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Going concern
In accordance with \u00a7 2\u20132 (8) of the Norwegian Accounting Act, the annual report, the consolidated financial statements and the financial statements of the parent company have been prepared based on the going concern assumption. The company confirms that it is appropriate to make that assumption.
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Corporate governance
Governance framework
Yara is subject to corporate governance reporting requirements pursuant to Section 2-9 of the Norwegian Accounting Act, Chapter 4.4 of the Oslo Stock Exchange Rulebook II \u2013 Issuer Rules, and the Norwegian Code of Practice for Corporate Governance (the \u201cCode\u201d), freely available at lovdata.no, euronext.com/en/markets/oslo, and nues.no respectively.
3. Equity and dividends
Yara\u2019s capital allocation policy is based on an overall objective to maintain a mid-investment-grade credit rating, while at the same time providing investors with a potential for cyclical upside in dividends.
Yara\u2019s targeted capital structure is a mid- to long-term net debt/EBITDA range of 1.5-2.0 and a net debt/equity ratio below 0.60. Subject to these requirements, Yara\u2019s ordinary dividend shall be 50 percent of net income. Interim cash returns may be distributed, subject to proposal from the Board and approval in the General Meeting. Shareholder returns are distributed primarily as cash, with share buybacks as a supplemental lever.
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13. Information and communications
Yara\u2019s main communication channels are quarterly financial reports, stock exchange releases, press releases, and its own web pages (yara.com) in order to ensure that the same information is made available to all audiences simultaneously. Although Yara holds regular meetings for analysts, investors, journalists, and employees, all material, new information is first published to the stock exchange and on Yara\u2019s web pages. Yara will provide a consistent level of information regardless of whether the news is positive or negative.
Yara does not provide guidance on financial results. However, Yara may communicate guidance and/or targets for discrete activity areas. In addition, Yara provides sensitivities that can be used to estimate the financial effects of changes in market prices and currency exchange rates.
Yara publishes quarterly financial results according to its financial calendar, which is published annually on its web pages and to the Oslo Stock Exchange. Ahead of the announcement of quarterly results, Yara has a \u201cclosed period\u201d when contact with external analysts, investors, and journalists is minimized. Yara will not comment upon its own activities or market developments during this period to minimize the risk of unequal information in the marketplace. The closed periods start four weeks before the quarter results are published.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterimFinancialReportingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "
Group Executive Board
Svein Tore Holsether (1972)
Magnus Krogh Ankarstrand (1979)
Position
President and Chief Executive Officer
EVP and Chief Financial Officer
YEAR OF APPOINTMENT
2015
2024
EMPLOYED
2015
2013
EDUCATION
Bachelor\u2019s degree, specializing in finance and management from the University of Utah, USA
Master of Management and Economics (\u201cSivil\u00f8konom\u201d) from The Norwegian School of Economics (NHH). Bachelor in Nautical Engineering from the Royal Norwegian Naval Academy
Experience
Mr. Holsether is passionate about promoting the Sustainable Development Goals as an enabler of growth rather than a constraint. He has been the Chair of the Food & Nature program for the World Business Council for Sustainable Development (WBCSD) and has for several years been a nature champion and member of the Alliance of CEO Climate Leaders at the World Economic Forum (WEF). He was a Commissioner of the Business and Sustainable Development Commission (BSDC) and became a member of the Board of the European Chemical Industry Council (CEFIC) in November 2024. He is also President of NHO, the Norwegian Confederation of Business and Industry, and on the board of Skandinaviska Enskilda Banken AB (SEB). Previously, Mr. Holsether has held a range of executive and senior positions in large industrial companies.
Mr. Ankarstrand has served as Executive Vice President Corporate Development since August 2023. He was President of Yara Clean Ammonia from 2021 to 2024, and previously held positions as SVP Yara North America, CFO of the Industrial segment, and Director of Strategy & Business Development. He also has previous experience from Boston Consulting Group and the Royal Norwegian Navy. Mr. Ankarstrand serves at the Council of Det Norske Veritas.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE
19 (12 regular, 7 extraordinary)
19 (12 regular, 7 extraordinary)
Shares owned at year-end 2025
64,143
10,288
Fernanda Lopes Larsen (1974)
Chrystel Monthean (1967)
Position
EVP Corporate Development
EVP, Americas
YEAR OF APPOINTMENT
2020
2020
EMPLOYED
2012
1991
EDUCATION
Master\u2019s degree in civil engineering from Graz University of Technology, Austria. Master of Business Administration from IESE Business School, Spain. Specialization in Corporate Innovation from Stanford University, USA
Post-graduate degree in agronomy engineering from Ecole National des Ing\u00e9nieurs de l\u2019Horticulture et du Paysage, France. Master\u2019s degree in international business and technology transfer from Rouen Business School, France.
Experience
Mrs. Lopes Larsen has served as Executive Vice President Yara Corporate Development from March 2025. She was previously Executive Vice President Africa & Asia from September 2020 to March 2025. She joined Yara in 2012 and has since held several senior positions, including Senior Vice President for Indirect Procurement (2016\u20132020). Prior to joining Yara, Mrs. Lopes Larsen held manufacturing and procurement positions in the consumer goods and pharmaceutical companies Procter & Gamble and GlaxoSmithKline. Mrs. Lopes Larsen was a Board member and non-Executive Director of Kemira from March 2023 to August 2024, and became a member of the Board of Equinor ASA in July 2024.
Mrs. Monthean has served as Executive Vice President Americas since September 2020. She has been a Yara employee since 1991. Her previous positions in the company include EVP Africa & Asia (June 2020), Manager, BU Latin America (2018\u20132020), Value Chain Director (2013\u20132018), and Managing Director of Yara Vietnam (2007\u20132013). Prior to moving to Asia and Latin America, Mrs. Monthean held roles in various commercial functions and countries in Europe.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE
18 (11 regular, 7 extraordinary)
19 (12 regular, 7 extraordinary)
Shares owned at year-end 2025
16,908
19,085
M\u00f3nica Andr\u00e9s Enr\u00edquez (1970)
Luis Alfredo P\u00e9rez (1965)
Position
EVP, Europe
EVP, Africa & Asia
YEAR OF APPOINTMENT
2021
2025
EMPLOYED
1998
1996
EDUCATION
Master\u2019s degree in business administration from Instituto de Empresa Spanish Business School Degree in Agronomy Engineering from the Spanish Polytechnic University of Engineers (ETSIA)
Plastics Technology degree from the TGM Institute of Technology in Vienna, Austria and a Business Administration degree from the Francisco Marroquin University (UFM) in Guatemala
Experience
Ms. Andr\u00e9s Enr\u00edquez has served as Executive Vice President Europe since July 2021. She has previously held several positions in the company, among them VP Farming Solutions Europe (2020\u20132021), Project Manager for Yara Europe Strategy, and SVP BU South Europe (2019\u20132020), SVP BU Asia (2017\u20132019), and Country Manager for Spain and Portugal (2013\u20132016). Ms. Andr\u00e9s Enr\u00edquez was employed by Hydro in 1998 as a field agronomist.
Mr. P\u00e9rez has served as EVP Yara Africa & Asia since July 2025. He joined Yara in 1996. Prior positions in the company include SVP Africa, Commercial Director Mediterranean, Country Manager Philippines, Customer Segment Manager Continental Europe, Country Manager Spain & Portugal, and Regional Market Director Latin America.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE
19 (12 regular, 7 extraordinary)
9 (5 regular, 4 extraordinary)
Shares owned at year-end 2025
16,401
8,991
Hanna Opsahl-Ben Ammar (1987)
Johan Labby (1978)
Position
EVP, People, External Affairs & Chief of Staff
EVP, Yara Global Production
YEAR OF APPOINTMENT
2025
2023
EMPLOYED
2021
2003
EDUCATION
Ph.D in Strategy from Universit\u00e9 Toulouse 1 Capitole and a Master\u2019s degree in Management from Toulouse Business School in France.
Master\u2019s degree in mechanical engineering from the University of Mons, Belgium.
Experience
Ms. Opsahl-Ben Ammar has served as EVP People, External Affairs & Chief of Staff since March 2025. She joined Yara in 2021 and comes from the position as VP CEO Office. She is also the Company Secretary of Yara International ASA. Before joining Yara, Ms. Opsahl-Ben Ammar worked as a management consultant. She has also worked several years as a researcher and lecturer at Toulouse Business School.
Mr. Labby has served as Executive Vice President Global Plants & Operational Excellence since July 2023. Mr. Labby has been a Yara employee since 2003 and has held several positions at Yara. He has extensive leadership experience from Yara production sites, including Plant Manager in Le Havre, France, and the position as Maintenance, Engineering, and Turnaround Manager at different sites, including Belle Plaine, Canada, Le Havre, France, and Uusikaupunki, Finland.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE
13 (9 regular, 4 extraordinary)
19 (12 regular, 7 extraordinary)
Shares owned at year-end 2025
524
4,904
Kristine Ryssdal (1960)
Jorge Noval (1968)
Position
EVP & General Counsel
EVP & CEO, Yara Industrial Solutions
YEAR OF APPOINTMENT
2020
2023
EMPLOYED
2016
1998
EDUCATION
Master of Laws degree from the London School of Economics, UK. Law degree from the University of Oslo
Degree in chemical engineering from the University of Oviedo, Spain, and post-graduate education from IE Business School, Spain.
Experience
Ms. Ryssdal has served as Executive Vice President & General Counsel since July 2021. She previously held the position of EVP HR & General Counsel (2020\u20132021) and EVP General Counsel (2016\u20132020). Before joining Yara, Ms. Ryssdal held the position of Vice President Legal at Statoil (2012\u20132016). Prior to this, Ryssdal was Senior Vice President and Chief Legal Officer of Renewable Energy Corporation ASA 2008\u20132012, Senior Advisor Commercial & Legal Affairs at Norsk Hydro / Statoil Hydro 2006\u20132008, Legal Counsel at Norsk Hydro 1998\u20132006, and Attorney at the Attorney General\u2019s office 1987\u20131998. Ms. Ryssdal is also a member of the Executive Board of the Central Bank of Norway. Ms. Ryssdal is also admitted to the bar of the Supreme Court of Norway.
Mr. Noval has served as CEO of Yara Industrial Solutions since February 2020. He previously held the Senior Vice President Mining Applications position and the VP Strategy and Business Development position, both in Yara Industrial. Mr. Noval has more than 25 years\u2019 experience in senior positions in the chemical industry.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE
19 (12 regular, 7 extraordinary)
19 (12 regular, 7 extraordinary)
Shares owned at year-end 2025
22,218
13,759
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People development
Our employees are vital enablers of the strategy. We prioritize talent development and leadership behaviors, along with focus on upskilling and reskilling, employee engagement and measures to promote diversity, equity and inclusion in our company. Our strategic goal of decarbonization could lead to impacts on our own workforce.
Our workforce consists of Yara\u2019s employees throughout the world and non-employee workers supplying labor to us through contractual relationships. For more information on our workforce categorization, see page 150.
Workforce breakdown\u200c by geography
Gender
Africa
Asia & Oceania
Brazil
Europe
Latin America
North America
Total 20251
Total 2024
Evolution3
Permanent
Male
382
1,182
3,230
4,642
866
475
10,777
11,731
(10%)
Permanent
Female
122
419
1,155
1,721
383
129
3,929
4,375
(8%)
Total permanent
504
1,601
4,385
6,363
1,249
604
14,706
16,106
(9%)
Temporary
Male
11
17
353
229
77
16
703
565
24%
Temporary
Female
5
15
157
73
40
3
293
296
(1%)
Total temporary
16
32
510
302
117
19
996
861
16%
Total permanent and temporary
520
1,633
4,895
6,665
1,366
623
15,702
16,967
(7%)
Non-employee workers
Male
12
7
-
118
-
40
177
188
(6%)
Non-employee workers
Female
5
6
-
26
-
20
57
50
14%
Total non-employee workers2
17
13
-
144
-
60
234
238
(2%)
Total permanent, temporary and non-employee workers
537
1,646
4,895
6,809
1,366
683
15,936
17,205
(7%)
1 Headcount at the end of the reporting period as forecasted on 31 October 2025
2 Non-employee workers are defined as those filling a Yara position but which do not have a Yara permanent or temporary employment contract
3 The decline in the workforce is mainly attributed to the implementation of the cost reduction program, including a hiring freeze and restriction in use of non-employee workers. Non-guaranteed hours contracts are not reported as we do not have non-guarantee hour employees. No employees were reported as working involuntarily part-time.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "
Signatures from the Board and CEO
of Yara International ASA
The Board of Directors and the CEO have today considered and approved the annual report for Yara International ASA (\u201ccompany\u201d) and the Yara Group (\u201cGroup\u201d) for the 2025 calendar year and as of 31 December 2025.
The Board of Directors Yara International ASA
Oslo, 19 March 2026
Trond Berger
Chair
(signed)
Jannicke Hilland
Vice chair
(signed)
John Thuestad
Board member
(signed)
Rune Bratteberg
Board member
(signed)
Tove Feld
Board member
(signed)
Geir O. Sundb\u00f8
Board member
(signed)
Eva Safrine Aspvik
Board member\u00a0\u00a0
(signed)
Ragnhild Flesland H\u00f8imyr
Board member
(signed)
Jais Valeur
Board member
(signed)
Harald Thorstein
Board member\u00a0\u00a0
(signed)
Tina Lawton
Board member
(signed)
Svein Tore Holsether
President and CEO
(signed)
The Board of Directors Yara International ASA
Oslo, 19 March 2026
Trond Berger
Chair\u00a0\u00a0
(signed)
Jannicke Hilland
Vice chair
(signed)
John Thuestad\u00a0
Board member
(signed)
Rune Bratteberg
Board member
(signed)
Tove Feld
Board member
(signed)
Geir O. Sundb\u00f8
Board member\u00a0\u00a0
(signed)
Eva Safrine Aspvik
Board member\u00a0\u00a0
(signed)
Ragnhild Flesland H\u00f8imyr
Board member\u00a0\u00a0
(signed)
Jais Valeur\u00a0
Board member\u00a0\u00a0
(signed)
Harald Thorstein\u00a0\u00a0
Board member\u00a0\u00a0
(signed)
Tina Lawton\u00a0
Board member\u00a0\u00a0
(signed)
Svein Tore Holsether
President and CEO
(signed)
Statement from the Board of Directors and CEO
of Yara International ASA
The Board of Directors and the CEO have today considered and approved the annual report for Yara International ASA (\u201ccompany\u201d) and the Yara Group (\u201cGroup\u201d) for the 2025 calendar year and as of 31 December 2025.
We confirm to the best of our knowledge that:
\u25cf
the consolidated financial statements of the Group for 2025 have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by EU, as well as additional information requirements in accordance with the Norwegian Accounting Act, and that
\u25cf
the financial statements of the company for 2025 have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting practice in Norway, and that
\u25cf
the information presented in the financial statements gives a true and fair view of the company\u2019s and the Group\u2019s assets, liabilities, financial position, and result for the period.

We also confirm to the best of our knowledge that:
\u25cf
the Annual Report 2025 gives a true and fair view of the development, performance and financial position of the company and Group, and includes a description of the principal risks and uncertainties that they face, and that
\u25cf
the Annual Report meets the information requirements of the Norwegian accounting act with regard to the Board of Directors Report and statements on corporate governance for 2025, and that
\u25cf
the Country-by-Country report for 2025 has been prepared in accordance with the Norwegian Security Trading Act and the Norwegian Accounting Act, and that
\u25cf
the 2025 Sustainability statements have been prepared in accordance with and meets the information requirements of the Norwegian Accounting Act \u00a7 2-6 (European Sustainability Reporting Standards) and the EU taxonomy regulation (Article 8 of EU Regulation 2020/852).
The Board of Directors Yara International ASA
Oslo, 19 March 2026
Trond Berger
Chair
(signed)
Jannicke Hilland
Vice chair
(signed)
John Thuestad
Board member
(signed)
Rune Bratteberg
Board member
(signed)
Tove Feld
Board member
(signed)
Geir O. Sundb\u00f8
Board member
(signed)
Eva Safrine Aspvik
Board member
(signed)
Ragnhild Flesland H\u00f8imyr
Board member
(signed)
Jais Valeur
Board member
(signed)
Harald Thorstein
Board member
(signed)
Tina Lawton
Board member
(signed)
Svein Tore Holsether
President and CEO
(signed)
To the General Meeting of Yara International ASA
Independent auditor\u2019s report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Yara International ASA, which comprise:
\u25cf
The financial statements of the parent company Yara International ASA (the Company), which comprise the balance sheet as at 31 December 2025, the income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
\u25cf
The consolidated financial statements of Yara International ASA and its subsidiaries (the Group), which comprise the statement of financial position as at 31 December\u00a02025, statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information.
In our opinion
\u25cf
the financial statements comply with applicable statutory requirements,
\u25cf
the financial statements give a true and fair view of the financial position of the Company as at\u00a031 December\u00a02025, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and
\u25cf
the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Board Audit and Sustainability Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor\u2019s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants\u2019 International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 21 years from the incorporation of the Company on 12 November 2003 for the accounting year 2004 following the demerger from Norsk Hydro ASA. We were auditors in Norsk Hydro ASA at the time for the demerger, and have been auditors for Yara International ASA and Norsk Hydro ASA in total for more than 20 years.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Tax assets and liabilities
Description of the Key Audit Matter
How the matter was addressed in the audit
As detailed in note 1.1 and 2.8, the Group has recognized deferred tax assets of USD 521 million. Total unrecognized deferred tax assets are USD 666 million, of which USD 364 million represent unused tax losses in Brazil. Recognition of these assets are based on management assumptions related to future operating results and timing of utilization.
As detailed in note 1.1 and 2.8, management applies judgment to determine to what extent these deferred tax assets qualify for recognition in the statement of financial position. This involves judgment as to the likelihood of the realization of deferred tax assets. The expectation that the benefit of these deferred tax assets will be realized is dependent on sufficient taxable profits in future periods.
As detailed in note 1.1 and 5.5, the Group is engaged in a number of juridical and administrative proceedings related to disputed tax matters with uncertain outcome. Management is required to make certain judgments and estimates to recognize and measure the effect of uncertain tax positions.
Due to the significant management judgment involved in estimation and recognition of deferred tax assets and uncertain tax positions, we have assessed this to be a Key Audit Matter.
Our audit procedures included the following, among others:
\u25cf
We evaluated relevant controls associated with accounting for tax balances, including deferred tax assets and uncertain tax positions.
\u25cf
We involved our tax specialists in evaluating management\u2019s judgments and conclusions.
\u25cf
We challenged the appropriateness of management\u2019s assumptions and estimates in relation to the likelihood of generating future taxable profits to support the recognition of deferred tax assets. We evaluated the forecasted taxable profits and consistency of these forecasts with historical performance.
\u25cf
We evaluated management\u2019s assessment of the probable outcome related to uncertain tax positions.
\u25cf
We reviewed applicable third-party evidence and correspondence with tax authorities.
\u25cf
We considered the adequacy of the Group\u2019s disclosures related to uncertain tax positions and deferred tax assets.
Impairment of goodwill and property, plant and equipment
Description of the Key Audit Matter
How the matter was addressed in the audit
As disclosed in note 1.1, 4.1 and 4.2, the Group has recognized goodwill of USD 746 million and property, plant and equipment (PP&E) of USD 7 535 million. The Company\u2019s goodwill is tested for impairment on an annual basis while PP&E is tested for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
Determining whether goodwill and PP&E are impaired requires estimation of the value in use. As disclosed in note 4.7, the value in use calculation requires management to make significant estimates and assumptions related to future commodity prices, gas prices as well as assumptions related to discount rates, future production levels, capital expenditures and impact from climate changes. Changes in these assumptions could have a significant impact on the value of goodwill and PP&E.
Our audit procedures included the following, among others:
\u25cf
We evaluated relevant controls associated with the impairment review process.
\u25cf
We challenged management\u2019s key assumptions used in the cash flow forecasts included within the impairment models.
\u25cf
We challenged specifically the urea- and ammonia prices, gas prices, assumed production levels, capital expenditure, impact from climate changes and discount rate assumptions, including consideration of the risk of management bias.
\u25cf
We compared urea- and ammonia and gas prices to third party publications.
Net impairment losses of USD 16 million were recognized in the year ended 31 December 2025.
Due to the significant judgment involved in determining the assumptions used in the testing for impairment of goodwill, property, plant and equipment we have assessed this to be a Key Audit Matter.
\u25cf
We used internal valuation specialists in assessing discount rate assumptions used and testing the models.
\u25cf
We validated the mathematical accuracy of cash flow models and agreed relevant data to the latest production plans and approved budgets.
We considered the adequacy of the disclosures provided by the Group in relation to its impairment reviews.
Other Information
The Board of Directors and the President and CEO (management) are responsible for the information in the Board of Directors\u2019 report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor\u2019s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors\u2019 report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors\u2019 report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors\u2019 report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors\u2019 report and the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors\u2019 report or the other information accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors\u2019 report
\u25cf
is consistent with the financial statements and
\u25cf
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors\u2019 report applies correspondingly to the statement on Corporate Governance and to the report on payments to governments.
Our statement that the Board of Directors\u2019 report contains the information required by applicable law does not cover the sustainability report, for which a separate assurance report is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company\u2019s and the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. The financial statements of the Group use the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor\u2019s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor\u2019s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company\u2019s and the Group's internal control.
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evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
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conclude on the appropriateness of management\u2019s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company\u2019s and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor\u2019s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor\u2019s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.
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evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.
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obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Board Audit and Sustainability Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor\u2019s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Yara International ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name 213800WKOUWXWFJ5Z514-2025-12-31-1-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation.
Management\u2019s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary.
Auditor\u2019s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 \u2013 \u201cAssurance engagements other than audits or reviews of historical financial information\u201d. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company\u2019s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management\u2019s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Oslo, 19 March 2026
Deloitte AS
Espen Johansen
State Authorised Public Accountant
(electronically signed)
To the General Meeting of Yara International ASA
Independent sustainability auditor\u2019s assurance report
We have conducted a limited assurance engagement on the consolidated sustainability statement of Yara International ASA (the \u201cGroup\u201d), included in Sustainability statements section of the Board of Directors' report, including disclosures incorporated by reference listed in the Index on page 61 (the \u201cSustainability Statement\u201d), as at 31 December 2025 and for the year then ended.
Furthermore, we have conducted a reasonable assurance engagement of the Greenhouse gas (GHG) emission intensity of Yara International ASA for the year ended 31 December 2025, as included in subsection E1 Climate change on pages 107-109 of the Sustainability Statement.
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Norwegian Accounting Act section 2-3, including:
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compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the Group to identify the information reported in the Sustainability Statement (the \u201cProcess\u201d) is in accordance with the description set out in the subsection on double materiality analysis, in the section for General information, on pages 75-84, and
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compliance of the disclosures in subsection EU taxonomy on pages 86-92 of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the \u201cTaxonomy Regulation\u201d).
Reasonable Assurance Conclusion
In our opinion, the Greenhouse gas (GHG) emission intensity for the year ended 31 December 2025, is prepared, in all material respects, in accordance with the description on pages 107-109 related to Greenhouse gas (GHG) emission intensity (the \u201cApplicable Criteria\u201d).
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information (\u201cISAE 3000 (Revised)\u201d), issued by the International Auditing and Assurance Standards Board.
We conducted our reasonable assurance on the Greenhouse gas (GHG) emission intensity in accordance with International Standard on Assurance Engagements on Greenhouse Gas Statements (\u201cISAE 3410\u201d), issued by the International Auditing and Assurance Standards Board (\u201cIAASB\u201d) and our agreed terms of engagement.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusions. Our responsibilities under this standard are further described in the Sustainability auditor\u2019s responsibilities section of our report.
Our independence and quality management
We have complied with the independence and other ethical requirements as required by relevant laws and regulations in Norway and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Other matter
The comparative information included in the Sustainability Statement for the financial year 2023 and previous years was not subject to an assurance engagement. Our conclusion is not modified in respect of this matter.
Responsibilities for the Sustainability Statement
The Board of Directors and the President and CEO (management) are responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process in the subsection on double materiality analysis, in the section for General information, on pages 75-84 of the Sustainability Statement. This responsibility includes:
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understanding the context in which the Group's activities and business relationships take place and developing an understanding of its affected stakeholders;
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the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group's financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;
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the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and
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making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Norwegian Accounting Act section 2-3, including:
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compliance with the ESRS, and
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preparing the disclosures in subsection EU taxonomy of the Sustainability Statement, in compliance with the Taxonomy Regulation;
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designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and
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the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.
Management is also responsible for:
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Selecting and establishing the Applicable Criteria for the Greenhouse gas (GHG) emission intensity.
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Preparing, measuring, presenting, and reporting the Greenhouse gas (GHG) emission intensity in accordance with the Applicable Criteria.
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Publishing the Applicable Criteria publicly in advance of, or at the same time as, the publication of the Greenhouse gas (GHG) emission intensity.
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Designing, implementing, and maintaining internal processes and controls over information relevant to the preparation of the Greenhouse gas (GHG) emission intensity to ensure that they are free from material misstatement, including whether due to fraud or error.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.
Greenhouse gas (GHG) emission intensity as defined by Yara International ASA; the nature of the information, and absence of consistent external standards allow for different, but acceptable, measurement methodologies to be adopted which may result in variances between entities. The adopted measurement methodologies may also impact comparability of the Greenhouse gas (GHG) emission intensity reported by different organisations and from year to year within an organisation as methodologies develop.
Sustainability auditor\u2019s responsibilities
Limited assurance
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
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obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;
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considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and
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designing and performing procedures to evaluate whether the Process is consistent with the Group's description of its Process set out in the subsection on double materiality analysis, in the section for General information, on pages 75-84.
Our other responsibilities in respect of the Sustainability Statement include:
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identifying where material misstatements are likely to arise, whether due to fraud or error; and
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designing and performing procedures responsive to where material misstatements are likely to arise in the Sustainability Statement. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Reasonable assurance
Our responsibilities in respect to the Greenhouse gas (GHG) emission intensity is to plan and perform the assurance engagement to obtain reasonable assurance about whether the Greenhouse gas (GHG) emission intensity is free from material misstatement, whether due to fraud or error, and to issue a reasonable assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Greenhouse gas (GHG) emission intensity as a whole.
As part of a reasonable assurance engagement in accordance with ISAE 3410 we exercise professional judgement and maintain professional scepticism throughout the engagement.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise in the Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
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obtained an understanding of the Process by:
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performing inquiries to understand the sources of the information used by management (e.g., stakeholder engagement, business plans and strategy documents); and
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reviewing selected parts of the Group\u2019s internal documentation of its Process; and
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evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the Group was consistent with the description of the Process set out in the subsection on double materiality analysis, in the section for General information, on pages 75-84.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
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obtained an understanding of the Group's reporting processes relevant to the preparation of its Sustainability Statement by
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obtaining an understanding of the Group's control environment, and selected processes, control activities and information system relevant to the preparation of the Sustainability Statement, but not for the purpose of providing a conclusion on the effectiveness of the Group's internal control, and
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obtaining an understanding of the Group's risk assessment process.
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evaluated whether the information identified by the Process is included in the Sustainability Statement;
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evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS;
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performed inquires of selected relevant personnel and analytical procedures on selected information in the Sustainability Statement;
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performed substantive assurance procedures on selected information in the Sustainability Statement;
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where applicable, compared selected disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and other sections of the Board of Directors\u2019 report;
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evaluated selected methods, assumptions and data for developing estimates and forward-looking information;
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obtained an understanding of the Group's process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement;
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evaluated whether information about the selected identified taxonomy-eligible and taxonomy-aligned economic activities is included in the Sustainability Statement, and
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performed inquiries of selected relevant personnel, analytical procedures and substantive procedures on selected taxonomy disclosures included in the Sustainability Statement.
A reasonable assurance engagement in accordance with ISAE 3410 involves performing procedures to obtain evidence about the quantification of emissions and related information in the Greenhouse gas (GHG) emission intensity. The nature, timing and extent of procedures selected depend on the practitioner\u2019s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error, in the Greenhouse gas (GHG) emission intensity. In making those risk assessments, we considered internal control relevant to the Group\u2019s preparation of the Greenhouse gas (GHG) emission intensity.
In conducting our reasonable assurance engagement, with respect to the Greenhouse gas (GHG) emission intensity we:
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assessed the suitability in the circumstances of the Group\u2019s use of the Applicable Criteria, applied as explained in pages 107-109, as the basis for preparing the Greenhouse gas (GHG) emission intensity, and
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evaluated the appropriateness of quantification methods and reporting policies used, and the reasonableness of estimates made by the Group.
Oslo, 19 March 2026
Deloitte AS
Espen Johansen
State Authorised Public Accountant - Sustainability Auditor
(This document is signed electronically)
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Basis of preparation
Statement of compliance
These consolidated financial statements are based on the going concern assumption and have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (European Union) and effective as of 31 December 2025. Yara also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.
The consolidated financial statements have been prepared under the historical cost basis, modified to include revaluation to fair value of equity instruments, derivative financial instruments, contingent consideration, disposal group held for sale and defined benefit plan assets.
The consolidated financial statements are presented in US dollars (USD). All values are rounded to the nearest USD million, except when otherwise indicated. The functional currency of Yara International ASA is Norwegian kroner (NOK).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "
Basis of preparation
Basis of consolidation
The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group reassesses whether it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control.
Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group.
Profits or losses from transactions with associates and joint ventures are recognized in the Group\u2019s consolidated financial statements only to the extent of interest in the associate or joint venture that is not related to the Group.
Changes in the Group\u2019s ownership of subsidiaries that do not result in the Group losing control are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "
Basis of preparation
Foreign currency translation
Transactions and balances
Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognized by applying the exchange rate at the date of transaction. Monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Changes in value due to these foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/ loss\u201d in the consolidated statement of income for the Group.
Exchange differences arising on foreign currency borrowings designated as a hedge of a net investment in a foreign operation, or on monetary items that form part of such net investment, are recognized in other comprehensive income together with any related tax effects and accumulated in equity within the foreign currency translation reserve. These amounts remain in equity until disposal of the net investment, at which time the cumulative amount is reclassified to profit or loss.
Group companies
When preparing the consolidated financial statements, all items in the individual financial statements are translated into USD using the exchange rates at period end for statement of financial position items and monthly average exchange rates for statement of income items. Gains and losses derived from this translation, including effects of exchange rate changes on transactions designated as hedges of net foreign investments, are included in other comprehensive income as a separate component.
The translation difference derived from each foreign operation is reversed through the statement of income as part of the gain or loss arising from the divestment or liquidation of such a foreign operation.
Any goodwill arising on the acquisition of a foreign operation, and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation, are translated using the closing rate at the date of that statement of financial position and recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "
Basis of preparation
Corporate information
Yara (the Group) consists of Yara International ASA and its subsidiaries. Yara International ASA is a public limited company incorporated in Norway. The company\u2019s registered office is at Drammensveien 131, Oslo, Norway. The principal activities of the Group are described in note 2.3 Segment information, note 4.3 Associates and joint ventures, and note 4.4 Joint operations.
These consolidated financial statements consist of the Group and the Group\u2019s interests in associates and jointly controlled entities. Information on the Group\u2019s structure is provided in note 7.4 Composition of the Group. Information on other related party relationships of the Group is provided in note 7.1 Related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "
Basis of preparation
Significant accounting policies
Accounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements:
Accounting policies
Note
Revenue recognition
2.1
Income taxes
2.8
Inventories
3.1
Trade receivables
3.2
Cash and cash equivalents
3.4
Property, plant and equipment
4.1
Goodwill
4.2
Intangible assets other than goodwill
4.2
Investments in associates and joint ventures
4.3
Investments in joint operations
4.4
Leases
4.5
Other non-current assets
4.6
Impairment of non-current assets
4.7
Government grants
4.9
Dividends paid
5.1
Interest-bearing debt
5.2
Pensions and other long-term employee benefit obligations
5.3
Trade and other current payables
5.4
Provisions and contingencies
5.5
Hedge accounting
6.2
Financial instruments
6.3
Fair value measurement
6.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
Basis of preparation
Statement of cash flows
Yara uses the indirect method to present cash flows from operating activities. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Interest and dividends received, as well as interest paid, are included in cash flows from operating activities. Dividends paid are included in cash flows from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "
Basis of preparation
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
Basis of preparation
Transactions and balances
Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognized by applying the exchange rate at the date of transaction. Monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Changes in value due to these foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/ loss\u201d in the consolidated statement of income for the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
Basis of preparation
Corporate information
Yara (the Group) consists of Yara International ASA and its subsidiaries. Yara International ASA is a public limited company incorporated in Norway. The company\u2019s registered office is at Drammensveien 131, Oslo, Norway. The principal activities of the Group are described in note 2.3 Segment information, note 4.3 Associates and joint ventures, and note 4.4 Joint operations.
These consolidated financial statements consist of the Group and the Group\u2019s interests in associates and jointly controlled entities. Information on the Group\u2019s structure is provided in note 7.4 Composition of the Group. Information on other related party relationships of the Group is provided in note 7.1 Related parties.
Statement of compliance
These consolidated financial statements are based on the going concern assumption and have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (European Union) and effective as of 31 December 2025. Yara also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.
The consolidated financial statements have been prepared under the historical cost basis, modified to include revaluation to fair value of equity instruments, derivative financial instruments, contingent consideration, disposal group held for sale and defined benefit plan assets.
The consolidated financial statements are presented in US dollars (USD). All values are rounded to the nearest USD million, except when otherwise indicated. The functional currency of Yara International ASA is Norwegian kroner (NOK).
Materiality judgments
These financial statements aim to provide useful financial information which meets the common information needs of its primary users. Materiality judgments are necessary to meet this objective, and Yara has made such judgments related to recognition, measurement, presentation and disclosures. With reference to the complete set of financial statements, information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primary users based on the information provided. Materiality judgments are reassessed at each reporting date and updated based on changed facts and Yara specific circumstances.
Yara\u2019s Climate Roadmap
In December 2020, Yara announced a strategic shift towards climate-neutral solutions along with the Group\u2019s climate targets. These targets include a 10 percent reduction in CO2e per tonne N by 2025, a 30 percent reduction in absolute emissions (scope 1 and 2) by 2030, and an ambition to be climate-neutral by 2050. See Yara\u2019s Planet KPIs on page 19 and the Yara\u2019s Executive Remuneration Report 2024 for more information and attainment of targets. Yara provides explicit information in the notes to these consolidated financial statements on how climate and environmental-related matters are reflected in the accounts. For more information, see note 1.2 Climate risk and opportunities, and note 1.3 Environmental impact and dependencies.
Basis of consolidation
The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group reassesses whether it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control.
Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group.
Profits or losses from transactions with associates and joint ventures are recognized in the Group\u2019s consolidated financial statements only to the extent of interest in the associate or joint venture that is not related to the Group.
Changes in the Group\u2019s ownership of subsidiaries that do not result in the Group losing control are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the company.
EU Directive 83/349
Yara GmbH & Co. KG with legal seat in D\u00fclmen/ Germany, and its directly and indirectly owned subsidiaries, are included in the consolidated financial statements of Yara International ASA as defined by sec. 291 HGB (German commercial code). For the purpose of sec. 264b HGB, Yara GmbH & Co. KG makes use of the relief to not disclose any independent financial statements and notes.
Foreign currency translation
Transactions and balances
Individual financial statements of Yara International ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognized by applying the exchange rate at the date of transaction. Monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Changes in value due to these foreign currency translations are recognized in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/ loss\u201d in the consolidated statement of income for the Group.
Exchange differences arising on foreign currency borrowings designated as a hedge of a net investment in a foreign operation, or on monetary items that form part of such net investment, are recognized in other comprehensive income together with any related tax effects and accumulated in equity within the foreign currency translation reserve. These amounts remain in equity until disposal of the net investment, at which time the cumulative amount is reclassified to profit or loss.
Group companies
When preparing the consolidated financial statements, all items in the individual financial statements are translated into USD using the exchange rates at period end for statement of financial position items and monthly average exchange rates for statement of income items. Gains and losses derived from this translation, including effects of exchange rate changes on transactions designated as hedges of net foreign investments, are included in other comprehensive income as a separate component.
The translation difference derived from each foreign operation is reversed through the statement of income as part of the gain or loss arising from the divestment or liquidation of such a foreign operation.
Any goodwill arising on the acquisition of a foreign operation, and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation, are translated using the closing rate at the date of that statement of financial position and recognized in other comprehensive income.
Statement of cash flows
Yara uses the indirect method to present cash flows from operating activities. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Interest and dividends received, as well as interest paid, are included in cash flows from operating activities. Dividends paid are included in cash flows from financing activities.
Significant accounting policies
Accounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements:
Accounting policies
Note
Revenue recognition
2.1
Income taxes
2.8
Inventories
3.1
Trade receivables
3.2
Cash and cash equivalents
3.4
Property, plant and equipment
4.1
Goodwill
4.2
Intangible assets other than goodwill
4.2
Investments in associates and joint ventures
4.3
Investments in joint operations
4.4
Leases
4.5
Other non-current assets
4.6
Impairment of non-current assets
4.7
Government grants
4.9
Dividends paid
5.1
Interest-bearing debt
5.2
Pensions and other long-term employee benefit obligations
5.3
Trade and other current payables
5.4
Provisions and contingencies
5.5
Hedge accounting
6.2
Financial instruments
6.3
Fair value measurement
6.3
New and revised accounting standards \u2013 adopted
For accounting periods beginning on or after 1 January 2025, the Group has adopted amendments to IAS 21 which specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments have no impact on the consolidated financial statements in the periods presented.
New and revised accounting standards \u2013 not yet effective
These issued amendments to IFRS Accounting standards are applicable to Yara but were not yet effective on the balance sheet date:
\u25cf
IFRS 18 Presentation and Disclosure in Financial Statements
See additional information in a separate section below.
\u25cf
Amendments to IAS 7 and IFRS 7 \u2013 Classification and measurement of financial instruments
The amendments are effective for annual periods beginning on or after 1 January 2026 and clarify the conditions for derecognizing a financial liability and how to assess financial assets that include ESG-linked features and other similar contingent features.
\u25cf
Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity
The amendments are effective for annual periods beginning on or after 1 January 2026 and include clarification of application of the \u201cown use\u201d requirements and guidance permitting hedge accounting, as well as new disclosure requirements.
Yara will implement the changes from their effective date, subject to endorsement by the EU. IFRS 18 has a significant impact on the consolidated financial statements from its effective date 1 January 2027, refer to a separate section below. At the date of the Board approval of these financial statements, Yara has not identified significant impact to the consolidated financial statements as result of the other amendments effective from 1 January 2026.
Implementation of IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 \u201cPresentation and Disclosure in Financial Statements,\u201d takes effect on January 1, 2027, requiring 2026 comparative figures. Its primary objective is to enhance consistency in financial statements across industries by establishing comprehensive requirements for the presentation and disclosure of financial information, with a particular emphasis on financial performance in the statement of profit or loss (P&L). It introduces mandatory classification of P&L income and expenses into defined categories, updates P&L subtotals, clarifies grouping rules for income and expenses, and requires detailed explanations and disclosures for non-GAAP measures referred to as management performance measures (MPMs). MPMs are subtotals of income and expenses used in public communications to reflect management\u2019s perspective, not specified by IFRS 18 or other IFRS Accounting Standards.
Under IFRS 18, income and expenses in the P&L must be classified into five categories: operating, investing, financing, income taxes, and discontinued operations. This introduces significant changes for Yara, especially in how the Group reports foreign exchange (FX) differences and other financial items such as interest income and expense. These will now be reported based on the activity that generated them, resulting in a more detailed and transparent presentation by activity rather than as aggregated financial items.
The Group\u2019s cash flow statement will be revised, with the starting point shifting from income/(loss) before tax to operating profit as required by the new Standard.
MPMs will be disclosed in a separate note to the consolidated financial statements. Yara has not yet decided which MPMs it will report under IFRS 18.
Carbon Border Adjustment Mechanism (CBAM)
Starting January 1, 2026, the Carbon Border Adjustment Mechanism (CBAM) will be phased in, introducing a carbon price for ammonia and fertilizers imported into the EU. Upon import, Yara will be required to purchase CBAM certificates for which the Group will record a corresponding accrual under \u201cTrade and other payables\u201d in the Statement of Financial Position. In the Statement of Income, the expense tied to CBAM certificates will be included in the cost of the relevant imported goods, impacting both inventory valuation and cost of sales. The accrued liability for these certificates will be settled for the first time in 2027, and subsequently on an annual basis, through the purchase and surrender of CBAM certificates. For more information, see note 1.2 Climate risks and opportunities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
Basis of preparation
Basis of consolidation
The consolidated financial statements include Yara International ASA and entities controlled by Yara International ASA (its subsidiaries). Control is achieved when the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. When the Group has less than a majority of the voting rights of an investee, it has power over the investee if the voting rights in practice are sufficient to unilaterally direct the relevant activities of the investee. The Group reassesses whether it controls an investee when facts and circumstances indicate that there are changes to one or more elements of control.
Consolidation of a subsidiary begins when the Group obtains control and ceases when the Group loses control. This means that income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of Yara International ASA and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
All intra group transactions, balances, income and expenses are eliminated in full upon consolidation. Accounting policies of subsidiaries are changed if necessary to ensure consistency with the policies adopted by the Group.
Profits or losses from transactions with associates and joint ventures are recognized in the Group\u2019s consolidated financial statements only to the extent of interest in the associate or joint venture that is not related to the Group.
Changes in the Group\u2019s ownership of subsidiaries that do not result in the Group losing control are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received, is recognized directly in equity and attributed to owners of the company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
Basis of preparation
New and revised accounting standards \u2013 adopted
For accounting periods beginning on or after 1 January 2025, the Group has adopted amendments to IAS 21 which specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments have no impact on the consolidated financial statements in the periods presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationWhenCurrencyIsNotExchangeableIntoAnotherCurrencyExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
Basis of preparation
New and revised accounting standards \u2013 adopted
For accounting periods beginning on or after 1 January 2025, the Group has adopted amendments to IAS 21 which specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments have no impact on the consolidated financial statements in the periods presented.
New and revised accounting standards \u2013 not yet effective
These issued amendments to IFRS Accounting standards are applicable to Yara but were not yet effective on the balance sheet date:
\u25cf
IFRS 18 Presentation and Disclosure in Financial Statements
See additional information in a separate section below.
\u25cf
Amendments to IAS 7 and IFRS 7 \u2013 Classification and measurement of financial instruments
The amendments are effective for annual periods beginning on or after 1 January 2026 and clarify the conditions for derecognizing a financial liability and how to assess financial assets that include ESG-linked features and other similar contingent features.
\u25cf
Amendments to IFRS 9 and IFRS 7 \u2013 Contracts referencing nature-dependent electricity
The amendments are effective for annual periods beginning on or after 1 January 2026 and include clarification of application of the \u201cown use\u201d requirements and guidance permitting hedge accounting, as well as new disclosure requirements.
Yara will implement the changes from their effective date, subject to endorsement by the EU. IFRS 18 has a significant impact on the consolidated financial statements from its effective date 1 January 2027, refer to a separate section below. At the date of the Board approval of these financial statements, Yara has not identified significant impact to the consolidated financial statements as result of the other amendments effective from 1 January 2026.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "Yara International ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "Yara International ASA is a public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "Drammensveien 131, Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "Drammensveien 131, Oslo, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
1
Key sources of estimation uncertainty, judgments and assumptions
1.1
Significant estimates and judgments
The preparation of consolidated financial statements in accordance IFRS Accounting Standards requires Yara\u2019s management to make judgments, estimates, and assumptions that impact reported amounts. These estimates and assumptions, based on historical experience and other reasonable factors, are reviewed regularly. Any revisions are recognized in the period of the revision and future periods if applicable.
Key areas that involve significant uncertainty and complexity, potentially leading to notable variations in reported amounts, are:
Useful life and impairment of non-current assets
IAS 36 requires Yara to identify indicators that may signal impairment of assets or cash-generating units (CGUs). This process involves judgment when evaluating potential impairment indicators and defining CGUs, such as considering market presence and the interdependence of cash flows. An impairment is recognized if the carrying value of an asset or CGU exceeds its recoverable amount, which is determined by either fair value less costs to sell or value-in-use. These calculations are heavily influenced by prevailing market conditions and management\u2019s estimates. Additionally, estimating the useful life and residual value of assets requires considerable judgment, as these assessments are affected by uncertainties including technological advancements, strategic objectives, and climate-related factors. For further details, refer to note 4.1 Property, plant and equipment, 4.2 Intangible assets, and 4.7 Impairment of non-current assets.
Tax assets and liabilities
Yara recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has used considerable judgment in considering future taxable income when assessing whether these assets should be recognized. Further information about deferred tax is provided in note 2.8 Income taxes.
Yara\u2019s operations in Brazil generate tax credits. Recognition of these assets is based on management assumptions related to future operating results and timing of utilization. Further information is provided in note 4.6 Other non-current assets.
Yara is engaged in several juridical and administrative proceedings related to disputed tax matters with uncertain outcomes. Management is required to estimate the probability of cash outflow on a case-by-case basis and has used significant judgment and assumptions when preparing these estimates. Further information is provided in note 5.5 Provisions and contingencies.
Yara has operations in multiple countries, each with its own taxation regime. Management is required to make judgments, estimates, and assumptions in relation to tax treatments. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court decides in the future.
When determining whether uncertainty exists regarding tax treatments, Yara considers current tax laws and regulations, general practices, court decisions, and rulings by relevant authorities, as well as tax memoranda prepared by internal or external experts. In cases of uncertain tax treatments, Yara evaluates the likelihood that a taxation authority will accept an uncertain tax treatment. If it is concluded that it is unlikely the taxation authority will accept the uncertain tax treatment, Yara will account for the effect of uncertainty by using the method that provides the best resolution prediction. For more details on uncertain tax positions, see note 5.5 Provisions and contingencies.
Net realizable value of inventory
Some of Yara\u2019s products are traded in markets where observable market references are limited. As such, management estimates and assumptions are required to determine the net realizable value. For more information, see note 3.1 Inventories.
Provisions and contingencies
Provisions have uncertain timing and amount, and are measured as the best estimate of the cost needed to settle the obligation at the balance sheet date considering related risks and uncertainties. Yara\u2019s
provisions mainly pertain to environmental remediation, decommissioning, restructuring, legal claims and tax.
Additionally, Yara has contingent assets and liabilities not recognized on the balance sheet as their existence depends on higher uncertainty future events not within the control of the Group. These are primarily due to uncertainties related to environmental, legal, and tax matters, as well as political and economic sanctions imposed on Russia and certain Russian entities and individuals.
Management has used significant judgment in considering risks and uncertainties that surround events and circumstances in reaching the best estimate of the provisions and whether contingent assets or liabilities meet the recognition criteria. For more information, see note 5.5 Provisions and contingencies.
Defined benefit pension plans
Yara\u2019s net obligation for defined benefit plans is calculated individually for each plan. The fair value of pension liabilities depends on various actuarial and economic assumptions, with changes in the discount rate having the most significant impact. These assumptions, determined locally for each plan based on the relevant economic environment, are typically reviewed annually unless significant changes occur. Detailed information, including sensitivity disclosures, is available in note 5.3 Pensions and other long-term employee benefit obligations.
Classification of joint arrangements
Management has used judgment in relation to the classification of Yara Freeport LLC DBA Texas Ammonia and classified it as a joint operation. Despite Yara owning 68 percent, the plant is controlled jointly with the other owner, because the partners have equal number of board representatives and major decisions requiring unanimous consent. Similar judgments apply to the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also based on required consensus when making relevant decisions. See note 4.4 for details on joint operations.
1.2
Climate risk and opportunities
Yara acknowledges significant risks and opportunities linked to climate change and policy measures to reduce greenhouse gas (GHG) emissions and create low carbon and climate-resilient economies. These risks and opportunities are integrated into the Group\u2019s risk management and strategy development processes and embedded in Yara\u2019s governance structure, including the mandate of the Board Audit and Sustainability Committee.
In December 2020, Yara announced a strategic pathway towards climate-neutral solutions along with the Group\u2019s climate targets. These targets included a 10 percent reduction in GHG intensity (scope 1, scope 2, scope 3 TPP NH3) by 2025 compared to 2018, a 30 percent reduction in absolute emissions (scope 1 and 2) by 2030 compared to 2019, and an ambition to be climate-neutral by 2050 through profitable decarbonization. The 10 percent reduction in GHG intensity is successfully achieved by year-end 2025. See page 107 for more information. Further, Yara has integrated climate risks and opportunities into all relevant key business processes such as business planning, enterprise risk management, performance reviews, and capital value processes. The short-term incentive structure for the Group Executive Board includes planet-related indicators that account for 20 percent of the evaluation criteria.
Yara\u2019s core industrial processes are the production of nitrogen fertilizers and industrial chemicals. Natural gas serves as the main energy source and feedstock to the processes. The two primary emission sources are CO2 from ammonia production and N2O from nitric acid production. To reduce GHG emissions, Yara systematically assesses opportunities for improvements of these operations.
Yara faces a range of challenges driven by shifting market dynamics, regulatory frameworks including carbon pricing mechanisms, as well as shifting consumer preferences.
At the same time, the transition presents significant opportunities: growing demand for products with lower carbon footprints, evolving consumer behavior, and advances in GHG-reducing technologies. The realization of such opportunities is challenged by the fact that key enablers for energy transition across the value chain are not advancing at the pace required for large-scale decarbonization, such as the availability of competitively priced renewable energy and the development of essential infrastructure including expanding electricity grids, carbon capture and storage (CCS) facilities, and hydrogen distribution networks.
These transition risks and opportunities are central to Yara\u2019s long-term strategy, shaping how the company adapts and innovates to maintain resilience and relevance. The Group addresses these by evaluating
investments under climate scenarios, reducing GHG emission, promoting low-carbon solutions, sourcing renewable electricity, and advancing low-emission ammonia for the hydrogen economy.
The main climate regulations impacting Yara are:
\u25cf
Carbon pricing mechanisms
This includes the EU Emissions Trading System (EU ETS) and Carbon Border Adjustment Mechanism (CBAM) in Europe, but also other mechanisms globally such as Australia\u2019s Safeguard Mechanism.

As CBAM is introduced, EU ETS free allowances will gradually be phased out between 2026 and 2034 to comply with international trade rules. This means that Yara will gradually need to buy more allowances to cover its emissions, increasing significantly its exposure to carbon costs for EU production. In addition, the introduction of CBAM in Europe will increase costs for Yara\u2019s imports of ammonia to the European market. However, CBAM will level the playing field as EU producers have for many years been exposed to a domestic carbon price under EU ETS, and imports will now face carbon cost as well. In addition, Yara sees opportunities to get mechanisms in place to reduce exposure to carbon costs on the exports out of Europe (inward processing), and by sourcing low-carbon ammonia within Yara and from third parties. This will significantly mitigate the net financial impact. Further, the Group\u2019s potential in optimizing its production system to reduce exposure to carbon costs is considered a significant opportunity.
In January 2026, the EU commission spoke about possibly amending CBAM legislation to open up for temporary suspension of CBAM under serious and unforeseen circumstances. Fertilizers were mentioned specifically as a product that would be evaluated for temporary CBAM suspension. This has caused uncertainty for the European fertilizer industry.
\u25cf
US Inflation Reduction Act
The US Internal Revenue code section 45Q (tax credits for carbon capture and sequestration) drives a strong investment case for low-emission ammonia in the US and has been continued in recent tax code changes in the US.
\u25cf
Renewable Energy Directive (REDIII)
The Renewable Energy Directive (RED) aims at promoting the use of renewable energy sources across the EU. The Directive, which entered into force on 20 November 2023, applies to EU member states that must transpose it into national law. So far, only a few member states have transposed the directive or published proposals for its transposition. The Directive is considered a risk for Yara\u2019s European ammonia production due to its ambitious targets for industrial hydrogen consumption from renewable sources and the uncertainty surrounding transposition of these targets in different EU member states.
\u25cf
Agricultural GHG emission regulations
As GHG emissions are reduced in industry and transport, the regulatory focus on agricultural GHG emissions is expected to increase, including on the in-field GHG emissions resulting from fertilizer application.
Yara conducts assessments using the latest high-emissions scenario developed by the Intergovernmental Panel on Climate Change (IPCC), specifically SSP5-8.5 / RCP8.5, to assess physical impacts of climate change on our operations. This scenario was selected to reflect a worst-case pathway and to ensure robust preparedness and resilience planning. The analysis focuses on two key timeframes: 2030 and 2050. The assessment covers Yara\u2019s targeted production sites as well as critical hot spots in the supply chain that exhibit high potential exposure to physical risks. These hotspots were identified following a materiality assessment considering asset value and projected future exposure to climate change. For each selected hotspot, a risk assessment was conducted evaluating both the likelihood of occurrence and potential magnitude of the impacts, at the specific asset location. The primary physical risks highlighted for Yara\u2019s operations include heatwaves, flooding (resulting from heavy rainfall, tropical cyclones, or sea-level rise), and drought. While Yara\u2019s production system has generally proven resilient, these assessments reveal further opportunities to strengthen adaptability and preparedness across its operations.
As of year-end 2025, the future financial impact to Yara from climate risks and opportunities remains uncertain; however, it may become significant in the coming years. In light of this uncertainty, Yara has provided additional information to ensure that stakeholders are informed about the potential implications of climate-related matters, even though their financial effects cannot be fully determined. The effects of climate related matters on these consolidated financial statements refer to:
\u25cf
Impairment of non-current assets
See note 4.1 Property, plant and equipment and note 4.7 Impairment of non-current assets.
\u25cf
Useful life of non-current assets
See note 4.1 Property, plant and equipment.
\u25cf
Subsidies
See note 4.9 Government grants.
\u25cf
Emission rights in Europe
See note 4.2 Intangible assets and note 4.9 Government grants.
\u25cf
Financial instruments
See note 5.2 Interest-bearing debt.
1.3
Environmental impacts and dependencies
Yara\u2019s operations and its value chain are exposed to various environmental and ecosystem-related risks. These risks primarily involve the availability of water, soil, and land, which can be significantly impacted by industrial and agricultural activities. Additionally, air pollution poses further challenges.
Guided by Yara\u2019s mission to protect the planet, environmental impacts and risks are integrated into the Group\u2019s governance structure, risk management, and key decision-making processes. Identified impacts and risks are assessed systematically and continuously to monitor and manage performance. Potential and actual incidents, along with non-compliances, are investigated. Preventive and corrective actions are initiated as necessary, striving to ensure that critical non-compliances are prevented or resolved. Management systems, policies, and processes are in place to identify forthcoming stricter governmental regulations. New requirements are assessed to determine and manage any future impact on operations and products.
Several of the risks described also represent opportunities for Yara, leveraging the company\u2019s strategic focus to drive growth and value creation. A significant aspect of this strategy includes Yara\u2019s ongoing and substantial business in NOx abatement for both transport and industry.
As of the end of 2025, the current and future financial impact to Yara from environmental risks and opportunities remain uncertain. Explicit information is provided in the notes to these financial statements on environmental and decommissioning obligations. For more details, see note 5.5 Provisions and contingencies.
1.4
Geopolitical exposure
As a globally diversified company, Yara is strategically positioned to manage shifts in the geopolitical environment. The Group\u2019s operational flexibility allows it to optimize production and product flows, ensuring continued supply of products with minimal disruption. Yara actively monitors geopolitical trends and adapts its strategies accordingly, enhancing resilience through its expansive global presence, optimized production network, cost efficiency, and ongoing assessment of market and political developments. Nevertheless, Yara is exposed to geopolitical trends characterized by intensified power politics including armed conflicts, sanctions, trade coercion, and fragmented global markets. Yara\u2019s strategic position is influenced by its reliance on energy sources and participation in global supply chains, which require ongoing adaptation to changing market conditions and geopolitical developments. Additionally, Yara must address ethical and business challenges, carefully balancing sustainability and climate related matters with profitability in an environment of persistent political and economic uncertainty.
Yara\u2019s financial performance is significantly influenced by fluctuations in market prices, evolving trade dynamics, and sourcing patterns, requiring the Group to continually adapt its operations and strategies. Due to the complexity and interdependence of external factors, forecasting financial outcomes based on single variables is challenging, and sensitivities to individual factors are unreliable and less meaningful. As a result, the financial impact of geopolitical exposure on Yara remains uncertain.
The main geopolitical risks and uncertainties with potential significant financial impact for Yara stem from the following:
\u25cf
Energy Dependency & Price Volatility
Significant consumption of natural gas exposes Yara to significant risks in volatile energy markets. The energy-intensive nature of fertilizer production means that surges in energy prices can sharply reduce profit margins, but also provide a natural hedge as nitrogen prices are driven by marginal cost of production.
\u25cf
Supply Chain Disruptions
Exposure to fragmented global trade systems and disruptions in sourcing raw materials or logistics can interrupt production processes, increase operational costs, and result in revenue losses.
\u25cf
Market Volatility
Yara is exposed to risks from fluctuations in fertilizer and raw material prices, largely driven by geopolitical tensions, weather events, and shifting global demand. Economic downturns, regional instability, and trade restrictions can further amplify price volatility and impact revenue. Additionally, currency fluctuations in Yara\u2019s markets create added financial uncertainty.
\u25cf
Regulatory & Compliance Challenges
Yara faces challenges from increasingly complex and fragmented national regulations, which raise compliance costs and heighten pressure to achieve sustainability goals while remaining profitable. Failure to comply could result in financial penalties, reputational damage, and/or loss of operating licenses.
\u25cf
Geopolitical Instability
Armed conflicts, sanctions, and trade restrictions disrupt supply chains and market access, increasing operational uncertainty and contributing to an unpredictable business environment.

Matters that may be impacted by geopolitical exposure in these consolidated financial statements refer to impairment of non-current assets (note 4.7), inventory write-downs (note 3.1), sanctioned payables (note 5.4), deferred tax assets (note 1.1, note 2.8 and note 5.5), provisions and contingencies (note 5.5) and financial risk management (note 6.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
1
Key sources of estimation uncertainty, judgments and assumptions
1.1
Significant estimates and judgments
The preparation of consolidated financial statements in accordance IFRS Accounting Standards requires Yara\u2019s management to make judgments, estimates, and assumptions that impact reported amounts. These estimates and assumptions, based on historical experience and other reasonable factors, are reviewed regularly. Any revisions are recognized in the period of the revision and future periods if applicable.
Key areas that involve significant uncertainty and complexity, potentially leading to notable variations in reported amounts, are:
Useful life and impairment of non-current assets
IAS 36 requires Yara to identify indicators that may signal impairment of assets or cash-generating units (CGUs). This process involves judgment when evaluating potential impairment indicators and defining CGUs, such as considering market presence and the interdependence of cash flows. An impairment is recognized if the carrying value of an asset or CGU exceeds its recoverable amount, which is determined by either fair value less costs to sell or value-in-use. These calculations are heavily influenced by prevailing market conditions and management\u2019s estimates. Additionally, estimating the useful life and residual value of assets requires considerable judgment, as these assessments are affected by uncertainties including technological advancements, strategic objectives, and climate-related factors. For further details, refer to note 4.1 Property, plant and equipment, 4.2 Intangible assets, and 4.7 Impairment of non-current assets.
Tax assets and liabilities
Yara recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary differences and unused tax losses can be utilized. Management has used considerable judgment in considering future taxable income when assessing whether these assets should be recognized. Further information about deferred tax is provided in note 2.8 Income taxes.
Yara\u2019s operations in Brazil generate tax credits. Recognition of these assets is based on management assumptions related to future operating results and timing of utilization. Further information is provided in note 4.6 Other non-current assets.
Yara is engaged in several juridical and administrative proceedings related to disputed tax matters with uncertain outcomes. Management is required to estimate the probability of cash outflow on a case-by-case basis and has used significant judgment and assumptions when preparing these estimates. Further information is provided in note 5.5 Provisions and contingencies.
Yara has operations in multiple countries, each with its own taxation regime. Management is required to make judgments, estimates, and assumptions in relation to tax treatments. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court decides in the future.
When determining whether uncertainty exists regarding tax treatments, Yara considers current tax laws and regulations, general practices, court decisions, and rulings by relevant authorities, as well as tax memoranda prepared by internal or external experts. In cases of uncertain tax treatments, Yara evaluates the likelihood that a taxation authority will accept an uncertain tax treatment. If it is concluded that it is unlikely the taxation authority will accept the uncertain tax treatment, Yara will account for the effect of uncertainty by using the method that provides the best resolution prediction. For more details on uncertain tax positions, see note 5.5 Provisions and contingencies.
Net realizable value of inventory
Some of Yara\u2019s products are traded in markets where observable market references are limited. As such, management estimates and assumptions are required to determine the net realizable value. For more information, see note 3.1 Inventories.
Provisions and contingencies
Provisions have uncertain timing and amount, and are measured as the best estimate of the cost needed to settle the obligation at the balance sheet date considering related risks and uncertainties. Yara\u2019s
provisions mainly pertain to environmental remediation, decommissioning, restructuring, legal claims and tax.
Additionally, Yara has contingent assets and liabilities not recognized on the balance sheet as their existence depends on higher uncertainty future events not within the control of the Group. These are primarily due to uncertainties related to environmental, legal, and tax matters, as well as political and economic sanctions imposed on Russia and certain Russian entities and individuals.
Management has used significant judgment in considering risks and uncertainties that surround events and circumstances in reaching the best estimate of the provisions and whether contingent assets or liabilities meet the recognition criteria. For more information, see note 5.5 Provisions and contingencies.
Defined benefit pension plans
Yara\u2019s net obligation for defined benefit plans is calculated individually for each plan. The fair value of pension liabilities depends on various actuarial and economic assumptions, with changes in the discount rate having the most significant impact. These assumptions, determined locally for each plan based on the relevant economic environment, are typically reviewed annually unless significant changes occur. Detailed information, including sensitivity disclosures, is available in note 5.3 Pensions and other long-term employee benefit obligations.
Classification of joint arrangements
Management has used judgment in relation to the classification of Yara Freeport LLC DBA Texas Ammonia and classified it as a joint operation. Despite Yara owning 68 percent, the plant is controlled jointly with the other owner, because the partners have equal number of board representatives and major decisions requiring unanimous consent. Similar judgments apply to the 50 percent owned Yara Pilbara Nitrates and the 49 percent owned Tringen, also based on required consensus when making relevant decisions. See note 4.4 for details on joint operations.
1.2
Climate risk and opportunities
Yara acknowledges significant risks and opportunities linked to climate change and policy measures to reduce greenhouse gas (GHG) emissions and create low carbon and climate-resilient economies. These risks and opportunities are integrated into the Group\u2019s risk management and strategy development processes and embedded in Yara\u2019s governance structure, including the mandate of the Board Audit and Sustainability Committee.
In December 2020, Yara announced a strategic pathway towards climate-neutral solutions along with the Group\u2019s climate targets. These targets included a 10 percent reduction in GHG intensity (scope 1, scope 2, scope 3 TPP NH3) by 2025 compared to 2018, a 30 percent reduction in absolute emissions (scope 1 and 2) by 2030 compared to 2019, and an ambition to be climate-neutral by 2050 through profitable decarbonization. The 10 percent reduction in GHG intensity is successfully achieved by year-end 2025. See page 107 for more information. Further, Yara has integrated climate risks and opportunities into all relevant key business processes such as business planning, enterprise risk management, performance reviews, and capital value processes. The short-term incentive structure for the Group Executive Board includes planet-related indicators that account for 20 percent of the evaluation criteria.
Yara\u2019s core industrial processes are the production of nitrogen fertilizers and industrial chemicals. Natural gas serves as the main energy source and feedstock to the processes. The two primary emission sources are CO2 from ammonia production and N2O from nitric acid production. To reduce GHG emissions, Yara systematically assesses opportunities for improvements of these operations.
Yara faces a range of challenges driven by shifting market dynamics, regulatory frameworks including carbon pricing mechanisms, as well as shifting consumer preferences.
At the same time, the transition presents significant opportunities: growing demand for products with lower carbon footprints, evolving consumer behavior, and advances in GHG-reducing technologies. The realization of such opportunities is challenged by the fact that key enablers for energy transition across the value chain are not advancing at the pace required for large-scale decarbonization, such as the availability of competitively priced renewable energy and the development of essential infrastructure including expanding electricity grids, carbon capture and storage (CCS) facilities, and hydrogen distribution networks.
These transition risks and opportunities are central to Yara\u2019s long-term strategy, shaping how the company adapts and innovates to maintain resilience and relevance. The Group addresses these by evaluating
investments under climate scenarios, reducing GHG emission, promoting low-carbon solutions, sourcing renewable electricity, and advancing low-emission ammonia for the hydrogen economy.
The main climate regulations impacting Yara are:
\u25cf
Carbon pricing mechanisms
This includes the EU Emissions Trading System (EU ETS) and Carbon Border Adjustment Mechanism (CBAM) in Europe, but also other mechanisms globally such as Australia\u2019s Safeguard Mechanism.

As CBAM is introduced, EU ETS free allowances will gradually be phased out between 2026 and 2034 to comply with international trade rules. This means that Yara will gradually need to buy more allowances to cover its emissions, increasing significantly its exposure to carbon costs for EU production. In addition, the introduction of CBAM in Europe will increase costs for Yara\u2019s imports of ammonia to the European market. However, CBAM will level the playing field as EU producers have for many years been exposed to a domestic carbon price under EU ETS, and imports will now face carbon cost as well. In addition, Yara sees opportunities to get mechanisms in place to reduce exposure to carbon costs on the exports out of Europe (inward processing), and by sourcing low-carbon ammonia within Yara and from third parties. This will significantly mitigate the net financial impact. Further, the Group\u2019s potential in optimizing its production system to reduce exposure to carbon costs is considered a significant opportunity.
In January 2026, the EU commission spoke about possibly amending CBAM legislation to open up for temporary suspension of CBAM under serious and unforeseen circumstances. Fertilizers were mentioned specifically as a product that would be evaluated for temporary CBAM suspension. This has caused uncertainty for the European fertilizer industry.
\u25cf
US Inflation Reduction Act
The US Internal Revenue code section 45Q (tax credits for carbon capture and sequestration) drives a strong investment case for low-emission ammonia in the US and has been continued in recent tax code changes in the US.
\u25cf
Renewable Energy Directive (REDIII)
The Renewable Energy Directive (RED) aims at promoting the use of renewable energy sources across the EU. The Directive, which entered into force on 20 November 2023, applies to EU member states that must transpose it into national law. So far, only a few member states have transposed the directive or published proposals for its transposition. The Directive is considered a risk for Yara\u2019s European ammonia production due to its ambitious targets for industrial hydrogen consumption from renewable sources and the uncertainty surrounding transposition of these targets in different EU member states.
\u25cf
Agricultural GHG emission regulations
As GHG emissions are reduced in industry and transport, the regulatory focus on agricultural GHG emissions is expected to increase, including on the in-field GHG emissions resulting from fertilizer application.
Yara conducts assessments using the latest high-emissions scenario developed by the Intergovernmental Panel on Climate Change (IPCC), specifically SSP5-8.5 / RCP8.5, to assess physical impacts of climate change on our operations. This scenario was selected to reflect a worst-case pathway and to ensure robust preparedness and resilience planning. The analysis focuses on two key timeframes: 2030 and 2050. The assessment covers Yara\u2019s targeted production sites as well as critical hot spots in the supply chain that exhibit high potential exposure to physical risks. These hotspots were identified following a materiality assessment considering asset value and projected future exposure to climate change. For each selected hotspot, a risk assessment was conducted evaluating both the likelihood of occurrence and potential magnitude of the impacts, at the specific asset location. The primary physical risks highlighted for Yara\u2019s operations include heatwaves, flooding (resulting from heavy rainfall, tropical cyclones, or sea-level rise), and drought. While Yara\u2019s production system has generally proven resilient, these assessments reveal further opportunities to strengthen adaptability and preparedness across its operations.
As of year-end 2025, the future financial impact to Yara from climate risks and opportunities remains uncertain; however, it may become significant in the coming years. In light of this uncertainty, Yara has provided additional information to ensure that stakeholders are informed about the potential implications of climate-related matters, even though their financial effects cannot be fully determined. The effects of climate related matters on these consolidated financial statements refer to:
\u25cf
Impairment of non-current assets
See note 4.1 Property, plant and equipment and note 4.7 Impairment of non-current assets.
\u25cf
Useful life of non-current assets
See note 4.1 Property, plant and equipment.
\u25cf
Subsidies
See note 4.9 Government grants.
\u25cf
Emission rights in Europe
See note 4.2 Intangible assets and note 4.9 Government grants.
\u25cf
Financial instruments
See note 5.2 Interest-bearing debt.
1.3
Environmental impacts and dependencies
Yara\u2019s operations and its value chain are exposed to various environmental and ecosystem-related risks. These risks primarily involve the availability of water, soil, and land, which can be significantly impacted by industrial and agricultural activities. Additionally, air pollution poses further challenges.
Guided by Yara\u2019s mission to protect the planet, environmental impacts and risks are integrated into the Group\u2019s governance structure, risk management, and key decision-making processes. Identified impacts and risks are assessed systematically and continuously to monitor and manage performance. Potential and actual incidents, along with non-compliances, are investigated. Preventive and corrective actions are initiated as necessary, striving to ensure that critical non-compliances are prevented or resolved. Management systems, policies, and processes are in place to identify forthcoming stricter governmental regulations. New requirements are assessed to determine and manage any future impact on operations and products.
Several of the risks described also represent opportunities for Yara, leveraging the company\u2019s strategic focus to drive growth and value creation. A significant aspect of this strategy includes Yara\u2019s ongoing and substantial business in NOx abatement for both transport and industry.
As of the end of 2025, the current and future financial impact to Yara from environmental risks and opportunities remain uncertain. Explicit information is provided in the notes to these financial statements on environmental and decommissioning obligations. For more details, see note 5.5 Provisions and contingencies.
1.4
Geopolitical exposure
As a globally diversified company, Yara is strategically positioned to manage shifts in the geopolitical environment. The Group\u2019s operational flexibility allows it to optimize production and product flows, ensuring continued supply of products with minimal disruption. Yara actively monitors geopolitical trends and adapts its strategies accordingly, enhancing resilience through its expansive global presence, optimized production network, cost efficiency, and ongoing assessment of market and political developments. Nevertheless, Yara is exposed to geopolitical trends characterized by intensified power politics including armed conflicts, sanctions, trade coercion, and fragmented global markets. Yara\u2019s strategic position is influenced by its reliance on energy sources and participation in global supply chains, which require ongoing adaptation to changing market conditions and geopolitical developments. Additionally, Yara must address ethical and business challenges, carefully balancing sustainability and climate related matters with profitability in an environment of persistent political and economic uncertainty.
Yara\u2019s financial performance is significantly influenced by fluctuations in market prices, evolving trade dynamics, and sourcing patterns, requiring the Group to continually adapt its operations and strategies. Due to the complexity and interdependence of external factors, forecasting financial outcomes based on single variables is challenging, and sensitivities to individual factors are unreliable and less meaningful. As a result, the financial impact of geopolitical exposure on Yara remains uncertain.
The main geopolitical risks and uncertainties with potential significant financial impact for Yara stem from the following:
\u25cf
Energy Dependency & Price Volatility
Significant consumption of natural gas exposes Yara to significant risks in volatile energy markets. The energy-intensive nature of fertilizer production means that surges in energy prices can sharply reduce profit margins, but also provide a natural hedge as nitrogen prices are driven by marginal cost of production.
\u25cf
Supply Chain Disruptions
Exposure to fragmented global trade systems and disruptions in sourcing raw materials or logistics can interrupt production processes, increase operational costs, and result in revenue losses.
\u25cf
Market Volatility
Yara is exposed to risks from fluctuations in fertilizer and raw material prices, largely driven by geopolitical tensions, weather events, and shifting global demand. Economic downturns, regional instability, and trade restrictions can further amplify price volatility and impact revenue. Additionally, currency fluctuations in Yara\u2019s markets create added financial uncertainty.
\u25cf
Regulatory & Compliance Challenges
Yara faces challenges from increasingly complex and fragmented national regulations, which raise compliance costs and heighten pressure to achieve sustainability goals while remaining profitable. Failure to comply could result in financial penalties, reputational damage, and/or loss of operating licenses.
\u25cf
Geopolitical Instability
Armed conflicts, sanctions, and trade restrictions disrupt supply chains and market access, increasing operational uncertainty and contributing to an unpredictable business environment.

Matters that may be impacted by geopolitical exposure in these consolidated financial statements refer to impairment of non-current assets (note 4.7), inventory write-downs (note 3.1), sanctioned payables (note 5.4), deferred tax assets (note 1.1, note 2.8 and note 5.5), provisions and contingencies (note 5.5) and financial risk management (note 6.1).
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
2
Results for the year
2.1
Revenue
Overview and accounting policies
A description of the nature of external revenues in the Yara Group can be found in note 2.3 Segment information.
Yara recognizes as revenue the agreed transaction price in a contract with a customer at the time when the Group transfers the control of a distinct product or service to the customer.
The nature of Yara\u2019s revenue recognition is categorized as follows:
Sale of fertilizer and chemical products
Yara sells fertilizer and chemical products to customers worldwide. Ordinary purchase orders are normally the contracts with the customer which create enforceable rights and obligations. Revenue is recognized when control of the products is transferred to the customer. This is normally determined by the incoterm used in the sales transactions. The use of incoterms varies between regions, markets and customers, but products are typically sold ex-warehouse.
Contracts with larger customers often include sales incentives, leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations.
Products are normally sold with standard warranties which provide protection for the customers that the product has the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds.
Most sales in the Group have credit terms of less than 90 days.
Yara has interest income from significant financing components in contracts with customers to a limited extent, mainly in the Brazilian and Latin-American markets. This interest income is accounted for as a separate performance obligation. It is presented as revenue as it is part of the Group\u2019s ordinary activities.
Yara does not have significant incremental costs of obtaining or fulfilling contracts with customers which the Group expects to recover.
Freight/insurance services
Yara arranges delivery to the customer\u2019s location under various incoterms. When the Group applies incoterms that transfer control of the goods to the customer before the freight/insurance service is delivered (C-incoterms), Yara normally considers the freight/insurance service to be a distinct service which is accounted for as a separate performance obligation. This means that Yara allocates consideration to these freight/insurance services based on known or estimated stand-alone selling prices and recognizes the corresponding revenue over time to the extent the freight/insurance service is performed. However, the timing effects are limited since most deliveries to the customer\u2019s location are made within days. Shipping and handling activities that occur before customers take control of the goods are considered being part of fulfilling the sale of the goods.
Other products and services
Other products and services include technology offerings, such as environmental solutions. Revenues from environmental technology offerings are recognized over time using the percentage of completion method if they meet the criteria for over time recognition in IFRS 15. The percentage of completion method is an input method (based on costs incurred) and provides a faithful depiction of the transfer of these offerings since it is reasonably possible to estimate the stages of project completion on an ongoing basis. Offerings which represent multiple element arrangements are analyzed to identify distinct goods or services that shall be accounted for as separate performance obligations.
Urea sales in India
Yara\u2019s India business manufactures and sells urea to dealers who sell to retailers who in turn sell to farmers. Yara sells urea under a pricing scheme policy (as applicable from time to time) issued by the
Government of India (GoI). This policy aims to promote balanced nutrient application and sustained agricultural growth by making urea available to farmers across India at affordable prices on a timely basis.
The price at which Yara can sell urea to registered dealers under the pricing scheme policy (as applicable from time to time) is regulated, verified and determined by GoI. The price is generally less than the cost of production. GoI provides compensation based on a predefined method considering the sales price set by GoI to be charged to registered dealers, the cost for natural gas, other variable cost (including cost of bags and freight) and fixed cost.
Control of the goods transfers when the registered dealer receives them. The consideration consists of the fixed sales price to be paid by the registered dealer and the estimated compensation to be paid by GoI. As Yara has inventory risk and controls the goods until they are delivered to the registered dealers, the compensation from GoI is presented as revenue in the consolidated statement of income.
Disaggregation of external revenues by nature
USD millions
Fertilizer and chemical products
Freight/ insurance services
Other products and services
Revenue from contracts with customers
Interest from financing components in customer contracts
Revenue
2025
Europe
4,161
150
57
4,367
-
4,368
Americas
5,228
176
9
5,412
60
5,472
Africa & Asia
2,359
37
3
2,398
3
2,401
Global Production
13
-
39
52
-
52
Clean Ammonia
798
58
-
856
-
856
Industrial Solutions
2,251
153
44
2,448
6
2,455
Other and Eliminations
4
-
15
20
-
20
Total
14,813
573
168
15,554
69
15,623
Restated1 2024
Europe
3,468
138
47
3,653
-
3,653
Americas
4,515
156
10
4,681
54
4,736
Africa & Asia
2,310
36
2
2,349
2
2,351
Global Production
13
-
40
53
-
53
Clean Ammonia
721
68
-
789
-
789
Industrial Solutions
2,063
152
47
2,262
5
2,267
Other and Eliminations
4
-
16
20
-
20
Total
13,095
551
161
13,806
61
13,868
1 Comparative figures have been restated to reflect the change in Yara's operating segments. The Yara Group figures are unchanged. See note 2.3 Segment information for further information.
Disaggregation of external revenues by product group
USD millions
2025
2024
Ammonia
1,245
1,148
Urea
3,472
3,116
Nitrate
2,648
2,323
NPK
5,058
4,431
CN
793
761
UAN
363
310
SSP
43
61
DAP/MAP
160
195
MOP/SOP
361
293
Other fertilizer and chemical products
1,243
1,008
Other products and services
168
161
Interest from financing components in customer contracts
69
61
Total revenues
15,623
13,868
Yara serves a large number of customers. No revenues from transactions with any single customer amount to ten percent or more of Yara\u2019s total revenues.
Disaggregation of external revenues by geographical area1
USD millions
Europe
Brazil
Latin America ex. Brazil
North America
Africa
Asia
Total
2025
Europe
4,236
-
34
2
75
21
4,368
Americas
1
2,902
1,212
1,357
-
-
5,472
Africa & Asia
20
-
-
-
593
1,787
2,401
Global Production
44
-
5
-
-
3
52
Clean Ammonia
9
139
-
396
-
312
856
Industrial Solutions
1,291
563
112
127
215
146
2,455
Other and Eliminations
16
-
-
-
-
3
20
Total
5,617
3,605
1,363
1,882
883
2,273
15,623
Restated2 2024
Europe
3,543
-
18
1
68
23
3,653
Americas
1
2,336
1,113
1,287
-
-
4,736
Africa & Asia
-
-
-
-
548
1,802
2,351
Global Production
45
-
5
-
-
2
53
Clean Ammonia
44
153
-
259
-
333
789
Industrial Solutions
1,184
497
123
119
197
146
2,267
Other and Eliminations
17
-
-
-
-
3
20
Total
4,835
2,985
1,259
1,665
813
2,310
13,868
1 Figures are based on customer location.
2 Comparative figures have been restated to reflect the change in Yara's operating segments. The Yara Group figures are unchanged. See note 2.3 Segment information for further information.
Revenues from external costumers of USD 354 million (2024: USD 286 million) are attributable to Norway, Yara\u2019s country of domicile.
Customer contract balances and unsatisfied performance obligations
The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and prepayments and deposits from customers (contract liabilities). Information on billed trade receivables can be found in note 3.2 Trade receivables.
Unbilled receivables (contract assets) refer to environmental solutions technology offerings and represent immaterial amounts.
Prepayments and deposits from customers (contract liabilities) refer mainly to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods.
Unsatisfied performance obligations refer mainly to environmental solutions deliveries which are accounted for using the percentage of completion method. For other deliveries, unsatisfied performance obligations which are part of contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied performance obligations are not disclosed when Yara\u2019s right to consideration corresponds directly with the value to the customer of Yara\u2019s performance completed to date.
USD millions
2025
2024
Prepayments from customers (contract liabilities)
Balance at 1 January
419
361
Share of opening balance recognized as revenue in the period
(404)
(349)
Cash received not recognized as revenue in the period1
321
408
Balance at 31 December
336
419
Unsatisfied performance obligations
Initial contract price on signed contracts
56
82
Aggregate contract revenue incurred to date2
(20)
(68)
Transaction price allocated to unsatisfied performance obligations
36
14
Unsatisfied performance obligations to be recognized within
1 year
13
10
2-3 years
23
4
Transaction price allocated to unsatisfied performance obligations
36
14
1 Presented net of amounts created and released within the same reporting period.
2 Based on the percentage of completion method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
2.1
Revenue
Overview and accounting policies
A description of the nature of external revenues in the Yara Group can be found in note 2.3 Segment information.
Yara recognizes as revenue the agreed transaction price in a contract with a customer at the time when the Group transfers the control of a distinct product or service to the customer.
The nature of Yara\u2019s revenue recognition is categorized as follows:
Sale of fertilizer and chemical products
Yara sells fertilizer and chemical products to customers worldwide. Ordinary purchase orders are normally the contracts with the customer which create enforceable rights and obligations. Revenue is recognized when control of the products is transferred to the customer. This is normally determined by the incoterm used in the sales transactions. The use of incoterms varies between regions, markets and customers, but products are typically sold ex-warehouse.
Contracts with larger customers often include sales incentives, leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations.
Products are normally sold with standard warranties which provide protection for the customers that the product has the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds.
Most sales in the Group have credit terms of less than 90 days.
Yara has interest income from significant financing components in contracts with customers to a limited extent, mainly in the Brazilian and Latin-American markets. This interest income is accounted for as a separate performance obligation. It is presented as revenue as it is part of the Group\u2019s ordinary activities.
Yara does not have significant incremental costs of obtaining or fulfilling contracts with customers which the Group expects to recover.
Freight/insurance services
Yara arranges delivery to the customer\u2019s location under various incoterms. When the Group applies incoterms that transfer control of the goods to the customer before the freight/insurance service is delivered (C-incoterms), Yara normally considers the freight/insurance service to be a distinct service which is accounted for as a separate performance obligation. This means that Yara allocates consideration to these freight/insurance services based on known or estimated stand-alone selling prices and recognizes the corresponding revenue over time to the extent the freight/insurance service is performed. However, the timing effects are limited since most deliveries to the customer\u2019s location are made within days. Shipping and handling activities that occur before customers take control of the goods are considered being part of fulfilling the sale of the goods.
Other products and services
Other products and services include technology offerings, such as environmental solutions. Revenues from environmental technology offerings are recognized over time using the percentage of completion method if they meet the criteria for over time recognition in IFRS 15. The percentage of completion method is an input method (based on costs incurred) and provides a faithful depiction of the transfer of these offerings since it is reasonably possible to estimate the stages of project completion on an ongoing basis. Offerings which represent multiple element arrangements are analyzed to identify distinct goods or services that shall be accounted for as separate performance obligations.
Urea sales in India
Yara\u2019s India business manufactures and sells urea to dealers who sell to retailers who in turn sell to farmers. Yara sells urea under a pricing scheme policy (as applicable from time to time) issued by the
Government of India (GoI). This policy aims to promote balanced nutrient application and sustained agricultural growth by making urea available to farmers across India at affordable prices on a timely basis.
The price at which Yara can sell urea to registered dealers under the pricing scheme policy (as applicable from time to time) is regulated, verified and determined by GoI. The price is generally less than the cost of production. GoI provides compensation based on a predefined method considering the sales price set by GoI to be charged to registered dealers, the cost for natural gas, other variable cost (including cost of bags and freight) and fixed cost.
Control of the goods transfers when the registered dealer receives them. The consideration consists of the fixed sales price to be paid by the registered dealer and the estimated compensation to be paid by GoI. As Yara has inventory risk and controls the goods until they are delivered to the registered dealers, the compensation from GoI is presented as revenue in the consolidated statement of income.
Disaggregation of external revenues by nature
USD millions
Fertilizer and chemical products
Freight/ insurance services
Other products and services
Revenue from contracts with customers
Interest from financing components in customer contracts
Revenue
2025
Europe
4,161
150
57
4,367
-
4,368
Americas
5,228
176
9
5,412
60
5,472
Africa & Asia
2,359
37
3
2,398
3
2,401
Global Production
13
-
39
52
-
52
Clean Ammonia
798
58
-
856
-
856
Industrial Solutions
2,251
153
44
2,448
6
2,455
Other and Eliminations
4
-
15
20
-
20
Total
14,813
573
168
15,554
69
15,623
Restated1 2024
Europe
3,468
138
47
3,653
-
3,653
Americas
4,515
156
10
4,681
54
4,736
Africa & Asia
2,310
36
2
2,349
2
2,351
Global Production
13
-
40
53
-
53
Clean Ammonia
721
68
-
789
-
789
Industrial Solutions
2,063
152
47
2,262
5
2,267
Other and Eliminations
4
-
16
20
-
20
Total
13,095
551
161
13,806
61
13,868
1 Comparative figures have been restated to reflect the change in Yara's operating segments. The Yara Group figures are unchanged. See note 2.3 Segment information for further information.
Disaggregation of external revenues by product group
USD millions
2025
2024
Ammonia
1,245
1,148
Urea
3,472
3,116
Nitrate
2,648
2,323
NPK
5,058
4,431
CN
793
761
UAN
363
310
SSP
43
61
DAP/MAP
160
195
MOP/SOP
361
293
Other fertilizer and chemical products
1,243
1,008
Other products and services
168
161
Interest from financing components in customer contracts
69
61
Total revenues
15,623
13,868
Yara serves a large number of customers. No revenues from transactions with any single customer amount to ten percent or more of Yara\u2019s total revenues.
Disaggregation of external revenues by geographical area1
USD millions
Europe
Brazil
Latin America ex. Brazil
North America
Africa
Asia
Total
2025
Europe
4,236
-
34
2
75
21
4,368
Americas
1
2,902
1,212
1,357
-
-
5,472
Africa & Asia
20
-
-
-
593
1,787
2,401
Global Production
44
-
5
-
-
3
52
Clean Ammonia
9
139
-
396
-
312
856
Industrial Solutions
1,291
563
112
127
215
146
2,455
Other and Eliminations
16
-
-
-
-
3
20
Total
5,617
3,605
1,363
1,882
883
2,273
15,623
Restated2 2024
Europe
3,543
-
18
1
68
23
3,653
Americas
1
2,336
1,113
1,287
-
-
4,736
Africa & Asia
-
-
-
-
548
1,802
2,351
Global Production
45
-
5
-
-
2
53
Clean Ammonia
44
153
-
259
-
333
789
Industrial Solutions
1,184
497
123
119
197
146
2,267
Other and Eliminations
17
-
-
-
-
3
20
Total
4,835
2,985
1,259
1,665
813
2,310
13,868
1 Figures are based on customer location.
2 Comparative figures have been restated to reflect the change in Yara's operating segments. The Yara Group figures are unchanged. See note 2.3 Segment information for further information.
Revenues from external costumers of USD 354 million (2024: USD 286 million) are attributable to Norway, Yara\u2019s country of domicile.
Customer contract balances and unsatisfied performance obligations
The timing of revenue recognition, billings and cash collections results in billed trade receivables, unbilled receivables (contract assets), and prepayments and deposits from customers (contract liabilities). Information on billed trade receivables can be found in note 3.2 Trade receivables.
Unbilled receivables (contract assets) refer to environmental solutions technology offerings and represent immaterial amounts.
Prepayments and deposits from customers (contract liabilities) refer mainly to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods.
Unsatisfied performance obligations refer mainly to environmental solutions deliveries which are accounted for using the percentage of completion method. For other deliveries, unsatisfied performance obligations which are part of contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied performance obligations are not disclosed when Yara\u2019s right to consideration corresponds directly with the value to the customer of Yara\u2019s performance completed to date.
USD millions
2025
2024
Prepayments from customers (contract liabilities)
Balance at 1 January
419
361
Share of opening balance recognized as revenue in the period
(404)
(349)
Cash received not recognized as revenue in the period1
321
408
Balance at 31 December
336
419
Unsatisfied performance obligations
Initial contract price on signed contracts
56
82
Aggregate contract revenue incurred to date2
(20)
(68)
Transaction price allocated to unsatisfied performance obligations
36
14
Unsatisfied performance obligations to be recognized within
1 year
13
10
2-3 years
23
4
Transaction price allocated to unsatisfied performance obligations
36
14
1 Presented net of amounts created and released within the same reporting period.
2 Based on the percentage of completion method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
2.1
Revenue
Customer contract balances and unsatisfied performance obligations
Prepayments and deposits from customers (contract liabilities) refer mainly to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods.
Unsatisfied performance obligations refer mainly to environmental solutions deliveries which are accounted for using the percentage of completion method. For other deliveries, unsatisfied performance obligations which are part of contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied performance obligations are not disclosed when Yara\u2019s right to consideration corresponds directly with the value to the customer of Yara\u2019s performance completed to date.
USD millions
2025
2024
Prepayments from customers (contract liabilities)
Balance at 1 January
419
361
Share of opening balance recognized as revenue in the period
(404)
(349)
Cash received not recognized as revenue in the period1
321
408
Balance at 31 December
336
419
Unsatisfied performance obligations
Initial contract price on signed contracts
56
82
Aggregate contract revenue incurred to date2
(20)
(68)
Transaction price allocated to unsatisfied performance obligations
36
14
Unsatisfied performance obligations to be recognized within
1 year
13
10
2-3 years
23
4
Transaction price allocated to unsatisfied performance obligations
36
14
1 Presented net of amounts created and released within the same reporting period.
2 Based on the percentage of completion method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
Overview and accounting policies
A description of the nature of external revenues in the Yara Group can be found in note 2.3 Segment information.
Yara recognizes as revenue the agreed transaction price in a contract with a customer at the time when the Group transfers the control of a distinct product or service to the customer.
The nature of Yara\u2019s revenue recognition is categorized as follows:
Sale of fertilizer and chemical products
Yara sells fertilizer and chemical products to customers worldwide. Ordinary purchase orders are normally the contracts with the customer which create enforceable rights and obligations. Revenue is recognized when control of the products is transferred to the customer. This is normally determined by the incoterm used in the sales transactions. The use of incoterms varies between regions, markets and customers, but products are typically sold ex-warehouse.
Contracts with larger customers often include sales incentives, leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations.
Products are normally sold with standard warranties which provide protection for the customers that the product has the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds.
Most sales in the Group have credit terms of less than 90 days.
Yara has interest income from significant financing components in contracts with customers to a limited extent, mainly in the Brazilian and Latin-American markets. This interest income is accounted for as a separate performance obligation. It is presented as revenue as it is part of the Group\u2019s ordinary activities.
Yara does not have significant incremental costs of obtaining or fulfilling contracts with customers which the Group expects to recover.
Freight/insurance services
Yara arranges delivery to the customer\u2019s location under various incoterms. When the Group applies incoterms that transfer control of the goods to the customer before the freight/insurance service is delivered (C-incoterms), Yara normally considers the freight/insurance service to be a distinct service which is accounted for as a separate performance obligation. This means that Yara allocates consideration to these freight/insurance services based on known or estimated stand-alone selling prices and recognizes the corresponding revenue over time to the extent the freight/insurance service is performed. However, the timing effects are limited since most deliveries to the customer\u2019s location are made within days. Shipping and handling activities that occur before customers take control of the goods are considered being part of fulfilling the sale of the goods.
Other products and services
Other products and services include technology offerings, such as environmental solutions. Revenues from environmental technology offerings are recognized over time using the percentage of completion method if they meet the criteria for over time recognition in IFRS 15. The percentage of completion method is an input method (based on costs incurred) and provides a faithful depiction of the transfer of these offerings since it is reasonably possible to estimate the stages of project completion on an ongoing basis. Offerings which represent multiple element arrangements are analyzed to identify distinct goods or services that shall be accounted for as separate performance obligations.
Urea sales in India
Yara\u2019s India business manufactures and sells urea to dealers who sell to retailers who in turn sell to farmers. Yara sells urea under a pricing scheme policy (as applicable from time to time) issued by the
Government of India (GoI). This policy aims to promote balanced nutrient application and sustained agricultural growth by making urea available to farmers across India at affordable prices on a timely basis.
The price at which Yara can sell urea to registered dealers under the pricing scheme policy (as applicable from time to time) is regulated, verified and determined by GoI. The price is generally less than the cost of production. GoI provides compensation based on a predefined method considering the sales price set by GoI to be charged to registered dealers, the cost for natural gas, other variable cost (including cost of bags and freight) and fixed cost.
Control of the goods transfers when the registered dealer receives them. The consideration consists of the fixed sales price to be paid by the registered dealer and the estimated compensation to be paid by GoI. As Yara has inventory risk and controls the goods until they are delivered to the registered dealers, the compensation from GoI is presented as revenue in the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
Contracts with larger customers often include sales incentives, leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
Contracts with larger customers often include sales incentives, leading to variable consideration amounts. Volume discounts are the dominant sales incentives used by Yara. These discounts may have prospective or retrospective effects. Volume discounts with retrospective effect are systematically accrued and recognized as a reduction of revenue based on the best estimate of the amounts potentially due to the customer. If the discount cannot be reliably estimated, revenue is reduced by the maximum potential discount. Discounts which qualify as material rights are accounted for as separate performance obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
Products are normally sold with standard warranties which provide protection for the customers that the product has the agreed-upon specifications. These standard warranties are accounted for using IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group does not have any other significant obligations for returns or refunds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
Prepayments and deposits from customers (contract liabilities) refer mainly to Yara\u2019s fertilizer sales in Brazil where prepayments up front of the fertilizer season is common practice to reduce price risk for the customers. Prepayments in Brazil are normally received less than 90 days before delivery of the goods.
Unsatisfied performance obligations refer mainly to environmental solutions deliveries which are accounted for using the percentage of completion method. For other deliveries, unsatisfied performance obligations which are part of contracts that have an expected value of one year or less are not disclosed. In addition, unsatisfied performance obligations are not disclosed when Yara\u2019s right to consideration corresponds directly with the value to the customer of Yara\u2019s performance completed to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
2.2
Other income
USD millions
Notes
2025
2024
Insurance and other compensations1
71
32
Gain on sale of non-current assets
14
16
Sale of white certificates
4.9
5
8
Gain on disposal of shares in subsidiary
-
5
Other
1
6
Other income
2.3
92
66
1 All insurance compensations recognized relate to claims originating prior to 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
2.3
Segment information
Accounting Policies
The accounting policies used for segment reporting are consistent with those applied in the consolidated financial statements, with the following exceptions:
\u25cf
Yara does not apply IFRS 9 for embedded derivatives in inter-segment contracts.
\u25cf
Yara does not apply IFRS 16 for lease arrangements in inter-segment contracts.
\u25cf
If actual emissions exceed the number of allocated allowances received by the segment, additional allowances are purchased, and the cost is included as part of cost of goods sold. Emission cost may be part of the cost of goods sold for a segment even if Yara reports a net positive position for the Group. See note 4.9 Government grants for more information.
\u25cf
Profit on inventory and other cross-segment transactions are eliminated in \u201cOther and Eliminations\u201d.
\u25cf
External financing, interest expense and income taxes are not allocated to the segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
2.3
Segment information
Operating segments
The operating segments presented are the key components of Yara\u2019s business as of year-end 2025, which have been regularly assessed, monitored, and managed by Yara\u2019s Chief Executive Officer (CEO) as the Chief Operating Decision Maker.
Yara\u2019s operations comprise the following operating segments:
\u25cf
Europe
\u25cf
Americas
\u25cf
Africa & Asia
\u25cf
Global Production
\u25cf
Clean Ammonia
\u25cf
Industrial Solutions
In 2025, Yara implemented an organizational restructuring to further simplify its operating model and enhance strategic focus. As part of this process, the Pilbara ammonia plant in Australia was transferred from the Africa and Asia segment to the Global Production segment, formerly known as Global Plants & Operational Excellence. In addition, the joint operation of Pilbara Nitrates was transferred from the Africa and Asia segment to the Industrial Solutions segment to reflect its downstream market orientation. Segment information for the comparative period has been restated accordingly.
There have been no further material changes to the basis of segmentation in 2025.
Europe
Yara Europe encompasses sales, marketing, and production within Europe. Yara Europe markets crop nutrition solutions to farmers and collaborates with partners throughout the food value chain, offering crop nutrition products, expert advice and climate-smart services and solutions. The product portfolio is extensive, ranging from standard nitrogen-based fertilizers to specialty and organic-based products. Within nitrogen-based fertilizers, the largest product categories are nitrates and compound fertilizers (NPK).
Product sales are primarily made on a spot basis to distributors through standard purchase orders and underlying framework agreements. Customers include wholesalers, co-operatives, retailers and, to a lesser extent, direct sales to farmers. The customer base and product mix vary by region, and demand fluctuates according to the fertilizer season in each market. Yara Europe also exports certain products to other regions within the Group, based on arm\u2019s length transfer pricing.
Yara Europe comprises eight fertilizer plants, two high-value product plants, three organic-based fertilizer plants, a phosphate mine and a potassium sulfate/feed phosphate plant across Europe. These plants have different product portfolios and are strategically located to serve both domestic and export markets. The region supplies customers through more than 100 terminals and warehouses (owned and leased) and serves approximately 30 European countries. Most products sold are produced at Yara\u2019s own sites within the region.
Operating results are driven by integrated business value creation from plant to market. The margin between finished fertilizer prices and raw material input costs is influenced both by Yara\u2019s ability to differentiate its offerings and by the commodity price developments for fertilizers (urea and urea ammonium nitrate (UAN)), ammonia and natural gas. Yara also creates value through operational efficiency at its production plants, competitive sourcing of raw materials and optimal resource allocation within its business model. Operating results are affected by currency fluctuations as margins are generally exposed to the US dollar while fixed costs are largely denominated in local currencies (mainly the euro).
Americas
Yara Americas encompasses sales, marketing, and production within North America, Latin America, and Brazil. The segment offers a comprehensive range of crop nutrition solutions and services, including a broad portfolio of nitrogen-based fertilizers, NPKs, biostimulants and organic-based products. The region also sells phosphate and potash-based fertilizers, which are primarily sourced from third parties.
Product sales are mainly spot sales to distributors via standard purchase orders and framework agreements, though there is a growing trend towards direct sales to farmers and co-operatives. Customer groups and product offerings vary by local and regional market, with demand changing according to the fertilizer season. Product sales are generally sourced from the Global Production segment and from the
segment\u2019s own production facilities in Canada, Colombia and Brazil, based on arm\u2019s length transfer pricing.
The North America business unit operates in the US and Canada, commercializing crop nutrition solutions from our Canadian and European plants. It operates nine import terminals and a wholly owned plant in Belle Plaine (Saskatchewan), Canada, supplying the local market with Urea, UAN, and DEF. In addition to crop nutrition solutions, North America markets industrial application solutions, such as nitrates for wastewater treatment and additives for the construction industry and oil field services.
The Latin America business unit serves all Spanish-speaking markets in the Americas, across nine different countries. In Colombia, Yara owns a production facility in Cartagena, mainly serving the local market with NPK and calcium nitrate (CN) products. This facility also produces soluble ammonium nitrate for local customers and occasionally exports smaller volumes of ammonia.
The Brazil business unit operates twelve blending units and has distribution sites across the country\u2019s main agricultural markets. It includes wholly owned production plants in Rio Grande,\u00a0Ponta Grossa and Sumar\u00e9. Yara has through the last 5 years scaled down its presence in Brazil following the Salitre divestment in 2021 and focused on simplifying its operations and prioritizing own-produced products targeted for specific crop systems leveraging Yara\u2019s competitive edges. Yara continues to leverage its scalable assets to distribute third party products with a strong focus on risk management.
Operating results in Yara Americas are largely determined by the ability to commercialize crop nutrition solutions based on European-produced premium fertilizers at value-added margins, as well as marketing locally produced products. Key value drivers include reliability and operational efficiency at production plants, competitive sourcing of raw materials (including natural gas), and efficient blending of third-party sourced raw materials. Operating results are also affected by currency fluctuations, with margins typically exposed to the US dollar and fixed costs largely denominated in local currencies.
Africa & Asia
Yara Africa & Asia encompasses sales, marketing, distribution and production of fertilizers and industrial products across Asia-Pacific, Africa and Oceania. The segment offers a comprehensive range of crop nutrition solutions and services, including nitrogen-based fertilizer and NPKs designed for soil applications. This portfolio is complemented by foliar and soluble products for a variety of crop applications. A significant portion of the marketed products are sourced from Yara\u2019s production plants outside the region complemented with fertilizer sourced from other producers.
Majority of end-users in the region are smallholder farmers, whom Yara serves through distribution partners under various commercial agreements. The region also covers several more professional agricultural markets, where Yara partly sells directly to professional large-scale farmers. The customer base and product portfolio vary by market.
Yara Africa & Asia maintains offices and operations in 17 countries, with the most significant business activities in China, India, Thailand and South Africa. The segment has a production facility in Babrala, India, with an integrated setup of ammonia and urea production. The urea produced at the site is sold under a subsidized government scheme in India. For more information, see note 2.1 Revenue.
Operating results are highly influenced by the region\u2019s ability to commercialize its differentiated nitrate-based fertilizer portfolio. Currency fluctuations can also impact operating results.
Global Production
The Global Production segment encompasses Yara\u2019s largest, and export oriented, production plants in Porsgrunn, Norway, and Sluiskil, the Netherlands, in addition to Yara\u2019s ammonia production facility in Pilbara, Australia, and the joint operations Trinidad Nitrogen Company Ltd. in Trinidad & Tobago and Yara Freeport LLC DBA Texas Ammonia in the United States. The segment\u2019s activities are primarily focused on the manufacturing of fertilizers and related products, with the logistics and commercialization of ammonia being managed through the Yara Clean Ammonia segment. Most sales in the segment are group internal sales at internal prices based on the arm\u2019s length principle.
Global Production is responsible for managing Yara\u2019s production sites worldwide, leveraging its global network to promote best practices aimed at maximizing asset utilization, productivity, and cost efficiency. It also oversees Health, Environment, Safety, and Quality (HESQ) standards across all operations. In addition, Global Production plays a key role in driving operational improvements, developing competencies, and executing technical projects across Yara\u2019s production system, while managing the governance of key strategic projects for the downstream business. Furthermore, Global Production is responsible for the supply chain, with Direct Procurement and Global Planning & Optimization as integral parts of the organization.
Operating results are primarily influenced by output volumes and margin trends for fertilizer commodities. Margins are primarily driven by the price differentials for urea, diammonium phosphate fertilizer (DAP) and potash-based fertilizer, as well as the cost of key inputs such as energy, phosphate rock and potash. Currency fluctuations can also affect operating results.
Clean Ammonia
The Clean Ammonia segment manages Yara\u2019s ammonia sales and logistics activity, playing a vital role in Yara\u2019s production system by allocating excess volumes from producer plants and delivering to consumer plants to ensure high production capacity utilization. In addition to significant intra-group transactions, Yara Clean Ammonia sources ammonia from third parties, primarily to supply the European production region. The segment also generates external sales by supplying ammonia to large customers in the fertilizer and chemical industries, mainly in the Americas and Asia. It also provides optimized shipping solutions, including a fleet of owned and time-chartered vessels, tailored to Yara\u2019s storage and port capacity.
The segment was established to capture growth opportunities in carbon-free food solutions, shipping fuel, power and other clean ammonia applications, leveraging Yara\u2019s unique position in ammonia production, trade and shipping. The segment is currently evaluating several new renewable and low-carbon ammonia projects to serve growing markets and add scale to its existing business.
Industrial Solutions
Yara Industrial Solutions delivers nitrogen-based solutions and services across a wide range of industries, including automotive, construction, waste handling and circular economy, shipping, chemicals, mining and animal feed. The segment maintains a strong environmental focus with a large portion of revenue coming from AdBlue, a urea-based reagent used by diesel vehicles to reduce nitrogen oxide (NOx) emissions. It also offers NOx abatement solutions for industrial plants and transport sectors, both on land and at sea. Yara Industrial Solutions continually develops products and service offerings for high-growth markets and pursues additional sustainable opportunities worldwide.
The segment operates its activities through four commercial units: Transport Reagents, Mining Applications, Chemical Applications EMEA and Chemical Applications Americas, supported by six dedicated production plants across Europe, Latin America, Asia and Africa, in addition to the joint operation Yara Pilbara Nitrates in Australia. Additionally, the segment has arm\u2019s length commercial agreements with Yara\u2019s global production network and external suppliers. Through direct sales and distributors, Yara Industrial Solutions provides customers with high-quality, reliable products and services backed by deep local knowledge combined with global best practice expertise.
Customer contracts are largely medium-to long-term, although spot sales based on standard purchase orders also occur. In some markets, the segment supplies equipment and services product storing and handling.
Operating results are exposed to fluctuations in commodity prices and general economic conditions. However, Yara Industrial Solutions\u2019 integrated and diversified position regarding products, industries and global locations has enabled it to mitigate these effects effectively.
Other and Eliminations
Other and Eliminations mainly comprise cross-segment eliminations and corporate costs not allocated to operating segments. A significant component of the cross-segment eliminations is the elimination of profit on inventory, which depends on stock volumes and internal margins based on the arm\u2019s length principle. As a result, Other and Eliminations will report higher results when stock volumes and/or internal margins are lower, and vice versa.
Segment revenues
External revenue
Internal revenue
Total revenue
USD millions
2025
Restated\u00b9 2024
2025
Restated\u00b9 2024
2025
Restated\u00b9 2024
Europe
4,368
3,653
757
705
5,125
4,358
Americas
5,472
4,736
47
46
5,519
4,781
Africa & Asia
2,401
2,351
129
147
2,530
2,497
Global Production
52
53
3,591
3,168
3,643
3,221
Clean Ammonia
856
789
1,129
1,019
1,985
1,808
Industrial Solutions
2,455
2,267
229
231
2,683
2,498
Other and Eliminations
20
20
(5,882)
(5,316)
(5,863)
(5,296)
Total
15,623
13,868
-
-
15,623
13,868
1 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.

The disaggregation of external revenue by nature, product group and geographical area for the Group\u2019s segments is provided in Note 2.1 Revenue.
Other items of segment income and expense
Other income
Raw materials, energy costs
and freight expenses
USD millions
2025
2024
2025
2024
Europe
40
56
(4,046)
(3,540)
Americas
10
23
(4,311)
(3,707)
Africa & Asia
2
9
(2,214)
(2,235)
Global Production
74
32
(2,708)
(2,478)
Clean Ammonia
-
-
(1,822)
(1,640)
Industrial Solutions
12
20
(2,099)
(1,932)
Other and Eliminations
(46)
(74)
5,914
5,332
Total
92
66
(11,285)
(10,200)
For further information on items affecting the segments, see note 4.7 Impairment of non\u2011current assets for impairment losses and note 3.1 Inventories for an overview of inventory write\u2011downs.
Segment profit and loss
Yara measures segment\u2019s performance based on EBITDA, which is the measure of segment profit and loss reported to the CEO.
EBITDA1
USD millions
2025
Restated2 2024
Europe
580
229
Americas
822
664
Africa & Asia
226
221
Global Production
695
410
Clean Ammonia
114
117
Industrial Solutions
339
334
Other and Eliminations
(21)
(86)
Total
2,754
1,889
1 Refer to the \u201cAlternative performance measures\u201d section for definition and relevant reconciliations.
2 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
Reconciliation of Operating income/(loss) to EBITDA
2025
USD millions
Operating income/(loss)
Share of net income/(loss) in equity accounted investees
Interest income and other financial income
Depreciation and amortization
Impairment loss
EBITDA
Europe
264
3
23
290
-
580
Americas
581
4
6
223
7
822
Africa & Asia
185
-
6
35
-
226
Global Production
384
-
3
307
1
695
Clean Ammonia
47
-
-
62
6
114
Industrial Solutions
163
10
1
163
1
339
Other and Eliminations
(53)
-
27
4
1
(21)
Total
1,571
18
66
1,084
16
2,754
Restated1 2024
USD millions
Operating income/(loss)
Share of net income/(loss) in equity accounted investees
Interest income and other financial income
Depreciation and amortization
Impairment loss
EBITDA
Europe
(31)
4
1
248
7
229
Americas
381
1
14
233
35
664
Africa & Asia
183
-
4
34
-
221
Global Production
115
-
4
288
1
410
Clean Ammonia
51
-
1
65
-
117
Industrial Solutions
107
14
1
174
38
334
Other and Eliminations
(120)
-
30
4
-
(86)
Total
686
19
55
1,047
82
1,889
1 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
2.3
Segment information
Operating segments
The operating segments presented are the key components of Yara\u2019s business as of year-end 2025, which have been regularly assessed, monitored, and managed by Yara\u2019s Chief Executive Officer (CEO) as the Chief Operating Decision Maker.
Yara\u2019s operations comprise the following operating segments:
\u25cf
Europe
\u25cf
Americas
\u25cf
Africa & Asia
\u25cf
Global Production
\u25cf
Clean Ammonia
\u25cf
Industrial Solutions
In 2025, Yara implemented an organizational restructuring to further simplify its operating model and enhance strategic focus. As part of this process, the Pilbara ammonia plant in Australia was transferred from the Africa and Asia segment to the Global Production segment, formerly known as Global Plants & Operational Excellence. In addition, the joint operation of Pilbara Nitrates was transferred from the Africa and Asia segment to the Industrial Solutions segment to reflect its downstream market orientation. Segment information for the comparative period has been restated accordingly.
There have been no further material changes to the basis of segmentation in 2025.
Europe
Yara Europe encompasses sales, marketing, and production within Europe. Yara Europe markets crop nutrition solutions to farmers and collaborates with partners throughout the food value chain, offering crop nutrition products, expert advice and climate-smart services and solutions. The product portfolio is extensive, ranging from standard nitrogen-based fertilizers to specialty and organic-based products. Within nitrogen-based fertilizers, the largest product categories are nitrates and compound fertilizers (NPK).
Product sales are primarily made on a spot basis to distributors through standard purchase orders and underlying framework agreements. Customers include wholesalers, co-operatives, retailers and, to a lesser extent, direct sales to farmers. The customer base and product mix vary by region, and demand fluctuates according to the fertilizer season in each market. Yara Europe also exports certain products to other regions within the Group, based on arm\u2019s length transfer pricing.
Yara Europe comprises eight fertilizer plants, two high-value product plants, three organic-based fertilizer plants, a phosphate mine and a potassium sulfate/feed phosphate plant across Europe. These plants have different product portfolios and are strategically located to serve both domestic and export markets. The region supplies customers through more than 100 terminals and warehouses (owned and leased) and serves approximately 30 European countries. Most products sold are produced at Yara\u2019s own sites within the region.
Operating results are driven by integrated business value creation from plant to market. The margin between finished fertilizer prices and raw material input costs is influenced both by Yara\u2019s ability to differentiate its offerings and by the commodity price developments for fertilizers (urea and urea ammonium nitrate (UAN)), ammonia and natural gas. Yara also creates value through operational efficiency at its production plants, competitive sourcing of raw materials and optimal resource allocation within its business model. Operating results are affected by currency fluctuations as margins are generally exposed to the US dollar while fixed costs are largely denominated in local currencies (mainly the euro).
Americas
Yara Americas encompasses sales, marketing, and production within North America, Latin America, and Brazil. The segment offers a comprehensive range of crop nutrition solutions and services, including a broad portfolio of nitrogen-based fertilizers, NPKs, biostimulants and organic-based products. The region also sells phosphate and potash-based fertilizers, which are primarily sourced from third parties.
Product sales are mainly spot sales to distributors via standard purchase orders and framework agreements, though there is a growing trend towards direct sales to farmers and co-operatives. Customer groups and product offerings vary by local and regional market, with demand changing according to the fertilizer season. Product sales are generally sourced from the Global Production segment and from the
segment\u2019s own production facilities in Canada, Colombia and Brazil, based on arm\u2019s length transfer pricing.
The North America business unit operates in the US and Canada, commercializing crop nutrition solutions from our Canadian and European plants. It operates nine import terminals and a wholly owned plant in Belle Plaine (Saskatchewan), Canada, supplying the local market with Urea, UAN, and DEF. In addition to crop nutrition solutions, North America markets industrial application solutions, such as nitrates for wastewater treatment and additives for the construction industry and oil field services.
The Latin America business unit serves all Spanish-speaking markets in the Americas, across nine different countries. In Colombia, Yara owns a production facility in Cartagena, mainly serving the local market with NPK and calcium nitrate (CN) products. This facility also produces soluble ammonium nitrate for local customers and occasionally exports smaller volumes of ammonia.
The Brazil business unit operates twelve blending units and has distribution sites across the country\u2019s main agricultural markets. It includes wholly owned production plants in Rio Grande,\u00a0Ponta Grossa and Sumar\u00e9. Yara has through the last 5 years scaled down its presence in Brazil following the Salitre divestment in 2021 and focused on simplifying its operations and prioritizing own-produced products targeted for specific crop systems leveraging Yara\u2019s competitive edges. Yara continues to leverage its scalable assets to distribute third party products with a strong focus on risk management.
Operating results in Yara Americas are largely determined by the ability to commercialize crop nutrition solutions based on European-produced premium fertilizers at value-added margins, as well as marketing locally produced products. Key value drivers include reliability and operational efficiency at production plants, competitive sourcing of raw materials (including natural gas), and efficient blending of third-party sourced raw materials. Operating results are also affected by currency fluctuations, with margins typically exposed to the US dollar and fixed costs largely denominated in local currencies.
Africa & Asia
Yara Africa & Asia encompasses sales, marketing, distribution and production of fertilizers and industrial products across Asia-Pacific, Africa and Oceania. The segment offers a comprehensive range of crop nutrition solutions and services, including nitrogen-based fertilizer and NPKs designed for soil applications. This portfolio is complemented by foliar and soluble products for a variety of crop applications. A significant portion of the marketed products are sourced from Yara\u2019s production plants outside the region complemented with fertilizer sourced from other producers.
Majority of end-users in the region are smallholder farmers, whom Yara serves through distribution partners under various commercial agreements. The region also covers several more professional agricultural markets, where Yara partly sells directly to professional large-scale farmers. The customer base and product portfolio vary by market.
Yara Africa & Asia maintains offices and operations in 17 countries, with the most significant business activities in China, India, Thailand and South Africa. The segment has a production facility in Babrala, India, with an integrated setup of ammonia and urea production. The urea produced at the site is sold under a subsidized government scheme in India. For more information, see note 2.1 Revenue.
Operating results are highly influenced by the region\u2019s ability to commercialize its differentiated nitrate-based fertilizer portfolio. Currency fluctuations can also impact operating results.
Global Production
The Global Production segment encompasses Yara\u2019s largest, and export oriented, production plants in Porsgrunn, Norway, and Sluiskil, the Netherlands, in addition to Yara\u2019s ammonia production facility in Pilbara, Australia, and the joint operations Trinidad Nitrogen Company Ltd. in Trinidad & Tobago and Yara Freeport LLC DBA Texas Ammonia in the United States. The segment\u2019s activities are primarily focused on the manufacturing of fertilizers and related products, with the logistics and commercialization of ammonia being managed through the Yara Clean Ammonia segment. Most sales in the segment are group internal sales at internal prices based on the arm\u2019s length principle.
Global Production is responsible for managing Yara\u2019s production sites worldwide, leveraging its global network to promote best practices aimed at maximizing asset utilization, productivity, and cost efficiency. It also oversees Health, Environment, Safety, and Quality (HESQ) standards across all operations. In addition, Global Production plays a key role in driving operational improvements, developing competencies, and executing technical projects across Yara\u2019s production system, while managing the governance of key strategic projects for the downstream business. Furthermore, Global Production is responsible for the supply chain, with Direct Procurement and Global Planning & Optimization as integral parts of the organization.
Operating results are primarily influenced by output volumes and margin trends for fertilizer commodities. Margins are primarily driven by the price differentials for urea, diammonium phosphate fertilizer (DAP) and potash-based fertilizer, as well as the cost of key inputs such as energy, phosphate rock and potash. Currency fluctuations can also affect operating results.
Clean Ammonia
The Clean Ammonia segment manages Yara\u2019s ammonia sales and logistics activity, playing a vital role in Yara\u2019s production system by allocating excess volumes from producer plants and delivering to consumer plants to ensure high production capacity utilization. In addition to significant intra-group transactions, Yara Clean Ammonia sources ammonia from third parties, primarily to supply the European production region. The segment also generates external sales by supplying ammonia to large customers in the fertilizer and chemical industries, mainly in the Americas and Asia. It also provides optimized shipping solutions, including a fleet of owned and time-chartered vessels, tailored to Yara\u2019s storage and port capacity.
The segment was established to capture growth opportunities in carbon-free food solutions, shipping fuel, power and other clean ammonia applications, leveraging Yara\u2019s unique position in ammonia production, trade and shipping. The segment is currently evaluating several new renewable and low-carbon ammonia projects to serve growing markets and add scale to its existing business.
Industrial Solutions
Yara Industrial Solutions delivers nitrogen-based solutions and services across a wide range of industries, including automotive, construction, waste handling and circular economy, shipping, chemicals, mining and animal feed. The segment maintains a strong environmental focus with a large portion of revenue coming from AdBlue, a urea-based reagent used by diesel vehicles to reduce nitrogen oxide (NOx) emissions. It also offers NOx abatement solutions for industrial plants and transport sectors, both on land and at sea. Yara Industrial Solutions continually develops products and service offerings for high-growth markets and pursues additional sustainable opportunities worldwide.
The segment operates its activities through four commercial units: Transport Reagents, Mining Applications, Chemical Applications EMEA and Chemical Applications Americas, supported by six dedicated production plants across Europe, Latin America, Asia and Africa, in addition to the joint operation Yara Pilbara Nitrates in Australia. Additionally, the segment has arm\u2019s length commercial agreements with Yara\u2019s global production network and external suppliers. Through direct sales and distributors, Yara Industrial Solutions provides customers with high-quality, reliable products and services backed by deep local knowledge combined with global best practice expertise.
Customer contracts are largely medium-to long-term, although spot sales based on standard purchase orders also occur. In some markets, the segment supplies equipment and services product storing and handling.
Operating results are exposed to fluctuations in commodity prices and general economic conditions. However, Yara Industrial Solutions\u2019 integrated and diversified position regarding products, industries and global locations has enabled it to mitigate these effects effectively.
Other and Eliminations
Other and Eliminations mainly comprise cross-segment eliminations and corporate costs not allocated to operating segments. A significant component of the cross-segment eliminations is the elimination of profit on inventory, which depends on stock volumes and internal margins based on the arm\u2019s length principle. As a result, Other and Eliminations will report higher results when stock volumes and/or internal margins are lower, and vice versa.
Segment revenues
External revenue
Internal revenue
Total revenue
USD millions
2025
Restated\u00b9 2024
2025
Restated\u00b9 2024
2025
Restated\u00b9 2024
Europe
4,368
3,653
757
705
5,125
4,358
Americas
5,472
4,736
47
46
5,519
4,781
Africa & Asia
2,401
2,351
129
147
2,530
2,497
Global Production
52
53
3,591
3,168
3,643
3,221
Clean Ammonia
856
789
1,129
1,019
1,985
1,808
Industrial Solutions
2,455
2,267
229
231
2,683
2,498
Other and Eliminations
20
20
(5,882)
(5,316)
(5,863)
(5,296)
Total
15,623
13,868
-
-
15,623
13,868
1 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.

The disaggregation of external revenue by nature, product group and geographical area for the Group\u2019s segments is provided in Note 2.1 Revenue.
Other items of segment income and expense
Other income
Raw materials, energy costs
and freight expenses
USD millions
2025
2024
2025
2024
Europe
40
56
(4,046)
(3,540)
Americas
10
23
(4,311)
(3,707)
Africa & Asia
2
9
(2,214)
(2,235)
Global Production
74
32
(2,708)
(2,478)
Clean Ammonia
-
-
(1,822)
(1,640)
Industrial Solutions
12
20
(2,099)
(1,932)
Other and Eliminations
(46)
(74)
5,914
5,332
Total
92
66
(11,285)
(10,200)
For further information on items affecting the segments, see note 4.7 Impairment of non\u2011current assets for impairment losses and note 3.1 Inventories for an overview of inventory write\u2011downs.
Segment profit and loss
Yara measures segment\u2019s performance based on EBITDA, which is the measure of segment profit and loss reported to the CEO.
EBITDA1
USD millions
2025
Restated2 2024
Europe
580
229
Americas
822
664
Africa & Asia
226
221
Global Production
695
410
Clean Ammonia
114
117
Industrial Solutions
339
334
Other and Eliminations
(21)
(86)
Total
2,754
1,889
1 Refer to the \u201cAlternative performance measures\u201d section for definition and relevant reconciliations.
2 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
Reconciliation of Operating income/(loss) to EBITDA
2025
USD millions
Operating income/(loss)
Share of net income/(loss) in equity accounted investees
Interest income and other financial income
Depreciation and amortization
Impairment loss
EBITDA
Europe
264
3
23
290
-
580
Americas
581
4
6
223
7
822
Africa & Asia
185
-
6
35
-
226
Global Production
384
-
3
307
1
695
Clean Ammonia
47
-
-
62
6
114
Industrial Solutions
163
10
1
163
1
339
Other and Eliminations
(53)
-
27
4
1
(21)
Total
1,571
18
66
1,084
16
2,754
Restated1 2024
USD millions
Operating income/(loss)
Share of net income/(loss) in equity accounted investees
Interest income and other financial income
Depreciation and amortization
Impairment loss
EBITDA
Europe
(31)
4
1
248
7
229
Americas
381
1
14
233
35
664
Africa & Asia
183
-
4
34
-
221
Global Production
115
-
4
288
1
410
Clean Ammonia
51
-
1
65
-
117
Industrial Solutions
107
14
1
174
38
334
Other and Eliminations
(120)
-
30
4
-
(86)
Total
686
19
55
1,047
82
1,889
1 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
Segment assets
Current assets
Non-current assets
Total assets
USD millions
31 Dec 2025
Restated\u00b9
31 Dec 2024
31 Dec 2025
Restated\u00b9
31 Dec 2024
31 Dec 2025
Restated\u00b9
31 Dec 2024
Europe
1,867
1,478
2,623
2,234
4,490
3,712
Americas
2,025
1,844
1,985
1,894
4,010
3,738
Africa & Asia
1,118
1,073
256
242
1,374
1,315
Global Production
810
779
2,806
2,565
3,616
3,343
Clean Ammonia
307
260
286
308
592
568
Industrial Solutions
762
707
1,266
1,202
2,029
1,910
Other and Eliminations
115
(440)
913
849
1,027
408
Total
7,004
5,700
10,134
9,294
17,138
14,994
1 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.

Presentation of segment assets exclude internal cash amounts and receivables, including receivables related to group relief. Assets classified as held for sale are included as current assets. The Group\u2019s deferred tax assets are included in Other and Elimination.
Associates and joint ventures, carrying amount
USD millions
31 Dec 2025
31 Dec 2024
Europe
26
21
Americas
67
62
Global Production
10
9
Industrial Solutions
60
50
Other and Eliminations
(5)
(4)
Total
158
138
Geographic information
Allocation of non-current assets based on the geographic location of the assets. The allocation of non\u2011current assets excludes financial instruments, deferred tax assets, post\u2011employment benefit assets, and rights arising under insurance contracts.
Non-current assets for all segments by geographic location
USD millions
31 Dec 2025
31 Dec 2024
Europe
5,499
4,749
Latin America
1,260
1,144
North America
1,304
1,305
Africa
62
42
Asia
1,194
1,248
Total allocated non-current assets
9,319
8,488
Assets not allocated
816
806
Total non-current assets
10,134
9,294

Non\u2011current assets with a carrying amount of USD 1,088 million (2024: USD 987 million) are attributable to Norway, Yara\u2019s country of domicile.
Alternative performance measures
In addition to EBITDA, Yara measures segment\u2019s performance based on Return on Invested Capital (ROIC), which is derived from Net Operating Profit After Tax (NOPAT) and Invested capital. Refer to the \u201cAlternative performance measures\u201d section for definitions and relevant reconciliations. NOPAT, Invested capital and ROIC are all calculated on a 12-month rolling average basis.
NOPAT
Invested capital
ROIC
USD millions,
except percentages
2025
Restated1 2024
2025
Restated1 2024
2025
Restated1 2024
Europe
204
(17)
3,129
2,774
6.5%
(0.6%)
Americas
449
295
2,875
2,968
15.6%
9.9%
Africa & Asia
141
138
858
795
16.4%
17.4%
Global Production
288
88
2,713
2,559
10.6%
3.4%
Clean Ammonia
40
40
336
360
11.9%
11.0%
Industrial Solutions
133
94
1,589
1,606
8.4%
5.9%
1 Comparative figures have been restated to reflect the change in Yara\u2019s operating segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
2.4
Raw materials, energy costs and freight expenses
USD millions
2025
2024
Raw material and energy costs
(8,738)
(7,771)
Freight expenses
(887)
(862)
Other production related costs
(1,660)
(1,567)
Total
(11,285)
(10,200)
2.5
Payroll and related costs
USD millions
Notes
2025
2024
Salaries
7.3
(1,090)
(1,116)
Social security costs
7.3
(174)
(182)
Social benefits
7.3
(7)
(7)
Net periodic pension cost1
5.3, 7.3
(85)
(179)
Termination benefits2
5.5
(61)
(59)
Total
(1,418)
(1,543)
1 The Net periodic pension cost in 2024 included a USD 99 million settlement loss related to reformation of the Dutch pension system.
2 Termination benefits recognized include several restructuring initiatives and relate mainly to initiatives to enhance the Group\u2019s financial performance and position, as announced in 2024. See note 5.5 Provisions and contingencies for more information.
2.6
Other operating expenses
USD millions
Notes
2025
2024
Selling and administrative expense
(226)
(251)
Advertising expense
(23)
(28)
Travel expense
(32)
(38)
Fees auditors, lawyers, consultants
7.4
(101)
(104)
Other expenses
(31)
(16)
Total
(413)
(437)
2.7
Financial income and expenses
Accounting policies
Interest income and expenses are recognized in the statement of income when accrued, based on the effective interest method. See \u201cBasis of preparation\u201d for accounting policies on foreign currency exchange gain/(loss). Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of Property, plant and equipment and which is depreciated on a straight-line basis over the assets' useful life, refer to note 4.1 Property, plant and equipment.
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
2.4
Raw materials, energy costs and freight expenses
USD millions
2025
2024
Raw material and energy costs
(8,738)
(7,771)
Freight expenses
(887)
(862)
Other production related costs
(1,660)
(1,567)
Total
(11,285)
(10,200)
2.5
Payroll and related costs
USD millions
Notes
2025
2024
Salaries
7.3
(1,090)
(1,116)
Social security costs
7.3
(174)
(182)
Social benefits
7.3
(7)
(7)
Net periodic pension cost1
5.3, 7.3
(85)
(179)
Termination benefits2
5.5
(61)
(59)
Total
(1,418)
(1,543)
1 The Net periodic pension cost in 2024 included a USD 99 million settlement loss related to reformation of the Dutch pension system.
2 Termination benefits recognized include several restructuring initiatives and relate mainly to initiatives to enhance the Group\u2019s financial performance and position, as announced in 2024. See note 5.5 Provisions and contingencies for more information.
2.6
Other operating expenses
USD millions
Notes
2025
2024
Selling and administrative expense
(226)
(251)
Advertising expense
(23)
(28)
Travel expense
(32)
(38)
Fees auditors, lawyers, consultants
7.4
(101)
(104)
Other expenses
(31)
(16)
Total
(413)
(437)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
2.5
Payroll and related costs
USD millions
Notes
2025
2024
Salaries
7.3
(1,090)
(1,116)
Social security costs
7.3
(174)
(182)
Social benefits
7.3
(7)
(7)
Net periodic pension cost1
5.3, 7.3
(85)
(179)
Termination benefits2
5.5
(61)
(59)
Total
(1,418)
(1,543)
1 The Net periodic pension cost in 2024 included a USD 99 million settlement loss related to reformation of the Dutch pension system.
2 Termination benefits recognized include several restructuring initiatives and relate mainly to initiatives to enhance the Group\u2019s financial performance and position, as announced in 2024. See note 5.5 Provisions and contingencies for more information.
Provisions and contingencies
Legal claims
Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in total, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
2.6
Other operating expenses
USD millions
Notes
2025
2024
Selling and administrative expense
(226)
(251)
Advertising expense
(23)
(28)
Travel expense
(32)
(38)
Fees auditors, lawyers, consultants
7.4
(101)
(104)
Other expenses
(31)
(16)
Total
(413)
(437)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
2.6
Other operating expenses
USD millions
Notes
2025
2024
Selling and administrative expense
(226)
(251)
Advertising expense
(23)
(28)
Travel expense
(32)
(38)
Fees auditors, lawyers, consultants
7.4
(101)
(104)
Other expenses
(31)
(16)
Total
(413)
(437)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
2.6
Other operating expenses
USD millions
Notes
2025
2024
Selling and administrative expense
(226)
(251)
Advertising expense
(23)
(28)
Travel expense
(32)
(38)
Fees auditors, lawyers, consultants
7.4
(101)
(104)
Other expenses
(31)
(16)
Total
(413)
(437)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
2.7
Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
2.7
Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
2.7
Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
Accounting policies
Interest-bearing debt is initially recognized at fair value, less direct transaction costs, and subsequently measured at amortized cost using the effective interest method. For principles on fair value, see note 6.3 Financial Instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "Financial income and expenses
USD millions
Notes
2025
2024
Interest income
63
53
Dividends and net gain/(loss) on securities
2
2
Interest income and other financial income
66
55
Foreign currency exchange gain/(loss)
6.1
383
(321)
Interest expense
(233)
(225)
Interest expense on lease liabilities
4.5
(26)
(25)
Capitalized interest expense1
4.1
17
13
Net interest on net long-term employee benefit obligations
5.3
(2)
-
Other
(14)
(22)
Interest expense and other financial items
(259)
(259)
Net financial income/(expense)
189
(524)
1 The average rate for the borrowing cost capitalized was 5.0 percent in 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "Financial income and expensesCapitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of Property, plant and equipment and which is depreciated on a straight-line basis over the assets' useful life, refer to note 4.1 Property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "Financial income and expenses
Accounting policies
Interest income and expenses are recognized in the statement of income when accrued, based on the effective interest method.Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of Property, plant and equipment and which is depreciated on a straight-line basis over the assets' useful life, refer to note 4.1 Property, plant and equipment.
3.3
Prepaid expenses and other current assets
Accounting policies
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted.
Property, plant and equipment
Expenses related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "Financial income and expensesInterest income and expenses are recognized in the statement of income when accrued, based on the effective interest method.Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of Property, plant and equipment and which is depreciated on a straight-line basis over the assets' useful life, refer to note 4.1 Property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "Financial income and expenses
Accounting policies
Interest income and expenses are recognized in the statement of income when accrued, based on the effective interest method. See \u201cBasis of preparation\u201d for accounting policies on foreign currency exchange gain/(loss). Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of Property, plant and equipment and which is depreciated on a straight-line basis over the assets' useful life, refer to note 4.1 Property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "Interest income and expenses are recognized in the statement of income when accrued, based on the effective interest method.Capitalized interest expense refers to borrowing costs which are added to the cost of qualifying assets of Property, plant and equipment and which is depreciated on a straight-line basis over the assets' useful life, refer to note 4.1 Property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
2.8
Income taxes
The major components of income tax expense for the year ended 31 December:
USD millions
2025
2024
Consolidated statement of income
Current taxes
Current year
(347)
(254)
Prior year adjustment1
39
14
Total
(308)
(240)
Deferred taxes
Deferred tax income/(expense) recognized in the current year
(78)
226
Adjustments to deferred tax attributable to changes in tax rates and laws
3
4
Net change in unrecognized deferred tax assets
(23)
(154)
Total
(98)
76
Total tax expense recognized in consolidated statement of income
(406)
(165)
Other comprehensive income
Current tax
Hedge of net investment
(22)
18
Total current tax
(22)
18
Deferred tax
Pensions
(5)
(3)
Available-for-sale financial assets
1
-
Total
(4)
(3)
Total tax expense recognized directly in other comprehensive income
(27)
15
Total tax expense recognized in comprehensive income
(433)
(150)
1 In 2025, a tax refund of USD 25 million was recognized. The refund originates from a business acquisition in previous years. Due to uncertainty, the underlying tax asset was not previously recognized.
Reconciliation of Norwegian nominal statutory tax rate to effective tax rate
USD millions, except percentages
2025
2025
2024
2024
Income before tax
1,778
180
Expected income tax at statutory tax rate1
22.0%
(391)
22.0%
(40)
Tax law changes
(0.1)%
2
(2.2)%
4
Foreign tax rate differences
0.8%
(14)
(3.9)%
7
Unused tax losses and tax offsets not recognized as deferred tax assets
2.4%
(43)
81.1%
(146)
Previously unrecognized and unused tax losses and deductible temporary differences
now recognized as deferred tax assets
(0.6)%
11
(26.1)%
47
Non-deductible expenses
1.0%
(18)
7.2%
(13)
Share of net income equity-accounted investees
(0.2)%
3
(2.2)%
4
Tax free income miscellaneous
(0.4)%
8
(5.0)%
9
Prior year adjustment
(2.2)%
39
(7.8)%
14
Withholding tax
1.1%
(19)
11.1%
(20)
Pillar 2 top-up tax
0.3%
(6)
7.8%
(14)
Other, net
(1.3)%
23
9.4%
(17)
Total income tax expense
(406)
(165)
Effective tax rate
22.8%
91.7%
1 Calculated as Norwegian nominal statutory tax rate of 22% (2024: 22%) applied to income before tax.
Specification of deferred tax assets/(liabilities)
2025
USD millions
Opening
balance
Charged
to income
Changes in
tax rate
Recognized in other comprehen-
sive income
Foreign currency
translation
Closing
balance
Non-current items
Intangible assets
24
(2)
-
-
3
26
Property, plant and equipment
(360)
(2)
-
-
(29)
(392)
Pensions
33
4
-
(5)
3
35
Equity securities available-for-sale
(1)
-
-
1
-
-
Other non-current assets
(298)
36
-
-
(35)
(297)
Other non-current liabilities and accruals
297
(96)
-
-
29
230
Total
(305)
(60)
-
(4)
(29)
(398)
Current items
Inventory valuation
49
1
3
-
1
55
Accrued expenses
62
42
-
-
6
110
Total
111
43
3
-
7
164
Tax loss carry forwards
904
(71)
-
(22)
97
908
Unused tax credits
13
10
-
-
2
24
Unrecognized tax assets for tax losses and temporary differences
(576)
(23)
-
-
(67)
(666)
Net deferred tax asset/(liability)
147
(101)
3
(27)
11
33
2024
USD millions
Opening
balance
Charged
to income
Changes in
tax rate
Recognized in other comprehen-
sive income
Acquisitions/
disposals
Foreign currency
translation
Closing
balance
Non-current items
Intangible assets
9
16
-
-
1
(1)
24
Property, plant and equipment
(349)
(28)
-
-
-
17
(360)
Pensions
26
12
-
(3)
-
(2)
33
Equity securities available-for-sale
-
-
-
(1)
-
-
(1)
Other non-current assets
(259)
(68)
-
-
-
29
(298)
Other non-current liabilities and accruals
212
110
-
1
-
(26)
297
Total
(361)
43
-
(3)
1
17
(305)
Current items
Inventory valuation
36
11
4
-
-
(1)
49
Accrued expenses
61
8
1
-
-
(8)
62
Total
96
19
4
-
-
(9)
111
Tax loss carry forwards
840
158
-
18
-
(113)
904
Unused tax credits
8
6
-
-
-
(1)
13
Unrecognized tax assets for tax losses and temporary differences
(518)
(154)
-
-
-
95
(576)
Net deferred tax asset/(liability)
66
72
4
15
1
(10)
147
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
2.8
Income taxes
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for by using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, carry forward of unused tax credits, and any unused tax losses. However, deferred tax assets are recognized only to the extent these can be utilized against probable taxable profits.
Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests, are recognized only to the extent it is probable that sufficient taxable profits are expected to reverse in the foreseeable future to utilize the benefits of the temporary differences.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
2.8
Income taxes
Accounting policies
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for by using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, carry forward of unused tax credits, and any unused tax losses. However, deferred tax assets are recognized only to the extent these can be utilized against probable taxable profits.
Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill, or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests, are recognized only to the extent it is probable that sufficient taxable profits are expected to reverse in the foreseeable future to utilize the benefits of the temporary differences.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred taxes are recognized as expense or income in the statement of income, except when they relate to items recognized directly in equity or in other comprehensive income. In such cases, the
corresponding tax is also recognized directly in equity or in other comprehensive income. Uncertain tax positions, for example from unresolved disputes with tax authorities, are provided for if there are probable cash outflows. In certain cases, it may be unclear how tax law applies to a particular transaction or circumstance until the relevant taxation authority or court takes a decision in the future. Consequently, this may affect tax assets or liabilities. When assessing whether uncertainty over tax treatments exists, Yara will consider current tax law and regulations, general practice, decisions and rulings by the court or other relevant authorities as well as tax memorandum prepared by internal or external experts. In case of uncertain tax treatments, Yara will consider the probability that a taxation authority will accept an uncertain tax treatment. When concluding that it is not probable that the taxation authority will accept an uncertain tax treatment, Yara will reflect the effect of uncertainty by using the method that provides better prediction resolution of uncertainty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
2.8
Income taxes
USD millions
Opening
balance
Charged
to income
Changes in
tax rate
Recognized in other comprehen-
sive income
Foreign currency
translation
Closing
balance
Non-current items
Intangible assets
24
(2)
-
-
3
26
Property, plant and equipment
(360)
(2)
-
-
(29)
(392)
Pensions
33
4
-
(5)
3
35
Equity securities available-for-sale
(1)
-
-
1
-
-
Other non-current assets
(298)
36
-
-
(35)
(297)
Other non-current liabilities and accruals
297
(96)
-
-
29
230
Total
(305)
(60)
-
(4)
(29)
(398)
Current items
Inventory valuation
49
1
3
-
1
55
Accrued expenses
62
42
-
-
6
110
Total
111
43
3
-
7
164
Tax loss carry forwards
904
(71)
-
(22)
97
908
Unused tax credits
13
10
-
-
2
24
Unrecognized tax assets for tax losses and temporary differences
(576)
(23)
-
-
(67)
(666)
Net deferred tax asset/(liability)
147
(101)
3
(27)
11
33
USD millions
Opening
balance
Charged
to income
Changes in
tax rate
Recognized in other comprehen-
sive income
Acquisitions/
disposals
Foreign currency
translation
Closing
balance
Non-current items
Intangible assets
9
16
-
-
1
(1)
24
Property, plant and equipment
(349)
(28)
-
-
-
17
(360)
Pensions
26
12
-
(3)
-
(2)
33
Equity securities available-for-sale
-
-
-
(1)
-
-
(1)
Other non-current assets
(259)
(68)
-
-
-
29
(298)
Other non-current liabilities and accruals
212
110
-
1
-
(26)
297
Total
(361)
43
-
(3)
1
17
(305)
Current items
Inventory valuation
36
11
4
-
-
(1)
49
Accrued expenses
61
8
1
-
-
(8)
62
Total
96
19
4
-
-
(9)
111
Tax loss carry forwards
840
158
-
18
-
(113)
904
Unused tax credits
8
6
-
-
-
(1)
13
Unrecognized tax assets for tax losses and temporary differences
(518)
(154)
-
-
-
95
(576)
Net deferred tax asset/(liability)
66
72
4
15
1
(10)
147
Unrecognized deferred tax assets
USD millions
2025
2024
Unrecognized deferred tax assets are attributable to the following
Tax losses
565
502
Deductible temporary differences
101
74
Total
666
576
Unrecognized deferred tax assets mainly relate to tax loss carry forwards from activities in Brazil, France, and Belgium. These amount to USD 364 million in Brazil (2024: USD 330 million), USD 69 million in Belgium (2024: USD 69 million), and USD 60 million in France (2024: USD 40 million). Tax loss carry forwards in these jurisdictions may be carried forward indefinitely. However, their annual utilization is subject to statutory limitations, whereby offset of taxable income is restricted to 30 percent in Brazil, 70 percent in Belgium, and 50 percent in France.
Specification of expiration of tax loss carry forwards
USD millions
2025
2026
2
2027
2
2028
20
2029
3
2030
30
After 2030
47
Without expiration
3,134
Total tax loss carry forwards
3,238
Deferred tax effect of tax loss carry forwards
908
Unrecognized deferred tax assets for tax losses
(565)
Recognized in the statement of financial position
343
Yara\u2019s recognized tax loss carryforward assets primarily relate to its European operations, with the largest amounts attributable to Norway (USD 100 million), France (USD 71 million), and Italy (USD 62 million).
Tax losses in Norway carry no expiry and are not subject to annual utilization limits. Their utilization is to a limited extent dependent on future taxable profit, as there are taxable temporary differences that will be reversed. The tax loss carryforward assets recognized in France and Italy are supported by estimated future profitability. While the deferred tax asset in Italy is fully recognized, only 55% of the corresponding asset in France has been recognized, reflecting uncertainty regarding its future utilization.
Deferred tax presented in the statement of financial position
USD millions
2025
2024
Deferred tax assets
521
555
Deferred tax liabilities
(488)
(408)
Net deferred tax asset/(liability)
33
147
Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements amount to approximately USD 7.3 billion that for the main part can be distributed as tax-free dividends. For the expected part of dividend that cannot be distributed as tax-free income, a deferred tax liability of USD 10 million is recognized.
For information regarding tax contingencies and uncertain tax treatments, see note 5.5 Provisions and contingencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "2.8 Income taxesAs required by the amendments to the IAS 12 issued in May 2023, the Yara Group has temporarily applied a temporary mandatory relief from deferred accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.", "dimensions": { "concept": "ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
2.8
Income taxes
Pillar 2
The Yara Group is subject to the global minimum top-up tax under the Pillar 2 legislation. The Group has recognized a current tax expense of USD 6 million related to top-up tax for 2025 (2024: USD 14 million).
As required by the amendments to the IAS 12 issued in May 2023, the Yara Group has temporarily applied a temporary mandatory relief from deferred accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.
For 2025, the Group will also apply the Transitional Country-by-Country Report (CbCR) Safe Harbours. These safe harbour rules simplify the compliance process for the Yara Group by excluding some qualifying countries from the pillar 2 computation. No top-up tax liability will arise from these qualifying countries.
Based on the 2024 CbCR data, the Yara entities incorporated in Hungary, Kenya, Ireland, Singapore, and Trinidad & Tobago are not expected to qualify for the Transitional CbCR Safe Harbours in 2025. Among these jurisdictions, only the Yara entities in Ireland and Singapore expect to incur a top\u2011up tax liability in 2025, and this has been recorded as current tax expense.
The Pillar 2 rules have been enacted in Norway (which is the jurisdiction of the ultimate parent entity of the Yara group, Yara International ASA) and in countries where the Group has presence through subsidiaries or branches. The fact that not all the countries have implemented the rules is not expected to have a material impact for the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
3
Current assets
3.1
Inventories
Overview
Inventories comprise finished goods, work in progress, raw materials and spare parts. Finished goods refer to own produced products and goods purchased for resale. Work in progress is partly processed, unfinished products. Raw materials include own produced raw materials, mainly ammonia and nitric acids, as well as raw materials purchased from external parties such as phosphates, potassium and other input factors used in the production. Spare parts include packing, operating and maintenance supplies.
Inventory stock
2025
USD millions
Europe
Americas
Africa & Asia
Global Production
Clean Ammonia
Industrial Solutions
Other and Eliminations
Total
Finished goods
696
594
550
124
-
123
(143)
1,944
Work in progress
42
-
-
30
-
22
-
94
Raw materials
169
558
11
103
79
53
3
976
Spare parts
109
59
5
138
-
74
-
385
Balance at 31 December
1,017
1,212
565
395
79
272
(140)
3,400
Restated1 2024
USD millions
Europe
Americas
Africa & Asia
Global Production
Clean Ammonia
Industrial Solutions
Other and Eliminations
Total
Finished goods
575
535
466
110
-
113
(108)
1,690
Work in progress
38
-
-
37
-
21
-
96
Raw materials
115
506
12
117
70
73
-
893
Spare parts
94
52
5
122
-
61
-
334
Balance at 31 December
822
1,093
483
386
70
268
(108)
3,014
1 Comparative figures have been restated to reflect the change in Yara's operating segments. The reorganization had no impact on the amounts of inventory write-downs. The Yara Group figures are unchanged. See note 2.3 Segment information for further information.
Inventory write-downs
2025
USD millions
Europe
Americas
Africa & Asia
Global Production
Clean Ammonia
Industrial Solutions
Other and Eliminations
Total
Balance at 1 January
(23)
(10)
(2)
(3)
(1)
(9)
6
(41)
New write-downs recognized during the year
(24)
(11)
(8)
(8)
(15)
(20)
21
(65)
Write-downs reversed due to product sold
12
8
4
4
15
19
(20)
41
Write-downs reversed, other
14
5
3
5
-
3
-
30
Foreign currency translation
(2)
(1)
-
-
-
(1)
-
(5)
Balance at 31 December
(23)
(9)
(4)
(2)
(1)
(8)
7
(41)
2024
USD millions
Europe
Americas
Africa & Asia
Global Production
Clean Ammonia
Industrial Solutions
Other and Eliminations
Total
Balance at 1 January
(34)
(16)
(4)
(9)
-
(8)
17
(55)
New write-downs recognized during the year
(45)
(28)
(7)
(18)
(15)
(14)
22
(104)
Write-downs reversed due to product sold
28
15
5
17
15
9
(33)
57
Write-downs reversed, other
26
16
4
6
-
3
-
55
Foreign currency translation
2
3
-
-
-
1
-
6
Balance at 31 December
(23)
(10)
(2)
(3)
(1)
(9)
6
(41)

No inventories were pledged as security at the end of 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
3.1
Inventories
Accounting policies
Inventories are stated at the lower of cost, using weighted average, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and other selling costs.
All amounts presented are net of write-downs. A write-down is recognized for the amount by which the carrying amount exceeds its net realizable value.
The cost of inventories comprises all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. This includes direct materials, direct labor, and an appropriate portion of production overhead, or the purchase price of the inventory. Yara is using the standard costing method for cost measurement which considers normal levels of materials and supplies, labor, efficiency, and capacity utilization. If standard cost deviates significantly from the actual cost, adjustments are done to reflect the correct cost of production for the applicable period.
Spare parts held as inventories are spare parts which do not meet the criteria for being classified as property, plant and equipment.
Yara has internal sales between the different segments. These sales create internal margins which are eliminated and presented as \u201cOther and eliminations\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
3.1
Inventories
Overview
Inventories comprise finished goods, work in progress, raw materials and spare parts. Finished goods refer to own produced products and goods purchased for resale. Work in progress is partly processed, unfinished products. Raw materials include own produced raw materials, mainly ammonia and nitric acids, as well as raw materials purchased from external parties such as phosphates, potassium and other input factors used in the production. Spare parts include packing, operating and maintenance supplies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
3.2
Trade receivables
Accounting policies
Trade receivables are initially recognized at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortized cost using the effective interest method. Short-term receivables are normally not discounted.
Yara applies the expected loss model, recognizing lifetime expected credit losses on all trade and lease receivables using the simplified approach. Expected credit losses (ECL) are calculated at the geographical level, drawing on both historical loss data from the past five years and forward-looking information such as local and regional macroeconomic factors. For receivables not yet due or less than 90 days overdue, a historical loss percentage forms the basis for allowances, adjusted for current conditions and expectations. Receivables over 90 days overdue are individually assessed to determine appropriate ECL allowances.
A receivable is considered to be in default when it is overdue, and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable.
3.3
Prepaid expenses and other current assets
Accounting policies
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
3.2
Trade receivables
USD millions
Notes
2025
2024
Trade receivables\u00b9
1,880
1,598
Allowance for expected credit loss
(109)
(101)
Balance at 31 December
6.3
1,772
1,497
\u00b9 Of the total balance of USD 1,772 million, approximately USD 984 million (2024: USD 787 million) refers to credit insured receivables.
Movement in allowance for expected credit loss
USD millions
2025
2024
Balance at 1 January
(101)
(107)
Lifetime expected credit losses recognized for existing business
(22)
(37)
Change in lifetime expected credit losses due to business classified as held for sale
-
(1)
Amounts written off as uncollectible
9
23
Lifetime expected credit losses reversed
11
11
Foreign currency translation
(6)
9
Balance at 31 December
(109)
(101)
Ageing analysis of trade receivables at 31 December
Gross trade receivables
Past due gross trade receivables
USD millions
Total
Not past due
gross trade
receivables
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2025
1,880
1,505
129
51
44
151
2024
1,598
1,299
112
31
22
134
Allowance for expected credit loss
Allowance on past due receivables
USD millions
Total
Allowance on
not past due
receivables
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2025
(109)
(3)
(2)
(2)
(3)
(98)
2024
(101)
(3)
(1)
(1)
(2)
(94)
Net trade receivables
Past due but not impaired
USD millions
Total
Neither past
due nor impaired
< 30 days
30 - 90 days
91 - 180 days
> 180 days
2025
1,772
1,502
127
49
41
53
2024
1,497
1,297
111
30
20
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "Trade receivables
A receivable is considered to be in default when it is overdue, and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable.
USD millions
Notes
2025
2024
Trade receivables\u00b9
1,880
1,598
Allowance for expected credit loss
(109)
(101)
Balance at 31 December
6.3
1,772
1,497
\u00b9 Of the total balance of USD 1,772 million, approximately USD 984 million (2024: USD 787 million) refers to credit insured receivables.
Movement in allowance for expected credit loss
USD millions
2025
2024
Balance at 1 January
(101)
(107)
Lifetime expected credit losses recognized for existing business
(22)
(37)
Change in lifetime expected credit losses due to business classified as held for sale
-
(1)
Amounts written off as uncollectible
9
23
Lifetime expected credit losses reversed
11
11
Foreign currency translation
(6)
9
Balance at 31 December
(109)
(101)
3.3
Prepaid expenses and other current assets
Accounting policies
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted.
4.6
Other non-current assets
Accounting policies
Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method.
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses are recorded. The 12-month expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the probability of default based on the credit rating of different counterparts multiplied with the loss given default based on listed corporate bonds that are considered relevant. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted.
A receivable is considered to be in default when it is overdue, and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable.
Yara\u2019s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due to materiality.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "Trade receivables
USD millions
Notes
2025
2024
Trade receivables\u00b9
1,880
1,598
Allowance for expected credit loss
(109)
(101)
Balance at 31 December
6.3
1,772
1,497
\u00b9 Of the total balance of USD 1,772 million, approximately USD 984 million (2024: USD 787 million) refers to credit insured receivables.
Movement in allowance for expected credit loss
USD millions
2025
2024
Balance at 1 January
(101)
(107)
Lifetime expected credit losses recognized for existing business
(22)
(37)
Change in lifetime expected credit losses due to business classified as held for sale
-
(1)
Amounts written off as uncollectible
9
23
Lifetime expected credit losses reversed
11
11
Foreign currency translation
(6)
9
Balance at 31 December
(109)
(101)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
3.3
Prepaid expenses and other current assets
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information.
USD millions
Notes
2025
2024
Financial assets
Foreign exchange contracts
4
8
Receivables and deposits
336
285
Contracts assets
2.1
2
3
Expected credit loss on other current assets
(1)
(1)
Balance at 31 December
6.3
341
295
Non-financial assets
VAT and sales-related taxes
215
228
Prepaid income taxes
194
201
Prepaid expenses
169
143
Balance at 31 December
577
573
4.6
Other non-current assets
USD millions
Notes
2025
2024
Financial assets
Equity instruments
6.3
76
83
Interest rate swaps designated as hedging instrument
6.3
11
-
Cross currency and interest rate swaps
6.3
17
1
Receivables and deposits
6.3
41
36
Expected credit loss on long-term loans and receivables
6.3
-
(1)
Balance at 31 December
145
119
Non-financial assets
Surplus on funded defined benefit plans
5.3
150
131
Prepayment for property, plant and equipment
42
60
Tax and VAT receivables1
155
150
Other non-financial assets
31
26
Balance at 31 December
377
366
1 At year-end 2025, Yara has recognized USD 61 million (2024: USD 51 million) of tax credits related to value added taxes in Brazil. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These accumulated credits can be used to offset other federal taxes in many circumstances, and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years. The current legislation results in accumulation of ICMS tax credits in a number of States.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
3.3
Prepaid expenses and other current assets
Accounting policies
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted.
4.6
Other non-current assets
Accounting policies
Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method.
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses are recorded. The 12-month expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the probability of default based on the credit rating of different counterparts multiplied with the loss given default based on listed corporate bonds that are considered relevant. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted.
A receivable is considered to be in default when it is overdue, and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable.
Yara\u2019s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due to materiality.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
3.3
Prepaid expenses and other current assets
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information.
USD millions
Notes
2025
2024
Financial assets
Foreign exchange contracts
4
8
Receivables and deposits
336
285
Contracts assets
2.1
2
3
Expected credit loss on other current assets
(1)
(1)
Balance at 31 December
6.3
341
295
Non-financial assets
VAT and sales-related taxes
215
228
Prepaid income taxes
194
201
Prepaid expenses
169
143
Balance at 31 December
577
573
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
3.3
Prepaid expenses and other current assets
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information.
USD millions
Notes
2025
2024
Financial assets
Foreign exchange contracts
4
8
Receivables and deposits
336
285
Contracts assets
2.1
2
3
Expected credit loss on other current assets
(1)
(1)
Balance at 31 December
6.3
341
295
Non-financial assets
VAT and sales-related taxes
215
228
Prepaid income taxes
194
201
Prepaid expenses
169
143
Balance at 31 December
577
573
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
3.3
Prepaid expenses and other current assets
Other short-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method. Short-term items are normally not discounted.
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). See note 4.6 Other non-current assets for more information.
Other non-current assets
Accounting policies
Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method.
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses are recorded. The 12-month expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the probability of default based on the credit rating of different counterparts multiplied with the loss given default based on listed corporate bonds that are considered relevant. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted.
A receivable is considered to be in default when it is overdue, and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable.
Yara\u2019s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due to materiality.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
3.4
Cash and cash equivalents
Expected credit loss provision on bank deposits is USD 1 million (2024: USD 1 million).
External bank deposits that are not available for use by the Group as at 31 December 2025 have a carrying value of USD 84 million (2024: USD 85 million), mainly related to cash held by joint operations.
The average interest rate for liquid assets is approximately 4.0 percent as at 31 December 2025 (2024: 5.4 percent).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
3.4
Cash and cash equivalents
USD millions
Notes
31 Dec 2025
31 Dec 2024
Cash and cash equivalents
6.3
913
317
Expected credit loss provision on bank deposits is USD 1 million (2024: USD 1 million).
External bank deposits that are not available for use by the Group as at 31 December 2025 have a carrying value of USD 84 million (2024: USD 85 million), mainly related to cash held by joint operations.
The average interest rate for liquid assets is approximately 4.0 percent as at 31 December 2025 (2024: 5.4 percent).
Yara minimizes its counterparty exposure by keeping its cash deposits in various Nordic and international banks with established limits for exposure towards each institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
Accounting policies
Cash and cash equivalents include bank deposits and monetary items which are due in less than three months. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, they are normally not discounted as they are short-term items. On deposits, Yara records a 12-month expected credit loss if there has not been any significant increase in credit risk since initial recognition (the general approach).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
Accounting policies
Cash and cash equivalents include bank deposits and monetary items which are due in less than three months. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, they are normally not discounted as they are short-term items. On deposits, Yara records a 12-month expected credit loss if there has not been any significant increase in credit risk since initial recognition (the general approach).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
External bank deposits that are not available for use by the Group as at 31 December 2025 have a carrying value of USD 84 million (2024: USD 85 million), mainly related to cash held by joint operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
4
Investments in non-current assets
Overview
Property, plant and equipment (PP&E) mainly refers to Yara\u2019s fertilizer production plants across the world, and which hold assets such as land, buildings, machinery, equipment and periodic maintenance. In addition, they hold investments in self-constructed assets not yet in use and which are categorized as assets under construction. The remaining PP&E refers to assets for distribution of fertilizer products, which mainly consists of buildings, machinery and equipment for bagging and blending of products, as well as terminals and warehouses.
2025
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
237
2,768
10,876
613
785
303
218
15,799
Addition at cost1
3
31
278
74
577
-
27
990
Derecognition
-
(18)
(137)
(91)
(7)
-
-
(253)
Other transfers2
(1)
108
334
39
(482)
-
1
(2)
Foreign currency translation
25
271
1,027
62
83
2
28
1,497
Balance at 31 December
264
3,160
12,377
696
955
305
275
18,031
Depreciation and impairment
Balance at 1 January
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Depreciation
-
(124)
(583)
(118)
-
(15)
(16)
(856)
Impairment loss3
-
(1)
(41)
(2)
(1)
-
-
(45)
Reversed impairment
-
2
34
2
1
-
-
39
Derecognition
-
16
125
91
3
-
-
235
Other transfers
(1)
-
1
(1)
-
-
-
-
Foreign currency translation
-
(131)
(711)
(34)
(3)
-
(9)
(887)
Balance at 31 December
(36)
(1,546)
(8,260)
(397)
(37)
(132)
(91)
(10,496)
Carrying value
Balance at 1 January
203
1,460
3,791
278
748
187
151
6,817
Balance at 31 December
228
1,614
4,118
299
917
173
183
7,535
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 9 million reduction to decommissioning assets, mainly due to increase in discounting rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
Climate-related matters
Ammonia production assets in Europe
Ammonia is essential for producing nitrogen fertilizers and is generally created by combining nitrogen with hydrogen derived from natural gas, a process that results in considerable carbon emissions. Starting January 1, 2026, the EU will begin phasing in the Carbon Border Adjustment Mechanism (CBAM), which will impose a carbon price on imported ammonia and fertilizers. This will level the playing field ensuring fair competition, since EU producers are already subject to domestic carbon costs through the EU Emissions Trading System (EU ETS). As the EU gradually eliminates free emissions allowances for domestic producers, the lack of a carbon tax on imports would otherwise put EU producers at a competitive disadvantage, potentially affecting the useful life and value of Yara\u2019s European ammonia production assets. Additionally, these assets could face further challenges as market dynamics evolve and more cost-competitive low-carbon and renewable ammonia options become widely available in the future.
Carbon emissions from ammonia production can be reduced through the use of renewable energy electrolysis or carbon capture and storage (CCS). In recent years, Yara has proactively managed its asset portfolio to enhance future resilience by prioritizing flexible sourcing of energy and raw materials, as well as investing in CCS technologies. Consequently, Yara\u2019s European Nitrate and NPK operations now to a large extent operate on imported ammonia, while the Group\u2019s ammonia assets are primarily integrated with production of urea where CO2 from the ammonia production is needed as an integral part of the production process, whether it\u2019s for producing fertilizer urea or focused on producing industrial urea for markets such as AdBlue. In addition, Yara is undertaking a CCS investment in its largest nitrate plant, Sluiskil.
As of December 31, 2025, Yara\u2019s European ammonia production assets have a carrying value of USD 583 million (2024: USD 555 million). Of this amount, USD 255 million is allocated to integrated facilities with established CCS projects and USD 275 million is tied to facilities primarily focused on producing industrial urea. Of the remaining USD 53 million, USD 17 million relates to a flexible ammonia production asset that is currently mothballed, awaiting future market developments, while USD 37 million supports nitrate and
NPK fertilizer production.
Currently, Yara has made no major changes to the useful lives of the Group\u2019s operating ammonia plants in Europe. However, future adjustments remain possible and may impact subsequent evaluations. For sensitivity analysis, it is noted that roughly one quarter of the carrying value has a remaining useful life exceeding 10 years. If the useful life were restricted to 10 years, annual depreciation expense would rise by USD 5 million.
Yara has not identified other major assets that might become obsolete or lose value due to climate-related matters. However, the Group is continuously enhancing its understanding of climate-related risk exposure, and which may reveal currently unknown conditions at a later stage. Additionally, Yara could make future strategic decisions that might result in certain assets becoming obsolete or losing value.
European Renewable Energy Directive
The reform of the European Renewable Energy Directive (REDIII) poses a potential risk to Yara\u2019s European ammonia production due to its ambitious targets for industrial hydrogen consumption from renewable sources, as well as the uncertainty surrounding the implementation of these targets in different EU member states. However, when the REDIII Directive was last updated in 2023, a non-binding recital was added, acknowledging the challenges existing ammonia production facilities might face in meeting the targets. This recital allows Member States to propose exemptions (partial or full) for existing ammonia sites to the European Commission, based on a case-by-case evaluation. Presently, it is very uncertain how Member States will implement these industrial targets and whether the \u201cammonia recital\u201d will be utilized at a national level. Yara will continue to closely monitor the implementation developments in each Member State and adapt to new conditions as required. For more information, see note 1.2 climate risk and opportunities.
2024
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
271
2,902
11,161
706
753
304
193
16,290
Addition at cost1
3
47
321
97
547
1
23
1,039
Derecognition
(1)
(15)
(124)
(223)
(3)
-
-
(367)
Transfers to asset held for sale
-
12
3
-
-
-
-
15
Other transfers2
(2)
87
228
87
(447)
-
15
(32)
Foreign currency translation
(34)
(264)
(714)
(56)
(66)
(2)
(12)
(1,148)
Balance at 31 December
237
2,768
10,876
613
785
303
218
15,799
Depreciation and impairment
Balance at 1 January
(36)
(1,302)
(7,078)
(448)
(34)
(102)
(58)
(9,058)
Depreciation
-
(118)
(551)
(126)
-
(15)
(13)
(823)
Impairment loss3
-
(19)
(36)
(17)
(8)
-
-
(81)
Reversed impairment
-
-
1
-
1
-
-
2
Derecognition
-
11
109
223
-
-
-
343
Transfers to asset held for sale
-
7
4
-
-
-
-
11
Foreign currency translation
2
114
466
35
5
-
4
623
Balance at 31 December
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Carrying value
Balance at 1 January
235
1,598
4,082
258
719
203
137
7,232
Balance at 31 December
203
1,460
3,791
278
748
187
151
6,817
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 17 million increase to decommissioning assets, mainly due to decrease in expected inflation rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
4
Investments in non-current assets
Property, plant and equipment
Overview
Property, plant and equipment (PP&E) mainly refers to Yara\u2019s fertilizer production plants across the world, and which hold assets such as land, buildings, machinery, equipment and periodic maintenance. In addition, they hold investments in self-constructed assets not yet in use and which are categorized as assets under construction. The remaining PP&E refers to assets for distribution of fertilizer products, which mainly consists of buildings, machinery and equipment for bagging and blending of products, as well as terminals and warehouses.
2025
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
237
2,768
10,876
613
785
303
218
15,799
Addition at cost1
3
31
278
74
577
-
27
990
Derecognition
-
(18)
(137)
(91)
(7)
-
-
(253)
Other transfers2
(1)
108
334
39
(482)
-
1
(2)
Foreign currency translation
25
271
1,027
62
83
2
28
1,497
Balance at 31 December
264
3,160
12,377
696
955
305
275
18,031
Depreciation and impairment
Balance at 1 January
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Depreciation
-
(124)
(583)
(118)
-
(15)
(16)
(856)
Impairment loss3
-
(1)
(41)
(2)
(1)
-
-
(45)
Reversed impairment
-
2
34
2
1
-
-
39
Derecognition
-
16
125
91
3
-
-
235
Other transfers
(1)
-
1
(1)
-
-
-
-
Foreign currency translation
-
(131)
(711)
(34)
(3)
-
(9)
(887)
Balance at 31 December
(36)
(1,546)
(8,260)
(397)
(37)
(132)
(91)
(10,496)
Carrying value
Balance at 1 January
203
1,460
3,791
278
748
187
151
6,817
Balance at 31 December
228
1,614
4,118
299
917
173
183
7,535
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 9 million reduction to decommissioning assets, mainly due to increase in discounting rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
2024
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
271
2,902
11,161
706
753
304
193
16,290
Addition at cost1
3
47
321
97
547
1
23
1,039
Derecognition
(1)
(15)
(124)
(223)
(3)
-
-
(367)
Transfers to asset held for sale
-
12
3
-
-
-
-
15
Other transfers2
(2)
87
228
87
(447)
-
15
(32)
Foreign currency translation
(34)
(264)
(714)
(56)
(66)
(2)
(12)
(1,148)
Balance at 31 December
237
2,768
10,876
613
785
303
218
15,799
Depreciation and impairment
Balance at 1 January
(36)
(1,302)
(7,078)
(448)
(34)
(102)
(58)
(9,058)
Depreciation
-
(118)
(551)
(126)
-
(15)
(13)
(823)
Impairment loss3
-
(19)
(36)
(17)
(8)
-
-
(81)
Reversed impairment
-
-
1
-
1
-
-
2
Derecognition
-
11
109
223
-
-
-
343
Transfers to asset held for sale
-
7
4
-
-
-
-
11
Foreign currency translation
2
114
466
35
5
-
4
623
Balance at 31 December
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Carrying value
Balance at 1 January
235
1,598
4,082
258
719
203
137
7,232
Balance at 31 December
203
1,460
3,791
278
748
187
151
6,817
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 17 million increase to decommissioning assets, mainly due to decrease in expected inflation rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
4.5
Leases
Right-of-use (ROU) assets
USD millions
Land
Vessels
Buildings
Product storage
Transportation & logistics
Other assets
Total
Carrying value
Balance ROU assets at 1 January 2024
117
35
82
75
49
61
418
Additions and lease modifications
6
60
29
83
36
55
269
Depreciation
(8)
(53)
(25)
(53)
(29)
(29)
(198)
Foreign currency translation gain/(loss)
(5)
-
(7)
(4)
(5)
(5)
(26)
Balance at 31 December 2024
110
41
79
101
52
83
464
Additions and lease modifications
4
39
47
99
28
28
245
Other transfers
2
-
-
-
-
-
2
Depreciation
(9)
(50)
(25)
(61)
(28)
(30)
(203)
Impairment loss
-
-
(1)
-
-
-
(1)
Foreign currency translation gain/(loss)
8
1
8
9
5
9
40
Balance at 31 December 2025
114
31
107
148
57
90
547
Lease liabilities
USD millions
Long term
Short term
Total
Carrying value
Balance lease obligations at 1 January 2024
306
123
429
Additions and lease modifications
257
-
257
Reclassification to short term
(212)
212
-
Lease payments
-
(187)
(187)
Foreign currency translation gain/(loss)
(21)
(10)
(31)
Balance at 31 December 2024
330
138
468
Additions and lease modifications
243
-
243
Reclassification to short term
(195)
195
-
Lease payments
-
(198)
(198)
Foreign currency translation gain/(loss)
35
10
45
Balance at 31 December 2025
413
145
558
Interest expense on lease liabilities in the period amounts to USD 26 million (2024: USD 25 million).
Leases not yet commenced to which Yara was committed as of 31 December 2025, amounted to a discounted value of USD 149 million (2024: USD 91 million). The commitment includes time-charter agreements for one ammonia-fueled and two dual-fueled medium gas carriers. The amount also includes an estimated commitment of USD 16 million (2024: USD 23 million) for a facility under construction, for which the fees payable will be variable but Yara will be committed to offtake the entire output of the facility.
There are no material restrictions or covenants imposed by leases.
Maturity analysis of contractual undiscounted cash flows
USD millions
2025
2024
1 Year
170
157
2 Years
102
92
3 Years
75
55
4 Years
55
38
5 Years
37
29
More than 5 years
322
267
Total undiscounted lease liabilities at 31 December
760
638
Leases expensed in the period
USD millions
2025
2024
Expenses relating to variable fee leases not included in the measurement of lease liabilities
26
22
Expenses relating to short-term leases
30
26
Expenses relating to leased assets of low value, excluding short-term leases
2
2
Total leases expensed
58
50
Cash outflows in the period
USD millions
2025
2024
Principal payments on recognized lease liabilities
198
187
Interest payments on recognized lease liabilities
26
24
Payments on leases expensed in the period
58
50
Total cash outflows for leases
281
261
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
4.1
Property, plant and equipment
Accounting policies
An item of PP&E is recognized at cost if it is probable that the item will generate future economic benefits for Yara, and the cost can be measured reliably. The carrying value of PP&E consists of the historical cost less accumulated depreciation and any impairment loss. If a legal or constructive obligation to decommission PP&E exists, the carrying value of the assets is increased by the discounted value of such obligations. Borrowing costs are added to the cost of assets that take a substantial period of time to get ready for their intended use or sale (\u201cqualifying assets\u201d) if they are directly attributable to the acquisition, construction or production of such assets.
Depreciation of an asset begins when it is available for use. An asset is available for use when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Decommissioning obligations and borrowing costs added to the carrying amount of PP&E are depreciated over the useful life of the respective PP&E.
PP&E is depreciated on a straight-line basis over the expected useful life. Individual parts of PP&E with different useful lives are accounted for and depreciated separately. Expected useful lives and residual values are, unless immaterial, re-assessed annually.
Gain or loss due to sale or retirement of PP&E is calculated as the difference between sales proceeds and the carrying value and is recognized in the statement of income.
An impairment is recognized if an asset\u2019s carrying value is higher than the recoverable amount. PP&E is tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. See note 4.7 Impairment of non-current assets.
Expenses related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred.
Yara incurs costs related extraction of mineral resources in the Group\u2019s existing mines which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets.
Capitalization of investments as self-constructed PP&E starts when defined decision gates are met. These investments are then categorized as assets under construction until they are ready for use as intended by management. Once they are ready for use, they are transferred to the applicable classes of PP&E, and depreciation starts.
A government grant that compensates Yara for the cost of an asset, is deducted from the carrying value of the asset. See note 4.9 Government grants for more information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
4.1
Property, plant and equipment
Yara incurs costs related extraction of mineral resources in the Group\u2019s existing mines which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets.
2025
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
237
2,768
10,876
613
785
303
218
15,799
Addition at cost1
3
31
278
74
577
-
27
990
Derecognition
-
(18)
(137)
(91)
(7)
-
-
(253)
Other transfers2
(1)
108
334
39
(482)
-
1
(2)
Foreign currency translation
25
271
1,027
62
83
2
28
1,497
Balance at 31 December
264
3,160
12,377
696
955
305
275
18,031
Depreciation and impairment
Balance at 1 January
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Depreciation
-
(124)
(583)
(118)
-
(15)
(16)
(856)
Impairment loss3
-
(1)
(41)
(2)
(1)
-
-
(45)
Reversed impairment
-
2
34
2
1
-
-
39
Derecognition
-
16
125
91
3
-
-
235
Other transfers
(1)
-
1
(1)
-
-
-
-
Foreign currency translation
-
(131)
(711)
(34)
(3)
-
(9)
(887)
Balance at 31 December
(36)
(1,546)
(8,260)
(397)
(37)
(132)
(91)
(10,496)
Carrying value
Balance at 1 January
203
1,460
3,791
278
748
187
151
6,817
Balance at 31 December
228
1,614
4,118
299
917
173
183
7,535
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 9 million reduction to decommissioning assets, mainly due to increase in discounting rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
4.1
Property, plant and equipment
2025
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
237
2,768
10,876
613
785
303
218
15,799
Addition at cost1
3
31
278
74
577
-
27
990
Derecognition
-
(18)
(137)
(91)
(7)
-
-
(253)
Other transfers2
(1)
108
334
39
(482)
-
1
(2)
Foreign currency translation
25
271
1,027
62
83
2
28
1,497
Balance at 31 December
264
3,160
12,377
696
955
305
275
18,031
Depreciation and impairment
Balance at 1 January
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Depreciation
-
(124)
(583)
(118)
-
(15)
(16)
(856)
Impairment loss3
-
(1)
(41)
(2)
(1)
-
-
(45)
Reversed impairment
-
2
34
2
1
-
-
39
Derecognition
-
16
125
91
3
-
-
235
Other transfers
(1)
-
1
(1)
-
-
-
-
Foreign currency translation
-
(131)
(711)
(34)
(3)
-
(9)
(887)
Balance at 31 December
(36)
(1,546)
(8,260)
(397)
(37)
(132)
(91)
(10,496)
Carrying value
Balance at 1 January
203
1,460
3,791
278
748
187
151
6,817
Balance at 31 December
228
1,614
4,118
299
917
173
183
7,535
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 9 million reduction to decommissioning assets, mainly due to increase in discounting rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
2024
USD millions, except percentages and years
Land
Buildings
Machinery and equipment
Periodic maintenance
Asset under construction
Vessels
Mining assets
Total
Cost
Balance at 1 January
271
2,902
11,161
706
753
304
193
16,290
Addition at cost1
3
47
321
97
547
1
23
1,039
Derecognition
(1)
(15)
(124)
(223)
(3)
-
-
(367)
Transfers to asset held for sale
-
12
3
-
-
-
-
15
Other transfers2
(2)
87
228
87
(447)
-
15
(32)
Foreign currency translation
(34)
(264)
(714)
(56)
(66)
(2)
(12)
(1,148)
Balance at 31 December
237
2,768
10,876
613
785
303
218
15,799
Depreciation and impairment
Balance at 1 January
(36)
(1,302)
(7,078)
(448)
(34)
(102)
(58)
(9,058)
Depreciation
-
(118)
(551)
(126)
-
(15)
(13)
(823)
Impairment loss3
-
(19)
(36)
(17)
(8)
-
-
(81)
Reversed impairment
-
-
1
-
1
-
-
2
Derecognition
-
11
109
223
-
-
-
343
Transfers to asset held for sale
-
7
4
-
-
-
-
11
Foreign currency translation
2
114
466
35
5
-
4
623
Balance at 31 December
(34)
(1,308)
(7,085)
(335)
(36)
(116)
(67)
(8,983)
Carrying value
Balance at 1 January
235
1,598
4,082
258
719
203
137
7,232
Balance at 31 December
203
1,460
3,791
278
748
187
151
6,817
Useful life in years
Indefinite
10-60
2-40
2-5
20
5-25
Depreciation rate
2-6%
3-50%
15-50%
5%
5-20%
1 The amount in \u201cBuildings\u201d includes USD 17 million increase to decommissioning assets, mainly due to decrease in expected inflation rate.
2 Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
3 See note 4.7 Impairment of non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "Property, plant and equipment
Expenses related to periodic maintenance of plants (\u201cturnarounds\u201d) and recurring investments to extend the current plant performance for a longer period of time, are recognized as assets and depreciated on a systematic basis until the next periodic maintenance if cycle is more than one year on average. Major replacements and renewals are capitalized and depreciated separately based on their specific useful lives. Replaced assets are derecognized. Most of the remaining repair and maintenance costs are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "Property, plant and equipment
Yara incurs costs related extraction of mineral resources in the Group\u2019s existing mines which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "Property, plant and equipmentIf a legal or constructive obligation to decommission PP&E exists, the carrying value of the assets is increased by the discounted value of such obligationsProvisions and contingencies
Accounting policies
A provision is a liability of uncertain timing and amount. Yara recognizes a provision when the Group has a present obligation (legal or constructive) following a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows.
Environmental provisions refer to environmental remediation and clean-up activities. An environmental provision is based on currently enacted environmental laws and upon existing technology. However, new laws and regulations are included as part of the assessments when it is virtually certain that these will be enacted and require corrective action. Yara\u2019s future cost for environmental remediation and clean-up activities depends on a number of uncertain factors. Due to this uncertain nature, they could be revised in the near term. See also note 1.3 Environmental impacts and dependencies.
Decommissioning refers to the process of dismantling and removing equipment and site restoration when a site is closed down. A liability is recognized as soon as a decommissioning obligation arises. The obligation can be legal or constructive and is accounted for based on a best estimate discounted to the present value. The discounted provision is progressively unwound, with the unwinding charge presented as a finance cost. The unwinding charge takes the provision from its current net present value to its future end value. If an obligation exists to decommission PP&E, the carrying value of the assets is increased with the discounted value of the obligation. This is also the case if an obligation arises during construction or due to new legal requirements. The decommissioning asset is depreciated over the useful life of the asset. If an obligation arises as a result of day-to-day operations where the asset has been used to produce inventory, the cost is expensed as incurred. Decommissioning provisions are updated when new information becomes available.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "Property, plant and equipmentAn impairment is recognized if an asset\u2019s carrying value is higher than the recoverable amount. PP&E is tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. See note 4.7 Impairment of non-current assets
4.6
Other non-current assets
Accounting policies
Other long-term receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective interest method.
On other receivables, loans and deposits, Yara records 12-month expected credit losses if there has not been any significant increase in credit risk since initial recognition (the general approach). If there has been a significant increase in credit risk, lifetime expected credit losses are recorded. The 12-month expected credit losses reflect losses from default events that are possible within the next 12 months. They are calculated as the probability of default based on the credit rating of different counterparts multiplied with the loss given default based on listed corporate bonds that are considered relevant. If a significant increase in credit risk since initial recognition is identified, a lifetime expected credit loss for the specific receivable, loan or deposit will be recognized based on an individual assessment. The credit risk has normally increased significantly when a receivable is defaulted.
A receivable is considered to be in default when it is overdue, and enforcement activities have started. If there is a reasonable expectation that enforcement activities will not lead to recovery, the receivable is credit impaired. The receivable is written off when enforcement activities lead to objective evidence of the receivable being irrecoverable.
Yara\u2019s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due to materiality.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "Property, plant and equipment
Capitalization of investments as self-constructed PP&E starts when defined decision gates are met. These investments are then categorized as assets under construction until they are ready for use as intended by management. Once they are ready for use, they are transferred to the applicable classes of PP&E, and depreciation starts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "Property, plant and equipment
Accounting policies
Depreciation of an asset begins when it is available for use. An asset is available for use when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management. Decommissioning obligations and borrowing costs added to the carrying amount of PP&E are depreciated over the useful life of the respective PP&E.
PP&E is depreciated on a straight-line basis over the expected useful life. Individual parts of PP&E with different useful lives are accounted for and depreciated separately. Expected useful lives and residual values are, unless immaterial, re-assessed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "Property, plant and equipment
Accounting policies
Yara incurs costs related extraction of mineral resources in the Group\u2019s existing mines which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "Property, plant and equipmentYara incurs costs related extraction of mineral resources in the Group\u2019s existing mines which mainly refer to removal of mine waste materials (\u201cstripping costs\u201d) in the production phase. These costs are capitalized as a component of existing tangible mine assets when the activity gives improved access to ore. Stripping activity assets are depreciated on a straight-line basis over the useful lives of the underlying mining assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
4.2
Intangible assets
Accounting policies
Intangible assets with finite useful lives that are acquired separately are carried at cost, less accumulated amortization and impairment losses. Amortization is applied on a straight-line basis over the estimated useful life, which, along with the amortization method, is reviewed at each reporting period and adjusted prospectively if needed. Intangible assets with indefinite useful lives are carried at cost, less impairment losses.
Goodwill is initially recognized at cost, representing the excess of the purchase consideration, non-controlling interest, and any previously held equity over the net identifiable assets acquired. If the consideration is less than the fair value of net assets, the difference is recognized in profit or loss. Goodwill is not amortized but instead tested annually for impairment and allocated to CGUs expected to benefit from the acquisition. Intangible assets other than goodwill are tested for impairment when events indicate possible non-recoverability. See note 4.7 for impairment details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
4.2
Intangible assets
Accounting policies
Expenditures on research activities are expensed in the period in which they are incurred. An internally generated intangible asset arising from development is recognized if, and only if, all of the relevant criteria in IAS 38 Intangible assets have been demonstrated.
Where no internally generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they are incurred. See note 4.9 Government grants for information on recognition of government grants linked to such development expenditures.
Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. They are normally not subject to recognition of configuration or customization costs as intangible assets because Yara does not control the software being configured. Related configuration or customization activities are normally expensed. Licensed software hosted on-premise or in third-party data centers, as well as software acquired in a business combination and internally developed software, are recognized as intangible assets if they meet certain defined criteria.
Yara receives free EU Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and free tradable certificate instruments for energy savings (white certificates) under an additional, separate scheme in Italy. For more information, see note 4.9 Government grants.
4.9
Government grants
Accounting policies
Government grants are recognized in the financial statements when Yara has reasonable assurance that the Group will comply with conditions attached to them and the grants will be received. Any portion of government grants received not yet earned is deferred as a liability until the associated activity is expected to be performed or expenses recognized. Any portion earned but not yet received is recognized as a receivable.
White certificates relate to the sale of tradable certificate instruments granted in Italy for energy savings achieved. They are recognized as intangible assets at cost (nominal value zero). If sold Yara recognizes a gain equal to the selling price.
Government granted CO2 emission allowances under EU ETS are recognized as intangible assets at cost (nominal value zero). If actual emissions exceed the number of allocated allowances, additional allowances are purchased, and the cost is included as part of the production cost of inventory. Any sale of excess emission rights is recognized at the time of the sale at the transaction price.
Compensation for energy tax comprises both refund schemes (actual cash flows) and exemption schemes (no cash flows). Energy tax and excise duty refunds are recognized as a reduction to the related expense in profit and loss.
Government grants that compensate Yara for the cost of investing in assets are deducted from the carrying value of the asset and are recognized in the statement of income on a systematic basis over the useful life of the asset as a reduction of depreciation expense. If the government grant refers to assets under construction, it is recognized as a reduction of depreciation expense once the asset is ready for use as intended by management and depreciation starts. Investment grants are included in Investing activities in the statement of cash flows.
If a government grant refers to research and development which do not meet the criteria for capitalization, or it refers to self-constructed PP&E which do not meet Yara\u2019s internal decision gates for capitalization, the government grant is recognized in the statement of income as reduction of the costs for which the grant is intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
4.2
Intangible assets
2025
USD million, except percentages
Goodwill
Software
Other intangibles\u00b9
Total
Cost
Balance at 1 January
724
189
381
1,293
Addition at cost
-
3
8
11
Derecognition
-
(4)
(7)
(11)
Other transfers
-
4
(4)
-
Foreign currency translation
36
23
23
82
Balance at 31 December
759
215
401
1,375
Amortization and impairment
Balance at 1 January
(12)
(151)
(296)
(459)
Amortization
-
(15)
(9)
(24)
Impairment loss2
-
(3)
(6)
(9)
Derecognition
-
3
2
5
Foreign currency translation
(1)
(19)
(17)
(37)
Balance at 31 December
(13)
(186)
(325)
(524)
Carrying value
Balance at 1 January
712
38
85
835
Balance at 31 December
746
30
76
851
Useful life in years
Indefinite
3-5
5-40
Amortization rate
20-35%
3-35%
\u00b9 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
\u00b2 For further information, see note 4.7 Impairment of non-current assets.
2024
USD million, except percentages
Goodwill
Software
Other intangibles\u00b9
Total
Cost
Balance at 1 January
785
198
397
1,380
Addition at cost
-
4
18
22
Derecognition
(18)
(5)
(5)
(28)
Acquisition new companies
1
-
7
8
Transfer to asset held for sale
(4)
-
-
(4)
Other transfers
-
15
(12)
3
Foreign currency translation
(41)
(23)
(24)
(88)
Balance at 31 December
724
189
381
1,293
Amortization and impairment
Balance at 1 January
(25)
(155)
(305)
(485)
Amortization
-
(16)
(11)
(27)
Impairment loss2
(3)
-
-
(3)
Derecognition
12
1
4
17
Transfer to asset held for sale
2
-
-
2
Foreign currency translation
1
18
17
36
Balance at 31 December
(12)
(151)
(296)
(459)
Carrying value
Balance at 1 January
760
43
92
896
Balance at 31 December
712
38
85
835
Useful life in years
Indefinite
3-5
5-40
Amortization rate
20-35%
3-35%
\u00b9 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
\u00b2 For further information, see note 4.7 Impairment of non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "Intangible assets
Expenditures on research and development activities
Expenditures on research and development activities are expensed in the period of the amount of USD 98 million (USD 104 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "Intangible assetsYara receives free EU Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and free tradable certificate instruments for energy savings (white certificates) under an additional, separate scheme in Italy. For more information, see note 4.9 Government grants", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "Intangible assets
2025
USD million, except percentages
Goodwill
Software
Other intangibles\u00b9
Total
Cost
Balance at 1 January
724
189
381
1,293
Addition at cost
-
3
8
11
Derecognition
-
(4)
(7)
(11)
Other transfers
-
4
(4)
-
Foreign currency translation
36
23
23
82
Balance at 31 December
759
215
401
1,375
Amortization and impairment
Balance at 1 January
(12)
(151)
(296)
(459)
Amortization
-
(15)
(9)
(24)
Impairment loss2
-
(3)
(6)
(9)
Derecognition
-
3
2
5
Foreign currency translation
(1)
(19)
(17)
(37)
Balance at 31 December
(13)
(186)
(325)
(524)
Carrying value
Balance at 1 January
712
38
85
835
Balance at 31 December
746
30
76
851
Useful life in years
Indefinite
3-5
5-40
Amortization rate
20-35%
3-35%
\u00b9 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
\u00b2 For further information, see note 4.7 Impairment of non-current assets.
2024
USD million, except percentages
Goodwill
Software
Other intangibles\u00b9
Total
Cost
Balance at 1 January
785
198
397
1,380
Addition at cost
-
4
18
22
Derecognition
(18)
(5)
(5)
(28)
Acquisition new companies
1
-
7
8
Transfer to asset held for sale
(4)
-
-
(4)
Other transfers
-
15
(12)
3
Foreign currency translation
(41)
(23)
(24)
(88)
Balance at 31 December
724
189
381
1,293
Amortization and impairment
Balance at 1 January
(25)
(155)
(305)
(485)
Amortization
-
(16)
(11)
(27)
Impairment loss2
(3)
-
-
(3)
Derecognition
12
1
4
17
Transfer to asset held for sale
2
-
-
2
Foreign currency translation
1
18
17
36
Balance at 31 December
(12)
(151)
(296)
(459)
Carrying value
Balance at 1 January
760
43
92
896
Balance at 31 December
712
38
85
835
Useful life in years
Indefinite
3-5
5-40
Amortization rate
20-35%
3-35%
\u00b9 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
\u00b2 For further information, see note 4.7 Impairment of non-current assets.
Expenditures on research and development activities
Expenditures on research and development activities are expensed in the period of the amount of USD 98 million (USD 104 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
Expenditures on research activities are expensed in the period in which they are incurred. An internally generated intangible asset arising from development is recognized if, and only if, all of the relevant criteria in IAS 38 Intangible assets have been demonstrated.
Where no internally generated intangible asset can be recognized, development expenditures are recognized in profit or loss in the period in which they are incurred. See note 4.9 Government grants for information on recognition of government grants linked to such development expenditures.
Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. They are normally not subject to recognition of configuration or customization costs as intangible assets because Yara does not control the software being configured. Related configuration or customization activities are normally expensed. Licensed software hosted on-premise or in third-party data centers, as well as software acquired in a business combination and internally developed software, are recognized as intangible assets if they meet certain defined criteria.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "
2025
USD million, except percentages
Goodwill
Software
Other intangibles\u00b9
Total
Cost
Balance at 1 January
724
189
381
1,293
Addition at cost
-
3
8
11
Derecognition
-
(4)
(7)
(11)
Other transfers
-
4
(4)
-
Foreign currency translation
36
23
23
82
Balance at 31 December
759
215
401
1,375
Amortization and impairment
Balance at 1 January
(12)
(151)
(296)
(459)
Amortization
-
(15)
(9)
(24)
Impairment loss2
-
(3)
(6)
(9)
Derecognition
-
3
2
5
Foreign currency translation
(1)
(19)
(17)
(37)
Balance at 31 December
(13)
(186)
(325)
(524)
Carrying value
Balance at 1 January
712
38
85
835
Balance at 31 December
746
30
76
851
Useful life in years
Indefinite
3-5
5-40
Amortization rate
20-35%
3-35%
\u00b9 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
\u00b2 For further information, see note 4.7 Impairment of non-current assets.
2024
USD million, except percentages
Goodwill
Software
Other intangibles\u00b9
Total
Cost
Balance at 1 January
785
198
397
1,380
Addition at cost
-
4
18
22
Derecognition
(18)
(5)
(5)
(28)
Acquisition new companies
1
-
7
8
Transfer to asset held for sale
(4)
-
-
(4)
Other transfers
-
15
(12)
3
Foreign currency translation
(41)
(23)
(24)
(88)
Balance at 31 December
724
189
381
1,293
Amortization and impairment
Balance at 1 January
(25)
(155)
(305)
(485)
Amortization
-
(16)
(11)
(27)
Impairment loss2
(3)
-
-
(3)
Derecognition
12
1
4
17
Transfer to asset held for sale
2
-
-
2
Foreign currency translation
1
18
17
36
Balance at 31 December
(12)
(151)
(296)
(459)
Carrying value
Balance at 1 January
760
43
92
896
Balance at 31 December
712
38
85
835
Useful life in years
Indefinite
3-5
5-40
Amortization rate
20-35%
3-35%
\u00b9 Other intangibles comprises mainly customer relationships, patents and trademarks, and intangible assets arising from development.
\u00b2 For further information, see note 4.7 Impairment of non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
4.3
Associates and joint ventures
Overview
Yara holds several smaller investments classified as associates and joint ventures. These investments primarily comprise interests in sales & marketing entities within the Americas and Industrial Solutions operating segments.
Accounting policies
Associates are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights.
A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. The classification depends upon the rights and obligations of the parties to the arrangement. In a joint operation the parties have rights to the assets, and obligations for the liabilities of the arrangement (see note 4.4 Joint operations for further details). In a joint venture the parties have rights to the net assets of the arrangement.
The share of results, assets and liabilities of associates and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Investments in equity-accounted investees are tested for impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees are changed to ensure consistency with the accounting policies adopted by the Yara Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "
4.3
Associates and joint ventures
Overview
Yara holds several smaller investments classified as associates and joint ventures. These investments primarily comprise interests in sales & marketing entities within the Americas and Industrial Solutions operating segments.
Accounting policies
Associates are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights.
A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. The classification depends upon the rights and obligations of the parties to the arrangement. In a joint operation the parties have rights to the assets, and obligations for the liabilities of the arrangement (see note 4.4 Joint operations for further details). In a joint venture the parties have rights to the net assets of the arrangement.
The share of results, assets and liabilities of associates and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Investments in equity-accounted investees are tested for impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees are changed to ensure consistency with the accounting policies adopted by the Yara Group.
4.4
Joint operations
Accounting policies
With reference to joint arrangements, as detailed in note 4.3 Associates and joint ventures, the parties in a joint operation have rights to the assets, and obligations for the liabilities, of the arrangement. The Group recognizes in relation to its interests in a joint operation:
\u25cf
Its assets, including its share of assets held jointly;
\u25cf
Its liabilities, including its share of any liabilities incurred jointly;
\u25cf
Its revenue from the sale of its share of the output arising from the joint operation;
\u25cf
Its share of the revenue from the sale of the output by the joint operation and;
\u25cf
Its expenses, including its share of any expenses incurred jointly.
The Group accounts for these assets, liabilities, revenues and expenses in accordance with the applicable IFRS Accounting Standards.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
4.3
Associates and joint ventures
Overview
Yara holds several smaller investments classified as associates and joint ventures. These investments primarily comprise interests in sales & marketing entities within the Americas and Industrial Solutions operating segments.
Accounting policies
Associates are investments in companies where the Group has significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence normally exists when the Group holds directly or indirectly between 20 percent and 50 percent of voting rights.
A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. The classification depends upon the rights and obligations of the parties to the arrangement. In a joint operation the parties have rights to the assets, and obligations for the liabilities of the arrangement (see note 4.4 Joint operations for further details). In a joint venture the parties have rights to the net assets of the arrangement.
The share of results, assets and liabilities of associates and joint ventures are incorporated into the consolidated financial statements using the equity method of accounting. Investments in equity-accounted investees are tested for impairment if indications of loss in value are identified. Where necessary, accounting policies of equity-accounted investees are changed to ensure consistency with the accounting policies adopted by the Yara Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "
4.3
Associates and joint ventures
Overview
Yara holds several smaller investments classified as associates and joint ventures. These investments primarily comprise interests in sales & marketing entities within the Americas and Industrial Solutions operating segments.
USD millions
2025
2024
Associates
Balance at 1 January
50
69
Net movements in investments and long-term loans to associates
-
(17)
Yara's share of net income/(loss)
9
8
Dividends/repayment of capital
(5)
(6)
Foreign currency translation
6
(4)
Balance at 31 December
60
50
Joint ventures
Balance at 1 January
89
84
Net movements in investments and long-term loans to associates
(2)
6
Yara's share of net income/(loss)
8
11
Dividends/repayment of capital
(4)
(4)
Foreign currency translation
8
(8)
Balance at 31 December
98
89
Associates and joint ventures
Balance at 1 January
138
152
Net movements in investments and long-term loans to associates
(2)
(11)
Yara's share of net income/(loss)
17
19
Dividends/repayment of capital
(9)
(10)
Foreign currency translation
14
(12)
Balance at 31 December
158
138
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
4.3
Associates and joint ventures
USD millions
2025
2024
Associates
Balance at 1 January
50
69
Net movements in investments and long-term loans to associates
-
(17)
Yara's share of net income/(loss)
9
8
Dividends/repayment of capital
(5)
(6)
Foreign currency translation
6
(4)
Balance at 31 December
60
50
Joint ventures
Balance at 1 January
89
84
Net movements in investments and long-term loans to associates
(2)
6
Yara's share of net income/(loss)
8
11
Dividends/repayment of capital
(4)
(4)
Foreign currency translation
8
(8)
Balance at 31 December
98
89
Associates and joint ventures
Balance at 1 January
138
152
Net movements in investments and long-term loans to associates
(2)
(11)
Yara's share of net income/(loss)
17
19
Dividends/repayment of capital
(9)
(10)
Foreign currency translation
14
(12)
Balance at 31 December
158
138
Sales from investees to Yara were USD 21 million (2024: USD 17 million). At 31 December 2025, Yara had net current receivables towards investees of USD 3 million (2024: USD 4 million).
4.4
Joint operations
Accounting policies
With reference to joint arrangements, as detailed in note 4.3 Associates and joint ventures, the parties in a joint operation have rights to the assets, and obligations for the liabilities, of the arrangement. The Group recognizes in relation to its interests in a joint operation:
\u25cf
Its assets, including its share of assets held jointly;
\u25cf
Its liabilities, including its share of any liabilities incurred jointly;
\u25cf
Its revenue from the sale of its share of the output arising from the joint operation;
\u25cf
Its share of the revenue from the sale of the output by the joint operation and;
\u25cf
Its expenses, including its share of any expenses incurred jointly.
The Group accounts for these assets, liabilities, revenues and expenses in accordance with the applicable IFRS Accounting Standards.
Yara has three investments that are classified as joint operations:
Yara Pilbara Nitrates Pty Ltd.
Yara Pilbara Nitrates owns a technical ammonium nitrate (TAN) plant next to Yara\u2019s ammonia plant in the Pilbara region of Australia. The plant has an annual production capacity of about 300.000 metric tonnes of TAN and primarily supplies the mining operations in the region. The company is owned 50 percent by Yara and 50 percent by Orica.
Trinidad Nitrogen Co. Ltd. (Tringen)
Tringen owns an ammonia complex consisting of two separate ammonia plants which are managed and operated by Yara under a management and operating agreement. In addition, Yara provides marketing support through sales agency agreements. The two plants have an annual production capacity of about 1 million metric tonnes of ammonia which is mainly exported to other markets. Yara has a 49 percent ownership stake in Tringen, while the remaining 51 percent of Tringen is owned by National Enterprises Limited, which is a publicly listed company, in which the Government of the Republic of Trinidad and Tobago has majority shareholding.
Yara Freeport LLC DBA Texas Ammonia
The entity owns an ammonia plant located at BASF\u2019s site in Freeport, Texas, US. BASF manages and operates the plant. The plant has an annual production capacity of about 1 million metric tonnes of ammonia and each party off-takes ammonia from the plant in accordance with their ownership share. The company is owned 68 percent by Yara and 32 percent by BASF.
The following table shows the effect of consolidating joint operations on Yara\u2019s financial statements. The table is based on unaudited financial information of Yara\u2019s financial information of Yara\u2019s joint operations based on their IFRS statements.
Statement of financial position
31 December 2025
USD millions (unaudited)
Yara Pilbara Nitrates
Tringen
Yara Freeport
Yara's share of consolidated Joint operations
Assets
Total non-current assets
352
72
208
632
Total current assets
57
95
40
193
Total assets
409
167
248
825
Total equity
263
125
227
615
Liabilities
Total non-current liabilities
139
15
5
160
Total current liabilities
8
27
16
50
Total equity and liabilities
409
167
248
825
31 December 2024
USD millions (unaudited)
Yara Pilbara Nitrates
Tringen
Yara Freeport
Yara's share of consolidated Joint operations
Assets
Total non-current assets
375
67
226
668
Total current assets
42
94
40
175
Total assets
417
161
266
843
Total equity
255
125
244
624
Liabilities
Total non-current liabilities
157
14
6
177
Total current liabilities
5
22
16
43
Total equity and liabilities
417
161
266
843
Statement of income
2025
USD millions (unaudited)
Yara Pilbara Nitrates
Tringen
Yara Freeport
Yara's share of consolidated Joint operations
Revenue and other income
83
177
177
437
Operating costs and expenses
(66)
(168)
(166)
(399)
Operating income/(loss)
17
9
11
37
Income/(loss) before tax
11
10
12
33
Income tax expense
(3)
(4)
-
(7)
Net income/(loss)
8
6
12
26
2024
USD millions (unaudited)
Yara Pilbara Nitrates
Tringen
Yara Freeport
Yara's share of consolidated Joint operations
Revenue and other income
97
152
152
401
Operating costs and expenses
(68)
(146)
(141)
(355)
Operating income/(loss)
28
7
11
46
Income/(loss) before tax
23
10
12
45
Income tax expense
35
(4)
-
31
Net income/(loss)
58
6
12
76
7
Other disclosures
7.1
Related parties
The Norwegian State
At 31 December 2025, the Norwegian State owned 92,239,891 shares, representing 36.21 percent of the total number of shares issued. On the same date, The Government Pension Fund Norway owned 20,103,582 shares, representing 7.89 percent of the total number of shares issued.
Yara Pension fund
One of Yara International ASA\u2019s pension plans is arranged through Yara\u2019s pension fund in Norway \u201cYara Pensjonskasse\u201d. This plan has been closed for new members since July 2006, and there are currently no active members in the pension fund, only paid-up policies and pensioners. During 2025, Yara has contributed to the pension fund through deductions from premium fund and premium paid by the sponsoring companies Yara International ASA and Yara Norge AS.
Associates, Joint ventures and Joint Operations
Transactions with Associates, Joint ventures and Joint Operations are described in notes 4.3 and 4.4.
Board of Directors
Members of the Board of Directors are elected for two-year terms. Their rights and obligations as board members are solely and specifically provided for the company\u2019s articles of association and Norwegian law. The company has no significant contracts in which a Board Member has a material interest.
Executive Management
Executive Management remuneration is disclosed in the following table. The full \u201cYara Executive Remuneration Report 2025\u201d can be found at www.yara.com, Annual report section.
Executive Management remuneration and Board of Directors compensation
USD thousands
Compensation earned in 2025
Compensation earned in 2024
Salary and short-term incentive
(6,000)
(5,349)
Pension1
(587)
(512)
Benefits
(1,074)
(1,099)
Share-based remuneration2
(1,464)
(1,451)
Total Executive Management
(9,125)
(8,412)
Fee to Board of Directors
(734)
(627)
Total
(9,859)
(9,038)
1 Pension is excluded return on the savings balances in unfunded defined contribution (DC) pension plans.
2 See note 7.2 Share-based remuneration for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "
USD millions
2025
2024
Associates
Balance at 1 January
50
69
Net movements in investments and long-term loans to associates
-
(17)
Yara's share of net income/(loss)
9
8
Dividends/repayment of capital
(5)
(6)
Foreign currency translation
6
(4)
Balance at 31 December
60
50
Joint ventures
Balance at 1 January
89
84
Net movements in investments and long-term loans to associates
(2)
6
Yara's share of net income/(loss)
8
11
Dividends/repayment of capital
(4)
(4)
Foreign currency translation
8
(8)
Balance at 31 December
98
89
Associates and joint ventures
Balance at 1 January
138
152
Net movements in investments and long-term loans to associates
(2)
(11)
Yara's share of net income/(loss)
17
19
Dividends/repayment of capital
(9)
(10)
Foreign currency translation
14
(12)
Balance at 31 December
158
138
Sales from investees to Yara were USD 21 million (2024: USD 17 million). At 31 December 2025, Yara had net current receivables towards investees of USD 3 million (2024: USD 4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
4.5
Leases
Accounting policies
A lease is a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For each contract that meets this definition, Yara recognizes a right-of-use asset and a lease liability in the balance sheet, with certain exemptions for short-term and low-value leases. Lease payments are reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are depreciated over the shorter of the lease term and the assets\u2019 useful life. The portion of lease payments representing payments of lease liabilities is classified as cash flows used in financing activities in the consolidated statement of cash flows. Payments for short-term leases, low value assets and variable amounts not included in the measurement of the lease liability are classified within operating activities. Yara also classifies payment of interest within operating activities.
Yara takes advantage of the accounting policy choice in IFRS 16 to not apply the standard to leases of intangible assets. This means that leases of intangible assets are accounted for by applying IAS 38 Intangible assets.
Significant lease liabilities for the Group comprise leases of land, vessels, product storage assets (warehouses, terminals etc.), office buildings and other buildings. Other, less significant leases in Yara comprise of transportation and logistics assets, machinery and equipment, utilities supply, employee cars, IT infrastructure and office equipment. Yara has applied different accounting policies to different assets as follows:
\u25cf
Yara expenses services and other non-lease components embedded in lease contracts for land, vessels, product storage assets, utilities supply, IT infrastructure, office buildings and other buildings. For leases of other assets, Yara capitalizes non-lease components subject to fixed payments as part of the lease.
\u25cf
Yara expenses short-term leases of machinery, office equipment and other equipment in accordance with the general short-term exemption in IFRS 16.
\u25cf
Yara expenses low value leases in accordance with the general low value exemption in IFRS 16.
Lease terms are determined by including extension and termination options which are reasonably certain to be exercised. Significant judgment may be used when considering all relevant facts and circumstances that create an economic incentive for Yara to exercise such options.
Yara discounts the lease liability by using incremental borrowing rates. However, the interest rate implicit in the lease may be used for selected lease arrangements which are material on Group level and if the rate can be readily determined. The incremental borrowing rates are updated on a quarterly basis and are determined for all relevant currencies and lease terms taking into account the risk-free rate, Yara\u2019s credit risk premium, local unit risk premium above Yara country risk premium, and asset risk premium. Updated incremental borrowing rates are applied to new lease arrangements recognized during that quarter, as well as for modifications of existing leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
4.5
Leases
Right-of-use (ROU) assets
USD millions
Land
Vessels
Buildings
Product storage
Transportation & logistics
Other assets
Total
Carrying value
Balance ROU assets at 1 January 2024
117
35
82
75
49
61
418
Additions and lease modifications
6
60
29
83
36
55
269
Depreciation
(8)
(53)
(25)
(53)
(29)
(29)
(198)
Foreign currency translation gain/(loss)
(5)
-
(7)
(4)
(5)
(5)
(26)
Balance at 31 December 2024
110
41
79
101
52
83
464
Additions and lease modifications
4
39
47
99
28
28
245
Other transfers
2
-
-
-
-
-
2
Depreciation
(9)
(50)
(25)
(61)
(28)
(30)
(203)
Impairment loss
-
-
(1)
-
-
-
(1)
Foreign currency translation gain/(loss)
8
1
8
9
5
9
40
Balance at 31 December 2025
114
31
107
148
57
90
547
Lease liabilities
USD millions
Long term
Short term
Total
Carrying value
Balance lease obligations at 1 January 2024
306
123
429
Additions and lease modifications
257
-
257
Reclassification to short term
(212)
212
-
Lease payments
-
(187)
(187)
Foreign currency translation gain/(loss)
(21)
(10)
(31)
Balance at 31 December 2024
330
138
468
Additions and lease modifications
243
-
243
Reclassification to short term
(195)
195
-
Lease payments
-
(198)
(198)
Foreign currency translation gain/(loss)
35
10
45
Balance at 31 December 2025
413
145
558
Interest expense on lease liabilities in the period amounts to USD 26 million (2024: USD 25 million).
Leases not yet commenced to which Yara was committed as of 31 December 2025, amounted to a discounted value of USD 149 million (2024: USD 91 million). The commitment includes time-charter agreements for one ammonia-fueled and two dual-fueled medium gas carriers. The amount also includes an estimated commitment of USD 16 million (2024: USD 23 million) for a facility under construction, for which the fees payable will be variable but Yara will be committed to offtake the entire output of the facility.
There are no material restrictions or covenants imposed by leases.
Maturity analysis of contractual undiscounted cash flows
USD millions
2025
2024
1 Year
170
157
2 Years
102
92
3 Years
75
55
4 Years
55
38
5 Years
37
29
More than 5 years
322
267
Total undiscounted lease liabilities at 31 December
760
638
Leases expensed in the period
USD millions
2025
2024
Expenses relating to variable fee leases not included in the measurement of lease liabilities
26
22
Expenses relating to short-term leases
30
26
Expenses relating to leased assets of low value, excluding short-term leases
2
2
Total leases expensed
58
50
Cash outflows in the period
USD millions
2025
2024
Principal payments on recognized lease liabilities
198
187
Interest payments on recognized lease liabilities
26
24
Payments on leases expensed in the period
58
50
Total cash outflows for leases
281
261
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
4.6
Other non-current assets
USD millions
Notes
2025
2024
Financial assets
Equity instruments
6.3
76
83
Interest rate swaps designated as hedging instrument
6.3
11
-
Cross currency and interest rate swaps
6.3
17
1
Receivables and deposits
6.3
41
36
Expected credit loss on long-term loans and receivables
6.3
-
(1)
Balance at 31 December
145
119
Non-financial assets
Surplus on funded defined benefit plans
5.3
150
131
Prepayment for property, plant and equipment
42
60
Tax and VAT receivables1
155
150
Other non-financial assets
31
26
Balance at 31 December
377
366
1 At year-end 2025, Yara has recognized USD 61 million (2024: USD 51 million) of tax credits related to value added taxes in Brazil. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These accumulated credits can be used to offset other federal taxes in many circumstances, and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years. The current legislation results in accumulation of ICMS tax credits in a number of States.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-113": { "value": "Other non-current assets
USD millions
Notes
2025
2024
Financial assets
Equity instruments
6.3
76
83
Interest rate swaps designated as hedging instrument
6.3
11
-
Cross currency and interest rate swaps
6.3
17
1
Receivables and deposits
6.3
41
36
Expected credit loss on long-term loans and receivables
6.3
-
(1)
Balance at 31 December
145
119
Non-financial assets
Surplus on funded defined benefit plans
5.3
150
131
Prepayment for property, plant and equipment
42
60
Tax and VAT receivables1
155
150
Other non-financial assets
31
26
Balance at 31 December
377
366
1 At year-end 2025, Yara has recognized USD 61 million (2024: USD 51 million) of tax credits related to value added taxes in Brazil. There are a number of taxes by Federal, State and Municipal authorities and the legislation is subject to constant changes. The indirect taxes, such as value added taxes, are levied at Federal (PIS/COFINS) and State (ICMS) level. Yara accumulates credits over the acquisition of inputs and other costs (mainly bags, services and freight). These accumulated credits can be used to offset other federal taxes in many circumstances, and projections indicate these will be consumed in the operation and/or refunded by the tax authorities in the following years. The current legislation results in accumulation of ICMS tax credits in a number of States.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "
4.7
Impairment of non-current assets
Accounting policies
Cash-generating units (CGUs) or group of CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. Any impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU or group of CGUs, and then to the CGUs\u2019 or group of CGUs\u2019 other assets on a pro rata basis of the carrying amounts. An impairment loss recognized for goodwill is not reversed in a subsequent period.
Non-current assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable.
An impairment loss is recognized to the extent that the assets\u2019 carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate.
Previously recognized impairment losses, except for impaired goodwill, are reversed if the assumptions for impairment are no longer present. Impairment losses are only reversed to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation, if no impairment had been recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "Impairment of non-current assets
Recognized impairment loss
USD millions
2025
2024
Asset class
Goodwill
-
(3)
Other intangible assets
(9)
-
Property, plant and equipment
(45)
(80)
Right-of-use assets
(1)
-
Total impairment loss
(55)
(83)
Reversal of impairment of non-current assets
39
2
Net impairment loss
(16)
(82)
USD millions
2025
2024
Segment split
Europe
-
(7)
Americas
(7)
(35)
Africa & Asia
-
-
Global Production
(1)
(1)
Clean Ammonia
(6)
-
Industrial Solutions
(1)
(38)
Other and Eliminations
(1)
-
Net impairment loss
(16)
(82)
Impairment charges 2025
Following the decision to cease ammonia production and convert the Tertre production site in Belgium into a non-integrated facility based on imported ammonia for the manufacture of premium nitrate fertilizers and industrial nitrogen chemicals, asset-specific impairments of USD 35 million were recognized, mainly related to ammonia production assets. These impairments were fully offset by the reversal of impairments allocated to production assets that will remain in use at the site following the transformation. Key assumptions applied in the value-in-use impairment test of the Tertre site are disclosed in the section \u201cOther assets and CGUs with no allocated goodwill\u201d below.
Impairment charges 2024
The impairments mainly relate to individual production assets in Cubat\u00e3o, Brazil, where a reassessment of strategic priorities resulted in significantly reduced expected useful life. The factors triggering the impairments did not lead to additional impairments of cash-generating units to which the assets belong.
Impairment testing
The mandatory impairment testing of CGUs, group of CGUs with allocated goodwill or assets with indefinite useful life are carried out during third quarter each year. Yara has also performed testing of other CGUs or individual assets with various impairment indicators. The recoverable amounts for units with allocated goodwill have been determined based on \u201cvalue-in-use\u201d.
Main assumptions
Discount rate
Discount rates used in the calculation of value-in-use reflect the current market assessment of the risks specific to each cash-generating unit. The discount rates were estimated based on the weighted average cost of capital for the industry.
This rate was further adjusted to reflect the currency in which the CGU operates and market assessments of any risk specific to the CGU for which future estimates of cash flows have not been adjusted.
Currency rates and inflation
The value-in-use calculation is performed in the most relevant currency for the CGU. When converting foreign currency cash flows to the testing currency, Yara uses the forecasted annual average rates estimated by Information Handling Services (IHS) based on the \u201cpurchasing power parity\u201d (PPP) principle. The projections include long-term inflation (CPI) in which each CGU is located.
Assumptions relevant for production assets
The valuations of production assets are based on Yara\u2019s long-term commodity and energy price forecasts. Due to the cyclicality of the fertilizer industry, Yara includes cash flow projections for a period of up to ten years. Despite a relatively steady growth in market demand, history shows that there are also periods with oversupply. Yara\u2019s internal commodity forecasts reflect its assessment of the supply/demand balance in the short to medium term. After a period of maximum eight years, all the main commodity sales price assumptions reflect an annual nominal growth that does not exceed the relevant inflation rates. The main assumptions for the impairment testing of production assets are:
\u25cf
Fertilizer prices
The urea price is the most important assumption when testing nitrogen fertilizer plants for impairment, as urea is the global price setter for commodity nitrogen. In the short- and medium term the internal price considers developments in supply and demand, while for the long-term a full-cost logic is applied factoring in the cost of constructing new urea capacity in addition to operating costs. External market reports are used as one of many input factors, and these industry consultant projections currently show supply growth well below trend consumption growth, with a historically low number of new projects under construction indicating a tightening supply-demand balance in the coming years.
Yara\u2019s nitrate and NPK prices are estimated using urea as the base adding the estimated premiums on top of the commodity value of the nutrient. These premiums reflect an agronomic value-add of the products, and the estimated premiums for each plant are based on historically achieved premiums above the Yara average premium in main markets.
For both NPK and nitrates, internally developed forecasts are used since there are no active forward markets for these products. External market intelligence reports are used as one of many input factors. For Europe, the market dynamics following Carbon Border Adjustment Mechanism (CBAM) have been considered for regional fertilizer price assumptions.
With Europe being a net importer of fertilizer, it is expected that increased emission taxes will lead to higher prices of fertilizers in Europe than in regions with lower emission taxes. As higher fertilizer prices may lead to lower demand, a net negative impact on deliveries has been reflected in the cash flow forecasts.
\u25cf
Ammonia prices
For several of Yara\u2019s plants, the ammonia price is a key assumption for calculating the value-in-use. Some plants are net buyers of ammonia, in which case increased ammonia prices have a negative impact on earnings while other plants are net sellers of ammonia, and these plants will benefit from higher ammonia prices. Internally developed price forecasts are used since there is no active forward market for ammonia. External market intelligence reports are used as one of many input factors. In the short- and medium term the internal price considers developments in supply and demand, while for long-term prices a full-cost logic is applied, factoring in the cost of constructing new ammonia capacity in addition to operating costs.
\u25cf
Natural gas purchase prices
Natural gas is the most important cost factor for several of Yara\u2019s production plants. Yara maximizes the use of observable gas market input for the purpose of impairment testing. For European gas prices beyond the time-horizon where observable prices exist, a full-cost logic based on imported LNG (liquefied natural gas) from the US is applied. For certain regions, where no liquid market for natural gas exists, Yara prepares internal forecasts based on the expected supply/demand balance.
\u25cf
Production reliability
Production reliability is important for the plants\u2019 profitability as it impacts both the production volume and the energy consumption factor (energy per tonne produced). The reliability assumption is plant specific, taking into consideration the historical experienced reliability and implemented improvement initiatives.
\u25cf
Capital expenditures
Ammonia and finished fertilizer plants require significant maintenance investments. The estimated amounts reflect previous experience and plant specific knowledge. Estimated capital expenditures do not include capital expenditures that enhance the current performance. As future projects, like decarbonization initiatives and projects to enable flexible sourcing of ammonia, cannot be incorporated in impairment testing until they are committed, the value-in-use may not reflect the potential strategic value of production assets in a decarbonized future. Physical climate risks are considered when estimating future capex, in particular when setting the longer-term cash flow forecasts.
\u25cf
Carbon emission tax
Forecasted carbon emission tax is one of the key assumptions when testing Yara\u2019s plants that are producing ammonia, in particular in Europe where such taxes are expected to increase in the years to come. External market reports have been used as input factors when developing Yara\u2019s own forecast for the price of EU allowances (EUAs). The CBAM phase-in plan gradually ceases the free allocation of allowances over a nine-year period from 2026, with a slower rate the first years and accelerating rate
towards the end of the period. Gradual policy tightening is expected to increase the EUA price over time, in line with forecasts in external market reports. As described above, this is expected to lead to higher prices of fertilizers in Europe than in regions with lower emission taxes. Yara has also forecasted emission tax in Australia when testing its ammonia plant in Pilbara. Emission reduction projects are only considered when they are committed.
Assumptions relevant for sale units
Sales units within each regional segment market and distribute a complete range of crop nutrition products, technologies and knowledge. Industrial Solutions develops and market environmental solutions and essential products for industrial applications. These units are able to create value over and above the commodity value of the product. Management forecasts for market premiums are not exceeding five years with the first year derived from the CGU\u2019s business plan.
After a period of five years, Yara uses a steady growth rate that is not exceeding the growth for the products, industry or countries in which the CGUs operate. Although the risk and opportunity related to stricter fertilizer regulations to reduce emissions may be more balanced at Yara level, with Yara\u2019s focus on new products and services, it may have negative impact on single assets and cash-generating units. The cash flow forecasts, in particular the terminal growth rate assumption, are adjusted when considered necessary to reflect this risk.
Cash-generating units or group of cash-generating units with goodwill, including sensitivities:
The sensitivities presented in the table below show the change in each parameter that would result in the recoverable amount being equal to the carrying amount of the CGU, while keeping all other parameters unchanged. Sensitivities are not presented where the headroom is significant, with the recoverable amount being more than twice the carrying amount, as no reasonable changes in discount rate, annual cash flows or terminal growth rate are considered to trigger impairments. There are longer-term correlations between natural gas prices and ammonia and nitrogen fertilizer prices, because natural gas is the most important cost component for producing ammonia and nitrogen fertilizers. This correlation reduces the cash flow impact of price changes. A reduction to annual cash flows is therefore considered to be more relevant for sensitivity disclosure than isolated changes to price assumptions.
USD millions, except percentages
Belle Plaine
Europe segment
Pilbara Ammonia
Ammonia Sales and Logistics
Americas segment
Brazil
India
Other
CGUs
Total
Allocated goodwill, 2025
271
166
111
55
39
30
27
48
746
Allocated goodwill, 2024
259
152
111
55
39
27
28
42
712
Carrying amount 1, 2025
876
3,101
698
371
2,614
851
158
Headroom, 2025
>100%
29%
29%
>100%
>100%
33%
>100%
Assumptions:
Discount rate, pre-tax, 2025
7.9%
9.8%
8.4%
8.6%
9.4%
10.9%
11.1%
Discount rate, pre-tax, 2024
7.7%
9.9%
8.6%
8.2%
8.9%
11.7%
11.8%
Terminal growth rate (nominal), 2025
1.0%
0.5%
0.5%
0.0%
2.0%
2.0%
1.2%
Change leading to recoverable amount being the same as carrying amount, 2025
Increase in discount rate, pp\u00b2
3%
1%
2%
Reduction in annual cash flow
22%
18%
24%
Reduction in terminal growth rate, pp2
11%
3%
4%
1 Carrying amount includes goodwill, other non-current assets and working capital.
2 Percentage points.
Descriptions of main CGUs or group of CGUs with allocated goodwill
\u25cf
Belle Plaine (Americas)
The CGU comprises fertilizer production and sales and distribution activity in Canada. The production site has an ammonia plant, a nitric acid plant and a urea granulation plant, with an annual production capacity of 0.8 million tonnes ammonia, 0.1 million tonnes nitric acid, 1.1 million tonnes urea and 0.2 million tonnes UAN. Most of the ammonia and all of the nitric acid produced are used in the production of UAN and granular urea, but some of the ammonia is sold for agricultural purposes during peak ammonia seasons as well as industrial customers throughout the year.
\u25cf
Europe segment
The operating segment covers all operations including production, sales and distribution in the Europe region. More information about the segment is provided in note 2.3 Segment information.
\u25cf
Pilbara Ammonia (Global Production)
This CGU comprises an ammonia plant located in Western Australia with an annual production capacity of approximately 0.9 million tonnes.
\u25cf
Ammonia Sales and Logistics (Clean Ammonia)
The global ammonia sales and logistics unit sources and sells ammonia and provides logistical services to consuming plants in Yara and to third-party customers in the fertilizer and chemical industries.
\u25cf
Americas segment
The operating segment covers all operations such as production, sales and distribution in Americas region. More information about the segment is provided in note 2.3 Segment information.
\u25cf
Brazil (Americas)
This CGU is the business unit which covers several aspects of fertilizer production and distribution in Brazil, including production of Single Super Phosphate (SSP) as well as blending and distribution of fertilizers, delivering approximately 5.6 million tonnes of fertilizers and covering approximately 13 percent of the Brazilian market demand. The main production and blending asset in the CGU is the Rio Grande plant. Currently, the Rio Grande plant has an annual production capacity of 1.1 million tonnes of finished fertilizer (NPK and SSP depending on market demand), in addition to a blending capacity of approximately 2.2 million tonnes.
\u25cf
India (Africa & Asia)
The CGU comprises a urea plant with related urea distribution business and premium product sales. The plant produces 0.8 million tonnes ammonia and 1.3 million tonnes urea annually.
Other CGUs with allocated goodwill
Goodwill presented in the column \u201cOther CGUs\u201d comprise four CGUs that have also been tested for impairment. None of these are determined to be sensitive for impairment.
Other assets and CGUs with no allocated goodwill
Yara has performed testing of several CGUs with indication of impairment during 2025. Some of the CGUs that were tested presented low headroom between the recoverable amount, calculated based on value-in-use, and their carrying values. The main CGUs that are considered sensitive are described below:
\u25cf
Yara Tertre (Europe)
Yara\u2019s integrated production site in Tertre, Belgium, produces nitrates and nitric acid, based on imported ammonia. The majority of the nitric acid produced is used in the production of nitrates, which are sold to various European markets. The CGU has a carrying amount of USD 188 million. The key assumptions are the urea price, the natural gas cost and the discount rate (8 percent on pre-tax basis). An isolated reduction to the annual cash flow of 10 percent would trigger an additional impairment of USD 24 million. An isolated increase to the pre-tax discount rate of 1 percentage point would trigger an additional impairment of USD 34 million.
\u25cf
Other sensitive assets
Various production assets with a total carrying value of approximately USD 678 million presented a headroom lower than 10 percent when being tested for impairment. Key assumptions applied in these impairment models are local gas costs, global ammonia price and local margin assumptions, in addition to capex forecasts and discount rates. Discount rates are in the range of 10-17 percent on a pre-tax basis. An isolated reduction to cash flows of 10 percent would trigger an impairment of USD 29 million. An isolated increase to the pre-tax discount rates of 1 percentage point would trigger an impairment of USD 34 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "
4.8
Committed future investments
USD millions
2026
Thereafter
Total
Contract commitments for PP&E
400
38
438
Contract commitments for acquisition or own generated intangible assets
30
13
43
Total
430
51
481
The amounts included in the table above represent contract commitments for which external contracts are signed.
5.6
Take-or-pay and other long-term contractual supply commitments
Yara has entered into take-or-pay contracts requiring future payments for transportation and storage of CO2 from Yara\u2019s production facility in Sluiskil, the Netherlands, and for supply of renewable ammonia and renewable finished fertilizer goods. Take-or-pay commitments also include contracts for supply of natural gas and renewable electricity to some of its production facilities.
The non-cancellable future obligations at 31 December 2025
USD millions
2025
2024
1 Year
496
448
2 Years
366
273
3 Years
344
333
4 Years
294
309
5 Years
282
192
Thereafter
2,370
1,943
Total
4,152
3,500
Future take-or-pay obligations are included in the table above only if they are non-cancellable and the contractually agreed pricing is fixed or may otherwise deviate from observable market prices at the time of delivery.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-119": { "value": "Government grants
Accounting policies
Government grants are recognized in the financial statements when Yara has reasonable assurance that the Group will comply with conditions attached to them and the grants will be received. Any portion of government grants received not yet earned is deferred as a liability until the associated activity is expected to be performed or expenses recognized. Any portion earned but not yet received is recognized as a receivable.
White certificates relate to the sale of tradable certificate instruments granted in Italy for energy savings achieved. They are recognized as intangible assets at cost (nominal value zero). If sold Yara recognizes a gain equal to the selling price.
Government granted CO2 emission allowances under EU ETS are recognized as intangible assets at cost (nominal value zero). If actual emissions exceed the number of allocated allowances, additional allowances are purchased, and the cost is included as part of the production cost of inventory. Any sale of excess emission rights is recognized at the time of the sale at the transaction price.
Compensation for energy tax comprises both refund schemes (actual cash flows) and exemption schemes (no cash flows). Energy tax and excise duty refunds are recognized as a reduction to the related expense in profit and loss.
Government grants that compensate Yara for the cost of investing in assets are deducted from the carrying value of the asset and are recognized in the statement of income on a systematic basis over the useful life of the asset as a reduction of depreciation expense. If the government grant refers to assets under construction, it is recognized as a reduction of depreciation expense once the asset is ready for use as intended by management and depreciation starts. Investment grants are included in Investing activities in the statement of cash flows.
If a government grant refers to research and development which do not meet the criteria for capitalization, or it refers to self-constructed PP&E which do not meet Yara\u2019s internal decision gates for capitalization, the government grant is recognized in the statement of income as reduction of the costs for which the grant is intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-118": { "value": "Government grants
Overview
Yara receives a number of different government grants. As of year-end 2025, these mainly relate to tradable certificate instruments for energy savings (white certificates), CO2 emission allowances under European Union Emissions Trading Scheme (EU ETS), compensation for energy tax and excise duties, subsidies for investing in GHG emission reduction projects and other environmental related projects, as well as research and development.
Government grants recognized in the period
USD millions
2025
2024
Consolidated statement of income
Reduction to raw materials, energy costs and freight expenses1
124
101
Reduction to other operating expenses
1
1
Consolidated statement of financial position
Reduction to carrying amount of property, plant and equipment2
27
23
\u00b9 Includes compensation from refund schemes for energy taxes and other excise duties
\u00b2 Mainly related to grant for investments in carbon capture and storage at Yara's production site in Sluiskil, as well as another grant to support investments for reducing dust emissions from granular nitrates production at the same production site. 2024: Mainly related to grant for producing ammonia and fertilizers using renewable energy and hydrogen from water electrolysis
In 2025, Yara received USD 4 million (2024: USD 48 million) of government grants where conditions for recognition are not yet satisfied. These subsidies mainly relate to ongoing projects to reduce emissions, and the main unfulfilled condition is related to future CO2 capture. Remaining balance of total grants awarded but not yet received, amounts to USD 64 million (2024: USD 57 million).
European Union Emissions Trading Scheme (EU ETS)
Yara\u2019s European nitric acid and ammonia plants are part of the European Union Emissions Trading Scheme (EU ETS), a European market mechanism that gives CO2 a price and creates incentives to reduce emissions. EU ETS follows a \u201ccap-and-trade\u201d approach. This means that the EU sets a cap on GHG emissions each year, and companies need to hold an EU Allowance (EUA) for every tonne of CO2 they emit. Companies receive and/or buy these permits \u2013 and they can trade them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing plants. The allocation of free EUAs will gradually phase out from 2026 until 2034, while the Carbon Border Adjustment Mechanism (CBAM) will gradually introduce a financial levy on carbon emissions embodied in certain carbon-intensive goods imported into the EU, including ammonia and certain other fertilizer products. For more information, see Basis of preparation section Carbon Border Adjustment Mechanism (CBAM) and note 1.2 Climate risks and opportunities.
Yara has not engaged in external trading activities for EUAs in the periods presented. The free EUAs Yara receives have been used to settle the Group\u2019s liabilities arising from GHG emissions in Europe. Yara is currently in a net positive position. The balance reflects the number of EUAs on our accounts with the EU registry at this date. The net position additionally reflects EUAs expected to be surrendered in the following year due to emissions in the current year, as well as the expected receipt of EUAs which Yara was eligible to receive in the current year, but which was not yet received at the end of the year.
EU ETS quotas
Number of quotas (in millions)
2025
2024
Opening balance at 1 January
12.3
12.7
Settled emissions from last year
(7.3)
(7.4)
Allocation of free allowances, current year
6.3
7.0
Closing balance at 31 December
11.4
12.3
Expected to surrender next year for current year's emissions
(7.4)
(7.3)
Current year's allocation not yet received
1.2
1.0
Net position
5.2
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-117": { "value": "Government grants
Accounting policies
Government grants are recognized in the financial statements when Yara has reasonable assurance that the Group will comply with conditions attached to them and the grants will be received. Any portion of government grants received not yet earned is deferred as a liability until the associated activity is expected to be performed or expenses recognized. Any portion earned but not yet received is recognized as a receivable.
White certificates relate to the sale of tradable certificate instruments granted in Italy for energy savings achieved. They are recognized as intangible assets at cost (nominal value zero). If sold Yara recognizes a gain equal to the selling price.
Government granted CO2 emission allowances under EU ETS are recognized as intangible assets at cost (nominal value zero). If actual emissions exceed the number of allocated allowances, additional allowances are purchased, and the cost is included as part of the production cost of inventory. Any sale of excess emission rights is recognized at the time of the sale at the transaction price.
Compensation for energy tax comprises both refund schemes (actual cash flows) and exemption schemes (no cash flows). Energy tax and excise duty refunds are recognized as a reduction to the related expense in profit and loss.
Government grants that compensate Yara for the cost of investing in assets are deducted from the carrying value of the asset and are recognized in the statement of income on a systematic basis over the useful life of the asset as a reduction of depreciation expense. If the government grant refers to assets under construction, it is recognized as a reduction of depreciation expense once the asset is ready for use as intended by management and depreciation starts. Investment grants are included in Investing activities in the statement of cash flows.
If a government grant refers to research and development which do not meet the criteria for capitalization, or it refers to self-constructed PP&E which do not meet Yara\u2019s internal decision gates for capitalization, the government grant is recognized in the statement of income as reduction of the costs for which the grant is intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-120": { "value": "
5
Equity and liabilities
Shareholders\u2019 equity
Dividends
Yara\u2019s Board of Directors will propose a NOK 22 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for 12 May 2026. If authorized, a total dividend of NOK 5,604 million will be paid on 28 May 2026.
In 2025 Yara distributed total dividends of NOK 1,274 million (USD 127 million) to its shareholders (NOK 5 per share). The dividend was approved by the Annual General Meeting held on 28 May 2025. The dividend was paid out during second quarter 2025, except for NOK 70 million (USD 7 million) which was paid during the third quarter 2025.
Share buy-back program
On 28 May 2025 the Annual General Meeting also authorized the Board of Directors to acquire up to 12,736,281 shares in the open market and from the Norwegian State. Shares may be purchased within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently cancelled. Yara has renewed its agreement with the Norwegian State according to which the State\u2019s shares will be redeemed on a pro rata basis to ensure the State\u2019s ownership is unchanged in the event of a cancellation of shares bought back.
Total number of shares outstanding on 31 December 2025 is 254,725,627. Yara has not held any own shares throughout 2024 and 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
5.1
Shareholders\u2019 equity
Accounting policies
Yara recognizes a liability to pay a dividend when the dividend is approved by the shareholders in a General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-122": { "value": "
5.1
Shareholders\u2019 equity
Accounting policies
When own shares are repurchased, the amount of consideration paid, including directly attributable costs, is recognized as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from total equity. Gain/loss from a sale of own shares is recognized as a change in equity.
Yara has one class of shares, all with equal voting rights and equal rights to receive dividends.
Dividends
Yara\u2019s Board of Directors will propose a NOK 22 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for 12 May 2026. If authorized, a total dividend of NOK 5,604 million will be paid on 28 May 2026.
In 2025 Yara distributed total dividends of NOK 1,274 million (USD 127 million) to its shareholders (NOK 5 per share). The dividend was approved by the Annual General Meeting held on 28 May 2025. The dividend was paid out during second quarter 2025, except for NOK 70 million (USD 7 million) which was paid during the third quarter 2025.
Share buy-back program
On 28 May 2025 the Annual General Meeting also authorized the Board of Directors to acquire up to 12,736,281 shares in the open market and from the Norwegian State. Shares may be purchased within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently cancelled. Yara has renewed its agreement with the Norwegian State according to which the State\u2019s shares will be redeemed on a pro rata basis to ensure the State\u2019s ownership is unchanged in the event of a cancellation of shares bought back.
Total number of shares outstanding on 31 December 2025 is 254,725,627. Yara has not held any own shares throughout 2024 and 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "value": "
5.1
Shareholders\u2019 equity
Dividends
Yara\u2019s Board of Directors will propose a NOK 22 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for 12 May 2026. If authorized, a total dividend of NOK 5,604 million will be paid on 28 May 2026.
In 2025 Yara distributed total dividends of NOK 1,274 million (USD 127 million) to its shareholders (NOK 5 per share). The dividend was approved by the Annual General Meeting held on 28 May 2025. The dividend was paid out during second quarter 2025, except for NOK 70 million (USD 7 million) which was paid during the third quarter 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-125": { "value": "Shareholders\u2019 equity
Share buy-back program
On 28 May 2025 the Annual General Meeting also authorized the Board of Directors to acquire up to 12,736,281 shares in the open market and from the Norwegian State. Shares may be purchased within a price range from NOK 10 to NOK 1,000. The shares shall be subsequently cancelled. Yara has renewed its agreement with the Norwegian State according to which the State\u2019s shares will be redeemed on a pro rata basis to ensure the State\u2019s ownership is unchanged in the event of a cancellation of shares bought back.
Total number of shares outstanding on 31 December 2025 is 254,725,627. Yara has not held any own shares throughout 2024 and 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "value": "Shareholders\u2019 equity
When own shares are repurchased, the amount of consideration paid, including directly attributable costs, is recognized as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from total equity. Gain/loss from a sale of own shares is recognized as a change in equity.
Yara has one class of shares, all with equal voting rights and equal rights to receive dividends.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-126": { "value": "
When own shares are repurchased, the amount of consideration paid, including directly attributable costs, is recognized as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from total equity. Gain/loss from a sale of own shares is recognized as a change in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-127": { "value": "22.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-128": { "value": "5604000000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-129": { "value": "5.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-130": { "value": "
5.2
Interest-bearing debt
Specification, including terms and repayment schedule
31 December 2025
31 December 2024
USD millions, except percentages
Notes
Maturity
Weighted average interest rate1
Denominated amount
Carrying amount2
Denominated amount
Carrying amount2
Non-current interest-bearing debt
Floating interest rate bonds
NOK Bond (Coupon NIBOR + 0.64%)
2026
4.9%
114
114
102
102
NOK Bond (Coupon NIBOR + 0.97%)
2029
5.1%
114
114
102
102
Fixed interest rate bonds
USD Bond (Coupon 3.80%)
2026
3.9%
500
500
500
500
NOK Bond (Coupon 2.41%)
6.2, 6.3
2026
2.5%
99
97
88
84
NOK Bond (Coupon 2.90%)
6.2, 6.3
2027
2.9%
99
95
88
82
USD Bond (Coupon 4.75%)
2028
4.8%
1,000
999
1,000
999
NOK Bond (Coupon 4.82%)
6.2, 6.3
2029
4.9%
89
90
80
80
USD Bond (Coupon 3.15%)
2030
3.2%
750
748
750
749
USD Bond (Coupon 7.38%)
6.2, 6.3
2032
7.5%
600
607
600
585
NOK Bond (Coupon 5.04%)
6.2, 6.3
2034
5.1%
70
68
62
60
Total unsecured debenture bonds
3,436
3,433
3,372
3,342
Unsecured bank loans
2026
5.4%
27
27
73
73
Other non-current debt
2026-2031
3.7%
44
44
50
50
Total unsecured bank loans
and other loans
71
71
123
123
Total non-current interest-bearing debt including current portion
3,507
3,504
3,495
3,465
- of which current portion
(750)
(750)
(56)
(56)
Total non-current interest-bearing debt
2,757
2,754
3,439
3,409
Current interest-bearing debt
Current portion of bonds and bank loans
2026
750
750
56
56
Credit facilities
2026
5.5%
42
42
30
30
Overdraft facilities
2026
15.8%
40
40
23
23
Other current debt
2026
3.8%
42
42
62
62
Total current interest-bearing debt
873
873
171
170
Total interest-bearing debt
3,631
3,627
3,609
3,579
1 Weighted average interest rates calculated excluding effect of interest rate swap agreements.
2 The carrying amount includes issuance discount, capitalized issuance costs and effect of interest rate swaps.
As at 31 December 2025, the fair value of the non-current interest-bearing debt, including the current portion, is USD 3,523 million (2024: USD 3,413 million) while the carrying value is USD 3,504 million (2024: USD 3,465 million).
Yara builds its funding on a negative pledge structure with the basic funding ranking pari passu. Consequently, substantially all unsecured debenture bonds and unsecured bank loan agreements contain provisions restricting the pledging of assets to secure future borrowings.
Of the non-current debt at the end of 2025, USD 2,854 million in bond debt originates from Yara\u2019s June 2016, June 2018, June 2020, and November 2022 bond issues in the US market according to 144A/Regulation S. An additional USD 578 million originates from Yara's December 2017, November 2021, and June 2024 bond issues in the Norwegian market. The entire bond debt in the Norwegian market is converted to USD exposure through cross-currency swaps, see note 6.3 Financial instruments for further information on the Group\u2019s financial derivatives.
Of the fixed interest rate debenture bonds, NOK 3,600 million and USD 600 million are exposed to floating interest rates through interest rate swaps, see note 6.2 Hedge accounting.
Yara has a Green Financing Framework outlining the Group\u2019s approach and principles for issuing Green Financing Instruments. This framework can be found at www.yara.com, Investor section. The issuance of a USD 600 million bond in December 2022 and the NOK 2,750 million bonds in June 2024 were conducted under the framework.
Yara\u2019s additional long-term funding is based on bank loans. The loan facility established in 2018, partially supported by a guarantee from Export Finance Norway, has been reduced to USD 23 million through scheduled downpayments, with quarterly installments continuing until August 2026. An additional USD 5 million is borrowed in emerging markets.
Yara has two undrawn non-current credit facilities; a USD 150 million syndicated facility due in 2032 and a USD 1,400 million revolving credit facility due in 2030. In addition, Yara has access to current credit and overdraft facilities with various banks both centrally and in local markets. As at 31 December 2025, the unused frame of current facilities totals approximately USD 770 million.
Contractual payments on non-current interest-bearing debt
USD millions
Debentures1
Bank loans
Other
Total
2026
711
28
11
750
2027
95
-
13
108
2028
999
-
12
1,011
2029
205
-
5
210
2030
748
-
2
750
Thereafter
675
-
1
676
Total
3,433
28
44
3,504
1 Yara International ASA is responsible for the entire amount.
Reconciliation of liabilities arising from financing activities
USD millions
Interest-bearing debt
Lease liabilities
Other liabilities\u00b9
Total liabilities from financing activities
31 December 2024
3,579
468
26
4,074
Cash flows
(66)
(198)
-
(263)
Non-cash changes:
Additions and lease modifications
-
243
-
243
Foreign exchange movement
86
45
4
135
Amortization of transaction cost
1
-
-
1
Reclassification
-
-
(15)
(15)
Other2
27
-
-
27
31 December 2025
3,627
558
15
4,201
1 Other liabilities relate to unearned portion of government grants.
2 Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments.
USD millions
Interest-bearing debt
Lease liabilities
Other liabilities
Total liabilities from financing activities
31 December 2023
3801
429
1
4231
Cash flows
(119)
(187)
25\u00b9
(281)
Non-cash changes:
Additions and lease modifications
-
257
-
257
Foreign exchange movement
(80)
(31)
-
(110)
Amortization of transaction cost
1
-
-
1
Other2
(24)
-
-
(24)
31 December 2024
3579
468
26
4074
1 Cash received related to unearned portion of government grants.
2 Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments.

See note 4.5 Leases for reconciliation of liabilities arising from leasing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-131": { "value": "
5.2
Interest-bearing debt
Specification, including terms and repayment schedule
31 December 2025
31 December 2024
USD millions, except percentages
Notes
Maturity
Weighted average interest rate1
Denominated amount
Carrying amount2
Denominated amount
Carrying amount2
Non-current interest-bearing debt
Floating interest rate bonds
NOK Bond (Coupon NIBOR + 0.64%)
2026
4.9%
114
114
102
102
NOK Bond (Coupon NIBOR + 0.97%)
2029
5.1%
114
114
102
102
Fixed interest rate bonds
USD Bond (Coupon 3.80%)
2026
3.9%
500
500
500
500
NOK Bond (Coupon 2.41%)
6.2, 6.3
2026
2.5%
99
97
88
84
NOK Bond (Coupon 2.90%)
6.2, 6.3
2027
2.9%
99
95
88
82
USD Bond (Coupon 4.75%)
2028
4.8%
1,000
999
1,000
999
NOK Bond (Coupon 4.82%)
6.2, 6.3
2029
4.9%
89
90
80
80
USD Bond (Coupon 3.15%)
2030
3.2%
750
748
750
749
USD Bond (Coupon 7.38%)
6.2, 6.3
2032
7.5%
600
607
600
585
NOK Bond (Coupon 5.04%)
6.2, 6.3
2034
5.1%
70
68
62
60
Total unsecured debenture bonds
3,436
3,433
3,372
3,342
Unsecured bank loans
2026
5.4%
27
27
73
73
Other non-current debt
2026-2031
3.7%
44
44
50
50
Total unsecured bank loans
and other loans
71
71
123
123
Total non-current interest-bearing debt including current portion
3,507
3,504
3,495
3,465
- of which current portion
(750)
(750)
(56)
(56)
Total non-current interest-bearing debt
2,757
2,754
3,439
3,409
Current interest-bearing debt
Current portion of bonds and bank loans
2026
750
750
56
56
Credit facilities
2026
5.5%
42
42
30
30
Overdraft facilities
2026
15.8%
40
40
23
23
Other current debt
2026
3.8%
42
42
62
62
Total current interest-bearing debt
873
873
171
170
Total interest-bearing debt
3,631
3,627
3,609
3,579
1 Weighted average interest rates calculated excluding effect of interest rate swap agreements.
2 The carrying amount includes issuance discount, capitalized issuance costs and effect of interest rate swaps.
As at 31 December 2025, the fair value of the non-current interest-bearing debt, including the current portion, is USD 3,523 million (2024: USD 3,413 million) while the carrying value is USD 3,504 million (2024: USD 3,465 million).
Yara builds its funding on a negative pledge structure with the basic funding ranking pari passu. Consequently, substantially all unsecured debenture bonds and unsecured bank loan agreements contain provisions restricting the pledging of assets to secure future borrowings.
Of the non-current debt at the end of 2025, USD 2,854 million in bond debt originates from Yara\u2019s June 2016, June 2018, June 2020, and November 2022 bond issues in the US market according to 144A/Regulation S. An additional USD 578 million originates from Yara's December 2017, November 2021, and June 2024 bond issues in the Norwegian market. The entire bond debt in the Norwegian market is converted to USD exposure through cross-currency swaps, see note 6.3 Financial instruments for further information on the Group\u2019s financial derivatives.
Of the fixed interest rate debenture bonds, NOK 3,600 million and USD 600 million are exposed to floating interest rates through interest rate swaps, see note 6.2 Hedge accounting.
Yara has a Green Financing Framework outlining the Group\u2019s approach and principles for issuing Green Financing Instruments. This framework can be found at www.yara.com, Investor section. The issuance of a USD 600 million bond in December 2022 and the NOK 2,750 million bonds in June 2024 were conducted under the framework.
Yara\u2019s additional long-term funding is based on bank loans. The loan facility established in 2018, partially supported by a guarantee from Export Finance Norway, has been reduced to USD 23 million through scheduled downpayments, with quarterly installments continuing until August 2026. An additional USD 5 million is borrowed in emerging markets.
Yara has two undrawn non-current credit facilities; a USD 150 million syndicated facility due in 2032 and a USD 1,400 million revolving credit facility due in 2030. In addition, Yara has access to current credit and overdraft facilities with various banks both centrally and in local markets. As at 31 December 2025, the unused frame of current facilities totals approximately USD 770 million.
Contractual payments on non-current interest-bearing debt
USD millions
Debentures1
Bank loans
Other
Total
2026
711
28
11
750
2027
95
-
13
108
2028
999
-
12
1,011
2029
205
-
5
210
2030
748
-
2
750
Thereafter
675
-
1
676
Total
3,433
28
44
3,504
1 Yara International ASA is responsible for the entire amount.
Reconciliation of liabilities arising from financing activities
USD millions
Interest-bearing debt
Lease liabilities
Other liabilities\u00b9
Total liabilities from financing activities
31 December 2024
3,579
468
26
4,074
Cash flows
(66)
(198)
-
(263)
Non-cash changes:
Additions and lease modifications
-
243
-
243
Foreign exchange movement
86
45
4
135
Amortization of transaction cost
1
-
-
1
Reclassification
-
-
(15)
(15)
Other2
27
-
-
27
31 December 2025
3,627
558
15
4,201
1 Other liabilities relate to unearned portion of government grants.
2 Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments.
USD millions
Interest-bearing debt
Lease liabilities
Other liabilities
Total liabilities from financing activities
31 December 2023
3801
429
1
4231
Cash flows
(119)
(187)
25\u00b9
(281)
Non-cash changes:
Additions and lease modifications
-
257
-
257
Foreign exchange movement
(80)
(31)
-
(110)
Amortization of transaction cost
1
-
-
1
Other2
(24)
-
-
(24)
31 December 2024
3579
468
26
4074
1 Cash received related to unearned portion of government grants.
2 Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments.

See note 4.5 Leases for reconciliation of liabilities arising from leasing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-132": { "value": "
Accounting policies
Interest-bearing debt is initially recognized at fair value, less direct transaction costs, and subsequently measured at amortized cost using the effective interest method. For principles on fair value, see note 6.3 Financial Instruments.
6.2
Hedge accounting
Accounting policies
Derivative financial instruments may be used for hedging purposes when considered appropriate under the Group\u2019s risk management framework. The Group currently applies hedge accounting for certain financial instruments designated as fair value hedges or hedges of net investments in foreign operations.
For fair value hedges, changes in the fair value of the hedging instrument are recognized in the consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in fair value attributable to the hedged risk, with the corresponding adjustment also recognized in the consolidated statement of income.
For hedges of net investments in foreign operations, changes in the fair value of the hedging instrument are recognized in other comprehensive income. Any ineffective portion of the hedge is recognized immediately in the consolidated statement of income.
Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or when the hedge relationship no longer meets the qualifying criteria for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-133": { "value": "
Accounting policies
Interest-bearing debt is initially recognized at fair value, less direct transaction costs, and subsequently measured at amortized cost using the effective interest method. For principles on fair value, see note 6.3 Financial Instruments.
6.3
Financial instruments
Financial liabilities
See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases.
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently, they are measured at amortized cost using the effective interest method. The fair values of non-current interest-bearing debt and other non-current liabilities differ from their carrying amounts because most of the Group\u2019s USD debenture bonds bear fixed interest rates and are not subject to hedge accounting. For these USD debenture bonds with fixed interest rates and for other non-current financial liabilities, no active market exists and fair value is calculated based on the present value of future principal and interest cash flows. Cash flows are estimated by using available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-134": { "value": "
5.3
Pensions and other non-current employee benefit obligations
Overview
Yara provides retirement plans in accordance with local regulations and practices in the countries where it operates.
Defined benefit plans are generally based on years of service and average or final salary levels, offering retirement benefits in addition to what is provided by state pension plans. Most of the defined benefit plan obligations are funded through qualifying insurance policies or by pension funds. By definition, both investment risk and actuarial risk (i.e., the actual level of benefits to be paid in the future) are retained by Yara.
Defined contribution plans require Yara to make agreed contributions to a separate fund when employees have rendered services entitling them to the contributions. There is no legal or constructive obligation to pay further contributions.
Other long-term employee benefits include provisions for jubilee benefits.
Non-current employee benefit obligations recognized in the consolidated statement of financial position
USD millions
Notes
2025
2024
Defined benefit plans
(262)
(244)
Surplus on funded defined benefit plans
150
131
Net liability for defined benefit plans
(112)
(114)
Termination benefits
(4)
(5)
Other non-current employee benefits
(15)
(13)
Net non-current employee benefit obligations recognized in the consolidated statement of financial position
(132)
(132)
Of which classified as Other non-current non-financial assets
4.6
150
131
Of which classified as Non-current Employee benefit liabilities
(282)
(262)
Expenses for non-current employee benefit obligations recognized in the consolidated statement of income
USD millions
Notes
2025
2024
Defined benefit plans1
(24)
(128)
Defined contribution plans
(48)
(39)
Multi-employer plans
(9)
(10)
Other non-current employee benefits
(6)
(2)
Net expenses recognized in the consolidated statement of income
(87)
(179)
Of which classified as Payroll and related costs
2.5
(85)
(179)
Of which classified as Interest expense and other financial items
2.7
(2)
-
\u00b9 2024 includes a settlement loss of USD 99 million for Yara\u2019s Dutch pension plan.
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have obligations under a closed, funded defined benefit plan with no active members. Further pension obligations in Norway include certain unfunded pension arrangements as well as early retirement schemes.
Defined benefit obligations in Finland include the statutory TyEL pension scheme, as well as a voluntary defined benefit plan which is closed to new entrants. Both schemes are covered by pension funds.
Subsidiaries of Yara are also liable to retirement benefits in France, Germany, Belgium and Italy within the Eurozone.
Yara sponsors a funded defined benefit pension plan for qualifying UK employees. In December 2023 the trustees of the Yara UK Pension Fund signed a full scheme buy-in transaction. Following the buy-in transaction Yara has recognized a pension plan asset of USD 34 million net of tax, reflecting the value of residual assets remaining in the fund assuming gradual settlement of plan liabilities over time.
Other defined benefit plan obligations include employees of subsidiaries in Switzerland, Sweden, Trinidad and South Africa.
Most defined benefit plans include benefits in case of disability, death in service and death after retirement, which are included in the valuation of liabilities.
The provision for defined benefit plans also includes liabilities for medical plans in Great Britain, Trinidad, and South Africa with a total of USD 10 million (2024: USD 10 million).
Pension cost recognized in the consolidated statement of income
The assumptions used to value the defined benefit obligations at 31 December are used in the following year to determine the net pension cost. The discount rate is used to calculate the interest income from plan assets.
The following items have been recognized in the consolidated statement of income
USD millions
2025
2024
Current service cost
(19)
(27)
Contribution by employees
1
2
Administration cost
(3)
(3)
Past service cost
-
(1)
Settlement1
-
(99)
Curtailment
2
1
Other
-
1
Social security cost
(2)
(2)
Payroll and related costs
(21)
(128)
Interest expense on obligation
(45)
(59)
Interest income from plan assets
42
59
Net interest expense on the net obligation
(2)
-
Net pension cost recognized in the consolidated statement of income
(24)
(128)
\u00b9 A settlement loss of USD 99 million was incurred in 2024 following the completion of a buy-out transaction in which all benefit accruals of Yara's Dutch pension fund have been transferred to an insurance company.
Remeasurement gains/(losses) recognized in other comprehensive income
USD millions
2025
2024
Remeasurement gains/(losses) on obligation for defined benefit plans1
14
(11)
Remeasurement gains/(losses) on plan assets for defined benefit plans
4
32
(Increase)/decrease in recognized net liability due to asset ceiling limit
1
-
Net remeasurement gains/(losses) for defined benefit plans
18
21
Change in deferred tax related to remeasurement gains/(losses) for defined benefit plans2
(5)
(4)
Total remeasurement gains/(losses) recognized in other comprehensive income
13
17
\u00b9 Includes a remeasurement loss of USD 56 million incurred in 2024 due to conditions granted to the beneficiaries of Yara's Dutch defined benefit plan at the time of entering into a buy-out transaction.
\u00b2 Includes impact from change in tax percentage on remeasurement gains and losses recognized in prior years.
Remeasurement gains and losses include experience adjustments, reflecting the difference between estimated and actual changes in obligations and plan assets during the year, as well as the impact of change in demographic and financial assumptions when measuring the present value of pension liabilities at year-end with revised assumptions.
Actuarial valuations provided the following results
USD millions
2025
2024
Present value of fully or partially funded liabilities for defined benefit plans
(937)
(867)
Present value of unfunded liabilities for defined benefit plans
(215)
(194)
Present value of liabilities for defined benefit plans
(1,151)
(1,062)
Fair value of plan assets
1,068
975
Unrecognized asset due to asset ceiling limitation1
(11)
(12)
Social security tax liability on defined benefit plans
(17)
(15)
Net liability recognized for defined benefit plans
(112)
(114)
\u00b9 Following a buy-in transaction in 2023 Yara (UK) Ltd has recognized a surplus asset of USD 34 million. The remaining asset ceiling limitation reflects taxes to be withheld by the pension fund.
Defined benefit obligations and plan assets by origin
2025
2024
USD millions
Obligations
Assets
Obligations
Assets
Finland
(317)
323
(288)
285
Other Eurozone
(210)
118
(192)
104
Great Britain1
(233)
267
(226)
261
Norway2
(290)
257
(252)
225
Other
(119)
92
(118)
88
Total
(1,169)
1,057
(1,076)
963
\u00b9 Including asset ceiling adjustment
\u00b2 Including social security tax liability
Development of defined benefit obligations
USD millions
2025
2024
Defined benefit obligation at 1 January
(1,062)
(1,724)
Current service cost
(19)
(27)
Interest cost
(45)
(59)
Experience adjustments
(2)
(60)
Effect of changes in financial assumptions
17
47
Effect of changes in demographic assumptions
(1)
2
Past service cost
-
(1)
Settlement1
-
575
Curtailment
2
1
Benefits paid
70
94
Transfer of obligation (in)/out
(3)
(2)
Foreign currency translation on foreign plans
(109)
93
Defined benefit obligation at 31 December
(1,151)
(1,062)
\u00b9 A defined benefit obligation of USD 575 million for Yara\u2019s Dutch pension plan was derecognized following the completion of a buy-out transaction in 2024.
Development of plan assets
USD millions
2025
2024
Fair value of plan assets at 1 January
975
1,704
Interest income from plan assets
42
59
Administration cost on plan assets
(3)
(3)
Return on plan assets (excluding the calculated interest income)
4
32
Employer contributions
5
25
Employees' contributions
1
2
Benefits paid
(55)
(80)
Settlement1
-
(674)
Transfer of plan assets in/(out)
1
2
Foreign currency translation on foreign plans
99
(92)
Fair value of plan assets at 31 December
1,068
975
\u00b9 Pension plan assets of USD 674 million for Yara\u2019s Dutch pension plan was derecognized following the completion of a buy-out transaction in 2024.
Depending on local regulations, Yara may be required to ensure a certain funding level of the pension plans. In Norway, Yara may be required to increase the capital buffer of the pension fund.
The pension funds have the legal form of foundations, independently governed by their Board of Directors or Board of Trustees. It is the responsibility of the Board to determine the investment strategy, and to review the administration of plan assets and the funding level of the pension plans.
Yara\u2019s defined benefit plan obligations are inherently exposed to inflation risk, interest rate risk, disability risk and longevity risk. The investment strategies of the pension funds ensure diversification of investments in order to keep market volatility risk at a desired level. An exception is the pension fund of Yara in Finland, which has invested 21 percent of the fair value of plan assets into shares of non-listed Pohjolan Voima Oy, a company producing electricity and heat for its shareholders on an at cost-basis. The Boards of the pension funds are targeting a satisfactory level of risk and return corresponding to the maturity profile of future pension benefit payments.
At the end of the year, the plan assets were invested as follows
USD millions, except percentages
2025
2024
Cash and cash equivalents
92
9%
82
8%
Shares
188
18%
156
16%
Other equity instruments
45
4%
44
4%
High yield debt instruments
25
2%
23
2%
Investment grade debt instruments
230
22%
176
18%
Properties
22
2%
19
2%
Other quoted plan assets1
371
35%
342
36%
Total investments quoted in active markets
974
91%
842
86%
Shares and other equity instruments
68
6%
108
11%
Other plan assets2
26
2%
24
3%
Total unquoted investments
95
9%
133
14%
Total plan assets
1,068
975
\u00b9 Other quoted plan assets include insurance policies, hybrid funds and other fund investments.
\u00b2 Other unquoted plan assets is mainly a loan to Yara Suomi Oy.
Contributions expected to be paid to the defined benefit plans for 2026 are USD 26 million (including benefits to be paid for unfunded plans). The contributions paid in 2025 were USD 20 million.
Duration of liabilities at the end of the year:
Duration of liabilities (in years)
2025
2024
Finland
14
14
Great Britain
11
11
Norway
9
10
Total1
13
12
\u00b9 Weighted average.
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December using updated financial and demographic assumptions and taking into account the relevant economic environment of each pension plan.
The discount rate is determined by reference to market yields at the balance sheet date on high quality corporate bonds, or government bonds where no market for high quality corporate bonds exists. The discount rate is adjusted by extrapolation if necessary, to take into account differences in maturities.
The following financial assumptions have been applied for the valuation of liabilities
Weighted average
2025
2024
Discount rate (in %)
4.3
4.1
Expected pension indexation (in %)
3.0
2.7
Expected longevity from 65 for 45 year old (in years)
25.2
24.8
Expected longevity from 65 for 65 year old (in years)
23.4
22.9
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of assumptions and estimates. The table below indicates the sensitivity of the most significant assumptions applied to the defined benefit obligation, by showing the estimated result from a reasonable increase or decrease in any one of the key assumptions applied. Holding all other assumptions constant represents a limitation of the analysis, as some of the assumptions may be correlated. The methods used in preparing the analysis are consistent with previous years.
USD millions
2025
2024
Actual valuation
(1,151)
(1,062)
Discount rate +0.5%
(1,094)
(1,009)
Discount rate -0.5%
(1,215)
(1,119)
Expected rate of pension increase +0.5%
(1,197)
(1,104)
Expected rate of pension increase -0.5%
(1,110)
(1,025)
Expected longevity +1 year
(1,187)
(1,095)
Expected longevity -1 year
(1,117)
(1,030)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-135": { "value": "
5.3
Pensions and other non-current employee benefit obligations
Accounting policies
Defined benefit plans
Yara\u2019s net obligation for defined benefit plans is calculated separately for each plan. The liability represents an estimation of future benefits that the employees have earned in return for their service in current and prior periods. The benefit is discounted to determine its present value, and the fair value of plan assets is deducted. Measurement of the present value of the defined benefit obligations is performed by qualified actuaries using the projected unit credit method.
Past service costs arising from the amendment of plan benefits are recognized immediately in profit or loss. Remeasurement gains and losses are recognized in other comprehensive income in the period they occur and will not be reclassified to profit or loss in subsequent periods.
Defined contribution plans
Contributions to defined contribution plans are recognized as an expense in the statement of income when employees have rendered services entitling them to the contributions. Prepaid contributions are recognized as an asset to the extent that a cash refund or deduction in future payments is available.
Other non-current employee benefits
Yara\u2019s obligation is the future benefits that the employees have earned in return for their service in current and prior periods. The obligation is discounted based on the same principles as defined benefit plans. Remeasurement gains and losses are recognized in the statement of income in the period they occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-136": { "value": "
5.4
Trade and other current payables
USD millions
Notes
2025
2024
Trade payables
6.3
1,838
1,733
Payroll and value-added taxes
163
144
Balance at 31 December
2,001
1,877
Trade payables are non-interest-bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis.
Sanctioned payables
Trade payables to companies linked to Russian sanctioned individuals amount to USD 164 million at 31 December 2025. The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the consolidated statement of financial position. All were overdue at 31 December 2025. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.
Supplier financing arrangement
In 2025 Yara implemented a supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. The due dates for Yara are based on the agreed payment terms with the suppliers and remain consistent with the normal operating cycle of the Group\u2019s business. The range of due dates for payables part of the arrangement is 30-90 days after invoice date, and 7-90 days for comparable payables not part of the arrangement.
Yara continues to present payables which become part of and settled through the supplier financing arrangement as trade payables. They represent liabilities to pay for goods or services, are invoiced and formally agreed with the supplier, and are part of the Group\u2019s normal operating cycle. Terms and conditions are not considered substantially different from the terms and conditions of trade payables outside the arrangement. They are in line with Yara\u2019s general terms and conditions of purchase and industry practice. Related payments are included within operating cash flows as they remain operational in nature.
Carrying amount of payables part of the Supplier financing arrangement
USD millions
2025
2024
Trade payables
26
-
of which suppliers paid by financial institution
17
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-137": { "value": "
5.4
Trade and other current payables
Accounting policies
Trade payables are initially recognized at fair value and subsequently measured at amortized cost under the effective interest method. Trade and other current payables are normally not discounted.
Supplier financing arrangement
Yara continues to present payables which become part of and settled through the supplier financing arrangement as trade payables. They represent liabilities to pay for goods or services, are invoiced and formally agreed with the supplier, and are part of the Group\u2019s normal operating cycle. Terms and conditions are not considered substantially different from the terms and conditions of trade payables outside the arrangement. They are in line with Yara\u2019s general terms and conditions of purchase and industry practice. Related payments are included within operating cash flows as they remain operational in nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-141": { "value": "Trade and other current payables
Supplier financing arrangement
In 2025 Yara implemented a supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. The due dates for Yara are based on the agreed payment terms with the suppliers and remain consistent with the normal operating cycle of the Group\u2019s business. The range of due dates for payables part of the arrangement is 30-90 days after invoice date, and 7-90 days for comparable payables not part of the arrangement.
Yara continues to present payables which become part of and settled through the supplier financing arrangement as trade payables. They represent liabilities to pay for goods or services, are invoiced and formally agreed with the supplier, and are part of the Group\u2019s normal operating cycle. Terms and conditions are not considered substantially different from the terms and conditions of trade payables outside the arrangement. They are in line with Yara\u2019s general terms and conditions of purchase and industry practice. Related payments are included within operating cash flows as they remain operational in nature.
Carrying amount of payables part of the Supplier financing arrangement
USD millions
2025
2024
Trade payables
26
-
of which suppliers paid by financial institution
17
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-140": { "value": "Trade and other current payables
USD millions
Notes
2025
2024
Trade payables
6.3
1,838
1,733
Payroll and value-added taxes
163
144
Balance at 31 December
2,001
1,877
Trade payables are non-interest-bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis.
Sanctioned payables
Trade payables to companies linked to Russian sanctioned individuals amount to USD 164 million at 31 December 2025. The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the consolidated statement of financial position. All were overdue at 31 December 2025. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.
Supplier financing arrangement
In 2025 Yara implemented a supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. The due dates for Yara are based on the agreed payment terms with the suppliers and remain consistent with the normal operating cycle of the Group\u2019s business. The range of due dates for payables part of the arrangement is 30-90 days after invoice date, and 7-90 days for comparable payables not part of the arrangement.
Yara continues to present payables which become part of and settled through the supplier financing arrangement as trade payables. They represent liabilities to pay for goods or services, are invoiced and formally agreed with the supplier, and are part of the Group\u2019s normal operating cycle. Terms and conditions are not considered substantially different from the terms and conditions of trade payables outside the arrangement. They are in line with Yara\u2019s general terms and conditions of purchase and industry practice. Related payments are included within operating cash flows as they remain operational in nature.
Carrying amount of payables part of the Supplier financing arrangement
USD millions
2025
2024
Trade payables
26
-
of which suppliers paid by financial institution
17
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-139": { "value": "Trade and other current payables
USD millions
Notes
2025
2024
Trade payables
6.3
1,838
1,733
Payroll and value-added taxes
163
144
Balance at 31 December
2,001
1,877
Trade payables are non-interest-bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis.
Sanctioned payables
Trade payables to companies linked to Russian sanctioned individuals amount to USD 164 million at 31 December 2025. The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the consolidated statement of financial position. All were overdue at 31 December 2025. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.
Supplier financing arrangement
In 2025 Yara implemented a supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. The due dates for Yara are based on the agreed payment terms with the suppliers and remain consistent with the normal operating cycle of the Group\u2019s business. The range of due dates for payables part of the arrangement is 30-90 days after invoice date, and 7-90 days for comparable payables not part of the arrangement.
Yara continues to present payables which become part of and settled through the supplier financing arrangement as trade payables. They represent liabilities to pay for goods or services, are invoiced and formally agreed with the supplier, and are part of the Group\u2019s normal operating cycle. Terms and conditions are not considered substantially different from the terms and conditions of trade payables outside the arrangement. They are in line with Yara\u2019s general terms and conditions of purchase and industry practice. Related payments are included within operating cash flows as they remain operational in nature.
Carrying amount of payables part of the Supplier financing arrangement
USD millions
2025
2024
Trade payables
26
-
of which suppliers paid by financial institution
17
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-138": { "value": "Trade and other current payables
USD millions
Notes
2025
2024
Trade payables
6.3
1,838
1,733
Payroll and value-added taxes
163
144
Balance at 31 December
2,001
1,877
Trade payables are non-interest-bearing and have payment terms up to 90 days. Payroll and value-added taxes are mainly settled every other month or on a quarterly basis.
Sanctioned payables
Trade payables to companies linked to Russian sanctioned individuals amount to USD 164 million at 31 December 2025. The amount is adjusted based on foreign currency rates at the balance sheet date. These payables are related to goods received before sanctions were implemented and are presented on the line \u201cTrade and other current payables\u201d in the consolidated statement of financial position. All were overdue at 31 December 2025. Future settlements are dependent on the development in sanction regulations, so the timing of cash outflow is uncertain.
Supplier financing arrangement
In 2025 Yara implemented a supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. The due dates for Yara are based on the agreed payment terms with the suppliers and remain consistent with the normal operating cycle of the Group\u2019s business. The range of due dates for payables part of the arrangement is 30-90 days after invoice date, and 7-90 days for comparable payables not part of the arrangement.
Yara continues to present payables which become part of and settled through the supplier financing arrangement as trade payables. They represent liabilities to pay for goods or services, are invoiced and formally agreed with the supplier, and are part of the Group\u2019s normal operating cycle. Terms and conditions are not considered substantially different from the terms and conditions of trade payables outside the arrangement. They are in line with Yara\u2019s general terms and conditions of purchase and industry practice. Related payments are included within operating cash flows as they remain operational in nature.
Carrying amount of payables part of the Supplier financing arrangement
USD millions
2025
2024
Trade payables
26
-
of which suppliers paid by financial institution
17
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-142": { "value": "
5.5
Provisions and contingencies
Accounting policies
A provision is a liability of uncertain timing and amount. Yara recognizes a provision when the Group has a present obligation (legal or constructive) following a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows.
Environmental provisions refer to environmental remediation and clean-up activities. An environmental provision is based on currently enacted environmental laws and upon existing technology. However, new laws and regulations are included as part of the assessments when it is virtually certain that these will be enacted and require corrective action. Yara\u2019s future cost for environmental remediation and clean-up activities depends on a number of uncertain factors. Due to this uncertain nature, they could be revised in the near term. See also note 1.3 Environmental impacts and dependencies.
Decommissioning refers to the process of dismantling and removing equipment and site restoration when a site is closed down. A liability is recognized as soon as a decommissioning obligation arises. The obligation can be legal or constructive and is accounted for based on a best estimate discounted to the present value. The discounted provision is progressively unwound, with the unwinding charge presented as a finance cost. The unwinding charge takes the provision from its current net present value to its future end value. If an obligation exists to decommission PP&E, the carrying value of the assets is increased with the discounted value of the obligation. This is also the case if an obligation arises during construction or due to new legal requirements. The decommissioning asset is depreciated over the useful life of the asset. If an obligation arises as a result of day-to-day operations where the asset has been used to produce inventory, the cost is expensed as incurred. Decommissioning provisions are updated when new information becomes available.
Restructuring mainly concerns closure or significant reorganization of business locations in a country or region. A restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to
implement the plan or announcing its main features to those affected by it. The restructuring provision includes only the direct expenditure arising from the restructuring. These expenditures are those that are necessarily entailed by the restructuring but not associated with the ongoing activities of the entity.
Legal claims are assessed on an individual basis, and provisions are recognized if the specific claims give rise to present, probable obligations and the costs can be reliably measured.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-143": { "value": "
5.5
Provisions and contingencies
Environmental provisions refer to environmental remediation and clean-up activities. An environmental provision is based on currently enacted environmental laws and upon existing technology. However, new laws and regulations are included as part of the assessments when it is virtually certain that these will be enacted and require corrective action. Yara\u2019s future cost for environmental remediation and clean-up activities depends on a number of uncertain factors. Due to this uncertain nature, they could be revised in the near term. See also note 1.3 Environmental impacts and dependencies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-144": { "value": "
5.5
Provisions and contingencies
Contingencies
Environmental contingencies
In addition to environmental provisions recognized based on best estimates of future probable cash outflows, Yara has various contingent environmental liabilities not recognized as their existence depends on future events associated with higher uncertainty. This uncertainty relates to future technological development, changes in environmental regulations and authorities' approval, as well as other conditions which could lead to future environmental expenditures. As of year-end 2025, Yara`s environmental contingencies mainly refer to possible remediation and clean-up activities at various production facilities, warehouses, and Yara's after-care obligation to landscape the mining and landfilling areas at its mining site in Siilinj\u00e4rvi, Finland.
Sanctions
Yara has certain long-term supply agreements where sourcing has, to date, been stopped or terminated as a result of the political and economic import restrictions and sanctions imposed against Russia and certain Russian entities and individuals. Yara, together with its advisors, is constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulations and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may therefore differ from Yara\u2019s conclusions, which could subject Yara to potential claims.
Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals. For each of these demands, Yara has considered if it is probable that they will require outflow of resources. Based on available information and legal advice, Yara has not made material provisions for these demands.
Legal contingencies
Following Yara Fertiliser India Pvt. Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, a stamp duty is payable on the lease of the Babrala plant site. Yara\u2019s position is that the stamp duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp duty payable, Yara sought adjudication of the amount by the local tax authorities. The authority has assessed stamp duty on the lease at approximately USD 28 million (based on December 2025 exchange rates). Yara is of the view that the authority\u2019s decision is incorrect, and remains of the view that the correct amount of stamp duty is less than USD 1 million. Hence, Yara Fertilisers India Pvt. Ltd. in 2019 filed a written petition in the high court of Uttar Pradesh. The State of Uttar Pradesh has filed its response to the Petition, but no date has yet been scheduled for substantial hearing of the petition. In addition to the stamp duty on the lease, Yara has also sought adjudication of a stamp duty in the same state on the court order for the acquisition. Yara\u2019s position is that the stamp duty payable is less than USD 6 million (based on December 2025 exchange rates). As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state correspond to Yara\u2019s assessment.
Yara acquired Adubos Trevo from the Trevisa Group in 2000 and, along with related companies, became subject to two environmental lawsuits in 2011 and 2012 concerning mine and lead industry activities in Brazil. These activities were conducted by another subsidiary of the Trevisa Group, Plumbum Com\u00e9rcio e Representa\u00e7\u00f5es de Produtos Mineirais e Industriais, which was a separate legal entity unrelated to Adubos Trevo. As Adubos Trevo was not involved in these activities, Yara has denied liability for any resulting damages and considered it unlikely that the Group ultimately will incur liability. In November 2025, a lower-level court in Brazil found Yara jointly liable in one of these environmental lawsuits. Yara has appealed the ruling and considers it likely that it will be fully overturned. Consequently, no provision for the
claims has been recognized. A potential financial exposure cannot be reliably estimated.
In March 2026, antitrust class action lawsuits were filed in the United States against several fertilizer suppliers, including Yara International ASA. The related claims have not been substantiated, and Yara will vigorously defend itself against such allegations.
In addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business. Several of these cases have been ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion that based on the information currently available, these matters will be solved without material adverse effect. The total estimate of the financial effect in the unlikely event that all should have a negative outcome, is USD 77 million, mainly related to cases in Brazil.
Tax contingencies and uncertain tax treatments
In relation to a tax dispute in the Netherlands, the High Court in 2025 issued a decision ruling in favor of the tax authorities. The decision had no impact on the reported tax cost in 2025 as the claim has been fully expensed and paid for in previous reporting periods. Following the decision, the tax authorities have withdrawn its position referred to as \u201cexit tax assessment\u201d in the Integrated report for 2024. This implies that the contingent tax liability of USD 500 million plus accumulated interests no longer exists.
Yara received in 2023 a draft tax reassessment from the Norwegian Tax Authorities (NTA) related to a transfer pricing audit for the years 2015, 2016 and 2017 for which Yara submitted a response in 2024. The position of the NTA is to increase the Yara International ASA tax results by approximately USD 725 million in total for the years 2015 to 2017, which would increase tax cost by an estimated USD 169 million. When applying the same principles for the years up to and including 2025, the total tax cost would increase by an additional USD 368 million. Although Yara disagrees with the draft reassessment and still considers its transfer pricing to be in line with applicable tax legislation, it is recognized that transfer pricing is a complex tax area that involves a level of discretion. When calculating a related accounting provision, Yara has reflected the uncertainty by probability-weighting amounts in a range of outcomes that are considered possible. The total provision in relation to the transfer price audit is USD 21 million at year-end 2025, and this amount covers all years from 2015 to 2025.
In 2025, a subsidiary received a notification of a potential reassessment of a loss that Yara considers to be deductible. Yara disagrees with the basis for the reassessment, which has a tax cost exposure of approximately USD 35 million.
Several subsidiaries are engaged in judicial and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable. A majority of these cases are related to taxes in Brazil and Colombia, with an estimated maximum exposure of approximately USD 312 million. Tax contingencies outside these countries, and excluding the above-mentioned notifications, have an estimated maximum exposure of approximately USD 94 million.
As of year-end 2025, Yara has recognized tax provisions of USD 118 million related to major uncertain tax positions and cases disputed by tax authorities in various jurisdictions, in addition to the provision for the above-mentioned transfer pricing audit in Norway.\u200b\u200b\u200b\u200b
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-149": { "value": "Provisions and contingencies
Legal claims are assessed on an individual basis, and provisions are recognized if the specific claims give rise to present, probable obligations and the costs can be reliably measured.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "Provisions and contingencies
Contingencies
Environmental contingencies
In addition to environmental provisions recognized based on best estimates of future probable cash outflows, Yara has various contingent environmental liabilities not recognized as their existence depends on future events associated with higher uncertainty. This uncertainty relates to future technological development, changes in environmental regulations and authorities' approval, as well as other conditions which could lead to future environmental expenditures. As of year-end 2025, Yara`s environmental contingencies mainly refer to possible remediation and clean-up activities at various production facilities, warehouses, and Yara's after-care obligation to landscape the mining and landfilling areas at its mining site in Siilinj\u00e4rvi, Finland.
Sanctions
Yara has certain long-term supply agreements where sourcing has, to date, been stopped or terminated as a result of the political and economic import restrictions and sanctions imposed against Russia and certain Russian entities and individuals. Yara, together with its advisors, is constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulations and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may therefore differ from Yara\u2019s conclusions, which could subject Yara to potential claims.
Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals. For each of these demands, Yara has considered if it is probable that they will require outflow of resources. Based on available information and legal advice, Yara has not made material provisions for these demands.
Legal contingencies
Following Yara Fertiliser India Pvt. Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, a stamp duty is payable on the lease of the Babrala plant site. Yara\u2019s position is that the stamp duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp duty payable, Yara sought adjudication of the amount by the local tax authorities. The authority has assessed stamp duty on the lease at approximately USD 28 million (based on December 2025 exchange rates). Yara is of the view that the authority\u2019s decision is incorrect, and remains of the view that the correct amount of stamp duty is less than USD 1 million. Hence, Yara Fertilisers India Pvt. Ltd. in 2019 filed a written petition in the high court of Uttar Pradesh. The State of Uttar Pradesh has filed its response to the Petition, but no date has yet been scheduled for substantial hearing of the petition. In addition to the stamp duty on the lease, Yara has also sought adjudication of a stamp duty in the same state on the court order for the acquisition. Yara\u2019s position is that the stamp duty payable is less than USD 6 million (based on December 2025 exchange rates). As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state correspond to Yara\u2019s assessment.
Yara acquired Adubos Trevo from the Trevisa Group in 2000 and, along with related companies, became subject to two environmental lawsuits in 2011 and 2012 concerning mine and lead industry activities in Brazil. These activities were conducted by another subsidiary of the Trevisa Group, Plumbum Com\u00e9rcio e Representa\u00e7\u00f5es de Produtos Mineirais e Industriais, which was a separate legal entity unrelated to Adubos Trevo. As Adubos Trevo was not involved in these activities, Yara has denied liability for any resulting damages and considered it unlikely that the Group ultimately will incur liability. In November 2025, a lower-level court in Brazil found Yara jointly liable in one of these environmental lawsuits. Yara has appealed the ruling and considers it likely that it will be fully overturned. Consequently, no provision for the
claims has been recognized. A potential financial exposure cannot be reliably estimated.
In March 2026, antitrust class action lawsuits were filed in the United States against several fertilizer suppliers, including Yara International ASA. The related claims have not been substantiated, and Yara will vigorously defend itself against such allegations.
In addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business. Several of these cases have been ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion that based on the information currently available, these matters will be solved without material adverse effect. The total estimate of the financial effect in the unlikely event that all should have a negative outcome, is USD 77 million, mainly related to cases in Brazil.
Tax contingencies and uncertain tax treatments
In relation to a tax dispute in the Netherlands, the High Court in 2025 issued a decision ruling in favor of the tax authorities. The decision had no impact on the reported tax cost in 2025 as the claim has been fully expensed and paid for in previous reporting periods. Following the decision, the tax authorities have withdrawn its position referred to as \u201cexit tax assessment\u201d in the Integrated report for 2024. This implies that the contingent tax liability of USD 500 million plus accumulated interests no longer exists.
Yara received in 2023 a draft tax reassessment from the Norwegian Tax Authorities (NTA) related to a transfer pricing audit for the years 2015, 2016 and 2017 for which Yara submitted a response in 2024. The position of the NTA is to increase the Yara International ASA tax results by approximately USD 725 million in total for the years 2015 to 2017, which would increase tax cost by an estimated USD 169 million. When applying the same principles for the years up to and including 2025, the total tax cost would increase by an additional USD 368 million. Although Yara disagrees with the draft reassessment and still considers its transfer pricing to be in line with applicable tax legislation, it is recognized that transfer pricing is a complex tax area that involves a level of discretion. When calculating a related accounting provision, Yara has reflected the uncertainty by probability-weighting amounts in a range of outcomes that are considered possible. The total provision in relation to the transfer price audit is USD 21 million at year-end 2025, and this amount covers all years from 2015 to 2025.
In 2025, a subsidiary received a notification of a potential reassessment of a loss that Yara considers to be deductible. Yara disagrees with the basis for the reassessment, which has a tax cost exposure of approximately USD 35 million.
Several subsidiaries are engaged in judicial and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable. A majority of these cases are related to taxes in Brazil and Colombia, with an estimated maximum exposure of approximately USD 312 million. Tax contingencies outside these countries, and excluding the above-mentioned notifications, have an estimated maximum exposure of approximately USD 94 million.
As of year-end 2025, Yara has recognized tax provisions of USD 118 million related to major uncertain tax positions and cases disputed by tax authorities in various jurisdictions, in addition to the provision for the above-mentioned transfer pricing audit in Norway.\u200b\u200b\u200b\u200b
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-147": { "value": "Provisions and contingencies
2025
USD millions
Environmental
Decommission
Restructuring
Legal claims
Other
Total
Balance at 1 January 2025
76
102
103
43
21
345
Additional provision in the year
45
7
51
8
29
141
Interest expense on liability and effect of change in discount rate
-
(5)
-
-
-
(5)
Unused provision
-
-
(10)
(5)
(5)
(21)
Utilization of provision
(7)
(4)
(75)
(12)
(9)
(107)
Currency translation effects
9
10
14
5
2
41
Balance at 31 December
122
111
84
39
38
394
2024
USD millions
Environmental
Decommission
Restructuring
Legal claims
Other
Total
-
-
Balance at 1 January 2024
93
135
51
47
22
348
-
-
Additional provision in the year
5
4
58
11
20
98
Interest expense on liability and effect of change in discount rate
-
(15)
1
1
-
(12)
Reclassification
2
(2)
-
3
(3)
-
Unused provision
(2)
-
(1)
(5)
(10)
(17)
Utilization of provision
(13)
(7)
(3)
(6)
(9)
(37)
Companies purchased/sold
(1)
-
-
-
-
-
Currency translation effects
(8)
(13)
(4)
(8)
(1)
(34)
Balance at 31 December
76
102
103
43
21
345
Provisions presented in the consolidated statement of financial position
USD millions
2025
2024
Current provisions
98
84
Non-current provisions
296
262
Total
394
345
Provisions
Environmental provisions
Provisions for environmental remediation and clean-up activities mainly relate to pollution from production facilities and warehouses currently in operation. It also refers to production facilities which are closed where remediation and clean-up activities are not yet finalized. The most significant provisions relate to sites in Europe and refer to actions such as restoration or rehabilitation of both industrial and mining sites, disposal of contaminated material and related activities. In 2025, Yara recognized additional environmental provisions of USD 45 million (2024: USD 5 million), mainly related to revised estimates for restoration activities at a closed site in Europe and for mandatory post-closure environmental requirements at an operational site in Europe. The additions are included in the line-item Other operating expenses in the Statement of income.
Decommission provisions
Yara has obligations to decommission and remove installations at the end of the production period. The most significant decommissioning provisions relate to contractual or regulatory obligations for operations
on production sites, the main ones being plants in Australia and France.
Restructuring provisions
In 2025, Yara recognized additional restructuring provisions of USD 51 million (2024: USD 58 million), related to initiatives to enhance the Group\u2019s financial performance and position. The provision recognized in 2024 was also mainly related to initiatives announced under the same program in July that year, including a voluntary severance package scheme offered to office workers in Norway, and an intention to transform Yara\u2019s Tertre plant in Belgium to strengthen its competitiveness.
Legal claims
Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in total, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity.
Other provisions
Other provisions include onerous contracts, warranties and various other provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-146": { "value": "Provisions and contingencies
2025
USD millions
Environmental
Decommission
Restructuring
Legal claims
Other
Total
Balance at 1 January 2025
76
102
103
43
21
345
Additional provision in the year
45
7
51
8
29
141
Interest expense on liability and effect of change in discount rate
-
(5)
-
-
-
(5)
Unused provision
-
-
(10)
(5)
(5)
(21)
Utilization of provision
(7)
(4)
(75)
(12)
(9)
(107)
Currency translation effects
9
10
14
5
2
41
Balance at 31 December
122
111
84
39
38
394
2024
USD millions
Environmental
Decommission
Restructuring
Legal claims
Other
Total
-
-
Balance at 1 January 2024
93
135
51
47
22
348
-
-
Additional provision in the year
5
4
58
11
20
98
Interest expense on liability and effect of change in discount rate
-
(15)
1
1
-
(12)
Reclassification
2
(2)
-
3
(3)
-
Unused provision
(2)
-
(1)
(5)
(10)
(17)
Utilization of provision
(13)
(7)
(3)
(6)
(9)
(37)
Companies purchased/sold
(1)
-
-
-
-
-
Currency translation effects
(8)
(13)
(4)
(8)
(1)
(34)
Balance at 31 December
76
102
103
43
21
345
Provisions presented in the consolidated statement of financial position
USD millions
2025
2024
Current provisions
98
84
Non-current provisions
296
262
Total
394
345
Provisions
Environmental provisions
Provisions for environmental remediation and clean-up activities mainly relate to pollution from production facilities and warehouses currently in operation. It also refers to production facilities which are closed where remediation and clean-up activities are not yet finalized. The most significant provisions relate to sites in Europe and refer to actions such as restoration or rehabilitation of both industrial and mining sites, disposal of contaminated material and related activities. In 2025, Yara recognized additional environmental provisions of USD 45 million (2024: USD 5 million), mainly related to revised estimates for restoration activities at a closed site in Europe and for mandatory post-closure environmental requirements at an operational site in Europe. The additions are included in the line-item Other operating expenses in the Statement of income.
Decommission provisions
Yara has obligations to decommission and remove installations at the end of the production period. The most significant decommissioning provisions relate to contractual or regulatory obligations for operations
on production sites, the main ones being plants in Australia and France.
Restructuring provisions
In 2025, Yara recognized additional restructuring provisions of USD 51 million (2024: USD 58 million), related to initiatives to enhance the Group\u2019s financial performance and position. The provision recognized in 2024 was also mainly related to initiatives announced under the same program in July that year, including a voluntary severance package scheme offered to office workers in Norway, and an intention to transform Yara\u2019s Tertre plant in Belgium to strengthen its competitiveness.
Legal claims
Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in total, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity.
Contingencies
Environmental contingencies
In addition to environmental provisions recognized based on best estimates of future probable cash outflows, Yara has various contingent environmental liabilities not recognized as their existence depends on future events associated with higher uncertainty. This uncertainty relates to future technological development, changes in environmental regulations and authorities' approval, as well as other conditions which could lead to future environmental expenditures. As of year-end 2025, Yara`s environmental contingencies mainly refer to possible remediation and clean-up activities at various production facilities, warehouses, and Yara's after-care obligation to landscape the mining and landfilling areas at its mining site in Siilinj\u00e4rvi, Finland.
Sanctions
Yara has certain long-term supply agreements where sourcing has, to date, been stopped or terminated as a result of the political and economic import restrictions and sanctions imposed against Russia and certain Russian entities and individuals. Yara, together with its advisors, is constantly reviewing the scope of the sanctions to ensure that the Group operates in accordance with relevant government regulations and contractual commitments. As the sanction regulations are complex and the assessments of the related impact on each business partner depend on several judgements, there is uncertainty when drawing conclusions. The suppliers\u2019 assessments of the sanction regulation and the related impact on contractual commitments may therefore differ from Yara\u2019s conclusions, which could subject Yara to potential claims.
Yara has received contractual demands from suppliers that are linked to Russian sanctioned individuals. For each of these demands, Yara has considered if it is probable that they will require outflow of resources. Based on available information and legal advice, Yara has not made material provisions for these demands.
Legal contingencies
Following Yara Fertiliser India Pvt. Ltd.\u2019s acquisition of Tata Chemical Ltd.\u2019s urea business, a stamp duty is payable on the lease of the Babrala plant site. Yara\u2019s position is that the stamp duty on this lease is less than USD 1 million. In order to ascertain the amount of stamp duty payable, Yara sought adjudication of the amount by the local tax authorities. The authority has assessed stamp duty on the lease at approximately USD 28 million (based on December 2025 exchange rates). Yara is of the view that the authority\u2019s decision is incorrect, and remains of the view that the correct amount of stamp duty is less than USD 1 million. Hence, Yara Fertilisers India Pvt. Ltd. in 2019 filed a written petition in the high court of Uttar Pradesh. The State of Uttar Pradesh has filed its response to the Petition, but no date has yet been scheduled for substantial hearing of the petition. In addition to the stamp duty on the lease, Yara has also sought adjudication of a stamp duty in the same state on the court order for the acquisition. Yara\u2019s position is that the stamp duty payable is less than USD 6 million (based on December 2025 exchange rates). As of today, the relevant authority has not yet issued its decision. The provisions made for stamp duties in the Uttar Pradesh state correspond to Yara\u2019s assessment.
Yara acquired Adubos Trevo from the Trevisa Group in 2000 and, along with related companies, became subject to two environmental lawsuits in 2011 and 2012 concerning mine and lead industry activities in Brazil. These activities were conducted by another subsidiary of the Trevisa Group, Plumbum Com\u00e9rcio e Representa\u00e7\u00f5es de Produtos Mineirais e Industriais, which was a separate legal entity unrelated to Adubos Trevo. As Adubos Trevo was not involved in these activities, Yara has denied liability for any resulting damages and considered it unlikely that the Group ultimately will incur liability. In November 2025, a lower-level court in Brazil found Yara jointly liable in one of these environmental lawsuits. Yara has appealed the ruling and considers it likely that it will be fully overturned. Consequently, no provision for the
claims has been recognized. A potential financial exposure cannot be reliably estimated.
In March 2026, antitrust class action lawsuits were filed in the United States against several fertilizer suppliers, including Yara International ASA. The related claims have not been substantiated, and Yara will vigorously defend itself against such allegations.
In addition to the legal contingencies mentioned above, Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business. Several of these cases have been ongoing for a number of years, and the timing of possible outflows is uncertain. While acknowledging the uncertainties of litigation, Yara is of the opinion that based on the information currently available, these matters will be solved without material adverse effect. The total estimate of the financial effect in the unlikely event that all should have a negative outcome, is USD 77 million, mainly related to cases in Brazil.
Tax contingencies and uncertain tax treatments
In relation to a tax dispute in the Netherlands, the High Court in 2025 issued a decision ruling in favor of the tax authorities. The decision had no impact on the reported tax cost in 2025 as the claim has been fully expensed and paid for in previous reporting periods. Following the decision, the tax authorities have withdrawn its position referred to as \u201cexit tax assessment\u201d in the Integrated report for 2024. This implies that the contingent tax liability of USD 500 million plus accumulated interests no longer exists.
Yara received in 2023 a draft tax reassessment from the Norwegian Tax Authorities (NTA) related to a transfer pricing audit for the years 2015, 2016 and 2017 for which Yara submitted a response in 2024. The position of the NTA is to increase the Yara International ASA tax results by approximately USD 725 million in total for the years 2015 to 2017, which would increase tax cost by an estimated USD 169 million. When applying the same principles for the years up to and including 2025, the total tax cost would increase by an additional USD 368 million. Although Yara disagrees with the draft reassessment and still considers its transfer pricing to be in line with applicable tax legislation, it is recognized that transfer pricing is a complex tax area that involves a level of discretion. When calculating a related accounting provision, Yara has reflected the uncertainty by probability-weighting amounts in a range of outcomes that are considered possible. The total provision in relation to the transfer price audit is USD 21 million at year-end 2025, and this amount covers all years from 2015 to 2025.
In 2025, a subsidiary received a notification of a potential reassessment of a loss that Yara considers to be deductible. Yara disagrees with the basis for the reassessment, which has a tax cost exposure of approximately USD 35 million.
Several subsidiaries are engaged in judicial and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable. A majority of these cases are related to taxes in Brazil and Colombia, with an estimated maximum exposure of approximately USD 312 million. Tax contingencies outside these countries, and excluding the above-mentioned notifications, have an estimated maximum exposure of approximately USD 94 million.
As of year-end 2025, Yara has recognized tax provisions of USD 118 million related to major uncertain tax positions and cases disputed by tax authorities in various jurisdictions, in addition to the provision for the above-mentioned transfer pricing audit in Norway.\u200b\u200b\u200b\u200b
5.7
Secured debt and guarantees
Contingent liabilities related to the demerger from Norsk Hydro ASA
Under Norwegian law, Yara is contingently liable for its share of unfunded pension liabilities accrued prior to demerging from Norsk Hydro ASA (Hydro) on March 24, 2004. Hydro\u2019s unfunded pension liabilities, calculated in accordance with Hydro\u2019s accounting policies, amounted to approximately NOK 2 billion at the time of the demerger and have been reduced by payments thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-145": { "value": "Provisions and contingencies
Provisions
2025
USD millions
Environmental
Decommission
Restructuring
Legal claims
Other
Total
Balance at 1 January 2025
76
102
103
43
21
345
Additional provision in the year
45
7
51
8
29
141
Interest expense on liability and effect of change in discount rate
-
(5)
-
-
-
(5)
Unused provision
-
-
(10)
(5)
(5)
(21)
Utilization of provision
(7)
(4)
(75)
(12)
(9)
(107)
Currency translation effects
9
10
14
5
2
41
Balance at 31 December
122
111
84
39
38
394
2024
USD millions
Environmental
Decommission
Restructuring
Legal claims
Other
Total
-
-
Balance at 1 January 2024
93
135
51
47
22
348
-
-
Additional provision in the year
5
4
58
11
20
98
Interest expense on liability and effect of change in discount rate
-
(15)
1
1
-
(12)
Reclassification
2
(2)
-
3
(3)
-
Unused provision
(2)
-
(1)
(5)
(10)
(17)
Utilization of provision
(13)
(7)
(3)
(6)
(9)
(37)
Companies purchased/sold
(1)
-
-
-
-
-
Currency translation effects
(8)
(13)
(4)
(8)
(1)
(34)
Balance at 31 December
76
102
103
43
21
345
Provisions presented in the consolidated statement of financial position
USD millions
2025
2024
Current provisions
98
84
Non-current provisions
296
262
Total
394
345
Provisions
Environmental provisions
Provisions for environmental remediation and clean-up activities mainly relate to pollution from production facilities and warehouses currently in operation. It also refers to production facilities which are closed where remediation and clean-up activities are not yet finalized. The most significant provisions relate to sites in Europe and refer to actions such as restoration or rehabilitation of both industrial and mining sites, disposal of contaminated material and related activities. In 2025, Yara recognized additional environmental provisions of USD 45 million (2024: USD 5 million), mainly related to revised estimates for restoration activities at a closed site in Europe and for mandatory post-closure environmental requirements at an operational site in Europe. The additions are included in the line-item Other operating expenses in the Statement of income.
Decommission provisions
Yara has obligations to decommission and remove installations at the end of the production period. The most significant decommissioning provisions relate to contractual or regulatory obligations for operations
on production sites, the main ones being plants in Australia and France.
Restructuring provisions
In 2025, Yara recognized additional restructuring provisions of USD 51 million (2024: USD 58 million), related to initiatives to enhance the Group\u2019s financial performance and position. The provision recognized in 2024 was also mainly related to initiatives announced under the same program in July that year, including a voluntary severance package scheme offered to office workers in Norway, and an intention to transform Yara\u2019s Tertre plant in Belgium to strengthen its competitiveness.
Legal claims
Yara is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business. Yara does not believe such proceedings will, individually or in total, have a significant effect on Yara\u2019s financial position, profitability, results of operations or liquidity.
Other provisions
Other provisions include onerous contracts, warranties and various other provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-150": { "value": "
5.7
Secured debt and guarantees
Off-balance sheet exposures consist mainly of guarantees related to commercial contract obligations (advance payment guarantees, performance and warranty bonds, and standby letters of credit), payment guarantees related to environmental obligations, and mandatory public guarantees related to receivable VAT and employee tax obligations. These guarantees are issued on behalf of Yara International ASA and its subsidiaries. The guarantor may be required to perform in the event of a default on a commercial contract or non-compliance with public authority regulations.
Guarantees related to pension liabilities are included to the extent that such guarantees exceed the gross liability included in the consolidated statement of financial position.
Yara is also contingently liable to third parties for credits granted under various financing arrangements, including government finance schemes, securitization programs and factoring. As the supplier in these arrangements, Yara derecognizes the related trade receivables from the financial statements once payment is received under the terms of the schemes and considers the transactions to represent ordinary cash flows from operating activities. Yara considers the contingent liability risk exposure towards third parties to be limited, supported by very low historical losses.
Guarantees of debt issued on behalf of consolidated companies are not included since the drawings under such credit lines are included in the consolidated statement of financial position. The guaranteed obligation under such guarantees is at any time limited to the amount drawn under the credit facility.
Guarantees issued to public authorities covering tax and VAT liabilities are also not included as these obligations are already included in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-151": { "value": "
5.7
Secured debt and guarantees
USD millions
31 Dec 2025
31 Dec 2024
Amount of secured debt
-
-
Assets used as security for debt
Property, plant and equipment
2
2
Total
2
2
Assets used as security for non-financial liabilities
Property, plant and equipment
44
39
Total
44
39
Guarantees (off-balance sheet)
Contingency for sales under government and finance schemes
27
30
Parent company guarantees
54
88
Bank guarantees
26
46
Total
107
164
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-152": { "value": "
5.7
Secured debt and guarantees
Off-balance sheet exposures consist mainly of guarantees related to commercial contract obligations (advance payment guarantees, performance and warranty bonds, and standby letters of credit), payment guarantees related to environmental obligations, and mandatory public guarantees related to receivable VAT and employee tax obligations. These guarantees are issued on behalf of Yara International ASA and its subsidiaries. The guarantor may be required to perform in the event of a default on a commercial contract or non-compliance with public authority regulations.
Guarantees related to pension liabilities are included to the extent that such guarantees exceed the gross liability included in the consolidated statement of financial position.
Yara is also contingently liable to third parties for credits granted under various financing arrangements, including government finance schemes, securitization programs and factoring. As the supplier in these arrangements, Yara derecognizes the related trade receivables from the financial statements once payment is received under the terms of the schemes and considers the transactions to represent ordinary cash flows from operating activities. Yara considers the contingent liability risk exposure towards third parties to be limited, supported by very low historical losses.
Guarantees of debt issued on behalf of consolidated companies are not included since the drawings under such credit lines are included in the consolidated statement of financial position. The guaranteed obligation under such guarantees is at any time limited to the amount drawn under the credit facility.
Guarantees issued to public authorities covering tax and VAT liabilities are also not included as these obligations are already included in the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-153": { "value": "
6
Financial risk
6.1
Financial risk management
Credit risk
Yara has a well-established system for credit management with established limits at both customer and country levels. Yara\u2019s geographically diversified portfolio reduces the overall credit risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara\u2019s financial instruments is generally limited to amounts, if any, by which the counterparty\u2019s obligations exceed Yara\u2019s obligations.
The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the consolidated statement of financial position and as disclosed in note 6.3 Financial instruments.
Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. As at the balance sheet date, Yara has deposited USD 45.5 million (2024: USD 102.9 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as prepaid expenses and other current assets in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month.
Due to Yara\u2019s geographical spread and significant number of customers there are no significant concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its customer portfolio.
Yara may undertake a number of measures to reduce the credit risk of particular receivables. Such measures include letters of credit, bank guarantees and credit insurance agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-154": { "value": "
6.1
Financial risk management
Risk management policies
Risk management at Yara is based on the principle that risk evaluation is an integral part of all business activities. Yara\u2019s strategic approach is to determine appropriate risk levels or limits for the main risks and to constantly maintain and develop tools and procedures for monitoring the associated exposures. The Group\u2019s policies, approved by the Board of Directors, provide written principles on capital structure, currency risk, interest rate risk, credit risk and liquidity risk. In general, risks arising from operational activities may either be accepted or reduced. The policies restrict transactions that will increase the Group\u2019s exposure beyond the level stemming from operations, and are designed to address geopolitical risk exposure, see to note 1.4 Geopolitical risks and uncertainties.
Yara\u2019s Executive Management is responsible for reviewing and operationalizing the Board-defined policies, while the operating regions and expert organizations act as risk owners. The financial risks related to the operations of the Group are monitored and managed by Yara\u2019s Finance, Treasury & Insurance function through internal risk reports that analyze each exposure by degree and magnitude of risk. The Finance, Treasury & Insurance function reports regularly to the Group\u2019s Executive Management.
Based on the overall evaluation of risk, Yara may seek to reduce its inherent exposures by using insurance policies, trade finance contracts, guarantees or derivative instruments such as forward contracts, options and swaps. The use of such instruments is also governed by the Board approved policies.
Yara may designate and document the use of certain derivatives and other financial assets or liabilities as hedging instruments against changes in the fair value of recognized assets and liabilities (fair value hedges), highly probable forecast transactions (cash flow hedges) and net investments in foreign operations (net investment hedges). The prospective effectiveness of any such hedge is assessed at inception and verified on a quarterly basis. Derivatives not designated in a hedging relationship are classified as undesignated derivatives and acquired and managed within the framework and policies defined by the Board, even when hedge accounting is not applied.
There were no principal changes in the Group\u2019s approach to capital management during the years ending 31 December 2025 and 31 December 2024. Yara\u2019s liquidity surplus, kept as short-term bank deposits, increased during 2025, primarily reflecting higher margins and volumes, as well as reduced fixed costs.
Capital structure
The capital structure of the Group consists of interest-bearing debt as disclosed in note 5.2 Interest-bearing debt, cash and cash equivalents as disclosed in note 3.4 Cash and cash equivalents, and equity attributable to equity holders of the parent, comprising paid-in capital and retained earnings as disclosed in note 5.1 Shareholder\u2019s equity and the consolidated statement of changes in equity.
To secure access to capital markets at attractive terms and remain financially solid, Yara aims to maintain a BBB and Baa2 credit rating from Standard & Poor\u2019s and Moody\u2019s respectively. Yara\u2019s only financial covenant refers to the debt-to-equity ratio, calculated as net interest-bearing debt divided by shareholders\u2019 equity plus non-controlling interests20. In the most restrictive agreements, that ratio should not exceed 1.4. As at the end of 2025, the ratio was 0.37 compared with 0.53 as at the end of 2024. The Group is not subject to other externally imposed capital requirements but maintains internally defined capital policy targets.
Through its financial structure, Yara has the necessary flexibility to support the development of its business and mitigate adverse events that may affect the group. Yara will seek to maintain adequate financial capacity throughout the business cycle.
Currency risk
Prices of Yara\u2019s most important products are either directly denominated or determined in US dollars. In markets outside the US, local prices will generally adjust to fluctuations in the US dollar exchange rate, albeit with a certain time lag. Yara\u2019s main cost items, such as energy (especially to produce ammonia) and raw materials, are also either denominated in US dollars or highly correlated to changes in the US dollar exchange rate. The Group\u2019s main currency risk is thus related to USD fluctuations.
To mitigate its net economic USD exposure, Yara incurs most of its debt in US dollars. A part of that debt meets working capital needs or finances specific investment projects. The part of the debt constituting a
hedge of projected earnings was gradually reduced from around USD 2,750 million to around USD 2,000 million during the first half of 2025 and kept stable thereafter. (2024: Kept between USD 2,600 million and USD 3,000 million, ending the year around USD 2,750 million.) A certain portion of the total debt is kept in various local currencies in order to finance local currency exposed business positions.
Yara manages its economic exposure to currencies other than the USD by establishing and adhering to defined risk limits for each currency. Such local currency exposures, particularly in emerging markets, are managed through adjustments of the Group's debt, liquidity, or derivative portfolios. Derivative instruments may also be used to manage currency risk related to future purchases and sales or to offset short-term liquidity needs in one currency with surplus liquidity in another currency. Such forward contracts are not designated as hedging instruments for accounting purposes, and changes in fair value are therefore recognized in the income statement.
The Group\u2019s currency exposure in the consolidated statement of financial position relates primarily to its USD denominated monetary items, including external debt, deposits, and net receivables. In addition, inter-company loans and deposits may generate translation gains or losses compounding or offsetting the effects of the USD items. As an example, inter-company foreign currency denominated lending by the parent Yara International ASA (whose functional currency is NOK) can lead to short-term accounting effects counteracting the effect of the US dollar debt position hedging the economic exposure.
Sensitivity \u2013 net income
USD millions
2025
2024
A 10% weakening1 of the below currencies at the reporting date would have
increased/(decreased) net income by:
US dollar
160
197
Euro
(461)
(371)
1 Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on the value of financial instruments as at the balance sheet date. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2024. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above.
Sensitivity \u2013 other comprehensive income
USD millions
2025
2024
A 10% weakening1 of the below currencies at the reporting date would have
increased/(decreased) other comprehensive income by:
Norwegian krone
(304)
(187)
Canadian dollar
(103)
(96)
Brazilian real
(50)
(20)
Euro
(27)
(29)
1 Against US dollar (presentation currency of the Group).
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on equity in foreign operations as at the balance sheet date. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same basis for 2024.
Interest rate risk
Yara\u2019s exposure to changes in interest rates is mainly linked to fair value risk and cash flow risk from its debt portfolio, as disclosed in note 5.2 Interest-bearing debt.
In accordance with Yara\u2019s defined framework for fair value risk arising from exposure towards fixed interest rates, Yara maintains a mix of floating rate and fixed rate debt. Yara may use interest rate swaps and cross-currency swaps to convert debt originally issued at fixed interest rates to floating interest rates, and the interest expense related to such converted debt will thus fluctuate in line with market changes. At the reporting date, the interest rate profile of the Group\u2019s non-current interest-bearing debt is summarized in the table below.
Interest rate profile of the Group\u2019s non-current interest-bearing debt
USD millions
Notes
31 Dec 2025
31 Dec 2024
Floating interest rate loans1
1,007
1,161
Fixed interest rate loans \u2013 maturity
2-5 years
1,747
1,499
More than 5 years
-
749
Non-current interest-bearing debt
5.2
2,754
3,409
1 Including fixed rate bonds converted to floating rate by use of interest rate swaps and cross currency swaps.
Yara\u2019s financial portfolio exposed to changes in interest rates comprises current and non-current interest-bearing debt, derivative financial instruments, and cash and cash equivalents. As at 31 December, an interest rate increase would have affected this portfolio as shown in the table below.
Sensitivity \u2013 net income
USD millions
2025
2024
An increase of 100 basis points of the below interest rates at the reporting date would have increased/(decreased) net income by:
USD interest rates
(1)
(8)
NOK interest rates
-
1
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on financial instruments as at the balance sheet date. The analysis was performed on the same basis for 2024. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above.
Credit risk
Yara has a well-established system for credit management with established limits at both customer and country levels. Yara\u2019s geographically diversified portfolio reduces the overall credit risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara\u2019s financial instruments is generally limited to amounts, if any, by which the counterparty\u2019s obligations exceed Yara\u2019s obligations.
The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the consolidated statement of financial position and as disclosed in note 6.3 Financial instruments.
Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. As at the balance sheet date, Yara has deposited USD 45.5 million (2024: USD 102.9 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as prepaid expenses and other current assets in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month.
Due to Yara\u2019s geographical spread and significant number of customers there are no significant concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its customer portfolio.
Yara may undertake a number of measures to reduce the credit risk of particular receivables. Such measures include letters of credit, bank guarantees and credit insurance agreements.
Liquidity risk
Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and by continuously monitoring forecasted and actual cash flows. Yara aims for a well-distributed debt repayment schedule and has secured committed undrawn credit facilities to provide sufficient reserves to meet unforeseen liquidity needs.
Undrawn facilities that the Group has at its disposal are presented in note 5.2 Interest-bearing debt.
In 2025, Yara implemented a Supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. For more information, see note 5.4 Trade and other current payables.
Contractual maturities of financial liabilities
The tables below present the Group\u2019s remaining contractual maturities for its financial liabilities at the reporting date. The amounts represent undiscounted contractual cash flows and include both principal and interest payments. The cash flows are allocated to the earliest date on which the Group can be required to settle the obligations.
For liabilities with variable interest rates, the future interest cash flows have been estimated using the market forward interest rates at the reporting date. Actual cash flows may differ as market conditions change.
For derivative financial instruments, the tables include:
\u25cf
net cash flows for derivatives that are net\u2011settled, and
\u25cf
gross contractual inflows and outflows for derivatives that are gross\u2011settled.
31 December 2025
USD millions
Notes
Carrying amount
Contractual cash flows
On demand
6 months or less
6-12 months
1-2 years
2-5 years
More than 5 years
Non-derivative financial liabilities
Interest-bearing debt
5.2
(3,627)
(4,249)
(56)
(582)
(247)
(125)
(2,226)
(1,013)
Other non-current liabilities
(36)
(37)
-
-
(1)
(2)
(1)
(33)
Trade payables
5.4
(1,838)
(1,843)
(3)
(1,815)
(25)
-
-
-
Other current liabilities
(341)
(341)
(2)
(312)
(28)
-
-
-
Total
(5,842)
(6,470)
(61)
(2,709)
(301)
(127)
(2,227)
(1,046)
Derivative financial instruments
Financial derivatives
6.3
(58)
-
-
-
-
-
-
-
Outflow
-
(1,295)
-
(840)
(14)
(140)
(219)
(81)
Inflow
-
1,242
-
794
15
119
231
83
Financial derivatives designated for hedging
6.2, 6.3
3
-
-
-
-
-
-
-
Outflow
-
(228)
-
(94)
(20)
(36)
(64)
(14)
Inflow
-
230
-
20
18
35
93
64
Net
(55)
(51)
-
(120)
(1)
(22)
41
52
31 December 2024
USD millions
Notes
Carrying amount
Contractual cash flows
On demand
6 months or less
6-12 months
1-2 years
2-5 years
More than 5 years
Non-derivative financial liabilities
Interest-bearing debt
5.2
(3,579)
(4,380)
(62)
(129)
(125)
(891)
(1,600)
(1,574)
Other non-current liabilities
(19)
(19)
-
-
(3)
(1)
(1)
(13)
Trade payables
5.4
(1,733)
(1,737)
(3)
(1,713)
(21)
-
-
-
Other current liabilities
(293)
(293)
(1)
(270)
(21)
-
-
-
Total
(5,624)
(6,429)
(66)
(2,112)
(170)
(892)
(1,601)
(1,587)
Derivative financial instruments
Financial derivatives
6.3
(104)
-
-
-
-
-
-
-
Outflow
-
(767)
-
(43)
(14)
(280)
(349)
(81)
Inflow
-
661
-
48
14
217
307
76
Financial derivatives designated for hedging
6.2, 6.3
(24)
-
-
-
-
-
-
-
Outflow
-
(287)
-
(28)
(22)
(43)
(103)
(92)
Inflow
-
282
-
23
17
40
110
91
Net
(128)
(111)
-
-
(5)
(66)
(35)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-155": { "value": "
6.1
Financial risk management
Liquidity risk
Yara manages liquidity risk by maintaining adequate reserves and committed bank facilities and by continuously monitoring forecasted and actual cash flows. Yara aims for a well-distributed debt repayment schedule and has secured committed undrawn credit facilities to provide sufficient reserves to meet unforeseen liquidity needs.
Undrawn facilities that the Group has at its disposal are presented in note 5.2 Interest-bearing debt.
In 2025, Yara implemented a Supplier financing arrangement under which suppliers may choose to receive early payment from a financial institution by factoring their receivables from the Group. For more information, see note 5.4 Trade and other current payables.
Contractual maturities of financial liabilities
The tables below present the Group\u2019s remaining contractual maturities for its financial liabilities at the reporting date. The amounts represent undiscounted contractual cash flows and include both principal and interest payments. The cash flows are allocated to the earliest date on which the Group can be required to settle the obligations.
For liabilities with variable interest rates, the future interest cash flows have been estimated using the market forward interest rates at the reporting date. Actual cash flows may differ as market conditions change.
For derivative financial instruments, the tables include:
\u25cf
net cash flows for derivatives that are net\u2011settled, and
\u25cf
gross contractual inflows and outflows for derivatives that are gross\u2011settled.
31 December 2025
USD millions
Notes
Carrying amount
Contractual cash flows
On demand
6 months or less
6-12 months
1-2 years
2-5 years
More than 5 years
Non-derivative financial liabilities
Interest-bearing debt
5.2
(3,627)
(4,249)
(56)
(582)
(247)
(125)
(2,226)
(1,013)
Other non-current liabilities
(36)
(37)
-
-
(1)
(2)
(1)
(33)
Trade payables
5.4
(1,838)
(1,843)
(3)
(1,815)
(25)
-
-
-
Other current liabilities
(341)
(341)
(2)
(312)
(28)
-
-
-
Total
(5,842)
(6,470)
(61)
(2,709)
(301)
(127)
(2,227)
(1,046)
Derivative financial instruments
Financial derivatives
6.3
(58)
-
-
-
-
-
-
-
Outflow
-
(1,295)
-
(840)
(14)
(140)
(219)
(81)
Inflow
-
1,242
-
794
15
119
231
83
Financial derivatives designated for hedging
6.2, 6.3
3
-
-
-
-
-
-
-
Outflow
-
(228)
-
(94)
(20)
(36)
(64)
(14)
Inflow
-
230
-
20
18
35
93
64
Net
(55)
(51)
-
(120)
(1)
(22)
41
52
31 December 2024
USD millions
Notes
Carrying amount
Contractual cash flows
On demand
6 months or less
6-12 months
1-2 years
2-5 years
More than 5 years
Non-derivative financial liabilities
Interest-bearing debt
5.2
(3,579)
(4,380)
(62)
(129)
(125)
(891)
(1,600)
(1,574)
Other non-current liabilities
(19)
(19)
-
-
(3)
(1)
(1)
(13)
Trade payables
5.4
(1,733)
(1,737)
(3)
(1,713)
(21)
-
-
-
Other current liabilities
(293)
(293)
(1)
(270)
(21)
-
-
-
Total
(5,624)
(6,429)
(66)
(2,112)
(170)
(892)
(1,601)
(1,587)
Derivative financial instruments
Financial derivatives
6.3
(104)
-
-
-
-
-
-
-
Outflow
-
(767)
-
(43)
(14)
(280)
(349)
(81)
Inflow
-
661
-
48
14
217
307
76
Financial derivatives designated for hedging
6.2, 6.3
(24)
-
-
-
-
-
-
-
Outflow
-
(287)
-
(28)
(22)
(43)
(103)
(92)
Inflow
-
282
-
23
17
40
110
91
Net
(128)
(111)
-
-
(5)
(66)
(35)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-156": { "value": "
6.1
Financial risk management
Currency risk
Prices of Yara\u2019s most important products are either directly denominated or determined in US dollars. In markets outside the US, local prices will generally adjust to fluctuations in the US dollar exchange rate, albeit with a certain time lag. Yara\u2019s main cost items, such as energy (especially to produce ammonia) and raw materials, are also either denominated in US dollars or highly correlated to changes in the US dollar exchange rate. The Group\u2019s main currency risk is thus related to USD fluctuations.
To mitigate its net economic USD exposure, Yara incurs most of its debt in US dollars. A part of that debt meets working capital needs or finances specific investment projects. The part of the debt constituting a
hedge of projected earnings was gradually reduced from around USD 2,750 million to around USD 2,000 million during the first half of 2025 and kept stable thereafter. (2024: Kept between USD 2,600 million and USD 3,000 million, ending the year around USD 2,750 million.) A certain portion of the total debt is kept in various local currencies in order to finance local currency exposed business positions.
Yara manages its economic exposure to currencies other than the USD by establishing and adhering to defined risk limits for each currency. Such local currency exposures, particularly in emerging markets, are managed through adjustments of the Group's debt, liquidity, or derivative portfolios. Derivative instruments may also be used to manage currency risk related to future purchases and sales or to offset short-term liquidity needs in one currency with surplus liquidity in another currency. Such forward contracts are not designated as hedging instruments for accounting purposes, and changes in fair value are therefore recognized in the income statement.
The Group\u2019s currency exposure in the consolidated statement of financial position relates primarily to its USD denominated monetary items, including external debt, deposits, and net receivables. In addition, inter-company loans and deposits may generate translation gains or losses compounding or offsetting the effects of the USD items. As an example, inter-company foreign currency denominated lending by the parent Yara International ASA (whose functional currency is NOK) can lead to short-term accounting effects counteracting the effect of the US dollar debt position hedging the economic exposure.
Sensitivity \u2013 net income
USD millions
2025
2024
A 10% weakening1 of the below currencies at the reporting date would have
increased/(decreased) net income by:
US dollar
160
197
Euro
(461)
(371)
1 Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on the value of financial instruments as at the balance sheet date. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2024. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above.
Sensitivity \u2013 other comprehensive income
USD millions
2025
2024
A 10% weakening1 of the below currencies at the reporting date would have
increased/(decreased) other comprehensive income by:
Norwegian krone
(304)
(187)
Canadian dollar
(103)
(96)
Brazilian real
(50)
(20)
Euro
(27)
(29)
1 Against US dollar (presentation currency of the Group).
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on equity in foreign operations as at the balance sheet date. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same basis for 2024.
Interest rate risk
Yara\u2019s exposure to changes in interest rates is mainly linked to fair value risk and cash flow risk from its debt portfolio, as disclosed in note 5.2 Interest-bearing debt.
In accordance with Yara\u2019s defined framework for fair value risk arising from exposure towards fixed interest rates, Yara maintains a mix of floating rate and fixed rate debt. Yara may use interest rate swaps and cross-currency swaps to convert debt originally issued at fixed interest rates to floating interest rates, and the interest expense related to such converted debt will thus fluctuate in line with market changes. At the reporting date, the interest rate profile of the Group\u2019s non-current interest-bearing debt is summarized in the table below.
Interest rate profile of the Group\u2019s non-current interest-bearing debt
USD millions
Notes
31 Dec 2025
31 Dec 2024
Floating interest rate loans1
1,007
1,161
Fixed interest rate loans \u2013 maturity
2-5 years
1,747
1,499
More than 5 years
-
749
Non-current interest-bearing debt
5.2
2,754
3,409
1 Including fixed rate bonds converted to floating rate by use of interest rate swaps and cross currency swaps.
Yara\u2019s financial portfolio exposed to changes in interest rates comprises current and non-current interest-bearing debt, derivative financial instruments, and cash and cash equivalents. As at 31 December, an interest rate increase would have affected this portfolio as shown in the table below.
Sensitivity \u2013 net income
USD millions
2025
2024
An increase of 100 basis points of the below interest rates at the reporting date would have increased/(decreased) net income by:
USD interest rates
(1)
(8)
NOK interest rates
-
1
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on financial instruments as at the balance sheet date. The analysis was performed on the same basis for 2024. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-157": { "value": "
6.1
Financial risk management
Risk management policies
Capital structure
Yara\u2019s only financial covenant refers to the debt-to-equity ratio, calculated as net interest-bearing debt divided by shareholders\u2019 equity plus non-controlling interests20. In the most restrictive agreements, that ratio should not exceed 1.4. As at the end of 2025, the ratio was 0.37 compared with 0.53 as at the end of 2024. The Group is not subject to other externally imposed capital requirements but maintains internally defined capital policy targets.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutNoncurrentLiabilitiesWithCovenantsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-158": { "value": "
6.1
Financial risk management
Credit risk
Yara has a well-established system for credit management with established limits at both customer and country levels. Yara\u2019s geographically diversified portfolio reduces the overall credit risk of the Group. Credit risk arising from the inability of the counterparty to meet the terms of Yara\u2019s financial instruments is generally limited to amounts, if any, by which the counterparty\u2019s obligations exceed Yara\u2019s obligations.
The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative financial instruments, recorded in the consolidated statement of financial position and as disclosed in note 6.3 Financial instruments.
Yara\u2019s policy is to enter into financial instruments with various international banks with established limits for transactions with each institution. Yara also has agreed limits for credit exposure (collateral agreements) with most of its main banks. As at the balance sheet date, Yara has deposited USD 45.5 million (2024: USD 102.9 million) in cash with its counterparties to mitigate exposure from financial liabilities covered by such agreements. These deposits are reported as prepaid expenses and other current assets in the consolidated statement of financial position. Collateral deposits are made at overnight terms and required collateral is reassessed twice every month.
Due to Yara\u2019s geographical spread and significant number of customers there are no significant concentrations of credit risk. Therefore, Yara does not expect to incur material credit losses on its customer portfolio.
Yara may undertake a number of measures to reduce the credit risk of particular receivables. Such measures include letters of credit, bank guarantees and credit insurance agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-159": { "value": "
6.1
Financial risk management
Sensitivity \u2013 net income
USD millions
2025
2024
A 10% weakening1 of the below currencies at the reporting date would have
increased/(decreased) net income by:
US dollar
160
197
Euro
(461)
(371)
1 Against functional currencies.
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on the value of financial instruments as at the balance sheet date. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on operating income. The analysis was performed on the same basis for 2024. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the amounts shown above.
Sensitivity \u2013 other comprehensive income
USD millions
2025
2024
A 10% weakening1 of the below currencies at the reporting date would have
increased/(decreased) other comprehensive income by:
Norwegian krone
(304)
(187)
Canadian dollar
(103)
(96)
Brazilian real
(50)
(20)
Euro
(27)
(29)
1 Against US dollar (presentation currency of the Group).
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on equity in foreign operations as at the balance sheet date. Since all other variables are assumed to remain constant, the analysis does not reflect subsequent effects on equity. The analysis was performed on the same basis for 2024.
Sensitivity \u2013 net income
USD millions
2025
2024
An increase of 100 basis points of the below interest rates at the reporting date would have increased/(decreased) net income by:
USD interest rates
(1)
(8)
NOK interest rates
-
1
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on financial instruments as at the balance sheet date. The analysis was performed on the same basis for 2024. A decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above.
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-160": { "value": "
6.1
Financial risk management
Liquidity risk
Contractual maturities of financial liabilities
The tables below present the Group\u2019s remaining contractual maturities for its financial liabilities at the reporting date. The amounts represent undiscounted contractual cash flows and include both principal and interest payments. The cash flows are allocated to the earliest date on which the Group can be required to settle the obligations.
For liabilities with variable interest rates, the future interest cash flows have been estimated using the market forward interest rates at the reporting date. Actual cash flows may differ as market conditions change.
For derivative financial instruments, the tables include:
\u25cf
net cash flows for derivatives that are net\u2011settled, and
\u25cf
gross contractual inflows and outflows for derivatives that are gross\u2011settled.
31 December 2025
USD millions
Notes
Carrying amount
Contractual cash flows
On demand
6 months or less
6-12 months
1-2 years
2-5 years
More than 5 years
Non-derivative financial liabilities
Interest-bearing debt
5.2
(3,627)
(4,249)
(56)
(582)
(247)
(125)
(2,226)
(1,013)
Other non-current liabilities
(36)
(37)
-
-
(1)
(2)
(1)
(33)
Trade payables
5.4
(1,838)
(1,843)
(3)
(1,815)
(25)
-
-
-
Other current liabilities
(341)
(341)
(2)
(312)
(28)
-
-
-
Total
(5,842)
(6,470)
(61)
(2,709)
(301)
(127)
(2,227)
(1,046)
Derivative financial instruments
Financial derivatives
6.3
(58)
-
-
-
-
-
-
-
Outflow
-
(1,295)
-
(840)
(14)
(140)
(219)
(81)
Inflow
-
1,242
-
794
15
119
231
83
Financial derivatives designated for hedging
6.2, 6.3
3
-
-
-
-
-
-
-
Outflow
-
(228)
-
(94)
(20)
(36)
(64)
(14)
Inflow
-
230
-
20
18
35
93
64
Net
(55)
(51)
-
(120)
(1)
(22)
41
52
31 December 2024
USD millions
Notes
Carrying amount
Contractual cash flows
On demand
6 months or less
6-12 months
1-2 years
2-5 years
More than 5 years
Non-derivative financial liabilities
Interest-bearing debt
5.2
(3,579)
(4,380)
(62)
(129)
(125)
(891)
(1,600)
(1,574)
Other non-current liabilities
(19)
(19)
-
-
(3)
(1)
(1)
(13)
Trade payables
5.4
(1,733)
(1,737)
(3)
(1,713)
(21)
-
-
-
Other current liabilities
(293)
(293)
(1)
(270)
(21)
-
-
-
Total
(5,624)
(6,429)
(66)
(2,112)
(170)
(892)
(1,601)
(1,587)
Derivative financial instruments
Financial derivatives
6.3
(104)
-
-
-
-
-
-
-
Outflow
-
(767)
-
(43)
(14)
(280)
(349)
(81)
Inflow
-
661
-
48
14
217
307
76
Financial derivatives designated for hedging
6.2, 6.3
(24)
-
-
-
-
-
-
-
Outflow
-
(287)
-
(28)
(22)
(43)
(103)
(92)
Inflow
-
282
-
23
17
40
110
91
Net
(128)
(111)
-
-
(5)
(66)
(35)
(6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-161": { "value": "
6.2
Hedge accounting
Accounting policies
Derivative financial instruments may be used for hedging purposes when considered appropriate under the Group\u2019s risk management framework. The Group currently applies hedge accounting for certain financial instruments designated as fair value hedges or hedges of net investments in foreign operations.
For fair value hedges, changes in the fair value of the hedging instrument are recognized in the consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in fair value attributable to the hedged risk, with the corresponding adjustment also recognized in the consolidated statement of income.
For hedges of net investments in foreign operations, changes in the fair value of the hedging instrument are recognized in other comprehensive income. Any ineffective portion of the hedge is recognized immediately in the consolidated statement of income.
Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or when the hedge relationship no longer meets the qualifying criteria for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-162": { "value": "
6.2
Hedge accounting
Accounting policies
Derivative financial instruments may be used for hedging purposes when considered appropriate under the Group\u2019s risk management framework. The Group currently applies hedge accounting for certain financial instruments designated as fair value hedges or hedges of net investments in foreign operations.
For fair value hedges, changes in the fair value of the hedging instrument are recognized in the consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in fair value attributable to the hedged risk, with the corresponding adjustment also recognized in the consolidated statement of income.
For hedges of net investments in foreign operations, changes in the fair value of the hedging instrument are recognized in other comprehensive income. Any ineffective portion of the hedge is recognized immediately in the consolidated statement of income.
Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or when the hedge relationship no longer meets the qualifying criteria for hedge accounting.
6.3
Financial instruments
Accounting policies
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Group becomes party to the contractual obligations of the instrument.
Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories are amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL).
Derivatives
The Group uses derivative financial instruments to hedge exposure against currency risk, interest rate risk and commodity price risk arising in operating, financing and investment activities. These derivatives are initially recognized at fair value and subsequently measured at FVTPL at each balance sheet date. Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value with changes in fair value recognized in the consolidated statement of income. Embedded derivatives may refer to financial transactions and sale and purchase transactions for gas, ammonia and other commodities.
Fair value on derivatives is measured based on quoted market prices when these are available. When quoted prices from active markets are not available, the Group estimates fair value by using valuation models that make maximum use of observable market data. The resulting change in fair value is recognized immediately in the statement of income. If the derivative is designated and effective as a hedging instrument, the timing of the recognition in the consolidated statement of income depends on the nature of the hedge relationship. A derivative is classified as non-current if the remaining maturity of the derivative is more than 12 months, and as current if the remaining maturity of the derivative is less than 12 months.
All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for which there are no active markets. Fair value of all items in this category is therefore calculated using valuation techniques with maximum use of market inputs and assumptions that reasonably reflect factors that market participants would consider in setting a price, relying as little as possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to changes in forward commodity prices. None of the derivatives in this category are designated in hedge relationships.
Equity instruments
Yara Growth Ventures AS (YGV) is the corporate venture capital organization of Yara.
YGV invests in start-ups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry. All investments are initially recognized at fair value and subsequently measured at FVTPL. YGV\u2019s portfolio currently consists of 20 investments, of which 17 are equity positions and 3 are fund positions. The funding round in which YGV participated is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate fair value unless there have been any significant developments or events prior to the balance sheet date. For investments held for 12 months or longer, Yara applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns.
If a YGV investment leads to control or de facto control over the investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over an investee, Yara takes advantage of the accounting policy choice in IAS 28 to not apply the equity method to these venture investments. Strategic investments in associates and joint ventures are accounted for by applying the equity method, see note 4.3 Associates and joint ventures. None of the YGV investments were assessed to be under significant influence, joint control or control by Yara as at 31 December 2025.
Equity instruments other than venture investments are recognized at fair value and subsequently measured at FVTPL.
Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. Fair value of contingent consideration is calculated considering the present value of expected payments, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the possible scenarios of financial performance, the amount to be paid under each scenario and the probability of each scenario.
Financial instruments at fair value
Financial instruments at fair value refer to derivatives at FVTPL, equity instruments at FVTPL, equity instruments at FVOCI and financial liabilities at FVTPL. They are valued according to different levels in the fair value hierarchy in IFRS 13. The different levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-163": { "value": "
6.2
Hedge accounting
Accounting policies
Derivative financial instruments may be used for hedging purposes when considered appropriate under the Group\u2019s risk management framework. The Group currently applies hedge accounting for certain financial instruments designated as fair value hedges or hedges of net investments in foreign operations.
For fair value hedges, changes in the fair value of the hedging instrument are recognized in the consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in fair value attributable to the hedged risk, with the corresponding adjustment also recognized in the consolidated statement of income.
For hedges of net investments in foreign operations, changes in the fair value of the hedging instrument are recognized in other comprehensive income. Any ineffective portion of the hedge is recognized immediately in the consolidated statement of income.
Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or when the hedge relationship no longer meets the qualifying criteria for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-164": { "value": "
6.2
Hedge accounting
Effect on financial position and performance as at 31 December 2025
Hedged item
Carrying amount
Accumulated fair value adjustments
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
Fixed interest, NOK bonds (2017)
95
5
Non-current interest-bearing debt
(2)
Fixed interest, NOK bonds (2021)
97
2
Non-current interest-bearing debt
(2)
Fixed interest, USD bonds (2022)
607
(10)
Non-current interest-bearing debt
(22)
Fixed interest, NOK bonds (2024)
159
-
Non-current interest-bearing debt
(1)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
NOK interest rate swaps
3M NIBOR
358
(7)
Other non-current financial liabilities
5
USD interest rate swaps
SOFR
600
10
Other non-current financial liabilities
22
Effect on financial position and performance as at 31 December 2024
Hedged item
Carrying amount
Accumulated fair value adjustments
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
Fixed interest, NOK bonds (2017)
82
6
Non-current interest-bearing debt
(3)
Fixed interest, NOK bonds (2021)
84
5
Non-current interest-bearing debt
(1)
Fixed interest, USD bonds (2022)
585
12
Non-current interest-bearing debt
28
Fixed interest, NOK bonds (2024)
140
1
Non-current interest-bearing debt
1
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
NOK interest rate swaps
3M NIBOR
318
(12)
Other non-current financial liabilities
4
USD interest rate swaps
SOFR
600
(12)
Other non-current financial liabilities
(28)
Net investment hedges
As at 31 December 2025, Yara has designated a total of USD 815 million (2024: USD 815 million) of its USD-denominated interest-bearing debt as hedges of net investments in foreign (USD-based) operations. The hedging instruments comprise USD-denominated bond loans.
The designation of interest-bearing debt as hedges of net investments results in foreign currency translation gains and losses on the hedging instruments being recognized in other comprehensive income, rather than in the consolidated statement of income, to the extent the hedge is effective.
As the hedged net investments and the hedging instruments are exposed solely to movements in the USD/NOK spot exchange rate, no hedge ineffectiveness has been identified.
Yara has a remaining balance of USD 1 million related to net investment hedging relationships for which hedge accounting has ceased.
Effect on financial position and performance as at 31 December 2025
Hedged item
Change in fair value used for measuring ineffectiveness1
Foreign currency translation reserve
Net investment in foreign subsidiaries
(75)
(292)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period1
USD denominated interest-bearing debt
Spot USDNOK
815
815

Non-current interest-bearing debt
75
1 Amounts are after tax. See note 2.8 Income taxes for the tax effect
Effect on financial position and performance as at 31 December 2024
Hedged item
Change in fair value used for measuring ineffectiveness1
Foreign currency translation reserve
Net investment in foreign subsidiaries
67
(367)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period1
USD denominated interest-bearing debt
Spot USDNOK
815
815

Non-current interest-bearing debt
(67)
1 Amounts are after tax. See note 2.8 Income taxes for the tax effect
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-165": { "value": "
6.2
Hedge accounting
The Group\u2019s general risk management policies and principles are described in note 6.1 Financial risk management.
Accounting policies
Derivative financial instruments may be used for hedging purposes when considered appropriate under the Group\u2019s risk management framework. The Group currently applies hedge accounting for certain financial instruments designated as fair value hedges or hedges of net investments in foreign operations.
For fair value hedges, changes in the fair value of the hedging instrument are recognized in the consolidated statement of income. The carrying amount of the hedged item is adjusted for changes in fair value attributable to the hedged risk, with the corresponding adjustment also recognized in the consolidated statement of income.
For hedges of net investments in foreign operations, changes in the fair value of the hedging instrument are recognized in other comprehensive income. Any ineffective portion of the hedge is recognized immediately in the consolidated statement of income.
Hedge accounting is discontinued when the hedging instrument expires, is sold, terminated or exercised, or when the hedge relationship no longer meets the qualifying criteria for hedge accounting.
Fair value hedges
In December 2017, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (NIBOR) on NOK 1,000 million of the fixed rate bond debt issued in 2017. A further NOK 1,000 million hedge relationship related to the same bond issue was settled upon maturity in 2024.
In November 2021, Yara designated a long-term NOK fixed-to-floating interest rate swap as hedging instrument. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (NIBOR) on the NOK 1,000 million of fixed rate bond debt issued in 2021.
In November 2022, Yara designated a long-term USD fixed-to-floating interest rate swap as a hedging instrument. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (SOFR) on the USD 600 million fixed rate bond debt issued in 2022.
In June 2024, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (NIBOR) on fixed-rate bond debt of NOK 900 million and NOK 700 million issued in 2024.
Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost. However, through the designation of interest rate swaps as hedging instruments and the application of fair value hedge accounting, changes in fair value attributable to interest rate risk are included in the carrying amount of the hedged bonds. The corresponding gains or losses recognized in the consolidated statement of income offset the effects of changes in the fair value of the interest rate swaps, thereby reducing volatility in net income.
As the key terms of the hedging instruments (interest basis, inception dates, and maturity dates) are identical to those of the respective hedged items, no hedge ineffectiveness has been identified.
Yara has no remaining balances related to fair value hedging relationships for which hedge accounting has ceased.
Effect on financial position and performance as at 31 December 2025
Hedged item
Carrying amount
Accumulated fair value adjustments
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
Fixed interest, NOK bonds (2017)
95
5
Non-current interest-bearing debt
(2)
Fixed interest, NOK bonds (2021)
97
2
Non-current interest-bearing debt
(2)
Fixed interest, USD bonds (2022)
607
(10)
Non-current interest-bearing debt
(22)
Fixed interest, NOK bonds (2024)
159
-
Non-current interest-bearing debt
(1)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
NOK interest rate swaps
3M NIBOR
358
(7)
Other non-current financial liabilities
5
USD interest rate swaps
SOFR
600
10
Other non-current financial liabilities
22
Effect on financial position and performance as at 31 December 2024
Hedged item
Carrying amount
Accumulated fair value adjustments
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
Fixed interest, NOK bonds (2017)
82
6
Non-current interest-bearing debt
(3)
Fixed interest, NOK bonds (2021)
84
5
Non-current interest-bearing debt
(1)
Fixed interest, USD bonds (2022)
585
12
Non-current interest-bearing debt
28
Fixed interest, NOK bonds (2024)
140
1
Non-current interest-bearing debt
1
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
NOK interest rate swaps
3M NIBOR
318
(12)
Other non-current financial liabilities
4
USD interest rate swaps
SOFR
600
(12)
Other non-current financial liabilities
(28)
Net investment hedges
As at 31 December 2025, Yara has designated a total of USD 815 million (2024: USD 815 million) of its USD-denominated interest-bearing debt as hedges of net investments in foreign (USD-based) operations. The hedging instruments comprise USD-denominated bond loans.
The designation of interest-bearing debt as hedges of net investments results in foreign currency translation gains and losses on the hedging instruments being recognized in other comprehensive income, rather than in the consolidated statement of income, to the extent the hedge is effective.
As the hedged net investments and the hedging instruments are exposed solely to movements in the USD/NOK spot exchange rate, no hedge ineffectiveness has been identified.
Yara has a remaining balance of USD 1 million related to net investment hedging relationships for which hedge accounting has ceased.
Effect on financial position and performance as at 31 December 2025
Hedged item
Change in fair value used for measuring ineffectiveness1
Foreign currency translation reserve
Net investment in foreign subsidiaries
(75)
(292)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period1
USD denominated interest-bearing debt
Spot USDNOK
815
815

Non-current interest-bearing debt
75
1 Amounts are after tax. See note 2.8 Income taxes for the tax effect
Effect on financial position and performance as at 31 December 2024
Hedged item
Change in fair value used for measuring ineffectiveness1
Foreign currency translation reserve
Net investment in foreign subsidiaries
67
(367)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period1
USD denominated interest-bearing debt
Spot USDNOK
815
815

Non-current interest-bearing debt
(67)
1 Amounts are after tax. See note 2.8 Income taxes for the tax effect
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-166": { "value": "
6.2
Hedge accounting
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-167": { "value": "
6.2
Hedge accounting
Fair value hedges
In December 2017, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (NIBOR) on NOK 1,000 million of the fixed rate bond debt issued in 2017. A further NOK 1,000 million hedge relationship related to the same bond issue was settled upon maturity in 2024.
In November 2021, Yara designated a long-term NOK fixed-to-floating interest rate swap as hedging instrument. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (NIBOR) on the NOK 1,000 million of fixed rate bond debt issued in 2021.
In November 2022, Yara designated a long-term USD fixed-to-floating interest rate swap as a hedging instrument. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (SOFR) on the USD 600 million fixed rate bond debt issued in 2022.
In June 2024, Yara designated a portfolio of long-term NOK fixed-to-floating interest rate swaps as hedging instruments. The hedged risk is the change in fair value attributable to changes in the risk-free interest rate (NIBOR) on fixed-rate bond debt of NOK 900 million and NOK 700 million issued in 2024.
Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost. However, through the designation of interest rate swaps as hedging instruments and the application of fair value hedge accounting, changes in fair value attributable to interest rate risk are included in the carrying amount of the hedged bonds. The corresponding gains or losses recognized in the consolidated statement of income offset the effects of changes in the fair value of the interest rate swaps, thereby reducing volatility in net income.
As the key terms of the hedging instruments (interest basis, inception dates, and maturity dates) are identical to those of the respective hedged items, no hedge ineffectiveness has been identified.
Yara has no remaining balances related to fair value hedging relationships for which hedge accounting has ceased.
Effect on financial position and performance as at 31 December 2025
Hedged item
Carrying amount
Accumulated fair value adjustments
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
Fixed interest, NOK bonds (2017)
95
5
Non-current interest-bearing debt
(2)
Fixed interest, NOK bonds (2021)
97
2
Non-current interest-bearing debt
(2)
Fixed interest, USD bonds (2022)
607
(10)
Non-current interest-bearing debt
(22)
Fixed interest, NOK bonds (2024)
159
-
Non-current interest-bearing debt
(1)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
NOK interest rate swaps
3M NIBOR
358
(7)
Other non-current financial liabilities
5
USD interest rate swaps
SOFR
600
10
Other non-current financial liabilities
22
Effect on financial position and performance as at 31 December 2024
Hedged item
Carrying amount
Accumulated fair value adjustments
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
Fixed interest, NOK bonds (2017)
82
6
Non-current interest-bearing debt
(3)
Fixed interest, NOK bonds (2021)
84
5
Non-current interest-bearing debt
(1)
Fixed interest, USD bonds (2022)
585
12
Non-current interest-bearing debt
28
Fixed interest, NOK bonds (2024)
140
1
Non-current interest-bearing debt
1
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period
NOK interest rate swaps
3M NIBOR
318
(12)
Other non-current financial liabilities
4
USD interest rate swaps
SOFR
600
(12)
Other non-current financial liabilities
(28)
Net investment hedges
As at 31 December 2025, Yara has designated a total of USD 815 million (2024: USD 815 million) of its USD-denominated interest-bearing debt as hedges of net investments in foreign (USD-based) operations. The hedging instruments comprise USD-denominated bond loans.
The designation of interest-bearing debt as hedges of net investments results in foreign currency translation gains and losses on the hedging instruments being recognized in other comprehensive income, rather than in the consolidated statement of income, to the extent the hedge is effective.
As the hedged net investments and the hedging instruments are exposed solely to movements in the USD/NOK spot exchange rate, no hedge ineffectiveness has been identified.
Yara has a remaining balance of USD 1 million related to net investment hedging relationships for which hedge accounting has ceased.
Effect on financial position and performance as at 31 December 2025
Hedged item
Change in fair value used for measuring ineffectiveness1
Foreign currency translation reserve
Net investment in foreign subsidiaries
(75)
(292)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period1
USD denominated interest-bearing debt
Spot USDNOK
815
815

Non-current interest-bearing debt
75
1 Amounts are after tax. See note 2.8 Income taxes for the tax effect
Effect on financial position and performance as at 31 December 2024
Hedged item
Change in fair value used for measuring ineffectiveness1
Foreign currency translation reserve
Net investment in foreign subsidiaries
67
(367)
Hedging instrument
Hedging rate
Notional amount
Carrying amount
Line item in the consolidated statement of financial position
Change in fair value used for measuring ineffectiveness for the period1
USD denominated interest-bearing debt
Spot USDNOK
815
815

Non-current interest-bearing debt
(67)
1 Amounts are after tax. See note 2.8 Income taxes for the tax effect
6.3
Financial instruments
Financial instruments per category
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-168": { "value": "
6.3
Financial instruments
Financial instruments per category
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Financial instruments at level 3
Reconciliation of fair value instruments at Level 3
USD millions
2025
2024
Balance at 1 January
83
88
Total gains or (losses):
- in income statement
(4)
(7)
- in other comprehensive income
-
1
Additions/(disposals)
(12)
9
Foreign currency translation
9
(8)
Balance at 31 December
76
83
Changes in in fair values recognized in the statement of other comprehensive income are included in \u201cNet gain/(loss) on equity instruments at fair value through other comprehensive income\u201d. In 2025, Yara disposed of its portfolio of equity instruments measured at fair value through OCI. As of 31 December 2025, Yara no longer holds equity instruments designated in the fair value through OCI category.
Sensitivity of fair value measurements of financial instruments at Level 3
The fair values of the equity investments in Yara Growth Venture are measured by applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the valuation models would not materially change the fair value of these investments in 2025 or 2024.
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-169": { "value": "
6.3
Financial instruments
Equity instruments
Yara Growth Ventures AS (YGV) is the corporate venture capital organization of Yara.
YGV invests in start-ups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry. All investments are initially recognized at fair value and subsequently measured at FVTPL. YGV\u2019s portfolio currently consists of 20 investments, of which 17 are equity positions and 3 are fund positions. The funding round in which YGV participated is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate fair value unless there have been any significant developments or events prior to the balance sheet date. For investments held for 12 months or longer, Yara applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns.
If a YGV investment leads to control or de facto control over the investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over an investee, Yara takes advantage of the accounting policy choice in IAS 28 to not apply the equity method to these venture investments. Strategic investments in associates and joint ventures are accounted for by applying the equity method, see note 4.3 Associates and joint ventures. None of the YGV investments were assessed to be under significant influence, joint control or control by Yara as at 31 December 2025.
Equity instruments other than venture investments are recognized at fair value and subsequently measured at FVTPL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-170": { "value": "
6.3
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Group becomes party to the contractual obligations of the instrument.
Financial liabilities
See note 5.2 Interest-bearing debt, note 5.4 Trade and other current payables and note 4.5 Leases.
Interest-bearing borrowings are initially recognized at fair value less direct transaction costs. Subsequently, they are measured at amortized cost using the effective interest method. The fair values of non-current interest-bearing debt and other non-current liabilities differ from their carrying amounts because most of the Group\u2019s USD debenture bonds bear fixed interest rates and are not subject to hedge accounting. For these USD debenture bonds with fixed interest rates and for other non-current financial liabilities, no active market exists and fair value is calculated based on the present value of future principal and interest cash flows. Cash flows are estimated by using available market rates as a benchmark and adding a credit margin derived from recent transactions or other information available.
Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. Fair value of contingent consideration is calculated considering the present value of expected payments, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the possible scenarios of financial performance, the amount to be paid under each scenario and the probability of each scenario.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-171": { "value": "
6.3
Financial instruments
Derivatives
The Group uses derivative financial instruments to hedge exposure against currency risk, interest rate risk and commodity price risk arising in operating, financing and investment activities. These derivatives are initially recognized at fair value and subsequently measured at FVTPL at each balance sheet date. Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value with changes in fair value recognized in the consolidated statement of income. Embedded derivatives may refer to financial transactions and sale and purchase transactions for gas, ammonia and other commodities.
Fair value on derivatives is measured based on quoted market prices when these are available. When quoted prices from active markets are not available, the Group estimates fair value by using valuation models that make maximum use of observable market data. The resulting change in fair value is recognized immediately in the statement of income. If the derivative is designated and effective as a hedging instrument, the timing of the recognition in the consolidated statement of income depends on the nature of the hedge relationship. A derivative is classified as non-current if the remaining maturity of the derivative is more than 12 months, and as current if the remaining maturity of the derivative is less than 12 months.
All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for which there are no active markets. Fair value of all items in this category is therefore calculated using valuation techniques with maximum use of market inputs and assumptions that reasonably reflect factors that market participants would consider in setting a price, relying as little as possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to changes in forward commodity prices. None of the derivatives in this category are designated in hedge relationships.
Equity instruments
Yara Growth Ventures AS (YGV) is the corporate venture capital organization of Yara.
YGV invests in start-ups and in venture capital funds which sit at the intersection of science and technology in the food and agriculture industry. All investments are initially recognized at fair value and subsequently measured at FVTPL. YGV\u2019s portfolio currently consists of 20 investments, of which 17 are equity positions and 3 are fund positions. The funding round in which YGV participated is taken as the starting point. For investments held less than 12 months, these funding rounds are considered to be the approximate fair value unless there have been any significant developments or events prior to the balance sheet date. For investments held for 12 months or longer, Yara applies valuation techniques considering both observable and unobservable inputs. YGV\u2019s portfolio of funds is valued based on capital balance and further drawdowns.
If a YGV investment leads to control or de facto control over the investee, Yara consolidates the investee. If Yara achieves significant influence or joint control over an investee, Yara takes advantage of the accounting policy choice in IAS 28 to not apply the equity method to these venture investments. Strategic investments in associates and joint ventures are accounted for by applying the equity method, see note 4.3 Associates and joint ventures. None of the YGV investments were assessed to be under significant influence, joint control or control by Yara as at 31 December 2025.
Equity instruments other than venture investments are recognized at fair value and subsequently measured at FVTPL.
Contingent consideration is initially recognized at fair value and subsequently measured at FVTPL. Fair value of contingent consideration is calculated considering the present value of expected payments, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the possible scenarios of financial performance, the amount to be paid under each scenario and the probability of each scenario.
Financial instruments at fair value
Financial instruments at fair value refer to derivatives at FVTPL, equity instruments at FVTPL, equity instruments at FVOCI and financial liabilities at FVTPL. They are valued according to different levels in the fair value hierarchy in IFRS 13. The different levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-172": { "value": "
6.3
Financial instruments
Financial instruments per category
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Financial instruments at level 3
Reconciliation of fair value instruments at Level 3
USD millions
2025
2024
Balance at 1 January
83
88
Total gains or (losses):
- in income statement
(4)
(7)
- in other comprehensive income
-
1
Additions/(disposals)
(12)
9
Foreign currency translation
9
(8)
Balance at 31 December
76
83
Changes in fair values recognized in the income statement are included in \u201cInterest expense and other financial items\u201d. All losses are unrealized in 2025 and 2024.
Changes in in fair values recognized in the statement of other comprehensive income are included in \u201cNet gain/(loss) on equity instruments at fair value through other comprehensive income\u201d. In 2025, Yara disposed of its portfolio of equity instruments measured at fair value through OCI. As of 31 December 2025, Yara no longer holds equity instruments designated in the fair value through OCI category.
Sensitivity of fair value measurements of financial instruments at Level 3
The fair values of the equity investments in Yara Growth Venture are measured by applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the valuation models would not materially change the fair value of these investments in 2025 or 2024.
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-173": { "value": "
6.3
Financial instruments
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Financial instruments at level 3
Reconciliation of fair value instruments at Level 3
USD millions
2025
2024
Balance at 1 January
83
88
Total gains or (losses):
- in income statement
(4)
(7)
- in other comprehensive income
-
1
Additions/(disposals)
(12)
9
Foreign currency translation
9
(8)
Balance at 31 December
76
83
Changes in fair values recognized in the income statement are included in \u201cInterest expense and other financial items\u201d. All losses are unrealized in 2025 and 2024.
Changes in in fair values recognized in the statement of other comprehensive income are included in \u201cNet gain/(loss) on equity instruments at fair value through other comprehensive income\u201d. In 2025, Yara disposed of its portfolio of equity instruments measured at fair value through OCI. As of 31 December 2025, Yara no longer holds equity instruments designated in the fair value through OCI category.
Sensitivity of fair value measurements of financial instruments at Level 3
The fair values of the equity investments in Yara Growth Venture are measured by applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the valuation models would not materially change the fair value of these investments in 2025 or 2024.
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-174": { "value": "
6.3
Financial instruments
Accounting policies
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Group becomes party to the contractual obligations of the instrument.
Under IFRS 9 Financial Instruments, Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows. The principal categories are amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL).
Derivatives
The Group uses derivative financial instruments to hedge exposure against currency risk, interest rate risk and commodity price risk arising in operating, financing and investment activities. These derivatives are initially recognized at fair value and subsequently measured at FVTPL at each balance sheet date. Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value with changes in fair value recognized in the consolidated statement of income. Embedded derivatives may refer to financial transactions and sale and purchase transactions for gas, ammonia and other commodities.
Fair value on derivatives is measured based on quoted market prices when these are available. When quoted prices from active markets are not available, the Group estimates fair value by using valuation models that make maximum use of observable market data. The resulting change in fair value is recognized immediately in the statement of income. If the derivative is designated and effective as a hedging instrument, the timing of the recognition in the consolidated statement of income depends on the nature of the hedge relationship. A derivative is classified as non-current if the remaining maturity of the derivative is more than 12 months, and as current if the remaining maturity of the derivative is less than 12 months.
All commodity contracts are bilateral contracts, or embedded derivatives in bilateral contracts, for which there are no active markets. Fair value of all items in this category is therefore calculated using valuation techniques with maximum use of market inputs and assumptions that reasonably reflect factors that market participants would consider in setting a price, relying as little as possible on entity-specific inputs. Fair values of commodity contracts are especially sensitive to changes in forward commodity prices. None of the derivatives in this category are designated in hedge relationships.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-175": { "value": "
6.3
Financial instruments
Receivables and deposits
See note 3.2 Trade receivables, note 3.4 Cash and cash equivalents and note 4.6 Other non-current assets. Yara\u2019s expected credit loss on receivables and deposits is limited. As a result, disclosures are reduced due to materiality.
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Financial instruments at level 3
Reconciliation of fair value instruments at Level 3
USD millions
2025
2024
Balance at 1 January
83
88
Total gains or (losses):
- in income statement
(4)
(7)
- in other comprehensive income
-
1
Additions/(disposals)
(12)
9
Foreign currency translation
9
(8)
Balance at 31 December
76
83
Changes in fair values recognized in the income statement are included in \u201cInterest expense and other financial items\u201d. All losses are unrealized in 2025 and 2024.
Changes in in fair values recognized in the statement of other comprehensive income are included in \u201cNet gain/(loss) on equity instruments at fair value through other comprehensive income\u201d. In 2025, Yara disposed of its portfolio of equity instruments measured at fair value through OCI. As of 31 December 2025, Yara no longer holds equity instruments designated in the fair value through OCI category.
Sensitivity of fair value measurements of financial instruments at Level 3
The fair values of the equity investments in Yara Growth Venture are measured by applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the valuation models would not materially change the fair value of these investments in 2025 or 2024.
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-176": { "value": "
6.3
Financial instruments
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Financial instruments at level 3
Reconciliation of fair value instruments at Level 3
USD millions
2025
2024
Balance at 1 January
83
88
Total gains or (losses):
- in income statement
(4)
(7)
- in other comprehensive income
-
1
Additions/(disposals)
(12)
9
Foreign currency translation
9
(8)
Balance at 31 December
76
83
Changes in fair values recognized in the income statement are included in \u201cInterest expense and other financial items\u201d. All losses are unrealized in 2025 and 2024.
Changes in in fair values recognized in the statement of other comprehensive income are included in \u201cNet gain/(loss) on equity instruments at fair value through other comprehensive income\u201d. In 2025, Yara disposed of its portfolio of equity instruments measured at fair value through OCI. As of 31 December 2025, Yara no longer holds equity instruments designated in the fair value through OCI category.
Sensitivity of fair value measurements of financial instruments at Level 3
The fair values of the equity investments in Yara Growth Venture are measured by applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the valuation models would not materially change the fair value of these investments in 2025 or 2024.
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-177": { "value": "
6.3
Financial instruments
Financial instruments per category
31 December 2025
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current financial assets
4.6
11
17
76
-
41
145
Current assets
Trade receivables
3.2
-
-
-
-
1,772
1,772
Other current financial assets
3.3
-
4
-
-
337
341
Cash and cash equivalents
3.4
-
-
-
-
913
913
Total financial assets
11
21
76
-
3,062
3,170
Non-current liabilities
Other non-current financial liabilities
(6)
(28)
-
-
(36)
(70)
Interest-bearing debt
5.2
-
-
-
-
(2,754)
(2,754)
Non-current lease liabilities
4.5
-
-
-
-
(413)
(413)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,838)
(1,838)
Other current financial liabilities
(2)
(51)
(3)
-
(338)
(394)
Interest-bearing debt
5.2
-
-
-
-
(873)
(873)
Current lease liabilities
4.5
-
-
-
-
(145)
(145)
Total financial liabilities
(8)
(79)
(3)
-
(6,396)
(6,487)
1 Excluding non-financial liabilities.
31 December 2024
USD millions
Notes
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost
Total carrying amount
Non-current assets
Other non-current assets
4.6
-
1
65
19
35
119
Current assets
Trade receivables
3.2
-
-
-
-
1,497
1,497
Other current financial assets
3.3
-
8
-
-
287
295
Cash and cash equivalents
3.4
-
-
-
-
317
317
Total financial assets
-
9
65
19
2,135
2,228
Non-current liabilities
Other non-current financial liabilities
(25)
(110)
(2)
-
(16)
(154)
Interest-bearing debt
5.2
-
-
-
-
(3,409)
(3,409)
Non-current lease liabilities
4.5
-
-
-
-
(330)
(330)
Current liabilities
Trade and other current payables1
5.4
-
-
-
-
(1,733)
(1,733)
Other current financial liabilities
-
(3)
-
-
(293)
(295)
Interest-bearing debt
5.2
-
-
-
-
(170)
(170)
Current lease liabilities
4.5
-
-
-
-
(138)
(138)
Total financial liabilities
(25)
(113)
(2)
-
(6,089)
(6,229)
1 Excluding non-financial liabilities.
Fair value of financial instruments
The table below presents the fair values of financial instruments, along with their respective levels in the fair value hierarchy. Fair value information is not disclosed for financial instruments that are not measured at fair value when their carrying amount is considered a reasonable approximation of fair value.
31 December 2025
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives designated as hedging instruments
Interest rate swaps
6.2
11
11
-
11
-
Derivatives FVTPL
Forward exchange contracts
4
4
-
4
-
Cross-currency swaps
16
16
-
16
-
Financial assets at FVTPL
Equity instruments
76
76
-
-
76
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(8)
(8)
-
(8)
-
Derivatives at FVTPL
Forward exchange contracts
(10)
(10)
-
(10)
-
Cross-currency swaps
(63)
(63)
-
(63)
-
Embedded commodity derivatives
(6)
(6)
-
(6)
-
Financial liabilities at FVTPL
Contingent consideration
(3)
(3)
-
(3)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,627)
(3,646)
-
(3,646)
-
31 December 2024
USD millions
Notes
Carrying amount
Fair value
Level 1
Level 2
Level 3
Financial assets
Derivatives at FVTPL
Forward exchange contracts
8
8
-
8
-
Interest rate swaps
1
1
-
1
-
Financial assets FVTPL
Equity instruments
65
65
-
-
65
Financial assets at FVOCI
Equity instruments
19
19
-
-
19
Financial liabilities
Derivatives designated as hedging instruments
Interest rate swaps
6.2
(24)
(24)
-
(24)
-
Derivatives at FVTPL
Forward exchange contracts
(2)
(2)
-
(2)
-
Cross-currency swaps
(103)
(103)
-
(103)
-
Embedded commodity derivatives
(8)
(8)
-
(8)
-
Financial liabilities at FVTPL
Contingent consideration
(2)
(2)
-
(2)
-
Financial liabilities at amortized cost
Interest-bearing debt
5.2
(3,801)
(3,708)
-
(3,708)
-
Financial instruments at level 3
USD millions
2025
2024
Balance at 1 January
83
88
Total gains or (losses):
- in income statement
(4)
(7)
- in other comprehensive income
-
1
Additions/(disposals)
(12)
9
Foreign currency translation
9
(8)
Balance at 31 December
76
83
Changes in in fair values recognized in the statement of other comprehensive income are included in \u201cNet gain/(loss) on equity instruments at fair value through other comprehensive income\u201d. In 2025, Yara disposed of its portfolio of equity instruments measured at fair value through OCI. As of 31 December 2025, Yara no longer holds equity instruments designated in the fair value through OCI category.
Sensitivity of fair value measurements of financial instruments at Level 3
The fair values of the equity investments in Yara Growth Venture are measured by applying different valuation methods, including funding rounds as a proxy for their fair value where applicable, probability-weighted future cash flow model and venture capital valuation model (VC model). Under the probability-weighted future cash flow model judgment is applied in determining assumptions such as possible future outcomes, the timing of these outcomes and their probabilities. When applying the VC model, a price-equity multiple is estimated based on observable market information of comparable market participants. A reasonable change in assumptions used in the valuation models would not materially change the fair value of these investments in 2025 or 2024.
Gains and losses from financial instruments at fair value and hedging instruments recognized in the consolidated statement of income and consolidated statement of other comprehensive income
2025
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
22
(10)
(4)
-
-
8
Consolidated statement of comprehensive income2
-
-
-
-
96
96
Total
22
(10)
(4)
-
96
104
2024
USD millions
Derivatives designated for hedging
Derivatives at FVTPL
Other financial instruments
at FVTPL
Equity instruments at FVOCI
Financial instruments at amortized cost1
Total
Consolidated statement of income
(2)
20
(6)
-
-
12
Consolidated statement of comprehensive income2
(7)
-
-
1
(78)
(84)
Total
(9)
20
(6)
1
(78)
(72)
1 Includes the fair value change on hedging instrument of net investment hedge, see note 6.2 Hedging instruments for further details.
2 Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-178": { "value": "
7.2
Share-based remuneration
To support the alignment between executives and shareholder interests and to ensure retention of key talents in the company, an amount up to 30 percent of the Base Salary may be awarded by the Board on an annual basis. The net after tax amount must be invested in Yara shares within a period of one month after the grant and the shares must be retained for minimum 3 years. Executives who resign from Yara must reimburse to the company at the time of resignation the net proceeds of the selling of the shares that are still within the lock-in period.
The grant of Share-based remuneration (SBR) is conditional on Yara\u2019s Net income/(loss) excluding foreign currency exchange gain/(loss) and special items being positive in sum over the last three years. Yara\u2019s CEO can on a discretionary basis decide that SBR shall not be granted for a given year, and Yara\u2019s Board of Directors can decide that SBR shall not be granted to the CEO for a given year. Such an assessment will amongst other factors be evaluated against Yara\u2019s performance towards its strategic targets of sustainable value creation, hereunder performance indicators linked to People, Profitable growth, and Financial metrics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-179": { "value": "
7.2
Share-based remuneration
The grant of Share-based remuneration (SBR) is conditional on Yara\u2019s Net income/(loss) excluding foreign currency exchange gain/(loss) and special items being positive in sum over the last three years. Yara\u2019s CEO can on a discretionary basis decide that SBR shall not be granted for a given year, and Yara\u2019s Board of Directors can decide that SBR shall not be granted to the CEO for a given year. Such an assessment will amongst other factors be evaluated against Yara\u2019s performance towards its strategic targets of sustainable value creation, hereunder performance indicators linked to People, Profitable growth, and Financial metrics.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-180": { "value": "
7.3
External audit remuneration
Deloitte AS (Deloitte) is Yara\u2019s auditor. A few subsidiaries of Yara International ASA have appointed other audit firms. The following table shows the total audit and other services delivered to the Group by the appointed auditor.
USD thousands
Audit fee
Assurance
services
Tax services
Other non-
audit services
Total
2025
Deloitte Norway
(1,464)
(639)
(8)
(1)
(2,113)
Deloitte abroad
(3,941)
(58)
(360)
(119)
(4,478)
Total Deloitte
(5,406)
(697)
(368)
(120)
(6,591)
Others
(307)
-
(7)
-
(314)
Total
(5,713)
(697)
(375)
(120)
(6,904)
2024
Deloitte Norway
(1,503)
(454)
(8)
-
(1,965)
Deloitte abroad
(3,608)
(199)
(214)
(11)
(4,032)
Total Deloitte
(5,111)
(652)
(222)
(11)
(5,997)
Others
(520)
(38)
(41)
(11)
(610)
Total
(5,630)
(691)
(263)
(23)
(6,607)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-181": { "value": "
7.4
Composition of the group
The consolidated financial statements of Yara comprises 131 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). This list also includes major holding companies.
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Argentina S.A.
100.00%
Argentina
Yara Iberian S.A.U. 95% and Yara Nederland B.V. 5%
Chemical Holdings Pty Ltd.
100.00%
Australia
Yara Australia Pty Ltd.
Yara Australia Pty Ltd.
100.00%
Australia
Yara Technology B.V.
Yara Pilbara Fertilisers Pty Ltd.
100.00%
Australia
Chemical Holdings Pty Ltd.
Yara Environmental Technologies GmbH
100.00%
Austria
Yara Investment GmbH
Yara Belgium S.A./N.V.
100.00%
Belgium
Yara Nederland B.V.
Yara Tertre S.A.
100.00%
Belgium
Yara Belgium S.A./N.V.
Yara Trinidad Ltd.
100.00%
Trinidad and Tobago
Yara Caribbean (2002) Limited
Yara Brasil Fertilizantes S.A.
100.00%
Brazil
Yara South America Investments B.V.
Yara Belle Plaine Inc.
100.00%
Canada
Yara Canada Holding Inc.
Yara Canada Holding Inc.
100.00%
Canada
Fertilizer Holdings AS
Yara Canada Inc.
100.00%
Canada
Fertilizer Holdings AS (90%), Yara North America Inc. (6.1%) and Yara International ASA (3.9%)
Yara Chile Fertilizantes Ltda.
100.00%
Chile
Yara Phosyn Ltd.
Yara Trading (Shanghai) Co. Ltd.
100.00%
China
Yara Asia Pte Ltd.
Yara Colombia S.A.
99.97%
Colombia
Yara International ASA (70.66%) and OFD Holding S. de R.L. (29.31%)
Yara Costa Rica S. de R.L.
87.56%
Costa Rica
Yara Iberian S.A.U.
Yara Danmark A/S
100.00%
Denmark
Fertilizer Holdings AS
Yarecuador Cia. Ltda.
99.90%
Ecuador
Yara Colombia S.A.
Yara Agri Trade Misr
51.00%
Egypt
Yara Trade Misr Ltd.
Yara Suomi Oy
100.00%
Finland
Yara Nederland B.V.
Yara France SAS
100.00%
France
Yara Nederland B.V.
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Besitz GmbH
100.00%
Germany
Yara GmbH & Co. KG
Yara Brunsb\u00fcttel GmbH
100.00%
Germany
Yara GmbH & Co. KG
Yara GmbH & Co. KG
100.00%
Germany
Yara Investments Germany SE
Yara Investments Germany SE
100.00%
Germany
Yara Nederland B.V.
Yara Investment GmbH
100.00%
Germany
Yara GmbH & Co. KG
Yara Ghana Ltd.
100.00%
Ghana
Yara Nederland B.V.
Yara Hellas S.A.
100.00%
Greece
Yara Nederland B.V.
Yara Guatemala S.A.
100.00%
Guatemala
Yara International ASA
Yara Fertilisers India Pvt. Ltd.
100.00%
India
Yara Asia Pte Ltd.
P.T. Yara Indonesia
100.00%
Indonesia
Yara Asia Pte Ltd.
Yara Insurance DAC
100.00%
Ireland
Fertilizer Holdings AS
Yara Italia S.p.A.
100.00%
Italy
Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%)
Yara East Africa Ltd.
100.00%
Kenya
Yara Overseas Ltd.
Yara International (M) Sdn Bhd
70.00%
Malaysia
Yara Asia Pte Ltd.
Yara M\u00e9xico S. de R.L. de C.V.
100.00%
Mexico
OFD Holding S. de R.L. (71.9%) and Yara Nederland B.V. (28.1%)
Fertilizer Holdings AS
100.00%
Norway
Yara International ASA
Her\u00f8ya Nett AS
100.00%
Norway
Yara Norge AS
OFD Holding S. de R.L.
100.00%
Norway
Fertilizer Holdings AS
Yara AS
100.00%
Norway
Fertilizer Holdings AS
Yara Sourcing and Trade AS
100.00%
Norway
Fertilizer Holdings AS
Yara Clean Ammonia AS
100.00%
Norway
Yara International ASA
Yara Clean Ammonia Norge AS
100.00%
Norway
Yara Clean Ammonia AS
Yara Growth Ventures AS
100.00%
Norway
Fertilizer Holdings AS
Yara LPG Shipping AS
100.00%
Norway
Yara Clean Ammonia Norge AS
Yara Norge AS
100.00%
Norway
Yara International ASA
Yara Fertilizers Philippines Inc.
100.00%
Philippines
Yara Asia Pte Ltd.
Yara Poland Sp. z o.o.
100.00%
Poland
Yara Nederland B.V.
Yara Limited
100.00%
Rwanda
Yara Tanzania Ltd.
Yara Asia Pte Ltd.
100.00%
Singapore
Yara International ASA
Yara Africa Fertilizers (Pty) Ltd.
100.00%
South Africa
Yara Nederland B.V.
Yara Animal Nutrition South Africa (Pty) Ltd.
100.00%
South Africa
Yara Suomi Oy
Yara Iberian S.A.U.
100.00%
Spain
Yara Nederland B.V.
Yara AB
100.00%
Sweden
Fertilizer Holdings AS
Yara Clean Ammonia Switzerland SA
100.00%
Switzerland
Yara Clean Ammonia Norge AS
Yara Switzerland Ltd.
100.00%
Switzerland
Yara Nederland B.V.
Yara Tanzania Ltd.
100.00%
Tanzania
Fertilizer Holdings AS
Yara Thailand Ltd.
100.00%
Thailand
Yara Asia Pte Ltd.
Yara Holding Netherlands B.V.
100.00%
The Netherlands
Fertilizer Holdings AS
Yara Nederland B.V.
100.00%
The Netherlands
Yara Holding Netherlands B.V.
Yara Sluiskil B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara South America Investments B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara Technology B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara Vlaardingen B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara Caribbean (2002) Ltd.
100.00%
Trinidad and Tobago
Fertilizer Holdings AS
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara UK Ltd.
100.00%
United Kingdom
Fertilizer Holdings AS
Agoro Carbon Alliance US, Inc.
100.00%
United States
Yara North America Inc. (66%) and Agronomic Technology Corp. (34%)
Agronomic Technology Corp.
100.00%
United States
Yara North America Inc.
Freeport Ammonia LLC
100.00%
United States
Yara North America Inc.
Yara Clean Ammonia US Inc.
100.00%
United States
Yara Clean Ammonia Norge AS
Yara Freeport LLC DBA Texas Ammonia
68.00%
United States
Freeport Ammonia LLC
Yara North America Inc.
100.00%
United States
Yara International ASA
Yara West Sacramento Terminal LLC
100.00%
United States
Yara North America Inc.
Yara Vietnam Co. Ltd.
100.00%
Vietnam
Yara Asia Pte Ltd.
Yara Fertilizer Zambia Ltd.
100.00%
Zambia
Yara Nederland B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-182": { "value": "
7.4
Composition of the group
The consolidated financial statements of Yara comprises 131 legal companies that are controlled by Yara. The material subsidiaries are disclosed in the table below, including the main parent(s). This list also includes major holding companies.
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Argentina S.A.
100.00%
Argentina
Yara Iberian S.A.U. 95% and Yara Nederland B.V. 5%
Chemical Holdings Pty Ltd.
100.00%
Australia
Yara Australia Pty Ltd.
Yara Australia Pty Ltd.
100.00%
Australia
Yara Technology B.V.
Yara Pilbara Fertilisers Pty Ltd.
100.00%
Australia
Chemical Holdings Pty Ltd.
Yara Environmental Technologies GmbH
100.00%
Austria
Yara Investment GmbH
Yara Belgium S.A./N.V.
100.00%
Belgium
Yara Nederland B.V.
Yara Tertre S.A.
100.00%
Belgium
Yara Belgium S.A./N.V.
Yara Trinidad Ltd.
100.00%
Trinidad and Tobago
Yara Caribbean (2002) Limited
Yara Brasil Fertilizantes S.A.
100.00%
Brazil
Yara South America Investments B.V.
Yara Belle Plaine Inc.
100.00%
Canada
Yara Canada Holding Inc.
Yara Canada Holding Inc.
100.00%
Canada
Fertilizer Holdings AS
Yara Canada Inc.
100.00%
Canada
Fertilizer Holdings AS (90%), Yara North America Inc. (6.1%) and Yara International ASA (3.9%)
Yara Chile Fertilizantes Ltda.
100.00%
Chile
Yara Phosyn Ltd.
Yara Trading (Shanghai) Co. Ltd.
100.00%
China
Yara Asia Pte Ltd.
Yara Colombia S.A.
99.97%
Colombia
Yara International ASA (70.66%) and OFD Holding S. de R.L. (29.31%)
Yara Costa Rica S. de R.L.
87.56%
Costa Rica
Yara Iberian S.A.U.
Yara Danmark A/S
100.00%
Denmark
Fertilizer Holdings AS
Yarecuador Cia. Ltda.
99.90%
Ecuador
Yara Colombia S.A.
Yara Agri Trade Misr
51.00%
Egypt
Yara Trade Misr Ltd.
Yara Suomi Oy
100.00%
Finland
Yara Nederland B.V.
Yara France SAS
100.00%
France
Yara Nederland B.V.
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara Besitz GmbH
100.00%
Germany
Yara GmbH & Co. KG
Yara Brunsb\u00fcttel GmbH
100.00%
Germany
Yara GmbH & Co. KG
Yara GmbH & Co. KG
100.00%
Germany
Yara Investments Germany SE
Yara Investments Germany SE
100.00%
Germany
Yara Nederland B.V.
Yara Investment GmbH
100.00%
Germany
Yara GmbH & Co. KG
Yara Ghana Ltd.
100.00%
Ghana
Yara Nederland B.V.
Yara Hellas S.A.
100.00%
Greece
Yara Nederland B.V.
Yara Guatemala S.A.
100.00%
Guatemala
Yara International ASA
Yara Fertilisers India Pvt. Ltd.
100.00%
India
Yara Asia Pte Ltd.
P.T. Yara Indonesia
100.00%
Indonesia
Yara Asia Pte Ltd.
Yara Insurance DAC
100.00%
Ireland
Fertilizer Holdings AS
Yara Italia S.p.A.
100.00%
Italy
Yara Investment GmbH (72.3%) and Yara Nederland B.V. (27.7%)
Yara East Africa Ltd.
100.00%
Kenya
Yara Overseas Ltd.
Yara International (M) Sdn Bhd
70.00%
Malaysia
Yara Asia Pte Ltd.
Yara M\u00e9xico S. de R.L. de C.V.
100.00%
Mexico
OFD Holding S. de R.L. (71.9%) and Yara Nederland B.V. (28.1%)
Fertilizer Holdings AS
100.00%
Norway
Yara International ASA
Her\u00f8ya Nett AS
100.00%
Norway
Yara Norge AS
OFD Holding S. de R.L.
100.00%
Norway
Fertilizer Holdings AS
Yara AS
100.00%
Norway
Fertilizer Holdings AS
Yara Sourcing and Trade AS
100.00%
Norway
Fertilizer Holdings AS
Yara Clean Ammonia AS
100.00%
Norway
Yara International ASA
Yara Clean Ammonia Norge AS
100.00%
Norway
Yara Clean Ammonia AS
Yara Growth Ventures AS
100.00%
Norway
Fertilizer Holdings AS
Yara LPG Shipping AS
100.00%
Norway
Yara Clean Ammonia Norge AS
Yara Norge AS
100.00%
Norway
Yara International ASA
Yara Fertilizers Philippines Inc.
100.00%
Philippines
Yara Asia Pte Ltd.
Yara Poland Sp. z o.o.
100.00%
Poland
Yara Nederland B.V.
Yara Limited
100.00%
Rwanda
Yara Tanzania Ltd.
Yara Asia Pte Ltd.
100.00%
Singapore
Yara International ASA
Yara Africa Fertilizers (Pty) Ltd.
100.00%
South Africa
Yara Nederland B.V.
Yara Animal Nutrition South Africa (Pty) Ltd.
100.00%
South Africa
Yara Suomi Oy
Yara Iberian S.A.U.
100.00%
Spain
Yara Nederland B.V.
Yara AB
100.00%
Sweden
Fertilizer Holdings AS
Yara Clean Ammonia Switzerland SA
100.00%
Switzerland
Yara Clean Ammonia Norge AS
Yara Switzerland Ltd.
100.00%
Switzerland
Yara Nederland B.V.
Yara Tanzania Ltd.
100.00%
Tanzania
Fertilizer Holdings AS
Yara Thailand Ltd.
100.00%
Thailand
Yara Asia Pte Ltd.
Yara Holding Netherlands B.V.
100.00%
The Netherlands
Fertilizer Holdings AS
Yara Nederland B.V.
100.00%
The Netherlands
Yara Holding Netherlands B.V.
Yara Sluiskil B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara South America Investments B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara Technology B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara Vlaardingen B.V.
100.00%
The Netherlands
Yara Nederland B.V.
Yara Caribbean (2002) Ltd.
100.00%
Trinidad and Tobago
Fertilizer Holdings AS
Subsidiaries
Ownership
Registered office
Main parent(s)
Yara UK Ltd.
100.00%
United Kingdom
Fertilizer Holdings AS
Agoro Carbon Alliance US, Inc.
100.00%
United States
Yara North America Inc. (66%) and Agronomic Technology Corp. (34%)
Agronomic Technology Corp.
100.00%
United States
Yara North America Inc.
Freeport Ammonia LLC
100.00%
United States
Yara North America Inc.
Yara Clean Ammonia US Inc.
100.00%
United States
Yara Clean Ammonia Norge AS
Yara Freeport LLC DBA Texas Ammonia
68.00%
United States
Freeport Ammonia LLC
Yara North America Inc.
100.00%
United States
Yara International ASA
Yara West Sacramento Terminal LLC
100.00%
United States
Yara North America Inc.
Yara Vietnam Co. Ltd.
100.00%
Vietnam
Yara Asia Pte Ltd.
Yara Fertilizer Zambia Ltd.
100.00%
Zambia
Yara Nederland B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-183": { "value": "
7.5
Post balance sheet date events
Geopolitical situation
In January 2026, the EU commission spoke about possibly amending CBAM legislation to open up for temporary suspension of CBAM under serious and unforeseen circumstances. Fertilizers were mentioned specifically as a product that would be evaluated for temporary CBAM suspension. This has caused uncertainty for the European fertilizer industry. For more information on the effects of CBAM, see note 1.2 Climate risks and opportunities and note 4.1 Property, plant and equipment.
In February 2026, Israel and the United States carried out coordinated strikes on Iran\u2019s nuclear and ballistic missile facilities leading to increased regional tensions in the Middle East. Since then, the US-Israeli war with Iran has sharply intensified, with strikes spreading across several countries in the region, underscoring a rapidly escalating conflict in the Middle East at the time of issuing this report. The Strait of Hormuz \u2013 through which roughly one\u2011third of traded urea and around one-fifth of global LNG volumes transit \u2013 is a critical chokepoint for global energy and fertilizer markets. Disruptions to shipping through the strait have pushed both global gas prices and nitrogen fertilizer prices higher and increased vulnerability across fertilizer supply chains. A prolonged situation will significantly impact global urea supply and consequently also food security. Yara has limited direct exposure to the region, and the primary impact on Yara\u2019s business, both operationally and financially, will therefore depend on the development of global commodity markets relevant for Yara (gas, nitrogen, urea, and phosphates). The natural hedge between gas costs and nitrogen prices, combined with the company\u2019s global production footprint and product optimization capabilities, supports resilience and positions Yara well to navigate ongoing market volatility.
Dividend
The Board will propose to the Annual General Meeting a dividend of NOK 22 per share for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WKOUWXWFJ5Z514", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fid-0cdc6c39-210a-4f80-bf99-3ebeaf8b3264": { "value": "3 Excluded expected credit loss provisions on bank deposits, which amounts to USD 1 million (2024: USD 1 million). See note 3.4 Cash and cash equivalents for more information.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-0cdc6c39-210a-4f80-bf99-3ebeaf8b3264", "language": "en" } }, "fid-a24df66a-6727-44d1-b855-84337f06c714": { "value": "1 Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as \u201cforeign operations\u201d to Yara International ASA.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-a24df66a-6727-44d1-b855-84337f06c714", "language": "en" } }, "fid-4247d6d6-7a76-401f-bbaf-ef6095d54d74": { "value": "1 Par value 1.70.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-4247d6d6-7a76-401f-bbaf-ef6095d54d74", "language": "en" } }, "fid-ed5e15d5-a132-45b5-9f79-fc3a3dc84e8b": { "value": "2 See Note 5.1 Shareholders' equity for further information.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-ed5e15d5-a132-45b5-9f79-fc3a3dc84e8b", "language": "en" } }, "fid-5a3e4827-c97f-4c1f-909b-7df9a220da53": { "value": "1 Including interest expenses on lease liabilities.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-5a3e4827-c97f-4c1f-909b-7df9a220da53", "language": "en" } }, "fid-0ebf2811-ebde-4a77-ab18-25aefaee0bf8": { "value": "\u00b9 Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-0ebf2811-ebde-4a77-ab18-25aefaee0bf8", "language": "en" } }, "fid-49bd6650-aa3e-4a0f-a5a5-1a6342c7b342": { "value": "2 Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net.", "dimensions": { "concept": "xbrl:note", "noteId": "fid-49bd6650-aa3e-4a0f-a5a5-1a6342c7b342", "language": "en" } } } }