Q3 2025 ICL Group Ltd Earnings Call

Good morning, ladies and gentlemen, and welcome to the ICL third quarter 2025 earnings call. At this time all lines are in a listen only mode. Following the presentation. We will conduct a question and answer session EBIT at any time. During this call you require immediate assistance. Please press star zero for operator this call is being recorded on Wednesday.

Operator: Good morning, ladies and gentlemen, and welcome to ICL Q3 2025 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Wednesday, 12 November 2025. I would now like to turn the conference over to Peggy Reilly Tharp. Please go ahead.

Remember 12, 2025, I would now like to turn the conference over to Peggy Reilly Tharp. Please go ahead.

Thank you Hello, everyone I'm, Peggy Reilly Tharp, Vice President of global Investor Relations for ice yogurt.

Peggy Reilly Tharp: Thank you. Hello, everyone. I'm Peggy Reilly Tharp, Vice President of Global Investor Relations for ICL Group. I'd like to welcome you and thank you for joining us today for our earnings conference call. This event is being webcast live on our website at icl-group.com. There will be a replay available a few hours after the live call. A transcript will be available shortly thereafter. Earlier today, we filed our reports and our presentation with the securities authorities and the stock exchanges in both Israel and the United States. Those reports, as well as the press release on our presentation, are also available on our website. Please be sure to review the disclaimer on slide 2 of the presentation. Our comments today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Welcome you and thank you for joining us today for our earnings Conference call. This event is being webcast live on our website at ICL desk group Dot com and there will be a replay available a few hours after the live call <unk>.

A transcript will be available shortly thereafter.

Earlier today, we filed our reports and our presentation with the securities authorities and the stock exchanges in Israel and the United States those reports as well as the press release on our presentation are also available on our website.

Operator: We are well represented geographically across Europe, North and South America, and Asia, both in terms of sales and production. This enables us to provide global reach with local empowerment, which is especially important as more countries are turning inward in the search for critical solutions. We know we can do more to maximize our resources and positioning. That is why ICL is preparing to embark on its next chapter. Over the past several months, we completed a comprehensive review of the company, and you can see an outline of this process in slide nineteen. We worked with our team and other experts to examine every aspect of ICL. We began by looking back at our results over the past five years. While we have had some good successes, we also experienced some misplaced opportunities, which became distractions to our core businesses.

Please be sure to review the disclaimer on slide two of the presentation.

Our comments today will contain forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

These statements are based on management's current expectations and are not guarantees of future performance. The company undertakes no obligation to update any information discussed on this call at any time.

Peggy Reilly Tharp: These statements are based on management's current expectations and are not guarantees of future performance. The company undertakes no obligation to update any information discussed on this call at any time. We will begin with a presentation by our CEO, Mr. Elad Aharonson, followed by Mr. Aviram Lahav, our CFO. After the presentation, we'll open the line for a Q&A session. I would now like to turn the call over to Elad.

We will begin with a presentation by our CEO Mr. Arnott Aaronson.

By Mr. After out of the hub our CFO. After the presentation, we will open the line for a Q&A session.

I'd now like to turn the call over to or not.

Thank you Becky and welcome everyone to our third quarter 2025 earnings call.

Elad Aharonson: Thank you, Peggy, welcome everyone to our Q3 2025 earnings call. Since our last report, we have begun to witness significant positive actions in Israel, the ceasefire, the return of the hostages, and the renewed focus on stability and peace. I'm sure you join us in looking forward to a new normal in the Middle East. Here at ICL, we are also looking forward to executing against our new strategic principles. In our earnings release, we included some details, I will be sharing more information following our quarterly review. As a result, our call today will be longer than usual. I want to thank you in advance for your patience, I look forward to your questions. Now, if you please turn to slide 3 for a brief overview of the quarter. Sales were $1,853 million, up 6% year-over-year.

Since our last report we began to witness significant positive actions in Israel.

However, the return of your stages and the renewed focus on stability and peace.

Truly to join us and looking forward to a new normal in the middle East.

Operator: Next, we looked at the future and reviewed the challenges and opportunities ahead. With so many changes on the horizon, we needed to analyze the long-term healthiness of our current businesses and work to identify future growth engines. For this exercise, we looked both within our core and at new potential segments. For each specialty business, we reviewed market momentum, including top trends, market size, and the value of the business. We also analyzed our competitive position, and our unique value proposition. At this point, we discovered that many of our businesses are at the core of ICL. They are stable and successful contributors, and we will work to maintain these businesses and improve their competitive position. However, our research also showed that some of our businesses might not be as good of a fit to our future. This led us to reach the key takeaways on slide twenty.

We are also looking forward to executing against our new strategic principles.

Speaker #3: Good morning , ladies and gentlemen , and welcome to ICL third quarter 2025 Earnings Call . At this time , all lines are listen in the only mode .

In our earnings release, we included some detail and I will be sharing more information following our quarterly review.

Speaker #3: Following the presentation , we will conduct a question and answer session . If at any time during require this call immediate assistance , you please press star zero .

As a result, our call today will be longer than usual.

I want to thank you in advance for your patience.

Speaker #3: For the operator . This call is being recorded on Wednesday , November 12th , 2025 . I would now like to turn the conference over to Riley .

And I look forward to your questions.

Now if you please turn to slide three for a brief overview of the quarter.

Speaker #3: go Please Peggy ahead .

Sales of a $1 billion $853 million up 6% year over year.

Speaker #4: you . Thank Hello everyone . I'm Peggy Reilly Tharp , vice president of global investor relations for Group . ICL I like to welcome you and thank you for joining us today earnings for our conference call .

For efficiencies driven businesses sales of $1.461 billion.

Speaker #4: This is being event webcast live on our website at ICL . Com . And there available a few replay hours live after the call .

Elad Aharonson: For our specialties-driven businesses, sales of $1,461 million were up 3%. Consolidated adjusted EBITDA was $398 million. This amount improved 4% year-over-year and was up 13% on a sequential basis. In Q3, adjusted diluted earnings per share were $0.10. Operating cash flow of $308 million improved nearly $40 million sequentially. In general, the quarter was in line with expectations. Overall prices continued to improve in Q3. Trends were generally consistent across the end markets we serve. However, sentiment and performance varied by region. Let's start with a review of our divisions and begin with our industrial products business on slide 4. For Q3, sales of $295 million were down slightly year-over-year.

Up 3%.

Consolidated adjusted EBITDA was $398 million.

Speaker #4: transcript will be available And a shortly thereafter . today , we filed Earlier reports and our presentation with the securities our authorities and the stock exchanges in Israel and the United States .

Improved 4% year over year and was up 13% on a sequential basis.

In the third quarter adjusted diluted earnings per share were <unk>.

Speaker #4: both Those reports , as well as the presentation , press website . available the disclaimer on slide two of the presentation . release and our Our Please be sure to review are also today will contain forward looking will be a meaning of within the the Private Litigation Securities Reform Act of 1995 .

Operator: First, we will expand in the markets that are within our core and where we have significant growth potential. While we carefully examine growth opportunities outside our core, we concluded that we are already participating in very attractive markets. Second, we will extract value from the markets where we are already leaders. For these businesses, we will focus on maintaining our position, while driving cost and profitability. Third, we plan to examine businesses that are either not synergetic or have low potential. We will also consider redirecting our resources to focus on better aligned opportunities. This brings us to slide 21 and our three strategic principles. The first is profitable growth, targeting specialty crop nutrition, and specialty food solutions. The second is relating to maximizing and improving the businesses that we have identified as core to ICL. This includes our phosphate, potash, and bromine resources.

Operating cash flow of $308 million improved nearly $40 million sequentially in.

In general the quarter was in line with expectations.

Overall prices continued to improve in the third quarter trends were generally consistent across the end markets. We serve however sentiment and performance varies by region.

Speaker #4: These statements are based on management's current expectations and are not guarantees of future performance . The company undertakes obligation to update no information discussed call at any time .

With a review of our divisions and begin with our industrial products business on slide four for the third quarter sales of $295 million were down slightly year over year. However, EBITDA improved on an annual basis and came in at $67 million.

Speaker #4: We will begin with a presentation by our CEO , Mr. Arnold Aronson , followed by Mr. Aviram Lahav , our . CFO After the presentation , we'll on this open the line for a Q&A session .

Speaker #4: Now , I'd like to turn the call over to and .

Elad Aharonson: However, EBITDA improved on an annual basis and came in at $67 million. Overall results were in line with the H1 of the year, as expected. For flame retardants, performance was mixed. Sales of phosphorus-based products improved. However, bromine-based sales were impacted by continued softness in the construction end market. Other end markets remained stable, including clear brine fluid sales to the oil and gas industry. Specialty minerals reported strong results for the Q3, with good demand from the food end markets. Turning to Q3 results for our potash division on slide 5. Sales were $453 million with EBITDA of $169 million. Our average potash price for the Q3 was $353.06 per ton. This improved 6% on a sequential basis and was up nearly 20% year-over-year.

Speaker #5: Thank you , Peggy , and welcome everyone to our third quarter 2020 earnings call . Since our last report , we have begun to witness significant positive actions in Israel ceasefire , the return of the hostages and the renewed focus on stability and peace .

Speaker #5: Thank you , Peggy , and welcome everyone to our third quarter 2020 earnings call . Since our last report , we have begun to witness significant positive actions in Israel ceasefire , the return of the hostages and the renewed focus on stability and peace .

Overall results were in line with the first half of the year as expected.

For flame Retardants performance was mixed.

Well the first focus based products improved however, bromine based sales were impacted by continued softness in the construction end markets.

Other end markets remain stable, including clear brine fluid sales to the oil and gas.

Speaker #5: you in looking join us . Here at ICL , we are looking also forward to executing against our new strategic principles The in our earnings release .

Specialty minerals reported strong results for the third quarter with good demand from the food end markets.

Turning to third quarter results for our potash division on slide five.

Speaker #5: We included some details and I will be sharing more information following our quarterly review . As a result , call today will our longer than usual .

Operator: The third is dedicated to portfolio optimization and cost efficiency. All three of these principles will benefit from our willingness to embrace new technologies like AI, and our deep history of innovation. When combined, this renewed strategic approach will allow ICL to shape its own future. I would now like to share more about this future and our overall strategy going forward. The review we completed helped us to identify two distinct businesses, which you can see on slide twenty-three. We believe specialty crop nutrition and specialty food solutions have the potential to be significant growth engines for ICL. These are two areas where we already have deep experience and broad exposure, and the future looks bright. To help share our vision, I would like to dive a bit deeper into each principle. Let's begin with our two growth engines, specialty crop nutrition and specialty food solutions.

Sales were $453 million.

EBITDA of $169 million.

However, its products price for the third quarter was $353 per ton.

This improved 6% on a sequential basis and was up nearly 20% year over year.

Potash sales volume of $1 million and 46000 metric tons in the third quarter were roughly stable on an annual basis.

Elad Aharonson: Potash sales volume of 1,046,000 metric tons in Q3 were roughly stable on an annual basis. Importantly, we saw a sequential increase in potash production. During Q3, we continued to maximize the profitability of our potash resources. Whenever possible, we prioritize potash supply to the best global markets. For this quarter, my commentary around potash goes beyond our financial results. If you will turn to slide six, I wish to address a matter that has resulted in some questions from investors. As you know, last week we signed an MoU with the State of Israel regarding the Dead Sea concession. First and foremost, we view this MoU as a positive and proactive step. It is expected to provide long-term regulatory clarity and business certainty.

Importantly, we saw a sequential increase in potash production.

During the third quarter, we continued to maximize the profitability of our potash resource.

Whenever possible, we prioritize water supply to the global market.

For this quarter my commentary around both us goes beyond the financial results.

If you will turn to slide six I wish to address.

This has resulted in some questions from investors.

As you know last week, we signed an Mou with the state of Israel regarding the bids in concession.

Operator: As you know, ICL's growing solution segment is already a global leader in specialty crop nutrition, with room to grow and become even more dominant in this space. On slide 24, you can see that in 2020, our specialty crop nutrition sales were $1 billion, with EBITDA of approximately $60 million. Since that time, we have expanded geographically, enhanced our operations and logistics, completed multiple acquisitions, and improved our R&D efforts. As a result, in 2024, we delivered specialty crop nutrition sales of $2 billion. EBITDA increased more than 3x to approximately $200 million, and we are on track to continue this trend. Our research has shown that there is still room to grow. This is due to expected changes in the market and the overall macro environment, including global food security, which I already mentioned.

First and foremost we view this mou is a positive and proactive sip.

It is expected to provide long term regulatory clarity and business activity.

It also allows the ICL to responsibly prepare for the conclusion of the current concession 2030, and also positions us for the worthy of the new concession at that time.

Elad Aharonson: It also allows ICL to responsibly prepare for the conclusion of the current concession in 2030 and also positions us for the awarding of the new concession at that time. Importantly, we believe this agreement will improve the terms of the future concession. That we remain the leading candidate to be awarded the new concession and to extract the greatest economic value out of it. The situation required a careful review and choice between two alternatives, and I will now explain our rationale. The state made it clear that it plans to launch a competitive tender as required by law. It also insisted of the legal transfer of the assets upon expiration, as stipulated by law. The law grants us the right of first offer and the right to compensation for the assets.

Importantly, we believe these agreements will improve the terms of the future concession and that we remain the leading candidates to be awarded the new concession in two weeks.

The greatest economic value out of it.

The situation requires careful review and choice between doing it.

And I will now explain our rationale.

The state has made it clear that it plans to launch a competitive tender as required by law.

It also consisted of the legal transfer of the assay upon exploration is stipulated below.

Operator: As you can see on slide 25, the population has doubled since the seventies, but the land meant to feed it has remained unchanged. Thanks to increased use of specialty fertilizers, which help improve yields, there is still enough food. The importance of specialty fertilizers is expected to increase as agriculture production efficiency and sustainability remain critical to food security. Specialty crop nutrition products are the answer. As you can see in slide 26, this market is expected to grow at 6% rates from $32 billion in 2024 to more than $45 billion in 2030. Here at ICL, we are already well positioned to capture this growth. This is thanks to our broad portfolio of global specialty solutions, and our significant regional presence. Going forward, we plan to target the areas on slide 27 with a distinct focus on global reach with local empowerment.

The long winter.

The right of first offer and the rights to compensation for the assets.

We determined it was prudent to reach an informed upfront agreement rather than potentially face prolonged disputes unilateral action by the state of Israel, including by legislation affecting our rates now that the tender is open to all and the value is being placed on our assets.

Elad Aharonson: We determined it was prudent to reach an informed upfront agreement rather than potentially face prolonged disputes or unilateral actions by the State of Israel, including by legislation affecting our rights. That the tender is open to all and the value has been placed on our assets, we believe the process will result in overall fairer and more attractive new concession terms. In addition, we believe we have achieved two critical certainties. First, we secured compensation of approximately $2.54 billion, plus all direct and cost amounting to hundreds of millions of dollars if we were not to win the concession. We also established certainty on the timing of this payment. Without the MoU, the end of the concession might have resulted in transfer of the assets without full and immediate compensation.

This improved 6% on a sequential basis and was up nearly 20% year-over-year.

We believe the process will result in overall flavor and more attractive new concession terms. In addition, we believe we have achieved two critical certainties.

For sales volume of 1,046,000 metric tons. In the third quarter were roughly stable on an annual basis.

Importantly, we saw a sequential increase in potach, production.

First we secured compensation of approximately $2 $54 billion plus all the other thing cost amounting to hundreds of millions of dollars. If we were not to win the competition.

During the third quarter, we continue to maximize the profitability of our potes resources.

Whenever possible we prioritize potach, supply to the best Global Market.

For this quarter, my commentary around potach, goes beyond our financial results.

We also established certainty on the timing of these payments.

Without the Mou the end of the concession might've resorted in transfer of the assets without full and immediate compensation.

If you will turn to slide 6, I wish to address a matter that has resulted in some questions from investors.

Operator: We will target strategic acquisitions, including bolt-on opportunities, to expand our product capabilities. We also intend to develop a leading position in the growing areas of biostimulants, nutrient use efficiency, and organic and recycled products. Our efforts in these areas will be augmented by changes in our portfolio mix, which are designed to drive sales in more profitable product categories. This work has already begun in Europe. We will also drive sustainable and profitable expansion into high-growth geographies such as India, China, and Brazil. These expansions will be through targeted capital investments and will be both by acquisition and on an organic basis. Turning now to slide 28 and our second growth engine, specialty food solutions, which is part of our phosphate solution segment. We are already leading the $1.5 billion phosphate food specialties market.

As you know, last week we signed an MOU with the State of Israel regarding the debt SE concession.

Also it is important to mention that the.

The agreements regarding the asset value are not expected to have a material impact on our financial results.

First and foremost we view this mou as a positive and proactive step.

Elad Aharonson: Also, it is important to mention that the agreements regarding the asset value are not expected to have a material impact on our financial results. The second, we avoided the possibility of extended legal proceedings. Preparing for and partaking in any complex legal action would have potentially disrupted the day-to-day operations essential for managing a global company. We favor the test of upfront consensus over potentially lengthy disputes and legal proceedings. Once the terms of the future concession are published, we will review them and determine if they are economically viable. We continue to believe that ICL is the most suitable candidate to be awarded the future concession. We currently intend to participate in the process once it begins, assuming of course, that the terms are economically viable. At ICL, we've been operating the Dead Sea site for more than 100 years.

It is expected to provide long-term regulatory Clarity and business certainty.

Second we avoided the possibility of extended legal proceedings preparing for and partaking in any complex legal action would have potentially disrupted the day to day operation essential for managing a global company, we favor that.

It also allows the ICL to responsibly prepare for the conclusion of the current concession in 2030 and also positions us for the awarding of the new concession at that time.

Current consensus over potentially Lindsay disputes and legal proceedings.

And once the terms of the future concession are published we will review them and determine if they are economically viable.

Importantly, we believe this agreement will improve the terms of the future concession, and that we Remain the leading candidates to be awarded the new concession, and to extract the greatest economic value out of it.

We continue to believe that ICL is the most suitable candidate to be awarded the future concession. We currently intend to participate in the process one beginning assuming of course that.

The situation required, a careful review and choice between 2 Alternatives and I will now explain our rationale.

To launch a competitive tender, as required by law.

Our economic team available.

We've been operating the dead Sea site for more than 100 years.

It also insisted of the legal transfer of the asset upon expiration as stipulated by law.

Operator: However, this represents a small piece of the total food ingredients pie worth approximately $150 billion and growing at an expected rate of more than 6% over the next five years. On slide 29, you can see how well we are positioned in the functional food ingredients market. However, we plan to move beyond the relatively narrow field of phosphate-based ingredients, and to extend our reach into new target markets. As you know, ICL is already a participant in many food end markets. In 2024, our specialty food solution sales totaled more than half a billion dollars. We are confident that we have the assets and the capabilities to expand deeper into the robust food ingredients market. However, we want to be sure we do so in a focused, strategic, and successful manner.

Our knowledge is far deeper than any other potential bidders.

The law grants us, the right of first offer and the right to compensation for the assets.

We possess accumulated proficiency and practical operational experience.

Elad Aharonson: Our knowledge is far deeper than any other potential bidder. We possess accumulated proficiencies and practical operational experience. These and other advantages position ICL as the proven entity with the capabilities to manage this unique and complex opportunity. Turning back to our quarterly update with a review of the Phosphate Solutions division on slide seven. Strong quarter sales of $605 million were up 5% on an annual basis. Sales improved on higher specialty volume and higher commodity prices. EBITDA of $134 million was in line with the prior quarter, down slightly versus the prior year as expected. Overall profitability was impacted by higher raw material costs, especially for sulfur. Specialty food phosphate delivered its strongest quarter in 2 years with continued strategy execution.

These and other advantages position ICL proven entity with the capabilities to manage this unique and complex opportunity now.

Now turning back to our quarterly update with a review of the phosphate solutions Division on slide seven.

Strong quarter sales of $605 million were up 5% on an annual basis.

Sales improved on higher specialty volume and higher commodity prices.

We determined it was prudent to reach an informed upfront agreement rather than potentially face prolonged disputes or unilateral actions by the state of Israel, including by legislation affecting our rights. Now that the tender is open to all and the value has been placed on our assets. We believe the process will result in overall fairer and more attractive, new concession terms. In addition, we believe we have achieved 2 critical certainties

EBITDA of $134 million.

It was in line with the prior quarter, but down slightly versus the prior year as expected.

first, we secured compensation of approximately 2.54 billion dollars plus sold harvesting cost the morning to hundreds of millions of dollars. If we were not to win the conversation.

Overall profitability was impacted by higher raw material cost, especially for sulfur.

We also established certainty on the timing of this payment.

Specialty food phosphates delivery strongest quarter in two years with continued strategy execution.

Operator: As a result, we analyzed a wide array of possibilities and looked at each based on both attractiveness in general and fit with ICL. These efforts led to our focus on four distinct functional food ingredients. These markets will provide us with exposure to approximately $35 billion in value and an expected average five-year growth rate of approximately 6%. On slide thirty, you can see that we are well positioned to capture the expected growth in these markets. We will be able to leverage our existing global footprint, which includes production, innovation, and sales locations across key and growing regions. Our specialty food solutions already cater to seven out of the top 10 biggest global food companies, as shown on slide thirty-one. This is in addition to more than 2,000 other customers, and all of them demand quality and consistency from their partners.

Without the mou, the end of the concession might have resulted in transfer of the assets without full and immediate compensation.

In China, our ypa joint venture benefited from both higher prices and volume.

Elad Aharonson: In China, our YPH joint venture benefited from both higher prices and volumes, and an increase in demand for battery materials. Overall, phosphate specialties performance was as expected, with most regions remaining stable. Softness continue in Europe, a trend that is expected to linger into Q4. This bring us to our solutions business division on slide 8. Q3 sales of $561 million improved 4% year over year. Our continued strategic focus on global specialty solutions, which have been customized for regional customers, helped to drive annual and quarterly improvement. This was the case in both North America and Europe. In both regions, we saw continued solid execution of our growth plans. Sales in Asia improved in Q3, but rising raw material costs impacted profit. This trend is likely to extend into Q4.

An increase in demand for battery materials.

Overall phosphate specialties performance was as expected with most regions remaining stable, however, softness continuing in Europe.

Also, it is important to mention that the agreements regarding the asset value are not expected to have a material impact on our financial results.

And that is expected to linger into the fourth quarter.

Us too.

<unk> business Division on slide eight.

Third quarter sales of $561 million improve.

Second, we avoided the possibility of extended legal proceedings, preparing for and partaking in any complex legal action that would have potentially disrupted the day-to-day operations essential for managing a global company. We favor the path of upfront concerns over potential disputes and legal proceedings.

Improved 4% year over year.

Our continued strategic focus on global efficiency solutions, which have been customized for regional customers helped to drive annual and quarterly improvement.

And once the terms of the future, concession are published. We will review them and determine if there are economically viable.

This was the case in both North America and Europe in both regions. We show continued solid execution of our growth plans.

Sales in Asia improved in the third quarter, but as rising raw material costs impacted profit.

Operator: When it comes to specialty food solutions, ICL possesses a unique combination of technical functionalities, robust infrastructure, and category expertise shown on slide 32. We expect to leverage these strengths as we expand deeper into functional food ingredients. To grow in these markets, we intend to focus on the areas where we believe we can reach a market leadership position. On slide 33, you can see that this includes preservatives, leavening agents, among others. As part of this effort, we will aggressively target acquisitions and other opportunities that leverage our existing assets. This includes our people, global footprint, customer base, and sterling reputation. Over the next five years, we are looking for organic growth rates of more than 6%. This growth will complement our strategic acquisitions. We expect to achieve this goal through solutions that provide existing customers and new food and beverage companies with bundled solutions.

We continue to believe that ICL is the most suitable candidate to be awarded the future. Concession, we currently intend to participate in the process once it begins. Assuming, of course that the terms are economically viable at ICL. We've been operating the dead Seaside for more than 100 years.

This trend is likely to extend into the fourth quarter in Brazil. The overall market was under pressure and faced variety of difficulties.

Our knowledge is far deeper than any other potential bidder.

We possess accumulated proficiencies and practical operational experience.

Elad Aharonson: In Brazil, the overall market was under pressure and faced variety of difficulties. Soy prices remained low, and in some areas there were significantly lower yields. Interest rates for farmers increased across the board. For ICL, both sales and profit decreased in Brazil. This was the result of lower volumes due in part to reduced farmer affordability, but also as raw material costs increased. Farmers are in wait and see mode, and they've deferred their decision-making. This has resulted in pressure on premium products and renewed competition in general. Overall, growing solutions product trends in Q3 were positive. However, farmer affordability on a global basis remained under pressure. While ICL continued to gain share in the market, we still have room to grow.

Soy prices remained low and in some areas there were significantly Laura.

Interest rates for pharma has increased across the board as the Bronco.

These and other advantageous positions ICL as the proven entity with the capabilities to manage this unique and complex opportunity.

For ICL, both the sales and profit decreased in Brazil.

Now, turning back to a quarterly update with the review of the phosphate Solutions division on slide 7.

This was the result of lower volumes due in part to reduced farmer affordability, but also as raw material cost increase.

Strong quarter sales of 605 million were up 5% on an annual basis.

Farmers are in wait and see mode and have deferred the decision making.

Sales improved on higher specialty, volumes and higher commodity prices.

This has resulted in pressure on premium products and renewed competition in general.

Overall growing solutions products strength in the third quarter were positive, however, pharma or the ability on a global basis remained under pressure and well continue to gain share in the market, we still have room to grow and with this I would like to turn the call over to have around four brief financial overview before I sure.

Even of 134 million was in line with the prior quarter but down slightly versus the prior year as expected.

Overall, profitability was impacted by higher raw material costs, especially for sulfur.

Specialty food Force face delivery its strongest quarter in 2 years with continued, strategy, execution.

Elad Aharonson: With that, I would like to turn the call over to Aviram for a brief financial overview before I share an update on our guidance and our new strategic principles.

An update on our guidance and our new strategic principles.

Operator: This overall approach to profitable growth by targeting specialty crop nutrition and specialty food solutions will allow us to significantly advance our business while reducing risk. It enables us to drive expansion while still staying close to our core businesses, which brings us to our next principle on slide thirty-four: maximizing our core businesses. This includes our potash segment, our industrial product segment, and our commodity phosphate operations. Let us first start with potash on slide thirty-five. Earlier, we talked about the concession, but I want to reiterate that we are preparing to win the next DETSY concession. This is part of our ongoing strategy as we continue to believe ICL is the most suitable candidate. In parallel, we will continue to work on operational excellence and to maintain our competitive cost position. At the DETSY, we intend to return production rates to pre-war levels.

Thank you Alex and to all of you for joining us today.

In China, our ypa joint venture benefited from both higher prices and volumes and an increase in demand for battery materials.

Let us get started on slide 10.

Aviram Lahav: Thank you, Elad, and to all of you for joining us today. Let us get started on slide 10 with a very quick look at quarterly changes in key market metrics. On a macro basis, global inflation rates came down on average as did interest rates, so two positive indicators. However, global industrial production and US housing starts both decreased versus the prior quarter. For fertilizers, the picture was more mixed. Both the grain price index and farmer sentiment decreased on a quarterly basis. However, farmer sentiment was up significantly year-over-year. Over the same time frame, potash and phosphate prices improved. There was also an increase in ocean freight rates, a reversal from the relatively stable trend of prior quarters. One of the other indicators we track is the price of Chinese bromine, which is relevant to industrial products, and prices continued to improve in Q1.

With a very quick look at quarterly changes in key market metrics.

On a macro basis global inflation rates came down on average is it interest rates. So too positive indicators, however, global industrial production U S housing starts both decreased.

Overall 4sight specialist is performance was as expected with most regions remaining stable, however, softness continue in Europe. A trend that is expected to linger into the fourth quarter.

Please bring us to our growing Solutions business division on slide 8.

Prior quarter.

While satellite zones.

Third-quarter sales of $561 million improved by 4% year-over-year.

<unk> was more mixed.

The grain price index and farmer sentiment decrease on a quarterly basis.

Thomas sentiment was up significantly year over year.

On global specialty Solutions, which have been customized for regional customers help to drive annual and quarterly improvements.

Over the same timeframe potash and phosphate prices improved.

There was also an increase in ocean freight rates.

This was the case in both North America and Europe. In both regions, we saw continued solid execution of our growth plans.

Vessel from a relatively stable trend of prior quarters.

One of the other indicators, which ranked in the place of Chinese bromine, which is relevant to industrial products and.

And prices continue to improve in the third quarter.

Operator: In Spain, we expect to increase production to all-time heights as the turnaround at this location continues. The second of our core businesses, found on slide 36, is our industrial product segment, a stable and profitable part of ICL. We already serve as a global market leader in bromine. We intend to maintain that position, and to continue developing new bromine and flame retardant applications. This is in addition to meeting customer demand from the various specialty end markets we serve. Our third core business is the non-food-related portion of our phosphate solution segment, which is shown on slide 37. This includes our stable and profitable industrial phosphate solutions, which are part of a growing market with strong demand. Not only is our phosphate solution segment fully integrated, which provides cost advantages, we are also the only Western manufacturer operating in China.

Sales in Asia, improved in the third quarter But Rising raw material cost impacted profits. This trend is likely to extend into the fourth quarter in Brazil. The overall Market was under pressure and faced variety of difficulties

Europe and goods are also an indicator for this business and they picked up as well.

Aviram Lahav: Durable goods are also an indicator for this business, and they ticked up as well. We also follow remodeling activity, as this is a good metric for both industrial products and phosphate solutions. While rough is flat on a sequential basis, it improved year-over-year. As phosphate specialty solutions are an important part of the food and beverage end market, we also track these trends, which increased both through AgTech and significantly year-over-year. If you will now turn to slide 11 for a look at our year-over-year sales bridges. For Q3, sales were up $100 million or 6% with potash, phosphate solutions, and Growing Solutions all demonstrating growth. Turning to the right side of the slide, you can see a $127 million benefit from higher prices this quarter, which was partially offset by lower volumes.

Soy, prices, remained low. And in some areas there were significantly lower yields.

We also follow the modeling activity and this is a good metric for both industrial products and processing solutions, while roughly flat on a sequential basis it improved year over year.

Interest rates for Farmers increased across the board as did Bank.

As phosphate specialty solutions are an important part of the food and beverage end market, nor subtract these trends, which increased both through August and significantly.

This was the result of lower volumes due in part to reduce Farmer for the ability, but also as raw material cost increased.

Yep.

Farmers are in weight and C mode and have deferred. The decision making.

Ill now turn to slide 11 for a look at our yield and <unk> branches for the third quarter sales were up $100 million or 6%.

This has resulted in pressure, on premium products and renewed competition in general.

Potash phosphate solutions and growing solutions, all demonstrating growth.

Turning to the right side of the slide you can see a $127 million benefit from higher prices this quarter, which was partially offset by lower volumes.

On Slide 12, you can see our third quarter, EBITDA, which improved 4% versus the prior year.

Overall growing Solutions, product Trends in the third quarter of positive, however, Farmer for the ability on global basis, remained on the pressure, and while continue to gain, share in the market. We still have room to grow. And with that, I would like to turn the call over to aaram for brief Financial overview. Before I share an update on our guidance and our new strategic principles.

Aviram Lahav: On slide 12, you can see our Q3 EBITDA, which improved 4% versus the prior year. Similar to sales, we saw higher prices and lower volumes. Once again, we saw a significant increase in raw material costs. Before I turn the call back over to Elad, I would like to quickly share a few highlights on slide 13. Our balance sheet remains strong with available resources of $1.6 billion. Our net debt to adjusted EBITDA rate is at 1.4x, and we delivered operating cash flow of $308 million. Once again, we're distributing 50% of adjusted net income to our shareholders. This translates to a total dividend of $62 million and results in a trailing 12-month dividend yield of 2.8%.

Similar to sales, we saw higher prices and lower volumes.

Thank you a lot and to all of you for joining us today.

Let us get started on slide 10.

Operator: Our production there is interchangeable and serves both our growing solutions business and our phosphate commodities and specialties customers. I would like now to turn to slide 39 and our final principle: optimization and efficiency. As part of this work, we intend to optimize our efforts and focus our resources on the opportunities best aligned with our core businesses. This will result in the examination of some businesses that have fewer synergies and lower potential. As part of our portfolio optimization efforts, we have shifted our approach to LFP battery materials shown on slide 40. While we will remain a provider of raw materials to battery customers, we will not be moving further downstream into cathode-active materials. This means we will be discontinuing our planned global LFP extension, and this includes construction of the previously announced project in St. Louis, US, and in Spain.

Once again, we saw a significant increase in raw material costs.

With a very quick look at quarterly changes in key Market metrics.

Before I turn the call back over to that I would like to quickly share a few highlights on slide 13.

Our balance sheet remains strong with available resources of $1 6 billion.

Our net debt to adjusted EBITDA rate is at one four times and we delivered operating cash flow of $308 million.

On a macro basis. Global inflation rates came down on average as an interest rates. So 2 positive indicators however Global industrial production and US housing starts both decreased versus required quarter.

For fertilizers, the picture was more mixed.

Once again, the distributing 50% of adjusted net income to our shareholders. This translates to a total dividend of $62 million and results in a trailing 12 month dividend yield of two 8%.

Both the grain prices index and farmer sentiment decreased on a quarterly basis. However, farmer sentiment was up significantly year over year.

Over the same time, frame prices improved.

And with that I would like to turn the call back over to <unk> for a review of our guidance and our strategic outlook.

Aviram Lahav: With that, I would like to turn the call back over to Elad for a review of our guidance and our strategic outlook.

There was also an increase in Ocean Freight rates. A reversal from the relatively stable trend of bright quarters.

Before moving to an overview of our new strategic principles I would ask you to turn to slide 15.

Elad Aharonson: Thank you, Aviram. Before moving to an overview of our new strategic principles, I would ask you to turn to slide 15 and a review of our 2025 guidance, which we are maintaining. For our specialties-driven businesses, we continue to expect EBITDA to be between $0.95 billion to $1.15 billion in 2025. For potash sales volumes, we continue to expect this amount to be between 4.3 million and 4.5 million metric tons. Until this point, we have talked about the Q3 and the Dead Sea concession. Now, after 8 months as ICL's CEO, I would like to share with you how I see the company's future and where I would like to lead it in the next few years. Over that time, we see 3 mega trends taking shape, and these are shown in slide 17.

And the review of our 2025 guidance.

1 of the other indicators, which rank is the price of Chinese bromine, which is relevant to Industrial Products and prices continue to improve in the first quarter.

We are maintaining.

For our specialty is driven businesses, we continue to expect EBITDA to be between zero point 95 billion to $1 $15 billion in 2025.

Durable goods are also an indicator for this business and they picked up as well.

Operator: After a careful review of shifting external dynamics, it became apparent that this was the best course of action for ICL. With the increasing level of investments on one end, lower than expected prices on the other hand, proceeding with our LFP battery materials project would have impeded our ability to develop other businesses. At this time, we believe directing our most significant investments into our two growth engines will provide greater shareholder value. In addition to optimization, we also plan to drive efficiency and increase productivity across our entire business. As you can see in slide 41, we expect to improve efficiency by transforming ICL into an AI-driven organization. AI will be embedded into the core of our decisions, processes, and products. We will not just be adopting isolated AI tools, we will be rethinking how ICL innovates, operates, and delivers value.

For potash sales volumes, we continue to expect this demand to be between $4 3 million and $4 5 million metric tons.

We also follow remodeling activity. As this is a good metric for both Industrial Products and phosphate Solutions while roughly flat on a sequential basis. It improves year-over-year,

Until this point, we've talked about the third quarter in the dead Sea condition now after eight months as ICL CEO I would like to share with you our IC, the company's future and where I would like to leave it in the next few years.

As phosphate specialty Solutions are an important part of the food and beverage and Market. We also track these Trends which increased or through August and significantly year-over-year.

Over this time, we see three mega trends taking shape.

These are shown in slide 17.

First in world with growing population and increasingly straining the resources the pressure for food availability is escalating.

We will now turn to slide 11 for a. Look at our year-over-year, sales bridges for the third quarter sales were up, a 100 million dollars or 6% with Bach ferrate Solutions in growing Solutions, all demonstrating growth. Turning to the right side of the slide, you can see a 127 million dollar benefit.

Elad Aharonson: First, in world with growing population and increasingly strained resources, the pressure for food availability is escalating. Second, many nations have realized the necessity of preserving resources in order to ensure the access to food and minerals. Third, in world of de-globalization, geopolitics, and trade wars, the importance of being a company with global reach and local customization is becoming even more critical. We see ICL as a strategic player capable of addressing these trends. On slide 18, you can see that approximately 70% of our business addresses the issue of food availability. ICL also benefits from access to key mineral resources, mainly potash, phosphate, and bromine. While potash is frequently thought of as our largest mineral, in terms of sales, it is actually a second to phosphate. We are well represented geographically across Europe, North and South America, and Asia, both in terms of sales and production.

from higher prices this quarter, which was partially upset by lower volumes

Second many nations realize the necessity of preserving resources in order to ensure the access to food and minerals.

Third in world of de globalization, geopolitics and trade wars, the importance of being a company with global reach and local customization is becoming even more critical.

On slide 12, you can see our first quarter EBITDA, which improved by 4% versus the prior year. Similar to sales, we saw higher prices and lower volumes.

Once again, we saw a significant increase in raw material costs.

We see ICL as a strategic player capable of addressing these trends.

Before I turn the call back over to Elad, I would like to quickly share a few highlights on slide 13.

On slide 18, you can see that approximately 70% of our business addresses the issue of food availability.

Operator: We also expect to use AI to help drive the significant operational efficiencies shown on slide 42. Our key focus areas and targeted initiatives encompass operations and maintenance, including labor costs, logistics, supply chain, procurement, and product line optimization. Before we begin the Q&A, I would like to turn to slide 43 and review our three principles one final time. The first is profitable growth targeting specialty crop nutrition and specialty food solutions. The second is relating to maximizing and improving the businesses we have identified as core to ICL. The third is dedicated to portfolio optimization and cost efficiency. As you can see on slide 44, at ICL, we are moving beyond our legacy and are now actively shaping our future. We have a clear and resilient strategy focused on growth, productivity, and efficiency. We have aligned with global trends, and are guided by a focused strategy.

Our balance sheet remains strong with variable resources of $1.6 billion.

ICL also benefits from access to key mineral resources, mainly potash phosphates and bromine.

Our net debt to adjust the debit. Our rate is at 1.4 times and we delivered operating cash, flows of 308 million.

While product is frequently sort of our largest mineral in terms of sales.

Actually our second to phosphates.

And we are well represented geographically across Europe, North and South America and Asia, both in terms of sales and production.

Once again, the Distributing 50% of adjusted net income to our shareholders, this translates to a total dividend of 62 million and results in a trailer, it was about dividend yield of 2.8%.

This enables us to provide global reach with local empowerment, which is especially important as more countries are turning inward.

Elad Aharonson: This enables us to provide global reach with local empowerment, which is especially important as more countries are turning inward in the search for critical solutions. We know we can do more to maximize our resources and positioning, and that is why ICL is preparing to embark on its next chapter. Over the past several months, we completed a comprehensive review of the company, and you can see an outline of this process in slide 19. We worked with our team and other experts to examine every aspect of ICL. We began by looking back at our results over the past 5 years. While we have had some good successes, we also experienced some misplaced opportunities which became distractions to our core businesses. Next, we looked at the future and reviewed the challenges and opportunities ahead.

And with that, I would like to turn the call back over to elad or a review of our guidance and our strategic Outlook. Thank you a before moving to an overview of our new strategic principles. I would ask you to turn to slide this pin and the review of our 2025 guidance.

Which we are maintaining.

In the search for critical solutions.

But we know we can do more to maximize our resources and positioning.

That is why ICL is preparing to embark on its next chapter.

For our Specialties driven businesses, we continue to expect ebida to be between 0.95 billion to 1.15 billion dollars in 2025.

Over the past several months, we completed a comprehensive review of the company and you can see an outline of this process in slide 19.

For pot sales volumes, we continue to expect this amount to be between 4.3 million and 4.5 million metric tons.

We work with our team and other experts to examine every aspects of Ics.

Operator: We are ready to turn today's opportunities into sustainable and profitable growth for the future. Before we move to Q&A, I would like to thank all of our employees around the world for another good quarter. As employees of ICL, we are more than just a company, we are a global community connected by purpose and grounded in the values of humility, respect, resilience, and responsibility. With that, I would like to turn the call back over to the operator for Q&A. Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, you may press star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star followed by the number two.

We begin by looking back at our results over the past five years, while we have had some good successes. We also experienced some misplaced opportunities, which became distraction to our core businesses.

So, until this point, we have talked about the third quarter and the Dead Sea concession. Now, after 8 months as ICL's CEO, I would like to share with you how I see the company's future and where I would like to lead it in the next few years.

Over the time, we see 3 mega Trends taking shape

And these are shown in slide 17.

Next we look to the future and reviewed the challenges and opportunities ahead.

With so many changes on the horizon, we needed to analyze the long term health of our current businesses and work to identify future growth engine.

Elad Aharonson: With so many changes on the horizon, we needed to analyze the long-term healthiness of our current businesses and work to identify future growth engines. For this exercise, we looked both within our core and at new potential segments. For each specialty business, we reviewed market momentum, including top trends, market size, and the value of the business. We also analyzed our competitive position and our unique value proposition. At this point, we discovered that many of our businesses are at the core of ICL. They are stable and successful contributors, and we will work to maintain these businesses and improve their competitive position. However, our research also showed that some of our businesses might not be as good of a fit to our future. This led us to reach the key takeaways on slide 20.

For this exercise we looked both within our core and the new potential segments.

second many nations have realized the necessity of preserving resources in order to ensure the access to food and minerals

For each specialty business, we reviewed market momentum, including top trends market size and the value of the business we.

Third in a world of deglobalization, geopolitics, and trade wars, the importance of being a company with global reach and local customization is becoming even more critical.

We also analyzed our competitive position and our unique value proposition.

We see CL as a strategic player capable of addressing these trends.

At this point, we discovered that many of our businesses are at the core of ICL.

Operator: With that, our first question comes from the line of Ben Theurer with Barclays. Please go ahead. Yeah. Good morning, afternoon. Thank you very much for taking my question. Obviously, I've got a lot to unpack here, and I'd like to pick up on some of these strategic highlights that you've presented over the last couple of minutes and really want to understand a little bit what you're seeing in terms of future potential in those two major areas, thinking of specialty crop nutrition and food solutions. Starting off on crop nutrition, and you've nicely highlighted this, how you've achieved bigger, basically doubling in sales, but more than a tripling on EBITDA. The margin still looks though below what some of the traditional businesses or the legacy businesses would be.

On, slide 18. You can see that approximately 70% of our business addresses, the issue of food availability.

Our stable and successful contributors and we will work to maintain these businesses and improve their competitive position.

ICL also benefits from access to key mineral resources, mainly potach, phosphate and bromine

However, our research also showed that some of our businesses might not be as good of a fit to our future.

while pot is frequently thought of as our largest mineral, in terms of sales, it is actually a second to phosphate

This led us to reach the key takeaways on slide 20.

First we will expand in the market that are within our core and where we have significant growth potential.

Elad Aharonson: First, we will expand in the markets that are within our core and where we have significant growth potential. While we carefully examine growth opportunities outside our core, we concluded that we are already participating in very attractive markets. Second, we'll extract value from the markets where we are already leaders. For these businesses, we will focus on maintaining our position while driving cost and profitability. Third, we plan to examine businesses that are either not synergetic or have low potential. We will also consider redirecting our resources to focus on better-aligned opportunities. This brings us to slide 21 and our 3 strategic principles. The first is profitable growth, targeting Specialty Crop Nutrition and Specialty Food Solutions. The second is relating to maximizing and improving the businesses that we have identified as core to ICL, and this includes our phosphate, potash, and bromine resources.

And we are well represented geographically across Europe North and South America and Asia both in terms of sales and production.

While we carefully examine growth opportunities outside our core we concluded that we are already participating in very attractive markets.

This enables us to provide Global reach with local empowerment, which is, especially important as more countries are turning inwards.

Second we will extract value from the markets, where we are already leaders.

In the search for critical solutions.

These businesses, we will focus on maintaining our position, while driving cost and profitability.

But we know we can do more to maximize our resources and positioning.

Operator: I just want to understand how you think about that business over time from a margin contribution as you evolve and grow that on specialty crop nutrition. On food solutions, you've highlighted that you've talked about you want to expand beyond what might be phosphate-based. Can you help us maybe understand a little bit if that's more an M&A-driven idea, if that's a partnership, what are the things that you can do in order to expand beyond what is phosphate-based solutions? Thank you very much. Those were my two main questions. Thank you, Ben. Great questions. Let me answer the first one first. As for specialty crop nutrition, the potential is huge, and I do agree with you that even though we tripled the EBITDA in the last few years, still there is room for improvement.

And that is why ICL is preparing to embark on its next chapter.

Third we plan to examine businesses that are either not synergetic or have low potential.

We will also consider redirecting our resources to focus on better aligns opportunity.

Over the past several months, we completed a comprehensive review of the company and you can see the an outline of this process in slide, 19.

We worked with our team and other experts to examine every aspects of Cl.

This brings us to slide 21, and our three strategic principles.

The first is profitable growth targeting specialty crop nutrition and specialty foods solution.

Secondly relating to maximizing and improving the businesses that we've identified as core to ICL.

We began by looking back at our results over the past five years. While we have had some good successes, we also experienced some misplaced opportunities that have become distractions to our core businesses.

Next, we looked at the future and reviewed the challenges and opportunities I have

And this includes our phosphates potash and bromine resources.

The third is dedicated to portfolio optimization and cost efficient.

With so many changes on the horizon, we needed to analyze the long-term healthiness of our current businesses and work to identify future growth engines.

Elad Aharonson: The third is dedicated to portfolio optimization and cost efficiency. All three of these principles will benefit from our willingness to embrace new technologies like AI and our deep history of innovation. When combined, this renewed strategic approach will allow ICL to shape its own future. I would now like to share more about this future and our overall strategy going forward. The review we completed helped us to identify two distinct businesses, which you can see on slide 23. We believe specialty crop nutrition and specialty food solutions have the potential to be significant growth engines for ICL. These are two areas where we already have deep experience and broad exposure, and the future looks bright. To help share our vision, I would like to dive a bit deeper into each principle. Let's begin with our two growth engines, specialty crop nutrition and specialty food solutions.

All three of these principles will benefit from our willingness to embrace new technologies like AI and our deep history of innovation.

For this exercise, we looked both within our core and that new potential segments.

Operator: In that respect, what we intend to do is, first, there are some R&D efforts that we invested in in the last two, three years that will bring fruits in the coming two, three years. You know, it takes time, and that brings some very unique solutions of which we can take premium prices, and they are really unique. On top of it, there is another effort, and that's about the portfolio mix. You know, when we are talking about specialty fertilizers or specialty crop nutrition, it's not everything the same. Within this scale of different portfolio products, there are products with much better profitability, like biostimulants, controlled release fertilizer, and more unique stuff. On the other hand, there are less profitable products. I'll give you one example. That's a product based on polysulphate from Volbemine in the UK.

When combined this renewed strategic approach will allow ICL to shape its own future.

For each specialty business, we reviewed market momentum, including top trends, market size, and the value of the business.

I would now like to share more about this future and our overall strategy going forward.

We also analyzed our competitive position and our unique value proposition.

The review, we completed helped us to identify two distinct businesses, which you can see on slide 23.

We believe specialty crop nutrition and specialty food solutions have the potential to be significant growth engines for ICL.

At this point, we discovered that many of our businesses are at the core of ICL. They are stable and successful contributors and we will work to maintain these businesses and improve their competitive position.

These are two areas, where we already have deep experience and broad exposure and the future looks bright.

However, our research also showed that some of our businesses might not be as good of a fit to our future.

To help share our vision I would like to dive a bit deeper into each principal.

This led us to reach the key. Takeaways on slide, 20.

Let's begin with our two growth engines specialty crop nutrition and specialty food solutions.

First, we will expand into the markets that are within our core and where we have significant growth potential.

As you know Ics growing solutions segment is already a global leader in specialty crop nutrition with room to grow and become even more dominant in this space.

Elad Aharonson: As you know, ICL's Growing Solutions segment is already a global leader in specialty crop nutrition, with room to grow and become even more dominant in this space. On slide 24, you can see that in 2020, our specialty crop nutrition sales were $1 billion, with EBITDA of approximately $60 million. Since that time, we have expanded geographically, enhanced our operations and logistics, completed multiple acquisitions, and improved our R&D efforts. As a result, in 2024, we delivered specialty crop nutrition sales of $2 billion. EBITDA increased more than three times to approximately $200 million, and we are on track to continue this trend. Our research has shown that there is still room to grow. This is due to expected changes in the market and the overall macro environment, including global food security, which I already mentioned.

Operator: What we are doing now, and we started this journey in Europe already, and we saw the results in Q3, but it's just the beginning of the journey, is to change this, to switch the mix of the portfolio to more profitable products. I believe it will bring us to EBITDA mid-double digits, and that's our target in that respect, on top of the growth itself, which will come from organic growth, but also M&A. That's about the specialty crop nutrition. As for the food ingredients, this is a different story. We have a business of $500 million, give or take. Nowadays, within the functional food ingredients, however, we are very focused on a subsegment of this, which is the phosphate-based solution.

While we carefully examine growth opportunities outside our core. We concluded that we are already participating in very attractive markets.

On Slide 24, you can see that in 2020, our specialty crop nutrition sales were 1 billion with EBITDA of approximately $60 million.

Second, we will extract value from the markets where we are already leaders.

For this businesses, we will focus on maintaining our position while driving cost and profitability.

Since that time, we have expended geographically enhanced our operations and logistics completed multiple acquisition and improved our R&D exports.

Third, we plan to examine businesses that are either not synergetic or have low potential.

As a result in 2024, we delivered specialty crop nutrition sales of $2 billion EBITDA.

We will also consider redirecting our resources to focus on better aligned opportunities.

EBITDA increased more than three times to approximately $200 million.

This brings us to slide 21 and our 3 strategic principles,

And we are on track to continue this trend.

But our research has shown that there is still room to grow.

The first is profitable growth targeting specialty, crop nutrition and Specialty Food Solutions.

This is due to expected changes in the market and the overall macro environment, including global food security, which I already mentioned.

The second is related to maximizing and improving the businesses that we have identified as core to ICL.

And this includes our phosphate potach and bromine resources.

As you can see on slide 25, the population has doubled since the seventies, but the land meant to Felix has remained unchanged.

Operator: We saw that very similar, very close by, we have some bigger potential market of $35 billion, which is the functional food ingredients, which are not only phosphate, and that's what we are targeting. It will be based on two parallel efforts. One, organic growth in our labs, in our R&D Q&A labs, and with our own workforce, we can do much better once we unlock this other market. On top of it, for sure, we are going for acquisitions. Some of them will be more strategic, some of them will be bolt-on, but it will not be only organic growth. It will be also in non-organic or M&A-based growth. We are open also for partnerships.

Elad Aharonson: As you can see on slide 25, the population has doubled since the seventies, but the land meant to feed it has remained unchanged. Thanks to increased use of specialty fertilizers, which help improve yields, there is still enough food. The importance of specialty fertilizers is expected to increase as agriculture production efficiency and sustainability remain critical to food security. Specialty crop nutrition products are the answer. As you can see in slide 26, this market is expected to grow at 6% rate from $32 billion in 2024 to more than $45 billion in 2030. Here at ICL, we are already well-positioned to capture this growth. This is thanks to our broad portfolio of global specialty solutions and our significant regional presence. Going forward, we plan to target the areas on slide 27 with a distinct focus on global reach with local empowerment.

The third is dedicated to portfolio optimization and cost efficiency.

Thanks to increased use of specialty fertilizers.

Which help improve yields there is still enough foods.

All 3 of these principles will benefit from our willingness to embrace new technologies, like Ai and our deep history of innovation.

The importance of specialty fertilizers is expected to increase as agriculture production efficiency and sustainability remain critical to food security.

When combined this renewed strategic approach will allow ICL to shape its own future.

I would now like to share more about this future and our overall strategy going forward.

Specialty crop nutrition products are the answer.

As you can see in slide 26. This market is expected to grow at 6% rate from $32 billion in 2024 to more than $45 billion in 2013.

the review we completed helped us to identify 2 distinct businesses, which you can see on slide 23,

if the potential to be significant growth engines for ICL,

Here at ICL, we are already well positioned to capture this growth.

Operator: If I may, Ben, I would like to add one thing that from time to time in meetings, I pointed out, and it's quite strange, strange or not strange, that in the specialty fertilizers world, contrary, for instance, to the crop protection world, there is no global powerhouse. What we see is an opportunity to build a global powerhouse in specialty fertilizer. Now, the analysis can be that such a global strong body did not grow because maybe regulatory was not harsh at this stage. If you think about it over time and the capability of such a global powerhouse to take things from one region to another, from one country to another, to develop centrally portfolio and then disseminate it in various countries, I believe that you can see the potential that ICL, from this point onwards, will become significantly bigger.

these are 2 areas where we already have deep experience and Broad exposure and the future looks bright.

This is thanks to our broad portfolio of global specialty solutions and our significant regional prison.

To help share our vision. I would like to dive a bit deeper into each principle.

And going forward, we plan to target the areas on slide 27, with a distinct focus on global reach with local empowerment.

Let's begin with our 2 growth engines specialty crop nutrition and Specialty Food Solutions.

We will target strategic acquisitions, including bolt on opportunities to expand our product capabilities.

As you know ICL growing Solutions segment is already a global leader in specialty crop nutrition with room to grow and become even more dominant in this space.

Elad Aharonson: We will target strategic acquisitions, including bolt-on opportunities, to expand our product capabilities. We also intend to develop a leading position in the growing areas of biostimulants, nutrient use efficiency, and organic and recycled products. Our efforts in these areas will be augmented by changes in our portfolio mix, which are designed to drive sales in more profitable product categories. This work has already began in Europe. We will also drive sustainable and profitable expansion into high growth geographies such as India, China, and Brazil. These expansions will be through targeted capital investment and will be both by acquisition and on an an organic basis. Turning now to slide 28 and our second growth engine, Specialty Food Solutions, which is part of our Phosphate Solutions segment. We are already leading the $1.5 billion phosphate food specialties market.

We also intend to develop a leading position in the growing areas of bio stimulant nutrient use efficiency inorganic and recycled product.

On slide 24, you can see that in 2020. Our specialty crop nutrition sales were 1 billion dollar, with evil of approximately 60 million dollars.

Airports in these areas will be augmented by changes in our portfolio mix, which are designed to drive sales in more profitable product categories.

Since that time we have expanded geographically enhanced, our operations and Logistics completed multiple Acquisitions and improved. Our R&D efforts

This work has already began in Europe.

We will also drive sustainable and profitable expansion into high growth geographies, such as India, China and Brazil.

as a result in 2024 we delivered specialty crop nutrition phase of 2 billion dollars.

These expansions will be through targeted capital investment and will be both by acquisition and on an organic basis.

Give it an increased more than 3 times to approximately 200 million dollars and we are on track to continue this trend.

Operator: It can go from strength to strength. I think that if you look in the future, and it's not quarter over quarter, but it's a little bit deeper into the future, there should be and there will be a very central point for such a body. That's something that strategically I would point out, and I think it's worthwhile. That's interesting. On the food, I have no further questions. Okay. Very clear. Thank you very much, Aviram. Just one real quick one as we look into it. I mean, obviously, you're kind of like on track delivering everything, and you've reiterated the guidance, but you've highlighted a few things, particularly in South America, farmer sentiment, affordability.

But our research has shown, that there is still room to grow.

Turning now to slide 28, and our second growth engine specialty food solutions, which is part of our phosphate solutions segment.

this is due to expected changes in the market and the overall macro environment, including Global Food security, which I already mentioned

We are already leading the $1 5 billion dollar phosphates food specialties markets. However, this represents a small piece of the total food ingredients by was approximately $150 billion.

As you can see on, slide 25. The population has doubled since the 70s, but the land meant to feed, it has remained unchanged.

Elad Aharonson: However, this represents a small piece of the total food ingredients pie, worth approximately $150 billion and growing at an expected rate of more than 6% over the next 5 years. On slide 29, you can see how well we are positioned in the functional food ingredients market. However, we plan to move beyond the relatively narrow field of phosphate-based ingredients and to extend our reach into new target markets. As you know, ICL is already participant in many food end markets. In 2024, our specialty food solutions sales totaled more than half a billion dollars. We are confident that we have the assets and the capabilities to expand deeper into the robust food ingredients market. However, we want to be sure we do so in focused, strategic, and successful manner.

Thanks to increased use of specialty fertilizers, which help improve yields. There is still enough Foods.

And growing at an expected rate of more than 6% over the next five years on.

On slide 29, you can see how well we are positioned in the functional food ingredients markets. However.

The importance of specialty. Fertilizers is expected to increase as agriculture production, efficiency and sustainability remain critical to food security.

Operator: Just want to understand how much might have been just more of a timing issue, what not has happened, may have shifted into the fourth Q, and what is really underlying on a sentiment base, just the availability of credit. How challenging is the situation right now in South America? I think when you say South America, you probably mean Brazil. Brazil. Even though South America as a whole, in Argentina, there's a different story going on right now. Other countries are in different shape, but specifically in Brazil, I believe at this stage, there is quite a unique situation where, obviously, a very, very good and successful agricultural country has a few vectors that are leaning hard on it. The credit side is significant. Credit available to farmers and the chain, as they call it, is tight.

We plan to move beyond the relatively narrow field of phosphate based ingredients.

Specialty. Crop nutrition. Products are the answer.

And to extend our reach into new target markets.

And as you know ICL is already participants in many food end markets. In 2024 are specialty food solution sales totaled more than half a billion dollars.

As you can see in slide 26, this Market is expected to grow at 6% rate from 32 billion dollars in 2024 to more than 45 billion dollars in 2030.

Here at ICL, we are already well positioned to capture this growth.

We are confident that we have the assets and the capabilities to expand deeper into their robust food ingredients markets.

This is thanks to our broad portfolio of global specialty Solutions and our significant Regional presence.

However, we want to be sure we do so in focused strategic and successful manner.

As a result, we analyze a wide array of possibilities and.

And going forward, we plan to target the areas on slide 27 with a distinct focus on global reach with local empowerment.

Elad Aharonson: As a result, we analyzed a wide array of possibilities and looked at each based on both attractiveness in general and fit with ICL. These efforts led to our focus on four distinct functional food ingredients. These markets will provide us with exposure to approximately $35 billion in value, an expected average 5-year growth rate of approximately 6%. On slide 30, you can see that we are well-positioned to capture the expected growth in these markets. We will be able to leverage our existing global footprint. This includes production, innovation, and sales locations across key and growing regions. Our specialty food solutions already cater to seven out of the top 10 biggest global food companies, as shown on slide 31. This is in addition to more than 2,000 other customers. All of them demand quality and consistency from their partners.

And looked at each based on both effectiveness in general and sit with ICL.

We will Target strategic Acquisitions, including bolt-on opportunities to expand our product capabilities.

These efforts.

Led to a focus on four distinct functional food ingredients. These.

These markets will provide us with exposure to approximately $35 billion in value and expected average five years growth rate of approximately 6%.

On slide 30, you can see that we are well positioned to capture the expected growth in these markets.

We also intend to develop a leading position in the growing areas of Bio stimulants nutrient, use efficiency and organic and recycled products. Our efforts in this area will be augmented By changes in our portfolio mix which are designed to drive sales in more profitable product categories.

Operator: The ability to export to China will probably be hampered to a degree by what's happening between the US and China, specifically talking about soy. The real interest rate is being kept very high, inter alia because the Bank of Brazil, who is really independent, believe it or not, is at war with Lula, especially as they enter an election year. All these things together lead us, and I think what's important to say is that I think we are a very responsible company, and we are working on this constantly. Yes, we could have sold significantly more if we had more propensity to let further credit evolve. We are taking the path that we believe is the right one. We are examining it all the time. Yes, to a degree, there's some issues there.

And this work has already began in Europe.

We will be able to leverage our existing global footprint.

This includes production innovation and sales locations across key and growing region.

We will also Drive sustainable and profitable extension into high growth geographies such as India, China and Brazil.

Our specialty food solutions already cater to seven out of the top 10 biggest global food companies and.

These extensions will be through targeted Capital Investments and will be both by acquisition and on an organic basis.

As shown on slide 31.

This is in addition to more than 2000, other customers and all of them demand quality and consistency from their partners. When it comes to specialty food solutions ICL possess the unique combination of technical functionality robust infrastructure and category expertise shown.

Turning now to slide 28 and our second growth engine specialty, food Solutions, which is part of our phosphate solution segments.

Elad Aharonson: When it comes to specialty food solutions, ICL possess the unique combination of technical functionalities, robust infrastructure, and category expertise shown on slide 32. We expect to leverage these strengths as we expand deeper into functional food ingredients. To grow in these markets, we intend to focus on the areas where we believe we can reach a market leadership position. On slide 33, you can see that this includes preservatives and leavening agents, among others. As part of these efforts, we will aggressively target acquisitions and other opportunities that leverage our existing assets. This includes our people, global footprint, customer base, and Sterling reputation. Over the next 5 years, we are looking for organic growth rates of more than 6%. This growth will complement our strategic acquisitions. We expect to achieve this goal through solutions that provide existing customers and new food and beverage companies with bundled solutions.

On slide 32.

We expect to leverage these strengths.

We are already leading the 1.5 billion phosphate Food Specialties Market. However, this represents a small piece of the total food ingredients by worth approximately 150 billion dollars and growing at an expected rate of more than 6% over the next 5 years.

As we expand deeper into functional food ingredients.

To grow in these markets, we intend to focus on the areas, where we believe we can reach a market leadership position on slide 33, you can see that this includes preservative and leavening agent among others.

On slide 29 you can see how well we are positioned in the functional food ingredients Market. However,

We plan to move beyond the relatively narrow field of phosphate based ingredients and to extend our reach into new Target markets.

Operator: However, I do believe that over time, this will probably be resolved. Not sure Q4 is the Q that it will happen, but definitely going forward, I think it will be because Brazil has been and will be the number one country in the world for agriculture. There's no question about that. I think that's probably the essence of what I want to say. Thank you very much. Thank you, Ben. The next question comes from the line of Laurence Alexander with Jefferies. Please go ahead. Hi. This is Kevin Estok for Laurence. Thank you for taking my questions. Thank you for really diving into your top priorities in specialty crop nutrition and food solutions. I guess my first question is sort of in the same vein as one asked by the previous analyst.

As part of these efforts, we will aggressively target acquisition and other opportunities that leverage our existing assets.

This includes our people global footprint customer base and Sterling.

As you know, ICL is already participant in many food and markets in 2024, our specialty food Solutions sales totaled more than half a billion dollars.

<unk>.

Over the next five years, we are looking for organic growth rate of more than 6%.

This growth will complement our strategic acquisitions, we expect to achieve this goal through solutions that provide existing customers and new food and beverage companies with bundled solutions.

We are confident that we have the assets and the capabilities to expand deeper into the robust food ingredients Market. However we want to be sure we do so in focused, strategic and successful manner,

As a result, we analyzed a wide array of possibilities and looked at each based on both attractiveness in general and fit with ICL.

This overall approach to profitable growth by targeting specialty crop nutrition and specialty food solutions.

These efforts.

Elad Aharonson: This overall approach to profitable growth by targeting specialty crop nutrition and specialty food solutions will allow us to significantly advance our business while reducing risk. It enables us to drive expansion while still staying close to our core businesses. Which brings us to our next principle on slide 34, maximizing our core businesses. This includes our Potash segment, our Industrial Products segment, and our commodity phosphate operations. Let us first start with Potash on slide 35. Earlier, we talked about the concession, but I want to reiterate that we are preparing to win the next Dead Sea concession. This is part of our ongoing strategy as we continue to believe ICL is the most suitable candidate. In parallel, we will continue to work on operational excellence and to maintain our competitive cost position. At the Dead Sea, we intend to return production rates to pre-war levels.

Food ingredients.

Will allow us to significantly advance our business, while reducing risks.

It enables us to drive expansion, while still staying close to our core businesses.

Which brings us to our next principle on slide 34, maximizing our core businesses.

Operator: You mentioned biostimulants, but I was wondering if you could share what else was in your pipeline currently, and maybe how much of your assumptions are around sort of acquiring incremental capabilities, and maybe how ICL was positioning itself against its competitors in these spaces. As you probably know, in the last few years, we already acquired five companies in this segment, the growing solutions, especially fertilizers, and we intend to acquire more. One effort is to expand to some new territories, and the other one is to put our hand on some new technology, which is August. As for the portfolio itself, I already mentioned we are moving towards biostimulants, both botanic-based biostimulants and microbial-based. This is one element. The other one is nutrient use efficiency. We are, I think, leader in controlled release fertilizers.

These markets will provide us with exposure to approximately 35 billion dollars in value and expected, average, 5 years growth rate of approximately 6% on slide 30. You can see that we are, well, positioned to capture the expected growth in these markets.

This includes our potash segment, our industrial product segment, and our commodity phosphate operations.

We will be able to leverage our existing Global footprint.

This includes production, Innovation and Sales locations across key and growing regions.

Let us first start with spot us on slide 35.

Earlier, we talked about the concession, but I want to reiterate that we are preparing to win the next steps the concession.

Our specialty food Solutions. Already catered to 7 out of the top 10, biggest Global food companies as shown on slide 31.

This is part of our ongoing strategy as we continue to believe ICL is the most suitable candidate.

In parallel we will continue to work on operational excellence and to maintain our competitive cost position.

Betsy, we intend to return production rates to prewar levels.

This is, in addition to more than 2,000 other customers and all of them, demand, quality and consistency from the partners when it comes to Specialty. Food Solutions, ICL possess the unique combination of technical functionalities, robust infrastructure and category. Expertise shown on slide 32.

In Spain, we expect to increase production to all time Heights.

We expect to leverage these strengths.

Elad Aharonson: In Spain, we expect to increase production to all-time highs as the turn on at this location continues. The second of our core businesses, found on slide 36, is our industrial products segment, a stable and profitable part of ICL. We already serve as a global market leader in bromine. We intend to maintain that position and to continue developing new bromine and flame retardant applications. This is in addition to meeting customer demand from the various specialty end markets we serve. Our third core business is the non-food related portion of our phosphate solution segment, which is shown on slide 37. This includes our stable and profitable industrial phosphate solutions, which are part of a growing market with strong demand. Not only is our phosphate solution segment fully integrated, which provides cost advantages, we are also the only Western manufacturer operating in China.

The tenor of dislocation continues.

as we expand deeper into functional food ingredients,

The second of our core businesses found on slide 36.

Our industrial product segment.

Cable and profitable part of <unk>.

Operator: Now we are bringing the new generation, which is the biodegradable controlled release fertilizers, and also in the liquid and water-soluble fertilizers that include biostimulants. This is another area. There are some other developments from a commercial perspective. I would not like to disclose at this point, but we are working on. We have very strong R&D teams across the globe, and we'll bring some news in the near future. Again, the portfolio mix will be changed, and the profitability, the gross profit of this new portfolio will be much better than the existing one. It will not be made in one time. It will take time, but we are on our way. Got it. Thank you. Just my second question is basically on some of the weaker end markets, the industrial and construction.

We already serve as a global market leader in bromine.

To grow in these markets. We intend to focus on the areas where we believe we can reach a market leadership position on slide 33, you can see that this includes preservatives and leavening agents among others.

We intend to maintain that position and to continue developing new bromine and flame retardant applications.

As part of this effort, we will aggressively target acquisitions and other opportunities that leverage our existing assets.

This is in addition to meeting customer demand from the various specialty end markets we serve.

This includes our people Global footprint customer base and Sterling reputation.

Our third core business.

Is the non food related portion of our phosphate solutions segment, which is shown on slide 37.

Over the next 5 years, we are looking for organic growth rates of more than 6%.

This includes our stable and profitable industrial phosphate solutions, which are part of a growing market with strong demand.

This growth will complement our strategic Acquisitions. We expect to achieve this goal through solutions that provide existing customers and new food and beverage companies with bundled Solutions.

Not only is our phosphate solutions segment fully integrated which provide cost advantages. We are also the only western manufacturer operating in China.

This overall approach to profitable growth by targeting specialty, crop nutrition and Specialty Food Solutions.

Our production there is interchangeable and served both our growing solutions business and our phosphate commodities and specialties customers.

Will allow us to significantly Advance our business while reducing risk.

Elad Aharonson: Our production there is interchangeable and serves both our growing solutions business and our phosphate commodities and specialties customers. I would like now to turn to slide 39 and our final principle, optimization and efficiency. As part of this work, we intend to optimize our efforts and focus our resources on the opportunities best aligned with our core businesses. This will result in the examination of some businesses that have fewer synergies and lower potential. As part of our portfolio optimization efforts, we have shifted our approach to LFP battery materials shown on slide 40. While we will remain a provider of raw materials to battery customers, we will not be moving further downstream into cathode active materials. This means we will be discontinuing our planned global LFP extension, and this includes construction of the previously announced project in St. Louis, US, and in Spain.

It enables us to drive extension while still staying close to our core businesses.

Operator: I guess I was just wondering if you were seeing any green shoots there yet, and maybe what your thoughts were around, I guess, what it takes to turn sort of both end markets. Thanks. Yeah. It's Aviram. Hi, Kevin. I think that there's quite a segregation between the different markets. I think in the electronic side, we are seeing better trends. First of all, you see in the end of the day, we switched, obviously, to the value over volume, and we see that the prices are quite significantly better in China. China is the main driver. The electronics, I think it's done the corner. It's not as high as it was in the days of the corona, but it's better, and we are actually enjoying this side. On the housing, I believe that there's a long way to go. First of all, housing is much more geographic.

I would like now to turn to slide 39, and our final principle.

Which brings us to our next principle on slide. 34 maximizing, our core businesses.

Optimization and efficiency.

As part of this work, we intend to optimize our efforts and focus our resources on the opportunities best align with our core businesses.

This includes our Portage segment, our industrial product segments, and our commodity phosphate operations.

Let us first start with potach on slide 35.

This will result in the examination of some businesses that have fewer synergies and lower potential.

Earlier, we talked about the concession but I want to reiterate that we are preparing to win the next Dead Sea concession.

As part of our portfolio optimization efforts.

This is part of our ongoing strategy as we continue to believe, ICL is the most suitable candidate.

We have shifted our approach to LSP battery material shown on slide 14.

While we will remain a provider of raw materials buttery customers, we will not be moving further downstream into cathode active materials.

In parallel, we will continue to work on operational excellence and to maintain our competitive cost position.

At the Dead Sea. We intend to return production rates to pre-war levels.

This means we will be discontinuing our blend global LSP extension and this includes construction of the previously announced project in <unk> U S.

In Spain, we expect to increase production to all-time highs as the turnaround at this location continues.

Operator: In the US, I think you know the market very well. It's okay, but not that great. In China, on the other hand, there are more significant issues. Again, they come from too much that was done at the time and a lot of credit stories that are there. This is a market which will probably come around slower. All in, if you look at how the division is performing, it's performing well. You can see the results, and the shift to value and really leading the market is what's about nice for us. Thank you. You're welcome. The next question comes from Joel Jackson with BMO Capital Markets. Please go ahead. Good morning, everyone. I'll ask a few questions. Maybe first a short-term hi. Maybe just first a short-term question.

In Spain.

After a careful review of shifting external dynamics. It became apparent that this was the best course of action for ICL.

The second of our core businesses found on slide 36 is our industrial product, segments, a stable and profitable part of PCL.

Elad Aharonson: After a careful review of shifting external dynamics, it became apparent that this was the best course of action for ICL. With increasing level of investments on one end, lower than expected prices on the other hand, proceeding with our LFP battery materials project would have impeded our ability to develop other businesses. At this time, we believe directing our most significant investments into our two growth engines will provide greater shareholder value. In addition to optimization, we also plan to drive efficiency and increase productivity across our entire business. As you can see in slide 41, we expect to improve efficiency by transforming ICL into an AI-driven organization. AI will be embedded into the core of our decisions, processes, and products. We will not just be adopting isolated AI tools, we will rethinking how ICL innovates, operates, and delivers value.

We already serve as a global market leader in bromine.

With increasing level of investments on one and lower than expected prices on the other hand.

We intend to maintain that position and to continue developing new bromine and flame retardant applications.

Proceeding with our <unk> battery materials project would have impeded our ability to develop other businesses.

This is in addition to meeting customer demand from the various specialty and markets, we serve.

So at this time, we believe directing our most significant investments into our two growth engines will provide greater shareholder value.

Our third Core Business.

Is the non-food related portion of our phosphate solution segment, which is shown on slide 37.

In addition to optimization, we also plan to drive efficiency and increase productivity across our entire business.

This includes our stable and profitable industrial phosphate Solutions, which are part of a growing Market with strong demand.

As you can see in slide 41, we expect to improve efficiency by transforming ICL into an AI driven organization.

AI will be embedded into the core of our decision processes and products.

Operator: Can you talk about your major businesses here in Q4 and talk about how each one is faring versus Q3 or whatever you want to say? Look, I'll take it for a minute, but that obviously will expand and give you his thoughts, which are important. Look, we are confirming our guidance. That says a lot. After careful thinking, we are there. We see Q4 will probably be okay, but there's no logical continuation of what we're seeing right now. I'm not going to go obviously into detail to enjoy that cannot, but I think that we're on a trajectory. I don't see something major changing there. Okay. You're referring to specialty line and so then oh, I'm so sorry. Joel, I'll say things that may be obvious. Potash prices, you know, keep the same prices, give or take. Phosphate prices also remain same level, relatively high, good, same level.

We will not just be adopting isolated AI tools, we will rethinking how ICL innovate operates and delivers value.

Not only is our phosphate solution segment fully integrated which provides cost advantages. We are also the only Western manufacturer operating in China. Our production, there is interchangeable and serves both our growing Solutions business and our phosphate Commodities and Specialties customers.

I would like now to turn to slide 39 and our final principle.

We also expect to use AI will drive the significant operational efficiencies shown on slide 42.

Optimization and efficiency.

Elad Aharonson: We also expect to use AI to help drive the significant operational efficiencies shown on slide 42. Our key focus areas and targeted initiatives encompass operations and maintenance, including labor costs, logistics supply chain, procurement, and product line optimization. Before we begin the Q&A, I would like to turn to slide 43 and review our three principles one final time. The first is profitable growth, targeting specialty crop nutrition and specialty food solutions. The second is relating to maximizing and improving the businesses we have identified as core to ICL. The third is dedicated to portfolio optimization and cost efficiency. As you can see on slide 44, at ICL, we are moving beyond our legacy and are now actively shaping our future. We have a clear and resilient strategy focused on growth, productivity, and efficiency.

Our key focus areas and targeted initiatives and complex operations and maintenance, including labor costs logistics supply chain and procurement and product line optimization.

As part of this work, we intend to optimize our efforts and focus our resources on the opportunities, best aligned with our core businesses.

And lower potential.

Before we begin the Q&A I would like to turn to slide 43 and review our three principles one final time.

As part of our portfolio optimization efforts. We have shifted our approach to LSP battery materials, shown on slide 40.

The first is profitable growth targeting specialty crop nutrition and specialty food solutions.

The second is relating to maximizing and improving the businesses, we have identified as core to ICL.

While we will remain a provider of raw materials, battery customers. We will not be moving further Downstream into CED, active materials.

The third is dedicated to portfolio optimization and cost efficiency.

As you can see on slide 44 at ICL, we're moving beyond our legacy and are now actively shaping our future.

This means, we will be discontinuing our planned Global lfp extension and this includes construction of the previously announced project in St. Louis us. And in Spain

Operator: However, sulfur cost is going up, so margin will be affected by that. Bromine prices a bit higher. I think right now it's about $3,600, something like that in China. Prices will remain relatively strong. However, cost mainly of sulfur, it's an issue. The rest, I don't see any drama. Keep it on like drama, that's for sure. I guess the potash is pretty stable. Pricing lots down, volume pretty stable, margin stable. Is that fair for Q4? Yes. Yeah. We made progress on the potash production quantities in the last few months. We are very happy with the improvement. It's like a post-war improvement, I would say. By the way, not only in Israel, in Spain, regardless of no wars in Spain, as far as I know, but still we're seeing an improvement in potash in Spain.

We have a clear and resilient strategy focused on growth productivity and efficiency.

After a careful review of Shifting, external Dynamics, it became apparent. That this was the best course of action for ICL.

We are aligned with global trends and are guided by a focused strategy.

Elad Aharonson: We have aligned with global trends and are guided by a focused strategy, we are ready to turn today's opportunities into sustainable and profitable growth for the future. Before we move to Q&A, I would like to thank all of our employees around the world for another good quarter. As employees of ICL, we are more than just a company. We are a global community connected by purpose and grounded in the values of humanity, respect, resilience, and responsibility. With that, I would like to turn the call back over to the operator for Q&A.

With increasing level of Investments on 1 end lower than expected prices on the other hand.

And we are ready to turn today's opportunities into sustainable and profitable growth for the future.

Before we move to Q&A I would like to thank all of our employees around the world for another good quarter.

Proceeding with our lfp, battery materials project would have impeded our ability to develop other businesses.

As employees of ICL, we are more than just a company, where our global community connected by purpose and grounded in the values of humanity, we expect resilience and responsibility.

So at this time, we believe directing our most significant investments into our 2 growth engines will provide greater shareholder value.

In addition to optimization, we also plan to drive efficiency and increase productivity across our entire business.

And with that I would like to turn the call back over to the operator for Q&A.

As you can see in slide 41, we expect to improve efficiency by transforming ICL into an AI driven organization.

Thank you and ladies and gentlemen, who was allowed to begin the question and answer session to ask a question you May press star followed by the number one on your telephone keypad, if youre using a speakerphone. Please pick up your handset before pressing the keys.

AI will be embedded into the core of our decisions processes and products.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. To ask a question, you may press star followed by the number 1 on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star followed by the number 2. With that, our first question comes from the line of Benjamin Theurer with Barclays. Please go ahead.

We will not just be adopting, isolated AI tools. We will rethinking how ICL innovates operates and delivers value.

Your question. Please press star followed by the number too.

Operator: Quantities on production are going up, which is an upside. On the new strategy, which has a lot of elements of strategies that have been presented by the last second and a half of CEOs and CFOs in corporates, what tangibly in 2026 should we expect to see from ICL to start hitting your milestones for your new strategic priorities? What tangible milestones should we see in 2026? Let me go back to the first part of your sentence or question. It is not exactly the same strategy when it comes to specialty fertilizers. I agree with you. We are going to accelerate, but we are on track. As we showed, we already doubled the top line and tripled the EBITDA. By improving the mix and some additional acquisitions, I think we will get better.

Our first question comes from the line of Matt Theurer with Barclays. Please go ahead.

We also expect to use AI to help Drive the significant operational. Efficiencies shown on slide 42.

Yeah good good.

Afternoon. Thank you very much for taking my question. So obviously a lot of a lot to unpack here and I'd like to pick up on some of these strategic highlights that you that you presume.

Benjamin Theurer: Yeah. Good morning, afternoon. Thank you very much for taking my question. Obviously, Eli Avriel, a lot to unpack here, and I'd like to pick up on some of these strategic highlights that you've presented over the last couple of minutes. Really want to understand a little bit what you're seeing in terms of future potential in those two major areas, thinking of especially crop nutrition and food solutions. Starting off on crop nutrition, you've nicely highlighted this, how you've achieved basically a doubling in sales, but more than a tripling on EBITDA. The margin still looks though below what some of the traditional businesses or the legacy businesses would be.

A key Focus areas and targeted initiatives and Compass operations and maintenance, including labor costs Logistics, supply chain, and procurement and product line optimization.

Presented over the last couple of minutes and really wanted to understand a little bit what youre seeing in terms of our future potential and those two major areas thinking of specialty competition at food solutions.

Before we begin the Q&A, I would like to turn to slide 43 and review, our 3 principles 1 final time.

The first is profitable growth targeting specialty, crop nutrition and Specialty Food Solutions.

Often crop nutrition nicely highlighted this how you achieve bigger.

Basically a doubling in sales, but more than a tripling on on EBITDA. So the margins still look still.

The second is relating to maximizing and improving the businesses. We have identified as core to ICL.

The third is dedicated to portfolio optimization and cost efficiency.

Know what some of the traditional businesses are of a legacy businesses would be so just wanted to understand how you think about that business over time from a from a margin contribution.

As you can see on, slide 44 at ICL, we are moving beyond our Legacy and are now actively shaping our future.

Benjamin Theurer: Just wanna understand how you think about that business over time from a margin contribution as you evolve and grow that on specialty crop nutrition. On food solutions, you've highlighted that you've talked about you wanna expand beyond what might be phosphate-based. Can you help us maybe understand a little bit if that's more an M&A-driven idea, if that's a partnership? What are the things that you can do in order to expand beyond what is phosphate-based solutions. Thank you very much. Those were my two main questions. I have one other one.

As we evolve and grow it at on specialty crop rotation and then on food solutions, you've highlighted that you've talked about do you want to expand beyond what might be phosphate based so can you help us maybe understand a little bit if that's more of an M&A driven idea if that's a partnership.

Operator: On the other hand, when it comes to specialty food solutions, the functional ingredients, this is a different strategy. In the past, it wasn't a growth engine for the company. We take now a different direction. We are going to expand it. We are going to accelerate the growth. We believe in this segment. The change is that we are not only looking at it as an outlet for phosphate and staying at the phosphate-based solutions. We are going to address the bigger market of the food ingredients, sorry, functional food ingredients, which is a much bigger market, more than 20 times bigger than the phosphate-based solution, which is part of it. That will be done, as I mentioned, also by acquisitions. I hope we'll have some news about it in the coming few quarters. That could be a change.

We have a clear and resilient strategy focused on growth productivity and efficiency.

We have a line with global Trends and are Guided by a focused strategy.

And we are ready to turn today's opportunities into sustainable and profitable growth for the future.

But what are the things.

Before we move to Q&A, I would like to thank all of our employees around the world for another good quarter.

That you can do in order to.

Expand beyond.

What is phosphate.

Based solutions. Thank you very much those were my two main questions that <unk> been great great questions and let.

Let me answer the first one Chris so as far as specialty crop nutrition. So the potential is huge and <unk>.

As employees of ICL, we are more than just a company. We are a global community connected by purpose and grounded in the values of humanity, respect resilience and responsibility.

Elad Aharonson: Thank you, Ben. Great questions. Let me answer the first one first. As for specialty crop nutrition, the potential is huge, and I do agree with you that even though we tripled the EBITDA in the last few years, still there is room for improvement. In that respect, what we intend to do is first there are some R&D efforts that we invested in the last 2, 3 years that will bring fruits in the coming 2, 3 years. You know, it takes time, and that brings some very unique solutions in which of which we can take premium prices that are really unique. On top of it, there is another effort, and that's about the portfolio mix.

I agree with you that even though we ask people the EBITDA in the last few years.

And with that, I would like to turn the call back over to the operator for Q&A.

The room for improvement.

And in that respect what we intend to do is first there are some R&D efforts that we invested in in the last two or three years that will bring fruits in the coming two three years. It takes time and it brings some very unique solutions in which.

Operator: On the other hand, we change or halt the other part of the strategy that was about LFP, cathode material. Yes, we are going to remain as a raw material provider to the battery industry, but we are not going to go upwards downstream and get into these huge investments in the dynamic of the current market. In that respect, we change the direction. Thank you for correcting me on some of that. I appreciate it. Finally, obviously, we all saw what happened last week with the MoU. You've laid out the transparency of it now. Can you talk about what you think the market has gotten wrong on ICL the last week as this news came out? Thank you. Yeah. That's a great point. I'll say honestly, I think we have two dimensions here. One is the MoU itself. Is it good or bad?

Thank you. And ladies and gentlemen, we will now begin the question and answer session to ask a question. You may press the star, followed by the number 1 on your telephone keypad. If you're using a speaker phone to speak of your hands and people are pressing the keys to withdraw your question, please press the star, followed by the number 2.

We can take premium prices.

With that. Our first question comes from the line of benur with Barclays. Please go ahead.

Really really.

But on top of it there is another another effort and thats about portfolio mix.

When we're talking about specialty fertilizers or specialty crop nutrition.

Elad Aharonson: You know, when we are talking about specialty fertilizers or specialty crop nutrition, it's not everything the same. Within this scale of different portfolio products, there are products with much better profitability, like biostimulants, controlled release fertilizer, and more unique stuff. On the other hand, there are less profitable products. I'll give you one example, that's a product based on Polysulphate from Polysulphate in the UK. What we are doing now, we start this journey in Europe already, and we saw the results in Q3, but it's just the beginning of the journey, is to change the, to switch the mix of the portfolio to more profitable products.

It's not not so everything the same and within this scale of different.

Solid products.

The product is much better profitability lagged by a stimulus for really specialize.

On the other hand.

Less profitable.

Products I'll give you. One example, that's product based and fully sulphates from a multi mine in the UK.

And what we are doing now and when we started this journey in Europe already.

So the results in Q3, but it is just the beginning of the journey has just changed this switch the mix of the of DAA portfolio and more profitable.

Product and I believe it will bring us to EBITDA.

The double digit.

Elad Aharonson: I believe it will bring us to the EBITDA mid-double digit. That's our target in that respect on top of the growth itself, which will come from organic growth but also M&A. That's about the specialty crop nutrition. As for the food ingredient, this is a different story. We have a business of $500 million, give or take. Nowadays, within the functional food ingredients, however, we are very focused on a sub-segment of this, which is the phosphate-based solution. We saw that, very similar, very close by, we have some bigger potential market of $35 billion, which is the functional food ingredients which are not only phosphate, and that's what we are targeting.

And thats targeting.

Targeting with respect on total spread of da group itself.

Operator: I can elaborate. I already talked about it during the presentation. I think it's a good and positive step to ICL. More certainty, more clarity. We know what we get. Most important, I think it doesn't hurt our chances to be the next concession owner. On the other side, we'll get better terms for the next concession, better than the option that we were sourced or the only player on the field. I can elaborate, but I know very well the dynamic with the state of Israel. If we were the only one to play in this game, the terms would have been much, much more severe. In that respect, it's a good sign. I think part of the surprise was because people realized for the first time that the concession is going to end in 2030.

Which will come from organic growth, but also.

M&A so that's about the specialty group.

<unk> <unk>.

<unk> food ingredients and this is a different story and we are a business of $500 million give or take and nowadays within the functional food ingredients. However, we are very focused on a sub segment of this which is yes.

Also a big solution.

And we sold it very similar.

Close by we had some.

Bigger potential market of 35 billion solar which is the functional food ingredients, which are not only a positive.

Margin contribution. Um, as you as you evolve and grow that on on specialty crop nutrition and then on Food Solutions, you've highlighted that you've talked about, you want to expand beyond what might be phosphate based. So, can you help us maybe understand a little bit? If that's more an m&a driven idea. That's a partnership. Is what, what are the things, uh, that you can do in order to expand Beyond? Um, what is, uh, phosphate, uh, based Solutions. Thank you very much. Those were my 2, main questions and I have 1 on the court. Thank you. Been good, great questions and uh let me answer the first 1 first, so as for a Specialty Group nutrition so the potential is huge and I do agree with you that even though we people we ah in the last few years, still there is a room for improvement.

What we are targeting.

It will be based on two parallel efforts one organic growth in our labs.

Elad Aharonson: It will be based on two parallel efforts. One, organic growth in our labs, in our R&D Q&A labs and with our own workforce. We can do much better once we unlock this other market. On top of it, for sure, we are going for acquisitions. Some of them will be more strategic, some of them will be bolt-on, but it will not be only organic growth. It will be also in non-organic or M&A-based growth, and we are open also for partnerships.

Hi.

Workforce, and we can do much better ones.

Operator: Now everyone knows it or knew it, but it becomes a little bit more real. Still, I think with all the caveats, I think ICL has great chances to be the next concession owner. Not less important, I think this step will make sure that the economical terms will be much more reasonable than what it could have been. Let me, if I may, Joel, just to add about the value of the assets. In the end of the day, we at Replacement Costs believe and believe that the value of the assets is obviously as high as we noted. Of course, we always said that there are different methods of calculation, etc., etc. The perception in the market was that this value is so high that it will basically deter every new bidder.

Unlock this.

Other market, but on top of three to four so we are going for acquisitions. Some of them will be more strategic some of them will be bolt ons, but it will not be only organic growth also in the non organic or M&A basis.

Growth and also for our partners.

Please.

If I may have been.

And uh, in in that respect, what we uh we tend to do is the first. There are some R&D efforts that we invested in in the last 2, 3 years that they will bring fruits in the coming. 2 3 years, you know, it takes time and that brings some very unique Solutions in which, uh, of which we can take premium prices and there are really really unique. But on top of it, there is another another effort and that's about the portfolio mix. You know, when it when we are talking about specialty fertilizers or Specialty Group nutrition, it's not not everything the same. And within this

Hi.

I would like to add one thing that.

Aviram Lahav: If I may, Ben, hi.

Benjamin Theurer: Sure.

Aviram Lahav: Aviram, hi. I would like to add one thing that from time to time in meetings I pointed out, and it's quite strange that strange or not strange, that in the specialty fertilizers world, contrary, for instance, to the crop protection world, there is no global powerhouse. What we see is an opportunity to build a global powerhouse in specialty fertilizers. Now, the analysis can be that such a global strong body did not grow because maybe regulatory was not harsh at this stage.

From time to time meetings I pointed out.

And I'd say quite strange that a strange or not strange that can be in the specialty fertilizers slowed the car.

Trey for insurance.

There is no global powerhouse.

There is a what we see as an opportunity.

Bill.

The low bidder.

Our house in specialty fertilizer.

Now.

The analysis can be that such a low bit strong body not grow because maybe they will adobe was not harsh.

Operator: Now, that in itself, in a way, is a semi-cooked idea because in the end, as Elad said, okay, let's suppose that there is no other bidder and we are the sole game in town, what would be the conditions of the new concession? That is something that I fully agree was sort of sidetracked and not taken into account. Now, I'm saying again, the value of the assets, we believe that replacement obviously is much higher, but we do get the insurance policy that if we walk away, by the way, if we want the concession, there's a very, very high likelihood that we will have it. We will want it as long as it makes economical sense.

At this stage, but if you think about it over time and the capability of that chain global powerhouse take things from one region to another one country to another to develop centrally portfolio and then disseminate it in various countries I believe that you can see the potential.

Aviram Lahav: If you think about it, over time, and the capability of such a global powerhouse to take things from one region to another, from one country to another, to develop centrally portfolio and then disseminate it in various countries, I believe that you can see the potential that ICL from this point onwards will become significantly bigger. It can go from strength to strength. I think that if you look in the future, and it's not, it's not quarter-over-quarter, but it little bit deeper into the future, there should be and there will be a very central point for such a body. That's something that strategically I would point out, and I think it's worthwhile. That's interesting. In the food, I have no further comments.

The scale of different portfolio products. The are the products with much better profitability, like bio stimulants, control release fertilizers and more unique stuff. On the other hand, there are less profitable products. I will give you 1 example, that's the product based on poly sulfate from from bulbine in the UK and what we are doing now. And we start this journey in Europe already and we, so the results in Q3, but it's just the beginning of the journey is to change the to switch the mix of the of the portfolio, to more profitable products. And I believe it will bring us to the indah made the double digits. And that's, that's our Target in that respect on top of the of the growth itself, uh, which will come from organic growth but also m&a. So that's about the specialty crop and nutrition as for the, uh,

That ICL from this point onwards will become significantly bigger.

Go from strength to strength I think that if you look in the future and it's not it's not quarter over quarter.

It is a bit deeper into the future should.

Should be and there will be a very central point for such a worthy that's something that strategically.

I would point out and I think each age was flat.

Food ingredients and this is a different story. We have a business of 500 million dollar give or take and nowadays within the functional food ingredients. However, we are very focused on on a sub segments of salt, this is the phosphate based solution and we saw that the very similar, very uh, close by. We have some

Operator: What we have now is certainty that if for one reason or another we do not have it, then we have a minimum agreed-upon threshold which we will get, and we will see the money at the end of the current concession. This could have been very different otherwise. When you put it all together, we actually were very, very positive, very positive about this arrangement. The market, on the other hand, as you say, thought differently, maybe did not factor it in, maybe was deterred by the difference in the price between the $3 and the $6 billion. It can be quite a lot of things put together. I think it was to a large extent, as Elad said, coming to terms that indeed, obviously, it is four years and a quarter from now, but still there is an event at the end of March 2030.

That's interesting on the fruit I've known.

<unk>.

Okay very clear. Thank you very much and then just one real quick one as we look at it I mean, obviously you kind of like on track delivering everything and you've reiterated the guidance, but you've highlighted a few things, particularly in South America farmer sentiment affordability. So just wanted to understand how much might have been just more of a.

Benjamin Theurer: Okay. Very clear. Thank you very much, Aviram. Then just one real quick one as we look into, I mean, obviously, you're kind of like on track delivering everything, and you've reiterated the guidance. You've highlighted a few things, particularly in South America, farmer sentiment, affordability. Just wanna understand how much might have been just more of a timing issue, what not has happened may have shifted into the Q4, and what is really underlying on a sentiment base, just the availability of credit. How challenging is the situation right now in South America?

Timing issue, what not has happened may have shifted into the fourth Q and what is really underlying sentiment based just the availability of credit how challenging is the situation right now in South America.

Bigger potential Market of 35 billion dollars which is the functional food ingredients, which are not only a phosphate. And that's what we are targeting. It will be based on 2 parallel efforts, 1 organic growth in our labs, in our Q&A labs and we are on Workforce, we can do much better once we unlock this this other Market, but on top of it for sure we are going for Acquisitions, some of them will be more specific. Some of them will be bought on but it will not be only organic growth, it will be also in non-organic or m&a based growth and we are open on also for our Partnerships.

I think.

When you say South America.

Aviram Lahav: I think when you say South America, you probably mean-

You, probably mean, Brazil, most strategic Brazil, even though even though you know South America as a whole.

Benjamin Theurer: Brazil

Aviram Lahav: the more specific Brazil. Even though, you know, South America as a whole, in Argentina there's a, there's a different story going on right now. Other countries are in different shape. Specifically in Brazil, I believe at this stage there's quite a unique situation, where obviously a very, very good and successful agricultural country, has a few factors that are leaning hard on it. The credit side is significant. Credit available to farmers and the chain, as they call it, is tight. The ability to export to China will probably be hampered to a degree by what is happening between the US and China, specifically talking about soy.

In Argentina.

<unk> story going on right now.

Operator: Probably that's what caused it. Thank you for that, guys. Yeah. Thank you, Joel. Thank you, Joel. I'm sure no further questions at this time. I would like to turn it back to Elad Aharonson for closing remarks. Okay. Again, the way we see it, it's a good quarter for ICL. We wanted to spend some time with you today to give our feedback on the MoU about the concession and mainly on at least the highlights of the strategy. Thank you for taking the time. We are available in other channels for more questions. Thank you very much. Maybe the last sentence, I'd like to thank very much the ICL employees all across the world for dedicated work and very nice achievements. Thank you all the ICL employees. Thank you all, and see you next time. Thank you.

The countries are in different shape, but specifically in Brazil, I believe at this stage like a unique situation.

If I may then I, I would like to add 1 thing that from time to time the meetings, I I pointed out and it's quite strange that strange or not strange. But in the, in the specialty fertilizers as well, the contrary, for instance to be for protection was there is no Global Powerhouse.

Well, obviously, a very very successful.

Successful agricultural country.

As a few.

Thanks, Don.

That are leaning harder on the credit side.

Significant.

Credit available to farmers.

There is a what we see is an opportunity to build a, a global Powerhouse in specialy. Fertilizer. Now, the analysis can be that such a global strong body is not grow because maybe regulatory was not harsh.

And the chain as they take hold it is tight.

The.

Ability to export to China.

Probably be handled to a degree.

By what's happening in the U S and China.

At this stage. But if you think about it all the time and the capability of such a global Powerhouse, to take things from 1 region to another 1 country, to another to develop, centrally portfolio, and then disseminate it in various countries.

Sure.

The interest rate the real interest rates.

<unk> kept very high.

Aviram Lahav: The interest rate, the real interest rate is being kept very high, inter alia, because the Central Bank of Brazil, who is really independent, believe it or not, is at war with Lula, and especially as they enter an election year. All these things together lead us, and I think what's important to say, that I think we are a very responsible company, and we are working on this constantly. Yes, we could have sold significantly more if we had more propensity to let further credit evolve. We are taking the path that we believe is the right one. We are examining it all the time. Yes, to a degree, there's some issues there.

Inter alia, because the bank of Brazil.

Who is really independent believe it or not is.

He is at war with Lula, and especially as they enter.

Operator: This concludes today's conference call. Thank you all for joining me. Now, disconnect.

Election year.

And all these things together lead us and I think what's important to say.

Points for such a body. That's something that strategically. I I would point out and I think it's it's worthwhile that's interesting and the food. I have no service.

That I think are very responsible company and we are working on base constantly and yes, we could add.

It's significantly more.

We will add more density.

Let the credit it was weird.

Taking deposits, which we believe is the right one we had 70.

All the time.

And yes to a degree.

However, I do believe that.

Overtime this.

Aviram Lahav: However, I do believe that, over time, this will probably be resolved. Not sure Q4 is a Q that it'll happen, but definitely going forward, I think it will be because Brazil has been and will be the number one country in the world for agriculture. There's no question about that.

We're probably being resilient.

Okay. Very clear. Thank you very much everyone. And then just 1 real quick 1 as we look into. I mean, obviously you're kind of like on track delivering everything and you've reiterated the guidance but you've highlighted a few things, particularly in South America farmer sentiment affordability. So just want to understand how much might have been. Just more of a timing issue. What not has happened. May have shifted into the fourth queue and what is really underlying on on a sentiment based just the availability of credit. How challenging is the situation right now, in South America?

Not sure Q4 is the Q that is less than that but definitely going forward I think it will be because Brazil has been and will be the number one country and there was no.

I think, when you

I think, when you say South America, Brazil probably mean to be more specific Brazil. Even though, even though, you know, South America is a whole

There's no question about that.

So.

Perfect.

That's probably the essence.

Yeah.

Benjamin Theurer: Perfect.

Aviram Lahav: I think that's probably the essence of what I want to say.

Thank you very much.

Thank you Ben.

Benjamin Theurer: Thank you very much.

And the next question comes from the line of Laurence Alexander with Jefferies. Please go ahead.

Aviram Lahav: Welcome.

Elad Aharonson: Thank you, Ben.

Operator: The next question comes from the line of Laurence Alexander with Jefferies. Please go ahead.

In Argentina. There's a there's a different story going on right now. Other countries are in in different shape. But specifically, in Brazil, I believe at this stage is quite a unique situation, uh, where obviously a very very good and successful agricultural country, uh, has a a few

Hi, Yeah. This is Kevin Estok on for Laurence Thank you for taking my questions.

Kevin Estok: Hi, this is Kevin Estok on for Laurence Alexander. Thank you for taking my questions. Thank you for really diving into your top priorities in especially crop nutrition and food solutions. I guess my first question is sort of in the same vein as one of the, one asked by the previous analyst. I guess, you know, you mentioned biostimulants, but I was wondering if you could share what else was in your pipeline currently, and maybe how much of your assumptions are around sort of acquiring incremental capabilities and maybe how ICL was positioning itself against its competitors in these spaces.

So thank you for really diving in two of your top priorities and specialty crop nutrition and food solutions.

I guess my first question is sort of in the same vein as it's one of the one asked by the previous analyst and I guess, you mentioned bio stimulant.

And I was wondering if you could share what else was in your pipeline currently.

And maybe how much of your assumptions are around sort of acquiring incremental capabilities.

And maybe how ICL with positioning itself against its competitors.

These basic.

Okay. So so.

As you probably know in the last few years, we already acquired five companies in this segment the growing solutions.

Elad Aharonson: As you probably know, in the last few years, we already acquired five companies in this segment, the growing solutions, like specialty fertilizers, and we intend to acquire more. One effort is to expand to some new territories, and the other one is to put our hand on some new technology, which is AgTech. As for the portfolio itself, I already mentioned we are moving towards biostimulants, both botanic-based biostimulants and microbial based. This is one element. The other one is nutrient use efficiency. We are, I think, leader in controlled release fertilizers.

First realized this and we intend to.

To acquire more.

One.

One effort is to extend to some new territories and the other one is.

Our hands on some new technology.

Vectors, uh, that are leaning hard on it. The credit side is significant, uh, credit available to Farmers, uh, and the chain as they, they call, it is quite tight. Uh, the the ability to export to China, will probably be hampered to a degree, uh, by what is happening between the US and China specifically talking about soy. Uh, the interest rate, the real interest rate is being kept very high, uh, enteral because the bank of Brazil, uh, who is really independent, believe it or not is is at war with Lula and especially as they enter a a a election year and all these things together lead us. And I think what's important to say uh that I think we are very responsible company.

Which is August and for the portfolio itself I already.

I mentioned, we are moving where it's by a studio in etch goes by yet.

Panic based biosimilars might have microbial base. So this is one element the other one is.

The nutrient use efficiency. So we think leader in controlled release fertilizers, now, where we are bringing the new generation.

And we are working on this constantly and yes, we could have sold a significantly more. If we were, we had more propensity to let further credit evolve. We are taking the path that we believe is the right 1, we examining it.

And controlled release fertilizers and also in the liquid.

Elad Aharonson: Now we are bringing the new generation, which is biodegradable controlled release fertilizers and also in the liquid and the water-soluble fertilizers that includes biostimulants, which is another area. There are some other developments from a commercial perspective, I would not like to disclose at this point, but we are working on. We have very strong R&D teams across the globe, and we'll bring some news in the near future. Again, the portfolio mix will be changed, and the profitability, the gross profit of this new portfolio will be much better than the existing one. It will not be made at once, one time. It will take time, but we are on our way.

All the time. Uh, and uh, yes the degree. Uh, that's that's some uh, some issue there. However, I do believe that over time this

We're celebrating fertilizer that includes last two months.

As another.

There are some other developments.

Sure.

And prospective I would not like to close at this point.

Will probably be resolved. Not sure Q4 is a cue that it will happen. But, uh, but definitely going forward, I think it will be because Brazil has been and will be the number 1 country in the world for other country. There's no question about that.

We are working on.

We have a very strong R&D.

And so, um,

Very strong R&D teams across the globe and will bring some news.

I think I think that's, that's probably the essence of what I want.

Thank you very much.

The near future.

Again, the portfolio mix will be changed in the profitability at the gross profit of this new portfolio will be much better than the existing one it will not be made in months one at one time could take time, but we're on our way.

Thank you, man.

And the next question comes from the line of Lawrence Alexander with Jeffrey. Please go ahead.

Uh yeah this is this is Kevin stuck on for Lawrence, thank you for taking my questions. Um and so thank you for really diving into uh your top priorities and especially crop nutrition and Food Solutions.

Got it. Thank you and just for my second question is basically on some of the weaker end markets. The industrial and construction I guess I was just wondering if you were seeing any green shoots there yet.

Kevin Estok: Got it. Thank you. Just for my second question, is basically on some of the weaker end markets, industrial and construction. I guess I was just wondering if you were seeing any green shoots there yet and maybe what your thoughts were around, I guess, what it takes to turn-

Maybe what your thoughts were around I guess, what it takes to turn.

Both end markets.

Yes.

Aviram Lahav: Yeah.

Hi, Kevin I think that the.

Kevin Estok: sort of both end markets. Thanks.

They are quite significant because the district market.

Aviram Lahav: It's Aviram. Hi, Kevin. I think that there's a quite a segregation between the different markets. I think in the electronic side, we are seeing better trends. First of all, you see in the end of the day, we switched obviously to value over volume, and we see that the prices are quite significantly better in China. China is the main driver. The electronics, I think it's it turned the corner. It's not as high as it was in the days of the Corona, but it's better. This is we are actually enjoying this side. On the housing, I believe that there's a long way to go. First of all, housing is much more geographic. In the US, I think you know the market very well.

Uh, I guess my, my first question is sort of in the same vein as the is 1 of the 1, as I pre the previous analyst. And I guess, you know you mentioned bio stimulants but I was wondering if you could share what else was in your pipeline currently, um, and maybe how much of your assumptions are around, sort of acquiring incremental capabilities, and um, maybe how ICL was positioning itself against its competitors.

Any spaces.

Zinc in the electronics side, we are seeing.

That's a trend.

Both are already seeing the end of the day he switched over to Baidu.

Volume and do you see that the prices.

Like significantly better.

In China, China is the main driver.

<unk>.

Each turn the corner.

It's not as high as it wasn't Dan.

But and this is Dan.

We're actually enjoying your site.

The housing.

Felipe along way to go before the housing is much more geographically in the U S.

The market very well.

Okay, but not.

Not that great in China, the other man.

Aviram Lahav: It's okay, but not that great. In China, on the other hand, there are more significant issues. Again, they come from too much that was done at the time and a lot of credit, stories that are there. This is a market which will probably come around slower. All in, if you look at how the division is performing, it's performing well. You can see the results, and the shift, to value and really leading the market is working out, nicely for us.

The most significant issues again, they come from that too much.

Got it.

And the local scale.

So this is a market, which will probably come around flow levels at all in if you look at it.

<unk> is performing.

Well you can see the results can be shipped.

And really leading the market.

Sure.

Yes.

Thank you.

Okay.

Kevin Estok: Thank you.

And the next question comes from Joel Jackson with BMO capital markets. Please go ahead.

Aviram Lahav: You're welcome.

Operator: The next question comes from Joel Jackson with BMO Capital Markets. Please go ahead.

Good morning, everyone I'll ask a few questions Mini's first short term high.

Joel Jackson: Good morning, everyone. I'll ask a few questions. Maybe just a first, a short-term question. Can you talk about your major businesses here in Q4, and talk about how each one is faring versus Q3, or whatever you wanna say?

Fertilizers and also in the liquid. And, and the water soluble fertilizers that includes by, this is another area. There are some other developments for that's from commercial perspective. I, I would not like to disclose at this point, but we are working on. We have a very strong R&D, very strong R&D teams across the globe and will bring some news, uh, in the near future. Again, the portfolio mixed will be changed and the profitability. The gross profit of this new portfolio will will be much better than the existing 1. It will not be made in 1 1, 1, 1 time. We take time but we are on, on our way.

Maybe just a first a short term question can you talk about your major businesses here in Q4 and talk about how each one is carrying.

Okay.

Q3, or whatever you want to say.

No actually.

Thank you for a minute, but did add obviously will expand and give you.

Got it. Thank you. And just for my second question, is basically on some of the weaker end markets, the industrial and construction. I guess I was just wondering, if you were seeing any good green shoots there yet, and maybe what your thoughts were around. Uh, I guess what it takes to turn for the bulk and market, so thanks.

Elad Aharonson: Look, I think I take it for a minute, but Eran obviously will expand and give you his thoughts, which are important. Look, we are reconfirming our guidance. That says a lot. After careful thinking, we are there. We see Q4 will probably be okay, there's no that's the logic and continuation of what we're seeing right now. I'll not go obviously into detail, Joel, I cannot. I think there's been a trajectory. I don't see something major changing that.

On Poland.

Look we are not.

Turning to our guidance that says it all upfront Kathryn King where that we see in Q4 Atlas, we're probably okay, but there's no that's fine.

Yeah, yeah, it's it's a I think that uh there's a quite segregation between the different markets.

I think in the electronic side we are seeing uh,

A continuation of what we're seeing right now are not gold who seem to be enjoying that cannot.

I think the stat.

Yes.

But on a trajectory I don't see something major.

Changing.

Better trends. First of all, you see at the end of the day, we switched, obviously, to value over volume, and we see that the prices are quite significantly better. In China, China is the main driver for the electronics. I think it's turned the corner.

Okay.

Oh I'm sorry.

Joel Jackson: Okay. You're reconfirming specialty timing for the.

Sure.

I'll say I think that makes it maybe obviously for those prices.

Elad Aharonson: I, I'll add-

Joel Jackson: Oh, I'm so sorry.

Elad Aharonson: Joel, I'll say things that may be obvious. Potash prices, you know, keep the same prices, give or take. phosphate prices also remain same level, relatively high, good, same level. sulfur cost is going up. margin will be affected by that. bromine prices a bit higher. I think right now it's about $3,600, something like that in China. prices will remain relatively strong. cost mainly of sulfur is an issue and the rest, I don't see any drama.

Keep the same as same prices give or take phosphate prices also remain same level relatively hard goods same level. However, sulfur.

<unk> is going up.

So the margin will be affected by this bromine prices a bit higher I think right now it's about three.

<unk> 3600, something like that in China. So.

So prices will remain relatively strong however costs mainly of sulfur.

Nishu.

The risks I don't see any drama.

Uh, it's not as high as it was the, the days of the corona, but it's better. And this is clear actually enjoying this site on the housing. I believe that has a long way to go. First of all housing is much more Geographic in the US, I think, you know, the market very well. It's, it's, it's okay, but not, not that great. In China, on the other hand, there are more significant issues again, they come from from too much, that was done at the time and a lot of of credit stories that are there. So this is a market, which will probably come around slower. But all in, if you look at at how the division is performing, this is performing well, you can see the results and the shift to value. And the, and really leading the market is working about the nice thing for us,

Keeping on my drama that's for sure.

And and.

Thank you.

And the gas the potash business pretty stable pricing flat locked down volume pretty stable.

Joel Jackson: Keeping on my drama, that's for sure. I guess the potash business pretty stable. Pricing flat to down. Volume pretty stable. Margin stable. Is that fair for Q4?

Welcome.

[noise] margin stable is that fair for Q4.

And the next question comes from Joel Jackson with BMO Capital Markets. Please go ahead.

Yes, Yeah, we made progress on our potash production quantities in the last few a few months, we are very happy with the improvement.

Elad Aharonson: Yes. Yes. We made progress on potash production quantities in the last few months. We are very happy with the improvement. It's like a post-war improvement, I would say. But by the way, not only in Israel, in Spain, regardless of war, no wars in Spain as far as I know, but still we see an improvement in newer potash in Spain. Quantities on production are going up, which is an upside.

Post war.

Improvement I would say.

By the way not only in Israel and in spend regardless of or no worsening spend as far as I know, but still we see an improvement in your report.

Good morning everyone. I'll ask a few questions. Um maybe first a short from High um maybe just a first a short-term question, can you talk about your major businesses here in Q4 and talk about how each 1 is fairing? Um

versus Q3 or whatever you want to say.

So quantities on production.

Going up.

She is an absolute.

Okay, and then on the new strategy, which you know Alan.

Elements of our strategy is data presented by you know the last decade, and a half of Ceos and Cfos and corporate what tangibly in 2026 should we expect to see from ICL to start hitting your milestones for your strategic new strategic priorities, what tangible milestones should we see in 2020.

Joel Jackson: Okay. On the new strategy, which, you know, has a lot of elements of strategies that have been presented by, you know, the last decade and a half of CEOs and CFOs in corporates. What tangibly in 2026 should we expect to see from ICL to start hitting your milestones for your new strategic priorities? What tangible milestones should we see in 2026?

No, uh, I think I, I think it's for a minute, but that, that will expand, and, and give you his his thoughts, which on both. And that look, we are very confirming. Our guidance. That says, a lot of thinking we are there, we see KO was, will probably be okay. But there's no, there's no logic for continuation of what we're seeing right now. I'm not going all this into this and enjoy, like, I cannot, but I think that, uh, this that we're on a trajectory, I don't see something major, uh, changing so

So so.

Yes.

Let me go back to the first part of your of your symptoms or questions. So it is not exactly the same.

Okay, you're confirming special guidance. Oh, I'm so sorry.

Elad Aharonson: Let me go back to the first part of your sentence or question. It's not exactly the same strategy. When it comes to specialty fertilizers, I agree with you, and we are going to accelerate, but we are on track. As we showed, we already doubled the top line and tripled the EBITDA. By improving the mix and some additional acquisitions, I think we will get better. On the other hand, when it comes to specialty food solutions, the functional ingredients, this is a different strategy. In the past, it wasn't a growth engine for the company. We take now a different direction. We are going to expand it.

Strategy when it comes to specialty fertilizers I agree with you and we are going to accelerate but we are on track.

As we show we have already doubled the top line and tripled the EBITDA.

And by.

Improving the mix and some additional acquisitions I think we will get better on the other hot on the other hand, when it comes to specialty food solutions.

Solutions functional ingredients. This is a different strategy in the past.

It wasn't.

The growth.

Growth engine for the company, we've taken out a different direction and we are going to extend it we are going to accelerate.

The growth we believe in this in this segment and again the changes that we are not only looking at as an outlet for phosphate and staying at the full suite.

So I'll say since that may maybe obviously Auto prices, you know, keep the same same prices give or take. Phosphate prices also, remain, same level relatively High, good. Same level. However, solve for costs is is going up. Uh, so uh, so margin will be affected by by that bromine prices a bit higher. I think, right now it's about 3, uh, 3,600 something like that in China. So, uh, so prices will remain relatively strong, however, cost mainly of sulfur. It's an issue and and the rest, I don't see any drama

Elad Aharonson: We are going to accelerate the growth. We believe in this segment. Again, the change is that we are not only looking it as an outlet for phosphate and staying at the phosphate-based solutions, we are going to address the bigger market of the food ingredients, of the, sorry, functional food ingredients, which is much bigger market, more than 20 times bigger than the phosphate-based solution, which is part of it. That will be done, as I mentioned, also by acquisitions. I hope we'll have some news about it in the coming few quarters. That could be a change.

Solution.

We are going to address the bigger market.

Okay. We don't like drama, that's for sure. Um, and um, and, and I guess the podcast business is pretty stable, pricing flat Lots down, volume pretty stable. Um,

Yes.

That would be sort of a functional food ingredients and which is much bigger market more than 20 times bigger than the postpaid mix the solution, which is part of it.

Margins table, is that fair for Q4?

And that will be done as I mentioned also by the way by acquisitions I hope.

We will have some news about it in the coming few quarters.

So that could be.

Could be changes on the other hand.

Change in Ohio.

Elad Aharonson: On the other hand, we changed or halt the other part of the strategy that was about LFP cathode material. Yes, we are going to remain as a raw material provider to the battery industry, but we are not going to go one step towards downstream and get into this huge investments in the dynamic of the current market. In that respect, we change the direction.

We made progress on potach, production quantities in the the last few few months. We are very happy with the Improvement. It's like a post-war Improvement. I would say but, but by the way, not only in Israel, in Spain regardless of or no Wars in Spain, as far as I know. But still, we see in an improvement in in Spain. So quantities on production are going up.

The other part of the strategy that was about.

Which is an upside.

Couple of material.

Yes, we are going to remain as a raw material provider to the battery industry.

Where its downstream and get into this.

Huge investments.

The dynamic of the currently market so in that respect we changed agenda direction.

<unk>.

Thank you for correcting me on some of that I appreciate it finally.

Okay. And then on the new strategy, which you know, has a lot of elements of of strategies that I can presented by, you know, the last decade and a half of CEOs and CFOs in corporate what tangibly in 2026 should we expect to see from mycl to start hitting your milestones for your strategic new strategic priorities. What tangible Milestones should we see in 2026?

Obviously, we all saw what happened last week with the Mou you've laid out.

Joel Jackson: Thank you for correcting me on some of that. I appreciate it. Finally, obviously, we all saw, you know, what happened last week with the MoU. You laid out, you know, the transparency of it now. Can you talk about what you think the market has gotten wrong on ICL the last week as this news came out? Thank you.

so, so, uh,

The transparency of it now and.

Can you talk about what do you think the market has gotten wrong on IC out of the last week as this news came out.

Thank you.

Yes.

Yeah, that's a that's.

Thats a great.

It's a great point.

Elad Aharonson: Yeah. That's, that's a great, that's a great point. I'll say honestly, I think it's, we have two dimensions here. One is the MoU itself. Is it good or bad? I can elaborate. I already talked about it during the presentation. I think it's good and positive step to ICL. More certainty, more clarity. We know what we get, and most important, I think it doesn't hurt our chances to be the next concession owner. On the other side, we'll get better terms for the next concession, better than the option that we were like source or the only player on the field. I can elaborate, but I know very well the dynamic with the State of Israel.

<unk>.

I would say honestly I think it's we have two dimensions. One is the Mou itself is good or bad I can elaborate I already talked about in the presentation. I think it's good and positive step to ICL more certainty more clarity we know what we get.

Let me go back to the first part of your, of your sentence or question, so it's not exactly the same, uh, strategy when it comes to Specialty fertilizers. I agree with you and we are going to accelerate but we are on track. And as, as we showed, we already doubled the top line and triple the the evida and by improving the mix and some additional Acquisitions. I think we will get better on the other hand, on the other hand, when it comes to specialty food, the

And most important I think it doesn't hurt our chances to be the next concession on but on the other side.

We get.

Better terms for the next concession better than the auction that we were the only player on the <unk>.

On the field.

I can elaborate but I.

Very well the dynamic with the state of Israel.

If we were the only one to play in this game the terms would have been March months.

Elad Aharonson: If we were the only one to play in this game, the terms would have been much more severe. In that respect, it's a good sign. I think part of the surprise was because people realized for the first time that the concession is going to end in 2030. Now everyone knows it or knew it becomes a little bit more real. Still, I think, you know, with all the caveats, I think ICL has great chances to be the next concession owner. Not less important, I think this step will make sure that the economical terms will be much more reasonable than what it could have been.

Solution, the functional ingredients. This is a different strategy in the past, uh, it wasn't growth engine for the company. We take. Now a different direction, we are going to expand it. We are going to, to accelerate the, the growth, we believe in this in this segment. And again, the changes that we are not only looking at as an outlet for phosphate and and staying at the phosphorus based Solutions. Uh, we are going to address the bigger Market of the, of the food ingredients of the sorry, functional food ingredients, which is much bigger Market more than 20 times bigger than the phosphate based Solutions, which is part of it.

More severe so thats in that perspective.

A good sign I think part of the surprise was because people realize for the first time that.

This session is going to end.

Now everyone knows it.

But.

It becomes a little bit more and more real still I think.

With all the caveats I think ICL is great chances to be the next the concession owner, but not less important I think this step will make sure that the economical terms will be much more reasonable than what it would have been let me if I may.

Um, and that will be done. As I mentioned also by, uh, by Acquisitions. I hope, uh, we have some news about it in the, in the coming few quarters so that could be, could be a change on the other hand, um, we change, uh, or help the the other part of the strategy that was about LSP, C material. Yes we are going to uh, to remain as a raw material provider to the battery in industry, but we are not going.

Just to add value of the assets.

Aviram Lahav: Let me, if I may, Joel, just to add about the value of the assets. In the end of the day, we, at replacement costs, believed and believe that the value of the assets is obviously as high as we noted. Of course, we always said that there are different methods of calculation, et cetera, et cetera. The perception in the market was that this value is so high that it will basically deter every new bidder. That in itself is, in a way, a semi-cooked idea because in the end, as Elad said, okay, suppose that there is no other bidder and we are the sole game in town, what would be the conditions of the new concession?

Words, Downstream and get into this, uh, huge Investments, uh, in the dynamic of the current market. So, in that respect, we change, we change the direction.

In the end of the day.

We expect placement costs.

Thank you for correcting me on some of that, I appreciate it. Um finally

<unk>.

And believe that the value of the asset is easily see as high as we noted.

Of course, we always said that the different methods of calculation et cetera.

Obviously, we all saw, you know what happened last week with the MOU you've laid out, you know, the transparency of it now and.

But the perception in the market.

Was that.

This value is so high.

can you talk about? What do you think the market has gotten wrong on ICL the last week as this news came out. Um, thank you.

Net debt.

It was basically detail Italy.

Yeah, that's uh that's a great uh it's a great Point. Um

New video.

Now that in itself is a ways SME coke the idea because in the end as Ed said, Okay. Suppose let's suppose that there is no other beta and we are seeing gaming what would be the conditions of the new of the new concession and that is something that fully agreed.

Total sidetracked and not taken into account now I'm, saying again the value of the asset.

Aviram Lahav: That is something that I fully agree. It's what was sort of sidetracked and not taken into account. Now, I'm saying again, the value of the assets, we believe at replacement obviously is much higher, but we do get an insurance policy that if we walk away. By the way, if we want the concession, there's a very, very high likelihood that we will have it. We will want it as long as it makes economical sense. What we have now is certainty that if for one reason or another we do not have it, then we have a minimum agreed-upon threshold which we will get, and we will see the money at the end of the current concession. This could have been very different otherwise.

He believed that with management, obviously is much higher but we do get the insurance policy.

I'll say honestly, I think it's uh, we have 2 Dimensions here. 1 is the mou itself. Is it good or bad? I can, uh, elaborate I already talked about it during the presentation. I think it's good and positive step to ICL more certainty. More clarity. We know what we get and, and most important, I think it doesn't hurt our chances to be the next concession owner. But on the other side, uh, we'll get better terms for the next. Concession better than the option that we were like sort.

If we walk away if we want the concession.

Very very high likelihood that we would have Eric.

We really wanted as long as it makes sense.

What we have now is certainly that is one reason or another we do not have it.

He has a minimal agreed upon threshold, which we will get.

And we will see the money at the end of the of the current recession. This would have been very.

So when you put it all together, we actually were very very positive very positive.

Aviram Lahav: When you put it all together, we actually were very, very positive about this arrangement. The market on the other hand, as you say, thought differently, maybe didn't factor it in, maybe was deterred by the difference in the price between $3 billion and $6 billion. It can be quite a lot of things put together. I think it was to a large extent, as Elad said, coming to terms that indeed, obviously it's 4 years and a quarter from now, but still there is an event at the end of March 2030. Probably that's what caused it.

All of this arrangement.

The market on the other hand as you say.

Differently, maybe didn't factor again, maybe we'll get the basic difference.

In the price and the three under $6 million. It can be quite a lot of things put together I think it was to a large extent.

Thanks, a lot take downs that indeed, obviously, it's falling yields in a quarter from now but today. There is an event at the end of March.

Using a buzzed in what it would have been, let me if I met Joel just to add about the value of the assets.

In the end of the day.

Uh, we at replacement cost.

Probably that's what caused it.

Thank you for that guys.

Thank you Joe.

Joel Jackson: Thank you for that, guys.

Elad Aharonson: Yeah. Thank you, Joe.

And I'm showing no further questions at this time I would like to turn it back to a lot of time King for closing remarks.

Believed and believed that the value of the assets is is obviously as high as we noted, of course, we always said that there are different methods of of calculation. Etc, etc.

Aviram Lahav: Thank you, Joe.

Operator: I'm showing no further questions at this time. I would like to turn it back to Elad Aharonson for closing remarks.

Okay. So again the way we see it as a good quarter for ICL and also we wanted to spend some time with you today.

Elad Aharonson: Okay. Again, the way we see it, a good quarter for ICL and also we wanted to spend some time with you today to give our feedback on the MOU about the concession and mainly on at least the highlights of the strategy. Thank you for taking the time and we are available in other channels for more questions. Thank you very much. Maybe the last sentence, I'd like to thank very much the ICL employees all across the world for dedicated work and very nice achievements. Thank you all the ICL employees, and thank you all and see you next time.

D var feedback on the Mou about a consistent and mainly on the highlights and strategies.

Thank you for taking the time and we are available in other channels for more questions. Thank you very much.

Maybe the last sentence of black Julia thank very much the ICL employees.

World.

For dedicated work in a very.

Very nice achievements.

So thank you all the ICU employees and thank you all and see what next time.

Yeah.

Thank you and this concludes today's conference call. Thank you all for joining you may now disconnect.

Operator: Thank you. This concludes today's conference call. Thank you all for joining. You may now disconnect.

Sure.

But the perception in the market was that that this value is so high that, that, that it would basically deter every, uh, new build now, that in itself is a, in a way, is a semi cooked idea because in the end, as the last said, okay suppose let's suppose that there is no other bidder and we are the sole game in town. What would be the conditions of the new of the new concession? And that is something that I fully agree. It's what it was thought of sidetracked and not taken into account. Now I'm saying again, the value of the assets, we believe it replacement obviously is much higher but we do get the insurance policy that if we walk away, by the way, if we want the the concession there's a very, very high likelihood that we will have it.

Yeah.

Uh, we will want it as long as it makes economical sense. What we have now is certainty that if 1 reason or another, we do not have it. Then we have a minimum agreed upon threshold, which we will get, uh, and we will see the money at the end of the day of the current concession. This could have been very different otherwise. So when you put it all together, we actually were very, very positive, very positive.

About this Arrangement uh, the market on the other hand as you say, um, both differently, maybe didn't Factor it in. Maybe it was the third by the difference uh, in the in the price between the 3 and the 6 billion and it can be quite a lot of the things put together. I think it was to a large extent as a lot coming to terms that indeed obviously it's 4 years and a quarter from now but still the reason events at the end of March 23rd,

Probably, that's, that's what caused it.

Thank you for that guys.

Yeah, thank you Joe. Thank you. John.

And I'm showing no further questions at this time. I would like to start it back to a lot Hansen for closing remarks.

Okay. So again the the way we see it, a good quarter for ICL, and also we wanted to spend some time with you today, to give our feedback on the mou about the concession and mainly on at least the highlights of the strategies. So thank you for taking the time and we are available in other channels for more questions. Thank you very much and I maybe the last sentence I'd like to thank very much, the ICL employees all across the world and for a dedicated work and very, very nice achievements. So thank you all the um ICL employees. And thank you all and see you next time.

Thank you and just continue today's conference call. Thank you all for joining in now. This is