Mr. Ken Seitz reports

NUTRIEN REPORTS THIRD QUARTER 2023 RESULTS

Nutrien Ltd. has released its third quarter 2023 results, with net earnings of $82-million (15-cent diluted net earnings per share). Third quarter 2023 adjusted net earnings per share were 35 cents, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.1-billion.

"Nutrien's third quarter results reflect the strength of agriculture and crop nutrient market fundamentals in North America. We delivered record potash sales volumes and are encouraged by the increased level of demand and market stability in the second half of 2023. We are optimistic on the outlook for our business and will continue to position the company to efficiently serve the needs of our customers," commented Ken Seitz, Nutrien's president and chief executive officer.

"Our focus is on initiatives that strengthen the advantages of our integrated business, drive operational efficiencies and increase free cash flow. We expect to deliver growth from highly targeted investment projects and maintain a balanced and disciplined approach to capital allocation, including the return of meaningful capital to our shareholders," added Mr. Seitz.

Highlights:

• Generated net earnings of $1.1-billion ($2.18 diluted net earnings per share) and adjusted EBITDA of $5.0-billion ($4.01 adjusted net earnings per share) in the first nine months of 2023, down from the record levels achieved over the comparable period in 2022; adjusted EBITDA declined primarily due to lower net realized fertilizer prices across all segments and lower Nutrien Ag Solutions (retail) earnings;
• Retail adjusted EBITDA declined to $197-million in the third quarter primarily due to lower gross margin for crop protection products, partially offset by higher gross margin for crop nutrients and seed; crop nutrients gross margin increased in the quarter due to improved grower demand and higher per-tonne margins for its commodity fertilizer and proprietary nutritional and biostimulant product lines;
• Potash adjusted EBITDA declined to $611-million in the third quarter due to lower net realized selling prices; it delivered record potash sales volumes in the quarter supported by strong demand in North America and increased Canpotex sales to Brazil, which more than offset the impact of logistical challenges at Canpotex's West Coast port facilities and lower demand from customers in India and Southeast Asia;
• Nitrogen adjusted EBITDA declined to $294-million in the third quarter due to lower net realized selling prices and lower sales volumes due to production outages, which more than offset lower natural gas costs;
• Returned $1.8-billion to shareholders in the first nine months of 2023 through dividends and share repurchases;
• Full-year 2023 adjusted EBITDA guidance was narrowed to $5.8-billion to $6.4-billion, and adjusted net earnings per-share guidance was revised to $4.15 to $5 per share.

About Nutrien Ltd.

Nutrien is the world's largest provider of crop inputs and services, helping to safely and sustainably feed a growing world. It operates a world-class network of production, distribution and retail facilities that positions it to efficiently serve the needs of growers. It focuses on creating long-term value for all stakeholders by advancing its key environmental, social and governance priorities.

Nutrien will host a conference call on Thursday, Nov. 2, 2023, at 10 a.m. Eastern Time.

Telephone conference dial-in numbers:

• From Canada and the United States: 1-888-886-7786;
• International: 1-416-764-8658;
• No access code required; please dial in 15 minutes prior to ensure you are placed on the call in a timely manner.

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