Yara International ASA. - ADR

Q3 results & profitability - EBITDA (ex. special items): USD 675m, down from USD 804m in Q3 2025 (-16% YoY). - Return on invested capital (ROIC): 13.5% (last 12 months) vs 8% a year ago → management credits EBITDA improvement program + cost discipline (about +1.5 pp ROIC from 2025 cost program + USD 60m YTD improvements). - EPS: $0.95/share in Q3 (vs $1.33 last year), but YTD EPS $4.26/share (+31%)—helped by lower special items in Q3 vs prior year context. - Special item: sale of EUAs contributed USD 22m in Q3 (not included in EBITDA figure).

What drove the quarter (good vs bad) - Good: Europe deliveries up, especially nitrates, despite industry deliveries down YoY → strong commercial execution and order book momentum. - Bad: Ammonia margins pressured late Q3 due to higher European gas costs pushing European ammonia margins into negative territory, leading to production curtailments. - Volume headwind: negative volume impact ~USD 40m (noted from slower demand, especially NPK in Latin America) + some spillover effects from turnarounds (Pilbara, Belle Plaine). - Cost control: Fixed costs up slightly (+$4m YoY, ex FX). They beat inflation by ~USD 14m (i.e., better-than-inflation cost development).

Operational performance & major reliability issues (key negative) - Reliability/product output issues reduced volumes, notably: - Pilbara ammonia outage (impact carried into Q3 results) - Sluiskil nitrate production issues (management says Sluiskil is running normally on finished fertilizer production currently) - Sulfuric acid issues in Finnish system - Management says reliability rectification is a top priority, and improvement realization has been held back by reliability at some critical sites.