ICL published its second-quarter report on 5 August 2026. We are writing about it today, 6 August.
What was reported
| Quarter | Year ago | Change | |
|---|---|---|---|
| Sales | 2,100 | 1,800 | +17% |
| Operating income | 266 | 181 | +47% |
| Adjusted operating income | 281 | 201 | +40% |
| Adjusted EBITDA | 448 | 351 | +28% |
| Net income attributable | 137 | 93 | +47% |
| Adjusted net income | 149 | 110 | +35% |
| Diluted EPS | $0.11 | $0.07 | +57% |
| Free cash flow | 94 | +34% |
In millions of dollars except per-share data
Every line rose, and in all four businesses. In the words of CEO Elad Aharonson: "ICL exceeded expectations in the second quarter and reported solid growth across all key financial metrics, both on an annual and sequential basis, and each of our four businesses contributed to the strong sales performance."
The guidance
The company reiterates 2026 guidance rather than raising it:
- Adjusted EBITDA: $1.5 to $1.7 billion
- Potash sales volumes: 4.5 to 4.7 million metric tons
ICL has already reached substantial adjusted EBITDA in the first half, and still the range did not move. That is a conservative choice - and perhaps also an acknowledgement that the commodity prices driving the result are not within its control.
And what will change the company more than the quarter
A reorganisation from the start of 2027
ICL announced it will realign its entire corporate structure at the beginning of 2027, into four divisions:
- Nutrition Solutions - a new division bringing all food, beverage, health, nutrition and wellness offerings under one roof
- Industrial Products - performance and safety solutions for industrial end markets
- Growing Solutions - specialty plant nutrition for agriculture, turf and ornamental markets
- Essential Minerals - potash and phosphate from the mining sites: the Dead Sea, Spain, the Negev and China
And that is a material separation. It isolates the commodity businesses - potash and phosphate, which depend on a world price ICL does not set - from the specialty businesses, where the margin derives from the product rather than the market.
In the company's words, the aim is to give investors "enhanced visibility into the performance, growth drivers and value creation potential" of its businesses.
In other words: today it is hard to tell how much of the profit comes from the potash price and how much from the business. From 2027 it will be visible.
And alongside it, the company cites a targeted cost savings programme of more than $350 million.
My Angle
A personal opinion of Ilan Abramov - not advice, not a recommendation
The quarter itself is good, and I want to focus on what happens in 2027.
The numbers are clear: sales up 17%, adjusted EBITDA up by nearly $100 million, and free cash flow up 34%. And all four businesses contributed - so this is not the result of one line exploding.
And what I think matters more is the reorganisation. ICL today is a company that is hard to measure: part of it sells a commodity priced on world markets, and part sells specialty products whose margin derives from the product itself. When both sit in the same report, it is hard to tell whether a good quarter came from management or from the potash price.
Separating Essential Minerals from three product divisions solves precisely that. And anyone who knows how to read a report will gain more from it than from any operational improvement.
And what I note: guidance was not raised. After a strong first half, ICL chose to reiterate a range of $1.5 to $1.7 billion. At a commodity company that is not necessarily conservatism - it is an acknowledgement that the second half depends on a price nobody in management sets.
