Fertiglobe, the world’s largest seaborne exporter of urea and net ammonia combined, the largest nitrogen fertiliser producer in the Middle East and North Africa region, and the exclusive ammonia platform of Adnoc and XRG, on Wednesday reported strong revenues of $808 million in Q4 2025, a 73 per cent increase year over year (YoY).

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased 88 per cent YoY to $297 million, and adjusted net profit attributable to shareholders of $107 million grew significantly by 154 per cent YoY. In 2025, revenues increased 41 per cent YoY to $2.8 billion, while adjusted Ebitda rose 57 per cent YoY to $1.02 billion, and adjusted attributable net profit of $325 million was 87 per cent higher YoY.

Fertiglobe’s Board of Directors proposed H2 2025 dividends of $135 million (6.1 fils per share), leading to total dividends of $260 million for 2025, alongside $74 million of share buybacks executed to date. This brings total 2025 capital return to shareholders to $334 million, consistent with our policy to return all excess free cash flows to shareholders, implying competitive total returns to shareholders of over 5 per cent.

Fertiglobe paid or committed to pay $2.9 billion in capital returns to shareholders since IPO, including execution on its 2.5 per cent share buyback program, aimed at opportunistically capitalising on the stock’s attractive valuation. As of February 10, 2026, Fertiglobe repurchased 111 million shares, representing 1.34 per cent of total outstanding shares at the equivalent of $74 million.

As of December 31, 2025, Fertiglobe reported a net debt position of $1,006 million, down from $1,048 million as of 31 December 2024, and implying consolidated net debt to LTM adjusted Ebitda of 1.0x. Fertiglobe’s financial position enables the company to effectively growth investments and shareholder distributions, supported by robust free cash flow generation and a solid balance sheet.

Ahmed El-Hoshy, CEO of Fertiglobe, commented: “I am proud to close our first full year under Adnoc’s majority ownership through XRG with strong operational and financial momentum. We delivered a robust 57 per cent Y-o-Y growth in Ebitda to above $1 billion, underscoring disciplined execution of the Grow 2030 strategy, including efficiency improvements, record production levels at several lines in Algeria and in EFC-2, meaningful cost reductions, and focused portfolio expansion. In less than a year, we have already activated more than 40 per cent of our 2030 growth target, translating our strategy into tangible value creation through asset optimisation and disciplined, high-return expansion into new markets and products.

“With Adnoc’s support, we continued to strengthen our industrial and financial foundations. We have implemented 99 per cent of our cost optimisation targets, advanced the Manufacturing Improvement Plan with 46 per cent of planned reliability and energy efficiency gains achieved, and broadened our global footprint through selective strategic investments, including the acquisition of Wengfu Australia. At the same time, the scale up of Diesel Exhaust Fluid (DEF) and Automotive Grade Urea (AGU) production in Egypt and the UAE is building more resilient, higher margin, non-seasonal revenue streams in the EU and UAE, respectively.

Fertiglobe said it aims to continue positioning its portfolio strategically to capitalise on the tight urea and ammonia markets supporting healthy price levels, with Egypt FOB urea prices currently above $500/t and NW Europe ammonia prices at $670/t. Fertiglobe’s outstanding safety performance in 2025 reflects the transformation underway across both occupational and process safety as we advance toward zero incidents and accelerate progress across the business, and I would like to thank the Fertiglobe team whose exceptional performance and unwavering commitment underpin the results we reported today.”