Icl Group Ltd. · TASE:ICL
Icl — Q4 2024 Earnings Presentation
33 slides from Icl's earnings presentation, Feb 26, 2025
Slide 1: 2024 Fourth Quarter Financial Results
2024 Fourth Quarter Financial Results Raviv Zoller | President and CEO February 26, 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: Overview of 2024
Overview of 2024 Continued market share gains in specialties-driven businesses • Annual sales of $6,841M • Adjusted EBITDA of $1,469M, with margin of 21% (1) • Adjusted diluted EPS of $0.38 (1) • Maintained overall momentum, despite continued potash headwinds – prices down 24% YoY • Specialties-driv
Slide 4: Key metrics | 4Q'24 and FY'24
Key metrics | 4Q’ and FY’24 Specialties-driven EBITDA (1) Adjusted EBITDA and margin (1) Operating cash flow(2) US$M % of sales US$M 22% $452 $452 $253 21% $210 $357 $347 16% 21% 4Q'23 4Q'24 4Q'234Q’23 4Q'244Q’24 4Q'23 4Q'24 Specialties-driven EBITDA (1) Adjusted EBITDA and margin (1) Operating cash
Slide 5: Industrial Products
Industrial Products Annual FY'23 FY'24 Key developments in FY’24 US$M • Growth in annual sales and EBITDA, due to increased Sales bromine production EBITDA $1,227 $1,239 $277 $281 • Continued to strengthen partnerships and customer 23% 23% relationships Quarterly 4Q'23 4Q'24 • Cost efficiencies cont
Slide 6: Potash
Potash Annual FY'23 FY'24 Key developments in FY’24 US$M $2,182 • Average potash CIF price per ton of $299 vs. $393 in FY’23 Sales $1,656 EBITDA $843 • Total sales volume of 4.6M mt vs. 4.7M mt in FY’23 $492 39% 30% • Record production in Spain Quarterly US$M 4Q'23 4Q'24 • Dead Sea site challenged b
Slide 7: Phosphate Solutions
Phosphate Solutions Annual FY'23 FY'24 Key developments in FY’24 US$M $2,350 $2,215 • Results ahead of expectations, despite lower WPA prices, Sales with favorable volume and mix effect EBITDA $557 $549 • Maintained EBITDA, due to cost input savings and 24% 25% production efficiencies Quarterly 4Q'2
Slide 8: Growing Solutions
Growing Solutions Annual FY'23 FY'24 Key developments in FY’24 US$M $2,073 • Overall growth in profitability and margins Sales $1,950 EBITDA • Continued increase in market share, including M&A and $202 new product innovation $119 6% 10% • Lower raw material costs and improved cost efficiencies Quart
Slide 9: Highlights | 2024
Highlights | 2024 Solid execution of strategy helped deliver winning results Expanded and enhanced Continued growth in Generated strong partnerships across specialties-driven operating cash flow of specialties-driven EBITDA ~$1.5B businesses Advanced battery Complementary Delivered value to material
Slide 10: Peer analysis | 2024 total return
Peer analysis | 2024 total return 20% 10% +2.8% 0% -10% NTR -10.0% YARA -15.4% LXS -16.6% -20% K+S -23.1% -30% MOS – 29.1% SQM – 39.3% -40% ALB -39.5% -50% -60% 12/29/23 1/29/24 2/29/24 3/31/24 4/30/24 5/31/24 6/30/24 7/31/24 8/31/24 9/30/24 10/31/24 11/30/24 12/31/24 ICL MOS NTR K+S ALB SQM LXS YAR
Slide 11: Fourth Quarter 2024 Financial Results
Fourth Quarter 2024 Financial Results Aviram Lahav CFO
Slide 12: Key quarterly market metrics | macro indicators
Key quarterly market metrics | macro indicators Inflation – generally stable Interest rates – mixed by region Rate Percentage 20% 20% USA EU China Brazil Israel USA EU Brazil Israel UK India 15% 15% 10% 10% 5% 5% 0% 0% -5% -5% 4Q'19 2Q'19 3Q'19 1Q'21 1Q'19 1Q'20 1Q'22 1Q'23 1Q'24 4Q'20 4Q'21 4Q'22 4
Slide 13: Key quarterly market metrics | fertilizers
Key quarterly market metrics | fertilizers Grain Price Index – mixed Farmer sentiment – rebounding US¢/bushel Index $2,500 Corn Rice Wheat Soybeans Grain Price Index 200 $2,000 150 $1,500 100 $1,000 50 $500 $0 0 2Q'19 3Q'19 4Q'19 1Q'21 1Q'19 1Q'20 1Q'22 1Q'23 1Q'24 4Q'20 4Q'21 4Q'22 4Q'23 4Q'24 2Q'2
Slide 14: Key market metrics | Energy Storage and EVs
Key market metrics | Energy Storage and EVs North American LFP CAM demand Europe LFP CAM demand ‘000s mt ‘000s mt EVs ESS Other EVs ESS Other 456 326 317 279 222 126 162 82 2030 2024 2026 2028 2024 2026 2028 2030 Technical MAP demand Global LFP phosphate demand ‘000s mt ‘000s mt P2O5 2020 2021 2022
Slide 15: Full year 2024 sales bridge
Full year | 2024 Sales bridge Sales by segment Sales US$M US$M $412 $12 $7,536 $7,536 ($526) $77 ($135) GS $6,841 $1,950 ($1,050) ($123) ($57) $6,841 PS $2,215 Potash $1,656 $1,239 IP Other FY'23 FY'24 Solutions Industrial Other Potash Phosphate FY'23 FY'24 Quantity Exchange Products Growing Solutio
Slide 16: Full year 2024 profit bridge
Full year | 2024 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $4 $179 $83 $29 $1 $175 $1,754 $1,754 $334 $202 GS ($351) ($8) ($13) $1,469 $47 $1,469 $549 PS $492 Potash ($1,050) $281 IP Other FY'23 FY'24 Solutions Industrial Other Potash Phosphate FY'24 FY'23 Materials Qu
Slide 17: Fourth quarter 2024 sales bridge
Fourth quarter | 2024 Sales bridge Sales by segment Sales US$M US$M $29 $26 $1,690 ($19) ($52) ($8) ($39) $1,601 $439 GS $1,690 ($92) ($23) $1,601 $507 PS Potash $422 $280 IP Other ($47) 4Q'23 Solutions 4Q'24 Industrial Other Potash Phosphate 4Q'23 Quantity 4Q'24 Exchange Products Growing Solutions
Slide 18: Fourth quarter 2024 profit bridge
Fourth quarter | 2024 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $14 $36 $19 $51 $11 $3 $51 GS $357 ($38) ($7) ($15) $347 $132 $357 ($1) $347 PS ($92) ($1) $130 Potash $70 IP Other 4Q'23 Solutions 4Q'24 Industrial Other Potash Phosphate Materials 4Q'23 Quantity 4Q'24 Tr
Slide 19: Potash costs and prices
Potash costs and prices Leading positions MOP industry cost curve Potash ASP Cash costs US$/t, excluding royalties, FOB load port US$ $500 $800 $400 $600 $300 $400 $200 ICL DSW $200 $100 $0 $0 1Q'20 1Q'21 1Q'22 1Q'23 1Q'24 2Q'21 3Q'21 4Q'21 4Q'20 4Q'22 4Q'23 4Q'24 2Q'20 3Q'20 2Q'22 3Q'22 2Q'23 3Q'23
Slide 20: Bromine quality and costs
Bromine quality and costs Leading positions Bromine concentration Bromine industry cost curve g/L Relative production cost 10.0 to 12.0 Djibouti China & Japan 3.5 to 5.5 India 2.5 to 4.5 Arkansas, U.S. ICL Jordan 0.06 to 0.11 0.1 to 0.2 Sea Water Underground Salt Lake Underground Dead Sea (China, Ja
Slide 21: Diversified approach to growth
Diversified approach to growth Driving global specialties transformation 4Q’24 sales by region 4Q’24 sales by business US$ US$ SA $313M IP $280M 6% 17% Asia $437M 20% Potash $422M NA $307M PS $507M Europe $440M GS $439M 27% RoW $104M 27% 26% 27% 19% 31% Note: Sales by business exclude other activiti
Slide 22: Financial highlights
Financial highlights Quarterly dividend Available resources Net debt to adjusted distribution of $52M, of $1.6B EBITDA of 1.2 (1) for 3.8% annual yield Consistent execution Maintained focus on Continued savings and disciplined capital cash generation and efficiency efforts allocation Notes: Availabl
Slide 23: Peer analysis | 2018 to YTD'25 total return
Peer analysis | 2018 to YTD’25 total return 300% 250% 200% 150% 100% +110% 50% NTR +39% YARA +34% MOS +7% 0% SQM –12% K+S -27% ALB -32% -50% LXS -51% -100% 1/2/18 1/2/19 1/2/20 1/2/21 1/2/22 1/2/23 1/2/24 1/2/25 ICL MOS NTR K+S ALB SQM LXS YARA Source: S&P Capital IQ Pro, 1.2.18 through 2.21.25. 23
Slide 24: Guidance
Guidance Full year 2025 Specialties-driven EBITDA(1) of $0.95B to $1.15B Potash sales volumes of between 4.5M mt and 4.7M mt Expect annual tax rate of approximately ~30% (1) Specialties-driven EBITDA includes Industrial Products, Phosphate Solutions and Growing Solutions and is a non-GAAP measure; p
Slide 25: Thank you
Thank you Co n ta c t Pe g g y. Re i l l y T h a r p @ i c l - g r o u p . co m f o r m o r e i n f o r m a t i o n o n I C L View our interactive data tool at https://investors.icl-group.com/interactive-data-tool/default.aspx
Slide 26: Appendix
Appendix Fourth Quarter and Full Year 2024
Slide 27: Calculation of segment EBITDA | Fourth quarter 2024
Calculation of segment EBITDA Fourth quarter 2024 Industrial Products US$M 4Q’24 4Q’23 Phosphate Solutions(2) US$M 4Q’24 4Q’23 Segment sales $280 $299 Segment sales $507 $515 Segment operating income $55 $39 Segment operating income $81 $85 Segment operating margin 20% 13% Segment operating margin 1
Slide 28: Calculation of segment EBITDA | Full year 2024
Calculation of segment EBITDA Full year 2024 Industrial Products US$M FY’24 FY’23 Phosphate Solutions(2) US$M FY’24 FY’23 Segment sales $1,239 $1,227 Segment sales $2,215 $2,350 Segment operating income $224 $220 Segment operating income $358 $350 Segment operating margin 18% 18% Segment operating m
Slide 29: Segment results analysis | Fourth quarter 2024
Segment results analysis Fourth quarter 2024 Segment Sales Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Potash(1) Potash(1) US$M Products Solutions(2) Solutions US$M Products Solutions(2) Solutions 4Q’23 $56 $168 $139 $15 4Q’23 $299 $474 $515 $478 Quantity ($3) $19 $10 ($
Slide 30: Segment results analysis | Full year 2024
Segment results analysis Full year 2024 Segment Sales Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Potash(1) Potash(1) US$M Products Solutions(2) Solutions US$M Products Solutions(2) Solutions FY’23 $277 $843 $557 $119 FY’23 $1,227 $2,182 $2,350 $2,073 Quantity $77 $17 $5
Slide 31: Reconciliation tables | fourth quarter 2024
Reconciliation tables Calculation of adjustments for fourth quarter 2024 Adjusted EBITDA 4Q’24 4Q’23 Adjusted NI and diluted EPS 4Q’24 4Q’23 US$M US$M, ex. per share Net income $81 $84 Net income, attributable $70 $67 Financing expenses, net $33 $33 (1) Adjustments $43 $62 Taxes on income $33 $33 To
Slide 32: Reconciliation tables | full year 2024
Reconciliation tables Calculation of adjustments for full year 2024 Adjusted EBITDA FY’24 FY’23 Adjusted NI and diluted EPS FY’24 FY’23 US$M US$M, ex. per share Net income $464 $687 Net income, attributable $407 $647 Financing expenses, net $140 $168 (1) Adjustments $98 $77 Taxes on income $172 $287
Slide 33: 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