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Fertiglobe (FERTIGLB) investor relations material
Fertiglobe Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenues rose 73% year-over-year to $808 million, with adjusted EBITDA up 88% to $297 million and adjusted net profit up 2.5x to $107 million, driven by higher prices and volumes.
FY 2025 revenues increased 41% to $2.8 billion, adjusted EBITDA grew 57% to $1.02 billion, and adjusted net profit attributable to shareholders rose 87% to $325 million, reflecting robust market conditions and strategic execution.
Record production levels achieved in Algeria and Egypt, with own-produced sales volumes up 3% for the year and 18% in Q4 2025.
2025 marked the first full year under ADNOC's majority ownership, with significant progress on strategic initiatives and operational milestones, including 43% of Grow 2030 initiatives actioned and 46% of the Manufacturing Improvement Plan underway.
Board recommends H2 2025 dividends of $135 million, bringing total 2025 dividends to $260 million and total capital returns to $334 million, including $74 million in share buybacks.
Financial highlights
Q4 2025 gross profit margin was 34.5%, with adjusted EBITDA margin at 36.8% overall and 49% for own produced volumes.
FY 2025 gross profit margin was 31.3%, with adjusted EBITDA margin at 36.2% overall and 46% for own produced volumes.
Free cash flow before growth CapEx was $271 million in Q4 2025 (up 221% year-over-year) and $540 million for the full year (up 117%).
Net debt as of December 31, 2025, was $1.006 billion, with a net debt/EBITDA ratio of 1.0x.
Capital expenditure for FY 2025 was $191 million, up 14% from 2024.
Outlook and guidance
Robust nitrogen prices and tight market conditions for urea and ammonia expected into 2026, with strong long-term fundamentals and a projected urea supply deficit through 2029.
Maintenance CapEx for 2026 expected at the higher end of $140 million–$170 million, with a reduction to $105 million–$125 million from 2027 onward.
Effective tax rate projected at 16% cash and 17% P&L going forward.
Long-term low-carbon ammonia demand expected to grow, driven by regulatory changes and multisector adoption post-2030.
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