- Company News for May 14, 2026
May 14, 2026
Vishay Intertechnology Inc.’s (VSH) shares climbed 14.5% after reporting first-quarter 2026 adjusted earnings of $0.05 per share, surpassing the Zacks Consensus Estimate of $0.03 per share. Shares of ICL Group Ltd (ICL) surged 6.9% after posting first-quarter 2026 adjusted earnings of $0.11 per share, outpacing the Zacks Consensus Estimate of $0.10 per share. Shares of Global-E Online Ltd. (GLBE) tumbled 8.9% after the company reported first-quarter 2026 adjusted earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.18 per share. Nebius Group N.V. (NBIS) shares jumped 15.7% after the company posted first-quarter 2026 revenues of $399 revenues, beating the Zacks Consensus Estimate of $316.88 million.
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- ICL Group Ltd Q1 2026 Earnings Call Summary
May 14, 2026
ICL Group Ltd Q1 2026 Earnings Call Summary - Moby
Strategic Performance Drivers
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Delivered 14% year-over-year sales growth driven by higher prices for bromine, potash, and commodity phosphate, alongside operational resilience during regional conflict. Achieved an 11% increase in potash production volumes through improved equipment availability and shortened downtime at both Dead Sea and Spanish operations. Expanded the specialty fertilizer footprint by establishing a new 30,000 metric ton production facility in India to support growing local market demand. Advanced the specialty food strategy through the acquisition of 50% of Bartek Ingredients and double-digit growth in North American Dairy plus product conversions. Navigated significant cost headwinds, including a 100% increase in sulfur prices and more than $20 million in negative currency impact from a stronger shekel. Maintained a regionally diversified production strategy for specialty phosphates across six regions to ensure supply chain security for global customers.
2026 Outlook and Strategic Assumptions
Raised 2026 consolidated EBITDA guidance by $100 million to a range of $1.5 billion to $1.7 billion, reflecting sustained strength in potash and bromine pricing. Maintained potash sales volume guidance of 4.5 million to 4.7 million metric tons, assuming continued benefits from 2025 operational improvements. Expects bromine prices to remain elevated throughout 2026, supported by improved demand in electronics despite continued softness in construction markets. Anticipates that currency headwinds from the shekel-dollar exchange rate and high raw material costs may linger throughout the remainder of the year. Assumes an annual adjusted tax rate of approximately 30% while continuing to evaluate the ongoing sale process of the Boulby operation in the U.K.
Operational Risks and Structural Factors
The ongoing Middle East conflict has accelerated price momentum for commodity phosphates but introduced operational challenges and supply chain uncertainty. A stronger shekel acts as a structural headwind for the company's dollar-denominated financial reporting, increasing the cost of Israeli operations. Significant winter weather in North America drove strong seasonal deicing sales in the first quarter, offsetting some softness in other mineral segments. High input costs have driven farmer sentiment to its lowest point in nearly five years, creating a potential risk for fertilizer demand destruction.
Story Continues
Q&A Session Insights
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Phosphate demand dynamics and sulfur cost impact
Management expects phosphate demand to be lower than usual for the rest of the year as high sulfur and ammonia prices force price increases. Noted that China's decision to block phosphate exports is a primary factor keeping global supply tight and prices elevated. Confirmed that price increases for phosphate only partially compensate for the skyrocketing cost of sulfur.
Drivers of the $100 million EBITDA guidance increase
The guidance raise is predominantly driven by the solid performance and volume momentum in the potash business. Higher-than-expected bromine prices and improved demand in that segment also contributed to the more optimistic outlook.
Structural productivity levers and fixed cost savings
Management is currently engaged in significant structural productivity projects across the portfolio but declined to provide specific details until results surface. Current gains are being realized through increased production capacity at potash and phosphate sites running at full speed.
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- ICL Group Ltd (ICL) Q1 2026 Earnings Call Highlights: Strong Growth in Potash and Phosphate ...
May 13, 2026
This article first appeared on GuruFocus.
Revenue: $2 billion, up 14% year-over-year. Adjusted Net Income: $139 million, a 26% increase. Adjusted EBITDA: $412 million, a 15% increase. Adjusted EPS: Improved by 22%. Operating Cash Flow: $195 million, an 18% increase. Free Cash Flow: $61 million. Industrial Products Sales: $349 million, slight increase year-over-year. Industrial Products EBITDA: $86 million, up 13%. Potash Sales: $503 million, up nearly 25% year-over-year. Potash EBITDA: $172 million, up more than 45%. Potash Production Volumes: 1,177,000 metric tons, up 11% year-over-year. Phosphate Solutions Sales: $679 million, an 18% increase. Phosphate Solutions EBITDA: $131 million. Growing Solutions Sales: $551 million, an 11% increase. Growing Solutions EBITDA: $49 million, up 4%. Available Resources: $1.5 billion. Net Debt to Adjusted EBITDA Ratio: 1.5 times. Dividend: $69 million, with a trailing 12-month dividend yield of 3.7%.
Warning! GuruFocus has detected 5 Warning Signs with ICL. Is ICL fairly valued? Test your thesis with our free DCF calculator.
Release Date: May 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
ICL Group Ltd (NYSE:ICL) reported a strong start to 2026 with sales of $2 billion, up 14% year-over-year. The company achieved a 26% increase in adjusted net income and a 15% increase in adjusted EBITDA. ICL completed the acquisition of approximately 50% of Bartek Ingredients and established its first specialty fertilizer production facility in India. Potash division sales increased nearly 25% year-over-year, with EBITDA up more than 45%. ICL raised its 2026 guidance by $100 million, expecting consolidated EBITDA to be between $1.5 billion to $1.7 billion.
Negative Points
Higher raw material costs, especially for sulfur, impacted the company's financial performance. Currency exchange fluctuations, particularly the stronger shekel, posed a challenge to operations in Israel. Sales of clear brine fluids decreased due to activity shifts in the Gulf of America. In North America, sales were flat due to a slow start to spring planting, with higher prices but lower volumes. Global uncertainty and market competition negatively impacted results in Brazil, leading to decreased sales and gross profit.
Q & A Highlights
Q: Can you provide insights into the current demand and pricing trends in the phosphate business, considering the high costs and sulfur price increases? A: Elad Aharonson, CEO: We are seeing solid demand currently, but the skyrocketing sulfur prices and availability issues may impact this. We expect demand to be lower than usual for fertilizers for the rest of the year. Aviram Lahav, CFO, added that China's export restrictions are tightening supply, which may sustain demand despite potential demand damage.
Story Continues
Q: Is the increase in EBITDA for the year primarily driven by the potash business? A: Elad Aharonson, CEO: Yes, the increase is largely due to strong performance in the potash business, with both volume and pricing momentum contributing. Additionally, bromine prices are expected to remain higher than initially anticipated.
Q: What are the structural productivity gains ICL is targeting over the next three to five years? A: Aviram Lahav, CFO: We are engaged in significant structural productivity projects that should prove beneficial over time. While specific details are not disclosed, improvements in production efficiency are ongoing, particularly in potash production in Israel and Spain.
Q: How sensitive is ICL to sulfur costs, and will phosphate pricing catch up to sulfur price increases? A: Aviram Lahav, CFO: There is a significant correlation between sulfur prices and phosphate margins. While phosphate prices may not fully compensate for sulfur cost increases, partial compensation is expected. The situation is dynamic, and we are carefully managing purchases and production.
Q: What are the key factors affecting ICL's financial outlook for 2026? A: Elad Aharonson, CEO: We have raised our EBITDA guidance by $100 million, expecting it to be between $1.5 billion to $1.7 billion, driven by higher bromine and potash prices. We will continue to monitor raw material costs and exchange rate fluctuations, particularly the shekel versus the dollar.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- ICL Group Q1 Earnings Call Highlights
May 13, 2026
Key Points
Interested in ICL Group Ltd.? Here are five stocks we like better. ICL Group beat Q1 expectations with sales up 14% to $2 billion, adjusted net income up 26% to $139 million, and adjusted EBITDA up 15% to $412 million. The company also lifted 2026 EBITDA guidance by $100 million to a range of $1.5 billion to $1.7 billion. Potash and bromine were the main drivers of the improved outlook. Potash sales jumped nearly 25% and EBITDA rose more than 45%, while Industrial Products benefited from the strongest bromine pricing since late 2022. Cost pressures remain a major risk, especially from sulfur prices in Phosphate Solutions and foreign exchange headwinds from the stronger Israeli shekel. Management said higher phosphate prices may only partly offset these costs and that demand could be softer than usual later in the year.
Don’t Overlook Mosaic’s Challenges—They Might Spark Opportunity
ICL Group (NYSE:ICL) reported a stronger first quarter for 2026, with management citing higher bromine and potash prices, broad segment sales growth and operational improvements, while also warning that elevated raw material costs and foreign exchange headwinds remain key risks for the rest of the year.
President and CEO Elad Aharonson said the company delivered sales of $2 billion in the quarter, up 14% from a year earlier. Adjusted net income rose 26% to $139 million, or $0.11 per share, while adjusted EBITDA increased 15% to $412 million. Operating cash flow rose 18% year over year to $195 million, and free cash flow was $61 million.
→ Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe?
“We delivered a strong start to the year with good growth across all key financial metrics,” Aharonson said. He said the results came despite higher raw material costs and more than $20 million of impact from currency exchange fluctuations. The company noted that a stronger Israeli shekel increases costs for its operations in Israel because ICL is dollar-denominated.
Guidance Raised on Potash and Bromine Strength
ICL raised its 2026 consolidated EBITDA guidance by $100 million, now expecting a range of $1.5 billion to $1.7 billion. Aharonson said the increase follows a strong first quarter that benefited from higher bromine and potash prices, which the company expects to remain elevated.
→ MP Materials Is Quietly Building a Rare Earth Powerhouse
The company maintained its outlook for potash sales volumes of 4.5 million to 4.7 million metric tons for the year, citing operational improvements made at the Dead Sea and in Spain during 2025. ICL also said it expects its annual adjusted tax rate to be approximately 30%.
Story Continues
In response to a question from Barclays analyst Benjamin Theurer about the guidance increase, Aharonson said the uplift was tied to strength in potash and bromine. “Also I think bromine prices will be higher than expected,” he said, adding that prices had eased after a spike at the beginning of the war but remained above expectations.
Potash Delivers Sharp EBITDA Growth
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ICL’s Potash division reported first-quarter sales of $503 million, up nearly 25% year over year, while EBITDA rose more than 45% to $172 million. The company’s average potash price was $362 per ton on a CIF basis, up more than 20% from a year earlier and 4% sequentially.
Potash production volumes were 1.177 million metric tons, up 11% year over year. Aharonson said the gains came from both the Dead Sea and Spain, where the company improved equipment availability and shortened downtime.
Management said ICL continued to prioritize potash sales into the most attractive global markets. Aharonson also noted that while potash remains more affordable than nitrogen and phosphate, farmers require all three nutrients.
Industrial Products Benefit From Bromine Pricing
Industrial Products sales were $349 million, up slightly from the prior year, while EBITDA increased 13% to $86 million. Aharonson said bromine prices had their best quarter since the end of 2022, even as some end markets, including building and construction, remained soft.
Flame retardants posted higher overall sales, with bromine-based products benefiting from higher prices and improved demand from electronics end markets. However, phosphorus-based flame retardants were pressured by continued weakness in construction. Clear brine fluids sales decreased as some oil and gas activity in the Gulf of Mexico shifted from the first quarter to the second.
Specialty minerals, including magnesia, calcium carbonate and salt products, generated higher sales year over year on increased demand from food and pharmaceutical end markets. The company also cited strong de-icing sales for the season following significant winter weather in North America.
Phosphate Faces Sulfur Cost Pressure
Phosphate Solutions sales increased 18% to $679 million, supported by higher commodity phosphate prices. EBITDA was $131 million, with results pressured by higher raw material prices, particularly sulfur, which Aharonson said was up more than 100% in the quarter.
Management said commodity phosphate demand varied by region and that prices were volatile as the escalation of the Middle East conflict accelerated price momentum. In specialty phosphates, Aharonson said customers across regions continued to focus on secure and reliable supply chains, an area where he said ICL benefits from production in six key regions.
During the Q&A, Aharonson said sulfur prices were “skyrocketing” and that availability was also an issue. He said ICL was seeing solid demand but could not guarantee that would continue as the company raises prices to offset sulfur costs. He added that ICL is less exposed to ammonia costs than producers more focused on DAP and MAP, but said he would expect demand for phosphate fertilizers to be “lower than usual” for the rest of the year.
Executives also pointed to China’s restrictions on phosphate exports as a factor keeping supply tight and supporting prices. In a later exchange with Jefferies analyst Laurence Alexander, management said higher phosphate prices may only partially compensate for rising sulfur costs.
Growth Initiatives and Balance Sheet
ICL said it continued executing its strategy to expand in Specialty Crop Nutrition and Specialty Food Solutions. During the quarter, the company completed the acquisition of approximately 50% of Bartek Ingredients and established its first specialty fertilizer production facility in India. The India facility has 30,000 metric tons of annual capacity and is intended to expand local manufacturing capabilities and strengthen the supply chain.
In Specialty Food Solutions, sales increased, reflecting new customers, continued growth in China and the Bartek acquisition. Aharonson said North American sales were strong, led by DairyPlus products and double-digit growth in new business conversions. In China, the company saw improvement in processed meat and higher sales for Specialty Food Solutions.
Growing Solutions sales rose 11% to $551 million, while EBITDA increased 4% to $49 million. Specialty fertilizer sales increased on higher volumes, mainly in China and India, and higher prices. Europe saw higher sales and profitability, Asia posted robust growth across major products, North America profitability was stable, and Brazil results declined due to lower volumes, market competition and a less profitable product mix.
CFO Aviram Lahav said ICL ended the quarter with available resources of $1.5 billion and a stable net debt-to-adjusted EBITDA ratio of 1.5 times. Fitch and S&P reaffirmed ICL’s bond rating at BBB-minus with a stable outlook. The company is distributing 50% of adjusted net income to shareholders, equal to a $69 million dividend for the quarter and a trailing 12-month dividend yield of 3.7%.
Lahav also noted that the call was his final earnings call with ICL. He said he would assist in the transition to incoming CFO Asaf Alperovitz over the next few weeks before retiring.
Aharonson closed the call by saying ICL expects the rest of the year to be positive, while continuing to monitor raw material costs and the shekel-dollar exchange rate.
About ICL Group (NYSE:ICL)
ICL Group is a global specialty minerals and chemicals company headquartered in Tel Aviv, Israel. Established in its current form through the consolidation of Israeli government–owned chemical operations, ICL has evolved into a publicly traded entity on the New York Stock Exchange (NYSE: ICL). The company's origins date back to state-driven mineral extraction in the Negev and the Dead Sea region, and over the decades it has grown through strategic acquisitions, technological innovation and a gradual privatization process completed in the early 2010s.
ICL's core operations are organized into three principal business areas.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
The article "ICL Group Q1 Earnings Call Highlights" was originally published by MarketBeat.
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- ICL Group Q1 Earnings Call Highlights
May 13, 2026 · marketbeat.com
ICL Group NYSE: ICL reported a stronger first quarter for 2026, with management citing higher bromine and potash prices, broad segment sales growth and operational improvements, while also warning that elevated raw material costs and foreign exchange headwinds remain key risks for the rest of the year.
- ICL Group (ICL) Valuation Check After Strong Q1 2026 Results And Growth Initiatives
May 13, 2026
Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.
ICL Group (ICL) is back in focus after reporting first quarter 2026 earnings, with sales of US$2,023 million and net income of US$126 million, alongside higher full-year adjusted EBITDA guidance.
See our latest analysis for ICL Group.
ICL Group’s recent earnings update and expansion moves, including the India fertilizer plant and Bartek Ingredients acquisition, come against a backdrop of a 23.17% 1 month share price return. However, the 1 year total shareholder return is still down 4.41%, suggesting near term momentum has improved even as the longer term picture remains more muted.
If this earnings driven move has piqued your interest in materials and related producers, it could be worth scanning other commodity focused names through the 33 best rare earth metal stocks
With ICL trading at US$6.38, carrying a very low value score of 1 and an intrinsic value estimate that sits well below the current share price, you have to ask: is there still upside here, or is the market already pricing in future growth?
Most Popular Narrative: 5.3% Undervalued
ICL Group's most followed valuation narrative puts fair value at $6.74, slightly above the last close of $6.38, which points to a modest perceived discount.
The company's innovation and investment in new product pipelines, particularly in areas like battery materials and specialty fertilizers, indicate potential for future revenue growth and expanded market opportunities, which could positively impact net margins.
Read the complete narrative.
Curious what kind of revenue path, margin profile and future earnings level are baked into that fair value, and how long it is assumed to take to get there.
Result: Fair Value of $6.74 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, you still need to keep an eye on two key pressure points: geopolitical and logistics issues that could squeeze margins, and heavy spending on new projects that may not pay off as expected.
Find out about the key risks to this ICL Group narrative.
Another View: Price Tag Looks Full On Earnings
That 5.3% “undervalued” fair value of $6.74 sits awkwardly next to ICL’s current P/E of 36.4x, which is well above the US Chemicals industry at 23.3x and below the peer average at 49.5x. If earnings do not improve as hoped, is the stock already priced for perfection?
See what the numbers say about this price — find out in our valuation breakdown.NYSE:ICL P/E Ratio as at May 2026
Next Steps
If this mix of optimism and concern has you undecided, now may be a good time to review the full picture yourself, starting with the company’s 4 important warning signs
Story Continues
Looking for more investment ideas?
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ICL.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- ICL Group Ltd (ICL) Q1 2026 Earnings Call Transcript
May 13, 2026 · seekingalpha.com
ICL Group Ltd (ICL) Q1 2026 Earnings Call Transcript
- Transcript: ICL Group Q1 2026 Earnings Conference Call
May 13, 2026
ICL Group (NYSE:ICL) released first-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.
This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.
The full earnings call is available at https://events.q4inc.com/attendee/273801307
Summary
ICL Group Ltd reported a strong start to 2026 with a 14% year-over-year increase in sales to $2 billion and a 26% rise in adjusted net income.
The company completed the acquisition of approximately 50% of biotech ingredients and established its first specialty fertilizer production facility in India, aligning with its strategic focus on specialty crop nutrition and specialty food solutions.
ICL Group Ltd raised its 2026 EBITDA guidance by $100 million, expecting it to be between $1.5 billion and $1.7 billion, citing strong potash and bromine prices.
Operational highlights included improved potash production volumes and higher bromine prices, despite challenges such as increased raw material costs, notably for sulfur.
Management expressed confidence in continued growth and operational resilience, while acknowledging potential risks from exchange rate fluctuations and raw material prices.
Full Transcript
OPERATOR
Hello everyone. Thank you for joining us and welcome to the ICL Group Ltd First Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Peggy Reilly Tharp, Vice President of Global Investor Relations. Peggy, please go ahead.
Peggy Reilly Tharp (Vice President of Global Investor Relations)
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@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. 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 two of the presentation. Our comments today will contain forward looking statements within the meaning of the Private Securities Litigation Reform act of 1995. These statements are based on management's current expectations and are not guarantees of future performance. The Company undertakes no obligation to update any information discussed on this call at any time. We will begin with a presentation by our CEO, Mr. Elad Aronson, followed by Mr. Abraham Nahab, our CFO. After the presentation, we open the line for a Q and A session. Now I'd like to turn the call over to Anad.
Story Continues
Elad Aronson (President and CEO)
Thank you Peggy and welcome everyone to a review of our first quarter 2026 earnings. We delivered a strong start to the year with sales of $2 billion up 14% year over year. As you can see on slide 3, ICL delivered solid sales growth for each business segment in the first quarter and reported a 26% increase in adjusted net income. We also reported a 15% increase in adjusted EBITDA and an improvement in adjusted EPS of 22%. This successful performance was achieved as the company demonstrated exceptional execution and operational resilience. We also benefited from our distinctive global presence with regionally diversified operations. In the first quarter, we continued to execute against our strategy to drive growth in specialty crop nutrition and specialty food solutions. We completed the acquisition of approximately 50% of biotech ingredients and we established our first specialty fertilizer production facility in India. For the first quarter, we delivered good growth across key financial measures. Adjusted net income was $139 million which translates to $0.11 of earnings per share. Consolidated adjusted EBITDA of $412 million improved year over year. This growth was despite higher cost for raw materials and more than $20 million of impact from currency exchange fluctuations. As a reminder, as a dollar dominated company, a stronger shekel makes it more costly. For our operations in Israel, operating cash flow of $195 million improved 18% on an annual basis and free cash flow was $61 million in the first quarter. While we benefited from higher prices for bromine, potash and commodity phosphate, we also had to manage higher raw material costs and mainly for sulfur, but also for other inputs used by our specialty fertilizers. Let's review some of these pricing benefits and cost impacts in relation to our business segments and begin with industrial products. On slide 4 you can see first quarter sales of $349 million were up slightly year over year while EBITDA of $86 million was up 13%. Bromine prices had their best quarter since the end of 2022. Even as some end markets such as building and construction remained soft for flame retardants, overall sales increased. Bromine based products benefited from higher prices and improved electronics and market demand. Sales of phosphorus based flame retardants were impacted by continued softness in the construction end market. Sales of clear brine fluids which are used by the oil and gas industry during well completion, decreased as some activity in the Gulf of America shifted from the first quarter to the second. Specialty minerals which includes magnesia, calcium carbonate and salt products, delivered higher sales year over year. This growth was due to increased demand from the food and pharmaceutical end markets. Significant winter weather in North America in both the fourth quarter of last year and first quarter of this year resulted in strong deicing sales for the season. Turning to our potash Division on slide 5, for the first quarter, sales of $503 million were up nearly 25% year over year. EBITDA of $172 million was up more than 45%. Our average potash price for the first quarter was $362 CIF per ton. This amount was up more than 20% year over year and up 4% sequentially. Potash production volumes came in at 1,177,000 metric tons in the first quarter and were up 11% versus the prior year. These gains were achieved at both the Dead Sea and our operations in Spain. As we continue to improve equipment availability and shorten downtime, amongst other efforts during the first quarter, we continued to maximize our potash sales by prioritizing the best global markets. We also benefited from higher prices in the quarter. While potash remained much more affordable than nitrogen and phosphate, farmers require all three nutrients. Now turning to a review of Phosphate solutions division on slide 6. For the first quarter sales increased 18% to $679 million. Higher commodity phosphate prices helped drive sales growth while specialties results were in line with market dynamics. First quarter EBITDA came in at $131 million and was impacted by higher raw material prices, especially for sulfur which was up more than 100% in the quarter. For commodity phosphates, demand varied by region with significant price volatility. As the escalation of the Middle east conflict accelerated price momentum for specialty phosphates customers in all regions focused on secure and reliable global supply chains. This is something ICL can uniquely provide as well as specialty phosphate production in six key regions for our growth engine. Specialty food solutions sales increased in the first quarter reflecting the addition of new customers, continued growth in China and the acquisition of biotech ingredients in North America. Specialty food sales were strong in the first quarter. These were led by our Dairy plus products with growth driven by new business conversions which were up double digits. We continue to target higher growth food specialty products and to focus on plant and protein based beverages in key regions. We also launched a new digital marketing campaign targeting high protein dairy and dairy alternatives for emerging markets, especially Asia. We also saw good growth in China. We saw improvement in the processed meat category and an overall increase in sales of our specialty food solutions for our YPA joint venture in China. Sales increased year over year on higher prices. We also saw improved efficiencies with reduction in fixed costs. This brings us to our growing Solutions business Division on Slide 7. Sales for the first quarter increased 11% to $551 million. EBITDA of $49 million was up 4% versus the prior year. Even as higher raw material costs impacted most regions. Sales of specialty fertilizers increased on both higher volumes mainly in China and India and higher prices in Europe. Overall sales and profitability increased on higher prices and volumes driven by continued mixed optimization. For Asia, results were robust with growth from all major products. Sales growth was driven by higher prices and volumes and favorable exchange rates. Gross profit however was flat For North America. Profitability was stable versus prior year. However, due to a slow start to spring planting, sales were flat in this region with higher prices and lower volumes. For Brazil, global uncertainty and market competition impacted results. Sales decreased on lower volumes and gross profit also declined with a less profitable product Mix. As I mentioned earlier, in India we opened a new specialty water soluble fertilizer facility with 30,000 metric tons of annual capacity. These operations will help to expand our local manufacturing capabilities. This new facility also support growing market demand and strengthen our supply chain. Finally, the sales process of our Balbi operation in the UK remains ongoing. Before turning to slide 8, I would like to provide a brief update on the situation in the Middle East. While we faced some operational challenges in the first quarter which were caused by the war, our efforts to minimize disruption and maintain good production levels were successful. Now for some first quarter key takeaways. We delivered a strong start to the year with good growth across all key financial metrics. This success was despite events outside of our control. Nonetheless, we swiftly navigated changes in market conditions and demonstrated operational resilience with exceptional execution. We also focused on what we could control and made production improvements to help drive efficiencies across our operations. While the teams have made great strides, some of this success is being masked by exchange rate fluctuations. In addition to currency headwinds which could potentially linger throughout 2026, we have seen high raw material costs across several of our business segments. We will continue to manage these inputs and if necessary, work to offset any impact through efficiency efforts. Now, before turning the call over to Aviram, I would ask you to turn to Slide 9 and the review of our guidance for 2026. After a successful first quarter that benefited from higher bromine and potash prices, which are expected to remain elevated, we are raising our guidance by $100 million for 2026. We now expect consolidated EBITDA to be between 1.5 billion to $1.7 billion. For potash sales volumes, we continue to expect this amount to be between 4.5 million and 4.7 million metric tonnes. As we continue to benefit from the operational improvements made at the Dead Sea and in Spain in 2025. Finally, we expect our annual adjusted tax rate to be approximately 30% for 2026. We plan to remain on our current path to operate with resilience, execute against our plans and deliver shareholder value. In addition, we will continue to monitor the exchange rate between the shekel and dollar and higher raw material prices. And with that, I would like to turn the call over to AVIRAM for a brief financial overview.
Aviram
Thank you a lot and to all of you for joining us today. Let's get started on slide 11 with a quick look at quarterly changes in key market metrics. On a macro basis, global inflation rates for the first quarter were down slightly versus the prior quarter, with the exception of India, which was up 200 basis points. Turning to interest rates, which were also relatively stable across all regions at the end of the first quarter, including for Brazil. Looking to exchange rates, the shekel strengthened versus the US dollar in the first quarter. As As Elad mentioned, as a dollar denominated company, this makes it more costly for operations in Israel. While we use hedging tactics to help reduce some of this exposure. If the shekel remains strong into the second half of the year, this effect will become more pronounced. Wrapping up our macro matrix, you can see that US Housing starts trended up slightly by the end of the first quarter. For fertilizer metrics, the picture was more mixed. On the positive side, the grain price index improved on a quarterly basis with corn, rice, soybeans and wheat all trending up. However, when compared to previous first quarters, most prices are down significantly. In the U.S. for example, farmers are facing one of the widest gaps in a decade between what they pay to produce food and what they earn from selling it. Not surprisingly, farmer sentiment in the US declined in the first quarter as global affordability for fertilizers dropped to its lowest in nearly five years due to fertilizer price spikes following the advent of war in the Middle East. Farmer sentiment dropped again in April with 46% of farmers stating high input costs is their biggest concern, while 14% cited input availability as their biggest concern, up from 11% at the end of the first quarter. According to Argus, nutrient affordability fell to 0.57 points in March, the lowest since November of 2021. As I just mentioned, while crop prices have improved, they have not strengthened enough to balance out the increases in fertilizer prices in the first quarter. Spot potash prices in the US declined nearly 6% of on a sequential basis. However, ICL's first quarter average purpose price was $362 per CIF ton, up 4% sequentially and 21% on an annual basis. During the first quarter, prices for TSP, urea and sulphur all increased and as we are consumers of these three inputs, we experienced higher raw material costs in the quarter. In addition, there was a mid single digit increase in ocean freight rates over the same time frame. Beyond agricultural indicators, we also track other metrics including those that are relevant to our phosphate solutions and industrial product segments. Our phosphate specialty solutions are an important part of the food and beverage end market and this is an area we are targeting for growth both organically and via MA. In the US retail trade and food services improved in the first quarter for P205, prices remained stable. For our industrial product segment, we track the consumption of durable goods and in the US these expenditures ticked up in the first quarter. The spot growmind price in China is clearly an important metric for this segment. Roaming prices continued to increase in the first quarter and reached another peak in April. Although prices have moderated somewhat since then, we expect they will remain elevated throughout 2026. If you will now turn to slide 12 for a look at our first quarter sales bridges. On a year over year basis sales were up to $156 million or approximately 14% with all four segments demonstrating growth. Turning to the right side of the slide, you can see $159 million benefit from higher prices this quarter which was enhanced by higher volumes. Exchange rates also had a positive impact on sales in the first quarter. On slide 13 you can see our first quarter adjusted EBITDA which improved approximately 15% versus the prior year with Industrial Solutions, Potash and Growing Solutions. All contributing prices had a positive impact of $159 million which was partially offset by exchange rate fluctuations. As a reminder, this trend is expected to continue if the Shekel maintains its strength versus the dollar. In the first quarter we also saw a significant increase in raw material costs, especially for sulfur. As previously mentioned, we are aware that concerns over higher prices for raw materials, energy availability and fertilizer supply are expected to continue until the situation in the Middle east is peacefully resolved. But no matter what comes next, we plan to continue on our current path to operate with resilience, execute against our plans and deliver shareholder value. Turning to slide 14 and a few more first quarter financial highlights Our balance sheet remains strong with available resources of $1.5 billion. In the quarter we delivered operating cash flow of $195 million and an increase in free cash flow. Our net debt to adjusted EBITDA rate is at a stable 1.5 times in Fitch and S&P both reaffirmed ICL's bond rating at BBB minus with a stable outlook. Once again we are distributing 50% of adjusted net income to our shareholders. This translates to a total dividend of $69 million in the first quarter and results in a trailing twelve month dividend yield of 3.7%. Before turning the call over to the operator, I would like to honor the occasion of my final earnings call with icl. It has been a remarkable four plus years and I want to thank all of my colleagues who have been great partners and friends. Over the next few weeks I will be assisting with the transition to our new cfo, Asafal Perovi. And I'm confident that I'm leaving you in good hands upon my retirement. And with that, I would like to turn the call back over to the operator for the Q and A.
OPERATOR
We will now begin the question and answer session. Please limit yourself to one question and one follow up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one. Again, we ask that you pick up your handset when asking a question to allow for optimum sound quality if you are muted locally. Please remember to unmute your device. Please stand by while we compile the Q and A roster. Your first question comes from the line of Ben Toyrer with Barclays. Your line is open. Please go ahead.
Ben Toyrer (Equity Analyst)
Yeah, good afternoon to you and thanks for taking my question. First of all, congrats on a very good first quarter results and Congress on retirement. My first question really is about the phosphate business and you've highlighted a few things obviously as it relates to the cost, headwinds, et cetera. So I was just wondering where prices are and what you're seeing in the different areas, be it on the specialty side or more on the commodity side. How is demand currently shaping up? Because obviously we're seeing all these high costs and you called out sulfur. So I was just wondering what. What's demand looking like both on the more industrial side of it and then obviously on the ag side. Are there any signs of demand destruction? Where are we right now in phosphate? That would be my first question.
Elad Aronson (President and CEO)
Okay, Ben, thank you very much for the question, which is a very valid one. So as you know, the sulfur prices are skyrocketing now, continue to increase. And also there is an availability issue. We heard that some of the other players reduced their production volumes all across the board. For us. By now we see a solid demand, but I cannot guarantee that it will continue like that as we have to increase prices mainly because of the sulfur prices. I don't know. It's fortunately probably for us that we less in the business of DAP and MAP, which requires also ammonia, which also has very high prices nowadays. So we are suffering from the sulfur prices, but less from the ammonia prices. Having said that, I would expect demand to be lower than usual in the rest of the year for phosphate fertilizers. I just want to bend one thing. It's the in phosphate we're basically facing two situations. One is obviously the issue of the sulfur and the rising prices. But at the same time there's another Phenomena which is China and basically blocking exports. And the latest I'm aware of is that it's probably going to happen for the remainder of 2026. They are not forecasted to. I mean every year in the last few years they've delayed it. They are actually the number one factor before the war, before the sulfur that kept phosphate prices actually high and basically divergent from the potash side. But at this time with China basically blocking exports, it will become an issue of tight supply and probably some demand damage. But overall there will be demand out there. Somebody has to fulfill it. So it might be the case that for ICL as a player, we will not face an issue to sell the stuff that we have. The prices side and how much they can go up, that's a different topic. I believe this sort of paints a picture of where we are now.
Ben Toyrer (Equity Analyst)
Okay, perfect, thanks. And then my follow up just for clarification group is is it fair to assume that the increase in EBITDA for the year that give or take 100 million, that you're, that you're looking at that, that is predominantly coming from a very solid potash business where you have the volume, but actually now you get some momentum on the pricing side which obviously flows right into ebitda. Is that care to assume?
Elad Aronson (President and CEO)
Yeah. Yes. And also I think bromine prices will be higher than expected, maybe less than the, you know, there was a spike at the beginning of the war and now prices are a bit down, but still it's higher than than expected and much better demand. Okay, perfect. Thank you very much. I'll pass it on. Thank you, Ben.
OPERATOR
As a reminder, if you would like to ask a question, please press star one to raise your hand. Your next question comes from the line of Lawrence Alexander with Jefferies. Your line is open. Please go ahead.
Lawrence Alexander (Equity Analyst)
Good morning. Two questions. One on the productivity front, can you give a sense for what levers do you think you have to pull over the next say three to five years? And secondly with back to the phosphate, can you just give a rough rule of thumb for your sensitivity to sulfur costs? And it sounds from your comments, do you think that the margin headwind there is a lag issue and that pricing, phosphate pricing should catch up to sulfur as the supply demand balance tightens? I have to ask you again to repeat the first question, if I may. Sorry for that, Lawrence. So just wanted to ask about structural productivity gains. I mean just how do you think about the net fixed cost savings you could generate over the next say three to five years? Like what are the levers you can pull across your portfolio now.
Elad Aronson (President and CEO)
Okay, so on the structural productivity side, let me say by, you know, we rather like to show results when they are there and the proof is in the pudding. However, since you asked this directly, I will answer that we do believe, and we are currently engaged significant structural productivity projects and they over time they should prove, I think beneficial and importantly so for icl, I don't believe it is a good time yet to go into really deep down details as to what's happening. But suffice it to say I believe that these projects are in motion and they should basically give us a lot of wind. I will say that also on the productivity of the sites, what we are seeing is improvement. As you've seen, Lawrence, what's going on on the potash side, we have basically increased the production and both Israel and also Spain and we continue to look into that. Other places are running at phosphate sites are running also at capacity, which is a good sign. But generally speaking, we are looking into all these aspects and this should be, as I said before, should prove to give us quite a lot of backwind going forward. We report on these things as they surface and then we can show solid improvement there. This was the first slide. I don't know if there'll be a follow up. I'll gladly answer that. You asked something which is a different question. Second question was different. It was basically the sensitivity to sulfur which is basically dependent on the product. But there is generally, obviously there is a significant correlation between the price of sulfur and the ultimately either the price or the margin that we eke out on phosphate. The catch up, this is the main question and very good one is basically to what extent are we able to compensate fully or not so on the price of phosphate to basically to forego this increase? I would say it is partial, it is not full. The prices of phosphate were already elevated when the price of sulfur was way below. It was around 400, $500 and already prices were high. And this was predominantly, as I stated to a previous question on the issue basically of China blocking exports. At this stage we do not see the prices raising, rising up again to fully compensate. But at the end of the day, partially at least it should be the case. So the forecast, I believe, and please add more, I do not see this is one of the issues that we are pointing out and the calls were straightforward in saying that this is quite a challenge going forward. The big question is what will happen on the price of sulfur? Because not only prices, the extent, you know, the news keep changing, I believe something like 50% 5 0% of sulfur comes through the Gulf states. And this is something that can basically change overnight. So it's a good question to see how this will transpire, for how long, what will be the effect? I can tell you that we continue to manufacture full speed.
Lawrence Alexander (Equity Analyst)
We are very careful with our purchases, thinking very carefully about how much we stack up and this can change during the year. So we were taking all these things into account whilst raising our guidance. And this obviously needs to be to continue to follow up. I'm not sure. Thank you.
Elad Aronson (President and CEO)
Thank you very much, Lois.
OPERATOR
This concludes the question and answer session. I will now turn the call back to Elad Aronson, President and CEO for closing remarks.
Elad Aronson (President and CEO)
So thank you very everyone for joining today. Strong start of the year for icl. We believe also the rest of the year will be positive even though as was mentioned we will monitor raw material costs and also the exchange rate of shekel versus dollar and you saw the guidance. I'll take this opportunity. And thanks once again Aviram for four and a half years as a friend and partner here. Huge contribution to ICL and good luck in the retirement.
Aviram
Thank you so much and good luck to us.
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- Earnings Scheduled For May 13, 2026
May 13, 2026
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• Crescent Capital BDC (NASDAQ:CCAP) is projected to report quarterly earnings at $0.41 per share on revenue of $39.29 million.
• Fossil Group (NASDAQ:FOSL) is estimated to report quarterly loss at $0.27 per share on revenue of $204.85 million.
• Accelerant Hldgs (NYSE:ARX) is projected to report quarterly earnings at $0.16 per share on revenue of $245.50 million.
• DeFi Development (NASDAQ:DFDV) is expected to report quarterly loss at $0.24 per share on revenue of $3.50 million.
• Galiano Gold (AMEX:GAU) is projected to report quarterly earnings at $0.12 per share on revenue of $137.50 million.
• Capital Southwest (NASDAQ:CSWC) is projected to report quarterly earnings at $0.58 per share on revenue of $61.65 million.
• Park Dental Partners (NASDAQ:PARK) is expected to report quarterly earnings at $0.20 per share on revenue of $61.05 million.
• Epsilon Energy (NASDAQ:EPSN) is expected to report earnings for its first quarter.
• Spectrum Brands Holdings (NYSE:SPB) is projected to report quarterly earnings at $1.04 per share on revenue of $672.80 million.
• Manulife Financial (NYSE:MFC) is expected to report earnings for its first quarter.
• Global Water Resources (NASDAQ:GWRS) is estimated to report quarterly loss at $0.02 per share on revenue of $13.87 million.
• Shoulder Innovations (NYSE:SI) is expected to report quarterly loss at $0.44 per share on revenue of $14.35 million.
• Lulus Fashion Lounge (NASDAQ:LVLU) is estimated to report earnings for its first quarter.
• PGIM Portfolio Ballast ETF (BATS:PBL) is likely to report quarterly earnings at $0.39 per share on revenue of $154.06 million.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
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This article Earnings Scheduled For May 13, 2026 originally appeared on Benzinga.com
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- ICL Group (ICL) Surpasses Q1 Earnings and Revenue Estimates
May 13, 2026
ICL Group (ICL) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.1 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.00%. A quarter ago, it was expected that this potash and fertilizer producer would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
ICL Group, which belongs to the Zacks Fertilizers industry, posted revenues of $2.02 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 10.25%. This compares to year-ago revenues of $1.77 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
ICL Group shares have added about 11.7% since the beginning of the year versus the S&P 500's gain of 8.1%.
What's Next for ICL Group?
While ICL Group has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for ICL Group was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.10 on $1.89 billion in revenues for the coming quarter and $0.40 on $7.34 billion in revenues for the current fiscal year.
Story Continues
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Fertilizers is currently in the top 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Silvercorp (SVM), another stock in the broader Zacks Basic Materials sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 25.
This mineral miner is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of +271.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Silvercorp's revenues are expected to be $147.4 million, up 96.3% from the year-ago quarter.
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This article originally published on Zacks Investment Research (zacks.com).
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