Slide 1: Fertiglobe Q2 2025 Results Investor Presentation
Fertiglobe Q2 2025 Results Investor Presentation Feeding the World. August 2025 Fueling a Sustainable Future. 1
Slide 2: Table of Contents
Table of Contents Highlights Q2 2025 Results Summary Market outlook Appendix Feeding the World. Fueling a Sustainable Future. 2
Slide 3: 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 4: Executive Summary
Executive Summary • Fertiglobe demonstrated resilience throughout the quarter despite external Q2 2025 Results Highlights factors in Egypt and turnarounds in the UAE. Revenues Adj. EBITDA • Excluding external factors and turnarounds, Q2 2025 own-produced sales volumes would have been up 4% Y-o-Y, wh
Slide 5: Nitrogen prices rally supported by tighter fundamentals
Nitrogen prices rally supported by tighter fundamentals Ammonia and urea prices ~20% above Q2 2025 levels Ammonia and urea prices, $/t 650 Key price movements Q1 2025 Q2 2025 August 2025 Urea: Market tightness drives price increases Ammonia: $571/t Ammonia: $452/t 600 Urea: $425/t Urea: $408/t o Geo
Slide 6: Fertiglobe at a Glance
Fertiglobe at a Glance Leading nitrogen fertilizer and industrial products exporter3 Fertiglobe’s Ownership Structure Fertiglobe produces and exports nitrogen-based solutions, including: Ammonia Urea Diesel Exhaust Fluid (DEF) & Automotive Grade Urea (AGU) 86.2% 13.8% Free float Key facts and figure
Slide 7: Fertiglobe's key investment highlights
Fertiglobe’s key investment highlights Market 1 Structurally resilient market fundamentals Company 2 Low-cost production and well-positioned production assets 3 Proven track record in operations, safety, and sustainability 4 Well-placed in higher value markets with potential to integrate downstream
Slide 8: Grow 2030 Strategy: Becoming a $1B+ EBITDA company
Grow 2030 Strategy: Becoming a $1B+ EBITDA company Ambition Integrated nitrogen champion, well positioned for the energy transition 1 2 3 4 Nitrogen Product Operational Excellence Customer Proximity Disciplined LCA2 Growth Expansion Achieve first quartile Strategic manufacturing and cost Maximize ne
Slide 9: 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)1 110-120 629 Manufac
Slide 10: Table of Contents
Table of Contents Highlights Q2 2025 Results Summary Market outlook Appendix Feeding the World. Fueling a Sustainable Future. 10
Slide 11: Q2 2025 Performance Highlights
Q2 2025 Performance Highlights 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 levels1 $M ktpa $/t +14% 695 1,144 425 +26% 1,065 408 965 566 +68% 346 321 496 307 286 261 388 324 73
Slide 12: Q2 2025 & H1 2025 results summary
Q2 2025 & H1 2025 results summary $ million unless otherwise stated Q2 2025 Q2 2024 %Δ H1 2025 H1 2024 %Δ Summary Revenue 565.8 495.7 14% 1,047.6 20% 1,260.7 Gross profit 140.8 119.2 18% 362.8 296.7 22% • Fertiglobe’s total own-produced sales volumes were down 10% Y-o-Y to 1,255kt in Q2 2025, driven
Slide 13: Q2 2025 & H1 2025 Free Cash Flow Build-Up
Q2 2025 & H1 2025 Free Cash Flow Build-Up Reconciliation of Q2 2025 EBITDA to Free cash flow ($ million) 188 (30) (31) (5) 99 6 94 (17) (6) (10) EBITDA Reported Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before Dividends paid Ecremage Free Cash Flow EBITDA NCI &
Slide 14: Table of Contents
Table of Contents Highlights Q2 2025 Results Summary Market outlook Appendix Feeding the World. Fueling a Sustainable Future. 14
Slide 15: Rising food demand and limited land, require higher crop yield
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 populati
Slide 16: Agricultural fundamentals remain supportive
Agricultural fundamentals remain supportive Current global grains stock-to-use ratio of ~16.5%, below the 10-year average (~18.8%), to support nitrogen consumption Ag prices remain challenged, impacting affordability, though urea prices have been resilient across Q2 and Q3 Urea continues to be signi
Slide 17: Urea outlook underpinned by healthy S&D fundamentals
Urea outlook underpinned by healthy S&D fundamentals A slower future pace of urea capacity additions, with most new projects timed post 2027/28, coupled with robust urea demand Global urea net capacity additions and demand growth, ex-China, mt Key market drivers Market gap: +5.6Mt surplus +6.0Mt sur
Slide 18: Robust urea imports in key markets, with limited Chinese exports
Robust urea imports in key markets, with limited Chinese exports China: Exports to remain below India: Rebound in imports driven by Brazil: Imports remain strong after historical levels growing domestic shortage record 2024 volumes Mt Urea imports, 2019-2025F Mt Urea imports, 2019-2025F Mt Urea impo
Slide 19: Europe will remain a key ammonia importer
Europe will remain a key ammonia importer Ammonia capacity-demand gap in Europe expected to widen by 2030 Key drivers of import reliance Expected Capacity-Demand gap in Europe by region- Mt NH3 equivalent, 2024-2030 Demand gap: Aged plant assets ~3Mt capacity expected to exit 2024-2030 Expected dema
Slide 20: Low-carbon ammonia outlook
Low-carbon ammonia outlook Near-term demand to be delayed, but long-term fundamentals are strong Low Carbon Ammonia Demand, 2030-2040 Key drivers MTPA NH3 2025-2030: 100 • Emerging demand, driven by EU and APAC regulation • Primary use in conventional applications 63 +15% 2030–2035: • Growth expecte
Slide 21: Table of Contents
Table of Contents Highlights Q2 2025 Results Summary Market outlook Appendix Feeding the World. Fueling a Sustainable Future. 21
Slide 22: June 2025 Leverage Position
June 2025 Leverage Position Fertiglobe Ends Q2 2025 with Net Debt of $909 million $ million 30-Jun-25 31-Dec-24 Cash and bank balances 779.6 633.9 Loans and borrowings - current 295.2 256.7 Loans and borrowings - non-current 1,393.1 1,425.5 Total borrowings 1,688.3 1,682.2 Net debt 908.7 1,048.3 Net
Slide 23: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Reconciliation of reported operating profit to adjusted EBITDA Adjustment in P&L $ million Q2 2025 Q2 2024 H1 2025 H1 2024 Operating profit as reported 112.2 84.9 295.9 231.2 Depreciation and amortization 75.7 69.4 151.7 138.3 EBITDA 187.9 154.3 447.6 369.5 APM adju
Slide 24: Reconciliation of Adjusted Net Profit
Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Adjustment in P&L Q2 2025 Q2 2024 H1 2025 H1 2024 Reported net profit attributable to shareholders 20.2 14.3 92.8 130.6 Adjustments for: Adjustments at EBITDA level (11.9) (14.2) (10.2) (49.0
Slide 25: Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt
Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt $ million Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA 187.9 154.3 447.6 369.5 Working capital (30.4) 2.2 (14.3) 3.1 Maintenance capital expenditure (31.2) (16.2) (48.5) (34.8) Tax paid (4.9) (12.6) (24.7) (28.4) Net interest paid (17.2) (2
Slide 26: Thank you
Thank you Feeding the World. Fueling a Sustainable Future. 26