Key Takeaways
- Itafos Inc. reports record operational performance in 2025, including improved safety metrics
- Conda achieved higher full-year P2O5 production and stronger MAP pricing
- Arraias delivered significant year-over-year fertilizer production growth
- Company returned CAD$0.22 per share through special dividends in 2025
- 2026 guidance projects 335–355 thousand tonnes P2O5 sales volumes
Itafos Inc. Highlights Record 2025 Performance
Itafos Inc. (TSX-V: IFOS) (OTCQX: ITFS) announced its preliminary, unaudited operational highlights for Q4 and full-year 2025, along with financial and market guidance for 2026.
David Delaney, Chief Executive Officer of Itafos Inc., stated that the company achieved a Total Recordable Incident Frequency Rate (TRIFR) of 0.56 in 2025, down from 0.86 in 2024, with no reportable environmental releases.
At its Conda facility in Idaho, Itafos Inc. increased full-year production to 352,841 tonnes P2O5, compared to 349,396 tonnes in 2024. Q4 production reached 90,815 tonnes P2O5, compared to 97,307 tonnes in Q4 2024, impacted by unplanned downtime. MAP realized prices averaged $764 per tonne in 2025, up 10% year-over-year.
At Arraias in Brazil, Itafos Inc. reported record adjusted EBITDA and a 170% increase in fertilizer production volumes on a P2O5 basis compared to 2024. Full-year production reached 48,919 tonnes P2O5, up from 18,147 tonnes in 2024. Sulfuric acid production also increased to 124,712 tonnes.
The company completed the sale of its Araxá Project in 2025, generating nearly $43 million in pre-tax proceeds and returning CAD$0.22 per share to shareholders through special dividends.
Itafos Inc. Advances Growth Projects and Mine Development
Itafos Inc. began delivering first ore from its Husky 1/North Dry Ridge (H1/NDR) mine, transitioning from Rasmussen Valley operations. The company also commenced work on a magnesium reduction project at Conda to maintain production rates.
An updated Preliminary Economic Assessment (PEA) for the Arraias Phosphate Project outlines a 14-year life-of-mine plan, with plans to begin single superphosphate (SSP) production in 2027 following beneficiation circuit upgrades.
In Guinea-Bissau, Itafos Inc. is reviewing phased development options for its Farim Project, including a strategic drilling program scheduled for 1H 2026.
Itafos Inc. Issues 2026 Market and Financial Outlook
For FY2026, Itafos Inc. projects sales volumes of 335–355 thousand tonnes P2O5. Corporate SG&A expenses are forecast at $16–20 million, maintenance capex at $23–33 million, growth capex at $63–83 million, and environmental and asset retirement payments at $25–30 million.
The company noted that phosphate prices moderated in Q4 2025 following the lifting of US reciprocal tariffs but improved in early 2026 amid China’s export suspension and constrained global supply. Management expects modest price improvements in Q1 2026 supported by seasonal demand and limited supply growth.
Delaney stated that Itafos Inc. believes the phosphate industry remains positioned to benefit from supportive market fundamentals heading into 2026 and beyond.
Read the complete financials.
