ICL Group Ltd

Good morning, thank you for your attention and welcome to the ICL Zoom meeting to conclude the fourth quarter of 2024. In any conversation we invite you to send questions through the Zoom chat or you can send them to me, or to the link below the chat box, or to the WhatsApp chat. If you want to ask a question, we will answer it in the message box.

Good morning everyone and thank you for joining us again. We are happy to answer your questions. Again, a busy morning in our country, but there are many busy days in our country, and after the meeting we decided not to move the chat, and we will try to live in limited times. In any case, this year ended with a 6.84 billion dollar price, 1.469 billion EBITDA, 21% EBITDA and 38 cents in the capital. Overall, the year continued with a very positive momentum in the specialties. We must mention that the specialties have a high volatility in the last quarter, and therefore there has always been a drop in the last quarter, but there was less drop than usual. And if we raised by 8% in the year-end results of the specialties, then in the quarter it was even 20%. Remember, all of the year we were under the price drop of the specialties, it continued also in the quarter, and really until the end of the year, we saw that the prices for the next year were starting to rise, and then we stopped foreign prices, and we saw that we could expect to be better by 2025 in the specialties. As always, these benefits are very strong, it will continue this year, despite the drop in the price of the specialties. The .8% dividend increase is very similar to previous years, a total of 242 million dollars in the year. We signed very nice agreements with one of the former partners, also in the partnership of construction, also in the partnership of production, and also partnerships for the development of new products. And I think that in this year we should mark even more than ever the fact that we have succeeded in the year of war, with not a few difficulties and difficulties, without any disruption in the supply of supplies, without any loss of supplies, in order to continue the momentum of development and the introduction of new products to the market. As I said, a positive momentum for 2025. We should remember that the war has had a great impact on us, both in the shipping of the Red Sea, and in the quarter of a century of the pandemic, which has had a great impact on the production and storage of our products. For them, the restrictions are on the part of the countries, the markets, the universities, and all kinds of things that are happening in the news. We have experienced them, we have also experienced demonstrations in certain areas of our world, and to look at the year and a half, when the future seems a little more bright, at least from the international situation at the moment, and to think about all the things we have been through this year, and to see that we have been through a year of almost no disruption, I think that is the biggest achievement of this year. And again, we are approaching 2025 in a positive momentum, also with the stock prices at the peak. A little graph, as always, as I said, in the specialties, 20% rise, quarter to quarter, it could have been even a little more, but in the end, the quarter to quarter, we also experienced a dramatic rise in the rest of the dollar and the real, that is, the Brazilian real has decreased very much in one quarter, and it also affected the results of the quarter to quarter. But overall, the quarter to quarter, as expected, with the adjusted average quarter, it is very, very good for a year that has passed, although it has fallen in the stock prices, but we will talk about it again, so we will reach that same rate, it is a really amazing achievement when we are talking about the reduction of the impact of the stock price. And as you can see, the stock prices have increased, the stock companies, the stock companies, the stock companies in the quarter to quarter, the stock companies were in decline last year, and that says it all. The strong, the bad company and continues to produce stock, and the other set. Let's go a little bit to the exports, so in the Asian exports, overall the stock prices are low, we succeeded in the strategy of increasing the number and the market share, we succeeded in the strategy with partnerships and additional partnerships, by the end of the year we also signed partnerships in the manufacturing sector, which allows us to create partnerships with partners, one of them is South Korea, the other is the US, the meaning of this is another boost in our sales and also a captive market for our stock, the results have already arrived in the quarter, with significant reduction in the profitability as a result of the increase, we also created a little more leverage in the quarter, to stand in the prices of the beginning of the year, the stock prices usually decrease at the end of the year, but we started very well in the year 2025. Overall, the mineral products were in a good and strong year, and what happened at the end of the year, which was positive, is that as a result of the anti-dumping processes we started in Europe, and continued in the United States, we managed to integrate a very well-based product called VeriQuel, which is a product that is not in danger of being a product based on existence, we actually find or replace a Chinese product, which is already created by the anti-dumping restrictions in Europe, sugar bars were created in Europe, and we managed to start increasing the prices in the fourth quarter, In the United States there is a pending process, but both of our forces have already incorporated their production systems, to buy our new product, and this means that in the production of the plant after a very long period of stagnation, and very low prices, we have a new product that enters the market, and this is a very positive thing to continue. In the distribution of the stock, here the story of the reduction of prices, we managed to increase the production and to stand in our hands in the Sephard, we created over 800,000 tons in our previous purchase, we must remember that in the second half of the year, we did not send parcels from Eilat through the Red Sea, I will say that I do not want to go too far, but the Eilat port has returned to operation, and also other companies that contacted us in the supply chain, we see the decrease, I must say that the difficulty that arose for us in the war, as a result of the days of the war, change in the system and the registration of the guards, and the creation of central support people, we have a large part of the year, we have removed from our regular operation, and therefore we have a very long period of time, we do not work on full and regular operation, and it is disappointing for us, it also causes us more problems than usual, and this is one of the reasons for the most careful reservation we gave next year, in order to return to operation, it does not stop and we have also not yet returned all the people who are on leave, we have created in the last 150,000 tons less than we planned, and we intend to return to the regular production period of the last years, but as I said, we will be more certain after the production stops, and after we return to full production. In the supply chain, it is a very good year, despite the decrease in prices of white wheat, which is the main component of our prices, we succeeded in increasing the number of people, and in introducing new special products, and by cutting in exports and exports, and the decrease in wheat materials, which gave us a positive effect, we managed to return the results of the year, the year that passed in the last period, despite the decrease in prices, we see that the fourth quarter is relatively good in prices, and we managed to do many more things that will advance us in the future, many thanks to our battery technology programs, as you remember, to manage our battery technology investment program more safely, so we decided to establish a new center for qualification in the United States, within less than a year, we established a working factory, which has already created its first batch, and is actually starting to work with the companies on the qualification of the future products, so it will give us certainty about our ability to become a significant player in the American market, we had also certainty about the change of government in the United States, as there are open questions, what will happen if the markets are guaranteed to us, and everything seems very good at the moment, again, we are waiting for our big decisions on the CapEx products, we are waiting until we receive satisfactory decisions, after agreements with the past forces, at the end of the quarter, as we mentioned, we signed a partnership agreement with Dynanonik, who is the number two player in the world in battery-powered cathode, and he is also our main force in China, and our goal is to manage a strategic plan together with Dynanonik, to become a central player in the European market, there we are still at the beginning of the way, working on the preparation plans for the first factory in Spain, on our website, and of course we will talk to you later. As for growing solutions, overall the progress is very good in the quarter, the results are slightly less good than we expected, mainly because of the current situation in Brazil, and a certain rate that has changed in Brazil as a result of the economic activity of the industry, which is now in a certain period of recovery, but overall the economic situation in Brazil and the high profits have been very good for farmers, the number of simple feet has grown, and we need to buy more in the form of a plant nutrition program. We have also made three small M&A deals, two of which are in the last part of the year, which strengthen our position in certain niches in the market, and as we mentioned, one of the first half of the year we entered the field of biological research, where the potential is huge, and we are looking forward with a very high expectation for this field. So to conclude, how does Rivaon look like this year, We are continuing our plan to increase our activity in the market and the growth we saw in all the specialties, we succeeded this year, we are also looking at the next year's expectations, we are looking at the year with a better and more significant expectation than we had last year, and although the prices have dropped since last year, at the moment we do not see any price drops in our markets, so we are looking at 2025 as a positive potential for supply. We created last year, as in previous years, very strong supply chains, and we will continue to make a move on supply chains, we have combined our partnerships and our opportunities, I gave some examples, with products in the industrial sector, or with products that are involved in the production sector, a new business with a dynamic led by a cathodic material, we established two new development centers together with partners in Brazil, and of course, the investments we made in the specialties sector, which is focused on specialties, and focused on biological technologies. We have advanced our plans in the battery sector, so I talked about the new partnership, we also won a new award from the European market, in the recommendation of the Spanish companies, at the moment we have won 18 million euros, we have reached a very significant milestone in the European joint venture, we will tell you when we can bring new ones, and of course, as always, we have received a very good dividend, the highest in our market, among the options, and overall, if we sum up the year 2020-2024, we have again achieved more significant results than our options, again, the year was very, very difficult, in terms of the environment, with prices falling in all areas of our activity, which is no longer the case for 2025, and yet we managed to end with a positive result, and a positive result in many of our options. By the way, before I move on to the next topic, I would like to thank you for bringing me to the last 28 events, I always had great pleasure to stand at the head of this company, as you know, I am going to finish my role in about two weeks, I really enjoyed your dialogue, your questions, I think you know us well, we are a well-established company, which does everything to provide you with everything we know and can, and the company is strong, it has a great staff, a great leader, and I expect very, very good things in the future. I am happy and proud that Elad Aronson will be joining us today, one of the leaders of the successes we have had in recent years, Elad has been the leader in the last four years of the special years, he is a strong manager, assertive, responsible, he knows the ICL business very well, we have done a good job in the past, and I still believe in his ability to take ICL forward and lead us to further successes, so Elad, I wish you great success, and Elad, we will have a question time, so you can ask him questions and get to know him a little, and until we get to the questions, I would like to move on to Aviram, who will mention the financial side.

Thank you very much, Aviv, I would like to move on to a number of macro data, I think it is very important to understand the company in the context of what is happening in the global world, there are only a few things, the main things, there are many other factors that have not been found here, geopolitics, etc. Two very important things are the rise of inflation in the world, and as a result of this, the the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, and as a result of this, the rise of inflation in the world, road turns off, and as a result of this, internet traffic jams, and speed games, people start morning watching the street playing gone. The history of a lot of now börjar Church's symbol sauce about what is happening at the moment in the United States, but I'm sure that as we all know, there is real drama. If we continue directly to the world of our farmers, of the fertilizers, we see that in terms of the prices of the commodities, the farmers, we see a trend that is part of it, part of the prices are already in the uptick of the price, some of them, one of them, is in the decline, which is the rice, and of course, there is a direct connection to what has been done in the opening of the production. All the rest of the big agricultural commodities are, after all, in the supply chain, although the prices are not in the integral, in the lower part of it. As a result of the prices of the commodities, we see the sentiment of the farmers. Now, what is written here is a little bit up right, it is the sentiment in the world, of course, that in the different geographical areas there is a different sentiment, this issue is very important, we have talked about it more than once in the past, after all, we see that this sentiment is improving, and this is of course important, because from this sentiment, the decisions of the farmers' wet or non-wet decisions are being made, and in general, we are seeing a better environment in the course of the 25th century. If we look at the commodities prices, which are both the potash and the phosphate, here we see a very interesting phenomenon, after many, many years of high correlation between the price of the wheat and the price of the phosphate, we see, in fact, in the year 24, the distribution, we see the price of the wheat which continued to drop in the year 25, sorry, in the year 24, in the year 25 the phenomenon is already different, we see already the beginning of the prices of commodities, but the phosphate, we see that in the course of the year 24, it was a balance with a certain level of commodity. Why is that? I will explain here, it is simple, it is the management of the China, of course, of the sources of production, between the wheat and the phosphate, they are different, and the central player that causes the price rise, especially in the commodity, in the phosphate to the commodity, is China, and therefore we see this rise. In terms of the price of the wheat, this is a right-hand side, we actually see many changes in recent years, in the last year, we, to call it a end, we see a drop in the price of the wheat, we hope that our region, as Raviv said, will enter a more calm period, and we will enjoy it, of course, this has a certain effect on us, too. If we look at the world of the energy supply, here there is also a division between the electricity companies and the batteries that generate energy, you see the development of the supply side up, you see the division between the electricity companies and the power plants, you see that the power plants rise in a rapid and rapid way, and this is the next step. Also, in terms of the electricity companies, the companies that generate the electricity, we see that this trend continues, but around this regression curve, there are many ups and downs, of course, which is separated from what the different countries do, their relationship, we see the same phenomenon of rise in the LFP visit over the years, but you see a slightly different proportion in Europe, in terms of the EVs, the electrical vehicles, the proportion is more significant, and this is also a world that we are entering to play in, with the partnership in Spain, an interesting world, and it is also worth asking, as long as you want to focus on this field. If we look a little to the left, on the world of the MAP, it is also advancing in terms of time, and here is also the world of the LFP's growth, you see the progress, and the great growth in the coming years, this is one of the explanations for the gap between the green budget for the white budget, the green budget, the high commodity budget, as I said earlier, and the white budget, and in terms of the end of the year, mainly, and we also talked about this, about a great building of capacity to call the massive entry of the LFP in the coming years, when the manufacturers, the manufacturers, are building another capacity, and at the moment there is a capacity gap in the market. If we do the price analysis at the moment, we will also see the medical profit, according to segments, and also according to categories, we see, I think the most correct way to look at it, especially in the right part, we see that last year we bought it for $7.5 billion, and this year for 6.8 billion, when in terms of quantity we went up, we went up significantly, 400 to 400 million dollars, and against the drop in prices, of course the number one factor was the gap, as you see on the left side of the table, but overall we faced a drop in prices of over a billion dollars. When we see it in the division, according to the different categories, we, as you see, and as Raviv said, when we go to the profit, we overcame it, but this is of course a massive drop, and it will not continue to grow. There was also the effect of the remaining changes, and in the prices, it was not effective in the profit, but before you, first of all, the reduction of the prices. If I continue to go into the profit, which is more interesting, we see, at the end of the year, we will talk about the ribbon itself, we see on the right side again, that all the costs of the company were positive in the amount, the effect on the profit of the large positive cost in the amount, the remaining changes, as I said earlier, and in the end, the effect on the profit. The materials of the ribbon have increased, we also, as you know, last year we dropped very significantly in all our stocks in the full, we finished the year in a very good way, with high prices, and as a result of that, the materials that use us are decreasing, and they are better in the year 2024, and you see the effect of that, the energy was better, the sales were better, in short, all the costs are positive, at the moment the biggest cost is, of course, the cost, and the biggest decrease in the price, usually, as I said earlier, mainly in the profit and also in the additional costs. As for the ribbon itself, so as for the ribbon itself, we finish the ribbon with prices of 1.6 billion to a little less than 1.5 billion dollars and I will not go into more detail. After all, the message here is that the company has to focus on many of the costs of reducing prices and to keep the profit of its ribbon, its traditional profit. It did that, by the way, mainly as a result of the return on the profit of its ribbon, as you see here, what is called in La'az, the quality of the business, which was definitely good. Our commitment is significant in the versatility of the different products and on the left side you see again the division according to the ribbons. If I go ahead, this is a site that you know, so I will shorten it here. We also see our options, our ability to invest and at the end of the day to get better effective sales. This is mainly due to our commitment between the different geographical areas that the product is based on and it does an optimized on all the production and therefore I would like to say, I assume this will also come at the question of certain ribbons, it can also be in a situation where it is already being produced enough, as it was previously not enough and so on, and therefore I say this attention, because what I understood, it is much more than a ribbon, it is a much more horizontal or horizontal and more than that. If we look from the left side, we see that overall in terms of our efficiency, our effective efficiency in the Gulf Sea is in the lower quarter of the world and at the end of the day we enjoy a good decision in the sales of the product. What we do not see here is also our supply and our supply, over time it is going and is increasing, it is increasing in numbers and for a reason also our cost price is going and is going down there. As we look at the Brom, again, this is a slide from previous presentations and you know it, we are more aware and in the best cost position in Brom, you also saw the results of the production of industrial products that Brom is a significant part of the production. We are finally facing a situation where for several years we have been facing with relatively moderate demand in our target markets. We have been very much aware of this and our results are very good in the production, we are talking about ourselves, by means of which we actually are increasing our capabilities, our efficiency, our power, and we are selling at a high capacity in the Brom market. If we look at the overall picture of our company, if we do our geographical development and also according to our businesses, if we look from the left side, in terms of geographical areas, we see that the company is very well-equipped, and this definitely helps it, as geographical areas, at certain times, are managed with a gap between them, and the company's extensive portfolio, its extensive geographical area definitely contributes to the company. I will not go into details, but you can see in front of you, in terms of graphic depiction, this division, and if you look at the company's businesses, we also see here that each of our vectors is large, it is extensive, we manage the company, mainly according to these vectors, and each of them has a significant contribution, and is a significant part of the company's pie. In terms of the number of data that we are going to emphasize financially, this also connects to what Aviv said earlier, in terms of the financial readiness of the company, it is very high, and it has means that stand in front of it, to implement everything that it decides to implement, and it is above $1.6 billion, it has a low debt ratio of 1.2, it is based on the dividend share, as we all know, it is very focused on the production of cash, and Aviv said that the number for the year 2014, including the quarter, were excellent numbers, it continues to be focused on the balance of interest, and it checks itself all the time regarding the location of its capital, both in the treatment of the debt, both in the treatment of the investments, and also in the treatment of the deposits. I will proceed to read the end of the presentation, and Aviv will show you the company's return, this is a slide, by the way, not a virtual one, it usually does not appear in the presentations, but this time we chose to add it, Aviv will show you the year, and I will show you the evidence. And what we see is that in seven years, the impact is very great, in the return of the total return of the ICL in terms of our choice, I assume you all know, or some of you, Nutrien, Yara, Mosaic, SQM, Germanic KNS, Albemarle and Lancest, we are in a completely different place, we are in a seven-year return of 110%, when the closest bidder is less than 40%. I think this is a slide that we will look at in a second, any word beyond that is more. And now we will get to the guidance, I assume you will have questions about that, we continue with the same technique or method that we presented the guidance in the year 2024, by the way, in the guidance for the year 2024, we mentioned it twice, and we stood in it very beautifully. As for the year 2025, we again choose to present our guidance to all the businesses of the company, and at the moment the product, and the product that we present in terms of quantity, in the sense that with our size in the market, with the major changes in the market, we can talk about quantities in the product and not about the price, we give guidance in the range regarding the product between 4.5 to 4.7 million tons, it connects to what Raviv said about the sea of gold, it also connects to our certain maintenance, I assume that questions will come about and we will answer them with pleasure, and all the rest we said, we give guidance between $950 million to $1.15 billion for businesses, I remind you that this year, after two upsets of our guidance regarding Specialty Driven, we stood in it and finished the year over a billion dollars for all these businesses, and this is the guidance for the year before you, I will say a word about the company's tax rate, the annual tax rate, at the time we gave this guidance, I would say even half, soft guidance, and why, because it was very difficult to measure two years ago, two years plus, when Shishinsky entered, the arrangement we made, we can be, we finished 24 under this tax rate, I will definitely say that in 25 we will be under this rate, this tax rate comes from two main components, global tax rates in each business and each country that we work in, and of course, the first is significant between them, with a very wide spectrum, it depends on the mix of this business, and on top of that, it depends on the effectiveness of the tax rate from the time of the King, and this is of course dependent on the price level, and different price levels, which of course, the higher the price, the better the company is, and the company's results will be good in a significant way, and on the other hand, the tax rate will rise, and we chose, in order not to be disappointed, to give a soft guidance like this and also for the next year, 30%. And before I move on to questions, all I would like to say is, from my point of view, thank you very much, personally, to my friend, I had the honor and the honor to work with him, and we wish you good luck, thank you very much, and we will move on to questions.

Thank you very much, I remind you, you can go to the Zoom or to the WhatsApp. I will start with the first question, your father wrote a little more macro, if you can relate to the effects of the restrictions of Belarus and Russia on the export of silk, how much does it really affect, and how will the end of the war in the Ukraine affect your business?

Okay, so first of all, the restrictions are not so effective today, the Russians and Belarusians have come to a point where they succeed in bringing all their savings to the markets. Something may affect them more, that is, they will have a little easier time, and perhaps their benefits of the change, and banking and the expression will decrease, and they will have a better time. In Europe, they are talking about the destruction of the restrictions with them, but in the end they reach the market. The most central issue at the moment is the feeling that there is in the market that the Belarusians and Russians have returned to share their activity, and in fact the Belarusians not long ago and the head of state has announced that they are going to limit the production, and really, a week ago, the Russians came out surprisingly aware that they are actually reducing their access to the market by 700 tons, 300 tons because of the storage, and 400 tons because they transfer more savings to the local market in Russia. And the language they hear on the market is that there is some kind of cartelization that is returning to the Russians and Belarusians, and we also see that it seems as if the Canadians are more engaged in their behavior and they are more prepared now. So the conclusion of these things is that the markets are a little more, a little more limited, not to mention at all prices, let's put it that way. This is more significant in my opinion than any other limit, because if you limit one country, then the stock price goes to another place. What can be even more significant is that if Trump really has a 25% interest in Canada, then at least in a short time a mini crisis will be created in the United States, in a logical way. The Americans must buy at least 75% of their stock from the Canadians, there is simply no other option, so markets like ours and others will be a little more limited and a little bigger, but in the end, the Americans have no other option, and then the prices will go up immediately, and this will affect the prices overall on the market, at least in the short term. In the end, as I said, the Russian and Belarusians, when there is a certain amount of stock, then even if it reaches other markets, in the end the world will be in a hurry. So we, in recent times, really buy more to the United States as a result of expectations or suspicion, the prices have gone up in the United States quite a bit, they went up by about 15% in the last month and a half, and if there is really a relative increase, then it may even be more. The bottom line, the Belarusians and Russians, all the stock comes to the market, and their behavior, the acceptance of shipping to the market, is more significant.

Thank you. I would like to ask about the same numbers that were due to the war, do you see a drop in these numbers?

Yes, one-way, we see a significant drop. Also, regardless of the Red Sea, there is a very significant drop in the price of the sea, and in general in different homes in the logistic chain, so yes, we see a drop, and the potential is great, the potential, in terms of the impact of the connection, it may be a 15 million dollar drop in the quarter, and even more.

If you could add something here, the effects that we are showing are just direct effects, local effects of the price of ships that we had in this situation. I think the impact is much greater, on all the businesses in Israel, and also, of course, on us, and these are things that we have not even tried to implement, and it has reached this area, undoubtedly, a significant drop. You can think, I will not go into details, I think you alone can think about the overall impact, a very negative one, that there is an issue that was in the past year and a half, and we all hope that we are from a different place. So, not everything is a place, and I definitely think that the positive impact may be beyond that.

Thank you. There was a time when there was 36 million dollars between the value of the sectors, the special value, can you explain to us what is the time?

Yes. I will start with the most basic thing, that the sigma of the sectors is not the sigma of the society. There are things that are not found, and especially many of the businesses of the society are being operated in four sectors, but the society also has a number of smaller businesses, peripherals, that are not there, as well as the fact that we choose, in part, from the sectors, to take certain decisions from our sectors, our sectors, and take it in corporate ways. So, I would say that this is not something that is out of the question, and in the end, the reference, of course, is to the evidence, and in general to the financial data, of the entire society, as we are presenting. This dissection of sectors is for the needs of the operators and the needs of the ability to explain what is happening in the sector. Excuse me. Excuse me.

Thank you. I agree with the question about the capex, which is higher in this area, and also in the very easy part of the

question. As we know, the investments are excellent, when they are done, they are shared in different periods, which means it is a natural difference, usually, between the capex's registration, as a capex, and its is not in a horizontal level, and horizontal, after all, is a short period, it is a period in which there can be effects, that they, especially in a horizontal level, either make certain adjustments, or, on the contrary, it can be that certain things are being pushed, and therefore, I do not attribute to this importance, that I look, or that we look, at the capex in a seasonal level in the company, and this is also true in the past. I will say, the basic capex of the company, which is made up of a capex of, we call it maintenance, it does not change over time, it is very accurate, it is very important, because these are the means of production of the company, there is no big change here. If we look at the capex, which supports growth in the company, growth in the different sectors, this is a separate component, we use it accurately, and of course, we support capex in projects, and we increase and decrease it as needed. Another important issue in the life of the company, of course, is the capex support in the ESG efforts, they are also relatively significant, not much different from the previous ones, which were in the previous year, but after all, they are significant, here again, the horizontal importance is much more important than the annual and annual importance. There are two things that I would like to point out, which are relevant, they are special, one of them is the issue of the LFP in the company, the LFP, as my father said, and we have already talked about it several times in the past, we are advancing, we have also discussed what is happening in Europe, what is happening in the United States, this issue is in development, we are simply exploiting ourselves to the point that we will start investing in a significant way in the field and against it, this whole issue is still in the field. So it means that if we look ahead, we will improve as it becomes more relevant, one issue that will become more relevant, in terms of certainty, is the issue of the short term of the company's salary, the salary, and this should have been, and we also wrote about this a hundred years ago, because of the war and because of the loss of the operating bodies, it was unified, it entered the 25th, and no doubt in 25th it will be added to the company's capex, and we will also talk about this in the future. Overall, when I look at the picture of the company in terms of capex, it is very secure, it invests a lot of effort into this, along with that it supports all the efforts that it is committed to or that it is willing to do.

Thank you, Aviram, just one question, you said you would finish the capex issue, you could, but give me a number that represents 2025, a few more months. I

will say this, we will not... the range that can be here, our budget, is higher than 24, 24 will end around 600, next year, it will always be in a range of somewhere between 700 and more, and it can also reach 800, 850 in the high sector.

Thank you. In the direction that the company is free from the first quarter to the second, what is the price range of the products you see in the second half of 2025? In

the second half or the first half? Or is it only half? In my opinion, the question is, because we are already divided in the first half, what is the effective price range we see? And of course, that is my question. I

will say it 20 times. In the first half, let's say in the first quarter, the prices will not be much higher than in the last quarter, because we are part of the... the savings in the quarter are savings in the middle, which is basically the balance of the annual savings. The surplus is prices for the United States, Brazil, Europe. Starting from the second quarter, we will see a nice rise in prices. We are not yet completely divided in the second quarter, because we are very, very... we are not warned to not get into it as soon as possible, because the prices are always rising. Usually, when we are at this stage of... end of February, we are already quite far from the end of the second quarter. The year is not yet in the plan, because our opportunities are always changing. So if we were to close the... if we were to close the second quarter now, then I would say the average size of the second quarter is 10% more, but we did not close the second quarter, so when we close the first quarter, we will see a nice rise in prices, and the air will be back, so we can give you a better estimate. In the first quarter, you will expect a cheap rise in prices, in the second quarter.

Thank you, Aviv. Despite the fact that the market and the prices are still... the second quarter is a very safe one, and David, you can explain if that is really true, and you can tell

us. Aviv, we will start with you.

I think we have already said that. Iím wardrobe ashamed particularly about the sheltering levels of the Tips, and I think the company is��ожу awarded with added responsibility. We were not in a steady state of the army in our usual state. When we entered the war, we wanted to return to the suggestion that in a few months we would return to theÖ to the ground, and we did not return to the ground for a long time, which is a huge project, to return to the ground and to the military rises, of the year. We also passed the employment agreement this year, which also helped a lot. According to the industry, they have made special efforts on the part of the workers, and we are now in full swing. I think that until April, there will be really also within the company to see that everything really succeeds for us according to the plan, and then maybe it can be less dangerous after April. Regarding the test, I think that the 30% issue, as the atmosphere explains, is some number that gives a long-term indication of failure. Of course, we hope that it will be 30%, because if it is 30%, the prices of the shares will have to go up very, very nicely. And as for the specialties, we started the year with a budget that is -18% higher than the budget that was at the beginning of the year. We have a lot of things to talk about, but I think that it is important that you hear the word from the child, because after all, the child is responsible for this and you will hear that this is his approach.

I think, overall, that is quite similar to what I see. We talked about it here, Ravi and Aviram mentioned, we see a full price of the stock, and in this sense, we can be more optimistic. As for the number of stocks, we have some small challenges that were mentioned here, we are making great efforts to overcome them. At the moment, the price we gave is the best we know at this time. Of course, as the year goes by, we will be more and more developed, we will not have any problems with ourselves. So overall, I think this budget is a great budget, taken into account opportunities and also risks. In general, I am optimistic, I hope that the year will develop even more positively.

I

will just add one thing, that last year, I remind you again, we went twice to the market to return, after every quarter we check ourselves, and we got this guidance. We will not be able to return to you and to adjust the guidance to the higher levels. So maybe in a certain way, this is the way we want to work. And although we

have already said enough, I will say that the only time we finished the year less well than the year before, was in 2023, when the price spiral was low. This was the first year it happened, and we hope that also the last.

We immediately took the guidance, already in May we came to you in the order, we said also in Broman, we will return, and also in Port Ashkel. This

is a time when our choices have been improved three times in the same year. So that's it, you heard the new manager, you heard the cashier, it's the best we know at the moment.

I think I will give you a very good answer. Here are a few questions about the industrial product sector, how do you see the rest of the year, will it rise in numbers, will there be changes in the sentiment?

We continue to increase the numbers. There is gradual improvement in the electronic industry, we hope that it will be established as a result of macro processes, and we have already talked about the world of equal, AI, E-Vis and the like. In the industrial sector we really do not see any improvement, but as I told you, we have a breakthrough with a new product following anti-dumping processes, it is a product for the industrial industry, we really believe in it, and it will also give us a little push throughout the year. So we are optimistic that prices will rise somewhere in the rest of the year, but we were optimistic at the beginning of the year, and our expectations, our hopes did not come true. We stood in the results in any case, because we managed to increase the market share and we did a joint work with our partners, we increased the number of partners this year, we will continue in this direction, some of the other markets are very difficult, the main market in China is in a very difficult situation, and it does not bother us that much, and it seems to us that our strategy is working, and we will be patient and start to raise prices when it is right to raise prices. Of course, if the price of the condom was from 2006, it would be immediate, but we do not see it happening this year, certainly not at the beginning of the year, and therefore the dynamics should also be on the side of the markets and also on the side of increasing our joint activity.

Okay, thank you. Raviv, the price difference between the new condoms and the Chinese and the Audi is one month and a half.

So maybe it is also a chance for a child, and there is a lot of interest in it, so maybe it is also a chance for a child.

Yes, so our price, and I say this with caution, because it is not in our hands, but our price this year, both the Chinese and the Audi have closed more early condoms than the last few years. I do not know if this will be until the end of the first quarter, or somewhere in the first part of the second quarter, but if I have to rate it, this is currently the divided price, and if we call the market situation correctly, then I hope that the condoms will close at more reasonable prices than the last year's condoms. I will return to something that was said earlier, we are still considering the remaining amounts that we have paid last year, both to the Audi and to the Chinese, and this of course goes with the previous prices.

Thank you very much. Here are some questions that have already been answered. Raviv, is there a way to increase the increase in the cost of the condom after the production of the condom, because of the fact that the cost of the condom has remained the same, and the price of the condom has increased and the cost of the condom has increased.

Yes, the difference between the price of the condom and increasing the cost of the condom is a total of $25 to $30 per ton. That is what

we are talking about.

You

talked a little about the antidemtics, can you explain the potential of the prices of the condom in the Zarechan community? Yes,

our prediction is, once again I say here in detail, we are talking about additional prices in the Zarechan community of tens of millions of dollars in very, very good profitability. A large part can be implemented already in the coming year, it is a matter of the cost of the production of our condoms for the new product. The beauty here is that we actually find a product in the antidemtics, which is usually something that can be built on relatively to a short period of a year, two, three, four, but because of regulation, this product that we are introducing, is between its limit in the year 28 or 29, it should not be sold. I hope I'm wrong, I don't remember if it's 28, but something in this large range, and the beauty is that the antidemtics will bring us there with our product, and our product will actually stay there forever, that is, it is a process that will give us a short supply opportunity, but it actually brings our product and other similar products to a very long supply, and therefore it is really fantastic new products for our Zarechan product. We are still waiting for the antidemtics process in the United States to end, because in Europe we have already received the approvals and the bans have already been announced. We have very good security, and I hope that we will succeed in the United States, I hope that in the coming months my friend will be able to confirm that this is already behind us, so the potential of tens of millions of dollars is already being established in the coming year.

Thank you. To explain the question, would you like to ask Bayerbeck in the subject of antidemtics?

We have a discussion every year about this, and the graph over the last seven years that Hiram has presented actually shows that our capital allocation in the bottom row was better than the choice. The choices have come to lower prices although they have lost billions, and I do not mean billions, in the amount of assets. And we see the result, and therefore the result strengthens the fact that the company that has become innovative invests a lot of money in its future. Many of the things that we do not talk about, you see them slowly becoming new products and new opportunities, and the value that the company brings, and topics that the Harvard University does research on, because we understood what is happening here. And the company that wants to be a growing company, and invest in M&A, and invest in new products, and invest in its future, it knows how to create a higher value for our assets, for its assets than the internal investment. Having said that, we are 50% of the net profit divided into dividends, and there is definitely room for discussion whether in this policy of dividing 50% as a dividend, we need to do all the division in dividends, or part of the division in share buybacks. There is this discussion every year, there are mass demonstrations, Americans and others. The last discussion that took place not so long ago in the board of directors, there is a intention to continue with the policy of dividing the dividends, which in the last five years has been a 5% increase beyond the management increase. We think that this policy has proven itself, it supports the needs of the company as a growing dividend, and as a function of the company's results. The participants who remain in the company's cup, and many of them, allow it to do everything it needs. Our most powerful campaign was at least in the years I know, by far, which means that the management that continues the work from here and there will have all the opportunities to make the decisions more significant and create value for the companies. I hope that when we look at a few more years, the gap between the companies will increase and grow a lot.

There is a question about the budget, I'm not sure you can answer, but maybe you can give me some direction. If there is a possibility to talk about the future of each of the sectors in the growth of the economy and the development of the economy. We can't give you a number, but maybe a direction in the same year, or something else. So I

think that it is legitimate to ask and think about it, and I'm sure that Aviram is always thinking about it, if it is right to reach such a high level of clarity. I think that the budget says that what we are actually suggesting is that we are expecting a well-designed recovery in each of the sectors. After all, you have not heard from us anything that suggests that in one of the sectors the special products should be something negative. Together with these precise numbers, we are writing the question to us, and we will take the thought as home and we will take the steps. Some of our options do it, some of the options are less, we will not refuse to do it, but we can weigh it. So we will suggest a new direction that will weigh it. I will add one thing to your

description, Aviram. In sterile terms, they have a certain role. If you choose to do something like this, you need to go down the ladder and explain the business sectors and the parts of the business that we are working on. I will definitely, definitely and this is also the beauty of the well-designed portfolio and the geography of the company that one or the other is inviting. If you are already going down to the resolution that you are starting to get involved in, I am talking about the industrial products, you must also explain the contents of the products, their geography, and why you say what you say. And you open here to explain if you want to do it as you need to and it will be interesting that it may be much beyond what we want. Because the simplicity of guidance in some areas sounds very impressive. I am not sure how accurate it is and how accurate it serves the needs. So as my father said, I hope we can talk about it, but at least for now, this is not the end.

Thank you, Aviram. Did you hear Aviram's opinion? Yes.

The last question, how many words about the status of the portfolio we gave to the state and the geological field?

Okay, so the state published a document with all kinds of directions in the context of the commission. We gave an answer, and overall there are no big surprises, I think we have already talked about this. Some of the things that we want to do are to strengthen the network of future investment. We have developed our opinion where we think it is good, where we think it is less good. Overall, there is a good dialogue with the state. In more significant issues for the current journey, which will really be the commitment to ICL and the way we will behave, we are in very, very early stages of dialogue with the state. I must say that the state has a good economic situation. We are very secure in our position, in our situation, we are very calm with the situation. Our situation is very good, not only because of the first budget, but also because the state's commitment to the law to increase the portfolio in the same period of the portfolio, is very significant, in the period of change, and we think that it is even better than we expected. I remember that because there is no new way of being a partner.

Thank you very much, Ravi, how can we get

along? Again, I am a little bit excited, because after all seven years is a lot of time. I had great honor to stand at the head of this company and to be able to do things that I really love and I really believe in. I think that it will last many, many years and will do many, many things to represent the state with honor. I am proud of the work of the company and proud of its integrity, and I am proud of my team, and I think you are still staying in good hands. Thank you very much for the opportunity to share with me in all the previous events, Aviram, which is a great pleasure to work with him. And again, congratulations to Elad, a very strong partner who does good with the company. Thank you for the trust you gave on the partnership, on the guidance when it was needed, on the mutual partnership and the trust you gave on the partnership. Thank you very much. Thank you.

Thank you. Thank you.