Slide 1: Pre-quarter information 1Q 2026
Pre-quarter information 1Q 2026
Slide 2: Pre-quarter information
Pre-quarter information • On the first day of quiet period, Yara publishes a pre-quarter information package on the website, ensuring that all externally available information relevant to model the upcoming quarter is accessible to all at the same time. • Yara does not provide guidance on total fina
Slide 3: Sensitivities updated to reflect current operations and CBAM price effect on nitrogen in Europe
Sensitivities updated to reflect current operations and CBAM price effect on nitrogen in Europe Annual sensitivities with CBAM split EBITDA Reference recommended EU Urea sensitivity +10 USD/t 24.8 Urea FCA France • With the parallel implementation of CBAM and phasing out of free allowances in Europe
Slide 4: Key market prices and outside-in model
Key market prices and outside-in model Market prices Outside-in estimate, volume neutral MUSD, based on financial sensitivities1,2 2025 2026 Nov Dec Avg Nov Dec Avg Jan Feb Jan Feb 24 24 1Q 25 25 25 1Q 26 1Q 25 638 Ammonia FOB Arab Gulf 418 399 369 329 366 470 501 501 475 492 Fertilizers1 Urea Europ
Slide 5: Key considerations in addition to market prices
Key considerations in addition to market prices 1Q 25 • Strong deliveries of premium products, especially in Europe where we saw an early spring • Strong nitrate and NPK premiums • 34 MUSD positive impact from fixed cost reduction program 1Q 26 • Strong start of the season in Europe with significant
Slide 6: Market developments
Focus on key urea market developments, not representing Yara’s business Market developments Urea price developments 1Q 26 Regional developments • After a slow start in December, urea prices rose significantly in January and • Following record strong EU imports of urea in December, uncertainty surrou
Slide 7: Q&A 1/3
Q&A 1/3 Q: Why is Urea FCA France the suggested price reference? Q: In Q4 you suggested to use AN Baltics to model nitrates sales RoW – why do you A: Urea FCA France is a liquid price reference, based on imports to La Pallice port which is not use it now? a major hub for importing and distributing u
Slide 8: Q&A 2/3
Q&A 2/3 Q: How should I think about deliveries for the quarter? Q: What is the impact from phosphate upgrading margins economics on your A: Yara has a no guiding policy on volumes, please refer to general market commentary results? and comments provided in previous quarterly presentations. A: Phosph
Slide 9: Q&A 3/3
Q&A 3/3 Q: How should I think about the “other” bucket in the EBITDA bridge? Q: Financial impact of price development following the Middle East conflict? A: The “other” bucket in the EBITDA bridge includes currency effects and typically non- Yara recommends using an average of one month lag for nitr
Slide 10: Q&A 4/4
Q&A 4/4 Q: What is Yara’s EU ETS costs in 1Q 2026? A: Yara’s EU ETS cost is calculated as the difference between actual emissions and granted free allowances. Yara has in recent years accumulated a surplus of EU ETS quotas, reflecting Yara’s emissions being lower than the benchmark for free allowanc
Slide 11: 1Q 26 Timeline
1Q 26 | Timeline Closed period: March 27th, 2026 – April 24th , 2026* Ahead of announcement of quarterly results, Yara has a so-called "closed period" when contact with external analysts, investors and journalists is minimized. Yara will not comment upon own activities or market developments during
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