Abu Dhabi – Mubasher: Fertiglobe, the largest nitrogen fertilizer producer in MENA, generated 41% annual growth in revenue to $2.82 billion in 2025 from $2 billion, according to a press release.
The adjusted attributable net profit soared by 87% to $325.10 million from $173.90 million in 2024, while adjusted EBITDA surged by 57% annually to $1.02 billion.
Total assets increased by 12% to $4.94 billion in 2025 from $4.41 billion.
October-December 2025 Financials
In the fourth quarter (Q4) of 2025, Fertiglobe reported strong revenues of $808.40 million, reflecting a 73% annual increase from $466 million.
Adjusted net profit attributable to shareholders leapt by 154% to $106.80 million compared to $42 million in Q4-24. Meanwhile, adjusted EBITDA increased 88% to $297 million.
Fertiglobe is the world’s largest seaborne exporter of urea and net ammonia combined and the exclusive ammonia platform of ADNOC and XRG.
CEO of Fertiglobe, Ahmed El Hoshy, said: “I am proud to close our first full year under ADNOC's majority ownership through XRG with strong operational and financial momentum.”
El Hoshy noted: “We delivered a robust 57% YoY growth in EBITDA to above $1 billion, underscoring disciplined execution of the Grow 2030 strategy, including efficiency improvements, record production levels at several lines in Algeria and in EFC2, meaningful cost reductions, and focused portfolio expansion.”
The CEO elaborated: “In less than a year, we have already activated more than 40% of our 2030 growth target, translating our strategy into tangible value creation through asset optimization and disciplined, high-return expansion into new markets and products.”
“With ADNOC’s support, we continued to strengthen our industrial and financial foundations. We have implemented 99% of our cost optimization targets, advanced the Manufacturing Improvement Plan with 46% of planned reliability and energy efficiency gains achieved, and broadened our global footprint through selective strategic investments, including the acquisition of Wengfu Australia,” El Hoshy said.
He added: “At the same time, the scale up of Diesel Exhaust Fluid (DEF) and Automotive Grade Urea (AGU) production in Egypt and the UAE is building more resilient, higher margin, non-seasonal revenue streams in the EU and UAE, respectively.”
Cash Dividends & Capital Return
Fertiglobe’s board proposed a cash dividend distribution to the shareholders totaling $135 million that is equivalent to AED 496 million for the second half (H2) of 2025.
The dividends amounting to 6.05 fils per share will result in total dividends of $260 million for 2025, alongside $74 million of share buybacks executed to date.
This brings total 2025 capital return to shareholders to $334 million, consistent with Fertiglobe’s policy to return all excess free cash flows to shareholders, implying competitive total returns to shareholders of over 5%.
In terms of the return on capital, Fertiglobe paid or committed to pay $2.90 billion in capital returns to shareholders since IPO, including execution on its 2.5% share buyback program, aimed at opportunistically capitalizing on the stock’s attractive valuation.
As of 10 February 2026, Fertiglobe repurchased 111 million shares, representing 1.34% of total outstanding shares at the equivalent of $74 million.
As of 31 December 2025, the company reported a net debt position of $1,006 million, down from $1.04 billion as of 31 December 2024, and implying consolidated net debt to LTM adjusted EBITDA of 1.0x.
EL Hoshy further said: “Our commercial agility in navigating evolving market dynamics while capturing higher quartile netbacks across the sales book reflects the strength of our experienced team and our geographically diversified, resilient asset base.”
He added: “We aim to continue positioning our portfolio strategically to capitalize on the tight urea and ammonia markets supporting healthy price levels, with Egypt FOB urea prices currently above $500/t and NW Europe ammonia prices at $670/t.”
The CEO noted: “In addition, our Egypt Basic Industries Corporation (EBIC) facility has recently optimized its sales strategy to reduce the reliance on traders, unlocking higher ammonia margins.”
As for Egypt Green Hydrogen project, the facility is a 100 MW electrolyzer to produce renewable hydrogen to be used as feedstock for the production of up to 74,000 tons of renewable ammonia at Fertiglobe’s existing ammonia facilities in Ain Sokhna, Egypt.
Market Outlook in Q4-25
Fertiglobe said that ammonia and urea prices averaged $665/t CFR NW Europe (+8% YoY) and $452/t FOB Egypt (+20% YoY), respectively, supported by ammonia supply shortages and pre-CBAM urea buying in Europe.
In the short term, urea prices are expected to remain firm, with continued shortages in Iran, healthy Indian demand and the absence of Chinese exports in the first part of the year, while the Northern Hemisphere and Australia head into their peak buying season.
Long-term demand across agricultural and industrial applications remains robust, providing favorable conditions for nitrogen demand and pricing.
It is worth noting that in the first nine months (9M) of 2025, Fertiglobe logged net profits worth $423.60 million and revenue of $2.01 billion.
