EX-99.2 3 performancedataq12025-ex992.htm EX-99.2 - 2025 Q1 PERFORMANCE DATA

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share			$	1.11		$	(0.01)		$	1.11		$	0.14		$	(0.50)		$	0.38		$	0.53		$	0.75
Notable items impact on earnings per share(a)			0.07			(0.69)			0.40			(0.51)			(1.04)			0.04			0.08			0.26
Adjusted diluted net earnings per share(a)			$	1.04		$	0.68		$	0.71		$	0.65		$	0.54		$	0.34		$	0.45		$	0.49
Diluted weighted average # of shares outstanding			333.7			332.0			327.7			323.5			321.2			319.4			318.5			318.2
Total Net Sales			$	3,395		$	3,548		$	3,149		$	2,679		$	2,817		$	2,811		$	2,816		$	2,621
Cost of goods sold			2,824			3,139			2,589			2,280			2,423			2,395			2,514			2,133
Gross Margin			$	571		$	409		$	560		$	399		$	394		$	416		$	302		$	488
SG&A			130			120			123			107			128			149			113			123
Other operating (income) expense			72			144			158			119			33			153			89			27
Operating earnings			$	369		$	145		$	279		$	173		$	233		$	115		$	100		$	338
Interest expense, net			(36)			(17)			(35)			(48)			(46)			(42)			(47)			(41)
Consolidated foreign currency gain/(loss)			149			(97)			91			(100)			(268)			101			(419)			133
Earnings from consolidated companies before income taxes			474			(19)			324			25			(74)			174			191			313
Provision for (benefit from) income taxes			108			(6)			(44)			6			99			48			34			63
Earnings (loss) from consolidated companies			$	366		$	(13)		$	368		$	19		$	(173)		$	126		$	157		$	250
Equity in net earnings (loss) of nonconsolidated companies			13			16			—			37			22			5			9			—
Less: Net earnings (loss) attributable to noncontrolling interests			10			7			3			11			11			9			(3)			12
Net earnings (loss) attributable to Mosaic			$	369		$	(4)		$	365		$	45		$	(162)		$	122		$	169		$	238
After tax Notable items included in earnings			$	22		$	(231)		$	131		$	(165)		$	(334)		$	15		$	25		$	82
Gross Margin Rate			17		%	12		%	18		%	15		%	14		%	15		%	11		%	19		%
Effective Tax Rate (including discrete tax)			23		%	32		%	(14)		%	24		%	(133)		%	28		%	18		%	20		%
Discrete Tax benefit (expense)			$	10		$	17		$	2		$	1		$	(120)		$	4		$	(11)		$	26
Depreciation, Depletion and Amortization			$	244		$	239		$	257		$	241		$	264		$	238		$	283		$	243
Accretion Expense			$	23		$	23		$	27		$	27		$	28		$	26		$	31		$	32
Share-Based Compensation Expense			$	9		$	6		$	6		$	9		$	12		$	5		$	7		$	10
Notable Items			$	(32)		$	335		$	—		$	222		$	319		$	(28)		$	32		$	(83)
Adjusted EBITDA(b)			$	744		$	594		$	646		$	576		$	584		$	448		$	594		$	544
Net cash provided by (used in) operating activities			$	1,073		$	647		$	538		$	(80)		$	847		$	313		$	219		$	43
Cash paid for interest (net of amount capitalized)			80			5			76			17			77			20			72			12
Cash paid for income taxes (net of refunds)			147			49			(36)			99			74			111			53			76
Net cash used in investing activities			$	(312)		$	(422)		$	(362)		$	(388)		$	(349)		$	(248)		$	(277)		$	(341)
Capital expenditures			(310)			(412)			(359)			(383)			(334)			(241)			(294)			(341)
Net cash (used in) provided by financing activities			$	(607)		$	(254)		$	(411)		$	458		$	(489)		$	(138)		$	37		$	272
Cash dividends paid			(68)			(66)			(65)			(70)			(68)			(67)			(67)			(71)
Effect of exchange rate changes on cash			$	9		$	(10)		$	(6)		$	(4)		$	(6)		$	55		$	(7)		$	—
Net change in cash and cash equivalents			$	164		$	(39)		$	(241)		$	(14)		$	3		$	(18)		$	(27)		$	(26)
Short-term debt			$	229		$	300		$	400		$	1,204		$	882		$	752		$	847		$	1,234
Long-term debt (including current portion)			3,393			3,357			3,362			3,350			3,319			3,313			3,378			3,363
Cash & cash equivalents			626			591			349			337			322			302			273			259
Net debt			$	2,996		$	3,066		$	3,413		$	4,217		$	3,879		$	3,763		$	3,952		$	4,338
Segment Contributions (in millions)
Phosphate			$	1,286		$	986		$	1,070		$	1,169		$	1,180		$	1,005		$	1,165		$	1,099
Potash			849			720			758			643			663			526			557			570
Mosaic Fertilizantes			1,419			1,731			1,192			886			1,049			1,399			1,088			934
Corporate and Other(c)			(159)			111			129			(19)			(75)			(119)			6			18
Total net sales			$	3,395		$	3,548		$	3,149		$	2,679		$	2,817		$	2,811		$	2,816		$	2,621
Phosphate			$	146		$	(58)		$	21		$	40		$	133		$	8		$	44		$	139
Potash			328			200			222			198			174			109			123			157
Mosaic Fertilizantes			(20)			77			50			42			61			56			79			98
Corporate and Other(c)			(85)			(74)			(14)			(107)			(135)			(58)			(146)			(56)
Consolidated operating earnings			$	369		$	145		$	279		$	173		$	233		$	115		$	100		$	338

---

Phosphate(d)			1,922			1,651			1,582			1,644			1,696			1,475			1,622			1,498
Potash(d)			2,163			2,220			2,577			2,163			2,346			1,996			2,239			2,113
Mosaic Fertilizantes			2,385			3,060			2,158			1,715			2,196			2,879			2,240			1,847
Corporate and Other			359			482			618			333			316			297			432			361
Total finished product tonnes sold ('000 tonnes)			6,829			7,413			6,935			5,855			6,554			6,647			6,533			5,819
Sales of Performance Products ('000 tonnes)(e)			977			1,305			1,044			787			839			1,001			1,135			681

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The Mosaic Company - Phosphate Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods																								$	946
Net Sales - Other revenue																								153
Net Sales			$	1,286		$	986		$	1,070		$	1,169		$	1,180		$	1,005		$	1,165		$	1,099
Cost of Goods Sold			1,070			899			931			1,010			1,026			863			1,027			932
Gross Margin			$	216		$	87		$	139		$	159		$	154		$	142		$	138		$	167
Notable Items Included in Gross Margin			(31)			—			(28)			—			(15)			—			(53)			—
Adjusted Gross Margin(b)			$	247		$	87		$	167		$	159		$	169		$	142		$	191		$	167
SG&A			11			10			11			13			10			12			10			12
Other operating (income) expense			59			135			107			106			11			123			84			16
Operating Earnings			$	146		$	(58)		$	21		$	40		$	133		$	8		$	44		$	139
Plus: Depreciation, Depletion and Amortization			129			117			124			117			128			118			143			113
Plus: Accretion Expense			16			16			19			20			20			20			25			25
Plus: Foreign Exchange Gain (Loss)			(2)			4			(1)			2			2			(5)			(4)			(3)
Plus: Other Income (Expense)			(1)			(6)			(9)			3			(2)			1			517			—
Plus: Dividends from equity investments			—			—			—			15			—			—			—			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests			12			8			2			10			11			8			(4)			8
Plus: Notables Items			109			136			107			90			38			131			(388)			10
Adjusted EBITDA(b)			$	385		$	201		$	259		$	277		$	308		$	265		$	341		$	276
Capital expenditures			$	119		$	157		$	208		$	197		$	177		$	127		$	160		$	236
Gross Margin $ / tonne of finished product			$	112		$	53		$	88		$	97		$	91		$	96		$	85		$	111
Adjusted Gross Margin $ / tonne of finished product			$	129		$	53		$	106		$	97		$	100		$	96		$	118		$	111
Gross margin as a percent of sales			17		%	9		%	13		%	14		%	13		%	14		%	12		%	15		%
Freight included in finished goods (in millions)			$	102		$	92		$	105		$	103		$	104		$	79		$	83		$	84
Idle/Turnaround costs (excluding notable items)			$	34		$	25		$	32		$	56		$	36		$	7		$	24		$	44
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP			928			913			762			900			828			656			749			846
Performance & other products(f)			919			673			741			673			794			750			814			587
Other products(i)			75			65			79			71			74			69			59			65
Total Finished Product(d)			1,922			1,651			1,582			1,644			1,696			1,475			1,622			1,498
DAP selling price (fob plant)(q)			$	585		$	487		$	552		$	598		$	575		$	569		$	593		$	623
Average finished product selling price(g)			$	568		$	491		$	553		$	593		$	578		$	579		$	606		$	632
Production Volumes ('000 tonnes)
Total tonnes produced(h)			1,660			1,593			1,479			1,577			1,675			1,625			1,413			1,423
Operating Rate			67		%	64		%	60		%	64		%	68		%	66		%	58		%	58		%
Raw Materials
Ammonia used in production (tonnes)			$	240		$	234		$	209		$	246		$	243		$	238		$	228		$	214
Sulfur used in production			$	771		$	735		$	549		$	725		$	778		$	739		$	694		$	661
Realized costs ($/tonne)
Ammonia (tonne)(j)			$	441		$	353		$	366		$	404		$	424		$	482		$	435		$	416
Sulfur (long ton)(k)			$	195		$	156		$	152		$	142		$	138		$	126		$	127		$	157
Blended rock			$	79		$	81		$	77		$	81		$	86		$	87		$	87		$	77
Phosphate cash conversion costs, production / tonne(r)			$	105		$	105		$	118		$	110		$	100		$	101		$	118		$	134
Cash costs of U.S. mined rock/production tonne(s)			$	56		$	56		$	56		$	57		$	54		$	56		$	52		$	54
ARO cash spending (in millions)			$	41		$	42		$	41		$	40		$	59		$	54		$	72		$	70

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The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods																								$	495
Net Sales - Other revenue																								75
Net Sales			$	849		$	720		$	758		$	643		$	663		$	526		$	557		$	570
Cost of Goods Sold			513			510			503			431			477			404			434			402
Gross Margin			$	336		$	210		$	255		$	212		$	186		$	122		$	123		$	168
Notable Items Included in Gross Margin			—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)			$	336		$	210		$	255		$	212		$	186		$	122		$	123		$	168
SG&A			7			6			8			9			7			7			8			8
Other operating (income) expense			1			4			25			5			5			6			(8)			3
Operating Earnings			$	328		$	200		$	222		$	198		$	174		$	109		$	123		$	157
Plus: Depreciation, Depletion and Amortization			74			66			89			82			94			69			93			81
Plus: Accretion Expense			2			2			3			2			3			2			2			3
Plus: Foreign Exchange Gain (Loss)			23			(26)			41			(31)			(12)			48			(185)			13
Plus: Other Income (Expense)			—			(43)			(2)			—			—			—			1			(1)
Plus: Notable Items			(19)			68			(31)			30			12			(48)			178			(13)
Adjusted EBITDA(b)			$	408		$	267		$	322		$	281		$	271		$	180		$	212		$	240
Capital expenditures			$	74		$	85		$	105		$	97		$	75		$	61		$	65		$	45
Gross Margin $ / tonne of finished product			$	155		$	95		$	99		$	98		$	79		$	61		$	55		$	80
Adjusted Gross Margin $ / tonne of finished product			$	155		$	95		$	99		$	98		$	79		$	61		$	55		$	80
Gross margin as a percent of sales			40		%	29		%	34		%	33		%	28		%	23		%	22		%	29		%
Supplemental Cost Information
Canadian resource taxes			$	95		$	86		$	102		$	64		$	67		$	45		$	56		$	47
Royalties			$	13		$	9		$	13		$	10		$	10		$	9		$	10		$	9
Freight(l)			$	94		$	99		$	78		$	86		$	94		$	87		$	60		$	74
Idle/Turnaround costs (excluding notable items)			$	35		$	37		$	3		$	9		$	18		$	23		$	6		$	1
Operating Data
Sales volumes ('000 tonnes)(d)
MOP			1,883			2,031			2,359			1,927			2,113			1,775			2,064			1,947
Performance & other products(m)			270			177			207			225			225			211			168			159
Other products(i)			10			12			11			11			8			10			7			7
Total Finished Product(d)			2,163			2,220			2,577			2,163			2,346			1,996			2,239			2,113
Crop Nutrients North America			881			1,129			773			838			970			647			779			863
Crop Nutrients International			1,144			1,007			1,666			1,195			1,260			1,255			1,341			1,126
Non-Agricultural			138			84			138			130			116			94			119			124
Total Finished Product(d)			2,163			2,220			2,577			2,163			2,346			1,996			2,239			2,113
MOP selling price (fob mine)(o)			$	326		$	266		$	243		$	241		$	224		$	215		$	199		$	223
Average finished product selling price(g)			$	346		$	278		$	262		$	258		$	240		$	233		$	214		$	234
Production Volumes ('000 tonnes)
Production Volume			1,921			1,854			2,527			2,338			2,224			1,904			2,332			2,256
Operating Rate			69		%	66		%	90		%	81		%	78		%	66		%	81		%	78		%
MOP cash costs of production including brine / production tonne(n)			$	74		$	73		$	66		$	72		$	64		$	74		$	73		$	78
ARO cash spending (in millions)			$	3		$	3		$	2		$	1		$	2		$	2		$	3		$	1
Average CAD / USD			$	1.343		$	1.342		$	1.361		$	1.348		$	1.368		$	1.364		$	1.399		$	1.434

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The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods																								$	834
Net Sales - Other revenue																								100
Net Sales			$	1,419		$	1,731		$	1,192		$	886		$	1,049		$	1,399		$	1,088		$	934
Cost of Goods Sold			1,406			1,625			1,098			811			947			1,271			986			807
Gross Margin			$	13		$	106		$	94		$	75		$	102		$	128		$	102		$	127
Notable Items Included in Gross Margin			(13)			(2)			(3)			1			4			6			9			—
Adjusted Gross Margin(b)			$	26		$	108		$	97		$	74		$	98		$	122		$	93		$	127
SG&A			29			26			29			30			27			62			16			23
Other operating (income) expense			4			3			15			3			14			10			7			6
Operating Earnings			$	(20)		$	77		$	50		$	42		$	61		$	56		$	79		$	98
Plus: Depreciation, Depletion and Amortization			38			54			41			40			40			39			40			38
Plus: Accretion Expense			5			5			5			5			5			4			4			4
Plus: Foreign Exchange Gain (Loss)			73			(48)			32			(45)			(144)			17			(84)			41
Plus: Other Income (Expense)			(1)			(1)			(1)			(2)			(2)			(2)			(2)			(1)
Less: Earnings from Consolidated Noncontrolling Interests			(2)			—			—			1			(1)			—			1			1
Plus: Notable Items			(31)			60			(16)			44			135			(31)			46			(57)
Adjusted EBITDA(b)			$	66		$	147		$	111		$	83		$	96		$	83		$	82		$	122
Capital expenditures			$	63		$	118		$	68		$	82		$	46		$	51		$	64		$	59
Gross Margin $ / tonne of finished product			$	5		$	35		$	44		$	44		$	46		$	44		$	46		$	69
Adjusted Gross Margin $ / tonne of finished product			$	11		$	35		$	45		$	43		$	45		$	42		$	42		$	69
Gross margin as a percent of sales			1		%	6		%	8		%	8		%	10		%	9		%	9		%	14		%
Idle/Turnaround costs (excluding notable items)			$	30		$	28		$	26		$	15		$	24		40			$	18		13
Operating Data
Sales volumes ('000 tonnes)
Phosphate produced in Brazil			611			622			492			324			433			521			423			301
Potash produced in Brazil			44			62			45			32			34			100			35			30
Purchased nutrients for distribution(p)			1,730			2,376			1,621			1,359			1,729			2,258			1,782			1,516
Total Finished Product			2,385			3,060			2,158			1,715			2,196			2,879			2,240			1,847
Sales of Performance Products ('000 tonnes)(e)			283			660			341			123			215			462			307			93
Brazil MAP price (Brazil production delivered price to third party)			$	653		$	533		$	580		$	581		$	596		$	601		$	632		$	681
Average finished product selling price(g)			$	552		$	531		$	500		$	463		$	423		$	447		$	433		$	452
Production Volumes ('000 tonnes)
Phosphate tonnes produced			736			807			774			793			752			779			781			778
MOP tonnes produced			61			106			114			104			79			105			108			97
Phosphate operating rate			74		%	81		%	77		%	79		%	75		%	78		%	78		%	78		%
Potash operating rate			49		%	85		%	91		%	83		%	63		%	85		%	88		%	78		%
Realized Costs ($/tonne)
Ammonia/tonne			$	912		$	667		$	655		$	705		$	623		$	572		$	628		$	684
Sulfur (long ton)			$	258		$	219		$	179		$	173		$	174		$	170		$	177		$	219
Blended rock			$	128		$	117		$	117		$	115		$	107		$	105		$	109		$	97

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Purchases ('000 tonnes)
DAP/MAP from Mosaic			117			20			58			68			30			43			54			62
MicroEssentials® from Mosaic			427			152			163			169			289			337			195			120
Potash from Mosaic/Canpotex			756			672			404			358			736			682			419			355
Phosphate cash conversion costs in USD, production / tonne(r)			$	109		$	101		$	110		$	101		$	100		$	88		$	85		$	87
Potash cash conversion costs in USD, production / tonne			$	344		$	235		$	217		$	196		$	208		$	175		$	151		$	187
Mined rock costs in USD, cash produced / tonne			$	108		$	102		$	111		$	121		$	98		$	105		$	93		$	87
ARO cash spending (in millions)			$	4		$	6		$	7		$	2		$	5		$	6		$	5		$	1
Average BRL / USD			$	4.954		$	4.880		$	4.953		$	4.952		$	5.216		$	5.546		$	5.842		$	5.853

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The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)

			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales			$	(159)		$	111		$	129		$	(19)		$	(75)		$	(119)		$	6		$	18
Cost of Goods Sold			(165)			105			57			28			(27)			(143)			67			(8)
Gross Margin (Loss)			$	6		$	6		$	72		$	(47)		$	(48)		$	24		$	(61)		$	26
Notable items Included in Gross Margin			34			(45)			40			(31)			(28)			38			(80)			59
Adjusted Gross Margin (Loss)(b)			$	(28)		$	51		$	32		$	(16)		$	(20)		$	(14)		$	19		$	(33)
SG&A			83			78			75			55			84			68			79			80
Other operating (income) expense			8			2			11			5			3			14			6			2
Operating Earnings (Loss)			$	(85)		$	(74)		$	(14)		$	(107)		$	(135)		$	(58)		$	(146)		$	(56)
Plus: Depreciation, Depletion and Amortization			3			2			3			2			2			12			7			11
Plus: Share-Based Compensation Expense			9			6			6			9			11			5			7			10
Plus: Foreign Exchange Gain (Loss)			54			(26)			19			(27)			(114)			40			(145)			82
Plus: Other Income (Expense)			(5)			—			—			—			11			—			39			(116)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests			—			—			—			—			—			(1)			(1)			2
Plus: Notable Items			(91)			71			(60)			58			134			(80)			196			(23)
Adjusted EBITDA(b)			$	(115)		$	(21)		$	(46)		$	(65)		$	(91)		$	(80)		$	(41)		$	(94)
Elimination of profit in inventory included in COGS			$	35		$	45		$	16		$	(15)		$	(10)		$	(3)		$	7		$	(49)
Unrealized gain (loss) on derivatives included in COGS			$	34		$	(45)		$	41		$	(31)		$	(29)		$	39		$	(80)		$	59

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The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items

Q1 2025
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	148					$	(43)					$	0.33
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						59						(17)						0.13
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(14)						3						(0.03)
Ma'aden mark-to-market			Corporate and Other			Other non-operating income (expense)						(117)						34						(0.26)
ARO Adjustment			Phosphate			Other operating income (expense)						(2)						1						—
Discrete tax items			Consolidated			(Provision for) benefit from income taxes						—						30						0.09
Total Notable Items												$	74					$	8					$	0.26

Q4 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(390)					$	75					$	(0.99)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(80)						15						(0.20)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(13)						2						(0.04)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						9						(2)						0.02
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(5)						1						(0.01)
ARO Adjustment			Phosphate			Other operating income (expense)						(23)						4						(0.06)
Hurricane Milton idle costs			Phosphate			Cost of goods sold						(52)						10						(0.13)
Gain on sale of equity investment			Phosphate			Other non-operating income (expense)						522						(43)						1.51
Ma'aden mark-to-market			Corporate and Other			Other non-operating income (expense)						28						(5)						0.07
ARO Adjustment			Potash			Other operating income (expense)						7						(1)						0.02
Arbitration reserve			Phosphate			Other Operating Expense/Non Controlling Interest						(43)						9						(0.11)
Total Notable Items												$	(40)					$	65					$	0.08

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Q3 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	111					$	(35)					$	0.22
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						38						(11)						0.09
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(15)						5						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						6						(2)						0.01
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						5						(2)						0.01
ARO Adjustment			Phosphate			Other operating income (expense)						(102)						31						(0.22)
Environmental reserve			Phosphate			Other operating income (expense)						(20)						6						(0.04)
Total Notable Items												$	23					$	(8)					$	0.04

Q2 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(263)					$	76					$	(0.58)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(28)						9						(0.07)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(13)						3						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						4						(1)						—
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(2)						—						—
Land reclamation			Phosphate			Cost of goods sold						(15)						4						(0.03)
Pension plan termination			Corporate and Other			Other non-operating income (expense)						8						(2)						0.02
Franchise tax reversal			Phosphate			Other operating income (expense)						(15)						4						(0.03)
Discrete tax items			Consolidated			(Provision for) benefit from income taxes						—						(103)						(0.32)
Total Notable Items												$	(324)					$	(10)					$	(1.04)

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Q1 2024
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(100)					$	28					$	(0.22)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(31)						8						(0.07)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(11)						3						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						1						—						—
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						4						(1)						0.01
ARO Adjustment			Phosphate			Other operating income (expense)						(14)						4						(0.03)
Environmental reserve			Phosphate			Other operating income (expense)						(77)						21						(0.17)
Total Notable Items												$	(228)					$	63					$	(0.51)

Q4 2023
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	79					$	(16)					$	0.20
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						40						(7)						0.10
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(9)						2						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						(3)						1						(0.01)
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(7)						2						(0.02)
ARO Adjustment			Phosphate			Other operating income (expense)						(4)						1						(0.01)
Environmental reserve			Phosphate			Other operating income (expense)						(64)						11						(0.16)
Land reclamation			Phosphate			Cost of goods sold						(28)						5						(0.07)
ARO adjustment			Potash			Other operating income (expense)						(10)						2						(0.02)
Tax law change			Mosaic Fertilizantes			(Provision for) benefit from income taxes						—						136						0.42
Total Notable Items												$	(6)					$	137					$	0.40

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Q3 2023
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	(107)					$	27					$	(0.23)
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						(45)						12						(0.10)
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(12)						3						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						(2)						1						—
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						(6)						1						(0.01)
ARO Adjustment			Phosphate			Other operating income (expense)						(123)						32						(0.28)
Environmental reserve			Phosphate			Other operating income (expense)						(3)						1						(0.01)
Pension plan termination settlement			Potash			Other non-operating income (expense)						(42)						10						(0.10)
Discrete tax items			Consolidated			(Provision for) benefit from income taxes						—						22						0.07
Total Notable Items												$	(340)					$	109					$	(0.69)

Q2 2023
Description			Segment			Line Item						Amount (in millions)						Tax Effect(t) (in millions)						EPS Impact (per basic share)
Unrealized foreign currency transaction gain (loss)			Consolidated			Foreign currency transaction gain (loss)						$	114					$	(28)					$	0.26
Unrealized gain (loss) on derivatives			Corporate and Other			Cost of goods sold						34						(9)						0.08
Closed and indefinitely idled facility costs			Phosphate			Other operating income (expense)						(12)						3						(0.03)
FX functional currency			Mosaic Fertilizantes			Cost of goods sold						(13)						3						(0.03)
Realized gain (loss) on RCRA Trust Securities			Phosphate			Other non-operating income (expense)						2						—						—
ARO Adjustment			Phosphate			Other operating income (expense)						(28)						7						(0.06)
Environmental reserve			Phosphate			Other operating income (expense)						(37)						9						(0.08)
Land reclamation			Phosphate			Cost of goods sold						(31)						8						(0.07)
Total Notable Items												$	29					$	(7)					$	0.07

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Footnotes

 

(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".

(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.

(c)Includes elimination of intersegment sales.

(d)Finished product sales volumes include intersegment sales.

(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.

(f)Includes MicroEssentials performance products.

(g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods.

(h)Includes crop nutrient dry concentrates and animal feed ingredients.

(i)Includes finished goods sales of feed and other products.

(j)Amounts are representative of our average ammonia costs in cost of goods sold.

(k)Amounts are representative of our average sulfur costs in cost of goods sold.

(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.

(m)Includes K-Mag, and Aspire finished performance products.

(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.

(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.

(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.

(q)Includes intersegment sales.

(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. 

(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.

(t)Tax impact is based on our expected annual effective rate.

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The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.

The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.

Adjusted Diluted Net Earnings Per Share

Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.

(in millions)			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025
Consolidated Net Income (Loss)			$	369		$	(4)		$	365		$	45		$	(162)		$	122		$	169		$	238
Less: Consolidated Interest Expense, Net			(36)			(17)			(35)			(48)			(46)			(42)			(47)			(41)
Plus: Consolidated Depreciation, Depletion & Amortization			244			239			257			241			264			238			283			243
Plus: Accretion Expense			23			23			27			27			28			26			31			32
Plus: Share-Based Compensation Expense (Benefit)			9			6			6			9			12			5			7			10
Plus: Consolidated Provision for (Benefit from) Income Taxes			108			(6)			(44)			6			99			48			34			63
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends			13			16			—			22			22			5			9			—
Plus: Notable Items			(32)			335			—			222			319			(28)			32			(83)
Consolidated Adjusted EBITDA			$	744		$	594		$	646		$	576		$	584		$	448		$	594		$	544

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Segment Adjusted EBITDA

Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense) plus dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.

Adjusted Gross Margin

Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.