Fertiglobe Q3 Profit Falls 62% to $51 Million as Costs and Urea Prices Weigh
Revenue climbed 19% to $905 million on stronger ammonia sales, but logistics costs and an EBIC shutdown pulled adjusted EBITDA down 19%.
Fertiglobe's third-quarter net profit fell 62% year on year to $51 million, pulled down by higher logistics costs, weaker urea prices and a scheduled maintenance shutdown at its Egyptian operations.
Revenue went the other way. Sales rose 19% to $905 million as higher ammonia prices and larger volumes offset softer urea pricing and the outage at the EBIC plant. Adjusted EBITDA came in at $231 million, down 19%, with higher logistics and operating costs squeezing the margin.
The EBIC turnaround was completed during the quarter. It is expected to lift ammonia production by about 20% and add $27 million a year in EBITDA.
UAE exports recover past Hormuz constraints
UAE exports returned to 95% of production in the third quarter, up from 56% in the second, supported by active inventory and logistics management.
Chief executive Ahmed El-Hoshy said:
"Despite continued constraints through the Strait of Hormuz, our commercial and logistics teams restored UAE exports to 95% of production, up from 56% in Q2."
The nine-month picture was stronger. Revenue for the first nine months of 2026 rose 44% to $2.9 billion, and adjusted EBITDA climbed 31% to $944 million.
Egyptian Fertilizer Company and Sorfert in Algeria kept posting record performance, with urea utilization averaging 99% across the two plants over the period. The gains reflect progress under the company's Manufacturing Improvement Plan.
Capital returns and the TA'ZIZ facility
Fertiglobe has returned more than $3 billion to shareholders since its IPO, including a $150 million dividend for the first half of 2026. In November the TA'ZIZ Ammonia project secured a $462 million debt facility, which will return $105 million in cash to Fertiglobe in the fourth quarter.
Shares fell 2.6% to AED 2.18 ($0.58) by 2:18 PM AST on Thursday. The company ranked 70th on a 2026 list of the region's 100 most valuable companies.
The quarter shows the shape of the cycle. Fertiglobe is selling more ammonia at better prices and still booking far less profit, because logistics and operating costs are rising faster than realizations. The EBIC restart and the TA'ZIZ cash give the fourth quarter a different starting point.
