Shares declined 1.8% following the release despite solid volume gains, as investors likely digested ongoing margin pressures and cautious outlook commentary tied to raw material constraints and market volatility.

• Phosphate sales volume hit 1.9 million tonnes in Q1, the highest in five years, benefiting from deferred demand and broad market access.
• Production improvements noted with three out of four U.S. phosphate plants running at or above 80% phosphoric acid operating rates; New Wales facility turnaround completed in March.
• Supply chain pressures persist, particularly around sulfur availability, leading to production plan adjustments and margin compression risks.
• Market environment remains volatile due to geopolitical issues impacting global raw material availability, causing heightened uncertainty around demand and supply balance.
• Management is actively reallocating capital away from underperforming assets, reducing CapEx, and optimizing portfolio to protect shareholder value amid challenging conditions.