(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.

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 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 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.

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 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.

•Net income of $411 million reflects the pre-tax positive impact of $339 million in notable items(2), mainly from unrealized gains in foreign currency.

•Adjusted EBITDA(1) of $566 million reflects the impact of $130 million in larger-than-usual provisions of $64 million and higher turnaround and idle expenses compared with a year ago of $66 million.

•Mosaic Fertilizantes’ out performance continued, with operating income at $109 million and adjusted EBITDA(1) at $159 million. Mosaic expects third quarter adjusted EBITDA to grow to over $200 million, resulting from peak seasonal volumes and distribution margins.

•Following second quarter turnaround and reliability work, third quarter phosphate sales volumes are expected to be 1.8 to 2.0 million tonnes.

•2025 potash production volume guidance raised to 9.3 to 9.5 million tonnes, capitalizing on strengthening market conditions.

•Palmeirante blending facility and Esterhazy Hydrofloat were completed in July with Hydrofloat producing the first potash product tonnes.

•$150 million cost reduction program was achieved and is expanded to $250 million to include value capture and additional cost reduction initiatives.

TAMPA, FL, August 5, 2025 - The Mosaic Company (NYSE: MOS), reported net income of $411 million and diluted earnings per share (EPS) of $1.29 for the second quarter of 2025. Adjusted EBITDA(1) was $566 million and adjusted EPS(1) was $0.51 for the quarter.

“Mosaic’s second quarter 2025 performance reflects extensive maintenance activity and several discreet items” said President and CEO Bruce Bodine. “The work we completed in the first six months of the year sets the stage for a strong second half, supported by improved operating performance, reduced turnaround activity, our excellent execution in Brazil, and compelling fertilizer market fundamentals. We expect to generate significant free cash flow through the balance of the year."

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

(2)See “Notable Items Listing” for additional information.

Net income for the second quarter of 2025 increased to $411 million, from a net loss of $162 million in the same quarter of the prior year. The increase was primarily driven by higher average selling prices across all segments reflecting strong market dynamics and cost efficiencies in the Mosaic Fertilizantes segment. Net income for the second quarter of 2025 was positively impacted by notable items totaling $339 million, pre-tax, mainly due to $220 million in unrealized gains on foreign currency transactions and derivatives resulting from the appreciation of the Brazilian Real and the Canadian dollar in the quarter, and a $216 million mark-to-market unrealized gain on the value of Ma’aden shares in the quarter. These were partially offset by adjustments for ARO and environmental reserves of $76 million in the Phosphate segment.

Adjusted EBITDA(1) in the second quarter of 2025 was $566 million, down from $584 million in the second quarter of 2024, reflecting a $130 million impact of larger-than-usual provisions ($64 million) and higher idle and turnaround expenses compared to the same quarter of prior year ($66 million). The $64 million of larger-than-usual provisions, which most did not have a cash impact in the quarter, are from bad debt provisions in the Mosaic Fertilizantes segment (net of recoveries), inventory adjustments, legal and environmental reserves, provisions for tax contingencies and other minor provisions in the Phosphate and Mosaic Fertilizantes segments. Idle and turnaround expenses in the second quarter totaled $144 million, $66 million higher than the same quarter from prior year. Lower adjusted EBITDA in the second quarter of 2025 is also driven by lower phosphate production and sales volumes, lower fixed cost absorption, partially offset by higher prices, and operating efficiency improvements in the Mosaic Fertilizantes segment.

Second quarter selling, general and administrative (SG&A) expenses increased to $167 million, from $128 million in the same quarter of the prior year, primarily driven by $33 million in bad debt provisions, of which $30 million is from a single customer, and $7 million in non-cash amortization expense from the global digital acceleration project. During the quarter, Mosaic received $15 million from an insurance recovery pertaining to a bad debt provision booked in the prior year, which is recorded outside of SG&A in other operating income. Mosaic expects to recover a significant portion of the bad debt recognized in the current quarter through insurance claims in the future.

Mosaic has achieved the $150 million cost reduction program outlined two years ago, with $106 million being realized within the Mosaic Fertilizantes segment and $55 million from SG&A, when compared to the 2023 baseline. Mosaic is extending the value capture program from $150 million towards $250 million to be achieved by the end of 2026. The drivers of additional value capture will be automation of administrative functions, supply chain optimization, further cost reductions in operations. gross margin optimization, and fixed cost absorption as Mosaic expects to return to normal phosphate production levels.

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

The effective tax rate for the second quarter of 2025 was 25.9% percent. The adjusted effective tax rate was 24.9% percent excluding one-time net favorable impacts from notable tax items. Cash taxes paid were $75 million. See the table included in the non-GAAP financial measures section of this press release for a reconciliation of the adjusted effective tax rate.

Cash flow from operations was $610 million in the second quarter of 2025 versus $847 million in the same quarter of the prior year, driven primarily by lower customer prepayments and higher working capital. Free cash flow in the second quarter of 2025 was $305 million compared to $513 million in the same quarter last year, driven primarily by lower customer prepayments and higher working capital, offset by lower capital expenditures which declined to $305 million, from $334 million in the same quarter of the prior year. Mosaic expects cash flow from operations to be stronger in the second half, compared to the first half of 2025, reflecting the strong price environment and normal working capital seasonality. The 2025 capital expenditure outlook remains unchanged at $1.2-$1.3 billion.

Mosaic continues to engage with interested parties to advance strategic alternatives for Carlsbad and Taquari. The Patos de Minas fulfillment of conditions precedent advanced further, and the transaction is on track to close by the end of 2025. On Araxá and Patrocínio, further work on feasibility studies for the potential Niobium project is required before a sale or partnership takes place, and negotiations are expected to resume in the first half of 2026.

Mosaic paid a $0.22 per share dividend in the second quarter, equivalent to $70 million returned to shareholders.