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    David Symonds • BNP Paribas

    David Symonds's questions to Mosaic Co (MOS) leadership

    David Symonds's questions to Mosaic Co (MOS) leadership •

    Question

    David Symonds of Exane BNP Paribas asked about seemingly low price realization for phosphate specialties, the positive outlook for Brazil despite headwinds like reduced government financing, and for more color on Q3 being the 'best quarter for some time'.

    Answer

    Management deferred the specialty pricing question offline. Regarding Brazil, Jenny Wang, EVP of Commercial, and Luciano Pires, EVP & CFO, explained that while the summer season is slow, the second corn crop is strong. They noted that market consolidation is occurring, with larger, stable farmers making up for challenges faced by smaller ones, supporting overall demand.

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    David Symonds's questions to Mosaic Co (MOS) leadership • Q1 2025

    Question

    David Symonds asked if the DAP price guidance was conservative given market strength and sought more color on the increase in absolute phosphate costs despite lower production.

    Answer

    EVP and CFO Luciano Pires attributed higher costs to fixed cost absorption and non-recurring maintenance. EVP, Commercial Jenny Wang confirmed April DAP prices exceeded guidance and saw potential upside. President and CEO Bruce Bodine added that conversion costs should normalize to the $95-$100 range in the second half of the year.

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    David Symonds's questions to Nutrien Ltd (NTR) leadership

    David Symonds's questions to Nutrien Ltd (NTR) leadership • Q2 2025

    Question

    David Symonds of Exane BNP Paribas pointed out that retail crop nutrient selling prices were up only 2% year-over-year while wholesale benchmarks like NOLA potash were up over 20%, asking if this implies a pricing catch-up benefit for retail in the second half.

    Answer

    EVP & President - Global Retail Jeff Tarsi explained that the discrepancy is partly due to their layered purchasing strategy, where they were buying into a higher-priced market at the end of the last season. While not committing to a specific margin catch-up, he stated they are well-positioned for the fall and see an opportunity to move about 5% more volume and potentially expand margins if the application window is open.

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    David Symonds's questions to Nutrien Ltd (NTR) leadership • Q1 2025

    Question

    David Symonds asked why higher sulfur costs were a headwind for the phosphates business in Q1 when high phosphate prices should have allowed for a pass-through, and how this dynamic would evolve into Q2.

    Answer

    President and CEO Kenneth Seitz explained that the current strong phosphate price is more a function of supply-demand fundamentals than a direct pass-through of input costs like sulfur. Chief Economist Jason Newton added that sulfur market fundamentals tightened in the first half, with Q2 prices at $270/tonne, a significant increase from 2024. He expects this to normalize in the second half of the year as sulfur supplies increase and demand moderates.

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