Yara International Asa · OSL:YAR
Yara International Asa — 4Q 2025 Earnings Presentation
11 slides from Yara International Asa's earnings presentation, Jan 16, 2026
Slide 1: Pre-quarter information 4Q 2025
Pre-quarter information 4Q 2025
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 preliminarily updated to reflect CBAM price effect on nitrogen in Europe
Sensitivities preliminarily updated to reflect CBAM price effect on nitrogen in Europe • With implementation of CBAM and phasing Sensitivities with CBAM split1 EBITDA out of free allowances in Europe, European EU ROW prices will reflect the carbon cost and consequently be quoted at a premium to Urea
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 2024 2025 Avg Avg Aug Sep Oct Nov Aug Sep Oct Nov 4Q 24 4Q 25 Ammonia 356 398 418 418 411 319 353 412 470 412 4Q 25 519 FOB Arab Gulf Urea Europe 387 339 430 406 412 542
Slide 5: Key considerations in addition to market prices
Key considerations in addition to market prices 4Q 24 • Favourable phosphate economics compared to 4Q 23 • Other income of 19 MUSD mainly reflecting insurance settlement in Australia (not recognized as special items) • Impact from cost program 4Q 25 • Phosphate economics improved compared to 4Q24, h
Slide 6: Market developments
Focus on key urea market developments, not representing Yara’s business Market developments Urea price developments 4Q 25 Regional developments • Urea prices dropped moderately September-November driven by a • Strong urea import demand from India driven by strong domestic sales, significant increase
Slide 7: Q&A 1/3
Q&A 1/3 Q: Why is Urea FCA France the suggested price reference? Q: Should we expect the split between European and non-European deliveries to A: Urea FCA France is a liquid price reference, based on imports to La Pallice port which is change? a major hub for importing and distributing urea across E
Slide 8: Q&A 2/3
Q&A 2/3 Q: How should I think about deliveries for the quarter? Q: How should I think about premiums for the quarter? A: Yara has a no guiding policy on volumes, please refer to general market commentary. A: Important to remember that premium is not the same as margin. Yara reported healthy premiums
Slide 9: Q&A 3/3
Q&A 3/3 Q: How should I think about the “other” bucket in the EBITDA bridge? Q: What is Yara’s EU ETS costs in 4Q 2025? A: The “other” bucket in the EBITDA bridge includes currency effects and typically A: Yara’s EU ETS cost is calculated as the difference between actual emissions and non-recurring
Slide 10: 4Q 25 Timeline
4Q 25 | Timeline Closed period: January 16th, 2026 – February 11th , 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 du
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