Nutrien Ltd.

and welcome to Nutrien's 2025 good morning and

welcome to Nutrien's second quarter 2025 various statements that we make about future expectations, plans and prospects contain forward looking information. Certain assumptions were applied in making these conclusions and forecasts, therefore actual results could differ materially from those contained in our forward looking information. Additional information about these factors and assumptions is contained in our quarterly report to shareholders as well as our most recent annual report MD&A and annual information information for them. I will now turn the call over to Ken sites, Nutrien's president and CEO and Mark Thompson, our CFO for opening comments.

Good morning. Thank you for joining us today as we review our performance in the first half of 2025. Progress on our strategic priorities and the outlook for our business. Our first half results featured record potash sales volumes and our net nitrogen operating rates, lower expenses, reduced capital expenditures and increased returns of cash to our shareholders. We raised our 2025 full year guidance for potash sales volumes while maintaining all other operational guidance ranges. At our investor day in June 2024, we communicated a pathway to structurally improve our earnings and free cash flow through strategic initiatives across the portfolio. We also shared key operational and financial targets to measure our progress. Our results through the first half of 2025 demonstrated significant progress towards achieving these goals. Starting with our upstream operating segments, we increased fertilizer sales volumes by more than 400,000 tons compared to the same period last year and realized higher net selling prices. These results highlight the capabilities of our world-class operations, extensive distribution network and strong customer relationships that were built over many decades. We continue to prioritize investments that further strengthen our ability to cost effectively supply the growing needs of our customers. In potash, this includes advancing mine automation projects that enhance efficiency, flexibility and most importantly safety benefits at our sites. In the first half of 2025, we mined over 40% of our potash or using automation. This is within our 40 to 50% target range for 2026. Our nitrogen operations performed exceptionally well in the first half, achieving a 98% ammonia utilization rate. The focus on reliability projects at our nitrogen sites have yielded clear and favorable results. Further, brown field bottlenecking efforts are now complete at our red water and Guise Mar plants that will add 150,000 tons of annual production capacity. Within our downstream retail segment, well-defined growth opportunities continue to be progressed, along with network optimization initiatives that resulted in a 6% reduction in expenses in the first half. As previously communicated, we are ahead of schedule on our company-wide $200 million cost savings target and expect to achieve this goal in 2025. Capital expenditures in the first half of 2025 were 18% below the prior year as we optimized capital to sustain safe and reliable operations and progress a set of targeted growth projects. We allocated $786 million to dividends and share repurchases in the first half, representing a 49% increase from the prior year. To put this all together, Nutrien generated higher earnings and cash from operations driven by supportive fertilizer market fundamentals and execution of our strategic priorities. We lowered costs and capital expenditures through efforts to simplify and focus our business and we significantly increased the distribution of cash to shareholders. We believe these actions build upon the strength of our world-class asset base and position the company for strong performance into the future. Now turning to the market outlook. Global fertilizer fundamentals have strengthened in 2025, leading to higher benchmark prices across nearly all products. Potash prices increased at a steady pace since the beginning of the year, driven by trend demand growth that is testing global operating and supply chain capabilities. The settlement of potash contracts with India and China and favorable economics for key crops grown in Southeast Asia is expected to support demand in standard grade markets in the second half of 2025. We had a solid uptake on our potash summer fill program in North America and anticipate stable demand in Brazil. As a result, we have raised our 2025 full-year global potash market demand forecast to 73 to 75 million tons. Beyond 2025, we see a constructive outlook for the potash market. We expect demand growth in line with historical trend levels and limited new capacity additions in the near term. Recent industry announcements further highlight that building new capacity requires significant time and capital and often comes with the risk of delays. next few years. Global nitrogen markets are being supported by supply side challenges and strong seasonal demand from markets such as India. Nitrogen prices in the U.S. have been further supported by low domestic inventories and trade flow shifts, which we anticipate continuing in the second half of 2025. Phosphate markets remain tight due to limited supply, including Chinese export restrictions. We expect global shipments in 2025 will be constrained by supply availability and a weaker grower affordability for phosphate fertilizer could impact demand. We continue to closely monitor supply and demand developments for ag commodities and farmer sentiment in our key markets. Crop input demand in North America was strong in July as farmers focused on maintaining optimal plant health and yield potential. Based on current projected crop yields, we expect large nutrient removal will support the need to replenish nutrients in the soil. Brazilian soybean acreage is expected to increase by 1 to 3% in 2025, driven by strong international soybean demand. Growers in Brazil have been more active purchasing crop inputs in advance of the upcoming spring planting season, and we expect a higher demand for soybean products compared to the prior two years. Overall, we continue to see a solid backdrop for our business in the second half of 2025 and are well positioned to serve our customers. We operate to the most extensive network of assets across the ag value chain and will continue to focus on factors under our control to optimize free cash flow under any market conditions. I will now turn it over to Mark and Ken to discuss the end capital allocation priorities in more detail.