# EDGAR Filing Document

**Accession Number:** 0000941221
**File Stem:** 0001178913-26-002593
**Filing Date:** 2026-5
**Character Count:** 101845
**Document Hash:** 33fd001b138f816c5b443d6bc2c3a6bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-26-002593.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001178913-26-002593

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260513

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ICL Group Ltd.
- **CENTRAL INDEX KEY:** 0000941221
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE CHEMICALS [2870]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13742
- **FILM NUMBER:** 26970725

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MILLENNIUM TOWER
- **STREET 2:** 23 ARANHA STREET, P.O. BOX 20245
- **CITY:** TEL AVIV
- **PROVINCE COUNTRY:** L3
- **BUSINESS PHONE:** (972-3) 684-4400

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MILLENNIUM TOWER
- **STREET 2:** 23 ARANHA STREET, P.O. BOX 20245
- **CITY:** TEL AVIV
- **PROVINCE COUNTRY:** L3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISRAEL CHEMICALS LTD
- **DATE OF NAME CHANGE:** 19950314

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of May 2026

**Commission File Number: 001-13742**

**ICL GROUP LTD.**

**(Exact name of registrant as specified in its charter)**

**ICL Group Ltd.**

**Millennium Tower**

**23 Aranha Street**

**P.O. Box 20245**

**Tel Aviv, 61202 Israel**

**(972-3) 684-4400**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

 **ICL GROUP LTD.**

 **INCORPORATION BY REFERENCE**

This report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form S-8 (Registration Number: 333-205518) of ICL Group Ltd. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. In addition, this report on Form 6-K shall be deemed to be incorporated by reference into the Israeli Shelf Prospectus of ICL Group Ltd. filed with the Israel Securities Authority and dated September 19, 2025 (Filing Number: 2025-02-070730) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**ICL GROUP LTD.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Q1
 2026 Results

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **ICL Group Ltd.** | **ICL Group Ltd.** | **ICL Group Ltd.** |
| By: | /s/ Aviram Lahav | /s/ Aviram Lahav |
|  | Name: | Aviram Lahav |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **ICL Group Ltd.** | **ICL Group Ltd.** | **ICL Group Ltd.** |
| By: | /s/ Aya Landman | /s/ Aya Landman |
|  | Name: | Aya Landman |
|  | Title: | VP, Chief Compliance Officer & Corporate Secretary |

---

Date: May 13, 2026

**Financial Results and Business Overview** 

March 31, 2026

![](image_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; ICL Group Ltd | &nbsp;&nbsp;<br> ![](image_001.jpg) |

---

**ICL Reports First Quarter 2026 Results**

*Following a strong quarter, company increases full year EBITDA guidance to $1.5 billion<br> to $1.7 billion. Company continuing to execute against strategy to accelerate growth in specialty*

*crop nutrition and specialty food solutions<br> Sales of $2.0 billion increased 14% year-over-year, with operating income of $235 million up 27%,*

*adjusted net income of $139 million up 26%, adjusted EBITDA of $412 million<br> up 15% and adjusted diluted EPS of $0.11 up 22%* 

***Tel Aviv, Israel, and St. Louis, May 13, 2026 – ICL (NYSE: ICL) (TASE: ICL),*** a leading global specialty minerals company, today reported its financial results for the first quarter ended March 31, 2026. Consolidated sales of $2.0 billion were up 14% versus $1.8 billion in the prior year. Operating income was $235 versus $185 million in the first quarter of last year, while adjusted operating income of $252 million was up 21% versus $208. For the first quarter, net income attributable to shareholders was $126 million versus $91 million in the prior year, with adjusted net income of $139 million up 26% compared to $110 million. Adjusted EBITDA of $412 million was up 15% versus $359 million. Diluted earnings per share were $0.10 versus $0.07 in the first quarter of last year, with adjusted diluted EPS of $0.11 up 22% versus $0.09 in the first quarter of last year.

"ICL delivered solid growth across all key financial metrics in the first quarter, including a 14% increase in sales, a 15% increase in adjusted EBITDA and adjusted EPS improvement of 22%, with sales growth in all four business segments. This successful performance was achieved as the company demonstrated exceptional execution and operational resilience, while continuing to benefit from our distinctive global presence with regionally diversified operations. The first quarter also included the acquisition of Bartek Ingredients and the establishment of a specialty fertilizer production facility in India – proof points that we are executing against our strategy to drive growth in specialty crop nutrition and specialty food solutions," said Elad Aharonson, president and CEO of ICL.

"After this successful first quarter, where we benefitted from higher bromine and potash prices – which are expected to remain elevated – we are raising our guidance by $100 million. Looking ahead, we expect to continue to benefit from the current pricing environment, and we will also work to manage raw material costs and other headwinds by swiftly navigating changes in market conditions," concluded Aharonson.

The company increased its guidance for full year 2026 consolidated adjusted EBITDA to $1.5 billion to $1.7 billion from $1.4 billion to $1.6 billion. The company continues to expect Potash sales volumes of between 4.5 million and 4.7 million metric tons. (1a)

The international earnings call will begin today at 8:30 a.m. New York time (1:30 p.m. London and 3:30 p.m. Tel Aviv). The dial-in number for financial analysts in North America is (833) 461-5787, or (585) 542-9983 for international analysts, and the conference ID is 273801307, or they can pre-register for the call by visiting <u>https://events.q4inc.com/analyst/273801307?pwd=lqktZ3dC.</u> Employees, the media and the public are invited to listen to the call using the webcast link found at <u>ICL Group Investors Relations - Reports News & Events.</u>

ICL Group Limited Q1 2026 Results 1

Financial Results and Business Overview

This Financial Results and Business Overview is based on the Company's unaudited interim condensed consolidated financial statements as of and for the three-month period ended March 31, 2026 (hereinafter - Interim Financial Statements), and is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", unless otherwise stated. The Financial Results and Business Overview contains certain non-IFRS financial measures and forward-looking statements, which are described in the "Financial Figures and non-GAAP Financial Measures" section and the "Forward-looking Statements" section, respectively.

About ICL

ICL Group Ltd. is a global leader in agriculture, food and industrial solutions, utilizing its unique mineral resources and extensive expertise to address key sustainability challenges related to food security and access to essential minerals. ICL is focused on driving long-term growth through its specialty agriculture and food businesses, while strategically managing its bromine, potash, and phosphate mineral resources. ICL's global professional workforce is dedicated to expanding its growth engines and efficiently operating – both structurally and economically – while maintaining and optimizing its core operations. The Company's operations are organized under four segments: Industrial Products (Bromine), Potash, Phosphate Solutions and Growing Solutions. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The Company employs more than 12,000 people worldwide, and its 2025 revenues totaled approximately $7 billion. For more information, visit the Company's website at <u>www.icl-group.com</u><sup>[1]</sup>.

<sup>[1]</sup> The reference to our website is intended to be an inactive textual reference and the information on, or accessible through, our website is not intended to be part of this Form 6-K.

ICL Group Limited Q1 2026 Results 2

Financial Figures and non-GAAP Financial Measures

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2026** | **1-3/2025** | **1-3/2025** | **1-12/2025** | **1-12/2025** |
| | **$ millions** | **% of Sales** | **$ millions** | **% of Sales** | **$ millions** | **% of Sales** |
| Sales | **2023** | **-** | 1767 |  | 7153 |  |
| Gross profit | **626** | **31** | 560 | 32 | 2186 | 31 |
| Operating income | **235** | **12** | 185 | 10 | 580 | 8 |
| Adjusted operating income <sup>(1)</sup> | **252** | **12** | 208 | 12 | 873 | 12 |
| Net income attributable to the Company's shareholders | **126** | **6** | 91 | 5 | 226 | 3 |
| Adjusted net income attributable to the Company's shareholders <sup>(1)</sup> | **139** | **7** | 110 | 6 | 465 | 7 |
| Diluted earnings per share (in dollars) | **0.10** | **-** | 0.07 |  | 0.18 |  |
| Diluted adjusted earnings per share (in dollars) <sup>(2)</sup> | **0.11** | **-** | 0.09 |  | 0.36 |  |
| Adjusted EBITDA <sup>(2)</sup> | **412** | **20** | 359 | 20 | 1488 | 21 |
| Cash flows from operating activities <sup>(3)</sup> | **195** | **-** | 165 |  | 1056 |  |
| Purchases of property, plant and equipment and intangible assets <sup>(3)</sup> | **135** | **-** | 190 | - | 824 | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See
"Adjustments to Reported Operating and Net income (non-GAAP)" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) See
"Adjusted EBITDA and Diluted Adjusted Earnings Per Share for the periods of activity" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) See
"Condensed consolidated statements of cash flows (unaudited)" in the accompanying financial statements.

*We disclose in this quarterly report non-IFRS financial measures titled adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA. Our management uses adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA to facilitate operating performance comparisons from period to period. We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth in the reconciliation table under "Adjustments to reported operating, and net income (non-GAAP)" below. Some of these items may recur. We calculate our adjusted net income attributable to the Company's shareholders by adjusting our net income attributable to the Company's shareholders to add certain items, as set forth in the reconciliation table under "Adjustments to reported operating, and net income (non-GAAP)" below, excluding the total tax impact of such adjustments. We calculate our diluted adjusted earnings per share by dividing adjusted net income by the weighted-average number of diluted ordinary shares outstanding. Our adjusted EBITDA is calculated as net income before financing expenses, net, taxes on income, share in earnings of equity-accounted investees, depreciation and amortization, and certain adjustments presented in the reconciliation table under "Consolidated adjusted EBITDA, and diluted adjusted Earnings Per Share for the periods of activity" below, which were adjusted for in calculating the adjusted operating income.* 

ICL Group Limited Q1 2026 Results 3

*You should not view adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share or adjusted EBITDA as a substitute for operating income or net income attributable to the Company's shareholders determined in accordance with IFRS, and you should note that our definitions of adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA may differ from those used by other companies. Additionally, other companies may use other measures to evaluate their performance, which may reduce the usefulness of our non-IFRS financial measures as tools for comparison. However, we believe adjusted operating income, adjusted net income attributable to the Company's shareholders, diluted adjusted earnings per share, and adjusted EBITDA provide useful information to both management, and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS measures to evaluate the Company's business strategies and management performance. We believe that these non-IFRS measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1a) The Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting, and quantifying certain amounts that are necessary for such reconciliation, in particular, because special items such as restructuring, litigation, and other matters, used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and therefore could result in projected GAAP net income (loss) being materially less than projected adjusted EBITDA (non-GAAP). The guidance speaks only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. The Company provides guidance for consolidated adjusted EBITDA and for its Potash business the Company provides sales volumes guidance. The Company believes this information provides greater transparency, as the price of potash has stabilized over the past few years and consolidated adjusted EBITDA is now a more relevant metric for investors to evaluate the Company's performance and compare its financial results between periods.*

*We present a discussion in the period-to-period comparisons of the primary drivers of change in the Company's results of operations. This discussion is based in part on management's best estimates of the impact of the main trends on our businesses. We have based the following discussion on our financial statements. You should read such discussion together with our financial statements.*

ICL Group Limited Q1 2026 Results 4

**Adjustments to Reported Operating and Net income (non-GAAP)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Operating income** | **235** | 185 | 580 |
| Charges related to the security situation in Israel <sup>(1)</sup> | **17** | 10 | 54 |
| Impairment and write-off of assets and provision for site closure <sup>(2)</sup> | **-** | 4 | 131 |
| Provision for early retirement <sup>(3)</sup> | **-** | 9 | 28 |
| Legal proceedings <sup>(4)</sup> | **-** | - | 80 |
| **Total adjustments to operating income** | **17** | 23 | 293 |
| **Adjusted operating income** | **252** | 208 | 873 |
| **Net income attributable to the shareholders of the Company** | **126** | 91 | 226 |
| Total adjustments to operating income | **17** | 23 | 293 |
| Total tax adjustments <sup>(5)</sup> | **(4)** | (4) | (54) |
| **Total adjusted net income - shareholders of the Company** | **139** | 110  | 465  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
2026 and 2025, reflects charges relating to the ongoing security situation in Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For
2025, reflects mainly asset write-offs resulting from the closure of LFP projects, impairment of assets in the Company's UK operation,
and a small R&D activity in Israel, following the implementation of the Company's strategy, including efficiency and cost-reduction
programs. It also includes asset write-offs related to a fire at Ashdod Port and two portfolio companies due to failed business continuity
and funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For
2025, reflects provisions for early retirement due to restructuring at certain sites, as part of the Company's global efficiency
plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For
2025, reflects a provision for prior years following a Supreme Court ruling regarding water extraction fees in the Dead Sea concession
area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For
2026 and 2025, reflects the tax impact of adjustments made to operating income.

ICL Group Limited Q1 2026 Results 5

**Consolidated adjusted EBITDA and diluted adjusted Earnings Per Share for the periods of activity** 

Calculation of adjusted EBITDA was made as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Net income** | **140** | 106 | 280 |
| Financing expenses, net | **42** | 37 | 139 |
| Taxes on income | **53** | 42 | 161 |
| **Operating income** | **235** | 185 | 580 |
| Depreciation and amortization | **160** | 151 | 615 |
| Adjustments <sup>(1)</sup> | **17** | 23 | 293 |
| **Total adjusted EBITDA** | **412** | 359 | 1488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See
"Adjustments to Reported Operating and Net income (non-GAAP)" above.

Calculation of diluted adjusted earnings per share was made as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Net income attributable to the Company's shareholders** | **126** | 91 | 226 |
| Adjustments <sup>(1)</sup> | **17** | 23 | 293 |
| Tax adjustments <sup>(1)</sup> | **(4)** | (4) | (54) |
| **Adjusted net income - shareholders of the Company** | **139** | 110 | 465 |
| Weighted-average number of diluted ordinary shares outstanding (in thousands) | **1290677** | 1290944 | 1291395 |
| Diluted adjusted earnings per share (in dollars) <sup>(2)</sup> | **0.11** | 0.09 | 0.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See "Adjustments to Reported Operating
and Net income (non-GAAP)" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The diluted adjusted earnings per share are
calculated as follows: dividing the adjusted net income attributable to the shareholders of the Company by the weighted-average number
of diluted ordinary shares outstanding (in thousands).

ICL Group Limited Q1 2026 Results 6

Recent Developments

**Security situation in Israel**

In October 2023, the Israeli government declared a state of war in response to attacks on its civilians in the southern region of the country, which subsequently escalated to other areas. On October 9, 2025, Israel signed a ceasefire agreement. On February 28, 2026, a coordinated attack by Israel and the United States was launched in response to threats from Iran, which subsequently escalated into a conflict involving Lebanon along Israel's northern border. The conflict with Iran and Lebanon is currently subject to a ceasefire aimed at enabling negotiations and the potential achievement of a broader agreement. The ongoing security situation over the past two years has created several challenges, including disruptions to supply chains and shipping routes, personnel shortages due to recurring rounds of mobilization for reserve duty, additional costs to protect Company sites/assets, effects of reluctance to perform contractual obligations in Israel during hostilities, various bans and limitations on trade and cooperation with Israel related entities, and fluctuations in foreign currency exchange rates relative to the Israeli shekel. Additionally, regional tensions involving Houthis attacks and threats to commercial vessels have intensified, disrupting shipping routes and commercial shipping arrangements, leading to increased shipping costs.

The Company continues to take measures to ensure the safety of its employees and business partners, as well as the communities in which it operates. It has also implemented supportive measures to accommodate employees called for reserve duty, aiming to minimize any potential impact on its business, and to avoid disruptions to production activities at its facilities in Israel.

ICL continuously monitors developments and will take all necessary actions to minimize any negative consequences to our operations and assets. As of the reporting date, the security situation has not had a material impact on our business results. However, its future effects remain uncertain due to the unpredictable nature and duration of the conflict.

ICL Group Limited Q1 2026 Results 7

Consolidated Results Analysis

**Results analysis for the period January – March 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales** | **Expenses** | **Operating income** |  |
| | **$ millions** | **$ millions** | **$ millions** | |
| **Q1 2025 figures** | **1767** | **(1582)** | **185** |  |
| Total adjustments Q1 2025\* | - | 23 | 23 |  |
| **Adjusted Q1 2025 figures** | **1767** | **(1559)** | **208** |  |
| Quantity | 12 | (13) | (1) | ![Arrow: Down](image00004.jpg) |
| Price | 159 |  | 159 | ![Arrow: Up](image00005.jpg) |
| Exchange rates | 85 | (106) | (21) | ![Arrow: Down](image00004.jpg) |
| Raw materials |  | (75) | (75) | ![Arrow: Down](image00004.jpg) |
| Energy |  | 5 | 5 | ![Arrow: Up](image00005.jpg) |
| Transportation |  | (7) | (7) | ![Arrow: Down](image00004.jpg) |
| Operating and other expenses | - | (16) | (16) | ![Arrow: Down](image00004.jpg) |
| **Adjusted Q1 2026 figures** | 2023 | (1771) | 252 |  |
| Total adjustments Q1 2026\* | - | (17) | (17) |  |
| **Q1 2026 figures** | **2023** | **(1788)** | **235** |  |

---

\* See "Adjustments to reported Operating and Net income (non-GAAP)" above.

- <u>Quantity</u> - Higher sales volumes of potash, specialty agriculture products, and white phosphoric acid (WPA) contributed positively to operating income, partially mitigating the impact of lower sales volumes of bromine-based industrial solutions.

<u>Price</u> – The positive impact on operating income was primarily related to an increase of $62 in the potash price (CIF) per tonne year-over-year, as well as higher selling prices of phosphate fertilizers, white phosphoric acid (WPA), bromine-based flame retardants, elemental bromine, specialty minerals products, and specialty Agriculture and FertilizerpluS products.

<u>Exchange rates</u> – The unfavorable impact on operating income was due to the negative impact on operational costs resulting mainly from the appreciation of the average exchange rate of the euro, Brazilian real, Chinese Yuan and the Israeli shekel against the US dollar, which outweighed the positive impact on sales from the stronger euro, Chinese Yuan and Brazilian real.

- <u>Raw materials</u> – The negative impact on operating income was mainly due to the higher cost of Sulphur, commodity fertilizers and nitrogen.

- <u>Energy</u> – The positive impact on operating income was mainly due to the lower cost of electricity.

- <u>Transportation</u> – The negative impact on operating income resulted from higher marine transportation costs to China and India.

- <u>Operating and other expenses</u> – The negative impact on operating income was mainly related to higher operational costs and royalty payments.

Financing expenses, net

Net financing expenses in the first quarter of 2026 amounted to $42 million, compared to $37 million in the corresponding quarter last year, an increase of $5 million. This increase is primarily due to higher interest expenses, partially offset by income from net exchange rate differences and hedging transactions.

Tax expenses

In the first quarter of 2026, the Company's reported tax expenses amounted to $53 million, compared to $42 million in the corresponding quarter of last year, reflecting an effective tax rate of about 28% in both periods.

ICL Group Limited Q1 2026 Results 8

 **Segment Information** 

**Industrial Products**

The Industrial Products segment produces bromine from a highly concentrated solution in the Dead Sea and bromine-based compounds at its facilities in Israel, the Netherlands and China. In addition, the segment produces several grades of salts, magnesium chloride, magnesia-based products, phosphorus-based products and functional fluids.

**<u>Results of operations and key indicators</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Segment Sales** | **349** | 344 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to external customers | **345** | 338 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to internal customers | **4** | 6 | 16 |
| **Segment Operating Income** | **71** | 62 | 220 |
| Depreciation and amortization | **15** | 14 | 60 |
| **Segment EBITDA** | **86** | 76 | 280 |
| Capital expenditures | **27** | 18 | 81 |

---

**<u>Highlights and business environment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elemental
bromine: Sales remained stable year-over-year, with higher prices offset lower volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flame
retardants: Sales of bromine-based products increased year-over-year, as higher pricing more than offset lower sales volumes. Sales of
phosphorus-based products decreased year-over-year, driven mainly by soft demand and strong Chinese competition in the construction end-market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Clear
brine fluids: Sales declined year-over-year, reflecting postponed activity in North America due to drilling cycle timing, partially offset
by higher sales volumes in South America, Africa and Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Specialty
minerals: Sales increased year-over-year, driven by increased demand for magnesia for pharma applications.

ICL Group Limited Q1 2026 Results 9

**<u>Results analysis for the period January – March 2026</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales** | **Expenses** | **Operating income** |  |
| | **$ millions** | **$ millions** | **$ millions** | |
| **Q1 2025 figures** | **344** | **(282)** | **62** |  |
| Quantity | (42) | 24 | (18) | ![Arrow: Down](image00004.jpg) |
| Price | 40 |  | 40 | ![Arrow: Up](image00005.jpg) |
| Exchange rates | 7 | (13) | (6) | ![Arrow: Down](image00004.jpg) |
| Raw materials |  | 3 | 3 | ![Arrow: Up](image00005.jpg) |
| Transportation |  | 3 | 3 | ![Arrow: Up](image00005.jpg) |
| Operating and other expenses | - | (13) | (13) | ![Arrow: Down](image00004.jpg) |
| **Q1 2026 figures** | **349** | **(278)** | **71** |  |

---

- <u>Quantity</u> – The negative impact on operating income was primarily related to a decrease in sales volumes of bromine-based industrial solutions, as well as bromine-and phosphorus-based flame retardants.

- <u>Price</u> – The positive impact on operating income was due to higher selling prices of bromine- based flame retardants, elemental bromine, and specialty minerals.

<u>Exchange rates</u> – The unfavorable impact on operating income was mainly driven by higher operational costs due to the appreciation of the average exchange rate of the Israeli shekel against the US dollar, which outweighed the positive impact on sales from the euro's appreciation.

- <u>Operating and other expenses</u> – The negative impact on operating income was mainly related to higher operational costs.

ICL Group Limited Q1 2026 Results 10

**Potash**

The Potash segment produces and sells mainly potash, salts, magnesium and electricity. Potash is produced in Israel using an evaporation process to extract potash from the Dead Sea at Sodom and in Spain using conventional mining from an underground mine. The segment also produces and sells pure magnesium, magnesium alloys and chlorine. In addition, the segment sells salt products produced at its potash site in Spain. The segment operates a power plant in Sodom, which supplies electricity and steam to ICL facilities in Israel with any surplus electricity sold to external customers.

**<u>Results of operations and key indicators</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Segment Sales** | **503** | 405 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potash sales to external customers | **402** | 305 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potash sales to internal customers | **18** | 22 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other and eliminations <sup>(1)</sup> | **83** | 78 | 317 |
| **Gross Profit** | **214** | 136 | 622 |
| **Segment Operating Income** | **105** | 56 | 298 |
| Depreciation and amortization | **67** | 62 | 254 |
| **Segment EBITDA** | **172** | 118 | 552 |
| Capital expenditures | **75** | 64 | 367 |
| Potash price - CIF ($ per tonne) | **362** | 300 | 333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Primarily
includes salt produced in Spain, metal magnesium-based products, chlorine and sales of surplus electricity produced by ICL's power
plant at the Dead Sea in Israel.

**<u>Highlights and business environment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ICL's
potash price (CIF) per tonne of $362 in the quarter was 4% higher than the fourth quarter of 2025, and a 21% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
Grain Price Index rose by 5.2% in the first quarter, driven by an increase quarter-over-quarter in the price of wheat (8.2%), rice (5.0%),
soy (4.2%) and corn (3.3%), following the escalation of conflict in the Middle East.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
WASDE (World Agricultural Supply and Demand Estimates) report, published by the USDA in April 2026, estimates the ratio of global inventories
of grains to consumption at 27.1.% in 2025/26. Good harvest outputs recently have kept this figure in line with 2024/25 (27.0%), but it
remains below 2023/24 (28.3%) and the five-year average (also 28.3%).

ICL Group Limited Q1 2026 Results 11

**<u>Additional segment information</u>**

Global potash market - average prices and imports:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average prices** | | **1-3/2026** | **1-3/2025** | **VS Q1 2025** | **10-12/2025** | **VS Q4 2025** |
| Granular potash – Brazil | CFR spot<br> ($ per tonne) | **375** | 321 | 16.8% | 356 | 5.3% |
| Granular potash – Northwest Europe | CIF spot/contract<br> (€ per tonne) | **363** | 338 | 7.4% | 365 | (0.5)% |
| Standard potash – Southeast Asia | CFR spot<br> ($ per tonne) | **377** | 307 | 22.8% | 373 | 1.1% |
| Potash imports |  |  |  |  |  |  |
| To Brazil | million tonnes | **2.8** | 2.8 | 1.0% | 2.5 | 12.8% |
| To China | million tonnes | **4.6** | 3.6 | 28.0% | 4 | 15.9% |
| To India | million tonnes | **0.8** | 0.8 | 0.9% | 1 | (17.2)% |

---

**Sources:** CRU (Fertilizer Week Historical Price, April 2026), SIACESP (Brazil), FAI (India), Chinese customs data, Global Trade Tracker (GTT).

**<u>Potash – Production and Sales</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Thousands of tonnes** | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| Production | **1177** | 1062 | 4377 |
| Total sales (including internal sales) | **1190** | 1103 | 4320 |
| Closing inventory | **273** | 188 | 286 |

---

**First quarter 2026**

- <u>Production</u> – Production increased by 115 thousand tonnes year-over-year, mainly due to improved workforce stability at the Company's Dead Sea plant, along with ongoing operational improvements at its facilities in Spain.

- <u>Sales</u> – The quantity of potash sold increased by 87 thousand tonnes year-over-year, mainly due to higher sales volumes in China and Brazil, partially offset by lower sales volumes in the US.

ICL Group Limited Q1 2026 Results 12

**<u>Results analysis for the period January – March 2026</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales** | **Expenses** | **Operating income** |  |
| | **$ millions** | **$ millions** | **$ millions** | |
| **Q1 2025 figures** | **405** | **(349)** | **56** |  |
| Quantity | 22 | (18) | 4 | ![Arrow: Up](image00005.jpg) |
| Price | 62 |  | 62 | ![Arrow: Up](image00005.jpg) |
| Exchange rates | 14 | (17) | (3) | ![Arrow: Down](image00004.jpg) |
| Energy |  | 2 | 2 | ![Arrow: Up](image00005.jpg) |
| Transportation |  | (12) | (12) | ![Arrow: Down](image00004.jpg) |
| Operating and other expenses | - | (4) | (4) | ![Arrow: Down](image00004.jpg) |
| **Q1 2026 figures** | **503** | **(398)** | **105** |  |

---

- <u>Quantity</u> – The positive impact on operating income was primarily related to an increase in sales volumes of potash in China and Brazil, partially offset by lower potash sales volumes in the US, as well as a decrease in sales volumes of magnesium.

<u>Price</u> – The positive impact on operating income resulted primarily from an increase of $62 in the potash price (CIF) per tonne, year-over-year.

- <u>Transportation</u> – The negative impact on operating income was primarily due to higher marine and inland transportation costs, primarily to India and China.

<u>Exchange rates</u> – The unfavorable impact on operating income was mainly due to higher operational costs resulting from the appreciation of the average exchange rate of the euro and the Israeli shekel against the US dollar, partially offset by higher sales driven by the stronger euro and pound.

ICL Group Limited Q1 2026 Results 13

**Phosphate Solutions**

The Phosphate Solutions segment operates ICL's phosphate value chain and uses phosphate rock and fertilizer-grade phosphoric acid to produce phosphate-based specialty products with higher added value, as well as to produce and sell phosphate-based fertilizers.

**<u>Results of operations and key indicators</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026 <sup>(1)</sup>** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Segment Sales** | **679** | 573 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to external customers | **620** | 536 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to internal customers | **59** | 37 | 177 |
| **Segment Operating Income** | **81** | 91 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **50** | 48 | 186 |
| **Segment EBITDA** | **131** | 139 | 528 |
| Capital expenditures | **77** | 71 | 336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For
Q1 2026, Phosphate Specialties accounted for $368 million of segment sales, $32 million of operating income, $13 million of D&A and
$45 million of EBITDA, while Phosphate Commodities accounted for $311 million of segment sales, $49 million of operating income, $37 million
of D&A and represented $86 million of EBITDA.

**<u>Highlights and business environment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Phosphate
markets were highly volatile in the first quarter. While global benchmark prices averaged only a 1% increase for the quarter, prices increased
sharply by 21% during the period, with most of the increase occurring toward quarter-end. Improved affordability and tight global availability
contributed to price increases in January and February, while the escalation of the Middle East conflict in March intensified concerns
over energy availability, raw material costs and fertilizer supply, accelerating price momentum.

China's export restrictions covering DAP, MAP, NP, NPK and later SSP and TSP, were further tightened amid rising raw material costs and regional tensions, resulting in an approximately 40% year over year decline in phosphate exports to about 1.1 million metric tons in the first quarter.

Brazilian import demand remained strong, supported by improved Soybean affordability, expectations of prolonged Chinese export restrictions and supply concerns, leading to elevated imports and price increases of $140-220/mt for MAP, TSP and SSP.

US market conditions remained relatively weak due to low crop prices and softer demand expectations, with spring application volumes projected to decline year-over-year, although DAP FOB NOLA increased by approximately $77/mt in March, due to supply and costs concerns.

ICL Group Limited Q1 2026 Results 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Indian
phosphoric acid prices are negotiated quarterly, with settlements often finalized after the beginning of the quarter. The price for the
first quarter was agreed at $1,290/mt P2O5. The second quarter *'* s price was settled at $1,360/mt P2O5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sulphur
supply tightened significantly over the past 6-12 months, due to reduced Russian production and the escalation of conflict in the Middle
East. This corresponded with firm demand growth from the metals sector. Sulphur prices FOB Middle East were assessed at $525/mt at the
end of the first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Food
markets: during the first quarter, geopolitical developments continued to drive increases in the costs of key raw materials, energy, and
logistics, alongside persistent tightness in global supply chains. Consumer sentiment remained subdued, with food & beverage end-market
volumes broadly flat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
the first quarter, the Company acquired Bartek Ingredients (~50%), a global leader in food-grade malic and fumaric acids, serving hundreds
of customers and distributors across the food, beverage, confectionery, bakery and other end-markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
industrial segment experienced significant increases in both input costs and market prices, while the global energy transition continued
to accelerate. In the first two months of 2026, China exported nearly seven times more LFP CAM compared to the prior year period, driving
higher global demand for phosphoric acid, for which current capacity remains adequate. Accordingly, sales of battery materials in China
increased year-over-year, primarily due to higher prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Food
Specialties: Sales slightly increased year-over-year, as volume growth in China and North America offset lower selling prices, mainly
in North America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· White
Phosphoric Acid (WPA): Food-grade WPA sales increased year-over-year with higher prices across most regions and higher volumes in Europe
and South America. Tech-grade WPA sales increased significantly, supported by higher volumes and prices, particularly in Asia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Industrial
salts: sales decreased year-over-year, driven by lower volumes in Europe, partially offset by higher pricing in the region.

ICL Group Limited Q1 2026 Results 15

**<u>Additional segment information</u>**

Global phosphate commodities market - average prices:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **1-3/2026** | **1-3/2025** | **VS Q1 2025** | **10-12/2025** | **VS Q4 2025** |
| DAP | CFR India Bulk Spot | **706** | 635 | 11% | 717 | (2)% |
| TSP | CFR Brazil Bulk Spot | **585** | 500 | 17% | 554 | 6% |
| SSP | CPT Brazil inland 18-20% P2O5 Bulk Spot | **338** | 281 | 20% | 288 | 17% |
| Sulphur | Bulk FOB Adnoc monthly Bulk contract | **527** | 183 | 188% | 402 | 31% |

---

Source: CRU (Fertilizer Week Historical Prices, April 2026).

**<u>Results analysis for the period January – March 2026</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales** | **Expenses** | **Operating income** |  |
| | **$ millions** | **$ millions** | **$ millions** | |
| **Q1 2025 figures** | **573** | **(482)** | **91** |  |
| Quantity | 21 | (17) | 4 | ![Arrow: Up](image00005.jpg) |
| Price | 63 |  | 63 | ![Arrow: Up](image00005.jpg) |
| Exchange rates | 22 | (27) | (5) | ![Arrow: Down](image00004.jpg) |
| Raw materials |  | (71) | (71) | ![Arrow: Down](image00004.jpg) |
| Transportation |  | 2 | 2 | ![Arrow: Up](image00005.jpg) |
| Operating and other expenses | - | (3) | (3) | ![Arrow: Down](image00004.jpg) |
| **Q1 2026 figures** | **679** | **(598)** | **81** |  |

---

- <u>Quantity</u> – The positive impact on operating income was driven by higher sales volumes of WPA, partially offset by lower sales volumes of industrial salts.

- <u>Price</u> – The positive impact on operating income primarily related to higher selling prices of phosphate fertilizers, WPA and industrial salts. This was partially offset by lower selling prices of food specialties additives.

<u>Exchange rates</u> - The unfavorable impact on operating income was mainly due to higher operational costs resulting mainly from the appreciation of the average exchange rate of the euro, Chinese yuan, and the Israeli shekel against the US dollar. This impact was partially offset by higher sales driven by the stronger euro and Chinese yuan.

- <u>Raw materials</u> –The negative impact on operating income was due to higher costs of sulphur.

ICL Group Limited Q1 2026 Results 16

**Growing Solutions**

The Growing Solutions segment aims to achieve global leadership in plant nutrition by enhancing its position in its core markets of agriculture, ornamental horticulture, turf and landscaping, and by targeting high-growth markets such as Brazil, India, and China. The segment leverages its unique R&D capabilities, substantial agronomic experience, global footprint, backward integration into potash, phosphate and polysulphate and its chemistry know-how, as well as its ability to integrate and generate synergies from acquired businesses. The segment continuously works to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), water-soluble fertilizers (WSF), liquid fertilizers, straights (MKP/MAP/PeKacid), FertilizerpluS, soil and foliar micronutrients, biostimulants, soil conditioners, seed treatment products and adjuvants.

**<u>Results of operations and key indicators</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2025** | **1-12/2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Segment Sales** | **551** | 495 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to external customers | **547** | 491 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales to internal customers | **4** | 4 | 15 |
| **Segment Operating Income** | **30** | 28 | 135 |
| Depreciation and amortization | **19** | 19 | 78 |
| **Segment EBITDA** | **49** | 47 | 213 |
| Capital expenditures | **15** | 19 | 95 |

---

**<u>Highlights and business environment</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Specialty
Agriculture (SA): Sales increased year-over-year, mainly in China and Europe, driven by higher sales volumes, particularly of MKP, MAP
and WSNPK, and higher prices, notably in Liquid NPK, MKP, and MAP, supported by favorable euro exchange rate fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Turf
& Ornamental (T&O): Sales increased year-over-year, mainly in Turf & Landscape, mainly due to higher sales volumes, particularly
in Europe, and favorable euro exchange rate fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FertilizerpluS:
Sales increased year-over-year, mainly due to higher prices, particularly Polysulphate in Europe and the US, and supported by favorable
euro exchange rate fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
line with commodity fertilizers, water-soluble fertilizers (WSF) faced a challenging beginning in 2026. Carbon Border Adjustment Mechanism
(CBAM) implementation increased the cost of nitrogen-based WSF imports into Europe, while the escalation of the conflict in the Middle
East in March drove higher raw material (e.g. ammonium nitrate, sulphur, ammonia) and freight costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· India
expansion: ICL announced the establishment of a new specialty and water-soluble fertilizer production facility in Maharashtra, India,
aimed at expanding local manufacturing capabilities, supporting growing demand in the Indian market, and strengthening supply-chain resilience
amid ongoing geopolitical and shipping disruptions.

ICL Group Limited Q1 2026 Results 17

**<u>Results analysis for the period January – March 2026</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sales** | **Expenses** | **Operating income** |  |
| | **Sales** | **Sales** | **Sales** | |
| **Q1 2025 figures** | **495** | **(467)** | **28** |  |
| Quantity | 6 | (4) | 2 | ![Arrow: Up](image00005.jpg) |
| Price | 13 |  | 13 | ![Arrow: Up](image00005.jpg) |
| Exchange rates | 37 | (35) | 2 | ![Arrow: Up](image00005.jpg) |
| Raw materials |  | (26) | (26) | ![Arrow: Down](image00004.jpg) |
| Energy |  | 3 | 3 | ![Arrow: Up](image00005.jpg) |
| Transportation |  | 1 | 1 | ![Arrow: Up](image00005.jpg) |
| Operating and other expenses | - | 7 | 7 | ![Arrow: Up](image00005.jpg) |
| **Q1 2026 figures** | **551** | **(521)** | **30** |  |

---

- <u>Price</u> – The positive impact on operating income was due to higher selling prices of specialty agriculture, and FertilizerpluS products.

<u>Exchange rates</u> – The favorable impact on operating income was due to higher sales resulting from the appreciation of the average exchange rate of the euro, the Brazilian real, and the Israeli shekel against the US dollar, partially offset by higher operational costs due to the appreciation of the euro and Brazilian real.

- <u>Raw materials</u> – The negative impact on operating income was primarily related to higher costs of commodity fertilizers, sulphur and nitrogen.

- <u>Operating and other expenses</u> – The positive impact on operating income was primarily related to lower operational costs.

ICL Group Limited Q1 2026 Results 18

Liquidity and Capital Resources

**Source and uses of cash**

<u>Net cash provided by operating activities</u>

In the first quarter, cash flow provided by operating activities amounted to $195 million, compared to $165 million in the corresponding quarter last year. This increase was mainly due to a higher net income, partially offset by changes in working capital.

<u>Net cash used in investing activities</u>

In the first quarter, net cash used in investing activities amounted to $186 million, compared to $192 million in the corresponding quarter last year. This decrease was mainly due to lower payments for property, plant and equipment, partially offset by business combination.

<u>Net cash provided by financing activities</u>

In the first quarter, net cash provided by financing activities amounted to $100 million, compared to net cash used of $5 million in the corresponding quarter last year. This change was mainly due to changes in the credit facilities and repayments of long-term debts in the corresponding quarter.

**Liquidity and Capital Resources** 

As of March 31, 2026, the Company's cash, cash equivalents, short-term investments and deposits amounted to $581 million compared to $496 million as of December 31, 2025. In addition, the Company maintained about $0.9 billion of unused credit facilities, as of March 31, 2026.

**Outstanding net debt**

As of March 31, 2026, ICL's net financial liabilities amounted to $2,569 million, an increase of $309 million compared to December 31, 2025. The increase is attributable, in part, to a $152 million increase in debt, of which $135 million of secured borrowings, incurred by the Company's subsidiaries in connection with ICL's acquisition of Bartek Ingredients in January 2026. In addition, as of March 31, 2026, the fair value balance of currency and interest rate swap transactions (CCS) economically reduces our finance liabilities by approximately $47 million.

**Debentures**

In January 2026, the Company repaid a $46 million private placement bond, as scheduled.

**Credit facilities**

<u>Sustainability-linked Revolving Credit Facility (RCF)</u> 

As of March 31, 2026, the Company had utilized about $640 million of its $1,550 million credit facility framework.

<u>Securitization</u>

In December 2025, the Company signed a new securitization agreement with four international banks for a committed amount of $350 million and an additional uncommitted $100 million, maturing in December 2030. This agreement replaces the prior securitization facility, which recently matured, and includes slightly improved terms compared to the previous agreement. As of March 31, 2026, ICL had utilized approximately $391 million of the facility.

ICL Group Limited Q1 2026 Results 19

**Ratings and financial covenants**

**<u>Fitch Ratings</u>**

In April 2026, Fitch Ratings reaffirmed the Company's long-term issuer default rating and senior unsecured rating at 'BBB-'. The outlook on the long-term issuer default rating is stable.

**<u>S&P Ratings</u>**

In May 2026, S&P Global Ratings reaffirmed the Company's international credit rating and senior unsecured rating at 'BBB-' with a stable outlook. In addition, S&P Maalot reaffirmed the Company's local credit rating at 'ilAA' with a stable rating outlook.

**<u>Financial covenants</u>**

As of March 31, 2026, the Company was in compliance with all of its financial covenants stipulated in its financing agreements.

Critical Accounting Estimates

In the three-month period ended March 31, 2026, there were no material changes in the critical accounting estimates previously disclosed in our Annual Report on Form 20-F for the year ended December 31, 2025.

Board of Directors and Senior Management Updates

On June 15, 2026, Mr. Aviram Lahav will conclude his tenure as ICL's CFO, towards his retirement. Asaf Alperovitz will succeed Mr. Lahav as the CFO, effective as of that date.

On April 30, 2026, Ms. Miri Mishor ceased to serve as the Company's EVP, Global Information Technology, and will be succeeded by Ms. Alegra Kilstein, effective as of May 24, 2026.

Risk Factors

In the three-month period ended March 31, 2026, there were no material changes in the risk factors previously disclosed in our Annual Report on Form 20-F for the year ended December 31, 2025.

Quantitative and Qualitative Exposures stemming from Market Risks

Reference is made to "Item 11 – Quantitative and Qualitative Disclosures about Market Risks" in our Annual Report on Form 20-F for the year ended December 31, 2025.

Legal Proceedings

For further information regarding legal proceedings and other contingencies, see Note 6 to the Company's Interim Financial Statements.

ICL Group Limited Q1 2026 Results 20

Forward-looking Statements

*This report contains statements that constitute "forward-looking statements", many of which can be identified by the use of forward-looking words such as "anticipate", "believe", "could", "expect", "should", "plan", "intend", "estimate", "strive", "forecast", "targets" and "potential", among others. The company is relying on the safe harbor provided in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in making such forward-looking statements.*

*Forward-looking statements appear in a number of places in this report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to**:***

*Loss or impairment of business licenses or mineral extractions permits or concessions, including our ability to win the new concession at the Dead Sea in 2030; the effects of the ongoing security situation in Israel, including the nature and duration of related conflicts; volatility of supply and demand and the impact of competition; the difference between actual reserves and our reserve estimates; natural disasters and cost of compliance with environmental regulatory legislative and licensing restrictions including laws and regulations related to, and physical impacts of climate change and greenhouse gas emissions; failure to "harvest" salt which could lead to accumulation of salt at the bottom of the evaporation Pond 5 in the Dead Sea; litigation, arbitration and regulatory proceedings; disruptions at our seaport shipping facilities or regulatory restrictions affecting our ability to export our products overseas; changes in exchange rates or prices compared to those we are currently experiencing; general market, political or economic conditions in the countries in which we operate price increases or shortages with respect to our water, energy, and principal raw materials; pandemics may create disruptions, impacting our sales, operations, supply chain and customers; delays in the completion of major projects by third-party contractors and/or termination of engagements with contractors and/or governmental obligations; the inflow of significant amounts of water into the Dead Sea which could adversely affect production at our plants; labor disputes, slowdowns and strikes involving our employees; pension and health insurance liabilities changes to governmental incentive programs or tax benefits, creation of new fiscal or tax related legislation; and/or higher tax liabilities; changes in our evaluations and estimates, which serve as a basis for the recognition and manner of measurement of assets and liabilities; failure to integrate or realize expected benefits from mergers and acquisitions, organizational restructuring and joint ventures; currency rate fluctuations and restrictions, as well as credit risk; rising interest rates; the outcome of government examinations or investigations; disruption of our information technology systems or breaches of our, or our service providers', data security; failure to retain and/or recruit key personnel; inability to realize expected benefits from our cost reduction program according to the expected timetable; inability to access capital markets on favorable terms; the cyclicality of our businesses; Our exposure to risks relating to its current and future activity in emerging markets; changes in demand for our fertilizer products due to a decline in agricultural product prices, lack of available credit, weather conditions, government policies or other factors beyond our control; disruption to sales of our industrial products and phosphate solutions segments **'** products, as well as magnesium products, due to factors beyond our control, including changes in global economic conditions and environmental regulations; our ability to secure additional resources to continue our phosphate mining operations at ICL Rotem; volatility or crises in the financial markets; hazards inherent to mining and chemical manufacturing; the failure to ensure the safety of our workers and processes; exposure to third party and product liability claims; product recalls or other liability claims as a result of food safety and food-borne illness concerns; insufficiency of insurance coverage; war or acts of terror and/or political, economic and military instability in Israel and its region; including the current state of security tension in Israel and the resulting disruptions to our supply and production chains; filing of class actions and derivative actions against the Company, its executives and Board members; closing of transactions, mergers and acquisitions ; and other risk factors discussed under "Item 3 - Key Information— D. Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on March 11, 2026 (the "Annual Report").*

*Forward-looking statements speak only as of the date they are made, and except as otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements, targets or goals in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Investors are cautioned to consider these risks and uncertainties and to not place undue reliance on such information. Forward-looking statements should not be read as a guarantee of future performance or results and are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward-looking statements.*

*This report for the first quarter of 2026 (the "Quarterly Report") should be read in conjunction with the Annual Report of 2025 published by the Company including the description of the events occurring subsequent to the date of the statement of financial position, as filed with the US SEC.*

 

ICL Group Limited Q1 2026 Results 21

**Consolidated Financial Statements (Unaudited)**

As of March 31, 2026

(in millions of US Dollars)

![](image_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; ICL Group Ltd | ![](image_001.jpg) |

---

**Condensed Consolidated Statements of Financial Position as of (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31,** <br> **2026** | **March 31,** <br> **2025** | **December 31,** <br> **2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Current assets** |  |  |  |
| Cash and cash equivalents | **407** | 312 | 291 |
| Short-term investments and deposits | **174** | 121 | 205 |
| Trade receivables | **1649** | 1497 | 1365 |
| Inventories | **1865** | 1629 | 1934 |
| Prepaid expenses and other receivables | **356** | 277 | 369 |
| **Total current assets** | **4451** | 3836 | 4164 |
| **Non-current assets** |  |  |  |
| Deferred tax assets | **194** | 151 | 180 |
| Property, plant and equipment | **7076** | 6526 | 6785 |
| Intangible assets | **964** | 918 | 955 |
| Other non-current assets | **324** | 260 | 329 |
| **Total non-current assets** | **8558** | 7855 | 8249 |
| **Total assets** | **13009** | 11691 | 12413 |
| **Current liabilities** |  |  |  |
| Short-term debt | **926** | 570 | 876 |
| Trade payables | **1185** | 1031 | 1157 |
| Provisions | **66** | 62 | 58 |
| Other payables | **1058** | 940 | 1040 |
| **Total current liabilities** | **3235** | 2603 | 3131 |
| **Non-current liabilities** |  |  |  |
| Long-term debt and debentures | **2224** | 1856 | 1880 |
| Deferred tax liabilities | **524** | 486 | 502 |
| Long-term employee liabilities | **388** | 333 | 390 |
| Long-term provisions and accruals | **229** | 229 | 231 |
| Other | **84** | 61 | 36 |
| **Total non-current liabilities** | **3449** | 2965 | 3039 |
| **Total liabilities** | **6684** | 5568 | 6170 |
| **Equity** |  |  |  |
| Total shareholders' equity | **6046** | 5844 | 5983 |
| Non-controlling interests | **279** | 279 | 260 |
| **Total equity** | **6325** | 6123 | 6243 |
| **Total liabilities and equity** | **13009** | 11691 | 12413 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ICL Group Limited Quarterly Report 23

**Condensed Consolidated Statements of Income (Unaudited)** 

(In millions except per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three-month period ended March 31** | **For the three-month period ended March 31** | **For the year ended December 31** |
|  | **2026** | **2025** | **2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| Sales | **2023** | 1767 | 7153 |
| Cost of sales | **1397** | 1207 | 4967 |
| **Gross profit** | **626** | 560 | 2186 |
| Selling, transport and marketing expenses | **300** | 268 | 1114 |
| General and administrative expenses | **77** | 77 | 299 |
| Research and development expenses | **15** | 18 | 70 |
| Other expenses | **6** | 16 | 161 |
| Other income | **(7)** | (4) | (38) |
| **Operating income** | **235** | 185 | 580 |
| Finance expenses | **61** | 62 | 298 |
| Finance income | **(19)** | (25) | (159) |
| **Finance expenses, net** | **42** | 37 | 139 |
| **Income before taxes on income** | **193** | 148 | 441 |
| Taxes on income | **53** | 42 | 161 |
| **Net income** | **140** | 106 | 280 |
| Net income attributable to non-controlling interests | **14** | 15 | 54 |
| **Net income attributable to shareholders of the Company** | **126** | 91 | 226 |
| **Earnings per share attributable to shareholders of the Company:** |  |  |  |
| Basic earnings per share (in dollars) | **0.10** | 0.07 | 0.18 |
| Diluted earnings per share (in dollars) | **0.10** | 0.07 | 0.18 |
| **Weighted-average number of ordinary shares outstanding:** |  |  |  |
| Basic (in thousands) | **1290677** | 1290452 | 1290580 |
| Diluted (in thousands) | **1290677** | 1290944 | 1291395 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ICL Group Limited Quarterly Report 24

**Condensed Consolidated Statements of Comprehensive Income (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three-month period ended**<br> **March 31** | **For the three-month period ended**<br> **March 31** | **For the year ended December 31** |
|  | **2026** | **2025** | **2025** |
|  | **$ millions** | **$ millions** | **$ millions** |
| **Net income** | **140** | 106 | 280 |
| **Components of other comprehensive income that will be reclassified subsequently to net income** |  |  |  |
| Foreign currency translation differences | **14** | 90 | 238 |
| Change in fair value of cash flow hedges transferred to the statement of income | **(20)** | 4 | (83) |
| Effective portion of the change in fair value of cash flow hedges | **2** | (18) | 98 |
| Tax relating to items that will be reclassified subsequently to net income | **4** | 3 | (4) |
|  | **-** | 79 | 249 |
| **Components of other comprehensive income that will not be reclassified to net income** |  |  |  |
| Actuarial gains from defined benefit plans | **(1)** |  | 3 |
| Tax relating to items that will not be reclassified to net income | **-** | - | - |
|  | **(1)** | - | 3 |
| **Total comprehensive income** | **139** | 185 | 532 |
| **Comprehensive income attributable to the non-controlling interests** | **19** | 16 | 61 |
| **Comprehensive income attributable to the shareholders of the Company** | **120** | 169 | 471 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ICL Group Limited Quarterly Report 25

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three-month period ended**<br> **March 31** | **For the three-month period ended**<br> **March 31** | **For the year ended**<br> **December 31** |
|  | **2026** | **2025** | **2025** |
| | **$ millions** | **$ millions** | **$ millions** |
| **Cash flows from operating activities** |  |  |  |
| Net income | **140** | 106 | 280 |
| Adjustments for: |  |  |  |
| Depreciation and amortization | **160** | 151 | 615 |
| Fixed assets impairment | **-** |  | 111 |
| Exchange rate, interest and derivative, net | **22** | 44 | 59 |
| Tax expenses | **53** | 42 | 161 |
| Change in provisions | **6** | (5) | 26 |
| Other | **4** | 3 | 18 |
|  | **245** | 235 | 990 |
| Change in inventories | **76** | 28 | (210) |
| Change in trade receivables | **(272)** | (202) | (11) |
| Change in trade payables | **37** | 31 | 100 |
| Change in other receivables | **(13)** | (15) | (22) |
| Change in other payables | **11** | 18 | 80 |
| **Net change in operating assets and liabilities** | **(161)** | (140) | (63) |
| Income taxes paid, net of refund | **(29)** | (36) | (151) |
| **Net cash provided by operating activities** | **195** | 165 | 1056 |
| **Cash flows from investing activities** |  |  |  |
| Proceeds (payments) from deposits, net | **32** | (4) | (86) |
| Purchases of property, plant and equipment and intangible assets | **(135)** | (190) | (824) |
| Proceeds from divestiture of assets and businesses, net of transaction expenses | **3** | 2 | 1 |
| Payments from settlement of derivatives, net | **(1)** |  | (9) |
| Interest received | **3** | 3 | 15 |
| Business combinations | **(88)** | (3) | (12) |
| **Net cash used in investing activities** | **(186)** | (192) | (915) |
| **Cash flows from financing activities** |  |  |  |
| Dividends paid to the Company's shareholders | **(60)** | (52) | (224) |
| Receipts of long-term debt | **641** | 361 | 1666 |
| Repayments of long-term debt | **(561)** | (397) | (1599) |
| Receipts of short-term debt, net | **115** | 109 | 146 |
| Interest paid | **(18)** | (16) | (117) |
| Payments from transactions in derivatives | **(17)** |  | (3) |
| Dividend paid to the non-controlling interests | **-** | - | (64) |
| **Net cash provided by (used in) financing activities** | **100** | 5 | (195) |
| **Net change in cash and cash equivalents** | **109** | (22) | (54) |
| Cash and cash equivalents as of the beginning of the period | **291** | 327 | 327 |
| Net effect of currency translation on cash and cash equivalents | **7** | 7 | 18 |
| **Cash and cash equivalents as of the end of the period** | **407** | 312 | 291 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ICL Group Limited Quarterly Report 26

**Condensed Consolidated Statements of Changes in Equity (Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Non-controlling interests** | **Total**<br> **equity** |
|  | **Share**<br> **capital** | **Share premium** | **Cumulative translation adjustments** | **Capital reserves** | **Treasury shares,** <br> **at cost** | **Retained earnings** | **Total shareholders' equity** | **Non-controlling interests** | **Total**<br> **equity** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the three-month period ended March 31, 2026** |  |  |  |  |  |  |  |  |  |
| **Balance as of January 1, 2026** | **549** | **240** | **(495)** | **180** | **(260)** | **5769** | **5983** | **260** | **6243** |
| Share-based compensation | **-** | **-** | **-** | **3** | **-** | **-** | **3** | **-** | **3** |
| Dividends | **-** | **-** | **-** | **-** | **-** | **(60)** | **(60)** | **-** | **(60)** |
| Comprehensive income | **-** | **-** | **9** | **(14)** | **-** | **125** | **120** | **19** | **139** |
| **Balance as of March 31, 2026** | **549** | **240** | **(486)** | **169** | **(260)** | **5834** | **6046** | **279** | **6325** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Non-controlling interests** | **Total**<br> **equity** |
|  | **Share**<br> **capital** | **Share premium** | **Cumulative translation adjustments** | **Capital reserves** | **Treasury shares,**<br> **at cost** | **Retained earnings** | **Total shareholders' equity** | **Non-controlling interests** | **Total**<br> **equity** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the three-month period ended March 31, 2025** |  |  |  |  |  |  |  |  |  |
| **Balance as of January 1, 2025** | 549 | 238 | (726) | 159 | (260) | 5764 | 5724 | 263 | 5987 |
| Share-based compensation |  |  |  | 3 |  |  | 3 |  | 3 |
| Dividends |  |  |  |  |  | (52) | (52) |  | (52) |
| Comprehensive income | - | - | 89 | (11) | - | 91 | 169 | 16 | 185 |
| **Balance as of March 31, 2025** | 549 | 238 | (637) | 151 | (260) | 5803 | 5844 | 279 | 6123 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

ICL Group Limited Quarterly Report 27

**Condensed Consolidated Statements of Changes in Equity (Unaudited) (cont'd)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Attributable to the shareholders of the Company** | **Non-controlling interests** | **Total**<br> **equity** |
|  | **Share**<br> **capital** | **Share premium** | **Cumulative translation adjustments** | **Capital reserves** | **Treasury shares,**<br> **at cost** | **Retained earnings** | **Total shareholders' equity** | **Non-controlling interests** | **Total**<br> **equity** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the year ended December 31, 2025** |  |  |  |  |  |  |  |  |  |
| **Balance as of January 1, 2025** | 549 | 238 | (726) | 159 | (260) | 5764 | 5724 | 263 | 5987 |
| Share-based compensation |  | 2 |  | 10 |  |  | 12 |  | 12 |
| Dividends |  |  |  |  |  | (224) | (224) | (64) | (288) |
| Comprehensive income | - | - | 231 | 11 | - | 229 | 471 | 61 | 532 |
| **Balance as of December 31, 2025** | 549 | 240 | (495) | 180 | (260) | 5769 | 5983 | 260 | 6243 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

ICL Group Limited Quarterly Report 28

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 1 – General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **The Reporting Entity** 

ICL Group Ltd. (hereinafter – the Company), is a company incorporated and domiciled in Israel. The Company's shares are traded on both the Tel-Aviv Stock Exchange (TASE) and the New York Stock Exchange (NYSE) under the ticker: ICL. The address of the Company's registered headquarters is 23 Aranha St., Tel Aviv, Israel. The Company is a subsidiary of Israel Corporation Ltd., a public company traded on the TASE under the ticker: ILCO:TA. The State of Israel holds a Special State Share in ICL and in some of its subsidiaries, entitling the State the right to safeguard the State of Israel's vital interests.

The Company, together with its subsidiaries, associated companies and joint ventures (hereinafter - the Group or ICL), is a leading specialty minerals group that operates a unique, integrated business model. The Company competitively extracts certain minerals as raw materials and utilizes processing and product formulation technologies to add value to customers in two main end-markets: agriculture and industrial (including food). ICL's products are used mainly in agriculture, electronics, food, fuel and gas exploration, water purification and desalination, construction, detergents, cosmetics, pharmaceuticals and automotive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Security situation in Israel** 

In October 2023, the Israeli government declared a state of war in response to attacks on its civilians in the southern region of the country, which subsequently escalated to other areas. On October 9, 2025, Israel signed a ceasefire agreement. On February 28, 2026, a coordinated attack by Israel and the United States was launched in response to threats from Iran, which subsequently escalated into a conflict involving Lebanon along Israel's northern border. The conflict with Iran and Lebanon is currently subject to a ceasefire aimed at enabling negotiations and the potential achievement of a broader agreement. The ongoing security situation over the past two years has created several challenges, including disruptions to supply chains and shipping routes, personnel shortages due to recurring rounds of mobilization for reserve duty, additional costs to protect Company sites/assets, effects of reluctance to perform contractual obligations in Israel during hostilities, various bans and limitations on trade and cooperation with Israel related entities, and fluctuations in foreign currency exchange rates relative to the Israeli shekel. Additionally, regional tensions involving Houthis attacks and threats to commercial vessels have intensified, disrupting shipping routes and commercial shipping arrangements, leading to increased shipping costs.

The Company continues to take measures to ensure the safety of its employees and business partners, as well as the communities in which it operates. It has also implemented supportive measures to accommodate employees called for reserve duty, aiming to minimize any potential impact on its business, and to avoid disruptions to production activities at its facilities in Israel.

ICL continuously monitors developments and will take all necessary actions to minimize any negative consequences to our operations and assets. As of the reporting date, the security situation has not had a material impact on our business results. However, its future effects remain uncertain due to the unpredictable nature and duration of the conflict.

ICL Group Limited Quarterly Report 29

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 2 – Significant Accounting Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Basis of Preparation** 

The Company's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (IASB) and the Company uses IFRS as its generally accepted accounting principles ("GAAP").

The condensed consolidated interim financial statements were prepared in accordance with IAS 34, "Interim Financial Reporting" and do not include all the information required in complete, annual financial statements. These condensed consolidated interim financial statements and notes are unaudited and should be read together with the Company's audited financial statements included in its Annual Report on Form 20-F for the year ended December 31, 2025 (hereinafter – the Annual Financial Statements), as filed with the Securities and Exchange Commission ("SEC").

The accounting policies and assumptions used in preparation of these condensed consolidated interim financial statements are consistent with those used in preparation of the Company's Annual Financial Statements and in the Company's opinion, include all the adjustments necessary to fairly present such information. Interim results are not necessarily indicative of the Company's expected results for the entire year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Amendments to standards and interpretations that have not yet been adopted** 

***IFRS 18, presentation and disclosure in the financial statements***

This standard replaces the international accounting standard IAS 1 *Presentation of financial statements*. In addition, income statement items will be classified into five defined categories: operating, investing, financing, taxes on income and discontinued operations. The standard also includes a requirement to provide a separate disclosure in the financial statements regarding the use of management-defined performance measures ("non-GAAP" measures), and specific instructions were added for the grouping and splitting of items in the financial statements and in the notes. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with an option for early adoption. The Company is examining the effects of the Amendment on the financial statements with no plans for early adoption.

ICL Group Limited Quarterly Report 30

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Information on operating segments**

ICL is a global specialty minerals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. Our operations are organized under four segments: Industrial Products, Potash, Phosphate Solutions and Growing Solutions.

**Industrial Products –** The Industrial Products segment produces bromine derived from a solution that is a by-product of the potash production process in Sodom, Israel, as well as bromine-based compounds. Industrial Products uses most of the bromine it produces for its own production of bromine compounds at its production sites in Israel, the Netherlands and China. In addition, the Industrial Products segment produces several grades of salt, magnesium chloride and some other specialty mineral products. Industrial Products is also engaged in the production and marketing of phosphorous*-*based flame retardants and additional phosphorus-based products.

**Potash –** The Potash segment produces and sells primarily potash, salt, magnesium, as well as electricity. Potash is produced in Israel and Spain using an evaporation process to extract potash from the Dead Sea in Israel, and from conventional mining of an underground mine in Spain. The segment also produces and sells pure magnesium and magnesium alloys, as well as chlorine and sylvinite. In addition, the segment sells salt products produced at its potash site in Spain. The Company operates a power plant in Sodom which supplies electricity to ICL companies in Israel (as well as surplus electricity to external customers) and steam to all facilities at the Sodom site.

**Phosphate Solutions –** The Phosphate Solutions segment is based on a phosphate value chain which uses phosphate commodity products, such as phosphate rock and fertilizer-grade phosphoric acid ("green phosphoric acid"), to produce specialty products with higher added value. The segment also produces and markets phosphate-based fertilizers. Phosphate rock is mined and processed from open pit mines, three of which are located in the Negev Desert in Israel, while the fourth is situated in Yunnan province in China. Sulphuric acid, green phosphoric acid and phosphate fertilizers are also produced in the facilities in Israel and China.

The Phosphate Solutions segment manufactures pure phosphoric acid by purifying green phosphoric acid. Pure phosphoric acid and green phosphoric acid are used to manufacture downstream products with high added value, such as phosphate salts and acids, for a wide range of food and industrial applications. Phosphate salts and acids are used in various industrial end markets such as oral care, cleaning products, paints and coatings, energy storage solutions, water treatment, asphalt modification, construction, metal treatment and more. The segment's products for the food industry include functional food ingredients and phosphate additives which provide texture and stability solutions for processed meat, meat alternatives, poultry, seafood, dairy products, beverages and baked goods. In addition, the segment supplies pure phosphoric acid to ICL's specialty fertilizers business.

ICL Group Limited Quarterly Report 31

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General (cont'd)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Information on operating segments (cont'd)**

**Growing Solutions –** The Growing Solutions segment aims to achieve global leadership in plant nutrition markets by enhancing its positions in its core markets of agriculture, ornamental horticulture, turf and landscaping, targeting high-growth markets such as Brazil, India and China, by leveraging its unique R&D capabilities, substantial agronomic experience, global footprint, backward integration to potash, phosphate and polysulphate and chemistry know-how, as well as its ability to integrate and generate synergies from acquired businesses.

ICL is continuously working to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), water soluble fertilizers (WSF), liquid fertilizers, straights (MKP/MAP/PeKacid), FertilizerpluS, soil and foliar micronutrients, secondary nutrients, biostimulants, soil conditioners, seed treatment products, and adjuvants.

The Growing Solutions segment develops, manufactures, markets and sells its products globally, mainly in South America, Europe, Asia, North America and Israel. It produces water soluble specialty fertilizers in Belgium, Israel, Brazil, China, the US and Spain, organic, ornamental horticulture, turf and landscaping products in the UK and the Netherlands, liquid fertilizers in Israel, Spain and China, straights soluble fertilizers in China and Israel, controlled release fertilizers in the Netherlands, Brazil and the US, FertilizerpluS products in the UK, the Netherlands and Germany, as well as secondary nutrients, biostimulants, soil conditioners, seed treatment products, and adjuvants in Brazil.

**Other Activities** – Other business activities include, among other things, ICL's innovative arm, promoting innovation, developing new products and services, as well as digital platforms and technological solutions for farmers and agronomists. This category includes Growers and Agmatix, innovative start-ups that are developing agricultural data processing and analysis capabilities for the future of agriculture. These activities are not presented as reportable segments as they do not meet the required quantitative thresholds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Segment capital investments**

Capital investments made by the segments for each of the reporting periods include mainly property, plant and equipment as well as intangible assets acquired in the ordinary course of business and as part of business combinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Inter–segment transfers and unallocated income (expenses)** 

Segment revenue, expenses and results include inter-segment transfers, which are based on transactions prices in the ordinary course of business. This is aligned with reports that are regularly reviewed by the Chief Operating Decision Maker. Inter-segment transfers are eliminated as part of the financial statements' consolidation process.

The Segment profit is measured based on the operating income, without the allocation of certain expenses to the operating segments, as presented in the reports regularly reviewed by the Chief Operating Decision Maker. This is the basis for analyzing segment results, since management believes that it is the most relevant measure for the assessment of such results.

ICL Group Limited Quarterly Report 32

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Operating segment data**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial Products** | **Potash** | **Phosphate Solutions** | **Growing Solutions** | **Other**<br> **Activities** | **Reconciliations** | **Consolidated** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the three-month period ended March 31, 2026** |  |  |  |  |  |  |  |
| Sales to external parties | **345** | **461** | **620** | **547** | **50** | **-** | **2023** |
| Inter-segment sales | **4** | **42** | **59** | **4** | **-** | **(109)** | **-** |
| Total sales | **349** | **503** | **679** | **551** | **50** | **(109)** | **2023** |
| Cost of sales | **228** | **290** | **511** | **427** | **44** | **(103)** | **1397** |
| Segment operating income (loss) | **71** | **105** | **81** | **30** | **(1)** | **(34)** | **252** |
| Other expenses not allocated to the segments |  |  |  |  |  |  | **(17)** |
| Operating income (loss) |  |  |  |  |  |  | **235** |
| Financing expenses, net |  |  |  |  |  |  | **(42)** |
| Income before income taxes |  |  |  |  |  |  | **193** |
| Depreciation, amortization and impairment | **15** | **67** | **50** | **19** | **4** | **5** | **160** |
| Capital expenditures | **27** | **75** | **77** | **15** | **5** | **5** | **204** |
| Capital expenditures as part of business combination | **-** | **-** | **276** | **-** | **-** | **-** | **276** |

---

ICL Group Limited Quarterly Report 33

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Operating segment data (cont'd)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial Products** | **Potash** | **Phosphate Solutions** | **Growing Solutions** | **Other**<br> **Activities** | **Reconciliations** | **Consolidated** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the three-month period ended March 31, 2025** |  |  |  |  |  |  |  |
| Sales to external parties | 338 | 358 | 536 | 491 | 44 |  | 1767 |
| Inter-segment sales | 6 | 47 | 37 | 4 | 1 | (95) | - |
| Total sales | 344 | 405 | 573 | 495 | 45 | (95) | 1767 |
| Cost of sales | 228 | 269 | 397 | 364 | 40 | (91) | 1207 |
| Segment operating income (loss) | 62 | 56 | 91 | 28 | (3) | (26) | 208 |
| Other expenses not allocated to the segments |  |  |  |  |  |  | (23) |
| Operating income |  |  |  |  |  |  | 185 |
| Financing expenses, net |  |  |  |  |  |  | (37) |
| Income before income taxes |  |  |  |  |  |  | 148 |
| Depreciation, amortization and impairment | 14 | 62 | 48 | 19 | 4 | 4 | 151 |
| Capital expenditures | 18 | 64 | 71 | 19 | 1 | 15 | 188 |

---

ICL Group Limited Quarterly Report 34

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Operating segment data (cont'd)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial Products** | **Potash** | **Phosphate Solutions** | **Growing Solutions** | **Other**<br> **Activities** | **Reconciliations** | **Consolidated** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the year ended December 31, 2025** |  |  |  |  |  |  |  |
| Sales to external parties | 1238 | 1531 | 2156 | 2048 | 180 |  | 7153 |
| Inter-segment sales | 16 | 183 | 177 | 15 | 3 | (394) | - |
| Total sales | 1254 | 1714 | 2333 | 2063 | 183 | (394) | 7153 |
| Cost of sales | 831 | 1092 | 1647 | 1516 | 171 | (290) | 4967 |
| Segment operating income (loss) | 220 | 298 | 342 | 135 | (19) | (103) | 873 |
| Other expenses not allocated to the segments |  |  |  |  |  |  | (293) |
| Operating income |  |  |  |  |  |  | 580 |
| Financing expenses, net |  |  |  |  |  |  | 139 |
| Income before income taxes |  |  |  |  |  |  | 441 |
| Depreciation, amortization and impairment | 60 | 254 | 186 | 78 | 17 | 131 | 726 |
| Capital expenditures | 81 | 367 | 336 | 95 | 13 | 42 | 934 |
| Capital expenditures as part of business combination | - | - | - | 20 | - | - | 20 |

---

ICL Group Limited Quarterly Report 35

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Information based on geographical location**

The following table presents the distribution of the operating segments sales by geographical location of the customer:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1-3/2026** | **1-3/2026** | **1-3/2025** | **1-3/2025** | **1-12/2025** | **1-12/2025** |
| | **$**<br> **millions** | **% of**<br> **sales** | **$**<br> **millions** | **% of**<br> **sales** | **$**<br> **millions** | **% of**<br> **sales** |
| China | **387** | **19** | 290 | 16 | 1175 | 16 |
| USA | **313** | **15** | 318 | 18 | 1244 | 17 |
| Brazil | **298** | **15** | 255 | 14 | 1325 | 19 |
| United Kingdom | **124** | **6** | 111 | 6 | 352 | 5 |
| Spain | **100** | **5** | 82 | 5 | 326 | 5 |
| Germany | **89** | **4** | 83 | 5 | 289 | 4 |
| France | **84** | **4** | 73 | 4 | 261 | 4 |
| Israel | **81** | **4** | 66 | 4 | 309 | 4 |
| Italy | **70** | **3** | 57 | 3 | 155 | 2 |
| India | **48** | **2** | 47 | 3 | 239 | 3 |
| All other | **429** | **23** | 385 | 22 | 1478 | 21 |
| **Total** | **2023** | **100** | 1767 | 100 | 7153 | 100 |

---

ICL Group Limited Quarterly Report 36

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Information based on geographical location (cont'd)**

The following tables present the distribution of the operating segments sales by geographical location of the customer:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial Products** | **Potash** | **Phosphate Solutions** | **Growing Solutions** | **Other**<br> **Activities** | **Reconciliations** | **Consolidated** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the three-month period ended March 31, 2026** |  |  |  |  |  |  |  |
| Europe | **110** | **175** | **147** | **267** | **38** | **(29)** | **708** |
| Asia | **121** | **129** | **217** | **84** | **5** | **(17)** | **539** |
| South America | **7** | **115** | **96** | **105** | **-** | **(2)** | **321** |
| North America | **97** | **29** | **164** | **57** | **1** | **(2)** | **346** |
| Rest of the world | **14** | **55** | **55** | **38** | **6** | **(59)** | **109** |
| **Total** | **349** | **503** | **679** | **551** | **50** | **(109)** | **2023** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial Products** | **Potash** | **Phosphate Solutions** | **Growing Solutions** | **Other**<br> **Activities** | **Reconciliations** | **Consolidated** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the three-month period ended March 31, 2025** |  |  |  |  |  |  |  |
| Europe | 103 | 149 | 136 | 228 | 33 | (34) | 615 |
| Asia | 118 | 74 | 172 | 65 | 4 | (6) | 427 |
| North America | 104 | 47 | 141 | 57 | 1 | (3) | 347 |
| South America | 5 | 86 | 81 | 112 |  | (2) | 282 |
| Rest of the world | 14 | 49 | 43 | 33 | 7 | (50) | 96 |
| **Total** | 344 | 405 | 573 | 495 | 45 | (95) | 1767 |

---

ICL Group Limited Quarterly Report 37

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 3 - Operating Segments (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Information based on geographical location (cont'd)**

The following table presents the distribution of the operating segments sales by geographical location of the customer:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial Products** | **Potash** | **Phosphate Solutions** | **Growing Solutions** | **Other**<br> **Activities** | **Reconciliations** | **Consolidated** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **For the year ended December 31, 2025** |  |  |  |  |  |  |  |
| Europe | 385 | 511 | 512 | 771 | 144 | (137) | 2186 |
| Asia | 403 | 390 | 721 | 270 | 17 | (34) | 1767 |
| South America | 21 | 423 | 342 | 651 |  | (4) | 1433 |
| North America | 391 | 175 | 574 | 206 | 3 | (4) | 1345 |
| Rest of the world | 54 | 215 | 184 | 165 | 19 | (215) | 422 |
| **Total** | 1254 | 1714 | 2333 | 2063 | 183 | (394) | 7153 |

---

ICL Group Limited Quarterly Report 38

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 4 – Loans, Financial Instruments and Risk Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Fair value of financial instruments**

The carrying amounts in the financial statements of certain financial assets and financial liabilities, including cash and cash equivalents, investments, short-term deposits and loans, receivables and other debit balances, long-term investments and receivables, short-term credit, payables and other credit balances, long-term loans bearing variable interest and other liabilities, and derivative financial instruments, correspond to or approximate their fair value.

The following table details the carrying amount and fair value of financial instrument groups presented in the financial statements not in accordance with their fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** |
| | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** | **$ millions** |
| **Loans bearing fixed interest** | **371** | **363** | 297 | 283 | 379 | 369 |
| **Debentures bearing fixed interest** |  |  |  |  |  |  |
| Marketable | **1172** | **1136** | 918 | 866 | 1152 | 1139 |
| Non-marketable | **-** | **-** | 47 | 46 | 47 | 47 |
|  | **1543** | **1499** | 1262 | 1195 | 1578 | 1555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Fair value hierarchy** 

The following table presents an analysis of the financial instruments measured in fair value, using the valuation method.

The following level was defined:

Level 2: Observed data (directly or indirectly).

---

| | | | |
|:---|:---|:---|:---|
| | **March 31,** <br> **2026** | **March 31,** <br> **2025** | **December 31,**<br> **2025** |
| **Level 2** | **$ millions** | **$ millions** | **$ millions** |
| Derivatives used for economic hedge, net | **20** | (26) | 21 |
| Derivatives designated as cash flow hedge, net | **56** | (19) | 71 |
|  | **76** | (45) | 92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Foreign currency risks**

The Company is exposed to changes in the exchange rate of the Israeli shekel against the US dollar in respect of principal and interest in certain debentures, loans, labor costs and other operating expenses. The Company's risk management strategy is to hedge the changes in cash flow deriving from liabilities, labor costs and other operational costs denominated in shekels by using derivatives. These exposures are hedged from time to time, according to the assessment of exposure and inherent risks against which the Company elects to hedge, in accordance with the Company's risk management strategy.

ICL Group Limited Quarterly Report 39

Notes to the condensed consolidated interim financial statements as of March 31, 2026 (Unaudited)

Note 5 – Dividend Distributions

---

| | | | |
|:---|:---|:---|:---|
| **Decision date for dividend distribution by the Board of Directors** | **Actual date of dividend distribution** | **Distributed amount** <br> **($ millions)** | **Dividend per<br>share ($)** |
| February 17, 2026 | March 25, 2026 | **60** | **0.05** |
| May 12, 2026 \* | June 17, 2026 | **69** | **0.05** |

---

\* The dividend will be distributed on June 17, 2026, with a record date for eligibility of June 2, 2026.

Note 6 – Provisions, Contingencies and Other Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Further
to Note 18 to the Annual Financial Statements regarding certification of a claim as a class action against Fertilizers and Chemical Ltd.,
in connection with alleged air pollution in Haifa Bay in January 2026, the District Court denied the motion for approval of the claim
as a class action. In March 2026, an appeal against the decision was filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Further
to Note 18 to the Annual Financial Statements regarding the petitions that were filed with the Supreme Court and the District Court in
Israel by private parties against the approval of the reuse plan for Pond 4 and its conditions, on April 23, 2026, a hearing was held
before the District Court, and a decision is pending. On April 28, 2026, the Supreme Court issued a decision instructing the petitioners
to respond to the claims for dismissal submitted by the Company and the State. No hearing has been scheduled before the Supreme Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Further
to Note 8(B) to the Annual Financial Statements, in January 2026, the Company acquired 49.9% of Bartek Ingredients shares, together with
preferred debt, for total consideration of approximately $90 million. The Company holds a substantive call option to acquire the remaining
shares at any time from the initial closing date. In addition, the seller holds a put option exercisable starting in the third year following
the initial sale. If neither option is exercised within five years from the transaction date, the Company will be obligated to acquire
the remaining shares.

Based on the contractual arrangements and the existence of substantive options, the Company consolidated Bartek Ingredients in its financial statements. Correspondingly, the Company recognized a financial liability in respect of the put options held by the non-controlling interest in the amount of approximately $49 million, representing the discounted expected exercise price. As a result, non-controlling interests are not presented within equity. As of the date of approval of the financial statements, the Company has not yet completed the purchase price allocation to the identifiable assets acquired and liabilities assumed.

ICL Group Limited Q1 2026 Results 40