#1The Mosaic Company BMO Global Farm to Market Conference May 17, 2023 Mosaic#2#3Solid Agricultural Fundamentals Slow down in yield growth in recent years has pushed our stocks-to-use ratio metric below 15%, a 25-year low and unlikely to recover in a single season. Mil Tonnes 500 475 450 425 400 375 350 325 300 275 250 225 200 00 Source: USDA April 2023 02 04 06 Grain and Oilseed Stocks World Less China 08 Stocks 10 12 14 16 Percent of Use 18 20 Percent 22F 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% Mosaic 3#4#5Strong North American Spring Shipments Mosaic's April shipments to North American customers represent the highest level in the last five years. We expect international shipments to reflect similar demand trends as the year progresses. 800 700 600 500 400 300 200 100 0 Total Phosphates Segment April Shipments 2018 2019 Phosphates 2020 2021 Total Sales Volumes (000 tonnes) Sales Revenues (millions) 2022 2023 April 2023 677 $519 International ■Domestic 1,000 900 800 700 600 500 400 300 200 100 0 Total Potash Segment April Shipments || 2018 2019 Potash 2020 2021 Sales Volumes (000 tonnes) Sales Revenues (millions) 2022 2023 April 2023 939 $405 International ■ Domestic 5#6Spring Pricing Remains Attractive Mosaic's realizations reflect in-country Midwest levels that are significantly higher than recent quotes at New Orleans, where little volume is currently being transacted. KS X OK MN IA MO AR LA WI IL MS MI IN TN AL CHI KY GA DAP: $695/st ($765/mt) MOP: $470/st ($515/mt) Fed Pad DAP: $520/st ($572/mt) MOP:~$400/st ($440/mt) P 6#7#82023 Capital Allocation. ● Invest in the Business High-returning, modest investments Total capital expenditures of $1.3 $1.4 billion • Includes $500 million in growth investments Sustaining includes expenditures on operational improvements, environmental requirements, lease-to-buy Our capital allocation strategy remains unchanged. ● Maintain Strong Balance Sheet Current balance sheet reflects investment grade metrics Expect to refinance $900 million of long-term debt that matures in the fourth quarter of 2023 Return Capital to Shareholders Continue returning virtually all Free Cash Flow to shareholders ● • $0.80 per share regular common dividend target • $0.25 per share special dividend ● distributed in the first quarter ● Year-to-date share repurchases of $456 million 8#9Investor Contact: Paul Massoud 813-775-4260 [email protected] Mosaic#10Appendix Mosaic#11#12#13#14Mosaic Fertilizantes Sales Volumes (mt in millions) Average Finished Product Selling Price ($/mt) MAP Price (delivered price to third party) ($/mt) Cash Rock Cost production (R$/mt) Phosphate Cash Conversion Cost (R$/mt) $ in millions Gross Margin Operating Earnings Depreciation, Depletion and Amortization Notables in Operating Earnings Adjusted EBITDA(¹) FX rate (BRL/USD) $ $ es Q1 2023 2.080 646 $ 669 $ 606 $ 538 $ $ e es e Q1 2022 1.822 (1) $ (32) $ 32 $ $ 3 $ 5.20 (1) See Non-GAAP Financial Measures for additional information Variance 0.258 (171) (213) 49 135 817 $ 882 $ 557 $ 403 $ 219 $ 187 $ 25 $ (18) $ 233 $ 5.24 (220) (219) 7 18 (230) (0.04) $ in millions $233 Q/Q Adjusted EBITDA (¹) Bridge $(230) $(255) $88 Q1 2022 Sales Price Product Adjusted Cost EBITDA $(21) Sales Volume $(2) $(40) Idle/TA Other $3 Q1 2023 Adjusted EBITDA 14#15Reconciliation of non GAAP measures Consolidated Earnings (in millions) Consolidated net earnings attributable to Mosaic Less: Consolidated interest expense, net Plus: Consolidated depreciation, depletion and amortization Plus: Accretion expense Plus: Share-based compensation expense Plus: Consolidated provision for income taxes Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends Plus: Notable items Adjusted EBITDA Diluted earnings per share Notable items impact on earnings per share Adjusted diluted earnings per share Q1 2023 $435 (41) 220 23 12 118 6 (66) $777 $1.28 0.14 $1.14 Q1 2022 $1,182 (40) 226 20 16 372 31 (374) $1,451 $3.19 0.78 $2.41 15#16#17#18