ICL Group Ltd

If you want me to finish the question, I will answer the question in the message I sent you. With us today, Raviv Choler, President and CEO of ICL, Aviram Lavs, CEO of Pesafim, and Elad Aronson, President and CEO of the company Nekhna, who also took part in the conversation. Before I bring the conversation to Raviv, I would like to ask them, as well as historical documents that have been published, all the data and the reports that were recorded in the conversation today, to present the future, including risk and uncertainty. The consequences for the company are likely to be different in a material way and of different causes, as they are described in the company's article and in the book. I will now bring the conversation to Raviv. Raviv, please.

Good morning everyone, and thank you for joining us again. We are pleased to talk to you about the results. Again, a complicated morning in our country, but there are many complicated days in our country, and after the lockdown we decided not to move the chat, but we will try to live in temporary settlements. Anyway, regarding the year, the year ended with 6.84 billion dollars in sales, 1,669,000,000 EBITDA, 21% EBITDA and 38 cents for compensation. Pesach kol ha-shana imshicha, gam b'rivon ha-revim, momentum ma'od chiuvi b'chativot shal ha-specialties. Tzach la'azkir shachativot ha-specialties, esh b'hem onatiyut b'rivon ha-acharon, v'lachem b'rivon ha-acharon tamid yesh elshi yirida, aval yita pachot yirida ma'asher b'derech klal. And if annually we went up by 8% in the results of the specialties, then in the quarter it was even 20%. Remember, all year we were under a drop in the price of the stock market. It continued in the fourth quarter as well. And right up to the end of the year, close to the end of the year, we saw that the prices and prices for the next year are starting to rise. And then we also stopped external prices. And we saw that it is really possible to expect 2025 to be a little better in terms of the stock price. As always, this trend is very, very strong. It will continue this year, despite the drop in the stock price. The dividend rate of 3.8% is very similar to previous years, just 242 million dollars dividend this year. We signed very beautiful agreements, including future partnerships, both in manufacturing and in distribution, and also partnerships for the development of new products. And I think that in such a year, we need to emphasize even more than anything else the fact that we had a war year with quite a few difficulties and complications, to no harm to customers, to no harm to customers, as a result of a momentum of development and introduction of new products to the market. And most of all, as I said, a positive momentum for 2025. We must remember that the war will affect us extensively, both in the shipping through the Red Sea, They are on the verge of being filled, which will greatly affect our production and supply chains. Some of them are from countries, markets, universities, and all kinds of things that are happening to them in the news. We have experienced them. We have also experienced demonstrations in certain sites of our world. And to look after a year and a half, when it seems that the future is a little more bleak, at least in terms of the international situation at the moment, And to think about all the things we've been through this year, and to see that we've been through a year almost without disruption, that's, I think, the biggest achievement of this year. And again, we're heading to 2025 with positive momentum, with... Even with hashtag prices at an uptrend. A few graphs, as always. As I said in the specialties, 20% uptrend, uptrend against uptrend. It could have been even a little bit more, but at the end of the fourth uptrend, we also experienced a dramatic uptrend in the rest of the dollar and real estate. The Brazilian real estate is very poor at 1%. And it will also affect the results of the fourth quarter. But overall, the fourth quarter, as expected, with the fourth quarter adjusted EBITDA, is very, very good for the year that has passed, despite a drop in the stock price. Remember, once again, specialties are important. So to reach that EBITDA is really an amazing achievement when it comes to the cancellation of the effect of a drop in the stock price. וכפי שאתם רואים, דגשת תזרים מזומנים, החברה התזרימית, התזרים הטיפולי בריבון הרביעי היה זהל התזרים הטיפולי בשנה שעברה, וזה אומר הכל. חברה חזקה, חסונה, וממשיכה לייצר מזומנים, ואף ביתר סט. Let's go a little bit to the bonds. So in the industrial bond, first of all, the stock prices are low. We are in the strategy of increasing quantities and market volume. We succeeded in the strategy with partnerships and additional partnerships. At the end of the year, we also signed partnerships in the field of production, which allows us to create a partnership with partners, one of them is North Korean, the other is American. This means that it is another boost in our businesses and also a captive market for our BROM. The results have already reached the fourth quarter, with significant improvement in profitability as a result of the increase. We also made a little more money in the fourth quarter in order to stand in the prices of the beginning of the year, prices that are usually low at the end of the year, but we started the year of 2025 very well. First of all, in the field of special minerals, there was another good and strong year, And what else happened at the end of the year that was positive is that as a result of the anti-dumping processes that we started in Europe and continued in the United States, we were able to establish a very well-developed It's a turning point that is not in danger of what I call a dangerous product based on existence. We are actually producing or replacing a Chinese product that produces anti-dumping solution in Europe, which has already been produced. There have been trade barriers in Europe and we have already succeeded in starting to increase the prices in the fourth quarter. In the United States, there is a process that is pending, it has not yet ended, but our two customers have already established their manufacturing systems in order to receive our new product. And this means that in foreign products, after a very long period of stagnation and very, very weak prices, we have a new product that has entered the market, and this is a very positive thing for the future. I don't want to expand too much, but Eilat has returned to operation. and also other factors that affected us in the course of the fight, we see the light. It should be noted that the difficulty that arose for us in the war as a result of the flood days, the change of structure and the lack of security, and the drama of people holding central positions for a large part of the year, have taken us out of our regular management schedules. And therefore, for a very long time, we have not been working in full and regular management schedules. And this concerns us, and it also makes it easier for us than usually. And that's one of the reasons for the higher price that we gave next year, because to go back to management losses, it's not a bang and we're done. Not all the people who are paid have returned to us, and the needs for recognition in the field are very, very significant, and therefore... We are planning with a very significant plan to return to full construction plans until April. In April we have the annual construction break, and this is an opportunity where we can do very significant things at the same time and return to construction plans. And I hope that after April we will be more optimistic about the construction. This year we created a little less than we planned in the Sea of Salt. We created around 150,000 tons less than we planned and planned. And we hope to return to the normal production pace of the last few years. But as I said, we will be more confident after the production is over and after we see that we will return to full production. In phosphate, a very good year. In all, despite a decrease in prices of white cotton, which is a main component in our prices, we succeeded by discovering new quantities and introducing new special products. and by cutting expenses and increases, and the decrease in raw materials, which gave us a negative effect, we were able to recover the results of last year in the bottom row, despite a certain decrease in prices. We know that the fourth quarter is relatively good in prices, and we were able to do many more things that will advance us in the future. to many in terms of our programs in the field of batareo, As you remember, in order to manage more safely our investment plan around the batteries, we decided to establish an innovation center and qualification center in the United States. Within less than a year, we established a working company that has already established its first batch and is actually starting to work with customers on the qualification of future products. It gives us certainty regarding our ability to become a significant player in the American market. We also had uncertainty around the change of government in the United States. Of course, there are open questions. What will happen with the funds that were promised to us and so on? At the moment, it looks very good. Again, we have our big decisions on CapEx assets. We are waiting until we receive bold decisions after conclusions with future customers. Likad Sofar Yvonne, כפי שדיווחנו, חתמנו על עסקת שותפות עם Dynanonic, שהוא השחקן מספר שתיים בעולם בחומר קתודי לבטריות, והוא גם הלקוח העיקרי שלנו בסין. And our intention is to manage a strategic plan together with Dayanonit to become a central player in the European market. Also there, we are still at the beginning of the road, working on planning plans for a first operation in Sephardi on our website. And of course, we will guide you in the future. Regarding growing solutions, so overall progress is very, very good in the region. The results are a little less good than we expected, mainly because of the situation in Brazil and a certain number of countries which is present in Brazil as a result of the economy of soy farmers, which is currently in a certain improvement. But overall, the economic situation in Brazil and the high yields are very dependent on farmers. The number of crops has grown and we need to be a little more careful. And as a result of this haste and the objective conditions, it is a little less than we expected, but we are still moving forward. . . . . . We also did three small M&A deals, two of them in the last part of the year, that strengthen our position in certain niches in the market. And also, as you remember, we entered one of the first two and a half years of the year, we entered the field of the biological years, where the potential is huge, and we are looking forward with a very high expectation regarding this field. So to sum up for you how Rivaon looks, and this year, after all, we continue in our program to increase, to increase our activity, our market share and our leadership in all three bonds, which are specialties bonds. We succeeded in it this year, and we are looking forward to the next year. We are looking at the year with a better, more significant outlook than we had last year, and that despite the fact that most of the prices have dropped since last year. At the moment, we do not see price drops in our markets, and therefore we are looking at 2025 as a positive potential for improvement. We created this year, like in previous years, very strong invitations, and we will continue to emphasize invitations. We expanded our partnerships and opportunities. I gave some examples, whether it's with manufacturers in the field of Brom or customers who sell production lines in the field of Zarchan. A new business with Dynanonic is leading in cathode material. We established two new development centers together with partners in Brazil. וכמובן גם הרכישות שעשינו לתחום הספיישלטים זה מדגש על תשנים מיוחדים, מדגש על תשנים ביולוגיים. We promoted our programs in the field of batteries, so I talked about the new partnership. We also won a new award from the European market, by recommending the Spanish authorities. At the moment, we have received 18 million euros. We have reached a very significant award from the European Union, and we will remind you when we can and we have new ones. And of course, as always, we paid an honorable dividend, the highest in our market, between the competitions. And in total, if we sum up the years 2020-2024, then again we achieved results that are better, more significant than our competitions. Again, it was a very, very difficult year in terms of environmental conditions, with prices falling in all areas of our activity, which is no longer the case for 2025. And despite that, we managed to end with a positive result, and a positive one for many of our competitors. On this occasion, and before I move on to Aviram, I would like to thank you for bringing me in the last 28 weeks. I have always had great pride in being in the leadership of this company. As you know, I will be finishing my job in about two weeks. I really enjoyed your dialogue, your questions. I think you know us very well. We are a transparent, valuable company that does everything to provide you with everything we know and know. The company is strong. It has a great staff, a great leading team, and I look forward to very, very good things in the future. I'm happy and proud that Elad Aronson, one of the leaders of the successes that we had in the last few years, Elad Niel, in the last four years, He's a strong manager, assertive, responsible, he knows the ICL business very well. We had a good period of time, in my opinion, and a great one. And I very much believe in his ability to take ICL forward and lead us to further successes. So, Elad, I wish you great success. And Elad will be with us here at the question time, so you can also ask him directly and get to know him a little bit. And for now, until we get to the questions, I want to move on to Aviram, who will remember the financial side.

Well, thank you very much, Ravi, and I want to move on to a number of macro data. I think it's very, very important to understand the company in context. of what is happening in the global world. There are only a few things here, the main things. There are many other factors that are not expressed here, geopolitics and so on. Two very interesting things. This is the high trend, this is inflation around the world, and as a result of this, the fourth highest in the world. And we see here an interesting phenomenon, what is called the stickiness of inflation. On the one hand, inflation is greatly decreasing. On the other hand, She is not able to go down to the levels that the central banks give her, the comfort of going down in fourths, even though in some of the countries there are fourths, in some of the countries there is a fourth rise. The place that stands out the most, please look at the slide on the top right, is Brazil, which is a very important country, the most important agricultural country in the world, It's a big factor for all the other countries. And there, in terms of inflation, the inflation is high. The government there would not have been comfortable with the situation. Some of the procedures that are being done by the Brazilian Central Bank are very strict. If we look at the bottom line of the macro data, We see here, on the bottom left, the global industrial production. Now, what is interesting to see is, on the one hand, this trend is, in a way, improving. On the other hand, we are in a world where part of it is the high prices, and there are other effects. The world, on a large scale, ולא עולם שמרשה לעצמו כמו בשנים לפני 2020 לרוץ קדימה יותר מדי וזה משליך על מלאים, זה משליך על just in time, זה משליך על הרבה דברים נוספים. סך הכל זאת כבר בעיה שאיננה עקוטית, איננה היא כבר כרונית והעולם כמו העולם תמיד לומד להתמודד עם התופעה הזאת. תופעה שאנחנו רואים נוספת וגם פה יש השלכה גדולה Thank you very much. And as a result of this, in the end, we saw a trend of improvement in housing starts in the beginning of the building in the United States, but this trend did not continue into the first quarter of 2025. We'll see where it goes. In general, of course, there are no slides in this presentation about what is happening right now in the United States, but it is happening there, as we all know, a real drama. If we continue directly to the world of our farmers, of fertilizers, we see that in terms of commodity prices, the farmers, we ultimately see a trend that is part of the prices already in the uptick of growth. Shabbat shalom. As a result of the prices of commodities, we see the sentiment of farmers. Now, what is written here is the upper right side. This is the sentiment worldwide. Of course, in the different geographical areas, there is a different sentiment. This topic is very important. We have talked about it more than once before. All in all, we see that this sentiment is improving, and this is of course important. Because from this sentiment, decisions are made, a decision or not a decision, of the farmers. At the end of the day, we are watching a better environment in the future, within 25 years. If we look at the prices of the central commodities, which are both potash and phosphate, here we see a very interesting phenomenon. After many years there was a high correlation between the price of ash and the price of phosphate. We see, in fact, in the year 24, the decline. We see the price of the stock that continued to fall in 24. In 25, the situation is already different. We already see the beginning of price increases. But the phosphate, we see that during the year 24, it was stable with a certain rise. Why is that? The explanation here is simple. It's the operation of SIN. Of course, the production sources between the slag and the phosphate are different, and the central player that causes that price increase, especially in the agricultural commodities, in the phosphate for the agricultural commodities, is SIN. And that's why we see this increase. From the point of view of the carrying price, it's a right-hand side down. We actually see a lot of changes in recent years, in the last year, We, in particular, see a decrease in the cost of transportation. We hope that our region, as Raviv has improved, will enter a more relaxed period, and we will enjoy that. Of course, this has a certain impact on us as well. If we look at the world of energy saving, here there is also a division between the electric vehicles and the batteries that generate energy. You can see the development that is expected on the upper left side. You can see the division between the electric vehicles and the means of transportation. You can see that the means of transportation are rising in a straight and continuous way, and this trend is also continuing. Even regarding the electric vehicles, the cells that will assemble the electric vehicles, we see that this trend will continue, but around this regression line, there are very high and low expectations. כמובן שפה נגזרת למה שעושות המדינות השונות, ההתייחסות שלהם, החסימה של סין בשווקי ייצור וכדומה. אם תרצו, באחת השאלות תשאלו לגבי זה, אז נפרט עוד. אם אנחנו רואים מה קורה באירופה, זה צד ימין למעלה. אנחנו רואים את אותה תופעה, תופעה של עלייה. If we look to the bottom left, at the world of the MAP, It is also advancing over time, and the world of phosphat, which will require LFP, is also increasing. You see the progress and the growth that is expected in the coming years. This is one of the explanations for the gap between the prices of green fuel and white fuel, the prices of green fuel, the prices of commodity phosphat, as I explained earlier, The white stock prices in a certain extent fell this year, mainly, and we also talked about this in the past, on a large construction of capacity during the massive entry of the 1,000th in the coming years, when the manufacturers build additional capacity, and right now there is an increase in capacity in the market. If we do, by the way, the analysis of the prices, and we will also try to do it for the health profit, according to segments, and also according to categories, we see, I think the most correct way to look at it is first in the right part, we see that in the previous year we sold about 7.5 billion dollars, and this year about 6.8 billion dollars, In terms of quantity, we went up, we went up even significantly, about $400 million, and against the decrease in prices, of course, the number one cause was the protest, as you can see immediately on the left side of the screen, but overall, we dealt with a decrease in prices of over a billion dollars. When we see it in the division, according to the different categories, we, as you can see, as Raviv said, we will get to the profit, we overcame it, but this is of course a massive decline, and it will not go forward. There was also an effect of the other alternatives, and in the prices, it was not effective in the profit section, but before you, first of all, the analysis of the prices. If I continue and go into the profit, the more interesting part, we see at the end of the year, we'll talk later also about the profit itself, We see on the right side again that all of the society's complaints were positive in quantity. The effect on the medical benefit of the major positive complaint in quantity. The other alternatives, as I said before, are ultimately influenced by the positive benefit. Thank you very much. As I said before, mainly in the potash and also in the additional nets. Shabbat shalom. Shabbat shalom. You can see on the left side also the division according to the combined numbers. If we look at the profit analysis, again, on the right side, we see that the company, despite the significant decrease in price, has managed to maintain its value on the fourth quarter of 2024, in front of the next quarter of 2021. It did so as a positive statement in terms of the amount, the effect of a positive statement in terms of the amount, The positive impact on the raw materials, the energy, we saw this earlier, I won't go into more detail. All in all, the message here is that the company has managed to overcome many obstacles, including the decrease in prices, and to maintain its global profit, its medical profit. She did it, by the way, mainly due to an improvement in her profit percentage, which you can see here, what was called in the past the quality of the business, which was definitely good. Our concentration is significant in the profitability of the different products, and on the left side you can see again the division according to values. If I move on, this is a slide that you know, and that's why I'm very short here. We also see ourselves in front of our competitors, in our ability to navigate and to produce at the end of the day, more effective and better price lines. It is mainly due to our coordination between the different geographical areas that the community is involved in, and it makes an optimization of all the area, and therefore I advance and say, I assume that it will also come at the stage of questions, that in certain regions, She can also be in a situation where she is already forced to give, where she previously refused to give, and so on. And therefore, I say, this observation is what is relevant to me. It is much more than just observation, it is a multidimensional observation, or an annual observation, and beyond that. If we look to the left, we see that, after all, in terms of our efficiency in the Gulf Sea, it is in the lower quarter of the world, and at the end of the day, we are enjoying a good cross position in the price of the iceberg. מה שאנחנו רואים פה זה גם את ספרד, וספרד שלנו על פני זמן הולכת ומשתפרת, עולה בכמויות, וכמין הסכם גם המחיר, הקוסט שלנו הולך ויורד שם. When we look at the BROM, again, this is a slide from previous presentations, and you know it, we are the largest and have the best cost position in the BROM. You also saw the results of the integration of industrial products, which the BROM is a significant part of the integration. At the end of the day, we are dealing with an environment that for several years has been with limited requests, or relatively limited requests, If we look at everything from the point of view of our society, If we do our geographical analysis, and also according to our businesses, if we look from the left side this time, to the geographical areas, we see that the society is very balanced, and it definitely helps it, because the geographical areas, at certain times, behave in a way that is very balanced. We'll be right back. We'll be right back. From the point of view of a number of data that we choose to emphasize from a financial point of view, this also relates to what Aviv said earlier. From the point of view of the financial stability of the society, it is very high and it has means that are standing in front of it to do everything that it decides to do. And they are over 1.6 billion dollars. There is a low interest rate ratio of 1.2. It is always divided by the dividend, as we all know. It focuses very much on the creation of cash. And Raviv said the number for the years, the numbers for the years 24 in total, including in the quarter, were excellent numbers. It continues to focus on the loss of assets. And she checks herself all the time regarding the location of her capital, also in the treatment of the return home, also in the treatment of investments, and also in the treatment of purchases. I'll move on to the end of the presentation. Raviv showed you the return of the company. This is a slide, by the way. It's not systematic. It's usually not shown in presentations. But this time we chose to add it. Raviv showed you the year. And I'll show you the cadence. And what we see is that in the seven years, there is a very large difference in comparison to the general return. של ICL לעומת שלל המתחרים שלנו. אני מניח שאתם מכירים את כולם או את חלקם, Nutrien, Yara, Mosaic, SQM, KNS הגרמנית, Albemarle וLanxess. אנחנו נמצאים במקום לגמרי אחר. אנחנו נמצאים בריתרן שבע שנתי של כ-110 אחוזים, כשהמתחרי הכי קרוב נמצא עם פחות מ-40 אחוזים. I think it's a slide that if you look at it for a second, every word beyond that is more. And now we're getting to the guidance, which I assume that there will also be questions for you. We continue with the same technique or style in which we presented the guidance also for the years 1924. By the way, in the guidance for the year 2024, we reviewed it twice, I remind you, and we stood by it very nicely. As for the year 2025, we again choose to present our guidance to all businessmen of the company, to the point of the opening, and the opening that we present in terms of quantity, from the understanding that with our size in the market, עם ההשתנויות הגדולות בשוק, אנחנו יכולים לדבר על כמויות בפוטש ולא על המחיר. אנחנו נותנים גיידנס ברנג' לגבי הפוטש לבין 4.5 ל-4.7 מיליון טון. זה מתחבר למה שרביב אמר לגבי ים המלח. זה מתחבר גם לשמרנות מסוימת שלנו. אני מניח שעל זה יבואו שאלות ונענה על זה כמובן בשמחה ו... All the rest, we said, we're giving guidance of between $950 million and $1.15 billion to businesses. I remind you, this year, after two years of our guidance regarding Specialty Driven, we stood by them and finished the year over a billion dollars. in all these businesses, and this is the guidance for the year before you. I will say a word about the tax rate of the company, 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 negotiate, two years ago, two years plus, when Shishinsky came in, the agreement we made, we could be, we finished under this mass study, It's definitely possible that by 2025 we will be under this training. This training is based on two central components. Global training in each of the businesses and each of the countries in which we work. And of course there are significant differences between them. With a very wide spectrum, it depends on the mix of our businesses. And in addition, it depends on the effectiveness. Thank you very much. Thank you very much. I remind you, you can use the zoom button, or you can use WhatsApp.

How much does it really affect and how can the end of the war in Russia and Ukraine affect you as well?

Okay, so first of all, the restrictions don't affect the market so much today. The Russians and Belarusians have reached a situation where they are able to bring all their income to the markets. Something that might affect them more, that is, it will be a little easier for them, and maybe their chances of change and banking and security will decrease and they will be better off. In Europe, we're talking about the destruction of the borders with them. But in the end, they reach the market. The more central issue right now is the feeling that the market has that the Belarusians and the Russians have returned to share activity. And in fact, the Belarusians have not long since announced, the head of state has announced... Shem olchim lagbil et ha-yitzur, v'mamash lefnei shavua, Rusim yatzu b'ofen maftia be'odaa, shem be'etzem maktinin et ha-kef ha-haga'a sherem la-shuk be' 700,000 ton, 300,000 ton be'gal achzaka, v'400,000 ton be'gal shem avirim yoter zchora la-shuka mekomit be'Rusia. And the language that you hear in the market is that there is some kind of cartelization that is recurring between the Russians and Belarusians. We also see that it looks as if the Canadians are more involved in their operation and they are operating more planned now. So the comparison of these things is that the customers are a little more conservative not to sell at any price, let's put it that way. This, in my opinion, is more significant than the whole increase. Because if you increase in one country, then the trade reaches another place. What could be even more significant is that if Trump really has 25% interest in Canada, So at least in the short term, there will be a mini crisis in the United States, because in terms of logistics, the Americans must buy at least 75% of their income from the Canadians. There is simply no other possibility. So suppliers like us and others will get a little bit more and a little bit more, but in the end, the Americans have no other possibility. The prices will rise immediately, and it will affect the prices of the market in general, at least in the short term. In the end, as I said about the Russians and Belarusians, when there is a certain amount of income, then even if it comes to other markets, in the end the world will settle. In the recent period, they really sell more to the United States, because of the expectations or the fear, the prices in the United States have risen quite sharply, they have risen by about 15% in the last month and a half. And if the ratio will really be dependent, then it may even be more. The bottom line, Belarus and Russia, all the revenue comes to the market, and their management, the reduction of shipments to the market, is more significant.

Thank you, Raviv. I will continue. Regarding the Fossil missiles, because of the war, they see a decline in these missiles.

Yes, significantly, we see a significant decline. Even without the connection to the Red Sea, there is a very significant decline in the prices of maritime transport, and in general, in different houses in the logistics chain. So, yes, we see a decline, and the potential is great. The potential, in terms of the impact of the cash on us, could be more than 15 million dollars in revenue, and even more.

If you allow me to add something here, The impacts that we are seeing are direct impacts, direct impacts of foreign expenses that we had because of this situation. I think the impact is much deeper, it is on all businesses in Israel, and also of course on us, and these are things that we did not even try to accommodate, and there is definitely a significant contribution in this area. You can think, I won't go into details here, I think you can only think that overall the impact is very severe, that there is a situation that happened in the last year and a half, and we all hope that we are in a different place. So not everything is in place, and I definitely think that the impact from Yitiva can be beyond that.

Thank you. There was a time when 36 million dollars between the loss of the fields and the special loss, can you explain to us what happened? Yes.

I'll start with the most basic thing, that the sigma of the fields is not the sigma of the company. There are things that are not there. Although many of the companies of the company are located in four lines, but the company also has a number of smaller, more peripheral companies that are not there. as well as that we choose, in part of the cases, to identify certain events from our medical records and to take it in corporate terms. Therefore, I will say, this is not something unusual, and in the end, the relationship, of course, is to respect the financial data of the entire society, as we present it.

So, okay.

First of all, let's start with the very easy part of the question. Investments, as we know, are excellent when they are made. They are completed in other periods. That is, it is a natural step, in a normal way, between the drawing of the capex as a capex and between its flow effect. This is one time. Once in a while, certain divisions are also played here that are built, and they will not flow at this stage in CAPEX. I continue to say that CAPEX, at least my view on it, I think it is a correct view, it is on an annual level, and I would even say on a yearly level. It is not on a quarterly level, and quarterly, quarterly after all, it is a short period of time, וזה תקופה שבו יכולים להיות אפקטים שהם או במיוחד בריבון רביעי או שעושים השלמות מסוימות או מנגד יכול להיות שדוחים דברים מסוימים ולכן אני לא מייחס לזה חשיבות שאני מסתכל או שאנחנו מסתכלים על הקפקס ברמה שנתית בחברה וזה נכון גם קדימה I will say that CapEx is the basis of the company. It is made up of CapEx of, let's call it, maintenance. It does not change over time. It is handled with great precision. It is very important because these are the elements of the company. There is no big change here. If we look at the CAPEX that supports development in the company, development in the different sectors, this is a separate component, we run it specifically, and of course we support CAPEX in projects and raise or decrease according to the need. Another issue that is significant in the life of the company, of course, is the issue of CAPEX support in ESG applications. גם הם הם יחסית משמעותיים, לא שונים הרבה בקדימה מאשר היו בשנה הנוכחית, אבל סך הכל הם משמעותיים. פה שוב, המשמעות הריבונית היא הרבה פחותה מאשר המשמעות השנתית והרב-שנתית. יש שני דברים שאני כן רוצה לציין אותם, שהם מרלוונטיים, הם מיוחדים. אחד מהם זה הנושא של האלף פעיל בחברה, The LFP, as my father said, and we've talked about it a number of times before, we're moving forward. We've also discussed what's happening in Europe, what's happening in the United States. This issue is in development. We're simply insulting ourselves. In a situation where we're starting to invest significantly in the area, and on the other hand, this whole issue is still in development. So it means that if we look ahead, we will adjust as much as it will become more relevant. One issue that will become more relevant, for sure, is the issue of the lack of salt in the society, in the salt sea. This had to happen, and we also calculated it after the previous year. Because of the war and because of the lack of active bodies, it was united, it entered into the 25th, and no doubt in the 25th it will be an addition to the company's CAPEX, and we will also talk about this in the future. After all, when I look at the picture of the company in terms of CAPEX, it preserves very carefully, it invests a lot of efforts in it, along with it, She supports all the efforts that she is either committed to, or that she is, of course, eager to do.

Thank you, Aviram. Just a question. I will continue to finish the topic. You can, yes, but give a number, a number for 2025.

I will say this, the range that can be here, our average is higher than 24, 24 will end all in around 600, next year it will always be in a range somewhere between 700 and even lower, and it can also reach 800-850 in the higher range. Thank you.

What do you see in the second half or the first half?

What do you see in the second half or the first half? What do you see in the second half?

That's of course... Do you want me to take it? I'll take it 20 times. In the first half, let's say in the first quarter, the prices won't be much better than in the last quarter, because we're a big part of the... The prices in the second quarter are enough for the east, which is actually the completion of the annual prices. The majority are prices for the United States, Brazil, Europe. Starting from the second quarter, we will see a nice increase in prices. We are not yet completely familiar with the second quarter, because we are very, very Thank you very much. If we close the second quarter now, then I would say it's about 10% more in the second quarter. But we haven't closed the second quarter, so when we close the first quarter, and Aviram and Elad will come back here, we will give you a better view. In the first quarter, you will see a slight increase in the price compared to the second quarter.

Thank you, Raviv. Despite the improvement in terms of the market and sales, you still believe that society is relatively conservative, according to someone who writes. Can you explain whether this is really true?

I think we've already said that. I see sustainability mainly in terms of the amount of waste, and I think society is sustainable in terms of responsibility. We're not in a steady state in our normal state. When we entered the war, we aimed to return to lockdowns in a few months. We didn't return to lockdowns for more than a year. It's really a big project to go back to the shutdowns and go back to the savings of the past. We also passed, by the way, the work agreement this year, which also helps a lot, because all kinds of salaries required special effort from the staff, and we are now in full agreement. I think that by April we will be within the company to see that everything really succeeds according to the plan, and then maybe we can be less careful after April. Regarding the test, I think that the issue of 30%, as Aviram explained, is a number that gives a long-term indication. Of course, we expect that it will be 30%, because in order for it to be 30%, the price of the slag has to rise very, very nicely. And regarding the specialties, we started the year with a market that is 17-18% higher than the market it was at the beginning of the past year. You know how it developed, so I assume that things are fine. We can say a lot more things around, but that's the point of the explanation for the market. And I think that maybe you should also hear a word from Elad, because Elad is the one who is responsible for this and for you, and I think you should hear that this is his approach.

I think, first of all, Raviv, you described it in a way similar to what I see. First of all, we talked about it here, Raviv and Aviram mentioned it, we see an increase in the price of ice, and in this sense, we can probably be more optimistic. As for the amount of production, we have challenges that have been mentioned here. We are making great efforts to overcome them. At the moment, the estimate we gave is the best we can estimate at this point in time. Of course, as long as during the year there will be developments, we will resume and improve, it will not mean anything to us. So, overall, I think that this presentation is a presentation I hope that the year will develop even more positively.

Maybe I'll just add one thing, that last year, I remind you again, we had two times to get to the market, to return. After every reward, we check ourselves, and we have this guidance. We wouldn't be happy to return to you, and to update the guidance to the top. So that's maybe a certain point. And that's the way we want to work.

And although we've already said enough, I would say that the only time we finished the year less well than the forecasts we gave at the beginning of the year was in 2023, when there was a spiral of prices down. That was the first year it happened, and we hope that it will be the last one as well.

We immediately set the guidance, already in May, we came to the end of the period, As we said, both in Broman and in Potashkent.

This is the period when our competition was established three times in the same year. So that's it. You heard the new CEO. You heard the money-making. It's the best we know at the moment. Great.

I think I gave a very, very good answer. There are a few questions about the industrial product sector. How do you see the rest of the year? Will there be an increase in quantities? Will there be any changes in centimeters?

We continue to increase quantities. There is a gradual improvement in the electronics industry. We hope that it will improve as a result of macro processes, and we have already talked about the space worlds, AI, EVs, and so on. In the field of hydrogen, we really do not see a decrease, but as I told you, we have a breakthrough with a new product due to anti-dumping processes. It is a product for the hydrogen industry. which we very much believe in, and this will also give us some push during the year. So we are optimistic that prices will rise somewhere during the year. But we were optimistic at the beginning of the past year, and our predictions, our consequences did not happen. We stood in the results anyway, 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 suppliers are very difficult. A major supplier in China is in a very, very difficult situation. And it doesn't bother us that much. And it seems to us that our strategy is working, and we will be patient, and we will start to raise prices when it is right to raise prices. Of course, if the Naf Anadlan was from Toshesh, it would have been immediate, but we still don't see it happening this year, certainly not at the beginning of the year. And therefore, the dynamics should be on the part of the customers, and also on the part of increasing the activity in our partnerships.

Okay, thank you. Raviv, what do you think about the new deals between the Chinese and the Odis, the time and the price?

So maybe it's also an opportunity. Elad is involved in Zemnod, so maybe it's also an opportunity to give to Elad.

Yes, so our estimate, and I'm saying this carefully because it's not in our hands, but our estimate is that this year both the Chinese and the Odis will close deals earlier than the last years. I don't know if it will be until the end of the first quarter, or somewhere in the first part of the second quarter, but that's if I need to estimate. That's currently a dilapidated estimate. And if we call the market situation correct, then I hope that these markets will close at prices that are more comfortable for us than the markets of last year. I'll go back to something that was said here earlier. We are still giving the rest of the quantities that we had to give last year, both to India and to China, and that, of course, goes with the old prices.

Thank you.

Thank you very much. You talked a little bit about anti-dumping.

Can you talk a little bit about the potential of living with a drug in the form of anti-dumping?

Yes, our vision is, once again I say this with caution, it is an addition of prices in an area of tens of millions of dollars, in very, very beautiful prosperity. A large part of it can already be implemented in the coming year. This is a matter of the speed at which our customers' expectations for the new product are met. The beauty here is that we actually find a product in anti-dumping, which is usually something that can be built on a relatively short period of one year, two years, three, four years. But because of regulation, this product that we're selling, between the end of the year of 1928 or 1929, it's no longer allowed to be sold. I hope I'm correct, I don't remember when it was, but something like that. And the beauty is that anti-dumping will bring us there with our product, and basically our product will stay there forever. That is to say, it is a process that creates for us a short-term opportunity, but it actually separates our product, and then other similar products, for a very long time. And therefore, these are really fantastic news for... to our foreign product. We are still waiting for the anti-dumping process in the United States to end, because in Europe we have already received the permits and the sanctions have already been lifted. We have very high security that we will also succeed in the United States. I hope that in the coming months we will be able to update, or my friends will be able to update, that this is already behind us, so we are talking about a potential of tens of millions of dollars, already in the coming year.

Thank you. Raviv, a question for Einishkel Baibach, a member of the committee.

We have a discussion every year about this. The graph over the last seven years that Aviram has presented, actually shows that our capital allocation in the lower row was better than that of the markets. The markets reached lower levels, even though they invested billions, and I'm not exaggerating, billions in self-sufficiency of bonds. And we see the result. And that's why the result strengthens the fact that a society that has become innovative, invests a lot of money in its future. That is, a lot of things that we don't talk about, you slowly see them turn into new products and new opportunities and value that the society brings. And issues that the Harvard University does research on because we understood what was happening here. Having said that, we are 50% of the net profit divided as a dividend. ובהחלט יש מקום לדיון האם במדיניות הזאת של חלוקת 50% כ-dividend צריך את כל החלוקה לעשות ב-dividend או חלק מהחלוקה לעשות ב-share buyback. יש דיון הזה כל שנה, יש שיקולי מס אמריקאים ואחרים. נכון לדיון האחרון שהתקיים לא כל כך מזמן ב-directorium, יש כוונה להמשיך עם המדיניות של חלוקת ה-dividend. Shini, in the last five years, I want to say that 5% of the population, beyond the population of the refugee, we think that this policy has proven itself. Thank you very much. which means that for the company to continue its work from here on out, it will have all the opportunities to also produce more significant purchases and create value for its customers. And I very much hope that when we look at a few more years, then we will see that the number of competitions has increased very much.

There's a question about the screen. I'm not sure you can read it, but maybe I can give you some direction. If you ask them, there's an opportunity to talk about what is expected from each of the fields in Brom, Phosphate, and Hydrogen. We can't give you a number, but maybe a direction similar to this year or something.

So I think that first of all it's legitimate to ask and think about it, and I'm sure that Aviram will always think about it, if it's right to reach such a level of separation. I think that the narrative basically says that what we're actually presenting is that we're waiting for... Shippur matun b'kol achat mea, b'kol achat mea chativot. Soch akol, lo shamatem yitano shum davar shematzbia ze shabahachat mea chativot ha-mutzarim ha-miyuchadim, tsech likorot mashor shlili. Yachad imzot, misparim eduyakim, anachoroshimim lefanenu ta shayla, ve-nikach kashyurei bayit et ha-machshava im... I'll add one thing to your question.

Go ahead. If you choose to do something like this, you need to go down the ladder and explain the economic conditions and the parts of the business in which we are engaged. It will definitely, definitely happen, and this is also the beauty of the planned portfolio and the planned geography of the company, which is that things happen one way or another. If you're already going down to the resolution that you're starting to deal with the need for the implementation of the industrial products, you already have to explain inside the product lines, their geography, and why you're saying what you're saying. And you open here an opening for explanations, if you want to do it as it should be, and to direct them, which can be that it's much beyond what you want. Because if you give a simplistic guidance in parts of units, It sounds very impressive. I'm not sure how accurate it is, and how much it serves the needs. So, as Raviv said, I agree, we can talk about it, but at least for now, this is not the conclusion.

Thank you, Avi Rav. Did you hear Avi Rav's answer? Yes.

Last question. How many words on the status of the national defense against the state and regarding the security?

Okay, so the state published a document with all kinds of directions at the time of the declaration. We gave an answer. In the end, there are no major surprises. I think we've already talked about that. Some of the things they want to do are to prevent the crisis from the future. We understood where we think it's good and where we think it's not good. After all, there is a good dialogue with the state. On the more significant issues of the Matan campaign, which will really determine the accuracy of the ICL and the way we operate, we are in very, very early stages of dialogue with the state. I have to say that the state has a good, professional team. Today, we operate in an intellectual way. We are very confident in our position, in our situation. We are completely in harmony with the product. Our situation is very good, not only because of the first red card, but also because of the state's willingness, according to law, to purchase the asset at the end of the asset period. This is very significant and irreversible. And we think it behaves even better than we expected. We hope to see it again, because there really is no new information. When it is, of course, we will share.

Thank you very much, Rabbi, and I hope we can conclude.

Okay, again, I'm a little excited, because seven years is a long time. It was a great honor for me to be the head of this company, which I love very much, and I really believe in it. And I think it will thrive for many, many years, and will do many, many things to represent the country with honor. I'm proud of the activity of the company, and proud of its value. And I'm proud of my team, and I think you're still in good hands. Thank you very much for this opportunity to my partner in all the previous tournaments, Aviram, which is a great pleasure to work with him. And again, congratulations to Elad, a worthy, strong candidate who will do justice to society. Thank you for the trust you gave, for the partnership, for the encouragement when it was necessary, for the crucial partnership while our country is going through what it is going through. ואני מקווה שבאמת נשמע בשורות טובות ושהמדינה שלנו תחלים ושהחטופים יחזרו ושהפצועים יחליםו ושלא נדע עוד את המלחמות הנוראיות האלה. You can be sure that ICF, which is almost 2% of the country's revenue, is in a strong, good, and positive momentum. It has a great management. And that's it.

Thank you. So I only have one more question for you, Aviv, first of all, to say hello to everyone who is on the line, we will probably meet in the next broadcasts, but anyway, to introduce myself, Elad, I am very happy to be here, and especially happy to receive a company in a much better condition than Aviv received seven years ago. We have challenges. More than that, we have a lot of opportunities. I am very optimistic about the future of the company, and I am very happy to receive the company from Raviv, that for what he did here, you can praise him better than me. And I think that together with Aviram and the management team here, we will take the company forward and continue from here. So, Raviv, thank you very much. A lot of appreciation. And we will meet in the next events. Thank you. Thank you very much. Goodbye.