モザイクの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

THE MOSAIC COMPANY

(Exact name of registrant as specified in its charter)

001-32327

20-1026454

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


101 East Kennedy Blvd.		33602
Suite 2500
Tampa,	Florida
(Address of principal executive offices)		(Zip Code)

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

Not applicable

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

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


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act
Title of each class		Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share		MOS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
☐	Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02.			Results of Operations and Financial Condition.

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

Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter ended June 30, 2026, as presented in a press release issued on August 4, 2026.

Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended June 30, 2026 to be published on Mosaic’s website.


Item 9.01.			Financial Statements and Exhibits.

(d) Exhibits.

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


Exhibit No.						Description

99.1						Press release, dated August 4, 2026, of The Mosaic Company regarding its earnings and results of operations for the quarter ended June 30, 2026

99.2						Performance data for the period ended June 30, 2026

104						Cover Page Interactive Data File, formatted in Inline XBRL

SIGNATURES

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

THE MOSAIC COMPANY

Date: August 4, 2026

By:

/s/ Philip E. Bauer

Name:

Philip E. Bauer

Title:

Senior Vice President, General Counsel

and Corporate Secretary

EX-99.1 2 pressreleaseq22026-ex991.htm EX-99.1 - 2026 Q2 PRESS RELEASE Document

Exhibit 99.1

The Mosaic Company

101 E. Kennedy Blvd., Suite 2500

Tampa, FL 33602

www.mosaicco.com

FOR IMMEDIATE RELEASE

THE MOSAIC COMPANY REPORTS SECOND QUARTER 2026 RESULTS

•Second quarter results included revenues of $2.8 billion, an operating loss of $36 million and a net loss of $273 million; excluding notable items, adjusted EBITDA(1) totaled $407 million

•Second quarter sales volumes totaled 1.4 million tonnes for Phosphates, 2.0 million tonnes for Potash and 1.5 million tonnes for Mosaic Fertilizantes

•Third-quarter sulfur contracts were settled at $705/long ton

•2026 outlook for capital expenditures reduced to $1.2 billion

TAMPA, FL, August 4, 2026 - The Mosaic Company (NYSE: MOS), reported a net loss of $273 million and diluted loss per share of $0.86 for the second quarter of 2026. Adjusted EBITDA(1) was $407 million and adjusted EPS(1) was $0.13.

“Business conditions remained challenging in the second quarter, driven primarily by sulfur availability and affordability challenges," said President and CEO Bruce Bodine. "At Mosaic, we are focused on the things we can control. We've reduced phosphate production, cut costs, reduced capital expenditures and strengthened our financial flexibility while maintaining the ability to resume full production rates when markets improve. We also continue to reallocate underperforming capital in pursuit of stronger shareholder returns."

Consolidated Results:


In millions $ except as noted below	Q2 2026	Q1 2026	Q2 2025
Net Sales - billions $	$2.8	$3.0	$3.0
Selling, General and Administrative Expenses	$132	$136	$167
Operating Earnings (Loss)	$(36)	$(373)	$244
Operating Earnings (Loss) – Phosphate	$(104)	$(48)	$(8)
Operating Earnings (Loss) – Potash	$195	$177	$194
Operating Earnings (Loss) – Mosaic Fertilizantes	$(41)	$(422)	$109
Operating Earnings (Loss) – Corporate and Other	$(86)	$(79)	$(51)
Net Income (Loss)	$(273)	$(258)	$411
Adjusted EBITDA(1)	$407	$416	$566
Adjusted EBITDA - Phosphate(1)	$128	$115	$217
Adjusted EBITDA - Potash(1)	$278	$275	$278
Adjusted EBITDA – Mosaic Fertilizantes(1)	$60	$79	$159
Adjusted EBITDA – Corporate and Other(1)	$(59)	$(53)	$(88)

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

Mosaic reported a second quarter net loss of $273 million, compared to net income of $411 million in the same quarter of 2025. Second quarter results were negatively impacted by $351 million of pre-tax notable items, primarily consisting of $162 million in mark-to-market adjustments related to the value of Mosaic’s holding of Ma’aden shares, $69 million of non-cash project write-offs, and $49 million related to foreign currency transactions.

Second quarter adjusted EBITDA(1) totaled $407 million, down from $566 million in the same quarter last year. Results primarily reflected lower sales volumes and higher raw material costs in Phosphate and Mosaic Fertilizantes, which were partially offset by higher phosphate and potash prices.

Selling, general, and administrative (SG&A) expenses were $132 million in the second quarter, down from $167 million in the prior year period, reflecting lower bad debt expenses and the impact of cost saving initiatives. For the full year, SG&A is now expected to be in the range of $510 to $530 million.

The effective tax rate for the second quarter was 11.2%. The adjusted effective tax rate was 4.5% excluding the impacts from notable items. Cash taxes paid were $45 million in the second quarter.

Cash flow from operations totaled $167 million in the second quarter, compared to $610 million in the second quarter of 2025. The decrease was primarily driven by lower adjusted EBITDA and customer prepayments in Brazil. Free cash flow(1) in the second quarter of 2026 was $(153) million compared to $305 million in the same quarter a year ago, reflecting the timing of capital expenditures. Free cash flow is expected to improve through the remainder of the year as a result of lower capital expenditures and an expected release of working capital, primarily in Brazil.

Capital Allocation Update

•Capital expenditures in 2026 are now expected to be $1.20 billion, down from the previous expectation of $1.25 billion.

•Mosaic completed the sale of its Carlsbad, New Mexico, potash mine in the second quarter.

•Progress continued on strategic alternatives for the Araxa and Patrocinio assets in Brazil.

•A $1 billion term loan transaction was established to refinance and extend short-term commercial paper maturities.

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

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

Potash Results and Outlook:


	Q2 2026	Q1 2026	Q2 2025
Net Sales - millions $	$650	$667	$711
Sales Volumes - million tonnes*	2.0	2.2	2.3
MOP Selling Price FOB mine - $ per tonne	$275	$265	$261
MOP Cash Cost of Production(1) - $ per tonne	$84	$84	$75
Gross Margin - $ per tonne	$103	$88	$89
Operating Earnings - millions $	$195	$177	$194
Segment Adjusted EBITDA(1) - millions $	$278	$275	$278

*Tonnes = finished product tonnes

The Potash segment reported net sales of $650 million in the second quarter of 2026, down from $711 million in the prior year period. Operating earnings were $195 million, compared to $194 million in the second quarter of 2025. Adjusted EBITDA(1) was $278 million, equal to the prior year period, and reflected the costs of turnaround activities at Esterhazy.

Second quarter sales volumes totaled 2.0 million tonnes, compared to 2.3 million tonnes in the prior-year period. Production volumes were 1.8 million tonnes, down from 2.1 million tonnes in the second quarter of 2025. In addition to Esterhazy's routine turnaround, production during the quarter also reflected the Carlsbad divestiture, which was completed in April. Mosaic continues to expect total potash production of approximately 9 million tonnes in 2026, with volumes weighted toward the second half of the year, particularly with the contribution of additional volumes from the Hydrofloat project.

MOP cash cost of production per tonne(1) was $84 in the second quarter, up from $75 in the prior-year quarter. Unit production costs are expected to trend lower through the remainder of the year as a result of higher Esterhazy production volumes.

Third quarter 2026 sales volumes are expected to be in the range of 2.0 to 2.2 million tonnes, with realized mine gate MOP prices in the range of $270 to $290 per tonne.

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

Phosphate Results and Outlook:


	Q2 2026	Q1 2026	Q2 2025
Net Sales - millions $	$1,246	$1,426	$1,173
Sales Volumes - million tonnes*	1.4	1.9	1.5
DAP Selling Price FOB plant - $ per tonne	$773	$668	$668
Phosphate Cash Cost of Conversion(1) - $ per tonne	$129	$124	$126
Blended Rock Cost Consumed in COGS(1) - $ per tonne	$90	$86	$74
Gross Margin - $ per tonne	$(4)	$2	$67
Operating Earnings (Loss) – millions $	$(104)	$(48)	$(8)
Segment Adjusted EBITDA(1) - millions $	$128	$115	$217

*Tonnes = finished product tonnes

The Phosphate segment reported net sales of $1.25 billion in the second quarter of 2026, up from $1.17 billion in the prior year period. The segment reported an operating loss of $104 million during the period, compared to $8 million in the second quarter of 2025. Results reflected the impact of $90 million of notable items, including $69 million related to a non-cash project write-off. Adjusted EBITDA(1) totaled $128 million, compared to $217 million in the prior year period. The year-over-year decline reflected an increase in raw material costs and lower fixed-cost absorption from lower volumes, though these were somewhat mitigated by higher prices and improved cost controls.

Mosaic implemented a partial production curtailment in May, which resulted in second quarter sales and production volumes of 1.4 million tonnes, down from 1.5 million tonnes in the prior year period.

Costs reflected lower operating rates resulting from the partial curtailment implemented during the quarter. During the second quarter, cash cost of conversion(1) averaged $129 per tonne, versus $126 per tonne in the prior period. Idle, turnaround, and unabsorbed fixed costs in costs of goods sold during the second quarter totaled $60 million, versus $84 million in the second quarter of 2025. Looking ahead, both metrics are expected to continue being impacted by lower operating rates in the third quarter following additional curtailments implemented at the beginning of July. To date, Faustina has been completely idled and Bartow is currently running at 40% of its targeted annual operating rate.

Second quarter raw material costs averaged $522 per long ton for sulfur and $621 per tonne for ammonia. For the third quarter, Mosaic settled sulfur contracts with U.S. Gulf Coast refiners at $705 per long ton. This new contract will primarily be reflected in fourth quarter operating results.

For the third quarter, sales volumes are expected to be of 1.1 to 1.4 million tonnes. DAP prices are expected to average $820 to $840 per tonne on an FOB basis.

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

Mosaic Fertilizantes Results and Outlook:


	Q2 2026	Q1 2026	Q2 2025
Net Sales - millions $	$1,034	$937	$1,175
Sales Volumes - million tonnes*	1.5	1.6	2.2
Sales Volumes of produced product – million tonnes(2)	0.7	0.6	1.1
Average Finished Product Selling Price - $ per tonne	$585	$527	$474
Phosphate Cash Cost of Conversion(1) - $ per tonne	$141	$113	$84
Phosphate Blended Rock Cost Consumed in COGS - $ per tonne	$105	$104	$94
Gross Margin - $ per tonne	$4	$22	$73
Operating Earnings (Loss) – millions $	$(41)	$(422)	$109
Segment Adjusted EBITDA(1) – millions $	$60	$79	$159

*Tonnes = finished product tonnes sold to third parties

Mosaic Fertilizantes reported net sales of $1.0 billion in the second quarter of 2026, compared to $1.2 billion in the prior year period. The segment generated an operating loss of $41 million in the second quarter, compared to operating earnings of $109 million in the same period last year. Adjusted EBITDA(1) totaled $60 million, compared to $159 million in the prior year period. Second quarter results were primarily driven by lower sales volumes and higher sulfur costs, which were partially offset by higher phosphate prices.

Second quarter sales volumes totaled 1.5 million tonnes, down from 2.2 million tonnes in the same quarter last year, primarily due to curtailed domestic production and soft demand.

Commodity fertilizer production is in the process of being idled in Brazil as a result of sulfur affordability and availability. Animal feed production at Cajati remains operational and profitable. During the second quarter, lower operating rates resulted in higher unit cash conversion costs(1) of $141 per tonne, up from $84 per tonne in the prior year period. Idle, turnaround and unabsorbed fixed costs of $61 million in costs of goods sold were also negatively impacted during the quarter. This compares to $26 million in the second quarter of 2025.

Challenging producer economics and the full-quarter impact of production curtailments are expected to have a negative impact on the third quarter financial performance. As a result, segment adjusted EBITDA in the third quarter is expected to be below the second quarter result.

Mosaic Biosciences Update

Mosaic Biosciences reported net sales of $25 million in the second quarter. Mosaic launched five new products in the first half of 2026 and expects to launch an additional three to five new products(3) later this year. Net sales in 2026 are expected to double from 2025’s total of $68 million.

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

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

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

Market Update

Agricultural commodity prices have risen over the past month as Middle East tensions reignited, attacks between Russia and Ukraine intensified, and dry weather pressured key growing regions. Despite growing drought risk, 2026 represents another year of expected heavy nutrient removal. Given lingering headwinds related to fertilizer affordability and availability, nutrient replenishment risk has grown in many key agricultural regions, resulting in a threat to near-term yields while setting the stage for future fertilizer demand recovery.

Phosphate market fundamentals remain constructive, and we are seeing certain markets re-engage ahead of upcoming seasons. Buyers in the Americas are growing more active as crop prices climb and grower sentiment improves. India is experiencing strong demand leading up to the key Rabi season, and prices are rising to attract limited global supply. Sulfur and ammonia markets continue to experience widespread disruption, resulting in elevated raw material costs and production curtailments across the global phosphate industry. Mosaic believes the current raw material environment is temporary, although the timing of normalization remains uncertain. Global phosphate supply is expected to remain constrained through the balance of the year due to ongoing production curtailments, reduced Chinese exports, and continued raw material disruptions. As such, market conditions remain constructive despite uneven regional demand patterns.

Potash market fundamentals remain balanced with strong demand across major consuming regions. Global growers continue to find value in potash relative to other nutrients, supporting application rates and demand. North American demand has remained resilient, with inventories tightening. Brazil continues to replenish its inventories, while Chinese imports set a first half record. Mosaic expects potash market conditions to remain constructive through the remainder of 2026.

2026 Guidance Summary


			Full Year 2026
Potash Production Volumes - million tonnes			9.0
Total Capital Expenditures - billions $			$1.2
Depreciation, Depletion & Amortization - billions $			$1.1 - $1.2
Selling, General, and Administrative Expense - millions $			$510 - $530
Net Interest Expense - millions $			$220 - $240
Cash Tax - millions $			$250 - $300


			Third Quarter 2026
Phosphate Sales Volumes - million tonnes			1.1 -1.4
DAP FOB Plant Prices - $ per tonne			$820 - $840
Potash Sales Volumes - million tonnes			2.0 - 2.2
MOP FOB Mine Prices - $ per tonne			$270 - $290

Sensitivities Table

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


Sensitivity	Full year adj. EBITDA impact(1)	2025 Actual
Average MOP Price / tonne (fob mine)	$10/mt price change = $83 million (4)	$255
Average DAP Price / tonne (fob plant)	$10/mt price change = $60 million	$670

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

(4) Includes impact of Canadian Resource Tax

Investors

Paul Massoud, CFA

813-775-4260

paul.massoud@mosaicco.com

Joan Tong, CFA

863-640-0826

joan.tong@mosaicco.com

Media

Ben Pratt

813-775-4206

media@mosaicco.com

About The Mosaic Company

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

Mosaic will conduct a conference call on August 5, 2026, at 11:00 a.m. Eastern Time to discuss second quarter 2026 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic’s website at www.mosaicco.com/investors. This webcast will be available for up to one year from the time of the earnings call.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about future transactions or strategic plans and other statements

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

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

limited to: political and economic instability, including geopolitical instability and heightened tensions involving Iran, disruptions to global shipping routes, including the Strait of Hormuz, and changes in government policies in countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks, including the impact of U.S. tariffs and retaliatory tariffs on economic conditions; and other risks associated with Mosaic’s international operations; a material adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of Ma'aden; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; the potential for curtailments, slowdowns, or temporary shutdowns of production due to market conditions, input availability, transportation constraints, or other operational factors; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of America or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.

Non-GAAP Financial Measures

This press release includes the presentation and discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAAP adjusted EBITDA, non-GAAP cash cost of conversion or production per tonne, or non-GAAP adjusted effective tax rate, and free cash flow collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations

and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and adjusted EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share or a quantitative reconciliation of forward-looking adjusted EPS and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives and equity securities, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended September 30, 2024 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.

For the three months ended June 30, 2026, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.99):


			Amount		Tax effect		EPS impact
Description	Segment	Line item	(in millions)		(in millions)		(per share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(49)	$	18	$	(0.10)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(15)		2		(0.03)
Closed and indefinitely idled facility costs	Brazil	Other operating income (expense)	(13)		1		(0.03)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	(162)		26		(0.43)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(1)		—		—
Loss on assets held for sale/transaction costs	Potash/Corporate & Other	Loss on assets sold and to be sold/SG&A	(9)		2		(0.03)
Accelerated depreciation	Brazil	Cost of goods sold	(26)		2		(0.08)
Land Reclamation - ARO	Phosphate	Cost of goods sold	(7)		2		(0.02)
Asset write-off	Phosphate	Other operating income (expense)	(69)		14		(0.17)
Income tax adjustment	Consolidated	(Provision for) benefit from income taxes	—		(31)		(0.10)
Total Notable Items			$	(351)	$	36	$	(0.99)

For the three months ended June 30, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.78:


			Amount		Tax effect		EPS impact
Description	Segment	Line item	(in millions)		(in millions)		(per share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	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

Condensed Consolidated Statements of Earnings (Loss)

(in millions, except per share amounts)



The Mosaic Company						(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Net sales	$	2,824.1	$	3,005.7	$	5,822.1	$	5,626.6
Cost of goods sold	2,609.4		2,487.1		5,371.8		4,619.6
Gross margin	214.7		518.6		450.3		1,007.0
Selling, general and administrative expenses	131.6		167.2		267.5		289.8
Loss on assets sold and to be sold	6.2		—		238.8		—

Other operating expense	112.4		107.0		352.4		134.3
Operating earnings (loss)	(35.5)		244.4		(408.4)		582.9

Interest expense, net	(62.8)		(53.0)		(118.1)		(93.7)
Foreign currency transaction gain (loss)	(39.4)		169.4		(1.8)		302.5
Other income (expense)	(163.2)		203.5		(58.5)		85.4
Earnings (loss) from consolidated companies before income taxes	(300.9)		564.3		(586.8)		877.1
(Benefit) provision for income taxes	(33.8)		146.0		(64.8)		209.3
Earnings (loss) from consolidated companies	(267.1)		418.3		(522.0)		667.8
Equity in net earnings of nonconsolidated companies	1.6		1.4		2.0		1.9
Net earnings (loss) including noncontrolling interests	(265.5)		419.7		(520.0)		669.7
Less: Net earnings attributable to noncontrolling interests	7.3		9.0		10.4		20.9
Net earnings (loss) attributable to Mosaic	$	(272.8)	$	410.7	$	(530.4)	$	648.8
Diluted net earnings (loss) per share attributable to Mosaic	$	(0.86)	$	1.29	$	(1.67)	$	2.04
Diluted weighted average number of shares outstanding	317.9		319.0		317.7		318.5

Condensed Consolidated Balance Sheets

(in millions, except per share amounts)


The Mosaic Company						(unaudited)


	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	294.0	$	276.6
Receivables, net, including affiliate receivables of $85.1 and $126.3, respectively	860.1		1,078.6
Inventories	3,668.0		3,363.0
Assets held for sale	96.6		73.5
Other current assets	511.5		445.8
Total current assets	5,430.2		5,237.5
Property, plant and equipment, net of accumulated depreciation of $11,506.7 and $11,126.0, respectively	13,617.1		13,982.6
Equity securities and investments in nonconsolidated companies	1,805.5		1,848.2
Goodwill	969.2		1,005.1
Deferred income taxes	1,205.6		811.6
Other assets	1,613.1		1,595.1
Total assets	$	24,640.7	$	24,480.1
Liabilities and Equity
Current liabilities:
Short-term debt	$	1,021.3	$	759.9
Current maturities of long-term debt	66.7		43.1
Structured accounts payable arrangements	353.1		480.1
Accounts payable, including affiliate payables of $216.0 and $115.2, respectively	1,177.4		1,171.9
Accrued liabilities	1,367.4		1,472.5

Liabilities held for sale	76.6		55.3
Total current liabilities	4,062.5		3,982.8
Long-term debt, less current maturities	4,767.7		4,250.9
Deferred income taxes	1,194.7		1,000.8
Other noncurrent liabilities	2,980.9		3,011.4
Equity:
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	—		—
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 395,563,251 shares issued and 317,895,646 shares outstanding as of June 30, 2026, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025	3.2		3.2
Capital in excess of par value	42.9		29.2
Retained earnings	13,584.5		14,184.4
Accumulated other comprehensive loss	(2,166.7)		(2,131.9)
Total Mosaic stockholders' equity	11,463.9		12,084.9
Noncontrolling interests	171.0		149.3
Total equity	11,634.9		12,234.2
Total liabilities and equity	$	24,640.7	$	24,480.1

Condensed Consolidated Statements of Cash Flows

(in millions, except per share amounts)



The Mosaic Company						(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Cash Flows from Operating Activities:
Net earnings (loss) including noncontrolling interests	$	(265.5)	$	419.7	$	(520.0)	$	669.7
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	292.1		261.7		608.7		504.7
Deferred and other income taxes	(53.2)		35.6		(139.1)		24.6
Equity in net (earnings) of nonconsolidated companies, net of dividends	(2.5)		(0.6)		(2.8)		(1.0)
Accretion expense for asset retirement obligations	32.5		32.6		66.7		64.8
Share-based compensation expense	7.8		8.4		18.1		17.7
Unrealized (gain) loss on equity securities	161.7		(216.3)		49.2		(99.7)
Unrealized (gain) loss on derivatives	(2.3)		(54.6)		(1.1)		(112.3)
Foreign currency adjustments	142.6		(192.0)		79.5		(351.0)
Amortization of debt financing fees	11.4		12.7		20.1		23.1
Impairment of assets held for sale	6.2		—		238.8		—
Other	52.9		78.7		141.2		79.7
Changes in assets and liabilities:
Receivables, net	163.9		(45.0)		222.3		14.6
Inventories	(238.2)		(215.7)		(245.6)		(378.1)
Other current and noncurrent assets	(76.0)		(31.2)		(92.9)		23.9
Accounts payable and accrued liabilities	(24.0)		533.3		(90.4)		273.5
Asset retirement obligations	(48.2)		(77.3)		(98.1)		(143.6)
Other noncurrent liabilities	6.2		59.5		17.0		41.8
Net cash provided by operating activities	167.4		609.5		271.6		652.4
Cash Flows from Investing Activities:
Capital expenditures	(320.3)		(304.6)		(677.1)		(645.4)
Purchases of available-for-sale securities - restricted	(109.6)		(395.1)		(654.5)		(497.6)
Proceeds from sale of available-for-sale securities - restricted	129.7		380.3		633.8		477.4
Proceeds from sale of fixed assets	3.2		—		34.6		5.8
Other	(1.1)		0.9		(3.9)		0.5
Net cash used in investing activities	(298.1)		(318.5)		(667.1)		(659.3)
Cash Flows from Financing Activities:
Short-term debt, net	(281.7)		(194.3)		60.3		(8.5)
Inventory financing arrangement, net	100.7		0.8		201.8		202.9
Structured accounts payable arrangements, net	(50.5)		12.1		(134.9)		(10.7)
Transferred receivables, net	—		3.2		—		3.2
Long-term debt, net	459.5		(23.2)		442.8		(34.9)


Cash dividends paid	(69.9)		(70.1)		(140.7)		(141.0)
Dividends paid to noncontrolling interest	(7.1)		(6.4)		(7.1)		(6.4)
Contributions to noncontrolling interest	8.5		—		8.5		—
Other	(12.0)		(7.3)		(20.2)		(17.8)
Net cash provided by (used in) financing activities	147.5		(285.2)		410.5		(13.2)
Effect of exchange rate changes on cash	(10.0)		17.9		(7.8)		17.5
Net change in cash, cash equivalents and restricted cash	6.8		23.7		7.2		(2.6)
Cash, cash equivalents and restricted cash - beginning of period	299.0		278.7		298.6		305.0
Cash, cash equivalents and restricted cash - end of period	$	305.8	$	302.4	$	305.8	$	302.4

Condensed Consolidated Statements of Cash Flows (Continued)

(in millions, except per share amounts)


	Six Months Ended

	June 30, 2026		June 30, 2025
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited statements of cash flows:
Cash and cash equivalents	$	294.0	$	286.2
Restricted cash in other current assets	3.0		8.3
Restricted cash in other assets	8.8		7.9
Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows	$	305.8	$	302.4

Reconciliation of Non-GAAP Financial Measures

Earnings Per Share Calculation


	Three months ended June 30,
	2026		2025
Net income (loss) attributable to Mosaic	$	(272.8)	$	410.7
Basic weighted average number of shares outstanding	317.9		317.3
Dilutive impact of share-based awards	—		1.7
Diluted weighted average number of shares outstanding	317.9		319.0
Basic net income (loss) per share attributable to Mosaic	$	(0.86)	$	1.29
Diluted net income (loss) per share attributable to Mosaic	$	(0.86)	$	1.29
Notable items impact on net income (loss) per share attributable to Mosaic	(0.99)		0.78
Adjusted diluted net income per share attributable to Mosaic	$	0.13	$	0.51

Free Cash Flow


	Three months ended June 30,
	2026		2025
Net cash provided by operating activities	$	167.4	$	609.5
Capital expenditures	(320.3)		(304.6)
Free cash flow	$	(152.9)	$	304.9

Reconciliation of Non-GAAP Financial Measures


Consolidated Earnings (in millions)	Three months ended
	June 30,		March 31,		June 30,
	2026		2026		2025
Consolidated net earnings (loss) attributable to Mosaic	$	(273)	$	(258)	$	411
Less: Consolidated interest expense, net	(63)		(55)		(53)
Plus: Consolidated depreciation, depletion and amortization	292		317		262
Plus: Accretion expense	34		35		33
Plus: Share-based compensation expense	8		10		8
Plus: (Benefit) provision for income taxes	(34)		(31)		146
Plus: Notable items	317		288		(347)
Adjusted EBITDA	$	407	$	416	$	566


Income Tax Effective Tax Rate (in millions)	Three months ended June 30,
	2026
Income Tax (Benefit) Expense	$	(34)
Earnings (Loss) Before Tax	$	(301)
Effective Tax Rate	11.2		%

Income Tax (Benefit) Expense	$	(34)
Discrete Tax Notable Items	(28)
Tax Expense on All Other Notable Items (see notable items table for details of these items)	64
Adjusted Income Tax (Benefit) Expense	$	2

Earnings (Loss) Before Tax	$	(301)
Earnings Impact of All Notable Items (including non-controlling interest)	351
Adjusted Earnings Before Tax	$	50

Adjusted Effective Tax Rate	4.5		%


	Three months ended
	June 30,		March 31,		June 30,
Potash Earnings (in millions)	2026		2026		2025
Operating Earnings	$	195	$	177	$	194
Plus: Depreciation, Depletion and Amortization	76		90		79
Plus: Accretion Expense	4		4		3
Plus: Foreign Exchange Gain (Loss)	(95)		(56)		82
Plus: Other Income (Expense)	1		3		1
Plus: Notable Items	97		57		(81)
Adjusted EBITDA	$	278	$	275	$	278

Reconciliation of Non-GAAP Financial Measures


	Three months ended
	June 30,		March 31,		June 30,
Phosphate Earnings (in millions)	2026		2026		2025
Operating Earnings (Loss)	$	(104)	$	(48)	$	(8)
Plus: Depreciation, Depletion and Amortization	133		151		129
Plus: Accretion Expense	26		26		26
Plus: Foreign Exchange Gain (Loss)	(6)		(1)		(7)
Plus: Other Income (Expense)	(2)		(9)		(8)

Less: Earnings from Consolidated Noncontrolling Interests	9		4		10
Plus: Notable Items	90		—		95
Adjusted EBITDA	$	128	$	115	$	217


	Three months ended
	June 30,		March 31,		June 30,
Mosaic Fertilizantes Earnings (in millions)	2026		2026		2025
Operating Earnings (Loss)	$	(41)	$	(422)	$	109
Plus: Depreciation, Depletion and Amortization	74		66		44
Plus: Accretion Expense	4		5		4
Plus: Foreign Exchange Gain (Loss)	2		30		(17)
Plus: Other Income (Expense)	(2)		(2)		(1)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	(2)		—		(1)
Plus: Notable Items	21		402		19
Adjusted EBITDA	$	60	$	79	$	159


	Three months ended
	June 30,		March 31,		June 30,
Corporate and Other Earnings (in millions)	2026		2026		2025
Operating Earnings (Loss)	$	(86)	$	(79)	$	(51)
Plus: Depreciation, Depletion and Amortization	9		10		10
Plus: Accretion Expense	8		10		7
Plus: Foreign Exchange Gain (Loss)	60		64		111
Plus: Other Income (Expense)	(160)		113		213
Plus: Earnings (Loss) from Equity Investments	—		—		2
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	(1)		—		—
Plus: Notable Items	109		(171)		(380)
Adjusted EBITDA	$	(59)	$	(53)	$	(88)

Reconciliation of Non-GAAP Financial Measures


	Three months ended
	June 30,		March 31,		June 30,
	2026		2026		2025
Potash
Total COGS	$	443	$	476	$	501
Depreciation & accretion expense	80		93		82
Canadian Resource Taxes	70		67		62
Change in Inventory	28		31		26
Non-MOP Production Costs	112		105		179
Total MOP Cash Costs	$	153	$	180	$	152
Production tonnes (thousands)	1,830		2,131		2,025
MOP Cash Costs of Production per production tonne	$	84	$	84	$	75

Phosphate
Total COGS	$	1,251	$	1,423	$	1,070
Depreciation & accretion expense	158		141		163
Miski Mayo costs	59		54		22
Raw material COGS and product freight	527		578		320
Change in Inventory	(66)		85		(94)
Non Production Costs	259		246		334
Cash cost of U.S. Mined Rock	129		116		135
U.S. Rock Production tonnes (thousands)	2,074		1,848		2,657
Cash costs of U.S. mined rock/production tonne	$	62	$	63	$	51
Phosphate cash costs of conversion	$	185	$	203	$	190
Production tonnes (thousands)	1,433		1,642		1,505
Phosphate cash costs of conversion per production tonne	$	129	$	124	$	126

Fertilizantes
Total COGS	$	1,028	$	902	$	1,013
Distribution product costs	661		644		810
Depreciation & accretion expense	79		70		48
Change in Inventory	55		(26)		(93)
Non Production Costs	92		59		65
Rock cash costs of production	75		81		90



Potash cash costs of production	—		—		22



Phosphate cash costs of conversion	$	66	$	74	$	71
Production tonnes (thousands)	466		656		842
Phosphate cash costs of conversion per production tonne	$	141	$	113	$	84

EX-99.2 3 performancedataq22026-ex992.htm EX-99.2 - PERFORMANCE DATA Document

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			Q1 2026			Q2 2026
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share	$	0.38		$	0.53		$	0.75		$	1.29		$	1.29		$	(1.64)		$	(0.81)		$	(0.86)
Notable items impact on earnings per share(a)	0.04			0.08			0.26			0.78			0.25			(1.86)			(0.86)			(0.99)
Adjusted diluted net earnings per share(a)	$	0.34		$	0.45		$	0.49		$	0.51		$	1.04		$	0.22		$	0.05		$	0.13
Diluted weighted average # of shares outstanding	319.4			318.5			318.2			319.0			319.4			317.4			317.5			317.9

Total Net Sales	$	2,811		$	2,816		$	2,621		$	3,005		$	3,452		$	2,974		$	2,998		$	2,824
Cost of goods sold	2,395			2,514			2,133			2,487			2,900			2,631			2,762			2,610
Gross Margin	$	416		$	302		$	488		$	518		$	552		$	343		$	236		$	214
SG&A	149			113			123			167			126			119			136			131
Other operating (income) expense	153			89			27			107			87			324			472			119
Operating earnings	$	115		$	100		$	338		$	244		$	339		$	(100)		$	(372)		$	(36)
Interest expense, net	(42)			(47)			(41)			(53)			(46)			(48)			(55)			(63)
Consolidated foreign currency gain/(loss)	101			(419)			133			169			(1)			(30)			38			(40)
Earnings from consolidated companies before income taxes	174			191			313			564			599			(263)			(286)			(302)
Provision for (benefit from) income taxes	48			34			63			146			175			256			(31)			(34)
Earnings (loss) from consolidated companies	$	126		$	157		$	250		$	418		$	424		$	(519)		$	(255)		$	(268)
Equity in net earnings (loss) of nonconsolidated companies	5			9			—			2			—			—			—			2
Less: Net earnings (loss) attributable to noncontrolling interests	9			(3)			12			9			13			—			3			7
Net earnings (loss) attributable to Mosaic	$	122		$	169		$	238		$	411		$	411		$	(519)		$	(258)		$	(273)
After tax Notable items included in earnings	$	15		$	25		$	82		$	249		$	100		$	(590)		$	(273)		$	(315)

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

Effective Tax Rate (including discrete tax)	28		%	18		%	20		%	26		%	29		%	(97)		%	11		%	11		%
Discrete Tax benefit (expense)	$	4		$	(11)		$	26		$	(1)		$	(2)		$	(212)		$	(27)		$	36

Depreciation, Depletion and Amortization	$	238		$	283		$	243		$	262		$	277		$	268		$	317		$	292
Accretion Expense	$	26		$	31		$	32		$	33		$	33		$	32		$	35		$	34
Share-Based Compensation Expense	$	5		$	7		$	10		$	7		$	7		$	6		$	10		$	8
Notable Items	$	(28)		$	32		$	(83)		$	(347)		$	(143)		$	414		$	288		$	317
Adjusted EBITDA(b)	$	448		$	594		$	544		$	566		$	806		$	505		$	416		$	407

Net cash provided by (used in) operating activities	$	313		$	219		$	43		$	610		$	229		$	(56)		$	104		$	167
Cash paid for interest (net of amount capitalized)	20			72			12			82			20			78			17			91
Cash paid for income taxes (net of refunds)	111			53			76			75			89			81			64			45
Net cash used in investing activities	$	(248)		$	(277)		$	(341)		$	(319)		$	(363)		$	(287)		$	(369)		$	(298)
Capital expenditures	(241)			(294)			(341)			(305)			(364)			(350)			(357)			(320)
Net cash (used in) provided by financing activities	$	(138)		$	37		$	272		$	(285)		$	4		$	461		$	263		$	148
Cash dividends paid	(67)			(67)			(71)			(70)			(70)			(70)			(71)			(70)
Effect of exchange rate changes on cash	$	55		$	(7)		$	—		$	18		$	6		$	3		$	2		$	(10)

Net change in cash and cash equivalents	$	(18)		$	(27)		$	(26)		$	24		$	(125)		$	121		$	—		$	7

Short-term debt	$	752		$	847		$	1,234		$	1,041		$	1,154		$	760		$	1,202		$	1,021
Long-term debt (including current portion)	3,313			3,378			3,363			3,370			3,415			4,294			4,321			4,834
Cash & cash equivalents	302			273			259			286			153			277			282			294
Net debt	$	3,763		$	3,952		$	4,338		$	4,125		$	4,416		$	4,777		$	5,241		$	5,561

Segment Contributions (in millions)
Phosphate	$	1,005		$	1,165		$	1,099		$	1,173		$	1,290		$	1,015		$	1,426		$	1,246
Potash	526			557			570			710			695			686			667			650
Mosaic Fertilizantes	1,399			1,088			934			1,175			1,592			1,146			937			1,034
Corporate and Other(c)	(119)			6			18			(53)			(125)			127			(32)			(106)
Total net sales	$	2,811		$	2,816		$	2,621		$	3,005		$	3,452		$	2,974		$	2,998		$	2,824

Phosphate	$	8		$	44		$	139		$	(8)		$	102		$	(98)		$	(48)		$	(104)
Potash	109			123			157			194			229			58			177			195
Mosaic Fertilizantes	56			79			98			109			96			(26)			(422)			(41)
Corporate and Other(c)	(58)			(146)			(56)			(51)			(88)			(34)			(79)			(86)
Consolidated operating earnings	$	115		$	100		$	338		$	244		$	339		$	(100)		$	(372)		$	(36)



Phosphate(d)	1,475	1,622	1,498	1,546	1,571	1,330	1,936	1,406
Potash(d)	1,996	2,239	2,113	2,343	2,279	2,233	2,159	2,019
Mosaic Fertilizantes	2,879	2,240	1,847	2,232	2,803	2,075	1,618	1,520
Corporate and Other	297	432	361	301	232	540	379	368
Total finished product tonnes sold ('000 tonnes)	6,647	6,533	5,819	6,422	6,885	6,178	6,092	5,313
Sales of Performance Products ('000 tonnes)(e)	1,001	1,135	681	900	996	520	501	626

The Mosaic Company - Phosphate Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			Q1 2026			Q2 2026
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods							$	946		$	1,028		$	1,118		$	872		$	1,264		$	1,060
Net Sales - Other revenue							153			145			172			143			162			186
Net Sales	$	1,005		$	1,165		$	1,099		$	1,173		$	1,290		$	1,015		$	1,426		$	1,246
Cost of Goods Sold	863			1,027			932			1,070			1,146			992			1,423			1,251
Gross Margin	$	142		$	138		$	167		$	103		$	144		$	23		$	3		$	(5)
Notable Items Included in Gross Margin	—			(53)			—			—			(14)			—			—			(7)
Adjusted Gross Margin(b)	$	142		$	191		$	167		$	103		$	158		$	23		$	3		$	2

SG&A	12			10			12			13			10			11			13			12
Other operating (income) expense	123			84			16			98			32			110			38			87

Operating Earnings	$	8		$	44		$	139		$	(8)		$	102		$	(98)		$	(48)		$	(104)
Plus: Depreciation, Depletion and Amortization	118			143			113			129			129			130			151			133
Plus: Accretion Expense	20			25			25			26			26			25			26			26
Plus: Foreign Exchange Gain (Loss)	(5)			(4)			(3)			(7)			10			(3)			(1)			(6)
Plus: Other Income (Expense)	1			517			—			(8)			(4)			5			(9)			(2)

Less: Earnings (loss) from Consolidated Noncontrolling Interests	8			(4)			8			10			11			—			4			9
Plus: Notables Items	131			(388)			10			95			28			85			—			90
Adjusted EBITDA(b)	$	265		$	341		$	276		$	217		$	280		$	144		$	115		$	128

Capital expenditures	$	127		$	160		$	236		$	185		$	221		$	207		$	222		$	201
Gross Margin $ / tonne of finished product	$	96		$	85		$	111		$	67		$	92		$	17		$	2		$	(4)
Adjusted Gross Margin $ / tonne of finished product	$	96		$	118		$	111		$	67		$	101		$	17		$	2		$	1
Gross margin as a percent of sales	14		%	12		%	15		%	9		%	11		%	2		%	—		%	—		%

Freight included in finished goods COGS	$	79		$	83		$	84		$	93		$	97		$	85		$	115		$	97
Idle/Turnaround and unabsorbed fixed production costs (excluding notable items)	$	7		$	24		$	44		$	84		$	42		$	67		$	50		$	60

Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP	656			749			846			711			760			618			1,116			777
Performance & other products(f)	750			814			587			773			750			640			720			513
Other products(i)	69			59			65			62			61			72			100			116
Total Finished Product(d)	1,475			1,622			1,498			1,546			1,571			1,330			1,936			1,406

DAP selling price (fob plant)(q)	$	569		$	593		$	623		$	668		$	714		$	686		$	668		$	773
Average finished product selling price(g)	$	579		$	606		$	632		$	665		$	712		$	656		$	653		$	754

Production Volumes ('000 tonnes)
Total tonnes produced(h)	1,625			1,413			1,423			1,505			1,678			1,666			1,641			1,433
Operating Rate	66		%	58		%	58		%	61		%	68		%	67		%	66		%	58		%

Raw Materials
Ammonia used in production (tonnes)	$	238		$	228		$	214		$	226		$	255		$	251		$	263		$	217
Sulfur used in production	$	739		$	694		$	661		$	732		$	772		$	799		$	762		$	659

Realized costs ($/tonne)
Ammonia (tonne)(j)	$	482		$	435		$	416		$	445		$	455		$	550		$	626		$	621
Sulfur (long ton)(k)	$	126		$	127		$	157		$	209		$	272		$	306		$	379		$	522
Blended rock	$	87		$	87		$	77		$	74		$	80		$	84		$	86		$	90

Phosphate cash conversion costs, production / tonne(r)	$	101		$	118		$	134		$	126		$	131		$	112		$	124		$	129
Cash costs of U.S. mined rock/production tonne(s)	$	56		$	52		$	54		$	51		$	62		$	58		$	63		$	62

ARO cash spending (in millions)	$	54		$	72		$	70		$	79		$	60		$	66		$	51		$	53

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			Q1 2026			Q2 2026
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods							$	495		$	641		$	633		$	614		$	598		$	566
Net Sales - Other revenue							75			69			62			72			69			84
Net Sales	$	526		$	557		$	570		$	710		$	695		$	686		$	667		$	650
Cost of Goods Sold	404			434			402			501			459			430			476			443
Gross Margin	$	122		$	123		$	168		$	209		$	236		$	256		$	191		$	207
Notable Items Included in Gross Margin	—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)	$	122		$	123		$	168		$	209		$	236		$	256		$	191		$	207

SG&A	7			8			8			8			6			8			9			7
Other operating (income) expense	6			(8)			3			7			1			190			5			5

Operating Earnings	$	109		$	123		$	157		$	194		$	229		$	58		$	177		$	195
Plus: Depreciation, Depletion and Amortization	69			93			81			79			93			83			90			76
Plus: Accretion Expense	2			2			3			3			3			3			4			4
Plus: Foreign Exchange Gain (Loss)	48			(185)			13			82			(56)			46			(56)			(95)
Plus: Other Income (Expense)	—			1			(1)			1			3			1			3			1
Plus: Notable Items	(48)			178			(13)			(81)			57			145			57			97
Adjusted EBITDA(b)	$	180		$	212		$	240		$	278		$	329		$	336		$	275		$	278

Capital expenditures	$	61		$	65		$	45		$	73		$	72		$	53		$	49		$	68
Gross Margin $ / tonne of finished product	$	61		$	55		$	80		$	89		$	104		$	115		$	88		$	103
Adjusted Gross Margin $ / tonne of finished product	$	61		$	55		$	80		$	89		$	104		$	115		$	88		$	103
Gross margin as a percent of sales	23		%	22		%	29		%	29		%	34		%	37		%	29		%	32		%

Supplemental Cost Information
Canadian resource taxes	$	45		$	56		$	47		$	62		$	87		$	77		$	67		$	70
Royalties	$	9		$	10		$	9		$	10		$	12		$	11		$	12		$	10
Freight expense(l)	$	87		$	60		$	74		$	74		$	66		$	73		$	76		$	76
Idle/Turnaround and unabsorbed fixed production costs (excluding notable items)	$	23		$	6		$	1		$	34		$	16		$	8		$	5		$	26

Operating Data
Sales volumes ('000 tonnes)(d)
MOP	1,775			2,064			1,947			2,122			2,110			2,083			1,971			1,892
Performance & other products(m)	211			168			159			214			162			143			181			122
Other products(i)	10			7			7			7			7			7			7			5
Total Finished Product(d)	1,996			2,239			2,113			2,343			2,279			2,233			2,159			2,019

Crop Nutrients North America	647			779			863			752			649			679			712			670
Crop Nutrients International	1,255			1,341			1,126			1,439			1,497			1,412			1,280			1,192
Non-Agricultural	94			119			124			152			133			142			167			157
Total Finished Product(d)	1,996			2,239			2,113			2,343			2,279			2,233			2,159			2,019

MOP selling price (fob mine)(o)	$	215		$	199		$	223		$	261		$	271		$	264		$	265		$	275
Average finished product selling price(g)	$	233		$	214		$	234		$	274		$	278		$	275		$	277		$	280

Production Volumes ('000 tonnes)
Production Volume	1,904			2,332			2,256			2,094			2,258			2,189			2,209			1,845
Operating Rate	66		%	81		%	78		%	73		%	79		%	76		%	77		%	64		%

MOP cash costs of production / production tonne(n)	$	74		$	73		$	78		$	75		$	71		$	77		$	84		$	84
ARO cash spending (in millions)	$	2		$	3		$	1		$	3		$	2		$	4		$	1		$	2



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

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			Q1 2026			Q2 2026
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods							$	834		$	1,059		$	1,452		$	1,024		$	852		$	889
Net Sales - Other revenue							100			116			140			122			85			145
Net Sales	$	1,399		$	1,088		$	934		$	1,175		$	1,592		$	1,146		$	937		$	1,034
Cost of Goods Sold	1,271			986			807			1,013			1,410			1,125			902			1,028
Gross Margin	$	128		$	102		$	127		$	162		$	182		$	21		$	35		$	6
Notable Items Included in Gross Margin	6			9			—			—			(7)			—			(26)			(26)
Adjusted Gross Margin(b)	$	122		$	93		$	127		$	162		$	189		$	21		$	61		$	32

SG&A	62			16			23			61			32			32			36			32
Other operating (income) expense	10			7			6			(8)			54			15			421			15

Operating Earnings	$	56		$	79		$	98		$	109		$	96		$	(26)		$	(422)		$	(41)
Plus: Depreciation, Depletion and Amortization	39			40			38			44			46			46			66			74
Plus: Accretion Expense	4			4			4			4			4			4			5			4
Plus: Foreign Exchange Gain (Loss)	17			(84)			41			(17)			(19)			(57)			30			2
Plus: Other Income (Expense)	(2)			(2)			(1)			(1)			(1)			(2)			(2)			(2)
Less: Earnings from Consolidated Noncontrolling Interests	—			1			1			(1)			1			1			—			(2)
Plus: Notable Items	(31)			46			(57)			19			116			81			402			21
Adjusted EBITDA(b)	$	83		$	82		$	122		$	159		$	241		$	45		$	79		$	60

Capital expenditures	$	51		$	64		$	59		$	46		$	70		$	85		$	86		$	47
Gross Margin $ / tonne of finished product	$	44		$	46		$	69		$	73		$	65		$	10		$	22		$	4
Adjusted Gross Margin $ / tonne of finished product	$	42		$	42		$	69		$	73		$	67		$	10		$	38		$	21
Gross margin as a percent of sales	9		%	9		%	14		%	14		%	11		%	2		%	4		%	1		%
Idle/Turnaround and unabsorbed fixed production costs (excluding notable items)	$	40		$	18		$	13		$	26		$	27		$	62		$	24		$	61

Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties	629			461			331			387			363			289			282			265
Fertilizer produced in Brazil sold through distribution	409			207			358			666			685			290			300			391
Purchased nutrients for distribution(p)	1,841			1,572			1,158			1,179			1,755			1,496			1,036			864
Total Finished Product	2,879			2,240			1,847			2,232			2,803			2,075			1,618			1,520

Sales of Performance Products ('000 tonnes)(e)	462			307			93			252			441			253			134			262

Brazil MAP price (Brazil production delivered price to third party)	$	601		$	632		$	681		$	729		$	738		$	717		$	728		$	835
Average finished product selling price(g)	$	447		$	433		$	452		$	474		$	518		$	493		$	527		$	585

Production Volumes ('000 tonnes)
Phosphate tonnes produced	779			781			778			843			834			683			656			466
MOP tonnes produced	105			108			97			122			104			27			—			—

Phosphate operating rate	78		%	78		%	78		%	84		%	84		%	68		%	66		%	47		%
Potash operating rate	85		%	88		%	78		%	98		%	83		%	22		%	—		%	—		%

Realized Costs ($/tonne)
Ammonia/tonne	$	572		$	628		$	684		$	601		$	576		$	638		$	722		$	815


Sulfur (long ton)	$	170	$	177	$	219	$	270	$	325	$	371	$	466	$	516
Blended rock	$	105	$	109	$	97	$	94	$	99	$	98	$	104	$	105

Purchases ('000 tonnes)
DAP/MAP from Mosaic	43		54		62		21		45		5		38		81
MicroEssentials® from Mosaic	337		195		120		282		270		211		310		223
Potash from Mosaic/Canpotex	682		419		355		507		919		238		542		660

Phosphate cash conversion costs in USD, production / tonne(r)	$	88	$	85	$	87	$	84	$	99	$	113	$	113	$	141
Potash cash conversion costs in USD, production / tonne	$	175	$	151	$	187	$	178	$	240	$	286	$	—	$	—
Mined rock costs in USD, cash produced / tonne	$	105	$	93	$	87	$	90	$	91	$	88	$	116	$	106
ARO cash spending (in millions)	$	6	$	5	$	1	$	1	$	1	$	1	$	1	$	1

Average BRL / USD	$	5.546	$	5.842	$	5.853	$	5.669	$	5.445	$	5.396	$	5.264	$	5.051

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales	$	(119)	$	6	$	18	$	(53)	$	(125)	$	127	$	(32)	$	(106)
Cost of Goods Sold	(143)		67		(8)		(97)		(115)		84		(39)		(112)
Gross Margin (Loss)	$	24	$	(61)	$	26	$	44	$	(10)	$	43	$	7	$	6
Notable items Included in Gross Margin	38		(80)		59		51		(27)		2		(2)		—
Adjusted Gross Margin (Loss)(b)	$	(14)	$	19	$	(33)	$	(7)	$	17	$	41	$	9	$	6

SG&A	68		79		80		85		78		68		78		80
Other operating (income) expense	14		6		2		10		—		9		8		12

Operating Earnings (Loss)	$	(58)	$	(146)	$	(56)	$	(51)	$	(88)	$	(34)	$	(79)	$	(86)
Plus: Depreciation, Depletion and Amortization	12		7		11		10		9		9		10		9
Plus: Share-Based Compensation Expense	5		7		10		7		7		6		10		8
Plus: Foreign Exchange Gain (Loss)	40		(145)		82		111		64		(15)		64		60
Plus: Other Income (Expense)	—		39		(116)		213		308		(89)		113		(160)
Plus: Earnings (Loss) from equity investments	—		—		—		2		—		—		—		—
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	(1)		(1)		2		—		—		—		—		(1)
Plus: Notable Items	(80)		196		(23)		(380)		(344)		103		(171)		109
Adjusted EBITDA(b)	$	(80)	$	(41)	$	(94)	$	(88)	$	(44)	$	(20)	$	(53)	$	(59)

Elimination of profit in inventory included in COGS	$	(3)	$	7	$	(49)	$	—	$	15	$	21	$	5	$	5
Unrealized gain (loss) on derivatives included in COGS	$	39	$	(80)	$	59	$	51	$	27	$	2	$	(4)	$	—

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items


Q2 2026
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)	$	(49)	$	18	$	(0.10)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(15)		2		(0.03)
Closed and indefinitely idled facility costs	Brazil	Other operating income (expense)	(13)		1		(0.03)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	(162)		26		(0.43)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(1)		—		—
Loss on assets held for sale/transaction costs	Potash/Corporate	Loss on assets sold and to be sold/SG&A	(9)		2		(0.03)
Accelerated depreciation	Brazil	Cost of goods sold	(26)		2		(0.08)
Land Reclamation - ARO	Phosphate	Cost of goods sold	(7)		2		(0.02)
Asset write-off	Phosphate	Other operating income (expense)	(69)		14		(0.17)
Income tax adjustment	Consolidated	(Provision for) benefit from income taxes	—		(31)		(0.10)
Total Notable Items			$	(351)	$	36	$	(0.99)


Q1 2026
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)	$	24	$	(2)	$	0.06
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(2)		—		—
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(15)		1		(0.04)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	112		(8)		0.33
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(2)		—		(0.01)
Environmental reserves	Phosphate	Other operating income (expense)/Noncontrolling Interest	(21)		1		(0.06)
Gain on sale of land	Phosphate	Other operating income (expense)	31		(2)		0.09
Loss on assets held for sale and other assets	Brazil	Loss on assets to be sold/Other operating income (expense)	(302)		59		(0.76)
Restructuring and cost reduction actions	Consolidated	Other operating income (expense)/SG&A	(98)		7		(0.29)
Accelerated depreciation	Brazil	Cost of goods sold	(26)		2		(0.08)
Closed and indefinitely idled facility costs	Brazil	Other operating income (expense)	(24)		2		(0.07)
Discrete Tax	Corporate	(Provision for) benefit from income taxes	—		(10)		(0.03)
Total Notable Items			$	(323)	$	50	$	(0.86)


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


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

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)	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Consolidated Net Income (Loss)	$	122	$	169	$	238	$	411	$	411	$	(519)	$	(258)	$	(273)
Less: Consolidated Interest Expense, Net	(42)		(47)		(41)		(53)		(46)		(48)		(55)		(63)
Plus: Consolidated Depreciation, Depletion & Amortization	238		283		243		262		277		268		317		292
Plus: Accretion Expense	26		31		32		33		33		32		35		34
Plus: Share-Based Compensation Expense (Benefit)	5		7		10		8		7		6		10		8
Plus: Consolidated Provision for (Benefit from) Income Taxes	48		34		63		146		175		256		(31)		(34)
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends	5		9		—		—		—		—		—		—
Plus: Notable Items	(28)		32		(83)		(347)		(143)		414		288		317
Consolidated Adjusted EBITDA	$	448	$	594	$	544	$	566	$	806	$	505	$	416	$	407

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.