2025 Phosagro Integrated Report

Relationship with shareholders and investors

Andrey Serov

At PhosAgro, we are committed to transparency and consistency, and maintain an ongoing dialogue with the investor community. This dialogue is conducted through all available communication channels with participation from PhosAgro Group’s senior management team.

What we achieve with our strong engagement programme

  • Raise investor awareness of the Company’s potential value and long‑term sustainability
  • Update investors on PhosAgro’s strategic priorities and progress we have made
  • Attract a wider pool of investors to improve liquidity, share price and borrowing costs
  • Increase our access to a variety of capital market instruments
  • Provide transparency on how our corporate governance systems work
  • Seek and generate new ideas through dialogue with investors
  • Clarify the Company’s contribution to the UN Sustainable Development Goals

Why we interact

  • Provide investment community with reliable and relevant information on the key aspects of the Company’s operations, its development plans and long‑term goals
  • Identify risks and opportunities for the Company as seen from the perspective of members of the investment community after they have analysed the provided information
  • Communicate investor feedback to the management to form the internal position and tweak/work out a development strategy that would mitigate major risks and unlock the Company’s potential
  • Monitor the progress against the Company’s development strategy and present its results to the public

How we interact

The Company interacts with the investment community in a variety of ways

  • Virtual non‑deal roadshows covering general topics for broader investor audiences and deal roadshows relating to Eurobond offerings and ESG disclosures, etc.
  • One‑on‑one calls with investors
  • Online investor conferences
  • Selective communication with members of the analyst community to raise their awareness of the Company’s operations
  • Interaction with credit and ESG rating agencies
  • Regulatory press releases
  • Annual General Meetings of Shareholders and formal reporting
  • Corporate website of the Company
  • Corporate pages on investment‑focused social media platforms
  • A dedicated in‑house investor relations team

In 2025, PhosAgro continued to strengthen its engagement with retail and institutional investors by holding webinars and conference calls with the assistance of major Russian brokers, taking part in conferences for retail investors, and organising site visits for investors.

The Company has launched pages on investment‑focused social networks SmartLab and BCS Profit, with plans to expand its presence across similar online platforms.

Available on these websites are information materials featuring performance overview, descriptions of key production processes, updates on significant corporate developments, etc. Within specialised forum discussions, the Company maintains dialogue with the investment community, providing responses to investor inquiries.

Key topics and outcomes in 2025

  • In 2025, challenging external conditions continued to impact the business environment in which we operate, making it essential to maintain close engagement with shareholders, debt investors, and analysts through both in‑person and online meetings.
  • The Company’s credit ratings assigned by Russian rating agencies were affirmed at the highest level of AAA.
  • The Company offered several exchange bond issues on the Moscow Exchange denominated in RUB, CNY, and USD. All the issues were rated on par with the Company’s rating at AAA.
  • A total of 184 publications were made in line with Russian disclosure regulations via the Interfax Corporate Disclosure Centre.