Fertiglobe Plc · ADX:FERTIGLB
Fertiglobe — Q4 2025 Earnings Presentation
28 slides from Fertiglobe's earnings presentation, February 2026
Slide 1: Fertiglobe Q4 2025 Results Investor Presentation
Fertiglobe Q4 2025 Results Investor Presentation Feeding the World. February 2026 Fueling a Sustainable Future. 1
Slide 2: Table of Contents
Table of Contents Highlights Q4 2025 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: Ammonia Urea Diesel Exhaust Fluid (DEF) & Automotive Grade Urea (AGU) 86.2% 13.8% Free float4 Merchant Ammonia pr
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-Q4 2025 0.8 2 Leadershi
Slide 5: Executive Summary
Executive Summary Q4 2025 Results 2025 Results Capital returns Highlights Highlights to shareholders Revenues Adj. EBITDA Adj. Net Revenues Adj. EBITDA Adj. Net 2025 Return of Return of Capital Profits1 Profits1 Capital2 since IPO2 $808M $297M $107M $2.8Bn $1.0Bn $325M +73% Y-o-Y +88% Y-o-Y +2.5x Y-
Slide 6: Robust Nitrogen Prices into 2026, Driven by Market Tightness
Robust Nitrogen Prices into 2026, Driven by Market Tightness Ammonia and urea prices Key Price Movements $/t Ammonia: West of Suez supply shortages drive price hikes o CFR NW Europe prices rally from $435/t in May to $690s/t Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 NH3: $571/t NH3: $452/t NH3: $559/t NH3: $665/t
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) 1 2 3 4 Operational Customer Nitrogen Product Disciplined LCA Growth 1,000+ Excellence Proximity Expansion 70-100 75-100 30-45 340-420 629 165-17
Slide 8: 46% of MIP Growth Targets Actioned in 2025
46% of MIP Growth Targets Actioned in 2025 Sorfert - Power Reliability Upgrade Installed on-site boiler to eliminate grid dependency • Eliminated external grid induced downtime EBITDA • External power dependence reduced with 90% +$27M • Outcome: materially improved operational reliability and cost s
Slide 9: $55M Cost Reduction Target 99% Actioned
$55M Cost Reduction Target 99% Actioned Actioned cost optimization initiatives set to add $54 million to EBITDA by 2028 Breakdown of cost optimization initiatives actioned since CMD ($M) 15 54 19 20 FIT 1 ADNOC Support Opex optimization Total 9
Slide 10: Table of Contents
Table of Contents Highlights Q4 2025 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 10
Slide 11: Q4 2025 & FY 2025 Performance Highlights
Q4 2025 & FY 2025 Performance Highlights Revenue Adj. EBITDA Adj. attributable net Own-produced sales Benchmark price levels1 profit volumes $M $M $M ktpa $/t +73% Q4 2025 +88% +154% 1,105 474 808 452 1,014 424 965 397 377 759 315 466 297 362 158 286 202 134 107 227 42 Q4 Q3 Q4 Q4 Q3 Q4 Q4 Q3 Q4 Q4
Slide 12: Q4 2025 & FY 2025 Results Summary
Q4 2025 & FY 2025 Results Summary $ million unless otherwise stated Q4 2025 Q4 2024 %Δ 2025 2024 %Δ Summary Revenue 808.4 466.0 73% 2,827.4 2,009.2 41% Gross profit 278.9 120.3 132% 885.4 496.3 78% Q4 2025 Results Gross profit margin 34.5% 25.8% 31.3% 24.7% Adjusted EBITDA 297.4 158.2 88% 1,020.4 64
Slide 13: Q4 2025 & FY 2025 Free Cash Flow Build-Up
Q4 2025 & FY 2025 Free Cash Flow Build-Up Reconciliation of Q4 2025 EBITDA to free cash flow ($ million) $64 $297 $16 $271 271 $257 -$2 -$61 -$31 -$3 -$10 Reported EBITDA Working capital Maintenance capex Tax paid 1 Net interest paid Lease payments FCF before Dividends paid Ecremage Free Cash Flow E
Slide 14: Table of Contents
Table of Contents Highlights Q4 2025 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 14
Slide 15: Rising Food Demand and Limited Land, Require Higher Crop Yields
Rising Food Demand and Limited Land, Require Higher Crop Yields Global agricultural land to World population to More people to be fed remain 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 16: Agricultural Fundamentals Remain Supportive
Agricultural Fundamentals Remain Supportive Persistent urea price strength across H2 ‘25 and Q1 ‘26 Urea continues to be significantly more affordable than Di-Ammonium Phosphate (DAP) Current global grains stock-to-use ratio of ~17.9%, below the 10-year average (~18.8%), to support nitrogen consumpt
Slide 17: Robust 2025 Urea Imports into Major Buying Markets and Chinese Exports below Historical Averages
Robust 2025 Urea Imports into Major Buying Markets and Chinese Exports below Historical Averages India Brazil China 8.4 10.5 5.5 7.8 7.8 5.3 9.7 7.3 9.0 9.3 7.0 7.0 4.9 4.7 4.3 5.9 7.0 6.9 5.3 2.8 0.3 19 20 21 22 23 24 25 19 20 21 22 23 24 25 19 20 21 22 23 24 25 • Imports up 4.0m tonnes in 2025 • R
Slide 18: Strong Indian Demand, with Successive Tenders in H2 2025
Strong Indian Demand, with Successive Tenders in H2 2025 Indian Tenders: Over 10m tonnes purchased in 2025 Tender requested quantity, final purchase and price (CFR India) Key messages 4.0 600 • Strong monsoon rains during the Kharif 531 495 season 464 3.0 425 419 426 • Record domestic sales in July
Slide 19: 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 best netback + default value advantaged producers Several clear advantages Favorable ur
Slide 20: 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 Key market drivers Market gap: +5.6Mt surplus +6.0Mt sur
Slide 21: 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 22: Table of Contents
Table of Contents Highlights Q4 2025 Results Summary Market Outlook Appendix Feeding the World. Fueling a Sustainable Future. 22
Slide 23: December 2025 Leverage Position
December 2025 Leverage Position Fertiglobe Ends Q4 2025 with Net Debt of $984 million $ million 31-Dec-25 31-Dec-24 Cash and bank balances 735.1 633.9 Loans and borrowings - current 342.0 256.7 Loans and borrowings - non-current 1,398.6 1,425.5 Total borrowings 1,740.6 1,682.2 Net debt 1,005.5 1,048
Slide 24: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Reconciliation of reported operating profit to adjusted EBITDA $ million Q4 2025 Q4 2024 FY 2025 FY 2024 Adjustment in P&L Operating profit as reported 225.2 79.8 727.3 349.1 Depreciation and amortization 71.9 70.5 297.6 279.5 EBITDA 297.1 150.3 1,024.9 628.6 APM ad
Slide 25: Reconciliation of Adjusted Net Profit
Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Q4 2025 Q4 2024 FY 2025 FY 2024 Adjustment in P&L Reported net profit attributable to shareholders 106.3 39.7 433.9 159.9 Adjustments for: Adjustments at EBITDA level 0.3 7.9 (4.5) 19.3 Impai
Slide 26: 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 Q4 2025 Q4 2024 2025 2024 EBITDA 297.1 150.3 1024.9 628.6 64.1 57.6 (14.0) 137.9 Working capital (60.9) (65.0) (143.6) (136.7) Maintenance capital expenditure (30.9) (
Slide 27: 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 28: Thank you
Thank you Feeding the World. Fueling a Sustainable Future. 28