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ICL (NYSE: ICL; TASE: ICL) reported first-quarter 2026 results for the period ended March 31, 2026. Consolidated sales rose to $2.0 billion from $1.8 billion a year earlier, an increase of 14%. Operating income increased to $235 million from $185 million, while adjusted operating income climbed to $252 million, up 21% from $208 million.
Net income attributable to shareholders totaled $126 million, compared with $91 million in the first quarter of 2025. Adjusted net income was $139 million, up 26% from $110 million. Adjusted EBITDA increased to $412 million, up 15% from $359 million. Diluted earnings per share were $0.10 versus $0.07, and adjusted diluted EPS rose to $0.11, up 22% from $0.09.
Following the first quarter, ICL increased its full-year EBITDA guidance to $1.5 billion to $1.7 billion, up from prior guidance of $1.4 billion to $1.6 billion.
The company also reiterated expectations for potash sales volumes of between 4.5 million and 4.7 million metric tons.
ICL said it delivered growth across key financial metrics, including a 14% increase in sales, a 15% increase in adjusted EBITDA, and adjusted EPS improvement of 22%. The company attributed performance to execution and operational resilience, supported by regionally diversified operations. ICL also cited the acquisition of Bartek Ingredients and the establishment of a specialty fertilizer production facility in India as part of its strategy for specialty crop nutrition and specialty food solutions.
ICL added that it is raising guidance by $100 million after benefiting from higher bromine and potash prices, which it said are expected to remain elevated. The company said it will manage raw material costs and other headwinds by navigating changes in market conditions.
ICL said growth was driven by higher prices. It reported that bromine-based product sales benefited from higher pricing and improved electronics end-market demand, while phosphorous-based solutions sales decreased due to softer construction end-market demand. Clear brine fluids sales declined as some activity in the Gulf of America shifted to the second quarter. Specialty minerals sales increased due to higher demand for specialty magnesia used in pharma and food applications and a strong deicing season in North America.
ICL reported a 10.3% year-over-year decrease in the Grain Price Index, with corn, rice and wheat down 6.1%, 22.4% and 7.7%, respectively, while soybeans were up 9.5%. On a sequential basis, the Grain Price Index increased 5.2%, with corn, rice, soybeans and wheat up 3.3%, 5.0%, 4.2% and 8.2%, respectively.
Potash pricing was $362 per ton (CIF), up 21% year-over-year and up 4% sequentially. Potash sales volumes were 1,190 thousand metric tons, up 87 thousand metric tons year-over-year, with higher volumes mainly to China and Brazil. Potash production volumes were 1,177 thousand metric tons, up 115 thousand metric tons year-over-year. ICL said Dead Sea production improved despite operational challenges related to external forces, and Iberia production improved by approximately 10% as operational efficiency efforts continued.
ICL said year-over-year changes reflected strength in commodities, while specialties results were lower but in line with market dynamics. It reported that food-grade white phosphoric acid sales increased due to higher prices across most regions and higher volumes in Europe and South America. Tech-grade sales increased significantly, supported by higher volumes and prices, particularly in Asia.
Industrial phosphates sales decreased as higher prices in Europe were unable to offset lower volumes globally. Food phosphates sales increased slightly as volume growth in China and North America offset lower selling prices. Commodity phosphates demand varied by region, with significant price volatility as escalation in the Middle East accelerated price momentum.
ICL said growth was supported by a continued focus on innovative, regional solutions.
By region, the company reported that Brazil sales decreased on lower volumes despite a positive exchange-rate impact, and gross profit declined due to a less profitable product mix. Europe sales increased due to higher prices, higher volumes and favorable exchange-rate fluctuations, which also resulted in higher gross profit. North America sales were flat with higher prices and lower volumes, and gross profit remained stable due to higher raw material costs. In Asia, sales growth was driven by higher prices, higher volumes and favorable exchange rates, while gross profit was flat due to higher raw material costs.
ICL also said it established a new specialty and water-soluble fertilizer (WSF) production facility in Maharashtra, India, to expand local manufacturing capabilities, support growing market demand and strengthen supply-chain resilience. The company reported that specialty agriculture sales increased on higher volumes (mainly in China and Europe) and higher prices, and that turf and ornamental sales increased as turf and landscape volumes rose, particularly in Europe.
ICL’s board declared a dividend of 5.35 cents per share (approximately $69 million), compared with 4.26 cents per share (approximately $55 million) in the first quarter of 2025. The dividend is payable on June 17, 2026, to shareholders of record as of June 2, 2026.
ICL said its guidance is provided on a non-GAAP basis and that it does not provide a reconciliation of forward-looking adjusted EBITDA to GAAP net income (loss) due to the inherent difficulty in forecasting and quantifying certain items used to calculate GAAP results.
The company also outlined that it discloses non-IFRS measures including adjusted operating income, adjusted net income attributable to shareholders, adjusted diluted earnings per share, and adjusted EBITDA, which it uses to facilitate period-to-period comparisons by excluding certain items management believes are not indicative of ongoing operations.
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