Mr. Ken Seitz reports

NUTRIEN REPORTS FIRST QUARTER 2024 RESULTS

Nutrien Ltd. has released its first quarter 2024 results, with net earnings of $165-million (32-cent diluted net earnings per share). First quarter 2024 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.1-billion, and adjusted net earnings per share were 46 cents. All financial amounts are stated in U.S. dollars unless otherwise noted.

"We continued to see strong crop input demand, a normalization of product margins for our North American retail business and increased global potash shipments in the first quarter. Our results highlighted the capabilities of our flexible, low-cost production assets and downstream distribution network to efficiently supply our customers' needs," commented Ken Seitz, Nutrien's president and chief executive officer.

"We expect growth in retail earnings and fertilizer sales volumes compared to the prior year and have maintained our 2024 guidance ranges. Our focus remains on strengthening our capability to serve growers and enhancing our core businesses to improve the quality of our earnings and free cash flow," added Mr. Seitz.

Highlights:

• Generated net earnings of $165-million and adjusted EBITDA of $1.1-billion in the first quarter of 2024, down from the same period in 2023, primarily due to lower net fertilizer selling prices. This was partially offset by increased retail earnings, higher fertilizer sales volumes and lower natural gas costs.
• Nutrien Ag Solutions adjusted EBITDA increased to $77-million in the first quarter of 2024 primarily due to higher gross margin for crop nutrients and crop protection products supported by strong grower demand and a normalization of product margins in North America.
• Potash adjusted EBITDA declined to $530-million in the first quarter of 2024 due to lower net selling prices, which more than offset higher sales volumes. Nutrien increased potash production, supported by continued advancement of mine automation initiatives, and reduced its controllable cash cost of product manufactured per tonne.
• Nitrogen adjusted EBITDA declined to $464-million in the first quarter of 2024 due to lower net selling prices for all major nitrogen products, which more than offset higher sales volumes and lower natural gas costs. Ammonia production increased in the first quarter, driven by higher utilization rates in Trinidad.
• Nutrien initiated a process to divest of its retail assets in Argentina, Chile and Uruguay to provide greater focus on its core retail businesses and enhance the quality of earnings and free cash flow.

Market outlook and guidance

Agriculture and retail markets:

• Nutrien expects U.S. corn plantings of approximately 90 million acres in 2024 and soybean plantings of approximately 87 million acres. U.S. planting progress is in line with historical average levels, and fertilizer application rates have been strong. Wet weather has recently delayed planting progress and fertilizer application in the corn belt.
• Brazilian growers are finalizing their soybean harvest, and favourable weather conditions resulted in the safrinha corn planted area exceeding initial expectations. Soybean margins are expected to improve from the compressed levels in 2023 and support growth in planted acreage and crop input demand in the second half of 2024.
• Australian soil moisture conditions vary regionally but remain supportive for this coming growing season, and the Indian monsoon is projected to produce average to above-average precipitation, supporting yield potential and grower demand for crop inputs.

Crop nutrient markets:

• Global potash supply and demand have been relatively balanced as increased shipments have been required to meet historically strong demand in the first quarter. Nutrien has maintained its full-year 2024 potash shipment forecast of 68 million to 71 million tonnes.
• It is seeing strong potash demand in North America for the spring application season as channel inventories were tight to start 2024. Potash demand in Southeast Asia has been supported by lower inventory levels compared with the prior year and favourable economics for key crops such as oil palm and rice. China's potash imports remained strong in the first quarter of 2024 supported by a step-change in domestic consumption, but are expected to decline on a full-year basis compared with the record levels in 2023.
• Global nitrogen markets have fluctuated in 2024 driven by seasonal buying patterns, production outages and uncertainty over Chinese urea export restrictions, and India's urea import requirements. The U.S. nitrogen supply and demand balance remains relatively tight, in particular for ammonia and UAN, with net nitrogen imports down 21 per cent on a fertilizer year basis compared with the historical average.
• Phosphate fertilizer prices remained firm through the first quarter of 2024 due to strong demand in the northern hemisphere, supportive Indian DAP purchases, Chinese export restrictions and production outages. Prices have softened in the second quarter driven primarily by lower seasonal demand.

Financial and operational guidance:

• Nutrien is maintaining its retail adjusted EBITDA and fertilizer sales volume guidance ranges as market fundamentals and operational performance have been in line with its previous expectations.
• Retail adjusted EBITDA guidance of $1.65-billion to $1.85-billion reflects expectations for increased crop nutrient sales volumes and margins for its North American business in the first half of 2024 and improved crop input margins in Brazil during the second half of the year. Guidance assumes a full year of earnings from its retail assets in Argentina, Chile and Uruguay.
• Potash sales volumes guidance of 13.0 million to 13.8 million tonnes assumes a more even split between first and second half volumes compared with the prior year. Nitrogen sales volumes guidance of 10.6 million to 11.2 million tonnes assumes higher operating rates at its North American and Trinidad plants and growth in sales of upgraded products such as urea and nitrogen solutions.
• Effective tax rate on adjusted earnings guidance was lowered primarily due to a change to its expected geographic mix of earnings.

Net earnings and adjusted EBITDA decreased in the first quarter of 2024 compared with the same period in 2023, primarily due to lower net fertilizer selling prices. This was partially offset by increased retail earnings, higher fertilizer sales volumes and lower natural gas costs. Expenses increased mainly due to higher foreign exchange losses primarily from the retail -- South America region -- in the first quarter of 2024 and an $80-million gain recognized in the first quarter of 2023 due to postretirement benefit plan amendments.

About Nutrien Ltd.

Nutrien is a leading 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 ag retail facilities that position it to efficiently serve the needs of growers. It focuses on creating long-term value by prioritizing investments that strengthen the advantages of its integrated business and by maintaining access to the resources and the relationships with stakeholders needed to achieve its goals.

Nutrien will host a conference call on Thursday, May 9, 2024, at 10 a.m. Eastern Time.

Telephone conference dial-in numbers:

• From Canada and the United States: 1-800-717-1738;
• International: 1-646-307-1865;
• No access code required; please dial in 15 minutes prior to ensure you are placed on the call in a timely manner.

Live audio webcast:  Visit the Nutrien website.

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