1H 2020 IFRS Results

August 2020

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Highlights

3

1H20 Highlights

4

MARKETS

Pressure on pricing environment across all fertilizer segments in 1H20

Fertilizers turned out to be resilient to COVD-19 outbreak

Fertilizers industry was one of the less affected by the global crisis, with farmer economics proved to

be more favorable

BUSINESS

CONTINUITY.

COVID-19 RESPONE

Integrated business model and full Group’s vertical integration contributes to resilience in turbulent

global environment

Preventative risk management measures incorporated all through the business chain from the very start

of the pandemic outbreak

All plants operated as normal, no significant disruptions incurred

Health and safety remains the Group’s priority

FINANCIAL

POSITION

Sales $3.0 bn with sales volumes 12.5 MMT, 6% up y-o-y

Customer base remained well diversified across key agricultural centers with an increase of shipments

to both Americas

EBITDA at $830 mn, +1% y-o-y and EBITDA margin up 1pp to 28%

Free cash flow positive of $338 mn, +148% y-o-y

Net covenant debt reduced by 6% to $4.0 bn with Net Debt / LTM EBITDA lowered to 2.67x

Credit ratings: S&P maintained BB- rating with positive outlook during the global lockdown period

caused by the pandemic

CORPORATE

DEVELOPMENTS

1,050 KMT KCl produced at UKK in 1H20

Sylvinite layer reached at VGK

512 KMT of ammonia produced at ECNW

RUB35 bn 5-year Ruble Bonds issued in April 2020, reopening RUB bond market for other issuers

Resilient Business Model

5Source: Company information

Note: (1) Phosphate and complex fertilizers; (2) Nitrogen mineral fertilizers, organic synthesis products and ammonia; (3) Represents theoretical capacity as certain

production units can produce several types of products, while final production volumes ultimately depend on how the production units are configured; (4) Post full

ramp-up of both the phases of the two Potash projects

Feedstocks/

Resources Production Logistics Sales

Ammonia (NH3)

100% self-sufficient

Apatite / Phosphate rock

Up to 70% self-sufficient

K2O resources base

100% self-sufficient

3 Nitrogen

fertilizer plants

c.12.9 MMT of nitrogen capacity(2)(3)

3 Phosphate

fertilizer plants

c.4.3 MMT of phosphates capacity(1)(3)

2 Potash mines/plants

c.8.2 MMT

of potash capacity for both phases(4)

Maritime transhipment facilities

in Russia, Estonia, Belgium

>7,000 rail cars and 44 locomotives

> 100 countriesSales distribution

~ 10,000 Direct sales customers

With access to highest

quality phosrock globally

Cost leadership through

vertical integration

• N: 1st quartile on global urea cash cost curve

• P: 1st-2nd quartile on global DAP cash

cost curve

• K: One of the lowest cost potash

producers globally

Production growth by investments in

low-cost projects

• Potash projects are expected to allow us to

become a leading low-cost producer and

maximize internal processing of potash

• Increasing competitive advantages with further

product diversification

Excellent proximity

to customers

• Worldwide distribution footprint (LatAm, Europe,

Russia, US, Asia)

• Sell at a premium and exploit seasonality

patterns via own distribution platform

• Obtain valuable market knowledge from direct

end-user contact

• EuroChem is one of just three companies worldwide with direct access to raw materials in all nutrient groups

• Full vertical integration together with easy access to natural gas, and self-sufficiency in ammonia and potash, give us a unique cost advantage

Markets

6

$200

$225

$250

$275

$300

Jan/17 Jul/17 Jan/18 Jul/18 Jan/19 Jul/19 Jan/20 Jul/20

MOP (FOB Baltic sea, spot) MOP(CFR India, contract) MOP(CFR China, contract)

$150

$200

$250

$300

$350

Jan/17 Jul/17 Jan/18 Jul/18 Jan/19 Jul/19 Jan/20 Jul/20

Ammonia (FOB Yuzhny) Prilled urea (FOB Yuzhny)

$250

$300

$350

$400

$450

Jan/17 Jul/17 Jan/18 Jul/18 Jan/19 Jul/19 Jan/20 Jul/20

MAP (FOB Baltic sea) DAP(FOB Black Sea) NPK 16:16:16 (FSU Baltic)

Fertilizer Price Dynamics

Nitrogen

Phosphates

MOP

Prices for Key Products

• Nitrogen. Ammonia price softening by 10% since end of 2019 on

the back of industrial ammonia demand weakening and lower gas

price environment. Urea followed the same downward pressure with

seasonal recoveries for spring application

• Phosphates. MAP prices continued to touch their historical lows

with support gained by production levels reduction due to pandemic

outbreak and other voluntary curtailments across the industry. MAP

prices on average were 14% down vs. end of 2019. Still, producers

got cost advantage with attractive sulphur price levels

• Potash. MOP prices were under pressure with the delay in Chinese

contract signing, record stock build-ups and unimplemented

announced production curtailments. However, the latest supply

contract with China at $220/t gave signs of potash market recovery

Average Market Prices

US$/t1H20 2019 ∆

1H20

MAX MIN

Ammonia (FOB Yuzhny) 210 233 -10% 224 182

Prilled urea (FOB Yuzhny) 213 239 -11% 229 200

MAP (FOB Baltic sea) 292 339 -14% 307 261

MOP (FOB Baltic sea, spot) 214 265 -19% 239 202

Iron Ore (63,5% Fe, CFR China) 93 96 -3% 109 82

Source: Company data, CRU, Fertecon; prices are quoted as US$ per tonne

7

Market Backdrop

Sales Evolution

8

Europe 26%

Latin America21%

North America20%

Russia 14%

Asia Pacific12%

Others 7%

0.20

0.27

0.58

0.57

0.54

0.89

0.19

0.37

0.42

0.59

0.65

0.80

Others

Asia Pacific

Russia

NorthAmerica

LatinAmerica

Europe

1H20

1H19

• Fertilizer sales volumes 9.2 MMT, 19% up y-o-y. The major

driver was new production from UKK potash plant, ECNW

ammonia facility and sales of 3rd parties

• Nitrogen volumes up 4% with urea sales (+8%) being the key

driver

• Complex fertilizers sales volumes showed a 22% increase with

revenues up 6%, one of the most resilient product groups in

volatile market conditions

• Potash sales rose to 1.0 MMT and its share in total fertilizers

sales increased to 11%

• Sales to LatAm was one of the major drivers in 1H20

performance, which improved by 20% and 39% in value and

volume terms, respectively

• EuroChem’s distribution and logistics capabilities were not

affected by COVID-19

Sales Breakdown by Region

$ bn

Overview

EuroChem &

3rd Party Products

1H20 1H19∆,

y-o-y

1H20 1H19∆,

y-o-yKMT $ mn

Nitrogen products 4,898 4,693 4% 1,086 1,156 -6%

Phosphate products & complex

fertilizers, incl.:3,338 2,679 25% 1,151 1,113 3%

Phosphate fertilizers 1,453 1,098 32% 493 485 2%

Complex fertilizers 1,694 1,390 22% 576 542 6%

Potash fertilizers 1,002 389 158% 275 146 88%

Total fertilizer sales 9,238 7,761 19% 2,512 2,416 4%

Mining products 2,346 3,016 -22% 201 261 -23%

Industrial products & other sales 873 997 -12% 293 369 -21%

TOTAL, incl.: 12,45711,774 6% 3,006 3,046 -1%

3rd party products 2,711 2,048 32% 811 695 17%

0.74

1.44

3.58

1.77

1.50

2.75

0.74

2.41

2.30

1.97

2.10

2.95

KMT

Sh

are

* , a

s o

f J

un

-20

47%

+20% +39%

+3% +11%

* as a % of sales in $

Potash Distribution

1,050

1,002

Producedat UKKSold

KM

T

40%

25%

20%

10%Latin America

North America

Europe

Asia

Russia

Africa

Potash Projects

9

Usolskiy Potash Project

• 1,050 KMT KCl produced in 1H20, namely ~85%

granulated MOP

• 2020 maximum design capacity estimated at 2.3 MMT with

a possible upgrade to 2.7-2.9MMT for Phase 1

• ~$71 mn invested in UKK development in 1H20

• Potash from UKK is sold through our own distribution

platform that mitigates potential pressure on the markets

Projected capacity

CAPEX evolution

3.2

2.340.33

0.53

Capex spent as ofJun 30, 2020

Phase 1 Phase 2 Total Capex

$ b

nM

OP

, M

MT

Project Overview

10

2.3

0.4-0.6

1+ 3.7-3.9+

Phase 1 Phase 1.1 Phase 2 Total capacity

VolgaKaliy Potash Project

• $116 mn invested in VGK in 1H20

• Mine development continues, with sylvinite layer reached

• The beneficiation plant is ready for operations in test mode to

assure proper grades and MOP quality as well as to recover

ore levels

CAPEX evolution

4.1

2.80.3

1.0

Capex spent as ofJun 30, 2020

Phase 1 Phase 2 Total Capex

$ b

n Phase 2

optional

11

Project Overview

Financials

12

819830

118

36

43 47

129

-325

-38

H1 2019 Prices Variable prod.costs

Effects of FXrates

H1 202050

55

60

65

70

75

80

85

Jan

-19

Ap

r-1

9

Jul-

19

Oct

-19

Jan

-20

Ap

r-2

0

Jul-

20

P&L Analysis

Source: Company information, 1H2020 IFRS, CBR (average exchange rates)

• 1H20 sales almost flat y-o-y due to the down-cycle of the

fertilizer industry. Sales volumes improvement by 6% moved

revenues to $3 bn

• US$ accounted for 57% of sales, EUR – 18%, RUB – 14%

with 11% attributable to other non-functional currencies

• Strong EBITDA of $830 mn, 1% up. ECNW’s contribution to

EBITDA in 1H20 – $39 mn, twice higher vs 1H19

• RUB/USD exchange rate depreciated by 6% in 1H20 y-o-y &

facilitated EBITDA performance

• Raw material costs, accounting for 28% of COGS, -14% y-o-y,

mainly attributable to 3rd party ammonia consumption reduction

after the launch of ECNW

1H20 1H19∆,

y-o-y

Sales, $ mn 3,006 3,046 -1%

OPP 2,195 2,351 -7%

TPP 811 695 +17%

Cost of sales, $ mn -1,866 -1,823 2%

Gross Profit 1,140 1,224 -7%

Gross Profit Margin, % 38% 40% -2%

EBITDA, $ mn 830 819 1%

EBITDA Margin, % 28% 27% +1 pp

USD/RUB Exchange Rate

Revenue

-$171 mn

Costs

+$181 mn

EBITDA Bridge 1H20 vs 1H19

Own sales

volumes

& mix

Other

sales

(incl.

TPP)

Fixed costs

(ex. FX

effects)

Other

items, net

$ m

n

1H19

$1 = RUB 65.1

1H20

$1 = RUB 69.36% YoY RUB

depreciation

Highlights

13

830

714

338

10

(53)(73)

(376)

EBITDA Change inNWC

Tax paid Other OCF ICF FCF

Cash Flow Evolution

14

15% 23% 28%28%

0

400

800

1,200

1,600

2017 2018 2019 1H20

Other

ECNW

Usolskiy

VolgaKaliy

567714

464381

136

338

1H19 1H20

OCF Capex FCF

Source: Company information, 1H2020 IFRS

Note: (1) – FCF is calculated as OCF minus ICF as defined in IFRS

950

1,490

1,111

OCF/CAPEX

• Operating cash flow increased by 26% y-o-y to $714 mn

• In 1H20 commencement of net working capital release in

1H20 (+$10 mn) after a period of investments in both

Americas

• Capital expenditure decreased 18% due to eased

investment cycle and prudent approach to capital injections

on the back of COVID-19 pandemic

• OCF cover capex requirements almost by twice

• For the third consecutive reporting period EuroChem

is FCF positive. FCF $338 mn, +148% y-o-y

Cash Flow Bridge(1) FCF (1) Analysis

CAPEX Dynamics

1.2

1.9

$ m

n

$ m

n$ m

n

Overview

381

+26% -18% +148% +0.7x

1,116

848

1,377

790

267

988

2020 2021 2022 2023 2024 >=2025Syndicated facility Bilateral loans EurobondsRouble bonds Project Finance

Debt Profile Overview

15

19%

64%

100%

68%

37%

91%

38%

36%

32%

63%

9%

26% 17%Unsecured syndicated facility/Bilateral

loans/Rouble bonds/Eurobonds

Long-term/Short-term

Unsecured/Secured

USD/RUB

Float/Fixed

Covenant/Off-covenant

Total Covenant Debt: $4.8bn(2)

2.88x

2.29x

2.82x2.67x

2017 2018 2019 1H20

3.5xBank debt covenant level

91% 9%

Net Debt / LTM EBITDA Dynamics Debt Maturity Profile(1)

Debt Mix(1)

• Balanced debt portfolio with the share of public debt instruments

of 43% and USD debt of 68%, matching revenue streams

• Successful jumbo RUB35 bn 5-year Ruble Bonds issued in April

2020 during COVID-19 outbreak

• Net covenant debt reduced by 6% to $4.0 bn with

Net Debt / LTM EBITDA lowered to 2.67x

• Credit ratings: S&P maintained BB- rating with positive outlook

during the global lockdown period caused by the pandemic

• Strong liquidity position with $2.3 bn of available facilities and

quick access to capital markets, should the need arise

• Cash cushion accumulated of ~$850 mn as of end 1H20

$ m

n

Total debt (incl. project finance)

as of Jun 30, 2020: USD5.3 bn

2.66x

through the cycle

476

789

60150

848Cash and

deposits

Committed

shareholder facility

Committed

revolving line

Uncommitted

revolving lines

RUB bonds

registered

program(3)

Undrawn

facilities

2,323

Portfolio developments

Source: Company information, 1H2020 IFRS (1) As of June 30, 2020. Discrepancy in debt maturity schedule with total debt due to capitalized costs difference (2) Defined as per bank covenants (excludes project finance facilities) (3) RUB equivalent of RUB33 bn

Q&A

EuroChem IR

ir@eurochemgroup.com

+41 41 727 16 79

https://www.eurochemgroup.com/

16