Mosaic Company (the) · NYSE:MOS

Mosaic Company (the) — The Mosaic Company — Q3 2026 Earnings Presentation

36 slides from Mosaic Company (the)'s earnings presentation, Nov 3, 2026

  1. Slide 1: The Mosaic Company Third Quarter 2026 Results

    The Mosaic Company November 3rd, 2026 Third Quarter 2026 Results 1

  2. Slide 2: Forward Looking Statements & Non-GAAP Financial Measures

    Forward Looking Statements & Non-GAAP Financial Measures This presentation 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

  3. Slide 3: Third Quarter 2026 Performance

    Third Quarter 2026 Performance Consolidated Operating Net Income Adjusted Revenues Earnings (Loss) (Loss) EBITDA1 $3,101M ($97M) ($72M) $324M Potash Phosphate Mosaic Fertilizantes $643M $189M $284M $1,295M ($194M) $49M $1,254M ($21M) $41M Net Revenues Operating Adjusted Net Revenues Operating Adjust

  4. Slide 4: Q3 2026 Potash Results

    Q3 2026 Potash Results Key Metrics Q3 2026 Sales Volumes – million tonnes* 2.1 $643M $189M $284M Production Volumes – million tonnes* 2.1 MOP Selling Price FOB Mine – $ per tonne $276 Net Revenues Operating Adjusted MOP Cash Cost of Production1 – $ per tonne $73 Earnings EBITDA1 Idle, Turnaround and

  5. Slide 5: Q3 2026 Phosphate Results

    Q3 2026 Phosphate Results Key Metrics Q3 2026 Sales Volumes – million tonnes* 1.4 $1,295M ($194M) $49M Production Volumes – million tonnes* 1.3 DAP Selling Price FOB Plant – $ per tonne $838 Net Revenues Operating Adjusted Phosphate Cash Cost of Conversion1 – $ per tonne $117 Earnings (Loss) EBITDA1

  6. Slide 6: Q3 2026 Mosaic Fertilizantes Results

    Q3 2026 Mosaic Fertilizantes Results Key Metrics Q3 2026 Sales Volumes – million tonnes* 1.9 $1,254M ($21M) $41M Sales Volumes of Produced Products – million tonnes2 0.3 Phosphate Cash Cost of Conversion1 – $ per tonne $147 Net Revenues Operating Adjusted Phosphate Blended Rock Cost Consumed in COGS

  7. Slide 7: Potash Cash Production Costs at the Lowest Level in 2026

    Potash Cash Production Costs at the Lowest Level in 2026 MOP cash cost of production cost1 (US$/tonne) $100 $84 $84 $80 $78 $77  Stronger operations, favorable FX $74 $73 $75 $73 $71 and cost control lowered cash costs to a 2026 low of $73 per tonne. $60  Production rose approximately 14% sequenti

  8. Slide 8: Realized Sulfur Cost Trails Contract Prices as Inventory Flows Through COGS

    Realized Sulfur Cost Trails Contract Prices as Inventory Flows Through COGS Sulfur Quarterly Contract vs. Realized Cost in COGS (USD$ per long ton) Quarterly Tampa Sulfur Contract Realized Sulfur Cost in COGS Contract: Price paid on new quarterly sulfur purchases. $715 $705 $655 Realized: Sulfur cos

  9. Slide 9: Inventory Reduction Drove Working Capital Release

    Inventory Reduction Drove Working Capital Release Consolidated Finished Goods Ending Inventory (USD billions) $1.94B $1.50B Q2 '26 Q3 '26 Decrease in consolidated finished goods inventory largely driven by Mosaic Fertilizantes. 9

  10. Slide 10: Market Highlights

    Need new visual. Still a market theme Market Highlights 10

  11. Slide 11: Fertilizer Affordability Has Improved

    Fertilizer Affordability Has Improved Plant Nutrient Affordability Affordability by Nutrient Plant Nutrient Price Index / Crop Price Index Plant Nutrient Price Index / Crop Price Index Average (2010-present) y-o-y chg. vs 2010-present avg. 1.40 Less Affordable Fertilizers 2.25 DAP Affordability Metr

  12. Slide 12: Reduced Fertilizer Applications Create Visible Yield Risk

    Reduced Fertilizer Applications Create Visible Yield Risk Excessive Sufficient Excessive: Skipping Deficient fertilizer could Sufficient: impact yield by Skipping fertilizer <1%. This will could impact yield not be Deficient: by ~3-5%. This is observed Skipping difficult to observe fertilizers could

  13. Slide 13: Improving Barter Ratios and Eight-Year-Low Stocks Signal Demand in Brazil

    Improving Barter Ratios and Eight-Year-Low Stocks Signal Demand for Nutrient Replenishment in Brazil Brazil Phosphate Ending Stocks Brazil Corn and Soybean Barter Ratios DAP/MAP/TSP/NPs/SSP bag/mt 100 Corn 5 Yr. Range 5 yr Avg 2025 2026 Mil Tonnes 50 3.0 2.5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct

  14. Slide 14: Raw Material Prices Decline; Q4 Tampa Sulfur Contract Settles Below Spot

    Raw Material Prices Decline; Q4 Tampa Sulfur Contract Settles Well Below Global Spot Prices Sulfur Prices Ammonia Prices Published Spot and Contract Prices Published Spot and Contract Prices $/MT Sulfur Prices $/MT Ammonia Prices 1,200 1,800 Tampa Middle East China W. Europe N. Africa Tampa 1,600 1,

  15. Slide 15: Constrained Supply Support DAP Prices

    Constrained Supply Support DAP Prices Phosphate Prices Global Phosphate Shipments Published Spot Prices DAP/MAP/NPS/TSP $/MT Mil Tonnes 1,000 80 DAP c&f India MAP c&f Brazil 75 DAP fob Tampa DAP fob NOLA 900 70 65 800 60 55 700 50 45 600 40 35 500 30 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26

  16. Slide 16: Rising Chinese LFP Production Further Reduces Phosphate Exports

    Rising Chinese LFP Production Further Reduces Phosphate Exports China Phosphate Exports China LFP Production DAP/MAP/TSP/NP Cumulative Mil Tonnes Mil Tonnes DAP-Equiv NP Historical 14 6.0 DAP/MAP/TSP Historical 12 2024 2026 DAP Equiv Exports 5.0 2025 10 4.0 2026 8 3.0 6 2.0 4 2 1.0 0 0.0 18 19 20 21

  17. Slide 17: U.S. Phosphate and Potash Imports Below Recent Highs

    U.S. Phosphate and Potash Imports Below Recent Highs YTD U.S. Offshore Phosphate Imports DAP/MAP/TSP/NPs YTD U.S. Offshore MOP Imports Jan-Oct Est. Jan-Oct Est. Mil Tonnes Mil Tonnes Russia Israel Belarus Other 3.5 2.1 Other 3.0 1.8 Australia 2.5 Mexico 1.5 Tunisia 2.0 1.2 Egypt 1.5 Israel 0.9 Saudi

  18. Slide 18: Global Potash Demand Reaches New Highs

    Global Potash Demand Reaches New Highs Potash Prices Global Potash Shipments Published Spot Prices MOP $/MT Mil Tonnes 500 80 c&f Brazil c&f SE Asia delivered Cornbelt fob NOLA 75 450 70 400 65 60 350 55 50 300 45 250 40 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 10 11 12 13 14 15 16 17

  19. Slide 19: Performance and Strategy Highlights

    Performance and Strategy Highlights 19

  20. Slide 20: Performance and Strategy Highlights

    Performance and Strategy Highlights NORMALIZE LEVERAGE REALLOCATE REDEFINE PRODUCTION MARKET CAPITAL GROWTH AND COSTS ACCESS 2027 capex targeted Optimized product mix and Mosaic Biosciences Q3 improvements in Potash less than $1 billion. rerouted shipments to meet expects to launch 8- unit cash cost

  21. Slide 21: Q3 Operating Cash Flow Sequentially Improving

    Q3 Operating Cash Flow Sequentially Improving Net Cash Provided from Operations (US$M) $284 $229  Operating cash flow improved for three consecutive quarters from Q4 $167 2025, demonstrating sustained momentum. $104  Q3 drove a meaningful share of year-to-date cash flow, reinforcing confidence in

  22. Slide 22: Q3 Bond Refinancing Extends Long-Term Maturities

    Q3 Bond Refinancing Extends Long-Term Maturities Debt Maturities by Year (US$M) $1,000 $500 $339  No long-term obligations in 2027 and 2028. $600 $570  $2.5B revolving credit facility $500 $500 $500 remains fully available, preserving financial flexibility. $400 $300 2026 2027 2028 2029 2030 2031

  23. Slide 23: Capital Reallocation Update

    Capital Reallocation Update Proceeds Potential Strategy Araxa / Patrocinio  Continued to advance Araxa sale process in Q3 2026  Targeting over $100 million in cumulative land sales by the end Land monetization of 2027, including $67 million completed year-to-date. Ma’aden shares  ~111 million Ma’

  24. Slide 24: Mosaic Biosciences Growth Continues

    Mosaic Biosciences Growth Continues Expecting to Approximately Double Net Sales in 2026 Net Sales Innovation Platform (In million USD) $135 + 6 Product launches through Q3 2026  Mbio Floresce ® (Brazil)  Refirma Cybellion ® (Brazil)  Reva ® (India)  Neptunion Esprit ® (China) Countries with Sale

  25. Slide 25: Q4 2026 Guidance

    Q4 2026 Guidance Q4 2026 Phosphate Sales Volumes - million tonnes 1.3 - 1.6 DAP FOB Plant Prices - $ per tonne $820 - $840 Potash Sales Volumes - million tonnes 2.3 - 2.6 MOP FOB Mine Prices - $ per tonne $255 - $275 25

  26. Slide 26: 2026 Guidance

    2026 Guidance Full Year 2026 Potash Production Volumes - million tonnes 8.6 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 $ $240 - $260

  27. Slide 27: Sensitivities Table

    Sensitivities Table Pricing & Sensitivities1 FY 2025 Sensitivity Average DAP fob plant ($/tonne) $670 $10 price = $60 million adjusted EBITDA Average MOP fob mine ($/tonne) $255 $10 price = $83 million adjusted EBITDA2 1 These sensitivities are provided based on 2025 cost structure and realized pric

  28. Slide 28: Reconciliations of non-GAAP Measures

    Reconciliations of non- GAAP Measures 28

  29. Slide 29: Reconciliation of non-GAAP measures

    Reconciliation of non-GAAP measures Consolidated Earnings (in millions) Q3 2026 Consolidated net earnings (loss) attributable to Mosaic $(72) Less: Consolidated interest expense, net (60) Plus: Consolidated depreciation, depletion and amortization 292 Plus: Accretion expense 33 Plus: Share-based com

  30. Slide 30: Reconciliation of non-GAAP measures: Potash

    Reconciliation of non-GAAP measures Potash Earnings (in millions) Q3 2026 Operating earnings $189 Plus: Depreciation, depletion and amortization 91 Plus: Accretion expense 3 Plus: Foreign exchange gain (loss) 33 Plus: Other income (expense) - Plus: Notable items (32) Adjusted EBITDA $284 30

  31. Slide 31: Reconciliation of non-GAAP measures: Phosphates

    Reconciliation of non-GAAP measures Phosphates Earnings (in millions) Q3 2026 Operating earnings (loss) $(194) Plus: Depreciation, depletion and amortization 151 Plus: Accretion expense 26 Plus: Foreign exchange gain (loss) 1 Plus: Other income (expense) (12) Less: Earnings from consolidated noncont

  32. Slide 32: Reconciliation of non-GAAP measures: Mosaic Fertilizantes

    Reconciliation of non-GAAP measures Mosaic Fertilizantes Earnings (in millions) Q3 2026 Operating earnings (loss) $(21) Plus: Depreciation, depletion and amortization 40 Plus: Accretion expense 4 Plus: Foreign exchange gain (loss) 2 Plus: Other income (expense) (1) Less: Earnings (loss) from consoli

  33. Slide 33: Potash Cash Cost of Production Reconciliation

    Potash Cash Cost of Production Reconciliation Potash Costs (in millions) Q3 2026 Total COGS $444 Less: Depreciation and Accretion Expense 94 Less: Canadian Resource Taxes 85 Less: Change in Inventory 32 Less: Non-MOP Production Costs 79 Total MOP Cash Costs $154 Production Tonnes (Thousands) 2,103 M

  34. Slide 34: Phosphate Cash Cost of Conversion Reconciliation

    Phosphate Cash Cost of Conversion Reconciliation Phosphate Costs (in millions) Q3 2026 Total COGS $1,443 Less: Depreciation and Accretion expense 165 Less: Miski Mayo Costs 52 Less: Raw Material COGS and Product Freight 617 Less: Change in Inventory (4) Less: Non-Production Costs 321 Less: Cash Cost

  35. Slide 35: Mosaic Fertilizantes Cash Cost Reconciliations

    Mosaic Fertilizantes Cash Cost Reconciliations Mosaic Fertilizantes Costs (in millions) Q3 2026 Total COGS $1,227 Less: Distribution Product costs 1,017 Less: Depreciation and Accretion Expense 45 Less: Change in Inventory 65 Less: Non-Production Costs 25 Less: Rock Cost of Production 35 Phosphate C

  36. Slide 36: ©2026 The Mosaic Company

    ©2026 The Mosaic Company

The Mosaic Company — Q3 2026 Earnings Presentation on 6ix