Yara International Asa · OSL:YAR
Yara International Asa — Q1 2026 Earnings Presentation
30 slides from Yara International Asa's earnings presentation, Apr 24, 2026
Slide 1: Yara International ASA 2026 first quarter results
Yara International ASA 2026 first quarter results 24 April 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 1Q 2026 1) Total Recordable Injuries per 1 million working hours. 3
Slide 4: Strong 1Q 2026 results
Strong 1Q 2026 results EBITDA excluding special items1 of 896 MUSD Increased nitrogen margins and strong deliveries Significant supply shocks driven by geopolitical events disrupting global fertilizer markets Yara’s global business model uniquely positioned to manage volatility 1) For definition and
Slide 5: EBITDA growth driven by increased nitrogen margins
EBITDA growth driven by increased nitrogen margins EBITDA excl. special items (MUSD)1 ROIC1 18 -40 245 Currency -46 35 Price/margin +180 896 Energy cost3 +65 638 1Q25 Volume/mix2 Margin Fixed Cost4 Other 1Q26 6.0% 12.2% 1) For definition and reconciliation see APM section in the 1Q report, pages 22-
Slide 6: Geopolitical volatility demonstrates the vulnerability of the food supply chain
Geopolitical volatility demonstrates the vulnerability of the food supply chain Strait of Hormuz is a critical Global price response from chokepoint for global trade supply shocks Urea FCA France3 TTF based urea production cost3 Intensifying pressure on farmers – adding 34% 23% 900 +47% strain to an
Slide 7: Yara focused on upholding strong production and deliveries
Yara focused on upholding strong production and deliveries Continued strong production volumes Increasing deliveries of own produced product Actual production nitrate, CN, NPK, UAN and urea L12M, Delivered volumes of own produced nitrate, CN, NPK, UAN million tons, adjusted for portfolio optimizatio
Slide 8: Financial performance
Financial performance EBITDA excl. special items1 EPS excl. currency and special items1 ROIC1 (MUSD) (USD per share) (12-month rolling, %) 896 1.64 12.2% 638 1.01 6.0% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Change in net operating capital2 Cash from operations3 Investments (net)4 (MUSD) (MUSD) (MUSD) -162 -2
Slide 9: Increased 1Q deliveries despite strong start to the season
Increased 1Q deliveries despite External deliveries 1Q 2025 vs 1Q 2026 (kt) strong start to the season +3% 1Q25 1Q26 5,965 5,771 • Increased premium product deliveries across all regions • Increased deliveries in Americas Commodity following strong delivery execution and production 0% +11% • Lower c
Slide 10: Strong cash earnings, increased operating capital following higher prices
Strong cash earnings, increased operating capital following higher prices Net interest-bearing debt: 1Q development (MUSD) -218 3,271 3,053 80 773 239 237 Net debt end Cash earnings1 Net operating Investments (net) Other2 Net debt end of of last quarter capital change current quarter 1) Operating in
Slide 11: High prices put pressure on premiums
High prices put pressure on premiums European premiums1,2 down as commodity values NPK premiums1,4 pressured in Asia while production margins increase remained strong USD/mt (CAN27 equivalents) USD/mt (NPK average grade equivalents) -2% -17% Yara realized NPK price Yara realized CAN price Europe Com
Slide 12: Yara's business model uniquely positioned to navigate regional price and demand volatility
Yara’s business model uniquely positioned to navigate regional price and demand volatility Northern Hemisphere approaching Southern Hemisphere in prompt end-of-season need of nitrogen • Europe normally covered for current Yara’s key • Key demand market outlets for 2Q-3Q: season mid-2Q competitive ed
Slide 13: Geopolitical volatility demonstrates the vulnerability of the food supply chain
Geopolitical volatility demonstrates the vulnerability of the food supply chain Major disruption to global trade… … followed by a structural supply Limited new capacity outside China shock India, Pakistan and 5.8 5.7 Bangladesh: partial Uncertain timing of Total ~1/3 Russian curtailments due to comp
Slide 14: 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 15: Air Products and Yara are a strong strategic fit
Air Products and Yara are a strong strategic fit, with Europe Yara is the key gateway to market complementary ▪ Yara’s infrastructure critical – represents 50-80 USD/t cost advantage to other projects synergies ▪ Yara with own consumption need of ~1.5-2mt ▪ CBAM drives carbon value into pricing ▪ Re
Slide 16: Strong start to 2027 target by overdelivering on cost reduction program
Strong start to Fixed cost excluding special items1 2027 target by MUSD, including currency translation effect overdelivering on cost reduction program 180 46 55 • Delivered targeted 180 MUSD 2,533 2,307 2,361 fixed cost reduction in 2025 • Additional savings give a strong start towards further EBIT
Slide 17: Positive trend continues in financial metrics
Positive trend continues in financial metrics Solid improvement in key financial metrics reflects sharpened strategic priorities, supported by strong market fundamentals • Yara is committed to its 350 3,062 1,184 12% MUSD EBITDA improvement 10% target and free cash flow expansion, also in adverse EB
Slide 18: Yara's business model is uniquely positioned to navigate geopolitical risk
Yara’s business model is uniquely positioned to navigate geopolitical risk Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Strengthened resilience through Flexible energy and raw material sourcing targeted improvements • >75% of European finished nitrogen products flexib
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 • Asset base tuned for the future – difficult to replicate due to significant replacement cost • Diversified product portfolio serving differing farm
Slide 20: Appendix
Appendix
Slide 21: Free cash flow
Free cash flow Free cash flow before financing activities1,2 Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds 1,973 2,104 1,669 1,442 1,560 1,142 1,246 1,184 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
Slide 22: Key product price development
Key product price development 1Q25 1Q26 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) +11% +10% 465 671 419 -25% 611 14.6 +18% +3% 10.9 394 242 249 334 +37% 5.2 3.8 Urea granular Urea inland Europe (TTF) US (Henry Hub) CAN 27 Compound NPK FOB
Slide 23: Improving returns in most segments
Improving returns in most segments 1Q25 1Q26 EBITDA excl. special items1 (MUSD) ROIC1 L12M (%) 159 2.7% Europe 8.0% 246 155 10.2% Americas 229 17.4% 65 19.2% Asia & Africa 44 13.9% 114 2.6% Global Production 173 11.7% 96 6.6% Industrial Solutions 137 11.4% 41 14.4% Clean Ammonia 49 13.8% 1) For defi
Slide 24: Energy cost
Energy cost Quarterly averages for 2020 – 1Q 2026 with forward prices1 for 2Q 2026 and 3Q 2026 US gas price (Henry Hub) Yara Global TTF day ahead Yara Europe 15.8 14.9 14.8 11.8 13.7 14.4 11.6 12.9 9.3 3.1 4.8 2.8 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2
Slide 25: Details of energy cost actuals and estimate 2Q 2026 and 3Q 2026
Details of energy cost actuals and estimate 2Q 2026 and 3Q 2026 2Q26 estimations based on 3Q26 estimations based on Europe 2Q25 3Q25 4Q25 1Q26 forward prices forward prices Average gas cost USD/MMbtu 13.7 12.5 12.0 11.8 15.8 14.8 Gas consumption1 Million MMBtu 31.7 33.0 35.9 29.1 31.7 33.0 European
Slide 26: 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 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 26
Slide 27: Peak of urea capacity additions is behind us
Peak of urea capacity additions is behind us 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.
Slide 28: Farmer incentives: wheat example
Farmer incentives: wheat example Optimal nitrogen application1,2 (kg/ha) -9% 208 203 197 184 24/25 2H 25 1 year ago current 24/25 25/26 season to 1 year ago3 current3 date3 Wheat price4 (USD/mt) 237 226 238 229 CAN price5 (USD/mt) 333 408 377 526 Optimal nitrogen application (kg/ha) 208 197 203 184
Slide 29: Alternative performance measures
Alternative Alternative performance measures are defined, explained performance and reconciled to the Financial statements in the APM section of the 1Q report on pages 22-29 measures 29
Slide 30: Thank you!
Thank you!