Management roadshow (host: ABG SC) - October 2023

Yara International ASA

Svein Tore Holsether, CEO

Maria Gabrielsen, Head of Investor Relations

Fredrik Hoseth, Investor Relations Officer

23 October 2023

Oslo, Roadshow with ABG SC

Continued strong cash conversion in lower margin environment

3Q 2023

EBITDA down 62% due to reduced margins

Operating cash flow of 1 BUSD primarily due to operating capital release

European nitrate price negatively impacted by long order book at start of 3Q

Supportive fundamentals for full season but uncertain phasing of deliveries

2

Lower gas prices and higher deliveries more than offset by strong price decline

EBITDA ex. special items (MUSD)1	2
	ROIC

Price/margin: - 1,420

Energy cost4: + 810

Fixed costs: -57

3

21.5%

3.6%

1. EBITDA ex. special items. For definition and reconciliation see Alternative performance measures (APM) section of 3Q report, page 33

2)	Quarterly ROIC, annualized. For definition and reconciliation see APM section of 3Q report, page 35	3
3)	Volume effect calculated as change in volume vs 3Q22 per product multiplied by margin per product in 3Q22. Margin calculated as residual.
4)	Energy cost variance calculated by multiplying gas price differential with last year's gas consumption	3

European nitrate price negatively impacted by long order book at start of 3Q

Price development 3Q23	Comments:

USD/t

• Longer order book built ahead of 3Q, to maintain deliveries and cash flow through off-season summer period
• Order-takingfell as urea price rose in July/August, leaving order book shorter at end 3Q
• 3Q realized nitrate prices 10% lower than average publication prices, reflecting the above factors

Urea

FOB Arab Gulf

Slowdown in demand

June July Aug Sep

1)	Average of fertilizer publications, 1-month lag applied.	4
2)	Yara's realized European nitrate price, CAN 27 CIF Germany equivalent ex. sulfur.
3)	Nitrate premium in CIF Germany terms, above Urea Granular FOB Egypt, in 27% N (USD/t): All prices in CAN27 equivalents unlagged

Geopolitical situation strengthens business case for operational flexibility and resilience

Key geopolitical risk drivers

Europe: Energy crisis and
	Russia and Belarus: food,
Ukraine war, EU regulations
		gas, raw materials

US: Inflation
reduction act	China: trade policies

Africa: Food system

Brazil: increased competition from Russian product

resilience

Flexible production setup, asset footprint and diversified natural gas position are key mitigating factors

5

Yara will prioritize strategic and value-creating investments in US clean ammonia

Type

Blue

ammonia

Green

ammonia

Project

CO2 Capture

Yara volume1

Type

Yara capex3

Start of production

Project YaREN2

~95%

1.2 - 1.4 mt

50% stake

1.3 - 1.45 bn

2027 - 2028

North America, Texas, Ingleside

and full

Partnership with Enbridge

offtake

New Blue Ammonia2

~95%

0.8 - 1.0 mt

Majority

1.8 - 2.0 bn

2028 - 2029

Project

stake

North America, TBD

Sluiskil CCS2

~60%

~0.4 mt

100% owned

~0.2 bn

2025 - 2027

Netherlands

• Developing a portfolio that will enable and position Yara's transition to full decarbonization over time.
• Pilot projects in execution in Norway and Australia to prepare for subsequent industrial scale-ups
• Full industrial scale-ups when technology is sufficiently matured and required financial frameworks are in place

The portfolio of asset back supply will be complemented by additional volumes from third party sourcing

1)	Offtake available to Yara	3) In USD, excluding potential lease classification of offtake agreements	6
2)	Subject to final investment decision

US ammonia investments are complimentary to Yara's European footprint

Yara current ammonia footprint is flexible

Creating opportunities for Yara to:

US Gulf

• Freeport
• Tringen

Europe

• Norway

• Netherlands

• Finland

• Germany

• France

• Italy

• Belgium

• UK

• Sweden

Latin America

• Cartagena
• Cubatão

NH3 production

Australia

• Pilbara

NH3 import

1)		Fuel parts of the EU production with import of
		low-carbon ammonia at competitive cost
2)
	Diversify Yara's energy position, with increased
		exposure to the US market
3)
	Decarbonize nitrate and NPK production

70% of Yara assets in Europe are flexible on ammonia source

7

Growing a Nature Positive Food Future

8

9

Food companies' decarbonization pledges

• Reduce scope 3 emissions by 21% by 2030
• Reduce emissions across our value chain (scope 1, 2 and 3) by 30% by 2030 .
• Reach net zero across our value chain by 2040
• By 2025, we will reduce our emissions (scope 1, 2 and 3) by 20%
• By 2030, we will reduce our emissions (scope 1, 2 and 3) by 50%
• Reach net zero across our value chain by 2050
• Reduce scope 3 GHG emissions by 40% by 2030
• Achieve net-zero emissions by 2040
• Reduce absolute scope 3 GHG emissions by 42% by 2030
• Reach net zero emissions by 2050 across our full value chain
• Reduce scope 3 GHG emissions 31% per tonne of finished product by 2030

10