ICL Group Ltd. reported full‑year 2025 sales of $7,153 million, up 5% from $6,841 million in 2024, and an adjusted EBITDA of $1,488 million, a modest increase from $1,469 million the prior year. The company’s reported diluted earnings per share were $0.18, down from $0.32 in 2024, while the adjusted diluted EPS rose to $0.36 from $0.38. In the fourth quarter, revenue totaled $1.701 billion, falling short of the $1.79 billion consensus estimate, and the adjusted diluted EPS of $0.09 matched analyst expectations of $0.09, whereas the reported EPS was a loss of $0.06, unchanged from the $0.06 loss in Q4 2024. Adjustments of $239 million were recorded, including $122 million for strategy execution and an $80 million provision for prior‑year water‑fee rulings at the Dead Sea concession. Management guided for 2026 adjusted EBITDA of $1.4 billion to $1.6 billion and potash sales volumes of 4.5 million to 4.7 million metric tons.
The Q4 revenue miss reflects a combination of higher raw‑material costs—particularly sulfur—and a strengthening Israeli shekel that compressed margins. Despite these headwinds, the company’s adjusted EPS met expectations because cost controls and a favorable product mix offset the revenue shortfall. The reported EPS loss, however, was driven by the $239 million in adjustments, which included the $80 million water‑fee provision and other one‑time charges that were not reflected in the adjusted figure.
All four business segments—Industrial Products, Potash, Phosphate Solutions, and Growing Solutions—contributed to sales growth, each posting double‑digit increases. In Q4, Industrial Products, Phosphate Solutions, and Growing Solutions each grew 4% in sales, while the Potash segment benefited from higher prices and volumes, with CIF prices above $348 per tonne and increased output at the Dead Sea and Spanish operations. These segment gains helped lift adjusted EBITDA to $380 million in Q4, a 10% improvement over the prior year’s $347 million.
The $239 million in adjustments comprised $122 million for executing the company’s new strategic principles and an $80 million provision related to water‑fee rulings. These charges reduced reported earnings but were excluded from the adjusted metric, allowing analysts to assess underlying operating performance. The higher raw‑material costs and currency headwinds remain a concern, but the company’s focus on specialty crop nutrition and food solutions is expected to mitigate margin pressure over time.
Management emphasized confidence in the 2026 outlook, noting that the two growth engines—specialty crop nutrition within Growing Solutions and specialty food solutions within Phosphate Solutions—will drive improvement through acquisitions such as Bartek Ingredients and geographic expansion. The guidance for adjusted EBITDA and potash volumes signals a steady trajectory, while the company’s strong balance sheet—$1.6 billion in available resources and a net debt to adjusted EBITDA ratio of 1.3x—provides a cushion for continued investment.
"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." – Elad Aharonson, President and CEO
"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." – Elad Aharonson, President and CEO
"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." – Elad Aharonson, President and CEO
"Our balance sheet remains strong with available resources of $1.6 billion. Our net debt to adjusted EBITDA rate is at a stable 1.3x. And we delivered operating cash flow of $314 million. Once again, we are distributing 50% of adjusted net income to our shareholders. This translates to a total dividend of $224 million in 2025 and results in a trailing 12‑month dividend yield of 3.1%." – CFO Aviram Lahav
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