The Mosaic Company (MOS): Business Model Canvas [Dec-2025 Updated]

You're looking for the hard facts on how The Mosaic Company actually makes its money digging up essential crop nutrients, so let's cut right to it: their 2025 model is a balancing act between massive, low-cost potash mining-guiding production between 9.3-9.5 million tonnes-and scaling up higher-margin Performance Products and their Biosciences platform, which is targeting $70 million in revenue. Honestly, managing that scale while planning $1.2-$1.3 billion in capital expenditures requires a precise playbook, and you can see exactly how they structure their key activities, resources, and revenue streams below.

The Mosaic Company (MOS) - Canvas Business Model: Key Partnerships

You're looking at how The Mosaic Company (MOS) builds value through its external relationships as of late 2025. These aren't just casual vendor links; they are strategic alignments crucial for ESG compliance, operational flow, and market reach. Honestly, the focus on supply chain sustainability is where a lot of the near-term risk management is happening.

The commitment to responsible sourcing is quantified by a major ESG target. The Mosaic Company has a goal to engage suppliers and service providers annually, covering 80% of its total North American procurement and supply chain expenditures. This engagement is specifically designed to assess their performance in key Environmental, Social, and Governance (ESG) areas, including environment, diversity, and human rights. That's a big chunk of spend under a sustainability microscope.

For moving product, operational fluidity is key. The Mosaic Company has started using AppointmentPlus, a cloud-based scheduling solution, with its logistics carriers and service providers. The idea here is simple: encourage carriers to book specific times for inbound shipments so they get priority. This should help decrease trucker wait times and ease congestion onsite. It's a practical step to improve the fluidity of the loading and unloading process.

Social impact partnerships are also front and center, especially in the US. The Mosaic Company Foundation for Sustainable Food Systems, along with the PepsiCo Foundation, is backing the new FarmPath initiative, which Farm Foundation launched on October 13, 2025. This program is designed to support the next generation of agricultural entrepreneurs. The beginning goal is to enroll 300 participants over the program's three-year run, with applications opening in early 2026. This effort directly supports food security and farmer prosperity goals.

Internationally, The Mosaic Company extends its sustainability lens through specific regional partnerships. In Brazil, Mosaic Fertilizantes partnered with the Ethos Institute to strengthen supplier sustainability practices. This capacity-building program used the Ethos Indicators tool to evaluate and improve social responsibility for seven initial Mosaic suppliers. The focus areas for improvement were identified in diversity, supply chain management, and materials. This shows a commitment to scaling ESG values beyond their direct operations.

Then you have the long-standing commercial ties, like those with Cargill and its affiliates. These aren't new; they stem from the original structure of The Mosaic Company. For instance, The Mosaic Company sells fertilizer products to the Cargill AgHorizons Business Unit and other Cargill Companies in places like Brazil and Argentina. Also, a Cargill subsidiary acts as an exclusive agent for certain sales, marketing, and logistics services in Western Canada, earning a commission plus expense reimbursement. To be fair, some of the major restructuring around ownership happened years ago, but the commercial flow continues. For example, in Q1 2025, The Mosaic Company reported expecting approximately 15% growth in Mosaic Fertilizantes 2025 sales volumes, which certainly involves major distribution partners like Cargill in those markets.

Here's a quick look at the structure of these key external relationships:

These partnerships support several operational and strategic pillars for The Mosaic Company:

• Securing supply chain ESG compliance across 80% of North American procurement spend.
• Improving logistics efficiency by mandating scheduled bookings via AppointmentPlus.
• Investing in future farmer viability through the FarmPath program.
• Scaling ESG adoption among Brazilian suppliers via the Ethos Institute.
• Maintaining established sales channels and logistics support through Cargill agreements.

Finance: review the Q2 2025 impact of the Cargill-related sales growth on realized margins by next Tuesday.

The Mosaic Company (MOS) - Canvas Business Model: Key Activities

You're looking at the core engine of The Mosaic Company-what they actually do day-to-day to make those fertilizer sales happen. It's heavy industry, focused on getting rock out of the ground and into the global supply chain, while simultaneously building out a new, high-tech biological business.

Mining and processing of concentrated phosphate and potash crop nutrients.

The primary activity is extracting and upgrading raw materials. This involves significant capital deployment into mining and processing assets across North America and Brazil. For instance, in Q3 2025, phosphate production volumes reached 1.7 million tonnes, marking the third straight quarter of improvement. Potash production was strong too, with Q3 2025 volumes hitting approximately 2.3 million tonnes. The company is clearly pushing volumes, with full-year 2025 potash production guidance set between 9.1 to 9.4 million tonnes. To manage costs in this commodity business, they track conversion costs closely; Potash cash production cost per tonne in Q2 2025 was $178.

Here's a quick look at the recent production output:

The distribution side is also key; Q2 2025 distribution margin per tonne landed in the mid $20s, which is below their normal target range of $30 to $40 per tonne. That's a lever management is definitely watching.

Executing the expanded $250 million cost reduction and value capture program.

The Mosaic Company is actively driving efficiency across its operations. They expanded the initial cost reduction goal, now targeting $250 million in run-rate cost reductions to be achieved by the end of 2026. As of June 30, 2025, they had already realized $161 million in cost savings. That's real money coming off the books.

The sources of these savings are concrete actions you can track:

• Achieved $150 million in initial cost savings as of Q2 2025.
• Of the $161 million realized by mid-2025, $106 million came from the Mosaic Fertilizantes segment.
• The remaining savings focus on supply chain optimization and automation of administrative functions.

They are focused on cost discipline, so that's a major operational focus right now.

Restoring U.S. phosphate asset health and operational reliability.

A significant chunk of 2025 activity involved intensive maintenance to fix past reliability issues, especially in the U.S. phosphate segment. They completed elevated turnaround and asset health restoration work in July. The goal was to get the assets running consistently; for example, the New Wales facility was expected to reach a 3 million tonne annual operating rate after system commissioning. Following the major work, management expected to run the phosphate operation at an 8 million tonne annual run rate from August through the end of the year. However, operational hiccups still happen; unexpected mechanical issues in mid-September at Riverview and Bartow caused a meaningful decline in production for the rest of Q3. Still, the trend is positive, with Q3 production being the third consecutive quarter of improvement.

Scaling the Mosaic Biosciences platform and product launches.

This is the growth vector outside of bulk commodities. The Mosaic Biosciences platform is advancing next-generation biological solutions. Management is confident in its growth trajectory, projecting it is on track to double its annual revenue in 2025. They have 12 launched products to date, as of early 2025. The market for these agricultural biologicals is seen as substantial, potentially reaching nearly $30 billion by 2029. This platform has also raised $14.7M in funding.

Global distribution and logistics management for bulk commodities.

Moving millions of tonnes globally requires sharp logistics management. A key infrastructure investment completed in July 2025 was the new blending and distribution center in Palmeirante, Brazil. This facility is expected to help Mosaic Fertilizantes increase its overall sales by 1 million tons. Managing the flow of product is critical; for instance, Q3 phosphate sales volumes were approximately 1.6 million tonnes, slightly below production due to the lag in shipping confirmed product. You've got to keep that product moving efficiently to capture the realized prices, which were strong in Q3 2025, with Potash net sales reaching $695 million, up from $526 million the prior year.

Finance: draft 13-week cash view by Friday.

The Mosaic Company (MOS) - Canvas Business Model: Key Resources

You're looking at the core assets that let The Mosaic Company operate at this scale, which is what really drives their financial performance. Here's the breakdown of the hard assets and intellectual capital they rely on as of late 2025.

Large-scale, low-cost potash mining assets in Saskatchewan, Canada

The Mosaic Company's Canadian potash operations are anchored by the Esterhazy complex, which is now the world's largest potash operation following the K3 expansion. This scale is a massive competitive advantage, especially when coupled with cost-saving projects.

The Esterhazy K3 project alone cost nearly $3 Billion to build and has an externally verified production capacity of 7.8 million tonnes of potash. For the full year 2025, The Mosaic Company forecasts its total potash production to be in the range of 8.7-9.1 million tonnes. In the third quarter of 2025, potash production and sales volumes were both approximately 2.3 million tonnes.

Extensive phosphate mining and processing facilities in Florida, U.S.

The Mosaic Company's U.S. phosphate assets, concentrated in Florida, are critical for supplying the North American market. In 2023, the company produced approximately 6.2 million tonnes of concentrated phosphate crop nutrients, representing about 80% of estimated North American annual production at that time.

For the full year 2025, the company expects phosphate production volume to be in the range of 7.0-7.3 million tonnes. The Bartow phosphate facility is a key component, expected to produce over 500,000 tonnes in the second quarter of 2025, which aligns with an annual run rate above 2 million tonnes. The company is focused on restoring asset health, with Q3 2025 phosphate production volumes reaching 1.7 million tonnes.

New production capacity from the Esterhazy Hydrofloat project

This project is designed to boost low-cost output from the K2 mill. The Mosaic Company anticipates this expansion will add an incremental 400,000 tonnes of MOP (Muriate of Potash) annually once fully ramped up. The project was commissioned in July 2025, with full ramp-up expected by the end of 2025. This low-cost production is expected to drive the MOP cash cost of production per tonne down to the range of $64-$69 for the 2025 fiscal year. Furthermore, this increased production provides an approximate $60 per tonne benefit related to the Canadian Resource Tax, based on prior year figures.

Global distribution network and market access, especially in Brazil

The Mosaic Company leverages a significant network to move product globally, with Brazil being a standout growth market through its Mosaic Fertilizantes segment. The company expects Mosaic Fertilizantes sales volumes to grow approximately 15% in 2025, targeting 10.0-10.8 million tonnes. In the third quarter of 2025, sales volumes for Mosaic Fertilizantes were approximately 2.8 million tonnes, marking a 25% increase from the second quarter.

Key distribution assets supporting this reach include:

• Finishing the 1 million tonnes/year (t/yr) blending plant in Palmeirante, Brazil, expected online beginning in July 2025.
• Owning port facilities in Tampa, Florida, with deep water berth capabilities for Gulf of Mexico access.
• Owning warehouse distribution facilities in key U.S. locations like Rosemount, Minnesota; Pekin, Illinois; and Henderson, Kentucky.
• Leasing or owning warehouse facilities in Canadian provinces including Saskatchewan, Ontario, Quebec, and Manitoba.

Intellectual property and R&D for Performance Products and Biosciences

The Mosaic Biosciences platform represents a forward-looking resource focused on biological solutions. This segment is reportedly doubling sales in 2025. The company is actively investing in market channels, evidenced by the Frontier Fields series winning a national award in April 2025.

The status of key product registrations and R&D pipeline assets includes:

The Mosaic Company also has a 25% economic interest in a joint venture operating a phosphate rock mine and chemical complexes in the Kingdom of Saudi Arabia.

The Mosaic Company (MOS) - Canvas Business Model: Value Propositions

You're looking at the core promises The Mosaic Company is making to its customers and the market as of late 2025. It's about being the essential provider, pushing innovation, and securing a strategic position in the global food system.

Single-source supply of essential phosphate and potash crop nutrients remains a foundational value proposition. The Mosaic Company mines, produces, and distributes millions of tonnes of high quality potash and phosphates products each year, underpinning global crop yields.

The push toward higher-value products is clear, with a specific, actionable target set for the end of the year:

• Achieve 30% performance product sales as a share of total production of phosphate and potash crop nutrient tonnes by 2025.
• Advanced Performance Products, such as MicroEssentials®, are central to this strategy, offering improved nutrient efficiency and a better return on investment for farmers.

The strategic importance of the core business has been formally recognized, which translates into value through policy support and supply chain security:

Enhanced food security and national security is now explicitly linked to the company's output, following a major governmental action. The U.S. Department of the Interior added phosphate and potash to the nation's Critical Minerals List on November 6, 2025. This designation informs federal policy, investment priorities, and permitting processes aimed at strengthening domestic mineral supply chains.

For the next-generation biological solutions, the Mosaic Biosciences platform is scaling up, moving beyond traditional nutrients to improve nutrient use efficiency sustainably.

• Revenue for Mosaic Biosciences in the first half of 2025 more than doubled versus the same period last year.
• The platform is on track to reach its $70 million revenue target for the full year 2025.

Reliability of supply is quantified by the latest production outlook, showing confidence in operational recovery and capacity expansion. Here's a quick look at the key 2025 operational targets and guidance points:

The company's operational execution is supporting this, with the Esterhazy Hydrofloat project completed in July, adding 400,000 tonnes of annual capacity at that low-cost mine. Also, the cost reduction program achieved its initial $150 million target and has been expanded to $250 million to include value capture and additional initiatives. If onboarding those new biological products takes longer than expected, adoption rates might slow, but the production guidance looks solid.

Finance: draft 13-week cash view by Friday.

The Mosaic Company (MOS) - Canvas Business Model: Customer Relationships

You're looking at how The Mosaic Company (MOS) manages its relationships with the diverse set of buyers-from massive global distributors to individual family farms-as of late 2025. It's a mix of high-touch personal service and scaled digital platforms.

Dedicated account management for large global wholesale and distributor customers

For the largest buyers, the relationship is clearly personalized, relying on direct contact points. When the new digital platform, Mosaic Direct, was being rolled out, customers were explicitly told to contact their Mosaic Account Manager or Customer Service team for support in the interim period. This suggests the account manager remains the primary, high-value touchpoint for complex transactions and ongoing supply chain needs, especially given the global nature of their potash and phosphate sales.

Here's a look at the scale of the business these relationships support, which gives context to the importance of these key accounts:

Digital initiatives to modernize and improve the customer experience

The Mosaic Company is actively modernizing how customers interact with them digitally. They retired the older Mosaic Online platform on June 28, 2024, to introduce a new, modernized experience called Mosaic Direct. This shift was developed based on direct customer input, aiming for a better experience.

The new platform focuses on:

• Streamlined insight into the customer account.
• Self-service account management features.
• Faster response times.
• More accurate data availability.
• Tools for quote requests and order tracking.

Technical sales support for Performance Products and agronomic advice

Support for specialized products is tied closely to the company's focus on advanced crop nutrition and sustainability outcomes. The Mosaic Biosciences platform is advancing next-generation biological solutions designed to help farmers improve nutrient use efficiency and crop performance sustainably. This platform underpins the technical sales effort.

The push toward performance products is quantified by a key 2025 ESG target:

• Target: Achieve 30% performance product sales as a share of total phosphate and potash crop nutrient tonnes by 2025.
• Actual Progress: Achieved 29.5% sales of performance products.

The technical advice component is also evident in the agronomic focus of their sustainability work, particularly the 4R Nutrient Stewardship program in North America, which involves expanding best practices in nutrient use efficiency.

Strategic relationships with farmers via sustainability programs

The Mosaic Company Foundation for Sustainable Food Systems drives strategic relationships by partnering with farmers on the ground across multiple continents. These programs focus on building resilient farming communities and increasing productivity.

Key quantifiable impacts from these farmer-facing strategic relationships include:

• United States: Funding staff experts and expanding 4R Nutrient Stewardship best practices to cover approximately 15.8 million acres as of 2024, working toward a 2025 goal of 25 million acres.
• India (Krishi Jyoti program): More than 760,000 people have benefited, achieving a 35% yield increase for key crops.
• Brazil (The Villages Project): Participating family farms have seen yield increases by as much as 175%.

Looking ahead, The Mosaic Company Foundation plans to expand its efforts in India and Brazil by increasing the number of family farms participating in its projects by 15%. Furthermore, the launch of the FarmPath program in the US, supported by the Foundation, has a beginning goal of enrolling 300 participants, with applications opening in early 2026.

The Mosaic Company (MOS) - Canvas Business Model: Channels

You're looking at how The Mosaic Company moves its product from production to the customer, which is a mix of massive global logistics and targeted regional access. It's not just about making the product; it's about getting that bulk commodity where it needs to go efficiently.

Global wholesale distribution network for bulk commodity sales.

The core of The Mosaic Company's channel strategy relies on moving massive volumes of phosphate and potash through established international wholesale channels. This is the backbone for reaching global agricultural markets outside of their direct-to-market segments. For the third quarter of 2025, for instance, the Phosphate segment moved approximately 1.6 million tonnes in sales volumes, while the Potash segment moved about 2.3 million tonnes. The company's overall 2025 sales volume outlook was projected to be between 9.4 to 9.6 million tonnes.

The scale of these operations is best seen when you look at the segment performance, which reflects the reach of these channels:

Mosaic Fertilizantes segment for direct market access in Brazil.

In Brazil, The Mosaic Company uses its dedicated Mosaic Fertilizantes segment to gain direct access to farmers, which is a key strategic differentiator. This channel is clearly growing its footprint. The sales volumes for this segment in the third quarter of 2025 were approximately 2.8 million tonnes, marking a 25% increase from the second quarter of 2025. Management had projected approximately 15% sales volume growth for the entire Mosaic Fertilizantes segment in 2025. The segment reported net sales of $1.6 billion for the third quarter of 2025.

New blending and distribution capacity, like the Palmeirante facility.

The investment in localized infrastructure directly supports the Brazilian channel strategy. The new blending, storage, and distribution plant in Palmeirante, Tocantins, Brazil, began operations in July 2025. This was an $84 million investment. The facility has an annual capacity to process 1 million tonnes of fertilizer, with an anticipated contribution of approximately 500,000 tonnes in 2025 alone. This new capacity is crucial, as distribution sales across Brazil are targeted to grow from less than 8 million tonnes in 2024 to 13 - 14 million tonnes by the end of the decade. The Palmeirante facility is expected to generate a margin of $30 - $40 per tonne.

Direct sales and marketing channels for Mosaic Biosciences products.

For the Mosaic Biosciences platform, which focuses on biological solutions, the channel approach shifts to direct engagement and marketing to build brand recognition. The company continues to invest in go-to-market channels and marketing efforts. The strategy is clearly gaining traction, as Mosaic Biosciences was on track to double its annual revenue in 2025. Furthermore, management expected a positive EBITDA contribution from Mosaic Biosciences in the fourth quarter of 2025.

Here are the key channel-related metrics you should track:

• Palmeirante facility investment: $84 million.
• Palmeirante 2025 throughput estimate: Approx. 500,000 tonnes.
• Mosaic Biosciences revenue growth target: Double annual revenue.
• Mosaic Fertilizantes sales volume growth target for 2025: Approx. 15%.

Finance: draft 13-week cash view by Friday.

The Mosaic Company (MOS) - Canvas Business Model: Customer Segments

You're looking at the core buyers for The Mosaic Company's essential crop nutrients as of late 2025. Their customer base is broad, spanning the entire agricultural supply chain globally.

Global fertilizer manufacturers and distributors represent a significant portion of The Mosaic Company's off-take, particularly for bulk potash and phosphate products sold internationally. For the first quarter of 2025, the Potash segment reported net sales of $570 million, and the Phosphate segment reported $1.10 billion in revenue, indicating substantial sales to these large-scale buyers. Preliminary third quarter 2025 potash sales volumes were approximately 2.3 million tonnes, serving these global distribution channels.

Large-scale commercial farmers in key agricultural regions (e.g., U.S., Brazil) are directly served through The Mosaic Company's extensive distribution network, especially via the Mosaic Fertilizantes segment. This segment is a major focus, with 2025 sales volume guidance set in the range of 10.0 to 10.8 million tonnes. The focus on Brazil is clear, as preliminary third quarter 2025 sales volumes for Mosaic Fertilizantes reached approximately 2.8 million tonnes, a 25% increase from the second quarter of 2025.

Animal feed ingredient manufacturers are a distinct, though smaller, customer group, served through specialized products. The Mosaic Company's focus here is growing, as evidenced by Mosaic Biosciences product sales growing more than 100% in the first half of 2025 compared to the first half of 2024. This shows a clear, high-growth customer segment for their animal nutrition offerings.

Industrial users of potash (e.g., ice-melter, water softener regenerant) are served by the broader Potash segment, which has approximately 10.4 million tonnes of operational potash capacity. While the primary focus is agriculture, these industrial applications provide a baseline demand floor. The Phosphate segment preliminary third quarter 2025 sales volumes were approximately 1.6 million tonnes, some of which supports industrial applications alongside crop nutrition.

Here is a look at the revenue contribution from the main product segments, which directly map to these customer groups, based on Q1 2025 figures:

Key characteristics defining The Mosaic Company's customer engagement include:

• Customer base includes wholesalers, retail dealers, and individual growers worldwide.
• The company is the largest U.S. producer of potash and phosphate fertilizer.
• Mosaic Fertilizantes is focused on optimizing profitability in a tight credit environment in Brazil.
• The company is executing a strategy to redeploy capital from non-core assets, such as the Patos de Minas sale for $111 million.

The Mosaic Company (MOS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep The Mosaic Company's massive mining and processing operations running, which is definitely where the big dollars go. This structure is heavily weighted toward fixed assets and the massive scale required to move product globally.

High fixed costs are inherent in the business due to the nature of mining and processing phosphate and potash. These costs cover the upkeep and depreciation of mines, processing plants, and specialized equipment. To give you a concrete example of the investment required, The Mosaic Company's 2025 guidance for total Capital Expenditures was set in the range of $\mathbf{\$1.2} \text{ to } \mathbf{\$1.3} \text{ billion}$.

This high level of capital spending is for maintaining and improving the asset base. For instance, in the third quarter of 2025, capital expenditures totaled $\mathbf{\$364} \text{ million}$.

The focus on operational efficiency translates directly into managing operating costs to achieve the lowest possible cash cost of production. For the third quarter of 2025, The Mosaic Company reported its MOP (Muriate of Potash) cash cost of production at $\mathbf{\$71} \text{ per tonne}$. In the Phosphate segment for the same quarter, the cash cost of conversion per tonne was $\mathbf{\$131}$.

Variable costs are tied closely to the market prices of key feedstocks. For phosphate production, this includes materials like ammonia and sulfur. While specific 2025 variable costs for these inputs aren't fully itemized in the latest reports, benchmark natural gas costs-a primary driver for ammonia-dropped to as low as $\mathbf{\$355/t}$ in early 2025.

Here's a quick look at some key operating cost metrics from Q3 2025:

Logistics and transportation costs are a major component of the overall cost structure, given the global distribution network. The company actively works to mitigate these. For example, one internal road system project implemented in 2025 was estimated to cut freight costs by $\mathbf{21\%}$.

The cost structure is also impacted by specific segment performance metrics:

• Potash Total MOP Cash Costs (Q3 2025): $\mathbf{\$459} \text{ million}$.
• Phosphate Total COGS (Q3 2025): $\mathbf{\$1,146} \text{ million}$.
• Mosaic Fertilizantes Total COGS (Q3 2025): $\mathbf{\$1,410} \text{ million}$.

Finance: draft 13-week cash view by Friday.

The Mosaic Company (MOS) - Canvas Business Model: Revenue Streams

You're looking at The Mosaic Company's revenue generation as of late 2025, based on the latest reported figures from the third quarter of 2025. Honestly, the business model is still heavily reliant on the core nutrients, but the growth story is clearly shifting toward higher-value areas.

Sales of Potash products (MOP) from the Potash segment remain a foundational revenue source, bolstered by strong global demand that pushed prices higher in the third quarter. For Q3 2025, the Potash segment brought in net revenues of $695 million, supported by sales volumes of 2.3M tonnes. The realized MOP FOB Mine price for that quarter was $271/tonne. Looking ahead, The Mosaic Company expected full-year 2025 potash production volumes to be in the range of 9.1 to 9.4 million tonnes.

The Sales of Phosphate products (DAP/MAP) from the Phosphate segment also contributed significantly, showing recovery as asset health improved. Phosphate segment net revenues hit $1,290M in Q3 2025, with sales volumes reaching 1.7M tonnes. The realized DAP FOB Plant price for the third quarter was $714/tonne. The full-year 2025 guidance for phosphate production volumes was set between 6.3 - 6.5 million tonnes.

Revenue from Blended fertilizer sales and distribution margins from Mosaic Fertilizantes showed robust performance, even while navigating credit issues in Brazilian agriculture. This segment posted net revenues of $1,592M in Q3 2025, with sales volumes at 2.8M tonnes. Operating income for the segment was $96 million, and adjusted EBITDA reached $241 million in the quarter. Management guided for full-year 2025 Mosaic Fertilizantes sales volumes between 9.4 - 9.6 million tonnes.

The push toward High-margin Performance Products sales, driving profitability, is a key strategic theme. While specific revenue for all performance products outside of Biosciences isn't broken out clearly in the Q3 snapshot, the strategy is clear: entry into these value-added segments helps The Mosaic Company achieve higher average selling prices and expand gross margin over time.

Finally, the Emerging revenue from Mosaic Biosciences is a clear growth vector. Sales for this platform are on track to more than double to about $70 million in 2025. Furthermore, The Mosaic Company expects the Biosciences business to be EBITDA positive in the fourth quarter of 2025.

Here's a quick look at the key Q3 2025 revenue and volume drivers:

You can see the revenue concentration in the core nutrients, but the Biosciences target shows where future margin expansion is planned. If onboarding takes 14+ days, churn risk rises, but for The Mosaic Company, the risk right now is more about sustaining high fertilizer prices.

Finance: draft 13-week cash view by Friday.