Yara Reports SOLID 3Q Amid Market Volatility
24 October 2026, Norway: Yara reports third quarter 2026 EBITDA excluding special items1 of USD 675 million compared with USD 804 million in third quarter 2025. Net income for the quarter was USD 199 million compared with USD 320 million a year earlier.
Third quarter of 2026 highlights:
- EBITDA excluding special items1 of 675 MUSD and ROIC1 of 13.5%
- European nitrate volume rebound in the quarter – global 2027 season buying significantly behind previous years
- Higher gas prices and continued deferred demand weighed on margins and deliveries for the quarter
- Strong focus on cost control, improving reliability and accelerating EBITDA improvements
- Gulf Coast Ammonia acquisition will increase gas diversification upon closing2
“We delivered a solid third-quarter result despite continued market volatility. Strong commercial performance helped offset accelerating European gas costs while plant-specific reliability issues affected production volumes.. Yara’s energy flexibility has been a key strength and will remain even more so, with the acquisition of Gulf Coast Ammonia significantly reducing our European energy exposure upon closing. We remain on track to deliver our EBITDA improvement target, and the increase in return on invested capital reflects stronger underlying profitability,” said Svein Tore Holsether, President and Chief Executive Officer.
Nitrogen markets had a slow start to the new season as markets took a cautious approach due to uncertainty around the Middle East conflict. Yara saw buying activity, particularly in Europe, picking up towards the end of the quarter, and Yara exits the quarter with a European order book stronger than normal for this time of year. Market demand for the 2027 season has been slow across all key nitrogen markets in Q3, with imports and deliveries in Europe, the US and Latin America lagging last year’s levels. As the Chinese export window is closing and Northern Hemisphere season approaches, a significant share of seasonal purchasing therefore remains to be done for the first full season with reduced supply from the Middle East, where also higher crop prices have improved farmer affordability compared to last season.
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Yara actively managed its European production footprint during the quarter in response to high European gas prices, leveraging the flexibility of its global production network and supply chain. By optimizing product flows, closely monitoring margins and adjusting production as market conditions evolved, Yara continued to supply customers while reducing exposure to elevated energy costs.
“In volatile markets, diversification and flexibility are critical to food security and industrial resilience. We are strengthening Yara’s competitiveness through disciplined EBITDA improvement measures, strict capital discipline and by addressing recent reliability setbacks. Our premium portfolio, global production network and ability to optimize across products, assets and regions make Yara more resilient, further strengthened by our investment in the US. Combined, these actions will support higher base returns and sustainable shareholder value,” said Holsether.
Link to report, presentation, and webcast on 22nd October 2026, at 13:00 CEST: https://www.yara.com/investor-relations/latest-quarterly-report/
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