ICL Reports Q1 2025 Results with Growth in Specialty Segments & Stable Earnings

Key Takeaways:

• ICL posted Q1 2025 consolidated sales of $1.77 billion, a slight increase from Q1 2024’s $1.74 billion.
• Specialties-driven businesses — Industrial Products, Phosphate Solutions, and Growing Solutions — showed year-over-year growth in sales and EBITDA.
• Potash segment experienced lower revenue and EBITDA due to pricing on 2024 contracts with China and India.
• Adjusted EBITDA was $359 million, nearly flat year-over-year; net income was $91 million.
• A dividend of 4.26 cents per share was declared, payable June 18, 2025.

First Quarter 2025 Financial Highlights

ICL (NYSE: ICL; TASE: ICL), a global specialty minerals company, reported financial results for the first quarter ended March 31, 2025. The company recorded sales of $1.767 billion, up from $1.735 billion in the same quarter last year.

Operating income decreased to $185 million from $203 million, while adjusted operating income was $208 million versus $215 million. Net income attributable to shareholders was $91 million, and adjusted net income totaled $110 million.

Adjusted EBITDA was reported at $359 million, with diluted adjusted earnings per share remaining steady at $0.09.

“ICL delivered sequential increases in first quarter sales, adjusted EBITDA and EPS, with results led by our specialties-driven businesses,” said Elad Aharonson, President and CEO of ICL. “We plan to rely on our regionally diversified operations and continue to focus on specialty solutions for our global customers.”

Segment Performance

Industrial Products

• Sales: $344 million (up from $335 million)
• EBITDA: $76 million (up from $72 million)
• Growth was driven by higher volumes in flame retardants and phosphorus-based solutions, particularly in Europe and the U.S., despite soft conditions in construction and electronics.

Phosphate Solutions

• Sales: $573 million (up from $559 million)
• EBITDA: $139 million (up from $131 million)
• Stronger commodity demand offset lower prices in food phosphates and battery materials. ICL also commissioned its Battery Materials Innovation and Qualification Center in St. Louis.

Growing Solutions

• Sales: $495 million (up from $479 million)
• EBITDA: $47 million (up from $42 million)
• Sales and profit growth were supported by higher volumes in North America and Brazil. ICL also announced the acquisition of an ag-biologicals firm to expand its specialty offerings.

ICL’s Potash Segment Overview

Potash segment performance declined:

• Sales: $405 million (down from $423 million)
• EBITDA: $118 million (down from $124 million)

ICL fulfilled its lower-priced 2024 annual contracts with China and India, affecting average potash pricing. Sales volumes increased slightly to 1.1 million metric tons, with stronger exports to Brazil and China.

Production challenges continued at ICL Dead Sea and ICL Iberia, though efficiency efforts remain on track.

Cash Flow, Debt, and Dividend of ICL

• Cash flow from operations: $165 million (down from $292 million)
• Net financial liabilities: $1.993 billion (up $142 million from year-end 2024)
• Available liquidity: $1.491 billion

ICL’s Board declared a dividend of 4.26 cents per share, or approximately $55 million, payable on June 18, 2025, to shareholders of record as of June 4, 2025.

2025 Outlook For ICL

ICL reiterated its full-year 2025 guidance:

• Specialties-driven EBITDA: $950 million to $1.15 billion
• Potash sales volumes: 4.5 to 4.7 million metric tons

As global trade and tariff conditions evolve, ICL intends to leverage its regional production model and maintain its focus on serving localized customer needs through specialty mineral solutions.

Read the company’s latest financial results here.