MOSAIC CO (MOS) · Material Event (8-K) SEC Filing

EX-99.2 3 performancedataq22026-ex992.htm EX-99.2 - PERFORMANCE DATA DocumentExhibit 99.2The Mosaic CompanySelected Calendar Quarter Financial Information(Unaudited) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Consolidated data (in millions, except per share) Diluted net earnings (loss) per share $ 0.38 $ 0.53 $ 0.75 $ 1.29 $ 1.29 $ (1.64) $ (0.81) $ (0.86) Notable items impact on earnings per share(a) 0.04 0.08 0.26 0.78 0.25 (1.86) (0.86) (0.99) Adjusted diluted net earnings per share(a) $ 0.34 $ 0.45 $ 0.49 $ 0.51 $ 1.04 $ 0.22 $ 0.05 $ 0.13 Diluted weighted average # of shares outstanding 319.4 318.5 318.2 319.0 319.4 317.4 317.5 317.9 Total Net Sales $ 2,811 $ 2,816 $ 2,621 $ 3,005 $ 3,452 $ 2,974 $ 2,998 $ 2,824 Cost of goods sold 2,395 2,514 2,133 2,487 2,900 2,631 2,762 2,610 Gross Margin $ 416 $ 302 $ 488 $ 518 $ 552 $ 343 $ 236 $ 214 SG A 149 113 123 167 126 119 136 131 Other operating (income) expense 153 89 27 107 87 324 472 119 Operating earnings $ 115 $ 100 $ 338 $ 244 $ 339 $ (100) $ (372) $ (36) Interest expense, net (42) (47) (41) (53) (46) (48) (55) (63) Consolidated foreign currency gain (loss) 101 (419) 133 169 (1) (30) 38 (40) Earnings from consolidated companies before income taxes 174 191 313 564 599 (263) (286) (302) Provision for (benefit from) income taxes 48 34 63 146 175 256 (31) (34) Earnings (loss) from consolidated companies $ 126 $ 157 $ 250 $ 418 $ 424 $ (519) $ (255) $ (268) Equity in net earnings (loss) of nonconsolidated companies 5 9 2 2 Less Net earnings (loss) attributable to noncontrolling interests 9 (3) 12 9 13 3 7 Net earnings (loss) attributable to Mosaic $ 122 $ 169 $ 238 $ 411 $ 411 $ (519) $ (258) $ (273) After tax Notable items included in earnings $ 15 $ 25 $ 82 $ 249 $ 100 $ (590) $ (273) $ (315) Gross Margin Rate 15 % 11 % 19 % 17 % 16 % 12 % 8 % 8 % Effective Tax Rate (including discrete tax) 28 % 18 % 20 % 26 % 29 % (97) % 11 % 11 % Discrete Tax benefit (expense) $ 4 $ (11) $ 26 $ (1) $ (2) $ (212) $ (27) $ 36 Depreciation, Depletion and Amortization $ 238 $ 283 $ 243 $ 262 $ 277 $ 268 $ 317 $ 292 Accretion Expense $ 26 $ 31 $ 32 $ 33 $ 33 $ 32 $ 35 $ 34 Share-Based Compensation Expense $ 5 $ 7 $ 10 $ 7 $ 7 $ 6 $ 10 $ 8 Notable Items $ (28) $ 32 $ (83) $ (347) $ (143) $ 414 $ 288 $ 317 Adjusted EBITDA(b) $ 448 $ 594 $ 544 $ 566 $ 806 $ 505 $ 416 $ 407 Net cash provided by (used in) operating activities $ 313 $ 219 $ 43 $ 610 $ 229 $ (56) $ 104 $ 167 Cash paid for interest (net of amount capitalized) 20 72 12 82 20 78 17 91 Cash paid for income taxes (net of refunds) 111 53 76 75 89 81 64 45 Net cash used in investing activities $ (248) $ (277) $ (341) $ (319) $ (363) $ (287) $ (369) $ (298) Capital expenditures (241) (294) (341) (305) (364) (350) (357) (320) Net cash (used in) provided by financing activities $ (138) $ 37 $ 272 $ (285) $ 4 $ 461 $ 263 $ 148 Cash dividends paid (67) (67) (71) (70) (70) (70) (71) (70) Effect of exchange rate changes on cash $ 55 $ (7) $ $ 18 $ 6 $ 3 $ 2 $ (10) Net change in cash and cash equivalents $ (18) $ (27) $ (26) $ 24 $ (125) $ 121 $ $ 7 Short-term debt $ 752 $ 847 $ 1,234 $ 1,041 $ 1,154 $ 760 $ 1,202 $ 1,021 Long-term debt (including current portion) 3,313 3,378 3,363 3,370 3,415 4,294 4,321 4,834 Cash cash equivalents 302 273 259 286 153 277 282 294 Net debt $ 3,763 $ 3,952 $ 4,338 $ 4,125 $ 4,416 $ 4,777 $ 5,241 $ 5,561 Segment Contributions (in millions) Phosphate $ 1,005 $ 1,165 $ 1,099 $ 1,173 $ 1,290 $ 1,015 $ 1,426 $ 1,246 Potash 526 557 570 710 695 686 667 650 Mosaic Fertilizantes 1,399 1,088 934 1,175 1,592 1,146 937 1,034 Corporate and Other(c) (119) 6 18 (53) (125) 127 (32) (106) Total net sales $ 2,811 $ 2,816 $ 2,621 $ 3,005 $ 3,452 $ 2,974 $ 2,998 $ 2,824 Phosphate $ 8 $ 44 $ 139 $ (8) $ 102 $ (98) $ (48) $ (104) Potash 109 123 157 194 229 58 177 195 Mosaic Fertilizantes 56 79 98 109 96 (26) (422) (41) Corporate and Other(c) (58) (146) (56) (51) (88) (34) (79) (86) Consolidated operating earnings $ 115 $ 100 $ 338 $ 244 $ 339 $ (100) $ (372) $ (36) Phosphate(d) 1,475 1,622 1,498 1,546 1,571 1,330 1,936 1,406 Potash(d) 1,996 2,239 2,113 2,343 2,279 2,233 2,159 2,019 Mosaic Fertilizantes 2,879 2,240 1,847 2,232 2,803 2,075 1,618 1,520 Corporate and Other 297 432 361 301 232 540 379 368 Total finished product tonnes sold ('000 tonnes) 6,647 6,533 5,819 6,422 6,885 6,178 6,092 5,313 Sales of Performance Products ('000 tonnes)(e) 1,001 1,135 681 900 996 520 501 626 The Mosaic Company - Phosphate SegmentSelected Calendar Quarter Financial Information(Unaudited) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Sales and Gross Margin (in millions, except per tonne) Segment income statement Net Sales - Finished Goods $ 946 $ 1,028 $ 1,118 $ 872 $ 1,264 $ 1,060 Net Sales - Other revenue 153 145 172 143 162 186 Net Sales $ 1,005 $ 1,165 $ 1,099 $ 1,173 $ 1,290 $ 1,015 $ 1,426 $ 1,246 Cost of Goods Sold 863 1,027 932 1,070 1,146 992 1,423 1,251 Gross Margin $ 142 $ 138 $ 167 $ 103 $ 144 $ 23 $ 3 $ (5) Notable Items Included in Gross Margin (53) (14) (7) Adjusted Gross Margin(b) $ 142 $ 191 $ 167 $ 103 $ 158 $ 23 $ 3 $ 2 SG A 12 10 12 13 10 11 13 12 Other operating (income) expense 123 84 16 98 32 110 38 87 Operating Earnings $ 8 $ 44 $ 139 $ (8) $ 102 $ (98) $ (48) $ (104) Plus Depreciation, Depletion and Amortization 118 143 113 129 129 130 151 133 Plus Accretion Expense 20 25 25 26 26 25 26 26 Plus Foreign Exchange Gain (Loss) (5) (4) (3) (7) 10 (3) (1) (6) Plus Other Income (Expense) 1 517 (8) (4) 5 (9) (2) Less Earnings (loss) from Consolidated Noncontrolling Interests 8 (4) 8 10 11 4 9 Plus Notables Items 131 (388) 10 95 28 85 90 Adjusted EBITDA(b) $ 265 $ 341 $ 276 $ 217 $ 280 $ 144 $ 115 $ 128 Capital expenditures $ 127 $ 160 $ 236 $ 185 $ 221 $ 207 $ 222 $ 201 Gross Margin $ tonne of finished product $ 96 $ 85 $ 111 $ 67 $ 92 $ 17 $ 2 $ (4) Adjusted Gross Margin $ tonne of finished product $ 96 $ 118 $ 111 $ 67 $ 101 $ 17 $ 2 $ 1 Gross margin as a percent of sales 14 % 12 % 15 % 9 % 11 % 2 % % % Freight included in finished goods COGS $ 79 $ 83 $ 84 $ 93 $ 97 $ 85 $ 115 $ 97 Idle Turnaround and unabsorbed fixed production costs (excluding notable items) $ 7 $ 24 $ 44 $ 84 $ 42 $ 67 $ 50 $ 60 Operating Data Sales volumes ('000 tonnes)(d) DAP MAP 656 749 846 711 760 618 1,116 777 Performance other products(f) 750 814 587 773 750 640 720 513 Other products(i) 69 59 65 62 61 72 100 116 Total Finished Product(d) 1,475 1,622 1,498 1,546 1,571 1,330 1,936 1,406 DAP selling price (fob plant)(q) $ 569 $ 593 $ 623 $ 668 $ 714 $ 686 $ 668 $ 773 Average finished product selling price(g) $ 579 $ 606 $ 632 $ 665 $ 712 $ 656 $ 653 $ 754 Production Volumes ('000 tonnes) Total tonnes produced(h) 1,625 1,413 1,423 1,505 1,678 1,666 1,641 1,433 Operating Rate 66 % 58 % 58 % 61 % 68 % 67 % 66 % 58 % Raw Materials Ammonia used in production (tonnes) $ 238 $ 228 $ 214 $ 226 $ 255 $ 251 $ 263 $ 217 Sulfur used in production $ 739 $ 694 $ 661 $ 732 $ 772 $ 799 $ 762 $ 659 Realized costs ($ tonne) Ammonia (tonne)(j) $ 482 $ 435 $ 416 $ 445 $ 455 $ 550 $ 626 $ 621 Sulfur (long ton)(k) $ 126 $ 127 $ 157 $ 209 $ 272 $ 306 $ 379 $ 522 Blended rock $ 87 $ 87 $ 77 $ 74 $ 80 $ 84 $ 86 $ 90 Phosphate cash conversion costs, production tonne(r) $ 101 $ 118 $ 134 $ 126 $ 131 $ 112 $ 124 $ 129 Cash costs of U.S. mined rock production tonne(s) $ 56 $ 52 $ 54 $ 51 $ 62 $ 58 $ 63 $ 62 ARO cash spending (in millions) $ 54 $ 72 $ 70 $ 79 $ 60 $ 66 $ 51 $ 53 The Mosaic Company - Potash SegmentSelected Calendar Quarter Financial Information(Unaudited) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Sales and Gross Margin (in millions, except per tonne) Segment income statement Net Sales - Finished Goods $ 495 $ 641 $ 633 $ 614 $ 598 $ 566 Net Sales - Other revenue 75 69 62 72 69 84 Net Sales $ 526 $ 557 $ 570 $ 710 $ 695 $ 686 $ 667 $ 650 Cost of Goods Sold 404 434 402 501 459 430 476 443 Gross Margin $ 122 $ 123 $ 168 $ 209 $ 236 $ 256 $ 191 $ 207 Notable Items Included in Gross Margin Adjusted Gross Margin(b) $ 122 $ 123 $ 168 $ 209 $ 236 $ 256 $ 191 $ 207 SG A 7 8 8 8 6 8 9 7 Other operating (income) expense 6 (8) 3 7 1 190 5 5 Operating Earnings $ 109 $ 123 $ 157 $ 194 $ 229 $ 58 $ 177 $ 195 Plus Depreciation, Depletion and Amortization 69 93 81 79 93 83 90 76 Plus Accretion Expense 2 2 3 3 3 3 4 4 Plus Foreign Exchange Gain (Loss) 48 (185) 13 82 (56) 46 (56) (95) Plus Other Income (Expense) 1 (1) 1 3 1 3 1 Plus Notable Items (48) 178 (13) (81) 57 145 57 97 Adjusted EBITDA(b) $ 180 $ 212 $ 240 $ 278 $ 329 $ 336 $ 275 $ 278 Capital expenditures $ 61 $ 65 $ 45 $ 73 $ 72 $ 53 $ 49 $ 68 Gross Margin $ tonne of finished product $ 61 $ 55 $ 80 $ 89 $ 104 $ 115 $ 88 $ 103 Adjusted Gross Margin $ tonne of finished product $ 61 $ 55 $ 80 $ 89 $ 104 $ 115 $ 88 $ 103 Gross margin as a percent of sales 23 % 22 % 29 % 29 % 34 % 37 % 29 % 32 % Supplemental Cost Information Canadian resource taxes $ 45 $ 56 $ 47 $ 62 $ 87 $ 77 $ 67 $ 70 Royalties $ 9 $ 10 $ 9 $ 10 $ 12 $ 11 $ 12 $ 10 Freight expense(l) $ 87 $ 60 $ 74 $ 74 $ 66 $ 73 $ 76 $ 76 Idle Turnaround and unabsorbed fixed production costs (excluding notable items) $ 23 $ 6 $ 1 $ 34 $ 16 $ 8 $ 5 $ 26 Operating Data Sales volumes ('000 tonnes)(d) MOP 1,775 2,064 1,947 2,122 2,110 2,083 1,971 1,892 Performance other products(m) 211 168 159 214 162 143 181 122 Other products(i) 10 7 7 7 7 7 7 5 Total Finished Product(d) 1,996 2,239 2,113 2,343 2,279 2,233 2,159 2,019 Crop Nutrients North America 647 779 863 752 649 679 712 670 Crop Nutrients International 1,255 1,341 1,126 1,439 1,497 1,412 1,280 1,192 Non-Agricultural 94 119 124 152 133 142 167 157 Total Finished Product(d) 1,996 2,239 2,113 2,343 2,279 2,233 2,159 2,019 MOP selling price (fob mine)(o) $ 215 $ 199 $ 223 $ 261 $ 271 $ 264 $ 265 $ 275 Average finished product selling price(g) $ 233 $ 214 $ 234 $ 274 $ 278 $ 275 $ 277 $ 280 Production Volumes ('000 tonnes) Production Volume 1,904 2,332 2,256 2,094 2,258 2,189 2,209 1,845 Operating Rate 66 % 81 % 78 % 73 % 79 % 76 % 77 % 64 % MOP cash costs of production production tonne(n) $ 74 $ 73 $ 78 $ 75 $ 71 $ 77 $ 84 $ 84 ARO cash spending (in millions) $ 2 $ 3 $ 1 $ 3 $ 2 $ 4 $ 1 $ 2 Average CAD USD $ 1.364 $ 1.399 $ 1.434 $ 1.384 $ 1.377 $ 1.394 $ 1.372 $ 1.384 The Mosaic Company - Mosaic Fertilizantes SegmentSelected Calendar Quarter Financial Information(Unaudited) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Sales and Gross Margin (in millions, except per tonne) Segment income statement Net Sales - Finished Goods $ 834 $ 1,059 $ 1,452 $ 1,024 $ 852 $ 889 Net Sales - Other revenue 100 116 140 122 85 145 Net Sales $ 1,399 $ 1,088 $ 934 $ 1,175 $ 1,592 $ 1,146 $ 937 $ 1,034 Cost of Goods Sold 1,271 986 807 1,013 1,410 1,125 902 1,028 Gross Margin $ 128 $ 102 $ 127 $ 162 $ 182 $ 21 $ 35 $ 6 Notable Items Included in Gross Margin 6 9 (7) (26) (26) Adjusted Gross Margin(b) $ 122 $ 93 $ 127 $ 162 $ 189 $ 21 $ 61 $ 32 SG A 62 16 23 61 32 32 36 32 Other operating (income) expense 10 7 6 (8) 54 15 421 15 Operating Earnings $ 56 $ 79 $ 98 $ 109 $ 96 $ (26) $ (422) $ (41) Plus Depreciation, Depletion and Amortization 39 40 38 44 46 46 66 74 Plus Accretion Expense 4 4 4 4 4 4 5 4 Plus Foreign Exchange Gain (Loss) 17 (84) 41 (17) (19) (57) 30 2 Plus Other Income (Expense) (2) (2) (1) (1) (1) (2) (2) (2) Less Earnings from Consolidated Noncontrolling Interests 1 1 (1) 1 1 (2) Plus Notable Items (31) 46 (57) 19 116 81 402 21 Adjusted EBITDA(b) $ 83 $ 82 $ 122 $ 159 $ 241 $ 45 $ 79 $ 60 Capital expenditures $ 51 $ 64 $ 59 $ 46 $ 70 $ 85 $ 86 $ 47 Gross Margin $ tonne of finished product $ 44 $ 46 $ 69 $ 73 $ 65 $ 10 $ 22 $ 4 Adjusted Gross Margin $ tonne of finished product $ 42 $ 42 $ 69 $ 73 $ 67 $ 10 $ 38 $ 21 Gross margin as a percent of sales 9 % 9 % 14 % 14 % 11 % 2 % 4 % 1 % Idle Turnaround and unabsorbed fixed production costs (excluding notable items) $ 40 $ 18 $ 13 $ 26 $ 27 $ 62 $ 24 $ 61 Operating Data Sales volumes ('000 tonnes) Fertilizer produced in Brazil sold to third parties 629 461 331 387 363 289 282 265 Fertilizer produced in Brazil sold through distribution 409 207 358 666 685 290 300 391 Purchased nutrients for distribution(p) 1,841 1,572 1,158 1,179 1,755 1,496 1,036 864 Total Finished Product 2,879 2,240 1,847 2,232 2,803 2,075 1,618 1,520 Sales of Performance Products ('000 tonnes)(e) 462 307 93 252 441 253 134 262 Brazil MAP price (Brazil production delivered price to third party) $ 601 $ 632 $ 681 $ 729 $ 738 $ 717 $ 728 $ 835 Average finished product selling price(g) $ 447 $ 433 $ 452 $ 474 $ 518 $ 493 $ 527 $ 585 Production Volumes ('000 tonnes) Phosphate tonnes produced 779 781 778 843 834 683 656 466 MOP tonnes produced 105 108 97 122 104 27 Phosphate operating rate 78 % 78 % 78 % 84 % 84 % 68 % 66 % 47 % Potash operating rate 85 % 88 % 78 % 98 % 83 % 22 % % % Realized Costs ($ tonne) Ammonia tonne $ 572 $ 628 $ 684 $ 601 $ 576 $ 638 $ 722 $ 815 Sulfur (long ton) $ 170 $ 177 $ 219 $ 270 $ 325 $ 371 $ 466 $ 516 Blended rock $ 105 $ 109 $ 97 $ 94 $ 99 $ 98 $ 104 $ 105 Purchases ('000 tonnes) DAP MAP from Mosaic 43 54 62 21 45 5 38 81 MicroEssentials from Mosaic 337 195 120 282 270 211 310 223 Potash from Mosaic Canpotex 682 419 355 507 919 238 542 660 Phosphate cash conversion costs in USD, production tonne(r) $ 88 $ 85 $ 87 $ 84 $ 99 $ 113 $ 113 $ 141 Potash cash conversion costs in USD, production tonne $ 175 $ 151 $ 187 $ 178 $ 240 $ 286 $ $ Mined rock costs in USD, cash produced tonne $ 105 $ 93 $ 87 $ 90 $ 91 $ 88 $ 116 $ 106 ARO cash spending (in millions) $ 6 $ 5 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 Average BRL USD $ 5.546 $ 5.842 $ 5.853 $ 5.669 $ 5.445 $ 5.396 $ 5.264 $ 5.051 The Mosaic Company - Corporate and Other SegmentSelected Calendar Quarter Financial Information(Unaudited) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Sales and Gross Margin (in millions) Segment income statement Net Sales $ (119) $ 6 $ 18 $ (53) $ (125) $ 127 $ (32) $ (106) Cost of Goods Sold (143) 67 (8) (97) (115) 84 (39) (112) Gross Margin (Loss) $ 24 $ (61) $ 26 $ 44 $ (10) $ 43 $ 7 $ 6 Notable items Included in Gross Margin 38 (80) 59 51 (27) 2 (2) Adjusted Gross Margin (Loss)(b) $ (14) $ 19 $ (33) $ (7) $ 17 $ 41 $ 9 $ 6 SG A 68 79 80 85 78 68 78 80 Other operating (income) expense 14 6 2 10 9 8 12 Operating Earnings (Loss) $ (58) $ (146) $ (56) $ (51) $ (88) $ (34) $ (79) $ (86) Plus Depreciation, Depletion and Amortization 12 7 11 10 9 9 10 9 Plus Share-Based Compensation Expense 5 7 10 7 7 6 10 8 Plus Foreign Exchange Gain (Loss) 40 (145) 82 111 64 (15) 64 60 Plus Other Income (Expense) 39 (116) 213 308 (89) 113 (160) Plus Earnings (Loss) from equity investments 2 Less Earnings (Loss) from Consolidated Noncontrolling Interests (1) (1) 2 (1) Plus Notable Items (80) 196 (23) (380) (344) 103 (171) 109 Adjusted EBITDA(b) $ (80) $ (41) $ (94) $ (88) $ (44) $ (20) $ (53) $ (59) Elimination of profit in inventory included in COGS $ (3) $ 7 $ (49) $ $ 15 $ 21 $ 5 $ 5 Unrealized gain (loss) on derivatives included in COGS $ 39 $ (80) $ 59 $ 51 $ 27 $ 2 $ (4) $ The Mosaic CompanySelected Calendar Quarter Financial Information(Unaudited)Notable Items Q2 2026 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (49) $ 18 $ (0.10) Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 2 (0.03) Closed and indefinitely idled facility costs Brazil Other operating income (expense) (13) 1 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) (162) 26 (0.43) Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (1) Loss on assets held for sale transaction costs Potash Corporate Loss on assets sold and to be sold SG A (9) 2 (0.03) Accelerated depreciation Brazil Cost of goods sold (26) 2 (0.08) Land Reclamation - ARO Phosphate Cost of goods sold (7) 2 (0.02) Asset write-off Phosphate Other operating income (expense) (69) 14 (0.17) Income tax adjustment Consolidated (Provision for) benefit from income taxes (31) (0.10) Total Notable Items $ (351) $ 36 $ (0.99) Q1 2026 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 24 $ (2) $ 0.06 Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (2) Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 1 (0.04) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 112 (8) 0.33 Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (2) (0.01) Environmental reserves Phosphate Other operating income (expense) Noncontrolling Interest (21) 1 (0.06) Gain on sale of land Phosphate Other operating income (expense) 31 (2) 0.09 Loss on assets held for sale and other assets Brazil Loss on assets to be sold Other operating income (expense) (302) 59 (0.76) Restructuring and cost reduction actions Consolidated Other operating income (expense) SG A (98) 7 (0.29) Accelerated depreciation Brazil Cost of goods sold (26) 2 (0.08) Closed and indefinitely idled facility costs Brazil Other operating income (expense) (24) 2 (0.07) Discrete Tax Corporate (Provision for) benefit from income taxes (10) (0.03) Total Notable Items $ (323) $ 50 $ (0.86) Q4 2025 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (44) $ 6 $ (0.12) Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 2 (2) Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 7 (0.02) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) (90) 7 (0.25) ARO Adjustment Phosphate Potash Other operating income (expense) (64) 20 (0.14) Environmental Reserve Phosphate Other operating income (expense) (21) 8 (0.04) Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) 8 (2) 0.01 Net Gain on assets held for sale and transaction fees Brazil Corp Other operating income (expense) SG A 100 (40) 0.18 Impairment of goodwill and asset write-offs Brazil Impairment of goodwill (110) 20 (0.28) Loss on assets held for sale Potash Loss (gain) on assets sold and to be sold (189) 69 (0.38) Brazil Valuation Adjustment Brazil (Provision for) benefit from income taxes (261) (0.82) Total Notable Items $ (422) $ (168) $ (1.86) Q3 2025 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (14) $ 3 $ (0.04) Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (27) 7 (0.06) Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 3 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 308 (80) 0.71 Environmental Reserve Phosphate Other operating income (expense) (18) 5 (0.04) Loss on assets held for sale and transaction fees Mosaic Fertilizantes Corporate Other operating income (expense) SG A (75) (0.23) Asset write-off Mosaic Fertilizantes Cost of goods sold Other operating income (expense) (11) 3 (0.03) Land reclamation Phosphate Cost of goods sold (14) 4 (0.03) Total Notable Items $ 135 $ (55) $ 0.25 Q2 2025 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 169 $ (45) $ 0.39 Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 51 (14) 0.11 Closed and indefinitely idled facility costs Phosphate Other operating income (expense) $ (14) $ 4 $ (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 216 (58) 0.50 ARO Adjustment Phosphate Other operating income (expense) (44) 12 (0.10) Environmental Reserve Phosphate Other operating income (expense) (32) 9 (0.07) Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (7) 2 (0.02) Total Notable Items $ 339 $ (90) $ 0.78 Q1 2025 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 148 $ (43) $ 0.33 Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 59 (17) 0.13 Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 3 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) (117) 34 (0.26) ARO Adjustment Phosphate Other operating income (expense) (2) 1 Discrete tax items Consolidated (Provision for) benefit from income taxes 30 0.09 Total Notable Items $ 74 $ 8 $ 0.26 Q4 2024 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (390) $ 75 $ (0.99) Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (80) 15 (0.20) Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (13) 2 (0.04) FX functional currency Mosaic Fertilizantes Cost of goods sold 9 (2) 0.02 Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (5) 1 (0.01) ARO Adjustment Phosphate Other operating income (expense) (23) 4 (0.06) Hurricane Milton idle costs Phosphate Cost of goods sold (52) 10 (0.13) Gain on sale of equity investment Phosphate Other non-operating income (expense) 522 (43) 1.51 Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 28 (5) 0.07 ARO Adjustment Potash Other operating income (expense) 7 (1) 0.02 Arbitration reserve Phosphate Other Operating Expense Non Controlling Interest (43) 9 (0.11) Total Notable Items $ (40) $ 65 $ 0.08 Q3 2024 Description Segment Line Item Amount(in millions) Tax Effect(t)(in millions) EPS Impact(per basic share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 111 $ (35) $ 0.22 Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 38 (11) 0.09 Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 5 (0.03) FX functional currency Mosaic Fertilizantes Cost of goods sold 6 (2) 0.01 Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) 5 (2) 0.01 ARO Adjustment Phosphate Other operating income (expense) (102) 31 (0.22) Environmental reserve Phosphate Other operating income (expense) (20) 6 (0.04) Total Notable Items $ 23 $ (8) $ 0.04 Footnotes (a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See Non-GAAP Reconciliations .(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under Non-GAAP Reconciliations .(c)Includes elimination of intersegment sales. (d)Finished product sales volumes include intersegment sales. (e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.(f)Includes MicroEssentials performance products. (g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods.(h)Includes crop nutrient dry concentrates and animal feed ingredients. (i)Includes finished goods sales of feed and other products.(j)Amounts are representative of our average ammonia costs in cost of goods sold. (k)Amounts are representative of our average sulfur costs in cost of goods sold. (l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.(m)Includes K-Mag, and Aspire finished performance products.(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs. (o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.(q)Includes intersegment sales.(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. (s)Total production cost less depreciation depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.(t)Tax impact is based on our expected annual effective rate. The Mosaic CompanySelected Calendar Quarter Financial Information(Unaudited)Non-GAAP Financial MeasuresIn addition to financial measures prepared in accordance with U.S. generally accepted accounting principles ( GAAP ), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below. The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.Adjusted Diluted Net Earnings Per ShareAdjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under Consolidated Data on the first page of this Selected Calendar Quarter Financial Information.Consolidated Adjusted EBITDAConsolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for (benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below. (in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Consolidated Net Income (Loss) $ 122 $ 169 $ 238 $ 411 $ 411 $ (519) $ (258) $ (273) Less Consolidated Interest Expense, Net (42) (47) (41) (53) (46) (48) (55) (63) Plus Consolidated Depreciation, Depletion Amortization 238 283 243 262 277 268 317 292 Plus Accretion Expense 26 31 32 33 33 32 35 34 Plus Share-Based Compensation Expense (Benefit) 5 7 10 8 7 6 10 8 Plus Consolidated Provision for (Benefit from) Income Taxes 48 34 63 146 175 256 (31) (34) Less Equity in net earnings (loss) of nonconsolidated companies, net of dividends 5 9 Plus Notable Items (28) 32 (83) (347) (143) 414 288 317 Consolidated Adjusted EBITDA $ 448 $ 594 $ 544 $ 566 $ 806 $ 505 $ 416 $ 407 Segment Adjusted EBITDAAdjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense) plus dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss) sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss) sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.Adjusted Gross MarginAdjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.

EX-99.1 2 pressreleaseq22026-ex991.htm EX-99.1 - 2026 Q2 PRESS RELEASE DocumentExhibit 99.1 The Mosaic Company101 E. Kennedy Blvd., Suite 2500Tampa, FL 33602www.mosaicco.com FOR IMMEDIATE RELEASE THE MOSAIC COMPANY REPORTS SECOND QUARTER 2026 RESULTS Second quarter results included revenues of $2.8 billion, an operating loss of $36 million and a net loss of $273 million excluding notable items, adjusted EBITDA(1) totaled $407 million Second quarter sales volumes totaled 1.4 million tonnes for Phosphates, 2.0 million tonnes for Potash and 1.5 million tonnes for Mosaic Fertilizantes Third-quarter sulfur contracts were settled at $705 long ton 2026 outlook for capital expenditures reduced to $1.2 billionTAMPA, FL, August 4, 2026 - The Mosaic Company (NYSE MOS), reported a net loss of $273 million and diluted loss per share of $0.86 for the second quarter of 2026. Adjusted EBITDA(1) was $407 million and adjusted EPS(1) was $0.13. Business conditions remained challenging in the second quarter, driven primarily by sulfur availability and affordability challenges, said President and CEO Bruce Bodine. At Mosaic, we are focused on the things we can control. We've reduced phosphate production, cut costs, reduced capital expenditures and strengthened our financial flexibility while maintaining the ability to resume full production rates when markets improve. We also continue to reallocate underperforming capital in pursuit of stronger shareholder returns. Consolidated Results In millions $ except as noted below Q2 2026 Q1 2026 Q2 2025 Net Sales - billions $ $2.8 $3.0 $3.0 Selling, General and Administrative Expenses $132 $136 $167 Operating Earnings (Loss) $(36) $(373) $244 Operating Earnings (Loss) Phosphate $(104) $(48) $(8) Operating Earnings (Loss) Potash $195 $177 $194 Operating Earnings (Loss) Mosaic Fertilizantes $(41) $(422) $109 Operating Earnings (Loss) Corporate and Other $(86) $(79) $(51) Net Income (Loss) $(273) $(258) $411 Adjusted EBITDA(1) $407 $416 $566 Adjusted EBITDA - Phosphate(1) $128 $115 $217 Adjusted EBITDA - Potash(1) $278 $275 $278 Adjusted EBITDA Mosaic Fertilizantes(1) $60 $79 $159 Adjusted EBITDA Corporate and Other(1) $(59) $(53) $(88) (1)See Non-GAAP Financial Measures for additional information and reconciliation.1Mosaic reported a second quarter net loss of $273 million, compared to net income of $411 million in the same quarter of 2025. Second quarter results were negatively impacted by $351 million of pre-tax notable items, primarily consisting of $162 million in mark-to-market adjustments related to the value of Mosaic s holding of Ma aden shares, $69 million of non-cash project write-offs, and $49 million related to foreign currency transactions.Second quarter adjusted EBITDA(1) totaled $407 million, down from $566 million in the same quarter last year. Results primarily reflected lower sales volumes and higher raw material costs in Phosphate and Mosaic Fertilizantes, which were partially offset by higher phosphate and potash prices. Selling, general, and administrative (SG A) expenses were $132 million in the second quarter, down from $167 million in the prior year period, reflecting lower bad debt expenses and the impact of cost saving initiatives. For the full year, SG A is now expected to be in the range of $510 to $530 million. The effective tax rate for the second quarter was 11.2%. The adjusted effective tax rate was 4.5% excluding the impacts from notable items. Cash taxes paid were $45 million in the second quarter. Cash flow from operations totaled $167 million in the second quarter, compared to $610 million in the second quarter of 2025. The decrease was primarily driven by lower adjusted EBITDA and customer prepayments in Brazil. Free cash flow(1) in the second quarter of 2026 was $(153) million compared to $305 million in the same quarter a year ago, reflecting the timing of capital expenditures. Free cash flow is expected to improve through the remainder of the year as a result of lower capital expenditures and an expected release of working capital, primarily in Brazil. Capital Allocation Update Capital expenditures in 2026 are now expected to be $1.20 billion, down from the previous expectation of $1.25 billion. Mosaic completed the sale of its Carlsbad, New Mexico, potash mine in the second quarter. Progress continued on strategic alternatives for the Araxa and Patrocinio assets in Brazil. A $1 billion term loan transaction was established to refinance and extend short-term commercial paper maturities. The company paid a regular common dividend of $0.22 per share in the second quarter.(1)See Non-GAAP Financial Measures for additional information and reconciliation.2Potash Results and Outlook Q2 2026 Q1 2026 Q2 2025 Net Sales - millions $ $650 $667 $711 Sales Volumes - million tonnes* 2.0 2.2 2.3 MOP Selling Price FOB mine - $ per tonne $275 $265 $261 MOP Cash Cost of Production(1) - $ per tonne $84 $84 $75 Gross Margin - $ per tonne $103 $88 $89 Operating Earnings - millions $ $195 $177 $194 Segment Adjusted EBITDA(1) - millions $ $278 $275 $278 *Tonnes finished product tonnesThe Potash segment reported net sales of $650 million in the second quarter of 2026, down from $711 million in the prior year period. Operating earnings were $195 million, compared to $194 million in the second quarter of 2025. Adjusted EBITDA(1) was $278 million, equal to the prior year period, and reflected the costs of turnaround activities at Esterhazy. Second quarter sales volumes totaled 2.0 million tonnes, compared to 2.3 million tonnes in the prior-year period. Production volumes were 1.8 million tonnes, down from 2.1 million tonnes in the second quarter of 2025. In addition to Esterhazy's routine turnaround, production during the quarter also reflected the Carlsbad divestiture, which was completed in April. Mosaic continues to expect total potash production of approximately 9 million tonnes in 2026, with volumes weighted toward the second half of the year, particularly with the contribution of additional volumes from the Hydrofloat project. MOP cash cost of production per tonne(1) was $84 in the second quarter, up from $75 in the prior-year quarter. Unit production costs are expected to trend lower through the remainder of the year as a result of higher Esterhazy production volumes.Third quarter 2026 sales volumes are expected to be in the range of 2.0 to 2.2 million tonnes, with realized mine gate MOP prices in the range of $270 to $290 per tonne.(1)See Non-GAAP Financial Measures for additional information and reconciliation.3Phosphate Results and Outlook Q2 2026 Q1 2026 Q2 2025 Net Sales - millions $ $1,246 $1,426 $1,173 Sales Volumes - million tonnes* 1.4 1.9 1.5 DAP Selling Price FOB plant - $ per tonne $773 $668 $668 Phosphate Cash Cost of Conversion(1) - $ per tonne $129 $124 $126 Blended Rock Cost Consumed in COGS(1) - $ per tonne $90 $86 $74 Gross Margin - $ per tonne $(4) $2 $67 Operating Earnings (Loss) millions $ $(104) $(48) $(8) Segment Adjusted EBITDA(1) - millions $ $128 $115 $217 *Tonnes finished product tonnesThe Phosphate segment reported net sales of $1.25 billion in the second quarter of 2026, up from $1.17 billion in the prior year period. The segment reported an operating loss of $104 million during the period, compared to $8 million in the second quarter of 2025. Results reflected the impact of $90 million of notable items, including $69 million related to a non-cash project write-off. Adjusted EBITDA(1) totaled $128 million, compared to $217 million in the prior year period. The year-over-year decline reflected an increase in raw material costs and lower fixed-cost absorption from lower volumes, though these were somewhat mitigated by higher prices and improved cost controls.Mosaic implemented a partial production curtailment in May, which resulted in second quarter sales and production volumes of 1.4 million tonnes, down from 1.5 million tonnes in the prior year period. Costs reflected lower operating rates resulting from the partial curtailment implemented during the quarter. During the second quarter, cash cost of conversion(1) averaged $129 per tonne, versus $126 per tonne in the prior period. Idle, turnaround, and unabsorbed fixed costs in costs of goods sold during the second quarter totaled $60 million, versus $84 million in the second quarter of 2025. Looking ahead, both metrics are expected to continue being impacted by lower operating rates in the third quarter following additional curtailments implemented at the beginning of July. To date, Faustina has been completely idled and Bartow is currently running at 40% of its targeted annual operating rate. Second quarter raw material costs averaged $522 per long ton for sulfur and $621 per tonne for ammonia. For the third quarter, Mosaic settled sulfur contracts with U.S. Gulf Coast refiners at $705 per long ton. This new contract will primarily be reflected in fourth quarter operating results. For the third quarter, sales volumes are expected to be of 1.1 to 1.4 million tonnes. DAP prices are expected to average $820 to $840 per tonne on an FOB basis. (1)See Non-GAAP Financial Measures for additional information and reconciliation.4Mosaic Fertilizantes Results and Outlook Q2 2026 Q1 2026 Q2 2025 Net Sales - millions $ $1,034 $937 $1,175 Sales Volumes - million tonnes* 1.5 1.6 2.2 Sales Volumes of produced product million tonnes(2) 0.7 0.6 1.1 Average Finished Product Selling Price - $ per tonne $585 $527 $474 Phosphate Cash Cost of Conversion(1) - $ per tonne $141 $113 $84 Phosphate Blended Rock Cost Consumed in COGS - $ per tonne $105 $104 $94 Gross Margin - $ per tonne $4 $22 $73 Operating Earnings (Loss) millions $ $(41) $(422) $109 Segment Adjusted EBITDA(1) millions $ $60 $79 $159 *Tonnes finished product tonnes sold to third partiesMosaic Fertilizantes reported net sales of $1.0 billion in the second quarter of 2026, compared to $1.2 billion in the prior year period. The segment generated an operating loss of $41 million in the second quarter, compared to operating earnings of $109 million in the same period last year. Adjusted EBITDA(1) totaled $60 million, compared to $159 million in the prior year period. Second quarter results were primarily driven by lower sales volumes and higher sulfur costs, which were partially offset by higher phosphate prices.Second quarter sales volumes totaled 1.5 million tonnes, down from 2.2 million tonnes in the same quarter last year, primarily due to curtailed domestic production and soft demand.Commodity fertilizer production is in the process of being idled in Brazil as a result of sulfur affordability and availability. Animal feed production at Cajati remains operational and profitable. During the second quarter, lower operating rates resulted in higher unit cash conversion costs(1) of $141 per tonne, up from $84 per tonne in the prior year period. Idle, turnaround and unabsorbed fixed costs of $61 million in costs of goods sold were also negatively impacted during the quarter. This compares to $26 million in the second quarter of 2025. Challenging producer economics and the full-quarter impact of production curtailments are expected to have a negative impact on the third quarter financial performance. As a result, segment adjusted EBITDA in the third quarter is expected to be below the second quarter result. Mosaic Biosciences Update Mosaic Biosciences reported net sales of $25 million in the second quarter. Mosaic launched five new products in the first half of 2026 and expects to launch an additional three to five new products(3) later this year. Net sales in 2026 are expected to double from 2025 s total of $68 million. (1)See Non-GAAP Financial Measures for additional information and reconciliation.(2) Represents volumes produced in Brazil and sold directly to third parties or through distribution.(3)New products are defined as new brands or existing brands launched in new geographies.5Market Update Agricultural commodity prices have risen over the past month as Middle East tensions reignited, attacks between Russia and Ukraine intensified, and dry weather pressured key growing regions. Despite growing drought risk, 2026 represents another year of expected heavy nutrient removal. Given lingering headwinds related to fertilizer affordability and availability, nutrient replenishment risk has grown in many key agricultural regions, resulting in a threat to near-term yields while setting the stage for future fertilizer demand recovery.Phosphate market fundamentals remain constructive, and we are seeing certain markets re-engage ahead of upcoming seasons. Buyers in the Americas are growing more active as crop prices climb and grower sentiment improves. India is experiencing strong demand leading up to the key Rabi season, and prices are rising to attract limited global supply. Sulfur and ammonia markets continue to experience widespread disruption, resulting in elevated raw material costs and production curtailments across the global phosphate industry. Mosaic believes the current raw material environment is temporary, although the timing of normalization remains uncertain. Global phosphate supply is expected to remain constrained through the balance of the year due to ongoing production curtailments, reduced Chinese exports, and continued raw material disruptions. As such, market conditions remain constructive despite uneven regional demand patterns.Potash market fundamentals remain balanced with strong demand across major consuming regions. Global growers continue to find value in potash relative to other nutrients, supporting application rates and demand. North American demand has remained resilient, with inventories tightening. Brazil continues to replenish its inventories, while Chinese imports set a first half record. Mosaic expects potash market conditions to remain constructive through the remainder of 2026.2026 Guidance Summary Full Year 2026 Potash Production Volumes - million tonnes 9.0 Total Capital Expenditures - billions $ $1.2 Depreciation, Depletion Amortization - billions $ $1.1 - $1.2 Selling, General, and Administrative Expense - millions $ $510 - $530 Net Interest Expense - millions $ $220 - $240 Cash Tax - millions $ $250 - $300 Third Quarter 2026 Phosphate Sales Volumes - million tonnes 1.1 -1.4 DAP FOB Plant Prices - $ per tonne $820 - $840 Potash Sales Volumes - million tonnes 2.0 - 2.2 MOP FOB Mine Prices - $ per tonne $270 - $290 Sensitivities Table The Company provided the following sensitivities to help investors anticipate the potential impact of price movements. These sensitivities are based on 2025 actual realized pricing and sales volumes. Sensitivity Full year adj. EBITDA impact(1) 2025 Actual Average MOP Price tonne (fob mine) $10 mt price change $83 million (4) $255 Average DAP Price tonne (fob plant) $10 mt price change $60 million $670 (1) See Non-GAAP Financial Measures for additional information and reconciliation.(4) Includes impact of Canadian Resource Tax6 InvestorsPaul Massoud, CFA813-775-4260paul.massoud mosaicco.com Joan Tong, CFA863-640-0826joan.tong mosaicco.com MediaBen Pratt813-775-4206media mosaicco.com About The Mosaic CompanyThe Mosaic Company (NYSE MOS) helps the world grow the food it needs. Headquartered in Tampa, Florida, Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world s farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems. As a Fortune 500 company with 13,000 employees serving customers in more than 40 countries, Mosaic is helping build resilient and productive food systems for the future. More information on the company is available at www.mosaicco.com.Mosaic will conduct a conference call on August 5, 2026, at 11 00 a.m. Eastern Time to discuss second quarter 2026 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic s website at www.mosaicco.com investors. This webcast will be available for up to one year from the time of the earnings call.This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to political and economic instability, including geopolitical instability and heightened tensions involving Iran, disruptions to global shipping routes, including the Strait of Hormuz, and changes in government policies in countries in which we have operations the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions the level of inventories in the distribution channels for crop nutrients the effect of future product innovations or development of new technologies on demand for our products changes in foreign currency and exchange rates international trade risks, including the impact of U.S. tariffs and retaliatory tariffs on economic conditions and other risks associated with Mosaic s international operations a material adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of Ma'aden customer defaults the effects of Mosaic s decisions to exit business operations or locations the potential for curtailments, slowdowns, or temporary shutdowns of production due to market conditions, input availability, transportation constraints, or other operational factors changes in government policy changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of America or elsewhere further developments in judicial or administrative proceedings, or complaints that Mosaic s operations are adversely impacting nearby farms, business operations or properties difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements resolution of global tax audit activity the effectiveness of Mosaic s processes for managing its strategic priorities adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought actual costs of various items differing from management s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, reduction of Mosaic s available cash and liquidity, and increased leverage, due to its use of cash and or available debt capacity to fund financial assurance requirements and strategic investments brine inflows at Mosaic s potash mines other accidents and disruptions involving Mosaic s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals and risks associated with cyber security, including reputational loss as well as other risks and uncertainties reported from time to time in The Mosaic Company s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. Non-GAAP Financial MeasuresThis press release includes the presentation and discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAAP adjusted EBITDA, non-GAAP cash cost of conversion or production per tonne, or non-GAAP adjusted effective tax rate, and free cash flow collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations 7and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and adjusted EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share or a quantitative reconciliation of forward-looking adjusted EPS and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives and equity securities, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended September 30, 2024 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the Financial Information - Quarterly Earnings section under the Investors tab.8For the three months ended June 30, 2026, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.99) Amount Tax effect EPS impact Description Segment Line item (in millions) (in millions) (per share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (49) $ 18 $ (0.10) Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 2 (0.03) Closed and indefinitely idled facility costs Brazil Other operating income (expense) (13) 1 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) (162) 26 (0.43) Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (1) Loss on assets held for sale transaction costs Potash Corporate Other Loss on assets sold and to be sold SG A (9) 2 (0.03) Accelerated depreciation Brazil Cost of goods sold (26) 2 (0.08) Land Reclamation - ARO Phosphate Cost of goods sold (7) 2 (0.02) Asset write-off Phosphate Other operating income (expense) (69) 14 (0.17) Income tax adjustment Consolidated (Provision for) benefit from income taxes (31) (0.10) Total Notable Items $ (351) $ 36 $ (0.99) For the three months ended June 30, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.78 Amount Tax effect EPS impact Description Segment Line item (in millions) (in millions) (per share) Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 169 $ (45) $ 0.39 Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 51 (14) 0.11 Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 4 (0.03) Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 216 (58) 0.50 ARO Adjustment Phosphate Other operating income (expense) (44) 12 (0.10) Environmental Reserve Phosphate Other operating income (expense) (32) 9 (0.07) Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (7) 2 (0.02) Total Notable Items $ 339 $ (90) $ 0.78 9Condensed Consolidated Statements of Earnings (Loss)(in millions, except per share amounts) The Mosaic Company (unaudited) Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Net sales $ 2,824.1 $ 3,005.7 $ 5,822.1 $ 5,626.6 Cost of goods sold 2,609.4 2,487.1 5,371.8 4,619.6 Gross margin 214.7 518.6 450.3 1,007.0 Selling, general and administrative expenses 131.6 167.2 267.5 289.8 Loss on assets sold and to be sold 6.2 238.8 Other operating expense 112.4 107.0 352.4 134.3 Operating earnings (loss) (35.5) 244.4 (408.4) 582.9 Interest expense, net (62.8) (53.0) (118.1) (93.7) Foreign currency transaction gain (loss) (39.4) 169.4 (1.8) 302.5 Other income (expense) (163.2) 203.5 (58.5) 85.4 Earnings (loss) from consolidated companies before income taxes (300.9) 564.3 (586.8) 877.1 (Benefit) provision for income taxes (33.8) 146.0 (64.8) 209.3 Earnings (loss) from consolidated companies (267.1) 418.3 (522.0) 667.8 Equity in net earnings of nonconsolidated companies 1.6 1.4 2.0 1.9 Net earnings (loss) including noncontrolling interests (265.5) 419.7 (520.0) 669.7 Less Net earnings attributable to noncontrolling interests 7.3 9.0 10.4 20.9 Net earnings (loss) attributable to Mosaic $ (272.8) $ 410.7 $ (530.4) $ 648.8 Diluted net earnings (loss) per share attributable to Mosaic $ (0.86) $ 1.29 $ (1.67) $ 2.04 Diluted weighted average number of shares outstanding 317.9 319.0 317.7 318.5 10Condensed Consolidated Balance Sheets(in millions, except per share amounts) The Mosaic Company (unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 294.0 $ 276.6 Receivables, net, including affiliate receivables of $85.1 and $126.3, respectively 860.1 1,078.6 Inventories 3,668.0 3,363.0 Assets held for sale 96.6 73.5 Other current assets 511.5 445.8 Total current assets 5,430.2 5,237.5 Property, plant and equipment, net of accumulated depreciation of $11,506.7 and $11,126.0, respectively 13,617.1 13,982.6 Equity securities and investments in nonconsolidated companies 1,805.5 1,848.2 Goodwill 969.2 1,005.1 Deferred income taxes 1,205.6 811.6 Other assets 1,613.1 1,595.1 Total assets $ 24,640.7 $ 24,480.1 Liabilities and Equity Current liabilities Short-term debt $ 1,021.3 $ 759.9 Current maturities of long-term debt 66.7 43.1 Structured accounts payable arrangements 353.1 480.1 Accounts payable, including affiliate payables of $216.0 and $115.2, respectively 1,177.4 1,171.9 Accrued liabilities 1,367.4 1,472.5 Liabilities held for sale 76.6 55.3 Total current liabilities 4,062.5 3,982.8 Long-term debt, less current maturities 4,767.7 4,250.9 Deferred income taxes 1,194.7 1,000.8 Other noncurrent liabilities 2,980.9 3,011.4 Equity Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025 Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 395,563,251 shares issued and 317,895,646 shares outstanding as of June 30, 2026, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025 3.2 3.2 Capital in excess of par value 42.9 29.2 Retained earnings 13,584.5 14,184.4 Accumulated other comprehensive loss (2,166.7) (2,131.9) Total Mosaic stockholders' equity 11,463.9 12,084.9 Noncontrolling interests 171.0 149.3 Total equity 11,634.9 12,234.2 Total liabilities and equity $ 24,640.7 $ 24,480.1 11Condensed Consolidated Statements of Cash Flows(in millions, except per share amounts) The Mosaic Company (unaudited) Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Cash Flows from Operating Activities Net earnings (loss) including noncontrolling interests $ (265.5) $ 419.7 $ (520.0) $ 669.7 Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities Depreciation, depletion and amortization 292.1 261.7 608.7 504.7 Deferred and other income taxes (53.2) 35.6 (139.1) 24.6 Equity in net (earnings) of nonconsolidated companies, net of dividends (2.5) (0.6) (2.8) (1.0) Accretion expense for asset retirement obligations 32.5 32.6 66.7 64.8 Share-based compensation expense 7.8 8.4 18.1 17.7 Unrealized (gain) loss on equity securities 161.7 (216.3) 49.2 (99.7) Unrealized (gain) loss on derivatives (2.3) (54.6) (1.1) (112.3) Foreign currency adjustments 142.6 (192.0) 79.5 (351.0) Amortization of debt financing fees 11.4 12.7 20.1 23.1 Impairment of assets held for sale 6.2 238.8 Other 52.9 78.7 141.2 79.7 Changes in assets and liabilities Receivables, net 163.9 (45.0) 222.3 14.6 Inventories (238.2) (215.7) (245.6) (378.1) Other current and noncurrent assets (76.0) (31.2) (92.9) 23.9 Accounts payable and accrued liabilities (24.0) 533.3 (90.4) 273.5 Asset retirement obligations (48.2) (77.3) (98.1) (143.6) Other noncurrent liabilities 6.2 59.5 17.0 41.8 Net cash provided by operating activities 167.4 609.5 271.6 652.4 Cash Flows from Investing Activities Capital expenditures (320.3) (304.6) (677.1) (645.4) Purchases of available-for-sale securities - restricted (109.6) (395.1) (654.5) (497.6) Proceeds from sale of available-for-sale securities - restricted 129.7 380.3 633.8 477.4 Proceeds from sale of fixed assets 3.2 34.6 5.8 Other (1.1) 0.9 (3.9) 0.5 Net cash used in investing activities (298.1) (318.5) (667.1) (659.3) Cash Flows from Financing Activities Short-term debt, net (281.7) (194.3) 60.3 (8.5) Inventory financing arrangement, net 100.7 0.8 201.8 202.9 Structured accounts payable arrangements, net (50.5) 12.1 (134.9) (10.7) Transferred receivables, net 3.2 3.2 Long-term debt, net 459.5 (23.2) 442.8 (34.9) Cash dividends paid (69.9) (70.1) (140.7) (141.0) Dividends paid to noncontrolling interest (7.1) (6.4) (7.1) (6.4) Contributions to noncontrolling interest 8.5 8.5 Other (12.0) (7.3) (20.2) (17.8) Net cash provided by (used in) financing activities 147.5 (285.2) 410.5 (13.2) Effect of exchange rate changes on cash (10.0) 17.9 (7.8) 17.5 Net change in cash, cash equivalents and restricted cash 6.8 23.7 7.2 (2.6) Cash, cash equivalents and restricted cash - beginning of period 299.0 278.7 298.6 305.0 Cash, cash equivalents and restricted cash - end of period $ 305.8 $ 302.4 $ 305.8 $ 302.4 12Condensed Consolidated Statements of Cash Flows (Continued)(in millions, except per share amounts) Six Months Ended June 30, 2026 June 30, 2025 Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited statements of cash flows Cash and cash equivalents $ 294.0 $ 286.2 Restricted cash in other current assets 3.0 8.3 Restricted cash in other assets 8.8 7.9 Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows $ 305.8 $ 302.4 Reconciliation of Non-GAAP Financial MeasuresEarnings Per Share Calculation Three months ended June 30, 2026 2025 Net income (loss) attributable to Mosaic $ (272.8) $ 410.7 Basic weighted average number of shares outstanding 317.9 317.3 Dilutive impact of share-based awards 1.7 Diluted weighted average number of shares outstanding 317.9 319.0 Basic net income (loss) per share attributable to Mosaic $ (0.86) $ 1.29 Diluted net income (loss) per share attributable to Mosaic $ (0.86) $ 1.29 Notable items impact on net income (loss) per share attributable to Mosaic (0.99) 0.78 Adjusted diluted net income per share attributable to Mosaic $ 0.13 $ 0.51 Free Cash Flow Three months ended June 30, 2026 2025 Net cash provided by operating activities $ 167.4 $ 609.5 Capital expenditures (320.3) (304.6) Free cash flow $ (152.9) $ 304.9 13Reconciliation of Non-GAAP Financial Measures Consolidated Earnings (in millions) Three months ended June 30, March 31, June 30, 2026 2026 2025 Consolidated net earnings (loss) attributable to Mosaic $ (273) $ (258) $ 411 Less Consolidated interest expense, net (63) (55) (53) Plus Consolidated depreciation, depletion and amortization 292 317 262 Plus Accretion expense 34 35 33 Plus Share-based compensation expense 8 10 8 Plus (Benefit) provision for income taxes (34) (31) 146 Plus Notable items 317 288 (347) Adjusted EBITDA $ 407 $ 416 $ 566 Income Tax Effective Tax Rate (in millions) Three months ended June 30, 2026 Income Tax (Benefit) Expense $ (34) Earnings (Loss) Before Tax $ (301) Effective Tax Rate 11.2 % Income Tax (Benefit) Expense $ (34) Discrete Tax Notable Items (28) Tax Expense on All Other Notable Items (see notable items table for details of these items) 64 Adjusted Income Tax (Benefit) Expense $ 2 Earnings (Loss) Before Tax $ (301) Earnings Impact of All Notable Items (including non-controlling interest) 351 Adjusted Earnings Before Tax $ 50 Adjusted Effective Tax Rate 4.5 % Three months ended June 30, March 31, June 30, Potash Earnings (in millions) 2026 2026 2025 Operating Earnings $ 195 $ 177 $ 194 Plus Depreciation, Depletion and Amortization 76 90 79 Plus Accretion Expense 4 4 3 Plus Foreign Exchange Gain (Loss) (95) (56) 82 Plus Other Income (Expense) 1 3 1 Plus Notable Items 97 57 (81) Adjusted EBITDA $ 278 $ 275 $ 278 14Reconciliation of Non-GAAP Financial Measures Three months ended June 30, March 31, June 30, Phosphate Earnings (in millions) 2026 2026 2025 Operating Earnings (Loss) $ (104) $ (48) $ (8) Plus Depreciation, Depletion and Amortization 133 151 129 Plus Accretion Expense 26 26 26 Plus Foreign Exchange Gain (Loss) (6) (1) (7) Plus Other Income (Expense) (2) (9) (8) Less Earnings from Consolidated Noncontrolling Interests 9 4 10 Plus Notable Items 90 95 Adjusted EBITDA $ 128 $ 115 $ 217 Three months ended June 30, March 31, June 30, Mosaic Fertilizantes Earnings (in millions) 2026 2026 2025 Operating Earnings (Loss) $ (41) $ (422) $ 109 Plus Depreciation, Depletion and Amortization 74 66 44 Plus Accretion Expense 4 5 4 Plus Foreign Exchange Gain (Loss) 2 30 (17) Plus Other Income (Expense) (2) (2) (1) Less Earnings (Loss) from Consolidated Noncontrolling Interests (2) (1) Plus Notable Items 21 402 19 Adjusted EBITDA $ 60 $ 79 $ 159 Three months ended June 30, March 31, June 30, Corporate and Other Earnings (in millions) 2026 2026 2025 Operating Earnings (Loss) $ (86) $ (79) $ (51) Plus Depreciation, Depletion and Amortization 9 10 10 Plus Accretion Expense 8 10 7 Plus Foreign Exchange Gain (Loss) 60 64 111 Plus Other Income (Expense) (160) 113 213 Plus Earnings (Loss) from Equity Investments 2 Less Earnings (Loss) from Consolidated Noncontrolling Interests (1) Plus Notable Items 109 (171) (380) Adjusted EBITDA $ (59) $ (53) $ (88) 15Reconciliation of Non-GAAP Financial Measures Three months ended June 30, March 31, June 30, 2026 2026 2025 Potash Total COGS $ 443 $ 476 $ 501 Depreciation accretion expense 80 93 82 Canadian Resource Taxes 70 67 62 Change in Inventory 28 31 26 Non-MOP Production Costs 112 105 179 Total MOP Cash Costs $ 153 $ 180 $ 152 Production tonnes (thousands) 1,830 2,131 2,025 MOP Cash Costs of Production per production tonne $ 84 $ 84 $ 75 Phosphate Total COGS $ 1,251 $ 1,423 $ 1,070 Depreciation accretion expense 158 141 163 Miski Mayo costs 59 54 22 Raw material COGS and product freight 527 578 320 Change in Inventory (66) 85 (94) Non Production Costs 259 246 334 Cash cost of U.S. Mined Rock 129 116 135 U.S. Rock Production tonnes (thousands) 2,074 1,848 2,657 Cash costs of U.S. mined rock production tonne $ 62 $ 63 $ 51 Phosphate cash costs of conversion $ 185 $ 203 $ 190 Production tonnes (thousands) 1,433 1,642 1,505 Phosphate cash costs of conversion per production tonne $ 129 $ 124 $ 126 Fertilizantes Total COGS $ 1,028 $ 902 $ 1,013 Distribution product costs 661 644 810 Depreciation accretion expense 79 70 48 Change in Inventory 55 (26) (93) Non Production Costs 92 59 65 Rock cash costs of production 75 81 90 Potash cash costs of production 22 Phosphate cash costs of conversion $ 66 $ 74 $ 71 Production tonnes (thousands) 466 656 842 Phosphate cash costs of conversion per production tonne $ 141 $ 113 $ 84 16