ICL Group Ltd.

Earnings Release • Jul 28, 2021

Second Quarter 2021

Financial Results

R a v i v Z o l l e r

July 28, 2021 President and CEO

Important legal notes Disclaimer and safe harbor for forward-looking statements

The information contained herein in this presentation or delivered or to be delivered to you during this presentation does not constitute an offer, expressed or implied, or a recommendation to do any transaction in ICL Group Ltd. (ICL Group or company) securities or in any securities of its affiliates or subsidiaries.

This presentation and/or other oral or written statements made by ICL Group during its presentation or from time to time, may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Whenever words such as "believe," "expect," "anticipate," "intend," "plan," "estimate", "predict" or similar expressions are used, the company is making forward-looking statements. Such forward-looking statements may include, but are not limited to, its 2021 guidance, those that discuss strategies, goals, financial outlooks, corporate initiatives, existing or new products, existing or new markets, operating efficiencies, or other non-historical matters.

Because such statements deal with future events and are based on ICL Group's current expectations, they could be impacted or be subjected to various risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in the company's Annual Report on Form 20-F for the year ended December 31, 2020, and in subsequent filings with the Tel Aviv Stock Exchange (TASE) and/or the U.S. Securities and Exchange Commission (SEC). Therefore, actual results, performance or achievements of the company could differ materially from those described in or implied by such forward-looking statements.

Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can provide no assurance expectations will be achieved. Except as otherwise required by law, ICL Group disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. Readers, listeners and viewers are cautioned to consider these risks and uncertainties and to not place undue reliance on such information.

Certain market and/or industry data used in this presentation were obtained from internal estimates and studies, where appropriate, as well as from market research and publicly available information. Such information may include data obtained from sources believed to be reliable, however, ICL Group disclaims the accuracy and completeness of such information, which is not guaranteed. Internal estimates and studies, which the company believes to be reliable, have not been independently verified. The company cannot assure such data is accurate or complete.

Included in this presentation are certain non-GAAP financial measures, such as adjusted operating income, adjusted operating income margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, segment EBITDA, segment EBITDA margin and free cash flow, designed to complement the financial information presented in accordance with IFRS because management believes such measures are useful to investors. Please note other companies may calculate similarly titled non-GAAP financial measures differently than ICL Group and definitions of these measures may differ from those used by other companies or such companies may use other measures to evaluate their performance, which may reduce the usefulness of our non-GAAP financial measures as tools for comparison. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with IFRS. Please refer to the company's second quarter 2021 press release for the period ended June 30, 2021, and the appendix to this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS.

2Q'21 Highlights

Industrial Products

Record quarter driven by increased demand for specialty products

Successful completion of Dead Sea annual maintenance and ramp project in Spain

Phosphate Potash Solutions

Record breaking quarter, with strength in specialty food and industrial products

Innovative Ag Solutions

Sales growth across all product lines, with higher prices and volumes

All divisions contributed to strong quarterly results

Creating impact and sustainable growth

Committed to growing in our target markets

Agriculture Food Industrial

• Acquisitions in Brazil to provide seasonal balance, opportunities for growth

• Continued focus on specialties growth, with alternative protein plant on schedule

• Shift to long-term contracts, with investments in innovation and growth

Advancing through organic growth and M&A

(1) Adjusted EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix.

Second quarter 2021

Key financial highlights

US\$M	2Q'21	2Q'20	YoY Change
Sales	\$1,617	\$1,203	34%
Gross profit	\$570	\$320	78%
Gross margin	35.3%	26.6%	870 bps
Operating income	\$243	(\$169)	n/m
Adjusted operating income(1)	\$236	\$128	84%
Adjusted operating margin	14.6%	10.6%	400 bps
Net income, attributable	\$140	(\$168)	n/m
Adjusted net income, attributable(1)	\$135	\$72	88%
Adjusted EBITDA(1)	\$351	\$246	43%
Adjusted EBITDA margin	21.7%	20.4%	130 bps
Diluted earnings per share	11¢	(13¢)	n/m
Adjusted diluted EPS(1)	11¢	6¢	83%
Dividend per share	5.26¢	2.80¢	88%
Operating cash flow	\$242	\$177	37%

(1) Adjusted operating income and margin, adjusted net income, adjusted EBITDA and margin, and adjusted EPS are non-GAAP financial measures; see reconciliation tables in appendix.

Industrial Products

Record quarter, with continued strong end-market demand

(1) Segment EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix.

Key highlights

• Record sales and EBITDA, benefitting from strong demand
• Record results for bromine, phosphorous and magnesia-based products
• Continued strong demand for flame retardants

Potash

Continued good environment, with additional upside expected

(1) Segment EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix.

Key highlights

• Dead Sea: successfulone-week maintenance shutdown in early April, with ~80 projects completed
• ICL Iberia: ramp project finalized, with production ramping up
• Good environment continued in second quarter significant impact expected in second half

Phosphate Solutions

Record quarter, with strong demand for specialties

(1) Segment EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix.

Key highlights

• Record results for specialties, commodities and YPH joint venture
• Specialties: food and industrial saw strong demand and higher prices across most regions and industries
• Phosphate fertilizers: sales up, especially in U.S. and Brazil, where prices surged – as did raw material costs

Innovative Ag Solutions

All products showed year-over-year growth

Key highlights

• All product lines showed sales growth, due to higher prices and volumes
• Record turf and ornamental sales, with all geographies improving and new markets doing especially well
• Completed acquisition of Compass Minerals South American Plant Nutrition business on July 1 – ahead of original schedule

(1) Segment EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix.

2Q'20 2Q'21

\$22

\$10

\$20

Key takeaways

Specialties provide balanced long-term growth

• Consistently seeing strength in all businesses, with adjusted EBITDA improvement across all divisions
• Focusing on long-term partnerships with customers in Industrial Products
• Completion of Potash capacity increases
• Driving Phosphate Specialties growth through focus on food
• Capitalizing on new opportunities for Innovative Ag Solutions in Brazil
• Strong cash generation funding investments and acquisitions
• Committed to meeting 2025 leadership goals in sustainable agriculture, food and industrial solutions

Second Quarter 2021

Financial Results

K o b i A l t m a n

CFO

Financial strength

Continued growth in cash flow

Highlights for 2Q'21

• Operating cash flow of \$242M vs. \$177M in 2Q'20
  • ‐ Up \$105M YoY in 1H'21
• Free cash flow(1) of \$94M vs. \$20M in 2Q'20
  • ‐ Up \$105M YoY in 1H'21
• Net debt to adjusted EBITDA improved to 2.1 times
• Investment grade debt ratings reaffirmed
  • ‐ S&P senior unsecured rating BBB-
  • ‐ Fitch senior unsecured rating at BBB-
• Liquidity of ~\$1.2B available
  • ‐ Funded Compass Minerals acquisition in July

Pricing across mineral value chain

Commodity price upcycle

Sources: GMOP and phosphoric acid - CRU Fertilizer Week, as of 6.30.21; Supramax - Simpson Spence Young (SSY), as of July 2021; Sulfur - CRU, as of 7.15.21.

Second quarter 2021

Sales and profit bridges

Adjusted EBITDA(1)

US\$M

(1) Adjusted EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix. Note: Numbers rounded to closest million; Other includes intercompany eliminations.

Second quarter 2021

Results by segment

Adjusted EBITDA(1)

US\$M

(1) Adjusted EBITDA is a non-GAAP financial measure; see reconciliation tables in appendix. Note: Numbers rounded to closest million.

Guidance Full year 2021

Raising expectations

• Expect adjusted EBITDA range of \$1,315 million to \$1,375 million(1)
• Follows another quarter of strong results
• Includes South American Plant Nutrition acquisition

Sustainability

Significant reduction(1) with continued progress

Adopting framework for 2021 reporting TCFD/SASB Disclosure

Industry leading member for 4 th straight year Emissions Bloomberg 2021 GEI Bloomberg ESG Index

Included for 3 rd straight year

Certified 1 st sustainable European underground mining company

Highest Platinum+ ranking for 3 rd consecutive year MAALA

Rated A- for 2 nd straight year ICL Iberia Carbon Disclosure Project FTSE4Good

Included in index series

Thank you

Contact Peggy.ReillyTharp@icl-group.com for more information on ICL View our interactive data tool athttps://investors.icl-group.com/interactive-data-tool/default.aspx

Appendix Second Quarter 2021

F i n a n c i a l R e s u l t s

Industrial Products

Second quarter and first half 2021

Industrial Products US\$M	2Q'21	2Q'20	1H'21	1H'20
Segment sales	\$410	\$285	\$808	\$649
Sales to external customers	\$406	\$281	\$800	\$642
Sales to internal customers	\$4	\$4	\$8	\$7
Segment profit	\$114	\$70	\$219	\$173
Depreciation and amortization	\$14	\$18	\$31	\$35
Capital expenditures	\$14	\$24	\$31	\$45

US\$M	2Q Sales	1H Sales
2020	\$285	\$649
Quantities	\$90	\$110
Prices	\$27	\$34
Exchange rates	\$8	\$15
2021	\$410	\$808

US\$M	2Q Segment EBITDA	1H Segment EBITDA
2020	\$88	\$208
Quantities	\$41	\$45
Prices	\$27	\$34
Exchange rates	(\$1)	(\$2)
Raw materials	(\$17)	(\$20)
Energy	\$1	\$1
Transportation	(\$4)	(\$6)
Operating and other expenses	(\$7)	(\$10)
2021	\$128	\$250

Note: Segment EBITDA is a non-GAAP financial measure; see reconciliation tables.

Potash US\$M	2Q'21	2Q'20	1H'21	1H'20
Segment sales	\$412	\$340	\$797	\$654
Sales to external customers	\$296	\$253	\$550	\$479
Sales to internal customers	\$27	\$24	\$49	\$47
Other and eliminations(1)	\$89	\$63	\$198	\$128
Gross profit	\$154	\$123	\$292	\$219
Segment profit	\$43	\$38	\$72	\$52
Depreciation and amortization	\$42	\$42	\$79	\$81
Capital expenditures	\$72	\$55	\$137	\$116
Average realized price(2)	\$281	\$226	\$269	\$237
Segment EBITDA	\$85	\$80	\$151	\$133

Potash production and sales 000s of tons	2Q'21	2Q'20	1H'21	1H'20
Production	1,022	1,110	2,174	2,255
Total sales, including internal sales	1,148	1,226	2,223	2,222
Closing inventory	226	448	226	448

US\$M	2Q Sales	1H Sales
2020	\$340	\$654
Quantities	\$8	\$44
Prices	\$58	\$81
Exchange rates	\$6	\$18
2021	\$412	\$797

US\$M	2Q Segment EBITDA	1H Segment EBITDA
2020	\$80	\$133
Quantities	(\$9)	\$1
Prices	\$58	\$81
Exchange rates	(\$10)	(\$16)
Energy	(\$6)	(\$5)
Transportation	(\$18)	(\$27)
Operating and other expenses	(\$10)	(\$16)
2021	\$85	\$151

Note: Segment EBITDA is a non-GAAP financial measure; see reconciliation tables.

(1) Primarily includes salt produced in the UK and Spain, Polysulphate and Polysulphate-based products, magnesium-based products, and sales of electricity produced in Israel; (2) Potash average realized price (USD per ton) is calculated by dividing total potash revenue by total sales quantities. The difference between FOB price and average realized price is primarily marine transportation costs.

External potash metrics

Average market prices and imports

Average prices	2Q'21	2Q'20	YoY Change	1Q'21	QoQ Change
Granular potash – Brazil CFR spot US\$ per ton	383	222	72.5%	283	35.3%
Granular potash – Northwest Europe CIF spot/contract € per ton	256	245	4.5%	235	8.9%
Standard potash – Southeast Asia CFR spot US\$ per ton	281	243	15.6%	248	13.3%
Potash imports in millions of tons
To Brazil	3	3.1	(3.2)%	2.2	36.4%
To China	2	1.7	17.6%	2.6	(23.1)%
To India	0.59	0.9	(34.4)%	0.75	(21.3)%

Phosphate Solutions

Second quarter and first half 2021

Phosphate Solutions US\$M	2Q'21	2Q'20	1H'21	1H'20
Segment sales	\$623	\$439	\$1,168	\$941
Sales to external customers	\$599	\$421	\$1,124	\$904
Sales to internal customers	\$24	\$18	\$44	\$37
Segment profit	\$77	\$8	\$117	\$17
Depreciation and amortization	\$57	\$52	\$111	\$101
Capital expenditures	\$68	\$63	\$119	\$124
Segment EBITDA	\$134	\$60	\$228	\$118
Phosphate Solutions US\$M	2Q'21	2Q'20	1H'21	1H'20
Segment sales	\$623	\$439	\$1,168	\$941
Specialty	\$328	\$273	\$622	\$552
Commodity
	\$295	\$166	\$546	\$389
Segment profit	\$77	\$8	\$117	\$17
Specialty	\$37	\$30	\$72	\$58
Commodity	\$40	(\$22)	\$45	(\$41)
Segment EBITDA	\$134	\$60	\$228	\$118
Specialty	\$50	\$44	\$98	\$87

								Note: Segment EBITDA is a non-GAAP financial measure; see reconciliation tables.
--	--	--	--	--	--	--	--	----------------------------------------------------------------------------------	--

US\$M	2Q Sales	1H Sales
2020	\$439	\$941
Quantities	\$67	\$55
Prices	\$85	\$116
Exchange rates	\$32	\$56
2021	\$623	\$1,168

US\$M	2Q Segment EBITDA	1H Segment EBITDA
2020	\$60	\$118
Quantities	\$11	\$9
Prices	\$85	\$116
Exchange rates	(\$1)	\$2
Raw materials	(\$29)	(\$40)
Energy	-	\$1
Transportation	(\$7)	(\$11)
Operating and other expenses	\$15	\$33
2021	\$134	\$228

External phosphate metrics

Commodities market

Average prices (\$/ton)	2Q'21	2Q'20	YoY Change	1Q'21	QoQ Change
DAP CFR India spot	\$565	\$316	79%	\$455	24%
TSP CFR Brazil spot	\$527	\$245	115%	\$408	29%
SSP CPT Brazil inland 18% to 20% P2O5 spot	\$250	\$173	45%	\$206	21%
Sulfur Bulk FOB Adnoc Monthly contract	\$185	\$60	208%	\$138	34%

Innovative Ag Solutions

Second quarter and first half 2021

Innovative Ag Solutions US\$M	2Q'21	2Q'20	1H'21	1H'20
Segment sales	\$237	\$196	\$478	\$395
Sales to external customers	\$235	\$193	\$473	\$389
Sales to internal customers	\$2	\$3	\$5	\$6
Segment profit	\$20	\$15	\$42	\$29
Depreciation and amortization	\$7	\$7	\$14	\$12
Capital expenditures	\$5	\$4	\$9*	\$7
Segment EBITDA	\$27	\$22	\$56	\$41

US\$M	2Q Sales	1H Sales
2020	\$196	\$395
Quantities	\$17	\$41
Prices	\$8	\$9
Exchange rates	\$16	\$33
2021	\$237	\$478

US\$M	2Q Segment EBITDA	1H Segment EBITDA
2020	\$22	\$41
Quantities	\$1	\$3
Prices	\$8	\$9
Exchange rates	\$2	\$4
Raw materials	(\$6)	(\$3)
Energy	-	-
Transportation	-	-
Operating and other expenses	-	\$2
2021	\$27	\$56

Note: Segment EBITDA is a non-GAAP financial measure; see reconciliation tables.

*Not including capital expenditures as part of business combination. For further information see Note 3 to the Company's Interim Financial Statements in the 2021 6-K Report.

Consolidated results analysis

Second quarter 2021

US\$M	Sales	Expenses	Operating Income	EBITDA
2Q'20	\$1,203	(\$1,372)	(\$169)
Total adjustments Q2 2020*	-	\$297	\$297
Adjusted Q2 2020 figures	\$1,203	(\$1,075)	\$128	\$246	Notes:
Quantities	\$177	(\$135)	\$42	\$42	Positive – higher sales volumes of bromine- and phosphorus-based flame retardants, bromine based industrial solutions, mainly clear brine fluids, as well as acids, phosphate fertilizers and phosphate-based food additives and salts Negative – decreased sales volumes of potash
Prices	\$175	-	\$175	\$175	Positive – phosphate fertilizers, potash, elemental bromine, and bromine- and phosphorus based flame retardants
Exchange rates	\$62	(\$75)	(\$13)	(\$13)	Negative – appreciation of avg. exchange rate of Israeli shekel and British Pound vs. U.S. dollar Positive – appreciation of euro and Chinese yuan against the U.S. dollar
Raw materials	-	(\$49)	(\$49)	(\$49)	Negative – higher prices of sulfur and raw materials used to produce flame retardants
Energy	-	(\$6)	(\$6)	(\$6)	Negative – increased electricity prices
Transportation	-	(\$30)	(\$30)	(\$30)	Negative – higher marine transportation rates
Operating and other expenses	-	(\$11)	(\$11)	(\$14)	Negative – decreased production of potash and increased royalties from higher selling prices. Positive – increased production from Rotem Israel and YPH joint venture; Rotem efficiency plan implemented in 2020
Adjusted Q2 2021 figures	\$1,617	(\$1,381)	\$236	\$351
Total adjustments Q2 2021*	-	\$7	\$7
2Q'21	\$1,617	(\$1,374)	\$243

* See "Adjustments to reported Operating and Net income (Non-GAAP)" in the 2021 6-K report.

Consolidated results analysis First half 2021

US\$M	Sales	Expenses	Operating Income	EBITDA
1H'20	\$2,522	(\$2,559)	(\$37)
Total adjustments YTD 2020*	-	\$297	\$297
Adjusted YTD 2020 figures	\$2,522	(\$2,262)	\$260	\$496	Notes:
Quantities	\$245	(\$192)	\$53	\$53	Positive – higher sales volumes of bromine- and phosphorus-based flame retardants, bromine-based industrial solutions,, as well as Innovative Ag-Solutions products, acids, phosphate fertilizers and phosphate-based food additives
Prices	\$236	-	\$236	\$236	Positive – phosphate fertilizers, potash, elemental bromine, and bromine- and phosphorus based flame retardants
Exchange rates	\$124	(\$142)	(\$18)	(\$18)	Negative – appreciation of avg. exchange rate of Israeli shekel & British Pound vs. U.S. dollar Positive – appreciation of euro and Chinese yuan against the U.S. dollar
Raw materials	-	(\$62)	(\$62)	(\$62)	Negative – higher prices of sulfur and raw materials used to produce flame retardants
Energy	-	(\$3)	(\$3)	(\$3)
Transportation	-	(\$44)	(\$44)	(\$44)	Negative – higher marine transportation rates
Operating and other expenses	-	(\$1)	(\$1)	(\$12)	Negative – decreased production of potash and increased royalties from higher selling prices Positive – increased production from Rotem Israel and YPH joint venture. Rotem efficiency plan implemented in 2020
Adjusted YTD 2021 figures	\$3,127	(\$2,706)	\$421	\$646
Total adjustments YTD 2021*	-	\$7	\$7
1H'21	\$3,127	(\$2,699)	\$428

* See "Adjustments to reported Operating and Net income (Non-GAAP)" in the 2021 6-K report.

Sales by geographic location

Second quarter 2021

Sales US\$M	Industrial Products		Potash		Phosphate Solutions		Innovative Ag Solutions		Other Activities		Reconciliations		Consolidated
	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20
Europe	\$142	\$99	\$96	\$84	\$185	\$154	\$113	\$89	\$6	\$7	(\$23)	(\$17)	\$519	\$416
Asia	\$148	\$98	\$128	\$132	\$150	\$93	\$39	\$36	-	-	(\$3)	(\$4)	\$462	\$355
North America	\$87	\$66	\$32	\$14	\$125	\$83	\$28	\$26	-	\$1	(\$1)	(\$2)	\$271	\$188
South America	\$22	\$6	\$112	\$64	\$116	\$62	\$12	\$4	-	-	-	-	\$262	\$136
Rest of world	\$11	\$16	\$44	\$46	\$47	\$47	\$45	\$41	\$1	\$1	(\$45)	(\$43)	\$103	\$108
Total	\$410	\$285	\$412	\$340	\$623	\$439	\$237	\$196	\$7	\$9	(\$72)	(\$66)	\$1,617	\$1,203

Finance expenses

Second quarter and first half 2021

US\$M	2Q'21	2Q'20	1H'21	1H'20
Average net debt(1)	\$2,800	\$2,800	\$2,800	\$2,700
Weighted average interest rate	3.8%	3.9%	3.8%	4.0%
Interest expenses	\$26	\$27	\$53	\$54
Interest capitalization	(\$5)	(\$6)	(\$11)	(\$12)
Interest expenses, net	\$21	\$21	\$42	\$42
Total hedging and balance sheet revaluation	(\$2)	(\$6)	\$10	\$32
Interest and exchange rate impact on LT liabilities of leasing and employees and other(2)	\$11	\$16	(\$2)	\$9
Net financial expenses	\$30	\$31	\$50	\$83

(1) Average liabilities during given quarter. (2) Other for 2Q'21 includes \$6 million, due to shekel revaluation vs. U.S. dollar. Note: Numbers may not add, due to rounding and set-offs.

Adjusted effective tax rate

Second quarter and first half 2021

US\$M	2Q'21	2Q'20	1H'21	1H'20
Adjusted income before tax(1)	\$207	\$98	\$372	\$179
Normalized tax rate	25%	20%	23%	21%
Normalized tax expenses	\$52	\$20	\$86	\$37
Carryforward losses for which deferred taxes were not recognized and other	\$1	\$1	\$4	\$7
Exchange rate impact	\$9	\$3	(\$5)	-
Adjusted tax expenses	\$62	\$24	\$85	\$44
Effective tax rate	30%	25%	23%	25%
Tax adjustments	\$2	(\$57)	\$2	(\$57)
Reported provision for income taxes	\$64	(\$33)	\$87	(\$13)

Reconciliation tables

Slide one of two

Calculation of segment EBITDA and margin		Industrial Products		Potash		Phosphate Solutions		Innovative Ag Solutions
US\$M	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20	2Q'21	2Q'20
Segment sales	\$410	\$285	\$412	\$340	\$623	\$439	\$237	\$196
Segment profit	\$114	\$70	\$43	\$38	\$77	\$8	\$20	\$15
Depreciation and amortization	\$14	\$18	\$42	\$42	\$57	\$52	\$7	\$7
Segment EBITDA	\$128	\$88	\$85	\$80	\$134	\$60	\$27	\$22
Segment EBITDA margin	31%	31%	21%	24%	22%	14%	11%	11%

Calculation of free cash flow US\$M	2Q'21	2Q'20	1H'21	1H'20
Cash flow from operations	\$242	\$177	\$448	\$343
Additions to PP&E, intangible assets, and dividends from equity accounted investees(1)	(\$148)	(\$157)	(\$295)	(\$295)
Free cash flow	\$94	\$20	\$153	\$48

Calculation of adjusted income before tax US\$M	2Q'21	2Q'20	1H'21	1H'20
Adjusted operating income	\$236	\$128	\$421	\$260
Finance expenses	(\$30)	(\$31)	(\$50)	(\$83)
Share in earnings (losses) of equity accounted investees and adjustments to financial expenses	\$1	\$1	\$1	\$2
Adjusted income before tax	\$207	\$98	\$372	\$179

(1) Also includes proceeds from sale of property, plants and equipment (PP&E). Note: Numbers may not add, due to rounding and set-offs.

Reconciliation tables

Slide two of two

Calculation of adjusted EBITDA US\$M	2Q'21	1Q'21	4Q'20	3Q'20	2Q'20	FY'20	FY'19	FY'18
Net income attributable to shareholders of the company	\$140	\$135	\$65	\$54	(\$168)	\$11	\$475	\$1,240
Financing expenses, net	\$30	\$20	\$46	\$29	\$31	\$158	\$129	\$158
Taxes on income	\$64	\$23	\$24	\$14	(\$33)	\$25	\$147	\$129
Minority and equity profit, net	\$9	\$7	\$4	\$3	\$1	\$8	\$5	(\$8)
Operating income	\$243	\$185	\$139	\$100	(\$169)	\$202	\$756	\$1,519
Minority and equity profit, net	(\$9)	(\$7)	(\$4)	(\$3)	(\$1)	(\$8)	(\$5)	\$8
Depreciation and amortization	\$124	\$117	\$129	\$123	\$119	\$489	\$443	\$403
Adjustments(1)	(\$7)	-	\$4	\$6	\$297	\$307	\$4	(\$766)
Adjusted EBITDA	\$351	\$295	\$268	\$226	\$246	\$990	\$1,198	\$1,164

Net debt to EBITDA(2) US\$M	2Q'21
Net debt	\$2,432
EBITDA	\$1,140
Net debt to EBITDA	2.1

Guidance and non-GAAP financial measures

Guidance

The company only provides guidance on a non-GAAP basis. We do not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, in particular because special items, such as restructuring, litigation and other matters, used to calculate projected net income (loss) vary dramatically based on actual events, the company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected adjusted EBITDA (non-GAAP). Our guidance speaks only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, unless required by law.

Non-GAAP financial measures

We disclose in this presentation non-IFRS financial measures titled: adjusted operating income, adjusted net income attributable to the company's shareholders, adjusted EBITDA, adjusted EPS, segment EBITDA, segment EBITDA margin and free cash flow. Our management uses such non-GAAP measures to facilitate operating performance comparisons from period to period and presents free cash flow to facilitate a review of our cash flows. We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth in the reconciliation table "Adjustments to reported operating and net income." Certain of these items may recur. We calculate our adjusted net income attributable to the company's shareholders by adjusting our adjusted operating income, net income attributable to the company's shareholders to add certain items, as set forth in the reconciliation table "Adjustments to reported operating and net income (Non-GAAP)" in our quarterly earnings release, excluding the total tax impact of such adjustments. We calculate our adjusted EBITDA by adding depreciation and amortization back to adjusted operating income. Adjusted EPS is calculated as adjusted net income divided by weighted-average diluted number of ordinary shares outstanding as provided in the reconciliation table under "Calculation of adjusted EPS." We calculate our segment EBITDA by adding back to our segment profit the depreciation and amortization for each segment. We calculate our segment EBITDA margin by dividing segment EBITDA by revenue. We calculate our free cash flow as our cash flows from operating activities net of our purchase of property, plant, equipment and intangible assets, and adding proceeds from the sale of property, plant and equipment, and dividends from equity-accounted investees during such period as presented in the reconciliation table under "Calculation of free cash flow." You should not view adjusted operating income, adjusted net income attributable to the company's shareholders, adjusted EPS or adjusted EBITDA as a substitute for operating income or net income attributable to the company's shareholders determined in accordance with IFRS, adjusted EPS as a substitute for EPS, or free cash flow as a substitute for cash flows from operating activities and cash flows used in investing activities, and you should note that our definitions of adjusted operating income, adjusted net income attributable to the company's shareholders, adjusted EBITDA and free cash flow may differ from those used by other companies. However, we believe such non-GAAP measures provide useful information to both management and investors by excluding certain expenses management believes are not indicative of our ongoing operations. In particular, for free cash flow, we adjust our CAPEX to include any proceeds from the sale of property, plant and equipment because we believe such amounts offset the impact of our purchase of property, plant, equipment and intangible assets. We further adjust free cash flow to add dividends from equity-accounted investees because receipt of such dividends affects our residual cash flow. Free cash flow does not reflect adjustment for additional items that may impact our residual cash flow for discretionary expenditures, such as adjustments for charges relating to acquisitions, servicing debt obligations, changes in our deposit account balances that relate to our investing activities and other non-discretionary expenditures. Our management uses these non-IFRS measures to evaluate the company's business strategies and management's performance. We believe these non-IFRS measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate our performance. We present a discussion in the period-to-period comparisons of the primary drivers of changes in the company's results of operations. This discussion is based, in part, on management's best estimates of the impact of the main trends in its businesses. We have based the preceding discussion on our financial statements. You should read the preceding discussion together with our financial statements.