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    Mubasher Chaudhry

    Research Analyst at Citigroup

    Mubasher Chaudhry's questions to ICL Group (ICL) leadership

    Mubasher Chaudhry's questions to ICL Group (ICL) leadership • Q1 2023

    Question

    Mubasher Chaudhry from Citi asked for the basis of management's confidence in a significant second-half volume recovery for Industrial Products, given the sharp Q1 decline. He also sought clarity on the cathode materials project, asking if the required CapEx would exceed the previously announced $400 million and inquiring about project returns and offtake agreements.

    Answer

    President and CEO Raviv Zoller attributed the confidence in a flame retardant market recovery to the cyclical nature of consumer electronics, long-term EV growth trends, and customer destocking data, noting that 70% of the business is under long-term contracts. Regarding cathode materials, Mr. Zoller confirmed that new opportunities with automakers mean ICL will likely build more than one plant, requiring investment beyond the initial $400 million. He explained these expansions will be developed in parallel with the first plant and are structured around offtake agreements with customers, with more specific details to be announced in the coming months.

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    Mubasher Chaudhry's questions to ICL Group (ICL) leadership • Q2 2022

    Question

    Mubasher Chaudhry from Citigroup inquired about the potash market outlook, considering Belarusian supply, and ICL's pricing strategy. He also asked about the impact of Chinese phosphorus on the Industrial Products segment and potential demand softening in Q3.

    Answer

    CEO Raviv Zoller explained that Belarusian potash supply remains constrained, leaving 6-7 million tons absent from the market. He projected ICL's Q3 average potash price around $700/ton. For Industrial Products, he noted that while some end markets show softness, most business is under long-term contracts, and phosphorus prices are holding. He attributed current market softness to seasonality and destocking, but emphasized that underlying demand fundamentals, particularly in Brazil, remain strong.

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    Mubasher Chaudhry's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Mubasher Chaudhry's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q3 2021

    Question

    Mubasher Ahmed Chaudhry asked about the anticipated impact of China's dual control policy on performance for the remainder of the year and into the first half of 2022. He also inquired about the medium-term outlook for underlying margin improvement, referencing the average of ~50 bps over the past three years.

    Answer

    CFO Jérôme Pelletan and Executive VP Michael J. Graff stated the policy impacted five Large Industries customers, three of whom have already restarted. They expect the impact to continue in Q4 but for operations to normalize by early 2022. Regarding margins, Jérôme Pelletan confirmed the 2021 commitment of +60 bps (excluding energy) but deferred providing medium-term guidance until the Capital Markets Day in March 2022.

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