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Itafos (IFOS) investor relations material
Itafos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 delivered record results with revenues of $152.8 million, adjusted EBITDA of $48.9 million, and net income of $36.2 million, all significantly higher year-over-year, supported by strong operational performance and safety improvements.
Liquidity remained strong at over $165 million with net debt reduced to $6.1 million and a net leverage ratio of 0.0x at quarter-end.
Special dividend of CAD $0.17/share was declared, funded by monetizing St. George Mining equity and proceeds from the Araxá/Arraias project sale, bringing total related distributions to CAD $0.22/share.
Mechanical completion of the H1-NDR mine was achieved, with first ore shipments expected in Q4 2025.
Safety improved with a rolling 12-month recordable incident rate at 0.548, below industry norms.
Financial highlights
Q3 2025 revenues rose to $152.8 million from $120.0 million in Q3 2024; adjusted EBITDA increased to $48.9 million from $38.0 million; net income doubled to $36.2 million from $18.3 million.
9M 2025 revenues were $415.4 million, adjusted EBITDA $120.0 million, and net income $96.9 million, all up year-over-year.
Free cash flow for Q3 2025 was $(4.8) million, and for 9M 2025 was $37.3 million.
Trailing 12 months adjusted EBITDA reached $165.5 million.
Basic earnings per share for Q3 2025 at C$0.26, and for 9M 2025 at C$0.70.
Segment performance
Conda operated two mines, produced 91,219 tonnes P2O5 in Q3 2025, and completed the H1-NDR development program on time and budget.
Over 1 million tons of ore expected to be stockpiled at H1-NDR by year-end.
Arraias in Brazil delivered $7 million in adjusted EBITDA in Q3 2025, produced 29,564 tonnes P2O5, and achieved first granulated product sales generating over $6 million in revenue.
Next project in Brazil is restarting the beneficiation circuit to produce SSP fertilizer, with completion expected by end of next year and production targeted for 2027.
Completed mining at Rasmussen Valley; reclamation costs expected at $80–100 million over next 48 months.
H1/NDR MgO project impact on Conda output
Rasmussen Valley reclamation cost management plan
Arraias new products resilience to affordability
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Frequently asked questions
Itafos Inc. is a phosphate and specialty fertilizer company engaged in the production and sale of a variety of phosphate and specialty fertilizer products. The company operates several businesses and projects, including Conda, a vertically integrated phosphate fertilizer business in Idaho, USA, with a production capacity for monoammonium phosphate (MAP), superphosphoric acid, merchant-grade phosphoric acid, and ammonium polyphosphate. In Tocantins, Brazil, its Arraias project produces single superphosphate (SSP) and SSP with micronutrients. Itafos also has the Farim project in Guinea-Bissau, a high-grade phosphate mine; the Santana project, an integrated phosphate mine and fertilizer plant in Pará, Brazil; and the Araxá project in Minas Gerais, Brazil, focusing on rare earth elements and niobium. The company is headquartered in Houston, Texas, and its shares are listed on the TSX.
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