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.

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。

I would now like to turn the conference over to Peggy Riley Tharp, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Peggy Riley Tharp。請繼續。

Thank you. Hello, everyone. I'm Peggy Riley Tharp, Vice President of Global Investor Relations for ICL Group. I'd like to welcome you and thank you for joining us today for our earnings conference call. This event is being broadcast 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 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 上進行現場直播，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 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.

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. Elad Aharonson, followed by Mr. Aviram Lahav, our CFO. After the presentation, we'll open the line for a Q&A session.

首先由我們的執行長 Elad Aharonson 先生進行演講，然後由我們的財務長 Aviram Lahav 先生進行演講。演示結束後，我們將開放問答環節。

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

現在我想把電話轉給埃拉德。

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

謝謝你，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，全球和以色列國內局勢都動盪不安。儘管全球市場存在很大波動，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 million. This amount was up approximately 5% year-over-year and 4% on a quarterly basis. Specialties driven sales of $1,496 million were up 8% versus the prior year. When compared to the first quarter, these sales were up 6%. Consolidated adjusted EBITDA was $351 million while specialties-driven EBITDA was $259 million. Both amounts were down slightly on a sequential basis.

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%。合併調整後的 EBITDA 為 3.51 億美元，而專業驅動的 EBITDA 為 2.59 億美元。這兩個金額都比上一季略有下降。

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

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。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 volume and a shift in production. However, this performance was in line with market expectations.

讓我們先回顧一下我們的部門，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消產量下降和生產轉變的影響，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 upwards in the second quarter, although there have 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.

整體來看，第二季溴素市場價格延續上漲趨勢，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。

This follows the implementation of recent anti-dumping measures in the United States. Bromine-based flame retardant sales were down as higher prices were not able to offset lower volumes. In addition, construction and market remained 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.

這是美國近期實施反傾銷措施後採取的措施。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，建築業和市場依然疲軟。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 work 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。就工業產品而言，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 was 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，這是第二季我們的鉀肥部門的表現。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%。第二季鉀肥銷售量為971,000公噸。與前一年相比，銷量下降了18萬多公噸。

During the quarter, we faced both one-time and ongoing items. In addition to the planned maintenance shutdown at the Dead Sea in April, we also faced challenges related to the 12 Days War with Iran in June. These were in addition to other ongoing war related issues. As you know, we have had [reserve] call up for duty at various 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 4 月計劃進行的死海維護停工之外，我們還面臨著 6 月與伊朗的十二日戰爭相關的挑戰。這些都是其他正在發生的與戰爭有關的問題之外的問題。如您所知，在過去的 22 個月中，我們曾多次召集[預備役]士兵執行任務。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.

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。我們也盡可能地繼續最大化鉀肥資源的獲利能力，優先向全球最佳市場供應，第二季是歐洲。

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 $73.70 dollars lower than the new 2025 rates 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.

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，比新的 2025 年價格 346 美元和 349 美元分別低 73.70 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, in 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 phosphate. Commodity phosphate prices benefited from favorable weather conditions across most key markets, and as China continued to restrict exports. Specialty phosphate prices remained under pressure due to excess supply in the market.

翻到投影片 6，我們的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。由於市場供應過剩，特種磷酸鹽價格持續承壓。

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. 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.

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。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 $56 million improved 24%. For both metrics, we delivered annual and sequential improvements 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 agricultural economy.

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進。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。

Sales in Europe improved as higher prices offset lower volumes. In Asia, growth 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. Overall, specialty agriculture sales increased with higher volumes in most major regions.

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，但利潤成長仍有改善。對歐洲和亞洲來說，特色農產品的成長推動了產品結構的改善。整體而言，大多數主要地區的特色農業銷售額均有所成長。

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. However, for the third quarter, we are already seeing a better mix of foliar demand and believe we are ahead of the market.

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。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。

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.

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 Avira for a brief financial overview before I share an update on our guidance.

現在，我想將電話轉給 Avira，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 a lot 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 decreasing rates. 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 stocks in the second quarter decreased approximately 2.5%, but were roughly in line with the second quarter of 2024.

非常感謝大家今天的參與。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或下降。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。美國第二季房屋存量下降約2.5%，但與2024年第二季大致持平。

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 grain price index was down slightly on a sequential basis, about 3%, as corn, rice, and wheat also 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相關，而且與種植解決方案和磷酸鹽商品也有關。第二季度，糧食價格指數環比小幅下降，約為3%，其中玉米、大米和小麥也出現了低至中等個位數的下降，而大豆則上漲了約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 full 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，農民信心一直不穩定，5 月達到了全年最高點 [158 美元]，而 6 月第二季末則為 [146 美元]。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.

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，眾所周知，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。

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%. In the second quarter, ocean freight rates increased slightly on a sequential basis, but were down nearly 30% of 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.

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%。第二季度，海運費較去年同期略有上漲，但較去年第二季下降近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, there's some market indicators more relevant to our industrial products and phosphate solution businesses. Let us start with Chinese roaming prices, which have fluctuated since the end of the first quarter, but trended upwards in July. As you know, our bromine solutions are used in many everyday consumer durables, including appliances, electronics, automobiles, and furnishings.

翻到第 11 張投影片，有一些市場指標與我們的工業產品和磷酸鹽溶液業務更相關。我們先來看看中國的漫遊價格，自第一季末以來，漫遊價格一直在波動，但7月呈現上升趨勢。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。

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 second quarter of last year. While we discussed phosphate prices on the previous slide, I would like to show you the same data in relation to sulfur prices since this is a key raw material for our phosphate specialty products.

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還是改善了約4%。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。

As you can see, while these two commodities track each other, the increase in sulfur prices over the past quarter and year is significantly higher than the increase in phosphate prices. On a sequential basis, sulfur prices are up more than 50% and up nearly 250% on an annual basis.

可以看出，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。硫磺價格季增逾50%，較去年同期上漲近250%。

Similar to our bromine solutions, our phosphate specialty solutions are an important part of many and 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 markets to track.

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 million at 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 dollar benefit from higher price at this quarter, which was partially offset by low volumes.

現在請翻到第 12 張投影片來查看我們年比銷售狀況。第二季銷售額為 18.32 億美元，較去年同期成長約 5%。在左側，您可以看到我們每個業務部門的變化，除鉀肥外，所有部門均呈現成長。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，但部分被低銷量所抵消。

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.

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增加，但正如我已經提到的，我們的運輸成本在本季度有所改善。

Other, which had $75 million dollar 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 both Israel and in China.

其他影響達 7,500 萬美元，包括維護和生產數量等幾項。請注意，除了死海的維護之外，我們還對以色列和中國的設施完成了重大維護。

Turning to slide 14 and 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 real life potash price, as you can see on the bottom left.

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，我們仍然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那樣。正如您在左下角看到的，我們在鉀肥平均實際價格方面也擁有良好的記錄。

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 will remain the most cost competitive and efficient source of bromine 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回升的趨勢，死海仍將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三分之二。

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%，南美洲也佔 22%。北美佔總銷售額的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 1.5 times, 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 a 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 dollar, this has resulted in higher expenses.

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 BBB- 信用評級，前景穩定。就貨幣而言，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。

Once again, we're 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 $950 million and $1.15 billion in 2025. 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.

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。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。

It also includes some impact from the brief war with Iran in June, which has concluded and been resolved. We continue to expect our effective annual tax rate for 2025 to average out to approximately 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.

其中還包括6月與伊朗的短暫戰爭的一些影響，這場戰爭已經結束並解決。我們繼續預期 2025 年的有效年度稅率平均約為 30%。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。

All in all, third quarter trend should improve versus the first half of the year. 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.

總而言之，第三季的趨勢應該會比上半年有所改善。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。

We will drive cost savings efficiencies and also look for operational enhancement. However, I must point out that we expect to see continued higher operational costs due to the ongoing war-related issues. Innovation and new products will remain key to ICL's future growth. However, we will also pursue complementary M&A activities.

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。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。

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 remained 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 this honor

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 並授予其這項榮譽

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。

(Operator Instructions)

（操作員指示）

Ben Turner, Barclays.

巴克萊銀行的本‧特納。

Oh yeah, good afternoon, everyone. Thank you very much for taking my question. So the first one's 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 as I do the sum right from 1Q and 2Q.

哦是的，大家下午好。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，從今年迄今為止的數據來看，產量約為 210 萬噸，因為我對第一季和第二季進行了匯總。

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.

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. So Ben, thank you very much. Lovely to talk to you again. Look, our, as from past experience with us, we basically are 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。所以本，非常感謝你。很高興再次與您交談。你看，根據我們過去的經驗，我們基本上對我們的指導非常謹慎，這是完全自下而上的，它基本上反映了一個事實，即在剛剛結束的第二季度，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，我們將能夠執行我們的計劃，但我們再也不可能趕上，我們將無法繼續生活在 4.5 的框架內。因此，我們實際上降低了指導。中間點下降了約20萬。

Now when we look at when we reflect that what happened in the second quarter, obviously this was a culmination of a very acute situation, but it was not a -- it was an acute situation, but the situation before was also not exactly peace and quiet.

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峰，但這並不是——這是一個嚴峻的形勢，但之前的情況也不完全是平靜的。

Which means that we saw that we are actually -- and for the most part when I'm talking about DSW, of course, not about potash, that we are accumulating some manufacturing GAAP, as we go along. 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.

這意味著我們看到我們實際上——而且在大多數情況下，當我談論 DSW 時，當然不是在談論鉀肥，我們正在積累一些製造業 GAAP。現在，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我們最初的目標前進。

That does not mean that everything is perfect as of yet, but definitely we're not seeing gaps like we saw in the beginning of the year and especially not in Q2. And therefore, I think that that this guidance that we gave reflects our best thought and it is all encompassing and relates to exactly what I just described. There's nothing further than that.

這並不意味著到目前為止一切都是完美的，但我們肯定沒有看到像年初那樣的差距，尤其是在第二季。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, by the way, one more thing -- then one more thing. I apologize. I should have said, but 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're working through them.

順便說一下，還有一件事——然後還有一件事。我很抱歉。我應該說，但即使是鉀肥，儘管它當然只占公司鉀肥總產量的 20% 左右，我們也面臨一些挑戰，當然這些都是西班牙當地的挑戰。我們正在再次努力解決這些問題。

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. Not 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 [even] potash.

下半年應該會更好一些，但總體而言，今年的業績與年初的預期還有點差距。這些數字雖然不大，但我需要這樣說才能讓這幅圖景完整。當然，該指導意見是針對深海水和（甚至）鉀肥綜合考慮的。

Thank you, Ben.

謝謝你，本。

Got it. Thank you very much for that. And then growing solutions, 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 posted -- posting top line growth, but even better profit growth, and it kind of like -- felt like it further accelerated into 2Q.

知道了。非常感謝。然後不斷增加解決方案，只是想跟進這一點。我的意思是，我們已經看到它在第一季出現了一種開始的趨勢，即收入成長，但利潤成長甚至更好，而且感覺它在第二季進一步加速。

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. And as we look into the back half -- 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.

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。當我們看後半部分時——好吧，是後半部分，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？

Thank you.

謝謝。

So, yes. We saw another good quarter for growing solutions, and I would say becomes a trend. I hope it will continue like that. I believe it will continue like that. I think the -- 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 white portfolio, we see higher sales of the more sophisticated, more specialty fertilizers and a bit less of the less specialty fertilizers.

是的。我們看到了解決方案不斷增長的另一個好季度，我想說這將成為一種趨勢。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——整體而言，化肥產業的價格環境相對較好，這當然有幫助。但同時，您也看到了產品組合的變化，在不斷增長的解決方案白色產品組合中，我們看到更複雜、更專業的肥料銷售量更高，而非專業肥料的銷售量略有下降。

So I think the combination of the different mix and a bit higher prices bring us to a better profitability. But just bear in mind that with growing solutions and the agricultural sector, it's about seasonality. So now it's the end of the season in the northern hemisphere and we're starting the season in, mainly in Brazil for us, which, usually comes with 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略高的價格相結合會為我們帶來更好的獲利能力。但請記住，隨著解決方案和農業部門的發展，它具有季節性。現在北半球的產季已經結束，而我們則開始產季，主要是在巴西，這通常會帶來更好的價格和利潤。所以我預計第三季絕對不會低於[問題2]

If I may, that just say to relate 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, is -- it's 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，我只想說與巴西有關。我想本和各位都知道，巴西是世界上農業最重要的單一國家，當然，第三季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謹慎的問題，而且我們必須——我可以向你們保證，我們確實如此。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。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. It's acting as a countermeasure 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利率，通貨膨脹率大約是 5%，這意味著實際利率大約是 10%。這是巴西中央銀行。這是對盧拉治理國家方式的一種反制措施，如果你還記得的話，他們需要迅速做出反應，雷亞爾在年初對其他貨幣的匯率完全下跌，他們採取了相應的行動，這意味著這是另一項行動。

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 take off, but there is an ongoing issue between Brazil and the US. And Trump for his reasons, currently there's still no arrangement and we're 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. You know this is not particularly for ICL. This is universal for doing business in Brazil, and I'm sure it will affect and afflict all the companies that are in our space. So that's just to round off and complete the picture there.

最後，我們認為這不是什麼大事。當我們審視我們生產的產品組合和收穫的農作物組合時，我們發現巴西和美國之間存在著一個持續存在的問題。而川普出於他的原因，目前還沒有達成任何協議，我們正在談論 50% 的關稅。因此，這是另一個可能在某種程度上乾擾巴西正在發生的所有好事的行動項目。您知道這並不是專門針對 ICL 的。這對於在巴西開展業務來說是普遍存在的，我相信它會影響和折磨我們這個領域的所有公司。這只是對圖片進行完善和補充。

Okay, perfect, very clear. Thank you very much, a lot.

好的，非常好，非常清楚。非常感謝。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Hi, so this is Kevin Estock on for Laurence. Thank you for taking my question. So my first one. So, I've been hearing from peers that there's just been some signs globally that -- and I think maybe it's more particularly in Brazil, but to lesser extent elsewhere that basically high fertilizer prices were possibly starting to bite demand and causing some deterioration in demand, just because, farm economics has been a little bit weaker than expected, and I guess I was just wondering if you were seeing that on your end.

大家好，我是凱文·埃斯托克 (Kevin Estock)，代表勞倫斯 (Laurence) 報道。感謝您回答我的問題。這是我的第一個。因此，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並導致需求惡化，只是因為農業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 so -- the demand destruction. Okay, yeah.

您所說的需求破壞是什麼意思？對不起，我不確定，這句話的意思就是──需求被破壞。好的，是的。

Look, there's -- when there is imbalance in the markets, there's always the threat or actually the happening of demand destruction. And when you look at -- and I'm sure you -- I guess you mean the agricultural market at this stage and you're seeing 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 fertilizer prices, some in potash and especially in phosphate, acting in another direction, then this is a sign that things need to be watched.

你看，當市場失衡時，總是存在著需求破壞的威脅，或是實際上會發生需求破壞。當你觀察——我相信你——我猜你指的是現階段的農業市場，你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，包括鉀肥，尤其是磷酸鹽的價格，都在朝著另一個方向發展，這表明需要密切關注形勢。

This is a general statement. We saw this phenomena in 2022 and we know how the party ended there. But I will say that now if I focus in on ICL, because ICL in the phosphate world is focused on both commodities and specialties. It's like a 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 and 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.

這是一個普遍的說法。我們在 2022 年見證了這個現象，我們也知道這場狂歡是如何結束的。但我現在要說的是，如果我專注於 ICL，因為磷酸鹽領域的 ICL 既關注商品，也關注專業產品。這就像是一個專業驅動的業務。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。我相信這種情況會持續下去，就在我們走進房間時，我們讀到了關於磷酸鹽未來走勢、今年的延續性的觀點，似乎這就是有關這方面的故事。

And yes, there is some demand and destruction, but this does not translate into a lack of demand from our company from ICL. 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.

是的，存在一些需求和破壞，但這並不意味著我們公司對 ICL 的需求不足。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。

Again, for us, the 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 docks, and we definitely see a situation where whatever we can produce in both Israel and Spain, and we will be able to sell at the prevailing price.

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。我們透過碼頭進行銷售，我們確實看到這樣的情況：無論我們在以色列和西班牙生產什麼，我們都能夠以現行價格出售。

There is a case that I think I'll end by saying that, yes, that 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, and we're going to see a much better price -- effective price because of the fact that we still have to honor all the obligations and looking forward, this will be less of a case.

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確實如此。價格不會上漲那麼多。我指的是鉀肥，我們將會看到一個更好的價格——有效價格，因為我們仍然必須履行所有義務，而且展望未來，這種情況不會再發生。

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.

但總的來說，如果我可以總結我的答案，我確信肯定會有一些需求破壞，但就 ICL 而言，我認為這不會對我們造成影響。

Understood. And then just as a second question, I mean, so construction and markets are obviously pretty weak. And I guess I was wondering what you think it basically would take to turn those in 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，建築和市場顯然相當疲軟。我想知道您認為要將這些轉變成終端市場需要什麼，我想知道您是否在任何地方的任何區域市場看到了任何復甦的跡象？

Okay. I think this is a very good question. I would say generally speaking before zeroing in on the construction market, I think that if we take a step back and reflect to what 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 the Q2, which 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, to some extent. There's been postponement, et cetera. But we ended the quarter, yet some countries resolving the issues and some not resolving.

好的。我認為這是一個非常好的問題。我想說，一般來說，在關注建築市場之前，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，因為如果我們回顧剛剛過去的第二季度，我們看到著名的解放日在四月的第一周到來，我們看到它在某種程度上給全球市場帶來了多大的動盪。有推遲，等等。但到本季結束時，一些國家解決了問題，而一些國家尚未解決。

As a result of that, first of all, there's a disruption in the end markets which ultimately translates all the way back in the supply chain. This is one thing. 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.

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。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're different. What you're seeing in the US is that -- and of course you know that much better than I do, but prices are of the households -- of houses are high, but the 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.

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，但家庭住房價格很高，但新房建設量卻很低，這意味著住房需求在一定程度上受到了影響，我認為短期內不會出現任何能夠顯著改變這一現狀的舉措。

That is not -- it's lackluster. It's not great, it's not bad, but it's not really moving. Europe is [saying] Europe is many countries that 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 it's 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 the China construction, from what I read will take a long -- maybe significantly longer time to sort out.

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。歐洲是說，歐洲由許多國家組成，每個國家的命運各不相同，但總體而言，並沒有朝著任何特定的方向發展。當你看中國時，我認為中國還遠遠沒有解決其建設問題。存在大量過度建設、大量價格虛高、大量不良貸款（我想說是有毒貸款）的情況，而且我認為，從我讀到的信息來看，中國建設的問題需要很長時間——或許要長得多的時間才能解決。

So these are the end market and obviously, when you walk, you take it backwards and you look at us, then of course we are living through a world where the demand, I would say is not terrible, but it's soft. Now we serve this in [Roma] and we serve this in phosphor. There are other things that are helping us.

所以這些是終端市場，顯然，當你走過去看看我們，那麼我們當然生活在一個需求並不可怕但很疲軟的世界。現在我們在[羅馬]提供這種服務，並且使用螢光粉提供這種服務。還有其他事情也在幫助我們。

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 the same.

總的來說，當您看到我們所提供的結果時。在來自工業產品的業務部分，正如您從我們的數據中看到的那樣，我們的整體表現還不錯，而且我們相信我們會繼續表現良好。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，絕對不會是一回事。

Alright, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Joel Jackson, BMO Capital Markets.

喬爾傑克森 (Joel Jackson)，BMO 資本市場。

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 of IP Q3, how should that look versus Q2, maybe the puts and takes for each business please. Thanks.

嗨，早安。就短期而言，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 IP Q3 不斷增長的解決方案與 Q2 相比應該如何，也許每個業務的投入和產出如何。謝謝。

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 presented earlier. Usually, inspire profit, but again, we need to see what will happen in the Brazilian market.

因此，對於不斷發展的解決方案，我認為 Q2 和 Q3 之間的主要區別在於哪個大陸或哪個地理區域占主導地位。Aviram 先前曾表示，在成長解決方案方面，Q3 將由巴西市場主導。通常，這會激發利潤，但同樣，我們需要看看巴西市場會發生什麼。

But all in all, Q3 should be a relatively strong quarter for growing solutions. 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 on which end market. Aviram talked about construction. On the other hand, oil and gas is doing a bit, it's a bit better, but if there is some, seasonality element in the oil and gas. I don't believe we'll see any drama in the IP in Q3. So all in all, relatively same for IP Q3 versus Q2.

但總而言之，第三季對於解決方案的成長來說應該是一個相對強勁的季度。至於 IP，我們看到溴的價格正在略有上漲。需求仍然疲軟，而且這又取決於哪個終端市場。Aviram 談到了建築。另一方面，石油和天然氣的表現有所好轉，但如果有一些季節性因素，石油和天然氣的表現就會好轉。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 would be very similar. So what we're 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 focus, 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.

是的，我認為，喬爾，第四季的總結會非常相似。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正負追蹤。當然，這是我們關注的重點，包括所有警告和我們之前所說的一切。Q3 與 Q2 的主要差異在於鉀肥。

Yeah, in the potash, once again you ask about the growing solutions and the IP, but I know you probably potash is the area of [biggest] value. So in potash I believe we see a higher price per ton first because we moved 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 better quarter in Q3.

是的，在鉀肥方面，您再次詢問有關不斷增長的解決方案和 IP 的問題，但我知道鉀肥可能是最有價值的領域。因此，我相信我們首先會看到鉀肥的每噸價格上漲，因為我們轉向了中國和印度的 2025 年合同，而且現貨交易的價格也更好。我相信數量將會上升。總的來說，我們預期鉀肥第三季的表現會更好。

And 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 when most of them are gone, and which means that effectively our price in Q3 will be better than that, and the quantities should be better as well. So that we'll have a jump in hopefully in the results that we are delivering on 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，我們談到了我們現有的舊合同——當大多數合同都消失時，我們仍然必須履行這些合同，這意味著我們第三季度的價格實際上會比這更好，數量也應該更好。因此，我們希望鉀肥業務的業績能達到飛躍。

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，我們再多談談鉀肥。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 an 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. I'm talking about ICL.

很難說，但如果必須猜測的話，我相信我們會看到平均每噸價格增加 10 到 15 美元。再說一次，這只是一個估計，但第二季——正如我們所說，第二季的平均價格為每噸 333 美元。我相信第三季的業績會比我們預期的 10 到 15 美元好一些。我說的是ICL。

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

我想我不確定你問的是 ICL 的實際價格還是一般的標價--

No. ICL, Q3versus Q2 price increase. Are you saying that should be $10 to $15 over Q2, is that right?

不。ICL，第三季相對於第二季價格上漲。您是說第二季應該達到 10 到 15 美元，對嗎？

Yeah, something like that, yes.

是的，類似這樣的。

I understand. Okay. Just then --I mean, I understand all the challenges. Inventories used to be low, even lower. How low are you willing to take inventories because to get to 4 -- let's say I take your midpoint 4.4 million tons of sales. Are you willing to take inventories 50,000 tons, at the end of the quarter? Like, how low are you willing to go?

我明白。好的。就在那時——我的意思是，我了解所有的挑戰。庫存曾經很低，甚至更低。您願意將庫存降到多低，因為要達到 4 — — 假設我取您的中間點 440 萬噸銷售量。您願意在本季末庫存 50,000 噸嗎？例如，你願意付出多大的代價？

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 that. So you should not expect any lower inventory. For sure dramatically lower.

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。你無法經營比這更低水準的生意。因此，您不應期望庫存會降低。肯定會大幅降低。

Does that mean you're more likely -- does that mean you're more likely to come in in the lower part half of your 4.2 million to 4.5 million potash sales range? Like is that you give it a midpoint of 4.4 million, but are you more likely to come in the lower half of it?

這是否意味著您更有可能——這是否意味著您更有可能進入 420 萬至 450 萬鉀肥銷售範圍的下半部分？例如，您給出的中間值是 440 萬，但您是否更有可能選擇下半部呢？

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 at -- 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.

我們還不知道，喬爾。這是事實。我們開闢一個範圍。當我們打開一個範圍時，我們用這個價差來做，這是因為我們不知道。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──如果你願意的話，我可以在這個階段為大洋兩岸的人們辯論此事。所以我們真的不知道，也無法回應。

Okay, my final question is a lot, 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 that as you now sit in the seat.

好的，我的最後一個問題很多，對你來說有點私人。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，我想您在早些時候的電話會議中談到了關於維持您現在擔任的職位時圍繞不同事物的目標的準備好的發言。

What might ICL do differently under your leadership and say be? 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 of what he did, but -- from the team with them, but I think you get my question.

在您的領導下，ICL 可能會做出哪些不同的舉動？您有一些事情、一些想法嗎？也許您可以分享一下，您對所做的事情的初步想法與 [Raviv] 略有不同。您已經談到做很多他所做的事情，但是 - 從團隊角度來說，但我想您明白我的問題了。

Yeah. 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 roadmap. So please, if you can wait a bit and, I promise I'll come back to the market with a clear plan and clear program for the future.

是的。所以我很想回答這個問題，但請再給我 25 美分，就像我上次承諾的那樣。年底前，跟大家分享一下。我們現在正在審查該策略和路線圖。所以，如果您能稍等片刻，我保證我會帶著明確的計劃和清晰的未來方案重返市場。

Okay. Thank you very much.

好的。非常感謝。

(Operator Instructions)

（操作員指示）

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 their 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。所以，感謝大家今天的加入我們。總而言之，從我們的角度來看，第二季度符合他們的預期，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。

Thank you.

謝謝。

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。