Fertiglobe
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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.
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Q4 2025 earnings summary11 Feb, 2026

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.

Future manufacturing improvement plan savings?
CBAM and Russian duties impact on EU market share?
Harvest project debt financing impact on cash flow?
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Frequently asked questions

Fertiglobe PLC is a United Arab Emirates-based company specializing in the production and distribution of nitrogen-based fertilizers. The company's product portfolio includes anhydrous ammonia, granular urea, and diesel exhaust fluid (DEF), which is also known as AdBlue in Europe and marketed under the name AdGreen. These products are used by both industrial and agricultural customers. Fertiglobe operates production facilities across the UAE, Egypt, and Algeria, serving a broad geographic market that includes Europe, Asia, and the Americas. The company leverages its strategic partnerships to support its extensive export operations. Fertiglobe is headquartered in Abu Dhabi, United Arab Emirates, and its shares are listed on the Abu Dhabi Securities Exchange.

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