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Business Segments

3 Months Ended

Sep. 30, 2025

Business Segments

Business Segments

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12.  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 included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

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 allocate resources for each segment.

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​	​	​	​	​	​	​
​		Three Months
For the Periods Ended September 30		2025			2024
Net sales
Animal Health	​	$	283,456	​	$	182,523
Mineral Nutrition	​		62,988	​		59,062
Performance Products	​		17,449	​		18,847
Total segments	​	$	363,893	​	$	260,432

​

​

​	​	​	​	​	​	​
​	​	Three Months
For the Periods Ended September 30		2025		​	2024
Animal Health	​	​	​	​	​	​
Net sales		$	283,456	​	$	182,523
Cost of sales	​	​	172,872	​	​	108,239
Selling, general and administrative expenses (1)	​	​	47,251	​	​	41,562
Add: Depreciation and amortization	​	​	11,599	​	​	7,663
Add: Acquisition-related cost of goods sold (2)	​	​	1,117	​	​	—
Subtract: Insurance proceeds (4)	​	​	(1,177)	​	​	—
Adjusted EBITDA	​	​	74,872	​	​	40,385
​	​	​	​	​	​	​
Mineral Nutrition	​	​	​	​	​	​
Net sales		​	62,988	​	​	59,062
Cost of sales	​	​	57,284	​	​	53,887
Selling, general and administrative expenses (1)	​	​	1,715	​	​	1,929
Add: Depreciation and amortization	​	​	534	​	​	516
Adjusted EBITDA	​	​	4,523	​	​	3,762
​	​	​	​	​	​	​
Performance Products	​	​	​	​	​	​
Net sales		​	17,449	​	​	18,847
Cost of sales	​	​	13,954	​	​	14,818
Selling, general and administrative expenses (1)	​	​	2,118	​	​	2,074
Add: Depreciation and amortization	​	​	226	​	​	333
Adjusted EBITDA	​	​	1,603	​	​	2,288
​	​	​	​	​	​	​
Adjusted EBITDA – Total segments	​	$	80,998	​	$	46,435
Reconciliation of Adjusted EBITDA to income before income taxes:	​	​	​	​	​	​
Less:	​	​	​	​	​	​
Interest expense, net	​		12,059	​		7,641
Depreciation and amortization – Total segments	​		12,359	​		8,512
Depreciation and amortization – Corporate	​		471	​		492
Corporate costs	​	​	19,140	​	​	15,779
Acquisition-related cost of goods sold	​		1,117	​		—
Acquisition-related transaction costs	​		258	​		3,424
Stock-based compensation expense - named executive officer awards granted in fiscal year 2024	​		179	​		179
Phibro Forward income growth initiatives implementation costs - SG&A (3)	​	​	—	​	​	350
Insurance proceeds (4)	​	​	(3,786)	​	​	—
Foreign currency losses, net	​		2,934	​		438
Income before income taxes	​	$	36,267	​	$	9,620

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

(4) Represents insurance settlement gains, which are recorded within selling, general and administrative expenses.

​

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

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​	​	​	​	​	​	​
​	​	September 30,		​	June 30,
As of		2025			2025
Property, plant and equipment, net and ROU operating lease assets		​			​
United States	​	$	238,006	​	$	239,874
Israel	​		74,069	​		74,403
Brazil	​		35,394	​		34,504
Ireland	​	​	25,399	​	​	25,141
Other	​		22,058	​		22,107
​	​	$	394,926	​	$	396,029

Asset information is not provided for reportable segments in the information regularly provided to the CODM. Accordingly, such information is not disclosed in this footnote.

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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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