What changed in this filing

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Item 1. Financial Statements

2026-08-05 compared with 2026-05-11 · 264 added, 145 removed, 649 unchanged (39% of the section changed)

3 unchanged sentences

(In millions, except per share amounts)

Three months ended

March 31, 2026 March 31, 2025

Three months ended Six months ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net sales $ 2,824.1 $ 3,005.7 $ 5,822.1 $ 5,626.6

2 unchanged sentences

Selling, general and administrative expenses 131.6 167.2 267.5 289.8

Loss on assets to be sold 232.6 —

Loss on assets sold and to be sold 6.2 — 238.8 —

Other operating expense 112.4 107.0 352.4 134.3

1 unchanged sentence

Interest expense, net ( 62.8 ) ( 53.0 ) ( 118.1 ) ( 93.7 )

Foreign currency transaction gain 37.6 133.1

Foreign currency transaction gain (loss) ( 39.4 ) 169.4 ( 1.8 ) 302.5

Other income (expense) ( 163.2 ) 203.5 ( 58.5 ) 85.4

14 unchanged sentences

(In millions)

Three months ended

March 31, 2026 March 31, 2025

Three months ended Six months ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net earnings (loss) including noncontrolling interest $ ( 265.5 ) $ 419.7 $ ( 520.0 ) $ 669.7

Other comprehensive income (loss), net of tax

Foreign currency translation gain 51.6 108.1

Foreign currency translation (loss) gain ( 73.9 ) 239.8 ( 22.3 ) 347.9

Net actuarial (loss) gain and prior service cost ( 0.9 ) ( 0.9 ) ( 5.8 ) ( 0.8 )

Realized (loss) gain on interest rate swap ( 0.1 ) — ( 0.1 ) —

Net (loss) gain on marketable securities held in trust fund ( 1.0 ) 7.7 ( 5.6 ) 15.6

Other comprehensive income 42.1 116.1

Other comprehensive income (loss) ( 75.9 ) 246.6 ( 33.8 ) 362.7

Comprehensive income (loss) ( 341.4 ) 666.3 ( 553.8 ) 1,032.4

5 unchanged sentences

(In millions, except per share amounts)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Current assets:

26 unchanged sentences

Other noncurrent liabilities 2,980.9 3,011.4

Preferred Stock, $ 0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of March 31, 2026 and December 31, 2025

Common Stock, $ 0.01 par value, 1,000,000,000 shares authorized, 391,790,976 shares issued and 317,846,644 shares outstanding as of March 31, 2026, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025

Preferred Stock, $ 0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025

Common Stock, $ 0.01 par value, 1,000,000,000 shares authorized, 395,563,251 shares issued and 317,895,646 shares outstanding as of June 30, 2026, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025

Capital in excess of par value 42.9 29.2

9 unchanged sentences

(In millions)

Three months ended

March 31, 2026 March 31, 2025

Six months ended

June 30, 2026 June 30, 2025

Cash Flows from Operating Activities:

10 unchanged sentences

Impairment of assets held for sale 238.8 —

Amortization of debt financing fees 20.1 23.1

Other 141.2 79.7

26 unchanged sentences

Cash dividends paid ( 140.7 ) ( 141.0 )

Dividends paid to noncontrolling interest ( 7.1 ) ( 6.4 )

Contributions to noncontrolling interest 8.5 —

Other ( 20.2 ) ( 17.8 )

Net cash provided by financing activities 263.0 272.0

Net cash provided by (used in) financing activities 410.5 ( 13.2 )

Effect of exchange rate changes on cash ( 7.8 ) 17.5

1 unchanged sentence

Cash, cash equivalents and restricted cash - December 31 298.6 305.0

Cash, cash equivalents and restricted cash - March 31 $ 299.0 $ 278.7

Cash, cash equivalents and restricted cash - June 30 $ 305.8 $ 302.4

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(In millions)

Three months ended

March 31, 2026 March 31, 2025

Six months ended

June 30, 2026 June 30, 2025

Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited condensed consolidated statements of cash flows:

5 unchanged sentences

Cash paid during the period for:

Interest (net of amount capitalized of $ 5.9 and $ 8.6 for the three months ended March 31, 2026 and 2025, respectively)

Interest (net of amount capitalized of $ 10.9 and $ 16.2 for the six months ended June 30, 2026 and 2025, respectively)

$ 108.1 $ 93.8

7 unchanged sentences

Common Stock Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive (Loss) Noncontrolling Interests Total Equity

Balance as of March 31, 2025 317.2 $ 3.2 $ 8.3 $ 14,093.9 $ ( 2,334.5 ) $ 145.8 $ 11,916.7

Total comprehensive income — — — 410.7 245.4 10.2 666.3

Vesting of restricted stock units 0.1 — ( 0.1 ) — — — ( 0.1 )

Stock based compensation — — 8.4 — — — 8.4

Dividends on restricted stock — — — ( 0.3 ) — — ( 0.3 )

Dividends for noncontrolling interests — — — — — ( 6.4 ) ( 6.4 )

Balance as of June 30, 2025 317.3 $ 3.2 $ 16.6 $ 14,504.3 $ ( 2,089.1 ) $ 149.6 $ 12,584.6

Balance as of December 31, 2024 316.9 $ 3.2 $ 2.1 $ 13,926.1 $ ( 2,449.0 ) $ 132.3 $ 11,614.7

4 unchanged sentences

— — — ( 70.6 ) — — ( 70.6 )

Dividends for noncontrolling interests — — — — — ( 6.4 ) ( 6.4 )

Balance as of June 30, 2025 317.3 $ 3.2 $ 16.6 $ 14,504.3 $ ( 2,089.1 ) $ 149.6 $ 12,584.6

Balance as of March 31, 2026 317.8 $ 3.2 $ 35.1 $ 13,856.9 $ ( 2,091.2 ) $ 153.8 $ 11,957.8

Total comprehensive income (loss) — — — ( 272.8 ) ( 75.5 ) 6.9 ( 341.4 )

Vesting of restricted stock units 0.1 — — — — — —

Stock based compensation — — 7.8 — — — 7.8

Dividends on restricted stock — — — 0.4 — — 0.4

Dividends for noncontrolling interests — — — — — ( 7.1 ) ( 7.1 )

Equity to noncontrolling interests — — — — — 17.4 17.4

Balance as of June 30, 2026 317.9 $ 3.2 $ 42.9 $ 13,584.5 $ ( 2,166.7 ) $ 171.0 $ 11,634.9

Balance as of December 31, 2025 317.4 $ 3.2 $ 29.2 $ 14,184.4 $ ( 2,131.9 ) $ 149.3 $ 12,234.2

4 unchanged sentences

— — — ( 69.5 ) — — ( 69.5 )

Balance as of March 31, 2026 317.8 $ 3.2 $ 35.1 $ 13,856.9 $ ( 2,091.2 ) $ 153.8 $ 11,957.8

Dividends for noncontrolling interests — — — — — ( 7.1 ) ( 7.1 )

Equity to noncontrolling interests — — — — — 17.4 17.4

Balance as of June 30, 2026 317.9 $ 3.2 $ 42.9 $ 13,584.5 $ ( 2,166.7 ) $ 171.0 $ 11,634.9

See Notes to Condensed Consolidated Financial Statements

11 unchanged sentences

which produce potash-based crop nutrients, animal feed ingredients and industrial products.

location was sold during 2026.

Potash sales include domestic and international sales.

We are a member of Canpotex, Limited (“ Canpotex ”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S.

• Our Mosaic Fertilizantes business segment includes five phosphate rock mines and four phosphate chemical plants.

and a potash mine.

• Our Mosaic Fertilizantes business segment includes five phosphate rock mines and four phosphate chemical plants in Brazil.

The segment also includes our distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay.

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Preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods.

The most significant estimates made by management relate to the estimates of fair value of the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities, including asset retirement obligations (“ ARO ”), and income tax-related accounts, including the valuation allowance against deferred income tax assets.

The most significant estimates made by management relate to the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities, including asset retirement obligations (“ ARO ”), and income tax-related accounts, including the valuation allowance against deferred income tax assets.

Actual results could differ from these estimates .

Recently Issued Accounting Guidance

In May 2026, the FASB issued guidance establishing an accounting framework for environmental credits and related regulatory compliance obligations.

Environmental credits are recognized as assets when they are expected to be used to settle obligations or transferred, while credits acquired for voluntary purposes are expensed as incurred.

The guidance also requires recognition of liabilities for environmental credit obligations based on credits needed to satisfy those obligations.

These amendments are effective for fiscal years beginning after December 15, 2027, including interim periods within those years, with early adoption permitted, and will be applied on a retrospective basis through a cumulative‑effect adjustment.

We do not intend to early adopt this guidance and are currently evaluating the effect it will have on our consolidated financial statements.

In November 2024, the FASB issued guidance which requires more detailed disclosure about specified categories of expenses (purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion) included in certain expense captions on the face of the income statement.

7 unchanged sentences

The following provides add i tional information concerning selected balance sheet accounts:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Other current assets

38 unchanged sentences

The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income (loss) attributable to Mosaic $ ( 272.8 ) $ 410.7 $ ( 530.4 ) $ 648.8

4 unchanged sentences

Diluted net income (loss) per share attributable to Mosaic $ ( 0.86 ) $ 1.29 $ ( 1.67 ) $ 2.04

A total of 2.3 million shares of common stock subject to issuance related to share-based awards for the three months ended March 31, 2026, and 0.4 million for the three months ended March 31, 2025 have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.

A total of 2.9 million and 2.2 million shares of common stock subject to issuance related to share-based awards for the three and six months ended June 30, 2026, and zero and 0.2 million for the three and six months ended June 30, 2025 have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.

Inventories consist of the following:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Raw materials $ 325.4 $ 285.7

6 unchanged sentences

(a) Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon .

Mosaic had goodwill of $ 988.9 million and $ 1.0 billion as of March 31, 2026 and December 31, 2025, respectively.

Mosaic had goodwill of $ 969.2 million and $ 1.0 billion as of June 30, 2026 and December 31, 2025, respectively.

We review goodwill for impairment annually in October and at any time events or circumstances indicate that the carrying value may not be fully recoverable, which is based on our accounting policy and GAAP.

5 unchanged sentences

Foreign currency translation ( 35.9 ) — ( 35.9 )

Balance as of March 31, 2026 $ 976.8 $ 12.1 $ 988.9

Balance as of June 30, 2026 $ 957.1 $ 12.1 $ 969.2

We will perform our next annual goodwill impairment analysis for each of our reporting units as of October 31, 2026.

10 unchanged sentences

A credit loss would then be recognized in operations for the amount of the expected credit loss.

As of March 31, 2026 we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.

As of June 30, 2026 we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.

We review the fair value hierarchy classification on a quarterly basis.

8 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The estimated fair value of the investments in the RCRA Trusts as of March 31, 2026 and December 31, 2025 are as follows:

March 31, 2026

The estimated fair value of the investments in the RCRA Trusts as of June 30, 2026 and December 31, 2025 are as follows:

June 30, 2026

Cash and cash equivalents $ ( 0.4 ) $ — $ — $ ( 0.4 )

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The following tables show gross unrealized losses and fair values of the RCRA Trusts ’ available-for-sale securities that have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2026 and December 31, 2025 :

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions) Fair

8 unchanged sentences

$ 52.3 $ ( 2.9 ) $ 88.5 $ ( 3.9 )

The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of March 31, 2026.

The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of June 30, 2026.

Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature.

March 31, 2026

June 30, 2026

Due in one year or less $ 9.5

3 unchanged sentences

Total debt securities $ 748.2

For the three months ended March 31, 2026, realized gains were $ 0.5 million and realized losses were $ 2.6 million.

For the three months ended March 31, 2025, realized gains were $ 0.4 million and realized losses were $ 0.5 million.

For the three and six months ended June 30, 2026, realized gains were $ 0.2 million and $ 0.7 million, respectively and realized losses were $ 1.1 million and $ 3.7 million, respectively.

For the three and six months ended June 30, 2025, realized gains were $ 0.3 million and $ 0.7 million and realized losses were $ 7.2 million and $ 7.8 million.

Financing Arrangements

Mosaic Credit Facility

On May 16, 2025, we amended our committed, unsecured five-year revolving credit facility of up to $ 2.5 billion (the “ Amended and Restated Mosaic Credit Facility ”), extending the maturity date to May 16, 2030, from August 19, 2026.

This facility is intended to serve as our primary unsecured bank credit facility.

The Amended and Restated Mosaic Credit Facility also reduces the rates applicable to the unused commitment fees and provides us with additional flexibility under other restrictive covenants, compared to the facility prior to this amendment.

The Amended and Restated Mosaic Credit Facility has cross-default provisions that, in general, provide that a failure to pay principal or interest under, or any other amount payable under, any indebtedness with outstanding principal amount of

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

$ 100 million or more, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default.

The Amended and Restated Mosaic Credit Facility requires Mosaic to maintain certain financial ratios, including a ratio of Consolidated Indebtedness (as defined), which has been redefined to exclude unrestricted cash and cash equivalents, to Consolidated Capitalization Ratio (as defined) of no greater than 0.65 to 1.0 , as well as a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0 .

We were in compliance with these ratios as of June 30, 2026.

The Amended and Restated Mosaic Credit Facility also contains other events of default and covenants that limit various matters.

These provisions include limitations on indebtedness, liens, investments and acquisitions (other than capital expenditures), certain mergers, certain sales of assets and other matters customary for credit facilities of this nature.

Inventory Financing Arrangement

2 unchanged sentences

It is later repurchased by Mosaic at the original sale price plus interest and any transaction costs.

As of March 31, 2026 and December 31, 2025, we had financed inventory of $ 401.3 million and $ 300.2 million, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.

As of June 30, 2026 and December 31, 2025, we had financed inventory of $ 502.0 million and $ 300.2 million, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.

Receivable Purchasing Arrangement

We finance certain accounts receivable through a Receivable Purchasing Agreement (“ RPA ”) with banks whereby, from time-to-time, we sell the receivables to bank counterparties.

The net face value of the purchased receivables may not exceed $ 500

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

million at any point in time.

The net face value of the purchased receivables may not exceed $ 500 million at any point in time.

The purchase price of the receivable sold under the RPA is the face value of the receivable less an agreed upon discount.

2 unchanged sentences

Cash received is presented as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

During the three months ended March 31, 2026, the Company sold approximately $ 185.9 million of accounts receivable under this arrangement.

During the three months ended March 31, 2025, the Company sold approximately $ 102.1 million.

During the three and six months ended June 30, 2026, the Company sold approximately $ 102.2 million and $ 288.1 million of accounts receivable under this arrangement.

During the three and six months ended June 30, 2025, the Company sold approximately $ 149.1 million and $ 251.2 million, respectively.

Discounts on sold receivables were not material for any period presented.

Following such sales, we continue to service the collection of the receivables on behalf of the banks without further consideration.

As of March 31, 2026 and December 31, 2025 , there was no amount outstanding to be remitted to the banks.

As of June 30, 2026 and December 31, 2025 , there was no amount outstanding to be remitted to the banks.

Any outstanding amount is classified in accrued liabilities on the Condensed Consolidated Balance Sheets.

4 unchanged sentences

Mosaic then makes payment to the third-party intermediary at dates ranging from 119 to 180 days from date of shipment.

As of March 31, 2026 and December 31, 2025, the total structured accounts payable arrangements were $ 399.4 million and $ 480.1 million, respectively.

As of June 30, 2026 and December 31, 2025, the total structured accounts payable arrangements were $ 353.1 million and $ 480.1 million, respectively.

Commercial Paper Note Program

1 unchanged sentence

We use our revolving credit facility as a liquidity backstop for borrowings under the commercial paper program.

As of March 31, 2026, we had $ 788.7 million outstanding under this program, with a weighted average interest rate of 4.00 % and remaining average term of 15 days.

As of June 30, 2026, we had $ 519.2 million outstanding under this program, with a weighted average interest rate of 4.07 % and remaining average term of 14 days.

As of December 31, 2025, we had $ 459.5 million outstanding under this program, with a weighted average interest rate of 3.99 % and a remaining average term of 10 days.

Term Loan Facility

In May 2023, we entered into a $ 700 million, 10-year senior unsecured term loan facility.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Term Loan Facilities

On June 10, 2026, we entered into a $ 1.0 billion senior unsecured delayed-draw term loan facility (the “ 2026 Term Loan Facility ”), consisting of a $ 500 million three-year term loan maturing on June 10, 2029 and a $ 500 million 364-day term loan maturing on June 10, 2027.

We may voluntarily prepay the outstanding principal without premium or penalty.

As of June 30, 2026, $ 500 million had been drawn under the three-year term loan and is classified as long-term debt.

Subsequent to the quarter on July 14, 2026, we borrowed the full $ 500 million available under the 364-day term loan tranche of the 2026 Term Loan Facility.

Interest rates for the 2026 Term Loan Facility are variable and are based on the Secured Overnight Financing Rate (“ SOFR ”), including term SOFR, or a base rate, in each case plus an applicable margin based on the Company’s credit ratings.

In May 2023, we entered into a $ 700 million, ten year senior unsecured term loan facility.

The term loan matures on May 18, 2033.

We may voluntarily prepay the outstanding principal without premium or penalty.

As of March 31, 2026 and December 31, 2025, $ 570.0 million has been drawn under this facility with no further draws available.

Interest rates for the term loan are variable and are based on the Secured Overnight Financing Rate (“ SOFR ”), plus credit spread adjustments.

As of June 30, 2026 and December 31, 2025, $ 570.0 million has been drawn under this facility with no further draws available.

Interest rates for the term loan are variable and are based on the SOFR, plus credit spread adjustments.

Intercompany Loans

13 unchanged sentences

(iii) close and monitor Gypstacks at our Florida and Louisiana facilities at the end of their useful lives;

(iv) remediate certain other conditional

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(iv) remediate certain other conditional obligations;

(v) remove all surface structures and equipment, plug and abandon mine shafts, contour and revegetate, as necessary, and monitor for five years after closing our Carlsbad, New Mexico facility;

3 unchanged sentences

The estimated liability for these legal obligations is based on the estimated cost to satisfy the above obligations, which is discounted using a credit-adjusted risk-free rate.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

A reconciliation of our AROs is as follows:

(in millions) March 31, 2026 December 31, 2025

(in millions) June 30, 2026 December 31, 2025

AROs, beginning of period $ 2,601.9 $ 2,572.2

19 unchanged sentences

Resource Conservation and Recovery Act (“ RCRA ”) and related state laws.

As discussed below, a separate consent decree was previously entered into with the EPA and the FDEP with respect to RCRA compliance at the Plant City Facility that we acquired as part of our acquisition of the Florida phosphate assets and assumption of certain related liabilities of CF Industries, Inc.

As discussed below, a separate consent decree was previously entered into with the EPA and the FDEP with respect to RCRA compliance at our Plant City, FL facility that we acquired as part of our acquisition of the Florida phosphate assets and assumption of certain related liabilities of CF Industries, Inc.

The remaining monetary obligations under the 2015 Consent Decrees include a provision of additional financial assurance for the estimated Gypstack Closure Costs for Gypstacks at the covered facilities.

2 unchanged sentences

As of December 31, 2025, the undiscounted amount of our Gypstack Closure Costs ARO associated with the facilities covered by the 2015 Consent Decrees, determined using the assumptions used for financial reporting purposes, was approximately $ 2.3 billion, and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $ 1.1 billion.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Plant City and Bonnie Facilities.

2 unchanged sentences

Pursuant to federal or state laws, the applicable government entities are permitted to draw against such amounts in the event we cannot perform such closure activities.

One of the financial assurance arrangements was initially a trust (the “ Plant City Trust ”) established to meet the requirements under a consent decree with the EPA and the FDEP with respect to RCRA compliance at the Plant City Facility.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

the Plant City Facility.

The Plant City Trust also satisfied Florida financial assurance requirements at that site.

5 unchanged sentences

Under our current approach to satisfying applicable requirements, additional financial assurance would be required in the future if increases in cost estimates exceed the face amount of the Plant City Bond or the amount supported by the Bonnie Financial Test.

As of March 31, 2026 and December 31, 2025, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $ 368.5 million and $ 387.9 million, respectively.

As of June 30, 2026 and December 31, 2025, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $ 349.7 million and $ 387.9 million, respectively.

The aggregate amount represented by the Plant City Bond exceeds the present value of the aggregate amount of ARO associated with that facility.

This is because the amount of financial assurance we are required to provide represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphate business over a period that may not end until three decades or more after the Gypstack has been closed, whereas the ARO included in our Condensed Consolidated Balance Sheet reflects the discounted present value of those estimated amounts.

During the three months ended March 31, 2026, gross unrecognized tax benefits remained at $ 1.4 billion.

During the six months ended June 30, 2026, gross unrecognized tax benefits remained at $ 1.4 billion.

The balance is primarily related to an unrecognized tax benefit which was established on a potential loss in the U.S.

2 unchanged sentences

In March 2026, the Company received notice from the IRS of its acceptance into the program.

In May 2026, the IRS began its review, which is still in process.

If recognized, approximately $ 1.4 billion in unrecognized tax benefits would affect our effective tax rate, other deferred tax assets and net earnings in future periods.

We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision.

We had accrued interest and penalties totaling $ 6.2 million and $ 6.0 million as of March 31, 2026 and December 31, 2025, respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.

We had accrued interest and penalties totaling $ 6.4 million and $ 6.0 million as of June 30, 2026 and December 31, 2025, respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.

Accounting for uncertain tax positions is determined by prescribing the minimum probability threshold that a tax position is more likely than not to be sustained based on the technical merits of the position.

4 unchanged sentences

The Company believes that any issues raised have been properly accounted for in its current financial statements.

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

Generally, for interim periods, income tax is equal to the total of (1) year-to-date pretax income multiplied by our forecasted effective tax rate, plus (2) tax expense items specific to the period.

However, due to the interaction of uncertain market conditions and large permanent differences, our ability to forecast an annual effective tax rate was impacted.

Therefore, for the three months ended on June 30, 2026, the Company recorded its interim income tax provision using the discrete method, as provided under Accounting Standards Codification (“ ASC ”) 740-270-30-18, “ Income Taxes – Interim Reporting .” The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate.

The discrete method treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis.

For the three months ended June 30, 2026, income tax expense was a benefit of $ 33.8 million.

The benefit primarily related to the mix of earnings across the jurisdictions in which we operate and a benefit associated with depletion, partially offset 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, withholding tax, changes to valuation allowances in Brazil and share-based excess costs.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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

Generally, for interim periods, income tax is equal to the total of (1) year-to-date pretax income multiplied by our forecasted effective tax rate, plus (2) tax expense items specific to the period.

In situations where we expect to report losses for which we do not expect to receive tax benefits, we are required to apply separate forecasted effective tax rates to those jurisdictions rather than including them in the consolidated effective tax rate.

For the three months ended March 31, 2026, income tax expense was impacted by this set of rules, resulting in reduced expense of $ 0.1 million compared to what would have been recorded under the general rule on a consolidated basis.

For the six months ended June 30, 2026, income tax expense was a benefit of $ 64.8 million.

The benefit primarily related to the mix of earnings across the jurisdictions in which we operate, a benefit associated with depletion, partially offset 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, withholding tax, changes to valuation allowances in Brazil and share-based excess costs.

Derivative Instruments and Hedging Activities

12 unchanged sentences

The mark-to-market of these fair value hedges is recorded as gains or losses in interest expense.

We had no fixed-to-floating interest rate swap agreements in effect as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, the gross asset position of our derivative instruments was $ 1.7 million and $ 3.3 million, respectively, and the gross liability position of our liability instruments was $ 1.6 million and $ 2.7 million, respectively.

We had no fixed-to-floating interest rate swap agreements in effect as of June 30, 2026 and December 31, 2025.

As of June 30, 2026 and December 31, 2025, the gross asset position of our derivative instruments was $ 2.2 million and $ 3.3 million, respectively, and the gross liability position of our liability instruments was $ 0.7 million and $ 2.7 million, respectively.

The following is the total absolute notional volume associated with our outstanding derivative instruments:

(in millions of Units) March 31, 2026 December 31, 2025

(in millions of Units) June 30, 2026 December 31, 2025

Derivative Instrument Derivative Category Unit of Measure

4 unchanged sentences

These agreements contain provisions that allow us to settle for the net amount between payments and receipts, and also state that if our debt were to be rated below investment grade, certain counterparties could request full collateralization on derivative instruments in net liability positions.

The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of March 31, 2026 and December 31, 2025 was $ 0.5 million and $ 0.6 million, respectively.

The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of June 30, 2026 and December 31, 2025 was $ 0.4 million and $ 0.6 million, respectively.

We have no cash collateral posted in association with these contracts.

If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2026, we would have been required to post an additional $ 0.5 million of collateral assets, which are either cash or U.S.

If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2026, we would have been required to post an additional $ 0.4 million of collateral assets, which are either cash or U.S.

Treasury instruments, to the counterparties.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Counterparty Credit Risk

1 unchanged sentence

We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party.

While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, material losses are not anticipated.

While we may be exposed to potential losses due to the credit risk of non-

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

performance by these counterparties, material losses are not anticipated.

We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses.

6 unchanged sentences

Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss.

As of March 31, 2026 and December 31, 2025, the gross asset position of our foreign currency derivative instruments was $ 1.7 million and $ 3.3 million, respectively, and the gross liability position of our foreign currency derivative instruments was $ 1.6 million and $ 2.3 million, respectively.

As of June 30, 2026 and December 31, 2025, the gross asset position of our foreign currency derivative instruments was $ 2.2 million and $ 3.3 million, respectively, and the gross liability position of our foreign currency derivative instruments was $ 0.7 million and $ 2.3 million, respectively.

Commodity Derivatives - The commodity contracts primarily relate to natural gas.

5 unchanged sentences

The gross asset position of our commodity derivative instruments was zero as of March 31, 2026 and December 31, 2025, and the gross liability position of our commodity instruments was zero and $ 0.4 million as of March 31, 2026 and December 31, 2025, respectively.

The gross asset position of our commodity derivative instruments was zero as of June 30, 2026 and December 31, 2025, and the gross liability position of our commodity instruments was zero and $ 0.4 million as of June 30, 2026 and December 31, 2025, respectively.

Interest Rate Derivatives - We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt.

2 unchanged sentences

Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of interest expense.

We did not hold any interest rate derivative positions as of March 31, 2026.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

We did not hold any interest rate derivative positions as of June 30, 2026.

Financial Instruments

The carrying amounts and estimated fair values of our financial instruments are as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Carrying Amount Fair Value Carrying Amount Fair Value

7 unchanged sentences

For cash and cash equivalents, accounts receivables, accounts payable, structured accounts payable arrangements and short-term debt, the carrying amount approximates fair value because of the short-term maturity of those instruments.

Equity securities represent our Ma ’ aden shares and are carried at fair value based on the unadjusted quoted price on the Saudi Exchange (Tadawul), which results in a Level 1 classification.

Equity securities represent our Ma ’ aden shares and are carried at fair value based on the unadjusted quoted price on the Saudi

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Exchange (Tadawul), which results in a Level 1 classification.

Our floating rate long-term debt is non-public, bears a variable SOFR-based rate and consists of our borrowings under our term loan facility.

2 unchanged sentences

For information regarding the fair value of our marketable securities held in trusts, see Note 8 of our Notes to Consolidated Financial Statements.

Assets and liabilities measured at fair value on a nonrecurring basis, all of which are categorized within Level 3 of the fair value hierarchy, are described in Note 18.

THE MOSAIC COMPANY

1 unchanged sentence

Accumulated Other Comprehensive Income (Loss) ( “ AOCI ” )

The following table sets forth the changes in AOCI, net of tax, by component during the three months ended March 31, 2026 and March 31, 2025:

The following table sets forth the changes in AOCI, net of tax, by component during the three and six months ended June 30, 2026 and June 30, 2025:

Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Balance at March 31, 2026 $ ( 2,065.5 ) $ ( 29.7 ) $ 7.9 $ ( 3.9 ) $ ( 2,091.2 )

Other comprehensive income (loss) ( 71.8 ) 0.2 ( 0.1 ) ( 1.2 ) ( 72.9 )

Tax (expense) benefit ( 2.1 ) ( 1.1 ) — 0.2 ( 3.0 )

Other comprehensive income (loss), net of tax ( 73.9 ) ( 0.9 ) ( 0.1 ) ( 1.0 ) ( 75.9 )

Other comprehensive income (loss) attributable to noncontrolling interest 0.4 — — — 0.4

Balance as of June 30, 2026 $ ( 2,139.0 ) $ ( 30.6 ) $ 7.8 $ ( 4.9 ) $ ( 2,166.7 )

Three Months Ended June 30, 2025

Balance at March 31, 2025 $ ( 2,313.8 ) $ ( 22.0 ) $ 8.0 $ ( 6.7 ) $ ( 2,334.5 )

Other comprehensive income (loss) 231.0 0.3 — 10.0 241.3

Tax (expense) benefit 8.8 ( 1.2 ) — ( 2.3 ) 5.3

Other comprehensive income (loss), net of tax 239.8 ( 0.9 ) — 7.7 246.6

Other comprehensive income (loss) attributable to noncontrolling interest ( 1.2 ) — — — ( 1.2 )

Balance as of June 30, 2025 $ ( 2,075.2 ) $ ( 22.9 ) $ 8.0 $ 1.0 $ ( 2,089.1 )

Six Months Ended June 30, 2026

Balance at December 31, 2025 $ ( 2,115.7 ) $ ( 24.8 ) $ 7.9 $ 0.7 $ ( 2,131.9 )

3 unchanged sentences

Other comprehensive income (loss) attributable to noncontrolling interest ( 1.0 ) — — — ( 1.0 )

Balance as of March 31, 2026 $ ( 2,065.5 ) $ ( 29.7 ) $ 7.9 $ ( 3.9 ) $ ( 2,091.2 )

Three Months Ended March 31, 2025

Balance as of June 30, 2026 $ ( 2,139.0 ) $ ( 30.6 ) $ 7.8 $ ( 4.9 ) $ ( 2,166.7 )

Six Months Ended June 30, 2025

Balance at December 31, 2024 $ ( 2,420.3 ) $ ( 22.1 ) $ 8 $ ( 14.6 ) $ ( 2,449 )

3 unchanged sentences

Other comprehensive income (loss) attributable to noncontrolling interest ( 2.8 ) — — — ( 2.8 )

Balance as of March 31, 2025 $ ( 2,313.8 ) $ ( 22.0 ) $ 8.0 $ ( 6.7 ) $ ( 2,334.5 )

Balance as of June 30, 2025 $ ( 2,075.2 ) $ ( 22.9 ) $ 8.0 $ 1.0 $ ( 2,089.1 )

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Related Party Transactions

We enter into transactions and agreements with certain of our non-consolidated companies and other related parties from time to time.

As of March 31, 2026, the net amount due to our non-consolidated companies totaled $ 89.4 million.

As of June 30, 2026, the net amount due to our non-consolidated companies totaled $ 132.0 million.

As of December 31, 2025, the net amount due from our non-consolidated companies totaled $ 10.0 million.

The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Transactions with related parties included in net sales (a)

2 unchanged sentences

194.2 229.2 391.9 402.0

______________________________

(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.

(b) Amounts included in cost of goods sold primarily relate to purchases from Canpotex by our Mosaic Fertilizantes segment and India and China distribution businesses.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Contingencies

9 unchanged sentences

At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions.

Taking into consideration established accruals of approximately $ 171.8 million and $ 192.2 million as of March 31, 2026 and December 31, 2025, respectively, of which $ 89.0 million and $ 87.9 million are included in Accrued Liabilities and $ 82.8 million and $ 104.3 million in Other Non Current Liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition.

Taking into consideration established accruals of approximately $ 150.7 million and $ 192.2 million as of June 30, 2026 and December 31, 2025, respectively, of which $ 71.3 million and $ 87.9 million are included in Accrued Liabilities and $ 79.4 million and $ 104.3 million in Other Non Current Liabilities in the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition.

However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites or as a result of other environmental, health and safety matters.

10 unchanged sentences

We have begun repairs;

stabilization grouting is complete and high-pressure grouting, which began in October 2024, is expected to conclude in the summer of 2026.

stabilization grouting is complete and high-pressure grouting, which began in October 2024, is expected to

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

conclude in the summer of 2026.

The area of the stack is not in use for either process water storage or additional gypsum placement.

1 unchanged sentence

No offsite impacts are known or expected.

As of March 31, 2026, we have a reserve of $ 55.5 million for estimated repairs.

As of June 30, 2026, we have a reserve of $ 45.7 million for estimated repairs.

We are unable to estimate at this time potential future additional financial impacts or a range of loss.

6 unchanged sentences

Currently, certain of our subsidiaries are involved or concluding involvement at several Superfund or equivalent state sites.

Our remedial liability from these sites, alone or in the aggregate, currently is not expected to

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

have a material effect on our business or financial condition.

Our remedial liability from these sites, alone or in the aggregate, currently is not expected to have a material effect on our business or financial condition.

As more information is obtained regarding these sites and the potentially responsible parties involved, this expectation could change.

16 unchanged sentences

antitrust laws in connection with the pricing and sale of fertilizer products in the United States, and seek certification of nationwide and/or state classes, treble damages, injunctive relief and attorneys’ fees and costs.

Motions have been filed with the U.S.

Judicial Panel on Multidistrict Litigation (" JPML ") seeking to centralize these actions for coordinated pretrial proceedings, and related motions addressing venue, consolidation, and other procedural matters are pending.

The JPML is scheduled to hear the parties’ requests on May 28, 2026.

On June 9, 2026, the U.S.

Judicial Panel on Multidistrict Litigation consolidated and centralized these actions for coordinated pretrial proceedings in the District of Kansas before U.S.

District Judge Eric F.

The Company disputes the allegations and intends to defend these matters vigorously.

1 unchanged sentence

Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental, mining and civil claims that allege aggregate damages and/or fines of approximately $ 536.7 million.

We estimate that our probable aggregate loss with respect to these claims is approximately $ 73.3 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at March 31, 2026.

Approximately $ 392.1 million of the foregoing maximum potential loss relates to labor claims, of which approximately $ 52.8 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at March 31, 2026.

We estimate that our probable aggregate loss with respect to these claims is approximately $ 75.6 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2026.

Approximately $ 380.4 million of the foregoing maximum potential loss relates to labor claims, of which approximately $ 53.7 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2026.

Based on Brazil legislation and the current status of similar labor cases involving unrelated companies, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses.

If the status of similar cases involving unrelated companies were to adversely change in the future, our maximum exposure could increase and additional accruals could be required.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Brazil Tax Contingencies

7 unchanged sentences

We do not believe that any of these contingent liabilities will have a material adverse impact on our business or financial condition, results of operations and cash flows.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Business Segments

5 unchanged sentences

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

Certain selling, general and administrative costs that are not controllable by the business segments are included with Corporate, Eliminations and Other.

For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements.

Segment information for the three months ended March 31, 2026 and 2025 was as follows:

Segment information for the three and six months ended June 30, 2026 and 2025 was as follows:

Phosphate Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a)

Three months ended March 31, 2026

Three months ended June 30, 2026

Net sales to external customers $ 968.7 $ 639.7 $ 1,033.8 $ 181.9 $ 2,824.1

8 unchanged sentences

12.2 6.8 32.1 80.5 131.6

Loss on assets to be sold — — 232.6 — 232.6

Loss on assets sold and to be sold — 1.7 — 4.5 6.2

Other operating expenses (d)

3 unchanged sentences

Depreciation, depletion and amortization expense 132.5 76.3 73.9 9.4 292.1

Three months ended March 31, 2025

Three months ended June 30, 2025

Net sales to external customers $ 984.6 $ 711.7 $ 1,174.9 $ 134.5 $ 3,005.7

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Intersegment net sales 188.4 ( 1.2 ) — ( 187.2 ) —

12 unchanged sentences

Depreciation, depletion and amortization expense 129.2 79.4 43.9 9.2 261.7

As of March 31, 2026 $ 10,200.7 $ 6,464.9 $ 4,725.0 $ 3,177.9 $ 24,568.5

Six months ended June 30, 2026

Net sales to external customers $ 2,180.5 $ 1,311.1 $ 1,970.9 $ 359.6 $ 5,822.1

Intersegment net sales 491.8 6.6 — ( 498.4 ) —

Net sales 2,672.3 1,317.7 1,970.9 ( 138.8 ) 5,822.1

Cost of goods sold (b)

2,673.4 919.1 1,930.1 ( 150.8 ) 5,371.8

Gross margin ( 1.1 ) 398.6 40.8 12.0 450.3

Canadian resource taxes — 137.2 — — 137.2

Gross margin (excluding Canadian resource taxes) ( 1.1 ) 535.8 40.8 12.0 587.5

Selling, general and administrative (c)

25.1 15.4 68.2 158.8 267.5

Loss on assets sold and to be sold — 1.7 232.6 4.5 238.8

Other operating expenses (d)

125.5 9.1 202.9 14.9 352.4

Operating earnings (loss) ( 151.7 ) 372.4 ( 462.9 ) ( 166.2 ) ( 408.4 )

Capital expenditures 423.2 116.5 132.9 4.5 677.1

Depreciation, depletion and amortization expense 283.5 166.1 139.8 19.3 608.7

Six months ended June 30, 2025

Net sales to external customers $ 1,949.4 $ 1,281.9 $ 2,108.7 $ 286.6 $ 5,626.6

Intersegment net sales 322.2 ( 1.2 ) — ( 321.0 ) —

Net sales 2,271.6 1,280.7 2,108.7 ( 34.4 ) 5,626.6

Cost of goods sold (b)

2,001.3 902.7 1,820.0 ( 104.4 ) 4,619.6

Gross margin 270.3 378.0 288.7 70.0 1,007.0

Canadian resource taxes — 109.0 — — 109.0

Gross margin (excluding Canadian resource taxes) 270.3 487.0 288.7 70.0 1,116.0

Selling, general and administrative (c)

24.5 16.1 84.4 164.8 289.8

Other operating expenses (d)

114.3 11.0 ( 3.2 ) 12.2 134.3

Operating earnings (loss) 131.5 350.9 207.5 ( 107.0 ) 582.9

Capital expenditures 421.0 118.3 104.8 1.3 645.4

Depreciation, depletion and amortization expense 242.4 160.4 82.0 19.9 504.7

As of June 30, 2026 $ 10,196.8 $ 6,262.7 $ 4,983.5 $ 3,197.7 $ 24,640.7

As of December 31, 2025 10,239.0 6,610.6 4,618.5 3,012.0 24,480.1

1 unchanged sentence

(a) The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China.

For the three months ended March 31, 2026, distribution operations in India and China collectively had revenue of $ 177.0 million and gross margin

For the three and six months ended June 30, 2026, distribution operations in India and China collectively had revenue of $ 179.9 million and $ 356.9 million, respectively, and gross margin of $ 20.1 million and $ 41.6 million, respectively.

For the three and six months ended June 30, 2025, distribution operations in India and China collectively had revenue of $ 132.4 million and $ 279.9 million, respectively, and gross margin of $ 19.7 million and $ 40.0 million, respectively.

These operations do not meet the quantitative thresholds for determining reportable segments.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

of $ 21.4 million.

For the three months ended March 31, 2025, distribution operations in India and China collectively had revenue of $ 147.4 million and gross margin of $ 20.3 million.

These operations do not meet the quantitative thresholds for determining reportable segments.

(b) The primary components of cost of goods sold are raw material purchases, including sulfur and ammonia, conversion costs and transportation costs.

2 unchanged sentences

(1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets.

In the first quarter of 2026, this specifically includes expenses such as contract terminations, impairment of property, plant and equipment, inventory write-offs and severance costs as a result of the decision to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil.

For the three and six months ended June 30, 2026, this includes the write-off of $ 69 million recorded in the Phosphate segment related to engineering and equipment costs for a project that we decided not to move forward with.

For the six months ended June 30, 2026, this also includes expenses such as contract terminations, the write-off of property, plant and equipment and inventory, and severance costs as a result of the decision to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil that are recorded in the Mosaic Fertilizantes segment.

Financial information relating to our operations by geographic area is as follows:

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

8 unchanged sentences

(a) Revenues are attributed to countries based on location of customer.

(b) Sales to Canpotex were $ 315.2 million and $ 215.5 million for the three months ended March 31, 2026 and 2025, respectively.

(b) Sales to Cantopex for the three and six months ended June 30, 2026 were $ 305.0 million and $ 620.2 million, respectively.

Sales to Cantopex for the three and six months ended June 30, 2025 were $ 318.3 million and $ 533.8 million.

Canpotex sales to the ultimate third-party customers are made to customers in various countries.

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(in millions) 2026 2025 2026 2025

4 unchanged sentences

Performance Products (a)

591.1 695.2 1,163.6 1,193.0

Phosphate Rock 30.2 105.7 59.2 225.6

1 unchanged sentence

$ 2,824.1 $ 3,005.7 $ 5,822.1 $ 5,626.6

____________________________________________

(a) Includes sales of MicroEssentials ® , K-Mag ® and Aspire ® .

4 unchanged sentences

Assets Held for Sale

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

As part of our ongoing portfolio optimization efforts, we determined that divesting the Araxa complex would allow us to focus capital and resources on higher-return opportunities within our global phosphate operations.

We expect to complete the sale within the next 12 months.

Upon classification, we measured the disposal group at the lower of carrying value or fair value less costs to sell, resulting in an impairment charge of approximately $ 233 million recorded in other operating expense in the Condensed Consolidated Statements of Earnings (Loss).

The Araxá disposal group is included in the Mosaic Fertilizantes reportable segment.

The fair value of the Araxá disposal group was determined based on market participant assumptions, including indicative pricing received from potential buyers.

The fair value measurement is classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs, including the expected sales prices and estimates costs to sell.

Subsequent changes to the fair value or to significant assumptions underlying the measurement may result in further adjustments to the recognized impairment.

On December 19, 2025, we entered into an agreement to sell our Carlsbad potash mine in New Mexico for $ 20 million, subject to adjustment, along with a deferred payment of $ 10 million payable in three installments from 2029 to 2031.

The decision to divest Carlsbad supports our strategic focus on our core potash assets in Canada.

The disposal group was classified as held for sale as of December 31, 2025.

During the first quarter of 2026, the expected net sales price was adjusted to $ 5 million based on working capital settlements and the present value of the deferred payment component.

The disposal group was classified as held for sale as of December 31, 2025, with fair value determined based on the terms of the sales agreement, resulting in an aggregate carrying amount of approximately $ 73.5 million of assets and $ 55.3 million of liabilities as of that date (see Note 26 of our 10-K Report).

The Carlsbad disposal group is included in the Potash reportable segment.

The fair value of the Carlsbad disposal group was determined based on the terms of the sale agreement.

The fair value measurement is classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs.

The transaction closed subsequent to quarter end on April 30, 2026 and we received cash proceeds of approximately $ 2 million.

The carrying amounts of the Carlsbad assets held for sale, valuation allowance and liabilities held for sale as of March 31, 2026, did not change materially from the amounts presented at December 31, 2025.

The carrying amounts of the major classes of assets and liabilities of the Araxá and Carlsbad disposal groups classified as held for sale were as follows:

The aggregate carrying value of assets held for sale as of December 31, 2025 included $ 184.1 million of property, plant and equipment, net, and $ 74.4 million of accounts receivable, net, inventories, net, and other assets, offset by a valuation allowance of $ 185.0 million.

During the first quarter of 2026, the expected net sales price was adjusted for working capital settlements and the present value of the deferred payment.

The transaction closed on April 30, 2026, and we received cash proceeds of approximately $ 2 million and the deferred payment of $ 10 million.

The total impairment recognized on the Carlsbad disposal group was approximately $ 191.2 million, consisting of $ 185 million recognized during the quarter ended December 31, 2025 and an additional $ 6.2 million recognized during the second quarter of 2026, both recorded as Loss on assets to be sold in the Condensed Consolidated Statements of Earnings (Loss).

In connection with the transaction, the buyer executed replacement surety bonds totaling approximately $ 82 million with applicable regulatory agencies for guarantees that were in place prior to the transaction.

We are not the named principal on these bonds and have no direct obligation to the regulatory agencies;

rather, we provided credit support to the surety in the form of an indemnity of up to $ 50 million which is subject to call only after the buyer's posted collateral has been drawn.

Our maximum indemnity exposure steps down by one-third following each year over a three-year period as the buyer funds cash collateral to the surety and terminates in full on the third anniversary of closing.

Based on the structure of the arrangement — including its limited three-year duration, the buyer's contractual cash-collateral funding obligation, and the step-down of our indemnity — we concluded that the fair value of this obligation is not material.

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

As part of our ongoing portfolio optimization efforts, we determined that divesting the Araxá complex would allow us to focus capital and resources on higher-return opportunities within our global phosphate operations.

We expect to complete the sale within one year of classification.

Upon classification, the disposal group was measured at the lower of carrying value or fair value less costs to sell, resulting in an impairment charge of approximately $ 233 million recorded in Loss on assets to be sold in the Condensed Consolidated Statements of Earnings (Loss).

No additional impairment was recognized during the second quarter of 2026.

A reclassification of the related foreign currency translation gain (loss)in stockholder's equity is expected upon closing.

The Araxá disposal group is included in the Mosaic Fertilizantes reportable segment.

The fair value of the Araxá disposal group was determined using market participant assumptions, including indicative pricing received from potential buyers.

The measurement is classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs, including expected sales prices and estimated costs to sell.

Changes in these assumptions may result in additional adjustments to the recognized impairment.

We evaluate the fair value less costs to sell of the disposal group at each reporting date.

Based on its assessment as of June 30, 2026, we determined that no change to the previously recorded valuation allowance was required.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The carrying amounts of the major classes of assets and liabilities of the Araxá disposal group classified as held for sale were as follows:

(in millions)

Assets March 31, 2026 December 31, 2025

Accounts receivable, net $ 4.5 $ 15.7

Inventories, net 44.8 44.5

Other assets 9.7 14.2

Assets June 30, 2026

Property, plant and equipment, net $ 329.2

2 unchanged sentences

Accounts payable and accrued expenses $ 12.3

Deferred tax liability 20.2 20.2

Asset retirement obligations 64.3

1 unchanged sentence

Idle Facilities

During March 2026, in connection with the decision to divest the Araxá mining and chemical complex in Brazil and to idle the facility, we also announced plans to idle the related mining activities at the Patrocínio complex in Brazil for the foreseeable

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The mine will be placed in care and maintenance mode, employing minimal staff while we continue to evaluate strategic alternatives, including exploration activities related to other minerals such as niobium.

The decision to idle Patrocínio resulted in accelerated depreciation of approximately $ 26 million.

For actions to idle the facilities, we recorded pre‑tax charges totaling approximately $ 159 million during the three months ended March 31, 2026, recorded in other operating expense in the Condensed Consolidated Statements of Earnings (Loss).

These charges consisted of approximately $ 72 million for the termination of contracts exited in March 2026, $ 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.

During March 2026, in connection with the decision to divest the Araxá mining and chemical complex, we also idled the related mining activities at the Patrocínio complex in Brazil for the foreseeable future.

The mine has been placed in care and maintenance mode with minimal staffing as we evaluate strategic alternatives, including potential exploration of other minerals.

Actions to idle the facilities resulted in pre‑tax charges of approximately $ 159 million during the three months ended March 31, 2026, recorded in other operating expense in the Condensed Consolidated Statements of Earnings (Loss).

These charges consisted of approximately $ 72 million for contract termination costs, which we do not expect to increase significantly in future periods, $ 56 million for the write-off of property, plant and equipment, $ 21 million write‑off of inventory and other assets, and $ 10 million for severance and other employee-related costs.

This write-off related primarily to construction in progress and other specialized mining assets at the Patrocínio complex that we determined, in connection with the idling decision, would no longer be utilized and have no alternative use.

These charges were recognized in the first quarter of 2026 and are included within the Mosaic Fertilizantes reportable segment.

Consistent with our determination that these assets would no longer be utilized, we also revised our estimates of the remaining useful lives of the other property, plant and equipment at the Patrocínio complex.

This resulted in our recognizing accelerated depreciation of approximately $ 26 million and $ 52 million during the three and six months ended June 30, 2026, respectively, and care and maintenance costs of approximately $ 13 million and $ 37 million, respectively.

We have determined that care and maintenance costs represent other associated costs of these exit and disposal activities;

however, we are unable to reasonably estimate the total amount of such costs to be incurred in future periods, as they are contingent upon the timing of the anticipated completion of the Araxá sale.

Care and maintenance activities are expected to continue through the anticipated completion of the Araxá sale.

Activity in the related exit cost liabilities during the second quarter was limited to an immaterial amount of cash settlements of contract termination and severance obligations in the ordinary course, and there were no material changes in estimates.

We expect cash settlements of these obligations by the end of 2026 which will result in a reduction of these liabilities.

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 1. Financial Statements