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Business Segments

12 Months Ended

Jun. 30, 2025

Business Segments

Business Segments

16. Business Segments

We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products reporting segments. The Chief Executive Officer is the chief operating decision-maker (“CODM”) for the Company. We evaluate performance of our segments based on Adjusted EBITDA. Included in the segment Adjusted EBITDA analyses provided to the CODM is information on segment cost of sales and selling, general and administrative expenses. There are no other significant segment expense categories regularly provided to the CODM.

We calculate Adjusted EBITDA as net income plus (a) interest expense, net, (b) provision for income taxes or less benefit for income taxes, (c) depreciation and amortization, (d) other non-operating expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency (gains) losses, net and (e) certain items that we consider to be unusual, non-operational or non-recurring. However, some of these items may not be applicable to the calculation of Adjusted EBITDA for our segments, as we do not typically include interest, other non-operating items, or income tax-related items in our segment results.

Certain of our costs and assets are not directly attributable to a segment or segments, and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the other segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, information technology, legal, finance, human resources and business development. The accounting policies of our segments are the same as those described in the summary of significant accounting policies included in Note 2 — Summary of Significant Accounting Policies and New Accounting Standards.

For all segments, the CODM uses segment Adjusted EBITDA in the annual budgeting and quarterly forecasting process and considers budget-to-actual and current period to prior period variances to evaluate performance and allocated resources for each segment.

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
For the Year Ended June 30	​	2025		​	2024		​	2023
Net sales		​			​			​
Animal Health	​	$	962,796	​	$	706,482	​	$	659,851
Mineral Nutrition	​		253,240	​		243,663	​		242,656
Performance Products	​		80,179	​		67,534	​		75,382
Total segments	​	$	1,296,215	​	$	1,017,679	​	$	977,889

​

​	​	​	​	​	​	​	​	​	​	​
For the Year Ended June 30		​	2025		​	2024		​	2023
Animal Health	​	​	​	​	​	​	​	​	​	​
Net sales			$	962,796	​	$	706,482	​	$	659,851
Cost of sales	​	​	​	607,069	​	​	428,683	​	​	399,016
Selling, general and administrative expenses (1)	​	​	​	182,310	​	​	162,009	​	​	152,410
Add: Depreciation and amortization	​	​	​	40,475	​	​	30,194	​	​	27,714
Add: Acquisition-related cost of goods sold (2)	​	​	​	5,679	​	​	521	​	​	—
Add: Phibro Forward income growth initiatives implementation costs - cost of goods sold (3)	​	​	​	3,798	​	​	—	​	​	—
Add: Phibro Forward income growth initiatives implementation costs - SG&A (3)	​	​	​	1,771	​	​	—	​	​	—
Subtract: Insurance proceeds (4)	​	​	​	(2,880)	​	​	(899)	​	​	—
Adjusted EBITDA	​	​	​	222,260	​	​	145,606	​	​	136,139
Mineral Nutrition	​	​	​	​	​	​	​	​	​	​
Net sales			​	253,240	​	​	243,663	​	​	242,656
Cost of sales	​	​	​	226,864	​	​	222,363	​	​	221,014
Selling, general and administrative expenses (1)	​	​	​	7,642	​	​	7,278	​	​	6,863
Add: Depreciation and amortization	​	​	​	2,102	​	​	2,427	​	​	2,638
Adjusted EBITDA	​	​	​	20,836	​	​	16,449	​	​	17,417
Performance Products	​	​	​	​	​	​	​	​	​	​
Net sales			​	80,179	​	​	67,534	​	​	75,382
Cost of sales	​	​	​	62,364	​	​	53,519	​	​	59,631
Selling, general and administrative expenses (1)	​	​	​	8,405	​	​	8,041	​	​	15,079
Add: Depreciation and amortization	​	​	​	1,137	​	​	1,688	​	​	1,780
Add: Environmental remediation costs (5)	​	​	​	—	​	​	—	​	​	6,894
Adjusted EBITDA	​	​	​	10,547	​	​	7,662	​	​	9,346
Adjusted EBITDA – Total segments	​	​	$	253,643	​	$	169,717	​	$	162,902
Reconciliation of Adjusted EBITDA to income before income taxes:	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​
Interest expense, net	​	​		34,602	​		18,536	​		15,321
Depreciation and amortization – Total segments	​	​		43,714	​		34,309	​		32,132
Depreciation and amortization – Corporate	​	​		1,891	​		1,869	​		1,880
Corporate costs	​	​	​	69,959	​	​	58,480	​	​	50,149
Acquisition-related cost of goods sold	​	​		5,679	​		521	​		—
Acquisition-related transaction costs	​	​		13,322	​		6,405	​		—
Pension settlement cost	​	​	​	—	​	​	10,674	​	​	—
Brazil employment taxes	​	​	​	—	​	​	4,202	​	​	—
Stock-based compensation	​	​		717	​		475	​		—
Phibro Forward income growth initiatives implementation costs - cost of goods sold (3)	​	​	​	3,798	​	​	—	​	​	—
Phibro Forward income growth initiatives implementation costs - SG&A (3)	​	​	​	6,978	​	​	366	​	​	—
Insurance proceeds	​	​	​	(2,880)	​	​	(899)	​	​	—
Environmental remediation costs	​	​	​	—	​	​	—	​	​	6,894
Foreign currency losses, net	​	​		7,870	​		23,863	​		2,455
Income before income taxes	​	​	$	67,993	​	$	10,916	​	$	54,071

(1) Selling, general, and administrative expenses primarily include compensation-related expenses for employees not directly involved in the production and sale of inventory, rent expense, research and development costs, marketing expenses, and other general and administrative expenses.

(2) Represents cost of goods sold related to the stepped up value of inventory obtained in acquisitions.

(3) Phibro Forward is a company-wide initiative focused on unlocking additional areas of revenue growth and cost savings. For the year ended June 30, 2025, this included charges of $5.6 million related to the closure of an immaterial business within the Animal Health segment, of which $5.3 million was related to non-cash asset write-offs. $3.8 million of the non-cash asset write-offs was recorded within cost of goods sold and $1.5 million was recorded within selling, general, and administrative expenses. For the year ended June 30, 2025, charges related to Phibro Forward also include $5.2 million for Corporate consulting and other costs recorded within selling, general, and administrative expenses. For the year ended June 30, 2024, this included $0.4 million for Corporate consulting costs recorded within selling, general, and administrative expenses.

(4) Represents insurance settlement gains.

(5) Represents remediation costs mostly related to the definitive settlement agreement related to the Omega Chemical Corporation Superfund Site.

The geographic location of property, plant and equipment, net and operating lease ROU assets was:

​

​	​	​	​	​	​	​
As of June 30		2025			2024
Property, plant and equipment, net and operating lease ROU assets		​			​
United States	​	$	239,874	​	$	103,086
Israel	​		74,403	​		78,264
Brazil	​		34,504	​		32,266
Ireland	​	​	25,141	​	​	19,066
Other	​		22,107	​		8,222
​	​	$	396,029	​	$	240,904

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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