Nutrien Study Finds and Quantifies Perception Gap Between Farmers and Consumers

North American survey finds consumers and farmers align on the importance of agriculture for a sustainable future, but reveals differing opinions on critical issues such as environmental stewardship and industry advancement.

Nutrien Ltd. (TSX and NYSE: NTR) today released Bridging the Agricultural Perception Divide: A Study by Nutrien . This research details and quantifies the perception gaps between farmers and consumers in North America on issues such as sustainability, technology, and land usage; it also indicates there is some common ground and opportunities for bridge-building.

"Farmers and consumers agree, agriculture has the greatest opportunity to influence a sustainable future - more so than any other industry. This alignment is incredibly promising and provides the foundation for us to build common understanding," said Ken Seitz, President and CEO, Nutrien. "The world is asking a lot of our farmers, and it is incumbent on all of us to support them in safely and sustainably feeding the future."

The study, which was conducted among 604 crop farmers and 3,003 consumers in the US and Canada, evaluated 22 statements, uncovering four key areas where perceptions varied the most:

Environmental Stewardship: Sustainable care of agricultural land
Industry Advancement: Innovation and adoption of modern farming techniques to support a growing population and evolving dietary needs
Social Responsibility: Fair and transparent food sources and pricing
Societal Support for Farmers: Farmer income, government support, and assistance with new farming practices

The findings revealed the largest perception gaps between farmers and consumers are around topics related to Environmental Stewardship and Industry Advancement. For example, farmers were significantly more likely to agree with statements related to the responsible use of crop inputs, chemical use, environmental progress, farming careers, and soil quality. However, topics related to Societal Support for Farmers reveal much closer agreement. The study also finds that younger consumers have the lowest interest and trust in agriculture.

When farmers were asked about the top issues affecting the agriculture industry today, their responses included the rising cost of growing food, followed by a desire for consumers to have more knowledge about the industry, and concerns around misinformation about where food comes from and how it is produced. However, 60 percent of consumers want to learn more about agriculture, including two thirds of Canadians and more than half of US respondents.

"Addressing the trust gap in agriculture can not only unify farmers and consumers but also ignite the interest and passion of younger generations who seek purpose-driven roles," said Jeff Tarsi, EVP and President of Global Retail, Nutrien. "These emerging voices prioritize sustainability, innovation, and global impact, and there's no mission more critical than that of modern agriculture. As we work to rectify misconceptions and forge a shared vision, we recognize that farmers are unwavering in their dedication to land preservation. Nobody is more motivated to preserve farmland than farmers – and nobody is poised to benefit from those efforts more than consumers. By tapping into this collective dedication, we can inspire the youth to get excited about the potential of joining in this critical endeavor."

The study is available at www.nutrien.com/AgPerceptions .

About Nutrien

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20231106915771/en/

FOR FURTHER INFORMATION:

Media Relations
Megan Fielding
Vice President, Brand & Culture Communications
(403) 797-3015

Contact us at: www.nutrien.com

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Nutrien Announces Release Dates for Third Quarter 2024 Results and Conference Call

Nutrien Ltd. (TSX and NYSE: NTR) announced today plans to release third quarter 2024 results after market close on Wednesday, November 6. Nutrien will host a conference call to discuss its results and outlook at 10:00 a.m. EST on Thursday, November 7.

Investors can access the call by dialing 1-888-870-4559 or 647-931-1822. A webcast of the call can be accessed by visiting Nutrien's Investor Events and Presentation page.

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Top 10 Phosphate Countries by Production (Updated 2024)

Phosphate is mainly used in the form of fertilizer for crops and animal feed supplements. Only 5 percent of world phosphate production is used for other applications, such as corrosion prevention and detergents.

Demand for phosphate fertilizers had created a US$54.6 billion market by 2023, and that figure is expected to grow at a compound annual growth rate of 5.3 percent through 2030 to reach US$78.4 billion.

"One of the primary factors influencing the worldwide market for phosphate fertilizers is the increasing focus on sustainable agriculture," according to Persistence Market Research. "Phosphate fertilizers, which are widely recognized for their ability to augment soil fertility and enhance crop productivity, are crucial for the pursuit of sustainability objectives in the agricultural industry."

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Nutrien Announces Release Dates for Second Quarter 2024 Results and Conference Call

Nutrien Ltd. (TSX and NYSE: NTR) announced today plans to release second quarter 2024 results after market close on Wednesday, August 7. Nutrien will host a conference call to discuss its results and outlook at 10:00 a.m. EDT on Thursday, August 8.

Investors can access the call by dialing 1-289-514-5100 or 1-800-717-1738. A webcast of the call can be accessed by visiting Nutrien's website at nutrien.com/investors/events .

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Nutrien Prices Offering of an Aggregate of US$1.0 Billion of 3-Year and 10-Year Senior Notes

Nutrien Ltd. (TSX and NYSE: NTR) today announced the pricing of US$400 million aggregate principal amount of 5.200 percent senior notes due June 21, 2027 and US$600 million aggregate principal amount of 5.400 percent senior notes due June 21, 2034 (together, the "senior notes"). The offering is expected to close on or about June 21, 2024, subject to customary closing conditions. The senior notes, registered under the multi-jurisdictional disclosure system in Canada and the United States, will not be offered in Canada or to any resident of Canada.

Nutrien intends to use the net proceeds from this offering to repay its US$500 million aggregate principal amount of 5.900% senior notes upon their maturity on November 7, 2024, to reduce outstanding indebtedness under its short-term credit facilities, to finance working capital and for general corporate purposes. The senior notes will be unsecured and rank equally with Nutrien's existing senior unsecured debt. The joint book-running managers for the offering are CIBC World Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and RBC Capital Markets, LLC.

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	2024 Guidance Ranges ¹ as of
	August 7, 2024		May 8, 2024
(billions of US dollars, except as otherwise noted)	Low	High	Low	High
Retail adjusted EBITDA	1.5	1.7	1.65	1.85
Potash sales volumes (million tonnes) ²	13.2	13.8	13.0	13.8
Nitrogen sales volumes (million tonnes) ²	10.7	11.1	10.6	11.2
Phosphate sales volumes (million tonnes) ²	2.5	2.6	2.6	2.8
Depreciation and amortization	2.2	2.3	2.2	2.3
Finance costs	0.7	0.8	0.75	0.85
Effective tax rate on adjusted net earnings (%) ³	23.0	25.0	23.0	25.0
Capital expenditures ⁴	2.2	2.3	2.2	2.3
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.

	Three Months Ended June 30			Six Months Ended June 30
(millions of US dollars, except as otherwise noted)	2024	2023	% Change	2024	2023	% Change
Sales	10,156	11,654	(13)	15,545	17,761	(12)
Gross margin	2,912	3,166	(8)	4,449	5,079	(12)
Expenses	2,068	2,038	1	3,186	3,012	6
Net earnings	392	448	(13)	557	1,024	(46)
Adjusted EBITDA ¹	2,235	2,478	(10)	3,290	3,899	(16)
Diluted net earnings per share	0.78	0.89	(12)	1.10	2.03	(46)
Adjusted net earnings per share ¹	2.34	2.53	(8)	2.81	3.63	(23)
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section.

	Three Months Ended June 30			Six Months Ended June 30
(millions of US dollars, except as otherwise noted)	2024	2023	% Change	2024	2023	% Change
Sales	8,074	9,128	(12)	11,382	12,550	(9)
Cost of goods sold	6,045	7,197	(16)	8,606	10,004	(14)
Gross margin	2,029	1,931	5	2,776	2,546	9
Adjusted EBITDA ¹	1,128	1,067	6	1,205	1,033	17
1 See Note 2 to the interim financial statements.

	Three Months Ended June 30				Six Months Ended June 30
	Sales		Gross Margin		Sales		Gross Margin
(millions of US dollars)	2024	2023	2024	2023	2024	2023	2024	2023
Crop nutrients	3,281	3,986	686	629	4,590	5,321	940	770
Crop protection products	2,733	3,070	677	673	3,847	4,224	911	881
Seed	1,434	1,428	296	265	1,919	1,935	355	337
Services and other	292	308	239	254	448	456	364	372
Merchandise	245	273	42	47	445	519	73	91
Nutrien Financial	133	122	133	122	199	179	199	179
Nutrien Financial elimination ¹	(44)	(59)	(44)	(59)	(66)	(84)	(66)	(84)
Total	8,074	9,128	2,029	1,931	11,382	12,550	2,776	2,546
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

Supplemental Data	Three Months Ended June 30				Six Months Ended June 30
	Gross Margin		% of Product Line ¹		Gross Margin		% of Product Line ¹
(millions of US dollars, except as otherwise noted)	2024	2023	2024	2023	2024	2023	2024	2023
Proprietary products
Crop nutrients	220	214	32	34	290	268	31	35
Crop protection products	227	253	34	38	310	327	34	37
Seed	127	113	44	42	144	143	41	42
Merchandise	4	3	9	7	7	6	9	7
Total	578	583	29	30	751	744	27	29
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 ( US dollars)		Sales Volumes ( tonnes - thousands)		Gross Margin / Tonne ( US dollars)
	2024	2023	2024	2023	2024	2023	2024	2023
Crop nutrients
North America	4,298	4,599	146	131	5,762	5,794	144	123
International	1,125	1,132	53	26	2,043	1,977	54	29
Total	5,423	5,731	127	110	7,805	7,771	120	99

(percentages)	June 30, 2024	December 31, 2023
Financial performance measures ^{1, 2}
Cash operating coverage ratio	65	68
Adjusted average working capital to sales	19	19
Adjusted average working capital to sales excluding Nutrien Financial	-	1
Nutrien Financial adjusted net interest margin	5.3	5.2
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section.

Manufactured product	Three Months Ended June 30		Six Months Ended June 30
($ / tonne, except as otherwise noted)	2024	2023	2024	2023
Sales volumes (tonnes - thousands)
North America	914	1,226	2,221	2,080
Offshore	2,649	2,156	4,755	3,938
Total sales volumes	3,563	3,382	6,976	6,018
Net selling price
North America	301	383	306	391
Offshore	182	250	187	304
Average net selling price	212	298	225	334
Cost of goods sold	101	104	103	109
Gross margin	111	194	122	225
Depreciation and amortization	42	34	43	35
Gross margin excluding depreciation and amortization ¹	153	228	165	260
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section.

Cash provided by operating activities		Cash provided by operating activities in the second quarter and first half of 2024 was lower compared to the same periods in 2023 primarily due to lower realized selling prices across all segments.
Cash used in investing activities		Cash used in investing activities was lower in the second quarter and first half of 2024 compared to the same periods in 2023 due to lower capital expenditures and fewer business acquisitions.
Cash (used in) provided by financing activities		Cash used in financing activities in the second quarter of 2024 was lower compared to the same period in 2023 due to the issuance of $1,000 million of senior notes in the second quarter of 2024. Cash used in financing activities for the first half of 2024 was for payments of dividends, debt and lease liabilities, which more than offset the amount received from the debt issuance. For the same period in 2023, cash received from the debt issuance mostly offset the total amount paid for dividends, share repurchases, debt and lease liabilities.
Cash used for dividends and share repurchases		Cash used for dividends and share repurchases was lower in the second quarter and first half of 2024 compared to the same periods in 2023 as we did not repurchase any shares in the second quarter and first half of 2024, compared to $150 million and $1,047 million of share repurchases in the same periods in 2023.

	As at
(millions of US dollars, except as otherwise noted)	June 30, 2024	December 31, 2023	$ Change	% Change
Assets
Cash and cash equivalents	1,004	941	63	7
Receivables	8,123	5,398	2,725	50
Inventories	5,298	6,336	(1,038)	(16)
Prepaid expenses and other current assets	663	1,495	(832)	(56)
Property, plant and equipment	22,198	22,461	(263)	(1)
Intangible assets	1,912	2,217	(305)	(14)
Liabilities and Equity
Short-term debt	1,571	1,815	(244)	(13)
Current portion of long-term debt	1,012	512	500	98
Payables and accrued charges	9,024	9,467	(443)	(5)
Long-term debt	9,399	8,913	486	5
Retained earnings	11,542	11,531	11	‐

		As at August 2, 2024
Common shares		494,757,156
Options to purchase common shares		3,478,893

(millions of US dollars, except as otherwise noted)	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Sales	10,156	5,389	5,664	5,631	11,654	6,107	7,533	8,188
Net earnings	392	165	176	82	448	576	1,118	1,583
Net earnings attributable to equity holders of Nutrien	385	158	172	75	440	571	1,112	1,577
Net earnings per share attributable to equity holders of Nutrien
Basic	0.78	0.32	0.35	0.15	0.89	1.14	2.15	2.95
Diluted	0.78	0.32	0.35	0.15	0.89	1.14	2.15	2.94

Quarter		Transaction or Event
Q2 2024		$530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of the Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. We also recorded a foreign exchange loss of $220 million on foreign currency derivatives in Brazil for the second quarter of 2024.
Q2 2023		$698 million non-cash impairment of assets comprised of a $233 million non-cash impairment of our Phosphate White Springs property, plant and equipment due to a decrease in our forecasted phosphate margins and a $465 million non-cash impairment of our Retail – South America assets primarily related to goodwill mainly due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, which lowered our forecasted earnings.
Q3 2022		$330 million reversal of non-cash impairment of our Phosphate White Springs property, plant and equipment related to higher forecasted global prices and a more favorable outlook for phosphate margins.

	Three Months Ended J une 30, 2024			Six Months Ended June 30, 2024
			Per			Per
	Increases		Diluted	Increases		Diluted
(millions of US dollars, except as otherwise noted)	(Decreases)	Post-Tax	Share	(Decreases)	Post-Tax	Share
Net earnings attributable to equity holders of Nutrien		385	0.78		543	1.10
Adjustments:
Share-based compensation expense	10	8	0.02	16	12	0.02
Foreign exchange loss, net of related derivatives	285	283	0.57	328	333	0.67
Impairment of assets	530	491	1.00	530	491	1.00
ARO/ERL related (income) for non-operating sites	(35)	(25)	(0.06)	(32)	(23)	(0.05)
Loss related to financial instruments in Argentina	15	15	0.03	34	34	0.07
Adjusted net earnings		1,157	2.34		1,390	2.81

	Three Months Ended J une 30, 2023			Six Months Ended June 30, 2023
			Per			Per
	Increases		Diluted	Increases		Diluted
(millions of US dollars, except as otherwise noted)	(Decreases)	Post-Tax	Share	(Decreases)	Post-Tax	Share
Net earnings attributable to equity holders of Nutrien		440	0.89		1,011	2.03
Adjustments:
Share-based compensation recovery	(64)	(49)	(0.11)	(49)	(37)	(0.08)
Foreign exchange loss, net of related derivatives	52	40	0.08	18	14	0.02
Integration and restructuring related costs	10	8	0.02	15	11	0.02
Impairment of assets	698	653	1.32	698	653	1.32
ARO/ERL related expenses for non-operating sites	6	5	0.01	6	5	0.01
Loss related to financial instruments in Argentina	92	92	0.19	92	92	0.18
Change in recognition of deferred tax assets	66	66	0.13	66	66	0.13
Adjusted net earnings		1,255	2.53		1,815	3.63

	Three Months Ended June 30		Six Months Ended June 30
(millions of US dollars, except as otherwise noted)	2024	2023	2024	2023
Total COGS – Potash	359	353	717	658
Change in inventory	(7)	(14)	21	26
Other adjustments ¹	(6)	(9)	(9)	(17)
COPM	346	330	729	667
Depreciation and amortization in COPM	(141)	(101)	(294)	(201)
Royalties in COPM	(20)	(26)	(39)	(57)
Natural gas costs and carbon taxes in COPM	(8)	(9)	(20)	(25)
Controllable cash COPM	177	194	376	384
Production tonnes (tonnes – thousands)	3,575	3,237	7,140	6,325
Potash controllable cash COPM per tonne	50	60	53	61
1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.

Nutrien Financial	As at June 30, 2024							As at D ecember 3 1, 2023
(millions of US dollars)	Current	P ast Due	31–90 Days P ast Due	>90 Days P ast Due	Gross Receivables	Allowance ¹	Net Receivables	Net Receivables
North America	3,395	182	67	198	3,842	(53)	3,789	2,206
International	628	50	18	85	781	(10)	771	687
Nutrien Financial receivables	4,023	232	85	283	4,623	(63)	4,560	2,893
1 Bad debt expense on the above receivables for the six months ended June 30, 2024 and 2023 were $25 million and $30 million, respectively, in the Retail segment.

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended		Six Months Ended
	June 30		June 30
(millions of US dollars)	2024	2023	2024	2023
NET EARNINGS	392	448	557	1,024
Other comprehensive income (loss)
Items that will not be reclassified to net earnings:
Net actuarial loss on defined benefit plans	‐	‐	‐	(3)
Net fair value gain on investments	36	6	18	11
Items that have been or may be subsequently reclassified to net earnings:
Gain (loss) on currency translation of foreign operations	9	49	(57)	50
Other	(1)	13	(19)	12
OTHER COMPREHENSIVE INCOME (LOSS)	44	68	(58)	70
COMPREHENSIVE INCOME	436	516	499	1,094
Attributable to
Equity holders of Nutrien	429	508	486	1,081
Non-controlling interest	7	8	13	13
COMPREHENSIVE INCOME	436	516	499	1,094

(See Notes to the Condensed Consolidated Financial Statements)

Condensed Consolidated Statements of Cash Flows

		Three Months Ended		Six Months Ended
		June 30		June 30
(millions of US dollars)	Note	2024	2023	2024	2023
			Note 1		Note 1
OPERATING ACTIVITIES
Net earnings		392	448	557	1,024
Adjustments for:
Depreciation and amortization		586	556	1,151	1,052
Share-based compensation expense (recovery)		10	(64)	16	(49)
Impairment of assets	3	530	698	530	698
Provision for deferred income tax		23	100	51	121
Net distributed (undistributed) earnings of equity-accounted investees		88	(23)	38	140
Fair value adjustment to derivatives	6	187	38	186	32
Loss related to financial instruments in Argentina	4	15	92	34	92
Long-term income tax receivables and payables		(35)	(18)	8	(90)
Other long-term assets, liabilities and miscellaneous		5	53	70	(14)
Cash from operations before working capital changes		1,801	1,880	2,641	3,006
Changes in non-cash operating working capital:
Receivables		(2,555)	(2,653)	(2,812)	(2,118)
Inventories and prepaid expenses and other current assets		3,222	4,065	1,892	2,572
Payables and accrued charges		(661)	(1,049)	(401)	(2,075)
CASH PROVIDED BY OPERATING ACTIVITIES		1,807	2,243	1,320	1,385
INVESTING ACTIVITIES
Capital expenditures ¹		(547)	(791)	(920)	(1,256)
Business acquisitions, net of cash acquired		(4)	(5)	(4)	(116)
Net proceeds from (purchase of) investments		3	(93)	(15)	(98)
Purchase of investments		(107)	‐	(111)	‐
Net changes in non-cash working capital		5	(4)	(85)	(104)
Other		36	35	27	22
CASH USED IN INVESTING ACTIVITIES		(614)	(858)	(1,108)	(1,552)
FINANCING ACTIVITIES
(Net repayment of) proceeds from debt		(1,215)	(1,105)	(289)	768
Proceeds from debt		998	‐	998	1,500
Repayment of debt		(75)	(500)	(89)	(517)
Repayment of principal portion of lease liabilities		(106)	(100)	(202)	(187)
Dividends paid to Nutrien's shareholders		(266)	(263)	(527)	(509)
Repurchase of common shares		‐	(150)	‐	(1,047)
Issuance of common shares		8	3	9	31

	Rolling four quarters ended June 30, 2024
(millions of US dollars, except as otherwise noted)	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Total/Average
Nutrien Financial revenue	73	70	66	133
Deemed interest expense ¹	(41)	(36)	(27)	(50)
Net interest	32	34	39	83	188

Average Nutrien Financial net receivables	4,353	2,893	2,489	4,560	3,574
Nutrien Financial adjusted net interest margin (%)					5.3

	Rolling four quarters ended December 31, 2023
(millions of US dollars, except as otherwise noted)	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Total/Average
Nutrien Financial revenue	57	122	73	70
Deemed interest expense ¹	(20)	(39)	(41)	(36)
Net interest	37	83	32	34	186

Average Nutrien Financial net receivables	2,283	4,716	4,353	2,893	3,561
Nutrien Financial adjusted net interest margin (%)					5.2
1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.

Unaudited

Condensed Consolidated Statements of Earnings

		Three Months Ended		Six Months Ended
		June 30		June 30
(millions of US dollars, except as otherwise noted)	Note	2024	2023	2024	2023
SALES	2, 10	10,156	11,654	15,545	17,761
Freight, transportation and distribution		240	252	478	451
Cost of goods sold		7,004	8,236	10,618	12,231
GROSS MARGIN		2,912	3,166	4,449	5,079
Selling expenses		1,008	979	1,802	1,749
General and administrative expenses		158	157	312	302
Provincial mining taxes		68	104	136	223
Share-based compensation expense (recovery)		10	(64)	16	(49)
Impairment of assets	3	530	698	530	698
Foreign exchange loss, net of related derivatives	6	285	52	328	18
Other expenses	4	9	112	62	71
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES		844	1,128	1,263	2,067
Finance costs		162	204	341	374
EARNINGS BEFORE INCOME TAXES		682	924	922	1,693
Income tax expense	5	290	476	365	669
NET EARNINGS		392	448	557	1,024
Attributable to
Equity holders of Nutrien		385	440	543	1,011
Non-controlling interest		7	8	14	13
NET EARNINGS		392	448	557	1,024

NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN ("EPS")
Basic		0.78	0.89	1.10	2.03
Diluted		0.78	0.89	1.10	2.03
Weighted average shares outstanding for basic EPS		494,646,000	495,379,000	494,608,000	498,261,000
Weighted average shares outstanding for diluted EPS		494,915,000	495,932,000	494,851,000	499,059,000

Condensed Consolidated Statements of Changes in Shareholders' Equity

				Accumulated Other Comprehensive
				(Loss) Income ("AOCI")
				(Loss) Gain
				on Currency				Equity
	Number of			Translation				Holders	Non-
	Common	Share	Contributed	of Foreign		Total	Retained	of	Controlling	Total
(millions of US dollars, except as otherwise noted)	Shares	Capital	Surplus	Operations	Other	AOCI	Earnings	Nutrien	Interest	Equity
BALANCE – DECEMBER 31, 2022	507,246,105	14,172	109	(374)	(17)	(391)	11,928	25,818	45	25,863
Net earnings	‐	‐	‐	‐	‐	‐	1,011	1,011	13	1,024
Other comprehensive income	‐	‐	‐	50	20	70	‐	70	‐	70
Shares repurchased	(13,378,189)	(374)	(26)	‐	‐	‐	(600)	(1,000)	‐	(1,000)
Dividends declared - $1.06/share	‐	‐	‐	‐	‐	‐	(527)	(527)	‐	(527)
Non-controlling interest transactions	‐	‐	‐	‐	‐	‐	‐	‐	(13)	(13)
Effect of share-based compensation including issuance of
common shares	628,402	37	(3)	‐	‐	‐	‐	34	‐	34
Transfer of net gain on sale of investment	‐	‐	‐	‐	(14)	(14)	14	‐	‐	‐
Transfer of net loss on cash flow hedges	‐	‐	‐	‐	9	9	‐	9	‐	9
Transfer of net actuarial loss on defined benefit plans	‐	‐	‐	‐	3	3	(3)	‐	‐	‐
Other	‐	‐	‐	(2)	‐	(2)	‐	(2)	‐	(2)
BALANCE – JUNE 30, 2023	494,496,318	13,835	80	(326)	1	(325)	11,823	25,413	45	25,458
BALANCE – DECEMBER 31, 2023	494,551,730	13,838	83	(286)	(10)	(296)	11,531	25,156	45	25,201
Net earnings	‐	‐	‐	‐	‐	‐	543	543	14	557
Other comprehensive loss	‐	‐	‐	(56)	(1)	(57)	‐	(57)	(1)	(58)
Dividends declared - $1.08/share	‐	‐	‐	‐	‐	‐	(532)	(532)	‐	(532)
Non-controlling interest transactions	‐	‐	‐	‐	‐	‐	‐	‐	(26)	(26)
Effect of share-based compensation including issuance of
common shares	153,808	8	3	‐	‐	‐	‐	11	‐	11
Transfer of net loss on cash flow hedges	‐	‐	‐	‐	8	8	‐	8	‐	8
Other	‐	‐	‐	(2)	‐	(2)	‐	(2)	‐	(2)
BALANCE – JUNE 30, 2024	494,705,538	13,846	86	(344)	(3)	(347)	11,542	25,127	32	25,159

(See Notes to the Condensed Consolidated Financial Statements)

Condensed Consolidated Balance Sheets

		June 30		December 31
As at (millions of US dollars)	Note	2024	2023	2023
ASSETS
Current assets
Cash and cash equivalents		1,004	737	941
Receivables	6, 7, 10	8,123	8,595	5,398
Inventories		5,298	6,062	6,336
Prepaid expenses and other current assets		663	602	1,495
		15,088	15,996	14,170
Non-current assets
Property, plant and equipment		22,198	21,920	22,461
Goodwill		12,094	12,077	12,114
Intangible assets		1,912	2,252	2,217
Investments		703	708	736
Other assets		996	973	1,051
TOTAL ASSETS		52,991	53,926	52,749
LIABILITIES
Current liabilities
Short-term debt	7	1,571	2,922	1,815
Current portion of long-term debt		1,012	44	512
Current portion of lease liabilities		364	301	327
Payables and accrued charges	6	9,024	9,470	9,467
		11,971	12,737	12,121
Non-current liabilities
Long-term debt		9,399	9,498	8,913
Lease liabilities		1,024	861	999
Deferred income tax liabilities		3,615	3,584	3,574
Pension and other post-retirement benefit liabilities		245	245	252
Asset retirement obligations and accrued environmental costs		1,406	1,379	1,489
Other non-current liabilities		172	164	200
TOTAL LIABILITIES		27,832	28,468	27,548
SHAREHOLDERS' EQUITY
Share capital		13,846	13,835	13,838
Contributed surplus		86	80	83
Accumulated other comprehensive loss		(347)	(325)	(296)
Retained earnings		11,542	11,823	11,531
Equity holders of Nutrien		25,127	25,413	25,156
Non-controlling interest		32	45	45
TOTAL SHAREHOLDERS' EQUITY		25,159	25,458	25,201
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		52,991	53,926	52,749

(See Notes to the Condensed Consolidated Financial Statements)

					Corporate
(millions of US dollars)	Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Assets – as at June 30, 2024	23,223	13,667	11,571	2,452	2,955	(877)	52,991
Assets – as at December 31, 2023	23,056	13,571	11,466	2,438	2,818	(600)	52,749

		Three Months Ended June 30, 2024
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	8,074	750	948	384	‐	‐	10,156
	– intersegment	‐	86	239	67	‐	(392)	‐
Sales	– total	8,074	836	1,187	451	‐	(392)	10,156
Freight, transportation and distribution		‐	80	159	57	‐	(56)	240
Net sales		8,074	756	1,028	394	‐	(336)	9,916
Cost of goods sold		6,045	359	650	361	‐	(411)	7,004
Gross margin		2,029	397	378	33	‐	75	2,912
Selling expenses (recovery)		1,005	3	8	2	(3)	(7)	1,008
General and administrative expenses		51	1	5	3	98	‐	158
Provincial mining taxes		‐	68	‐	‐	‐	‐	68
Share-based compensation expense		‐	‐	‐	‐	10	‐	10
Impairment of assets		335	‐	195	‐	‐	‐	530
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	285	‐	285
Other expenses (income)		41	4	(78)	8	26	8	9
Earnings (loss) before finance costs and income taxes		597	321	248	20	(416)	74	844
Depreciation and amortization		196	151	151	68	20	‐	586
EBITDA		793	472	399	88	(396)	74	1,430
Share-based compensation expense		‐	‐	‐	‐	10	‐	10
Impairment of assets		335	‐	195	‐	‐	‐	530
Loss related to financial instruments in Argentina		‐	‐	‐	‐	15	‐	15
ARO/ERL related income for non-operating sites		‐	‐	‐	‐	(35)	‐	(35)
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	285	‐	285
Adjusted EBITDA		1,128	472	594	88	(121)	74	2,235

		Three Months Ended June 30, 2023
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	9,127	976	1,065	486	‐	‐	11,654
	– intersegment	1	140	306	74	‐	(521)	‐
Sales	– total	9,128	1,116	1,371	560	‐	(521)	11,654
Freight, transportation and distribution		‐	107	155	58	‐	(68)	252
Net sales		9,128	1,009	1,216	502	‐	(453)	11,402
Cost of goods sold		7,197	353	817	453	‐	(584)	8,236
Gross margin		1,931	656	399	49	‐	131	3,166
Selling expenses (recovery)		971	3	7	2	(2)	(2)	979
General and administrative expenses		55	5	5	4	88	‐	157
Provincial mining taxes		‐	104	‐	‐	‐	‐	104
Share-based compensation recovery		‐	‐	‐	‐	(64)	‐	(64)
Impairment of assets		465	‐	‐	233	‐	‐	698
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	52	‐	52
Other expenses (income)		29	5	(20)	1	99	(2)	112
Earnings (loss) before finance costs and income taxes		411	539	407	(191)	(173)	135	1,128
Depreciation and amortization		188	115	162	71	20	‐	556
EBITDA		599	654	569	(120)	(153)	135	1,684
Integration and restructuring related costs		3	‐	‐	‐	7	‐	10
Share-based compensation recovery		‐	‐	‐	‐	(64)	‐	(64)
Impairment of assets		465	‐	‐	233	‐	‐	698
Loss related to financial instruments in Argentina		‐	‐	‐	‐	92	‐	92
ARO/ERL related expense for non-operating sites		‐	‐	‐	‐	6	‐	6
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	52	‐	52
Adjusted EBITDA		1,067	654	569	113	(60)	135	2,478

		Six Months Ended June 30, 2024
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	11,382	1,571	1,794	798	‐	‐	15,545
	– intersegment	‐	192	421	152	‐	(765)	‐
Sales	– total	11,382	1,763	2,215	950	‐	(765)	15,545
Freight, transportation and distribution		‐	194	276	119	‐	(111)	478
Net sales		11,382	1,569	1,939	831	‐	(654)	15,067
Cost of goods sold		8,606	717	1,254	733	‐	(692)	10,618
Gross margin		2,776	852	685	98	‐	38	4,449
Selling expenses (recovery)		1,795	6	15	4	(5)	(13)	1,802
General and administrative expenses		103	5	10	7	187	‐	312
Provincial mining taxes		‐	136	‐	‐	‐	‐	136
Share-based compensation expense		‐	‐	‐	‐	16	‐	16
Impairment of assets		335	‐	195	‐	‐	‐	530
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	328	‐	328
Other expenses (income)		63	1	(111)	16	80	13	62
Earnings (loss) before finance costs and income taxes		480	704	576	71	(606)	38	1,263
Depreciation and amortization		390	298	287	138	38	‐	1,151
EBITDA		870	1,002	863	209	(568)	38	2,414
Share-based compensation expense		‐	‐	‐	‐	16	‐	16
Impairment of assets		335	‐	195	‐	‐	‐	530
Loss related to financial instruments in Argentina		‐	‐	‐	‐	34	‐	34
ARO/ERL related income for non-operating sites		‐	‐	‐	‐	(32)	‐	(32)
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	328	‐	328
Adjusted EBITDA		1,205	1,002	1,058	209	(222)	38	3,290

		Six Months Ended June 30, 2023
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	12,549	1,999	2,219	994	‐	‐	17,761
	– intersegment	1	194	570	138	‐	(903)	‐
Sales	– total	12,550	2,193	2,789	1,132	‐	(903)	17,761
Freight, transportation and distribution		‐	182	261	116	‐	(108)	451
Net sales		12,550	2,011	2,528	1,016	‐	(795)	17,310
Cost of goods sold		10,004	658	1,588	880	‐	(899)	12,231
Gross margin		2,546	1,353	940	136	‐	104	5,079
Selling expenses		1,736	6	15	4	(4)	(8)	1,749
General and administrative expenses		105	8	10	7	172	‐	302
Provincial mining taxes		‐	223	‐	‐	‐	‐	223
Share-based compensation recovery		‐	‐	‐	‐	(49)	‐	(49)
Impairment of assets		465	‐	‐	233	‐	‐	698
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	18	‐	18
Other expenses (income)		44	(2)	(34)	13	52	(2)	71
Earnings (loss) before finance costs and income taxes		196	1,118	949	(121)	(189)	114	2,067
Depreciation and amortization		369	212	296	138	37	‐	1,052
EBITDA		565	1,330	1,245	17	(152)	114	3,119
Integration and restructuring related costs		3	‐	‐	‐	12	‐	15
Share-based compensation recovery		‐	‐	‐	‐	(49)	‐	(49)
Impairment of assets		465	‐	‐	233	‐	‐	698
Loss related to financial instruments in Argentina		‐	‐	‐	‐	92	‐	92
ARO/ERL related expense for non-operating sites		‐	‐	‐	‐	6	‐	6
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	18	‐	18
Adjusted EBITDA		1,033	1,330	1,245	250	(73)	114	3,899

			Three and Six Months Ended
			June 30
Segment	Category	(millions of US dollars)	2024	2023
Retail	Intangible assets		200	43
	Property, plant and equipment		120	‐
	Other		15	‐
	Goodwill		‐	422
Nitrogen	Property, plant and equipment		195	‐
Phosphate	Property, plant and equipment		‐	233
Impairment of assets			530	698

Nutrien Study Finds and Quantifies Perception Gap Between Farmers and Consumers

1. China

2. Morocco

3. United States

4. Russia

5. Jordan

6. Saudi Arabia

7. Brazil

8. Egypt

9. Peru

10. Tunisia

FAQS for phosphate

What are phosphates?

Where are phosphate compounds found?

Is phosphate the same as phosphorus in fertilizer?

1. Arianne Phosphate (TSXV:DAN)

2. Avenira (ASX:AEV)

3. Centrex Metals (ASX:CXM)

4. Chatham Rock Phosphate (TSXV:NZP)

5. Fertoz (ASX:FTZ)

6. Itafos (TSXV:IFOS)

7. Minbos Resources (ASX:MNB)

8. Mosaic (NYSE:MOS)

9. Nutrien (TSX:NTR,NYSE:NTR)

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		Retail – Brazil
(millions of US dollars)		June 30, 2024
Recoverable amount comprised of:
Working capital and other		324
Property, plant and equipment		92
Intangible assets		‐

Issuances in the second quarter of 2024
(millions of US dollars, except as otherwise noted)	Rate of interest (%)	Maturity	Amount
Senior notes issued 2024	5.2	June 21, 2027	400
Senior notes issued 2024	5.4	June 21, 2034	600
			1,000