Yara International ASA

Investor Presentation • Jan 9, 2026

Knowledge grows

Capital Markets Day 2026

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.

Agenda

Presentation

Introduction

President and CEO – Svein Tore Holsether

Supportive market fundamentals

Director Market Intelligence – Silje Ingeberg Nygaard

Maximizing the value of our global asset portfolio

EVP Global Production – Johan Labby

Maximizing premiums and growing from our core

EVP Europe – Mónica Andrés Enríquez

Strengthening returns

EVP & CFO – Magnus Krogh Ankarstrand

Summary

President and CEO – Svein Tore Holsether

World-leading crop nutrition and ammonia company

#1 producer of Nitrate and compound NPK¹

#1 in traded ammonia¹

25 production plants

140+ sales countries

terminals, blending units, 200 warehouses and bagging facilities

Safety is our license to operate

Zero injuries ambition | Industry leading performance

¹⁾ Total Recordable Injuries per 1 million hours worked

Proven track record – during times of volatility

5.5 BUSD Total shareholder distribution since 2020¹

28% Annualized TSR³ since 2Q 2024

Our Mission

Responsibly feed the world and protect the planet

Our Vision

A collaborative society; a world without hunger; a planet respected.

Yara's business model positioned to meet global needs

50% of food produced from

mineral fertilizers

50% increase

in food production required by 2050

Cut emissions

• cost placed on CO² to reach the Paris Agreement

+20%

NUE¹ needed

to feed the world within planetary boundaries

Yara's competitive edges driving sustainable value

creation

• Sustained premiums – demonstrated Nutrient Use Efficiency

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

Clear strategic priorities to drive long-term shareholder value

Drive performance and competitiveness Grow from our core

Improve profitability in

Logistical optimization

Capital reallocation

core business Diversify energy position

Maximize asset utilization Cash realization from recent growth projects

Value growth through differentiated products, knowledge margin and expansion from core portfolio

Firm commitment to capital allocation policy

>180 MUSD EBITDA increase delivered – committed to further cash flow improvement

2024 2026 2030

>180 MUSD fixed cost reduction With high drop-through impact on EBITDA

>350 MUSD EBITDA improvement Improve core profitability

Improved production margins

Value accretive ammonia capacity expansion

Continued strict resource prioritization and active portfolio management

Tightening nitrogen markets and lower European gas prices

600 MUSD sustainable cash flow expansion 2024-2030¹

Improvement focus drives increased returns

Return on Invested Capital, Through-the-cycle target > 10 %

Air Products and Yara projects are a strong strategic fit, with complementary synergies

Darrow

• Low-carbon ammonia from US, CCS-based
• 2.8 mtpa¹ NH3
• Yara to acquire and operate ammonia assets

NEOM

• Renewable ammonia from Saudi-Arabia

• Yara to distribute up to 1.2 mtpa NH3 on commission basis

• Double-digit returns

• In line with existing capital allocation policy
• Builds resilience in Yara's competitiveness

EU commission update on tariffs and CBAM

• Yara is well positioned for uncertainty and volatility
• No significant investment decisions taken based solely on CBAM
• Flexible ammonia sourcing across carbon intensities

President and CEO Svein Tore Holsether

EVP & Chief Financial Officer Magnus Ankarstrand

EVP & General Counsel Kristine Ryssdal

EVP People, External Affairs & Chief of Staff Hanna Opsahl-Ben Ammar

EVP Corporate Development Fernanda Lopes Larsen

EVP Europe Mónica Andrés Enríquez

EVP Africa & Asia Luis Alfredo Pérez

EVP Americas Chrystel Monthean

EVP Global Production Johan Labby

EVP Yara Industrial Solutions Jorge Noval

16

Silje Ingeberg Nygaard Director Market Intelligence

Demand driven urea markets in 2025 despite increased supply and a low crop price environment

Higher urea price in 2025 disconnected from gas cost

4.5 mt¹

more exports from China in 2025 vs. year before

FAO cereal price index 2025 vs. year before (per November)

Urea demand growth remains consistent

Underlying nitrogen demand growth

Urea share of total N capacity growth

Replacement of old urea capacity

mt urea

Capacity growth total vs. installed capacity Apparent consumption growth ex. China^{1 1}

mt urea

Urea market deficit ex. China increases, export availability from China unclear

¹⁾ 2024 urea consumption outside China multiplied with the growth rates on the previous slide

Significant LNG capacity impacting EU gas prices

LNG trade flows changed in 2025¹ BCM y-o-y

Gas prices in Europe decreasing¹ TTF, USD/mmbtu

Increasing LNG capacity additions¹ mtpa

Carbon cost has a price impact

EU nitrogen trade balance¹ mt nitrogen

CBAM is already driving up EU nitrogen prices² USD/t

¹⁾ EU-27, 2024/25, Fertilizers Europe

Long-term ammonia price level expected to move towards incentive price over time – consistent with historic development

Long term logic: prices move towards the full cost of adding new capacity in the

optimal locations

Opex Capex Incentive price

Incentive price logic has applied to ammonia prices in the past 20 years¹ Incentive price logic

Maximizing the value of our global asset portfolio

Johan Labby EVP Global Production

Yara's production footprint core to Yara's value generation

Flexible energy and raw material sourcing

• >75% of European finished nitrogen products flexible on ammonia source

Operational Excellence

• Strong asset footprint – continuous production records

Global, high-performing asset portfolio

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Production performance and emission reductions with ~350 MUSD EBITDA impact

All time high production volumes¹ ; ~250 MUSD impact² YIP volumes in mt Ammonia Finished Fertilizer

…while reducing emissions and delivering on 2025 target; ~100 MUSD impact³ GHG emissions Intensity (tCO² /tN)

¹⁾ L12M figures and targets are adjusted for portfolio optimization. Major planned maintenance and market-driven curtailments added back.

²⁾ Compared to 2019, assuming average margins YTD as of 3Q 2025

³⁾ Compared to 2018 based on lower global gas consumption and ETS-cost. Based on 3Q25 L12M gas cost per plant and EUA price of 95 USD/t

Scale and value increase with limited investment

NPK capacity expansion in Cartagena¹ ~50 MUSD investment; mostly executed

+80 kt/y

+12 MUSD margin addition

Porsgrunn NPK² improvement <10 MUSD investment; executed

+300 kt/y

+60 MUSD margin addition

Sluiskil CCS ~200 MUSD net investment; 75% complete

800 kt/y CO² capture and storage

Double digit IRR before blue premium

¹⁾ Cartagena capacity expansion of 80 kt commissioning in 2026. Margin addition calculated based on 150 USD/t x 80 kt.

Active portfolio management increases the robustness and value of our portfolio

Continuous re-allocation of capital while safeguarding HESQ

Share of 2026-capex

Action taken on all harvest sites with >200 MUSD annual cash flow impact:

Montoir, Tertre ammonia, Vlaardingen, Cubatão 2-P, Cubatão 3, Hull, Paulínia + several smaller sites

Turnaround cycle is a key decision factor in portfolio management

Plant maintenance cost – proxy¹

Harvest

EU assets are flexible on energy source – hard to copy

World scale ammonia system brings cost advantage and optimization opportunity

Unique EU ammonia infrastructure – representing significant cost advantage on imports

Strategically located to serve Yara's plants and European import demand

Significant EU demand growth – existing import infrastructure advantaged

Ammonia terminal replacement cost indicate full-cost level of \$50-80 USD/t ²

¹⁾ 2024 demand based on IFA survey; 2030 based on announced ambitions from European producers

2) Basis capex study and recent EU transactions. Example: 3-500 ktpa throughput and 300 million USD investment

Darrow benefits from competitive scale and early start

.. while having ~USD 2 bn head start in

Supply security and import access positions the partners ideally for low-carbon demand

Future-proof asset base positioned for value accretive growth

Globally diversified and high-performing asset portfolio

Strict capital re-allocation and prioritization

World leading ammonia platform

Value accretive production growth in premium product and low carbon ammonia

Yara's market presence drives sustainable value through scale and premiums

Knowledge Margin

• Sustained premiums – demonstrated Nutrient Use Efficiency

Scale and Global Optimization

• Scalable logistic strongholds fertilizer and ammonia
• Optimized global flows seasonally and cycles

Global presence enables resilience through market cyclicality

Regional fertilizer deliveries impacted by seasonal variations…

Total deliveries, mt

…global market presence facilitates high utilization

OPP¹ deliveries, mt

Industrial sales provide seasonal resilience – and additional distribution margins due to scale

Scale and competitive logistics drive margin

Local production presence and vast network Supply reliability

Synergies from an integrated business model

Stable deliveries at premium over urea Product optimization

Scalable logistics provide unique local market access and lower cost to reach customers

In-market production of water-soluble fertilizer in Anhui, China with 60 kt capacity serving high-value crop markets

Largest import terminal to East Canada in Contrecoeur with 160 kt storage capacity driving scale benefits and securing reliable supply

Own pier, storage, blending and bagging facilities in Rio Grande, Brazil driving logistical advantage for 2.5+ mt

Our unique value proposition offers value for farmers, distributors and Yara

Working with farmers and partners to improve food security, cut emission and enable prosperous businesses

Thailand – Durian

• Yara's durian solutions improve overall product quality for export
• 45,000 t of NPKs p.a. at 40% premium¹
• 10-15% higher yields, earlier harvest, 15-30% higher market premiums, lower costs, and 30- 50% higher profits.

Latin America – Coffee

• +36% volumes growth for Yara
• +30% yield increase, +15-20% profit increase per hectare for farmers
• 30-50% lower carbon footprint²

Italy – Yara Mila Nutri Range

• NPKs coated with Procote biostimulants
• +10-15% in margin per tonne for Yara vs portfolio average
• +4% yield and minimum 10% increased profit per hectare for farmers

Air1®/ AdBlue®

• Yara's unparalleled presence in a market expecting continued growth in the coming decade
• EBITDA margins up 120% since 2019
• Removes 1.4 mt of NOx every year

Product portfolio and agronomic knowledge drive sustained premiums1,2 through the cycle

Further growth in high value YaraVita and YaraAmplix market supported by new production line ready in 2026

The markets for micronutrients and biostimulants are rapidly growing…

…and Yara has performed and outgrown current capacity…

…paving the way for strong returns on new Howden plant

Yara Howden, UK

New plant will double production capacity Investment: ~165 MUSD | ~70% complete IRR: strong double digits

¹⁾ Refers to YaraVita (foliar micronutrients and specialty coatings) and YaraAmplix (biostimulants)

With a strong market position in Europe, we are set for profitable growth

~25% Market share¹

Largest nitrogen producer in Europe 9,000 customers in 30 markets 140 terminals and warehouses

• Production sites
• Smaller sites
• Phosphate mines

Market footprint to serve the European farmer Increased value creation in a levelled playing field

• Growing nitrate market share and premiums
• Product and sourcing optimization
• Decarbonization margin opportunities with EU ETS and CBAM
• Food chain cooperation

Yara's profitable decarbonization strengthens our position in a carbon-taxed European market

Emission intensity in urea production, tCO² / t urea, illustrative

Urea exporters seek the highest netback, including carbon costs

CBAM uplift on European urea:

Emission intensity of the marginal imported urea tonne is the basis for carbon price uplift (urea inherently contains CO² ) for all finished nitrogen products in Europe

Yara's carbon cost lower than imported product

Through profitable decarbonization investments, Yara has achieved lower emission intensity on its products

Flexible business model reduces exposure, strengthening competitiveness

Limited EU ETS cash exposure until 2030

CCS Sluiskil

reduce up to 800 kt CO2^e from mid-2026

Quota bank

6 million EU ETS quotas – can be used to settle 4-5 years of emission cost

Limited CBAM exposure for exports

Global markets 1.5 mt ammonia equivalents

1 mt ammonia equivalents

EU Countries Yara has a flexible business model to optimize and adapt to changing market dynamics

Reduce carbon costs via sourcing and product allocation when and if needed Global and flexible system

Operations with a lower carbon footprint in Europe

Carbon footprint from Yara's European nitrogen production generally lower than global averages

Flexibility on importing low-cost ammonia with different carbon intensities

High flexibility and Europe's most competitive asset infrastructure

Yara is in pole position to generate value from our global flexibility and knowledge margin

Global optimization through scale and market presence

Leading premium product position and knowledge margin

Value accretive growth in low carbon products and biologicals

A value proposition fit to serve future requirements of the food systems

Strengthening returns

Magnus Krogh Ankarstrand Chief Financial Officer

Yara's unique competitive edges key to value generation

Proven performance, positioned for continued cash flow growth

L12M numbers per 3Q 2025

2.6 BUSD +500 MUSD vs. 3Q 2024 EBITDA¹

3.6 EPS²

USD/share +1.4 USD/share vs 3Q 2024 10.3% +3.4 pp. vs 3Q 2024

Free cash flow⁴

715 MUSD +592 MUSD vs 3Q 2024

Stable gross margin⁵

28% 26% avg. 2015-3Q 2025, only 2 pp. standard deviation

• 1) Excluding special items
• 2) Basic earnings/(loss) per share excl. foreign currency exchange gain/(loss) and special items
• 3) L12M 3Q2025 adjusted for special items of MUSD 350
• 4) Net cash provided by operating activities minus net cash used in investment activities as presented in the cash flow statement

ROIC³

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Strong balance sheet provides resilience and flexibility

1.27x Net debt / EBITDA excl. special items¹

BBB/Baa2 Investment

grade rating

Financially robust

Flexibility for value accretive growth and shareholder return

Progress on majority of KPIs

2020	2024	L12M	2025 target
3.0	2.8	2.7	2.7
-4%	-13%	-15%	-30%
ввв
	3.0 -4% n/a	3.0 2.8 -4% -13% n/a 24	3.0 2.8 2.7 -4% -13% -15% n/a 24 22

Ammonia Production, mt¹ 7.8 7.8 8.2 Finished Fertilliser Production, mt¹ 19.6 20.6 21.0 21.1 Premium generated, MUSD² 1,036 1,415 1,346 n/a Operating capital days² 113 108 109 92 Capital return (ROIC)³ 8.0% 5.0% 8.0% >10% Fixed costs, MUSD³ 2,112 2,423 2,320 2,380	Yara KPI	2020	2024	L12M	2025 target
Production, mt 1 19.6 20.6 21.0 21.1 Premium generated, MUSD 2 1,036 1,415 1,346 n/a Operating capital days 2 113 108 108 92 Capital return (ROIC) 2 8.0% 5.0% 8.0% >10%	Ammonia Production, mt1	7.3	7.8	7.8	8.2
MUSD 2 1,036 1,415 1,346 n/a Operating capital days 2 113 108 108 92 Capital return (ROIC) 3 8.0 5.0 5.0 8.0 >108		19.6	20.6	21.0	21.1
Capital return (ROIC) 3 8.0 % 5.0% 8.0% >10%		1,036	1,415	1,346	n/a
	Operating capital days 3		108	108
Fixed costs, MUSD 3 2,113 2,443 2,322 ~2,380	Capital return (ROIC)3	8.0 %	5.0%	8.0%	>10%
	Fixed costs, MUSD 3	2,113	2,443	2,322	~2,380

On track to reach target

• ROIC trending above 10%
• Finished fertilizer production¹
• Fixed cost
• GHG emissions

Lagging original target

• Ammonia production, prioritizing value over volume
• TRI plateaued above 1, but continued progress
• Engagement and diversity KPIs addressed after cost program
• Operating capital days impacted by changing trade flows

No longer relevant

• Digitized Hectares deprioritized due to low value potential

Cost and capex reduction program delivering ahead of plan – strict discipline continues

Sustainable cost reduction with drop-through effect on EBITDA¹ Strict capital discipline

Fixed cost excl. special items, MUSD BUSD

²⁾ Assuming 3.5% annual inflation over 15 months

³⁾ Drop-through effect for portfolio of planned fixed cost reduction vs. EBITDA per June 2024 (baseline).

⁴⁾ 1.2 BUSD CAPEX target (real) communicated in 2023 CMD, adjusted for inflation

Cost reduction drives efficiency and productivity

Lower fixed cost per delivered tonne… USD/t

…committed to enhancing operational discipline and unlocking value across the organization

Improvement Program combining growth, margin expansion and cost control

Capital Productivity set to improve through capex allocation and portfolio optimization

• 2) Fixed cost not excl. special items 2015-2017 as special items within fixed cost not defined before 2018
• 3) Real fixed cost is adjusted for USD inflation

Broadening improvements – committed to 200 MUSD improvement by end 2027 and 350 in 2030

Operationalized strategic priorities through key improvement levers

performance competitiveness 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 Capital reallocation • Reallocate capital to priority assets, portfolio optimization and cost restructuring

Targeting EBITDA uplift | MUSD

Drive

and

Improvements will increase earnings resilience

Market outlook points to increase in nitrogen margins…

Yara EBITDA – market sensitivity¹(BUSD) Yara EBITDA – improvement impact

Urea TTF	300	400	500
6	~2.2	~3.2	~4.3
9.5	~1.8	~2.8	~3.9
13	~1.3	~2.4	~3.5

CBAM/EU ETS impact not included in the matrix

…with step-change increase in earnings from targeted EBITDA improvements

(BUSD), all else equal

Strict capital discipline ensuring improvements translate to cash flow and ROIC

Capital allocation framework, MUSD

• Portfolio optimization direct capex towards high return assets
• Ensuring strong cash flow after turnarounds
• Prioritization of US ammonia projects
• Selective high-return growth projects with strong strategic fit
• Strong discipline to ensure high ROIC
• Maximizing potential of existing assets
• Flexibility to capture value accretive opportunities

US project offers an attractive cash flow profile – and is competitive into Europe on a full cost basis

Robust fundamentals compared to alternatives

Competitive upfront cash flow (~2 BUSD 2026-2030)

✓ Significantly lower than comparable projects

Hydrogen and nitrogen fee reflects competitive overall project economics

• ✓ Scale and early mover advantage
• ✓ 45Q tax credits

Significantly improved EBIT-profile compared to alternatives

• ✓ H2 fee also covering significant portion of fixed cost and maintenance
• ✓ Benefit of inflation over time

FID planned mid-2026

US ammonia investments are manageable within Yara's capital allocation policy

Strong annual FCF, also post US-investment¹

assuming even distribution of US investment over 4-5 years Subject to market conditions

• Double-digit returns key requirement
• Risk exposure aligned with Yara's risk appetite (gas to ammonia spread)
• Additional nitrate margin benefit
• Upholding capacity for dividends and flexibility for highly profitable investment opportunities

Strong shareholder returns while maintaining a strong balance sheet and capital discipline

EPS and DPS | USD per share

Commitment to improving underlying cash flow and maintaining strict capital discipline

Targeted capital structure

• Committed to BBB/Baa2 rating target
• Mid- to long-term Net debt/EBITDA of 1.5-2.0
• Maintain a net debt/equity ratio below 0.60

Dividend policy

• Ordinary dividend; 50% of net income subject to the above requirements
• Further cash distributions continuously considered in line with targeted capital structure
• Majority of returns as dividends, with share buybacks as a supplementary lever

⁾ Earnings/(loss) per share excluding foreign currency exchange gain/(loss). USD per share

Strong value trajectory looking forward

2024 2026 2030

>180 MUSD fixed cost reduction With high drop-through impact on EBITDA

>350 MUSD EBITDA improvement Improve core profitability

Improved production margins

Value accretive ammonia capacity expansion

Continued strict resource prioritization and active portfolio management

Tightening nitrogen markets and lower European gas prices

600 MUSD sustainable cash flow expansion 2024-2030¹

Summary

Svein Tore Holsether Chief Executive Officer

Profitable now – and prepared for the future

1905 Scaling up fertilizer production to feed world's growing population

2025 Supporting food production and critical industries in 140+ countries

Capitalizing on food value chain transformation and strengthening our position in the industry

Yara's unique competitive edges key to value generation

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

Appendix

EBITDA matrix based on Yara sensitivities. Q3 L12M 2025 as a reference point.

Yara EBITDA – market sensitivity¹ (BUSD) Q3 L12M 2025

Urea TTF	300	400	500
6	~2.2	~3.2	~4.3
9.5	~1.8	~2.8	~3.9
13	~1.3	~2.4	~3.5

EBITDA (MUSD)	2,619
ttf (USD/mmbtu)	12.88
hh (USD/mmbtu)	3.08
Urea Arab Gulf (USD/t)	405
CAN (USD/t)	342

Alternative performance measures

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