Nutrien Ltd 2025年度报告

[Check one] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Commission File Number 001-38336 (Exact name of Registrant as specified in its charter) Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (“Exchange Act”): Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: Not Applicable(Title of Class) For annual reports, indicate by check mark the information filed with this Form: Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the periodcovered by the annual report. 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 subjectto such filing requirements for the past 90 days. 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 theregistrant was required to submit such files). 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†provided pursuant to Section 13(a) of the Exchange Act. † 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 registeredpublic accounting firm that prepared or issued its audit report. 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 asExhibits 99.1, 99.2, 99.3, 99.4, 99.8 and 99.9, respectively, to this Annual Report on Form 40-F, are incorporated by reference into andas an exhibit to the registrant’s Registration Statement on Form F-10 (File No. 333-278180). 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); and3.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