Nutrien Ltd.

Greetings, and welcome to Nutrient's 2026 Second 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. And I would now like to turn the conference call over to Jeff Holzman, Senior Vice President of Investor Relations and FP&A. Please go ahead.

Thank you, operator. Good morning and welcome to Nutrient's second 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, Nutrient's President and CEO, and Mark Thompson, our CFO, for opening comments.

Good morning and thank you for joining us today to review our first half performance, focus on our strategic priorities and the outlook for our business. In the first half of 2026, Nutrient delivered record potash sales volumes. Strong Growth in Proprietary Products Margins and further enhanced the reliability and cost position of our nitrogen assets in a dynamic global operating environment. We raised the bottom end of our 2026 potash sales volumes guidance, lowered our capital expenditures guidance range and increased the pace of share repurchases. Our results demonstrated strong performance against our strategic priorities that are strengthening our business driving structural growth in free cash flow and increasing cash returns to shareholders. In Potash, we increased production from our low-cost six-mine network and utilized the capabilities of our extensive global supply chain to meet strong customer demand. In the first half, we mined 53% of war tons using automation, exceeding the top end of our 2024 investor day target. This result reflects the strong execution of our automation strategy while also highlighting additional opportunities to further enhance deployment and performance across the network. These investments are delivering wide-ranging benefits beyond improvements in safety and productivity. Increased automation enables us to mine more ore with the assets already in place, helping to optimize capital expenditures and maximize returns on existing investments. In nitrogen, our low-cost North American assets remain well-positioned, with advantaged natural gas costs and a continued focus on initiatives that increase upgraded product volumes and margins. Our first half production was consistent with our previous expectations, including a planned turnaround at our Arsland facility that demonstrated operational excellence in action. The turnaround was the largest in the facility's history, and included a de-bottlenecking project that increased the site's annual production capacity. Despite a much larger scope than the last major turnaround four years ago, we achieved higher productivity and contractor efficiency through improved planning and execution. The work was completed safely with zero lost time injuries ahead of schedule and under budget. Turning to our downstream retail business. Adjusted EBITDA increased by 4% in the first half of 2026, underpinned by execution of key growth initiatives that enhance our ability to serve growers with a broader set of products and services integrated through our network. Our proprietary products business delivered strong growth in the first half, including a 10% increase in proprietary crop nutrients gross margin despite softer fertilizer demand, as growers continue to prioritize solutions that enhance productivity. Our performance reflects targeted investments we made to expand capacity and meet increasing customer demand with sales volumes for certain nutritional products increasing nearly tenfold compared to the prior year. Together, these results demonstrate how customer insights, targeted investments, and disciplined execution are driving earnings growth. Over the last two years, we have taken purposeful steps to optimize our portfolio following a comprehensive review of each asset's free cash flow contribution and returns on invested capital. Since June 2026, we completed agreements to sell non-core assets for gross proceeds of approximately $90 million. Including these agreements and prior divestments, we have generated approximately $1 billion in gross proceeds since the fourth quarter of 2024. These actions are strengthening our portfolio quality while creating additional flexibility to reduce debt, increase shareholder returns, and allocate capital to businesses with superior long-term growth opportunities. As previously announced, we are reviewing strategic alternatives for our phosphate business and are encouraged to have received and numerous non-binding bids as part of the process. We also continue to review strategic options for our Trinidad nitrogen operations and each component of the Brazilian retail business. We remain on track to solidify the optimal path for these businesses in 2026. Overall, our first half results demonstrate progress on our strategic priorities to enhance earnings quality and free cash flow per share. Across each of our businesses, we continue to focus on areas within our control, namely operational excellence, cost management, and capital efficiency. While the external environment remains dynamic, we believe Nutrien is well-positioned to create long-term value for our shareholders. Now, turning to the market outlook. Global agricultural markets are supported by robust grain and oilseed demand. Risks to crop production and trade have increased due to geopolitical uncertainty and forecasts indicating El Nino conditions, which are expected to place upside pressure on crop prices. Potash margins remain constructive due to favorable affordability, healthy demand in all major global markets, and stable supply relative to other commodities. We've maintained our forecast for global potash shipments of 74 to 77 million tons in 2026, as projected shipment levels are expected to be consistent with consumption. Global urea prices declined in the latter half of the second quarter during a seasonal low for demand that was exacerbated this year due to evolving geopolitical developments. Global urea fundamentals have firmed in the third quarter, driven by ongoing trade flow disruptions production outages, elevated energy prices, and increased demand. We expect these factors will continue to shape the outlook for nitrogen markets over the remainder of 2026. In this environment, Nutrient's North American nitrogen assets are well positioned to benefit from secure, low-cost feedstock supply and dependable market access. With that overview, I'll now turn it over to Mark to provide more detail on our second quarter financial performance, guidance assumptions, and capital allocation priorities. Thanks, Kath.