First half results demonstrate continued operational excellence and strong financial performance

Raised Potash sales volumes and lowered capital expenditures guidance ranges

Increased cash returns to shareholders

All amounts are in US dollars, except as otherwise noted

Nutrien Ltd. (TSX and NYSE:NTR) announced today its second quarter 2026 results, with net earnings of $1.22 billion ($2.53 diluted net earnings per share). Second quarter 2026 adjusted EBITDA¹ was $2.43 billion and adjusted net earnings per share¹ was $2.61.

"In the first half of 2026, Nutrien delivered record potash sales volumes, strong growth in proprietary products margins and further enhanced the reliability and cost position of our nitrogen assets in a dynamic global operating environment," commented Ken Seitz, Nutrien’s President and CEO. "Our focus on operational excellence, targeted growth investments and ongoing portfolio optimization initiatives is strengthening our business, supporting structural free cash flow growth and increasing cash returns to shareholders."

Highlights²:

Retail adjusted EBITDA increased to $1.24 billion in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia, partially offset by lower crop nutrient sales volumes and higher fuel costs.

Potash adjusted EBITDA increased to $1.24 billion in the first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes. We had record potash production and progressed mine automation, maintaining our controllable cash cost of product manufactured¹ below $60 per tonne.

Nitrogen adjusted EBITDA increased to $1.12 billion 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.

Cash provided by operating activities increased by 12 percent in the first half of 2026. We returned $848 million to shareholders in the first half of 2026 through dividends and share repurchases, including a 26 percent increase in share repurchases. We further increased the pace of share repurchases in the third quarter of 2026 and repurchased approximately $82 million of common shares in the quarter as of August 4, 2026.

Since June 2026, we entered into agreements to sell non-core assets for expected gross proceeds of approximately $90 million. Including these agreements, we have divested approximately $1 billion of non-core assets since the fourth quarter of 2024.

Remain on track to solidify the optimal path for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business in 2026.

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 six months ended June 30, 2026 to the results for the six months ended June 30, 2025, unless otherwise noted.

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.

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.

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.

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.
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 measures^{1, 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.

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.

Nitrogen

	Three Months Ended June 30				Six Months Ended June 30
($ millions, except as otherwise noted)	2026	2025^{1, 2}	% Change		2026	2025^{1, 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 – adjusted^{1, 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.

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

Corporate and Others and Eliminations

	Three Months Ended June 30			Six Months Ended June 30
($ millions, except as otherwise noted)	2026	2025^{1, 2}	% Change	2026	2025^{1, 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.

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)