1Q 2026 Presentation

Yara International ASA 2026 first quarter results

24 April 2026

1) Total Recordable Injuries per 1 million working hours.

Safety is our main priority

TRI1 (12-month rolling)

1.2

5

4

3

2

1

0

1Q 2016 1Q 2026

3

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 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

ROIC1

18

-40

35

Currency -46

638

896

Price/margin +180

Energy cost3 +65

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 22-29.

Geopolitical volatility demonstrates the vulnerability of the food supply chain

22%

phosphates1

45%

sulphur1

20%

LNG2

traded ammonia1

23%

traded urea1

34%

Urea FCA France3

TTF based urea production cost3

900

600

300

0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Weeks

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 optimization1

+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 optimization1

18.2

19.0

19.7

15.8

1Q23 1Q24 1Q25 1Q26

Financial performance

EBITDA excl. special items1

(MUSD)

EPS excl. currency and special items1

(USD per share)

ROIC1

(12-month rolling, %)

1Q25 1Q26

1Q25 1Q26

1Q25

1Q26

Change in net operating capital2

(MUSD)

Cash from operations3

(MUSD)

Investments (net)4

(MUSD)

1. For definition and reconciliation, see the APM section in the 1Q report, pages 22-29.

2. Change in net operating capital as presented in the cash flow statement, page 12 of the 1Q report

3. Net cash provided by operating activities as presented in the cash flow statement, page 12 of 1Q report 8

4. 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

  Premium1

  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 earnings1 Net operating

capital change

Investments (net)

Other2 Net debt end of

current quarter

High prices put pressure on premiums

European premiums1,2 down as commodity values increase

NPK premiums1,4 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 cost3

1Q21 1Q22 1Q23 1Q24 1Q25 1Q26

1. Operational measures such as delivered volumes, realized prices per metric ton, market prices per metric ton are not considered to be financial APMs.

2. 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.

3. 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

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

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

Clear strategic priorities to drive long-term shareholder value

Grow from our core

Air Products and Yara are a strong strategic fit, with complementary synergies

46

55

• Delivered targeted 180 MUSD fixed cost reduction in 2025

  
  
  

• Additional savings give a strong start towards further EBITDA and cash flow expansion

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

EBITDA

ex SI1

3,062

FCF2

1,184

ROIC1

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 %

1. For definition and reconciliation see APM section in the 1Q report, pages 22-29.

   17

2. 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 activities1,2

Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds

863

1,298

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 development1 (USD/t) Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (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 items1 (MUSD) ROIC1 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 prices1 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

1. 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

2. 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. China1,2 (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 growth3

2015

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

1. Source: CRU March 2026

2. Future urea projects assessed as "probable" or "firm" by CRU. 27

3. 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 application1,2 (kg/ha)

-9%

208

197

203

184

24/25 2H 25 1 year ago current

24/25 25/26 season to date3

1 year ago3 current3

1. Fertilizer handbook page 70, https://www.yara.com/investor-relations

2. Company research based on field trials with winter wheat

   
   
   

3. As of week 16, 2026

4. Source. Paris wheat futures, MATIF 28

5. 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!