ICL Group Q1 2025 Earnings Call Transcript

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May 19, 2025

Key Takeaways

  • Sales rose 2% to $1.77 billion with consolidated adjusted EBITDA of $359 million and specialties driven EBITDA margin up 70 bps year over year.
  • Growing Solutions sales climbed 3% to $495 million with EBITDA up 12%, aided by regional acquisitions and expansion into biostimulants.
  • Potash average realized price was $300/ton, down year-over-year but up $15 sequentially, while volumes rose despite fulfilling lower-priced China and India contracts in Q2.
  • The balance sheet remains robust with net debt/EBITDA at 1.2x, $1.5 billion of liquidity, $165 million in operating cash flow, and a trailing dividend yield of 3.5%.
  • Management maintained 2025 guidance for specialties EBITDA of $950 million–$1.15 billion and potash volumes of 4.5–4.7 MMT, expecting price improvements and minimal tariff impact.
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Earnings Conference Call
ICL Group Q1 2025
00:00 / 00:00

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Operator

Good morning, ladies and gentlemen, and welcome to the ICL First Quarter twenty twenty five Earnings Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Monday, 05/19/2025. And I would now like to turn the conference over to Peggy Reilly Thorpe, VP, ICL Global Investor Relations. Please go ahead.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Thank you. Hello, everyone. I'm Peggy Reilly Tharp, Vice President of Global Investor Relations for ICL. I'd like to welcome you and thank you for joining us today for our earnings conference call. This event is being webcast live on our website at iclgroup.com, and there will be a replay available a few hours after the live call, and a transcript will be available shortly thereafter.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Earlier today, we filed our reports and our presentation with the securities authorities and the stock exchanges in both Israel and The United States. Those reports, as well as the press release and our presentation, are available on our website. Please be sure to review the disclaimer on slide two of the presentation. Our comments today will contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are not guarantees of future performance.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

The company undertakes no obligation to update any information discussed on this call at any time. We will begin with the presentation by our CEO, Mr. Elad Aronson, followed by Mr. Abraham Lahab, our CFO. After the presentation, we will open the line for the Q and A session.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

And I would now like to turn the call over to Elad.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

Thanks, Peggy, and welcome, everyone, and thank you all for joining us for the first quarter twenty twenty five earnings call. It has been an interesting and busy first few months for me, and I'm pleased to share our results with you today. Now if you will please turn to Slide three for a brief overview of the quarter. Sales were $1,767,000,000 up 2% year over year and up 10% on a quarterly basis, as the company demonstrated solid strategic execution. Specialty driven sales of $1,412,000,000 were up 3% versus the first quarter of last year and up 15% versus fourth quarter.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

Consolidated adjusted EBITDA was $359,000,000 while specialties driven EBITDA of $262,000,000 was up 7% year over year and 4% on a quarterly basis. Specialties driven EBITDA margin of 19 improved approximately 70 basis points versus the first quarter of last year. Overall market pricing trends begin to gradually improve in the first quarter. However, I would remind you that for many of our businesses, there is a timing gap between published and realized prices. Nonetheless, fertilizer fundamentals are strengthening and there seems to be a feeling of general optimism.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

We are, of course, monitoring the global tariff and trade situation and developing different mitigation responses. In addition, we expect to leverage our already well established regional production to continue to drive global growth with local focus, and Aviram will elaborate on this a little bit later in the call. Our diversified global approach allows our specialties businesses to focus on local production for our customers and to provide customized solution for the specific needs. Additionally, at present, there are no tariffs on potash and bear in mind that we are able to reallocate product between markets as needed. Let's start with a review of our divisions and begin with our Industrial Products business on Slide four.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

For the first quarter, sales of $344,000,000 were up 3% versus the first quarter of last year, while EBITDA of $76,000,000 was up 6%. EBITDA margin improved to 22%, an increase of 60 basis points. This solid performance reflects good quarterly trends, which benefited from higher volumes. Better volumes drove our overall flame retardant sales to increase year over year with brominated product sales up slightly. Phosphorus based flame retardant improved on both higher volumes, mainly in The U.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

S. And in Europe, and also higher prices. Some of these improvements is related to a recent anti dumping measures implemented in The EU in 2024 and now also in The U. S. We will continue to protect our markets when necessary.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

While trends are generally improving, some of our key flame retardant end markets, such as electronics and especially building and construction, are still somewhat subdued. Bromine market prices picked up in the first quarter, but there have been different price fluctuations since that time related to ever changing global tariffs and trade news. Regardless, change creates opportunities and this is where our focus on R and D and innovation really stands out. It allows us to create solutions to help our existing customers with issues they might be experiencing and also enables us to develop targeted solutions for new customers. On Slide five, you will see our potash division results for the first quarter with sales of $4.00 $5,000,000 and EBITDA of $118,000,000 Our average potash price for the first quarter was $300 CIF per ton, down when compared to the first quarter of last year, but up $15 per ton over the fourth quarter.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

As a reminder, similar to bromine prices, potash price improvement is not immediately reflected in our results as there is a gap of anywhere from two to three months. In the first quarter, potash sales volumes of 1,103,000 metric tons increased by about 20,000 tons year over year with higher volumes mainly to Brazil and China. I would point out that even as we were obligated to fulfill our annual twenty twenty four contracts with China and India, which are at lower prices than the current market rates, we still work to maximize the profitability of our potash resources and to prioritize supply to the best global markets when possible. For the second quarter, we expect to deliver approximately another 150,000 tons to China and India under the existing contracted rates. At LSE, in the first quarter, we addressed some operational issues related in part to the war.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

And in April, we completed the full and successful maintenance shutdown there. We invested to stabilize operations and expect these efforts to help drive improved output and efficiency as the year progresses. At our potash operations in both Spain and Israel, we remain intent on driving operational and efficiency efforts. In Spain, we are focused on debottlenecking and also using innovation to optimize mining activity, improve reliability and to meet sustainability targets. Turning to Slide six and our Phosphate Solutions division, where first quarter sales of $573,000,000 were up 3%, while EBITDA of $139,000,000 increased 6% and EBITDA margin expanded to 24%.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

The improvement in the quarter was generally driven by strength in commodities due to firm global demand and higher prices. As expected, our phosphate specialties results were in line with market dynamics as pricing remained under pressure due to overcapacity of purified phosphoric acid, including EPA and WPA. Industrial phosphate saw increases in both sales and volumes in all major regions. However, an increase in food phosphate volume was not able to offset lower market price. In China, sales for our YPH joint venture increased year over year with higher prices and volumes and favorable product mix.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

As a reminder, our YPH operation serves both phosphate commodities and specialties and also growing solution business. And the team there does an excellent job of optimizing its resources. We recently had a management change in phosphate solutions and Nadav Thuner, who successfully served as CEO of YPH for the past five years, has been appointed President of Phosphate Solutions replacing Phil Brown. The business will continue to be focused on maintaining market share and volume gains and on targeting geographic expansion for both the Food and Industrial Specialty Phosphate Solutions. Turning now to Slide seven and our growing Solutions business division, where first quarter sales of $495,000,000 were up 3% year over year, while EBITDA of $47,000,000 increased 12%.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

This improvement was driven by a solid strategic execution of our growth plan, including the addition of regional acquisitions in 2024, like Custom Ag Formulators in The U. S. And Green Vest in The U. K. And as we expanded locally in China.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

We saw higher sales in China in the first quarter with strong volume growth and meaningful contribution from our biostimulant product offerings. In North America, we saw strong start of the year with both higher sales and profitability due to good demand for specialty fertilizers. In Brazil, sales increased year over year as did volumes and both B2B and B2C sales also improved. Going forward, we expect Brazil to be a beneficiary of recent uncertainty related to tariffs, and we plan to maximize our business there to benefit from any shifts in global trade. In Europe, saw good growth in our Teff and Environmental business, and we expect to continue to drive growth from our innovative new offerings and a shift to biostimulant product.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

As you know, biologicals have been a big focus for ICL. And in early April, we acquired Lavie Bio, a leading ag biological technology company. This acquisition further advances our goal of becoming a global powerhouse in ag biological and helps us to position ICL at the forefront of this vibrant and sustainable new market. This is in addition to other innovative new products we have developed, including the recent launch of in Italy, Poland, France, Spain and Germany. BIOS is a new range of biostimulants for Europe, which was engineered to ensure crops reach their full potential by improving establishment, promoting growth, increasing flowering and fruit setting, and enhancing tolerance to and recovery from stress.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

And with that, I would now like to turn the call over to Aviram for a brief financial overview before I share an update on our guidance and outlook for 2025.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

Thank you, Elad, and to all of you for joining us today. Let us get started on Slide nine and take a look at some key market metrics. As a truly global company, supplying a wide variety of end markets, we look at a number of macro metrics, including inflation. Rates were fairly stable for The U. S.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

And EU in the first quarter, while Brazil saw a 30 basis point increase. In China, inflation turned slightly negative by quarter end as consumer prices fell by 0.1% year over year in March, marking the second consecutive monthly decrease. Turning to interest rates, which increased again in Brazil this quarter, up approximately 200 basis points versus the fourth quarter of twenty twenty four. Rates in The U. S.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

And Israel were flat in the first quarter, while The EU, UK and India also decreased by between 20 to 50 basis points. Global Industrial production growth was 2.9% in the first quarter, up approximately 80 basis points versus the fourth quarter. Growth is forecasted to ease slightly in the second quarter and then level off to 3.1% for the remainder of 2025. Lastly, on this slide, let us look at first quarter housing starts in The U. S, which decreased 13% after improving at roughly the same rate in the fourth quarter of twenty twenty four.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

Turning to Slide 10 and key fertilizer market metrics, which are clearly relevant for our potash business, but also for our growing solutions and phosphate group. In the first quarter, the grain price index was up slightly on a sequential basis. Corn, wheat and soybean prices all improved, with corn seeing both the biggest quarterly gain and growth on a year over year basis. In The US, corn annually uses more than 2,000,000 tons of potash, and that is about 500,000 tons more than the amount used by soybean crops and significantly more than wheat. Farmer sentiment in the first quarter increased slightly on a sequential basis, but was up significantly versus the first quarter of last year.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

In April, farmer sentiment improved further, with increases in both current conditions and future expectations, as farmers overwhelmingly reported that they expect the increased use of tariffs by The US to prove beneficial to The US agricultural economy in the long run. Cottage and phosphate prices both increased sequentially in the first quarter, with potash prices up approximately 9%, while phosphate growth was at approximately 4%, as the chartered data shows. In the first quarter, Ocean freight rates increased by about 8% sequentially, but were down nearly 30% versus the first quarter of last year. Turning to Slide 11 and some new market indicators, which are more relevant for our Industrial Products and Phosphate Solutions businesses. Let us start with Chinese bromine prices, which improved in the first quarter and have fluctuated down and then back up since quarter end.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

While there are no available forecasts for bromine prices, there are for specialty phosphate demand, which is expected to continue to increase at a steady pace over the next five years. Since 2020, global demand for LFP grade phosphate grew at a CAGR of more than 100%, while technical MAP improved at a more sedate but still impressive pace of 17%. As many of you know, we currently produce LFP grade phosphates for use in EV batteries in China. However, we also supply bromine and phosphate based solutions with the global auto market, which is expected to grow approximately 25% over the next fifteen years. From semiconductor chips to windshields and from seats to tires, ICL solutions make cars safer and more efficient.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

They even make the roads you drive on smoother and safer by extending the life of asphalt and preventing potholes. So regardless of what kind of engine your next car has, we are an important and necessary part of the automotive end market. Our bromine and phosphate solutions are also used in many everyday consumer goods, including pharma, nutraceutical products and food and beverages. Over the past five years, revenues for the consumer products industry have improved more than 7%. While companies have relied on price increases for some of that expansion, they have also looked to innovation and efficiency to drive profits and growth, and our specialty solutions have helped them achieve their goals.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

If you will now turn to Slide 12 for a look at our year over year sales bridges, for the first quarter, sales came in at $1,767,000,000 up 2% versus last year. On the left side, you can see the change of each of our business divisions with oil, excluding potash, demonstrating growth. Turning to the right of the slide, you can see the benefit received from higher quantities, but also the impact of lower prices and exchange rate fluctuations on year over year sales growth. On Slide 13, you can once again see the impact lower potash prices had on our first quarter EBITDA of $359,000,000 We were, however, able to offset some of the price impact to overall higher quantities and lower raw material and transportation costs. Turning to Slide 14 and a look at some of our leading positions in terms of cost, quality and price.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

Even as we continue to service our twenty twenty four potash contracts with China and India in the first quarter, we still maintain our leadership position in terms of average realized potash price. On the right side of the slide, you can see ICL's leadership position in the global bromine market. Bromine prices appear to be somewhat stabilizing, and the Dead Sea remains the most cost competitive source of bromine and accounts for approximately twothree of global supply capacity. If you turn to Slide 15, you can see how our global business looks on both divisional and regional basis. For the first quarter, Europe represented approximately 35% of sales, with Asia at 24%, North America came in at 20%, and South America represented 16% of total sales.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

I would like to stress the importance of our regional strategy by asking you to turn to Slide 16. Here, you can see the breadth and depth of ICL's footprint. In total, we operate more than 40 production sites in 13 different countries, with many of our specialties products manufactured and sold regionally. For example, between 60% to 70% of our specialty sales in The U. S.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

Are produced in The U. S, and this is an important strategic advantage for ICL. Additionally, as potash is currently exempt from U. Tariffs, we believe the implication of the new global trade situation will not be material to ICL. Before I turn the call back over to Elad, I would like to share a few highlights on Slide 17.

Aviram Lahav
Aviram Lahav
Chief Financial Officer at ICL Group

Our balance sheet remains strong, and we ended the quarter with available resources of approximately $1,500,000,000 Our net debt to adjusted EBITDA rate at quarter end remained at 1.2 times, and we delivered operating cash flow of $165,000,000 Once again, we are distributing 50% of adjusted net income to our shareholders, which translates to a total dividend of $55,000,000 this quarter, resulting in a trailing twelve month dividend yield of $3.5 In the quarter, we maintained our consistent and disciplined approach to capital allocation and also remained focused on cost savings and efficiency efforts. And with that, I would like to turn the call back over to Elad for a review of our guidance.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

Thank you, Aviram. If you will turn to Slide 19, I would like to confirm that we are maintaining our 2025 guidance. For our specialties driven business divisions, which include Industrial Products, Growing Solutions and Postrate Solutions, we continue to expect EBITDA to be between 950,000,000 to $1,150,000,000 in 2025. We expect potash sales volumes to be between 4,500,000 to 4,700,000 metric tons. And we expect our effective annual tax rate for 2025 to be approximately 30 in anticipation of higher potash prices.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

However, I would remind everyone once again that we will still be fulfilling our annual potash contracts with China and India in the second quarter. In addition, our annual potash guidance does not include price parameters. However, we support the market expectation that prices will increase. Additionally, we have not made any guidance concessions for potential tariffs as we await further clarity on this topic. With that said, our calculation based on the current situation indicates any impact for 2025 would be de minimis.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

However, we are aware of the possibility for further changes. On Slide 20, you can see a few of the areas we are focused on this year. While there has been a change in the leadership at ICL and I plan to share more clarity about my vision for the company later this year, there has not been a shift in our overall strategy. We will continue to drive growth in our specialty businesses, which help to differentiate ICL from our more commodity based peers. We will also continue to maximize our potash sales volumes by prioritizing the market with the highest prices when possible, as we have done in the past.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

Market prices are improving in many areas, including for potash and bromine, and we expect to benefit from higher rates as the year progresses. But we do not intend to rely on just passing through price increases for growth. Rather, we will continue to drive cost savings efficiencies. We will also look to operational enhancement to address some of our recent production issues. Innovation will remain key to ICL's future growth, and we will continue to develop new products in partnership with existing clients and to provide solutions to new clients.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

Our acquisition strategy remains the same, and you can expect to see additional complementary M and A activity. Indeed, some of our recent acquisitions like custom ag formulators have helped to expand our presence in regional markets and allows us to provide local production for local customers, and we have been moving in this direction for quite some time. This is one of the benefits of having a truly global workforce. It enables us to look to our trusted coworkers in different regions for their insights and to work with them on finding the right solutions. I would like to thank all of my colleagues around the world for a good quarter, and I look forward to sharing many more with them.

Elad Aharonson
Elad Aharonson
President & CEO at ICL Group

And with that, I would like to turn the call back over to the operator for Q and A.

Operator

Thank you. One moment please for your first question. Your first question comes from the line of Benjamin Tourer from Barclays. Please go ahead.

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

Hi, everyone. This is Rahi on for Ben. First off, congrats on the results. Just wanted to, zoom into potash. So do you see any different trade flows with the the Eurasian players saying that to shut down capacity in February?

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

And there are some market ideas that these players, if they produce above their normal cap capacity utilizations, maybe 96% versus their normal high 80%, then there won't be any undersupply, but just relative tightness given, like, low spot availability. So just wondering what you think about that. Is it likely that they would, like, perform, like, a 96% capitalization? Or what what what do you think the tightness will be in the market in February? Just ideas on that in terms of pricing impact. Thank you so much.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Rahi, can you repeat the first part of that question for me, please?

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

Yeah. Of course. Here. Easier if I talk like this. Right.

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

So first, we're I'm asking about if you see any different trade flows with the Eurasian players, they may have shut down capacity in two q. So just if you see anything different happening, if you actually see the impact from cut capacity as they had announced. And then, again, there's some market ideas, like some some of our data platforms that if easier Asian players produce above their normal cap capacity utilization. So I think normally it's high 80%, but if they go to maybe high nineties, there won't be undersupply, but still relative tightness. Just maybe what you think about that.

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

If you think high 96% is is normal or sorry. High 96% is is doable is the word. The same general tightness that could happen in two q.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

I guess my question would be, who are you lumping in with Eurasian players? That would be very key.

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

Oh, sorry. Yeah. Of course. I was like, I'm gonna pronounce some words. I'm a EuroChem, Ukraine. Like, those those three players that

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

are So kind of Russian and fellow Russian players?

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

Yeah. Yeah. Let's do those two. Mhmm.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Well, there there's been a lot in the news and even analyst reports that I'm sure you've seen, you know, those players say they're going to be not able to keep up to production, then they actually exceed expectations. So to be honest with you, Ed, what they say and what they do isn't always the same thing, and obviously we do keep an eye on that. But I I think it's actually kind of difficult to answer the question when they're a little bit, they're not very transparent in their actions, if that helps at all. But I I think it looks like, you know, prices are moving in the right direction. Supply is pretty stable.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Demand should be good. You heard what we said about corn and potash in The US. My only caution, and I I think a lot made this very clear on the call, is that we know, we still are supplying those India and China contracts, and we know they are for 2024, and we know they're at much lower rates, and that'll be going into the second quarter. So, it'd be great if, you know, we would see more of that benefit from improving pricing, but it will be a a little bit delayed for us, if that helps at all.

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

Yeah. For sure. Thanks so much, Peggy. And then just wanted to see if you have more color on the mix shift that you mentioned for Brazil and growing solutions, and that would be it. Thank you so much.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Oh, sure. Excellent. Yes. Brazil had, you know, obviously good, b to b and b to c business. Specialties are very strong there.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

So it's it's doing very well with the acquisitions we made several years ago. And I would say we we saw something a little similar in North America where, you know, we added custom egg formulators in and, in fact, saw, you know, higher specialty growth for growing solutions as well. So, just and and that's going around, actually, you know, the world. We've mentioned that in the EU. We're seeing good biostimulant sales. So I hope that helps.

Rahi Parikh
Rahi Parikh
Equity Research Assistant Vice President at Barclays

For sure. Thanks so much.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Thank you. Operator, do do we have any further questions?

Operator

Thank you.

Operator

And there are no further questions at this time. I would now hand the call back to Becky Reilly Tharpe for any closing remarks.

Peggy Reilly Tharp
Peggy Reilly Tharp
Vice President of Global Investor Relations at ICL Group

Well, thank you all for joining us today. We really appreciate you learning more about our first quarter results, and we look forward to sharing our second quarter results with you later this summer. Take care.

Operator

And this concludes today's call. Thank you for participating. You may all disconnect.

Executives
    • Peggy Reilly Tharp
      Peggy Reilly Tharp
      Vice President of Global Investor Relations
    • Elad Aharonson
      Elad Aharonson
      President & CEO
    • Aviram Lahav
      Aviram Lahav
      Chief Financial Officer
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