Slide 1: Fourth Quarter Financial Results
2025 Fourth Quarter Financial Results Elad Aharonson | President and CEO February 18, 2026
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: Strategy alignment | 2025
Strategy alignment | 2025 Profitable Maximizing Optimization Growth Core & Efficiency Specialty Crop Nutrition Maximize potash and phosphate Portfolio optimization - • Lavie Bio acquisition • Signed Concession agreement • Discontinued LFP project • EU mix strategy • Improved potash production
Slide 4: Overview | 4Q'25 Highlights
Overview | 4Q’25 Highlights • Sales up 6% YoY, with $1.7B $380M $0.09 specialties-driven sales up 4% total adjusted adjusted • Adjusted EBITDA up 10% YoY (1) sales EBITDA (1) diluted EPS (1) • YoY growth in key adjusted financial metrics • Prices continued to increase YoY across bromine, potash and
Slide 5: Overview | FY'25 Highlights
Overview | FY’25 Highlights • Sales up 5% YoY, with $7.2B $1.5B $0.36 adjusted EBITDA(1) up 1% YoY total adjusted adjusted • Continued growth in sales EBITDA (1) diluted EPS (1) specialties-driven sales • Signed binding agreement re: Dead Sea Concession assets • Completed strategic review and $5.7B
Slide 6: Industrial Products
Industrial Products Annual $1,500 Key developments in 4Q’25 US$M $1,239 $1,254 $1,000 • Wrapped up good FY’25 with solid 4Q Sales EBITDA $500 • Bromine prices: maintained upward trajectory $281 $280 23% 22% • Flame retardants: both bromine- and phosphorous-based $0 FY'24 FY'25 sales flat YoY • Clear
Slide 7: Potash
Potash Annual $2,000 Key developments in 4Q’25 US$M $1,656 $1,714 $1,500 • Average potash CIF price per ton of $348 vs. $285 Sales $1,000 in 4Q’24 $492 $552 EBITDA $500 • Sales and EBITDA up YoY 30% 32% $0 FY'24 FY'25 • Production of 1.2Mmt increased YoY • Chinese contract signed at $348 per metric
Slide 8: Phosphate Solutions
Phosphate Solutions Annual $2,500 $2,215 $2,333 Key developments in 4Q’25 US$M $2,000 $1,500 • Sales increased, with profit impacted by higher Sales sulfur costs $1,000 EBITDA $500 $549 $528 • Food specialties: sales increased in Asia, due to $0 25% 23% regional expansion strategy FY'24 FY'25 • Adva
Slide 9: Growing Solutions
Growing Solutions Annual $2,000 $2,500 Key developments in 4Q’25 US$M $2,063 $1,950 $2,000 $1,500 $1,500 • Continued focus on growth helped drive sales Sales $1,000 and profit higher YoY $1,000 EBITDA $500 $500 $202 $213 • North America: advanced growth plan, as pricing and product $0 10% 10% mix dr
Slide 10: Key takeaways
Key takeaways Advancing strategic principles and driving growth opportunities Delivering Dead Sea Concession clarity and ensuring continuity Benefitting from changes in market conditions Managing cost inputs and other items 10
Slide 11: Guidance | FY'26
Guidance | FY’26 Adjusted EBITDA(1) of $1.4B to $1.6B Potash sales volumes to between 4.5Mmt and 4.7Mmt Annual adjusted tax rate of ~30% As of 2.18.26. (1) Adjusted EBITDA is a non-GAAP measure; please see appendix for additional details. The company provides guidance for consolidated adjusted EBITD
Slide 12: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results Aviram Lahav CFO
Slide 13: Key indicators | QoQ average change
Key indicators | QoQ average change U.S. Interest Macro Inflation USD vs. NIS Housing Rates Starts = Supramax Grain Commodity Fertilizer Farmer Timecharter Price Fertilizer Sentiment Average Index Prices Price U.S. Leading Chinese U.S. Retail Trade Indicator of Other Bromine Durable and Food Remodel
Slide 14: Fourth quarter 2025 Sales bridge
Fourth quarter | 2025 Sales bridge Sales by segment Sales US$M US$M $2,500 $2,500 $2,000 $2,000 $51 $11 $28 $98 $51 $16 ($6) $1,701 $296 IP $1,701 $1,500 $1,500 ($49) $1,601 $1,601 $473 Potash $1,000 $1,000 PS $518 $500 $500 $467 GS $0 $0 Other ($53) Solutions 4Q'24 4Q'25 Industrial Potash Phosphate
Slide 15: Fourth quarter 2025 Profit bridge
Fourth quarter | 2025 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $500 $500 $98 $400 $17 $400 ($21) $3 $8 $20 $9 $380 $68 ($39) ($3) $380 ($2) ($11) IP $300 $347 $300 $347 ($13) $150 Potash $200 $200 $121 PS $100 $100 $60 GS $0 $0 Other ($19) Solutions 4Q'24 4Q'25 Indust
Slide 16: Fourth quarter 2025 adjustments
Fourth quarter | 2025 adjustments Related to implementation of company strategy, including efficiencies, cost-reductions US$M 4Q’25 Additional Details Operating income ($16) Charges related to security situation in Israel $18 - Closure of LFP projects: $61M Impairment and write-off of assets and pro
Slide 17: Full year 2025 Sales bridge
Full year | 2025 Sales bridge Sales by segment Sales US$M US$M $10,000 $10,000 $8,000 $8,000 $58 $118 $113 $8 $298 $70 $15 $7,153 $1,254 IP ($56) $7,153 $6,000 $6,841 $6,000 $6,841 $1,714 Potash $4,000 $4,000 $2,333 PS $2,000 $2,000 $2,063 GS $0 $0 Other ($211) FY'24 FY'25 Solutions Industrial Potas
Slide 18: Full year 2025 Profit bridge
Full year | 2025 Profit bridge Adjusted EBITDA(1) by segment Adjusted EBITDA(1) US$M US$M $2,000 $2,000 $298 ($43) $34 $60 $11 $1,500 $1,500 ($129) ($2) ($21) ($30) $1,488 ($113) $1,488 $1,469 ($1) $280 IP $1,469 ($26) $1,000 $552 $1,000 Potash $500 $528 $500 PS $213 GS $0 $0 Other ($85) FY'24 FY'25
Slide 19: Financial highlights | 4Q'25
Financial highlights | 4Q’25 Net debt to Cash resources adjusted EBITDA $1.6B available 1.3X Cash flow Shareholder return Operating cash Quarterly dividend of $60M flow of $314M Annual yield of 3.1% Notes: Available cash resources, as of 12.31.25, and comprised of cash and deposits, unutilized revol
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: Key market metrics | macro indicators
Key market metrics | macro indicators Inflation Short term interest rates Rate Percentage 15% USA Eurozone UK China Brazil India 20% USA Eurozone China Brazil India 10% 5% 10% 0% -5% 0% 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24 4Q'25 2Q'23 3Q'23 2Q'24 3Q'24 2Q'25 3Q'25 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24
Slide 22: 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 $2,000 100 $1,000 $0 0 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24 4Q'25 2Q'23 3Q'23 2Q'24 3Q'24 2Q'2
Slide 23: Key market metrics | other indicators
Key market metrics | other indicators Relevant for Industrial Products and Phosphate Specialties Chinese bromine U.S. durable goods Price trend (USD) US$B $2,500 $2,000 $1,500 Nov '25 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24 2Q'23 3Q'23 2Q'24 3Q'24 2Q'25 3Q'25 1Q'23 1Q'24 1Q'25 4Q'22 4Q'23 4Q'24 4Q'25 2Q
Slide 24: Calculation of segment EBITDA
Calculation of segment EBITDA Fourth quarter 2025 Industrial Products US$M 4Q’24 4Q’25 Phosphate Solutions(1) US$M 4Q’24 4Q’25 Segment sales $280 $296 Segment sales $507 $518 Segment operating income $55 $52 Segment operating income $81 $76 Segment operating margin 20% 18% Segment operating margin 1
Slide 25: Calculation of segment EBITDA
Calculation of segment EBITDA Full year 2025 Industrial Products US$M FY’24 FY’25 Phosphate Solutions(1) US$M FY’24 FY’25 Segment sales $1,239 $1,254 Segment sales $2,215 $2,333 Segment operating income $224 $220 Segment operating income $358 $342 Segment operating margin 18% 18% Segment operating m
Slide 26: Segment results analysis
Segment results analysis Fourth quarter 2025 Segment Sales Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Potash Potash US$M Products Solutions(1) Solutions US$M Products Solutions(1) Solutions 4Q’24 $70 $130 $132 $51 4Q’24 $280 $422 $507 $439 Quantity ($3) ($10) ($5) - Pri
Slide 27: Segment results analysis
Segment results analysis Full year 2025 Segment Sales Industrial Phosphate Growing Segment EBITDA Industrial Phosphate Growing Potash Potash US$M Products Solutions(1) Solutions US$M Products Solutions(1) Solutions FY’24 $281 $492 $549 $202 FY’24 $1,239 $1,656 $2,215 $1,950 Quantity ($16) ($22) $21
Slide 28: Reconciliation tables
Reconciliation tables Calculation of adjustments for fourth quarter 2025 Adjusted EBITDA Adjusted NI and diluted EPS 4Q’24 4Q’25 4Q’24 4Q’25 US$M US$M, ex. per share Net income $81 ($63) Net income, attributable $70 ($73) Financing expenses, net $33 $45 (1) Adjustments $43 $239 Taxes on income $33 $
Slide 29: Reconciliation tables
Reconciliation tables Calculation of adjustments for full year 2025 Adjusted EBITDA Adjusted NI and diluted EPS FY’24 FY’25 FY’24 FY’25 US$M US$M, ex. per share Net income $464 $280 Net income, attributable $407 $226 Financing expenses, net $140 $139 (1) Adjustments $98 $293 Taxes on income $172 $16
Slide 30: 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