ICL Group Ltd Q4 FY2025 earnings call

• Acquired Bartek Ingredients, global leader in food-grade malic and fumaric acids, to expand specialty food solutions portfolio. - Signed binding agreement with State of Israel regarding Dead Sea concession assets, securing compensation and bromine supply insurance. - Conducted review of capital allocation priorities, including discontinuing LFP battery material projects, closing minor R&D facility, initiating sale process for U.K. operations. - In 2025, faced macro forces and industry issues but achieved goals, gained clarity on Dead Sea assets, and identified specialty crop nutrition and specialty food solutions as strategic growth engines. - For 2026, targeting growth options in Phosphate Solutions like expansion into emulsifiers, R&D for high-protein drink stabilization, and portfolio expansion in seafood and soy protein.

Industrial Products, Phosphate Solutions and Growing Solutions: Full year 2025 sales $5.650 billion, up 5%; EBITDA $1.021 billion. Fourth quarter 2025 sales $1.281 billion, up 4%; EBITDA $249 million. Industrial Products: Full year 2025 sales $1.254 billion, up slightly; EBITDA $280 million. Fourth quarter 2025 sales $296 million, up 6%; EBITDA $68 million. Potash: Full year 2025 sales $1.714 billion, up 4%; EBITDA $552 million, up 12%. Fourth quarter 2025 sales $473 million, up 12%; EBITDA $150 million, up 15%. Phosphate Solutions: 2025 sales $2.333 billion, up 5%; EBITDA $528 million impacted by higher sulfur costs. Fourth quarter 2025 sales $518 million, up 2%; EBITDA $121 million. Growing Solutions: 2025 sales $2.063 billion, up 6%; EBITDA $213 million, up 5%. Fourth quarter 2025 sales $467 million, up 6%; EBITDA $60 million, up 18%.

• Expect consolidated EBITDA for 2026 to be between $1.4 billion to $1.6 billion. - Potash sales volumes expected to be between 4.5 million and 4.7 million metric tons. - Annual adjusted tax rate expected to be approximately 30% in 2026.

• Cost of sulfur, which has surged to over $500 from around $140-$150 1.5 years ago, impacting Phosphate Solutions. - Strengthening of shekel versus dollar, as functional currency is dollar but expenses in Israel are in shekel. - Difficult credit situation and challenges in Brazilian market affecting Growing Solutions, including high interest rates, limited credit availability, and pressure on distribution companies.

Q: Frame upside and downside risks to 2026 guidance across segments.

A: Upside risks include higher potash quantities and prices, increase in bromine prices. Downside risks include high sulfur costs and strengthening shekel versus dollar.

Q: Follow up on Growing Solutions in Brazil.

A: Brazil was a difficult year for agri business, but interest rates may go down, and company has adapted cost structure; next year may be better but remains to be seen.

Q: Which businesses are up and down in 2026 guidance.

A: Potash quantities and prices should be better, bromine around same, Phosphate Solutions EBITDA somewhat lower due to sulfur price, Growing Solutions less dependent on shekel and may be better.