ICL reports fourth quarter and full year 2024 results

Date:02-27-2025

ICL, a leading global specialty minerals company, reported its financial results for the fourth quarter and full year ended December 31, 2024. Consolidated annual sales were $6,841 million versus $7,536 million in 2023. Net income was $407 million versus $647 million, while adjusted net income was $484 million versus $715 million in 2023. Annual adjusted EBITDA was $1,469 million versus $1,754 million in 2023. Diluted earnings per share for 2024 were $0.32, while adjusted diluted EPS was $0.38. Operating cash flow was $1,468 million in 2024, similar to adjusted EBITDA, while free cash flow was $758 million. For 2024, the Company distributed $242 million in dividends to its shareholders.

For the fourth quarter of 2024, consolidated sales were $1,601 million versus $1,690 million in the fourth quarter of 2023. Net income and adjusted net income for the fourth quarter of 2024 were $70 million and $104 million, respectively, versus $67 million and $123 million, respectively, for the fourth quarter of 2023. Adjusted EBITDA in the fourth quarter was $347 million versus $357 million in the fourth quarter of 2023. Fourth quarter diluted earnings per share were $0.06, with adjusted diluted EPS of $0.08, versus $0.05 and $0.10, respectively in the fourth quarter of 2023. Operating cash flow was $452 million in the fourth quarter of 2024, similar to the fourth quarter of 2023.

″ICL delivered 2024 adjusted EBITDA of $1,469 million, with our specialties-driven businesses contributing 70% of that amount, as we continued to focus on cash generation while increasing market share across Industrial Products, Phosphate Solutions and Growing Solutions. We remain committed to growing our leadership position for these three businesses,″ said Raviv Zoller, president and CEO of ICL. ″During 2024, amidst persistent potash price declines and geopolitical challenges, we achieved strong profitability and cashflow, introduced dozens of innovative specialties products, developed new global partnerships, set production records at multiple sites, completed complementary bolt-on acquisitions, and continued to be vigilant in the execution of cost savings and efficiency efforts, all while continuing to drive significant value to our shareholders through dividends. As a result of these items, as well as prudent timing of potash deliveries, we are entering 2025 in a solid position and looking forward to improving market conditions in key end-markets.″

For 2025, the Company expects the specialties-driven segments' EBITDA to be between $0.95 billion to $1.15 billion. For Potash, the Company expects 2025 sales volumes to be between 4.5 million metric tons and 4.7 million metric tons. (1a).

Financial Figures and non-GAAP Financial Measures

Growing Solutions

The Growing Solutions segment aims to achieve global leadership in plant nutrition by enhancing its position in its core markets of specialty agriculture, ornamental horticulture, turf and landscaping, fertilizers and FertilizerpluS, and by targeting high-growth markets such as Brazil, India, and China. The segment leverages its unique R&D capabilities, substantial agronomic experience, global footprint, backward integration to potash, phosphate and polysulphate and its chemistry know-how, as well as its ability to integrate and generate synergies from acquired businesses. The segment continuously works to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), water-soluble fertilizers (WSF), liquid fertilizers and straights (MKP/MAP/PeKacid), FertilizerpluS, soil and foliar micronutrients, biostimulants, soil conditioners, seed treatment products and adjuvants.

Significant highlights for the fourth quarter

Regional highlights:

• Brazil: Sales decreased year-over-year, mainly due to exchange rate fluctuations, as lower raw material costs drove higher gross profit.

  
  

• Europe: Sales decreased year-over-year as higher selling prices were unable to offset lower sales volumes. However, lower raw material costs drove higher gross profit.

  
  

• North America: Sales increased year-over-year due to higher volumes and higher prices, which contributed to an increase in gross profit.

  
  

• Asia: Sales decreased year-over-year, as higher prices were unable to offset lower volumes. However, improved product mix drove higher gross profit.

Product highlights:

• Specialty agriculture (SA): Sales decreased year-over-year, due to exchange rate fluctuations and lower sales volumes, mainly in Brazil, which were partially offset by higher sales volumes and selling prices in the US and India.

  
  

• Turf and ornamental (T&O): Sales increased year-over-year, primarily due to higher sales of ornamental horticulture, driven by increased demand for CRFs in Europe.

  
  

• In December 2024, the segment completed its acquisition of GreenBest, a UK-based manufacturer of specialty fertilizers and tailored solutions. The acquisition strengthens the Company’s position in the turf and landscape sector and enhances its presence in the UK market, where GreenBest's expertise in custom manufacturing capabilities complements the Company’s existing portfolio.

  
  

• FertilizerpluS: Sales decreased year-over-year, driven primarily by lower sales volumes, mainly in Europe and China, which were partially offset by higher sales volumes in the US.

• Quantity– The negative impact on operating income was primarily related to lower sales volumes of specialty agriculture and FertilizerpluS products. This impact was partially offset by higher sales volumes of turf and ornamental products.

  
  

• Price– The positive impact on operating income was due to higher selling prices of specialty agriculture products, mainly in the US and India.

  
  

• Exchange rates– The unfavorable impact on operating income was due to the negative impact on sales resulting from the depreciation of the average exchange rate of the Brazilian real against the US dollar, which exceeded the positive impact from lower operational costs.

  
  

• Raw materials– The positive impact on operating income was primarily related to lower costs for commodity fertilizers and nitrogen.

  
  

• Operating and other expenses– The positive impact on operating income was primarily related to lower maintenance and operational costs.

Learn more about other Segment Information on ICL's website.