Yara International : 1Q 2026 Presentation

About this update from Yara International Asa

Yara International ASA 2026 first quarter results 24 April 2026 1) Total Recordable Injuries per 1 million working hours. Safety is our main priority TRI 1 (12-month rolling) 1.2 5 4 3 2 1 0 1Q 2016 1Q 2026 3 Strong 1Q 2026 results EBITDA excluding special items 1 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 reconciliation see APM section in the 1Q report, pages 22-29. 4 EBITDA growth driven by increased nitrogen margins EBITDA excl. special items (MUSD) 1 ROIC 1 18 -40 35 Currency -46 638 896 245 Price/margin +180 Energy cost 3 +65 1Q25 Volume/mix 2 Margin Fixed Cost 4 Other 1Q26 6.0% 12.2% 1) For definition and reconciliation see APM section in the 1Q report, pages 22-29. Geopolitical volatility demonstrates the vulnerability of the food supply chain 22% phosphates 1 45% sulphur 1 20% LNG 2 traded ammonia 1 23% traded urea 1 34% Strait of Hormuz is a critical chokepoint for global trade Urea FCA France 3 TTF based urea production cost 3 900 600 300 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Weeks Global price response from supply shocks Intensifying pressure on farmers - adding challenging farmer economy 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, million tons, adjusted for portfolio optimization 1 +2% 18.0 19.2 19.5 16.2 1Q23 1Q24 1Q25 1Q26 +4% Delivered volumes of own produced nitrate, CN, NPK, UAN and urea L12M, adjusted for portfolio optimization 1 18.2 19.0 19.7 15.8 1Q23 1Q24 1Q25 1Q26 Financial performance EBITDA excl. special items 1 (MUSD) EPS excl. currency and special items 1 (USD per share) ROIC 1 (12-month rolling, %) 638 896 1.01 1.64 6.0% 12.2% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Change in net operating capital 2 (MUSD) Cash from operations 3 (MUSD) Investments (net) 4 (MUSD) -162 -237 329 524 -240 -239 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 For definition and reconciliation, see the APM section in the 1Q report, pages 22-29. Change in net operating capital as presented in the cash flow statement, page 12 of the 1Q report Net cash provided by operating activities as presented in the cash flow statement, page 12 of 1Q report 8 Net cash used in investing activities as presented in the cash flow statement, page 12 of 1Q report Increased 1Q deliveries despite strong start to the season Increased premium product deliveries across all regions Increased deliveries in Americas following strong delivery execution and production Lower commodity deliveries in Africa and Asia partially offset by increased premium deliveries in Asia Industrial deliveries impacted by portfolio optimization External deliveries 1Q 2025 vs 1Q 2026 (kt) +3% 5,771 5,965 +11% 0% 2,646 2,650 2,036 2,265 -4% 1,089 1,050 1Q25 1Q26 -5% 1,586 1,515 -1% 447 444 Commodity Premium 1 Total crop nutrition Americas Europe Africa & Asia Industrial Solutions Clean Ammonia Strong cash earnings, increased operating capital following higher prices Net interest-bearing debt: 1Q development (MUSD) -218 239 80 3,053 237 773 3,271 Net debt end of last quarter Cash earnings 1 Net operating capital change Investments (net) Other 2 Net debt end of current quarter High prices put pressure on premiums European premiums 1,2 down as commodity values increase NPK premiums 1,4 pressured in Asia while production margins remained strong USD/mt (CAN27 equivalents) USD/mt (NPK average grade equivalents) -17% Yara realized CAN price Europe Urea FCA France proxy 1M lag Yara realized NPK price -2% Commodity blend 2M lag 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 TTF based urea cash cost 3 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 Premiums do not translate to margins: premiums and P&L margins correlate over a longer time horizon but can differ substantially shorter-term Premiums typically contracted as markets tighten and vice-versa when markets loosen Exposure effects due to the time lag from sourcing of raw materials to delivery of products may differ from the high-level assumptions used in this illustration Operational measures such as delivered volumes, realized prices per metric ton, market prices per metric ton are not considered to be financial APMs. Illustrative, based on the following assumption: Yara's realized European nitrate price in CIF inland Germany terms. Urea FCA France proxy (CIF inland Germany), with 1 month time lag. Urea production cost calculated as: (TTF in USD/MMBtu*36+29)*0.58+TTF*5.2+22. Converted to CAN eq (27% N) Yara's business model uniquely positioned to navigate regional price and demand volatility Northern Hemisphere approaching end-of-season Europe normally covered for current season mid-2Q Import interest lower in off-season High global prices dampen pre-buying appetite Weak crop prices impact farmer affordability Yara's key competitive edge: Global Optimization Southern Hemisphere in prompt need of nitrogen Key demand market outlets for 2Q-3Q: India, Brazil, Latin America, Australia Strong need for product in a supply constrained market Tight markets mean amplified just-in- time buying Geopolitical volatility demonstrates the vulnerability of the food supply chain 5.8 5.7 4.5 Total ~1/3 of global trade 1.8 0.7 Iran Qatar Saudi Arabia UAE Bahrain 2024 annual urea exports exposed to Strait of Hormuz disruptions, mt Major disruption to global trade… Middle East producers: Qatar confirmed, others unclear status India, Pakistan and Bangladesh: partial curtailments due to lack of LNG Russian nitrogen plants hit by drones … followed by a structural supply shock Uncertain timing of completion for several projects between 2026-30 Average consumption growth last 10 years of 2.3 mt 4.5 3.8 2.8 2.5 0.4 2023 2024 2025 2026 2027 2028 2029 2030 Limited new capacity outside China 0.7 0.8 2.1 Clear strategic priorities to drive long-term shareholder value Cash realization from recent growth projects Value growth through differentiated products, knowledge margin and expansion from core portfolio Grow from our core Drive performance and competitiveness Maximize asset utilization Improve profitability in core business Logistical optimization Capital reallocation Diversify energy position Firm commitment to capital allocation policy Air Products and Yara are a strong strategic fit, with complementary synergies Strong partner synergies Robust project economics Excellent strategic fit Commercial negotiations on plan US Gulf (from 2030) LATAM Pockets of low-carbon fertilizer demand Europe Yara is the key gateway to market Yara's infrastructure critical - represents 50-80 USD/t cost advantage to other projects Yara with own consumption need of ~1.5-2mt CBAM drives carbon value into pricing Regulatory demand for renewable ammonia drive additional carbon value - partnerships growing Neom (from 2027) Asia Maturing partnerships and opportunities Strong start to 2027 target by overdelivering on cost reduction program Fixed cost excluding special items 1 MUSD, including currency translation effect 2,533 2,361 2,307 46 180 55 Delivered targeted 180 MUSD fixed cost reduction in 2025 Additional savings give a strong start towards further EBITDA and cash flow expansion L12M 2025 2026 L12M Currency L12M 2Q24 cost cost 1Q26 impact 1Q26 reduction savings excl. program currency 1) Fixed costs excluding special items. For definition and reconciliation of Fixed cost L12M, see APM section in the 1Q report, pages 22-29. 16 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 MUSD EBITDA improvement target and free cash flow expansion, also in adverse market conditions Through-the-cycle ROIC target of >10% and increasing EBITDA ex SI 1 3,062 FCF 2 1,184 ROIC 1 10% 12% shareholder returns by 1Q24 1Q25 1Q26 1Q24 1Q25 1Q26 1Q24 1Q25 1Q26 improving factors within Yara's control L12M, In MUSD L12M, In MUSD L12M, In % For definition and reconciliation see APM section in the 1Q report, pages 22-29. 17 Free Cash Flow calculated as net cash provided by operating activities minus net cash used in investment activities as presented in the cash flow statement, page 12 in the 1Q report Yara's business model is uniquely positioned to navigate geopolitical risk 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 - continuous production records Scale and Global Optimization Scalable logistic strongholds - fertilizer and ammonia Optimized global flows - seasonality and cycles Strengthened resilience through targeted improvements Disciplined and flexible investment approach Flexible business model - well positioned for different scenarios 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 farmer demand globally 200 and 350 MUSD underlying EBITDA-improvement by 2027 and 2030 , respectively Flexible pathways to energy diversification and low-cost, low-carbon ammonia opportunities with strong financial returns Strong balance sheet and commitment to BBB/Baa2 credit rating Committed to increasing Total Shareholder Returns and consistent distributions , with cyclical upside Appendix Free cash flow Free cash flow before financing activities 1,2 Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds 863 1,298 -1,242 1,669 1,973 2,104 1,142 1,442 1,560 1,246 1,091 988 1,184 288 105 284 206 123 532 715 657 532 619 777 2018 2019 2020 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Key product price development 1Q25 1Q26 Urea price development 1 (USD/t) Spot gas prices 1 (USD/MMBtu) Yara realized CAN 2 and NPK price 3 (USD/t) +11% 465 419 +3% 242 249 -25% 14.6 10.9 +37% 3.8 5.2 +10% 671 611 +18% 394 334 Urea granular FOB Egypt Urea inland China proxy Europe (TTF) US (Henry Hub) CAN 27 Compound NPK 1) Source: BOABC, CFMW, Fertilizer publications, European Energy Exchange AG (EEX). 1-month lag applied, as a proxy for realized prices (delivery assumed 1 month after order) Improving returns in most segments 1Q25 1Q26 10.2% EBITDA excl. special items 1 (MUSD) ROIC 1 L12M (%) Europe 159 2.7% 246 8.0% Asia & Africa 65 19.2% 44 13.9% 155 Americas Industrial Solutions 96 6.6% 137 11.4% 114 Global Production 41 Clean Ammonia 49 173 229 2.6% 11.7% 14.4% 13.8% 17.4% Energy cost Quarterly averages for 2020 - 1Q 2026 with forward prices 1 for 2Q 2026 and 3Q 2026 US gas price (Henry Hub) Yara Global TTF day ahead Yara Europe 11.8 15.8 14.9 13.7 12.9 14.8 14.4 11.6 9.3 4.8 2.8 3.1 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Source: Yara, European Energy Exchange AG (EEX) 1) Dotted lines denote forward prices as of 16 April 2026, market prices (HH and TTF) are not lagged 24 Details of energy cost actuals and estimate 2Q 2026 and 3Q 2026 Europe 2Q25 3Q25 4Q25 1Q26 2Q26 estimations based on forward prices 3Q26 estimations based on forward prices Average gas cost USD/MMbtu 13.7 12.5 12.0 11.8 15.8 14.8 Gas consumption 1 Million MMBtu 31.7 33.0 35.9 29.1 31.7 33.0 European gas cost 3 USD millon 435 415 430 340 500 490 Yara Global 2 2Q25 3Q25 4Q25 1Q26 2Q26 estimations based on forward prices 3Q26 estimations based on forward prices Average gas cost USD/MMbtu 10.1 9.5 9.6 9.3 12.9 11.6 Gas consumption 1 Million MMBtu 55.4 57.5 59.3 54.0 55.4 57.5 Global gas cost 3 USD millon 560 545 570 500 720 670 Gas consumption in 2Q 2026 & 3Q 2026 estimate based on actual consumption and production volumes in 2Q 2025 & 3Q 2025. Actual consumption could deviate from this due to curtailments or other factors Excluding Babrala 25 Yara inventories Fertilizer - finished products inventory development in million mt 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 8 7 6 5 Other 4 3 Compound 2 NPK 1 Nitrates 0 Urea 26 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 4.4 5.5 6.7 4.2 3.1 4.3 5.9 4.5 Uncertain completion year for several projects between 2026 and 2030 with differing views from publications. 3.8 2.8 1.0 0.7 0.4 2.1 0.8 2.5 1.7% average historical consumption growth 3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source: CRU March 2026 Future urea projects assessed as "probable" or "firm" by CRU. 27 Growth calculated based on last 10 years up to 2024, equal to ~2.3 mn mt/year, from 2024 baseline (IFA) of 134 mn mt (global production + China trade). Trend growth rate held back by supply restrictions in 2021 and 2022. Farmer incentives: wheat example Optimal nitrogen application 1,2 (kg/ha) -9% 208 197 203 184 24/25 2H 25 1 year ago current 24/25 25/26 season to date 3 1 year ago 3 current 3 Wheat price 4 (USD/mt) 237 226 238 229 CAN price 5 (USD/mt) 333 408 377 526 Optimal nitrogen application (kg/ha) 208 197 203 184 Grain yield (mt/ha) 9.56 9.50 9.53 9.40 Farmer revenue above nitrogen cost (USD/ha) 2,010 1,849 1,986 1,794 Fertilizer handbook page 70, https://www.yara.com/investor-relations Company research based on field trials with winter wheat As of week 16, 2026 Source. Paris wheat futures, MATIF 28 Source: CAN CFR Inland Germany. Average of publication prices Alternative performance measures Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 1Q report on pages 22-29 29 Thank you! Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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