ICL Group Ltd (ICL) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the ICL fourth quarter 2024 earnings international conference call. (Operator Instructions) This call is being recorded on Wednesday, February 26, 2025. I would now like to turn the conference over to Peggy Reilly Tharp, Vice President of Investor Relations. Please go ahead.

女士們、先生們，早安，歡迎參加 ICL 2024 年第四季財報國際電話會議。（操作員指示）此通話於 2025 年 2 月 26 日星期三錄製。現在，我想將會議交給投資者關係副總裁 Peggy Reilly Tharp。請繼續。

Thank you, Joelle. Hello everyone. I'm Peggy Reilly Tharp, Vice President of Global Investor Relations for ICL. I'd like to welcome you and thank you for joining us today for our earnings conference call. This event is being webcast live on our website at icl-group.com, and there will be a replay available a few hours after the live call, and a transcript will be available shortly thereafter.

謝謝你，喬爾。大家好。我是 ICL 全球投資者關係副總裁 Peggy Reilly Tharp。我歡迎您並感謝您今天參加我們的收益電話會議。活動將在我們的網站 icl-group.com 上進行網路直播，直播結束後幾小時將提供重播，隨後不久將提供文字記錄。

Earlier today, we filed our reports and our presentation with the securities authorities and the stock exchanges in Israel and the US. Those reports as well as the press release and our presentation are available on our website.

今天早些時候，我們向以色列和美國的證券當局和證券交易所提交了我們的報告和簡報。這些報告以及新聞稿和我們的簡報均可在我們的網站上找到。

Please be sure to review the disclaimer on slide 2 of the presentation. Our comments today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are not guarantees of future performance. The company undertakes no obligation to update any information discussed on this call at any time.

請務必查看簡報第 2 張投影片上的免責聲明。我們今天的評論將包含 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。這些聲明是基於管理層目前的預期，並不能保證未來的表現。本公司不承擔隨時更新本次電話會議中討論的任何資訊的義務。

We will begin today with the presentation by our CEO, Mr. Raviv Zoller; followed by Mr. Aviram Lahav, our CFO. Also joining us today is Elad Aharonson, our Incoming President and CEO. Following the presentation, we will open the line for a Q&A session.

今天我們將由執行長 Raviv Zoller 先生進行演講；接下來是我們的財務長 Aviram Lahav 先生。今天與我們一起參加的還有我們的新總裁兼執行長 Elad Aharonson。演示結束後，我們將開通問答環節。

I would now like to turn the call over to Raviv.

現在我想將電話轉給拉維夫。

Thanks, Peggy, and welcome, everyone. Thank you all for joining us for our 2024 annual earnings call. This will be my final call as ICL's CEO and I'm pleased to reflect on the past 28 quarters and to share our results with you once again today.

謝謝佩吉，歡迎大家。感謝大家參加我們的 2024 年度財報電話會議。這將是我作為 ICL 執行長的最後一次講話，我很高興回顧過去的 28 個季度並今天再次與大家分享我們的業績。

While there are still some challenges related to the situation in Israel, we successfully managed to minimize the impact of war related disruptions throughout 2024, and the situation is getting better now. Please turn to slide 3 for a brief overview of 2024, which wrapped up the year of continued market share gains for our specialties driven business.

雖然以色列局勢仍面臨一些挑戰，但我們成功地將 2024 年全年戰爭相關幹擾的影響降至最低，目前情況正在好轉。請翻到幻燈片 3 以簡要了解 2024 年的情況，這一年是我們專業驅動業務的市場份額持續增長的一年。

Sales were $6.841 billion, while adjusted EBITDA was $1.469 billion, representing a margin of 21%. Adjusted diluted earnings per share was $0.38 for 2024. Throughout the year, we maintained our overall momentum despite persistent potash pricing headwinds.

銷售額為 68.41 億美元，調整後 EBITDA 為 14.69 億美元，利潤率為 21%。2024 年調整後每股攤薄收益為 0.38 美元。全年，儘管鉀肥價格持續面臨阻力，我們仍保持了整體發展勢頭。

For 2024, potash prices decreased 24% versus the prior year. However, our sustained focus on our specialties driven businesses help drive annual EBITDA up 8% to these three segments, Industrial Products, Phosphate Solutions, and Growing Solutions.

預計 2024 年鉀肥價格將較上年下降 24%。然而，我們持續專注於專業驅動的業務，幫助推動工業產品、磷酸鹽解決方案和種植解決方案這三個部門的年度 EBITDA 成長 8%。

In total, our specialties businesses represented 70% of 2024 EBITDA, and 73% of fourth quarter EBITDA. As always, we continue to focus on strong cash generation which resulted in free cash flow of $758 million for the full year.

整體而言，我們的專業業務佔 2024 年 EBITDA 的 70%，佔第四季 EBITDA 的 73%。像往常一樣，我們繼續專注於強勁的現金創造，全年自由現金流達到 7.58 億美元。

Additionally, we wrapped up the year by delivering a total of $242 million dividend distribution, with an industry leading dividend yield of 3.8%. Once again, even in a very challenging year, we delivered a total return ahead of our peers in 2024.

此外，我們在年底共派發了 2.42 億美元的股息，股息殖利率達到 3.8%，達到業界領先水準。再一次，即使在非常具有挑戰性的一年，我們仍在 2024 年實現了領先於同行的總回報。

We had a number of big wins in 2024 as we expanded strategic relationships and accelerated the launch of innovative new products across all of our specialties driven business. We also delivered on our efficiency plans for targeted cost savings. Finally, as I mentioned, we contained war related disruptions in 2024 and maintained good production. As for 2025, we expect a smoother comp overall.

2024 年，我們取得了許多重大勝利，因為我們擴大了策略關係，並加快了所有專業驅動業務中創新新產品的推出。我們也實施了有針對性的成本節約效率計畫。最後，正如我所提到的，我們在 2024 年控制了與戰爭相關的干擾並保持了良好的生產。展望 2025 年，我們預期整體成長將更加平穩。

I would ask you to turn now to slide 4 and a look at some key fourth quarter and full year financial metrics. As you can see, we ended the year close to the high end of our upgraded guidance with fourth quarter specialty driven EBITDA of $253 million, up 20% year-over-year.

現在請大家翻到投影片 4，看一下第四季和全年的一些關鍵財務指標。如您所見，我們以接近升級後的指引上限的成績結束了這一財年，第四季度專業驅動的 EBITDA 為 2.53 億美元，同比增長 20%。

We also delivered an increase in consolidated adjusted EBITDA margin for the fourth quarter, which came in at 22%, even as EBITDA decreased by $10 million year-over-year. Meanwhile, operating cash flow in the fourth quarter for this year was in line with the fourth quarter of 2023. And in my view, our balance sheet as we exited 2024 was the strongest in recent years.

我們也實現了第四季度綜合調整後 EBITDA 利潤率的成長，達到 22%，儘管 EBITDA 年比減少了 1,000 萬美元。同時，今年第四季的經營現金流與 2023 年第四季持平。我認為，我們在 2024 年結束時的資產負債表是近年來最強勁的。

Let's start with the review of our divisions and begin with our Industrial Products business on slide 5. For 2024, sales of $1.239 billion were up slightly versus 2023 as was EBITDA of $281 million. For the traditionally soft fourth quarter, sales were down versus the prior year.

讓我們先回顧我們的部門，並從第 5 張投影片上的工業產品業務開始。2024 年的銷售額為 12.39 億美元，較 2023 年略有成長，EBITDA 為 2.81 億美元。傳統上第四季銷售疲軟，銷售額較上年同期下降。

However, EBITDA of $70 million improved significantly, up 25% on cost efficient. While EBITDA margin also showed a dramatic increase and moved up from 19% to 25%. For 2024, we continue to strengthen our partnerships and customer relationships as these long term alliances contribute to our market share gains and accounts. We had another solid year for specialty minerals as sales increased year-over-year.

然而，7,000 萬美元的 EBITDA 大幅改善，成本效率提高 25%。而EBITDA利潤率也呈現大幅提升，由19%上升至25%。展望 2024 年，我們將繼續加強合作夥伴關係和客戶關係，因為這些長期聯盟有助於我們擴大市場份額並增加客戶。由於銷售額年增，我們度過了另一個特種礦物業務穩健的一年。

Annual sales of clear brine fluids, which are used in the oil and gas industry, decreased versus the prior year due to drilling segments. However, these may begin to vary in a positive way due to recent policy shift. Importantly, Industrial Products delivered a gain in its sales for its phosphorus based additive flame retardants in the fourth quarter. This business has begun to benefit from new antidumping measures implemented in the EU in 2024, and US customers are also expected to be influenced for antidumping proceedings now pending in the US.

由於鑽井部門的影響，用於石油和天然氣工業的透明鹽水的年銷售額較上年下降。然而，由於最近的政策轉變，這些情況可能開始發生積極變化。重要的是，工業產品部門的磷基添加阻燃劑銷售額在第四季有所成長。該業務已開始受益於歐盟在 2024 年實施的新反傾銷措施，預計美國客戶也將受到美國目前正在進行的反傾銷程序的影響。

As a result of this, we saw good customer uptake for our sustainable very quilt phosphorus-based flame retardants, with some key partners already transitioning production lines to this innovative product. In other new product news, Industrial Products recently unveiled a revolutionary sustainable solution for the treatment of biofilm.

因此，我們看到客戶對我們可持續的磷基阻燃劑的接受度很高，一些主要合作夥伴已經將生產線轉向這種創新產品。在其他新產品新聞中，工業產品部門最近推出了一種用於處理生物膜的革命性的永續解決方案。

On slide 6, you will see our potash division results for 2024, with sales of $1.656 billion and EBITDA of $492 million. Our average potash price was down nearly $100 CIF per ton versus '23, while total sales volume was down approximately 127,000 metric tons at the same time. In total, we sold 4.6 million metric tons of potash in 2024, and we expect to benefit from our decision to the first and fourth quarter sales into 2025.

在第 6 張投影片上，您將看到我們 2024 年鉀肥部門的業績，銷售額為 16.56 億美元，EBITDA 為 4.92 億美元。與 23 年相比，我們的平均鉀肥到岸價每噸下跌近 100 美元，而總銷售量則同時下降了約 127,000 公噸。總體而言，我們在 2024 年銷售了 460 萬公噸鉀肥，我們預計我們的決定將使 2025 年第一季和第四季的銷售受益。

In Spain, we had record potash production at our Suria site, delivering more than 800,000 metric tons. Despite the war and while somewhat short staffed, we were able to maintain fairly normal as production levels in Israel.

在西班牙，我們蘇裡亞工廠的鉀肥產量創下了歷史新高，產量超過 80 萬公噸。儘管戰爭不斷，而且人員也有些短缺，我們仍然能夠維持以色列相當正常的生產水準。

And while we still continue to face operational and logistical challenges at our Dead Sea operations, we adopted some long term risk mitigation measures in war related infrastructure issues. In 2024, we saw a significant improvement in annual cost per ton at our Spanish operations and in total. For potash overall, we benefited from our ongoing operational and efficiency efforts in 2024, and we expect to see continued improvements in 2025.

雖然我們在死海作業中仍然面臨營運和後勤挑戰，但我們針對戰爭相關的基礎設施問題採取了一些長期風險緩解措施。2024 年，我們看到西班牙業務和整體每噸年成本顯著改善。就鉀肥整體而言，我們受益於 2024 年持續的營運和效率努力，我們預計 2025 年將繼續改善。

Turning to slide 7 in our Phosphate Solutions division where 2024 sales were $2.215 billion. Results in general were ahead of our expectations despite lower (inaudible) prices as we benefited from favorable volume and mix as well as lower raw material costs.

翻到第 7 張投影片，我們的磷酸鹽解決方案部門 2024 年的銷售額為 22.15 億美元。儘管價格較低（聽不清楚），但整體業績超出我們的預期，因為我們受益於有利的數量和組合以及較低的原材料成本。

Commodity prices were also higher than expected in 2024, but lower versus the prior year. For the fourth quarter, we saw a slight year-over-year decrease in phosphate solutions sales as an increase in external sales do not offset lower internal sales. Annual EBITDA of $559 million also slightly decreased on a year-over-year basis. However, EBITDA margin expanded to 25%.

2024 年大宗商品價格也高於預期，但低於前一年。第四季度，磷酸鹽溶液的銷售額較去年同期略有下降，因為外部銷售額的成長未能抵消內部銷售額的下降。年度 EBITDA 為 5.59 億美元，與去年同期相比也略有下降。不過，EBITDA 利潤率擴大至 25%。

We were able to improve this rate as we prioritize cost savings and production efficiencies through 2024. We also significantly benefited from higher volumes and lower raw material costs. Our Phosphate Specialties results were aligned with market dynamics as expected. North America and Europe were relatively stable, but remained competitive, while South America was influenced by significant influence from China.

由於我們優先考慮在 2024 年之前節省成本和提高生產效率，因此我們能夠提高這一比率。產量提高和原材料成本降低也為我們帶來了顯著收益。我們的磷酸鹽特種產品的表現與市場動態一致，符合預期。北美和歐洲相對穩定，但仍保持競爭力，而南美則受到中國顯著影響。

Overall, we maintained our focus on market share and volume gains, while delivering new products and expanding our reach, including into (inaudible). We're also looking into additional food specialty opportunities, including geographic expansion, and in 2024, we introduced a new alternative (inaudible)

總體而言，我們繼續專注於市場份額和銷售成長，同時推出新產品並擴大我們的業務範圍，包括進入（聽不清楚）。我們也正在探索其他食品特色業務機會，包括地理擴張，並在 2024 年推出了新的替代品（聽不清楚）

Our YPH joint venture in China delivered multiple production records, including another overall record year continued strong demand for battery grade (inaudible) One of the strengths of our YPH facility is the ability to flex between customer demand for battery and agriculture solutions, and our team there does an excellent job of optimizing between the two.

我們在中國的 YPH 合資企業創造了多項生產記錄，包括另一個創紀錄的一年總體記錄，對電池級的需求持續強勁（聽不清楚）我們 YPH 工廠的優勢之一是能夠靈活滿足客戶對電池和農業解決方案的需求，我們在那裡的團隊在兩者之間的優化方面做得非常出色。

In North America, we've been hosting customer meetings at our Battery Materials innovation and qualification Center in St. Louis, which became operational in less than one year. For our commercial LFP plant in the US, we are now finalizing the detailed engineering process.

在北美，我們一直在位於聖路易斯的電池材料創新和資格中心舉辦客戶會議，該中心投入運作不到一年。對於我們位於美國的商業 LFP 工廠，我們目前正在完成詳細的工程流程。

As mentioned in previous earnings calls, we continue to align this capital spend to match anticipated customer demand time. For Europe, in January of this year, we signed a strategic agreement with Dynanonic, currently number two in the world in capital material capacity to produce lithium iron phosphate at our existing site in Sallent, Spain. While this project is currently only in its planning stages, it demonstrates our commitment to developing high quality solutions for sustainable supply chain.

正如先前的財報電話會議中所提到的，我們將繼續調整這筆資本支出以適應預期的客戶需求時間。在歐洲，今年 1 月，我們與目前全球資本材料產能第二大的 Dynanonic 簽署了一項戰略協議，將在我們位於西班牙薩倫特的現有工廠生產磷酸鐵鋰。雖然該項目目前僅處於規劃階段，但它表明了我們致力於開發可持續供應鏈的高品質解決方案。

Turning now to slide 8, in our Growing Solutions business division for 2024 sales of $1.950 billion were down year-over-year. EBITDA of $202 million increased [70%] for the same time frame, while EBITDA margin of 10% expanded significantly versus the prior year.

現在翻到第 8 張投影片，我們種植解決方案業務部門的 2024 年銷售額為 19.5 億美元，年減。同一時期，EBITDA 為 2.02 億美元，成長 [70%]，EBITDA 利潤率為 10%，較上年大幅擴大。

For the fourth quarter, we saw a similar improvement in EBITDA, which was up significantly and margin rate, which improved 12% from 3% in the fourth quarter of 2023. Overall growth and profitability was driven by efficiency efforts and improved product mix as well as lower raw material costs. In 2024, the business continued to target market share growth via both M&A and new product innovation.

對於第四季度，我們看到 EBITDA 也有類似的改善，大幅上升，利潤率也從 2023 年第四季的 3% 提高了 12%。整體成長和獲利能力得益於效率提升、產品結構改善以及原材料成本降低。2024 年，該企業將繼續透過併購和新產品創新來增加市場份額。

In the UK, we completed a bolt-on acquisition toward the end of the year to strengthen our position in the turf and landscape market. While based in the UK, GreenBest is renown for its specialty granular and liquid nutrition products serving all global markets.

在英國，我們在年底完成了一項附加收購，以鞏固我們在草坪和景觀市場的地位。GreenBest 總部位於英國，因其服務全球市場的特殊顆粒和液體營養產品而聞名。

In North America, we had record sales volumes in 2024, with strong growth in Mexico and Canada. In Asia, we achieved record breaking annual sales volumes for specialty agriculture fertilizers. Fourth quarter sales in Brazil were lower than expected due to significant currency fluctuations, tight liquidity, and soft soybean crop economics given lower commodity prices and margins.

在北美，我們在 2024 年的銷售量創下了歷史新高，其中墨西哥和加拿大的銷售量增長強勁。在亞洲，我們的特種農業肥料年銷售量創下了歷史新高。由於貨幣波動劇烈、流動性吃緊以及商品價格和利潤率下降導致大豆作物經濟疲軟，巴西第四季的銷售額低於預期。

However, for the full year, we saw improved profitability and further market share growth in Brazil. In 2024, Growing Solutions entered the biological fertilizer business, delivered new product sales of more than $250 million, and expanded its R&D efforts and innovation partnerships.

然而，就全年而言，我們的獲利能力有所提高，巴西的市佔率進一步成長。2024年，Growing Solutions進軍生物肥料業務，實現超過2.5億美元的新產品銷售額，並擴大了研發力度和創新合作夥伴關係。

I would now like to wrap up with a few highlights on slide 9. Once again, solid execution from across the entire company helped deliver winning results for ICL. We continue to drive long term growth in specialties driven EBITDA, which meaningfully sets us apart from our commodity based peers.

現在，我想用第 9 張投影片上的幾個重點來總結一下。再次，整個公司的堅實執行幫助 ICL 取得了成功。我們繼續推動專業領域驅動的 EBITDA 的長期成長，這使我們有別於以大宗商品為基礎的同業。

We enhanced our partnerships across three of our specialty driven businesses, Industrial Products, Phosphate Solutions and Growing Solutions as we strive to work with the best to achieve our goals and expand our presence globally.

我們加強了與工業產品、磷酸鹽解決方案和種植解決方案這三大專業驅動業務的合作夥伴關係，力求與最優秀的企業合作以實現我們的目標並擴大我們的全球影響力。

In some instances, this means extending customer relationships over the long term, so we can both benefit during the good times and weather the bad times together. In other situations, we bring our expertise to our customers to help them succeed. And of course, we are always working to find the best partners to help get our products to market in every region.

在某些情況下，這意味著長期延續客戶關係，這樣我們就能在順境中受益，並共同度過逆境。在其他情況下，我們將我們的專業知識提供給客戶，以幫助他們成功。當然，我們一直在努力尋找最好的合作夥伴，幫助我們的產品進入每個地區的市場。

We made three complementary acquisitions while also driving new product innovation. We will continue to innovate as it is an inherent part of ICL's DNA and one of the key areas that helps distinguish us. We advanced our battery material aspirations into Europe and receive partnership support as well as government funding.

我們進行了三次互補性收購，同時也推動了新產品創新。我們將繼續創新，因為這是 ICL DNA 中固有的一部分，也是我們與眾不同的關鍵領域之一。我們將電池材料願景推進到歐洲，並獲得了合作夥伴支持和政府資助。

And we remain on track to strengthen our leadership positions in 2025. We are already leaders in bromine and specialty phosphates, and we are now moving to the top of Growing Solutions by consistently improving our market share and position.

我們將繼續致力於在 2025 年鞏固我們的領導地位。我們已經是溴和特殊磷酸鹽領域的領導者，現在我們正透過不斷提高我們的市場份額和地位，邁向種植解決方案的頂峰。

As you can see on slide 10, we delivered shareholder value ahead of our peers once again and a very challenging year for our industry. And in spite of geopolitical challenges well beyond our control. In 2024, we also actively managed various concession renewal efforts.

正如您在幻燈片 10 上看到的，我們再次領先於同行實現了股東價值，這對我們所在的行業來說也是充滿挑戰的一年。儘管地緣政治挑戰遠遠超出了我們的控制範圍。2024年，我們也積極管理各種特許經營續約工作。

And for the Dead Sea specifically, we provided feedback on the draft government report and participated in (inaudible) Committee meetings. During 2024, we also successfully settled a large portion of outstanding legal lives. We also continue to advance our sustainability efforts and improved our rankings across multiple key global metrics.

具體來說，針對死海，我們對政府報告草案提供了回饋，並參加了（聽不清楚）委員會會議。2024 年，我們也成功解決了大部分未決的法律問題。我們也持續推動永續發展工作，並提高我們在多個關鍵全球指標的排名。

And finally, on the occasion of my final earnings call with ICL, I want to thank my hard working and dedicated team spread across the globe. Together, we shared the achievements of the past seven years, and I would not have been able to reach this point without the support from each and every ICL employee. Thank you.

最後，在我與 ICL 舉行最後一次財報電話會議之際，我要感謝遍布全球的辛勤工作和敬業的團隊。我們共同分享了過去七年的成就，如果沒有每位 ICL 員工的支持，我不可能達到今天的水準。謝謝。

I also want to congratulate Elad Aharonson, our new CEO. Elad has earned his promotion by delivering proven business performance and clear demonstration of leadership skills. He is passionate about ICL's future opportunities, and he will join us today for our Q&A session, so that you can get to know him. Good luck, Elad, from all of our ICL colleagues.

我還要祝賀我們的新任執行長埃拉德·阿哈龍森 (Elad Aharonson)。埃拉德憑藉出色的業務表現和清晰的領導能力贏得了晉升。他對 ICL 的未來機會充滿熱情，今天他將參加我們的問答環節，以便您了解他。祝你好運，Elad，以及我們所有 ICL 同事。

And with that, I would now like to turn the call over to Aviram.

說完這些，我現在想將電話轉給 Aviram。

Thank you, Raviv, and to all of you for joining us today. Let us get started on slide 12 and take a look at some key market metrics. It's a truly global company, serving a variety of end markets, we look beyond fertilizer prices to a wider area of macro indicators.

謝謝 Raviv，也謝謝大家今天的參與。讓我們從第 12 張投影片開始看一些關鍵的市場指標。這是一家真正的全球性公司，服務於各種終端市場，我們的關注點不僅限於化肥價格，還涉及更廣泛的宏觀指標。

Starting with inflation, where rates were fairly stable with the exception of Brazil, which saw a 40 basis point increase in inflation in the fourth quarter. Looking into January, inflation rates picked up in the US, EU, and Israel, while China was flat, and Brazil decreased slightly versus year-end rates.

首先從通貨膨脹開始，除巴西外，其他國家的通貨膨脹率都相當穩定，巴西第四季的通貨膨脹率上升了 40 個基點。展望1月份，美國、歐盟、以色列的通膨率均上升，中國則持平，巴西的通膨率較年底略有下降。

Interest rates increased in Brazil in the fourth quarter, up approximately 150 basis points, while rates in the US, Israel, and India was flat, as rates in the EU and UK declined. For 2025, quarter to day interest rates are flat to declining for all countries with the exception of Brazil, which saw a 100 basis point increase versus the fourth quarter.

第四季度，巴西利率上升，上漲約 150 個基點，而美國、以色列和印度利率持平，歐盟和英國利率下降。就 2025 年而言，除巴西外，所有國家的季度環比利率均持平或下降，巴西的季度環比利率較第四季度增加了 100 個基點。

Global industrial production growth of 2.4% was up approximately 70 basis points in the fourth quarter, with quarterly rates expected to be in the 2.9% to 3.3% range throughout 2025. On a sequential basis, fourth quarter housing stocks in the US were up 11%. However, they trended back down to third quarter territory in January.

第四季全球工業生產成長率為 2.4%，上升約 70 個基點，預計 2025 年全年季度成長率將在 2.9% 至 3.3% 之間。以環比計算，美國第四季房屋存量上漲了 11%。然而，到了一月份，它們又回落至第三季的水平。

Turning to slide 13, the key fertilizer market metrics. Grain prices were mixed in the fourth quarter, with corn up 7% on a quarterly basis, while other crop prices fell versus the third quarter. However, oil crops have improved quarter to date in 2025 versus the year-end with the exception of rice.

翻到第 13 張投影片，這是關鍵的肥料市場指標。第四季糧食價格漲跌互現，其中玉米季度上漲7%，其他農作物價格較第三季下跌。不過，除米外，2025 年第一季迄今的油料作物產量與年底相比有所改善。

Farmer sentiment in the fourth quarter improved dramatically over the third quarter, up more than 50%. The positive trend continued into 2025 as US farmers retained the postelection optimism and sentiment rose another 5 points in January.

第四季農民情緒較第三季大幅改善，漲幅逾50%。由於美國農民保留了選舉後的樂觀情緒並且 1 月份情緒又上升了 5 點，這種積極的趨勢將持續到 2025 年。

Potash and phosphate prices continue to diverge as potash prices declined again in the fourth quarter, while phosphate prices increased versus the third quarter. Potash prices stabilized in January, while phosphate prices continue to climb up 4% since year-end.

鉀肥和磷酸鹽價格持續分化，第四季鉀肥價格再度下跌，而磷酸鹽價格較第三季有所上漲。1月鉀肥價格趨於穩定，磷酸鹽價格自年底以來持續上漲4%。

Like others in the industry, we expect global quota shipments for 2025 to be roughly in line with 2024 with a range of 71 million to 75 million metric tons. While there is a lot of global chatter in the industry, overall dynamics look good for 2025, and potash prices have gone up since the beginning of the year.

與業內其他公司一樣，我們預計 2025 年全球配額出貨量將與 2024 年大致持平，在 7,100 萬至 7,500 萬噸之間。儘管全球範圍內對該行業存在許多討論，但 2025 年的總體情況看好，而且鉀肥價格自今年年初以來一直在上漲。

Ocean freight rates decreased significantly in the fourth quarter, down approximately 22% versus the third quarter. In January, this dropped even further, and for the month, daily rate it closed not seen since early in COVID.

第四季海運費大幅下降，季減約22%。1 月份，這一數字進一步下降，當月日均匯率收於新冠疫情初期以來的最低水準。

On slide 14, you can see some key market metrics for energy storage and electric vehicles and also overall demand trends for technical MAP and LFP phosphate, which continue to grow. For North America, we see expected future demand continued to shift more towards ESS users.

在投影片 14 上，您可以看到一些能源儲存和電動車的關鍵市場指標，以及技術 MAP 和 LFP 磷酸鹽的整體需求趨勢，這些趨勢持續成長。對於北美，我們預計未來需求將繼續轉移到 ESS 用戶。

For this quarter, we are also highlighting demand in Europe following the announcement of our joint venture agreement with Dynanonic to establish LFP production at our existing sites in Spain, where we are seeking government funding for our efforts.

本季度，我們也專注於歐洲的需求，此前我們宣布與 Dynanonic 達成合資協議，將在我們位於西班牙的現有工廠建立 LFP 生產基地，我們正在尋求政府為我們的努力提供資金。

If you will now turn to slide 15, where we look at our full year sales bridges, on the left side, you can see the year-over-year change for each of our business divisions, with potash once again having an outsized impact on the year-over-year decrease in sales.

如果您現在翻到第 15 張投影片，我們在這裡查看我們的全年銷售橋，在左側，您可以看到我們每個業務部門的同比變化，其中鉀肥再次對銷售額的同比下降產生了巨大影響。

However, I would like to point out the positive impact Industrial Product had on overall annual sales. Turning to the right side of the slide, you can see the benefits received from higher quantities and also the impact of lower prices, once again, especially for potash and the FX exchange rate as on sales.

不過，我想指出工業產品對整體年度銷售額的正面影響。轉到投影片的右側，您可以看到數量增加的好處以及價格降低的影響，尤其是對於鉀肥和外匯匯率對銷售的影響。

On slide 16, you can see the impact, lower potash prices had on our 2024 EBITDA of $1.469 billion. We were, however, able to set some of this impact higher quantities, lower raw material costs. and improved production efficiencies.

在投影片 16 上，您可以看到鉀肥價格下跌對我們 2024 年 EBITDA 14.69 億美元的影響。然而，我們能夠降低其中的一些影響，提高產量，並降低原料成本。並提高了生產效率。

Slide 17 provides a look at our fourth quarter sales bridges with potash once again having the biggest impact. In total, sales for the fourth quarter came in at $1.601 billion. On the right side of the slide, you can see the impact on prices and exchange rates.

投影片 17 介紹了我們第四季的銷售情況，其中鉀肥再次產生了最大的影響。總體而言，第四季的銷售額為 16.01 億美元。在投影片的右側，您可以看到對價格和匯率的影響。

On the left side of slide 18, you can see the year-over-year change in quarterly EBITDA by segments. On the right side, the impacts from lower prices is apparent, with increased quantities and lower raw material costs unable to offset the decline in pricing. Overall, the fourth quarter of 2024 EBITDA came in at $347 million, quite similar to the fourth quarter of 2023.

在第 18 張投影片的左側，您可以看到各部門季度 EBITDA 的同比變動。在右側，價格下跌的影響顯而易見，產量增加和原物料成本下降無法抵消價格的下跌。整體而言，2024 年第四季的 EBITDA 為 3.47 億美元，與 2023 年第四季相當。

Turning to slide 19, once again, ICL remained the leader in terms of average realized potash price as we continue to maximize the profitability of our cost-efficient resources.

轉到投影片 19，由於我們繼續最大限度地提高成本效益資源的獲利能力，ICL 再次在平均實現鉀肥價格方面保持領先地位。

On slide 20, I would like to remind you of ICL's leadership position in the global bromine market, while bromine prices remain under pressure, the Dead Sea continues to be the most cost competitive source of bromine and accounts for approximately two-thirds of global supply capacity.

在第 20 頁上，我想提醒大家 ICL 在全球溴市場的領導地位，雖然溴價仍承壓，但死海仍是最具成本競爭力的溴來源，約佔全球供應能力的三分之二。

If you turn to slide 21, you can see how our business breaks down on both a regional basis and by division. For the fourth quarter, Asia and Europe were equally represented at 27% of sales while North, South America were both around 20%.

如果您翻到第 21 張投影片，您可以看到我們的業務如何按區域和部門細分。第四季度，亞洲和歐洲的銷售額各佔27%，而北美和南美的銷售額均佔20%左右。

Before we wrap up, I would like to share a few highlights on slide 22. As Raviv mentioned, our balance sheet is strong, and we ended the year with available resources of approximately $1.6 billion. Our net debt to adjusted EBITDA rate at quarter end remained at 1.2 times.

在我們結束之前，我想分享第 22 張投影片上的幾個亮點。正如 Raviv 所提到的，我們的資產負債表強勁，年底時我們的可用資源約為 16 億美元。季度末我們的淨負債與調整後 EBITDA 比率仍為 1.2 倍。

Once again, we are distributing 50% of adjusted net income to our shareholders, which translates to a total dividend of $52 million this quarter, resulting in a trailing 12 month dividend yield of 3.8%. During the fourth quarter, we continued to prioritize test generation as we do consistently.

我們再次將調整後淨收入的 50% 分配給股東，這意味著本季的總股息為 5,200 萬美元，過去 12 個月的股息收益率為 3.8%。在第四季度，我們繼續像一貫那樣優先考慮測試生成。

Throughout 2024, we also remain focused on cost savings and efficiency efforts, with results ahead of our expectations. Importantly, we maintain a consistent and disciplined approach to capital allocation which you can see demonstrated on slide 23, which is the view I do not typically present.

在整個 2024 年，我們仍將專注於節省成本和提高效率，結果超出了我們的預期。重要的是，我們保持一致且嚴謹的資本配置方法，您可以在幻燈片 23 中看到演示，這是我通常不會提出的觀點。

As you can see, we have been able to deliver more consistent performance versus our peers during the (inaudible) tenure. Thanks to our focus on specialties and cash generation, which has resulted in more predictable growth and fewer surprises.

正如您所看到的，在（聽不清楚）任期內，我們能夠提供比同行更穩定的績效。由於我們專注於專業領域和現金創造，這使得成長更加可預測，意外也更少。

Finally, if you turn to slide 24, I would like to update you on our 2025 guidance. For our specialties driven business decisions, which include Industrial Products, Growing Solutions, and Phosphate Solutions, we expect EBITDA to be between $0.95 billion to $1.15 billion in 2025.

最後，請翻到第 24 張投影片，我想向您介紹我們 2025 年的指導方針。對於我們由專業驅動的業務決策，包括工業產品、種植解決方案和磷酸鹽解決方案，我們預計 2025 年的 EBITDA 將在 9.5 億美元至 11.5 億美元之間。

We expect total sales volumes to be between 4.5 million and 4.7 million metric tons, and we expect our effective annual tax rate for 2025 to be approximately 30% in anticipation of higher potash prices. I would, however, remind everyone that in the first quarter, our copper sales will be more heavily weighted toward our annual contracts with China and India, which are at lower prices than current market rates.

我們預計總銷售量將在 450 萬至 470 萬公噸之間，並且由於預期鉀肥價格會上漲，我們預計 2025 年的實際年稅率將約為 30%。不過，我要提醒大家，在第一季度，我們的銅銷售將更依賴與中國和印度的年度合同，這些合約的價格低於當前的市場價格。

Now before we begin the Q&A, I want to thank Raviv for his leadership over the past seven years. I am proud to have served with him, and I look forward to partnering with Elad in 2025 and beyond. And with that, I would like to turn the call back over to the operator for Q&A.

在我們開始問答環節之前，我想感謝拉維夫在過去七年的領導。我很自豪能與他共事，並期待在 2025 年及以後與 Elad 合作。說完這些，我想將電話轉回給接線生進行問答。

(Operator Instructions) Ben Theurer, Barclays.

(操作員指示) 巴克萊銀行的 Ben Theurer。

Yeah, good morning and thank you. Well, good evening to you. Good morning to the ones in the US. Thank you very much for taking my questions. First of all, Raviv, all the best for your upcoming retirement in a few weeks. It was a pleasure working with you all the best. And Elad, welcome on your new expanded role from Growing Solution into CEO. So I wanted to get that off first.

是的，早上好，謝謝你。那麼，晚上好。向美國的朋友們問好。非常感謝您回答我的問題。首先，Raviv，祝您幾週後退休一切順利。很高興與您合作，一切順利。Elad，歡迎你從成長解決方案部門晉升為執行長。所以我想先把它去掉。

Thank you Ben.

謝謝你，本。

Great, great stuff. So two questions I had for you. So number one was really just a more general maybe if you could talk a little bit about the demand drivers that you've been seeing and you just been laying out with the Phosphate Solutions business.

太棒了，很棒的東西。我有兩個問題想問您。因此，第一個問題實際上只是一個更籠統的問題，如果您可以稍微談一談您所看到的、以及您剛剛闡述的磷酸鹽解決方案業務的需求驅動因素，那我們該怎麼辦？

I mean it feels like it was a very strong 2024. It was like one of the, call it, more commoditized still exposed ones but holding in fairly well over a year-over-year basis. So just wanted to understand like the underlying demand, be it what goes into food, what goes into fertilizer, what goes into battery materials. If you could share some incremental thoughts as to how you think about 2025 in Phosphate Solutions in particular. That would be my first question.

我的意思是感覺 2024 年是非常強勁的一年。它就像是一種可以稱之為更商品化的產品，雖然仍然處於暴露狀態，但與去年同期相比保持得相當好。所以只是想了解潛在的需求，無論是食品中的什麼，肥料中的什麼，還是電池材料中的什麼。您可以分享一些關於 2025 年磷酸鹽解決方案的想法嗎？這是我的第一個問題。

All right. Thanks. So we had headwinds coming from WPA prices, which were trending down. But at the same time, we overcame that by increasing volumes. And the increase of volumes of specialty products has come primarily from expansion with additional innovation, innovative products would be food products in China where we set up a new production facility for specialties, new products in pharmaceuticals and for cement applications.

好的。謝謝。因此，我們面臨來自 WPA 價格的阻力，其價格呈下降趨勢。但同時，我們透過增加產量克服了這個問題。特種產品產量的成長主要來自於擴張和額外的創新，創新產品包括食品，我們在中國建立了新的特殊產品生產設施，以及藥品和水泥應用領域的新產品。

We had a good pipeline of products, so we still have a great pipeline going forward into 2025. We expect now that prices forecasting has stabilized, we expect continued volume growth in 2025. The overall market hasn't grown very much, probably by 2% or 3%, but we've grown our market share through volume.

我們擁有良好的產品線，因此，展望 2025 年，我們仍擁有出色的產品線。我們預計，現在價格預測已經穩定，我們預計 2025 年銷售量將持續成長。整體市場並沒有成長太多，可能只有 2% 或 3%，但我們透過銷售量增加了市場佔有率。

Okay. Got it. And then just a minor question. I would like to like kind of like understand what's behind that. And it's kind of like just general trade noise, et cetera, related. So in your press release, you highlighted that within Industrial Products, you've got better volumes, particularly in Europe because of certain duties on TCPP from China.

好的。知道了。接下來是一個小問題。我想了解背後的原因。這有點像是與一般貿易噪音等等相關的。因此，在您的新聞稿中，您強調了工業產品領域的銷售量增加，尤其是在歐洲，因為中國對 TCPP 徵收了一定的關稅。

So just wanted to understand what's behind that, and how do you think about just the general setup on trade disputes, be it between Europe and China, US and China, how you think this is going to play out? And just given your global footprint, how you're positioned in a market that seems to be more exposed to certain tariff or duty risks going forward?

所以我只是想要了解這背後的原因，以及您如何看待貿易爭端的整體情況，無論是歐洲和中國之間，還是美國和中國之間，您認為這將如何發展？鑑於您的全球影響力，在未來似乎更容易受到某些關稅或稅務風險影響的市場中，您的定位如何？

Okay. So thanks for that question. We have local production facilities in Europe and in the States that suffered injury from dumping prices from China. The product -- the Chinese product is also under threat, meaning that within the next three to four years, you won't be able to use that product anyway because of sustainability issues.

好的。感謝您的提問。我們在歐洲和美國設有本地生產設施，這些設施因中國的傾銷價格而遭受損害。該產品—中國產品也面臨威脅，這意味著在未來三到四年內，由於永續性問題，您將無法使用該產品。

And we have a new line product that meets all the sustainability requirements, and the injury and the antidumping taxation that comes with it allows us to replace the Chinese product currently in Europe because the antidumping has already ruled.

我們擁有一條滿足所有永續性要求的新產品線，其帶來的損害和反傾銷稅使我們能夠取代目前在歐洲的中國產品，因為反傾銷已經做出了裁決。

And there's an ongoing process in the US, which at least our customers are pretty confident that we'll end our way because some of them are already considering turning their production lines into -- with adaptations to using our product.

在美國，這一進程正在進行中，至少我們的客戶非常有信心我們會以自己的方式完成這一進程，因為其中一些客戶已經在考慮將他們的生產線轉變為——適應使用我們的產品。

So the nice thing is that typically, antidumping processes are good for the short term for a year or two years or three years here. It's a whole new family of products that we call very quill. That will replace the Chinese product and because they meet the sustainability requirements, they will stay for the long run. So this is a new market opportunity for us that has short term implications for 2025 and more beyond that.

因此，好消息是，反傾銷程序通常只在短期內有效，一般為一年、兩年或三年。這是一個全新的產品系列，我們稱之為「very quill」。這將取代中國產品，而且由於它們符合永續性要求，它們將長期存在。所以這對我們來說是一個新的市場機遇，其短期影響將持續到 2025 年甚至更長遠。

This is for mainly for construction applications, and it's a good development for us. Actually, the P4 based products have been suffering for the past 1.5 years or so. Construction is also, as you know, has been -- has seen a very moderate demand.

這主要用於建築應用，對我們來說是一個很好的發展。事實上，基於 P4 的產品在過去的 1.5 年左右一直處於困境之中。如您所知，建築業的需求也一直非常溫和。

So overall, gaining market share in the construction application with a sustainable product that will give us the long term sales with a very nice profitability is a very good development for us.

因此總體而言，透過永續產品在建築應用領域獲得市場份額，將為我們提供長期銷售和非常好的盈利能力，這對我們來說是一個非常好的發展。

Okay, perfect, thank you very much.

好的，非常好，非常感謝。

Thank you.

謝謝。

Kevin Estok, Jefferies.

傑富瑞 (Jefferies) 的凱文·埃斯托克 (Kevin Estok)。

Hi, thank you for taking my question. I guess real quick, I mean, have you guys seen any Chinese bromine capacity exiting the market?

你好，謝謝你回答我的問題。我想很快，我的意思是，你們有沒有看到中國溴產能退出市場？

We haven't seen the bankruptcies in the past three or four quarters. We saw one bankruptcy before that, but we have seen significant reductions of use of capacity, both in China and also in [Djibouti]. And of course, we've replaced that -- we replaced a lot of that capacity that's coming out of the market. So again, reductions in production, not any significant bankruptcies yet.

過去三、四個季度我們還沒有看到破產的案例。我們之前也看到一家企業破產，但我們看到產能利用率大幅下降，無論是在中國還是在[吉布地].當然，我們已經替換了這些產能——我們替換了市場上大量退出的產能。因此，再次說明一下，產量減少，但尚未出現任何重大破產。

Okay. Understood. Thank you. And Raviv you touched on some more related issues and then also sort of tariff impact on trade flows. You got more local production. But I guess just -- I just wanted to get a sense of how you were thinking about the potentially rapid changes in the, I guess, situation in Eastern Europe politically for you guys as it relates to fertilizers?

好的。明白了。謝謝。Raviv 您談到了一些相關議題，以及關稅對貿易流量的影響。你獲得了更多的本地產量。但我想只是──我只是想了解一下，你們是如何看待與化肥有關的東歐政治局勢可能迅速變化的？

So from the perspective of demand, the demand is very solid for all types of major fertilizers. We expect, as Aviram said before, we expect above $70 million -- 70 million tons of potash, anywhere between 70 million to 75 million this year, which correlates with 2024.

因此從需求角度來看，各類主要肥料的需求都非常穩固。正如 Aviram 之前所說，我們預計今年的鉀肥產量將超過 7,000 萬美元——7,000 萬噸，介於 7,000 萬噸至 7,500 萬噸之間，與 2024 年相對應。

And in terms of what's happening in Eastern Europe, we don't expect that changes in the war situation or a significant impact things going forward because Belorussian and Russian products are entering into the market. Other volumes entering in the market. And actually, they have made supply side decisions to limit some of that production coming into global trade.

就東歐的情況而言，我們預計戰爭局勢不會改變或對未來產生重大影響，因為白俄羅斯和俄羅斯的產品正在進入市場。其他量進入市場。實際上，他們已經做出了供應方面的決定，限制部分產品進入全球貿易。

Belorussian has announced a million tons that are not coming into the market this year. And just recently, a few days ago, Russians also said that they were going to go through unexpected maintenance operations and also limit some of the supply globally because of additional domestic needs.

白俄羅斯已宣布今年將有100萬噸小麥不會流入市場。就在最近幾天，俄羅斯還表示，由於國內需求增加，他們將進行意外維護作業，並在全球範圍內限制部分供應。

So that and the potential tariffs in the US they're much more significant than the change in the worst situation in the East. As far as the war in Israel, as you know, it's -- we're in a much better situation now. There is some of the issues we've had, had to do with people being on reserve duty and that means getting out of our maintenance routines.

因此，這和美國的潛在關稅相比，比東部最糟糕局勢的變化更為重要。就以色列的戰爭而言，如你所知，我們現在的狀況要好得多。我們遇到的一些問題與人員擔任預備役有關，這意味著我們要脫離日常維護工作。

And getting back to our maintenance routines is quite a challenge, and it will take us a little more time to be completely back to normal, probably until April when we have our annual shutdown, and then we can actually finalize some of the processes. So that's a very significant thing.

恢復我們的維護程序是一項相當大的挑戰，我們還需要一些時間才能完全恢復正常，可能要等到四月份我們進行年度停工，然後我們才能真正完成一些流程。這是一件非常重要的事情。

The other thing is, of course, transporting through the Red Sea, which has been a real problem to solve during the past recent months. I was trying not to say problem, to say challenge, but it's been a problem. And of course, things look a lot better now.

當然，另一件事是透過紅海的運輸，這是最近幾個月真正需要解決的問題。我試著不說問題，而是說挑戰，但這一直是個問題。當然，現在情況已經好多了。

So supply chain, maintenance, production, Red Sea, all those things are looking much brighter for next year. Of course, potash prices are down trending up like we expected at the end of the year. And coming back to the beginning of the question, the Ukraine, Russian conflict is not going to be a major issue for global supplies. I'll just ask my colleagues if they want to add in if I miss something. Okay. I hope that answers.

因此，供應鏈、維護、生產、紅海等所有這些領域明年的前景都將更加光明。當然，正如我們預期的那樣，鉀肥價格在年底呈現下降趨勢。回到問題的開頭，烏克蘭和俄羅斯的衝突不會成為全球供應的重大議題。如果我遺漏了什麼，我會問我的同事是否願意補充。好的。我希望這能解答你的疑問。

Thank you.

謝謝。

Thank you.

謝謝。

Joel Jackson, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的喬爾傑克遜 (Joel Jackson)。

Hi, good evening. It's been such a pleasure to work with you all these years. Good luck in your next chapter.

嗨，晚上好。這些年來我很榮幸能與您共事。祝你下一章好運。

Thank you very much.

非常感謝。

A couple of questions for me. You obviously reiterated your specialty guidance or EBITDA guidance for the year, and we're talking about, of course, higher potash prices lately. Can you talk about in potash, like I imagine your outlook is better than it was three or four months ago when you gave your initial specialty guidance. But which is reiterate, like I said, I imagine you have a better potash outlook now than you did a few months, so is that fair?

我有幾個問題。您顯然重申了今年的專業指導或 EBITDA 指導，當然，我們談論的是最近鉀肥價格的上漲。能談談鉀肥方面的情況嗎？我想像您的前景比三、四個月前您給予最初的專業指導時要好。但正如我所說，重申一下，我想現在鉀肥的前景比幾個月前要好，這公平嗎？

We have a better outlook on pricing. If that was the question, on pricing and look, what we have now is that prices are trending up, and they've actually gone up about 15% in the US in the past month and a bit. And it looks like Chinese and Indian contracts that is going to happen very soon. And of course, they're going to -- at least it looks like they're going to show a nice increase in price. To give you exact numbers, it would be too early for that at this point.

我們對定價有更好的展望。如果這是關於定價的問題，那麼我們現在看到的價格呈現上漲趨勢，實際上過去一個月美國的價格已經上漲了約 15％。看起來中國和印度的合約很快就會簽訂。當然，它們會——至少看起來它們的價格會大幅上漲。目前給出確切的數字還為時過早。

Maybe to add, Raviv, if I may. Just to add that we need to clear out of the way existing contracts that we have sold. So the average price, which will be obtained in Q1 is not necessarily indicative of the better effective prices that we have going forward.

如果可以的話，也許可以補充一下，Raviv。需要補充的是，我們需要清除已售出的現有合約。因此，第一季獲得的平均價格並不一定表示我們未來的有效價格會更好。

That you always need to take into account that there's a pipeline that we need to clear first. After that, of course, we are all watching and seeing the same things and there is good potential that prices will go up as we all know.

你始終需要考慮到我們需要先清理一條管道。當然，在這之後，我們都在關注同樣的事情，而且我們都知道，價格很有可能會上漲。

And to give more flavor, typically, at this point, which is the end of February, we'd be sold out at least until the end of June. And we're not even sold out until the end of May and not because we don't have orders or demand, we have plenty. But every time we close the deal, we feel sorry that we didn't wait another week. So we're trying to manage that carefully and maximize our price opportunity this way.

為了增加風味，通常到二月底的時候，我們的產品至少會售罄到六月底。直到五月底，我們的庫存仍未售完，這並不是因為我們沒有訂單或需求，而是我們還有很多庫存。但每次我們達成交易時，我們都會因為沒有再等一週而感到遺憾。因此，我們嘗試謹慎地管理這一點，並以這種方式最大化我們的價格機會。

Would you say your lag is three months in the price books versus what we're seeing in the benchmark in the market, two months, four months? What would you say is kind of the lag?

您是否認為價格手冊中的滯後是三個月，而我們看到的市場基準是兩個月還是四個月？您認為這種滯後是怎麼樣的？

It's hard to say. It's mixed because in some geographies, it's way more than two or three months like in China because it's annual contract. And in the US, it's probably less than a month. So I would say mix, probably less than a quarter.

這很難說。這是混合的，因為在某些地區，合約期限遠超過兩個月或三個月，例如在中國，因為這是年度合約。而在美國，可能還不到一個月。因此我會說混合，可能不到四分之一。

Okay. And then finally, we're obviously seeing -- it seems like we're seeing a lot of like incremental interest in ESS, even in what a lot of battery industry people might have thought 6 months ago, 12 months ago, I think we're seeing ESS-related lithium demand, for example, a 40%, 50% CAGR.

好的。最後，我們顯然看到——似乎我們看到人們對 ESS 的興趣逐漸增加，甚至許多電池行業人士在 6 個月前、12 個月前可能就已經想到了，我認為我們看到與 ESS 相關的鋰需求，例如 40%、50% 的複合年增長率。

Can you talk about what's going on in secondary storage, things you're seeing versus three months ago or six months ago? Like is this churning? At what rate and how fast it is going?

能談談二級儲存的情況嗎？與三個月前或六個月前相比，您看到了哪些情況？就像這樣攪動嗎？它以什麼速率、多快的速度行進？

I think there's a lag between government will and futuristic needs of major suppliers, and the ability of the supply chain to adjust to the western incentives, plans, governmental decisions. There's a lot of uncertainty around future policy, et cetera.

我認為政府意願和主要供應商的未來需求之間存在滯後，並且供應鏈也缺乏適應西方激勵措施、計劃和政府決策的能力。未來政策等等都存在著許多不確定性。

So I think what we're seeing is that everybody is looking to see an inflection point in ESS sometime in the next two or three years. And everybody is trying to time themselves. We ourselves are in the same situation where we're trying to time our large capital investments around LFP, and not to make them too early before the market is ready to consume our product on the one hand.

因此，我認為我們看到的是每個人都期待在未來兩三年內看到 ESS 的轉捩點。每個人都在試著自己計時。我們自己也處於同樣的情況，一方面我們試圖安排好圍繞 LFP 進行大規模資本投資的時機，同時又不要在市場準備好消費我們的產品之前過早進行投資。

And on the other hand, not to make mistakes vis-a-vis potential policy changes that can hurt us. So if we didn't have those uncertainties, we would have acted sooner as well. We understand the reason that the inflection point is not touchable yet.

另一方面，不要在可能對我們造成傷害的政策變化方面犯錯。因此，如果我們沒有這些不確定性，我們也會更早採取行動。我們理解拐點尚未觸及的原因。

Nobody knows it's going to be in 2 years or 2.5 years or 3 years, but ultimately, EVs, the storage, the revolution has happened, the threshold, the 30% market share, what has been crossed in enough countries. So it's clear that things are happening.

沒有人知道 2 年後、2.5 年後或 3 年後會發生什麼，但最終，電動車、存儲，革命已經發生，門檻，30% 的市場份額，在足夠多的國家已經被跨越。很明顯事情正在發生。

And the question is how dominant will the Chinese be. How dominant will government regulations be. And I think there are a lot of different opinions but ultimately, it's a matter of -- it's all a matter of timing. The demand is there. So it's just a matter of the timing and the behavior of commodity markets.

問題在於中國能佔據多大的主導地位。政府監管將發揮多大作用。我認為有很多不同的意見，但最終這都是一個時間問題。需求是存在的。所以這只是一個時間和商品市場行為的問題。

If I may follow-up on that with one more on the same topic. Would you say, if you look at LFP demand for EVs versus LFP demand for ESS, would you say the transparency of the EV situation -- EV dynamic is much more transparent and it's much less transparent ESS? Would you characterize it that way?

如果我可以繼續討論同一主題的話。您是否認為，如果您對比一下磷酸鐵鋰電池對電動車的需求與磷酸鐵鋰電池對儲能係統的需求，您會發現電動車情況的透明度更高——電動車動態更加透明，而儲能係統的透明度則要低得多？您會這樣描述它嗎？

Maybe the insight that I can bring into the picture and you can see it on one of the slides, was that the US is more dominated by non-EV storage. And Europe is much more EV storage. And EV also, there's no united policy for all of Europe. So maybe things will happen faster at the country level. But that's the main difference between EV and non-EV storage. Very high demand in the US unless -- and more easy in Europe.

也許我可以從圖中得出的見解是，您可以在其中一張幻燈片上看到，那就是美國更多地受到非電動汽車存儲的主導。歐洲的電動車儲存量更大。而且，歐洲也沒有統一的電動車政策。因此也許在國家層級事情會發生得更快。但這就是電動車和非電動車儲存之間的主要區別。除非在美國需求很高——而在歐洲則更容易。

Just one thing is, Joel, you need to -- we need to also understand that the end market for ESS, a static one and EVs, which is basically private citizens is quite different. So on the ESS side, I think it's now, let's put it this way. It would be more straight line in EVs. There's many questions. By the way, geographies can be quite different.

只有一件事，喬爾，你需要——我們還需要了解 ESS 的終端市場，靜態市場和電動車，基本上是私人市場，這是完全不同的。因此就 ESS 方面而言，我認為現在，讓我們這樣說吧。在電動車中它將更加直線。有很多問題。順便說一句，地理位置可能會有很大差異。

And I have been told in certain meetings, not internal, in terms that the golden number is that in Europe, for instance, they need to get the car below the EUR25,000 benchmark price. Also, people are still -- they need to see how the cars age, and what it means, et cetera. And so the EV market, the regression line is, as Raviv said, it's very clear but around the can be quite a lot of pumps that we need to see (inaudible).

在某些會議（而非內部會議）上，我被告知黃金數字是，例如在歐洲，他們需要將汽車價格控制在 25,000 歐元以下。此外，人們仍然需要了解汽車如何老化，這意味著什麼，等等。因此，正如 Raviv 所說，電動車市場的回歸線非常清晰，但我們需要看到周圍可能會出現很多上漲（聽不清楚）。

And there was also a significant shift to LFP technologies. So I mean as a raw material provider for raw material, we're actually selling a lot more this year than we sold last year due to the -- and it's not because the overall market for [chem] material has grown much. It's because the market share for LFP has increased considerably, and that's also a factor in everybody else wants.

此外，LFP 技術也發生了重大轉變。所以我的意思是，作為原材料的原材料供應商，我們今年的銷售實際上比去年多得多，這並不是因為[化學]材料的整體市場增長了很多。這是因為 LFP 的市場份額已經大幅增加，這也是每個人都想要的因素。

Thank you very much.

非常感謝。

Thank you, Joel.

謝謝你，喬爾。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大（Laurence Alexander），傑富瑞（Jefferies）。

So good morning. I wanted to touch on the battery market from a different angle, which is -- to what degree do you think -- do you see you need to pull forward investments in the LFP downstream in order to hit your market share goals? I mean what -- in other words, to what extent are you seeing competitors ramp up capacity in response to the market opportunity?

早安.我想從不同的角度談談電池市場，即——您認為在多大程度上需要在下游 LFP 領域加大投資才能實現您的市場份額目標？我的意思是——換句話說，您在多大程度上看到競爭對手為抓住市場機會而提高產能？

It's a great question. We see things are happening very slowly in the US. We don't see too many competitors moving forward, although everybody knows where the market is going because it requires significant CapEx. It requires committed customers. So we've pulled up our plans.

這是一個很好的問題。我們看到美國的事情進展非常緩慢。我們並沒有看到太多競爭對手在前進，儘管每個人都知道市場走向何方，因為它需要大量的資本支出。它需要忠誠的顧客。因此我們制定了計劃。

I guess, so far by 14 or 15 months, and it could be more because we're not going to supply capital material before the cell factories are ready to produce. So that is the timing that is necessary. So some of that in the US has to do with the adaptation to non-Chinese technology, which is not trivial. There are not a lot of competitors out there that are able to do that at this point.

我想，到目前為止已經是14或15個月了，而且可能更長，因為我們不會在電池工廠準備好生產之前提供資本材料。因此這是必要的時機。因此，美國的部分情況與適應非中國技術有關，這並不是小事。目前，能夠做到這一點的競爭對手並不多。

I think in Europe, they actually started slower, but things may move faster because Europe is keen on allowing the Chinese to be involved, and they're not excluding Chinese technologies. So for us, for example, the safest place to partner with a number two player in the world, Dynanonics, and go after the European market.

我認為歐洲起步其實比較慢，但進展可能會更快，因為歐洲熱衷於讓中國人參與進來，而且他們並不排斥中國的技術。因此對我們來說，最安全的方法是與世界第二大公司 Dynanonics 合作，並進入歐洲市場。

So we may end up going after the European market faster than we originally expected and the US market moves slower than we expected at the beginning. And it all has to do with making certain that we acted in a disciplined way with our CapEx and with our strategy.

因此，我們最終可能會以比最初預期更快的速度進入歐洲市場，而美國市場的發展速度則比我們最初預期的要慢。這一切都是為了確保我們以嚴謹的方式運用我們的資本支出和策略。

I think Lawrence --

我認為勞倫斯--

And if I may just -- go ahead.

如果可以的話，請繼續。

No, no, Laurence. Go ahead. If you have another follow-up on the LFP side, ask it, and then I'll try to answer.

不，不，勞倫斯。前進。如果您對 LFP 方面還有其他疑問，請提出，然後我會盡力回答。

So it was just -- I just wanted just to touch on kind of the investment cycle for you. If you -- for you from going from the decision to go ahead with a new tranche of LFP capacity to being fully qualified and commercial. Can you give a sense for what that time frame is compared to the time frame it takes for the customer to convert their capacity to be able to use your non-Chinese supply?

所以這只是——我只是想向您介紹一下投資週期。如果您 — — 從決定繼續推出新一批 LFP 產能到獲得完全資格並實現商業化，那會怎麼樣？您能否說明一下，與客戶轉換其產能以使用您非中國供應所需的時間相比，這一時間範圍是多少？

In other words, is your investment loop shorter or longer than the customer's decision, qualification, warranty loop? Do you see what I'm getting at?

換句話說，你的投資循環比客戶的決策、資格、保固循環短還是長？你明白我的意思嗎？

Yes, I do. And I think the answer is that for customers that are already in the market and producing cells, does the cycle is much shorter than some of the very large OEMs that have not done that yet. So the question is, who is the customer, the timing, once you have the technology and you have a qualified product, it takes anywhere between 18 to 36 months in order to have production set up after all the testing and the ramp-up and everything else.

是的，我願意。我認為答案是，對於已經進入市場並生產電池的客戶來說，週期是否比一些尚未這樣做的大型 OEM 短得多。所以問題是，誰是客戶，時機如何，一旦你擁有了技術並且有了合格的產品，在完成所有測試、提升產能和其他所有事情之後，需要 18 到 36 個月的時間才能建立生產。

And it may be shorter with an experienced customer and longer with non-experienced customer. And also longer if you're using the new technology versus proven technologies. So obviously, to set up a new plant based on most advanced technology, partnering with Dynanonic is less complicated in setting up a new plant with a new technology that this work for the first time in the world. Please go ahead.

對於有經驗的客戶來說，這個時間可能比較短，而對於沒有經驗的客戶來說，這個時間可能比較長。如果你使用新技術而不是成熟技術，那麼時間會更長。因此顯然，要建立一個基於最先進技術的新工廠，與 Dynanonic 合作建立一個採用新技術的新工廠會比較不那麼複雜，這在世界上是第一次。請繼續。

I think, Laurence, the picture is, to some degree, more complicated because currently, the non-Chinese car manufacturers are not having a great success, one after the other and there are many reasons. Out of it is obviously the cost points that they can sell.

勞倫斯，我認為情況在某種程度上更加複雜，因為目前，非中國汽車製造商紛紛沒有巨大成功，原因有很多。其中顯然是他們可以出售的成本點。

Second is they're still trying to retrofit existing gasoline or diesel cars into electric, where well as the Chinese basically built a car around the computer and battery. And I believe if you look at the whole ecosystem of the non-Chinese car manufacturers, what they would have to do in order to survive is we take a fresh look at the full design of the cars, they are talking about, what they have to hit certain price points, and it's quite a natural that they need to go to.

第二，他們仍在嘗試將現有的汽油或柴油車改裝成電動車，而中國人基本上是圍繞著電腦和電池製造汽車。我相信，如果你看看非中國汽車製造商的整個生態系統，為了生存，他們必須做的就是重新審視汽車的整體設計，他們正在談論什麼，他們必須達到某些價格點，他們需要這樣做是很自然的。

I'm sure you'll (inaudible) for the industry. And therefore, I believe that now touching to (inaudible) looking left and right, what we need to do is obviously do all the preparatory steps in order to have the shortest way once we decide to go to manufacture, but added in that (inaudible) what is our entry when we start putting in the big dollars, and this is exactly what we're doing.

我確信你會（聽不清楚）為這個產業做出貢獻。因此，我認為，現在談到（聽不清楚）左顧右盼，我們顯然需要做的是做好所有的準備步驟，以便一旦我們決定投入製造，就能找到最短的途徑，但同時補充一點（聽不清楚）當我們開始投入大筆資金時，我們的切入點是什麼，這正是我們正在做的事情。

And as far as the US is concerned, just so we don't get fixated on EVs, stationary storage is our primary opportunity and also from the perspective of the expected timetable.

就美國而言，我們不會只關注電動車，固定式儲存是我們的主要機會，從預期的時間表來看也是如此。

Perfect. Thank you. Thank you for the extra detail.

完美的。謝謝。感謝您提供額外的詳細資訊。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call over to Raviv Zoller for closing remarks.

目前沒有其他問題。現在我將把電話轉給拉維夫·佐勒 (Raviv Zoller) 做結束語。

Okay. So I want to thank you for joining us again for our conference call, and ICL is entering 2025 in a good way. Some of our markets are stabilized, and some of our markets are looking up. The war situation is more or less behind us and we're getting back to normal.

好的。所以我要感謝你們再次參加我們的電話會議，ICL 正以良好的方式進入 2025 年。我們的一些市場已經穩定下來，一些市場正在回升。戰爭局勢已基本結束，我們正在恢復正常。

We're going through a management transition, and it looks like we've managed through it in a good way. Very proud to give the ranges over to a very talented Elad Aharonson. And I suggest that in order to start your tradition, maybe you'll finish this conference call thanking our employees and, of course, introducing yourself, saying a few words.

我們正在進行管理層轉型，看起來我們已經以良好的方式度過了這一轉型。非常榮幸能將這些系列產品交給才華洋溢的 Elad Aharonson。我建議，為了開啟你們的傳統，也許你們會在這次電話會議結束時感謝我們的員工，當然，也要介紹自己，說幾句話。

So please, Elad, and thanks to all of you for -- it's been great working with you, and ICL is a great company. It's a privilege to be part of it, and it's a privilege to own shares in them.

所以，Elad，感謝你們所有人——和你們合作很愉快，ICL 是一家很棒的公司。能夠成為其中的一員是我的榮幸，能夠擁有其中的股份也是我的榮幸。

Thank you, Raviv, and hello, everyone. I'm happy to be here, happy and excited to be here. I'm with ICL for the last four years, mainly focus on fertilizers. Those days, I mean, my learning phase, onboarding process, which will be completed soon.

謝謝你，Raviv，大家好。我很高興來到這裡，很開心也很興奮。我已經在 ICL 工作四年了，主要負責肥料業務。那些日子，我的意思是，我的學習階段，入職流程，很快就會完成。

I'd like to take this opportunity to thank Raviv for the significant transformation ICL has undergone under his leadership. And specifically, for the support you provided to me also in this onboarding phase. And my last comment is to say thank you very much for the entire ICL employees all across the globe, which responsible for those results, and I'll be with you in the next quarter. Thank you.

我想藉此機會感謝 Raviv，感謝 ICL 在他的領導下經歷了重大轉變。特別是，感謝您在入職階段為我提供的支持。我的最後一句話是向全球各地的 ICL 員工表示感謝，是他們為這些結果做出了貢獻，下個季度我將與你們同在。謝謝。

Thank you very much, everybody.

非常感謝大家。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。