Slide 1: First Quarter 2025 Financial Results
2025 First Quarter Financial Results Elad Aharonson | President and CEO May 19, 2025
Slide 2: Important legal notes
Important legal notes Disclaimer and safe harbor for forward-looking statements This presentation contains statements that constitute “forward-looking statements,” many of which can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,
Slide 3: Financial performance | 1Q'25
Financial performance | 1Q’25 Highlights • Sales up YoY and QoQ, with solid $1.8B $359M $0.09 strategic execution total adjusted adjusted • Specialties-driven EBITDA(1) margin sales EBITDA (1) diluted EPS (1) of 19%, up ~70 bps YoY • Overall market pricing trends gradually improving • Fertilizer fun
Slide 4: Industrial Products | 1Q'25
Industrial Products | 1Q’25 Sales $600 Key developments US$M $400 $335 $344 • Solid sales and EBITDA growth, with good quarterly trends on higher volumes $200 $0 • Flame retardant sales increased YoY, on better volumes 1Q'24 1Q'25 • Trends improving, but electronics and building and construction end
Slide 5: Potash | 1Q'25
Potash | 1Q’25 Sales $600 Key developments US$M $423 $405 $400 • Average potash CIF price per ton of $300 vs. $285 in 4Q’24 and $324 in 1Q’24 $200 $0 • Total sales volume of 1,103k mt, with higher volumes 1Q'24 1Q'25 to Brazil and China EBITDA • Market prices improved in 1Q’25 US$M $200 • Prioritize
Slide 6: Phosphate Solutions | 1Q'25
Phosphate Solutions | 1Q’25 Sales $800 Key developments US$M $559 $573 $600 • Growth in sales and EBITDA driven by strength $400 in commodities $200 $0 • Specialties results in-line with market dynamics, 1Q'24 1Q'25 as price remains under pressure EBITDA • Overall improved volumes and product mix US
Slide 7: Growing Solutions | 1Q'25
Growing Solutions | 1Q’25 Sales $800 Key developments US$M $600 $495 $479 • Sales and EBITDA growth, with solid strategic execution and $400 higher volumes and prices $200 $0 • Strong start in North America, with sales and profitability up 1Q'24 1Q'25 • Good volume increase in China, with biostimula
Slide 8: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results Aviram Lahav CFO
Slide 9: Key market metrics | macro indicators
Key market metrics | macro indicators Inflation Interest rates Rate Percentage 15% USA EU China Brazil Israel 20% USA EU Brazil Israel UK India 10% 5% 10% 0% -5% 0% 1Q'22 1Q'23 1Q'25 1Q'24 4Q'22 4Q'23 4Q'24 2Q'22 3Q'22 2Q'23 3Q'23 2Q'24 3Q'24 1Q'24 1Q'22 1Q'23 1Q'25 2Q'22 4Q'22 4Q'23 4Q'24 3Q'22 2Q'
Slide 10: Key market metrics | fertilizer indicators
Key market metrics | fertilizer indicators Relevant for Potash, Growing Solutions and Phosphate commodities Grain Price Index Farmer sentiment US¢/bushel Index Corn Rice Wheat Soybeans Grain Price Index 200 $2,000 100 $1,000 0 $0 1Q'24 1Q'22 1Q'23 1Q'25 April '25 3Q'22 4Q'22 4Q'23 4Q'24 2Q'22 2Q'23
Slide 11: Key market metrics | other indicators
Key market metrics | other indicators Relevant for Industrial Products and Phosphate Solutions Chinese bromine Phosphate battery materials demand Price trend ‘000s mt Global LFP Phosphate (P2O5) Technical MAP 2029 2020 2022 2023 2025 2026 2027 2028 2024 2021 1Q'24 1Q'22 1Q'23 1Q'25 4Q'24 4Q'22 4Q'23
Slide 12: First quarter 2025 sales bridge
First quarter | 2025 Sales bridge Sales by segment Sales US$M US$M $2,500 $2,500 $2,000 $2,000 $9 $14 $16 $11 $89 ($21) ($36) $1,767 $1,735 ($18) $1,767 $344 IP $1,735 $1,500 $1,500 $405 Potash $1,000 $1,000 $573 PS $500 $500 $495 GS $0 $0 Other ($50) 1Q'24 1Q'25 Solutions Industrial Potash Other Ph
Slide 13: First quarter 2025 profit bridge
First quarter | 2025 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $500 $500 $400 $8 $5 $400 $24 $12 $17 $4 ($6) ($14) ($21) ($3) ($3) $362 $359 $76 IP $362 ($29) $359 $300 $300 $118 Potash $200 $200 $100 $139 PS $100 $47 GS $0 $0 Other ($21) 1Q'24 1Q'25 1Q'24 Solutions 1Q
Slide 14: Leading positions
Leading positions In cost, quality and price MOP industry cost curve Bromine concentration 10.0 to 12.0 Cash costs US$/t, excluding royalites, FOB load port g/L $500 3.5 to 5.5 $250 2.5 to 4.5 ICL DSW $0 0.06 to 0.11 0.1 to 0.2 0 10 20 30 40 50 60 70 80 90 100 Sea Water Underground Salt Lake Undergr
Slide 15: Diversified approach to growth
Diversified approach to growth Distinctive global presence 1Q’25 sales by business 1Q’25 sales by region US$ US$ IP $344M SA $282M 5% 16% Potash $405M 19% Asia $427M PS $573M NA $347M GS $495M 27% Europe $615M RoW $96M 35% 24% 22% 32% 20% Note: Sales by business exclude other activities and reconcil
Slide 16: We innovate, produce and sell globally
We innovate, produce and sell globally Global reach with local focus 25 R&D centers global reach with local focus 44 Production sites in 13 countries with significant strategic assets 64 Sales and distribution sites in more than 5 R&D centers 8 Production sites 5 10 R&D centers Production sites 5 16
Slide 17: Financial highlights
Financial highlights Net debt to Cash flow Cash resources adjusted EBITDA Operating cash flow $1.5B available 1.2X of ~$165M Shareholder return Capital allocation Cost savings Quarterly dividend of $55M Consistent and Targeted Annual yield of 3.2% disciplined execution efficiency efforts Notes: Avai
Slide 18: Guidance and Outlook
Guidance and Outlook Full Year 2025
Slide 19: Maintaining guidance
Maintaining guidance Full year 2025 Specialties-driven EBITDA(1) of $0.95B to $1.15B Potash sales volumes of between 4.5M mt and 4.7M mt Expect annual tax rate of approximately ~30% (1) Specialties-driven EBITDA includes Industrial Products, Phosphate Solutions and Growing Solutions and is a non-GAA
Slide 20: Outlook
Outlook Continued growth in Benefit from improved Drive cost savings specialties-driven market pricing, including and operational businesses potash and bromine efficiencies Target innovative Maintain and expand Monitor tariff and trade new products and global presence situation and develop complemen
Slide 21: Thank you
Thank you Co n ta c t Pe g g y. Re i l l y T h a r p @ i c l - g r o u p . co m f o r m o r e i n f o r m a t i o n o n I C L View our interactive data tool at https://investors.icl-group.com/interactive-data-tool/default.aspx
Slide 22: Appendix
Md Appendix First Quarter 2025
Slide 23: Calculation of segment EBITDA
Calculation of segment EBITDA First quarter 2025 Industrial Products US$M 1Q’24 1Q’25 Phosphate Solutions(1) US$M 1Q’24 1Q’25 Segment sales $335 $344 Segment sales $559 $573 Segment operating income $59 $62 Segment operating income $84 $91 Segment operating margin 18% 18% Segment operating margin 15
Slide 24: Segment results analysis
Segment results analysis First quarter 2025 Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Segment Sales Potash Potash US$M Products Solutions(1) Solutions US$M Products Solutions(1) Solutions 1Q’24 $72 $124 $131 $42 1Q’24 $335 $423 $559 $479 Quantity $4 $7 $14 $4 Price ($5
Slide 25: Reconciliation tables
Reconciliation tables Calculation of adjustments for first quarter 2025 Adjusted EBITDA Adjusted NI and diluted EPS 1Q’24 1Q’25 1Q’24 1Q’25 US$M US$M, ex. per share Net income $126 $106 Net income, attributable $109 $91 Financing expenses, net $35 $37 (1) Adjustments $12 $23 Taxes on income $42 $42
Slide 26: Guidance and non-GAAP financial measures
Guidance and non-GAAP financial measures Guidance: The company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting, and quantifying certain amo