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Item 2. Management’s Discussion and Analysis

2026-08-05 compared with 2026-05-11 · 256 added, 157 removed, 216 unchanged (66% of the section changed)

2 unchanged sentences

Throughout the discussion below, we measure units of production, sales and raw materials in metric tonnes, which are the equivalent of 2,205 pounds, unless we specifically state we mean long ton(s), which are the equivalent of 2,240 pounds.

In the following tables, there are certain percentages that are not considered to be meaningful and are represented by “NM.”

In the following tables, there are certain percentages that are not considered to be meaningful and are represented by “NM.” Our operating rate percentages are calculated based on our annual operational capacity as stated in the 10-K Report.

Operational capacity is our estimated long-term capacity based on an average amount of scheduled down time, including maintenance and scheduled turnaround time, and product mix, and no significant modifications to the operating conditions, equipment or facilities.

Results of Operations

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

The following table shows the results of operations for the three and six months ended June 30, 2026 and June 30, 2025:

Three months ended Six months ended

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

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

Net sales $ 2,824.1 $ 3,005.7 $ (181.6) (6) % $ 5,822.1 $ 5,626.6 $ 195.5 3 %

3 unchanged sentences

Selling, general and administrative expenses 131.6 167.2 (35.6) (21) % 267.5 289.8 (22.3) (8) %

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) %

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

Other operating expense 112.4 107.0 5.4 5 % 352.4 134.3 218.1 162 %

Operating earnings (loss) (35.5) 244.4 (279.9) (115) % (408.4) 582.9 (991.3) NM

Interest expense, net (62.8) (53.0) (9.8) 18 % (118.1) (93.7) (24.4) 26 %

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) %

Foreign currency transaction gain (loss) (39.4) 169.4 (208.8) NM (1.8) 302.5 (304.3) (101) %

Other income (expense) (163.2) 203.5 (366.7) (180) % (58.5) 85.4 (143.9) NM

Earnings (loss) from consolidated companies before income taxes (300.9) 564.3 (865.2) (153) % (586.8) 877.1 (1,463.9) NM

(Benefit) provision for income taxes (33.8) 146.0 (179.8) (123) % (64.8) 209.3 (274.1) NM

Earnings (loss) from consolidated companies (267.1) 418.3 (685.4) (164) % (522.0) 667.8 (1,189.8) NM

Equity in net earnings of nonconsolidated companies 1.6 1.4 0.2 14 % 2.0 1.9 0.1 5 %

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

Net earnings (loss) including noncontrolling interests (265.5) 419.7 (685.2) (163) % (520.0) 669.7 (1,189.7) NM

Net earnings attributable to noncontrolling interests 7.3 9.0 (1.7) (19) % 10.4 20.9 (10.5) (50) %

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) %

Net earnings (loss) attributable to Mosaic $ (272.8) $ 410.7 $ (683.5) (166) % $ (530.4) $ 648.8 $ (1,179.2) NM

Diluted net earnings (loss) per share attributable to Mosaic $ (0.86) $ 1.29 $ (2.15) (167) % $ (1.67) $ 2.04 $ (3.71) NM

Diluted weighted average number of shares outstanding 317.9 319.0 317.7 318.5

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).

Overview of Consolidated Results for the three months ended June 30, 2026 and 2025

For the three months ended June 30, 2026, Mosaic incurred a net loss of $272.8 million, or $(0.86) per diluted share, compared to net income of $410.7 million, or $1.29 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, as well as reduced sales volumes, driven largely by increased sulfur prices and supply constraints in the current period as discussed further below.

During the quarter we recorded charges of approximately $69 million related to engineering and equipment costs associated with the decision not to proceed with a project based on finalization of assessments during this quarter.

Pre-tax earnings (loss) for the three months ended June 30, 2026 was also negatively impacted by a foreign currency transaction loss of $39.4 million and an unrealized mark-to-market loss of approximately $161.6 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 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.

In 2026, geopolitical events continue to drive volatility throughout global commodity markets.

The continued conflict in the Middle East and attacks on the Russian and Ukraine commodities industrial assets have restricted exports of fertilizers and raw materials (namely sulfur and ammonia), further tightening global supplies, driving input costs higher and pressuring affordability of fertilizer products.

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

In our Phosphate segment, the operating loss for the three months ended June 30, 2026 was $104 million compared to an operating loss of $8 million in the prior year period.

In the current year period, operating results were negatively impacted by higher raw material costs of sulfur, ammonia and blended rock, 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.

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.

Operating results were also unfavorably impacted by decreased sales volumes, driven by affordability challenges weakening global demand.

The unfavorable impact of increased costs was partially offset by favorable sales prices in the current year period driven by tight global supply conditions.

In response to market conditions in the current year period, we made the decision to temporarily curtail production at certain facilities.

Phosphate operating results in the current year period were also unfavorably impacted by the project write-off discussed above.

In our Potash segment, operating earnings for the three months ended June 30, 2026 were $196 million, compared to $194 million in the prior year.

Operating results benefited from higher average selling prices, which have increased due to ongoing global supply challenges.

This benefit was mostly offset by reduced sales volumes, which were driven by lower product availability resulting from lower production at our Esterhazy, Saskatchewan mine and the sale of our Carlsbad, New Mexico facility We closed on the sale of this facility in April of the current year.

In our Mosaic Fertilizantes segment, the operating loss for the three months ended June 30, 2026 was $41 million, compared to operating earnings of $109 million in the prior year.

The decrease was primarily driven by lower sales volumes, reflecting reduced production resulting from constrained raw material availability and limited customer credit availability in Brazil during the current-year period.

During the current-year period, we temporarily curtailed production at certain facilities in response to market conditions.

Operating results were also adversely affected by higher costs of purchased products for resale, increased raw material costs, primarily sulfur, and higher idle costs associated with production curtailments.

These unfavorable impacts were partially offset by higher average selling prices in the current-year period, reflecting tight global supply conditions.

Corporate, Eliminations and Other had an operating loss of $86 million for the three months ended June 30, 2026, compared to a loss of $51 million in the prior year.

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

Other Business Developments :

• On April 30, 2026, we completed the sale of our Carlsbad potash mine in New Mexico for a total purchase price $20 million, subject to adjustment, along with a deferred payment of $10 million payable in three installments from 2029 to 2031.

Upon completion of the transaction, we received cash proceeds of approximately $2 million along with the deferred payment of $10 million and recognized an additional impairment loss of $6.2 million in the second quarter of 2026.

• In response to current market conditions and limited sulfur supply, in the third quarter of 2026 we are taking and may continue to take steps to temporarily curtail additional production at our phosphate production facilities in North America and Brazil, and blending units in Brazil.

Overview of Consolidated Results for the six months ended June 30, 2026 and 2025

For the six months ended June 30, 2026, Mosaic incurred a net loss of $530.4 million, or $(1.67) per diluted share, compared to net income of $648.8 million, or $2.04 per diluted share, for the same period a year ago.

Gross margin for the three months ended June 30, 2026 decreased 55% compared to the same period of the prior year.

This result was primarily driven by higher raw material and input costs, as well as reduced sales volumes, driven largely by increased sulfur prices and supply constraints in the current period as discussed above in the three-month discussion and reduced sales volumes, reflecting product availability constraints and continued affordability challenges.

Net income for the six months ended June 30, 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 expense of approximately $482 million.

Net income was also impacted by an unrealized mark-to-market loss of $49.2 million on the investment in Ma’aden shares, included in other income (expense).

Results for the six months ended June 30, 2026 reflected the factors discussed above in the discussion for the three months ended June 30, 2026, 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 six months ended June 30, 2026 declined from the prior year.

Higher input costs of sulfur, ammonia and blended rock, drove the unfavorable impact to lower segment earnings in the current year period.

The unfavorable impact of higher 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 the first quarter of 2026.

Results also reflect the unfavorable impact of the project write-off mentioned above in the three-month discussion.

Operating results in our Potash segment for the six months ended June 30, 2026 were slightly higher than the prior year period.

Higher average selling prices driven by global supply conditions favorably impacted current year results.

Lower sales volumes, driven by lower product availability, partially offset this benefit.

For the six months ended June 30, 2026, operating results in our Mosaic Fertilizantes segment were unfavorable compared to the same period 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.

This decision resulted in an initial charge of approximately $442 million in the first quarter of 2026 and subsequent costs of approximately $40 million in the current quarter, primarily related to the 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, year-over-year performance reflects higher costs of purchased products for resale and higher raw material costs, primarily sulfur, due to global supply conditions.

Sales volumes were also unfavorably impacted reflecting reduced production resulting from constrained raw material availability and limited customer credit availability in Brazil.

These impacts were partially offset by the global pricing environment driving an increase in average selling prices.

Corporate, Eliminations and Other had an operating loss of $166 million for the six months ended June 30, 2026 compared to a loss of $107 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.

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

March 31, 2026-2025

Three months ended Six months ended

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

(in millions, except price per tonne or unit)

2026 2025 Change Percent

2026 2025 Change Percent 2026 2025 Change Percent

North America $ 620.4 $ 828.1 $ (207.7) (25) % $ 1,542.3 $ 1,661.0 $ (118.7) (7) %

2 unchanged sentences

Cost of goods sold 1,250.8 1,070.0 180.8 17 % 2,673.4 2,001.3 672.1 34 %

Gross margin $ 3.4 $ 167.3 $ (163.9) (98) %

Gross margin $ (4.5) $ 103.0 $ (107.5) NM $ (1.1) $ 270.3 $ (271.4) NM

Gross margin as a percentage of net sales — % 9 % — % 12 %

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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 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.

Three months ended June 30, 2026 and June 30, 2025

The Phosphate segment’s net sales were $1,246.3 million for the three months ended June 30, 2026, compared to $1,173.0 million for the three months ended June 30, 2025.

The year-over-year increase was primarily driven by higher sales prices, which contributed approximately $120 million to net sales compared to the prior year period.

This impact was partially offset by decreased sales volumes of approximately $90 million compared to the prior year period.

Additionally, higher sales of other products, including rock and raw material sales, and freight revenue contributed approximately $40 million compared to the prior year period.

Our average finished product selling price increased 13% to $754 per tonne for the three months ended June 30, 2026, compared to $665 per tonne in the prior year period, due to the factors discussed in the Overview.

The Phosphate segment’s sales volumes of finished products decreased to 1.4 million for the three months ended June 30, 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 a loss of $4.5 million for the three months ended June 30, 2026, from a positive $103.0 million for the three months ended June 30, 2025.

Gross margin in the current year period was negatively

impacted by higher raw material costs, primarily sulfur, ammonia and blended rock, of approximately $290 million.

In addition, reduced sales volume impacts resulted in an increase of finished goods costs of approximately $20 million compared to the prior year period.

These negative impacts were partially offset by higher average selling prices of approximately $165 million, decreased turnaround, idle and unabsorbed fixed costs of approximately $20 million and a lower impact from land reclamation adjustments of approximately $15 million in the current period compared to the prior year.

The average consumed price for ammonia for our North America operations increased 40%, to $621 per tonne, for the three months ended June 30, 2026, from $445 in the same period a year ago.

The average consumed sulfur price for our North America operations increased 150%, to $522 per long ton, for the three months ended June 30, 2026, from $209 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 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.

The average consumed cost of purchased and produced phosphate rock increased to $90 per tonne for the three months ended June 30, 2026, from $74 per tonne for the three months ended June 30, 2025.

For the three months ended June 30, 2026 our North America phosphate rock production was unfavorably impacted by moving into new mining areas, which resulted in production of 2.1 million tonnes compared to 2.7 million tonnes in the prior year period.

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients for the three months ended June 30, 2026 was unfavorably impacted by raw material availability, primarily sulfur, which resulted in a decrease of 5% from the prior year.

This resulted in an operating rate for processed phosphate production of 58% for the three months ended June 30, 2026, down from 61% for the same period in 2025.

Six months ended June 30, 2026 and June 30, 2025

The Phosphate segment’s net sales were $2,672.3 million for the six months ended June 30, 2026, compared to $2,271.6 million for the six months ended June 30, 2025.

The year-over-year increase was driven by increased sales volumes, which contributed approximately $190 million and higher average finished goods sales prices, which contributed approximately $160 million to net sales compared to the prior year period.

Net sales were also positively impacted by higher freight and other product revenue of approximately $50 million compared to the prior year period.

Our average finished product selling price was $695 per tonne for the six months ended June 30, 2026, an increase of $46 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 increased by 10% for the six months ended June 30, 2026, compared to the same period in the prior year due to the factors discussed in the Overview.

Gross margin for the Phosphate segment decreased to a loss of $1.1 million for the six months ended June 30, 2026, from $270.3 million for the six months ended June 30, 2025.

The decrease was primarily attributable to approximately $540 million of unfavorable production cost impacts, driven largely by higher sulfur, ammonia and blended rock input costs.

These unfavorable impacts were partially offset by approximately $160 million from higher average selling prices, approximately $60 million from higher finished goods sales volumes, and approximately $15 million from lower turnaround, idle and unabsorbed fixed costs.

In addition, higher freight revenue and raw material sales increased gross margin by approximately $40 million compared to the prior year period.

The average consumed price for ammonia for our North America operations was $624 per tonne for the six months ended June 30, 2026, compared to $430 per tonne in the same period a year ago.

The average consumed price for sulfur for our North America operations increased to $440 per long ton for the six months ended June 30, 2026, from $184 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 consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

The average consumed cost of purchased and produced phosphate rock increased to $88 per tonne for the six months ended June 30, 2026, compared to $76 per tonne for the prior year period.

Our North America phosphate rock production was unfavorably impacted by moving into new mining areas which resulted in production of 3.9 million tonnes for the six months ended June 30, 2026, compared to 5.1 million for the six months ended June 30, 2025.

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased to 3.1 million tonnes for the six months ended June 30, 2026, compared to 2.9 million tonnes in the prior year period.

Our operating rate for

processed phosphate production increased to 62% for the six months ended June 30, 2026, from 59% for the same period in 2025.

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

March 31, 2026-2025

Three months ended Six months ended

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

(in millions, except price per tonne or unit)

2026 2025 Change Percent

2026 2025 Change Percent 2026 2025 Change Percent

North America $ 344.2 $ 372.6 $ (28.4) (8) % $ 688.4 $ 719.1 $ (30.7) (4) %

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(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 was 77% for the three months ended March 31, 2026, which was comparable to 78% for the same period in 2025.

Three months ended June 30, 2026 and June 30, 2025

The Potash segment’s net sales decreased to $650.3 million for the three months ended June 30, 2026, compared to $710.5 million in the same period a year ago.

The decrease was primarily due to lower sales volumes, which unfavorably impacted net sales by approximately $90 million compared to the prior year period.

This was partially offset by higher average selling prices of approximately $10 million compared to the prior year period.

Additionally, increased freight and other product revenue contributed approximately $15 million compared to the prior year period.

Our average finished product selling price was $280 per tonne for the three months ended June 30, 2026, compared to $274 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 2.0 million tonnes for the three months ended June 30, 2026, compared to 2.3 million tonnes for the same period a year ago due to lower production and the sale of the Carlsbad facility as described in the Overview.

Gross margin for the Potash segment decreased to $207.3 million for the three months ended June 30, 2026, from $209.4 million in the prior year period.

The decrease was primarily attributable to lower sales volumes, which negatively impacted gross margin by approximately $45 million, and higher Canadian resource taxes of approximately $10 million.

These unfavorable impacts were partially offset by higher finished goods selling prices and lower turnaround costs, each of which favorably impacted gross margin by approximately $10 million.

In addition, gross margin benefited by approximately $20

million from lower plant operating costs and the absence of certain costs incurred in the prior-year period that did not recur in the current year and higher sales of other products and freight revenue of approximately $15 million.

We incurred $ 70.4 million in Canadian resource taxes for the three months ended June 30, 2026, compared to $61.7 million in the same period a year ago.

Canadian royalty expense decreased to $10.1 million for the three months ended June 30, 2026, compared to $10.5 million for the three months ended June 30, 2025.

The fluctuations in Canadian resource taxes and royalties are primarily due to sales mix.

Our operating rate for potash production was 64% for the three months ended June 30, 2026, compared to 73% for the same period in 2025.

Current period production was impacted by the sale of our Carlsbad, New Mexico mine and lower production at our Esterhazy, Saskatchewan mine due to downtime.

Six months ended June 30, 2026 and June 30, 2025

The Potash segment’s net sales were $1,317.7 million for the six months ended June 30, 2026, compared to $1,280.7 million in the same period a year ago.

The increase was primarily attributable to higher average selling prices, which favorably impacted net sales by approximately $100 million.

This benefit was partially offset by lower sales volumes, which negatively impacted net sales by approximately $70 million compared with the prior-year period.

Net sales also benefited from approximately $10 million of higher freight and other sales revenue relative to the same period in the prior year.

Our average potash selling price was $279 per tonne for the six months ended June 30, 2026, compared to $255 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 six months ended June 30, 2026 decreased 6%, 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 $398.6 million for the six months ended June 30, 2026, up from $378.0 million for the same period last year.

This increase was largely attributable to higher average selling prices, which contributed approximately $100 million compared to the prior year period.

These benefits were partially offset by reduced sales volumes impacts of approximately $35 million and higher fixed costs of approximately $20 million compared to the same period in the prior year.

In addition, higher Canadian resource taxes and royalties unfavorably impacted gross margin by $28 million in the current year period.

We incurred $137.2 million in Canadian resource taxes for the six months ended June 30, 2026, compared to $109.0 million in the same period a year ago.

Canadian royalty expense increased to $21.8 million for the six months ended June 30, 2026, compared to $19.3 million for the six months ended June 30, 2025.

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

Our operating rate decreased to 71% for the current year period, compared to 76% in the prior year period primarily due to lower production at Esterhazy as discussed in the three-month discussion above.

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

March 31, 2026-2025

Three months ended Six months ended

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

(in millions, except price per tonne or unit)

2026 2025 Change Percent

2026 2025 Change Percent 2026 2025 Change Percent

Net Sales $ 1,033.8 $ 1,174.9 $ (141.1) (12) % $ 1,970.9 $ 2,108.7 $ (137.8) (7) %

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Purchases ('000 tonnes)

DAP/MAP from Mosaic 38 62 (24) (39) %

DAP/MAP from Mosaic 81 21 60 NM 119 83 36 43 %

MicroEssentials ® from Mosaic

9 unchanged sentences

(b) 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 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.

Three months ended June 30, 2026 and June 30, 2025

The Mosaic Fertilizantes segment’s net sales decreased to $1,033.8 million for the three months ended June 30, 2026, compared to the prior year period of $1,174.9 million.

The $141.1 million decrease in net sales from the prior year period was driven by lower sales volumes which unfavorably impacted net sale by approximately $340 million partially offset by higher finished product sales prices which impacted net sale by approximately $170 million.

Sales of other products, primarily gypsum, favorably impacted net sales by approximately $30 million compared to the prior year due to an increase in average selling price of these products.

Our average finished product selling price was $585 per tonne for the three months ended June 30, 2026, compared to $474 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 32% for the three months ended June 30, 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 $6.2 million for the three months ended June 30, 2026, from $161.7 million in the same period of the previous year.

The decrease was primarily attributable to approximately $110 million

of higher product costs in our distribution operations and approximately $100 million of increased raw material costs, primarily sulfur, in our production operations.

Gross margin was further affected by lower sales volumes, which reduced gross margin by approximately $60 million, and approximately $30 million of higher turnaround, idle and unabsorbed fixed costs associated with lower production levels in the current-year period.

Additionally, accelerated depreciation expense related to the idling of mining operations at Patrocínio negatively impacted gross margin by approximately $26 million.

These impacts were partially offset by higher average selling prices, which contributed approximately $170 million to gross margin compared with the prior-year period.

The average consumed price for ammonia for our Brazilian operations increased to $815 per tonne for the three months ended June 30, 2026, compared to $601 per tonne in the prior year period.

The average consumed sulfur price for our Brazilian operations increased to $516 per long ton for the three months ended June 30, 2026, compared to $270 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 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.

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 52% for the three months ended June 30, 2026, compared to the prior year period.

This was primarily due to idling our Araxá and Fospar facilities in the first quarter of 2026 and lower production at our Uberaba facility due to limited sulfur availability in the current year period.

For the three months ended June 30, 2026 our phosphate operating rate decreased to 47%, compared to 84% in the same period of the prior year.

For the three months ended June 30, 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 the first quarter of 2026 and curtailing production at our Tapira and Catalão mines in Brazil during the current year period.

Six months ended June 30, 2026 and 2025

The Mosaic Fertilizantes segment’s net sales were $1,970.9 million for the six months ended June 30, 2026, compared to $2,108.7 million in the same period of the prior year.

The decrease from the prior year period was primarily the result of lower finished goods sales volumes, which reduced net sales by approximately $435 million, partially offset by the favorable impact of higher average selling prices of approximately $285 million.

Sales of other products, primarily gypsum, favorably impact net sales by approximately $15 million in the current year period.

The average finished product selling price increased $91 per tonne, to $555 per tonne for the six months ended June 30, 2026, compared to $464 per tonne in the prior year period, primarily due to the global pricing environment mentioned in the Overview.

The Mosaic Fertilizantes segment’s sales volume decreased to 3.1 million tonnes for the six months ended June 30, 2026, from 4.1 million tonnes in the same period a year ago, due to factors discussed in the Overview.

Gross margin for the six months ended June 30, 2026 decreased to $40.8 million from $288.7 million in the same period in the prior year.

The decrease was primarily attributable to higher product costs of approximately $215 million in our distribution operations and higher raw material costs, primarily sulfur, of approximately $145 million in our production operations.

Gross margin was also negatively impacted by lower sales volumes, which reduced gross margin by approximately $80 million compared with the prior year period.

In addition, accelerated depreciation expense associated with the idling of mining operations at Patrocínio negatively impacted gross margin by approximately $52 million.

Gross margin was further affected by approximately $40 million of higher turnaround, idle, and unabsorbed fixed costs resulting from lower production levels in the current year period.

These impacts were partially offset by the benefit of higher average sales prices in the current year period of approximately $285 million.

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 39% compared to the prior year period.

This resulted in our phosphate operating rate decreasing to 56% for the six months ended June 30, 2026 compared to 81% in the same period of the prior year.

For the six month period ended June 30, 2026, our Brazilian phosphate rock production decreased to 1.4 million tonnes, from 2.0 million tonnes in the prior year period due to idling our Patrocínio mine in the first quarter of 2026 and curtailing production at our Tapira and Catalão mines in Brazil in the current year.

Corporate, Eliminations and Other

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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.

For the three months ended June 30, 2026, gross margin for Corporate, Eliminations and Other was $5.7 million, compared to $44.5 million for the same period in the prior year.

The decrease was primarily attributable to the absence of net unrealized gains on derivatives, as the prior year period included approximately $50 million of such gains, while no comparable gains were recognized in the current year period.

This unfavorable impact was partially offset by a favorable $4 million change in the elimination of profit on intersegment sales.

For the three months ended June 30, 2026, sales in China and India, collectively, resulted in revenue of $179.9 million and gross margin of $20.1 million in the current year period, compared to revenue of $132.4 million and gross margin of $19.7 million in the prior year period.

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

For the six months ended June 30, 2026, gross margin for Corporate, Eliminations and Other was $12.0 million, compared to $70.0 million for the same period in the prior year.

The decrease was primarily attributable to an unfavorable change in net unrealized derivative gains and losses, as the current year period included approximately $5 million of net unrealized losses, primarily related to foreign currency derivatives, compared to approximately $110 million of net unrealized gains in the prior-year period.

This unfavorable impact was partially offset by a favorable change in the elimination of profit on intersegment sales, which increased gross margin by approximately $45 million compared to the prior year period.

Sales in China and India, collectively, resulted in revenue of $356.9 million and gross margin of $41.6 million , in the current year period, compared to revenue of $279.9 million and gross margin of $40.0 million in 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.

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

Other Income Statement Items

Three months ended

March 31, 2026-2025

(in millions) 2026 2025 Change Percent

Three months ended Six months ended

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

(in millions) 2026 2025 Change Percent 2026 2025 Change Percent

Selling, general and administrative expenses $ 131.6 $ 167.2 $ (35.6) (21) % $ 267.5 $ 289.8 $ (22.3) (8) %

Loss on assets to be sold 232.6 — 232.6 NM

Other operating expense 240.0 27.3 212.7 NM

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

Other operating expense 112.4 107.0 5.4 5 % 352.4 134.3 218.1 162 %

Interest expense (77.4) (66.1) (11.3) 17 % (142.7) (118.4) (24.3) 21 %

1 unchanged sentence

Interest expense, net (62.8) (53.0) (9.8) 18 % (118.1) (93.7) (24.4) 26 %

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

Foreign currency transaction gain (loss) (39.4) 169.4 (208.8) NM (1.8) 302.5 (304.3) (101) %

Other income (expense) (163.2) 203.5 (366.7) NM (58.5) 85.4 (143.9) NM

(Benefit) provision for income taxes (33.8) 146.0 (179.8) NM (64.8) 209.3 (274.1) NM

Selling, General and Administrative Expenses

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.

Selling, general and administrative expenses for the three months ended June 30, 2026 decreased by $35.6 million compared to the same period of prior year.

The current year quarter reflects cost reduction efforts offset by the impact of inflation.

The prior year period included approximately $33 million related to bad debt reserves in our Mosaic Fertilizantes segment.

Selling, general and administrative expenses for the six months ended June 30, 2026 decreased by $22.3 million compared to the same period of prior year.

The current year period includes approximately $6 million for bad debt reserves in our Mosaic Fertilizantes segment compared to approximately $33 million in the prior year period.

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.

For the three and six months ended June 30, 2026, we recorded losses on assets to be sold of $6.2 million and $238.8 million.

During the three months ended June 30, 2026, we completed the sale of our Carlsbad, New Mexico facility which resulted an impairment loss of $6.2 million related to the finalization of the transaction.

In the first quarter of 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.

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

Other Operating Expense

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.

For the three months ended June 30, 2026, other operating expenses were $112.4 million, up from $107.0 million reported for the same period of the prior year.

In the current year period, we recorded charges of approximately $69 million related to engineering and equipment costs associated with the decision not to proceed with a project based on finalization of assessments during this quarter.

We also incurred approximately $13 million in care and maintenance costs related to the decision made in the first quarter of 2026, to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil.

The prior year period included approximately $84 million for ARO revisions and environmental reserves which did not repeat in the current year period.

For the six months ended June 30, 2026, other operating expenses were $352.4 million, up from $134.3 million reported for the same period of the prior year.

In addition to the write-off of project costs described above in the three-month discussion, in the six months ended June 30, 2026, we recorded charges totaling approximately $159 million 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.

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 $37 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 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.

For the three and six months ended June 30, 2026, net interest expense was $62.8 million and $118.1 million compared to $53.0 million and $93.7 million for the three and six months ended June 30, 2025.

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

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.

For the three and six months ended June 30, 2026, fluctuations in foreign currency rates of the Canadian dollar and Brazilian real relative to the U.S.

dollar led to transaction losses of $39.4 million and $1.8 million compared to gains of $169.4 million and $302.5 million for the same periods of the prior year.

Other Income (Expense)

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.

For the three and six months ended June 30, 2026, we reported other expense of $163.2 million and $58.5 million, respectively, compared to income of $203.5 million and $85.4 million for the same period in the prior year.

The decrease in other income was driven by unrealized mark-to-market losses on our investment in Ma’aden shares of $162 million and $50 million for the three and six months ended June 30, 2026 compared to unrealized gains of $216 million and $99 million for the three and six months ended June 30, 2025.

Provision for Income Taxes

Three months ended Effective Tax Rate Provision for Income Taxes

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.

June 30, 2026 11.2 % $ (33.8)

June 30, 2025 25.9 % $ 146.0

Six months ended Effective Tax Rate Provision for Income Taxes

June 30, 2026 11.0 % $ (64.8)

June 30, 2025 23.9 % $ 209.3

Income tax expense was a benefit of $33.8 million and $64.8 million, and the effective tax rate was 11.2% and 11.0%, for the three and six months ended June 30, 2026.

For the three and six months ended June 30, 2026, 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.

On July 4, 2025, the U.S.

5 unchanged sentences

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.

There is no material change to our effective tax rates.

Critical Accounting Estimates

7 unchanged sentences

Liquidity and Capital Resources

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.

As of June 30, 2026, we had cash and cash equivalents of $294.0 million, short-term debt of $1.0 billion, long-term debt, including current maturities, of approximately $4.8 billion, and stockholders’ equity of approximately $11.6 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 three months ended March 31, 2026, we paid cash dividends of $70.8 million and invested $0.4 billion in capital expenditures.

During the six months ended June 30, 2026, we paid cash dividends of $140.7 million and invested $0.7 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.

We believe funds generated from the expected results of operations and available cash, cash equivalents and borrowings under our committed and uncommitted credit facilities, as needed, will be sufficient to finance our operations, including our capital expenditures, existing strategic initiatives, debt repayments and expected dividend payments, for the next 12 months and beyond.

operations, including our capital expenditures, existing strategic initiatives, debt repayments and expected dividend payments, for the next 12 months and beyond.

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

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.

As of June 30, 2026, we had approximately $0.6 billion available under our uncommitted facilities and $2.0 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.

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

We were in compliance with these ratios as of June 30, 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 March 31, 2026.

dollars as of June 30, 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 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

(in millions) Six months ended

June 30, 2026-2025

Cash Flow 2026 2025 Change Percent

1 unchanged sentence

Net cash used in investing activities (667.1) (659.3) (7.8) 1 %

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

Net cash provided by (used in) financing activities 410.5 (13.2) 423.7 NM

Operating Activities

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.

During the six months ended June 30, 2026, net cash provided by operating activities was $271.6 million, compared to net cash provided by operating activities of $652.4 million for the same period in the prior year.

Our results of operations, after non-cash adjustments, contributed $559.3 million to cash flows from operating activities during the six months ended June 30, 2026, compared to $820.3 million as computed on the same basis as the prior year period.

During the six months ended June 30, 2026, we had an unfavorable change in assets and liabilities of $287.7 million, compared to an unfavorable change of $167.9 million during the six months ended June 30, 2025.

The change in assets and liabilities for the six months ended June 30, 2026 was primarily driven by unfavorable changes in inventories of $245.6 million, a decrease in accounts payable and accrued liabilities of $90.4 million and a change in asset retirement obligations (“ AROs ”) of $98.1 million, partially offset by a favorable impact from a decrease in accounts receivable of $222.3 million.

The increase in inventories was primarily due to higher finished goods inventory volumes, primarily in Brazil, due to seasonality and higher raw material costs.

The decrease in accounts payable and accrued liabilities was primarily due to lower inventory purchases and timing of payments while 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 second quarter of 2026 compared to the fourth quarter of 2025.

Investing Activities

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.

Net cash used in investing activities was $667.1 million for the six months ended June 30, 2026, compared to $659.3 million for the same period a year ago.

We had capital expenditures of $677.1 million for the six months ended June 30, 2026, compared to $645.4 million in the prior year period.

For the six months ended June 30, 2026, we received proceeds from the sale of assets of $34.6 million compared to $5.8 million in the prior year period.

Financing Activities

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.

Net cash provided by financing activities for the six months ended June 30, 2026 was $410.5 million, compared to net cash used in financing activities of $13.2 million for the same period in the prior year.

During the six months ended June 30, 2026, we received net proceeds of $442.8 million from long-term debt, $201.8 million under our inventory financing arrangement and

$60.3 million under other short-term debt arrangements.

During the current year period, we paid dividends of $140.7 million and made net payments on our structured accounts payable arrangements of $134.9 million.

Debt Instruments, Guarantees and Related Covenants

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• business and economic conditions and governmental policies affecting the agricultural industry where we or our customers operate, including price and demand volatility resulting from periodic imbalances of supply and demand;

• because of political and economic instability, civil unrest or changes in government policies in Brazil, Peru or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation;

• because of political and economic instability, civil unrest or changes in government policies in Brazil, Peru, Paraguay or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation;

• the ongoing conflict between Russia and Ukraine, related sanctions and other governmental actions, and their effects on global markets, supply chains, and the pricing and availability of key inputs, raw materials and commodities;

• geopolitical instability and escalating tensions involving Iran, including disruptions to global shipping routes and trade flows, particularly through the Strait of Hormuz;

• potential changes in trade policies, including the impact of U.S.

36 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