NTR Nutrien Ltd

 CONTENTS

You can find this report and information on Nutrien on our website at nutrien.com.

Strategic focus

Nutrien has a world-class asset base and a resilient business model that is built to withstand economic uncertainty and geopolitical shifts and to perform in all sets of market conditions. We operate in an environment of changing policy and geopolitical conflicts that has disrupted supply chains, created inflationary pressures and impacted food security. In a world that is increasingly complex, having a clear vision and strategy is vitally important.

Our vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored around three strategic priorities: to simplify and focus, deliver operational excellence and take a disciplined and intentional approach to capital allocation.

Taken together, this strategy is focused on strengthening our core and positioning the company to structurally grow earnings and generate free cash flow in almost any market environment. This means we need to be unwavering in our efforts to preserve the low-cost position of our upstream fertilizer assets. It includes further strengthening our midstream distribution network to ensure we can most efficiently serve our customers and deliver on our volume growth opportunities. And it requires investing in highly targeted downstream retail growth opportunities that enhance our unique relationship with the farmer.

Measuring success

To measure success against the execution of our strategy, we set 2026 performance targets that we believe provide a pathway for driving structural improvements to our earnings and free cash flow through the cycle. In 2024, we made meaningful progress towards these targets.

In our upstream businesses, we increased sales volumes by nearly one million tonnes, supplying 27 million tonnes of essential fertilizer products to customers in more than 50 countries. We celebrated 65 years of potash mining in Saskatchewan and delivered record potash sales volumes, supported by continued growth in global potash demand. We mined 35 percent of our potash ore tonnes using automation in 2024, providing efficiency, flexibility and safety benefits, while supporting our highest production levels and lower controllable cash costs per tonne. We enhanced our midstream distribution capabilities, including the opening of a new potash terminal in the US Corn Belt.

We progressed brownfield expansions at our Geismar and Redwater nitrogen sites in 2024, while reliability initiatives improved operating performance. We achieved a 15 percent reduction in GHG emissions intensity¹ (Scope 1 and 2) per tonne of our products produced through investments in our nitrogen GHG abatement program and changes to our production mix.

Our downstream Retail business generated adjusted EBITDA of $1.7 billion in 2024, more than $200 million higher than the previous year. This result was driven by increased product margins and lower expenses as we continue to simplify our business and execute network optimization initiatives. We accelerated a margin improvement plan in Brazil and saw green shoots in this region in the fourth quarter. We remain confident in the growth platforms that support our 2026 Retail adjusted EBITDA target of $1.9 to $2.1 billion.

During the year, we took decisive actions to simplify our portfolio. We divested assets and equity investments totaling approximately $60 million in 2024, providing incremental cash flow to allocate to high conviction priorities that are core to our long-term strategy. We accelerated the timeline for achieving $200 million in annual operational efficiency and cost savings and expect to achieve this target in 2025, one year earlier than our initial goal.

Growth outlook

Looking forward, we see opportunities for growth across our business in 2025. Global grain stocks-to-use ratios are historically low and demand remains strong, providing a supportive environment for agriculture commodity prices. Farmer balance sheets and prospective crop margins are healthy in most key regions where we operate, supporting the outlook for crop input demand. We continue to monitor the risk of tariffs and how that could impact agriculture and crop input markets. We have a resilient business model and will be prepared to respond under any scenario.

Global potash fundamentals have tightened, supported by strong demand, limited new supply and reported production challenges in key producing regions. With geopolitical uncertainty and trade restrictions impacting global energy supply and nitrogen production, our low-cost nitrogen assets remain geographically advantaged.

We expect to deliver higher upstream fertilizer sales volumes in 2025, supported by strong potash demand and improved operating rates at our nitrogen facilities. Downstream, we anticipate growth in our proprietary crop nutritional and biostimulant product lines and continued recovery in our Brazilian Retail business, supported by strategic actions related to our margin improvement plan.

We intend to further optimize capital in 2025 with planned expenditures down more than $500 million compared to 2023 levels. These actions position us to counter-cyclically deploy capital towards high-conviction opportunities and improve free cash flow.

We have committed capital to sustain safe and reliable operations and to progress a set of targeted growth investments that have a strong fit with our strategy, provide returns in excess of our hurdle rates and have a relatively low degree of execution risk. This includes investments in our proprietary products business, retail network optimization, nitrogen debottleneck projects and potash mine automation. We continue to evaluate the next phase of emissions reduction projects. At this point, these prospective investments have become less attractive within our capital allocation framework as we do not have clarity on regulatory policies or see financially material opportunities for products with a lower carbon intensity.

We have a long track record of providing a stable and growing dividend as a core part of the return we deliver to our shareholders. With another increase this February, our dividend per share has grown by 36 percent since the beginning of 2018, while maintaining a total dividend payment of around $1 billion per year due to the significant reduction in share count over this time period.

The allocation of our remaining free cash flow will continue to be focused on a narrow set of incremental growth investments such as retail tuck-in acquisitions and on share repurchases, with the goal of maximizing our risk-adjusted returns and growing free cash flow per share. We intend on repurchasing shares on a more ratable basis under our share repurchase program that is authorized until February 2026.

Commitment to safety

I want to close by addressing our Culture of Care and steadfast commitment to safety. In 2024, we achieved our lowest total recordable injury rate across our global operations but regrettably fell short of our goal for everyone to go home safe at the end of each day. We were devastated by the loss of three Nutrien employees this past year. Our deepest condolences go out to their families, friends and colleagues.

Continuous improvement is a key pillar of our safety culture and there is still more work to be done. We are taking actions to further address high-risk areas and are undertaking a third-party review by global safety experts

to identify areas of opportunity. In addition, we are revisiting our incentive plans to ensure broader alignment with our safety culture. Safety is a core value; we are making positive changes and will be relentless in our pursuits to ensure the safety of our people.

Feeding the Future

On behalf of the Board and our leadership team, I want to thank everyone who contributed to our achievements in 2024 and have positioned the company for success in the future. A special thank you goes to our 25,500 employees for their hard work and commitment to safety.

Nutrien has an extraordinary business and tremendous potential to create long-term value for our shareholders. Nobody knows farming better than farmers. Nobody knows farmers better than us. Together, we are Feeding the Future, and we will stay dedicated to that purpose.

Ken Seitz

President and Chief Executive Officer

February 20, 2025

Overview

MD&A

Five-year highlights

Financial statements and notes

Our approach to annual reporting

OUR APPROACH TO ANNUAL REPORTING

Through our annual report, we aim to communicate how we assess opportunities and challenges, which guide our strategy, risk management and governance. Our stakeholders’ priorities influence our approach to creating long-term value.

		Our company   Outlines who we are as a company, where we operate, and our competitive advantages   12 | Nutrien’s advantage   14 | Global profile						Operating environment   Defines factors and trends that influence the environment we operate in and our outlook for 2025   18 |  Market fundamentals and outlook   23 | Megatrends
		Strategy   Describes our vision and strategy across three strategic priorities   28 | Nutrien’s strategy   29 | Simplify and focus   30 | Operational excellence   31 |  Disciplined and intentional capital allocation						Governance   Describes our key corporate governance principles and risk management process   36 | Corporate governance   37 |  Board and executive leadership   38 | Risk governance   39 | Risk management process
		Key enterprise risks   Outlines the key risks that could affect our performance and our future operations   42 | Key enterprise risks						Profile and results   Describes each of our operating segments, highlights our current financial results and provides guidance   48 |  Operating segment performance   58 |  2025 Guidance and sensitivities   59 | Annual financial information

Market fundamentals

Total crop protection, seed and fertilizer sales in our Retail operating regions equated to approximately $125 billion in 2024. As the world’s population increases, farmers are challenged to increase yields from a finite arable land base. This drives growth in demand for crop inputs and agronomic services.

The agriculture retail industry is highly fragmented in most of the major markets in which we operate, primarily composed of small and medium-sized competitors. Scale, reliability of supply and the ability to provide innovative products and solutions, including digital offerings, are increasingly important to farmers.

In North America, the primary crops grown include corn, soybeans, wheat, canola and cotton. It is a more mature market with farmers leveraging advanced agriculture tools and willing and able to invest in high-value products and services.

In Australia, our customers require a full suite of crop production inputs but also solutions for livestock, water and irrigation services given the more mixed nature of farm operations.

Brazil is one of the world’s largest and fastest-growing agriculture markets. It is currently the largest soybean producer and the third largest producer of corn globally. Its retail industry is highly fragmented, the supply chain is extended due to the significant reliance on imported crop inputs and there remains opportunity for adoption of more advanced products and services at the farmer level.

Market outlook

Global grain stocks-to-use ratios are historically low, and demand remains strong, providing a supportive environment for ag commodity prices in 2025. We expect US corn plantings to range between 91 and 93 million acres and soybean plantings to range from 84 to 86 million acres in 2025. The projected increase in corn acreage, combined with a shortened fall application season in 2024, supports our outlook for strong North American fertilizer demand in the first half of the year.

In Brazil, generally favorable soil moisture conditions and stronger crop prices are expected to lead to an increase in safrinha corn planted acreage of approximately five percent, supporting crop input demand in the first half of 2025.

A weaker Australian dollar and strong grain and oilseed export demand is supporting grower economics, and conditions remain positive for 2025 crop input demand.

US ag retail industry profile

(percent)

Source: Croplife

Global grains ending stocks & stocks/use ratio¹

Source: USDA, Nutrien

Market fundamentals

Potash strengthens root systems supporting water uptake, drought and disease tolerance and increases the uptake of other nutrients. Potash demand growth is driven by increasing nutrient requirements of higher-yielding crops and improving soil fertility practices, particularly in emerging markets where potash has been historically under-applied and crop yields lag.

High-quality potash reserves in significant quantities are limited to a small number of countries. Canada has the largest known global potash reserves, accounting for approximately 40 percent of the total. Approximately 75 percent of the world’s potash production capacity is held by the six largest producing companies.

Building new production capacity requires significant capital and time to bring online. The expected cost for a greenfield project, including infrastructure, ranges up to $7 billion and requires a minimum of 10 years.¹ Brownfield projects have a significant per-tonne capital cost advantage over greenfield projects.

Most major potash-consuming countries in Asia and Latin America have limited production capability and rely on imports to meet their needs. Trade typically accounts for approximately three-quarters of demand for potash, resulting in a globally diversified marketplace.

Inflation in operating and logistics costs has increased the short run marginal cost of potash supply and higher capital costs has also impacted the long-run margin cost.

Market outlook

Global potash shipments rebounded to approximately 72.5 million tonnes in 2024, driven by improved supply and supportive application economics that contributed to increased demand in key markets such as China, Brazil and Southeast Asia.

We forecast global potash shipments between 71 and 75 million tonnes in 2025. The high end of the range captures the potential for stronger underlying global consumption and the lower end captures the potential for reduced supply availability. We anticipate the potential for supply tightness with limited global capacity additions in 2025 and reported operational challenges and maintenance work in key producing regions.

Market fundamentals

Nitrogen is an essential crop nutrient and is a fundamental building block of plant proteins that improves both crop yield and quality. The necessity of nitrogen for crop yield supports a strong and growing demand source for nitrogen fertilizers. Additionally, nitrogen is used as an input in many industrial processes and has the potential to provide further value if markets for low-carbon ammonia emerge.

Production of nitrogen products is the most geographically diverse of the three primary crop nutrients due to the widespread availability of hydrogen sources. Access to reliable and competitively priced energy feedstock supply is an important driver of profitability, as recent geopolitical events continue to create additional volatility in certain global energy markets. North American nitrogen producers currently have an advantaged cost position due to the relatively low price of natural gas compared to competitors in Europe and Asia.

The US is the third largest nitrogen-producing country but remains one of the largest importers of nitrogen products. China and India are the largest-consuming countries of nitrogen products, accounting for approximately 40 percent of the world’s consumption.

Market outlook

Global urea and UAN prices have increased in the first quarter of 2025, driven by strengthening demand in key import markets and restricted supply, including continued Chinese urea export restrictions. Global ammonia prices have trended lower to start the year due to seasonal demand weakness and the anticipation of incremental supply in the US and export capacity from Russia. We expect North American natural gas prices to remain highly competitive compared to Europe and Asia, with Henry Hub natural gas prices projected to average between $3.25 and $3.50 per MMBtu for the year.

The US nitrogen supply and demand balance is expected to be tight ahead of the spring application season, as nitrogen fertilizer net imports in the first half of the 2024/2025 fertilizer year were down approximately 60 percent compared to the five-year average. Additionally, nitrogen demand for the spring season is expected to be strong due to the limited fall ammonia application season and higher expected corn acreage.

Market fundamentals

Phosphorus is essential to all living things and is key to energy reactions in the plant, particularly photosynthesis, and vital to plant growth. Additionally, phosphate is used as an input in animal feed, food ingredients and for industrial processes.

Phosphate rock is found in significant quantity and quality in only a handful of geographic locations, with only 11 major phosphate-producing countries. Due to the concentration of deposits, the majority of recent capacity additions have come from existing producers in North Africa, the Middle East and China.

China is the world’s largest producer of phosphate, and its trade policy has a major impact on the global market. In 2024, Chinese DAP/MAP exports were down approximately 35 percent from 2021 levels as a result of export restrictions.

India and Brazil are the largest importers of phosphate fertilizers, with limited domestic production. In more mature markets like North America, we have seen continued demand growth for phosphate fertilizers that incorporate secondary nutrients and micronutrients like Nutrien’s MAP+MST product.

Market outlook

Phosphate fertilizer markets remain firm, particularly in North America where channel inventories were estimated to be historically low entering 2025. We expect Chinese phosphates exports similar to 2024 levels, with total DAP/MAP exports ranging between 6 and 7 million tonnes, and tight stocks in India to support demand ahead of their key planting season.

We define megatrends as macro-level long-term trends and global dynamics that are expected to shape our operating environment. A megatrend typically stems from complex interactions between policy developments, environmental changes, socio-economic shifts and technological advancements. Evaluating and monitoring megatrends helps inform Nutrien’s strategy and the related risks we look to manage. See page 28 for more information on our strategy and page 42 for our key enterprise risks.

FOOD SECURITY

Despite advances in modern agriculture, food security remains a global challenge. Producing enough nutritious food for the world’s eight billion people, and transporting it to where it is needed, is straining existing global resources. It is estimated that nearly 10 percent of the world’s population is food insecure. A rising population, expected to grow by close to two billion people by 2050, is further increasing the scale of this challenge.

The agricultural landscape continues to evolve and be influenced by climate change, biodiversity loss, water stress, geopolitical volatility, technology and digitalization, along with social trends that could impact the ability to address global food security.

CLIMATE CHANGE, BIODIVERSITY

LOSS AND WATER RESOURCES

The convergence of climate change, biodiversity loss and water resource challenges forms a critical intersection that is expected to influence global environmental policy and corporate decisions in agriculture and mining for the foreseeable future. The agriculture value chain is expected to face long-term challenges related to climate change, including continued expectations for climate actions, reductions of GHG emissions and physical impacts from climate change on farmers and agriculture production.

GEOPOLITICAL

VOLATILITY

Geopolitical turmoil around the world is being driven by nationalism, polarization and economic instability. Due to globalization, regional events are having global impacts. Trade disputes, tariffs, restrictions and tensions have resulted in, and may continue to result in, supply chain disruptions and price volatility for energy and several other key commodities. Geopolitical fragmentation can lead to increased costs associated with diverging and sometimes incompatible regulations.

TECHNOLOGY AND

DIGITALIZATION

Digital technologies and access to vast amounts of data are supporting the transformation of the agriculture and mining industries. In mining operations, advances in automation and autonomous mining are improving safety by removing workers from the more hazardous areas and enabling productivity increases. Agriculture and food systems are undergoing technological changes driven by big data, digital connectivity, artificial intelligence and innovations in biotechnology.

New applications of emerging technologies, such as artificial intelligence and predictive analytics, have the potential to greatly improve operational productivity. The regulatory environment around artificial intelligence continues to evolve at a different pace than its use. Adoption of such technologies is expected to be uneven given vast differences in access and investment.

SOCIETAL

EXPECTATIONS

Stakeholders remain focused on corporate transparency and accountability. Some investors consider environmental and social principles alongside traditional financial metrics in capital allocation decisions and, along with regulators, are considering those principles in evaluating disclosure enhancements. Beyond climate-related matters, societal concerns include broad ecosystem impacts, as well as the expectation that companies operate in the best interest of stakeholders keeping public health goals in mind.

In response to these expectations, governments may impose new regulations or increase the stringency of existing ones. An inability to meet stakeholder expectations for environmental and social performance could increase stakeholder scrutiny, which could, in turn result in increased difficulty for companies as they seek to access cost-efficient capital, retain talent or deliver on their strategic priorities.

Simplify

Focus

Safe and reliable operations

Consistent shareholder returns

Strong and flexible balance sheet

High-value growth opportunities

Board diversity

Having a mix of directors on the Board from varied backgrounds and with a diverse range of experience and skills fosters enhanced decision-making capacity and promotes strong corporate governance. Our Board Diversity Policy includes a target that women comprise no fewer than 30 percent of the Board members. As of December 31, 2024, four of our directors were women (33 percent of the total number of directors).

Executive compensation

Nutrien’s compensation framework is based on a pay-for-performance philosophy, with the majority of executive compensation being at risk. Each year, we include an advisory “say on pay” vote at our annual meeting.

Board skills

Our Board competencies and skills matrices are essential tools to evaluate whether the Board has the right skills, perspectives, experience and expertise for proper oversight and effective decision making. The Board regularly reviews the skills matrix.

Core business skills¹

(percent of Board of Directors)

Core industry experience¹

(percent of Board of Directors)