EX-99.3

Exhibit 99.3

LOGO

NUTRIEN LTD.

INTERIM FINANCIAL STATEMENTS AND NOTES

AS AT AND FOR THE THREE MONTHS ENDED

MARCH 31, 2024


Unaudited

Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Earnings


			Three Months Ended March 31
(millions of US dollars, except as otherwise noted)	Note		2024			2023
SALES		2, 9		5,389			6,107
Freight, transportation and distribution				238			199
Cost of goods sold				3,614			3,995
GROSS MARGIN				1,537			1,913
Selling expenses				794			770
General and administrative expenses				154			145
Provincial mining taxes				68			119
Share-based compensation expense				6			15
Other expenses (income)		3		96			(75	)
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES				419			939
Finance costs				179			170
EARNINGS BEFORE INCOME TAXES				240			769
Income tax expense		4		75			193
NET EARNINGS				165			576
Attributable to
Equity holders of Nutrien				158			571
Non-controlling interest				7			5
NET EARNINGS				165			576

NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN (“EPS”)
Basic				0.32			1.14
Diluted				0.32			1.14
Weighted average shares outstanding for basic EPS				494,570,000			501,175,000
Weighted average shares outstanding for diluted EPS				494,792,000			502,220,000

Condensed Consolidated Statements of Comprehensive Income

			Three Months Ended March 31
(millions of US dollars)			2024			2023
NET EARNINGS				165			576
Other comprehensive (loss) income
Items that will not be reclassified to net earnings:
Net actuarial loss on defined benefit plans				-			(3	)
Net fair value (loss) gain on investments				(18	)		5
Items that have been or may be subsequently reclassified to net earnings:
(Loss) gain on currency translation of foreign operations				(66	)		1
Other				(18	)		(1	)
OTHER COMPREHENSIVE (LOSS) INCOME				(102	)		2
COMPREHENSIVE INCOME				63			578
Attributable to
Equity holders of Nutrien				57			573
Non-controlling interest				6			5
COMPREHENSIVE INCOME				63			578

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Cash Flows


			Three Months Ended March 31
(millions of US dollars)	Note		2024			2023
						Note 1
OPERATING ACTIVITIES
Net earnings				165			576
Adjustments for:
Depreciation and amortization				565			496
Share-based compensation expense				6			15
Provision for deferred income tax				28			21
Net (undistributed) distributed earnings of equity-accounted investees				(50	)		163
Gain on amendments to other post-retirement pension plans		3		-			(80	)
Loss on Blue Chip Swaps		3		19			-
Long-term income tax receivables and payables				43			(72	)
Other long-term assets, liabilities and miscellaneous				64			7
Cash from operations before working capital changes				840			1,126
Changes in non-cash operating working capital:
Receivables				(257	)		535
Inventories and prepaid expenses and other current assets				(1,330	)		(1,493	)
Payables and accrued charges				260			(1,026	)
CASH USED IN OPERATING ACTIVITIES				(487	)		(858	)
INVESTING ACTIVITIES
Capital expenditures ¹				(373	)		(465	)
Business acquisitions, net of cash acquired				-			(111	)
Proceeds from sales of Blue Chip Swaps, net of purchases		3		(19	)		-
Net changes in non-cash working capital				(90	)		(100	)
Other				(12	)		(18	)
CASH USED IN INVESTING ACTIVITIES				(494	)		(694	)
FINANCING ACTIVITIES
Proceeds from debt with maturity periods within three months, net				926			1,873
Proceeds from debt				-			1,500
Repayment of debt				(14	)		(17	)
Repayment of principal portion of lease liabilities				(96	)		(87	)
Dividends paid to Nutrien’s shareholders				(261	)		(246	)
Repurchase of common shares				-			(897	)
Issuance of common shares				1			28
Other				(8	)		(25	)
CASH PROVIDED BY FINANCING ACTIVITIES				548			2,129
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS				(12	)		(5	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS				(445	)		572
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD				941			901
CASH AND CASH EQUIVALENTS – END OF PERIOD				496			1,473
Cash and cash equivalents is composed of:
Cash				422			361
Short-term investments				74			1,112
				496			1,473
SUPPLEMENTAL CASH FLOWS INFORMATION
Interest paid				132			98
Income taxes paid				50			1,319
Total cash outflow for leases				131			119

1 Includes additions to property, plant and equipment, and intangible assets for the three months ended March 31, 2024 of $338 million and $35 million (2023 – $422 million and $43 million).

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Statements of Changes in Shareholders’ Equity



										Accumulated Other Comprehensive (Loss) Income (“AOCI”)

(millions of US dollars, except as otherwise noted)	Number of Common Shares			Share Capital			Contributed Surplus			(Loss) Gain on Currency Translation of Foreign Operations			Other			Total AOCI			Retained Earnings			Equity Holders of Nutrien			Non- Controlling Interest			Total Equity

BALANCE – DECEMBER 31, 2022		507,246,105			14,172			109			(374	)		(17	)		(391	)		11,928			25,818			45			25,863

Net earnings		-			-			-			-			-			-			571			571			5			576

Other comprehensive income		-			-			-			1			1			2			-			2			-			2

Shares repurchased		(11,751,290	)		(328	)		-			-			-			-			(571	)		(899	)		-			(899	)

Dividends declared - $0.53/share		-			-			-			-			-			-			(265	)		(265	)		-			(265	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(6	)		(6	)
Effect of share-based compensation including issuance of common shares		579,208			34			(3	)		-			-			-			-			31			-			31
Transfer of net loss on cash flow hedges		-			-			-			-			5			5			-			5			-			5
Transfer of net actuarial loss on defined benefit plans		-			-			-			-			3			3			(3	)		-			-			-
Other		-			-			-			(2	)		-			(2	)		-			(2	)		-			(2	)

BALANCE – MARCH 31, 2023		496,074,023			13,878			106			(375	)		(8	)		(383	)		11,660			25,261			44			25,305

BALANCE – DECEMBER 31, 2023		494,551,730			13,838			83			(286	)		(10	)		(296	)		11,531			25,156			45			25,201

Net earnings		-			-			-			-			-			-			158			158			7			165

Other comprehensive loss		-			-			-			(65	)		(36	)		(101	)		-			(101	)		(1	)		(102	)

Dividends declared - $0.54/share		-			-			-			-			-			-			(266	)		(266	)		-			(266	)

Non-controlling interest transactions		-			-			-			-			-			-			-			-			(8	)		(8	)

Effect of share-based compensation including issuance of common shares		37,199			2			2			-			-			-			-			4			-			4
Transfer of net loss on cash flow hedges		-			-			-			-			2			2			-			2			-			2

BALANCE – MARCH 31, 2024		494,588,929			13,840			85			(351	)		(44	)		(395	)		11,423			24,953			43			24,996

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Condensed Consolidated Balance Sheets



		March 31						December 31

As at (millions of US dollars)	Note	2024			2023			2023

ASSETS

Current assets

Cash and cash equivalents			496			1,473			941

Receivables	6, 9		5,561			6,009			5,398

Inventories			8,188			9,852			6,336

Prepaid expenses and other current assets			905			937			1,495

			15,150			18,271			14,170

Non-current assets

Property, plant and equipment			22,410			21,832			22,461

Goodwill			12,083			12,433			12,114

Intangible assets			2,165			2,292			2,217

Investments			768			686			736

Other assets			999			1,078			1,051

TOTAL ASSETS			53,575			56,592			52,749

LIABILITIES

Current liabilities

Short-term debt	6		2,835			4,013			1,815

Current portion of long-term debt			513			545			512

Current portion of lease liabilities			346			306			327

Payables and accrued charges			9,431			10,611			9,467

			13,125			15,475			12,121

Non-current liabilities

Long-term debt			8,910			9,510			8,913

Lease liabilities			1,034			880			999

Deferred income tax liabilities			3,601			3,603			3,574

Pension and other post-retirement benefit liabilities			246			242			252

Asset retirement obligations and accrued environmental costs			1,485			1,389			1,489

Other non-current liabilities			178			188			200

TOTAL LIABILITIES			28,579			31,287			27,548

SHAREHOLDERS’ EQUITY

Share capital			13,840			13,878			13,838

Contributed surplus			85			106			83

Accumulated other comprehensive loss			(395	)		(383	)		(296	)

Retained earnings			11,423			11,660			11,531

Equity holders of Nutrien			24,953			25,261			25,156

Non-controlling interest			43			44			45

TOTAL SHAREHOLDERS’ EQUITY			24,996			25,305			25,201

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			53,575			56,592			52,749

(See Notes to the Condensed Consolidated Financial Statements)


Unaudited

Notes to the Condensed Consolidated Financial Statements

As at and for the Three Months Ended March 31, 2024

Note 1 Basis of presentation

Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading provider of crop inputs and services. Nutrien plays a critical role in helping growers around the globe increase food production in a sustainable manner.

These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2023 annual audited consolidated financial statements, as well as any amended standards adopted in 2024 that we previously disclosed. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2023 annual audited consolidated financial statements. Certain immaterial 2023 figures have been reclassified in the condensed consolidated statements of cash flows.

In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year. These interim financial statements were authorized by the Audit Committee of the Board of Directors for issue on May 8, 2024.

Note 2 Segment information

We have four reportable operating segments: Nutrien Ag Solutions (“Retail”), Potash, Nitrogen and Phosphate. The Retail segment distributes crop nutrients, crop protection products, seed and merchandise. Retail provides services directly to growers through a network of farm centers in North America, South America and Australia. The Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each produces.



	Three Months Ended March 31, 2024

(millions of US dollars)	Retail			Potash			Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		3,308			821			846			414		-			-			5,389

– intersegment		-			106			182			85		-			(373	)		-

Sales – total		3,308			927			1,028			499		-			(373	)		5,389

Freight, transportation and distribution ¹		-			114			117			62		-			(55	)		238

Net sales		3,308			813			911			437		-			(318	)		5,151

Cost of goods sold		2,561			358			604			372		-			(281	)		3,614

Gross margin		747			455			307			65		-			(37	)		1,537

Selling expenses		790			3			7			2		(2	)		(6	)		794

General and administrative expenses		52			4			5			4		89			-			154

Provincial mining taxes		-			68			-			-		-			-			68

Share-based compensation expense		-			-			-			-		6			-			6

Other expenses (income)		22			(3	)		(33	)		8		97			5			96

(Loss) earnings before finance costs and income taxes		(117	)		383			328			51		(190	)		(36	)		419

Depreciation and amortization		194			147			136			70		18			-			565

EBITDA ²		77			530			464			121		(172	)		(36	)		984

Share-based compensation expense		-			-			-			-		6			-			6

ARO/ERL expense for non-operating sites ³		-			-			-			-		3			-			3

Foreign exchange loss, net of related derivatives		-			-			-			-		43			-			43

Loss on Blue Chip Swaps		-			-			-			-		19			-			19

Adjusted EBITDA		77			530			464			121		(101	)		(36	)		1,055

Assets – as at March 31, 2024		24,273			13,562			11,606			2,420		2,326			(612	)		53,575

1 Potash freight, transportation and distribution only applies to our North American potash sales volumes.

2 EBITDA is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.

3 ARO/ERL refers to asset retirement obligations and accrued environmental costs.


Unaudited


	Three Months Ended March 31, 2023

(millions of US dollars)	Retail			Potash			Nitrogen			Phosphate		Corporate and Others			Eliminations			Consolidated

Sales – third party		3,422			1,023			1,154			508		-			-			6,107

– intersegment		-			54			264			64		-			(382	)		-

Sales – total		3,422			1,077			1,418			572		-			(382	)		6,107

Freight, transportation and distribution		-			75			106			58		-			(40	)		199

Net sales		3,422			1,002			1,312			514		-			(342	)		5,908

Cost of goods sold		2,807			305			771			427		-			(315	)		3,995

Gross margin		615			697			541			87		-			(27	)		1,913

Selling expenses		765			3			8			2		(2	)		(6	)		770

General and administrative expenses		50			3			5			3		84			-			145

Provincial mining taxes		-			119			-			-		-			-			119

Share-based compensation expense		-			-			-			-		15			-			15

Other expenses (income)		15			(7	)		(14	)		12		(81	)		-			(75	)

(Loss) earnings before finance costs and income taxes		(215	)		579			542			70		(16	)		(21	)		939

Depreciation and amortization		181			97			134			67		17			-			496

EBITDA		(34	)		676			676			137		1			(21	)		1,435

Integration and restructuring related costs		-			-			-			-		5			-			5

Share-based compensation expense		-			-			-			-		15			-			15

Foreign exchange gain, net of related derivatives		-			-			-			-		(34	)		-			(34	)

Adjusted EBITDA		(34	)		676			676			137		(13	)		(21	)		1,421

Assets – as at December 31, 2023		23,056			13,571			11,466			2,438		2,818			(600	)		52,749


	Three Months Ended March 31
(millions of US dollars)	2024			2023
Retail sales by product line
Crop nutrients		1,309			1,335
Crop protection products		1,114			1,154
Seed		485			507
Services and other		156			148
Merchandise		200			246
Nutrien Financial		66			57
Nutrien Financial elimination ¹		(22	)		(25	)

		3,308			3,422

Potash sales by geography

Manufactured product

North America		520			417

Offshore ²		407			660

		927			1,077

Nitrogen sales by product line

Manufactured product

Ammonia		244			416

Urea and ESN^®		366			491

Solutions, nitrates and sulfates		319			371

Other nitrogen and purchased products		99			140

		1,028			1,418

Phosphate sales by product line

Manufactured product

Fertilizer		321			302

Industrial and feed		167			195

Other phosphate and purchased products		11			75

		499			572

1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

2 Relates to Canpotex Limited (“Canpotex”) (see Note 9) and includes provisional pricing adjustments for the three months ended March 31, 2024 of $12 million (2023 – $(147) million).


Unaudited

Note 3 Other expenses (income)


	Three Months Ended March 31
(millions of US dollars)	2024		2023
Integration and restructuring related costs		-		5
Foreign exchange loss (gain), net of related derivatives		43		(34)
Earnings of equity-accounted investees		(51)		(37)
Bad debt expense		13		9
Project feasibility costs		15		13
Customer prepayment costs		16		14
Loss on natural gas derivatives not designated as hedge ¹		3		-
Loss on Blue Chip Swaps		19		-
ARO/ERL expense for non-operating sites		3		-
Gain on amendments to other post-retirement pension plans		-		(80)
Other expenses		35		35
		96		(75)

1 Relates to unrealized loss for the three months ended March 31, 2024 (2023 – $nil).

Argentina has certain currency controls in place that limit our ability to settle our foreign currency-denominated obligations or remit cash out of Argentina. A Blue Chip Swap is a financial mechanism in Argentina that effectively allows companies to transact in US dollars. In the first quarter of 2024, we incurred a loss on these transactions due to the significant divergence between the Blue Chip Swap market exchange rate and the official Argentinian Central Bank rate.

Note 4 Income taxes

A separate estimated average annual effective income tax rate was determined and applied individually to the interim period pre-tax earnings for each taxing jurisdiction.


	Three Months Ended March 31
(millions of US dollars, except as otherwise noted)	2024		2023
Actual effective tax rate on earnings (%)		30		23
Actual effective tax rate including discrete items (%)		31		25
Discrete tax adjustments that impacted the tax rate		3		18

Note 5 Financial instruments

Natural Gas Derivatives

In 2024, we increased our use of natural gas derivatives to lock-in commodity prices. Our risk management strategies and accounting policies for derivatives that are designated and qualify as cash flow hedges are consistent with those disclosed in Note 10 and Note 30 of our annual consolidated financial statements, respectively. For derivatives that do not quality as cash flow hedges, any gains or losses are recorded in net earnings in the current period.

We assess whether our derivative hedging transactions are expected to be or were highly effective, both at the hedge’s inception and on an ongoing basis, in offsetting changes in fair values of hedged items.

Hedging Transaction

Measurement of Ineffectiveness

Potential Sources of Ineffectiveness

New York Mercantile Exchange (“NYMEX”) natural gas hedges

Assessed on a prospective and retrospective basis using regression analyses

Changes in:

• timing of forecast transactions

• volume delivered

• our credit risk or the credit risk of a counterparty


Unaudited


	As at March 31, 2024
(millions of US dollars, except as otherwise noted)	Notional ¹		Maturities (year)		Average Contract Price ²		Fair Value of Assets (Liabilities)
Derivatives not designated as hedges

NYMEX call options		43		2024		2.77		7
Derivatives designated as hedges
NYMEX swaps		36		2024		2.64		(9	)

1 In millions of Metric Million British Thermal Units (“MMBtu”).

2 US dollars per MMBtu.

Note 6 Short-term debt

On March 7, 2024, we entered into an uncommitted $500 million accounts receivable repurchase facility (the “repurchase facility”), where we may sell certain receivables from customers to a financial institution and agree to repurchase those receivables at a future date. When we draw under this repurchase facility, the receivables from customers remain on our condensed consolidated balance sheet as we control and retain substantially all of the risks and rewards associated with the receivables. As at March 31, 2024, $111 million in receivables from customers were pledged to the repurchase facility and $100 million of borrowings were included in short-term debt with variable interest accruing based on a margin and the Secured Overnight Financing Rate.

Note 7 Capital management

In March 2024, we filed a base shelf prospectus in Canada and the US qualifying the issuance, subject to the approval of the Board of Directors, of common shares, debt securities and other securities during a period of 25 months from March 22, 2024.

Note 8 Seasonality

Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. The results of this seasonality have a corresponding effect on receivables from customers and rebates receivables, inventories, prepaid expenses and other current assets, and trade payables. Our short-term debt also fluctuates during the year to meet working capital requirements. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.

Note 9 Related party transactions

We sell potash outside Canada and the US exclusively through Canpotex. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed upon prices. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex.



As at (millions of US dollars)	March 31, 2024		December 31, 2023
Receivables from Canpotex		148		162

Note 10 Accounting policies, estimates and judgments

IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”), which was issued on April 9, 2024, would supersede IAS 1, “Presentation of Financial Statements” and increase the comparability of financial statements by enhancing principles on aggregation and disaggregation. IFRS 18 will be effective January 1, 2027, and will also apply to comparative information. We are reviewing the standard to determine the potential impact.