Slides
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1 Feeding the World. Fueling a Sustainable Future. Fertiglobe Q4 2025 Results Investor Presentation February 2026
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2 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market Outlook Appendix Q4 2025 Results Summary
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3 3 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 46%$2.9Bn 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 $135 million and share buybacks worth $74 million as of 10 February 2026. 2. For 2025, adjusted EBITDA margin excludes third party sales. 3. Based on merchant ammonia and urea capacity. 4. Fertiglobe launched a share buyback program for up to 2.5% of shares in April 2025, with 1.34% bought back to date. Fertiglobe’s Ownership Structure Merchant Ammonia production capacity Adjusted. EBITDA Margin own-produced volume2
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4 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-Q4 2025 0.2 0.4 0.6 0.8 2016 2018 2020 2022 2024 Fertiglobe maturity of manufacturing profile IFA 2023 Average2 1. 12 month Total Recordable Injury Rate of 0.05 per 200,000 manhours as of 31 December 2025; 2. International Fertilizer Association (IFA) 2017 2019 2021 2023 20251
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5 Executive Summary Revenues +73% Y-o-Y Q4 2025 Results Highlights $334M 2025 Return of Capital2 1. Attributable to shareholders. 2. Including H1 2025 dividends of $125 million, H2 2025 dividends of at $135 million and $74 million share buybacks in 2025. 3. Relates to initiatives actioned to date, with full impact to be realized by 2030. Capital returns to shareholders $2.9Bn Return of Capital since IPO2 $808M • Fertiglobe delivers over $1 billion in 2025 EBITDA (+57% Y-o-Y), driven by progress on strategic initiatives and robust market conditions. • Record production levels reached in Algeria and EFC-2 in Egypt in 2025, with own-produced sales volumes up 3% Y-o-Y in 2025 and 18% Y-o-Y in Q4 2025, respectively, demonstrating focused efforts to maximize asset reliability and efficiency. • Fertiglobe implemented initiatives representing c.43% 3 of the 2030 EBITDA growth target announced in May 2025. • Board recommends H2 2025 dividends of $135M, bringing 2025 dividends to $260 million. Total capital returns to shareholders of $334 million (>5% yield) consistent with Fertiglobe's policy to return all excess free cash flows to shareholders. • Fertiglobe signs Memorandum of Understanding (MoU) with Covestro and TA'ZIZ to explore potential collaboration opportunities in short and long-term ammonia supply, related infrastructure, potential co-investment in UAE greenfield projects, and collaboration on sustainable fertilizer technologies across the ammonia and nitric acid value chains. Adj. EBITDA +88% Y-o-Y $297M Adj. Net Profits1 +2.5x Y-o-Y $107M Revenues +41% Y-o-Y 2025 Results Highlights $2.8Bn Adj. EBITDA +57% Y-o-Y $1.0Bn Adj. Net Profits1 +87% Y-o-Y $325M
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6 Robust Nitrogen Prices into 2026, Driven by Market Tightness Source: CRU, weekly prices. Price call outs reflect current price level Ammonia and urea prices ~$506/t ~$670/t 300 400 500 600 700 Urea, FOB Egypt Ammonia, CFR NW Europe $/t Q1 ‘25 NH3: $571/t Urea: $425/t Q2 ‘25 NH3: $452/t Urea: $408/t Q3 ‘25 NH3: $559/t Urea: $474/t Q4 ‘25 NH3: $665/t Urea: $452/t Key Price Movements Ammonia: West of Suez supply shortages drive price hikes o CFR NW Europe prices rally from $435/t in May to $690s/t in December 2025 o Tightness driven by gas shortages in Trinidad + reduced production in Algeria (ex-Fertiglobe) Urea: Persistent price strength in the last three quarters o Successive monthly Indian tenders since mid- 2025 o Pre- CBAM buying in Q4 2025 drove prices to $507/t FOB Egypt, more than offsetting affordability challenges 2026: Ammonia: Continued tightness into Q1 2026 o Ongoing supply shortages into Q1 2026, despite emergence of new supply prices elevated at $670/t CFR NW Europe o High European feedstock ($11/MMBtu), providing cost support Urea: Further price rally into 2026 o Strong price rally in Q1 2026 to $506/t FOB Egypt o Europe, US + Australia buying season, Iran gas issues, new India tender and no Chinese exports o EU duty on Russian fertilizers rising to EUR 60/t in July 2026
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7 2 2231 340-420 Progressing ‘Grow 2030’ Strategy: 43% Actioned1 165-175 30-45 75-100 70-100 1,000+ Non-cumulative, annual EBITDA by 20302 ($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* 54 53 Implemented cost reduction3 Actioned manufacturing improvement measures4 629 1. Relates to initiatives actioned to date, with full impact to be realized by 2030. 2. Based on 2024 Prices. 3. Reflecting 99% progress on announced cost reduction targets of $55m. 4. Reflecting initiatives actioned in Egypt, Algeria and the UAE, expected to result in an incremental EBITDA impact of $55 million by 2028, at 2024 prices. ~43% of 2030 growth target 2024 144 Harvest construction >60% complete Wengfu acquisition Upside from existing DEF/AGU capacity 1 3 4 160 107
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8 8 46% of MIP Growth Targets Actioned in 2025 Sorfert - Power Reliability Upgrade Installed on-site boiler to eliminate grid dependency • Eliminated external grid induced downtime • External power dependence reduced with 90% • Outcome: materially improved operational reliability and cost stability EFC - Debottlenecking & Energy Efficiency Targeted debottlenecking and critical cleaning during turnarounds Ammonia as well as urea running at new daily record production levels Outcome: higher overall throughputs and reduced unit costs Fertil – Water & Process Optimization Integrated process water, aqueous ammonia and urea systems Water consumption reduced by ~10% Outcome: lower operating costs and enhanced sustainability performance. EBITDA +$27M EBITDA +$2M EBITDA +$24M Actioned MIP initiatives to result in $53M EBITDA accretion by 2028
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9 $55M Cost Reduction Target 99% Actioned Actioned cost optimization initiatives set to add $54 million to EBITDA by 2028 20 19 15 54 FIT 1 ADNOC Support Opex optimization Total Breakdown of cost optimization initiatives actioned since CMD ($M)
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10 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market Outlook Appendix Q4 2025 Results Summary
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11 466 759 808 158 286 297 10742 134 Q4 2025 & FY 2025 Performance Highlights 965 1,105 1,014 202 227 362 Q4 2024 Q3 2025 Urea Ammonia 377 474 452 397 315 424 Q4 2024 Q3 2025 Q4 2025 Revenue $M Adj. EBITDA $M Adj. attributable net profit $M Own-produced sales volumes ktpa Benchmark price levels1 $/t 1. Urea Egypt, Ammonia Middle East. Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 +73% +88% +154% 2,009 2,827 648 1,020 174 325 FY 2025FY 2024FY 2025FY 2024FY 2025FY 2024 +57% +87% 4,225 4,228 1,119 1,267 349 440 357 343 FY 2025FY 2024FY 2025FY 2024 Q4 2025FY 2025 +41% Q4 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. Q4 2025 & FY 2025 Results Summary Summary Q4 2025 Results • In Q4 2025, revenue increased by 73% to $808 million compared to Q4 2024, driven by a combination of higher prices and volumes. • Adjusted EBITDA increased by 88% Y-o-Y to $297 million in Q4 2025 compared to $158 million in Q4 2024. • Q4 2025 adjusted net profit attributable to shareholders was $107 million, compared to $42 million in Q4 2024 • Free cash flow before growth capex amounted to $271 million in Q4 2025, compared to $84 million in Q4 2024, reflecting performance for the quarter, working capital changes, maintenance capex, dividends paid to non-controlling interests and withholding tax, as well as taxes and net interest payments. 31 Dec 25 31 Dec 24 % Δ Total Assets 4,949.5 4,410.6 12% Gross Interest-Bearing Debt 1,740.6 1,682.2 3% Net Debt 1,005.5 1,048.3 n/m Q4 2025 Q4 2024 % Δ 2025 2024 % Δ Sales volumes (‘000 metric tons) Fertiglobe Product Sold 1,380 1,167 18% 5,498 5,345 3% Third Party Traded 300 52 482% 980 286 242% Total Product Volumes 1,679 1,218 38% 6,478 5,631 15% $ million unless otherwise stated Q4 2025 Q4 2024 % Δ 2025 2024 % Δ Revenue 808.4 466.0 73% 2,827.4 2,009.2 41% Gross profit 278.9 120.3 132% 885.4 496.3 78% Gross profit margin 34.5% 25.8% 31.3% 24.7% Adjusted EBITDA 297.4 158.2 88% 1,020.4 647.9 57% Adjusted EBITDA margin 36.8% 33.9% 36.1% 32.2% Adjusted EBITDA margin (own produced volumes) 49.2% 45.4% EBITDA 297.1 150.3 98% 1,024.9 628.6 63% EBITDA margin 36.8% 32.3% 36.2% 31.3% EBITDA margin (own produced volumes) 49.2% 45.7% Adjusted net profit attributable to shareholders 106.8 42.0 154% 325.1 173.9 87% Reported net profit attributable to shareholders 106.3 39.7 168% 433.9 159.9 171% Earnings per share ($) Basic earnings per share 0.013 0.005 168% 0.052 0.019 171% Diluted earnings per share 0.013 0.005 168% 0.052 0.019 171% Adjusted earnings per share 0.013 0.005 155% 0.039 0.021 87% Earnings per share (AED) Basic earnings per share 0.047 0.018 168% 0.192 0.071 171% Diluted earnings per share 0.047 0.018 168% 0.192 0.071 171% Adjusted earnings per share 0.047 0.019 155% 0.144 0.077 87% Free cash flow 270.7 84.3 221% 539.5 248.9 117% Capital expenditure 80.0 74.4 8% 191.3 168.3 14% Of which: Maintenance Capital Expenditure 60.9 65.0 (6%) 143.6 136.7 5% FY 2025 Results • Revenue increased by 41% to $2.8 billion compared to $2 billion in 2024, mainly driven by higher ammonia prices and sales volumes, reflecting progress on the company's strategic initiatives. • Adjusted EBITDA increased by 57% Y-o-Y to $1.02 billion in 2025 compared to $648 million in 2024, • Adjusted net profit attributable to shareholders was $325 million compared to $174 million in 2024 • Free cash flow before growth capex amounted to $540 million in 2025, compared to $249 million in 2024, reflecting performance for the year, working capital changes, maintenance capex, dividends paid to non-controlling interests and withholding tax, as well as taxes and net interest payments.
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13 $1,025 -$14 -$144 -$205 -$75 -$27 $560 -$64 $44 540 EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before NCI & WHT Dividends paid to NCI & WHT Ecremage Free Cash Flow Reconciliation of Q4 2025 EBITDA to free cash flow ($ million) Q4 2025 & FY 2025 Free Cash Flow Build-Up Reported EBITDA 1 1. Includes $119 million one-off tax settlement relating to prior periods (2019- 2024) associated with the goodwill case.. 1 $5401 Reconciliation of FY 2025 EBITDA to free cash flow ($ million) $64 $297 -$61 -$31 -$3 -$10 $257 -$2 $16 271 EBITDA Working capital Maintenance capex Tax paid Net interest paid Lease payments FCF before NCI & WHT Dividends paid to NCI & WHT Ecremage Free Cash FlowReported EBITDA $271
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14 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market Outlook Appendix Q4 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 Yields 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% 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 2026 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 Urea continues to be significantly more affordable than Di-Ammonium Phosphate (DAP) Current global grains stock-to-use ratio of ~17.9%, below the 10-year average (~18.8%), to support nitrogen consumption Persistent urea price strength across H2 ‘25 and Q1 ‘26 CRU Fertilizer Affordability Index 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 2026 Urea DAP Potash Fertilizer 2003-12 Average = 100 Farmer affordability remains challenging, though crop price futures are supportive
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17 Robust 2025 Urea Imports into Major Buying Markets and Chinese Exports below Historical Averages India 9.7 10.5 7.0 9.0 6.9 5.3 9.3 19 20 21 22 23 24 25 4.7 5.5 5.3 2.8 4.3 0.3 4.9 19 20 21 22 23 24 25 China • ‘25 exports below historical average* • Current focus on restocking for local Spring application season Nov-May • Local market remains a priority over exports • Imports up 4.0m tonnes in 2025 • Strong demand, lower production and stock rebuild driving 2025 tenders • Further tender incoming Brazil 5.9 7.0 7.8 7.0 7.3 8.4 7.8 19 20 21 22 23 24 25 • Robust nitrogen imports continue • Improved farmer economics across H2 • Robust growth to harvested land + crop production + high gas costs Source: Industry Consultants, GTT + Internal view Notes: * Chinese 2025 exports as reported Jan-Dec by Chinese Customers = 4.89mt, Historical average = 6.0m tons, based on Chinese 10- year range (2014-2024) 0.3-13.8m tons
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18 Indian Tenders: Over 10m tonnes purchased in 2025 0.6 0.9 0.2 1.5 2.1 2.1 0.4 1.6 1.0 425 392 399 495 531 464 399 419 426 0 200 400 600 0.0 1.0 2.0 3.0 4.0 Jan, 2025 Apr, 2025 June, 2025 July, 2025 Aug, 2025 Sept 2025 Oct-25 Nov-25 Dec-25 Final purchases Requested quantity Average price Price, $/t M tonnes Strong Indian Demand, with Successive Tenders in H2 2025 Key messages • Strong monsoon rains during the Kharif season • Record domestic sales in July (5.4mt) and December (5.7mt), with 2025 demand up 2.3mt vs 2024 • Lower domestic production by 1.0mt in 2025 vs 2024 • Inventories falling to 3mt in Sept ‘25 vs 7mt in May ‘25 • Successive monthly tenders in H2 ’25, with next tender issued Feb ‘26 • No new capacity for several years Tender requested quantity, final purchase and price (CFR India)
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19 19 Strategically Located Plants Trade flows Key imports markets Several clear advantages Fertil – Urea 100% 4 1 2 43 Sorfert – Urea & NH3 75% 3 High netback European customers Low ammonia default values vs major incumbents Access to largest import markets East of Suez + Fertiglobe Australia distribution at attractive netbacks 1. Excludes some Urea capacity used for DEF production; 2. Net Ammonia capacity; 3. For Egypt + Algeria plants selling ammonia and urea into Europe vs other major incumbent suppliers; 4. From Sorfert, EFC and EBIC, vs. pure GCC (Suez Canal charges + duties), Baltic, and Black Sea producers who pay such duties. Russian producers pay Eur40/t tariff into the EU for N and P products Fertiglobe Australia Favorable urea CBAM default values for North Africa3 into Europe Import duty exemptions into Europe 4 Freight advantaged access to key import markets No Suez Canal charges: • To Europe and America like pure GCC producers 3 • To India and rest of Asia like pure Baltic and Black Sea producers 3 Urea1 Ammonia2 DEF EFC – Urea 100% 1 Duty free access to key customers in Europe at the best netback + default value advantaged 1.4 0.4Prod. capacity (Mt): EBIC - NH3 75% 2 Freight advantage to Europe vs. Middle East producers Prod. capacity (Mt): 0.7 Prod. capacity (Mt): 1.3 0.8 Prod. capacity (Mt): 2.1 0.1
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20 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 Rising 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 -3.1 Mt deficit Nigeria Russia 16.9 9.0 12.7 22.6 15.0 9.6 Source: Industry Consultants + Internal view
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21 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 multisector growth : 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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22 Feeding the World. Fueling a Sustainable Future. Table of Contents Highlights Market Outlook Appendix Q4 2025 Results Summary
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23 Fertiglobe Ends Q4 2025 with Net Debt of $984 million • As of 31 December 2025, Fertiglobe reported a net debt position of $1,006 million, down from $1,048 million as of 31 December 2024, and implying consolidated net debt to LTM adjusted EBITDA of 1.0x. • Fertiglobe’s Board of Directors recommends H2 2025 dividends of $135 million (6.1 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM). This leads to total dividends of $260 million in 2025, or total capital returns to shareholders of $334 million (incl. $74 million share buybacks), implying a highly competitive total return to shareholders of approximately 5.2%. • Fertiglobe paid and committed to $2.9 billion in capital returns to shareholders since IPO, including execution on its 2.5% share buyback program, aimed at opportunistically capitalizing on the stock’s attractive valuation. Key Highlights $ million 31-Dec-25 31-Dec-24 Cash and bank balances 735.1 633.9 Loans and borrowings - current 342.0 256.7 Loans and borrowings - non-current 1,398.6 1,425.5 Total borrowings 1,740.6 1,682.2 Net debt 1,005.5 1,048.3 Net debt divided by Adj. LTM EBITDA 1.0x 1.6x December 2025 Leverage Position
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24 Reconciliation of reported operating profit to adjusted EBITDA Reconciliation of Adjusted EBITDA 1 For comparative purposes, FY 2024 adjusted EBITDA includes a USD 6.3 million adjustment related to prior period gas cost estimate changes at Sorfert. $ million Q4 2025 Q4 2024 FY 2025 FY 2024 Adjustment in P&L Operating profit as reported 225.2 79.8 727.3 349.1 Depreciation and amortization 71.9 70.5 297.6 279.5 EBITDA 297.1 150.3 1,024.9 628.6 APM adjustments for: Movement in provisions - - (12.7) 1.4 Cost of sales and SG&A expense Cost optimization program 0.2 4.0 4.5 12.8 Cost of sales and SG&A expense Consultancy costs related to one-off items - - 3.9 - Pre-operating expenditures related to projects 0.1 0.2 0.4 6.5 SG&A expense Insurance recovery - (2.5) (0.6) (2.5) Other income Change in estimate related to Sorfert gas pricing accrual - 6.3 - - Cost of sales Separation costs - (0.1) - 1.1 SG&A expense Total APM adjustments 0.3 7.9 (4.5) 19.3 Adjusted EBITDA 297.4 158.2 1,020.4 647.9
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25 Reconciliation of Adjusted Net Profit Reconciliation of reported net profit to adjusted net profit $ million Q4 2025 Q4 2024 FY 2025 FY 2024 Adjustment in P&L Reported net profit attributable to shareholders 106.3 39.7 433.9 159.9 Adjustments for: Adjustments at EBITDA level 0.3 7.9 (4.5) 19.3 Impairment of PP&E and accelerated depreciation - (0.0) - 1.3 Depreciation / Impairment UTP reversal related to EFC goodwill case - - (107.1) Forex loss/(gain) on USD exposure 0.7 (3.2) 13.8 (1.7) Finance income and expense Other financial expense - - 1.1 1.7 Finance expense Non-controlling interests (0.4) (1.5) (10.8) (3.5) Uncertain tax positions / minorities Tax effect of adjustments (0.1) (0.9) (1.3) (3.1) Taxes Total APM adjustments at net profit level 0.5 2.3 (108.8) 14.0 Adjusted net profit attributable to shareholders 106.8 42.0 325.1 173.9
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26 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 Q4 2025 and FY 2025, respectively. $ million unless otherwise stated Q4 2025 Q4 2024 2025 2024 EBITDA 297.1 150.3 1024.9 628.6 Working capital 64.1 57.6 (14.0) 137.9 Maintenance capital expenditure (60.9) (65.0) (143.6) (136.7) Tax paid1 (30.9) (19.5) (205.1) (56.7) Net interest paid (2.5) (26.1) (74.8) (109.1) Lease payments (9.5) (4.4) (27.4) (22.5) Dividends paid to non-controlling interests and withholding tax (2.4) (5.5) (64.1) (203.6) Ecremage 15.7 (3.1) 43.6 11.0 Free Cash Flow 270.7 84.3 539.5 248.9 Reconciliation to change in net debt: Growth capital expenditure (19.1) (9.4) (47.7) (31.6) Other non-operating items2 (104.2) - (104.2) - Net effect of movement in exchange rates on net debt (25.2) 1.1 (84.5) 10.0 Dividend to shareholders 0.6 (0.1) 7.3 (0.2) Accrued interest (125.0) (150.0) (250.0) (350.0) Accrued Interest (18.2) - (13.5) - Other non-cash items (0.8) (17.3) (4.1) (20.1) Net Cash Flow / Decrease in Net Debt (21.2) (91.4) 42.8 (143.0) Reconciliation of Free Cash Flow Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt
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27 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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28 Feeding the World. Fueling a Sustainable Future. Thank you