ICL Group Ltd (ICL) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the ICL first-quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Monday, May 19, 2025, and I would now like to turn a conference over to Peggy Riley Tharp, VP, ICL Global Investor Relations. Please go ahead.

女士們、先生們，早安，歡迎參加 ICL 2025 年第一季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 19 日星期一錄製，現在我想將會議交給 ICL 全球投資者關係副總裁 Peggy Riley Tharp。請繼續。

Thank you. Hello, everyone. I'm Peggy Riley 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。大家好。我是 ICL 全球投資者關係副總裁 Peggy Riley 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 both Israel and the United States. Those reports, as well as the press release and our presentation, are available on our website. Please be sure to review the disclaimer on slide 2 of the presentation.

今天早些時候，我們向以色列和美國的證券管理部門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都可以在我們的網站上找到。請務必查看簡報第 2 張投影片上的免責聲明。

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.

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。

The company undertakes no obligation to update any information discussed on this call at any time. We will begin with the presentation by our CEO, Mr. Elad Aharonson; followed by Mr. Aviram Lahav, our CFO. After the presentation, we will open the line for the Q&A session. And I would now like to turn the call over to Elad.

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。我們的執行長 Elad Aharonson 先生將首先進行演講；然後是我們的財務長 Aviram Lahav 先生。演講結束後，我們將開放問答環節。現在我想把電話轉給埃拉德。

Thanks, Peggy, and welcome everyone, and thank you all for joining us for the first quarter of 2025 earnings call. It has been an interesting and busy first few months for me, and I'm pleased to share our results with you today. Now, if you will please turn to slide 3 for a brief overview of the quarter.

謝謝佩吉，歡迎大家，謝謝大家參加 2025 年第一季財報電話會議。對我來說，這幾個月過得有趣又忙碌，我很高興今天能與大家分享我們的成果。現在，請翻到投影片 3 來簡要了解本季的情況。

Sales were $1.767 billion, up 2% year over year and up 10% on a quarterly basis. As the company demonstrated solid strategic execution. Specialty-driven sales of $1.412 billion were up 3% versus the first quarter of last year, and up 15% versus fourth quarter.

銷售額為 17.67 億美元，年增 2%，季增 10%。由於該公司表現出了穩健的策略執行力。專業產品銷售額達 14.12 億美元，較去年第一季成長 3%，較第四季成長 15%。

Consolidated adjusted EBITDA was $359 million while specialty-driven EBITDA of $262 million was up 7% year over year and 4% on a quarterly basis.

合併調整後 EBITDA 為 3.59 億美元，而專業驅動的 EBITDA 為 2.62 億美元，較去年同期成長 7%，較上季成長 4%。

Specialty-driven EBITDA margin of 19% improve approximately 70 basis points versus the first quarter of last year. Overall, market pricing trends begin to gradually improve in the first quarter. However, I would remind you that for many of our businesses that there is a timing GAAP between published and realized prices.

專業驅動的 EBITDA 利潤率為 19%，比去年第一季提高約 70 個基點。整體來看，第一季市場定價趨勢開始逐步改善。不過，我要提醒您，對於我們的許多業務而言，公佈價格和實際價格之間存在時間 GAAP。

Nonetheless, fertilizer fundamentals are threatening, and there seems to be a feeling of general optimism. We are, of course, monitoring the global tariffs and trade situation and developing different mitigation responses. In addition, we expect to leverage our already well-established regional production to continue to drive global growth with local focus, and Aviram will elaborate on this a little bit later in the call.

儘管如此，化肥基本面仍然令人擔憂，而且似乎普遍存在樂觀情緒。當然，我們正在監測全球關稅和貿易狀況，並制定不同的緩解措施。此外，我們希望利用我們已經成熟的區域生產，繼續以本地為重點推動全球成長，Aviram 將在稍後的電話會議上對此進行詳細說明。

Our diversified global approach allows our specialty businesses to focus on local production for our customers and to provide customized solutions for the specific needs. Additionally, at present, there are no tariffs on potash and bear in mind that we are able to reallocate products between markets as needed. Let's start with the review of our divisions and begin with our industrial products business on slide 4. For the first.

我們多元化的全球方法使我們的專業業務能夠專注於為客戶進行本地生產，並針對特定需求提供客製化解決方案。此外，目前鉀肥沒有關稅，我們可以根據需要在市場之間重新分配產品。讓我們先回顧一下我們的部門，並從幻燈片 4 上的工業產品業務開始。第一次。

$344 million were up 3% versus the first quarter of last year, while EBITDA $76 million was up 6%. EBITDA margin improved to 22%, an increase of 60 basis points. This solid performance reflects good quarterly trends which benefited from higher volume. Better volumes drove overall flame retardant sales to increase year over year, with brominated product sales up slightly. Phosphorus-based flame retardant improve on both higher volumes, mainly in the US and in Europe, and also higher prices.

3.44 億美元比去年第一季成長 3%，EBITDA 7,600 萬美元成長 6%。EBITDA 利潤率提高至 22%，增加 60 個基點。這一穩健的表現反映了得益於銷量增加的良好季度趨勢。銷售量的增加推動了阻燃劑整體銷售的同比增長，其中溴化產品的銷售略有增長。磷基阻燃劑的產量有所提高（主要在美國和歐洲），價格也有所上漲。

Some of these improvements is related to our recent anti-dumping measures implemented in the EU in 2024 and now also in the US, and we will continue to protect our markets when necessary. While trends are generally improving, some of our key flame retardant end markets such as electronics and especially building and construction, are still somewhat subdued.

其中一些改進與我們最近在 2024 年在歐盟實施的反傾銷措施以及現在在美國實施的反傾銷措施有關，我們將在必要時繼續保護我們的市場。雖然趨勢總體上有所改善，但我們的一些主要阻燃終端市場（如電子產品，特別是建築和施工）仍然有些低迷。

Roaming market prices ticked up in the first quarter, but there have been different price fluctuations since that time related to ever changing global tariffs and trade news.

第一季漫遊市場價格略有上漲，但自那時起，由於全球關稅和貿易新聞不斷變化，價格出現了不同的波動。

Regardless, change creates opportunities, and this is where our focus on R&D and innovation really stands out. It allows us to create solutions to help our existing customers with issues they might be experiencing and also enables us to develop targeted solutions for new customers. On slide 5, you will see our voters’ division results for the first quarter with sales of $405 million and EBITDA $118 million.

無論如何，改變都會創造機遇，而這正是我們對研發和創新的關注真正突出的地方。它使我們能夠創建解決方案來幫助現有客戶解決他們可能遇到的問題，也使我們能夠為新客戶開發有針對性的解決方案。在第 5 張投影片上，您將看到我們第一季投票部門的業績，銷售額為 4.05 億美元，EBITDA 為 1.18 億美元。

However, potash price for the first quarter was $300 CIS per tonne, down when compared to the first quarter of last year, but up $15 per tonne over the fourth quarter. As a reminder, similar to growing prices, potash price improvement is not immediately reflected in our results, as there is a gap of anywhere from two to three months.

不過，第一季鉀肥價格為每噸 300 美元獨聯體，與去年第一季相比有所下降，但比第四季上漲了每噸 15 美元。提醒一下，與價格上漲類似，鉀肥價格上漲不會立即反映在我們的業績中，因為有兩到三個月的間隔。

In the first quarter, potash sales volumes of 1.103 million metric tonnes increased by about 20,000 tonnes per year over year, with higher volumes mainly to Brazil and China. I would point out that even as we were obligated to fulfill our annual 2024 contracts with China and India, which are at lower prices than the current market rates, we still work to maximize the profitability of our potash resources and to prioritize supply to the best global markets when possible. For the second quarter, we expect to deliver approximately another 150,000 tonnes to China and India under the existing contracted rates.

第一季度，鉀肥銷售量為110.3萬噸，年增約2萬噸，主要銷往巴西和中國。我想指出的是，即使我們有義務履行與中國和印度簽訂的2024年年度合同，這些合同的價格低於目前的市場價格，但我們仍在努力最大限度地提高鉀肥資源的盈利能力，並儘可能優先向全球最佳市場供應。以現有合約價格，我們預計第二季將向中國和印度再交付約 15 萬噸。

(technical difficulty) In the first quarter, we addressed some operational issues related in part to the war, and in April, we completed a full and successful maintenance shutdown there. We invested to stabilize operations and expect these efforts to help to drive improved output and efficiency as the year progresses.

（技術難題）第一季度，我們解決了一些與戰爭有關的營運問題，4月份，我們在那裡完成了全面成功的維護停工。我們進行了投資以穩定運營，並期望這些努力能夠在未來幫助提高產量和效率。

At our potash operations in both Spain and Israel, we remain intent to driving operational and efficiency efforts. In Spain, we are focused on de-bottlenecking and also using innovation to optimize mining activity, improve reliability, and to meet sustainability targets.

在西班牙和以色列的鉀肥業務中，我們仍然致力於推動營運和效率工作。在西班牙，我們專注於消除瓶頸，並利用創新來優化採礦活動、提高可靠性並實現永續發展目標。

Turning to slide 6 and our phosphate solutions division, where first quarter sales of $573 million were up 3%, while EBITDA of $139 million increased 6%, and EBITDA margin expanded to 24%. The improvement in the quarter was generally driven by strength in commodities due to firm global demand and higher prices.

轉到幻燈片 6 和我們的磷酸鹽溶液部門，該部門第一季的銷售額為 5.73 億美元，成長 3%，EBITDA 為 1.39 億美元，成長 6%，EBITDA 利潤率擴大至 24%。本季的改善總體上是由於全球需求強勁和價格上漲導致大宗商品走強。

As expected, our phosphate specialties results were in line with market dynamics as pricing remained under pressure due to overcapacity of purified phosphoric acid, including TPA and WPA.

正如預期的那樣，我們的磷酸鹽特種產品業績與市場動態相一致，因為由於純化磷酸（包括 TPA 和 WPA）產能過剩，價格仍然面臨壓力。

Industrial phosphate saw increases in both sales and volumes in all major regions. However, an increase in food-phosphate volumes was not able to offset lower market prices.

所有主要地區的工業磷酸鹽銷售和產量均有所成長。然而，食品磷酸鹽產量的增加無法抵消市場價格的下降。

In China, sales for our YPA joint venture increased year over year with higher prices and volumes and favorable product mix. As a reminder, our YPH operations sells both phosphate commodities, and specialties, and also, growing solution business, and the team there does an excellent job of optimizing its resources.

在中國，我們的YPA合資企業的銷售額年增，價格和銷量均有所提高，產品組合也更加有利。提醒一下，我們的 YPH 業務既銷售磷酸鹽商品，也銷售特種產品，同時還銷售不斷增長的解決方案業務，並且那裡的團隊在優化資源方面做得非常出色。

We recently had a management change in phosphate solutions, and Nadav Turner, who successfully served as CEO of YPH for the past five years, has been appointed President of Phosphate Solutions, replacing Phil Brown.

我們最近在磷酸鹽解決方案方面進行了管理層變動，過去五年成功擔任 YPH 執行長的 Nadav Turner 被任命為磷酸鹽解決方案總裁，接替 Phil Brown。

The business will continue to be focused on maintaining market share, and volume gains, and on targeting geographic expansion for both the food and industrial specialty phosphate solutions.

該業務將繼續專注於維持市場份額和銷售成長，並致力於食品和工業特種磷酸鹽解決方案的地理擴張。

Turning now to slide 7 and our growing solutions business division, where first quarter sales of $495 million were up 3% year over year, while EBITDA of $47 million increased 12%.

現在轉到幻燈片 7 和我們不斷增長的解決方案業務部門，該部門第一季的銷售額為 4.95 億美元，同比增長 3%，而 EBITDA 為 4700 萬美元，增長 12%。

This improvement was driven by a solid strategic execution of our growth plan, including the addition of regional acquisitions in 2024 like customs and formulators in the US and in the UK, and as we expanded locally in China.

這項改善得益於我們穩健的策略執行成長計劃，包括 2024 年增加區域收購，例如美國和英國的海關和配方師，以及我們在中國本地的擴張。

We saw higher sales in China in the first quarter with strong volume growth and meaningful contribution from our stimulant product offerings. In North America, we saw a strong start of the year with both higher sales and profitability due to good demand for specialty fertilizers.

第一季度，我們在中國的銷售額有所成長，銷售成長強勁，刺激性產品也做出了有意義的貢獻。在北美，由於特種肥料需求旺盛，我們今年開局強勁，銷售額和獲利能力均有所提升。

In Brazil, sales increased year over year, as did volumes, and both B2B and B2C sales also improved. Going forward, we expect Brazil to be a beneficiary of recent uncertainty related to tariffs, and we plan to maximize our business there to benefit from any shifts in global trade.

在巴西，銷售額年增，銷量也增加，B2B 和 B2C 銷售額也均有所提高。展望未來，我們預計巴西將成為近期與關稅相關的不確定性的受益者，我們計劃最大限度地擴大我們在巴西的業務，以從全球貿易的任何變化中獲益。

In Europe, so good growth in our turf and ornamental business, and we expect to continue to drive growth from our innovative new offerings and a shift to bio-stimulant products.

在歐洲，我們的草坪和觀賞植物業務成長良好，我們預計將繼續透過創新的新產品和向生物刺激素產品的轉變來推動成長。

As biologic has been a big focus for ICL, and in early April we acquired Lavie Bio, a leading biological technology company.

由於生物製劑一直是 ICL 的重點，因此我們在 4 月初收購了領先的生物技術公司 Lavie Bio。

This acquisition further advances our goal of becoming a global powerhouse in a biological and helps us to position ICL at the forefront of this vibrant and sustainable new market.

這項收購進一步推進了我們成為生物領域全球巨頭的目標，並幫助我們將 ICL 定位於這個充滿活力且可持續發展的新市場的前沿。

This is in addition to other innovative new products we have developed, including the recent launch of [BIOS] in Italy, Poland, France, Spain, and Germany. [BIOS] is a new range of bio-simulants for Europe which was engineered to ensure crops reach their full potential by improving establishment, promoting growth, increasing flowering and fruit setting, and enhancing tolerance to and recovery from stress.

除此之外，我們也開發了其他創新產品，包括最近在義大利、波蘭、法國、西班牙和德國推出的[BIOS]。 [BIOS]是面向歐洲推出的一系列新型生物模擬劑，旨在透過改善作物的成活率、促進生長、增加開花結果率以及增強作物對逆境的耐受性和恢復能力，確保作物充分發揮其潛力。

And with that, I would now like to send the call over to Aviram for a brief financial overview before I share an update on our guidance and outlook for 2025.

現在，我想將電話轉給 Aviram，讓他簡要介紹一下財務狀況，然後再分享我們對 2025 年的指導和展望的最新情況。

Thank you, Elad, and to all of you for joining us today. Let us get started on slide 9 and take a look at some key market metrics. As a truly global company supplying a wide variety of hand markets, we look at the number of micro metrics, including inflation.

謝謝埃拉德以及各位今天的參與。讓我們從第 9 張投影片開始，看看一些關鍵的市場指標。作為一家為各種手部市場提供產品的真正的全球性公司，我們關注包括通貨膨脹在內的微觀指標的數量。

Rates were fairly stable for the US and EU in the first quarter, while Brazil saw a 30-basis-point increase. In China, inflation turned slightly negative by quarter end as consumer prices fell by 0.1% year over year in March, marking the second consecutive monthly decrease.

第一季美國和歐盟的利率相當穩定，而巴西的利率則上升了30個基點。在中國，通膨率在季末略轉為負值，3 月消費者物價年減 0.1%，為連續第二個月下降。

Turning to interest rates, which increased again in Brazil this quarter, up approximately to 100 basis points, this is the fourth quarter of 2024. Rates in the US and Israel were flat in the first quarter, while the EU, UK, and India also decreases of between 20 to 50 basis points.

談到利率，本季巴西的利率再次上調，上漲至約 100 個基點，這是 2024 年第四季。第一季度，美國和以色列的利率持平，而歐盟、英國和印度的利率也下降了20至50個基點。

Global industrial production growth was 2.9% in the first quarter, up approximately 80 basis points versus the fourth quarter. Growth is forecasted to ease slightly in the second quarter and then the level of 3.1% for the remainder of 2025.

第一季全球工業生產成長2.9%，較第四季上升約80個基點。預計第二季經濟成長將略有放緩，2025 年剩餘時間的成長水準將維持在 3.1%。

Lastly, on this slide, let us look at first quarter housing starts in the US, which decreased 13% after improving at roughly the same rate in the fourth quarter of 2024.

最後，在這張投影片上，讓我們來看看美國第一季的房屋開工情況，在 2024 年第四季以大致相同的速度改善之後，今年第一季房屋開工率下降了 13%。

Turning to slide 10 and key fertilizer market metrics, which are clearly relevant for potash business but also for growing solutions and phosphate [growth].

轉到第 10 張投影片和關鍵肥料市場指標，這些指標顯然與鉀肥業務相關，但也與日益增長的解決方案和磷酸鹽相關[生長]。

In the first quarter, the grain price index was up slightly on a sequential basis. Corn, wheat, and soybean prices all improved, with corn seeing both the biggest quarterly gain and growth on a year-over-year basis. In the US, corn annually uses more than 2 million tonnes of potash, and that is about 500,000 tonnes more than the amount used by soybean crops and significantly more than wheat.

一季度，糧食價格指數較上季小幅上漲。玉米、小麥和大豆價格均上漲，其中玉米價格季度漲幅最大，較去年同期成長也最大。在美國，玉米每年消耗200多萬噸鉀肥，比大豆作物的用量高出約50萬噸，也比小麥的用量高很多。

Farmer sentiment in the first quarter increased slightly on a sequential basis, but was up significantly versus the first quarter of last year.

第一季農民信心較上季略有上升，但與去年第一季相比有顯著上升。

In April, farmer sentiment improved further with increases in both current conditions and future expectations as farmers overwhelmingly reported that they expect the increased use of tariffs by the US to prove beneficial to the US agricultural economy in the long run.

4月份，農民信心進一步改善，當前狀況和未來預期均有所上升，絕大多數農民表示，他們預期美國提高關稅將長期有利於美國農業經濟。

Potash and phosphate prices both increased sequentially. In the first quarter, potash prices up approximately 9% while phosphate growth was at approximately 4% as the charter data shows. In the first quarter, ocean freight rates increased by about 8% sequentially, but were down nearly 30% of the first quarter of last year. Turning to slide 11 and some new market indicators which are more relevant for our industrial products and phosphate solution businesses. Let us start with Chinese roaming prices, which improved in the first quarter and it fluctuated down and then back up since quarter end.

鉀肥和磷酸鹽價格均較上月上漲。租船數據顯示，第一季，鉀肥價格上漲約9%，磷酸鹽價格上漲約4%。第一季度，海運費較上季上漲約8%，但與去年第一季相比下降了近30%。前往第 11 張投影片和一些與我們的工業產品和磷酸鹽溶液業務更相關的新市場指標。首先從中國的漫遊價格說起，該價格在第一季有所改善，但自季度末以來一直波動下降，然後回升。

While there are no available forecasts for roaming prices, there are specialty phosphate demand, which is expected to continue to increase at a steady pace over the next five years. Since 2020, global demand for LFP grade phosphate grew at a CAGR of more than 100%, while technical MAP improved at a more sedate but still aggressive pace of 17%.

雖然目前還沒有關於漫遊價格的預測，但特種磷酸鹽的需求預計在未來五年內將繼續穩定成長。自 2020 年以來，全球對 LFP 級磷酸鹽的需求以超過 100% 的複合年增長率增長，而技術 MAP 則以 17% 的較為穩健但仍積極的速度增長。

As many of you know, we currently produce LSD-grade phosphates for use in batteries in China. However, we also supply bromine and phosphate-based solutions to the global auto market, which is expected to grow approximately 25% over the next 15 years.

眾所周知，我們目前在中國生產用於電池的 LSD 級磷酸鹽。然而，我們也向全球汽車市場供應基於溴和磷酸鹽的解決方案，預計未來 15 年汽車市場將成長約 25%。

From semiconductor chips to windshields and from seats to tires, ICL solutions make cars safer and more efficient. They even make the roads you drive one smoother and safer by extending the life of asphalt and preventing potholes. So regardless of what kind of engine your next car has, we are an important and necessary part of the automotive and the market.

從半導體晶片到擋風玻璃，從座椅到輪胎，ICL 解決方案使汽車更安全、更有效率。它們甚至可以透過延長瀝青的使用壽命和防止坑洞來使您行駛的道路更加平坦和安全。因此，無論您的下一輛汽車採用哪種發動機，我們都是汽車和市場的重要且必要的一部分。

Our roaming and phosphate solutions are also used in many everyday consumer goods, including pharma, nutraceutical products, and food and beverages. Over the past five years, revenues for the consumer products industry have improved more than 7%.

我們的漫遊和磷酸鹽溶液也用於許多日常消費品，包括藥品、營養保健品以及食品和飲料。過去五年，消費品產業的收入成長了7%以上。

While the companies have relied on price increases for some of that expansion, they have also looked to innovation and efficiency to drive profits and growth, and our specialty solutions have helped them achieve their goals. If you will now turn to slide 12 for a look at our year-over-year sales bridges for the first quarter, sales came in at $1.767 billion, up 2% versus last year.

雖然這些公司在一定程度上依賴價格上漲來實現擴張，但他們也希望透過創新和效率來推動利潤和成長，而我們的專業解決方案幫助他們實現了目標。如果您現在翻到第 12 張投影片來查看我們第一季的年比銷售情況，銷售額達到 17.67 億美元，比去年增長 2%。

On the left side, you can see the change of each of our business divisions with all, excluding potash, demonstrating growth. Turning to the right of the slide, you can see the benefit received from higher quantities, but also the impact of lower prices and exchange rate fluctuations on year after year of sales growth.

在左側，您可以看到我們各個業務部門的變化，除鉀肥外，所有業務部門都呈現成長。翻到投影片的右側，您可以看到數量增加的好處，以及低價和匯率波動對逐年銷售成長的影響。

On slide 13, you can once again see the impact of lower potash prices had on our first quarter EBITDA of $359 million. We were, however, able to offset some of the pricing costs to overall higher quantities and lower raw materials and transportation costs.

在第 13 張投影片上，您可以再次看到鉀肥價格下跌對我們第一季 3.59 億美元 EBITDA 的影響。然而，我們能夠透過整體產量的增加和原材料和運輸成本的降低來抵消部分定價成本。

Turning to slide 14 and a look at some of our leading positions in terms of cost, quality, and price, even as we continue to service our 2024 potash contracts with China and India in the first quarter, we still maintain our leadership position in terms of average realized potash price.

翻到第 14 張幻燈片，看看我們在成本、品質和價格方面的一些領先地位，即使我們在第一季度繼續履行與中國和印度的 2024 年鉀肥合同，我們仍然在平均實現鉀肥價格方面保持領先地位。

On the right side of the slide, you can see ICL leadership position in the global roaming market. Roaming prices appear to be somewhat stabilizing, and the Dead Sea remains the most cost competitive source of roaming and accounts for approximately two-thirds of global supply capacity.

在幻燈片的右側，您可以看到 ICL 在全球漫遊市場中的領導地位。漫遊價格似乎穩定，死海仍是最具成本競爭力的漫遊來源地，約佔全球供應能力的三分之二。

If you turn to size 15, you can see how our global business looks on both divisional and regional basis. For the first quarter, Europe represented approximately 35% of sales, with Asia at 24%. North America came in at 20%, and South America represented 16% of total sales. I would like to stress the importance of our regional strategy by asking you to turn to site 16.

如果您轉到尺寸 15，您可以看到我們的全球業務在部門和區域基礎上的表現。第一季度，歐洲約佔銷售額的 35%，亞洲佔 24%。北美佔總銷售額的 20%，南美洲佔 16%。我想請您轉到第 16 個站點，以強調我們區域策略的重要性。

Here, you can see the breadth and depth of ICL's footprints. In total, we operate more than 40 production sites in 13 different countries, with many of our specialties products manufactured and sold regionally. For example, between 60% to 70% of our specialty sales in the US are produced in the US. And this is an important strategic advantage for ICL. Additionally, as POA is currently exempt from US tariffs, we believe the implication of the new global trade situation will not be material to ICL.

在這裡，你可以看到ICL足跡的廣度和深度。總體而言，我們在 13 個不同的國家經營 40 多個生產基地，許多特色產品都在當地生產和銷售。例如，我們在美國銷售的特產有 60% 到 70% 是在美國生產的。這對ICL來說是一個重要的策略優勢。此外，由於 POA 目前免徵美國關稅，我們認為新的全球貿易狀況對 ICL 的影響不會很大。

Before I turn the call back over to Elad, I would like to share a few highlights on slide 17. Our balance sheet remains strong, and we ended the quarter with available resources of approximately $1.5 billion. Our net debt to adjusted EBITDA rate at quarter end remained at 1.2 times, and we delivered operating cash flow of $165 million. Once again, we are distributing 50% of adjusted net income to our shareholders. Which translates to a total dividend of $55 million this quarter, resulting in a trailing 12-month dividend yield of [3%]. In the quarter, we maintained our consistent and disciplined approach to capital allocation and also remained focused on cost savings and efficiency efforts.

在我將電話轉回 Elad 之前，我想分享第 17 張投影片上的一些亮點。我們的資產負債表依然強勁，本季末我們的可用資源約為 15 億美元。季度末我們的淨債務與調整後 EBITDA 比率保持在 1.2 倍，並且實現了 1.65 億美元的營運現金流。我們再次將調整後淨收入的 50% 分配給股東。這意味著本季的股息總額為 5,500 萬美元，過去 12 個月的股息殖利率為[3%]。在本季度，我們保持一致且嚴謹的資本配置方法，同時繼續注重成本節約和效率提升。

And with that, I would like to turn the call back over to Elad for a review of our guidance.

說完這些，我想把電話轉回給埃拉德，讓他審查一下我們的指導。

Thank you. If you will turn to slide 19, I would like to confirm that we are maintaining our 2025 guidance. For specialty- driven business divisions, which include industrial products, growing solutions, and phosphate solutions, we continue to expect EBITDA to be between $0.95 billion to $1.15 billion in 2025.

謝謝。如果您翻到第 19 張投影片，我想確認我們將維持 2025 年的指導方針。對於包括工業產品、種植解決方案和磷酸鹽解決方案在內的專業驅動業務部門，我們繼續預計 2025 年 EBITDA 將在 9.5 億美元至 11.5 億美元之間。

We expect potash sales volumes to be between 4.5 million to 4.7 million metric tonnes. And we expect our effective annual tax rate for 2025 to be approximately 30% in anticipation of higher potash prices.

我們預計鉀肥銷售量將在 450 萬至 470 萬公噸之間。由於預期鉀肥價格將上漲，我們預計 2025 年的實際年稅率將達到約 30%。

However, I would remind everyone once again that we will still be fulfilling our annual potash contracts with China and India in the second quarter. In addition, our annual potash guidance does not include price parameters. However, we support the market expectation that prices will increase.

不過，我要再次提醒大家，第二季我們仍將履行與中國和印度的年度鉀肥合約。此外，我們的年度鉀肥指導不包括價格參數。不過，我們支持市場對物價上漲的預期。

Additionally, we have not made any guidance concessions for potential tariffs as we await further clarity on this topic. With that said, our calculations based on the current situation indicate any impact for 2025 would be de minimis. However, we are aware of the possibility for further changes.

此外，由於我們仍在等待有關該主題的進一步明確，因此我們尚未對潛在關稅做出任何指導性讓步。話雖如此，我們根據當前情況進行的計算表明，對 2025 年的任何影響都將微乎其微。然而，我們也意識到還有進一步改變的可能性。

On slide 20, you can see a few of the areas we are focused on this year. While there has been a change in the leadership at ICL and I plan to share more clarity about my vision for the company later this year, there has not been a shift in our overall strategy.

在第 20 張投影片上，您可以看到我們今年關注的幾個領域。雖然 ICL 的領導層發生了變化，而且我計劃在今年稍後更清楚地闡述我對公司的願景，但我們的整體策略並沒有改變。

We will continue to drive growth in our specialty businesses which help to differentiate ICLs from our more commodity-based fuels. We will also continue to maximize our quarter sales volumes by prioritizing the market with the highest prices when possible, as we have done in the past.

我們將繼續推動特種業務的成長，這有助於將 ICL 與更多基於商品的燃料區分開來。我們也將繼續盡可能優先考慮價格最高的市場，以最大限度地提高季度銷售量，就像我們過去所做的那樣。

Market prices are improving in many areas, including for potash and bromine, and we expect to benefit from higher rates as the year progresses. But we do not intend to rely on just passing through price increases for growth, rather, we will continue to drive cost savings efficiencies. We will also look to operational enhancement to address some of our recent production issues.

許多領域的市場價格都在上漲，包括鉀肥和溴，我們預計隨著時間的推移，價格將上漲，從而受益。但我們並不打算只依靠提高價格來實現成長，相反，我們將繼續推動成本節約和效率。我們還將尋求改善營運來解決最近的一些生產問題。

Innovation will remain key to ICL future growth, and we will continue to develop new products in partnership with existing clients, and to provide solutions to new clients.

創新仍將是 ICL 未來成長的關鍵，我們將繼續與現有客戶合作開發新產品，並為新客戶提供解決方案。

Our acquisition strategy remains the same, and you can expect to see additional complementary M&A activity. Indeed, some of our recent acquisitions like custom art formulators have helped to expand our presence in regional markets, and allows us to provide local production for local customers, and we have been moving in this direction for quite some time.

我們的收購策略保持不變，您可以期待看到更多互補的併購活動。事實上，我們最近的一些收購，如定製藝術配方師，有助於擴大我們在區域市場的影響力，並使我們能夠為當地客戶提供本地生產，而且我們已經朝著這個方向努力了很長一段時間。

This is one of the benefits of having a truly global workforce. It enables us to look to our trusted co-workers in different regions for their insights and to work with them on finding the right solutions. I would like to thank all of my colleagues around the world for a good quarter, and I look forward to sharing many more with them.

這是擁有真正全球化勞動力的好處之一。它使我們能夠向不同地區的值得信賴的同事尋求見解，並與他們一起尋找正確的解決方案。我要感謝世界各地的所有同事，感謝他們為我帶來了一個美好的季度，並期待與他們分享更多美好時光。

And with that, I would like to turn the call back over to the operator for Q&A.

說完這些，我想把電話轉回接線生進行問答。

(Operator Instructions) Benjamin Turner, Barclays.

（操作員指示）巴克萊銀行的本傑明·特納。

Hi everyone, this is Rahi on for Ben. First off, congrats on the results. Just wanted to zoom into potash. So do you see any different trade flows with the Eurasian players saying that to shut down capacity in 2Q? And there are some market ideas that these players, if they produce above their normal capacity utilizations, maybe 96% versus their normal high 80%, then there won't be any under supply, but just relative tightness given low spot availability. So just wondering what you think. About that, is it likely that they would like perform like a 96% capitalization or what do you think the tightness will be in the market, and 2Q just ideas on that in terms of pricing and impact.

大家好，我是 Rahi，代表 Ben 發言。首先，恭喜你所取得的成果。只是想放大鉀肥。那麼，您是否看到歐亞參與者表示將在第二季關閉產能，從而帶來不同的貿易流向？一些市場觀點認為，如果這些企業的產能利用率高於正常水平，例如達到 96%（而非正常的 80%），那麼就不會出現供應不足的情況，而只是由於現貨供應量低，導致供應相對緊張。所以只是想知道您的想法。關於這一點，他們是否可能希望實現 96% 的資本化，或者您認為市場緊張程度如何，第二季度在定價和影響方面對此有何想法。

Thank you so much.

太感謝了。

Rahi, can you repeat the first part of that question for me, please?

Rahi，你能為我重複這個問題的第一部分嗎？

Yeah, of course, here, easier to talk like this. Right, so first, and I think that if you see any different trade flows with the Eurasian players, they need to shut down capacity in 2Q. So just if you see anything different happening, if you actually see the impact from capacity as they had announced. And then again there's some market ideas like some of our data platforms that if these Eurasian players produce above their normal capacity utilization, so I think normally it's high 80%, but if they go to maybe high 90s%, there won't be under supply but still relative tightness. Just maybe what you think about that if you think high-96% is normal -- or sorry, high 96% is doable, is the word, the same you're in general tightness that could happen in 2Q.

是的，當然，在這裡這樣說話比較容易。好的，首先，我認為如果您看到與歐亞參與者的貿易流量有任何不同，他們需要在第二季關閉產能。因此，如果您看到任何不同的情況發生，如果您確實看到了他們所宣布的容量影響。再說了，有一些市場想法，例如我們的一些數據平台，如果這些歐亞企業的產能利用率高於正常水平，那麼我認為通常情況下是 80% 以上，但如果他們的產能利用率達到 90% 以上，就不會出現供應不足的情況，但仍然會相對緊張。也許您認為 96% 以上是正常的 - 或者抱歉，96% 以上是可行的，就這個詞而言，您認為第二季度可能出現的整體緊張情況是一樣的。

I guess my question would be who are you lumping in with Eurasian players. That would be very key.

我想我的問題是，你把誰歸類為歐亞球員。那將非常關鍵。

Oh sorry, yeah, of course, it's like -- I'm going to pronounce some words. How about Eurochem, [You Riley] like those three players that are --

哦，對不起，是的，當然，就像——我要發音。Eurochem 怎麼樣？ [你，萊利] 就像那三個球員一樣--

Russian -- fellow Russian players?

俄語——俄羅斯玩家？

Yeah, let's do those too.

是的，我們也這樣做吧。

Well, there's been a lot in the news and even analyst reports that I'm sure you've seen, which, first, those players say they're going to be not able to keep up to production.

嗯，我相信你已經看到了新聞和分析報告中有很多報道，首先，那些玩家說他們將無法跟上生產進度。

Then they actually exceed expectations. So to be honest with you, what they say and what they do isn't always the same thing, and obviously we do keep an eye on that, but I think it's actually kind of difficult to answer the question when they're a little bit -- they're not very transparent in their actions if that helps at all, but I think it looks like prices are moving in the right direction. Supply is pretty stable. Demand should be good. You heard what we said about corn and potash in the US.

然後他們實際上超出了預期。所以說實話，他們說的和做的並不總是相同的，顯然我們確實在關注這一點，但我認為當他們有點——他們的行動不太透明——的時候，回答這個問題實際上有點困難，但我認為價格似乎正在朝著正確的方向發展。供應相當穩定。需求應該不錯。您聽到了我們談論的有關美國玉米和鉀肥的事情。

My only caution, and I think a lot made this very clear on the call, is that we know we still are supplying those India and China contracts, and we know they are for 2024, and we know they are at much lower rates and that'll be going into the second quarter. So it'd be great if you know we would see more of that benefit from improving pricing, but it will be a little bit delayed for us if that helps at all.

我唯一的警告是，我想很多人在電話會議上都明確表示了這一點，那就是我們知道我們仍在向印度和中國供應合同，我們知道這些合同是到 2024 年簽訂的，我們知道這些合同的費率要低得多，而且這些合同將持續到第二季​​度。因此，如果您知道我們會從改善定價中看到更多好處，那就太好了，但如果這有幫助的話，對我們來說會稍微延遲一點。

Yeah, for sure. Thanks so much, Peggy. And then just wanted to see if you have more color on the mix shift that you mentioned for Brazil and growing solutions, and that would be it.

是的，當然。非常感謝，佩吉。然後只是想看看您是否對您提到的巴西混合轉變和不斷增長的解決方案有更多的了解，就是這樣。

Thank you so much.

太感謝了。

Oh, sure. Actually, yes, Brazil had, obviously good, B2B and B2C business, specialties are very strong there. So it's doing very well with the acquisitions we made several years ago, and I would say, we saw something a little similar in North America where, we added custom formulators in. And in fact, saw higher specialty growth for growing solutions there as well. So, just, and that's going around actually, the world, we mentioned that in the EU we're seeing good bio stimulant sales. So I hope that helps.

哦，當然。事實上，巴西的 B2B 和 B2C 業務顯然很好，而且專業性很強。因此，我們幾年前進行的收購取得了很好的效果，我想說，我們在北美也看到了一些類似的情況，我們增加了定製配方師。事實上，那裡也看到了日益增長的解決方案的專業成長。所以，事實上，這在世界各地都有所傳播，我們提到，在歐盟，我們看到生物刺激素的銷售情況良好。我希望這會有所幫助。

For sure, thanks so much.

當然，非常感謝。

Thank you. Operator, do we have any further questions?

謝謝。接線員，我們還有其他問題嗎？

(Operator Instructions) And there are no further questions at this time, I would now hand a call back to Peggy Riley Tharp for any closing remarks.

（操作員指示）現在沒有其他問題了，我現在將電話回撥給佩吉·萊利·薩普 (Peggy Riley Tharp)，請她做最後發言。

Well, thank you all for joining us today. We really appreciate you learning more about our first quarter results, and we look forward to sharing our second quarter results with you, later this summer. Take care.

好吧，感謝大家今天加入我們。我們非常感謝您了解我們的第一季業績，我們期待今年夏天晚些時候與您分享我們的第二季業績。小心。

And this concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。