Fertiglobe Plc · ADX:FERTIGLB
Fertiglobe — Investor Day (May 2025)
65 slides from Fertiglobe's investor day presentation, May 2025
Slide 1: Fertiglobe Capital Markets Day
Fertiglobe Capital Markets Day Feeding the World. Fueling a Sustainable Future. May 2025 1
Slide 2: Agenda and Speakers for Today
Agenda and Speakers for Today Introduction to Fertiglobe Key Investment Highlights Ahmed El-Hoshy, Chief Executive Officer Strategy Update Haroon Rahmatullah, Chief Operating Officer Operational Excellence Geert De Raedemaecker, Vice President, Manufacturing Financial Performance Andrew Tait, Chief
Slide 3: Introduction to Fertiglobe
Introduction to Fertiglobe Ahmed El-Hoshy Chief Executive Officer Feeding the World. Fueling a Sustainable Future. 3
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 Total Recordable Injury Rate1 # of injuries per 200,000 manhours. 2016-2024 with robust track-record IFA 2023 Average2
Slide 5: Fertiglobe's journey: From JV to ADNOC majority ownership
Fertiglobe's journey: From JV to ADNOC majority ownership 2019 2021 2024 Fertiglobe established as a joint Successfully listed on ADNOC completes venture (JV) between ADNOC ADX in landmark IPO acquisition of OCI’s 50% and OCI Global; creating the (ADX: FERTIGLB) stake to become world's largest seabo
Slide 6: Leading nitrogen fertilizer and industrial products exporter
Leading nitrogen fertilizer and industrial products exporter Fertiglobe is the largest seaborne ammonia and urea exporter globally Mt, 2024 Key facts and figures Existing net ammonia and net urea capacity3 Additional net ammonia and net urea capacity6 Headquartered in Abu Dhabi, UAE 7.6 7.5 1.04 1.2
Slide 7: Fertiglobe is a perfect strategic fit for ADNOC and the UAE
Fertiglobe is a perfect strategic fit for ADNOC and the UAE Largest seaborne exporter of Leading fully-integrated urea and ammonia combined player in the global energy ecosystem with reach to Low-cost positioning on the high-growth markets global cost curve Integrated nitrogen champion & ADNOC's $23
Slide 8: ADNOC is committed to Fertiglobe's success
ADNOC is committed to Fertiglobe's success ADNOC's majority ownership of Fertiglobe opens new horizons for disciplined growth Strong financial backing and vote of confidence, leading to immediate credit rating upgrades 86.2% 13.8%1 Free float Full support to achieve $15-21M run-rate fixed cost savin
Slide 9: Corporate governance: Strong leadership at the helm
Corporate governance: Strong leadership at the helm Our Board of Directors H.E. Dr. Sultan Mr. Khaled Salmeen Mr. Nassef Sawiris Ms. Corrine Ricard Dr. Rainer Seele Mr. Mohamed Dr. Mike Baker Ahmed Al Jaber Director Director Director Director Saif Al Aryani Director Chairperson Director • Group CEO
Slide 10: Key Investment Highlights
Key Investment Highlights Feeding the World. Fueling a Sustainable Future. 10
Slide 11: Fertiglobe's key investment highlights
Fertiglobe’s key investment highlights Market 1 Structurally resilient market fundamentals Q1 2025 Adj. EBITDA Company 2 Low-cost production and well-positioned production assets $261M 3 Proven track record in operations, safety, and sustainability +45% Y-o-Y +65% Q-o-Q 4 Well-placed in higher value
Slide 12: Grow 2030: Our strategy to reach $1B+ EBITDA by 2030
Grow 2030: Our strategy to reach $1B+ EBITDA1 by 2030 Ambition Integrated nitrogen champion, well positioned for the energy transition 1 2 3 4 Customer Proximity Nitrogen Product Disciplined LCA2 Operational Excellence Expansion Growth Achieve first quartile Strategic Maximize netbacks and Expand ni
Slide 13: Structurally resilient market fundamentals
1 Structurally resilient market fundamentals Rising global food demand Structural shift to more Long term shift towards energy driven by population growth imports in legacy fertilizer markets transition and sustainable value chains 13 Operational Introduction Key Investment Highlights Strategy Updat
Slide 14: Rising food demand and limited land require higher crop yield
1 Rising food demand and limited land require higher crop yield 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 15: Europe will remain a key import market for Fertiglobe
1 Europe will remain a key import market for Fertiglobe Capacity-demand gap in Europe expected to widen by 2030 Expected Capacity-Demand gap in Europe by region- Mt NH3 equivalent, 2024-2030 Key drivers of import reliance Highly volatile and structurally Demand gap: higher gas prices1 Expected deman
Slide 16: Healthy import levels in key global fertilizer markets
1 Healthy import levels in key global fertilizer markets Australia: Robust import India: Rebound in imports driven Brazil: Imports remain strong outlook by growing domestic shortage after record 2024 volumes Mt Urea imports, 2019-2029 Mt Urea imports, 2019-2029 Mt Urea imports, 2019-2029 Actual Fore
Slide 17: Shift towards energy transition & sustainable value chains
2 Shift towards energy transition & sustainable value chains Ammonia with significant potential in use cases beyond Long-term growth potential in low conventional fertilizer & chemical applications carbon ammonia across use cases Ammonia demand by use-cases (Mt, '30-'40) Potential future EU regulati
Slide 18: Advantageous production footprint over 4 world scale sites
2 Advantageous production footprint over 4 world scale sites Fertiglobe has a strategic production footprint Several clear advantages EFC 1 Fertil 2 Import duty exemptions into Location: Ownership: 100% Location: Ownership: 100% Europe / South America3 Prod. capacity (Mt): Prod. capacity (Mt): 1.4 0
Slide 19: Highly competitive positioning on the global cost curve
2 Highly competitive positioning on the global cost curve Urea cost curve Key drivers Urea CFR costs to key export markets in 2025, $/t1 1st quartile 2nd quartile 3rd quartile 4th quartile Long-term, low-cost gas supply 600 agreements2 Advantaged non-gas costs3 400 Moving to first quartile via Strat
Slide 20: One of the youngest asset bases in the industry
2 One of the youngest asset bases in the industry Fertiglobe's asset base ~13 years younger vs. peers median Benefits from young assets Lower maintenance CAPEX Average age of installed base for Fertiglobe and peers >3MT total capacity and reduced downtime # of years, estimated unweighted average 45
Slide 21: Strong record of operational improvements, with more upside
3 Strong record of operational improvements, with more upside Development of reported asset utilization across all plants by product Consolidated utilization %, FY 2023-Q1 2025 Ammonia Urea Our 2028 Our 2028 ambition ambition 93% >95% Utilization +3pp 87% Utilization +2pp 84% 87% 85% 82% 85% 2023 20
Slide 22: Advantaged access to most attractive netback markets
4 Advantaged access to most attractive netback markets Fertiglobe share of Fertiglobe Market size Import Regulatory Overall volumes netbacks and growth dependence support/ (2024, % total1 ) WTP3 Region Commentary Consistent importer with high demand APAC2 41% and attractive price and netback levels
Slide 23: Securing downstream access enables higher value creation
4 Securing downstream access enables higher value creation Several advantages enabled by Doubling down on broader downstream presence brings us closer to the customer moving into downstream and takes larger share of the value pool available Downstream presence Capture value chain segments Blending &
Slide 24: Uniquely positioned to lead in low carbon ammonia market
5 Uniquely positioned to lead in low carbon ammonia market Ammonia Energy Commodity Value driver Fertiglobe x ADNOC advantage Fertiglobe players Majors Traders Cost • Gas: Globally competitive cash cost position Position • CCS: Access to industry-leading Ruwais deposits Capital • ADNOC’s ability to
Slide 25: Grow 2030 Strategy: Becoming a $1B+ EBITDA company
Grow 2030 Strategy: Becoming a $1B+ EBITDA company ~$340-420M EBITDA uplift by 2030 with further upside potential Non-cumulative, annual EBITDA by 2030 ($M) ~+340-420 70-100 1,000+ 75-100 Potential uplift 30-45 from ADNOC 165-175 340-420 partner projects 55 Cost excellence (FIT)1 629 110-120 Manufac
Slide 26: Strategy Update
Strategy Update Haroon Rahmathulla Chief Operating Officer Feeding the World. Fueling a Sustainable Future. 26
Slide 27: Grow 2030 strategy to reach $1B+ EBITDA by 2030
Grow 2030 strategy to reach $1B+ EBITDA1 by 2030 Ambition Integrated nitrogen champion, well positioned for the energy transition 1 2 3 4 Customer Proximity Nitrogen Product Operational Excellence Disciplined LCA Growth Expansion Achieve first quartile Maximize netbacks and Expand nitrogen product m
Slide 28: Pillar 1: Cost Excellence to unlock $165-175M EBITDA uplift
Pillar 1: Cost Excellence to unlock $165-175M EBITDA uplift EBITDA run rate impact from Manufacturing EBITDA run rate impact FIT2 1 & 2 cost excellence Improvement Programs (MIP) programs $M, 2030 impact from 2024 baseline $M, 2030 impact from 2024 baseline New target announced today 75-80 110-120 N
Slide 29: Pillar 3: Target $105-145M uplift via N-value chain expansion
Pillar 2 & 3: Target $105-145M uplift via N-value chain expansion Natural Growth principles Ammonia N-derivatives Downstream gas Higher netbacks Synergies with Fertiglobe presence across ~1,550 ktpa existing products existing ammonia capacity Aligned with trends & N-value chain Warehouse regulation
Slide 30: Pillar 2: Target to achieve $30-45M EBITDA uplift
Pillar 2: Target to achieve $30-45M EBITDA uplift …set to provide >$30-45M EBITDA uplift by 2030 at 3 levers to achieve market excellence… <$15M capex Higher value markets: EBITDA uplift by 2030 (in $M) 1 30-45 Focus on higher margin regions to enhance netbacks 2 Higher value customers: Optimize vol
Slide 31: Pillar 2: First step downstream acquiring Wengfu AUS
Pillar 2: First step downstream acquiring Wengfu AUS Why downstream? Why Wengfu Australia? Australia is one of our largest markets Wengfu warehouse locations across De-risk product placement Australia through broader High value and growth sector (8% urea CAGR1) market exposure Wengfu offers 200+ dir
Slide 32: Pillar 3: Expanding nitrogen product portfolio to capture more value
Pillar 3: Expanding nitrogen product portfolio to capture more value Rationale to increase conversion Potential derivative playing fields Fertilizer products 1. Capture EBITDA opportunities Urea + Sulfur Nitrates from higher value products N-based AS Inhibitors 2. Diversify from ammonia/urea commodi
Slide 33: Pillar 3: DEF could unlock >$15M EBITDA uplift
Pillar 3: DEF could unlock >$15M EBITDA uplift DEF shows strong growth potential and a good fit to Fertiglobe's portfolio Our ambition in DEF Diesel Exhaust Fluid (DEF) UAE DEF demand (M litres) 601 Market leader in UAE, +25% CAGR with volumes produced at Fertil 20 2030 EBITDA ambition: 2025 2030 >$
Slide 34: Pillar 3: AGU could unlock >$7M EBITDA uplift
Pillar 3: AGU could unlock >$7M EBITDA uplift AGU shows strong growth and good fit to Fertiglobe's portfolio Our ambition in AGU Automotive Grade Urea (AGU) Global AGU demand excl. China (M tons) Targeting 5-10% market share in EU +4% CAGR supplied by EFC 6.3 2030 EBITDA ambition: 5.3 >$7M p.a. 2025
Slide 35: Pillar 3: Ammonia upgrading to capture upside from higher value products
Pillar 3: Ammonia upgrading to capture upside from higher value products Fertiglobe merchant ammonia Enter higher value derivatives Ammonia capacity in 2027, in Mt Look for opportunistic 1.0 2.6 inorganic / organic Nitrates expansion 2030 EBITDA ambition: 1.6 Ammonia DAP/MAP ~$50-75M p.a. Ensure suf
Slide 36: Pillar 4: Fertiglobe ready in any low carbon scenario
Pillar 4: Fertiglobe ready in any low carbon scenario We expect near-term demand to be delayed, but still believe long-term fundamentals are strong 100 We follow a disciplined approach to MTPA NH3, 2030-2040 assess entry, based on 5 principles 63 +15% Offtake: Secure minimum offtake and 31 pricing,
Slide 37: Pillar 4: Project Harvest lower carbon ammonia online by 2027
Pillar 4: Project Harvest lower carbon ammonia online by 2027 Project Harvest1 An exemplary asset of our pragmatic approach to low carbon FG share 54%2 Lower carbon ammonia due to H2 byproduct feedstock supplied by ADNOC Capacity 1 mtpa ammonia Flexibility to switch to blue ammonia using Rabdan proj
Slide 38: Pillar 4: Construction on Harvest progressing well
Pillar 4: Construction on Harvest progressing well Our team Substation foundations Heat exchanger Control building foundations On site safety Stormwater pit 38 Operational Introduction Key Investment Highlights Strategy Update Financial Performance & Outlook Closing Remarks Excellence
Slide 39: Pillar 4: Strong pipeline of pre-FID low carbon projects
Pillar 4: Strong pipeline of pre-FID low carbon projects Partner projects Egypt Green Project Rabdan Exxon Baytown 0.4 mtpa H2 capacity 1 bcf/day H2 capacity Capacity <0.1 mtpa ammonia capacity Optional: 1 mtpa Ammonia capacity >1 mtpa ammonia capacity Low-cost green ammonia asset with World-scale b
Slide 40: Operational Excellence - Deep Dive
Operational Excellence - Deep Dive Geert De Raedemaecker Vice President, Manufacturing Feeding the World. Fueling a Sustainable Future. 40
Slide 41: Manufacturing strategy unlocks value of world-class assets
Manufacturing strategy unlocks value of world-class assets Basic starting point in Manufacturing strategy developed with 4 strategic pillars and manufacturing at IPO 2 strategic enablers Non-technical site leadership 1 2 3 4 Limited safety Strategic pillars Operational Optimized Digitized Sustainabl
Slide 42: Successful transformation of plant management
Successful transformation of plant management Starting point characterized by Several initiatives successfully implemented to suboptimal working practices improve management Leadership constrained by… Recruited highly competent site mgmt. with vast international experience … limited technical knowle
Slide 43: MIP initiated to increase resilience and optimize efficiency
MIP initiated to increase resilience and optimize efficiency Two-phased improvement program The program aims to close gap to world class stretching towards 2027 utilization and unleash full potential '23-'25 '26-'27 Production volume (index) MIP 1: MIP 2: 100 Full potential Fix the basics & Capture
Slide 44: Efficiency through focused Asset Integrity and Reliability
Efficiency through focused Asset Integrity and Reliability Reformer optimization Corrosion protection Before TA: Corrosion (under insulation) After TA: Extra protection against corrosion, leading to lifetime Before TA: After TA: extension and even Impingements and sub- Stable flames and lower insura
Slide 45: Significant improvements after recent turnarounds
Significant improvements after recent turnarounds Impacted plants Impacted metric Unit Sorfert (Q4-2024) EFC 2 (Q3-2024) Improvements 87.5 35 +7% kt/yr +4% kt/yr • Result of improved ammonia / CO2 Urea daily production t/d production 3,400 3,650 2,350 2,450 Production • Targeted cleaning and repair
Slide 46: Significant uplift achieved in asset utilization during MIP 1
Significant uplift achieved in asset utilization during MIP 1 Overview of asset utilization1 for MIP1 focus plants Main drivers of increased utilization %, FY 2023-2024, Q1 2025 Increased resilience to external factors3 : Sorfert EFC 2 +4pp • Q1 2025: +5pp +15pp 1012 • Commissioning of steam boiler
Slide 47: Sustainability: Strong ESG and sustainability foundation
Sustainability: Strong ESG and sustainability foundation ESG framework and sustainability key milestones Select Awards & Ratings 0.02 TRIR2 vs. 0.66 industry avg (2024) Social value 0.02 LTIR3 (2024) TRIR2, PSER4, and EIR5 below 1 in 2025 'Industry Stewardship 0 scope 2 emissions in UAE and Egypt1 C
Slide 48: ~300kt incremental capacity expected by 2027 via MIP phase 2
~300kt incremental capacity expected by 2027 by executing phase 2 of the Manufacturing Improvement Plan Overview of initiatives in MIP 2 Improvement initiative Increased production capacity Increased energy efficiency kt increase by 2027 MMBtu/t decrease by 2027 EBIC: New converter 100 2 1,400,000 M
Slide 49: Harnessing digital capabilities and AI in manufacturing improvement
Harnessing digital capabilities and AI in manufacturing improvement Focus areas Visibility of lurking threats Intelligent Asset • Predictive Maintenance using AI/ML • Anomaly Detection Digital Workforce of the Future • Digital Operator Rounds & shift handover • 3D Visualization with augmented/ virtu
Slide 50: Full MIP expected to give ~$110-120M EBITDA uplift by 2030
Operational excellence Full MIP expected to give ~$110-120M EBITDA uplift by 2030 EBITDA run rate impact from each plant by volume or energy effects (MIP 1 and MIP 2) $M uplift on a 2024 base1 13 110-120+3 34 2 11 5 35-40 19 29 3 43 17 75-80 25 16 18 EBITDA uplift EFC EBIC Fertil Sorfert EBITDA upli
Slide 51: Financial Performance & Outlook
Financial Performance & Outlook Andrew Tait Chief Financial Officer Feeding the World. Fueling a Sustainable Future. 51
Slide 52: Key messages from the CFO
Key messages from the CFO 01 Strong Q1 2025 results: Robust financial fundamentals with high margins Q1 2025 Adj. EBITDA and attractive free cash flow generation $261M 02 Disciplined investments: Committed to increase value through disciplined and phased capital allocation +45% Y-o-Y +65% Q-o-Q 03 O
Slide 53: Good start to the year with robust performance in Q1 2025
Good start to the year with robust performance in Q1 2025 Key financial results Price and volume development Revenue Adj. EBITDA Adj. attributable Own-produced Benchmark price $M $M and % of revenue1 net profit sales volumes levels3 $M ktpa $/t +26% 43% 36% 35% 695 1,144 1,139 425 397 377 373 552 96
Slide 54: Delivered ~$213M FCF in Q1 2025, ~80% of EBITDA
Delivered ~$213M FCF in Q1 2025, ~80% of EBITDA Reconciliation of Fertiglobe consolidated free cash flow $M, Q1 2025 Share of EBITDA converted to FCF: 80% 16 260 (17) (20) 12 213 201 0 (30) (8) Reported Working capital Maintenance Tax paid Net interest paid Lease payments FCF before Dividends paid E
Slide 55: EBITDA margins 8pp above peer average
EBITDA margins 8pp above peer average EBITDA margin performance ahead of peers Cost optimization and high-netback market focus Average EBITDA last three years (% of revenue) Peer high: 46% Attractive netbacks driven by access to 41% high-netback markets and duty advantages Average peer EBITDA: 33% +
Slide 56: Superior EBITDA-to-cash conversion vs. peers
Superior EBITDA-to-cash conversion vs. peers Indexed comparison of Fertiglobe and peer's free cash flow conversion from EBITDA P&L item Fertiglobe Peer average1 Difference % of EBITDA (index=100), average L3Y % of EBITDA (index=100), average L3Y pp EBITDA 100 100 Working capital ∆ 6 5 +1pp Taxes 8 1
Slide 57: Disciplined CAPEX focused on unlocking volumes
Disciplined CAPEX focused on unlocking volumes Decreasing maintenance CAPEX levels going forward Maintenance CAPEX ($M, 2021-2027 onwards) Includes $20M one-off digital implementation cost Levers to decrease maintenance +122% in 2025 CAPEX 145-170 p.a. Commitment to unlock full 25-40 136 potential o
Slide 58: Transformation program delivering material cost-cuts
Transformation program delivering material cost-cuts Expected EBITDA run-rate uplift across 4 transformation initiatives Implemented Planned - not yet realized Remaining Full year FIT 1 MIP 1 MIP 1 MIP 2 effect of FIT 1 FIT 2 $165- 100% 75% $35- $75- Run-rate Run-rate 40M1 80M $20M $35M 175M Additio
Slide 59: Internal Transformation to drive up EBITDA gains
Internal Transformation to drive up EBITDA gains Before: Now: Limited digital integration - decentralized operations Cost-effective operations and procurement Low integration digital Single digital platforms unlocking environment - siloed data, greater data-driven insights and AI restricted informat
Slide 60: ADNOC continues to strengthen Fertiglobe balance sheet
ADNOC continues to strengthen Fertiglobe balance sheet Advantageous credit spreads with ADNOC support Support systems in-place to strengthen balance - average 43% reduction saving $10m p.a. sheet ADNOC to warehouse development assets until Credit spread development (in bps) post-COD 175 Protection f
Slide 61: End-to-end approach to maximize shareholder value
End-to-end approach to maximize shareholder value • Target <2x net debt / EBITDA through the cycle ` Leverage • Maintain investment grade (IG) credit rating Targeting sector- leading total shareholder Capital • Double-digit IRR as minimum for investments return through f ` investment • Investments t
Slide 62: Closing Remarks
Closing Remarks Ahmed El-Hoshy Chief Executive Officer Feeding the World. Fueling a Sustainable Future. 62
Slide 63: Key takeaways
Key takeaways 01 Strong Q1 2025 results and foundation for future profitable growth 02 Favorable market dynamics, uniquely positioned to capture share 03 Strategy that sets clear path towards $1bn+ EBITDA target 04 New investment in Wengfu an important step in our growth journey 05 Continued discipl
Slide 64: Q&A
Q&A Feeding the World. Fueling a Sustainable Future. 64
Slide 65: Thank you
Thank you Feeding the World. Fueling a Sustainable Future. 65