Annual sales increase 5% to $7,153 million, with adjusted EBITDA of $1,488 million and earnings per share of $0.36
Company advances strategic principles, with acquisition of Bartek Ingredients and review of non-core assets
TEL AVIV, Israel & ST. LOUIS--(BUSINESS WIRE)--February 18, 2026--
ICL $(ICL)$ (TASE: ICL), a leading global specialty minerals company, today reported its financial results for the fourth quarter and full year ended December 31, 2025. For the fourth quarter, consolidated sales of $1,701 million were up 6% versus $1,601 million in the fourth quarter of 2024. Operating income was ($16) million versus $147 million, while adjusted operating income of $223 million was up 17% versus $190 million in 2024. Adjusted EBITDA of $380 million was up 10% versus $347 million in the fourth quarter of 2024. Diluted earnings per share were ($0.06) in the fourth quarter, versus $0.06 in the prior year, while adjusted diluted EPS of $0.09 was up 13% versus $0.08.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260217956054/en/
In the fourth quarter, ICL incurred adjustments totaling $239 million, and the company views these charges as unusual. The adjustments include approximately $122 million for activities related to the execution of ICL's new strategy. These efforts are essential in moving ICL forward and designed to help fund the company's profitable growth engines -- specialty crop nutrition and specialty food solutions. These advancements will help the company redirect its resources toward better-aligned opportunities and include the discontinuation of ICL's LFP battery materials projects in St. Louis and in Spain, efficiency improvements at some of our R&D facilities in Israel, and an impairment of assets in the UK. These adjustments also include an $80 million provision for prior years following a Supreme Court ruling regarding water extraction fees in the Dead Sea concession area.
For the full year, consolidated sales were $7,153 million and up 5% versus $6,841 million in 2024. Operating income was $580 million versus $775 million in 2024, while adjusted operating income was $873 million in both 2025 and 2024. Annual adjusted EBITDA of $1,488 million was up slightly versus $1,469 million in 2024. Diluted earnings per share for 2025 were $0.18 versus $0.32 in 2024, while adjusted diluted EPS was $0.36 versus $0.38. Operating cash flow was $1,056 million in 2025. In 2025, the Company distributed approximately $224 million in dividends to its shareholders.
"ICL delivered a solid finish to 2025, with fourth quarter sales increasing 6% to $1.7 billion and adjusted EBITDA improving 10% to $380 million. All four of our segments delivered sales growth, with sales for our Industrial Products, Phosphate Solutions and Growing Solutions segments up 4% in the fourth quarter, and we remain committed to growing our leadership position in these segments," said Elad Aharonson, president and CEO of ICL. "Throughout 2025, we benefitted from our distinctive global presence and relied on our regionally diversified operations to expand our specialties solutions offerings to our global customers using local production. This focus helped us to deliver a 5% increase in sales in 2025.
"This momentum is expected to carry us into 2026, and we are looking forward to executing against our new strategic principles in the coming years. For this year, we expect our two growth engines -- specialty crop nutrition, which is part of Growing Solutions, and specialty food solutions, part of our Phosphate Solutions -- to help drive improvement, and this will be via M&A, like our recent acquisition of Bartek Ingredients, and as we expand geographically. At the same time, we will stay focused on our core mission of driving profitable growth in all of our specialty businesses, while strengthening our leadership across all business segments.
"This focus has resulted in a review of our capital allocation priorities and an evaluation of non-synergistic and low-potential activities, including the discontinuation of our downstream expansion into cathode active materials for LFP batteries and a sales review of our Boulby operations in the UK, where we are exploring divestment opportunities. We expect to share updates on our strategic efforts throughout 2026 and look forward to strengthening and growing ICL for the long-term."
For 2026, the Company expects consolidated adjusted EBITDA to be between $1.4 billion to $1.6 billion. For Potash sales volumes, the company expects between 4.5 million and 4.7 million metric tons in 2026. (1a)
The international earnings call will begin today at 8:30 a.m. New York time (1:30 p.m. London and 3:30 p.m. Tel Aviv). The dial-in number for financial analysts in North America is (800) 549-8228, or (289) 819-1520 for international analysts, and the conference ID is 71097. Employees, the media and the public are invited to listen to the call using the webcast link found at ICL Group Investors Relations - Reports News & Events.
Financial Figures and non-GAAP Financial Measures
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------------- ---------------- ---------------- ----------------
$ % of $ % of $ % of $ % of
millions Sales millions Sales millions Sales millions Sales
------------- -------- ------ -------- ------ -------- ------ -------- ------
Sales 1,701 - 1,601 - 7,153 - 6,841 -
Gross profit 468 28 535 33 2,186 31 2,256 33
Operating
income
(loss) (16) (1) 147 9 580 8 775 11
Adjusted
operating
income (1) 223 13 190 12 873 12 873 13
Net income
(loss)
attributable
to the
Company's
shareholders (73) (4) 70 4 226 3 407 6
Adjusted net
income
attributable
to the
Company's
shareholders
(1) 121 7 104 6 465 7 484 7
Diluted
earnings per
share (in
dollars) (0.06) - 0.06 - 0.18 - 0.32 -
Diluted
adjusted
earnings per
share (in
dollars)
(2) 0.09 - 0.08 - 0.36 - 0.38 -
Adjusted
EBITDA (2) 380 22 347 22 1,488 21 1,469 21
Cash flows
from
operating
activities
(3) 314 - 452 - 1,056 - 1,468 -
Purchases of
property,
plant and
equipment
and
intangible
assets (3) 252 - 267 - 824 - 713 -
------------- -------- ------ -------- ------ -------- ------ -------- ------
(1) See "Adjustments to Reported Operating and Net income (non-GAAP)" below.
(2) See "Adjusted EBITDA and Diluted Adjusted Earnings Per Share for the
periods of activity" below.
(3) See "Condensed consolidated statements of cash flows (unaudited)" in the
appendix below.
Segment Information
Industrial Products
The Industrial Products segment produces bromine from a highly concentrated solution in the Dead Sea and bromine--based compounds at its facilities in Israel, the Netherlands and China. In addition, the segment produces several grades of salts, magnesium chloride, magnesia-based products, phosphorus-based products and functional fluids.
Results of operations and key indicators
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Segment Sales 296 280 1,254 1,239
Sales to external
customers 294 275 1,238 1,220
Sales to internal
customers 2 5 16 19
------------------------------ ---------- ---------- ---------- ----------
Segment Operating Income 52 55 220 224
Depreciation and amortization 16 15 60 57
Segment EBITDA 68 70 280 281
------------------------------ ---------- ---------- ---------- ----------
Capital expenditures 28 38 81 94
------------------------------ ---------- ---------- ---------- ----------
Significant highlights for the fourth quarter
-- Flame retardants: Sales of bromine-based products remained flat
year-over-year, as higher prices were offset by lower volumes due to
continued weak demand. Sales of phosphorus-based products were also flat
year-over-year, driven mainly by lower volumes in Europe, offset by
higher volumes and prices in the US following duties on imports of tris
(2-chloro-1-methylethyl) phosphate (TCPP) from China.
-- Elemental bromine: Sales increased year-over-year, as higher prices
offset lower volumes.
-- Clear brine fluids: Sales increased year-over-year, driven by higher
demand in South America and Europe.
-- Specialty minerals: Sales increased year-over-year, driven by higher
demand for magnesium chloride for deicing in the US following an early
snowfall, which resulted in strong pre-season sales. This was partially
offset by lower sales in certain industrial applications.
Results analysis for the period October -- December 2025
Sales Expenses Operating income
----- -------- ----------------
$ millions
----------------------------- ---------------------------------
Q4 2024 figures 280 (225) 55
Quantity (13) 10 (3)
Price 24 - 24
Exchange rates 5 (13) (8)
Raw materials - 1 1
Energy - (1) (1)
Transportation - 4 4
Operating and other expenses - (20) (20)
----- -------- ----------------
Q4 2025 figures 296 (244) 52
----------------------------- ===== ======== ================
-- Quantity -- The negative impact on operating income was primarily due
to lower sales volumes of bromine-based flame retardants and
phosphorus-based industrial solutions, partially offset by higher sales
volumes of clear brine fluids.
-- Price -- The positive impact on operating income was primarily due to
higher selling prices of bromine-based industrial solutions,
bromine-based flame retardants, specialty minerals, and phosphorus- based
flame retardants.
-- Exchange rates -- The unfavorable impact on operating income was mainly
driven by higher operational costs due to the appreciation of the average
exchange rate of the Israeli shekel against the US dollar, which
outweighed the positive impact on sales from the euro's appreciation.
-- Operating and other expenses -- The negative impact on operating income
was mainly related to higher operational costs.
Potash
The Potash segment produces and sells mainly potash, salts, magnesium and electricity. Potash is produced in Israel using an evaporation process to extract potash from the Dead Sea at Sodom and in Spain using conventional mining from an underground mine. The segment also produces and sells pure magnesium, magnesium alloys and chlorine. In addition, the segment sells salt products produced at its potash site in Spain. The segment operates a power plant in Sodom, which supplies electricity and steam to ICL facilities in Israel with any surplus electricity sold to external customers.
Results of operations and key indicators
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Segment Sales 473 422 1,714 1,656
Potash sales to external
customers 370 315 1,308 1,237
Potash sales to internal
customers 27 30 89 95
Other and eliminations (1) 76 77 317 324
------------------------------ ---------- ---------- ---------- ----------
Gross Profit 163 61 622 650
------------------------------ ---------- ---------- ---------- ----------
Segment Operating Income 86 69 298 250
Depreciation and amortization 64 61 254 242
Segment EBITDA 150 130 552 492
------------------------------ ---------- ---------- ---------- ----------
Capital expenditures 124 116 367 332
Potash price - CIF ($ per
tonne) 348 285 316 299
------------------------------ ---------- ---------- ---------- ----------
(1) Primarily includes salt produced in Spain, metal magnesium-based
products, chlorine and sales of surplus electricity produced by ICL's
power plant at the Dead Sea in Israel.
Significant highlights for the fourth quarter
-- ICL's potash price $(CIF)$ per tonne was $348 in the fourth quarter, reflecting a 22% increase year-over-year. -- The Grain Price Index declined by 4.4% in the fourth quarter. While corn, wheat, and soy increased quarter-over-quarter by 2.6%, 0.1%, and 5.1%, respectively, rice declined by 15.7% due to expectations of global oversupply. On a year-over-year basis, the Index declined by 13.9%, as corn and soy increased by 0.6% and 8.6%, respectively, while wheat and rice decreased by 10.7% and 31.1%, respectively. -- The WASDE (World Agricultural Supply and Demand Estimates) report, published by the USDA in January 2026, showed a continued decrease in the expected ratio of global inventories of grains to consumption to 26.7% for the 2025/26 agriculture year, compared to 26.9% for the 2024/25 agriculture year, and 28.3% for the 2023/24 agriculture year. -- In December 2025, under ICL's 2025--2027 Chinese framework agreements, the Company signed contracts with its Chinese customers to supply 750,000 tonnes of potash, with a mutual option for an additional 330,000 tonnes, to be supplied during 2026 at a price of $348 per tonne. This rate was in line with recent industry contract settlements. -- Metal Magnesium: Sales decreased year-over-year due to lower sales volumes.
Additional segment information
Global potash market - average prices and imports:
VS Q4 VS Q3
Average prices 10-12/2025 10-12/2024 2024 7-9/2025 2025
---------------------------- ---------- ---------- ------- -------- -------
Granular
potash -- CFR spot
Brazil ($ per tonne) 355 288 23.3% 360 (1.4)%
Granular CIF
potash -- spot/contract
Northwest (EUR per
Europe tonne) 365 338 8.0% 365 0.0%
Standard
potash --
Southeast CFR spot
Asia ($ per tonne) 373 292 27.7% 370 0.8%
Potash imports
To Brazil million tonnes 2.5 2.9 (13.8)% 4.0 (37.5)%
To China million tonnes 4.0 3.4 17.6% 2.4 66.7%
To India million tonnes 1.0 1.2 (16.7)% 0.9 11.1%
---------- ---------------- ---------- ---------- ------- -------- -------
Sources: CRU (Fertilizer Week Historical Price: December 2025), SIACESP
(Brazil), United Port Services (Brazil), FAI (India), Chinese customs data,
Global Trade Tracker (GTT).
Potash -- Production and Sales
Thousands of tonnes 10-12/2025 10-12/2024 1-12/2025 1-12/2024 -------------------------------- ---------- ---------- --------- --------- Production 1,222 1,178 4,377 4,502 Total sales (including internal sales) 1,200 1,259 4,320 4,556 Closing inventory 286 229 286 229 -------------------------------- ---------- ---------- --------- ---------
Fourth quarter 2025
-- Production -- Production was 44 thousand tonnes higher year-over-year,
mainly due to a planned production shutdown at our Spanish plant in Q4
2024 that reduced production in that period.
-- Sales - The quantity of potash sold decreased by 59 thousand tonnes
year-over-year due to adverse weather conditions toward year-end that
disrupted loading operations at Ashdod Port and led to lower sales
volumes mainly in the US and Europe.
Full year 2025
-- Production -- Production was 125 thousand tonnes lower year-over-year,
mainly due to operational challenges.
-- Sales -- The quantity of potash sold was 236 thousand tonnes lower
year-over-year, mainly due to lower production in the first half of the
year and adverse weather conditions toward year-end that disrupted
loading operations at Ashdod Port, leading to reduced sales volumes
primarily in the US and South America.
Results analysis for the period October -- December 2025
Sales Expenses Operating income
----- -------- ----------------
$ millions
----------------------------- ---------------------------------
Q4 2024 figures 422 (353) 69
Quantity (11) 1 (10)
Price 55 - 55
Exchange rates 7 (13) (6)
Raw materials - 2 2
Energy - (6) (6)
Transportation - (1) (1)
Operating and other expenses - (17) (17)
----- -------- ----------------
Q4 2025 figures 473 (387) 86
----------------------------- ===== ======== ================
-- Quantity -- The negative impact on operating income was primarily due
to lower potash sales volumes in the US and Europe, as well as decreased
sales volumes of magnesium. This was partially offset by higher potash
sales volumes in China, India and Brazil.
-- Price -- The positive impact on operating income was primarily driven
by a $63 year-over-year increase in the potash price (CIF) per tonne.
-- Exchange rates -- The unfavorable impact on operating income was mainly
due to higher operational costs resulting from the appreciation of the
average exchange rate of the euro and the Israeli shekel against the US
dollar, which outweighed their positive impact on sales.
-- Energy -- The negative impact on operating income was primarily driven
by higher water fees and electricity prices.
-- Operating and other expenses -- The negative impact on operating income
was primarily related to higher maintenance and operational costs, as
well as higher royalty payments.
Phosphate Solutions
The Phosphate Solutions segment operates ICL's phosphate value chain and uses phosphate rock and fertilizer-grade phosphoric acid to produce phosphate-based specialty products with higher added value, as well as to produce and sell phosphate-based fertilizers.
Results of operations and key indicators
10-12/2025 (1) 10-12/2024 1-12/2025 (2) 1-12/2024
-------------- ---------- ------------- ----------
$ millions $ millions $ millions $ millions
----------------------- -------------- ---------- ------------- ----------
Segment Sales 518 507 2,333 2,215
Sales to external
customers 471 475 2,156 2,049
Sales to internal
customers 47 32 177 166
----------------------- -------------- ---------- ------------- ----------
Segment Operating
Income 76 81 342 358
Depreciation and
amortization 45 51 186 191
----------------------- -------------- ---------- ------------- ----------
Segment EBITDA 121 132 528 549
----------------------- -------------- ---------- ------------- ----------
Capital expenditures 94 147 336 340
----------------------- -------------- ---------- ------------- ----------
(1) For Q4 2025, Phosphate Specialties accounted for $ 324 million of
segment sales, $ 41 million of operating income, $ 12 million of D&A and
$ 53 million of EBITDA, while Phosphate Commodities accounted for $ 194
million of segment sales, $ 35 million of operating income, $ 33 million
of D&A and represented $ 68 million of EBITDA.
(2) For 2025, Phosphate Specialties accounted for $1,332 million of segment
sales, $157 million of operating income, $49 million of D&A and $206
million of EBITDA, while Phosphate Commodities accounted for $1,001
million of segment sales, $185 million of operating income, $137 million
of D&A and $322 million of EBITDA.
Significant highlights for the fourth quarter
-- Commodity phosphate prices declined in Q4 2025, driven by seasonal
slowdowns, high input costs, and mounting affordability concerns that
triggered significant regional market shifts.
-- In China, the phosphate export window closed in October 2025.
Weak demand and poor sentiment pushed DAP FOB prices down $88/mt
from September to December, while a severe sulphur shortage raised
production costs, lifting domestic DAP prices by $32/mt
(RMB225/mt) and leading to tighter, longer export restrictions for
2026.
-- In the US, DAP FOB NOLA fell $209/mt from an August 2025 peak of
$887/mt, mainly in Q4, driven by weak demand, affordability
concerns, and sector uncertainty. Through September, DAP and MAP
imports were down 41% year-over-year and 31% below the five-year
average, with market dynamics further shaped by a Senate
investigation and the removal of most fertilizer tariffs in
November.
-- In Brazil, Q4 phosphate prices softened, with MAP CFR falling
from $760/mt in July to $630/mt by December 2025, as high prices
and weak affordability weighed on consumption. Through November,
DAP and MAP imports were well below the five-year average,
partially offset by rising TSP and SSP imports as buyers sought
cheaper alternatives.
-- Indian phosphoric acid prices, negotiated quarterly, rose $32/mt to
$1,290/mt P O in Q4 2025. Q1 2026 prices are still under negotiation.
-- Sulphur FOB Middle East ended the fourth quarter at $515/mt, up $188/mt
quarter-over-quarter. This increase was driven by strong demand from the
metals sector in Southeast Asia and the phosphate sector in China, and by
tight availability, particularly from Russia and other countries in the
former Soviet Union.
-- The broader functional food ingredients market--valued at approximately
$35 billion--is demonstrating strong growth, with a CAGR of 5% to 6%,
fueled by global mega trends such as food security, health & lifestyle
and dietary shifts towards protein enrichment.
-- The industrial segment is being reshaped by the global energy
transition, specifically the growth of Lithium Iron Phosphate (LFP)
batteries, which is accelerating demand of purified phosphoric acid. This
trend is most pronounced in China, which remains the global epicenter for
LFP cathode production.
-- White phosphoric acid (WPA): Sales increased year-over-year, driven
mainly by higher volumes and prices, particularly in Asia. Sales of food
grade white phosphoric acid (WPA FG) slightly decreased year-over-year,
due to a shift in Chinese volumes toward products used in batteries.
-- Sales of battery materials in China increased year-over-year, driven by
higher volumes and prices and as the Company expanded its business in
response to increased industry demand. As part of the Company's
strategic portfolio optimization efforts, ICL has shifted its approach to
LFP battery materials. While the Company will continue supplying raw
materials to battery customers, it will not move further downstream into
cathode active materials. Accordingly, it discontinued its previously
announced projects in St. Louis and Spain, following a review of shifting
market dynamics and recent changes in government policies.
-- Industrial salts: Sales increased slightly year-over-year, driven by
higher prices in Europe.
-- Food specialties: Sales slightly increased versus the previous year and
reflected growing volumes in North America and Asia, as part of the
Company's regional expansion strategy. In January 2026, the Company
acquired 49.9% of Bartek Ingredients' shares, a global leader in
food-grade malic and fumaric acids, serving hundreds of customers and
distributors across the food, beverage, confectionery, bakery and other
end-markets worldwide. These functional food ingredients are used by food
and beverage companies to enhance flavour profiles, extend shelf life,
and improve overall product quality.
Additional segment information
Global Phosphate Commodities market - average prices per tonne:
VS Q4 VS Q3
10-12/2025 10-12/2024 2024 7-9/2025 2025
--------------------- ---------- ---------- --------- -------- ---------
CFR India
DAP Bulk Spot 721 637 13% 807 (11)%
CFR Brazil
TSP Bulk Spot 558 500 12% 603 (7)%
CPT Brazil
inland
18-20% P2O5
SSP Bulk Spot 287 270 6% 303 (5)%
Bulk FOB
Adnoc
monthly
Bulk
Sulphur contract 394 139 183% 271 45%
-------- ------------ ---------- ---------- --------- -------- ---------
Source: CRU (Fertilizer Week Historical Prices, December 2025).
Results analysis for the period October -- December 2025
Sales Expenses Operating income
----- -------- ----------------
$ millions
----------------------------- ---------------------------------
Q4 2024 figures 507 (426) 81
Quantity (21) 16 (5)
Price 23 - 23
Exchange rates 9 (13) (4)
Raw materials - (36) (36)
Energy - 1 1
Transportation - (1) (1)
Operating and other expenses - 17 17
----- -------- ----------------
Q4 2025 figures 518 (442) 76
----------------------------- ===== ======== ================
-- Quantity -- The negative impact on operating income was primarily due
to lower sales volumes of phosphate fertilizers, partially offset by
higher sales volumes of white phosphoric acid (WPA), phosphate-based food
additives, and of MAP used as a raw material for energy storage
solutions.
-- Price -- The positive impact on operating income was primarily due to
higher selling prices of phosphate fertilizers and salts, partially
offset by lower selling prices of phosphate-based food additives.
-- Exchange rates - The unfavorable impact on operating income was mainly
due to higher operational costs resulting from the appreciation of the
average exchange rate of the euro, Chinese yuan and the Israeli shekel
against the US dollar, partially offset by higher sales driven primarily
by stronger euro and yuan.
-- Raw materials -- The negative impact on operating income was primarily
due to higher sulphur costs.
-- Operating and other expenses -- The positive impact on operating income
was primarily related to lower operational expenses.
Growing Solutions
The Growing Solutions segment aims to achieve global leadership in plant nutrition by enhancing its position in its core markets of agriculture, ornamental horticulture, turf and landscaping, and by targeting high-growth markets such as Brazil, India, and China. The segment leverages its unique R&D capabilities, substantial agronomic experience, global footprint, backward integration into potash, phosphate and polysulphate and its chemistry know-how, as well as its ability to integrate and generate synergies from acquired businesses. The segment continuously works to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers $(CRF)$, water-soluble fertilizers (WSF), liquid fertilizers, straights (MKP/MAP/PeKacid), FertilizerpluS, soil and foliar micronutrients, biostimulants, soil conditioners, seed treatment products and adjuvants.
Results of operations and key indicators
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Segment Sales 467 439 2,063 1,950
Sales to external
customers 465 435 2,048 1,932
Sales to internal
customers 2 4 15 18
------------------------------ ---------- ---------- ---------- ----------
Segment Operating Income 41 31 135 128
Depreciation and amortization 19 20 78 74
Segment EBITDA 60 51 213 202
------------------------------ ---------- ---------- ---------- ----------
Capital expenditures 41 44 95 98
------------------------------ ---------- ---------- ---------- ----------
Significant highlights for the fourth quarter
Regional highlights:
-- Brazil: Sales increased year-over-year, mainly due to higher prices and
exchange rate fluctuations, resulting in strong gross profit.
-- Europe: Sales increased year-over-year, as higher selling prices and
exchange rate fluctuations offset lower sales volumes. Improved pricing
and products mix partially offset higher raw materials costs and drove
higher gross profit.
-- North America: Sales decreased year-over-year due to lower volumes,
while improved pricing and product mix supported higher gross profit.
-- Asia: Sales increased year-over-year mainly due to higher volumes,
while elevated raw material costs pressured gross profit.
Product highlights:
-- Specialty Agriculture (SA): Sales increased year-over-year, due to
higher prices mainly for CRF, micronutrients and biostimulants in Brazil,
as well as favorable exchange rate fluctuations for the Brazilian real
and euro. This was partially offset by lower sales volumes, mainly in
Brazil and Europe.
-- Turf and Ornamental (T&O): Sales increased year-over-year, driven by
higher sales volumes mainly CRF in Europe, as well as favorable exchange
rate fluctuations of the euro.
-- FertilizerpluS: Sales increased year-over-year, due to higher prices,
mainly PK plus and potash pluS in Europe, together with favorable euro
exchange rate movements.
Results analysis for the period October -- December 2025
Sales Expenses Operating income
----- -------- ----------------
$ millions
----------------------------- ---------------------------------
Q4 2024 figures 439 (408) 31
Quantity (9) 9 -
Price 10 - 10
Exchange rates 27 (25) 2
Raw materials - (14) (14)
Energy - 3 3
Transportation - 1 1
Operating and other expenses - 8 8
----- -------- ----------------
Q4 2025 figures 467 (426) 41
----------------------------- ===== ======== ================
-- Quantity -- The impact on operating income was neutral, mainly as lower
sales volumes of FertilizerpluS products offset higher sales volumes of
turf and ornamental products.
-- Price -- The positive impact on operating income was due to higher
selling prices of specialty agriculture and FertilizerpluS products. This
impact was partially offset by lower prices of turf and ornamental
products.
-- Exchange rates -- The favorable impact on operating income was mainly
due to higher sales resulting from the appreciation of the Brazilian real
and euro against the US dollar, which outweighed their negative impact on
operational costs.
-- Raw materials -- The negative impact on operating income was primarily
related to higher costs of sulphur, commodity fertilizers, and nitrogen.
-- Operating and other expenses -- The positive impact on operating income
was primarily related to lower operational costs.
Financing expenses, net
Net financing expenses in the fourth quarter of 2025 totaled $45 million, compared to $33 million in the corresponding quarter last year, reflecting an increase of $12 million.
Tax expenses
In the fourth quarter of 2025, the Company's reported tax expenses amounted to $2 million, compared to $33 million in the corresponding quarter of last year, reflecting an effective tax rate of 3% and 29%, respectively. Adjusted tax expenses totaled $47 million, compared to $42 million in the corresponding period of last year, reflecting an effective tax rate of 26% and 27%, respectively.
Liquidity and Capital Resources
As of December 31, 2025, the Company's cash, cash equivalents, short-term investments and deposits amounted to $496 million compared to $442 million as of December 31, 2024. In addition, the Company maintained about $1.1 billion of unused credit facilities, as of December 31, 2025.
Outstanding net debt
As of December 31, 2025, ICL's net financial liabilities amounted to $2,260 million, an increase of $409 million compared to December 31, 2024. In addition, as of December 31, 2025, the fair value balance of currency and interest rate swap transactions $(CCS)$ economically reduces our finance liabilities by approximately $51 million.
Debentures
In December 2025, the Company repaid NIS 33 million (approximately $10 million) of Series G debentures, as scheduled.
Subsequent to date of the report, in January 2026, the Company repaid a $46 million private placement bond, as scheduled.
Credit facilities
Sustainability-linked Revolving Credit Facility (RCF)
As of December 31, 2025, the Company had utilized about $497 million of its $1,550 million credit facility framework.
Securitization
In December 2025, the Company signed a new securitization agreement with four international banks for a committed amount of $350 million and an additional uncommitted $100 million, maturing in December 2030. This agreement replaces the prior securitization facility, which recently matured, and includes slightly improved terms compared to the previous agreement. As of December 31, 2025, ICL had utilized approximately $325 million of the facility.
Ratings and financial covenants
Fitch Ratings
In May 2025, Fitch Ratings reaffirmed the Company's long-term issuer default rating and senior unsecured rating at 'BBB-'. The outlook on the long-term issuer default rating is stable.
S&P Ratings
In July 2025, the S&P credit rating agency reaffirmed the Company's international credit rating and senior unsecured rating of 'BBB-' with a stable rating outlook. In addition, the S&P Maalot credit rating agency reaffirmed the Company's credit rating of 'ilAA' with a stable rating outlook.
Financial covenants
As of December 31, 2025, the Company was in compliance with all of the financial covenants stipulated in its financing agreements.
Dividend Distribution
In connection with ICL's fourth quarter 2025 results, the Board of Directors declared a dividend of 4.65 cents per share, or approximately $60 million. The dividend will be paid on March 25, 2026. The record date is March 10, 2026.
About ICL
ICL Group Ltd. is a global leader in agriculture, food and industrial solutions, utilizing its unique mineral resources and extensive expertise to address key sustainability challenges related to food security and access to essential minerals. ICL is focused on driving long-term growth through its specialty agriculture and food businesses, while strategically managing its bromine, potash, and phosphate mineral resources. ICL's global professional workforce is dedicated to expanding its growth engines and efficiently operating -- both structurally and economically -- while maintaining and optimizing its core operations. The Company's operations are organized under four segments: Industrial Products (Bromine), Potash, Phosphate Solutions and Growing Solutions.
We disclose in this quarterly report non-IFRS financial measures titled adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA. Our management uses adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA to facilitate operating performance comparisons from period to period. We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth in the reconciliation table under "Adjustments to reported operating, and net income (non-GAAP)" below. Some of these items may recur. We calculate our adjusted net income attributable to the Company's shareholders by adjusting our net income attributable to the Company's shareholders to add certain items, as set forth in the reconciliation table under "Adjustments to reported operating, and net income (non-GAAP)" below, excluding the total tax impact of such adjustments. We calculate our diluted adjusted earnings per share by dividing adjusted net income by the weighted-average number of diluted ordinary shares outstanding. Our adjusted EBITDA is calculated as net income before financing expenses, net, taxes on income, share in earnings of equity-accounted investees, depreciation and amortization, and certain adjustments presented in the reconciliation table under "Consolidated adjusted EBITDA, and diluted adjusted Earnings Per Share for the periods of activity" below, which were adjusted for in calculating the adjusted operating income.
You should not view adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share or adjusted EBITDA as a substitute for operating income or net income attributable to the Company's shareholders determined in accordance with IFRS, and you should note that our definitions of adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA may differ from those used by other companies. Additionally, other companies may use other measures to evaluate their performance, which may reduce the usefulness of our non-IFRS financial measures as tools for comparison. However, we believe adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS measures to evaluate the Company's business strategies and management performance. We believe that these non-IFRS measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance.
(1a) 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 amounts that are necessary for such reconciliation, in particular, because special items such as restructuring, litigation, and other matters, used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and therefore could result in projected GAAP net income (loss) being materially less than projected adjusted EBITDA (non-GAAP). The guidance speaks only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. The Company provides guidance for consolidated adjusted EBITDA and for its Potash business the company provides sales volumes guidance. The Company believes this information provides greater transparency, as the price of potash has stabilized over the past few years and consolidated adjusted EBITDA is now a more relevant metric for investors to evaluate the company's performance and compare its financial results between periods.
We present a discussion in the period-to-period comparisons of the primary drivers of change in the Company's results of operations. This discussion is based in part on management's best estimates of the impact of the main trends on our businesses. We have based the following discussion on our financial statements. You should read such discussion together with our financial statements.
Adjustments to Reported Operating and Net income (non-GAAP)
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Operating income (loss) (16) 147 580 775
========== ========== ========== ==========
Charges related to the
security situation in Israel
(1) 18 17 54 57
Impairment and write-off of
assets and provision for site
closure (2) 122 20 131 35
Provision for early retirement
(3) 19 4 28 4
Legal proceedings (4) 80 2 80 2
---------- ---------- ---------- ----------
Total adjustments to operating
income 239 43 293 98
---------- ---------- ---------- ----------
Adjusted operating income 223 190 873 873
========== ========== ========== ==========
Net income (loss) attributable
to the shareholders of the
Company (73) 70 226 407
Total adjustments to operating
income 239 43 293 98
Total tax adjustments (5) (45) (9) (54) (21)
---------- ---------- ---------- ----------
Total adjusted net income -
shareholders of the Company 121 104 465 484
------------------------------ ========== ========== ========== ==========
(1) For 2025 and 2024, reflects charges relating to the security situation
in Israel.
(2) For 2025, reflects mainly asset write-offs resulting from the closure of
LFP projects, impairment of assets in the Company's UK operation, and a
small R&D activity in Israel, following the implementation of the
Company's strategy, including efficiency and cost-reduction programs. It
also includes asset write-offs related to a fire at Ashdod Port and two
portfolio companies due to failed business continuity and funding. For
2024, reflects mainly a write-off of assets resulting from the closure
of small sites in Israel and Turkey.
(3) For 2025 and 2024, reflects provisions for early retirement due to
restructuring at certain sites, as part of the Company's global
efficiency plan.
(4) For 2025, reflects a provision for prior years following a Supreme Court
ruling regarding water extraction fees in the Dead Sea concession area.
For 2024, reflects reimbursement of arbitration costs associated with
the Ethiopian potash project.
(5) For 2025 and 2024, reflects the tax impact of adjustments made to
operating income.
Consolidated adjusted EBITDA and diluted adjusted Earnings Per Share for the periods of activity
Calculation of adjusted EBITDA was made as follows:
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Net income (loss) (63) 81 280 464
========== ========== ========== ==========
Financing expenses, net 45 33 139 140
Taxes on income 2 33 161 172
Less: Share in earnings of
equity-accounted investees - - - (1)
---------- ---------- ---------- ----------
Operating income (loss) (16) 147 580 775
Depreciation and amortization 157 157 615 596
Adjustments (1) 239 43 293 98
---------- ---------- ---------- ----------
Total adjusted EBITDA 380 347 1,488 1,469
------------------------------ ========== ========== ========== ==========
(1) See "Adjustments to Reported Operating and Net income (non-GAAP)" above.
Calculation of diluted adjusted earnings per share was made as follows:
10-12/2025 10-12/2024 1-12/2025 1-12/2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Net income (loss) attributable
to the Company's
shareholders (73) 70 226 407
Adjustments (1) 239 43 293 98
Total tax adjustments (45) (9) (54) (21)
---------- ---------- ---------- ----------
Adjusted net income -
shareholders of the Company 121 104 465 484
========== ========== ========== ==========
Weighted-average number of
diluted ordinary shares
outstanding (in thousands) 1,290,669 1,290,330 1,291,395 1,290,039
Diluted adjusted earnings per
share (in dollars) (2) 0.09 0.08 0.36 0.38
------------------------------ ---------- ---------- ---------- ----------
(1) See "Adjustments to Reported Operating and Net income (non-GAAP)" above.
(2) The diluted adjusted earnings per share is calculated by dividing the
adjusted net income--shareholders of the Company by the weighted-average
number of diluted ordinary shares outstanding (in thousands).
Consolidated Results Analysis
Results analysis for the period October -- December 2025
Sales Expenses Operating income
----- -------- ----------------
$ millions
----------------------------- ---------------------------------
Q4 2024 figures 1,601 (1,454) 147
Total adjustments Q4 2024* - 43 43
----- -------- ----------------
Adjusted Q4 2024 figures 1,601 (1,411) 190
Quantity (49) 36 (13)
Price 98 - 98
Exchange rates 51 (72) (21)
Raw materials - (39) (39)
Energy - (3) (3)
Transportation - 3 3
Operating and other expenses - 8 8
----- -------- ----------------
Adjusted Q4 2025 figures 1,701 (1,478) 223
Total adjustments Q4 2025* - (239) (239)
----- -------- ----------------
Q4 2025 figures 1,701 (1,717) (16)
----------------------------- ===== ======== ================
* See "Adjustments to reported Operating and Net income (non-GAAP)" above.
-- Quantity -- The negative impact on operating income was due to lower
sales volumes of potash, magnesium, phosphate fertilizers and
FertilizerpluS products. This was partially offset by higher sales
volumes of white phosphoric acid (WPA) and food specialties.
-- Price -- The positive impact on operating income was primarily related
to an increase of $63 in the potash price (CIF) per tonne, as well as
higher selling prices for bromine-based industrial solutions,
bromine-based flame retardants, phosphate fertilizers, specialty
agriculture products and FertilizerpluS products. This was partially
offset by lower selling prices for food specialties.
-- Exchange rates -- The unfavorable impact on operating income was mainly
due to higher operational costs resulting from the appreciation of the
average exchange rate of the euro, the Israeli shekel and the Brazilian
real against the US dollar, which outweighed the positive impact on sales
from the appreciation of the average exchange rate of the euro and the
Brazilian real against the US dollar.
-- Raw materials -- The negative impact on operating income was due to
higher costs of sulphur, commodity fertilizers and nitrogen. This was
partially offset by lower costs of ammonia.
-- Operating and other expenses -- The positive impact on operating income
was primarily related to lower operational costs.
Security situation in Israel
In October 2023, the Israeli government declared a state of war in response to attacks on its civilians in the southern region of the country, which subsequently escalated to other areas. On October 9, 2025, Israel signed a ceasefire agreement. The security situation over the past two years has created several challenges, including disruptions to supply chains and shipping routes, personnel shortages due to recurring rounds of mobilization for reserve duty, additional costs to protect Company sites/assets, effects of reluctance to perform contractual obligations in Israel during hostilities, various bans and limitations on trade and cooperation with Israel related entities, and fluctuations in foreign currency exchange rates relative to the Israeli shekel. Additionally, ongoing regional tensions -- including Houthis threats to commercial vessels -- continue to disrupt shipping routes and commercial shipping arrangements, leading to increased shipping costs.
We continue to take measures to ensure the safety of our employees and business partners, as well as the communities in which we operate. We have also implemented supportive measures to accommodate those of our employees who are called for reserve duty, aiming to minimize any potential impact on our business, and to avoid disruptions to production activities at our facilities in Israel.
We continuously monitor developments and will take all necessary actions to minimize any negative consequences to our operations and assets. As of the reporting date, the security situation has not had a material impact on our business results. However, its future effects remain uncertain due to the unpredictable nature and duration of the conflict.
Forward-looking Statements
This announcement 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", "intend", "estimate", "strive", "forecast", "targets" and "potential", among others. The company is relying on the safe harbor provided in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in making such forward-looking statements.
Forward--looking statements appear in a number of places in this announcement and include, but are not limited to, statements regarding the Company's intent, belief or current expectations. Forward--looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward--looking statements due to various factors, including, but not limited to:
Changes in exchange rates or prices compared to those we are currently experiencing; the effects of the ongoing security situation in Israel, including the nature and duration of related conflicts; loss or impairment of business licenses or mineral extractions permits or concessions, including our ability to win the new concession at the Dead Sea in 2030 ; volatility of supply and demand and the impact of competition; the difference between actual reserves and the Company reserve estimates; natural disasters and cost of compliance with environmental regulatory legislative and licensing restrictions including laws and regulation related to, and physical impacts of climate change and greenhouse gas emissions; failure to "harvest" salt which could lead to accumulation of salt at the bottom of the evaporation Pond 5 in the Dead Sea; disruptions at the Company's seaport shipping facilities or regulatory restrictions affecting the Company's ability to export products overseas; general market, political or economic conditions in the countries in which the Company operates, including tariffs and trade policies; price increases or shortages with respect to the Company's principal raw materials; delays in termination of engagements with contractors and/or governmental obligations; the inflow of significant amounts of water into the Dead Sea which could adversely affect production at the Company plants; labor disputes, slowdowns and strikes involving the Company employees; pension and health insurance liabilities; disruptions from pandemics that may impact the Company sales, operations, supply chain and customers; changes to governmental incentive programs or tax benefits, creation of new fiscal or tax related legislation; and/or higher tax liabilities; changes in the Company evaluations and estimates, which serve as a basis for the recognition and manner of measurement of assets and liabilities; failure to integrate or realize expected benefits from mergers and acquisitions, organizational restructuring and joint ventures; currency rate fluctuations; rising interest rates; government examinations or investigations; disruption of the Company, or the Company service providers', information technology
systems or breaches of the company, or the Company service providers', data security; failure to retain and/or recruit key personnel; inability to realize expected benefits from the Company cost reduction program according to the expected timetable; inability to access capital markets on favorable terms; cyclicality of the Company's businesses; changes in demand for the Company's fertilizer products due to a decline in agricultural product prices, lack of available credit, weather conditions, government policies or other factors beyond the company control; sales of the company magnesium products being affected by various factors that are not within the Company control; the Company ability to secure approvals and permits from the authorities in Israel to continue the Company's phosphate mining operations in Rotem Amfert Israel; volatility or crises in the financial markets; hazards inherent to mining and chemical manufacturing; the failure to ensure the safety of the Company's workers and processes; litigation, arbitration and regulatory proceedings; exposure to third party and product liability claims; product recalls or other liability claims as a result of food safety and food-borne illness concerns; insufficiency of insurance coverage; closing of transactions, mergers and acquisitions; war or acts of terror and/or political, economic and military instability in Israel and its region; including the current state of security tension in Israel and the resulting disruptions to the Company supply and production chains; filing of class actions and derivative actions against the Company, its executives and Board members; the Company is exposed to risks relating to its current and future activity in emerging markets; and other risk factors discussed under "Item 3 - Key Information-- D. Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the US Securities and Exchange Commission (the "SEC") on March 13, 2025 (the "Annual Report").
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Investors are cautioned to consider these risks and uncertainties and to not place undue reliance on such information. Forward-looking statements should not be read as a guarantee of future performance or results and are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward-looking statements.
This announcement for the fourth quarter of 2025 (the "Quarterly Report") should be read in conjunction with the Annual Report and the report for the first, second and third quarters of 2025 published by the Company (the "prior quarterly reports"), including the description of the events occurring subsequent to the date of the statement of financial position, as filed with the US SEC.
Appendix:
Condensed Consolidated Statements of Financial Position as of (Unaudited)
December 31, December 31,
2025 2024
------------ ------------
$ millions $ millions
--------------------------------------- ------------ ------------
Current assets
Cash and cash equivalents 291 327
Short-term investments and deposits 205 115
Trade receivables 1,365 1,260
Inventories 1,934 1,626
Prepaid expenses and other receivables 369 258
------------ ------------
Total current assets 4,164 3,586
------------ ------------
Non-current assets
Deferred tax assets 180 143
Property, plant and equipment 6,785 6,462
Intangible assets 955 869
Other non-current assets 329 261
------------ ------------
Total non-current assets 8,249 7,735
------------ ------------
Total assets 12,413 11,321
============ ============
Current liabilities
Short-term debt 876 384
Trade payables 1,157 1,002
Provisions 58 63
Other payables 1,040 867
------------ ------------
Total current liabilities 3,131 2,316
------------ ------------
Non-current liabilities
Long-term debt and debentures 1,880 1,909
Deferred tax liabilities 502 481
Long-term employee liabilities 390 331
Long-term provisions and accruals 231 242
Other 36 55
------------ ------------
Total non-current liabilities 3,039 3,018
------------ ------------
Total liabilities 6,170 5,334
------------ ------------
Equity
Total shareholders' equity 5,983 5,724
------------ ------------
Non-controlling interests 260 263
------------ ------------
Total equity 6,243 5,987
------------ ------------
Total liabilities and equity 12,413 11,321
--------------------------------------- ============ ============
Condensed Consolidated Statements of Income (Unaudited)
(In millions except per share data)
For the three-month
period ended For the year ended
December 31 December 31
---------------------- ----------------------
2025 2024 2025 2024
---------- ---------- ---------- ----------
$ millions $ millions $ millions $ millions
------------------------------ ---------- ---------- ---------- ----------
Sales 1,701 1,601 7,153 6,841
Cost of sales 1,233 1,066 4,967 4,585
---------- ---------- ---------- ----------
Gross profit 468 535 2,186 2,256
Selling, transport and
marketing expenses 286 281 1,114 1,114
General and administrative
expenses 73 68 299 259
Research and development
expenses 17 19 70 69
Other expenses 131 33 161 60
Other income (23) (13) (38) (21)
---------- ---------- ---------- ----------
Operating income (loss) (16) 147 580 775
---------- ---------- ---------- ----------
Finance expenses 93 71 298 181
Finance income (48) (38) (159) (41)
---------- ---------- ---------- ----------
Finance expenses, net 45 33 139 140
Share in earnings of
equity-accounted investees - - - 1
---------- ---------- ---------- ----------
Income (loss) before taxes on
income (61) 114 441 636
Taxes on income 2 33 161 172
---------- ---------- ---------- ----------
Net income (loss) (63) 81 280 464
========== ========== ========== ==========
Net income attributable to
non-controlling interests 10 11 54 57
---------- ---------- ---------- ----------
Net income (loss) attributable
to shareholders of the
Company (73) 70 226 407
========== ========== ========== ==========
Earnings per share
attributable to shareholders
of the Company:
Basic earnings per share (in
dollars) (0.06) 0.06 0.18 0.32
========== ========== ========== ==========
Diluted earnings per share (in
dollars) (0.06) 0.06 0.18 0.32
========== ========== ========== ==========
Weighted-average number of
ordinary shares outstanding:
Basic (in thousands) 1,290,669 1,290,260 1,290,580 1,289,968
========== ========== ========== ==========
Diluted (in thousands) 1,290,669 1,290,330 1,291,395 1,290,039
------------------------------ ========== ========== ========== ==========
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the three-month
period ended For the year ended
---------------------------- ------------------------------
December 31, December 31, December 31, December 31,
2025 2024 2025 2024
------------- ------------- -------------- --------------
$ millions $ millions $ millions $ millions
---------------- ------------- ------------- -------------- --------------
Cash flows from
operating
activities
Net income
(loss) (63) 81 280 464
Adjustments for:
Depreciation and
amortization 157 157 615 596
Fixed assets
impairment 111 7 111 14
Exchange rate,
interest and
derivative,
net 27 47 59 152
Tax expenses 2 33 161 172
Change in
provisions 31 3 26 (50)
Other 4 7 18 13
------------- ------------- -------------- --------------
332 254 990 897
Change in
inventories (145) (102) (210) (7)
Change in trade
receivables 45 68 (11) 26
Change in trade
payables 110 87 100 104
Change in other
receivables 1 66 (22) 39
Change in other
payables 71 39 80 43
------------- ------------- -------------- --------------
Net change in
operating
assets and
liabilities 82 158 (63) 205
Income taxes
paid, net of
refund (37) (41) (151) (98)
------------- ------------- -------------- --------------
Net cash
provided by
operating
activities 314 452 1,056 1,468
------------- ------------- -------------- --------------
Cash flows from
investing
activities
Proceeds
(payments) from
deposits, net (82) (5) (86) 56
Purchases of
property, plant
and equipment
and intangible
assets (252) (267) (824) (713)
Proceeds
(payments) from
divestiture of
assets and
businesses, net
of transaction
expenses (3) - 1 19
Proceeds
(payments) from
settlement of
derivatives,
net 1 - (9) -
Interest
received 3 3 15 17
Business
combinations - (2) (12) (74)
Other - 1 - 1
------------- ------------- -------------- --------------
Net cash used in
investing
activities (333) (270) (915) (694)
------------- ------------- -------------- --------------
Cash flows from
financing
activities
Dividends paid
to the
Company's
shareholders (62) (68) (224) (251)
Receipts of
long-term debt 152 278 1,666 889
Repayments of
long-term debt (183) (383) (1,599) (1,302)
Receipts
(repayments) of
short-term
debt, net 92 (8) 146 (1)
Interest paid (43) (43) (117) (122)
Payments from
transactions in
derivatives (1) (3) (3) (2)
Dividend paid to
the
non-controlling
interests - - (64) (57)
------------- ------------- -------------- --------------
Net cash used in
financing
activities (45) (227) (195) (846)
------------- ------------- -------------- --------------
Net change in
cash and cash
equivalents (64) (45) (54) (72)
Cash and cash
equivalents as
of the
beginning of
the period 356 393 327 420
Net effect of
currency
translation on
cash and cash
equivalents (1) (21) 18 (21)
------------- ------------- -------------- --------------
Cash and cash
equivalents as
of the end of
the period 291 327 291 327
---------------- ============= ============= ============== ==============
Operating segment data
Industrial Phosphate Growing Other
Products Potash Solutions Solutions Activities Reconciliations Consolidated
---------- ------ --------- --------- ---------- --------------- ------------
$ millions
-------------- -----------------------------------------------------------------------------------
For the
three-month
period ended
December 31,
2025
Sales to
external
parties 294 427 471 465 44 - 1,701
Inter-segment
sales 2 46 47 2 1 (98) -
---------- ------ --------- --------- ---------- --------------- ------------
Total sales 296 473 518 467 45 (98) 1,701
========== ====== ========= ========= ========== =============== ============
Cost of sales 195 310 360 333 46 (11) 1,233
========== ====== ========= ========= ========== =============== ============
Segment
operating
income
(loss) 52 86 76 41 (8) (24) 223
---------- ------ --------- --------- ---------- --------------- ------------
Other expenses
not allocated
to the
segments (239)
Operating
income
(loss) (16)
Financing
expenses,
net (45)
Income (loss)
before income
taxes (61)
Depreciation,
amortization
and
impairment 16 64 45 19 5 119 268
Capital
expenditures 28 124 94 41 6 17 310
Operating segment data (cont'd)
Industrial Phosphate Growing Other
Products Potash Solutions Solutions Activities Reconciliations Consolidated
---------- ------ --------- --------- ---------- --------------- ------------
$ millions
-----------------------------------------------------------------------------------
For the
three-month
period ended
December 31,
2024
Sales to
external
parties 275 373 475 435 43 - 1,601
Inter-segment
sales 5 49 32 4 - (90) -
---------- ------ --------- --------- ---------- --------------- ------------
Total sales 280 422 507 439 43 (90) 1,601
========== ====== ========= ========= ========== =============== ============
Cost of sales 177 260 344 313 44 (72) 1,066
========== ====== ========= ========= ========== =============== ============
Segment
operating
income
(loss) 55 69 81 31 (8) (38) 190
---------- ------ --------- --------- ---------- --------------- ------------
Other expenses
not allocated
to the
segments (43)
Operating
income 147
Financing
expenses,
net (33)
Income before
income taxes 114
Depreciation,
amortization
and
impairment 15 61 51 20 4 13 164 Capital expenditures 38 116 147 44 3 12 360 Capital expenditures as part of business combination - - - 4 - - 4 -------------- ---------- ------ --------- --------- ---------- --------------- ------------
Information based on geographical location
The following table presents the distribution of the operating segments sales by geographical location of the customer:
10-12/2025 10-12/2024
----------------- -----------------
$ % of $ % of
millions sales millions sales
--------------- --------- ------ --------- ------
China 337 20 274 17
Brazil 315 19 276 17
USA 281 17 280 17
Israel 82 5 69 4
India 80 5 64 4
Spain 77 5 73 5
United Kingdom 70 4 58 4
Germany 61 4 65 4
France 57 3 48 3
Austria 35 2 32 2
All other 306 16 362 23
--------- ------ --------- ------
Total 1,701 100 1,601 100
--------------- ========= ====== ========= ======
View source version on businesswire.com: https://www.businesswire.com/news/home/20260217956054/en/
CONTACT: Investor and Press Contact -- Global
Peggy Reilly Tharp
VP, Global Investor Relations
+1-314-983-7665
Peggy.ReillyTharp@icl-group.com
Investor and Press Contact - Israel
Adi Bajayo
VP, ICL Spokesperson and Israel IR
+972-3-6844459
Adi.Bajayo@icl-group.com
(END) Dow Jones Newswires
February 18, 2026 05:32 ET (10:32 GMT)