Icl Group Ltd. · TASE:ICL
Icl — Investor Presentation (March 2026)
32 slides from Icl's investor presentation, Mar 11, 2026
Slide 1: Company Overview March 2026
ACL Company Overview March 2026
Slide 2: Important legal notes: Disclaimer and safe harbor for forward-looking statements
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: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP financial measures: The company discloses in this presentation certain non-IFRS financial measures titled adjusted operating income, adjusted net income attributable to the company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA. Manageme
Slide 4: ICL's core markets driven by structural megatrends
ICL’s core markets: food, crop nutrition and industrial products are essential and driven by structural megatrends, supporting consistent demand ICL is uniquely positioned to address leading global mega trends… Food Availability Access to Minerals Deglobalization Trade barriers are driving a shift t
Slide 5: Natural strategic advantages
…and benefits from natural strategic advantages Premium Assets Dead Sea mineral concentration, leading bromine derivatives production site, brands, licenses, certifications Strategic Locations Competitive logistic advantages through proximity to portsand customers Unique Know-how Agronomy, chemistry
Slide 6: ICL at a glance: worldwide platform designed to capitalise on global megatrends
ICL operates across Industrial Products, Potash, Phosphate Solutions and Growing Solutions ICL at a glance: worldwide platform designed to capitalise on global megatrends Market Capitalization(1) (NYSE)$6.9bn S&P / Fitch BBB- 1 1 4 2 4 14 5 7 11 5 10 10 7 5 3 5 16 22 25 R&D centers global reach with
Slide 7: ICL at a glance: FY 2025
7 ICL at a glance: FY 2025 21%adjusted EBITDA margin $1.5Badjusted EBITDA(1) $7.2Btotal sales $0.7BFree cash flow(3) $1.5xNet debt / adjusted EBITDA(2) $0.36adjusted diluted EPS (1) Notes: (1) Adjusted EBITDA and adjusted diluted EPS are non-GAAP financial measures; see reconciliation tables in appe
Slide 8: Segment overview 2025
8 Segment overview 2025 Sales EBITDA $m $m 23% 22% 25% 23% 30% 32% 10% 10% Note: Segment EBITDA and margin are non-GAAP financial measures; please see appendix for additional details.
Slide 9: Full year 2025 sales bridge
9 Full year 2025 sales bridge Sales by Segment $m Sales $m Notes: Numbers rounded to closest million; Other includes intercompany eliminations.
Slide 10: Full year 2025 adjusted EBITDA bridge
10 Full year 2025 adjusted EBITDA bridge Adjusted EBITDA by segment $m Adjusted EBITDA $m Notes: (1) Adjusted EBITDA is a non-GAAP financial measure; please see reconciliation tables in appendix. Notes: Numbers rounded to closest million; Other includes intercompany eliminations. Numbers rounded to
Slide 11: Key investment highlights
Global mineral company leading in diversified key essential markets and geographies Structural cost advantage from access to unique mineral asset base Resilient financial profile with track record of financial discipline Highly skilled management team Clear roadmap to execute on efficient, profitabl
Slide 12: Global mineral company leading in diversified key essential markets and geographies
Global mineral company leading in diversified key essential markets and geographies 1 Sources: Company information, Grand View Research (2025), Fortune Business Insights (2025), Mordor Intelligence (2024), TechSci Research (2025), ICL analysis, CRU (December 2025). Sales by End Market 2025 $7.2bn Cr
Slide 13: Diverse End-markets
Diverse End-markets ICL’s balanced portfolio across crop nutrition, food, industrial solutions and flame retardants creates natural hedging and cycle-resilience. Diversified exposure to multiple attractive end-markets with limited correlation 2 FY’25 Sales by Business Phosphate Solutions (PS): $2,33
Slide 14: Structural cost advantage from unique mineral asset base
Structural cost advantage from unique mineral asset base ICL’s unique access to the Dead Sea’s high-grade brines provides a sustainable low-cost position across potash and bromine, supporting margin resilience throughout cycles. 3 MOP Industry Cost Curve Cash costs US$/t, including royalites, FOB lo
Slide 15: Resilient financial profile with track record of financial discipline (1/6)
Resilient financial profile with track record of financial discipline (1/6) Adj. EBITDA & Adj. EBITDA Margin (1) $m Highly stable financial position, characterized by consistent EBITDA generation and predictable, low-volatility Capex. 4 Sales $m CAPEX & CAPEX as a % of Revenues $m 7% 10% 10% 12% 9%
Slide 16: Working capital efficiency (2/6)
Sources: Company Filings. Notes: (1) Working capital = trade and other receivables + inventories – trade and other payables. Working Capital $m 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 4Q25 -21% Average LTM Working Capital(1)| Resilient financial profile with track record of financial
Slide 17: Solid cash flow generation and prudent capital management vs. key peers
Solid cash flow generation and prudent capital management vs. key peers. 4 Sources: Company Filings. Notes: Peer average excludes ICL. (1) Free cash flow is calculated as Adjusted EBITDA minus CAPEX (purchases of PP&E and intangible assets) for this presentation purposes only. In general, ICL uses C
Slide 18: Investment grade financial profile vs. peers (4/6)
ICL has an investment grade financial profile and remaining an IG-rated company is a priority. 4 Sources: Company Filings. Notes: Peer average excludes ICL. Based on peer company reports; different companies report EBITDA differently and therefore results may not be comparable. (1) Net Leverage = Ne
Slide 19: Low leverage, robust liquidity and prudent capital allocation policy
Low leverage, robust liquidity and prudent capital allocation policy. 4 Net debt to adjusted EBITDA 1.5X(3) Shareholder Return Q4’25 dividend of $60mAnnual yield of 3.1%(4) Liquidity$1.6bn(1) Cash flowOperating cash flow of $1,056m(2) Develop Growth Engines Leverage free cash flow to support growth
Slide 20: Smooth Debt Maturity Schedule (6/6)
4 20 Resilient financial profile with track record of financial discipline (6/6) Smooth Debt Maturity Schedule on the Short Term and Proactive Debt Management Policy(4) $m Capitalization Table Ratings(5) Total Gross Debt $2,535m(3) Total Net Debt $2,260m Facility Original Amount Carrying Amount Matu
Slide 21: Highly skilled management team
Ensuring operational resilience and securing long-term strategic certainty. Highly skilled management team EVP, Global Human Resources Tenure: 8y Ilana Fahima EVP, Chief Business Development Officer Tenure: 2y Uri Perelman SVP, Global Marketing & Communications Tenure: 7y Maya Grinfeld Nadav Turner
Slide 22: ICL is a global leader in ESG and sustainability practices
ICL is a global leader in ESG and sustainability practices ICL is recognised as a global leader in sustainability, with strong external ratings, significant emissions reduction progress and sustainability-linked financing. Ratings & Recognition Carbon Disclosure Project Water score improved to A (A-
Slide 23: Clear roadmap to execute on profitable growth-oriented strategy (1/2)
Clear roadmap to execute on efficient profitable growth-oriented strategy (1/2) 6 Note: Specialty crop nutrition is part of the Growing Solutions division; Specialty food solutions is part of food specialties under the Phosphate Solutions division. 1-2 pages on strategy Optimization & Efficiency Pro
Slide 24: Clear roadmap to execute on profitable growth-oriented strategy (2/2)
Clear roadmap to execute on efficient profitable growth-oriented strategy (2/2) 6 Profitable Growth Crop nutrition and food specialty solutions path to global leadership Optimization & Efficiency Strategic acquisitions allowing portfolio and geographic expansion Change in portfolio optimization to m
Slide 25: Dead Sea Concession: Greater Clarity and a Stronger Position for the Future
ICL has a stronger strategic position for the future concession Unique operational expertise built over decades Integrated infrastructure and cross‑business synergies Deep market, customer and regulatory familiarity Binding agreement providing clarity on consideration value and timing The State will
Slide 26: Long-term outlook: Adjusted EBITDA
Adjusted EBITDA (1) $m ~$1,500 ~30-35% ~65-70% Last 12 Months ~40-45% ~25-30% ~25-30% ~$1,800 – 2,000 After 2030 - With Concession Non-Concession Activity Concession Related Projected Growth (2025-2030) Additional non-organic growth: based on DS assets payment Dead Sea Assets ~40-45% ~25-30% ~25-30%
Slide 27: Thank you
y/ Thank you
Slide 28: Appendix
yx Appendix
Slide 29: Calculation of segment EBITDA
Phosphate Solutions(1) US$M FY’24 FY’25 Segment sales $2,215 $2,333 Segment operating income $358 $342 Segment operating margin 16% 15% Depreciation and amortization $191 $186 Segment EBITDA $549 $528 Segment EBITDA margin 25% 23% Calculation of segment EBITDA Full year 2025 Industrial Products US$M
Slide 30: Segment results analysis Full year 2025
Segment results analysis Full year 2025 Segment Sales US$M Industrial Products Potash Phosphate Solutions(1) Growing Solutions FY’24 $1,239 $1,656 $2,215 $1,950 Quantity ($58) ($60) $27 $1 Price $63 $102 $73 $92 Exchange rates $10 $16 $18 $20 FY’25 $1,254 $1,714 $2,333 $2,063 Segment EBITDA US$M Ind
Slide 31: Reconciliation tables
Reconciliation tables Calculation of adjustments for full year 2025 Adjusted NI and diluted EPS US$M, ex. per share FY’25 Net income, attributable $226 Adjustments(1) $293 Total tax adjustments ($54) Adjusted net income, attributable $465 Weighted-average number of diluted ordinary shares outstandin
Slide 32: Reconciliation tables: Net debt/adjusted EBITDA
Reconciliation tables Calculation of Net debt/adjusted EBITDA Debt Summary US$M 2021 2022 2023 2024 2025 Total debt $3,013 $2,824 $2,687 $2,293 $2,756 Short term debt $577 $512 $858 $384 $876 Long term debt $2,436 $2,312 $1,829 $1,909 $1,880 Cash and cash equivalents $564 $508 $592 $442 $496 Net deb