Yara International Asa · OSL:YAR
Yara International Asa — Q3 2025 Earnings Presentation
31 slides from Yara International Asa's earnings presentation, Oct 17, 2025
Slide 1: Yara International ASA 2025 third quarter results
Yara International ASA 2025 third quarter results 17 October 2025
Slide 2: Cautionary note
Cautionary note This presentation contains forward-looking information and statements relating to the business, financial performance and results of Yara and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by
Slide 3: Safety is our main priority
Safety is our main priority TRI1 (12-month rolling) 5 4 3 2 1,1 1 0 1Q 2016 3Q 2025 1) Total Recordable Injuries per 1 million working hours. 3
Slide 4: Focused improvements yielding results
Focused improvements yielding results 3Q 2025 EBITDA excl. special items1 of 804 MUSD, up 38% from 3Q24 Increasing returns through continued improvement focus and cost reductions, supported by favorable market conditions Record-high production2 and strong commercial performance YTD 2025 adjusted ear
Slide 5: EBITDA increase reflects higher margins and continued structural cost improvements
EBITDA increase reflects higher margins and continued structural cost improvements EBITDA excl. special items (MUSD)1 ROIC2 40 -46 225 Currency -17 0 Price/margin +265 Energy cost4 -40 804 585 3Q24 Volume/mix3 Margin Fixed Cost5 Other6 3Q25 8.9% 12.6% 1) For definition and reconciliation see APM sec
Slide 6: ROIC improvement driven by supportive market conditions, cost reductions and asset efficiency
ROIC improvement driven by supportive market conditions, cost reductions and asset efficiency Improving Return On Invested Capital (ROIC1) since launch of cost reduction program Yara is committed to deliver 10% ROIC through the cycle 14 ROIC L12M ▪ ROIC recovery through 2025 driven by strong tractio
Slide 7: Strong commercial performance driving continued high nitrate and NPK prices
Strong commercial performance driving continued high nitrate and NPK prices Strong nitrate prices increasing margins – premiums1 Increasing NPK prices - lower premiums2 reflect high reflect high urea prices and soft farmer economics commodity prices USD/mt (CAN27 equivalents) USD/mt (NPK average gra
Slide 8: High asset utilization driving increased capital productivity
High asset utilization driving increased capital productivity Finished product production, YIP terms1 (mn mt) GHG emission intensity (mt CO2e/mt N) Portfolio +5% -9% 20.8 21.2 21.2 21.1 3.0 3.0 20.1 2.8 2.8 2.7 19.4 20.3 20.6 20.9 21.0 2019 2023 2024 2Q25 3Q25 2018 2023 2024 2Q25 3Q25 - Maximizing o
Slide 9: Financial performance
Financial performance EBITDA excl. special items1 EPS excl. currency and special items1 ROIC1 (MUSD) (USD per share) (12-month rolling, %) 804 1.33 8.0% 6.9% 585 0.73 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Change in net operating capital2 Cash from operations3 Investments (net)4 (MUSD) (MUSD) (MUSD) -160 -33
Slide 10: Improved results across all segments
Improved results across all segments 3Q24 3Q25 EBITDA excl. special items1 (MUSD) ROIC1 L12M (%) 82 -0.8% Europe 4.8% 191 188 11.6% Americas 251 14.3% 61 15.5% Asia & Africa 67 21.1% 126 7.0% Global Production2 214 5.3% 98 6.9% Industrial Solutions 106 8.3% 25 12.0% Clean Ammonia 30 12.0% 1) For def
Slide 11: Crop nutrition deliveries in line with last year
Crop nutrition deliveries in line with last year External deliveries 3Q 2024 vs 3Q 2025 (kt) 3Q24 3Q25 Comments +1% ▪ Increased NPK deliveries in Brazil ▪ European volumes up driven by 5,939 6,000 higher urea, following limited pre- buying last year Commodity +3% ▪ Africa & Asia lower deliveries mos
Slide 12: Improvement program continues ahead of plan
Improvement program continues ahead of plan Fixed cost1 reductions ahead of plan 2025 capex reflects continued capital discipline MUSD BUSD Uncommitted growth Growth Maintenance -183 ~180 2,533 182 1.20 1.20 2,350 1.10 1.10 2,322 0.95 0.20 29 0.35 0.35 0.35 0.15 0.29 0.85 0.75 0.75 0.85 0.66 L12M Re
Slide 13: Net debt remains stable as strong cash earnings are offset by seasonal operating capital build
Net debt remains stable as strong cash earnings are offset by seasonal operating capital build Net interest-bearing debt: 3Q development (MUSD) -14 3,330 3,316 7 106 216 679 336 Net debt end Cash earnings1 Net operating Investments (net) Dividends Other2 Net debt end of of last quarter capital chang
Slide 14: Strong nitrogen fundamentals
Strong nitrogen fundamentals Short term sentiment impacted by Indian Urea prices remain above historical averages Limited new nitrogen capacity ex. China demand and Chinese exports despite weaker farmer affordability Indian urea stock development1 Urea price3 development Global urea capacity additio
Slide 15: Carbon tax on urea imports to the EU from 2026
Carbon tax on urea imports to the EU from 2026 Europe is a net import market of Nitrogen1 CBAM likely to introduce a further spread in CBAM will level the playing field in Europe European vs global prices EU-27 imports EU-27 exports CBAM cost on top of import parity 5,1 2,3 1,4 1,0 0,8 0,5 N P2O2 K2
Slide 16: Yara is well prepared for a carbon priced Europe
Yara is well prepared for a carbon priced Europe EU ETS exposure CBAM • CCS Sluiskil: Project will reduce up to 800kt CO2e from mid-2026, reducing the carbon footprint of its finished fertilizers. • Opportunities to get mechanisms in place to reduce exposure to CBAM on exports out of the EU , e.g fo
Slide 17: Global scale in ammonia underpins Yara's flexibility and value creation potential
Global scale in ammonia underpins Yara’s flexibility and value creation potential Yara is the only player Nitrate and NPK assets in Equity investment in US ammonia can create able to off-take ammonia at scale Europe flexible on ammonia source1 significant shareholder value USD/mt, urea equivalents I
Slide 18: Improvement program continues – focused on increased returns
Improvement program continues – focused on increased returns Resource efficiency Margin expansion Value- Reduce cost Portfolio accretive Premium Market and capex optimization ammonia growth conditions growth Focus on core operations Asset portfolio review Reduce energy cost Products to highest payin
Slide 19: Yara Capital Markets Day 2026
Save the date: Yara Capital Markets Day 2026 9th January 2026 Digital / Oslo
Slide 20: Appendix
Appendix
Slide 21: Good underlying production performance
Good underlying production performance Ammonia production1 (mn mt) Finished product production1 (mn mt) GHG emission intensity (mt CO2e/mtN) Performance in line with last year Continued strong underlying production performance Continued progress on reducing GHG emissions 7.9 7.8 8.3 20.0 20.8 21.2 2
Slide 22: Driving sustainable performance with an integrated scorecard
Driving sustainable performance with an integrated scorecard People Planet Profit 2025 2025 2025 Yara KPI 2023 2024 L12M target Yara KPI 2023 2024 L12M target Yara KPI 2023 2024 L12M target Strive towards zero GHG emissions, Ammonia Production, mt1 7.5 7.9 7.8 8.3 1.1 0.9 1.1 <1.0 3.0 2.8 2.7 2.7 ac
Slide 23: Free cash flow
Free cash flow Free cash flow before financing activities1,2 Divestment proceeds Investments Operations Free cash flow adjusted for divestment proceeds 1,973 2,104 1,669 1,442 1,560 1,142 1,246 1,091 863 1,298 777 619 657 715 532 532 284 288 206 105 123 -1,242 2018 2019 2020 1Q21 2Q21 3Q21 4Q21 1Q22
Slide 24: Key product price development
Key product price development 3Q24 3Q25 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) +33% +12% 474 676 +4% 606 -19% 357 11.1 11.5 309 +17% 250 355 303 +36% 3.0 2.2 Urea granular Urea inland Europe (TTF) US (Henry Hub) CAN 27 Compound NPK FOB
Slide 25: Energy cost
Energy cost Quarterly averages for 2020 – 3Q 2025 with forward prices1 for 4Q 2025 and 1Q 2026 US gas price (Henry Hub) Yara Europe2 Yara Global TTF day ahead 12.5 11.6 11.2 11.1 11.4 11.4 9.5 9.2 9.1 3.0 3.5 4.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q
Slide 26: Details of energy cost actuals and estimate 4Q 2025 and 1Q 2026
Details of energy cost actuals and estimate 4Q 2025 and 1Q 2026 Europe 4Q25 estimations based on 1Q26 estimations based on 4Q24 1Q25 2Q25 3Q25 forward prices forward prices Average gas cost USD/MMbtu 13.2 14.3 13.7 12.5 11.6 11.4 Gas consumption1 Million MMBtu 31.5 30.2 31.7 33.0 31.5 30.2 European
Slide 27: Yara inventories
Yara inventories Fertilizer - finished products inventory development in million mt 8 7 6 5 Other 4 3 Compound 2 NPK 1 Nitrates Urea 0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 27
Slide 28: Peak of urea capacity additions is behind us
Peak of urea capacity additions is behind us Global urea capacity additions ex. China 1,2 (million mt) India Russia Iran Algeria USA Nigeria Australia Others Uncertain completion year for several projects 6.7 between 2026 and 2029 with differing views from 5.9 publications. 5.5 4.5 4.4 4.3 4.2 3.1 3
Slide 29: Farmer incentives: wheat example
Farmer incentives: wheat example Optimal nitrogen application1,2 kg/ha -5% 211 208 213 203 23/24 24/25 1 year ago current 23/24 24/25 1 year ago3 current3 Wheat price4 (USD/mt) 242 237 250 221 CAN price5 (USD/mt) 315 335 299 349 Optimal nitrogen application (kg/ha) 211 208 213 203 Grain yield (mt/ha
Slide 30: Alternative performance measures
Alternative performance measures Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 3Q report on pages 22-29
Slide 31: Knowledge grows
Knogyledge grows