Slides
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1 Feeding the World. Fueling a Sustainable Future. Fertiglobe Q3 2025 Results Investor Presentation November 2025
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2 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q3 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-Q3 2025 0.2 0.4 0.6 0.8 2016 2018 2020 2022 2024 Q3 2025 Fertiglobe maturity of manufacturing profile IFA 2023 Average2 1. 12 month Total Recordable Injury Rate of 0.02 per 200,000 manhours as of 30 September 2025; 2. International Fertilizer Association (IFA)
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4 $134M Adj. Net Profits attributable to shareholders $286M Adj. EBITDA +69% Y-o-Y Executive Summary Revenues +53% Y-o-Y Q3 2025 Results Highlights $287M Minimum Return of Capital for 20251 1. Including H1 2025 dividends of $125 million, H2 2025 dividends of at least $100 million and $62 million share buybacks completed to date. 3. DEF: Disel Exhaust Fluid. 4. AGU: Automotive Grade Urea. 2. Relates to initiatives actioned to date, with full impact to be realized by 2030 Capital returns to shareholders $2.8Bn Capital returns since IPO1 +370% Y-o-Y $758M • Robust Q3 2025 results are driven by progress on strategic initiatives, commercial agility to capture value in tight urea markets, notwithstanding reduced gas supplies in Egypt demonstrating resilience • Reported Q3 2025 attributable net profit reflects one-off gains related to the goodwill resolution in Egypt. • Fertiglobe actioned initiatives accounting for c.38%2 of its 2030 EBITDA growth target announced in May 2025: Manufacturing Improvement Program (MIP) 43% underway; on-track to achieve $110-120 million EBITDA by 2028, with $20 million upside driven by AI. $55 million cost reduction target 84% complete Wengfu Australia acquisition complete in October 2025, with all contributed cash returned to Fertiglobe in less than two months since closing, ($23 million incremental annual EBITDA by 2030). Scaling of DEF3 and AGU4 capacity ($22 million incremental annual EBITDA by 2030); investments completed.
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5 Nitrogen prices show persistent strength in H2 2025 Source: CRU, weekly prices as of 6th November 2025 Ammonia: Western supply shortages drive price hikes : o Gas shortages in Trinidad + reduced production in Algeria o Supply shortages result in price rally June 2025 to date o Current prices $670/t CFR NW Europe Urea: Persistent price strength across Q3 and Q4 o Geopolitical tensions and supply curtailments o Four successive Indian tenders July – October 2025, with a further 2.5mt tender announced in November o Brazilian buying season ongoing o New European duty on Russian fertilizers implemented o Pre- CBAM buying , driving prices to $507/t FOB Egypt, despite affordability challenges o US purchasing season to commence Key price movements Q3 2025 ammonia and urea prices increase 24% and 16% Q-o-Q 300 350 400 450 500 550 600 650 700 Urea, FOB Egypt Ammonia, CFR NW Europe Weekly ammonia and urea prices, $/t Q1 2025 Ammonia: $571/t Urea: $425/t Q2 2025 Ammonia: $452/t Urea: $408/t Q3 2025 Ammonia: $559/t Urea: $474/t
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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 float4 Fertiglobe at a Glance Key facts and figures Headquartered in Abu Dhabi, UAE 2,725 Employees globally 48%$2.8Bn 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 H2 2025 dividends of at least $100 million and share buybacks worth $62 million as of 7 November 2025. 2. For Q3 2025, adjusted EBITDA margin excludes third party sales. 3. Comprised of merchant ammonia and urea capacity. 4. Fertiglobe launched a share buyback program for up to 2.5% of shares in April 2025, with 1.13% bought back as of 7 November 2025. Fertiglobe’s Ownership Structure Merchant Ammonia production capacity Adjusted. EBITDA Margin own-produced volume2
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7 Company Investment Market Structurally resilient market fundamentals1 Low-cost production and well-positioned production assets2 6 Strong ADNOC backing with unique strategic synergies 7 Attractive dividend capacity and policy with solid free cash flow generation and balance sheet 3 Proven track record in operations, safety, and sustainability 5 Disciplined growth in clean ammonia via phased investments 4 Well-placed in higher value markets with potential to integrate downstream into distribution and market higher value products Fertiglobe’s key investment highlights
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8 2 23 22 140 340-420 Progressing Grow 2030 Strategy: 38% Actioned* 165-175 30-45 75-100 70-100 1,000+ Non-cumulative, annual EBITDA by 20301 ($M) ~$340-420M EBITDA uplift by 2030 with further upside potential Operational Excellence Customer Proximity Nitrogen Product Expansion Disciplined LCA Growth 2030 EBITDA 629 % Actioned Growth actioned to date* 46 49 Implemented cost reduction2 Actioned manufacturing improvement measures3 56% 629 76% 31% Note *: Relates to initiatives actioned to date, will full impact to be realized by 2030.1. Based on 2024 Prices. 2. Reflecting 84% progress on announced cost reduction targets of $55m. 3. Reflecting initiatives actioned in Egypt, Algeria and the UAE, expected to result in an incremental EBITDA impact of $ 49 million by 2028, at 2024 prices. ~38% 2024 144 Harvest construction 60% complete Wengfu acquisition Upside from existing DEF/AGU capacity 1 3 4
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9 Driving Productivity through The Integration of AI 1 Only $5 million assumed as part of the Grow 2030 EBITDA target Before: February 2025 Without Anomaly Detection AVEVA PI Vision: Undetected Temperature Spike Downtime: 1.75 days Production Loss: 6,137 t Financial Impact: ~$1.6M loss Root Cause: Waste heat boiler temperature control valve failure No early warning → Complete plant shutdown VS. September 2025 With AI Anomaly Detection AI Detection: Early Oscillation Pattern Identified Early detection → Targeted intervention → No shutdown AI + Human collaboration is building operational resilience and protecting business value Early detection 29 Sep 2025 20:46 Proactive Maintenance Stability Achieved 30 Sep 2025 19:45 ZERO! ZERO! ZERO! Cold Exchanger positioner failure (LV208004) Downtime: Production Loss: Financial Impact: Root Cause: The Impact of AI Anomaly Detection: Before & After Case Study 0 50 100 150 200 250 300 350 400 Plant tripping Anomaly happening Anomaly happening Anomaly happening AI expected to drive $25M1 incremental EBITDA by 2030
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10 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q3 2025 Results Summary
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11 496 566 758 169 176 286 13428 7312 Q3 2025 & 9M Performance Highlights 1,056 965 1,105 305 289 227 Q3 2024 Q2 2025 Q3 2025 Urea Ammonia 357 408 474 357 286 315 Q3 2024 Q2 2025 Q3 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. 2. Reflecting one -off gains related to the tax deductibility of goodwill in Egypt. Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 +53% +69% 370%2 1,543 2,019 490 723 132 218 9M 20259M 20249M 20259M 20249M 20259M 2024 +31% +48% +66% 3,260 3,214 918 904 335 436 350 316 9M 20259M 20249M 20259M 2024 Q3 20259M 2025
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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 most 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. Q3 & 9M 2025 Results Summary Summary • Fertiglobe’s total own-produced sales volumes were down 2% Y-o-Y to 1,332kt in Q3 2025, driven by: • 5% higher urea own-produced sales volumes due to the strategic commercial decision to maximize urea production to capitalize on tight markets. • 25% lower ammonia own-produced sales volumes due to gas supply issues in Egypt • Q3 2025 revenues increased to $758 million (+53% Y-o-Y). • Q3 2025 adjusted EBITDA was $286 million (+69% Y-o-Y), driven by progress on strategic initiatives, commercial agility to capture value in tight urea markets, notwithstanding operational challenges in Egypt . • Q3 2025 attributable net profit was $134 million on an adjusted basis (vs $28 million Q3 2024), and $235 million on a reported basis, reflecting one-off gains related to the tax deductibility of goodwill in Egypt. 30 Sep 25 31 Dec 24 % Δ Total Assets 4,561.6 4,410.6 3% Gross Interest-Bearing Debt 1,615.7 1,682.2 (4%) Net Debt 984.3 1,048.3 (6%) $ million unless otherwise stated Q3 2025 Q3 2024 % Δ 9M 2025 9M 2024 % Δ Revenue 758.3 495.6 53% 2,019.0 1,543.2 31% Gross profit 243.7 79.3 207% 606.5 376.0 61% Gross profit margin 32.1% 16.0% 30.0% 24.4% Adjusted EBITDA 285.6 169.2 69% 723.0 489.7 48% Adjusted EBITDA margin 37.7% 34.1% 35.8% 31.7% Adjusted EBITDA margin (own produced volumes) 48.3% 38.4% 44.0% 36.5% EBITDA 280.2 108.8 158% 727.8 478.3 52% EBITDA margin 37.0% 22.0% 36.0% 31.0% EBITDA margin (own produced volumes) 47.4% 26.3% 44.4% 35.9% Adjusted net profit attributable to shareholders 133.5 28.4 370% 218.3 131.9 66% Reported net profit attributable to shareholders 234.8 (10.4) n/m 327.6 120.2 173% Earnings per share ($) Basic earnings per share 0.029 (0.001) n/m 0.040 0.014 174% Diluted earnings per share 0.029 (0.001) n/m 0.040 0.014 174% Adjusted earnings per share 0.016 0.003 368% 0.026 0.016 63% Earnings per share (AED) Basic earnings per share 0.105 (0.005) n/m 0.146 0.053 174% Diluted earnings per share 0.105 (0.005) n/m 0.146 0.053 174% Adjusted earnings per share 0.059 0.035 69% 0.095 0.059 61% Free cash flow (38.4) (60.8) (37%) 268.8 164.6 63% Capital expenditure 45.8 49.7 (8%) 111.3 93.9 19% Of which: Maintenance Capital Expenditure 34.2 36.9 (7%) 82.7 71.7 15% Q3 2025 Q3 2024 % Δ 9M 2025 9M 2024 % Δ Sales volumes (‘000 metric tons) Fertiglobe Product Sold 1,332 1,361 (2%) 4,118 4,178 (1%) Third Party Traded 316 18 1646% 680 235 189% Total Product Volumes 1,648 1,379 20% 4,798 4,413 9% Goodwill settlement • In August 2025, Fertiglobe reached a favorable resolution with Egyptian authorities allowing the tax deductibility of $720 million of goodwill for income tax purposes. • Prior to that, zero goodwill was assumed for income tax purposes, while a portion of the previously recognized Uncertain Tax Positions (UTP) of $230 million were reversed. • Q3 2025 includes a $119 million tax settlement relating to prior periods (2019 – 2014), $111 million gain from reversed provisions and the recognition of a $31 million deferred tax asset.
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13 728 (78) (83) (174) (72) (18) 303 (62) 28 269 EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before NCI & WHT Dividends paid to NCI & WHT Ecremage Free Cash Flow (64) (34) (150) (25) (5) 3 (52) 10 (38) 280 EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before NCI & WHT Dividends paid to NCI & WHT Ecremage Free Cash Flow Reconciliation of Q3 2025 EBITDA to Free cash flow ($ million) Q3 2025 & 9M 2025 Free Cash Flow Build-Up Reconciliation of 9M 2025 EBITDA to Free cash flow ($ million) Reported EBITDA Reported EBITDA 1 1. Includes $119 million one-off tax settlement relating to prior periods (2019- 2024) associated with the goodwill case. 1 (119) One-off tax settlement (119) One-off tax settlement 81 388 269 (31) (55)
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14 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market outlook Appendix Q3 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 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 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 More affordable Less affordable Farmer affordability remains challenging, though recent crop price rises vs summer are supportive Urea continues to be significantly more affordable than Di-Ammonium Phosphate (DAP) Current global grains stock-to-use ratio of ~16.9%, below the 10-year average (~18.8%), to support nitrogen consumption Urea prices resilient across Q3 and Q4 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 2003-12 Average = 100 CRU Fertilizer Affordability Index
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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 CBAM related closures and increase in fertilizer prices 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: Will 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 -2.8Mt deficit Nigeria Russia 16.9 9.0 12.5 22.6 15.0 9.7 Source: Industry Consultants
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18 9.7 10.5 7.0 9.0 6.9 5.3 9.0-10 5.9 7.0 7.8 7.0 7.3 8.4 7.5 China: Exports expected to remain below historical levels India: Surging demand, lower production + stocks, drive imports Brazil: Imports remain robust Market tightness driven by strong Indian imports in 2025, with limited Chinese exports vs prior years Source: Industry Consultants + Internal view Notes: * Chinese exports as reported up to September, in October 2025 as per latest data = 2.81m tonnes; **Prior export quota allocation = 4.2m tonnes. Recently announced 4 th quota, volume remains unconfirmed by the NDRC, historical average = 6.0m tons, based on Chinese 10-year range 0.2-13.6m 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 2.8 2025 YTD exports = 2.8mt* 2025 quota, below 10-year historical average**
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19 Definitive CBAM phase commences in 2026, incentivizing adoption of low-carbon ammonia in Europe • Aged and inefficient European plants2 • Likely continued plant shutdowns and capacity reductions3 of 4.0m tons expected 2024-2030 • Increased adoption of low carbon ammonia 2024 2025 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Imports Production data For 2025 reporting For 2026 reporting For 2027 reporting For 2028 reporting Verification Reporting • CBAM regulation commencing 1st January 2026 • CBAM + removal of free allowances • High European gas prices and increasing carbon costs pose challenges for European players 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 CBAM implementation, reporting and verification timeline
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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 Q3 2025 Results Summary
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22 Fertiglobe Ends Q3 2025 with Net Debt of $984 million • As of 30 September 2025, Fertiglobe reported a net debt position of $984 million, implying net debt / LTM adjusted EBITDA of 1.1x, which allows the company to balance future growth opportunities and dividend pay-out, supported by robust free cash generation and a healthy balance sheet. • Minimum capital returns to shareholders in 2025 of $287 million, Including H1 2025 dividends of $125 million, H2 2025 dividends of at least $100 million and $62 million worth of share buybacks completed as of November 7, 2025. • Fertiglobe paid and committed to capital returns to shareholders of $2.8 billion to date, including share buybacks, aimed at opportunistically capitalizing on the stock’s attractive valuation. Key Highlights $ million 30-Sep-25 31-Dec-24 Cash and bank balances 631.4 633.9 Loans and borrowings - current 222.0 256.7 Loans and borrowings - non-current 1,393.7 1,425.5 Total borrowings 1,615.7 1,682.2 Net debt 984.3 1,048.3 Net debt divided by Adj. LTM EBITDA 1.1x 1.6x September 2025 Leverage Position
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23 Reconciliation of reported operating profit to adjusted EBITDA Reconciliation of Adjusted EBITDA 1 For comparative purposes, 9M 2024 adjusted EBITDA includes a USD 6.3 million adjustment related to prior period gas cost estimate changes at Sorfert. $ million Q3 2025 Q3 2024 9M 2025 9M 2024 Adjustment in P&L Operating profit as reported 206.2 38.1 502.1 269.3 Depreciation and amortization 74.0 70.7 225.7 209.0 EBITDA 280.2 108.8 727.8 478.3 APM adjustments for: Movement in provisions - - (12.7) 1.4 Cost of sales and SG&A expense Cost optimization program 1.5 2.2 4.3 8.8 Cost of sales and SG&A expense Separation costs - 1.2 1.2 SG&A expense Consultancy costs related to one-off items 3.9 - 3.9 - SG&A expense Insurance recovery - - (0.6) - SG&A expense Change in estimate related to Sorfert gas pricing accrual - 51.2 - (6.3) Cost of sales Pre-operating expenditures related to projects - 5.8 0.3 6.3 SG&A expense Total APM adjustments 5.4 60.4 (4.8) 11.4 Adjusted EBITDA 285.6 169.2 723.0 490.0
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24 Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Q3 2025 Q3 2024 9M 2025 9M 2024 Adjustment in P&L Reported net profit attributable to shareholders 234.8 (10.4) 327.6 120.2 Adjustments for: Adjustments at EBITDA level 5.4 60.4 (4.8) 11.4 Impairment of PP&E and accelerated depreciation - 1.3 - 1.3 Impairment Change in estimate related to Sorfert gas pricing accrual - 2.2 - - Finance expense UTP reversal related to EFC goodwill case (107.1) - (107.1) - Uncertain tax positions Forex loss/(gain) on USD exposure 0.7 2.4 13.1 1.5 Net finance costs Other financial expense 1.1 - 1.1 1.7 Finance expense NCI adjustment / uncertain tax positions (0.5) (26.8) (10.4) (2.0) Uncertain tax positions / minorities Tax effect of adjustments (0.9) (0.7) (1.2) (2.2) Taxes Total APM adjustments at net profit level (101.3) 38.8 (109.3) 11.7 Adjusted net profit attributable to shareholders 133.5 28.4 218.3 131.9
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25 1. Includes one-off $119 million tax settlement associated with goodwill case for prior periods (2019-2024). 2. Includes $21.6 million and $52.3 million of the Company's share buyback program executed during Q3 2025 and 9M 2025, respectively. $ million unless otherwise stated Q3 2025 Q3 2024 9M 2025 9M 2024 EBITDA 280.2 108.8 727.8 478.3 Working capital (63.8) 77.2 (78.1) 80.3 Maintenance capital expenditure (34.2) (36.9) (82.7) (71.7) Tax paid1 (149.5) (8.8) (174.2) (37.2) Net interest paid (25.4) (27.1) (72.3) (83.0) Lease payments (4.5) (6.4) (17.9) (18.1) Dividends paid to non-controlling interests and withholding tax (51.5) (164.0) (61.7) (198.1) Ecremage 10.3 (3.6) 27.9 14.1 Free Cash Flow (38.4) (60.8) 268.8 164.6 Reconciliation to change in net debt: Growth capital expenditure (11.6) (12.8) (28.6) (22.2) Other non-operating items2 (30.4) (2.0) (59.3) 8.9 Net effect of movement in exchange rates on net debt 2.6 0.2 6.7 (0.1) Dividend to shareholders - - (125.0) (200.0) Accrued interest 3.2 - 4.7 - Other non-cash items (1.0) (0.9) (3.3) (2.8) Net Cash Flow / Decrease in Net Debt (75.6) (76.3) 64.0 (51.6) Reconciliation of Free Cash Flow Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt
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26 Feeding the World. Fueling a Sustainable Future. Thank you