Slide 1: Fertiglobe Q4 2024 Results
Fertiglobe Q4 2024 Results February 2025 Investor Presentation
Slide 2: Table of Contents
ADNOC Classification: Public Table of Contents 0101 Highlights Fertiglobe’s 05 Next Chapter Q4 2024 Financial Performance Frequently Asked 02 06 & Updates Questions (FAQ) Market Outlook & Low- 03 Carbon Ammonia Potential 07 04 Appendix 2
Slide 3: Safety First
ADNOC Classification: Public Safety First Commitment to Zero Injuries 12-month rolling recordable incident rate to 30 December 2024 was 0.02 incidents per 200,000 manhours Total TRIR (Total Recordable Injury Rate)(1) Target zero injuries across all facilities • Achieve leadership in safety and occup
Slide 4: Executive Summary
ADNOC Classification: Public Executive Summary • Adjusted EBITDA was $648 million in 2024 and $158 million in Q4 2024, while adjusted net profit attributable to shareholders reached $174 million in 2024 and $42 million in Q4 2024. • Q4 2024 results impacted by planned turnarounds in Algeria and the
Slide 5: Urea prices backed by tighter market fundamentals
ADNOC Classification: Public Urea prices backed by tighter market fundamentals Urea FOB Egypt up 26% vs. early Dec-24 levels, as Indian tender activity and spring buying coincides with continued absence of Chinese exports Urea prices continue to be $/t supported by tight markets 460 455 • Four succe
Slide 6: Fertiglobe at a Glance
ADNOC Classification: Public Fertiglobe at a Glance 4 world-class, young & Industry-leading margins and strategically located production Leading Nitrogen Fertilizer Exporter Globally facilities cash flow generation and Unique Ammonia Platform Q4 2024 FY 2024 Revenue $466m $2,009m Excellent Freight a
Slide 7: Fertiglobe's vision
• Creating ammonia platform via value-accretive projects • Leveraging ADNOC’s network for CCS1, energy customer Disciplined engagement, infrastructure and ammonia consolidation growth Fertiglobe’s vision . • Existing FID’d 1mtpa low-carbon ammonia project underway in the strategy UAE with attractive
Slide 8: Creating a global powerhouse in low-carbon ammonia by 2029
ADNOC Classification: Public Creating a global powerhouse in low-carbon ammonia by 2029 … by adding 2.4mt of net capacity upon respective project start-up Net ammonia and urea production capacity, 2024 (1) Expanded footprint to provide unparalleled global platform and reach Fertiglobe’s total net am
Slide 9: Key investment highlights
ADNOC Classification: Public Key investment highlights 01 03 05 Leading global exporter of Energy transition opens new Superior margins and cash flows nitrogen fertilizers and applications, complementing bolstered by ongoing future fuels strong nitrogen markets optimization initiatives 02 04 06 Uniq
Slide 10: Table of Contents
ADNOC Classification: Public Table of Contents Fertiglobe’s 01 Highlights 05 Next Chapter Q4 2024 Financial Performance Frequently Asked 02 06 & Updates Questions (FAQ) 03 Market outlook 07 04 Appendix 10
Slide 11: Q4 2024 & FY 2024 results summary
ADNOC Classification: Public Q4 2024 & FY 2024 results summary Summary • Driven by planned turnarounds in Algeria and the strategic deferral of several shipments (239kt) to early 2025, Fertiglobe’s Q4 2024 own-produced sales volumes were down 20% Y-o-Y, with: o 41% lower ammonia own-produced sales v
Slide 12: Q4 2024 & FY 2024 Free Cash Flow Build-Up
ADNOC Classification: Public Q4 2024 & FY 2024 Free Cash Flow Build-Up Reconciliation of Q4 2024 EBITDA to Free cash flow ($ million) 58 150 (65) (20) 93 84 (26) (4) (6) (3) Working capital Tax paid Lease payments Dividends paid Free Cash Flow Reported to NCI & WHT EBITDA Maintenance capex Net inter
Slide 13: Q4 2024 & 2024 financial summary
ADNOC Classification: Public Q4 2024 & 2024 financial summary Own-produced sales volumes (MT) Key Product Benchmark Prices, $/t Revenue ($m) 1.46 0.24 Deferred to Urea Egypt Ammonia Middle East -28% Q1 2025 + 0.34 600 1.16 -18% Deferred to 97 0.20 unchgd. Q1 2025 500 400 300 646 1.120.99 483 466 0.9
Slide 14: Successful execution of the cost optimization program
ADNOC Classification: Public Successful execution of the cost optimization program Realizing the target of $50mln in recurring annualized savings by end of 2024 Breakdown of $50 million cost optimization target ($ million) 3 50 3 4 7 16 17 Logistics Labour Other SG&A Energy & utilities Chemicals Int
Slide 15: Manufacturing Improvement Plan 75% Underway
ADNOC Classification: Public Manufacturing Improvement Plan 75% Underway On track to realize $100m annual incremental EBITDA Target by YE-2025 Adjusting for turnarounds and external events, production would have been up 5% Y-o-Y (kt) Ammonia MIP Improvement 172 kt (5%) 4,076 kt Includes 155 kt relat
Slide 16: Table of Contents
ADNOC Classification: Public Table of Contents Fertiglobe’s 01 Highlights 05 Next Chapter Q4 2024 Financial Performance Frequently Asked 02 06 & Updates Questions (FAQ) Market Outlook & Low- 03 Carbon Ammonia Potential 07 04 Appendix 16
Slide 17: Tight nitrogen markets support recent price increases
ADNOC Classification: Public Tight nitrogen markets support recent price increases Urea Egypt FOB up 26% since Dec-24 to $455/t supported by high TTF prices, supply shortages, successive Indian urea tenders and no Chinese exports Resilient prices backed by tighter N demand fundamentals Healthy prosp
Slide 18: Strength in nitrogen markets underpinned by upstream & downstream drivers
ADNOC Classification: Public Strength in nitrogen markets underpinned by robust upstream & downstream drivers Crops and Gas Urea Decarbonization affordability fundamentals Fundamental shift towards Support driver Gas prices impacted by geopolitics, decarbonisation and CBAM Robust crop prices and Tig
Slide 19: Agricultural fundamentals remain positive
ADNOC Classification: Public Agricultural fundamentals remain positive Improved crop prices and affordability stocks to use ratios support nitrogen demand Current global grains stock-to-use ratios of ~16% are below the 10-year average (~18.8%), supporting farm income and nitrogen consumption Higher
Slide 20: Regional market dynamics support urea pricing sentiment
ADNOC Classification: Public Regional market dynamics support urea pricing sentiment Global urea market tightness driven by limited Chinese exports, strong Brazilian imports and frequent Indian tenders China Brazil India 16 9.0 2024 - record imports 8.4 12.0 7.8 8.0 10.5 10.5 13.6 13.8 8.0 7.3 7.0 7
Slide 21: Upside potential from LCA
ADNOC Classification: Public Nitrogen outlook underpinned by healthy supply & demand fundamentals A slower future pace of urea capacity additions, with most new The merchant ammonia market will see growth from existing uses, with projects timed post 2027/28, coupled with robust nitrogen demand addit
Slide 22: Highly attractive global ammonia industry trends
ADNOC Classification: Public Highly attractive global ammonia industry trends Multiple pathways creating new opportunities in ammonia for energy diversification Significant incremental low-carbon ammonia 1. S u p p o r t i v e r e g u l a t o r y f r a m e w o r k demand expected to outstrip supply
Slide 23: Demand from low-carbon applications materializing rapidly in the near-term
ADNOC Classification: Public Demand from low-carbon applications materializing rapidly in the near-term Developing regulations in Europe and Asia accelerate low-carbon ammonia demand growth Low-carbon ammonia demand to more than Demand drivers: double current traded market by early 2030’s Maritime f
Slide 24: Strategically located to serve emerging ammonia demand as a marine fuel
ADNOC Classification: Public Strategically located to serve emerging ammonia demand as a marine fuel • Direct access to key low-carbon ammonia markets in Europe and Asia • Ideally located near the world’s largest bunkering hubs on the busiest shipping lanes Ammonia vessel adoption pathway • Ammonia
Slide 25: Interest in low emission ammonia projects is significant, but bottlenecks prevail
ADNOC Classification: Public Interest in low emission ammonia projects is significant, but project bottlenecks prevail Electrolyzer technology Costly permitting High construction costs Supply chain lead time Renewable hydrogen technology needs proven commercial viability to scale, to 3+ years for CC
Slide 26: Fertiglobe's asset base enjoys existing access to the hydrogen supply chain
ADNOC Classification: Public Fertiglobe’s asset base enjoys existing access to the entire hydrogen supply chain Upstream 3rd party providers 1. Fertiglobe is plug-and-play for low-carbon ammonia development Low-carbon CO2 Ammonia sequestration 2. Unique global expertise in production, sales and netw
Slide 27: Low-carbon ammonia project in the UAE
ADNOC Classification: Public Low-carbon ammonia project in the Construction contract awarded to Tecnimont S .p.A. in UAE 2024, with operations scheduled to commence in 2027 Final Investment Decision (FID) taken in 2024 Fertiglobe’s partners include TA’ZIZ and a consortium of local World-scale 1 mtpa
Slide 28: Renewable hydrogen and ammonia project in Egypt
2ADNOC Classification: Public 8 Renewable hydrogen and ammonia Commissioning of first phase during COP27 in 2022 and completed shipment of first ISCC Plus -certified renewable project in Egypt ammonia in 2023 Renewable hydrogen will serve as feedstock for production of Securing first ever renewable
Slide 29: Table of Contents
ADNOC Classification: Public Table of Contents Fertiglobe’s 01 Highlights 05 Next Chapter Q4 2024 Financial Performance Frequently Asked 02 06 & Updates Questions (FAQ) Market Outlook & Low- 03 Carbon Ammonia Potential 07 04 Appendix 29
Slide 30: December 2024 Leverage Position
ADNOC Classification: Public December 2024 Leverage Position Fertiglobe Ends December 2024 with Net Debt of $1,048 million $ million 31-Dec-24 31-Dec-23 Cash and bank balances 633.9 759.8 Loans and borrowings - current 256.7 174.9 Loans and borrowings - non-current 1,425.5 1,490.2 Total borrowings 1
Slide 31: Reconciliation of Adjusted EBITDA
ADNOC Classification: Public Reconciliation of Adjusted EBITDA Reconciliation of reported operating profit to adjusted EBITDA Adjustment in P&L $ million Q4 2024 Q4 2023 2024 2023 Operating profit as reported 79.8 214.6 349.1 710.1 Depreciation and amortization 70.5 70.5 279.5 279.3 EBITDA 150.3 285
Slide 32: Reconciliation of Adjusted Net Profit
ADNOC Classification: Public Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Adjustment in P&L Q4 2024 Q4 2023 2024 2023 Reported net profit attributable to shareholders 39.7 94.5 159.9 348.9 Adjustments for: Adjustments at EBITDA level 7.
Slide 33: Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt
ADNOC Classification: Public Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt $ million Q4 2024 Q4 2023 2024 2023 EBITDA 150 285 629 989 Working capital 57 (56) 137 (58) Maintenance capital expenditure (65) (23) (137)
Slide 34: Thank You
ADNOC Classification: Public Thank You fertiglobe.com fertiglobe.com 34