Exhibit 99.2

 

 

 

NUTRIEN LTD.

MANAGEMENT’S DISCUSSION AND ANALYSIS

AS AT AND FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2026

Management’s Discussion and Analysis

The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of November 4, 2026. The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 19, 2026 (“2025 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 19, 2026, each for the year ended December 31, 2025, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2025 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”).

This MD&A is based on, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2026 (“interim financial statements”) based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the “Non-GAAP Financial Measures” and the “Forward-Looking Statements” sections, respectively.

 

3

Market Outlook and Guidance

Agriculture and Retail Markets

 

•

Global agricultural fundamentals continue to be supported by robust grain and oilseed demand. Regional variability in weather conditions, including ongoing El Niño impacts, and geopolitical uncertainty are contributing to increased volatility in crop production and trade flows. Tightening global supply and demand fundamentals are expected to support grower economics in 2027.

 

•

In North America, fertilizer demand is expected to be supported by the need to replenish nutrients removed from recent strong crop production and improved prospective crop economics. Following a delayed start to harvest in some geographies, we assume the recent acceleration in the pace of field activity will support a normal fall fertilizer application window in 2026.

 

•

In Australia, favorable crop conditions and strong livestock economics are supporting grower demand for retail products and services.

 

•

In Brazil, planting conditions have supported expectations for stable to modestly higher soybean and corn planted area. While forward crop economics have improved, farmer purchasing activity continues to be affected by constrained credit availability and weaker farmer balance sheets.

Crop Nutrient Markets

 

•

Global potash market fundamentals remain constructive, supported by favorable affordability and healthy demand in major importing regions. We have maintained our forecast for global potash shipments of 74 to 77 million tonnes in 2026. We expect continued global potash demand growth in line with historical consumption trends and forecast global potash shipments of 75 to 79 million tonnes in 2027.

 

•

Global nitrogen market fundamentals are expected to remain tight heading into 2027, driven by ongoing trade flow disruptions, production outages, import demand from key consuming regions such as India and Brazil, and elevated energy prices. Recent market dynamics have been impacted by just-in-time purchasing, Indian tenders and higher Chinese export quotas.

 

•

Global phosphate market fundamentals continue to be affected by trade flow disruptions, constrained sulfur feedstock availability and elevated costs, which have placed unsustainable pressure on phosphate producer margins and have resulted in reduced global operating rates.

 

4

Financial and Operational Guidance

 

•

Retail adjusted EBITDA guidance revised to $1.72 to $1.85 billion, primarily reflecting lower crop nutrients gross margins in the third quarter of 2026. We expect a stronger North American fall fertilizer application season in 2026 due to improved prospective crop economics and assume a normal application window compared to the weather shortened period in 2025.

 

•

Potash sales volume guidance increased to 14.3 to 14.8 million tonnes due to the continued strength of global demand and the range is consistent with our historical share of global shipments.

 

•

Nitrogen sales volume guidance increased to 9.3 to 9.7 million tonnes and is supported by planned reliability improvements and debottlenecking initiatives. The range reflects higher expected ammonia operating rates in the fourth quarter of 2026 compared to the prior year.

 

•

Phosphate sales volume guidance lowered to 2.40 to 2.55 million tonnes due to a deferral in customer demand and lower operating rates at White Springs.

 

•

Total capital expenditures guidance lowered to $1.95 to $2.00 billion reflecting a focus on capital efficiency and structurally growing free cash flow.

 

•

Effective tax rate on adjusted net earnings guidance was increased to 25.5 to 27.0 percent reflecting a shift in geographic earnings mix.

All guidance expectations, including those noted above, are outlined in the table below. Refer to page 33 of our 2025 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

 

		2026 Guidance Ranges1 as of
		November 4, 2026						August 5, 2026
($ billions, except as otherwise noted)		Low			High				Low				High
Retail adjusted EBITDA		1.72			1.85				1.75				1.95
Potash sales volumes (million tonnes)2		14.3			14.8				14.2				14.8
Nitrogen sales volumes (million tonnes)2		9.3			9.7				9.2				9.7
Phosphate sales volumes (million tonnes)2		2.40			2.55				2.40				2.60
Depreciation and amortization		2.40			2.45				2.40				2.50
Finance costs		0.70			0.75				0.65				0.75
Effective tax rate on adjusted net earnings (%)3		25.5			27.0				24.0				26.0
Capital expenditures4		1.95			2.00				1.95				2.05

1 See the “Forward-Looking Statements” section.

2 Manufactured product only.

3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the “Other Financial Measures” section.

 

5

Consolidated Results

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Sales			6,064				6,007				1								22,922				21,545				6
Gross margin			1,860				1,964				(5	)							6,757				6,459				5
Expenses			1,199				1,157				4								3,959				3,644				9
Net earnings			288				469				(39	)							1,649				1,717				(4	)
Adjusted EBITDA1			1,310				1,431				(8	)							4,845				4,769				2
Diluted net earnings per share (dollars)2			0.60				0.96				(38	)							3.40				3.48				(2	)
Adjusted net earnings per share (dollars)1, 2			0.61				0.97				(37	)							3.73				3.72				-

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.

Adjusted EBITDA increased in the first nine months of 2026, primarily due to higher global fertilizer benchmarks and record Potash sales volumes, partially offset by reduced Nitrogen sales volumes and higher sulfur costs. Net earnings decreased in the first nine months of 2026, primarily due to the same factors impacting adjusted EBITDA and higher finance costs and income taxes as compared to the same period of 2025. Net earnings and adjusted EBITDA decreased in the third quarter of 2026, primarily due to lower Phosphate and Nitrogen earnings compared to the same period in 2025.

Segment Results

Our discussion of segment results set out on the following pages is a comparison of the results for the three and nine months ended September 30, 2026 to the results for the three and nine months ended September 30, 2025, unless otherwise noted.

 

Retail

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Sales			3,443				3,427				-								15,353				14,476				6
Cost of goods sold			2,532				2,505				1								11,596				10,850				7
Gross margin			911				922				(1	)							3,757				3,626				4
Adjusted EBITDA1			203				230				(12	)							1,442				1,425				1

1 See Note 2 to the interim financial statements.

 

•

Retail adjusted EBITDA increased in the first nine months of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia, partially offset by lower crop nutrient sales volumes and higher fuel costs. Retail adjusted EBITDA decreased in the third quarter of 2026 mainly due to lower crop nutrients gross margins. Proprietary products gross margins were impacted by a shorter plant health season in North America and weather-related impacts in Brazil.

 

		Three Months Ended September 30																								Nine Months Ended September 30
		Sales												Gross Margin												Sales												Gross Margin
($ millions)			2026				2025								2026				2025								2026				2025								2026				2025
Crop nutrients			1,188				1,188								175				220								6,212				5,773								1,120				1,136
Crop protection products			1,519				1,536								413				399								5,411				5,174								1,346				1,266
Seed			136				156								19				24								1,976				1,966								345				360
Services and other			263				258								186				178								746				690								586				531
Merchandise			266				222								47				34								780				649								132				109
Nutrien Financial			87				89								87				89								312				294								312				294
Nutrien Financial elimination1			(16)				(22)								(16	)			(22	)							(84	)			(70	)							(84	)			(70	)
Total			3,443				3,427								911				922								15,353				14,476								3,757				3,626

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

 

•

Crop nutrients sales increased in the first nine months of 2026 due to higher selling prices. Sales were flat and gross margin decreased in the third quarter of 2026 due to lower international sales volumes and reduced gross margin per tonne, reflecting the impact of the sell through of higher cost nitrogen inventory.

 

•

Crop protection products sales and gross margin increased in the first nine months of 2026 due to higher proprietary products sales and gross margins. Sales and gross margin in the third quarter of 2026 were supported by increased demand in Australia, partially offset by lower sales volumes impacted by a shorter plant health season in North America.

 

6

•

Seed gross margin decreased in the third quarter and first nine months of 2026 due to product mix shifts and lower sales volumes in Brazil driven by strategic actions and weather-related impacts.

 

•

Services and other sales and gross margin increased in the third quarter and first nine months of 2026 due to a strong livestock market in Australia.

 

Supplemental Data		Three Months Ended September 30																								Nine Months Ended September 30
		Gross Margin												% of Product Line1												Gross Margin												% of Product Line1
($ millions, except as otherwise noted)			2026				2025								2026				2025								2026				2025								2026				2025
Proprietary products
Crop nutrients			73				88								42				40								401				385								36				34
Crop protection products			150				161								36				41								552				460								41				36
Seed			1				15								5				57								108				130								31				36
Merchandise			7				4								13				12								13				10								9				9
Total			231				268								25				29								1,074				985								29				27
1 Represents percentage of proprietary product margins over total product line gross margin.
		Three Months Ended September 30																								Nine Months Ended September 30
		Sales Volumes (tonnes - thousands)												Gross Margin / Tonne (dollars)												Sales Volumes (tonnes - thousands)												Gross Margin / Tonne (dollars)
			2026				2025								2026				2025								2026				2025								2026				2025
Crop nutrients
North America			1,026				1,019								141				158								6,421				6,902								154				145
International			649				834								47				71								2,554				2,732								52				51
Total			1,675				1,853								105				119								8,975				9,634								125				118

 

(percentages)			September 30, 2026								December 31, 2025
Financial performance measures1, 2
Cash operating coverage ratio			63								62
Average working capital to sales			24								22

1 Rolling four quarters.

2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.

 

7

Potash

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Net sales			1,121				1,122				-								3,100				2,857				9
Cost of goods sold			474				437				8								1,342				1,257				7
Gross margin			647				685				(6	)							1,758				1,600				10
Adjusted EBITDA1			730				733				-								1,966				1,809				9

1 See Note 2 to the interim financial statements.

 

•

Potash adjusted EBITDA increased in the first nine months of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first nine months sales volumes.

 

Manufactured Product			Three Months Ended September 30												Nine Months Ended September 30
($ per tonne, except as otherwise noted)			2026				2025								2026				2025
Sales volumes (tonnes - thousands)
North America			1,587				1,562								3,794				3,912
Offshore			2,486				2,497								7,732				7,538
Total sales volumes			4,073				4,059								11,526				11,450
Net selling price
North America			310				319								298				283
Offshore			253				250								254				232
Average net selling price			275				277								269				250
Cost of goods sold			116				108								117				111
Gross margin			159				169								152				139
Depreciation and amortization			50				46								49				47
Gross margin excluding depreciation and amortization1			209				215								201				186

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

 

•

Sales volumes increased in the third quarter and first nine months of 2026 due to healthy demand and favorable potash affordability in key markets.

 

•

Net selling price per tonne increased in the first nine months of 2026 due to higher global benchmark prices, partially offset by higher cost to serve, mainly driven by increased fuel costs. Net selling price per tonne decreased in the third quarter of 2026 due to lower summer fill program pricing in North America compared to the same period of 2025.

 

•

Cost of goods sold per tonne increased in the third quarter and first nine months of 2026 due to increased depreciation and higher maintenance and materials costs. Also impacting the third quarter of 2026 was lower production due to increased turnaround activity.

 

Supplemental Data			Three Months Ended September 30												Nine Months Ended September 30
			2026				2025								2026				2025
Production volumes (tonnes – thousands)			3,301				3,607								10,957				10,427
Potash controllable cash cost of product manufactured per tonne1			67				56								60				57
Canpotex sales by market (percentage of sales volumes)2
Latin America			40				47								43				40
Other Asian markets3			27				26								26				30
China			9				8								12				11
India			11				6								6				4
Other markets			13				13								13				15
Total			100				100								100				100

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

2 See Note 8 to the interim financial statements.

3 All Asian markets except China and India.

 

8

Nitrogen

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				20251, 2				% Change								2026				20251, 2				% Change
Net sales			960				1,022				(6	)							3,128				3,094				1
Cost of goods sold			576				626				(8	)							1,834				1,898				(3	)
Gross margin			384				396				(3	)							1,294				1,196				8
Adjusted EBITDA2			497				556				(11	)							1,614				1,626				(1	)

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 2 to the interim financial statements.

 

•

Nitrogen adjusted EBITDA decreased in the third quarter and first nine months of 2026 due to lower sales volumes, partially offset by higher global benchmarks and lower natural gas costs. Other expenses increased in the same periods due to Trinidad safe mode costs incurred in connection with our controlled shutdown of operations and the absence of Profertil S.A. (“Profertil”) equity earnings recognized in the comparable periods in 2025.

 

Manufactured Product			Three Months Ended September 30												Nine Months Ended September 30
($ per tonne, except as otherwise noted)			2026				2025								2026				2025
Sales volumes (tonnes - thousands)
Ammonia			293				644								994				1,874
Urea and ESN®			730				687								2,014				2,443
Solutions, nitrates and sulfates			1,331				1,496								3,940				3,996
Total sales volumes			2,354				2,827								6,948				8,313
Net selling price
Ammonia			461				400								527				408
Urea and ESN®			486				507								532				485
Solutions, nitrates and sulfates			269				272								295				266
Average net selling price			363				357								398				362
Cost of goods sold			207				218								216				220
Gross margin			156				139								182				142
Depreciation and amortization			62				56								59				56
Gross margin excluding depreciation and amortization1			218				195								241				198

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

 

•

Sales volumes decreased in the third quarter and first nine months of 2026, reflecting no production from the Trinidad and New Madrid facilities4 and higher turnaround activity.

 

•

Net selling price per tonne increased in the first nine months of 2026 for all major nitrogen products due to stronger global benchmark prices. In the third quarter of 2026, ammonia net selling price was higher due to stronger benchmark prices, partially offset by lower global benchmark prices for most upgraded products compared to the same period of 2025.

 

•

Cost of goods sold per tonne was lower in the third quarter and first nine months of 2026 primarily due to lower overall natural gas costs, which reflects a higher proportion of production from our low-cost North American nitrogen plants compared to the same periods in 2025.

 

Supplemental Data			Three Months Ended September 30												Nine Months Ended September 30
			2026				2025								2026				2025
Sales volumes (tonnes – thousands)
Fertilizer			1,422				1,646								4,177				4,880
Industrial and feed			932				1,181								2,771				3,433
Production volumes (tonnes – thousands)
Ammonia production – total1			1,090				1,436								3,268				4,514
Ammonia production – adjusted1, 2			1,000				967								2,974				3,131
Ammonia operating rate (%)2			89				86								89				94
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact			2.18				3.54								2.54				3.59
Realized derivative impact3			-				-								-				-
Overall natural gas cost			2.18				3.54								2.54				3.59

1 All figures are provided on a gross production basis in thousands of product tonnes.

2 Excludes Trinidad and Joffre.

3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses.

4 As previously disclosed, on October 23, 2025, the Trinidad Nitrogen facility completed a controlled shutdown and we ceased production at our New Madrid nitrogen upgrade facility at year-end 2025. Subsequently, on October 5, 2026, we announced the indefinite shutdown of our Trinidad Nitrogen operations.

 

9

Phosphate

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Net sales			514				495				4								1,467				1,251				17
Cost of goods sold			564				436				29								1,546				1,160				33
Gross margin			(50	)			59				n/m								(79	)			91				n/m
Adjusted EBITDA1			8				122				(93	)							88				275				(68	)

1 See Note 2 to the interim financial statements.

 

•

Phosphate adjusted EBITDA decreased in the third quarter and first nine months of 2026 due to higher sulfur input costs, partially offset by higher global benchmarks compared to the same periods of 2025.

 

Manufactured Product			Three Months Ended September 30												Nine Months Ended September 30
($ per tonne, except as otherwise noted)			2026				2025								2026				2025
Sales volumes (tonnes - thousands)
Fertilizer			401				472								1,278				1,178
Industrial and feed			186				194								557				531
Total sales volumes			587				666								1,835				1,709
Net selling price
Fertilizer			781				701								720				677
Industrial and feed			1,043				824								948				821
Average net selling price			864				737								789				722
Cost of goods sold			939				643								821				661
Gross margin			(75	)			94								(32	)			61
Depreciation and amortization			114				108								113				124
Gross margin excluding depreciation and amortization1			39				202								81				185

1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.

 

•

Sales volumes increased in the first nine months of 2026, driven by reliability improvements at Aurora and a reduction in inventory levels. Sales volumes decreased in the third quarter of 2026 due to timing of sales and lower operating rates at White Springs.

 

•

Net selling price per tonne increased in the third quarter and first nine months of 2026 due to stronger global benchmark prices. Industrial and feed realizations outperformed, reflecting the typical lag between price realizations and benchmark movements.

 

•

Cost of goods sold per tonne increased in the third quarter and first nine months of 2026 primarily due to higher sulfur input costs.

 

Supplemental Data			Three Months Ended September 30												Nine Months Ended September 30
			2026				2025								2026				2025
Production volumes (P2O5 tonnes – thousands)			342				378								998				993
P2O5 operating rate (%)			80				88								78				78

 

10

Corporate and Others and Eliminations

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				20251, 2				% Change								2026				20251, 2				% Change
Corporate and Others
Gross margin2			(2	)			2				n/m								12				20				(40	)
Selling expenses (recovery)			(3	)			(2	)			50								(6	)			(6	)			-
General and administrative expenses			97				92				5								308				286				8
Share-based compensation expense			75				28				168								150				119				26
Foreign exchange loss (gain), net of related derivatives			5				(11	)			n/m								23				18				28
Other (income) expenses			(36	)			32				n/m								61				96				(36	)
Adjusted EBITDA2			(107	)			(114	)			(6	)							(280	)			(294	)			(5	)
Eliminations
Gross margin			(30	)			(100	)			(70	)							15				(74	)			n/m
Adjusted EBITDA2			(21	)			(96	)			(78	)							15				(72	)			n/m

1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.

2 See Note 2 to the interim financial statements.

 

•

Share-based compensation expense was higher in the third quarter and first nine months of 2026 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital.

 

•

Other (income) expenses was a recovery in the third quarter and a lower expense in the first nine months of 2026 due to gains on dispositions related to portfolio optimization initiatives and a change in discount rates which lowered our asset retirement obligations related to non-operating sites.

Finance Costs, Income Taxes and Other Comprehensive (Loss) Income

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Finance costs			178				170				5								527				504				5
Income taxes
Income tax expense			195				168				16								622				594				5
Actual effective tax rate including discrete items (%)			40				26				54								27				26				4
Other comprehensive income (loss)			19				(18	)			n/m								55				191				(71	)

 

•

Income tax expense increased in the third quarter and first nine months of 2026 mainly due to a greater proportion of earnings generated in higher tax jurisdictions. The effective tax rate including discrete items increased in the third quarter and first nine months of 2026 due to a change in the proportion of earnings (loss) between tax jurisdictions.

 

•

Other comprehensive income (loss) is primarily driven by changes in the currency of our foreign operations. In the first nine months of 2026, lower income was due to lower appreciation of Australian and Brazilian currencies and depreciation of the Canadian currency, relative to the US dollar, compared to the same period in 2025.

 

11

Liquidity and Capital Resources

Sources and uses of liquidity

We continued to manage our capital in accordance with our current capital allocation priorities. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the “Capital Structure and Management” section for details on our existing long-term debt and credit facilities.

Sources and uses of cash

 

		Three Months Ended September 30																Nine Months Ended September 30
($ millions, except as otherwise noted)			2026				2025				% Change								2026				2025				% Change
Cash (used in) provided by operating activities			(425	)			(426	)			-								1,208				1,030				17
Cash used in investing activities			(432	)			(383	)			13								(1,424	)			(1,121	)			27
Cash provided by (used in) financing activities			849				51				n/m								453				(156	)			n/m
Cash used for dividends and share repurchases1			(490	)			(413	)			19								(1,338	)			(1,199	)			12

1 This is a supplementary financial measure. See the “Other Financial Measures” section.

 

Cash (used in) provided by operating activities		• Was consistent in the third quarter of 2026 when compared to the third quarter of 2025. • Increased in the first nine months of 2026 due to higher global fertilizer benchmarks and record Potash sales volumes, partially offset by reduced Nitrogen sales volumes and higher sulfur costs.
Cash used in investing activities		• Increased in the third quarter of 2026, primarily due to the absence of proceeds received for the sale of our investment in Profertil recognized in the comparable period. • Increased in the first nine months of 2026, primarily due to the absence of proceeds from the sale of our investments in Sinofert Holdings Limited and Profertil recognized in the comparable period.
Cash provided by (used in) financing activities		• Increased in the third quarter and first nine months of 2026 due to higher commercial paper issuances. In addition, we repaid senior notes maturing in the first nine months of 2025 with no comparable repayment in the first nine months of 2026.
Cash used for dividends and share repurchases		• Increased in the third quarter and first nine months of 2026 due to higher share repurchases.

 

12

Financial Condition Review

The following is a comparison of balance sheet categories that are considered material:

 

		As at
($ millions, except as otherwise noted)			September 30, 2026				December 31, 2025			$	Change				% Change
Assets
Cash and cash equivalents			919				701				218				31
Receivables			8,216				5,675				2,541				45
Inventories			5,701				6,977				(1,276	)			(18)
Prepaid expenses and other current assets			442				1,396				(954	)			(68)
Property, plant and equipment			22,778				22,747				31				-
Liabilities and Shareholders’ Equity
Short-term debt			1,972				873				1,099				126
Trade, other payables and accrued liabilities			7,065				9,309				(2,244	)			(24)
Long-term debt, including current portion			10,834				9,863				971				10
Share capital			13,361				13,519				(158	)			(1)
Retained earnings			12,575				12,076				499				4

 

•

Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources and uses of cash” section.

 

•

Receivables increased primarily due to the seasonality of Retail sales and higher usage of Nutrien Financial programs.

 

•

Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally increase at year-end, peak in the first quarter of the year in preparation for the planting and application seasons, and are drawn down in the succeeding quarters.

 

•

Prepaid expenses and other current assets decreased due to Retail taking delivery of prepaid inventories during the planting and application season in North America.

 

•

Short-term debt increased due to higher commercial paper issuances to support working capital requirements driven by the seasonality of our business.

 

•

Trade, other payables and accrued liabilities decreased due to the settlement of our Retail supplier financing arrangements in 2026 that were entered into in the fourth quarter of 2025 and lower customer prepayments in North America as Retail customers took delivery of inventory.

 

•

Long-term debt, including current portion, increased due to the issuance of $1.0 billion of senior notes in the second quarter of 2026, the net proceeds of which were used to repay short-term debt.

 

•

Retained earnings increased as net earnings exceeded dividends declared and share repurchases in the first nine months of 2026.

 

13

Capital Structure and Management

Principal debt instruments

As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the nine months ended September 30, 2026.

Capital structure (debt and equity)

 

($ millions)			September 30, 2026				December 31, 2025
Short-term debt			1,972				873
Current portion of long-term debt			1,420				513
Current portion of lease liabilities			348				346
Long-term debt			9,414				9,350
Lease liabilities			964				937
Shareholders’ equity			25,762				25,365

Commercial paper, credit facilities and other debt

We have a total facility limit of approximately $6,812 million comprised of several credit facilities available in the jurisdictions where we operate. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.

As at September 30, 2026, we utilized $1,972 million of our total facility limit, which includes $1,624 million outstanding under our commercial paper program. During the first nine months of 2026, we extended the maturity of our $4,500 million unsecured committed revolving term credit facility from September 4, 2030, to September 4, 2031. We also extended the maturity of our accounts receivable purchase facility from March 6, 2026, to March 31, 2028, terminated our $500 million unsecured committed revolving term credit facility upon its maturity on September 2, 2026, and entered into a $69 million uncommitted revolving demand facility.

As at September 30, 2026, $231 million in letters of credit were outstanding and committed, with $258 million of remaining credit available under our letter of credit facilities.

Our long-term debt consists primarily of notes and debentures. See the “Capital Structure and Management” section of our 2025 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first nine months of 2026, we issued $500 million of 4.850 percent senior notes due May 29, 2031 and $500 million of 5.350 percent senior notes due May 29, 2036. See Note 6 to the interim financial statements.

Outstanding share data

 

			As at November 3, 2026
Common shares			474,130,694
Options to purchase common shares			1,804,098

For more information on our capital management, see Note 4 to the annual financial statements in our 2025 Annual Report.

 

14

Subsequent Events

Phosphate business

Consistent with our aim to simplify our portfolio and focus on core assets that enhance earnings quality and free cash flow, we completed a comprehensive review of strategic alternatives for our Phosphate business. Following this review, we have determined the optimal path in the current environment is to retain and further optimize our Aurora and integrated upgrade facilities, while shutting down operations at our White Springs facility in the second quarter of 2027.

Management determined this to be the optimal path as the White Springs mine approaches the end of its economically recoverable reserve life, which has resulted in increasing operating costs and capital requirements. The carrying value of the total assets¹ in White Springs that will be assessed for impairment is $430 million as at September 30, 2026. We expect to recognize expenses in the fourth quarter of 2026, which include non-cash asset impairments. We also expect to incur expenses related to severance and other shutdown costs.

Trinidad

On October 5, 2026, we announced the indefinite shutdown of our Trinidad nitrogen facility following an extensive review of strategic alternatives and engagement with relevant stakeholders. The carrying value of the total assets¹ in Trinidad that will be assessed for impairment is $760 million as at September 30, 2026. We expect to recognize expenses in the fourth quarter of 2026, which include non-cash asset and goodwill impairments. We also expect to incur expenses related to severance and other shutdown costs.

 

 

 

1 Excludes goodwill and certain other assets that may be allocated as part of ongoing impairment and valuation assessments.

 

15

Quarterly Results

 

($ millions, except as otherwise noted)		Q3 2026				Q2 2026				Q1 2026				Q4 2025				Q3 2025				Q2 2025				Q1 2025				Q4 2024
Sales			6,064				10,812				6,046				5,340				6,007				10,438				5,100				5,079
Net earnings			288				1,222				139				580				469				1,229				19				118
Net earnings attributable to equity holders of Nutrien			284				1,214				131				571				464				1,221				11				113
Net earnings per share attributable to equity holders of Nutrien
Basic			0.60				2.53				0.27				1.18				0.96				2.51				0.02				0.23
Diluted			0.60				2.53				0.27				1.18				0.96				2.50				0.02				0.23

Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, global demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements.

Accounting Policies, New IFRS Standards and Future Accounting Pronouncements

Significant accounting policies are disclosed in our 2025 Annual Report and have been consistently applied for the nine months ended September 30, 2026, except as described below.

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The impact was not material. On initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the nine months ended September 30, 2026.

Presentation and Disclosure in Financial Statements (IFRS 18) effective January 1, 2027

We continue to advance our implementation activities, including assessing changes to financial statement presentation and disclosures and the related changes required to reporting processes and systems.

Critical Accounting Estimates

The preparation of financial statements in accordance with IFRS requires management to make estimates and judgments that affect reported assets, liabilities, revenues and expenses. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board.

Our critical accounting estimates are discussed on pages 64 to 65 of our 2025 Annual Report. There were no material changes to our critical accounting estimates for the three and nine months ended September 30, 2026.

Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

There has been no change in our ICFR during the three months ended September 30, 2026, that has materially affected, or is reasonably likely to materially affect, our ICFR.

 

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Forward-Looking Statements

Certain statements and other information included in this document, including within the “Market Outlook and Guidance” section, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws and within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “project”, “intend” or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien’s business strategies, plans, prospects and opportunities; Nutrien’s 2026 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; our forecasts for global potash shipments in 2026 and 2027; expectations regarding planned reliability improvements and debottlenecking initiatives in our Nitrogen operations and the anticipated impact thereof on operating rates; expectations regarding our plans in respect of our Aurora and integrated phosphate upgrade facilities, including the execution of operational excellence initiatives and product mix optimization; expectations regarding the shutdown of operations at our White Springs facility, including the timing thereof, the expected nature, timing and amount of expenses expected to be recognized, including non-cash asset impairments, and costs expected to be incurred, in the fourth quarter of 2026, and the anticipated benefits thereof; expectations regarding the indefinite shutdown of our Trinidad Nitrogen operations, including the expected nature, timing and amount of expenses expected to be recognized, including non-cash asset and goodwill impairments, and costs expected to be incurred, in the fourth quarter of 2026; expectations regarding structural growth in our downstream business; expectations regarding our capital allocation approach, including our intentions with respect to our strategic actions and the expected timing thereof; our expectations regarding Nutrien’s strategic priorities and our ability to advance and achieve such strategic priorities in 2026 and beyond; expectations regarding various performance targets in 2026 and beyond and our ability to achieve such targets; capital spending expectations for 2026 and beyond; expectations regarding performance of our operating segments in 2026 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix and the need to replenish soil nutrient levels, weather conditions, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, geopolitical disruptions, including the ongoing conflict in the Middle East, inventories, crop development, and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof, including timing of the completion of, and expected proceeds from, pending or announced dispositions of non-core assets; and expectations in connection with our ability to generate free cash flow, enhance earnings quality, and deliver long-term returns to shareholders.

These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.

All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.

The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives; that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes and gross margins; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; that our plans with respect to our Aurora and integrated phosphate upgrade facilities will proceed as anticipated and that we will realize the expected benefits therefrom; that the shutdown of operations at our White Springs facility will proceed as anticipated, that the expected expenses, including non-cash asset impairments, and expected costs associated therewith will be consistent with our current expectations, and that we will realize the expected benefits of the shutdown; that the indefinite shutdown of our Trinidad Nitrogen operations will proceed as anticipated, that the expected expenses, including non-cash asset and goodwill impairments, and expected costs associated therewith will be consistent with our current expectations, and that we will realize the expected benefits of the shutdown; continued reliability improvements and the successful completion of debottlenecking initiatives; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, operating rates, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, government support, crop development and cost of labor and interest, exchange and effective tax rates; global economic conditions and the accuracy of our

 

17

market outlook expectations for 2026 and in the future; the reliability and accuracy of third-party weather and climate forecasts, including forecasts regarding El Niño/La Niña conditions, underlying our crop production and crop price expectations; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts, including the ongoing conflict in the Middle East, on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation and volatility in oil prices; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; the availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs.

Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets; failure to complete announced and future strategic and asset optimization initiatives, acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality of our business; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restrictions, or other changes to international trade arrangements) and regulatory investigations; current and future litigation proceedings, investigations and other contingencies; the timing, costs and impacts of our plans with respect to our Aurora and integrated phosphate upgrade facilities and the risk that the expected benefits therefrom may not be realized; the timing, costs and impacts of the shutdown of operations at our White Springs facility, including the final amount of the expenses, including non-cash asset impairments, and costs in connection therewith, and the risk that the expected benefits therefrom may not be realized; the timing, costs and impacts of the indefinite shutdown of our Trinidad Nitrogen operations, including the final amount of the expenses, including non-cash asset and goodwill impairments, and costs in connection therewith, and the risk that the expected benefits therefrom may not be realized; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions; government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts, including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts, including the ongoing conflict in the Middle East, and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; potential inaccuracies in third-party market forecasts and industry data; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC.

The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.

The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.

Terms and Definitions

For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the “Terms and definitions” section of our 2025 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, “n/m” indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted.

 

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Non-GAAP Financial Measures

We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.

These non-GAAP financial measures and non-GAAP ratios 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-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.

The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.

Adjusted EBITDA (Consolidated)

Most directly comparable IFRS financial measure: Net earnings (loss).

Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and foreign exchange gain/loss (net of related derivatives). 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: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale of certain businesses and investments, asset retirement obligations (“ARO”) and accrued environmental costs (“ERL”) related to our non-operating sites, and loss related to financial instruments in Argentina.

Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.

 

		Three Months Ended September 30								Nine Months Ended September 30
($ millions)			2026				2025				2026				2025
Net earnings			288				469				1,649				1,717
Finance costs			178				170				527				504
Income tax expense			195				168				622				594
Depreciation and amortization			640				617				1,850				1,802
EBITDA1			1,301				1,424				4,648				4,617
Adjustments:
Share-based compensation expense			75				28				150				119
Foreign exchange loss (gain), net of related derivatives			5				(11	)			23				18
ARO/ERL related income for non-operating sites			(42	)			(10	)			(59	)			(7	)
Restructuring (recovery) costs			(29	)			-				53				22
Impairment of assets recorded in other income and expenses			-				-				30				-
Adjusted EBITDA			1,310				1,431				4,845				4,769

1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.

 

20

Adjusted Net Earnings and Adjusted Net Earnings Per Share

Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.

Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale 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 related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate.

Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.

 

		Three Months Ended September 30, 2026												Nine Months Ended September 30, 2026
($ millions, except as otherwise noted)			Increases (Decreases)				Post-Tax				Per Diluted Share				Increases (Decreases	)			Post-Tax				Per Diluted Share
Net earnings attributable to equity holders of Nutrien							284				0.60								1,629				3.40
Adjustments:
Share-based compensation expense			75				56				0.12				150				112				0.23
Foreign exchange loss, net of related derivatives			5				5				0.01				23				23				0.05
ARO/ERL related income for non-operating sites			(42	)			(32	)			(0.07	)			(59	)			(45	)			(0.09	)
Restructuring (recovery) costs			(29	)			(23	)			(0.05	)			53				45				0.09
Impairment of assets recorded in other income and expenses			-				-				-				30				22				0.05
Sub-total adjustments			9				6				0.01				197				157				0.33
Adjusted net earnings							290				0.61								1,786				3.73
		Three Months Ended September 30, 2025												Nine Months Ended September 30, 2025
($ millions, except as otherwise noted)			Increases (Decreases)				Post-Tax				Per Diluted Share				Increases (Decreases	)			Post-Tax				Per Diluted Share
Net earnings attributable to equity holders of Nutrien							464				0.96								1,696				3.48
Adjustments:
Share-based compensation expense			28				22				0.05				119				90				0.18
Foreign exchange (gain) loss, net of related derivatives			(11	)			(9	)			(0.02	)			18				14				0.03
ARO/ERL related income for non-operating sites			(10	)			(8	)			(0.02	)			(7	)			(5	)			(0.01	)
Restructuring costs			-				-				-				22				18				0.04
Sub-total adjustments			7				5				0.01				152				117				0.24
Adjusted net earnings							469				0.97								1,813				3.72

 

21