ICL Group Ltd. reported third‑quarter 2025 results that showed a $1.85 billion revenue total, up 5.7% from $1.75 billion a year earlier but falling short of the $1.87 billion consensus estimate by $20 million. Operating income rose to $230 million, and adjusted EBITDA reached $398 million, a 4% increase from $383 million in Q3 2024. Diluted earnings per share were $0.09, matching last year’s figure, while adjusted diluted EPS of $0.10 beat the consensus of $0.09 by $0.01, a 11% lift that reflects tighter cost control and a more favorable product mix.
The earnings beat was driven largely by the company’s specialty businesses. Sales in Industrial Products, Phosphate Solutions and Growing Solutions all grew, offsetting a modest decline in potash volume that was partially due to lower commodity prices. The specialty segment’s higher margin profile helped lift adjusted EBITDA, while the lower potash contribution kept revenue from exceeding analyst expectations.
On November 11, ICL announced it would discontinue its planned lithium‑iron‑phosphate battery‑material projects in St. Louis and Spain. The decision was driven by the U.S. Department of Energy’s withdrawal of grant funding, the absence of EU support, and the high capital cost required to bring the projects to market. The company’s strategic shift signals a focus on higher‑margin specialty products and a reallocation of capital away from capital‑intensive battery‑material ventures.
In addition, ICL signed a memorandum of understanding with the State of Israel on November 5 for a new Dead Sea concession. The MOU provides long‑term regulatory certainty for the company’s operations in the region, giving it a stable framework for future investment and production planning.
Management reiterated its full‑year guidance, maintaining a specialties‑driven adjusted EBITDA outlook of $0.95 billion to $1.15 billion and a potash sales‑volume forecast of 4.3 million to 4.5 million metric tons. The unchanged guidance reflects confidence in the company’s core specialty businesses and the expected improvement in potash pricing, while the strategic pivot away from LFP projects underscores a commitment to operational efficiency and margin expansion.
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