Yara International Asa · OSL:YAR
Yara International Asa — Q4 2025 Earnings Presentation
31 slides from Yara International Asa's earnings presentation, Feb 11, 2026
Slide 1: Yara International ASA 2025 fourth quarter results
Yara International ASA 2025 fourth quarter results 11 February 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 4Q 2025 1) Total Recordable Injuries per 1 million working hours. 3
Slide 4: Strong 4Q results
Strong 4Q results 4Q 2025 EBITDA excl. special items1 of 709 MUSD, with increased nitrogen margins, reduced fixed costs and strong volumes Delivered >200 MUSD in fixed cost reductions since 2Q24 NOK 22 per share annual dividend proposed Set for sustained cash-flow growth driven by further profitabil
Slide 5: EBITDA improvement driven by higher deliveries, lower fixed costs and strong nitrogen production economics
EBITDA improvement driven by higher deliveries, lower fixed costs and strong nitrogen production economics EBITDA excl. special items (MUSD)1 ROIC2 31 -63 160 Currency -42 60 Price/margin +140 Energy cost4 +20 709 519 4Q24 Volume/mix3 Margin Fixed Cost5 Other6 4Q25 0.5% 11.4% 1) For definition and r
Slide 6: Proposed dividend of NOK 22 per share
Proposed dividend of NOK 22 per share EPS and DPS Proposed dividend in line with capital allocation policy USD/share ▪ For 2025 the Yara Board proposes an ordinary dividend of 12 EPS1 DPS2 11.0 NOK 22 per share in line with policy 11 10 ▪ Yara’s overall objective to maintain BBB/Baa2 credit rating 9
Slide 7: Financial performance
Financial performance EBITDA excl. special items1 EPS excl. currency and special items1 ROIC1 (MUSD) (USD per share) (12-month rolling, %) 709 1.17 10.7% 519 5.0% 0.36 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Change in net operating capital2 Cash from operations3 Investments (net)4 (MUSD) (MUSD) (MUSD) -201 -2
Slide 8: Fixed cost base reduced by >200 MUSD since 2Q24
Fixed cost base reduced by >200 MUSD since 2Q24 Significant, sustainable achievement on cost reductions Continued strict capital discipline MUSD BUSD Uncommitted growth Growth Maintenance ~210 MUSD savings 1.20 1.20 1.10 0.10 2,533 110 -46 0.35 0.95 318 0.25 0.35 2,333 2,350 2,304 0.31 8 0.85 0.85 0
Slide 9: Solid deliveries through the quarter
Solid deliveries through the quarter External deliveries 4Q 2024 vs 4Q 2025 (kt) 4Q24 4Q25 Comments ▪ Strong start to the season in Europe +3% ▪ Increased deliveries in Africa & Asia, 5,741 5,564 mainly in third party products ▪ Increased external sales from Clean Commodity Ammonia in Americas – uti
Slide 10: Continued strong premiums despite tight nitrogen markets
Continued strong premiums despite tight nitrogen markets Strong European nitrate price levels Some pressure on NPK premiums2 mainly in Asia USD/mt (CAN27 equivalents) USD/mt (NPK average grade equivalents) Yara’s realized European nitrate price Urea Egypt CFR proxy 1M lag Yara’s realized NPK price C
Slide 11: Strong cash earnings and operating capital build in line with seasonality
Strong cash earnings and operating capital build in line with seasonality Net interest-bearing debt: 4Q development (MUSD) -45 3,316 3,271 0 28 262 608 272 Net debt end Cash earnings1 Net operating Investments (net) Dividends Other2 Net debt end of of last quarter capital change current quarter 1) O
Slide 12: Full year condensed statement of income
Full year condensed statement of income MUSD 2025 2024 Variance Comments Revenue and other income 15 715 13 934 1 781 Raw materials, energy costs and freight expenses (11 285) (10 200) (1 085) - Higher revenues and variable costs reflect Change in inventories of own products 77 70 7 higher prices fo
Slide 13: Condensed statement of financial position
Condensed statement of financial position Comments MUSD 31 Dec 2025 31 Dec 2024 Variance Assets Total non-current assets 10 134 9 294 840 - Higher non-current assets mainly reflect Total current assets 7 004 5 700 1 304 currency translation gain as most Total assets 17 138 14 994 2 143 functional cu
Slide 14: Global nitrogen markets remain tight going into 2026
Global nitrogen markets remain tight going into 2026 Strong near-term sentiment entering northern hemisphere spring Limited new nitrogen capacity ex. China India urea sales record high in December, adding US offseason imports slightly ahead of last year Global urea capacity additions ex. China to th
Slide 15: Yara's business model is positioned to navigate geopolitical risk
Yara’s business model is positioned to navigate geopolitical risk Strengthened resilience through Improvement Program Knowledge Margin • Improvement measures not dependent on CBAM • Sustained premiums – demonstrated Nutrient Use Efficiency • Strong balance sheet Flexible energy and raw material sour
Slide 16: Air Products and Yara projects are a strong strategic fit, with complementary synergies
Air Products and Yara projects are a strong strategic fit, with complementary synergies Europe Yara is the key gateway to market ▪ Yara’s infrastructure critical– represents 50-80 USD/t cost advantage to other projects • Strong project economics ▪ Yara with own consumption need of ~1,5-2mt ▪ CBAM dr
Slide 17: Strong value trajectory looking forward
Strong value trajectory looking forward 2024 2026 2030 >180 MUSD fixed >350 MUSD EBITDA Improved cost reduction improvement production margins Value accretive ammonia > 600 MUSD With high drop-through Improve core profitability impact on EBITDA capacity expansion sustainable cash flow expansion Cont
Slide 18: 2025 in review
2025 in review Strong operational performance Key financials improved EPS excl. currency, USD/Share 11.0 +3.3 32.1 mt Deliveries1 3.2 4.3 +3% vs. LY 2.6 2.5 0.3 0.9 2019 2020 2021 2022 2023 2024 2025 Free Cash Flow3, MUSD Nitrate premiums FCF adj. for divestments Operations Stable vs. LY NPK premium
Slide 19: 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 20: 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 21: Appendix
Appendix
Slide 22: Free cash flow
Free cash flow Free cash flow before financing activities1,2 Divestment proceeds Investments Operations Free cash flow adjusted for divestment proceeds 1,973 2,104 1,669 1,442 1,560 1,142 1,246 1,091 988 863 1,298 777 619 657 715 532 532 284 288 206 105 123 -1,242 2018 2019 2020 1Q21 2Q21 3Q21 4Q21
Slide 23: Key product price development
Key product price development 4Q24 4Q25 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) +22% +8% 453 662 -16% 611 370 -13% 12.8 +21% 10.8 268 232 358 297 +50% 3.3 2.2 Urea granular Urea inland Europe (TTF) US (Henry Hub) CAN 27 Compound NPK FOB
Slide 24: Improving returns across most segments
Improving returns across most segments 4Q24 4Q25 EBITDA excl. special items1 (MUSD) ROIC1 L12M (%) 79 -0.6% Europe 6.5% 133 156 9.9% Americas 195 15.6% 66 17.4% Asia & Africa 21 16.4% 137 3.4% Global Production 189 10.6% 120 5.9% Industrial Solutions 83 8.4% 40 11.0% Clean Ammonia 37 11.9% 24 1) For
Slide 25: Energy cost
Energy cost Quarterly averages for 2020 – 4Q 2025 with forward prices1 for 1Q 2026 and 2Q 2026 US gas price (Henry Hub) Yara Europe2 Yara Global TTF day ahead 12.0 11.1 11.4 10.3 12.0 10.3 9.6 9.1 9.0 5.5 3.7 3.3 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q
Slide 26: Details of energy cost actuals and estimate 1Q 2026 and 2Q 2026
Details of energy cost actuals and estimate 1Q 2026 and 2Q 2026 Europe 1Q26 estimations based on 2Q26 estimations based on 1Q25 2Q25 3Q25 4Q25 forward prices forward prices Average gas cost USD/MMbtu 14.3 13.7 12.5 12.0 11.1 11.4 Gas consumption1 Million MMBtu 30.2 31.7 33.0 35.9 30.2 31.7 European
Slide 27: Yara inventories
Yara inventories Fertilizer - finished products inventory development in million mt 8 7 6 5 Other 4 3 Compound 2 NPK 1 Nitrates Urea 0 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 27
Slide 28: Peak of urea capacity additions is behind us
Peak of urea capacity additions is behind us Global urea capacity additions ex. China 1,2 (million mt) India Russia Iran Algeria USA Nigeria Australia Others Uncertain completion year for several projects 6.7 between 2026 and 2029 with differing views from 5.9 publications. 5.5 4.5 4.4 4.3 4.2 3.4 3
Slide 29: Farmer incentives: wheat example
Farmer incentives: wheat example Optimal nitrogen application1,2 kg/ha -4% 208 205 200 196 24/25 2H 25 1 year ago current 24/25 2H-2025 1 year ago3 current3 Wheat price4 (USD/mt) 237 224 242 227 CAN price5 (USD/mt) 333 382 361 420 Optimal nitrogen application (kg/ha) 208 200 205 196 Grain yield (mt/
Slide 30: Alternative performance measures
Alternative performance measures Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 4Q report on pages 24-32
Slide 31: Knowledge grows
Knogyledge grows