ABGSC: Spotlight on Nordic Opportunities Conference - May 2024

Yara International ASA

Thor Giæver

EVP & CFO

ABGSC Spotlight on Nordic Opportunities Conference Frankfurt, 14 May 2024

Global mission, global presence

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Yara strategy focused on profitable decarbonization, strengthening ammonia and crop nutrition core

Key global trends

Climate emergency and

decarbonization

Geopolitical shocks and

challenging energy position in Europe

Global food system

transformation

Strategic response

Decarbonize and diversify energy position through profitable growth in low-carbonammonia and premium low-carbonfertilizers

Improve future competitiveness of ammonia and crop nutrition production through more favorable and diversified energy cost position

Establish long-term growth platform within new business areas through selective organic growth supported by strategic partnerships

Key projects and priorities

• Sluiskil CCS: FID confirmed, estimated start-up 2026
• 2024 roll-out of fertilizers produced in
  Porsgrunn with green ammonia
• Assessment of asset footprint
• New commercial offerings, including expanding organic and biostimulant portfolio
• Blue ammonia projects in US: continue to mature towards targeted FID 2H2025

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Yara premium product portfolio uniquely positioned for decarbonization through low-carbon ammonia

		Nitrogen market1
Global N-market dominated	Nitrates and NPK more than 50% of
by commodities	W/C Europe market
Ammonia	Other	Other
3%	7%
		9%
DAP/MAP		DAP/MAP
	3%
7%
	Urea	Urea
	20%
	49%
	NPK
NPK		14%
19%
		UAN

Yara in Europe

Yara is the global leading nitrate &

NPK producer

CN 5%

Urea 21%

NPK 24%

UAN

Nitrates	12%
Nitrates
9%
42%
UAN
6%

6%

Nitrates

43%

Global market: 109 mt

West /central Europe: 10.2 mt

1. Source: IFA 2021. Nitrogen volumes in nutrient tonnes

2) Yara Europe and Global Plants & Operational Excellence production capacity converted to tones of nitrogen

Yara's European2 fertilizer production capacity

(~4 mt nitrogen)

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Nitrates and compound NPKs are the only nitrogen fertilizers that can be produced without CO2

Fossil fuel

Urea

Ammonia

CO2

Urea (contains CO2)

CO2 is released upon spreading

Fossil fuel

Ammonia		Nitric acid

Nitrates

CO2

Nitrates

No CO2 needed

CCS	In blue ammonia, CO2 is captured and permanently
stored (CCS)

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Yara's premium production capacity is already based on ammonia imports

Assets

Ammonia source

Nitrate and NPK capacity

Sluiskil

Porsgrunn

Own production (flexible)

Fully flexible on own production vs import

Glomfjord

Tertre

Glomfjord

Own production (flexible)

Import

Porsgrunn

Silinjarvi Uusikaupunki

Ambes

Import

Sluiskil

Rostock

Uusikapunki

Ravenna

Montoir

Siilinjarvi

Rostock

Import

Import

Import

Import

Import

Tertre

Montoir

Ambés

Ravenna

Own ammonia	Plant operating on imported
production	ammonia

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Low-carbon ammonia will strengthen Yara's core nitrate upgrading margin

Yara can utilize its flexible ammonia position to reduce carbon

emissions and reduce carbon tax exposure

Scenarios assuming 3.5 mt total	Yara's Europe annual carbon tax in 20344
ammonia needed (for illustration)2	@CO2 cost of 100USD/t, in MUSD

Yara will strengthen its core nitrate upgrading margin through decarbonization opportunity unique to nitrates

Nitrate upgrading margin scenarios in 20344 assuming ammonia@500/t and CO2@100USD/t

25% (=10 yr avg)

Nitrate value over urea

2.8	~280

4.0	~400
6.3		~630

Decarbonization opportunity (unique to nitrates and NPKs, as urea contains CO2)

Grey urea price (illustrative)

Grey 60%CCS 95%CCS

Calculated emissions for ammonia need, CO2 equivalents per year 3

Grey ammonia Ammonia 60% CCS Ammonia 95% CCS Green ammonia

Carbon tax, applies to all non-abatable nitrogen products, example urea Nitrogen production cost1 @27% N

1)	Other production cost and freight disregarded	3) In CO2 equivalents per year. Carbon content assumptions for grey: 1.8tCO2/t NH3, CCS 60%:	7
2)	Scenarios for illustration. European ammonia need for fertilizers appx 3.5mt in total (including captive) - 3 different possible	0,6CO2/tNH3 and CCS 95%: 0,03 CO2/t NH3
	scenarios; 100% Grey; 50%grey+ 30% CCS 60%+20% CCS 95%; 30% grey + 30% CCS 60% + 40% CCS 95%	4) Assuming carbon cost of 100USD per tonne of CO2 and CBAM fully phased in

Yara is actively assessing its portfolio to ensure a fit-for- future footprint

• Yara has a future optionality to consider closing some EU ammonia production capacity, with our terminal structure in Europe representing a strong competitive advantage
• Flexibility of ammonia position demonstrated in 2022
• Current value of ammonia assets in Europe is limited (0.5 bn USD3)

Illustration: Yara's ammonia position in Europe1,2

Mt ammonia

Mt CO2

5.8	10
4.8
Production Consumption	CO2
capacity	emissions

1) Theoretical calculation of ammonia consumption based on finished product production capacities from Yara.com. Sales of ammonia as a product would come in addition.

2) Scope 1+2 CO2 emissions based on full capacity utilization and 2 t CO2/tonne ammonia8

3) Carrying amount for Yara's ammonia production assets in Europe, page 149 of Yara's Integrated Report 2022

1Q EBITDA reflects increased deliveries and lower prices

1Q 2024

EBITDA1 down 11% from 1Q23 mainly due to lower prices

Total deliveries up 12% and European deliveries up 37% from 1Q23

Reduced GHG emission intensity with implementation of key projects

Healthy demand growth and limited capacity additions indicate tightening supply- demand balance longer term

1) For definition and reconciliation see Alternative Performance Measures (APM) section in the 1Q report on pages 22-29	9

Reduced GHG emission intensity with successful implementation of key projects and continued focus on operational excellence

GHG emission intensity improvement continued in the first quarter

L12M, tCO2e/tN

On track to achieve the 2025 target

3.0 3.1

-4%

3.1 3.1

3.0

2.9

2.7

• Total project portfolio to reach the target: 90 projects with an estimated investment of 200 MUSD
• Majority of emission reductions and capex successfully executed; 65 projects implemented per end 1Q
• Remaining 25 minor projects in the execution phase
• Continued focus on operational excellence improving plant reliability and energy efficiency
• Increasing sourcing of lower-emission electricity and ammonia

2019	1Q23	2Q23	3Q23	4Q23	1Q24	2025
						target

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