Nutrien Ltd. (NTR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'agriculture mondiale, Nutrien Ltd. (NTR) émerge comme une puissance transformatrice, révolutionnant comment les agriculteurs abordent la nutrition des cultures et les pratiques agricoles durables. En intégrant de manière transparente des technologies de pointe, des offres de produits complètes et des partenariats stratégiques, Nutrien a conçu un modèle commercial sophistiqué qui relève les défis complexes de l'agriculture moderne. Leur approche innovante s'étend sur les solutions d'agriculture de précision aux réseaux de distribution mondiaux, les positionnant comme un acteur pivot pour nourrir la population croissante du monde tout en défendant l'intendance environnementale et le progrès technologique.

Nutrien Ltd. (NTR) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les détaillants agricoles du monde entier

Nutrien maintient des partenariats stratégiques avec plus de 2 000 détaillants agricoles dans le monde, notamment:

Type de partenaire	Nombre de partenariats	Portée géographique
Détaillants nord-américains	1,200	Canada et États-Unis
Détaillants internationaux	800	Amérique latine, Europe, Asie

Coentreprises avec des fabricants mondiaux d'engrais et de nutrition des cultures

Nutrien a établi des coentreprises avec des fabricants clés:

• Canpotex Limited - coentreprise d'exportation en potasse
• Profertil S.A. - Partenariat de production d'arrosage argentin
• Sinofert Holdings Limited - Collaboration de distribution chinoise des engrais

Partenariats technologiques avec les sociétés d'agriculture de précision

Partenaire technologique	Domaine de mise au point	Investissement
Réseau d'activité des agriculteurs	Plate-forme d'agriculture numérique	250 millions de dollars
Planétaire	Technologie d'imagerie par satellite	75 millions de dollars

Accords de recherche collaborative avec les universités agricoles

• Université de la Saskatchewan - Centre de recherche sur les cultures
• Iowa State University - Programme d'agriculture durable
• Université de Californie Davis - Innovation agricole de précision

Partenariats de la chaîne d'approvisionnement avec les fournisseurs de transport et de logistique

Partenaire de logistique	Type de service	Volume de transport annuel
Chemin de fer canadien du Pacifique	Fret ferroviaire	4,2 millions de tonnes métriques
Ligne Maersk	Fret océan	1,8 million de tonnes métriques
J.B. Hunt Transport Services	Transport de camions	2,5 millions de tonnes métriques

Nutrien Ltd. (NTR) - Modèle d'entreprise: activités clés

Production d'engrais en potasse, azote et phosphate

Nutrien exploite 16 mines de potasse en Saskatchewan, au Canada, avec une capacité de production annuelle de 23 millions de tonnes. Les installations de production d'azote de la société comprennent 4 sites de fabrication majeurs avec une capacité annuelle de 6,5 millions de tonnes. La production de phosphate se produit dans 3 installations d'une capacité annuelle de 2,3 millions de tonnes.

Type d'engrais	Installations de production	Capacité annuelle (tonnes)
Potasse	16	23,000,000
Azote	4	6,500,000
Phosphate	3	2,300,000

Nutrition des cultures et services de vente au détail agricole

Nutrien exploite 2 000 emplacements de vente au détail en Amérique du Nord, desservant environ 500 000 agriculteurs. Le réseau de vente au détail fournit:

• Entrées et fournitures agricoles
• Services d'essais des sols
• Conseil agronomique
• Recommandations de protection des cultures

Distribution et marketing des produits agricoles

La société gère un réseau de distribution mondial couvrant 14 pays, avec des ventes annuelles de produits agricoles de 27,4 milliards de dollars en 2022. Les canaux de distribution comprennent:

• Ventes d'agriculteurs directs
• Distribution de gros
• Marchés d'exportation internationaux

Développement de la technologie de l'agriculture de précision

Nutrien investit 150 millions de dollars par an dans les technologies d'agriculture numérique. Les plates-formes technologiques clés comprennent:

• Nutrien Ag Solutions Plateforme numérique
• Logiciel de gestion des cultures avancées
• Systèmes d'imagerie par satellite et de surveillance des cultures

Recherche et mise en œuvre des solutions agricoles durables

La société a engagé 500 millions de dollars dans les initiatives de durabilité, en se concentrant sur:

• Programmes de séquestration en carbone
• Technologies d'engrais à l'émission réduite
• Recherche d'agriculture régénérative

Domaine de mise au point de la durabilité	Investissement
Investissement total de durabilité	$500,000,000
Cible de réduction du carbone	20% d'ici 2030

Nutrien Ltd. (NTR) - Modèle d'entreprise: Ressources clés

De vastes réserves minérales et installations de production

Nutrien exploite 20 mines de potasse dans la Saskatchewan, au Canada, avec une capacité de production annuelle totale de 23 millions de tonnes. La société possède 4 installations de production d'azote et 6 installations de phosphate à travers l'Amérique du Nord.

Type de ressource	Quantité	Emplacement
Mines potasse	20	Saskatchewan, Canada
Installations de production d'azote	4	Amérique du Nord
Installations de phosphate	6	Amérique du Nord

Technologie agricole avancée et plateformes numériques

Les plates-formes numériques de Nutrien comprennent:

• Market numérique nutrien
• Intégration du réseau commercial des agriculteurs
• Solutions numériques de Winfield United

Réseau mondial de distribution et de logistique

Nutrien conserve un réseau de distribution mondial avec:

• Plus de 2 000 emplacements de détail dans le monde
• Infrastructure de transport à travers l'Amérique du Nord
• Chaîne d'approvisionnement mondiale reliant plus de 40 pays

Travail qualifié avec expertise agricole

En 2023, Nutrien emploie environ 22 500 travailleurs dans plusieurs pays, avec une expertise importante en sciences agricoles et technologies.

Capacités financières et investissements solides

Métrique financière	Valeur 2023
Actif total	37,8 milliards de dollars
Revenus annuels	30,7 milliards de dollars
Capitalisation boursière	24,5 milliards de dollars

Nutrien Ltd. (NTR) - Modèle d'entreprise: propositions de valeur

Solutions agricoles complètes pour les agriculteurs

Nutrien fournit des solutions agricoles intégrées avec le portefeuille de produits suivant:

Catégorie de produits	Revenus annuels (2023)	Part de marché
Nutriments cultivés	16,4 milliards de dollars	20% du marché mondial
Protection contre les cultures	3,2 milliards de dollars	15% du marché mondial
Solutions de semences	1,8 milliard de dollars	10% du marché mondial

Nutrition des cultures et engrais de haute qualité

La gamme de produits comprend:

• Engrais d'azote: 23,1 millions de tonnes métriques Production annuelle
• Engrais de phosphate: 8,7 millions de tonnes métriques Production annuelle
• Engrais en potasse: 22,5 millions de tonnes métriques Production annuelle

Technologies d'agriculture de précision avancée

Technologie	Investissement (2023)	Utilisateurs de plate-forme numérique
Plate-forme d'agriculture numérique	287 millions de dollars	Plus de 500 000 agriculteurs
Outils agricoles de précision	132 millions de dollars	250 000 utilisateurs actifs

Pratiques agricoles durables et gestion environnementale

Mesures de durabilité:

• Cible de réduction du carbone: 30% d'ici 2030
• Portfolio de produits durables: 42% de la gamme totale de produits
• Initiatives de conservation de l'eau: 78 millions de dollars investis

Services intégrés de la chaîne d'approvisionnement agricole

Service	Volume de transaction annuel	Portée géographique
Distribution de détail	14,6 milliards de dollars	Amérique du Nord, Australie, Amérique du Sud
Réseau logistique	85 millions de tonnes métriques	16 pays

Nutrien Ltd. (NTR) - Modèle d'entreprise: relations avec les clients

Services de conseil agricole personnalisés

Nutrien fournit des services de conseil agricole directs grâce à son réseau de plus de 2 000 agronomes en Amérique du Nord. En 2023, la société a géré des consultations agricoles pour environ 500 000 agriculteurs, offrant des recommandations personnalisées de gestion des cultures.

Catégorie de service	Nombre d'agriculteurs servis	Interactions consultatives
Conseil en nutrition des cultures	350,000	1,2 million d'interactions
Agriculture de précision	150,000	480 000 consultations

Plateformes numériques pour la sélection des produits et la gestion de la ferme

La plate-forme numérique de Nutrien, Nutrien Digital Agriculture, dessert plus de 125 000 utilisateurs actifs à partir de 2023. La plate-forme fournit des outils d'analyse de données en temps réel et de gestion de la ferme.

• Téléchargements d'applications mobiles: 87 000
• Acres de gestion des cultures numériques suivis: 22 millions
• Engagement moyen des utilisateurs: 45 minutes par semaine

Support client à long terme et consultation

Nutrien entretient des relations à long terme grâce à une gestion dédiée des comptes, avec 85% des clients agricoles de haut niveau ayant des relations supérieures à 5 ans.

Segment de clientèle	Durée moyenne des relations	Taux de rétention annuel
Grandes fermes commerciales	7,2 ans	92%
Fermes de taille moyenne	5,5 ans	88%

Formation et ressources éducatives pour les agriculteurs

Nutrien organise des programmes de formation des agriculteurs complets, offrant 12 000 sessions éducatives en 2023 couvrant la gestion des cultures, l'intégration technologique et les pratiques agricoles durables.

• Participants du webinaire en ligne: 48 000
• Événements de formation en personne: 1 200
• Modules de formation numérique: 76 cours uniques

Programmes de fidélité et incitations basées sur le volume

Le programme de fidélité de Nutrien couvre 68% de sa clientèle, les incitations basées sur le volume stimulant la rétention de la clientèle et augmentant les achats.

Tier du programme de fidélité	Couverture client	Valeur d'incitation annuelle moyenne
Niveau de platine	12%	$45,000
Niveau d'or	26%	$22,500
Niveau argenté	30%	$11,250

Nutrien Ltd. (NTR) - Modèle d'entreprise: canaux

Magasins de vente au détail directs directs

Nutrien exploite plus de 2 000 emplacements de vente au détail à travers l'Amérique du Nord, avec:

Région	Nombre de magasins	Volume des ventes annuelles
Canada	700	4,2 milliards de dollars
États-Unis	1,300	7,8 milliards de dollars

Plateformes de commerce électronique en ligne

Plateformes numériques de Nutrien en 2024:

• Ventes en ligne annuelles: 1,5 milliard de dollars
• Utilisateurs de plate-forme numérique: 250 000 agriculteurs
• Taux d'achèvement des transactions: 87%

Applications mobiles pour la gestion de la ferme

Caractéristiques des applications mobiles de Nutrien:

Fonctionnalité d'application	Métriques des utilisateurs
Total des téléchargements d'applications	425,000
Utilisateurs actifs mensuels	187,000
Durée moyenne de la session	14,3 minutes

Salons et expositions agricoles

Participation de l'exposition de Nutrien:

• Événements annuels du salon: 42
• Investissement total de l'exposition: 3,6 millions de dollars
• Génération de leads par événement: 650 clients potentiels en moyenne

Outils de marketing numérique et d'engagement client

Métriques de performance du marketing numérique:

Canal	Atteindre	Taux d'engagement
Liendin	185 000 abonnés	4.2%
Gazouillement	95 000 abonnés	3.7%
Youtube	65 000 abonnés	2.9%

Nutrien Ltd. (NTR) - Modèle d'entreprise: segments de clientèle

Agriculteurs commerciaux à grande échelle

Nutrien dessert environ 500 000 opérations agricoles commerciales à grande échelle dans le monde. Ces clients représentent 65% des revenus agricoles totaux de l'entreprise, avec une valeur d'achat annuelle moyenne de 1,2 million de dollars par client.

Caractéristiques du segment	Données statistiques
Total des clients à grande échelle	500,000
Valeur d'achat annuelle moyenne	$1,200,000
Contribution des revenus	65%

Opérations agricoles petites à moyennes

Nutrien cible environ 1,2 million d'opérations agricoles petites et moyennes, ce qui représente 25% de leur clientèle.

• Valeur d'achat annuelle moyenne: 250 000 $
• Couverture géographique: Amérique du Nord, Amérique du Sud, Australie
• Contribution des revenus du segment: 3,4 milliards de dollars par an

Coopératives agricoles mondiales

Nutrien dessert 2 300 coopératives agricoles dans le monde, avec un volume d'achat total de 5,6 milliards de dollars en 2023.

Détails du segment coopératif	Métrique
Les coopératives totales servies	2,300
Volume d'achat annuel	$5,600,000,000

Entreprises agricoles du marché émergent

Nutrien a élargi ses segments de clients pour inclure 18 000 entreprises agricoles de marché émergentes dans 12 pays.

• Taux de croissance de la clientèle du marché émergent: 12% par an
• Investissement total dans les segments de marché émergents: 780 millions de dollars
• Pays ciblés: Brésil, Inde, Argentine, Chine

Entreprises agricoles durables et biologiques

Nutrien soutient 45 000 entreprises agricoles durables et biologiques, avec des gammes de produits et des services dédiés.

Segment agricole durable	Points de données
Clients agricoles durables totaux	45,000
Des gammes de produits durables dédiées	37
Revenus annuels du segment durable	$1,200,000,000

Nutrien Ltd. (NTR) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en matières premières

Au cours de l'exercice 2022, les dépenses d'approvisionnement en matières premières de Nutrien pour la production de potasse, d'azote et de phosphate étaient de 4,8 milliards de dollars. La société s'approvisionne des matières premières clés des fournisseurs mondiaux dans plusieurs régions.

Catégorie de matières premières	Coût d'achat annuel
Achat de potasse	1,9 milliard de dollars
Matières premières azotées	1,6 milliard de dollars
Approvisionnement en phosphate	1,3 milliard de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales de Nutrien en 2022 ont atteint 5,2 milliards de dollars, couvrant la production dans plusieurs installations.

• Coûts de production de potasse: 2,1 milliards de dollars
• Coûts de production d'azote: 1,8 milliard de dollars
• Coûts de production de phosphate: 1,3 milliard de dollars

Investissements de recherche et développement

Nutrien a alloué 312 millions de dollars à la recherche et au développement en 2022, en se concentrant sur la technologie agricole et les solutions agricoles durables.

Dépenses de distribution et logistique

Les coûts totaux de distribution et de logistique pour 2022 étaient de 1,5 milliard de dollars, notamment le transport, la gestion des entrepôts et les opérations mondiales de la chaîne d'approvisionnement.

Catégorie de dépenses logistiques	Coût annuel
Transport	875 millions de dollars
Entrepôts	425 millions de dollars
Gestion mondiale de la chaîne d'approvisionnement	200 millions de dollars

Coûts opérationnels de marketing et de vente

Les frais de marketing et de vente pour Nutrien ont totalisé 687 millions de dollars en 2022, couvrant les stratégies mondiales du marché agricole et l'engagement client.

• Investissements en marketing numérique: 142 millions de dollars
• Opérations de la force de vente: 365 millions de dollars
• Gestion de la relation client: 180 millions de dollars

Nutrien Ltd. (NTR) - Modèle d'entreprise: Strots de revenus

Ventes de produits engrais

Revenus de ventes totales d'engrais pour 2022: 13,5 milliards de dollars

Segment des engrais	Revenus (2022)
Potasse	4,2 milliards de dollars
Azote	3,8 milliards de dollars
Phosphate	2,5 milliards de dollars

Solutions de nutrition des cultures

Revenus de solution annuelle de nutrition des cultures: 5,7 milliards de dollars

• Solutions d'agriculture de précision: 780 millions de dollars
• Mélange d'engrais personnalisé: 1,2 milliard de dollars
• Produits de protection des cultures: 1,6 milliard de dollars

Services de vente au détail agricole

Revenus de services de vente au détail en 2022: 7,3 milliards de dollars

Catégorie de service de vente au détail	Revenu
Ventes de l'offre agricole	4,5 milliards de dollars
Protection des graines et des cultures	2,1 milliards de dollars
Ventes d'équipement	700 millions de dollars

Abonnements de la technologie et de la plate-forme numérique

Revenus de plate-forme numérique: 245 millions de dollars

• Abonnements à la plate-forme numérique de fermier: 120 millions de dollars
• Services de données agronomiques: 85 millions de dollars
• Logiciel d'agriculture de précision: 40 millions de dollars

Frais de conseil et de conseil

Revenus de consultation totaux: 312 millions de dollars

Type de service consultatif	Revenu
Conseil de gestion des cultures	165 millions de dollars
Avis de santé des sols	87 millions de dollars
Services de mise en œuvre de la technologie	60 millions de dollars

Nutrien Ltd. (NTR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why growers and the global market choose Nutrien Ltd. for their essential inputs, and the numbers back up the scale of that commitment.

Integrated supply chain: Producer-to-farmer model for efficiency and reliability.

Nutrien Ltd. operates as the world's largest soft rock miner and potash producer, which means the control over the product starts right at the source. This integration is visible in the operational scale; for instance, the company has 6 low-cost potash mines located in Saskatchewan. To move this product, the network includes approximately 5,800 owned or leased railcars in its North American transportation and distribution system. This producer-to-farmer pipeline supports the Retail segment, which is a major value delivery point; the guidance for Retail adjusted EBITDA for the full year 2025 is set between $1.65 billion and $1.85 billion.

The efficiency of this model is reflected in the segment performance data. For the first nine months of 2025, the Retail segment contributed an adjusted EBITDA of $1,425 million. The company's focus on high-value investments, like proprietary products, is key here, as the proprietary products gross margin for Q3 2025 rose to $268 million.

Metric	Value (2025 Data)	Source Context
Potash Sales Volume Guidance (2025)	14.0 - 14.5 million tonnes	Company's updated annual operational guidance
Retail Adjusted EBITDA Guidance (2025)	$1.65 - $1.85 billion	Full-year financial outlook
Q3 2025 Potash Adjusted EBITDA	$733 million	Quarterly financial performance
North American Railcars Owned/Leased	~5,800	Key component of the distribution network

Global supply security: Ramping up potash capacity to stabilize global markets.

Nutrien Ltd.'s scale is a direct value proposition for global supply stability, especially given market disruptions. The company had previously announced plans to ramp up its annual potash production capacity to 18 million tonnes per year by 2025. While the 2025 sales volume guidance is set between 13.9 and 14.5 million tonnes, the company is also maintaining its global shipment forecast for 2025 at 73 million to 75 million tonnes. This commitment to high-volume output helps anchor global availability. For context on pricing power derived from this supply position, the average net selling price for potash in Q3 2025 reached $277 per tonne.

Agronomic expertise: Local advice and digital tools for maximizing crop yield.

The value extends beyond just moving tons of fertilizer; it's about applying it right. This is where the Retail segment's focus on grower solutions comes in. The company supports this with programs like the Carbon Program, which has already seen strong adoption, exceeding its initial targets with more than 200,000 pilot acres across Canada and the US. This demonstrates the real-world application of their science and technology advice. The focus on proprietary products within the Retail segment is also a key differentiator for yield maximization.

Here are some key metrics showing the segment's financial contribution tied to these services:

• Proprietary products gross margin in Q3 2025 was $268 million.
• Crop nutrients gross margin per tonne saw a 7% improvement in Q3 2025 year-over-year.
• The company achieved a 98% ammonia operating rate in Q1 2025, showing production reliability that feeds the advice chain.

Sustainable solutions: Advancing clean ammonia and environmental stewardship.

Nutrien Ltd. is positioning itself as a leader in decarbonization, which is a critical value proposition for future-focused agriculture and industry. The company is the third-largest ammonia producer globally, with existing low-carbon capability around 1 million tonnes. A major step is the planned clean ammonia facility in Geismar, Louisiana, which is a roughly US$2 billion project. This plant is designed to produce 1.2 million metric tonnes of low-carbon ammonia annually, utilizing technology aimed at achieving a minimum 90% reduction in Carbon Dioxide emissions. Furthermore, the company has a commitment to reduce its Scope 1 and 2 GHG emissions intensity by 30% by 2030 as part of its Feeding the Future Plan.

Financial services: Nutrien Financial offerings to help growers manage working capital.

To help growers manage the capital needed for high-input farming, Nutrien Financial provides tailored credit. Their model emphasizes fixed payment structures, low rates, and flexible cash management. The company's overall financial backing is substantial; as of June 30, 2025, Nutrien utilized $1,934 million of its total $4,500 million unsecured revolving term credit facility. The performance of the financing arm is closely watched, with metrics like the Retail Cash Operating Coverage Ratio used by rating agencies to evaluate its financial health. For example, the Retail segment's proprietary products gross margin in Q1 2025 was $153 million, which is directly supported by these financing options.

You can see the scale of the financing support through these figures:

• The company is exploring ways to simplify its portfolio to enhance free cash flow, which supports the capital available for grower financing.
• Early Season Seed Financing offers rates as low as 1% to 1.9% APR.
• The portfolio of receivables is monitored and serviced by Nutrien Financial across rolling quarters, such as the four quarters ended March 31, 2025.

Finance: draft 13-week cash view by Friday.

Nutrien Ltd. (NTR) - Canvas Business Model: Customer Relationships

You're looking at how Nutrien Ltd. (NTR) keeps its massive customer base engaged and buying, especially when markets are swinging around. It's a mix of boots-on-the-ground expertise and digital tools.

The foundation of their relationship strategy rests on their sheer scale in the field. Nutrien Ltd.'s retail network supports over 600,000 customer accounts worldwide. This scale allows for dedicated, high-touch service through local retail agronomists and sales staff who are right there with the growers.

Also, the digital side is clearly a focus area, with capital expenditures including investment earmarked for digital capabilities in Retail. While specific 2025 adoption rates aren't given, the company is noted as gaining from the growing adoption of its digital platform. Historically, the Nutrien online digital portal saw more than $1 billion in sales in the first three quarters of 2020, showing a proven track record for digital self-service and data-driven recommendations.

For the big international moves, strategic relationships are key. The settlement of contracts with major offshore customers, specifically mentioning India and China in June, supported demand expectations for the second half of 2025. This is reflected in the reported higher offshore sales volumes in the third quarter and first nine months of 2025, which contributed to Potash adjusted EBITDA increasing to $1.8 billion in the first nine months of 2025.

Financial support is a direct relationship builder. Nutrien Financial offers customized financial services, including special promotional offers like early-season seed financing ranging from 1% to 1.9% APR. This pairing of agronomic and financial expertise helps growers manage cash flow objectives throughout the cycle.

Building trust means showing up with product when needed, which is where operational reliability comes in. The company delivered structural earnings growth in the first nine months of 2025 through record upstream fertilizer sales volumes and improved reliability. You can see this commitment in the performance metrics:

Metric	Value (First Nine Months 2025)	Context
Retail Adjusted EBITDA	$1.4 billion	Driven by cost savings and higher proprietary product margins
Potash Sales Volume Guidance (2025 Full Year)	14.0-14.5 million tonnes	Raised guidance due to strong demand
Record Ammonia Operating Rate	94 percent	Achieved through improved reliability at sites

The focus on operational excellence helps Nutrien Ltd. be a defintely reliable supplier even when markets are volatile. They are using their world-class asset base to efficiently supply customers with the products they need.

Here are some of the key relationship touchpoints:

• Supporting over 600,000 customer accounts.
• Retail adjusted EBITDA reached $1.4 billion in the first nine months of 2025.
• Financing offers as low as 1% APR for seed products.
• Potash sales volume guidance increased to 14.0-14.5 million tonnes for 2025.
• Investments in digital capabilities for the Retail segment.

Finance: draft 13-week cash view by Friday.

Nutrien Ltd. (NTR) - Canvas Business Model: Channels

The distribution of Nutrien Ltd.'s crop inputs and services relies on a vast, multi-faceted physical and digital network designed to reach growers globally.

Global Retail Network: Nutrien Ag Solutions® provides full-acre solutions through a network of trusted crop consultants at more than 1,700 global locations. This network spans North America, South America, and Australia. As of late October 2025, the United States segment alone accounted for 1,016 Nutrien Ag Solutions locations, with Illinois having the highest concentration at 113 locations. In Canada, there were 293 locations as of the same date, with Saskatchewan hosting 142 of those. This physical footprint is a core channel for product delivery and service consultation.

Geographic Area	Number of Locations (as of late 2025)	Top Province/State Concentration	Concentration Count
Global Retail Network	More than 1,700	N/A	N/A
United States	1,016	Illinois	113
Canada	293	Saskatchewan	142

Canpotex: The exclusive offshore export channel for potash operates at a massive scale, with Nutrien Ltd. maintaining its 2025 full-year global potash shipment forecast between 73 to 75 million tonnes as of the third quarter of 2025. This scale is expected to grow, with a forecast of 74 to 77 million tonnes for 2026.

Wholesale distribution to industrial customers and other fertilizer blenders: While the retail segment is highly visible, the wholesale channel supports the upstream production. The Retail segment generated an adjusted EBITDA of $1.4 billion in the first nine months of 2025, reflecting the overall strength and reach of the downstream distribution system, which includes wholesale activities.

Digital platforms and mobile apps for e-commerce and agronomic data: Nutrien Ltd. is actively investing in this channel. Capital expenditures in the first quarter of 2025 included approximately $400 to $500 million focused on proprietary products, network optimization, and digital capabilities in Retail.

Extensive rail, port, and warehouse infrastructure for product movement: The physical logistics backbone is undergoing significant strategic shifts. Nutrien Ltd. announced plans to invest US$1 billion to build a new export terminal in Longview, Washington, with finalization expected in 2027. This move is a direct response to issues like supply chain congestion and infrastructure problems cited at the Port of Vancouver.

You can see the scale of the retail operation through these numbers:

• 1,016 Nutrien Ag Solutions locations in the US as of October 29, 2025.
• 293 Nutrien Ag Solutions locations in Canada as of October 29, 2025.
• Illinois accounts for about 11% of the total US locations.
• Saskatchewan accounts for about 48% of the total Canadian locations.

Nutrien Ltd. (NTR) - Canvas Business Model: Customer Segments

You're looking at the core groups Nutrien Ltd. (NTR) serves to generate its revenue, which was reported at $26.624B for the twelve months ending September 30, 2025.

The company's retail network supports over 600,000 customer accounts worldwide. The overall business serves agricultural, industrial, and feed customers.

North American Farmers/Growers: Core retail customer base.

This segment experienced strong application activity and higher sales of crop nutrient and crop protection products in 2025. For context on the underlying demand drivers, US corn planted area was expected to reach approximately 95 million acres in 2025. For the first nine months of 2025, North American sales were reported at $1.449 billion. Retail adjusted EBITDA guidance for the full year 2025 was set between $1.68 billion and $1.82 billion.

International Farmers/Growers: Served by retail in Australia and South America.

Retail performance in these regions showed mixed results through 2025. In Australia, dry weather impacted crop input sales in the first half of the year. In South America, the first half of 2025 sales were impacted by strategic actions related to a margin improvement plan. Retail adjusted EBITDA for the first half of 2025 was $1.2 billion.

Offshore Commodity Buyers: Governments and large distributors in Asia and Brazil.

This group drives significant upstream sales, particularly for potash. Offshore sales for the first nine months of 2025 rose to $1.75 billion, up from $1.316 billion the prior year. The company increased its 2025 global potash shipment forecast to a range of 73 to 75 million tonnes. Potash sales volume guidance was specifically raised to a range of 14.0-14.5 million tonnes.

Here's a look at the geographic sales distribution for 2024, which informs the current customer base focus:

Geography	2024 Sales Percentage
United States	61%
Australia	14%
Canada	11%
Brazil	Included in Other South America
Other South America	11%

The 2024 geographical breakdown of revenue shows the United States as the dominant market.

Industrial Users: Buyers of nitrogen products like ammonia and urea.

This segment benefits from a rebound in industrial nitrogen use. The company achieved a record ammonia operating rate of 94% through the first nine months of 2025, signaling strong production to meet industrial demand. Nitrogen adjusted EBITDA reached $1.6 billion in the first nine months of 2025.

Emerging Energy Markets: Future buyers of clean ammonia and hydrogen.

While specific 2025 financial figures tied directly to clean energy sales aren't explicitly detailed, the company's focus on operational reliability and efficiency is key to future positioning. The company generated year-to-date adjusted EBITDA of $4.8 billion in the first nine months of 2025.

You should track the strategic review of the Phosphate business, as this could alter the industrial/commodity mix going forward.

Nutrien Ltd. (NTR) - Canvas Business Model: Cost Structure

When you look at Nutrien Ltd.'s cost base, you see a company heavily invested in physical assets, which drives significant fixed costs, balanced by major commodity-linked variable expenses.

High fixed costs from mining and manufacturing assets (Potash, Nitrogen).

The sheer scale of the production facilities means a large portion of costs don't change much, regardless of immediate sales volume. As of the end of fiscal year 2024, the Property, Plant, and Equipment on the balance sheet stood at $22.60B. This asset base underpins the fixed cost structure inherent in mining and large-scale chemical processing.

Significant variable costs for natural gas, a key input for nitrogen production.

Natural gas is a massive lever in the Nitrogen segment's cost of goods sold. For instance, in the first nine months of 2025, the Cost of Goods Sold per tonne for Manufactured Product was $220. The company noted that Cost of goods sold per tonne increased in the first nine months of 2025 due to higher natural gas costs, driven by a higher Henry Hub benchmark. To put that sensitivity in perspective, a $1 change in gas prices can swing the input cost for nitrogen production by $30 - $35 per tonne. The benchmark gas price had risen from $2.35/MMbtu to $3.93/MMbtu since the prior year.

Capital expenditures for 2025 expected between $2.0 and $2.1 billion.

Nutrien Ltd. has been disciplined with its spending. The total capital expenditures guidance for the full year 2025 is expected to be between $2.0 and $2.1 billion. This spending is targeted, with approximately $400 to $500 million allocated for investing capital expenditures.

Logistics and distribution costs (freight, rail, port operations).

While specific logistics costs aren't broken out separately in the high-level results, the scale of movement is evident in the production volumes. For example, Potash sales volumes guidance for 2025 was raised to 14-14.5 million tons. Moving that volume requires significant outlay for freight, rail, and port access, which is embedded within the overall cost structure.

Operating expenses for the vast global retail network.

The Retail segment has a substantial operating cost base, though the company is actively working to reduce it. Operating expenses for Nutrien Ltd. for the twelve months ending September 30, 2025, totaled $23.412B. The Retail segment specifically benefited from cost control, as Retail adjusted EBITDA increased in the first nine months of 2025 due to lower operating expenses from cost savings initiatives. Nutrien anticipates achieving around $200 million of total savings in 2025, and they are ahead of schedule on this goal.

Here's a quick look at some key financial figures relevant to the cost base as of the nine months ended September 30, 2025, or the latest available full-year 2024 data:

Cost Component/Metric	Value (9M 2025 or Latest)	Context/Period
Total Operating Expenses	$23.412B	Twelve Months Ended September 30, 2025
Total Capital Expenditures Guidance	$2.0 to $2.1 billion	Full Year 2025 Guidance
Investing CapEx Allocation	$400 to $500 million	Within 2025 CapEx, focused on growth/optimization
Property, Plant, and Equipment (Fixed Assets Proxy)	$22.60B	As of December 31, 2024
Estimated Total Cost Savings Target	$200 million	Anticipated for Full Year 2025
Nitrogen COGS per Tonne	$220	Nine Months Ended September 30, 2025

You should definitely track the relationship between the fixed asset base and the depreciation/amortization line item, which for Nitrogen alone was $56 million per quarter in the third quarter of 2025. That's a clear fixed overhead you have to cover.

The Retail segment is showing cost discipline, with lower operating expenses contributing to higher adjusted EBITDA in the first nine months of 2025, reaching $1.4 billion. Finance: draft 13-week cash view by Friday.

Nutrien Ltd. (NTR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Nutrien Ltd. brings in cash, which is heavily weighted toward the three primary crop nutrients they produce and the massive retail network they operate. Honestly, the structure shows a clear split between upstream production and downstream distribution.

The revenue streams are segmented by product and service, with the upstream fertilizer segments-Potash and Nitrogen-driving significant earnings, while the Retail segment provides a broad, diversified base.

Here's a breakdown of the key components driving Nutrien Ltd.'s revenue as of late 2025:

• - Sales of Potash: Driven by high volumes and offshore demand, this segment delivered an Adjusted EBITDA of $1.8 billion for the first nine months of 2025.
• - Sales of Nitrogen: This includes ammonia, urea, and solutions, contributing an Adjusted EBITDA of $1.6 billion for the first nine months of 2025.
• - Retail Sales: Covering crop nutrients, crop protection, seed, and services, the 2025 Adjusted EBITDA guidance is set between $1.68 to $1.82 billion.
• - Sales of Phosphate: This division is currently under a strategic review for potential divestiture, with a final decision on its path expected in 2026.
• - Financial and service fees from Nutrien Financial and agronomic services: These internal charges, such as interest and service fees charged by Nutrien Financial to Retail branches, are eliminated for consolidated reporting purposes.

The upstream performance in the first nine months of 2025 was particularly strong, showing how critical global fertilizer dynamics are to Nutrien Ltd.'s bottom line. Offshore demand is definitely taking the lead here.

Revenue Stream Component	Period/Status	Financial Metric/Value
Potash Adjusted EBITDA	First Nine Months 2025	$1.8 billion
Nitrogen Adjusted EBITDA	First Nine Months 2025	$1.6 billion
Retail Adjusted EBITDA	2025 Guidance Range	$1.68 to $1.82 billion
Retail Adjusted EBITDA	First Nine Months 2025	$1.4 billion
Phosphate Segment Reported Value	Reported (2024 context)	Approximately $2.4 billion

Looking closer at the Potash segment for the first nine months of 2025, the shift in sales focus is clear. Offshore sales climbed to $1.75 billion, while North American sales were relatively flat at $1.449 billion. That means international movement now forms the majority of the potash total sales.

For the Retail segment, the third quarter of 2025 showed a strong rebound in segment profitability, with Adjusted EBITDA reaching $230 million, marking a 52% year-over-year increase. This growth was supported by lower operating expenses and higher gross margins on proprietary products.

The Phosphate business, despite being under review, still contributed revenue, with net sales in the third quarter of 2025 rising 20 per cent to US$495 million. For that same quarter, the segment generated $122 million in EBITDA.

The structure also includes internal financial mechanisms. For instance, the reported segment earnings exclude the elimination of interest and service fees charged by Nutrien Financial to the Retail branches, which is a key accounting detail to note when analyzing segment performance.

• Potash Q3 2025 Adjusted EBITDA: $733 million.
• Nitrogen Q3 2025 Adjusted EBITDA: $556 million.
• Retail Q3 2025 Adjusted EBITDA: $230 million.
• Phosphate Q3 YTD 2025 EBITDA: $275 million.

Finance: draft 13-week cash view by Friday.