Slides
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22 October 2026 Yara International ASA 2026 third quarter results
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Cautionary note 2 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.
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Safety is our main priority 31) Total Recordable Injuries per 1 million working hours. TRI1 (12-month rolling) 0 1 2 3 4 5 1.2 1Q 2016 3Q 2026
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4 EBITDA excluding special items1 of 675 MUSD and ROIC1 of 13.5% European nitrate volume rebound in the quarter – global 2027 season buying significantly behind previous years Higher gas prices and continued deferred demand weighed on margins and deliveries for the quarter Strong focus on cost control, improving reliability and accelerating the EBITDA improvements Gulf Coast Ammonia acquisition will increase gas diversification upon closing2 1) For definition and reconciliation see APM section in the 3Q report, pages 27-34. 2) Completion of the acquisition is subject to customary closing conditions, including receipt of relevant regulatory approvals. 3Q26
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5 EBITDA impacted by lower margins and volumes while ROIC1 reflects underlying profitability improvement 1) For definition and reconciliation see APM section in the 3Q report, pages 27-34. 2) Volume effect calculated as change in volume vs 3Q 25 per product multiplied by margin per product in 3Q 26. Margin calculated as residual. 3) Energy cost variance calculated by multiplying gas price differential with last year’s gas consumption. 4) Excluding currency translation effects and special items. EBITDA excl. special items (MUSD)1 804 675 3Q25 -40 Volume/mix -70 Margin2 -4 Fixed Cost4 -15 Other 3Q26 Price/margin +95 Energy cost3 -165 Currency -9 ROIC1 13.5%8.0%
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6 Northern Hemisphere moving towards the first full season with reduced supply from the Middle East 0 200 400 600 800 1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct FOB US Gulf FOB Egypt India tender FCA France CBAM adj.1 Urea USD/t, weekly average in 2026 Northern Hemisphere buying largely concluded Northern Hemisphere new season – limited buying interest as application is far away Tighter nitrogen market as application in Northern Hemisphere approaches Limited interest to supply India despite new Chinese export quota 1) Urea FCA France publication price adjusted for 45 USD to reflect CBAM cost uplift
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High European gas prices continue - ~80% of Yara’s finished products not dependent on TTF 7 6% 8% 8% 78% • Global diversification increases robustness and flexibility amidst market volatility • ~20% of finished products dependent on TTF – majority with positive spread in 3Q • Ammonia flexibility – production vs imports Only 20% of Finished products are linked to TTF 1) A part of nitrate production is logistically constrained from swift switch to ammonia imports Industrial urea Fertilizer urea Nitrates1
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Strengthening returns through what we can control 1) For definition and reconciliation see APM section in the 3Q report, pages 27-34. 8 • Optimization amidst market volatility reduces negative exposure • Commitment to improve temporary reliability set-backs • Strict prioritization and capital discipline • Strategic focus on increasing structural competitiveness through gas diversification and focus on core operations 2Q24 3Q26 5.6 6.9 5.0 6.0 7.0 8.0 10.7 12.2 14.3 13.5 EBITDA uplift improvements on track – sharp focus on ensuring progress to delivery, ROIC1 %, L12M
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9 1) For definition and reconciliation, see the APM section in the 3Q report, pages 27-34. 2) Change in net operating capital as presented in the cash flow statement, page 15 of the 3Q report 3) Net cash provided by operating activities as presented in the cash flow statement, page 15 of the 3Q report 4) Net cash used in investing activities as presented in the cash flow statement, page 15 of the 3Q report Continued strong financial performance 3Q25 3Q26 1.33 0.95 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 working capital2 (MUSD) 804 675 3Q25 3Q26 8.0% 3Q25 13.5% 3Q26 -336 -216 3Q25 3Q26 343 365 3Q25 3Q26 -216 -200 3Q25 3Q26
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Europe nitrate catch-up offset by lower OPP1 volumes in Latin America 1) TPP=third-party products; OPP=own-produced products 2) TPP includes own-blends 3) Hibernated since Q1 2026 10 • Strong nitrate deliveries in Europe • Reduced NPK volumes in Latin America • Lower third party (TPP) volumes due to market volatility • Industrial deliveries optimized due to hibernation of assets in Brazil3 External deliveries 3Q 2025 vs 3Q 2026 (kt) 3Q25 3Q26 Americas Europe Africa & Asia Industrial Solutions Clean Ammonia Total crop nutrition OPP TPP2 6,036 5,786 2,900 2,759 2,070 2,102 1,066 925 1,672 1,595 465 458 -4% -5% +2% -13% -5% -2%
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Increased production in majority of top tier assets offset by scheduled turnaround and specific reliability issues 1) Adjusted for portfolio optimization 2) «Future proof» category 11 0.2 2023 0.1 2024 0.1 2025 0.3 2026 4.3 5.0 5.1 4.7 0.4 2023 0.3 2024 0.2 2025 0.5 2026 13.1 14.6 15.0 14.4 YTD Ammonia production1 (actual, mt) YTD Finished product production1 (actual, mt) 2026 effect: • Increased turnaround activity • Pilbara outage and curtailments in European ammonia production • Strong performance in top tier2 assets 2026 effect: • Increased turnaround activity • Reliability issues (-390kt), mainly Sluiskil • Continued strong performance in top tier2 assets, apart from Sluiskil outage Turnaround Production
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Robust margins and premiums1 – supporting resilient earnings 1) 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 2) Operational measures such as delivered volumes, realized prices per metric ton, market prices per metric ton are not considered to be financial APMs. 3) 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. 4) Urea production cost calculated as: (TTF/HH in USD/MMBtu*36+29)*0.58+TTF*5.2+22. Converted to CAN eq (27% N). Same logic applied for HH. 5) Illustrative, based on the following assumption: Yara’s realized average grade 18-11-13 at plant gate. Commodity blend calculated from MOP, DAP and Urea with two months lag on market prices. Commodity blend does not include nitrate premium. 12 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 Yara realized CAN price Europe Urea FCA France proxy 1M lag TTF based urea cash cost4 HH based urea cash cost4 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 Yara realized NPK price Commodity blend 2M lag European nitrate premiums2,3 USD/mt (CAN27 equivalents) NPK premiums2,5 USD/mt (NPK average grade equivalents) -19% +28%
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Q3 Q4 Q1 Q2 Solid nitrates deliveries for Yara in Europe 13 1) Source: Yara estimates. Western Europe excl. Portugal, Greece, Austria, Switzerland, Belgium 2) Directional estimate based on current assumptions and adjusted to reflect uncertainty. 3) Tons of product in the order book per month 2026 3Q nitrogen deliveries in Western Europe – Yara vs market 1, 2 (mt, 100% N-content) Yara Europe +4% Total Nitrogen deliveries in Europe -5-10%3 Yara Europe seasonal order book development 26/27 vs previous seasons 2020-2026 3 Season 26/27 Previous seasons
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14 Season buying deferred– crop prices 6% higher compared to September last year 1) Sources: Eurostat/survey data from EU Directorate-Generale for Agriculture and Rural Development, FAO, Fertilizer Europe, Global Trade Atlas, TFI Lagging imports in several major import markets Trade disruptions due to Hormuz situation remain Limited uptake on last India tender End of regular export window in China approaching EU: May-Sep, estimate Brazil: Jan-Sep Average 2022-2024 2025 2026 1.8 1.6 1.1 -30% Continued uncertainty Increasing crop prices mt nitrogen imports 2024 2025 2026 3.1 3.1 2.4 -21% Urea and AS, mt nitrogen mt urea US urea imports FAO Food Price Index 100 110 120 130 140 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 0 1 2 3 4 5 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 24/25 25/26 26/27
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On track with EBITDA improvement program 15 Maximize asset utilization • Further improved production reliability • De-bottlenecking at limited capex • Leverage production and sourcing flexibility Logistic optimization • Strengthen scale in ammonia logistics • Increase utilization of distribution assets Maximize market opportunity • Increase EU market share • Margin expansion from adjacent offerings • Monetize recent growth investments • Reallocate capital to priority assets, portfolio optimization and cost restructuring • Fixed costs to beat inflation Resource discipline & portfolio optimization Share of contribution so far ~60 MUSD L12M EBITDA uplift vs. 3QL12M 2025 baseline1 ~30% of 2027 target / ~15% of 2030 target Uplift ~60 2027 target 200 MUSD 2030 target 350 MUSD 3QL12M25 baseline = 0 1) Estimate based on management assumptions and internal analysis
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European gas will no longer be Yara’s primary energy exposure 1) Split prior to GCA acquisition: HH 27% TTF 50% and non-hub 23% 2) Includes Trinidad, Pilbara, Cubatao, Cartagena, 2025 numbers - excluding Babrala 16 • Yara’s energy exposure on ammonia production post-GCA acquisition will be 38% HH • Portfolio optimization opportunities can further increase the relative share of Henry Hub exposure TTF-linked ammonia production for nitrates Interchangeable by imported ammonia – up to 1mt non-integrated ammonia can be temporarily optimized if negative production margins TTF- linked ammonia for urea production Integrated – not interchangeable HH Includes three large-scale North American plants Non-hub gas exposure averaging ~7 USD/mmbtu2 Yara’s energy exposure on ammonia production post-GCA acquisition1 38% 20% 22% 20%
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1.3 0.2 0.9 2026 0.2 0.1 0.9 2027 0.7-0.9 2028-2030 2.4 1.2 17 Continued strict capital allocation to strengthen earnings and shareholder returns 1) Assuming closing in 2026 2) 2027 in nominal terms, 2028-2030 real 2026 values Capital discipline remains the foundation for value-accretive growth Capex1,2, BUSD Strong value trajectory 350 MUSD EBITDA improvement program Strict capital prioritization and secure cash flow from growth investments GCA acquisition strenghtening competitiveness Active portfolio management to ensure strong return on maintenance Attractive shareholder distributions and unchanged dividend policy GCA Uncommitted growth Committed growth Maintenance Average 1.2 (real)
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Stable earnings relative to TTF/urea spread – improvement program to increase earnings quality further 18 0 500 1,000 1,500 -600 -400 -200 0 200 400 600 800 1,000 3Q 2019 3Q 2020 3Q 2021 3Q 2022 3Q 2023 3Q 2024 3Q 2025 3Q 2026 Urea price TTF to urea Yara EBITDA Premium product portfolio dampens the trough NPK premium normally stable– compresses in % only when commodity prices spike MUSD USD/t 1) TTF to urea calculated as Urea granular FOB Egypt + freight – urea production cash cost based on TTF. 1-month lag on urea prices and 2-month lag on gas cost 18 Scale- and logistics advantages are unrelated to commodity swings EBITDA improvement program designed to give benefits irrespective of the cycle Cost – asset productivity – cash flow realization Ammonia and energy flexibility significantly reduces impact from TTF/urea spread
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Committed to sustainable value creation - today and beyond • Resilient business model with unmatched global production, market presence and competence • Safe, reliable operations and strong culture of operational excellence • Asset base tuned for the future – difficult to replicate due to significant replacement cost • 200 and 350 MUSD underlying EBITDA-improvement by 2027 and 2030, respectively • Clear pathway to energy diversification and value accretive ammonia capacity expansion through GCA acquisition 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 19
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Appendix
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581 216 200 Net debt start of current quarter Cash earnings1 Working capital changes that provided (used) cash Investments (net) Dividend payout 56 Other2 Net debt end of current quarter 3,067 2,958 -109 Strong cash earnings more than offsetting increase in working capital and investments 1) Cash flow from operating activities before change in net working capital 2) Other mainly related to leasing and currency effect 21 Net interest-bearing debt: 3Q development (MUSD)
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Free cash flow – L12M 22 1) Net cash provided by operating activities minus net cash used in investment activities as presented in the cash flow statement, page 15 in the 3Q report. 2026 divestments proceeds related to sale of EUA’s, for further information see note 5 in the 3Q 2026 report. 2) L12M, MUSD Free cash flow before financing activities1,2 863 2019 1,298 2020 284 105 777 206 532 657 715 988 921 937 1,442 4Q22 1,560 1Q23 1,246 2Q23 2,104 3Q23 1,091 4Q23 619 2Q21 1Q24 1,142 2Q24 123 3Q21 3Q24 532 4Q24 1,973 1Q22 2Q22 2Q25 288 3Q25 4Q251Q25 1Q264Q21 2Q263Q22 3Q26 1,184 Divestment proceeds Operations Investments Free cash flow adjusted for divestment proceeds
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Results per region 231) For definition and reconciliation, see the APM section in the 3Q report, pages 27-34. 191 73 251 155 67 47 214 106 106 96 30 71 4.8% 10.5% 14.3% 13.0% 21.1% 9.0% 5.3% 15.7% 8.3% 14.8% 12.0% 25.5% Americas Global Production Clean Ammonia Europe Asia & Africa Industrial Solutions 3Q25 3Q26 EBITDA excl. special items1 (MUSD) ROIC1 L12M (%)
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Key product price development Urea price development1 (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, trading included) 24 Spot gas prices1 (USD/MMBtu) Yara realized CAN2 and NPK price3 (USD/t) 474 250 486 262 Urea granular FOB Egypt Urea inland China proxy +3% +5% Europe (TTF) US (Henry Hub) 11.5 18.1 3.0 2.9 +57% -3% 3Q25 3Q26 355 675 405 716 CAN 27 Compound NPK +14% +6%
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Energy cost 25 Quarterly averages for 2020 – 3Q 2026 with forward prices1 for 4Q 2026 and 1Q 2027 Source: Yara, European Energy Exchange AG (EEX) 1) Dotted lines denote forward prices as of 13 October 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 1Q 2020. 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 2.9 21.5 16.6 3Q261Q20 2Q20 4Q26 1Q27 12.9 3.9 3Q20 17.0 28.4 24.0 3.5 3.3 17.5 28.9 26.8 3.9 3.5 US gas price (Henry Hub) Yara Global TTF day ahead Yara Europe Yara North America
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Europe 4Q25 1Q26 2Q26 3Q26 4Q26 estimations based on forward prices1 1Q27 estimations based on forward prices2 Average gas cost USD/MMbtu 12.0 11.8 15.8 16.6 24.0 26.8 Gas consumption2 Million MMBtu 35.9 29.1 32.5 30.6 35.9 29.0 European gas cost4 USD millon 430 340 515 510 860 780 Details of energy cost actuals and estimate 4Q 2026 and 1Q 2027 26 1) Volume neutral 2) Gas consumption in 4Q 2026 & 1Q 2027 estimate based on actual consumption and production volumes in 4Q 2025 & 1Q 2026. Actual consumption could deviate from this due to curtailments or other factors 3) Excluding Babrala 4) Rounded to the nearest 5 Yara Global3 4Q25 1Q26 2Q26 3Q26 4Q26 estimations based on forward prices1 1Q27 estimations based on forward prices1 Average gas cost USD/MMbtu 9.5 9.3 12.3 12.9 17.0 17.5 Gas consumption2 Million MMBtu 60.2 54.0 51.9 50.3 60.2 54.0 Global gas cost4 USD million 570 500 640 650 1 020 945
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Yara inventories 27 Fertilizer - finished products inventory development in million mt 0 1 2 3 4 5 6 7 8 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Urea Nitrates Compound NPK Other 3Q26
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Urea capacity additions 28 Global urea capacity additions ex. China1,2 (million mt) 1) Source: CRU June 2026 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. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20302015 5.5 6.7 4.2 3.1 1.0 4.3 5.9 4.5 0.7 -0.2 1.3 3.8 2.3 0.6 3.3 4.4 India Russia Iran Algeria USA Nigeria Australia Others 1.7% average historical consumption growth3 Uncertain completion year for several projects between 2026 and 2030 with differing views from publications.
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Farmer incentives: wheat example 29 Optimal nitrogen application1,2 (kg/ha) 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 42, 2026 4) Source. Paris wheat futures, MATIF 5) Source: CAN CFR Inland Germany. Average of publication prices 196 200 201 203 199 25/26 1 year ago current3Q25 3Q26 -2% 25/26 3Q25 3Q26 1 year ago3 current3 Wheat price4 (USD/mt) 228 226 265 221 278 CAN price5 (USD/mt) 420 380 438 350 477 Optimal nitrogen application (kg/ha) 196 200 201 203 199 Grain yield (mt/ha) 9.49 9.52 9.52 9.53 9.51 Farmer revenue above nitrogen cost (USD/ha) 1,859 1,869 2,197 1,844 2,292
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Alternative performance measures Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 3Q report on pages 27-34 30
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Thank you!