Yara International ASA · OSL:YAR
Yara International ASA — Investor Presentation (October 2026)
103 slides from Yara International ASA's investor presentation, October 2026
Slide 1: Fertilizer Industry Handbook 2026
Fertilizer Industry Handbook 2026 October 2026
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: Fertilizer demand is structurally supported by food demand and population growth
Fertilizer demand is structurally supported by food demand, population growth and the need to maintain crop yields • Fertilizers are essential for global food production • Fertilizers provide the nutrients required for crop growth, with nitrogen (N) being the most important nutrient for yield improv
Slide 4: Nitrogen markets are driven by global agriculture, energy costs and supply additions
Nitrogen markets are driven by global agriculture, energy costs and supply additions Nitrogen fertilizers are the largest segment with ~121 million tonnes of annual nutrient consumption. Urea is the dominant globally traded nitrogen product and the key reference price for nitrogen markets. Fertilize
Slide 5: The Yara brand is one of the most respected brands in agriculture
The Yara brand is one of the most respected and widely recognized brands in agriculture Yara partners with farmers worldwide to optimize crop yields, reduce environmental impact and improve crop quality and nutritional value. Our fertilizer products are precisely formulated to provide targeted nutri
Slide 6: Table of content
Table of content • Fertilizers in a nutshell • Fertilizer industry • Urea markets • Ammonia markets • Nitrates and NPK markets • Phosphates, Potash, Sulfur • Production economics • Environmental topics • Yara market offering 6
Slide 7: Fertilizers in a nutshell
Fertilizers in a nutshell Fertilizers are plant nutrients, Among the plant nutrients, Phosphorus and potassium are required for crops to grow. nitrogen is most important for the other primary nutrients. Mineral fertilizers are produced higher crop yields. Annual application of these is from natural
Slide 8: Fertilizers are plant nutrients, required for crops to grow
Fertilizers are plant nutrients, required for crops to grow Crops need energy (light), CO2, water and nutrients to grow Crops absorb water and plant nutrients from the soil The carbon in crops originates from CO2 absorbed through the leaves • Plant nutrients are building blocks of crop material. • W
Slide 9: Mineral fertilizers are produced from natural elements
Mineral fertilizers are produced from natural elements, into a form which makes them easily available for plants Lack of either N, P or K typically leads to plant deficiencies including reduced growth, reduced quality and/or lower resistance to drought and diseases Nitrogen (N) Phosphate (P) Potash
Slide 10: Principle of crop nutrition: crop growth limited by most deficient nutrient
Principle of crop nutrition: crop growth is limited by the most deficient nutrient Law of the Minimum (Liebig, 1843): “Crop yields are proportional to the amount of the most limiting nutrient.” • Plant nutrients have specific and essential functions in crop metabolisms • They cannot replace each oth
Slide 11: Mineral fertilizers replace nutrients removed from the soil with the harvest
Mineral fertilizers replace nutrients removed from the soil with the harvest 11
Slide 12: Mineral and organic fertilizers have different characteristics
Mineral and organic fertilizers supply the same inorganic molecules to crops, but have different characteristics Characteristics Mineral fertilizer Organic fertilizer Nutrient Nitrogen from the air, Crop residues and animal manures, other organic source Phosphate and Potassium from deposits / mines
Slide 13: Nitrogen – the most important nutrient
Nitrogen – the most important nutrient Nitrogen Potassium and Phosphorus Benefits: ▪ Increase crop size 20% Benefits: ▪ Most important nutrient ▪ Improve crop quality Application: Application: • Annual application critical ▪ Application can be varied depending 57% on the need Industry Structure: 23%
Slide 14: Regular nitrogen application is required to maintain yields
Regular nitrogen application is Grain yield from Nitrogen fertilizer1 Tonne per hectare required to maintain yields 9,6 -43% -81% Annual N-application is critical for yield: 5,5 Annual application of nitrogen can increase the yield with more than 80% which makes nitrogen demand more inelastic compar
Slide 15: Nitrates: several types of nitrogen fertilizers
There are several N Nitrate Other types of nitrogen N fertilizer content (% of total N) nutrients fertilizers, from CAN 27% 50% 4% MgO urea to straight (calcium ammonium nitrate) nitrate fertilizers AN 33.5 - 50% Nitrates (ammonium nitrate) 34.5% NPK various about 50% P&K Nitrates are products conta
Slide 16: Fertilizer Industry
Fertilizer Industry Supply Demand Crop prices Key factors defining supply are Fertilizer consumption is mainly Correct use of fertilizers can yield capacity additions, closures and driven by food demand. significant returns on investment. utilization rates. Higher grain prices allow for Industrial c
Slide 17: The nitrogen fertilizer market serves global food production
The nitrogen Russia fertilizer market is Other an essential USA Wheat Oilseeds industry serving Other EU-28 Maize global food Maize Other Sugar crops Wheat Other cereals production Other cereals Fruits & vegtables China Wheat Other Fruits & vegtable Oilseeds Maize Oilseeds The three main grain crops
Slide 18: Nitrogen is the largest nutrient by volumes
Nitrogen is the Nitrogen N Phosphate P2O5 Potash K2O largest nutrient 121 million tonnes2 50 million tonnes 42 million tonnes by volumes, and AS Ammonia CAN consumption AN DAP Other Other UAN DAP NPK keeps growing1 NPK Potassium Chloride • Urea, DAP and MOP are the MAP Urea Other key products for re
Slide 19: The N industry is fragmented, while P and K are more concentrated
The N industry is fragmented, while the P and K The world largest producers Nitrogen: CF, Yara, Nutrien, Ostchem, Agrofert/Fertiglobe, Other industries are more TogliattiAzot, Koch, Eurochem Phosphate: Guizhou Phosphorus Chemical Group, Nutrien, Mosaic concentrated Pakistan in USA, OCP in Morocco, M
Slide 20: Large variations in nitrogen consumption in different regions
There are large variations in nitrogen fertilizer consumption in different regions North America (15 mt) West + Central 121 Other Urea Europe (10 mt) East Asia (39 mt) Oceania 3% West Asia Other 4% Urea AS Other Africa 5% E. Europe & C. Asia DAP NPK W.Europe Ammonia 8% NPK & C. Europe UAN UAN 10% La
Slide 21: Fertilizer prices are cyclical
Fertilizer prices are cyclical Urea granular FOB Arab Gulf ex. US (USD/t) Capacity additions million tonnes pa (urea example) 665 522 6,7 446 430 416 304 348 329 349 340 280 275 260 249 5,9 205 232 5,5 4,4 4,5 4,2 4,3 3,8 DAP FOB Morocco (USD/t) 3,1 958 2,8 2,5 651 657 705 2,1 568 584 582 497 475 50
Slide 22: Medium term pricing logic
Medium term pricing logic: Prices are set by the balance between supply and demand Supply driven market Demand driven market In periods where demand is larger than Fertilizer price Fertilizer price supply, prices are set by demand/willingness The marginal producer sets a floor price. to pay, until d
Slide 23: Key nitrogen fertilizer value drivers
Key nitrogen fertilizer value drivers are supply/demand balance, crop prices, changes in production capacities and production costs Revenue drivers Cost drivers Drivers Effects on Drivers Effects on Global urea demand vs. supply Urea price Gas demand vs. supply Gas costs Marginal producer production
Slide 24: Long term pricing logic
Long term pricing logic: Short run: produce or curtail Long run: investment decisions In the long term, capital servicing is a key element in NPV of determining prices future expected prices • Long term, prices must cover Energy (gas) cost Fixed production cost Sustaining capex Return on capital Lon
Slide 25: Drivers for N consumption growth for fertilizer and industrial needs
Drivers for N consumption growth are different for fertilizer and industrial needs Food consumption1 Forecast of nitrogen kcal/capita/day consumption in key regions 2 3,000 2,900 Europe 15% 2,800 North America 13% 2,700 58% Asia 5% 10% 2,600 Latin America 0 Africa 1990 1992 1994 1996 1998 2000 2002
Slide 26: Correct use of fertilizers can yield huge returns
Correct use of fertilizers can yield huge returns Yield response (monetary value) to N fertilizer rate1 on investment Income USD/ha Yield tonne/ha 10 3.000 At low application rates the marginal benefit of adding fertilizer has a 2.500 strong effect on yields The investment in nitrogen fertilizer is
Slide 27: Grain prices are important for fertilizer demand and pricing
Grain prices are important for fertilizer demand and pricing long-term 700 10,0 Corn fob US Gulf 600 Urea fob Arab Gulf ex US 500 400 1,0 300 200 100 0 0,1 1985 1990 1995 2000 2005 2010 2015 2020 2025 27 Source: World Bank, Fertilizer publications
Slide 28: Crop prices are not primarily driven by production costs
Crop prices are Wheat price history1 not primarily 500 driven by 400 production costs 300 200 They are driven by market equilibrium — 100 supply vs demand: • Yields & weather (droughts, floods, 0 temperature) 20172018 2019 2020 2021 2022 2023 2024 2025 • Planted acreage / farmer decisions • Global p
Slide 29: Fertilizer is a seasonal business
Fertilizer is a seasonal business, and seasonality is linked to weather Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Europe USA China (North) China (South) Brazil (Second crop) Brazil (First crop) India (Kharif) India (Rabi) Planting Mid-season Harvest 29 Source: USDA
Slide 30: Large variations in grain yields across regions
Large variations in grain yields across regions Tonnes/ha 11,3 9,2 8,7 7,1 6,6 6,7 5,8 6,1 5,9 6,0 5,4 5,3 3,1 3,4 3,4 3,1 2,6 2,6 2,0 Russia 1,7 Russia China France Brazil China China France Brazil France Brazil France Russia USA USA China Brazil USA USA Rus sia Maize (corn) Rice Soya beans Wheat 3
Slide 31: Key crops produced globally are corn, wheat, rice and soybeans
Key crops produced globally are corn, wheat, rice and soybeans Corn Wheat Rice Soybeans 1,230 mt pa 791 mt 523 mt 395 mt Other United EU Other United China Other States States Other China China Argentina Ukraine EU Vietnam US Thailand Brazil India China India Indonesia Russia Brazil Total fertilizer
Slide 32: Fertilizer cost is around 1/5 of total grain production cost
Fertilizer cost is 2023 average US corn production costs1 around 1/5 of Chemicals Labour total grain Other 7% 4% 26% Power & Machinery production cost 10% Seed 13% 21% 20% Land • Fertilizer costs relative to total Fertilizer production costs of corn has declined since 2011 and represent appx 20% in
Slide 33: All fertilizers are geopolitically exposed
All fertilizers are geopolitically exposed, but different feedstocks and supply chains drive asynchronous price reactions and complex cross- nutrient linkages 1.250 • Energy (gas) converted to ammonia - All fertilizer products are highly exposed to cascading effect across nitrogen and geopolitics th
Slide 34: Urea Markets
Urea Markets Global urea production has Latest key price spikes were China and India account for grown steadily at ~1.6% CAGR driven by the Russia-Ukraine more than half of global urea (2014-2024). consumption. war, high European gas prices, Chinese export restrictions, and geopolitical disruptions.
Slide 35: Urea market fundamentals
Urea market fundamentals Total production Urea price history mt urea USD/t Russia/Ukraine war led to very high EU gas prices (raising the cost floor), 210 1.200 coupled with strong increases in global Urea inland proxy China crop prices 200 1.100 Urea fob Baltic 2014-2025 trend growth 1.000 Urea fob
Slide 36: Urea demand growth remains consistent
Urea demand growth remains consistent Underlying nitrogen Urea share of total N Replacement of old demand growth capacity growth urea capacity Apparent consumption growth ex. China1 Capacity growth total vs. installed capacity1 mt nitrogen mt urea Global urea production ex. China Proxy output from t
Slide 37: Urea production, consumption, exporters and importers
Urea production, consumption, exporters and importers 10 largest producers, mt 10 largest consumers, mt 2024 2025 Both China and India are large producers, but China and India together while China currently has a (exportable) account for more than half 72.0 surplus, India is not self sufficient and
Slide 38: Main urea flows 2025
Main urea flows 2025 Million tonnes Main exports from gas rich countries with small domestic markets • Russia, Iran, Qatar, Saudi Arabia, Egypt, Oman, Nigeria, Algeria, Malaysia and UAE Main importers are large agricultural countries • Brazil, India, US, Australia, Turkey, Thailand, Mexico, France,
Slide 39: The urea market has been increasingly demand-driven
The urea market has been increasingly demand-driven since 2020 USD/t 1.100 Extraordinary spike in gas Urea price Europe oil China prices in Europe drove up 1.000 global urea prices US Ukraine Europe gas based 900 800 700 600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 40: Good visibility on urea capacity additions for the next 5 years
Good visibility on urea capacity additions for the next 5 years Global urea capacity additions ex. China1,2 (million mt) India Russia Iran Algeria USA Nigeria Australia Others Wave driven by high prices earlier in India push for self-sufficiency, and the cycle and expansions in the US expansions in
Slide 41: China is primarily concerned about domestic prices
China is primarily concerned about domestic prices, but do not mind exporting given full domestic control Chinese urea price vs. global (USD/t) Chinese exports (million tonnes) 900 16 800 14 China restrict exports to ensure stable and 12 700 low domestic prices 10 600 8 500 6 400 4 300 2 200 0 Jan-2
Slide 42: India has expanded capacity but remains dependent on imports
India has expanded production capacity in recent years, however remain dependent on imports India urea capacity is a mix of coal and natural gas based. Producers are offered a subsidized rate for natural gas, so that they earn a relatively fixed margin between energy cost and the subsidized urea pri
Slide 43: Ammonia
Ammonia Ammonia is the key building block Global ammonia trade is relatively Ammonia production is highly for all nitrogen fertilizers, with small and concentrated, meaning capital intensive and projects take around 80% of global ammonia disruptions in major exporting 4–6 years to develop, industry
Slide 44: Ammonia market fundamentals
Ammonia market fundamentals Total production and trade Ammonia FOB Black Sea/FOB Arab Gulf (from 2021) mt ammonia USD/t Ammonia trade Production Russia/Ukraine war and EU energy crisis, pushed up production cost and caused ammonia curtailments in 1.200 200 Europe/switch to imports. Russia which was
Slide 45: Ammonia production, exporters, importers and use
Ammonia production, exporters, importers and use 10 largest producers, mt 2024 2025 Ammonia use (2020) Large producers of ammonia are 64.0 also large consumers of nitrogen %-share 147 Urea DAP/MAP Nitrates Other N 39 18.6 18.0 16.9 6.6 6.4 5.1 4.9 4.6 4.6 Fertilizer Industrial use China Russia India
Slide 46: Main ammonia flows 2025
Main ammonia flows 2025 Ammonia is harder to transport than urea (require specialized tanks, ships and infrastructure). Russia to: West Europe W. Europe 0.7 A majority of trade in ammonia is done interregional mt, E. Europe 0.2 under long term contracts, benefiting both trade: 0.8 mt mt producers an
Slide 47: Europe ammonia production and imports
Europe ammonia production and imports Ammonia production: West and Central Europe Imports: West and Central Europe mt mt +0.1 mt 17.1 16.9 16.8 16.6 5.2 5.2 5.3 16.4 16.9 16.3 15.8 16.1 +1.9 mt 5.1 4.8 4.7 4.7 4.7 14.6 4.4 4.5 4.5 1.0 4.2 4.2 1.2 1.2 12.4 4.0 11.7 1.1 1.3 Trend towards production cu
Slide 48: Energy prices set the floor price for ammonia, urea sets the ceiling
Energy prices set the floor price for ammonia, and urea sets the ceiling Urea and ammonia price relationship USD/t 900 Urea FOB Arab Gulf 0.6 * Ammonia FOB Arab Gulf + 15 800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 49: Nitrogen / ammonia investments are a long term game
Nitrogen / ammonia investments are a “long term game”, profitability is mainly determined through the cycle Ammonia capacity takes significant time to build Investments into nitrogen have historically occurred in cycles Total ammonia capacity growth ex China 4-6 years (including and mainly to urea),
Slide 50: Nitrates and NPKs
Nitrates and NPKs Nitrates are products containing 50% • In compound NPKs, the same mix • There is a strong correlation of the nitrogen in the form of nitrate: of all the N, P and K nutrients is between urea and nitrate prices, • the most efficient and most present in every particle of as they to so
Slide 51: Nitrates vs. urea
Nitrates vs. urea Nitrate is the most important fertilizer in Europe 51
Slide 52: Better spreading with nitrates
Better spreading with nitrates Spreading width (21 m) 160 Good uniformity 120 with CAN 80 The poor spreading patterns with Urea cause striped fields and considerable 40 yield loss: • Spreading tests have shown the 0 deviation in actual nutrient Due to better spreading application rate compared to ta
Slide 53: Nitrate outperformance compared with commodity nitrogen products
Nitrate outperformance compared with commodity nitrogen products Trial results for arable crops (cereals, UK)1 Extra N required for Protein content at Yield at identical N rate (%) same yield (%) identical N rate (%) To maintain the same yield, significantly Protein content was significantly lower o
Slide 54: Compound NPKs contain all nutrients in one particle
Compound NPKs contain all nutrients in one particle Compound NPKs NPK bulk blends • All nutrients in each and every particle • A mix of products with different spreading • Even spreading of all nutrients properties • Risk of segregation and uneven spreading 54
Slide 55: Yield advantages with nitrates in tropical climate
Yield advantages Trial study in Brazil, higher coffee bean yield with nitrates as compared to urea1 with nitrates in tropical climate Bean yield (t/ha) Crop value (kUSD/ha) 3,3 9,2 2,7 7,5 • Research shows that the benefits 2,3 6,5 of nitrates are even more pronounced in the tropics than in colder c
Slide 56: Better spreading with compound NPKs
Better spreading with compound NPKs Spreading width Urea DAP The spreading width of light MOP particles like Urea is less than those of heavier particles like DAP and MOP Poor spreading patterns cause striped fields and significant Compound yield losses NPK 56
Slide 57: Compound NPKs give excellent spatial distribution and higher yields
Compound NPKs give excellent spatial distribution of nutrients and higher crop yields as a result NPK Compound NPKs NPK Potato yield (t/ha) 16+16+16 more particles and 41 better distribution 39 NPK NPK N P Bulk blend Urea-DAP-MOP K fewer particles, longer distance to roots Bulk blend NPK Compound NP
Slide 58: Nitrate premium is mainly a function of crop prices
Nitrate premium is mainly a function of crop prices USD/t 1.000 800 600 400 200 0 09/10 10/11 18/19 19/20 02/03 03/04 04/05 05/06 06/07 07/08 08/09 11/12 12/13 13/14 14/15 15/16 16/17 17/18 20/21 21/22 22/23 23/24 Adjusted urea1 Nitrate premium Wheat price 1) Urea fob Egypt sea adjusted for transpor
Slide 59: Global nitrate production was 19.7 million tons of nitrogen in 2025
Global nitrate production was 19.7 million tons of nitrogen in 2025 10 largest producers (2025) 4,5 Russian AN mainly goes to Brazil 4,3 2024 2025 3,0 3,1 2,2 2,0 1,0 0,9 0,9 0,9 0,7 0,7 0,6 0,5 0,5 0,5 0,5 0,4 0,4 0,4 Russia USA China Poland Netherlands Australia France Uzbekistan South Germany Afr
Slide 60: Global compound NPK capacities
Global compound NPK capacities 10 largest countries by capacity (mt) 47.1 6.8 6.2 4.2 3.7 2.6 2.6 2.5 2.5 2.2 1.7 China Russia Indonesia Vietnam India Japan Turkey France Norway Malaysia Poland 60 Source: IFA 2016, data for 2013/2014
Slide 61: Phosphates and Potash
Phosphates and Potash Phosphate rock: China produce and Finished phosphates (DAP/MAP): Potash: production is concentrated in consume domestically, while Morocco is a Countries with phosphate rock reserves key exporter, home to the majority of Canada, Russia and Belarus being also are also the bigges
Slide 62: Main phosphate processing routes
Main phosphate processing routes Sulphuric acid2 Phosphate rock Rock production: 216 mt (72% BPL1, 33% P2O5 ) Rock exports: 30 mt Phosphoric acid Production: 85 mt (100% P2O5) Export: 8 mt Ammonia ( 82% N) SSP DAP MAP TSP (15-22% P2O5) (18% N, 46% P2O5) (11% N, 52% P2O5) (46% P2O5) Production3: 19 m
Slide 63: Phosphate rock production, consumption, exporters and importers
Phosphate rock production, consumption, exporters and importers 10 largest producers, mt 10 largest consumers, mt 2024 2025 China dominates world phosphate rock production, however all is used for own production of finished phosphates. 100 102 94 96 Morocco is home to 70% of world phosphate rock res
Slide 64: Finished phosphates production, consumption, exporters and importers
Finished phosphates – DAP/MAP/ TSP production, consumption, exporters and importers 10 largest producers, mt 10 largest consumers, mt 2024 2025 16 16 13 12 Mainly for domestic use, with Soybeans and corn (key an exportable surplus crops in US and Brazil) are phosphate-intensive crops 6 Mainly for ex
Slide 65: Phosphate price dynamics
Phosphate price DAP FOB MOROCCO PHOSPHATE ROCK FOB MOROCCO dynamics DAP upgrade margin 1,400 Production disruptions following sanctions on Russia and Belarus 1,200 Cost pressure from ammonia + sulfur, Middle East disruptions 1,000 • DAP/MAP prices fluctuate with 800 Lower exports from Marocco market
Slide 66: Potash production, consumption, exporters and importers
Potash production, consumption, exporters and importers 10 largest producers, mt 10 largest consumers, mt 2024 2025 Potash is oligopolistic, with a small number of firms dominating 0 0 19 19 supply. 2/3 of all MOP produced in 2024 came from Canadian firms Potash is used both directly and as raw mate
Slide 67: The potash market appears well supplied
The potash market appears well supplied, with a wave of new capacity in the next years MOP GRANULAR FOB VANCOUVER 1,200 1,000 800 600 Russia/Ukraine war 400 and Belarus sanctions Well supplied 200 0 2020 2021 2022 2023 2024 2025 2026 Source: IFA, CRU
Slide 68: Production economics
Production economics Natural gas is the major nitrogen Energy costs for the ammonia Other types of hydrocarbon can be cost driver swing producers set a price floor used in production. In China most Approximately 90% of nitrogen for ammonia plants use coal. producer operational cash costs are Ammonia
Slide 69: Nitrogen value chain - natural gas is the major cost driver
Nitrogen value chain - natural gas is the major nitrogen cost driver Raw material Intermediate Finished products Industrial products products H, Ar, CO etc Industrial gases CO2 Natural gas Ammonia Ammonia Environmental Urea products Nitric acid Calcium Industrial nitrogen Nitrate chemicals Nitric ac
Slide 70: Ammonia production process
Ammonia production process based on Steam Methane Reforming Haber-Bosch synthesis loop (SMR, “front end”) (“back end”) natural gas Natural gas reacts with steam in presence of a catalyst Combines hydrogen gas (H2) and nitrogen gas (N2) at yielding hydrogen and carbon dioxide high pressures and tempe
Slide 71: Industrial production of fertilizers involves several chemical processes
Industrial production of fertilizers involves several chemical processes Finished fertilizer products Natural gas (coal, oil) Ammonia Ammonia Ammonia plant Air CO2 Urea Ammonia Air Nitric acid plant Ammonium Nitrate (AN) Nitric acid Calcium Ammonium Nitrate (CAN) Rock (P) Triple Super Phosphate (TSP
Slide 72: Four different routes to produce NPK fertilizers
Four different routes to produce NPK fertilizers Natural gas (coal, oil) Ammonia plant Ammonia Air Air Nitric acid plant Nitric acid Nitrophosphate based NPK + Nitrophosphate plant Calcium Nitrate (CN) 1 Phosphate rock1 H3PO4 Phosphoric acid based NPK + Phosphoric acid plant gypsum 2 Urea Sulphur Su
Slide 73: Nitrogen technology evolution
Nitrogen technology 450 Birkeland-Eyde electric arc method evolution 400 350 • The Haber-Bosch synthesis has not been challenged for more than 80 years, but 300 technology development in the 20th century has reduced energy consumption 250 Cyanamid method down towards the practical and theoretical mi
Slide 74: 5-year typical construction time for nitrogen fertilizer projects
5-year typical construction time for nitrogen fertilizer projects1 4–6 years Business development Concept Prepare Feasibility Over the last years it has typically phase selection for Build Operation Gas phase execution taken at least 5-6 years from a agreement project for a new ammonia and urea plan
Slide 75: Yara's operating cash costs are mainly variable
Yara’s operating cash costs are Operating cash cost 2021 mainly variable USD Billions 14 Temporary plant closures can be carried out with limited stop/start Variable costs (88%) costs • Dry raw materials • Energy Example for ammonia/urea Variable 12 • Freight plants: • 3rd party finished fertilizer
Slide 76: Ammonia cash cost build-up – example
Ammonia cash cost build-up – example Gas price: 7 USD/MMBtu 36 MMBtu natural gas/tonne ammonia x Gas consumption: 36 MMBtu/mt NH3 = Gas cost: 252 USD/mt NH3 + Other prod. cost*: 29 USD/mt NH3 Ammonia (NH3) = Total cash cost: 281 USD/mt NH3 (82% N) Emissions1: 1.8-2.4 mtCO2/mt NH3 Typical natural gas
Slide 77: Urea cash cost build-up – example
Urea cash cost build-up – example Ammonia cost: 281 USD/mt NH3 36 MMBtu natural gas/tonne ammonia x Ammonia use: 0.58 NH3/mt urea = Ammonia cost: 163 USD/mt urea Ammonia (NH3) + Process gas cost*: 36 USD/mt urea (82% N) + Other prod. cost: 22 USD/mt urea = Total cash cost: 221 USD/mt urea 0.58 mt am
Slide 78: Theoretical consumption factors
Theoretical consumption factors Ammonia (82% N) P and K Urea AN CAN NPK (46% N) (33.5% N) (27% N) (15-15-15)1 • Price comparisons should always be based on nutrient tons, not product tons 78 1) There are many NPK formulas; 15-15-15 is one example
Slide 79: Environmental topics
Environmental topics ▪ Production is a smaller part of ▪ Huge positive effects of fertilizer ▪ With implementation of CBAM, the carbon footprint; efficient use, since higher yields enable EU-produced and imported application is more important lower land area use products will be subject to the ▪ Mor
Slide 80: Agri-food system share of global greenhouse gas emissions
The agri-food system is responsible for <30% of global greenhouse gas emissions while fertilizer production and use represent <2%1 7.4% Livestock and manure Farm gate 13.6% 1.2% Rice 1% Mineral fertilizers (use) 4% Others (e.g., residues, org. soils, energy use) Agricultural land 19% 5.3% Agricultur
Slide 81: Fertilizer reduces the carbon footprint of farming
Fertilizer reduces the carbon footprint of farming Fertilizer - an efficient solar energy catalyst Application ▪ Production is a marginal part of the carbon footprint; efficient ▪ Efficient farming with high yields contributes to preserve forests and application is more important soils, which are th
Slide 82: Emissions in the production process occur mainly in ammonia production
Emissions in the production process occur mainly in the ammonia production step, catalyst technology invented by Yara has almost eliminated N2O emissions Nitrate Fossil fuel Hydrogen Ammonia Nitric acid fertilizer Standard fertilizer production Urea CO2 N2O Emissions 1.8-.2.4 mt CO2 per mt ammonia1
Slide 83: More than half of GHG emissions from fertilizer take place in the field
More than half of total emissions in the fertilizer industry comes from fertilizer use – Scope 3 category 11 More than half of total GHG emissions from: • Direct N2O emissions (nitrification and denitrification) emissions from fertilizer take • Indirect N2O emissions (ammonia volatilization and plac
Slide 84: Increase in N2O abundance is primarily driven by agriculture
Increase in N2O Examples of nitrogen abatement measures per sector1 abundance is Sector Measure primarily being driven Agricultural sector Nitrogen testing: Soil and plant nitrogen testing by global emissions Nitrogen application: Split application using controlled-release from agriculture fertilize
Slide 85: The right nitrogen fertilizer rate is key to avoid nitrate leaching
The right nitrogen fertilizer rate is Grain yield (t/ha) Nitrate in the soil after harvest (kg N/ha) key to avoid 10 110 nitrate leaching 9 100 8 90 ▪ Leaching of nitrate into 80 7 groundwater affects water quality 70 and can contribute to 6 eutrophication1 60 5 ▪ Oversupply of organic and mineral 5
Slide 86: Ammonia volatilization: choosing the right nitrogen fertilizer
Ammonia volatilization: Choosing the right nitrogen fertilizer is key to avoiding ammonia volatilization losses % NH3-N per N applied* cold (<15°C); non calcareous (≤ pH 7) 25 • Volatilization of ammonia gas affects air warm (>25°C); calcareous (>pH7) quality and induces soil acidification 20 • The
Slide 87: Water: good crop nutrition enables increased water efficiency
Water: Good crop nutrition enables increased water efficiency: “more crop per drop” Water requirement (liter per kg of wheat grain) 600 ▪ Water is a key input for crop growth 510 450 ▪ About 70% of global water consumption is 380 for agriculture ▪ Optimized crop nutrition improves water use efficien
Slide 88: European carbon taxation
European carbon taxation - The purpose of the Carbon Border Adjustment Mechanism (CBAM) is putting a price on carbon emitted for fertilizers entering the EU, as EU producers have for many years faced a domestic carbon price under EU ETS, and have been at a cost disadvantage to importers - As EU ETS
Slide 89: Post implementation of CBAM in 2026, same carbon costs
Post implementation of CBAM in 2026, EU-produced and imported products are subject to the same carbon costs EU ETS phase-out for EU producers and CBAM designed to level the playing field CBAM introduction for importers1 - Currently, European fertilizer producers are liable for carbon 100% cost under
Slide 90: Nitrates and NPK are ideally suited for decarbonization
Nitrates and NPK are ideally suited for decarbonization Urea contains carbon and can not become carbon free Nitrates and NPK do not contain carbon Urea production process From ammonia Nitrate production process CO2 production NH3 Nitric Ammonium Ammonia Urea Ammonia Energy Energy Acid Nitrate (NH3)
Slide 91: Yara market offering
Yara market offering Nitrogen is key for food Yara’s position gives it unique Scale and global reach, production and indispensable opportunities to leverage combined with agronomic in numerous industrial economies of scale and drive knowledge and closeness to applications in addition to best practic
Slide 92: Yara – the leading crop nutrition company
Yara – the leading crop nutrition company 2023 production capacity, excl. Chinese producers1 (mill. tonnes) Global no. 2 in ammonia Global no. 1 in nitrates Global no. 1 in NPK incl. TAN and CN Compound NPK excl. blends 9 7 8 3 3 3 3 2 Ostchem Nutrien Gresik Acron Acron Iffco Yara Eurochem Yara Euro
Slide 93: The Yara brand is one of the most respected brands in agriculture
The Yara brand is one of the most respected and widely recognized brands in agriculture 93
Slide 94: Precision farming: right nutrients, right quantity, right time
Precision farming: applying the right nutrients in the right quantity at the right time • Growth conditions within fields are heterogeneous, affecting the crop yield and fertilizer demand • Estimation of the nitrogen status of crops is a requirement to respond to this heterogeneity • Digital tools e
Slide 95: Digital crop sensing tools enable variable rate nitrogen application
Digital crop sensing tools enable variable rate nitrogen application Yara N-Sensor 95
Slide 96: Examples of digital solutions provided by Yara
Examples of digital solutions provided by Yara N-sensor AtFarm • Measures crop nitrogen uptake and creates a • Atfarm uses state-of-the-art satellite imagery combined with prescription map for variable rate application Yara’s expertise and products to create variable rate fertilizer application maps
Slide 97: Nitrogen is key for food production and numerous industrial applications
Nitrogen is key for food production and indispensable in numerous industrial applications in addition to fertilizer Fertilizers The global food chain Ammonia Urea Calcium Nitrates Nitric Acid Technical Ammonium Nitrates • NOx reduction • • Melamine NOx • Civil explosives Industrial Applications solu
Slide 98: Nitrogen has many industrial applications
Nitrogen has many industrial applications DeNOx Latex Animal reagent Concrete dipping feed for for transport Nutrients additive coagulant ruminants AdBlue/DEF for NitCal DipCal Pharma Arla 32 waste water and Odor & H2S cosmetics solutions i.e. DeNOx YaraNutriox Adiponitrile reagent for stationary En
Slide 99: Industrial Solutions: Diversified applications beyond agriculture
Industrial Solutions: Diversified applications beyond agriculture Air Quality & Emissions Calcium Nitrate-Based Mining & Civil Explosives Animal Nutrition Control Industrial • Air1 (AdBlue/DEF) and • ApplicationsNutriox : H₂S • Technical ammonium nitrate • Portfolio includes feed NOxCare reduce NOx
Slide 100: Industrial use accounts for ~23% of global nitrogen consumption
Industrial use accounts for ~23% of global nitrogen consumption Industrial Global demand development for Global ammonia 23% industrial nitrogen applications is strong consumption Million tonnes nitrogen ~ 200 mt ammonia 77% Fertilizers AN techical 2.1% 79 Industrial ammonia Other 35% 17% 55 consumpt
Slide 101: Market Data Sources
Market Data Sources 101
Slide 102: Sources of market information
Sources of market information Fertilizer market information ▪ Argus www.argusmedia.com ▪ Fertecon – S&P Global Energy www.spglobal.com ▪ Fertilizer Week www.crugroup.com ▪ Profercy www.profercy.com ▪ ICIS/The Market www.icis.com ▪ Green Markets (USA) www.fertilizerpricing.com ▪ China Fertilizer Mark
Slide 103: Investor Relations contact
Investors and equity/credit analysts can reach out ir@yara.com to Yara's Investor Relations team.
Yara International — Investor Presentation (October 2026) on 6ix