ICL Group: 1Q26: First Impressions

研报英文原文证据摘录

ICL Group: 1Q26: First Impressions

Equity Research

Americas Agribusiness

13 May 2026

ICL Group

1Q26: First Impressions

ICL reported better-than-expected results, as strong top-line

momentum on the back of healthy pricing and solid volume

in various segments drove earnings. While margins were ICL EQUAL WEIGHT

Americas Agribusiness NEUTRAL

slightly softer than expected, guidance was raised by $100mn Price Target USD 6.00

on adj. EBITDA. Price (12-May-26) USD 6.38

Potential Upside/Downside -6.0%

Source: Bloomberg, Barclays Research

Sales increased almost 15% YoY, beating our assumptions by 10%, mainly on the back of very

strong price momentum in Potash as well as in Phosphate – the former had healthy volume and

price growth, while the latter had negative volumes yet strong pricing overall. Sales in Growing Americas Agribusiness

Solutions (GS) were also better than expected, with Industrial Products (IP) sales coming in as Benjamin M. Theurer

+52 55 5241 3322well slightly ahead of estimates.

benjamin.theurer@barclays.com

BCCB, MexicoProfits were also up 15% YoY, but margins came in a touch softer than expected. On the

positive side EBITDA in Potash as well as in IP grew a healthy 46% and 13%, respectively, more Rahi Parikh

than offsetting a minor 6% decline in Phosphate EBITDA – GS EBITDA was also slightly up YoY (in +1 212 526 0150

line with expectations). Better operating profits carried through the income statement and rahi.parikh@barclays.com

BCI, USresulted in a very strong 29% adj. EPS growth, beating our assumptions by ~19%.

Ryan Lavin

Given the strong 1Q results and a favorable pricing momentum ICL raised its adj. EBITDA +1 212 526 8713

guidance by $100mn. ICL Management now expects FY26 adj. EBITDA of $1.5bn to $1.7bn (was ryan.lavin1@barclays.com