Slide 1: Third Quarter Financial Results
2025 Third Quarter Financial Results Elad Aharonson | President and CEO November 12, 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 3Q'25 Highlights
Financial performance | 3Q’25 Highlights $1.9B $398M $0.10 • Sales up 6% YoY, with specialties-driven sales up 3% total adjusted adjusted sales EBITDA (1) diluted EPS (1) • Adjusted EBITDA up 4% YoY (1) • Trends in-line with expectations • Overall prices continued to increase $1.5B $251M $308M • End
Slide 4: Industrial Products 3Q'25
Industrial Products | 3Q’25 Sales $600 Key developments US$M $400 $309 • Remained a leader in global bromine market, as $295 EBITDA improved on higher prices $200 • Trends stable and consistent with 1H’25 $0 3Q'24 3Q'25 • Bromine prices continued to improve EBITDA • Flame retardant performance mixed
Slide 5: Potash 3Q'25
Potash | 3Q’25 Sales $600 Key developments US$M $453 $400 $389 • Average potash CIF price per ton of $353 vs. $333 in 2Q’25 and $297 in 3Q’24 $200 • Sales and EBITDA up both sequentially and annually $0 3Q'24 3Q'25 • Dead Sea and Iberia both delivered higher production QoQ EBITDA • Continued to prio
Slide 6: Dead Sea Concession
Dead Sea Concession MOU with Israeli Government Financial and regulatory clarity Provides certainty about value and timing of assets’ consideration Concession terms may improve with new tender process Open tender likely to result in fairer and more attractive concession terms Reducing business risks
Slide 7: Phosphate Solutions 3Q'25
Phosphate Solutions | 3Q’25 Sales $800 Key developments US$M $577 $605 $600 • Results in-line with expectations $400 - Sales increased on higher specialty volumes and commodity prices $200 - Profit impacted by higher sulfur costs $0 3Q'24 3Q'25 • Specialties profitability as expected, with excess su
Slide 8: Growing Solutions 3Q'25
Growing Solutions | 3Q’25 Sales $800 Key developments US$M $561 $600 $538 • Continued regional focus on global specialty solutions $400 helped drive sales higher YoY $200 • North America: growth plan continued to advance, with $0 increased sales on higher volumes 3Q'24 3Q'25 • Europe: benefitted fro
Slide 9: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Aviram Lahav CFO
Slide 10: Key indicators | QoQ average change
Key indicators | QoQ average change Global U.S. Macro Interest Inflation Industrial Housing Rates Production Starts Supramax Grain Commodity Fertilizer Farmer Timecharter Price Fertilizer Sentiment Average Index Prices Price Leading U.S. = Chinese U.S. Indicator of Retail Trade Other Bromine Durable
Slide 11: Sales bridge
Third quarter | 2025 Sales bridge Sales by segment Sales US$M US$M $2,500 $2,500 $2,000 $64 $23 $2,000 $35 $28 $127 ($1) $1,853 $295 $1,853 $1,753 ($14) IP $1,753 ($62) $1,500 $1,500 $453 Potash $1,000 $1,000 $605 PS $500 $500 $561 GS $0 $0 3Q'24 3Q'25 Solutions Industrial Potash Phosphate Other Oth
Slide 12: Profit bridge
Third quarter | 2025 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $500 $500 $127 $49 ($20) $2 $5 $400 $2 ($6) ($14) $400 ($16) ($65) $398 $67 ($17) $398 $383 $383 ($17) IP $300 $300 $169 Potash $200 $200 $100 $134 PS $100 $50 GS $0 $0 Other ($22) 3Q'25 3Q'24 Solutions Ind
Slide 13: Financial highlights
Financial highlights Net debt to Cash resources adjusted EBITDA $1.5B available 1.4X Cash flow Shareholder return Operating cash Quarterly dividend of $62M flow of ~$308M Annual yield of 2.8% Notes: Available cash resources, as of 9.30.25, and comprised of cash and deposits, unutilized revolving cre
Slide 14: Guidance and Outlook
Guidance and Outlook Full Year 2025
Slide 15: Maintaining guidance
Maintaining guidance Full year 2025 Specialties-driven EBITDA(1) of $0.95B to $1.15B Potash sales volumes to between 4.3M mt and 4.5M mt Annual tax rate of ~30% Note: As of 11.12.25. (1) Specialties-driven EBITDA includes Industrial Products, Phosphate Solutions and Growing Solutions and is a non-GA
Slide 16: Writing ICL's Next Chapter
Writing ICL’s Next Chapter Strategy Highlights
Slide 17: ICL Uniquely Positioned to Address Leading Global Mega Trends
ICL Uniquely Positioned to Address Leading Global Mega Trends Food Access to Availability Minerals Deglobalizaition 17
Slide 18: ICL Uniquely Positioned to Address Leading Global Mega Trends
ICL Uniquely Positioned to Address Leading Global Mega Trends Sales by End Market Sales by Mineral Sales by Region Production Sites 2024 2024 2024 by Region 2024 1 22% 20% 18% 7 31% 31% 15 6% 16% 4 58% 14% 12% 37% 18% 7 17% 5 Crop Nutrition Potash Europe Europe Food & Pharma Phosphate Brazil Brazil
Slide 19: Building ICL's Growth Strategy
Building ICL’s Growth Strategy Process to Identify ICL’s Growth Engines and Key Priorities Current ICL New Significant Business Lines Growth Engines Analysis included Analysis included • Market momentum • Market attractiveness • Alignment with global trends • Strategic fit to ICL • Competitive posit
Slide 20: Key Takeaways from Outside-In Strategic Analysis
Key Takeaways from Outside-In Strategic Analysis We are playing in the right Some businesses already Focus resources on core places and have significant market leaders, and evaluate non-synergistic growth potential within our core limiting growth potential and low potential businesses Sustain cost/m
Slide 21: AI & Innovation as Key Enablers
Profitable Growth Maximizing Core Optimization & Efficiency • Specialty Crop Nutrition • Maximize potash and • Portfolio optimization phosphate value chains • Specialty Food Solutions • Optimizing cost structure • Maintain market leadership in bromine market AI & Innovation as Key Enablers Note: Spe
Slide 22: Profitable Growth Engines
Profitable Growth Engines ASICL
Slide 23: ICL Defined Two Strategic Growth Engines
ICL Defined Two Strategic Growth Engines Specialty Specialty Crop Nutrition Food Solutions 23
Slide 24: ICL Currently the Global Specialty Crop Nutrition Market Leader
2024 ICL Currently the Global Specialty Crop Nutrition Market Leader 2020 Sales Sales ~$2,000M ~$1,000M EBITDA ~$60M EBITDA >3X Growth ~$200M Note: 2020 numbers include the Innovative Ag Solutions division and Boulby and Amfert results, which today comprise the Growing Solutions segment; 2024 number
Slide 25: Fertilizers Play Critical Role in Feeding the World
Fertilizers Play Critical Role in Feeding the World Grain output doubled over past 40 years using same amount of land 110% % Change in Grains Production 90% % Change in Population Size 70% Without Fertilizers % Change in Fertilizer Production Half of the world’s will face hunger 50% 30% 10% % Change
Slide 26: Specialty Crop Nutrition Market – Attractive Market with 6% CAGR
Specialty Crop Nutrition Market – Attractive Market with 6% CAGR 50 Specialty Crop Nutrition Market (US$B) 45 CAGR 6% 45.4 42.8 40 40.4 38.1 35 36.0 33.9 30 32.0 25 2024 2025 2026 2027 2028 2029 2030 Sources: Grand View Research (2025), Fortune Business Insights (2025), Mordor Intelligence (2024), T
Slide 27: ICL's Specialty Crop Nutrition Path to Global Dominance
ICL’s Specialty Crop Nutrition Path to Global Dominance Global Direction, Local Empowerment, Strategic Acquisitions Strategic acquisitions Innovative portfolio (Brazil, NA and EU) Mainly in biostimulants, nutrient use efficiency and organics Organic growth mainly Change in portfolio mix in high grow
Slide 28: Specialty Food Solutions
Specialty Food Solutions
Slide 29: Our $35B Functional Ingredients Opportunity
Our $35B Functional Ingredients Opportunity TAM ~6% 44 46 The food ingredients market $152B, CAGR of 6%+ 42 38 37 SAM 35 Our respective functional ingredients market $35B, CAGR of 5% to 6% 30% Texturants Preservatives Phosphate based solutions 16.0 Market size 2025 3.2 Market size 2025 $1.5B, CAGR o
Slide 30: ICL is Well-Positioned to Capture this $35B Market
ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market We have all the capabilities to win in the broader functional ingredients market Strong >$500M SALES Presence in Key NA EU Geographies 48% of sales 26% of sales Leadership position APAC Extended footprint 11% of sales App
Slide 31: ICL is Well-Positioned to Capture this $35B Market
ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market We have all the capabilities to win in the broader functional ingredients market Strong Presence in Key Geographies Loyal Customer Base 31
Slide 32: ICL is Well-Positioned to Capture this $35B Market
ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market We have all the capabilities to win in the broader functional ingredients market Strong Expertise in Food-grade Presence in Key Technical R&D labs Geographies Functionalities Loyal Professional Customer G2M Teams Base 32
Slide 33: ICL's Food Ingredients Strategy
ICL’s Food Ingredients Strategy Focus on Specific Strategic Acquisitions Organic Growth Through Adjacent Segments to Expand Offering Bundled Solutions • Texturants Portfolio Expansion and One-Stop Shop Solutions • Acidulants Geographic Expansion to F&B Companies • Preservatives • Leavening agents 33
Slide 34: Maximizing Core
Maximizing Core ASICL
Slide 35: Potash – Production Acceleration and Securing the Next Dead Sea Concession
Potash – Production Acceleration and Securing the Next Dead Sea Concession Preparation to win Increase production Increase production to new Dead Sea Concession to pre-war quantities all-time highs in Spain in viable terms at the Dead Sea 35
Slide 36: Industrial Products – Sustain Leadership Position in Bromine and Flame Retardants
Industrial Products – Sustain Leadership Position in Bromine and Flame Retardants No.1 No.1 Bromine Bromine capacity compounds site x No.1 No.1 Bromine and Bromine phosphorus flame Iso-tank fleet retardants Continue developing new bromine and flame retardant applications to leverage our position 36
Slide 37: Non-Food Phosphate Solutions – Maximize Our Market Position
Non-Food Phosphate Solutions – Maximize Our Market Position Growing Market (4% to 7% CAGR) with Strong Demand Cost advantage – Fully integrated chain Geographic advantage – Only Western manufacturer producing in China Product differentiation – Unique downstream capabilities Sources: Research & Marke
Slide 38: Optimization & Efficiency
Optimization & Efficiency ANICL
Slide 39: Portfolio Optimization
Portfolio Optimization Focus on Our Core Markets and Assets Examine non-synergistic and low potential businesses, while shifting resources to initiatives consistent with our capital allocation priorities 39
Slide 40: LFP – Will Remain Raw Material Provider and Not Move Downstream
LFP – Will Remain Raw Material Provider and Not Move Downstream Shifts in government policy and termination of U.S. DOE grant Lack of supportive regulations in Europe Regulatory uncertainty in China Change in customer sentiment toward local production High investments and costs versus low price leve
Slide 41: Transforming ICL into an AI-driven organization
Transforming ICL into an AI-driven organization SHARPER MARKET PREDICTIONS INSIGHT-DRIVEN DECISIONS continuous, AI-driven forecasting that decision engines that surface prioritized anticipates demand, margin shifts, and actions, risk signals, and scenario competitive moves. outcomes to leaders and f
Slide 42: Optimize Cost Structure – Lean, Efficient and Effective Organization
Optimize Cost Structure – Lean, Efficient and Effective Organization Operations Maintenance Labor Cost Management Logistics & Procurement Product Line Supply Chains Optimization 42
Slide 43: AI & Innovation as Key Enablers
Profitable Growth Maximizing Core Optimization & Efficiency • Specialty Crop Nutrition • Maximize potash and • Portfolio optimization phosphate value chains • Specialty Food Solutions • Optimizing cost structure • Maintain market leadership in bromine market AI & Innovation as Key Enablers Note: Spe
Slide 44: ICL is moving beyond its legacy roots
ICL is moving beyond its legacy roots to lead the global drive for sustainable food availability – expanding our core to unlock sustainable profitable growth 44
Slide 45: 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 46: Appendix
Md Appendix Third Quarter 2025
Slide 47: 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'23 1Q'24 1Q'25 4Q'22 4Q'23 2Q'24 3Q'22 2Q'23 3Q'23 3Q'24 4Q'24 2Q'25 3Q'25 1Q'23 1Q'24 1Q'25 3Q'22 4Q'22 2Q'23 3Q'23 4Q'23 4Q'24 2Q'
Slide 48: 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 $1,000 100 $0 0 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24 3Q'22 2Q'23 3Q'23 2Q'24 3Q'24 2Q'2
Slide 49: Key market metrics | other indicators
Key market metrics | other indicators Relevant for Industrial Products and Phosphate Specialties Chinese bromine U.S. durable goods Price trend US$B $2,500 $2,000 $1,500 1Q'23 1Q'25 1Q'24 Aug'25 4Q'22 4Q'23 4Q'24 3Q'22 2Q'23 3Q'23 2Q'24 3Q'24 2Q'25 1Q'23 1Q'24 4Q'24 Oct '25 1Q'25 4Q'22 4Q'23 3Q'22 2
Slide 50: Calculation of segment EBITDA
Calculation of segment EBITDA Third quarter 2025 Industrial Products US$M 3Q’24 3Q’25 Phosphate Solutions(1) US$M 3Q’24 3Q’25 Segment sales $309 $295 Segment sales $577 $605 Segment operating income $50 $52 Segment operating income $100 $85 Segment operating margin 16% 18% Segment operating margin 1
Slide 51: Segment results analysis
Segment results analysis Third quarter 2025 Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Segment Sales Potash Potash US$M Products Solutions(1) Solutions US$M Products Solutions(1) Solutions 3Q’24 $65 $120 $140 $64 3Q’24 $309 $389 $577 $538 Quantity ($11) - $4 ($10) Price
Slide 52: Reconciliation tables
Reconciliation tables Calculation of adjustments for third quarter 2025 Adjusted EBITDA Adjusted NI and diluted EPS 3Q’24 3Q’25 3Q’24 3Q’25 US$M US$M, ex. per share Net income $127 $129 Net income, attributable $113 $115 Financing expenses, net $39 $44 (1) Adjustments $29 $11 Taxes on income $49 $57
Slide 53: Leading positions
Leading positions In cost, quality and price MOP industry cost curve Bromine concentration 10.0 to 12.0 Cash costs US$/t, including royalites, FOB load port g/L $300 $200 ICL 3.5 to 5.5 DSW 2.5 to 4.5 $100 $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 Un
Slide 54: 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