Mosaic reported Q3 2026 results characterized by a revenue beat but significant misses on adjusted earnings and phosphate sales volumes. Profitability was severely impacted by elevated raw material costs, specifically sulfur and ammonia, alongside production curtailments and geological challenges at key mining sites.
Key Highlights
- Phosphate sales volumes reached only 1.4 million tonnes, missing the 1.55 million tonnes estimate due to production curtailments linked to sulfur availability constraints.
- Potash production guidance for full-year 2026 was lowered to 8.6 million tonnes from previous targets, following lower-than-expected ore grades at the Esterhazy mine.
- Phosphate segment adjusted EBITDA fell sharply to $49 million from $280 million in the prior-year period, reflecting the impact of higher unit costs and lower volumes.
- The company is pivoting to tighter spending, targeting 2027 capital expenditures below $1 billion, down from the $1.2 billion projected for 2026.