Mosaic : 2021 Q4 Press Release

Exhibit 99.1

The Mosaic Company

101 E. Kennedy Blvd., Suite 2500 Tampa, FL 33602 www.mosaicco.com

For Immediate Release

InvestorsPaul Massoud

The Mosaic Company [e-mail]

MediaBen Pratt

The Mosaic Company [e-mail]

THE MOSAIC COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

• Full year net income of $1.6 billion, adjusted EBITDA of $3.6 billion
• Accelerated Share Repurchase of $400 million to be initiated in February under the current authorization
• New $1 billion share repurchase program to immediately follow completion of the current authorization
• Regular annual dividend raised from $0.45 to $0.60 per share, beginning in the second quarter of 2022

TAMPA, FL, February 22, 2022 - The Mosaic Company (NYSE: MOS) today reported net income of $1.6 billion and earnings per share (EPS) of $4.27 for full year 2021. Adjusted EBITDA(1) for the year was $3.6 billion and adjusted EPS(1) was $5.04.

The company also reported fourth quarter net income of $665 million and EPS of $1.76. Adjusted EBITDA(1) totaled $1.2 billion for the quarter and adjusted EPS(1) was $1.95.

"Mosaic delivered record EBITDA in 2021, and we expect strong performance to continue in 2022," said Joc O'Rourke, President and CEO. "As a result of successful investments like our new Esterhazy K3 potash mine, Mosaic Fertilizantes in Brazil, and our cost-structure transformation, we are generating tremendous value in the current environment. This has provided us with the opportunity to return significant capital to shareholders, while still investing efficiently in the business and strengthening the balance sheet."

Highlights:

• Full year revenues were up 42 percent year-over-year to $12.4 billion, as stronger pricing more than offset lower volumes. Gross margin for the year of $3.2 billion was up 200 percent from the prior year period. The gross margin rate in 2021 was 26 percent, up from 12 percent in 2020.
• Adjusted EBITDA(1) in 2021 totaled $3.6 billion, a fiscal year record, up 129 percent from 2020. Cash from operating activities totaled $2.2 billion, up 38% percent from the prior year.
• Potash operating earnings were $837 million in 2021, up 108% from 2020. Adjusted EBITDA(1) totaled $1.3 billion in 2021, up 78 percent from 2020. The accelerated ramp up of K3 is expected to be completed by the end of the first quarter, and 2022 production from the mine is expected to total 5 million tonnes. Colonsay successfully ramped up to its targeted annual run rate of approximately 1 million tonnes with cash production costs during the quarter of $85 per tonne.

(1)See "Non-GAAP Financial Measures" for additional information and reconciliation.

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• Phosphate operating earnings were $1.2 billion in 2021, compared to an operating loss of $147 million in 2020. Adjusted EBITDA(1) totaled $1.7 billion in 2021, up 223 percent from 2020. MicroEssentials sales volumes achieved a new record of 3.3 million tonnes, with gross margins averaging $32 per tonne higher than commodity fertilizer sales.
• Mosaic Fertilizantes operating earnings were $745 million in 2021, up 115% from the prior year. Adjusted EBITDA(1) totaled $821 million in 2021, up 74 percent from 2020. The segment exceeded its 2023 transformation EBITDA contribution target of $200 million two years ahead of schedule as a result of commercial and cost saving improvements.
• The company expects upward pricing momentum to continue, with about 85 percent of first quarter sales committed and priced. Phosphate sales volumes in the first quarter are expected to be in the range of 1.6 to 1.8 million tonnes, and potash sales volumes are expected to be in the range of 1.8 to 2.0 million tonnes. First quarter FOB realized prices for phosphates are expected to be more than $60 per tonne higher than prices realized in the fourth quarter. Potash prices in the first quarter are expected to be more than $125 per tonne higher than first quarter realized prices.

2022 Capital Allocation Strategy

Given the company's outlook, Mosaic is taking a number of steps in 2022 that illustrate its ongoing commitment to disciplined capital allocation.

• Mosaic anticipates returning the majority of free cash flow to shareholders in 2022. The company believes up to 75% of free cash flow* will be distributed to shareholders through a combination of dividends and share repurchases.
• Mosaic expects to initiate an accelerated share repurchase (ASR) of $400 million in February. Following execution of the ASR, Mosaic will have repurchased approximately $830 million under the current $1 billion authorization established in August 2021. Mosaic expects to exhaust the remaining portion of the current authorization through open market purchases. As a result, the Mosaic Board of Directors has approved the establishment of a new $1 billion share repurchase authorization, which will take effect immediately following completion of the current program.
• The Mosaic Board of Directors has also approved a regular dividend target increase to $0.60 per share annually from $0.45, beginning with the second quarter payment.(2)
• Consistent with the desire for a balance sheet reflective of investment grade metrics, Mosaic is committed to repaying the remaining $550 million in long term debt of its $1 billion goal over time.
• Mosaic has expanded the capacity of its working capital facilities by $375 million to better align with seasonal and cyclical capital requirements. Working capital demands tend to expand in rising price environments, and this move will allow for a more flexible balance sheet to manage its liquidity needs.
• Mosaic will continue to evaluate high returning projects, investing efficiently in opportunities that generate an adequate return on investment. Total capital expenditures in 2022 are expected to be $1.1 billion, down from $1.3 billion in 2021, reflecting the completion of K3.

*Free cash flow is defined as cash from operations minus total capital expenditures and adjusted for working capital financing.

(1)See "Non-GAAP Financial Measures" for additional information and reconciliation.

(2)The declarations and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on several factors, including the Company's financial performance and available cash resources.

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Segment Analysis
Potash	4Q21		4Q20	2021		2020
Sales Volumes - million tonnes*	2.1		2.7	8.2		9.4
MOP Selling Price(3)	$414		$177	$285		$181
Gross Margin (GAAP) per tonne	$224		$45	$129		$50
Adjusted Gross Margin (non-GAAP) per tonne(1)	$224		$51	$134		$58
Operating Earnings - millions	$443		$95	$837		$402
Segment Adjusted EBITDA(1) - millions	$517		$179	$1,286		$722

*Tonnes = finished product tonnes

(3)Average per tonne MOP selling price (fob mine)

The Potash segment reported net sales of $2.6 billion in 2021, up from $2.0 billion in 2020, as higher pricing offset lower volumes. MOP cash costs of production, excluding brine management costs, averaged $67 per tonne, up from $56, as fixed cost absorption was negatively impacted by the June closure of Esterhazy's K1 and K2 shafts. This was partially offset by lower brine inflow cash costs of $28 million for the year, down 62% from the prior year. Brine inflow cash costs have been eliminated with the closure of K1 and K2. Gross margin per tonne was $129, up from $50 last year, and adjusted gross margin per tonne(1) rose year over year from $58 to $134, as improved pricing more than offset higher production costs.

Mosaic remains on track to complete the ramp up of K3 by the end of the first quarter of 2022, with an expected annualized run rate of 5.5 million tonnes and cash production costs in the $50's per tonne area and trending lower on a through-cycle basis. Colonsay, which was restarted in the second half of 2021, is now operating at its targeted annual run rate of 1 million tonnes. During the fourth quarter, Colonsay's cash production costs were $85 per tonne, well below its pre-idle production costs of $100 per tonne.

Phosphate	4Q21		4Q20	2021		2020
Sales Volumes - million tonnes*	1.8		2.3	7.7		8.5
DAP Selling Price(4)	$676		$363	$564		$310
Gross Margin (GAAP) per tonne	$254		$73	$170		$15
Adjusted Gross Margin (non-GAAP) per tonne(1)	$259		$73	$173		$16
Operating Earnings (Loss) - millions	$418		$134	$1,180		$(147)
Segment Adjusted EBITDA(1) - millions	$571		$266	$1,729		$536

*Tonnes = finished product tonnes

(4)Average DAP Selling Price (fob plant)

Net sales in the Phosphate segment increased to $4.9 billion in 2021, up from $3.1 billion in 2020. Sales volumes decreased from 8.5 million tonnes in 2020 to 7.7 million tonnes, reflecting the impact of Hurricane Ida in the second half of the year. This decrease was more than offset by the rise in average realized selling prices to $618 per tonne, up from $360 in 2020. Gross margin per tonne was $170 in 2021, compared to $15 in 2020, and adjusted gross margin per tonne(1) increased to $173 in 2021 from $16 in the prior year, reflecting higher prices that more than offset the impact of higher mining and conversion cost as well as elevated input prices.

MicroEssentials sales volumes in 2021 were a record 3.3 million tonnes, up from 3.1 million tonnes in 2020. The gross margin premium for MicroEssentials products over DAP was $32 per tonne for the year.

(1)See "Non-GAAP Financial Measures" for additional information and reconciliation.

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Mosaic continues to benefit from access to internally produced and attractively priced external ammonia. Realized ammonia costs in 2021 averaged $396 per tonne, much lower than the market average of $594 in 2021, and we expect similar benefits in 2022. In addition to production from Faustina, we continue to take the maximum allowable amount from our contract with CF Industries. Together, these sources account for approximately two-thirds of the segment's ammonia needs.

Mosaic Fertilizantes	4Q21		4Q20	2021		2020
Sales Volumes - million tonnes*	2.3		2.3	10.1		10.6
Finished Product Selling Price	$654		$352	$504		$330
Gross Margin (GAAP) per tonne	$95		$32	$83		$40
Adjusted Gross Margin per tonne(1)	$85		$32	$81		$40
Operating Earnings - millions	$195		$97	$745		$347
Segment Adjusted EBITDA(1) - millions	$197		$115	$821		$473
*Tonnes = finished product tonnes

Mosaic Fertilizantes reported net sales of $5.1 billion in 2021, up from $3.5 billion in the prior year, reflecting higher prices and improved market positioning. These factors led to significant improvements in gross margin per tonne, which averaged $83 in 2021, up from $40 in 2020, and offset the impact of inflationary cost pressures. The segment also benefited from $466 million in co-product sales in 2021, which were up significantly from $185 million in 2020.

Inventories in Brazil grew toward the end of the year, reflecting market pricing and a build in nutrient volumes in anticipation of meeting demand from growers in early 2022. Mosaic Fertilizantes' distribution potash inventory volumes at year end were roughly 350,000 tonnes higher than at the end of 2020, leaving the company well positioned to meet demand left unserved by supply chain constraints and shortfalls from other producers.

Other

Full-year selling, general and administrative (SG&A) expenses were $430.5 million in 2021 versus $371.5 million in 2020, primarily driven by higher incentive compensation expense.

Mosaic recognized a gain on equity investments of $7.8 million, reflecting positive contribution from the company's share of the MWSPC joint venture in Saudi Arabia during the second half of the year. Mosaic recognizes MWSPC contribution on a one quarter lag to the venture's quarterly results.

The reported effective tax rate for 2021 was 26.9 percent, and 25.1 percent excluding discrete items. Discrete items included true-up of estimates primarily related to our U.S. tax return, changes in non-U.S. reserves, and the net tax benefits related to the Esterhazy mine closure costs. The effective rate, excluding discrete items, was driven by the mix of earnings across jurisdictions and benefits related to non-U.S. tax incentives. Cash taxes paid in 2021 were $209 million.

In 2021, net cash provided by operating activities was $2.2 billion and capital expenditures were $1.3 billion

2022 Market Outlook

Strong agricultural commodity pricing trends are expected to continue driving demand for fertilizers through 2022. Global demand for grain and oilseeds remain high while stock-to-use ratios are at the lowest point in more than a decade. Food security concerns, rising biofuel consumption, and textiles are driving demand for corn, soybeans, wheat, rice, coffee, palm oil, cotton and other agricultural commodities. As a result, strong global fertilizer demand in 2022 is expected as growers seek to maximize yields.

Grower profitability has receded from 2021's record levels, but farm economics in most global growing regions remain constructive. In North America, Brazil, and China, domestic crop prices continue to justify nutrient application. In India, the government recently announced this year's initial fertilizer subsidy budget, which is 32%

(1)See "Non-GAAP Financial Measures" for additional information and reconciliation.

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above last year's initial budget. Similar to last year, it is expected that the Indian government will adapt to global markets and adjust importer subsidies, which could drive this year's demand for fertilizer materially higher.

Phosphate demand is strong globally, while producer and channel inventories remain limited. China's domestic phosphate industry is undergoing significant change as production is diverted from export markets toward domestic industrial and agricultural demand, a secular trend that could outlast the current short-term export ban.

In potash, the market is grappling with the impact of sanctions on Belarus. Belaruskali accounts for roughly 17 percent of global supply, and Lithuania's decision to block Belarusian shipments could have a significant impact on global supply. Debottlenecking in Canada and Russia should help to mitigate some of the impact, but logistical constraints will prevent producers from replacing all of the potential lost tonnage. Buyers in China and India have recognized the potential shortfall and committed to supply agreements with Canpotex at $590 per tonne for 2022. As a result, the potash market is expected to remain very tight in 2022.

For both potash and phosphates, supply chain constraints and impacts related to COVID are impacting the global market. In North America, illness-related labor shortages, rail and truck delays, and weather impacts are slowing delivery of inputs to facilities and product to end customers. In Brazil, road and port congestion is also slowing deliveries, though Mosaic continues to benefit from access to its own private ports, sufficient inventory volumes and in-country market positioning. These issues, combined with the current global supply and demand situation, point to tight markets for both phosphates and potash well into 2022.

2022 Expectations and Key Assumptions

The Company provides the following modeling assumptions for the full year 2022:

Modeling Assumptions	Full Year 2022
Total Capital Expenditures	$1.1 billion
Depreciation, Depletion & Amortization	$810 - $830 million
Selling, General, and Administrative Expense	$380 - $400 million
Net Interest Expense	$150 - $160 million
Non-notable adjustments	$100 - $110 million
Effective tax rate	Mid 20's %
Cash tax rate	Mid teens %

Sensitivities Table Using 2021 Cost Structure

The Company provided the following sensitivities to price and foreign exchange rates to help investors anticipate the potential impact of movements in these factors.

Sensitivity	Full year adj. EBITDA impact(1)	2021 Actual
Average MOP Price / tonne (fob mine)(6)	$10/mt price change = $53 million (5)	$285
Average DAP Price / tonne (fob plant)(6)	$10/mt price change = $94 million	$564
Average BRL / USD	0.10 change, unhedged = $10 million(7)	5.39

1. Includes impact of Canadian Resource Tax
2. Approximately 20% of DAP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.; approximately 5% of the MOP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.
3. The company hedged about 50 percent of the annual sensitivity. Over longer periods of time, inflation is expected to offset a portion of currency benefits.

(1)See "Non-GAAP Financial Measures" for additional information and reconciliation.

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