Were there any notable changes in commodity exposure (e.g., natural gas, phosphates) that could impact margins?

Answer

Based on the press‑release you shared, the Q2 2025 results and corporate update from Itafos Inc. focus on the company’s overall operational and financial performance, and they do not contain any specific commentary about changes to its commodity exposure (e.g., natural‑gas or phosphate inputs).

The release only mentions that the financial statements and Management’s Discussion & Analysis (MD&A) for the three‑ and six‑month periods ending June 30 2025 are available on the company’s website and on SEDAR. Those documents are where Itafos would normally disclose:

• Natural‑gas exposure – Itafos’ fertilizer production is energy‑intensive, and the MD&A typically outlines any hedging activity, price‑floor contracts, or changes in the gas price assumptions that could affect the cost of goods sold and margins.
  
• Phosphate (raw‑material) exposure – Because the company manufactures phosphate‑based fertilizers, the MD&A often discusses the pricing of mined phosphate rock, concentrate, or any forward‑purchase agreements that might alter the cost base.

Since the press‑release you provided does not include a section on commodity‑price assumptions, hedging strategies, or any “notable changes” to the company’s exposure to natural gas or phosphate, we cannot confirm from this excerpt that such changes occurred in Q2 2025.

What to do next

1. Review the full Q2 2025 MD&A (available at www.itafos.com or www.sedarplus.ca).

   • Look for a “Commodity Price Assumptions” or “Risk Management” subsection.
     
   • Check whether the company announced new gas‑price hedges, changes in the mix of phosphate sources, or any forward‑contract adjustments.

2. Listen to the webcast (recorded on August 11 2025) where management typically discusses the drivers behind margin performance, including any shifts in input‑cost exposure.

3. Compare to prior periods – If the MD&A notes a change (e.g., a higher‑than‑expected natural‑gas price floor, a new phosphate‑rock purchase agreement, or a reduction in exposure to a particular grade), that would be the “notable change” you’re looking for.

Bottom line: The information in the press‑release does not mention any specific changes in natural‑gas or phosphate exposure that could affect margins. To determine whether such changes occurred, you’ll need to examine the detailed Q2 2025 financial statements and MD&A, or the management commentary provided in the August 11 webcast.