What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-11 compared with 2025-11-05 · 172 added, 255 removed, 201 unchanged (68% of the section changed)

4 unchanged sentences

Results of Operations

The following table shows the results of operations for the three and nine months ended September 30, 2025 and September 30, 2024:

Three months ended Nine months ended

September 30, 2025-2024 September 30, 2025-2024

(in millions, except per share data) 2025 2024 Change Percent 2025 2024 Change Percent

The following table shows the results of operations for the three months ended March 31, 2026 and March 31, 2025:

Three months ended

March 31, 2026-2025

(in millions, except per share data) 2026 2025 Change Percent

Net sales $ 2,998.0 $ 2,620.9 $ 377.1 14 %

3 unchanged sentences

Selling, general and administrative expenses 135.9 122.6 13.3 11 %

Other operating expense 87.0 153.2 (66.2) (43) % 221.3 305.0 (83.7) (27) %

Operating earnings 339.8 115.4 224.4 194 % 922.7 521.6 401.1 77 %

Loss on assets to be sold 232.6 — 232.6 NM

Other operating expense 240.0 27.3 212.7 NM

Operating earnings (loss) (372.9) 338.5 (711.4) (210) %

Interest expense, net (55.3) (40.7) (14.6) 36 %

Foreign currency transaction gain (loss) (1.2) 100.9 (102.1) NM 301.3 (267.3) 568.6 NM

Other income (expense) 306.3 (0.4) 306.7 NM 391.7 6.8 384.9 NM

Earnings from consolidated companies before income taxes 599.3 174.2 425.1 NM 1,476.4 125.0 1,351.4 NM

Provision for income taxes 175.5 48.0 127.5 NM 384.8 152.9 231.9 152 %

Earnings (loss) from consolidated companies 423.8 126.2 297.6 NM 1,091.6 (27.9) 1,119.5 NM

Foreign currency transaction gain 37.6 133.1 (95.5) (72) %

Other income (expense) 104.7 (118.1) 222.8 (189) %

Earnings (loss) from consolidated companies before income taxes (285.9) 312.8 (598.7) (191) %

(Benefit) provision for income taxes (31.0) 63.3 (94.3) (149) %

Earnings (loss) from consolidated companies (254.9) 249.5 (504.4) (202) %

Equity in net earnings of nonconsolidated companies 0.4 0.5 (0.1) (20) %

Net earnings including noncontrolling interests 424.1 130.7 293.4 NM 1,093.8 36.3 1,057.5 NM

Net earnings (loss) including noncontrolling interests (254.5) 250.0 (504.5) (202) %

Net earnings attributable to noncontrolling interests 3.1 11.9 (8.8) (74) %

Net earnings attributable to Mosaic $ 411.4 $ 122.2 $ 289.2 NM $ 1,060.2 $ 5.9 $ 1,054.3 NM

Diluted net earnings per share attributable to Mosaic $ 1.29 $ 0.38 $ 0.91 NM $ 3.33 $ 0.02 $ 3.31 NM

Net earnings (loss) attributable to Mosaic $ (257.6) $ 238.1 $ (495.7) (208) %

Diluted net earnings (loss) per share attributable to Mosaic $ (0.81) $ 0.75 $ (1.56) (208) %

Diluted weighted average number of shares outstanding 317.5 318.2

Overview of Consolidated Results for the three months ended September 30, 2025 and 2024

For the three months ended September 30, 2025, Mosaic had net income of $411.4 million, or $1.29 per diluted share, compared to net income of $122.2 million, or $0.38 per diluted share, for the prior year period.

Gross margin for the three months ended September 30, 2025 increased 33% compared to the same period of the prior year, primarily driven by higher average selling prices across all segments, reflecting strong market dynamics.

Net income benefited from an unrealized mark-to-market gain of $308 million on the investment in Ma’aden shares, included in other income (expense).

We did not hold this investment in the prior year period.

Overview of Consolidated Results for the three months ended March 31, 2026 and 2025

For the three months ended March 31, 2026, Mosaic incurred a net loss of $(257.6) million, or $(0.81) per diluted share, compared to net income of $238.1 million, or $0.75 per diluted share, for the same period last year.

Gross margin for the current year period was unfavorably impacted by higher raw material and input costs, driven largely by increased sulfur prices as compared to the prior year period, as discussed further below.

Net income for the three months ended March 31, 2026 was also negatively impacted by the strategic decision to idle and divest the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil, which resulted in additional expenses of approximately $442 million.

Net income for the three months ended March 31, 2026 was favorably impacted by a foreign currency transaction gain of $37.6 million and an unrealized mark-to-market gain of approximately $112.0 million on the investment in Ma’aden shares, included in other income (expense).

Significant factors affecting our results of operations and financial condition are listed below.

Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In our Phosphate segment, operating earnings for the three months ended September 30, 2025 were $102 million compared to $8 million in the prior year period.

Operating results benefited from higher average selling prices and sales volumes in the current year period.

Prices were supported by tight global supply conditions, including low inventory levels in the market and export restrictions from China.

Increased sales volumes were driven by a strong "summer fill" sales program in North America.

The current period operating results were unfavorably impacted by higher sulfur costs, which are driven by global supply and demand, and higher unit conversion costs.

In our Potash segment, operating earnings for the three months ended September 30, 2025 were $229 million, compared to $109 million in the prior year.

In the first quarter of 2026, geopolitical events drove volatility throughout global commodities markets.

The escalation of conflict in the Middle East and renewed attacks on the Russian/Ukrainian industry have restricted exports of fertilizers and raw materials (namely sulfur and ammonia), further tightening global supplies and pressuring affordability of fertilizer products.

While average selling prices increased during the quarter, compared to the prior year period, the increases were more than offset by elevated input costs, particularly sulfur and ammonia, which pressured margins and limited the benefit of higher phosphate prices.

In our Phosphate segment, the operating loss for the three months ended March 31, 2026 was $(48) million compared to operating earnings of $139 million in the prior year period.

In the current year period, operating results were negatively impacted by higher raw material costs, primarily sulfur, compared to the prior year period.

The increased raw materials costs reflect the tightened global supply conditions mentioned above.

The unfavorable impact of increased costs in the current year period was partially offset by favorable sales prices and increased sales volumes, reflecting increased global demand and stronger starting inventories that enabled fulfillment of export demand.

In our Potash segment, operating earnings for the three months ended March 31, 2026 were $177 million, compared to $157 million in the prior year.

Operating results benefited from higher average selling prices and sales volumes in the current year period.

Prices have improved due to tight global supply conditions and continued strength in international demand.

volumes in the current year period also benefited from strong international demand.

Production volumes in the current year period were higher as our annual maintenance turnaround at our Esterhazy, Saskatchewan facility was completed earlier in the year and the prior year also suffered from unplanned downtime.

In our Mosaic Fertilizantes segment, operating earnings for the three months ended September 30, 2025 were $96 million, compared to $56 million in the prior year.

In the current year period, operating results reflect higher average selling prices driven by a favorable global pricing environment.

Sales volumes were down slightly in the current year period.

The current year period also reflects a $27 million recovery of customer receivables versus a $32 million bad debt expense in the prior year period.

During the current year period, we entered into an agreement to sell our interest in the entity that operates the Taquari potash mine in Brazil.

Operating results were negatively impacted by an impairment loss of approximately $73 million related to this transaction.

Corporate, Eliminations and Other had an operating loss of $(87) million for the three months ended September 30, 2025, compared to a loss of $(58) million in the prior year.

Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.

Subsequent to quarter-end, on October 3, 2025, we completed the sale of our idled Patos de Minas phosphate mining unit in Brazil for $111 million, with $51 million paid at closing and the balance of the purchase price to be paid in installments over the next four years.

On November 3, 2025, we completed the sale of our interest in the Taquari potash mine in Brazil for proceeds of up to $27 million, with $12 million received at closing.

Overview of Consolidated Results for the nine months ended September 30, 2025 and 2024

Net income attributable to Mosaic for the nine months ended September 30, 2025 was $1,060.2 million, or $3.33 per diluted share, compared to a net loss of $5.9 million, or $0.02 per diluted share, for the same period a year ago.

Gross margin for the three months ended September 30, 2025 increased 29% compared to the same period of the prior year.

This result was primarily driven by higher average selling pricing across all segments, reflecting strong market dynamics, as well as cost efficiencies in our Mosaic Fertilizantes segment as discussed further below.

Net income for the nine months ended September 30, 2025 was favorably impacted by a foreign currency transaction gain of $301.3 million, compared to a loss of $(267.3) million in the prior year period.

Net income also benefited from an unrealized mark-to-market gain of $407 million on the investment in Ma’aden shares, included in other income (expense).

We did not hold this investment in the prior year period.

Results for the nine months ended September 30, 2025 reflected the factors discussed above in the discussion for the three months ended September 30, 2025, in addition to those noted below.

Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Operating results in our Phosphate segment for the nine months ended September 30, 2025 improved from the prior year, benefitting from higher average selling prices.

Prices continued the upward trend that began in the third quarter of 2023, reflecting robust global demand and low inventory levels, which have supported favorable market conditions.

Segment earnings were adversely affected by higher input costs, notably sulfur, as well as higher unit conversion and maintenance turnaround expenses, compared to the prior year period.

Additionally, sales volumes declined as a result of planned downtime associated with the maintenance turnarounds.

Operating results in our Potash segment for the nine months ended September 30, 2025 were higher than the prior year, driven by higher average selling prices in the current year period due to improved global markets.

Current year sales volumes also benefitted from strength in international demand.

These impacts were partially offset by higher production costs, which unfavorably impacted operating results compared to the prior year period.

For the nine months ended September 30, 2025, operating results in our Mosaic Fertilizantes segment were more favorable compared to the same period in the prior year.

The year-over-year performance reflects a favorable global pricing environment driven by the tight global supply.

This benefit was partially offset by the impact of higher purchased product costs for resale.

Corporate, Eliminations and Other had an operating loss of $(194) million for the nine months ended September 30, 2025 compared to a loss of $(300) million in the prior year.

These benefits were partially offset by higher fixed costs and unfavorable cost absorption.

In addition, the operating results were unfavorably impacted by higher Canadian resource taxes resulting from higher revenue and margins.

In our Mosaic Fertilizantes segment, the operating loss for the three months ended March 31, 2026 was $(422) million, compared to operating earnings of $99 million in the prior year.

As mentioned above, in March 2026, we committed to a plan to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil.

This decision resulted in charges during the quarter of approximately $442 million, primarily related to impairment of the disposal group, write-off of other assets, termination of contracts no longer in use, idle facility costs and accelerated depreciation.

In addition, higher costs of purchased products for resale and higher raw material costs, primarily sulfur, contributed to the unfavorable operating results.

These unfavorable impacts were partially offset by higher average selling prices in the current year period.

Sales volumes of finished goods were lower in the current year period due to reduced production resulting from idling our Araxa and Fospar facilities

Corporate, Eliminations and Other had an operating loss of $(80) million for the three months ended March 31, 2026, compared to a loss of $(56) million in the prior year.

Corporate, Eliminations and Other includes the results of the China and India distribution businesses, the Mosaic Bioscience business, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.

In the second quarter of 2026, raw material prices, particularly sulfur, remain elevated due to limited availability.

As a result, we are closely monitoring markets and are reviewing our phosphate production plans in the U.S.

As part of this review, we are taking initial steps to partially curtail production at our Louisiana and Bartow, Florida locations and scaling back production in Brazil.

Phosphate Net Sales and Gross Margin

The following table summarizes the Phosphate segment’s net sales, gross margin, sales volume, selling prices and raw material prices:

Three months ended Nine months ended

September 30, 2025-2024 September 30, 2025-2024

Three months ended

March 31, 2026-2025

(in millions, except price per tonne or unit)

2025 2024 Change Percent 2025 2024 Change Percent

2026 2025 Change Percent

North America $ 921.9 $ 832.9 $ 89.0 11 %

26 unchanged sentences

Average finished product selling price is calculated as finished goods sales revenue divided by finished goods sales volumes.

The prior year amount has been recast to exclude revenue from other non-finished goods.

Three months ended September 30, 2025 and September 30, 2024

The Phosphate segment’s net sales were $1.3 billion for the three months ended September 30, 2025, compared to $1.0 billion for the three months ended September 30, 2024.

The year-over-year increase was primarily driven by higher average finished goods sales prices, which contributed approximately $210 million to net sales compared to the prior year period.

Additionally, increased sales volumes added approximately $55 million, while freight and other product revenues contributed $20 million, compared to the prior-year period.

Our average finished product selling price increased 23% to $712 per tonne for the three months ended September 30, 2025, compared to $579 per tonne in the prior year period, due to the factors discussed in the Overview.

The Phosphate segment’s sales volumes of finished products increased to 1.6 million for the three months ended September 30, 2025, compared to 1.5 million in the prior year period.

Gross margin for the Phosphate segment increased to $143.9 million for the three months ended September 30, 2025, from $142.3 million for the three months ended September 30, 2024.

Gross margin in the current year period benefitted from higher average selling prices, which had a favorable impact of approximately $210 million compared to the prior year.

In addition, higher finished goods sales volumes had a favorable impact of approximately $10 million and higher sales volumes of rock and other products had a favorable impact of approximately $20 million in the current year period.

These benefits were mostly offset by higher raw material costs, primarily sulfur, of approximately $70 million and higher conversion costs of approximately $40 million, compared to the prior year period.

Higher plant related costs and freight and vessel costs of approximately $55 million also unfavorably impacted gross margin.

Additionally, current year results were also unfavorably impacted by higher costs for maintenance turnarounds of approximately $35 million, higher water costs of approximately $20 million and land reclamation costs of approximately $15 million.

The average consumed price for ammonia for our North America operations decreased 6%, to $455 per tonne, for the three months ended September 30, 2025, from $482 in the same period a year ago.

The average consumed sulfur price for our North America operations increased 116%, to $272 per long ton, for the three months ended September 30, 2025, from $126 in the same period a year ago.

Three months ended March 31, 2026 and March 31, 2025

The Phosphate segment’s net sales were $1.4 billion for the three months ended March 31, 2026, compared to $1.1 billion for the three months ended March 31, 2025.

The year-over-year increase was primarily driven by higher sales volumes, which contributed approximately $280 million to net sales compared to the prior year period.

Additionally, higher average finished goods sales prices added approximately $40 million, while freight and other product revenue contributed approximately $10 million compared to the prior year period.

Our average finished product selling price increased 3% to $653 per tonne for the three months ended March 31, 2026, compared to $632 per tonne in the prior year period, due to the factors discussed in the Overview.

The Phosphate segment’s sales volumes of finished products increased to 1.9 million for the three months ended March 31, 2026, compared to 1.5 million in the prior year period due to the factors discussed in the Overview.

Gross margin for the Phosphate segment decreased to $3.4 million for the three months ended March 31, 2026, from $167.3 million for the three months ended March 31, 2025.

Gross margin in the current year period was negatively impacted by higher raw material costs, primarily sulfur and ammonia, of approximately $280 million.

In addition, higher water treatment costs of approximately $20 million and higher freight expense of approximately $15 million attributed to the decrease in gross margin in the current year period.

These negative impacts were partially offset by higher sales volumes of approximately $80 million and higher average selling prices of approximately $40 million in the current year period.

Additionally, lower conversion costs of approximately $20 million and freight and other non product margin of approximately $15 million positively impacted current period gross margin.

The average consumed price for ammonia for our North America operations increased 50%, to $626 per tonne, for the three months ended March 31, 2026, from $416 in the same period a year ago.

The average consumed sulfur price for our North America operations increased 141%, to $379 per long ton, for the three months ended March 31, 2026, from $157 in the same period a year ago.

The purchase prices of these raw materials are driven by global supply and demand.

The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

The average consumed cost of purchased and produced phosphate rock decreased to $80 per tonne for the three months ended September 30, 2025, from $87 per tonne for the three months ended September 30, 2024.

For the three months ended September 30, 2025 and 2024, our North America phosphate rock production was 2.2 million tonnes.

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 3% for the three months ended September 30, 2025 from the prior year period.

This resulted in an operating rate for processed phosphate production of 68% for the three months ended September 30, 2025, up from 66% for the same period in 2024.

Nine months ended September 30, 2025 and September 30, 2024

The Phosphate segment’s net sales were $3.6 billion for the nine months ended September 30, 2025, compared to $3.4 billion for the nine months ended September 30, 2024.

The year-over-year increase was driven by higher average finished goods sales prices, which contributed approximately $400 million to net sales compared to the prior year period.

This benefit was partially offset by lower sales volumes, which resulted in an unfavorable impact of approximately $110 million.

Additionally, lower rock sales volumes and freight and other product revenue had an unfavorable impact of approximately $75 million compared to the prior year period.

Our average finished product selling price was $670 per tonne for the nine months ended September 30, 2025, an increase of $87 per tonne from the same period a year ago, due to the factors discussed in the Overview.

The Phosphate segment’s sales volumes of finished products decreased by 4% for the nine months ended September 30, 2025, compared to the same period in the prior year due to the impact of planned maintenance and turnaround activity.

Gross margin for the Phosphate segment decreased to $414.2 million for the nine months ended September 30, 2025, from $455.4 million for the nine months ended September 30, 2024.

The decrease was primarily driven by unfavorable cost impacts, including approximately $160 million from higher sulfur and ammonia input costs, and approximately $100 million from higher conversion costs compared to the prior year period.

Extended maintenance turnarounds further reduced gross margin by approximately $70 million.

Gross margin was also unfavorably impacted by higher plant-related costs of approximately $90 million, higher water treatment costs of approximately $40 million and higher land reclamation costs of approximately $30 million.

Additionally, lower finished goods and rock sales volumes unfavorably impacted gross margin by approximately $10 million.

These impacts were partially offset by higher finished goods sales prices of approximately $400 million, lower blended rock costs of approximately $60 million.

The average consumed price for ammonia for our North America operations was $444 per tonne for the nine months ended September 30, 2025, compared to $436 per tonne in the same period a year ago.

The average consumed price for sulfur for our North America operations increased to $220 per long ton for the nine months ended September 30, 2025, from $135 per long ton in the same period a year ago.

The purchase prices of these raw materials are driven by global supply and demand.

The average consumed cost of purchased and produced phosphate rock decreased to $78 per tonne for the nine months ended September 30, 2025, compared to $85 per tonne for the prior year period.

Our North America phosphate rock production

increased to 7.2 million tonnes for the nine months ended September 30, 2025, compared to 7.0 million for the nine months ended September 30, 2024.

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased by 6%, to 4.6 million tonnes for the nine months ended September 30, 2025, compared to 4.9 million tonnes in the prior year period.

This decrease was due to planned maintenance downtime in the current year.

Our operating rate for processed phosphate production decreased to 62% for the nine months ended September 30, 2025, from 66% for the same period in 2023.

The average consumed cost of purchased and produced phosphate rock increased to $86 per tonne for the three months ended March 31, 2026, from $77 per tonne for the three months ended March 31, 2025.

For the three months ended March 31, 2026 our North America phosphate rock production was unfavorably impacted by moving into new mining areas, which resulted in production of 1.9 million tonnes compared to 2.4 million tonnes in the prior year period.

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 15% for the three months ended March 31, 2026 from the prior year period.

This resulted in an operating rate for processed phosphate production of 66% for the three months ended March 31, 2026, up from 58% for the same period in 2025, when we had downtime for planned maintenance.

Potash Net Sales and Gross Margin

The following table summarizes the Potash segment’s net sales, gross margin, sales volume and selling price:

Three months ended Nine months ended

September 30, 2025-2024 September 30, 2025-2024

Three months ended

March 31, 2026-2025

(in millions, except price per tonne or unit)

2025 2024 Change Percent 2025 2024 Change Percent

2026 2025 Change Percent

North America $ 344.2 $ 346.5 $ (2.3) (1) %

International 374.4 241.6 132.8 55 % 936.0 703.6 232.4 33 %

International (a)

323.2 223.7 99.5 44 %

Total 667.4 570.2 97.2 17 %

2 unchanged sentences

Gross margin as a percentage of net sales 29 % 30 %

Sales volume (a) (in thousands of metric tonnes)

Sales volume (b) (in thousands of metric tonnes)

MOP 1,971 1,947 24 1 %

Performance and Other (b)

Performance and Other (c)

188 166 22 13 %

1 unchanged sentence

Realized prices ($/tonne)

Average finished product selling price (c)

Average finished product selling price (d)

$ 277 $ 234 $ 43 18 %

2 unchanged sentences

______________________________

(a) Includes intersegment sales volumes.

(b) Includes sales volumes of K-Mag ® , Aspire ® and animal feed ingredients.

(c) Average finished product selling price is calculated as finished goods sales revenue divided by finished goods sales volumes.

The prior year amount has been recast to exclude revenue from non-finished goods.

Three months ended September 30, 2025 and September 30, 2024

The Potash segment’s net sales increased to $694.8 million for the three months ended September 30, 2025, compared to $525.7 million in the same period a year ago.

The increase was due to higher average selling prices and sales volumes, which favorably impacted net sales by approximately $100 million and $70 million, respectively, compared to the same period in the prior year.

Our average finished product selling price was $278 per tonne for the three months ended September 30, 2025, compared to $233 per tonne for the same period a year ago, as a result of the factors described in the Overview.

The Potash segment’s sales volumes of finished products were 2.3 million tonnes for the three months ended September 30, 2025 compared to 2.0 million tonnes for the same period a year ago, as a result of the factor described in the Overview.

Gross margin for the Potash segment increased to $235.9 million for the three months ended September 30, 2025, up from $121.9 million in the prior year period.

The increase was primarily driven by favorable finished goods pricing, which contributed approximately $100 million, and higher sales volumes, which contributed approximately $30 million, compared to

the same period in the prior year.

Additionally, gross margin benefited from lower freight rates of approximately $20 million, due to lower domestic sales volumes, and lower maintenance turnaround costs of approximately $10 million, compared to the prior year.

These benefits were partially offset by higher Canadian resources taxes of approximately $40 million, compared to the prior year period, as discussed further below.

We incurred $ 86.8 million in Canadian resource taxes for the three months ended September 30, 2025, compared to $44.5 million in the same period a year ago.

Canadian royalty expense increased to $12.4 million for the three months ended September 30, 2025, compared to $9.4 million for the three months ended September 30, 2024.

(a) Includes Canpotex sales to international customers.

(b) Includes intersegment sales volumes.

(d) Average finished product selling price is calculated as finished goods sales revenue divided by finished goods sales volumes.

Three months ended March 31, 2026 and March 31, 2025

The Potash segment’s net sales increased to $667.4 million for the three months ended March 31, 2026, compared to $570.2 million in the same period a year ago.

The increase was primarily due to higher average selling prices, which favorably impacted net sales by approximately $90 million, compared to the same period in the prior year.

Higher sales volumes also contributed approximately $10 million to the increase in sales from the prior year.

Our average finished product selling price was $277 per tonne for the three months ended March 31, 2026, compared to $234 per tonne for the same period a year ago, as a result of the factors described in the Overview.

The Potash segment’s sales volumes of finished products were 2.2 million tonnes for the three months ended March 31, 2026, slightly higher than 2.1 million tonnes for the same period a year ago.

Gross margin for the Potash segment increased to $191.3 million for the three months ended March 31, 2026, up from $168.6 million in the prior year period.

The increase was primarily driven by favorable finished goods pricing, which contributed approximately $90 million.

This benefit was partially offset by higher fixed costs and inventory absorption of approximately $30 million and higher plant costs of approximately $20 million compared to the prior year period.

In addition, Canadian resources taxes increased by approximately $20 million, compared to the prior year period, as discussed further below.

We incurred $ 66.8 million in Canadian resource taxes for the three months ended March 31, 2026, compared to $47.3 million in the same period a year ago.

Canadian royalty expense increased to $11.7 million for the three months ended March 31, 2026, compared to $8.9 million for the three months ended March 31, 2025.

The fluctuations in Canadian resource taxes and royalties are a result of increases in our sales revenue and margins.

Our operating rate for potash production increased to 79% for the three months ended September 30, 2025, from 66% for the same period in 2024.

Prior year production was negatively impacted by electrical issues at our Esterhazy and Colonsay, Saskatchewan mines.

Nine months ended September 30, 2025 and September 30, 2024

The Potash segment’s net sales were $2.0 billion for the nine months ended September 30, 2025, compared to $1.8 billion in the same period a year ago.

Net sales in the current period benefited from higher average selling prices and sales volumes, which contributed approximately $125 million and $55 million, respectively, compared to the same period in the prior year.

This was partially offset by an approximate $40 million reduction in freight revenue, reflecting lower freight rates and lower domestic sales volumes in the current year period.

Our average potash selling price was $263 per tonne for the nine months ended September 30, 2025, compared to $244 per tonne for the same period a year ago, due to the factor discussed above in the Overview.

The Potash segment’s sales volumes for the nine months ended September 30, 2025 increased 4%, compared to the same period a year ago, due to the factor discussed above in the Overview.

Gross margin for the Potash segment increased to $613.9 million for the nine months ended September 30, 2025, up from $520.0 million for the same period last year.

This increase was largely attributable to higher average selling prices, which contributed approximately $125 million compared to the prior year period.

In addition, higher sales volumes contributed approximately $30 million compared to the prior year period.

These benefits were partially offset by higher costs which unfavorably impacted gross margin by approximately $50 million, and by higher Canadian resource taxes and royalties of approximately $20 million in the current year period.

We incurred $195.8 million in Canadian resource taxes for the nine months ended September 30, 2025, compared to $175.8 million in the same period a year ago.

Canadian royalty expense increased to $31.7 million for the nine months ended September 30, 2025, compared to $29.7 million for the nine months ended September 30, 2024.

The fluctuations in Canadian resource taxes and royalties are due to the increases in our sales revenues and margin.

Our operating rate was 77% for the current year period, compared to 75% in the prior year period.

Our operating rate for potash production was 77% for the three months ended March 31, 2026, which was comparable to 78% for the same period in 2025.

Mosaic Fertilizantes Net Sales and Gross Margin

The following table summarizes the Mosaic Fertilizantes segment’s net sales, gross margin, sales volume and selling price.

Three months ended Nine months ended

September 30, 2025-2024 September 30, 2025-2024

Three months ended

March 31, 2026-2025

(in millions, except price per tonne or unit)

2025 2024 Change Percent 2025 2024 Change Percent

2026 2025 Change Percent

Net Sales $ 937.1 $ 933.8 $ 3.3 — %

3 unchanged sentences

Sales volume (in thousands of metric tonnes)

Phosphate produced in Brazil (a)

Fertilizer produced in Brazil sold to third parties (a)

282 331 (49) (15) %

Potash produced in Brazil 75 100 (25) (25) % 156 166 (10) (6) %

Fertilizer produced in Brazil sold through distribution 300 358 (58) (16) %

Purchased nutrients for distribution 1,036 1,158 (122) (11) %

17 unchanged sentences

(b) Average finished product selling price is calculated as finished goods sales revenue divided by finished goods sales volumes.

The prior year amount has been recast to exclude revenue from non-finished goods.

Three months ended September 30, 2025 and September 30, 2024

The Mosaic Fertilizantes segment’s net sales increased to $1.6 billion for the three months ended September 30, 2025, from $1.4 billion during the same period of the prior year.

The $193.0 million increase in net sales was driven by approximately $190 million of higher finished product sales prices, partially offset by slightly lower sales volumes, which unfavorably impacted net sales by approximately $20 million.

Additionally, both higher sales prices and volumes of other products, primarily gypsum, contributed positively, adding approximately $20 million to net sales.

Our average finished product selling price was $518 per tonne for the three months ended September 30, 2025, compared to $447 per tonne for the same period a year ago due to the factor discussed in the Overview.

The Mosaic Fertilizantes segment’s sales volumes of finished products decreased 3% for the three months ended September 30, 2025, compared to the same period a year ago.

Gross margin for the Mosaic Fertilizantes segment increased to $182.4 million for the three months ended September 30, 2025, from $127.9 million in the same period of the previous year.

This increase was primarily driven by higher average selling prices during the current year period, which contributed approximately $190 million compared to the prior year period.

was partially offset by higher product costs of approximately $140 million in our distribution operations, along with a decrease in sales volumes, which reduced gross margin by approximately $25 million.

Additionally, foreign currency changes positively impacted gross margin by approximately $40 million in the current year period.

The average consumed price for ammonia for our Brazilian operations increased to $576 per tonne for the three months ended September 30, 2025, compared to $572 per tonne in the prior year period.

The average consumed sulfur price for our Brazilian operations increased to $325 per long ton for the three months ended September 30, 2025, compared to $170 per long ton in the prior year period.

Three months ended March 31, 2026 and March 31, 2025

The Mosaic Fertilizantes segment’s net sales of $937.1 million for the three months ended March 31, 2026, were comparable to the prior year period of $933.8 million.

The $3.3 million increase in net sales from the prior year period was driven by approximately $125 million of higher finished product sales prices, partially offset by lower sales volumes, which impacted net sales by approximately $105 million.

Additionally, lower sales volumes of other products, primarily gypsum, unfavorably impacted net sales by approximately $15 million compared to the prior year.

Our average finished product selling price was $527 per tonne for the three months ended March 31, 2026, compared to $452 per tonne for the same period a year ago, due to the factors discussed in the Overview.

The Mosaic Fertilizantes segment’s sales volumes of finished products decreased 12% for the three months ended March 31, 2026, compared to the same period a year ago, due to the factor discussed in the Overview.

Gross margin for the Mosaic Fertilizantes segment decreased to $34.6 million for the three months ended March 31, 2026, from $127.0 million in the same period of the previous year.

This decrease was primarily driven by higher product costs of approximately $110 million in our distribution operations, and higher raw material costs, primarily sulfur, of approximately $40 million in our production operations.

In addition, accelerated depreciation related to the idling of mining operations at

Patrocinio unfavorably impacted gross margin by approximately $26 million in the current period.

The decrease in sales volumes also reduced gross margin by approximately $30 million.

These impacts were partially offset by higher average selling prices during the current year period, which contributed approximately $125 million to gross margin compared to the prior year period.

The average consumed price for ammonia for our Brazilian operations increased to $722 per tonne for the three months ended March 31, 2026, compared to $684 per tonne in the prior year period.

The average consumed sulfur price for our Brazilian operations increased to $466 per long ton for the three months ended March 31, 2026, compared to $219 per long ton in the prior year period.

The purchase prices of ammonia and sulfur are driven by global supply and demand, and also include transportation, transformation and storage costs.

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 6% for the three months ended September 30, 2025, compared to the prior year period.

For the three months ended September 30, 2025, our phosphate operating rate increased to 84%, compared to 78% in the same period of the prior year.

For the three months ended September 30, 2025 and 2024, our Brazilian phosphate rock production was 1.1 million tonnes.

We are temporarily idling our Patrocínio mine in Brazil for the months of November and December due to elevated ore inventory levels.

Nine months ended September 30, 2025 and 2024

The Mosaic Fertilizantes segment’s net sales were $3.7 billion for the nine months ended September 30, 2025, compared to $3.3 billion in the same period of the prior year.

The current period's net sales benefited by approximately $290 million in higher average finished goods sales prices and by approximately $50 million of higher finished goods sales volumes for distribution, compared to the prior year period.

Additionally, both higher sales prices and volumes of other products, primarily gypsum, contributed positively, adding approximately $30 million to net sales

The average finished product selling price increased $42 per tonne, to $486 per tonne for the nine months ended September 30, 2025, compared to $444 per tonne in the prior year period, primarily due to the continued improvement in global prices mentioned in the Overview and the mix of products sold.

The Mosaic Fertilizantes segment’s sales volume increased to 6.9 million tonnes for the nine months ended September 30, 2025, from 6.8 million tonnes in the same period a year ago.

Gross margin for the nine months ended September 30, 2025 increased to $471.1 million from $304.9 million in the same period in the prior year.

This improvement was primarily driven by approximately $290 million in higher average selling prices.

This benefit was partially offset by approximately $160 million of higher costs for distribution products and approximately $60 million from the impact of lower sales volumes in the current year period.

Current period gross margin benefited by approximately $10 million due to lower maintenance turnaround costs.

Favorable foreign currency changes contributed approximately $60 million in the current year period, and improved margins on other products contributed approximately $10 million.

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 6% compared to the prior year period.

Our phosphate operating rate increased to 82% for the nine months ended September 30, 2025 compared to 77% in the same period of the prior year.

For the nine month period ended September 30, 2025, our Brazilian phosphate rock production increased to 3.1 million tonnes, from 3.0 million tonnes in the prior year period.

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 25% for the three months ended March 31, 2026, compared to the prior year period, primarily due to idling our Araxa and Fospar facilities in the current year period.

For the three months ended March 31, 2026 our phosphate operating rate decreased to 66%, compared to 78% in the same period of the prior year.

For the three months ended March 31, 2026 our Brazilian phosphate rock production decreased to 0.7 million tonnes compared to 1.0 million in the prior year period, due to idling our Patrocínio mine in Brazil.

Corporate, Eliminations and Other

In addition to our three operating segments, we assign certain costs to Corporate, Eliminations and Other, which is presented separately in Note 17 to our Notes to Condensed Consolidated Financial Statements.

For the three months ended September 30, 2025, gross margin for Corporate, Eliminations and Other was $(9.9) million, compared to $24.7 million for the same period in the prior year.

Gross margin in the current year was unfavorably impacted by approximately $27 million from net unrealized loss on derivatives, primarily on foreign currency derivatives, compared to a net

unrealized gain of approximately $38 million in the prior year period.

Sales in China and India, collectively, resulted in revenue of $112.4 million and gross margin of $13.2 million in the current year period, compared to revenue of $111.1 million and gross margin of $15.9 million in the prior year period.

The China and India gross margin was unfavorably impacted by lower sales volumes in India in the current year period, compared to the prior year period.

For the nine months ended September 30, 2025, gross margin for Corporate, Eliminations and Other was $60.1 million, compared to $(70.3) million for the same period in the prior year.

Gross margin in the current year was favorably impacted by approximately $83 million from net unrealized gains on derivatives, primarily on foreign currency derivatives, compared to a net unrealized loss of approximately $21 million in the prior year.

The Corporate, Eliminations and Other category includes intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and the investment in equity securities of Ma’aden, debt expenses, corporate functional costs, the results of the China and India distribution businesses and Mosaic Biosciences sales in China, India and North America.

For the three months ended March 31, 2026, gross margin for Corporate, Eliminations and Other was $6.3 million, compared to $25.5 million for the same period in the prior year.

Sales in China and India, collectively, resulted in revenue of $177.0 million and gross margin of $21.4 million in the current year period, compared to revenue of $147.4 million and gross margin of $20.3 million in the prior year period.

The China and India gross margin was favorably impacted by higher average selling prices in the current year period, compared to the prior year period.

The China and India gross margin was favorably impacted by increased selling prices and higher sales volumes, which was partially offset by an increase in product costs.

In addition, gross margin in the current year was favorably impacted by intersegment profit eliminations of approximately $5 million compared to an unfavorable impact of approximately $50 million in the prior year.

Gross margin was unfavorably impact by approximately $2 million of net unrealized loss, primarily on foreign currency derivatives, compared to $60 million of net unrealized gain on derivatives in the prior year, and other costs of approximately $15 million in the current year period.

Other Income Statement Items

Three months ended Nine months ended

September 30, 2025-2024 September 30, 2025-2024

(in millions) 2025 2024 Change Percent 2025 2024 Change Percent

Three months ended

March 31, 2026-2025

(in millions) 2026 2025 Change Percent

Selling, general and administrative expenses $ 135.9 $ 122.6 $ 13.3 11 %

Other operating expense 87.0 153.2 (66.2) (43) % 221.3 305.0 (83.7) (27) %

Loss on assets to be sold 232.6 — 232.6 NM

Other operating expense 240.0 27.3 212.7 NM

Interest expense (65.3) (52.2) (13.1) 25 %

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Interest expense, net (55.3) (40.7) (14.6) 36 %

Foreign currency transaction gain (loss) (1.2) 100.9 (102.1) NM 301.3 (267.3) 568.6 NM

Other income (expense) 306.3 (0.4) 306.7 NM 391.7 6.8 384.9 NM

Provision for income taxes 175.5 48.0 127.5 NM 384.8 152.9 231.9 152 %

Equity in net earnings of nonconsolidated companies 0.3 4.5 (4.2) (93) % 2.2 64.2 (62.0) (97) %

Foreign currency transaction gain 37.6 133.1 (95.5) (72) %

Other income (expense) 104.7 (118.1) 222.8 NM

(Benefit) provision for income taxes (31.0) 63.3 (94.3) NM

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended September 30, 2025 decreased by $22.7 million compared to the same period of prior year.

The current year quarter includes approximately $8 million in higher consulting and professional services costs, while the prior year quarter reflected the addition of a $32 million bad debt reserve in our Mosaic Fertilizantes segment.

Selling, general and administrative expenses for the nine months ended September 30, 2025 increased $31.9 million compared to the same period of prior year, primarily driven by higher incentive compensation and employee benefit costs of approximately $27 million and higher consulting and professional services costs of approximately $7 million.

Selling, general and administrative expenses for the three months ended March 31, 2026 increased by $13.3 million compared to the same period of prior year.

The current year quarter includes approximately $6 million for a bad debt reserve in our Mosaic Fertilizantes segment and higher incentive compensation of approximately $3 million.

Loss On Assets To Be Sold

During March 2026, we committed to a plan to dispose of the Araxá mining and chemical complex in Brazil and classified the disposal group as held for sale.

This resulted in an impairment loss of approximately $232.6 million in the current year period.

See further discussion in Note 18 of our Notes to Consolidated Financial Statements.

Other Operating Expense

For the three months ended September 30, 2025, other operating expenses were $87.0 million, down from $153.2 million reported for the same period of the prior year.

Other operating expenses for the current period were approximately $100 million lower than the prior year, primarily due to the timing of annual annual asset retirement obligation (“ ARO ”) revisions, which will be recorded in the fourth quarter of the current year.

The current year period also benefited from reduced environmental and legal reserves of approximately $20 million compared to the current year period.

The current year amount includes an impairment loss of approximately $73 million related to the planned sale of the Taquari potash mine in Brazil, which was partially offset by a recovery of customer receivables in Brazil of approximately $27 million.

For the nine months ended September 30, 2025, other operating expense decreased to $221.3 million, from $305.0 million in the same period of the prior year.

The reduction from the prior year was primarily attributable to the timing of annual ARO adjustments, mentioned above, which resulted in approximately $70 million in lower costs in the current year period.

Additionally, lower environmental and legal reserves benefited the current year period by approximately $40 million and lower

franchise tax expense by approximately $15 million.

Other operating expense in the current year also included the previously mentioned impairment loss of approximately $73 million.

For the three months ended March 31, 2026, other operating expenses were $240.0 million, up from $27.3 million reported for the same period of the prior year.

In connection with the decision to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil, we recorded charges totaling approximately $159 million during the three months ended March 31, 2026.

These expenses consisted of approximately $72 million for contract terminations, $56 million for impairment of property, plant and equipment, $21 million for write‑off of inventory and other costs, and $10 million for severance and other employee costs.

We also incurred approximately $24 million of idle costs related to these sites.

In addition, the period was unfavorably impacted by approximately $25 million related to environmental reserves.

Partially offsetting these expenses was a gain on the sale of land of approximately $31 million recorded in the current year period.

Interest Expense, Net

For the three and nine months ended September 30, 2025, net interest expense increased to $45.6 million and $139.3 million, compared to $41.7 million and $136.1 million for the same periods in the prior year.

The increase was primarily due to higher short-term debt levels in the current year periods.

Foreign Currency Transaction Gain (Loss)

For the three months ended September 30, 2025, fluctuations in foreign currency rates led to a slight transaction loss of $1.2 million compared to a gain of $100.9 million for the same period of the prior year.

For the nine months ended September 30, 2025, we recorded a gain of $301.3 million compared to a loss of $267.3 million for the same period in the prior year.

For the nine months ended September 30, 2025, the gain was the result of the impact of the U.S.

dollar relative to the Canadian dollar on significant intercompany loans and the effect of the weakening of the U.S.

dollar relative to the Brazilian real on significant intercompany loans and U.S.

dollar-denominated payables held by our Brazilian subsidiaries.

For the three months ended March 31, 2026, net interest expense increased to $55.3 million compared to $40.7 million for the same period in the prior year.

The increase was primarily due to higher debt levels in the current year period.

Foreign Currency Transaction Gain

For the three months ended March 31, 2026, fluctuations in foreign currency rates led to a transaction gain of $37.6 million compared to a gain of $133.1 million for the same period of the prior year.

Other Income (Expense)

For the three and nine months ended September 30, 2025, we reported other income of $306.3 million and $391.7 million, respectively, compared to $0.4 million and $6.8 million for the same periods in the prior year.

The significant increase in other income for the current year was primarily driven by unrealized mark-to-market gains on our investment in Ma’aden shares of approximately $308 million for the three-month period and $407 million for the nine-month period.

For the nine months ended September 30, 2025, we realized a loss of approximately $7 million on marketable securities held in the RCRA Trusts.

Equity in Net Earnings of Nonconsolidated Companies

For the three and nine months ended September 30, 2025, we had equity in net earnings of nonconsolidated companies of $0.3 million and $2.2 million compared to $4.5 million and $64.2 million for the same period in the prior year.

The prior period results were primarily related to the operations of MWSPC.

In December 2024, we exchanged our ownership in MWSPC for shares in Ma’aden.

For the three months ended March 31, 2026, we reported other income of $104.7 million compared to expense of $118.1 million for the same period in the prior year.

The significant increase in other income for the current year was primarily driven by unrealized mark-to-market gains on our investment in Ma’aden shares of approximately $112 million, compared to an unrealized loss on investment in Ma’aden shares of approximately $120 million in the prior year period.

Provision for Income Taxes

Three months ended Effective Tax Rate Provision for Income Taxes

September 30, 2025 29.3 % $ 175.5

September 30, 2024 27.6 % $ 48.0

Nine months ended Effective Tax Rate Provision for Income Taxes

September 30, 2025 26.1 % $ 384.8

September 30, 2024 122.3 % $ 152.9

Income tax expense was $175.5 million and $384.8 million, and the effective tax rate was 29.3% and 26.1% for the three and nine months ended September 30, 2025.

For the three and nine months ended September 30, 2025, discrete tax items recorded in tax expense was an expense of approximately $2.4 million and a benefit of approximately $ 22.9 million.

The net tax benefit consisted primarily of changes in valuation allowance, share-based costs, true-up of estimates, and other miscellaneous costs.

In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

March 31, 2026 10.8 % $ (31.0)

March 31, 2025 20.2 % $ 63.3

Income tax expense was a benefit of $31.0 million, and the effective tax rate was 10.8%, for the three months ended March 31, 2026.

For the three months ended March 31, 2026, discrete tax items recorded in tax expense was a benefit of approximately $27.2 million.

The benefit primarily related to the tax effects of notable items recorded as discrete, partially offset by discrete changes to valuation allowances in Brazil and share-based excess costs that resulted in additional tax expense.

In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, by a benefit associated with foreign-derived deduction eligible income, and by the impact of

certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

On July 4, 2025, the U.S.

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The legislation has multiple effective dates, with provisions effective beginning in 2025 and 2026.

The Company has reflected the impact of the enacted provisions in its financial statements for the third quarter, and we do not expect it to materially change our effective income tax rate for 2025.

The Company reflects the impact of the enacted provisions as they become effective.

There was no material change to our effective tax rates for the quarter ended March 31, 2026 compared to the prior year quarter due to the provisions becoming effective.

Critical Accounting Estimates

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Liquidity and Capital Resources

As of September 30, 2025, we had cash and cash equivalents of $153.3 million, short-term debt of $1.2 billion, long-term debt, including current maturities, of approximately $3.4 billion, and stockholders’ equity of approximately $12.9 billion.

As of March 31, 2026, we had cash and cash equivalents of $281.8 million, short-term debt of $1.2 billion, long-term debt, including current maturities, of approximately $4.3 billion, and stockholders’ equity of approximately $12.0 billion.

We have a target liquidity buffer of up to $3.0 billion, including cash and available committed and uncommitted credit lines.

2 unchanged sentences

Our capital allocation priorities include maintaining our target investment grade metrics and financial strength, sustaining our assets, including ensuring the safety of our employees and reliability of our assets, investing to grow our business, either through organic growth or taking advantage of strategic opportunities, and returning excess cash to shareholders, including by paying dividends.

During the nine months ended September 30, 2025, we paid cash dividends of $210.5 million, and invested $1.0 billion in capital expenditures.

During the three months ended March 31, 2026, we paid cash dividends of $70.8 million and invested $0.4 billion in capital expenditures.

Funds generated by operating activities, available cash and cash equivalents, and our credit facilities continue to be our most significant sources of liquidity.

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There can be no assurance, however, that we will continue to generate cash flows at or above current levels.

As of September 30, 2025, we had $2.50 billion available under our $2.50 billion committed revolving credit facility, approximately $0.7 billion available under our uncommitted facilities and had $1.9 billion available under our $2.5 billion commercial paper program that is backed by the revolving credit facility.

As of March 31, 2026, we had approximately $0.6 billion available under our uncommitted facilities and $1.7 billion available under our $2.5 billion commercial paper program that is backed by the revolving credit facility.

We consider amounts borrowed under our commercial paper program as a reduction of availability under our revolving credit facility.

Our credit facilities, including the revolving credit facility, require us to maintain certain financial ratios, as discussed in Note 11 of our Notes to Consolidated Financial Statements in our 10-K Report and as discussed in Note 9 to our Condensed Consolidated Financial Statements in this report.

We were in compliance with these ratios as of September 30, 2025.

We were in compliance with these ratios as of March 31, 2026.

All of our cash equivalents are diversified in highly rated investment vehicles.

2 unchanged sentences

subsidiaries and are not subject to significant foreign currency exposures, as the majority are held in investments denominated in U.S.

dollars as of September 30, 2025.

dollars as of March 31, 2026.

These funds may create foreign currency transaction gains or losses, however, depending on the functional currency of the entity holding the cash.

In addition, there are no significant restrictions that would preclude us from bringing these funds back to the U.S., aside from withholding taxes.

The following table represents a comparison of the net cash provided by operating activities, net cash used in investing activities, and net cash used in financing activities for the nine months ended September 30, 2025 and September 30, 2024:

(in millions) Nine months ended

September 30, 2025-2024

The following table represents a comparison of the net cash provided by operating activities, net cash used in investing activities and net cash provided by financing activities for the three months ended March 31, 2026 and March 31, 2025:

(in millions) Three months ended

March 31, 2026-2025

Cash Flow 2026 2025 Change Percent

1 unchanged sentence

Net cash used in investing activities (369.0) (340.8) (28.2) 8 %

Net cash used in financing activities (9.4) (168.6) 159.2 (94) %

Net cash provided by financing activities 263.0 272.0 (9.0) (3) %

Operating Activities

During the nine months ended September 30, 2025, net cash provided by operating activities was $0.9 billion, compared to net cash provided by operating activities of $1.1 billion for the same period in the prior year.

Our results of operations, after non-cash adjustments, contributed $1.5 billion to cash flows from operating activities during the nine months ended September 30, 2025, compared to $1.1 billion as computed on the same basis for the prior year period.

During the nine months ended September 30, 2025, we had an unfavorable change in assets and liabilities of $598.9 million, compared to an unfavorable change of $9.9 million during the nine months ended September 30, 2024.

The change in assets and liabilities for the nine months ended September 30, 2025, was primarily driven by increases in inventories of $578.9 million and a decrease in accounts payable and accrued liabilities of $169.1 million, partially offset by an increase in other noncurrent liabilities of $49.6 million.

The increase in inventories was primarily due to higher inventory volumes, particularly in phosphate rock in Brazil, and raw material prices across our segments in the current year period.

The decrease in accounts payable and accrued liabilities was primarily due the payment of dividends and the settlement of AROs, partially offset by an increase in customer prepayments in Brazil.

The increase in other noncurrent liabilities was primarily related to increases in ARO obligations and environmental reserves in our Phosphate segment in the current year.

During the three months ended March 31, 2026, net cash provided by operating activities was $104.2 million, compared to net cash provided by operating activities of $42.9 million for the same period in the prior year.

Our results of operations, after non-cash adjustments, contributed $175.6 million to cash flows from operating activities during the three months ended March 31, 2026, compared to $434.4 million as computed on the same basis as the prior year period.

During the three months ended March 31, 2026, we had an unfavorable change in assets and liabilities of $71.4 million, compared to an unfavorable change of $391.5 million during the three months ended March 31, 2025.

The change in assets and liabilities for the three months ended March 31, 2026 was primarily driven by a decrease in accounts payable and accrued liabilities of $66.4 million and a change in asset retirement obligations (“ AROs ”) of $49.9 million, partially offset by a favorable impact from a decrease in accounts receivable of $58.4 million.

The decrease in accounts payable and accrued liabilities was primarily due to the timing of employee incentive payments and a decrease in customer prepayments in Brazil.

The change in AROs was primarily due to payments for our ongoing obligations.

Accounts receivable decreased primarily due to lower sales volumes at the end of the first quarter of 2026 compared to the fourth quarter of 2025.

Investing Activities

Net cash used in investing activities was $1,022.2 million for the nine months ended September 30, 2025, compared to $984.5 million for the same period a year ago.

We had capital expenditures of $1,009.8 million for the nine months ended September 30, 2025, compared to $957.7 million in the prior year period.

Net cash used in investing activities was $369.0 million for the three months ended March 31, 2026, compared to $340.8 million for the same period a year ago.

We had capital expenditures of $356.8 million for the three months ended March 31, 2026, compared to $340.8 million in the prior year period.

For the three months ended March 31, 2026, we received proceeds from the sale of assets of $31.4 million compared to $5.8 million in the prior year period.

Financing Activities

Net cash used in financing activities for the nine months ended September 30, 2025 was $9.4 million, compared to $168.6 million for the same period in the prior year.

During the nine months ended September 30, 2025, we paid dividends of $210.5 million, made payments on long-term debt, net of borrowings, of $49.8 million and made net payments on our structured accounts payable arrangements of $15.9 million.

During the current year period, we received net proceeds of $101.2 million under our inventory financing arrangement and $205.4 million under other short-term debt arrangements.

Net cash provided by financing activities for the three months ended March 31, 2026 was $263.0 million, compared to $272.0 million for the same period in the prior year.

During the three months ended March 31, 2026, we received net proceeds of $101.1 million under our inventory financing arrangement and $342.0 million under other short-term debt arrangements.

During the current year period, we paid dividends of $70.8 million, made net payments on our structured accounts payable arrangements of $84.4 million and payments on long-term debt, net of borrowings, of $16.7 million.

Debt Instruments, Guarantees and Related Covenants

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• accidents or other incidents involving our properties or operations, including potential fires, explosions, seismic events, sinkholes, unsuccessful tailings management, ineffective mine safety procedures or releases of hazardous or volatile chemicals;

• terrorism, armed conflict or other malicious intentional acts, including cybersecurity risks such as attempts to gain unauthorized access to, or disable, our information technology systems, or our costs of addressing malicious intentional acts;

• terrorism, armed conflict, disruptions associated with geopolitical conflict, or other malicious intentional acts, including cybersecurity risks such as attempts to gain unauthorized access to, or disable, our information technology systems, or our costs of addressing malicious intentional acts;

• actions by the holders of controlling equity interests in businesses in which we hold a noncontrolling interest;

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis