Nutrien Ltd.

Greetings and welcome to Nutrient's 2026 first 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 over to Jeff Holzman, Senior Vice President of Investor Relations and FP&A.

Thank you, Operator. Good morning and welcome to Nutrient's first quarter 2026 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 forum. I will now turn the call over to Kent Seitz, Nutrients President and CEO, and Mark Thompson, our CFO, for opening comments.

Good morning, and thank you for joining us today to review our first quarter results and the outlook for our business. The ongoing Middle East conflict has disrupted global fertilizer and energy markets, resulting in higher global benchmark prices and input costs. Despite heightened geopolitical uncertainty, Nutrien's strategic priorities, capital allocation approach, and full-year guidance remain unchanged. We continue to focus on what we can control, including operating our assets safely and reliably and serving our customers efficiently. Our first quarter results reflect this focus on operational excellence. increased upstream sales volumes to 6.5 million tons over controllable cash costs and delivered strong performance in our downstream retail business these results highlight the capabilities of our world-class operations extensive distribution network and strong customer relationships built over many decades in potash we achieved a record sales volume of more than 3.5 million tons in the quarter an indicator of the continued strength in global demand. We increased production from our low-cost six-mine network and progressed mine automation investments that have proven to deliver safety and cost benefits. Our potash assets position nutrient is the most reliable global supplier with a high-quality and low-risk resource base. In nitrogen, we attained an ammonia operating rate of 92% in the first quarter, and increased sales volumes of upgraded nitrogen products to agricultural markets from our North American plants, demonstrating the benefits of recent de-bottleneck projects. A reduced natural gas cost reflects having 100% of our production from low cost North American nitrogen plants. In retail, our network was well positioned to meet strong crop input demand in our core markets. We continue to execute growth initiatives including expansion of our proprietary products business, network optimization projects, and tuck-in acquisitions. In the first quarter, we allocated approximately $45 million to complete a high-quality tuck-in acquisition located in the U.S. Corn Belt with a strong strategic fit within our distribution network. We also progressed portfolio reviews that are being pursued to enhance asset quality. and provide greater focus and investment to assets with the strongest returns, free cash flow contribution, and competitive advantages. As previously announced, we are reviewing strategic alternatives for our phosphate business and remain on track to solidify the optimal path in 2026. The review includes completing a detailed assessment of individual assets and alternative configurations for our phosphate business. In parallel, we are progressing a sale process and received significant initial expressions of interest. Second, we continue to evaluate all strategic options for our Trinidad nitrogen operations, including exploration of a sale of the facility. This work is aligned with our focus on strengthening our core North American asset base. Lastly, we are reviewing each component of our Brazilian business as we assess the best way to participate in the market's long-term growth. As part of this review, we have commenced a sales process for our Brazilian soybean seed business that is expected to be completed in the second half of 2026. Now, turning to the market outlook. Middle East exports are a critical part of global fertilizer and energy trade, with the ongoing conflict having the most direct impact on nitrogen and phosphate supply, as well as associated feedstock cost and availability. The conflict has directly impacted over 30% of global urea trade and approximately 25% of ammonia and phosphate trade that relies on the Strait of Hormuz to access global markets. Elevated natural gas costs and reduced LNG availability have also impacted nitrogen production and costs for producers in Asia, Europe, and other key regions. For phosphate, higher sulfur and ammonia input costs have pressured margins and resulted in lower global operating rates. Looking ahead, the path of supply normalization will be shaped by the space of three key factors. a full reopening of the straightforward moves and key trade routes is required to allow stranded product to reach global markets. Second, in the event that the conflict is resolved, production assets that have been idled would require additional time to restart, albeit with some level of operational uncertainty. Finally, a portion of capacity that is currently offline due to damage either at production sites or upstream will take several months and in some cases years to return. Taken together, we expect the normalization of nitrogen and phosphate supply is likely to be uneven. The conflict has not directly impacted potash supply and we continue to see strong potash demand across all key global regions. We maintain our forecast shipment range of 74 to 77 million tons with demand trends expected to test existing global operating and supply chain capabilities through 2026. Global potash benchmark prices increased over the past few months have been commensurate with the strong fundamentals as well as increased freight costs. With that overview, I'll now turn it over to Mark to provide more detail on our first quarter financial performance, guidance assumptions and capital allocation priorities. Thanks, Ken.