Slide 1: Fertiglobe Q1 2026 Results Investor Presentation
Fertiglobe Q1 2026 Results Investor Presentation Feeding the World. April 2026 Fueling a Sustainable Future. 1
Slide 2: Table of Contents
Table of Contents Highlights Q1 2026 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 2
Slide 3: Fertiglobe at a Glance
Fertiglobe at a Glance Leading nitrogen fertilizer and industrial products exporter3 Fertiglobe’s Ownership Structure Fertiglobe produces and exports nitrogen-based solutions, including: through Ammonia Urea Diesel Exhaust Fluid (DEF) & Automotive Grade Urea (AGU) 86.2% 13.8% Free float4 Merchant Am
Slide 4: Safety is Our First Priority, with a Target of Zero Injuries
Safety is Our First Priority, with a Target of Zero Injuries Commitment to safety Significant improvements since HSE program roll-out in 2022 1 Fostering a culture of zero injuries with Total Recordable Injury Rate1 robust track-record # of injuries per 200,000 manhours. 2016-Q1 2026 0.8 2 Leadershi
Slide 5: Executive Summary
Executive Summary Q1 2026 Results Operational Performance Highlights Highlights Revenues Adj. EBITDA Adj. Net Profits1 Fertiglobe Urea EFC Urea $915M $342M $145M 96% 105% +32% Y-o-Y +31% Y-o-Y +98% Y-o-Y Operating rate Operating rate • Strong Q1 2026 performance: Revenues +32% Y-o-Y to $915m, EBITDA
Slide 6: Nitrogen Prices Rally Driven by Tight Fundamentals
Nitrogen Prices Rally Driven by Tight Fundamentals Ammonia and urea prices Key market drivers $/t Conflict Ammonia: Continued tightness into Q1 2026 escalation • Supply shortages persist East and West of Suez, due to 1000 ~910/t the conflict, plant outages and gas limitations ~$800s*/t • CFR NW Euro
Slide 7: Progressing 'Grow 2030' Strategy: 43% Actioned
Progressing ‘Grow 2030’ Strategy: 43% Actioned1 ~$340-420M EBITDA uplift by 2030 with further upside potential Non-cumulative, annual EBITDA by 20302 ($M) At 2024 prices Ammonia NWE: $527/t 1 2 3 4 Urea Egypt: $357/t Operational Customer Nitrogen Product Disciplined LCA Growth 1,000+ Excellence Prox
Slide 8: Table of Contents
Table of Contents Highlights Q1 2026 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 8
Slide 9: Q1 2026 Performance Highlights
Q1 2026 Performance Highlights Revenue Adj. EBITDA Adj. attributable net profit Own-produced sales Benchmark price levels1 $M $M $M volumes2 $/t ktpa Urea (Egypt, FOB) 145 Ammonia +32% (NW Europe, CFR) 915 +31% 342 1,144 +98% 1,104 808 297 107 239 Includes 697 deferred tons 695 261 from Q4 2024 571
Slide 10: Q1 2026 Results Summary
Q1 2026 Results Summary $ million unless otherwise stated Q1 2026 Q1 2025 %Δ Summary Revenue 915.1 694.9 32% Gross profit 316.6 222.0 43% Gross profit margin 34.6% 31.9% Q1 2026 Results Highlights Adjusted EBITDA 342.0 261.4 31% Adjusted EBITDA margin 37.4% 37.6% • Q1 2026 revenues rose 32% Y-o-Y to
Slide 11: Q1 2026 Consolidated Free Cash Flow Build-Up
Q1 2026 Consolidated Free Cash Flow Build-Up Reconciliation of Q1 2 0 2 6 EBITDA to consolidated free cash flow ($ million) $342 -$47 -$11 $22 $235 -$34 231 $214 -$28 -$9 Reported EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before Ecremage Free Cash Flow EB
Slide 12: Table of Contents
Table of Contents Highlights Q1 2026 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 12
Slide 13: Rising Food Demand and Limited Land, Require Higher Crop Yields
Rising Food Demand and Limited Land, Require Higher Crop Yields Global agricultural land to remain World population to More people to be fed flat until 2040 grow by 11% until 2040 with same amount of land Bn hectares, 2025-2040 Bn people, 2025-2040 Agricultural land per capita In addition to populat
Slide 14: Agricultural Fundamentals
Agricultural Fundamentals Persistent urea price strength in H2 ‘25 and Q1 ‘26 Urea has shown continued signs of inelasticity, with strong demand pull from key markets, pre + post CBAM and during conflict amidst higher pricing environment Current global grains stock-to-use ratio balanced Farmer affor
Slide 15: Robust Demand In Key Import Markets, with China Quota to Come
Robust Demand In Key Import Markets, with China Quota to Come India Brazil China 5.5 10.5 10.5 5.3 9.7 4.9 9.3 4.7 9 8.4 4.3 7.8 7.7 7 7 7.3 6.9 5.9 2.8 5.3 0.3 19 20 21 22 23 24 25 19 20 21 22 23 24 25 19 20 21 22 23 24 25 • Gas shortages limit domestic production in Q1 26 • Robust growth to harves
Slide 16: Indian Tenders
Indian Tenders Indian Tenders 2025- 2026 to date Tender requested quantity, final purchase and CFR India price (RHS) Robust buying appetite in Q1 2026 6 947 1000 • Over 9.3mt of urea imports in 2025, with successive monthly tenders in H2 25 5 800 • March 26: Domestic production drops due 4 to reduce
Slide 17: EU Duties on N and P from Russia + Belarus to Rise to Eur60/t in July
EU Duties on N and P from Russian + Belarus to Rise to Eur60/t in July EU Imports of N + P from Russia and Belarus • EU imposed duties on N and P products from Russia 3.0 400 and Belarus, starting July 2025 2.7 • Total N + P exports to EU July 2025 – to date: 1.2m tons, or 45% of the 2.7mt threshold
Slide 18: Strategically Located Plants
Strategically Located Plants EFC – Urea 100% 1 EBIC - NH3 75% 2 Prod. capacity (Mt): 1.4 0.4 Prod. capacity (Mt): 0.7 Duty free access to key customers in Europe at the Freight advantage to Europe vs. Middle East Several clear advantages best netback + default value advantaged producers Favorable ur
Slide 19: Urea Outlook Underpinned by Healthy S&D Fundamentals
Urea Outlook Underpinned by Healthy S&D Fundamentals A slower future pace of urea capacity additions, with most new projects timed post 2027/28, coupled with robust urea demand Global urea net capacity additions and demand growth, ex-China, mt Market gap: +5.6Mt surplus +2.0Mt surplus -2.1 Mt defici
Slide 20: Low-Carbon Ammonia Outlook
Low-Carbon Ammonia Outlook Near-term demand to be delayed, but long-term fundamentals are strong Low Carbon Ammonia Demand, 2030-2040 Key drivers MTPA NH3 2025-2030: 100 • Emerging demand, driven by EU and APAC regulation • Primary use in conventional applications 63 +15% 2030–2035: • Growth expecte
Slide 21: Table of Contents
Table of Contents Highlights Q1 2026 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 21
Slide 22: March 2026 Leverage Position
March 2025 Leverage Position Fertiglobe Ends Q1 2026 with Net Debt of $822 million $ million 31-Mar-26 31-Dec-25 Cash and bank balances 936.2 735.1 Loans and borrowings (current) 362.3 342.0 Loans and borrowings (non-current) 1,395.6 1,398.6 Total borrowings 1,757.9 1,740.6 Net debt 821.7 1,005.5 Ne
Slide 23: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Reconciliation of reported operating profit to adjusted EBITDA $ million Q1 2026 Q1 2025 Adjustment in P&L Operating profit as reported 265.9 183.7 Depreciation and amortization 76.1 76.0 EBITDA 342.0 259.7 APM adjustments for: Movement in provisions - 0.6 Cost of s
Slide 24: Reconciliation of Adjusted Net Profit
Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Q1 2026 Q1 2025 Adjustment in P&L Reported net profit attributable to shareholders 197.9 72.6 Adjustments for: Adjustments at EBITDA level - 1.7 Impairment of PP&E and accelerated depreciatio
Slide 25: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt $ million unless otherwise stated Q1 2026 Q4 2024 EBITDA 342.0 259.7 Working capital (47.1) 16.1 Maintenance capital expenditure (10.8) (17.3) Tax paid1 (33.6) (19.8) Net interest paid (28.0) (29.7) Le
Slide 26: Driving Productivity through The Integration of AI
Driving Productivity through The Integration of AI The Impact of AI Anomaly Detection: Before & After Case Study Before: February 2025 September 2025 Without Anomaly Detection With AI Anomaly Detection AVEVA PI Vision: Undetected Temperature Spike AI Detection: Early Oscillation Pattern Identified 4
Slide 27: Thank you
Thank you Feeding the World. Fueling a Sustainable Future. 27