EarningsRetail EBITDA of $340M was 48% higher than the previous year on higher crop protection and seed margins, and lower expenses.
Market PositionNutrien's scale, quality of production assets, and downstream distribution portfolio enable its low-cost advantage, with investments in mining automation aimed at further lowering controllable cost/ton.
Market Re-RatingAs investors gain confidence in Nutrien's steady state, it is expected to re-rate to a higher EV/EBITDA multiple.