Yara International ASA

Quarterly Report • Oct 17, 2025

Yara third-quarter report 2025

• EBITDA excl. special items¹ of 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

Highlights 1)

USD millions, except where indicated otherwise	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Revenue and other income	4,108	3,654	11,703	10,515
Operating income/(loss)	470	309	1,129	689
EBITDA	770	604	1,981	1,529
EBITDA excl. special items	804	585	2,094	1,533
Net income/(loss)	320	286	1,028	306
Basic earnings/(loss) per share 4, 5)	1.25	1.12	4.03	1.19
Basic earnings/(loss) per share excl. foreign currency exchange gain/(loss) and special items 5)	1.33	0.73	3.25	1.37
Net cash provided by/(used in) operating activities	343	311	1,551	1,190
Net cash provided by/(used in) investing activities	(216)	(242)	(644)	(793)
Net debt / equity ratio	0.39	0.47	0.39	0.47
Net debt / EBITDA excl. special items (last 12 months) ratio	1.27	1.71	1.27	1.71
Average number of shares outstanding (millions)	254.7	254.7	254.7	254.7
Return on invested capital (ROIC) 6)	12.6 %	8.9 %	8.0 %	6.9 %

Key statistics

	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Yara production (thousand tonnes)
Ammonia	1,869	1,871	5,332	5,389
Finished fertilizer and industrial products, excl. bulk blends	5,276	5,295	14,990	14,673
Yara deliveries (thousand tonnes)
Ammonia trade	465	448	1,390	1,336
Fertilizer	6,000	5,939	18,007	17,219
Industrial Product	1,674	1,751	4,828	5,048
Total deliveries	8,139	8,138	24,226	23,602
Yara's Energy prices (USD per MMBtu)
Global weighted average gas cost 7)	9.5	8.7	10.0	8.5
European weighted average gas cost	12.5	11.2	13.5	10.8

¹⁾ For definition and reconciliation, see section Alternative performance measures (APMs), 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 section Alternative performance measures (APMs).

⁴⁾ USD per share.

⁵⁾ Yara currently has no share-based compensation programs resulting in a dilutive effect on earnings per share.

⁶⁾ Quarterly ROIC is calculated using an annualized quarterly NOPAT figure. Year-to-date numbers for ROIC are calculated using a 12-month rolling average.

⁷⁾ Excluding Babrala.

Variance analysis

USD millions	3Q 2025
EBITDA 2025	770
EBITDA 2024	604
Reported EBITDA variance	166
Special items variance (see page 30 for details)	(54)
EBITDA variance excl. special items	220
Volume/Mix	-
Margin	225
Fixed costs (excl. currency effects)	40
Other	(46)
Total variance explained	220

Third quarter

Yara's third-quarter EBITDA excluding special items was 804 MUSD, 38% higher than for the same quarter a year ago, driven by higher fertilizer prices and strong traction on improvement initiatives and cost reductions. Total deliveries were flat compared to the same quarter a year ago as higher urea sales offset lower nitrate sales.

Europe

EBITDA excluding special items was 191 MUSD, up 109 MUSD compared to the same quarter a year ago. The improvement reflects higher margins due to higher fertilizer prices, enhanced profitability for the phosphate value chain and lower fixed cost. Total deliveries were 2% higher than for the same quarter a year ago following strong urea sales.

Americas

EBITDA excluding special items was 251 MUSD, 33% higher than for the same quarter a year ago, mainly driven by higher production margins, higher premium product sales and lower fixed cost. Total deliveries were 3% higher than for the same quarter a year ago with growth in NPK sales in Brazil.

Africa & Asia

EBITDA excluding special items was 67 MUSD, 10% higher than for the same quarter a year ago, reflecting higher commercial margins in Asia and lower fixed cost. Total deliveries were 5% lower than for the same quarter a year ago, mainly due to lower deliveries in China driven by low cash crop prices, and lower deliveries in Africa.

Global Production

EBITDA excluding special items was 214 MUSD, 71% higher than for the same quarter a year ago. The result reflects higher upgrading margins and strong production volume, with high productivity and reliability.

Clean Ammonia

EBITDA excluding special items was 30 MUSD, 17% higher than for the same quarter a year ago, mainly driven by higher ammonia price and lower fixed cost. Total external deliveries were 4% higher than for the same quarter a year ago, due to increased third-party product deliveries.

Industrial Solutions

EBITDA excluding special items was 106 MUSD, 8% higher than for the same quarter a year ago, mainly reflecting one-off costs the same quarter a year ago. Total deliveries were 4% lower than for the same quarter a year ago, mainly due to the hibernation of assets in Brazil reducing production capacity.

Production volumes

	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Thousand tonnes
Ammonia	1,869	1,871	5,332	5,389
Urea	1,263	1,155	3,535	3,460
Nitrates	1,576	1,675	4,527	4,373
NPK	1,754	1,787	4,831	4,732
CN	435	429	1,316	1,263
UAN	224	217	688	639
SSP	24	26	94	201
MAP	-	6	-	6
Total Finished Products	5,276	5,295	14,990	14,673

Deliveries

Crop Nutrition deliveries	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Thousand tonnes
Urea	1,152	1,102	4,038	4,044
Nitrate	1,153	1,233	3,562	3,451
NPK	2,326	2,315	6,383	6,026
of which Yara -produced compounds	1,640	1,626	4,726	4,519
of which blends	656	673	1,597	1,475
CN	396	393	1,361	1,224
UAN	239	248	772	820
DAP/MAP/SSP	114	135	279	357
MOP/SOP	285	266	646	562
Other products	336	247	965	735
Total Crop Nutrition deliveries	6,000	5,939	18,007	17,219

Europe deliveries	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Thousand tonnes
Urea	174	78	647	600
Nitrate	934	949	2,895	2,732
NPK	526	557	1,902	1,880
of which Yara -produced compounds	506	541	1,777	1,767
CN	95	99	346	320
Other products	342	340	1,073	1,011
Total deliveries Europe	2,070	2,024	6,863	6,543

Americas deliveries	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Thousand tonnes
Urea	397	446	1,564	1,589
Nitrate	202	219	574	600
NPK	1,446	1,390	3,348	2,994
of which Yara -produced compounds	859	795	2,044	1,843
of which blends	572	595	1,281	1,151
CN	246	240	852	765
DAP/MAP/SSP	94	119	247	321
MOP/SOP	266	245	586	501
Other products	213	132	609	472
Total deliveries Americas	2,864	2,791	7,781	7,243
of which North America	491	516	2,157	2,227
of which Brazil	1,909	1,807	4,277	3,718
of which Latin America excl. Brazil	464	468	1,346	1,299

Africa & Asia deliveries	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Thousand tonnes
Urea	581	578	1,827	1,855
Nitrate	17	64	94	119
NPK	354	367	1,133	1,151
of which Yara-produced compounds	276	289	905	909
CN	55	54	163	138
Other products	59	60	141	144
Total deliveries Africa & Asia	1,066	1,124	3,357	3,408
of which Asia	839	869	2,728	2,767
of which Africa	227	255	629	641

Industrial Solutions deliveries	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Thousand tonnes
Ammonia 1)	106	102	329	308
Urea 1)	377	346	1,084	1,067
Nitrate 2)	390	367	1,043	1,031
CN	48	50	128	139
Other products 3)	240	385	734	969
Water content in industrial ammonia and urea	514	501	1,510	1,534
Total Industrial Solutions deliveries	1,674	1,751	4,828	5,048

• 1) Pure product equivalents.
• 2) Including AN Solution.
• 3) Including sulfuric acid and other minor products.

Financial items

USD millions	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Interest income and other financial income	12	16	28	40
Foreign currency exchange gain/(loss)	14	113	386	(61)
Interest expense	(68)	(63)	(172)	(183)
Other	(6)	(7)	(17)	(22)
Interest expense and other financial items	(74)	(71)	(189)	(206)
Net financial income/(expense)	(48)	58	225	(227)

Third quarter

The variance in net financial income/(expense) is mainly explained by a net foreign currency exchange gain of USD 14 million this quarter, compared with a gain of USD 113 million in the same period a year earlier.

This quarter's gain was driven by the depreciation of the US dollar against Yara's other main currencies generating a foreign currency exchange gain on Yara's US dollar denominated debt positions. However, this effect was partially offset by losses on internal funding positions, mainly in euro against the Norwegian krone, as the Norwegian krone appreciated. The gain in the same quarter a year ago was primarily a result of an appreciation of the euro affecting the internal funding positions.

Yara's accounting policy regarding foreign currency transactions is described on page 224 in the integrated report for 2024.

The reduction in interest income reflects lower short-term interest rates compared with the same quarter a year ago. Interest expense this quarter was USD 5 million higher than in the same period a year earlier, primarily reflecting a higher portion of the debt held in Latin American countries. Yara's average gross debt this quarter was around USD 350 million lower than in the same quarter a year ago.

At the end of the third quarter, the US dollar denominated debt position generating currency effects in the income statement was approximately USD 2,500 million, with around half of the exposure towards the Norwegian krone and the rest mainly towards emerging market currencies.

Year-to-date

Net financial income/(expense) for the first nine months of the year was an income of USD 225 million, compared with an expense of USD 227 million in the same period a year ago. The variance is primarily explained by a net foreign currency exchange gain in the current period against a loss in the same period a year earlier. The net foreign currency exchange gain this year largely stems from the US dollar denominated debt positions as the US dollar has depreciated against Yara's other main currencies. In the first nine months of 2024, the appreciation of the US dollar generated a loss on the US dollar debt positions, partly offset by a gain on internal funding positions.

Cash flow

Third quarter

Yara's third-quarter operating cash flow was USD 32 million higher than a year earlier. The increase reflects higher cash earnings which more than offsets the negative cash flow from higher operating capital. The increase in operating capital was driven by higher prices, higher gas cost and seasonal increase in inventories together with stronger production. Yara's investing cash outflow in the quarter was USD 26 million lower than a year earlier, reflecting lower investments in fixed assets. Yara's cash outflow from financing activities was USD 7 million lower than a year earlier.

Variance analysis methodology

In order to track underlying business developments from period to period, Yara's management uses a variance analysis methodology ("variance analysis") that involves the extraction of financial information from the accounting system, as well as statistical and other data from internal management information systems. Management considers the estimates produced by the variance analysis, and the identification of trends based on such analysis, sufficiently precise to provide useful data to monitor the business.

Year-to-date

Yara's operating cash flow for the first nine months was USD 361 million higher than a year earlier. The increase is due to an increase in cash earnings offsetting the negative cash flow effect from higher operating capital driven by increased fertilizer prices across main markets. Yara's investing cash outflow for the first nine months was USD 149 million lower than a year earlier, reflecting lower investments in fixed assets this year. Yara's cash outflow from financing activities was USD 281 million higher than a year earlier, due to higher loan proceeds last year.

However, these estimates should be understood to be less than an exact quantification of the changes and trends indicated by such analysis.

The variance analysis presented in Yara's quarterly and annual financial reports is prepared on a Yara EBITDA basis including net income/(loss) in equity-accounted investees. The volume, margin and other variances presented therefore include effects generated by performance in equity-accounted investees.

Outlook

The energy transition, geopolitical volatility, climate and food security are top issues on the global agenda. With its global operations, leading crop nutrition solutions and ammonia positions, Yara is uniquely positioned to navigate volatility capitalizing on its operational flexibility while also driving and creating strong shareholder value through these transformations.

Yara makes progress on the improvement agenda to strengthen financial returns by driving sustainable profitability in core operations and pursuing value-accretive growth, supported by strict capital discipline. The group is prioritizing cash conversion by allocating resources to high-return core assets while scaling back non-core and lower-yield activities, ensuring increased capital productivity.

In 2Q 2024, Yara launched a cost and capex reduction program targeting a reduction of fixed cost and capex by USD 150 million respectively by the end of 2025. As of 3Q 2025, the program is ahead of schedule and Yara is now targeting a 4Q 2025 run rate of USD 2,350 million excluding currency effects, which would represent USD 180 million in annual fixed cost savings net of inflation. Capex guidance for 2025 is USD 1.1 billion, USD 250 million lower than original guidance, reflecting continued capital discipline as Yara strictly prioritizes higher paying investment, further supported by lower capex requirement due to portfolio adjustments.

Nitrogen markets are demand-driven, with urea prices well above historical averages despite low grain prices impacting farmer affordability. High prices in the beginning of the quarter moderated somewhat toward the end of the quarter due to increased China exports. European industry nitrogen deliveries in core markets were 1 % higher in 3Q compared with the same quarter one year ago, while Yara achieved a 6% increase in European nitrogen deliveries this quarter, driven by strong commercial execution. Both India and China continue to be the most important factors for the global nitrogen balance. While Chinese exports are expected to reach approximately 4 million metric tons for 2025 and a significant part remains to be exported in 4Q, a substantial share of this has already been absorbed by the market. At the same time, stronger Indian import demand, driven by lower inventories and reduced domestic production, has helped support global supply dynamics and supported pricing resilience.

The peak of capacity additions excluding China has passed, with modest production growth in 2024, and industry projections showing supply growth for 2025 and onwards significantly below trend consumption growth. Combined with supportive demand fundamentals, this indicates a tightening global supply and demand balance in the coming years, which will improve European production margins as forward gas prices are lower than current levels.

From 1 January 2026, the Carbon Border Adjustment Mechanism (CBAM) will be phased in, introducing a price on carbon for fertilizers imported to the EU. This will level the playing field as EU producers currently are exposed to a domestic carbon price under EU ETS which would otherwise increasingly become a competitive disadvantage as free allowances are gradually phased out. The carbon cost for both EU producers and importers into EU will depend on the emission intensity of the product, the applicable benchmark set by European Commission and the carbon

price based on EU ETS. There are still several unconcluded elements of CBAM, adding complexity when estimating future carbon costs and consequently also future price impact. Europe currently imports more than 40% of its nitrogen needs, generally in the form of urea. As urea producers selling to the EU will seek other markets if their respective carbon tax is not reflected in prices, either partially or fully, prices for finished nitrogen fertilizers in Europe are expected to reflect global prices plus CBAM and other import costs, while remaining subject to the prevailing supply/demand balance.

Yara has a global and flexible system and will optimize both ammonia sourcing and product allocation to avoid CBAM imposing a competitive disadvantage on Yara's domestic production and exports. Yara's exports of fertilizers are largely covered with imports of ammonia from outside the EU. Yara sees opportunities to get mechanisms in place to reduce exposure to carbon costs on the exports out of Europe, e.g. for raw materials and intermediate goods imported such as ammonia, and processed into finished fertilizers, can be placed under the EU custom procedure of inward processing. Furthermore, Yara's European nitrogen production generally operates with a lower carbon footprint than global averages, driven by energy efficiency projects, historic investments in N2O abatement, and the investment in CCS in Sluiskil that will further improve our cost position versus imports.

With the combination of cost reduction, portfolio optimization and a tightening nitrogen market, Yara's financial position is set to strengthen with increased free cash flow1) and sustainable profitability. Net income year-to-date 2025 is USD 1,028 million, up from USD 306 million in 2024. While this is supported by a non-cash net foreign currency gain of USD 386 million, it clearly demonstrates that Yara's improvement focus is yielding increased results. This will enable improved shareholder returns through cash distributions and re-investment in value-accretive growth opportunities – subject to double digit returns – such as renewing our ammonia portfolio by accessing low-cost ammonia through potential equity positions in the US.

Yara's competitive edge within trading and shipping of ammonia combined with a significant offtake need makes Yara an attractive partner for any ammonia project. Yara continues to explore the most valueaccretive option to capitalize on low-carbon ammonia growth. Double digit returns remain a key requirement for a potential FID and Yara targets equity participation that would enable shareholder distributions in line with our capital allocation policy also through an investment period.

Based on current forward markets for natural gas (08/10/2025) and assuming stable gas purchase volumes, Yara's gas cost for fourth quarter 2025 and first quarter 2026 is estimated to be USD 40 million lower and USD 75 million lower than a year earlier. These estimates may change depending on future spot gas prices and local terms.

Yara's capital allocation policy is based on an overall objective to maintain a mid-investment grade credit rating, with a targeted capital structure consisting of a mid-to-long term net debt/EBITDA excl. special items2) rate of 1.5-2.0, and a net debt/equity ratio below 0.60. At the end of third quarter, Yara's net debt/EBITDA excl. special items2) is 1,27 and net debt/equity ratio2) is 0.39.

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 2Q report.

²⁾ For definition and reconciliation, see section Alternative performance measures (APMs), pages 22-29.

Condensed consolidated interim statement of income

USD millions, except share information	Notes	3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
Revenue	5	4,107	3,626	11,675	10,468	13,868
Other income		1	27	28	47	66
Revenue and other income		4,108	3,654	11,703	10,515	13,934
Raw materials, energy costs and freight expenses		(3,023)	(2,766)	(8,473)	(7,636)	(10,200)
Change in inventories of own products		124	132	65	(45)	70
Payroll and related costs	6	(329)	(341)	(1,063)	(1,048)	(1,543)
Depreciation and amortization	8	(283)	(271)	(803)	(780)	(1,047)
Impairment loss	8	(1)	(1)	(7)	(10)	(82)
Expected and realized credit loss on trade receivables		(1)	(1)	(5)	(8)	(9)
Other operating expenses	6	(124)	(95)	(288)	(299)	(437)
Operating costs and expenses		(3,638)	(3,344)	(10,574)	(9,826)	(13,248)
Operating income/(loss)		470	309	1,129	689	686
Share of net income/(loss) in equity-accounted investees		4	7	14	10	19
Interest income and other financial income		12	16	28	40	55
Foreign currency exchange gain/(loss)		14	113	386	(61)	(321)
Interest expense and other financial items		(74)	(71)	(189)	(206)	(259)
Income/(loss) before tax		426	374	1,368	472	180
Income tax		(105)	(87)	(340)	(167)	(165)
Net income/(loss)		320	286	1,028	306	15
Net income/(loss) attributable to
Shareholders of the parent		319	285	1,025	304	14
Non-controlling interests		1	2	3	1	2
Net income/(loss)		320	286	1,028	306	15
Basic earnings/(loss) per share 1)		1.25	1.12	4.03	1.19	0.05
Weighted average number of shares outstanding	10	254,725,627	254,725,627	254,725,627	254,725,627	254,725,627

¹⁾ Yara currently has no share-based compensation program resulting in a dilutive effect on earnings per share.

Condensed consolidated interim statement of comprehensive income

USD millions	3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
Net income/(loss)	320	286	1,028	306	15
Other comprehensive income/(loss) that may be reclassified to statement of income in subsequent periods, net of tax
Currency translation adjustments	(19)	92	173	(67)	(254)
Hedge of net investments	6	7	80	(21)	(67)
Net other comprehensive income/(loss) that may be reclassified to statement of income in
subsequent periods, net of tax	(13)	99	252	(88)	(321)
Other comprehensive income/(loss) that will not be reclassified to statement of income in subsequent periods, net of tax
Currency translation adjustments 1)	28	19	242	(41)	(160)
Net gain/(loss) on equity instruments at fair value through other comprehensive income	-	-	-	-	1
Remeasurement gains/(losses) on defined benefit plans	4	10	19	60	17
Net other comprehensive income/(loss) that will not be reclassified to statement of income in
subsequent periods, net of tax	32	29	262	19	(142)
Total other comprehensive income/(loss), net of tax	19	128	514	(69)	(463)
Total comprehensive income/(loss)	340	414	1,542	237	(448)
Total comprehensive income/(loss) attributable to
Shareholders of the parent	339	411	1,538	237	(446)
Non-controlling interests	1	3	4	(1)	(1)
Total comprehensive income/(loss)	340	414	1,542	237	(448)

¹⁾ Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as "foreign operations" to Yara International ASA.

Condensed consolidated interim statement of changes in equity

			Other reserves
USD millions	Notes	Paid-in capital 1)	Currency translation adjustments	Other components of equity 2)	Retained earnings	Attributable to shareholders of the parent	Non controlling interests	Total equity
Balance at 31 December 2024		14	(2,066)	(369)	9,409	6,988	16	7,003
Net income/(loss)		-	-	-	1,025	1,025	3	1,028
Total other comprehensive		-	414	80	19	513	1	514
income/(loss) Total comprehensive income/(loss)		-	414	80	1,045	1,538	4	1,542
Long-term incentive plan		-	-	-	(1)	(1)	-	(1)
Dividends distributed	10	-	-	-	(127)	(127)	(1)	(128)
Balance at 30 September 2025		14	(1,652)	(289)	10,325	8,397	19	8,416

			Other reserves
USD millions	Notes	Paid-in capital 1)	Currency translation adjustments	Other components of equity 2)	Retained earnings	Attributable to shareholders of the parent	Non controlling interests	Total equity
Balance at 31 December 2023		14	(1,655)	(304)	9,497	7,552	18	7,570
Net income/(loss)		-	-	-	304	304	1	306
Total other comprehensive		-	(106)	(21)	60	(67)	(2)	(69)
income/(loss) Total comprehensive income/(loss)		-	(106)	(21)	364	237	(1)	237
Long-term incentive plan		-	-	-	(1)	(1)	-	(1)
Dividends distributed	10	-	-	-	(119)	(119)	(1)	(119)
Balance at 30 September 2024		14	(1,761)	(324)	9,742	7,670	17	7,687

¹⁾ Par value of issued shares is NOK 1.70.

²⁾ Other components of equity include fair value reserve of financial assets at FVOCI and hedge of net investments.

Condensed consolidated interim statement of financial position

USD millions	Notes	30 Sep 2025	30 Sep 2024	31 Dec 2024
Assets
Non-current assets
Deferred tax assets		505	564	555
Goodwill	8	742	748	712
Intangible assets other than goodwill	8	108	144	123
Property, plant and equipment	8	7,378	7,155	6,817
Right-of-use assets	8	562	488	464
Associated companies and joint ventures		170	149	138
Other non-current assets		553	643	485
Total non-current assets		10,019	9,891	9,294
Current assets
Inventories	9	3,497	3,026	3,014
Trade receivables		1,744	1,637	1,497
Prepaid expenses and other current assets		800	909	868
Cash and cash equivalents		927	907	317
Non-current assets and disposal group classified as held for sale		2	3	5
Total current assets		6,969	6,481	5,700
Total assets		16,988	16,373	14,994

Condensed consolidated interim statement of financial position

USD millions, except share information	Notes	30 Sep 2025	30 Sep 2024	31 Dec 2024
Equity and liabilities
Equity
Share capital reduced for treasury shares		63	63	63
Premium paid-in capital		(49)	(49)	(49)
Total paid-in capital		14	14	14
Other reserves		(1,942)	(2,085)	(2,435)
Retained earnings		10,325	9,742	9,409
Total equity attributable to shareholders of the parent		8,397	7,670	6,988
Non-controlling interests		19	17	16
Total equity	10	8,416	7,687	7,003
Non-current liabilities
Employee benefits		278	269	262
Deferred tax liabilities		434	495	408
Interest-bearing debt	11	2,973	3,519	3,409
Other non-current liabilities		131	162	203
Non-current provisions		302	296	262
Non-current lease liabilities	11	425	355	330
Total non-current liabilities		4,542	5,096	4,874
Current liabilities
Trade and other current payables	3,6	1,977	1,951	1,877
Prepayments from customers		494	386	419
Current tax liabilities		183	112	99
Current provisions	6	110	39	84
Other current liabilities		415	463	329
Interest-bearing debt	11	703	498	170
Current lease liabilities	11	147	140	138
Total current liabilities		4,029	3,590	3,117
Total equity and liabilities		16,988	16,373	14,994
Number of shares outstanding	10	254,725,627	254,725,627	254,725,627

The Board of Directors and Chief Executive Officer

Yara International ASA Oslo, 16 October 2025

Trond Berger Chair

Rune Bratteberg Board member

Eva Safrine Aspvik Board member

Harald Thorstein Board member

Jannicke Hilland Vice chair

Tove Feld Board member

Ragnhild Flesland Høimyr

Board member

Tina Lawton Board member John Thuestad

Board member

Geir O. Sundbø Board member

Jais Valeur

Board member

Svein Tore Holsether President and CEO

Condensed consolidated interim statement of cash flows

USD millions	Notes	3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
Operating activities
Income/(loss) before tax		426	374	1,368	472	180
Adjustments to reconcile income/(loss) before tax to net cash provided by/(used in)
operating activities
Depreciation and amortization	8	283	271	803	780	1,047
Impairment loss	8	1	1	7	10	82
(Gain)/loss on disposal of non-current assets		7	(16)	-	(23)	(15)
Foreign currency exchange (gain)/loss		(14)	(113)	(386)	61	321
Finance income and expense		62	55	160	166	203
Income taxes paid		(64)	(74)	(175)	(232)	(302)
Interest paid 1)		(30)	(26)	(161)	(150)	(251)
Interest received		12	12	33	40	54
Other		(4)	(14)	(27)	(28)	74
Working capital changes that provided/(used) cash
Trade receivables		195	108	(133)	(32)	23
Inventories		(149)	(125)	(165)	2	(201)
Prepaid expenses and other assets		(16)	50	118	75	73
Trade and other payables		(172)	(38)	65	11	(87)
Prepayments from customers		(176)	(154)	22	55	121
Other interest-free liabilities		(19)	(1)	21	(15)	(35)
Net cash provided by/(used in) operating activities		343	311	1,551	1,190	1,286
Investing activities
Purchase of property, plant and equipment		(213)	(258)	(664)	(762)	(1,038)
Proceeds from sales of property, plant and equipment		3	23	6	25	26
Disposal of subsidiaries, net of cash transferred		-	6	-	(7)	(7)
Acquisition of subsidiaries, net of cash acquired		-	-	-	(21)	(21)
Purchase of other non-current assets		(5)	(15)	(11)	(32)	(47)
Proceeds from sales of other non-current assets		-	3	26	5	8
Net cash provided by/(used in) investing activities		(216)	(242)	(644)	(793)	(1,080)
Financing activities
Loan proceeds 2)	11	54	17	54	291	284
Principal payments 2)	11	(30)	(31)	(77)	(78)	(404)
Payment of lease liabilities	11	(52)	(47)	(149)	(135)	(187)
Dividends paid	10	(7)	(6)	(127)	(120)	(120)
Other inflows/(outflows) of cash	11	(1)	25	(1)	25	25
Net cash provided by/(used in) financing activities		(35)	(42)	(299)	(18)	(401)
Foreign currency effects on cash and cash equivalents		(3)	3	2	(27)	(41)
Net increase/(decrease) in cash and cash equivalents		89	31	610	353	(236)
Cash and cash equivalents at beginning of period 3)		838	876	318	555	555
Cash and cash equivalents at end of period 3)		927	907	927	907	318
Bank deposits not available for the use by the Group		80	97	80	97	85

¹⁾ Including interest on lease liabilities.

²⁾ Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net.

³⁾ Excluded expected credit loss provisions on bank deposits.

Notes to the interim financial statements

Note 1

Corporate information and basis of preparation

Yara (the Group) consists of Yara International ASA and its subsidiaries. Yara International ASA is a public limited company incorporated in Norway. The address of its registered office is Drammensveien 131, Oslo, Norway.

These unaudited, condensed consolidated interim financial statements consist of the Group and the Group's interests in associated companies and joint arrangements. They are prepared in accordance with International Accounting Standard 34 Interim

Financial Reporting and should be read in conjunction with the annual consolidated financial statements in Yara's Integrated Report for 2024. The accounting policies applied in the third quarter of 2025 are the same as those communicated in that Integrated Report.

As a result of rounding differences, numbers or percentages may not add up to the total.

Note 2

Estimates, judgments and assumptions

Yara faces various risks and uncertainties that require management to make estimates, judgments, and assumptions which may significantly differ from actual results and potentially lead to material adjustments to carrying amounts. The estimates, judgments, and assumptions communicated in Yara's consolidated financial statements for 2024 also apply to these interim financial statements.

Note 3

Im Effects of the geopolitical situation

Yara, as a globally diversified company, is well-positioned to navigate shifts in the geopolitical landscape. The Group's flexibility enables it to optimize production and product flows, ensuring effective customer service with minimal disruption.

Yara's financial performance is largely driven by commodity price developments - especially global nitrogen fertilizer prices and natural gas prices. These global commodity prices are sensitive to geopolitical situations which can disrupt value chains and global trade in core sectors for Yara such as energy, food production and distribution. The Group's operations are further influenced by sanctions, changing alliances, trade barriers, tariff fluctuations, and complex logistics resulting from geopolitical tensions.

Yara continuously monitors these geopolitical developments and adapts as needed, building resilience through its global scale, optimized production network, cost competitiveness, and vigilant tracking of market and political changes. However, the financial impact to Yara of geopolitical developments remains highly uncertain and difficult to predict, as it depends on market price fluctuations and changes in trade and sourcing patterns. The Group has not encountered any major disruptions to its operations year-to-date of 2025.

As of September 30, 2025, Yara's trade payables to companies associated with Russian-sanctioned individuals total USD 164 million, adjusted for exchange rates at the balance sheet date. These payables relate to goods received before sanctions took effect and are included under "Trade and other current payables" in the consolidated statement of financial position. The timing of these cash outflows is uncertain, as any future payments will depend on how sanction regulations evolve.

Yara's operations are segmented into key business components, which are reviewed regularly by its chief operating decision maker, defined as the Chief Executive Officer (CEO) of the Group. Yara's operating segments are:

• Europe
• Americas
• Africa & Asia
• Global Production
• Clean Ammonia
• Industrial Solutions

In the third quarter 2025, Yara implemented an organizational restructuring to further simplify its operating model and enhance strategic focus. As part of this process, the Pilbara ammonia plant was transferred from the Africa and Asia segment to the Global Production segment, formerly known as Global Plants & Operational Excellence. In addition, the joint operation of Pilbara

Nitrates was transferred from the Africa and Asia segment to the Industrial Solutions segment to reflect its downstream market orientation. Following these changes, the Africa and Asia segment will continue its focus on commercial activities, distribution, and sales across its regional markets.

Segment information for comparative periods has been restated accordingly. Restated segment information for previous quarters of 2025 and 2024 is available on www.yara.com. These changes to the segment reporting structure have no impact on the consolidated financial information of the Group.

There have been no further material changes to the basis of segmentation during the quarter. For a detailed description of each segment's activities, please refer to the latest annual consolidated financial statements.

Information about Yara's operating segments

USD millions	3Q 2025	Restated 1) 3Q 2024	YTD 2025	Restated 1) YTD 2024	Restated 1) 2024
External revenue
Europe	1,013	833	3,249	2,771	3,653
Americas	1,647	1,397	4,163	3,587	4,736
Africa & Asia	591	596	1,808	1,774	2,351
Global Production	13	13	41	40	53
Clean Ammonia	202	203	580	589	789
Industrial Solutions	636	582	1,819	1,690	2,267
Other and Eliminations	5	2	16	16	20
Total	4,107	3,626	11,675	10,468	13,868
Internal revenue
Europe	183	184	574	554	705
Americas	11	12	34	35	46
Africa & Asia	27	23	110	92	147
Global Production	959	792	2,652	2,353	3,168
Clean Ammonia	253	251	806	719	1,019
Industrial Solutions	57	67	158	173	231
Other and Eliminations	(1,489)	(1,329)	(4,334)	(3,926)	(5,316)
Total	-	-	-	-	-
Total revenue
Europe	1,196	1,017	3,823	3,325	4,358
Americas	1,658	1,409	4,197	3,622	4,781
Africa & Asia	619	620	1,919	1,866	2,497
Global Production	972	805	2,693	2,393	3,221
Clean Ammonia	454	454	1,385	1,309	1,808
Industrial Solutions	693	649	1,977	1,863	2,498
Other and Eliminations	(1,484)	(1,327)	(4,319)	(3,910)	(5,296)
Total	4,107	3,626	11,675	10,468	13,868
EBITDA 2)
Europe	156	82	429	192	229
Americas	250	208	628	502	664
Africa & Asia	67	61	205	155	221
Global Production	214	126	443	361	410
Clean Ammonia	30	25	77	76	117
Industrial Solutions	104	98	260	217	334
Other and Eliminations	(51)	5	(60)	25	(86)
Total	770	604	1,981	1,529	1,889

¹⁾ Comparative figures have been restated to reflect the change in Yara's operating segments. This restatement does not affect Yara's total consolidated figures.

²⁾ See section "Alternative performance measures" for definition and relevant reconciliations.

USD millions	3Q 2025	Restated 1) 3Q 2024	Oct 2024 - Sep 2025	Restated 1) Oct 2023 - Sep 2024	Restated 1) 2024
Net operating profit after tax (NOPAT) 2)
Yara	1,455	982	897	766	558
Europe	235	58	145	(21)	(17)
Americas	586	451	404	350	295
Africa & Asia	170	155	174	123	138
Global Production	404	155	142	176	88
Yara Clean Ammonia	42	28	41	43	40
Industrial Solutions	192	140	132	111	94
Invested capital 2)
Yara 3)	11,571	11,081	11,280	11,093	11,164
Europe	3,173	2,781	3,014	2,709	2,774
Americas	2,829	2,837	2,838	3,016	2,968
Africa & Asia	913	804	827	789	795
Global Production	2,783	2,599	2,657	2,535	2,559
Yara Clean Ammonia	327	361	341	354	360
Industrial Solutions	1,615	1,616	1,592	1,600	1,606
ROIC 2) 4)
Yara	12.6%	8.9%	8.0%	6.9%	5.0%
Europe	7.4%	2.1%	4.8%	(0.8%)	(0.6%)
Americas	20.7%	15.9%	14.3%	11.6%	9.9%
Africa & Asia	18.6%	19.2%	21.1%	15.5%	17.4%
Global Production	14.5%	6.0%	5.3%	7.0%	3.4%
Yara Clean Ammonia	13.0%	7.6%	12.0%	12.0%	11.0%
Industrial Solutions	11.9%	8.7%	8.3%	6.9%	5.9%

¹⁾ Comparative figures have been restated to reflect the change in Yara's operating segments. This restatement does not affect Yara's total consolidated figures.

The reconciliation of reportable segments' measure of profit/(loss) to the profit/(loss) of the Group is included in the "Alternative performance measures" section.

²⁾ NOPAT, Invested capital and ROIC are calculated on a 12-month rolling average and a quarterly annualized basis. See section "Alternative performance measures" for definitions and relevant reconciliations.

³⁾ A normalized operating cash level of USD 200 million is included in the Invested capital for Yara. This is not included in the Invested capital calculation at the operating segment level.

⁴⁾ Quarterly ROIC is calculated using the reported annualized quarterly NOPAT figures.

Disaggregation of external revenues by geographical area 1)

			Latin America	North
USD millions	Europe	Brazil	excl. Brazil	America	Africa	Asia	Total
3Q 2025
Europe	982	-	10	-	16	5	1,013
Americas	-	1,067	323	256	-	-	1,647
Africa & Asia	-	-	-	-	150	441	591
Global Production	11	-	1	-	-	1	13
Clean Ammonia	9	31	-	79	-	82	202
Industrial Solutions	327	146	21	33	67	43	636
Other and Eliminations	5	-	-	-	-	-	5
Total	1,334	1,245	355	369	233	573	4,107
Restated 2) 3Q 2024
Europe	809	-	5	-	15	4	833
Americas	-	868	306	223	-	-	1,397
Africa & Asia	-	-	-	-	157	439	596
Global Production	11	-	1	-	-	1	13
Clean Ammonia	12	49	-	57	-	86	203
Industrial Solutions	293	126	39	33	52	40	582
Other and Eliminations	2	-	-	-	-	-	2
Total	1,126	1,043	352	313	224	570	3,626
YTD 2025
Europe	3,153	-	27	1	48	18	3,249
Americas	-	2,223	904	1,036	-	-	4,163
Africa & Asia	-	-	-	-	417	1,392	1,808
Global Production	35	-	5	-	-	2	41
Clean Ammonia	9	96	-	247	-	227	580
Industrial Solutions	958	421	73	96	165	107	1,819
Other and Eliminations	12	-	-	-	-	3	16
Total	4,168	2,741	1,009	1,380	630	1,748	11,675
Restated 2) YTD 2024
Europe	2,697	-	14	-	42	17	2,771
Americas	1	1,736	851	999	-	-	3,587
Africa & Asia	-	-	-	-	409	1,365	1,774
Global Production	35	-	3	-	-	2	40
Clean Ammonia	44	116	-	185	-	244	589
Industrial Solutions	878	367	97	90	145	114	1,690
Other and Eliminations	14	-	-	-	-	3	17
Total	3,668	2,219	965	1,274	596	1,746	10,468
Restated 2) 2024
Europe	3,543	-	18	1	68	23	3,653
Americas	1	2,336	1,113	1,287	-	-	4,736
Africa & Asia	-	-	-	-	548	1,802	2,351
Global Production	45	-	5	-	-	2	53
Clean Ammonia	44	153	-	259	-	333	789
Industrial Solutions	1,184	497	123	119	197	146	2,267
Other and Eliminations	17	-	-	-	-	3	20
Total	4,835	2,985	1,259	1,665	813	2,310	13,868

¹⁾ Disaggregation by geographical area is based on customer location.

²⁾ Comparative figures have been restated to reflect the change in Yara's operating segments. This restatement does not affect Yara's total consolidated figures.

Revenue Note

USD millions	3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
Revenue derived from:
Sale of fertilizer and chemical products	3,894	3,420	11,068	9,883	13,095
Freight / insurance services	158	155	428	425	551
Other products and services	38	38	128	115	161
Revenue from contracts with customers	4,090	3,613	11,625	10,423	13,806
Interest income from financing component in contracts with customers 1)	18	13	50	45	61
Revenue	4,107	3,626	11,675	10,468	13,868

1) Refers mainly to customers in Brazil and other Latin American markets.

Provisions

Environmental provisions

In the third quarter of 2025, the Yara Europe segment recognized additional provisions of USD 35 million (3Q 2024: USD 1 million), primarily driven by revised estimates for restoration activities at a closed site and for mandatory post-closure environmental requirements at an operational site. The provisions are presented on the line "Other operating expenses" in the Statement of Income.

Restructuring

Year-to-date 2025, Yara recognized restructuring costs of USD 79 million (YTD 2024: USD 7 million) in the Statement of Income, of which USD 4 million is presented on the line "Raw materials, energy costs and freight expenses", USD 63 million (YTD 2024: USD 7 million) is presented on the line "Payroll and related costs", USD 11 million is presented on the line "Other operating expenses" and USD 1 million on the line "Impairment loss". These restructuring costs were booked in the first half of 2025 and refer to Yara's initiatives to enhance the Group's financial performance and position.

	3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
Income/(loss) before tax	426	374	1,368	472	180
Income tax	(105)	(87)	(340)	(167)	(165)
Effective tax rate	24.6 %	23.3 %	24.9 %	35.4 %	91.7 %

Third quarter

The effective tax rate of 24.6% in the third quarter of 2025 increased slightly compared to 23.3% in the same period last year. No significant non-recurring items impacted the effective tax rate in either period.

Year-to-date

The effective tax rate of 24.9% in the first nine months of 2025 was down from 35.4% in the same period last year. Last year's effective tax rate was significantly impacted by deferred tax assets related to carry-forward losses in Brazil, which were not recognized due to uncertainty regarding their recoverability. Excluding the impact from Brazil, the effective tax rate for the same period last year would have been 27%.

Tax contingencies

Information about contingent tax liabilities was disclosed in note 5.5 in the Integrated Report for 2024. There have been no material changes to contingencies so far in 2025 except for the following cases:

• A subsidiary has received a notification of a potential reassessment of a loss that Yara considers to be deductible. Yara disagrees with the basis for a reassessment, which has a tax cost exposure of approximately USD 35 million.
• In a decision by the High Court in the Netherlands, the court ruled in favor of the tax authorities. The decision has no impact on the reported tax cost as the claim has been fully expensed and paid for in previous reporting periods. Because of the decision, the tax authorities have withdrawn its position referred to as "exit tax assessment" in the annual integrated report for 2024. This implies that the contingent tax liability of USD 500 million plus accumulated interests no longer exists.

Non-current assets

	Property, plant (PPo	and equipment &E)
USD millions	PP&E other than AuC	Assets under construction (AuC)		Intangible assets other than goodwill
Carrying value				, i
Carrying value
YTD 2025
Balance at 1 January 2025	6,069	748	712	123	464
,	-,,,,,			1	17.
Additions and lease modifications 1)	145	436	-	6	209
Derecognition	(3)	(1)	-	(6)
Transfers	268	(270)	-	-	2
Depreciation and amortization	(632)	-	_	(18)	(153)
Impairment loss	(2)	-	-	(9)	-
Reversal of impairment loss	3	1	-	-	_
Foreign currency translation	531	85	31	12	40
Balance at 30 September 2025	6,379	998	742	108	562
1) An amount of USD 20 million has been recognized as a rec	duction to AuC due to subsidies.
YTD 2024
Balance at 1 January 2024	6,513	719	760	135	418
Additions and lease modifications 1)	192	477	1	32	214
Derecognition	(14)	(1)	(5)	(1)	-
Transfers	272	(268)	-	1	1
Depreciation and amortization	(615)	` -	-	(20)	(145
Impairment loss	(6)	(4)	-
Reversal of impairment loss	`-	1	-	-	-
Foreign currency translation	(107)	(3)	(8)	(3)	(1)
Balance at 30 September 2024	6,235	921	748	144	488
1) An amount of USD 19 million has been recognized as a rec	duction to AuC due to subsidies.
2024
Balance at 1 January 2024	6,513	719	760	135	418
Additions and lease modifications 1) 2)	493	547	1	28	269
Derecognition	(21)	(3)	(5)	(5)	-
Transfers	441	(447)	(1)	3	-
Depreciation and amortization	(823)	-	-	(27)	(198
Impairment loss	(73)	(8)	(3)	-
Reversal of impairment loss	1	1	-	-	-
Foreign currency translation	(462)	(61)	(41)	(11)	(26)
Balance at 31 December 2024	6,069	748	712	123	464

¹⁾ Additions to PP&E other than AuC in 2024 is USD 510 million. The net amount includes USD 17 million reduction to decommissioning assets related to buildings, this is mainly due to decrease in expected inflation rate.

Leases expensed in the period

Leases expensed in the quarter amounts to USD 12 million (3Q 2024: USD 11 million) and USD 38 million year-to-date (YTD 2024: USD 39 million), and refers to leases with variable payments, leases of low value, or leases of short term.

²⁾ An amount of USD 23 million has been recognized as a reduction to AuC due to subsidies.

Inventories Note

				Global	Clean	Industrial	Other and
USD millions	Europe	Americas	Africa & Asia	Production	Ammonia	Solutions	Eliminations	Total
30 September 2025
Finished goods	628	595	561	115	-	126	(148)	1,877
Work in progress	46	1	-	24	-	19	-	90
Raw materials	146	730	11	128	69	53	4	1,141
Spare parts	111	60	5	138	-	76	-	390
Total	931	1,386	577	404	69	275	(145)	3,497
Write-down, closing balance	(17)	(9)	(4)	(2)	-	(9)	6	(35)
Restated 1) 30 September 2024
Finished goods	508	527	489	88	-	114	(67)	1,658
Work in progress	39	1	-	22	-	12	-	75
Raw materials	123	540	14	112	77	71	-	936
Spare parts	107	53	5	126	-	67	-	358
Total	777	1,121	507	348	77	263	(67)	3,026
Write-down, closing balance	(22)	(13)	(2)	(2)	-	(6)	6	(40)
Restated 1) 31 December 2024
Finished goods	575	535	466	110	-	113	(108)	1,690
Work in progress	38	-	-	37	-	21	-	96
Raw materials	115	506	12	117	70	73	-	893
Spare parts	94	52	5	122	-	61	-	334
Total	822	1,093	483	386	70	268	(108)	3,014
Write-down, closing balance	(23)	(10)	(2)	(3)	(1)	(9)	6	(41)

1) Comparative figures have been restated to reflect the change in Yara's operating segments, see note 4 Operating segment information for further details.

Note 10

Shareholders' equity

The Annual General Meeting on 28 May 2025 approved a dividend for 2024 of NOK 5 per share. Total amount payable is NOK 1,274 million (USD 127 million). The dividend was paid out during second quarter 2025, except for NOK 70 million (USD 7 million) which was paid during the third quarter 2025.

On 28 May 2025 the Annual General Meeting also authorized the Board of Directors to acquire up to 12,736,281 shares in the open market and from the Norwegian State. Shares may be purchased within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently cancelled.

Yara has renewed its agreement with the Norwegian State according to which the State's shares will be redeemed on a pro-rata basis to ensure the State's ownership is unchanged in the event of a cancellation of shares bought back. Yara has not purchased own shares under the 2025 or 2024 buy-back programs.

Total number of shares outstanding on 30 September 2025 is 254,725,627. Yara has not held any own shares throughout 2024 and 2025.

Interest-bearing debt

Specification of interest-bearing debt

USD millions	30 Sep 2025	30 Sep 2024	31 Dec 2024
Non-current liabilities
Debenture bonds 1)	2,936	3,420	3,342
Bank loans	-	51	28
Other loans	37	48	39
Total non-current interest-bearing debt	2,973	3,519	3,409
Current liabilities
Current portion of non-current debt	547	346	56
Credit facilities, overdraft facilities and other current debt	156	153	115
Total current interest-bearing debt	703	498	170
Total interest-bearing debt	3,676	4,017	3,579

1) Yara International ASA is responsible for the entire amount.

At 30 September 2025, the fair value of the non-current debt, including the current portion, was USD 3,547 million, compared to a carrying value of USD 3,520 million. During the quarter, the difference between fair value and carrying value increased from USD 6 million lower than the carrying value to USD 27 million above. This change was primarily driven by lower long-term riskfree rates and tighter credit spreads, which resulted in reduced discount rates applied in the fair value calculation.

There have been no significant changes in Yara's non-current interest-bearing debt profile during the quarter.

At the end of the quarter, the USD 1,400 million long-term credit facility remains completely undrawn. A further USD 810 million is available through unused credit facilities with various banks.

Contractual payments on non-current interest-bearing debt

USD millions	Debenture bonds	Bank Loans	Other loans	Total 1)
2025	-	8	4	12
2026	713	28	14	755
2027	96	-	11	108
2028	999	-	12	1,011
2029	205	-	6	211
Thereafter	1,423	-	1	1,425
Total	3,436	35	49	3,520

1) Including current portion.

Reconciliation of liabilities arising from financing activities

				No	n-cash changes
USD millions	31 Dec 2024	Cash flows	Additions and lease modifi- cations	Foreign exchange movement		Other	Reclassi- fication	30 Sep 2025
Interest-bearing debt	3,579	(23)	-	89	1	29 2)	-	3,676
Lease liabilities	468	(149)	208	44	-	-	-	572
Other liabilities 3)	26	-	-	3	-	-	(15)	15
Total	4,074	(172)	208	138	1	29	(15)	4,263

• 2) Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments.
• 3) Other liabilities relate to unearned portion of government grants.

Quarterly historical information

EBITDA

USD millions	3Q 2025	Restated¹⁾ 2Q 2025	Restated¹⁾ 1Q 2025	Restated¹⁾ 4Q 2024	Restated¹⁾ 3Q 2024	Restated¹⁾ 2Q 2024	Restated¹⁾ 1Q 2024
Europe	156	121	152	37	82	83	28
Americas	250	237	141	162	208	150	144
Africa & Asia	67	73	64	66	61	48	47
Global Production	214	117	112	49	126	95	140
Clean Ammonia	30	6	41	40	25	25	26
Industrial Solutions	104	80	76	116	98	57	63
Other and Eliminations	(51)	12	(21)	(110)	5	32	(12)
Total	770	645	566	360	604	490	435

¹⁾ Comparative figures have been restated to reflect the change in Yara's operating segments, see note 4 Operating segment information for further details. Restated segment information for previous quarters of 2025 and 2024 is available on www.yara.com. These changes to the segment reporting structure do not affect Yara's total consolidated figures.

Results

USD millions, except share information	3Q 2025	2Q 2025	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024
Revenue and other income	4,108	3,947	3,648	3,419	3,654	3,529	3,332
Operating income/(loss)	470	351	308	(3)	309	213	166
EBITDA	770	645	566	360	604	490	435
Net income/(loss) attributable to shareholders of the parent	319	412	294	(290)	285	1	18
Basic earnings/(loss) per share	1.25	1.62	1.15	(1.14)	1.12	0.00	0.07

Alternative performance measures

Yara makes regular use of certain non-GAAP financial Alternative performance measures (APMs), both in absolute terms and comparatively from period to period. On a quarterly basis, the following APMs are used and reported:

• Operating income/(loss)
• EBITDA
• EBITDA, excluding special items
• Return on invested capital (ROIC)
• Premium generated
• Fixed cost
• Net operating capital (days)
• Net interest-bearing debt
• Net debt / equity ratio
• Net debt / EBITDA, excluding special items ratio
• Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items

Definitions and explanations for the use of these APMs are described below, including reconciliations of the APMs to the most directly reconcilable line item, subtotal or total presented in the financial statements.

Operating income/(loss)

Operating income/(loss) is directly identifiable from Yara's consolidated statement of income and is considered key information in understanding the Group's financial performance. It provides performance information covering all activities which normally are considered as "operating". Share of net income/(loss) in equity-accounted investees is not included.

EBITDA

Earnings before interest, tax, depreciation, and amortization (EBITDA) is used for providing consistent information on Yara's operating performance and debt servicing ability. EBITDA, as defined by Yara, includes operating income/(loss), share of net income/(loss) in equity-accounted investees, and interest income and other financial income. It excludes depreciation, amortization, and impairment loss, as well as amortization of excess values in equity-accounted investees. Yara's definition of EBITDA may differ from that of other companies.

EBITDA, excluding special items

EBITDA, excluding special items is used to better reflect the underlying performance in the reporting period, adjusting for items which are not primarily related to the period in which they are recognized.

Special items

Yara defines "special items" as items in the results which are not regarded as part of underlying business performance for the period. These comprise restructuring related items, contract derivatives, impairments and other items which are not primarily related to the period in which they are recognized, subject to a minimum value of USD 7.5 million per item within a 12-month period. "Contract derivatives" are commodity-based derivative gains or losses which are not the result of active exposure or position management by Yara. Together with impairments, these are defined as special items regardless of amount. See section "Special items" on page 30 for details.

Reconciliation of operating income/(loss) to EBITDA, excluding special items

USD millions		3Q 2025	3Q 2024	Oct 2024– Sep 2025	Oct 2023– Sep 2024	2024
Operating income/(loss)		470	309	1,126	965	686
Share of net income/(loss) in equity-accounted investees		4	7	23	12	19
Interest income and other financial income		12	16	44	60	55
Depreciation and amortization		283	271	1,070	1,038	1,047
Impairment loss		1	1	78	40	82
Earnings before interest, tax, depreciation, and
amortization (EBITDA)		770	604	2,341	2,115	1,889
Special items included in EBITDA 1)		(34)	20	(272)	6	(163)
EBITDA, excluding special items	A	804	585	2,613	2,108	2,051

¹⁾ See section "Special items" on page 30 for details on special items.

Reconciliation of operating income/(loss) to EBITDA per operating segment, excluding special items

USD millions	Europe	Americas	Africa & Asia	Global Production	Clean Ammonia	Industrial Solutions	Other and Eliminations	Total
3Q 2025
Operating income/(loss)	76	189	56	134	14	61	(61)	470
Share of net income/(loss) in equity-accounted investees
Interest income and other financial income	1 -	1 2	- 2	- 1	- -	2 -	- 8	4 12
Depreciation and amortization	79	58	10	79	15	41	1	283
Impairment loss	-	1	-	-	-	-	-	1
Earnings before interest, tax, depreciation, and
amortization (EBITDA)	156	250	67	214	30	104	(51)	770
Special items included in EBITDA 1)	(35)	(1)	-	-	-	(1)	3	(34)
EBITDA, excluding special items	191	251	67	214	30	106	(55)	804
Restated 2) 3Q 2024
Operating income/(loss)	17	144	51	51	9	43	(5)	309
Share of net income/(loss) in equity-accounted
investees	1	3	-	-	-	3	-	7
Interest income and other financial income	-	3	1	1	-	-	9	16
Depreciation and amortization	63	57	9	73	17	52	1	271
Impairment loss	1	-	-	-	-	-	-	1
Earnings before interest, tax, depreciation, and
amortization (EBITDA)	82	208	61	126	25	98	5	604
Special items included in EBITDA 1)	-	20	-	-	-	-	-	20
EBITDA, excluding special items	82	188	61	126	25	98	5	585
YTD 2025
Operating income/(loss)	214	452	174	214	24	131	(80)	1,129
Share of net income/(loss) in equity-accounted
investees	2	5	-	-	-	7	-	14
Interest income and other financial income	1	4	5	2	-	1	16	28
Depreciation and amortization	212	167	26	226	48	121	3	803
Impairment loss	-	1	-	-	6	1	-	7
Earnings before interest, tax, depreciation, and
amortization (EBITDA)	429	628	205	443	77	260	(60)	1,981
Special items included in EBITDA 1)	(50)	(16)	(1)	(2)	-	(23)	(20)	(113)
EBITDA, excluding special items	479	644	206	445	77	283	(40)	2,094
Restated 2) YTD 2024
Operating income/(loss)	(2)	313	126	141	27	82	1	689
Share of net income/(loss) in equity-accounted
investees	3	1	-	-	-	6	-	10
Interest income and other financial income	1	11	2	3	-	1	21	40
Depreciation and amortization	183	174	26	215	49	129	3	780
Impairment loss	7	3	-	1	-	-	-	10
Earnings before interest, tax, depreciation, and amortization (EBITDA)	192	502	155	361	76	217	25	1,529
Special items included in EBITDA 1)	(6)	2	-	-	-	-	-	(4)
EBITDA, excluding special items	198	499	155	361	76	217	25	1,533
Restated 2) 2024
Operating income/(loss)	(31)	381	183	115	51	107	(120)	686
Share of net income/(loss) in equity-accounted
investees	4	1	-	-	-	14	-	19
Interest income and other financial income	1	14	4	4	1	1	30	55
Depreciation and amortization Impairment loss	248 7	233 35	34 -	288 1	65 -	174 38	4 -	1,047 82
Earnings before interest, tax, depreciation, and amortization (EBITDA)	229	664	221	410	117	334	(86)	1,889
Special items included in EBITDA 1)
	(48)	9	(1) 221	(89) 499	- 117	(3) 337	(31)	(163)

¹⁾ See section "Special items" on page 30 for details on special items.

²⁾ Comparative figures have been restated to reflect the change in Yara's operating segments, see note 4 Operating segment information for further details.

Reconciliation of EBITDA to net income/(loss)

USD millions	3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
EBITDA	770	604	1,981	1,529	1,889
Depreciation and amortization	(283)	(271)	(803)	(780)	(1,047)
Impairment loss	(1)	(1)	(7)	(10)	(82)
Foreign currency exchange gain/(loss)	14	113	386	(61)	(321)
Interest expense and other financial items	(74)	(71)	(189)	(206)	(259)
Income tax	(105)	(87)	(340)	(167)	(165)
Net income/(loss)	320	286	1,028	306	15

Return on invested capital (ROIC)

Return on invested capital (ROIC) is defined as Net operating profit after tax (NOPAT) divided by average invested capital calculated on a 12-month rolling average and a quarterly annualized basis. NOPAT is defined as operating income/(loss) adding back amortization and impairment of intangible assets other than goodwill, as well as adding interest income on late payments and net income/(loss) from equity-accounted investees, reduced with a tax cost calculated based on a 25% flat rate.

Average invested capital is defined as total current assets excluding cash and cash equivalents and adding a normalized cash level of USD 200 million, reduced for total current liabilities excluding current interest-bearing debt and current portion of non-current debt, and adding property, plant and equipment, right-of-use assets, goodwill and associated companies and joint ventures. NOPAT and average invested capital are defined and reconciled as components in the reporting of ROIC as an APM. They are not considered to be separate APMs.

Reconciliation of operating income/(loss) to net operating profit after tax

				Oct 2024–	Oct 2023–
USD millions		3Q 2025	3Q 2024	Sep 2025	Sep 2024	2024
Operating income/(loss)		470	309	1,126	965	686
Amortization and impairment of intangible assets other
than goodwill		9	7	34	33	27
Interest income on late payments		1	2	6	7	7
Calculated tax cost (25% flat rate) on items above		(120)	(80)	(291)	(251)	(180)
Share of net income/(loss) in equity-accounted investees		4	7	23	12	19
Net operating profit after tax (NOPAT)	B	364	245	897	766	558
Annualized NOPAT	C=Bx4	1,455	982
12-month rolling NOPAT	C			897	766	558

Reconciliation of net income/(loss) to net operating profit after tax

USD millions		3Q 2025	3Q 2024	Oct 2024– Sep 2025	Oct 2023– Sep 2024	2024
Net income/(loss)		320	286	738	551	15
Amortization and impairment of intangible assets other
than goodwill		9	7	34	33	27
Interest income on late payments		1	2	6	7	7
Interest income and other financial income		(12)	(16)	(44)	(60)	(55)
Interest expense and other financial items		74	71	242	238	259
Foreign currency exchange (gain)/loss		(14)	(113)	(126)	17	321
Income tax, added back		105	87	338	230	165
Calculated tax cost (25% flat rate)		(120)	(80)	(291)	(251)	(180)
Net operating profit after tax (NOPAT)	B	364	245	897	766	558
Annualized NOPAT	C=Bx4	1,455	982
12-month rolling NOPAT	C			897	766	558

Reconciliation of invested capital and ROIC calculation

		3-month average			12-month average
				Oct 2024–	Oct 2023–
USD millions		3Q 2025	3Q 2024	Sep 2025	Sep 2024	2024
Total current assets		6,969	6,481	6,969	6,481	5,700
Cash and cash equivalents		(927)	(907)	(927)	(907)	(317)
Normalized level of operating cash		200	200	200	200	200
Total current liabilities		(4,029)	(3,590)	(4,029)	(3,590)	(3,117)
Current interest-bearing debt		703	498	703	498	170
Current lease liabilities		147	140	147	140	138
Property, plant and equipment		7,378	7,155	7,378	7,155	6,817
Right-of-use assets		562	488	562	488	464
Goodwill		742	748	742	748	712
Associated companies and joint ventures 1)		157	135	157	135	126
Adjustment for 3-month/12-month average		(331)	(268)	(622)	(256)	269
Invested capital	D	11,571	11,081	11,280	11,093	11,164
Return on invested capital (ROIC) 2)	E=C/D	12.6 %	8.9 %	8.0 %	6.9 %	5.0 %

¹⁾ Associated companies and joint ventures is excluding long-term loans to associates.

²⁾ Quarterly ROIC is calculated using an annualized quarterly NOPAT figure.

Premium generated

Yara reports the measure Premium generated to provide information on its commercial performance for selected Premium Products, reflecting Yara's ability to grow premium offerings and to generate a positive price premium compared with alternative commodity products.

The definition of Premium generated is total tonnage of delivered Premium NPKs and straight Nitrate fertilizers, multiplied by their associated price premiums. NPK premium is defined as Yara's average realized price for Premium NPKs benchmarked against a comparable and theoretically calculated blend of global nitrogen (N), phosphorus (P) and potassium (K) prices, adjusted for variable bagging costs and logistical costs.

The blend model is calculated using Urea Granular Arab Gulf (excl. US), DAP FOB Morocco, and MOP Granular FOB Vancouver/SOP FOB West Europe for the respective main nutrients N, P and K. These commodity prices are derived from external publications. For the background and rationale of changes made to previously applied market references, please refer to the APM section in Yara's Integrated Report 2024. Costs for content of secondary and micronutrients in Yara deliveries are deducted for comparability.

The Nitrate premium is defined as Yara's average sales price for straight nitrates versus the comparable value of urea. Comparability is achieved through adjusting the measures for relevant freight components and nitrogen content, such that both are represented in a theoretical delivered CIF bulk Germany value of CAN 27%. The urea reference applied is Urea Granular FOB Egypt, and the measure is adjusted for sulfur content. The measurement includes estimates and simplified assumptions; however, it is considered to be of sufficient accuracy to assess the premium development over time.

Reconciliation of premium generated

		Oct 2024–
USD millions		Sep 2025	2024
Revenues 1) from premium NPKs and straight nitrates		5,670	5,109
Adjustments to revenues 2)		(569)	(547)
Adjusted revenues as basis for premium generated	F	5,100	4,562
Benchmark revenue for premium generated 3)	G	3,754	3,147
Calculated premium generated	H=F–G	1,346	1,415

• 1) IFRS revenues (ref. Yara Integrated Report 2024 page 228, Note 2.1 Revenue), excluding Interest income from financing components in contracts with customers.
• 2) Adjustments for logistical and bagging costs, incoterms, sulfur content, and homogenization of nutrient content (for nitrates).
• 3) Value of commodity fertilizers adjusted by nutrient content, secondary and micronutrients in NPK, cost of coloring and incoterms. The commodity prices are derived from the external publications Fertecon, Fertilizer Week, Profercy, The Market and FMB.

Yara Improvement Program (YIP)

Yara has a corporate program to drive and coordinate existing and new improvement initiatives, the Yara Improvement Program. The program distinguishes between three defined pillars: a) higher production returns and lower variable costs, b) leaner cost base, and c) smarter working capital management. Yara reports operational metrics on underlying value drivers to provide information on project performance to management, which Yara also considers to be relevant for external stakeholders. YIP target is set for 2025. The operational metrics are reported on a rolling 12-month basis and include

• production volume (kt),
• fixed cost (USD millions), and
• net operating capital (days).

The fixed cost and the net operating capital measures represent financial Alternative performance measures and are defined below.

Fixed cost is defined as the subtotal "Operating costs and expenses" in the consolidated statement of income minus variable product cost (raw materials, energy, freight), other variable operating expenses, depreciation, amortization and impairment loss. The reported amounts are adjusted for items which are not considered to be part of underlying business performance for the period (see section "Special items" for details).

Net operating capital days are reported on a 12-month average basis and is defined as the net of credit days, inventory days and payable days. Credit days are calculated as trade receivables, adjusted for VAT payables, relative to total revenue. Inventory days are calculated as the total inventory balance relative to product variable costs. Payable days are calculated as trade payables adjusted for payables related to investments, relative to supplier related operating costs and expenses.

As Yara Improvement Program performance measures are presented to report on the progress towards Yara's strategic goals, previous calendar year is considered to represent the relevant comparatives.

Reconciliation of operating costs and expenses to fixed cost

	Oct 2024–
USD millions	Sep 2025	2024
Operating costs and expenses	13,996	13,248
Variable part of Raw materials, energy costs and freight expenses	(10,223)	(9,481)
Variable part of Other operating expenses	(25)	(20)
Depreciation and amortization	(1,070)	(1,047)
Impairment loss	(78)	(82)
Special items within fixed cost	(277)	(174)
Fixed cost	2,322	2,443

Reconciliation of net operating capital days

		Oct 2024–
USD millions, except when days are indicated		Sep 2025	2024
Trade receivables, as reported		1,744	1,497
Adjustment for VAT payables		(130)	(109)
Adjustment for 12-month average		21	184
Adjusted trade receivables (12-month average)	I	1,634	1,572
Revenue		15,075	13,868
Interest income on late payments and other		-	6
Total revenue and interest income from customers	J	15,075	13,874
Credit days	K=(I/J)*365	40	41
Inventories, as reported		3,497	3,014
Adjustment for 12-month average		(353)	(109)
Inventories (12-month average)	L	3,144	2,905
Raw materials, energy costs and freight expenses		11,037	10,200
Change in inventories of own products		(180)	(70)
Fixed product costs and freight expenses external customers		(1,497)	(1,511)
Product variable costs	M	9,360	8,618
Inventory days	N=(L/M)*365	123	123
Trade and other current payables, as reported		1,977	1,877
Adjustment for other payables		(173)	(144)
Adjustment for payables related to investments		(96)	(187)
Adjustment for 12-month average		(19)	76
Adjusted trade payables (12-month average)	O	1,689	1,622
Operating costs and expenses		13,996	13,248
Depreciation and amortization		(1,070)	(1,047)
Impairment loss		(78)	(82)
Other non-supplier related costs		(1,431)	(1,526)
Operating costs and expenses, adjusted	P	11,417	10,593
Payable days	Q=(O/P)*365	54	56
Net operating capital days	R=K+N-Q	108	108

Capital structure measures

Yara reports the Group's net interest-bearing debt, net debt / equity ratio and net debt / EBITDA, excluding special items ratio to provide information on the Group's financial position with reference to the targeted capital structure, as communicated in Yara's financial policy. In addition, Yara's reporting of net interestbearing debt highlights key development factors which supplement the consolidated statement of cash flows.

Net interest-bearing debt is defined by Yara as cash and cash equivalents and other liquid assets, reduced for current and noncurrent interest-bearing debt, and lease liabilities. The net debt / equity ratio is calculated as net interest-bearing debt divided by shareholders' equity plus non-controlling interests. The net debt / EBITDA, excluding special items ratio is calculated as net interestbearing debt divided by EBITDA, excluding special items on a 12 month rolling basis.

Net interest-bearing debt

USD millions		30 Sep 2025	30 Sep 2024	31 Dec 2024
Cash and cash equivalents		927	907	317
Other liquid assets		5	1	1
Current interest-bearing debt		(703)	(498)	(170)
Current lease liabilities		(147)	(140)	(138)
Non-current interest-bearing debt		(2,973)	(3,519)	(3,409)
Non-current lease liabilities		(425)	(355)	(330)
Net interest-bearing debt	S	(3,316)	(3,604)	(3,730)

Net debt / equity ratio

	30 Sep 2025	30 Sep 2024	31 Dec 2024
S	(3,316)	(3,604)	(3,730)
T	(8,416)	(7,687)	(7,003)
			0.53
			31 Dec 2024
			(3,730)
			2,051
V=(S)/A	1.27	1.71	1.82
	U=S/T S A	0.39 30 Sep 2025 (3,316) 2,613	0.47 30 Sep 2024 (3,604) 2,108

Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items

Basic earnings/(loss) per share (EPS), excluding foreign currency exchange gain/(loss) and special items is an adjusted EPS measure which reflects the underlying performance in the reporting period by adjusting for currency effects and items which are not primarily related to the period in which they are recognized.

This APM represents net income/(loss) after non-controlling interests, excluding foreign currency exchange gain/(loss) and special items after tax, divided by average number of shares outstanding in the period. For simplicity, the tax effect on foreign currency exchange gain/(loss) and special items is calculated based on the relevant statutory tax rate.

Earnings/(loss) per share

USD millions, except earnings/(loss) per share and number of shares		3Q 2025	3Q 2024	YTD 2025	YTD 2024	2024
Weighted average number of shares outstanding	W	254,725,627	254,725,627	254,725,627	254,725,627	254,725,627
Net income/(loss) attributable to shareholders of the
parent	X	319	285	1,025	304	14
Foreign currency exchange gain/(loss)	Y	14	113	386	(61)	(321)
Tax effect on foreign currency exchange gain/(loss)	Z	(6)	(25)	(98)	22	94
Non-controlling interest's share of foreign currency
exchange (gain)/loss, net after tax	AA	-	-	-	(3)	(4)
Special items within income/(loss) before tax 1)	AB	(35)	20	(121)	(13)	(242)
Tax effect on special items	AC	8	(8)	31	4	39
Special items within income/(loss) before tax, net after
tax	AD=AB+AC	(27)	11	(89)	(9)	(203)
Net income/(loss), excluding foreign currency exchange
gain/(loss) and special items	AE=X–Y–Z+AA–AD	339	185	828	348	440
Basic earnings/(loss) per share	AF=X/W	1.25	1.12	4.03	1.19	0.05
Basic earnings/(loss) per share, excluding foreign
currency exchange gain/(loss) and special items	AG=AE/W	1.33	0.73	3.25	1.37	1.73

¹⁾ See section "Special items" on page 30 for details on special items.

Special items

		Operating EBITDA effect income effect									Fixed cost effect
	3Q 2025	3Q 2024	YTD 2025	YTD 2024	3Q 2025	3Q 2024	YTD 2025	YTD 2024	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Restructuring	-	-	(15)	(6)	-	-	(15)	(6)	-	-	(15)	(6)
Impairments	-	-	-	-	-	-	-	-	-	-	-	-
Other	(35)	-	(35)	-	(35)	-	(35)	(6)	(35)	-	(35)	-
Total Europe	(35)	-	(50)	(6)	(35)	-	(50)	(12)	(35)	-	(50)	(6)
Restructuring	(1)	-	(16)	-	(1)	-	(16)	-	(1)	-	(16)	-
Impairments	-	-	-	-	(1)	-	(1)	-	-	-	-	-
Other	-	20	-	2	-	20	-	-	-	-	-	-
Total Americas	(1)	20	(16)	2	(1)	20	(17)	-	(1)	-	(16)	-
Restructuring	-	-	(1)	-	-	-	(1)	-	-	-	(1)	-
Total Africa & Asia	-	-	(1)	-	-	-	(1)	-	-	-	(1)	-
Restructuring	-	-	(2)	-	-	-	(2)	-	-	-	(2)	-
Impairments	-	-	-	-	-	-	-	(1)	-	-	-	-
Total Global Production	-	-	(2)	-	-	-	(2)	(1)	-	-	(2)	-
Restructuring	(1)	-	(23)	-	(1)	-	(23)	-	(1)	-	(20)	-
Impairments		-	-	-		-	(1)	-	-	-	-	-
Total Industrial Solutions	(1)	-	(23)	-	(1)	-	(24)	-	(1)	-	(20)	-
Impairments	-	-	-	-	-	-	(6)	-	-	-	-	-
Total Clean Ammonia	-	-	-	-	-	-	(6)	-	-	-	-	-
Restructuring	3	-	(20)	-	3	-	(20)	-	3	-	(20)	-
Total Other and Eliminations	3	-	(20)	-	3	-	(20)	-	3	-	(20)	-
Total Yara	(34)	20	(113)	(4)	(35)	20	(121)	(13)	(34)	-	(109)	(6)

Yara International ASA Drammensveien 131 NO-0277 Oslo, Norway Tel: +47 24 15 70 00

www.yara.com