Yara International (YAR) Pre-Close Call Presentation summary

Pre-quarter information and disclosure approach

• Publishes pre-quarter information package at the start of the quiet period to ensure equal access to relevant data for modeling the upcoming quarter.

• Provides guidance and targets for specific activity areas, not total financial results.

• Discloses an outside-in EBITDA model based on key market prices and published sensitivities, excluding quarter-specific adjustments.

• Offers qualitative comments on key considerations based on previously disclosed information.

• Stresses that the outside-in model is not a financial results guide, as actuals may differ due to various factors.

Market developments and price trends

• Urea prices dropped moderately from September to November, mainly due to increased Chinese exports, despite strong Indian demand.

• Pre-buying ahead of CBAM implementation in Europe led to a price uptick in late November.

• Cereal prices declined, resulting in low affordability ratios and dampened urea demand, with some improvement in 4Q.

• European urea prices reflected CBAM costs, trading at a premium to global prices.

• Brazil's urea imports fell 7% in 2025, offset by higher ammonium sulphate imports; total nitrogen imports slightly increased.

Sensitivities and CBAM impact

• Sensitivities updated for 4Q25 to reflect CBAM price effects and current delivery split between Europe and rest of world.

• European nitrogen prices now include carbon costs, quoted at a premium to global prices.

• Urea and nitrate sensitivities are split between EU and ROW, with European references recommended for modeling.

• CBAM implementation from January 2026 will further impact pricing and sensitivities.