ICL Group Ltd (ICL) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to ICL third quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Wednesday, November 12, 2025.

各位女士、先生，早安，歡迎參加 ICL 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月12日星期三錄音。

I would now like to turn the conference over to Peggy Reilly Tharp. Please go ahead.

現在我將把會議交給佩吉·雷利·薩普主持。請繼續。

Thank you. Hello, everyone. I'm Peggy Reilly 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 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。我是佩吉·雷利·薩普，ICL集團全球投資者關係副總裁。歡迎各位，感謝各位今天參加我們的財報電話會議。本次活動將在我們的網站 icl-group.com 上進行網路直播，直播結束後幾個小時將提供回放，隨後不久將提供文字稿。

Earlier today, we filed our reports and our presentation with the securities authorities and the stock exchanges in 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監管機構和證券交易所提交了報告和簡報。這些報告、新聞稿和我們的簡報也可以在我們的網站上找到。請務必查看簡報第 2 頁的免責聲明。

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》所界定的前瞻性陳述。這些聲明是基於管理層目前的預期，並不能保證未來的業績。本公司不承擔在任何時候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 will open the line for a Q&A session. I would now like to turn the call over to Elad.

我們將首先由執行長埃拉德·阿哈龍森先生作報告，然後由財務長阿維拉姆·拉哈夫先生作報告。演講結束後，我們將開放問答環節。現在我想把通話轉給埃拉德。

Thank you, Peggy, and welcome, everyone, to our third quarter 2025 earnings call. Since our last report, we have begun to witness significant positive actions in Israel that sees higher the return of the hostages and the renewed focus on stability and fit. I'm sure you join us in looking forward to a new normal in the Middle East. Here at ICL, we are also looking forward to executing against our new strategic principles.

謝謝佩吉，也歡迎各位參加我們2025年第三季財報電話會議。自從我們上次報告以來，我們已經開始看到以色列採取重大的積極行動，包括釋放更多人質以及重新關注穩定和福祉。我相信您也和我們一樣，期待中東迎來新的常態。在ICL，我們也期待著貫徹執行我們的新策略原則。

In our earnings release, we included some details, and I will be sharing more information following our quarterly review. As a result to be longer than usual. I want to thank you in advance for your patience, and I look forward to your questions.

我們在收益報告中公佈了一些細節，季度回顧結束後，我將分享更多資訊。因此耗時比平時更長。感謝您的耐心等待，期待您的提問。

Now if you please turn to slide 3 for a brief overview of the quarter. Sales were $1.853 billion, up 6% year over year. For our specialties driven business, sales of $1.461 billion were up 3%. Consolidated adjusted EBITDA was $398 million. This amount improved 4% year over year and was up 13% on a sequential basis.

現在請翻到第 3 張投影片，簡單概述一下本季的狀況。銷售額達18.53億美元，年增6%。在我們以特色產品為主導的業務中，銷售額為 14.61 億美元，成長了 3%。經調整後的合併 EBITDA 為 3.98 億美元。該金額較去年同期成長 4%，較上季成長 13%。

In the third quarter, adjusted diluted earnings per share were $0.10. Operating cash flow of $308 million improved nearly $40 million sequentially.

第三季度，經調整後的稀釋每股收益為 0.10 美元。營運現金流為 3.08 億美元，季增近 4,000 萬美元。

In general, the quarter was in line with expectations. Overall, prices continue to improve in the third quarter. Trends were generally consistent across the end markets we serve. However, sentiment and performance varied by region.

整體而言，本季業績符合預期。總體而言，第三季價格持續改善。在我們所服務的終端市場中，趨勢大致上是一致的。然而，不同地區的消費者情緒和表現有所不同。

Let's start with a review of our divisions and begin with our Industrial Products business on slide 4. For the third quarter, sales of $295 million were down slightly year over year. However, EBITDA improved on an annual basis and came in at $67 million.

讓我們先回顧一下我們的各個部門，從第 4 頁的工業產品業務開始。第三季銷售額為 2.95 億美元，較去年同期略有下降。然而，EBITDA 年比有所改善，達到 6,700 萬美元。

Overall results were in line with the first half of the year as expected. For flame retardants, performance was mixed. Sales of phosphorus-based products improved. However, bromine-based sales were impacted by continued softness in the construction end markets. Other end markets remained stable, including clear brine fluid sales to the oil and gas. Specialty Minerals reported strong results for the third quarter with good demand from the food end markets.

整體結果與上半年預期一致。對於阻燃劑而言，性能參差不齊。磷基產品的銷量有所提升。然而，由於建築終端市場持續疲軟，溴基產品的銷售受到了影響。其他終端市場保持穩定，包括向石油和天然氣行業銷售的清鹽水。特種礦物業務第三季業績強勁，食品終端市場需求良好。

Turning to third quarter results for our potash division on slide 5. Sales were $453 million with EBITDA of $169 million. Our average potash price for the third quarter was $353 per ton. This improved 6% on a sequential basis and was up nearly 20% year over year.

接下來請看投影片 5，了解我們鉀肥部門的第三季業績。銷售額為 4.53 億美元，EBITDA 為 1.69 億美元。第三季鉀肥平均價格為每噸 353 美元。這一數字環比增長了 6%，同比增長了近 20%。

Potash sales volume of 1,046,000 metric tons in the third quarter were roughly stable on an annual basis. Importantly, we saw a sequential increase in potash production. During the third quarter, we continued to maximize the profitability of our potash resources. Whenever possible, we prioritize potash supply to the best global market.

第三季鉀肥銷量為104.6萬噸，與去年同期相比基本保持穩定。重要的是，我們看到鉀肥產量逐年增加。第三季度，我們持續最大限度地提高鉀肥資源的獲利能力。只要條件允許，我們都會優先向全球最佳市場供應鉀肥。

For this quarter, my commentary around potash goes beyond our financial results. If you will turn to slide 6, I wish to address a matter that has resulted in some questions from investors. As you know, last week, we signed an MOU with the State of Israel regarding the concession.

本季度，我對鉀肥的評論將超出我們的財務表現範圍。請翻到第 6 張投影片，我想談談投資人提出的一些問題。如您所知，上週我們與以色列國簽署了一份關於特許權的諒解備忘錄。

First and foremost, we view this MOU as a positive and proactive step. It is expected to provide long-term regulatory clarity and business certainty.

首先，我們認為這份諒解備忘錄是一個積極主動的舉措。預計將提供長期的監管清晰度和商業確定性。

It also allows ICL to responsibly prepare for the conclusion of the current concession in 2030 and also positions us for the awarding of the new concession at that time. Importantly, we believe this agreement will improve the terms of the future concession and that we remain the leading candidates to be awarded the new concession and to extract the greatest economic value out of it.

這也使得 ICL 能夠負責任地為 2030 年當前特許經營權的結束做好準備，並使我們能夠為屆時授予新的特許經營權做好準備。重要的是，我們相信這項協議將改善未來特許經營權的條款，並且我們仍然是獲得新特許經營權並從中獲取最大經濟價值的領先候選人。

The situation requires a careful review and choice between two alternatives and I will now explain our rationale. The state made it clear that its plans to launch a competitive tender as required by law. It also insisted of the legal transfer of the assets upon expiration as stipulated by law, the low rents in the right of first offer and the right to compensation for the assets.

這種情況需要仔細審查並在兩種方案中做出選擇，我現在將解釋我們的理由。州政府明確表示，將依照法律規定啟動競爭性招標。它還堅持要求依照法律規定，在租賃期滿時合法轉移資產，優先購買權下的低租金以及資產補償權。

We determined it was prudent to reach an informed upfront agreement rather than potentially face prolonged disputes for uniliteral actions by the state of Israel including by legislation affecting our rights. Now that the tender is open to all and the value that's being placed on our assets, we believe the process will result in overall further and more attractive new concession terms.

我們認為，與其因以色列政府單方面採取的行動（包括透過立法影響我們的權利）而面臨曠日持久的爭端，不如事先達成知情的協議，這樣才是明智之舉。既然招標已向所有人開放，並且我們的資產也得到了充分的重視，我們相信這一過程將帶來更具吸引力的新特許經營條款。

In addition, we believe we have achieved two critical uncertainties. First, we secured compensation of approximately $2.54 billion plus or directing cost amounting of hundreds of millions of dollars if we were not to win the concession.

此外，我們認為我們已經實現了兩個關鍵的不確定性。首先，我們獲得了約 25.4 億美元的補償，或者，如果我們未能贏得特許權，則需承擔數億美元的指導成本。

We also established certainty on the timing of this payment. Without the MOU, the end of the concession might have resulted in transfer of the assets without full and immediate compensation. Also, it is important to mention that the agreements regarding the asset value are not expected to have a material impact on our financial results.

我們也確定了付款時間。如果沒有這份諒解備忘錄，特許經營權的終止可能會導致資產轉移，但無法獲得充分和及時的補償。此外，值得一提的是，有關資產價值的協議預計不會對我們的財務表現產生重大影響。

Second, we avoided the possibility of extended legal proceedings prepared for in partaking in any complex legal action would have potentially disrupted the day-to-day operations essential for managing a global company.

其次，我們避免了曠日持久的法律訴訟，因為參與任何複雜的法律訴訟都可能擾亂一家全球公司日常營運所需的程序。

We favor the path of upfront consensus over potentially lengthy disputes and legal proceedings. And once the terms of the future concession are published, we will review them and determine if they are economically viable.

我們傾向於事先達成共識，而不是陷入可能曠日持久的爭端和法律訴訟。一旦未來特許經營條款公佈，我們將對其進行審查，並確定其在經濟上是否可行。

We continue to believe that ICL is the most suitable candidate to be award of the future concession. We currently intend to participate in the process once it begins assuming, of course, that the terms are economically viable.

我們仍然認為 ICL 是未來特許經營權的最佳獲得者。我們目前打算在流程啟動後參與其中，當然，前提是條款在經濟上可行。

At ICL, we've been operating for more than 100 years. Our knowledge is far deeper than any other potential bidders. We possess accumulated proficiencies and practical operational experience. These and other advantages position ICL as a proven entity with the capability to manage this unique and complex opportunity.

ICL已有100多年的營運歷史。我們掌握的資訊遠比任何其他潛在競標者都多。我們擁有豐富的專業技能和實際操作經驗。這些優勢以及其他優勢使 ICL 成為一家實力雄厚、有能力把握這一獨特而複雜機會的企業。

Now turning back to our quarterly update with a review of the Phosphate Solutions division on slide 7. Strong quarter sales of $605 million were up 5% on an annual basis. Sales improved on higher specialty volumes and higher commodity prices. EBITDA of $134 million was in line with the prior quarter, but down slightly versus the prior year as expected.

現在讓我們回到季度更新，在第 7 頁幻燈片中回顧磷酸鹽解決方案部門的情況。本季銷售額強勁成長，達到 6.05 億美元，較去年同期成長 5%。特種產品銷售增加和商品價格上漲帶動了銷售額的成長。EBITDA 為 1.34 億美元，與上一季持平，但如預期，與去年同期相比略有下降。

Overall, profitability was impacted by higher raw material costs, especially for Sulphur. Specialty food phosphates delivered strongest quarter in two years with continued strategy execution.

整體而言，原物料成本上漲影響了獲利能力，尤其是硫磺成本上漲​​。特種食品磷酸鹽業務在持續執行策略的推動下，實現了兩年來最強勁的季度業績。

In China, our YPH joint venture benefited from both higher prices and volumes and an increase in demand for battery materials. Overall, phosphate specialties performance was as expected with most regions remaining stable. However, softness continue in Europe, a trend that is expected to linger into the fourth quarter.

在中國，我們的YPH合資企業受益於電池材料價格和銷售的上漲以及需求的成長。整體而言，磷酸鹽特種產品的表現符合預期，大多數地區保持穩定。然而，歐洲經濟疲軟的局面仍在持續，預計這一趨勢將持續到第四季。

This brings us to our growing Solutions business division on slide 8. Third quarter sales of $561 million improved 4% year over year. Our continued strategic focus on global specialty solutions, which have been customized for regional customers helped to drive annual and quarterly improvements.

這就引出了我們在第 8 頁投影片中提到的不斷發展的解決方案業務部門。第三季銷售額為 5.61 億美元，年增 4%。我們持續專注於為區域客戶量身定制的全球專業解決方案，有助於推動年度和季度業績的提升。

This was the case in both North America and Europe. In both regions, we saw continued solid execution of our growth plan. Sales in Asia improved in the third quarter, but rising raw material costs impacted profit. This trend is likely to extend into the fourth quarter.

北美和歐洲的情況都是如此。在這兩個地區，我們都看到了成長計畫的持續穩健執行。第三季亞洲地區的銷售額有所改善，但原材料成本上漲影響了利潤。這一趨勢很可能會延續到第四季。

In Brazil, the overall market was under pressure and faced a variety of difficulties. Soy prices remained low and in some areas, there were significantly lower yields. Interest rates for farmers increased across the board, as brand.

在巴西，整體市場面臨壓力和各種困難。大豆價格持續走低，部分地區的產量也大幅下降。農民的利率全面上漲，品牌效應顯著。

For ICL, both sales and profit decreased in Brazil. This was the result of lower volumes due in part reduced farmer affordability but also as raw material cost increase. Farmers are in wait-and-see mode and have deferred their decision-making. This has resulted in pressure on premium products and renewed competition in general.

ICL在巴西的銷售額和利潤均有所下降。這部分是由於農民購買力下降導致產量降低，部分是由於原材料成本上漲。農民目前持觀望態度，推遲了決策。這導致高端產品面臨壓力，並加劇了整體競爭。

Overall, growing solutions product trends in the third quarter were positive, however, farmer affordability on a global basis remained under pressure, and while continuing to gain share in the market, we still have room to grow, and with that, I would like to turn the call over to Aviram for a brief financial overview before I share an update on our guidance and our new strategic principles

整體而言，第三季成長型解決方案產品趨勢向好，但全球農民的購買力仍面臨壓力。儘管我們持續擴大市場份額，但仍有成長空間。接下來，我將把電話會議交給Aviram，請他簡單介紹一下財務狀況，之後我將分享我們的績效指引和新的策略原則。

Thank you, Elad, and to all of you for joining us today. Let us get started on slide 10 with a very quick look at quarterly changes in key market metrics. On a macro basis, global inflation rates came down on average asset interest rates, so two positive indicators.

謝謝埃拉德，也謝謝今天所有到場的各位。讓我們從第 10 張投影片開始，快速看一下關鍵市場指標的季度變化。從宏觀角度來看，全球通膨率和平均資產利率均有所下降，這是兩個正面的指標。

However, global industrial production and US housing starts both decreased versus the prior quarter. For fertilizers, the picture was more mixed, both the grain price index and pharma sentiment decreased on a quarterly basis. However, sentiment was up significantly year over year.

然而，全球工業生產和美國房屋開工量均較上一季下降。化肥市場的情況則更為複雜，糧食價格指數和醫藥市場情緒均較上月下降。然而，市場情緒較去年同期顯著上升。

Over the same time frame, potash prices improved. There was also an increase in ocean freight rates and reverses from the relatively stable trend of prior quarters.

同期，鉀肥價格上漲。海運運費也有所上漲，扭轉了前幾季相對穩定的趨勢。

One of the other indicators, which is the price of Chinese bromine, which is relevant to industrial products. and prices continued to improve in the third quarter. Europe goods are also an indicator for this business, and they picked up as well. We also follow the modeling activity as this is a good metric for both Industrial Products and phosphate solutions, while roughly flat on a sequential basis, it improved year over year.

另一個指標是與工業產品相關的中國溴的價格，其價格在第三季繼續改善。歐洲商品也是衡量這項業務的指標，它們的價格也有所上漲。我們也關注建模活動，因為這對於工業產品和磷酸鹽溶液來說都是一個很好的指標，雖然環比基本上持平，但同比有所改善。

As phosphate specialty solutions are an important part of the food and beverage end market we also track these trends, which increased to August and significantly ease. If you will now turn to slide 11 for a look at our year over year sales ranges, for the third quarter, sales were up $100 million or 6% with potash, phosphate solutions in growing solutions, all demonstrating growth. Turning to the right side of the slide, you can see a $127 million benefit from higher prices this quarter, which was partially offset by lower volumes.

由於磷酸鹽特種解決方案是食品和飲料終端市場的重要組成部分，我們也追蹤這些趨勢，這些趨勢在 8 月有所增加，之後明顯放緩。現在請翻到第 11 頁，查看我們年比銷售範圍。第三季度，銷售額增加了 1 億美元，增幅達 6%，其中鉀肥、磷酸鹽溶液等增長型溶液均實現了成長。翻到幻燈片的右側，可以看到本季價格上漲帶來了 1.27 億美元的收益，但銷量下降部分抵消了這一收益。

On Slide 12, you can see our third quarter EBITDA, which improved 4% versus the prior year. Similar to sales, we saw higher prices and lower volumes. Once again, we saw a significant increase in raw material costs.

在第 12 張投影片中，您可以看到我們第三季的 EBITDA，與去年同期相比成長了 4%。與銷售情況類似，我們看到價格上漲，銷量下降。原材料成本再次大幅上漲。

Before I turn the call back over to Elad, I would like to quickly share a few highlights on slide 13. Our balance sheet remains strong with available resources of $1.6 billion, our net debt to adjusted EBITDA rate is at 1.4 times, and we delivered operating cash flow of $308 million.

在將電話轉回給埃拉德之前，我想快速分享第 13 張投影片上的一些要點。我們的資產負債表依然穩健，可用資源達 16 億美元，淨負債與調整後 EBITDA 比率為 1.4 倍，我們實現了 3.08 億美元的營運現金流。

Once again, we're distributing 50% of adjusted net income to our shareholders. This translates to a total dividend of $62 million and results in a trailing 12-month dividend yield of 2.8%. And with that, I would like to turn the call back over to Elad for a review of our guidance and our strategic outlook.

我們再次將調整後淨利潤的 50% 分配給股東。這意味著總股息為 6,200 萬美元，過去 12 個月的股息殖利率為 2.8%。接下來，我想把電話轉回給埃拉德，讓他回顧我們的指導方針和戰略展望。

Thank you, Aviram. Before moving to an overview of our new strategic principles, I would ask you to turn to slide 15 and the review of our 2025 guidance, which we are maintaining. For our specialties driven businesses, we continue to expect EBITDA to be between $0.95 billion to $1.15 billion in 2025. For potash sales volumes, we continue to expect this amount to be between 4.3 million and 4.5 million metric tons. So until this point, we have talked about the third quarter and the Dead Sea concession.

謝謝你，阿維拉姆。在概述我們的新策略原則之前，請翻到第 15 頁，回顧我們 2025 年的指導方針，我們將繼續保持這一方針。對於我們以專業技術為導向的業務，我們仍然預計 2025 年 EBITDA 將在 9.5 億美元至 11.5 億美元之間。對於鉀肥銷售量，我們仍然預計該數量將在 430 萬至 450 萬噸之間。到目前為止，我們已經討論了第三季和死海特許經營權。

Now after eight months as ICL's CEO, I would like to share with you how I see the company's future and where I would like to leave it in the next few years. Over that time, we see three mega trends taking shape and these are shown in slide 17.

現在，在擔任 ICL 執行長八個月後，我想和大家分享我對公司未來的看法，以及我希望公司在未來幾年能發展到什麼程度。在此期間，我們看到三大趨勢逐漸形成，這些趨勢在第 17 張投影片中有所展示。

First, in world with growing population and increasingly strained resources, the pressure for food availability is escalating. Second, many nations have realized the necessity of preserving resources in order to ensure the access to food and minerals. Third, in a world of deglobalization, geopolitics, and trade wars the importance of being a company with global reach and local customization is becoming even more critical. We see ICL as a strategic player capable of addressing these trends.

首先，在人口不斷成長、資源日益緊張的世界裡，糧食供應壓力不斷增加。第二，許多國家已經意識到保護資源的必要性，以確保獲得食物和礦產資源。第三，在去全球化、地緣政治和貿易戰的背景下，擁有全球影響力和在地化客製化能力的公司的重要性變得更加關鍵。我們認為 ICL 是一個能夠應對這些趨勢的策略參與者。

On slide 18, you can see that approximately 70% of our business addresses the issue of food availability. ICL also benefits from access to key mineral resources mainly potash, phosphate, and bromine. While potash is frequently sought, our largest mineral in terms of sales is actually a second to phosphate.

從第 18 張投影片可以看出，我們大約 70% 的業務都與食品供應問題有關。ICL 也受惠於關鍵礦產資源的獲取，主要是鉀肥、磷酸鹽和溴。雖然鉀肥經常被人們需要，但就銷售而言，我們最大的礦產實際上僅次於磷酸鹽。

Hence, we are well represented geographically across Europe, North and South America, and Asia, both in terms of sales and production. This enables us to provide global reach with local empowerment, which is especially important as more countries are turning inward in the search for critical solutions.

因此，無論從銷售或生產方面來看，我們在歐洲、北美、南美和亞洲都有良好的地理分佈。這使我們能夠透過增強本地能力來實現全球覆蓋，這一點尤其重要，因為越來越多的國家正在轉向內部尋求關鍵解決方案。

But we know we can do more to maximize our resources and positioning. And that is why ICL is preparing to embark on its next chapter. Over the past several months, we completed a comprehensive review of the company, and you can see an outline of this process in slide 19.

但我們知道，我們可以做得更多，以最大限度地利用我們的資源和優勢。也正因如此，ICL 準備開啟新的篇章。在過去的幾個月裡，我們對公司進行了全面的審查，您可以在第 19 張投影片中看到這一過程的摘要。

We worked with our team and other experts to examine every aspect of ICL, we began by looking back at our results over the past fivd years. While we have had some good successes, we also experienced some misplaced opportunities, which became distraction to our core businesses.

我們與團隊和其他專家合作，對 ICL 的各個方面進行了研究，首先回顧了過去五年的研究成果。雖然我們取得了一些不錯的成功，但也遇到了一些錯失良機的情況，這些機會分散了我們對核心業務的注意力。

Next, we looked at the future and reviewed the challenges and opportunities ahead. With so many changes on the horizon, we needed to analyze the long-term healthiness of our current businesses and work to identify future growth engines. For this exercise, we looked both within our core and at new potential segments.

接下來，我們展望未來，回顧了未來面臨的挑戰和機會。鑑於未來將面臨許多變化，我們需要分析現有業務的長期健康狀況，並努力尋找未來的成長引擎。為了進行這項練習，我們既考察了我們的核心業務，也考察了新的潛在細分市場。

For each specialty business, we reviewed market momentum, including top trends, market size and the value of the business. We also analyzed our competitive position and our unique value proposition. At this point, we discovered that many of our businesses are at the core of ICL. They are stable and successful contributors, and we will work to maintain these businesses and improve their competitive position.

針對每個專業領域，我們檢視了市場動能，包括主要趨勢、市場規模和企業價值。我們也分析了自身的競爭地位和獨特的價值主張。這時，我們發現我們的許多業務都是 ICL 的核心。它們是穩定且成功的貢獻者，我們將努力維持這些業務並提高它們的競爭力。

However, our research also showed that some of our businesses might not be as good of a fixed to our future. This led us to reach the key takeaways on slide 20. First, we will expand in the market that are within our core and where we have significant growth potential. While we carefully examine growth opportunities outside our core we concluded that we are already participating in very attractive markets.

然而，我們的研究也表明，我們的一些業務可能並非我們未來的可靠保障。這使我們在投影片 20 中總結出了關鍵要點。首先，我們將拓展核心業務領域內具有顯著成長潛力的市場。儘管我們仔細考察了核心業務以外的成長機會，但我們最終認為我們已經進入了非常有吸引力的市場。

Second, we will extract value from the markets where we are already leaders. For these businesses, we will focus on maintaining our position while driving cost and profitability. Third, we plan to examine businesses that are either not synergetic or have low potential. We will also consider redirecting our resources to focus on better aligned opportunities.

其次，我們將從我們已經處於領先地位的市場中獲取價值。對於這些業務，我們將專注於維持市場地位，同時降低成本並提高獲利能力。第三，我們計劃檢視那些沒有綜效或潛力較低的企業。我們也將考慮重新分配資源，集中精力於更契合自身需求的機會。

This brings us to slide 21 and our three strategic principles. The first is profitable growth, targeting specialty crop nutrition and specialty food solutions. The second is relating to maximizing and improving the businesses that we have identified as core to ICL and this includes our phosphate, potash, and bromine resources.

這就引出了第 21 張投影片和我們的三個策略原則。首先是獲利成長，目標是特種作物營養和特種食品解決方案。第二點是關於最大限度地發展和改進我們已確定為 ICL 核心的業務，其中包括我們的磷酸鹽、鉀肥和溴資源。

The third is dedicated to portfolio optimization and cost efficiency. All three of these principles will benefit from our willingness to embrace new technologies like AI and our deep history of innovation. When combined, this renewed strategic approach will allow ICL to shape its own future.

第三部分致力於投資組合優化和成本效益。這三項原則都將受益於我們樂於接受人工智慧等新技術以及我們深厚的創新歷史。綜合運用這些新策略，ICL 將能夠塑造自己的未來。

I would now like to share more about this future and our overall strategy going forward. The review we completed helped us to identify two distinct businesses, which you can see on slide 23. We believe specialty crop nutrition and specialty food solutions have the potential to be significant growth engines for ICL. These are two areas where we already have deep experience and broad exposure and the future looks bright.

現在我想和大家分享更多關於未來以及我們整體發展策略的資訊。我們完成的審查幫助我們確定了兩個不同的企業，您可以在第 23 頁幻燈片中看到。我們相信，特種作物營養和特殊食品解決方案有可能成為 ICL 的重要成長引擎。在這兩個領域，我們已經累積了豐富的經驗和廣泛的接觸，未來前景一片光明。

To help share our vision, I would like to dive a bit deeper into each principle. Let's begin with our two growth engines: Specialty Crop Nutrition and Specialty Food Solutions. As you know, ICL growing Solutions segment is already a global leader in specialty crop nutrition with room to grow and become even more dominant in this space.

為了更好地闡述我們的願景，我想更深入地探討每個原則。讓我們先從我們的兩大成長引擎說起：特種作物營養和特種食品解決方案。如您所知，ICL 的種植解決方案部門已是特種作物營養領域的全球領導者，並且還有成長空間，能夠在這個領域佔據更大的主導地位。

On slide 24, you can see that in 2020, our Specialty Crop Nutrition sales were $1 billion with EBITDA of approximately $60 million. Since that time, we have expanded geographically, enhanced our operations and logistics, completed multiple acquisitions, and improved our R&D efforts.

從第 24 張投影片可以看出，2020 年，我們的特種作物營養銷售額為 10 億美元，EBITDA 約為 6,000 萬美元。自那時以來，我們在地域上擴大了規模，增強了營運和物流能力，完成了多次收購，並提高了研發投入。

As a result, in 2024, we delivered specialty crop infusion sales of $2 billion. EBITDA increased more than 3 times to approximately $200 million, and we are on track to continue this trend. But our research has shown that there is still room to grow, this is due to expected changes in the market and the overall macro environment, including global food security, which I already mentioned.

因此，到 2024 年，我們的特種作物浸液銷售額達到了 20 億美元。EBITDA成長超過3倍，達到約2億美元，我們可望繼續維持這一成長趨勢。但我們的研究表明，仍有成長空間，這是由於市場和整體宏觀環境（包括我之前提到的全球糧食安全）的預期變化所致。

As you can see on slide 25, the population has doubled since the 70s, but the land meant to feed it has remained unchanged. Thanks to increased use of specialty fertilizers, which helped improve yields, there is still enough food. The importance of specialty fertilizers is expected to increase as agriculture production efficiency and sustainability remain critical to food security.

正如你在第 25 張幻燈片上看到的那樣，自 1970 年代以來人口翻了一番，但用來養活它的土地卻保持不變。由於特種肥料的廣泛使用提高了產量，糧食供應仍然充足。隨著農業生產效率和永續性對糧食安全仍然至關重要，特種肥料的重要性預計將會增加。

Specialty Crop Nutrition products are the answer. As you can see in slide 26, this market is expected to grow at 6% rate from $32 billion in 2024 to more than $45 billion in 2030. Here at ICL, we are already well positioned to capture this growth. This is thanks to our broad portfolio of global specialty solutions and our significant regional presence.

特種作物營養產品是解決之道。如投影片 26 所示，預計該市場將以 6% 的速度成長，從 2024 年的 320 億美元成長到 2030 年的 450 億美元以上。ICL已經做好充分準備，迎接這項成長機會。這得益於我們廣泛的全球專業解決方案組合和強大的區域影響力。

And going forward, we plan to target the areas on slide 27 with a distinct focus on global reach with local empowerment. We will target strategic acquisitions, including bolt-on opportunities to expand our product capabilities.

展望未來，我們計劃重點關注第 27 頁幻燈片中列出的領域，並著重於在全球範圍內擴大影響力，同時增強本地能力。我們將著眼於策略性收購，包括透過補充收購來擴展我們的產品能力。

We also intend to develop a leading position in the growing areas of biostimulant nutrient use efficiency and organic and recycled products. Our efforts in these areas will be augmented by changes in our portfolio mix, which are designed to drive sales in more profitable product categories. And this work has already begun in Europe.

我們還計劃在生物刺激劑營養利用效率以及有機和再生產品等快速成長的領域發展成為領先地位。我們將透過調整產品組合來加強在這些領域的努力，旨在推動利潤更高的產品類別的銷售。這項工作已經在歐洲開始了。

We will also drive sustainable and profitable expansion into high-growth geographies such as India, China, and Brazil. These expansions will be through targeted capital investment and will be bought by acquisition and on an organic basis.

我們也將推動向印度、中國和巴西等高成長地區進行可持續和獲利的擴張。這些擴張將透過有針對性的資本投資來實現，並透過收購和自身發展的方式進行。

Turning now to slide 28 and our second growth engine Specialty Food Solutions, which is part of our Phosphate Solutions segment. We are already leading the $1.5 billion food specialties markets. However, this represents a small piece of the total food ingredients by worth approximately $150 billion and growing at an expected rate of more than 6% over the next five years.

現在就來看看第 28 張投影片，以及我們的第二個成長引擎——特種食品解決方案，它是我們磷酸鹽解決方案部門的一部分。我們在價值15億美元的特色食品市場中已處於領先地位。然而，這僅佔食品原料總價值約 1500 億美元的一小部分，預計未來五年將以超過 6% 的速度成長。

On slide 29, you can see how well we are positioned in the functional food ingredients market. However, we plan to move beyond the relatively narrow field of phosphate-based ingredients, and to extend our reach into new target markets.

從第 29 張投影片可以看出，我們在功能性食品配料市場佔有多麼有利的地位。然而，我們計劃超越磷酸鹽基成分這一相對狹窄的領域，並將業務拓展到新的目標市場。

As you know, ICL is already participant in many food end markets. In 2024, our Specialty Food Solutions sales totaled more than $0.5 billion. We are confident that we have the assets and the capabilities to expand deeper into the robust food ingredients market.

如您所知，ICL 已涉足多個食品終端市場。2024年，我們的特種食品解決方案銷售額超過5億美元。我們有信心，我們擁有足夠的資產和能力，可以進一步拓展蓬勃發展的食品配料市場。

However, we want to be sure we do so in focused, strategic, and successful manner. As a result, we analyzed a wide array of possibilities and looked at each based on both attractiveness in general and fit with ICL.

但是，我們希望確保以目標明確、策略得當且成功的方式做到這一點。因此，我們分析了各種可能性，並根據其整體吸引力和與 ICL 的契合度對每種可能性進行了考察。

These efforts led to our focus on four distinct functional food ingredients. These markets will provide us with exposure to approximately $35 billion in value and expected average five-year growth rate of approximately 6%.

這些努力使我們專注於四種不同的功能性食品成分。這些市場將使我們有機會接觸到約 350 億美元的價值，預計五年平均成長率約為 6%。

On slide 30, you can see that we are well positioned to capture the expected growth in these markets. We will be able to leverage our existing global footprint. This includes production, innovation, and sales locations across key and growing regions.

從第 30 頁投影片可以看出，我們已做好充分準備，抓住這些市場預期的成長機會。我們將能夠充分利用我們現有的全球佈局。這包括遍布重點和成長地區的生產、創新和銷售地點。

Our Specialty Food Solutions already cater to 7 out of the top 10 biggest global food companies as shown on slide 31. This is in addition to more than 2,000 other customers and all of them demand quality and consistency from their partners.

如投影片 31 所示，我們的特色食品解決方案已經為全球十大食品公司中的 7 家提供服務。除了我們之外，我們還有 2000 多家其他客戶，他們都要求合作夥伴提供高品質、穩定性的服務。

When it comes to Specialty Food Solutions, ICL possess a unique combination of technical functionalities, robust infrastructure, and category expertise shown on slide 32. We expect to leverage these strengths as we expand deeper into functional food ingredients. To grow in these markets, we intend to focus on the areas where we believe we can reach a market leadership position.

在特種食品解決方案方面，ICL 擁有獨特的技術功能、強大的基礎設施和品類專業知識的組合，如幻燈片 32 所示。我們預期在進一步拓展功能性食品配料業務的過程中，充分利用這些優勢。為了在這些市場實現成長，我們打算專注於我們認為能夠取得市場領導地位的領域。

On slide 33, you can see that this includes preservatives and levering agents, among others. As part of these efforts, we will aggressively target acquisitions and other opportunities that leverage our existing assets. This includes our people, global footprint, customer base.

從第 33 張幻燈片可以看出，其中包括防腐劑和增稠劑等。作為這些努力的一部分，我們將積極尋求收購和其他能夠利用我們現有資產的機會。這包括我們的員工、全球佈局和客戶群。

Over the next five years, we are looking for organic growth rate of more than 6%, this growth will complement our strategic acquisitions. We expect to achieve this goal through solutions that provide existing customers and new food and beverage companies with bundled solutions. This overall approach to profitable growth by targeting specialty crop nutrition and specialty food solutions will allow us to significantly advance our business while reducing risk.

未來五年，我們力爭實現6%以上的內生成長率，這項成長將與我們的策略收購互補。我們希望透過為現有客戶和新的食品飲料公司提供捆綁式解決方案來實現這一目標。透過瞄準特種作物營養和特種食品解決方案來實現盈利增長的整體方法，將使我們能夠在降低風險的同時顯著推進業務發展。

It enables us to drive expansion while still staying close to our core businesses, which brings us to our next principle on slide 34, maximizing our core businesses. This includes our potash segment, our Industrial Products segment, and our commodity phosphate operations.

它使我們能夠在保持與核心業務緊密聯繫的同時推動業務擴張，這就引出了我們在第 34 頁投影片上的下一個原則：最大限度地發揮我們的核心業務。這包括我們的鉀肥業務、工業產品業務和商品磷酸鹽業務。

Let us first start with potash on slide 35. Earlier, we talked about the concession but I want to reiterate that we are preparing to win the next Dead Sea concession. This is part of our ongoing strategy as we continue to believe ICL is the most suitable candidate.

讓我們先從第 35 頁的鉀肥開始。之前我們談到了特許經營權，但我想重申，我們正在準備贏得下一個死海特許經營權。這是我們持續策略的一部分，因為我們仍然認為ICL是最合適的候選人。

In parallel, we will continue to work on operational excellence and to maintain our competitive cost position. At the Dead Sea, we intend to return production rates to prewar levels. In Spain, we expect to increase production to all-time heights as the turnaround at this location continues.

同時，我們將持續致力於提升營運效率，並保持成本競爭力。在死海，我們計劃將產量恢復到戰前水準。在西班牙，隨著該工廠的持續改造，我們預計產量將達到歷史最高水準。

The second of our core businesses found on slide 36 is our Industrial Products segment, a stable and profitable part of ICL. We already serve as a global market leader in bromine. We intend to maintain that position and to continue developing new bromine and flame retardant application. This is in addition to meeting customer demand from the various specialty end markets we serve.

我們在投影片 36 中列出的第二個核心業務是我們的工業產品部門，這是 ICL 的一個穩定且獲利的部分。我們已是溴市場的全球領導者。我們打算保持這一地位，並繼續開發新的溴和阻燃劑應用。除了滿足我們所服務的各個專業終端市場的客戶需求之外，我們還提供其他服務。

Our third core business is the nonfood-related portion of our Phosphate Solutions segment, which is shown on slide 7. This includes our stable and profitable industrial phosphate solutions, which are part of a growing market with strong demand.

我們的第三項核心業務是磷酸鹽解決方案部門中與食品無關的部分，如幻燈片 7 所示。這包括我們穩定且獲利的工業磷酸鹽解決方案，這是需求強勁且不斷成長的市場的一部分。

Not only is our Phosphate Solutions segment fully integrated, which provides cost advantages, we are also the only western manufacturer operating in China. Our production there is interchangeable and serves both our growing solutions business and our phosphate commodities and specialties customers.

我們的磷酸鹽解決方案業務不僅實現了完全一體化，從而帶來了成本優勢，而且我們還是唯一一家在中國運營的西方製造商。我們在那裡生產的物料可以互換，既服務於我們不斷成長的解決方案業務，也服務於我們的磷酸鹽商品和特殊產品客戶。

I would like now to turn to slide 39 and our final principle, optimization and efficiency. As part of this work, we intend to optimize our efforts and focus our resources on the opportunities best aligned with our core businesses. This will result in the examination of some businesses that have fewer synergies and lower potential.

現在我想轉到第 39 張投影片，也就是我們的最後一個原則：最佳化和效率。作為這項工作的一部分，我們計劃優化我們的工作，並將資源集中在與我們核心業務最契合的機會上。這將導致一些協同效應較弱、潛力較低的企業受到審查。

As part of our portfolio optimization efforts we have shifted our approach to LFP battery materials shown on slide 40. While we will remain a provider of raw materials to battery customers we will not be moving further downstream into cathode-active materials. This means we will be discontinuing our planned global LFP extension and this includes construction of the previously announced project in St. Louis, US, and in Spain.

作為我們產品組合優化工作的一部分，我們已將方法轉向幻燈片 40 中所示的 LFP 電池材料。雖然我們仍將為電池客戶提供原料，但我們不會進一步向下游拓展到正極活性材料領域。這意味著我們將停止原計劃的全球 LFP 擴展項目，其中包括先前宣布的在美國聖路易斯和西班牙的項目建設。

After a careful review of shifting external dynamics, it became apparent that this was the best course of action for ICL. With increasing level of investments on one hand, lower-than-expected prices, on the other hand, proceeding with our LFP battery materials project, would have embedded our ability to develop other businesses. So at this time, we believe directing our most significant investments into our two growth engines will provide greater shareholder value.

經過仔細評估外在環境的變化，很明顯，這是 ICL 的最佳行動方案。一方面，投資水準不斷提高；另一方面，價格低於預期；繼續推進我們的磷酸鐵鋰電池材料項目，將使我們有能力發展其他業務。因此，我們認為，目前將最重要的投資投入到我們的兩大成長引擎中，將為股東創造更大的價值。

In addition to optimization, we also plan to drive efficiency and increase productivity across our entire business. As you can see in slide 41, we expect to improve efficiency by transforming ICL into an AI-driven organization. AI will be embedded into the core of our decision, processes, and products.

除了優化之外，我們還計劃提高整個業務的效率和生產力。正如您在第 41 張幻燈片中看到的那樣，我們希望透過將 ICL 轉型為人工智慧驅動型組織來提高效率。人工智慧將融入我們決策、流程和產品的核心。

We will not just be adopting isolated AI tools, we will be rethinking how ICL innovates, operates, and delivers value. We also expect to use AI to help drive the significant operational efficiencies shown on slide 42. Our key focus areas and targeted initiatives encompass operations and maintenance including labor costs, logistics, supply chain, and procurement and product line optimization.

我們不僅會採用孤立的人工智慧工具，還會重新思考 ICL 如何進行創新、營運和創造價值。我們也希望利用人工智慧來幫助推動幻燈片 42 所示的顯著營運效率提升。我們的主要關注領域和重點措施涵蓋營運和維護，包括勞動力成本、物流、供應鏈、採購和產品線優化。

Before we begin the Q&A, I would like to turn to slide 43 and review our three principles one final time. The first is profitable growth, targeting specialty crop nutrition and Specialty Food Solutions. The second is relating to maximizing and improving the businesses we have identified as core to ICL. The third is dedicated to portfolio optimization and cost efficiency.

在開始問答環節之前，我想翻到第 43 頁，最後回顧一下我們的三個原則。首先是獲利成長，目標是特種作物營養和特種食品解決方案。第二點是關於最大限度地提高和改進我們已確定為 ICL 核心的業務。第三部分致力於投資組合優化和成本效益。

As you can see on slide 44, at ICL, we are moving beyond our legacy and are now actively shaping our future. We have a clear and resilient strategy focused on growth, productivity, and efficiency. We have aligned with global trends and are guided by a focused strategy, and we are ready to turn today's opportunities into sustainable and profitable growth for the future.

正如您在第 44 張幻燈片中看到的那樣，在 ICL，我們正在超越我們的傳統，並積極塑造我們的未來。我們擁有清晰且具韌性的策略，專注於成長、生產力和效率。我們順應全球趨勢，以明確的策略為指導，準備將今天的機會轉化為未來可持續的獲利成長。

Before we move to Q&A, I would like to thank all of our employees around the world for another good quarter. As employees of ICL, we are more than just a company. We are a global community connected and grounded in the values of immunity, respect, resilience, and responsibility.

在進入問答環節之前，我想感謝世界各地所有員工又一個季度以來的辛勤付出。身為ICL的員工，我們不只是一家公司的員工。我們是一個全球社區，彼此聯繫緊密，並以免疫力、尊重、韌性和責任感等價值觀為基礎。

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

接下來，我想把電話轉回接線生進行問答環節。

(Operator Instructions)

（操作說明）

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

Obviously, a lot to unpack here. And I'd like to pick up on some of these strategic highlights that you've presented over the last couple of minutes and really want to understand a little bit what you're seeing in terms of future potential in those two major areas, thinking of Specialty Crop Nutrition and Food Solutions.

顯然，這裡有很多資訊需要分析。我想就您在過去幾分鐘提出的一些策略要點進行探討，並真正想了解您對特種作物營養和食品解決方案這兩個主要領域未來潛力的看法。

So starting off on crop nutrition, and you've nicely highlighted this, how you've achieve bigger -- basically doubling in sales but more than a tripling on EBITDA. So the margin still looks though below what some of the traditional businesses or the legacy businesses would be.

所以，從作物營養開始，你已經很好地強調了這一點，你們是如何取得更大成就的——銷售額基本上翻了一番，但 EBITDA 增長了兩倍多。因此，利潤率看起來仍然低於一些傳統企業或老牌企業的利潤率。

So I just want to understand how you think about that business over time from a margin contribution as we evolve and grow that Specialty Crop Nutrition. And then on Food Solutions, you've highlighted that you've talked about you want to expand beyond what might be phosphate based.

所以我想了解，隨著我們不斷發展壯大特種作物營養業務，您如何看待該業務的長期利潤貢獻。然後在食品解決方案方面，您強調您已經談到您想將業務擴展到磷酸鹽以外的領域。

So can you help us maybe understand a little bit if that's more an M&A-driven idea? Is that a partnership, what are the things that you can do in order to expand beyond what is phosphate-based solutions? Those were my two main questions.

那麼，您能否幫我們稍微理解一下，這是否更多的是一種併購驅動的想法？那是一種合作關係嗎？為了拓展業務範圍，超越磷酸鹽解決方案的範疇，你們可以做些什麼？這就是我的兩個主要問題。

Thank you, Ben. Great questions, and let me answer the first one first. So as for specialty crop nutrition, so the potential is huge. And do agree with you that even though we settled the EBITDA in the last few years, still there is room for improvement.

謝謝你，本。問得好，我先回答第一個問題。因此，在特種作物營養方面，其潛力巨大。我同意你的看法，儘管我們在過去幾年裡提高了 EBITDA，但仍有改進的空間。

And in that respect, what we intend to do is, first, there are some R&D efforts that we invested in, in the last two, three years that they will bring fruits in the coming two, three years. It takes time, and that brings some very big solutions in which -- of which we can take premium prices and really unique.

在這方面，我們打算做的是，首先，我們在過去兩三年裡投入了一些研發工作，這些工作將在未來兩三年內取得成果。這需要時間，而時間會帶來一些非常重要的解決方案，我們可以以高價出售這些方案，而這些方案確實獨一無二。

But on top of it, there is another effort, and that's about the portfolio mix. When we are talking about specialty fertilizers or specialty crop nutrition, it's not everything the same. And within this scale of different portfolio products, there are products with much better profitability like biostimulants, (inaudible) specialize and more unique stuff, on the other hand, there are less profitable products.

但除此之外，還有另一個努力，那就是投資組合組合。當我們談論特種肥料或特種作物營養時，並非所有東西都一樣。在這個涵蓋多種不同產品組合的規模中，有些產品的獲利能力要好得多，例如生物刺激劑、（聽不清楚）特種產品和更獨特的產品；另一方面，也有一些產品的獲利能力較差。

I'll give you one example. That's a product based on polysulphate from [modeming] in the UK. And what we are doing now, we start this journey in Europe already, and we saw the results in Q3, but it's just the beginning of the journey is to change this to switch the mix of the portfolio to more profitable products. And I believe it will bring us to EBITDA mid-double digits and that's our target in that respect.

我舉個例子。這是英國 [modeming] 公司生產的以聚硫酸鹽為基礎的產品。我們現在正在做的，已經在歐洲開始了這段旅程，我們在第三季度看到了成果，但這只是旅程的開始，目的是改變現狀，將產品組合轉向更有利可圖的產品。我相信這將使我們的 EBITDA 達到兩位數中段，這也是我們在這方面的目標。

On top of the growth itself, which will come from organic growth but also M&A. So that's about the specialty crop prison. As for the food ingredients, this is a different story. We have a business of $500 million, give or take. And nowadays, within the functional food ingredients. However, we are very focused on a subsegment of this, which is the phosphate-based solution.

除了自身成長（將來自內生成長，也將來自併購）之外，成長本身也會帶來成長。以上就是關於特種作物監獄的情況。至於食材，那就是另一回事了。我們的業務規模約為5億美元。如今，它也被應用於功能性食品配料。然而，我們非常關注其中的一個子領域，即磷酸鹽基解決方案。

And we saw that very similar, very close by. We have some bigger potential market of $35 billion, which is the functional food ingredients, which are not only phosphate, and that's what we are targeting. It will be based on two parallel efforts, one, organic growth in our labs, our labs and with our own workforce we can do much better once we unlock this other market.

我們在附近也看到了非常相似的情況。我們有一個更大的潛在市場，價值 350 億美元，那就是功能性食品配料，它不只是磷酸鹽，而這正是我們的目標市場。這將基於兩項並行努力，一是我們實驗室的有機成長，一旦我們開拓了另一個市場，憑藉我們自己的實驗室和員工，我們可以做得更好。

But on top of it, for sure, we are going for acquisitions. Some of them will be more strategic. Some of them will be bought on. But it will not be on the organic growth, it may be also in nonorganic or M&A based growth. And we are open out also for our partnerships.

但除此之外，我們肯定還會進行收購。他們中的一些人會更具策略性。其中一些會被收購。但成長並非完全依賴內生成長，也可能依賴非內生成長或併購成長。我們也對合作關係持開放態度。

If I may, Ben, I would like to add one thing that from time to time meetings, I pointed out and it's quite strange that strange or not strange that in the specialty fertilizer as well, the contrary, for instance, before protecting, there is no global powerhouse. There is what we see is an opportunity to build a global powerhouse in specialty fertilizer.

如果可以的話，本，我想補充一點，我在一些會議上指出過，這很奇怪，或者說並不奇怪，在特種肥料領域也是如此，恰恰相反，例如，在保護之前，沒有全球巨頭。我們看到了一個打造全球特種肥料巨頭的機會。

Now the analysis can be that such a global strong body did not grow because maybe regulatory was not harsh at this stage. But if you think about it all the time, and the capability of such a global powerhouse to take things from one region to another, one country to another to develop centrally portfolio and then disseminated in various countries.

現在的分析可能是，這樣一個全球性的強大機構沒有發展壯大，或許是因為當時的監管不夠嚴格。但如果你仔細想想，這樣一個全球強國有能力將事物從一個地區帶到另一個地區，從一個國家帶到另一個國家，集中製定產品組合，然後在各個國家進行推廣。

I believe that you can see the potential that ICL from this point on will become significantly bigger. It can go from strength to strength. I think that if you look in the future, and it's not quarter over quarter, but it's a little bit deeper into the future, there should be and there will be a very central point for such a body. That's something that strategically I would point out, and I think it's worth why that's interesting in the food.

我相信大家能夠看出，從現在開始，ICL 的規模將會顯著擴大。它會越來越強大。我認為，如果你展望未來，不是按季度來看，而是展望更長遠的未來，那麼應該而且將會有一個非常中心的機構。這是我在策略上想要指出的一點，我認為值得一提的是，為什麼這在食物中如此有趣。

Okay. Very clear. And then just one real quick one as we look into, I mean, obviously, you're kind of like on track delivering everything and you've reiterated the guidance. But you've highlighted a few things, particularly in South America, pharma sentiment affordability.

好的。非常清楚。然後，在我們深入了解之後，就快速問一個問題，我的意思是，很明顯，你們在交付所有東西方面都進展順利，並且重申了指導方針。但你強調了一些問題，尤其是在南美洲，人們對藥品價格的負擔能力。

So I just want to understand how much might have been just more of a timing issue? What not has happened? May have shifted into the fourth Q? And what is really underlying on a sentiment base, just the availability of credit. How challenging is the situation right now in South America?

所以我想了解一下，這其中有多少可能只是時機問題？什麼事沒有發生？可能已經轉移到第四個問題了？從情感層面來看，真正決定市場走向的其實是信用的可近性。目前南美洲的局勢有多嚴峻？

I think when you say South America, you probably mean that more specific in Brazil, even though South America as a whole, in Argentina, there's a different story going on right now. Other countries are in different shape, but specifically in Brazil, I believe at this stage is quite a unique situation where, obviously, a very, very good and successful agricultural country, has a few factors that are leading hard on it.

我認為你說的南美洲，可能更具體是指巴西，儘管整個南美洲，包括阿根廷，現在的情況有所不同。其他國家的情況各不相同，但就巴西而言，我認為現階段的情況相當獨特，顯然，巴西是一個非常非常優秀和成功的農業國家，但有一些因素正在對其造成嚴重影響。

The credit side is significant, credit available to farmers and the chain, as they call it, is tight, the ability to export to China will probably be hampered to a degree by what is happening between the US and China, specifically talking about.

信貸方面的情況非常重要，農民和他們所謂的「供應鏈」可獲得的信貸很緊張，對華出口能力可能會受到中美之間局勢的影響，特別是關於…

So the interest rate, the real interest rate is being kept very high [interalia] because the Bank of Brazil, who is really independent, believe it or not, is at war with Lula and especially as they enter a election year. And all these things together lead us, and I think what's important to say that I think are a very responsible company, and we are working on this constantly.

因此，實際利率被維持在非常高的位置[部分原因是]，巴西銀行（信不信由你，它確實是獨立的）與盧拉處於敵對狀態，尤其是在他們進入選舉年之際。所有這些因素加在一起，讓我們成為一家非常負責任的公司，我認為重要的是要說，我們一直在為此努力。

And yes, we could have sold significantly more if we had more propensity to let further credit evolve. We are taking the market that we believe is the right one. We are examining all the time. And yes, to a degree, there's some. However, I do believe that over time this will probably be resolved.

是的，如果我們更願意讓信貸進一步發展，我們本來可以賣出更多。我們正在選擇我們認為正確的市場。我們一直在進行審查。是的，在某種程度上，確實存在一些。但我相信隨著時間的推移，這個問題很可能會得到解決。

Not sure Q4 is a cue that is happened. But definitely, going forward, I think it will be because Brazil has been and will be the number one country in the world for agriculture. There's no question about that. So I think that's probably the essence.

不確定第四季度是否是一個已經發生的信號。但可以肯定的是，展望未來，我認為巴西仍將是世界第一農業國，因為巴西過去是、現在是、將來也仍將是世界第一農業國。這點毋庸置疑。所以我覺得這大概就是問題的本質了。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

This is Kevin Estok on for Laurence. So thank you for really diving into your top priorities in specialty crop nutrition, food solutions. I guess my first question is sort of in the same vein as one of the -- one aspect of the previous analyst. And I guess you mentioned biostimulants, but I was wondering if you could share what else was in your pipeline currently? And maybe how much of your assumptions are around sort of acquiring incremental capabilities? And maybe how ICL was positioning itself against its competitors in these spaces.

這裡是凱文·埃斯托克替勞倫斯報道。非常感謝您深入探討特種作物營養和食品解決方案的首要任務。我想我的第一個問題與前一位分析師提出的某個方面有些類似。我猜您提到了生物刺激劑，但我很想知道您目前還有哪些其他研發項目正在進行中？或許你的假設中有多少是基於逐步獲取能力的？或許也能了解 ICL 在這些領域是如何定位自己以對抗競爭對手的。

Okay. So as you probably know, in the last few years, we already acquired five companies in this segment, a growing solutions specialty fertilizers. And we intend to acquire more, one effort is to expand to some new territories. And the other one is to put our hands on some new technology, which is August.

好的。正如您可能知道的那樣，在過去的幾年裡，我們已經收購了該領域的五家公司，即不斷增長的解決方案特種肥料公司。我們打算收購更多企業，其中一項措施是拓展到一些新的地區。另一個目標是在八月接觸到一些新技術。

As for the portfolio itself, I already mentioned, we are moving towards biostimulants, both botanic based biostimulants and microbial based, so this is one element. The other one is a nutrient use efficiency. So we are, I think, a leader in controlled release fertilizers. Now we are bringing the new generation, which is quite real control risk fertilizers and also in the liquid and soluble fertilizers that includes biostatic is another area.

至於產品組合本身，我已經提到過，我們正在向生物刺激劑發展，包括植物性生物刺激劑和微生物性生物刺激劑，這是其中一個面向。另一個指標是養分利用效率。所以我認為，我們在控釋肥料領域處於領先地位。現在我們推出了新一代產品，這些產品能夠真正控制風險肥料，而且在液體和可溶性肥料方面，抑菌劑也是一個重要領域。

There are some other developments from commercial perspective, I would not like to disclose at this point, but we are working on, we have a very strong R&D teams across the globe and we'll bring some news in the near future.

從商業角度來看，還有一些其他的進展，我現在不想透露，但我們正在努力，我們在全球擁有非常強大的研發團隊，我們將在不久的將來發布一些消息。

Again, the portfolio mix will be changed and the profitability, the gross profit of this new portfolio will be much better than the existing. It will not be made in one time, it will take time, but we are on our way.

同樣，投資組合組成將會改變，新投資組合的獲利能力和毛利將比現有投資組合好得多。這不會一蹴而就，需要時間，但我們正在朝著這個方向努力。

Got it. And just for my second question is basically on some of the weaker end markets, industrial, and construction. I guess I was just wondering if you were seeing any green shoots there yet. And maybe what your thoughts were around, I guess, what it takes to turn the bulk end market?

知道了。我的第二個問題主要針對一些較弱的終端市場，例如工業和建築業。我只是想問你那邊有沒有看到任何復甦的跡象。我猜，你當時的想法可能是，如何扭轉大宗終端市場的局面？

Yes. It's Aviram. I think that there's quite a segregation between the different markets. I think in the electronics side, we are seeing better trends. First of all, you see in the end of the day, we switched obviously to the value volume, and we see that the prices quite significantly better.

是的。是阿維拉姆。我認為不同市場之間存在相當大的隔閡。我認為在電子產品領域，我們看到了更好的發展趨勢。首先，你可以看到，在一天結束時，我們顯然轉向了價值成交量，而且我們看到價格明顯好轉。

In China, China is the main driver. So the electronics, I think it's turned the corner. It's not as high as it was in the base of the corner, but it's better, and this is we are actually enjoying this side. On the housing, I believe that there's a long way to go. First of all, housing is much more geographic.

在中國，中國是主要驅動力。所以我覺得電子產品領域已經迎來了轉機。雖然沒有角落底部那麼高，但情況好多了，我們現在真的很喜歡這一側。在住房問題上，我認為還有很長的路要走。首先，住房問題與地理位置有密切關係。

In the US, I think you know the market very well. It's is okay, but not that rate in China. On the other hand, there are most significant issues. Again, they come from too much that was done at the time and a lot of credit stories that are there. So this is a market which will probably come around slower.

我認為，在美國，你對市場非常了解。還可以，但不是在中國那種程度。另一方面，也存在一些重大問題。同樣，它們源自於當時所做的太多事情以及許多相關的榮譽故事。所以，這個市場復甦的速度可能會比較慢。

But all in, if you look at how the division is performing, it is performing well. You can see the results and the shift to value and really leading the market is nice for us.

但總的來說，如果你看一下該部門的表現，它的表現是不錯的。你可以看到成果，向價值導向的轉變以及真正引領市場對我們來說是件好事。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO資本市場。

I'll ask a few questions. Maybe first, short some -- maybe just first, a short-term question. Can you talk about your major businesses here in Q4 and talk about how each one is faring versus Q3 or whatever you want to say.

我問幾個問題。或許首先，簡短一些──或許首先，一個短期問題。您能否談談貴公司第四季的主要業務，並比較一下每項業務與第三季相比的業績表現，或者您想說的任何內容？

Look, I think I'll take it for a minute, but Elad obviously, will expand and give you his thoughts which are important. But look, we are confirming our guidance that has a lot after caretaking. We are there. We see in Q4 will probably be okay. But as now, there's the logic and continuation of what we're seeing right now, but I think that on a trajectory. I don't see something major changing. Okay.

聽著，我想我會先說一會兒，但顯然，埃拉德會進一步闡述他的想法，這些想法很重要。但是，我們正在確認我們的指導方針，其中包含了許多後續的照顧工作。我們到了。我們認為第四季應該沒問題。但就目前而言，我們看到的現像是有其邏輯性和延續性的，但我認為這是在一種發展軌跡上。我覺得不會有什麼重大改變。好的。

Joel, I'll say things that maybe obviously, potash prices, keep the same prices, give or take. Phosphate prices also remain same level, relatively high, good same level. However, sulfur cost is going up. So margin will be affected by that. Bromine prices a bit higher.

喬爾，我會說一些可能很明顯的話，像是鉀肥價格，保持價格不變，上下浮動。磷酸鹽價格也保持在同一水平，相對較高，處於良好水平。然而，硫磺價格正在上漲。因此，利潤率會受到影響。溴的價格略高。

I think right now, it's about 3,600 something like that in China. So prices will remain relatively strong. However, cost mainly of sulfur, it's an issue. And the rest, I don't see any drama.

我認為目前在中國，這個數字大約是3600左右。因此，價格將保持相對強勢。然而，硫磺的成本是個問題。至於其他方面，我沒看出有什麼問題。

That's for sure. And I guess the potash business is pretty stable. Pricing was down, volume pretty stable, margin stable? Is that fair for Q4? .

那當然。我覺得鉀肥產業應該相當穩定。價格下降，銷售量相當穩定，利潤率也穩定？第四季這樣的安排合理嗎？。

Yes. Yes. We made progress on potash production quantities in the last few months. We are very happy with the improvement. It's like post war improvement, I would say.

是的。是的。過去幾個月，我們在鉀肥產量方面取得了進展。我們對這項改進非常滿意。我覺得這就像是戰後發展一樣。

But by the way, not only in Israel, in Spain, regardless of or no wars in Spain as far as I know, but still, we see an improvement in new product in Spain. So quantities on production are going up, which is an upside.

但順便說一句，不僅在以色列，在西班牙也是如此。據我所知，無論西班牙是否發生戰爭，我們仍然看到西班牙的新產品有所改進。因此，產量正在增加，這是一個利好消息。

Okay. And then on the new strategy, which I have a lot of elements of strategies that has been presented by last decades of CEOs and CFOs in corporates, what tangibly in 2026, should we expect to see from ICL to start hitting your milestones for your strategic -- new strategic priorities? What tangible milestones should we see in 2026?

好的。關於新策略，其中融合了過去幾十年企業執行長和財務長提出的許多策略要素，那麼在 2026 年，我們應該切實地期待 ICL 實現其策略里程碑——新的策略重點？2026年我們應該看到哪些切實的里程碑？

So let me go back to the first part of your sentence or question. So it's not exactly the same strategy. When it comes to specialty fertilizers, I agree with you, and we are going to accelerate, but we are on track. And as we showed, we already doubled the top line and tripled the EBITDA and by improving the mix and some additional acquisitions, I think will get better.

那麼，讓我回到你句子或問題的第一部分。所以這並不是完全相同的策略。關於特種肥料，我同意你的看法，我們將加快步伐，但我們目前正按計劃進行。正如我們所展示的，我們的營收已經翻了一番，EBITDA 翻了三番，透過改善產品組合和進行一些額外的收購，我認為情況會越來越好。

On the other hand, when it comes to specialty food solutions, the functional ingredients, this is a different strategy. In the past, it wasn't a growth engine for the company. We take now a different, and we are going to expand it. We are going to accelerate the growth, we believe, in this segment.

另一方面，對於特種食品解決方案和功能性食材而言，這是一種不同的策略。過去，它並不是公司的成長引擎。我們現在採取不同的方法，並且我們將擴大它。我們相信，我們將加速這一領域的成長。

And again, the changes that we are not only looking it as an outlet and staying at the phosphate-based solutions, we are going to address the bigger market of the food ingredients of the -- sorry, which is much bigger market, more than 20 times bigger than the phosphate-based solution, which is part of it. And that will be done, as I mentioned, also by acquisitions.

再次強調，我們不僅將其視為一個出口，不再局限於磷酸鹽基解決方案，而是要開拓更大的食品配料市場——抱歉，這是一個更大的市場，比磷酸鹽基解決方案大20多倍，而磷酸鹽基解決方案只是其中的一部分。正如我之前提到的，這也將透過收購來實現。

I hope we'll have some news about it in the coming few quarters. So that would be changed. On the other hand, we changed or helped the other part of the strategy that was about material. Yes, we are going to remain as a raw material provider to the battery industry, but we are not going to know what works downstream and get into these huge investments in the dynamic of the current market. So in that respect, we change the direction.

我希望未來幾季能有相關消息。所以這一點需要改變。另一方面，我們改變或幫助了策略的另一部分，即關於物質的部分。是的，我們將繼續作為電池產業的原料供應商，但我們不知道下游哪些環節有效，也無法在當前市場動態下進行這些巨額投資。所以從這個意義上講，我們改變了方向。

Thank you for correcting me on some of that. I appreciate it. Finally, obviously, we all saw what happened last week with the MOU. You've laid out the transparency of it now and can you talk about what do you think the market has gotten wrong on ICL last week as this news came out? .

謝謝您糾正我的一些錯誤。謝謝。最後，很顯然，我們都看到了上週諒解備忘錄的進展。您現在已經闡明了透明度，那麼您能否談談您認為上週消息公佈後，市場對ICL的看法有哪些錯誤？。

Yes, it's a great point. I'll say, honestly, I think it's -- we have two dimensions here. One is the MOU itself is good or bad. I can elaborate. I already talked about it during the presentation. I think it's good and positive step to twice more certainty, more clarity. We know what we get.

是的，這是一個很好的觀點。說實話，我認為──這裡有兩個維度。一是諒解備忘錄本身的好壞。我可以詳細說明。我在演講中已經提到過了。我認為這是一個良好且積極的舉措，能帶來兩倍的確定性和更清晰的認識。我們知道自己會得到什麼。

And most important, I think it doesn't hurt our chances to be the next concession owner. But on the other side, will get better terms for the next concession better than the option that we were extra, the only player on field.

最重要的是，我認為這不會影響我們成為下一個特許經營權所有者的機會。但另一方面，我們下次做出讓步會獲得更好的條件，這比我們作為場上唯一球員、多餘球員的選擇要好得多。

And I can elaborate, but I know very well the dynamic with the State of Israel. If we were the only one to play in this game, the terms would have been much, much more severe. So that's -- in that respect, it's a good sign.

我可以詳細闡述，但我非常了解與以色列國之間的關係。如果我們是唯一參與這場遊戲的人，那麼遊戲的條款將會更加苛刻。所以從這個角度來看，這是一個好兆頭。

I think part of the surprise was because people realized for the first time that the concession is going to end in 2030. Now everyone knows it or knew it, but it becomes a little bit more real. Still, I think with all the caveats, I think ICL is great chances to be the next concession owner, but not less important, I think this step will make sure that the economical terms will be much more reasonable than what it would have been.

我認為部分原因是人們第一次意識到這項特許權將於 2030 年到期。現在每個人都知道或曾經知道，但它變得更加真實了。不過，考慮到所有註意事項，我認為 ICL 很有可能成為下一個特許經營權所有者，但同樣重要的是，我認為這一步將確保經濟條款比以前合理得多。

Let me, if I may, just to add about the value of the assets. In the end of the day, we at replacement costs, we believe that the value of the assets is obviously as high as we noted. And of course, we always said that there are different methods of calculation, et cetera, et cetera. But the perception in the market was that this value is so high that it will basically deter every new bidder.

如果可以的話，我想補充一點關於資產價值的內容。歸根結底，考慮到重置成本，我們認為這些資產的價值顯然正如我們所指出的那樣高。當然，我們一直都說計算方法有很多種，等等等等。但市場普遍認為，這個價格太高了，基本上會嚇退所有新的競標者。

Now that in itself is, in a way, is a semi-cooked idea because in the end, as Elad said, okay, I suppose that there is no other bidder, and we are the sole game in town what would be the conditions of the new concession. And that is something that I fully agree it was sort of sidetracked and not taken into account.

從某種意義上說，這本身就是一個半成熟的想法，因為最終，正如埃拉德所說，好吧，我想沒有其他競標者了，我們是唯一的競爭者，那麼新的特許經營權的條件是什麼呢？我完全同意，這一點確實被偏離了主題，沒有被考慮到。

Now I'm saying again, the value of the assets, we believe that replacement obviously is much higher, but we do get an insurance policy that if we walk away -- by the way, if we want the concession has a very, very high likelihood than we would have, we will want it to know if it makes sense.

現在我再說一遍，關於這些資產的價值，我們認為重置成本顯然要高得多，但我們確實獲得了一份保險，如果我們放棄——順便說一句，如果我們想要這項特許權，可能性非常非常高，我們會希望知道這樣做是否合理。

What we have now is certainly that if one reason or another, we do not have it, then we have a minimum agreed upon threshold, which we will get and we will see the money at the end of the current concession. This could have been very different otherwise. So when you put it all, we actually were very, very positive, very positive about this arrangement.

我們現在可以確定的是，如果由於某種原因我們無法獲得這筆款項，那麼我們已經達成了一個最低的協議門檻，我們將獲得這筆款項，並且我們將在當前的特許經營期結束時看到這筆錢。否則，事情可能會完全不同。所以綜合所有因素來看，我們其實對這項安排非常、非常正面、非常滿意。

The market, on the other hand, as you say, for differently, maybe didn't factor it in, maybe was deterred by the difference in the price between the $3 billion and the $6 billion, and it can be quite a lot of the things put together. I think it was, to a large extent, laterite tell that indeed, obviously, it's four years a quarter from now, but still there is an event at the end of March 2030. Probably that's a constant.

另一方面，正如你所說，市場可能沒有考慮到這一點，可能受到了 30 億美元和 60 億美元之間的價格差異的影響，而這可能是許多因素綜合起來的結果。我認為，在很大程度上，紅土表明，雖然距離現在還有四年零三個月，但 2030 年 3 月底仍然會發生一件事。這或許是一個常數。

And I'm showing no further questions at this time. I would like to turn it back to for Elad Aharonson closing remarks.

我目前不再提出其他問題。現在我想把時間交還給埃拉德·阿哈龍森，讓他作總結發言。

Okay. So again, the way we see it, a good quarter for ICL and also, we wanted to spend some time with you today give our feedback on the MOU about the concession and mainly on at least the highlights of the strategy. So thank you for taking the time. And we are in other channels for more questions. Thank you very much.

好的。所以，我們認為，對於 ICL 來說，這是一個不錯的季度。此外，我們今天想花些時間與您交流，就特許經營諒解備忘錄以及策略要點提供我們的回饋意見。非常感謝您抽出時間。我們還有其他管道可以解答更多問題。非常感謝。

And maybe the last sentence, I'd like to thank very much the ICL employees all across the world, for dedicated work and very nice achievements. So thank you all the ICL employees. And thank you all, and see you next time.

最後，我想衷心感謝世界各地的 ICL 員工，感謝他們的辛勤工作和取得的輝煌成就。所以，感謝ICL的所有員工。謝謝大家，下次再見。

Thank you. And this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。