ICL Group Ltd.
ICL Group Ltd. is an Israel-based specialty minerals company that extracts and processes bromine, potash, phosphate and related mineral inputs for agricultural and industrial end markets. Its business combines mining, chemical processing and product formulation across a global network of operations serving customers in food, agriculture, electronics, water treatment and other industrial uses.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueBromine and bromine-based compounds used in industrial, electronics and specialty applications.
Potash mined and marketed for crop nutrition and fertilizer formulations.
Phosphate products and formulations used in agriculture and industrial end markets.
Specialty agriculture products, crop nutrition and horticulture solutions.
Customers
ICL sells to customers in agriculture and industrial end markets, with products used by farmers, fertilizer distributors, food manufacturers and industrial processors. Its mineral-based inputs also serve electronics, water treatment, desalination, construction, detergents, cosmetics, pharmaceuticals and automotive applications. Demand is therefore driven by crop nutrition needs, industrial production cycles and the need for specialty mineral inputs.
Farmers, distributors and blenders buy potash, phosphate and growing-solution products to improve yields and soil nutrition.
Industrial processors buy bromine and specialty minerals for flame retardants, purification and other applications.
Food manufacturers use selected phosphate-based inputs and specialty mineral products in processing and formulation.
Water treatment and desalination operators purchase mineral-based inputs for purification processes.
Strategy
ICL focuses on specialty agriculture and food businesses while managing its bromine, potash and phosphate resource base as integrated growth platforms. The strategy is to use mineral access, processing know-how and formulation expertise to build differentiated products and improve the mix toward higher-value applications.
Specialty products can deepen customer relationships and diversify the portfolio beyond basic commodity minerals.
Integrated control of mineral resources supports scale, supply reliability and product differentiation.
Mining and chemical-processing businesses depend on utilization, logistics and cost discipline to remain competitive.
Geography
ICL operates globally, with a business model that links mineral extraction to worldwide sales into agriculture and industrial markets. The company is incorporated in Israel and headquartered in Tel Aviv, while its shares are dual listed on the NYSE and TASE. Its operating footprint is international, which exposes it to regional demand, logistics, energy and geopolitical conditions across multiple markets.
Risks
ICL faces commodity-cycle and price risk because potash, phosphate and bromine markets can move with global supply-demand conditions. The company also has material operational and geopolitical exposure from its global mining and processing base, especially given its Israeli domicile and reliance on large industrial assets, energy, logistics and environmental permits.
- Commodity price volatilityImpact: HighLikelihood: High
ICL sells mineral-based products whose pricing depends on global supply-demand cycles.
Exposure - Operational disruption at mining and processing sitesImpact: HighLikelihood: Medium
The business depends on continuous operation of extraction, processing and logistics assets.
Exposure: Global production network
- Geopolitical and security exposure in IsraelImpact: HighLikelihood: Medium
The company is headquartered and incorporated in Israel and flags the security situation as a reportable issue.
Exposure: Israel-based operations and corporate functions
- Environmental and regulatory complianceImpact: HighLikelihood: Medium
Mining, chemical processing and water-related applications require permits, monitoring and remediation.
Exposure: Mineral extraction and industrial chemistry
Accounting
Judgemental itemsManagement uses adjusted measures to present operating performance excluding special items.
Impact: Can materially differ from IFRS profit and affect valuation multiples
Commodity and currency exposures create mark-to-market movements and hedge reserve changes.
Impact: Can affect reported income, OCI and period comparability
Mining and processing assets are long-lived and can be written down if economic assumptions weaken.
Impact: May create large non-cash charges in affected periods
Operational sites and logistics assets may create material lease liabilities and right-of-use assets.
Impact: Affects leverage presentation, depreciation and interest expense
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Last updated: 28/09/2026