Yara’s Corporate

Strategy
Communication material
Latest updates November 2021
Summary of our corporate strategy

Why? From … To … How?

• The world is changing faster • A leading fertilizer • Building on a core of our • We will focus responses
than ever, driven by new producer and crop fertilizer production, with across two strategic
technology, regulatory solutions company, with continuous improvement pillars
changes and the need for 115 years of experience and entrepreneurship • Firstly, we will
sustainability as a pioneer in accelerate operational
• A leading partner to
• The global megatrends regenerative agriculture farmers and food excellence to ensure the
present business • The world’s leading companies robustness of our core
opportunities, and also risks global agronomic • Secondly, we will
• Contribute to reduce the
that we need to mitigate capability and global expand our reach and
carbon footprint for the
• Our mission, vision and footprint food value chain through offerings to evolve our
values gives us a starting • A long history of efficient fertilizer solutions revenue base and
point and a long term innovation and passion supplemented by transform our business
direction to meet the challenges of innovations model
• We can build on our humanity and society • Becoming the green
strengths to respond to the ammonia champion in
opportunities and risks hydrogen economy

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Our 115 years of experience with mineral fertilizers and crop
knowledge is our foundation for nature-positive solutions
Producer Company Crop Nutrition Company
Commodity Margin Knowledge Margin
Nature-Positive
Closeness to farmer and food companies

Farmer solutions
Solutions Deliver reduced
Crop carbon footprint for
the food value
Scalable farmer
Product centric solutions
chain through
Product Developed nutrient increasing the use
Asset management of efficient fertilizer
Build product solutions per crop, solutions,
portfolio to focused on quality, supplemented by
Yara invented increase innovations
productivity, reducing
production of productivity of emissions and nutrient
ammonia based on farmers - Green ammonia
run-off to water - Digital offerings
renewable energy in
- Biostimulants
1905 - Organic fertilizers

1905 Time

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Our corporate strategy sets our direction

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Our Mission Our Vision
Responsibly feed the world A collaborative society;
and protect the planet a world without hunger;
a planet respected.

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 We are committed to our values

Ambition Curiosity Collaboration Accountability

Taking the initiative, Inquiry is our origin, and Amplifying our Earning trust through
exceeding expectations it powers our future collective knowledge responsibility and
reliability
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Our strategy is guided by seven key megatrends

Agri and food industry integration Dietary shifts

The food value chain is becoming more integrated from Focus on healthy, safe and sustainable diets are
seed to fork, challenging the typical industrial players. shifting agriculture demand towards more animal Digital and
Responsibly There is a trend of consolidation of large agricultural protein replacement and food which is perceived as technology
players and cross-sectoral collaborations and clean and healthy in mature economies. Same trends
feed the partnerships. Digital trends and move from volume to are also observed amongst middle and upper-class revolution in
world value are challenging traditional operating models and consumers in many emerging markets farming,
blurring sector boundaries
production and
supply chain
Improving decision
making, efficiency, network
optimization, yield,
Reducing GHG Zero waste Water safety Improving soil automation and
traceability, e.g. through
emissions and circular & reliability health big data, automation,
Increasing pressure to Water has no Reduced soil quality, soil
reduce GHG emissions in
economy substitute as erosion, pollution, soil
robotics, AI, blockchain,
Reuse, recycle & subscription based
Protect the the fertilizer value chain, ingredient. Stress degradation and models, digital market
recover to reduce biodiversity loss leads to
from the fertilizer producers on water access, place and e-commerce.
planet to the farmers. Increasing
loss, waste and
quality and reliability increased focus on
pollution and make New generation of
expectations for for farmers, food improving soil health, enhanced seeds could
better use of scarce
hydrogen/ammonia as companies and reducing water pollution, decrease demand for
resources across soil carbon capture and
future zero-carbon energy fertilizer producers fertilizers and other Ag.
the food value chain regenerative agriculture
source and carrier, and inputs
reducing deforestation

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These trends present new opportunities which we can actively
pursue, as well as risks which we need to mitigate
Opportunities Risks

• Shifts towards sustainability and transparency, • Regulatory changes, consumer demand for
where our crop nutrition products gives a good sustainability and optimized fertilizer use can
starting for finding solutions lead to lower fertilizer demand growth

• Digital tools to enable new market channels, • Environmental costs and taxes can increase
and reduce the yield gap through farmer costs
connectivity
• Reduction in demand, commoditization and
• Mainstream adoption of green ammonia increased price transparency can challenge
and hydrogen fertilizer premiums

• Focus soil health, water use and bio-diversity, • Competitive landscape can be disrupted
where optimal fertilizer use has positive impact
• Increased uncertainty around the competitive
• New monetization opportunities from increased position of our European production
data access

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Our strategy builds on Yara’s unique strengths

Our greatest asset is our people. Seventeen Yara’s deep understanding of crop
thousand strong, we bring a passion to nutrition, farmers and industrial markets
our work that delivers results. Surveys allows us to sell highly profitable premium
consistently show that we’re driven by products and solutions that also benefit
our purpose and proud to work here, society. This is supported by our 1000
engaged and would recommend Yara as agronomists who constantly are looking for
an employer. new knowledge.
This passionate workforce is excited to 1 People 2 Knowledge Our knowledge about fertilizer production
take on new tasks, drives profitability and is highly valuable, and Yara’s safety record
productivity, and inspires innovation. is a testimony of this.

Today, we sell to more than 20 million We operate more than 25 production

farms and we already have a significant plants, 200 infrastructure points and
digital reach. We use this connectivity as a have more than 10.000 Yara-branded
base for field-specific, sustainable offerings, retail outlets in 60 countries across the
linked to the food chain and to improve food 3 Connection 4 Global world. Our global distribution network
security by providing traceability of all input allows us to optimize product flows and
factors and practices throughout the value to Farm footprint plant inputs across geographies. It is also
chain. paramount in succeeding with new
opportunities, such as leveraging our
ammonia production assets and
infrastructure for green ammonia. Our
Industrial Solution business enables scale
and optimization

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To grow a nature positive food future, we will focus our efforts on
two strategic pillars

Accelerate operational Expand our reach and

excellence offering
Growing a nature-
Culture of entrepreneurship positive food future New commercial offerings
Efficient operations Focused asset growth
Holistic performance management Pursue new business opportunities

Yara Clean Yara Growth

Ammonia Ventures

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We will accelerate operational excellence and expand our reach
and offering

Accelerate operational excellence Expand our reach and offering

Culture of entrepreneurship and continuous New commercial offerings: Develop and

improvement: Invest in engagement, leadership, commercialize new farmer offerings, services and
cultural evolvement, diversity, equity and inclusion, solutions, to transform our core business towards
and dynamic upskilling outcome-based business models

Efficient operations: Strengthen our core and Focused asset growth: Grow in assets which
realize the Yara Improvement Project targets support the farming solutions transition, high value
through operational excellence (including YPS and products and to achieve scale in strategic markets
Digital Production)
Pursue new business opportunities: Invest in
Holistic performance management: Create value potentially disruptive areas such as nature-positive
through active capital allocation and pursuing solutions and decarbonization (e.g. Yara Clean
climate neutrality by 2050 Ammonia, Agoro Carbon Alliance, Yara Growth
Ventures)

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 Our transformation is about continuing to invest in the core, while
pursuing new high growth business opportunities

Yara’s fertilizer and industrial sales Yara’s new business areas

Examples:

• Clean Ammonia
• Digital services
• Organic fertilizer

Net present value

Net present value

• Biostimulants
• Carbon farming
• Food value chain
partnerships
• Selling yield and
outcome-based
business models

Today 2030 Today 2030

Note: The NPV graphs illustrates a direction, not quantitative forecasts 12

We see significant value potential with these strategic responses

Accelerate operational Expand our reach

excellence and offering

Current Farming Industrial

Yara
Market Hydrogen
baseline
YIP
Solutions Solutions 2025

Current baseline 1 Key factors: Deliver on our EBITDA Enabling the Leading industrial
EBITDA ~2.2 BUSD • Crop prices targets: improvement of hydrogen nitrogen company Mid-cycle ROIC
ROIC 7.9% • Fertilizer prices • 1.3 mt 0.3 – 0.6 BUSD economy: with production
>10%
• Input cost, e.g. ammonia2 through new • World leading backbone and
natural gas • 2.8 mt finished business models, ammonia profitable outlets
• Regulatory products 2 launching a operator
environment • Improve fixed carbon • Global market
• Currency rates costs, energy marketplace and ammonia
• Premium efficiency and 150 million leader
products: volume working capital hectares under
and commercial in line with management
margin growth current targets

1) Measured L12M September 2020

2) Improvement vs L12M October 2020, in line w ith targets announced at CMD 2019 13
 Yara’s Strategy Scorecard measures our progress

2025 2025 2025

Yara KPI 2020 Measure Yara KPI 2020 Measure Yara KPI 2020 Measure
Target Target Target
Striv e towards zero 1.3 <1.0 TRI Energy intensity 2 33.2 32.7 GJ/t NH ɜ Ammonia Production6 7.7 8.9 Mt
accidents
Finished Fertilliser 21.3 23.9 Mt
Engagement Index 79% Top Index GHG emissions, intensity 3.0 2.7 t COշe / tN Production6
quartile
Premium generated 1 036 N/A MUSD
Div ersity and inclusion 74% Top Index
index quartile GHG emissions, scope 1+23 17.7 -30 % COշe Rev enues from new 6 1 500 MUSD
business models
Female senior managers 1 24% 40% % Rev enues from online sales 0 1 200 MUSD
Hectares under management4 5 150 MHa

Working capital 6, 7 113 92 Day s

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Carbon marketplace TBD Capital return (ROIC) 7 8% >10% %

Fixed costs 6, 7 2 322 2 314 MUSD

Capex 8 0.8 1.2 BUSD

Net debt / EBITDA 7 1.36 1.5-2.0 Ratio

MSCI rating BBB A Score

Sustainalytics rating Med Med Score

1) Measured as % of the top positions defined in Yara’s position level system. Definition of top 4) Cropland with digital farming user activity at least twice during the last twelve months statements in the APM section of the 2Q 21 Report on pages 31-36
position has been adjusted, restating the actual for 2020 and the 2025 target
2) Energy efficiency target is for 2023
5) Reported upon updates
6) YIP target for 2023
8) CAPEX max 1.2 for 2022 onwards (including maintenance) 14
3) GHG absolute emissions scope 1+2 target is for 2030 with a 2019 baseline 7) Alternative performance measures are defined, explained and reconciled to the Financial
 In addition to the KPIs, 5 priorities are defined for 2022
Y3P KPI Unit 2020 2025 Group strategic priorities 2022 Description

• Striv e towards zero accidents (TRI) Rate 1.3 <1.0 Equipping our senior and mid-level leaders with the right change
Im plement Grow@Yara management and transformation competence is key to drive engagement
• Engagement index1 % 79% Top Q w ith focus on leadership and to achieve our other KPIs. Amongst the key leadership skills required
#1
• Div ersity & inclusion index1 % 74% Top Q development and is the ability to efficiently communicate decisions through the line and
People enable our organization to deliver. We will launch leadership trainings to
• Female senior managers 2 % 24% 40% leadership communication achiev e this

• Energy efficiency 3 Gj/t NH3 33.2 32.7 Digital f armer connectivity is critical to strengthen our interface with the
Scale up digital farm er f armers. Food companies are key decision makers and drive changes
• GHG emissions intensity 4 tCO2e/t N 3.0 2.7
#2
connectivity​ and based
… on consumer trends. Through scaling up farmer connectivity and
• GHG emissions, scope 1+2 %CO2e 17.7 -30 com mercialize food value collaborating across the food value chain, we will dev elop ways for Yara
Planet • Activ e hectares5 to transform our business to selling fertilizers through outcome-based
Mha 5 150 chain partnerships
business models and monetize carbon tracking
• Carbon Marketplace6 TBD TBD
Establish m ineral fertilizer as a We know that mineral fertilizer is critical for sustainable and efficient
• Ammonia Production7 mt 7.7 8.9 key com ponent in regenerative f arming, will support the food value chain in defining regenerative
• Finished Fertilizer Production7 mt 21.3 23.9 #3 agriculture, supported by …​​
agriculture accordingly. We see organic farming and bio-stimulants as
• Premium generated MUSD 1 036 n/a growth in bio-stimulants and important supplements to mineral fertilizers, and will pursue M&A in
these high growth areas
• Rev enues from new business models MUSD 6 1 500 organic farming ​
• Rev enues from online sales MUSD 0 1 200 Decarbonize and improve We hav e an obligation to decarbonize our asset footprint and to ensure
• Working capital7,8 Day s 113 92 the com petitiveness of our that our asset base is future proof. We will continue to deliver on our
#4 asset base, by continuing improv
… ement program. We will put focus on executing the
• Capital return (ROIC) 8 % 8% >10%
Prosperity decarbonization projects in the pipeline. We will also run initiatives to
• Fixed costs 7,8 MUSD 2 322 2 314
to drive operational secure that our asset base is fit for future
excellence
• Capex 9 BUSD 0.8 1.2
• MSCI rating Rating BBB A Our digital backbone is dated. We need to upgrade our ERP systems to
Accelerate the digital enable process improvements. This will increase efficiency, enable
• Sustainalytics rating Rating Med Med transformation of our core better decision making and can be a foundation for developing new
#5 …
• Net debt / EBITDA8 Ratio 1.36 1.5-2.0 processes, including a new digital of ferings. The e.nable project will take years, and will start in
ERP platform (E.nable) 2022 with Americas in addition to the overall program layer. For our
digital transformation, further roll-out of Digital Production is also critical

1) Measured once pr year 7) YIP target for 2023

2) Measured as % of the top positions defined in Yara’s position level system. Definition of top 8) Alternative performance measures are defined, explained and reconciled in the Financial
positions has been adjusted, restarting the actual for 2020 and the 2025 target statements in the APM section of the Q2 21 Report pages 31-36
3) Energy efficiency target is for 2023 9) CAPEX max 1.2 for 2022 onwards (including maintenance)
4) GHG absolute emissions scope 1+2 target is for 2030 with a 2019 baseline
5) Cropland with digital farming user activity at least twice during the last 12 months 15
6) Reported upon updates
Our actions within each of our
strategic pillars
We will accelerate operational excellence and expand our reach
and offering

Accelerate operational excellence Expand our reach and offering

1A Culture of entrepreneurship and continuous 2A• New commercial offerings: Develop and
improvement: Invest in engagement, leadership, commercialize new farmer offerings, services and
cultural evolvement, diversity, equity and inclusion, solutions, to transform our core business towards
and dynamic upskilling outcome-based business models

1B Efficient operations: Strengthen our core and 2B• Focused asset growth: Grow in assets which
realize the Yara Improvement Project targets support the farming solutions transition, high value
through operational excellence (including YPS and products and to achieve scale in strategic markets
Digital Production)
2C• Pursue new business opportunities: Invest in
1C Holistic performance management: Create value potentially disruptive areas such as nature-positive
through active capital allocation and pursuing solutions and decarbonization (e.g. Yara Clean
climate neutrality by 2050 Ammonia, Agoro Carbon Alliance, Yara Growth
Ventures)

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 Accelerate Expand our
operational reach and
1A With our People strategy Grow@Yara, we will strengthen our excellence of f ering

entrepreneurial culture, and grow our people and leaders.

This is built on our DEI principles and values
Culture
Culture • Create an environment of innovation, creation, and entrepreneurship, adopting new ways of
We are Entrepreneurial working and leadership styles where appropriate
– act quickly to learn and • A growth mindset is essential - We need to think, act, and care like owners
adjust, and don’t fear • Learn when and where we can accelerate and venture without compromising doing our work in
failure a safe, compliant and healthy manner

Lead to Grow – People

we grow people, • Develop new competencies – built through opportunities of upskilling and reskilling for
Grow@Yara teams and employees and leaders
business • Flexible career journeys - employee-owned and HR enabled through common frameworks,
People through trust,
upskilling of leaders in career journey coaching, and transparency of opportunities
inclusion and
Grow@Yara – empowerment
we grow ourselves Leaders
and each other to • Increased awareness of new business models
grow our business
Leaders • Higher degree of customer centricity
• A shift in leadership style and principles, differentiating between management for execution
versus experimenting
• Renewing and launching our approach related to leadership development, incorporating
transformational and strategic skills and capabilities

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 Accelerate Expand our
operational reach and
1B In operations, we will focus on achieving YIP 2023 targets excellence of f ering

announced in 2019

Ammonia production Energy efficiency Main ongoing initiatives

Million tonnes GJ/ton NH3 produced
• Establish new OpEx unit to align support
7.9 8.3 8.9 34.1 33.6 34.4 32.7
7.6 functions

2018 L12M Annualized 2023 2018 L12M Oct 20 2023 • Reliability program (RCIP) towards low
end Oct Oct 20 end Oct performers

• Revised TA TOPS developed by site TA

Finished product production managers
Million tonnes

21.8 24.0 ~ 500 mill.

20.9 21.1
• Re-enforce basic maintenance work processes
USD realized
improvement since 2015
• Further optimize capital allocation
2018 L12M Annualized 2023
end Oct Oct 20
• Strengthen local ownership and engagement

1) Yara Productivity System

Production numbers as presented for the Yara Improvement Program, see Yara International’s 3Q20 report page 5 19
 Accelerate Expand our
operational reach and
1C We will actively allocate our capital to strengthen the core excellence of f ering

and invest in new business areas

Yara’s cash pool

Dividends
Cash flow Capex and Opex Cash flow
Capital m arkets:
Yara shareholders and
Yara’s fertilizer and industrial new investors
Yara’s new business areas
sales
Investments
Net present value

Our capital allocation principles:

Resources w ill be allocated based on our strategic focus areas,

ambition level, grow th potential and past performance – not
through an incremental approach

In addition, funding from the capital market w ill support our grow th
journey
Today 2030 Today 2030

Note: The NPV graphs illustrates a direction, not quantitative forecasts

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 Accelerate Expand our
operational reach and
1C We will drive integrated and holistic performance excellence of f ering

management aligned with our strategic direction

Performance management Governance structures integrate sustainability and drive holistic
thinking
Transparency -
Dimensions: initiatives: CICERO “Shades of - Board Audit and Sustainability
Green” assessment Committee established, reinforcing
Integrated Board oversight
Share of «green» revenues and
reporting capex:
- Executive compensation tied to
People performance management
Taskforce for
framework
Climate Related
Disclosures - Risk management process
incorporating material
Science based sustainability issues
Planet
targets process Governance score:
- Engaging with stakeholders
directly and indirectly through
Carbon industry associations
Disclosure
Prosperity Project

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 Accelerate Expand our
operational reach and
1C Climate neutrality: Ambition of reducing absolute CO2 excellence of f ering

Scope 1 and 2 emissions by 30% by 2030

Planned
Historic reductions reductions Our climate roadmap

~45%
32 2025 Intensity target: 10%
reduction in CO2e per
tonne N
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Scope 1 & 2

~30%
<1
2 2030 Reduce scope 1+2
Roughly equivalent
to O&G emission 4 absolute emissions
from Norwegian
continental shelf by 30%
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12

2005 Catalyst Energy 2019 Planned Other inc.2 2030 2050 Climate neutral
installations efficiency reductions green
ammonia

Reduction of 45% since 2005 – Yara is well positioned to meet EU 55% target

1) EU commission target of 55% reduction by 2020 compared to 1990 levels

2) Planned but not concluded initiatives including N2O abatement, energy efficiency, electrification, CCS and hybridization, and potential full-scale electrification of 22
Porsgrunn ammonia plant
 Accelerate Expand our
operational reach and
2A Farming Solutions and the regions have identified four excellence of f ering

concrete opportunities to expand our reach and offerings

A B C D

New Revenue Models Selling Services New Geographies / Segments Channel Transformation
Monetize offerings through combination Monetize Yara’s knowledge through Target new geographies and/or Open up new channels to position Yara
of new fertilizer products, digital solutions digitally enabled service revenue segments with combination of new for the future
and new business models streams revenues model and services
Potential value pools to explore

Outcome-based business models (e.g., y ield Sustainability services Regional step-ups: Af rica, China, Other Asian Direct-to-farm online business
guarantee, healthy f ield) (e.g., carbon credits, sustainability doc.) markets, Mid West, Eastern Europe (“e-commerce”)

Climate smart crop production (e.g., circular Online retail platform

Digital agronomy services “New organic” market share capture
crop nutrition, low carbon of f ers) (e.g., direct to sub-dealer)

New price models/crop solutions (e.g., Food chain as a channel f or holistic and
Farm to fork connectivity services Open field fertigation market
subscription/charge per ha in cof f ee) sustainable f arm related v alue proposition

“Business through Yara” - 3rd party platform

business (e.g., risk, f inance)

Distinct v alue opportunity

Accelerator

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 Accelerate Expand our
operational reach and
2B We are focusing our asset growth on three objectives excellence of f ering

Three objectives for asset growth First acquisition in organic fertilizers in 2021

Support farming solutions transition: E.g.

1 digital technology and reach, circular, organic
and organo-minerals, green ammonia

Grow high-value products: e.g., NPKs,

foliar, fertigation and other high value
2 products, as well as commodity assets with
clear value-added potential to enable longer
term premium- and solution-based business

Achieve scale in strategic markets: e.g.,

physical assets in markets where we need a
3 physical footprint for our new value pools to be
successful.

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 Accelerate Expand our
operational reach and
2C Through Yara Clean Ammonia, we are well positioned to excellence of f ering

develop clean ammonia as a part of the hydrogen economy

Clean hydrogen economy will develop fast, with ammonia
powering the transition Yara has a unique starting point to capture value

1. Clean hydrogen strongly positioned to lead energy transition • Major ammonia producer: ~ 8.5 mt production across 17
units
Producer • Leading operational know-how, with world record
2. Ammonia is best suited for zero-carbon shipping fuel and energy production runs
carrier purposes • Higher energy efficiency compared to other producers

• Global trader with own back-up supply system with >20%

3. Shipping fuel the likely next ammonia application to reach scale; market share1
– 4 fully-owned ammonia export plants in Europe, ~ 1
promising signals also for other sectors
Trader million tons
– Ammonia export capacity outside Europe ~ 2,7 million
4. Emerging and realistic economics medium-term tons
– Industrial Solutions truck/train logistics expertise

5. Public co-funding expected to support first-movers

• Ammonia maritime transport capacity > 200 kt
Fleet &
• Own ammonia storage capacity 580 kt
storage
6. Value chains are developing now • 18 marine ammonia terminals

1) Based on global deep-sea ammonia trade 25

 Accelerate Expand our
operational reach and
2C Yara Clean Ammonia has several blue and green ammonia excellence of f ering

projects to serve emerging market segments

• Build on our global leadership in ammonia trading, distribution and

storage

• Actively search to develop low cost, clean ammonia projects

YCA will concentrate on building • Blue ammonia (with carbon capture and storage – CCS) will
scale in key, new clean ammonia likely be the most competitive initially
segments like shipping fuel, power • Green ammonia (with green electricity) will rely on State funding
and fertilizer - to be supplied with and increased regulation to materialize

clean ammonia production

• Examples of clean ammonia projects we are developing
• Hegra in Porsgrunn in co-operation with Statkraft and Aker
• Pilbara in cooperation with ENGIE
• Sluiskil CCS project for blue ammonia

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 Accelerate Expand our
operational reach and
2C Through Agoro carbon alliance, we are enabling climate excellence of f ering

action at the farm level

• New global business initiated by Yara, with the purpose of

realizing the potential for climate action in agriculture
• Mission is to
‒ enable millions of farmers to adopt carbon cropping
‒ create visibility on carbon footprint of crops
‒ connect industry and individuals with farms
• Provide certified carbon labelling and optimization at
farm level
• Focus on US market first, with sub-sequent global
scale-up on building on Yara’s global farm access and low-
carbon solutions

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