Nutrien Ltd

Strong first-half momentum & record potash volumes (strategic execution): Nutrien reported record potash sales volumes in H1 2026, strong growth in proprietary products margins, and improved nitrogen asset reliability/costs. In potash, they mined 53% of ore tonnes using automation (exceeding the top end of the 2024 Investor Day target), supporting safety/productivity and enabling more efficient use of existing capacity—key to sustaining returns.

Guidance raised in potash + constructive full-year shipment outlook: They maintained global potash shipments guidance of 74–77 million tonnes (2026), but raised the company potash sales volume bottom end to 14.2–14.8 million tonnes (from prior). Management cited favorable affordability, healthy demand across major markets, and initial low inventories replenishing plus a strong domestic summer fill program. They also said Canpotex is fully committed for Q3 and anticipate a similar offshore vs domestic split vs last year.

Nitrogen: operational positives, but volumes/hedges impacted by outages & demand timing: Q2 nitrogen adjusted EBITDA was $635M; H1 performance benefited from strong execution, but sales volumes were down vs prior year due to no production from Trinidad and New Madrid, planned maintenance at Carseland, and some deferred customer purchases late in the quarter during volatility. Outlook: they kept 2026 nitrogen sales volume guidance at 9.2–9.7 million tonnes, with planned turnarounds in Q3 (Lima, Redwater) and higher ammonia rates expected in Q4.