\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n millions<\/b><\/p>\n<\/td>\n | \n % of<\/b><\/p>\n Sales<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n millions<\/b><\/p>\n<\/td>\n | \n % of<\/b><\/p>\n Sales<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n millions<\/b><\/p>\n<\/td>\n | \n % of<\/b><\/p>\n Sales<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n millions<\/b><\/p>\n<\/td>\n | \n % of<\/b><\/p>\n Sales<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSales<\/p>\n<\/td>\n | \n 1,701<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n1,601<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n 7,153<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n6,841<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross profit<\/p>\n<\/td>\n | \n 468<\/b><\/p>\n<\/td>\n | \n 28<\/b><\/p>\n<\/td>\n | \n \n535<\/p>\n<\/td>\n | \n \n33<\/p>\n<\/td>\n | \n 2,186<\/b><\/p>\n<\/td>\n | \n 31<\/b><\/p>\n<\/td>\n | \n \n2,256<\/p>\n<\/td>\n | \n \n33<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income (loss)<\/p>\n<\/td>\n | \n (16)<\/b><\/p>\n<\/td>\n | \n (1)<\/b><\/p>\n<\/td>\n | \n \n147<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n 580<\/b><\/p>\n<\/td>\n | \n 8<\/b><\/p>\n<\/td>\n | \n \n775<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted operating income (1)<\/sup><\/p>\n<\/td>\n| \n 223<\/b><\/p>\n<\/td>\n | \n 13<\/b><\/p>\n<\/td>\n | \n \n190<\/p>\n<\/td>\n | \n \n12<\/p>\n<\/td>\n | \n 873<\/b><\/p>\n<\/td>\n | \n 12<\/b><\/p>\n<\/td>\n | \n \n873<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income (loss) attributable to the Company’s shareholders<\/p>\n<\/td>\n | \n (73)<\/b><\/p>\n<\/td>\n | \n (4)<\/b><\/p>\n<\/td>\n | \n \n70<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \n 226<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n \n407<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted net income attributable to the Company\u2019s shareholders (1)<\/sup><\/p>\n<\/td>\n| \n 121<\/b><\/p>\n<\/td>\n | \n 7<\/b><\/p>\n<\/td>\n | \n \n104<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n 465<\/b><\/p>\n<\/td>\n | \n 7<\/b><\/p>\n<\/td>\n | \n \n484<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted earnings per share (in dollars)<\/p>\n<\/td>\n | \n (0.06)<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n0.06<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n 0.18<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n0.32<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted adjusted earnings per share (in dollars) (2)<\/sup><\/p>\n<\/td>\n| \n 0.09<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n0.08<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n 0.36<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n0.38<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA (2)<\/sup><\/p>\n<\/td>\n| \n 380<\/b><\/p>\n<\/td>\n | \n 22<\/b><\/p>\n<\/td>\n | \n \n347<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n 1,488<\/b><\/p>\n<\/td>\n | \n 21<\/b><\/p>\n<\/td>\n | \n \n1,469<\/p>\n<\/td>\n | \n \n21<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash flows from operating activities (3)<\/sup><\/p>\n<\/td>\n| \n 314<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n452<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n 1,056<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n1,468<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchases of property, plant and equipment and intangible assets (3)<\/sup><\/p>\n<\/td>\n| \n 252<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n267<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n 824<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n713<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nSee \u201cAdjustments to Reported Operating and Net income (non-GAAP)\u201d below.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nSee “Adjusted EBITDA and Diluted Adjusted Earnings Per Share for the periods of activity” below.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3)<\/p>\n<\/td>\n | \n \nSee \u201cCondensed consolidated statements of cash flows (unaudited)\u201d in the appendix below.<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Segment Information<\/b><\/p>\n Industrial Products<\/b><\/p>\n \nThe Industrial Products segment produces bromine from a highly concentrated solution in the Dead Sea and bromine\u2011based compounds at its facilities in Israel, the Netherlands and China. In addition, the segment produces several grades of salts, magnesium chloride, magnesia-based products, phosphorus-based products and functional fluids.<\/p>\n Results of operations and key indicators<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 10-12\/2025<\/b><\/p>\n<\/td>\n | \n 10-12\/2024<\/b><\/p>\n<\/td>\n | \n 1-12\/2025<\/b><\/p>\n<\/td>\n | \n 1-12\/2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Segment Sales<\/b><\/p>\n<\/td>\n | \n 296<\/b><\/p>\n<\/td>\n | \n \n280<\/p>\n<\/td>\n | \n 1,254<\/b><\/p>\n<\/td>\n | \n \n1,239<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSales to external customers<\/p>\n<\/td>\n | \n 294<\/b><\/p>\n<\/td>\n | \n \n275<\/p>\n<\/td>\n | \n 1,238<\/b><\/p>\n<\/td>\n | \n \n1,220<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSales to internal customers<\/p>\n<\/td>\n | \n 2<\/b><\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n 16<\/b><\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment Operating Income<\/b><\/p>\n<\/td>\n | \n 52<\/b><\/p>\n<\/td>\n | \n \n55<\/p>\n<\/td>\n | \n 220<\/b><\/p>\n<\/td>\n | \n \n224<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n 16<\/b><\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n | \n 60<\/b><\/p>\n<\/td>\n | \n \n57<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment EBITDA<\/b><\/p>\n<\/td>\n | \n 68<\/b><\/p>\n<\/td>\n | \n \n70<\/p>\n<\/td>\n | \n 280<\/b><\/p>\n<\/td>\n | \n \n281<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCapital expenditures<\/p>\n<\/td>\n | \n 28<\/b><\/p>\n<\/td>\n | \n \n38<\/p>\n<\/td>\n | \n 81<\/b><\/p>\n<\/td>\n | \n \n94<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Significant highlights for the fourth quarter<\/b><\/p>\n\n- \nFlame retardants: Sales of bromine-based products remained flat year-over-year, as higher prices were offset by lower volumes due to continued weak demand. Sales of phosphorus-based products were also flat year-over-year, driven mainly by lower volumes in Europe, offset by higher volumes and prices in the US following duties on imports of tris (2-chloro-1-methylethyl) phosphate (TCPP) from China.<\/p>\n<\/li>\n
- \nElemental bromine: Sales increased year-over-year, as higher prices offset lower volumes.<\/p>\n<\/li>\n
- \nClear brine fluids: Sales increased year-over-year, driven by higher demand in South America and Europe.<\/p>\n<\/li>\n
- \nSpecialty minerals: Sales increased year-over-year, driven by higher demand for magnesium chloride for deicing in the US following an early snowfall, which resulted in strong pre-season sales. This was partially offset by lower sales in certain industrial applications.<\/p>\n<\/li>\n<\/ul>\n
Results analysis for the period October \u2013 December 2025<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Sales<\/b><\/p>\n<\/td>\n | \n Expenses<\/b><\/p>\n<\/td>\n | \n Operating income<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Q4 2024 figures<\/b><\/p>\n<\/td>\n | \n 280<\/b><\/p>\n<\/td>\n | \n (225)<\/b><\/p>\n<\/td>\n | \n 55<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nQuantity<\/p>\n<\/td>\n | \n \n(13)<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n(3)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice<\/p>\n<\/td>\n | \n \n24<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n24<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExchange rates<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n(13)<\/p>\n<\/td>\n | \n \n(8)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRaw materials<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEnergy<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTransportation<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating and other expenses<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(20)<\/p>\n<\/td>\n | \n \n(20)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Q4 2025 figures<\/b><\/p>\n<\/td>\n | \n 296<\/b><\/p>\n<\/td>\n | \n (244)<\/b><\/p>\n<\/td>\n | \n 52<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n- Quantity<\/span> \u2013 The negative impact on operating income was primarily due to lower sales volumes of bromine-based flame retardants and phosphorus-based industrial solutions, partially offset by higher sales volumes of clear brine fluids.\n<\/li>\n
- Price<\/span> \u2013 The positive impact on operating income was primarily due to higher selling prices of bromine-based industrial solutions, bromine-based flame retardants, specialty minerals, and phosphorus- based flame retardants.\n<\/li>\n
- Exchange rates<\/span> \u2013 The unfavorable impact on operating income was mainly driven by higher operational costs due to the appreciation of the average exchange rate of the Israeli shekel against the US dollar, which outweighed the positive impact on sales from the euro’s appreciation.\n<\/li>\n
- Operating and other expenses<\/span> \u2013 The negative impact on operating income was mainly related to higher operational costs.\n<\/li>\n<\/ul>\n
Potash<\/b><\/p>\n \nThe Potash segment produces and sells mainly potash, salts, magnesium and electricity. Potash is produced in Israel using an evaporation process to extract potash from the Dead Sea at Sodom and in Spain using conventional mining from an underground mine. The segment also produces and sells pure magnesium, magnesium alloys and chlorine. In addition, the segment sells salt products produced at its potash site in Spain. The segment operates a power plant in Sodom, which supplies electricity and steam to ICL facilities in Israel with any surplus electricity sold to external customers.<\/p>\n Results of operations and key indicators<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 10-12\/2025<\/b><\/p>\n<\/td>\n | \n 10-12\/2024<\/b><\/p>\n<\/td>\n | \n 1-12\/2025<\/b><\/p>\n<\/td>\n | \n 1-12\/2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Segment Sales<\/b><\/p>\n<\/td>\n | \n 473<\/b><\/p>\n<\/td>\n | \n \n422<\/p>\n<\/td>\n | \n 1,714<\/b><\/p>\n<\/td>\n | \n \n1,656<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPotash sales to external customers<\/p>\n<\/td>\n | \n 370<\/b><\/p>\n<\/td>\n | \n \n315<\/p>\n<\/td>\n | \n 1,308<\/b><\/p>\n<\/td>\n | \n \n1,237<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPotash sales to internal customers<\/p>\n<\/td>\n | \n 27<\/b><\/p>\n<\/td>\n | \n \n30<\/p>\n<\/td>\n | \n 89<\/b><\/p>\n<\/td>\n | \n \n95<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther and eliminations (1)<\/sup><\/p>\n<\/td>\n| \n 76<\/b><\/p>\n<\/td>\n | \n \n77<\/p>\n<\/td>\n | \n 317<\/b><\/p>\n<\/td>\n | \n \n324<\/p>\n<\/td>\n<\/tr>\n | \n| \n Gross Profit<\/b><\/p>\n<\/td>\n | \n 163<\/b><\/p>\n<\/td>\n | \n \n61<\/p>\n<\/td>\n | \n 622<\/b><\/p>\n<\/td>\n | \n \n650<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment Operating Income<\/b><\/p>\n<\/td>\n | \n 86<\/b><\/p>\n<\/td>\n | \n \n69<\/p>\n<\/td>\n | \n 298<\/b><\/p>\n<\/td>\n | \n \n250<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n 64<\/b><\/p>\n<\/td>\n | \n \n61<\/p>\n<\/td>\n | \n 254<\/b><\/p>\n<\/td>\n | \n \n242<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment EBITDA<\/b><\/p>\n<\/td>\n | \n 150<\/b><\/p>\n<\/td>\n | \n \n130<\/p>\n<\/td>\n | \n 552<\/b><\/p>\n<\/td>\n | \n \n492<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCapital expenditures<\/p>\n<\/td>\n | \n 124<\/b><\/p>\n<\/td>\n | \n \n116<\/p>\n<\/td>\n | \n 367<\/b><\/p>\n<\/td>\n | \n \n332<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPotash price – CIF ($ per tonne)<\/p>\n<\/td>\n | \n 348<\/b><\/p>\n<\/td>\n | \n \n285<\/p>\n<\/td>\n | \n 316<\/b><\/p>\n<\/td>\n | \n \n299<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nPrimarily includes salt produced in Spain, metal magnesium-based products, chlorine and sales of surplus electricity produced by ICL\u2019s power plant at the Dead Sea in Israel.<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Significant highlights for the fourth quarter<\/b><\/p>\n\n- \nICL’s potash price (CIF) per tonne was $348 in the fourth quarter, reflecting a 22% increase year-over-year.<\/p>\n<\/li>\n
- \nThe Grain Price Index declined by 4.4% in the fourth quarter. While corn, wheat, and soy increased quarter-over-quarter by 2.6%, 0.1%, and 5.1%, respectively, rice declined by 15.7% due to expectations of global oversupply. On a year-over-year basis, the Index declined by 13.9%, as corn and soy increased by 0.6% and 8.6%, respectively, while wheat and rice decreased by 10.7% and 31.1%, respectively.<\/p>\n<\/li>\n
- \nThe WASDE (World Agricultural Supply and Demand Estimates) report, published by the USDA in January 2026, showed a continued decrease in the expected ratio of global inventories of grains to consumption to 26.7% for the 2025\/26 agriculture year, compared to 26.9% for the 2024\/25 agriculture year, and 28.3% for the 2023\/24 agriculture year.<\/p>\n<\/li>\n
- \nIn December 2025, under ICL’s 2025\u20132027 Chinese framework agreements, the Company signed contracts with its Chinese customers to supply 750,000 tonnes of potash, with a mutual option for an additional 330,000 tonnes, to be supplied during 2026 at a price of $348 per tonne. This rate was in line with recent industry contract settlements.<\/p>\n<\/li>\n
- \nMetal Magnesium: Sales decreased year-over-year due to lower sales volumes.<\/p>\n<\/li>\n<\/ul>\n
Additional segment information<\/span><\/b><\/p>\n\nGlobal potash market – average prices and imports:<\/p>\n \n\n| \n Average prices<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10-12\/2025<\/b><\/p>\n<\/td>\n | \n 10-12\/2024<\/b><\/p>\n<\/td>\n | \n VS Q4 2024<\/b><\/p>\n<\/td>\n | \n 7-9\/2025<\/b><\/p>\n<\/td>\n | \n VS Q3 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGranular potash \u2013 Brazil<\/p>\n<\/td>\n | \n \nCFR spot<\/p>\n \n($ per tonne)<\/p>\n<\/td>\n | \n 355<\/b><\/p>\n<\/td>\n | \n \n288<\/p>\n<\/td>\n | \n \n23.3%<\/p>\n<\/td>\n | \n \n360<\/p>\n<\/td>\n | \n \n(1.4)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGranular potash \u2013 Northwest Europe<\/p>\n<\/td>\n | \n \nCIF spot\/contract<\/p>\n \n(\u20ac per tonne)<\/p>\n<\/td>\n | \n 365<\/b><\/p>\n<\/td>\n | \n \n338<\/p>\n<\/td>\n | \n \n8.0%<\/p>\n<\/td>\n | \n \n365<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStandard potash \u2013 Southeast Asia<\/p>\n<\/td>\n | \n \nCFR spot<\/p>\n \n($ per tonne)<\/p>\n<\/td>\n | \n 373<\/b><\/p>\n<\/td>\n | \n \n292<\/p>\n<\/td>\n | \n \n27.7%<\/p>\n<\/td>\n | \n \n370<\/p>\n<\/td>\n | \n \n0.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPotash imports<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTo Brazil<\/p>\n<\/td>\n | \n \nmillion tonnes<\/p>\n<\/td>\n | \n 2.5<\/b><\/p>\n<\/td>\n | \n \n2.9<\/p>\n<\/td>\n | \n \n(13.8)%<\/p>\n<\/td>\n | \n \n4.0<\/p>\n<\/td>\n | \n \n(37.5)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTo China<\/p>\n<\/td>\n | \n \nmillion tonnes<\/p>\n<\/td>\n | \n 4.0<\/b><\/p>\n<\/td>\n | \n \n3.4<\/p>\n<\/td>\n | \n \n17.6%<\/p>\n<\/td>\n | \n \n2.4<\/p>\n<\/td>\n | \n \n66.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTo India<\/p>\n<\/td>\n | \n \nmillion tonnes<\/p>\n<\/td>\n | \n 1.0<\/b><\/p>\n<\/td>\n | \n \n1.2<\/p>\n<\/td>\n | \n \n(16.7)%<\/p>\n<\/td>\n | \n \n0.9<\/p>\n<\/td>\n | \n \n11.1%<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nSources: CRU (Fertilizer Week Historical Price: December 2025), SIACESP (Brazil), United Port Services (Brazil), FAI (India), Chinese customs data, Global Trade Tracker (GTT).<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n<\/table>\n Potash \u2013 Production and Sales<\/span><\/b><\/p>\n\n\n| \n Thousands of tonnes<\/b><\/p>\n<\/td>\n | \n 10-12\/2025<\/b><\/p>\n<\/td>\n | \n 10-12\/2024<\/b><\/p>\n<\/td>\n | \n 1-12\/2025<\/b><\/p>\n<\/td>\n | \n 1-12\/2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nProduction<\/p>\n<\/td>\n | \n 1,222<\/b><\/p>\n<\/td>\n | \n \n1,178<\/p>\n<\/td>\n | \n 4,377<\/b><\/p>\n<\/td>\n | \n \n4,502<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal sales (including internal sales)<\/p>\n<\/td>\n | \n 1,200<\/b><\/p>\n<\/td>\n | \n \n1,259<\/p>\n<\/td>\n | \n 4,320<\/b><\/p>\n<\/td>\n | \n \n4,556<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClosing inventory<\/p>\n<\/td>\n | \n 286<\/b><\/p>\n<\/td>\n | \n \n229<\/p>\n<\/td>\n | \n 286<\/b><\/p>\n<\/td>\n | \n \n229<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Fourth quarter 2025<\/b><\/p>\n\n- Production<\/span> \u2013 Production was 44 thousand tonnes higher year-over-year, mainly due to a planned production shutdown at our Spanish plant in Q4 2024 that reduced production in that period.\n<\/li>\n
- Sales<\/span> – The quantity of potash sold decreased by 59 thousand tonnes year-over-year due to adverse weather conditions toward year-end that disrupted loading operations at Ashdod Port and led to lower sales volumes mainly in the US and Europe.\n<\/li>\n<\/ul>\n
Full year 2025<\/b><\/p>\n\n- Production<\/span> \u2013 Production was 125 thousand tonnes lower year-over-year, mainly due to operational challenges.\n<\/li>\n
- Sales<\/span> \u2013 The quantity of potash sold was 236 thousand tonnes lower year-over-year, mainly due to lower production in the first half of the year and adverse weather conditions toward year-end that disrupted loading operations at Ashdod Port, leading to reduced sales volumes primarily in the US and South America.\n<\/li>\n<\/ul>\n
Results analysis for the period October \u2013 December 2025<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Sales<\/b><\/p>\n<\/td>\n | \n Expenses<\/b><\/p>\n<\/td>\n | \n Operating income<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Q4 2024 figures<\/b><\/p>\n<\/td>\n | \n 422<\/b><\/p>\n<\/td>\n | \n (353)<\/b><\/p>\n<\/td>\n | \n 69<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nQuantity<\/p>\n<\/td>\n | \n \n(11)<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n(10)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice<\/p>\n<\/td>\n | \n \n55<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n55<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExchange rates<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n(13)<\/p>\n<\/td>\n | \n \n(6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRaw materials<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEnergy<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(6)<\/p>\n<\/td>\n | \n \n(6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTransportation<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating and other expenses<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(17)<\/p>\n<\/td>\n | \n \n(17)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Q4 2025 figures<\/b><\/p>\n<\/td>\n | \n 473<\/b><\/p>\n<\/td>\n | \n (387)<\/b><\/p>\n<\/td>\n | \n 86<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n- Quantity<\/span> \u2013 The negative impact on operating income was primarily due to lower potash sales volumes in the US and Europe, as well as decreased sales volumes of magnesium. This was partially offset by higher potash sales volumes in China, India and Brazil.\n<\/li>\n
- Price<\/span> \u2013 The positive impact on operating income was primarily driven by a $63 year-over-year increase in the potash price (CIF) per tonne.\n<\/li>\n
- Exchange rates<\/span> \u2013 The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar, which outweighed their positive impact on sales.\n<\/li>\n
- Energy<\/span> \u2013 The negative impact on operating income was primarily driven by higher water fees and electricity prices.\n<\/li>\n
- Operating and other expenses<\/span> \u2013 The negative impact on operating income was primarily related to higher maintenance and operational costs, as well as higher royalty payments.\n<\/li>\n<\/ul>\n
Phosphate Solutions<\/b><\/p>\n \nThe Phosphate Solutions segment operates ICL\u2019s phosphate value chain and uses phosphate rock and fertilizer-grade phosphoric acid to produce phosphate-based specialty products with higher added value, as well as to produce and sell phosphate-based fertilizers.<\/p>\n Results of operations and key indicators<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 10-12\/2025 (1)<\/sup><\/b><\/p>\n<\/td>\n| \n 10-12\/2024<\/b><\/p>\n<\/td>\n | \n 1-12\/2025 (2)<\/sup><\/b><\/p>\n<\/td>\n| \n 1-12\/2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Segment Sales<\/b><\/p>\n<\/td>\n | \n 518<\/b><\/p>\n<\/td>\n | \n \n507<\/p>\n<\/td>\n | \n 2,333<\/b><\/p>\n<\/td>\n | \n \n2,215<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSales to external customers<\/p>\n<\/td>\n | \n 471<\/b><\/p>\n<\/td>\n | \n \n475<\/p>\n<\/td>\n | \n 2,156<\/b><\/p>\n<\/td>\n | \n \n2,049<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSales to internal customers<\/p>\n<\/td>\n | \n 47<\/b><\/p>\n<\/td>\n | \n \n32<\/p>\n<\/td>\n | \n 177<\/b><\/p>\n<\/td>\n | \n \n166<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment Operating Income<\/b><\/p>\n<\/td>\n | \n 76<\/b><\/p>\n<\/td>\n | \n \n81<\/p>\n<\/td>\n | \n 342<\/b><\/p>\n<\/td>\n | \n \n358<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n 45<\/b><\/p>\n<\/td>\n | \n \n51<\/p>\n<\/td>\n | \n 186<\/b><\/p>\n<\/td>\n | \n \n191<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment EBITDA<\/b><\/p>\n<\/td>\n | \n 121<\/b><\/p>\n<\/td>\n | \n \n132<\/p>\n<\/td>\n | \n 528<\/b><\/p>\n<\/td>\n | \n \n549<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCapital expenditures<\/p>\n<\/td>\n | \n 94<\/b><\/p>\n<\/td>\n | \n \n147<\/p>\n<\/td>\n | \n 336<\/b><\/p>\n<\/td>\n | \n \n340<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(1)<\/p>\n<\/td>\n | \n \nFor Q4 2025, Phosphate Specialties accounted for $ 324 million of segment sales, $ 41 million of operating income, $ 12 million of D&A and $ 53 million of EBITDA, while Phosphate Commodities accounted for $ 194 million of segment sales, $ 35 million of operating income, $ 33 million of D&A and represented $ 68 million of EBITDA.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2)<\/p>\n<\/td>\n | \n \nFor 2025, Phosphate Specialties accounted for $1,332 million of segment sales, $157 million of operating income, $49 million of D&A and $206 million of EBITDA, while Phosphate Commodities accounted for $1,001 million of segment sales, $185 million of operating income, $137 million of D&A and $322 million of EBITDA.<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Significant highlights for the fourth quarter<\/b><\/p>\n\n- \nCommodity phosphate prices declined in Q4 2025, driven by seasonal slowdowns, high input costs, and mounting affordability concerns that triggered significant regional market shifts.<\/p>\n
\n- \nIn China, the phosphate export window closed in October 2025. Weak demand and poor sentiment pushed DAP FOB prices down $88\/mt from September to December, while a severe sulphur shortage raised production costs, lifting domestic DAP prices by ~$32\/mt (RMB225\/mt) and leading to tighter, longer export restrictions for 2026.<\/p>\n<\/li>\n
- \nIn the US, DAP FOB NOLA fell $209\/mt from an August 2025 peak of $887\/mt, mainly in Q4, driven by weak demand, affordability concerns, and sector uncertainty. Through September, DAP and MAP imports were down 41% year-over-year and 31% below the five-year average, with market dynamics further shaped by a Senate investigation and the removal of most fertilizer tariffs in November.<\/p>\n<\/li>\n
- \nIn Brazil, Q4 phosphate prices softened, with MAP CFR falling from $760\/mt in July to $630\/mt by December 2025, as high prices and weak affordability weighed on consumption. Through November, DAP and MAP imports were well below the five-year average, partially offset by rising TSP and SSP imports as buyers sought cheaper alternatives.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nIndian phosphoric acid prices, negotiated quarterly, rose $32\/mt to $1,290\/mt P\u2082O\u2085 in Q4 2025. Q1 2026 prices are still under negotiation.<\/p>\n<\/li>\n
- \nSulphur FOB Middle East ended the fourth quarter at $515\/mt, up $188\/mt quarter-over-quarter. This increase was driven by strong demand from the metals sector in Southeast Asia and the phosphate sector in China, and by tight availability, particularly from Russia and other countries in the former Soviet Union.<\/p>\n<\/li>\n
- \nThe broader functional food ingredients market\u2014valued at approximately $35 billion\u2014is demonstrating strong growth, with a CAGR of 5% to 6%, fueled by global mega trends such as food security, health & lifestyle and dietary shifts towards protein enrichment.<\/p>\n<\/li>\n
- \nThe industrial segment is being reshaped by the global energy transition, specifically the growth of Lithium Iron Phosphate (LFP) batteries, which is accelerating demand of purified phosphoric acid. This trend is most pronounced in China, which remains the global epicenter for LFP cathode production.<\/p>\n<\/li>\n
- \nWhite phosphoric acid (WPA): Sales increased year-over-year, driven mainly by higher volumes and prices, particularly in Asia. Sales of food grade white phosphoric acid (WPA FG) slightly decreased year-over-year, due to a shift in Chinese volumes toward products used in batteries.<\/p>\n<\/li>\n
- \nSales of battery materials in China increased year-over-year, driven by higher volumes and prices and as the Company expanded its business in response to increased industry demand.<\/p>\n
As part of the Company\u2019s strategic portfolio optimization efforts, ICL has shifted its approach to LFP battery materials. While the Company will continue supplying raw materials to battery customers, it will not move further downstream into cathode active materials. Accordingly, it discontinued its previously announced projects in St. Louis and Spain, following a review of shifting market dynamics and recent changes in government policies.<\/p>\n<\/li>\n<\/ul>\n \n- \nIndustrial salts: Sales increased slightly year-over-year, driven by higher prices in Europe.<\/p>\n<\/li>\n
- \nFood specialties: Sales slightly increased versus the previous year and reflected growing volumes in North America and Asia, as part of the Company\u2019s regional expansion strategy.<\/p>\n
In January 2026, the Company acquired 49.9% of Bartek Ingredients’ shares, a global leader in food-grade malic and fumaric acids, serving hundreds of customers and distributors across the food, beverage, confectionery, bakery and other end-markets worldwide. These functional food ingredients are used by food and beverage companies to enhance flavour profiles, extend shelf life, and improve overall product quality.<\/p>\n<\/li>\n<\/ul>\n Additional segment information<\/span><\/b><\/p>\n\nGlobal Phosphate Commodities market – average prices per tonne:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10-12\/2025<\/b><\/p>\n<\/td>\n | \n 10-12\/2024<\/b><\/p>\n<\/td>\n | \n VS Q4 2024<\/b><\/p>\n<\/td>\n | \n 7-9\/2025<\/b><\/p>\n<\/td>\n | \n VS Q3 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nDAP<\/p>\n<\/td>\n | \n \nCFR India Bulk Spot<\/p>\n<\/td>\n | \n 721<\/b><\/p>\n<\/td>\n | \n \n637<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n | \n \n807<\/p>\n<\/td>\n | \n \n(11)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTSP<\/p>\n<\/td>\n | \n \nCFR Brazil Bulk Spot<\/p>\n<\/td>\n | \n 558<\/b><\/p>\n<\/td>\n | \n \n500<\/p>\n<\/td>\n | \n \n12%<\/p>\n<\/td>\n | \n \n603<\/p>\n<\/td>\n | \n \n(7)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSSP<\/p>\n<\/td>\n | \n \nCPT Brazil inland 18-20% P2O5 Bulk Spot<\/p>\n<\/td>\n | \n 287<\/b><\/p>\n<\/td>\n | \n \n270<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n | \n \n303<\/p>\n<\/td>\n | \n \n(5)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSulphur<\/p>\n<\/td>\n | \n \nBulk FOB Adnoc monthly Bulk contract<\/p>\n<\/td>\n | \n 394<\/b><\/p>\n<\/td>\n | \n \n139<\/p>\n<\/td>\n | \n \n183%<\/p>\n<\/td>\n | \n \n271<\/p>\n<\/td>\n | \n \n45%<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nSource: CRU (Fertilizer Week Historical Prices, December 2025).<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n<\/table>\n Results analysis for the period October \u2013 December 2025<\/span><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Sales<\/b><\/p>\n<\/td>\n | \n Expenses<\/b><\/p>\n<\/td>\n | \n Operating income<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n $ millions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Q4 2024 figures<\/b><\/p>\n<\/td>\n | \n 507<\/b><\/p>\n<\/td>\n | \n (426)<\/b><\/p>\n<\/td>\n | \n 81<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nQuantity<\/p>\n<\/td>\n | \n \n(21)<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n | \n \n(5)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrice<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExchange rates<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n(13)<\/p>\n<\/td>\n | \n \n(4)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRaw materials<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(36)<\/p>\n<\/td>\n | \n \n(36)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEnergy<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTransportation<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating and other expenses<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n17<\/p>\n<\/td>\n | \n \n17<\/p>\n<\/td>\n<\/tr>\n | \n| \n Q4 2025 figures<\/b><\/p>\n<\/td>\n | \n 518<\/b><\/p>\n<\/td>\n | \n (442)<\/b><\/p>\n<\/td>\n | \n 76<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n- Quantity<\/span> \u2013 The negative impact on operating income was primarily due to lower sales volumes of phosphate fertilizers, partially offset by higher sales volumes of white phosphoric acid (WPA), phosphate-based food additives, and of MAP used as a raw material for energy storage solutions.\n<\/li>\n
- Price<\/span> \u2013 The positive impact on operating income was primarily due to higher selling prices of phosphate fertilizers and salts, partially offset by lower selling prices of phosphate-based food additives.\n<\/li>\n
- Exchange rates<\/span> – The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro, Chinese yuan and the Israeli shekel against the US dollar, partially offset by higher sales driven primarily by stronger euro and yuan.\n<\/li>\n
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