ICL Group Ltd (ICL) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the ICL Second Quarter 2025 Earnings Conference Call. (Operator Instructions) This call is being recorded on Wednesday, August 6, 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 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 6 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. Hello, everyone. I'm Peggy Riley Tharpe, Vice President of global investor relations for ICL Group. 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 集團全球投資者關係副總裁 Peggy Riley Tharpe。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，之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 also 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也可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 1,995. 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.

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 with a presentation by our CEO, Mr. Arna Aronson, followed by Mr. Ariha Lahob, our CFO. After the presentation, we will open the line for a Q&A session.

首先由我們的執行長 Arna Aronson 先生進行演講，然後由我們的財務長 Ariha Lahob 先生進行演講。演講結束後，我們將開放問答環節。

Now I'd like to turn the call over to Anna.

現在我想把電話轉給安娜。

Thank you, Peggy, and welcome, everyone, to our second quarter 2025 earnings call. The past few months have been uncertain both globally and here at home in Israel. While there has been a great deal of noise in the global markets, we delivered the second quarter in line with our expectations.

謝謝佩吉，歡迎大家參加我們 2025 年第二季財報電話會議。過去幾個月，全球和以色列國內都充滿不確定性。儘管全球市場波動很大，但我們第二季的業績仍符合預期。

If you will please turn to slide 3 for a brief overview of the quarter. Sales were $1.832 billion. This amount was up approximately 5% year-over-year and 4% on a quarterly basis. Specialties-driven sales of $1.496 billion were up 8% versus the prior year. When compared to the first quarter, these sales were up 6%.

請翻到投影片 3 查看本季的簡要概述。銷售額為18.32億美元。這一數字年增約 5%，較上季成長 4%。特種產品銷售額達 14.96 億美元，較上年成長 8%。與第一季相比，銷售額成長了 6%。

Consolidated adjusted EBITDA was $351 million, while Specialties-driven EBITDA was $259 million. Both amounts were down slightly on a sequential basis. In the second quarter, adjusted diluted earnings per share were $0.09. This was in line with our first quarter results. Operating cash flow of $269 million was up more than $100 million over the first quarter.

合併調整後 EBITDA 為 3.51 億美元，而特種產品驅動的 EBITDA 為 2.59 億美元。這兩個金額都比上一季略有下降。第二季度，調整後每股攤薄收益為0.09美元，與第一季業績持平。營業現金流為 2.69 億美元，較第一季增加 1 億多美元。

In general, market pricing trends continue to gradually improve in the second quarter. Also, the majority of the end markets we serve maintained consistent trends. In agriculture, fundamentals remained relatively stable. However, sentiment varied by regions.

整體來看，第二季市場定價趨勢持續逐步改善。此外，我們服務的大多數終端市場都保持了一致的趨勢。農業基本面保持相對穩定。然而，不同地區的情緒有所不同。

Let's start with the review of our divisions and begin with our Industrial Products business on slide 4. For the second quarter, sales of $319 million were up slightly year-over-year. EBITDA came in at $69 million as higher prices for most products were not able to offset lower volumes and a shift in product mix. However, this performance was in line with market expectations.

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。第二季銷售額為 3.19 億美元，較去年同期略有成長。由於大多數產品價格上漲無法抵銷銷售下降和產品結構轉變的影響，EBITDA 達到 6,900 萬美元。不過，這一表現符合市場預期。

In general, bromine market prices continue to trend upward in the second quarter, although there has been price fluctuations from time to time. For overall flame retardants, sales were down slightly in the second quarter. Sales of phosphorus-based products improved on both higher volumes and prices. This follows the implementation of recent antidumping measures in the United States.

整體來看，第二季溴素市場價格延續上行趨勢，但價格時有波動。就整體阻燃劑而言，第二季的銷售量略有下降。磷基產品的銷售量和價格均有所提升。這是美國近期實施反傾銷措施後採取的措施。

Bromine-based flame retardant sales were down as higher prices were not able to offset lower volumes. In addition, construction end market remains soft. However, other end markets demonstrated good strength. Our clear brine fluid sales to the oil and gas industry improved on higher volumes in North America. However, I would remind everyone that drilling operations are somewhat seasonal in nature and generally more weighted towards the first half of the year.

由於價格上漲無法抵銷銷售下降的影響，溴基阻燃劑銷售下降。此外，建築終端市場依然疲軟。然而，其他終端市場表現良好。由於北美銷量增加，我們向石油和天然氣行業銷售的清澈鹽水有所改善。不過，我要提醒大家，鑽井作業有一定的季節性，通常主要集中在上半年。

For Specialty Minerals, we remain focused on research and development. These efforts have helped us to create a variety of new products across a wide array of end markets, and this includes textiles and water treatment among others. To wrap up Industrial Products, this was a stable quarter, and we would expect similar trends for the rest of the year.

對於特種礦物，我們仍然專注於研究和開發。這些努力幫助我們在廣泛的終端市場創造了各種新產品，其中包括紡織品和水處理等。總結工業產品，這是一個穩定的季度，我們預計今年剩餘時間將出現類似的趨勢。

Now if you will turn to slide 5, and our Potash division results for the second quarter. Sales were $383 million with EBITDA of $115 million. Our average potash price for the second quarter was $333 CIF per ton. This amount was up 11% when compared to both the second quarter of last year and the first quarter of this year. Potash sales volume were 971,000 metric tons in the second quarter versus the previous year, sales were down more than 180,000 metric tons.

現在請翻到投影片 5，這是我們鉀肥部門第二季的業績。銷售額為 3.83 億美元，EBITDA 為 1.15 億美元。我們第二季的鉀肥平均價格為每噸 333 美元 CIF。與去年第二季和今年第一季相比，這一數字成長了 11%。第二季鉀肥銷量為97.1萬噸，與去年同期相比，銷量下降了18萬多噸。

During the quarter, we face both onetime and ongoing items. In addition to the planned maintenance shutdown at the Dead Sea in April. We also faced challenges related to the 12-day war with Iran in June. These were in addition to other ongoing war-related issues. As you know, we have had, [Raviv], call up for duty at times over the past 22 months. This has put pressure on our operations in Israel, especially in terms of maintenance.

在本季度，我們面臨一次性專案和持續性專案。除了計劃於四月對死海進行維護停工之外。我們也面臨著與 6 月與伊朗 12 天戰爭有關的挑戰。這些都是其他正在發生的與戰爭有關的問題之外的問題。如你所知，在過去的 22 個月裡，我們曾多次召集 [Raviv] 去執行任務。這給我們在以色列的業務帶來了壓力，特別是在維護方面。

Nonetheless, we have remained resilient and have faithfully continued to deliver product to our customers. We have creatively and successfully managed each and every roadblock we have encountered, and we will continue to do so. We have also continued to maximize the profitability of our potash resources. Whenever possible, we prioritize supply to the best global market, which was Europe in the second quarter. This strategy remained in place even as we continue to supply approximately 100,000 metric tons to China and India. Those tons were at 2024 contract rates, which were $73 and $70 lower than the new 2025 rate of $346 and $349, respectively. We expect to deliver a final 40,000 tons to China and India at the lower 2024 rate in the third quarter.

儘管如此，我們仍然保持韌性，並忠實地繼續向客戶提供產品。我們創造性地成功處理了遇到的每一個障礙，我們將繼續這樣做。我們也持續最大限度地提高鉀資源的獲利能力。只要有可能，我們就會優先向全球最佳市場供應產品，第二季是歐洲。即使我們繼續向中國和印度供應約 10 萬公噸，這項策略仍然保持不變。這些噸位的合約價格為 2024 年，分別比新的 2025 年價格 346 美元和 349 美元低 73 美元和 70 美元。我們預計將在第三季以較低的 2024 年價格向中國和印度交付最後 40,000 噸。

Turning to slide 6 to our Phosphate Solutions division, where strong second quarter sales of $637 million were up 11%. EBITDA was $134 million in the quarter and down versus prior year. While volumes were generally higher, prices were mixed for commodity and specialty phosphates. Commodity phosphate prices benefited from favorable weather conditions across most key markets and as China continued to restrict exports.

翻到投影片 6，我們磷酸鹽解決方案部門第二季的銷售額強勁，達到 6.37 億美元，成長了 11%。本季 EBITDA 為 1.34 億美元，較上年同期下降。雖然銷量普遍較高，但商品磷酸鹽和特殊磷酸鹽的價格漲跌互現。商品磷酸鹽價格受益於大多數主要市場的有利天氣條件以及中國繼續限制出口。

Specialty Phosphate prices remained under pressure due to excess supply in the market. In addition, raw material costs, especially sulfur increased in the second quarter. However, both of these events were expected. For food phosphate, overall sales were flat with lower market prices. However, we experienced good growth in two of our target markets, dairy protein and plant protein.

由於市場供應過剩，特種磷酸鹽價格持續承壓。此外，第二季原料成本，尤其是硫磺成本增加。然而，這兩件事都是意料之中的事。對於食品磷酸鹽，整體銷售持平，市場價格較低。然而，我們的兩個目標市場——乳製品蛋白和植物蛋白——都取得了良好的成長。

Industrial phosphates and battery materials both delivered sales growth in the second quarter. While our industrial phosphates are produced globally at regional facilities, we currently produce phosphate materials for batteries at our YPH joint venture in China.

工業磷酸鹽和電池材料第二季的銷售額均實現成長。雖然我們的工業磷酸鹽是在全球區域工廠生產的，但我們目前在中國的 YPH 合資企業生產電池磷酸鹽材料。

In the second quarter, YPH benefited from both higher prices and volumes. The team also delivered record production of MAP. As a reminder, our YPH operations serve both phosphate commodities and specialties and also our Growing Solutions business. The production there is interchangeable, and the team does an excellent job of optimizing its resources based on market prices and demand.

在第二季度，YPH 受益於價格和銷售的上漲。該團隊還創造了 MAP 的產量記錄。提醒一下，我們的 YPH 業務既服務於磷酸鹽商品和特殊產品，也服務於我們的種植解決方案業務。那裡的生產具有互換性，並且團隊根據市場價格和需求出色地優化了資源。

This brings us to our Growing Solutions business division on slide 7. Strong second quarter sales of $540 million were up 9% year-over-year. EBITDA of $56 million, improved 24%. For both metrics, we delivered annual and sequential improvement as our strategy has taken root. In North America, sales were up year-over-year. We saw higher volumes and profitability across the US, Canada, and Mexico despite a challenging agriculture economy. Sales in Europe improved as higher prices offset lower volumes. In Asia, gross profit improved even as sales were in line with the prior year. For both Europe and Asia, an increase in Specialty Agriculture products drove improved product mix.

這讓我們看到了幻燈片 7 上的「種植解決方案」業務部門。第二季銷售額強勁，達到 5.4 億美元，較去年同期成長 9%。EBITDA 為 5,600 萬美元，成長 24%。隨著我們的策略逐漸紮根，對於這兩項指標，我們都實現了年度和連續的改善。在北美，銷售額較去年同期成長。儘管農業經濟面臨挑戰，但美國、加拿大和墨西哥的產量和獲利能力均有所提高。由於價格上漲抵消了銷量下降，歐洲的銷售額有所改善。在亞洲，儘管銷售額與去年持平，但毛利仍有所提高。對歐洲和亞洲而言，特色農業產品的成長推動了產品結構的改善。

Overall, Specialty Agriculture sales increased with higher volumes in most major regions. In Brazil, sales increased on higher prices in the second quarter, but gross profit decreased with exchange rate fluctuations and as foliar fertilizer sales were lower across the entire market.

整體而言，大多數主要地區的特種農業銷售額均有所成長。在巴西，第二季價格上漲導致銷售額增加，但匯率波動以及整個市場葉面肥銷售額下降導致毛利下降。

However, for the third quarter, we are already seeing a better mix of foliar demand and believe we are ahead of the market. Our recent acquisitions are contributing to the overall success of Growing Solutions. This includes Lavie Bio, which have fully integrated into the business. We have also continued to advance innovative new products, and we have launched fresh marketing and outreach programs. These campaigns embrace digital and are uniquely targeted to their respective regions.

然而，對於第三季度，我們已經看到葉面需求的更好組合，並相信我們領先於市場。我們最近的收購為 Growing Solutions 的整體成功做出了貢獻。其中包括已完全融入該業務的 Lavie Bio。我們也持續推動創新新產品，並推出了新的行銷和推廣計畫。這些活動採用數位化方式，並且專門針對各自的地區。

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

現在，我想將電話轉給 Aviram，讓他簡要介紹一下財務狀況，然後再分享我們的最新指導意見。

Thank you, Elad, and to all of you for joining us today. Let us get started on slide 9, with a quick look at some key market metrics. Inflation generally decreased, excluding Brazil, which saw another 30 basis points increase. Brazil also saw an increase in its interest rate, up approximately 75 basis points, while most major countries saw stable to freezing rates.

謝謝埃拉德，也感謝今天與我們一起參加的各位。讓我們從第 9 張投影片開始，快速瀏覽一些關鍵的市場指標。除巴西外，通膨率普遍下降，巴西的通膨率又上升了 30 個基點。巴西的利率也上升了約75個基點，而大多數主要國家的利率則保持穩定至凍結水準。

Global industrial production growth was 3% in the quarter, but it is forecasted to ease going into the back half of this year. US housing starts in the second quarter decreased approximately 2.5%, but were roughly in line with the second quarter of 2024.

本季全球工業生產成長率為 3%，但預計今年下半年成長將放緩。美國第二季新屋開工量下降約2.5%，但與2024年第二季基本持平。

Turning to slide 10 and some key fertilizer market metrics. As a reminder, these are not only relevant for our potash business, but also for Growing Solutions and Phosphate Commodities. In the second quarter, the Growing price index was down slightly on a sequential basis, about 3% as corn, rice and wheat, all saw low to mid-single-digit decreases, while soybeans were up roughly 3%. The year-over-year decrease was more significant, down approximately 17% with rice, soybeans and wheat all down double digits, while corn improved approximately 2%.

翻到第 10 張投影片，看看一些關鍵的肥料市場指標。提醒一下，這些不僅與我們的鉀肥業務有關，而且與 Growing Solutions 和磷酸鹽商品也有關。第二季度，農產品價格指數較上季略有下降，約為 3%，其中玉米、大米和小麥價格均出現低至中等個位數的下降，而大豆價格則上漲了約 3%。年比降幅更為顯著，下降約17%，其中稻米、大豆、小麥均出現兩位數下降，玉米上漲約2%。

On a monthly basis, farmer sentiment has been choppy, reaching a 4-year high of 158 in May before ending the second quarter at 146 in June. The shift in sentiment was primarily attributable to a change in future expectations as fewer producers expressed optimism about future agricultural exports.

從月度數據來看，農民信心指數一直波動較大，5 月達到 4 年來的最高點 158，而第二季末 6 月則回落至 146。情緒的轉變主要歸因於未來預期的變化，因為對未來農產品出口表示樂觀的生產者減少。

Despite the June decrease, the index remained well above the second quarter of last year. However, I must remind you that this metric represents just the United States. And as we know, farmer sentiment can vary dramatically around the world as it did in the second quarter. Potash and phosphate prices both increased sequentially and versus the prior second quarter. On an annual basis, potash was up approximately 7% year-over-year, while phosphate was up more than 20%.

儘管 6 月有所下降，但該指數仍遠高於去年第二季。然而，我必須提醒你，這個指標僅代表美國。我們知道，世界各地的農民情緒可能會發生巨大變化，就像第二季的情況一樣。鉀肥和磷酸鹽價格均較上一季上漲。以年計算，鉀肥價格年增約 7%，磷酸鹽價格上漲超過 20%。

In the second quarter, ocean freight rates increased slightly on a sequential basis, but were down nearly 30% versus the second quarter of last year. As you will see in a few slides, ICL continued to see lower transportation costs in general in the second quarter.

第二季度，海運費較上季略有上漲，但與去年第二季相比下降了近30%。正如您將在幾張幻燈片中看到的，ICL 在第二季度繼續看到總體運輸成本下降。

Turning to slide 11 and some market indicators more relevant to our Industrial Products and Phosphate Solutions businesses. Let us start with Chinese bromine prices, which have fluctuated since the end of the first quarter, but trended upward in July. As you know, our bromine solutions are used in many everyday consumer durables, including appliances, electronics, automobiles and furnishings. Even though the consumption of durable goods for May trended down about 2% from the end of the first quarter, it improved approximately 4% versus the second quarter of last year.

翻到第 11 張投影片，其中有一些市場指標與我們的工業產品和磷酸鹽解決方案業務更相關。首先來看中國溴價，自第一季末以來，溴價一直波動，但7月呈現上漲趨勢。如您所知，我們的溴溶液用於許多日常耐用消費品，包括家用電器、電子產品、汽車和家具。儘管5月份耐用品消費量較第一季末下降了約2%，但與去年第二季相比仍提高了約4%。

While we discussed phosphate prices on the previous slide, I would like to show you the same data in relation to sulphur prices since this is a key raw material for our Phosphate Specialty products. As you can see, while these 2 commodities track each other, the increase in sulfur prices over the past quarter and year is significantly higher than the increase in phosphate prices.

雖然我們在上一張幻燈片中討論了磷酸鹽價格，但我想向您展示與硫磺價格相關的相同數據，因為硫磺是我們磷酸鹽特種產品的關鍵原材料。如您所見，雖然這兩種商品相互跟踪，但過去一個季度和一年中硫磺價格的漲幅明顯高於磷酸鹽價格的漲幅。

On a sequential basis, sulfur prices are up more than 50% and up nearly 250% on an annual basis. Similar to our bromine solutions, our phosphate specialty solutions are an important part of many end markets, including food and beverage. Consumers in just the US alone spend more than $2.5 trillion on food and beverages annually. The food category accounts for nearly 13% of America's total expenditures, making this a key end market to track.

硫磺價格季增逾50%，較去年同期上漲近250%。與我們的溴溶液類似，我們的磷酸鹽特種溶液是包括食品和飲料在內的許多終端市場的重要組成部分。光是美國消費者每年在食品和飲料上的花費就超過 2.5 兆美元。食品類別占美國總支出的近 13%，使其成為需要追蹤的關鍵終端市場。

If you will now turn to slide 12 for a look at our year-over-year sales bridges. For the second quarter, sales came in at $1.832 billion, up approximately 5% versus last year. On the left side, you can see the change for each of our business divisions with all excluding potash, demonstrating growth. Turning to the right side of the slide, you can see a $94 million benefit from higher prices this quarter, which was partially offset by lower volumes.

現在請翻到第 12 張投影片來查看我們年比銷售狀況。第二季銷售額達 18.32 億美元，比去年同期成長約 5%。在左側，您可以看到我們每個業務部門的變化，除鉀肥外的所有業務部門都呈現成長。翻到幻燈片的右側，您可以看到本季價格上漲帶來了 9,400 萬美元的收益，但部分被銷量下降所抵消。

On slide 13, you can see our second quarter EBITDA of $351 million, which was down versus the prior year. Similar to sales, we saw higher prices and lower volumes. However, we also saw a significant increase in raw material costs. But as I already mentioned, our transportation costs improved in the quarter. Others, which had $75 million impact is comprised of several things, including maintenance and production quantities. Please note that in addition to the maintenance of the Dead Sea, we also completed significant maintenance at our facilities in Rotem, Israel and in China.

在第 13 張投影片上，您可以看到我們第二季的 EBITDA 為 3.51 億美元，與去年相比有所下降。與銷售情況類似，我們看到價格上漲，但銷量下降。然而，我們也看到原材料成本大幅上漲。但正如我已經提到的，我們的運輸成本在本季有所改善。其他影響達 7,500 萬美元，包括維修和生產數量等多項因素。請注意，除了死海的維護之外，我們還對位於以色列羅特姆和中國的設施完成了重大維護。

Turning to slide 14, an updated look at some of our leading positions in terms of cost, quality and price. For 2024, we remained one of the most cost-efficient potash producers. As you can see on the top left hand of the slide, we also have a strong track record in terms of average realized potash price, as you can see on the bottom left. On the right side of the slide, you can see ICL's leadership position in the global bromine market. As I just mentioned, bromine prices appear to be showing a gradually improving trend and the Dead Sea remains the most cost competitive and efficient source of bromine and accounts for approximately 2/3 of global supply capacity.

翻到第 14 張投影片，我們來看看我們在成本、品質和價格方面的一些領先地位。到 2024 年，我們仍將是最具成本效益的鉀肥生產商之一。正如您在幻燈片左上角看到的，我們在平均實現鉀肥價格方面也有著良好的記錄，正如您在左下角看到的那樣。在幻燈片的右側，您可以看到ICL在全球溴市場上的領導地位。正如我剛才提到的，溴的價格似乎呈現出逐步上漲的趨勢，死海仍然是最具成本競爭力和最高效的溴來源，約佔全球供應能力的2/3。

If you turn to slide 15, you can see how our global business looks on both a divisional and regional basis. For the second quarter, Europe represented approximately 31% of sales, with Asia at 22%, while South America also came in at 22%, North America represented 20% of total sales.

如果您翻到第 15 張投影片，您可以看到我們的全球業務在部門和區域層面的分佈。第二季度，歐洲約佔銷售額的 31%，亞洲佔 22%，南美洲佔 22%，北美洲佔總銷售額的 20%。

Before I turn the call back over to Elad, I would like to share a few highlights on slide 16. 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 was 1.5x, and we delivered operating cash flow of $269 million, a sequential improvement of more than $100 million.

在我將電話轉回 Elad 之前，我想分享第 16 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。本季末，我們的淨負債與調整後 EBITDA 比率為 1.5 倍，營運現金流為 2.69 億美元，季增超過 1 億美元。

We extended our debt past 2030, with a successful offering of approximately $235 million, and S&P reaffirmed our BBB- credit rating with a stable outlook. In terms of currencies, the shekel has continued to strengthen versus the US dollar. And as we do business in dollars, this has resulted in higher expenses. 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 2.6%. In the quarter, we maintained our consistent and disciplined approach to capital allocation and also remained focused on cost savings and efficiency efforts.

我們將債務期限延長至 2030 年以後，成功發行了約 2.35 億美元的債務，標準普爾重申了我們的 BBB- 信用評級，前景穩定。貨幣方面，謝克爾兌美元持續走強。由於我們以美元做生意，這導致了更高的費用。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 5,500 萬美元，過去 12 個月的股息殖利率為 2.6%。在本季度，我們保持了一致且嚴謹的資本配置方法，同時繼續專注於節省成本和提高效率。

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, Aviram. If you will turn to slide 18, I would like to update our 2025 guidance. For our Specialties-driven businesses, which include Industrial Products, Growing Solutions and Phosphate Solutions, we continue to expect EBITDA to be between $0.95 billion and $1.15 billion in 2025.

謝謝你，阿維拉姆。如果您能翻到第 18 張投影片，我想更新我們的 2025 年指導。對於我們的專業驅動業務，包括工業產品、種植解決方案和磷酸鹽解決方案，我們繼續預計 2025 年的 EBITDA 將在 9.5 億美元至 11.5 億美元之間。

For Potash sales volumes, we now expect this to be between 4.3 million and 4.5 million metric tons. This amount reflects the production impact at the Dead Sea, primarily due to ongoing war-related issues. It also includes some impact from the brief war with Iran in June, which has concluded and being resolved. We continue to expect our effective annual tax rate for 2025 to average out to approximately 30%.

對於鉀肥銷售量，我們現在預計這一數字將在 430 萬至 450 萬公噸之間。這筆金額反映了死海生產的影響，主要是由於持續的戰爭相關問題。其中還包括六月與伊朗的短暫戰爭的一些影響，這場戰爭已經結束並正在解決。我們繼續預期 2025 年的有效年度稅率平均約為 30%。

As in the second quarter, we will still be fulfilling a small amount of our 2024 annual potash contracts with China and India in the third quarter. Additionally, we have not made any guidance concessions for potential tariffs. However, we continue to pursue mitigation efforts. All in all, third quarter trends should improve versus the first half of the year.

與第二季一樣，我們第三季仍將履行與中國和印度簽訂的少量2024年度鉀肥合約。此外，我們尚未對潛在關稅做出任何指導性讓步。然而，我們仍在繼續努力緩解影響。總而言之，第三季的趨勢應該會比上半年有所改善。

For slide 19, I want to briefly remind you of a few areas we are focused on this year. There has not been a shift in ICL's overall strategy. We will continue to drive growth in our Specialty businesses. We will also continue to maximize our potash sales volumes by prioritizing the best markets whenever possible. We will drive cost savings efficiencies and also look for operational enhancements. However, I must point out that we expect to see continued higher operational costs due to the ongoing war-related issues.

對於投影片 19，我想簡單提醒大家我們今年關注的幾個領域。ICL 的整體策略並未改變。我們將繼續推動專業業務的成長。我們也將盡可能優先考慮最佳市場，從而繼續最大限度地提高鉀肥的銷售量。我們將推動成本節約效率並尋求營運改善。然而，我必須指出，由於持續的戰爭相關問題，我們預計營運成本將繼續上升。

Innovation and new products will remain key to ICL's future growth. However, we will also pursue complementary M&A activities. And as I just mentioned, we will continue to monitor the global tariff situation. While there were some challenges this quarter, especially in Israel, my colleagues remain steadfast. I would like to thank all ICL employees around the world for another good quarter. Also, I would like to note that ICL was once again rated as one of the Top Places to Work in Israel, Brazil and St. Louis. I'm pleased that our employees have recognized ICL with these honors.

創新和新產品仍將是 ICL 未來成長的關鍵。然而，我們也將進行互補的併購活動。正如我剛才提到的，我們將繼續關注全球關稅情況。儘管本季面臨一些挑戰，尤其是在以色列，但我的同事們依然堅定不移。我要感謝全球所有 ICL 員工，感謝他們又一個好的季度業績。另外，我想指出的是，ICL 再次被評為以色列、巴西和聖路易斯最佳工作場所之一。我很高興我們的員工認可 ICL 並授予其這些榮譽。

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。

Thank you.(Operator Instructions)

謝謝。 （操作員指示）

Ben Theurer with Barclays.

巴克萊銀行的 Ben Theurer。

Yeah, good afternoon. Thank you very much for taking my question. So the first one is really just about the Potash business and the implications and what you saw in the quarter. I mean, obviously, on a year-to-date basis, you're running at about 2.1 million tons, if I do the sum right from 1Q and 2Q. So the first question really is that decrease that you saw in the second quarter, that is essentially everything that kind of like lowered the guidance for the year. There's nothing on top what you've currently been expecting versus your previous expectations because it feels like it's just that, but I want to make sure that there's nothing else that you're kind of like accounting for in the second half. That would be my first question.

是的，下午好。非常感謝您回答我的問題。因此，第一個問題實際上只是關於鉀肥業務及其影響以及您在本季看到的情況。我的意思是，顯然，如果我把第一季和第二季的總和算出來，今年迄今的產量約為 210 萬噸。所以第一個問題實際上是您在第二季度看到的下降，這基本上就是降低了今年的預期的所有因素。沒有什麼比您目前的期望和先前的期望更重要，因為感覺就是這樣，但我想確保在下半場您沒有考慮其他任何事情。這是我的第一個問題。

No, no. So Ben, thank you very much, lovely to talk to you again. Look, our -- as you know, from past experience with us, we basically are very, very careful with what we guide, and this is full bottom up. And it basically reflects the fact that during the quarter -- the second quarter, which just ended, it became clear to us that even though we believe that on a marginal basis -- ongoing basis, we will be able to do our plans, it will not be possible anymore to catch up. And we were not going to be able to continue to live within the 4.5 to 4.7 framework. And hence, we actually took the guidance down. The midpoint is down by about 200,000.

不，不。所以本，非常感謝你，很高興再次與你交談。瞧，正如你所知，從我們過去的經驗來看，我們對所指導的內容基本上非常非常謹慎，而且這是完全自下而上的。這基本上反映了這樣一個事實：在剛結束的第二季度，我們清楚地認識到，儘管我們相信在邊際基礎上——持續的基礎上，我們將能夠完成我們的計劃，但再也不可能趕上來了。我們將無法繼續生活在 4.5 到 4.7 的框架內。因此，我們實際上降低了指導價。中間點下降了約20萬。

Now when we look -- when we reflect that what happened in the second quarter. Obviously, this was a culmination of a very acute situation, but it was not -- it was an acute situation, but the situation before was also not exactly peace and quiet, which means that we saw that we are actually -- and for the most part, I'm talking about DSW, of course, not about Potash, that we are accumulating some manufacturing gap as we go along.

現在，當我們回顧第二季度發生的事情時。顯然，這是非常嚴峻形勢的頂點，但事實並非如此——這是一個嚴峻的形勢，但之前的情況也並不完全平靜，這意味著我們看到我們實際上——而且在大多數情況下，我當然是在談論 DSW，而不是談論 Potash，我們在前進的過程中積累了一些製造差距。

Now the good news is that looking forward, it seems that we are narrowing -- an emphasis on narrowing the gap. And for the second half, we should be tracking towards our initial goals. That does not mean that everything is perfect as of yet. But definitely, we are not seeing gaps like we saw in the beginning of the year and especially not in Q2.

現在的好消息是，展望未來，我們似乎正在縮小差距——重點是縮小差距。下半年，我們應該朝著最初的目標前進。這並不意味著一切都已經完美了。但可以肯定的是，我們並沒有看到像年初那樣的差距，尤其是在第二季。

And therefore, I think that this guidance that we gave reflects our best thought and it is encompassing and relates to exactly what I just described. There's nothing further than that.

因此，我認為我們給出的指導反映了我們最好的想法，它包羅萬象，並且與我剛才描述的內容完全相關。除此之外沒有別的事了。

That is the -- then one more thing, I apologize, I should have said about even Potash -- even though, of course, it's about 20% of the total production of potash in the company. Here, we also had some challenges. Of course, these are local challenges in Spain. Again, we are working through them. Second half should be to an extent better. But overall for the year, we're coming a little shy of what we expected in the -- walking into the year. These are not very big numbers, but yet I needed to say this to complete the picture. Of course, the guidance is combined for both DSW and (inaudible).

那是——然後還有一件事，我很抱歉，我應該說一下鉀肥——儘管它當然只占公司鉀肥總產量的 20% 左右。在這裡，我們也遇到了一些挑戰。當然，這些都是西班牙本土的挑戰。我們正在再次努力解決這些問題。下半場應該會更好。但整體而言，今年的業績與我們的預期還有點差距。這些數字並不是很大，但我需要說出來才能讓這幅圖景完整。當然，該指導是針對 DSW 和（聽不清楚）。

Got it. And then growing Solutions, I just want to follow up on that. I mean, we've seen it already kind of like a starting trend in 1Q with top line growth post -- posting top line growth, but even better profit growth and kind of like felt like it further accelerated into 2Q. So I just want to understand, so first, what's been driving the positive jaw here that EBITDA is growing at a significantly higher rate than sales.

知道了。然後是不斷增長的解決方案，我只是想跟進這一點。我的意思是，我們已經看到它在第一季開始呈現一種趨勢，即營收成長，但利潤成長甚至更好，感覺它在第二季進一步加速。所以我首先想了解的是，是什麼推動瞭如此積極的成長勢頭，使得 EBITDA 的成長率明顯高於銷售額。

And as we look into the back half and -- well, the half, but particularly maybe 3Q for now, you probably have a little bit more visibility. How should we think about that relationship between top line versus EBITDA growth going forward, just given that the comps are getting a little tougher in the second half than what they were in the first half?

當我們看後半部分，嗯，是前半部分，但特別是現在的第三季度，你可能會有更清晰的了解。鑑於下半年的可比銷售額比上半年略微下降，我們該如何看待未來營業收入與 EBITDA 成長之間的關係？

So yes, we saw another good quarter for Growing Solutions. And I would say it becomes a trend. I hope it will continue like that. I believe it will continue like that. I think overall, the price environment in the fertilizer business is relatively good. So that helps, of course. But also what you see is a change in mix. And within the Growing Solutions wide portfolio, we see higher sales of the more sophisticated, more Specialty fertilizers and a bit less of the less specialty fertilizers.

是的，我們看到了 Growing Solutions 又一個表現良好的季度。我想說這會成為一種趨勢。我希望這種情況能夠持續下去。我相信這種情況將會持續下去。我認為整體來說，化肥產業的價格環境還是比較好的。這當然有幫助。但您也會看到混合物的變化。在種植解決方案的廣泛產品組合中，我們發現更複雜、更專業的肥料銷售量更高，而非專業肥料的銷售量略低。

So I think the combination of the different mix and a bit higher prices bring us better profitability. But just bear in mind that the Growing Solutions and the agriculture sector, it's about seasonality. So now it's the end of the season in the Northern Hemisphere and we are starting the season mainly in Brazil for us, which usually comes even better prices and profit. So I would expect Q3 should be, for sure not lower than Q2.

因此我認為不同的產品組合和稍高的價格會為我們帶來更好的獲利能力。但請記住，種植解決方案和農業部門都與季節性有關。現在北半球的產季已經結束，而我們主要在巴西開始產季，這通常會帶來更好的價格和利潤。所以我預計第三季肯定不會低於第二季。

If I may, Elad, just to resonate to Brazil. Brazil, I guess, Ben and everybody, as you know, is the most important single country in the world of agriculture. And yes, of course, the third and the fourth quarter are the main quarters for Brazil. Now Brazil at this time has got huge potential, but also some issues that we need to be very careful about, and we are. I must -- I can assure you that we are. One is there is a significant liquidity issue in the Brazilian market. It's a known phenomenon. It's been going on and off for years. At this stage, it is definitely there.

如果可以的話，埃拉德，我只是想與巴西產生共鳴。我想，本和各位都知道，巴西是世界上農業最重要的國家。是的，當然，第三和第四季是巴西的主要季度。巴西目前擁有巨大的潛力，但也存在一些需要我們非常小心的問題，我們也確實這麼做了。我必須──我可以向你們保證，我們確實會這麼做。一是巴西市場存在嚴重的流動性問題。這是一個已知現象。這種情況已經斷斷續續持續好幾年了。就目前階段而言，它肯定存在。

The second thing which has a relationship to it is the very, very high interest rate, which the Bank of Brazil is holding. It's about 15%, they upped it in Q2. The inflation is about 5%, which means that the real interest rate is about 10%. Now this is the Central Bank of Brazil, is acting as a contra measure to the way Lula is running the country, and they needed to react quickly. If you remember, the Real was completely losing strength against other currencies in the beginning of the year, and they acted accordingly, which means that this is another action item.

與此相關的第二件事是巴西銀行持有的非常高的利率。大約是 15%，他們在第二季提高了這一比例。通貨膨脹率約為5%，這意味著實際利率約為10%。現在，這是巴西中央銀行，正在對盧拉治理國家的方式採取反制措施，他們需要迅速做出反應。如果你還記得的話，雷亞爾在今年年初就對其他貨幣完全失去了實力，他們也採取了相應的行動，這意味著這是另一個行動項目。

And the last thing, which to us, we don't believe it's a big thing when we look at the mix of products that we do and the mix of crops that we cater, but there is an ongoing issue between Brazil and the US And Trump for his reasons, currently, there's still no arrangement and he's talking about 50% duty. So this is another action item that potentially can, to some extent, interfere with all the good things that are going on in Brazil. This is not particularly for ICL, this is universal for doing business in Brazil, and I'm sure it will affect and affect all the companies that are in our space. So that's just the round off and complete picture there.

最後一點，對我們來說，從我們生產的產品組合和供應的農作物組合來看，我們認為這不是什麼大問題，但巴西和美國之間一直存在一個問題，由於川普的原因，目前雙方仍未達成任何協議，他談論的是 50% 的關稅。因此，這是另一個行動項目，可能會在某種程度上乾擾巴西正在發生的所有好事。這不僅針對 ICL，對於在巴西開展業務而言，這是普遍現象，我確信它會影響我們這個領域的所有公司。這就是完整的畫面。

Thank you very much, a lot, I'll be up.

非常感謝，我會起床的。

Thank you.

謝謝。

Laurence Alexander with Jefferies

勞倫斯·亞歷山大 (Laurence Alexander) 與 Jefferies

This is Kevin Estok on for Laurence. I guess my first one, so I've been hearing from peers that there's been some signs globally that -- and I think maybe it's more particularly in Brazil, but to a lesser extent elsewhere that basically high fertilizer prices were possibly starting to bite demand and quite obvious some deterioration in demand just because farmer economics have been a little bit weaker than expected. And I guess I was just wondering if you were seeing that on your end.

這是凱文·埃斯托克 (Kevin Estok) 代替勞倫斯 (Laurence)。我想這是我的第一個問題，我從同行那裡聽說，全球範圍內出現了一些跡象——我認為可能尤其是在巴西，但在其他地區程度較輕，基本上高昂的化肥價格可能開始影響需求，而且很明顯需求出現一些惡化，因為農民經濟狀況比預期的要弱一些。我想我只是想知道您是否也看到了這一點。

What you mean the demand destruction? I'm sorry, I'm not sure the line was --

您所說的需求破壞是什麼意思？抱歉，我不確定這條線路--

Yes.

是的。

The demand destruction. Okay. When there is imbalance in markets, there's always the threat or actually the happening of demand destruction. Now when you look at -- and I'm sure you -- I guess you mean the agricultural market at this stage and you see that the agricultural commodities are not at their best. I mean there's fluctuation, but generally speaking, rice, wheat, corn, soy are not at their best and you see the fertilizers prices, some in potash and especially in phosphate acting in another direction, then this is a sign that these things need to be watched.

需求破壞。好的。當市場失衡時，總是存在著需求破壞的威脅，或實際上會發生需求破壞。現在，當您觀察——我相信您——我猜您指的是現階段的農業市場，您會發現農產品的狀況並不理想。我的意思是價格確實有波動，但總體來說，大米、小麥、玉米、大豆的行情都不是很好，而且你會看到化肥價格，尤其是鉀肥和磷酸鹽的價格也出現了波動，這表明需要關注這些情況。

This is a general statement. We saw this phenomenon in 2022, and we know how the (inaudible). But I will say that now if I focus in on I because ICL because ICL in the phosphate world is focused on both Commodities and Specialties, because it's specialty driven business. We basically see for a fact a situation where what we are able to produce, we are able to sell and at good prices. And I believe this will continue. I just, as we stepped into the room, we read views on what's going to happen with phosphate the continuation of the year. And it seems that this is the story on that. Yes, there is some demand destruction, but this does not translate into a lack of demand from our company, from ICL.

這是一個普遍的說法。我們在 2022 年就見證了這個現象，我們也知道（聽不清楚）。但我現在要說的是，如果我把重點放在 I 上，因為 ICL，因為磷酸鹽領域的 ICL 既關注商品，也關注特種產品，因為它是專業驅動的業務。我們基本上看到這樣的事實：我們能夠生產什麼，我們就能夠以好的價格出售什麼。我相信這種情況將會持續下去。我只是，當我們走進房間時，我們讀到了關於今年磷酸鹽將會發生什麼的觀點。看起來這就是有關那個的故事。是的，確實存在一些需求破壞，但這並不意味著我們公司、ICL 缺乏需求。

When we look at the Potash World, I think there is a reason to believe that there is some equilibrium in the market between supply and demand as we now see it. Again, for us, fact of the matter is that we are only confined by the pace of production that we have. We do not have basically inventory at all. It's frictional inventory. We sell across those. And we definitely see a situation where whatever we can produce in both Israel and Spain, we will be able to sell at the prevailing prices.

當我們觀察鉀肥世界時，我認為有理由相信，正如我們現在所看到的，市場供需之間存在某種平衡。再說一次，對我們來說，事實是我們只受到現有生產速度的限制。我們基本上沒有任何庫存。這是摩擦性庫存。我們銷售這些產品。我們確實看到這樣一種情況：無論我們在以色列和西班牙生產什麼，我們都能以現行價格出售。

There is a case that I think I'll end by saying that, yes, I saw quite a few analysis that suggest that the situation in the market is such that the prices are not going to increase that much. I'm talking about the potash. For us, we're going to see a much better price, effective price because of the fact that we still had to honor all obligations. And looking forward, this will be less of a case. But generally speaking, if I can wrap up my answer is, I'm sure there's bound to be some demand destruction. But as it relates to ICL, I don't see this inflicting us.

有一個案例，我想我最後要說的是，是的，我看到不少分析表明，市場情況是這樣的，價格不會上漲那麼多。我說的是鉀肥。對我們來說，我們將看到一個更好的價格，有效的價格，因為我們仍然必須履行所有義務。展望未來，這種情況將不再發生。但總的來說，如果我可以總結我的答案，我確信肯定會出現一些需求破壞。但就其與 ICL 的關係而言，我認為這不會對我們造成傷害。

Understood. And then just as a second question, I mean, so construction end markets are obviously pretty weak. And I guess I was wondering what you think basically would take to turn those end markets. And I guess I was wondering if you're seeing any green shoots in any of the regional markets anywhere?

明白了。然後作為第二個問題，我的意思是，建築終端市場顯然相當疲軟。我想知道您認為需要採取什麼措施才能改變這些終端市場。我想知道您是否在任何地方的任何區域市場看到了復甦的跡象？

Okay. Okay. I think this is, of course, a very good question. And I would say, generally speaking, before I zero-in on the construction market, I think that if we take a step back and reflect what's going on in the global production, manufacturing, sales world, I think that the new term that we have to come to terms with is volatility because if we just reflect on Q2, we just passed. We saw the famous Liberation Day coming in, in the first week of April, and we saw the amount of turmoil that it sent through the global markets.

好的。好的。我認為這當然是一個非常好的問題。我想說，一般來說，在我將注意力集中在建築市場之前，我認為如果我們退一步思考一下全球生產、製造和銷售領域正在發生的事情，我認為我們必須接受的新術語是波動性，因為如果我們只回顧第二季度，我們剛剛過去。四月的第一周，我們迎來了著名的解放日，也看到了它對全球市場帶來的劇烈動盪。

To some extent, there's been postponement, et cetera, but we ended the quarter yet in some countries resolving the issues and some not resolving. As a result of that, first of all, there's a disruption in the end markets, which ultimately translate all the way back in the supply chain. This is one thing.

在某種程度上，出現了延遲等情況，但在本季度結束時，我們在某些​​國家解決了問題，而有些國家尚未解決。結果是，首先，終端市場出現中斷，最終影響整個供應鏈。這是一回事。

The second thing is the consumer confidence, and we are seeing -- when we look at the consumer confidence across the world, there is some issues with that. Third thing would be potential inflation. And I can go on and on. When you look at all the macro things and you put them together, I would say there's bound to be, and this is generally on many industries that go around the globe.

第二件事是消費者信心，我們看到──當我們觀察世界各地的消費者信心時，發現存在一些問題。第三件事是潛在的通貨膨脹。我還可以繼續說下去。當你觀察所有宏觀事物並將它們放在一起時，我會說這必然存在，而且這通常存在於全球許多行業中。

Specifically, if I zero-in on the construction market, then the two -- the three main markets, let's speak about the US, Europe and China. I think they are different. What you're seeing in the US is that -- and of course, you know that much better than I do, but prices of houses are high, but new construction is low, which means that the demand side for that is, to some extent, affected. And I do not believe there's anything coming anytime soon that will significantly change that. That is not -- it's lackluster. It's not great, it's not bad, but it's not really moving.

具體來說，如果我專注於建築市場，那麼兩個——三個主要市場，就是美國、歐洲和中國。我認為它們是不同的。您在美國看到的情況是——當然，您比我更了解這一點，但是房價很高，但新房建設卻很少，這意味著對房價的需求在某種程度上受到了影響。我不相信近期會出現任何能夠顯著改變這一現狀的事件。事實並非如此——它只是乏善可陳。它不算好，也不算壞，但也沒有真正打動人心。

Europe is same. Europe is many countries that have different fortunes. But generally speaking, it's not going in any particular direction. When you look at China, I think China is far away from sorting out its issues with construction. There's been a lot of over construction, a lot of inflated pricing, a lot of bad, I would say, toxic loans lying around. And I think that China construction from what I read, will take longer, maybe significantly longer time to sort out. So these are the end markets. And obviously, when you work, you take it backwards and you look at us, then, of course, we are living through a world where the demand I would say, it's not terrible, but it's soft.

歐洲也一樣。歐洲有很多國家，每個國家的命運都不同。但總體來說，它不會朝著任何特定的方向發展。看看中國，我認為中國還遠遠未能解決其建設問題。有大量過度建設、大量價格虛高、大量不良貸款（我想說是有毒貸款）的情況。從我讀到的內容來看，我認為中國建設將需要更長的時間，甚至更長的時間來釐清。這些就是終端市場。顯然，當你工作時，你回過頭來看看我們，那麼，當然，我們生活在一個需求並不可怕但很疲軟的世界。

Now we serve this, in bromine, we serve this in phosphor. There is other things that are helping us. So generally, when you look at the results that we're delivering in the part of business that comes from the industrial products, we're generally doing okay as you see in our numbers, and we believe we'll continue to be okay. But it's not a situation where the demand is such, the pool is such that the results will be outstanding. That's not going to happen anytime soon, definitely not this year.

現在我們用溴來提供這種物質，用磷來提供這種物質。還有其他事情在幫助我們。因此，總體而言，當您查看我們在工業產品業務部分所取得的成果時，正如您從我們的數據中看到的那樣，我們總體上做得還不錯，而且我們相信我們會繼續做得很好。但情況並非如此，需求如此，人才庫如此，結果就會如此出色。這不會很快發生，今年肯定不會發生。

Joel Jackson with BMO Capital Markets.

蒙特利爾銀行資本市場的喬爾傑克森 (Joel Jackson)。

Hi, good morning. Just on the short term, if you look at growing Solutions and IP, can you talk about in each business individually, so Growing Solutions and IP, Q3, how should that look versus Q2? Maybe the puts and takes for each business, please?

嗨，早安。僅從短期來看，如果您看一下不斷增長的解決方案和 IP，您能否分別談談每個業務，那麼不斷增長的解決方案和 IP，Q3，與 Q2 相比應該如何？請問一下每個企業的利弊？

So again, for Growing Solutions, I think the main difference between Q2 and Q3 is which continent or which area -- geographical area is more dominant. And in Growing Solutions, Q3 will be dominated by the Brazilian market, Aviram [mentioned it] earlier. Usually, it means higher profit, but again, we need to see what will happen in the Brazilian market. But all in all, Q3 should be a relatively strong quarter for Growing Solutions.

因此，對於 Growing Solutions 來說，我認為 Q2 和 Q3 之間的主要區別在於哪個大陸或哪個地區——地理區域占主導地位。而在 Growing Solutions 中，第三季將由巴西市場主導，Aviram 之前曾提到這一點。通常，這意味著更高的利潤，但同樣，我們需要看看巴西市場會發生什麼。但總而言之，第三季對於 Growing Solutions 來說應該是一個相對強勁的季度。

As for IP, so what we see is that the bromine prices are going slightly up. The demand is still soft. And again, it depends which end market, Aviram talked about construction. On the other hand, oil and gas is doing a bit better, but there is some seasonality element in the oil and gas. I don't believe we'll see any drama in IP in Q3. So all in all, relatively same for IP Q3 versus Q2.

至於 IP，我們看到溴的價格正在略有上漲。需求依然疲軟。再次強調，這取決於哪個終端市場，Aviram 談到了建築業。另一方面，石油和天然氣的表現稍好一些，但石油和天然氣存在一些季節性因素。我不相信我們會在第三季看到 IP 方面出現任何戲劇性事件。總的來說，IP Q3 與 Q2 相對相同。

Yes. And Q4, I think, Joel, to wrap up at this point will be very similar. So what we are seeing is that IP and GS will most probably be tracking plus/minus along the numbers that we've seen in Q2. That is our forecast, of course, with all the caveats and all the things that we said before, the main difference between Q3 vis-a-vis Q2 should come from the potash side.

是的。喬爾，我認為，第四季的總結將會非常相似。因此，我們看到的是，IP 和 GS 很可能會沿著我們在第二季度看到的數字進行加/減追蹤。當然，這是我們的預測，考慮到所有的警告和我們之前所說的一切，第三季與第二季的主要區別應該來自鉀肥方面。

Yes. In the potash, once again, you asked about the Growing solutions and IP, but I know you probably potash is area of (inaudible). So in Potash, I believe we see higher price per ton first because we move to the 2025 contracts in China and India, but also the spot transactions are in better prices, and I believe the quantities will be up. So all in all, in potash, we expect a better quarter in Q3.

是的。在鉀肥方面，你再次詢問了種植解決方案和智慧財產權，但我知道你可能鉀肥是（聽不清楚）。因此，在鉀肥方面，我相信我們首先會看到每噸價格上漲，因為我們轉向中國和印度的2025年合同，而且現貨交易的價格也更好，我相信數量也會上升。總的來說，我們預期鉀肥第三季的業績會更好。

Remember, Joel, about a month back, you asked me about Q2 and the effective prices, and we spoke about the old contracts that we have still had to honor, most of them are gone and which means that effectively, our price in Q3 will be better than that and the quantity should be better as well. So that will have a jump in hopefully in the results that we are delivering in the potash segment of our business.

記得，喬爾，大約一個月前，你問過我關於第二季度和有效價格的問題，我們談到了我們仍然必須履行的舊合同，其中大部分已經消失，這意味著實際上，我們第三季度的價格會比這更好，數量也應該更好。因此，希望這將使我們在鉀肥業務領域的業績得以飛躍。

Okay. So let's talk a bit more on potash. Do you think the price increase in Q3 versus Q2 will be similar to the price increase you saw in Q2 versus Q1?

好的。那麼讓我們進一步討論一下鉀肥。您認為第三季相對於第二季的價格漲幅會與第二季相對於第一季的價格漲幅相似嗎？

It's hard to say. But if I have to guess, I believe we'll see additional $10 to $15 per ton in average. Again, it's just an estimate. But Q2, as we said, Q2 was $333 per ton in average. I believe Q3 will be a bit better than the $10 to $15, give or take. For us -- for us, I'm talking about ICL.

這很難說。但如果我必須猜測的話，我相信我們會看到平均每噸價格增加 10 到 15 美元。再次強調，這只是一個估計。但正如我們所說，第二季的平均價格為每噸 333 美元。我相信第三季的情況會比 10 到 15 美元左右好一點。對我們來說——對我們來說，我說的是 ICL。

I think I'm not sure, Joel, whether you asked about effective price for ICL or sticker price generally --

喬爾，我不確定你問的是 ICL 的實際價格還是一般的標價--

No, no, no. No, no. ICL Q3 versus Q2 pricing? Are you saying that should be $10 to $15 over Q2. Is that right?

不，不，不。不，不。ICL Q3 與 Q2 的定價如何？您是說第二季應該達到 10 到 15 美元嗎？是嗎？

Yes, something like that, yes.

是的，類似這樣的。

I understand all the challenges, inventories used to be low, even lower. How low are you willing to take inventories? Because to get to -- let's say, I take your midpoint, 4.4 million tons of sales, are you willing to take inventories to 50,000 tons at the end of the quarter? Like what -- how low are you willing to go?

我了解所有的挑戰，庫存曾經很低，甚至更低。您願意以多低的價格接受庫存？因為要達到——假設我取你的中間值，即 440 萬噸的銷售量，你是否願意在本季度末將庫存增加到 50,000 噸？例如──你願意付出多大的代價？

No, no. I don't think we'll go lower than what we have right now because that's the operational inventory, you cannot run the business much lower than this. So you should not expect any lower inventory, for sure, not dramatic lower.

不，不。我認為我們的庫存不會低於目前的水平，因為這是營運庫存，你不能以比現在更低的價格經營業務。因此，您不應該期望庫存會降低，肯定不會大幅降低。

Does that mean you're more likely to come in, in the lower part half of your 4.3 million tons to 4.5 million tons potash sales range. Like is that -- you've given a midpoint of 4.4 million tons, but are you more likely to come in the lower half of it?

這是否意味著您的鉀肥銷售量更有可能處於 430 萬噸至 450 萬噸區間的下半部？就像這樣——您給出了 440 萬噸的中間值，但您是否更有可能選擇下半部分？

We don't know yet, Joel. That's the truth. We open a range when we open a range, we do this with this spread. It's because we do not know. A lot of it depends on how fast we're going to ramp up and how quiet or not quiet our particular part of the world is going to be. There's a lot of unknowns. We can be -- I can argue the case for both sides of the ocean, if you want, at this stage. So we really do not know and we cannot respond to that at this point.

我們還不知道，喬爾。這是事實。當我們打開一個範圍時，我們會打開一個範圍，我們透過這種價差來實現這一點。那是因為我們不知道。這在很大程度上取決於我們的發展速度以及我們所在地區的安靜程度。還有很多未知數。我們可以——如果您願意的話，我可以在此階段為大洋兩岸的人們進行辯論。所以我們真的不知道，現在也無法回應。

Okay. My follow-up question is, Elad. It's a little more personal for you. You've been in this seat now for a handful of months, not a lot, but you've been there for a little while now in this seat. And you talked about, I think, earlier in the call about prepared remarks about maintaining the goals around the different things. As you now sit in the seat, what might ICL do differently under your leadership than say, Raviv?

好的。我的後續問題是，埃拉德。對你來說這有點更私人。您擔任這個職位已經有幾個月了，雖然不是很多，但您擔任這個職位已經有一段時間了。我認為，您在早些時候的電話會議中談到了關於保持圍繞不同事物的目標的準備好的發言。現在您就任了，在您的領導下，ICL 會採取與 Raviv 不同的做法嗎？

Are there some things, some ideas that you have? Maybe you could share your initial thoughts here about things you may do a bit different than Raviv. You've already talked about doing a lot what you did, but what Raviv and the team has done, but I think you get my question.

您有一些事情、一些想法嗎？也許您可以在這裡分享您最初的想法，看看您所做的事情是否與 Raviv 有所不同。您已經談論了很多您所做的工作，以及 Raviv 和團隊所做的工作，但我想您明白我的問題了。

Yes. So it's very tempting to answer this question. But please give me another quarter as I promised last time before the end of the year, I will share with you. We are working now on reviewing the strategy and the road map. So please, if you can wait a bit, and I promise I'll come back to the market with accurate plan and clear program for the future.

是的。因此，回答這個問題是很有吸引力的。但請按照我上次的承諾，在年底前再給我一個季度，我會與你們分享。我們現在正在審查該策略和路線圖。所以，如果您能稍等一下，我保證我會帶著準確的計劃和明確的未來方案重返市場。

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

目前沒有其他問題。現在我將把發言時間交給埃拉德，請他做最後發言。

Okay. So thank you, everyone, for joining us today. All in all, from our perspective, Q2 meet our expectations, and it was a good quarter, and we anticipate Q3 to be even better. So we'll meet you in the next quarter. Thank you very much.

好的。感謝大家今天加入我們。總而言之，從我們的角度來看，第二季度符合我們的預期，這是一個好的季度，我們預計第三季度會更好。我們將在下個季度與您見面。非常感謝。

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。