ICL Reports Full Year and Strong Fourth Quarter Results

TEL AVIV, Israel, Feb. 11, 2021

"To be certain, 2020 was a challenging year – for ICL, its employees, its customers and its communities – however, we are coming out of a tough year with a strong finish, and we believe we are well-positioned for 2021," said Raviv Zoller, president and CEO of ICL.  "Not only are commodity prices in our favor going into the new year, we also expect to continue seeing benefits from our innovative products and from the cost efficiencies and strategic initiatives we executed against in 2020."

"In 2020, our focus on innovative specialty products drove record operating income for specialty phosphates and Innovative Ag Solutions division.  We also had a record year at our YPH joint venture in China, our second-best year in Industrial Products, and we broke the annual potash production record at The Dead Sea, with these – and other achievements – driven by innovation and prompt execution.  Other operational successes included launching production trials at our new TBBA plant in Neot Hovav; beginning full operations of the salt harvester at The Dead Sea; the continued ramp up of white phosphoric acid production at our YPH facility; and the completion of excavation for the ramp connecting our Cabanasses mine in Spain with our Suria plant. The final integration in Spain will be completed in the first half of 2021," continued Zoller. 

"We also continued to reposition Innovative Ag Solutions for the future, by focusing on the development of innovative products and growing our business in target markets, including Brazil - one of the world's fastest growing agriculture markets – through our acquisition of Fertiláqua, which was completed during the first week of January 2021. We expect these and other innovative efforts to benefit the Company in 2021," concluded Zoller.

In order to provide better clarity around expectations for 2021, the Company is issuing an adjusted EBITDA guidance range of $1.02 billion to $1.12 billion for the full year, which is based on commodity prices and exchange rates as of the beginning of 2021. (1a)