Form 8-K

8-K — MOSAIC CO

Accession: 0001285785-26-000063

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001285785

SIC: 2870 (AGRICULTURE CHEMICALS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mos-20260511.htm (Primary)

EX-99.1 (pressreleaseq12026-ex991.htm)

EX-99.2 (performancedataq12026-ex992.htm)

GRAPHIC (image1a31.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mos-20260511.htm · Sequence: 1

mos-20260511

MOSAIC CO0001285785false00012857852026-05-112026-05-1100012857852025-11-042025-11-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

THE MOSAIC COMPANY

(Exact name of registrant as specified in its charter)

DE 001-32327 20-1026454

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

101 East Kennedy Blvd.

33602

Suite 2500

Tampa,

Florida

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (800) 918-8270

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 per share MOS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing:

Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter ended March 31, 2026, as presented in a press release issued on May 11, 2026.

Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended March 31, 2026 to be published on Mosaic’s website.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Exhibit No. Description

99.1

Press release, dated May 11, 2026, of The Mosaic Company regarding its earnings and results of operations for the quarter ended March 31, 2026

99.2

Performance data for the period ended March 31, 2026

104 Cover Page Interactive Data File, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MOSAIC COMPANY

Date: May 11, 2026 By: /s/ Philip E. Bauer

Name: Philip E. Bauer

Title: Senior Vice President, General Counsel

and Corporate Secretary

EX-99.1

Filename: pressreleaseq12026-ex991.htm · Sequence: 2

Document

Exhibit 99.1

The Mosaic Company

101 E. Kennedy Blvd., Suite 2500

Tampa, FL 33602

www.mosaicco.com

FOR IMMEDIATE RELEASE

Investors

Paul Massoud, CFA

813-775-4260

paul.massoud@mosaicco.com

Joan Tong, CFA

863-640-0826

joan.tong@mosaicco.com

Media

Ben Pratt

813-775-4206

media@mosaicco.com

THE MOSAIC COMPANY REPORTS FIRST QUARTER 2026 RESULTS

•First quarter results included an operating loss of $373 million and a net loss of $258 million; excluding notable items, adjusted EBITDA(1) totaled $416 million.

•Sales volumes in the first quarter totaled 1.9 million tonnes for Phosphate, 2.2 million tonnes for Potash, and 1.6 million tonnes for Mosaic Fertilizantes.

•Riverview, Bartow, and Faustina phosphoric acid production rates were at target in the first quarter. Major turnaround was completed at New Wales in March.

•Capital expenditures in 2026 are now expected to be $1.25 billion, reflecting a deferral of less-time sensitive spending.

•Phosphate production plan in the U.S. and Brazil is under review as a result of raw material constraints; partial curtailments to begin in May.

TAMPA, FL, May 11, 2026 - The Mosaic Company (NYSE: MOS), reported a net loss of $258 million and diluted earnings per share (EPS) of $(0.81) for the first quarter of 2026. Adjusted EBITDA(1) was $416 million and adjusted EPS(1) was $0.05.

“Business conditions were volatile in the first quarter. We responded by curtailing uneconomic production, carefully managing working capital and using our market access to meet customer demand," said President and CEO Bruce Bodine. "As we look to the rest of the year, we are prepared to take additional actions to ensure we navigate effectively for the short term while preserving our ability to benefit when market dynamics improve."

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Consolidated Results:

In millions $ except as noted below Q1 2026 Q4 2025 Q1 2025

Net Sales - billions $ $3.0 $3.0 $2.6

Selling, General and Administrative Expenses $136 $119 $123

Operating Earnings (Loss) $(373) $(101) $339

Operating Earnings (Loss) – Phosphate $(48) $(98) $139

Operating Earnings – Potash $177 $58 $157

Operating Earnings (Loss) – Mosaic Fertilizantes $(422) $(26) $98

Operating Earnings (Loss) – Corporate and Other $(79) $(34) $(56)

Net Income (Loss) $(258) $(519) $238

Adjusted EBITDA(1)

$416 $505 $544

Adjusted EBITDA - Phosphate(1)

$115 $144 $276

Adjusted EBITDA - Potash(1)

$275 $336 $240

Adjusted EBITDA – Mosaic Fertilizantes(1)

$79 $45 $122

Adjusted EBITDA – Corporate and Other(1)

$(53) $(20) $(94)

Mosaic reported a first quarter net loss of $258 million, compared to net income of $238 million in the same quarter of 2025. First quarter results were negatively impacted by $323 million of pre-tax notable items. Mosaic recorded $442 million of charges stemming from the idling of Araxa and Patrocinio. One time asset write offs, severance and contract terminations were within the $350 – 400 million range mentioned in our April 8th press release with the total first quarter impact now higher as a result of additional period costs for accelerated depreciation and idle plant expenses associated with winding down these operations that will continue into the second quarter. Of the $442 million, $328 million is non-cash. Positive notable items primarily included mark-to-market adjustments related to the value of Mosaic’s holdings of Ma’aden shares and a gain from a land easement transaction.

First quarter adjusted EBITDA(1) totaled $416 million, down from $544 million in the same quarter last year, as higher phosphate sales volumes and lower conversion costs, along with higher potash prices, were offset by lower sales volumes and margins in Mosaic Fertilizantes and elevated raw material costs in Phosphate.

Selling, general, and administrative (SG&A) expenses were $136 million in the first quarter, compared to $123 million in the prior year period. The increase reflected a small bad debt reserve for a Brazilian customer and an adverse foreign exchange impact. Looking ahead, Mosaic has executed a cost saving initiative aimed at streamlining support functions. Annualized savings are expected to total $50 million, including $15 million to be realized in 2026. This is in addition to the previously announced value capture effort of $100 million across operations and SG&A.

The effective tax rate for the first quarter was 10.8%. The adjusted effective tax rate was 45.1% excluding the impacts from notable items. Cash taxes paid were $64 million in the first quarter.

Cash flow from operations was $104 million in the first quarter, compared to $43 million in the first quarter of 2025. The increase was driven by a $122 million reduction in phosphate segment finished product inventories that was partially offset by higher raw material prices and a seasonal working capital build in Mosaic Fertilizantes.

Free cash flow(1) in the first quarter of 2026 was $(253) million compared to $(298) million in the same quarter a year ago, reflecting normal seasonality and the factors outlined above.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Business Outlook and Capital Allocation Update

•Mosaic is closely monitoring raw material markets, particularly sulfur, which recently hit record prices because of limited availability. As a result, Mosaic has withdrawn its phosphate production guidance for 2026 as it reviews its operating plan for the rest of the year. As part of this review, Mosaic has taken initial steps to partially curtail production at Louisiana and Bartow and is scaling back additional production in Brazil.

•After careful review of the project portfolio, Mosaic has adjusted its 2026 capital expenditure guidance to $1.25 billion. Lower spending reflects an optimized project portfolio combined with the deferral of spending on less-time sensitive projects to future periods. Mosaic does not expect any material impact to medium term operating rates as a result of these actions.

•Mosaic executed real estate transactions in Florida in the first quarter that generated cash proceeds of $31 million.

•The sale of the Carlsbad, New Mexico potash mine was completed in April.

•Last month, Mosaic announced a plan to pursue strategic alternatives for its Araxa and Patrocinio assets in Brazil. These include a potential sale of Araxa and ongoing exploration of niobium opportunities at Patrocinio.

•The company paid a regular common dividend of $0.22 per share in the first quarter.

Potash Results and Outlook:

Q1 2026 Q4 2025 Q1 2025

Net Sales - millions $ $667 $686 $570

Sales Volumes - million tonnes* 2.2 2.2 2.1

MOP Selling Price FOB mine - $ per tonne $265 $264 $223

MOP Cash Cost of Production(1) - $ per tonne

$84 $77 $78

Gross Margin - $ per tonne $88 $115 $80

Operating Earnings - millions $ $177 $58 $157

Segment Adjusted EBITDA(1) - millions $

$275 $336 $240

*Tonnes = finished product tonnes

The Potash segment reported net sales of $667 million in the first quarter of 2026, up from $570 million in the prior year period. Operating earnings were $177 million, up from $157 million in the first quarter of 2025. Adjusted EBITDA(1) was $275 million, up from $240 million in the same quarter last year. First quarter results reflected the benefit of higher prices that were partially offset by higher production costs.

First quarter sales volumes totaled 2.2 million tonnes, compared to 2.1 million tonnes in the prior year period. First quarter production volumes of 2.2 million tonnes were flat from the first quarter of 2025. Mosaic continues to expect total potash production of approximately 9 million tonnes in 2026, reflecting an expectation of strong production at Esterhazy that more than offsets the volume impact of the Carlsbad divestiture.

MOP cash cost of production per tonne(1) was $84 in the first quarter, up from $78 in the prior-year quarter. Costs were negatively impacted by a stronger Canadian dollar and higher royalty expenses. However, potash production costs are expected to trend lower through the remainder of the year with higher Esterhazy production volumes expected as the hydrofloat project reaches full production rates.

Second quarter sales volumes are expected to be in the range of 1.9 to 2.1 million tonnes, with realized mine gate MOP prices in the range of $260 to $280 per tonne.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Phosphate Results and Outlook:

Q1 2026 Q4 2025 Q1 2025

Net Sales - billions $ $1.4 $1.0 $1.1

Sales Volumes - million tonnes* 1.9 1.3 1.5

DAP Selling Price FOB plant - $ per tonne $668 $686 $623

Phosphate Cash Cost of Conversion(1) - $ per tonne

$124 $112 $134

Blended Rock Cost Consumed in COGS(1) - $ per tonne

$86 $84 $77

Gross Margin - $ per tonne $2 $17 $111

Operating Earnings (Loss) – millions $ $(48) $(98) $139

Segment Adjusted EBITDA(1) - millions $

$115 $144 $276

*Tonnes = finished product tonnes

The Phosphate segment reported net sales of $1.4 billion in the first quarter of 2026, up from $1.1 billion in the prior year period. The segment reported an operating loss of $48 million during the period, compared to an operating profit of $139 million in the first quarter of 2025. Adjusted EBITDA(1) totaled $115 million, as compared to $276 million in the prior year period. First quarter results reflected a $280 million increase in raw material costs, partially offset by higher sales volumes and lower conversion costs.

First quarter sales volumes totaled 1.9 million tonnes, up from 1.5 million tonnes in the prior year period. Strong international demand drove sales, resulting in phosphate finished product inventories declining by approximately 300,000 tonnes in the first three months of 2026.

First quarter production volumes of 1.6 million tonnes were impacted by a major turnaround at our largest facility, New Wales, and a mix shift toward finished products requiring higher levels of phosphoric acid as a result of customer demand. Phosphoric acid production at the three remaining phosphate plants in the U.S. averaged operating rates of approximately 80% in the first quarter, which aligns with the normalized targeted rates. The New Wales turnaround was completed at the end of the quarter and production rates ramped through April. Looking ahead, Mosaic has withdrawn full year production guidance for the segment as it reviews its operating rates in the second half of the year in light of recent raw material market dynamics.

Cash cost of conversion(1) declined to $124 per tonne in the first quarter, from $134 per tonne in the same quarter last year but was above $112 per tonne in the fourth quarter of 2025. This was due to higher maintenance expenses and the volume impact from the New Wales turnaround. Idle and turnaround costs totaled $50 million during the quarter.

Raw materials in cost of goods sold averaged $379 per long ton for sulfur and $626 per tonne for ammonia in the first quarter of 2026. Raw material prices have continued to rise and are expected to be reflected in COGS over the coming quarters. In addition to its structural advantages in ammonia, Mosaic’s geographic location provides some advantaged access to sulfur supply, though recent market dynamics have reduced that advantage as refineries ramp up sulfur exports to benefit from global pricing. For ammonia, 80-85% of Mosaic’s U.S. consumption needs are met through production from Faustina, which continues to run at normal rates, and below-market supply contracts, some of which are tied directly to natural gas.

For the second quarter, Mosaic expects sales volumes of 1.4 to 1.7 million tonnes with DAP prices averaging $760 to $780 per tonne on an FOB basis. Second quarter sales volumes reflect partial curtailments at Louisiana and Bartow.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Mosaic Fertilizantes Results and Outlook:

Q1 2026 Q4 2025 Q1 2025

Net Sales - millions $ $937 $1,146 $934

Sales Volumes - million tonnes* 1.6 2.1 1.8

Sales Volumes of produced product – million tonnes(2)

0.6 0.6 0.7

Average Finished Product Selling Price - $ per tonne $527 $493 $452

Phosphate Cash Cost of Conversion(1) - $ per tonne

$113 $113 $87

Phosphate Blended Rock Cost Consumed in COGS -

$ per tonne $104 $98 $97

Gross Margin - $ per tonne $22 $10 $69

Operating Earnings (Loss) – millions $ $(422) $(26) $98

Segment Adjusted EBITDA(1) – millions $

$79 $45 $122

*Tonnes = finished product tonnes sold to third parties

Mosaic Fertilizantes reported net sales of $937 million in the first quarter of 2026 compared to $934 million in the prior year period. The decision to idle operations at Araxa and Patrocinio resulted in charges totaling $442 million, which led to a first quarter operating loss of $422 million. This compares to operating earnings of $98 million in the first quarter of 2025. Adjusted EBITDA(1) totaled $79 million, compared to $122 million in the prior year period. First quarter results were impacted by lower sales volumes and distribution margins per tonne. The results also reflect lower production margins driven by higher sulfur costs, which were partially offset by higher phosphate prices.

Segment gross margin per tonne was $22 in the first quarter of 2026, compared to $69 in the prior year period. Ongoing credit constraints in Brazil resulted in compressed segment distribution margins during the quarter relative to historical levels, though first quarter margins were sequentially higher than margins realized at the end of 2025. In Fertilizantes production, margins were impacted unfavorably by elevated sulfur costs, product mix, and foreign exchange, partially offset by higher finished product prices. Phosphate cash cost of conversion per tonne(1) averaged $113, compared to $87 in the first quarter of 2025. Cost saving initiatives across the segment, including the decision to idle and demobilize high-cost production at Araxa, are expected to result in unit cost improvements over the long term.

Given the uncertainty around global fertilizer and raw material availability, Mosaic is not providing second quarter adjusted EBITDA guidance for Mosaic Fertilizantes, particularly as it evaluates production operating rates in the second half of the year.

Mosaic Biosciences Update

Mosaic Biosciences is expected to launch 8-10 new products(3) in 2026, inclusive of two products launched in the first quarter. Revenues in 2026 are expected to double 2025 net sales of $68 million.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

(2) Represents volumes produced in Brazil and sold directly to third parties or through distribution.

(3)New products are defined as new brands or existing brands launched in new geographies.

Market Update

Agricultural commodity prices have risen since the start of the year as markets factor healthy global demand for grains and oilseeds with the potential for near term productivity risks. Significant nutrient removal from the soil over the past year combined with increasing supply disruptions now affecting fertilizer application rates is leading to a higher risk of negative yield impacts around the world, which could support further ag commodity price appreciation and normalized fertilizer demand.

Markets for phosphate and related raw materials remain dynamic, with production and logistic disruptions impacting ammonia and sulfur. Both key raw materials have seen significant price appreciation, with sulfur having recently reached levels in excess of $1,200 per tonne. Prices for finished phosphate fertilizers have also risen, mitigating some of the impact of raw materials, but benchmark stripping margins are under pressure, and this has resulted in global production curtailments and export bans. While global demand will be constrained by available supply, diverging regional demand trends have emerged. Cautious purchasing in the Americas is being offset by stronger demand in Asia, particularly India whose government has signaled continuing subsidy support. This current environment appears temporary, though the timing of a resolution to geopolitical events driving these dynamics is uncertain.

Potash market fundamentals remain balanced, and nutrient prices have increased through the North American spring planting season. Global growers are finding good value at today’s prices relative to other nutrients, and this has underpinned demand around the world. North American demand has been resilient, while China and Brazil both set first quarter potash import records as they sought to replenish inventories. Canpotex is fully committed through June.

2026 Guidance Summary

Full Year 2026

Potash Production Volumes - million tonnes 9.0

Total Capital Expenditures - billions $ $1.25

Depreciation, Depletion & Amortization - billions $ $1.1 - $1.2

Selling, General, and Administrative Expense - millions $ $520 - $540

Net Interest Expense - millions $ $200 - $220

Adjusted Effective Tax Rate High 20’s – Low 30’s%

Cash Tax - millions $ $275 - $325

Second Quarter 2026

Phosphate Sales Volumes - million tonnes 1.4 -1.7

DAP FOB Plant Prices - $ per tonne $760 - $780

Potash Sales Volumes - million tonnes 1.9 - 2.1

MOP FOB Mine Prices - $ per tonne $260 - $280

Sensitivities Table

The Company provided the following sensitivities to help investors anticipate the potential impact of price movements. These sensitivities are based on 2025 actual realized pricing and sales volumes.

Sensitivity

Full year adj. EBITDA impact(1)

2025 Actual

Average MOP Price / tonne (fob mine)

$10/mt price change = $83 million (4)

$255

Average DAP Price / tonne (fob plant) $10/mt price change = $60 million $670

(1) See “Non-GAAP Financial Measures” for additional information and reconciliation.

(4) Includes impact of Canadian Resource Tax

About The Mosaic Company

The Mosaic Company (NYSE: MOS) helps the world grow the food it needs. Headquartered in Tampa, Florida, Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world’s farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems. As a Fortune 500 company with 13,000 employees serving customers in more than 40 countries, Mosaic is helping build resilient and productive food systems for the future. More information on the company is available at www.mosaicco.com.

Mosaic will conduct a conference call on May 11, 2026, at 11:00 a.m. Eastern Time to discuss first quarter 2026 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic’s website at www.mosaicco.com/investors. This webcast will be available for up to one year from the time of the earnings call.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Such statements may include, but are not limited to, statements about future transactions or strategic plans and other statements

about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic

Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not

limited to: political and economic instability and changes in government policies in countries in which we have operations; the

predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation

markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories

in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on

demand for our products; changes in foreign currency and exchange rates; international trade risks, including the impact of U.S.

tariffs and retaliatory tariffs on economic conditions; and other risks associated with Mosaic’s international operations; a material

adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of

Ma'aden; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; ;the potential for curtailments, slowdowns, or temporary shutdowns of production due to market conditions, input availability, transportation constraints, or other operational factors; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of America or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.

Non-GAAP Financial Measures

This press release includes the presentation and discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAAP adjusted EBITDA, non-GAAP cash cost of conversion or production per tonne, or non-GAAP adjusted effective tax rate, collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, adjusted gross margin, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and adjusted EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. We are not

providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, gross margin per tonne, or a quantitative reconciliation of forward-looking adjusted EPS, adjusted gross margin and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives and equity securities, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended June 30, 2024 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.

For the three months ended March 31, 2026, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.86):

Amount Tax effect EPS impact

Description Segment Line item (in millions) (in millions) (per share)

Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 24 $ (2) $ 0.06

Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (2) — —

Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 1 (0.04)

Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 112 (8) 0.33

Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (2) — (0.01)

Environmental reserves Phosphate Other operating income (expense)/Noncontrolling Interest (21) 1 (0.06)

Gain on sale of land Phosphate Other operating income (expense) 31 (2) 0.09

Loss on assets held for sale and other assets Brazil Loss on assets to be sold/Other operating income (expense) (302) 59 (0.76)

Restructuring and cost reduction actions Consolidated Other operating income (expense)/SG&A (98) 7 (0.29)

Accelerated depreciation Brazil Cost of goods sold (26) 2 (0.08)

Closed and indefinitely idled facility costs Brazil Other operating income (expense) (24) 2 (0.07)

Discrete Tax Corporate (Provision for) benefit from income taxes — (10) (0.03)

Total Notable Items $ (323) $ 50 $ (0.86)

For the three months ended March 31, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.26:

Amount Tax effect EPS impact

Description Segment Line item (in millions) (in millions) (per share)

Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 148 $ (43) $ 0.33

Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 59 (17) 0.13

Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 3 (0.03)

Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) (117) 34 (0.26)

ARO Adjustment Phosphate Other operating income (expense) (2) 1 —

Discrete tax items Consolidated (Provision for) benefit from income taxes — 30 0.09

Total Notable Items $ 74 $ 8 $ 0.26

Condensed Consolidated Statements of Earnings (Loss)

(in millions, except per share amounts)

The Mosaic Company (unaudited)

Three months ended

March 31,

2026 2025

Net sales $ 2,998.0 $ 2,620.9

Cost of goods sold 2,762.4 2,132.5

Gross margin 235.6 488.4

Selling, general and administrative expenses 135.9 122.6

Loss on assets to be sold 232.6 —

Other operating expense 240.0 27.3

Operating earnings (loss) (372.9) 338.5

Interest expense, net (55.3) (40.7)

Foreign currency transaction gain 37.6 133.1

Other income (expense) 104.7 (118.1)

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

(Benefit) provision for income taxes (31.0) 63.3

Earnings (loss) from consolidated companies (254.9) 249.5

Equity in net earnings of nonconsolidated companies 0.4 0.5

Net earnings (loss) including noncontrolling interests (254.5) 250.0

Less: Net earnings attributable to noncontrolling interests 3.1 11.9

Net earnings (loss) attributable to Mosaic $ (257.6) $ 238.1

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

Diluted weighted average number of shares outstanding 317.5 318.2

Condensed Consolidated Balance Sheets

(in millions, except per share amounts)

The Mosaic Company (unaudited)

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 281.8 $ 276.6

Receivables, net, including affiliate receivables of $85.1 and $126.3, respectively 1,015.9 1,078.6

Inventories 3,422.9 3,363.0

Assets held for sale 159.2 73.5

Other current assets 461.0 445.8

Total current assets 5,340.8 5,237.5

Property, plant and equipment, net of accumulated depreciation of $11,281.6 and $11,126.0, respectively 13,678.2 13,982.6

Equity securities and investments in nonconsolidated companies 1,964.1 1,848.2

Goodwill 988.9 1,005.1

Deferred income taxes 988.3 811.6

Other assets 1,608.2 1,595.1

Total assets $ 24,568.5 $ 24,480.1

Liabilities and Equity

Current liabilities:

Short-term debt $ 1,202.3 $ 759.9

Current maturities of long-term debt 49.4 43.1

Structured accounts payable arrangements 399.4 480.1

Accounts payable, including affiliate payables of $173.7 and $115.2, respectively 1,085.0 1,171.9

Accrued liabilities 1,417.3 1,472.5

Liabilities held for sale 134.2 55.3

Total current liabilities 4,287.6 3,982.8

Long-term debt, less current maturities 4,271.1 4,250.9

Deferred income taxes 1,050.6 1,000.8

Other noncurrent liabilities 3,001.4 3,011.4

Equity:

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

3.2 3.2

Capital in excess of par value 35.1 29.2

Retained earnings 13,856.9 14,184.4

Accumulated other comprehensive loss (2,091.2) (2,131.9)

Total Mosaic stockholders' equity 11,804.0 12,084.9

Noncontrolling interests 153.8 149.3

Total equity 11,957.8 12,234.2

Total liabilities and equity $ 24,568.5 $ 24,480.1

Condensed Consolidated Statements of Cash Flows

(in millions, except per share amounts)

The Mosaic Company (unaudited)

Three months ended

March 31,

2026 2025

Cash Flows from Operating Activities:

Net earnings (loss) including noncontrolling interests $ (254.5) $ 250.0

Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:

Depreciation, depletion and amortization 316.6 243.0

Deferred and other income taxes (85.9) (11.0)

Equity in net (earnings) of nonconsolidated companies, net of dividends (0.3) (0.4)

Accretion expense for asset retirement obligations 34.2 32.2

Share-based compensation expense 10.3 9.3

Unrealized (gain) loss on equity securities (112.5) 116.6

Unrealized (gain) loss on derivatives 1.2 (57.7)

Foreign currency adjustments (63.1) (159.0)

Impairment of assets held for sale 232.6 —

Other 97.0 11.4

Changes in assets and liabilities:

Receivables, net 58.4 59.6

Inventories (7.4) (162.4)

Other current and noncurrent assets (16.9) 55.1

Accounts payable and accrued liabilities (66.4) (259.8)

Asset retirement obligations (49.9) (66.3)

Other noncurrent liabilities 10.8 (17.7)

Net cash provided by operating activities 104.2 42.9

Cash Flows from Investing Activities:

Capital expenditures (356.8) (340.8)

Purchases of available-for-sale securities - restricted (544.9) (102.5)

Proceeds from sale of available-for-sale securities - restricted 504.1 97.1

Proceeds from sale of fixed assets 31.4 5.8

Other (2.8) (0.4)

Net cash used in investing activities (369.0) (340.8)

Cash Flows from Financing Activities:

Short-term debt, net 342.0 185.8

Inventory financing arrangement, net 101.1 202.1

Structured accounts payable arrangements, net (84.4) (22.8)

Long-term debt, net (16.7) (11.7)

Cash dividends paid (70.8) (70.9)

Other (8.2) (10.5)

Net cash provided by financing activities 263.0 272.0

Effect of exchange rate changes on cash 2.2 (0.4)

Net change in cash, cash equivalents and restricted cash 0.4 (26.3)

Cash, cash equivalents and restricted cash - beginning of period 298.6 305.0

Cash, cash equivalents and restricted cash - end of period $ 299.0 $ 278.7

Condensed Consolidated Statements of Cash Flows (Continued)

(in millions, except per share amounts)

Three Months Ended

March 31, 2026 March 31, 2025

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

Cash and cash equivalents $ 281.8 $ 259.2

Restricted cash in other current assets 3.4 8.6

Restricted cash in other assets 13.8 10.9

Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows $ 299.0 $ 278.7

Reconciliation of Non-GAAP Financial Measures

Earnings Per Share Calculation

Three months ended March 31,

2026 2025

Net income (loss) attributable to Mosaic $ (257.6) $ 238.1

Basic weighted average number of shares outstanding 317.5 317.0

Dilutive impact of share-based awards — 1.2

Diluted weighted average number of shares outstanding 317.5 318.2

Basic net income (loss) per share attributable to Mosaic $ (0.81) $ 0.75

Diluted net income (loss) per share attributable to Mosaic $ (0.81) $ 0.75

Notable items impact on net income (loss) per share attributable to Mosaic 0.86 (0.26)

Adjusted diluted net income per share attributable to Mosaic $ 0.05 $ 0.49

Free Cash Flow

Three months ended March 31,

2026 2025

Net cash provided by operating activities $ 104.2 $ 42.9

Capital expenditures (356.8) (340.8)

Free cash flow $ (252.6) $ (297.9)

Reconciliation of Non-GAAP Financial Measures

Consolidated Earnings (in millions)

Three months ended

March 31, December 31, March 31,

2026 2025 2025

Consolidated net earnings (loss) attributable to Mosaic $ (258) $ (519) $ 238

Less: Consolidated interest expense, net (55) (48) (41)

Plus: Consolidated depreciation, depletion and amortization 317 268 243

Plus: Accretion expense 35 32 32

Plus: Share-based compensation expense 10 6 10

Plus: (Benefit) provision for income taxes (31) 256 63

Plus: Notable items 288 414 (83)

Adjusted EBITDA $ 416 $ 505 $ 544

Income Tax Effective Tax Rate (in millions)

Three months ended

March 31,

2026

Income Tax (Benefit) Expense $ (31)

Earnings (Loss) Before Tax $ (286)

Effective Tax Rate 10.9 %

Income Tax (Benefit) Expense $ (31)

Tax Allowance Reversal 7

Tax Expense on All Other Notable Items (see notable items table for details of these items) 43

Adjusted Income Tax (Benefit) Expense $ 19

Earnings (Loss) Before Tax $ (286)

Earnings Impact of All Notable Items (including non-controlling interest) 328

Adjusted Earnings Before Tax $ 42

Adjusted Effective Tax Rate 45.1 %

Three months ended

March 31, December 31, March 31,

Potash Earnings (in millions)

2026 2025 2025

Operating Earnings $ 177 $ 58 $ 157

Plus: Depreciation, Depletion and Amortization 90 83 81

Plus: Accretion Expense 4 3 3

Plus: Foreign Exchange Gain (Loss) (56) 46 13

Plus: Other Income (Expense) 3 1 (1)

Plus: Notable Items 57 145 (13)

Adjusted EBITDA $ 275 $ 336 $ 240

Reconciliation of Non-GAAP Financial Measures

Three months ended

March 31, December 31, March 31,

Phosphate Earnings (in millions)

2026 2025 2025

Operating Earnings (Loss) $ (48) $ (98) $ 139

Plus: Depreciation, Depletion and Amortization 151 130 113

Plus: Accretion Expense 26 25 25

Plus: Foreign Exchange Gain (Loss) (1) (3) (3)

Plus: Other Income (Expense) (9) 5 —

Less: Earnings from Consolidated Noncontrolling Interests 4 — 8

Plus: Notable Items — 85 10

Adjusted EBITDA $ 115 $ 144 $ 276

Three months ended

March 31, December 31, March 31,

Mosaic Fertilizantes Earnings (in millions)

2026 2025 2025

Operating Earnings (Loss) $ (422) $ (26) $ 98

Plus: Depreciation, Depletion and Amortization 66 46 38

Plus: Accretion Expense 5 4 4

Plus: Foreign Exchange Gain (Loss) 30 (57) 41

Plus: Other Income (Expense) (2) (2) (1)

Less: Earnings from Consolidated Noncontrolling Interests — 1 1

Plus: Notable Items 402 81 (57)

Adjusted EBITDA $ 79 $ 45 $ 122

Three months ended

March 31, December 31, March 31,

Corporate and Other Earnings (in millions)

2026 2025 2025

Operating Earnings (Loss) $ (79) $ (34) $ (56)

Plus: Depreciation, Depletion and Amortization 10 9 11

Plus: Accretion Expense 10 6 10

Plus: Foreign Exchange Gain (Loss) 64 (15) 82

Plus: Other Income (Expense) 113 (89) (116)

Less: Earnings from Consolidated Noncontrolling Interests — — 2

Plus: Notable Items (171) 103 (23)

Adjusted EBITDA $ (53) $ (20) $ (94)

Reconciliation of Non-GAAP Financial Measures

Three months ended

March 31, December 31, March 31,

2026 2025 2025

Potash

Total COGS $ 476 $ 430 $ 402

Depreciation & accretion expense 93 86 84

Canadian Resource Taxes 67 77 47

Change in Inventory 31 (1) (27)

Non-MOP Production Costs 105 104 128

Total MOP Cash Costs $ 180 $ 164 $ 170

Production tonnes (thousands) 2,131 2,128 2,169

MOP Cash Costs of Production per production tonne $ 84 $ 77 $ 78

Phosphate

Total COGS $ 1,423 $ 992 $ 931

Depreciation & accretion expense 141 147 132

Miski Mayo costs 54 60 51

Raw material COGS and product freight 578 332 282

Change in Inventory 85 (111) (71)

Non Production Costs 246 245 216

Cash cost of U.S. Mined Rock 116 133 130

U.S. Rock Production tonnes (thousands) 1,848 2,290 2,391

Cash costs of U.S. mined rock/production tonne $ 63 $ 58 $ 54

Phosphate cash costs of conversion $ 203 $ 186 $ 191

Production tonnes (thousands) 1,642 1,666 1,423

Phosphate cash costs of conversion per production tonne $ 124 $ 112 $ 134

Fertilizantes

Total COGS $ 902 $ 1,125 $ 807

Distribution product costs 644 829 606

Depreciation & accretion expense 70 50 43

Change in Inventory (26) (14) (78)

Non Production Costs 59 83 65

Rock cash costs of production 81 92 85

Potash cash costs of production — 8 18

Phosphate cash costs of conversion $ 74 $ 77 $ 68

Production tonnes (thousands) 656 683 778

Phosphate cash costs of conversion per production tonne $ 113 $ 113 $ 87

EX-99.2

Filename: performancedataq12026-ex992.htm · Sequence: 3

Document

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Consolidated data (in millions, except per share)

Diluted net earnings (loss) per share $ (0.50) $ 0.38 $ 0.53 $ 0.75 $ 1.29 $ 1.29 $ (1.64) $ (0.81)

Notable items impact on earnings per share(a)

(1.04) 0.04 0.08 0.26 0.78 0.25 (1.86) (0.86)

Adjusted diluted net earnings per share(a)

$ 0.54 $ 0.34 $ 0.45 $ 0.49 $ 0.51 $ 1.04 $ 0.22 $ 0.05

Diluted weighted average # of shares outstanding 321.2 319.4 318.5 318.2 319.0 319.4 317.4 317.5

Total Net Sales $ 2,817 $ 2,811 $ 2,816 $ 2,621 $ 3,005 $ 3,452 $ 2,974 $ 2,998

Cost of goods sold 2,423 2,395 2,514 2,133 2,487 2,900 2,631 2,762

Gross Margin $ 394 $ 416 $ 302 $ 488 $ 518 $ 552 $ 343 $ 236

SG&A 128 149 113 123 167 126 119 136

Other operating (income) expense 33 153 89 27 107 87 324 472

Operating earnings $ 233 $ 115 $ 100 $ 338 $ 244 $ 339 $ (100) $ (372)

Interest expense, net (46) (42) (47) (41) (53) (46) (48) (55)

Consolidated foreign currency gain/(loss) (268) 101 (419) 133 169 (1) (30) 38

Earnings from consolidated companies before income taxes (74) 174 191 313 564 599 (263) (286)

Provision for (benefit from) income taxes 99 48 34 63 146 175 256 (31)

Earnings (loss) from consolidated companies $ (173) $ 126 $ 157 $ 250 $ 418 $ 424 $ (519) $ (255)

Equity in net earnings (loss) of nonconsolidated companies 22 5 9 — 2 — — —

Less: Net earnings (loss) attributable to noncontrolling interests 11 9 (3) 12 9 13 — 3

Net earnings (loss) attributable to Mosaic $ (162) $ 122 $ 169 $ 238 $ 411 $ 411 $ (519) $ (258)

After tax Notable items included in earnings $ (334) $ 15 $ 25 $ 82 $ 249 $ 100 $ (590) $ (273)

Gross Margin Rate 14 % 15 % 11 % 19 % 17 % 16 % 12 % 8 %

Effective Tax Rate (including discrete tax) (133) % 28 % 18 % 20 % 26 % 29 % (97) % 11 %

Discrete Tax benefit (expense) $ (120) $ 4 $ (11) $ 26 $ (1) $ (2) $ (212) $ (27)

Depreciation, Depletion and Amortization $ 264 $ 238 $ 283 $ 243 $ 262 $ 277 $ 268 $ 317

Accretion Expense $ 28 $ 26 $ 31 $ 32 $ 33 $ 33 $ 32 $ 35

Share-Based Compensation Expense $ 12 $ 5 $ 7 $ 10 $ 7 $ 7 $ 6 $ 10

Notable Items $ 319 $ (28) $ 32 $ (83) $ (347) $ (143) $ 414 $ 288

Adjusted EBITDA(b)

$ 584 $ 448 $ 594 $ 544 $ 566 $ 806 $ 505 $ 416

Net cash provided by (used in) operating activities $ 847 $ 313 $ 219 $ 43 $ 610 $ 229 $ (56) $ 104

Cash paid for interest (net of amount capitalized) 77 20 72 12 82 20 78 17

Cash paid for income taxes (net of refunds) 74 111 53 76 75 89 81 64

Net cash used in investing activities $ (349) $ (248) $ (277) $ (341) $ (319) $ (363) $ (287) $ (369)

Capital expenditures (334) (241) (294) (341) (305) (364) (350) (357)

Net cash (used in) provided by financing activities $ (489) $ (138) $ 37 $ 272 $ (285) $ 4 $ 461 $ 263

Cash dividends paid (68) (67) (67) (71) (70) (70) (70) (71)

Effect of exchange rate changes on cash $ (6) $ 55 $ (7) $ — $ 18 $ 6 $ 3 $ 2

Net change in cash and cash equivalents $ 3 $ (18) $ (27) $ (26) $ 24 $ (125) $ 121 $ —

Short-term debt $ 882 $ 752 $ 847 $ 1,234 $ 1,041 $ 1,154 $ 760 $ 1,202

Long-term debt (including current portion) 3,319 3,313 3,378 3,363 3,370 3,415 4,294 4,321

Cash & cash equivalents 322 302 273 259 286 153 277 282

Net debt $ 3,879 $ 3,763 $ 3,952 $ 4,338 $ 4,125 $ 4,416 $ 4,777 $ 5,241

Segment Contributions (in millions)

Phosphate $ 1,180 $ 1,005 $ 1,165 $ 1,099 $ 1,173 $ 1,290 $ 1,015 $ 1,426

Potash 663 526 557 570 710 695 686 667

Mosaic Fertilizantes 1,049 1,399 1,088 934 1,175 1,592 1,146 937

Corporate and Other(c)

(75) (119) 6 18 (53) (125) 127 (32)

Total net sales $ 2,817 $ 2,811 $ 2,816 $ 2,621 $ 3,005 $ 3,452 $ 2,974 $ 2,998

Phosphate $ 133 $ 8 $ 44 $ 139 $ (8) $ 102 $ (98) $ (48)

Potash 174 109 123 157 194 229 58 177

Mosaic Fertilizantes 61 56 79 98 109 96 (26) (422)

Corporate and Other(c)

(135) (58) (146) (56) (51) (88) (34) (79)

Consolidated operating earnings $ 233 $ 115 $ 100 $ 338 $ 244 $ 339 $ (100) $ (372)

Phosphate(d)

1,696 1,475 1,622 1,498 1,546 1,571 1,330 1,936

Potash(d)

2,346 1,996 2,239 2,113 2,343 2,279 2,233 2,159

Mosaic Fertilizantes 2,196 2,879 2,240 1,847 2,232 2,803 2,075 1,618

Corporate and Other 316 297 432 361 301 232 540 379

Total finished product tonnes sold ('000 tonnes)

6,554 6,647 6,533 5,819 6,422 6,885 6,178 6,092

Sales of Performance Products ('000 tonnes)(e)

839 1,001 1,135 681 900 996 520 501

The Mosaic Company - Phosphate Segment

Selected Calendar Quarter Financial Information

(Unaudited)

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net Sales and Gross Margin (in millions, except per tonne)

Segment income statement

Net Sales - Finished Goods $ 946 $ 1,028 $ 1,118 $ 872 $ 1,264

Net Sales - Other revenue 153 145 172 143 162

Net Sales $ 1,180 $ 1,005 $ 1,165 $ 1,099 $ 1,173 $ 1,290 $ 1,015 $ 1,426

Cost of Goods Sold 1,026 863 1,027 932 1,070 1,146 992 1,423

Gross Margin $ 154 $ 142 $ 138 $ 167 $ 103 $ 144 $ 23 $ 3

Notable Items Included in Gross Margin (15) — (53) — — (14) — —

Adjusted Gross Margin(b)

$ 169 $ 142 $ 191 $ 167 $ 103 $ 158 $ 23 $ 3

SG&A 10 12 10 12 13 10 11 13

Other operating (income) expense 11 123 84 16 98 32 110 38

Operating Earnings $ 133 $ 8 $ 44 $ 139 $ (8) $ 102 $ (98) $ (48)

Plus: Depreciation, Depletion and Amortization 128 118 143 113 129 129 130 151

Plus: Accretion Expense 20 20 25 25 26 26 25 26

Plus: Foreign Exchange Gain (Loss) 2 (5) (4) (3) (7) 10 (3) (1)

Plus: Other Income (Expense) (2) 1 517 — (8) (4) 5 (9)

Plus: Dividends from equity investments — — — — — — — —

Less: Earnings (loss) from Consolidated Noncontrolling Interests 11 8 (4) 8 10 11 — 4

Plus: Notables Items 38 131 (388) 10 95 28 85 —

Adjusted EBITDA(b)

$ 308 $ 265 $ 341 $ 276 $ 217 $ 280 $ 144 $ 115

Capital expenditures $ 177 $ 127 $ 160 $ 236 $ 185 $ 221 $ 207 $ 222

Gross Margin $ / tonne of finished product $ 91 $ 96 $ 85 $ 111 $ 67 $ 92 $ 17 $ 2

Adjusted Gross Margin $ / tonne of finished product $ 100 $ 96 $ 118 $ 111 $ 67 $ 101 $ 17 $ 2

Gross margin as a percent of sales 13 % 14 % 12 % 15 % 9 % 11 % 2 % — %

Freight included in finished goods COGS $ 104 $ 79 $ 83 $ 84 $ 93 $ 97 $ 85 $ 115

Idle/Turnaround costs (excluding notable items) $ 36 $ 7 $ 24 $ 44 $ 84 $ 42 $ 67 $ 50

Operating Data

Sales volumes ('000 tonnes)(d)

DAP/MAP 828 656 749 846 711 760 618 1,116

Performance & other products(f)

794 750 814 587 773 750 640 720

Other products(i)

74 69 59 65 62 61 72 100

Total Finished Product(d)

1,696 1,475 1,622 1,498 1,546 1,571 1,330 1,936

DAP selling price (fob plant)(q)

$ 575 $ 569 $ 593 $ 623 $ 668 $ 714 $ 686 $ 668

Average finished product selling price(g) $ 578 $ 579 $ 606 $ 632 $ 665 $ 712 $ 656 $ 653

Production Volumes ('000 tonnes)

Total tonnes produced(h)

1,675 1,625 1,413 1,423 1,505 1,678 1,666 1,641

Operating Rate 68 % 66 % 58 % 58 % 61 % 68 % 67 % 66 %

Raw Materials

Ammonia used in production (tonnes) $ 243 $ 238 $ 228 $ 214 $ 226 $ 255 $ 251 $ 263

Sulfur used in production $ 778 $ 739 $ 694 $ 661 $ 732 $ 772 $ 799 $ 762

Realized costs ($/tonne)

Ammonia (tonne)(j)

$ 424 $ 482 $ 435 $ 416 $ 445 $ 455 $ 550 $ 626

Sulfur (long ton)(k)

$ 138 $ 126 $ 127 $ 157 $ 209 $ 272 $ 306 $ 379

Blended rock $ 86 $ 87 $ 87 $ 77 $ 74 $ 80 $ 84 $ 86

Phosphate cash conversion costs, production / tonne(r)

$ 100 $ 101 $ 118 $ 134 $ 126 $ 131 $ 112 $ 124

Cash costs of U.S. mined rock/production tonne(s)

$ 54 $ 56 $ 52 $ 54 $ 51 $ 62 $ 58 $ 63

ARO cash spending (in millions) $ 59 $ 54 $ 72 $ 70 $ 79 $ 60 $ 66 $ 51

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net Sales and Gross Margin (in millions, except per tonne)

Segment income statement

Net Sales - Finished Goods $ 495 $ 641 $ 633 $ 614 $ 598

Net Sales - Other revenue 75 69 62 72 69

Net Sales $ 663 $ 526 $ 557 $ 570 $ 710 $ 695 $ 686 $ 667

Cost of Goods Sold 477 404 434 402 501 459 430 476

Gross Margin $ 186 $ 122 $ 123 $ 168 $ 209 $ 236 $ 256 $ 191

Notable Items Included in Gross Margin — — — — — — — —

Adjusted Gross Margin(b)

$ 186 $ 122 $ 123 $ 168 $ 209 $ 236 $ 256 $ 191

SG&A 7 7 8 8 8 6 8 9

Other operating (income) expense 5 6 (8) 3 7 1 190 5

Operating Earnings $ 174 $ 109 $ 123 $ 157 $ 194 $ 229 $ 58 $ 177

Plus: Depreciation, Depletion and Amortization 94 69 93 81 79 93 83 90

Plus: Accretion Expense 3 2 2 3 3 3 3 4

Plus: Foreign Exchange Gain (Loss) (12) 48 (185) 13 82 (56) 46 (56)

Plus: Other Income (Expense) — — 1 (1) 1 3 1 3

Plus: Notable Items 12 (48) 178 (13) (81) 57 145 57

Adjusted EBITDA(b)

$ 271 $ 180 $ 212 $ 240 $ 278 $ 329 $ 336 $ 275

Capital expenditures $ 75 $ 61 $ 65 $ 45 $ 73 $ 72 $ 53 $ 49

Gross Margin $ / tonne of finished product $ 79 $ 61 $ 55 $ 80 $ 89 $ 104 $ 115 $ 88

Adjusted Gross Margin $ / tonne of finished product $ 79 $ 61 $ 55 $ 80 $ 89 $ 104 $ 115 $ 88

Gross margin as a percent of sales 28 % 23 % 22 % 29 % 29 % 34 % 37 % 29 %

Supplemental Cost Information

Canadian resource taxes $ 67 $ 45 $ 56 $ 47 $ 62 $ 87 $ 77 $ 67

Royalties $ 10 $ 9 $ 10 $ 9 $ 10 $ 12 $ 11 $ 12

Freight expense(l)

$ 94 $ 87 $ 60 $ 74 $ 74 $ 66 $ 73 $ 76

Idle/Turnaround costs (excluding notable items) $ 18 $ 23 $ 6 $ 1 $ 34 $ 16 $ 8 $ 5

Operating Data

Sales volumes ('000 tonnes)(d)

MOP 2,113 1,775 2,064 1,947 2,122 2,110 2,083 1,971

Performance & other products(m)

225 211 168 159 214 162 143 181

Other products(i)

8 10 7 7 7 7 7 7

Total Finished Product(d)

2,346 1,996 2,239 2,113 2,343 2,279 2,233 2,159

Crop Nutrients North America 970 647 779 863 752 649 679 712

Crop Nutrients International 1,260 1,255 1,341 1,126 1,439 1,497 1,412 1,280

Non-Agricultural 116 94 119 124 152 133 142 167

Total Finished Product(d)

2,346 1,996 2,239 2,113 2,343 2,279 2,233 2,159

MOP selling price (fob mine)(o)

$ 224 $ 215 $ 199 $ 223 $ 261 $ 271 $ 264 $ 265

Average finished product selling price(g) $ 240 $ 233 $ 214 $ 234 $ 274 $ 278 $ 275 $ 277

Production Volumes ('000 tonnes)

Production Volume 2,224 1,904 2,332 2,256 2,094 2,258 2,189 2,209

Operating Rate 78 % 66 % 81 % 78 % 73 % 79 % 76 % 77 %

MOP cash costs of production including brine / production tonne(n)

$ 64 $ 74 $ 73 $ 78 $ 75 $ 71 $ 77 $ 84

ARO cash spending (in millions) $ 2 $ 2 $ 3 $ 1 $ 3 $ 2 $ 4 $ 1

Average CAD / USD $ 1.368 $ 1.364 $ 1.399 $ 1.434 $ 1.384 $ 1.377 $ 1.394 $ 1.372

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net Sales and Gross Margin (in millions, except per tonne)

Segment income statement

Net Sales - Finished Goods $ 834 $ 1,059 $ 1,452 $ 1,024 $ 852

Net Sales - Other revenue 100 116 140 122 85

Net Sales $ 1,049 $ 1,399 $ 1,088 $ 934 $ 1,175 $ 1,592 $ 1,146 $ 937

Cost of Goods Sold 947 1,271 986 807 1,013 1,410 1,125 902

Gross Margin $ 102 $ 128 $ 102 $ 127 $ 162 $ 182 $ 21 $ 35

Notable Items Included in Gross Margin 4 6 9 — — (7) — (26)

Adjusted Gross Margin(b)

$ 98 $ 122 $ 93 $ 127 $ 162 $ 189 $ 21 $ 61

SG&A 27 62 16 23 61 32 32 36

Other operating (income) expense 14 10 7 6 (8) 54 15 421

Operating Earnings $ 61 $ 56 $ 79 $ 98 $ 109 $ 96 $ (26) $ (422)

Plus: Depreciation, Depletion and Amortization 40 39 40 38 44 46 46 66

Plus: Accretion Expense 5 4 4 4 4 4 4 5

Plus: Foreign Exchange Gain (Loss) (144) 17 (84) 41 (17) (19) (57) 30

Plus: Other Income (Expense) (2) (2) (2) (1) (1) (1) (2) (2)

Less: Earnings from Consolidated Noncontrolling Interests (1) — 1 1 (1) 1 1 —

Plus: Notable Items 135 (31) 46 (57) 19 116 81 402

Adjusted EBITDA(b)

$ 96 $ 83 $ 82 $ 122 $ 159 $ 241 $ 45 $ 79

Capital expenditures $ 46 $ 51 $ 64 $ 59 $ 46 $ 70 $ 85 $ 86

Gross Margin $ / tonne of finished product $ 46 $ 44 $ 46 $ 69 $ 73 $ 65 $ 10 $ 22

Adjusted Gross Margin $ / tonne of finished product $ 45 $ 42 $ 42 $ 69 $ 73 $ 67 $ 10 $ 38

Gross margin as a percent of sales 10 % 9 % 9 % 14 % 14 % 11 % 2 % 4 %

Idle/Turnaround costs (excluding notable items) $ 24 $ 40 $ 18 $ 13 $ 26 $ 27 $ 62 $ 24

Operating Data

Sales volumes ('000 tonnes)

Fertilizer produced in Brazil sold to third parties 473 629 461 331 387 363 289 282

Fertilizer produced in Brazil sold through distribution 489 409 207 358 666 685 290 300

Purchased nutrients for distribution(p) 1,234 1,841 1,572 1,158 1,179 1,755 1,496 1,036

Total Finished Product 2,196 2,879 2,240 1,847 2,232 2,803 2,075 1,618

Sales of Performance Products ('000 tonnes)(e)

215 462 307 93 252 441 253 134

Brazil MAP price (Brazil production delivered price to third party) $ 596 $ 601 $ 632 $ 681 $ 729 $ 738 $ 717 $ 728

Average finished product selling price(g) $ 423 $ 447 $ 433 $ 452 $ 474 $ 518 $ 493 $ 527

Production Volumes ('000 tonnes)

Phosphate tonnes produced 752 779 781 778 843 834 683 656

MOP tonnes produced 79 105 108 97 122 104 27 —

Phosphate operating rate 75 % 78 % 78 % 78 % 84 % 84 % 68 % 66 %

Potash operating rate 63 % 85 % 88 % 78 % 98 % 83 % 22 % — %

Realized Costs ($/tonne)

Ammonia/tonne $ 623 $ 572 $ 628 $ 684 $ 601 $ 576 $ 638 $ 722

Sulfur (long ton) $ 174 $ 170 $ 177 $ 219 $ 270 $ 325 $ 371 $ 466

Blended rock $ 107 $ 105 $ 109 $ 97 $ 94 $ 99 $ 98 $ 104

Purchases ('000 tonnes)

DAP/MAP from Mosaic 30 43 54 62 21 45 5 38

MicroEssentials® from Mosaic 289 337 195 120 282 270 211 310

Potash from Mosaic/Canpotex 736 682 419 355 507 919 238 542

Phosphate cash conversion costs in USD, production / tonne(r) $ 100 $ 88 $ 85 $ 87 $ 84 $ 99 $ 113 $ 113

Potash cash conversion costs in USD, production / tonne $ 208 $ 175 $ 151 $ 187 $ 178 $ 240 $ 286 $ —

Mined rock costs in USD, cash produced / tonne $ 98 $ 105 $ 93 $ 87 $ 90 $ 91 $ 88 $ 116

ARO cash spending (in millions) $ 5 $ 6 $ 5 $ 1 $ 1 $ 1 $ 1 $ 1

Average BRL / USD $ 5.216 $ 5.546 $ 5.842 $ 5.853 $ 5.669 $ 5.445 $ 5.396 $ 5.264

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Net Sales and Gross Margin (in millions)

Segment income statement

Net Sales $ (75) $ (119) $ 6 $ 18 $ (53) $ (125) $ 127 $ (32)

Cost of Goods Sold (27) (143) 67 (8) (97) (115) 84 (39)

Gross Margin (Loss) $ (48) $ 24 $ (61) $ 26 $ 44 $ (10) $ 43 $ 7

Notable items Included in Gross Margin (28) 38 (80) 59 51 (27) 2 (2)

Adjusted Gross Margin (Loss)(b)

$ (20) $ (14) $ 19 $ (33) $ (7) $ 17 $ 41 $ 9

SG&A 84 68 79 80 85 78 68 78

Other operating (income) expense 3 14 6 2 10 — 9 8

Operating Earnings (Loss) $ (135) $ (58) $ (146) $ (56) $ (51) $ (88) $ (34) $ (79)

Plus: Depreciation, Depletion and Amortization 2 12 7 11 10 9 9 10

Plus: Share-Based Compensation Expense 11 5 7 10 7 7 6 10

Plus: Foreign Exchange Gain (Loss) (114) 40 (145) 82 111 64 (15) 64

Plus: Other Income (Expense) 11 — 39 (116) 213 308 (89) 113

Plus: Earnings (Loss) from equity investments — — — — 2 — — —

Less: Earnings (Loss) from Consolidated Noncontrolling Interests — (1) (1) 2 — — — —

Plus: Notable Items 134 (80) 196 (23) (380) (344) 103 (171)

Adjusted EBITDA(b)

$ (91) $ (80) $ (41) $ (94) $ (88) $ (44) $ (20) $ (53)

Elimination of profit in inventory included in COGS $ (10) $ (3) $ 7 $ (49) $ — $ 15 $ 21 $ 5

Unrealized gain (loss) on derivatives included in COGS $ (29) $ 39 $ (80) $ 59 $ 51 $ 27 $ 2 $ (4)

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items

Q1 2026

Description Segment Line Item Amount

(in millions)

Tax Effect(t)

(in millions)

EPS Impact

(per basic share)