Yara International Asa · OSL:YAR
Yara International Asa — Q3 2026 Earnings Presentation
31 slides from Yara International Asa's earnings presentation, Oct 22, 2026
Slide 1: Yara International ASA 2026 third quarter results
Yara International ASA 2026 third quarter results 22 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: Safety is our main priority
Safety is our main priority TRI1 (12-month rolling) 5 4 3 2 1.2 1 0 1Q 2016 3Q 2026 1) Total Recordable Injuries per 1 million working hours. 3
Slide 4: 3Q26 EBITDA excluding special items and ROIC
3Q26 EBITDA excluding special items1 of 675 MUSD and ROIC1 of 13.5% European nitrate volume rebound in the quarter – global 2027 season buying significantly behind previous years Higher gas prices and continued deferred demand weighed on margins and deliveries for the quarter Strong focus on cost co
Slide 5: EBITDA impacted by lower margins and volumes while ROIC reflects profitability improvement
EBITDA impacted by lower margins and volumes while ROIC1 reflects underlying profitability improvement EBITDA excl. special items (MUSD)1 -40 -70 -4 -15 Price/margin +95 Energy cost3 -165 Currency -9 804 675 3Q25 Volume/mix Margin2 Fixed Cost4 Other 3Q26 ROIC1 8.0% 13.5% 1) For definition and reconc
Slide 6: Northern Hemisphere moving towards first full season with reduced Middle East supply
Northern Hemisphere moving towards the first full season with reduced supply from the Middle East FOB US Gulf FOB Egypt India tender FCA France CBAM adj.1 Urea USD/t, weekly average in 2026 1,000 800 Northern Hemisphere new season – limited buying interest as Tighter nitrogen market as application i
Slide 7: High European gas prices continue - ~80% of finished products not dependent on TTF
High European gas prices continue - ~80% of Yara’s finished products not dependent on TTF Only 20% of Finished products are linked to TTF • Global diversification increases robustness and flexibility amidst market volatility 78% 6% Nitrates1 • ~20% of finished products dependent on TTF – majority wi
Slide 8: Strengthening returns through what we can control
Strengthening returns through EBITDA uplift improvements on track – what we can sharp focus on ensuring progress to delivery, ROIC1 %, L12M control 14.3 13.5 • Optimization amidst market 12.2 volatility reduces negative exposure 10.7 • Commitment to improve temporary 8.0 reliability set-backs 6.9 7.
Slide 9: Continued strong financial performance
Continued strong financial performance EBITDA excl. special items1 EPS excl. currency and special items1 ROIC1 (MUSD) (USD per share) (12-month rolling, %) 804 1.33 13.5% 675 0.95 8.0% 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 Change in net working capital2 Cash from operations3 Investments (net)4 (MUSD) (MUSD)
Slide 10: Europe nitrate catch-up offset by lower OPP volumes
Europe nitrate catch-up offset by External deliveries 3Q 2025 vs 3Q 2026 (kt) lower OPP1 volumes in Latin America -4% 3Q25 3Q26 6,036 5,786 • Strong nitrate deliveries in Europe TPP2 -5% • Reduced NPK volumes in Latin America 2,900 +2% 2,759 -5% 2,070 2,102 • Lower third party (TPP) volumes due -13%
Slide 11: Increased production in top tier assets offset by turnaround and reliability issues
Increased production in majority of top tier assets offset by scheduled turnaround and specific reliability issues YTD Ammonia production1 (actual, mt) YTD Finished product production1 (actual, mt) Turnaround Production 0.1 0.1 0.3 0.2 0.3 0.5 0.2 0.4 5.0 5.1 14.6 15.0 14.4 4.7 13.1 4.3 2023 2024 20
Slide 12: Robust margins and premiums – supporting resilient earnings
Robust margins and premiums1 – supporting resilient earnings European nitrate +28% premiums2,3 Yara realized CAN price Europe USD/mt Urea FCA France proxy 1M lag (CAN27 equivalents) TTF based urea cash cost4 HH based urea cash cost4 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 -19% NPK premiums2,5 Yara realized NP
Slide 13: Solid nitrates deliveries for Yara in Europe
Solid nitrates deliveries for Yara in Europe 2026 3Q nitrogen deliveries Yara Europe seasonal order book development 26/27 vs in Western Europe – Yara vs market 1, 2 previous seasons 2020-2026 3 (mt, 100% N-content) Season 26/27 Previous seasons -5-10%3 +4% Yara Europe Total Nitrogen deliveries in E
Slide 14: Season buying deferred – crop prices higher
Season buying deferred– crop prices 6% higher compared to September last year Lagging imports in several major import markets mt nitrogen imports Urea and AS, mt nitrogen mt urea 5 24/25 -30% -21% 1.8 4 25/26 1.6 3.1 3.1 3 26/27 2.4 1.1 2 1 0 Average 2025 2026 2024 2025 2026 Jul Aug Sep Oct Nov Dec
Slide 15: On track with EBITDA improvement program
On track with EBITDA improvement program Share of contribution so far ~60 Maximize • Further improved production reliability asset • De-bottlenecking at limited capex utilization • Leverage production and sourcing flexibility MUSD Maximize • Increase EU market share market • Margin expansion from ad
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 TTF-linked ammonia HH production for nitrates Includes three large-scale Interchangeable by imported North American plants ammonia – 20% up to 1mt non-integrated ammonia c
Slide 17: Continued strict capital allocation to strengthen earnings and shareholder returns
Continued strict capital allocation to strengthen earnings and shareholder returns Strong value trajectory Capital discipline remains the foundation for value-accretive growth 2.4 350 MUSD EBITDA improvement program Capex1,2, BUSD GCA acquisition strenghtening competitiveness 1.3 Average 1.2 (real)
Slide 18: Stable earnings relative to TTF/urea spread
Stable earnings relative to TTF/urea spread – improvement program to increase earnings quality further 1,000 1,500 Ammonia and energy flexibility significantly 800 reduces impact from TTF/urea spread 600 Premium product portfolio dampens the trough 1,000 NPK premium normally stable– compresses in %
Slide 19: Committed to sustainable value creation - today and beyond
Committed to sustainable value creation - today and beyond • Resilient business model with unmatched global production, market presence and competence • Safe, reliable operations and strong culture of operational excellence • Asset base tuned for the future – difficult to replicate due to significan
Slide 20: Appendix
Appendix
Slide 21: Strong cash earnings more than offsetting increase in working capital and investments
Strong cash earnings more than offsetting increase in working capital and investments Net interest-bearing debt: 3Q development (MUSD) -109 3,067 2,958 56 581 200 216 Net debt start of Cash earnings1 Working capital changes Investments (net) Dividend payout Other2 Net debt end of current quarter tha
Slide 22: Free cash flow – L12M
Free cash flow – L12M Free cash flow before financing activities1,2 Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds 2,104 1,973 1,560 1,442 1,142 1,246 1,184 1,091 988 777 715 619 657 532 532 937 1,298 921 863 284 288 206 105 123 2019 2020 2Q21 3Q21 4Q21 1Q
Slide 23: Results per region
Results per region 3Q25 3Q26 EBITDA excl. special items1 (MUSD) ROIC1 L12M (%) 191 4.8% Europe 10.5% 73 251 14.3% Americas 155 13.0% 67 21.1% Asia & Africa 47 9.0% 214 5.3% Global Production 106 15.7% 106 8.3% Industrial Solutions 96 14.8% 30 12.0% Clean Ammonia 71 25.5% 1) For definition and reconc
Slide 24: Key product price development
Key product price development 3Q25 3Q26 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) +3% +6% 474 486 716 +57% 675 18.1 +14% +5% 262 405 250 11.5 355 -3% 3.0 2.9 Urea granular Urea inland Europe (TTF) US (Henry Hub) CAN 27 Compound NPK FOB Egy
Slide 25: Energy cost
Energy cost Quarterly averages for 2020 – 3Q 2026 with forward prices1 for 4Q 2026 and 1Q 2027 US gas price (Henry Hub) Yara Global TTF day ahead Yara Europe Yara North America 28.4 28.9 21.5 26.8 24.0 16.6 17.5 17.0 12.9 3.9 3.5 3.9 2.9 3.3 3.5 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Slide 26: Details of energy cost actuals and estimates 4Q 2026 and 1Q 2027
Details of energy cost actuals and estimate 4Q 2026 and 1Q 2027 4Q26 estimations based on 1Q27 estimations based on Europe 4Q25 1Q26 2Q26 3Q26 forward prices1 forward prices2 Average gas cost USD/MMbtu 12.0 11.8 15.8 16.6 24.0 26.8 Gas consumption2 Million MMBtu 35.9 29.1 32.5 30.6 35.9 29.0 Europea
Slide 27: 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 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 27
Slide 28: 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 3.3 2.3 1.7% averag
Slide 29: Farmer incentives: wheat example
Farmer incentives: wheat example Optimal nitrogen application1,2 (kg/ha) -2% 196 200 201 203 199 25/26 3Q25 3Q26 1 year ago current 25/26 3Q25 3Q26 1 year ago3 current3 Wheat price4 (USD/mt) 228 226 265 221 278 CAN price5 (USD/mt) 420 380 438 350 477 Optimal nitrogen application (kg/ha) 196 200 201
Slide 30: Alternative performance measures
Alternative Alternative performance measures are defined, explained performance and reconciled to the Financial statements in the APM section of the 3Q report on pages 27-34 measures 30
Slide 31: Thank you!
Thank you!