ICL Reports Q3 2025 Revenue of $1.9 Billion, Up $100 Million Year-on-Year
12 November 2025, Tel Aviv: ICL, a global specialty minerals company has reported its financial results for the third quarter ended September 30, 2025. Consolidated sales were $1.9 billion, up $100 million versus the prior year. Operating income was $230 million versus $214 million in the third quarter of last year, with adjusted operating income of $241 million versus $243 million. For the third quarter, net income attributable to shareholders was $115 million versus $113 million in the prior year, with adjusted net income of $124 million compared to $136 million. Adjusted EBITDA of $398 million was up 4% versus $383 million. Diluted earnings per share of $0.09 were equivalent to the third quarter of last year, with adjusted diluted EPS of $0.10 versus $0.11.
“For the third quarter, ICL delivered solid year-over-year growth in both sales and EBITDA, even as some regional and end-market performance varied. Sales were once again led by our specialties-driven businesses, with combined Industrial Products, Phosphate Solutions and Growing Solutions sales up for both the third quarter and first nine months of the year. For our Potash segment, sales increased over the same time periods on improved pricing for both contracted and spot transactions,” said Elad Aharonson, president and CEO of ICL.
“We are pleased with our third quarter and year-to-date performance and are also looking toward the future. Over the past several months, we have completed an extensive and comprehensive review of our entire business. As a result of this work, we identified two main growth engines: specialty crop nutrition, which is part of Growing Solutions, and specialty food solutions, part of our Phosphate Solutions. These two growth engines are expected to drive sustainable and profitable growth for ICL in the coming years, through a combination of strategic acquisitions and focused organic initiatives. This is an exciting time for ICL, and I will be sharing an overview of our new strategy on our earnings call later today.
“As part of this strategy, we will be sharpening our focus on maximizing our core businesses, such as Potash and Industrial Products. We will also be reallocating resources to opportunities that best align with our capital allocation priorities and reevaluating non-synergistic and low-potential activities. Finally, we will maintain and expand our efforts around delivering overall portfolio optimization and cost efficiency across all activities.
“For our portfolio optimization efforts, we have shifted our approach to LFP battery materials. While we will remain a provider of raw materials to battery customers, we will not be moving further downstream into cathode active materials. This means we will be discontinuing our previously announced projects into St. Louis and Spain. This decision was made after a careful review of shifting market dynamics and reflects the impact of recent changes in government policies, including the termination of the U.S. Department of Energy grant. In addition, high investment and operating costs, combined with expected low prices, have led us to conclude the project is not currently competitive. As a result, we intend to focus our efforts on other opportunities that offer a better strategic fit and provide greater potential for ICL.
“Additionally, we recently signed a MOU with the State of Israel regarding the Dead Sea Concession. We believe ICL is the most suitable candidate for the next Concession, and this significant step forward provides ICL with long-term regulatory clarity and business certainty and both are essential for our continued operations and future growth. We further believe that it is also expected to provide greater financial and operational certainty and is likely to promote fairer and more transparent terms for the future concession. It will allow us to stay focused on our core mission – driving profitable growth in our specialty businesses and strengthening our leadership across all business segments,” concluded Aharonson.
The company reiterated its guidance for specialties-driven EBITDA of between $0.95 billion to $1.15 billion for full year 2025. For Potash, the company continues to expect sales volumes of between 4.3 million and 4.5 million metric tons. (1a)
Key Financials
Third Quarter 2025
| US$MEx. per share data | 3Q’25 | 3Q’24 |
| Sales | $1,853 | $1,753 |
| Gross profit | $604 | $596 |
| Gross margin | 33% | 34% |
| Operating income | $230 | $214 |
| Adjusted operating income(1) | $241 | $243 |
| Operating margin | 12% | 12% |
| Adjusted operating margin(1) | 13% | 14% |
| Net income attributable to shareholders | $115 | $113 |
| Adjusted net income attributable to shareholders(1) | $124 | $136 |
| Adjusted EBITDA(1) | $398 | $383 |
| Adjusted EBITDA margin(1) | 21% | 22% |
| Diluted earnings per share | $0.09 | $0.09 |
| Diluted adjusted earnings per share(1) | $0.10 | $0.11 |
| Cash flows from operating activities(2) | $308 | $408 |
(2) See “Condensed consolidated statements of cash flows (unaudited)” in the appendix below.
Industrial Products
Third quarter 2025
- Sales of $295 million vs. $309 million.
- EBITDA of $67 million vs. $65 million.
- Relatively stable performance versus the prior year and in-line market expectations.
Key developments versus prior year
- Flame retardants: Overall sales decreased, as bromine-based product sales declined – mainly due to continued softness in the construction end-market – however, higher prices continued to improved profitability. Both sales and profitability of phosphorous-based solutions increased, as higher volumes and prices followed the implementation of duties on Chinese imports in the United States.
- Elemental bromine: Sales decreased on lower volumes, however, higher prices once again contributed to improved profitability.
- Clear brine fluids: Sales remained stable.
- Specialty minerals: Both sales and profitability increased on higher pricing and volume growth in the food end-market.
Potash
Third quarter 2025
- Sales of $453 million vs. $389 million.
- EBITDA of $169 million vs. $120 million.
- Grain Price Index decreased 10.9% year-over-year, with corn up 4.7%, while rice, soybeans and wheat were down 19.8%, 3.0% and 13.3%, respectively. On a sequential basis, the Index declined 7.7%, with corn, rice, soybeans and wheat down 9.5%, 8.1%, 3.1% and 8.7%, respectively.
Key developments versus prior year
- Potash price: $353 per ton (CIF).
– Up 6% on a sequential basis and 19% year-over-year. - Potash sales volumes: 1,046 thousand metric tons.
– Volumes were roughly stable on a year-over-year basis. - ICL Dead Sea and ICL Iberia
– Production improved sequentially, due in part to operational improvements.
Phosphate Solutions
Third quarter 2025
- Sales of $605 million vs. $577 million.
- EBITDA of $134 million vs. $140 million.
- Both specialty and commodity phosphates delivered year-over-year growth in sales, with specialty performance driven by higher volumes and commodity results driven by higher prices.
Key developments versus prior year
- White phosphoric acid: Sales increased on higher volumes and prices.
- Industrial phosphates: Sales were up slightly, despite lower prices, as volumes were higher in North America.
- Food phosphates: Sales increased on improved volumes, especially in North America and Asia Pacific.
- Battery materials: Sales increased in China year-over-year, reflecting both higher volumes and prices.
- Commodity phosphates: Phosphate fertilizer prices strengthened further during the quarter, as Chinese trade restrictions remained the key driver of tight availability and firmer pricing.
Growing Solutions
Third quarter 2025
- Sales of $561 million vs. $538 million.
- EBITDA of $50 million vs. $64 million.
- Year-over-year sales growth driven by continued regional focus on specialty solutions.
Key developments versus prior year
- Brazil: Sales and profit both declined year-over-year on lower volumes, due to reduced farmer affordability and a slow start to the season.
- Europe: Strong growth in both sales and profit, with increased sales of specialty agriculture products.
- North America: Significant increase in both sales and profit, reflecting higher volumes.
- Asia: Sales increased, but rising raw materials costs impacted profit.
- Segment trends: Specialty agriculture sales increased slightly, with higher volumes in the United States and India partially offset by lower volumes in Brazil. Turf and ornamental sales increased slightly, as favorable pricing offset lower quantities.
Financial Items
Financing Expenses
Net financing expenses for the third quarter of 2025 were $44 million, up versus $39 million in the corresponding quarter of last year, with the increase primarily due to net exchange rate differences and hedging transactions, partially offset by a decrease in net interest expense.
Tax Expenses
Reported tax expenses in the third quarter of 2025 were $57 million, reflecting an effective tax rate of 31%, compared to $49 million in the corresponding quarter of last year, reflecting an effective tax rate of 28%. The relatively higher effective tax rate in the quarter was primarily due to the appreciation of the average exchange rate of the Israeli shekel versus the U.S. dollar.
Available Liquidity
ICL’s available cash resources, which are comprised of cash and deposits, unutilized revolving credit facility, and unutilized securitization, totaled $1,549 million, as of September 30, 2025.
Outstanding Net Debt
As of September 30, 2025, ICL’s net financial liabilities amounted to $2,205 million, an increase of $354 million compared to December 31, 2024.
Dividend Distribution
In connection with ICL’s third quarter 2025 results, the Board of Directors declared a dividend of 4.80 cents per share, or approximately $62 million, versus 5.27 cents per share, or approximately $68 million, in the third quarter of last year. The dividend will be payable on December 17, 2025, to shareholders of record as of December 2, 2025.
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