Citi has downgraded Yara to neutral from buy, while raising its price target to NOK 530 from NOK 430.
The bank sees a more balanced risk/reward profile following the sharp rise in fertilizer prices and has raised its EBITDA forecast for the year to approximately $4 billion.
'Even if spot EBITDA were to imply significant upside, prices appear to have peaked and have begun to retreat in several regions', Citi noted.
Yara International ASA is a worldwide leader in producing and selling mineral fertilizers. Net sales break down by activity as follows:
- production and sale of mineral fertilizers (78.7%): 23.7 million tons sold in 2025 of simple nitrogenated fertilizers (calcium nitrates, urea, etc.), complex fertilizers (nitrogen- phosphorous- and potassium- based), specialty fertilizers (plant nutrition products, potassium nitrates, etc.), and magnesium- and sulfur-based fertilizers. Net sales are distributed by geographic area between Europe (35.5%), the Americas (44.5%), Africa and Asia (19.5%) and other (0.5%);
- sale of industrial chemical products (15.7%): 6.4 million tons of nitrogen based chemical products sold (including ammonia, nitric acids, ammonium nitrates) for the automotive, construction, waste treatment, shipping, chemical, mining and animal feed industries;
- production of ammonia (5.5%). The group also develops ammonia trading activity;
- other (0.1%).
At the end of 2025, the group had 25 production sites worldwide.
Net sales are distributed geographically as follows: Europe (35.9%), Brazil (23.1%), Asia (14.5%), North America (12.1%), Latin America (8.7%) and Africa (5.7%).
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