05 August 2026, Israel: ICL reported its strongest quarterly operating income in three years, supported by broad-based growth across its business segments and higher prices in key mineral and specialty product markets. The company posted second-quarter 2026 sales of US$2.14 billion, a 17% increase from the same period last year, while adjusted EBITDA rose 28% to US$448 million.
Operating income increased to US$266 million, compared with US$181 million in the second quarter of 2025, while adjusted operating income reached US$281 million. Net income attributable to shareholders rose to US$137 million, with adjusted net income increasing 35% year-on-year to US$149 million.
The company attributed the stronger performance to growth across all four operating businesses, supported by its diversified global footprint and favorable pricing in several end markets.
“ICL exceeded expectations in the second quarter and reported solid growth across all key financial metrics, with each of our four businesses contributing to the strong sales performance,” said Elad Aharonson, President and CEO of ICL. He added that the company will introduce a new business structure in 2027 and has launched its Elevate programme, which is expected to generate more than US$350 million in annualized cost savings by the end of 2028.
Key Financial Results
Metric (US$ million unless stated)
Q2 2026
Q2 2025
Sales
2,135
1,832
Gross Profit
664
554
Gross Margin
31%
30%
Operating Income
266
181
Adjusted Operating Income
281
201
Operating Margin
12%
10%
Adjusted Operating Margin
13%
11%
Net Income Attributable to Shareholders
137
93
Adjusted Net Income
149
110
Adjusted EBITDA
448
351
Adjusted EBITDA Margin
21%
19%
Diluted EPS (US$)
0.11
0.07
Adjusted Diluted EPS (US$)
0.12
0.09
Operating Cash Flow
290
269
Source: ICL Q2 2026 Results.
Agriculture Businesses Record Higher Sales
The Potash business generated sales of US$468 million, up 22% from a year earlier, while EBITDA increased 34% to US$154 million. Potash sales volumes reached 1.081 million metric tonnes, reflecting higher shipments to China, India and Brazil. The average realized potash price increased to US$376 per tonne (CIF), up 13% year-on-year.
ICL’s Phosphate Solutions segment reported sales of US$722 million, a 13% increase over the previous year. Growth was driven primarily by higher prices implemented to offset increased sulfur and other raw material costs. Demand for industrial phosphates also benefited from expanding electric vehicle production capacity in China. EBITDA for the segment was US$136 million, broadly in line with the previous year.
Within the Growing Solutions business, sales rose 12% to US$605 million, supported by improved pricing and volumes in several regions. Europe and Asia recorded stronger sales, while North America experienced lower volumes and Brazil reported flat sales despite higher prices. EBITDA for the segment declined to US$50 million, reflecting higher raw material costs and changes in product mix.
Company Announces Strategic Reorganization
ICL said it plans to implement a new organizational structure at the beginning of 2027. The revised structure will comprise three end-market-focused divisions—Nutrition Solutions, Industrial Products, and Growing Solutions—alongside Essential Minerals, which will include the company’s upstream potash and phosphate operations serving global agriculture markets.
The company also announced an enterprise-wide efficiency programme, Elevate, aimed at delivering more than US$350 million in annualized cost savings by the end of 2028. Implementation has begun in the third quarter of 2026, with meaningful savings expected to start materializing in early 2027.
2026 Outlook Maintained
ICL reaffirmed its full-year 2026 guidance, projecting adjusted EBITDA between US$1.5 billion and US$1.7 billion. The company also maintained its expectation for potash sales volumes of 4.5 million to 4.7 million metric tonnes for the year.
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