EX-99.3

Exhibit 99.3

LOGO

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE MONTHS ENDED

MARCH 31, 2025


Unaudited

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


			Three Months Ended March 31
($ millions, except as otherwise noted)	Note		2025			2024
Sales		2, 8		5,100			5,389
Freight, transportation and distribution				226			238
Cost of goods sold				3,554			3,614
Gross Margin				1,320			1,537
Selling expenses				757			794
General and administrative expenses				152			154
Provincial mining taxes				68			68
Share-based compensation expense				42			6
Foreign exchange loss, net of related derivatives				7			43
Other expenses		3		68			53
Earnings Before Finance Costs and Income Taxes				226			419
Finance costs				179			179
Earnings Before Income Taxes				47			240
Income tax expense		4		28			75
Net Earnings				19			165
Attributable to
Equity holders of Nutrien				11			158
Non-controlling interest				8			7
Net Earnings				19			165

Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”)
Basic				0.02			0.32
Diluted				0.02			0.32
Weighted average shares outstanding for basic EPS				489,397,000			494,570,000
Weighted average shares outstanding for diluted EPS				489,540,000			494,792,000

Condensed Consolidated Statements of Comprehensive Income

			Three Months Ended March 31
($ millions, net of related income taxes)			2025			2024
Net Earnings				19			165
Other comprehensive income (loss)
Items that will not be reclassified to net earnings:
Net fair value loss on investments				(18	)		(18	)
Items that have been or may be subsequently reclassified to net earnings:
Gain (loss) on currency translation of foreign operations				39			(66	)
Other				4			(18	)
Other Comprehensive Income (Loss)				25			(102	)
Comprehensive Income				44			63
Attributable to
Equity holders of Nutrien				36			57
Non-controlling interest				8			6
Comprehensive Income				44			63

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Cash Flows


			Three Months Ended March 31
($ millions)	Note		2025			2024
Operating Activities
Net earnings				19			165
Adjustments for:
Depreciation and amortization				571			565
Share-based compensation expense				42			6
Provision for deferred income tax				80			28
Net undistributed earnings of equity-accounted investees				(5	)		(50	)
Loss related to financial instruments in Argentina		3		-			19
Long-term income tax receivables and payables				(38	)		43
Other long-term assets, liabilities and miscellaneous				5			64
Cash from operations before working capital changes				674			840
Changes in non-cash operating working capital:
Receivables				(143	)		(257	)
Inventories and prepaid expenses and other current assets				(1,274	)		(1,330	)
Payables and accrued charges				(339	)		260
Cash Used in Operating Activities				(1,082	)		(487	)
Investing Activities
Capital expenditures ¹				(300	)		(353	)
Business acquisitions, net of cash acquired				(11	)		-
Purchase of investments, held within three months, net				(16	)		(18	)
Purchase of investments				(2	)		(4	)
Proceeds from sale of investments		5		183			-
Net changes in non-cash working capital				(88	)		(90	)
Other				(9	)		(29	)
Cash Used in Investing Activities				(243	)		(494	)
Financing Activities
Proceeds from debt, maturing within three months, net				912			926
Proceeds from debt		6		998			-
Repayment of debt		6		(4	)		(14	)
Repayment of principal portion of lease liabilities				(110	)		(96	)
Dividends paid to Nutrien’s shareholders		7		(265	)		(261	)
Repurchase of common shares, inclusive of related tax		7		(148	)		-
Issuance of common shares				3			1
Other				(21	)		(8	)
Cash Provided by Financing Activities				1,365			548
Effect of Exchange Rate Changes on Cash and Cash Equivalents				2			(12	)
Increase (Decrease) in Cash and Cash Equivalents				42			(445	)
Cash and Cash Equivalents – Beginning of Period				853			941
Cash and Cash Equivalents – End of Period				895			496
Cash and cash equivalents is composed of:
Cash				828			422
Short-term investments				67			74
				895			496
Supplemental Cash Flows Information
Interest paid				132			132
Income taxes paid				7			50
Total cash outflow for leases				150			131

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended March 31, 2025 of $279 million and $21 million (2024 – $324 million and $29 million).

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Changes in Shareholders’ Equity



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

($ millions, inclusive of related tax, except as otherwise noted)	Number of Common Shares			Share Capital			Contributed Surplus		(Loss) Gain on Currency Translation of Foreign Operations			Other			Total AOCI			Retained Earnings			Equity Holders of Nutrien			Non- Controlling Interest			Total Equity

Balance – December 31, 2023		494,551,730			13,838			83		(286	)		(10	)		(296	)		11,531			25,156			45			25,201

Net earnings		-			-			-		-			-			-			158			158			7			165

Other comprehensive loss		-			-			-		(65	)		(36	)		(101	)		-			(101	)		(1	)		(102	)

Dividends declared ¹		-			-			-		-			-			-			(266	)		(266	)		-			(266	)

Non-controlling interest transactions		-			-			-		-			-			-			-			-			(8	)		(8	)

Effect of share-based compensation including issuance of common shares		37,199			2			2		-			-			-			-			4			-			4

Transfer of net loss on cash flow hedges		-			-			-		-			2			2			-			2			-			2

Balance – March 31, 2024		494,588,929			13,840			85		(351	)		(44	)		(395	)		11,423			24,953			43			24,996

Balance – December 31, 2024		491,025,446			13,748			68		(537	)		22			(515	)		11,106			24,407			35			24,442

Net earnings		-			-			-		-			-			-			11			11			8			19

Other comprehensive income (loss)		-			-			-		39			(14	)		25			-			25			-			25

Shares repurchased for cancellation (Note 7)		(2,862,814	)		(80	)		-		-			-			-			(69	)		(149	)		-			(149	)

Dividends declared ¹		-			-			-		-			-			-			(266	)		(266	)		-			(266	)

Non-controlling interest transactions		-			-			-		-			-			-			-			-			(11	)		(11	)

Effect of share-based compensation including issuance of common shares		59,751			3			1		-			-			-			-			4			-			4

Transfer of net gain on sale of investment		-			-			-		-			(27	)		(27	)		27			-			-			-

Transfer of net loss on cash flow hedges		-			-			-		-			6			6			-			6			-			6

Balance – March 31, 2025		488,222,383			13,671			69		(498	)		(13	)		(511	)		10,809			24,038			32			24,070

1 During the three months ended March 31, 2025, we declared dividends of $0.545 per share (2024 - $0.54 per share).

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Balance Sheets



		As at March 31						As at December 31, 2024
($ millions)	Note	2025			2024			As at December 31, 2024

Assets

Current assets

Cash and cash equivalents			895			496			853

Receivables	8		5,612			5,561			5,390

Inventories			7,992			8,188			6,148

Prepaid expenses and other current assets			863			905			1,401

			15,362			15,150			13,792

Non-current assets

Property, plant and equipment			22,488			22,410			22,604

Goodwill			12,058			12,083			12,043

Intangible assets			1,791			2,165			1,819

Investments	5		495			768			698

Other assets			875			999			884

Total Assets			53,069			53,575			51,840

Liabilities

Current liabilities

Short-term debt			2,437			2,835			1,534

Current portion of long-term debt	6		1,038			513			1,037

Current portion of lease liabilities			364			346			356

Payables and accrued charges			8,752			9,431			9,118

			12,591			13,125			12,045

Non-current liabilities

Long-term debt	6		9,870			8,910			8,881

Lease liabilities			998			1,034			999

Deferred income tax liabilities			3,591			3,601			3,539

Pension and other post-retirement benefit liabilities			225			246			227

Asset retirement obligations and accrued environmental costs			1,528			1,485			1,543

Other non-current liabilities			196			178			164

Total Liabilities			28,999			28,579			27,398

Shareholders’ Equity

Share capital	7		13,671			13,840			13,748

Contributed surplus			69			85			68

Accumulated other comprehensive loss			(511	)		(395	)		(515	)

Retained earnings			10,809			11,423			11,106

Equity holders of Nutrien			24,038			24,953			24,407

Non-controlling interest			32			43			35

Total Shareholders’ Equity			24,070			24,996			24,442

Total Liabilities and Shareholders’ Equity			53,069			53,575			51,840

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Notes to the Condensed Consolidated Financial Statements

As at and for the Three Months Ended March 31, 2025

Note 1 Basis of presentation

Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.

These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.

Certain immaterial 2024 figures have been reclassified in the condensed consolidated statements of earnings, condensed consolidated statements of cash flows and Note 3 Other expenses (income).

In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. These interim financial statements were authorized for issue by the Audit Committee of the Board of Directors for issue on May 7, 2025.

Note 2 Segment information

We have four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core business. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments received are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.



	Downstream		Upstream and Midstream

($ millions)	Retail		Potash		Nitrogen		Phosphate		Corporate and others		Eliminations			Consolidated

Assets – as at March 31, 2025		23,253		13,890		11,581		2,443		2,442		(540	)		53,069

Assets – as at December 31, 2024		22,149		13,792		11,603		2,453		2,571		(728	)		51,840


Unaudited


	Three Months Ended March 31, 2025

	Downstream			Upstream and Midstream

($ millions)	Retail			Potash			Nitrogen			Phosphate			Corporate and others			Eliminations			Consolidated

Sales – third party		3,090			766			892			338			14			-			5,100

– intersegment		-			95			182			67			-			(344	)		-

Sales – total		3,090			861			1,074			405			14			(344	)		5,100

Freight, transportation and distribution		-			117			120			45			-			(56	)		226

Net sales		3,090			744			954			360			14			(288	)		4,874

Cost of goods sold		2,404			380			663			361			4			(258	)		3,554

Gross margin		686			364			291			(1	)		10			(30	)		1,320

Selling expenses (recovery)		755			3			7			2			(3	)		(7	)		757

General and administrative expenses		44			2			6			2			98			-			152

Provincial mining taxes		-			68			-			-			-			-			68

Share-based compensation expense		-			-			-			-			42			-			42

Foreign exchange loss, net of related derivatives		-			-			-			-			7			-			7

Other expenses (income)		25			2			12			6			18			5			68

Earnings (loss) before finance costs and income taxes		(138	)		289			266			(11	)		(152	)		(28	)		226

Depreciation and amortization		184			157			142			72			16			-			571

EBITDA		46			446			408			61			(136	)		(28	)		797

Restructuring costs		-			-			-			-			1			-			1

Share-based compensation expense		-			-			-			-			42			-			42

ARO/ERL related expenses for non-operating sites		-			-			-			-			5			-			5

Foreign exchange loss, net of related derivatives		-			-			-			-			7			-			7

Adjusted EBITDA		46			446			408			61			(81	)		(28	)		852

	Three Months Ended March 31, 2024

	Downstream			Upstream and Midstream

($ millions)	Retail			Potash			Nitrogen			Phosphate			Corporate and others			Eliminations			Consolidated

Sales – third party		3,308			821			846			414			-			-			5,389

– intersegment		-			106			182			85			-			(373	)		-

Sales – total		3,308			927			1,028			499			-			(373	)		5,389

Freight, transportation and distribution		-			114			117			62			-			(55	)		238

Net sales		3,308			813			911			437			-			(318	)		5,151

Cost of goods sold		2,561			358			604			372			-			(281	)		3,614

Gross margin		747			455			307			65			-			(37	)		1,537

Selling expenses (recovery)		790			3			7			2			(2	)		(6	)		794

General and administrative expenses		52			4			5			4			89			-			154

Provincial mining taxes		-			68			-			-			-			-			68

Share-based compensation expense		-			-			-			-			6			-			6

Foreign exchange loss, net of related derivatives		-			-			-			-			43			-			43

Other expenses (income)		22			(3	)		(33	)		8			54			5			53

Earnings (loss) before finance costs and income taxes		(117	)		383			328			51			(190	)		(36	)		419

Depreciation and amortization		194			147			136			70			18			-			565

EBITDA		77			530			464			121			(172	)		(36	)		984

Share-based compensation expense		-			-			-			-			6			-			6

Loss related to financial instruments in Argentina		-			-			-			-			19			-			19

ARO/ERL related expenses for non-operating sites		-			-			-			-			3			-			3

Foreign exchange loss, net of related derivatives		-			-			-			-			43			-			43

Adjusted EBITDA		77			530			464			121			(101	)		(36	)		1,055


Unaudited


	Three Months Ended March 31
($ millions)	2025			2024
Retail sales by product line
Crop nutrients		1,194			1,309
Crop protection products		972			1,114
Seed		532			485
Services and other		146			156
Merchandise		189			200
Nutrien Financial		70			66
Nutrien Financial elimination ¹		(13	)		(22	)

		3,090			3,308

Potash sales by geography
Manufactured product

North America		434			520

Offshore ²		426			407
Other potash and purchased products		1			-

		861			927

Nitrogen sales by product line
Manufactured product

Ammonia		240			244

Urea and ESN^®		382			366

Solutions, nitrates and sulfates		321			319
Other nitrogen and purchased products		131			99

		1,074			1,028

Phosphate sales by product line
Manufactured product

Fertilizer		249			321

Industrial and feed		151			167

Other phosphate and purchased products		5			11

		405			499

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

2 Relates to Canpotex Limited (“Canpotex”) (see Note 8) and includes provisional pricing adjustments for the three months ended March 31, 2025 of $31 million (2024 – $12 million).

Note 3 Other expenses (income)


	Three Months Ended March 31
($ millions)	2025			2024
Restructuring costs		1			-
Earnings of equity-accounted investees		(5	)		(51	)
Bad debt expense		19			13
Project feasibility costs		15			15
Customer prepayment costs		18			16
Legal expenses		5			8
Loss on natural gas derivatives not designated as hedge		-			3
Loss related to financial instruments in Argentina		-			19
ARO/ERL related expenses for non-operating sites ¹		5			3
Other expenses		10			27
		68			53

1 ARO/ERL refers to asset retirement obligations and accrued environmental costs.


Unaudited

Note 4 Income taxes

A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction.


	Three Months Ended March 31
($ millions, except as otherwise noted)	2025		2024
Actual effective tax rate on earnings (%)		49		30
Actual effective tax rate including discrete items (%)		60		31
Discrete tax adjustments that impacted the tax rate ¹		5		3

1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate.

Note 5 Financial instruments

During the three months ended March 31, 2025, we fully divested our remaining equity ownership interest in Sinofert Holdings Limited, which had been classified as a financial asset measured at fair value through other comprehensive income. Total proceeds from the sale were $193 million of which $28 million was collected subsequent to March 31, 2025. Total proceeds from the sale reflected the fair value of the investment at the date of derecognition. A loss of $18 million related to the investment during the period was recognized in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.

Our financial instruments carrying amount are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $10,908 million and fair value of $10,272 million as at March 31, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.

Note 6 Debt

($ millions, except as otherwise noted)

Rate of interest (%)

Maturity

Amount

Senior notes issued in 2025

4.500

March 12, 2027

400

Senior notes issued in 2025

5.250

March 12, 2032

600

1,000

The senior notes issued in the three months ended March 31, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.

Subsequent to the three months ended March 31, 2025, we repaid our outstanding $500 million 3.000 percent senior notes that matured April 1, 2025.

Note 7 Share capital

Share repurchase programs

The following table summarizes our share repurchase activities during the periods indicated below:


	Three Months Ended March 31

($ millions, except as otherwise noted)	2025		2024
Number of common shares repurchased for cancellation		2,862,814		-
Average price per share (US dollars)		51.08		-
Total cost, inclusive of tax		149		-

Subsequent to March 31, 2025, as of May 6, 2025, an additional 749,958 common shares were repurchased for cancellation at a cost of $39 million and an average price per share of $52.15.

Dividends declared

We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended March 31, 2025, payable on April 10, 2025 to shareholders of record on March 31, 2025.


Unaudited

Note 8 Related party transactions

We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized, at the time product is loaded for shipping, at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended March 31, 2025 were $57 million (2024 – $31 million).



($ millions)	As at March 31, 2025		As at December 31, 2024
Receivables from Canpotex		232		122
Payables to Canpotex		77		66