Mosaic Company (The)
Sector unknown·MOS · USA (SEC 10-K)·Fiscal year to 31/12/2025
OVERVIEW The Mosaic Company is the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Shipping and logistics
End markets
InputNegative impact: weakens
“We own and operate sulfur terminals in Riverview and Tampa, Florida, along with Galveston, Texas and Faustina, Louisiana. We also lease terminal space in Beaumont, Texas. We have long-term time charters on two ocean-going tugs/barges and one ocean-going vessel that transports molten sulfur from the Texas terminals to Tampa. We then further transport by truck to our Florida phosphate plants.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Unlike many of our competitors, we have our own distribution system to sell phosphate- and potash-based crop nutrients and animal feed ingredients, whether produced by us or by other third parties, around the globe. In North America, we have one of the largest and most strategically located distribution systems for crop nutrients, including warehouse facilities in key agricultural regions. We also have an extensive network of distribution facilities internationally, including in the key growth regions of South America and Asia, with port terminals, warehouses and blending plants in Brazil, Paraguay, China and India.”
Annual report 2025A · The company itself
Market
“In addition to our production facilities, to service the needs of our customers, we own or have contractual throughput or other arrangements at strategically located distribution warehouses along or near 13 Table of Content the Mississippi and Ohio Rivers, as well as in other key agricultural regions of the U.S. and Canada. From these facilities, we distribute Mosaic-produced phosphate and potash products for customers who in turn resell the product into the distribution channel or directly to farmers in the U.S. and Canada.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Agriculture and food production
End markets
Market
“Through our broad product offering, we are a single source supplier of phosphate- and potash-based crop nutrients and animal feed ingredients.”
Annual report 2025A · The company itself
Market
“Mosaic Fertilizantes Segment–We produce and sell phosphate- and potash-based crop nutrients, and animal feed ingredients, in Brazil.”
Annual report 2025A · The company itself
Market
“Production of our animal feed ingredients products is located at our New Wales, Florida facility. We market our feed phosphate primarily under the leading brand names of Biofos® and Nexfos®.”
Annual report 2025A · The company itself
Market
“Mosaic Fertilizantes Segment Our Mosaic Fertilizantes segment owns and operates mines, chemical plants, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay, which produce and sell concentrated phosphate- and potash-based crop nutrients and phosphate-based animal feed ingredients.”
Annual report 2025A · The company itself
Market
“We have the capability to annually produce approximately 4.5 million tonnes of phosphate- and potash-based crop nutrients and animal feed ingredients. Crop nutrient products produced are marketed to crop nutrient manufacturers, distributors, retailers and farmers.”
Annual report 2025A · The company itself
Market
“We produced approximately 6.3 million tonnes of concentrated phosphate crop nutrients during 2025 and accounted for approximately 72% of estimated North American annual production.”
Annual report 2025A · The company itself
Market
“Phosphate Segment–We sell phosphate-based crop nutrients and animal feed ingredients throughout North America and internationally.”
Annual report 2025A · The company itself
Market
“Table of Content Potash Segment–We sell potash throughout North America and internationally, principally as fertilizer, but also for use in industrial applications and, to a lesser degree, as animal feed ingredients.”
Annual report 2025A · The company itself
Market
“Our phosphate crop nutrient products are marketed worldwide to crop nutrient manufacturers, distributors, retailers and farmers.”
Annual report 2025A · The company itself
Market
“Our potash products are marketed worldwide to crop nutrient manufacturers, distributors and retailers and are also used in the manufacturing of mixed crop nutrients and, to a lesser extent, in animal feed ingredients. We also sell potash to customers for industrial use.”
Annual report 2025A · The company itself
Market
“The following map shows the locations of our operations in Brazil and Paraguay: We are the largest producer and one of the largest distributors of blended crop nutrients for agricultural use in Brazil. We produce and sell phosphate- and potash-based crop nutrients, and animal feed ingredients through our operations.”
Annual report 2025A · The company itself
Market
“In 2025, the India and China operations purchased 48,745 tonnes of phosphate-based products from our Phosphate segment, and 1,017,741 tonnes of potash products from our Potash segment and Canpotex. They also purchase phosphate, potash and nitrogen products from unrelated third parties, which we either use to produce blended crop nutrients or for resale.”
Annual report 2025A · The company itself
Market
“Phosphate Segment Our Phosphate business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients.”
Annual report 2025A · The company itself
Market
“We sell to wholesale distributors, retail chains, cooperatives, independent retailers and national accounts.”
Annual report 2025A · The company itself
Market
“Other Products With a strong brand position in a multi-billion dollar animal feed ingredients global market, our Phosphate segment supplies animal feed ingredients for poultry and livestock to customers in North America, Latin America and Asia.”
Annual report 2025A · The company itself
Market
“We sell most of our DAP, MAP and MOP as global commodities.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Latin America
Geography
StrategyPositive impact: strengthens
“We have a strong brand in Brazil.”
Annual report 2025A · The company itself
Geography
“We are the second largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in North America and Brazil. We are the leading fertilizer production and distribution company in Brazil.”
Annual report 2025A · The company itself
Geography
“All of our production in Brazil is consumed within the country.”
Annual report 2025A · The company itself
Geography
“We are a global business with substantial assets located outside of North America. Our operations in Brazil, China, India and Paraguay are fundamental to our business.”
Annual report 2025A · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“We have a majority interest in the joint venture entity operating the Miski Mayo Mine that supplies phosphate rock to us.”
Annual report 2025A · The company itself
Market
“OVERVIEW The Mosaic Company is the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients.”
Annual report 2025A · The company itself
Market
“Potash Segment We are one of the leading potash producers in the world. We mine and process potash in Canada and the U.S. and sell potash in North America and internationally.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Global trade volumes
Macro
DriverNegative impact: weakens
“Potash Segment Potash is a commodity available from several geographical regions around the world and, consequently, the market is highly competitive. Through our participation in Canpotex, we compete outside of North America against various independent and state-owned potash producers.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation assets, both domestically and internationally. Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and transportation costs.”
Annual report 2025A · The company itself
Market
“Our sales of potash products outside of the U.S. and Canada are made through Canpotex. Canpotex sales are allocated among its members based on peaking capacity. Our entitlement percentage of Canpotex was 36.2%, however in 2025 the percentage was 35.9% as a result of production shortages.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Artificial intelligence
Technology
DriverNegative impact: weakens
“Industry Risks Future product or technological innovation could affect our business. Future product or technological innovations by third parties, such as the development of seeds that require less crop nutrients, the development of substitutes for our products or developments in the application of crop nutrients, if they occur, could have the potential to adversely affect the demand for our products and our results of operations, liquidity and capital resources.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The Mosaic Biosciences portfolio includes biological fertilizer complements which improve nutrient use efficiency and enhance plant growth and vigor.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Grain and agricultural commodities
Raw materials and inputs
Market
“In India, we have distribution facilities to import and sell crop nutrients. In 2025, we distributed approximately 189,000 tonnes of potash crop nutrient products in India.”
Annual report 2025A · The company itself
Market
“To service the needs of our customers, our Mosaic Fertilizantes segment includes a network of strategically located sales offices, crop nutrient blending and bagging facilities, port terminals and warehouse distribution facilities that we own and operate. The blending and bagging facilities primarily produce Blends from phosphate, potash and nitrogen. The average product mix in our Blends (by volume) contains approximately 21% nitrogen, 52% phosphate and 27% potash, although this mix differs based on seasonal and other factors.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Industrial manufacturing
End markets
Market
“Our potash products are marketed worldwide to crop nutrient manufacturers, distributors and retailers and are also used in the manufacturing of mixed crop nutrients and, to a lesser extent, in animal feed ingredients. We also sell potash to customers for industrial use.”
Annual report 2025A · The company itself
Market
“Our potash sales to non-agricultural users are primarily to large industrial accounts and the animal feed industry. Additionally, in North America, we sell potash for de-icing and as a water softener regenerant.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“The operations and results of Ma’aden and some other companies are significant to us, and their operations can affect earnings. Because we do not control these companies either at the board or stockholder levels and because local laws in foreign jurisdictions and contractual obligations may place restrictions on monetary distributions by these companies, we cannot ensure that these companies will operate efficiently, pay dividends or generally follow the desires of our management by virtue of our board or stockholder representation. As a result, these companies may contribute less than anticipated to our earnings and cash flow, negatively impacting our results of operations and liquidity.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Competitive Risks Our competitive position could be adversely affected if we are unable to participate in continuing industry consolidation. Most of our commodity products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense. In addition, crop nutrient production facilities and distribution activities frequently benefit from economies of scale.”
Annual report 2025A · The company itself
Contract manufacturers as a business (EMS, CMO, CRO)
End markets
StrategyPositive impact: strengthens
“In addition to producing crop nutrients, Mosaic Fertilizantes purchases phosphate, potash and nitrogen products which are either used to produce blended crop nutrients (“Blends”) or for resale. In 2025, Mosaic Fertilizantes purchased 1.0 million tonnes of phosphate-based products, primarily MicroEssentials®, from our Phosphate segment, and 2.0 million tonnes of potash products from our Potash segment and Canpotex.”
Annual report 2025A · The company itself
Chains in: Biotech and drug development strengthens
Retail
End markets
Market
“We sell to wholesale distributors, retail chains, cooperatives, independent retailers and national accounts.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“We purchase additional ammonia from world markets and thus are subject to significant volatility in our purchase price of ammonia. Our ammonia supply agreements provide us with a supply of a substantial volume of ammonia at prices based on the price of natural gas.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Ammonia We use ammonia together with P2O5 to produce DAP, MAP and MicroEssentials®. We consumed approximately 0.9 million tonnes of ammonia during 2025.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We purchase approximately one-third of our ammonia from various suppliers in the spot market with the remaining two-thirds either purchased through supply agreements or produced internally at our Faustina, Louisiana location. Our Florida ammonia needs are currently supplied under multi-year contracts with both domestic and offshore producers.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Natural Gas for Phosphate Natural gas is the primary raw material used to manufacture ammonia. At our Faustina facility, ammonia is manufactured on site. The majority of natural gas is purchased through firm delivery contracts based on published index-based prices and is 6 Table of Content sourced from Texas and Louisiana via pipelines interconnected to the Henry Hub.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Natural Gas Natural gas is used at our Belle Plaine solution mine as a fuel to produce steam and to dry potash products. The steam is used to generate electricity and provide thermal energy to the evaporation, crystallization and solution mining processes. The Belle Plaine solution mine typically accounts for approximately 80% of our Potash segment’s total natural gas requirements for potash production.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Ammonia We use ammonia, together with phosphoric acid, to produce MAP, and to a lesser extent for SSP production. We consumed approximately 103,390 tonnes of ammonia during 2025.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We produce ammonia at our Faustina, Louisiana concentrates plant in quantities sufficient to meet approximately one third of our total ammonia needs in North America. We do not have ammonia production capacity within Florida to serve our Florida operations, but we have capacity to supply a portion of our requirements by transporting produced ammonia from Louisiana to Florida.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Key inputs for the production of our finished goods, including fertilizer, sulfur and ammonia, and energy used in our businesses in the past have been and may in the future be the subject of volatile pricing and availability. Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Natural gas, ammonia and sulfur are key raw materials used in the manufacture of phosphate crop nutrient products. Natural gas is used as both a chemical feedstock and a fuel to produce anhydrous ammonia, which is a raw material used in the production of concentrated phosphate products. Natural gas is also a significant energy source used in the potash solution mining process.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For example, oil refineries that supply sulfur to us may suspend operations as a result of a hurricane, and incoming shipments of ammonia can be delayed, disrupting production at our Florida or Louisiana facilities and delivery of our products.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverPositive impact: strengthens
“Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions; changes in agricultural production practices; worldwide economic conditions, including the increasing world population, household incomes and demand for more protein-rich food, particularly in developing regions such as China, India and Latin America; changing demand for biofuels; variability in commodity pricing; governmental policies; the level of inventories in the crop nutrient distribution channels; customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters; market trends in raw material costs; market prices for crop nutrients; and weather.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Furthermore, our crop nutrients business is seasonal to the extent farmers and agricultural enterprises in the markets in which we compete purchase more crop nutrient products during the spring and fall. The international scope of our business, spanning the northern and southern hemispheres, reduces to some extent the seasonal impact on our business. The degree of seasonality of our business can change significantly from year to year due to conditions in the agricultural industry and other factors.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Farmers tend to apply crop nutrients during two short application periods, the strongest one in the spring, before planting, and the other in the fall, after harvest. As a result, the strongest demand for our products typically occurs during the spring planting season, with a second period of strong demand following the fall harvest. In contrast, we generally produce our products throughout the year. As a result, we and our customers generally build inventories during the low demand periods of the year in order to provide timely product availability during the peak sales seasons.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Adverse weather conditions, including hurricanes, and excess heat, cold, snow, rainfall and drought, have in the past, and may in the future, adversely affect our operations, and result in increased costs, decreased sales or production and potential liabilities. Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphate operations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the past, hurricanes have resulted in physical damage to and outages at our facilities in Florida and Louisiana.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“If adverse weather conditions occur, as they have in the past, our facilities may be required to take additional measures to manage process water to comply with existing or future requirements and these measures could potentially have a material effect on our business and financial condition. Adverse weather conditions may also cause a loss of production and may disrupt our supply chain or adversely affect delivery of our products to our customers.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Excess rainfall and drought have in the past, and may in the future, adversely affect us. For example, in 2019 we experienced the wettest year in North America in nearly 50 years, which reduced fertilizer applications by farmers. Excess rainfall also resulted in higher river levels which adversely affected delivery of our products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Drought can reduce farmers’ crop yields and the uptake of phosphate and potash, reducing the need for application of additional phosphate and potash for the next planting season.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds. A number of our sites are located in areas that are exposed to weather events and have been adversely impacted by hurricanes and excessive rainfall as described elsewhere in these risk factors. To the extent climate change exacerbates these weather events, our operations could experience increased costs and disruptions to our business, which could be material.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Our operations serve the top four nutrient-consuming countries in the world: China, India, U.S. and Brazil.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions; changes in agricultural production practices; worldwide economic conditions, including the increasing world population, household incomes and demand for more protein-rich food, particularly in developing regions such as China, India and Latin America; changing demand for biofuels; variability in commodity pricing; governmental policies; the level of inventories in the crop nutrient distribution channels; customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters; market trends in raw material costs; market prices for crop nutrients; and weather.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Excess rainfall and drought have in the past, and may in the future, adversely affect us. For example, in 2019 we experienced the wettest year in North America in nearly 50 years, which reduced fertilizer applications by farmers. Excess rainfall also resulted in higher river levels which adversely affected delivery of our products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Antitrust and competition laws prohibit the members of Canpotex from coordinating their production decisions, including the timing of their respective proving runs. Worldwide potash production levels could exceed then-current market demand, resulting in an oversupply of potash and lower potash prices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Due to reduced market demand, depressed agricultural economic conditions and other factors, we have at various times suspended or curtailed production at some of our facilities. The extent to which we utilize available capacity at our facilities will cause fluctuations in our results of operations, as we will incur costs for any temporary or indefinite shutdowns of our facilities.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We extend trade credit to our customers throughout the world, in some cases for extended periods of time. In Brazil, where there are fewer third-party financing sources available to farmers, we also have several programs under which we guarantee customers’ financing from financial institutions that they use to purchase our products. As our exposure to longer trade credit extends throughout the world and use of guarantees in Brazil increases, we are increasingly exposed to the risk that some of our customers will not pay us or the amounts we have guaranteed.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Unfavorable changes in trade protection laws, policies and measures, government policies and other regulatory requirements affecting trade, including the imposition of tariffs; unexpected changes in tax and trade treaties; and strengthening or weakening of foreign economies, as well as political relations with the U.S. may cause sales trends to customers in one or more foreign countries to differ from sales trends in the U.S.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The international market for crop nutrients is influenced by such factors as the relative value of the U.S. dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S. affecting foreign trade and investment, including use of tariffs.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In 2021, the U.S. Department of Commerce (“DOC”) issued countervailing duty (“CVD”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic. The orders were based on DOC’s determination that the imports were unfairly subsidized, and the U.S. International Trade Commission’s (“ITC”) determination that the imports materially injured the U.S. phosphate fertilizer industry.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“U.S. tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition. In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients. This tariff went into effect on March 4, 2025, but beginning March 7, 2025, the U.S. exempted from this tariff goods that qualify as wholly originating in Canada under the United States‑Mexico‑Canada Agreement, including potash from Mosaic’s Canadian operations. The U.S. continues to assess the imposition of tariffs on Canadian potash.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, certain of our products sold to China may be subject to additional tariffs due to ongoing trade tensions between China and the U.S. The level of exports by Chinese producers of concentrated phosphate crop nutrients depends to a significant extent on Chinese government actions to curb exports through, among other measures, prohibitive export taxes at times when the government believes it desirable to assure ample domestic supplies of concentrated phosphate crop nutrients to stimulate grain and oilseed production.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Consumer spending
Macro
DriverPositive impact: strengthens
“Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions; changes in agricultural production practices; worldwide economic conditions, including the increasing world population, household incomes and demand for more protein-rich food, particularly in developing regions such as China, India and Latin America; changing demand for biofuels; variability in commodity pricing; governmental policies; the level of inventories in the crop nutrient distribution channels; customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters; market trends in raw material costs; market prices for crop nutrients; and weather.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“If tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada. Higher potash prices may lead to reduced usage by U.S. farmers and negatively impact demand.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We extend trade credit to our customers and guarantee the financing that some of our customers use to purchase our products. Our results of operations may be adversely affected if these customers are unable to repay the trade credit from us or financing from their banks.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We extend trade credit to our customers throughout the world, in some cases for extended periods of time. In Brazil, where there are fewer third-party financing sources available to farmers, we also have several programs under which we guarantee customers’ financing from financial institutions that they use to purchase our products. As our exposure to longer trade credit extends throughout the world and use of guarantees in Brazil increases, we are increasingly exposed to the risk that some of our customers will not pay us or the amounts we have guaranteed.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“For example, the ongoing conflict between Russia and Ukraine and the related sanctions have led, and may continue to lead, to disruption and instability in global markets, supply chains and volatile pricing and availability of these key inputs and raw materials.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Volatile economic, market and political conditions may have a negative impact on our operations, operating results and financial condition. In addition, unfavorable changes in trade protection laws, policies and measures, or governmental actions and policies and other regulatory requirements affecting trade and the pricing and sourcing of our raw materials, may also have a negative impact on our operations, operating results and financial condition.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Natural resource extraction is an important part of the economy in Peru and, in the past, there have been protests against other natural resource operations in Peru. There remain numerous social conflicts that exist within the natural resource extraction sector in Peru, and there is potential for active protests against natural resource extraction companies. If the Government of Peru’s proactive efforts to address the social and environmental issues surrounding natural resource activities are not successful, protests could extend to or impact the Miski Mayo Mine and adversely affect our interest in the Miski Mayo joint venture or the supply of phosphate rock to us from the mine.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Strikes or other forms of work stoppage or slowdown could disrupt our business and lead to increased costs. Our financial performance is dependent on a reliable and productive work force. A significant portion of our workforce, and that of the joint ventures in which we participate, is covered by collective bargaining agreements with unions. Unsuccessful contract negotiations or adverse labor relations could result in strikes or slowdowns.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Higher costs for these transportation services or an interruption or slowdown due to factors including high demand, high fuel prices, labor disputes, layoffs or other factors affecting the availability of qualified transportation workers, adverse weather or other environmental events, or changes to rail, barge or ocean freight systems, could negatively affect our ability to produce our products or deliver them to our customers, which could affect our performance and results of operations.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Table of Content Labor Relations As of December 31, 2025: •We had eight collective bargaining agreements with unions covering certain hourly employees in the U.S. and Canada. Of these employees, approximately 51% are covered under agreements that expire in 2026. All are expected to collectively bargain for new contracts in 2026. •We had agreements with 33 unions covering all employees in Brazil.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Economic and market conditions, including inflation, supply chain challenges, high interest rates and foreign exchange volatility, have and may continue to have an impact on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our businesses are affected by fluctuations in market prices for our products, the purchase price of key inputs to operations, freight and shipping costs, foreign currency exchange rates and interest rates. We periodically enter into derivatives and forward purchase contracts to mitigate some of these risks.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“Economic and market conditions, including inflation, supply chain challenges, high interest rates and foreign exchange volatility, have and may continue to have an impact on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Because most of our products are commodities, there can be no assurance that we will be able to pass through increased costs to our customers. A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy that is not recovered through an increase in the price of our related crop nutrients products could have a material adverse impact on our business.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Key inputs for the production of our finished goods, including fertilizer, sulfur and ammonia, and energy used in our businesses in the past have been and may in the future be the subject of volatile pricing and availability. Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“Changes in transportation costs can affect our sales volumes and selling prices. Delivery costs are a significant factor in the total cost to customers. As a result, changes in transportation costs, or in customer expectations about them, may adversely affect our sales volumes and prices.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We own and operate sulfur terminals in Riverview and Tampa, Florida, along with Galveston, Texas and Faustina, Louisiana. We also lease terminal space in Beaumont, Texas. We have long-term time charters on two ocean-going tugs/barges and one ocean-going vessel that transports molten sulfur from the Texas terminals to Tampa. We then further transport by truck to our Florida phosphate plants.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“A shortage or unavailability of trucks, railcars, tugs, barges and ships for carrying our products and the raw materials we use in our business could result in customer dissatisfaction, loss of production or sales and higher transportation or equipment costs. We rely heavily upon truck, rail, tug, barge and ocean freight transportation to move raw materials needed at our mines and concentrates facilities and to deliver our products to our customers. In addition, the cost of transportation is an important part of the final sale price of our products.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“The international market for crop nutrients is influenced by such factors as the relative value of the U.S. dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S. affecting foreign trade and investment, including use of tariffs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As a result, we are subject to numerous risks and uncertainties relating to international sales and operations, including: •difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations; •unpredictable changes in regulatory environments; •increased government regulation of the economy in the countries we serve; •political and economic instability, inflation and adverse economic conditions resulting from governmental attempts to reduce inflation, such as imposition of higher interest rates and wage and price controls; •unpredictable tax audit practices of various governments; •nationalization of properties by foreign governments; 22 Table of Content •the imposition of tariffs, exchange controls, trade barriers or other restrictions, or government-imposed increases in the cost of resources and materials necessary for the conduct of our operations or the completion of strategic initiatives, including with respect to our joint ventures; and •currency exchange rate fluctuations between the U.S. dollar and foreign currencies, particularly the Brazilian real and the Canadian dollar.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows. Our primary foreign currency exposures are the Canadian dollar and Brazilian real.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Interest rates
Macro
DriverNegative impact: weakens
“Economic and market conditions, including inflation, supply chain challenges, high interest rates and foreign exchange volatility, have and may continue to have an impact on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our businesses are affected by fluctuations in market prices for our products, the purchase price of key inputs to operations, freight and shipping costs, foreign currency exchange rates and interest rates. We periodically enter into derivatives and forward purchase contracts to mitigate some of these risks.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Cyberattacks could disrupt our operations and have a material adverse impact on our business. We utilize and rely upon information technology systems in many aspects of our business, including internal and external communications and the management of our accounting, financial, production and supply chain functions. As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks 30 Table of Content increase, the risks associated with cybersecurity increase.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Reduced oil refinery operating rates in North America could have a material adverse impact on our business, financial condition or operating results. Reduced oil refinery operating rates in the U.S. and Canada could result, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations. If it becomes necessary to procure sulfur at higher costs, and if we are unable to pass those costs on in our product prices, or if we are unable to procure sulfur at volumes necessary for our operations, such events could have a material adverse effect on our phosphate business, and/or our financial condition or operating results.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Other currencies
Macro
DriverNegative impact: weakens
“Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows. Our primary foreign currency exposures are the Canadian dollar and Brazilian real.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“The Company is monitoring the SEC’s climate-related disclosure standards and recently enacted standards in the European Union and California on climate change disclosure and is taking necessary steps to plan for the anticipated or adopted disclosure requirements. It is possible that such legislation and other future legislation or regulation addressing climate change, including the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our competitive advantage.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“It is possible that such legislation and other future legislation or regulation addressing climate change, including the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our competitive advantage.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“Governmental greenhouse gas emission initiatives include, among others, the December 2015 agreement (the “Paris Agreement”) which was the outcome of the 21st session of the Conference of the Parties under the United Nations Framework Convention on Climate Change (“UNFCCC”). The Paris Agreement, which was signed by nearly 200 nations, including the U.S. and Canada, entered into force in late 2016 and sets out a goal of limiting the average rise in temperatures for this century to below 2 degrees Celsius. Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “NDC”) for reaching that goal.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“It is possible that such legislation and other future legislation or regulation addressing climate change, including the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our competitive advantage.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Inventories
Macro
DriverNegative impact: weakens
“The seasonal nature of our businesses requires significant working capital for inventory in advance of the planting seasons.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We carry our inventories at net realizable value. In periods when the market prices for our products are falling rapidly, including in response to falling market prices for raw materials, we have in the past, and it is possible that in the future we could be required to write-down the value of our inventories if market prices fall below our costs. Any such write-down could adversely affect our results of operations and the value of our assets.”
Annual report 2025A · The company itself
Labour regulation
Regulation
DriverNegative impact: weakens
“We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,300 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed. We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge.”
Annual report 2025A · The company itself
China
Geography
DriverNegative impact: weakens
“In addition, certain of our products sold to China may be subject to additional tariffs due to ongoing trade tensions between China and the U.S. The level of exports by Chinese producers of concentrated phosphate crop nutrients depends to a significant extent on Chinese government actions to curb exports through, among other measures, prohibitive export taxes at times when the government believes it desirable to assure ample domestic supplies of concentrated phosphate crop nutrients to stimulate grain and oilseed production.”
Annual report 2025A · The company itself
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Accidents or equipment failures occurring in the course of our operating activities could result in significant liabilities, interruptions or shutdowns of facilities or the need for significant safety or other expenditures. We engage in mining and industrial activities, including rail transportation, that can result in serious accidents or experience equipment failures. If our procedures are not effective, or if an accident or equipment failure were to occur, we could be subject to liabilities arising out of property damage, personal injuries or death, our operations could be interrupted and we might have to shut down or abandon affected facilities.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Equity and capital markets
Macro
DriverNegative impact: weakens
“Our ability to fund operations, meet obligations, and pursue strategic initiatives depends on maintaining sufficient liquidity and access to capital markets. We rely on cash generated from operations, committed credit facilities, and debt financing. Adverse conditions in global credit markets, disruptions in banking systems, or a deterioration in our financial performance could limit our ability to obtain financing on acceptable terms or at all.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“Heightened regulation on food and crop inputs (including crop nutrients) and environmental, health and safety issues in countries in which we operate can be expected to result in requirements that apply to us and our operations that may be more stringent than those described elsewhere in this report. These requirements may include: •Increased levels of future investments and expenditures for environmental controls at ongoing operations, which will be charged against income from future operations; increased levels of the financial assurance requirements to which we are subject, and increased efforts or costs to obtain permits or denial of permits. •New or interpretations of existing statutes or regulations that impose new or more stringent standards, restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise on formerly mined land and other matters that could increase our expenses, capital requirements or liabilities or adversely affect our business, liquidity or financial condition.”
Annual report 2025A · The company itself
Fuel
Raw materials and inputs
DriverNegative impact: weakens
“Higher costs for these transportation services or an interruption or slowdown due to factors including high demand, high fuel prices, labor disputes, layoffs or other factors affecting the availability of qualified transportation workers, adverse weather or other environmental events, or changes to rail, barge or ocean freight systems, could negatively affect our ability to produce our products or deliver them to our customers, which could affect our performance and results of operations.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
IT operations and cloud
Raw materials and inputs
DriverNegative impact: weakens
“Our business operations rely on our information systems and any material disruption or slowdown of our systems could cause operational delays or loss of revenue. We depend on information systems to, among other things, manage our inventory, process transactions, operate our websites, purchase and ship goods on a timely basis, and maintain cost-effective operations.”
Annual report 2025A · The company itself
Precious metals
Raw materials and inputs
InputNegative impact: weakens
“Sulfur We use molten sulfur at our phosphate concentrates plants to produce sulfuric acid, one of the key components used in the production of phosphoric acid. We consumed approximately 0.9 million long tons of sulfur for our own production during 2025.”
Annual report 2025A · The company itself
Real estate
End markets
DriverPositive impact: strengthens
“Florida Land Holdings We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the U.S. We have land holdings totaling over 368,000 acres.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Water
Raw materials and inputs
DriverNegative impact: weakens
“Our potash mines at Colonsay, Saskatchewan, Carlsbad, New Mexico and our Esterhazy, Saskatchewan K3 mine (though not contiguous with the K1/K2 underground inflow region) are also subject to risks from inflow. Though minor inflows are regularly managed, it is possible that significant water inflows could occur which may present risks to our employees and our operations, and which may require us to incur brine management costs, change our mining processes, or abandon our operating mines.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“India and China Distribution Businesses Our China and India distribution businesses market phosphate-, potash- and nitrogen-based crop nutrients and provide other ancillary services to wholesalers, cooperatives, independent retailers and farmers in the Asia-Pacific regions. These operations provide our Phosphate and Potash segments access to key markets outside of North and South America and serve as a marketing agent for our Phosphate segment.”
Annual report 2025A · The company itself
Geography
“The countries that account for the largest amount of our phosphates sales outside the U.S., by volume, are Canada, Brazil, Colombia, Australia and Argentina.”
Annual report 2025A · The company itself
Geography
“We also market our Potash segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, which acquire potash primarily through Canpotex. The countries that account for the largest amount of international potash sales, by volume, are Brazil, China, Indonesia, India and Belgium.”
Annual report 2025A · The company itself
Geography
“In 2025, we derived approximately 64% of our net sales from customers located outside of the U.S.”
Annual report 2025A · The company itself
Geography
“We are a global business with substantial assets located outside of North America. Our operations in Brazil, China, India and Paraguay are fundamental to our business.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“The countries that account for the largest amount of our phosphates sales outside the U.S., by volume, are Canada, Brazil, Colombia, Australia and Argentina.”
Annual report 2025A · The company itself
Geography
“In 2025, we derived approximately 64% of our net sales from customers located outside of the U.S.”
Annual report 2025A · The company itself
United States
Geography
Geography
“We own port facilities in Tampa, Florida which have deep water berth capabilities providing access to the Gulf Coast of the United States. We also own warehouse distribution facilities in: Rosemount, Minnesota; Pekin, Illinois; and Henderson, Kentucky. In addition to the facilities that we own, our U.S. distribution operations also include leased distribution space or contractual throughput agreements in other key geographical areas including California, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, Texas and Wisconsin.”
Annual report 2025A · The company itself
Geography
“In 2025, we derived approximately 64% of our net sales from customers located outside of the U.S.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Nordics
Geography
Geography
“We also lease or own warehouse facilities in Saskatchewan, Ontario, Quebec and Manitoba in Canada.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 12.05 bn USD |
| Revenue growth vs. the year before, same method | 8.4 % |
| EBITDA reported by the company | 1.87 bn USD |
| Net debt debt incl. leasing minus cash | 4.2 bn USD |
| Diluted EPS per share | 1.7 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.