Yara International (YAR) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA excluding special items was $675M, down 16% YoY; higher European gas costs and lower deliveries outweighed higher prices.

• Total deliveries fell 4% YoY, while European nitrate deliveries recovered toward quarter-end; buying for the 2027 season remained significantly behind prior years.

• Cost control, reliability and improvement initiatives remained priorities; the pending Gulf Coast Ammonia acquisition is intended to diversify gas exposure.

Financial highlights

• Q3 revenue and other income was $4,478M versus $4,108M YoY; operating income was $379M versus $470M.

• Q3 EBITDA excluding special items was $675M versus $804M; adjusted EPS excluding FX and special items was $0.95 versus $1.33.

• YTD EBITDA excluding special items was $2,477M, up 18% YoY; adjusted EPS was $4.26 versus $3.25.

• Q3 operating cash flow was $365M versus $343M; net investments were $200M versus $216M.

• Net debt rose $891M to $3,958M; cash earnings of $581M were offset by working capital use, investments, dividends and other movements.

Outlook and guidance

• EBITDA improvement targets are $200M by end-2027 and a further $150M by end-2030; L12M uplift reached ~$60M against the Q3 2025 baseline.

• Gulf Coast Ammonia closing was expected by end-2026, subject to customary conditions and regulatory approvals.

• Following the acquisition, 38% of ammonia production is expected to be Henry Hub-linked, versus 27% before; portfolio optimization could increase the Henry Hub share further.

• Management reiterated commitment to EBITDA improvements and strict capital discipline amid market volatility.