Nutrien Financial and Strategic Update
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
I 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
. . .
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