Icl Group Ltd. · TASE:ICL
Icl — Investor Presentation (December 2025)
32 slides from Icl's investor presentation, Dec 23, 2025
Slide 1: Investor Meeting
AICL Investor Meeting
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: From Principles to Practice: Turning Concession Readiness into Strategic Advantage
From Principles - actice - Turning Concession Readiness into Strategic “Advantage \\<e BS ; Leveraging the Core: ~ Maximizing ’_ Assets through > Specialized » expertise AICL 3
Slide 4: Global mega trends: Food Availability, Access to Minerals, Deglobalization
Food Access to Availability Minerals Deglobalizaition
Slide 5: ICL Uniquely Positioned to Address Leading Global Mega Trends
ICL Uniquely Positioned to Address Leading Global Mega Trends Sales by End Market Sales by Mineral Sales by Region Production Sites 2024 2024 2024 by Region 2024 1 20% 18% 31% 31% 1S 37% ee 18% 7 HEE op Nutrition HE tess HE pe HE cope HE F000 & Pharma HE Phosphate 22 ez Flame Retardants Bromine US u
Slide 6: Playing in the right places; focus resources on core
We are playing in the right Some businesses already Focus resources on core places and have significant market leaders, and evaluate non-synergistic growth potential within our core limiting growth potential and low potential businesses Sustain cost/market leadership, while focusing on profitability
Slide 7: Strategic priorities across growth engines, core and optimization
* Specialty Crop Nutrition + Maximize potash and * Portfolio optimization . _ 4 phosphate value chains . ae Specialty Food Solutions * Maintain market leadership in Optimizing cost structure bromine market Note: Specialty crop nutrition is part of the Growing Solutions division; Speciatty food solut
Slide 8: Profitable Growth Engines
Profitable Growth Engines ACL 5
Slide 9: Specialty Crop Nutrition and Specialty Food Solutions
Specialty Specialty x FeoP Nutrition ! _ Food d’Solutions Note: Specialty crop nutrition is part of the Growing Solutions division; Specialty food solutions is part of food specialties under the Phosphate Solutions division
Slide 10: ICL Currently the Global Specialty Crop Nutrition Market Leader
ICL Currently the Global Specialty Crop Nutrition Market Leader 2020 Sales ~$1 000M Shen ul) EBITDA . ~$60M EBITDA >3X Growth
Slide 11: Specialty Crop Nutrition – Attractive Market with >40% Growth Potential
Sources: Grand View Research (2025), Fortune Business Insights (2025), Mordor Intelligence (2024), TechSci Research (2025), ICL analysis. Specialty Crop Nutrition Market (US$B) CAGR 6% Specialty Crop Nutrition – Attractive Market with >40% Growth Potential 11
Slide 12: NICL
NICL 2
Slide 13: Our $35B Functional Ingredients Opportunity
The food ingredients market $152B, CAGR of 6%+ TAM Source: Technavio Report, Markets and Markets, Mordor Intelligence, IMARC Group, Statista, Data IMTELO, Deloitte analysis, expert interviews, ICL internal analysis. Our $35B Functional Ingredients Opportunity Our respective functional ingredients ma
Slide 14: ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market
ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market We have all the capabilities to win in the broader functional ingredients market Max Min [100 to 200[ [0 to 100[ [300 to 400[ [200 to 300[ 400+ 400+ 400+ 400+ 400+ 400+ NA $238 Mn 48% of sales LATAM(mainly Brazil) $75 Mn
Slide 15: ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market
ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market We have all the capabilities to win in the broader functional ingredients market Strong Presence in Geographies Loyal Customer Base 15
Slide 16: ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market
ICL is Well-Positioned to Capture this $35B Functional Food Ingredients Market We have all the capabilities to win in the broader functional ingredients market Strong Presence in Geographies Loyal Customer Base Food-grade R&D labs Professional G2M Teams Expertise in the Functionalities 16
Slide 17: ICL's Food Ingredients Strategy
ICL’s Food Ingredients Strategy Focus on Specific Adjacent Segments Texturants Acidulants Preservatives Leavening agents Strategic Acquisitions to Expand Offering Portfolio Expansion and Geographic Expansion Organic Growth Through Bundled Solutions One-Stop Shop Solutions to F&B Companies 17
Slide 18: A global leader in malic and fumaric acid
A global leader in malic and fumaric acid 2024 Revenues: $64M New production facility scheduled for completion in 2026, poised to significantly increase volumes and profitability 120+ active customers and distributors (>60% - 5+ years tenure) 74% NA 18% Europe 8% Other 24’ sales split , by geography
Slide 19: Maximizing Core
Maximizing Core AICL 19
Slide 20: Potash — Production Acceleration and Securing the Next Dead Sea Concession
Potash — Production Acceleration and Securing the Next» Dead Sea Concession Preparation to win Increase production Increase production to new Dead Sea Concession to pre-war quantities all-time highs in Spain in viable terms at the Dead Sea ACL 20
Slide 21: Dead Sea Concession - Securing clarity and certainty
Dead Sea Concession - Securing clarity and certainty MOU with Israeli Government Financial and regulatory clarityProvides certainty about value and timing of assets’ consideration A competitive tender process holds the potential to improve the new concession terms vs. sole bidder Reducing business r
Slide 22: Key Highlights: Draft Concession Bill
Key Highlights: Draft Concession Bill Generally consistent with the Ministry of Finance’s initial draft from September 2024 A first step in the legislative process, providing the opportunity to shape the final version Should the tender process fail to serve the law's objectives, the Minister of Fina
Slide 23: Long-Term Outlook
Long-Term Outlook EBITDA (US$M) ~$1,500 ~30-35% ~65-70% Last 12 Months ~40-45% ~25-30% ~25-30% ~$1,8002,000- After 2030 - With Concession Projected Growth (2025-2030) Non-Concession Activity Concession Related Dead Sea Assets ~40-45% ~25-30% ~25-30% ~$1,7001,900- After 2030 - W/O Concession Addition
Slide 24: Non-Food Phosphate Solutions – Maximize our Market Position
Non-Food Phosphate Solutions – Maximize our Market Position Growing Market (4%-7% CAGR) with Strong Demand *sources: Research & markets, Persistence Market Research, Lucintel, Mordor Intelligence , ICL analysis Cost advantage - fully integrated chain Geography advantage – Only western manufacturer p
Slide 25: No.1 in Bromine and flame retardants
No.1 No.1 Bromine Bromine capacity compounds site No.1 _.. No.1 Bromine and Bromine phosphorus flame Iso-tank fleet retardants Continue developing new bromine and flame retardant applications to leverage our position ANCL 25
Slide 26: Optimization & Efficiency
Optimization & Efficiency
Slide 27: Portfolio Optimization: Focus on Our Core Markets and Assets
Portfolio OptimizationFocus on Our Core Markets and Assets Evaluating non-synergistic and low-potential businesses to define the optimal strategic path, ranging from partnership to divestment or closure, while shifting resources to priorities aligned with our capital allocation framework 27
Slide 28: LFP - Will Remain Raw Material Provider and Not Move Downstream
LFP - Will Remain Raw Material Provider and Not Move Downstream Shifts in government policy and termination of U.S. DOE grant Lack of supportive regulations in Europe Regulatory uncertainty in China Change in customer sentiment toward local production a High investments and costs versus low price le
Slide 29: Optimize Cost Structure — Lean, Efficient and Effective Organization
Optimize Cost Structure — Lean, Efficient and Effective Organization on pa cep Operations Maintenance Labor Cost Management RRR = = 2 ay) Wd Logistics & Procurement Product Line Supply Chains Optimization
Slide 30: Optimization & Efficiency, Profitable Growth, Maximizing Core
Optimization & Efficiency Profitable Growth Ensure DSW & Rotem’s Future Maintain market leadership in Br Market Portfolio optimization Optimizing Cost Structure Specialty Crop Nutrition Specialty Food Solutions Maximizing Core Note: Specialty crop nutrition is part of the Growing Solutions division;
Slide 31: Preparing for Any Scenario
Preparing for Any Scenario, AICL 3:
Slide 32: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP financial measures: The company discloses in this presentation a non-IFRS financial measure titled adjusted EBITDA. Management uses adjusted EBITDA to facilitate operating performance comparisons from period to period. Adjusted EBITDA is calculated as net income