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- **Record Volume Growth**: Upstream fertilizer sales +750,000 tons YoY, potash sales guidance raised to 14-14.5M tons.
- **Cost Efficiency**: 5% SE&A expense reduction, $1.2B returned to shareholders (42% YoY increase).
- **Strategic Portfolio Action**: $900M+ non-core asset divestitures, phosphate business strategic review underway.
- **Retail Strength**: 52% YoY EBITDA growth in retail, 30+ new proprietary products planned for 2026.
- **Market Outlook**: 2026 potash shipments forecast 74-77M tons, tight nitrogen supply, and low channel inventories.

**【CEO Opening Remarks】**
- Nutrien delivered record upstream fertilizer sales volumes (+750,000 tons YoY) and 5% reduction in SE&A expenses through Q3 2025.
- Raised 2025 potash sales guidance to 14-14.5M tons, driven by strong offshore demand and 40%+ automated ore processing.
- Completed $900M+ in non-core asset divestitures (Sinofert, Profertil) and initiated strategic review of phosphate business.
- Trinidad nitrogen operations shut down due to gas supply issues, contributing <1% to 2025 free cash flow.

**【CFO Financial Update】**
- Q3 2025 adjusted EBITDA: $1.4B (42% YoY growth), with potash EBITDA at $733M (higher net prices) and retail EBITDA up 52% YoY.
- Full-year retail EBITDA narrowed to $1.68-1.82B, reflecting stable demand and expense management.
- Capital expenditures reduced 10% YoY through Q3, with $1.2B returned to shareholders (42% YoY increase in dividends + buybacks).

**【Q&A Highlights】**
- **Phosphate Strategy**: 6% of EBITDA, exploring reconfiguration, partnerships, or sale; 88% operating rate in Q3 with sulfur cost headwinds.
- **Trinidad Outlook**: Seeking reliable gas supply and port access; 2026 path uncertain, but <1% FCF contribution.
- **Market Demand**: 2026 potash shipments forecast 74-77M tons (4th consecutive year of growth), supported by low China port inventories (-1M tons YoY).
- **Retail Growth**: Proprietary products drive 52% YoY EBITDA growth; 30+ new products planned for 2026 (crop protection, nutritionals).
- **Capital Allocation**: Targeting $2-2.1B annual CapEx, with focus on free cash flow per share growth and debt reduction.

Nutrien Ltd (NTR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NTR

NTR fundamentals

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