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Nutrien Ltd. (NTR)

Nutrien mines and manufactures crop nutrients and also sells crop inputs directly to farmers through its own retail network. It is a corporation incorporated under the Canada Business Corporations Act, with its registered and head office in Saskatoon, Saskatchewan. The upstream side mines, processes and manufactures the three essential crop nutrients for fertilizer, potash, nitrogen and phosphate, with manufacturing assets primarily in North America; the downstream side is the Retail segment. Financial information is presented in US dollars.

Nutrien Ltd.

Nutrien mines and manufactures crop nutrients and also sells crop inputs directly to farmers through its own retail network. It is a corporation incorporated under the Canada Business Corporations Act, with its registered and head office in Saskatoon, Saskatchewan. The upstream side mines, processes and manufactures the three essential crop nutrients for fertilizer, potash, nitrogen and phosphate, with manufacturing assets primarily in North America; the downstream side is the Retail segment. Financial information is presented in US dollars.

The upstream

Approximately 27.5 million metric tonnes of manufactured fertilizer were sold in 2025 from production facilities in Canada, the US and Trinidad. At the end of 2025 the company estimated that its Potash segment represented approximately 20 percent of global potash nameplate capacity, its Nitrogen segment three percent of global nitrogen nameplate capacity and its Phosphate segment approximately three percent of global phosphate nameplate capacity. The filing states that its fertilizer manufacturing sits mainly in North America because that gives access to high-quality resources, lower cost inputs and an extensive distribution network.

Potash

The filing calls Nutrien the leading global producer of potash, with over 65 years of potash operations counting its legacy companies, and annual production of 14.0 million tonnes in 2025, which it puts at 19 percent of annual global production. In 2025 its nameplate capacity was 54 percent of the North American total and its production 57 percent of North American production. Production is allocated among the mines on factors including cost efficiency and the grades each can produce. Potash is a commodity with minimal product differentiation, so producers compete on price, quality, inventory availability and service, and the high cost of transporting it relative to producing it shapes competition and price by region. Other major potash exporting countries named are Russia, Belarus, Israel and Germany.

Nitrogen and phosphate

Owned and operated facilities have a combined annual gross ammonia nameplate capacity of approximately 7.3 million tonnes and combined annual gross urea nameplate capacity of approximately 4.6 million tonnes. The filing describes the company as the second-largest nitrogen producer in North America. Customers, including end-users, dealers and other fertilizer producers and distributors, buy principally on delivered price and availability, and the cost and availability of transport for raw materials and finished product matter too. Nitrogen also goes into industrial production of a wide range of products, where the company notes that many manufacturers want consistent quality and just-in-time delivery.

Retail

The Retail segment markets crop nutrients, crop protection products, seed and merchandise and provides agronomic application services, through over 1,800 retail locations across North America, Australia and South America. The filing calls Nutrien the largest global agriculture retailer. Over 4,200 crop consultants support farmers on crop planning, seed selection, soil sampling, variable rate fertilizer application and crop monitoring. The segment also produces its own proprietary crop nutrient, crop protection and seed products, largely under the Loveland Products brands across the three regions, which the company says carry a higher margin than non-proprietary product.

Financing and the platform

Nutrien Financial sits inside Retail and provides financing aligned with growers' seasonal cash-flow needs, which the company says helps them obtain crop inputs and supports its own product and service sales. A digital platform runs alongside the physical network, giving customers access to financing, invoice payment, crop planning, product ordering, application services, recommendations and sampling, depending on geography. The principal competitors in retail distribution of crop inputs are agricultural cooperatives, other major agriculture retailers, and smaller independent retailers and distributors. The group's principal subsidiaries include Potash Corporation of Saskatchewan Inc., Nutrien (Canada) Holdings ULC, Agrium Canada Partnership, Loveland Products Inc. and the Nutrien Ag Solutions companies.

From Nutrien's annual report on Form 40-F for the year ended 31 December 2025. The business and the discussion are attached to that filing as exhibits, the Annual Information Form and the Management's Discussion and Analysis, each read as a whole document rather than from a separately located section. The filing

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Nutrien Ltd. files a 40-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 26,885 million, up 3.5% on the year before. Its profit attributable to shareholders was USD 2,267 million, up 236.4%, and diluted earnings per share USD 4.66.

Nutrien (NTR) in brief

Nutrien (NTR) reported revenue of USD 26.9 billion for the year to 31 December 2025, up 3.5% on the year before.
Read moreProfit attributable to shareholders was USD 2.3 billion and diluted earnings per share USD 4.66. Revenue was USD 26.0 billion in 2024, USD 29.1 billion in 2023, USD 37.9 billion in 2022 and USD 27.7 billion in 2021. Profit attributable to shareholders in the same years was USD 674 million, USD 1.3 billion, USD 7.7 billion and USD 3.2 billion. Revenue grew 5.2% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Nutrien was $34.8 billion, 15.5 times its earnings for 2025.

The share in the US

Last close$72.17 on 10 November 2026
52-week range$55.06 (20 November 2025) to $83.94 (12 March 2026)
Over one yearup 22.4%
Market cap$34.8 billion: 481,962,233 shares outstanding at 31 December 2025 (40-F), each US share standing for one ordinary share
P/E, latest fiscal year15.5: the last close over diluted EPS for the year to Dec 2025, USD 4.66 per ordinary share. The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE9.0%
ROCE10.4%
Operating margin13.9%
Net margin8.4%
FCF margin7.9%
Interest cover5.44
Debt to equity0.42
Cash conversion1.77
Share count, last 12 months-1.6%
Sales CAGR, 3 years-10.8%
Profit CAGR, 3 years-33.4%
EPS$4.66

At the close of 10 November 2026

Price$72.17
Market cap$34.8 billion
Stock P/E15.49
Price to book1.37
EV / EBITDAn/a
Dividend yield3.1%
Market cap / sales1.29
52-week high$83.94
52-week low$55.06
Price, 1 year22.4%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Nutrien Ltd.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
NTRgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed. Sales and margin are each year's revenue and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet and its share count per US share. The dashed line is the median over the range shown. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NTR

Dividends$2.16 a share in FY2024
Filings27 in twelve months: 22 reports on Form 6-K, most often nutrien Declares Quarterly Dividend of US$0.55 per Share (3); nutrien Reports Third Quarter 2026 Results (1); nutrien Provides Update on Trinidad Nitrogen Operations (1); nutrien Reports Second Quarter 2026 Results (1); nutrien Cautions Investors Regarding Ocehan LLC’s Below Market “Mini-Tender” Offer (1)
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.64 by open interest at the 10 November 2026 close; the straddle prices a 2.7% move to 13 November 2026
13F holders734 funds reported a position for the quarter to 30 June 2026; largest Royal Bank of Canada
Congress0 House trades disclosed in six months
Short interest8.7 million shares short, 3.56 days to cover at 30 October 2026

Income statement (profit and loss), 9 fiscal years

Year toDec 2017Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Revenue4,54719,63620,08420,90827,71237,88429,05625,97226,885
Cost of sales3,31613,38013,81414,81417,45221,58819,60817,48617,602
Gross profit6945,3925,5025,2399,40915,4248,4747,5308,347
Operating profit2094141,8629024,78110,8092,7451,8563,736
Finance costs238538554520613563793720687
Profit before tax-29.0-1241,3083824,16810,2461,9521,1363,049
Income tax-183-93.0316-77.09892,559670436752
Profit for the year3273,5739924593,1797,6871,2827002,297
Profit attributable to shareholders3273,5739924593,1537,6601,2586742,267
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F
USD million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2018, Dec 2019, Dec 2020, Dec 2022, Dec 2023); the first-filed figure is in the CSV. Profit attributable to shareholders is the profit for the year; the company reports no minority interests. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2017Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Diluted EPS0.395.721.700.815.5214.182.531.364.66
Basic EPS0.395.721.700.815.5314.222.531.364.66
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F

USD per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by segment

Dec 2017Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Retailn/a14,78517,73421,35019,54217,83217,62061.7%
Nitrogen1,4693,2005,1378,0484,7354,1344,73916.6%
Potash1,8682,5134,4078,1994,1663,3783,99514.0%
Phosphaten/a1,4432,0462,6202,2631,8881,9586.9%
Corporate and Others Segmentn/a82.00.00.00.01952460.9%
Phosphate and Sulfate1,284n/an/an/an/an/an/an/a
Sales between segments, taken out-74.0n/an/an/an/an/an/an/a
Eliminationsn/a-1,115-1,612-2,333-1,650-1,455-1,673n/a
Retail FY2020 to FY2025NitrogenPotashPhosphate FY2020 to FY2025Corporate and Others Segment FY2020 to FY2025Phosphate and Sulfate FY2017
4.6Dec 201722.0Dec 202029.3Dec 202140.2Dec 202230.7Dec 202327.4Dec 202428.6Dec 2025

USD billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

USD million, from the latest 40-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2017Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Cash from operations1,2252,0523,6653,3233,8868,1105,0663,5354,007
Purchase of property, plant and equipment6511,4051,7281,4231,7772,2532,4152,0251,882
Free cash flow5746471,9371,9002,1095,8572,6511,5102,125
Cash from investing-6523,887-2,798-1,204-1,807-2,901-2,958-2,133-1,372
Cash from financing-489-3,705-2,479-1,339-3,003-4,731-2,061-1,453-2,817
Depreciation and amortisation-692-1,592-1,7991,9891,9512,0122,1692,3392,369
Buybacksn/a1,8001,9301601,0354,5201,047184551
Dividends paid3309521,0221,0301,0451,0311,0321,0601,061
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F
USD million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2017Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Funded by
Equity attributable to shareholders8,30324,42522,90722,36523,65225,81825,15624,40725,323
Non-controlling interestsn/an/an/a38.047.045.045.035.042.0
Borrowings, as filed4,4419,20310,03110,2209,62610,72411,24011,45210,736
Lease liabilitiesn/a20.01,0731,1401,2201,2041,3261,3551,283
Other liabilities4,25411,85412,78813,42915,40916,79514,98214,59114,917
Total equity and liabilities16,99845,50246,79947,19249,95454,58652,74951,84052,301
Owned
Property, plant and equipment12,97118,79620,33519,66020,01621,76722,46122,60422,747
Goodwill97.011,43111,98612,19812,22012,36812,11412,04312,136
Other intangible assets69.02,2102,4282,3882,3402,2972,2171,8191,667
Cash and cash equivalents1162,3146711,454499901941853701
Trade and other receivables4893,3423,5423,6265,3666,1945,3985,3905,675
Inventories7884,9174,9754,9306,3287,6326,3366,1486,977
Other assets2,4682,4922,8622,9363,1853,4273,2822,9832,398
Total assets16,99845,50246,79947,19249,95454,58652,74951,84052,301
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F
USD million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2017Dec 2018 †Dec 2019 †Dec 2020 †Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Gross margin15.3%27.5%27.4%25.1%34.0%40.7%29.2%29.0%31.0%
Operating margin4.6%2.1%9.3%4.3%17.3%28.5%9.4%7.1%13.9%
Net margin7.2%18.2%4.9%2.2%11.4%20.2%4.3%2.6%8.4%
Free cash flow margin12.6%3.3%9.6%9.1%7.6%15.5%9.1%5.8%7.9%
Return on year-end equity3.9%14.6%4.3%2.1%13.3%29.7%5.0%2.8%9.0%
Effective tax raten/an/a24.2%-20.2%23.7%25.0%34.3%38.4%24.7%
Filing40-F40-F40-F40-F40-F40-F40-F40-F40-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was Nutrien's revenue in 2025?

Nutrien (NTR) reported revenue of USD 26.9 billion for the year to 31 December 2025, up 3.5% on the year before.

How much did Nutrien earn in 2025?

Profit attributable to shareholders was USD 2.3 billion for the year to 31 December 2025, and diluted earnings per share USD 4.66.

What is Nutrien's P/E ratio?

At the close of 10 November 2026, Nutrien traded at 15.5 times its earnings for 2025.

What is Nutrien's market cap?

The market cap of Nutrien was $34.8 billion at the close of 10 November 2026.

Peers: Chemicals

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Air Products & Chemicals, Inc. APD$69.5 billionn/a-0.3%-4.7%4.5%1.272.3%
Nutrien Ltd. NTR *$34.8 billion15.499.0%13.9%3.5%0.423.1%
PPG Industries Inc. PPG$27.5 billion17.7718.5%n/a6.4%0.812.3%
Dow Inc. DOW$22.8 billionn/a-5.5%n/a4.2%1.096.7%
International Flavors & Fragrances Inc. IFF$20.8 billion117.151.4%7.5%-16.7%0.471.9%
DuPont de Nemours, Inc. DD$20.8 billion70.352.2%n/a3.2%0.231.5%
LyondellBasell Industries N.V. LYB$19.6 billion15.2911.6%8.6%-1.8%1.105.7%
CF Industries Holdings, Inc. CF$17.9 billion8.6438.1%41.6%17.9%0.561.7%
RPM International Inc. RPM$13.5 billion19.6119.8%n/a6.0%0.69n/a
Mosaic Co. MOS$7.3 billionn/a-9.9%-5.1%0.0%0.563.8%
Scotts Miracle-Gro Co. SMG$3.8 billion56.60n/a11.8%-2.0%n/a4.1%
CVR Partners, LP UAN$1.2 billion11.19n/a20.6%7.3%n/an/a
All 63 in Chemicals
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Linde plc LIN$239.5 billion34.6217.8%25.3%8.2%0.681.2%
Air Products & Chemicals, Inc. APD$69.5 billionn/a-0.3%-4.7%4.5%1.272.3%
Nutrien Ltd. NTR *$34.8 billion15.499.0%13.9%3.5%0.423.1%
PPG Industries Inc. PPG$27.5 billion17.7718.5%n/a6.4%0.812.3%
Dow Inc. DOW$22.8 billionn/a-5.5%n/a4.2%1.096.7%
International Flavors & Fragrances Inc. IFF$20.8 billion117.151.4%7.5%-16.7%0.471.9%
DuPont de Nemours, Inc. DD$20.8 billion70.352.2%n/a3.2%0.231.5%
LyondellBasell Industries N.V. LYB$19.6 billion15.2911.6%8.6%-1.8%1.105.7%
CF Industries Holdings, Inc. CF$17.9 billion8.6438.1%41.6%17.9%0.561.7%
RPM International Inc. RPM$13.5 billion19.6119.8%n/a6.0%0.69n/a
Albemarle Corp. ALB$11.2 billion22.936.5%10.0%24.4%0.181.7%
Solstice Advanced Materials Inc. SOLS$10.2 billion31.8620.8%n/an/a1.48n/a
Westlake Corp. WLK$8.1 billionn/a-5.2%-3.8%-0.4%0.583.4%
Axalta Coating Systems Ltd. AXTA$8.0 billion24.1212.7%12.4%0.1%1.14n/a
Element Solutions Inc. ESI$7.9 billion38.537.1%11.7%39.6%0.721.0%
Eastman Chemical Co. EMN$7.5 billion11.6210.3%n/a0.3%0.835.1%
Mosaic Co. MOS$7.3 billionn/a-9.9%-5.1%0.0%0.563.8%
Newmarket Corp. NEU$6.4 billion14.1123.7%20.2%0.9%0.431.7%
Hexcel Corp. HXL$6.2 billion36.6412.9%12.2%7.6%0.710.9%
Balchem Corp. BCPC$5.5 billion32.7212.9%20.7%9.4%0.110.6%
Celanese Corp. CE$5.4 billion20.646.1%7.9%1.4%2.740.2%
Sensient Technologies Corp. SXT$5.2 billion30.5113.2%14.5%9.5%0.611.4%
Perimeter Group Inc. PRM$5.0 billion236.234.2%14.5%30.7%0.91n/a
CSW Industrials, Inc. CSW$4.6 billion36.5811.4%16.9%30.0%0.680.4%
Avient Corp. AVNT$4.2 billion23.457.3%9.7%5.2%0.742.4%
Scotts Miracle-Gro Co. SMG$3.8 billion56.60n/a11.8%-2.0%n/a4.1%
Cabot Corp. CBT$3.7 billion20.2811.8%13.6%-4.7%0.792.5%
WD-40 Co. WDFC$3.0 billion37.0730.2%15.8%11.0%0.321.8%
H.B. Fuller Co. FUL$2.7 billion14.149.1%n/a1.5%0.951.8%
Rogers Corp. ROG$2.3 billion50.623.7%7.9%6.7%0.00n/a
Ingevity Corp. NGVT$2.1 billion35.7594.9%n/a-6.5%18.18n/a
Chemours Co. CC$2.0 billionn/a-99.4%0.6%0.1%24.732.6%
Olin Corp. OLN$2.0 billionn/a-13.1%-1.9%-0.7%1.754.6%
Minerals Technologies Inc. MTX$1.9 billionn/a-4.3%-1.6%4.8%0.610.8%
Innospec Inc. IOSP$1.9 billion13.7110.2%8.8%4.7%0.002.2%
Huntsman Corp. HUN$1.6 billionn/a-6.5%0.0%6.5%0.773.7%
REX American Resources Corp. REX$1.3 billion10.9217.9%n/a1.3%0.00n/a
CVR Partners, LP UAN$1.2 billion11.19n/a20.6%7.3%n/an/a
Ecovyst Inc. ECVT$1.2 billion33.316.0%8.5%44.6%0.81n/a
Green Plains Inc. GPRE$967 million5.5920.7%10.7%-19.1%0.50n/a
Kronos Worldwide Inc. KRO$945 millionn/a-4.8%2.2%8.7%0.692.4%
Flotek Industries Inc. FTK$922 million31.8421.6%13.2%59.3%0.54n/a
FMC Corp. FMC$879 millionn/an/a-97.0%-22.0%n/a32.2%
LSB Industries, Inc. LXU$805 million18.038.2%11.2%13.0%0.79n/a
Westlake Chemical Partners LP WLKP$757 millionn/an/a29.0%9.4%n/an/a
Luxfer Holdings plc LXFR$464 millionn/an/an/an/a0.26n/a
Valhi Inc. VHI$462 million326.000.1%6.1%9.0%0.522.0%
Tronox Holdings plc TROX$455 millionn/a-44.9%-5.1%12.0%2.857.0%
PureCycle Technologies, Inc. PCT$432 millionn/a-1,014.3%-1,313.8%141.7%7.93n/a
AdvanSix Inc. ASIX$416 millionn/a-2.9%n/a8.4%0.344.2%
NLI Holdings, Inc. NL$350 millionn/a-1.3%9.8%4.3%0.005.5%
Gevo, Inc. GEVO$348 millionn/a-61.1%-68.2%80.1%0.56n/a
Alto Ingredients, Inc. ALTO$298 million6.0018.6%2.7%4.1%0.21n/a
ASP Isotopes Inc. ASPI$257 millionn/a-44.3%-321.1%573.4%0.99n/a
Orion S.A. OEC$236 millionn/a-8.1%4.0%0.9%2.481.9%
Lightbridge Corp. LTBR$176 millionn/a-11.7%n/an/a0.00n/a
FutureFuel Corp. FF$137 millionn/a-20.5%-13.2%71.2%0.00n/a
Arq, Inc. ARQ$130 millionn/a-28.7%-38.8%7.3%0.17n/a
Comstock Inc. LODE$127 millionn/a-35.6%-3,535.2%-52.2%0.08n/a
Ascent Industries Co. ACNT$122 millionn/a-1.2%-2.7%-6.1%0.010.0%
Aemetis, Inc. AMTX$116 millionn/an/a7.2%23.6%n/an/a
Codexis, Inc. CDXS$92 millionn/a-93.2%-35.6%35.9%1.24n/a
Flexible Solutions International Inc. FSI$86 millionn/a-8.4%-2.6%-4.7%0.16n/a
4 companies share its SEC industry code (Agricultural Chemicals); the rest are the names nearest in size in its wider industry, Chemicals, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
40-F31 December 202527 February 2026EDGAR
40-F31 December 202428 February 2025EDGAR
40-F31 December 20231 March 2024EDGAR
40-F31 December 202224 February 2023EDGAR
40-F31 December 202125 February 2022EDGAR
40-F31 December 202026 February 2021EDGAR
40-F31 December 201928 February 2020EDGAR
40-F31 December 201827 February 2019EDGAR