153				(48	)

1 See Note 2 to the interim financial statements.

 

•

Phosphate adjusted EBITDA decreased in the second quarter and first half of 2026 due to higher sulfur input costs, partially offset by higher global benchmarks and sales volumes compared to the same periods of 2025.

 

Manufactured Product			Three Months Ended June 30												Six Months Ended June 30
($ per tonne, except as otherwise noted)			2026				2025								2026				2025
Sales volumes (tonnes – thousands)
Fertilizer			409				374								877				706
Industrial and feed			181				169								371				337
Total sales volumes			590				543								1,248				1,043
Net selling price
Fertilizer			719				666								692				661
Industrial and feed			919				821								901				819
Average net selling price			781				714								754				712
Cost of goods sold			812				646								766				672
Gross margin			(31	)			68								(12	)			40
Depreciation and amortization			117				125								113				134
Gross margin excluding depreciation and amortization1			86				193								101				174

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

 

•

Sales volumes were higher in the second quarter and the first half of 2026 due to higher production volumes from reliability improvements compared to the first half of 2025.

 

•

Net selling price per tonne increased in the second quarter and first half of 2026 due to stronger global benchmark prices.

 

•

Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher sulfur input costs.

 

Supplemental Data			Three Months Ended June 30												Six Months Ended June 30
			2026				2025								2026				2025
Production volumes (P2O5 tonnes – thousands)			319				333								656				615
P2O5 operating rate (%)			75				79								78				73

 

9

Corporate and Others and Eliminations

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				20251, 2				% Change								2026				20251, 2				% Change
Corporate and Others
Gross margin2			-				4				n/m								14				18				(22	)
Selling recovery			-				(1	)			n/m								(3	)			(4	)			(25	)
General and administrative expenses			100				95				5								211				194				9
Share-based compensation (recovery) expense			(41	)			49				n/m								75				91				(18	)
Foreign exchange loss, net of related derivatives			13				22				(41	)							18				29				(38	)
Other expenses			87				46				89								97				64				52
Adjusted EBITDA2			(89	)			(102	)			(13	)							(173	)			(180	)			(4	)
Eliminations
Gross margin			80				56				43								45				26				73
Adjusted EBITDA2			72				52				38								36				24				50

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 2 to the interim financial statements.

 

•

Share-based compensation (recovery) expense was a recovery in the second quarter and a lower expense in the first half of 2026 due to a decrease 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.

 

•

Other expenses increased in the second quarter and first half of 2026 due to higher restructuring costs associated with portfolio optimization initiatives.

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

 

		Three Months Ended June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Finance costs			173				155				12								349				334				4
Income taxes
Income tax expense			382				398				(4	)							427				426				-
Actual effective tax rate including discrete items (%)			24				24				-								24				25				(4	)
Other comprehensive (loss) income			(30	)			184				n/m								36				209				(83	)

 

•

Other comprehensive (loss) income is primarily driven by changes in the currency of our foreign operations. There was a loss in the second quarter and lower income in the first half of 2026 due to lower appreciation of the Australian and Brazilian currencies and depreciation of the Canadian currency, relative to the US dollar, compared to the same periods in 2025.

 

10

Liquidity and Capital Resources

Sources and uses of liquidity

We continued to manage our capital in accordance with our current 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 June 30																Six Months Ended June 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Cash provided by operating activities			2,484				2,538				(2	)							1,633				1,456				12
Cash used in investing activities			(505	)			(495	)			2								(992	)			(738	)			34
Cash used in financing activities			(1,822	)			(1,572	)			16								(396	)			(207	)			91
Cash used for dividends and share repurchases1			(439	)			(373	)			18								(848	)			(786	)			8

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

 

Cash provided by operating activities		• Decreased in the second quarter of 2026 as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs. • Increased in the first half of 2026 due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes.
Cash used in investing activities		• Increased in the second quarter and first half of 2026, primarily due to the absence of proceeds from the sale of our investment in Sinofert Holdings Limited recognized in the comparable period. In the first half of 2026 capital expenditures increased due to the timing of turnaround activities in Nitrogen as well as an increase in cash used on business acquisitions.
Cash used in financing activities		• Increased in the second quarter and first half of 2026 due to higher commercial paper repayments, partially offset by the issuance of $1.0 billion in senior notes in the second quarter of 2026 with no comparable issuance in the second quarter of 2025. In addition, we repaid senior notes maturing in the second quarter of 2025 with no comparable repayment in the second quarter of 2026.
Cash used for dividends and share repurchases		• Increased in the second quarter and first half of 2026 due to higher share repurchases.

 

11

Financial Condition Review

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

 

		As at
($ millions, except as otherwise noted)			June 30, 2026				December 31, 2025			$	Change				% Change
Assets
Cash and cash equivalents			921				701				220				31
Receivables			8,687				5,675				3,012				53
Inventories			6,164				6,977				(813	)			(12	)
Prepaid expenses and other current assets			395				1,396				(1,001	)			(72	)
Property, plant and equipment			22,672				22,747				(75	)			-
Liabilities and Shareholders’ Equity
Short-term debt			527				873				(346	)			(40	)
Trade, other payables and accrued liabilities			9,296				9,309				(13	)			-
Long-term debt, including current portion			10,861				9,863				998				10
Share capital			13,446				13,519				(73	)			(1	)
Retained earnings			12,694				12,076				618				5

 

•

Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources and uses of cash” section.

 

•

Receivables increased primarily due to the seasonality of Retail sales and a strategic extension of credit terms to our Retail customers.

 

•

Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally increase at year-end, peak in the first quarter of the year in preparation for the planting and application seasons, and are drawn down in the succeeding quarters.

 

•

Prepaid expenses and other current assets decreased due to Retail taking delivery of prepaid inventories during the planting and application season in North America.

 

•

Short-term debt decreased due to repayments of, and lower draws on, our credit facilities due to the issuance of $1.0 billion of senior notes.

 

•

Trade, other payables and accrued liabilities decreased due to lower customer prepayments in North America as Retail customers took delivery of prepaid sales, as well as settlement of our Retail supplier financing arrangements in 2026 that were entered into in the fourth quarter of 2025. This was partially offset by higher income tax payable as our tax provision exceeded payments.

 

•

Long-term debt, including current portion, increased due to the issuance of $1.0 billion of senior notes in the second quarter of 2026, the net proceeds of which were used to pay short-term debt.

 

12

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 six months ended June 30, 2026.

Capital structure (debt and equity)

 

($ millions)			June 30, 2026				December 31, 2025
Short-term debt			527				873
Current portion of long-term debt			1,434				513
Current portion of lease liabilities			366				346
Long-term debt			9,427				9,350
Lease liabilities			974				937
Shareholders’ equity			25,938				25,365

Commercial paper, credit facilities and other debt

We have a total facility limit of approximately $7,310 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 June 30, 2026, we utilized $540 million of our total facility limit, which includes $419 million of commercial paper outstanding. During the first half of 2026, we extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028 and entered into a $69 million uncommitted revolving demand facility.

As at June 30, 2026, $231 million in letters of credit were outstanding and committed, with $258 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 2025 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first half of 2026, we issued $500 million of 4.850 percent senior notes due May 29, 2031 and $500 million of 5.350 percent senior notes due May 29, 2036. See Note 6 to the interim financial statements.

Outstanding share data

 

			As at August 4, 2026
Common shares			477,210,074
Options to purchase common shares			1,890,151

For more information on our capital management, see Note 4 to the annual financial statements in our 2025 Annual Report.

 

13

Quarterly Results

 

($ millions, except as otherwise noted)		Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024
Sales			10,812				6,046				5,340				6,007				10,438				5,100				5,079				5,348
Net earnings			1,222				139				580				469				1,229				19				118				25
Net earnings attributable to equity holders of Nutrien			1,214				131				571				464				1,221				11				113				18
Net earnings per share attributable to equity holders of Nutrien
Basic			2.53				0.27				1.18				0.96				2.51				0.02				0.23				0.04
Diluted			2.53				0.27				1.18				0.96				2.50				0.02				0.23				0.04

Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, global demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements.

Accounting Policies and New IFRS Standards

Significant accounting policies are disclosed in our 2025 Annual Report and have been consistently applied for the six months ended June 30, 2026, except as described below.

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The impact was not material. On initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2026.

Critical Accounting Estimates

The preparation of financial statements in accordance with IFRS requires management to make estimates and judgments that affect reported assets, liabilities, revenues and expenses. 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 64 to 65 of our 2025 Annual Report. There were no material changes to our critical accounting estimates for the three months ended June 30, 2026.

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 June 30, 2026, that has materially affected, or is reasonably likely to materially affect, our ICFR.

 

14

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 and within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (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 2026 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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business and associated outcomes and the anticipated timing thereof; expectations regarding structural growth in our downstream business; expectations regarding our capital allocation approach and strategies, including our intentions with respect to our strategic actions and the expected timing thereof; our expectations regarding Nutrien’s strategic priorities and our ability to advance and achieve such strategic priorities in 2026 and beyond; expectations regarding various performance targets in 2026 and beyond and our ability to achieve such targets; capital spending expectations for 2026 and beyond; expectations regarding performance of our operating segments in 2026 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; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix and the need to replenish soil nutrient levels, weather conditions, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, geopolitical disruptions, including the ongoing conflict in the Middle East, inventories, crop development, and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof, including timing of the completion of, and expected proceeds from, pending or announced dispositions of non-core assets; and expectations in connection with our ability to generate free cash flow, enhance earnings quality, and 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 and gross margins; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; successful execution of the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, within the anticipated timing and parameters, and realization of the expected benefits therefrom; continued reliability improvements; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, operating rates, 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, government support, crop development and cost of labor and interest, exchange and effective tax rates; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; the reliability and accuracy of third-party weather and climate forecasts, including forecasts regarding El Niño/La Niña conditions, underlying our crop production and crop price expectations; 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,

 

15

including the ongoing 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 and volatility in oil prices; 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; the 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; failure to complete announced and future strategic and asset optimization initiatives, acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality of our business; 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) and regulatory investigations; current and future litigation proceedings, investigations and other contingencies; the results of our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, including the process and the timing thereof, and whether the review will result in Nutrien undertaking a transaction, including the terms and timing relating thereto, the completion thereof and the benefits to be realized therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions; 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 ongoing 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 2025 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.

 

16

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: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale 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 June 30								Six Months Ended June 30
($ millions)			2026				2025				2026				2025
Net earnings			1,222				1,229				1,361				1,248
Finance costs			173				155				349				334
Income tax expense			382				398				427				426
Depreciation and amortization			604				614				1,210				1,185
EBITDA1			2,381				2,396				3,347				3,193
Adjustments:
Share-based compensation (recovery) expense			(41	)			49				75				91
Foreign exchange loss, net of related derivatives			13				22				18				29
ARO/ERL related expenses (income) for non-operating sites			11				(2	)			(17	)			3
Restructuring costs			66				21				82				22
Impairment of assets recorded in other income and expenses			-				-				30				-
Adjusted EBITDA			2,430				2,486				3,535				3,338

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

 

18

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 sale 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 June 30, 2026												Six Months Ended June 30, 2026
($ millions, except as otherwise noted)			Increases (Decreases)				Post-Tax				Per Diluted Share				Increases (Decreases)				Post-Tax				Per Diluted Share
Net earnings attributable to equity holders of Nutrien							1,214				2.53								1,345				2.80
Adjustments:
Share-based compensation (recovery) expense			(41	)			(32	)			(0.07	)			75				56				0.12
Foreign exchange loss, net of related derivatives			13				8				0.02				18				18				0.03
ARO/ERL related expenses (income) for non-operating sites			11				9				0.02				(17	)			(13	)			(0.03	)
Restructuring costs			66				52				0.11				82				68				0.14
Impairment of assets recorded in other income and expenses			-				-				-				30				22				0.05
Sub-total adjustments			49				37				0.08				188				151				0.31
Adjusted net earnings							1,251				2.61								1,496				3.11
		Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
($ millions, except as otherwise noted)			Increases (Decreases)				Post-Tax				Per Diluted Share				Increases (Decreases)				Post-Tax				Per Diluted Share
Net earnings attributable to equity holders of Nutrien							1,221				2.50								1,232				2.52
Adjustments:
Share-based compensation expense			49				37				0.08				91				68				0.14
Foreign exchange loss, net of related derivatives			22				17				0.04				29				23				0.05
ARO/ERL related (income) expenses for non-operating sites			(2	)			(1	)			-				3				3				-
Restructuring costs			21				17				0.03				22				18				0.04
Sub-total adjustments			90				70				0.15				145				112				0.23
Adjusted net earnings							1,291				2.65								1,344				2.75

 

19