FERTIGLOBE

1. Company Overview & Earnings Context

Fertiglobe delivered a record first half of 2026, reporting strong growth across revenue, EBITDA and net profit as significantly higher global fertilizer prices more than offset lower own-produced sales volumes. The company benefited from its diversified production footprint across the UAE, Egypt and Algeria, strong operating performance, an expanded trading platform and agile logistics network, enabling it to navigate regional export disruptions while maintaining customer supply. Management also proposed an H1 2026 dividend of at least US$150 million, representing an increase of more than 20% year-on-year.

2. Financial Performance Snapshot

• Revenue: US$2.00 Billion (+59% YoY)

• Gross Profit: US$624.9 Million (+72% YoY)

• Adjusted EBITDA: US$713.1 Million (+63% YoY)

• EBITDA: US$679.7 Million (+52% YoY)

• Profit Before Tax: US$500.3 Million (+114% YoY)

• Net Profit: US$470.2 Million (+206% YoY)

• Net Profit Attributable to Shareholders: US$312.4 Million (+237% YoY)

• Basic EPS: US$0.038 (+245% YoY)

Compared with H1 2025:

• Revenue increased from US$1.26 billion to US$2.00 billion.

• Gross profit increased from US$362.8 million to US$624.9 million.

• Adjusted EBITDA increased from US$437.4 million to US$713.1 million.

• Profit before tax increased from US$233.4 million to US$500.3 million.

• Net profit increased from US$153.6 million to US$470.2 million.

3. Operational Highlights & Key Metrics

• Total Assets: US$5.64 Billion

• Total Equity: US$2.16 Billion

• Total Liabilities: US$3.48 Billion

• Cash & Cash Equivalents: US$1.37 Billion

• Gross Interest-Bearing Debt: US$1.99 Billion

• Net Debt: US$621.2 Million (down 38%)

• Net Debt / LTM Adjusted EBITDA: 0.5x

• Free Cash Flow: US$555.1 Million (+81% YoY)

• Capital Expenditure: US$52.8 Million

• Total Product Volumes: 3.13 Million tonnes

• Own-Produced Sales Volumes: 2.57 Million tonnes (-8% YoY)

• Third-Party Traded Volumes: 562 thousand tonnes (+54% YoY)

• Proposed H1 2026 Dividend: At least US$150 Million (6.73 fils per share), up more than 20% YoY.

4. Key Performance Drivers

Fertiglobe's strong performance was driven primarily by significantly higher ammonia and urea prices, robust operating execution and the flexibility of its global production and trading platform. Although own-produced sales volumes declined due to UAE export shipment constraints and regional logistics disruptions, higher realized prices, increased third-party trading volumes and improved utilization rates in Egypt and Algeria more than offset the volume impact. The company also benefited from disciplined capital allocation, improved logistics capabilities and continued operational efficiency, resulting in substantial expansion in EBITDA and profitability.

5. Outlook & Forward Guidance

Management expects medium-term fertilizer market fundamentals to remain supportive despite seasonal price normalization. Improving affordability, rising crop prices and global demand are expected to support urea consumption, while constrained ammonia supply and elevated European gas prices continue to underpin ammonia markets. Fertiglobe also remains focused on executing its Grow 2030 strategy, including the Project Harvest lower-carbon ammonia project in the UAE and the Egypt Green Hydrogen project, while maintaining disciplined capital allocation and delivering attractive shareholder returns.

6. Investor Takeaway

Fertiglobe delivered an outstanding H1 2026 performance, with record revenue, EBITDA and net profit driven by favourable fertilizer prices and resilient operations despite regional export disruptions. The company's strong balance sheet, healthy free cash flow, low leverage and continued investment in low-carbon ammonia projects position it well for long-term growth. Combined with an increased proposed dividend and disciplined capital allocation, Fertiglobe continues to demonstrate its ability to generate significant value for shareholders.