Earnings

Record Revenue Surge and …

Web Desk July 28, 2026

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This article first appeared on GuruFocus.

Q2 2026 Revenue: $1.1 billion, up 92% year-on-year and 19% higher than Q1 2026.
Q2 2026 Adjusted EBITDA: $371 million, more than doubling year-on-year, up 9% from the previous quarter.
Q2 2026 Adjusted Net Profit: $145 million, up 12.5 times year-on-year.
H1 2026 Revenue: $2 billion, up 59% from H1 2025.
H1 2026 Adjusted EBITDA: $713 million, up 63% year-over-year.
H1 2026 Adjusted Net Profit: $289 million, up 3.4 times compared to last year.
Total Sales Volumes: Up 9% year-on-year.
Urea Utilization Rate: 92% for H1 2026, improved from 81% last year.
Proposed Dividend Increase: At least 20% year-over-year, equivalent to a minimum $150 million or $6.73 per share.
Net Debt Position (June 2026): $621 million, implying net debt to last 12 months adjusted EBITDA of 0.5 times.
Q2 2026 Free Cash Flow Before Growth CapEx: $320 million.
H1 2026 Free Cash Flow Before Growth CapEx: $555 million.

Release Date: July 28, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Fertiglobe PLC (ADX:FERTIGLB) reported a significant increase in Q2 2026 revenues, reaching $1.1 billion, up 92% year-on-year.
The company achieved a commendable safety performance with a 12-month rolling reportable incident rate of 0.02 per 200,000 work hours.
Adjusted EBITDA more than doubled year-on-year to $371 million, demonstrating strong financial resilience.
Fertiglobe’s strategic geographic diversification and agile logistics network helped maintain customer supply during critical times.
The company proposed a dividend increase of at least 20% year-over-year, reflecting strong financial performance and disciplined capital allocation.

Negative Points

Total owned produce sales volumes decreased by 3% compared to Q2 2025, impacted by inventory buildup and export challenges.
A three-week stoppage for critical maintenance in June affected production, leading to operational disruptions.
The company faced higher logistics costs and conflict-related export duties, impacting profitability.
Fertiglobe’s own produce sales volumes for the first half of 2026 were down 8% year-over-year due to trade route disruptions.
The nitrogen export tax in Egypt, although reduced, still posed a financial burden during the quarter.

Q & A Highlights

Q: Can we expect similar export rates from the UAE if trade routes remain closed, and what are the utilization rates for Egypt and Algeria? A: The export rate was 56% in Q2, driven by additional shipments and a maintenance outage. Future rates are uncertain due to volatility, but we aim for around 50%. Utilization rates in Egypt and Algeria were strong, close to 100% for urea, with overall rates in the high 80s.