Fertiglobe (FERTIGLB) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached $758 million, up 53% year-over-year, with adjusted EBITDA of $286 million (+69% YoY) and adjusted net profit of $134 million (+370% YoY), driven by higher urea prices, strategic initiatives, and resilience despite gas supply challenges in Egypt.

• Nine-month 2025 revenues totaled $2,019 million, up 31% year-over-year, with adjusted EBITDA of $723 million and reported net profit of $423.6 million, reflecting one-off tax gains in Egypt.

• ADNOC completed acquisition of 86.2% of shares from OCI N.V. in October 2024, becoming the controlling entity.

• Wengfu Australia acquisition completed, contributing to EBITDA growth targets and expanding downstream capabilities.

• Total assets increased to $4,561.6 million as of 30 September 2025.

Financial highlights

• Q3 adjusted EBITDA margin was 37.7%, up from 34.1% in Q3 2024; excluding third-party sales, margin was 48.3%.

• Nine-month gross profit was $606.5 million, up from $376 million year-over-year, and operating profit reached $502.1 million.

• Net debt at end-September 2025 was $984 million, with net debt/EBITDA at 1.1x, and net debt to equity ratio improved to 0.56.

• Free cash flow before growth CapEx was negative $38 million in Q3 due to a $119 million one-off tax settlement; nine-month free cash flow was $269 million, up 63% YoY.

• Total capital returns to shareholders in 2025 reached at least $287 million, with a yield of at least 5%.

Outlook and guidance

• Positive Q4 2025 outlook supported by strong order book, India tenders, and pre-CBAM buying; nitrogen and ammonia markets expected to remain tight into early 2026.

• Grow 2030 strategy targets $1 billion EBITDA by 2030 at 2024 prices, with 38% of growth initiatives already actioned and $340–420 million annual EBITDA uplift expected.

• Manufacturing Improvement Program 43% underway, targeting $110–120 million EBITDA by 2028; AI initiatives targeting $25 million incremental EBITDA by 2030.

• Board approved interim dividends of $125 million for H1 2025.