Yara reports improved earnings

Yara reports third-quarter EBITDA excluding special items¹ of USD 585 million compared with USD 396 million in third quarter 2023. Net income was USD 286 million compared with USD 2 million a year earlier.

Third-quarter 2024 highlights:

• EBITDA excluding special items¹ of 585 MUSD

• Strong premium¹ generation

• All-time high production performance²

• Returns improving but still below target, cost and portfolio optimization continues

″Yara is delivering all-time high production performance and strong premiums this quarter, a testament to the robustness of our operations and the value of our core business,″ said Svein Tore Holsether, President and Chief Executive Officer.

Sustainable profitability in core operations and value-accretive growth opportunities are both critical to enable a fit-for-future Yara. While Yara has successfully navigated recent volatility by focusing on operational continuity, recent returns have been below satisfactory levels. Yara is therefore taking action to improve profitability, including a stricter prioritization towards core operations and high-return assets, while scaling back non-core and lower-return activities. This includes performing an asset portfolio review with the aim to prioritize and optimize its portfolio to ensure a fit-for-future asset base.

″Returns are improving, and I am confident that we will succeed with the necessary changes to ensure sustainable profitability and increase shareholder returns through our sharpened focus on our core operations and value-accretive growth, ″ said Holsether.

Link to report, presentation, and webcast on 25 October 2024, at 12:00 CEST:

https://www.yara.com/investor-relations/latest-quarterly-report/

1) See pages 24-32 of the 3Q 2024 Report for definitions, explanations, and reconciliations of Alternative performance measures (APMs).

2) In YIP production terms, excluding Montoir volumes.