EX-99.2 3 performancedataq42025-ex992.htm EX-99.2 2025 Q4 PERFORMANCE DATA

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share			$	0.14		$	(0.50)		$	0.38		$	0.53		$	0.75		$	1.29		$	1.29		$	(1.64)
Notable items impact on earnings per share(a)			(0.51)			(1.04)			0.04			0.08			0.26			0.78			0.25			(1.86)
Adjusted diluted net earnings per share(a)			$	0.65		$	0.54		$	0.34		$	0.45		$	0.49		$	0.51		$	1.04		$	0.22
Diluted weighted average # of shares outstanding			323.5			321.2			319.4			318.5			318.2			319.0			319.4			317.4
Total Net Sales			$	2,679		$	2,817		$	2,811		$	2,816		$	2,621		$	3,005		$	3,452		$	2,974
Cost of goods sold			2,280			2,423			2,395			2,514			2,133			2,487			2,900			2,631
Gross Margin			$	399		$	394		$	416		$	302		$	488		$	518		$	552		$	343
SG&A			107			128			149			113			123			167			126			119
Other operating (income) expense			119			33			153			89			27			107			87			324
Operating earnings			$	173		$	233		$	115		$	100		$	338		$	244		$	339		$	(100)
Interest expense, net			(48)			(46)			(42)			(47)			(41)			(53)			(46)			(48)
Consolidated foreign currency gain/(loss)			(100)			(268)			101			(419)			133			169			(1)			(30)
Earnings from consolidated companies before income taxes			25			(74)			174			191			313			564			599			(263)
Provision for (benefit from) income taxes			6			99			48			34			63			146			175			256
Earnings (loss) from consolidated companies			$	19		$	(173)		$	126		$	157		$	250		$	418		$	424		$	(519)
Equity in net earnings (loss) of nonconsolidated companies			37			22			5			9			—			2			—			—
Less: Net earnings (loss) attributable to noncontrolling interests			11			11			9			(3)			12			9			13			—
Net earnings (loss) attributable to Mosaic			$	45		$	(162)		$	122		$	169		$	238		$	411		$	411		$	(519)
After tax Notable items included in earnings			$	(165)		$	(334)		$	15		$	25		$	82		$	249		$	100		$	(590)
Gross Margin Rate			15		%	14		%	15		%	11		%	19		%	17		%	16		%	12		%
Effective Tax Rate (including discrete tax)			24		%	(133)		%	28		%	18		%	20		%	26		%	29		%	(97)		%
Discrete Tax benefit (expense)			$	1		$	(120)		$	4		$	(11)		$	26		$	(1)		$	(2)		$	(212)
Depreciation, Depletion and Amortization			$	241		$	264		$	238		$	283		$	243		$	262		$	277		$	268
Accretion Expense			$	27		$	28		$	26		$	31		$	32		$	33		$	33		$	32
Share-Based Compensation Expense			$	9		$	12		$	5		$	7		$	10		$	7		$	7		$	6
Notable Items			$	222		$	319		$	(28)		$	32		$	(83)		$	(347)		$	(143)		$	414
Adjusted EBITDA(b)			$	576		$	584		$	448		$	594		$	544		$	566		$	806		$	505
Net cash provided by (used in) operating activities			$	(80)		$	847		$	313		$	219		$	43		$	610		$	229		$	(56)
Cash paid for interest (net of amount capitalized)			17			77			20			72			12			82			20			78
Cash paid for income taxes (net of refunds)			99			74			111			53			76			75			89			81
Net cash used in investing activities			$	(388)		$	(349)		$	(248)		$	(277)		$	(341)		$	(319)		$	(363)		$	(287)
Capital expenditures			(383)			(334)			(241)			(294)			(341)			(305)			(364)			(350)
Net cash (used in) provided by financing activities			$	458		$	(489)		$	(138)		$	37		$	272		$	(285)		$	4		$	461
Cash dividends paid			(70)			(68)			(67)			(67)			(71)			(70)			(70)			(70)
Effect of exchange rate changes on cash			$	(4)		$	(6)		$	55		$	(7)		$	—		$	18		$	6		$	3
Net change in cash and cash equivalents			$	(14)		$	3		$	(18)		$	(27)		$	(26)		$	24		$	(125)		$	121
Short-term debt			$	1,204		$	882		$	752		$	847		$	1,234		$	1,041		$	1,154		$	760
Long-term debt (including current portion)			3,350			3,319			3,313			3,378			3,363			3,370			3,415			4,294
Cash & cash equivalents			337			322			302			273			259			286			153			277
Net debt			$	4,217		$	3,879		$	3,763		$	3,952		$	4,338		$	4,125		$	4,416		$	4,777
Segment Contributions (in millions)
Phosphates			$	1,169		$	1,180		$	1,005		$	1,165		$	1,099		$	1,173		$	1,290		$	1,015
Potash			643			663			526			557			570			710			695			686
Mosaic Fertilizantes			886			1,049			1,399			1,088			934			1,175			1,592			1,146
Corporate and Other(c)			(19)			(75)			(119)			6			18			(53)			(125)			127
Total net sales			$	2,679		$	2,817		$	2,811		$	2,816		$	2,621		$	3,005		$	3,452		$	2,974
Phosphates			$	40		$	133		$	8		$	44		$	139		$	(8)		$	102		$	(98)
Potash			198			174			109			123			157			194			229			58
Mosaic Fertilizantes			42			61			56			79			98			109			96			(26)
Corporate and Other(c)			(107)			(135)			(58)			(146)			(56)			(51)			(88)			(34)

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Consolidated operating earnings (loss)			$	173		$	233		$	115		$	100		$	338		$	244		$	339		$	(100)
Phosphates(d)			1,644			1,696			1,475			1,622			1,498			1,546			1,571			1,330
Potash(d)			2,163			2,346			1,996			2,239			2,113			2,343			2,279			2,233
Mosaic Fertilizantes			1,715			2,196			2,879			2,240			1,847			2,232			2,803			2,075
Corporate and Other			333			316			297			432			361			301			232			540
Total finished product tonnes sold ('000 tonnes)			5,855			6,554			6,647			6,533			5,819			6,422			6,885			6,178
Sales of Performance Products (third party) ('000 tonnes) (e)			787			839			1,001			1,135			681			900			996			520

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The Mosaic Company - Phosphates Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods															$	946		$	1,028		$	1,118		$	872
Net Sales - Other revenue															153			145			172			143
Net Sales			$	1,169		$	1,180		$	1,005		$	1,165		$	1,099		$	1,173		$	1,290		$	1,015
Cost of Goods Sold			1,010			1,026			863			1,027			932			1,070			1,146			992
Gross Margin			$	159		$	154		$	142		$	138		$	167		$	103		$	144		$	23
Notable Items Included in Gross Margin			—			(15)			—			(53)			—			—			(14)			—
Adjusted Gross Margin(b)			$	159		$	169		$	142		$	191		$	167		$	103		$	158		$	23
SG&A			13			10			12			10			12			13			10			11
Other operating (income) expense			106			11			123			84			16			98			32			110
Operating Earnings			$	40		$	133		$	8		$	44		$	139		$	(8)		$	102		$	(98)
Plus: Depreciation, Depletion and Amortization			117			128			118			143			113			129			129			130
Plus: Accretion Expense			20			20			20			25			25			26			26			25
Plus: Foreign Exchange Gain (Loss)			2			2			(5)			(4)			(3)			(7)			10			(3)
Plus: Other Non operating Income (Expense)			3			(2)			1			517			—			(8)			(4)			5
Plus: Dividends from equity investments			15			—			—			—			—			—			—			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests			10			11			8			(4)			8			10			11			—
Plus: Notables Items			90			38			131			(388)			10			95			28			85
Adjusted EBITDA(b)			$	277		$	308		$	265		$	341		$	276		$	217		$	280		$	144
Capital expenditures			$	197		$	177		$	127		$	160		$	236		$	185		$	221		$	207
Gross Margin $ / tonne of finished product			$	97		$	91		$	96		$	85		$	111		$	67		$	92		$	17
Adjusted Gross Margin $ / tonne of finished product			$	97		$	100		$	96		$	118		$	111		$	67		$	101		$	17
Gross margin as a percent of sales			14		%	13		%	14		%	12		%	15		%	9		%	11		%	2		%
Freight included in finished goods (in millions)			$	103		$	104		$	79		$	83		$	84		$	93		$	97		$	85
Idle/Turnaround costs (excluding notable items)			$	56		$	36		$	7		$	24		$	44		$	84		$	42		$	67
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP			900			828			656			749			846			711			760			618
Performance products(f)			673			794			750			814			587			773			750			640
Other products(i)			71			74			69			59			65			62			61			72
Total Finished Product(d)			1,644			1,696			1,475			1,622			1,498			1,546			1,571			1,330
DAP selling price (fob plant)(q)			$	598		$	575		$	569		$	593		$	623		$	668		$	714		$	686
Average finished product selling price (destination)(g)			$	593		$	578		$	579		$	606		$	632		$	665		$	712		$	656
Production Volumes ('000 tonnes)
Total tonnes produced(h)			1,577			1,675			1,625			1,413			1,423			1,505			1,678			1,666
Operating Rate			64		%	68		%	66		%	58		%	58		%	61		%	68		%	67		%
Raw Materials
Ammonia used in production (tonnes)			$	246		$	243		$	238		$	228		$	214		$	226		$	255		$	251
Sulfur used in production			$	725		$	778		$	739		$	694		$	661		$	732		$	772		$	799
Realized costs ($/tonne)
Ammonia (tonne)(j)			$	404		$	424		$	482		$	435		$	416		$	445		$	455		$	550
Sulfur (long ton)(k)			$	142		$	138		$	126		$	127		$	157		$	209		$	272		$	306
Blended rock			$	81		$	86		$	87		$	87		$	77		$	74		$	80		$	84
Phosphate cash conversion costs, production / tonne(r)			$	110		$	100		$	101		$	118		$	134		$	126		$	131		$	112
Cash costs of U.S. mined rock/production tonne(s)			$	57		$	54		$	56		$	52		$	54		$	51		$	62		$	58
ARO cash spending (in millions)			$	40		$	59		$	54		$	72		$	70		$	79		$	60		$	66

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The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods															$	495		$	641		$	633		$	614
Net Sales - Other revenue															75			69			62			72
Net Sales			$	643		$	663		$	526		$	557		$	570		$	710		$	695		$	686
Cost of Goods Sold			431			477			404			434			402			501			459			430
Gross Margin			$	212		$	186		$	122		$	123		$	168		$	209		$	236		$	256
Notable Items Included in Gross Margin			—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)			$	212		$	186		$	122		$	123		$	168		$	209		$	236		$	256
SG&A			9			7			7			8			8			8			6			8
Other operating (income) expense			5			5			6			(8)			3			7			1			190
Operating Earnings			$	198		$	174		$	109		$	123		$	157		$	194		$	229		$	58
Plus: Depreciation, Depletion and Amortization			82			94			69			93			81			79			93			83
Plus: Accretion Expense			2			3			2			2			3			3			3			3
Plus: Foreign Exchange Gain (Loss)			(31)			(12)			48			(185)			13			82			(56)			46
Plus: Other Non operating Income (Expense)			—			—			—			1			(1)			1			3			1
Plus: Notable Items			30			12			(48)			178			(13)			(81)			57			145
Adjusted EBITDA(b)			$	281		$	271		$	180		$	212		$	240		$	278		$	329		$	336
Capital expenditures			$	97		$	75		$	61		$	65		$	45		$	73		$	72		$	53
Gross Margin $ / tonne of finished product			$	98		$	79		$	61		$	55		$	80		$	89		$	104		$	115
Adjusted Gross Margin $ / tonne of finished product			$	98		$	79		$	61		$	55		$	80		$	89		$	104		$	115
Gross margin as a percent of sales			33		%	28		%	23		%	22		%	29		%	29		%	34		%	37		%
Supplemental Cost Information
Canadian resource taxes			$	64		$	67		$	45		$	56		$	47		$	62		$	87		$	77
Royalties			$	10		$	10		$	9		$	10		$	9		$	10		$	12		$	11
Freight(l)			$	86		$	94		$	87		$	60		$	74		$	74		$	66		$	73
Idle/Turnaround costs (excluding notable items)			$	9		$	18		$	23		$	6		$	1		$	34		$	16		$	8
Operating Data
Sales volumes ('000 tonnes)(d)
MOP			1,927			2,113			1,775			2,064			1,947			2,122			2,110			2,083
Performance products(m)			225			225			211			168			159			214			162			143
Other products(i)			11			8			10			7			7			7			7			7
Total Finished Product(d)			2,163			2,346			1,996			2,239			2,113			2,343			2,279			2,233
Crop Nutrients North America			838			970			647			779			863			752			649			679
Crop Nutrients International			1,195			1,260			1,255			1,341			1,126			1,439			1,497			1,412
Non-Agricultural			130			116			94			119			124			152			133			142
Total Finished Product(d)			2,163			2,346			1,996			2,239			2,113			2,343			2,279			2,233
MOP selling price (fob mine)(o)			$	241		$	224		$	215		$	199		$	223		$	261		$	271		$	264
Average finished product selling price (destination)(g)			$	258		$	240		$	233		$	214		$	234		$	274		$	278		$	275
Production Volumes ('000 tonnes)
Production Volume			2,338			2,224			1,904			2,332			2,256			2,094			2,258			2,189
Operating Rate			81		%	78		%	66		%	81		%	78		%	73		%	79		%	76		%

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MOP cash costs of production excluding brine / production tonne(n)			$	72		$	64		$	74		$	73		$	78		$	75		$	71		$	77
ARO cash spending (in millions)			$	1		$	2		$	2		$	3		$	1		$	3		$	2		$	4
Average CAD / USD			$	1.348		$	1.368		$	1.364		$	1.399		$	1.434		$	1.384		$	1.377		$	1.394

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The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods															$	834		$	1,059		$	1,452		$	1,024
Net Sales - Other revenue															100			116			140			122
Net Sales			$	886		$	1,049		$	1,399		$	1,088		$	934		$	1,175		$	1,592		$	1,146
Cost of Goods Sold			811			947			1,271			986			807			1,013			1,410			1,125
Gross Margin			$	75		$	102		$	128		$	102		$	127		$	162		$	182		$	21
Notable Items Included in Gross Margin			1			4			6			9			—			—			(7)			—
Adjusted Gross Margin(b)			$	74		$	98		$	122		$	93		$	127		$	162		$	189		$	21
SG&A			30			27			62			16			23			61			32			32
Other operating (income) expense			3			14			10			7			6			(8)			54			15
Operating Earnings			$	42		$	61		$	56		$	79		$	98		$	109		$	96		$	(26)
Plus: Depreciation, Depletion and Amortization			40			40			39			40			38			44			46			46
Plus: Accretion Expense			5			5			4			4			4			4			4			4
Plus: Foreign Exchange Gain (Loss)			(45)			(144)			17			(84)			41			(17)			(19)			(57)
Plus: Other Non operating Income (Expense)			(2)			(2)			(2)			(2)			(1)			(1)			(1)			(2)
Less: Earnings from Consolidated Noncontrolling Interests			1			(1)			—			1			1			(1)			1			1
Plus: Notable Items			44			135			(31)			46			(57)			19			116			81
Adjusted EBITDA(b)			$	83		$	96		$	83		$	82		$	122		$	159		$	241		$	45
Capital expenditures			$	82		$	46		$	51		$	64		$	59		$	46		$	70		$	85
Gross Margin $ / tonne of finished product			$	44		$	46		$	44		$	46		$	69		$	73		$	65		$	10
Adjusted Gross Margin $ / tonne of finished product			$	43		$	45		$	42		$	42		$	69		$	73		$	67		$	10
Gross margin as a percent of sales			8		%	10		%	9		%	9		%	14		%	14		%	11		%	2		%
Idle/Turnaround costs (excluding notable items)			$	15		$	24		$	40		$	18		$	13		$	26		$	27		$	62
Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties			357			473			629			461			331			387			363			289
Fertilizer produced in Brazil sold through distribution			328			489			409			207			358			666			685			290
Purchased nutrients for distribution(p)			1,030			1,234			1,841			1,572			1,158			1,179			1,755			1,496
Total Finished Product			1,715			2,196			2,879			2,240			1,847			2,232			2,803			2,075
Sales of Performance Products ('000 tonnes)(e)			123			215			462			307			93			252			441			253
Brazil MAP price (Brazil production delivered price to third party)			$	581		$	596		$	601		$	632		$	681		$	729		$	738		$	717
Average finished product selling price (destination)(g)			$	463		$	423		$	447		$	433		$	452		$	474		$	518		$	493
Production Volumes ('000 tonnes)
Phosphate tonnes produced			793			752			779			781			778			843			834			683
MOP tonnes produced			104			79			105			108			97			122			104			27
Phosphate operating rate			79		%	75		%	78		%	78		%	78		%	84		%	84		%	68		%
Potash operating rate			83		%	63		%	85		%	88		%	78		%	98		%	83		%	22		%
Realized Costs ($/tonne)
Ammonia/tonne			$	705		$	623		$	572		$	628		$	684		$	601		$	576		$	638
Sulfur (long ton)			$	173		$	174		$	170		$	177		$	219		$	270		$	325		$	371
Blended rock			$	115		$	107		$	105		$	109		$	97		$	94		$	99		$	98

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Purchases ('000 tonnes)
DAP/MAP from Mosaic			68			30			43			54			62			21			45			5
MicroEssentials® from Mosaic			169			289			337			195			120			282			270			211
Potash from Mosaic/Canpotex			358			736			682			419			355			507			919			238
Phosphate cash conversion costs in USD, production / tonne(r)			$	101		$	100		$	88		$	85		$	87		$	84		$	99		$	113
Potash cash conversion costs in USD, production / tonne			$	196		$	208		$	175		$	151		$	187		$	178		$	240		$	286
Mined rock costs in USD, cash produced / tonne			$	121		$	98		$	105		$	93		$	87		$	90		$	91		$	88
ARO cash spending (in millions)			$	2		$	5		$	6		$	5		$	1		$	1		$	1		$	1
Average BRL / USD			$	4.952		$	5.216		$	5.546		$	5.842		$	5.853		$	5.669		$	5.445		$	5.396

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The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales			$	(19)		$	(75)		$	(119)		$	6		$	18		$	(53)		$	(125)		$	127
Cost of Goods Sold			28			(27)			(143)			67			(8)			(97)			(115)			84
Gross Margin (Loss)			$	(47)		$	(48)		$	24		$	(61)		$	26		$	44		$	(10)		$	43
Notable items Included in Gross Margin			(31)			(28)			38			(80)			59			51			(27)			2
Adjusted Gross Margin (Loss)(b)			$	(16)		$	(20)		$	(14)		$	19		$	(33)		$	(7)		$	17		$	41
SG&A			55			84			68			79			80			85			78			68
Other operating (income) expense			5			3			14			6			2			10			—			9
Operating Earnings (Loss)			$	(107)		$	(135)		$	(58)		$	(146)		$	(56)		$	(51)		$	(88)		$	(34)
Plus: Depreciation, Depletion and Amortization			2			2			12			7			11			10			9			9
Plus: Share-Based Compensation Expense			9			11			5			7			10			7			7			6
Plus: Foreign Exchange Gain (Loss)			(27)			(114)			40			(145)			82			111			64			(15)
Plus: Other Income (Expense)			—			11			—			39			(116)			213			308			(89)
Plus: Earnings (Loss) from equity investments			—			—			—			—			—			2			—			—
Less: Earnings (Loss) from Consolidated Noncontrolling Interests			—			—			(1)			(1)			2			—			—			—
Plus: Notable Items			58			134			(80)			196			(23)			(380)			(344)			103
Adjusted EBITDA(b)			$	(65)		$	(91)		$	(80)		$	(41)		$	(94)		$	(88)		$	(44)		$	(20)
Elimination of profit in inventory included in COGS			$	(15)		$	(10)		$	(3)		$	7		$	(49)		$	—		$	15		$	21
Unrealized gain (loss) on derivatives included in COGS			$	(31)		$	(29)		$	39		$	(80)		$	59		$	51		$	27		$	2

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The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items

Q4 2025
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(44)					$	6					$	(0.12)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						2						(2)						—
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(14)						7						(0.02)
Ma'aden mark-to-market			Corporate and Other			Other non-operating income (expense)						(90)						7						(0.25)
ARO Adjustment			Phosphate/Potash			Other operating income (expense)						(64)						20						(0.14)
Environmental Reserve			Phosphate			Other operating income (expense)						(21)						8						(0.04)
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						8						(2)						0.01
Net Gain on assets held for sale and transaction fees			Brazil/Corp			Other operating income (expense)/SG&A						100						(40)						0.18
Impairment of goodwill and asset write-offs			Brazil			Impairment of goodwill						(110)						20						(0.28)
Loss on assets held for sale			Potash			Loss (gain) on assets sold and to be sold						(189)						69						(0.38)
Brazil Valuation Adjustment			Brazil			(Provision for) benefit from income taxes						—						(261)						(0.82)
Total Notable Items												$	(422)					$	(168)					$	(1.86)

Q3 2025
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(14)					$	3					$	(0.04)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(27)						7						(0.06)
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)						308						(80)						0.71
Environmental Reserve			Phosphate			Other operating income (expense)						(18)						5						(0.04)
Loss on assets held for sale and transaction fees			Mosaic Fertilizantes/Corporate			Other operating income (expense)/SG&A						(75)						—						(0.23)
Asset write-off			Mosaic Fertilizantes			Cost of goods sold/Other operating income (expense)						(11)						3						(0.03)
Land reclamation			Phosphate			Cost of goods sold						(14)						4						(0.03)
Total Notable Items												$	135					$	(55)					$	0.25

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Q2 2025
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	169					$	(45)					$	0.39
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						51						(14)						0.11
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						$	(14)					$	4					$	(0.03)
Ma'aden mark-to-market			Corporate and Other			Other non-operating income (expense)						216						(58)						0.50
ARO Adjustment			Phosphate			Other operating income (expense)						(44)						12						(0.10)
Environmental Reserve			Phosphate			Other operating income (expense)						(32)						9						(0.07)
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(7)						2						(0.02)
Total Notable Items												$	339					$	(90)					$	0.78

Q1 2025
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic 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

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Q4 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(u) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(390)					$	75					$	(0.99)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(80)						15						(0.20)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(13)						2						(0.04)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						9						(2)						0.02
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(5)						1						(0.01)
ARO Adjustment			Phosphate			Other operating income (expense)						(23)						4						(0.06)
Hurricane Milton idle costs			Phosphate			Cost of goods sold						(52)						10						(0.13)
Gain on sale of equity investment			Phosphate			Other non-operating income (expense)						522						(43)						1.51
Ma'aden mark-to-market			Corporate and Other			Other non-operating income (expense)						28						(5)						0.07
ARO Adjustment			Potash			Other operating income (expense)						7						(1)						0.02
Arbitration reserve			Phosphate			Other Operating Expense/Non Controlling Interest						(43)						9						(0.11)
Total Notable Items												$	(40)					$	65					$	0.08

Q3 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	111					$	(35)					$	0.22
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						38						(11)						0.09
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(15)						5						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						6						(2)						0.01
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						5						(2)						0.01
ARO Adjustment			Phosphate			Other operating income (expense)						(102)						31						(0.22)
Environmental reserve			Phosphate			Other operating income (expense)						(20)						6						(0.04)
Total Notable Items												$	23					$	(8)					$	0.04

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Q2 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(263)					$	76					$	(0.58)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(28)						9						(0.07)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(13)						3						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						4						(1)						—
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(2)						—						—
Land reclamation			Phosphate			Cost of goods sold						(15)						4						(0.03)
Pension plan termination			Corporate and Other			Other non-operating income (expense)						8						(2)						0.02
Franchise tax reversal			Phosphate			Other operating income (expense)						(15)						4						(0.03)
Discrete tax items			Consolidated			(Provision for) benefit from income taxes						—						(103)						(0.32)
Total Notable Items												$	(324)					$	(10)					$	(1.04)

Q1 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(100)					$	28					$	(0.22)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(31)						8						(0.07)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(11)						3						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						1						—						—
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						4						(1)						0.01
ARO Adjustment			Phosphate			Other operating income (expense)						(14)						4						(0.03)
Environmental reserve			Phosphate			Other operating income (expense)						(77)						21						(0.17)
Total Notable Items												$	(228)					$	63					$	(0.51)

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Footnotes

 

(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".

(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.

(c)Includes elimination of intersegment sales.

(d)Finished product sales volumes include intersegment sales.

(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.

(f)Includes MicroEssentials performance products.

(g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods.

(h)Includes crop nutrient dry concentrates and animal feed ingredients.

(i)Includes finished goods sales of feed and other products.

(j)Amounts are representative of our average ammonia costs in cost of goods sold.

(k)Amounts are representative of our average sulfur costs in cost of goods sold.

(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.

(m)Includes K-Mag, and Aspire finished performance products.

(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.

(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.

(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.

(q)Includes intersegment sales.

(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. 

(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.

(t)Tax impact is based on our expected annual effective rate.

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The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. 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 GAAP. Each of the non-GAAP financial measures we present is determined as described below.

The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, 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 Diluted Net Earnings Per Share

Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, 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 adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit) from income taxes. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.

(in millions)			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Consolidated Net Income (Loss)			$	45		$	(162)		$	122		$	169		$	238		$	411		$	411		$	(519)
Less: Consolidated Interest Expense, Net			(48)			(46)			(42)			(47)			(41)			(53)			(46)			(48)
Plus: Consolidated Depreciation, Depletion & Amortization			241			264			238			283			243			262			277			268
Plus: Accretion Expense			27			28			26			31			32			33			33			32
Plus: Share-Based Compensation Expense			9			12			5			7			10			8			7			6
Plus: Consolidated Provision for (Benefit from) Income Taxes			6			99			48			34			63			146			175			256
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends			22			22			5			9			—			—			—			—
Plus: Notable Items not included above			222			319			(28)			32			(83)			(347)			(143)			414
Consolidated Adjusted EBITDA			$	576		$	584		$	448		$	594		$	544		$	566		$	806		$	505

Segment Adjusted EBITDA

Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization plus asset retirement obligation accretion plus foreign exchange gain (loss) plus other income (expense) plus equity earnings (loss) less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also

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adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.

Adjusted Gross Margin

Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & 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 adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.