UAE Equity Research - Fertiglobe PLC 2Q26 - First Look Note
Project Harvest (1 mtpa lower-carbon ammonia project, UAE) is under construction, targeting 50% lower carbon intensity, with operations expected in 2027 and capex below USD 500 Mn. Ammonia prices rose to USD 910 per MT in April 2026 compared to USD 435 per MT in May 2025, driven by supply disruptions and Strait of Hormuz restrictions.