ICL Reports $1.9 Billion in Third Quarter 2025 Revenue

Key Takeaways

• ICL reported third quarter 2025 revenue of $1.9 billion, up $100 million from the same period last year, with adjusted EBITDA rising 4% to $398 million.
• Operating income reached $230 million, while net income attributable to shareholders was $115 million, both showing modest year-over-year growth.
• Specialty crop nutrition and specialty food solutions identified as ICL’s key growth engines, supported by strategic acquisitions and focused organic initiatives.
• Potash sales increased 16% year-over-year to $453 million, driven by stronger pricing and stable volumes, while specialty businesses continued to lead overall sales performance.
• ICL announced discontinuation of its LFP battery materials projects in the U.S. and Spain, following a review of market conditions and policy shifts, including the termination of a U.S. Department of Energy grant.

ICL Delivers Steady Growth in Third Quarter 2025 Results

ICL (NYSE: ICL; TASE: ICL), a global specialty minerals company, reported consolidated third quarter 2025 sales of $1.85 billion, up from $1.75 billion a year earlier. Operating income rose to $230 million versus $214 million last year, while adjusted EBITDA increased 4% to $398 million. Adjusted net income reached $124 million, compared to $136 million in the prior-year period.

Elad Aharonson, President and CEO of ICL, said the company’s performance was driven by specialty businesses across Industrial Products, Phosphate Solutions, and Growing Solutions, alongside stronger Potash pricing.

“For the third quarter, ICL delivered solid year-over-year growth in both sales and EBITDA, even as regional performance varied. We remain focused on advancing our specialties-driven portfolio while maintaining strong fundamentals in Potash and Industrial Products,” Aharonson said.

Strategic Refocus on Growth Engines and Core Operations

Following an internal strategic review, ICL identified specialty crop nutrition (Growing Solutions) and specialty food solutions (Phosphate Solutions) as its two primary growth engines. These segments are expected to drive sustainable expansion through acquisitions and organic development.

Aharonson noted that ICL would reallocate capital to higher-return areas while optimizing its portfolio and cost structure. As part of this strategy, the company will discontinue its previously announced LFP battery materials projects in St. Louis and Spain, citing changing market conditions, policy shifts, and the loss of government funding.

“We will remain a provider of raw materials to battery customers but will not move further downstream,” Aharonson said. “This decision reflects current competitiveness and our commitment to focus on areas offering greater strategic potential.”

Segment Performance Highlights

• Industrial Products: Sales were $295 million (vs. $309 million in Q3 2024). Higher prices in phosphorus-based solutions offset weaker demand in bromine-based flame retardants.
• Potash: Sales rose to $453 million (vs. $389 million), with pricing up 19% year-over-year to $353 per ton. EBITDA increased to $169 million.
• Phosphate Solutions: Sales reached $605 million (vs. $577 million), led by stronger demand for food and industrial phosphates, and higher fertilizer prices amid limited Chinese exports.
• Growing Solutions: Sales grew to $561 million (vs. $538 million), reflecting gains in Europe and North America but softer demand in Brazil due to reduced farmer affordability.

Financial Position and Dividend

ICL reported available liquidity of $1.55 billion as of September 30, 2025, with net financial liabilities totaling $2.2 billion, up from the end of 2024.

The Board of Directors declared a quarterly dividend of 4.80 cents per share, totaling approximately $62 million, payable on December 17, 2025, to shareholders of record as of December 2, 2025.

ICL Outlook and Strategic Developments

ICL reaffirmed its 2025 specialties-driven EBITDA guidance of $0.95 billion to $1.15 billion and expects Potash sales volumes between 4.3 million and 4.5 million metric tons for the year.

The company also announced the signing of a Memorandum of Understanding with the State of Israel regarding the Dead Sea Concession, providing regulatory clarity and business stability ahead of the next concession cycle. “This agreement represents a significant step forward in ensuring the long-term certainty essential for our operations and future growth,” Aharonson added.

Read the complete financial results.