THE MOSAIC COMPANY REPORTS THIRD QUARTER 2026 RESULTS
The Mosaic Company 101 E. Kennedy Blvd., Suite 2500 Tampa, FL 33602 www.mosaicco.com
Third quarter results included revenues of $3.1 billion, an operating loss of $97 million and a net loss of $72 million; excluding notable items, adjusted EBITDA (1)
• Third quarter sales volumes totaled 1.4 million tonnes for Phosphates, 2.1 million tonnes for Potash and 1.9 million tonnes for Mosaic Fertilizantes
Working capital and production management resulted in sequential improvement in operating cash flow in the third quarter
Settled fourth quarter sulfur contract at $615 per long ton, which is expected to positively contribute to fourth quarter free cash flow.
Refinanced and extended all long-term maturities through 2028, further strengthening the balance sheet
TAMPA, FL, November 3, 2026 - The Mosaic Company (NYSE: MOS), reported a net loss of $72 million and diluted loss per share of $0.23 for the third quarter of 2026. Adjusted EBITDA (1) was $324 million and adjusted loss per share (1) was $0.19.
“We made meaningful progress during the third quarter on the actions within our control. We aligned phosphate production with the availability of affordable sulfur, reduced costs, strengthened our financial position, and continued to advance opportunities to optimize the portfolio," said President and CEO Bruce Bodine. "These actions position us to deliver stronger performance as conditions improve."
In millions $ except as noted below Q3 2026 Q2 2026 Q3 2025 Net Sales - billions $ $3.1 $2.8 $3.5 Selling, General and Administrative $124 $132 $126 Expenses Operating Earnings (Loss) $(97) $(36) $340 Operating Earnings (Loss) – Phosphate $(194) $(104) $102 Operating Earnings (Loss) – Potash $189 $195 $229 Operating Earnings (Loss) – Mosaic $(21) $(41) $96 Fertilizantes Operating Earnings (Loss) – Corporate $(70) $(86) $(88) and Other Net Income (Loss) $(72) $(273) $411 Adjusted EBITDA(1) $324 $407 $806 Adjusted EBITDA - Phosphate(1) $49 $128 $280 Adjusted EBITDA - Potash(1) $284 $278 $329 Adjusted EBITDA – Mosaic $41 $60 $241 Fertilizantes(1) Adjusted EBITDA – Corporate and Other(1) $(50) $(59) $(44)
(1) See “Non-GAAP Financial Measures” for additional information and reconciliation. 1 Mosaic reported a third quarter net loss of $72 million, compared to net income of $411 million in the same quarter of 2025. Third quarter results were negatively impacted by $53 million of pre-tax notable items. These items primarily included environmental reserve adjustments, expenses related to facility closures and restructuring costs that were partially offset by gains related to a positive adjustment to the value of Mosaic’s investment in Ma’aden and changes in foreign currency. Third quarter adjusted EBITDA (1) totaled $324 million, down from $806 million in the same quarter last year. Results primarily reflected lower sales volumes across all segments and higher raw material costs in Phosphate and Mosaic Fertilizante s, which were partially offset by higher phosphate prices. Selling, general, and administrative (SG&A) expenses were $124 million in the third quarter, compared to $126 million in the prior year period, reflecting the impact of cost saving actions that were largely offset by inflationary pressures. The effective tax rate for the third quarter was 36.7%. Cash taxes paid were $63 million in the third quarter, primarily resulting from profits generated in the Potash segment.
Cash flow from operations totaled $284 million in the third quarter, compared to $229 million in the same period last year. The increase was primarily driven by lower finished goods inventories. Free cash flow (1) was breakeven in the third quarter of 2026, compared to $(135) million in the prior year period, reflecting higher cash flow from operations and lower capital expenditures. Third quarter free cash flow also improved sequentially and is expected to improve further in the fourth quarter, supported by a further release of working capital and cost reduction initiatives across the enterprise.
• Capital expen ditures in 2026 are now expected to be $1.2 billion. For 2027, Mosaic is targeting capital expenditures below $1 billion.
• Mosaic continues to advance a strategic review of its asset portfolio. These efforts include year-to-date land sales totaling $67 million, advancing the sale process for the Araxá facility in Brazil, and the ongoing evaluation of other non-core assets.
• Mosaic refinanced and extended all long-term debt maturities through 2028, improving its maturity profile and preserving financial flexibility. The company’s $2.5 billion revolving credit facility remains fully available.
• The company paid a regular common dividend of $0.22 per share in the third quarter.
(1) See “Non-GAAP Financial Measures” for additional information and reconciliation. 2 Potash Results and Outlook:
The Potash segment reported net sales of $643 million in the third quarter of 2026 , down from $695 million in the prior year period. Operating earnings were $189 million, compared to $229 million in the third quarter of 2025. Adjusted EBITDA (1) was $284 million, compared to $329 million in the prior year period as a result of lower sales volumes.
Third quarter sales and production volumes each totaled 2.1 million tonnes, compared to 2.3 million tonnes in the prior year period. In addition to Colonsay and Belle Plaine's routine turnarounds, production during the quarter was impacted by abnormal geological conditions at Esterhazy that resulted in lower- than-expected ore grades. As a result, full-year potash production is now expected to be 8.6 million tonnes in 2026. Lower grades are temporary and expected to improve over time. Mosaic continues to target more than 9 million tonnes of annual potash production over the long term.
MOP cash cost of production per tonne (1) was $73 in the third quarter, up from $71 in the prior-year quarter, but down sequentially from $84 in the second quarter of 2026. Despite geological challenges at Esterhazy, higher sequential operating rates there and at Colonsay improved fixed cost absorption.
Fourth quarter 2026 sales volumes are expected to be in the range of 2.3 to 2.6 million tonnes, with realized mine gate MOP prices in the range of $255 to $275 per tonne.
(1) See “Non-GAAP Financial Measures” for additional information and reconciliation. 3 Phosphate Results and Outlook:
Q3 2026 Q2 2026 Q3 2025 Net Sales - millions $ $1,295 $1,246 $1,290 Sales Volumes - million tonnes* 1.4 1.4 1.6 DAP Selling Price FOB plant - $ per $838 $773 $714 tonne Phosphate Cash Cost of Conversion(1)- $ $117 $129 $131 per tonne Blended Rock Cost Consumed in COGS(1)- $ $91 $90 $80 per tonne Gross Margin - $ per tonne $(105) $(4) $92 Operating Earnings (Loss) – millions $ $(194) $(104) $102 Segment Adjusted EBITDA(1)- millions $ $49 $128 $280
*Tonnes = finished product tonnes The Phosphate segment reported net sales of $1.3 billion in the third quarter of 2026, which was equal to prior year period sales. The segment generated an operating loss of $194 million during the period, which compared to operating income of $102 million in the third quarter of 2025. Results reflected $84 million of notable items primarily related to environmental reserve adjustments, expenses related to facility closures and restructuring costs. Adjusted EBITDA (1) totaled $49 million, compared to $280 million in the prior year period. The year-over-year decline reflected higher raw material costs and lower volumes, somewhat offset by higher prices. Sales volumes for the third quarter were 1.4 million tonnes, compared to 1.6 million in the same period last year, reflecting production curtailments implemented as a result of limited affordable sulfur availability.
During the third quarter, cash cost of conversion (1) averaged $117 per tonne, down from $131 per tonne in the prior period, reflecting the idling of higher- cost Louisiana phosphate fertilizer production. Idle, turnaround, and unabsorbed fixed costs during the third quarter totaled $77 million, versus $42 million in the third quarter of 2025, reflecting the production curtailments. These costs are expected to increase further in the fourth quarter as a result of additional curtailments at the South Fort Meade and Miski Mayo mines, before moderating in 2027 as cost improvements are realized.
Third quarter raw material costs averaged $715 per long ton for sulfur and $619 per tonne for ammonia. For the fourth quarter, Mosaic settled a sulfur supply contract with U.S. Gulf Coast refiners at $615 per long ton.
Fourth-quarter stripping margins and adjusted EBITDA are expected to decline further as higher-cost raw materials purchased and consumed during the third quarter flow through cost of goods sold, reflecting the two- to three-month inventory cycle. However, cash flow is expected to improve sequentially following the settlement of the fourth-quarter sulfur contract, with the related earnings benefits expected primarily in the first quarter of 2027.
For the fourth quarter, sales volumes are expected to be of 1.3 to 1.6 million tonnes. DAP prices at the plant are expected to average $820 to $840 per tonne.
(1) See “Non-GAAP Financial Measures” for additional information and reconciliation. 4
Q3 2026 Q2 2026 Q3 2025 Net Sales - millions $ $1,254 $1,034 $1,592 Sales Volumes - million tonnes* 1.9 1.5 2.8 Sales Volumes of produced product – 0.4 0.7 1.0 million tonnes(2) Average Finished Product Selling Price - $625 $585 $518 $ per tonne Phosphate Cash Cost of Conversion(1)- $ $147 $141 $99 per tonne Phosphate Blended Rock Cost Consumed in COGS - $121 $105 $99 $ per tonne Gross Margin - $ per tonne $14 $4 $65 Operating Earnings (Loss) – millions $ $(21) $(41) $96 Segment Adjusted EBITDA(1)– millions $ $41 $60 $241
Mosaic Fertilizantes reported net sales of $1.3 billion in the third quarter of 2026, compared to $1.6 billion in the prior year period. The segment generated an operating loss of $21 million in the third quarter, compared to operating earnings of $96 million in the same period last year. Adjusted EBITDA (1) totaled $41 million, compared to $241 million in the prior year period. Third quarter results were primarily driven by lower sales volumes and fixed cost absorption, which were partially offset by higher distribution margins.
Third quarter sales volumes totaled 1.9 million tonnes, down from 2.8 million tonnes in the same quarter last year, primarily due to curtailed domestic production and limited customer credit availability.
During the third quarter, lower operating rates resulted in higher unit cash conversion costs (1) of $147 per tonne, up from $99 per tonne in the prior year period. The increase primarily reflected reduced fixed cost absorption and the ongoing operations of higher-cost, higher-margin animal feed (DCP) production at Cajati, which remains profitable in the current environment. Mosaic Fertilizantes also benefited from seasonal improvements in distribution margins, which have recovered to normalized levels.
Idle, turnaround and unabsorbed fixed costs included in cost of goods sold totaled $70 million, compared to $27 million in the prior-year period.
Looking ahead, while grower economics and fertilizer demand have improved, the full-quarter impact of production curtailments, combined with typical seasonality, is expected to result in fourth-quarter segment adjusted EBITDA below third-quarter levels.
Year-to-date net sales doubled compared to the first nine months of 2025, supported in part by the launch of six new products. Mosaic continues to expect to launch up to four new products (3) in the fourth quarter. Full-year net sales remain on track to double in 2026, totaling $135 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. 5
The macroeconomic environment remains clouded by Middle East tensions, bottlenecks in the Strait of Hormuz, and Russia and Ukraine strikes on energy and agricultural infrastructure. At the same time, strengthening El Niño conditions and the observable impact of underapplication of crop nutrients over the past two years have led to a tightened agricultural backdrop. These factors together have led to agricultural commodity prices trending higher from the second quarter, leading to increased demand for fertilizers, particularly in North America. We expect this trend to continue into 2027.
Phosphate markets remain tight with improving demand and lingering supply disruptions. North American inventories are expected to stay low into next year as growers and retailers re-engage for fall application. Demand is outpacing many customers' initial expectations as stronger agricultural commodity prices have improved farmer economics, and another year of solid yields has further depleted soil nutrients. India has steadily secured tonnes for Rabi, which are expected to be depleted by year-end. Brazilian inventories are well below last year, setting the stage for a return of pent-up import demand in the near future. China has exported minimal volumes of DAP or MAP over the past quarter, and little to no exports are expected through spring. Global phosphate production remains constrained by sulfur availability. While sulfur prices have moderated, they remain elevated and continue to strain phosphate producer margins. Timing of normalization remains contingent on geopolitical events.
Potash market fundamentals are positive as global demand looks to set another record given healthy affordability. While potash shipments have seen little impact from Middle East disruption, escalating attacks in the Black Sea have constrained shipping and are likely to inhibit export supplies from the region through the fourth quarter. As such, offshore North American imports are likely to remain muted even as demand strengthens for the fall season. Chinese imports have already exceeded last year's total. While Chinese inventories are higher than last year, not all are available for sale given government reserve requirements, and available stocks to use ratios are quite manageable.
Full Year 2026 Potash Production Volumes - million tonnes 8.6 Total Capital Expenditures - billions $ $1.2 Depreciation, Depletion & Amortization - billions $1.1 - $1.2 $ Selling, General, and Administrative Expense - $510 - $530 millions $ Net Interest Expense - millions $ $240 - $260 Cash Tax - millions $ $175 - $225
Fourth Quarter 2026 Phosphate Sales Volumes - million tonnes 1.3 -1.6 DAP FOB Plant Prices - $ per tonne $820 - $840 Potash Sales Volumes - million tonnes 2.3- 2.6 MOP FOB Mine Prices - $ per tonne $255 - $275
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 2025 Actual impact(1) Average MOP Price / tonne $10/mt price change = $83 $255 (fob mine) million(4) Average DAP Price / tonne $10/mt price change = $60 $670 (fob plant) million
(1) See “Non-GAAP Financial Measures” for additional information and reconciliation.
Investors Media Joan Tong, CFA Sarah Fedorchuk 863-640-0826 813-523-7362 joan.tong@mosaicco.com media@mosaicco.com
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 a global employee base 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 November 4, 2026, at 11:00 a.m. Eastern Time to discuss third 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
This press 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, including the cost and availability of sulfur and other key raw materials and inputs and potential disruptions to their production, supply or transportation, 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; changes in fertilizer use and application rates; 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 7 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.
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 December 31, 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. 8 For the three months ended September 30, 2026, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.04):
Tax EPS Amount effect impact Line (in (in (per Descr… Segment item milli… millio… share) ────────────────────────────────────────────────────────────────────────────── Forei… Foreign curre… curren… trans… Consol… transa… $ 32 $ -8 $ 0.07 gain gain (loss) (loss) Closed and Other indef… Phosph… operat… -14 4 -0.03 idled income facil… (expen… costs Closed and Other indef… Brazil operat… -14 4 -0.03 idled income facil… (expen… costs Corpor… Other Ma'ad… and non-op… 39 -10 0.09 mark-… Other income (expen… Reali… gain Other (loss) non-op… on Phosph… income -12 3 -0.03 RCRA (expen… Trust Secur… Other Envir… Phosph… operat… -42 11 -0.10 reser… income (expen… Restr… Other and Consol… operat… -12 3 -0.03 cost income reduc… (expen… Cost of Land goods recla… Phosph… sold/O… -17 5 -0.03 Operat… income… (Provi… YTD for) tax Consol… benefit — 25 0.08 rate from adjus… income taxes Loss Other on Corpor… non-op… -13 3 -0.03 debt income extin… (expen… Total Notab… $ -53 $ 40 $ -0.04 Items
For the three months ended September 30, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.25:
Tax EPS Amount effect impact Line (in (in (per Descr… Segment item milli… millio… share) ────────────────────────────────────────────────────────────────────────────── Forei… Foreign curre… curren… trans… Consol… transa… $ -14 $ 3 $ -0.04 gain gain (loss) (loss) Unrea… gain Corpor… Cost of (loss) and goods -27 7 -0.06 on Other sold deriv… Closed and Other indef… Phosph… operat… -14 3 -0.03 idled income facil… (expen… costs Corpor… Other Ma'ad… and non-op… 308 -80 0.71 mark-… Other income (expen… Other Envir… Phosph… operat… -18 5 -0.04 Reser… income (expen… Loss on assets Other held Mosaic operat… for Fertil… income -75 — -0.23 sale (expen… and trans… fees Cost of goods Asset Mosaic sold/O… -11 3 -0.03 write… Fertil… operat… income (expen… Land Cost of recla… Phosph… goods -14 4 -0.03 sold Total Notab… $ 135 $ -55 $ 0.25 Items
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets: Cash and cash equivalents $ 272.6 $ 276.6 Receivables, net, including affiliate receivables of $88.2 and 1,013.6 1,078.6 $126.3, respectively Inventories 3,224.0 3,363.0 Assets held for sale 106.8 73.5 Other current assets 410.4 445.8 Total current assets 5,027.4 5,237.5 Property, plant and equipment, net of accumulated depreciation of 13,577.3 13,982.6 $11,776.1 and $11,126.0, respectively Equity securities and investments in 1,845.0 1,848.2 nonconsolidated companies Goodwill 970.6 1,005.1 Deferred income taxes 1,149.6 811.6 Other assets 1,567.2 1,595.1 Total assets $ 24,137.1 $ 24,480.1 Liabilities and Equity Current liabilities: Short-term debt $ 511.6 $ 759.9 Current maturities of 68.7 43.1 long-term debt Structured accounts payable 402.4 480.1 arrangements Accounts payable, including affiliate payables of $95.6 and 871.3 1,171.9 $115.2, respectively Accrued liabilities 1,424.6 1,472.5 Liabilities held for sale 76.9 55.3 Total current liabilities 3,355.5 3,982.8 Long-term debt, less 5,332.8 4,250.9 current maturities Deferred income taxes 954.6 1,000.8 Other noncurrent 3,017.9 3,011.4 liabilities Equity: Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none — — issued and outstanding as of September 30, 2026 and December 31, 2025 Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 395,619,275 shares issued and 317,902,668 shares 3.2 3.2 outstanding as of September 30, 2026, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025 Capital in excess of par 53.8 29.2 value Retained earnings 13,441.8 14,184.4 Accumulated other -2,200.2 -2,131.9 comprehensive loss Total Mosaic stockholders' 11,298.6 12,084.9 equity Noncontrolling interests 177.7 149.3 Total equity 11,476.3 12,234.2 Total liabilities and $ 24,137.1 $ 24,480.1 equity
Nine Months September 30, September 30, Ended 2026 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 $ 272.6 $ 153.3 equivalents Restricted cash in other 2.4 8.0 current assets Restricted cash 15.7 16.0 in other assets Total cash, cash equivalents and restricted cash $ 290.7 $ 177.3 shown in the unaudited statements of cash flows
Three months ended September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income (loss) attributable to $ -72.1 $ 411.4 Mosaic Basic weighted average number of shares 317.9 317.4 outstanding Dilutive impact of share-based — 2.0 awards Diluted weighted average number of 317.9 319.4 shares outstanding Basic net income (loss) per share $ -0.23 $ 1.30 attributable to Mosaic Diluted net income (loss) per share $ -0.23 $ 1.29 attributable to Mosaic Notable items impact on net income (loss) per share attributable to -0.04 0.25 Mosaic Adjusted diluted net income (loss) per $ -0.19 $ 1.04 share attributable to Mosaic
Three Consolida… months Earnings(… ended September September millions) 2026 30, 2026 June 30, 2025 30, ────────────────────────────────────────────────────────────────────────────── Consolida… net earnings $ -72 $ -273 $ 411 (loss) attributa… to Mosaic Less: Consolida… interest -60 -63 -46 expense, net Plus: Consolida… depreciat… 292 292 277 depletion and amortizat… Plus: Accretion 33 34 33 expense Plus: Share-bas… 5 8 7 compensat… expense Plus: (Benefit) provision -38 -34 175 for income taxes Plus: Notable 44 317 -143 items Adjusted $ 324 $ 407 $ 806 EBITDA
Three months ended Income Tax Effective Tax Rate(in September 30, millions) 2026 ──────────────────────────────────────────────────────────────────────── Income Tax (Benefit) Expense $ -38 Earnings (Loss) Before Tax $ -103 Effective Tax Rate 36.7 % Income Tax (Benefit) Expense $ -38 Discrete Tax Notable Items — Tax Expense on All Other Notable Items (see notable items table for details of 40 these items) Adjusted Income Tax (Benefit) Expense $ 2 Earnings (Loss) Before Tax $ -103 Earnings Impact of All Notable Items 50 (including non-controlling interest) Adjusted Earnings Before Tax $ -53 Adjusted Effective Tax Rate -3.9 %
Three Phosphate months Earnings(… ended September September millions) 2026 30, 2026 June 30, 2025 30, ────────────────────────────────────────────────────────────────────────────── Operating Earnings $ -194 $ -104 $ 102 (Loss) Plus: Depreciat… Depletion 151 133 129 and Amortizat… Plus: Accretion 26 26 26 Expense Plus: Foreign Exchange 1 -6 10 Gain (Loss) Plus: Other -12 -2 -4 Income (Expense) Less: Earnings from 7 9 11 Consolida… Noncontro… Interests Plus: Notable 84 90 28 Items Adjusted $ 49 $ 128 $ 280 EBITDA
Mosaic Three Fertiliza… months Earnings(… ended September September millions) 2026 30, 2026 June 30, 2025 30, ────────────────────────────────────────────────────────────────────────────── Operating Earnings $ -21 $ -41 $ 96 (Loss) Plus: Depreciat… Depletion 40 74 46 and Amortizat… Plus: Accretion 4 4 4 Expense Plus: Foreign Exchange 2 2 -19 Gain (Loss) Plus: Other -1 -2 -1 Income (Expense) Less: Earnings (Loss) from — -2 1 Consolida… Noncontro… Interests Plus: Notable 17 21 116 Items Adjusted $ 41 $ 60 $ 241 EBITDA
Corporate Three and Other months Earnings(… ended September September millions) 2026 30, 2026 June 30, 2025 30, ────────────────────────────────────────────────────────────────────────────── Operating Earnings $ -70 $ -86 $ -88 (Loss) Plus: Depreciat… Depletion 10 9 9 and Amortizat… Plus: Accretion 5 8 7 Expense Plus: Foreign Exchange 2 60 64 Gain (Loss) Plus: Other 28 -160 308 Income (Expense) Plus: Earnings (Loss) — — — from Equity Investmen… Less: Earnings (Loss) from — -1 — Consolida… Noncontro… Interests Plus: Notable -25 109 -344 Items Adjusted $ -50 $ -59 $ -44 EBITDA
Full text with the tables
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 THIRD QUARTER 2026 RESULTS
•
Third quarter results included revenues of $3.1 billion, an operating loss of
$97 million and a net loss of $72 million; excluding notable items, adjusted
EBITDA (1)
totaled $324 million
• Third quarter sales volumes totaled 1.4 million tonnes for Phosphates, 2.1
million tonnes for Potash and 1.9 million tonnes for Mosaic Fertilizantes
•
Working capital and production management resulted in sequential improvement in
operating cash flow in the third quarter
•
Settled fourth quarter sulfur contract at $615 per long ton, which is expected
to positively contribute to fourth quarter free cash flow.
•
Refinanced and extended all long-term maturities through 2028, further
strengthening the balance sheet
TAMPA, FL, November 3, 2026 - The Mosaic Company (NYSE: MOS), reported a net
loss of $72 million and diluted loss per share of $0.23 for the third quarter of
2026. Adjusted EBITDA (1) was $324 million and adjusted loss per share (1) was
$0.19.
“We made meaningful progress during the third quarter on the actions within our
control. We aligned phosphate production with the availability of affordable
sulfur, reduced costs, strengthened our financial position, and continued to
advance opportunities to optimize the portfolio," said President and CEO Bruce
Bodine. "These actions position us to deliver stronger performance as conditions
improve."
Consolidated Results:
In millions $ except as noted below Q3 2026 Q2 2026 Q3 2025
Net Sales - billions $ $3.1 $2.8 $3.5
Selling, General and Administrative $124 $132 $126
Expenses
Operating Earnings (Loss) $(97) $(36) $340
Operating Earnings (Loss) – Phosphate $(194) $(104) $102
Operating Earnings (Loss) – Potash $189 $195 $229
Operating Earnings (Loss) – Mosaic $(21) $(41) $96
Fertilizantes
Operating Earnings (Loss) – Corporate $(70) $(86) $(88)
and Other
Net Income (Loss) $(72) $(273) $411
Adjusted EBITDA(1) $324 $407 $806
Adjusted EBITDA - Phosphate(1) $49 $128 $280
Adjusted EBITDA - Potash(1) $284 $278 $329
Adjusted EBITDA – Mosaic $41 $60 $241
Fertilizantes(1)
Adjusted EBITDA – Corporate and Other(1) $(50) $(59) $(44)
(1) See “Non-GAAP Financial Measures” for additional information and
reconciliation.
1
Mosaic reported a third quarter net loss of $72 million, compared to net income
of $411 million in the same quarter of 2025. Third quarter results were
negatively impacted by $53 million of pre-tax notable items. These items
primarily included environmental reserve adjustments, expenses related to
facility closures and restructuring costs that were partially offset by gains
related to a positive adjustment to the value of Mosaic’s investment in Ma’aden
and changes in foreign currency.
Third quarter adjusted EBITDA (1) totaled $324 million, down from $806 million
in the same quarter last year. Results primarily reflected lower sales volumes
across all segments and higher raw material costs in Phosphate and Mosaic
Fertilizante s, which were partially offset by higher phosphate prices.
Selling, general, and administrative (SG&A) expenses were $124 million in the
third quarter, compared to $126 million in the prior year period, reflecting the
impact of cost saving actions that were largely offset by inflationary
pressures.
The effective tax rate for the third quarter was 36.7%. Cash taxes paid were $63
million in the third quarter, primarily resulting from profits generated in the
Potash segment.
Cash flow from operations totaled $284 million in the third quarter, compared to
$229 million in the same period last year. The increase was primarily driven by
lower finished goods inventories. Free cash flow (1) was breakeven in the third
quarter of 2026, compared to $(135) million in the prior year period, reflecting
higher cash flow from operations and lower capital expenditures. Third quarter
free cash flow also improved sequentially and is expected to improve further in
the fourth quarter, supported by a further release of working capital and cost
reduction initiatives across the enterprise.
Capital Allocation Update
• Capital expen ditures in 2026 are now expected to be $1.2 billion. For 2027,
Mosaic is targeting capital expenditures below $1 billion.
• Mosaic continues to advance a strategic review of its asset portfolio. These
efforts include year-to-date land sales totaling $67 million, advancing the sale
process for the Araxá facility in Brazil, and the ongoing evaluation of other
non-core assets.
• Mosaic refinanced and extended all long-term debt maturities through 2028,
improving its maturity profile and preserving financial flexibility. The
company’s $2.5 billion revolving credit facility remains fully available.
• The company paid a regular common dividend of $0.22 per share in the third
quarter.
(1) See “Non-GAAP Financial Measures” for additional information and
reconciliation.
2
Potash Results and Outlook:
Q3 2026 Q2 2026 Q3 2025
Net Sales - millions $ $643 $650 $695
Sales Volumes - million tonnes* 2.1 2.0 2.3
MOP Selling Price FOB mine - $ per tonne $276 $275 $271
MOP Cash Cost of Production(1)- $ per $73 $84 $71
tonne
Gross Margin - $ per tonne $97 $103 $104
Operating Earnings - millions $ $189 $195 $229
Segment Adjusted EBITDA(1)- millions $ $284 $278 $329
*Tonnes = finished product tonnes
The Potash segment reported net sales of $643 million in the third quarter of
2026 , down from $695 million in the prior year period. Operating earnings were
$189 million, compared to $229 million in the third quarter of 2025. Adjusted
EBITDA (1) was $284 million, compared to $329 million in the prior year period
as a result of lower sales volumes.
Third quarter sales and production volumes each totaled 2.1 million tonnes,
compared to 2.3 million tonnes in the prior year period. In addition to Colonsay
and Belle Plaine's routine turnarounds, production during the quarter was
impacted by abnormal geological conditions at Esterhazy that resulted in lower-
than-expected ore grades. As a result, full-year potash production is now
expected to be 8.6 million tonnes in 2026. Lower grades are temporary and
expected to improve over time. Mosaic continues to target more than 9 million
tonnes of annual potash production over the long term.
MOP cash cost of production per tonne (1) was $73 in the third quarter, up from
$71 in the prior-year quarter, but down sequentially from $84 in the second
quarter of 2026. Despite geological challenges at Esterhazy, higher sequential
operating rates there and at Colonsay improved fixed cost absorption.
Fourth quarter 2026 sales volumes are expected to be in the range of 2.3 to 2.6
million tonnes, with realized mine gate MOP prices in the range of $255 to $275
per tonne.
(1) See “Non-GAAP Financial Measures” for additional information and
reconciliation.
3
Phosphate Results and Outlook:
Q3 2026 Q2 2026 Q3 2025
Net Sales - millions $ $1,295 $1,246 $1,290
Sales Volumes - million tonnes* 1.4 1.4 1.6
DAP Selling Price FOB plant - $ per $838 $773 $714
tonne
Phosphate Cash Cost of Conversion(1)- $ $117 $129 $131
per tonne
Blended Rock Cost Consumed in COGS(1)- $ $91 $90 $80
per tonne
Gross Margin - $ per tonne $(105) $(4) $92
Operating Earnings (Loss) – millions $ $(194) $(104) $102
Segment Adjusted EBITDA(1)- millions $ $49 $128 $280
*Tonnes = finished product tonnes
The Phosphate segment reported net sales of $1.3 billion in the third quarter of
2026, which was equal to prior year period sales. The segment generated an
operating loss of $194 million during the period, which compared to operating
income of $102 million in the third quarter of 2025. Results reflected $84
million of notable items primarily related to environmental reserve adjustments,
expenses related to facility closures and restructuring costs. Adjusted EBITDA
(1) totaled $49 million, compared to $280 million in the prior year period. The
year-over-year decline reflected higher raw material costs and lower volumes,
somewhat offset by higher prices.
Sales volumes for the third quarter were 1.4 million tonnes, compared to 1.6
million in the same period last year, reflecting production curtailments
implemented as a result of limited affordable sulfur availability.
During the third quarter, cash cost of conversion (1) averaged $117 per tonne,
down from $131 per tonne in the prior period, reflecting the idling of higher-
cost Louisiana phosphate fertilizer production. Idle, turnaround, and unabsorbed
fixed costs during the third quarter totaled $77 million, versus $42 million in
the third quarter of 2025, reflecting the production curtailments. These costs
are expected to increase further in the fourth quarter as a result of additional
curtailments at the South Fort Meade and Miski Mayo mines, before moderating in
2027 as cost improvements are realized.
Third quarter raw material costs averaged $715 per long ton for sulfur and $619
per tonne for ammonia. For the fourth quarter, Mosaic settled a sulfur supply
contract with U.S. Gulf Coast refiners at $615 per long ton.
Fourth-quarter stripping margins and adjusted EBITDA are expected to decline
further as higher-cost raw materials purchased and consumed during the third
quarter flow through cost of goods sold, reflecting the two- to three-month
inventory cycle. However, cash flow is expected to improve sequentially
following the settlement of the fourth-quarter sulfur contract, with the related
earnings benefits expected primarily in the first quarter of 2027.
For the fourth quarter, sales volumes are expected to be of 1.3 to 1.6 million
tonnes. DAP prices at the plant are expected to average $820 to $840 per tonne.
(1) See “Non-GAAP Financial Measures” for additional information and
reconciliation.
4
Mosaic Fertilizantes Results and Outlook:
Q3 2026 Q2 2026 Q3 2025
Net Sales - millions $ $1,254 $1,034 $1,592
Sales Volumes - million tonnes* 1.9 1.5 2.8
Sales Volumes of produced product – 0.4 0.7 1.0
million tonnes(2)
Average Finished Product Selling Price - $625 $585 $518
$ per tonne
Phosphate Cash Cost of Conversion(1)- $ $147 $141 $99
per tonne
Phosphate Blended Rock Cost Consumed in
COGS - $121 $105 $99
$ per tonne
Gross Margin - $ per tonne $14 $4 $65
Operating Earnings (Loss) – millions $ $(21) $(41) $96
Segment Adjusted EBITDA(1)– millions $ $41 $60 $241
*Tonnes = finished product tonnes sold to third parties
Mosaic Fertilizantes reported net sales of $1.3 billion in the third quarter of
2026, compared to $1.6 billion in the prior year period. The segment generated
an operating loss of $21 million in the third quarter, compared to operating
earnings of $96 million in the same period last year. Adjusted EBITDA (1)
totaled $41 million, compared to $241 million in the prior year period. Third
quarter results were primarily driven by lower sales volumes and fixed cost
absorption, which were partially offset by higher distribution margins.
Third quarter sales volumes totaled 1.9 million tonnes, down from 2.8 million
tonnes in the same quarter last year, primarily due to curtailed domestic
production and limited customer credit availability.
During the third quarter, lower operating rates resulted in higher unit cash
conversion costs (1) of $147 per tonne, up from $99 per tonne in the prior year
period. The increase primarily reflected reduced fixed cost absorption and the
ongoing operations of higher-cost, higher-margin animal feed (DCP) production at
Cajati, which remains profitable in the current environment. Mosaic
Fertilizantes also benefited from seasonal improvements in distribution margins,
which have recovered to normalized levels.
Idle, turnaround and unabsorbed fixed costs included in cost of goods sold
totaled $70 million, compared to $27 million in the prior-year period.
Looking ahead, while grower economics and fertilizer demand have improved, the
full-quarter impact of production curtailments, combined with typical
seasonality, is expected to result in fourth-quarter segment adjusted EBITDA
below third-quarter levels.
Mosaic Biosciences Update
Year-to-date net sales doubled compared to the first nine months of 2025,
supported in part by the launch of six new products. Mosaic continues to expect
to launch up to four new products (3) in the fourth quarter. Full-year net sales
remain on track to double in 2026, totaling $135 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.
5
Market Update
The macroeconomic environment remains clouded by Middle East tensions,
bottlenecks in the Strait of Hormuz, and Russia and Ukraine strikes on energy
and agricultural infrastructure. At the same time, strengthening El Niño
conditions and the observable impact of underapplication of crop nutrients over
the past two years have led to a tightened agricultural backdrop. These factors
together have led to agricultural commodity prices trending higher from the
second quarter, leading to increased demand for fertilizers, particularly in
North America. We expect this trend to continue into 2027.
Phosphate markets remain tight with improving demand and lingering supply
disruptions. North American inventories are expected to stay low into next year
as growers and retailers re-engage for fall application. Demand is outpacing
many customers' initial expectations as stronger agricultural commodity prices
have improved farmer economics, and another year of solid yields has further
depleted soil nutrients. India has steadily secured tonnes for Rabi, which are
expected to be depleted by year-end. Brazilian inventories are well below last
year, setting the stage for a return of pent-up import demand in the near
future. China has exported minimal volumes of DAP or MAP over the past quarter,
and little to no exports are expected through spring. Global phosphate
production remains constrained by sulfur availability. While sulfur prices have
moderated, they remain elevated and continue to strain phosphate producer
margins. Timing of normalization remains contingent on geopolitical events.
Potash market fundamentals are positive as global demand looks to set another
record given healthy affordability. While potash shipments have seen little
impact from Middle East disruption, escalating attacks in the Black Sea have
constrained shipping and are likely to inhibit export supplies from the region
through the fourth quarter. As such, offshore North American imports are likely
to remain muted even as demand strengthens for the fall season. Chinese imports
have already exceeded last year's total. While Chinese inventories are higher
than last year, not all are available for sale given government reserve
requirements, and available stocks to use ratios are quite manageable.
2026 Guidance Summary
Full Year 2026
Potash Production Volumes - million tonnes 8.6
Total Capital Expenditures - billions $ $1.2
Depreciation, Depletion & Amortization - billions $1.1 - $1.2
$
Selling, General, and Administrative Expense - $510 - $530
millions $
Net Interest Expense - millions $ $240 - $260
Cash Tax - millions $ $175 - $225
Fourth Quarter 2026
Phosphate Sales Volumes - million tonnes 1.3 -1.6
DAP FOB Plant Prices - $ per tonne $820 - $840
Potash Sales Volumes - million tonnes 2.3- 2.6
MOP FOB Mine Prices - $ per tonne $255 - $275
6
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 2025 Actual
impact(1)
Average MOP Price / tonne $10/mt price change = $83 $255
(fob mine) million(4)
Average DAP Price / tonne $10/mt price change = $60 $670
(fob plant) million
(1) See “Non-GAAP Financial Measures” for additional information and
reconciliation.
(4) Includes impact of Canadian Resource Tax
Investors Media
Joan Tong, CFA Sarah Fedorchuk
863-640-0826 813-523-7362
joan.tong@mosaicco.com 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 a global employee base
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 November 4, 2026, at 11:00 a.m. Eastern
Time to discuss third 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
This press 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,
including the cost and availability of sulfur and other key raw materials and
inputs and potential disruptions to their production, supply or transportation,
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; changes in fertilizer use and application rates; 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
7
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 December 31, 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.
8
For the three months ended September 30, 2026, the company reported the
following notable items which, combined, negatively impacted earnings per share
by $(0.04):
Tax EPS
Amount effect impact
Line (in (in (per
Descr… Segment item milli… millio… share)
──────────────────────────────────────────────────────────────────────────────
Forei… Foreign
curre… curren…
trans… Consol… transa… $ 32 $ -8 $ 0.07
gain gain
(loss) (loss)
Closed
and Other
indef… Phosph… operat… -14 4 -0.03
idled income
facil… (expen…
costs
Closed
and Other
indef… Brazil operat… -14 4 -0.03
idled income
facil… (expen…
costs
Corpor… Other
Ma'ad… and non-op… 39 -10 0.09
mark-… Other income
(expen…
Reali…
gain Other
(loss) non-op…
on Phosph… income -12 3 -0.03
RCRA (expen…
Trust
Secur…
Other
Envir… Phosph… operat… -42 11 -0.10
reser… income
(expen…
Restr… Other
and Consol… operat… -12 3 -0.03
cost income
reduc… (expen…
Cost of
Land goods
recla… Phosph… sold/O… -17 5 -0.03
Operat…
income…
(Provi…
YTD for)
tax Consol… benefit — 25 0.08
rate from
adjus… income
taxes
Loss Other
on Corpor… non-op… -13 3 -0.03
debt income
extin… (expen…
Total
Notab… $ -53 $ 40 $ -0.04
Items
For the three months ended September 30, 2025, the company reported the
following notable items which, combined, positively impacted earnings per share
by $0.25:
Tax EPS
Amount effect impact
Line (in (in (per
Descr… Segment item milli… millio… share)
──────────────────────────────────────────────────────────────────────────────
Forei… Foreign
curre… curren…
trans… Consol… transa… $ -14 $ 3 $ -0.04
gain gain
(loss) (loss)
Unrea…
gain Corpor… Cost of
(loss) and goods -27 7 -0.06
on Other sold
deriv…
Closed
and Other
indef… Phosph… operat… -14 3 -0.03
idled income
facil… (expen…
costs
Corpor… Other
Ma'ad… and non-op… 308 -80 0.71
mark-… Other income
(expen…
Other
Envir… Phosph… operat… -18 5 -0.04
Reser… income
(expen…
Loss
on
assets Other
held Mosaic operat…
for Fertil… income -75 — -0.23
sale (expen…
and
trans…
fees
Cost of
goods
Asset Mosaic sold/O… -11 3 -0.03
write… Fertil… operat…
income
(expen…
Land Cost of
recla… Phosph… goods -14 4 -0.03
sold
Total
Notab… $ 135 $ -55 $ 0.25
Items
9
Condensed Consolidated Statements of Earnings (Loss)
(in millions, except per share amounts)
The Mosaic Company -unaudited
Three Nine
months months
ended Septe… ended Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 3,100… $ 3,452.1 $ 8,922.7 $ 9,078…
sales
Cost
of 3,016… 2,899.8 8,388.3 7,519…
goods
sold
Gross 84.1 552.3 534.4 1,559…
marg…
Sell…
gene…
and 124.4 125.5 391.9 415.3
admi…
expe…
Loss
on
asse…
sold — 73.1 238.8 73.1
and
to be
sold
Other
oper… 56.3 13.9 408.7 148.2
expe…
Oper…
earn… -96.6 339.8 -505.0 922.7
(los…
Inte…
expe… -59.5 -45.6 -177.6 -139.3
net
Fore…
curr…
tran… 38.3 -1.2 36.5 301.3
gain
(los…
Other
inco… 14.5 306.3 -44.0 391.7
(exp…
Earn…
(los…
from
cons… -103.3 599.3 -690.1 1,476…
comp…
befo…
inco…
taxes
(Ben…
prov…
for -37.9 175.5 -102.7 384.8
inco…
taxes
Earn…
(los…
from -65.4 423.8 -587.4 1,091…
cons…
comp…
Equi…
in
net
earn… 0.1 0.3 2.1 2.2
of
nonc…
comp…
Net
earn…
(los… -65.3 424.1 -585.3 1,093…
incl…
nonc…
inte…
Less:
Net
earn…
attr… 6.8 12.7 17.2 33.6
to
nonc…
inte…
Net
earn…
(los… $ -72.1 $ 411.4 $ -602.5 $ 1,060…
attr…
to
Mosa…
Dilu…
net
earn…
(los…
per $ -0.23 $ 1.29 $ -1.90 $ 3.33
share
attr…
to
Mosa…
Dilu…
weig…
aver…
numb… 317.9 319.4 317.8 318.8
of
shar…
outs…
10
Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
The Mosaic Company -unaudited
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets:
Cash and cash equivalents $ 272.6 $ 276.6
Receivables, net, including
affiliate
receivables of $88.2 and 1,013.6 1,078.6
$126.3,
respectively
Inventories 3,224.0 3,363.0
Assets held for sale 106.8 73.5
Other current assets 410.4 445.8
Total current assets 5,027.4 5,237.5
Property, plant and
equipment, net of
accumulated depreciation of 13,577.3 13,982.6
$11,776.1
and $11,126.0, respectively
Equity securities and
investments in 1,845.0 1,848.2
nonconsolidated companies
Goodwill 970.6 1,005.1
Deferred income taxes 1,149.6 811.6
Other assets 1,567.2 1,595.1
Total assets $ 24,137.1 $ 24,480.1
Liabilities and Equity
Current liabilities:
Short-term debt $ 511.6 $ 759.9
Current maturities of 68.7 43.1
long-term debt
Structured accounts payable 402.4 480.1
arrangements
Accounts payable, including
affiliate
payables of $95.6 and 871.3 1,171.9
$115.2,
respectively
Accrued liabilities 1,424.6 1,472.5
Liabilities held for sale 76.9 55.3
Total current liabilities 3,355.5 3,982.8
Long-term debt, less 5,332.8 4,250.9
current maturities
Deferred income taxes 954.6 1,000.8
Other noncurrent 3,017.9 3,011.4
liabilities
Equity:
Preferred Stock, $0.01 par
value,
15,000,000 shares
authorized, none — —
issued and outstanding as
of September
30, 2026 and December 31,
2025
Common Stock, $0.01 par
value,
1,000,000,000 shares
authorized,
395,619,275 shares issued
and
317,902,668 shares 3.2 3.2
outstanding as of
September 30, 2026,
395,125,254 shares
issued and 317,408,647
shares
outstanding as of December
31, 2025
Capital in excess of par 53.8 29.2
value
Retained earnings 13,441.8 14,184.4
Accumulated other -2,200.2 -2,131.9
comprehensive loss
Total Mosaic stockholders' 11,298.6 12,084.9
equity
Noncontrolling interests 177.7 149.3
Total equity 11,476.3 12,234.2
Total liabilities and $ 24,137.1 $ 24,480.1
equity
11
Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
The Mosaic Company -unaudited
Three Nine
Cash months months
Flows ended ended
from Septe… Septem…
Opera… 30, 30,
Activ… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
earni…
(loss) $ -65.3 $ 424.1 $ -585.3 $ 1,093.8
inclu…
nonco…
inter…
Adjus…
to
recon…
net
earni…
inclu…
nonco…
inter…
to
net
cash
provi…
by
opera…
activ…
Depre…
deple… 291.9 277.0 900.6 781.7
and
amort…
Defer…
and
other -182.2 31.1 -321.3 55.7
income
taxes
Equity
in net
(earn…
of 0.7 -0.8 -2.1 -1.8
nonco…
compa…
net of
divid…
Accre…
expen…
for 32.5 32.7 99.2 97.5
asset
retir…
oblig…
Share…
compe… 4.6 6.5 22.7 24.2
expen…
Unrea…
(gain)
loss -38.1 -308.0 11.1 -407.7
on
equity
secur…
Unrea…
(gain)
loss 1.4 27.2 0.3 -85.1
on
deriv…
Forei…
curre… -22.9 65.1 56.6 -285.9
adjus…
Amort…
of
debt 3.7 10.5 23.8 33.6
finan…
fees
Impai…
of
assets — 73.0 238.8 73.0
held
for
sale
Other 51.2 21.1 192.4 100.8
Chang…
in
assets
and
liabi…
Recei… -152.7 57.3 69.6 71.9
net
Inven… 433.5 -200.8 187.9 -578.9
Other
curre…
and 101.8 3.7 8.9 27.6
noncu…
assets
Accou…
payab…
and -189.8 -225.3 -280.2 48.2
accru…
liabi…
Asset
retir… -34.8 -57.5 -132.9 -201.1
oblig…
Other
noncu… 48.9 -8.4 65.9 33.4
liabi…
Net
cash
provi… 284.4 228.5 556.0 880.9
by
opera…
activ…
Cash
Flows
from
Inves…
Activ…
Capit… -281.5 -364.4 -958.6 -1,009…
expen…
Purch…
of
avail… -395.9 -100.6 -1,05… -598.2
secur…
-
restr…
Proce…
from
sale
of 391.0 100.5 1,024… 577.9
avail…
secur…
-
restr…
Proce…
from
sale 0.1 0.2 34.7 6.0
of
fixed
assets
Other -0.5 1.4 -4.4 1.9
Net
cash
used -286.8 -362.9 -953.9 -1,022…
in
inves…
activ…
Cash
Flows
from
Finan…
Activ…
Short…
debt, -512.2 213.9 -451.9 205.4
net
Inven…
finan… 1.7 -101.7 203.5 101.2
arran…
net
Struc…
accou…
payab… 44.3 -5.2 -90.6 -15.9
arran…
net
Trans…
recei… 0.5 -3.2 0.5 —
net
Long-…
debt, 568.3 -14.9 1,011… -49.8
net
Cash
divid… -69.9 -69.5 -210.6 -210.5
paid
Divid…
paid
to — -6.7 -7.1 -13.1
nonco…
inter…
Contr…
to — — 8.5 —
nonco…
inter…
Other -23.9 -8.9 -44.1 -26.7
Net
cash
provi…
by 8.8 3.8 419.3 -9.4
(used
in)
finan…
activ…
Effect
of
excha…
rate -21.5 5.5 -29.3 23.0
chang…
on
cash
Net
change
in
cash,
cash -15.1 -125.1 -7.9 -127.7
equiv…
and
restr…
cash
Cash,
cash
equiv…
and
restr… 305.8 302.4 298.6 305.0
cash -
begin…
of
period
Cash,
cash
equiv…
and $ 290.7 $ 177.3 $ 290.7 $ 177.3
restr…
cash -
end of
period
12
Condensed Consolidated Statements of Cash Flows (Continued)
(in millions, except per share amounts)
Nine Months September 30, September 30,
Ended 2026 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 $ 272.6 $ 153.3
equivalents
Restricted cash
in other 2.4 8.0
current assets
Restricted cash 15.7 16.0
in other assets
Total cash,
cash
equivalents and
restricted cash $ 290.7 $ 177.3
shown in the
unaudited
statements of
cash flows
Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
Three months ended
September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income (loss) attributable to $ -72.1 $ 411.4
Mosaic
Basic weighted average number of
shares 317.9 317.4
outstanding
Dilutive impact of share-based — 2.0
awards
Diluted weighted average number of 317.9 319.4
shares outstanding
Basic net income (loss) per share $ -0.23 $ 1.30
attributable to Mosaic
Diluted net income (loss) per share $ -0.23 $ 1.29
attributable to Mosaic
Notable items impact on net income
(loss) per share attributable to -0.04 0.25
Mosaic
Adjusted diluted net income (loss)
per $ -0.19 $ 1.04
share attributable to Mosaic
Free Cash Flow
Three months ended
September 30, 2026 2025
───────────────────────────────────────────────────────────────────────
Net cash provided by operating $ 284 $ 229
activities
Capital expenditures -282 -364
Free cash flow $ 2 $ -135
13
Reconciliation of Non-GAAP Financial Measures
Three
Consolida… months
Earnings(… ended September September
millions) 2026 30, 2026 June 30, 2025 30,
──────────────────────────────────────────────────────────────────────────────
Consolida…
net
earnings $ -72 $ -273 $ 411
(loss)
attributa…
to Mosaic
Less:
Consolida…
interest -60 -63 -46
expense,
net
Plus:
Consolida…
depreciat… 292 292 277
depletion
and
amortizat…
Plus:
Accretion 33 34 33
expense
Plus:
Share-bas… 5 8 7
compensat…
expense
Plus:
(Benefit)
provision -38 -34 175
for income
taxes
Plus:
Notable 44 317 -143
items
Adjusted $ 324 $ 407 $ 806
EBITDA
Three months ended
Income Tax Effective Tax Rate(in September 30,
millions) 2026
────────────────────────────────────────────────────────────────────────
Income Tax (Benefit) Expense $ -38
Earnings (Loss) Before Tax $ -103
Effective Tax Rate 36.7 %
Income Tax (Benefit) Expense $ -38
Discrete Tax Notable Items —
Tax Expense on All Other Notable Items
(see notable items table for details of 40
these items)
Adjusted Income Tax (Benefit) Expense $ 2
Earnings (Loss) Before Tax $ -103
Earnings Impact of All Notable Items 50
(including non-controlling interest)
Adjusted Earnings Before Tax $ -53
Adjusted Effective Tax Rate -3.9 %
Three
Potash months
Earnings(… ended September September
millions) 2026 30, 2026 June 30, 2025 30,
──────────────────────────────────────────────────────────────────────────────
Operating $ 189 $ 195 $ 229
Earnings
Plus:
Depreciat…
Depletion 91 76 93
and
Amortizat…
Plus:
Accretion 3 4 3
Expense
Plus:
Foreign
Exchange 33 -95 -56
Gain
(Loss)
Plus:
Other — 1 3
Income
(Expense)
Plus:
Notable -32 97 57
Items
Adjusted $ 284 $ 278 $ 329
EBITDA
14
Reconciliation of Non-GAAP Financial Measures
Three
Phosphate months
Earnings(… ended September September
millions) 2026 30, 2026 June 30, 2025 30,
──────────────────────────────────────────────────────────────────────────────
Operating
Earnings $ -194 $ -104 $ 102
(Loss)
Plus:
Depreciat…
Depletion 151 133 129
and
Amortizat…
Plus:
Accretion 26 26 26
Expense
Plus:
Foreign
Exchange 1 -6 10
Gain
(Loss)
Plus:
Other -12 -2 -4
Income
(Expense)
Less:
Earnings
from 7 9 11
Consolida…
Noncontro…
Interests
Plus:
Notable 84 90 28
Items
Adjusted $ 49 $ 128 $ 280
EBITDA
Mosaic Three
Fertiliza… months
Earnings(… ended September September
millions) 2026 30, 2026 June 30, 2025 30,
──────────────────────────────────────────────────────────────────────────────
Operating
Earnings $ -21 $ -41 $ 96
(Loss)
Plus:
Depreciat…
Depletion 40 74 46
and
Amortizat…
Plus:
Accretion 4 4 4
Expense
Plus:
Foreign
Exchange 2 2 -19
Gain
(Loss)
Plus:
Other -1 -2 -1
Income
(Expense)
Less:
Earnings
(Loss)
from — -2 1
Consolida…
Noncontro…
Interests
Plus:
Notable 17 21 116
Items
Adjusted $ 41 $ 60 $ 241
EBITDA
Corporate Three
and Other months
Earnings(… ended September September
millions) 2026 30, 2026 June 30, 2025 30,
──────────────────────────────────────────────────────────────────────────────
Operating
Earnings $ -70 $ -86 $ -88
(Loss)
Plus:
Depreciat…
Depletion 10 9 9
and
Amortizat…
Plus:
Accretion 5 8 7
Expense
Plus:
Foreign
Exchange 2 60 64
Gain
(Loss)
Plus:
Other 28 -160 308
Income
(Expense)
Plus:
Earnings
(Loss) — — —
from
Equity
Investmen…
Less:
Earnings
(Loss)
from — -1 —
Consolida…
Noncontro…
Interests
Plus:
Notable -25 109 -344
Items
Adjusted $ -50 $ -59 $ -44
EBITDA
15
Reconciliation of Non-GAAP Financial Measures
Three
months
ended
Septem… Septem…
30, June 30, 30,
Potash 2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Total $ 444 $ 443 $ 459
COGS
Depre…
& 94 80 96
accre…
expen…
Canad…
Resou… 85 70 87
Taxes
Change
in 32 28 -13
Inven…
Non-M…
Produ… 79 112 134
Costs
Total
MOP $ 154 $ 153 $ 155
Cash
Costs
Produ…
tonnes 2,103 1,830 2,186
(thou…
MOP
Cash
Costs
of $ 73 $ 84 $ 71
Produ…
per
produ…
tonne
Phosp…
Total $ 1,443 $ 1,251 $ 1,146
COGS
Depre…
& 165 158 161
accre…
expen…
Miski
Mayo 52 59 55
costs
Raw
mater…
COGS 617 527 350
and
produ…
freig…
Change
in -4 -66 -40
Inven…
Non
Produ… 321 259 267
Costs
Cash
cost
of 141 129 133
U.S.
Mined
Rock
U.S.
Rock
Produ… 2,107 2,074 2,158
tonnes
(thou…
Cash
costs
of
U.S. $ 67 $ 62 $ 62
mined
rock/…
tonne
Phosp…
cash
costs $ 151 $ 185 $ 220
of
conve…
Produ…
tonnes 1,289 1,433 1,677
(thou…
Phosp…
cash
costs
of $ 117 $ 129 $ 131
conve…
per
produ…
tonne
Ferti…
Total $ 1,227 $ 1,028 $ 1,410
COGS
Distr…
produ… 1,017 661 1,202
costs
Depre…
& 45 79 51
accre…
expen…
Change
in 65 55 -139
Inven…
Non
Produ… 25 92 87
Costs
Rock
cash
costs 35 75 101
of
produ…
Potash
cash
costs — — 25
of
produ…
Phosp…
cash
costs $ 40 $ 66 $ 83
of
conve…
Produ…
tonnes 273 466 835
(thou…
Phosp…
cash
costs
of $ 147 $ 141 $ 99
conve…
per
produ…
tonne
16