Slide 1: Fertiglobe Q3 2025 Results Investor Presentation
Fertiglobe Q3 2025 Results Investor Presentation Feeding the World. November 2025 Fueling a Sustainable Future. 1
Slide 2: Table of Contents
Table of Contents Highlights Q3 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-Q3 2025 with robust track-record 0.8 2 Leadershi
Slide 4: Executive Summary
Executive Summary Q3 2025 Results Highlights Capital returns to shareholders Revenues Adj. EBITDA Adj. Net Profits attributable to shareholders Minimum Return of Capital returns since Capital for 20251 IPO1 $758M $286M $134M +53% Y-o-Y +69% Y-o-Y +370% Y-o-Y $287M $2.8Bn • Robust Q3 2025 results are
Slide 5: Nitrogen prices show persistent strength in H2 2025
Nitrogen prices show persistent strength in H2 2025 Q3 2025 ammonia and urea prices increase 24% and 16% Q-o-Q Weekly ammonia and urea prices, $/t Key price movements Q1 2025 Q2 2025 Q3 2025 700 Ammonia: $571/t Ammonia: $452/t Ammonia: $559/t Ammonia: Western supply shortages drive price hikes : Ure
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 float4 Merchant Ammonia pr
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: Progressing Grow 2030 Strategy: 38% Actioned
Progressing Grow 2030 Strategy: 38% Actioned* ~$340-420M EBITDA uplift by 2030 with further upside potential Non-cumulative, annual EBITDA by 20301 ($M) 1 2 3 4 Operational Customer Nitrogen Product Disciplined LCA Growth 1,000+ Excellence Proximity Expansion 70-100 75-100 30-45 340-420 629 165-175
Slide 9: Driving Productivity through The Integration of AI
Driving Productivity through The Integration of AI The Impact of AI Anomaly Detection: Before & After Case Study Before: February 2025 September 2025 Without Anomaly Detection With AI Anomaly Detection AVEVA PI Vision: Undetected Temperature Spike AI Detection: Early Oscillation Pattern Identified 4
Slide 10: Table of Contents
Table of Contents Highlights Q3 2025 Results Summary Market outlook Appendix Feeding the World. Fueling a Sustainable Future. 10
Slide 11: Q3 2025 & 9M Performance Highlights
Q3 2025 & 9M Performance Highlights Revenue Adj. EBITDA Adj. attributable net Own-produced sales Benchmark price profit volumes levels1 $M $M and % of revenue1 $M ktpa $/t +53% Q3 2025 +69% 370%2 1,105 474 1,056 758 408 965 357 357 566 496 315 286 286 305 169 176 73 134 289 227 28 12 Q3 Q2 Q3 Q3 Q2
Slide 12: Q3 & 9M 2025 Results Summary
Q3 & 9M 2025 Results Summary $ million unless otherwise stated Q3 2025 Q3 2024 %Δ 9M 2025 9M 2024 %Δ Summary Revenue 758.3 495.6 53% 2,019.0 1,543.2 31% Gross profit 243.7 79.3 207% 606.5 376.0 61% • Fertiglobe’s total own-produced sales volumes were down 2% Gross profit margin 32.1% 16.0% 30.0% 24.
Slide 13: Q3 2025 & 9M 2025 Free Cash Flow Build-Up
Q3 2025 & 9M 2025 Free Cash Flow Build-Up Reconciliation of Q3 2025 EBITDA to Free cash flow ($ million) 280 One-off tax settlement (64) (119) (34) (31) 81 (150) 3 (25) (5) 10 (52) (38) 1 Reported EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before Dividends
Slide 14: Table of Contents
Table of Contents Highlights Q3 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 ~16.9%, below the 10-year average (~18.8%), to support nitrogen consumption Farmer affordability remains challenging, though recent crop price rises vs summer are supportive Urea prices resilient across Q3 and Q4
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: Market tightness driven by strong Indian imports in 2025
Market tightness driven by strong Indian imports in 2025, with limited Chinese exports vs prior years China: Exports expected to India: Surging demand, lower Brazil: Imports remain robust remain below historical levels production + stocks, drive imports Mt Urea imports, 2019-2025F Mt Urea imports, 2
Slide 19: Definitive CBAM phase commences in 2026
Definitive CBAM phase commences in 2026, incentivizing adoption of low-carbon ammonia in Europe CBAM implementation, reporting and verification timeline 2024 2025 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Imports Production For 2025 reporting For 2026 reporting For 2
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 100 2025-2030: • Emerging demand, driven by EU and APAC regulation 63 +15% • Primary use in conventional applications 2030–2035: 31 • Growth expe
Slide 21: Table of Contents
Table of Contents Highlights Q3 2025 Results Summary Market outlook Appendix Feeding the World. Fueling a Sustainable Future. 21
Slide 22: September 2025 Leverage Position
September 2025 Leverage Position Fertiglobe Ends Q3 2025 with Net Debt of $984 million $ million 30-Sep-25 31-Dec-24 Cash and bank balances 631.4 633.9 Loans and borrowings - current 222.0 256.7 Loans and borrowings - non-current 1,393.7 1,425.5 Total borrowings 1,615.7 1,682.2 Net debt 984.3 1,048.
Slide 23: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Reconciliation of reported operating profit to adjusted EBITDA $ million Q3 2025 Q3 2024 9M 2025 9M 2024 Adjustment in P&L Operating profit as reported 206.2 38.1 502.1 269.3 Depreciation and amortization 74.0 70.7 225.7 209.0 EBITDA 280.2 108.8 727.8 478.3 APM adju
Slide 24: Reconciliation of Adjusted Net Profit
Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Q3 2025 Q3 2024 9M 2025 9M 2024 Adjustment in P&L Reported net profit attributable to shareholders 234.8 (10.4) 327.6 120.2 Adjustments for: Adjustments at EBITDA level 5.4 60.4 (4.8) 11.4 Im
Slide 25: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt $ million unless otherwise stated Q3 2025 Q3 2024 9M 2025 9M 2024 EBITDA 280.2 108.8 727.8 478.3 Working capital (63.8) 77.2 (78.1) 80.3 Maintenance capital expenditure (34.2) (36.9) (82.7) (71.7) Tax
Slide 26: Thank you
Thank you Feeding the World. Fueling a Sustainable Future. 26