ICL

Download the Complete Report Here Key Takeaways: Completion of project-wide FEED awards moves Autazes further from permitting-led de-risking toward lender-facing engineering and construction readiness. During 2Q26, GRO awarded the mine shafts and underground development FEED to WSP UK, with Redpath Deilmann supporting the shaft scope, complementing the surface facilities and infrastructure FEED already being executed by Wood and Promon Engenharia. Engineering design coverage now spans both the surface and underground components of the ~$2.5 billion Autazes Project, strengthening the technical foundation for DFI and ECA construction-debt discussions. The two mine shafts sit on the project’s critical path, making their design and execution central to subsequent underground development, processing, tailings, and logistics. Redpath’s experience across more than 500 shafts globally, including major potash projects such as Jansen, Rocanville, K3, Woodsmith, and Nezhinsky, adds further credibility to the lender diligence package. The Gera Center power MOU provides initial evidence that GRO’s BOOT strategy could reduce upfront project capital requirements and, in turn, the equity burden associated with Autazes. In May, GRO signed a non-binding MOU with Gera Center for a 28-year Build, Own, Operate and Transfer arrangement covering a modular diesel generation system that would provide construction power before transitioning into emergency backup power during the mine’s 23-year operating life. The proposed 20 MW plant would initially deploy 10 MW and ramp to 20 MW during the first construction year, with first power available within 120 days after definitive contract execution and 98% minimum availability during the backup phase. More importantly from a financing perspective, if finalized, the structure is expected to shift approximately $33 million of upfront power-generation capex into operating costs over the contract term while generating approximately $10 million of net savings versus the Pre-Feasibility Study budget. New Profert legislation introduces another potential lever to lower Autazes’ construction funding requirement and expand access to domestic financing. Brazil’s Senate approved Profert on August 11, 2026, creating a new incentive framework for domestic fertilizer production that now awaits presidential signature into law. Management estimates that Profert, when combined with existing SUFRAMA incentives, could exempt up to ~$190 million of federal taxes on Autazes’ ~$2.5 billion initial capex, reducing required construction capital by approximately 7%. The legislation also authorizes BNDES to invest in the construction of new domestic fertilizer production capacity and introduces a domestic-content requirement for fertilizer sold in Brazil, beginning at 2% in 2027 and rising to 10% by 2037, with potential to increase to 30% depending on supply availability. Importantly, the benefits are not yet assured, as GRO’s eligibility will depend on a competitive selection process and implementing regulations from MAPA that have not yet been published. Separately, Profert provides for a production tax credit of up to 20% of eligible investment, subject to a R$2 billion annual program cap from 2027 through 2031, which management notes is distinct from the ~$190 million capex tax analysis. Infrastructure carve-outs could become a meaningful component of the broader construction funding stack if additional proposals convert into definitive agreements. GRO continues to frame Autazes around approximately $2.5 billion of total capex, with ~$1.8 billion expected from DFIs and ECAs and up to ~$350 million of potential third-party infrastructure funding across the powerline, port, steam plant, construction/backup power, and trucking system. The project also has potential access to approximately $150 million from Franco-Nevada’s binding royalty option, subject to the applicable funding condition. On a purely illustrative basis, if all three funding sources were fully realized, they would represent roughly $2.3 billion of the $2.5 billion requirement, leaving approximately $200 million to be addressed through strategic project equity or other capital. The $350 million remains prospective and the Gera agreement remains non-binding, but the $33 million identified in the proposed Gera construction-power BOOT begins to demonstrate how the BOOT strategy could reduce the amount of equity capital ultimately required at the project level. Recent judicial developments have further reduced perceived legal risk around Autazes, with both the PGR’s position and separate favorable TRF-1 rulings supporting the project’s legal and permitting position. In July, the DPU filed an application with the Federal Supreme Court seeking to suspend installation activities, but the matter did not constitute a new lawsuit or introduce new allegations and instead challenged prior TRF-1 decisions favorable to GRO and the Mura Indigenous Council. The underlying consultation process spanned more than six years, covered over 35 Mura villages and concluded with approximately 90% support among participating communities. On July 9, the PGR, Brazil’s highest prosecutorial authority before the STF, recommended that the application not be heard on the merits, citing lack of standing and an inappropriate procedural mechanism. Separately, on August 11, TRF-1 found other special and extraordinary appeals inadmissible for referral to the Superior Court of Justice and Federal Supreme Court, thereby preserving prior rulings supporting the Mura consultation process, IPAAM’s licensing authority and the validity of Autazes’ environmental licenses. Together with the project’s 21 Installation Licenses covering the mine, processing plant and port, the cumulative judicial record further supports the project’s legal and permitting position, while residual procedural risk remains given that additional appeals may still be available. Development-stage operating expenses fell materially y/y, while reported 2Q26 net income was driven by a non-cash warrant revaluation rather than an operating earnings inflection. GRO remains pre-revenue, but operating loss declined 77% y/y to $3.35 million from $14.54 million. The largest driver was share-based compensation, which fell 93% to $0.79 million from $11.63 million as prior-period share-based compensation expense normalized sharply; professional fees also declined to $0.17 million from $0.47 million, while consulting and management fees were broadly stable at $1.44 million. Reported net income of $7.60 million versus a $14.83 million loss in 2Q25 primarily reflected a $10.67 million gain from the change in fair value of warrant liabilities. We therefore view operating loss as the better measure of underlying corporate expense intensity. The May financing materially strengthened GRO’s ability to fund FEED and development activity while larger project-level financing is pursued. Cash increased to $75.7 million at June 30 from $27.8 million at December 31, 2025, while working capital rose to $74.6 million from $26.6 million. The increase primarily reflects the May 4 public offering, which generated $63.23 million of gross proceeds through 7.0 million common shares at $2.50 per share and 18.3 million pre-funded warrants at $2.499, with approximately $4.27 million of issuance costs. Common shares outstanding increased 15% from 53.69 million at year-end to 61.95 million at June 30, reflecting the public offering as well as RSU and DSU exercises and other share issuances during the period, while the 18.3 million new pre-funded warrants create additional economic dilution given their $0.001 exercise price. The financing nevertheless gives GRO substantially greater negotiating flexibility as it works through FEED, BOOT agreements, and project-level debt/equity discussions. Current liquidity materially extends GRO’s runway for corporate and engineering activities, but it should not be confused with construction funding capacity. GRO used $5.12 million of cash in operating activities during 1H26 and invested $6.13 million into exploration and evaluation assets, implying combined operating and project cash deployment of roughly $11.25 million before financing flows. Annualizing that 1H pace would imply approximately $22.5 million of cash deployment, against $75.7 million of quarter-end cash; however, that run-rate is unlikely to remain static as the $4.3 million underground FEED Early Works program progresses alongside surface FEED and other pre-construction activities. Accordingly, the balance sheet materially reduces near-term corporate financing risk, but the financial statements continue to note that GRO’s ability to continue development remains dependent on securing additional financing, and the principal investment question remains GRO’s ability to assemble the approximately $2.5 billion project funding package required to reach full production. Autazes’ long-term financial profile remains intact. Based on ERCOSPLAN technical report assumptions, management illustrates potential run-rate EBITDA of ~$1.0 billion at commercial scale, supported by an estimated realized price of ~$493/ton FOB Port and operating costs of ~$79/ton at full run-rate. This implies mine-gate gross margins above 80% and an EBITDA margin approaching ~75% after transportation and G&A, reflecting the project’s structural delivered-cost advantage in Brazil’s import-dependent potash market. We continue to view GRO as pre-revenue through 2026 and 2027, with near-term value creation driven by milestone completion rather than quarterly earnings progression. Commercial production could begin approximately four years after construction commencement, while current project materials continue to show 2.4 million tons of annual nameplate production and approximately $1.0 billion of estimated run-rate EBITDA once steady-state operations are reached. Over the next several quarters, the more relevant indicators are therefore advancement of the 12-month, $4.3 million underground Early Works program; progression of the Wood/Promon surface FEED; conversion of the Gera Center and other BOOT proposals into definitive agreements; and progress toward the approximately $1.8 billion of targeted DFI/ECA debt and strategic project-level equity required to begin full-scale construction. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets, or investment recommendations. The valuation discussion below is illustrative only and is based on company filings, management commentary, and third-party data and estimates. It does not constitute a recommendation, price target, rating, or prediction of future pricing. GRO’s current valuation continues to reflect substantial financing and execution risk despite meaningful project de-risking and a materially stronger liquidity position. At $2.15 per share, GRO carries a basic market capitalization of approximately $133.2 million and enterprise value of $57.5 million, reflecting $75.7 million of cash and no debt as of June 30, 2026. Cash therefore represents roughly 57% of basic market capitalization, while the stock remains approximately 26% below the $2.92 price used in our May update despite subsequent progress across underground FEED, infrastructure funding optimization, liquidity, and the project’s legal position. GRO also has 84.8 million basic shares plus pre-funded warrants and approximately 106.8 million fully diluted shares, highlighting that dilution remains an important consideration as the company assembles the larger construction funding package. We expect valuation to evolve with project milestones, with the largest rerating potential tied to financing de-risking and progression into full-scale construction. GRO is targeting approximately $1.8 billion of DFI/ECA debt against the ~$2.5 billion Autazes funding requirement, supplemented by potential third-party infrastructure funding of up to ~$350 million, the Franco-Nevada royalty option, and strategic project-level equity. As these funding sources move from indicative discussions toward binding commitments, we would expect the market to assign greater value to Autazes’ prospective operating economics and reduce the discount currently applied for financing, dilution and execution risk. Key catalysts include completion and lender acceptance of the Wood/Promon and WSP/Redpath FEED programs, binding DFI/ECA commitments, additional BOOT infrastructure agreements, strategic equity participation and ultimately the start of full-scale construction. With 91% of nameplate capacity already covered by long-term offtake agreements, full-project FEED coverage established, and the legal/permitting backdrop improving, valuation remains highly sensitive to further milestone delivery, while the scale of the remaining construction requirement keeps funding execution and dilution as the principal risks to the rerating path. Read Exec Edge’s Initiation on Brazil Potash Corp. Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Brazil Potash Reports Full-Project FEED Coverage, Liquidity & Policy Support for Autazes – Quarterly Update Report appeared first on ExecEdge.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. ICL Group (NYSE:ICL) is back in focus after reporting second quarter 2026 sales of US$2,135 million and net income of US$137 million, alongside board approval for a new end market operating model. See our latest analysis for ICL Group. Over the past month ICL Group has recorded a 30 day share price return of 7.58%, yet the 1 year total shareholder return is still down 9.75%. This signals improving short term momentum from a weaker longer term base as investors weigh the recent earnings beat and the planned shift to an end market operating model. If you are looking beyond ICL Group and want more ideas tied to materials and resource demand, this could be a good moment to scan 28 best rare earth metal stocks ICL Group shares trade below both analyst targets and an estimated intrinsic value, even after the recent rebound. Is this a simple valuation gap, or a market signal that the caution around the stock still matters? On the latest numbers, ICL Group trades on a P/E of 22.8x, which sits between our DCF estimate of value and what peers and the wider chemicals industry are priced at. The P/E multiple compares the current share price with earnings per share. For a diversified minerals and chemicals group like ICL Group, it reflects how the market weighs its current earnings against exposure to potash, phosphate and specialty solutions across multiple end markets. ICL is flagged as good value when compared with the broader US Chemicals industry, where the average P/E stands at 29.4x. However, it screens as more expensive than its closer peer group, which sits at 21.5x. That mix suggests the market assigns a modest premium to ICL Group relative to peers while still discounting it against the wider sector. See what the numbers say about this price — find out in our valuation breakdown. Result: Price-to-Earnings of 22.8x (ABOUT RIGHT) However, ICL Group still faces risks from its multi segment exposure, including any slowdown in fertilizer demand or weaker pricing across potash and phosphate products. Find out about the key risks to this ICL Group narrative. The P/E of 22.8x gives one perspective on ICL Group. The SWS DCF model gives another. On that model, the current share price of $5.39 sits about 38% below an estimated value of $8.63. That suggests the cash flow assessment is more optimistic than the earnings multiple implies. Investors now have two very different yardsticks in front of them, which raises a simple question. Which signal deserves more weight for your own process: the earnings-based multiple or the cash flow driven estimate from the SWS DCF model? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out ICL Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. Overall sentiment around ICL Group is mixed, with both concerns and reasons for optimism on show. It makes sense to move quickly, review the underlying data yourself, then weigh up the 1 key reward and 4 important warning signs If ICL Group has your attention, now is a smart time to broaden your watchlist with other focused ideas before the next move in markets catches you off guard. Target resilient stability by scanning 88 resilient stocks with low risk scores that can help steady your portfolio when single stock stories turn choppy. Spot potential value by reviewing 51 high quality undervalued stocks that combine quality fundamentals with prices that still look appealing. Get ahead of the crowd by using the screener containing 18 high quality undiscovered gems to surface lesser known companies with solid underlying numbers. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ICL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in ICL Group Ltd.? Here are five stocks we like better. ICL delivered strong second-quarter results: Sales rose 17% to $2.1 billion, adjusted EBITDA increased 28% to $448 million, and adjusted net income climbed 35% to $149 million, driven by stronger potash, bromine and phosphate prices. Cost inflation and regional weakness remain key risks: Surging sulfur, raw-material and freight costs are expected to pressure phosphate margins, while Brazil’s specialty-fertilizer market remains soft. ICL nevertheless maintained its 2026 EBITDA guidance of $1.5 billion to $1.7 billion. ICL launched major efficiency and organizational initiatives: A new four-segment reporting structure will begin in 2027, while the Elevate program targets more than $350 million in annual EBITDA improvements by the end of 2028. Don’t Overlook Mosaic’s Challenges—They Might Spark Opportunity ICL Group (NYSE:ICL) reported higher second-quarter 2026 sales, earnings and cash flow, supported by stronger prices for potash, bromine and phosphate products. The company also outlined plans to reorganize its reporting structure in 2027 and introduced a cost-transformation program targeting more than $350 million in annual EBITDA improvements by the end of 2028. Second-quarter sales rose 17% year over year to $2.1 billion, while adjusted EBITDA increased 28% to $448 million. Adjusted net income climbed 35% to $149 million, or $0.12 per share, up 33% from the prior-year period. Operating cash flow increased 8% to $290 million and free cash flow rose 34% to $94 million. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling President and CEO Eyal Aharonson said the results reflected price improvements across fertilizer, food and industrial markets, as well as the company’s geographically diversified operations. The gains came despite approximately $100 million in higher raw-material costs and more than $40 million of foreign-exchange impact, he said. Industrial Products posted sales of $440 million, up 30% from a year earlier, while EBITDA increased 88% to $130 million. Aharonson said it was the segment’s strongest quarterly performance since late 2022, driven primarily by higher bromine prices and increased volumes. Bromine-based flame retardants benefited from improved electronics demand, while phosphorus-based flame-retardant sales were stable amid muted construction-market demand. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Potash sales increased 22% to $468 million and EBITDA rose 34% to $154 million. ICL’s average potash price was $376 per ton on a CIF basis, up 13% year over year and 4% sequentially. Production volume rose 11% to 1.058 million metric tons, which management attributed to process optimization, cost reduction and resource-efficiency improvements. Phosphate Solutions sales grew 13% to $722 million. EBITDA increased slightly to $136 million as higher phosphate prices only partially offset elevated raw-material costs. Specialty food phosphate sales rose on both pricing and volume gains from existing and new customers, including customers in China and India, according to the company. → No Hangover: Revisiting Microsoft One Week After Earnings Growing Solutions sales rose 12% to $605 million, although EBITDA declined from the prior-year period. The segment faced higher nitrogen and sulfur costs, geopolitical tensions and supply-chain volatility. Management said market conditions in Brazil remained soft, though performance improved in May and June after a challenging April. Europe recorded improved sales and profitability as the company emphasized product-mix optimization. CFO Asaf Alperovitz said phosphate fertilizer benchmark prices increased by an average of 22% sequentially during the second quarter, but sulfur costs rose sharply. Sulfur spot prices increased 72% sequentially and more than 210% year over year, while ocean freight rates rose 45% on average during the quarter amid Middle East disruptions. Management reiterated its 2026 consolidated EBITDA guidance of $1.5 billion to $1.7 billion. ICL continues to expect phosphate sales volume of 4.5 million to 4.7 million metric tons and an adjusted annual tax rate of about 30%. Aharonson told analysts that ICL had secured sulfur supplies for the third quarter and the beginning of the fourth quarter and did not intend to reduce production at its Rotem or China operations. However, he said sulfur consumption costs would rise compared with the first and second quarters, creating margin pressure in phosphate products as the company uses higher-cost inventory. Management also cited a weak Brazilian specialty-fertilizer market as a headwind. Aharonson said Brazil represents about one-third of the Growing Solutions business and that the third quarter in Brazil was not expected to be as strong as in past years, even though the company had not seen reduced consumption on the commodity fertilizer side. ICL plans to implement a new market-oriented organizational structure in the first quarter of 2027. The new reporting framework will include four segments: Nutrition Solutions, combining food and beverage, health, nutrition and wellness offerings, including food specialties and food and pharmaceutical solutions. Industrial Products, focused on performance and safety solutions for industrial markets including electronics, energy and construction. Growing Solutions, which will continue to focus on specialty plant nutrition for agriculture, turf and ornamental markets. Essential Minerals, combining potash and phosphate fertilizers from the company’s upstream mineral production sites. Aharonson said the reorganization is intended to strengthen management focus on growth areas, including Specialty Crop Nutrition and Specialty Food Solutions, while giving investors greater visibility into business performance and growth drivers. The company also launched its enterprise-wide Elevate program, designed to reduce costs, improve productivity, expand margins and strengthen cash generation. ICL expects the initiative to generate more than $150 million in annual EBITDA improvements by the end of 2027 and more than $350 million annually by the end of 2028. Management expects 50% to 60% of the improvement to come from productivity and operational efficiency, 30% to 40% from reduced external spending, and 10% to 20% from SG&A optimization. ICL ended the quarter with $2.2 billion of available cash resources and net debt to adjusted EBITDA of 1.5 times. The company completed an $800 million senior-notes offering and declared a $75 million quarterly dividend, representing 50% of adjusted net income. ICL Group is a global specialty minerals and chemicals company headquartered in Tel Aviv, Israel. Established in its current form through the consolidation of Israeli government–owned chemical operations, ICL has evolved into a publicly traded entity on the New York Stock Exchange (NYSE: ICL). The company's origins date back to state-driven mineral extraction in the Negev and the Dead Sea region, and over the decades it has grown through strategic acquisitions, technological innovation and a gradual privatization process completed in the early 2010s. ICL's core operations are organized into three principal business areas. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ICL Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: Sales of $2.1 billion, up 17% year over year. Adjusted EBITDA: $448 million, up 28% versus the prior year. Adjusted Net Income: $149 million, up 35% year over year. Adjusted Earnings Per Share: $0.12, up 33%. Operating Cash Flow: $290 million, up 8% year over year. Free Cash Flow: $94 million, up 34% year over year. Industrial Products Segment Sales: $414 million, up 30% year over year. Industrial Products Segment EBITDA: $130 million, up 88%. Potash Division Sales: $468 million, up 22% year over year. Potash Division EBITDA: $154 million, up 34%. Average Potash Price: $376 CIF per ton, up 13% year over year and 4% sequentially. Potash Production Volumes: 1,058,000 metric tons, up 11% year over year. Phosphate Solutions Division Sales: $722 million, up 13% year over year. Phosphate Solutions Division EBITDA: $136 million, up slightly year over year. Growing Solutions Division Sales: $605 million, up 12% year over year. Growing Solutions Division EBITDA: $50 million, down versus prior year. Dividend: Total dividend of $75 million in the second quarter, representing 50% of adjusted net income. Net Debt to Adjusted EBITDA: Stable at 1.5x. 2026 Guidance: Consolidated EBITDA expected to be between $1.5 billion and $1.7 billion. 2026 Potash Sales Volume Guidance: Expected to be between 4.5 million and 4.7 million metric tons. Warning! GuruFocus has detected 4 Warning Signs with ICL. Is ICL fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ICL Group Ltd (NYSE:ICL) delivered strong Q2 2026 results with sales up 17% year-over-year to $2.1 billion and adjusted EBITDA up 28% to $448 million, exceeding expectations. The Industrial Products segment posted its best quarterly performance since 2022, with EBITDA up 88% year-over-year, driven by higher bromine prices and increased volumes. Potash division saw sales up 22% and EBITDA up 34% year-over-year, with production volumes up 11% and average prices up 13% to $376 per ton. The company announced the 'Elevate' cost transformation program, targeting over $150 million in annual EBITDA improvement by 2027 and over $350 million by 2028, with management expressing high confidence in achieving these goals. ICL Group Ltd (NYSE:ICL) is implementing a new organizational structure to enhance focus on growth engines like Specialty Crop Nutrition and Specialty Food Solutions, aiming to double food solutions sales to $1.5 billion by 2029. ICL Group Ltd (NYSE:ICL) faces significant margin pressure from soaring raw material costs, particularly sulfur, which saw spot prices increase 72% sequentially and over 210% year-over-year, impacting phosphate products. The company is exposed to currency headwinds, with a stronger shekel versus the US dollar costing over $40 million in exchange rate impacts in Q2, and expects continued challenges in the second half. Growing Solutions segment EBITDA declined year-over-year due to higher raw material costs and weak demand in Brazil, which is expected to remain soft through Q3 and into the second half of 2026. Management anticipates second-half 2026 results to be lower than the first half, citing elevated sulfur prices, FX impacts, and softness in Brazil as key headwinds. Despite strong Q2 performance, the company reiterated its full-year EBITDA guidance of $1.5-$1.7 billion, indicating potential downside risks from external factors like geopolitical disruptions and high input costs. Q: Can you bridge the impressive performance in Industrial Products, specifically how much was driven by price versus demand, and how should we think about the top line and profit for this segment in the second half?A: Asaf Alperovitz (CFO) noted that the strong performance was driven by high bromine prices, which peaked in April at over $6,000 per ton before moderating in May and June. Prices have since ticked back up to roughly $4,500 per ton. The company successfully locked in strong prices for Q2 transactions, and flame retardants showed solid performance. While Q2 represents a high level, the company's agility in locking in transactions will be key for Q3 and beyond. Q: What gives you confidence in achieving the $150 million and then $350 million annual EBITDA improvement targets from the Elevate cost transformation program, particularly regarding the productivity gains component?A: Elad Aharonson (CEO) stated that the company is "a bit conservative" and that internal targets are even higher than the $350 million goal. He explained that ICL has expanded significantly in recent years, operating more than 40 production sites with a complex global supply chain. This scale provides substantial potential for efficiency improvements, and the company is now dedicating focused effort to this area for the first time in years. Q: How are you handling the sulfur supply and cost crisis, and what should we expect for phosphate margins in the second half of the year?A: Elad Aharonson (CEO) explained that sulfur is a major issue due to both availability and price, with spot prices now around $1,200 per metric ton. The company has secured quantities for Q3 and early Q4 and has no intention to reduce production rates at its Rotem and YPH facilities. However, consumption costs will be higher than in Q1 and Q2, leading to margin pressure in phosphate products. Asaf Alperovitz (CFO) added that ICL's diversified portfolio provides flexibility to optimize sulfur allocation across different customers and end markets. Q: Should we see earnings levels in Industrial Products drop in Q3 and Q4 to somewhere between Q1 and Q2 levels?A: Asaf Alperovitz (CFO) responded that at the current bromine price level of $4,500 per ton, prices are higher than Q1 but lower than the April peak. He noted that Q2 represents a pretty high level, but the company has the capabilities to lock in transactions, and the outlook for Q3 and beyond remains to be seen. Q: Can you share your latest views on the LFP cathode market and the potential threat from sodium-ion batteries taking share in energy storage?A: Elad Aharonson (CEO) stated that ICL is enjoying the LFP trend by supplying acid and MAP to producers in China, though it is not a huge part of the Phosphate business. He believes it will take time for sodium-ion to displace LFP, and the company currently sees an increasing trend in LFP demand. He noted that while the landscape could change in 10 years, there is nothing to be concerned about in the next five years. Q: Can you talk about the potash market, which seems to have stabilized around $400 per ton, and the dynamics between granular and standard markets?A: Elad Aharonson (CEO) described the potash market as "stable," with demand present across different geographies. Granular potash is seeing demand from Brazil, the US, and Europe, while standard potash is primarily for India and China. Spot prices are around $400 per ton, with the US slightly below and Europe slightly above. He does not anticipate significant volatility in the coming months. Q: Given the challenging conditions in Brazil, should we expect flat earnings in the Growing Solutions business in the second half, or is there opportunity for growth?A: Elad Aharonson (CEO) acknowledged that Brazil represents one-third of the Growing Solutions business and the market is weak. While commodity fertilizer consumption remains stable, specialty fertilizer demand is tougher. He expects Q3 in Brazil to be weaker than usual, with the high season typically in Q3 and early Q4. Asaf Alperovitz (CFO) added that despite rising grain prices, farmer affordability remains a major issue in Brazil due to high input costs and challenging financing conditions with real interest rates above 9%. Q: With LTM EBITDA at about $1.65 billion, trending toward the higher end of guidance, what are the key risks that could take you to the lower end of the $1.5 billion to $1.7 billion range?A: Elad Aharonson (CEO) highlighted three main headwinds: the full extent of high sulfur prices not yet reflected in Q2 results, foreign exchange exposure with over $1 billion equivalent in shekels, and softness in Brazil, which is typically a big contributor in Q3. He noted tailwinds from better-than-expected bromine prices, though these are tied to geopolitical conditions. Overall, he expects the second half to be good but likely lower than the first half. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 8:30 a.m. ET Vice President of Global Investor Relations - Peggy Reilly Tharp Chief Executive Officer - Elad Aharonson Chief Financial Officer - Asaf Alperovitz Operator: Hello, everyone. Thank you for joining us, and welcome to the ICL Second Quarter 2026 Earnings Call International. After today's prepared remarks, we will host a question-and-answer session. [Operator Instructions] I will now hand the conference over to Peggy Reilly Tharp, Vice President of Global Investor Relations. Peggy, please go ahead. Peggy Tharp: Hello, everyone. I'm Peggy Reilly Tharp, Vice President of Global Investor Relations for ICL Group. 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 icl-group.com. And there will be a replay available a few hours after the live call and a transcript will be available shortly thereafter. Earlier today, we filed our reports and our presentations 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 2 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. The company undertakes no obligation to update any information discussed on this call at any time. With that, we will begin with the presentation by our CEO, Mr. Elad Aharonson, followed by Mr. Asaf Alperovitz, our CFO. After the presentation, we will open the line for the Q&A session. I would now like to turn the call over to Elad. Elad Aharonson: Thank you, Peggy, and welcome, everyone, to a review of our second quarter 2026 earnings. We delivered another quarter of strong results with sales of $2.1 billion, which were up 17% year-over-year. Adjusted EBITDA of $448 million also showed meaningful improvement and increased 28% versus the prior year, as you can see on Slide 3. Before we go into greater detail about the quarter, I would like to take just a few minutes to review our new segments and to discuss our enterprise-wide cost savings and efficiency measures initiative, Elevate. First, I would like you to turn to Slide 5 for a quick review of our 3 new strategic principles, which we first shared with you on our third quarter earnings call last November. The first is to drive profitable growth by targeting Specialty Crop Nutrition and Specialty Food Solutions. The second is to maximize and improve the businesses that we have identified as core to ICL, and this includes our phosphate, potash and bromine resources. The third is dedicated to portfolio optimization and cost efficiency. All 3 of these principles will benefit from our willingness to embrace new technologies like AI and our deep history of innovation. To drive profitable growth, we identified 2 distinct businesses, which you can see on Slide 6. We believe Specialty Crop Nutrition and Specialty Food Solutions have the potential to be significant growth engines for ICL. These are 2 areas where we already have deep experience and broad exposure and the future looks bright. As you know, ICL's Growing Solutions segment is already a global leader in Specialty Crop Nutrition. On Slide 7, you can see that in 2020, our Specialty Crop Nutrition sales were $1 billion with EBITDA of approximately $60 million. In 2025, we delivered Specialty Crop Nutrition sales of $2 billion and EBITDA increased in excess of 3x to more than $200 million. Our research indicates that there is still meaningful runway for growth in this business, which will allow us to further strengthen our leadership position in this market. Turning now to Slide 8 and our second growth engine, Specialty Food Solutions, which is currently part of the Phosphate Solutions segment. We are already leading the $1.5 billion phosphate food specialties market. However, this represents a small piece of the total food ingredients pie. In order to accelerate our growth, we are expanding our focus into functional food ingredients. This sizable market provides exposure to approximately $35 billion in value with an expected average 5-year growth rate of approximately 6%. We are strongly positioned in this market with a clear ambition to double our sales and reach $1.5 billion in revenues by 2029. As we have begun executing our strategy, it has become increasingly clear that aligning our corporate structure with our end markets is the right approach for the future. As a result, and after a careful review, which is shown on Slide 9, we have decided to embrace a new organizational structure. This new structure will include dedicated food segment and will consolidate all of our industrial activities into one segment. It will also bring our potash and phosphate fertilizers together. We believe this new market-oriented organizational structure will strengthen management focus on our key growth engines and align the business with our strategic priorities. We expect this update to our reporting structure to provide investors with enhanced visibility into the performance, growth drivers and value creation potential of our businesses. On Slide 10, you can see each of our 4 segments. Nutrition Solutions will bring together all of our food and beverage, health, nutrition and wellness offerings into one place. This will include our existing Food Specialties business along with the Food & Pharma Solutions that previously resided in Industrial Products. Industrial Products will be focused on performance and safety solutions for industrial markets, primarily electronics, energy and construction and will now include the Industrial Phosphate Solutions that were formerly under Phosphate business segment. This segment will lead our effort to unlock the full potential of high-growth markets such as advanced electronics, semiconductors, AI infrastructure, data centers and next-generation computing, positioning us at the forefront of some of the most dynamic and rapidly expanding industries worldwide. There will be no change to Growing Solutions, which will remain focused on specialty plant nutrition for agriculture, turf and environmental markets. Essential Minerals will include potash and phosphate fertilizers from our upstream mineral production sites, including our potash resources in the Dead Sea and in Spain, and our phosphate resources in the Negev and in China and will continue to serve the global agriculture markets. This change will take effect in the first quarter of 2027. However, 2025 pro forma snapshot of each of the new segment is shown on Slide 11. We believe this new structure will allow us to amplify our growth engines as we move ahead with our strategic priorities. If you will now turn to Slide 12, I would like to take just a few moments to introduce you to Elevate, our new cost transformation program. We have initiated this effort in order to reduce our cost base, support our margin expansion, improve cash generation and strengthen our earnings power. Elevate is a corporate-wide effort to increase efficiency and productivity by realigning our cost structure to build a lean and agile company poised on growth. In addition, we will be leveraging AI to accelerate innovation, drive efficiency and improve decision-making. Taken together, these initiatives are expected to deliver more than $150 million in annual EBITDA improvement by the end of 2027, growing to more than $350 million annually by the end of 2028. On Slide 13, you can see our targeted savings. We expect approximately 50% to 60% of the projected EBITDA improvement to be driven by productivity gains and operational efficiencies. A reduction in external spend expected to deliver 30% to 40% of our goal, while SG&A optimization efforts are forecasted to contribute the remaining 10% to 20%. While this is an ambitious effort, I know everyone at ICL is committed to taking the necessary steps to make this cost transformation program a reality over the next 2 years. Now let's turn to Slide 15 for a more detailed review of the second quarter. As discussed, we delivered sales of $2.1 billion, which were up 17% year-over-year. These results exceeded expectations and each of our 4 businesses contributed to this solid sales performance as higher prices for potash, bromine and phosphates contributed to the year-over-year improvement. Adjusted EBITDA of $448 million increased 28% versus the prior year. This growth was achieved even as we absorbed $100 million of higher raw material costs and more than $40 million of exchange rate impact. We also reported a 35% improvement in adjusted net income of $149 million, which translates to adjusted earnings per share of $0.12, an increase of 33%. Operating cash flow of $290 million improved 8% on an annual basis and free cash flow of $94 million was up 34% in second quarter. Despite continued volatility in global markets during the second quarter, we stayed focused on disciplined execution, managing the factors within our control and responding decisively to changing market conditions. We also benefited from our distinctive global presence with regionally diversified operations and from higher prices across the fertilizers, food and industrial markets we serve. Let's turn to our business segments and begin with Industrial Products. On Slide 16, you can see second quarter sales of $414 million were up 30% year-over-year, while EBITDA of $130 million was up 88%. This was the segment's best quarterly performance since the end of 2022, and it was mainly driven by higher bromine prices and increased volumes. For flame retardants, overall sales increased. Bromine-based products benefited from higher prices and improved electronics end market demand. Sales of phosphorus-based flame retardants were stable despite muted demand in the construction end markets. For our clear brine fluids, which are used by the oil and gas industry during well completion, business remained solid. While sales decreased slightly due to timing shifts, demand in Europe and South America increased in the second quarter. Specialty minerals, which includes magnesia, calcium carbonate and salt products, reported increased sales with strong magnesia demand across the wide array of end markets. Overall year-over-year improvement was also driven by growth in food and pharma demand, and this trajectory is expected to continue throughout the remainder of 2026. Turning to our Potash division on Slide 17. For the second quarter, sales of $468 million were up 22% year-over-year. EBITDA of $154 million was up 34%. Our average potash price for the second quarter was $376 CIF per ton. This amount was up 13% year-over-year and 4% sequentially. Potash production volumes came in at 1,058,000 metric tons in the second quarter and were up 11% or more than 100,000 metric tons versus the prior year. These gains were achieved as a strong focus on process optimization and cost reduction drove significant improvements in operational performance and resource efficiency. Once again, we continue to maximize our potash sales by prioritizing the best global markets, and we also benefited from higher potash prices in the quarter. Despite recent price increases, potash remains relatively affordable compared to nitrogen and phosphate fertilizers, supporting continued demand. Now turning to review the Phosphate Solutions division on Slide 18. For the second quarter, sales increased 13% to $722 million. Higher prices for both commodity and specialty phosphates helped drive sales growth. Second quarter EBITDA of $136 million increased slightly as price increases were able to partially offset the impact of higher raw material prices. For our specialty food phosphates, sales increased in the second quarter, and this reflects not only price increases but also volume growth from existing and new customers. Growth was across a variety of use cases, including dairy, meat and seafood in expansion markets like China and India. Our specialty food solutions are targeting consumer trends such as low sodium, healthy-for-you and clean label. We are also developing a high-protein beverage prototype as we look to expand our participation in the GLP-1 category. This brings us to our Growing Solutions business division on Slide 19. Sales for the second quarter increased 12% to $605 million with growth in most regions, while EBITDA of $50 million was down versus prior year. In order to partially offset the pressure from higher raw material costs, geopolitical tensions and supply chain volatility, the Growing Solutions team focused on favorable price and mix, disciplined SG&A management and commercial actions targeting profitability. On a regional basis, soft market conditions remained an issue in Brazil as overall demand was weak. After a challenging April, performance improved progressively in May and June. For Europe, both sales and profitability improved in the second quarter as we maintained our focus on optimizing product mix. Execution of this strategy has proven successful with a sharp focus on core countries and products, driving growth and profitability. During the quarter, Growing Solutions did a remarkable job of managing the areas under their control from optimizing its fixed cost base to reducing general and administrative expenses. I would now like to turn the call over to Asaf Alperovitz for a review of quarterly financials and our outlook for the remainder of 2026. Asaf Alperovitz: Thank you, Elad. It is a pleasure to be here today. I'm excited to join ICL and to work with the entire global team as we execute new strategic priorities. Over the coming months, I look forward to meeting many of our investors and analysts in person and to spending time across the global operations, deepening my understanding of the business and its opportunities. Let us get started on Slide 21 with a quick look at quarterly changes in key market metrics. On the positive side, the grain price index in the U.S. improved on a quarterly basis with corn, rice, soybean and wheat, all trending up. However, farmer affordability remains an issue on a global basis. In the U.S., farmer sentiment declined in the second quarter as high input costs remained a top concern. In addition, inflation-adjusted net farm income is forecasted to decline 2.6% in the U.S. in 2026. Turning to commodity prices. Spot bromine prices reached a peak in April, and these higher prices helped support the strong financial performance of our Industrial Products segment in the second quarter. While bromine prices moderated in May and June, they ticked back up in July as turbulence returned to the Middle East. In the second quarter, spot potash prices in the U.S. increased nearly 10% on a sequential basis, which supported a stronger Potash division performance versus the prior year. Phosphate fertilizer prices were also higher in the second quarter with key benchmark rates increasing an average of 22% on a sequential basis. However, production costs also escalated as geopolitical disruption drove higher costs for raw materials, particularly sulfur. As you know, sulfur is a key raw material for our phosphate products. In the second quarter, the spot price of sulfur increased 72% on a sequential basis and more than 210% on an annual basis, and these price increases impacted margin rate. In addition, other costs remained elevated, including ocean freight rates. Prices increased 45% on average in the second quarter due to disruptions in the Middle East and continue to increase in July. Finally, let's take a look at exchange rates. As you know, ICL is a dollar-denominated company. So as the shekel strengthens versus the U.S. dollar, it makes it more costly for operation in Israel. However, there was a slight reversal of this trend in July. Going forward, we will continue to use hedging strategies to help mitigate currency risks and to monitor changes in the dollar to shekel exchange rate along with other significant currency fluctuations. Now if you will turn to Slide 22 for a look at our second quarter sales bridges. On a year-over-year basis, sales were up $303 million or approximately 17% with all 4 segments demonstrating growth. Turning to the right side of the slide, you can see a $206 million benefit from higher prices this quarter, which was enhanced by higher volumes. Exchange rates also had a positive impact on sales in the second quarter. On Slide 23, you can see our second quarter adjusted EBITDA, which improved approximately 28% versus the prior year with Industrial Solutions, Potash and Phosphate Solutions all contributing. Higher volumes and prices contributed to the year-over-year improvement and were partly offset by the impact of exchange rate fluctuations and significantly higher raw material costs. While our Growing Solutions segment also delivered higher sales and volumes supported by cost savings initiatives, these benefits were more than offset by significantly higher prices for nitrogen and sulfur. Turning to Slide 24 and a few more second quarter financial highlights. Our balance sheet remains strong with available cash resources of $2.2 billion. In the quarter, we delivered operating cash flow of $290 million, while free cash flow increased 34% versus prior year to $94 million. Our net debt to adjusted EBITDA rate remained at a stable 1.5x, and we successfully completed our $800 million senior notes offering. Once again, we are distributing 50% of adjusted net income to our shareholders. This translates to a total dividend of $75 million in the second quarter and results in a trailing 12-month dividend yield of 4.1%. Before turning the call over to the operator, I would like to highlight that it is an exciting time to join ICL. I'm looking forward to working on an enterprise-wide cost savings and efficiency measures initiatives as we strive to reduce our cost basis while supporting margin expansion, improving cash generation and strengthening our earning power. In addition, I believe our new organizational structure will strengthen management focus on our key growth engines and align the business with our strategic priorities. We expect this update to our reporting structure to provide investors with advanced visibility into the performance, growth drivers and value creation potential of our businesses. The new organizational structure will be implemented beginning in the first quarter of 2027 and will be reflected in both our internal and external financial reporting. In the interim, the team and I are available to assist you with any modeling questions in order to help make this transition seamless. Now turning to Slide 25 and a review of our guidance for 2026. We are reiterating our guidance and continue to expect consolidated EBITDA to be between $1.5 billion and $1.7 billion. This reflects the expected impact of higher raw material costs and currency headwinds. In the second quarter, we were successful in offsetting some of these higher costs through certain mitigation actions and as we consume lower-cost sulfur inventory. However, if sulfur prices remain at this currently elevated levels, we will see margin pressure in our phosphate products as we consume higher-priced inventory. While we expect continued challenges in the second half of the year, we remain focused on execution and are confident we have the right people, solutions and capabilities in place to help ease but not completely eliminate the impact of external forces. For potash sales volumes, we continue to expect this amount to be between 4.5 million metric tons and 4.7 million metric tons due to operational improvements made in 2025. Finally, we expect our annual adjusted tax rate to be approximately 30%. And with that, I would like to turn the call to the operator for the Q&A session. Operator: [Operator Instructions] Your first question comes from the line of Ben Theurer with Barclays. Benjamin Theurer: First of all, congrats on a very strong second quarter. My first question is, I would say, results related and the follow-up is on the new strategy. So first of all, looking at the results, there was clearly an impressive outcome in Industrial Products with almost doubling on EBITDA on very strong sales. So I just wanted to understand if you could kind of like help us bridge maybe how much really was driven by price versus what was then ultimately demand and the strength in it and how we should think about the top line and the profit for IP as we move into the second half, just given that it was such an outstanding quarter in this segment? Asaf Alperovitz: Thank you for your question, Ben. So indeed, with the IP and bromine segment, we've seen strong performance, both in sales and EBITDA. As you noted, the bromine and as you are well aware, the bromine prices reached a peak in April, above $6,000 roughly per ton. In May and June, they slightly moderated. And currently, they are pretty much at $4,500, so going back to a higher level. In terms of certain product line, we've seen flame retardants doing solid with very strong performance. So overall, certainly, we enjoyed the high prices in Q2. In April, we were able to lock in strong prices and transaction towards Q2. And now again, we are at $4,500 level. So certainly pretty attractive prices as well. Did I ask your question? Any follow-up? Benjamin Theurer: So yes, the second one is really about Elevate and just looking into the, call it, maybe stretching the downside risks and the upside potential here. Clearly, a lot of it comes down to operational efficiencies and productivity with roughly half of the savings. So I just want to understand like what you have identified and how comfortable you are with reaching first the $150 million in first place and then actually being able to add more than -- double than that in the year after. So I just wanted to understand what is it that gives you confidence to be able to achieve the roughly $350 million target within that 2-year time frame with a focus on the productivity, please? Elad Aharonson: So Ben, it's a great question. And you know us by now, and you know that we are -- I'll say gently, we are a bit conservative. So probably you understand that if we say that we are going to hit the $350 million, so our internal target is even higher than that. That's just to be honest. And the reason for that is that ICL expanded in the last few years, and we have more than 40 production sites and a very complicated and widespread logistic supply chain. So with that, I think we have a lot of potential to be more efficient to allocate those savings. I think for the last few years, we didn't put a lot of efforts or a focused effort on this part of the company. It's about time, and I'm quite confident that we'll be able to bring those numbers, hopefully a bit more. Operator: Your next question comes from the line of Joel Jackson with BMO Capital Markets. Joel Jackson: I have a few questions. I'm going to ask them one by one. Just back on IP, I appreciate the color you gave a few seconds -- a few minutes ago. I know that prices are still good for bromine in Q3. But I mean, should we see earnings levels drop in Q3, Q4 somewhere between Q1 and Q2 levels? Asaf Alperovitz: Again, in the current level of $4,500 of bromine prices, I think prices are higher than what we've seen in Q1. They are lower than what we've seen in April. But we have the capabilities and agility actually to lock in transactions. So I think Q2 does represent a pretty high level. But as it relates for Q3 and beyond, we'll just have to wait and see. Joel Jackson: And then my second of 3 questions would be, we all are quite aware of day-to-day trials and crises in sulfur. You gave a bit of commentary about expecting lower phosphate margins in the second half of the year, if I heard correctly. But can you give a sense of how you're handling sulfur, we're starting to -- I mean the market has no sulfur supply, but a lot of lower sulfur demand. How are you handling this? What should we expect in the second half? Elad Aharonson: So yes, sulfur is probably one of the main issues for the remainder of the year, not only for us, you hear it from our colleagues as well. And basically, there are 2 challenges. One is the availability just to get sulfur, and the other one, of course, is the price. Prices moved up along Q2. And now the spot prices in CFR terms are around $1,200, a bit more than that per metric ton. By now, we managed to secure the quantities for Q3 and beginning of Q4, but it's still a challenge. So for now, we have no intention to reduce the production rate both in Rotem and YPH in China. Having said that, the cost of sulfur, the consumption cost is going to be higher than what we saw in Q1 and also in Q2. So yes, sulfur is an issue. The bottom line, we continue to produce right now. We have the demand and the demand for the phosphate products, and we have enough sulfur at least for Q3. I believe we'll solve it also for Q4, but cost will continue to increase, consumption cost. Asaf Alperovitz: Maybe just to add on that, I think that one of our key strengths, and we are quite unique in the industry is our breadth and diversity of our product portfolio, geographies and the markets and the customers we serve. This diversification really provides the flexibility where we can optimize the sulfur allocation across different customers and end markets and so forth. So through a detailed S&OP process, we can really optimize that. I think that's something that we will certainly continue to do as we move forward in the second half of the year. Joel Jackson: And then my last question is a bit more longer-term thinking, which is, obviously, you're quite exposed to LFP cathodes with your business and high-purity phosphoric acid and there's a lot of opportunity there. We've seen strong growth rates in LFP, energy storage, a big deal now in batteries. We're really seeing sodium ion as the conversation for energy storage. And there's a lot of questions now if sodium ion over the next bunch of years will take share from LFP in ESS. Can you share your latest views on that? Elad Aharonson: Yes. So yes, we are enjoying the LFP trend by supplying acid and MAP mainly to producers in China. It's not a huge part of our Phosphate business, to be honest. And also, and again, I'm not a technical expert, but I think it's going to take time until the LFP will be down. Right now, we see the opposite. We see an increasing trend with the LFP demand. So I think for the next 5 years, we have nothing to be concerned of in that respect. Maybe in 10 years' time, there will be a different arena. But in any case, again, LFP for now, it's not a big part of what we are doing on the Phosphate segment. Operator: [Operator Instructions] Your next question comes from the line of Joel Jackson with BMO Capital Markets. Joel Jackson: Okay. I'll go back for some more. Maybe in terms of Potash. So on Potash, can you talk about the market? Like it seems like it's stabilized around $400 a ton. We've seen some announcements from some of your Eastern European competitors about maintenance in Q3, and we'll have to see how much we believe if those numbers are true. But what are you seeing in the granular versus standard markets for potash? Is it a stable market? Elad Aharonson: So the way we see the potash market right now, it's -- I think the word is stable market, that's the right term. Demand is there. It's varied from the different geographies. But right now, we have demand both for granular between Brazil, U.S. and Europe. And of course, the standard mainly for us, India and China. As for the price level, so China and India, it's a fixed price, right, annual contract. As for the spot market, yes, around $400. It depends. U.S., a bit less, Europe, a bit more. But all in all, that's the ZIP code. I don't see a lot of volatility in the potash market in the last few months. And also, I don't anticipate any volatility in the coming few months. Joel Jackson: And just maybe you can give some commentary on Brazil in general for your different businesses, including Growing Solutions. I mean, across the crop input landscape, the ag equipment landscape, all we hear about is how challenged Brazil has been from a credit perspective, concerns about interest rates. Now does that mean like your Growing Solutions business should we see pretty flat earnings in the second half of the year? Or is there opportunity for some growth in the -- in Brazil? Elad Aharonson: Yes, it's a great question. For our Growing Solutions business, Brazil represents 1/3 of the business, and it's not a secret that the Brazilian market is weak. And also, just to remind everyone that usually the hot season or the high season in Brazil is Q3 and the beginning of Q4. So in that respect, I think this year in Brazil will be weaker than what we saw in the past because of the reasons that you mentioned. By the way, we don't see less of consumption on the commodity. So potash and the fertilizer, we don't see the real gap. But on specialty fertilizers, it's a bit tougher. So I think in Brazil, in Growing Solutions, Q3 will not be as strong as it should be. When we'll see the change, I don't know. There are elections in October, I think, and maybe they will change some external factors. But for this season, unfortunately, I think Brazil will remain soft. Asaf Alperovitz: Maybe just to add to that, despite the fact that we see key grains prices going up since the beginning of the year and even more so in July due to the macro reason that you just mentioned, we see affordability is still a major issue in Brazil. Also financing, to plan financing is challenging. You're aware of the macro conditions with real interest rate above 9%. So overall, despite high grain prices, the input costs are very high. And we do expect that, as Elad mentioned, to continue into the second half of the year. Operator: Your next question comes from the line of Ben Theurer with Barclays. Benjamin Theurer: Why not? We'll give it another one as well. Joel and I were running are the show here. So one question I had to follow up is, if I look at your guidance currently and we just take a look at EBITDA on an LTM basis, you're at about $1.65 billion, so closer to the higher end of it. So with obviously better pricing on potash still coming in a little bit on a year-over-year basis, that momentum in IP, maybe a little bit tougher on the phosphate side. But putting this all together, it feels like we can comfortably think about the higher end. So I wanted to understand a little bit the risks that you're seeing for maintaining somewhat a still relatively wide range of outcomes with that $200 million spread on your EBITDA guidance. What are the risks that you're seeing for the second half? And what could take you to the lower end versus where we're trending at, which would be the higher end as of now? Elad Aharonson: So I think you're a bit underestimating the sulfur issue as we don't see -- I mean, in the Q2 results for us, and I guess for the peers as well, we don't see the full extent of the implication of the very high sulfur prices. So that's a real headwind together with the FX, I mean, the exchange rate between shekel and dollar, we are exposed to the shekel in more than $1 billion equivalent. So those are the main headwinds. The third one, as we just discussed, answering Joel's question, is Brazil. Brazil, usually, it's a big contribution for Q3, and it's now a bit soft. So those are the headwinds. There are also tailwinds, as you mentioned. As for the bromine prices, right now, it's better than expected. But again, it's very much has to do with the geopolitical situation here in West Asia. So I don't know what will happen next in that respect. Potash remains stabilized as we discussed. So all in all, I think the second semester will be good, but most probably will be a bit lower than the first half. Operator: This concludes the question-and-answer session. I will now turn the call back to Elad Aharonson for closing remarks. Elad Aharonson: Okay. So bottom line, a very strong Q2 as we discussed. We discussed also the headwinds for the rest of the year, but also the tailwinds. I don't want to repeat this one. And it was very important for me to share with you how we're making progress on our strategic implementation or execution. The organizational structure adjustment will be implemented early next year. And I think it's very -- it will give us an opportunity and very nice potential in those end markets. And also the Elevate, again, we are very focused on that and the entire company, all the employees are very much committed to that. So I have no doubt that we are going to win this $350 million until the end of 2028. With that, I'll conclude here. Thank you very much for participating today, and see you all in the next quarter. Asaf Alperovitz: Thank you. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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Company delivers best quarterly operating income performance in three yearsAdvances strategic principles, with growth-focused new business segments and more than $350 million of targeted cost savings initiatives TEL AVIV, Israel & ST. LOUIS, August 05, 2026--(BUSINESS WIRE)--ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today reported its financial results for the second quarter ended June 30, 2026. Consolidated sales of $2.1 billion were up 17% versus $1.8 billion in the prior year. Operating income was $266 million versus $181 million in the second quarter of last year, while adjusted operating income of $281 million was up $80 million versus $201 million. For the second quarter, net income attributable to shareholders was $137 million versus $93 million in the prior year, with adjusted net income of $149 million up 35% compared to $110 million. Adjusted EBITDA of $448 million was up nearly $100 million versus $351 million. Diluted earnings per share were $0.11 versus $0.07 in the second quarter of last year, with adjusted diluted EPS of $0.12 up 33% versus $0.09. Operating cash flow of $290 million was up versus $269 million in the prior year, while free cash flow of $94 million was up 34%. "ICL exceeded expectations in the second quarter and reported solid growth across all key financial metrics, both on an annual and sequential basis, and each of our four businesses contributed to the strong sales performance. Once again, we benefited from our distinctive global presence, as our regionally diversified sales and operations teams remained close to our customers and end markets. We successfully leveraged market dynamics where opportunities emerged, while continuing to diligently manage forces outside of our control and to swiftly respond to changes in market conditions," said Elad Aharonson, president and CEO of ICL. "As part of the execution of our strategy, we intend to realign our organizational structure at the beginning of 2027. This new structure is expected to strengthen management focus on our key growth engines and align the business with our strategic priorities. We expect this update to our structure will provide investors with enhanced visibility into the performance, growth drivers and value creation potential of our businesses. "The new structure will be comprised of three end market-focused business divisions: the newly established Nutrition Solutions division will bring together all of our food and beverage, health, nutrition and wellness offerings in one place to address multiple end markets; Industrial Products will be focused on performance and safety solutions for all of our industrial end markets; and Growing Solutions will remain focused on specialty plant nutrition for agriculture, turf and ornamental end markets. Our fourth segment, Essential Minerals, will include potash and phosphate fertilizers from our upstream mineral production sites – including our potash resources in the Dead Sea and Spain and our phosphate resources in the Negev and China – and will continue to serve global agriculture end markets. Additional details are available in our financial schedules, and we will discuss further on our earnings call later today. "During the second quarter, we also formalized our enterprise-wide cost savings initiative, known as Elevate. This program is designed to reduce our cost base, support margin expansion, improve cash generation and strengthen earnings power. Implementation began in the third quarter, and we expect to deliver more than $350 million of annualized savings by the end of 2028 and to begin realizing significant savings in early 2027," concluded Aharonson. The company is reiterating its guidance for full year 2026 consolidated adjusted EBITDA of between $1.5 billion to $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 895044656. Analysts can pre-register for the call by visiting https://events.q4inc.com/analyst/895044656?pwd=kzld21P6. 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. Industrial Products Second quarter 2026 Sales of $414 million, up 30% vs. $319 million. EBITDA of $130 million, up 88% vs. $69 million. Year-over-year growth driven by higher bromine prices. Key developments versus prior year Flame retardants: Strong overall sales growth, with bromine-based product sales benefiting from higher pricing and continued improvement in electronics end-market demand. Sales of phosphorous-based solutions were stable, as construction end-market demand remained muted. Elemental bromine: Increase in sales primarily driven by higher prices. Clear brine fluids: Sales decreased slightly, due to timing fluctuations. Specialty minerals: Higher sales were driven by increased demand for specialty magnesia used in pharma and food applications and as North America replenished its deicing inventory. Potash Second quarter 2026 Sales of $468 million, up 22% vs. $383 million. EBITDA of $154 million, up 34% vs. $115 million. Grain Price Index increased 2.3% year-over-year, with corn and rice down 0.7% and 9.6%, respectively, while soybeans and wheat were up 11.3% and 17.6%, respectively. On a sequential basis, the Grain Price Index increased 10.2%, with corn up 3.5%, rice up 11.2%, soybeans up 4.9% and wheat up 19.1%. Key developments versus prior year Potash price: $376 per ton (CIF). Potash sales volumes: 1,081 thousand metric tons. Potash production volumes: 1,058 thousand metric tons. Phosphate Solutions Second quarter 2026 Sales of $722 million, up 13% vs. $637 million. EBITDA of $136 million, up 1% vs. $134 million. Year-over-year growth, primarily driven by higher pricing to offset cost increases for sulfur and other raw materials. Key developments versus prior year Food phosphates: Solid sales growth, driven by price increases implemented to offset higher raw material costs, as well as better volumes in Asia, North America and Europe. Industrial phosphates: Higher sales driven by strong volume demand in China, related to increased EV production capacity. White phosphoric acid: Sales growth, due to price increases implemented to offset higher raw material expenses. Commodity phosphates: Prices increased significantly, driven by tighter global supply conditions. Growing Solutions Second quarter 2026 Sales of $605 million, up 12% vs. $540 million. EBITDA of $50 million vs. $56 million. Sales in some regions benefited from higher prices and volumes. Key developments versus prior year Brazil: Despite the positive impact from higher prices, sales were flat, due to lower volumes. Gross profit also declined, due to less profitable product mix and higher raw material prices. Europe: Sales increased on higher prices and volumes, which also resulted in higher gross profit. North America: Sales decreased slightly, as higher prices were unable to offset lower volumes. Gross profit declined, primarily due to increased raw material costs. Asia: Sales increased, driven by higher volumes, which also contributed to improved gross profit. 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. Financial Items Financing Expenses Net financing expenses for the second quarter of 2026 were $42 million, up versus $13 million in the corresponding quarter of last year. This increase 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 in the second quarter this year. Tax Expenses Reported tax expenses in the second quarter of 2026 were $72 million, reflecting an effective tax rate of about 32%, compared to $60 million in the corresponding quarter of last year, reflecting an effective tax rate of 36%. Available Liquidity ICL’s available cash resources, which are comprised of cash and deposits, unutilized revolving credit facility, and unutilized securitization, totaled $2,217 million, as of June 30, 2026. Outstanding Net Debt As of June 30, 2026, ICL’s net financial liabilities amounted to $2,635 million, an increase of $375 million compared to December 31, 2025. Dividend Distribution In connection with ICL’s second quarter 2026 results, the Board of Directors declared a dividend of 5.81 cents per share, or approximately $75 million, versus 4.26 cents per share, or approximately $55 million, in the second quarter of last year. The dividend will be payable on September 16, 2026, to shareholders of record as of September 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. 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. The company undertakes 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. Non-GAAP Statement The company discloses 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. 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's 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804292091/en/ Contacts Investor and Press Contact – GlobalPeggy Reilly TharpVP, Global Investor [email protected] Investor and Press Contact – IsraelAdi BajayoVP, ICL Spokesperson and Israel [email protected]

ICL Group (ICL) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.09%. A quarter ago, it was expected that this potash and fertilizer producer would post earnings of $0.1 per share when it actually produced earnings of $0.11, delivering a surprise of +10%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. ICL Group, which belongs to the Zacks Fertilizers industry, posted revenues of $2.14 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.79%. This compares to year-ago revenues of $1.83 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ICL Group shares have lost about 9.8% since the beginning of the year versus the S&P 500's gain of 13%. While ICL Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ICL Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $2.01 billion in revenues for the coming quarter and $0.43 on $7.93 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Fertilizers is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Suzano S.A. Sponsored ADR (SUZ), another stock in the broader Zacks Basic Materials sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of -91.6%. The consensus EPS estimate for the quarter has been revised 284.6% higher over the last 30 days to the current level. Suzano S.A. Sponsored ADR's revenues are expected to be $2.32 billion, down 1.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ICL Group Ltd. (ICL) : Free Stock Analysis Report Suzano S.A. Sponsored ADR (SUZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Mosaic (MOS) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +44.44%. A quarter ago, it was expected that this fertilizer maker would post earnings of $0.2 per share when it actually produced earnings of $0.05, delivering a surprise of -75%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Mosaic, which belongs to the Zacks Fertilizers industry, posted revenues of $2.82 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.3%. This compares to year-ago revenues of $3.01 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Mosaic shares have lost about 9.5% since the beginning of the year versus the S&P 500's gain of 11%. While Mosaic has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Mosaic was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $3.25 billion in revenues for the coming quarter and $0.73 on $12.72 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Fertilizers is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. ICL Group (ICL), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This potash and fertilizer producer is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +22.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. ICL Group's revenues are expected to be $2.02 billion, up 10.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Mosaic Company (MOS) : Free Stock Analysis Report ICL Group Ltd. (ICL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TEL AVIV, Israel & ST. LOUIS, July 21, 2026--(BUSINESS WIRE)--ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it plans to release second quarter 2026 results prior to the opening of the TASE market on Wednesday, August 5, 2026. On that day, Elad Aharonson, president and CEO of ICL, and Asaf Alperovitz, CFO of ICL, will host a conference call to discuss results, provide a general business update and answer questions 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 895044656. Analysts can pre-register for the call by visiting https://events.q4inc.com/analyst/895044656?pwd=kzld21P6. 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. A replay will be available online within approximately 24 hours of the live event. About ICL ICL Group is a global leader in agriculture, food and industrial solutions and uses 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 includes more than 12,000 individuals who are 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), and its 2025 revenues totaled more than $7 billion. 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. 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, 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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260721215562/en/ Contacts Investor and Press Contact – GlobalPeggy Reilly TharpVP, Global Investor [email protected] Investor and Press Contact - IsraelAdi BajayoVP, ICL Spokesperson and Israel [email protected]

The market for ICL Group Ltd's (NYSE:ICL) shares didn't move much after it posted weak earnings recently. We think that the softer headline numbers might be getting counterbalanced by some positive underlying factors. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. For anyone who wants to understand ICL Group's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit was reduced by US$159m due to unusual items. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect ICL Group to produce a higher profit next year, all else being equal. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Unusual items (expenses) detracted from ICL Group's earnings over the last year, but we might see an improvement next year. Based on this observation, we consider it likely that ICL Group's statutory profit actually understates its earnings potential! Unfortunately, though, its earnings per share actually fell back over the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing ICL Group at this point in time. Every company has risks, and we've spotted 5 warning signs for ICL Group (of which 1 shouldn't be ignored!) you should know about. Today we've zoomed in on a single data point to better understand the nature of ICL Group's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.