Slides
Page 1
Yara International ASA 2025 fourth quarter results 11 February 2026
Page 2
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 words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other important factors could cause the actual business, financial performance, results or the industry and markets in which Yara operates to differ materially from the statements expressed or implied in this presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecasted results will be achieved, and you are cautioned not to place any undue reliance on any forward-looking statements.
Page 3
Safety is our main priority 1) Total Recordable Injuries per 1 million working hours. TRI1 (12-month rolling) 3 0 1 2 3 4 5 1.2 1Q 2016 4Q 2025
Page 4
Strong 4Q results 4Q 2025 4 Set for sustained cash-flow growth driven by further profitability initiatives, supported by constructive market fundamentals 1) For definition and reconciliation see APM section in the 4Q report, pages 24-32 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
Page 5
519 709 60 160 4Q24 Volume/mix3 Margin 31 Fixed Cost5 -63 Other6 4Q25 EBITDA improvement driven by higher deliveries, lower fixed costs and strong nitrogen production economics 1) For definition and reconciliation see APM section in the 4Q report, pages 24-32. 2) Quarterly ROIC, annualized. For definition and reconciliation of ROIC, see APM section in the 4Q report, pages 24-32. 3) Volume effect calculated as change in volume vs 4Q 24 per product multiplied by margin per product in 4Q 25. Margin calculated as residual. 4) Energy cost variance calculated by multiplying gas price differential with last year’s gas consumption. 5) Excluding currency translation effects and special items. 6) Other mainly related to positive impact from multiple items, primarily insurance compensation recognized in 4Q 24 55 Price/margin +140 Energy cost4 +20 11.4%0.5% Currency -42 ROIC2 EBITDA excl. special items (MUSD)1
Page 6
Proposed dividend of NOK 22 per share 6 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4.1 1.8 2.7 1.2 1.5 0.8 2015 0.7 2.6 1.5 3.2 2.4 2.5 3.2 11.0 5.1 0.3 0.5 0.9 0.5 4.3 2.3 1.3 EPS1 DPS2 EPS and DPS USD/share Proposed dividend in line with capital allocation policy ▪ For 2025 the Yara Board proposes an ordinary dividend of NOK 22 per share in line with policy ▪ Yara’s overall objective to maintain BBB/Baa2 credit rating from S&P/Moody's, with a targeted mid- to long-term net debt/EBITDA3 range of 1.5-2.0 and a net debt/equity3 ratio below 0.60 ▪ Yara is committed to improving underlying cash flow and maintaining strict capital discipline ▪ Yara will consider further distributions, in line with its capital allocation policy 1) Earnings/(loss) per share excluding foreign currency exchange gain/(loss). USD per share 2) Ordinary dividend per share. USD per share. Proposed dividend of NOK 22 converted to USD based on exchange rate of 9.7 NOK/USD 3) For definition and reconciliation see APM section in the 4Q report, pages 24-32.
Page 7
4Q24 4Q25 0.36 1.17 Financial performance 1) For definition and reconciliation, see the APM section in the 4Q report, pages 24-32. 2) Change in net operating capital as presented in the cash flow statement, page 13 of the 4Q report 3) Net cash provided by operating activities as presented in the cash flow statement, page 13 of 4Q report 4) Net cash used in investing activities as presented in the cash flow statement, page 13 of 4Q report EBITDA excl. special items1 (MUSD) EPS excl. currency and special items1 (USD per share) ROIC1 (12-month rolling, %) Cash from operations3 (MUSD) Investments (net)4 (MUSD) Change in net operating capital2 (MUSD) 7 519 709 4Q24 4Q25 5.0% 4Q24 10.7% 4Q25 -201 -272 4Q24 4Q25 96 344 4Q24 4Q25 -287 -262 4Q24 4Q25
Page 8
0.35 0.85 2023 0.35 0.75 2024 0.31 0.64 2025 0.10 0.25 0.85 2026 Guidance 1.20 1.10 0.95 1.20 Uncommitted growth Growth Maintenance Fixed cost base reduced by >200 MUSD since 2Q24 8 Significant, sustainable achievement on cost reductions 1) Fixed costs excluding special items. For definition and reconciliation of Fixed cost, see APM section in the 4Q report, pages 24-32. 2) Inflation estimate based on average fixed cost assuming 3% inflation over 18 months 3) Q4 2025 fixed costs have been adjusted for FX to be comparable with the L12M Q2 2024 baseline. Seasonality adjustment to brin g 4Q fixed cost level to 25% - proportional share - for the year. Continued strict capital discipline MUSD BUSD 110 318 Estimated inflation2 Reduction in cost base 8 Currency impact L12M 4Q25 Run-rate excl. FX & seasonality3 Updated target w/ 180 in savings L12M 2Q24 2,333 2,304 2,350 2,533 -46 ~210 MUSD savings
Page 9
Solid deliveries through the quarter Americas Europe Africa & Asia Industrial Solutions Clean Ammonia Total crop nutrition 5,564 5,741 2,379 2,385 2,154 2,272 1,032 1,084 1,589 1,601 401 484 +3% 0% +6% +5% +1% +20% 1) Premium defined as differentiated N, NPK, CN, fertigation products and YaraVita. 4Q24 4Q25External deliveries 4Q 2024 vs 4Q 2025 (kt) 9 Comments ▪ Strong start to the season in Europe ▪ Increased deliveries in Africa & Asia, mainly in third party products ▪ Increased external sales from Clean Ammonia in Americas – utilizing global ammonia position to optimize margins Premium1 Commodity CP
Page 10
Continued strong premiums despite tight nitrogen markets 1) Yara’s realized European nitrate price in CIF inland Germany terms. Urea Egypt CFR proxy (CIF inland Germany), with 1 month time lag. 2) Yara’s realized average grade 18-11-13 at plant gate, excluding trading volumes. Commodity blend calculated from MOP, DAP and Urea with two months lag on market prices. Commodity blend does not include nitrate premium. Source: Fertilizer Market publications 10 Strong European nitrate price levels Some pressure on NPK premiums2 mainly in Asia USD/mt (CAN27 equivalents) USD/mt (NPK average grade equivalents) • Premiums and P&L margins correlate over a longer time horizon but can differ substantially shorter-term • Position (exposure) effects due to the time lag from sourcing of raw materials to production and delivery will impact the actual margin 4Q21 4Q22 4Q23 4Q24 4Q25 Yara’s realized European nitrate price Urea Egypt CFR proxy 1M lag 4Q21 4Q22 4Q23 4Q24 4Q25 Yara’s realized NPK price Commodity Blend 2M lag 51 USD/mt 62 USD/mt 240 USD/mt 208 USD/mt
Page 11
1) Operating income plus depreciation and amortization, write downs, minus tax paid, net gain/(loss) on disposals, net interest expense, and bank charges 2) Other mainly related to leasing and currency effect Net interest-bearing debt: 4Q development (MUSD) Strong cash earnings and operating capital build in line with seasonality 11 608 272 262 Net debt end of last quarter Cash earnings1 Net operating capital change Investments (net) 0 Dividends 28 Other2 Net debt end of current quarter 3,316 3,271 -45
Page 12
Full year condensed statement of income 12 Comments - Higher revenues and variable costs reflect higher prices for both finished products and raw materials - Lower payroll cost driven by cost reduction program - Currency gain mainly reflects gain on US dollar denominate debt positions and gain on internal positions in other currencies than USD - Effective tax rate for 2025 is 22.8% - Net income in 2024 negatively impacted by mainly non-cash special items and a currency translation loss, totaling to appx. 565 MUSD 1) Before tax IR/GA MUSD 2025 2024 Variance Revenue and other income 15 715 13 934 1 781 Raw materials, energy costs and freight expenses (11 285) (10 200) (1 085) Change in inventories of own products 77 70 7 Payroll and related costs (1 418) (1 543) 125 Depreciation and amortization (1 084) (1 047) (37) Impairment loss (16) (82) 66 Expected and realized credit loss on trade receivables (5) (9) 4 Other operating costs and expenses (413) (437) 24 Operating costs and expenses (14 143) (13 248) (895) Operating income 1 571 686 886 Share of net income/(loss) in equity-accounted investees 17 19 (1) Interest income and other financial income 66 55 10 Foreign currency exchange gain/(loss) 383 (321) 704 Interest expense and other financial items (259) (259) (1) Income before tax 1 778 180 1 598 Income tax expense (406) (165) (241) Net income/(loss) 1 372 15 1 356 Basic earnings per share (USD/share) 5.37 0.05 Weighted average number of shares outstanding 254 725 627 254 725 627
Page 13
Condensed statement of financial position 13 Comments - Higher non-current assets mainly reflect currency translation gain as most functional currencies in Yara have appreciated against the US dollar - Current assets reflect higher inventory value and trade receivables due to increased prices, in addition to higher cash and cash equivalents - Increased equity in 2025 reflects positive net income and currency translation gain MUSD 31 Dec 2025 31 Dec 2024 Variance Assets Total non-current assets 10 134 9 294 840 Total current assets 7 004 5 700 1 304 Total assets 17 138 14 994 2 143 Equity and liabilities Total equity 8 743 7 003 1 740 Total non-current liabilities 4 326 4 874 (548) Total current liabilities 4 068 3 117 951 Total equity and liabilities 17 138 14 994 2 143
Page 14
4.5 2023 0.7 2024 0.3 2025 2.2 2026 3.4 2027 2.8 2028 1.0 2029 1.3 2030 Global nitrogen markets remain tight going into 2026 14 India urea sales record high in December, adding to the import need Million metric tons urea1 Strong near-term sentiment entering northern hemisphere spring ~5 mt urea exports from China in 2025, now restricted again during domestic season Million metric tons urea1 1) Source: Argus, GTA 2) Source: TFI, Fertilizers Europe and internal Yara calculations 3) CRU December 2025 Limited new nitrogen capacity ex. China – Urea market balance expected to remain tight with limited new nitrogen capacity in the pipeline Global urea capacity additions ex. China Million metric tons urea3 Average consumption growth last 10 years of 2.3 mn mt Uncertain timing of completion for several projects between 2026-30 US offseason imports slightly ahead of last year Net US nitrogen imports, million metric tons nitrogen Deliveries ahead last season in Europe, but nitrogen need not covered for the upcoming season Total nitrogen deliveries European core countries2, Million metric tons nitrogen Full season 24/25 Jul-Dec 24 Jul-Dec 25 6.4 3.1 3.3 +7% Season to date: Full season 24/25 Jul-Nov 24 Jul-Nov 25 2.4 0.1 0.5 +0.4 mt Season to date: Oct Nov Dec 2.3 2.3 3.6 3.8 5.2 5.8 +11% 2024 2025 2023 2024 2025 4.3 0.3 4.9 +4.6 mt
Page 15
Yara’s business model is positioned to navigate geopolitical risk 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 Knowledge Margin • Sustained premiums – demonstrated Nutrient Use Efficiency Strengthened resilience through Improvement Program • Improvement measures not dependent on CBAM • Strong balance sheet Disciplined and flexible investment approach • Reducing exposure to EU gas cost irrespective of regulatory landscape • Yara has several pathways to follow Flexible business model - well positioned for different scenarios • CBAM levels the playing field for EU production • Yara can alternate imports between regular and low-carbon ammonia pending CBAM changes • Global diversification limits exposure to single regulatory schemes 15
Page 16
16Note that company icons listed on the slide are just examples of companies that Yara has previously communicated it is working with to develop various low carbon solutions along the value chain. Air Products and Yara projects are a strong strategic fit, with complementary synergies Maturing partnerships and opportunities Asia 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 Europe • Strong project economics – Low-cost gas exposure – Project scale – 45Q tax incentives – Early start in engineering, land and equipment – Low-carbon margin opportunities • Strong partner synergies – Yara’s global ammonia position and infrastructure – Air Products’ industrial gas capabilities and low-emission hydrogen Neom (from 2027) Pockets of low-carbon fertilizer demand LATAM US Gulf (from 2030)
Page 17
Strong value trajectory looking forward 1) Includes realized impact of 250 MUSD from cost program and cash flow optimization from portfolio actions taken + unrealized 350 MUSD targeted EBITDA improvement >180 MUSD fixed cost reduction With high drop-through impact on EBITDA Improved production margins Value accretive ammonia capacity expansion 2024 20302026 Continued strict resource prioritization and active portfolio management >350 MUSD EBITDA improvement Improve core profitability Continued tight nitrogen markets and lower European gas prices > 600 MUSD sustainable cash flow expansion 2024-20301 17
Page 18
1) Total deliveries, OPP and TPP 2) Actual production of finished products excluding plants affected by portfolio actions 3) Net cash provided by operating activities minus net cash used in investment activities as presented in the cash flow statement, page 13 in the 4Q report Strong operational performance Key financials improved 19.9 mt +4% vs. LY 32.1 mt +3% vs. LY Deliveries1 Nitrate premiums NPK premiums Production1 Stable vs. LY 2019 2020 2021 2022 2023 2024 2025 2.6 3.2 2.5 11.0 0.3 0.9 4.3 +3.3 EPS excl. currency, USD/Share Free Cash Flow3, MUSD 2025 in review 863 206 -2,000 0 2,000 4,000 -1,000 1,000 3,000 2019 1,298 2020 532 2021 1,442 2022 1,091 2023 2024 988 2025 FCF adj. for divestments Divestment proceeds Operations Investments 18
Page 19
Clear strategic priorities to drive long-term shareholder value Grow from our coreDrive performance and competitiveness Improve profitability in core business Diversify energy position Logistical optimization Value growth through differentiated products, knowledge margin and expansion from core portfolio Cash realization from recent growth projectsMaximize asset utilization Capital reallocation Firm commitment to capital allocation policy 19
Page 20
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 • Business model ideally suited for capitalizing on potential future opportunities • Strong balance sheet and commitment to BBB/Baa2 credit rating • Committed to increasing Total Shareholder Returns and consistent distributions, with cyclical upside 20
Page 21
Appendix
Page 22
1Q22 105 2Q22 288 3Q22 1,442 4Q22 1,560 1Q23 1,246 2Q23 2,104 3Q23 1,091 1,669 4Q23 619 1Q21 1Q24 777 1,973 2Q24 123 2Q21 3Q24 206 1,142 3Q21 532532 1Q25 657 4Q21 4Q24 715 284 3Q25 4Q25 988 2Q25 Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds 863 -1,242 2018 2019 1,298 2020 Free cash flow Free cash flow before financing activities1,2 1) Net cash provided by operating activities minus net cash used in investment activities as presented in the cash flow statement, page 13 in the 4Q report 2) L12M, MUSD 22
Page 23
4Q24 4Q25 297 611 358 662 CAN 27 Compound NPK +21% +8% 370 268 453 232 Urea granular FOB Egypt Urea inland China proxy +22% -13% Europe (TTF) US (Henry Hub) 12.8 10.8 2.2 3.3 -16% +50% Key product price development Yara realized CAN2 and NPK price3 (USD/t) 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) 2) Yara’s realized European nitrate price, CAN 27 CIF Germany equivalent ex. Sulfur costs (Middle East reference) 3) Yara’s realized global compound NPK price (average grade) 23 Urea price development1 (USD/t) Spot gas prices1 (USD/MMBtu)
Page 24
Improving returns across most segments 79 133 156 195 66 21 137 189 120 83 40 37 4Q24 4Q25 -0.6% 6.5% 9.9% 15.6% 17.4% 16.4% 3.4% 10.6% 5.9% 8.4% 11.0% 11.9% 24 ROIC1 L12M (%)EBITDA excl. special items1 (MUSD) Europe Asia & Africa Americas Global Production Industrial Solutions Clean Ammonia 1) For definition and reconciliation, see the APM section in the 4Q report, pages 24-32.
Page 25
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 4Q24 1Q25 2Q25 5.5 1Q26 3.3 9.1 4Q253Q253Q24 2Q26 3.7 9.6 10.3 3Q21 12.0 11.1 9.0 10.3 11.412.0 Energy cost Quarterly averages for 2020 – 4Q 2025 with forward prices1 for 1Q 2026 and 2Q 2026 US gas price (Henry Hub) Yara Global TTF day ahead Yara Europe2 Source: Yara, European Energy Exchange AG (EEX) 1) Dotted lines denote forward prices as of 03 February 2026, market prices (HH and TTF) are not lagged 2) Yara Global restated from 2Q 2018 to include Cubatão gas cost, Babrala excluded, and updated Yara gas cost methodology from 1Q20 25
Page 26
Details of energy cost actuals and estimate 1Q 2026 and 2Q 2026 1) Gas consumption in 1Q 2026 & 2Q 2026 estimate based on actual consumption and production volumes in 1Q 2025 & 2Q 2025. Actual consumption could deviate from this due to curtailments or other factors 2) Excluding Babrala 26 1Q25 2Q25 3Q25 4Q25 1Q26 estimations based on forward prices 2Q26 estimations based on 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 gas cost USD millon 431 433 413 430 336 362 1Q25 2Q25 3Q25 4Q25 1Q26 estimations based on forward prices 2Q26 estimations based on forward prices Average gas cost USD/MMbtu 10.5 10.1 9.5 9.6 9.1 9.0 Gas consumption1 Million MMBtu 53.8 55.4 57.5 59.3 53.8 55.4 Global gas cost USD millon 568 562 545 567 487 499 Europe Yara Global2
Page 27
Yara inventories 0 1 2 3 4 5 6 7 8 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Urea Nitrates Compound NPK Other 4Q25 Fertilizer - finished products inventory development in million mt 27
Page 28
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 4.4 5.5 6.7 4.2 3.1 1.0 4.3 5.9 4.5 0.7 0.3 2.2 3.4 2.8 1.0 1.3 2015 Peak of urea capacity additions is behind us India Russia Iran Algeria USA Nigeria Australia Others 1) Source: CRU December 2025 2) Future urea projects assessed as “probable” or “firm” by CRU. 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 1.7% average historical consumption growth3 Global urea capacity additions ex. China 1,2 (million mt) 28 Uncertain completion year for several projects between 2026 and 2029 with differing views from publications.
Page 29
Farmer incentives: wheat example 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 5, 2026 4) Source. Paris wheat futures, MATIF 5) Source: CAN CFR Inland Germany. Average of publication prices 208 200 205 196 24/25 1 year ago current2H 25 -4% 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/ha) 9.56 9.51 9.55 9.49 Farmer revenue above nitrogen cost (USD/ha) 2,010 1,849 2,036 1,849 Optimal nitrogen application1,2 kg/ha 29
Page 30
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