OCP Reports Strong Third Quarter and Accelerates Growth with 22.2% Revenue Increase Over Nine Months

Key figures as of September 2025 indicate that OCP's revenue reached 84.36 billion dirhams, a 22.2% increase from 69.05 billion dirhams during the same period in 2024. EBITDA rose to 31.07 billion dirhams, up 15% from 27.01 billion dirhams recorded a year earlier. The EBITDA margin stood at 37%, compared to 39% in the same period last year. Investment expenditures totaled 24.91 billion dirhams, down 16% from 29.79 billion dirhams the previous year. Global fertilizer price indices began the third quarter with strong upward momentum before moderating from mid-August. Demand for phosphates remained above 2024 levels during the first nine months of 2025, driven by continuous demand growth in major importing regions. India continued to be a key driver of demand, with low opening stocks and changes in government policies leading to increased imports. Brazil also ramped up purchases to replenish stocks after a decline earlier in the year. Demand strengthened in Asia, particularly in Bangladesh, and in Africa, where Ethiopia contributed to regional growth. Conversely, U.S. demand contracted due to challenging economic conditions for farmers. In this context of strong demand, OCP reported solid operational and financial performance, showcasing the resilience of its integrated model and its ability to redirect volumes to meet additional needs. By the end of September 2025, OCP's revenue reached 84.36 billion dirhams, compared to 69.05 billion dirhams recorded during the same period last year. This growth was primarily driven by increased export volumes of rock and fertilizers, supported by robust global demand. Revenue from phosphate fertilizers increased by 17% in local currency compared to last year, bolstered by rising export volumes and strong global demand. TSP volumes grew by 55% year-on-year, accounting for 30% of total fertilizer exports, with particularly strong sales in India, Brazil, and certain African markets. This performance illustrates OCP's strategic focus on agronomically effective fertilizers that enhance productivity and soil health while meeting the growing demand in TSP markets. Revenue from rock increased by 112% in local currency year-on-year, driven by significant growth in export volumes. In contrast, phosphoric acid revenue declined by 10% during the period due to lower sales volumes and a voluntary shift towards higher value-added fertilizer production. The Specialty Products & Solutions (SPS) Strategic Business Unit experienced another strong growth quarter, with export revenue of 6.08 billion dirhams in the first nine months of 2025. This performance was supported by increased volumes of specialty acids, water-soluble fertilizers, and phosphates for animal feed, confirming SPS's role as a structural growth driver within the Group. Gross margin for the period reached 53.63 billion dirhams, compared to 44.49 billion dirhams a year earlier. This improvement resulted from strong revenue growth and effective cost management throughout the value chain, despite rising raw material costs, particularly for ammonia and sulfur. EBITDA for the first nine months of 2025 reached 31.07 billion dirhams, compared to 27.01 billion dirhams for the same period last year. The EBITDA margin of 37% reflects the strength of the Group's operational dynamics, supported by the industrial flexibility of its integrated production platform and sustained efficiency gains across its operations. Management Commentary: "OCP recorded a solid performance in the third quarter and the first nine months of the year, reflecting the robustness of its industrial platform, resilience, and commercial agility in the face of strong demand. Our ability to quickly serve additional volumes has generated double-digit growth across all our key financial indicators. Our commercial and industrial flexibility, particularly in TSP and customized products, continues to differentiate OCP in a context where the performance of our customized solutions, which enhance soil health and agricultural productivity, becomes a decisive advantage. Since the beginning of the year, sales of customized products have increased by 55% and now represent 30% of total volumes, confirming the relevance of our strategy focused on high-value-added solutions tailored to specific soil needs. Operationally, the Group has continued to optimize its production flows to mitigate the impact of rising input costs, particularly ammonia and sulfur. This operational discipline, combined with sustained demand in India and Brazil, has allowed OCP to absorb increased volumes and maintain resilient margins. Our long-term strategic roadmap remains unchanged: to expand global access to high-performing plant nutrition solutions, develop a sustainable production model, and continue our investments in water management, renewable energy, and green ammonia. These pillars are essential to ensure a structurally lower cost base and build a more sustainable future for the industry.