Index

1. Financial Summary

2. Themes and Outlook

   1. Potash

   2. Phosphate

   3. Nitrogen

   4. Biostimulants

3. Nutrien

4. Mosaic

5. ICL

6. Yara

7. CF Industries

8. Financial Comparison Charts

   1. Revenue

   2. EBITDA

   3. EBITDA Margin

   4. Net Income

   5. Gross Margin

   6. SG&A to Revenue Ratio

   7. Inventory

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, I analyze publicly traded agribusiness results to highlight the key takeaways that matter for those of us working in the agriculture industry.

By breaking down earnings results and executive commentary, I provide the strategic insights agribusiness professionals need to stay ahead of their competitors, their suppliers and ultimately their customers.

The below is just one portion— more deep dives on the most influential agribusinesses, their market positioning, and strategic initiatives will be published as results become available.

If you want to satiate your curiosity and be the best-informed in the industry, you’re in the right place.

Other Related Breakdowns:

Q2 2025 Equipment Manufacturer Results Highlights, Themes and Analysis - Upstream Ag Professional

Q2 2025 Crop Protection and Seed Company Results: Themes, Highlights and Analysis - Upstream Ag Professional

Access the financials I have compiled to be able to effectively look at major agribusinesses in detail here: Agribusiness Financial Data Q4 2022 to Q4 2024 (Excel Workbooks)

1. Financial Summary

2. Themes and Outlooks

a. Potash is demand is high, pricing and volumes are increasing

Potash demand was strong in Q2 and the outlook is for demand to continue.

Nutrien’s first half 2025 had record potash sales volumes combined with higher offshore selling prices which generated adjusted EBITDA of $630 million in the second quarter alone, well above the prior year, plus they are extending their full year 2025 outlook from 13.9 million tons to 14.5 million tons, with the expectation that the global market still is between 73 and 75 million tonnes.

Nutrien states that:

They also shared that Canpotex is fully committed for third quarter sales volumes and has a significant order book in place for Q4.

Nutrien called out that potash remains the most affordable nutrient so they're preparing for a good fall application season.

As an aside, Nutrien stated that “in the first half of 2025, we mined over 40% of our potash ore using automation.” Their target is to be upwards of 50% by next year.

Mosaic had a similar quarter and outlook, suggesting the market environment remains strong with tight supply leading to rising potash prices. Mosaic increased full year potash production from 9.3 million to 9.5 million tonnes, saying the market has evolved from balanced to tight. The rational from Mosaic was that maintenance activities by multiple producers around the world reduced supply while demand remained strong, noting high palm oil prices in Asia.

ICL said that their average potash price for the second quarter was up 11% compared to both Q2 of last year and Q1 of this year. Potash sales volume were 971,000 metric tons in the second quarter, down more than 180,000 metric tons compared to Q2 2024, which was primarily related to the conflict with Iran.

b. Phosphate supply is constrained, prices and margins have positive momentum

The phosphate market is signaling a continued tight environment for the remainder of 2025, with companies expecting strong demand to push volumes and prices higher— similar to potash.

Nutrien and Mosaic both had a bullish outlook for their businesses.

Mosaic stated:

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