Yara International ASA: Q2 26 results due July 17

研报英文原文证据摘录

Yara International ASA: Q2 26 results due July 17

Deutsche Bank

Research

Rating Company Date

Hold Yara International 19 June 2026

Results

Europe ASA

Norway

Reuters Bloomberg Exchange Ticker Price at 18 Jun 2026 (NOK) 442.00

YAR.OL YAR NO OSL YAR

Price Target (NOK) 445.00

Chemicals

Fertilizers ADR ISIN 52-week range (NOK) 596.80356.80-

YARIY US9848512045

Q2 26 results due July 17

Valuation & Risks

Tristan Lamotte

Q2 26: EBITDA forecast up 74% YoY (to $1,134m) Research Analyst

We expect another strong quarter with Q2 EBITDA forecast up 74% YoY to +44-20-7547-1862

$1,134m, albeit 4% below Bloomberg consensus (at ~$1,181m) and 6% below our

Virginie Boucher-Ferte

previous forecast (due to turnaround/outage despite better than expected CAN Research Analyst

realisation and gas costs). +33-1-4495-5934

Rajiv Dalal

We expect a positive impact in the EBITDA bridge (YoY) from (1) price (higher CAN,

Research Associate

urea and ammonia prices with CAN pricing impact likely to be better than implied

by the sensitivities) and 2) cost savings. We expect these impacts to be partially

offset by 3) lower volumes (outages in Pilbara and planned turnaround in Belle Saurabh Mehndiratta

Plaine) , 4) higher energy costs (albeit slightly lower than guided at the time of Q1 Research Associate

results) and 5) adverse FX.

Dimitri Druart

With the easing of geopolitical concerns, resumption of Chinese exports and Research Associate

ongoing low seasonal demand, urea and CAN prices have declined 50% and 13% +33-1-4495-5937

respectively from their peak in April. Reflecting the ongoing correction in the

nitrogen fertilizer prices, we forecast Q3 EBITDA of $822m, 24% below consensus. Key changes

For 2026 on the whole we now forecast EBITDA of $3.63bn, 7% below consensus TP 589.00 to ↓ -24.4%

445.00