ICL · ICL Group Ltd

ICL Group delivered a strong first quarter in 2026, with total sales rising 14% year-over-year to $2.0 billion, driven by higher prices for bromine, potash, and phosphate products, as well as improved volumes. Adjusted EBITDA increased 15% to $412 million, reflecting operational resilience and effective cost management despite higher raw material costs and foreign exchange headwinds. The Potash segment was a standout, with EBITDA surging 46% to $172 million on a 24% increase in sales to $503 million, supported by a 21% rise in average CIF price to $362 per ton and production of 1.2 million metric tons. Industrial Products EBITDA grew 13% to $86 million, benefiting from significantly higher bromine prices and improved electronics demand, though construction markets remained soft. Phosphate Solutions EBITDA declined 6% to $131 million as higher sulfur costs (up over 100% year-over-year) offset sales growth of 18% to $679 million. Growing Solutions EBITDA edged up 4% to $49 million on 11% higher sales, driven by specialty fertilizer growth and new capacity in India. Management highlighted strong execution and navigation of market changes, and raised full-year 2026 adjusted EBITDA guidance by $100 million to a range of $1.5-$1.7 billion, while maintaining potash sales volume guidance of 4.5-4.7 million metric tons. The company also noted an annual adjusted tax rate of approximately 30% and potential lingering FX headwinds. Free cash flow improved to $61 million from negative $25 million in the prior year, and net debt to adjusted EBITDA stood at 1.5x. Overall, the results underscore ICL's ability to capitalize on favorable pricing trends while managing input cost pressures.