Analogy 1: A specialized version of a major mining company like Rio Tinto or BHP, focused on transforming mined minerals (like potash and phosphates) into essential fertilizers and industrial chemicals.

Analogy 2: Like a BASF or Dow that is highly focused on fertilizers and specialty chemicals, with a strong emphasis on products derived from its own upstream mineral resources.

• Potash: Mined and processed potassium chloride primarily used as an agricultural fertilizer and for industrial applications like de-icing.
• Bromine Compounds: A wide range of bromine-based products, including flame retardants, clear brine fluids for the energy industry, and various industrial chemicals.
• Phosphates: Includes phosphate rock, phosphoric acid, phosphate fertilizers, and specialty phosphates for food additives and industrial uses.
• Specialty Fertilizers: Advanced fertilizers like controlled-release, water-soluble, and liquid options designed for enhanced plant nutrition and efficiency.
• Magnesium Products: Various magnesium compounds derived from the Dead Sea, used in industrial, pharmaceutical, and nutritional applications.

ICL Group Ltd. (symbol: ICL) primarily sells its products to other companies, operating on a Business-to-Business (B2B) model. Given the nature of its products, which include essential minerals, specialty chemicals, and advanced agricultural solutions, ICL serves a highly diverse and global customer base across various industries.

Due to the competitive nature of its markets and the broad application of its products as raw materials and intermediate goods, ICL does not typically disclose the names of specific "major customers" by company name and symbol. Their customer base is extensive, encompassing thousands of industrial and agricultural clients worldwide.

However, based on its product segments, ICL's major customers can be categorized by the types of companies and industries they serve:

• Agricultural Industry: This is a significant end-market for ICL's potash, phosphates, and innovative ag solutions (specialty fertilizers). Customers include large-scale fertilizer manufacturers, distributors of agricultural inputs, agricultural cooperatives, and directly to large growers and farmers globally. These companies utilize ICL's raw materials to produce compound fertilizers, or distribute ICL's specialty plant nutrition products.
• Chemical and Industrial Manufacturers: ICL's Industrial Products segment supplies bromine and phosphorus compounds to manufacturers in various sectors. These customers produce a wide range of goods, including flame retardants for electronics and construction, water treatment chemicals, drilling fluids, pharmaceuticals, agrochemicals, and other specialized industrial applications.
• Food and Beverage Industry: Through its Phosphate Solutions segment, ICL supplies phosphoric acid and phosphate salts that are critical ingredients in many food and beverage products. Customers in this sector include food manufacturers, beverage companies, and food ingredient producers who use ICL's products for leavening, preservation, texture enhancement, and nutritional fortification. The Innovative Ag Solutions segment also provides alternative proteins for food applications.

• Chevron Corporation (Symbol: CVX)
• NewMed Energy Limited Partnership (Symbol: NWMD.TA)
• Israel Electric Corporation

Elad Aharonson, President and Chief Executive Officer

Elad Aharonson has served as ICL's President and Chief Executive Officer since March 2025. Prior to this role, he was President of ICL's Growing Solutions business from April 2021 to April 2025, during which time ICL became a leader in specialty plant nutrition solutions. Under his guidance, the company experienced growth, with expansions in Brazil, India, China, and North America, both organically and through acquisitions. Before joining ICL, Mr. Aharonson spent 16 years at Elbit Systems Ltd., holding various senior management positions, including Executive Vice President and General Manager of the ISTAR Division, and Executive Vice President and General Manager of the UAS Division.

Aviram Lahav, Chief Financial Officer

Aviram Lahav joined ICL in 2021, bringing over 20 years of high-level executive experience, serving in both CEO and CFO roles across multiple regions. Before ICL, he was with Adama Group from 2010 to 2021, holding positions as Deputy CEO and CFO of Adama Ltd., and CEO and CFO of Adama Agricultural Solutions Ltd. He previously served as CEO of Synergy Cables Ltd. from 2009 to 2010. From 1997 to 2008, he held roles as CFO, COO, and later CEO at Delta Galil Industries Ltd. Earlier, he was CFO of MCA Inc. Group (1990-1993) and CEO of Eurodollar and Europcar rental companies (1993-1997). He received Israel's CFO of the Year award in 2000.

Yaniv Kabalek, President Industrial Products

Yaniv Kabalek serves as the President of Industrial Products at ICL.

Nadav Turner, President Phosphate Solutions

Nadav Turner has served as President of ICL's Phosphate Solutions Division since May 2025. Before this, he was CEO of YPH, ICL's joint venture in China, from May 2019 to April 2025, where the company achieved sustained profitability, entered new markets, and formed strategic partnerships. He joined ICL in 2010 and has held several senior operational leadership positions at ICL Rotem Amfert, contributing to production efficiency and operational transformation.

Anantha Desikan, Executive Vice President and Chief Research, Development & Innovation Officer

Dr. Anantha Desikan has been Executive Vice President and Chief Research, Development & Innovation Officer of ICL since 2018. Prior to this role, he was Senior Vice President of ICL Industrial Products' Flame Retardants business, and President of ICL-IP America and VP of Global Phosphorous R&D. Before joining ICL in 2007, he held technology management roles at Supresta and Akzo Nobel.

The accelerating global trend towards sustainable agriculture, characterized by the widespread adoption of precision farming technologies, advanced biological solutions (such as bio-fertilizers and biostimulants), and enhanced nutrient use efficiency strategies, poses a clear emerging threat to ICL's traditional, volume-driven bulk fertilizer business. These innovations aim to optimize nutrient application, reduce dependency on synthetic inputs, and achieve equivalent or superior crop yields with less raw material. While ICL is investing in specialty agricultural products, a significant portion of its revenue still relies on the commodity market for potash and phosphate fertilizers. A fundamental shift in agricultural practices towards lower per-acre input volumes or reliance on alternative biologicals could cap or reduce demand for conventional bulk fertilizers, impacting ICL's market share, sales volumes, and pricing power in its core commodity segments.

ICL Group Ltd. (ICL) operates in several key markets globally, providing essential products and services across agriculture, food, and industrial sectors. The addressable markets for their main products and services are substantial and are primarily global in scope.

Here's an overview of the addressable market sizes for ICL's primary offerings:

• Potash: The global potash market was estimated at approximately USD 62.37 billion in 2024 and is projected to reach about USD 93.50 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 5.3% from 2025 to 2032. Other estimates place the global potash market at USD 63.00 billion in 2024, growing to USD 101.57 billion by 2034, with a CAGR of 4.89% from 2025 to 2034. Asia Pacific held the largest market share in 2024. ICL is recognized as the world's sixth-largest potash producer.
• Phosphate Solutions (including Phosphate Fertilizers and Phosphate Rock): The global phosphate fertilizer market is projected to grow from USD 61.42 billion in 2025 to USD 101.00 billion by 2035, at a CAGR of 5.1%. Another projection for the global phosphate fertilizer market size estimated it at USD 61.63 billion in 2021 and expects it to reach USD 176.06 billion by 2040, growing at a CAGR of 5.7% from 2022 to 2040. The broader global phosphate market, which includes applications beyond fertilizers, was valued at USD 50.41 billion in 2022 and is projected to reach USD 68.89 billion by 2030, with a CAGR of 3.88%. Asia Pacific leads the phosphate fertilizer market. ICL holds approximately 20% of the global specialty phosphate market. The global phosphate rock market, which is a raw material for phosphate solutions, is poised to reach US$ 26.29 billion in 2024 and is projected to ascend to US$ 36.37 billion by 2034, with a CAGR of 3.3%.
• Specialty Fertilizers (part of Innovative Ag Solutions/Growing Solutions): The global specialty fertilizers market was estimated at USD 38.06 billion in 2024 and is projected to reach USD 53.38 billion by 2030, with a CAGR of 5.8% from 2025 to 2030. Other reports indicate the market was valued at USD 29.0 billion in 2024 and is expected to be worth around USD 53.9 billion by 2034, growing at a CAGR of 6.4% during the forecast period from 2025 to 2034. Asia Pacific held the largest revenue share in the global specialty fertilizers market in 2024.
• Bromine and Bromine Compounds (part of Industrial Products): ICL is a global leader in bromine production capacity, with approximately 280,000 metric tons, and holds a 30% global market share in bromine. They are also the number one global producer of elemental bromine and bromine compounds. The global phosphate esters market, where phosphate esters are used as flame retardants and in industrial chemicals, is poised to register a 6.4% CAGR from $1.2 billion in 2024 to $1.7 billion in 2030.
• Specialty Minerals and broader Industrial Products: The global specialty metals and minerals market reached US$ 7.9 billion in 2023 and is expected to reach US$ 12.2 billion by 2031, growing with a CAGR of 7.4% during the forecast period 2024-2031. Another estimate for the specialty metals and minerals market is approximately $500 billion in 2025, projected to exhibit a CAGR of 6% from 2025 to 2033, reaching around $800 billion by 2033. While ICL is a leading global specialty minerals company, specific market sizes for all their individual specialty mineral offerings are not readily available.

• Growth in Specialties-Driven Businesses: ICL is strategically focused on expanding its specialties-driven businesses, which include Industrial Products, Phosphate Solutions (specifically Phosphate Specialties), and Growing Solutions. The company anticipates significant EBITDA growth from these segments.
• Improved Potash Market Conditions: Despite past headwinds, ICL expects a rebound in potash prices and increased sales volumes in 2025 and beyond.
• Expansion into New Markets and Market Share Gains: The company is actively pursuing regional expansions and strengthening customer relationships to gain market share, particularly in key regions like North America and China for its industrial and phosphate products.
• New Product Development and Strategic Acquisitions: ICL is investing in research and development to launch innovative new products and services. Additionally, strategic partnerships and acquisitions, such as in the biologicals sector, are expected to enhance its product portfolio and market presence.

Share Repurchases

• ICL announced a share buyback program of $500 million for the 2024-2025 period.
• As of June 2025, no share repurchases had been made under this authorized program.

Inbound Investments

• ICL was receiving joint funding from the U.S. Department of Energy for the construction of its first large-scale lithium iron phosphate (LFP) battery materials plant in the United States.
• The U.S. Department of Energy subsequently decided to discontinue funding for the LFP cathode active material manufacturing plant project in St. Louis.
• This discontinuation of funding could lead to an investment write-off of approximately US$40 million if the project is discontinued.

Outbound Investments

• Over the past few years (2022-2025), ICL Group has actively pursued strategic acquisitions to expand its market presence.
• Key acquisitions include Nitro 1000 in Brazil (2024), GreenBest in the UK (January 2025), and Custom Ag Formulators in North America (2024), all focused on crop inputs and waste & water management.
• ICL's most recent deal was a Merger/Acquisition with Lavie Bio, completed on July 8, 2025.

Capital Expenditures

• Capital expenditures for the full year 2024 were $98 million, with $44 million in the fourth quarter of 2024.
• ICL reported strong operating cash flow of $1,468 million in 2024, maintaining a focus on optimizing capital expenditures.
• The company is focused on strategic investments for growth, including the construction of a large-scale lithium iron phosphate battery materials plant in the US.