Key Points
ICL expects its ELEVATE program to save $350 million annually by 2028.
Average sulfur purchasing prices fell 12% in October versus third-quarter levels.
Industrial Products third-quarter EBITDA rose nearly 50% on higher bromine pricing.
On its third quarter of 2026 earnings call, held on Nov. 11, 2026, ICL (NYSE:ICL) targeted the upper end of its full-year guidance range for consolidated earnings before interest, taxes, depreciation, and amortization, or EBITDA, of $1.5 billion to $1.7 billion. For long-term investors, the company's ability to generate cash while executing structural cost cuts determines how well it can weather volatile fertilizer markets. Three things management said stand out.
1. ELEVATE Program Targets $350 Million in Savings
Management launched the ELEVATE cost transformation program to sharpen operational efficiency and reduce external spend. The business aims to achieve more than $150 million in annual profit improvements by the end of 2027 before reaching its multiyear target.
In total, ELEVATE is expected to deliver more than $350 million on an annual basis by the end of 2028.
-- Elad Aharonson, Chief Executive Officer
2. Raw Material Costs Are Easing After Record Highs
Sulfur purchasing costs spiked during the third quarter, creating margin pressure across crop nutrition products. October price relief signals that raw material costs will start benefiting earnings early next year.
... for October, the average price of sulfur declined by approximately 12% versus the third quarter, and we're seeing signs that purchase price pressure is beginning to ease.
-- Asaf Alperovitz, Chief Financial Officer
3. Higher Bromine Prices Boost Industrial Products
Higher bromine prices and steady demand from electronics customers boosted profitability in the Industrial Products business segment. Pricing gains helped offset higher transportation and ocean freight costs.
These strong results were driven by higher bromine prices and solid performance from key business lines.
-- Asaf Alperovitz, Chief Financial Officer
Looking Ahead
Global agricultural demand is holding steady, input cost pressures are easing, and bromine pricing is recovering across core industrial end markets. Management is focusing on pricing discipline, operational flexibility, and specialty product growth to improve profitability.
In 2027, we believe we can continue to benefit from our diverse portfolio, which covers a wide array of end markets.
-- Elad Aharonson, Chief Executive Officer
A new organizational structure starting in 2027 will group operations into four dedicated units to sharpen focus on growth engines. Structural cost reductions and flexible global manufacturing give the business a clear path toward higher margins.
Going forward, we will continue to maximize our core across the global food, industrial and agriculture markets.
-- Elad Aharonson, Chief Executive Officer
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