### At a Glance This quarter's results exceeded expectations, primarily driven by record potash sales volumes, robust profit growth from proprietary products, and improved free cash flow from optimized capital expenditures.

### Key Data First-half adjusted EBITDA reached $3.5 billion, up 6% year-over-year; potash sales guidance raised to 14.2–14.8 million tons; capital expenditure guidance lowered to $1.95–2.05 billion.

### Business Progress Potash production was enhanced through automation, with 53% of ore extracted via automated mining, surpassing the 2024 target. The nitrogen business completed the largest-ever turnaround at the Carseland facility, boosting capacity and finishing ahead of schedule. Retail adjusted EBITDA grew 4%, with proprietary product gross margins up 10%, and certain nutrition product sales volumes nearly doubling year-over-year. Non-core asset sales have generated approximately $1 billion in proceeds, with strategic reviews of the phosphate and Trinidad nitrogen businesses progressing well.

### Guidance & Outlook Management maintained its 2026 global potash shipment forecast of 74–77 million tons, raising the lower end of potash sales guidance. Nitrogen sales guidance remained unchanged, with expectations of demand recovery in the second half. Full-year retail EBITDA guidance held at $1.75–1.95 billion, with proprietary product gross margins expected to grow at a high single-digit rate.

### Risk/Highlight Signals Management's tone was positive, emphasizing structural growth from automation, cost control, and capital efficiency improvements. However, it cautiously noted pressure on phosphate from high sulfur costs and geopolitical uncertainties impacting the nitrogen market.