ICL Reports Third Quarter 2026 Results

Company delivered resilient results, including growth in sales, net income and adjusted EBITDA, and benefitted from diverse portfolio of global food, industrial and agricultural solutions TEL AVIV, Israel & ST. LOUIS--(BUSINESS WIRE)-- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today reported its financial results for the third quarter ended September 30, 2026. Consolidated sales of $1.91 billion were up 3% versus $1.85 billion in the prior year. Operating income was $225 million versus $230 million in the third quarter of last year, while adjusted operating income was $233 million versus $241 million. For the third quarter, net income attributable to shareholders was $120 million versus $115 million in the prior year, with adjusted net income attributable to shareholders of $126 million up 2% compared to $124 million. ICL Reports 3Q'26 Earnings In the third quarter, adjusted EBITDA of $402 million was up 1% year-over-year versus $398 million. Diluted earnings per share were $0.09 and adjusted diluted EPS was $0.10, both in-line with the prior year. Operating cash flow for the third quarter was $256 million, while free cash flow was $66 million. “ICL delivered another quarter of growth in sales, net income and adjusted EBITDA, as we successfully navigated record high raw material prices, elevated freight and logistics costs, and the impact of exchange rate fluctuations. In addition to the implementation of targeted price increases across key end-markets, each segment worked to proactively and effectively manage controllable factors, while capitalizing on its specific market conditions,” said Elad Aharonson, president and CEO of ICL. “Our diversified portfolio of global food, industrial and agriculture product offerings provided us with flexibility to optimize our production capacity utilization. We also maximized our sales mix to drive profitability, while meeting our customers' needs. We delivered third quarter gross margin of 32.9% – up 30 basis points annually and the highest rate since the fourth quarter of 2024 – along with lower operating costs and solid underlying cash generation. We continued to benefit from our global reach with strong local presence, and we look forward to successfully leveraging market and industry dynamics as opportunities emerge in 2027." “Looking ahead, we expect to enter 2027 from a position of strength. Our diverse portfolio covers a wide array of end markets, and our solid balance sheet provides a resilient foundation. The new segment structure will sharpen the focus on our core businesses and growth engines and the customers we serve, and the ELEVATE program is expected to begin delivering meaningful cost savings. When combined, these position ICL for stronger performance and growth as market conditions normalize," concluded Aharonson. The company reiterated its guidance for full year 2026, with consolidated adjusted EBITDA of between $1.5 billion and $1.7 billion. The company also continues to expect Potash sales volumes of between 4.5 million and 4.7 million metric tons. (1a) The international earnings call will begin today at 8:30 a.m. New York time (1:30 p.m. London and 3:30 p.m. Tel Aviv). The dial-in number for financial analysts in North America is (833) 461-5787, or (585) 542-9983 for international analysts, and the conference ID is 933751205. Analysts can pre-register for the call by visiting https://events.q4inc.com/analyst/933751205?pwd=De4Wdmyk. Employees, the media and the public are invited to listen to the call using the webcast link found at ICL Group Investors Relations - Reports News & Events. Key Financials Third Quarter 2026 US$M Ex. per share data 3Q'26 3Q'25 Sales $1,910 $1,853 Gross profit $628 $604 Gross margin 32.9% 32.6% Operating income $225 $230 Adjusted operating income (1) $233 $241 Operating margin 11.8% 12.4% Adjusted operating margin (1) 12.2% 13.0% Net income attributable to shareholders $120 $115 Adjusted net income attributable to shareholders (1) $126 $124 Adjusted EBITDA (1) $402 $398 Adjusted EBITDA margin (1) 21.0% 21.5% Diluted earnings per share $0.09 $0.09 Diluted adjusted earnings per share (1) $0.10 $0.10 Cash flows from operating activities (2) $256 $308 (1) Adjusted operating income and margin, adjusted net income attributable to shareholders, adjusted EBITDA and margin, and diluted adjusted earnings per share are non-GAAP financial measures. Please refer to the adjustments table and disclaimer. (2) See "Condensed consolidated statements of cash flows (unaudited)" in the appendix below. Industrial Products Third quarter 2026 Sales of $347 million, up 18% vs. $295 million. EBITDA of $100 million, up 49% vs. $67 million. Year-over-year growth driven by both higher bromine prices and increased volumes. Key developments versus prior year Flame retardants: Sales higher, as bromine-based products benefited from higher pricing and continued growth in electronics end-market demand. Sales of phosphorus-based solutions also increased, with improvement in demand from the construction end-market. Elemental bromine: Sales increased, supported by higher prices. Clear brine fluids: Sales higher, due to strong volumes. Specialty minerals: Stable demand, with improvement in food and pharma. Potash Third quarter 2026 Sales of $469 million, up 4% vs. $453 million. EBITDA of $157 million, vs. $169 million. Grain Price Index increased 26.3% year-over-year, with corn, rice, soybeans and wheat up 18.9%, 20.4%, 23.3% and 44.8%, respectively. On a sequential basis, the Grain Price Index increased 13.9%, with corn, rice, soybeans and wheat up 8.4%, 22.4%, 7.4% and 12.4%, respectively. Key developments versus prior year Potash price: $370 per ton (CIF). Increased 4.8% year-over-year. Potash sales volumes: 1,090 thousand metric tons. Higher by 44 thousand metric tons, with increase in contracted volumes. Potash production volumes: 1,146 thousand metric tons. Increased by 10 thousand metric tons year-over-year. Phosphate Solutions Third quarter 2026 Sales of $589 vs. $605 million. EBITDA of $118 vs. $134 million. Maintained solid EBITDA margin, even as results impacted by significantly higher raw material costs, which were partially offset by pricing actions across most regions. Key developments versus prior year Food phosphates: Solid increase in sales driven by higher prices, new business pipeline growth and successful expansion in China. Industrial phosphates: Higher sales driven by pricing actions in key markets, with firm battery demand for EVs in China. White phosphoric acid: Sales improved, as price increases offset higher raw material expenses. Phosphate fertilizers: Quantity declined on lower demand, as prices increased significantly. Growing Solutions Third quarter 2026 Sales of $538 vs. $561 million. EBITDA of $44 vs. $50 million. Effectively and proactively managed controllable factors. Key developments versus prior year Brazil: Sales and gross profit flat, as higher raw material costs and reduced demand. Europe: While sales and gross profit declined, key products remained resilient and continued to perform well. North America: Sales stable, while gross profit was impacted by challenging ag economy. Asia: Sales and gross profit increased, with demand mixed by region and products Product trends: Specialty agriculture sales were flat, as higher prices were offset by lower volumes. Turf and ornamental sales increased, mainly driven by higher prices and new product introductions. Financial Items Financing Expenses Net financing expenses for the third quarter of 2026 were $42 million, down versus $44 million in the corresponding quarter of last year. This decrease was primarily driven by lower financing expenses in the prior year, mainly due to exchange rate gains, as well as higher net interest expenses incurred this year. Tax Expenses Reported tax expenses in the third quarter of 2026 were $54 million, reflecting an effective tax rate of approximately 30%, compared to $57 million in the corresponding quarter of last year, reflecting an effective tax rate of 31%. Available Liquidity ICL’s available cash resources, which are comprised of cash and deposits, unutilized revolving credit facility, and unutilized securitization, totaled $2,154 million, as of September 30, 2026. Outstanding Net Debt As of September 30, 2026, ICL’s net financial liabilities amounted to $2,626 million, an increase of $366 million compared to December 31, 2025. Dividend Distribution In connection with ICL’s third quarter 2026 results, the Board of Directors declared a dividend of 4.88 cents per share, or approximately $63 million, versus 4.80 cents per share, or approximately $62 million, in the third quarter of last year. The dividend will be payable on December 16, 2026, to shareholders of record as of December 2, 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, Potash, Phosphate Solutions and Growing Solutions. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2025 revenues totaled approximately $7 billion. For more information, visit the company's website at www.icl-group.com. For more information, visit ICL's website at icl-group.com. Details about ICL’s sustainability practices and performance can be found in the 2025 Corporate Responsibility ESG Report. You can also learn more about ICL on Facebook, LinkedIn, YouTube, X and Instagram. Guidance (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. Non-GAAP Statement The company discloses in this press release 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. 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. The company calculates 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. Adjusted net income attributable to the company’s shareholders is calculated by adjusting 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. Diluted adjusted earnings per share is calculated by dividing adjusted net income by the weighted-average number of diluted ordinary shares outstanding. 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 the 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 the company's non-IFRS financial measures as tools for comparison. However, the company believes 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. Management uses these non-IFRS measures to evaluate the company's business strategies and management performance. The company believes these non-IFRS measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate performance. 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: 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; the effects of the ongoing security situation in Israel, including the nature and duration of related conflicts; 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; litigation, arbitration and regulatory proceedings; disruptions at the company's seaport shipping facilities or regulatory restrictions affecting the company's ability to export products overseas; changes in exchange rates or prices compared to those we are currently experiencing; general market, political or economic conditions in the countries in which the company operates; price increases or shortages with respect to water, energy and the company's principal raw materials; pandemics may create disruptions, impacting our sales, operations, supply chain and customers; delays in the completion of major projects by third-party contractors and/or 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; 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; and restrictions, as well as credit risk rising interest rates; the outcome of government examinations or investigations; disruption of 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; Our exposure to risks relating to its current and future activity in emerging markets; 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; disruption to sales of the company's industrial products and phosphate solutions segments' products, as well as magnesium products, due to factors beyond our control; the company including changes in global economic conditions and environmental regulations; our ability to secure additional resources to continue the company's phosphate mining operations at ICL Rotem; 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; 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; war or acts of terror and/or political, economic and military instability in Israel and its region; including the 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; current closing of transactions, mergers and acquisitions; 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, 2025, filed with the U.S. Securities and Exchange Commission (SEC) on March 11, 2026 (the Annual Report). Forward-looking statements speak only as of the date they are made, and except as otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements, targets or goals 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. Appendix Condensed Consolidated Statements of Income (Unaudited) $ millions Three-months ended Nine-months ended Year ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 December 31, 2025 Sales 1,910 1,853 6,068 5,452 7,153 Cost of sales 1,282 1,249 4,150 3,734 4,967 Gross profit 628 604 1,918 1,718 2,186 Selling, transport and marketing expenses 309 286 914 828 1,114 General and administrative expenses 76 77 231 226 299 Research and development expenses 13 16 42 53 70 Other expenses 9 3 20 30 161 Other income (4) (8) (15) (15) (38) Operating income 225 230 726 596 580 Finance expenses 84 45 216 205 298 Finance income (42) (1) (90) (111) (159) Finance expenses, net 42 44 126 94 139 Income before taxes on income 183 186 600 502 441 Taxes on income 54 57 179 159 161 Net income 129 129 421 343 280 Net income attributable to non-controlling interests 9 14 38 44 54 Net income attributable to shareholders of the Company 120 115 383 299 226 Earnings per share attributable to shareholders of the Company: Basic earnings per share (in dollars) 0.09 0.09 0.30 0.23 0.18 Diluted earnings per share (in dollars) 0.09 0.09 0.30 0.23 0.18 Weighted-average number of ordinary shares outstanding: Basic (in thousands) 1,290,723 1,290,669 1,290,700 1,290,550 1,290,580 Diluted (in thousands) 1,290,723 1,291,403 1,290,700 1,291,428 1,291,395 Condensed Consolidated Statements of Financial Position (Unaudited) $ millions September 30, 2026 September 30, 2025 December 31, 2025 Current assets Cash and cash equivalents 494 356 291 Short-term investments and deposits 143 120 205 Trade receivables 1,519 1,416 1,365 Inventories 2,069 1,778 1,934 Prepaid expenses and other receivables 339 377 369 Total current assets 4,564 4,047 4,164 Non-current assets Deferred tax assets 209 165 180 Property, plant and equipment 7,153 6,762 6,785 Intangible assets 955 962 955 Other non-current assets 395 326 329 Total non-current assets 8,712 8,215 8,249 Total assets 13,276 12,262 12,413 Current liabilities Short-term debt 337 787 876 Trade payables 1,105 1,016 1,157 Provisions 65 54 58 Other payables 1,099 964 1,040 Total current liabilities 2,606 2,821 3,131 Non-current liabilities Long-term debt and debentures 2,926 1,894 1,880 Deferred tax liabilities 544 509 502 Long-term employee liabilities 357 367 390 Long-term provisions and accruals 221 246 231 Other 96 44 36 Total non-current liabilities 4,144 3,060 3,039 Total liabilities 6,750 5,881 6,170 Equity Total shareholders’ equity 6,216 6,134 5,983 Non-controlling interests 310 247 260 Total equity 6,526 6,381 6,243 Total liabilities and equity 13,276 12,262 12,413 Condensed Consolidated Statements of Cash Flows (Unaudited) $ millions Three-months ended Nine-months ended Year ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 December 31, 2025 Cash flows from operating activities Net income 129 129 421 343 280 Adjustments for: Depreciation and amortization 169 157 496 458 615 Fixed assets impairment - - - - 111 Exchange rate, interest and derivative, net 47 72 121 32 59 Tax expenses 54 57 179 159 161 Change in provisions (16) (7) (6) (5) 26 Other 3 3 9 14 18 257 282 799 658 990 Change in inventories (242) (87) (133) (65) (210) Change in trade receivables 109 27 (146) (56) (11) Change in trade payables 28 (69) (29) (10) 100 Change in other receivables (7) (4) (34) (23) (22) Change in other payables 12 71 (41) 9 80 Net change in operating assets and liabilities (100) (62) (383) (145) (63) Income taxes paid, net of refund (30) (41) (96) (114) (151) Net cash provided by operating activities 256 308 741 742 1,056 Cash flows from investing activities Proceeds (payments) from deposits, net 25 (1) 66 (4) (86) Purchases of property, plant and equipment and intangible assets (190) (180) (522) (572) (824) Proceeds from divestiture of assets and businesses, net of transaction expenses - 1 4 4 1 Proceeds (payments) from settlement of derivatives, net 1 6 - (10) (9) Interest received 6 5 13 12 15 Business combinations - (9) (88) (12) (12) Net cash used in investing activities (158) (178) (527) (582) (915) Cash flows from financing activities Dividends paid to the Company's shareholders (75) (55) (204) (162) (224) Receipts of long-term debt 667 470 2,571 1,514 1,666 Repayments of long-term debt (653) (881) (2,100) (1,416) (1,599) Receipts (repayments) of short-term debt, net (22) 151 (191) 54 146 Interest paid (16) (16) (85) (74) (117) Payments from transactions in derivatives - - (1) (2) (3) Dividend paid to the non-controlling interests - (22) (1) (64) (64) Net cash used in financing activities (99) (353) (11) (150) (195) Net change in cash and cash equivalents (1) (223) 203 10 (54) Cash and cash equivalents as of the beginning of the period 496 582 291 327 327 Net effect of currency translation on cash and cash equivalents (1) (3) - 19 18 Cash and cash equivalents as of the end of the period 494 356 494 356 291 Adjustments to Reported Operating and Net income (non-GAAP) $ millions Three-months ended Nine-months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Operating income 225 230 726 596 Charges related to the security situation in Israel (1) 8 11 40 36 Impairment and write-off of assets and provision for site closure (2) - - - 9 Provision for early retirement (3) - - - 9 Total adjustments to operating income 8 11 40 54 Adjusted operating income 233 241 766 650 Net income attributable to the shareholders of the Company 120 115 383 299 Total adjustments to operating income 8 11 40 54 Total tax adjustments (4) (2) (2) (9) (9) Total adjusted net income - shareholders of the Company 126 124 414 344 (1) For 2026 and 2025, reflects charges relating to the ongoing security situation in Israel, primarily driven by disruption to shipping routes that resulted in higher marine transportation costs. (2) For 2025, reflects mainly the write-off of two portfolio companies due to their inability to continue operations and secure funding, as well as the write-off of an asset related to the fire at Ashdod Port. (3) For 2025, reflects provisions for early retirement due to restructuring at certain sites, as part of the Company’s global efficiency plan. (4) For 2026 and 2025, reflects the tax impact of adjustments made to operating income. Consolidated EBITDA for the Periods of activity $ millions Three-months ended Nine-months ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income 129 129 421 343 Financing expenses, net 42 44 126 94 Taxes on income 54 57 179 159 Operating income 225 230 726 596 Depreciation and amortization 169 157 496 458 Adjustments (1) 8 11 40 54 Total adjusted EBITDA 402 398 1,262 1,108 (1) See "Adjustments to Reported Operating and Net income (non-GAAP)" above. Calculation of Segment EBITDA $ millions Industrial Products Potash Phosphate Solutions (1) Growing Solutions Three-months ended September 30, 2026 2025 2026 2025 2026 2025 2026 2025 Segment operating income 84 52 94 104 58 85 25 31 Depreciation and amortization 16 15 63 65 60 49 19 19 Segment EBITDA 100 67 157 169 118 134 44 50 (1) For the third quarter of 2026, Phosphate Specialties accounted for $396 million of segment sales, $44 million of operating income, $14 million of D&A and $58 million of EBITDA, while Phosphate Commodities accounted for $193 million of segment sales, $14 million of operating income, $46 million of D&A and represented $60 million of EBITDA. 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 Source: ICL Group LTD