Produces potash, phosphates, fertilizers, bromine & magnesium.
ICL benefited in 2025 from recovering pricing and better visibility around 2030, but that improvement still looks much stronger in adjusted EBITDA than in the cash actually left after capex and real cash uses.
ICL's reported $664 million of free cash flow in 2025 measures adjusted EBITDA minus capex, not cash left after the full annual cash cycle. On an all-in cash lens, only about $232 million remained after capex, and once dividends, interest and acquisitions are included, the year…
The new agreement materially raises ICL’s level of certainty through the end of the current concession in 2030, but it does not lock in the economics of the future concession. It mainly locks in the economics of the exit from the current one.
