Yara International ASA

Regulatory News Service • Oct 17, 2025

Yara International ASA 2025 third quarter results

17 October 2025

any forecasted results will be achieved, and you are cautioned not to place any undue reliance on any

forward-looking statements.

Safety is our main priority

TRI¹ (12-month rolling)

¹⁾ Total Recordable Injuries per 1 million working hours.

Focused improvements yielding results

3Q 2025

EBITDA excl. special items¹of 804 MUSD, up 38% from 3Q24

Increasing returns through continued improvement focus and cost reductions, supported by favorable market conditions

Record-high production² and strong commercial performance

YTD 2025 adjusted earnings per share³ at 3.25 USD – up from 1.37 USD last year

¹⁾ For definition and reconciliation see APM section in the 3Q report, pages 22-29.

²⁾ YIP production performance adjusted for portfolio optimization.

³⁾ Adjusted basic earnings/(loss) per share excl. foreign currency exchange gain/(loss) and special items. For definition and reconciliation see APM section in the 3Q report, pages 22-29

EBITDA increase reflects higher margins and continued structural cost improvements

EBITDA excl. special items (MUSD)1

• 1) For definition and reconciliation see APM section in the 3Q report, pages 22-29.
• 2) Quarterly ROIC, annualized. For definition and reconciliation of ROIC, see APM section in the 3Q report, pages 22-29.
• 3) Volume effect calculated as change in volume vs 3Q 24 per product multiplied by margin per product in 3Q 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 divestment last year, costs related to scrapping of project cost, lower income from EAI and lower interest income.

ROIC improvement driven by supportive market conditions, cost reductions and asset efficiency

Improving Return On Invested Capital (ROIC¹ ) since launch of cost reduction program

Yara is committed to deliver 10% ROIC through the cycle

• ROIC recovery through 2025 driven by strong traction on improvement initiatives and improved fertilizer prices
• Quarterly ROIC of 12.6%, above 10% target
• L12M results were impacted by special items, mainly related to restructuring provisions and a Dutch pension loss. Excluding this, ROIC would have been 10.3%³
• Cost and capex reductions translates to a 2%-point⁴ increase in L12M ROIC compared to 2Q 24
• Increased capacity utilization, portfolio optimization and resource efficiency supporting underlying ROIC improvement going forward

¹⁾ For definition and reconciliation see APM section in the 3Q report, pages 22-29.

²⁾ 4Q 2024 drop mainly driven by 99 MUSD settlement loss for the Dutch pension fund before tax.

⁴⁾ ROIC ex. cost and capex reductions of 6% estimated based on 211 MUSD higher cost and 200 MUSD higher invested capital.

Strong commercial performance driving continued high nitrate and NPK prices

Strong nitrate prices increasing margins – premiums¹ reflect high urea prices and soft farmer economics

Yara's realized European nitrate price Urea Egypt CFR proxy 1M lag

Increasing NPK prices - lower premiums² reflect high commodity prices

USD/mt (CAN27 equivalents) USD/mt (NPK average grade equivalents)

Yara's realized NPK price Commodity Blend 2M lag

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

• 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

Source: Fertilizer Market publications

1) Yara's realized European nitrate price in CIF inland Germany terms. Urea Egypt CFR proxy (CIF inland Germany), with 1 month time lag.

High asset utilization driving increased capital productivity

3Q25

Portfolio 19.4 20.3 20.6 20.9 21.0 20.1 20.8 21.2 21.2 21.1 +5% Finished product production, YIP terms GHG emission intensity (mt CO2e/mt N) ¹(mn mt)

• Maximizing output of existing assets is the most capital efficient growth route

2024

2Q25

• Volume growth driven by high value Nitrate, NPK and Calcium Nitrates with strong margins
• Implied annual EBITDA increase² of almost 250 MUSD compared to 2019 production

• On track towards 2025 target
• Improved GHG intensity increases margins through lower gas and ETS costs, representing an annual EBITDA impact >100 MUSD³
• Average payback period of already executed GHG emission reduction investments of 3 years

¹⁾ L12M figures adjusted for portfolio optimization – mothballing of one nitric acid plant in Tertre, and phosphate production in Cubatao. Major planned maintenance and market-driven curtailments added back.

2023

2019

²⁾ Assuming average margins YTD as of 3Q 2025

³⁾ Calculated based on L12M gas cost per plant and current ETS cost as of August 2025

Financial performance

• 1) For definition and reconciliation, see the APM section in the 3Q report, pages 22-29.
• 2) Change in net operating capital as presented in the cash flow statement, page 12 of the 3Q report
• 3) Net cash provided by operating activities as presented in the cash flow statement, page 12 of 3Q report
• 4) Net cash used in investing activities as presented in the cash flow statement, page 12 of 3Q report

Improved results across all segments

¹⁾ For definition and reconciliation, see the APM section in the 3Q report, pages 22-29.

Crop nutrition deliveries in line with last year

External deliveries 3Q 2024 vs 3Q 2025 (kt) 3Q24 3Q25

Comments

• Increased NPK deliveries in Brazil
• European volumes up driven by higher urea, following limited prebuying last year
• Africa & Asia lower deliveries mostly driven by lower nitrate sales across African countries, and lower NPK sales in China
• Industrial deliveries impacted by portfolio optimization

Improvement program continues ahead of plan

• Workforce reduced with >1,650 FTEs
• Targeting 180 MUSD cost reduction since 2Q24
• Internal streamlining of organizational set-up to enable sharper focus on production and commercial performance
• Continued strict resource discipline and evaluation of further cost optimization opportunities

• Strict capital discipline continues
• 700-850 MUSD annual maintenance capex in real terms to sustain current asset portfolio
• 2026 maintenance level reflects major maintenance in large plants
• Growth capex restricted to double-digit profitability projects with high strategic fit

Net debt remains stable as strong cash earnings are offset by seasonal operating capital build

Net interest-bearing debt: 3Q development (MUSD)

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

Strong nitrogen fundamentals

Short term sentiment impacted by Indian demand and Chinese exports

• Indian supply still lagging year-over-year
• Significant Chinese volumes to be exported by the start of 4Q – majority already absorbed by the market
• Chinese export restrictions expected to return as China approaches main application season

Urea prices remain above historical averages despite weaker farmer affordability

Urea price³ development USD/mt

Wheat price³ development USD/mt

• Urea market remain demand driven
• Soft crop prices driven by expectations of record-high production this year

Limited new nitrogen capacity ex. China

2023 2024 2025 2026 2027 2028 2029 2030

– Urea market balance expected to tighten further with limited new nitrogen capacity in the pipeline

²⁾ Source: GTA, Fertilizer publications 4) Source: CRU September 2025

Carbon tax on urea imports to the EU from 2026

Europe is a net import market of Nitrogen¹ • Around 45% of current EU nitrogen mn t, 2024 EU-27 imports EU-27 exports N P2O² K2O N P2O² K2O 5,1 1,0 1,4 2,3 0,5 0,8

• consumption imported, predominantly as urea
• Carbon content in urea is inherent urea imports will carry a CBAM cost also in the longterm

CBAM likely to introduce a further spread in European vs global prices 2025 2034 • Impact on nitrogen will depend on carbon intensity of the source, ETS prices and defined benchmark thresholds • Other import costs, incl duties, and other supply/demand factors will apply Global nitrogen prices Full CBAM cost

European nitrogan prices

Yara is well prepared for a carbon priced Europe

EU ETS exposure CBAM

• CCS Sluiskil: Project will reduce up to 800kt CO2e from mid-2026, reducing the carbon footprint of its finished fertilizers.
• Quota bank: N₂O abatement investments at nitric acid plants have built allowances worth ~\$0,5B (at current ETS prices), equal to 4-5 years of emission cost

• Nitrate decarbonization: Yara's European portfolio focused on nitrates which can be upgraded from low-carbon ammonia (sourced or produced)

• Opportunities to get mechanisms in place to reduce exposure to CBAM on exports out of the EU , e.g for raw materials and intermediate goods imported and processed into finished fertilizers. This could apply to Yara's fertilizer exports outside the EU which are largely covered by imports of ammonia from outside EU.

• CBAM implementation in Norway planned from January 2027, one year later than the EU (~0.5 million tons of ammonia imports)

Yara's competitive edge – high flexibility and import capacity

• Yara has a global and flexible system and will optimize both ammonia sourcing and product allocation to reduce carbon costs
• Yara's European nitrogen production generally operates with a lower carbon footprint than global averages driven by energy efficiency projects and historic investments in N2O abatement
• High flexibility and Europe's most competitive asset infrastructure for import of low-carbon ammonia, irrespective of source

Global scale in ammonia underpins Yara's flexibility and value creation potential

Yara is the only player able to off-take ammonia at scale

• Yara's gross ammonia consumption for nitrates in Europe around 3 million tons
• Current import rate of 50% likely to increase
• World's largest and scalable ammonia system

Nitrate and NPK assets in Europe flexible on ammonia source¹

• ETS and CBAM likely to lift urea prices in Europe
• Low-carbon ammonia enable increased margins on nitrate and NPK

Equity investment in US ammonia can create significant shareholder value

• Focusing on favorable ammonia production fundamentals in addition to 45Q and ETS/CBAM
• Planned FID in 1H2026

Double digit returns remain a requirement for a potential FID – Yara targets equity participation that would uphold shareholder distributions³ through an investment period

¹⁾ Scenario assumptions: average historical nitrate premium above historical urea price, carbon cost of 100 USD/t CO2 (approx. 1 mt CO2 per mt urea), cost of ammonia from US based on 4 USD/MMBtu * 35 + 50 USD/t other cash cost, 140 in 45Q tax credits plus 50 USD/mt NH3 freight to Europe. Urea CIF Germany based on FOB Egypt + USD 50 in freight. Nitrate premium based on historical values from market publications.

²⁾ 2034 cash cost, assuming full impact of CO² cost in Europe

³⁾ Subject to Yara's capital allocation policy with the overall objective to maintain BBB/Baa2 credit rating with a targeted mid- to long-term net debt/EBITDA of 1.5-2.0, FFO/net debt at 0.4-0.5 and net debt/equity ratio below 0.60

Improvement program continues – focused on increased returns

Tightening nitrogen supply CO² -tax yields European margin opportunities Premium growth Valueaccretive ammonia growth Portfolio optimization Reduce cost and capex Market conditions Continued strong progress on cost reductions, ahead of target Increasing capital productivity with record-high production volumes Execution focus on projects in process Yara continues to explore the most value-accretive options to capitalize on lowcarbon ammonia growth Continued strong premium deliveries and premium generation Optimization of product allocation Strong nitrogen fundamentals Focus on core operations and high-return assets Strict capital discipline Reduce energy cost Increase scale and efficiency Logistic synergies Asset portfolio review Divestment of non-core assets Products to highest paying markets Premiums for lower carbon content Resource efficiency Margin expansion

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Good underlying production performance

Ammonia production¹ (mn mt)

Performance in line with last year

Finished product production¹ (mn mt)

Continued strong underlying production performance

GHG emission intensity (mt CO₂e/mtN)

Continued progress on reducing GHG emissions

Operating capital⁴ (Days)

Stable operating capital days

Fixed cost² and capex³ guidance (MUSD)

Strict resource prioritization towards high-return assets and value-accretive growth opportunities

Cost and capex reduction program ahead of schedule - strict capital discipline continues

For definition and reconciliation of Fixed cost, see APM section in the 3Q report, pages 22-29

Capex is defined as a cash outflow from investing activities as presented in the cash flow statement adjusted for disposals of subsidiaries, net of cash transferred and proceeds from sales of PP&E and other non-current assets, page 12 of the 3Q report

Driving sustainable performance with an integrated scorecard

People

Yara KPI	2023	2024	L12M	2025 target
Strive towards zero accidents, TRI	1.1	0.9	1.1	<1.0
Engagement Index 1	77%	76%	n/a	Top quartile
Diversity and inclusion index 1	75%	75%	n/a	Top quartile
Female senior managers 2	32%	32%	32%	40%

• 1) Measured annually
• 2) Status per end of the quarter

Planet

Yara KPI	2023	2024	L12M	2025 target
GHG emissions, intensity, t CO2e/t N	3.0	2.8	2.7	2.7
GHG emissions, scope 1+2, CO2e 1	-16%	-13%	-15%	-30%
Digitized hectares, mHa 2	23	24	22	150
MSCI rating	AA	Α	Α	Α

• GHG absolute emissions scope 1+2 target is for 2030 with a 2019 baseline
• Cropland with digital farming user activity within defined frequency parameters

Profit

				2025
Yara KPI	2023	2024	L12M	target
Ammonia Production, mt 1	7.5	7.9	7.8	8.3
Finished Fertilliser Production, mt 1	20.8	21.2	21.1	21.9
Premium generated, MUSD 2	1,881	1,415	1,346	n/a
Operating capital days 3	105	108	108	92
Capital return (ROIC) 3	2.9 %	5.0%	8.0%	>10%
Fixed costs, MUSD 3	2,513	2,443	2,322	~2,380

• 1) YIP performance, excl. Hull and Montoir
• For reconciliation and definition of premium generated, see the APM section of the 3Q report on pages 22-29
• Alternative performance measures are defined, explained, and reconciled to the financial statements in the APM section of the 3Q report on pages 22-29

Free cash flow

Free cash flow before financing activities^1,2

Divestment proceedsInvestmentsOperationsFree cash flow adjusted for divestment proceeds

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

Key product price development

3Q24 3Q25

Urea price development¹

(USD/t) Spot gas prices¹ (USD/MMBtu) 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)

Energy cost

Quarterly averages for 2020 – 3Q 2025 with forward prices¹ for 4Q 2025 and 1Q 2026

• US gas price (Henry Hub) Yara Europe²
• Yara Global
• TTF day ahead

¹⁾ Dotted lines denote forward prices as of 08 October 2025, market prices (HH and TTF) are not lagged

Details of energy cost actuals and estimate 4Q 2025 and 1Q 2026

Europe		4Q24	1Q25	2Q25	3Q25	4Q25 estimations based on forward prices	1Q26 estimations based on forward prices
Average gas cost	USD/MMbtu	13.2	14.3	13.7	12.5	11.6	11.4
Gas consumption1	Million MMBtu	31.5	30.2	31.7	33.0	31.5	30.2
European gas cost	USD millon	416	431	433	413	365	343

Yara Global2		4Q24	1Q25	2Q25	3Q25	4Q25 estimations based on forward prices	1Q26 estimations based on forward prices
Average gas cost	USD/MMbtu	9.9	10.5	10.1	9.5	9.2	9.1
Gas consumption1	Million MMBtu	56.3	53.8	55.4	57.5	56.3	53.8
Global gas cost	USD millon	558	568	562	545	519	488

¹⁾ Gas consumption in 4Q 2025 & 1Q 2026 estimate based on actual consumption and production volumes in 4Q 2024 & 1Q 2025. Actual consumption could deviate from this due to curtailments or other factors

Yara inventories

Fertilizer - finished products inventory development in million mt

Peak of urea capacity additions is behind us

Global urea capacity additions ex. China 1,2 (million mt)

¹⁾ Source: CRU September 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

Farmer incentives: wheat example

Optimal nitrogen application1,2 kg/ha

	23/24	24/25	1 year ago3	current3
Wheat price4 (USD/mt)	242	237	250	221
CAN price5 (USD/mt)	315	335	299	349
Optimal nitrogen application (kg/ha)	211	208	213	203
Grain yield (mt/ha)	9.57	9.56	9.59	9.54
Farmer revenue above nitrogen cost (USD/ha)	2,071	2,008	2,161	1,845

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 41, 2025

⁵⁾ Source: CAN CFR Inland Germany. Average of publication prices

Alternative performance measures

Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 3Q report on pages 22-29