ICL Group (ICL) Q4 2025 earnings summary

Executive summary

• Annual sales reached $7.153 billion in 2025, up 5% year-over-year, with adjusted EBITDA of $1.488 billion and adjusted EPS of $0.36, despite significant non-recurring charges.

• Q4 2025 sales were $1.701 billion, up 6% year-over-year, with adjusted EBITDA of $380 million, up 10%, and adjusted EPS of $0.09, up 13%.

• Strategic focus on Specialty Crop Nutrition and Food Solutions, highlighted by the acquisition of Bartek Ingredients and Lavie Bio, and portfolio optimization.

• Signed binding agreement with Israel for Dead Sea concession assets, securing compensation and bromine supply through 2035.

• Discontinued LFP battery material projects in St. Louis and Spain; initiated sale or impairment of UK Boulby operations.

Financial highlights

• Full-year sales reached $7.153 billion, up 5%; Q4 sales were $1.701 billion, up 6% year-over-year.

• Full-year adjusted EBITDA was $1.488 billion; Q4 adjusted EBITDA was $380 million, up 10% year-over-year.

• Operating cash flow for 2025 was $1.056 billion; Q4 operating cash flow was $340 million.

• Dividend payout was 50% of adjusted net income, totaling $224 million for 2025, with a 3.1% yield.

• Adjusted net income for 2025 was $465 million; Q4 adjusted net income was $121 million.

Outlook and guidance

• 2026 adjusted EBITDA guidance is $1.4–$1.6 billion; potash sales volumes expected between 4.5–4.7 million metric tons.

• Annual adjusted tax rate projected at approximately 30%.

• Growth expected from specialty crop nutrition and food solutions, with continued M&A and geographic expansion.

• Key downside risks: elevated sulfur costs, shekel appreciation vs. USD, and credit availability in Brazil.