Nutrien Earnings and Growth Outlook

Nutrien mid-cycle adjusted EBITDA scenario Adjusted EBITDA1 US$ Billions 1. 1234 3.7 12.2 7.1 6.4 7.5 Retail Mid-Cycle Scenario Growth Drivers Increasing earnings through margin normalization and organic growth initiatives Optimizing global network and integrating recent acquisitions in Brazil Potash ~2Mmt4 of sales volume growth potential from existing operational capability Increasing productivity through automation mining capabilities 7.0 5.8 2020 2021 2022 2023 Guidance² 2 Volume Scenario Assumptions Mid-Cycle Scenario³ 3 N: 11.5 12.0Mmt IK: 14.0 15.0Mmt This is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section. Guidance provided in our news release dated November 1, 2023. Mid-cycle price based on 10-year historical average fertilizer benchmark pricing from June 2013 to June 2023 plus approximately $50/mt. Incremental sales volume potential based on top of mid-cycle sales volume scenario for Potash and Nitrogen relative to 2023F midpoint of guidance as of November 1, 2023. Nitrogen ✓ ~1.4Mmt4 of sales volume growth potential from brownfield projects and higher utilization rates Improving utilization rates through reliability and energy efficiency projects ... 18

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