Yara International (YAR) Q4 2025 earnings summary

Executive summary

• Q4 EBITDA excluding special items rose 37% year over year to $709M, driven by higher nitrogen margins, lower fixed costs and strong volumes.

• Full-year EBITDA excluding special items increased 37% to $2,803M; total deliveries rose 4%.

• Q4 net income was $344M, versus a $290M loss a year earlier; 2025 net income was $1,372M.

• More than $200M in fixed cost reductions achieved since 2Q24.

• Proposed 2025 annual dividend of NOK 22 per share.

Financial highlights

• Q4 revenue and other income increased 17% year over year to $4,012M; full-year revenue was $15,715M, up from $13,934M.

• Q4 operating income was $443M, versus a $3M loss a year earlier; full-year operating income rose to $1,571M from $686M.

• Q4 net cash from operating activities increased to $344M from $96M; full-year operating cash flow was $1,894M and free cash flow before financing was $1,442M.

• NPK premiums in Asia, particularly China and Thailand, reduced the Q4 year-over-year price-margin impact by an estimated $20–30M.

• Phosphate upgrading margins contributed positively in 2025 versus 2024, though they declined in H2.

Outlook and guidance

• Targeting an incremental $200M EBITDA improvement by end-2027 and a further $150M by 2030 through asset utilization, logistics and capital reallocation.

• 2026 ammonia output planned at practical production rates, with facilities operating when cash margins are positive; turnarounds expected to be broadly distributed.

• 2026 maintenance CapEx is above the previously stated $700–850M annual range due to larger-scope turnarounds and limited 2025 phasing; capital spending is expected at ~$1.2B in real terms in coming years.

• 1H 2026 gas costs estimated to be $150M lower year over year based on current forward prices.

• If prices stabilize, seasonal working-capital release is expected; higher prices raised receivables and working capital, with no unusual change in credit or inventory days.