All amounts are in US dollars except as otherwise noted

Nutrien Ltd. (NYSE:NTR) announced today its fourth quarter 2021 results, with net earnings of $1.2 billion ($2.11 diluted net earnings per share). Fourth-quarter adjusted net earnings¹ were $2.47 per share and adjusted EBITDA¹ was $2.5 billion.

"The advantages of Nutrien's integrated business were demonstrated in 2021 as we delivered record financial results³ and made significant progress on our long-term strategic targets, including our key sustainability priorities. We utilized the scale and reliability of our world-class supply chain and the strong execution of our teams to ensure customers had the products and services they needed, when they needed them," commented Ken Seitz, Nutrien's Interim President and CEO.

"The outlook for global agriculture and crop input markets is very strong and we are well positioned to deliver significant growth in earnings and free cash flow in 2022. We will continue to advance our strategic priorities and maintain a disciplined approach to deploying capital, using our strong financial position to grow the business and return significant cash to shareholders," added Mr. Seitz.

Highlights:

Nutrien generated net earnings of $1.2 billion and record adjusted EBITDA of $2.5 billion in the fourth quarter while generating $3.2 billion of net earnings ($5.52 diluted net earnings per share) and record adjusted EBITDA of $7.1 billion ($6.23 adjusted net earnings per share) for the full year of 2021. Cash flow provided by operating activities in the full year was $3.9 billion.

We prioritized the use of cash in 2021 to strengthen and reposition the balance sheet, reducing our long-term debt by $2.1 billion. We deployed $2.1 billion to dividends and share repurchases in 2021 repurchasing 15 million shares during the year under our normal course issuer bid (NCIB). To date, we have repurchased over 22 million shares under our NCIB program. Nutrien's Board of Directors approved an increase in the quarterly dividend to $0.48 per share and approved the purchase of up to 10 percent of Nutrien's outstanding common shares over a one-year period through a NCIB. The NCIB is subject to acceptance by the Toronto Stock Exchange.

Nutrien issued full-year 2022 adjusted EBITDA and adjusted net earnings per share guidance¹ of $10.0 to $11.2 billion and $10.20 to $11.80 per share. Adjusted net earnings per share guidance includes our plans to allocate a minimum of $2 billion to share repurchases in 2022 on a balanced cadence throughout the year.

Nutrien Ag Solutions ("Retail") delivered record adjusted EBITDA in the fourth quarter and surpassed $1.9 billion for the full year of 2021. We exceeded nearly all of our 2023 strategic targets including a record 10.9 percent Retail adjusted EBITDA margin² and increased our proprietary product related gross margin to more than $1 billion in 2021, an increase of 22 percent.

The reliability and efficiency of our global supply chain and strategic procurement helped drive our Retail normalized comparable store sales¹ to 7 percent and Retail adjusted EBITDA per US selling location² to $1.5 million during 2021. We closed 14 acquisitions during the year and increased our Retail digital platform sales² to $2.1 billion.

Potash adjusted EBITDA surpassed $1 billion in the fourth quarter and increased 130 percent in the full year of 2021 to $2.7 billion. We achieved record sales volumes of 13.6 million tonnes in 2021 due to our capability to quickly ramp up production from our flexible, low-cost network of six mines. We progressed our Potash Next Generation initiatives and produced 1 million tonnes in 2021 using tele-remote and autonomous mining techniques.

Nitrogen adjusted EBITDA was $921 million in the fourth quarter of 2021 and increased 114 percent to $2.3 billion in the full year of 2021. We completed our phase 1 brownfield expansion projects on time and on budget, launched a second phase of projects and progressed decarbonization initiatives.

Phosphate adjusted EBITDA was $196 million in the fourth quarter of 2021 and increased 133 percent to $540 million in the full year of 2021.

1 This financial measure including related guidance, if applicable, is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section for further information.

2 This is a supplementary financial measure. See the "Other Financial Measures" section for further information.

3 Net earnings from continuing operations.

Market Outlook

Agriculture and Retail

Global inventory for key grains and oilseeds remains historically low due to a combination of weather-related events and strong demand fueled by a greater focus on global food security and recovering feed and bio-energy related markets.
Corn and soybean prices in the US and Brazil remain very strong and prospective crop margins are well above the 10-year average. We expect this will incentivize growers to invest in their crops.
US growers experienced favorable fall weather conditions that combined with strong crop economics, supported a second consecutive year of strong fall fertilizer application. We expect overall planted area of major crops to be similar to 2021 levels, with corn and soybean acreage in the range of 91 to 93 million and 87 to 89 million, respectively.
Growers in Brazil planted an additional 4 million acres of soybeans which was a second consecutive year of record planting. However, yields have been impacted by drought conditions in major growing regions. We expect strong crop economics will support total Brazilian planted acreage and crop input demand in 2022. Australian growers continue to experience favorable weather conditions and harvested record wheat production.
Nutrien is well-positioned on fertilizer and crop protection product inventory to begin the North American planting season. Our Retail adjusted EBITDA guidance assumes there was some pull forward of fertilizer sales volumes due to the strong fall season in North America and that Retail fertilizer margins return to historical average levels after increasing in 2021 due to strategic procurement in a rising price environment.

Crop Nutrient Markets

Global potash prices increased in response to record global demand of 70 million in 2021 and tightness of supply due to competitor mine flooding, new project delays and uncertainty around sanctions imposed on Belarus by the US and Europe. We believe that many of these supply issues will continue into 2022, including additional restrictions imposed on Belarus potash transported through Lithuania. We estimate 2022 global shipments in a range of 68 to 71 million tonnes.
Nutrien expects record potash sales volumes between 13.7 to 14.3 million tonnes in 2022. This forecast assumes sanctions on Belarus have a temporary impact on global supply. If there was a more significant long-term impact on global supply, Nutrien has the capability to further ramp up production by hiring additional employees and incurring some small incremental capital expenditures.
Nitrogen prices have been supported by strong demand, soaring energy prices in Europe, and government restrictions and geopolitical risks in key export markets. Global urea prices softened in early 2022 during a seasonally slow period, however, ammonia and nitrates prices continue to strengthen due to supply side constraints. North American natural gas prices increased in early 2022 but we expect Henry Hub prices to average between $3.75 and $4.25 per MMBtu in 2022, well below import pricing levels in Europe and Asia.
We expect to increase Nitrogen sales volumes to 10.8 to 11.3 million tonnes in 2022 with the completion of Phase 1 brownfield expansion projects in 2021 and higher anticipated operating rates.
Phosphate prices have been supported by the expected reduction in supply from China due to export restrictions and elevated raw material input cost. This is compounded by tight inventories in key import markets such as India.

Financial Outlook and Guidance

Based on market factors detailed above, we are issuing full-year 2022 adjusted EBITDA guidance of $10.0 to $11.2 billion and full-year 2022 adjusted net earnings guidance of $10.20 to $11.80 per share. Adjusted net earnings per share guidance includes our plans to allocate a minimum of $2 billion to share repurchases in 2022 on a balanced cadence throughout the year.

All guidance numbers, including those noted above and related sensitives are outlined in the tales below.

2022 Guidance Ranges ¹		Low			High
Adjusted net earnings per share ²	$	10.20		$	11.80
Adjusted EBITDA (billions) ²	$	10.0		$	11.2
Retail Adjusted EBITDA (billions)	$	1.7		$	1.8
Potash Adjusted EBITDA (billions)	$	5.0		$	5.5
Nitrogen Adjusted EBITDA (billions)	$	3.2		$	3.6
Phosphate Adjusted EBITDA (millions)	$	500		$	600
Potash sales tonnes (millions)³		13.7			14.3
Nitrogen sales tonnes (millions) ³		10.8			11.3
Depreciation and amortization (billions)	$	2.0		$	2.1
Effective tax rate on adjusted earnings		25	%		26	%
Sustaining capital expenditures (billions) ⁴	$	1.2		$	1.3

	Impact to
		Adjusted		Adjusted
2022 Annual Assumptions & Sensitivities ¹		EBITDA		EPS ⁵
$1/MMBtu change in NYMEX ⁶	$	180	$	0.25
$25/tonne change in realized potash selling prices	$	290	$	0.40
$25/tonne change in realized ammonia selling prices	$	50	$	0.07
$25/tonne change in realized urea selling prices	$	80	$	0.11
2022 FX Rate CAD to USD		1.26
2022 NYMEX natural gas ($US/MMBtu)		~$ 4.00
1 See the "Forward-Looking Statements" section. 2 This is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section. 3 Manufactured products only. Nitrogen excludes ESN® products. 4 This is a supplementary financial measure. See the Refer to "Other Financial Measures" section for further information. 5 Assumes 546 million shares outstanding. 6 Nitrogen related impact.

Consolidated Results

	Three Months Ended December 31			Twelve Months Ended December 31
(millions of US dollars)	2021	2020	% Change	2021	2020	% Change
Sales	7,267	4,052	79	27,712	20,908	33
Freight, transportation and distribution	198	202	(2)	851	855	‐
Cost of goods sold	3,863	2,685	44	17,452	14,814	18
Gross margin	3,206	1,165	175	9,409	5,239	80
Expenses	1,379	762	81	4,628	4,337	7
Net earnings	1,207	316	282	3,179	459	593
Adjusted EBITDA ¹	2,463	768	221	7,126	3,667	94
Diluted net earnings per share	2.11	0.55	284	5.52	0.81	581
Adjusted net earnings per share ¹	2.47	0.24	929	6.23	1.80	246
Cash provided by operating activities	3,637	2,778	31	3,886	3,323	17
Free cash flow ¹	1,549	196	690	4,300	1,830	135
Free cash flow including changes in non-cash operating working capital ¹	3,183	2,370	34	2,639	2,404	10
1 These are non-IFRS financial measures. See the "Non-IFRS Financial Measures" section.

Net earnings and adjusted EBITDA increased significantly in the fourth quarter and full year of 2021 compared to the same periods in 2020. This was due to higher net realized selling prices across our nutrient businesses, higher potash sales volumes, strong organic and proprietary product sales growth in Retail. In 2020, we recorded a non-cash impairment of $824 million primarily related to our Phosphate business and a gain of $250 million realized in the fourth quarter of 2020 related to the Misr Fertilizers Production Company S.A.E. ("MOPCO") divestment with no similar transactions in 2021. Cash flow provided by operating activities increased in the fourth quarter and full year of 2021 compared to the same periods in 2020 due primarily to higher net earnings. The COVID-19 pandemic had a limited impact on our results during the fourth quarter and full year of 2021.

Segment Results

Our discussion of segment results set out on the following pages is a comparison of the results for the three and twelve months ended December 31, 2021 to the results for the three and twelve months ended December 31, 2020, unless otherwise noted.

Nutrien Ag Solutions ("Retail")

	Three Months Ended December 31
(millions of US dollars, except	Dollars			Gross Margin			Gross Margin (%)
as otherwise noted)	2021	2020	% Change	2021	2020	% Change	2021	2020
Sales
Crop nutrients	2,035	1,108	84	428	236	81	21	21
Crop protection products	1,113	828	34	414	343	21	37	41
Seed	189	152	24	57	58	(2)	30	38
Merchandise	270	240	13	45	41	10	17	17
Nutrien Financial	51	37	38	51	37	38	100	100
Services and other	267	290	(8)	225	207	9	84	71
Nutrien Financial elimination ¹	(47)	(37)	27	(47)	(37)	27	100	100
	3,878	2,618	48	1,173	885	33	30	34
Cost of goods sold	2,705	1,733	56
Gross margin	1,173	885	33
Expenses ²	911	768	19
Earnings before finance costs and taxes ("EBIT")	262	117	124
Depreciation and amortization	178	180	(1)
EBITDA	440	297	48
Adjustments ³	2	‐	n/m
Adjusted EBITDA	442	297	49
1 Represents elimination for the interest and service fees charged by Nutrien Financial to Retail branches.
2 Includes selling expenses of $848 million (2020 – $727 million).
3 See Note 2 to the unaudited condensed consolidated financial statements.

	Twelve Months Ended December 31
(millions of US dollars, except	Dollars			Gross Margin			Gross Margin (%)
as otherwise noted)	2021	2020	% Change	2021	2020	% Change	2021	2020
Sales
Crop nutrients	7,290	5,200	40	1,597	1,130	41	22	22
Crop protection products	6,333	5,602	13	1,551	1,303	19	24	23
Seed	2,008	1,790	12	419	363	15	21	20
Merchandise	1,033	943	10	172	157	10	17	17
Nutrien Financial	189	129	47	189	129	47	100	100
Services and other	1,051	1,241	(15)	842	774	9	80	62
Nutrien Financial elimination	(170)	(120)	42	(170)	(120)	42	100	100
	17,734	14,785	20	4,600	3,736	23	26	25
Cost of goods sold	13,134	11,049	19
Gross margin	4,600	3,736	23
Expenses ¹	3,378	2,974	14
EBIT	1,222	762	60
Depreciation and amortization	706	668	6
EBITDA	1,928	1,430	35
Adjustments ²	11	‐	n/m
Adjusted EBITDA	1,939	1,430	36
1 Includes selling expenses of $3,124 million (2020 – $2,795 million).
2 See Note 2 to the unaudited condensed consolidated financial statements.

Adjusted EBITDA increased in the fourth quarter and full year of 2021 due to increased sales and gross margin achieved through market share growth, strong agriculture fundamentals and expansion in South America. Gross margin increases were supported by strategic procurement of crop nutrients and crop protection products in a rising price environment and a 22 percent increase in proprietary product related gross margin. Retail cash operating coverage ratio¹ declined to 58 percent in 2021 due to significantly higher gross margin.
Crop nutrients sales increased in the fourth quarter and full year of 2021 due to record sales volumes and higher selling prices. Gross margin per tonne increased by $31 per tonne in 2021 due to strategic purchasing in a rising price environment and higher proprietary product sales.
Crop protection products sales increased in the fourth quarter and full year of 2021 due to market share growth, higher prices and increased proprietary product sales across all geographies, especially in Australia where uptake by customers was exceptional. The reliability of our supply chain, growth in proprietary product contribution and strategic procurement supports our ability to deliver on strong grower demand throughout the year.
Seed sales increased in the fourth quarter primarily due to significant organic growth achieved in South America and Australia following recent expansion initiatives and acquisitions. Gross margin percentage decreased in the fourth quarter due to the timing and mix of seed sales in the US. Seed sales for the full year of 2021 increased in all key regions where we operate due to higher planted acreage, higher prices and significant organic growth in South America. Gross margin percentage for 2021 increased due to price increases, including from our proprietary product.
Merchandise sales increased in the fourth quarter and full year of 2021 primarily driven by strong grower and rancher purchasing in Australia.
Nutrien Financial sales increased in the fourth quarter and full year of 2021 due to higher utilization and adoption of our programs. At the end of the fourth quarter of 2021 net receivables in the programs were $2.2 billion, an increase of $0.8 billion compared to the same period in 2020, while credit loss was minimal in 2021 and 2020 due to strong credit evaluation and collection as well as favorable market conditions this past year.
Services and other sales decreased in the fourth quarter and full year of 2021 compared to the same periods in 2020 due to the divestiture of an Australian livestock export business in the fourth quarter of 2020, which more than offset increases in other Australian services and higher US custom application sales. Despite the change in revenue mix, gross margin increased and the impact to gross margin percentage was favorable for both the fourth quarter and full year of 2021.

1 This financial measure is a non-IFRS financial measure. See the "Non-IFRS Financial Measures" section for further information

Potash

	Three Months Ended December 31
(millions of US dollars, except	Dollars			Tonnes (thousands)			Average per Tonne
as otherwise noted)	2021	2020	% Change	2021	2020	% Change	2021	2020	% Change
Manufactured product
Net sales
North America	497	199	150	1,002	1,041	(4)	494	192	157
Offshore	923	251	268	2,054	1,613	27	450	156	188
	1,420	450	216	3,056	2,654	15	465	170	174
Cost of goods sold	305	305	‐				100	116	(14)
Gross margin – total	1,115	145	669				365	54	576
Expenses ¹	179	49	265	Depreciation and amortization			38	46	(17)
EBIT	936	96	875	Gross margin excluding depreciation
Depreciation and amortization	117	123	(5)	and amortization – manufactured ³			403	100	302
EBITDA	1,053	219	381	Potash cash cost of product
Adjustments ²	‐	1	(100)	manufactured ³			70	71	(1)
Adjusted EBITDA	1,053	220	379
1 Includes provincial mining taxes of $173 million (2020 – $40 million).
2 See Note 2 to the unaudited condensed consolidated financial statements.
3 These are non-IFRS financial measures. See the "Non-IFRS Financial Measures" section.

	Twelve Months Ended December 31
(millions of US dollars, except	Dollars			Tonnes (thousands)			Average per Tonne
as otherwise noted)	2021	2020	% Change	2021	2020	% Change	2021	2020	% Change
Manufactured product
Net sales
North America	1,638	908	80	5,159	4,815	7	317	189	68
Offshore	2,398	1,238	94	8,466	8,009	6	283	155	83
	4,036	2,146	88	13,625	12,824	6	296	167	77
Cost of goods sold	1,285	1,183	9				94	92	2
Gross margin – total	2,751	963	186				202	75	169
Expenses ¹	512	248	106	Depreciation and amortization			36	35	2
EBIT	2,239	715	213	Gross margin excluding depreciation
Depreciation and amortization	488	452	8	and amortization – manufactured			238	110	116
EBITDA	2,727	1,167	134	Potash cash cost of product
Adjustments ²	9	23	(61)	manufactured			63	59	7
Adjusted EBITDA	2,736	1,190	130
1 Includes provincial mining taxes of $466 million (2020 – $201 million).
2 See Note 2 to the unaudited condensed consolidated financial statements.

Adjusted EBITDA increased in the fourth quarter and full year of 2021 due to higher net realized selling prices and record sales volumes attributed to our ability to increase production by nearly 1 million tonnes.
Sales volumes were a record for the fourth quarter as we surged production to meet strong global demand and very tight global supply. We achieved this despite weather-related issues that temporarily impacted rail deliveries. North America and Offshore sales volumes in the full year of 2021 were the highest on record underpinned by the reliable supply from our flexible, low-cost network of six mines and integrated transportation and logistics system.
Net realized selling price increased in the fourth quarter and full year of 2021 due to strong global demand supported by higher crop prices, impacts to global supply caused by competitor outages and project delays as well as uncertainty regarding future sanctions on Belarus.
Cost of goods sold per tonne decreased in the fourth quarter due to lower depreciation and amortization compared to the same period of 2020 that was caused by production mix and timing of maintenance projects. Cost of goods sold per tonne increased for the full year of 2021 primarily due to higher royalties resulting from increased selling prices, a stronger Canadian dollar and cost inflation for energy and other inputs.

Canpotex Sales by Market

(percentage of sales volumes, except as	Three Months Ended December 31			Twelve Months Ended December 31
otherwise noted)	2021	2020	Change	2021	2020	Change
Latin America	37	31	6	38	32	6
Other Asian markets ¹	34	24	10	35	25	10
China	12	21	(9)	11	22	(11)
Other markets	11	7	4	10	7	3
India	6	17	(11)	6	14	(8)
	100	100		100	100
1 All Asian markets except China and India.

Nitrogen

	Three Months Ended December 31
(millions of US dollars, except	Dollars				Tonnes (thousands)				Average per Tonne
as otherwise noted)	2021	2020	% Change		2021	2020	% Change		2021	2020	% Change
Manufactured product
Net sales
Ammonia	519	157		231	790	730		8	656	216		204
Urea	552	230		140	824	853		(3)	670	270		148
Solutions, nitrates and sulfates	385	168		129	1,221	1,262		(3)	316	133		138
	1,456	555		162	2,835	2,845		‐	514	195		164
Cost of goods sold	725	460		58					256	162		58
Gross margin – manufactured	731	95		669					258	33		682
Gross margin – other ¹	23	17		35	Depreciation and amortization				52	51		2
Gross margin – total	754	112		573	Gross margin excluding depreciation
Income	(2)	(254)		(99)	and amortization – manufactured ³				310	84		268
EBIT	756	366		107	Ammonia controllable cash cost of
Depreciation and amortization	148	146		1	product manufactured ³				45	40		13
EBITDA	904	512		77
Adjustments ²	17	(246)		n/m
Adjusted EBITDA	921	266		246
1 Includes other nitrogen (including ESN® and Rainbow) and purchased products and comprises net sales of $193 million (2020 – $114 million) less cost of goods sold of $170 million (2020 – $97 million).
2 See Note 2 to unaudited condensed consolidated financial statements.
3 These are non-IFRS financial measures. See the "Non-IFRS Financial Measures" section.

	Twelve Months Ended December 31
(millions of US dollars, except	Dollars				Tonnes (thousands)				Average per Tonne
as otherwise noted)	2021	2020	% Change		2021	2020	% Change		2021	2020	% Change
Manufactured product
Net sales
Ammonia	1,393	621		124	2,919	2,778		5	477	224		113
Urea	1,463	933		57	3,059	3,475		(12)	478	268		78
Solutions, nitrates and sulfates	1,128	668		69	4,747	4,713		1	238	142		68
	3,984	2,222		79	10,725	10,966		(2)	371	203		83
Cost of goods sold	2,353	1,804		30					219	165		33
Gross margin - manufactured	1,631	418		290					152	38		300
Gross margin – other ¹	95	57		67	Depreciation and amortization				52	55		(5)
Gross margin – total	1,726	475		263	Gross margin excluding depreciation
Income	(3)	(225)		(99)	and amortization – manufactured				204	93		120
EBIT	1,729	700		147	Ammonia controllable cash cost of
Depreciation and amortization	557	599		(7)	product manufactured				50	43		16
EBITDA	2,286	1,299		76
Adjustments ²	22	(219)		n/m
Adjusted EBITDA	2,308	1,080		114
1 Includes other nitrogen (including ESN® and Rainbow) and purchased products and comprises net sales of $705 million (2020 – $518 million) less cost of goods sold of $610 million (2020 – $461 million).
2 See Note 2 to unaudited condensed consolidated financial statements.

Adjusted EBITDA increased in the fourth quarter and full year of 2021 primarily due to higher net realized selling prices, which more than offset higher natural gas costs.
Sales volumes decreased slightly in the fourth quarter and full year of 2021 due to more planned plant turnaround activity, temporary production outages and lower inventory volumes at the beginning of 2021 compared to the same period in 2020. Ammonia operating rates reached 97 percent in the fourth quarter and 90 percent for the full year of 2021.
Net realized selling price in the fourth quarter and full year of 2021 was higher due to higher benchmark prices resulting from the strength in global demand and tight global supply caused by production outages and higher energy prices in key nitrogen exporting regions.
Cost of goods sold per tonne increased during the fourth quarter and full year of 2021 primarily due to higher natural gas costs.

Natural Gas Prices in Cost of Production

	Three Months Ended December 31			Twelve Months Ended December 31
(US dollars per MMBtu, except as otherwise noted)	2021	2020	% Change	2021	2020	% Change
Overall gas cost excluding realized derivative impact	6.43	2.71	137	4.60	2.31	99
Realized derivative impact	(0.03)	0.03	n/m	0.01

Nutrien Delivers Record Results and Expects Continued Growth in 2022