Document

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share	$	1.28		$	1.11		$	(0.01)		$	1.11		$	0.14		$	(0.50)		$	0.38		$	0.53
Notable items impact on earnings per share(a)	0.14			0.07			(0.69)			0.40			(0.51)			(1.04)			0.04			0.08
Adjusted diluted net earnings per share(a)	$	1.14		$	1.04		$	0.68		$	0.71		$	0.65		$	0.54		$	0.34		$	0.45
Diluted weighted average # of shares outstanding	338.7			333.7			332.0			327.7			323.5			321.2			319.4			318.5

Total Net Sales	$	3,604		$	3,395		$	3,548		$	3,149		$	2,679		$	2,817		$	2,811		$	2,816
Cost of goods sold	2,934			2,824			3,139			2,589			2,280			2,423			2,395			2,514
Gross Margin	$	670		$	571		$	409		$	560		$	399		$	394		$	416		$	302
SG&A	127			130			120			123			107			128			149			113
Other operating (income) expense(p)	(2)			72			144			158			119			33			153			89
Operating earnings	$	545		$	369		$	145		$	279		$	173		$	233		$	115		$	100
Interest expense, net	(41)			(36)			(17)			(35)			(48)			(46)			(42)			(47)
Consolidated foreign currency gain/(loss)	51			149			(97)			91			(100)			(268)			101			(419)
Earnings from consolidated companies before income taxes	546			474			(19)			324			25			(74)			174			191
Provision for (benefit from) income taxes	118			108			(6)			(44)			6			99			48			34
Earnings (loss) from consolidated companies	$	428		$	366		$	(13)		$	368		$	19		$	(173)		$	126		$	157
Equity in net earnings (loss) of nonconsolidated companies	31			13			16			—			37			22			5			9
Less: Net earnings (loss) attributable to noncontrolling interests	24			10			7			3			11			11			9			(3)
Net earnings (loss) attributable to Mosaic	$	435		$	369		$	(4)		$	365		$	45		$	(162)		$	122		$	169
After tax Notable items included in earnings	$	46		$	22		$	(231)		$	131		$	(165)		$	(334)		$	15		$	25

Gross Margin Rate	19		%	17		%	12		%	18		%	15		%	14		%	15		%	11		%

Effective Tax Rate (including discrete tax)	22		%	23		%	32		%	(14)		%	24		%	(133)		%	28		%	18		%
Discrete Tax benefit (expense)	$	14		$	10		$	17		$	2		$	1		$	(120)		$	4		$	(11)

Depreciation, Depletion and Amortization	$	220		$	244		$	239		$	257		$	241		$	264		$	238		$	283
Accretion Expense	$	23		$	23		$	23		$	27		$	27		$	28		$	26		$	31
Share-Based Compensation Expense	$	12		$	9		$	6		$	6		$	9		$	12		$	5		$	7
Notable Items	$	(66)		$	(32)		$	335		$	—		$	222		$	319		$	(28)		$	32
Adjusted EBITDA(b)	$	777		$	744		$	594		$	646		$	576		$	584		$	448		$	594

Net cash provided by (used in) operating activities	$	149		$	1,073		$	647		$	538		$	(80)		$	847		$	313		$	219
Cash paid for interest (net of amount capitalized)	8			80			5			76			17			77			20			72
Cash paid for income taxes (net of refunds)	226			147			49			(36)			99			74			111			53
Net cash used in investing activities	$	(221)		$	(312)		$	(422)		$	(362)		$	(388)		$	(349)		$	(248)		$	(277)
Capital expenditures	(322)			(310)			(412)			(359)			(383)			(334)			(241)			(294)
Net cash (used in) provided by financing activities	$	(209)		$	(607)		$	(254)		$	(411)		$	458		$	(489)		$	(138)		$	37
Cash dividends paid	(152)			(68)			(66)			(65)			(70)			(68)			(67)			(67)
Effect of exchange rate changes on cash	$	4		$	9		$	(10)		$	(6)		$	(4)		$	(6)		$	55		$	(7)

Net change in cash and cash equivalents	$	(277)		$	164		$	(39)		$	(241)		$	(14)		$	3		$	(18)		$	(27)

Short-term debt	$	855		$	229		$	300		$	400		$	1,204		$	882		$	752		$	847
Long-term debt (including current portion)	3,389			3,393			3,357			3,362			3,350			3,319			3,313			3,378
Cash & cash equivalents	465			626			591			349			337			322			302			273
Net debt	$	3,779		$	2,996		$	3,066		$	3,413		$	4,217		$	3,879		$	3,763		$	3,952

Segment Contributions (in millions)
Phosphates	$	1,382		$	1,286		$	986		$	1,070		$	1,169		$	1,180		$	1,005		$	1,165
Potash	907			849			720			758			643			663			526			557
Mosaic Fertilizantes	1,343			1,419			1,731			1,192			886			1,049			1,399			1,088
Corporate and Other(c)	(28)			(159)			111			129			(19)			(75)			(119)			6
Total net sales	$	3,604		$	3,395		$	3,548		$	3,149		$	2,679		$	2,817		$	2,811		$	2,816

Phosphates	$	266		$	146		$	(58)		$	21		$	40		$	133		$	8		$	44
Potash	402			328			200			222			198			174			109			123
Mosaic Fertilizantes	(32)			(20)			77			50			42			61			56			79
Corporate and Other(c)	(91)			(85)			(74)			(14)			(107)			(135)			(58)			(146)


Consolidated operating earnings (loss)	$	545	$	369	$	145	$	279	$	173	$	233	$	115	$	100

Phosphates(d)	1,836		1,922		1,651		1,582		1,644		1,696		1,475		1,622
Potash(d)	1,910		2,163		2,220		2,577		2,163		2,346		1,996		2,239
Mosaic Fertilizantes	2,080		2,385		3,060		2,158		1,715		2,196		2,879		2,240
Corporate and Other	420		359		482		618		333		316		297		432
Total finished product tonnes sold ('000 tonnes)	6,246		6,829		7,413		6,935		5,855		6,554		6,647		6,533
Sales of Performance Products (third party) ('000 tonnes) (e)	819		977		1,305		1,044		787		839		1,001		1,135

The Mosaic Company - Phosphates Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	1,382		$	1,286		$	986		$	1,070		$	1,169		$	1,180		$	1,005		$	1,165
Cost of Goods Sold	1,123			1,070			899			931			1,010			1,026			863			1,027
Gross Margin	$	259		$	216		$	87		$	139		$	159		$	154		$	142		$	138
Notable Items Included in Gross Margin	—			(31)			—			(28)			—			(15)			—			(53)
Adjusted Gross Margin(b)	$	259		$	247		$	87		$	167		$	159		$	169		$	142		$	191

SG&A	10			11			10			11			13			10			12			10
Other operating (income) expense	(17)			59			135			107			106			11			123			84

Operating Earnings	$	266		$	146		$	(58)		$	21		$	40		$	133		$	8		$	44
Plus: Depreciation, Depletion and Amortization	116			129			117			124			117			128			118			143
Plus: Accretion Expense	16			16			16			19			20			20			20			25
Plus: Foreign Exchange Gain (Loss)	(2)			(2)			4			(1)			2			2			(5)			(4)
Plus: Other Non operating Income (Expense)	—			(1)			(6)			(9)			3			(2)			1			517
Plus: Dividends from equity investments	25			—			—			—			15			—			—			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests	25			12			8			2			10			11			8			(4)
Plus: Notables Items	(14)			109			136			107			90			38			131			(388)
Adjusted EBITDA(b)	$	382		$	385		$	201		$	259		$	277		$	308		$	265		$	341

Capital expenditures	$	142		$	119		$	157		$	208		$	197		$	177		$	127		$	160
Gross Margin $ / tonne of finished product	$	141		$	112		$	53		$	88		$	97		$	91		$	96		$	85
Adjusted Gross Margin $ / tonne of finished product	$	141		$	129		$	53		$	106		$	97		$	100		$	96		$	118
Gross margin as a percent of sales	19		%	17		%	9		%	13		%	14		%	13		%	14		%	12		%

Freight included in finished goods (in millions)	$	96		$	102		$	92		$	105		$	103		$	104		$	79		$	83
Idle/Turnaround costs (excluding notable items)	$	42		$	34		$	25		$	32		$	56		$	36		$	7		$	24

Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP	1,022			928			913			762			900			828			656			749
Performance products(f)	740			919			673			741			673			794			750			814
Other products(i)	74			75			65			79			71			74			69			59
Total Finished Product(d)	1,836			1,922			1,651			1,582			1,644			1,696			1,475			1,622

DAP selling price (fob plant)(r)	$	660		$	585		$	487		$	552		$	598		$	575		$	569		$	593
Average finished product selling price (destination)(g)	$	717		$	634		$	569		$	658		$	677		$	667		$	651		$	690

Production Volumes ('000 tonnes)
Total tonnes produced(h)	1,836			1,660			1,593			1,479			1,577			1,675			1,625			1,569
Operating Rate	74		%	67		%	64		%	60		%	64		%	68		%	66		%	58		%

Raw Materials
Ammonia used in production (tonnes)	274			240			234			209			246			243			238			228
% manufactured ammonia used in production	29		%	44		%	32		%	53		%	1		%	41		%	33		%	20		%
Sulfur used in production	840			771			735			549			725			778			739			694
% prilled sulfur used in production	7		%	11		%	5		%	6		%	1		%	8		%	8		%	7		%

Realized costs ($/tonne)
Ammonia (tonne)(j)	$	605		$	441		$	353		$	366		$	404		$	424		$	482		$	435
Sulfur (long ton)(k)	$	236		$	195		$	156		$	152		$	142		$	138		$	126		$	127
Blended rock	$	77		$	79		$	81		$	77		$	81		$	86		$	87		$	87

Phosphates cash conversion costs / production tonne(s)	$	96		$	105		$	105		$	118		$	110		$	100		$	101		$	118
Cash costs of U.S. mined rock / production tonne(t)	$	58		$	56		$	56		$	56		$	57		$	54		$	56		$	52

ARO cash spending (in millions)	$	41		$	41		$	42		$	41		$	40		$	59		$	54		$	72



MWSPC equity earnings (loss)	$	31	$	10	$	17	$	—	$	37	$	22	$	5	$	9
MWSPC total sales tonnes (DAP/MAP/NPK)	762		649		771		722		671		688		689		698

Miski Mayo external sales revenue	$	41	$	47	$	33	$	18	$	37	$	34	$	28	$	28

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	907		$	849		$	720		$	758		$	643		$	663		$	526		$	557
Cost of Goods Sold	494			513			510			503			431			477			404			434
Gross Margin	$	413		$	336		$	210		$	255		$	212		$	186		$	122		$	123
Notable Items Included in Gross Margin	—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)	$	413		$	336		$	210		$	255		$	212		$	186		$	122		$	123

SG&A	8			7			6			8			9			7			7			8
Other operating (income) expense (p)	3			1			4			25			5			5			6			(8)

Operating Earnings	$	402		$	328		$	200		$	222		$	198		$	174		$	109		$	123
Plus: Depreciation, Depletion and Amortization	70			74			66			89			82			94			69			93
Plus: Accretion Expense	2			2			2			3			2			3			2			2
Plus: Foreign Exchange Gain (Loss)	3			23			(26)			41			(31)			(12)			48			(185)
Plus: Other Non operating Income (Expense)	—			—			(43)			(2)			—			—			—			1
Plus: Notable Items	(3)			(19)			68			(31)			30			12			(48)			178
Adjusted EBITDA(b)	$	474		$	408		$	267		$	322		$	281		$	271		$	180		$	212

Capital expenditures	$	93		$	74		$	85		$	105		$	97		$	75		$	61		$	65
Gross Margin $ / tonne of finished product	$	216		$	155		$	95		$	99		$	98		$	79		$	61		$	55
Adjusted Gross Margin $ / tonne of finished product	$	216		$	155		$	95		$	99		$	98		$	79		$	61		$	55
Gross margin as a percent of sales	46		%	40		%	29		%	34		%	33		%	28		%	23		%	22		%

Supplemental Cost Information
Canadian resource taxes	$	121		$	95		$	86		$	102		$	62		$	67		$	45		$	56
Royalties	$	19		$	13		$	9		$	13		$	10		$	10		$	9		$	10
Freight(l)	$	80		$	94		$	99		$	78		$	86		$	94		$	87		$	60
Idle/Turnaround costs (excluding notable items)	$	22		$	35		$	37		$	3		$	9		$	18		$	23		$	6

Operating Data
Sales volumes ('000 tonnes)(d)
MOP	1,696			1,883			2,031			2,359			1,927			2,113			1,775			2,064
Performance products(m)	201			270			177			207			225			225			211			168
Other products(i)	13			10			12			11			11			8			10			7
Total Finished Product(d)	1,910			2,163			2,220			2,577			2,163			2,346			1,996			2,239

Crop Nutrients North America	739			881			1,129			773			838			970			647			779
Crop Nutrients International	1,053			1,144			1,007			1,666			1,195			1,260			1,255			1,341
Non-Agricultural	118			138			84			138			130			116			94			119
Total Finished Product(d)	1,910			2,163			2,220			2,577			2,163			2,346			1,996			2,239

MOP selling price (fob mine)(o)	$	421		$	326		$	266		$	243		$	241		$	224		$	215		$	199
Average finished product selling price (destination)(g)	$	475		$	392		$	324		$	294		$	297		$	283		$	263		$	249

Production Volumes ('000 tonnes)
Production Volume	1,944			1,921			1,854			2,527			2,338			2,224			1,904			2,332
Operating Rate	69		%	69		%	66		%	90		%	81		%	78		%	66		%	81		%

MOP cash costs of production excluding brine / production tonne(n)	$	81		$	74		$	73		$	66		$	72		$	64		$	74		$	73
ARO cash spending (in millions)	$	3		$	3		$	3		$	2		$	1		$	2		$	2		$	3



Average CAD / USD	$	1.352	$	1.343	$	1.342	$	1.361	$	1.348	$	1.368	$	1.364	$	1.399

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	1,343		$	1,419		$	1,731		$	1,192		$	886		$	1,049		$	1,399		$	1,088
Cost of Goods Sold	1,344			1,406			1,625			1,098			811			947			1,271			986
Gross Margin	$	(1)		$	13		$	106		$	94		$	75		$	102		$	128		$	102
Notable Items Included in Gross Margin	—			(13)			(2)			(3)			1			4			6			9
Adjusted Gross Margin(b)	$	(1)		$	26		$	108		$	97		$	74		$	98		$	122		$	93

SG&A	26			29			26			29			30			27			62			16
Other operating (income) expense	5			4			3			15			3			14			10			7

Operating Earnings	$	(32)		$	(20)		$	77		$	50		$	42		$	61		$	56		$	79
Plus: Depreciation, Depletion and Amortization	32			38			54			41			40			40			39			40
Plus: Accretion Expense	5			5			5			5			5			5			4			4
Plus: Foreign Exchange Gain (Loss)	23			73			(48)			32			(45)			(144)			17			(84)
Plus: Other Non operating Income (Expense)	(1)			(1)			(1)			(1)			(2)			(2)			(2)			(2)
Less: Earnings from Consolidated Noncontrolling Interests	—			(2)			—			—			1			(1)			—			1
Plus: Notable Items	(24)			(31)			60			(16)			44			135			(31)			46
Adjusted EBITDA(b)	$	3		$	66		$	147		$	111		$	83		$	96		$	83		$	82

Capital expenditures	$	87		$	63		$	118		$	68		$	82		$	46		$	51		$	64
Gross Margin $ / tonne of finished product	$	(1)		$	5		$	35		$	44		$	44		$	46		$	44		$	46
Adjusted Gross Margin $ / tonne of finished product	$	(1)		$	11		$	35		$	45		$	43		$	45		$	42		$	42
Gross margin as a percent of sales	—		%	1		%	6		%	8		%	8		%	10		%	9		%	9		%
Idle/Turnaround costs (excluding notable items)	$	11		$	30		$	28		$	26		$	15		$	24		$	40		$	18

Operating Data
Sales volumes ('000 tonnes)
Phosphate produced in Brazil	510			611			622			492			324			433			521			423
Potash produced in Brazil	44			44			62			45			32			34			100			35
Purchased nutrients for distribution(q)	1,526			1,730			2,376			1,621			1,359			1,729			2,258			1,782
Total Finished Product	2,080			2,385			3,060			2,158			1,715			2,196			2,879			2,240

Sales of Performance Products ('000 tonnes)(e)	$	211		$	283		$	660		$	341		$	123		$	215		$	462		$	307

Brazil MAP price (Brazil production delivered price to third party)	$	669		$	653		$	533		$	580		$	581		$	596		$	601		$	632
Average finished product selling price (destination)(g)	$	646		$	595		$	566		$	552		$	517		$	478		$	486		$	486

Production Volumes ('000 tonnes)
MAP	235			219			160			256			241			212			194			238
TSP	106			88			131			50			99			95			127			73
SSP	283			240			321			316			278			273			364			315
DCP	108			133			133			120			124			128			83			135
NPK	45			56			62			32			51			44			11			20
Total phosphate tonnes produced	777			736			807			774			793			752			779			781
MOP	82			61			106			114			104			79			105			108

Phosphate operating rate	78		%	74		%	81		%	77		%	79		%	75		%	78		%	78		%
Potash operating rate	65		%	49		%	85		%	91		%	83		%	63		%	85		%	88		%

Realized Costs ($/tonne)
Ammonia/tonne(j)	$	1,150		$	912		$	667		$	655		$	705		$	623		$	572		$	628


Sulfur (long ton)(k)	$	278	$	258	$	219	$	179	$	173	$	174	$	170	$	177
Blended rock	$	124	$	128	$	117	$	117	$	115	$	107	$	105	$	109

Purchases ('000 tonnes)
DAP/MAP from Mosaic	146		117		20		58		68		30		43		54
MicroEssentials® from Mosaic	277		427		152		163		169		289		337		195
Potash from Mosaic/Canpotex	235		756		672		404		358		736		682		419

Phosphate cash conversion costs in BRL, Production / tonne(s)	R$538		R$540		R$495		R$546		R$502		R$521		R$486		R$499
Potash cash conversion costs in BRL, production / tonne	R$1,455		R$1,701		R$1,143		R$1,064		R$970		R$1,084		R$970		R$884
Mined rock costs in BRL, cash produced / tonne	R$606		R$533		R$498		R$548		R$597		R$509		R$584		R$542
ARO cash spending (in millions)	$	3	$	4	$	6	$	7	$	2	$	5	$	6	$	5

Average BRL / USD	$	5.196	$	4.954	$	4.880	$	4.953	$	4.952	$	5.216	$	5.546	$	5.842

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales	$	(28)	$	(159)	$	111	$	129	$	(19)	$	(75)	$	(119)	$	6
Cost of Goods Sold	(27)		(165)		105		57		28		(27)		(143)		67
Gross Margin (Loss)	$	(1)	$	6	$	6	$	72	$	(47)	$	(48)	$	24	$	(61)
Notable items Included in Gross Margin	(1)		34		(45)		40		(31)		(28)		38		(80)
Adjusted Gross Margin (Loss)(b)	$	—	$	(28)	$	51	$	32	$	(16)	$	(20)	$	(14)	$	19

SG&A	83		83		78		75		55		84		68		79
Other operating (income) expense	7		8		2		11		5		3		14		6

Operating Earnings (Loss)	$	(91)	$	(85)	$	(74)	$	(14)	$	(107)	$	(135)	$	(58)	$	(146)
Plus: Depreciation, Depletion and Amortization	2		3		2		3		2		2		12		7
Plus: Share-Based Compensation Expense	12		9		6		6		9		11		5		7
Plus: Foreign Exchange Gain (Loss)	27		54		(26)		19		(27)		(114)		40		(145)
Plus: Other Non operating Income (Expense)	(7)		(5)		—		—		—		11		—		39
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		—		—		—		—		—		(1)		(1)
Plus: Notable Items	(25)		(91)		71		(60)		58		134		(80)		196
Adjusted EBITDA(b)	$	(82)	$	(115)	$	(21)	$	(46)	$	(65)	$	(91)	$	(80)	$	(41)

Elimination of profit in inventory income (loss) included in COGS	$	20	$	35	$	45	$	16	$	(15)	$	(10)	$	(3)	$	7
Unrealized gain (loss) on derivatives included in COGS	$	(1)	$	34	$	(45)	$	41	$	(31)	$	(29)	$	39	$	(80)

Operating Data
Sales volumes ('000 tonnes)	420		359		482		618		333		316		297		432
Sales of Performance Products ('000 tonnes)	—		—		—		—		—		—		4		4

Average finished product selling price (destination)(g)	$	636	$	478	$	423	$	414	$	389	$	383	$	371	$	363

Purchases ('000 tonnes)
DAP/MAP from Mosaic	—		31		—		—		—		—		—		—
MicroEssentials® from Mosaic	16		3		—		2		3		6		2		3
Potash from Mosaic/Canpotex	296		126		—		345		322		240		326		209

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items


Q4 2024
Description	Segment	Line Item	Amount (in millions)		Tax Effect(u) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(390)	$	75	$	(0.99)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(80)		15		(0.20)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(13)		2		(0.04)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	9		(2)		0.02
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(5)		1		(0.01)
ARO Adjustment	Phosphate	Other operating income (expense)	(23)		4		(0.06)
Hurricane Milton idle costs	Phosphate	Cost of goods sold	(52)		10		(0.13)
Gain on sale of equity investment	Phosphate	Other non-operating income (expense)	522		(43)		1.51
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	28		(5)		0.07
ARO Adjustment	Potash	Other operating income (expense)	7		(1)		0.02
Arbitration reserve	Phosphate	Other Operating Expense/Non Controlling Interest	(43)		9		(0.11)
Total Notable Items			$	(40)	$	65	$	0.08


Q3 2024
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	111	$	(35)	$	0.22
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	38		(11)		0.09
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(15)		5		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	6		(2)		0.01
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	5		(2)		0.01
ARO Adjustment	Phosphate	Other operating income (expense)	(102)		31		(0.22)
Environmental reserve	Phosphate	Other operating income (expense)	(20)		6		(0.04)
Total Notable Items			$	23	$	(8)	$	0.04


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)


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


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


Q1 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)	$	51	$	(12)	$	0.11
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(1)		—		—
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(12)		3		(0.03)
Gain on sale of Streamsong Resort	Phosphate	Other operating income (expense)	57		(14)		0.13
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(8)		2		(0.02)
ARO Adjustment	Phosphate	Other operating income (expense)	(20)		5		(0.04)
Environmental reserve	Phosphate	Other operating income (expense)	(6)		1		(0.01)
Total Notable Items			$	61	$	(15)	$	0.14

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, Phosphate, Mosaic Fertilizantes and India/China.

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

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

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

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

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

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

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

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

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

(q)Includes intersegment sales.

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

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

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

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Non-GAAP Financial Measures

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

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

Adjusted Diluted Net Earnings Per Share

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

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit) from income taxes. 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)	Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024		Q2 2024		Q3 2024		Q4 2024
Consolidated Net Income (Loss)	$	435	$	369	$	(4)	$	365	$	45	$	(162)	$	122	$	169
Less: Consolidated Interest Expense, Net	(41)		(36)		(17)		(35)		(48)		(46)		(42)		(47)
Plus: Consolidated Depreciation, Depletion & Amortization	220		244		239		257		241		264		238		283
Plus: Accretion Expense	23		23		23		27		27		28		26		31
Plus: Share-Based Compensation Expense	12		9		6		6		9		12		5		7
Plus: Consolidated Provision for (Benefit from) Income Taxes	118		108		(6)		(44)		6		99		48		34
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends	6		13		16		—		22		22		5		9
Plus: Notable Items not included above	(66)		(32)		335		—		222		319		(28)		32
Consolidated Adjusted EBITDA	$	777	$	744	$	594	$	646	$	576	$	584	$	448	$	594

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 equity earnings (loss) less equity earnings (loss) from noncontrolling interests. 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.