The Mosaic Company

“We produce and market concentrated phosphate and potash crop nutrients.”

“We are organized into three reportable business segments: Phosphate, Potash and Mosaic Fertilizantes.”

“Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S.”

“Our Phosphate business segment owns and operates mines and production facilities in Florida, which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients”

“Our Mosaic Fertilizantes business segment includes five phosphate rock mines and four phosphate chemical plants in Brazil.”

“We sell to wholesale distributors, retail chains, cooperatives, independent retailers and national accounts. ... Mosaic Fertilizantes has a wide variety of customers including farmers, blenders and other local distributors.”

“Our sales of potash products outside of the U.S. and Canada are made through Canpotex. Canpotex sales are allocated among its members based on peaking capacity. Our entitlement percentage of Canpotex was 36.2%, however in 2025 the percentage was 35.9% as a result of production shortages.”

“Our most important products are concentrated phosphate crop nutrients, including diammonium phosphate, or DAP, monoammonium phosphate, or MAP, MicroEssentials® and muriate of potash, or MOP.”

“In 2023, we announced the formation of the Mosaic Biosciences platform... The Mosaic Biosciences portfolio includes biological fertilizer complements which improve nutrient use efficiency and enhance plant growth and vigor.”

“In 2025, we derived approximately 64% of our net sales from customers located outside of the U.S.”

“Notional (million MMBTU) - long0.9 — — 2.5 — — Weighted Average Rate (US$/MM BTU)$2.53 $— $— $2.73 $— $—”

“Our primary commodities exposure relates to price changes in natural gas.”

“Natural gas, ammonia and sulfur are key raw materials used in the manufacture of phosphate crop nutrient products.”

“World prices for the key raw material inputs for concentrated phosphate products, including ammonia, sulfur and phosphate rock, have an effect on industry-wide phosphate prices and production costs.”

“Total Fair Value$1.0 $(82.6)”

“As of December 31, 2025 and 2024, the fair value of our major foreign currency exchange contracts was an asset of $1.0 million and a liability of $82.6 million, respectively.”

“The most significant currency impacts are generally from the Canadian dollar and the Brazilian real.”

“We mine phosphate rock in Florida, Brazil and Peru. We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil. ... We mine potash in Saskatchewan and New Mexico.”

“Reduced oil refinery operating rates in the U.S. and Canada could result, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement”

“In North America, two-thirds of our ammonia is sourced either through ammonia supply agreements or produced internally at our Faustina, Louisiana, location with the remaining one-third purchased from various suppliers in the spot market.”

“We produce ammonia at our Faustina, Louisiana concentrates plant in quantities sufficient to meet approximately one third of our total ammonia needs in North America. ... We purchase additional ammonia from world markets and thus are subject to significant volatility in our purchase price of ammonia. Our ammonia supply agreements provide us with a supply of a substantial volume of ammonia at prices based on the price of natural gas.”

“We believe that we are a low-cost integrated producer of phosphate-based crop nutrients, due in part to our scale, vertical integration and strategic network of production and distribution facilities.”

“We believe our current and future investments in sulfur transformation and transportation assets will enhance our competitive advantage.”

“We compete with a number of producers throughout the world, including state-owned and government-subsidized entities.”

“the most important competitive factor for our products is delivered price.”

“crop nutrition companies compete primarily on the basis of delivered price... Foreign competitors may have access to less expensive raw materials, may not have to comply with as stringent regulatory requirements or are owned or subsidized by governments and, as a result, may have cost advantages over North American companies.”

“Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions... the increasing world population, household incomes and demand for more protein-rich food... changing demand for biofuels... governmental policies; the level of inventories in the crop nutrient distribution ch”

“the most significant factors affecting worldwide demand for crop nutrients with the impact of demand for biofuels and batteries also playing an increasing role.”

“In October 2025, we completed the sale of our idled Patos de Minas phosphate mining unit in Brazil for $111 million... The sale resulted in a gain of $94 million. ... we entered into an agreement to sell our Carlsbad, New Mexico potash mine for approximately $30 million.”

“On December 24, 2024, we exchanged our ownership of MWSPC for shares of Saudi Arabian Mining Company (“Ma’aden”).”

“The Mosaic Company is the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. ... We account for approximately 10% of estimated global annual phosphate production. We also account for approximately 12% of estimated global annual potash production.”

“We account for approximately 72% of estimated North American annual production of concentrated phosphate crop nutrients. ... We account for approximately 34% of estimated North American annual potash production. ... approximately 73% of estimated annual production of concentrated phosphate crop nutrients in Brazil.”

“Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages.”

“In November 2025, we completed a $900 million public bond offering, consisting of $500 million aggregate principal amount of 4.350% senior notes due 2029 and $400 million aggregate principal amount of 4.600% senior notes due 2030.”

“At December 31, 2025 and 2024, we had no interest rate swap agreements in effect.”

“Overall, there have been no material changes in our primary market risk exposures since the prior year. In 2026, we do not expect any material changes in our primary risk exposures.”

“In 2021, the U.S. Department of Commerce (“DOC”) issued countervailing duty (“CVD”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic.”

“In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients.”

“The failure of or a breach at any of our impoundments at any of our operations could cause severe property and environmental damage and loss of life, could result in the shut down or idling of our facilities”

“The U.S. withdrew from the Paris Agreement in January 2025.”

“The other member of Canpotex is among our competitors who may, in the future, independently expand its potash production capacity at a time when each Canpotex member’s respective shares of Canpotex sales is based upon that member’s respective proven peaking capacity”

“The level of exports by Chinese producers of concentrated phosphate crop nutrients depends to a significant extent on Chinese government actions to curb exports through, among other measures, prohibitive export taxes”

“we have also incurred operating costs to manage salt saturated brine inflows at our Esterhazy, Saskatchewan K1 and K2 mine shafts, which we closed in June 2021”

“We are subject to complex and evolving international, federal, state, provincial and local environmental, health, safety and security (“EHS”) policies that govern the production, distribution and use of crop nutrients and animal feed ingredients.”