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Achieved annual guidance with $1 billion in specialty-driven EBITDA, supported by a solid fourth quarter across all four business segments.
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Executed a strategic pivot to focus on two high-growth engines: specialty crop nutrition and specialty food solutions, while de-prioritizing less synergetic activities.
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Acquired Bartek Ingredients to deepen the specialty food portfolio, specifically targeting food-grade malic and fumaric acids for global distribution.
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Secured long-term operational certainty through a binding agreement with the State of Israel regarding Dead Sea concession assets and bromine supply through 2035.
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Discontinued LFP battery material projects in the U.S. and Spain after determining the company lacked a competitive advantage in downstream cathode production outside of China.
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Optimized potash operations in Spain through debottlenecking, resulting in a quarterly production record and improved reliability.
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Faced significant margin pressure from ‘exceptional volatility’ in the sulfur market, with prices surging from approximately $140-$150 to over $500 per tonne.
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Projected 2026 consolidated EBITDA of $1.4 billion to $1.6 billion, assuming stable to improving mineral prices in the first quarter.
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Anticipates potash sales volumes between 4.5 million and 4.7 million metric tons, driven by operational improvements at the Dead Sea and Spanish facilities.
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Guidance assumes continued headwinds from a strengthening shekel against the U.S. dollar, impacting the cost base of Israeli operations.
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Expects to mitigate high sulfur costs through active management, though management notes these costs show no signs of abating in the near term.
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Plans to introduce a cost transformation program in the coming quarters to further optimize capital allocation and operational efficiency.
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Recorded $61 million in adjustments related to the discontinuation of LFP battery material expansion projects in St. Louis and Spain.
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Initiated a sale process for the Boulby operations in the U.K. and recognized a related impairment of approximately $50 million.
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Recognized approximately $80 million in the fourth quarter for prior-period water extraction fees following an Israeli Supreme Court ruling.
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Allocated $19 million for early retirement programs as part of organizational efficiency efforts across several sites.
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