# MOSAIC CO (MOS) Informational only - not investment advice. CIK: 0001285785 SIC: 2870 Agricultural Chemicals SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2870 Agricultural Chemicals](/industry/2870/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1285785 Filing source: https://www.sec.gov/Archives/edgar/data/1285785/000128578526000017/mos-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 12052400000 | USD | 2025 | 2026-02-27 | | Net income | 540700000 | USD | 2025 | 2026-02-27 | | Assets | 24480100000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001285785.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 9,587,300,000 | 8,906,300,000 | 8,681,700,000 | 12,357,400,000 | 19,125,200,000 | 13,696,100,000 | 11,122,800,000 | 12,052,400,000 | | Net income | 297,800,000 | -107,200,000 | 470,000,000 | -1,067,400,000 | 666,100,000 | 1,630,600,000 | 3,582,800,000 | 1,164,900,000 | 174,900,000 | 540,700,000 | | Operating income | 319,000,000 | 465,700,000 | 928,300,000 | -1,094,900,000 | 412,900,000 | 2,468,500,000 | 4,785,300,000 | 1,338,100,000 | 621,500,000 | 821,500,000 | | Gross profit | 810,000,000 | 842,800,000 | 1,498,400,000 | 897,300,000 | 1,064,900,000 | 3,200,300,000 | 5,755,800,000 | 2,210,600,000 | 1,511,900,000 | 1,901,900,000 | | Diluted EPS | 0.85 | -0.31 | 1.22 | -2.78 | 1.75 | 4.27 | 10.06 | 3.50 | 0.55 | 1.70 | | Assets | 16,840,700,000 | 18,633,400,000 | 20,119,200,000 | 19,298,500,000 | 19,789,800,000 | 22,036,400,000 | 23,386,000,000 | 23,032,800,000 | 22,924,000,000 | 24,480,100,000 | | Stockholders' equity | 9,584,600,000 | 9,617,500,000 | 10,397,300,000 | 9,185,500,000 | 9,581,400,000 | 10,604,100,000 | 12,054,600,000 | 12,290,200,000 | 11,482,400,000 | 12,084,900,000 | | Cash and cash equivalents | 673,100,000 | 2,153,500,000 | 847,700,000 | 519,100,000 | 574,000,000 | 769,500,000 | 735,400,000 | 348,800,000 | 272,800,000 | 276,600,000 | | Net margin | | | 4.90% | -11.98% | 7.67% | 13.20% | 18.73% | 8.51% | 1.57% | 4.49% | | Operating margin | | | 9.68% | -12.29% | 4.76% | 19.98% | 25.02% | 9.77% | 5.59% | 6.82% | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference. Confidence: high Management’s Discussion and Analysis of Financial Condition and Results of Operations Introduction The Mosaic Company (before or after the Cargill Transaction, as defined below, “Mosaic,” and with its consolidated subsidiaries, “we,” “us,” “our” or the “Company”) is the parent company of the business that was formed through the business combination (“Combination”) of IMC Global Inc. and the Cargill Crop Nutrition fertilizer businesses of Cargill, Incorporated and its subsidiaries (collectively, “Cargill”) on October 22, 2004. In May 2011, Cargill divested its approximately 64% equity interest in us in a split-off to its stockholders and a debt exchange with certain Cargill debt holders. We produce and market concentrated phosphate and potash crop nutrients. We conduct our business through wholly- and majority-owned subsidiaries as well as businesses in which we own less than a majority or a non-controlling interest, including consolidated variable interest entities and investments accounted for by the equity method. We are organized into the following business segments: •Our Phosphate business segment owns and operates mines and production facilities in Florida, which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana, which produce concentrated phosphate crop nutrients for sale domestically and internationally. We have a 75% economic interest in the Miski Mayo Phosphate Mine (“Miski Mayo Mine”) in Peru. These results are consolidated in the Phosphate segment. Through December 24, 2024, the Phosphate segment included our 25% interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. On December 24, 2024, we exchanged our ownership of MWSPC for shares of Saudi Arabian Mining Company (“Ma’aden”). Our equity in the net earnings or losses relating to MWSPC were recognized on a one-quarter lag in our Consolidated Statements of Earnings. •Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada. •Our Mosaic Fertilizantes business segment includes five phosphate rock mines and four phosphate chemical plants in Brazil. The segment also includes our distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water port and throughput warehouse terminal facility in Brazil. This segment also includes the results of Mosaic Biosciences sales in Brazil. Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives and investment in equity securities of Ma'aden, debt expenses, the results of the China and India distribution businesses and Mosaic Biosciences sales in China, India and North America are included within Corporate, Eliminations and Other. See Note 25 of the Consolidated Financial Statements in this Form 10-K for segment results. Key Factors That Can Affect Results of Operations and Financial Condition Our primary products, phosphate and potash crop nutrients, are, to a large extent, global commodities that are also available from a number of domestic and international competitors, and are sold by negotiated contracts or by reference to published market prices. The markets for our products are highly competitive, and the most important competitive factor for our products is delivered price. Business and economic conditions and governmental policies affecting the agricultural industry and customer sentiment are the most significant factors affecting worldwide demand for crop nutrients with the impact of demand for biofuels and batteries also playing an increasing role. The profitability of our businesses is heavily influenced by worldwide supply and demand for our products, which affects our sales prices and volumes. Our costs per tonne to produce our products are also heavily influenced by fixed costs associated with owning and operating our major facilities, significant raw material costs in our Phosphate and Mosaic Fertilizantes businesses, water treatment costs in our Phosphate business and fluctuations in currency exchange rates. F- 2 Our products are generally sold based on the market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment. Additionally, in certain circumstances the final price of our products is determined after shipment based on the current market at the time the price is agreed to with the customer. Forward sales programs at fixed prices increase the lag between prevailing market prices and our average realized selling prices. The mix and parameters of these sales programs vary over time based on our marketing strategy, which considers factors that include, among others, optimizing our production and operating efficiency within warehouse limitations, as well as customer requirements. The use of forward sales programs and the level of customer prepayments may vary from period to period due to changing supply and demand environments, seasonality and market sentiments. World prices for the key raw material inputs for concentrated phosphate products, including ammonia, sulfur and phosphate rock, have an effect on industry-wide phosphate prices and production costs. The primary feedstock for producing ammonia is natural gas. The product price for ammonia is generally highly dependent on the supply and demand balance for ammonia. In North America, two-thirds of our ammonia is sourced either through ammonia supply agreements or produced internally at our Faustina, Louisiana, location with the remaining one-third purchased from various suppliers in the spot market. We have agreements with various suppliers to ensure we have reliable sources of supply for ammonia to support competitive pricing in various market conditions. In Brazil, we purchase all our ammonia from a single supplier. Sulfur is a global commodity that is primarily produced as a by-product of oil refining. The market price is based primarily on the supply and demand balance for sulfur. We believe our current and future investments in sulfur transformation and transportation assets will enhance our competitive advantage. We produce and procure most of our phosphate rock requirements through either wholly or partly owned mines. In addition to producing phosphate rock, Mosaic Fertilizantes purchases phosphate, potash and nitrogen products which are either used to produce blended crop nutrients (“Blends”) or for resale. Our per tonne selling prices for potash are affected by shifts in the product mix, geography and customer mix. Our Potash business is significantly affected by Canadian resource taxes that we pay to the Province of Saskatchewan and royalties we pay to mineral holders in order for us to mine and sell our potash products. In addition, cost of goods sold is affected by a number of factors, including: fluctuations in the Canadian dollar; the level of periodic inflationary pressures on resources in western Canada, where we produce most of our potash; and natural gas costs for operating our potash solution mine at Belle Plaine, Saskatchewan. In the past, we have also incurred operating costs to manage salt saturated brine inflows at our Esterhazy, Saskatchewan K1 and K2 mine shafts, which we closed in June 2021, due to an acceleration of brine inflows. We have now transitioned mining to the K3 mine shaft, which has replaced production from the K1 and K2 shafts. Our results of operations are also affected by changes in currency exchange rates due to our international footprint. The most significant currency impacts are generally from the Canadian dollar and the Brazilian real. A discussion of these and other factors that affected our results of operations and financial condition for the periods covered by this Management’s Discussion and Analysis of Financial Condition and Results of Operations is set forth in further detail below. This Management’s Discussion and Analysis of Financial Condition and Results of Operations should also be read in conjunction with the narrative description of our business in Item 1, and the risk factors described in Item 1A, of Part I of this Annual Report on Form 10-K (“Form 10-K”), and our Consolidated Financial Statements, accompanying notes and other information listed in the accompanying Financial Table of Contents. This section of this Form 10-K discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Form 10-K for the year ended December 31, 2024 and are incorporated by reference herein. Throughout the discussion below, we measure units of production, sales and raw materials in metric tonnes which are the equivalent of 2,205 pounds, unless we specifically state that we mean short or long ton(s), which are the equivalent of 2,000 pounds and 2,240 pounds, respectively. In addition, we measure natural gas, a raw material used in the production of our products, in MM BTU, which stands for one million British Thermal Units (“BTU”). One BTU is equivalent to 1.06 Joules. Management uses the following metrics to monitor segment performance: production volume, sales volume, average finished product selling price and average cost per unit consumed. In the following table, there are certain percentages that are not considered to be meaningful and are represented by “NM”. F- 3 Results of Operations The following table shows the results of operations for the years ended December 31, 2025, 2024, and 2023: Years Ended December 31, 2025-2024 2024-2023 (in millions, except per share data) 2025 2024 2023 Change Percent Change Percent Net sales $ 12,052.4  $ 11,122.8  $ 13,696.1  $ 929.6  8  % $ (2,573.3) (19) % Cost of goods sold 10,150.5  9,610.9  11,485.5  539.6  6  % (1,874.6) (16) % Gross margin 1,901.9  1,511.9  2,210.6  390.0  26  % (698.7) (32) % Gross margin percentage 15.8  % 13.6  % 16.1  % 2.2  % (2.5) % Selling, general and administrative expenses 533.9  496.9  500.5  37.0  7  % (3.6) (1) % Loss (gain) on assets sold and to be sold 157.3  —  (56.5) 157.3  NM 56.5  NM Impairment of goodwill 99.9  —  —  99.9  NM —  NM Other operating expenses 289.3  393.5  428.5  (104.2) (26) % (35.0) (8) % Operating earnings 821.5  621.5  1,338.1  200.0  32  % (716.6) (54) Interest expense, net (187.7) (182.8) (129.4) (4.9) 3  % (53.4) 41  % Foreign currency transaction gain (loss) 271.7  (685.8) 194.0  957.5  (140) % (879.8) NM Gain on sale of equity investment —  522.2  —  (522.2) (100) % 522.2  NM Other income (expense) 307.4  40.3  (76.8) 267.1  NM 117.1  (152) % Earnings from consolidated companies before income taxes 1,212.9  315.4  1,325.9  897.5  NM (1,010.5) (76) Provision for income taxes 639.8  186.7  177.0  453.1  NM 9.7  5  Earnings from consolidated companies 573.1  128.7  1,148.9  444.4  NM (1,020.2) (89) % Equity in net earnings of nonconsolidated companies 2.3  73.3  60.3  (71.0) (97) % 13.0  22  % Net earnings including noncontrolling interests 575.4  202.0  1,209.2  373.4  185  % (1,007.2) (83) % Less: Net earnings attributable to noncontrolling interests 34.7  27.1  44.3  7.6  28  % (17.2) (39) % Net earnings attributable to Mosaic $ 540.7  $ 174.9  $ 1,164.9  $ 365.8  NM $ (990.0) (85) % Diluted net earnings per share attributable to Mosaic $ 1.70  $ 0.55  $ 3.50  $ 1.15  NM $ (2.95) (84) % Diluted weighted average number of shares outstanding 318.9  320.7  333.2  F- 4 Overview of the Years ended December 31, 2025 and 2024 Net earnings attributable to Mosaic for the year ended December 31, 2025 were $540.7 million, or $1.70 per diluted share, compared to $174.9 million, or $0.55 per diluted share for 2024. Gross margin for the current year increased $390.0 million from the prior year driven by higher finished good sales pricing across our segments, as discussed further below. Net income for the year ended December 31, 2025 was favorably impacted by a foreign currency transaction gain of $271.7 million, compared to a foreign currency transaction loss of $685.8 million in the prior year period and an unrealized mark-to-market gain of approximately $317.0 million on the investment in Ma’aden shares, included in other income (expense). These benefits were partially offset by a loss on assets sold and to be sold of $157.3 million and an impairment of goodwill of $99.9 million. Significant factors that affected our results of operations and financial condition in 2025 and 2024 are listed below. These factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Year ended December 31, 2025 In our Phosphate segment, operating earnings were $135 million for 2025 compared to $225 million in the prior year period. Current year operating results reflect lower sales volumes which were impacted by supply losses due to extended downtime as we focused on improving asset integrity, and lower demand in North America in the fourth quarter of 2025 compared to the prior year period. Phosphate operating results were also unfavorably impacted by higher raw material costs, primarily sulfur, compared to the prior year period. These impacts were partially offset by the benefit of higher average selling prices which continued the upward trend that began in the second half of 2023, reflecting strong global demand and low inventory levels. Operating results were also unfavorably impacted by higher maintenance turnaround costs and water treatment costs compared to the prior year period. In our Potash segment, operating earnings were $638 million for 2025, compared to $605 million in the prior year period. Operating results benefited from higher average selling prices and sales volumes in the current year period. Prices and sales volumes improved due to continued strength in international demand. Sales volumes also benefitted due to our recovery from production challenges and supply chain delays experienced in the prior year. Current year operating results were unfavorably impacted by a loss on assets held for sale related to the Carlsbad, New Mexico facility. In our Mosaic Fertilizantes segment, operating earnings were $277 million for 2025 compared to $238 million in the prior year period. Operating results reflected higher average selling prices compared to the prior year period benefiting from a favorable global pricing environment that was driven by healthy demand and tight supply. This benefit was partially offset by the impact of higher costs of purchased products for resale. We saw a slight decrease in sales volumes compared to the prior year which was driven by grower caution and increased credit constraints in Brazil. Operating earnings were stronger in the first three quarters of 2025 compared to the prior year but declined in the fourth quarter due to lower volumes. Sales volumes were negatively impacted by challenging credit conditions for customers, weaker margins, in part due to higher sulfur raw material cost and higher turnaround and idle costs due to downtime. Due to the increase in sulfur costs seen in the fourth quarter of 2025, we temporarily idled production at our Fospar and Araxa facilities in Brazil. Operating results in 2025 were also impacted by a gain on the sale of the Patos de Minas mine and a loss on the sale of the Taquari mine. Corporate, Eliminations and Other had an operating loss of $(229) million for 2025 compared to a loss of $(446) million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and debt expenses. In addition to the items mentioned above: •In October 2025, we completed the sale of our idled Patos de Minas phosphate mining unit in Brazil for $111 million, with $51 million paid at closing and the balance of the purchase price to be paid in installments over the next four years. The sale resulted in a gain of $94 million. •In November 2025, we completed the sale of our interest in the Taquari potash mine in Brazil for proceeds of up to $27 million, with $12 million received at closing and an additional $10 million due in one year. The remaining $5 million is contingent upon future potash pricing benchmarks. We recorded an impairment loss of approximately $66 million related to the sale. F- 5 •In November 2025, we completed a $900 million public bond offering, consisting of $500 million aggregate principal amount of 4.350% senior notes due 2029 and $400 million aggregate principal amount of 4.600% senior notes due 2030. •In December 2025, we entered into an agreement to sell our Carlsbad, New Mexico potash mine for approximately $30 million. The transaction includes initial proceeds of $20 million at closing and deferred consideration of $10 million, payable in three equal installments beginning in 2029. The sale is expected to be completed in the first half of 2026. As of December 31, 2025, the assets and liabilities are considered held for sale and we recorded an impairment loss of approximately $185 million. Year ended December 31, 2024: For the year ended December 31, 2024, operating results were driven by lower finished good sales pricing in our Potash and Mosaic Fertilizantes segments and lower sales volumes across our segments as discussed further below. Net earnings were unfavorably impacted by a foreign currency translation loss and benefited from a gain on sale of the equity investment in MWSPC. In our Phosphate segment, operating results for 2024 were unfavorable compared to the prior year due to lower finished goods sales volumes partially offset by higher average selling prices. Sales volumes were unfavorably impacted by planned maintenance and turnaround activity at our sites as well as impacts from hurricanes in Florida in the second half of the year. Phosphate operating results were also unfavorably impacted by increased product costs due to our sales volumes including a larger proportion of purchased tonnes than in the prior year. We increased our purchases in 2024 to offset lost production in the first quarter from a fire at our Riverview, Florida facility. Average selling prices for 2024 were favorable versus the prior year as prices continued trending upwards since the third quarter of 2023, driven by strong demand in North America. Operating results also benefited from lower raw material costs, primarily sulfur, compared to the prior year period. In our Potash segment, operating results for 2024 were unfavorably impacted by lower global average selling prices, resulting from improved global supply. Operating results were also unfavorably impacted by lower sales volumes in the second half of the year resulting from production challenges in the third quarter due to electrical issues at two of our mines and supply chain delays caused by a port strike in Vancouver, Canada. In our Mosaic Fertilizantes segment, operating results for 2024 were unfavorably impacted by a decrease in average selling prices compared to the prior year period. Sales prices of potash and nitrogen in Brazil decreased as global supply improved. Sales volumes were down compared to the prior year period as a result of our decision to prioritize sales to lower credit-risk customers, and to focus on obtaining improved gross margin over sales volumes. Corporate, Eliminations and Other had an operating loss of $(446) million in 2024 compared to a loss of $(264) million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and debt expenses. F- 6 Phosphate Net Sales and Gross Margin The following table summarizes the Phosphate segment’s net sales, gross margin, sales volume, selling prices and raw material prices: Years Ended December 31, 2025-2024 2024-2023 (in millions, except price per tonne or unit) 2025 2024 2023 Change Percent Change Percent Net sales: North America $ 3,933.9  $ 3,772.9  $ 3,749.8  $ 161.0  4  % $ 23.1  1  % International 642.6  745.9  974.5  (103.3) (14) % (228.6) (23) % Total 4,576.5  4,518.8  4,724.3  57.7  1  % (205.5) (4) % Cost of goods sold 4,139.2  3,924.8  4,022.2  214.4  5  % (97.4) (2) % Gross margin $ 437.3  $ 594.0  $ 702.1  $ (156.7) (26) % $ (108.1) (15) Gross margin as a percentage of net sales 9.6  % 13.1  % 14.9  % Sales volumes(a) (in thousands of metric tonnes) DAP/MAP 2,935  3,133  3,625  (198) (6) % (492) (14) % Performance and Other(b) 3,010  3,304  3,366  (294) (9) % (62) (2) %        Total finished product tonnes 5,945  6,437  6,991  (492) (8) % (554) (8) % Rock(c) 1,760  1,795  1,622  (35) (2) % 173  11  % Total Phosphate Segment Tonnes(a) 7,705  8,232  8,613  (527) (6) % (381) (4) % Realized prices ($/tonne) Average finished product selling price (destination)(d) $ 667  $ 589  $ 566  $ 78  13  % $ 23  4  % DAP selling price (fob mine) $ 670  $ 585  $ 573  $ 85  15  % $ 12  2  % Average cost per unit consumed in cost of goods sold: Ammonia (metric tonne) $ 468  $ 435  $ 426  $ 33  8  % $ 9  2  % Sulfur (long ton) $ 237  $ 132  $ 181  $ 105  80  % $ (49) (27) % Blended rock (metric tonne) $ 80  $ 85  $ 75  $ (5) (6) % $ 10  13  % Production volume (in thousands of metric tonnes) - North America 6,272  6,290  6,568  (18) —  % (278) (4) % (a)    Includes intersegment sales volumes. (b)    Includes sales volumes of MicroEssentials® and animal feed ingredients. (c)    Sales volumes of rock are presented on a wet tonne basis based on average moisture levels of 3.5% to 4.5% as it exits the drying process and is prepared for shipping. (d)     Excludes sales revenue and tonnes associated with rock sales. Year Ended December 31, 2025 compared to Year Ended December 31, 2024 The Phosphate segment’s net sales were $4.6 billion for the year ended December 31, 2025, compared to $4.5 billion for the same period a year ago. The increase in net sales was driven by higher average finished product selling prices, which favorably impacted net sales by approximately $450 million. This benefit was partially offset by lower finished goods sales volumes, which resulted in an unfavorable impact of approximately $280 million. Additionally, lower rock sales had an unfavorable impact of approximately $50 million and lower freight and other product revenue had an unfavorable impact of approximately $60 million compared to the prior year period. Our average finished product selling price increased 13%, to $667 per tonne for the year ended December 31, 2025, compared to $589 per tonne for the same period a year ago, due to the factors discussed in the Overview. The Phosphate segment’s sales volumes of finished products decreased to 5.9 million tonnes for the year ended December 31, 2025, compared to 6.4 million tonnes in 2024, due to the factors discussed in the Overview. Gross margin for the Phosphate segment decreased to $437.3 million in the current year compared with $594.0 million for the prior year. The decrease was primarily driven by unfavorable cost impacts, including approximately $285 million from higher sulfur and ammonia input costs, and approximately $140 million from higher conversion costs, compared to the prior year F- 7 period. Higher expenses, resulting from maintenance turnarounds and initiatives to enhance asset integrity, further reduced gross margin by approximately $60 million. Gross margin was also unfavorably impacted by higher water treatment costs of approximately $70 million, higher plant-related costs of approximately $30 million, higher demurrage and port costs of approximately $30 million and higher land reclamation costs of approximately $10 million. In addition, lower finished goods and rock sales volumes unfavorably impacted gross margin by approximately $45 million. These impacts were partially offset by favorable impacts from higher finished goods selling prices of approximately $450 million and lower blended rock costs of approximately $65 million. Our average consumed price for ammonia in our North American operations increased to $468 per tonne in 2025 from $435 a year ago. The average consumed price for sulfur for our North American operations increased to $237 per long ton for the year ended December 31, 2025, from $132 in the prior year period. The purchase price of these raw materials is driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs. The average consumed cost of purchased and produced rock decreased to $80 per tonne in the current year, from $85 a year ago. For the year ended December 31, 2025, our North American phosphate rock production increased to 9.5 million tonnes from 9.0 million tonnes in the prior year. The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients remained materially unchanged at 6.3 million tonnes for both the current and prior year periods. For the year ended December 31, 2025, our operating rate for processed phosphate production was 63%, compared to 64% in the same period of the prior year. F- 8 Potash Net Sales and Gross Margin The following table summarizes the Potash segment’s net sales, gross margin, sales volume and selling price: Years Ended December 31, 2025-2024 2024-2023 (in millions, except price per tonne or unit) 2025 2024 2023 Change Percent Change Percent Net sales: North America $ 1,370.1  $ 1,452.3  $ 1,899.9  $ (82.2) (6) % $ (447.6) (24) % International 1,291.6  936.4  1,333.7  355.2  38  % (397.3) (30) % Total 2,661.7  2,388.7  3,233.6  273.0  11  % (844.9) (26) % Cost of goods sold 1,791.7  1,745.5  2,018.6  46.2  3  % (273.1) (14) % Gross margin $ 870.0  $ 643.2  $ 1,215.0  $ 226.8  35  % $ (571.8) (47) % Gross margin as a percentage of net sales 32.7  % 26.9  % 37.6  % Sales volume(a) (in thousands of metric tonnes) MOP 8,262  7,879  7,969  383  5  % (90) (1) % Performance and Other(b) 706  865  901  (159) (18) % (36) (4) % Total Potash Segment Tonnes 8,968  8,744  8,870  224  3  % (126) (1) % Realized prices ($/tonne) Average finished product selling price (destination) $ 266  $ 236  $ 323  $ 30  13  % $ (87) (27) % MOP selling price (fob mine) $ 255  $ 222  $ 308  $ 33  15  % $ (86) (28) % Production volume (in thousands of metric tonnes) 8,797  8,798  8,246  (1) —  % 552  7  % (a)     Includes intersegment sales volumes. (b)    Includes sales volumes of K-Mag®, Aspire® and animal feed ingredients. Year Ended December 31, 2025 compared to Year Ended December 31, 2024 The Potash segment’s net sales increased to $2.7 billion for the year ended December 31, 2025, compared to $2.4 billion in the prior year. The increase was due to higher average selling prices and sales volumes, which favorably impacted net sales by approximately $265 million and $50 million, respectively, compared to the prior year period. This was partially offset by an approximate $45 million reduction in freight revenue, reflecting lower freight rates and lower domestic sales volumes in the current year period. Our average finished product selling price was $266 per tonne for the year ended December 31, 2025, an increase of $30 per tonne compared with the prior year period, due to the factor discussed in the Overview. The Potash segment’s sales volumes increased to 9.0 million tonnes for the year ended December 31, 2025, compared to 8.7 million tonnes in the same period a year ago, due to the factors discussed in the Overview. Gross margin for the Potash segment increased to $870.0 million in the current year, from $643.2 million in the prior year period. The increase was primarily driven by favorable finished goods pricing, which contributed approximately $265 million, and higher sales volumes, which contributed approximately $20 million, compared to the prior year period. This was partially offset by higher Canadian resource taxes and royalty expenses of approximately $43 million, as discussed below, and higher conversion costs of approximately $25 million, compared to the prior year period. We incurred $272.8 million of Canadian resource taxes for the year ended December 31, 2025 compared to $232.2 million in the prior year. Canadian royalty expense also increased to $42.8 million for the year ended December 31, 2025 from $40.5 million in the prior year. The fluctuations in Canadian resource taxes and royalties are a result of increases in our sales revenue and margins in the current year period compared to the prior year. For the year ended December 31, 2025, potash production remained unchanged at 8.8 million tonnes, compared to the prior year period, resulting in an operating rate of 76% for 2025, compared to 77% for 2024. F- 9 Mosaic Fertilizantes Net Sales and Gross Margin The following table summarizes the Mosaic Fertilizantes segment’s net sales, gross margin, sales volume and selling price. Years Ended December 31, 2025-2024 2024-2023 (in millions, except price per tonne or unit) 2025 2024 2023 Change Percent Change Percent Net Sales $ 4,847.3  $ 4,422.3  $ 5,684.7  $ 425.0  10  % $ (1,262.4) (22) % Cost of goods sold 4,355.3  4,015.7  5,473.1  339.6  8  % (1,457.4) (27) % Gross margin $ 492.0  $ 406.6  $ 211.6  $ 85.4  21  % $ 195.0  92  % Gross margin as a percent of net sales 10.1  % 9.2  % 3.7  % Sales volume (in thousands of metric tonnes) Phosphate produced in Brazil 1,204  1,701  2,235  (497) (29) % (534) (24) % Potash produced in Brazil 166  201  195  (35) (17) % 6  3  % Purchased nutrients 7,587  7,128  7,253  459  6  % (125) (2) % Total Mosaic Fertilizantes Segment Tonnes 8,957  9,030  9,683  (73) (1) % (653) (7) % Realized prices ($/tonne) Average finished product selling price (destination) $ 488  $ 440  $ 543  $ 48  11  % $ (103) (19) % Brazil MAP price (delivered price to third party) $ 714  $ 605  $ 597  $ 109  18  % $ 8  1  % Purchases (’000 tonnes) DAP/MAP from Mosaic 133  195  341  (62) (32) % (146) (43) % MicroEssentials® from Mosaic 883  989  1,019  (106) (11) % (30) (3) % Potash from Mosaic/Canpotex 2,019  2,195  2,067  (176) (8) % 128  6  % Average cost per unit consumed in cost of goods sold: Ammonia (metric tonne) $ 624  $ 627  $ 807  $ (3) —  % $ (180) (22) % Sulfur (long ton) $ 296  $ 173  $ 232  $ 123  71  % $ (59) (25) % Blended rock (metric tonne) $ 97  $ 109  $ 122  $ (12) (11) % $ (13) (11) % Production volume (in thousands of metric tonnes) 3,488  3,501  3,457  (13) —  % 44  1  % Year Ended December 31, 2025 compared to Year Ended December 31, 2024 The Mosaic Fertilizantes segment’s net sales increased to $4.8 billion for the year ended December 31, 2025, from $4.4 billion for 2024. The increase in net sales was driven by approximately $420 million of higher finished product sales prices, partially offset by lower finished good sales volumes, which unfavorably impacted net sales by approximately $25 million. Additionally, both higher sales prices and volumes of other products, primarily gypsum, contributed positively, adding approximately $30 million to net sales. The overall average finished product selling price increased $48 per tonne, to $488 per tonne for 2025, due to the factors discussed in the Overview. The Mosaic Fertilizantes segment’s sales volume remained materially unchanged at 9.0 million tonnes for the year ended December 31, 2025, compared to the prior year period. Gross margin for the Mosaic Fertilizantes segment increased to $492.0 million for the year ended December 31, 2025, from $406.6 million in the prior year. This increase was primarily driven by higher average selling prices of approximately $420 million during the current year period. This benefit was partially offset by approximately $280 million of higher production costs, primarily in our distribution operations, along with a decrease in sales volumes, which reduced gross margin by approximately $80 million, higher turnaround and idle costs of approximately $35 million and higher freight expenses of approximately $20 million. Additionally, foreign currency changes positively impacted gross margin by approximately $80 million in the current year period. Although gross margin increased from the prior year, our margin declined in the fourth F- 10 quarter of 2025, in part due to higher sulfur raw material cost and higher turnaround and idle costs due to downtime. In December 2025, we temporarily idled our Fospar and Araxa facilities due to the high sulfur costs. The average consumed price for ammonia for our Brazilian operations was $624 per tonne for the year ended December 31, 2025, compared to $627 per tonne in the prior year. The average consumed sulfur price for our Brazilian operations was $296 per long tonne for the year ended December 31, 2025, compared to $173 in the prior year. The purchase prices of these raw materials are driven by global supply and demand, and include transportation, transformation and storage costs. The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients remained materially unchanged from the prior year period at 3.5 million tonnes. For the years ended December 31, 2025 and 2024 our phosphate operating rate was 78%. Our Brazilian phosphate rock production increased to 4.2 million tonnes for the year ended December 31, 2025 compared to 3.9 million for the prior year period. Corporate, Eliminations and Other In addition to our three operating segments, we assign certain costs to Corporate, Eliminations and Other, which is presented separately in Note 25 of our Notes to Consolidated Financial Statements. The Corporate, Eliminations and Other category includes intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and the investment in equity securities of Ma’aden, debt expenses, corporate functional costs, the results of the China and India distribution businesses and Mosaic Biosciences sales in China, India and North America. Gross margin for Corporate, Eliminations and Other was a gain of $102.6 million for the year ended December 31, 2025, compared to a loss of $131.9 million in the same period a year ago. Gross margin was favorably impacted by a $84.7 million net unrealized gain on derivatives in the current year period, primarily foreign currency derivatives, compared to an unrealized loss of $101 million in the prior year period. Distribution operations in India and China had revenues and gross margin of $640.0 million and $88.0 million, respectively, for the year ended December 31, 2025, compared to revenues and gross margin of $519.6 million and $39.7 million, respectively, for the year ended December 31, 2024. China and India gross margin was favorably impacted by higher selling prices, partially offset by the impact of higher product costs in the current year period compared to the prior year. Other Income Statement Items Years Ended December 31, 2025-2024 2024-2023 (in millions) 2025 2024 2023 Change Percent Change Percent Selling, general and administrative expenses $ 533.9  $ 496.9  $ 500.5  $ 37.0  7  % $ (3.6) (1) % Impairment of goodwill 99.9  —  —  99.9  NM —  NM Loss (gain) on assets sold and to be sold 157.3  —  (56.5) 157.3  NM 56.5  (100) % Other operating expenses 289.3  393.5  428.5  (104.2) (26) % (35.0) (8) % Interest (expense) (241.5) (230.0) (189.0) (11.5) 5  % (41.0) 22  % Interest income 53.8  47.2  59.6  6.6  14  % (12.4) (21) % Interest expense, net (187.7) (182.8) (129.4) (4.9) 3  % (53.4) 41  % Foreign currency transaction gain (loss) 271.7  (685.8) 194.0  957.5  (140) % (879.8) NM Gain on sale of equity investment —  522.2  —  (522.2) (100) % 522.2  NM Other income (expense) 307.4  40.3  (76.8) 267.1  NM 117.1  NM Provision for income taxes 639.8  186.7  177.0  453.1  NM 9.7  5  Equity in net earnings of nonconsolidated companies 2.3  73.3  60.3  (71.0) (97) % 13.0  22  % F- 11 Selling, General and Administrative Expenses Selling, general and administrative expenses were $533.9 million for the year ended December 31, 2025, compared to $496.9 million for the same period a year ago. The increase was primarily due to approximately $13 million in higher employee benefit costs and approximately $13 million in higher stock-based compensation compared to the prior year period, which reflected a benefit from a decline in the company’s stock price. Additionally, we had approximately $12 million of higher amortization related to cloud computing arrangements compared to the prior year period. Loss (Gain) on Assets Sold and to be Sold In December 2025, we entered into an agreement to sell our Carlsbad, New Mexico potash mine. As of December 31, 2025, the assets and liabilities are considered held for sale and we recorded an impairment loss of approximately 185.0 million. In 2025, we also completed the sale of our interest in the Taquari potash mine in Brazil, which resulted in a loss of approximately $66 million. These losses were partially offset by a gain of approximately $94 million related to the completion of the sale of our idled Patos de Minas phosphate mining unit in Brazil. See further discussion in Note 26 of our Notes to Consolidated Financial Statements. Impairment of Goodwill In 2025, we recognized a goodwill impairment charge of $96.3 million in our Mosaic Fertilizantes reporting unit. We determined that its carrying value exceeded its estimated fair value due to a reduction in our long-term forecast based on recent market forecasts. We also recorded an impairment of $3.6 million in our Potash reporting unit related to the anticipated sale and classification of our Carlsbad, New Mexico mine as held for sale as of December 31, 2025. See further discussion in Note 10 of our Notes to Consolidated Financial Statements. Other Operating Expenses Other operating expenses were $289.3 million for the year ended December 31, 2025, compared to $393.5 million for the prior year period. Other operating expenses typically relate to five major categories: (1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets. The change from the prior year was primarily due to lower environmental reserves in our Phosphate segment of approximately $33 million and lower asset retirement obligations (“AROs”) net present value adjustments of approximately $29 million. The prior year included approximately $43 million related to an arbitration reserve for Miski Mayo. Interest Expense, Net Net interest expense increased to $187.7 million for the year ended December 31, 2025, compared to $182.8 million in 2024. The increase was primarily due to higher debt levels in the current year period. Foreign Currency Transaction Gain (Loss) In 2025, we recorded a foreign currency transaction gain of $271.7 million, compared to a loss of $685.8 million in 2024. The gain was the result of the effect of the weakening of the U.S. dollar relative to the Brazilian real on intercompany loans and U.S. dollar-denominated payables held by our Brazilian subsidiaries and the impact of the U.S. dollar relative to the Canadian dollar on intercompany loans. Our reported foreign currency gains and losses are often non-cash in nature because they are related to intercompany transactions. Other Income (Expense) For the year ended December 31, 2025, we had other income of $307.4 million, compared to expense of $40.3 million in the prior year. The significant increase from the prior year is primarily due to an unrealized gain of approximately $317 million related to our investment in shares of Ma’aden being marked to market at year-end, compared to an unrealized gain of approximately $28 million in the prior year period. F- 12 Provision for Income Taxes Effective Tax Rate Provision for Income Taxes Year Ended December 31, 2025 52.7  % $ 639.8  Year Ended December 31, 2024 59.2  % 186.7  Year Ended December 31, 2023 13.3  % 177.0  For all years, our income tax is impacted by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred. For the year ended December 31, 2025, tax expense specific to the period included a net expense of $189.3 million. The net expense relates to the following: $212.1 million primarily related to changes to valuation allowances in Brazil, $6.4 million related to share-based excess benefit, $23.3 million related to adjustments to accrued foreign tax credits, and $4.0 million related to other miscellaneous expenses. The tax expenses are partially offset by a net tax benefit related to the tax effects of one-time notable items booked as discrete of $54.2 million, and the true-up of estimates from our U.S. and non-U.S. tax return provisions of $2.3 million. On July 4, 2025, the U.S. enacted budget reconciliation package H.R. 1 otherwise known as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes a broad range of tax law changes, including the permanent extension of certain expired or expiring provisions of the Tax Cuts and Jobs Act and changes to certain other U.S. tax provisions. The legislation has multiple effective dates, with provisions effective beginning in 2025 and 2026. The Company reflected the impact of the enacted provisions in its financial statements beginning in the third quarter, and there is no material change to our effective income tax rate for 2025. In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to provide more disaggregation of income tax disclosures mainly related to the reconciliations of the income tax rate and income taxes paid by jurisdiction. We adopted this standard for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. While adoption of this standard resulted in enhanced disclosures, it did not have any impact to our results of operations, cash flows or financial condition. See further discussion in Note 13 of our Notes to Consolidated Financial Statements. Equity in Net Earnings of Nonconsolidated Companies For the year ended December 31, 2025, we had a gain from equity in net earnings of nonconsolidated companies of $2.3 million, net of tax, compared to a gain of $73.3 million, net of tax, for the prior year. Prior year results were primarily related to the operations of MWSPC. Critical Accounting Estimates We prepare our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America which requires us to make various judgments, estimates and assumptions that could have a significant impact on our reported results and disclosures. We base these estimates on historical experience and other assumptions we believe to be reasonable at the time we prepare our financial statements. Changes in these estimates could have a material effect on our Consolidated Financial Statements. Our significant accounting policies can be found in Note 2 of our Notes to Consolidated Financial Statements. We believe the following accounting policies include a higher degree of judgment and complexity in their application and are most critical to aid in fully understanding and evaluating our reported financial condition and results of operations. Recoverability of Goodwill Goodwill is the excess of the purchase price consideration over the estimated fair value of net assets of acquired businesses. The carrying value of goodwill in our reporting units is tested annually as of October 31 for possible impairment. We typically use an income approach valuation model, representing present value of future cash flows, to determine the fair value of a reporting unit. Growth rates for sales and profits are determined using inputs from our annual strategic and long range planning process. The rates used to discount projected future cash flows reflect a weighted average cost of capital based on F- 13 the Company’s industry, capital structure and risk premiums, including those reflected in the current market capitalization. When preparing these estimates, management considers each reporting unit’s historical results, current operating trends and specific plans in place. These estimates are impacted by various factors, including inflation, the general health of the economy and market competition. In addition, events and circumstances that might be indicators of possible impairment are assessed during other interim periods. As of October 31, 2025, the date of our annual impairment testing, the Company concluded that the carrying value of the Mosaic Fertilizantes reporting unit exceeded its estimated fair value due to a combination of an increase in carrying value and a reduction in our long-term forecast. Therefore, we recorded a goodwill impairment charge of $96.3 million, representing the amount by which the carrying value exceeded the Mosaic Fertilizantes fair value. Based on our quantitative analysis, we determined that our Potash and Corporate, Eliminations and Other, reporting units were in substantial excess of their respective carrying values and the goodwill for those units was not impaired. See Note 10 of our Notes to Consolidated Financial Statements for additional information regarding the goodwill impairment analysis, including the methodologies and assumptions used in estimating the fair values of our reporting units. As of December 31, 2025, we had $1.0 billion of goodwill. Environmental Liabilities and Asset Retirement Obligations We record accrued liabilities for various environmental and reclamation matters, including the demolition of former operating facilities, and AROs. Contingent environmental liabilities are described in Note 23 of our Notes to Consolidated Financial Statements. Accruals for environmental matters are based primarily on third-party estimates for the cost of remediation at previously operated sites and estimates of legal costs for ongoing environmental litigation. We regularly assess the likelihood of material adverse judgments or outcomes and the effects of potential indemnification, as well as potential ranges or probability of losses. We determine the amount of accruals required, if any, for contingencies after carefully analyzing each individual matter. Estimating the ultimate settlement of environmental matters requires us to develop complex and interrelated assumptions based on experience with similar matters, our history, precedents, evidence and facts specific to each matter. Actual costs incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating environmental exposures. As of December 31, 2025 and 2024, we had accrued $192.2 million and $197.5 million, respectively, for environmental matters. As indicated in Note 14 of our Notes to Consolidated Financial Statements, we recognize AROs in the period in which we have an existing legal obligation, and the amount of the liability can be reasonably estimated. We utilize internal engineering experts as well as third-party consultants to assist in determining the costs of retiring certain of our long-term operating assets. Assumptions and estimates reflect our historical experience and our best judgments regarding future expenditures. The assumed costs are inflated based on an estimated inflation factor and discounted based on a credit-adjusted risk-free rate. For active facilities, fluctuations in the estimated costs (including those resulting from a change in environmental regulations), inflation rates and discount rates can have a significant impact on the corresponding assets and liabilities recorded in the Consolidated Balance Sheets. However, changes in the assumptions for our active facilities would not have a significant impact on the Consolidated Statements of Earnings in the year they are identified. For closed facilities, fluctuations in the estimated costs, inflation and discount rates have an impact on the Consolidated Statements of Earnings in the year they are identified as there is no asset related to these items. Phosphate land reclamation activities in North America generally occur concurrently with mining operations; as such, we accrue and expense reclamation costs as we mine. In addition, we regularly perform post-mining evaluations to ensure we have established a sufficient liability to meet permitting requirements. As of December 31, 2025 and 2024, $2.6 billion was accrued for AROs (including both current and noncurrent amounts) in North and South America. In August 2016, Mosaic deposited $630 million into two trust funds as financial assurance to support certain estimated future AROs. See Note 14 of our Notes to Consolidated Financial Statements for additional information regarding the Environmental Protection Agency (“EPA”) RCRA Initiative. Income Taxes We make estimates for income taxes in three major areas: valuation allowances, uncertain tax positions, and U.S. deferred income taxes on our non-U.S. subsidiaries’ undistributed earnings. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. Significant judgment is required in evaluating the need for and magnitude of appropriate valuation F- 14 allowances. The realization of the Company’s deferred tax assets, specifically the evaluation of net operating loss carryforwards and foreign tax credit carryforwards, is dependent on generating certain types of future taxable income, using both historical and projected future operating results, the source of future income, the reversal of existing taxable temporary differences, taxable income in prior carry-back years (if permitted) and the availability of tax planning strategies. As of December 31, 2025 and 2024, we had a valuation allowance of $1.9 billion and $1.5 billion, respectively. Changes in tax laws, assumptions with respect to future taxable income, tax planning strategies, resolution of matters under tax audit and foreign currency exchange rates could result in adjustment to these allowances. Due to Mosaic’s global operations, we assess uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the quarter of such change. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, our liabilities for income taxes reflect what we believe to be the more likely than not outcome. We adjust these liabilities, as well as the related interest, in light of changing facts and circumstances, including negotiations with taxing authorities in various jurisdictions, outcomes of tax litigation and resolution of disputes arising from tax audits in the normal course of business. Settlement of any particular position may require the use of cash. Based upon an analysis of tax positions taken on prior year returns and expected positions to be taken on the current year return, management has identified gross uncertain income tax positions of $1.4 billion as of December 31, 2025. Any dividends from controlled foreign corporations are tax-free from a U.S. income tax perspective. Additionally, there will not be any foreign tax credits associated with foreign, non-branch, dividends. Therefore, there are no material federal U.S. implications of future repatriations on non-U.S. subsidiaries’ undistributed earnings. However, since there are no U.S. foreign tax credits associated with foreign dividends, any foreign withholding tax associated with a future repatriation will need to be accrued if the earnings are not permanently reinvested. We have included a further discussion of income taxes in Note 13 of our Notes to Consolidated Financial Statements. Liquidity and Capital Resources We define liquidity as the ability to generate or access adequate amounts of cash to meet current cash needs. We remain committed to a disciplined capital allocation strategy and assess our liquidity in terms of our ability to fund working capital requirements, fund sustaining and opportunistic capital projects, pursue strategic opportunities and make capital management decisions, which include making payments on and issuing indebtedness and making distributions to our stockholders, either in the form of share repurchases or dividends. Our liquidity is subject to general economic, financial, competitive and other factors that are beyond our control. We have a target liquidity buffer of up to $3.0 billion, including cash and available credit facilities. We expect our liquidity to fluctuate from time to time, especially in the first quarter of each year, to manage through the seasonality of our business. We also target debt leverage ratios that are consistent with investment grade credit metrics. Our capital allocation priorities include maintaining our target investment grade metrics and financial strength, sustaining our assets, including ensuring the safety and reliability of our assets, investing to grow our business, either through organic growth or taking advantage of strategic opportunities, and returning excess cash to stockholders, including paying our dividend. During 2025 we returned capital to our stockholders by paying dividends of $280.4 million. As of December 31, 2025, we had cash and cash equivalents of $276.6 million, marketable securities held in trusts to fund future obligations of $743.3 million, long-term debt including current maturities of $4.3 billion, short-term debt of $759.9 million and stockholders’ equity of $12.2 billion. In addition, we had $480.1 million of commercial arrangements for certain customer purchases in Brazil through structured payable arrangements, as discussed in Note 11 of our Notes to Consolidated Financial Statements. All of our cash and cash equivalents are diversified in highly rated investment vehicles. Our cash and cash equivalents are held either in the U.S. or held by non-U.S. subsidiaries and are not subject to significant foreign currency exposures, as the majority are held in investments denominated in U.S. dollars as of December 31, 2025. These funds may create foreign currency transaction gains or losses, however, depending on the functional currency of the entity holding the cash. In addition, there are no significant restrictions that would preclude us from bringing funds held by non-U.S. subsidiaries back to the U.S., aside from withholding taxes. F- 15 Sources and Uses of Cash As of December 31, 2025, we had cash and cash equivalents and restricted cash of $276.6 million. Funds generated by operating activities, available cash and cash equivalents and our revolving credit facility continue to be our most significant sources of liquidity. We believe funds generated from the expected results of operations and available cash, cash equivalents and borrowings, either under our revolving credit facility or through long-term borrowings, will be sufficient to finance our operations, including our expansion plans, existing strategic initiatives and expected dividend payments for the next twelve months and the foreseeable future. We expect our capital expenditures to be approximately $1.5 billion in 2026. There can be no assurance, however, that we will continue to generate cash flows at or above current levels. At December 31, 2025, we had $2.5 billion available under our $2.5 billion revolving credit facility. See Note 11 of our Notes to Consolidated Financial Statements for additional information relating to our financing arrangements, which is hereby incorporated by reference. We have certain contractual obligations that require us to make cash payments on a scheduled basis. These include, among other things, long-term debt payments, interest payments, operating leases, unconditional purchase obligations and funding requirements of pension and postretirement obligations. Our long-term debt has maturities ranging from one year to 18 years. Unconditional purchase obligations are our largest contractual cash obligations. These include obligations for contracts to purchase raw materials such as sulfur, ammonia, phosphate rock and natural gas, obligations to purchase raw materials for our international distribution activities and maintenance and services. Other large cash obligations are our AROs and other environmental obligations, primarily related to our Phosphate and Mosaic Fertilizantes segments. We expect to fund our AROs and other environmental obligations, purchase obligations, long-term debt and capital expenditures with a combination of operating cash flows, cash and cash equivalents and borrowings. The following is a summary of our material contractual cash obligations as of December 31, 2025: Payments by Calendar Year (in millions) Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Long-term debt(a) $ 4,294.0  $ 43.1  $ 1,302.6  $ 973.4  $ 1,974.9  Estimated interest payments on long-term debt(b) 1,604.0  220.0  387.0  253.1  743.9  Operating leases 225.6  59.6  79.0  40.5  46.5  Purchase commitments(c) 8,611.9  4,887.8  3,014.9  684.4  24.8  Pension and postretirement liabilities(d) 136.5  4.2  21.8  26.0  84.5  Total contractual cash obligations $ 14,872.0  $ 5,214.7  $ 4,805.3  $ 1,977.4  $ 2,874.6  ______________________________ (a)Long-term debt primarily consists of unsecured notes, finance leases, unsecured debentures and secured notes. (b)Based on interest rates and debt balances as of December 31, 2025. (c)Based on prevailing market prices as of December 31, 2025. For additional information related to our purchase commitments, see Note 22 of our Notes to Consolidated Financial Statements. (d)The 2026 pension plan payments are based on minimum funding requirements. For years thereafter, pension plan payments are based on expected benefits paid. The postretirement plan payments are based on projected benefit payments. The above amounts include our North America and Brazil plans. See Off-Balance Sheet Arrangements and Obligations below for more information on other environmental obligations. Summary of Cash Flows The following table represents a comparison of the net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities for calendar years 2025, 2024 and 2023: F- 16 Years Ended December 31, (in millions) 2025-2024 2024-2023 Cash Flow 2025 2024 2023 Change Percent Change Percent Net cash provided by operating activities $ 824.8  $ 1,299.2  $ 2,407.2  $ (474.4) (37) % $ (1,108.0) (46) % Net cash used in investing activities (1,309.5) (1,261.0) (1,317.2) (48.5) (4) % 56.2  4  % Net cash provided by (used in) financing activities 452.0  (131.9) (1,480.5) 583.9  443  % 1,348.6  91  % Operating Activities In 2025, net cash flow from operating activities provided us with a significant source of liquidity. For the year ended December 31, 2025, net cash provided by operating activities was $0.8 billion, compared to $1.3 billion in the prior year. Our results of operations, after non-cash adjustments to net earnings, contributed $1.8 billion to cash flows from operating activities during 2025, compared to $1.3 billion during 2024. During 2025, we had a unfavorable change in assets and liabilities of $1.0 billion, compared to a favorable change of $21.1 million in 2024. The change in assets and liabilities for the year ended December 31, 2025, was primarily driven by unfavorable changes in inventories of $761.5 million and in accounts payable and accrued liabilities of $359.6 million. These changes were partially offset by favorable changes in accounts receivable of $75.7 million and other noncurrent liabilities of $76.0 million. The change in inventories was driven primarily by an increase in inventory levels primarily in Phosphate and Brazil due to slow market demand in the fourth quarter of 2025 and higher raw material prices across our segments in the current year. The decrease in accounts payable and accrued liabilities were primarily driven by the timing of taxes and other payments. The decrease in accounts receivable was primarily driven by lower sales at the end of 2025 compared to 2024. The increase in other noncurrent liabilities was primarily related to increases in ARO obligations and environmental reserves in the current year. Investing Activities Net cash used in investing activities for the year ended December 31, 2025 was comparable to the same period a year ago at $1.3 billion, primarily driven by capital expenditures of $1.36 billion partially offset by proceeds from the sale of assets of $79.0 million in 2025. Financing Activities Net cash provided by financing activities was $452.0 million for the year ended December 31, 2025, compared to net cash used in financing activities of $131.9 million in the prior year. In 2025,we received net proceeds on long-term debt of $831.3 million primarily due to new senior notes of $900 million issued in November 2025. We also received net proceeds of $100.7 million under our inventory financing arrangement and had net proceeds on structured accounts payable of $55.7 million in 2025. This was partially offset by dividend payments of $300.6 million and net payments from short-term borrowings of $188.8 million. Debt Instruments, Guarantees and Related Covenants See Note 11 and Note 16 of our Notes to Consolidated Financial Statements for additional information relating to our financing arrangements and fair value measurements, which is hereby incorporated by reference. Financial Assurance Requirements In addition to various operational and environmental regulations primarily related to our Phosphate segment, we incur liabilities for reclamation activities under which we are subject to financial assurance requirements. In various jurisdictions in which we operate, particularly Florida and Louisiana, we are required to pass a financial strength test or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. See Other Commercial Commitments under Off-Balance Sheet Arrangements and Obligations and Note 22 of our Notes to Consolidated Financial Statements for additional information about these requirements, which is hereby incorporated by reference. F- 17 Off-Balance Sheet Arrangements and Obligations Off-Balance Sheet Arrangements In accordance with the definition under rules of the Securities and Exchange Commission (“SEC”), the following qualify as off-balance sheet arrangements: •certain obligations under guarantee contracts that have “any of the characteristics identified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) paragraph ASC 460-10-15-4 (Guarantees Topic)”; •a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets; •any obligation, including a contingent obligation, under a contract that would be accounted for as derivative instruments except that it is both indexed to the registrant’s own stock and classified as equity; and •any obligation, arising out of a variable interest in an unconsolidated entity that is held by, and material to, the registrant, where such entity provides financing, liquidity, market risk or credit risk support to the registrant, or engages in leasing, hedging or research and development services with the registrant. Information regarding guarantees that meet the above requirements is included in Note 17 of our Notes to Consolidated Financial Statements and is hereby incorporated by reference. We do not have any contingent interest in assets transferred, derivative instruments or variable interest entities that qualify as off-balance sheet arrangements under SEC rules. Other Commercial Commitments The following is a summary of our other commercial commitments as of December 31, 2025: Commitment Expiration by Calendar Year (in millions) Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Letters of credit $ 64.6  $ 64.6  $ —  $ —  $ —  Surety bonds 829.9  829.9  —  —  —  Total $ 894.5  $ 894.5  $ —  $ —  $ —  The surety bonds and letters of credit generally expire within one year or less but a substantial portion of these instruments provide financial assurance for continuing obligations and, therefore, in most cases, must be renewed on an annual basis. We issue letters of credit through our revolving credit facility and bilateral agreements. As of December 31, 2025, we had no outstanding letters of credit through our credit facility and $64.6 million outstanding through bilateral agreements. We primarily incur liabilities for reclamation activities in our Florida operations and for phosphogypsum management system (“Gypstack” or “Gypstacks”) closure in our Florida and Louisiana operations where, for permitting purposes, we must either pass a test of financial strength or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. As of December 31, 2025, we had $428.2 million in surety bonds and a $50 million letter of credit included in the total amount above. These bonds and letters of credit are outstanding for reclamation obligations, primarily related to mining in Florida. We also have a surety bond of $337.6 million with the EPA which was delivered as a substitute for the financial assurance provided through a trust (the “Plant City Trust”). The surety bonds generally require us to obtain a discharge of the bonds or to post additional collateral (typically in the form of cash or letters of credit) at the request of the issuer of the bonds. We are subject to financial assurance requirements related to the closure and post-closure care of our Gypstacks in Florida and Louisiana. These requirements include Florida and Louisiana state financial assurance regulations, and financial assurance requirements under the terms of consent decrees that we have entered into with respect to our facilities in Florida and Louisiana. These include a consent decree (the “Plant City Consent Decree”) with EPA and the Florida Department of Environmental Protection (“FDEP”) relating to the Plant City, Florida Phosphate Concentrates facility (the “Plant City Facility”) we acquired as part of an acquisition (the “CF Phosphate Assets Acquisition”) and two separate consent decrees (collectively, the “2015 Consent Decrees”) with federal and state regulators that include financial assurance requirements for the closure and post-closure care of substantially all of our Gypstacks in Florida and Louisiana, other than those acquired as part of the CF Phosphate Assets Acquisition, which are discussed separately below. F- 18 See Note 14 of our Notes to Consolidated Financial Statements for additional information relating to our financial assurance obligations, including the Plant City Consent Decree and the 2015 Consent Decrees, which information is incorporated by reference. Currently, state financial assurance requirements in Florida and Louisiana for the closure and post-closure care of Gypstacks are, in general terms, based upon the same assumptions and associated estimated values as the AROs recognized for financial reporting purposes. For financial reporting purposes, we recognize the AROs based on the estimated future closure and post-closure costs of Gypstacks, the undiscounted value of our North America Gypstacks is approximately $3.1 billion. The value of the AROs for closure and post-closure care of our North America Gypstacks, discounted to the present value, based on a credit-adjusted, risk-free rate, is reflected on our Consolidated Balance Sheets in the amount of approximately $1.5 billion as of December 31, 2025. Compliance with the financial assurance requirements in Florida and Louisiana is generally based on the undiscounted Gypstack closure estimates. We satisfy substantially all of our Florida, Louisiana and federal financial assurance requirements through compliance with the financial assurance requirements under the 2015 Consent Decrees by providing third-party credit support in the form of surety bonds (including under the Plant City Consent Decree), and a financial test mechanism supported by a corporate guarantee (“Bonnie Financial Test”) related to a closed Florida phosphate concentrates facility in Bartow, Florida (the “Bonnie Facility”) as discussed below. We comply with our remaining state financial assurance requirements because our financial strength permits us to meet applicable financial strength tests. There have been times in the past that we have not met the applicable financial strength tests and there can be no assurance that we will be able to meet the applicable financial strength tests in the future. In the event we do not meet either financial strength test, we could be required to seek an alternate financial strength test acceptable to state regulatory authorities or provide credit support, which may include surety bonds, letters of credit and cash escrows or trust funds. Cash escrows or trust funds would be classified as restricted cash on our Consolidated Balance Sheets. Assuming we maintain our current levels of liquidity and capital resources, we do not expect that these Florida and Louisiana requirements will have a material effect on our results of operations, liquidity or capital resources. As part of the CF Phosphate Assets Acquisition, we assumed certain AROs related to the estimated costs (“Gypstack Closure Costs”) at both the Plant City Facility and the Bonnie Facility. Associated with these assets are two related financial assurance arrangements for which we became responsible and that provided sources of funds for the estimated Gypstack Closure Costs for these facilities, pursuant to federal or state law, which the government can draw against in the event we cannot perform such closure activities. One was initially the Plant City Trust established to meet the requirements under a consent decree with EPA and the FDEP with respect to U.S. Resource Conservation and Recovery Act (“RCRA”) compliance at Plant City that also satisfied Florida financial assurance requirements at that site. Beginning in September 2016, as a substitute for the financial assurance provided through the Plant City Trust, we have provided financial assurance for Plant City in the form of a surety bond delivered to EPA (the “Plant City Bond”). The amount of the Plant City Bond is $337.6 million at December 31, 2025, which reflects our closure cost estimates at that date. The other was also a trust fund (the “Bonnie Facility Trust”) established to meet the requirements under Florida financial assurance regulations that apply to the Bonnie Facility. On July 27, 2018, we received $21.0 million from the Bonnie Facility Trust by substituting the trust fund for the Bonnie Financial Test supported by a corporate guarantee as allowed by state regulations. Both financial assurance funding obligations require estimates of future expenditures that could be impacted by refinements in scope, technological developments, new information, cost inflation, changes in regulations, discount rates and the timing of activities. Under our current approach to satisfying applicable requirements, additional financial assurance would be required in the future if increases in cost estimates exceed the face amount of the Plant City Bond or the amount supported by the Bonnie Financial Test. F- 19 Other Long-Term Obligations The following is a summary of our other long-term obligations, including Gypstacks and land reclamation, as of December 31, 2025: Payments by Calendar Year (in millions) Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years ARO(a) $ 4,661.6  $ 282.3  $ 387.5  $ 325.5  $ 3,666.3  ______________________________ (a)Represents the undiscounted estimated cash outflows required to settle the AROs. For the Potash segment, this excludes the subsequent years of tailings area management for activities such as dissolution and reclamation of land, which are estimated to require an additional 160 to 375 years until completion. The corresponding present value of all future expenditures is $2.6 billion as of December 31, 2025 and is reflected in our accrued liabilities and other noncurrent liabilities in our Consolidated Balance Sheets. Most of our export sales of potash crop nutrients are marketed through a North American export association, Canpotex, which funds its operations in part through third-party financing facilities. As a member, Mosaic and our subsidiaries are subject to certain conditions and exceptions and contractually obligated to reimburse Canpotex for their pro rata share of any operating expenses or other liabilities incurred. The reimbursements are made through reductions to members’ cash receipts from Canpotex. Commitments are set forth in Note 22 of our Notes to Consolidated Financial Statements and are hereby incorporated by reference. Income Tax Obligations Gross uncertain tax positions as of December 31, 2025 of $1.4 billion are not included in the other long-term obligations table presented above because the timing of the settlement of unrecognized tax benefits cannot be reasonably determined. For further discussion, refer to Note 13 of our Notes to Consolidated Financial Statements. Market Risk We are exposed to the impact of fluctuations in the relative value of currencies, fluctuations in interest rates, fluctuations in the purchase prices of natural gas, nitrogen, ammonia and sulfur consumed in operations, and changes in freight costs, as well as changes in the market value of our financial instruments. We periodically enter into derivatives in order to mitigate our interest rate risks, foreign currency risks and the effects of changing commodity prices and freight prices, but not for speculative purposes. Unrealized mark-to-market gains and losses on derivatives are recorded in Corporate, Eliminations and Other. Once realized, they are recorded in the related business segment. Foreign Currency Exchange Rates Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in our earnings and cash flows. Our primary foreign currency exposures are the Canadian dollar and Brazilian real. To reduce economic risk and volatility on expected cash flows that are denominated in the Canadian dollar and Brazilian real, we use financial instruments that may include forward contracts, zero-cost collars and/or futures. The functional currency of several of our Canadian entities is the Canadian dollar. For those entities, sales are primarily denominated in U.S. dollars, but the costs are paid principally in Canadian dollars. In July 2025, we discontinued hedging Canadian dollar transactions. As of December 31, 2025, we continue to have open hedges remaining from the previous hedging program when we hedged cash flows on a declining basis, over 12 months. A stronger Canadian dollar generally reduces these entities’ operating earnings. A weaker Canadian dollar has the opposite effect. Depending on the underlying exposure, such derivatives can create additional earnings volatility because we do not apply hedge accounting. Gains or losses on these derivative contracts, both for open contracts at quarter-end (unrealized) and settled contracts (realized), are recorded in either cost of goods sold or foreign currency transaction gain (loss). The functional currency of our Brazilian subsidiaries is the Brazilian real. We finance our Brazilian inventory purchases with U.S. dollar-denominated liabilities. We hedge the net Brazilian real exposure of our inventory production activities for up to four months, covering the operational cycle of the business. A strengthening of the Brazilian real relative to the U.S. dollar F- 20 has the impact of reducing these liabilities on a functional-currency basis. When this occurs, the related foreign currency transaction gain is recorded as non-operating income. A weakening of the Brazilian real generally has the opposite effect. As discussed above, we have Canadian dollar, Brazilian real and other foreign currency exchange contracts. As of December 31, 2025 and 2024, the fair value of our major foreign currency exchange contracts was an asset of $1.0 million and a liability of $82.6 million, respectively. We recorded an unrealized gain of $83.4 million in cost of goods sold and recorded an unrealized loss of $4.2 million in foreign currency transaction gain (loss) in the Consolidated Statements of Earnings for 2025. F- 21 The table below provides information about Mosaic’s significant foreign exchange derivatives. As of December 31, 2025 As of December 31, 2024 Expected Maturity Date     Years ending     December 31, Fair Value Expected Maturity Date     Years ending     December 31, Fair Value (in millions) 2026 2027 2028 2025 2026 2027 Foreign Currency Exchange Forwards Canadian Dollar $ 2.4  $ (32.6) Notional (million US$) - short Canadian dollars $ —  $ —  $ —  $ 51.6  $ —  $ —  Weighted Average Rate - Canadian dollar to U.S. dollar —  —  —  1.3771  —  —  Notional (million US$) - long Canadian dollars $ 181.1  $ —  $ —  $ 638.3  $ —  $ —  Weighted Average Rate - Canadian dollar to U.S. dollar 1.3859  —  —  1.3504  —  —  Indian Rupee $ 0.5  $ —  Notional (million US$) - short Indian rupee $ 42.0  $ —  $ —  $ 2.0  $ —  $ —  Weighted Average Rate - Indian rupee to U.S. dollar 89.0340  —  —  84.0382  —  —  Foreign Currency Exchange Non-Deliverable Forwards Brazilian Real $ (1.4) $ (51.2) Notional (million US$) - long Brazilian real $ 95.0  $ —  $ —  $ 563.4  $ —  $ —  Weighted Average Rate - Brazilian real to U.S. dollar 5.6132  —  —  5.8279  —  —  Indian Rupee $ —  $ 1.1  Notional (million US$) - short Indian rupee $ 28.8  $ —  $ —  $ 89.1  $ —  $ —  Weighted Average Rate - Indian rupee to U.S. dollar 90.1810  —  —  84.7720  —  —  China Renminbi $ (0.5) $ 0.1  Notional (million US$) - short China renminbi $ 86.4  $ —  $ —  $ 33.0  $ —  $ —  Weighted Average Rate - China renminbi to U.S. dollar 7.0585  —  —  7.1923  —  —  Total Fair Value $ 1.0  $ (82.6) Commodities We use forward purchase contracts, swaps and occasionally three-way collars to reduce the risk related to significant price changes in our inputs and product prices. All gains and losses on commodities contracts are recorded in cost of goods sold in the Consolidated Statements of Earnings. As of December 31, 2025 and 2024, the fair value of our major commodities contracts was ($0.4) million and ($1.8) million, respectively. We recorded an unrealized gain of $1.3 million in cost of goods sold in the Consolidated Statements of Earnings for 2025. Our primary commodities exposure relates to price changes in natural gas. F- 22 The table below provides information about Mosaic’s natural gas derivatives which are used to manage the risk related to significant price changes in natural gas. As of December 31, 2025 As of December 31, 2024 Expected Maturity Date     Years ending     December 31, Fair Value Expected Maturity Date     Years ending     December 31, Fair Value (in millions) 2026 2027 2028 2025 2026 2027 Natural Gas Swaps $ (0.4) $ (1.8) Notional (million MMBTU) - long 0.9  —  —  2.5  —  —  Weighted Average Rate (US$/MM BTU) $ 2.53  $ —  $ —  $ 2.73  $ —  $ —  Total Fair Value $ (0.4) $ (1.8) Interest Rates From time to time, we enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. At December 31, 2025 and 2024, we had no interest rate swap agreements in effect. Summary Overall, there have been no material changes in our primary market risk exposures since the prior year. In 2026, we do not expect any material changes in our primary risk exposures. Additional information about market risk associated with our investments held in the RCRA Trusts is provided in Note 12 of our Notes to Consolidated Financial Statements. For additional information related to derivatives, see Notes 15 and 16 of our Notes to Consolidated Financial Statements. Environmental, Health, Safety and Security Matters We are subject to complex and evolving international, federal, state, provincial and local environmental, health, safety and security (“EHS”) policies that govern the production, distribution and use of crop nutrients and animal feed ingredients. These EHS standards regulate or propose to regulate: (i) conduct of mining, production and supply chain operations, including employee safety and facility security procedures; (ii) management or remediation of potential impacts to air, soil and water quality from our operations; (iii) disposal of waste materials; (iv) beneficial use of co-products and residuals; (v) reclamation of lands after mining; (vi) management and handling of raw materials; (vii) product content; and (viii) use of products by both us and our customers. We have a comprehensive EHS management program that seeks to achieve sustainable, predictable and verifiable EHS performance. Key elements of our EHS program include: (i) identifying and managing EHS risk; (ii) complying with legal requirements; (iii) improving our EHS procedures and protocols; (iv) educating employees regarding EHS obligations; (v) retaining and developing professional qualified EHS staff; (vi) evaluating facility conditions; (vii) evaluating and enhancing safe workplace behaviors; (viii) performing audits; (ix) formulating EHS action plans; and (x) assuring accountability of all managers and other employees for EHS performance. Our business units are responsible for implementing day-to-day elements of our EHS program, assisted by integrated EHS professionals. We conduct audits to verify that each facility has identified risks, achieved regulatory compliance, improved EHS performance and incorporated EHS management systems into day-to-day business functions. New or proposed regulatory programs or policies can present significant challenges in ascertaining future compliance obligations, implementing compliance plans, and estimating future costs until implementing regulations are finalized and definitive regulatory interpretations are adopted. New or proposed regulatory standards may require modifications to our facilities or to operating procedures and these modifications may involve significant capital costs or increases in operating costs. For example the Company is monitoring recently enacted standards in the European Union and California on climate change disclosure and is taking steps to address those new requirements. We expect to continue investing significant financial and managerial resources to meet EHS requirements and strengthen our environmental stewardship efforts. For 2026, excluding capital spending required under the consent decrees discussed in Note 14 (“EPA RCRA Initiative”), we project approximately $750 million in environmental capital expenditures. These costs will primarily support: F- 23 •Waste management infrastructure and water treatment system upgrades or construction •Construction and modification of Gypstacks and clay settling ponds at our Phosphate facilities, and tailings management areas at our Potash facilities •Upgrades or new construction of air pollution control equipment at certain concentrates plants •Remediation projects at current or former operating sites Additional expenditures for land reclamation, Gypstack closure and water treatment activities are expected to total approximately $260 million in 2026. In 2027, we estimate environmental capital expenditures will be approximately $565 million and expenditures for land reclamation activities, Gypstack closure and water treatment activities are expected to be approximately $215 million. We spent approximately $796 million and $545 million for the years ended December 31, 2025 and 2024, respectively, for environmental capital expenditures, land reclamation activities, Gypstack closure and water treatment activities. Operating Requirements and Impacts Permitting. We hold numerous environmental, mining and other permits and approvals authorizing operations at our facilities. Our ability to continue operations at a facility could be materially affected by a government agency decision to deny or delay issuing a new or renewed permit or approval, to revoke or substantially modify an existing permit or approval or to substantially change conditions applicable to a permit modification, or by legal actions that successfully challenge our permits. Expanding our operations or extending operations into new areas is also predicated upon securing the necessary environmental or other permits or approvals. We have been engaged in, and over the next several years will be continuing, efforts to obtain permits in support of our planned Florida operations at certain of our properties. For years, we have successfully permitted properties and anticipate that we will be able to permit these properties as well. A denial of our permits, the issuance of permits with cost-prohibitive conditions, substantial delays in issuing key permits, legal actions that prevent us from relying on permits or revocation of permits can prevent or delay our mining or operations at the affected properties and thereby materially affect our business, results of operations, liquidity or financial condition. In addition, in the U.S., local stakeholder involvement has become an increasingly important factor in the permitting process for companies like ours, and various counties and other parties, particularly in Florida, have in the past filed and continue to file lawsuits or administrative appeals challenging the issuance of some of the permits we require. These actions can significantly delay permit issuance. Additional information regarding certain potential or pending permit challenges is provided in Note 23 to our Consolidated Financial Statements and is incorporated herein by reference. Federal Initiatives to Define “Waters of the United States”. Following the U.S. Supreme Court’s 2023 decision in Sackett v. EPA, the scope of “waters of the United States” (WOTUS) under the Clean Water Act has been significantly narrowed, limiting the water features subject to federal jurisdiction and affecting requirements for Mosaic’s permitting. The Court’s decision invalidated EPA’s January 2023 WOTUS rule, leading EPA to issue a conforming final rule in September 2023 and, subsequently, joint EPA–U.S. Army Corps guidance in March 2025 on applying Sackett’s “continuous surface connection” test, which clarified limits on adjacency and excluded ditches and intermittent features from jurisdiction. A proposed revised WOTUS definition published in November 2025 aims to fully implement the Sackett decision and provide regulatory clarity, but until finalized, Sackett‑based interpretation remains the nationwide standard, resulting in more limited federal permitting requirements and a regulatory environment that continues to evolve as rulemaking and litigation progress. Water Quality Regulations for Nutrient Discharges. New nutrient regulatory initiatives could have a material effect on either us or our customers. For example, the Mississippi River/Gulf of America Hypoxia Task Force was established by The Environmental Protection Agency in 1997 to coordinate activities with twelve states within the Mississippi River Basin to reduce nutrient loading in streams and tributaries through regulatory and voluntary actions. The strategy calls for, among other matters, reduction of the flow of excess nutrients into the Gulf of America through state nutrient reduction frameworks, new nutrient reduction approaches and reduction of agricultural and urban sources of excess nutrients. Implementation of the strategy will require legislative or regulatory action at the state level. Through these heightened actions by the states, some are also leveraging groundwater protection initiatives to mandate nutrient use restrictions for fall applications in specific agricultural regions to limit nutrient losses. While some of the legislative actions have changed application timing of nutrient F- 24 use, we cannot overall predict what the requirements of any such legislative or regulatory action could be or whether or how it would affect us or our customers. Reclamation Obligations. During phosphate mining we remove overburden to retrieve phosphate rock reserves. Once we have finished mining in an area, we use the overburden and sand tailings produced by the beneficiation process to reclaim the area in accordance with approved reclamation plans and applicable laws. We have incurred and will continue to incur significant costs to fulfill our reclamation obligations. Management of Residual Materials and Closure of Management Areas. Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and after facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate clay residuals from mining are deposited in clay storage areas (“CSAs”). Processing of phosphate rock with sulfuric acid generates phosphogypsum that currently is stored in Gypstacks. During the life of the tailings management areas, CSAs and Gypstacks, we have incurred and will continue to incur significant costs to manage residual materials in accordance with environmental laws and regulations and with permit requirements. Additional legal and permit requirements will take effect when these facilities are closed. Our AROs are further discussed in Note 14 of our Notes to Consolidated Financial Statements. New Wales Water Loss Incident. In August 2016, a sinkhole developed under one of the two cells of the Phase II Gypstack at our New Wales facility in Polk County, Florida, resulting in process water from the stack draining into the sinkhole. The incident was reported to the FDEP and EPA. In connection with the incident, our subsidiary, Mosaic Fertilizer, LLC (“Mosaic Fertilizer”), entered into a consent order (“Order”) with the FDEP in October 2016. Pursuant to the Order, Mosaic Fertilizer agreed to, among other things, implement an approved repair plan to close the sinkhole; perform additional water monitoring and if necessary, assessment and rehabilitation activities in the event of identified offsite impacts; provide financial assurance; and evaluate the risk of potential future sinkhole formation at our active Florida Gypstack operations. Financial Assurance. Separate from our accounting treatment for reclamation and closure liabilities, some jurisdictions in which we operate require us either to pass a test of financial strength or provide credit support, typically cash deposits, surety bonds, financial guarantees or letters of credit, to address phosphate mining reclamation liabilities and closure liabilities for clay settling areas and Gypstacks. See “Other Commercial Commitments” under “Off-Balance Sheet Arrangements and Obligations” above for additional information about these requirements. We also have obligations under certain consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. Two consent decrees that became effective in 2016 resolved claims under RCRA and state hazardous waste laws relating to our management of certain waste materials onsite at certain fertilizer manufacturing facilities in Florida and Louisiana. Under these consent decrees, in 2016, we deposited $630 million in cash into two trust funds to provide additional financial assurance for the estimated costs of closure and post-closure care of our phosphogypsum management systems. In addition, in 2017 we issued a letter of credit in the amount of $50 million to further support our financial assurance obligation under the Florida 2015 Consent Decree. While our actual Gypstack Closure Costs are generally expected to be paid by us in the normal course of our Phosphate business over a period that may not end until three decades or more after a Gypstack has been closed, the funds on deposit in the RCRA Trusts can be drawn by the applicable governmental authority in the event we cannot perform our closure and long-term care obligations. If and when our estimated Gypstack Closure Costs with respect to the facilities associated with a RCRA Trust are sufficiently lower than the amount on deposit in that RCRA Trust, we have the right to request that the excess funds be released to us. The same is true for the RCRA Trust balance remaining after the completion of our obligations, which will be performed over a period that may not end until three decades or more after a Gypstack has been closed. See the discussion under “EPA RCRA Initiative” in Note 14 of our Notes to Consolidated Financial Statements for additional information about these matters. We have fully funded a trust valued at $25 million (Canadian dollars) in satisfaction of financial assurance requirements for closure of our Saskatchewan Potash facilities. Trust performance is subject to review by the Province of Saskatchewan every five years during its existence. In 2020, we executed and thereafter have maintained a surety bond in the amount of approximately $82 million to establish financial assurance for closure of our Carlsbad, New Mexico potash facility with the U.S. Department of the Interior, Bureau of Land Management and the New Mexico Environment Department. F- 25 Climate Change We are focused on strengthening our competitive position by meeting the evolving demands of crop nutrient and animal feed ingredient production while driving greater operating efficiency, thereby mitigating greenhouse gas emissions. We have implemented innovative energy recovery technologies that result in our generation of much of the energy we need, particularly in our U.S. Phosphate operations, from high efficiency heat recovery systems. Climate Change Regulation. Various governmental initiatives to limit greenhouse gas emissions are under way or under consideration around the world. These initiatives could restrict our operating activities, require us to make changes in our operating activities that would increase our operating costs, reduce our efficiency or limit our output, require us to make capital improvements to our facilities, increase our energy, raw material and transportation costs or limit their availability, or otherwise adversely affect our results of operations, liquidity or capital resources, and these effects could be material to us. The direct greenhouse gas emissions from our operations result primarily from: •Combustion of natural gas to produce steam and dry potash products at our Belle Plaine, Saskatchewan potash solution mine. To a lesser extent, at our potash shaft mines, natural gas is used as a fuel to heat fresh air supplied to the shaft mines and for drying potash products. •The use of natural gas as a feedstock in the production of ammonia at our Faustina, Louisiana facility. •Process reactions from naturally occurring carbonates in phosphate rock. •Operation of transport trucks, mining and construction equipment and other machinery powered by internal combustion engines utilizing fossil fuels. In addition, the production of energy and raw materials that we purchase from unrelated parties for use in our business and energy used in the transportation of our products and raw materials are sources of greenhouse gas emissions. Governmental greenhouse gas emission initiatives include, among others, the December 2015 agreement (the “Paris Agreement”) which was the outcome of the 21st session of the Conference of the Parties under the United Nations Framework Convention on Climate Change. The Paris Agreement, which was signed by nearly 200 nations, including the U.S. and Canada, entered into force in 2016 and sets out a goal of limiting the average rise in temperatures for this century to below 2 degrees Celsius. Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “NDC”) for reaching that goal. The U.S. withdrew from the Paris Agreement in January 2025. Various legislative or regulatory initiatives relating to greenhouse gases have been adopted or considered by the U.S. Congress, EPA or various states and those initiatives already adopted may be used to implement a U.S. NDC in the future. We will continue to monitor climate-related policy in the U.S. Brazil ratified the Paris Agreement in September 2016, committing to a NDC that includes economy-wide greenhouse gas reduction targets by 2035. Brazil expanded its climate and sustainability regulatory framework during 2024–2025. In 2025, the government enacted a law that established the Brazilian Greenhouse Gas Emissions Trading System, which provides the basis for a regulated national carbon market. Brazil also submitted an updated NDC in late 2024 that increases its 2035 greenhouse gas reduction target. In 2025, Brazil adopted the National Energy Transition Policy, which introduces additional measures to accelerate renewable energy deployment and industrial decarbonization. Canada’s intended NDC aims to achieve significant greenhouse gas emission reductions. In 2016, the Canadian federal government announced plans for a comprehensive tax on carbon emissions, under which provinces opting out of the tax would have the option of adopting a cap-and-trade system. In the plans, the federal government also committed to implementing a federal carbon pricing backstop system that will apply in any province or territory that does not have a carbon pricing system in place by 2018. In 2025, the federal minimum (benchmark) carbon price increased to $95 per tonne and will continue to rise annually until it reaches $170 per tonne in 2030. Our Saskatchewan Potash facilities are subject to the Saskatchewan climate change plan regarding emissions at our facilities; however, indirect costs from the carbon tax associated with electricity, natural gas consumption and transportation are passed through to Mosaic. More stringent laws and regulations may be enacted to accomplish the goals set out in Canada’s NDC. It is possible that future legislation or regulation addressing climate change, including in response to the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our F- 26 competitive advantage. In addition, to the extent climate change restrictions imposed in countries where our competitors operate, such as China, India, former Soviet Union countries or Morocco, are less stringent than in our production regions, our competitors could gain cost or other competitive advantages over us. Operating Impacts Due to Climate Change. The prospective impact of climate change on our operations and those of our customers and farmers remains uncertain. The impacts of climate change could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities and changing temperature levels. These changes could be severe. These impacts could vary by geographic location. Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds. At the present time, we cannot predict the prospective impact of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us. Remedial Activities Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) (aka Superfund) and state analogues impose liability, without regard to fault or to the legality of a party’s conduct, on certain categories of persons, including those who have disposed of “hazardous substances” at a location. Under Superfund, or its various state analogues, one party may be responsible for the entire site, regardless of fault or the locality of its disposal activity. We have contingent environmental remedial liabilities that arise principally from three sources which are further discussed below: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites where we are alleged to have disposed of hazardous materials. Taking into consideration established accruals for environmental remedial matters of approximately $192.2 million as of December 31, 2025, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition. However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites. Remediation at Our Facilities. Many of our formerly owned or current facilities have been in operation for decades. The historical use and handling of regulated chemical substances, crop and animal nutrients and additives as well as by-product or process tailings at these facilities by us and predecessor operators have resulted in soil, surface water and groundwater impacts. At many of these facilities, spills or other releases of regulated substances have occurred previously and potentially could occur in the future, possibly requiring us to undertake or fund cleanup efforts under Superfund or otherwise. In some instances we have agreed, pursuant to consent orders or agreements with the appropriate governmental agencies, to undertake certain investigations, which currently are in progress, to determine whether remedial action may be required to address site impacts. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into account established accruals, future expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material adverse effect on our business or financial condition. However, material expenditures by us could be required in the future to remediate the environmental impacts at these or at other current or former sites. Remediation at Third-Party Facilities. Various third parties have alleged that our historical operations have impacted neighboring offsite areas or nearby third-party facilities. In some instances we have agreed, pursuant to orders from or agreements with appropriate governmental agencies or agreements with private parties, to undertake or fund investigations, some of which currently are in progress, to determine whether remedial action, under Superfund or otherwise, may be required to address offsite impacts. Our remedial liability at these sites, either alone or in the aggregate, taking into account established accruals, currently is not expected to have a material adverse effect on our business or financial condition. As more information is obtained regarding these sites, this expectation could change. Liability for Offsite Disposal Locations. Currently, we are involved or concluding involvement for offsite disposal at several Superfund or equivalent state sites. Moreover, we previously have entered into settlements to resolve liability with regard to Superfund or equivalent state sites. In some cases, such settlements have included “reopeners,” which could result in additional liability at such sites in the event of newly discovered contamination or other circumstances. Our remedial liability at such disposal sites, either alone or in the aggregate, currently is not expected to have a material adverse effect on our business or financial condition. As more information is obtained regarding these sites and the potentially responsible parties involved, this expectation could change. F- 27 Product Requirements and Impacts International, federal, state and provincial standards require us to register many of our products before these products can be sold. The standards also impose labeling requirements on these products and require us to manufacture the products to formulations set forth on the labels. We believe that, when handled and used as intended, based on the available data, crop nutrient materials do not pose harm to human health or the environment and that any additional standards or regulatory requirements relating to product requirements and impacts will not have a material adverse effect on our business or financial condition. Environmental Justice Some state governments have adopted or are adopting standards or policies requiring environmental justice reviews in some permitting actions. In general, they require governmental agencies to evaluate projects for disproportionate impacts to disadvantaged or already burdened communities. If such conditions are found, they might result in a permit denial, or restrictive or cost prohibitive conditions imposed on our operations and may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations. Sustainability We are committed to making informed choices that improve our corporate governance, financial strength, operational efficiency, environmental stewardship, community engagement and resource management. Through these efforts, we intend to sustain our business and experience lasting success. We have included, or incorporated by reference, throughout this Form 10-K discussions of various matters relating to our sustainability, in its broadest sense, that we believe may be material to our investors. These matters include, but are not limited to, discussions about: corporate governance, including the leadership and respective roles of our Board of Directors and its committees, and management; recent and prospective developments in our business; product development; risk, enterprise risk management and risk oversight; the regulatory and permitting environment for our business and ongoing regulatory and permitting initiatives; executive compensation practices; employee and contractor safety; human capital matters and other EHS matters, including climate change, water management, energy and other operational efficiency initiatives: reclamation and AROs. Other matters relating to sustainability are included in our sustainability reports that are available on our website at www.mosaicco.com/ourresponsibility. Our sustainability reports are not incorporated by reference in this Form 10-K. Additional Information For additional information about phosphate mine permitting in Florida, our environmental liabilities, the environmental proceedings in which we are involved, our AROs related to environmental matters and our related accounting policies, see Environmental Liabilities and AROs under Critical Accounting Estimates above and Notes 2, 14, and 23 of our Notes to Consolidated Financial Statements. Contingencies Information regarding contingencies in Note 23 of our Notes to Consolidated Financial Statements is incorporated herein by reference. Related Parties Information regarding related party transactions is set forth in Note 24 of our Notes to Consolidated Financial Statements and is incorporated herein by reference. Recently Issued Accounting Guidance Recently issued accounting guidance is set forth in Note 3 of our Notes to Consolidated Financial Statements and is incorporated herein by reference. F- 28 Cautionary Statement Regarding Forward Looking Information All statements, other than statements of historical fact, appearing in this report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include, among other things, statements about our expectations, beliefs, intentions or strategies for the future, including statements about proposed or pending future transactions or strategic plans, statements concerning our future operations, financial condition and prospects, statements regarding our expectations for capital expenditures, statements concerning our level of indebtedness and other information, and any statements of assumptions regarding any of the foregoing. In particular, forward-looking statements may include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “potential,” “predict,” “project” or “should”. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this filing. Factors that could cause reported results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: •business and economic conditions and governmental policies affecting the agricultural industry where we or our customers operate, including price and demand volatility resulting from periodic imbalances of supply and demand; •because of political and economic instability, civil unrest or changes in government policies in Brazil, Peru or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation; •potential U.S. imposed tariffs on Canadian potash imports and retaliatory tariffs by Canada or other countries on U.S. phosphates exports; •changes in farmers’ application rates for crop nutrients; •changes in the operation of world phosphate or potash markets, including consolidation in the crop nutrient industry, particularly if we do not participate in the consolidation; •the expansion or contraction of production capacity or selling efforts by competitors or new entrants in the industries in which we operate, including the effects of actions by members of Canpotex to prove the production capacity of potash expansion projects, through proving runs or otherwise; •the effect of future product innovations or development of new technologies on demand for our products; •seasonality in our business that results in the need to carry significant amounts of inventory and seasonal peaks in working capital requirements, which may result in excess inventory or product shortages; •changes in the costs, or constraints on supplies, of raw materials or energy used in manufacturing our products, or in the costs or availability of transportation for our products; •economic and market conditions including supply chain challenges and increased costs and delays caused by transportation and labor shortages; •declines in our selling prices or significant increases in costs that can require us to write down our inventories to the lower of cost or market, or require us to impair goodwill or other long-lived assets, or establish a valuation allowance against deferred tax assets; •the lag in realizing the benefit of falling market prices for the raw materials we use to produce our products that can occur while we consume raw materials that we purchased or committed to purchase in the past at higher prices; •disruptions of our operations at any of our key production, distribution, transportation or terminaling facilities, including those of Canpotex or any joint venture in which we participate; •shortages or other unavailability of trucks, railcars, tugs, barges and ships for carrying our products and raw materials; •the effects of and change in trade, monetary, environmental, tax and fiscal policies, laws and regulations; •foreign exchange rates and fluctuations in those rates; •maintaining strong liquidity, reliable access to capital markets and favorable credit ratings, as any constraints or downgrades could increase financing costs and limit our ability to execute strategic initiatives; F- 29 •tax regulations, currency exchange controls and other restrictions that may affect our ability to optimize the use of our liquidity; •adverse weather and climate conditions affecting our operations, including the impact of potential hurricanes, excessive heat, cold, snow, rainfall or drought; •difficulties or delays in receiving, challenges to, increased costs of obtaining or satisfying conditions of, or revocation or withdrawal of required governmental and regulatory approvals, including permitting activities; •changes in the environmental and other governmental regulation that applies to our operations, including federal legislation or regulatory action expanding the types and extent of water resources regulated under federal law and the possibility of further federal or state legislation or regulatory action affecting or related to greenhouse gas emissions, including carbon taxes or other measures that may be implemented in Canada or other jurisdictions in which we operate, or of restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise from disturbing the ground in the course of mining activities or possible efforts to reduce the flow of nutrients into the Gulf of America, the Mississippi River basin or elsewhere; •the potential costs and effects of implementation of federal or state water quality standards for the discharge of nitrogen and/or phosphorus into Florida waterways; •the financial resources of our competitors, including state-owned and government-subsidized entities in other countries; •the possibility of defaults by our customers on trade credit that we extend to them or on indebtedness that they incur to purchase our products and that we guarantee; •any significant reduction in customers’ liquidity or access to credit that they need to purchase our products; •the effectiveness of the processes we put in place to manage our significant strategic priorities and to successfully integrate and grow acquired businesses; •actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental obligations; •the costs and effects of legal and administrative proceedings and regulatory matters affecting us, including environmental, tax or administrative proceedings, complaints that our operations are adversely impacting nearby farms, businesses, other property uses or properties, settlements thereof and actions taken by courts with respect to approvals of settlements, costs related to defending and resolving global audit, appeal or court activity and other further developments in legal proceedings and regulatory matters; •the success of our efforts to attract and retain highly qualified and motivated employees; •strikes, labor stoppages or slowdowns by our work force or increased costs resulting from unsuccessful labor contract negotiations, and the potential costs and effects of compliance with new regulations affecting our workforce, which increasingly focus on wages and hours, healthcare, retirement and other employee benefits; •brine inflows at our potash mines; •accidents or other incidents involving our properties or operations, including potential fires, explosions, seismic events, sinkholes, unsuccessful tailings management, ineffective mine safety procedures or releases of hazardous or volatile chemicals; •terrorism, armed conflict or other malicious intentional acts, including cybersecurity risks such as attempts to gain unauthorized access to, or disable, our information technology systems, or our costs of addressing malicious intentional acts; •actions by the holders of controlling equity interests in businesses in which we hold a noncontrolling interest; •changes in our relationship with the other member of Canpotex or any joint venture in which we participate or their or our exit from participation in Canpotex or any such export association or joint venture, and other changes in our commercial arrangements with unrelated third parties; and •other risk factors reported from time to time in our SEC reports. F- 30 Material uncertainties and other factors known to us are discussed in Item 1A, “Risk Factors,” of our Form 10-K for the year ended December 31, 2025 and incorporated by reference herein as if fully stated herein. We base our forward-looking statements on information currently available to us, and we undertake no obligation to update or revise any of these statements, whether as a result of changes in underlying factors, new information, future events or other developments. F- 31