Nutrien reports record-high H1 2026 potash sales

Nutrien posted flat Q2 net earnings of $1.22 billion on slightly higher sales of $10.8 billion, according to a 5 August press release. The standout aspect of the Canadian producer’s latest financial report was that it achieved record-high potash production and sales volumes during the first half of 2026.

In its potash segment, Nutrien’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed 15% yr-on-yr in H1 to $1.24 billion from $1.08 billion.

Nutrien produced 3.97Mt MOP in Q2, up 13% from 3.53Mt in the same three months of 2025. Production in H1 reached 7.66Mt, a 12% yr-on-yr rise from 6.82Mt. Mine automation helped the world’s largest potash producer to maintain a cash cost of MOP manufactured below $60pt.

Nutrien’s total Q2 sales volumes dipped to 3.94Mt from 3.99Mt in the same period last year, but its H1 2026 sales edged up 0.8% yr-on-yr to a record-high 7.45Mt from 7.39Mt. Of the H1 sales, North America volumes declined to 2.21Mt from 2.35Mt, but this was more than offset by an increase in offshore sales to 5.25Mt from 5.04Mt.

Record-high H1 sales were due to “low inventory levels and favourable potash affordability in key offshore markets,” Nutrien noted.

Of the overseas sales handled by exporter Canpotex in H1, Latin America comprised 44% of total volumes, up from 37% of the total in H1 2025. China accounted for 14% of total Canpotex sales, up yr-on-yr from 12%, while India accounted for 3% compared with 2% previously. Other Asian markets made up 26% of H1 sales, down from 33% in the same six months of last year. Other global markets accounted for 13% of total H1 Canpotex sales, down from 16%. 

Nutrien reported an average global net sales price of $266pt in H1, up from $235pt in the same period last year. Despite the persistence of lower prices in the US compared with many global markets, Nutrien’s average North America net sales price in H1 was $290pt compared with an offshore net sales price of $255pt.

Nutrien has raised its full-year 2026 potash sales volume guidance slightly to 14.2-14.8Mt from 14.1-14.8Mt due to strong demand in overseas markets.

The company is maintaining its forecast for 2026 global potash shipments of 74-77Mt. Global potash markets “remain constructive due to favourable affordability, healthy demand in all major global markets and stable supply relative to other commodities”, Nutrien added.

The company remains “on track to solidify the optimal path” for its phosphate business, shuttered Trinidad nitrogen facility and Brazilian retail business by the end of 2026.