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1 Feeding the World. Fueling a Sustainable Future. Fertiglobe Q2 2025 Results Investor Presentation August 2025
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2 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q2 2025 Results Summary
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3 Significant improvements since HSE program roll -out in 2022 Safety is our first priority, with a target of zero injuries 1 Fostering a culture of zero injuries with robust track-record 2 3 4 Leadership in safety standards, outperforming market average Improving monitoring, prevention, and reporting Excellent safety records compared to global peers Commitment to safety Increase in the number of observations HSE interventions programs launched No proper injury reporting principles; clear incentives to under-report Total Recordable Injury Rate1 # of injuries per 200,000 manhours. 2016-2024 0.2 0.4 0.6 0.8 2016 2018 2020 2022 2024 Q2 2025 -93% Fertiglobe maturity of manufacturing profile IFA 2023 Average2 1. 12 month Total Recordable Injury Rate of 0.02 per 200,000 manhours as of June 2025; 2. International Fertilizer Association ( IFA)
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4 $12 million Adj. Profits attributable to shareholders +68% Y-o-Y $176 million Adj. EBITDA +26% Y-o-Y Executive Summary • Fertiglobe demonstrated resilience throughout the quarter despite external factors in Egypt and turnarounds in the UAE. • Excluding external factors and turnarounds, Q2 2025 own-produced sales volumes would have been up 4% Y-o-Y, while H1 2025 own-produced sales volumes would have been up 7% Y-o-Y. • Fertiglobe proposes H1 2025 dividends of at least $100 million , offering total shareholder returns of $131 million for H1 2025 including share buybacks. • Fertiglobe is set to realize $10 million annual run rate interest savings (6% EPS accretion), following $1.1 billion term loan repricing, the refinancing of its $300 million loan and credit rating upgrades. $566 million Revenues +14% Y-o-Y Q2 2025 Results Highlights $94 million Free Cash Flow +35% Y-o-Y • On track to deliver $15-21 million cost savings by year-end, supported by ADNOC’s commitment to optimize Fertiglobe’s costs. • Market outlook: • Short-term: Strong price backdrop on tight industry supply and emerging demand from key buying regions. • Longer term: Limited urea supply additions and growing demand is expected to support prices.
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5 Nitrogen prices rally supported by tighter fundamentals Source: CRU Urea: Market tightness drives price increases o Geopolitical tensions and supply curtailments o Indian + Ethiopia tender closures early July o Fresh Indian tender announcement o Ongoing Brazilian buying season o Prices remain robust despite affordability challenges o New European duty on Russian fertilizers Ammonia: Western supply shortages mounting : o Gas shortages in Trinidad, with further curtailments expected o Plant outages + maintenance + loading disruptions 488 550 300 350 400 450 500 550 600 650 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Urea, FOB Egypt Ammonia, CFR NW Europe Ammonia and urea prices, $/t Q1 2025 Ammonia: $571/t Urea: $425/t Q2 2025 Ammonia: $452/t Urea: $408/t Key price movements August 2025 Ammonia and urea prices ~20% above Q2 2025 levels
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6 6 Leading nitrogen fertilizer and industrial products exporter3 ADNOC acquired additional 50% stake in 2024 86.2% 13.8% Free float Fertiglobe at a Glance Key facts and figures Headquartered in Abu Dhabi, UAE 2,725 Employees globally 38% Adjusted EBITDA Margin2 $2.6 Bn Returned to shareholders1 Fertiglobe produces and exports nitrogen -based solutions, including: Ammonia Urea Diesel Exhaust Fluid (DEF) & Automotive Grade Urea (AGU) 1)Since IPO, including proposed H1 2025 dividends of at least $100 million . 2) Adjusted EBITDA margin reflects only own produced sales,. 3) comprised of merchant ammonia and urea capacity . Fertiglobe’s Ownership Structure Merchant Ammonia production capacity
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7 Company Investment Market Structurally resilient market fundamentals1 Low-cost production and well-positioned production assets2 6 Strong ADNOC backing with unique strategic synergies 7 Attractive dividend capacity and policy with solid free cash flow generation and balance sheet 3 Proven track record in operations, safety, and sustainability 5 Disciplined growth in clean ammonia via phased investments 4 Well-placed in higher value markets with potential to integrate downstream into distribution and market higher value products Fertiglobe’s key investment highlights
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8 Grow 2030 Strategy: Becoming a $1B+ EBITDA company Ambition Integrated nitrogen champion, well positioned for the energy transition 2 31 4 Operational Excellence Achieve first quartile manufacturing and cost excellence Customer Proximity Maximize netbacks and increase customer proximity Nitrogen Product Expansion Expand nitrogen product portfolio to capture more value Disciplined LCA2 Growth Pursue value led approach to low carbon ammonia +$165-175M +$30-45M +$75-100M +$70-100M Strategic pillars +$340-420M incremental run-rate EBITDA by 20301 On track to realize $15-21 million run rate cost savings by YE 2025 Operational improvements progressing, 2025 capex toward low-end of guidance Wengfu Australia acquisition on track to close in H2 2025 Exploring expansion in European markets Trial AGU shipments completed in Q2 2025 Project Harvest construction ongoing, on track to start production in 2027 1. Compared to 2024 EBITDA of $629 million, assuming 2024 prices; 2. Low-carbon ammonia
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9 Grow 2030 Strategy: Becoming a $1B+ EBITDA company Non-cumulative, annual EBITDA by 2030 ($M) ~$340-420M EBITDA uplift by 2030 with further upside potential Note: Assuming annualized run rate built up by year -end has full impact from next year, i.e., '24 improvements are included as ' 25 annualized uplift; Based on 2024 prices. 1. Includes $20 million to be realized from FIT 1 and new FIT 2 target of $35 million. 2. Includes $35 -40 million to be realized from MIP 1 and new MIP 2 target of $75 -80 million. 55 110-120 340-420 629 2030 EBITDA Pursue a value led approach to low carbon ammonia 629 165-175 30-45 75-100 70-100 1,000+ 2024 baseline ~+340-420 (Pre-FID projects under assessment) Manufacturing (MIP)2 Cost excellence (FIT)1 Potential uplift from ADNOC partner projects Leverage synergies with highly supportive parent “ADNOC” 2 31 4 Operational Excellence Customer Proximity Nitrogen Product Expansion Disciplined LCA Growth
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10 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q2 2025 Results Summary
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11 496 695 566 140 261 176 77 73 7.7 Q2 2025 Performance Highlights 1,065 1,144 965 324 388 289 Q2 2024 Q1 2025 Q2 2025 Urea Ammonia 321 425 408 307 346 286 Q2 2024 Q1 2025 Q2 2025 Revenue $M Adj. EBITDA $M and % of revenue1 Adj. attributable net profit $M Own-produced sales volumes ktpa Benchmark price levels1 $/t 1. Urea Egypt, Ammonia Middle East. Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 Q2 2024 Q1 2025 Q2 2025 +14% Key financial results Price and volume development +26% +68% 12
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12 1) Unaudited. 2) Fertiglobe uses Alternative Performance Measures (‘APM’) to provide a better understanding of the underlying developments of the performance of the business. The APMs are not defined in IFRS and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. A detailed reconciliation between APM and the mos t directly comparable IFRS measure can be found in this report. 3) Free cash flow is an APM that is calculated as cash from operations less maintenance capital expenditures less distributions to non-controlling interests and WHT plus dividends from equity accounted investees, and before growth capital expenditures. Q2 2025 & H1 2025 results summary Summary • Fertiglobe’s total own-produced sales volumes were down 10% Y-o-Y to 1,255kt in Q2 2025, driven by the impact of turnarounds and external factors on operating rates, leading to: • 11% lower ammonia own-produced sales volumes of 289 kt in Q2 2025 compared to 324 kt in Q2 2024 • 9% lower urea own-produced sales volumes of 965kt in Q2 2025 compared to 1,065kt in Q2 2024 • Total own-produced and traded third party volumes of 1,443kt were down 4% in Q2 2025 compared to Q2 2024 of 1,497kt o Adjusting for external factors and turnarounds to H1 2025, own-produced sales volumes would have been up 7% on a Y- o-Y basis. • Fertiglobe reported Q2 revenues of $566 million, adjusted EBITDA of $176 million and adj. profits attributable to shareholders of $12 million. • H1 2025 revenues were $1,261 million, while adj. EBITDA was $437 million and adj. profits attributable to shareholders were $85 million. • Total cash capital expenditures including growth capex were $42 million in Q2 2025 compared to $23 million in Q2 2024, of which $31 million was related to maintenance capital expenditures, compared to $16 million in the same period last year. $ million unless otherwise stated Q2 2025 Q2 2024 % Δ H1 2025 H1 2024 % Δ Revenue 565.8 495.7 14% 1,260.7 1,047.6 20% Gross profit 140.8 119.2 18% 362.8 296.7 22% Gross profit margin 24.9% 24.0% 28.8% 28.3% Adjusted EBITDA 176.0 140.1 26% 437.4 320.5 36% Adjusted EBITDA margin 31.1% 28.3% 34.7% 30.6% Adjusted EBITDA margin (own produced volumes) 37.7% 33.3% 41.7% 35.5% EBITDA 187.9 154.3 22% 447.6 369.5 21% EBITDA margin 33.2% 31.1% 35.5% 35.3% EBITDA margin (own produced volumes) 40.2% 36.5% 42.8% 40.7% Adjusted net profit attributable to shareholders 11.6 6.9 68% 84.8 103.5 (18%) Reported net profit attributable to shareholders 20.2 14.3 41% 92.8 130.6 (29%) Earnings per share ($) Basic earnings per share 0.002 0.002 43% 0.011 0.016 (29%) Adjusted earnings per share 0.001 0.001 20% 0.010 0.012 (17%) Earnings per share (AED) Basic earnings per share 0.009 0.006 43% 0.041 0.058 (29%) Adjusted earnings per share 0.004 0.035 (89%) 0.037 0.095 (61%) Free cash flow 93.9 69.5 35% 307.2 225.4 36% Capital expenditure 41.9 23.4 79% 65.5 44.2 48% Of which: Maintenance Capital Expenditure 31.2 16.2 93% 48.5 34.8 39% 30 Jun 25 31 Dec 24 % Δ Total Assets 4,552.9 4,410.6 3% Gross Interest-Bearing Debt 1,688.3 1,682.2 0% Net Debt 908.7 1,048.3 (13%) Q2 2025 Q2 2024 % Δ H1 2025 H1 2024 % Δ Sales volumes (‘000 metric tons) Fertiglobe Product Sold 1,255 1,389 (10%) 2,786 2,818 (1%) Third Party Traded 188 108 74% 364 217 68% Total Product Volumes 1,443 1,497 (4%) 3,150 3,035 4%
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13 188 (30) (31) (5) (17) (6) 99 (10) 6 94 EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before NCI & WHT Dividends paid to NCI & WHT Ecremage Free Cash Flow Reconciliation of Q2 2025 EBITDA to Free cash flow ($ million) Q2 2025 & H1 2025 Free Cash Flow Build-Up Reconciliation of H1 2025 EBITDA to Free cash flow ($ million) 448 (14) (49) (25) (47) (13) 300 (10) 18 307 EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before NCI & WHT Dividends paid to NCI & WHT Ecremage Free Cash Flow Reported EBITDA Reported EBITDA
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14 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q2 2025 Results Summary
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15 Global agricultural land to remain flat until 2040 Bn hectares, 2025-2040 World population to grow by 11% until 2040 Bn people, 2025-2040 More people to be fed with same amount of land Agricultural land per capita ~1.7 humans 2025 2040 ~2 humans 1ha 1ha In addition to population growth, shift to higher animal protein diets (i.e. higher N per calorie) 2025 2040 8.2 9.2 +11% 2025 2040 4.9 4.9 0% Rising food demand and limited land, require higher crop yield Source: UN; FAO; Rentenbank ~2 humans1ha Annual nitrogen fertilizer application is essential to produce yields needed to feed a growing world population
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16 0 50 100 150 200 250 300 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Urea Affordability Indicator DAP Affordability Indicator Potash Affordability Indicator Fertilizer Affordability Indicator 12% 14% 16% 18% 20% 22% 24% 50 100 150 200 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Agricultural fundamentals remain supportive CRU Fertilizer Affordability Index Average = 100 Stocks to use ratio, below 10-year average Source: Company information, CRU,, CME, USDA. WASDE Global grain & oilseed stocks : use ratio (ex-China) % Crop price index, Jan 2006 =100 Ag prices remain challenged, impacting affordability, though urea prices have been resilient across Q2 and Q3 Urea continues to be significantly more affordable than Di -Ammonium Phosphate (DAP) Current global grains stock-to-use ratio of ~16.5%, below the 10-year average (~18.8%), to support nitrogen consumption More affordable Less affordable
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17 Urea outlook underpinned by healthy S&D fundamentals Key market drivers Good project visibility: Most new projects scheduled for commissioning towards 2027- 28 European CBAM impact: potential increase in fertilizer prices + closures A slower future pace of urea capacity additions, with most new projects timed post 2027 /28, coupled with robust urea demand Global urea net capacity additions and demand growth, ex-China, mt Rise in construction costs to limit future capacity additions Supply deficit of ~3 Mt in 2025-29, vs prior investment cycles Others Iran India USA Demand 2015 - 2019 2020 - 2024 2025-2029 Market gap: +5.6Mt surplus +6.0Mt surplus -2.9Mt deficit Nigeria Russia 16.9 9.0 12.2 22.6 15.0 9.3 Source: Industry Consultants
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18 9.7 10.5 7.0 9.0 6.9 5.3 6.5 5.9 7.0 7.8 7.0 7.3 8.4 8.2 China: Exports to remain below historical levels India: Rebound in imports driven by growing domestic shortage Brazil: Imports remain strong after record 2024 volumes Robust urea imports in key markets, with limited Chinese exports Source: Industry Consultants. Notes: * Export Quota 1 = 2m tonnes, with an additional 1 -1.5m tonnes expected, limited to May – October window. ** Chinese 10 year range 0.2 -13m tons ’19 ’20 ’21 ’22 ’23 ’24 ‘25’19 ’20 ’21 ’22 ’23 ’24 ‘25 ’19 ’20 ’21 ’22 ’23 ’24 ‘25 Mt Urea imports, 2019-2025F Mt Urea imports, 2019-2025FMt Urea imports, 2019-2025F 4.7 5.5 5.3 2.8 4.3 0.3 2.1 2025 export range: 3-3.5m tons*, below 10-year historical average of 6.0m tons**
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19 Key drivers of import relianceAmmonia capacity-demand gap in Europe expected to widen by 2030 Europe will remain a key ammonia importer Source: Argus; Engie EnergyScan; Rystad Energy 1. e.g.: closure of UK's only ammonia plants by CF (Billingham, 2023 and Ince, 2023) ; 2. Caused by old age, outdated designs, and high-non gas costs; 3. For plants lacking import infrastructure. Announced closures to date post 2024 : total 1.1m tonnes in France, UK and Belgium Expected Capacity-Demand gap in Europe by region- Mt NH3 equivalent, 2024-2030 21 21 18 22 2024 Demand 2024 Capacity Central Europe Western Europe Mediter- ranean Eastern Europe 2030 Capacity 2030 Demand ~3Mt capacity expected to exit 2024 -2030 Aged plant assets Recent permanent shutdowns of unviable sites1 Imports more financially feasible due to inefficient conversion ratios2 Likely continued plant shutdowns and capacity reductions3 Demand gap: Expected demand gap of up to ~4 Mt in 2030Closures announced to date: post 2024: Belgium, UK and France
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20 Key drivers Low Carbon Ammonia Demand, 2030-2040 Low-carbon ammonia outlook 9 31 63 100 7 2030 2035 2040 2040 16 +15% Near-term demand to be delayed, but long-term fundamentals are strong MTPA NH3 Delayed STEPS IEA STEPS 2025-2030: • Emerging demand, driven by EU and APAC regulation • Primary use in conventional applications 2030–2035: • Growth expected, supported by ETS/CBAM rollout2 2035+: • Driven by growth across sectors: in conventional, power, maritime and hydrogen application Potential 1 Likely 1 Source: XRG; IEA H2 Global Supply & Demand Model 1. Range based on market outlook and potential under Delayed STEPS scenario, considering partial realization of pre -FID projects 2. ETS = Emissions trading scheme, CBAM = Carbon Border Adjustment Mechanism - CBAM launches 2026 in European Union, full effect by 2034
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21 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q2 2025 Results Summary
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22 Fertiglobe Ends Q2 2025 with Net Debt of $909 million • As of 31 March 2025, Fertiglobe reported a net debt position of $909 million, implying net debt / LTM adjusted EBITDA of 1.0x, which allows the company to balance future growth opportunities and dividend pay-out, supported by robust free cash generation and a healthy balance sheet. • Management proposed a H1 2025 dividends of at least $100 million paid subject to Board approval in September 2025 and payment in October 2025. • Including the proposed dividend and share buybacks, Fertiglobe would have returned a total of $2.6 billion to shareholders since IPO, supported by a disciplined capital allocation policy and our commitment to deliver strong returns. Key Highlights $ million 30-June25 31-Dec-24 Cash and bank balances 779.6 633.9 Loans and borrowings - current 295.2 256.7 Loans and borrowings - non-current 1,393.1 1,425.5 Total borrowings 1,688.3 1,682.2 Net debt 908.7 1,048.3 Net debt divided by Adj. LTM EBITDA 1.0x 1.6x June 2025 Leverage Position
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23 Reconciliation of reported operating profit to adjusted EBITDA Reconciliation of Adjusted EBITDA $ million Q2 2025 Q2 2024 H1 2025 H1 2024 Adjustment in P&L Operating profit as reported 112.2 84.9 295.9 231.2 Depreciation and amortization 75.7 69.4 151.7 138.3 EBITDA 187.9 154.3 447.6 369.5 APM adjustments for: Movement in provisions (13.3) - (12.7) 1.4 Cost of sales Cost optimization program 1.3 0.8 2.8 6.6 Cost of sales and SG&A expense Insurance recovery - - (0.6) - SG&A expense Change in estimate related to Sorfert gas pricing accrual - (15.4) - (57.5) Other inome Pre-operating expenditures related to projects 0.1 0.4 0.3 0.5 Cost of Sales Total APM adjustments (11.9) (14.2) (10.2) (49.0) SG&A expense Operating profit as reported 112.2 84.9 295.9 231.2 Adjusted EBITDA 176.0 140.1 437.4 320.5 1 The adjustments relate to the Sorfert gas change in estimates relating to prior periods.
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24 Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Q2 2025 Q2 2024 H1 2025 H1 2024 Adjustment in P&L Reported net profit attributable to shareholders 20.2 14.3 92.8 130.6 Adjustments for: Adjustments at EBITDA level (11.9) (14.2) (10.2) (49.0) Change in estimate related to Sorfert gas pricing accrual - (0.7) 0.0 (2.2) Forex loss/(gain) on USD exposure 10.0 (0.4) 12.4 (0.9) Depreciation / Impairment Other financial expense - - - 1.7 Finance income and expense NCI adjustment / uncertain tax positions (6.4) 8.1 (9.9) 24.8 Finance expense Tax effect of adjustments (0.3) (0.2) (0.3) (1.5) Uncertain tax positions / minorities Total APM adjustments at net profit level (8.6) (7.4) (8.0) (27.1) Taxes Adjusted net profit attributable to shareholders 11.6 6.9 84.8 103.5
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25 $ million Q2 2025 Q2 2024 H1 2025 H1 2024 EBITDA 187.9 154.3 447.6 369.5 Working capital (30.4) 2.2 (14.3) 3.1 Maintenance capital expenditure (31.2) (16.2) (48.5) (34.8) Tax paid (4.9) (12.6) (24.7) (28.4) Net interest paid (17.2) (26.3) (46.9) (55.9) Lease payments (5.7) (5.7) (13.4) (11.7) Dividends paid to non-controlling interests and withholding tax (10.2) (34.1) (10.2) (34.1) Ecremage 5.6 7.9 17.6 17.7 Free Cash Flow 93.9 69.5 307.2 225.4 Reconciliation to change in net debt: Growth capital expenditure (10.7) (7.2) (17.0) (9.4) Other non-operating items* (27.9) 1.4 (28.9) 10.9 Net effect of movement in exchange rates on net debt 1.9 0.1 4.1 (0.3) Dividend to shareholders (125.0) (200.0) (125.0) (200.0) Accrued interest (3.9) - 1.5 - Other non-cash items (0.8) (1.0) (2.3) (1.9) Net Cash Flow in Net Debt (72.5) (137.2) 139.6 24.7 Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt Note (*) :Includes USD 30.6m of the Company's share buyback program
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26 Feeding the World. Fueling a Sustainable Future. Thank you