NTR · Nutrien Ltd.

Nutrien’s Q1 2026 results reflect strong operational execution amid tightening global fertilizer fundamentals. Net earnings surged to $139 million from $19 million year-over-year, driven primarily by higher global benchmark prices across all major nutrients—especially potash and nitrogen—and record potash sales volumes of 3.51 million tonnes, the highest ever for a first quarter. The $1.11 billion in adjusted EBITDA reflects broad-based strength: Potash segment EBITDA rose 30% to $578 million on elevated offshore pricing and production efficiency (controllable cash cost held below $60/tonne); Nitrogen EBITDA grew 19% to $482 million despite lower ammonia volumes, supported by 92% ammonia operating rates at low-cost North American plants and stronger global urea benchmarks; Retail EBITDA more than doubled to $108 million, fueled by earlier US field activity, higher-margin proprietary product sales, and a tuck-in acquisition in the corn belt. Management attributes this performance to reliable supply chain execution amid geopolitical disruptions—including Middle East conflict impacts on nitrogen and phosphate supply—and disciplined capital allocation. Full-year guidance remains unchanged, signaling confidence in sustained demand: global potash shipments are still forecast at 74–77 million tonnes, underpinned by soil nutrient depletion following record 2025 grain production and robust food/feed/biofuel demand. Capital expenditures of $2.0–$2.1 billion include ~$400 million targeted toward Retail digital capabilities, Nitrogen debottlenecking, and Potash mine automation—reinforcing structural free cash flow growth. The $409 million returned to shareholders in Q1 (including $262 million in dividends and $147 million in buybacks) underscores continued commitment to balanced capital deployment. Strategic reviews of the Phosphate business, Trinidad Nitrogen facility, and Brazilian Retail operations remain underway, with focus on enhancing earnings quality and free cash flow.