Core Insights - Itafos Inc. reported strong operational performance in 2025, achieving record production levels and significant increases in adjusted EBITDA, while maintaining a focus on safety and environmental responsibility [2][3][4]. Operational Highlights - At Conda, production volumes for P2O5 reached 90,815 tonnes in Q4 2025, a decrease from 97,307 tonnes in Q4 2024, but full-year production increased to 352,841 tonnes from 349,396 tonnes [4][7]. - MAP sales volumes in Q4 2025 were 92,404 tonnes, down from 99,845 tonnes in Q4 2024, with revenues increasing to $78.27 million from $71.94 million year-over-year [4][7]. - At Arraias, production of sulfuric acid increased by 11% and dry fertilizers by 170% on a P2O5 basis compared to 2024, with a successful restart of the granulation plant contributing nearly $8 million in incremental sales [3][8]. Financial Performance - The average realized price for MAP in Q4 2025 was $847 per tonne, an 18% increase from $721 per tonne in Q4 2024, driven by higher contract reference prices [7]. - For FY 2025, the average realized price for MAP was $764 per tonne, up 10% from $696 per tonne in FY 2024 [7]. - The company generated nearly $43 million in pre-tax proceeds from the sale of the Araxá Project, allowing for a return of CAD$0.22 per share to shareholders through special dividends [3][4]. Market Outlook - Phosphate fertilizer prices declined in Q4 2025 due to the lifting of reciprocal tariffs by the US government, impacting DAP and MAP prices amid farmer affordability concerns [9][10]. - Despite the recent price moderation, current phosphate prices remain near the historical five-year average, with expectations for modest improvement in Q1 2026 due to supply constraints and strong global demand [11][12]. Guidance for 2026 - The company projects sales volumes of 335-355 thousand tonnes of P2O5 for FY 2026, with corporate selling, general and administrative expenses estimated at $16-20 million [13]. - Maintenance capex is expected to be between $23-33 million, while growth capex is projected at $63-83 million [13].