Yara International Asa · OSL:YAR
Yara International Asa — Investor Day (2026)
69 slides from Yara International Asa's investor day presentation, Jan 8, 2026
Slide 1: Capital Markets Day 2026
Capital Market: 2026 NY "
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: Agenda
Agenda Presentation Introduction President and CEO – Svein Tore Holsether Supportive market fundamentals Director Market Intelligence – Silje Ingeberg Nygaard Maximizing the value of our global asset portfolio EVP Global Production – Johan Labby Maximizing premiums and growing from our core EVP Euro
Slide 4: World-leading crop nutrition and ammonia company
World-leading crop nutrition and ammonia company #1 producer of Nitrate and compound NPK1 #1 in traded ammonia1 25 production plants 140+ sales countries 200 terminals, blending units, warehouses and bagging facilities Countries with sales Head office Production sites Phosphate mines Joint ventures
Slide 5: Safety is our license to operate
Safety is our license to operate Zero injuries ambition | Industry leading performance TRI1, 2, L12M 9 8 8.0 | Norwegian Industry 7 6 5 4 3 3.3 | Fertilizer Industry 2 1.1 1 0 1Q16 3Q25 1) Total Recordable Injuries per 1 million hours worked 5 2) Benchmark based on the companies’ Annual Reports or S
Slide 6: Proven track record – during times of volatility
Proven track record – during times of volatility Delivering strong returns since IPO Indexed share price development 5.5 Total shareholder distribution since 20201 BUSD 28% Annualized TSR3 since 2Q 2024 March December YARA OSEBX Index 2004 2025 1) As of 3Q25. Total of ordinary dividend, extraordinar
Slide 7: Our Mission
Our Mission Responsibly feed the world and protect the planet Our Vision A collaborative society; a world without hunger; a planet respected. Capital Markets Day 2026 7
Slide 8: Yara's business model positioned to meet global needs
Yara’s business model positioned to meet global needs 50% 50% Cut +20% of food increase emissions NUE1 needed produced from in food production - cost placed on CO2 to feed the world within mineral fertilizers required by 2050 to reach the Paris planetary boundaries Agreement 1) Nutrient use efficien
Slide 9: Yara's competitive edges driving sustainable value creation
Yara’s competitive edges driving sustainable value creation Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Flexible energy and raw material sourcing • >75% of European finished nitrogen products flexible on ammonia source Operational Excellence • Strong asset footprint
Slide 10: Clear strategic priorities to drive long-term shareholder value
Clear strategic priorities to drive long-term shareholder value Drive performance and competitiveness Grow from our core Maximize asset utilization Cash realization from recent growth projects Improve profitability in core business Diversify energy position Value growth through Logistical optimizati
Slide 11: >180 MUSD EBITDA increase delivered – committed to further cash flow improvement
>180 MUSD EBITDA increase delivered – committed to further cash flow improvement 2024 2026 2030 Improved >180 MUSD fixed >350 MUSD production cost reduction EBITDA margins > 600 MUSD With high drop-through improvement Value accretive impact on EBITDA Improve core profitability ammonia capacity susta
Slide 12: Improvement focus drives increased returns
Improvement focus drives increased returns Return on Invested Capital, Through-the-cycle target > 10 % Adjustment for special items1 ROIC increase from improvement initiatives Improvements will increase 2 10.3 ROIC +2 pp2 2.3 +2 pp from cost & capex 5.6 program 10 8.0 L12M 2Q24 L12M 3Q25 2030 1) Spe
Slide 13: Air Products and Yara projects are a strong strategic fit
Air Products and Yara projects are a strong strategic fit, with complementary synergies Darrow • Low-carbon ammonia from US, CCS-based • 2.8 mtpa1 NH3 • Double-digit returns • Yara to acquire and operate ammonia assets • In line with existing capital allocation policy NEOM • Builds resilience in • R
Slide 14: EU commission update on tariffs and CBAM
EU commission update on tariffs and CBAM EU producers Imports to EU The intention of CBAM is leveling the playing field Production EU ETS Margin Urea FCA Production Freight CBAM Margin Urea FCA cost France cost France - Yara is well positioned for uncertainty and volatility - No significant investme
Slide 15: Executive management
President and CEO Svein Tore Holsether EVP & Chief Financial Officer EVP & General Counsel Magnus Ankarstrand Kristine Ryssdal EVP People, External Affairs & Chief of Staff EVP Corporate Development Hanna Opsahl-Ben Ammar Fernanda Lopes Larsen EVP Global EVP Yara Industrial EVP Europe EVP Africa & A
Slide 16: Supportive market fundamentals
Supportive market fundamentals Silje Ingeberg Nygaard Director Market Intelligence 16
Slide 17: Demand driven urea markets in 2025 despite increased supply
Demand driven urea markets in 2025 despite increased supply and a low crop price environment Higher urea price in 2025 disconnected from gas cost USD/t TTF * 22 Urea FOB Egypt 600 4.5 mt1 more exports from China in 2025 vs. year before 400 Expanding urea vs. natural gas 200 price spread -4.2% FAO ce
Slide 18: Urea demand growth remains consistent
Urea demand growth remains consistent Underlying nitrogen Urea share of total N Replacement of old demand growth capacity growth urea capacity Apparent consumption growth ex. China1 Capacity growth total vs. installed capacity1 mt urea mt urea Global urea production ex. China Proxy output from the 2
Slide 19: Urea market deficit ex. China increases
Urea market deficit ex. China increases, export availability from China unclear Future scenario → Last 10 years historical Supply need Annual capacity growth ex. China urea supply need1 scenarios next 5 years2 mt urea supply 1.6 3.9 3.9 need per year 3.5 3.4 2.5 2.8 0.9 2.2 1.4 1.3 1.0 0.3 N demand
Slide 20: Significant LNG capacity impacting EU gas prices
Significant LNG capacity impacting EU gas prices LNG trade flows changed in 20251 Gas prices in Europe decreasing1 Increasing LNG capacity additions1 BCM y-o-y TTF, USD/mmbtu mtpa 60 16 Yearly avrg. ~33 mtpa 14 30 Europe 12 Yearly avrg. US ~14 mtpa 0 Others Others 10 Asia-Pacific China 0 Jan. Dec. -
Slide 21: Carbon cost has a price impact
Carbon cost has a price impact EU nitrogen trade balance1 CBAM is already driving up EU nitrogen prices2 mt nitrogen USD/t 660 5.0 550 Other 2.5 440 Other Urea fca France Urea 330 Urea fob Arab Gulf Urea fob Egypt Urea 0 EU-27 imports EU-27 exports Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 1)
Slide 22: Long-term ammonia price level expected to move towards incentive price
Long-term ammonia price level expected to move towards incentive price over time – consistent with historic development Incentive price logic Incentive price logic has applied to ammonia prices in the past 20 years 1 Long term logic: Historical incentive → Realized prices, prices move prices: nomina
Slide 23: Maximizing the value of our global asset portfolio
Maximizing the value of our global asset portfolio Johan Labby EVP Global Production 23
Slide 24: Yara's production footprint core to value generation
Yara’s production footprint core to Yara’s value generation Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Flexible energy and raw material sourcing • >75% of European finished nitrogen products flexible on ammonia source Operational Excellence • Strong asset footprint
Slide 25: Global, high-performing asset portfolio
Global, high-performing asset portfolio Ammonia and finished product Finished product production production and/or other Ammonia import flexibility ~95% nitrate North America: asset utilization1 Low-cost gas and in-market premiums High performing assets in Asia supporting local Latin America: Strate
Slide 26: Production performance and emission reductions with ~350 MUSD EBITDA impact
Production performance and emission reductions with ~350 MUSD EBITDA impact …while reducing emissions and delivering on All time high production volumes1; ~250 MUSD impact2 2025 target; ~100 MUSD impact3 YIP volumes in mt GHG emissions Intensity (tCO2/tN) Ammonia Finished Fertilizer -9% YIP Target 3
Slide 27: Scale and value increase with limited investment
Scale and value increase with limited investment NPK capacity expansion ~50 MUSD investment; mostly executed in Cartagena1 +80 kt/y +12 MUSD margin addition Long-term aspiration +1 Porsgrunn NPK2 <10 MUSD investment; executed million ton improvement > +300 kt/y premium +60 MUSD margin addition produ
Slide 28: Active portfolio management increases robustness and value
Active portfolio management increases the robustness and value of our portfolio Continuous re-allocation of capital while Turnaround cycle is a key decision factor in safeguarding HESQ portfolio management Share of 2026-capex Plant maintenance cost – proxy1 Future 55% Proof Hold 38% Marginal 7% Acti
Slide 29: EU assets are flexible on energy source – hard to copy
EU assets are flexible on energy source – hard to copy European Nitrate/NPK footprint largely operating on imported ammonia annual capacities1, mt 0.6 Finished 0.7 products 0.7 3.7 0.2 0.2 1.9 1.7 1.4 0.6 0.7 0.6 0.6 0.5 0.7 0.4 0.4 0.3 Sluiskil Porsgrunn Rostock Uusikaupunki Glomfjord Ravenna Tertr
Slide 30: World scale ammonia system brings cost advantage
World scale ammonia system brings cost advantage and optimization opportunity 18 ammonia terminals ~3.7 million tonnes internal consumption in Europe 14 (~1.5 mt imported today)1 vessels ~0.5 million tonnes internal consumption RoW 1.7 million tonnes external sales ~15 million USD logistic savings f
Slide 31: Unique EU ammonia infrastructure
Unique EU ammonia infrastructure – representing significant cost advantage on imports Strategically located to serve Significant EU demand growth – Yara’s plants and European import demand existing import infrastructure advantaged ~6.5 -7.5 4.6 2-3 mt increase in ammonia import demand expected from
Slide 32: Darrow benefits from competitive scale and early start
Darrow benefits from competitive scale and early start 1 Scale and 20% additional hydrogen drives lower capex/t… 2 .. competitiveness to other US Gulf projects1 .. Attributable capex, USD/t (gas-to-ammonia) Ammonia scope: ~25% of capex Yara capex and ~80% of Ammonia AP capex Ammonia Loops Ammonia to
Slide 33: Supply security and import access positions the partners
Supply security and import access positions the partners ideally for low-carbon demand Europe Yara is the key gateway to market ▪ Yara’s infrastructure critical – represents 50-80 USD/t cost advantage to other projects ▪ 2026 – 2030: CBAM drives carbon value into pricing ▪ Regulatory demand for rene
Slide 34: Future-proof asset base positioned for value accretive growth
Future-proof asset base positioned for value accretive growth Globally diversified World leading and high-performing ammonia platform asset portfolio Strict capital re-allocation Value accretive production and prioritization growth in premium product and low carbon ammonia 34
Slide 35: Optimizing premiums and growing from our core
Optimizing premiums and growing from our core Mónica Andrés Enríquez EVP Europe 35
Slide 36: Market presence drives value through scale and premiums
Yara’s market presence drives sustainable value through scale and premiums Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Flexible energy and raw material sourcing • >75% of European finished nitrogen products flexible on ammonia source Operational Excellence • Strong a
Slide 37: Global presence enables resilience through market cyclicality
Global presence enables resilience through market cyclicality Regional fertilizer deliveries impacted by seasonal …global market presence facilitates high variations… utilization Total deliveries, mt OPP1 deliveries, mt Commodity Premium 3.5 3.0 Americas 5.6 5.7 5.5 5.6 5.6 5.5 5.3 5.4 2.5 4.9 2.1 2
Slide 38: Industrial sales provide seasonal resilience
Industrial sales provide seasonal resilience – and additional distribution margins due to scale Scale and competitive logistics drive margin AdBlue logistical network Local production presence and vast network Supply reliability Synergies from an integrated business model Stable deliveries at premiu
Slide 39: Scalable logistics provide unique local market access
Scalable logistics provide unique local market access and lower cost to reach customers In-market production of water-soluble Largest import terminal to East Canada Own pier, storage, blending and fertilizer in Anhui, China with 60 kt in Contrecoeur with 160 kt storage bagging facilities in Rio Gran
Slide 40: Our unique value proposition offers value for farmers, distributors and Yara
Our unique value proposition offers value for farmers, distributors and Yara Yara price in core premium markets: Customer value: value-based • Improved farmer economics • Higher Nutrient Use Efficiency Competitor price: • Crop-tailored solutions cost+ • Trusted brand Yara • Channel partner profits a
Slide 41: Working with farmers and partners to improve food security
Working with farmers and partners to improve food security, cut emission and enable prosperous businesses Thailand – Durian Latin America – Coffee • Yara’s durian solutions improve overall product • +36% volumes growth for Yara quality for export • +30% yield increase, +15-20% profit increase • 45,0
Slide 42: Product portfolio and agronomic knowledge drive sustained premiums
Product portfolio and agronomic knowledge drive sustained premiums1,2 through the cycle Yara’s realized NPK price Yara’s realized European nitrate price Commodity Blend 2M lag Urea Egypt CFR proxy 1M lag 1,000 1,000 500 500 0 0 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q 21 22 23 24 25 21 22 23 24 25 1) Yara’s re
Slide 43: Further growth in YaraVita and YaraAmplix
Further growth in high value YaraVita and YaraAmplix market supported by new production line ready in 2026 The markets for micronutrients and …and Yara has performed and …paving the way for strong returns biostimulants are rapidly growing… outgrown current capacity… on new Howden plant Yara’s biolog
Slide 44: Strong market position in Europe, set for profitable growth
With a strong market position in Europe, we are set for profitable growth Market footprint to serve the European farmer Increased value creation in a levelled playing field ~25% Largest nitrogen producer in Europe 9,000 customers in 30 markets Market 140 terminals and warehouses share1 • Growing nit
Slide 45: Profitable decarbonization strengthens position in carbon-taxed Europe
Yara’s profitable decarbonization strengthens our position in a carbon-taxed European market Emission intensity in urea production, CBAM uplift on European urea: tCO2/ t urea, illustrative Emission intensity of the marginal imported urea tonne is the basis for carbon price uplift (urea inherently co
Slide 46: Flexible business model reduces exposure
Flexible business model reduces exposure, strengthening competitiveness Limited EU ETS cash exposure until 2030 Yara has a flexible business model to optimize CCS Sluiskil Quota bank and adapt to changing market dynamics 800 kt reduce up to CO2e 6 million EU ETS quotas – Reduce carbon costs via sour
Slide 47: Pole position to generate value from global flexibility
Yara is in pole position to generate value from our global flexibility and knowledge margin Global optimization Value accretive growth through scale and market in low carbon products presence and biologicals Leading premium A value proposition fit to product position and serve future requirements kn
Slide 48: Strengthening returns
Strengthening returns Magnus Krogh Ankarstrand Chief Financial Officer 48
Slide 49: Yara's unique competitive edges key to value generation
Yara’s unique competitive edges key to value generation Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Flexible energy and raw material sourcing • >75% of European finished nitrogen products flexible on ammonia source Operational Excellence • Strong asset footprint – co
Slide 50: Proven performance, positioned for continued cash flow growth
Proven performance, positioned for continued cash flow growth L12M numbers per 3Q 2025 Stable Free EBITDA1 EPS2 ROIC3 gross cash flow4 margin5 2.6 3.6 715 28% BUSD USD/share 10.3% MUSD 26% avg. 2015-3Q +500 MUSD +1.4 USD/share +3.4 pp. +592 MUSD 2025, only 2 pp. vs. 3Q 2024 vs 3Q 2024 vs 3Q 2024 vs
Slide 51: Strong balance sheet provides resilience and flexibility
Strong balance sheet provides resilience and flexibility 1.27x Net debt / EBITDA excl. special items1 BBB/Baa2 Investment grade rating Financially Flexibility for value accretive growth and robust shareholder return 1) L12M numbers per 3Q 2025 51
Slide 52: Progress on majority of KPIs
Progress on majority of KPIs On track to reach target • ROIC trending above 10% • Finished fertilizer production1 • Fixed cost • GHG emissions Lagging original target • Ammonia production, prioritizing value over volume • TRI plateaued above 1, but continued progress • Engagement and diversity KPIs
Slide 53: Cost and capex reduction program delivering ahead of plan
Cost and capex reduction program delivering ahead of plan – strict discipline continues Sustainable cost reduction with drop-through effect on EBITDA1 Strict capital discipline Fixed cost excl. special items, MUSD BUSD Growth Maintenance L12M 2Q24 2,533 -0.40 Overhead 100 100% 1.35 Portfolio 60 >80%
Slide 54: Cost reduction drives efficiency and productivity
Cost reduction drives efficiency and productivity Lower fixed cost per delivered tonne… …committed to enhancing operational discipline and unlocking value across the organization USD/t 100 Fixed cost per delivered tonne1,2 90 Real fixed cost per delivered tonne1,2,3 83 Improvement Program combining
Slide 55: Broadening improvements – 200 MUSD by 2027 and 350 in 2030
Broadening improvements – committed to 200 MUSD improvement by end 2027 and 350 in 2030 Operationalized strategic priorities through key improvement levers Targeting EBITDA uplift | MUSD Maximize • Further improved production reliability asset • De-bottlenecking at limited capex utilization • Levera
Slide 56: Improvements will increase earnings resilience
Improvements will increase earnings resilience Market outlook points to increase in nitrogen …with step-change increase in earnings from targeted margins… EBITDA improvements Yara EBITDA – market sensitivity1 (BUSD) Yara EBITDA – improvement impact (BUSD), all else equal Urea 2.95 TTF 300 400 500 0.
Slide 57: Strict capital discipline ensuring improvements translate to cash flow
Strict capital discipline ensuring improvements translate to cash flow and ROIC Capital allocation framework, MUSD • Portfolio optimization direct capex towards high Maintenance 700-850 return assets capex MUSD • Ensuring strong cash flow after turnarounds • Prioritization of US ammonia projects Gro
Slide 58: US project offers an attractive cash flow profile
US project offers an attractive cash flow profile – and is competitive into Europe on a full cost basis Robust fundamentals compared to alternatives Competitive upfront cash flow (~2 BUSD 2026-2030) ✓ Significantly lower than comparable projects Hydrogen and nitrogen fee reflects competitive overall
Slide 59: US ammonia investments manageable within capital allocation policy
US ammonia investments are manageable within Yara’s capital allocation policy Strong annual FCF, also post US-investment1 assuming even distribution of US investment over 4-5 years Subject to market conditions MUSD 700-850 • Double-digit returns key requirement • Risk exposure aligned with Yara’s ri
Slide 60: Strong shareholder returns while maintaining a strong balance sheet
Strong shareholder returns while maintaining a strong balance sheet and capital discipline Commitment to improving underlying cash flow and EPS and DPS | USD per share maintaining strict capital discipline 12 EPS1 Targeted capital structure DPS2 • Committed to BBB/Baa2 rating target 10 • Mid- to lon
Slide 61: Strong value trajectory looking forward
Strong value trajectory looking forward 2024 2026 2030 Improved >180 MUSD fixed >350 MUSD production cost reduction EBITDA margins > 600 MUSD With high drop-through improvement Value accretive impact on EBITDA Improve core profitability ammonia capacity sustainable expansion cash flow expansion Cont
Slide 62: Summary
Summary Svein Tore Holsether Chief Executive Officer 62
Slide 63: Profitable now – and prepared for the future
Profitable now – and prepared for the future 1905 2025 Capitalizing on food value chain Scaling up fertilizer production to feed Supporting food production and transformation and strengthening our world’s growing population critical industries in 140+ countries position in the industry 63
Slide 64: Yara's unique competitive edges key to value generation
Yara’s unique competitive edges key to value generation Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Flexible energy and raw material sourcing • >75% of European finished nitrogen products flexible on ammonia source Operational Excellence • Strong asset footprint – co
Slide 65: 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 • Asset base tuned for the future – difficult to replicate due to significant replacement cost • Diversified product portfolio serving differing farm
Slide 66: Appendix
Appendix Capital Markets Day 2026 66
Slide 67: EBITDA matrix based on Yara sensitivities
EBITDA matrix based on Yara sensitivities. Q3 L12M 2025 as a reference point. Yara EBITDA – market sensitivity1 (BUSD) Q3 L12M 2025 Urea EBITDA (MUSD) 2,619 TTF 300 400 500 ttf (USD/mmbtu) 12.88 6 ~2.2 ~3.2 ~4.3 hh (USD/mmbtu) 3.08 9.5 ~1.8 ~2.8 ~3.9 Urea Arab Gulf (USD/t) 405 13 ~1.3 ~2.4 ~3.5 CAN
Slide 68: Alternative performance measures
Alternative performance measures Alternative performance measures (APM’s) are defined, explained and reconciled to the Financial statements in the APM section of the 3Q report on pages 22-29 68
Slide 69: ita
1 ¢ a p ita | Mai Lip ’ D a iy