Large Accelerated Filer ☒	Accelerated Filer ☐	Non-accelerated Filer ☐
Emerging Growth Company ☐

☐	U.S. GAAP
☒	International Financial Reporting Standards as issued by the International Accounting Standards Board
☐	Other

	PART I	Page
	Special Note Regarding Forward-Looking Statements
	Introduction
	Glossary of Selected Terms
Item 1.	Identity of Directors, Senior Management and Advisers	1
Item 2.	Offer Statistics and Expected Timetable	1
Item 3.	Key Information	1
Item 4.	Information on the Company	38
Item 4A.	Unresolved Staff Comments	211
Item 5.	Financial Results and Business Overview	212
Item 6.	Directors, Senior Management and Employees	243
Item 7.	Major Shareholders and Related Party Transactions	280
Item 8.	Financial Information	290
Item 9.	The Offer and Listing	294
Item 10.	Additional Information	295
Item 11.	Quantitative and Qualitative Disclosures About Market Risk	305
Item 12.	Description of Securities Other than Equity Securities	313
	PART II
Item 13.	Defaults, Dividend Arrangements and Delinquencies	313
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds	313
Item 15.	Controls and Procedures	314
Item 16A.	Audit and Accounting Committee Financial Expert	315
Item 16B.	Code of Ethics	315
Item 16C.	Principal Accountant Fees and Services	316
Item 16D.	Exemptions from the Listing Standards for Audit Committees	316
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	316
Item 16F.	Change in Registrant’s Certifying Accountant	317
Item 16G.	Corporate Governance	317
Item16H.	Mine Safety Disclosure	318
Item16I.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	318
Item16J.	Insider Trading Policy	319
Item16K.	Cybersecurity	319
Item 17.	Financial Statements	320
Item 18.	Financial Statements	320
Item 19.	Exhibits	320
	Signatures	321
	Index to Consolidated Financial Statements	F-1

Bromine	A chemical element used as a basis for a wide variety of uses and compounds, and mainly as a component in flame retardants or fire prevention substances. Unless otherwise stated, the term “bromine” refers to elemental bromine.
CDP	Carbon Disclosure Project – A leading non-profit organization in the greenhouse gas emissions reporting field.
CFR	Cost and Freight. In a CFR transaction, the prices of goods to a customer include, in addition to FOB expenses, marine shipping costs and all other costs that arise after the goods leave the seller’s factory gates and up to the destination port.
CLP	Classification, Labeling and Packaging of Substances and Mixtures– EU regulation.
CPI	The Consumer Price Index, as published by Israeli's Central Bureau of Statistics.
CRU	Intelligence Company that provides information on global mining, metal and fertilizers market.
ICL ADS	ICL América do Sul (formerly Compass Minerals América do Sul S.A.).
Dead Sea Bromine	Dead Sea Bromine Ltd., a subsidiary in the Industrial Products segment.
MAP	Monoammonium Phosphate, a fertilizer containing nitrate and phosphorus oxide.
GTSP	Granular Triple Superphosphate, used as fertilizer, a source of high phosphorus.
GSSP	Granular Single Superphosphate, used as a phosphate fertilizer.
Green Hydrogen	Hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity.
DAP	Diammonium Phosphate - a fertilizer containing nitrate and phosphorus oxide.
EPA	US Environmental Protection Agency.
EU	European Union.
FAO	The Food and Agriculture Organization of the United Nations.
FOB	Free on-Board expenses are expenses for overland transportation, loading costs and other costs, up to and including the port of origin. In a FOB transaction, the seller pays the FOB expenses, and the buyer pays the other costs from the port of origin onwards.
CPT	Cost Per Tonne.
CIF	Cost, Insurance, and Freight. In a CIF transaction, the price of goods includes, as well as FOB expenses, the expenses for insurance, shipping and any other costs that arise after the goods leave the factory gates and up to the destination port.
ICL Haifa (Fertilizers & Chemicals)	Fertilizers and Chemicals Ltd., a subsidiary in the Growing Solutions segment.
GHG	Greenhouse Gases – air emissions contributing to climate change.
Granular	Fertilizer containing granular particles.
ICL Boulby	A UK subsidiary in the Potash segment.
ICL Iberia (Iberpotash)	Iberpotash S.A., a Spanish subsidiary in the Potash segment.
IC	Israel Corporation Ltd.
Indicated Mineral Resource	That part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

Inferred Mineral Resource	That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.
DSW	Dead Sea Works Ltd., a subsidiary in the Potash segment.
DSM	Dead Sea Magnesium Ltd., a subsidiary in the Potash segment.
ICL Neot Hovav	Subsidiaries in the Neot Hovav area in the south of Israel, including facilities of Bromine Compounds Ltd included in the Industrial Products segment.
ICL Rotem	Rotem Amfert Negev Ltd., a subsidiary in the Phosphate Solutions segment.
IFA	The International Fertilizers Industry Association, an international association of fertilizers manufacturers.
ILA	Israel Land Authority.
IMF	International Monetary Fund.
K	The element potassium, one of three main plant nutrients.
KNO3	Potassium Nitrate, a soluble fertilizer containing N&P used as a stand-alone product or as a key component of some water-soluble blends.
KOH	Potassium hydroxide 50% liquid.
MGA	Merchant grade phosphoric acid.
Measured Mineral Resource	That part of a mineral resource for which quantity and grade or quality are estimated and based on conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.
Mineral Reserve	An estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Mineral Resource	A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
MoEP	Israel Ministry of Environmental Protection.
N	The element nitrogen, one of three main plant nutrients.
P	The element phosphorus, one of three main plant nutrients, that is also used as a raw material in industry.
PK	Complex fertilizer comprised primarily of two primary nutrients (P.K).
NPK	Complex fertilizer comprised primarily of three primary nutrients (N.P.K).
NYSE	The New York Stock Exchange.
Phosphate	Phosphate rock that contains the element phosphorus. Its concentration is measured in units of P2O5.
Polyhalite	A mineral marketed by ICL under the brand name Polysulphate™, composed of potash, sulphur, calcium, and magnesium. Used in its natural form as a fully soluble and natural fertilizer, which is also used for organic agriculture and as a raw material for production of fertilizers.

Probable Mineral Reserve	The economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. Quantity, grade and/or quality of Probable Mineral Reserves are computed from information similar to that used for Proven Mineral Reserves, but the sites for survey, sampling and measurement are further apart or are otherwise less efficiently spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.
Proven Mineral Reserve	The economically mineable part of a Measured Mineral Resource. Proven Mineral Reserve quantities are computed from information received from explorations, channels, wells, and drilling; grade and/or quality are computed from the results of detailed sampling. The sites for inspection, sampling and measurement for proven reserves are spaced so closely to each other so that the geologic character is well defined so the size, shape, depth and mineral content of reserves can be reliably determined.
Chlorine	A chemical, raw material in various productions process. A byproduct of Dead Sea Magnesium production.
Sylvinite	A byproduct from the production of Magnesium from the raw material – Carnallite. Transferred to DSW as an additional source for potash production.
Polymer	A chemical compound containing a long chain of repeating units linked by a chemical bond and created by polymerization.
Potash	Potassium chloride (KCl), used as a plant’s main source of potassium.
P2O5	Phosphorus pentoxide.
TCFD	Task Force on Climate-Related Financial Disclosures.
REACH	Registration, Evaluation, Authorization and Restriction of Chemicals, a framework within the EU.
Reserves	The part of a mineral deposit that could be economically and legally extracted or produced at the time of the Mineral Reserve determination. Reserves are divided between “proven reserves” and “probable reserves”.
Salt	Unless otherwise specified, sodium chloride (NaCl).
S	Sulphur – a chemical used for the production of sulfuric acid for sulfate and phosphate fertilizers, and other chemical processes.
Soluble NPK	Soluble fertilizer containing the three basic elements for plant development (nitrogen, phosphorus and potash).
Standard	Fertilizer has small particles.
Tami	Tami (IMI) Research and Development Institute Ltd., the central research institute of ICL.
TASE	Tel Aviv Stock Exchange, Ltd.
USDA	United States Department of Agriculture.
WPA	White Phosphoric Acid, purified from MGA.
UK	The United Kingdom.
Urea	A white granular or pill solid fertilizer containing 46% nitrogen.
YTH/YPC	The Chinese partner in the Company’s joint venture YPH in China.
4D	Clean green phosphoric acid, used as a raw material for purification processes.
PM	Particular matter.

A.

SELECTED FINANCIAL DATA

B.

CAPITALIZATION AND INDEBTEDNESS

C.

REASONS FOR THE OFFER AND USE OF PROCEEDS

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Our mineral extraction operations are dependent on concessions, licenses and permits granted to us by the respective governments in the countries in which we operate, including the concession for our operations at the Dead Sea in Israel, which is expected to expire in March 2030.

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Our ability to operate and/or expand our production and operating facilitiesworldwide is dependent on our receipt of, and compliance with, permits issued by governmental authorities. A decision by a government authority to deny any of our permit applications may adversely affect the Company’s business and operations.

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Our operations and sales are exposed to high volatility in supply and demand, pricing fluctuations in commodity markets, expansion of production capacity and competition from some of the world’s largest chemical and mining companies, as well as mergers of key producer/customer/supplier.

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Compliance with, and changes in, environmental laws and regulations could require us to make substantial capital expenditures and incur costs and liabilities and adversely affect our performance.

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We are exposed to risks related to physical climate change and natural disasters, such as earthquakes, impacts of climate-related transition risks, including current and future laws and regulations, as well as other factors resulting from climate change, which could adversely impact on our business, financial condition, results of operations or liquidity.

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Our operations could be adversely affected by price increases or shortages with respect to water, energy and our principal raw materials.

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The accumulation of salt at the bottom of Pond 5, the central evaporation pond in our solar evaporation ponds system used to extract minerals from the Dead Sea in Israel, requires regular harvesting of salt to maintain a fixed brine volume and thereby sustain the production capacity of extracted minerals and prevent potential damage to the foundations and structures of hotels and other buildings situated close to the edge of the pond.

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We are exposed to risks associated with our international activities, which could adversely affect our sales, operations, and assets in various countries. Some of these factors may also make it less attractive or more difficult to distribute cash generated by our operations outside Israel to shareholders, use cash from one country to fund operations or repayments of indebtedness in another, or support other corporate purposes, including the distribution of dividends.

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Changes in valuations and estimates, which serve as a basis for analyzing our contingent liabilities and for the recognition and measurement of assets and liabilities, including provisions for waste removal and the reclamation of mines, may materially and adversely affect our business, financial condition and results of operations.

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As a multinational company, our financial results may be adversely affected by currency fluctuations and restrictions, as well as by credit risks.

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Due to the nature of our operations, we may be exposed to the risk of adverse ecological events, which may result in impacts that exceed the boundaries of our facilities, cause environmental damage or damage to human health/life and lead to the shutdown of our sites or administrative, civil and/or criminal proceedings.

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Accidents occurring during our industrial and mining operations, including failure to ensure the safety of our workers and processes, could adversely affect our business.

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Geological and mining conditions and/or effects of prior mining that may not be fully identified/assessed within the available data or that may differ from those based on our experience;

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Assumptions concerning future prices of products, operating costs, updates to the statistical model and geological parameters according to past experience and developing practices in this field, mining technology improvements, development costs and reclamation costs; and

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Assumptions concerning future effects of regulation, including the issuance of required permits and taxes imposed by governmental agencies.

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Difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations, including the US. Foreign Corrupt Practices Act (the “FCPA”), the UK. Bribery Act of 2010, Section 291A of the Israeli Penal Law and similar laws in the jurisdictions in which we sell or operate;

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Unexpected changes in regulatory environments and increased government ownership and regulation in the countries in which we operate;

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Political and economic instability, including civil unrest, inflation and adverse economic conditions resulting from governmental attempts to reduce inflation, such as imposition of higher interest rates and wage and price controls;

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Public health crises, such as pandemics and epidemics; and

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The imposition of tariffs, exchange controls, trade barriers or sanctions, new taxes or tax rates or other restrictions, including the current trade dispute between the US and China.

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The duration, severity and extent of a war, along with the necessary measures undertaken by government authorities or other organizations to manage and mitigate its effects.

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The possibility of temporary closures of our facilities or the facilities of our suppliers, customers, their contract manufacturers, and the possibility of certain industries shutting down.

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The ability to purchase raw materials in times of shortages resulting from supply chain disruptions and production shutdowns.

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The ability of our suppliers, contractors and third-party providers to meet their obligations to us at previously anticipated costs and timelines without significant disruption.

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Our ability to continue to meet the manufacturing and supply arrangements with our customers at previously anticipated costs and timelines without significant disruption.

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The duration and severity of the sustained global or local recession, and the uncertainty as to when economy will fully recover.

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Significant disruption of global financial markets and credit markets, which may reduce our ability to access capital or our customers’ ability to pay us for past or future purchases, which could negatively affect our liquidity.

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Some government incentive programs may be discontinued, expired, cancelled or changed.

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Governments may initiate new legislation or amend existing legislation in order to impose additional and/or increased fiscal liabilities on our business, such as additional royalties, natural resource taxes or required investments, as has occurred in Israel, for example, with respect to the Law for Taxation of Profits from Natural Resources.

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The applicable tax rates may increase.

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We may no longer be able to meet the requirements for continuing to qualify for some incentive programs.

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Changes in trade agreements between countries, such as in the trade agreements between the United States and China.

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Changes in international taxation laws, as may be adopted by several countries we operate in, or sell to, may result in additional taxes or high tax rates being imposed on our operations.

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The composition of our Board of Directors (other than external directors, as described under “Item 6 - Directors, Senior Management and Employees— C. Board Practices”.

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Mergers, acquisitions, divestitures or other business combinations.

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Future issuances of ordinary shares or other securities.

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Amendments to our Articles of Association, excluding provisions of the Articles of Association that were determined by virtue of the Special State Share.

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Dividend distribution policy.

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Expiration or termination of licenses and/or concessions.

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Uncertainties and developments related to the DSW concession.

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General stock market conditions.

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Decisions by governmental authorities affect our business.

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Significant legal rulings impacting our operations and financial results.

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Variations in our and our competitors’ results of operations.

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Changes in earnings estimates or analyst recommendations.

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Broader market dynamics and other factors, including factors unrelated to our operating performance.

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In January 2026, the Company acquired 49.9% of Bartek Ingredients' shares. Bartek is a global leader in food-grade malic and fumaric acids, serving hundreds of customers and distributors across the food, beverage, confectionery, bakery and other end-markets worldwide. These functional food ingredients are used by food and beverage companies to enhance flavor profiles, extend shelf life, and improve overall product quality.

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In July 2024, the Company acquired Custom Ag Formulators (CAF), a North American provider of customized agriculture formulations and products customized for growers. CAF offers a diverse assortment of liquid adjuvants and enhanced nutrients, as well as various other specialty products.

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In February 2024, the Company acquired Nitro 1000, a manufacturer, developer and provider of biological crop inputs in Brazil. Nitro 1000’s products mainly target soybean, corn and sugar cane crops, and their application replaces or optimizes the use of fertilizers. These products help farmers increase profitability, as well as offer more sustainable options.

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Access to one of the world’s richest, longest‑life and lowest‑cost sources of potash and bromine (the Dead Sea).

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A potash mine and processing facilities in Spain.

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Bromine compounds processing facilities in Israel, the Netherlands and China.

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A unique integrated phosphate value chain that extends from phosphate rock mines in Israel and in China to value‑added downstream products produced in facilities located in Israel, Europe, the US, Brazil, Australia and China. Our specialty phosphates serve the food industry by providing texture and stability solutions to the meat, meat alternatives, poultry, sea food, dairy and bakery markets, as well as numerous other industrial markets, such as metal treatment, water treatment, oral care, carbonated drinks, asphalt modification, paints and coatings and more.

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Polysulphate® resources in the UK.

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Customized, highly effective specialty fertilizers that provide improved value to growers, provide essential plant nutrition, optimize crop yields, and reduce environmental impact.

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A focused and highly experienced team of technical experts that develop production processes, new applications, formulations and products for our agricultural and industrial markets.

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A strong crop nutrition sales and marketing infrastructure that optimizes distribution channels of commodity, specialty and semi-specialty fertilizers by leveraging its commercial excellence, global operational efficiency, region-specific knowledge, agronomic and R&D capabilities, logistical assets and customer relationships.

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Research & Development and Innovation: We benefit from our proximity to Israel’s global-leading high-tech and agri-tech eco-system, as well as our vast agronomy and chemistry knowledge that we have accumulated over decades. Our extensive global R&D infrastructure includes 24 R&D and Innovation centers around the world that employ 300 highly experienced personnel who have obtained our 945 active patents in 175 patent families. ICL's R&D unit supports the development of new, innovative products, applications and formulations for each of our operating segments through internal research, employee ideation and collaborative research with third parties.

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An extensive global logistics and distribution network with operations in over 30 countries.

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Unique portfolio of mineral assets. Access to these assets provides us with a consistent, reliable supply of raw materials, allows for large-scale production, and supports our integrated value chain of specialty products.

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Diversification into higher value‑added specialty products leverages our integrated business model. Our company’s integrated production processes are based on a synergistic value chain that allows us to both efficiently convert raw materials into value added downstream products and to use the byproducts. For example, in phosphates, we use backward integration to produce specialty phosphates for the food industry and for industrial applications. These businesses benefit from higher growth rates, higher margins and lower volatility compared to commodity phosphates. In addition, as a byproduct of the potash production at the Dead Sea, we generate brines with the highest bromine concentration globally. Our bromine-based products serve various industries such as the electronics, construction, oil and gas, and automotive industries.

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Leading positions in markets with high barriers to entry. We enjoy leadership positions in many of the key markets in which we operate. We are the clear leader in the Bromine market, with approximately one third of global production, as well as most of the excess capacity in the market. In the Potash market, our Dead Sea operations have a leading competitive cost position. According to CRU, the Dead Sea is among the most competitive potash sources to China, India and Brazil. ICL also has the largest market share in specialty phosphates, in the combined markets of North America, Europe and Latin America, and we are the sole producer of polyhalite. In addition, we have leadership positions in additional product lines, such as phosphorous-based flame retardants, PK fertilizers in Europe, and soluble phosphate-based fertilizers.

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Strategically located production and logistics assets. We benefit from the proximity of our facilities, both in Israel and Europe, to developed economies (Western Europe) and emerging markets (such as China, India and Brazil). In Israel, we ship from two seaports: The Port of Ashdod (with access to Europe and South America) and the Port of Eilat (with access to Asia, Africa and Oceania). Access to these two ports provides us with two distinct advantages versus our competitors: (1) lower plant to port, ocean freight, and transportation costs from our ports to our target markets, which lowers our overall cost structure; and (2) faster time to market, due to our proximity to end markets, which allows us to opportunistically fill short lead time orders and strengthen our position with our customers. We also operate manufacturing facilities in each of the markets we serve – Europe, North and South America, and Asia Pacific, in order to serve our global customers on a regional basis.

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Strong cash generation andclosely monitored capital allocation approach. A continuous focus on cash generation and the optimization of capital expenditures (CAPEX) and working capital – as well as the implementation of efficiency measures – enabled us to generate strong operating cash flow of $1,056 million in 2025. ICL's capital allocation approach balances long term value creation, through investments in its growth, with its commitment to providing a solid dividend yield, while aiming to maintain an investment grade rating of at least BBB- from S&P and Fitch. In 2020, the Company’s Board of Directors resolved to extend our dividend policy of a payout ratio of up to 50% of annual adjusted net income, until further notice. In respect to 2025 adjusted net income, the Company declared total dividends in the amount of $232 million, reflecting a dividend yield rate of approximately 3.1% (based on the average share price for the year). See “Item 8 - Financial Information— A. Consolidated Statements and Other Financial Information.

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Professional expertise and culture of collaboration and determination. Our operations are managed by an international management team with extensive industry experience. We develop leaders with strong experience in their fields and focus on nurturing and empowering talent through a global platform of qualification, collaboration and communication, intended to drive change and innovation within the Company.

1.

Profitable growth, with a focus on specialty crop nutrition and specialty food solutions;

2.

Maximizing the value of our core businesses, including our phosphate, potash and bromine resources;

3.

Overall portfolio optimization and cost efficiency.

1.

Profitable Growth

2.

Maximizing the value of our Core businesses

3.

Portfolio Optimization and Cost Efficiency

Sub-business line	Product	Primary Applications	Primary End‑Markets
Flame retardants	Bromine, phosphorus and magnesium-Based Flame Retardants	Plastic, building materials and textile production	Electronics, automotive, building, construction and textiles
Industrial solutions	Elemental Bromine	Chemical reagent	Tire manufacturing, pharmaceuticals and agro, PTA and flame retardants
	Brominated and Phosphorus compounds	Raw materials for pharmaceuticals and agro	Pharmaceuticals and agro
	Industrial services	Functional fluids, Biocides (Water treatment and disinfection), Merquel and MBr	Power plants and other industrial facilities
	Clear Brines	Oil and gas drillings	Oil and gas
	Energy storage	Brominated electrolytes, Phosphorus based active salt for electrolytes	Battery producers
Specialty minerals	Magnesia Products	Pharma and Supplementals, health care, transformer steel, catalysts, fuel and oil additives.	Supplementals, multivitamins, transformer steel and health care
	Calcium Carbonate	Supplementals and pharma	Supplementals and pharma
	Solid MgCl2, KCl	Deicing, food, oil drilling, pharma	De-icing, sodium replacement, KCl for drugs. Multi-vitamins, oil drilling companies, small industrial niche markets

•

A relatively low average cost of potash production at the Dead Sea, using the sun as a solar energy source in the evaporation process.

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Logistical advantages from to our strategic geographic location and access to nearby ports in Israel and Europe, along with our relative proximity to customers, resulting in highly competitive marine and overland shipping costs as well as expedited delivery times.

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Climate advantages, stemming from hot and dry conditions at the Dead Sea, enable us to store substantial quantities of potash in an open area at minimal cost. This capability allows us to maintain continuous, full-capacity production in Sodom regardless of fluctuations in global potash demand.

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Our mine in Spain is one of the few in Western Europe, creating logistics advantages in supplying European customers.

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An integrated value chain utilizing phosphate rock mined in Israel (at ICL Rotem), as well as in China (YPH), to produce green phosphoric acid, which primarily serves as a raw material for both the segment's products and those of our Growing Solutions segment.

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Logistical advantages stemming from the segment's geographical location and diversification, its proximity to ports in Israel and Europe, and its relative proximity to our customers.

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Our ability as a global fertilizer producer to combine potash and phosphate fertilizers in the same shipment, which enables us to service smaller customers, particularly in Brazil and the US.

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The segment enjoys a competitive advantage in specialty phosphates deriving from product features, quality, service, technical application support, a global manufacturing footprint and a very broad product line.

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YPH provides an integrative phosphate platform in China with beneficial access to the Chinese market. In addition, the segment enjoys a competitive cost advantage in its phosphate activities, due to access to low‑cost phosphate rock with long‑term reserves.

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The segment has a diversity of integrated solutions that have been designed specifically to match a customer’s unique needs.

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Highly qualified R&D capabilities and existing know-how that enable the delivery of products aligned with global megatrends, such as in the Specialty Food Solutions market.

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Controlled‑release fertilizers (CRF) allow accurate release of nutrients over time. CRFs have a special coating that allows prolonged release of nutrients from over several weeks to 18 months compared to regular fertilizers that dissolve in the soil and are immediately available but therefore leach partially into the soil. ICL Growing Solutions offers leading global and regional brand-name products including Osmocote, Agroblen, Agrocote, Agromaster, Polyblen and Producote.

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Osmocote is the most widely recognized and used controlled-release fertilizer among ornamental growers globally. The brand is known to deliver high quality ornamental plants due to its consistent nutrient release and unique patterned and programmed release technologies. We continue to invest in innovation and field trials to validate and demonstrate the performance and high reliability of our products. With Osmocote Exact and Osmocote 5, ICL offers advanced technologies designed to enhance nutrient and micronutrient uptake of the plants. In addition, ICL has developed a faster biodegradable coating for controlled-release fertilizers, marketed as eqo.s. This technology is incorporated into the Company's professional turf brands, such as Sierrablen and ProTurf, which are mainly used on sport fields and golf courses. The eqo.s is the first market solution featuring a CRF coating for urea that biodegrades more rapidly, and is specifically designed to comply with the upcoming EU fertilizer regulation set to take effect in October 2028. In 2025, ICL became the first company in the EU to receive the official CE Mark for this technology, certifying its compliance and allowing its use in the EU market.

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Soluble fertilizers, which are fully water soluble, are commonly used for fertilization through drip irrigation systems to optimize fertilizer efficiency in the root zone to maximize yields and some of them can also be used for foliar applications. Our well-known brands for fertigation include Peters, Universol, Solinure, Agrolution, Nova, Fertiflow and others. Our leading brands for foliar application are Agroleaf Liquid, Agroleaf Power and Nutrivant. ICL develops specific formulations for different applications and crops. In South America, products such as Profol, Kellus, Tonus, Translok, Forcy, Nutritio, Vegetação and Dimi Tônico are used as high technology products for farmers to improve plant nutrition and physiology through foliar fertilization. There are specific formulations for specific crops, greenhouses and/or open fields, as well as for different water types. In 2025, we launched our foliar drone-spray, water-soluble fertilizer technology under the brand name FertiBuzz.

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‘Straight fertilizers’ are crystalline, free‑flowing and high purity phosphorus and potassium soluble fertilizers such as MKP, MAP and PeKacid. Our key brands include NovaPeak, Nova PeKacid & NovaMAP. PeKacid is a patented product of ICL. It is the only solid, highly acidifying, water-soluble fertigation product that contains both phosphorus and potassium. The product is ideal for hard water conditions where an acidifying effect is required, as well as for keeping dripping lines clean.

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Liquid fertilizers are used for intensive agriculture and are integrated into irrigation systems (mainly drip systems). Our product line includes mostly tailor‑made formulations designed for specific soil and water/climate conditions and crop needs.

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Peat is a growing medium for various crops in which generally controlled‑release fertilizers and plant‑protection products are mixed in. Specific formulations of growing media are tailored to meet the requirements of specific plants, including those cultivated in greenhouse bedding plants and outdoor nurseries. One of our peats is the "Levington” brand, a well-known ICL brand. The integration of growing media products into our UK portfolio enhances ICL’s ability to offer a holistic and efficient solution to our customers. We are dedicated to adopting more circular products and expanding our selection of growing media offerings with Fibagro Advance, an outstanding peat alternative manufactured in the UK. This innovative and advanced woodfibre product is being used as a key component in professional growing media mixes and provides professional growers with sustainable growing solutions.

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Growing Media, Levington Advance is a leading brand of growing media product line in the UK and Ireland, offering premium pre-mixed solutions tailored to the specific needs of ornamental growers. Through our unique Fibagro Advance woodfiber technology, we offer an enhanced and sustainable alternative to peat.

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Specialty Turf Fertilizers - In addition to controlled release fertilizers, the Company offers specialized fertilizers for a range of grass-field applications. For golf greens, the portfolio includes very fine granular fertilizers, such as Greenmaster and Sierraform GT (slow-release fertilizers), as well as a range of Greenmaster liquids.

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Water conservation and soil conditioning products – these are new product lines developed by the segment to enhance water use efficiency and soil health. In professional turf, water conservation products such as H2Flo and H2Pro are designed to retain moisture in the root zone, improving water availability and usage. This technology is also being applied in agriculture to optimize water distribution around crop roots. For the Ornamental market, ICL offers H2Gro, which is added to growing media to ensure consistent water availability to plants. A wide range of H2Pro products is also available for the Professional Turf market.

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Bio-stimulants technologies, such as Triplus, Improver, Concorde, Vegetação and Dimi Tônicoare and the general Bioz line are being successfully used by farmers to increase their productivity and alleviate abiotic stress, such as drought, salinity, and others.

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Adjuvants are essential to enhance foliar nutrition, herbicides and crop protection spray. We offer the South American market adjuvant technologies, including Helper, Tensor Max and AD+ as well as various formulations that address the primary challenges facing farmers, such as drift and run off.

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Our Polysulphate® and Polysulphate®-based fertilizers, customized to meet the needs of different crops and soil types, maximize yields and allow more precise and efficient applications.

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Polysulphate® contributes to and follows the main market trends in the field of increased nutrient-use efficiency, low carbon footprint and organic fertilizers.

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PotashpluS – a compressed mixture of Polysulphate® and potash. The product includes potassium, sulphur, calcium and magnesium.

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PKpluS – a unique combination of phosphate, potash and Polysulphate®. The product also includes sulphur, calcium and magnesium.

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NPKpluS – a unique combination of Nitrogen, phosphate, potash and Polysulphate®. This product includes all 6 macro nutrients in one granule.

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A strong, efficient and integrated supply chain with in-house access to high-quality raw materials, mostly phosphate and potash, supported by a broad product portfolio and global production footprint.

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Strong R&D and innovation capabilities, creating a strong platform for future growth in controlled-release fertilizers, fertigation, foliar soluble fertilizers, bio-stimulants, water efficiency and innovative, and next- generation products.

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Advanced, value-added production technologies and tailored formulations that meet our customers’ unique needs.

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A highly skilled global agronomic sales team offering expert support and fostering customer loyalty.

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Comprehensive, one-stop shop product portfolio.

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ICL’s well-known and leading brands.

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Direct farmer relationships (B2C) in key markets (Brazil, Israel, and India), enabling field-level service and acceleration of the innovation cycle.

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We continuously explore new technologies to use secondary phosphate sources as alternatives to virgin raw materials. We are developing future resources for our fertilizer products, including for recycling and recovery of phosphorus and nitrogen from secondary sources.

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PuraLoop® is an innovative phosphorus fertilizer produced by us through the reaction of 100% SSA (sewage sludge ash). This pioneering fertilizer addresses the critical issue of resource conservation in agriculture and promotes sustainable farming.

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Pearl® is a sustainably recycled phosphorus product that helps to close the phosphorus cycle. It is recovered from high concentrations of phosphorus in diverse water streams, preventing losses into aquatic environments while preserving finite rock phosphate resources, and is integrated into our premium controlled-release fertilizer, Sierrablen Plus®.

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MagiK® is a powerful organic multi-nutrient for crops, used as an additive in fertilization products. It was developed from a byproduct stream of our magnesium production process.

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Fibagro Advance is a peat-alternative growing media that uses waste from the timber industry and a thermo-mechanical process to create a unique matrix that improves moisture and nutrient retention. The product has a lower carbon footprint compared to peats and other peat alternatives.

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As part of our Circular Economy efforts in China, we are developing various uses for phosphogypsum, the only byproduct from our Chinese site that has not yet been fully utilized. In addition to existing solutions, the Company, in collaboration with local authorities, has developed a solution to rehabilitate an old mine. In 2025, we successfully utilized 2.8 million cubic meters of phosphogypsum.

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We invest time and effort in advancing solutions for the utilization of phosphogypsum at Rotem, in line with our Circular Economy approach to transform byproducts into valuable resources. The Company is collaborating with a third party to establish a pilot intended to evaluate a technological pathway to convert phosphogypsum into valuable raw materials that can be reintegrated into industrial value chains.

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At ICL Dead Sea, salt is used as internal infrastructure in the rehabilitation of operational roads, construction of wall barriers, as well as in other infrastructure projects.

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Climate risk management is an integral part of our overall approach to ‘Doing the Right Thing, in the Right Way, Every Day’. ICL’s Board is responsible for setting ICL’s overall strategic direction, including sustainability, climate and ESG related matters. The Board views climate change as a material component of the Company's strategy.

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The Board has appointed a Climate, Sustainability and Community Relations Committee (“CSC Committee”) to oversee climate-related issues, including but not limited to, climate-change risk assessment and mitigation plans, installation of renewable energy facilities, site decarbonization plans, implementation of Circular Economy activities, achievement of energy and water savings targets and implementation of various policies related to environmental impact. The CSC Committee is chaired by Dr. Miriam Haran, a leading environmental expert with substantial experience in environmental and climate-related matters. The CSC Committee comprises three additional directors on the Board who possess significant industrial and risk management experience, including experience regarding environmental matters.

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The CSC Committee convenes quarterly, as scheduled, unless additional meetings are necessitated for ad hoc purposes. The meetings include review of updates regarding the Company’s latest ESG related events, as well as changes in underlying regulations, ESG risk assessments and ESG management systems, in addition to review and approval of policies and procedures when relevant. The CSC Committee also holds annual discussions regarding, among other things, risk mitigation measures, climate-related risk and opportunity disclosures, the Company’s ESG reporting, and ICL’s sustainability KPI targets. Progress made on climate-related targets, and adherence to the Company’s GHG decarbonization targets, are also monitored in these meetings (for more information, refer to the ‘Metrics and Targets’ section below).

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In February 2023, the Board approved the submission of a declaration to the SBTi organization, wherein the Company will commit to set a near-term, science-based target in accordance with the framework developed by the SBTi. The Board’s approval followed discussion and approval by ICL’s Global Executive Committee (GEC) in January 2023, and the CSC Committee in February 2023. In March 2023, SBTi officially confirmed ICL’s commitment to develop near-term targets in accordance with SBTi criteria and processes. Following ICL’s submission in March 2025, SBTi validated ICL’s near term targets for GHG reduction in July 2025. The CSC Committee will continue to oversee ICL’s decarbonization plan and targets.

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The Board’s Audit & Accounting Committee, as determined in ICL’s Board Manual, is responsible for, among other responsibilities, overseeing ICL’s risk management, including monitoring our activities to manage and mitigate identified risks, as well as to ensure our compliance with relevant regulations. Accordingly, ICL’s Enterprise Risk Management (“ERM”), which includes climate related risks, is discussed at least on a bi -annual basis, and any material changes are updated on a regular basis.

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ICL’s ERM approach and constituting documents, including its ERM policy and procedures, follow the risk management methodology of the Committee of Sponsoring Organizations of the Treadway Committee (COSO). The methodology is defined as “the culture, capabilities, and practices, integrated with strategy setting and its performance, that organizations rely on to manage risk in creating, preserving, and realizing value”.

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ICL’s Global Executive Committee (“GEC”), comprised of its senior executive management members, meets on a weekly basis and is responsible for overseeing the Company’s actions, policies and initiatives designed to ensure that ICL’s material ESG and climate -related risks are being appropriately addressed and managed. It also renders decisions on various issues including sustainability, climate and ESG matters. This includes the formation of annual budgets, deliberations regarding major capital and operational expenditures for climate mitigation activities related to low carbon production products and services, climate -related transactions (including acquisitions, mergers and divestitures) and the implementation of the climate transition plan.

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To assist the GEC in better monitoring and overseeing ICL’s sustainability, climate and ESG related matters, the GEC appointed a GEC Sustainability Committee, an advisory committee which convenes on a quarterly basis. Following an organizational change, ICL’s EVP, Chief Legal and Sustainability Officer, was appointed as Deputy CEO, and the responsibility over sustainability was transferred to the ICL Chief Procurement & CAPEX Officer, as well as responsibility for energy matters. Accordingly, ICL Chief Procurement & CAPEX Officer, is chairing the GEC Sustainability Committee as of 2026. In 2025, the GEC Sustainability Committee was chaired by ICL’s EVP, Chief Legal and Sustainability Officer, and included the CFO, the EVP, Chief Risk Officer, ICL's Potash Division President, and Head of Israel Phosphate Operations, who is also in charge of ICL’s global EHS, the Chief Procurement & CAPEX Officer, the Chief Innovation and Technology Officer and the ICL's Phosphate Specialty Solutions Division President. Three separate management-level committees report to the GEC Sustainability Committee on climate-related risks. These include: (i) a Physical Risk Committee and (ii) a Transition Risk Committee. A third committee, an Operational Executive Committee (OEC), is responsible for management, including measurement, of certain operational matters, including: waste, water management, air quality and pollution, biodiversity and EHS. All three committees are supported by ICL’s global sustainability and risk management teams, which manage both physical and transitional climate-related matters. The purpose of these committees is to identify potential climate related risks and opportunities, assess their impact on ICL’s operational and logistic sites, manage their financial transition, and determine mitigation actions to minimize ICL’s exposure to risk according to the respective ICL risk appetite. The chairs of the committees meet on a periodical basis to synchronize their activities.

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Scenario SSP1-2.6 reflects a future where physical risks, such as extreme weather events and long-term temperature increases, are minimized compared to other higher emissions scenarios.

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Scenario SSP2-4.5 addresses moderate physical risks, such as the increased frequency and severity of heatwaves, storms, and droughts in the long run.

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Scenario SSP5-8.5 assumes a business-as-usual trajectory with limited global mitigation efforts. It reflects severe physical risks in the long term, including frequent extreme weather events, rising sea levels, and significant ecosystem disruptions. This scenario highlights the need for robust resilience planning to mitigate catastrophic impacts on operations, infrastructure, and supply chains.

Transition risks	Horizon and potential impact	Description	ICL’s response
Policy & legal Carbon pricing mechanisms	Time horizons: Short, Medium and Long Potential impact: Medium to high, particularly within 2050-time horizon and ambitious transition scenarios	Stricter environmental regulations may impose additional compliance costs and operational constraints: Regulatory developments in countries or jurisdictions where we operate, exposure to carbon trading schemes, cross-border tax and adjustment mechanisms, increases in existing carbon pricing, and carbon taxes on energy and other supplies are expected to lead to increased costs for ICL. Since carbon pricing mechanisms are still in development in most areas globally, it is expected that the risk exposure will increase over time.	In recent years, we have undertaken proactive measures to reduce our carbon footprint as part of our decarbonization roadmap that includes increasing energy efficiency and transitioning to lower carbon energy sources. We have already achieved a 26.0% (vs 2018 base year) reduction in Scope 1-2. Consequently, we are actively improving our understanding of our GHG emissions' impacts and are actively striving to reduce GHG emissions throughout our value chain enabling us to reduce our exposure to carbon pricing risks. This year we further updated our climate risk assessment, using the latest releases for carbon price projections, on both our direct (Scope 1 & 2) and indirect (Scope 3) emissions, covering potential impacts from 2025 to 2050. The Israeli carbon tax that came into effect in 2025 was also incorporated into the models, with adjustments made to reflect the updated Israeli carbon prices. The analysis outputs will improve our financial preparedness and planning and foster strategic decision-making to mitigate risks linked with carbon pricing transitions.
Reputation Increased stakeholders concern regarding environmental performance	Time horizons: Medium Potential impact: Medium to high, in all scenarios	ICL operates in a GHG intensive sector, there are interests, concerns and expectations regarding operational and product -related environmental performance from investors, the public, and governmental and non-governmental authorities, that could have an impact on our reputation (preference for our products or investor confidence).	ICL’s commitment to ambitious climate targets is aligned with the Paris Agreement. Therefore, in recent years we have undertaken proactive measures to reduce our carbon footprint and actively improved our understanding of our GHG emissions (Scope 1-2-3), coupled with developing low-carbon products and services, raising awareness and creating the proper governance structure to support climate related risks and opportunities, as well as increasing transparency throughout our public disclosure and reports. For more information please see: “ICL Climate Related Risk and Opportunity Disclosures – Introduction”.

Transition risks	Horizon and potential impact	Description	ICL’s response
Financial Financial Climate Alignment	Time horizons: Short to Medium Potential impact: Medium	Certain investors and lenders are increasingly prioritizing climate-related risks considerations in their portfolios. Companies that fail to align with low-carbon objectives and with climate-change related adaptation and mitigation efforts may face reduced access to capital or higher financing costs. This pressure is driven by external trends in sustainable investing and internal shifts in financial institutions’ policies, which require greater transparency and climate alignment.	Sustainable finance plays an important role in enabling ICL’s transition to a low-carbon and environmentally sustainable economy. Our global finance teams are integrating ESG KPIs and GHG reduction targets into financial reporting and planning, building the data infrastructure to support decision-making and enhancing ESG performance transparency with robust financial metrics, creating resilience for short, medium, and long-term horizons. With this infrastructure in place, ICL is well-positioned to leverage financial opportunities to advance its sustainability agenda, as demonstrated over the past several years. ICL has integrated sustainability targets into its financial operations, securing a €250 million sustainability-linked loan and a $1.55 billion sustainability-linked revolving credit facility, which included targets for a reduction in absolute Scope 1 & 2 GHG emissions and additional sustainability related KPIs. For more information see Strategy – Financial Planning.
Technology Requirements for clean energy	Time horizons: Short to Medium Potential impact: Low in all scenarios	We acknowledge that our sector relies heavily on energy, and as global demand shifts towards greener sources of energy, there is a heightened need to invest in renewable energy procurement. Both external policies and internal targets drive this imperative. However, transitioning to alternative energy sources may result in increased operational costs.	ICL recognizes the necessity of sustainable energy practices. By entering long term renewable Power Purchase Agreements (PPAs) and utilizing energy attributes certificates (EACs), we will reduce our Scope 2 emissions, mitigate energy transition risks and strengthen our portfolio to increase operational resilience. For more information please see: “Sustainable Procurement”.
Technology The ability to Implement direct operational reduction measures	Time horizons: Medium to Long Potential impact: High in all scenarios	Increasing global pressures to reduce GHG emissions highlights the necessity for companies to upgrade their infrastructure, ensuring adherence to environmental standards and energy efficiency goals. This could result in increased costs to upgrade and improve our infrastructure, including due to energy efficiencies and optimization of production processes, to reduce our direct Scope 1 emissions.	ICL has already initiated a process of addressing this risk by deploying a multi-disciplinary team of experts internally which focuses on identifying initiatives to reduce Scope 1 emissions through, among others, energy efficiency measures at various ICL sites. In addition, following our commitment to establish science -based emission reduction targets, we are exploring the possibility of green electricity production and storage at our primary locations, aligning with our long-term sustainability goals. For further information, please see "Operations".
Markets Reduced demand due to chronic changes in weather patterns	Time horizons: Medium to Long Potential impact: Medium	An increase in the temperature and volatile precipitation, chronic changes in regional climates which can result in shifts in the average growing season, growing conditions and crop mix, may result in reduced demand for commodity fertilizers.	ICL is actively monitoring market trends and weather-related agricultural growing conditions in response to climate change, while also employing scenario-based models to assess longer terms potential impacts. We believe our diverse products and services portfolio, which supports precision agriculture and other products that contribute to plant resilience, will better support farmers in a changing environment.

Transition opportunities	Horizon and potential impact	Description	ICL’s response
Markets Increased market demand for sustainable solutions	Time horizon: Medium to Long Potential impact: Medium to High in all scenarios due to changing climate and evolving regulations	We anticipate several market opportunities arising from sustainable novel solutions and shifts in the markets driven by climate change and supported by increased demand for energy and food security, which could lead to increased revenue. ICL’s solutions will also broaden its outlook on new low carbon markets as well as ones that support climate adaptation and mitigation, enhancing our potential for growth and market penetration.	As a global specialty minerals company, we are actively exploring new market opportunities for sustainable solutions. Our downstream scenario analysis identified growth potential in several major global markets for specialty and low-carbon fertilizers, including products that answer climate adaptation and mitigation needs, which is driven by the impact of climate change scenarios on agricultural yields. Projections for 2030 and 2050 indicated increasing demand due to climate change-induced shifts in agricultural needs and a need for a resilient food supply chain, with longer shelf-life and reduced product loss and food waste. This analysis was enhanced by incorporating the assessment of climate scenarios' impact on the transition from conventional fertilizers to specialty products. More-over, we can support the demand for electricity storage solutions by providing raw materials to battery materials market.
Products & Services Improved product offerings	Time horizon: Medium Potential impact: High	We anticipate an increase in consumer demand for products and services that support climate-change mitigation and adaptation, including specialty fertilizers, resilient food supply chain and energy storage solutions, which is expected to propel revenue growth.	Our products and services cater to the emerging needs of climate-change mitigation and adaptation. ICL’s products support a resilient food supply chain, from the field to the final consumer. Our product portfolio features among others, highly effective specialty fertilizers that facilitate optimal nutrient release, enabling growers worldwide to reduce their fertilizer usage while simultaneously achieving higher quality crops and yields with lower environmental impacts. ICL’s CRFs and bio-stimulants support plant nutrition and minimize N2O emission in the use phase, reducing GHG emissions and supporting climate change mitigation. ICL's expansion in the AgroTech sector is also expected to improve farming techniques and increase yields with lower environmental impact. ICL is involved in other parts of the food chain as well, its products contribute to extended shelf-life, reduce fruit spoilage, and thus enable reduced food waste. Furthermore, climate-change mitigation requires a transition to alternative energy sources. ICL will continue to develop its existing activities related to the supply of raw materials to the battery materials market. It remains a provider of raw materials to LFP battery customers. In addition, ICL offers a low carbon product footprint portfolio, for its industrial, agricultural and food products. For further information about our sustainable solutions, see "Strategy – Products and Services" above.

Transition opportunities	Horizon and potential impact	Description	ICL’s response
Resource Efficiency & Energy Source Transition to Sustainable Energy Practices	Time horizon: Medium to Long Potential impact: Medium to High	Maximizing resource efficiency and transitioning to alternative energy sources present an opportunity for ICL.	ICL has dedicated teams and forums that focus on opportunities in energy efficiency. By prioritizing these initiatives, we anticipate a reduction in operational costs and our environmental footprint as renewable energy is projected to be more cost -effective (in part due to lower carbon taxes) compared to fossil fuels. Our strategy involves expanding our renewable and low carbon energy mix and facilitating a shift towards heightened electrification across our operations. Furthermore, we continue our efforts to digitize and analyze site level Energy & GHG data which allows us to improve data quality and management. This supports our journey to become more resource efficient and to reduce our footprint. Looking ahead, we are exploring the possibility of green electricity production and storage at our primary locations, aligning with our long-term sustainability goals. For further information about our sustainable solutions, see "Strategy – Operations" above.
Resilience Future resilience	Time horizon: Medium to Long Potential impact: Medium	We believe that the resilience of our Company can be increased by implementing initiatives aimed at improving our efficiency, designing innovative production processes, developing new products and engaging in strategic procurement practices. These efforts will ensure that we maintain our competitive advantage and continue our preparations for a low-carbon future.	Our strategic approach to advance sustainable practices significantly contributes to our resilience. Our research, development and innovation efforts focus on solutions that aim to align with the UN SDGs. For more information about our sustainable solutions, see Strategy – Investment in R&D. This, in turn, provides us with a long-term vision to pursue major market opportunities, including innovative climate-resilient solutions that enhance business resilience. For more information about our sustainable solutions, see Strategy – Products and Services. In addition, continued innovative practices and improvements in production efficiency increase the resilience of our operations. For more information about our operations, see Strategy – Operations. Integrated into our strategy is the focus of our value chain, with both supply chain and sustainable procurement being in scope. For more information about our supply chain and sustainable procurement, see Strategy – Supply Chain and Strategy – Sustainable Procurement. Additionally, enhanced access to green financing resulting from a reduced Company-wide carbon footprint and clear sustainability strategy unlocks additional resources that further bolster our resilience. For more information, see Strategy –Finance Planning.

Year 2025 (2)(3)

Year 2024 (3)

Year 2023

Year 2018 (1)

2025 VS 2018

Scope 1	Tonnes CO2e (thousands)	2,088	2,131	2,102	2,220	(5.9%)
Scope 2 Market-based	Tonnes CO2e (thousands)	89	65	186	720	(87.7%)
Total scope 1+2 GHG emission	Tonnes CO2e (thousands)	2,177	2,196	2,288	2,940	(26.0%)

(1)

2018 is the baseline year for ICL’s legacy decarbonization roadmap.

(2)

On a “same site basis” includes only facilities operated by ICL in 2018, 2025 Scope 1 and Scope 2 (market-based) emissions were 2,074 and 88 thousand tonnes CO2e, respectively.

(3)

Independent assurance process was performed in accordance with the International Standard on Assurance Engagements ISAE 3000 (Revised).

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Development of fertilizers with better nutrient-use efficiency and reduction of emissions.

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Development of biological bio-stimulants that stimulate plant growth and provide resilience to various stress conditions.

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Development of products that improve water use efficiency.

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Investigating opportunities to integrate waste streams into our production processes, fostering a closed-loop Circular Economy and developing future sources for sustainable fertilizer products.

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Including integration of secondary source Phosphate technologies (Circular Economy) for immediate use in our production facilities in Europe and development of future raw material sources for our fertilizer products, including a technology road map for recycling and recovery of phosphorous and nitrogen from secondary sources to transform our products into sustainable fertilizers.

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Continued diversification and development of a product portfolio of meat substitutes: ICL and Plantible Foods have partnered to launch ROVITARIS® Binding Solution, a revolutionary clean label binding solution for plant-based meat and seafood applications that may replace most chemically processed binders.

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Our Business Development unit has scouted more than 700 Food tech start-ups to identify disruptive technologies for ICL Phosphate Specialties. We continue to seek innovation partners who transform sustainable food systems. The Company continued to diversify and develop its product portfolio for meat substitutes: ICL Food Specialties and DAIZ Engineering partnered to launch ROVITARIS® SprouTx™, a revolutionary textured soy protein developed with proprietary seed germination technology, commercialized in the European market in 2025. This innovative solution effectively addresses key unmet needs in taste, texture, and nutrition for plant-based meat and seafood alternatives.

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Our Agmatix is pioneering the future of sustainable agriculture through advanced data and AI-driven solutions. By transforming agronomic and environmental data into actionable insights, Agmatix enhances crop yields, promotes sustainability, and strengthens crop resilience. Its innovative technology supports global efforts to combat climate change, drive responsible land use, and ensure food security.

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We developed a data-driven impact and evidence assessment tool for all RD&I projects to maximize ICL’s actions on tackling climate change, advancing food security and other contributions to human health and wellbeing. This decision-making tool is integrated into the product development process. This tool has been incorporated into our new product development process.

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Commissioning a high efficiency gas-fired combined heat and power (CHP) plant at our Sodom facility to supply ICL’s facilities in Israel, replacing older oil-fired power generation systems.

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Transitioning to the procurement of renewably generated electricity across all ICL sites, beginning with the procurement of renewable electricity for ICL sites in Europe and expanding to sites in the US, Israel, China and Brazil.

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Secured long-term renewable energy power purchase agreements (PPAs) to expand the share of renewables in ICL’s energy in Israel.

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Decommissioning our oil shale-based power generation at Rotem (Israel), in favor of a more efficient gas-fired power plant with significantly lower GHG emissions.

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Recovering heat from various chemical reactions to produce zero emission power for utilization by ICL sites.

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Improved measurement of GHG emissions, including the increase of accessibility to site -level carbon metrics and analytics for our operational managers and management through digital dashboards for up-to-date reporting of emissions at site and product levels.

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Eliminating or reducing process GHG emissions through changes to chemical processes and production lines.

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Converting our remaining production facilities that utilize high -emitting fossil fuels to energy generated from natural gas, renewable sources and waste heat.

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Increasing energy efficiency by phasing out inefficient production technologies, streamlining our production facilities, increasing the efficiency of our consumption of heat and steam, and recovering heat where possible.

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Reducing the use of electricity for lighting and air conditioning by implementing more efficient technologies.

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Installing solar photovoltaic (solar PV) electricity generation systems in all available and appropriate areas within the operational boundaries of our sites.

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Considering carbon pricing in product development, acquisitions and capital investment decision-making to raise internal awareness, promote better life cycle operating decisions, and better prepare our business for future emissions trading schemes.

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Securing long-term renewable energy power purchase agreements (PPAs) to expand the share of renewables in ICL’s energy mix globally.

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Actively addressing Scope 3 emissions by engaging with suppliers, fostering partnerships for education and emissions reduction, and optimizing logistics operations with alternative fuels, electric vehicles, and energy-efficient shipping.

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Strengthening Circular Economy initiatives by maximizing the use of byproducts and waste heat in production processes to enhance energy efficiency.

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DSW successfully completed the installation of the third and final particle reduction unit (WESP). In 2025, DSM also implemented its third major particle emissions reduction unit. additional ICL production sites in Israel are progressing with initiatives to further reduce air emissions.

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In January 2024, a new emission permit was issued to ICL Rotem under the Israeli Clean Air Act (hereinafter - the Law) valid until January 2031. ICL Rotem is implementing several significant emissions reduction projects as required in the permit, according to a multi-year plan. The Company is in active discussions with Israel’s Ministry of Environmental Protection (MoEP) to assure adherence to all conditions outlined in the permit, including those specified in an administrative order under Section 45 of the Law, and to achieve satisfactory resolutions to notable timeline execution challenges for a limited number of projects.

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ICL Dead Sea (DSW) and ICL Dead Sea Magnesium (DSM) – Based on a historical soil survey conducted to map potential soil contamination, the sites have prepared a borehole testing schedule that is planned to be conducted in 2026. Once the test results are received, a mitigation plan will be implemented.

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ICL Dead Sea (DSW) - As part of its operational activities, DSW piles salt, a byproduct of the production process, in the operational salt mound (Mount Salt) in accordance with a plan approved by the Southern District Planning and Building Committee in September 2016, allowing a height of 40 meters. In January 2024, a supplementary plan was approved allowing the mound to be raised by an additional 12 meters, which is expected to be utilized at least until the end of the concession period.

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ICL Rotem – In 2024, the site completed the implementation of a master plan for wastewater treatment, aimed primarily at reducing effluent quantities. The plan also addressed the treatment of additional wastewater streams created by air emission purification processes, as required under the Israeli Clean Air Law. Restoration of acidic ponds is being carried out according to a plan in compliance with the hazardous materials permit, and the process of obtaining an emissions permit for the ponds has begun.

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Neot Hovav - Pursuant to the requirements of the MoEP, the Neot Hovav site is required to treat remnant hazardous waste in the coming years. This waste is stored in a designated defined area on the site's premises in coordination with the MoEP. Some of the currently produced waste is also stored in this area. Treatment of the waste is partially conducted through a combustion facility (Bromine Recovery Unit), which recovers hydro-bromine acid. Additional waste quantities are sent to external designated treatment facilities. Once the area is cleared, the Company may be required to conduct a soil survey. For further information, see Note 17 to our Audited Financial Statements.

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ICL Haifa (F&C) – The phosphoric acid production line from the 1990’s, which has since been shut down, resulted in a byproduct in the form of a phosphogypsum pile, which is currently stored on site. The Company is taking the necessary actions, in coordination with the MoEP, to comply with regulatory requirements in a timely manner, including as stipulated in the Toxins Permit issued to the site.

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ICL Iberia - A multi-year program is underway to restore large salt piles, with focus on wastewater drainage and sludge treatment. In April 2021, the Company signed an agreement with the Catalan Water Agency (ACA), for the construction and operation of new collector infrastructure. The new collector is essential to remove brine water, which will be used for both restoration and production. For further information, see Notes 17 and 18 to our Audited Financial Statements.

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ICL Boulby - All wastewater leaving our site in the UK is according to a permit issued by the UK’s Environment Agency. The site's wastewater consists of extracted sea water, mine brines, gathered surface rainwater and water treated at the onsite sewage plant. Multiple parameter limits are imposed on the site by the wastewater permit and wastewater amounts have been reduced considerably since ICL Boulby started to exclusively produce Polysulphate and Polysulphate-based products.

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ICL US Gallipolis Ferry - In January 2023, the site entered into a Consent Order with the West Virginia Department of Environmental Protection (hereinafter - WV DEP) regarding water discharge, allowing for the development and execution of a plan to meet permit requirements. In 2025, further reviews identified inaccuracies in the previously used sampling methodology, which were subsequently addressed with the WV DEP. As a result, the Consent Order was closed and resolved with the WV DEP.

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ICL DSW – Due to a negative water balance, water levels in the northern basin of the Dead Sea are decreasing. Over the years, this decline has required ICL to relocate its pumping station northwards to allow continued operations in the Dead Sea region. This relocation also supports the continued operation of tourism infrastructure. The P-9 pumping station and the feeder canal, which cross the Tze’elim stream, were constructed to maintain operational continuity. The Tze’elim stream alluvial fan is one of the largest and most developed among the surviving fans in the area, making its preservation and the protection of the biodiversity in this habitat particularly important. ICL reached an agreement with environmental authorities and organizations, under which seven culverts were constructed above the excavated canal to allow flood waters to flow through the original channel without damaging the feeder canal, while preserving the braided channel fan pattern. The culverts serve as an ecological corridor, providing passageways for animals. The Company periodically reviews field data and makes adjustments based on the findings.

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ICL Iberia - Past activities at ICL Iberia have led to the salinization of certain water wells in the Suria and Sallent sites, resulting in compensation claims from nearby landowners.

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ICL Rotem – In 2020, an application for a class action was filed against the Company according to which, discharge, leakage, and seepage of wastewater from Rotem’s Zin site allegedly resulted in various environmental hazards and damage to the Zin stream. In November 2022, the parties signed a procedural arrangement to resort to a mediation process in an attempt to settle the dispute outside of court. As part of the procedural arrangement, the transfer of approximately 5.5 million NIS from the Company to NPA was approved to fund the NPA’s palm trees rescue operations at Neot Zin and Akrabim for the years 2022-2026. For further information, see Note 18 to our Audited Financial Statements.

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ICL R&D Beer Sheva - A soil survey was performed and identified soil contamination. ICL is addressing the findings in accordance with the survey results and the applicable Ministry of Environmental Protection (MoEP) guidelines.

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Brazil - Following soil and groundwater surveys conducted at our Brazilian sites, we identified certain immaterial historical soil and groundwater contamination. In response, ICL is undertaking remediation measures where required and, in certain cases, continues monitoring activities in close coordination with local governmental environmental authorities and regulators.

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ICL DSW - Sodom Saltmarsh Lake. The Ashalim reservoir, located south of ICL’s Dead Sea site, is a unique wetland habitat within an arid environment, rich in biodiversity. Created as a result of ICL Dead Sea’s activities, this habitat is preserved and made accessible to the public through ongoing investment. Historically, the Sodom salt flats area was a resting stop and habitat for migrating birds. However, due to changes in the land use for agriculture, residential, and industrial purposes, most of these salt flats have disappeared. These rare habitats, characterized by high soil salinity and specialized species, have been increasingly replaced by areas like the Sodom Saltmarsh Lake. The lake now functions as an alternative salt flat, maintaining relatively high-water quality in recent years, which ICL continues to monitor. Vegetation has evolved, and the lake now supports a range of wildlife, serving both as a nesting site and a stopover for migratory birds. Infrastructure around the lake has also been improved to provide safe public access.

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ICL Rotem - Over the last 9 years, ICL Rotem has partnered with Ben-Gurion University of the Negev on academic research focused on evaluating the ecological and biodiversity impacts of mine reclamation. The study examines parameters such as soil chemistry, microbiology, vegetation growth and diversity, arthropod populations, and remote sensing analysis of the land. Based on early findings and as part of the rehabilitation process, we are creating micro-topography to diversify the landscape. During 2025, only laboratory soil tests were conducted, and land plots were allocated for continued research. Funding for the limited ongoing research was provided by the Open Spaces Fund.

•

ICL Boulby - Adjacent to ICL Boulby’s mining facilities, within its operational area, are undeveloped turfs that support important habitats and species. Most notable are the woodlands at Mines Wood and Ridge Lane Wood near Dalehouse, considered among the most wildlife-rich woodlands in Northeast England and Yorkshire. These areas are home to diverse invertebrates, birds, and mammals. For over a decade, ICL Boulby has collaborated with Industry Nature Conservation Association (INCA) to monitor and manage wildlife in proximity to the mine. Central to this effort is a Site Biodiversity Action Plan (Site BAP), implemented by ICL Boulby within its operational area to conserve key habitats and species, with annual support from INCA. For further information, see “Item 4 – Information on the Company — D. Property, Plant and Equipment — Mineral Extraction and Mining Operations”.

•

ABISOLOS: Brazilian Association of Plant Nutrition Technology Industries. The association focuses on defending the interests of foliar and specialty fertilizers industries. It recently expanded its scope to also operate with adjuvants and biological inputs.

•

ANPII BIO: National association of inoculant producers and importers. It was created to work with the inoculants industry. It recently expanded its scope to the bioinputs segments, including Biocontrol.

•

ABIAM: Brazilian Association of Industry and Commerce of Food Ingredients and Additives. The association focused on defending the interests of the additives industry for use in human food.

•

The European Commission’s Ecodesign E-Display regulation, which has been in force since March 2021, bans the use of halogenated flame in electronic display enclosures. We are closely monitoring future developments and proactively engaged in innovative chemical design, informative chemical selection tools and end of life solutions to respond to these challenges.

•

Borate salts and boric acid – Some of our products changed their classification (SDS, labeling) due to the reproductive classification of the concentration limit. The industry has already expressed a requirement to re-formulate to exclude these salts and ICL is working on respective solutions and replacements.

•

The flame retardant tetrabromobisphenol A (TBBPA or TBBA) has completed the REACH review process. As a result, TBBPA has been classified as a Category 1B carcinogen, designated as a Substance of Very High Concern (SVHC), and included in Annex XVII of REACH, listing substances subject to restrictions. However, the “reactive” use of TBBPA in printed circuit boards (PCBs) is not within the scope of the restriction, and TBBPA for those uses may still be placed on the market.

•

Fyrol PCF (TCPP): Denmark has submitted a proposal to ECHA to classify TCPP as a substance with carcinogenic, reproductive toxicity, and endocrine-disrupting effects at the highest category. TCPP is expected to be designated as a Substance of Very High Concern (SVHC). If listed, new restrictions would apply to consumer applications. However, for key uses such as insulation and flexible foam for furniture, industry consortia have calculated substantial safety margins for TCPP exposures to prepare for the SVHC listing and potential subsequent restriction discussions.

•

Triphenyl Phosphate (TPhP): Triphenyl Phosphate (TPhP) was added to the SVHC list on November 7, 2024, due to endocrine-disrupting properties in the environment. This is expected to be classified according to the CLP regulations, either authorizing or restricting the substance. Many PFRs and PISs contain TPhP as a by-product formed during production. While some products with high TPhP levels may face restrictions, we have solutions for certain PFRs and PISs and are actively working on solutions for others. The US EPA is expected to conclude its risk evaluation for TPP in 2026, but it remains unclear whether any use restrictions will be imposed. In Canada, the risk assessment dossier for TPP has been reopened as a follow-up to EU regulatory developments. Currently, Canada imposes no restrictions on TPP uses.

•

Decabromodiphenyl Ethane (DBDPE) is scheduled for evaluation under expected EU restrictions, with the process anticipated to be finalized by December 2026. Articles in scope include electrical and electronic equipment, construction and building materials, and textile articles, with restrictions planned for implementation in 2030, followed by an 18-month transition period. In Canada, regulation of DBDPE will begin on July 30, 2026, restricting its importation and manufacturing. Exemptions for other manufactured products (“Manufactured Items”) containing DBDPE end on December 31, 2040, and exemptions for replacement parts for land-based motor vehicles end on December 31, 2055. In Australia, DBDPE was added to Schedule 6 (Relevant Industrial Chemicals Likely to Cause Serious or Irreversible Harm to the Environment) in June 2025, with regulations taking effect January 1, 2027. A ban on products containing DBDPE is scheduled for 2037, and the exemption for replacement parts ends in 2052.

•

Modification of the harmonized classification and labelling process (legally binding classifications) to prioritize new hazard classes, carry out classifications for groups of substances, increase the number of dossiers and automatically recognize the classification of substances determined in other regulatory frameworks such as REACH.

•

CLP new classifications: Endocrine Disruptors (ED for human health or for the environment), Persistent, Bioaccumulative and Toxic (PBT) & Persistent, Mobile & Toxic (PMT) that will be used to classify chemicals and introduced in SDSs and on labels.

•

New classification criteria for substances with more than one constituent, for which the classification criteria of mixtures for certain hazards will be applied, based on the information of their constituents.

•

Inclusion of new rules in relation to notifications to the public inventory of classification and labelling.

•

Widespread use of drop-down labels.

•

Specifying formatting requirements for labels with respect to text font size, line spacing, and background color.

•

Regulation of the use of digital labelling, although not as an alternative to physical labelling.

•

Expansion of the information to be included in online advertising and sales.

•

Determination of deadlines for updating labels due to modifications in classification or other information.

•

Clarification of the responsibility of distributors in the notification of toxicological data sheets to poison centers.

•

The FDA and Congress are pursuing reforms to the “self-affirmed GRAS” loophole, which currently allows companies to determine an ingredient’s safety without formal FDA review or notification. As part of its October 2025 guidance agenda, the FDA proposed a rule requiring the submission of all GRAS notices. In parallel, legislation such as the “Better Food Disclosure Act of 2025” has been introduced to strengthen oversight and mandate public listing of all GRAS substances.

•

Like the EU, the US is implementing an Endocrine Disruptor Screening Program (EDSP) with near-term strategies for rollout. Drawing on ICL’s experience in the EU, preparation of appropriate data will be ensured. In 2025, the EPA finalized a settlement related to its EDSP, which includes a new tracking website for high-priority conventional pesticides and commitments to assess their potential effects on human health. Additional developments include the EPA’s new TSCA chemical reporting rule, effective January 13, 2025, requiring reporting of byproducts and impurities to inform risk evaluations. The EPA is also integrating new scientific methods into the EDSP to screen chemicals more efficiently.

•

In 2025, key changes to California Proposition 65 regulations include updated short-form warnings that must now name at least one specific chemical, new options for signal words, and specific requirements for warnings on motor vehicle and marine vessel parts. Businesses must identify chemicals in their products to ensure compliance with a three-year transition period for products manufactured before January 1, 2028.

•

Furthermore, we expect numerous anticipated rulemakings for PBTs and NANO materials, which we will incorporate into our respective strategies.

•

Israel: under the Israeli Dead Sea Concession Law, 1961, as amended in 1986 (the “Concession Law”), we have lease rights until March 31, 2030, for salt and carnallite ponds, pumping facilities and productions plants at Sodom. We have other production facilities in Israel, situated on land with a long-term lease, including the Oron and Zin plants at Mishor Rotem of the Phosphate Solutions segment (the Zin and Oron plant lease agreements expired in 2024 and 2017, respectively. The Zin lease is currently under renewal process with the Israel Land Authority, while the Oron lease has been approved for renewal until 2044 and is in a process of formalizing a new lease agreement), production facilities at Neot Hovav of Industrial Products segment (leased until 2027-2073), as well as production, storage and transportation facilities together with chemicals and research laboratories at Kiryat Ata that belong to the Growing Solutions segment (leased until 2046-2049). We also use warehouses, loading and unloading sites at Ashdod and Eilat ports (leased until 2030).

•

Europe:

•

North and South America:

•

Asia:

•

Australia: ICL’s leased facility in Heatherton, Australia, is a manufacturing site dedicated to blending food phosphate products.

Property Type

Location

Size (square feet)

Products

Owned/Leased

Plant	Mishor Rotem, Israel	27,094,510	Phosphate Solutions products	Owned on leased land
Plant	Mishor Rotem, Israel	10,763,910	Industrial Products products	Owned on leased land
Plant	Mishor Rotem, Israel	430,355	Phosphate Solutions products	Owned on leased land
Plant	Neot Hovav, Israel	9,601,591	Industrial Products products	Owned on leased land
Plant	Zin, Israel	8,484,123	Phosphate Solutions products	Owned on leased land (on a lease extension process)
Plant	Kiryat Ata, Israel	6,888,903	Growing Solutions products	Leased
Plant	Oron, Israel	4,413,348 (not including phosphate reserve)	Phosphate Solutions products	Owned on leased land (on a lease extension process)
Evaportation ponds	Sodom, Israel	1,603,823	Salt and carnallite ponds for the Potash segment	Lease rights
Plant	Sodom, Israel	13,099,679	Potash products (not including ponds and Magnesium plant)	Owned on leased land
Plant	Sodom, Israel	4,088,800	Magnesium products (Potash segment)	Owned on leased land
Plant	Sodom, Israel	2,326,060	Industrial Products products	Owned on leased land
Conveyor belt	Sodom, Israel	1,970,333	Transportation facility for Potash	Owned on leased land
Pumping stations	Sodom, Israel	1,180,496	Pumping station for the Potash segment	Owned on leased land
Plant	Sodom, Israel	667,362	Industrial Products products	Owned on leased land
Feeding canal	Sodom, Israel	5,974,980	Part of the pumping system for the Potash segment	Owned on leased land
Power plant	Sodom, Israel	645,856	Power and steam production for the Potash segment	Owned on leased land
Warehouse and loading facility	Ashdod, Israel	664,133	Warehouse for Potash and Phosphate Solutions products	Owned on leased land
Headquarters	Beer Sheva, Israel	193,750	Company headquarters	Leased
Warehouse and loading facility	Eilat, Israel	152,557	Warehouse for Potash and Phosphate Solutions' products	Owned on leased land

Headquarters	Tel Aviv, Israel	22,604	Company headquarters	Leased
Plant	Catalonia, Spain	48,491,416	Mines, manufacturing facilities and warehouses for Potash segment	Owned
Port/warehouse	Catalonia, Spain	866,407	Potash and salt products	Owned on leased land
Plant	Totana, Spain	2,210,261	Growing Solutions products	Owned
Plant	Cartagena, Spain	209,853	Growing Solutions products	Owned
Warehouse and loading facility	Cartagena, Spain	184,342	Storage for Growing Solutions products	Leased
Plant	Grobbendonk, Belgium	128,693	Growing Solutions products	Owned
Plant	Calais, France	546,290	Industrial Products' products	Owned
Plant	Terneuzen, the Netherlands	1,206,527	Industrial Products' products	Owned
Plant	Heerlen, the Netherlands	481,802	Growing Solutions products	Owned and leased
Plant	Amsterdam, the Netherlands	349,827	Growing Solutions products and logistics center	Owned on leased land
Headquarters	Amsterdam, the Netherlands	59,055	Company headquarters in Europe	Leased
Plant	Ludwigshafen, Germany	2,534,319	Growing solutions products	Leased
Plant	Ladenburg, Germany	1,569,764	Phosphate Solutions products	Owned
Plant	Bitterfeld, Germany	514,031	Industrial Products' products	Owned
Plant	Shandong, China	692,045	Industrial Products products	Owned on leased land
Headquarters	Shanghai, China	7,830	Company headquarters	Leased
Plant	Kunming, Yunnan, China	1,161,593	Phosphate Solutions products	Owned land
Plant	Kunming, Yunnan, China	9,607,270	Phosphate Solutions products	Leased land
Pumping station	Kunming, Yunnan, China	36,931	A pumping station for Phosphate Solutions	Owned land
Plant	Zhangjiagang, Jiangsu Province, China	50,342	Phosphate Solutions products	Leased
Peat Moor	Nutberry and Douglas Water, United Kingdom	17,760,451	Peat mine (Growing Solutions segment)	Owned
Plant	Cleveland, United Kingdom	13,239,609	Polysulphate products (Growing Solutions segment)	Owned
Warehouse and loading facility	Cleveland, United Kingdom	2,357,296	Polysulphate products (Growing Solutions segment)	Owned on leased land

Peat Moor	Creca, United Kingdom	4,305,564	Peat mine (Growing Solutions segment)	Owned
Plant	Nutberry, United Kingdom	322,917	Growing Solutions products	Owned
Plant	Daventry, United Kingdom	81,539	Growing Solutions products	Owned and leased
Plant & warehouse	Lawford Heath, Rugby	45,000	Growing Solutions products	Leased
Plant	Gallipolis Ferry, West Virginia, United States	1,742,400	Industrial Products' products	Owned
Plant	Lawrence, Kansas, United States	179,689	Phosphate Solutions products	Owned
Plant	Carondelet, Missouri, United States	190,095	Phosphate Solutions products	Owned
Plant	North Charleston, South Carolina, United States	100,000	Growing Solutions products	Leased
Plant	Fresno, California, United States	92,000	Growing Solutions products	Owned
Headquarters	St. Louis, Missouri, United States	35,217	US Company headquarters	Leased
Plant	Adel, Georgia, United States	45,000	Growing Solutions products	Leased
Plant	Cajati, Brazil	413,959	Phosphate Solutions products	Owned
Plant	Sao Jose dos Campos, Brazil	Phosphate plant: 137,573 Blending plant: 80,729	Phosphate Solutions products	Owned on leased land (free of charge)
Plant	Brazil Cidade Ocidental	8,275	Growing Solutions products	Owned
Plant	Brazil Cruz Alta	7,499	Growing Solutions products	Owned
Plant	Brazil Jacarei I	879,248	Growing Solutions products	Owned
Plant	Brazil Jacarei II	967,987	Growing Solutions products	Leased
Plant	Brazil Maua	968,751	Growing Solutions products	Owned
Plant	Brazil Suzano I	3,349,186	Growing Solutions products	Owned
Plant	Brazil Suzano II	637,001	Growing Solutions products	Owned
Plant	City of Cascavel, State of Parana - Brazil	2,111	Growing Solutions products	Owned
Plant	Brazil Uberlandia	263,716	Growing Solutions products	Owned
Plant	Heatherton, Australia	64,583	Phosphate Solutions products	Leased

•

Rotem Amfert Negev Limited (“ICL Rotem”) is a wholly owned subsidiary that operates three sites, Rotem, Oron and Zin. ICL Rotem has been mining phosphates in the Negev in Israel for more than sixty years. Mining is conducted in accordance with a phosphate mining concession that covers an area of 177.8 sqkm, and which is in effect until December 31, 2044. The concession was granted by Israel’s Ministry of Energy and Infrastructure, under the country’s Mines Ordinance, in conjunction with mining authorizations, which are subject to the Israel Lands Authority jurisdiction. The concession relates to quarries (phosphate rock), whereas the authorizations cover the use of land as active mining areas. The Rotem operation is in the production stage.

•

Dead Sea Works Ltd. (“ICL Dead Sea”) is a wholly owned subsidiary that operates the Dead Sea concession which covers 652 sqkm, and which is in effect until March 31, 2030. DSW has 37 evaporation ponds for production of potash, as well as other chemical products, located on the southwest shore of the Dead Sea’s southern basin in Israel. DSW is in the production stage.

•

ICL Iberia (“ICL Iberia”) is a wholly owned subsidiary and holds mining rights granted by the Spanish government for two underground potash mines, Cabanasses and Vilafruns, located in Catalonia in northeast Spain. ICL Iberia owns the land on which these surface facilities are located. The Cabanasses mine is operating and has been in production for more than fifty years, while Vilafruns was placed on care and maintenance status in June 2020 following its discontinuation. ICL Iberia holds 126 licenses for the extraction of rock salt and potash covering 693 sqkm. Some of these licenses are valid until 2037, while the remainder are effective through 2067. Cabanasses is in the production stage.

•

Cleveland Potash Limited (“ICL Boulby”) is a wholly owned subsidiary that operates an underground polyhalite mine, Boulby, located in the UK. ICL Boulby owns the freehold of approximately 2.41 sqkm of the mineral field, in addition to 24 onshore and 2 offshore mineral leases which cover a total area of 809.52 sqkm. Boulby is in the production stage.

•

Yunnan Phosphate Haikou (“YPH”) equally owned by ICL and Yunnan Yuntianhua Corporation Ltd. ("YYTH"), and controlled by ICL, owns and operates the Haikou Phosphate Mine and processing facilities in the Xishan district of China. YPH holds a phosphate mining license for the Haikou site covering 9.6 sqkm, which the Company operates and is valid until January 2043. Haikou is in the production stage.

	Israel	Out of Israel	Total
Year Ended December 31,	$ millions

2025	67	8	75
2024	82	9	91
2023	170	10	180

	Production Data for ICL Boulby
	2025	2024	2023

Polyhalite hoisted (kt)	751	719	1,028
Total Polyhalite Production (kt)	761	721	1,009

	Potash Production at Súria Plant, ICL Iberia
	2025	2024	2023

Ore hoisted from Cabanasses mine (kt)	3,449	3,247	2,795
Head Grade % KCl	26.0%	26.7%	24.3%
KCl Produced (kt)	805	802	601
Product Grade % KCl	95.0%	95.5%	95.5%

	Total Mine Production of Raw Ore at ICL Rotem
	2025	2024	2023

Tonnes mined (kt)	3,654	5,808	5,770
Grade (%P2O5 before / after beneficiation)	23% / 31%	23% / 31%	25% / 32%

	Product Produced After Processing at ICL Rotem (kt)
	2025	2024	2023

Phosphate Rock*	2,211	2,375	2,309
Green Phosphoric Acid	513	503	520
Fertilizers	1,017	1,024	1,033
White Phosphoric Acid	167	154	150
Specialty Fertilizers	95	100	78

	DSW Production (kt)
	2025	2024	2023

Potash	3,572	3,700	3,819
Compacting plant*	1,743	1,764	1,737
Bromine	156	190	143
Cast Mg	18	17	17

	Total Mine Production of Raw Ore at YPH
	2025	2024	2023
Tonnes mined (kt)	3,499	3,575	3,646
Grade (% P2O5 before/after beneficiation)	21% / 29%	21% / 28%	22% / 28%

	Product Produced After Processing at YPH (kt)
	2025	2024	2023
Phosphate Rock *	2,455	2,715	2,657
Green Phosphoric Acid	700	694	682
Fertilizers	639	605	609
White Phosphoric Acid	133	124	95
Specialty Fertilizers	175	152	113

Measured Mineral Resources

Indicated Mineral Resources

Measured + Indicated Mineral Resources

Inferred Mineral Resources

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Commodity: K2O
United Kingdom	-	-	-	-	45.8	13.7%	6.3	6.3	45.8	13.7%	6.3	6.3	20.8	13.9%	2.9	2.9
Boulby	-	-	-	-	45.8	13.7%	6.3	6.3	45.8	13.7%	6.3	6.3	20.8	13.9%	2.9	2.9
Total	-	-	-	-	45.8	13.7%	6.3	6.3	45.8	13.7%	6.3	6.3	20.8	13.9%	2.9	2.9
Commodity: KCl
Spain	113.5	26.2%	29.7	29.7	76.8	25.6%	19.7	19.7	190.3	25.9%	49.4	49.4	271.9	27.6%	75.0	75.0
Cabanasses	100.9	25.6%	25.8	25.8	67.4	24.7%	16.6	16.6	168.3	25.2%	42.5	42.5	241.2	27.4%	66.1	66.1
Vilafruns	12.6	31.0%	3.9	3.9	9.4	32.1%	3.0	3.0	22.0	31.5%	6.9	6.9	30.7	28.9%	8.9	8.9
	-
Israel	294.4	20.7%	60.9	60.9	1,642.1	21.1%	346.5	346.5	1,936.5	21.0%	407.4	407.4	462.4	21.2%	98.0	98.0
DSW	294.4	20.7%	60.9	60.9	1,642.1	21.1%	346.5	346.5	1,936.5	21.0%	407.4	407.4	462.4	21.2%	98.0	98.0
Total	407.9	22.2%	90.7	90.7	1,718.9	21.3%	366.1	366.1	2,126.8	21.4%	456.8	456.8	734.3	23.6%	173.0	173.0
Commodity: P2O5
Israel	168.0	26.5%	44.6	44.6	-	-	-	-	168.0	26.5%	44.6	44.6	-	-	-	-
Rotem	78.0	28.7%	22.4	22.4	-	-	-	-	78.0	28.7%	22.4	22.4	-	-	-	-
Zin	46.1	25.3%	11.7	11.7	-	-	-	-	46.1	25.3%	11.7	11.7	-	-	-	-
Oron	43.9	24.0%	10.5	10.5	-	-	-	-	43.9	24.0%	10.5	10.5	-	-	-	-
China	3.0	22.3%	0.7	0.3	2.3	24.0%	0.6	0.3	5.3	23.0%	1.2	0.6	0.2	20.0%	0.0	0.0
Haikou	3.0	22.3%	0.7	0.3	2.3	24.0%	0.6	0.3	5.3	23.0%	1.2	0.6	0.2	20.0%	0.0	0.0
Total	171.0	26.5%	45.3	44.9	2.3	24.0%	0.6	0.3	173.3	26.5%	45.8	45.2	0.2	20.0%	0.0	0.0

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

The point of reference for the Mineral Resources for Boulby, Cabanasses, Vilafruns, Rotem, Oron, Zin and Haikou is in-situ. The point of reference for Mineral Resources for DSW is contained within the carnallite ponds following pumping from the northern Dead Sea basin. Mineral Resources are reported exclusive of Mineral Reserves.

(3)

Mineral Resources for Boulby, Cabanasses, Vilafruns, Rotem, Oron, Zin and DSW are reported on a 100% basis. For the Haikou mine, YPH is a consolidated subsidiary of the Company. The reported tonnages and grades are on a 100% basis. The contained P2O5 attributable to ICL reflects the Company’s 50% interest. YPH is consolidated into ICL’s financial statements, YYTH owns a 50% minority interest in YPH.

(4)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(5)

Mineral Resources are estimated using:

a.

Boulby - a three-year average product price of $204/t FOB.

b.

Cabanasses and Vilafruns - a medium-long term potash price of $373/t FOB.

c.

DSW - a medium-long term potash price of $320/t FOB.

d.

Rotem, Oron and Zin - an average of the previous three years’ prices of $1,177/t FOB for acid products and $441/t FOB for fertilizer products.

e.

Haikou - an average of the previous three years’ prices of $675/t FOB for acid products and $459/t FOB for fertilizer products.

Proven Reserves

Probable Reserves

Total Reserves

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Tonnes (Mt)

Grades

Contained Mineral (Mt)

Contained Mineral Attributable to ICL (Mt)

Commodity: K2O
United Kingdom	-	-	-	-	8.6	13.9%	1.2	1.2	8.6	13.9%	1.2	1.2
ICL Boulby	-	-	-	-	8.6	13.9%	1.2	1.2	8.6	13.9%	1.2	1.2
Total	-	-	-	-	8.6	13.9%	1.2	1.2	8.6	13.9%	1.2	1.2
Commodity: KCl
Spain	38.5	24.5%	9.4	9.4	55.0	25.8%	14.2	14.2	93.5	25.3%	23.6	23.6
Cabanasses	38.5	24.5%	9.4	9.4	55.0	25.8%	14.2	14.2	93.5	25.3%	23.6	23.6
Vilafruns	-	-	-	-	-	-	-	-	-	-	-	-
Israel	97.7	20.5%	20.0	20.0	-	-	-	-	97.7	20.5%	20.0	20.0
DSW	97.7	20.5%	20.0	20.0	-	-	-	-	97.7	20.5%	20.0	20.0
Total	136.2	21.6%	29.5	29.5	55.0	25.8%	14.2	14.2	191.2	22.8%	43.7	43.7
Commodity: P2O5
Israel	74.4	24.9%	18.5	18.5	-	-	-	-	74.4	24.9%	18.5	18.5
Rotem	12.5	29.5%	3.7	3.7	-	-	-	-	12.5	29.5%	3.7	3.7
Zin	3.0	26.0%	0.8	0.8	-	-	-	-	3.0	26.0%	0.8	0.8
Oron	58.9	23.9%	14.1	14.1	-	-	-	-	58.9	23.9%	14.1	14.1
China	40.5	21.6%	8.7	4.4	-	-	-	-	40.5	21.6%	8.7	4.4
Haikou	40.5	21.6%	8.7	4.4	-	-	-	-	40.5	21.6%	8.7	4.4
Total	114.9	23.8%	27.3	22.9	-	-	-	-	114.9	23.8%	27.3	22.9

(1)

Classification of Mineral Reserves is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

The point of reference for Mineral Reserves for Boulby, Cabanasses and DSW is defined as the point where ore is delivered to the processing plants. The point of reference for Mineral Reserves for Rotem, Oron and Haikou is defined as the point where ore is delivered to the beneficiation plants. The point of reference for the Mineral Reserves for Zin is defined as the point where ore is delivered to the mobile crusher.

(3)

Mineral Reserves for Boulby, Cabanasses, Vilafruns, Rotem, Oron and Zin are reported on a 100% basis. For Haikou, YPH is a consolidated subsidiary of the Company. The reported tonnages and grades are on a 100% basis. The contained P2O5 attributable to ICL reflects the Company’s 50% interest. While YPH is consolidated into ICL’s financial statements, YYTH owns a 50% minority interest in YPH.

(4)

Mineral Reserves are estimated using:

a.

Boulby - a three-year average product price of $204/t FOB.

b.

Cabanasses and Vilafruns - a medium-long term potash price of $350/t FOB.

c.

DSW - a three-year average product price of $296/t FOB.

d.

Rotem and Oron - an average of the previous three years’ prices of $1,177/t FOB for acid products and $441 /t FOB for fertilizer products.

e.

Zin – a three-year average product price of $112/t FOB for crushed phosphate rock.

f.

Haikou - an average of the previous three years’ prices of $675/t FOB for acid products and $459/t FOB for fertilizer products.

2025

2024

2023

Polyhalite hoisted (kt)	751	719	1,028
Total Polyhalite Production (kt)	761	721	1,009

Amount (Mt)

Grades/Qualities (K2O)

Cut-off grades (K2O)

Metallurgical recovery (K2O)

Measured mineral resources	-	-	12%	100%
Indicated mineral resources	45.8	13.7%
Measured + Indicated mineral resources	45.8	13.7%
Inferred mineral resources	20.8	13.9%

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by ICL Boulby and reviewed and accepted by SLR.

(3)

The point of reference for the Mineral Resources is in-situ. Mineral Resources are reported exclusive of Mineral Reserves

(4)

Mineral Resources are 100% attributable to ICL Boulby.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

Mineral Resources are estimated using a regression equation derived from elemental analysis and density measurements. An average dry density of 2.74 g/cm3 has been estimated for the reported Mineral Resources.

(7)

Mineral Resources are estimated using a three-year average product price of $204/t FOB, which includes a range of products, and an exchange rate of £0.78 per dollar.

Amount (Mt)

Grades/Qualities (K2O)

Cut-off grades (K2O)

Metallurgical recovery (K2O)

Proven mineral reserves	-	-	12%	100%
Probable mineral reserves	8.6	13.9%
Total mineral reserves	8.6	13.9%

(1)

Classification of Mineral Reserves is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Reserves were estimated by ICL Boulby and reviewed and accepted by SLR.

(3)

The point of reference for the Mineral Reserves is defined at the point where ore is delivered to the processing plant.

(4)

Mineral Reserves are 100% attributable to ICL Boulby.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding

(6)

A minimum mining height of 5m was used.

(7)

Mineral Reserves are estimated using a three-year average product price of $204/t FOB, which includes a range of products, and an exchange rate of £0.78 per dollar.

	Potash Production at Súria Plant, ICL Iberia
	2025	2024	2023

Ore hoisted from Cabanasses mine (kt)	3,449	3,247	2,795
Head Grade % KCl	26.0%	26.7%	24.3%
KCl Produced (kt)	805	802	601
Product Grade % KCl	95.0%	95.5%	95.5%

Amount (Mt)

Grades/ Qualities (KCl)

Cut-off grades (KCI)

Metallurgical recovery (KCI)

Measured mineral resources	100.9	25.6%	10%	86.5%
Indicated mineral resources	67.4	24.7%
Measured + Indicated mineral resources	168.3	25.2%
Inferred mineral resources	241.2	27.4%

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by ICL Iberia and reviewed and accepted by SLR.

(3)

The point of reference for Mineral Resources is in-situ. Mineral Resources are reported exclusive of Mineral Reserves.

(4)

Mineral Resources are 100% attributable to ICL Iberia.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

Mineral Resources are estimated using an average dry density of 2.1 t/m3.

(7)

Mineral Resources are estimated using a medium-long term potash price of $373/t FOB and an exchange rate of €0.88 per US dollar.

Amount (Mt)

Grades/ Qualities (KCl)

Cut-off grades (KCI)

Metallurgical recovery (KCI)

Measured mineral resources	12.6	31.0%	10%	86.5%
Indicated mineral resources	9.4	32.1%
Measured + Indicated mineral resources	22.0	31.5%
Inferred mineral resources	30.7	28.9%

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by ICL Iberia and reviewed and accepted by SLR.

(3)

Mineral Resources are reported in-situ and are exclusive of Mineral Reserves.

(4)

Mineral Resources are 100% attributable to ICL Iberia.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

Mineral Resources are estimated using an average dry density of 2.1 t/m3.

(7)

Mineral Resources are estimated using a medium-long term potash price of $373/t FOB and an exchange rate of €0.88 per US dollar.

Amount (Mt)

Grades/ Qualities (KCl)

Cut-off grades (KCI)

Metallurgical recovery (KCI)

Proven mineral reserves	38.5	24.5%	19%	86.5%
Probable mineral reserves	55.0	25.8%
Total mineral reserves	93.5	25.3%

(1)

Classification of Mineral Reserves is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Reserves were estimated by ICL Iberia and reviewed and accepted by SLR.

(3)

The point of reference for the Mineral Reserves is defined at the point where ore is delivered to the processing plant.

(4)

Mineral Reserves are 100% attributable to ICL Iberia.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

A minimum mining height of 5m was used.

(7)

Mineral Reserves are estimated using medium-long term potash price of $350/t FOB and an exchange rate of €0.88 per US dollar.

•

White phosphoric acids

-

White phosphate rock from Oron is mined and processed at the Oron beneficiation plant, and the resulting phosphate concentrate is transported to the Rotem plant for further processing into higher value-added products, including white phosphoric acids for food applications. The white phosphate rock reserves at Oron are mostly depleted. Beginning in 2027, the remaining white phosphate rock at Oron will be mined until 2030 and will be used to produce specialty fertilizers.

-

To maintain current production levels, mining of the available bituminous phosphate rock at Rotem, which is used to produce white phosphoric acid, is planned to continue until the end of 2029. The remaining bituminous phosphate rock at Rotem will be allocated to produce other products including specialty fertilizers during 2030. Overburden containing layers of oil shale is stripped to allow access to the underlying bituminous phosphate rock. An upper limit of around 20% of the total overburden will be allowed to contain oil shale and this will be transported to designated waste dumps and capped using marl rock.

•

Green phosphoric acids

-

Low organic phosphate rock from the Rotem mine is processed at the Rotem plant to produce green (impure) phosphoric acids for agricultural applications. This activity is planned to continue through the end of 2026.

-

The Oron beneficiation plant is being reconfigured to allow the mining and processing of brown and low organic phosphate rock at Oron, with the resulting phosphate concentrate transported to the Rotem plant for use in the production of green phosphoric acid through 2040.

•

Fertilizers

-

Bituminous phosphate rock from the center of the Rotem deposit is mined and utilized for fertilizer production at the Rotem plant, and this activity is planned to continue through the end of 2029. The remaining bituminous phosphate rock at Rotem will be allocated to produce other products including specialty fertilizers during 2030. Although significant bituminous phosphate resources exist in the deeper parts of the Rotem deposit, only limited mining of this occurred due to the presence of thick overburden (10 to 50 meters) containing horizons of oil shale. The oil shale contains 12% to 21% organic matter and is susceptible to self-combustion when exposed during mining operations.

-

Starting 2030, since the bituminous phosphate rock for fertilizers will be depleted, brown phosphate rock from Oron will be used to produce additional green phosphoric acid and fertilizers by processing in the Rotem beneficiation plant.

•

Small scale mining at Zin of approximately 0.2 Mtpa of low organic phosphate rock is planned to continue for the life of mine using in-pit crushing and screening and final processing at the Oron beneficiation plant.

Year Ended December 31,

2025

2024

2023

Tonnes mined (kt)	3,654	5,808	5,770
Grade (%P2O5 before / after beneficiation)	23% / 31%	23% / 31%	25% / 32%

	Product Produced After Processing at ICL Rotem (kt)
	2025	2024	2023

Phosphate Rock*	2,211	2,375	2,309
Green Phosphoric Acid	513	503	520
Fertilizers	1,017	1,024	1,033
White Phosphoric Acid	167	154	150
Specialty Fertilizers	95	100	78

	Category	White Phosphate	Low Organic Phosphate	High Organic & Brown Phosphate	Bituminous Phosphate	Total	Grades/ Qualities	Cut-off grades	Metallurgical recovery
		(millions of tonnes)					(P2O5)

Rotem	Measured	-	17.0	-	61.0	78.0	28.7%	25%	54% and 69%
	Indicated	-	-	-	-	-	-
	M + Ind	-	17.0	-	61.0	78.0	28.7%
	Inferred	-	-	-	-	-	-
Zin	Measured	-	11.8	10.0	24.3	46.1	25.3%	23%	56%
	Indicated	-	-	-	-	-	-
	M + Ind	-	11.8	10.0	24.3	46.1	25.3%
	Inferred	-	-	-	-	-	-
Oron	Measured	-	-	10.9	33.0	43.9	24.0%	20%	59% and 60%
	Indicated	-	-	-	-	-	-
	M + Ind	-	-	10.9	33.0	43.9	24.0%
	Inferred	-	-	-	-	-	-
Total	Measured	-	28.8	20.9	118.3	168.0	26.5%
	Indicated	-	-	-	-	-	-
	M + Ind	-	28.8	20.9	118.3	168.0	26.5%
	Inferred	-	-	-	-	-	-

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by ICL Rotem and reviewed and accepted by SLR.

(3)

The point of reference for the Mineral Resources is in-situ. Mineral Resources are reported exclusive of Mineral Reserves.

(4)

Mineral Resources are 100% attributable to ICL Rotem.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

Mineral Resources are estimated using average dry densities ranging from 1.8 to 1.9 t/m3.

(7)

Mineral Resources are estimated using an average of the previous three years’ prices of $1,177/t FOB for acid products and $441/t FOB for fertilizer products, and exchange rates of NIS 3.61 per US dollar and €0.88 per US dollar.

•

Rotem site: The life of mine at Rotem runs from 2026 to 2030 based on 12.3 Mt of reserves of bituminous phosphate, with an annual average mining rate of 2.5 Mt. From 2026 to 2029, 10.1 Mt will be used to produce white phosphoric acid and fertilizers while the remaining reserves will be allocated to produce other products including specialty fertilizers in 2030. Reserves of bituminous phosphate are only reported for areas in which the total overburden required to be mined contains a maximum of around 20% oil shale. Significant resources (61.0 Mt) of bituminous phosphate are present beneath overburden containing higher amounts of oil shale and the Company plans further technical studies to assess the potential for mining and stockpiling this overburden.

•

Oron site: The life of mine at Oron runs from 2026 to 2040 (inclusive) based on 56.1 Mt of reserves of brown and low organic phosphate, of which 0.6 Mt will be mined in 2026 and 28 Mt will be mined in the years 2027-2040 at an annual average mining rate of 2 Mt. In the years 2030-2040, 27.5 Mt of brown phosphate rock will be transported to Rotem beneficiation plant for processing to produce additional green phosphoric acid and fertilizers at an annual average mining rate of 2.7 Mt. In addition, 2.8 Mt of reserves of white phosphate rock will be mined from 2026 to 2030.

•

Zin site: The life of mine at Zin runs from 2026 to 2040 (inclusive) based on: reserves of 3 Mt of low organic phosphate for small-scale product sales (using minor mining operation equipment located inside the open pit without utilizing the Zin beneficiation plant). Additional resources (11.8 million tonnes) of low organic phosphate are available at Zin should these be required by the Company in the future.

	Category	White Phosphate	Low Organic Phosphate	High Organic & Brown Phosphate	Bituminous Phosphate	Total	Grades/ Qualities	Cut-off grades	Metallurgical recovery
		(millions of tons)					(P2O5)

Rotem	Proven	-	0.2	-	12.3	12.5	29.5%	25%	54% and 69%
	Probable	-	-	-	-	-	-
Zin	Proven	-	3.0	-	-	3.0	26.0%	23%	50%
	Probable	-	-	-	-	-	-
Oron	Proven	2.8	2.0	54.1	-	58.9	23.9%	20%	59% and 60%
	Probable	-	-	-	-	-	-
Total	Proven	2.8	5.2	54.1	12.3	74.4	24.9%
	Probable	-	-	-	-	-	-

(1)

Classification of Mineral Reserves is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by ICL Rotem and reviewed and accepted by SLR.

(3)

The point of reference for the Mineral Reserves for Rotem and Oron is defined at the point where ore is delivered to the beneficiation plants, for Zin it is defined at the point where ore is delivered to the mobile crusher.

(4)

Mineral Reserves are 100% attributable to ICL Rotem.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding

(6)

A minimum mining width of 0.5m was used.

(7)

Mineral Reserves are estimated using an average of the previous three years’ prices of $1,177/t FOB for acid products and $441/t FOB for fertilizer products and $112/t FOB for phosphate rock from Zin, and exchange rates of NIS 3.61 per US dollar and €0.88 per US dollar.

	DSW Production (kt)
	2025	2024	2023

Potash	3,572	3,700	3,819
Compacting plant*	1,743	1,764	1,737
Bromine	156	190	143
Cast Mg	18	17	17

1.

Determination of the pumping rate of brines from the northern Dead Sea area.

2.

Determination of expected recovery of product based upon:

a.

Ability to determine composition and consistency of supply.

b.

Ability to predict consistency of evaporation and mineral precipitation.

3.

Determination of Mineral Resource classification is based upon:

a.

Any variation in the supply rate and composition.

b.

Any variation in the return flow of brines to the northern Dead Sea basin to assess efficiency and consistency of process.

c.

Variation in the precipitation of mineral amounts.

4.

Assessment of potential changes to any of the above factors.

Classification

Amount (Mt)

Grades/ Qualities (KCl)

Cut-off grades (KCI)

Metallurgical recovery (KCI)

Measured mineral resources	294.4	20.7%	0%	80.4%
Indicated mineral resources	1,642.1	21.1%
Measured + Indicated mineral resources	1,936.5	21.0%
Inferred mineral resources	462.4	21.2%

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by ICL Dead Sea and reviewed and accepted by SLR.

(3)

Mineral Resources are reported as being contained within the carnallite ponds following pumping from the northern Dead Sea basin.

(4)

Mineral Resources are exclusive of Mineral Reserves.

(5)

Mineral Resources are 100% attributable to ICL Dead Sea.

(6)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(7)

Dead Sea Works is a dredging operation, and therefore no minimum mining width has been applied.

(8)

Mineral Resources are estimated using average dry densities of 1.67 t/m3.for carnallite and 2.16 t/m3 for salt.

(9)

Mineral Resources are estimated using a medium-long term potash price of $320/t FOB and an exchange rate of NIS 3.61 per US dollar.

Amount (Mt)

Grades/ Qualities (KCl)

Cut-off grades (KCI)

Metallurgical recovery (KCI)

Proven mineral reserves	97.7	20.5%	0%	80.4%
Probable mineral reserves	-	-
Total mineral reserves	97.7	20.5%

(1)

Classification of Mineral Reserves is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Reserves were estimated by ICL Dead Sea and reviewed and accepted by SLR.

(3)

The point of reference for the Mineral Reserves is defined at the point where ore is delivered to the processing plant.

(4)

Mineral Reserves are 100% attributable to ICL Dead Sea.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

Dead Sea Works is a dredging operation, and therefore no minimum mining width has been applied.

(7)

Mineral Reserves are estimated using a three-year average product price of $296/t FOB and an exchange rate of NIS 3.61 per US dollar.

•

Grade I (highest grade) > 30% P2O5 - This category of phosphate is weathered and most of the carbonates have been dissolved. It is soft and easy to mine, requiring no blasting. However, its occurrence is in small patches, requiring highly selective mining. This category comprises less than 10% of the Haikou deposit and is fed directly to the scrubbing plant for processing.

•

Grade II 24%-30% P2O5 – Harder phosphate material requiring blasting and crushing prior to further processing at the scrubbing plant. This category comprises around 25% of the Haikou deposit.

•

Grade III 15%-24% P2O5 – This is the hardest rock and requires blasting, crushing, and grinding before further processing.

	Total Mine Production of Raw Ore at YPH
	2025	2024	2023

Tonnes mined (kt)	3,499	3,575	3,646
Grade (% P2O5 before/after beneficiation)	21% / 29%	21% / 28%	22% / 28%

(1)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

	Product Produced After Processing at YPH (kt)
	2025	2024	2023

Phosphate Rock *	2,455	2,715	2,657
Green Phosphoric Acid	700	694	682
Fertilizers	639	605	609
White Phosphoric Acid	133	124	95
Specialty Fertilizers	175	152	113

Amount (Mt)

Grades/ Qualities (P2O5)

Contained P2O5 (Mt)

Contained P2O5 Attributable to ICL (Mt)

Cut-off grades (P2O5)

Metallurgical recovery (P2O5)

Measured mineral resources	3.0	22.3%	0.67	0.33	15%	86.9%
Indicated mineral resources	2.3	24.0%	0.55	0.28
Measured + Indicated mineral resources	5.3	23.0%	1.22	0.61
Inferred mineral resources	0.2	20.0%	0.04	0.02

(1)

Classification of Mineral Resources is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Resources were estimated by YPH and reviewed and accepted by SLR.

(3)

The point of reference for Mineral Resources is defined on an in-situ basis. Mineral Resources are exclusive of Mineral Reserves.

(4)

YPH is a consolidated subsidiary of ICL. The reported tonnages and grades are on a 100% basis. The contained P2O5 attributable to ICL reflects the Company’s 50% interest. While YPH is consolidated into ICL’s financial statements, YYTH owns a 50% minority interest in YPH.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

Mineral Resources are estimated using average dry densities ranging from 2.29 to 2.78 t/m3.

(7)

Mineral Resources are estimated using an average of the previous three years’ prices of $675/t FOB for acid products and $459/t FOB for fertilizer products and an exchange rate of 7.20 RMB per US dollar.

Amount (Mt)

Grades/ Qualities (P2O5)

Contained P2O5 (Mt)

Contained P2O5 Attributable to ICL (Mt)

Cut-off grades (P2O5)

Metallurgical recovery (P2O5)

Proven mineral reserves	40.5	21.6%	8.7	4.4	15%	86.9%
Probable mineral reserves	-	-	-	-
Total mineral reserves	40.5	21.6%	8.7	4.4

(1)

Classification of Mineral Reserves is in accordance with the definitions prescribed under Regulation S-K 1300.

(2)

Mineral Reserves were estimated by YPH and reviewed and accepted by SLR.

(3)

The point of reference for Mineral Reserves is defined at the point where ore is delivered to the beneficiation plants.

(4)

YPH is a consolidated subsidiary of ICL. The reported tonnages and grades are on a 100% basis. The contained P2O5 attributable to ICL reflects the Company’s 50% interest. While YPH is consolidated into ICL’s financial statements, YYTH owns a 50% minority interest in YPH.

(5)

All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding.

(6)

A minimum mining width of 1.0m was used.

(7)

Mineral Reserves are estimated using an average of the previous three years’ prices of $675/t FOB for acid products and $459/t FOB for fertilizer products and an exchange rate of 7.20 RMB per US dollar.

A.

OPERATING RESULTS

Average prices

2025

2024

VS 2024

Granular potash – Brazil	CFR spot ($ per tonne)	348	299	16.4%
Granular potash – Northwest Europe	CIF spot/contract (€ per tonne)	355	349	1.7%
Standard potash – Southeast Asia	CFR spot ($ per tonne)	348	294	18.4%
Potash imports
To Brazil	million tonnes	13.3	13.4	(0.7)%
To China	million tonnes	12.8	12.6	1.6%
To India	million tonnes	2.9	3.1	(6.5)%

Average prices

$ per tonne

2025

2024

VS 2024

DAP	CFR India Spot	720	587	23%
TSP	CFR Brazil Spot	555	465	19%
SSP	CPT Brazil inland 18-20% P2O5 Spot	296	283	5%
Sulphur	Bulk FOB Adnoc monthly contract	286	100	186%

	For the Year Ended December 31,
	2025	2024	2023
	US$ millions

Operating income	580	775	1,141
Charges related to the security situation in Israel (1)	54	57	14
Impairment and write-off of assets and provision for site closure (2)	131	35	49
Provision for early retirement (3)	28	4	16
Legal proceedings, dispute, and other settlement expenses (4)	80	2	(2)
Total adjustments to operating income	293	98	77
Adjusted operating income	873	873	1,218
Net income attributable to the shareholders of the Company	226	407	647
Total adjustments to operating income	293	98	77
Total tax adjustments (5)	(54)	(21)	(9)
Total adjusted net income - shareholders of the Company	465	484	715

(1)

For 2025, 2024 and 2023, reflects charges relating to the security situation in Israel.

(2)

For 2025, reflects mainly asset write-offs resulting from the closure of LFP projects, impairment of assets in the Company’s UK operation, and a small R&D activity in Israel, following the implementation of the Company’s strategy, including efficiency and cost-reduction programs. It also includes asset write-offs related to a fire at Ashdod Port and two portfolio companies due to failed business continuity and funding. For 2024, reflects mainly a write-off of assets resulting from the closure of small sites in Israel and Turkey. For 2023, reflects mainly a write-off of assets related to restructuring at certain sites, including site closures and facility modifications as part of the Company’s global efficiency plan.

(3)

For 2025, 2024 and 2023, reflects provisions for early retirement due to restructuring at certain sites, as part of the Company’s global efficiency plan.

(4)

For 2025, reflects a provision for prior years following a Supreme Court ruling regarding water extraction fees in the Dead Sea concession area. For 2024, reflects reimbursement of arbitration costs associated with the Ethiopian potash project. For 2023, reflects a reversal of a legal provision.

(5)

For 2025, 2024 and 2023, reflects the tax impact of adjustments made to operating income.

	For the Years Ended December 31,		% Increase (Decrease)
	2025	2024
	$ millions	$ millions

Sales	7,153	6,841	5%
Cost of sales	4,967	4,585	8%
Gross profit	2,186	2,256	(3)%
Selling, transport and marketing expenses	1,114	1,114	0%
General and administrative expenses	299	259	15%
Research and development expenses	70	69	1%
Other expenses	161	60	168%
Other income	(38)	(21)	81%
Operating income	580	775	(25)%
Finance expenses	298	181	65%
Finance income	(159)	(41)	288%
Finance expenses, net	139	140	(1)%
Share in earnings of equity-accounted investees	-	1	(100)%
Income before taxes on income	441	636	(31)%
Taxes on income	161	172	(6)%
Net income	280	464	(40)%
Net income attributable to non-controlling interests	54	57	(5)%
Net income attributable to shareholders of the Company	226	407	(44)%
Earnings per share attributable to shareholders of the Company:
Basic earnings per share (in dollars)	0.18	0.32	(44)%
Diluted earnings per share (in dollars)	0.18	0.32	(44)%

	Sales	Expenses	Operating income
	$ millions

YTD 2024 figures	6841	(6,066)	775
Total adjustments YTD 2024*	-	98	98
Adjusted YTD 2024 figures	6,841	(5,968)	873
Quantity	(56)	30	(26)
Price	298	-	298
Exchange rates	70	(113)	(43)
Raw materials	-	(129)	(129)
Energy	-	(2)	(2)
Transportation	-	34	34
Operating and other expenses	-	(132)	(132)
Adjusted YTD 2025 figures	7,153	(6,280)	873
Total adjustments YTD 2025*	-	(293)	(293)
YTD 2025 figures	7,153	(6,573)	580

-

Quantity – The negative impact on operating income was mainly due to lower sales volumes of potash, bromine-based flame retardants, elemental bromine and FertilizerpluS products. This was partially offset by higher sales volumes of WPA, food specialties, phosphate fertilizers, industrial salts, MAP used as raw materials for energy storage solutions, phosphorus-based flame retardants, clear brine fluids and specialty agriculture products.

-

Price – The positive impact on operating income was primarily related to an increase of $34 in the potash price (CIF) per tonne, as well as higher selling prices of phosphate fertilizers, specialty agriculture products, FertilizerpluS products, bromine- and phosphorus-based flame retardants, elemental bromine, and specialty minerals products. This was partially offset by lower selling prices of food specialties and WPA.

-

Exchange rates – The unfavorable impact on operating income was mainly due to higher operational costs resulting mainly from the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar, which outweighed their positive impact on sales. This impact was partially offset by a favorable impact from the Brazilian real depreciation.

-

Raw materials – The negative impact on operating income was primarily related to higher costs of sulphur, commodity fertilizers and nitrogen. This was partially offset by lower costs of ammonia and raw materials used in the production of industrial solutions products.

-

Transportation – The positive impact on operating income was due to reduced marine transportation costs, primarily to Brazil, China and India.

-

Operating and other expenses – The negative impact on operating income was primarily related to higher maintenance and operational costs, as well as higher royalties' payments.

Year Ended December 31,

$ millions

NIS millions

2025	442	1,524
2024	364	1,348
2023	652	2,399

	2025	2024
	$ millions	$ millions

Segment Sales	1,254	1,239
Sales to external customers	1,238	1,220
Sales to internal customers	16	19
Segment Operating Income	220	224
Depreciation and amortization	60	57
Segment EBITDA	280	281
Capital expenditures	81	94

	Year Ended December 31,
	2025	2024
	$ millions	$ millions

Asia	403	438
Europe	382	388
North America	389	327
South America	21	20
Rest of the world	43	47
Total	1,238	1,220

	Sales	Expenses	Operating income
	$ millions

YTD 2024 figures	1,239	(1,015)	224
Quantity	(58)	42	(16)
Price	63	-	63
Exchange rates	10	(23)	(13)
Raw materials	-	11	11
Energy	-	(2)	(2)
Transportation	-	1	1
Operating and other expenses	-	(48)	(48)
YTD 2025 figures	1,254	(1,034)	220

-

Quantity – The negative impact on operating income was primarily related to a decrease in sales volumes of bromine-based flame retardants, elemental bromine and phosphorus-based industrial solutions. This impact was partially offset by higher sales volumes of phosphorus-based flame retardants and clear brine fluids.

-

Price – The positive impact on operating income was due to higher selling prices of elemental bromine, phosphorus- and bromine-based flame retardants and specialty minerals. This was partially offset by decreased prices of clear brine fluids.

-

Exchange rates – The negative impact on operating income was mainly due to higher operational cost resulted from the appreciation of the average exchange rate of the Israeli shekel and the euro against the US dollar, partially offset by higher sales driven by the stronger euro.

-

Raw materials – The positive impact on operating income was driven by decreased raw materials costs.

-

Operating and other expenses – The negative impact on operating income was primarily related to higher operational expenses.

	2025	2024
	$ millions	$ millions

Segment Sales	1,714	1,656
Potash sales to external customers	1,308	1,237
Potash sales to internal customers	89	95
Other and eliminations (1)	317	324
Gross Profit	622	650
Segment Operating Income	298	250
Depreciation and amortization	254	242
Segment EBITDA	552	492
Capital expenditures	367	332
Potash price - CIF ($ per tonne)	333	299

(1)

Primarily includes salt produced in Spain, metal magnesium-based products, chlorine, and sales of excess electricity produced by ICL’s power plant at the Dead Sea in Israel.

	Year Ended December 31,
	2025	2024
	$ millions	$ millions

Europe	443	405
South America	421	401
Asia	390	352
North America	175	202
Rest of the world	102	102
Total	1,531	1,462

	Sales	Expenses	Operating income
	$ millions

YTD 2024 figures	1,656	(1,406)	250
Quantity	(60)	38	(22)
Price	102	-	102
Exchange rates	16	(31)	(15)
Raw materials	-	3	3
Energy	-	(9)	(9)
Transportation	-	24	24
Operating and other expenses	-	(35)	(35)
YTD 2025 figures	1,714	(1,416)	298

-

Quantity –The negative impact on operating income was primarily due to lower potash sales volumes in the US, as well as decreased sales volumes of magnesium, partially offset by higher potash sales volumes, mainly in Europe and India.

-

Price –The positive impact on operating income was primarily driven by a $34 year-over-year increase in the potash price (CIF) per tonne.

-

Exchange rates – The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar, partially offset by higher sales driven by the stronger euro and pound.

-

Energy – The negative impact on operating income was primarily due to higher water fees.

-

Transportation – The positive impact on operating income was primarily due to reduced marine transportation costs, primarily to Brazil, China and India.

-

Operating and other expenses –The negative impact on operating income was primarily related to higher maintenance and operational costs, as well as higher royalties' payments.

Thousands of Tonnes

2025

2024

Production	4,377	4,502
Total sales (including internal sales)	4,320	4,556
Closing inventory	286	229

-

Production – Production was 125 thousand tonnes lower year-over-year, mainly due to operational challenges.

-

Sales – The quantity of potash sold was 236 thousand tonnes lower year-over-year, mainly due to lower production in the first half of the year and adverse weather conditions toward year-end that disrupted loading operations at Ashdod Port, leading to reduced sales volumes primarily in the US and South America.

	2025	2024
	$ millions	$ millions

Segment Sales	2,333	2,215
Sales to external customers	2,156	2,049
Sales to internal customers	177	166
Segment Operating Income	342	358
Depreciation and amortization	186	191
Segment EBITDA	528	549
Capital expenditures	336	340

(1)

For 2025, Phosphate Specialties accounted for $1,332 million of segment sales, $157 million of operating income, $49 million of D&A and $206 million of EBITDA, while Phosphate Commodities accounted for $1,001 million of segment sales, $185 million of operating income, $137 million of D&A and represented $322 million of EBITDA.

	Year Ended December 31,
	2025	2024
	$ millions	$ millions

Asia	687	594
North America	573	567
Europe	454	478
South America	340	306
Rest of the world	102	104
Total	2,156	2,049

	Sales	Expenses	Operating income
	$ millions

YTD 2024 figures	2,215	(1,857)	358
Quantity	27	(6)	21
Price	73	-	73
Exchange rates	18	(21)	(3)
Raw materials	-	(96)	(96)
Energy	-	(1)	(1)
Transportation	-	9	9
Operating and other expenses	-	(19)	(19)
YTD 2025 figures	2,333	(1,991)	342

-

Quantity – The positive impact on operating income was primarily due to higher sales volumes of phosphate fertilizers, WPA, phosphate-based food additives, salts and MAP used as raw materials for energy storage solutions.

-

Price – The positive impact on operating income was primarily related to higher selling prices of phosphate fertilizers and MAP used as raw materials for energy storage solutions. This was partially offset by lower selling prices of phosphate-based food additives, WPA and salts.

-

Exchange rates – The unfavorable impact on operating income was mainly due to higher operational costs resulting mainly from the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar. This impact was partially offset by higher sales resulting mainly from the appreciation of the British pound.

-

Raw materials – The negative impact on operating income was primarily due to higher costs of Sulphur, partially offset by lower cost of ammonia.

-

Transportation – The positive impact on operating income was due to a decrease in marine and inland transportation costs.

-

Operating and other expenses – The negative impact on operating income was primarily related to higher maintenance and operational expenses.

	2025	2024
	$ millions	$ millions

Segment Sales	2,063	1,950
Sales to external customers	2,048	1932
Sales to internal customers	15	18

Segment Operating Income	135	128
Depreciation and amortization	78	74
Segment EBITDA	213	202
Capital expenditures	95	98

	Year Ended December 31,
	2025	2024
	$ millions	$ millions

Europe	766	727
South America	651	627
Asia	270	248
North America	204	168
Rest of the world	157	162
Total	2,048	1,932

	Sales	Expenses	Operating income
	$ millions

YTD 2024 figures	1,950	(1,822)	128
Quantity	1	(1)	-
Price	92	-	92
Exchange rates	20	(19)	1
Raw materials	-	(79)	(79)
Energy	-	10	10
Operating and other expenses	-	(17)	(17)
YTD 2025 figures	2,063	(1,928)	135

-

Price – The positive impact on operating income was due to higher selling prices of specialty agriculture, turf and ornamental and FertilizerpluS products.

-

Exchange rates – The favorable impact on operating income was mainly due to the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar, partially offset by the depreciation of the Brazilian real.

-

Raw materials – The negative impact on operating income was primarily related to higher costs of commodity fertilizers, sulphur and nitrogen.

-

Energy - The positive impact on operating income was primarily due to decreased electricity and gas prices.

-

Operating and other expenses – The negative impact on operating income was primarily related to higher maintenance and operational costs.

	Year Ended December 31,
	2025	2024
	$ millions	$ millions

Net cash provided by operating activities	1,056	1,468
Net cash used in investing activities	(915)	(694)
Net cash used in financing activities	(195)	(846)

•

We continue to advance magnesia-based formulations targeting unmet market needs. We launched TextiMag®, a magnesium-based formulation designed for textile coatings that absorb body odors and enhance skin wellness. We are also marketing CareMag® D, a solution that enables the production of aluminum salt-free deodorants, already adopted by several leading international companies. In addition, we introduced FruitMag™, a new formulation used as a firming agent for post-harvest treatment of citrus fruits.

•

We continue to develop "low loss" flame retardants for intensive computing applications, including AI and data centers, in collaborating with leading industry players.

•

Our R&D efforts remain focused on enhancing the sustainability of our flame-retardant portfolio through Circular Economy solutions and the development of new sustainable products.

•

We are developing CDA, a solution for biofilm contamination across food, beverage, healthcare, and pharmaceutical markets, designed to integrates seamlessly into existing cleaning processes.

•

We are using our Bromoquel® product, a solution for treating bromine leakage, both within our own facilities and commercially to external customers

•

The Potash segment continues to advance environmental research, including developing methods to treat and reduce effluents.

•

The segment is exploring alternative solutions to increase carnallite production capacity and quality in its evaporation ponds, with a focus on utilizing renewable energy sources.

•

Additional initiatives at potash production facilities focus on increasing production capacity while reducing industrial water consumption and overall production costs.

•

The segment conducted an analysis of adapting various potential types of phosphate rock to produce phosphoric acid and its downstream products as part of an effort to utilize and increase existing phosphate reserves. In 2025, the segment advanced this initiative by analyzing additional types of phosphate, supported by focused R&D activities, pilot trials, plant testing and comprehensive economic feasibility assessments. The segment will continue these activities also in 2026 with a strategic focus on prioritizing opportunities that support long term growth.

•

Research was conducted regarding environmental protection, including developing methods to treat and reduce effluents and applications for Phosphogypsum uses and ponds reclamation.

•

The segment investigated opportunities to integrate waste steams into our production processes, fostering a closed-loop circular economy and development of future sources for sustainable fertilizer products.

•

The segment engaged in developing a new fertilizer product that contributes to plant growth, such as PK granulated fertilizer based on SOP.

•

The segment developed a process to meet the requirement to reduce Cadmium (Cd) content in the granulated fertilizers.

•

The Specialties R&D group supported further growth in the traditional markets and application areas of Meat/Poultry/Seafood, Dairy, and Bakery as evidenced by the establishment of three Centers of Excellence, located in Germany and in the US. A new food lab was opened in India to serve the customer needs of the region. We also expanded our footprint in emerging markets through sustainable and affordable solutions. New launches included innovative products beyond phosphates for clean label and texture improvement.

•

The Front-End Innovation group has scouted over 700 food technology start-ups globally to identify disruptive technologies for ICL Food Specialties. This rigorous process led to the successful identification and establishment of a partnership with Japan's largest food tech start-up, DAIZ Engineering (now called SproutX Inc). Their patented germination technology significantly reduces soybean off-flavors and enhances umami and fibrous structure, enabling the production of superior textured soy protein. After having been proven successful in the Japanese market, this innovation will now be introduced to the EU market through our collaboration, reinforcing ICL Food Specialties’ commitment to advancing cutting-edge solutions in plant-based meat and seafood alternatives.

•

The Company continued to diversify and develop its product portfolio for meat substitutes: ICL Food Specialties and DAIZ Engineering partnered to launch ROVITARIS® SprouTx™, a revolutionary textured soy protein developed with proprietary seed germination technology. This innovative solution effectively addresses key unmet needs in taste, texture, and nutrition for plant-based meat and seafood alternatives. The ROVITARIS® SprouTx® textured soy protein received the "Best Plant-Based Product" title at the World Food Innovation Awards and won the Plant-Based Category at the Fi Europe Innovation Awards. In 2025 the Company successfully launched the product in the European market, accompanied by widespread positive feedback from industry stakeholders and customers.

•

In the fourth quarter of 2024, we announced a follow-on investment in Plantible Foods, an investment which builds upon ICL's initial participation and furthers the strategic collaboration between the two companies. In October 2023, ICL Food Specialties, in collaboration with Plantible Foods, launched Rovitaris Binding Solution powered by Rubi Protein. This innovative ingredient was honored with the Ingredient Idol award at the SupplySide West (SSW) conference in November 2024 and recognized as the most innovative food ingredient of the year. Our engagement with customers and showcasing prototypes at different conferences continues.

•

The Advanced Additives business introduced four new corrosion inhibitor additives within our Paints and Coatings portfolio. Two are targeted to replace chromium based anti-corrosion additives which have high toxicity and are under pressure for replacement in aluminum-based coatings. In addition, Novel oral care additives are under evaluation by major players globally with promising results.

•

The development of controlled-release fertilizers with biodegradable coatings, designed to meet the EU Fertilizer Product standards, has been delayed from 2026 to 2028. In 2025, our biodegradable product was certified by CerTrust as compliant with the applicable biodegradation criteria.

•

Development of innovative bio-stimulant products, including bio-stimulants embedded or blended with ICL fertilizers, designed to enhance fertilizer performance and improve the plant resistance to abiotic stresses.

•

Development of biological bio-stimulants, both internally and externally, designed to encourage plant growth and enhance resilience to various stress conditions. In 2025, bacterial candidates were field-tested across different countries in the US with positive results. These candidates demonstrate potential for commercialization as bio-stimulants for soybean and cotton crops grown under extreme weather conditions within the next two years. They meet key product requirements, including efficacy, stability, shelf life, and compatibility with fertilizers..

•

Development of fertilizers to improve nutrient-use efficiency and reduce environmental emissions.

•

Development of liquid and fully soluble fertilizers supplemented with unique additives.

•

Development of products designed to improve water use efficiency.

•

Enhancement of micronutrients solutions and sulfur fertilizer formulations.

•

Integration of secondary source phosphate technologies for immediate utilization at our production facilities in Europe as part of our Circular Economy approach and the advancement of future sources of our fertilizer products, including the establishment of a technology roadmap for recycling and recovering phosphorous and nitrogen from secondary sources to transition our products into sustainable fertilizers.

•

Development of fertilizers with higher agronomic nutrient efficiency.

•

Development of customized formulations tailored to meet specific customer requirements.

•

As part of the segment's efforts to expand its product portfolio and strengthen relationship with farmers, in 2024, the Company launched several new products in its bio-stimulants line, including microbial products. One of these is Bioz ActiJump, a biological inoculant for soybeans. It contains live nitrogen-fixing bacteria designed to enhance soybean growth by promoting more extensive root development and improving nitrogen fixation.

•

In 2025, we launched our foliar drone spray water-soluble fertilizer technology under the brand FertiBuzz globally and FertiDrone in India. The use of drones for foliar fertilizers application is gaining popularity, and the Company introduced a unique ultra-low volume fertilizer specifically formulated for effective drones-based application. In addition, the segment launched a new product under its FertilizerpluS product line – PotashpluS 45%, a compacted blend of Polysulphate® and potash, featuring a new nutrient ratio. This product provides an ideal combination of potassium and sulfur fertilizer, enriched with calcium and magnesium.

•

Eqo®, eqo-x and eqo-s® - a group of brand names for innovative fast biodegradable controlled-release fertilizers designed to meet new EU fertilizers standards due to take effect in 2026.

•

Keep Green® - a brand name for a novel biostimulant to protect plants against excessive sun radiation and temperature.

•

Sulfurgran® - a leading product and brand in the sulfur market in Brazil.

•

Profol® - a leading foliar nutrition product line and brand in Brazil.

•

Osmocote® - a leading brand in the area of controlled released fertilizers which uses innovative technologies and is used globally by container nursery stocks, pot-plant growers and more.

•

Peters® - a brand of water-soluble fertilizers, specifically designed for bedding-, pot- and container nursery plants.

•

Joha® - a global brand of dairy specialties, which specializes in emulsifying salts for processed cheese.

•

Tari® - a brand in the meat industry as well as in the artisan business which focuses on the production and processing of meat products with functional additives, spices and flavors.

•

Brifisol® - a global brand in the meat and seafood industries, which concentrates in improving texture by adding cryoprotectant for frozen food products such as meat, shrimp, fish filets and more.

•

Rovitaris® - a brand name for plant-based meat alternatives that are virtually indistinguishable from their traditional meat counterparts.

•

Fyrol® - a brand name for a range of phosphorus-containing flame retardants targeting flexible and rigid polyurethane foam applications.

•

Merquel® - a line of inorganic brominated salts which can be used to control mercury emissions from coal power plants.

A.

DIRECTORS AND OFFICERS

Name	Age	Commencement date as director	Director Qualification		Financial Expertise		Membership in Board Committees
			Under the Israeli Companies Law	Under the NYSE rules	Under the Israeli Companies Law	Under the SEC rules
Yoav Doppelt (Executive Chairman of the Board)	57	December 2018 and as CoB since July 2019	(1)		-	-	-
Aviad Kaufman	55	March 2014	(1)		Financial Expert	-	Financing Committee (member)
Avisar Paz	69	April 2001	(1)	Independent Director	Financial Expert	-	Financing Committee (member)
Lior Reitblatt	68	November 2017	Independent Director	Independent Director	Financial Expert	Audit Committee Financial Expert	Audit & Accounting Committee (member) Compensation Committee (member)
Reem Aminoach	64	March 2017	(2)	Independent Director	Financial Expert	-	Regulation Committee (member)
Sagi Kabla	49	February 2016	(1)		Financial Expert	-	Financing Committee (Chair) Climate, Sustainability & Community Committee (member)
Tzipi Ozer Armon	60	January 2020	Independent Director	Independent Director	Financial Expert	-	Regulation Committee (member)
Gadi Lesin	58	March 2021	Independent Director	Independent Director	Financial Expert	Audit Committee Financial Expert	Audit & Accounting Committee (member) Climate, Sustainability & Community Committee (member)
Dr. Miriam Haran	76	July 2021	External Director	Independent Director	Financial Expert	Audit Committee Financial Expert	Audit & Accounting Committee (member) Compensation Committee (Chair) Climate, Sustainability & Community Committee (Chair) Regulation Committee (member)
Dafna Gruber	60	January 2022	External Director	Independent Director	Financial Expert	Audit Committee Financial Expert	Audit & Accounting Committee (Chair) Compensation Committee (member) Financing Committee (member)
Michal Silverberg	49	July 2022	(2)	Independent Director	Financial Expert	-	-
Shalom Shlomo	48	January 2024	Independent Director	Independent Director	-	-	Regulation Committee (Chair) Climate, Sustainability & Community Committee (member)

(1)

Messrs. Yoav Doppelt, Aviad Kaufman and Sagi Kabla are not considered independent directors under Israeli law and the New York Stock Exchange corporate governance standards rules by virtue of the positions they hold with our controlling shareholder or in the Company. On July 18, 2024, the Company’s Board of Directors determined that Mr. Avisar Paz qualifies as an independent director under the New York Stock Exchange corporate governance standards.Mr. Paz is not considered independent under Israeli law by virtue of the positions he previously held with our controlling shareholder.

(2)

Mr. Reem Aminoach and Ms. Michal Silverberg meet all qualifications for Independent Directors under the Companies Law but were not formally classified as such.

Name	Age	Position
Elad Aharonson	52	President & Chief Executive Officer
Lilach Geva-Harel	49	Deputy Chief Executive Officer
Aviram Lahav(1)	66	Chief Financial Officer
Ilan Barkai	57	President, ICL Potash Division & Head of Israel Phosphate Operation
Nir Ilani	49	President, ICL Growing Solutions Division
Yaniv Kabalek	51	President, ICL Industrial Products Division
Nadav Turner	50	President, ICL Phosphate Specialty Solutions Division
Anantha N. Desikan	58	Executive Vice President, ICL Chief Innovation and Technology Officer
Ilana Fahima	60	Executive Vice President, Chief People Officer
Miri Mishor(2)	62	Executive Vice President, Global Information Technology
Uri Perelman	45	Executive Vice President, ICL Chief Corporate Business Development Officer
Amir Meshulam	49	Senior Vice President, Global Internal Auditor
Maya Grinfeld	50	Senior Vice President, ICL Marketing and Communication

(1)

Mr. Aviram Lahav will conclude his tenure as ICL's CFO on June 15, 2026, towards his retirement. Asaf Alperovitz will succeed Mr. Lahav as the CFO, effective as of that date.

(2)

Ms. Miri Mishor will cease to serve as the Company’s EVP, Global Information Technology, effective as of April 30, 2026, and will be succeeded by Ms. Alegra Kilstein, effective as of June 1, 2026.

	Expert Directors	Non-Expert Director
Fixed Annual Fee	~NIS 170,000 (approximately $49,500)	~NIS 128,000 (approximately $37,000)
Per Meeting Fee	~NIS 6,550 (approximately $1,900)	~NIS 4,900 (approximately $1,400)

Non-executive Director	Fixed Annual Fee	Aggregate Per Meeting Fees	Total
Aviad Kaufman	NIS 170,380 (~$49,457)	NIS 163,247 (~$47,387)	NIS 333,627 (~$96,844)
Avisar Paz	NIS 170,380 (~$49,457)	NIS 185,516 (~$53,851)	NIS 355,896 (~$103,308)
Dafna Gruber	NIS 170,380 (~$49,457)	NIS 245,852 (~$71,365)	NIS 416,232 (~$120,822)
Gadi Lesin	NIS 170,380 (~$49,457)	NIS 218,302 (~$63,368)	NIS 388,682 (~$112,825)
Lior Reitblatt	NIS 170,380 (~$49,457)	NIS 234,035 (~$67,935)	NIS 404,415 (~$117,392)
Michal Silverberg	NIS 170,380 (~$49,457)	NIS 166,331 (~$48,282)	NIS 336,711 (~$97,739)
Dr. Miriam Haran	NIS 170,380 (~$49,457)	NIS 286,477 (~$83,157)	NIS 456,857 (~$132,615)
Reem Aminoach	NIS 170,380 (~$49,457)	NIS 113,416 (~$32,922)	NIS 283,796 (~$82,379)
Sagi Kabla*	NIS 170,380 (~$49,457)	NIS 211,538 (~$61,404)	NIS 381,918 (~$110,862)
Tzipi Ozer-Armon	NIS 170,380 (~$49,457)	NIS 152,744 (~$44,338)	NIS 323,124 (~$93,795)
Shalom Shlomo	NIS 127,740 (~$37,080)	NIS 142,051 (~$41,234)	NIS 269,791 (~$78,314)

(1)

Annual Cost of employment: NIS 1,963,000 (approximately $615,360), which reflects the annual fixed employment cost of NIS 1.8 million (approximately $564,263) under the 2022 terms, as adjusted for inflation since July 2022, of which the Annual Base Salary amounts to NIS 1.68 million (approximately $0.53 million).

(2)

Short term incentive: Mr. Doppelt is eligible for an annual cash bonus based on the Executive Chairman’s short-term incentive (STI) formula set forth in the Company’s Compensation Policy, with a target STI, which is also the maximum potential payout of NIS 1,309,300 (approximately $410,439) per year, which reflects the maximum potential payout of NIS 1.2 million (approximately $0.38 million) under the 2022 terms, adjusted for inflation since then. As of December 31, 2025, following further adjustments to the CPI, the target STI and the maximum potential STI payout for a full year are NIS 1.34 million (approximately $0.42 million), while the pro-rated for the 2022 terms and the renewed terms target STI and the maximum potential STI payout for 2025 are NIS 1.31 million (approximately $0.41 million).

(3)

Termination Arrangement: Remains unchanged from the 2022 terms, under which in the event of termination of Mr. Doppelt's term of office as Executive Chairman of the Board, he is entitled to a six‑month adjustment period and a six‑month advance notice period, during both of which all compensation components, including STI payouts and the continued vesting of existing LTI plans, continue to apply.

(4)

Other Benefits: Mr. Doppelt is entitled to additional cash and non-cash benefits similar to those payable to senior executives of the Company, including but not limited to, pension and severance pay, life insurance (risk), annual vacation days (and redemption of accrued vacation days), sick days quota, recuperation days and expenses reimbursement. All of Mr. Doppelt’s compensation components, including base salary and STI, are subject to periodical adjustment in accordance with increases in the CPI, with the baseline being the January 2025 CPI, published on February 15, 2025, subject to the maximum amounts for each compensation component as set forth in the Compensation Policy.

Grant for Year	Grant Date	Type of Equity	Dates of Governance Bodies' Approvals	Grant Value (NIS)(3)	Number of Options	Expiration Date
2022-2024(1)	March 30, 2022	Options	HR & Comp. Committee – 31.1.22 & 6.2.22 Board – 8.2.22 Shareholders (Annual GM) – 30.3.22	9 million (2.8 million per vesting annum)	1,055,100	March 30, 2027
2025-2027(2)	March 6, 2025	Options	HR & Comp. Committee – 31.12.24 & 6.1.25 Board – 9.1.25 Shareholders (Annual GM) – 6.3.25	11.25 million (3.5 million per vesting annum)	1,973,684	March 6, 2030
Vesting Schedule
The options will vest in three equal tranches, upon each of the three anniversaries of the grant date. Options fully accelerate if Mr. Doppelt ceases to provide services within 12 months following a change of control (as defined in the Equity Plan), except in the event of termination for cause.

(1)

The equity award was granted pursuant to the Company’s Equity Compensation Plan (2014), as amended in June 2016.

(2)

The equity award was granted pursuant to the Company’s Equity Compensation Plan (2024).

(3)

Translated at the US dollar exchange rate as of December 31, 2025.

Details of the Recipient			Payments for services
Name	Position	Scope of position	Base Salary	Compensation (1)	Bonus (STI) (2)	Equity based compensation (LTI)(3)	Total
			US$ thousand

Elad Aharonson (4)	President & Chief Executive Officer	100%	752	1,990	854	2,703	5,547
Yoav Doppelt (5)	Executive Chairman of the Board	Invests significant portion of his time	476	567	411	1,642	2,620
Uri Perelman (6)	EVP, Chief Corporate BD Officer	100%	350	807	273	771	1,851
Aviram Lahav (7)	Chief Financial Officer	100%	442	663	359	657	1,679
Raviv Zoller (8)	Former President & Chief Executive Officer	100%	810	1,323	-	140	1,463

(1)

The salary items (compensation) column in the above table includes all of the following components: base salary, customary social benefits, customary social and related provisions, Company car and reimbursement of telephone expenses.

(2)

The annual bonuses (STI awards) to officer holders for 2025, including the top five earners in 2025, were approved by our HR & Compensation Committee and the Board of Directors on February 15, 2026, and February 17, 2026, respectively.

(3)

The expense for share-based payment compensation is calculated in accordance with IFRS and is recognized in the Company’s statement of income over the vesting period of each portion. The amounts reported in this column represent the expense recorded in the Company’s financial statements for the year ended December 31, 2025, with respect to equity-based compensation granted to the senior officer. For details regarding the Company's equity compensation plans, see Note 19 to our Audited Financial Statements.

	Senior officer	Employment terms
(4)	Elad Aharonson	On March 6, 2025, our shareholders approved Mr. Aharonson’s compensation terms as our new President and Chief Executive Officer, following approvals by the HR & Compensation Committee on December 31, 2024 and January 6, 2025, and by the Board of Directors on January 9, 2025. Mr. Aharonson’s compensation terms, as of December 31, 2025 (and effective as of March 13, 2025, the date of his commencement of service as President and Chief Executive Officer), were as follows: • Annual base salary: - An annual gross base salary of NIS 2,875,560 (approximately $901,429), adjusted for increases in the CPI since March 6, 2025. - Perquisites: In accordance with the Company's Compensation Policy, the CEO's perquisites for the reporting period totaled ~NIS 0.31 million (approximately $97,563). This amount includes provisions for a company car and related gross-ups, reimbursement of telephone expenses, communication allowances (such as newspaper), and meal allowances, and does not include any social benefit-related compensation or customary social related provisions such as pension payments. • STI award – Annual Bonus: - The target STI is equal to 12 monthly base salaries. - The maximum STI payout per year may not exceed 15 monthly base salaries annually. - For details regarding Mr. Aharonson’s STI performance and payout in 2025, see below “Short-Term Incentive Annual Bonus Component”. • LTI award – Equity: - An LTI (equity) in the value of NIS 5.52 million (approximately $1.73 million) per vesting annum. The equity-based compensation amount in the above table reflects the expense that was recognized for Mr. Aharonson’s LTI in the Company’s 2025 Financial Statements. For details regarding Mr. Aharonson 's equity-based compensation grants, see Note 19 to our Audited Financial Statements. • Termination arrangements: - 12-months advance notice period in any case of termination of employment (excluding termination of employment by the Company for cause). • Other Benefits: - Additional cash and non-cash benefits similar to those payable to senior executives of the Company pursuant to policies in effect from time to time, including but not limited to, welfare, pension including severance pay, education fund, life insurance (risk), health insurance, accidents insurance, work disability insurance, birthday and holiday gifts, vacation days per year (and redemption of accrued vacation days), sick days quota, recuperation days, annual medical examination, professional association membership fees, meals allowance or its equivalent, newspaper allowance, cellular phone and company car, including gross up, and expenses reimbursement. - Entitlement to the exemption, insurance and indemnification arrangements as customary in the Company. - All components of Mr. Aharonson’s compensation, including base salary, STI awards and LTI entitlement, will be adjusted periodically in accordance with increases in the CPI, subject to the maximum amounts for each compensation component as set forth in the Compensation Policy.

	Senior officer	Employment terms
(4)	Elad Aharonson	The compensation terms of Mr. Aharonson in his previous role as President, Growing Solutions Division, from the beginning of 2025 until the date he commenced service as ICL President and CEO on March 12,2025, were as follows: • Monthly base salary: ~NIS 129,000 (approximately $40,439), adjusted for increases in the CPI. • STI: Target STI of 75% of the annual base salary. For details regarding Mr. Aharonson’s STI performance and payout in 2025, see below “Short-Term Incentive Annual Bonus Component”. • LTI: The equity-based compensation amount in the above table reflects the expense that was recognized for Mr. Aharonson’s LTI in the Company’s 2025 Financial Statements. • Termination arrangements: Advance notice period of 6 months. All other benefits customary in the Company, such as regular provisions for pension and severance, education fund, disability insurance, Company car, gross up, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders.
(5)	Yoav Doppelt	• For details regarding Mr. Doppelt’s compensation terms as our Executive Chairman of the Board, see above ‘Executive Chairman of the Board’s Compensation’, as well as ‘Short-Term Incentive (Annual Bonus) Component’ below.
(6)	Uri Perelman	• Monthly base salary: ~NIS 93,000 (approximately $29,000), as of December 31, 2025, adjusted for increases in the CPI. [Annual base salary - $350k] • STI: Target STI of 75% of the annual base salary. For details regarding Mr. Perelman’s STI performance and payout in 2025, see below “Short-Term Incentive Annual Bonus Component”. • Sign-on Bonus: Upon his commencement of employment with ICL on December 8, 2023, Mr. Uri Perelman was granted a sign‑on bonus of ~NIS 2.4 million ($750,000), as approved by the HR & Committee and Board of Directors, to be paid in two equal installments of $ 375,000 each. The first installment, subject to Mr. Perelman’s continued active employment through December 31, 2025, has already vested and the second installment is subject to his continued employment through December 31, 2026. • LTI: The equity-based compensation amount in the above table reflects the expense that was recognized for Mr. Perelman’s LTI in the Company’s 2025 Financial Statements. • All other benefits customary in the Company, such as regular provisions for health, retirement and severance, disability arrangement, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders.
(7)	Aviram Lahav	• Monthly base salary: ~NIS 128,000 (approximately $40,125), as of December 31, 2025, adjusted for increases in the CPI. • 2025 STI: Target STI of 75% of the annual base salary. For details regarding Mr. Lahav’s STI performance and payout in 2025, see below "Short-Term Incentive Annual Bonus Component". • LTI: The equity-based compensation amount in the above table reflects the expense that was recognized for Mr. Lahav’s LTI in the Company’s 2025 Financial Statements.

	Senior officer	Employment terms
(7)	Aviram Lahav	• Termination arrangements: 6-months advance notice period in case of termination by the Company (not for cause) or 3-months advance notice in case of resignation. • All other benefits customary in the Company, such as regular provisions for pension and severance, education fund, disability insurance, Company car, gross up, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders. In addition, payments related to non‑competition and confidentiality undertakings.
(8)	Raviv Zoller	Mr. Raviv Zoller ceased to serve as our President and CEO on March 12, 2025. His compensation terms up to his departure in November 2025, were as follows: • Base salary: - Annual base salary of ~NIS 3.3 million (approximately $1 million) - Monthly base salary of ~NIS 276,000 (approximately $86,500). - In accordance with the Company's Compensation Policy, Mr. Zoller’s perquisites as CEO for the reporting period totaled ~NIS 0.25 million (approximately $76,600). This amount included provisions for a company car and related gross-ups, reimbursement of telephone expenses, communication allowances (as newspaper), and meal allowances, and does not include any social benefit-related compensation or customary social related provisions such as pension payments. • STI – Annual Bonus: Target STI of ~NIS 3.5 million (approximately $1 million), and maximum STI payout of ~NIS 4.56 million (approximately $1.4 million). For information regarding Mr. Zoller’s STI formula, performance and payout in 2025, see below “Short-Term Incentive - The Annual Bonus Component”. • LTI – Equity: Entitlement to an annual LTI (equity award) at a value of NIS 5.5 million (approximately $1.69 million). The equity-based compensation amount in the above table reflects the expense recognized for Mr. Zoller’s LTI in the Company’s 2025 Financial Statements. For details regarding Mr. Zoller's equity-based compensation grants, see Note 19 to our Audited Financial Statements; • Termination arrangements: - 12-months advance notice period in case of termination by the Company (not for cause) or 6-months advance notice in case of resignation; - Additional severance equal to the last base salary multiplied by the number of years that Mr. Zoller served as ICL’s President & CEO. - Upon termination of employment, Mr. Zoller received payment in lieu of 12 months' advance notice, as well as an additional severance payment, in addition to the regular severance pay, for each year of his employment (including the 12 months’ advance notice period). • CPI adjustment: In accordance with Mr. Zoller’s Employment Agreement, all compensation items under Mr. Zoller’s Employment Agreement were adjusted for increases in the CPI. • Other benefits: All other cash and non-cash benefits payable to our senior executives pursuant to our policies in effect from time to time, including but not limited to, pension, education fund, disability insurance, Company car, gross up, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders.

•

The target STI (“STI Target”) for the CEO represents the payout amount for achieving a 100% performance level (i.e., meeting 100% of all targets) in a given year. The STI Target for the CEO for any given fiscal year shall not exceed 120% of the CEO’s annual base salary.

•

80% of the CEO's STI Target will be measured against the performance level of annual measurable financial and measurable non-financial goals determined by the HR & Compensation Committee and the Board of Directors at the beginning of each fiscal year, as detailed in the Compensation Policy.

•

Out of the measurable80% STI Target, between 50%-100%will be based on financial goals included in the annual budget and the remaining measurable STI Target will be based on other measurable non-financial goals. The achievement level of each goal, whether measurable financial goals or measurable non-financial goals, will be assessed independently of other goals, according to the rating scale set forth in the Company’s Compensation Policy, and then translated into payout factors. The measurable financial goals are calculated based on the figures from ICL's annual reports, as adjusted in accordance with the pre-defined profit adjustments list in the Compensation Policy (the ”Predefined List”).

•

If the actual performance of ICL’s operating income and/or net income, as adjusted according to the Predefined List, does not meet the threshold performance level (60% of budget), there will be no payout for the 80% portion of the STI award that is based on measurable financial and non-financial goals.

•

The remaining 20% of the CEO's STI Target will be determined based on a qualitative evaluation by the HR & Compensation Committee and Board of Directors of the CEO's performance during the relevant fiscal year after receiving a recommendation of the Executive Chairman. The maximum payout for this component cannot exceed three monthly base salaries.

•

The maximum STI payout for the CEO according to the Company's Compensation Policy cannot exceed, for any given year, the lower of 130% of the CEO's STI Target for such year and $1.5 million.

•

Mr. Aharonson’s STI for 2025was calculated on a pro‑rata basis, reflecting the portion of the year during which he served as President of ICL Growing Solutions Division through March 12, 2025, and the portion of the year during which he served as the Company’s President and CEO thereafter. In his role as President and CEO, Mr. Aharonson’s target STI for a given year—representing the payout for achieving 100% of his performance objectives—equals 12 monthly base salaries, while his maximum STI payout may not exceed 15 monthly base salaries. In 2025, the Target STI was calculated on a prorated basis, as indicated above, and amounted to ILS 2,542,059 (approximately $797,000).

•

For details regarding Mr. Aharonson’s STI performance and payout in 2025, see ”Five-highest earners STI performance and payout in 2025” below.

•

The STI Target for the CoB represents the payout amount for achieving a 100% performance level (i.e., 100% of all targets) in a given year. The STI Target for the CoB for any given fiscal year may not exceed 120% of the CoB's annual base salary.

•

Of the CoB's STI Targets for any given year, 30% will be based on the performance level of ICL EBITDA; 30% on the performance level of ICL Operating Income; 20% on the performance level of ICL Net Income, and 20% on the performance level of ICL’s Revenues. These goals will be derived from ICL’s budget for the relevant fiscal year, and the achievement level of each goal will be assessed independently, according to the rating scale set forth in the Company's Compensation Policy and then translated into payout factors. Such financial goals are calculated according to the figures from ICL's annual reports, as adjusted in accordance with the Predefined List.

•

If the actual performance of ICL’s operating income and/or net income, as adjusted according to the Predefined List, does not meet the threshold performance level (60% of budget), no payout will be made under the CoB STI plan.

•

According to the Compensation Policy, the maximum STI payout for the CoB shall not exceed, for any given fiscal year, the lower of 150% of the CoB's STI Target and $1 million.

•

Mr. Doppelt’s STI Target for 2025, which was also his potential maximum STI payout, was NIS 1,312,139 (approximately $411,329), after adjustment to the CPI. This 2025 STI Target was calculated on a pro-rated basis, considering the STI Target until March 6, 2025, the date on which the shareholders' meeting approved the change in Mr. Doppelt’ s compensation, and the revised STI target thereafter.

•

Mr. Doppelt’s overall STI score for 2025, representing the performance against the 2025 STI targets, was 103.8%. His resulting payout was NIS 1,312,139 (approximately $411,329), which represents a 100% score and the maximum STI payment possible under his compensation terms.

•

With respect to our Executive Officers, other than our CEO and CoB, the Company's Compensation Policy provides that the annual bonuses may be calculated based on measurable financial metrics and/or measurable non-financial metrics, as pre-determined by our HR & Compensation Committee and Board of Directors, and/or determined based on a qualitative evaluation. The HR & Compensation Committee and Board of Directors may determine, in any given year, that the STI payout for such Executive Officers will be granted, in whole or in part, according to a qualitative evaluation of non-measurable items, subject to the maximum STI payout set forth in the Compensation Policy and described below.

•

The maximum STI payout for such Executive Officers, other than the CEO and CoB, shall not exceed, for any given fiscal year, the lower of 225% of the Executive Officer’s STI Target for such year and $1 million.

•

For details regarding the STI performance and payout to the five highest earning senior officers of ICL for 2025, see ‘Five-highest earners STI performance and payout in 2025' below.

Executive Office	Annual Base (1)	STI Target %	STI Target	Overall score of % target (3)	2025 STI Payout
Elad Aharonson(4)	NIS 2.62 million (~$0.82 million)	100%	NIS 2.54 million (~$0.8 million)	107.23%	NIS 2.73 million (~$0.86 million)
Yoav Doppelt	NIS 1.68 million (~$0.53million)	NA(5)	NIS 1.31 million (~$0.41 million)	103.8%	NIS 1.31 million (~$0.41 million)
Uri Perelman	NIS 1.12 million (~$0.35 million)	75%	NIS 0.84 million (~$0.26 million)	103.96%	NIS 0.87 million (~$0.27million)
Aviram Lahav	NIS 1.54 million (~$0.48 million)	75%	NIS 1.15 million (~$0.36million)	99.22%	NIS 1.15 million (~$0.36 million)
Raviv Zoller	-	-	-	-	-

(1)

The Annual Base amounts are calculated based on the December 31, 2025 salary, multiplied by 12 months, translated into US dollars using the US dollar exchange rate in effect on December 31,2025.

(2)

The adjustments to the Company’s annual net and operating income, as specified in “Item 5 – Financial Results and Business Overview– A. Operating Results", for purposes of calculating the STI threshold and the measurable financials goals for the CEO and the CoB, adhere to the Predefined List in the Company's Compensation Policy.

(3)

For all executive officers, this column represents the weighted percentage score of the measurable financial and non-financial goals (including ESG targets) and qualitative evaluation, as applicable.

(4)

The STI payout for 2025 reflects a pro‑rata calculation based on Mr. Aharonson’s service in both roles during the year. For the period as President of the Growing Solutions division, the STI payout was ~NIS 0.22 million (approximately $69,000) (96.53% of a target STI of ~NIS 0.23 million (approximately $72,000), representing 75% of an annual base salary of ~NIS 1.55 million (approximately $0.48 million)). For the period as Chief Executive Officer, the STI payout was ~NIS 2.51 million (approximately $0.79 million) (108.27% of a target STI of ~NIS 2.32 (approximately $0.73 million), representing 100% of an annual base salary of ~NIS 2.88 million (approximately $0.9 million)). The combined STI payout for 2025 was ~NIS 2.73 (approximately $0.86 million), reflecting 107.23% of a weighted STI target of ~NIS 2.54 million (approximately $0.8 million), based on a weighted annual base salary of ~NIS 2.62 million (approximately $0.82 million).

(5)

Mr. Doppelt’s STI Target for 2025 (which was also his maximum potential STI payout) under his compensation terms was set at a nominal NIS 1.2 million (approximately $0.28 million) until March 6, 2025, the date on which the shareholders' meeting approved the change in Mr. Doppelt’s compensation, and as of March 7, 2025, at NIS 1.34 million (approximately $0.41 million), linked to CPI adjustments. Mr. Doppelt’s 2025 STI Target of NIS 1.31 million was calculated on a pro rata basis, reflecting the two periods described above.

•

Identifying and addressing flaws in the business management of the Company.

•

Review and approve interested party transactions; determine criteria for classification and approval of interested party transactions.

•

Establishing whistleblower procedures.

•

Overseeing the Company’s internal audit system and the performance of its internal auditor.

•

Appointment, compensation, oversight and scope of work assessment of the Company’s independent accounting firm.

•

Monitoring ICL’s financial statements and the effectiveness of its internal controls.

•

Ensure the Company’s compliance with legal and regulatory requirements and adherence to corporate governance best practices.

•

Overseeing ICL’s risk management, including monitoring the activities to manage and mitigate the identified risks.

•

Recommending to the Board of Directors a policy governing the compensation of officers and directors based on specific criteria.

•

Recommending to the Board of Directors, from time to time, updates to such compensation policy.

•

Reviewing the implementation of such compensation policy.

•

Deciding whether to approve transactions with respect to terms of office and employment of officers and directors (which require approval by the compensation committee under the Companies Law).

•

Approving, under certain circumstances, an exemption from shareholder approval of the compensation terms of a candidate for chief executive officer (who meets certain non-affiliation criteria, in accordance with the provisions of the Companies Law).

•

Overseeing the Company’s bonus and equity plans.

•

Overseeing evaluation of top management and employees.

•

Overseeing succession planning.

•

Overseeing ICL’s climate, sustainability, safety, environment and water management related risks and opportunities, targets, policies and programs.

•

Overseeing ICL’s community outreach programs, public relations and advocacy.

•

Overseeing diversity and inclusion aspects in the Company.

•

Overseeing ICL’s financing and equity management and operations, including loans, equity offerings, hedging, debt and other financing vehicles.

•

Overseeing ICL's preparedness for significant regulatory changes expected in the coming years, including preparations related to the expiration of the Dead Sea concession and the processes for allocating a new concession in 2030.

Organ Name	Number of Meetings in Reported Year	Average Attendance
Board of Directors	24	98%
Audit & Accounting Committee	10	98%
Human Resources & Compensation Committee	10	100%
Climate, Sustainability & Community Relations Committee	4	100%
Financing Committee	2	100%
Regulatory Committee	2	100%

2025

2024

2023

Phosphate Solutions	3,751	3,765	3,970
Growing Solutions	3,548	3,612	3,630
Potash	1,995	2,063	2,092
Industrial Products	1,568	1,605	1,615
Global functions and headquarters	1,303	1,304	1,243
Sub Total	12,165	12,349	12,550
Temporary employees	842	718	800
Total employees	13,007	13,067	13,350

2025

2024

2023

Israel	4,427	4,507	4,548
China	1,942	1,938	1,984
Brazil	1,505	1,580	1,637
Spain	863	879	918
USA	821	853	820
Germany	699	686	704
UK	698	693	705
Netherlands	554	557	580
France	123	124	126
All other	533	532	528
Sub Total	12,165	12,349	12,550
Temporary employees	842	718	800
Total employees	13,007	13,067	13,350

•

Bloomberg’s ESG Index

•

Overall ESG Score: 5.57, with a percentile ranking of 93.7.

•

Environmental Score: 5.33, with a percentile ranking of 97.9.

•

Social Score: 3.96, with a percentile ranking of 70.5.

•

Governance Score: 7.84, with a percentile ranking of 96.8.

•

United Nations Global Compact

•

Women’s Empowerment Principles (WEP)

•

33% females in senior leadership (T100) by the end of 2030 (in 2025, the percentage was 26% versus 25% in 2024).

•

45% females on ICL’s Board of Directors by 2028 (in 2025, the percentage was 33,33% versus 33.33% in 2024).

---

Shareholders	Ordinary Shares Beneficially Owned(1)		Special State Share
	Number	%	Number	%

(1)

The percentages shown are based on 1,290,672,729 ordinary shares issued and outstanding as of March 10, 2026 (after excluding shares held by us or our subsidiaries). In accordance with SEC rules, beneficial ownership includes voting or investment power with respect to securities and includes the shares issuable pursuant to options that are exercisable within 60 days of March 10, 2026. Shares issuable pursuant to options are deemed outstanding for computing the percentage of the person holding such options but are not considered outstanding for computing the percentage of any other person.

(2)

Israel Corp. is a public company listed for trading on the Tel Aviv Stock Exchange (TASE). Based on the information provided by Israel Corp., Millenium Investments Elad Ltd. (“Millenium”) and Mr. Idan Ofer are considered as controlling shareholders jointly of Israel Corp., for purposes of the Israeli Securities Law (each of Millenium and Mr. Idan Ofer hold shares in Israel Corp. directly, and Mr. Idan Ofer serves as a director of Millenium and has an indirect interest in it as the beneficiary of the discretionary trust that has indirect control of Millenium, as stated below). As of December 31, 2025, Millenium holds approximately 38.28% of the issued share capital (and 38.65% of the voting rights) in Israel Corp., which held as of December 31, 2025, approximately 43.93% of the voting rights and approximately 43.11% of the issued share capital, of the Company. To the best of Israel Corp.’s knowledge, Millenium is wholly held by Mashat (Investments) Ltd. (“Mashat”). Mashat is wholly owned by Ansonia Holdings Singapore B.V. (“Ansonia”) which is incorporated in the Netherlands. Ansonia is a wholly owned subsidiary of Jelany Corporation N.V. (registered in Curaçao), which is wholly owned subsidiary of the Liberian company, Court Investments Ltd. (“Court”). Court is wholly owned by a discretionary trust, in which Mr. Idan Ofer is the beneficiary. In addition, as of December 31, 2025, Lynav Holdings Ltd. ("Lynav"), which is a company controlled by a discretionary trust in which Mr. Idan Ofer is the beneficiary, held directly approximately 9.39% of the issued share capital (and 9.48% of the voting rights) of Israel Corp.. Furthermore, as of December 31, 2025, Mr. Idan Ofer held directly approximately 0.05% of the issued share capital of Israel Corp (and approximately 0.05% of the voting rights). Even though Israel Corp. holds less than 50% of the Company’s ordinary shares, it still has decisive influence at the general meetings of the Company’s shareholders and, effectively, it has the power to appoint directors (other than the external directors) and to exert significant influence with respect to the composition of the Company’s Board of Directors. As of December 31, 2025, approximately 73 million ordinary shares have been pledged by Israel Corp. to secure certain liabilities, almost entirely comprised of margin loans with an aggregate outstanding principal amount of $150 million.

(3)

For a description of the different voting rights held by the holder of the Special State Share, see “Item 10 - Additional Information— B. Memorandum, Articles of Association and Special State Share — The Special State Share.”

(4)

Based solely upon and qualified in its entirety with reference to a Schedule 13G/A filed by The Phoenix Holdings Ltd. (“Phoenix”), with the SEC on November 14, 2024. According to the Schedule 13G/A, the 99,513,244 Ordinary Shares reported therein are beneficially owned by various direct or indirect, majority or wholly-owned subsidiaries of Phoenix (the “Phoenix Subsidiaries”). The Phoenix Subsidiaries manage their own funds and/or the funds of others, including for holders of exchange-traded notes or various insurance policies, members of pension or provident funds, unit holders of mutual funds, and portfolio management clients. Each of the Phoenix Subsidiaries operates under independent management and makes its own independent voting and investment decisions.

(5)

Based solely upon and qualified in its entirety with reference to a Schedule 13G filed by Migdal Insurance & Financial Holdings Ltd. (“Migdal”) with the SEC on November 13, 2025. According to the Schedule 13G, of the 78,641,356 Ordinary Shares reported as beneficially owned by Migdal (i) 78,990,548 Ordinary Shares are held for members of the public through, among others, provident funds, pension funds and insurance policies, which are managed by Migdal, and (i) 9,703,157 Ordinary Shares are held for members of the public through mutual funds which are managed by Migdal.

(7)

Based solely upon and qualified in its entirety with reference to a Schedule 13G filed by Menora Mivtachim Holdings Ltd. (“Menora Holdings”) on November 19, 2025. According to the Schedule 13G, the securities reported are beneficially owned by Menora Holdings and by entities that are direct or indirect, wholly-owned or majority-owned, subsidiaries of Menora Holdings (the "Subsidiaries"), such as Menora Mivtachim Insurance Ltd., Shomera Insurance Company Ltd., Menora Mivtachim Pensions and Gemel Ltd., Menora Mivtachim Vehistadrut Hamehandesim Nihul Kupot Gemel Ltd., and Menora Mivtachim Investment Portfolio Management Ltd. The economic interest or beneficial ownership in a portion of the securities covered by the report (including the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities) is held for the benefit of insurance policy holders, the owners of portfolio accounts, or the members of the provident funds or pension funds, as the case may be.

(8)

Based solely upon and qualified in its entirety with reference to a Schedule 13G filed by Altshuler Shaham Ltd. (“Altshuler”), with the SEC on January 17, 2023. According to the Schedule 13G, of the 64,691,143 Ordinary Shares reported as beneficially owned by Altshuler (i) 61,312,442 Ordinary Shares are held by provident and pension funds managed by Altshuler Shaham Provident & Pension Funds Ltd., a majority-owned subsidiary of Altshuler, (ii) 3,378,701 Ordinary Shares are held by mutual funds managed by Altshuler Shaham Mutual Funds Management Ltd., a wholly-owned subsidiary of Altshuler; and (iii) 263,100 Ordinary Shares are held by hedge funds managed by Altshuler Shaham Owl, Limited Partnership, an affiliate of Altshuler-Shaham. Mr. Gilad Altshuler may be deemed to possess shared investment authority with respect to all of the foregoing Ordinary Shares due to his indirect 44.81% interest in Altshuler-Shaham, as well as his serving in various investment management capacities for Altshuler-Shaham and its subsidiaries and affiliates. The foregoing provident and pension funds, mutual funds and hedge funds, are managed for the benefit of public investors and not for the economic benefit of the foregoing reporting persons. Each of the foregoing reporting persons lack authority with respect to the voting of all of such Ordinary Shares.

(9)

Includes 1,712,995 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(10)

Includes 25,389 ordinary shares.

(11)

Includes 62,092 ordinary shares.

(12)

Includes 62,092 ordinary shares.

(13)

Includes 24,331 ordinary shares.

(14)

Includes 53,289 ordinary shares.

(15)

Includes 2,657,905 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(16)

Includes 1,578,159 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(17)

Includes 1,305,243 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(18)

Includes 1,305,243 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(19)

Includes 858,793 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(20)

Includes 390,255 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(21)

Includes 157,593 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(22)

Includes 27,744 ordinary shares and 945,558 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(23)

Includes 878,353 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(24)

Includes 767,457 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

(25)

Includes 749,697 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table.

•

The composition of our Board of Directors (other than external directors, as described under “Item 6 - Directors, Senior Management and Employees— C. Board Practices— External Directors”);

•

Mergers or other business combinations;

•

Certain future issuances of ordinary shares or other securities; and

•

Amendments to our Articles of Association, excluding provisions of the Articles of Association that were determined by the Special State Share.

	For the year ended December 31
	2025	2024	2023
	$ millions	$ millions	$ millions

Sales	-	-	1
Cost of sales	-	1	1
Selling, transport and marketing expenses	-	9	6
Financing income, net	(2)	(2)	(1)
General and administrative expenses	1	1	1

	As of December 31
	2025	2024
	$ millions	$ millions

Other current assets	46	41
Other current liabilities	-	1

A.

CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

A.

Following the Israeli Supreme Court ruling requiring Dead Sea Works to pay water fees starting in 2018 for water extracted from wells in the concession area, in December 2025, the Company was served with a motion for discovery of documents filed with the Tel Aviv District Court by a shareholder of the Company (hereinafter – the Applicant), as a preliminary proceeding in preparation for a possible derivative action against officers and directors of the Company. According to the Applicant, the requested documents could potentially serve as a basis for a restitution claim relating to compensation paid to such officers. Given the preliminary stage of the proceedings, it is not possible to assess their outcome. Nevertheless, an initial review of the motion indicates that it is based on an incorrect premise.

B.

In May 2018, the Company was served with a motion for discovery and inspection of documents (hereinafter – the "Motion"), filed with the Tel Aviv District Court by a shareholder of the Company (hereinafter – the "Movant"), as a preliminary proceeding in preparation for the possible filing of an application for certification of a multiple derivative action against officers of the Company and ICL Rotem who, according to the Movant, caused the alleged damages incurred and to be incurred by the Company as a result of the environmental incident in the Ashalim creek area in Israel’s Negev region. In 2018, the parties reached an arrangement, pursuant to which the legal proceedings would be postponed until the relevant investigation materials are provided to the Company by the investigating authority. As of the date of this report, to the best of the Company's knowledge, the criminal investigation is still pending. In accordance with the Court's directive, the parties are required to update, from time to time, on developments concerning the settlement agreement for the purpose of determining the continuation of the proceedings. Certain NPO having its request to join the proceedings as an amicus curia is still pending in court, has filed requests to renew the proceedings in the case. No resolution has been given yet. Considering the proceedings are at an early stage and are currently suspended, it is difficult to estimate their outcome.

To preserve the character of the Company and its subsidiaries, ICL Dead Sea, ICL Rotem, Dead Sea Bromine Company, Bromine Compounds and Tami, as Israeli companies whose centers of business and management are in Israel. In our estimation, this condition is met.

To monitor the control over minerals and natural resources, for purposes of their efficient development and utilization, including maximum utilization in Israel of the results of investments, research and development.

To prevent acquisition of a position of influence in the Company or the foregoing Israeli subsidiaries by hostile entities or entities likely to harm the foreign and security interests of the State of Israel.

To prevent acquisition of a position of influence in the Company or the foregoing Israeli subsidiaries or management of such companies, whereby such acquisition or management may create a situation of significant conflicts of interest likely to harm any of the vital interests enumerated above.

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certain financial institutions;

•

dealers or traders in securities that use a mark-to-market method of tax accounting;

•

persons holding ordinary shares as part of a “straddle” or integrated transaction or persons entering into a constructive sale with respect to the ordinary shares;

•

persons whose functional currency for US federal income tax purposes is not the US dollar;

•

entities classified as partnerships for US federal income tax purposes;

•

tax exempt entities, “individual retirement accounts” or “Roth IRAs":

•

persons who acquired our ordinary shares pursuant to the exercise of an employee stock option or otherwise as compensation;

•

persons that own or are deemed to own 10% or more of our stock by vote or value; or

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persons holding our ordinary shares in connection with a trade or business conducted outside of the US.

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a citizen or individual resident of the US;

•

a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the US, any state therein or the District of Columbia; or

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an estate or trust the income of which is subject to US federal income taxation regardless of its source.

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
USD/NIS	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
EUR/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(7.4)	(3.9)	81.4	4.3	9.0
Short-term deposits and loans	(0.1)	0.0	0.8	0.0	0.1
Trade receivables	(22.5)	(11.8)	247.2	13.0	27.5
Receivables and debit balances	(1.6)	(0.8)	17.8	0.9	2.0
Long-term deposits and loans	(0.3)	(0.2)	3.7	0.2	0.4
Credit from banks and others	11.1	5.8	(121.8)	(6.4)	(13.5)
Trade payables	21.7	11.3	(238.3)	(12.5)	(26.5)
Other payables	6.0	3.1	(65.9)	(3.5)	(7.3)
Long-term loans from banks	36.8	19.3	(404.7)	(21.3)	(45.0)
Long-term loans with variable interest rates	21.8	11.4	(240.2)	(12.6)	(26.7)
Options	6.3	3.6	(1.1)	(1.5)	(4.5)
Forward	5.5	2.6	0.1	(2.4)	(4.5)
Total	77.3	40.4	(721.0)	(41.8)	(89.0)

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
GBP/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(0.1)	0.0	1.0	0.1	0.1
Trade receivables	(3.8)	(2.0)	41.3	2.2	4.6
Receivables and debit balances	(0.2)	(0.1)	2.7	0.1	0.3
Credit from banks and others	1.1	0.6	(12.1)	(0.6)	(1.3)
Trade payables	2.1	1.1	(23.1)	(1.2)	(2.6)
Other payables	0.5	0.3	(5.4)	(0.3)	(0.6)
Long-term loans	1.1	0.6	(11.9)	(0.6)	(1.3)
Options	(0.7)	(0.3)	0.0	0.3	0.9
Forward	(0.5)	(0.2)	0.0	0.2	0.4
Total	(0.5)	-	(7.5)	0.2	0.5

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
BRL/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(5.6)	(2.9)	61.9	3.3	6.9
Trade receivables	(31.2)	(16.3)	342.8	18.0	38.1
Receivables and debit balances	(0.5)	(0.3)	5.8	0.3	0.6
Trade payables	5.5	2.9	(60.0)	(3.2)	(6.7)
Long-term deposits and loans	(0.5)	(0.3)	6.0	0.3	0.7
Other payables	1.4	0.7	(15.5)	(0.8)	(1.7)
Long-term loans from banks	1.7	0.9	(18.2)	(1.0)	(2.0)
Forward	4.0	2.1	0.6	(2.3)	(4.9)
Total	(25.2)	(13.2)	323.4	14.6	31.0

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
CNY/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(8.3)	(4.4)	91.6	4.8	10.2
Short-term investments and deposits	(0.6)	(0.3)	6.5	0.3	0.7
Trade receivables	(5.8)	(3.0)	63.5	3.3	7.1
Receivables and debit balances	0.0	0.0	(0.2)	0.0	0.0
Trade payables	6.2	3.2	(67.7)	(3.6)	(7.5)
Other payables	0.7	0.4	(8.2)	(0.4)	(0.9)
Long-term loans (CNY)	2.4	1.2	(26.1)	(1.4)	(2.9)
Total	(5.4)	(2.9)	59.4	3.0	6.7

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
USD/NIS	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(0.1)	(0.1)	1.5	0.1	0.2
Short-term deposits and loans	0.0	0.0	0.1	0.0	0.0
Trade receivables	(3.3)	(1.7)	36.7	1.9	4.1
Receivables and debit balances	(0.4)	(0.2)	4.0	0.2	0.4
Long-term deposits and loans	(0.1)	0.0	0.9	0.0	0.1
Credit from banks and others	1.3	0.7	(14.8)	(0.8)	(1.6)
Trade payables	37.1	19.4	(407.9)	(21.5)	(45.3)
Other payables	2.9	1.5	(31.9)	(1.7)	(3.5)
Long-term loans	10.6	5.6	(116.8)	(6.1)	(13.0)
Fixed rate debentures	14.7	7.7	(161.3)	(8.5)	(17.9)
Forward	(65.8)	(34.0)	(1.1)	39.7	82.7
Forward transactions hedge accounting	(31.0)	(17.2)	2.1	14.7	33.3
Swap	(16.6)	(8.7)	(2.9)	9.5	20.6
Total	(50.7)	(27.0)	(691.4)	27.5	60.1

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
EUR/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(1.8)	(1.0)	20.3	1.1	2.3
Short-term deposits and loans	(0.1)	0.0	0.8	0.0	0.1
Trade receivables	(20.4)	(10.7)	224.4	11.8	24.9
Receivables and debit balances	(1.6)	(0.8)	17.5	0.9	1.9
Long-term deposits and loans	(0.4)	(0.2)	4.7	0.2	0.5
Credit from banks and others	9.4	4.9	(103.9)	(5.5)	(11.5)
Trade payables	18.2	9.6	(200.6)	(10.6)	(22.3)
Other payables	4.7	2.5	(51.8)	(2.7)	(5.8)
Long-term loans from banks	27.3	14.3	(300.3)	(15.8)	(33.4)
Long-term loans with variable interest rates	46.7	24.5	(513.7)	(27.0)	(57.1)
Options	2.2	0.3	1.4	(2.9)	(4.4)
Forward	18.2	8.6	2.0	(7.9)	(15.1)
Total	102.4	52.0	(899.2)	(58.4)	(119.9)

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
GBP/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(0.8)	(0.4)	9.3	0.5	1.0
Trade receivables	(3.6)	(1.9)	39.1	2.1	4.3
Receivables and debit balances	(0.2)	(0.1)	1.9	0.1	0.2
Credit from banks and others	0.7	0.4	(7.9)	(0.4)	(0.9)
Trade payables	2.2	1.1	(24.0)	(1.3)	(2.7)
Other payables	0.5	0.3	(5.5)	(0.3)	(0.6)
Long-term loans	1.1	0.6	(11.9)	(0.6)	(1.3)
Options	(1.0)	(0.5)	(0.4)	0.5	0.9
Forward	(0.1)	(0.1)	(0.1)	0.1	0.1
Total	(1.2)	(0.6)	0.5	0.7	1.0

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
BRL/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(6.3)	(3.3)	68.9	3.6	7.7
Trade receivables	(27.0)	(14.1)	296.9	15.6	33.0
Receivables and debit balances	(0.5)	(0.2)	5.2	0.3	0.6
Trade payables	9.4	4.9	(103.3)	(5.4)	(11.5)
Long-term deposits and loans	(0.5)	(0.2)	5.2	0.3	0.6
Other payables	1.1	0.6	(12.6)	(0.7)	(1.4)
Long-term loans from banks	1.7	0.9	(18.5)	(1.0)	(2.1)
Forward	1.6	0.9	0.3	(1.0)	(2.0)
Total	(20.5)	(10.5)	242.1	11.7	24.9

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
CNY/USD	Increase of 10%	Increase of 5%		Decrease of 5%	Decrease of 10%
Type of instrument	$ millions

Cash and cash equivalents	(13.7)	(7.2)	150.5	7.9	16.7
Short-term investments and deposits	(0.5)	(0.3)	5.8	0.3	0.6
Trade receivables	(7.3)	(3.8)	80.6	4.2	9.0
Trade payables	5.5	2.9	(61.0)	(3.2)	(6.8)
Other payables	0.8	0.4	(8.6)	(0.5)	(1.0)
Long-term loans (CNY)	2.5	1.3	(27.6)	(1.5)	(3.1)
Total	(12.7)	(6.7)	139.7	7.2	15.4

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
	Increase of 1%	Increase of 0.5%		Decrease of 0.5%	Decrease of 1%
Type of instrument	$ millions

Fixed-USD interest debentures	55.9	28.7	(831.1)	(30.4)	(62.5)
NIS/USD swap	27.7	14.1	51.0	(14.7)	(30.0)
Total	83.6	42.8	(780.1)	(45.1)	(92.5)

	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
	Increase of 1%	Increase of 0.5%		Decrease of 0.5%	Decrease of 1%
Type of instrument	$ millions

Fixed-USD interest debentures	55.4	28.5	(787.8)	(30.2)	(62.3)
NIS/USD swap	12.7	6.4	(2.9)	(6.8)	(14.0)
Total	68.1	34.9	(790.7)	(37.0)	(76.3)

Sensitivity to changes in the shekel interest rate	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
	Increase of 1%	Increase of 0.5%		Decrease of 0.5%	Decrease of 1%
Type of instrument	$ millions

Fixed-interest long-term loan	-	-	(93.8)	-	-
Fixed rate debentures	27.5	14.1	(421.0)	(14.7)	(30.0)
NIS/USD swap	(32.5)	(16.7)	51.0	17.5	35.8
Total	(5.0)	(2.6)	(463.8)	2.8	5.8

Sensitivity to changes in the shekel interest rate	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
	Increase of 1%	Increase of 0.5%		Decrease of 0.5%	Decrease of 1%
Type of instrument	$ millions

Fixed-interest long-term loan	-	-	(116.8)	-	-
Fixed rate debentures	11.3	5.8	(161.3)	(6.0)	(12.4)
NIS/USD swap	(13.3)	(6.8)	(2.9)	7.1	14.8
Total	(2.0)	(1.0)	(281.0)	1.1	2.4

Sensitivity to changes in the Euro interest rate	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
	Increase of 1%	Increase of 0.5%		Decrease of 0.5%	Decrease of 1%
Type of instrument	$ millions

Long-term loans from banks and others

4.1

2.1

(459.5)

(2.1)

(4.3)

Sensitivity to changes in the Euro interest rate	Increase (decrease) in fair value		Fair value	Increase (decrease) in fair value
	Increase of 1%	Increase of 0.5%		Decrease of 0.5%	Decrease of 1%
Type of instrument	$ millions

Long-term loans from banks and others

4.0

2.0

(271.3)

(2.0)

(4.1)

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pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets;

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provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements, in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorization of our management and directors; and

•

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

	2025	2024
	US$ thousands	US$ thousands

Audit fees(1)	4,392	4,356
Audit-related fees(2)	16	87
Tax fees(3)	1,304	1,651
Total	5,712	6,094

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Majority Independent Board. Under Section 303A.01 of the NYSE Listed Company Manual (the “LCM”), a US domestic listed company, other than a controlled company, must have a majority of independent directors.

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Nominating/Corporate Governance Committee. Under Section 303A.04 of the LCM, a US domestic listed company, other than a controlled company, must have a nominating/corporate governance committee composed entirely of independent directors. Our controlling shareholder, Israel Corporation, has significant control over the appointment of our directors (other than external directors).

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Equity Compensation Plans. Under Section 303A.08 of the LCM, shareholders must be given the opportunity to vote on all equity‑compensation plans and material revisions thereto, with certain limited exemptions as described therein. We follow the requirements of the Companies Law, under which approval of equity compensation plans and material revisions thereto is within the authority of our HR & Compensation Committee and the Board of Directors. However, under the Companies Law, the award of any compensation to directors, the Chief Executive Officer or a controlling shareholder or another person in which a controlling shareholder has a personal interest, including the award of equity-based compensation, generally requires the approval of the compensation committee, the Board of Directors and the shareholders, in that order. Under the Companies Law, the compensation of directors and officers is generally required to comply with a shareholder‑approved compensation policy, which is required, among other things, to include a monetary cap on the value of equity compensation that may be granted to any director or officer.

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Shareholder Approval of Securities Issuances. Under Sections 312.03(b)(i) and 312.03(c) of the LCM, shareholder approval is a prerequisite to (A) issuing ordinary shares, or securities convertible into or exercisable for ordinary shares, to a director, officer, a controlling shareholder or member of a control group or any other substantial security holder of the company that has an affiliated person who is an officer or director of the company (each an ”active related party”), if the number of ordinary shares to be issued exceeds either 1% of the number of ordinary shares or 1% of the voting power outstanding before the issuance, and (B) (1) issuing ordinary shares, or securities convertible into or exercisable for ordinary shares, if the ordinary share has, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance or (2) the number of ordinary shares to be issued is, or will be upon issuance, equal to or in excess of 20% of the number of ordinary shares before the issuance, respectively, in each case subject to certain exceptions. We seek shareholder approval for all corporate actions requiring such approval in accordance with the requirements of the Companies Law, which are different from the requirements for seeking shareholder approval under Sections 312.03(b)(i) and 312.03(c) of the LCM. Under the Companies Law, shareholder approval is a prerequisite to any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest. Under the Companies Law, shareholder approval is also a prerequisite to a private placement of securities if it will cause a person to become a controlling shareholder or in case all of the following conditions are met:

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The securities issued amount to 20% or more of the Company’s outstanding voting rights before the issuance;

•

Some or all of the consideration are other than cash or listed securities, or the transaction is not on market terms; and

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The transaction will increase the relative holdings of a 5% shareholder or will cause any person to become, as a result of the issuance, a 5% shareholder.