Yara International : 1Q 2026 Report

About this update from Yara International Asa

‌Strong 1Q 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 Highlights 1 USD millions, except where indicated otherwise 1Q 2026 1Q 2025 Revenue and other income 4,259 3,648 Operating income/(loss) 610 308 EBITDA 908 566 EBITDA excl. special items 896 638 Net income/(loss) 327 295 Basic earnings/(loss) per share 2 1.28 1.15 Adjusted earnings/(loss) per share excl. foreign currency exchange gain/(loss) 2 1.66 0.80 Adjusted earnings/(loss) per share excl. foreign currency exchange gain/(loss) and special items 2 1.64 1.01 Net cash provided by/(used in) operating activities 524 329 Net cash provided by/(used in) investing activities (239) (240) Net debt / equity ratio 0.33 0.50 Net debt / EBITDA excl. special items (last 12 months) ratio 1.00 1.67 Average number of shares outstanding (millions) 254.7 254.7 Return on invested capital (ROIC) 12.2 % 6.0 % Key statistics Thousand tonnes, except energy prices 1Q 2026 1Q 2025 Yara production Ammonia 1,605 1,717 Finished fertilizer and industrial products, excl. bulk blends 4,890 4,923 Yara deliveries Ammonia trade 444 447 Fertilizer 5,965 5,771 Industrial Product 1,515 1,586 Total deliveries 7,924 7,805 Yara's Energy prices (USD per MMBtu) Global weighted average gas cost 3 9.3 10.5 European weighted average gas cost 11.8 14.3 1 For definition and reconciliation, see section Alternative performance measures (APMs). 2 USD per share. Yara currently has no share-based compensation programs resulting in a dilutive effect on earnings per share. 3 Excluding Babrala. Variance analysis USD millions 1Q 2026 EBITDA 2026 908 EBITDA 2025 566 Reported EBITDA variance 342 Special items variance (see table "Special items" for details) 84 EBITDA variance excl. special items 259 Volume/Mix 35 Margin 245 Fixed costs (excl. currency effects) 18 Other (40) Total variance explained 259 ‌First quarter Yara's first-quarter EBITDA excluding special items was 896 MUSD, 41% higher than for the same quarter a year ago, driven by higher volume deliveries, enhanced margins across segments, and continued strong performance on improvement initiatives and disciplined cost control. Total deliveries were 2% higher than for the same quarter a year ago mainly from increased deliveries of Amidas (urea), NPKs and CN. ‌Europe EBITDA excluding special items was 246 MUSD, 54% higher than for the same quarter a year ago. The improvement was driven by higher fertilizer prices, stronger margins, and continued lower fixed cost base. Total deliveries were stable compared with the same quarter a year ago. ‌Americas EBITDA excluding special items was 229 MUSD, 48% higher than for the same quarter a year ago, mainly reflecting increased deliveries, better nitrogen upgrading margins, and continued solid commercial performance. Total deliveries were 11% higher than first quarter last year, driven by increased volumes in North America, Latin America and Brazil. ‌Africa & Asia EBITDA excluding special items was 44 MUSD, 33% lower than for the same quarter a year ago, reflecting continued margin pressure in key Asian markets, partly offset by improved product mix effects. Total deliveries were down 4% mainly following declining third-party product deliveries of urea in Asia, also partly impacted by reduced urea deliveries following gas curtailments in Babrala, India, offsetting increased NPK deliveries. ‌Global Production EBITDA excluding special items was 173 MUSD, 51% higher than for the same quarter a year ago, mainly reflecting higher upgrading margins. Production outputs were 9% below the same quarter last year following unplanned ammonia outages. ‌Clean Ammonia EBITDA excluding special items was 49 MUSD, 20% higher than for the same quarter a year ago, reflecting improved margins and continued development of ammonia trading activities. Total external deliveries were 1% lower than for the same quarter a year ago mainly due to reduced availability from Pilbara, Australia and Sluiskil, Netherlands. ‌Industrial Solutions EBITDA excluding special items was 137 MUSD, 43% higher than for the same quarter a year ago, reflecting improved margins and product mix as well as lower gas costs compared with the same quarter last year. Total deliveries were 4% lower than for the same quarter a year ago following portfolio optimization. Production volumes Thousand tonnes 1Q 2026 1Q 2025 Ammonia 1,605 1,717 Urea 1,115 1,103 Nitrates 1,438 1,475 NPK 1,607 1,592 CN 351 377 UAN 218 228 SSP 48 53 SOP 57 51 Feed Phosphate 55 43 Total Finished Products 4,890 4,923 Deliveries Crop Nutrition deliveries Thousand tonnes 1Q 2026 1Q 2025 Urea 1,359 1,307 Nitrate 1,231 1,278 NPK 2,101 2,003 of which Yara-produced compounds 1,679 1,543 of which blends 403 447 CN 490 423 UAN 256 289 DAP/MAP/SSP 69 68 MOP/SOP 121 106 Other products 338 298 Total Crop Nutrition deliveries 5,965 5,771 Europe deliveries Thousand tonnes 1Q 2026 1Q 2025 Urea 260 224 Nitrate 1022 1,084 NPK 891 854 of which Yara-produced compounds 833 788 CN 115 99 Other products 362 384 Total deliveries Europe 2,650 2,646 Americas deliveries Thousand tonnes 1Q 2026 1Q 2025 Urea 619 469 Nitrate 180 178 NPK 778 783 of which Yara-produced compounds 480 451 of which blends 295 332 CN 310 270 DAP/MAP/SSP 63 60 MOP/SOP 98 85 Other products 217 191 Total deliveries Americas 2,265 2,036 of which North America 843 713 of which Brazil 1,037 988 of which Latin America excl. Brazil 385 335 Africa & Asia deliveries Thousand tonnes 1Q 2026 1Q 2025 Urea 481 613 Nitrate 29 16 NPK 432 366 of which Yara-produced compounds 365 304 CN 65 54 Other products 44 41 Total deliveries Africa & Asia 1,050 1,089 of which Asia 881 949 of which Africa 169 141 Industrial Solutions deliveries Thousand tonnes 1Q 2026 1Q 2025 Ammonia¹ 89 116 Urea¹ 394 357 Nitrate² 340 317 CN 35 41 Other products³ 152 276 Water content in industrial ammonia and urea 505 479 Total Industrial Solutions deliveries 1,515 1,586 1 Pure product equivalents. 2 Including AN Solution. 3 Including sulfuric acid and other minor products. Financial items USD millions 1Q 2026 1Q 2025 2025 Interest income and other financial income 13 7 66 Foreign currency exchange gain/(loss) (122) 127 383 Interest expense (52) (54) (243) Other (6) (3) (17) Interest expense and other financial items (58) (57) (259) Net financial income/(expense) (167) 76 189 ‌First quarter The variance in financial items is mainly explained by a net foreign currency exchange loss of USD 122 million this quarter, compared with a gain of USD 127 million in the same period a year earlier. The foreign currency exchange loss this quarter stems from the internal funding positions in euro vs. the Norwegian krone as the Norwegian krone appreciated during the quarter. That loss was only partly offset by gains on Yara's US dollar denominated debt positions. In the same quarter a year ago, a gain on the US dollar denominated debt positions outweighed a loss on the internal funding positions. Yara's accounting policy regarding foreign currency transactions is described on page 195 in the Annual Report for 2025. Although the average gross debt this quarter was around USD 100 million higher than in the same quarter a year ago, somewhat lower interest rates led to an interest expense USD 2 million lower than in the same period a year before. At the end of the first quarter, the US dollar denominated debt position generating currency effects in the Statement of income was approximately USD 2,600 million, with around three-quarters of the exposure towards the Norwegian krone and the rest mainly towards emerging market currencies. Cash flow ‌First quarter Yara's first-quarter operating cash flow increased by USD 195 million compared to the same period last year. The substantial increase follows strong improvement on operating income with higher prices, increased deliveries and lower fixed cost, which more than offset increased operating capital driven by higher accounts receivables from higher prices and deliveries compared to last year. Yara's investing cash outflow was fairly flat with USD 1 million decrease compared to last year, as reduced investments this year were offset by disposal of other non-current assets last year. Yara's cash outflow from financing activities decreased by USD 107 million due to received loan proceeds this year compared to repayment of short-term loans last year. Variance analysis methodology In order to track underlying business developments from period to period, Yara's management uses a variance analysis methodology ("variance analysis") that involves the extraction of financial information from the accounting system, as well as statistical and other data from internal management information systems. Management considers the estimates produced by the variance analysis, and the identification of trends based on such analysis, sufficiently precise to provide useful data to monitor the business. However, these estimates should be understood to be less than an exact quantification of the changes and trends indicated by such analysis. The variance analysis presented in Yara's quarterly and annual financial reports is prepared on a Yara EBITDA basis including net income/(loss) in equity-accounted investees. The volume, margin and other variances presented therefore include effects generated by performance in equity-accounted investees. Outlook Yara operates a global, flexible production system that delivers a diversified portfolio of nitrogen-based products. With our extensive global market reach and more than a century of agronomic knowledge and continuous innovation, we partner across the value chain to improve crop yields, optimize resource use, and reduce environmental impact. With our global operations, leading crop nutrition solutions and ammonia positions, Yara is uniquely positioned to navigate volatility, capitalizing on its operational flexibility while also driving and creating strong shareholder value. At the January 2026 Capital Markets Day, Yara introduced the next phase of its improvement program, targeting an incremental 200 MUSD EBITDA improvement by the end of 2027 and a further 150 MUSD EBITDA improvement by the end of 2030. These improvements will be achieved through enhanced asset utilization, logistical optimization, targeted market opportunities and disciplined capital reallocation. Diversifying energy exposure and optimizing the business to mitigate increased carbon costs is key priority to strengthening long-term resilience and returns. Yara continues to evaluate the optimal pathway to achieve this, including maturing the ammonia projects with Air Products, with an estimated FID in mid-2026. Yara remains committed to delivering sustained cash flow growth and strict capital prioritization, supporting strong through-the-cycle shareholder returns. The war in the Middle East continues to impact global energy and fertilizer markets. The blockage of the Strait of Hormuz disrupts around 1/3 of global traded urea, as well as other key raw materials for fertilizer production including natural gas, ammonia, phosphates and sulphur. The supply shock led to an immediate product shortage, forcing demand to adjust accordingly through sharply increased global fertilizer prices. It is likely that this leads to a de-coupling of pricing between prompt demand where application season is ongoing and markets out of season. The initial blockage of the Strait of Hormuz has developed to a global urea supply shock, as production in several countries has been impacted by the situation - further amplified by Russian nitrogen plants affected by drone attacks. This structural loss of products increases the pre-conflict market tightness, and amplifies the tight supply/demand balance medium term. Yara's global business model enables optimization between markets, and Yara has increased operational flexibility and robustness through its improvement program. This includes maintaining high production levels to ensure efficient asset utilization, enabling reliable supply to a fertilizer market impacted by significant supply shocks. Yara also has the ability to utilize its ammonia sourcing flexibility to optimize production should increased European gas prices reduce profitability of European ammonia production, as was the case in 2022. In recent years, Yara has demonstrated the resilience of its business model and is uniquely positioned to navigate volatility and to optimize and adapt in environments with amplified regional price and demand volatility. While nitrogen markets remain distorted across regions, India and China continue to shape the global balance. Indian urea output was partly curtailed in March due to gas shortages, driving significant tender activity pre-Kharif season, while Chinese exports have been restricted during the domestic season, but could ease in the second half of 2026, reducing pressure on global supply-demand. According to CRU, forecasted capacity additions excluding China are comparable to historic demand growth, assuming no delays, all new capacity runs at full capacity utilization, and not considering any replacement need. This indicates a continued tight global supply and demand balance in the coming years excluding China. Based on current forward markets for natural gas (16/04/2026) and assuming stable gas purchase volumes, Yara's gas cost for second and third quarter 2026 is estimated to be USD 150 million higher and USD 120 million higher than a year earlier. These estimates may change depending on future spot gas prices and local terms. Yara's capital allocation policy is based on an overall objective of maximizing value creation for shareholders and maintain a mid-investment grade credit rating, with a targeted capital structure consisting of a mid-to-long term net debt/EBITDA excl. special items 1 rate of 1.5-2.0, and a net debt/equity ratio below 0.60. At the end of first quarter, Yara's net debt/EBITDA excl. special items 1 is 1.00 and net debt/equity ratio 1 is 0.33, reflecting a strong balance sheet. 1 For definition and reconciliation, see section Alternative performance measures (APMs). ‌Condensed consolidated interim statement of income USD millions Notes 1Q 2026 1Q 2025 2025 Revenue 5 4,225 3,625 15,623 Other income 34 23 92 Revenue and other income 4,259 3,648 15,715 Raw materials, energy costs and freight expenses (2,891) (2,600) (11,285) Change in inventories of own products (52) (23) 77 Payroll and related costs (355) (389) (1,418) Depreciation and amortization 7 (285) (250) (1,084) Impairment loss 7 (1) (1) (16) Expected and realized credit loss on trade receivables - (1) (5) Other operating expenses (66) (77) (413) Operating costs and expenses (3,650) (3,340) (14,143) Operating income/(loss) 610 308 1,571 Share of net income/(loss) in equity-accounted investees (1) 1 17 Interest income and other financial income 13 7 66 Foreign currency exchange gain/(loss) (122) 127 383 Interest expense and other financial items (58) (57) (259) Income/(loss) before tax 442 384 1,778 Income tax 6 (115) (89) (406) Net income/(loss) 327 295 1,372 Net income/(loss) attributable to: Shareholders of the parent 326 294 1,368 Non-controlling interests 1 1 3 Basic earnings/(loss) per share¹ 1.28 1.15 5.37 Weighted average number of shares outstanding 254,725,627 254,725,627 254,725,627 1 Yara currently has no share-based compensation that results in a dilutive effect on earnings per share. ‌Condensed consolidated interim statement of comprehensive income USD millions 1Q 2026 1Q 2025 2025 Net income/(loss) 327 295 1,372 Other comprehensive income/(loss) that may be reclassified to statement of income in subsequent periods, net of tax Currency translation adjustments (49) 54 186 Hedge of net investments 18 45 75 Net other comprehensive income/(loss) that may be reclassified to statement of income in subsequent periods, net of tax (31) 98 261 Other comprehensive income/(loss) that will not be reclassified to statement of income in subsequent periods, net of tax Currency translation adjustments 1 84 117 222 Net gain/(loss) on equity instruments at fair value through other comprehensive income - - 1 Remeasurement gains/(losses) on defined benefit plans (9) 13 13 Net other comprehensive income/(loss) that will not be reclassified to statement of income in subsequent periods, net of tax 75 131 236 Total other comprehensive income/(loss), net of tax 43 229 497 Total comprehensive income/(loss) 370 524 1,868 Total comprehensive income/(loss) attributable to: Shareholders of the parent 370 523 1,863 Non-controlling interests - 1 5 1 Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as "foreign operations" to Yara International ASA. ‌Condensed consolidated interim statement of changes in equity USD millions Share Capital 1 Premium paid-in capital Other reserves 2 Retained earnings Attributable to shareholders of the parent Non- controlling interests Total equity Balance at 31 December 2025 63 (49) (1,951) 10,661 8,724 20 8,743 Net income/(loss) - - - 326 326 1 327 Total other comprehensive income/(loss) - - 53 (9) 44 (1) 43 Total comprehensive income/(loss) - - 53 317 370 - 370 Long-term incentive plan - - - 1 1 - 1 Balance at 31 March 2026 63 (49) (1,898) 10,978 9,095 20 9,114 USD millions Share Capital 1 Premium paid-in capital Other reserves 2 Retained earnings Attributable to shareholders of the parent Non-controlling interests Total equity Balance at 31 December 2024 63 (49) (2,435) 9,409 6,988 16 7,003 Net income/(loss) - - - 294 294 1 295 Total other comprehensive income/(loss) - - 215 13 229 - 229 Total comprehensive income/(loss) - - 215 307 523 1 524 Long-term incentive plan - - - (3) (3) - (3) Balance at 31 March 2025 63 (49) (2,220) 9,714 7,508 17 7,524 1 Par value of issued shares is NOK 1.70. 2 Other reserves include currency translation adjustments and hedge of net investments. ‌Condensed consolidated interim statement of financial position USD millions Notes 1Q 2026 1Q 2025 2025 Assets Non-current assets Deferred tax assets 544 575 521 Goodwill 7 739 720 746 Intangible assets other than goodwill 7 101 125 105 Property, plant and equipment 7 7,447 7,005 7,535 Right-of-use assets 7 540 477 547 Associates and joint ventures 157 150 158 Other non-current assets 548 526 522 Total non-current assets 10,075 9,578 10,134 Current assets Inventories 8 3,350 3,026 3,400 Trade receivables 2,323 1,941 1,772 Prepaid expenses and other current assets 840 801 919 Cash and cash equivalents 1,218 326 913 Non-current assets and disposal group classified as held for sale 2 2 2 Total current assets 7,733 6,095 7,004 Total assets 17,808 15,674 17,138 ‌Condensed consolidated interim statement of financial position USD millions Notes 1Q 2026 1Q 2025 2025 Equity and liabilities Equity Share capital 63 63 63 Premium paid-in capital (49) (49) (49) Other reserves (1,898) (2,220) (1,951) Retained earnings 10,978 9,714 10,661 Total equity attributable to shareholders of the parent 9,095 7,508 8,724 Non-controlling interests 20 17 20 Total equity 9 9,114 7,524 8,743 Non-current liabilities Employee benefits 281 264 282 Deferred tax liabilities 492 434 488 Interest-bearing debt 10 2,806 3,454 2,754 Other non-current liabilities 97 164 93 Non-current provisions 295 279 296 Non-current lease liabilities 10 409 345 413 Total non-current liabilities 4,381 4,940 4,326 Current liabilities Trade and other current payables 3 2,216 1,763 2,001 Prepayments from customers 295 456 336 Current tax liabilities 186 134 164 Current provisions 77 141 98 Other current liabilities 482 423 450 Interest-bearing debt 10 913 154 873 Current lease liabilities 10 142 138 145 Total current liabilities 4,312 3,210 4,068 Total equity and liabilities 17,808 15,674 17,138 Number of shares outstanding 9 254,725,627 254,725,627 254,725,627 ‌The Board of Directors and Chief Executive Officer Yara International ASA‌ Oslo, 23 April 2026 Trond Berger Chair ( signed ) Jannicke Hilland Vice chair ( signed ) John Thuestad Board member ( signed ) Rune Bratteberg Board member ( signed ) Tove Feld Board member (signed) Geir O. Sundbø Board member ( signed ) Eva Safrine Aspvik Board member ( signed ) Ragnhild Flesland Høimyr Board member ( signed ) Jais Valeur Board member (signed) Harald Thorstein Board member (signed) Tina Lawton Board member (signed) Svein Tore Holsether President and CEO (signed) ‌Condensed consolidated interim statement of cash flows USD millions Notes 1Q 2026 1Q 2025 2025 Operating activities Income/(loss) before tax 442 384 1,778 Adjustments to reconcile income/(loss) before tax to net cash provided by/(used in) operating activities Depreciation and amortization 7 285 250 1,084 Impairment loss 7 1 1 16 (Gain)/loss on disposal of non-current assets (2) (4) 2 Foreign currency exchange (gain)/loss 122 (127) (383) Finance income and expense 45 50 193 Income taxes paid (98) (33) (222) Interest paid 1 (31) (29) (256) Interest received 12 13 46 Other (14) (14) (18) Working capital changes that provided/(used) cash Trade receivables (572) (406) (162) Inventories 49 105 (98) Prepaid expenses and other assets 6 51 53 Trade and other payables 305 (69) (21) Prepayments from customers (46) 21 (129) Other interest-free liabilities 21 137 12 Net cash provided by/(used in) operating activities 524 329 1,894 Investing activities Purchase of property, plant and equipment (242) (263) (938) Proceeds from sales of property, plant and equipment 2 3 16 Acquisition of subsidiaries, net of cash acquired 1 - - Net sale/(purchase) of short-term investments 2 - - Purchase of other non-current assets (4) (3) (8) Proceeds from sales of other non-current assets 2 23 26 Net cash provided by/(used in) investing activities (239) (240) (906) Financing activities Loan proceeds 2 10 101 13 41 Principal payments 2 10 (27) (49) (107) Payment of lease liabilities 10 (49) (47) (198) Dividends paid - - (127) Other inflows/(outflows) of cash - - (1) Net cash provided by/(used in) financing activities 24 (83) (392) Foreign currency effects on cash and cash equivalents (5) 3 - Net increase/(decrease) in cash and cash equivalents 305 9 596 Cash and cash equivalents at beginning of period 3 914 318 318 Cash and cash equivalents at end of period 3 1,218 327 914 Bank deposits not available for the use by the Group 97 76 84 1 Including interest on lease liabilities. 2 Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less are presented net. 3 Excluded expected credit loss provisions on bank deposits. ‌Notes to the interim financial statements ‌Corporate information and basis of preparation Yara (the Group) consists of Yara International ASA and its subsidiaries. Yara International ASA is a public limited company incorporated in Norway. The address of its registered office is Drammensveien 131, Oslo, Norway. These unaudited, condensed consolidated interim financial statements consist of the Group and the Group's interests in associated companies and joint arrangements. They are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and should be read in conjunction with the annual consolidated financial statements in Yara's Annual Report for 2025. The accounting policies applied in the first quarter of 2026 are the same as those communicated in that Annual Report. As a result of rounding differences, numbers or percentages may not add up to the total. ‌Estimates, judgments and assumptions Yara faces various risks and uncertainties that require management to make estimates, judgments, and assumptions which may significantly differ from actual results and potentially lead to material adjustments to carrying amounts. The estimates, judgments, and assumptions communicated in Yara's consolidated financial statements for 2025 also apply to these interim financial statements. ‌Effects of the geopolitical situation Yara, as a globally diversified company, is well-positioned to navigate changes in the geopolitical landscape. The Group's adaptability allows it to optimize production and product flows, ensuring a consistent supply of products with minimal disruption. Yara's financial results are primarily influenced by movements in commodity prices, especially global nitrogen fertilizer and natural gas prices. These prices are sensitive to geopolitical developments, which can disrupt value chains and global trade in key sectors for Yara, such as energy, food production, and distribution. The Group's operations are also affected by sanctions, shifting alliances, trade barriers, tariff changes, and complex logistics resulting from geopolitical tensions. Yara closely monitors geopolitical developments and adapts accordingly, strengthening its resilience through global scale, an optimized production network, cost efficiency, and vigilant tracking of market and political changes. The ongoing Middle East conflict continues to impact global energy and fertilizer markets. The blockage of the strait of Hormuz disrupts around 1/3 of global traded urea, but also other key raw materials for fertilizer production including gas, ammonia, phosphates and sulphur. The supply shock has led to significant price increase in global fertilizer prices. Yara has limited direct exposure to the region, and the primary impact on Yara's business both operationally and financially, will therefore depend on the development of global commodity markets relevant for Yara. Nevertheless, the financial impact of geopolitical events on Yara remains highly uncertain and challenging to forecast, as it depends on market price volatility and changes in trade and sourcing patterns. The Group did not experience operational disruptions from geopolitical situations with material impact on Yara's consolidated results in the first quarter of 2026. As of March 31, 2026, Yara's trade payables to companies linked to Russian-sanctioned individuals amounted to USD 162 million, adjusted for exchange rates at the balance sheet date. These payables relate to goods received prior to the imposition of sanctions and are reported under "Trade and other current payables" in the consolidated statement of financial position. The timing of these cash outflows remains uncertain, as future payments will depend on developments in sanction regulations. ‌Segment information ‌Operating segments The operating segments presented are the key components of Yara's business, which are regularly assessed, monitored, and managed by Yara's Chief Executive Officer (CEO) as the Chief Operating Decision Maker. Yara's operations comprise the following operating segments: Europe Americas Africa & Asia Global Production Clean Ammonia Industrial Solutions There have been no material changes to the basis of segmentation or the measurement of segment profit or loss during the quarter. Refer to the latest annual consolidated financial statements for a detailed description of each segment's activities. In the third quarter 2025, Yara implemented an organizational restructuring to further simplify its operating model and enhance strategic focus. As part of this process, the Pilbara ammonia plant in Australia was transferred from the Africa and Asia segment to the Global Production segment. In addition, the joint operation of Pilbara Nitrates was transferred from the Africa and Asia segment to the Industrial Solutions segment to reflect its downstream market orientation. Comparative figures have been restated accordingly. ‌Information about Yara's operating segments For the quarter External revenue Internal revenue Total revenue USD millions 1Q 2026 Restated¹ 1Q 2025 1Q 2026 Restated¹ 1Q 2025 1Q 2026 Restated¹ 1Q 2025 Europe 1,457 1,200 218 188 1,675 1,388 Americas 1,262 1,029 13 12 1,275 1,041 Africa & Asia 592 583 51 41 643 624 Global Production 13 14 1,015 911 1,028 925 Clean Ammonia 258 197 399 347 657 545 Industrial Solutions 640 598 131 68 772 665 Other and Eliminations 3 4 (1,828) (1,567) (1,825) (1,563) Total 4,225 3,625 - - 4,225 3,625 Other income Raw materials, energy costs and freight expenses EBITDA 2 USD millions 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Restated 1 1Q 2025 Europe 51³ 26³ (1,277) (1,031) 246 152 Americas - 4 (1,002) (885) 229 141 Africa & Asia 1 - (521) (545) 44 64 Global Production 10 10 (741) (695) 173 112 Clean Ammonia - - (601) (490) 49 41 Industrial Solutions 9 - (581) (522) 148 76 Other and Eliminations (37) (17) 1,830 1,567 20 (21) Total 34 23 (2,891) (2,600) 908 566 1 Comparative figures have been restated to reflect the change in Yara's operating segments. 2 Refer to the "Alternative performance measures" section for definition and relevant reconciliations. 3 1Q 2026 Includes cross-segment sales of EU ETS quotas of USD 23 million (1Q 2025: USD 7 million) which is eliminated in Other and Eliminations. Information on inventory write-downs affecting segments is included in note 8 Inventories. Full year 2025 USD millions External revenue Internal revenue Total revenue Other income Raw materials, energy costs and freight expenses EBITDA 1 Europe 4,368 757 5,125 40 (4,046) 580 Americas 5,472 47 5,519 10 (4,311) 822 Africa & Asia 2,401 129 2,530 2 (2,214) 226 Global Production 52 3,591 3,643 74 (2,708) 695 Clean Ammonia 856 1,129 1,985 - (1,822) 114 Industrial Solutions 2,455 229 2,683 12 (2,099) 339 Other and Eliminations 20 (5,882) (5,863) (46) 5,914 (21) Total 15,623 - 15,623 92 (11,285) 2,754 1 Refer to the "Alternative performance measures" section for definition and relevant reconciliations. ‌Alternative performance measures 1 NOPAT Invested capital ROIC USD millions, except percentages Apr 2025- Mar 2026 Restated² Apr 2024- Mar 2025 Apr 2025- Mar 2026 Restated² Apr 2024- Mar 2025 Apr 2025- Mar 2026 Restated² Apr 2024- Mar 2025 Europe 264 75 3,303 2,819 8.0% 2.7% Americas 510 298 2,934 2,915 17.4% 10.2% Africa & Asia 126 151 908 785 13.9% 19.2% Global Production 325 68 2,779 2,568 11.7% 2.6% Clean Ammonia 47 52 338 357 13.8% 14.4% Industrial Solutions 184 104 1,611 1,588 11.4% 6.6% 1 Refer to the "Alternative performance measures" section for definitions and relevant reconciliations. NOPAT, Invested capital and ROIC are calculated on a 12-month rolling average basis. 2 Comparative figures have been restated to reflect the change in Yara's operating segments. ‌Disaggregation of external revenues by geographical area 1 1Q 2026 USD millions Europe Brazil Latin America ex. Brazil North America Africa Asia Total Europe 1,424 - 9 1 20 3 1,457 Americas - 540 286 436 - - 1,262 Africa & Asia - - - - 113 479 592 Global Production 11 - 1 - - 1 13 Clean Ammonia - 37 - 133 - 87 258 Industrial Solutions 336 149 31 34 53 37 640 Other and eliminations 3 - - - - - 3 Total 1,774 726 326 605 187 607 4,225 Restated 2 1Q 2025 USD millions Europe Brazil Latin America ex. Brazil North America Africa Asia Total Europe 1,171 - 6 1 15 7 1,200 Americas - 482 225 322 - - 1,029 Africa & Asia - - - - 98 484 583 Global Production 12 - 2 - - 1 14 Clean Ammonia - 29 - 85 - 83 197 Industrial Solutions 325 134 30 27 54 27 598 Other and eliminations 4 - - - - - 4 Total 1,511 646 262 435 168 603 3,625 2025 USD millions Europe Brazil Latin America ex. Brazil North America Africa Asia Total Europe 4,236 - 34 2 75 21 4,368 Americas 1 2,902 1,212 1,357 - - 5,472 Africa & Asia 20 - - - 593 1,787 2,401 Global Production 44 - 5 - - 3 52 Clean Ammonia 9 139 - 396 - 312 856 Industrial Solutions 1,291 563 112 127 215 146 2,455 Other and eliminations 16 - - - - 3 20 Total 5,617 3,605 1,363 1,882 883 2,273 15,623 1 Disaggregation by geographical area is based on customer location. 2 Comparative figures have been restated to reflect the change in Yara's operating segments. ‌Revenue USD millions 1Q 2026 1Q 2025 2025 Revenue derived from: Sale of fertilizer and chemical products 4,030 3,429 14,813 Freight / insurance services 137 131 573 Other products and services 39 49 168 Revenue from contracts with customers 4,206 3,609 15,554 Interest income from financing component in contracts with customers 1 19 15 69 Revenue 4,225 3,625 15,623 1 Refers mainly to customers in Brazil and other Latin American markets. ‌Income taxes USD millions, except percentages 1Q 2026 1Q 2025 2025 Income/(loss) before tax 442 384 1,778 Income tax (115) (89) (406) Effective tax rate 26.0 % 23.2 % 22.8 % ‌First quarter The change in effective tax rate mainly reflects shifts in the geographic distribution of taxable income, as no material special items impacted the effective tax rate during the period. ‌Tax contingencies Information about contingent tax liabilities was disclosed in note 5.5 in the Annual Report for 2025. There have been no material changes to contingencies in 2026 except for the following: Two subsidiaries involved in the same case have received reassessment decisions from the tax authorities relating to interest deductions and liquidation effects of internal group positions. The decisions are consistent with draft decisions received in 2024. Yara disagrees with the reassessments and intends to appeal them. In aggregate, the reassessments increase income taxes by approximately USD 100 million, of which around half has already been provided for. The exposure and related provision are included in the tax contingency disclosures in the 2025 Annual Report. The decisions had no impact on the tax expense for the first quarter, and no immediate cash outflow is expected due to available tax loss carry forwards. ‌Non-current assets 1Q 2026 USD millions PP&E Assets under construction Goodwill Intangible assets other than goodwill RoU Assets Balance at 1 January 2026 6,618 917 746 105 547 Additions and lease modifications 70 122 - 1 47 Disposals (1) - - - - Transfers 77 (80) - - - Depreciation and amortization (228) - - (5) (51) Impairment loss (1) - - - - Foreign currency translation (35) (12) (8) 1 (3) Balance at 31 March 2026 6,499 948 739 101 540 1Q 2025 USD millions PP&E Assets under construction Goodwill Intangible assets other than goodwill RoU Assets Balance at 1 January 2025 6,069 748 712 123 464 Additions and lease modifications 29 128 - 2 46 Disposals (1) - - - - Transfers 62 (62) - - - Depreciation and amortization (195) - - (6) (49) Impairment loss - (1) - - - Foreign currency translation 199 30 8 6 15 Balance at 31 March 2025 6,161 844 720 125 477 2025 USD millions PP&E Assets under construction Goodwill Intangible assets other than goodwill RoU Assets Balance at 1 January 2025 6,069 748 712 123 464 Additions and lease modifications 1,2 412 577 - 11 245 Disposals (14) (4) - (8) - Transfers 481 (482) - - 2 Depreciation and amortization (856) - - (24) (203) Impairment loss³ (44) (1) - (9) (1) Reversal of impairment loss³ 38 1 - - - Foreign currency translation 532 78 34 11 40 Balance at 31 December 2025 6,618 917 746 105 547 ¹ Additions to PP&E other than AuC in 2025 is USD 421 million. The net amount includes USD 9 million reduction to decommissioning assets related to buildings, this is mainly due to increase in discounting rate. ² An amount of USD 27 million has been recognized as a reduction to AuC due to subsidies. ³ Following the transformation project at the Tertre site in Belgium, asset - specific impairments were fully offset by the reversal of impairments allocated to production assets that will remain in use at the same site. ‌Leases expensed in the period Leases expensed in the quarter amounted to USD 14 million (1Q 2025: USD 14 million), and refer to leases with variable payments, low-value leases, or short-term leases. ‌Inventories 31 March 2026 USD millions Europe Americas Africa & Asia Global Production Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 601 647 468 88 - 125 (92) 1,838 Work in progress 42 1 - 22 - 17 - 82 Raw materials 147 582 12 124 77 99 4 1,045 Spare parts 109 59 5 139 - 75 - 386 Total 899 1,289 484 374 77 315 (88) 3,350 Write-down, closing balance (22) (6) (2) (2) (1) (8) 6 (36) Restated 1 31 March 2025 USD millions Europe Americas Africa & Asia Global Production Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 500 661 467 74 - 121 (85) 1,738 Work in progress 38 1 - 22 - 17 - 78 Raw materials 138 441 12 115 66 82 3 856 Spare parts 100 56 5 128 - 66 - 354 Total 776 1,158 484 339 66 286 (82) 3,026 Write-down, closing balance (20) (7) (1) (3) (2) (9) 5 (37) 1 Comparative figures have been restated to reflect the change in Yara's operating segments, see note 4 Segment information for further details. 31 December 2025 USD millions Europe Americas Africa & Asia Global Production Clean Ammonia Industrial Solutions Other and Eliminations Total Finished goods 696 594 550 124 - 123 (143) 1,944 Work in progress 42 - - 30 - 22 - 94 Raw materials 169 558 11 103 79 53 3 976 Spare parts 109 59 5 138 - 74 - 385 Total 1,017 1,212 565 395 79 272 (140) 3,400 Write-down, closing balance (24) (9) (4) (2) (1) (8) 7 (40) ‌Shareholders' equity Yara's Board of Directors will propose a NOK 22 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for 12 May 2026. If authorized, a total dividend of NOK 5,604 million will be paid on 28 May 2026. Total number of shares outstanding at 31 March 2026 is 254,725,627. Yara has not held any own shares throughout 2025 and 1Q 2026. ‌Interest-bearing debt Specification of interest-bearing debt USD millions 31 Mar 2026 31 Mar 2025 31 Dec 2025 Non-current liabilities Debenture bonds 1 2,734 3,396 2,722 Bank loans - 20 - Other loans 73 38 33 Total non-current interest-bearing debt 2,806 3,454 2,754 Current liabilities Current portion of non-current debt 744 56 750 Credit facilities, overdraft facilities and other current debt 168 98 123 Total current interest-bearing debt 913 154 873 Total unsecured bank loans and other loans 3,719 3,608 3,627 1 Yara International ASA is responsible for the entire amount. At 31 March 2026, the fair value of non-current debt, including the current portion, was USD 3,534 million, compared with a carrying value of USD 3,551 million. During the quarter, the difference between fair value and carrying value shifted from USD 19 million higher than the carrying value to USD 17 million lower. This change was primarily driven by higher long-term risk-free rates, which increased the discount rates applied in the fair value calculation. There were no significant changes in Yara's non-current interest-bearing debt profile during the quarter. At the end of the quarter, USD 1,550 million remain available under Yara's undrawn long-term facilities. A further USD 730 million is available through unused short-term credit facilities with various banks. Contractual payments on non-current interest-bearing debt USD millions Debenture bonds Bank loans Other Total 1 2026 719 15 8 742 2027 98 - 13 111 2028 999 - 11 1,010 2029 211 - 5 216 2030 748 - 44 793 Thereafter 678 - 1 679 Total 3,453 15 84 3,551 1 Including current portion. Reconciliation of liabilities arising from financing activities USD millions Interest-bearing debt Lease liabilities Other liabilities 1 Total liabilities from financing activities 31 December 2025 3,627 558 15 4,201 Cash flows 74 (49) - 24 Non-cash changes: Additions and lease modifications - 46 - 46 Foreign exchange movement 15 (4) - 11 Amortization of transaction cost 1 - - 1 Other 2 2 - - 2 31 March 2026 3,719 551 15 4,285 USD millions Interest-bearing debt Lease liabilities Other liabilities 1 Total liabilities from financing activities 31 December 2024 3,579 468 26 4,074 Cash flows (36) (47) - (83) Non-cash changes: Additions and lease modifications - 47 - 47 Foreign exchange movement 47 15 1 63 Other 2 18 - 1 18 31 March 2025 3,608 483 28 4,119 1 Other liabilities relate to unearned portion of government grants. 2 Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments. ‌Quarterly historical information EBITDA USD millions 1Q 2026 4Q 2025 3Q 2025 Restated¹ 2Q 2025 Restated¹ 1Q 2025 Europe 246 151 156 121 152 Americas 229 194 250 237 141 Africa & Asia 44 21 67 73 64 Global Production 173 252 214 117 112 Clean Ammonia 49 37 30 6 41 Industrial Solutions 148 79 104 80 76 Other and Eliminations 20 40 (51) 12 (21) Total 908 773 770 645 566 1 Comparative figures have been restated to reflect the change in Yara's operating segments, see note 4 Segment information for further details. Restated segment information for previous quarters of 2025 is available on https://www.yara.com . These changes to the segment reporting structure do not affect Yara's total consolidated figures. Results USD millions, except where indicated otherwise 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Revenue and other income 4,259 4,012 4,108 3,947 3,648 Operating income/(loss) 610 443 470 351 308 EBITDA 908 773 770 645 566 Net income/(loss) attributable to shareholders of the parent 326 343 319 412 294 Basic earnings/(loss) per share (USD/share) 1.28 1.35 1.25 1.62 1.15 ‌Reconciliation of Alternative performance measures in the Yara Group Yara makes regular use of the following non-GAAP financial alternative performance measures (APMs), both in absolute terms and comparatively from period to period: EBITDA EBITDA, excluding special items Return on invested capital (ROIC) Fixed cost Net interest-bearing debt Net debt / equity ratio Net debt / EBITDA, excluding special items ratio Adjusted earnings/(loss) per share Definitions and explanations for the use of these APMs are described herein, including reconciliations of the APMs to the most directly reconcilable line item, subtotal or total presented in the financial statements. "Premium Generated" and "Net Operating Capital Days" were measures in Yara's structured improvement program (YIP), initiated in 2016. With the conclusion of this program in 2025 and a subsequent strategy update communicated at Yara's Capital Markets Day in January 2026, the company has decided to discontinue reporting on both metrics. "Premium Generated" previously represented Yara's commercial performance by measuring its ability to achieve a price premium over alternative commodity products, while "Net Operating Capital Days" tracked operational efficiency. Moving forward, Yara will focus on EBITDA and ROIC as the primary financial performance indicators, reflecting the company's commitment to ongoing improvement and aligning with updated strategic priorities. ‌EBITDA Earnings before interest, tax, depreciation, and amortization (EBITDA) is used for providing consistent information on Yara's operating performance and debt servicing ability. EBITDA, as defined by Yara, includes operating income/(loss), share of net income/(loss) in equity-accounted investees, and interest income and other financial income. It excludes depreciation, amortization and impairment loss. Yara's definition of EBITDA may differ from that of other companies. ‌EBITDA, excluding special items EBITDA, excluding special items is used to better reflect the underlying performance in the reporting period, adjusting for items which are not primarily related to the period in which they are recognized. ‌Special items Yara defines "special items" as items in the results which are not regarded as part of underlying business performance for the period. These comprise restructuring related items, contract derivatives, impairments and other items which are not primarily related to the period in which they are recognized, subject to a minimum value of USD 7.5 million per item within a 12-month period. "Contract derivatives" are commodity-based derivative gains or losses which are not the result of active exposure or position management by Yara. Together with impairments, these are defined as special items regardless of amount. See table "Special items" for details. Reconciliation of operating income/(loss) to EBITDA, excluding special items USD millions 1Q 2026 1Q 2025 Apr 2025- Mar 2026 Apr 2024- Mar 2025 2025 Operating income/(loss) 610 308 1,874 827 1,571 Share of net income/(loss) in equity-accounted investees (1) 1 16 20 17 Interest income and other financial income 13 7 72 49 66 Depreciation and amortization 285 250 1,119 1,043 1,084 Impairment loss 1 1 16 81 16 Earnings before interest, tax, depreciation, and amortization (EBITDA) 908 566 3,097 2,019 2,754 Special items included in EBITDA 1 12 (72) 35 (234) (49) EBITDA, excluding special items A 896 638 3,062 2,254 2,803 1 See section "Special items" for details on special items. Reconciliation of operating income/(loss) to EBITDA per operating segment, excluding special items USD millions Europe Americas Africa & Asia Global Production Clean Ammonia Industrial Solutions Other and Eliminations Total 1Q 2026 Operating income/(loss) 168 171 35 90 34 104 10 610 Share of net income/(loss) in equity-accounted investees 1 (3) - - - 2 - (1) Interest income and other financial income - 3 1 1 - - 9 13 Depreciation and amortization 77 58 8 82 15 42 1 285 Impairment loss - - - - - 1 - 1 Earnings before interest, tax, depreciation, and amortization (EBITDA) 246 229 44 173 49 148 20 908 Special items included in EBITDA 1 - - - - - 12 - 12 EBITDA, excluding special items 246 229 44 173 49 137 20 896 Restated 2 1Q 2025 Operating income/(loss) 88 87 54 41 24 36 (23) 308 Share of net income/(loss) in equity-accounted investees - (1) - - - 2 - 1 Interest income and other financial income - 2 1 1 - - 2 7 Depreciation and amortization 63 53 9 70 17 37 1 250 Impairment loss - - - - - 1 - 1 Earnings before interest, tax, depreciation, and amortization (EBITDA) 152 141 64 112 41 76 (21) 566 Special items included in EBITDA 1 (7) (14) (1) (2) - (19) (28) (72) EBITDA, excluding special items 159 155 65 114 41 96 8 638 2025 Operating income/(loss) 264 581 185 384 47 163 (53) 1,571 Share of net income/(loss) in equity-accounted investees 3 4 - - - 10 - 17 Interest income and other financial income 23 6 6 3 - 1 27 66 Depreciation and amortization 290 223 35 307 62 163 4 1,084 Impairment loss - 7 - 1 6 1 1 16 Earnings before interest, tax, depreciation, and amortization (EBITDA) 580 822 226 695 114 339 (21) 2,754 Special items included in EBITDA 1 (32) (17) (1) 61 - (27) (32) (49) EBITDA, excluding special items 612 839 227 634 114 366 11 2,803 1 See section "Special items" for details on special items. 2 Comparative figures have been restated to reflect the change in Yara's operating segments. Reconciliation of EBITDA to net income/(loss) USD millions 1Q 2026 1Q 2025 2025 EBITDA 908 566 2,754 Depreciation and amortization (285) (250) (1,084) Impairment loss (1) (1) (16) Foreign currency exchange gain/(loss) (122) 127 383 Interest expense and other financial items (58) (57) (259) Income tax (115) (89) (406) Net income/(loss) 327 295 1,372 ‌Return on invested capital (ROIC) Return on invested capital (ROIC) is defined as Net operating profit after tax (NOPAT) divided by average invested capital calculated on a 12-month rolling average basis. NOPAT is defined as operating income/(loss) adding back amortization and impairment of intangible assets other than goodwill, as well as adding interest income on late payments and net income/(loss) from equity-accounted investees, reduced with a tax cost calculated based on a 25 percent flat rate. Average invested capital is defined as total current assets excluding cash and cash equivalents and adding a normalized cash level of USD 200 million, reduced for total current liabilities excluding current interest-bearing debt and current portion of non-current interest-bearing debt, and adding property, plant and equipment, right-of-use assets, goodwill, and associates and joint ventures. NOPAT and average invested capital are defined and reconciled as components in the reporting of ROIC as an APM. They are not considered to be separate APMs. Reconciliation of operating income/(loss) to net operating profit after tax USD millions 1Q 2026 1Q 2025 Apr 2025- Mar 2026 Apr 2024- Mar 2025 2025 Operating income/(loss) 610 308 1,874 827 1,571 Amortization and impairment of intangible assets other than goodwill 5 6 32 26 33 Interest income on late payments 1 1 5 7 5 Calculated tax cost (25% flat rate) on items above (154) (79) (478) (215) (402) Share of net income/(loss) in equity-accounted investees (1) 1 16 20 17 Net operating profit after tax (NOPAT) B 462 237 1,449 665 1,224 Annualized NOPAT C=Bx4 1,847 947 12-month rolling NOPAT C 1,449 665 1,224 Reconciliation of net income/(loss) to net operating profit after tax USD millions 1Q 2026 1Q 2025 Apr 2025- Mar 2026 Apr 2024- Mar 2025 2025 Net income/(loss) 327 295 1,403 295 1,372 Amortization and impairment of intangible assets other than goodwill 5 6 32 26 33 Interest income on late payments 1 1 5 7 5 Interest income and other financial income (13) (7) (72) (49) (66) Interest expense and other financial items 58 57 261 245 259 Foreign currency exchange (gain)/loss 122 (127) (134) 147 (383) Income tax, added back 115 89 432 209 406 Calculated tax cost (25% flat rate) (154) (79) (478) (215) (402) Net operating profit after tax (NOPAT) B 462 237 1,449 665 1,224 Annualized NOPAT C=Bx4 1,847 947 12-month rolling NOPAT C 1,449 665 1,224 Reconciliation of invested capital and ROIC calculation 3-month average 12-month average USD millions 1Q 2026 1Q 2025 Apr 2025- Mar 2026 Apr 2024- Mar 2025 2025 Total current assets 7,733 6,095 7,733 6,095 7,004 Cash and cash equivalents (1,218) (326) (1,218) (326) (913) Normalized level of operating cash 200 200 200 200 200 Total current liabilities (4,312) (3,210) (4,312) (3,210) (4,068) Current interest-bearing debt 913 154 913 154 873 Current lease liabilities 142 138 142 138 145 Property, plant and equipment 7,447 7,005 7,447 7,005 7,535 Right-of-use assets 540 477 540 477 547 Goodwill 739 720 739 720 746 Associates and joint ventures 1 153 138 153 138 155 Adjustment for 3/12-month average 60 (325) (507) (285) (740) Invested capital D 12,397 11,067 11,830 11,107 11,484 Return on invested capital (ROIC) E=C/D 14.9 % 8.6 % 12.2 % 6.0 % 10.7 % 1 Associates and joint ventures is excluding long-term loans to associates. ‌Fixed cost Fixed cost refers to the subtotal "Operating costs and expenses" in the consolidated statement of income minus variable product costs (raw materials, energy, freight), other variable operating expenses, depreciation, amortization and impairment losses. The reported figures are further adjusted for items not considered part of the underlying business performance for the period (see section "Special items" for details). Fixed cost is reported on a rolling 12-month basis. Reconciliation of operating costs and expenses to fixed cost USD millions Apr 2025-Mar 2026 2025 Operating costs and expenses 14,452 14,143 Variable part of Raw materials, energy costs and freight expenses (10,888) (10,572) Variable part of Other operating expenses (23) (25) Depreciation and amortization (1,119) (1,084) Impairment loss (16) (16) Special items within fixed cost (46) (114) Fixed cost 2,361 2,333 ‌Capital structure measures Yara reports the Group's net interest-bearing debt, net debt / equity ratio and net debt / EBITDA, excluding special items ratio to provide information on the Group's financial position with reference to the targeted capital structure, as communicated in Yara's financial policy. In addition, Yara's reporting of net interest-bearing debt highlights key development factors which supplement the consolidated statement of cash flows. Net interest-bearing debt is defined by Yara as cash and cash equivalents and other liquid assets, reduced for current and non-current interest-bearing debt, and lease liabilities. The net debt / equity ratio is calculated as net interest-bearing debt divided by shareholders' equity plus non-controlling interests. The net debt / EBITDA, excluding special items ratio, is calculated as net interest-bearing debt divided by EBITDA, excluding special items on a 12-month rolling basis. Net interest-bearing debt USD millions 31 Mar 2026 31 Mar 2025 31 Dec 2025 Cash and cash equivalents 1,218 326 913 Other liquid assets - 5 2 Current interest-bearing debt (913) (154) (873) Current lease liabilities (142) (138) (145) Non-current interest-bearing debt (2,806) (3,454) (2,754) Non-current lease liabilities (409) (345) (413) Net interest-bearing debt F (3,053) (3,760) (3,271) Net debt / equity ratio USD millions, except for ratio 31 Mar 2026 31 Mar 2025 31 Dec 2025 Net interest-bearing debt F (3,053) (3,760) (3,271) Total equity G (9,114) (7,524) (8,743) Net debt / equity ratio H=F/G 0.33 0.50 0.37 Net debt / EBITDA, excluding special items ratio USD millions, except for ratio 31 Mar 2026 31 Mar 2025 31 Dec 2025 Net interest-bearing debt F (3,053) (3,760) (3,271) EBITDA, excluding special items A 3,062 2,254 2,803 Net debt / EBITDA, excluding special items ratio I=(F)/A 1.00 1.67 1.17 ‌Adjusted earnings/(loss) per share Yara makes use of adjustments to Basic earnings/(loss) per share (EPS) to reflect the Group's underlying performance. These adjustments lead to reporting of two different APMs; Adjusted EPS excluding foreign currency exchange gain/(loss), and Adjusted EPS excluding foreign currency exchange gain/(loss) and special items (after tax). For simplicity, the tax effect on foreign currency exchange gain/(loss) and special items is calculated based on the relevant statutory tax rate. Adjusted earnings/(loss) per share USD millions, except earnings/(loss) per share and number of shares 1Q 2026 1Q 2025 2025 Weighted average number of shares outstanding J 254,725,627 254,725,627 254,725,627 Net income/(loss) attributable to shareholders of the parent K 326 294 1,368 Foreign currency exchange gain/(loss) L (122) 127 383 Tax effect on foreign currency exchange gain/(loss) M 24 (35) (96) Non-controlling interest's share of foreign currency exchange (gain)/loss, net after tax N - - 1 Special items within income/(loss) before tax 1 O 10 (73) (65) Tax effect on special items P (4) 19 21 Special items within income/(loss) before tax, net after tax Q=O+P 7 (54) (44) Net income/(loss), excluding foreign currency exchange gain/(loss) R=K-L-M+N 424 203 1,082 Net income/(loss), excluding foreign currency exchange gain/(loss) and special items S=K-L-M+N-Q 417 256 1,126 Basic earnings/(loss) per share T=K/J 1.28 1.15 5.37 Adjusted earnings/(loss) per share, excluding foreign currency exchange gain/(loss) U=R/J 1.66 0.80 4.25 Adjusted earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items V=S/J 1.64 1.01 4.42 1 See section "Special items" for details on special items. Special items EBITDA effect Operating income effect Fixed cost effect USD millions 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 Restructuring - (7) - (7) - (7) Total Europe - (7) - (7) - (7) Restructuring - (14) - (14) - (13) Total Americas - (14) - (14) - (13) Restructuring - (1) - (1) - (1) Total Africa & Asia - (1) - (1) - (1) Restructuring - (2) - (2) - (2) Total Global Production - (2) - (2) - (2) Restructuring - (19) - (19) - (16) Impairment - - - (1) - - Other 12 - 10 - - - Total Industrial Solutions 12 (19) 10 (21) - (16) Restructuring - (28) - (28) - (28) Total Other and Eliminations - (28) - (28) - (28) Total Yara 12 (72) 10 (73) - (68)

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