2025 Phosagro Integrated Report

Investment case
and credit ratings Sources: PhosAgro, IFASTAT, Argus, CRU, RAFP, GTT, estimates.

A global producer of high-quality phosphate-based fertilizers 1

PhosAgro ranks among the top three producers globally by capacity of compound and complex phosphate‑based fertilizers (DAP/MAP/NPS/NPK).

Customer focus:

  • a broad product range
  • professional agronomic advice
  • a strong sales network
  • reliable logistics

Certification for compliance with key national and international standards testifies to the highest quality of our products and management efficiency throughout their life cycle.

Our production technologies meet the highest global standards.

Investment case

Unique resource base and sector‑leading margins 2

Important food safety factor: thanks to its magmatic origin, phosphate rock mined on the Kola Peninsula boasts exceptional purity Apatit is included in the List of Manufacturers of Agricultural Products, Food, Industrial and Other Products with Improved Characteristics. .

Wide range of ready‑to‑use solutions for farmers.

No. 1 producer of high‑quality phosphate rock (P2O5 content at 39% and above) globallyAccording to IFA..

A leading supplier of all types of mineral fertilizers in the domestic market in aggregate termsIn terms of 100% nutrients. Data from the Russian Association of Fertilizer Producers for 2025..

One of the global leaders in the production of major types of fertilizers by profitability.

No. 1 in terms of urea and mineral fertilizer capacity concentrated at one production facility (Apatit, Cherepovets) in EuropeВy total production capacity for DAP/MAP/NP/NPK/NPS according to CRU..

The only Russian and one of the leading European producers of feed‑grade MCP and liquid complex fertilizers.

PhosAgro Group’s position on global DAP production cost curve, production, kt
10,00020,00030,000
Source: CRU Industry Cost Curves 2025
PhosAgro Group’s position on global urea production cost curve, production, kt
010,00020,00030,00040,00050,00060,00070,00080,00090,000
Source: CRU Industry Cost Curves 2025
Share of PhosAgro Group’s supplies in the key sales markets (share of compound and complex fertilizers in the region’s total imports), estimates, %
Country 2023 2024 2025
Russia (share of total supplies) 54 58 56
Europe 17 15 10
Latin America, excl. Brazil 19 21 17
Africa 13 17 20
India 18 20 25
Brazil 20 23 15

Mineral fertilizers with improved characteristics Apatit is included in the List of Manufacturers of Agricultural Products, Food, Industrial and Other Products with Improved Characteristics. This is confirmed by the Green One conformity label, which the Company is entitled to use after successfully passing certification that verifies the enhanced properties of its mineral fertilisers. 3

The Company’s fertilizers meet the highest Russian quality and safety standards and are fully compliant with GOST R 58658‑2019.

«Зеленый эталон»

In September 2024, the Group recertified its agrochemicals against the national standard for products with improved characteristics, with its strict limits on heavy metal content. This reaffirmed PhosAgro’s right to mark its products with a special Green One label.

Улучшенные минеральные удобрения

For more information on ESG certification of the Group’s products, see the Customers and Product Management section

Sound capital allocation in highly effective investment projects 4

Investment projects may get a go‑ahead subject to their high IRR Internal Rate of Return. (in most cases 20%+), compliance with the BAT and sustainability criteria along with the CAPEX/EBITDA target, and a comfortable net debt / EBITDA covenant headroom.

Breakdown of CAPEX, RUB bln
3.3 18.8 31.3 2.5 26.5 33.9 2.8 22.6 28.4 3.1 22.5 28.0 2023 (actual) 2024 (actual) 2025 (plan) 2025 (actual) 64.2 Total including capitalised repairs 75.2 Total including capitalised repairs 67.8 Total including capitalised repairs 67.8 Total including capitalised repairs 53.4 Total excluding capitalised repairs 62.9 Total excluding capitalised repairs 53.8 Total excluding capitalised repairs 53.6 Total excluding capitalised repairs
Непромышленное строительство

Non-industrial construction

Инвестиционные проекты

Investment projects

Поддержание мощностей

Maintenance

Well‑balanced corporate governance 5

Our corporate governance practices undergo an annual evaluation and demonstrate a high level of compliance with the provisions of the Corporate Governance Code recommended by the Bank of Russia.

PhosAgro actively engages with Russian rating agencies to secure and maintain independent assessments, credit ratings, and ESG ratings.

Throughout 2025, the Company continued to service its bank loans in a timely manner. Regular coupon payments were made on all outstanding bond issues, and a Eurobond was redeemed on time, once again affirming the Group’s strong credit quality.

5 50% independent directors
(50%) elected to the Board of Directors at the Annual General Meeting of Shareholders on 29 May 2025
3 board committees
meeting on a regular basis
85 %
adherence to the Corporate Governance Code principles
Well-balanced corporate governance

Stable credit ratings

The Company’s bonds are included in Level 1 quotation list of the Moscow Exchange. These were assigned credit ratings of ruААА and ААА(RU), respectively, from the Expert RA and ACRA agencies.

Consistently strong positions in sustainability ratings and indices

Sustainability rating/index 2023 2024 2025
(С to ААА scale) AA ↑ ААА ↑ ААА

Responsibility and Transparency index

(С to А scale)

A A A

Sustainable Development Vector index

(С to А scale)

A A A

Expert RA ESG transparency

(0.00 to 2.00 scale)

1.95 2.00↑ 2.00

National Rating Agency

(Group 5 to Group 1 scale with scores from 0 to 1)

Group 1 ↑ , 0.83

Group 1, 0.85

Group 1,0.86

Donors Forum Russian Leaders in Corporate Philanthropy

(С to А+ scale)

А+ А+ А+

Corporate Transparency Rating

(D — A+ scale)

А+ А+ А+

Best Employers

(each aspect of sustainable development assessed)

(Bronze to Platinum scale)

Platinum↑ Platinum Platinum