Yara International Asa · OSL:YAR
Yara International Asa — Q2 2025 Earnings Presentation
28 slides from Yara International Asa's earnings presentation, Jul 18, 2025
Slide 1: Yara International ASA 2025 second quarter results
Yara International ASA 2025 second quarter results 18 July 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 1,0 1 0 1Q 2016 2Q 2025 1) Total Recordable Injuries per 1 million working hours. 3
Slide 4: Strong operational performance
Strong operational performance 2Q 2025 EBITDA excl. special items1 of 652 MUSD, up 27% from 2Q24 Increased margins driven by commercial performance, record-high production2 and supportive market fundamentals Cost and capex reduction program ahead of schedule 1H adjusted earnings per share3 at 1.92 U
Slide 5: EBITDA increase reflects improved margins and continued structural cost improvements
EBITDA increase reflects improved margins and continued structural cost improvements EBITDA excl. special items (MUSD)1 ROIC2 46 -12 105 0 Currency -7 Price/margin +240 Energy cost4 -135 652 513 2Q24 Volume/mix3 Margin Fixed Cost5 Other 2Q25 6.1% 9.9% 1) For definition and reconciliation see APM sec
Slide 6: Increased asset productivity drives sustainable margin expansion
Increased asset productivity drives sustainable margin expansion Finished product production, YIP terms1 (mn mt) GHG emission intensity (mt CO2e/mt N) Portfolio +5% -9% 20.4 20.9 20.8 21.2 21.2 20.1 20.0 3.0 3.0 3.0 3.1 3.0 2.8 2.8 19.4 19.6 20.2 19.4 20.3 20.6 20.9 2019 2020 2021 2022 2023 2024 2Q2
Slide 7: Financial performance
Financial performance EBITDA excl. special items1 EPS excl. currency and special items1 ROIC1 (MUSD) (USD per share) (12-month rolling, %) 652 0.91 7.0% 513 5.6% 0.43 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 Change in net operating capital2 Cash from operations3 Investments (net)4 (MUSD) (MUSD) (MUSD) 499 -188
Slide 8: Improving performance across segments
Improving performance across segments EBITDA excl. special items1 (MUSD) ROIC1 L12M (%) 89 -0.4% 2Q24 2Q25 Europe 128 3.5% 168 10.3% Americas 239 13.1% 78 5.8% Asia & Africa 90 10.3% 76 6.1% Global Plants2 112 4.2% 46 7.3% Industrial Solutions 70 7.7% 25 8.8% Clean Ammonia 6 10.9% 1) For definition
Slide 9: Improvement program ahead of plan - strict capital discipline continues
Improvement program ahead of plan - strict capital discipline continues Fixed cost1 reductions ahead of plan Updated 2025 capex guidance MUSD BUSD Growth Maintenance 2,533 144 1.20 1.20 2,380 1.10 1.10 2,346 Updated 1.02 44 0.35 potential; 0.35 0.45 0.35 excluding 0.31 currency impact 0.85 0.75 0.75
Slide 10: Strong crop nutrition deliveries
Strong crop nutrition deliveries External deliveries 2Q 2024 vs 2Q 2025 (kt) 2Q24 2Q25 Comments +3% ▪ Increased premium product deliveries 6,273 ▪ Strong TPP deliveries in Brazil 6,100 ▪ European volumes down due to early spring with strong 1Q volumes Commodity +9% ▪ Industrial deliveries impacted b
Slide 11: Full season European deliveries increased from last year
Full season European deliveries increased from last year Yara’s European full season deliveries up 5% Fertilizer industry season deliveries up 1% Yara European fertilizer deliveries (mn mt)1 Total nitrogen deliveries in core European countries2, mn mt nitrogen +5% +1% 20/21 21/22 22/23 23/24 24/25 2
Slide 12: Strong premiums for both NPKs and nitrates
Strong premiums for both NPKs and nitrates Solid nitrate prices with healthy premiums, supported by Increasing NPK prices from historically strong levels in 1Q a successful launch of new European season prices USD/mt (CAN27 equivalents) USD/mt (NPK average grade equivalents) Yara’s realized European
Slide 13: Net debt decrease with strong cash earnings and seasonal operating capital release
Net debt decrease with strong cash earnings and seasonal operating capital release Net interest-bearing debt: 2Q development (MUSD) -430 3,760 451 3,330 139 426 120 188 Net debt end Cash earnings1 Net operating Investments (net) Dividends Other2 Net debt end of of last quarter capital change current
Slide 14: Strong nitrogen fundamentals
Strong nitrogen fundamentals Supportive market fundamentals driven by Urea prices well above historical averages Limited new nitrogen capacity India, China and global utilization rates despite weaker farmer affordability Indian urea stock development1 Urea price3 development Global urea capacity add
Slide 15: Global scale in ammonia underpins Yara's flexibility and value creation potential in upstream US projects
Global scale in ammonia underpins Yara’s flexibility and value creation potential in upstream US projects Yara is the only player able to off-take a new Increased nitrate and NPK margins with Equity investment in US ammonia can create ammonia project at sufficient scale Yara’s ammonia and Europe set
Slide 16: 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 17: Appendix
Appendix
Slide 18: 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 19: 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 1.0 <1.0 3.0 2.8 2.8 2.7 ac
Slide 20: 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 1,298 777 532 619 532 657 284 288 206 105 123 -1,242 2018 2019 2020 1Q21 2Q21 3Q21 4Q21 1Q22 2Q2
Slide 21: Key product price development
Key product price development 2Q24 2Q25 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) +23% +13% 395 665 -17% +30% 589 322 308 12.1 256 +19% 9.3 346 291 +112% 3.6 1.7 Urea granular Urea inland Europe (TTF) US (Henry Hub) CAN 27 Compound NPK FOB
Slide 22: Energy cost
Energy cost Quarterly averages for 2020 – 2Q 2025 with forward prices1 for 3Q 2025 and 4Q 2025 US gas price (Henry Hub) Yara Europe2 Yara Global TTF day ahead 13.7 12.6 11.7 11.7 12.9 12.4 10.1 9.7 10.0 3.2 3.3 4.0 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Slide 23: Details of energy cost actuals and estimate 3Q 2025 and 4Q 2025
Details of energy cost actuals and estimate 3Q 2025 and 4Q 2025 Europe 3Q25 estimations based on 4Q25 estimations based on 3Q24 4Q24 1Q25 2Q25 forward prices forward prices Average gas cost USD/MMbtu 11.2 13.2 14.3 13.7 12.6 12.9 Gas consumption1 Million MMBtu 35.3 31.5 30.2 31.7 35.3 31.5 European
Slide 24: 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 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 24
Slide 25: 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 4.2 3
Slide 26: Farmer incentives: wheat example
Farmer incentives: wheat example Optimal nitrogen application1,2 kg/ha -7% 211 208 213 199 23/24 24/25 1 year ago current 23/24 24/25 1 year ago3 current3 Wheat price4 (USD/mt) 242 237 242 231 CAN price5 (USD/mt) 315 335 294 403 Optimal nitrogen application (kg/ha) 211 208 213 199 Grain yield (mt/ha
Slide 27: Alternative performance measures
Alternative performance measures Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 2Q report on pages 24-32
Slide 28: Knowledge grows
Knogyledge grows