ICL Reports Third Quarter 2025 Results and Outlines Strategic Priorities
ICL, a leading global specialty minerals company, today announced its financial results for the third quarter ended September 30, 2025. The company reported consolidated sales of $1.9 billion, representing an increase of $100 million compared to the same period last year. Operating income rose to $230 million, up from $214 million in Q3 2024, while adjusted operating income was $241 million, slightly lower than $243 million in the prior-year quarter.
Net income attributable to shareholders was $115 million versus $113 million in the third quarter of 2024, with adjusted net income at $124 million compared to $136 million in the previous year. Adjusted EBITDA totaled $398 million, a 4% increase from $383 million in Q3 2024. Diluted earnings per share remained stable at $0.09, while adjusted diluted EPS was $0.10, down from $0.11 last year.
Elad Aharonson, President and CEO of ICL, said, “For the third quarter, ICL delivered solid year-over-year growth in both sales and EBITDA, despite some regional and end-market variations. Sales were once again led by our specialties-driven businesses, with Industrial Products, Phosphate Solutions, and Growing Solutions achieving growth for both the quarter and the first nine months of the year. Our Potash segment also benefited from improved pricing for both contracted and spot transactions, driving higher sales year-over-year.”
Looking ahead, Aharonson emphasized that the company has completed a thorough review of its operations and identified two primary growth engines: specialty crop nutrition, under Growing Solutions, and specialty food solutions, part of Phosphate Solutions. “These segments are expected to drive sustainable and profitable growth for ICL in the coming years, through strategic acquisitions and focused organic initiatives. We are excited about the opportunities ahead and will provide an overview of our new strategy during today’s earnings call,” he added.
As part of its strategic shift, ICL will refine its focus on core businesses, including Potash and Industrial Products, while reallocating resources toward initiatives that align with the company’s capital allocation priorities. Non-synergistic or low-potential projects will be reassessed, and efforts to optimize the overall portfolio and improve cost efficiency across all operations will continue.
In terms of battery materials, ICL has revised its approach to LFP (lithium iron phosphate) battery solutions. While the company will continue to supply raw materials to battery manufacturers, it will not advance further downstream into cathode active materials. Consequently, previously announced projects in St. Louis, USA, and Spain have been discontinued. This decision follows a detailed market review, factoring in government policy changes, including the termination of the U.S. Department of Energy grant, as well as high investment and operating costs and anticipated low prices. ICL will instead focus on opportunities with stronger strategic alignment and higher potential returns.
Additionally, ICL recently signed a Memorandum of Understanding (MOU) with the State of Israel concerning the Dead Sea Concession. The company believes it is the most suitable candidate for the next concession period, a step that provides long-term regulatory clarity and operational certainty. Aharonson noted, “This agreement will allow ICL to continue concentrating on our core mission—driving profitable growth in specialty businesses and strengthening leadership across all segments.”
The company reaffirmed its full-year 2025 guidance for specialties-driven EBITDA of $0.95 billion to $1.15 billion. For the Potash segment, ICL expects sales volumes to range between 4.3 million and 4.5 million metric tons. The company will host its earnings call today at 8:30 a.m. New York time (1:30 p.m. London, 3:30 p.m. Tel Aviv). Financial analysts in North America can dial (800) 549-8228, or (289) 819-1520 for international participants, using conference ID 10635. The call will also be webcast for employees, media, and the public via ICL’s investor relations portal.
Key Financials – Third Quarter 2025
| Metric | 3Q 2025 | 3Q 2024 |
|---|---|---|
| Sales (US$M) | 1,853 | 1,753 |
| Gross profit (US$M) | 604 | 596 |
| Gross margin | 33% | 34% |
| Operating income (US$M) | 230 | 214 |
| Adjusted operating income (US$M) | 241 | 243 |
| Operating margin | 12% | 12% |
| Adjusted operating margin | 13% | 14% |
| Net income attributable to shareholders (US$M) | 115 | 113 |
| Adjusted net income (US$M) | 124 | 136 |
| Adjusted EBITDA (US$M) | 398 | 383 |
| Adjusted EBITDA margin | 21% | 22% |
| Diluted EPS (US$) | 0.09 | 0.09 |
| Adjusted diluted EPS (US$) | 0.10 | 0.11 |
| Cash flows from operating activities (US$M) | 308 | 408 |
Segment Performance – Q3 2025
Industrial Products: Sales were $295 million versus $309 million in Q3 2024, with EBITDA of $67 million compared to $65 million. Performance remained largely stable. Bromine-based flame retardants saw lower sales due to softness in the construction sector, while phosphorus-based solutions benefited from higher volumes and pricing, particularly following U.S. duties on Chinese imports. Elemental bromine sales decreased, though higher prices supported profitability. Clear brine fluids remained stable, and specialty minerals performed strongly due to pricing and volume growth in the food market.
Potash: Sales rose to $453 million from $389 million, with EBITDA increasing to $169 million from $120 million. Potash prices averaged $353 per ton (CIF), up 6% sequentially and 19% year-over-year. Sales volumes were approximately 1,046 thousand metric tons, stable year-over-year. Production improvements were observed at ICL Dead Sea and ICL Iberia facilities.
Phosphate Solutions: Sales totaled $605 million versus $577 million last year, with EBITDA of $134 million compared to $140 million. Specialty phosphates saw higher volumes, while commodity phosphate results benefited from stronger pricing. White phosphoric acid and industrial phosphates recorded increased sales, and food phosphates experienced growth across North America and Asia Pacific. Battery materials sales in China grew year-over-year. Commodity phosphate prices strengthened due to tight availability amid Chinese trade restrictions.
Growing Solutions: Sales increased to $561 million from $538 million, although EBITDA declined to $50 million from $64 million. Specialty agriculture sales rose in North America and Europe, partially offset by lower volumes in Brazil. Turf and ornamental sales also showed modest growth, with improved pricing offsetting lower quantities. Rising raw material costs in Asia impacted profitability.
Financial Items: Net financing expenses were $44 million, up from $39 million in Q3 2024, mainly due to exchange rate effects and hedging. Reported tax expenses totaled $57 million, with an effective tax rate of 31%, up from 28% last year, influenced by the appreciation of the Israeli shekel.
Liquidity and Dividends: As of September 30, 2025, ICL had available cash resources of $1,549 million and net financial liabilities of $2,205 million. The Board declared a third-quarter dividend of 4.80 cents per share (approximately $62 million), payable December 17, 2025, to shareholders of record on December 2, 2025.
ICL continues to focus on its specialty-driven growth strategy, operational excellence, and portfolio optimization, positioning the company for sustainable long-term performance.
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