Exhibit 99.3

 

 

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE AND SIX MONTHS ENDED

JUNE 30, 2026

Unaudited

 

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings

 

						Three Months Ended June 30								Six Months Ended June 30
($ millions, except as otherwise noted)		Note				2026				2025				2026				2025
Sales			2, 8				10,812				10,438				16,858				15,538
Freight, transportation and distribution							203				240				447				466
Cost of goods sold							7,358				7,023				11,514				10,577
Gross Margin							3,251				3,175				4,897				4,495
Selling expenses							1,001				951				1,800				1,708
General and administrative expenses							169				148				333				300
Provincial mining taxes							110				97				200				165
Share-based compensation (recovery) expense							(41	)			49				75				91
Foreign exchange loss, net of related derivatives							13				22				16				29
Other expenses			3				222				126				336				194
Earnings Before Finance Costs and Income Taxes							1,777				1,782				2,137				2,008
Finance costs							173				155				349				334
Earnings Before Income Taxes							1,604				1,627				1,788				1,674
Income tax expense			4				382				398				427				426
Net Earnings							1,222				1,229				1,361				1,248
Attributable to
Equity holders of Nutrien							1,214				1,221				1,345				1,232
Non-controlling interest							8				8				16				16
Net Earnings							1,222				1,229				1,361				1,248
Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”)
Basic							2.53				2.51				2.80				2.52
Diluted							2.53				2.50				2.80				2.52
Weighted average shares outstanding for basic EPS							479,600,000				487,396,000				480,426,000				488,391,000
Weighted average shares outstanding for diluted EPS							479,824,000				487,598,000				480,725,000				488,563,000
Condensed Consolidated Statements of Comprehensive Income
						Three Months Ended June 30								Six Months Ended June 30
($ millions, net of related income taxes)						2026				2025				2026				2025
Net Earnings							1,222				1,229				1,361				1,248
Other comprehensive (loss) income
Items that will not be reclassified to net earnings:
Net fair value loss on investments							(10	)			-				(10	)			(18	)
Items that have been or may be subsequently reclassified to net earnings:
(Loss) gain on currency translation of foreign operations							(11	)			162				61				201
Other							(9	)			22				(15	)			26
Other Comprehensive (Loss) Income							(30	)			184				36				209
Comprehensive Income							1,192				1,413				1,397				1,457
Attributable to
Equity holders of Nutrien							1,184				1,404				1,380				1,440
Non-controlling interest							8				9				17				17
Comprehensive Income							1,192				1,413				1,397				1,457

(See Notes to the Condensed Consolidated Financial Statements)

 

23

Unaudited

 

Condensed Consolidated Statements of Cash Flows

 

						Three Months Ended June 30								Six Months Ended June 30
($ millions)		Note				2026				2025				2026				2025
Operating Activities
Net earnings							1,222				1,229				1,361				1,248
Adjustments for:
Depreciation and amortization							604				614				1,210				1,185
Share-based compensation (recovery) expense							(41	)			49				75				91
(Recovery of) provision for deferred income tax							(17	)			(48	)			24				32
Net (undistributed) distributed earnings of equity-accounted investees							(1	)			90				(2	)			85
Long-term income tax receivables and payables							1				54				(14	)			16
Other long-term assets, liabilities and miscellaneous							70				(37	)			97				(32	)
Cash from operations before working capital changes							1,838				1,951				2,751				2,625
Changes in non-cash operating working capital:
Receivables							(2,385	)			(2,462	)			(2,915	)			(2,605	)
Inventories and prepaid expenses and other current assets							2,909				2,894				1,918				1,620
Trade, other payables and accrued liabilities							122				155				(121	)			(184	)
Cash Provided by Operating Activities							2,484				2,538				1,633				1,456
Investing Activities
Capital expenditures1							(491	)			(424	)			(816	)			(724	)
Business acquisitions, net of cash acquired							10				-				(40	)			(11	)
Purchase of investments, held within three months, net							(33	)			(53	)			(41	)			(69	)
Purchase of investments							(1	)			(91	)			(1	)			(93	)
Proceeds from sale of investments							-				93				-				276
Net changes in non-cash working capital							16				10				(78	)			(78	)
Other							(6	)			(30	)			(16	)			(39	)
Cash Used in Investing Activities							(505	)			(495	)			(992	)			(738	)
Financing Activities
(Repayment of) proceeds from debt, maturing within three months, net							(2,239	)			(578	)			(318	)			334
Proceeds from debt			6				1,000				-				1,000				998
Repayment of debt							(36	)			(531	)			(45	)			(535	)
Repayment of principal portion of lease liabilities							(108	)			(106	)			(208	)			(216	)
Dividends paid to Nutrien’s shareholders			7				(266	)			(268	)			(528	)			(533	)
Repurchase of common shares			7				(173	)			(105	)			(320	)			(253	)
Issuance of common shares							2				26				47				29
Other							(2	)			(10	)			(24	)			(31	)
Cash Used in Financing Activities							(1,822	)			(1,572	)			(396	)			(207	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents							(13	)			21				(12	)			23
Increase in Cash and Cash Equivalents							144				492				233				534
January 1, 2026 opening balance prior to restatement for amendments to IFRS 9			9				-				-				701				-
Adjustment on initial application of amendments to IFRS 9 on January 1, 2026			9				-				-				(13	)			-
Cash and Cash Equivalents – Beginning of Period							777				895				688				853
Cash and Cash Equivalents – End of Period							921				1,387				921				1,387
Cash and cash equivalents is composed of:
Cash							726				1,228				726				1,228
Short-term investments							195				159				195				159
							921				1,387				921				1,387
Supplemental Cash Flows Information
Interest paid							192				220				340				352
Income taxes paid (received)							87				(19	)			124				(12	)
Total cash outflow for leases							159				139				296				289

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended June 30, 2026 of $469 million and $22 million (2025 – $398 million and $26 million), respectively, and for the six months ended June 30, 2026 of $768 million and $48 million (2025 – $677 million and $47 million), respectively.

(See Notes to the Condensed Consolidated Financial Statements)

 

24

Unaudited

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, 2024			491,025,446				13,748				68				(537	)			22				(515	)			11,106				24,407				35				24,442
Net earnings			-				-				-				-				-				-				1,232				1,232				16				1,248
Other comprehensive income			-				-				-				200				8				208				-				208				1				209
Shares repurchased for cancellation (Note 7)			(4,741,786	)			(133	)			(10	)			-				-				-				(114	)			(257	)			-				(257	)
Dividends declared1			-				-				-				-				-				-				(533	)			(533	)			-				(533	)
Non-controlling interest transactions			-				-				-				-				-				-				-				-				(21	)			(21	)
Effect of share-based compensation including issuance of common shares			581,799				35				(3	)			-				-				-				-				32				-				32
Transfer of net gain on sale of investment			-				-				-				-				(27	)			(27	)			27				-				-				-
Transfer of net loss on cash flow hedges			-				-				-				-				1				1				-				1				-				1
Other			-				-				-				(2	)			-				(2	)			1				(1	)			-				(1	)
Balance – June 30, 2025			486,865,459				13,650				55				(339	)			4				(335	)			11,719				25,089				31				25,120
Balance – December 31, 2025			481,962,233				13,519				57				(329	)			-				(329	)			12,076				25,323				42				25,365
Net earnings			-				-				-				-				-				-				1,345				1,345				16				1,361
Other comprehensive income (loss)			-				-				-				60				(25	)			35				-				35				1				36
Shares repurchased for cancellation (Note 7)			(4,576,390	)			(128	)			-				-				-				-				(199	)			(327	)			-				(327	)
Dividends declared1			-				-				-				-				-				-				(529	)			(529	)			-				(529	)
Non-controlling interest transactions			-				-				-				-				-				-				-				-				(23	)			(23	)
Effect of share-based compensation including issuance of common shares			906,954				55				(6	)			-				-				-				-				49				-				49
Transfer of net loss on cash flow hedges			-				-				-				-				5				5				-				5				-				5
Other			-				-				-				-				-				-				1				1				-				1
Balance – June 30, 2026			478,292,797				13,446				51				(269	)			(20	)			(289	)			12,694				25,902				36				25,938

1 During the six months ended June 30, 2026, we declared dividends of $1.10 per share (2025 – $1.09 per share).

(See Notes to the Condensed Consolidated Financial Statements)

 

25

Unaudited

 

Condensed Consolidated Balance Sheets

 

				As at June 30										As at December 31
($ millions)		Note		2026				2025						2025
Assets
Current assets
Cash and cash equivalents					921				1,387						701
Receivables		8			8,687				8,086						5,675
Inventories					6,164				5,576						6,977
Prepaid expenses and other current assets					395				566						1,396
					16,167				15,615						14,749
Non-current assets
Property, plant and equipment					22,672				22,496						22,747
Goodwill					12,174				12,121						12,136
Intangible assets					1,565				1,745						1,667
Investments					137				407						144
Other assets					840				871						858
Total Assets					53,555				53,255						52,301
Liabilities
Current liabilities
Short-term debt		6			527				1,882						873
Current portion of long-term debt		6			1,434				538						513
Current portion of lease liabilities					366				363						346
Trade, other payables and accrued liabilities		8			9,296				8,991						9,309
					11,623				11,774						11,041
Non-current liabilities
Long-term debt		6			9,427				9,867						9,350
Lease liabilities					974				988						937
Deferred income tax liabilities					3,687				3,512						3,666
Pension and other post-retirement benefit liabilities					214				232						221
Asset retirement obligations and accrued environmental costs					1,447				1,536						1,468
Other non-current liabilities					245				226						253
Total Liabilities					27,617				28,135						26,936
Shareholders’ Equity
Share capital		7			13,446				13,650						13,519
Contributed surplus					51				55						57
Accumulated other comprehensive loss					(289	)			(335	)					(329	)
Retained earnings					12,694				11,719						12,076
Equity holders of Nutrien					25,902				25,089						25,323
Non-controlling interest					36				31						42
Total Shareholders’ Equity					25,938				25,120						25,365
Total Liabilities and Shareholders’ Equity					53,555				53,255						52,301

(See Notes to the Condensed Consolidated Financial Statements)

 

26

Unaudited

 

Notes to the Condensed Consolidated Financial Statements

As at and for the Three and Six Months Ended June 30, 2026

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 2025 annual audited consolidated financial statements with the exception of the amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, which were adopted effective January 1, 2026 (refer to Note 9). 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 2025 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 2025 figures have been reclassified in Note 2 Segment information.

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 by the Audit Committee of the Board of Directors for issue on August 5, 2026.

Note 2 Segment information

We have four reportable operating segments: 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, Australia and South America. 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 reported costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core businesses. 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 made to us 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.

 

27

Unaudited

 

In the fourth quarter of 2025, the Chief Operating Decision Maker (“CODM”) reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been presented in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the three and six months ended June 30, 2025.

 

($ millions)			Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
Sales			73				143
Gross Margin			3				7
EBITDA			2				5

 

		Three Months Ended June 30, 2026
		Downstream								Upstream and Midstream
($ millions)		Retail								Potash				Nitrogen				Phosphate				Corporate  and Others				Eliminations				Consolidated
Sales  – third party			8,270								1,055				959				441				87				-				10,812
– intersegment			-								80				314				84				-				(478	)			-
Sales  – total			8,270								1,135				1,273				525				87				(478	)			10,812
Freight, transportation and distribution1			-								82				119				57				(1	)			(54	)			203
Net sales			8,270								1,053				1,154				468				88				(424	)			10,609
Cost of goods sold			6,224								446				611				493				88				(504	)			7,358
Gross margin			2,046								607				543				(25	)			-				80				3,251
Selling expenses (recovery)			998								2				6				2				-				(7	)			1,001
General and administrative expenses			55								4				7				3				100				-				169
Provincial mining taxes			-								110				-				-				-				-				110
Share-based compensation recovery			-								-				-				-				(41	)			-				(41	)
Foreign exchange loss, net of related derivatives			-								-				-				-				13				-				13
Other expenses			45								14				45				16				87				15				222
Earnings (loss) before finance costs and income taxes			948								477				485				(46	)			(159	)			72				1,777
Depreciation and amortization			183								181				150				69				21				-				604
EBITDA			1,131								658				635				23				(138	)			72				2,381
Share-based compensation recovery			-								-				-				-				(41	)			-				(41	)
Foreign exchange loss, net of related derivatives			-								-				-				-				13				-				13
ARO/ERL related expenses for non-operating sites2 (Note 3)			-								-				-				-				11				-				11
Restructuring costs (Note 3)			-								-				-				-				66				-				66
Adjusted EBITDA			1,131								658				635				23				(89	)			72				2,430

1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

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

 

28

Unaudited

 

		Three Months Ended June 30, 2025
		Downstream								Upstream and Midstream
($ millions)		Retail								Potash				Nitrogen1				Phosphate				Corporate and Others1				Eliminations				Consolidated
Sales  – third party			7,959								992				1,031				382				74				-				10,438
– intersegment			-								93				309				67				-				(469	)			-
Sales  – total			7,959								1,085				1,340				449				74				(469	)			10,438
Freight, transportation and distribution2			-								94				153				53				-				(60	)			240
Net sales			7,959								991				1,187				396				74				(409	)			10,198
Cost of goods sold			5,941								440				674				363				70				(465	)			7,023
Gross margin			2,018								551				513				33				4				56				3,175
Selling expenses (recovery)			948								2				7				1				(1	)			(6	)			951
General and administrative expenses			44								2				6				1				95				-				148
Provincial mining taxes			-								97				-				-				-				-				97
Share-based compensation expense			-								-				-				-				49				-				49
Foreign exchange loss, net of related derivatives			-								-				-				-				22				-				22
Other expenses			54								8				1				7				46				10				126
Earnings (loss) before finance costs and income taxes			972								442				499				24				(207	)			52				1,782
Depreciation and amortization			177								188				166				68				15				-				614
EBITDA			1,149								630				665				92				(192	)			52				2,396
Share-based compensation expense			-								-				-				-				49				-				49
Foreign exchange loss, net of related derivatives			-								-				-				-				22				-				22
ARO/ERL related income for non-operating sites (Note 3)			-								-				-				-				(2	)			-				(2	)
Restructuring costs (Note 3)			-								-				-				-				21				-				21
Adjusted EBITDA			1,149								630				665				92				(102	)			52				2,486

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

2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

 

29

Unaudited

 

		Six Months Ended June 30, 2026
		Downstream								Upstream and Midstream
($ millions)		Retail								Potash				Nitrogen				Phosphate				Corporate  and Others				Eliminations				Consolidated
Sales  – third party			11,910								2,021				1,843				919				165				-				16,858
– intersegment			-								155				561				153				-				(869	)			-
Sales  – total			11,910								2,176				2,404				1,072				165				(869	)			16,858
Freight, transportation and distribution1			-								197				236				119				(1	)			(104	)			447
Net sales			11,910								1,979				2,168				953				166				(765	)			16,411
Cost of goods sold			9,064								868				1,258				982				152				(810	)			11,514
Gross margin			2,846								1,111				910				(29	)			14				45				4,897
Selling expenses (recovery)			1,796								5				12				4				(3	)			(14	)			1,800
General and administrative expenses			99								7				11				5				211				-				333
Provincial mining taxes			-								200				-				-				-				-				200
Share-based compensation expense			-								-				-				-				75				-				75
Foreign exchange (gain) loss, net of related derivatives			(2	)							-				-				-				18				-				16
Other expenses			81								40				72				23				97				23				336
Earnings (loss) before finance costs and income taxes			872								859				815				(61	)			(384	)			36				2,137
Depreciation and amortization			367								356				302				141				44				-				1,210
EBITDA			1,239								1,215				1,117				80				(340	)			36				3,347
Share-based compensation expense			-								-				-				-				75				-				75
Foreign exchange loss, net of related derivatives			-								-				-				-				18				-				18
ARO/ERL related income for non-operating sites (Note 3)			-								-				-				-				(17	)			-				(17	)
Restructuring costs (Note 3)			-								-				-				-				82				-				82
Impairment of assets recorded in other income and expenses (Note 3)			-								21				-				-				9				-				30
Adjusted EBITDA			1,239								1,236				1,117				80				(173	)			36				3,535

1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.

 

30