Fertiglobe (FERTIGLB) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached $1.1 billion, up 92% year-over-year, with adjusted EBITDA more than doubling to $371 million and adjusted net profit attributable to shareholders up ~12.5x to $145 million; H1 2026 revenues totaled $2 billion, up 59% year-over-year, and adjusted net profit rose 3.4x to $289 million.

• Urea operating rate reached 92% in H1 2026, with record utilization in Egypt and Algeria, while UAE faced export constraints but managed to export 56% of production.

• Proposed H1 2026 dividend increase of at least 20% year-over-year, equivalent to a minimum $150 million, subject to Board approval.

• Over $3 billion returned to shareholders since IPO, including share buybacks and proposed dividends.

• Strong balance sheet with net debt-to-LTM adjusted EBITDA at 0.5x as of June 30, 2026, supporting growth and shareholder returns.

Financial highlights

• Q2 2026 adjusted EBITDA margin was 34.2%, with own produced volumes margin at 40.2%; H1 2026 adjusted EBITDA margin was 35.6%, own produced volumes margin 44.4%.

• Free cash flow in Q2 2026 was $320 million, up 240% year-over-year; H1 2026 free cash flow reached $555 million.

• Total assets as of June 30, 2026, were $5.64 billion, with net debt reduced to $621 million.

• Total cash CapEx, including growth, was $34 million in Q2 and $53 million in H1 2026; maintenance CapEx at $36.4 million.

• Basic adjusted EPS for Q2 2026 was $0.066, up 1550% year-over-year.

Outlook and guidance

• Nitrogen and ammonia markets remain tight due to Middle East conflict, with urea and ammonia prices spiking in Q2 and then normalizing; urea prices rebounded over 30% to $555/t in July 2026.

• Urea demand growth (excluding China) is expected to outpace capacity growth by 2030, supporting a structurally tight market.

• Maintenance CapEx guidance for 2026 remains $145–$170 million, with $105–$125 million expected for 2027.

• The Grow 2030 strategy targets $1B+ EBITDA by 2030, leveraging operational excellence and product expansion.

• No guidance provided on utilization rates, pricing, or earnings.