MOSAIC CO

The Mosaic Company entered into a new credit agreement on June 10, 2026, establishing a committed delayed draw term loan credit facility of up to $1 billion. This facility includes two tranches: a 364-day tranche for $500 million and a three-year tranche for $500 million. The proceeds from this new loan will be utilized to repay existing indebtedness.

The Mosaic Company held its 2026 Annual Meeting of Stockholders where shareholders elected twelve directors to serve a one-year term expiring in 2027. Stockholders also ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. Additionally, the Say-on-Pay Advisory Proposal, concerning the compensation of Named Executive Officers, received advisory approval from stockholders.

Mosaic reported a significant net loss of $257.6 million for the first quarter of 2026, a sharp decline from a net income of $238.1 million in the prior-year quarter. This was primarily driven by a $232.6 million loss on assets to be sold and substantially higher operating expenses, which led to an operating loss of $372.9 million. Despite an increase in net sales to $2,998.0 million, gross margin decreased significantly, contributing to the overall negative financial performance.

The Mosaic Company reported a net loss of $258 million and an operating loss of $373 million for the first quarter of 2026, a significant decline from the prior year's net income, primarily due to $442 million in charges from idling Brazilian assets. Adjusted EBITDA also decreased to $416 million. The company announced partial curtailments of phosphate production in the U.S. and Brazil due to record raw material prices and revised its 2026 capital expenditure guidance to $1.25 billion.

The Mosaic Company announced plans to idle and demobilize its Araxá Mining and Chemical Complex and related mining activities at the Patrocínio Complex in Brazil, alongside pursuing the sale of its Araxá assets. These actions are expected to result in a pre-tax book impact of $350 million to $400 million in the first quarter of 2026, primarily driven by asset impairments and write-offs. The strategic move aims to reduce costs and redeploy capital, though it will lead to workforce reductions at both sites. This restructuring reflects the company's efforts to optimize its operational footprint and financial efficiency.