ICL Group (ICL) Q1 2025 earnings summary

Executive summary

• First quarter 2025 sales reached $1.8 billion, up year-over-year and sequentially, driven by specialties growth and strong execution.

• Specialties-driven sales were $1.41 billion, with specialties-driven EBITDA at $262 million and margin up to 19%.

• Adjusted EBITDA was $359 million, nearly flat year-over-year; adjusted diluted EPS was $0.09, unchanged from the prior year.

• Market pricing trends improved, especially for fertilizers, with optimism in core markets and a focus on regional production and mitigation of global tariff risks.

• Operating cash flow was $165 million.

Financial highlights

• Adjusted EBITDA for Q1 2025 was $359 million; adjusted EBITDA margin was 20%.

• Net income was $106 million, adjusted net income $110 million; adjusted diluted EPS $0.09.

• Free cash flow was negative at $(25) million; cash resources totaled $1.5 billion as of March 31, 2025.

• Dividend payout at 50% of adjusted net income, totaling $55 million for the quarter; annual yield 3.2%.

• Gross profit was $560 million, gross margin steady at 32% year-over-year.

Outlook and guidance

• 2025 specialties-driven EBITDA expected between $0.95–$1.15 billion.

• Potash sales volumes forecasted at 4.5–4.7 million metric tons.

• Effective annual tax rate for 2025 expected at 30%.

• No guidance concessions for potential tariffs; minimal expected impact for 2025.

• Guidance provided only on a non-GAAP basis due to volatility of special items.