Nutrien Ltd 2025年度报告

[Check one] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 OR Commission File Number 001-38336 NUTRIEN LTD. Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (“Exchange Act”): Not Applicable(Title of Class) 481,962,233 Common Shares outstanding as of December 31, 2025 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the YesNo Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board toits Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). This Annual Report on Form 40-F shall be incorporated by reference into the Registration Statements on Form S-8 (File Nos. 333-222384, 333-222385 and 333-226295) of the registrant.In addition, the registrant’s Annual Information Form; Management’sDiscussion and Analysis; Audited Annual Consolidated Financial Statements for the fiscal year ended December 31, 2025, includingManagement’s Annual Report on Internal Control over Financial Reporting; Consent of KPMG LLP, Independent Registered PublicAccounting Firm; Consent of Craig Funk, B.Sc., M.Sc., P.Eng., P.Geo.; and Consent of Jodi Derkach, B.Sc., P.Geo., included as PRINCIPAL DOCUMENTS The following documents have been filed as part of this Annual Report: 1.Annual Information Form for the fiscal year ended December 31, 2025 (the “2025 AIF”) (filed as Exhibit 99.1 hereto); 2.Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 (the “2025 MD&A”) (filed as Exhibit99.2 hereto); and 3.Audited Annual Financial Statements, including the Reports of Independent Registered Public Accounting Firm, for the fiscalyear ended December 31, 2025 (the “2025 Audited Annual Financial Statements”) (filed as Exhibit 99.3 hereto). CONTROLS AND PROCEDURES A.Certifications The required disclosure is included in Exhibits 99.5, 99.6 and 99.7 to this Annual Report, and is incorporated herein byreference. B.Evaluation of Disclosure Controls and Procedures The required disclosure is included in “Controls and Procedures—Disclosure Controls and Procedures” in the 2025 MD&A,filed as Exhibit 99.2 to this Annual Report, and is incorporated herein by reference. C.Management’s Annual Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting asdefined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended. The required disclosure isincluded in “Management’s Responsibility—Management’s Annual Report on Internal Control Over Financial Reporting” D.Attestation Report of the Independent Registered Public Accounting Firm The required disclosure is included in the “Report of Independent Registered Public Accounting Firm” that accompanies the2025 Audited Annual Financial Statements, filed as Exhibit 99.3 to this Annual Report, and is incorporated herein by E.Changes in Internal Control over Financial Reporting During the period covered by this report, there was no change in Nutrien’s internal control over financial reporting that hasmaterially affected, or is reasonably likely to materially affect, its internal control over financial reporting. Fo