Itafos (IFOS) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered record results with revenues of $152.8 million, adjusted EBITDA of $48.9 million, and net income of $36.2 million, all significantly higher year-over-year, supported by strong operational performance and safety improvements.

• Liquidity remained strong at over $165 million with net debt reduced to $6.1 million and a net leverage ratio of 0.0x at quarter-end.

• Special dividend of CAD $0.17/share was declared, funded by monetizing St. George Mining equity and proceeds from the Araxá/Arraias project sale, bringing total related distributions to CAD $0.22/share.

• Mechanical completion of the H1-NDR mine was achieved, with first ore shipments expected in Q4 2025.

• Safety improved with a rolling 12-month recordable incident rate at 0.548, below industry norms.

Financial highlights

• Q3 2025 revenues rose to $152.8 million from $120.0 million in Q3 2024; adjusted EBITDA increased to $48.9 million from $38.0 million; net income doubled to $36.2 million from $18.3 million.

• 9M 2025 revenues were $415.4 million, adjusted EBITDA $120.0 million, and net income $96.9 million, all up year-over-year.

• Free cash flow for Q3 2025 was $(4.8) million, and for 9M 2025 was $37.3 million.

• Trailing 12 months adjusted EBITDA reached $165.5 million.

• Basic earnings per share for Q3 2025 at C$0.26, and for 9M 2025 at C$0.70.

Segment performance

• Conda operated two mines, produced 91,219 tonnes P2O5 in Q3 2025, and completed the H1-NDR development program on time and budget.

• Over 1 million tons of ore expected to be stockpiled at H1-NDR by year-end.

• Arraias in Brazil delivered $7 million in adjusted EBITDA in Q3 2025, produced 29,564 tonnes P2O5, and achieved first granulated product sales generating over $6 million in revenue.

• Next project in Brazil is restarting the beneficiation circuit to produce SSP fertilizer, with completion expected by end of next year and production targeted for 2027.

• Completed mining at Rasmussen Valley; reclamation costs expected at $80–100 million over next 48 months.