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• John Deere for crop nutrients.
• The Monsanto of soil fertilizers.
• The ExxonMobil of essential crop minerals.

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• Phosphate Crop Nutrients: Concentrated fertilizers such as diammonium phosphate (DAP), monoammonium phosphate (MAP), and ammoniated phosphate products.
• Potash Crop Nutrients: Fertilizers derived from potash, including the double sulfate of potash magnesia product known as K-Mag.
• Animal Feed Ingredients: Phosphate-based ingredients (e.g., Biofos, Nexfos) and nitrogen-based ingredients.
• Industrial Potash: Potash sold for applications such as de-icing and as a water softener regenerant.
• Nitrogen Products: Nitrogen-based crop nutrients and animal feed ingredients, which the company purchases and sells.

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The Mosaic Company (MOS) primarily sells its products to other companies. Based on the provided background, its major customers fall into the following categories:

• Wholesale distributors
• Retail chains
• Cooperatives
• Independent retailers
• National accounts

The company also sells directly to farmers.

The provided background information does not list the names of specific customer companies, nor their public symbols.

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Bruce Bodine, President and Chief Executive Officer

Bruce Bodine was named President of The Mosaic Company and became a member of the board of directors in August 2023, assuming the Chief Executive Officer role in January 2024. He began his career with Mosaic in 1999, as part of a predecessor company. Throughout his tenure, he has held various executive positions including Senior Vice President – North America, Senior Vice President – Phosphates, Senior Vice President – Potash, and Vice President – Supply Chain. Bodine led the integration of Mosaic's North America Businesses and currently oversees enterprise-wide operations. He serves on the boards of Canpotex, The International Fertilizer Association (IFA), The Fertilizer Institute (TFI), the National Manufacturer's Association (NAM), and the Miski Mayo mining company, a joint venture where Mosaic is the operating partner.

Luciano Siani Pires, Executive Vice President and Chief Financial Officer

Luciano Siani Pires became Executive Vice President and Chief Financial Officer of The Mosaic Company on January 1, 2025. He was previously a member of Mosaic's Board of Directors from 2018 to 2022. Prior to joining Mosaic, Mr. Siani Pires held several senior leadership roles at Vale S.A., a global mining company, including Executive Vice President of Strategy and Business Development from 2021 to 2023 and Chief Financial Officer from 2012 to 2021. He also served as Chairman of the Board of Directors of VLI S.A. from 2017 to 2023. His experience also includes roles as a senior business development advisor for Accenture's Natural Resources Group and as a consultant at McKinsey & Company. From 2007 to 2008, he was chief of staff and executive secretary to the president at Brazil's National Development Bank, where he had previously headed the Capital Markets and Export Finance departments.

Karen Swager, Executive Vice President, Operations

Karen Swager serves as Executive Vice President, Operations at The Mosaic Company. She was previously the Senior Vice President—Supply Chain.

Yijun "Jenny" Wang, Executive Vice President, Commercial

Yijun "Jenny" Wang was named Executive Vice President, Commercial, in January 2024. In this role, she leads enterprise-wide commercial organizations, the Mosaic Biosciences initiative, and Global Strategic Marketing, with responsibility for global sales, marketing, product management, new product research and development, and market and strategic analysis. Ms. Wang joined Mosaic in 2011, and prior to her current role, she was SVP-Global Strategic Marketing, Head of China and India, effective January 1, 2022. Before joining Mosaic, she spent 16 years at Syngenta, holding various leadership roles in Sales, Marketing, Strategy, Business Development, Global Product Management, and as Country Managing Director in China, Vietnam, and Switzerland. She also serves on the Board of Directors at Canpotex.

Phil Bauer, Senior Vice President, General Counsel and Corporate Secretary

Phil Bauer was promoted to Senior Vice President, General Counsel and Corporate Secretary in January 2023. He joined Mosaic in 2007 and has managed legal support for business development, potash operations, offshore finance, commercial transactions, and corporate governance. Prior to his promotion, he was the Vice President—Growth and Development. Before joining Mosaic, Mr. Bauer was a partner at an international law firm, focusing his practice on mergers and acquisitions, public and private securities offerings, public company compliance matters, and general business advising.

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Key Risks to The Mosaic Company (MOS)

1. Market Volatility and Commodity Price Fluctuations: The Mosaic Company's financial performance is highly susceptible to the unpredictable and volatile prices of concentrated phosphate and potash crop nutrients, as well as the costs of key raw materials such as sulfur and ammonia. The cyclical nature of the fertilizer industry, coupled with fluctuating agricultural market conditions, including crop prices and farming economics, directly impacts the demand for its products and, consequently, its revenues and profitability.
2. Operational Risks and Production Disruptions: The company faces significant operational risks stemming from its complex supply chains and large-scale production facilities. These risks include potential equipment failures, labor issues, and disruptions caused by adverse weather events, such as hurricanes, which have previously led to production losses. Challenges in implementing new technologies or optimizing production processes can also impede the achievement of operational goals and impact production volumes and costs.
3. Geopolitical Tensions, Trade Policy, and Regional Market Instability: Global geopolitical instability and trade wars pose considerable risks to Mosaic's business by potentially disrupting supply chains, imposing trade restrictions or tariffs, and hindering expansion strategies in key international markets. Additionally, specific regional economic challenges, such as ongoing credit issues within the Brazilian agricultural market, directly impact the sales volume and cash flow of Mosaic's Fertilizantes segment.

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The Mosaic Company (MOS) is expected to drive future revenue growth over the next two to three years through several key initiatives and favorable market dynamics.

1. Strong Global Demand and Favorable Pricing for Phosphate and Potash: Mosaic anticipates continued demand growth for its core phosphate and potash crop nutrients. The company projects a 1.4% compound annual growth rate (CAGR) for phosphate and a 2% CAGR for potash through 2030, driven by the overall recovery and increase in global fertilizer use. Phosphate prices saw an increase for the third consecutive year in 2025, and potash prices also climbed, indicating a supportive pricing environment. Emerging U.S. demand for phosphate, as farmers prepare for spring planting, further contributes to this positive outlook.
2. Significant Volume Growth in Mosaic Fertilizantes (Brazil Market Expansion): Expansion within the high-growth Brazilian agricultural market is a crucial revenue driver. Mosaic completed a $350 million expansion of its Coronel terminal in 2024, significantly increasing its blending and storage capacity by over 40%. Through a strategic partnership with distributor Maurello & Maurello, Mosaic is deepening its penetration into the South American market. The company expects Mosaic Fertilizantes' sales volumes to grow from 9.2 million tonnes in 2024 to 13-14 million tonnes by 2027, capitalizing on the expanding market.
3. Expansion of Performance Products, Including Mosaic Biosciences: Mosaic is strategically focusing on higher-margin performance products, such as its MicroEssentials premium fertilizer line and the growing Mosaic Biosciences portfolio. The MicroEssentials line achieved double-digit annual growth in 2024, with sales reaching approximately 3.5 million metric tons. Mosaic Biosciences demonstrated substantial growth, doubling net sales to $68 million in 2025, with a goal to double net sales again in 2026, supported by 8 to 10 new product launches. This segment is expected to contribute positively to adjusted EBITDA by the fourth quarter of 2025, with long-term aspirations of generating $250-500 million in adjusted EBITDA.
4. Increased Production Volumes and Improved Operational Performance in Core Segments: The company is focused on enhancing its operational efficiency and increasing production volumes in its phosphate and potash segments. Mosaic has made progress in improving phosphate production performance and is on track to deliver stronger results through improved operational foundation and lower operating costs. The ramp-up of the K3 potash mine, with first production scheduled for late 2027, is anticipated to add an estimated 2.5 million tonnes of annual potash capacity, significantly bolstering its position as a low-cost producer and contributing to future revenue streams.
5. Cost Reductions and Operational Efficiencies: While not a direct revenue driver, significant cost reductions and operational efficiencies enhance profitability and indirectly support revenue growth by allowing for competitive pricing and reinvestment. Mosaic achieved its $150 million cost savings objective ahead of schedule in 2025 and has expanded its target to $250 million in savings by 2026. These savings are driven by initiatives such as a $300 million overhaul of its enterprise business software platform, expected to yield $70 million in annualized savings by the end of 2025.

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Share Repurchases

• In 2023, Mosaic returned $1.1 billion to shareholders, including $756 million in share repurchases.
• In 2022, share repurchases totaled $1.7 billion.
• As of December 31, 2024, the company completed a buyback program, initiated in August 2022, repurchasing 26,679,815 shares for approximately $1.07 billion.
• In August 2021, Mosaic's board approved a new $1 billion share buyback authorization, which replaced an earlier authorization that had $700 million remaining.

Share Issuance

• Mosaic's shares outstanding have consistently declined over the past few years due to share repurchases. For instance, shares outstanding declined by 3.75% in 2024 from 2023, 6.4% in 2023 from 2022, and 6.71% in 2022 from 2021.

Outbound Investments

• In 2023, Mosaic sold the Streamsong golf resort for $160 million.
• In December 2024, the company converted its 25% equity investment in the Ma'aden Wa'ad Al Shamal Phosphate Company (MWSPC) joint venture into shares of Ma'aden, and also signed an agreement to sell its Patos de Minas mine in Brazil.
• Mosaic is advancing strategic alternatives for its Brazilian assets and working on the monetization of Florida land holdings.

Capital Expenditures

• Capital expenditures were $1.4 billion in 2023 and approximately $1.25 billion in 2024.
• Expected capital expenditures are in the range of $1.2 to $1.3 billion for 2025, and projected to be $1.5 billion for 2026.
• The primary focus of capital expenditures includes maintaining assets, investing in high-returning projects to grow the business, and completing major projects such as the Esterhazy K3 potash mine and a new fertilizer blending and distribution facility in Palmeirante, Brazil.