YARA INTERNATIONAL ASA

“Resources employed are evaluated annually and aligned with the strategic direction.  Low CO exposure in production and supply chain Yara’s ambition is to be climate neutral by 2050 in line with the Paris Agreement. Its strategy and business models are being adapted towards decarbonization in line with applicable legislation, and Yara will pursue policy frameworks that enable decarbonization while in parallel delivering attractive shareholder returns.”

Annual report 2024A · The company itself

“Our business model is based on the production and delivery of mineral nitrogen fertilizers, which lead to significant GHG emission during their production and farmer infield application. Efforts to mitigate emissions, and support the decarbonization of crop production, are core elements of our strategy, driven by policy and regulatory developments, stakeholder expectations and our pursuit of market opportunities related to global climate action.”

Annual report 2024A · The company itself

“We pursue a strategy of sustainable value growth through reducing emissions from crop nutrition production and developing low-emission energy solutions.”

Annual report 2024A · The company itself

“We will focus on value-accretive growth in low-emission ammonia and on commercializing premium low-carbon products.”

Annual report 2024A · The company itself

“We are prioritizing our core and applying a strict capital allocation policy to enable further growth in low-emission ammonia and premium low-carbon products.”

Annual report 2024A · The company itself

“Low-carbon premium products: Expand premium position with focus on generating demand for and commercializing fertilizer and industrial products with reduced carbon footprints.”

Annual report 2024A · The company itself

“Climate change presents both opportunities and risks for the company, impacting markets, assets, operations, and supply chains. It drives societal changes that may introduce transition risks, including shifts in market preferences, evolving legislation and technological advancements.”

Annual report 2024A · The company itself

“We pursue a strategy of sustainable value growth through reducing emissions from crop nutrition production and developing low-emission energy solutions.”

Annual report 2024A · The company itself

“Market dynamics – nitrogen commodity fertilizer prices A significant portion of Yara’s business involves the sale of fertilizer products for agricultural use. The increasing global population, economic growth and evolving dietary patterns are driving the overall demand for food and fertilizers. Fluctuations in agricultural prices and changes in global and regional fertilizer production capacity can substantially impact profitability. • Combining own-produced products with third-party products ensure the necessary to adapt to supply and demand fluctuations • Management of third-party exposure limits for thirdparty product-intensive countries • Investments in developing farmer-centric solutions that integrate knowledge, digital tools and services with the product portfolio Market dynamics – natural gas prices The pricing and availability of natural gas are critical strategic factors.”

Annual report 2024A · The company itself

“2) Yara operated terminals and logistical production sites 1) More than 10,800 Yara-branded retail outlets around the world 1) Global reach Yara is the industry’s most global player. We combine the production and marketing of crop nutrition products and solutions with a farmercentric approach, turning a century of agronomic knowledge into value for millions of farmers around the globe. # 1 in traded ammonia # 1 producer of nitrates and compound NPK (premium products) # 2 producer of ammonia Countries with operations 60+ Countries with sales Production sites Terminals, warehouses, blending units and bagging facilities Yara-branded retail outlets around the world 10,800+ 1414 Contents”

Annual report 2024A · The company itself

“Strategy and governanceStrategy and governance Strategy and governance Yara's mission is to responsibly feed the world and protect the planet.”

Annual report 2024A · The company itself

“The first tonnes of lower carbon fertilizer have already been delivered to several customers, demonstrating the power of partnerships and collaboration to reduce emissions in the food value chain.”

Annual report 2024A · The company itself

“Yara supplies Cooxupé with Brazil’s first batch of lower-carbon fertilizer In 2024, Yara partnered with Cooperativa Regional de Cafeicultores em Guaxupé, one of the world’s leading coffee cooperatives, to introduce Brazil’s first renewable-based lowercarbon fertilizer.”

Annual report 2024A · The company itself

“Yara’s largest positive sustainability impacts are related to the core of our offering and a main business driver – our ability to support production of quality food and farm income. We offer a comprehensive portfolio of fertilizer products, along with agronomic expertise, product knowledge, and farming tools. These resources help our customers and end-users improve crop yield and quality while ensuring efficient use of nutrients and our products.”

Annual report 2024A · The company itself

“We combine the production and marketing of crop nutrition products and solutions with a farmercentric approach, turning a century of agronomic knowledge into value for millions of farmers around the globe. # 1 in traded ammonia # 1 producer of nitrates and compound NPK (premium products) # 2 producer of ammonia Countries with operations 60+ Countries with sales Production sites Terminals, warehouses, blending units and bagging facilities Yara-branded retail outlets around the world 10,800+ 1414 Contents”

Annual report 2024A · The company itself

“However, producing and applying such products can contribute to air, water and soil pollution.”

Annual report 2024A · The company itself

“To drive the green shift in fertilizer production, shipping, and other energy intensive industries, Yara will produce ammonia with significantly lower emissions.”

Annual report 2024A · The company itself

“We will focus on value-accretive growth in low-emission ammonia and on commercializing premium low-carbon products.”

Annual report 2024A · The company itself

“We are prioritizing our core and applying a strict capital allocation policy to enable further growth in low-emission ammonia and premium low-carbon products.”

Annual report 2024A · The company itself

“We continue maturing the announced large-scale low-carbon ammonia projects in the US. These projects have a strong strategic fit and strong potential returns as they allow us to diversify our energy position, strengthen our European premium production footprint through imports of low-carbon ammonia and participate in new ammonia markets including shipping, power generation, and as an energy carrier.”

Annual report 2024A · The company itself

“Global Plants & Operational Excellence’s 2024 EBITDA, excluding special items was USD 427 million, 55 percent higher than in 2023, mainly reflecting improved upgrading margins and higher production volumes.”

Annual report 2024A · The company itself

“Clean Ammonia’s 2024 EBITDA, excluding special items was USD 117 million, 16 percent higher than in 2023, as higher deliveries and lower fixed costs mainly due to lower project costs offset lower ammonia prices.”

Annual report 2024A · The company itself

“We have identified negative impacts on our employees related to living wage gaps. Employees earning below a living wage can face financial stress, poor health, and lower quality of life, leading potentially to higher turnover rates, lower productivity, and reputational damage for Yara.”

Annual report 2024A · The company itself

“Considering Yara’s supply chain due diligence outcomes, we deem as material the health and safety risks inherent in different industries, which can expose workers to unsafe working environments, and labor and human rights issues such as working time, adequate wages, forced labor and child labor in sourcing.”

Annual report 2024A · The company itself

“Yara relies on a global supply chain with more than 30,000 tier-1 suppliers, including high-risk industries and regions. We recognize that workers in our value chain may face diverse risks and social conditions originating from the industries we engage with.”

Annual report 2024A · The company itself

“Our employees and their knowledge are Yara’s greatest asset.”

Annual report 2024A · The company itself

“With 206,000 learning activities completed and mentorships doubling to 666, these initiatives have empowered our workforce.”

Annual report 2024A · The company itself

“Industrial Solutions’ 2024 EBITDA, excluding special items was USD 287 million, 27 percent higher than in 2023, mainly reflecting improved margins and improved production.”

Annual report 2024A · The company itself

“Yara Industrial Solutions serves customers with products that are essential for society, such as solutions to reduce harmful NO x emissions to air, and base chemicals for pharmaceutical, electronics, automotive, and construction industries.”

Annual report 2024A · The company itself

“The Industrial Solutions segment mainly provides nitrogen-based solutions and services across a wide range of industries.”

Annual report 2024A · The company itself

“Total deliveries were 2 percent higher compared with 2023, driven by Chemical Applications in Europe and Transport Reagents.”

Annual report 2024A · The company itself

“We continue maturing the announced large-scale low-carbon ammonia projects in the US. These projects have a strong strategic fit and strong potential returns as they allow us to diversify our energy position, strengthen our European premium production footprint through imports of low-carbon ammonia and participate in new ammonia markets including shipping, power generation, and as an energy carrier.”

Annual report 2024A · The company itself

“Yara’s revenues from imports into the US are currently less than 2 percent of total revenues.”

Annual report 2024A · The company itself

“From 2024, the segment also includes Yara’s share of the two ammonia plants Tringen and Yara Freeport.”

Annual report 2024A · The company itself

“Yara FarmCare accelerates in Thailand Yara FarmCare is a mobile app designed for farmers, providing tools for farm and field measurement, fertilizer application, weather alerts, crop management recommendations, and access to agricultural products and services. Equipping farmers with data and resources for better decisionmaking, Yara FarmCare makes crop nutrition knowledge more accessible and helps farmers improve field performance and yield.”

Annual report 2024A · The company itself

“To drive strategy execution, we also leveraged Degreed to connect business goals with the skills required to deliver results. By identifying critical capabilities for key initiatives, we ensured employees accessed targeted learning and development opportunities aligned with execution priorities.”

Annual report 2024A · The company itself

“Yara Industrial Solutions serves customers with products that are essential for society, such as solutions to reduce harmful NO x emissions to air, and base chemicals for pharmaceutical, electronics, automotive, and construction industries.”

Annual report 2024A · The company itself

“The Industrial Solutions segment mainly provides nitrogen-based solutions and services across a wide range of industries.”

Annual report 2024A · The company itself

“Industries such as mining, logistics and packaging, particularly in regions with weaker labor protections, present inherent risks related to working conditions, health and safety, fair wages, and fundamental labor rights.”

Annual report 2024A · The company itself

“It marked an important milestone for Yara and for the decarbonization of the food value chain, shipping fuel and other energy-intensive industries.”

Annual report 2024A · The company itself

“Yara FarmCare accelerates in Thailand Yara FarmCare is a mobile app designed for farmers, providing tools for farm and field measurement, fertilizer application, weather alerts, crop management recommendations, and access to agricultural products and services. Equipping farmers with data and resources for better decisionmaking, Yara FarmCare makes crop nutrition knowledge more accessible and helps farmers improve field performance and yield.”

Annual report 2024A · The company itself

“Improve farmer income and sustainability Positively impact farmer diversity Contribute to zero hunger and healthy nutrition Improve farming productivity and nutrient use efficiency Positively impact nature in the value chain: soil health, biodiversity, water, air quality, and land-use change Reduce our own emissions and improve productivity at our production sites Contribute to decarbonize agriculture Contribute to decarbonize transportation and energy Our long-term ambition is the headline of our strategy Yara has set a long-term strategic ambition of Growing a Nature-Positive Food Future.”

Annual report 2024A · The company itself

“To drive the green shift in fertilizer production, shipping, and other energy intensive industries, Yara will produce ammonia with significantly lower emissions.”

Annual report 2024A · The company itself

“Yara is committed to ensuring all employees earn a living wage. We believe this is key to providing decent work and reducing inequality.”

Annual report 2024A · The company itself

“We will actively manage our portfolio and prioritize core operations and high-return assets, while scaling down other activities.”

Annual report 2024A · The company itself

“Yara supplies Cooxupé with Brazil’s first batch of lower-carbon fertilizer In 2024, Yara partnered with Cooperativa Regional de Cafeicultores em Guaxupé, one of the world’s leading coffee cooperatives, to introduce Brazil’s first renewable-based lowercarbon fertilizer.”

Annual report 2024A · The company itself

“Yara optimizes its business model by seeking exposure to fertilizer market prices for own-produced products.  High Exposure to natural gas price markets Securing access to, and stable supply of, favorably priced natural gas is imperative to the company’s operations and competitiveness.”

Annual report 2024A · The company itself

“Ensuring access to stable and competitively priced natural gas is essential for operational efficiency and maintaining a competitive edge. Sudden shifts in the supply-demand balance can significantly impact natural gas prices. Various factors, including geopolitical changes, increased polarization and protectionism, and fluctuations in weather and climate patterns, may trigger these shifts.”

Annual report 2024A · The company itself

“Historically, Yara has sourced NPK, nitrates, phosphate, potash, and ammonia from Russia and has relied on significant volumes of natural gas for its European production. Since 2022, Yara has ceased sourcing from suppliers affected by sanctions in certain jurisdictions and has leveraged its global sourcing, production, and distribution capabilities to maintain customer supply and ensure continuity in food supply chains.”

Annual report 2024A · The company itself

“The hydrogen is produced with electrolysis of water and renewable energy, replacing natural gas as feedstock, cutting 41,000 tonnes of CO emissions from the site annually.”

Annual report 2024A · The company itself

“A purified biogas made from sugarcane waste, biomethane can seamlessly replace fossil natural gas and reduce greenhouse gas (GHG) emissions from production by up to 75 percent.”

Annual report 2024A · The company itself

“Yara’s three main raw materials – natural gas, phosphate and potash – are finite resources. Natural gas serves as a feedstock for ammonia production and, to a lesser extent, provides process heat and energy.”

Annual report 2024A · The company itself

“Traditional frameworks governing trade, security, and global alliances are evolving, demanding vigilance and reshaping how businesses, like Yara, operate and recalibrate strategy. Ongoing and emerging conflicts, underlying tensions, and the trend toward deglobalization continue to impact supply chains and global trade, not least in key sectors such as energy and agriculture.”

Annual report 2024A · The company itself

“Ensuring access to stable and competitively priced natural gas is essential for operational efficiency and maintaining a competitive edge. Sudden shifts in the supply-demand balance can significantly impact natural gas prices. Various factors, including geopolitical changes, increased polarization and protectionism, and fluctuations in weather and climate patterns, may trigger these shifts.”

Annual report 2024A · The company itself

“Trade restrictions such as tariffs, sanctions, import/export bans, and trade wars can directly disrupt market access and supply chains. Regulatory shifts, including taxation or foreign investment policy adjustments, may have an impact on profitability. Additionally, the influx of lower-cost products from sanctioned markets threatens profitability, eroding Yara’s competitive position and market share.”

Annual report 2024A · The company itself

“Violating sanctions may result in severe penalties, including fines and imprisonment, and may also harm Yara’s reputation. Current geopolitical conflicts, particularly Russia’s invasion of Ukraine, have created additional sanctions compliance risks for Yara, given its highly global and diverse business operations.”

Annual report 2024A · The company itself

“Historically, Yara has sourced NPK, nitrates, phosphate, potash, and ammonia from Russia and has relied on significant volumes of natural gas for its European production.”

Annual report 2024A · The company itself

“The company depends on several raw materials with few or limited alternatives. Yara plants rely on critical raw materials, such as phosphate rock (apatite), energy, chemicals, ammonia, and potash from third-party suppliers, which presents various challenges in ensuring sufficient supply security.”

Annual report 2024A · The company itself

“Phosphate and potash provide key crop nutrients. Several minerals, listed as critical raw materials in the EU, are essential constituents of multi-nutrient fertilizers: Phosphate rock, one of the three main nutrients, is fundamental for plant growth, while borates, magnesium and copper salts are necessary to meet crop needs.”

Annual report 2024A · The company itself

“Traditional frameworks governing trade, security, and global alliances are evolving, demanding vigilance and reshaping how businesses, like Yara, operate and recalibrate strategy. Ongoing and emerging conflicts, underlying tensions, and the trend toward deglobalization continue to impact supply chains and global trade, not least in key sectors such as energy and agriculture.”

Annual report 2024A · The company itself

“An escalating trade war also affecting fertilizers and crops would harm US food production and raise global food prices.”

Annual report 2024A · The company itself

“Trade restrictions such as tariffs, sanctions, import/export bans, and trade wars can directly disrupt market access and supply chains. Regulatory shifts, including taxation or foreign investment policy adjustments, may have an impact on profitability. Additionally, the influx of lower-cost products from sanctioned markets threatens profitability, eroding Yara’s competitive position and market share.”

Annual report 2024A · The company itself

“Climate change presents both opportunities and risks for the company, impacting markets, assets, operations, and supply chains. It drives societal changes that may introduce transition risks, including shifts in market preferences, evolving legislation and technological advancements.”

Annual report 2024A · The company itself

“Market dynamics – nitrogen commodity fertilizer prices A significant portion of Yara’s business involves the sale of fertilizer products for agricultural use. The increasing global population, economic growth and evolving dietary patterns are driving the overall demand for food and fertilizers. Fluctuations in agricultural prices and changes in global and regional fertilizer production capacity can substantially impact profitability. • Combining own-produced products with third-party products ensure the necessary to adapt to supply and demand fluctuations • Management of third-party exposure limits for thirdparty product-intensive countries • Investments in developing farmer-centric solutions that integrate knowledge, digital tools and services with the product portfolio Market dynamics – natural gas prices The pricing and availability of natural gas are critical strategic factors.”

Annual report 2024A · The company itself

“Total deliveries were 3 percent higher compared with 2023.”

Annual report 2024A · The company itself

“China has passed, with industry consultant projections showing supply growth from 2025 and onwards significantly below trend consumption growth.”

Annual report 2024A · The company itself

“Yara’s EBITDA, excluding special items was USD 2,051 million, 20 percent higher than in 2023, mainly reflecting higher margins, higher deliveries and a positive mix effect on volumes, with last year being impacted by inventory write-downs and position losses.”

Annual report 2024A · The company itself

“Lower price levels in 2024 compared to 2023 were reflected in lower levels of inventories and trade receivables in current assets.”

Annual report 2024A · The company itself

“However, the extraction of raw materials, production and use of mineral fertilizers can contribute to drivers of biodiversity change. The biodiversity impact drivers assessed to be most material to Yara and its value chain are: • Direct exploitation in upstream sourcing and own production operations, through water consumption and resource use (see E3, page 145, and E5, page 152), respectively). • Land-use change in upstream sourcing and own production operations, through land conversion related to mining of raw materials.”

Annual report 2024A · The company itself

“• Sanctions compliance and integrity due diligence procedures to ensure that Yara complies with applicable sanctions regulations • Continuous updates on country sanctions risks to identify emerging sanctions risks Information and cyber security Yara is exposed to increasingly sophisticated computer viruses and evolving digital crime models, which can result in data loss or disruptions to business processes. Furthermore, the increased internet exposure of the company’s industrial control systems may pose safety and reliability risks at production and product handling sites. • Investment and improvements in technology and processes to enable detection and response to cyber incidents • Proactive monitoring of threats, vulnerabilities and effectiveness of security controls to continuously improve • Continuous campaigns and training sessions for employees globally to raise awareness of cyber risks and threats Production reliability Production unreliability and irregularities pose a significant risk for Yara, potentially leading to lost volumes and earnings.”

Annual report 2024A · The company itself

“A purified biogas made from sugarcane waste, biomethane can seamlessly replace fossil natural gas and reduce greenhouse gas (GHG) emissions from production by up to 75 percent.”

Annual report 2024A · The company itself

“The company may face the risk of fraud and corruption, including facilitation payments, which pose significant compliance and reputational threats to Yara and its business partners. Fraud and corruption could also undermine relationships with current and future business partners, potentially leading to legal sanctions and financial losses. • Enforcement of zero tolerance for fraud and corruption and high standards for ethical business conduct • Compliance program aligned with internationally recognized and endorsed standards • Regular global ethics and compliance surveys • Code of Conduct embedded in the recruitment process • Integrity Due Diligence process to manage risks of corruption, and human- and labor rights related to business partners • Whistleblowing system to raise concerns anonymously Human rights Yara’s global presence exposes it to human rights risks.”

Annual report 2024A · The company itself

“Industries such as mining, logistics and packaging, particularly in regions with weaker labor protections, present inherent risks related to working conditions, health and safety, fair wages, and fundamental labor rights.”

Annual report 2024A · The company itself

“Industries such as mining, logistics and packaging, particularly in regions with weaker labor protections, present inherent risks related to working conditions, health and safety, fair wages, and fundamental labor rights.”

Annual report 2024A · The company itself

“These regulations address both environmental (non-GHG) aspects and the safety of handling and applying fertilizer. Such regulations could impact Yara’s earnings and its license to operate. • Management systems and processes for identification of forthcoming requirements, impact assessments, implementing feasible solutions, and managing the environmental impacts of operations and products • Development of new technologies and business models to meet regulatory requirements and environmental and climate requirements • Participation in relevant arenas to influence existing and new regulations E2: Pollution Nature impacts and dependencies Yara’s business operations are potentially exposed to various nature and ecosystemrelated risks.”

Annual report 2024A · The company itself

“In markets outside the US, local prices typically adjust to fluctuations in the US dollar exchange rate, albeit with some delay. Significant and unexpected movements in non-USD currencies could negatively impact Yara’s financial results.”

Annual report 2024A · The company itself

“Water is an essential input for our production processes. Large volumes are withdrawn, primarily for cooling purposes, and minor amounts are consumed for steam production and liquid product manufacturing.”

Annual report 2024A · The company itself

“2) Yara operated terminals and logistical production sites 1) More than 10,800 Yara-branded retail outlets around the world 1) Global reach Yara is the industry’s most global player.”

Annual report 2024A · The company itself

“The Global Plants & Operational Excellence segment operates Yara’s largest and exportoriented production plants, Porsgrunn and Sluiskil.”

Annual report 2024A · The company itself

“Total deliveries were 2 percent higher compared with 2023, driven by Chemical Applications in Europe and Transport Reagents.”

Annual report 2024A · The company itself

“Europe’s 2024 EBITDA, excluding special items was USD 277 million, up USD 180 million compared with 2023, mainly reflecting higher margins and higher deliveries, with last year being impacted by inventory write-downs and position losses.”

Annual report 2024A · The company itself

“2) Yara operated terminals and logistical production sites 1) More than 10,800 Yara-branded retail outlets around the world 1) Global reach Yara is the industry’s most global player.”

Annual report 2024A · The company itself

“In addition, Indian stock levels are lower than at the start of the season, due to strong domestic sales and reduced imports.”

Annual report 2024A · The company itself

“In Thailand, Yara FarmCare has made remarkable strides, including mass farmer acquisition, the implementation of farmer ambassador programs and active user engagement. Today, Yara FarmCare Thailand boasts 3,200 daily active users and a total active user base of about 220,000 farmers.”

Annual report 2024A · The company itself

“2) Yara operated terminals and logistical production sites 1) More than 10,800 Yara-branded retail outlets around the world 1) Global reach Yara is the industry’s most global player.”

Annual report 2024A · The company itself