Canada's Nutrien Q2 Adjusted EBITDA misses estimates on retail segment pressure

Nutrien

05/08/2026 22:12

Overview
Canada fertilizer producer's Q2 revenue rose 4% yr/yr, beating analyst expectations
Adjusted EPS and adjusted EBITDA for Q2 missed analyst expectations
Company raised potash sales volume guidance and lowered capital expenditures outlook

Outlook
Nutrien raised potash sales volume guidance to 14.2-14.8 mln tonnes for 2026
Company lowered capital expenditures guidance to $1.95-$2.05 bln for 2026
Nutrien expects retail adjusted EBITDA of $1.75-$1.95 bln for 2026

Result Drivers
RETAIL SEGMENT PRESSURE - Retail adjusted EBITDA fell in Q2 due to lower crop nutrient sales volumes and higher fuel costs, partially offset by higher proprietary products margins and strong livestock market in Australia
POTASH SALES VOLUME - Potash segment benefited from higher global benchmark prices and record sales volumes, supported by strong operational and supply chain execution, though higher provincial mining taxes partially offset gains
NITROGEN SEGMENT MIXED - Nitrogen adjusted EBITDA decreased in Q2 due to lower sales volumes, but was supported by higher global benchmarks and lower natural gas costs

Company press release: ID:nBw2ydYgKa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Sales
Beat
$10.81 bln
$10.30 bln (5 Analysts)
Q2 Adjusted EPS
Miss
$2.61
$2.71 (14 Analysts)
Q2 EPS
 
$2.53
 
Q2 Net Income
 
$1.22 bln
 
Q2 Adjusted EBITDA
Miss
$2.43 bln
$2.53 bln (15 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the agricultural chemicals peer group is "buy"
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
Aug 4 - Mosaic posts Q2 decline in revenue, swings to net loss on lower sales volumes
Aug 5 - CF Industries Q2 sales miss estimates as nitrogen volumes fall
Aug 4 - Intrepid Potash Q2 sales nearly flat amid softer demand

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)