Earnings call transcript: ADAMA Q2 2025 sees EBITDA growth, stock dips

Adama Agricultural Solutions reported its Q2 2025 earnings, showcasing significant improvements in EBITDA and gross margin. According to InvestingPro analysis, ADAMA stands as a prominent player in the Chemicals industry, with the stock currently appearing undervalued based on Fair Value calculations. Despite these positive financial metrics, the company’s stock price saw a slight decline in after-hours trading.

Key Takeaways

• Q2 2025 EBITDA increased by 19% year-over-year.
• Gross margin improved from 26.8% to 29.6%.
• Free cash flow rose by $24 million to $32 million.
• Stock price declined by 0.44% after earnings release.

Company Performance

Adama demonstrated a robust performance in Q2 2025, marked by a 19% increase in EBITDA compared to the same quarter last year. This positive trend was mirrored in the company’s gross margin, which rose to 29.6% from 26.8%. The first top-line growth since Q3 2022 indicates a turnaround in sales performance, with H1 2025 sales reaching $1.8 billion.

Financial Highlights

• Revenue: $7.85 billion for Q2 2025
• Earnings per share: -$0.0994
• Gross margin: 29.6%, up from 26.8% year-over-year
• Free cash flow: $32 million, an increase of $24 million from the previous period

Market Reaction

Following the earnings announcement, ADAMA’s stock price experienced a slight decline of 0.44%, closing at $6.85. The stock remains within its 52-week range of $4.10 to $9.02. According to InvestingPro data, analyst consensus maintains a moderate buy recommendation, with price targets ranging from $0.59 to $1.01. The stock has demonstrated strong momentum, delivering a 60% return over the past year. This movement reflects a cautious market sentiment despite the company’s positive financial performance, possibly due to broader market trends or investor concerns about future earnings potential.

Outlook & Guidance

Looking ahead, ADAMA aims to continue its transformation efforts and improve profitability. The company is focused on growing its top line and gaining market share, supported by strategic customer engagements and a robust product portfolio. InvestingPro analysts forecast a return to profitability this year, with expected revenue growth of 4% and positive EPS of $0.03 for FY2025. Access the complete Pro Research Report, available for 1,400+ US stocks, for deeper insights into ADAMA’s transformation journey. The net debt to EBITDA ratio stands at 2.5, indicating a stable financial position.

Executive Commentary

CEO Gael Hilli expressed confidence in the company’s strategic direction, stating, "The transformation which Adama has embarked... is delivering results." Chief Commercial Officer Eric Derood noted, "The signs of market stabilization are there," highlighting the company’s optimism about market conditions. Hilli also emphasized the challenge of using the portfolio to grow the top line and gain market share.

Risks and Challenges

• Overcapacity in the agrochemical market, primarily from China, could pressure prices.
• Fluctuations in commodity prices may affect farmer economics and demand.
• Pricing pressures, particularly in Latin America, could impact profitability.
• The normalization of channel inventory might influence sales dynamics.
• Macroeconomic factors and geopolitical tensions could pose additional risks.

Overall, ADAMA’s Q2 2025 results reflect a company in transition, achieving significant financial improvements while navigating a challenging market environment.

Full transcript - ADAMA Ltd (000553) Q2 2025:

Joshua Phillipson, Global Head of Investor Relations, Adama Agricultural Solutions: Hello, and welcome to ADEMA Agricultural Solutions analyst call for the 2025. My name is Joshua Phillipson, global head of investor relations. Joining us on the call today is Gehel Hilli, our CEO Efrat Nagar, CFO. And we’ll also have a presentation from Eric Derood, our new chief commercial officer. Following the presentation, we’ll open for q and a at any time during the webinar.

You are welcome to submit questions using Zoom’s q and a icon. I’d like to draw your attention to this legal statement. I’ll pause for a minute for you to review it. The statements in this presentation do not constitute a recommendation or offer to take action regarding the company’s securities. The presentation may include forward looking statements as defined in the securities law, which may not materialize, among other things, due to the realization of risk factors presented in the company’s annual report.

The financial information presented in this call refers to 2025. The company does not undertake to update the information in the future. This webinar is being recorded and will be made available online via the company’s website. I’d like now to turn over the call to our presenters. Please go ahead, Gael.

Gael Hilli, CEO, Adama Agricultural Solutions: Thanks, Josh. Good morning, everyone. It’s my pleasure to, present the result of the second quarter for, Adama Solution and, end of the first half. So first, I’ll start by giving a quick update of the how the market we evolve in, the agrochemical market is is doing. A lot of the things that are on this slide are not new.

They’ve been basically the the the life we live in Adama for the last eighteen month, and they’re driven by a key macro element that I’ll quickly go through now. The first one, probably the most important one, is that this is a market that remains in an oversupply, overcapacity situation, mostly from China. So, this has been the case since now nearly two years. And this is has continuously for the last two year, but this is also true for the last quarter and the one before, continuously put a significant price pressure on our industry and on Adama. Okay?

So that is not changing, and that is not foreseen to change anytime soon. This is the result of structural overcapacity in our industry coming from China, which doesn’t give any signs so far of resorbing. That’s the first key element when it comes to the market. The other very important macro dynamics is the farmer economics. They are if you look at the farmer economics currently, and by farmer economics, I mean, the profit that a farmer does on key crops in key markets, and that it’s it’s his bottom line, they are not good compared to historical recent historical averages.

This is the result of a squeeze between the price of of inputs and the the the commodities, the price of commodities at which they sell their their their produce. It’s mostly driven by the price of the commodities in the current case, which is lower than than recent averages. We pull all these together, the the p and l of the farmers are pressured, so they have to make choices also on on on what type of investment they make for their crop, and they have a tendency to make to be much more cost conscious than before. But these are the two big, I would call, macroeconomical phenomenon in our in our industry that are impacting our our our industries. All our competitors are in there too, but also Adama.

Now there’s another thing which which has happened recently, which is, that the inventory situation has and this is a positive. The channel inventory situation, which was critical one year ago so one year ago, there was far too much inventory in the channel globally in all big markets. This has has has cleaned over the last twelve months, which pushed us now, and it was the case for q two already, q one two this year in 2025 put us in a in a normalized situation where we saw some volumes coming back into into the market generated by the the the the reduction of inventories in the channel. So there have been a a volume rebound in the market in q one and q two, which we benefited from. But in many markets, in all markets, to be honest, it’s been offset by price declines.

So price continue to decline, volumes are back, if I summarize quickly, in a in a situation where farmer profitability is pressurized. Next slide. So in that context, I’m very happy and proud to report the q two and h one results for Adama because we are showing another quarter of of growth in our EBITDA to start with and another quarter of improved margin and profitability. So the q two EBITDA is or was 19% above q the same quarter last year, and h one was nearly 20% above h one last year. And this is not the first quarter.

If I could show us a graph in a few minutes that illustrates that, but this is the fifth quarter in a row where we are growing quarter to quarter EBITDA. I remind you that in our industry, the right comparison or the the the best comparison is quarter same quarter to same quarter previous year because we are in a very seasonal business and the comparison of consecutive quarters. So for example, q one twenty five to q two twenty five do not really make sense in our industry. Okay? So that’s why we we we always compare a quarter to the same quarter the previous year.

So if we do that comparison when it comes to to EBITDA, it’s a it’s a very another very strong quarter. We also improved the quality of our business versus same period last year, both in gross margin, about a little bit more than three points, going from 26.8 to 29.6, a little bit less than three points. Sorry. And EBITDA margin going from 10.8% to 13.3%. This is very important.

And it’s also a trend that we’ve been working on for the last, eighteen months through a fight fight for transformation is the result of many initiatives, to cut our our product costs. Now, of course, the the pricing of the of the raw materials has helped us, but it’s not only that. Including internally, we did a lot of, work in in reducing the cost of our products where where it’s active ingredients or formulation plans. Everyone has contributed to that. So lower cost of of of our products, lower cost of operation too with improved operational efficiency.

And and so that’s for the cost part of the or or the profitability part of the of our results. If you look at the sales, this is new. It’s the first quarter since q three twenty twenty two where Adama is showing an increase on the top line. So that’s very good news because the the the the nature, the the of our transformation strategy is first to if I’m gonna simplify very much to make my point, is first to clean the shop to create a sound base, sound from a profitability point of view, and then grow again. In the last eighteen months, we consciously have cut our top line from products that are nonprofitable.

And now we’re seeing for the first time the top line starting to grow again despite the significant price pressure. And, also, you’ll see some some data from a start in a in a moment. It’s a combination. This top line growth is a combination of volume growth and price growth. But still, it’s very good news that we’re starting to show, yes, modest, but the market is not growing much more than that.

Modest growth for the first quarter in a long time. Last but not least, the the the cash flow is also delivering we’re also delivering a very strong first half of the year with a free cash flow increased by 24,000,000 to to a total of 32,000,000. So we’re doing everything I talked about before while keeping a very strong focus on cash, which has been also our focus the last eighteen months, and this is paying off. So overall, very I’m I’m I’m very proud again and happy of the quarter we’re delivering and the 2025. Next slide, I think, is for Efat.

Efrat Nagar, CFO, Adama Agricultural Solutions: Yeah. Thank you. Thank you, Gaye. Okay. So how our p and a looks like.

So starting from the sales, as mentioned by Gaye, we see first time after q three twenty twenty two increasing our top line, reaching to $9.06 $8,000,000. This is a combination of 6% volume growth, which are more than offsetting 3% lower prices versus the previous year. And with 3% increase in sales, we are succeeding in q two twenty twenty five to increase our gross profit by 14%. We are presenting better cost from both better operational efficiencies, mainly due to our fight forward plan and also lower cost of inventory sold more than compensating the lower prices in the market. Reaching to net 29% versus 26% in in gross margin in q two twenty twenty four.

And with a more OpEx discipline, again, starting from 2024 as part of our fight forward and some liquidation issue that we are facing in LatAm, we are succeeding to increase our EBITDA to $180,000,000, 90% versus last year, and more importantly, representing a better quality of business of 12.2% EBITDA to sales margin. Our adjusted net profit is loss of 8% decrease of narrow by 86% versus last year, and our reported net profit narrowed by 63%, 64% versus last year, reaching to only $43,000,000 in q two twenty twenty five. Josh, if we will look on h one p and l, so we see that our sales our better sales in q two twenty twenty five contribute to the sales for h one. The sales, however, down by 2%. This is mainly due to the losses in Turkey not losses.

Sorry. Missing of sales in Turkey, if you remember. We we we wouldn’t able to sell to Turkey in q one because of the war with Israel and because the new restriction by Erdogan. So and the main season in Turkey is is q one, so we suffer from this. So this is one of the reason of the sale decrease in h one.

And, of course, as mentioned by Gail, our decision to exit from selected low profit product and businesses also impact on our top line. However, if we see the gross profit increased by 8%, although sales have decreased by 2%, it demonstrates that we are in the right direction of of focusing on more qualified business. Reaching to around a or very close to 30% gross margin in h one twenty twenty five versus only 27% in h one twenty twenty four, and and with a high level of pressure on our OpEx. And although we are facing some issue of liquidity in LatAm, we are succeeding to reach to $244,000,000 EBITDA in h 20% higher. We are finishing h 01/2025 with adjusted net profit of $22,000,000 versus losses in h one twenty twenty four.

For us, it’s a good result. And our however, the reported net profit, $34,000,000 versus 154, narrow by 78%. The differences between the net debt adjusted and the reported is mainly due to our restructuring cost, the one off nonrecurring expenses that we are having to support our fight forward plan, our transformation plan, that our result in the last five quarters, as mentioned by Gail, demonstrated the comp contribution for Adama business. Josh? Gail, I think it’s new.

You know?

Gael Hilli, CEO, Adama Agricultural Solutions: Correct. So if we look at the top line by region, a few key highlights. First of all, the internal seasonality, it’s important to understand that Europe, Africa, Middle East, and and Latin America and a and a piece of of of sorry. Europe, Africa, Middle East, and North America, plus part of Asia Pacific are in season during the first half of the year. I say that because Latin America, for most of it, is not in season.

So it’s not the relevant indicate or the most relevant indicator for the performance of Latin America. Now if if we look at first the the the two main region, which were in season in the first half, and these are first half figures, by the way, Europe, Africa, Middle East, you see a slight drop of the sales. But if we take into account, which is, I think, fair, what Ifat was saying about, about Turkey that we lost because of these geopolitical, reasons and the decision of the Turkish government to to ban Israeli company from the market, then we would actually be growing by 3%, which is is probably where the market is. So, good performance in in, in Europe, Africa, Middle East knowing that we have taken the decision to get out a certain product. So the growth is coming from the right product that that differentiated product for high margin.

In North America, you see a very quite strong growth around 20%, which is coming on the back of a market that has rebounded significantly on in volumes because of the channel dynamics I was referring to. All our three businesses in North America, we basically have three streams. One is the noncrop business, and then we have no US agriculture and Canada. All three of them have performed well, again, on the back of a market that was that was helpful. And and probably North America was the less difficult market in the first half when it comes to price.

The only one on where on some products, we managed to pass some increases also using the the the dynamic of the of the tariffs. So that that’s North America. Then Asia Pacific is mostly India in that case. We are having a difficult year in India, but it’s it’s based on our own decision to clean clean our go to market in that market, very important market for Adamant. But it’s a market where we were starting to have significant issues with some of our channel partners related to product returns and where we had to take the decision to change the rules of the game there and also to stop selling to many of those retailers who are returning us a significant part of what we were selling to them.

I’m simplifying a bit, but the the the the main reason behind this this this drop in in India is a conscious decision, a painful, but a conscience and and, in my opinion, right decision to clean our go to market. Last but not least, Latin America, which is off season again, so it’s the smallest part of the of the year for them, h one. You see a drop a drop which is mostly driven or only driven by the significant price pressure in Brazil and in Argentina too. But the the the LatAm markets are the opposite of of what I was saying before for North America. This is the part of the world where the price pressure is the biggest and the most difficult for our industry and for Adama too, especially when you play in the segment of of patent, which is more subject to those price pressures.

Efrat Nagar, CFO, Adama Agricultural Solutions: Okay. Thank you, guys. So sales bridge, as mentioned, two percent decrease to three around 3% volume growth, $50,000,000. Although, we decided to exit from a few low profit product and businesses and due to the issue with Turkey. And also not fully compensated the price reduction of the $61,000,000 mainly due to the overcapacity and the high interest rate in the market.

And with that, we are reaching to $1,800,000,000 sales in h one twenty twenty five. If we are looking on the bridges for the next slide of the EBITDA, we can see from where from where our EBITDA increased. Okay? So we are starting with $204,000,000, 10.5% EBITDA to sales ratio reaching to 244. Mainly volume, 14 it’s not mainly.

Starting from the volume, $14,000,000. And you can see here the cost contribution, $150,000,000. This is mainly due to our operational efficiency following our fight forward plan together with low cost of inventory sales. And this $150,000,000 are more than compensating our lower prices, which which contributing to higher EBITDA. We see also FX impact mainly in q one.

We faced from the depreciation of the Brazilian currency, which impact our businesses and the $8,000,000 OpEx. As I mentioned, this is more due to the liquidity issue collection issue that we are facing in Latin America. Josh, next slide. Our cash flow, as mentioned by Gail, is better by $24,000,000. Our free cash flow is better by $24,000,000.

This is supported by better profit, $120,000,000. We reduced our loss by $120,000,000. Our operating cash flow here is minus $10,000,000. This is due to our decision to manage our inventory to increase slightly our procurements in order to address the demand in the market. As mentioned by Gail, we see easing of the inventory channel in the in most of the regions, and we would like to be able to address upside from the market.

So we decided to increase our inventory. However, due to our very good collection and and and and customer management, the increase is only is it sorry. The decrease in the operating cash flow is only $10,000,000. And with a key prioritization around CapEx and intangible asset investment, we are succeeding to get to $32,000,000 free cash flow, $24,000,000 better than h one twenty twenty four. Josh?

The main this is our debt breakdown, $2,200,000,000. The main difference in this table versus, say, March 2025 is basically our bonds. As you know, we in June 2025, had massive bonds buyback, which reduced our bonds to 784. However, if we can see our an unlimited, sorry, unused committed credit lines from the bank are $580,000,000, which support our liquidity and enable us to keep supporting our markets and our customers. Josh?

And with that, I am proud to report that our net debt to EBITDA ratio, this is our covenant to our banks, is 2.5. This is versus the required for that we are having with agreement agreement with the banks and other institutional companies. Josh?

Joshua Phillipson, Global Head of Investor Relations, Adama Agricultural Solutions: Thanks, Efrat. The next few slides on commercial excellence are a recording from yesterday’s webinar that we gave to our Chinese investors because Eric, who is presenting as travel today, precludes him from from participating live.

Gael Hilli, CEO, Adama Agricultural Solutions: We move to another topic now, which is the topic of commercial excellence. For that, I’m very pleased to introduce Eric, Eric Rod, who’s a has joined Adama as the chief commercial officer on April 1. And we’re very pleased to have somebody like Eric on board. You can go to next slide. Eric is a is a very seasoned seasoned and experienced leader from our industry.

He’s been he’s coming from Corteva where he He held various roles, strategy, p and l ownership, and and he’s coming to to us with the the mission to raise the bar of our commercial sales and marketing organization. Okay? I’m I’m convinced that he’s the right person for that. That’s why I’m so happy to have him. He is leading now our regions, our commercial organization in the region, and and he’s strengthening the leadership team of Adama by by bringing his this very impressive experience from our industry.

Eric, I’ll leave you the ground now to tell us about what you’ve seen as a as a newcomer to Adelaide.

Eric Derood, Chief Commercial Officer, Adama Agricultural Solutions: Thank you, Gael. Thank you, Gael, for this warm introduction, and good day, everyone. Very happy to be here with you today. As Gael mentioned, I’ve been now spending four months in ADEMA. So what I’ve spent a lot of time over these four months to with an intensive connection with our people in the core countries, so traveled a lot to meet our people, but most importantly, also to meet our customers.

So it was a very, very intense four months of onboarding to get to know the team and the market environment in which we operate now and the mood of our team and customers. So maybe what I wanted to do today, give you a little bit of a flavor of what I’ve seen, my observation with my fresh eyes, if I may say from my thirty years of experience in the industry, but looking from inside of ADMA. The first thing that I can probably spot is the strong belief in the portfolio in the pipeline. Everywhere I’ve been in the core countries, core regions, from both internal and have a strong confidence in our portfolio. The product quality is what comes first always in conversation we had with the external stakeholders, the reliability of our our of our products.

As well when I talk internally about the confidence of the team about our pipeline. It looks like there’s a strong confidence and hope that this pipeline is really meeting the customer needs, and that’s quite really, really pleasant and refreshing to see from the many interaction I had with the market. So that’s the first component I wanted to highlight. And this is despite a significant portfolio optimization and reduction that we did over the last two, three years as part of the Fight Forward initiative and the kind of optimization of our and rationalization of our portfolio. Despite that, I see a pretty strong confidence in our portfolio, which remains strong.

The second element, which was really outstanding too, is the strong relationship, genuine deep, long standing relationship that we have with our customers, the channels, the distributors in the different market. This is kind of a very much a big asset for Adamage to have this relationship with the main distributors in the region. This relationship is based on the long history. It’s based on trust and confidence, open, easy to do business with ADMA, and that was also very refreshing to see. This is combined with a very high level of knowledge of the market, of the ways to do business, customized by region from our own team.

So this trust and relationship with customers and channels has been for me over this first four months a significant asset that I’ve been able to witness. The other element which I wanted and was really my objective driving and visiting our teams is where is where do we stand internally in terms of accepting the changes of the market, in terms of embracing the many transformation that have gone that that have been going so far in the company as part of the fight forward? And what I can tell is the mindset of our people, the the ownership, the business ownership of our people is extremely strong. I realized that there was a very strong self awareness of what has to improve, what has to change. So the self awareness is there, but most importantly, they are also already engaging in the deep transformation genuinely and with a very strong mindset of ownership and an entrepreneurial mindset for making those changes, embracing those changes and moving forward.

So that was extremely refreshing for me to see. It makes me extremely confident in our ability to move forward and continue growing and developing and transforming the company. The biggest opportunities I’ve seen, of course, in my space is the commercial capabilities that we continue to develop, ready to meet the to match basically this portfolio and the demand from the market. So if we move to the next slide, something that I want to mention before we go to the what would be the commercial excellence activities and things that we can move maybe a few words on the market condition. I don’t want to repeat what Gael Healy has mentioned before.

He did a pretty good picture of what’s the how the market looks like. But what I can testify, witness today from my interaction with the customers is the tone and the level of conversation with the channels nowadays are shifting a little bit from where it was a year or two ago, where it was extremely intense. There was a high level of inventories. There was extremely challenging conversation. I think the tone now has changed a little bit as we get through normalization of the channel inventories.

This is really, really real. We see it. The conversation is changing, moving to more strategic conversation. Their level of inventories in the channels have now normalized, as I said, and Gael mentioned it as well. The destocking has happened, and now we are starting again to have kind of not more, if I may say, business conversation with the channels.

I want to put a little bit of a warning there. Of course, the farmers’ profitability all around the place in most of the cropping system remained extremely tight. The geopolitics is not helping. The trade of commodities is not helping. So there’s still some anxiety behind the behind the profitability of the farmers, which still put a lot of pressure on pricing.

But from a volume perspective, the things are normalizing. The pressure on pricing remain completely there because of the farmers’ profitability. And we also know that the overcapacity of competition from production from China remains high. So that’s also putting some pressure on the volumes. But I can really witness that the signs of market stabilization are there.

This is the right moment. The transformation that Adama did a few months and a year ago is now starting to pay off because we are now completely aligned with the new dynamics of the marketplace. Well, that’s for a little bit the outside. Now if you look to the commercial activities, as Dale mentioned, after I made this observation, we know in which market environment we now operate, which is slightly changing. For me, the investment that the company is doing in their commercial capabilities and to differentiate ourselves from the competition is just amazing.

We continue that journey from account management planning to market engagement with data driven approaches. And all of that is really to ensure that we capture the most value from our innovation. I believe a few quarters ago, for those of you who were there, I believe that one of my colleagues presented the value innovation and the pipeline we develop and how we want to extract value and create new products and solutions for the farmer. That’s from the product development side. On the commercial side, the main activities that we are ongoing now is really to make sure that we capture the most value from this pipeline and this innovation.

And it comes from a few elements. First is the value based pricing, moving slightly from a cost pricing kind of approach to a more value pricing strategies. This is going on. We are putting in place the tools. We are putting in place the processes, the KPIs to make sure that we extract the value from the pricing approach.

And this is starting to pay off as we’ve seen in some of our product launches. The second element to accompany this movement to value innovation is the demand generation. And here, again, Adamas staying a very strong channel focused and channel centric, distribution centric company, we are also helping our distributors to generate the demand. Here, again, we are developing tools to track the sellout of the products to the farmer. We are developing tools to help the positioning and to sell the value proposition of our new product pipeline.

All of that is starting to be extremely visible in the way we do. We have some good success of launches of new products. I’ve been witnesses that with a long list of customers in Brazil, for instance, where we launched new products recently, and this is to be that’s going to be the success that we hope for the pipeline that we are developing. So demand generation and launch excellence have been really the key component that we want to continue to develop, and the journey is going on. The second element the third element actually is the resilience and the execution of those plans.

I mean, once you have good marketing plan, you have the value proposition, you have your right price setting, you have your right account management plan in place to launch those technologies and manage the season, then the question comes about the execution. And here, again, very pleased to see the tools that the Fight Forward has given the company with and equipped our teams with, where they can track now the execution of an account management plan almost in a month by month level and frequency to really make sure that we constantly adjust our strategies and our activities, commercial activities. This is done across the board with very strong cross functional approach. That’s also a nice transformation that is going on now. So very confident that from an execution standpoint, we are also now equipped with much better tools to capture the value and most importantly, to execute the plan as part of our along with our strategy.

So in a nutshell, this is what we’ve focusing for the four months. Very important journey, makes me extremely confident, Gael and the team, on where we are going. The tools are there, the mindset is there, the portfolio is there, and the customer base is there. So this is as a commercial leader like me, it’s really refreshing and pleasant to see. Now we need to move to the execution and the robustness of this execution.

Guy, any thoughts? That’s what I wanted to share with the with the team today.

Gael Hilli, CEO, Adama Agricultural Solutions: We move to another topic now, which is the topic of commercial excellence. For that, I’m very pleased. Thanks, Josh. So I I as I think there are no questions. I will quickly summarize and conclude here for us today.

The transformation which Adama has embarked, which we call the fight for transformation, which is a very structured and end to end transformation is delivering results. It’s been delivering results for several quarters now in a row, five to be precise, and it gives us confidence for the future. Our next challenge, as I was saying before, after having brought back the profitability of this company to an acceptable level, we’re still on a journey there. We will not stop to the current levels, is to to do what Eric was saying, which is to use our portfolio, our differentiated portfolio to grow the top line and gain share in our key markets. Once again, the result of the recent future give us confidence in that.

And, and we are very happy so far of how 2025 has unfolded. With that, Josh, I think I will give you back the floor.

Joshua Phillipson, Global Head of Investor Relations, Adama Agricultural Solutions: Thank you, Gail and Frat and and and Eric. If anyone has additional questions after the call, please reach out to us. Our email is IRforinvestorrelations@adama.com. We appreciate your time and interest in Adama, and we look forward to, to maintaining the connection with you.

Gael Hilli, CEO, Adama Agricultural Solutions: Thank you.

Joshua Phillipson, Global Head of Investor Relations, Adama Agricultural Solutions: Thank

Efrat Nagar, CFO, Adama Agricultural Solutions: you. Bye. Bye.

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