Fertiglobe (FERTIGLB) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $566 million, up 14% year-over-year, with H1 2025 revenue at $1.26 billion, a 20% increase year-over-year, despite gas supply disruptions in Egypt and operational turnarounds in the UAE.

• Adjusted EBITDA for Q2 2025 was $176 million, up 26% year-over-year; H1 2025 adjusted EBITDA was $437 million, up 36% year-over-year.

• Adjusted net profit attributable to shareholders was $12 million in Q2 2025, up 68% year-over-year, and $85 million for H1 2025, down 18% due to prior year FX gain.

• Management proposed H1 2025 dividends of at least $100 million, with total shareholder returns of $131 million including share buybacks.

• Since IPO, $2.6 billion has been returned to shareholders, among the highest in the sector.

Financial highlights

• Q2 2025 adjusted EBITDA margin was 31% overall and 38% for own-produced volumes; H1 2025 margin was 35% overall and 42% for own-produced volumes.

• Net debt as of June 30, 2025, was $909 million, with net debt/EBITDA at 1x.

• Free cash flow before growth CapEx in H1 2025 was $307 million, up from $225 million in H1 2024; Q2 2025 free cash flow was $94 million, up 35% year-over-year.

• Total cash capital expenditures including growth CapEx were $66 million in H1 2025, with $49 million for maintenance.

• Gross profit for H1 2025 was $362.8 million, up from $296.7 million year-over-year.

Outlook and guidance

• Near-term nitrogen fertilizer outlook remains favorable, with tight urea and ammonia markets and strong demand from India, Australia, and Brazil.

• Maintenance CapEx for 2025 expected at the lower end of $145–$170 million guidance.

• Management targets $15–$21 million in cost savings by year-end, supported by ADNOC.

• Long-term strategy aims for $1 billion+ EBITDA by 2030 at 2024 prices, anchored on operational excellence, customer proximity, product expansion, and low-carbon growth.

• Directors confirm adequate resources for at least 12 months from approval date, supporting a going concern basis.