Yara International (OTCPK:YARI.Y) 2026 Earnings Call Presentation

Financial Performance and Targets - Yara aims for a through-the-cycle Return on Invested Capital (ROIC) exceeding 10%[29] - The company has already delivered >180 MUSD EBITDA increase and is committed to further cash flow improvement[26] - Yara targets >350 MUSD EBITDA improvement and >600 MUSD sustainable cash flow expansion from 2024-2030[27] - L12M EBITDA per 3Q25 reached 2.6 BUSD, a +500 MUSD increase compared to 3Q24[135] - L12M Free cash flow per 3Q25 was 715 MUSD, a +592 MUSD increase compared to 3Q24[135] Market Dynamics and Strategy - Urea demand growth remains consistent, with total nitrogen showing a 1.1% trend growth and urea specifically at 1.7% trend growth[43] - Yara's European finished nitrogen products have >75% flexibility on ammonia source[22, 58, 91, 133, 178] - The company's AdBlue and TAN business has seen a ~160% increase in commercial EBITDA since 2019[97] - Yara's durian solutions in Thailand have led to a 45000 t of NPKs p.a at 40% premium[109] Production and Cost Efficiency - Yara achieved all-time high production volumes, resulting in a ~250 MUSD impact[62] - The company is actively managing its portfolio, with actions taken on all harvest sites resulting in >200 MUSD annual cash flow impact[68] - Yara has achieved >180 MUSD in fixed cost reduction, with a high drop-through impact on EBITDA[27, 168]