Document

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)


	Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share	$	1.11		$	0.14		$	(0.50)		$	0.38		$	0.53		$	0.75		$	1.29		$	1.29
Notable items impact on earnings per share(a)	0.40			(0.51)			(1.04)			0.04			0.08			0.26			0.78			0.25
Adjusted diluted net earnings per share(a)	$	0.71		$	0.65		$	0.54		$	0.34		$	0.45		$	0.49		$	0.51		$	1.04
Diluted weighted average # of shares outstanding	327.7			323.5			321.2			319.4			318.5			318.2			319.0			319.4

Total Net Sales	$	3,149		$	2,679		$	2,817		$	2,811		$	2,816		$	2,621		$	3,005		$	3,452
Cost of goods sold	2,589			2,280			2,423			2,395			2,514			2,133			2,487			2,900
Gross Margin	$	560		$	399		$	394		$	416		$	302		$	488		$	518		$	552
SG&A	123			107			128			149			113			123			167			126
Other operating (income) expense	158			119			33			153			89			27			107			87
Operating earnings	$	279		$	173		$	233		$	115		$	100		$	338		$	244		$	339
Interest expense, net	(35)			(48)			(46)			(42)			(47)			(41)			(53)			(46)
Consolidated foreign currency gain/(loss)	91			(100)			(268)			101			(419)			133			169			(1)
Earnings from consolidated companies before income taxes	324			25			(74)			174			191			313			564			599
Provision for (benefit from) income taxes	(44)			6			99			48			34			63			146			175
Earnings (loss) from consolidated companies	$	368		$	19		$	(173)		$	126		$	157		$	250		$	418		$	424
Equity in net earnings (loss) of nonconsolidated companies	—			37			22			5			9			—			2			—
Less: Net earnings (loss) attributable to noncontrolling interests	3			11			11			9			(3)			12			9			13
Net earnings (loss) attributable to Mosaic	$	365		$	45		$	(162)		$	122		$	169		$	238		$	411		$	411
After tax Notable items included in earnings	$	131		$	(165)		$	(334)		$	15		$	25		$	82		$	249		$	100

Gross Margin Rate	18		%	15		%	14		%	15		%	11		%	19		%	17		%	16		%

Effective Tax Rate (including discrete tax)	(14)		%	24		%	(133)		%	28		%	18		%	20		%	26		%	29		%
Discrete Tax benefit (expense)	$	2		$	1		$	(120)		$	4		$	(11)		$	26		$	(1)		$	(2)

Depreciation, Depletion and Amortization	$	257		$	241		$	264		$	238		$	283		$	243		$	262		$	277
Accretion Expense	$	27		$	27		$	28		$	26		$	31		$	32		$	33		$	33
Share-Based Compensation Expense	$	6		$	9		$	12		$	5		$	7		$	10		$	7		$	7
Notable Items	$	—		$	222		$	319		$	(28)		$	32		$	(83)		$	(347)		$	(143)
Adjusted EBITDA(b)	$	646		$	576		$	584		$	448		$	594		$	544		$	566		$	806

Net cash provided by (used in) operating activities	$	538		$	(80)		$	847		$	313		$	219		$	43		$	610		$	229
Cash paid for interest (net of amount capitalized)	76			17			77			20			72			12			82			20
Cash paid for income taxes (net of refunds)	(36)			99			74			111			53			76			75			89
Net cash used in investing activities	$	(362)		$	(388)		$	(349)		$	(248)		$	(277)		$	(341)		$	(319)		$	(363)
Capital expenditures	(359)			(383)			(334)			(241)			(294)			(341)			(305)			(364)
Net cash (used in) provided by financing activities	$	(411)		$	458		$	(489)		$	(138)		$	37		$	272		$	(285)		$	4
Cash dividends paid	(65)			(70)			(68)			(67)			(67)			(71)			(70)			(70)
Effect of exchange rate changes on cash	$	(6)		$	(4)		$	(6)		$	55		$	(7)		$	—		$	18		$	6

Net change in cash and cash equivalents	$	(241)		$	(14)		$	3		$	(18)		$	(27)		$	(26)		$	24		$	(125)

Short-term debt	$	400		$	1,204		$	882		$	752		$	847		$	1,234		$	1,041		$	1,154
Long-term debt (including current portion)	3,362			3,350			3,319			3,313			3,378			3,363			3,370			3,415
Cash & cash equivalents	349			337			322			302			273			259			286			153
Net debt	$	3,413		$	4,217		$	3,879		$	3,763		$	3,952		$	4,338		$	4,125		$	4,416

Segment Contributions (in millions)
Phosphate	$	1,070		$	1,169		$	1,180		$	1,005		$	1,165		$	1,099		$	1,173		$	1,290
Potash	758			643			663			526			557			570			710			695
Mosaic Fertilizantes	1,192			886			1,049			1,399			1,088			934			1,175			1,592
Corporate and Other(c)	129			(19)			(75)			(119)			6			18			(53)			(125)
Total net sales	$	3,149		$	2,679		$	2,817		$	2,811		$	2,816		$	2,621		$	3,005		$	3,452

Phosphate	$	21		$	40		$	133		$	8		$	44		$	139		$	(8)		$	102
Potash	222			198			174			109			123			157			194			229
Mosaic Fertilizantes	50			42			61			56			79			98			109			96
Corporate and Other(c)	(14)			(107)			(135)			(58)			(146)			(56)			(51)			(88)
Consolidated operating earnings	$	279		$	173		$	233		$	115		$	100		$	338		$	244		$	339



Phosphate(d)	1,582	1,644	1,696	1,475	1,622	1,498	1,546	1,571
Potash(d)	2,577	2,163	2,346	1,996	2,239	2,113	2,343	2,279
Mosaic Fertilizantes	2,158	1,715	2,196	2,879	2,240	1,847	2,232	2,803
Corporate and Other	618	333	316	297	432	361	301	232
Total finished product tonnes sold ('000 tonnes)	6,935	5,855	6,554	6,647	6,533	5,819	6,422	6,885
Sales of Performance Products ('000 tonnes)(e)	1,044	787	839	1,001	1,135	681	900	996

The Mosaic Company - Phosphate Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods																$	946		$	1,028		$	1,118
Net Sales - Other revenue																153			145			172
Net Sales	$	1,070		$	1,169		$	1,180		$	1,005		$	1,165		$	1,099		$	1,173		$	1,290
Cost of Goods Sold	931			1,010			1,026			863			1,027			932			1,070			1,146
Gross Margin	$	139		$	159		$	154		$	142		$	138		$	167		$	103		$	144
Notable Items Included in Gross Margin	(28)			—			(15)			—			(53)			—			—			(14)
Adjusted Gross Margin(b)	$	167		$	159		$	169		$	142		$	191		$	167		$	103		$	158

SG&A	11			13			10			12			10			12			13			10
Other operating (income) expense	107			106			11			123			84			16			98			32

Operating Earnings	$	21		$	40		$	133		$	8		$	44		$	139		$	(8)		$	102
Plus: Depreciation, Depletion and Amortization	124			117			128			118			143			113			129			129
Plus: Accretion Expense	19			20			20			20			25			25			26			26
Plus: Foreign Exchange Gain (Loss)	(1)			2			2			(5)			(4)			(3)			(7)			10
Plus: Other Income (Expense)	(9)			3			(2)			1			517			—			(8)			(4)
Plus: Dividends from equity investments	—			15			—			—			—			—			—			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests	2			10			11			8			(4)			8			10			11
Plus: Notables Items	107			90			38			131			(388)			10			95			28
Adjusted EBITDA(b)	$	259		$	277		$	308		$	265		$	341		$	276		$	217		$	280

Capital expenditures	$	208		$	197		$	177		$	127		$	160		$	236		$	185		$	221
Gross Margin $ / tonne of finished product	$	88		$	97		$	91		$	96		$	85		$	111		$	67		$	92
Adjusted Gross Margin $ / tonne of finished product	$	106		$	97		$	100		$	96		$	118		$	111		$	67		$	101
Gross margin as a percent of sales	13		%	14		%	13		%	14		%	12		%	15		%	9		%	11		%

Freight included in finished goods COGS	$	105		$	103		$	104		$	79		$	83		$	84		$	93		$	97
Idle/Turnaround costs (excluding notable items)	$	32		$	56		$	36		$	7		$	24		$	44		$	84		$	42

Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP	762			900			828			656			749			846			711			760
Performance & other products(f)	741			673			794			750			814			587			773			750
Other products(i)	79			71			74			69			59			65			62			61
Total Finished Product(d)	1,582			1,644			1,696			1,475			1,622			1,498			1,546			1,571

DAP selling price (fob plant)(q)	$	552		$	598		$	575		$	569		$	593		$	623		$	668		$	714
Average finished product selling price(g)	$	553		$	593		$	578		$	579		$	606		$	632		$	665		$	712

Production Volumes ('000 tonnes)
Total tonnes produced(h)	1,479			1,577			1,675			1,625			1,413			1,423			1,505			1,678
Operating Rate	60		%	64		%	68		%	66		%	58		%	58		%	61		%	68		%

Raw Materials
Ammonia used in production (tonnes)	$	209		$	246		$	243		$	238		$	228		$	214		$	226		$	255
Sulfur used in production	$	549		$	725		$	778		$	739		$	694		$	661		$	732		$	772

Realized costs ($/tonne)
Ammonia (tonne)(j)	$	366		$	404		$	424		$	482		$	435		$	416		$	445		$	455
Sulfur (long ton)(k)	$	152		$	142		$	138		$	126		$	127		$	157		$	209		$	272
Blended rock	$	77		$	81		$	86		$	87		$	87		$	77		$	74		$	80

Phosphate cash conversion costs, production / tonne(r)	$	118		$	110		$	100		$	101		$	118		$	134		$	126		$	131
Cash costs of U.S. mined rock/production tonne(s)	$	56		$	57		$	54		$	56		$	52		$	54		$	51		$	62

ARO cash spending (in millions)	$	41		$	40		$	59		$	54		$	72		$	70		$	79		$	60

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods																$	495		$	641		$	633
Net Sales - Other revenue																75			69			62
Net Sales	$	758		$	643		$	663		$	526		$	557		$	570		$	710		$	695
Cost of Goods Sold	503			431			477			404			434			402			501			459
Gross Margin	$	255		$	212		$	186		$	122		$	123		$	168		$	209		$	236
Notable Items Included in Gross Margin	—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)	$	255		$	212		$	186		$	122		$	123		$	168		$	209		$	236

SG&A	8			9			7			7			8			8			8			6
Other operating (income) expense	25			5			5			6			(8)			3			7			1

Operating Earnings	$	222		$	198		$	174		$	109		$	123		$	157		$	194		$	229
Plus: Depreciation, Depletion and Amortization	89			82			94			69			93			81			79			93
Plus: Accretion Expense	3			2			3			2			2			3			3			3
Plus: Foreign Exchange Gain (Loss)	41			(31)			(12)			48			(185)			13			82			(56)
Plus: Other Income (Expense)	(2)			—			—			—			1			(1)			1			3
Plus: Notable Items	(31)			30			12			(48)			178			(13)			(81)			57
Adjusted EBITDA(b)	$	322		$	281		$	271		$	180		$	212		$	240		$	278		$	329

Capital expenditures	$	105		$	97		$	75		$	61		$	65		$	45		$	73		$	72
Gross Margin $ / tonne of finished product	$	99		$	98		$	79		$	61		$	55		$	80		$	89		$	104
Adjusted Gross Margin $ / tonne of finished product	$	99		$	98		$	79		$	61		$	55		$	80		$	89		$	104
Gross margin as a percent of sales	34		%	33		%	28		%	23		%	22		%	29		%	29		%	34		%

Supplemental Cost Information
Canadian resource taxes	$	102		$	64		$	67		$	45		$	56		$	47		$	62		$	87
Royalties	$	13		$	10		$	10		$	9		$	10		$	9		$	10		$	12
Freight expense(l)	$	78		$	86		$	94		$	87		$	60		$	74		$	74		$	66
Idle/Turnaround costs (excluding notable items)	$	3		$	9		$	18		$	23		$	6		$	1		$	34		$	16

Operating Data
Sales volumes ('000 tonnes)(d)
MOP	2,359			1,927			2,113			1,775			2,064			1,947			2,122			2,110
Performance & other products(m)	207			225			225			211			168			159			214			162
Other products(i)	11			11			8			10			7			7			7			7
Total Finished Product(d)	2,577			2,163			2,346			1,996			2,239			2,113			2,343			2,279

Crop Nutrients North America	773			838			970			647			779			863			752			649
Crop Nutrients International	1,666			1,195			1,260			1,255			1,341			1,126			1,439			1,497
Non-Agricultural	138			130			116			94			119			124			152			133
Total Finished Product(d)	2,577			2,163			2,346			1,996			2,239			2,113			2,343			2,279

MOP selling price (fob mine)(o)	$	243		$	241		$	224		$	215		$	199		$	223		$	261		$	271
Average finished product selling price(g)	$	262		$	258		$	240		$	233		$	214		$	234		$	274		$	278

Production Volumes ('000 tonnes)
Production Volume	2,527			2,338			2,224			1,904			2,332			2,256			2,094			2,258
Operating Rate	90		%	81		%	78		%	66		%	81		%	78		%	73		%	79		%

MOP cash costs of production including brine / production tonne(n)	$	66		$	72		$	64		$	74		$	73		$	78		$	75		$	71
ARO cash spending (in millions)	$	2		$	1		$	2		$	2		$	3		$	1		$	3		$	2

Average CAD / USD	$	1.361		$	1.348		$	1.368		$	1.364		$	1.399		$	1.434		$	1.384		$	1.377

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods																$	834		$	1,059		$	1,452
Net Sales - Other revenue																100			116			140
Net Sales	$	1,192		$	886		$	1,049		$	1,399		$	1,088		$	934		$	1,175		$	1,592
Cost of Goods Sold	1,098			811			947			1,271			986			807			1,013			1,410
Gross Margin	$	94		$	75		$	102		$	128		$	102		$	127		$	162		$	182
Notable Items Included in Gross Margin	(3)			1			4			6			9			—			—			(7)
Adjusted Gross Margin(b)	$	97		$	74		$	98		$	122		$	93		$	127		$	162		$	189

SG&A	29			30			27			62			16			23			61			32
Other operating (income) expense	15			3			14			10			7			6			(8)			54

Operating Earnings	$	50		$	42		$	61		$	56		$	79		$	98		$	109		$	96
Plus: Depreciation, Depletion and Amortization	41			40			40			39			40			38			44			46
Plus: Accretion Expense	5			5			5			4			4			4			4			4
Plus: Foreign Exchange Gain (Loss)	32			(45)			(144)			17			(84)			41			(17)			(19)
Plus: Other Income (Expense)	(1)			(2)			(2)			(2)			(2)			(1)			(1)			(1)
Less: Earnings from Consolidated Noncontrolling Interests	—			1			(1)			—			1			1			(1)			1
Plus: Notable Items	(16)			44			135			(31)			46			(57)			19			116
Adjusted EBITDA(b)	$	111		$	83		$	96		$	83		$	82		$	122		$	159		$	241

Capital expenditures	$	68		$	82		$	46		$	51		$	64		$	59		$	46		$	70
Gross Margin $ / tonne of finished product	$	44		$	44		$	46		$	44		$	46		$	69		$	73		$	65
Adjusted Gross Margin $ / tonne of finished product	$	45		$	43		$	45		$	42		$	42		$	69		$	73		$	67
Gross margin as a percent of sales	8		%	8		%	10		%	9		%	9		%	14		%	14		%	11		%
Idle/Turnaround costs (excluding notable items)	$	26		$	15		$	24		$	40		$	18		$	13		$	26		$	27

Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties	453			357			473			629			461			331			387			363
Fertilizer produced in Brazil sold through distribution	272			328			489			409			207			358			666			685
Purchased nutrients for distribution(p)	1,433			1,030			1,234			1,841			1,572			1,158			1,179			1,755
Total Finished Product	2,158			1,715			2,196			2,879			2,240			1,847			2,232			2,803

Sales of Performance Products ('000 tonnes)(e)	341			123			215			462			307			93			252			441

Brazil MAP price (Brazil production delivered price to third party)	$	580		$	581		$	596		$	601		$	632		$	681		$	729		$	738
Average finished product selling price(g)	$	500		$	463		$	423		$	447		$	433		$	452		$	474		$	518

Production Volumes ('000 tonnes)
Phosphate tonnes produced	774			793			752			779			781			778			843			834
MOP tonnes produced	114			104			79			105			108			97			122			104

Phosphate operating rate	77		%	79		%	75		%	78		%	78		%	78		%	84		%	84		%
Potash operating rate	91		%	83		%	63		%	85		%	88		%	78		%	98		%	83		%

Realized Costs ($/tonne)
Ammonia/tonne	$	655		$	705		$	623		$	572		$	628		$	684		$	601		$	576
Sulfur (long ton)	$	179		$	173		$	174		$	170		$	177		$	219		$	270		$	325
Blended rock	$	117		$	115		$	107		$	105		$	109		$	97		$	94		$	99



Purchases ('000 tonnes)
DAP/MAP from Mosaic	58		68		30		43		54		62		21		45
MicroEssentials® from Mosaic	163		169		289		337		195		120		282		270
Potash from Mosaic/Canpotex	404		358		736		682		419		355		507		919

Phosphate cash conversion costs in USD, production / tonne(r)	$	110	$	101	$	100	$	88	$	85	$	87	$	84	$	99
Potash cash conversion costs in USD, production / tonne	$	217	$	196	$	208	$	175	$	151	$	187	$	178	$	240
Mined rock costs in USD, cash produced / tonne	$	111	$	121	$	98	$	105	$	93	$	87	$	90	$	91
ARO cash spending (in millions)	$	7	$	2	$	5	$	6	$	5	$	1	$	1	$	1

Average BRL / USD	$	4.953	$	4.952	$	5.216	$	5.546	$	5.842	$	5.853	$	5.669	$	5.445

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales	$	129	$	(19)	$	(75)	$	(119)	$	6	$	18	$	(53)	$	(125)
Cost of Goods Sold	57		28		(27)		(143)		67		(8)		(97)		(115)
Gross Margin (Loss)	$	72	$	(47)	$	(48)	$	24	$	(61)	$	26	$	44	$	(10)
Notable items Included in Gross Margin	40		(31)		(28)		38		(80)		59		51		(27)
Adjusted Gross Margin (Loss)(b)	$	32	$	(16)	$	(20)	$	(14)	$	19	$	(33)	$	(7)	$	17

SG&A	75		55		84		68		79		80		85		78
Other operating (income) expense	11		5		3		14		6		2		10		—

Operating Earnings (Loss)	$	(14)	$	(107)	$	(135)	$	(58)	$	(146)	$	(56)	$	(51)	$	(88)
Plus: Depreciation, Depletion and Amortization	3		2		2		12		7		11		10		9
Plus: Share-Based Compensation Expense	6		9		11		5		7		10		7		7
Plus: Foreign Exchange Gain (Loss)	19		(27)		(114)		40		(145)		82		111		64
Plus: Other Income (Expense)	—		—		11		—		39		(116)		213		308
Plus: Earnings (Loss) from equity investments	—		—		—		—		—		—		2		—
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		—		—		(1)		(1)		2		—		—
Plus: Notable Items	(60)		58		134		(80)		196		(23)		(380)		(344)
Adjusted EBITDA(b)	$	(46)	$	(65)	$	(91)	$	(80)	$	(41)	$	(94)	$	(88)	$	(44)

Elimination of profit in inventory included in COGS	$	16	$	(15)	$	(10)	$	(3)	$	7	$	(49)	$	—	$	15
Unrealized gain (loss) on derivatives included in COGS	$	41	$	(31)	$	(29)	$	39	$	(80)	$	59	$	51	$	27

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items


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


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


Q4 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)	$	(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


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)


Q4 2023
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)	$	79	$	(16)	$	0.20
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	40		(7)		0.10
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(9)		2		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	(3)		1		(0.01)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(7)		2		(0.02)
ARO Adjustment	Phosphate	Other operating income (expense)	(4)		1		(0.01)
Environmental reserve	Phosphate	Other operating income (expense)	(64)		11		(0.16)
Land reclamation	Phosphate	Cost of goods sold	(28)		5		(0.07)
ARO adjustment	Potash	Other operating income (expense)	(10)		2		(0.02)
Tax law change	Mosaic Fertilizantes	(Provision for) benefit from income taxes	—		136		0.42
Total Notable Items			$	(6)	$	137	$	0.40

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.

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 less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. 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)	Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025
Consolidated Net Income (Loss)	$	365	$	45	$	(162)	$	122	$	169	$	238	$	411	$	411
Less: Consolidated Interest Expense, Net	(35)		(48)		(46)		(42)		(47)		(41)		(53)		(46)
Plus: Consolidated Depreciation, Depletion & Amortization	257		241		264		238		283		243		262		277
Plus: Accretion Expense	27		27		28		26		31		32		33		33
Plus: Share-Based Compensation Expense (Benefit)	6		9		12		5		7		10		8		7
Plus: Consolidated Provision for (Benefit from) Income Taxes	(44)		6		99		48		34		63		146		175
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends	—		22		22		5		9		—		—		—
Plus: Notable Items	—		222		319		(28)		32		(83)		(347)		(143)
Consolidated Adjusted EBITDA	$	646	$	576	$	584	$	448	$	594	$	544	$	566	$	806

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 dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. Adjusted EBITDA is also 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.