Nutrien Ltd

Strong Q1 Performance and Guidance Maintenance: Nutrien reported an adjusted EBITDA of $852 million for Q1 2025, maintaining its full-year guidance due to operational efficiency and cost-saving initiatives. Retail adjusted EBITDA was $46 million, with expenses down 5% YOY, which positions the company for improved performance as the planting season progresses.

Positive Potash and Nitrogen Market Fundamentals: The global potash market saw a 10-20% price rise since the start of 2025, influenced by strong global demand and supply constraints. Nutrien expects annual potash sales volumes of 71 to 75 million tonnes. The nitrogen segment also showed strength, with anticipated annual sales volumes of 10.7 to 11.2 million tonnes, driven by higher corn acreage and limited nitrogen applications from previous seasons.

Brazil Retail Turnaround: Nutrien is on track to achieve its goal of a cash-neutral position in Brazil, supported by strong soybean harvests and increasing corn production. The company has implemented cost management strategies, reduced headcount by 400, and focused on margin improvements which are yielding positive results.