Nutrien Ltd.

Greetings and welcome to Nutrien's 2025 fourth quarter earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. I would now like to turn the conference call... Thank you, Operator.

Good morning and welcome to Nutrien's fourth quarter 2025 earnings call. As we conduct this call, 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 form. I'll now turn the call over to Ken Seitz, Nutrients President and CEO, and Mark Thompson, our CFO, for opening comments.

Good morning, and thank you for joining us today to review Nutrients 2025 results and the outlook for the year ahead. At our investor day in 2024, we outlined an ambitious three-year plan with clear performance targets that included increasing upstream fertilizer sales volumes, growing downstream retail earnings, reducing operating costs, and optimizing capital expenditures. Our results reflect the strong execution of this plan, contributing to higher earnings and free cash flow, lower net debt, and increased cash return to shareholders. In 2025, we generated adjusted... We delivered a record set... fertilizer sales volumes of 27.5 million tons, utilizing the strengths of our end-to-end supply chain to efficiently serve our customers. We raised our potash sales volume guidance twice during the year, as strong offshore demand offset a shortened fall application window in North America. We achieved 49% potash mine automation, a significant accomplishment that provides safety benefits and further strengthens our low-cost advantage. Our potash controllable cash cost averaged $58 per ton for the year, below our $60 per ton goal. We increased nitrogen sales volumes to 10.9 million tons and achieved a four percentage point improvement in ammonia operating rates, supported by reliability initiatives and the completion of low-cost de-bottlenecks. Excellent performance from our North American nitrogen plants helped offset the impact of a controlled shutdown of our Trinidad operations in the fourth quarter. In phosphate, our operating rate averaged 87% in the second half of 2025. Reliability improvements and a strong commercial footprint enabled us to deliver within our guidance range despite lower North American demand in the fourth quarter. Our downstream retail adjusted EBITDA increased to $1.74 billion through decisive cost reductions, strong proprietary margins and solid execution of our Brazil margin improvement plan. Our unwavering focus on controllables allowed us to manage through weaker agricultural commodity markets and persistent geopolitical volatility, ultimately delivering results consistent with our guidance set at the beginning of the year. We surpassed our $200 million annual cost savings target and reduced capital expenditures to $2 billion. well below our investor day target of $2.2 to $2.3 billion. As a result of these efforts, we have structurally grown free cash flow, strengthening the company today and providing significant headroom for capital deployment going forward. At our investor day, we also communicated a plan to simplify our portfolio. with the goal of concentrating our capital on assets with the highest quality earnings and cash flow streams. We initiated this journey in 2024 by cancelling our Geismar Clean Ammonia project and divesting smaller non-core assets. In 2025, we put further rigor to the analysis of our portfolio by comprehensively evaluating each asset on the merits of free cash flow contribution, return on invested capital, and relative competitive position. This review highlighted assets that could be optimized or monetized while sharpening our focus on improving capital efficiency. Where an asset did not meet our threshold or was not a strategic fit, we took action and generated approximately $900 million in gross proceeds from divestitures. We utilized the increased free cash flow and proceeds from non-core asset divestitures to progress two key capital allocation priorities. We reduced short-term debt by over $600 million compared to the prior year, and continue to position the balance sheet as a strategic asset that provides flexibility to act counter cyclically. We also delivered a 30% increase in cash return to shareholders in 2025. This was achieved through the execution of a rateable share repurchases throughout the year, an approach that is aligned with our focus on driving growth and free cash flow per share. The reduction in share count also supports our long-standing track record of providing shareholders with a reliable and growing dividend per share, while keeping total dividend expense broadly stable. To summarize, our performance in 2025 demonstrated resilience and consistency in an evolving environment. We expect to build on this momentum in 2026 with a focus on delivering growth from our core businesses and maintaining capital allocation discipline. In addition, we will continue to advance portfolio initiatives in three key areas. First, as previously announced, we launched a review of strategic alternatives for our phosphate business in the fourth quarter of 2025 and are on track to solidify the optimal path in 2026. Second, we continue to assess options for our Trinidad nitrogen operations and focus on enhancing our core North American assets, improving the margin profile of our nitrogen business. Lastly, we made significant progress on our retail margin improvement plan in Brazil over the past year. However, macroeconomic headwinds have kept returns below what we would view as appropriate to support the capital deployed there. We will continue to take actions to drive improved performance in 2026 while actively reviewing alternatives for each component of our Brazilian business and the optimal way to participate in the long-term growth in this market. I will now turn it over to Mark to speak in more detail on our 2026 outlook and capital allocation plans.