First quarter of 2026 highlights:

• EBITDA excluding special items1 of 896 MUSD
• Increased nitrogen margins and strong deliveries
• Significant supply shocks driven by geopolitical events disrupting global fertilizer markets
• Yara's global business model is uniquely positioned to manage volatility

"Yara's financial results continue on its positive trend as we deliver on our strategic priorities outlined at our Capital Markets Day. The quarter delivered strong results, reflecting increased nitrogen margins, solid volumes and a sustained focus on operational performance," said Svein Tore Holsether, President and Chief Executive Officer.

The war in the Middle East continues to impact global energy and fertilizer markets. The blockage of the Strait of Hormuz disrupts roughly one-third of globally traded urea, as well as other critical inputs for fertilizer production, including natural gas, ammonia, phosphates and sulphur. The supply shock led to an immediate product shortage in global markets, forcing demand to adjust accordingly through sharply increased global fertilizer prices.

Yara's global business model enables optimization between markets, and Yara has increased operational flexibility and robustness through its improvement program. This includes maintaining high production levels to ensure efficient asset utilization, enabling reliable supply to a fertilizer market impacted by significant supply shocks. Yara also has the flexibility to source ammonia globally, allowing it to optimize production if higher European gas prices reduce the profitability of ammonia production, as was the case in 2022. In recent years, Yara has demonstrated the resilience of its business model and is uniquely positioned to navigate volatility.

"Developments in the Middle East put significant pressure on the global food system, with knock on effects across the value chain and growing challenges for farmer affordability. This volatility highlights how fragile the food system is, and why resilient fertilizer supply chains and a strong farming community are essential. Fertilizers play a critical role in food security, and Yara remains focused on upholding production and deliveries. By utilizing its global business model, Yara is well positioned to optimize operations in an uncertain global environment marked by increased regional price and demand volatility," said Holsether.

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