ICL Locks In $346-$349/t Pricing in New 2025 Potash Contracts

Rhea-AI Filing Summary

ICL Group (NYSE:ICL) filed a Form 6-K detailing the execution of new 2025 potash supply contracts with its two largest Asian customers.

China: ICL will deliver 750,000 metric tons under its 2025-2027 framework, with an optional +340,000 t. Pricing is set at $346/t CIFFO, mirroring recent Chinese settlements.

India: Under the 2022-2027 agreement with Indian Potash Ltd., the company will supply 400,000 t, plus an option for +100,000 t, at $349/t CIFFO delivered to Indian ports.

The contracts secure up to 1.59 million tons of 2025 potash off-take, providing visibility on volume and price in core markets. The filing is incorporated by reference into ICL’s Form S-8 and Israeli shelf prospectus and contains no additional financial statements.

Positive

• Signed contracts for up to 1.59 million tons of 2025 potash sales to China and India
• Locked-in pricing of $346–$349 per ton provides revenue visibility and aligns with prevailing market rates

Negative

• None.

Insights

Commodities Analyst

TL;DR: Secures key Asian volumes at market prices—positive for 2025 revenue visibility.

The 6-K locks in up to 1.59 Mt of potash sales in China and India, historically ICL’s largest end-markets. Prices of $346-$349/t align with current benchmarks, suggesting no margin compression while eliminating downside volume risk for 2025. The mutual options offer upside without obligating ICL to discount further. Although the filing omits total contract value, tonnage alone represents a meaningful share of annual potash output, underpinning cash-flow predictability and supporting dividend capacity. Overall, the disclosure is incrementally positive for investors seeking clarity on next year’s fertilizer earnings.

Risk Analyst

TL;DR: Visibility gained, but fixed pricing could cap upside if markets tighten.

The agreements reduce volume uncertainty, yet tying 2025 deliveries to today’s prices may limit participation in any price rebound. Optional tonnage clauses partially mitigate this, allowing renegotiation if market dynamics shift. The absence of force-majeure or currency details leaves FX and logistics risks unaddressed. Still, compared with the alternative of open-market exposure, the risk profile appears balanced. Net impact: neutral-to-modestly positive.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2025

Commission File Number: 001-13742

ICL GROUP LTD.

(Exact name of registrant as specified in its charter)

ICL Group Ltd.

Millennium Tower

23 Aranha Street

P.O. Box 20245

Tel Aviv, 61202 Israel

(972-3) 684-4400

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒               Form 40-F ☐

 ICL GROUP LTD.

 INCORPORATION BY REFERENCE

This report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form S-8 (Registration Number: 333-205518) of ICL Group Ltd. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. In addition, this report on Form 6-K shall be deemed to be incorporated by reference into the Israeli Shelf Prospectus of ICL Group Ltd. filed with the Israel Securities Authority and dated February 28, 2022 (Filing Number: 2022-02-019821) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

ICL GROUP LTD.

1. ICL Signs Agreements for the Supply of Potash to Customers in China and in India during 2025

Item 1

ICL Signs Agreements for the Supply of Potash to Customers in China and in India during 2025

ICL hereby announces that it has signed agreements for the supply of potash to customers in both China and India for the year 2025, under the framework of its respective multi-year supply agreements in each country.

In China, the agreements were signed pursuant to the 2025–2027 framework agreements, and provide for the supply of 750,000 metric tons of potash, with a mutual option for an additional 340,000 metric tons, at a price aligned with recent contracts settlements in China ($346 per ton CIFFO). For information regarding ICL’s 2025-2027 Chinese framework agreements, see the Company’s announcements dated December 2, 2024 (Ref No.2024-02-621083).

In India, the agreement was signed with Indian Potash Limited (IPL), the country’s largest importer of potash, under the five-year supply agreement between the parties for the years 2022–2027. The agreement provides for the supply of 400,000 metric tons of potash, with an option for an additional 100,000 metric tons, at a price aligned with the current market price in India ($349 per ton CIFFO Indian ports). For information regarding the long-term agreement with IPL (2022-2027), see the Company's announcements dated March 21, 2022 (Ref No.2022-02-032452).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ICL Group Ltd.
	By:	/s/ Aviram Lahav
		Name:	Aviram Lahav
		Title:	Chief Financial Officer

	ICL Group Ltd.
	By:	/s/ Aya Landman
		Name:	Aya Landman
		Title:	VP, Chief Compliance Officer & Corporate Secretary

Date: June 25, 2025

FAQ

How many metric tons of potash will ICL supply to China in 2025?

ICL agreed to supply 750,000 metric tons to China, with an option for an additional 340,000 metric tons.

What price was set for ICL's 2025 potash shipments to China?

The price is $346 per ton CIFFO, in line with recent Chinese contracts.

How much potash will ICL deliver to India under the new agreement?

ICL will supply 400,000 metric tons to Indian Potash Ltd., with an option for an extra 100,000 metric tons.

What is the agreed price for ICL's potash sold to India in 2025?

The contract price is $349 per ton CIFFO to Indian ports.

Are the 2025 supply deals part of long-term frameworks?

Yes. China’s contract falls under the 2025–2027 framework, while India’s is within the 2022–2027 agreement with IPL.