Yara International ASA — Earnings Release 2021

Apr 23, 2021

Yara International ASA 2021 First-quarter results

23 April 2021

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.

People

Our ambition is zero injuries

11th consecutive quarter of improved returns

ROIC1 12M rolling

• 8.6% ROIC1, up from 6.9% a year earlier
• Improved pricing more than offset higher natural gas cost
• Continued premium product growth
• USD 2.7 billion free cash flow2 rolling 4 quarters

Continued premium product growth

Premium product deliveries

• Africa & Asia +15%, Americas +10%, Europe -4%
• Compound NPKs +98kt, CN +82kt nitrates -94kt

YaraVita deliveries

• Growth in Asia & Africa 42%, Americas 26% and Europe 11%
• 66% growth for biostimulants

1) Premium products comprise nitrates (AN, CAN), calcium nitrate (CN), Amidas (sulphur grade urea), NPKs, YaraVita and fertigation products

USD 2.7 billion free cash flow1 rolling 4 quarters

Free cash flow before financing activities1

Financial performance

Prosperity

1) Change in net operating capital as presented in the cash flow statement, page 14 of 1Q report, and consists of trade receivables, inventories, and trade and other payables 2) Net cash used in investing activities as presented in the cash flow statement, page 14 of 1Q report

Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the 1Q report on pages 28-33

Improved margins more than offset temporary cost increase communicated at 4Q

1) EBITDA ex. special items. For definition and reconciliation see APM section of 1Q report, page 28

2) Quarterly ROIC, annualized. For definition and reconciliation see APM section of 1Q report, page 30

Improved results and returns in all regions, reflecting improved pricing, capital discipline and operational improvement

9 1) EBITDA ex. special items. For definition and reconciliation see APM section of 1Q report, page 28 2) For definition and reconciliation of ROIC, see APM section in 1Q report, page 30

Short-term impact on premiums from increasing commodity nitrogen prices

Egypt, in 27% N (USD/t): All prices in CAN27 equivalents, with 1 month time lag

² Export NPK plants, average grade 19-10-13, net of transport and handling cost.

Positive improvement program trend

Comments:

• Continued positive production volume trend
• Covid-19 impacts Salitre project schedule
• 2020 energy efficiency improvement driven by closure of Trinidad plant
• Temporary fixed costs increase in 2021 as communicated at 4Q20, offset by lower CAPEX
• Improved operating capital days driven by lower inventory days

1) For reconciliation of Fixed costs to Operating costs and expenses, see APM section of 1Q report, page 31

2) Operating capital adjusted for prepayments from customers. For reconciliation of Operating capital days, see APM section of 1Q report, page 32

3) Portfolio change impact (Trinidad plant closure 250kt)

Unchanged capex guidance

Strong cash earnings more than fund investments

Net interest-bearing debt: 1Q development

• End 1Q net debt/EBITDA3 at 1.26
  • End 1Q net debt/EBITDA of 1.54 including proposed 625 MUSD dividend payment in May
• Continued strong focus on capital discipline in line with capital allocation policy of maintaining a mid investmentgrade credit rating and net debt/EBITDA 1.5-2.0
  • New 5% buyback authorisation proposed to AGM
  • Yara will consider further cash returns in the coming quarters, in line with above policy

1) Operating income plus depreciation and amortization, minus tax paid, net gain/(loss) on disposals, net interest expense and bank charges

2) Other includes new leases, foreign currency translation gain/loss, and dividends from EAIs (Equity Accounted Investees)

3) For definition and reconciliation see APM section of 1Q report, page 33. Dividend 20 NOK, NOK/USD assumption 8.3

Top quartile 2020 performance in employee engagement, diversity and inclusion

1 Measured annually. Employee engagement index is measured through a third-party survey, providing data-driven analysis against international benchmarks. The threshold for top-quartile performance in 2020 was at 76

² Measured annually. The D&I index is measured through a third-party survey, providing data-driven analysis against international benchmarks. The threshold for top-quartile performance in 2020 was at 74

³ Measured quarterly. The female senior managers indicator is measured as the percentage of top positions (level 15 and above in Yara's position level system) held by women

Europe >40 sales countries

Key figures 2020	Financials 2020	Farmers	Plants
3,380 employees ~10.1 million tonnes deliveries	~2.9 BUSD revenue ~477 MUSD EBITDA ~2.37 BUSD invested capital	- Mainly smaller family farms, but also significant segment of large professional farmers - ~300 000 largest farms produce more than half of ag output.	- 12 production sites - Annual capacity 1 million tonnes ammonia and 8.1 million tonnes finished fertilizers

Europe: improved prices more than offset energy cost increase and lower deliveries

Revenues (MUSD)

EBITDA ex SI (MUSD)

• Improved prices more than offset energy cost increase
• Temporary pressure on premiums due to surge in nitrogen and phosphate prices

Yara Europe is well positioned to capture new opportunities in sustainable food production

Selected EU Green Deal 2030 targets	Yara Europe to capture new opportunities in sustainable food production
-------------------------------------	-------------------------------------------------------------------------

Climate-smart food solutions	Develop solutions that improve sustainability & profitability of farm & food production
Growth segments	Capture growth in high-value segments
Farm connectivity	Develop & deliver farm connectivity & data-based offerings
Sustainable value chain	Build competitive advantage through efficient and sustainable production and value chain
Nitrate-based core	Nitrate-based products remain at the core of providing climate positive crop nutrition solutions

Planet

1) Energy efficiency target is for 2023

2) Measured and reported annually. GHG absolute emissions scope 1+2 target is for 2030 with a 2019 baseline

3) Hectares under active management: cropland with digital farming user activity at least twice during the last twelve months

Farming Solutions update: growing user base and validation of value creation potential

First growers signed up for the Agoro Alliance carbon credit program in the US

Integrated digital offering launched in Europe, the next generation of AtFarm, integrating several standalone solutions into one digital experience

Digital marketplace revenues from third parties: first revenues realized in India, strong proof of concept in Africa

Online crop community; target to embed 1 million farmers by end 2021 in Thailand through cooperation with Telenor/DTAC

Attractive Yara prospects

• Resource and environment challenges require strong agri productivity improvement
• Attractive Yara growth opportunities within sustainable food solutions and green ammonia
• Improving market fundamentals

• Crop nutrition leader; #1 premium product and market presence
• Transitioning towards sustainable solutions for the global food system
• Operational improvement and innovation focus

Attractive opportunities Focused strategy Strong shareholder returns

• Strict capital discipline with clear capital allocation policy
• 11 consecutive quarters of ROIC growth, with USD 2.7 billion free cash flow1 from operations last 4 quarters

Appendix

21

Americas: improved margins and premium deliveries

• 1Q deliveries up 4% driven by 12% higher premium fertilizer deliveries
• Average realized prices slightly increasing, mainly due to improved product mix
• Strong margin improvement
• Cost increases offset by BRL and other local currency weakening
• invested capital
• 8 days operating capital efficiency improvement

Africa & Asia: improved production, product mix and pricing

• YaraVita deliveries up 43% with further growth in China

• Production volumes up 28% with TAN plant ramp-up and reliability improvements in Pilbara ammonia plant
• 27% operating capital reduction

Global Plants: improved reliability and higher margins

• Improved operational reliability
• offset increased gas costs
• Qafco divestment effect -6 MUSD
• Improved margins and production volume performance
• Positive impact from Qafco divestment

Industrial Solutions: improved deliveries and prices offset by higher gas cost and lower Maritime activity

• Deliveries up 7% with all growth in all units except Maritime
• Volume growth partially inhibited due to some production delays

External revenues (MUSD) EBITDA ex SI (MUSD) ROIC (12-month rolling)

• Higher nitrogen prices offset by natural gas cost increase
• Negative impact from lower Maritime activity (9 MUSD) and Brunsbüttel outage (5 MUSD)

• 12-month rolling ROIC improvement mainly reflects higher upgrading margins and increased production regularity

Clean Ammonia: increased revenue but stable earnings due to timing effects

1) Total revenues; includes internal revenue from other Yara segments

Key product price developments

1) Source: BOABC, CFMW, Fertilizer publications, Argus. 1-month lag applied, as proxy for realized prices (delivery assumed 1 month after order)

2) Yara's realized European nitrate price, CAN 27 CIF Germany equivalent ex. Sulphur

3) Yara's realized global compound NPK price (average grade)

Regional fertilizer deliveries

Energy cost

Quarterly averages for 2018-2021 with forward prices* for 2Q21 and 3Q21

Source: Yara, World Bank, Argus/ICIS Heren

*Dotted lines denote forward prices as of 2 February 2021, market prices (HH and TTF) are not lagged

**Yara Global restated from 2Q 2018 to include Cubatão gas cost, Babrala excluded, and updated Yara gas cost methodology from 1Q20

Yara stocks

Finished fertilizer

Mill. tonnes

European producers' nitrate stocks

Higher nitrogen supply growth forecast in 2021, however higher than normal risk of project delays

Global urea capacity additions ex. China (mill. tonnes)

Alternative performance measures

Alternative performance measures are defined, explained and reconciled to the Financial statements in the APM section of the Quarterly report on pages 28-33