Yara International Asa · OSL:YAR
Yara International Asa — Q2 2026 Earnings Presentation
32 slides from Yara International Asa's earnings presentation, Jul 17, 2026
Slide 1: Yara International ASA 2026 second quarter results
Yara International ASA 2026 second quarter results 17 July 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: Safety is our main priority
Safety is our main priority TRI1 (12-month rolling) 5 4 3 2 1.2 1 0 2Q 2016 2Q 2026 1) Total Recordable Injuries per 1 million working hours. 3
Slide 4: 2Q26 EBITDA excluding special items
2Q26 EBITDA excluding special items1 of 906 MUSD High margins drive strong Return on Invested Capital1 Volatile nitrogen prices delay off-season demand in Q2, European and global market activity picking up in July Acquisition of Gulf Coast Ammonia advances Yara’s ammonia and energy strategy 1) For d
Slide 5: Strong EBITDA as higher margins more than offset lower volumes
Strong EBITDA as higher margins more than offset lower volumes EBITDA excl. special items (MUSD)1 ROIC1 -8 -16 Belle Plaine turnaround and Pilbara downtime: 120 MUSD Currency -30 520 -240 906 652 Price/margin +640 Energy cost3 -120 2Q25 Volume/mix2 Margin Fixed Cost4 Other 2Q26 7.0% 14.3% 1) For def
Slide 6: Volatile nitrogen markets – large differences in regional prices and buying appetite
Volatile nitrogen markets – large differences in regional prices and buying appetite FOB US Gulf FOB Egypt India tender FCA France CBAM adj. India tender attracting a record 2.5 mt urea at a USD/t, weekly average in 2026 price1 well above market. No interest to purchase at such prices where 950 nitr
Slide 7: Acquisition of GCA is a major milestone in Yara's ammonia strategy
Acquisition of GCA is a major milestone in Yara’s ammonia strategy Strenghtening Yara’s ammonia cost position • Immediate access to low-cost ammonia • Diversifies gas cost exposure • Attractive cash flow profile Location: Texas City, TX • Aligned with Yara’s disciplined capital allocation framework
Slide 8: Improved financial performance
Improved financial performance EBITDA excl. special items1 EPS excl. currency and special items1 ROIC1 (MUSD) (USD per share) (12-month rolling, %) 906 1.67 14.3% 652 0.91 7.0% 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Change in net working capital2 Cash from operations3 Investments (net)4 (MUSD) (MUSD) (MUSD)
Slide 9: Lower deliveries as volatility defers off-season demand
Lower deliveries as volatility defers External deliveries 2Q 2025 vs 2Q 2026 (kt) off-season demand 2Q25 2Q26 -17% 6,223 • Limited appetite to buy for next 5,178 European season as prices drop Commodity from record levels -14% • Delayed demand in Latin America 2,868 -14% 2,455 -3% 2,147 1,857 -28% •
Slide 10: Deliveries for the full 25/26 season were stable
Deliveries for the full 25/26 season1 were stable – 2Q deliveries reflect delayed start to the next season Stable season-to-date EU urea imports significantly Yara 2Q deliveries reflects a deliveries in Europe down for the season slow start to the new season Yara deliveries in Europe 25/26 season Es
Slide 11: Strong push to maximize Yara's production continues
Strong push to maximize Yara’s production continues YTD Ammonia production1 (actual, kt) YTD Finished product production1 (actual, kt) 6.5% p.a. 5.4% p.a. 3,315 3,331 3,212 9,322 9,746 9,515 2,661 8,132 2023 2024 2025 2026 2023 2024 2025 2026 • 2026 production in line with the year before when • 202
Slide 12: Significant buying yet to happen for next season
Significant buying yet to happen for next season – amidst increasing supply uncertainty Lagging imports in several major import markets mt urea -64% -4% 3.9 -32% -13% 3.4 3.3 -41% 1.4 2.5 1.7 1.8 1.6 0.8 0.5 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 USA (net): Jan-May EU: Jan-Jun, estimate B
Slide 13: Robust margin picture – premiums contracts as commodity values increase
Robust margin picture – premiums1 contracts as commodity values increase European nitrate premiums2,3 Urea FCA France proxy 1M lag USD/mt Yara realized CAN price Europe (CAN27 equivalents) TTF based urea cash cost4 HH based urea cash cost 2Q21 2Q22 2Q23 2Q24 2Q25 2Q26 NPK premiums2,5 Yara realized N
Slide 14: Strong cash earnings
Strong cash earnings Net interest-bearing debt: 2Q development (MUSD) +14 3,053 153 MUSD in 3,067 EUA sales 8 605 725 43 100 Net debt end Cash earnings1 Working capital changes Investments (net) Dividend payout Other2 Net debt end of of last quarter that provided (used) cash current quarter 1) Cash
Slide 15: GCA acquisition clarifies Yara's energy and ammonia strategy
GCA acquisition clarifies Yara’s energy and ammonia strategy % Achieving Enables Strong strategic strategic profitability objectives flexibility Significantly improved energy cost Double-digit returns Increases the flexibility and resilience of Yara’s ammonia position High energy efficiency Cost com
Slide 16: European gas will no longer be Yara's primary energy exposure
European gas will no longer be Yara’s energy exposure on ammonia production post-GCA acquisition1 Yara’s primary energy exposure HH TTF-linked ammonia Includes three large-scale production for nitrates North American plants Interchangeable by imported 20% ammonia 38% • Yara’s energy exposure on ammo
Slide 17: Yara is well positioned for European carbon pricing (ETS/CBAM)
Yara is well positioned for European carbon pricing (ETS/CBAM) • Yara’s carbon footprint below average of CBAM importers – driven by CBAM uplift > carbon costs profitable investment, mostly energy efficiency • Value chain benefits from lower emissions and European resilience • Imports of low-carbon
Slide 18: Active capital allocation to strengthen earnings and shareholder returns
Active capital allocation to strengthen earnings and shareholder returns Strong value trajectory Capital discipline remains the foundation for value-accretive growth 350 MUSD EBITDA improvement program Capex in real terms, MUSD 2,500 - Continued optimization of maintenance capex towards high- GCA ac
Slide 19: Broadened improvement initiatives start to show real effect
Broadened improvement initiatives start to show real effect Operationalized strategic priorities through key Targeting EBITDA uplift | MUSD improvement levers Maximize • Further improved production reliability asset • De-bottlenecking at limited capex utilization • Leverage production and sourcing f
Slide 20: Positioned for long-term competitiveness and disciplined growth
Positioned for long-term competitiveness and disciplined growth Capital discipline Positioned for value-accretive Decarbonization growth Strong commitment to EBITDA Multiple pathways to profitable improvement program xx decarbonization – optimizing timing, risks and returns Returns-focused capital a
Slide 21: Strong value trajectory looking forward
Strong value trajectory looking forward 2024 2026 2030 >350 MUSD EBITDA improvement >180 MUSD fixed cost reduction Improve core profitability > 600 MUSD With high drop-through impact on EBITDA Improved production margins sustainable Value accretive ammonia capacity expansion cash flow expansion Cont
Slide 22: Appendix
Appendix
Slide 23: Free cash flow
Free cash flow Free cash flow before financing activities1,2 Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds 1,973 2,104 1,669 1,442 1,560 1,142 1,246 1,184 1,091 988 863 1,298 777 715 532 619 532 657 919 284 288 105 123 206 -1,242 2018 2019 2020 1Q21 2Q21
Slide 24: Results per region
Results per region 2Q25 2Q26 EBITDA excl. special items1 (MUSD) ROIC1 L12M (%) 128 3.5% Europe 12.1% 189 239 13.1% Americas 209 16.1% 73 21.3% Asia & Africa 41 10.8% 116 3.1% Global Production 385 19.0% 82 7.5% Industrial Solutions 177 15.7% 6 10.9% Clean Ammonia 33 16.9% 1) For definition and recon
Slide 25: Key product price development
Key product price development 2Q25 2Q26 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) +91% +15% 755 755 +36% 658 16.4 +32% 462 12.1 395 +5% 350 256 268 -19% 3.6 2.9 Urea granular Urea inland Europe (TTF) US (Henry Hub) CAN 27 Compound NPK FOB
Slide 26: Energy cost
Energy cost Quarterly averages for 2020 – 2Q 2026 with forward prices1 for 3Q 2026 and 4Q 2026 US gas price (Henry Hub) Yara Global TTF day ahead Yara Europe Yara North America 15.8 14.8 15.6 15.5 14.7 15.6 9.6 6.7 11.4 5.7 5.9 5.6 5.6 12.3 10.8 3.8 4.3 4.8 3.7 3.6 3.8 3.7 4.4 3.6 3.3 3.0 3.1 3.5 3.
Slide 27: Details of energy cost actuals and estimate 3Q 2026 and 4Q 2026
Details of energy cost actuals and estimate 3Q 2026 and 4Q 2026 3Q26 estimations based on 4Q26 estimations based on Europe 3Q25 4Q25 1Q26 2Q26 forward prices1 forward prices2 Average gas cost USD/MMbtu 12.7 12.0 11.8 15.8 14.7 14.8 Gas consumption2 Million MMBtu 32.9 35.9 29.1 32.5 32.9 35.9 Europea
Slide 28: Yara inventories
Yara inventories Fertilizer - finished products inventory development in million mt 8 7 6 5 Other 4 3 Compound NPK 2 1 Nitrates Urea 0 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 28
Slide 29: Urea capacity additions
Urea capacity additions Global urea capacity additions ex. China1,2 (million mt) India Russia Iran Algeria USA Nigeria Australia Others Uncertain completion year for several projects 6.7 between 2026 and 2030 with differing views from 5.9 publications. 5.5 4.5 4.4 4.3 4.2 3.8 3.1 2.9 2.5 1.7% averag
Slide 30: Farmer incentives: wheat example
Farmer incentives: wheat example Optimal nitrogen application1,2 (kg/ha) +1% 208 201 197 199 24/25 25/26 1 year ago current 24/25 25/26 1 year ago3 current3 Wheat price4 (USD/mt) 237 228 231 233 CAN price5 (USD/mt) 333 420 403 390 Optimal nitrogen application (kg/ha) 208 196 199 201 Grain yield (mt/
Slide 31: Alternative performance measures
Alternative Alternative performance measures are defined, explained performance and reconciled to the Financial statements in the APM section of the 2Q report on pages 29-36 measures 31
Slide 32: Thank you!
Thank you!