Core Viewpoint - The company has released an immediate report regarding the concession, which serves as a formalization and final realization of the situation [1]. Group 1 - The presentation was led by Peggy Tharp, Vice President of Global Investor Relations, who welcomed participants and acknowledged the presence of international attendees [1]. - Elad is expected to provide prepared remarks following the initial update on the concession [2].

ICL Group (NYSE:ICL) Update / briefing January 28, 2026 08:00 AM ET Company ParticipantsBenjamin Theurer - Managing DirectorElad Aharonson - President and CEOJoel Jackson - Managing Director of Equity ResearchPeggy Tharp - VP of Global Investor RelationsPeggy TharpHello! Excellent. Hey, Joel, good morning. Again, good afternoon to some of you. I see I have at least one U.K. person on the line. So thanks for joining us. We have Elad here. Hey, Ben. We have Elad here, and Aviram, obviously. And if you saw, I ...

ICL Group (NYSE: ICL) Conference Call Summary Company Overview - **Company**: ICL Group - **Date of Call**: January 28, 2026 - **Focus**: Agreement with the State of Israel regarding asset valuation and transition process Key Points of the Agreement 1. **Asset Valuation**: The company has agreed on an asset valuation of **$2.54 billion**, with additional investments in the permanent Salt Harvesting Project amounting to **hundreds of millions** [3][4] 2. **Payment Schedule**: - **95%** of the total consideration will be paid on **April 1, 2030** - The remaining **5%** will be paid on **September 1, 2030** [6][7] 3. **No Setoff Rights**: The state will have no right of setoff against the total consideration, which is a critical clause for the company [7][9] 4. **Operational Continuity**: The agreement secures the continued supply of required raw materials for downstream operations until **2035**, ensuring no disruption in bromine compounds and periclase production [7][8] 5. **Profitability Expectations**: The company does not expect a material change in profitability for downstream or concession operations until at least **2035** [8][9] 6. **Future Concession**: The company remains confident in being the leading candidate for the new concession, even without the right of first offer [6][10] Strategic Implications - **Long-term Certainty**: The agreement provides long-term certainty for the company, allowing for effective planning and evaluation of new concession options against other strategic alternatives [4][10] - **Proactive Management**: The company aims to manage the transition process proactively to avoid prolonged arbitration or legal disputes [5][10] Timeline for Future Bidding Process - The government plans to conclude new legislation within **one year**, followed by a pre-qualification phase for bidders [15][29] - The Request for Proposal (RFP) is expected to be released in **2027**, with the goal of selecting the next concession holder by the end of **2027** and allocating the concession by early **2028** [30] Additional Considerations - **National Security Arrangements**: Future limitations may be placed on foreign competitors regarding ownership of concessions, reflecting national security interests [18][20] - **Downstream Supply Alternatives**: The company is preparing for scenarios where it may not be the new concession holder, including developing alternative sourcing options beyond bromine [26][27] Conclusion - The call emphasized the importance of the agreement with the State of Israel, providing clarity and stability for ICL Group as it navigates the transition and prepares for future opportunities in the concession landscape [10][33]

Market Performance - The Tel Aviv Stock Exchange experienced a decline, with the Tel Aviv 35 Index falling by 0.08% to 3,968.81 points, the Tel Aviv 125 Index decreasing by 0.85% to 3,987.85 points, and the BlueTech Global Index dropping by 0.10% to 698.43 points [1] - The All Bond corporate bond index decreased by 0.21% to 422.79 points, with total turnover amounting to NIS 3.84 billion in equities and NIS 5.91 billion in bonds [1] Foreign Exchange Rates - The representative shekel-dollar rate increased by 0.701% from Friday, reaching NIS 3.16/$, while the representative shekel-euro rate rose by 0.903% to NIS 3.676/€ [2] Top Gainers - Enlight Renewable Energy saw the largest gain on the Tel Aviv 35 Index, rising by 8.23%. Next Vision increased by 7.69%, and Elbit Systems Ltd. rose by 0.90%. Ormat Technologies Inc. and Bezeq Israel Telecommunications Company Ltd. also experienced gains of 1.13% and 2.17%, respectively [3] Top Losers - Nice recorded the largest decline on the Tel Aviv 35 Index, falling by 5.19%. ICL decreased by 1.95%, and Teva Pharmaceutical Industries Ltd. fell by 1.68%. Mizrahi Tefahot Bank and OPC Energy also saw declines of 1.81% and 1.16%, respectively [4]

Core Viewpoint - ICL Group has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, suggesting that revisions in earnings estimates are a powerful indicator of future stock performance [4][6]. - ICL Group is projected to earn $0.36 per share for the fiscal year ending December 2025, with no year-over-year change, but the Zacks Consensus Estimate has increased by 11.1% over the past three months [8]. Investment Implications - The upgrade reflects an improvement in ICL Group's underlying business, which is expected to lead to higher stock prices as investors respond positively to the improving business trend [5]. - The Zacks Rank system classifies stocks based on earnings estimates, with only the top 20% of stocks receiving a "Strong Buy" or "Buy" rating, indicating ICL Group's strong position in terms of earnings estimate revisions [9][10].

Group 1 - ICL Group Ltd has expanded into the global food ingredient segment by acquiring Bartek Ingredients for approximately $90 million, with the first phase of the acquisition expected to close in Q1 2026 [1][2] - Bartek Ingredients operates the only vertically integrated production facilities for maleic anhydride and food-grade malic and fumaric acid in North America, generating annual revenue of $65 million [2] - The acquisition aligns with ICL's refined strategy focusing on specialty crop nutrition and specialty food solutions, indicating a commitment to long-term value and sustainable growth for shareholders [3] Group 2 - Analysts at Barclays have reiterated a Hold rating for ICL Group Ltd, setting a price target of $6, highlighting the company's role as a key player in agriculture through its focus on potash and phosphate-based fertilizers [4]

Core Insights - ICL Group Ltd has announced a strategic initiative to acquire Bartek Ingredients, a Canadian producer of food-grade acidulants, to expand its presence in the global food ingredients market [1][4] Group 1: Acquisition Details - The acquisition is structured in two phases, starting with an initial cash investment of approximately $90 million for about 50% ownership, with the first phase expected to close in Q1 2026 [2][6] - The second phase will involve acquiring the remaining stake, contingent on meeting operational and integration milestones and obtaining regulatory approvals [4] Group 2: Bartek Ingredients Overview - Bartek Ingredients generates around $65 million in annual revenues and serves customers in over 40 countries [3][6] - The company is constructing a new manufacturing facility expected to be operational in 2026, which will significantly enhance its capacity and output [3][6] Group 3: Market Context - The global functional food ingredients market is projected to exceed $45 billion in sales by 2030, indicating substantial growth potential for ICL following the acquisition [3] - ICL's shares have declined by 23.5% over the past six months, compared to an 11.9% decline in the industry [4]

Core Viewpoint - ICL has announced a definitive agreement to acquire Bartek Ingredients, a leader in food-grade malic and fumaric acid, enhancing its position in the food and beverage industry [1] Company Summary - ICL is acquiring Bartek Ingredients, which serves hundreds of customers and distributors globally in various markets including food, beverage, confectionery, and bakery [1] - Bartek's functional food ingredients are utilized by food and beverage companies to enhance flavor profiles, extend shelf life, and improve overall quality [1] Industry Summary - The acquisition positions ICL to strengthen its portfolio in the food-grade ingredient sector, particularly in malic and fumaric acid, which are essential for enhancing food products [1]

Market Performance - The Tel Aviv Stock Exchange experienced an overall increase, with the Tel Aviv 35 Index rising by 1.32% to 3,434.03 points, the Tel Aviv 125 Index increasing by 1.35% to 3,485.94 points, and the BlueTech Global Index up by 1.54% to 603.17 points [1] - The All Bond corporate bond index rose by 0.18% to 419.00 points, with total turnover reaching NIS 4.19 billion in equities and NIS 6.99 billion in bonds [1] Foreign Exchange Rates - The shekel-dollar rate decreased by 0.528% to NIS 3.20/$, while the shekel-euro rate fell by 0.572% to NIS 3.702/€ [2] Leading Companies - Bank Hapoalim led the market with a rise of 2.61%, followed by Bank Leumi with a 1.76% increase, Mizrahi Tefahot Bank rising by 1.94%, and Israel Discount Bank increasing by 1.90% [2] - Enlight Renewable Energy saw the largest increase on the Tel Aviv 35 Index, rising by 6.93%, while Teva Pharmaceutical Industries rose by 2.54% and Tower Semiconductor increased by 4.86% [3] Declining Companies - ICL experienced the largest decline on the Tel Aviv 35 Index, falling by 3.66%, with its parent company Israel Corp. dropping by 5.46% [4] - Other notable declines included Bezeq Israel Telecommunications Company falling by 4.01%, Camtek decreasing by 3.60%, and Nice dropping by 1.93% [4]

分组1 - ICL Group reported quarterly earnings of $0.1 per share, exceeding the Zacks Consensus Estimate of $0.09 per share, but down from $0.11 per share a year ago, representing an earnings surprise of +11.11% [1] - The company posted revenues of $1.85 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 1.06%, compared to year-ago revenues of $1.75 billion [2] - ICL Group shares have increased approximately 14.6% since the beginning of the year, while the S&P 500 has gained 16.4% [3] 分组2 - The earnings outlook for ICL Group is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for ICL Group was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.11 on revenues of $1.71 billion, and for the current fiscal year, it is $0.37 on revenues of $7.19 billion [7] 分组3 - The Fertilizers industry, to which ICL Group belongs, is currently ranked in the bottom 16% of over 250 Zacks industries, suggesting that the industry's outlook can significantly impact stock performance [8]