Itafos (IFOS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 5% year-over-year to $142.2 million, driven by higher product prices despite significant input cost inflation, especially for sulfur and sulfuric acid.

• Adjusted EBITDA fell to $18.4 million from $39.3 million in Q1 2025, and net income dropped to $1.7 million from $35.9 million, mainly due to higher input costs and the absence of prior year one-time gains.

• Conda achieved record MAP production since its 2018 acquisition, while Arraias advanced its operating plan and capital projects.

Financial highlights

• Revenues: $142.2 million in Q1 2026 vs. $135.7 million in Q1 2025.

• Adjusted EBITDA: $18.4 million in Q1 2026 vs. $39.3 million in Q1 2025.

• Net income: $1.7 million in Q1 2026 vs. $35.9 million in Q1 2025.

• Free cash flow: $(16.7) million in Q1 2026 vs. $31.3 million in Q1 2025.

• Trailing 12 months Adjusted EBITDA: $137.8 million as of March 31, 2026.

• Net debt: $39.0 million; net leverage ratio: 0.3x.

Outlook and guidance

• FY 2026 sales volumes projected at 335–355k tonnes P2O5.

• Corporate SG&A expenses expected at $16–20 million; growth capex $23–33 million; maintenance capex $63–83 million.

• Anticipates improved phosphate prices in H1 2026 due to supply chain disruptions, Chinese export restrictions, and seasonal US demand.