Investment case and credit ratings


A global producer of high‑quality phosphate fertilizers

PhosAgro is Europe’s largest producer of phosphate fertilizers By total production capacity for DAP/MAP/NP/NPK/NPS. and a Top 5 global producer of DAP/MAP Monoammonium phosphate / diammonium phosphate. by capacity.

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Customer focus

A netback‑driven sales model with a global presence.



for compliance with key international standards testifies to the highest quality of our products and management efficiency throughout their life cycle.

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Our production technologies

meet the highest global standards.

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Our products

meet both national and international quality standards and are supplied to farmers in approximately 100 countries.


Unique resource base and sector‑leading margins

Unique mineral resource base

The mine life, including off‑balance reserves, is estimated at around 60 years.

Important food safety factor

Thanks to its magmatic origin, phosphate rock mined on the Kola Peninsula boasts exceptional purity.

Wide range of ready‑to‑use solutions for farmers.

PhosAgro Group's position on global DAP production cost curve, production, kt
Source: CRU Industry Cost Curves 2023.
PhosAgro Group's position on global urea production cost curve, production, kt
Source: CRU Industry Cost Curves 2023.

Share of PhosAgro Group’s supplies in the key sales markets (share of compound and complex fertilizers in the region’s total imports), estimates, %
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No. 1 producer of high‑quality phosphate rock (P2O5 content at 39% and above) globally.

No. 1 by mineral fertilizer output in Russia and total supplies of all types of mineral fertilizers to the domestic market.

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No. 1 in terms of urea and mineral fertilizer capacity concentrated at one production facility (Apatit, Cherepovets) in Europe.

One of the highest margins in the phosphate segment.

The only Russian and one of the leading European producers of feed‑grade MCP and liquid complex fertilizers.

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Eco‑friendly fertilizers

Зеленый эталон

PhosAgro was the first Russian company to be certified to GOST R 58658–2019, a national standard for products with improved characteristics which introduced the world’s most rigorous limits on heavy metals and arsenic content. This allows PhosAgro to mark its products with a special Green One.label.

Листок жизни

The Company also successfully completed voluntary Vitality Leaf.certification. This ISO 14024‑compliant framework was designed to assess a product’s environmental safety throughout its lifecycle, including mining and processing of raw materials, their delivery to the plant, storage, transportation and use of finished products, and packaging recycling.

Зеленый колос

Additionally, PhosAgro made a Green Label environmental claim asserting that the product is free from dangerous cadmium concentrations harmful to human health and soils.

аудит Бразильской ассоциации по техническим нормам

The Group’s Cherepovets, Volkhov, and Balakovo production sites and phosphate rock mining and beneficiation facility in Kirovsk successfully passed a certification audit by the Brazilian Association of Technical Standards (ABNT Associação Brasileira de Normas Técnicas. ).

The Group’s product packaging also has a pictogram from the EU regulations, which is used to inform consumers of safe fertilizers in terms of heavy metals content with cadmium content not exceeding 20 mg/kg P2O5.

In 2023, the compliance of our products with the labelling requirements was confirmed through relevant audits, and the range of certified products was expanded.


Sound capital allocation in highly effective investment projects

Investment projects may get a go‑ahead subject to their high IRRInternal Rate of Return.(in most cases 20%+), compliance with the BAT and sustainability criteria along with the CAPEX/EBITDA target, and a comfortable net debt / EBITDA covenant headroom.

Breakdown of CAPEX,RUB bln


Well‑balanced corporate governance

Our corporate governance practices undergo an annual evaluation and demonstrate a high level of compliance with the recommendations of the Corporate Governance Code.

PhosAgro actively engages with Russian rating agencies to secure independent assessments, credit ratings, and ESG ratings.

Throughout 2022 and 2023, the Company continued to service its bank loans in a timely manner and took a number of steps to continue servicing Eurobonds in the new regulatory environment. Thus, the Company once again confirmed its high credit quality.

5 50%  independent
directors on the Board of Directors
3 Board
committees meeting on a regular basis
adherence to the Corporate Governance Code principles
Consistently strong positions in ESG ratings and indices
ESG rating/index 2021 2022 2023
(С to ААА scale) А А AA↑

Responsibility and Transparency index
(С to А scale)

A↑ A A

Sustainable Development Vector index
(С to А scale)

A↑ A A

Corporate transparency rating
(B to А+ scale)

А А+↑ А+

Expert RA
ESG transparency
(0.00 to 2.00 scale)

1.90 1.95↑ 1.95

National Rating Agency
(Group 5 to Group 1 scale with scores from 0 to 1)

Group 2,

Group 2,

Group 1,

(RESG 6 to RESG 1 scale with scores from 0 to 106.6)

RESG 1 (84.8) RESG 1 (83.2) RESG 1 (99.6)

Donors Forum
Russian Leaders in Corporate Philanthropy
(C to А+ scale)

n/a А+↑ А+

(Level 3 to Level 1 scale)

n/a Level 1 Level 1