OCI Global Energy Transition Leadership
OCI
Global
US Nitrogen Cash Conversion Consistently Among Highest in the Industry
IFCO achieves consistently higher EBITDA per nutrient ton and margins than US peers: US Midwest premium advantage
Adjusted EBITDA margin, %
IFCO cash conversion is among
Adjusted EBITDA per nutrient metric ton
highest in the industry:
Averages 2019 - H1 2023
IFCO
US peers
Low maintenance capex and
tax advantages
Adj. EBITDA / Nutrient ton Q3 2023 impacted by
turnaround and hedging losses:
100
EBITDA margin
55%
46%
1,600
90
EBITDA per nutrient metric ton
564
355
Excl. $16 million hedging losses IFCO's adj EBITDA / N ton
increases from $231 to $354
1,400
80
70
60
50
40
باسيلا
30
20
10
1,200
1,000
800
600
400
200
0
0
1Q19
2Q19 3Q19
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
IFCO adj. EBITDA / nutrient metric ton
4Q22
1Q23
2Q23 3Q23
2019
2020
2021 2022 9M23
US nitrogen peers adj. EBITDA / nutrient metric ton
IFCO adj. EBITDA avg. margin 2019 - 1H23
US Peers avg margin 2019 - 1H23
Source: Company information, Bloomberg
Notes (1) IFCO EBITDA per nutrient tonne based on own produced volumes and excludes N-7 traded product (2) US peers include CF Industries, Nutrien (Nitrogen Segment only), LSB Industries and CVR Partners; Nutrien manufactured product only (excluding purchased
product); IFCO excluding N-7 traded product (3) Q1 2021 IFCO margins adjusted for one-off natural gas hedging gains during the winter freeze
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