Official name
Fertiglobe
ADX · FERTIGLB
Fertiglobe
- Research depth
- Review ready · verified figures appear when approved
- Sector lens
- Materials
- Reporting context
- H1 2026 reviewed IAS 34; FY2025 audited IFRS
Company overview
- Exchange
- ADX
- Ticker
- FERTIGLB
- ISIN
- AEF000901015
- Market identifier code (MIC)
- XADS
- Stable research ID
- ADX-FERTIGLB
- Industry evidence
- Nitrogen fertilizers, urea, merchant ammonia and low-carbon ammonia
- Sector
- Materials
- Instrument type
- Listed equity
- Research status
- Review ready · verified figures appear when approved
- Latest financial period
- H1 2026 reviewed IAS 34; FY2025 audited IFRS
- Identity evidence checked
- 2026-08-01
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Fertiglobe · What the issuer can provide
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Ticker
FERTIGLB
Exchange and MIC
ADX · XADS
ISIN
AEF000901015
Instrument type
Listed equity
Sector and industry
Materials · Nitrogen fertilizers, urea, merchant ammonia and low-carbon ammonia
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Listing confirmed in the dated record
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Not available in the public evidence layer
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ADX · FERTIGLB · Company profile
Fertiglobe: production, group structure and capital
Fertiglobe: production, group structure and capital
Reading time: 10 min
Editorial date: 2026-08-30
A nitrogen-products business, not the ADNOC group
As of: 2026-06-30
Fertiglobe plc produces and sells nitrogen-based products. Gas is the principal input for ammonia; much of that ammonia is further processed into urea. The group combines production with central marketing and third-party trading. Trading can raise reported sales without an equivalent increase in output from its plants, so tonnes sold and tonnes manufactured answer different questions.
The legal company was established in December 2018, became a public company in September 2021 and listed on ADX in October 2021 as FERTIGLB. This profile concerns Fertiglobe and its consolidated subsidiaries, not all ADNOC or XRG assets. The earlier fundamental review remains a separate, dated analysis.
S2 · p. 12 S1 · p. 203Controlling owner and legal perimeter
As of: 2026-06-30
The June accounts state that ADNOC held 87.4% of outstanding capital and the general public 12.6%. ADNOC completed acquisition of OCI's entire stake in October 2024. These dated percentages should not be turned into a current foreign-ownership allowance or a freely tradable share count. Buybacks and market-maker holdings are separately recorded as treasury shares.
The June statements name Sultan Ahmed Al Jaber as chairman, Ahmed El-Hoshy as CEO and Andrew Tait as CFO. Parent support and related-party financing do not remove minority interests, subsidiary obligations or the need to distinguish group cash from cash available for shareholder distributions.
S2 · p. 6, 12, 27Subsidiaries and equity-accounted investments
As of: 2025-12-31
The annual legal schedule identifies Fertil and EFC as wholly owned, EBIC at 75.00% and Sorfert at 50.99%; all four are fully consolidated subsidiaries. The Sorfert percentage is the precise annual schedule figure, while rounded operating descriptions often use 51%. Full consolidation is not full economic ownership: outside shareholders receive their share of profit and distributions.
Fertiglobe Australia Pty Ltd is a wholly owned subsidiary. Egypt Green Hydrogen is a 20.00% associate and Ammonia Project Company a 30.00% joint venture, both equity-accounted. Their entire assets and future production must not simply be added to the consolidated plants. The schedule also contains trading and holding entities; it is wider than the four-plant operating map.
S1 · p. 215, 216Plants and routes to market
As of: 2026-08-30
EFC and EBIC are near Ain Sokhna in Egypt. Sorfert operates in the Arzew industrial complex in Algeria, with export connections to Arzew and Bethioua. Fertil is in Ruwais, Abu Dhabi. Access to ports supports international sales, but it does not guarantee shipping availability or customer demand. A distribution business in Australia is not an additional nitrogen-production plant.
The July management report describes annual capacity of 6.6 million tonnes of urea and merchant ammonia. Merchant ammonia excludes ammonia consumed internally to make urea: adding all ammonia capacity to urea capacity would double-count part of the chain. Capacity, output, own-product sales and third-party trading remain separate measures.
S4 · Our Facilities: Egypt, Algeria, UAE S3 · p. 11Volumes do not tell the whole earnings story
As of: 2026-06-30
In H1 2026 the issuer reported own-product sales of 2,571 thousand tonnes, against 2,786 a year earlier, while third-party traded volume rose to 562 from 364 thousand tonnes. Rounded component rows need not reproduce every rounded total exactly. The management report attributes weaker own-product sales to trade-route disruption and a prior-year base that included deferred sales. This is a sales measure, not proof of the same change in plant production.
Selling prices, gas costs and the mix of manufactured and traded products can move earnings differently from volumes. The profile does not reproduce third-party price benchmarks from the management report or treat a benchmark as Fertiglobe's realised price. Plant-level netbacks and a common gas-price formula are not inferred.
S3 · p. 6 S1 · p. 203Annual and interim accounts on comparable bases
As of: 2026-06-30
The tables use reported USD million, not converted currency. FY 2025 is audited consolidated reporting; H1 2026 is unaudited IAS 34 information reviewed by PwC. A limited review is not an annual audit. Revenue, operating profit and owners' profit increased in both comparisons below, but group profit includes non-controlling interests and is not all attributable to listed shareholders.
Half-year results cover six months, not Q2 alone, and are not annualised. The latest release listed on the official results page when checked was Q2 2026, dated 28 July. Profit should be read with tax effects, working capital and subsidiary cash restrictions rather than used as a dividend-capacity shortcut.
S1 · p. 149 S2 · p. 4, 7, 12Liquidity, maturities and related-party financing
As of: 2026-06-30
The balance sheet separates cash, borrowings and lease obligations. Undrawn credit is financing capacity, not cash already held. The June note reports covenant compliance at that date, not a guarantee of future compliance. Supplier accruals are also obligations even when they are outside a conventional net-debt definition.
A USD 200 million XRG facility drawn in June carries SOFR plus 0.7% and matures in December 2026; a six-month extension requires mutual agreement. A separate USD 300 million ADNOC facility matures in March 2028. These are distinct contracts: a possible extension is not an already extended maturity.
S2 · p. 5, 6, 19, 20Completed distribution acquisition and unfinished projects
As of: 2026-07-28
Wengfu Australia's distribution business is an acquired operation, not merely an announced opportunity. The H1 accounts finalise the purchase-price allocation at USD 104.2 million. Distribution brings customer access and working-capital requirements; it should not be described as newly commissioned ammonia capacity.
The July update expects Project Harvest operations in 2027 and describes an option to increase Fertiglobe's interest after completion. The option is not an exercised acquisition. Egypt Green Hydrogen is also presented as a development project with financing and investment-decision milestones. Lower-carbon descriptions and estimated environmental benefits remain issuer claims, not independently proven outcomes in this profile.
S2 · p. 17, 27, 28 S3 · p. 4Risks and the difference between profit and distribution
As of: 2026-06-30
The Sorfert gas-cost accrual stood at USD 468.8 million at June end versus USD 386.3 million at year end. Recognition of an expense or liability is not evidence of cash settlement. Readers should distinguish cash retained while a bill remains unsettled from cash sustainably available for investment or dividends.
Gas supply, plant outages, shipping disruption, fertilizer prices, currencies and refinancing can change returns. Non-controlling shareholders also participate in subsidiary earnings. The June accounts confirm that the H2 2025 dividend was paid in March and April 2026; this is not confirmation of payment of a later proposed dividend. No current yield, target price or trading recommendation is offered.
S2 · p. 19, 20, 26 S3 · p. 6Official contacts and dated sources
As of: 2026-08-30
Official website: https://fertiglobe.com. Investor relations: investor.relations@fertiglobe.com. Registered office: Level 20, Al Sila Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, UAE. The results-call dial-in is not presented as a permanent corporate telephone. Financial periods, legal ownership dates and contact-check dates are kept separate.
S3 · p. 11 S5 S6Sources
- S1 · Fertiglobe Annual Report 2025 · 2025-12-31
- S2 · Fertiglobe H1 2026 condensed consolidated interim financial information · 2026-06-30
- S3 · Fertiglobe Q2 2026 Results MD&A · 2026-07-28
- S4 · Fertiglobe production facilities · 2026-08-30
- S5 · Fertiglobe official contacts · 2026-08-30
- S6 · Fertiglobe results and reports · 2026-08-30
Business model
ADNOC-controlled global nitrogen-fertilizer producer and trader. Fertiglobe manufactures urea and merchant ammonia at Fertil in the UAE, EFC and EBIC in Egypt, and Sorfert in Algeria; it sells own product and third-party traded volumes through a six-port distribution network. Economics depend on urea/ammonia netbacks, natural-gas terms, utilisation and turnarounds, freight/trade routes, minority profit sharing and working capital. Growth options include low-carbon and renewable ammonia, DEF and automotive-grade urea.
Fertiglobe — gas in, urea out, and an unsettled bill in Algeria
Four plants, three countries, one molecule
Fertiglobe converts natural gas into ammonia, sells part of that ammonia to industrial buyers and upgrades the rest into urea. Fertil in the UAE is wholly owned and rated at roughly 2.1mtpa of urea and 1.2mtpa of ammonia. EFC in Egypt is also wholly owned, at about 1.7mtpa and 0.9mtpa. EBIC in Egypt, 75% held, adds around 0.7mtpa of merchant ammonia, and Sorfert in Algeria, 51% held, about 1.6mtpa of urea and 1.3mtpa of ammonia. Disclosed design capacity is 6.6mtpa of urea plus merchant ammonia, and product leaves through six ports. The group also trades third-party material, which lifts revenue and port utilisation but earns thinner economics.
Price did the work, not tonnes
Own-product volumes have been steady — 5,573kt in FY2021, 5,345kt in FY2024, 5,498kt in FY2025 — while revenue swung from USD5,027.5m in FY2022 to USD2,009.2m in FY2024 and back to USD2,827.4m in FY2025. Third-party trading, not the plants, drove the FY2025 volume recovery, rising from 286kt to 980kt. In H1 2026 revenue reached USD2,001.0m with owners profit of USD312.4m, yet own-product volume fell 8% and ammonia volume 23%. Urea utilisation was 92%; an ammonia utilisation figure is not published. The urea Egypt FOB benchmark moved from USD357 per tonne in FY2024 to USD452 in FY2025 and USD637 in H1 2026, but benchmarks are not realised selling prices, and the ammonia benchmark basis itself changed from Middle East FOB to North West Europe CFR.
The Algerian gas bill nobody has settled
Sorfert's final gas price is still under renegotiation, and the group carries a USD468.8m gas accrual against it. Management free cash flow of USD555.1m for H1 2026 excludes the cash effect of that accrual growing by USD82.5m. Until a binding contract and settlement schedule exist, that headline figure cannot be treated as fully distributable.
An 87.4% owner that is also a counterparty
ADNOC, itself owned outright by the Abu Dhabi government, held 87.4% at 30 June 2026 against a stated public holding of 12.6%. Related-party dealings run through the same channel: a USD200m XRG term loan was drawn on 29 June 2026 at SOFR plus 0.7%, maturing December 2026 and extendable by six months by mutual agreement. Gross loans were USD1.994bn against USD1.373bn of cash, leaving USD621.2m of net debt before leases. The H2 2025 dividend of USD135m, or USD0.016 per share, was approved on 9 March 2026 and reported paid; the H1 2026 proposal of at least USD150m, or 6.73 fils, was tabled on 28 July 2026 and remains unapproved.
Where the Fertiglobe file runs out
Realised netbacks, plant-level gas formulas, availability and unit costs, the minority-interest cash bridge, parent-accessible cash and low-carbon project returns are undisclosed, as are the diluted share count after buybacks and foreign ownership room. No target, no multiple and no buy-or-sell conclusion follows.
How to read this company's economics
Numerical values remain in the separate source-document checkHow the operating model becomes revenue and cash
Materials producers turn feedstock, energy, plants and distribution into physical output sold under commodity, contract or regional pricing. Volume, price and mix must be separated.
Five questions before reading the headline
1. What created demand?
Define capacity, production, sales volume and inventory in compatible units.
2. What was actually delivered?
Separate benchmark, realised price, product grade, geography and contract terms.
3. What determines the margin?
Read feedstock, energy, utilisation, logistics and product mix before margin.
4. Where is cash tied up?
Trace inventory, receivables, supplier terms and commodity working capital.
5. What must be funded next?
Match debottlenecking and new capacity to contracts, commissioning and cycle risk.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
Business in plain language
A nitrogen-fertilizer producer operating an international production platform focused on ammonia and urea, serving agricultural, industrial and emerging low-carbon applications.
- Official website
- https://fertiglobe.com/Source · Fertiglobe · official website
- Investor relations
- https://fertiglobe.com/investor-relations/results-reports/Source · Investor relations · results and reports
- Latest interim report
- https://fertiglobe.com/wp-content/uploads/2026/07/Fertiglobe-Q2-2026-Financial-Statements-vF.pdfSource · H1 2026 reviewed condensed consolidated interim financial information
Petrochemicals analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Production and sales volume
- Production and sales tonnes kept separate by product, geography and period.
- Utilisation
- Actual production relative to nameplate or available capacity on the disclosed basis.
- Product spread
- Product selling price less identified feedstock benchmark; calculated spreads are labelled calculated.
- Feedstock terms
- Feedstock volume, price formula, contract duration and supplier concentration when disclosed.
- Unit cash cost
- Cash production cost per tonne with product, plant and included cost scope stated.
What changed
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- 2026-08-01
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