AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Risk Management In the ordinary course of our business activities, we are exposed to various market risks that are not in our control, including fluctuations in the prices of certain of our products and inputs, currency exchange rates, interest rates, energy prices and marine shipping prices, that may have an adverse effect on the value of our financial assets and liabilities, future cash flow and profit. As a result of these market risks, we could suffer a loss due to adverse changes such as the prices of our products or our inputs, foreign exchange rates, interest rates, energy prices or marine shipping prices. As relates to financial assets and financial liabilities in currencies that are not the functional currency of our subsidiaries, our policy is to try and minimize this exposure as much as possible using various hedging instruments. We do not hedge against some severance pay liabilities, lease liabilities (IFRS 16) or tax balances as they are long-term exposures. In addition, we do not use hedging instruments to hedge the prices of our products. As for hedging against projected income and expenses in currencies that are not in the functional currency of our subsidiaries, price changes of energy products, marine shipping costs and interest rates, our policy is to hedge part of the exposure, as described below. We regularly monitor the extent of our exposure to various risks described below, and we execute hedging activities according to our hedging policy with reference to the actual developments and expectations in the various markets. We use financial instruments and derivatives for hedging purposes only. These hedging instruments reduce our exposure as described above. Part of these transactions do not meet the hedging conditions provided in IFRS and therefore they are measured at fair value, and changes in the fair value are charged immediately to earnings. The counterparties for our derivatives transactions are banks or financial institutes. We believe the credit risk in respect thereof is small. For further information about our hedging activities, see Note 21 to our Audited Financial Statements. Exchange Rate Risk The US dollar is the principal currency of the business environment in which most of our subsidiaries operate. Most of our activities — sales, purchase of materials, selling and marketing expenses and financing expenses, as well as the purchase of property, plant and equipment — are executed in US dollars, and, as a result, we use the US dollar as our functional currency for measurement and reporting of the Company and most of our subsidiaries. We have several consolidated subsidiaries whose functional currencies are their local currency —mainly the Euro, the British Pound, the Brazilian Real, the Israeli Shekel and the Chinese Yuan. Set forth below is a description of our principal exposures in respect of changes in currency exchange rates. ICL Group Limited 305 Transactions by our subsidiaries in currencies that are not their functional currency expose us to changes in the exchange rates of those currencies compared to the functional currencies of those companies. Measurement of this type of exposure is based on the surplus of net income or expenses in each currency that is not the functional currency of that company. Part of the costs of our inputs in Israel are denominated and paid in NIS. Thus, we are exposed to a strengthening of the NIS exchange rate against the US dollar (NIS revaluation). This exposure is similar in substance to the exposure described above for transactions in foreign currencies but is much larger than the other currency exposures. The results for tax purposes for the Company and its subsidiaries operating in Israel are measured in NIS. As a result, we are exposed to the rate of the change in the US dollar exchange rate and the measurement base for tax purposes (the NIS) in respect of these companies. Our subsidiaries have severance pay liabilities that are denominated in the local currency, and in Israel they are sometimes affected by rises in the CPI as well. Our subsidiaries in Israel have reserves to cover part of these liabilities. The reserves are denominated in NIS and affected by the performance of the funds in which the sums are invested. As a result, we are exposed to changes in the exchange rates of the US dollar against various local currencies in respect of net liabilities for severance pay. For further information regarding our hedging policy, see "Item 11 – Quantitative and Qualitative Disclosures about Market Risk– Risk Management". Our subsidiaries have financial assets and liabilities that are denominated in or linked to currencies other than their functional currencies. A surplus of assets over liabilities denominated in currencies that are not the functional currency creates exposure to us in respect of exchange rate fluctuations. For investment in subsidiaries whose functional currency is not the US dollar, the end of period balance sheet accounts of these subsidiary companies are translated into US dollars based on the exchange rate of the US dollar to the reporting currency of these subsidiaries at the end of the relevant period. The beginning of period balance sheet balances, as well as capital changes during the period, are translated into US dollars at the exchange rate at the beginning of the period or on the date of the change in capital, respectively. The differences arising from the effect of the change in the exchange rate between the US dollar and the currency in which the subsidiary companies report create exposure. The effects of this exposure are charged directly to equity. We examine periodically the extent of the hedging transactions implemented to hedge each of the exposures described above and decide on the required scope of hedging within the hedging policy framework. We use various financial instruments for our hedging activity, including derivatives. Explanations of the main changes between the periods Exchange rate: As of December 31, 2025, the net positive fair value of the derivative instruments with respect to exchange rates was about $92 million compared to a positive fair value of $1 million as of December 31, 2024. As a result, in 2025, an income of about $91 million was recorded with respect to these transactions. ICL Group Limited 306 The tables below set forth the sensitivity of our derivative instruments and certain balance sheet items to 5% and 10% increases and decreases in the exchange rates as of December 31, 2025. Increase (decrease) in fair value Fair value Increase (decrease) in fair value USD/NIS Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (0.1) (0.1) 1.4 0.1 0.2 Trade receivables (4.5) (2.4) 49.5 2.6 5.5 Receivables and debit balances (0.8) (0.4) 8.5 0.4 0.9 Long-term deposits and loans 0.2 0.1 (1.8) (0.1) (0.2) Credit from banks and others 2.9 1.5 (32.4) (1.7) (3.6) Trade payables 47.7 25.0 (524.9) (27.6) (58.3) Other payables 3.0 1.6 (33.3) (1.8) (3.7) Long-term loans 8.5 4.5 (93.8) (4.9) (10.4) Fixed rate debentures 38.3 20.0 (421.0) (22.2) (46.8) Options (4.3) (2.1) 2.1 3.7 7.3 Forward (66.5) (35.5) 18.5 39.5 82.7 Forward transactions hedge accounting (31.5) (16.5) 21.0 18.2 38.5 Swap (43.5) (23.0) 51.0 25.4 53.7 Total (50.6) (27.3) (955.2) 31.6 65.8 Increase (decrease) in fair value Fair value Increase (decrease) in fair value EUR/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (7.4) (3.9) 81.4 4.3 9.0 Short-term deposits and loans (0.1) 0.0 0.8 0.0 0.1 Trade receivables (22.5) (11.8) 247.2 13.0 27.5 Receivables and debit balances (1.6) (0.8) 17.8 0.9 2.0 Long-term deposits and loans (0.3) (0.2) 3.7 0.2 0.4 Credit from banks and others 11.1 5.8 (121.8) (6.4) (13.5) Trade payables 21.7 11.3 (238.3) (12.5) (26.5) Other payables 6.0 3.1 (65.9) (3.5) (7.3) Long-term loans from banks 36.8 19.3 (404.7) (21.3) (45.0) Long-term loans with variable interest rates 21.8 11.4 (240.2) (12.6) (26.7) Options 6.3 3.6 (1.1) (1.5) (4.5) Forward 5.5 2.6 0.1 (2.4) (4.5) Total 77.3 40.4 (721.0) (41.8) (89.0) ICL Group Limited 307 Increase (decrease) in fair value Fair value Increase (decrease) in fair value GBP/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (0.1) 0.0 1.0 0.1 0.1 Trade receivables (3.8) (2.0) 41.3 2.2 4.6 Receivables and debit balances (0.2) (0.1) 2.7 0.1 0.3 Credit from banks and others 1.1 0.6 (12.1) (0.6) (1.3) Trade payables 2.1 1.1 (23.1) (1.2) (2.6) Other payables 0.5 0.3 (5.4) (0.3) (0.6) Long-term loans 1.1 0.6 (11.9) (0.6) (1.3) Options (0.7) (0.3) 0.0 0.3 0.9 Forward (0.5) (0.2) 0.0 0.2 0.4 Total (0.5) - (7.5) 0.2 0.5 Increase (decrease) in fair value Fair value Increase (decrease) in fair value BRL/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (5.6) (2.9) 61.9 3.3 6.9 Trade receivables (31.2) (16.3) 342.8 18.0 38.1 Receivables and debit balances (0.5) (0.3) 5.8 0.3 0.6 Trade payables 5.5 2.9 (60.0) (3.2) (6.7) Long-term deposits and loans (0.5) (0.3) 6.0 0.3 0.7 Other payables 1.4 0.7 (15.5) (0.8) (1.7) Long-term loans from banks 1.7 0.9 (18.2) (1.0) (2.0) Forward 4.0 2.1 0.6 (2.3) (4.9) Total (25.2) (13.2) 323.4 14.6 31.0 Increase (decrease) in fair value Fair value Increase (decrease) in fair value CNY/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (8.3) (4.4) 91.6 4.8 10.2 Short-term investments and deposits (0.6) (0.3) 6.5 0.3 0.7 Trade receivables (5.8) (3.0) 63.5 3.3 7.1 Receivables and debit balances 0.0 0.0 (0.2) 0.0 0.0 Trade payables 6.2 3.2 (67.7) (3.6) (7.5) Other payables 0.7 0.4 (8.2) (0.4) (0.9) Long-term loans (CNY) 2.4 1.2 (26.1) (1.4) (2.9) Total (5.4) (2.9) 59.4 3.0 6.7 ICL Group Limited 308 The tables below set forth the sensitivity of our derivative instruments and certain balance sheet items to 5% and 10% increases and decreases in the exchange rates as of December 31, 2024. Increase (decrease) in fair value Fair value Increase (decrease) in fair value USD/NIS Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (0.1) (0.1) 1.5 0.1 0.2 Short-term deposits and loans 0.0 0.0 0.1 0.0 0.0 Trade receivables (3.3) (1.7) 36.7 1.9 4.1 Receivables and debit balances (0.4) (0.2) 4.0 0.2 0.4 Long-term deposits and loans (0.1) 0.0 0.9 0.0 0.1 Credit from banks and others 1.3 0.7 (14.8) (0.8) (1.6) Trade payables 37.1 19.4 (407.9) (21.5) (45.3) Other payables 2.9 1.5 (31.9) (1.7) (3.5) Long-term loans 10.6 5.6 (116.8) (6.1) (13.0) Fixed rate debentures 14.7 7.7 (161.3) (8.5) (17.9) Forward (65.8) (34.0) (1.1) 39.7 82.7 Forward transactions hedge accounting (31.0) (17.2) 2.1 14.7 33.3 Swap (16.6) (8.7) (2.9) 9.5 20.6 Total (50.7) (27.0) (691.4) 27.5 60.1 Increase (decrease) in fair value Fair value Increase (decrease) in fair value EUR/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (1.8) (1.0) 20.3 1.1 2.3 Short-term deposits and loans (0.1) 0.0 0.8 0.0 0.1 Trade receivables (20.4) (10.7) 224.4 11.8 24.9 Receivables and debit balances (1.6) (0.8) 17.5 0.9 1.9 Long-term deposits and loans (0.4) (0.2) 4.7 0.2 0.5 Credit from banks and others 9.4 4.9 (103.9) (5.5) (11.5) Trade payables 18.2 9.6 (200.6) (10.6) (22.3) Other payables 4.7 2.5 (51.8) (2.7) (5.8) Long-term loans from banks 27.3 14.3 (300.3) (15.8) (33.4) Long-term loans with variable interest rates 46.7 24.5 (513.7) (27.0) (57.1) Options 2.2 0.3 1.4 (2.9) (4.4) Forward 18.2 8.6 2.0 (7.9) (15.1) Total 102.4 52.0 (899.2) (58.4) (119.9) ICL Group Limited 309 Increase (decrease) in fair value Fair value Increase (decrease) in fair value GBP/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (0.8) (0.4) 9.3 0.5 1.0 Trade receivables (3.6) (1.9) 39.1 2.1 4.3 Receivables and debit balances (0.2) (0.1) 1.9 0.1 0.2 Credit from banks and others 0.7 0.4 (7.9) (0.4) (0.9) Trade payables 2.2 1.1 (24.0) (1.3) (2.7) Other payables 0.5 0.3 (5.5) (0.3) (0.6) Long-term loans 1.1 0.6 (11.9) (0.6) (1.3) Options (1.0) (0.5) (0.4) 0.5 0.9 Forward (0.1) (0.1) (0.1) 0.1 0.1 Total (1.2) (0.6) 0.5 0.7 1.0 Increase (decrease) in fair value Fair value Increase (decrease) in fair value BRL/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (6.3) (3.3) 68.9 3.6 7.7 Trade receivables (27.0) (14.1) 296.9 15.6 33.0 Receivables and debit balances (0.5) (0.2) 5.2 0.3 0.6 Trade payables 9.4 4.9 (103.3) (5.4) (11.5) Long-term deposits and loans (0.5) (0.2) 5.2 0.3 0.6 Other payables 1.1 0.6 (12.6) (0.7) (1.4) Long-term loans from banks 1.7 0.9 (18.5) (1.0) (2.1) Forward 1.6 0.9 0.3 (1.0) (2.0) Total (20.5) (10.5) 242.1 11.7 24.9 Increase (decrease) in fair value Fair value Increase (decrease) in fair value CNY/USD Increase of 10% Increase of 5% Decrease of 5% Decrease of 10% Type of instrument $ millions Cash and cash equivalents (13.7) (7.2) 150.5 7.9 16.7 Short-term investments and deposits (0.5) (0.3) 5.8 0.3 0.6 Trade receivables (7.3) (3.8) 80.6 4.2 9.0 Trade payables 5.5 2.9 (61.0) (3.2) (6.8) Other payables 0.8 0.4 (8.6) (0.5) (1.0) Long-term loans (CNY) 2.5 1.3 (27.6) (1.5) (3.1) Total (12.7) (6.7) 139.7 7.2 15.4 ICL Group Limited 310 Interest Rate Risk We have loans bearing variable interest rates that expose our finance expenses and cash flow to changes in interest rates. With respect to our fixed‑interest loans, there is exposure to changes in the fair value of the loans due to changes in the market interest rate. From time to time, we use some hedging transactions to hedge some of the above exposure. The hedging is implemented by using a fixed interest range and by hedging variable interest. The table below sets forth the sensitivity of certain financial instruments to 0.5% and 1% increases and decreases in the USD interest rate as of December 31, 2025. Increase (decrease) in fair value Fair value Increase (decrease) in fair value Increase of 1% Increase of 0.5% Decrease of 0.5% Decrease of 1% Type of instrument $ millions Fixed-USD interest debentures 55.9 28.7 (831.1) (30.4) (62.5) NIS/USD swap 27.7 14.1 51.0 (14.7) (30.0) Total 83.6 42.8 (780.1) (45.1) (92.5) The table below sets forth the sensitivity of certain financial instruments to 0.5% and 1% increases and decreases in the USD interest rate as of December 31, 2024. Increase (decrease) in fair value Fair value Increase (decrease) in fair value Increase of 1% Increase of 0.5% Decrease of 0.5% Decrease of 1% Type of instrument $ millions Fixed-USD interest debentures 55.4 28.5 (787.8) (30.2) (62.3) NIS/USD swap 12.7 6.4 (2.9) (6.8) (14.0) Total 68.1 34.9 (790.7) (37.0) (76.3) The table below sets forth the sensitivity of certain financial instruments to 0.5% and 1% increases and decreases in the NIS interest rate as of December 31, 2025. Sensitivity to changes in the shekel interest rate Increase (decrease) in fair value Fair value Increase (decrease) in fair value Increase of 1% Increase of 0.5% Decrease of 0.5% Decrease of 1% Type of instrument $ millions Fixed-interest long-term loan - - (93.8) - - Fixed rate debentures 27.5 14.1 (421.0) (14.7) (30.0) NIS/USD swap (32.5) (16.7) 51.0 17.5 35.8 Total (5.0) (2.6) (463.8) 2.8 5.8 ICL Group Limited 311 The table below sets forth the sensitivity of certain financial instruments to 0.5% and 1% increases and decreases in the NIS interest rate as of December 31, 2024. Sensitivity to changes in the shekel interest rate Increase (decrease) in fair value Fair value Increase (decrease) in fair value Increase of 1% Increase of 0.5% Decrease of 0.5% Decrease of 1% Type of instrument $ millions Fixed-interest long-term loan - - (116.8) - - Fixed rate debentures 11.3 5.8 (161.3) (6.0) (12.4) NIS/USD swap (13.3) (6.8) (2.9) 7.1 14.8 Total (2.0) (1.0) (281.0) 1.1 2.4 The table below sets forth the sensitivity of certain financial instruments to 0.5% and 1% increases and decreases in the Euro interest rate as of December 31, 2025. Sensitivity to changes in the Euro interest rate Increase (decrease) in fair value Fair value Increase (decrease) in fair value Increase of 1% Increase of 0.5% Decrease of 0.5% Decrease of 1% Type of instrument $ millions Long-term loans from banks and others 4.1 2.1 (459.5) (2.1) (4.3) The table below sets forth the sensitivity of certain financial instruments to 0.5% and 1% increases and decreases in the Euro interest rate as of December 31, 2024. Sensitivity to changes in the Euro interest rate Increase (decrease) in fair value Fair value Increase (decrease) in fair value Increase of 1% Increase of 0.5% Decrease of 0.5% Decrease of 1% Type of instrument $ millions Long-term loans from banks and others 4.0 2.0 (271.3) (2.0) (4.1) Marine Shipping Price Risk We ship substantial amounts of goods worldwide using marine shipments. ICL Group Limited 312