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]