Slide 1: Second Quarter 2025 Financial Results
2025 Second Quarter Financial Results Elad Aharonson | President and CEO August 6, 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 | 2Q'25
Financial performance | 2Q’25 Highlights • Sales up YoY and QoQ, led by $1.8B $351M $0.09 specialties-driven businesses total adjusted adjusted • Specialties-driven sales sales EBITDA (1) diluted EPS (1) up 8% YoY and 6% QoQ • Pricing trends continued to improve • End-markets maintained $1.5B $259M
Slide 4: Industrial Products | 2Q'25
Industrial Products | 2Q’25 Sales $600 Key developments US$M $400 $315 $319 • Sales increased slightly YoY for both 2Q’ and 1H’25, with stable performance $200 $0 • Improvement in bromine prices YoY 2Q'24 2Q'25 • Benefits from anti-dumping measures continued EBITDA US$M $200 • End-market demand rema
Slide 5: Potash | 2Q'25
Potash | 2Q’25 Sales $600 Key developments US$M $422 $383 $400 • Average potash CIF price per ton of $333 vs. $300 in both 1Q’25 and 2Q’24 $200 $0 • Total sales volume of 971kmt, down 182kmt YoY 2Q'24 2Q'25 • Dead Sea production impacted EBITDA $200 − Maintenance shutdown in 2Q’25 US$M $118 $115 − B
Slide 6: Phosphate Solutions | 2Q'25
Phosphate Solutions | 2Q’25 Sales $800 Key developments US$M $637 $572 $600 • Continuation of quarterly trends, with good volumes $400 $200 • Growth in sales driven by continued strength in commodities $0 2Q'24 2Q'25 • Specialties results in-line with market dynamics, as prices remained under pressu
Slide 7: Growing Solutions | 2Q'25
Growing Solutions | 2Q’25 Sales $800 Key developments US$M $600 $540 $494 • Strong growth in sales and EBITDA, up 9% and 24% YoY, $400 respectively, plus sequential improvement $200 $0 • North American sales up across entire region, despite 2Q'24 2Q'25 challenging ag economy EBITDA • Improved produc
Slide 8: Second Quarter 2025 Financial Results
Second 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'23 1Q'24 1Q'25 4Q'22 4Q'23 2Q'22 3Q'22 2Q'23 3Q'23 2Q'24 3Q'24 4Q'24 2Q'25 1Q'23 1Q'24 1Q'25 2Q'22 3Q'22 4Q'22 2Q'23 3Q'23 4Q'23 4Q'
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 $1,000 100 $0 0 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24 2Q'22 3Q'22 2Q'23 3Q'23 2Q'24 3Q'2
Slide 11: Key market metrics | other indicators
Key market metrics | other indicators Relevant for Industrial Products and Phosphate Specialties Chinese bromine Phosphate and sulfur Price trend US$ $2,000 P2O5 Sulfur FOB Middle East $1,000 $0 1Q'23 1Q'24 1Q'25 3Q'22 4Q'22 4Q'23 4Q'24 2Q'22 2Q'23 3Q'23 2Q'24 3Q'24 July '25 2Q'25 1Q'23 1Q'24 1Q'25
Slide 12: Second quarter 2025 sales bridge
Second quarter | 2025 Sales bridge Sales by segment Sales US$M US$M $2,500 $2,500 $2,000 $2,000 $65 $46 $4 $94 $20 $4 ($39) $1,832 $319 IP ($34) $1,832 $1,752 $1,752 $1,500 $1,500 $383 Potash $1,000 $1,000 $637 PS $500 $500 $540 GS $0 $0 Other ($47) 2Q'24 2Q'25 Solutions Industrial Potash Phosphate
Slide 13: Second quarter 2025 profit bridge
Second quarter | 2025 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $500 $500 $94 $1 $2 $9 $400 $400 ($37) $11 $377 ($5) ($3) ($12) ($17) $377 ($20) $351 $69 IP ($75) $351 $300 $300 $115 Potash $200 $200 $134 PS $100 $100 $56 GS $0 $0 Other ($23) 2Q'25 2Q'24 Solutions Indu
Slide 14: Leading positions
Leading positions In cost, quality and price MOP industry cost curve Bromine concentration 10.0 to 12.0 Cash costs US$/t, excluding royalites, FOB load port g/L $500 3.5 to 5.5 $250 ICL 2.5 to 4.5 DSW $0 0.06 to 0.11 0.1 to 0.2 0 10 20 30 40 50 60 70 80 90 100 Sea Water Underground Salt Lake Undergr
Slide 15: Diversified portfolio
Diversified portfolio Distinctive global presence 2Q’25 sales by business 2Q’25 sales by region US$ US$ IP $319M SA $397M Potash $383M 17% Asia $399M 6% PS $637M NA $358M 22% GS $540M 29% Europe $574M RoW $104M 31% 20% 22% 34% 20% Note: Sales by business exclude other activities and reconciliations
Slide 16: Financial highlights
Financial highlights Net debt to Cash flow Cash resources adjusted EBITDA Operating cash $1.5B available 1.5X flow of ~$269M Extended & expanded S&P reaffirmed Global exchange rates debt offering BBB- rating with NIS continued to Past 2030, with successful stable outlook strengthen vs. USD ~$235M fu
Slide 17: Guidance and Outlook
Guidance and Outlook Full Year 2025
Slide 18: Guidance update
Guidance update Full year 2025 Maintaining specialties-driven EBITDA(1) of $0.95B to $1.15B Updating Potash sales volumes to between 4.3M mt and 4.5M mt Expect annual tax rate of approximately 30% (1) Specialties-driven EBITDA includes Industrial Products, Phosphate Solutions and Growing Solutions a
Slide 19: Outlook
Outlook Continued growth in Benefit from improved Drive cost savings specialties-driven market pricing, including and operational businesses potash and bromine efficiencies Target innovative Maintain and expand Monitor tariff and trade new products and global presence situation and develop complemen
Slide 20: Thank you
Thank you Co n ta c t Pe g g y. Re i l l y T h a r p @ i c l - g r o u p . co m f o r m o r e i n f o r m a t i o n o n I C L View our interactive data tool at https://investors.icl-group.com/interactive-data-tool/default.aspx
Slide 21: Appendix
Appendix Second Quarter 2025
Slide 22: Calculation of segment EBITDA
Calculation of segment EBITDA Second quarter 2025 Industrial Products US$M 2Q’24 2Q’25 Phosphate Solutions(1) US$M 2Q’24 2Q’25 Segment sales $315 $319 Segment sales $572 $637 Segment operating income $60 $54 Segment operating income $93 $90 Segment operating margin 19% 17% Segment operating margin 1
Slide 23: Segment results analysis
Segment results analysis Second quarter 2025 Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Segment Sales Potash Potash US$M Products Solutions(1) Solutions US$M Products Solutions(1) Solutions 2Q’24 $74 $118 $146 $45 2Q’24 $315 $422 $572 $494 Quantity ($6) ($19) $8 $5 Pric
Slide 24: Reconciliation tables
Reconciliation tables Calculation of adjustments for second quarter 2025 Adjusted EBITDA Adjusted NI and diluted EPS 2Q’24 2Q’25 2Q’24 2Q’25 US$M US$M, ex. per share Net income $130 $108 Net income, attributable $115 $93 Financing expenses, net $33 $13 (1) Adjustments $14 $20 Taxes on income $48 $60
Slide 25: 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