ICL Struggles Amid Falling Phosphate Prices—Can Specialty Expansion Spark a Comeback?

Israel Chemicals Ltd (ICL) reported its financial results for the fourth quarter and full year of 2024, revealing the complexities of a demanding market environment. The company demonstrated resilience by delivering certain financial achievements despite multifaceted challenges in 2024, including geopolitical tensions in Israel and fluctuating commodity prices. For 2024, ICL’s revenues stood at $6.841 billion, with an adjusted EBITDA of $1.469 billion, reflecting a margin of 21%. The annual adjusted diluted earnings per share was reported at $0.38. The company’s focus on its specialties-driven segments proved advantageous, contributing 70% to the annual EBITDA. These segments include Industrial Products, Phosphate Solutions, and Growing Solutions, collectively producing a notable 73% of the fourth quarter EBITDA. Despite experiencing a 24% decline in potash prices compared to the previous year, ICL sustained an 8% increase in EBITDA across its specialty businesses.