Nutrien Earnings and Growth Outlook
Forward Looking Statements
Non-IFRS Financial Measures
This presentation contains certain non-IFRS financial measures and non-IFRS ratios, including adjusted EBITDA, adjusted net earnings per share and return on invested capital which are not standardized financial measures under IFRS and, therefore, are unlikely to
be comparable to similar financial measures presented by other companies. Management believes these non-IFRS financial measures and non-IFRS ratios provide transparent and useful supplemental information to help investors evaluate Nutrien's financial
performance, financial condition and liquidity using the same measures as management. These non-IFRS financial measures and non-IFRS ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance
with IFRS.
Adjusted EBITDA, adjusted net earnings per share and return on invested capital guidance are forward-looking non-IFRS financial measures. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures
calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items,
and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which
could be material to future results, cannot be addressed. Guidance for adjusted EBITDA and adjusted net earnings per share excludes certain items such as, but not limited to, the impacts of share-based compensation, certain foreign exchange gain/loss (net of
related derivatives), integration and restructuring related costs, impairment or reversal of impairment of assets, COVID-19 related expenses (including those recorded under finance costs), gain or loss on disposal of certain businesses and investments, gain or loss on
early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss on remitting cash from certain foreign jurisdictions (e.g., blue
chip swaps) and the change in recognition of Retail - South America tax losses and deductible temporary differences. Guidance for ROIC which includes net operating profit after taxes, a non-IFRS financial measure, is calculated as earnings before finance costs and
income taxes, depreciation and amortization related to the fair value adjustments as a result of the Merger (the merger of equals transaction between PotashCorp and Agrium), share-based compensation and certain foreign exchange gain/loss (net of related
derivatives) and Nutrien Financial revenue. The most directly comparable IFRS financial measure to net operating profit after taxes is earnings before finance costs and income taxes. We also adjust this measure for the following other income and expenses that are
excluded when management evaluates the performance of our day-to-day operations: integration and restructuring related costs, impairment or reversal of impairment of assets, COVID-19 related expenses, gain or loss on disposal of certain businesses and
investments, IFRS adoption transition adjustments, asset retirement obligations and accrued environmental costs related to our non-operating sites and loss on remitting cash from certain foreign jurisdictions (e.g. Blue Chip Swaps). A tax rate of 25 percent is applied
on the calculated amount. Invested capital is calculated as last four rolling quarter average of total assets less cash and cash equivalents; payables and accrued charges; Merger fair value adjustments on goodwill, intangible assets, and property, plant and equipment;
and average Nutrien Financial working capital.
Additional information with respect to non-IFRS financial measures and non-IFRS ratios, including, among other things, disclosure of their composition, how each non-IFRS financial measure and non-IFRS ratio provides useful information to investors and the
additional purposes, if any, for which management uses each non-IFRS financial measure and non-IFRS ratio, the reason for any change in the label or composition of each non-IFRS financial measure and non-IFRS ratio from what was previously disclosed by
Nutrien, information about the inability to provide reconciliations of forward-looking non-IFRS measures to the most directly comparable IFRS measures given the unavailability of reconciling information or the inability to assess the probable significance of such
unavailable information, in each case, without unreasonable efforts, and a quantitative reconciliation of each non-IFRS financial measure to the most directly comparable IFRS measure, is contained under the heading "Appendix A - Non-IFRS Financial Measures"
included in our management's discussion and analysis dated February 16, 2023 as at and for the year ended December 31, 2022 (the "Annual MD&A"), under the heading "Appendix A - Non-IFRS Financial Measures" included in our management's discussion and
analysis dated February 17, 2022 as at and for the year ended December 31, 2021 (the "2021 MD&A") and under the heading "Appendix B - Non-IFRS Financial Measures" included in our management's discussion and analysis dated November 1, 2023 as at and for
the three and nine months ended September 30, 2023 (the "Interim MD&A"), which information is incorporated by reference in this presentation. The Annual MD&A, 2021 MD&A and Interim MD&A are available under our corporate profile on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov.
Other Financial Measures
This presentation contains certain supplementary financial measures. Additional information with respect to such supplementary financial measures, including, among other things, an explanation of the composition of each supplementary financial measure, is
contained under the heading "Appendix B -Other Financial Measures" included in our Annual MD&A, under the heading "Appendix C -Other Financial Measures" included in our 2021 MD&A and under the heading "Appendix C -Other Financial Measures" included in
our Interim MD&A, which information is incorporated by reference in this presentation.
Note: All dollar amounts are stated in US dollars throughout the presentation unless otherwise noted.
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