Fertiglobe (FERTIGLB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 32% year-over-year to $915 million, with adjusted EBITDA up 31% to $342 million and adjusted net profit nearly doubling to $145 million, reflecting strong operational and financial resilience amid challenging geopolitical conditions.

• Urea operating rates reached 96% in Q1 2026, with Egyptian operations exceeding 105% and no downtime, driven by operational improvements.

• Own-produced sales volumes declined 12% year-over-year due to trade disruptions and prior year base effect; normalized, volumes would be up 5%.

• Tight global supply and strong seasonal demand offset lower volumes, supporting robust financial results.

• ADNOC completed acquisition of a majority stake, now holding 87.4% of shares, and board composition was updated.

Financial highlights

• Revenue reached $915 million, up 32% year-over-year and 13% sequentially from Q4 2025.

• Adjusted EBITDA was $342 million, up 31% year-over-year, with a margin of 37.4%.

• Adjusted net profit attributable to shareholders was $145 million, nearly doubling year-over-year.

• Reported net profit was $198 million, including a one-off non-cash tax gain of $52.7 million.

• Free cash flow before growth CapEx was $235 million, up 10% year-over-year.

• Net debt as of March 31, 2026, was $822 million, with net debt to adjusted EBITDA at 0.7x, down from $1.006 billion at year-end 2025.

• Total assets grew to $5.2 billion as of March 31, 2026.

Outlook and guidance

• Near-term market fundamentals remain robust due to tight supply and in-season demand; normalization of pricing will be gradual as trade routes reopen.

• Maintenance CapEx guidance for 2024–2026 remains $145–$170 million per year, normalizing to $105–$125 million from 2027.

• Dividend policy remains to distribute substantially all excess free cash flow after growth and maintaining investment grade.

• Urea market expected to remain tight with a supply deficit of ~2.1 Mt in 2026–30; most new capacity additions post-2027/28.

• Low-carbon ammonia demand expected to accelerate post-2030, driven by regulatory and multisector growth.