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Yara Integrated Report 2024
Acting today to
prepare for tomorrow
ARTBOX REPORT TEMPLATE ALL RIGHTS RESERVED © ARTBOX AS
Driving long-term returns
In 2024, we achieved all-time highs in production
1)
performance.
Returns improved but were still below target. Our priority now is
to strengthen our competitiveness and shareholder returns. Here’s
how we intend to progress.
1)
Adjusted for portfolio changes. Major planned maintenance and market-driven curtailments added back.
Cost and
investments
We will prioritize core operations and high-return assets, while cutting cost,
scaling down other activities and divesting or transforming non-core assets.
+
+
Asset
portfolio
Low-cost and
low-emission ammonia
We will focus on value-accretive growth in ammonia
and prioritize premium over volume.
Premium and
low-carbon products
Future-proofing core operations
and increasing shareholder returns
Reduce and optimize
Leverage and grow
Yara Integrated Report 2024Yara Integrated Report 2024
22
Contents
2024 in brief
Strategy and governance
Sustainability statements
Financial statements
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Contents
2024 in brief
Strategy and governance
Sustainability statements
Financial statements
Go back
2024 in brief
Key figures
5
CEO message
6
Key developments in 2024
9
Strategy and governance
About Yara
12
Strategy
16
Performance
19
The Yara share
33
Corporate governance
36
Group Executive Board
54
Board of Directors
58
Risk management
62
Sustainability statements
General information
72
Environmental information
103
Social information
156
Governance information
200
Content indexes
209
Signatures from the
Board and CEO of
Yara International ASA
214
Financial statements
Consolidated
financial statements
216
Financial statements of
Yara International ASA
301
Statement from the Board and
CEO of Yara International ASA
325
Independent auditor’s report
326
Independent sustainability
auditor’s assurance report
332
Reconciliation of Alternative
performance measures in the
Yara Group
336
Contents
These two chapters constitute the Report of the Board of Directors
About the report
This is Yara International ASA’s
2024 Integrated Report. It marks
a change in our annual reporting as
it includes, for the first time, Yara’s
sustainability statements to comply
with the Norwegian Accounting
Act, which includes requirements to
adopt sustainability reporting based
on the EU Corporate Sustainability
Reporting Directive (CSRD) and
European Sustainability Reporting
Standards (ESRS).
Additional information is available in
the following reports for the financial
year 2024, both available at the
Latest annual report page at yara.com:
• Yara Executive Remuneration
Report 2024
• Yara Country-by-Country
Report 2024
Yara Integrated Report 2024Yara Integrated Report 2024
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Contents
2024 in brief
Strategy and governance
Sustainability statements
Financial statements
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Strategy and governance
Sustainability statements
Financial statements
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1)
Adjusted for portfolio changes. Major planned maintenance and market-driven curtailments added back.
2024 in brief
2024 marked a year of record-high production
1)
and safety
performance at Yara. Our main priority now is to strengthen
our competitiveness and increase shareholder returns.
Contents
Key figures
5
CEO message
6
Key developments in 2024
9
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Contents
2024 in brief
Strategy and governance
Sustainability statements
Financial statements
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2024 in brief
Strategy and governance
Sustainability statements
Financial statements
2024 in brief2024 in brief 2024 in brief
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Key figures
8.1
Million tonnes
ammonia produced
8)
(7.8 in 2023)
17,000
employees
ROIC
2)
Percent
TRI
6)
Total recordable injuries per million hours worked
2024
Restated
1)
2023
Profit
Revenue and other income MUSD 13,934 15,627
Operating income
2)
MUSD 686 392
EBITDA
2)
MUSD 1,889 1,709
Net income MUSD 15 54
Capex
3)
MUSD 1,107 1,219
Debt/Equity ratio
2),
4)
0,53 0,49
Net cash flow from operations MUSD 1,286 2,288
Basic earnings per share
5)
USD 0,05 0,19
People performance
Engagement rate percent 76 77
TRI rate
6)
per million
hours worked 0,9 1,1
Planet performance
Scope 1+2 CO
2
e emission million tonnes 16.3 15.6
Energy efficiency GJ/t NH
3
33.1 34.0
1)
Comparatives have been restated, see “Basis of preparation” page 223 in the consolidated financial statements.
2)
See page 336 for definitions, explanations and reconciliations of Alternative performance measures (APMs).
3)
Cash outflows from investing activities, excluding cash transferred from disposal of subsidiaries, see
consolidated statement of cash flows on page 222 for specification.
4)
Net interest-bearing debt divided by shareholders’ equity plus non-controlling interests.
5)
Yara currently has no share-based compensation program that results in a dilutive effect on earnings per share.
6)
TRI: Number of Total Recordable Injuries per million hours worked, contractors included.
7)
The GHG intensity indicator does not include Freeport and Hull. See details on Yara’s 2030 Climate KPI on
page 134.
8)
Yara Improvement Program (YIP) definition: adjusted for major turnarounds, market optimization and portfolio
adjustment. Excluding Montoir.
20242023202220212020
8.0
7.9
25.7
2.9
5.0
20242023202220212020
1.3
1.0
0.9
1.1 1.1
5.0%
Return on invested capital
(2.9% in 2023)
2)
686
USD million Operating income
(392 in 2023)
2)
75%
Diversity and inclusion index
(same as in 2023)
2.8
GHG intensity
7)
(t CO
2
e/t N)
(3.0 in 2023)
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2024 in brief
Strategy and governance
Sustainability statements
Financial statements
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2024 in brief
Strategy and governance
Sustainability statements
Financial statements
2024 in brief2024 in brief | Key figures2024 in brief | Key figures
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Optimizing for today,
preparing for tomorrow
Over the last years, the world has been impacted by global
disruptions, market volatility, and evolving regulations. Here’s how
Yara is adapting – enhancing resilience, optimizing our portfolio, and
positioning for long-term value creation.
The past years have been a period of continuous
and intersecting volatility and disruptions, testing
our company’s resilience and adaptability.
Throughout this period, Yara has consistently
demonstrated its ability to swiftly and effectively
adjust to challenges, driven by the strengths
of our core operations, dedicated people, and
global presence. Our strategic direction of
profitable decarbonization remains firm, and we
are sharpening our focus in response to ongoing
challenges and the changing world.
Our 2024 results highlighted our strengths, with
record-high production of ammonia and finished
products
1)
, and with a record-setting, industry-
leading low injury rate. In addition, we are on track
to reach our GHG emission intensity target for
2025, and the average payback period of our GHG
emission intensity investments is three years.
These records and results are a testament to the
dedication and engagement of our teams across
all of Yara’s activities, and to the company’s ability
to deliver even under sustained pressure.
Both sustainable profitability in core operations
and value-accretive growth opportunities are
critical to enable a fit-for-future Yara. While we
have successfully navigated recent volatility by
focusing on operational continuity, by design our
cost base has also grown. As highlighted by the
recent Draghi report on European competitiveness,
sustained high gas prices in Europe are also
negatively affecting energy-intensive industries
like ours
2)
. These factors have contributed to
recent returns being below satisfactory levels.
Yara has consistently
demonstrated its ability
to swiftly and effectively
adjust to challenges,
driven by the strengths
of our core operations,
dedicated people, and
global presence.
—
Svein Tore Holsether
President and CEO
1
In YIP terms, YIP production performance excluding Montoir.
2)
The Draghi report on EU competitiveness
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2024 in brief
Strategy and governance
Sustainability statements
Financial statements
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We are addressing this by reassessing our portfolio
and cost structure to ensure stronger financial
resilience, while keeping our strategic direction –
profitable decarbonization and a strong foundation
in ammonia and crop nutrition – unchanged.
Our approach is twofold:
1. Improving near-term profitability through cost
discipline and portfolio optimization
2. Positioning Yara for long-term value creation in
a future where carbon emissions are penalized,
and low-carbon solutions are rewarded.
By executing on this, we will enhance returns,
strengthen financial resilience, and increase
shareholder value.
1. Improving near-term profitability
in our core business
With the low-carbon transition progressing
more slowly than expected, we have adapted
to safeguard our financial strength and long-
term competitiveness – and will continue to
do so. This requires decisive action to reduce
costs, streamline investments, and optimize
our portfolio. By prioritizing high-return assets
and improving operational efficiency, we are
reinforcing our core business, ensuring short-term
resilience while preserving the flexibility to invest
in future growth opportunities.
Cost and capex reductions
In 2024, Yara launched the Fixed Cost and Capex
Reduction Program, with the aim to reduce
fixed costs by USD 150 million and capex with
USD 150 million by the end of 2025. This will
be achieved by a targeted approach, where
high-return assets are prioritized, and tail-return
activities are scaled down. By optimizing costs
and strengthening the balance sheet, Yara will
increase free cash flow and drive sustainable
profitability. As of year-end 2024, we have
already demonstrated progress on this program,
and we are well on track to deliver on the target.
Portfolio optimization: Prioritizing
high-return assets
Yara is focusing on resilience and operational
flexibility by scrutinizing plants, markets and
activities with lower returns and reallocating
capital and resources to the most future-proof
plants. Our priority is to identify and focus on a
portfolio of assets and activities that will maximize
shareholder returns going forward. This includes
targeting sites with competitive feedstock,
access to key markets, profitable decarbonization
opportunities, operational flexibility, and
sustainable, strong returns.
This optimization is well underway. We have
announced plans to transform our Tertre
production plant, repurpose Montoir, and mothball
our Hull plant. We have also divested from
several smaller markets. At the same time, we
are making progress on key growth projects.
Construction of our new YaraVita biologicals
factory in the UK is ongoing, alongside our CCS
facility in the Netherlands – including the world
first cross-border commercial CCS agreement. In
addition, in 2024, we officially opened our 24MW
renewable hydrogen plant in Norway, the largest
facility of its kind in operation in Europe
3)
.
2. Positioning Yara for long-
term value creation
While we continue reducing costs in the shorter-
term, we are also positioning ourselves for growth
in the longer-term. Yara is uniquely positioned to
capitalize on value-accretive growth opportunities,
both within low-cost, low-emission ammonia and
within premium products, including low-carbon
products. This is an area with immense potential,
and I’m confident we’re on the right track.
After a decade of significant progress on climate
action, albeit insufficient, we are now seeing
growing doubts about the pace of decarbonization
and the future course of climate policies. As
we look toward the future, the cost of climate
inaction, and the need for decarbonization and a
lower-carbon future, is undeniable. The cost of
inaction is greater than that of action. Intensifying
climate events will drive significant economic
costs, affecting infrastructure, supply chains, and
communities globally. Farmers’ experience of
climate change impact is often early and tough.
Working closely with farmers every day, I feel that
Yara has a responsibility to raise and respond to
that impact. In addition, those who hesitate now
may find themselves at a severe disadvantage as
markets evolve and regulations tighten.
Leveraging our leadership in
low-carbon ammonia
We believe that leading starts where our strengths
lie, one of these being ammonia.
“We believe that
leading starts where
our strengths lie,
one of these being
ammonia.”
3)
As of December 2024.
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2024 in brief
Strategy and governance
Sustainability statements
Financial statements
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2024 in brief
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Financial statements
2024 in brief2024 in brief | CEO message2024 in brief | CEO message
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As the world leader in the production, trade,
transport, and storage of ammonia, Yara is uniquely
positioned to benefit from renewable ammonia and
low carbon ammonia (produced with the use of CCS)
opportunities. This strong midstream position allows
Yara to optimize its ammonia portfolio, matching
customers’ demand based on carbon intensity
requirements and corresponding willingness to
pay. This makes Yara a highly attractive partner for
suppliers, customers, and project partners.
In Europe, our strategically located asset portfolio
offers unique flexibility to upgrade production based
on the most cost-efficient ammonia available,
either own-produced or sourced from third parties.
Our potential investment in large-scale, low-
carbon ammonia production in the US aligns well
with our European nitrate and NPK production.
This would help reduce exposure to Europe’s high
energy cost and the impacts of the Carbon Border
Adjustment Mechanism (CBAM).
Furthermore, these projects would enable Yara to
capitalize on the anticipated significant growth of
the ammonia market by 2050, driven in part by
new low-carbon ammonia applications. One of the
most promising of these is low-emission ammonia
as shipping fuel.
Yara only pursues growth projects with strong
returns provided a strong strategic fit and a
sound funding plan. Projects not meeting these
criteria will be shelved, such as the complete
electrification of our Porsgrunn plant and the
production of green fertilizers (cooperation with
Ørsted, based on renewable energy).
Driving growth in low-carbon
and high-premium solutions
Another area where Yara is a clear leader is
premium nitrogen products, which command
higher prices due to their superior impact on crops’
yield and quality.
With around 30% of global emissions linked
to food and agriculture, the goals of the Paris
Agreement will not be achieved without successful
change in the food system. Improving fertilizer
use and transitioning to low-carbon solutions are
crucial for reducing emissions in farming, and
throughout the food value chain.
Yara is a front-runner in offering low-carbon
solutions combined with on-the-ground crop
nutrition knowledge, backed by science. While
we are adapting to the speed of transformation
being slower than expected, we already see
traction in niche markets with growing demand
and willingness to pay premiums for low-carbon
nitrate solutions.
Collaboration across sectors and value chains is
key to accelerating this shift, and our partnership
with PepsiCo Europe is a testament to this.
Together, we are working to decarbonize the food
value chain by equipping farmers with low-carbon
fertilizers and digital tools to optimize nutrient use
and reduce the carbon footprint of their crops.
A call for ambitious leadership
and collaboration
Yara is uniquely positioned to thrive in a rapidly
evolving global landscape, driving the scale of
low-carbon ammonia and playing a key role in
decarbonizing agriculture and the food system.
However, realizing the future we aspire to requires
more than the efforts of a single company – it
demands a collective commitment from both
the public and private sectors. Policymakers and
business leaders share a crucial responsibility in
this transformation.
Policymakers must create stable and predictable
market conditions, which are essential to
accelerate progress. Competitive policy
frameworks – such as carbon pricing, targeted
funding, and demand-side incentives – are key
to ensuring early adopters stay competitive while
encouraging continued innovation.
At the same time, business leaders must step
up to drive and demand this transformation.
By uniting our voices, we can advocate for
sustainable, profitable growth and strengthen
public-private collaboration. It’s not enough to
protect our own interests; we must also champion
the long-term viability of our industries and secure
sustainable growth for the future.
The recent period of sustained volatility we have
experienced means we cannot take stability for
granted, and assures us of the incredible potential
of our people and organization when tested. It
is a key part of my role, and Yara’s, to raise our
voice and engage in actively responding to the
challenges facing our company and the world.
While the road ahead may present challenges,
I believe the opportunity for collective action is
far greater. I’m proud that Yara is committed to
driving this transformation, while delivering lasting
value to our stakeholders.
Svein Tore Holsether
President and CEO
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Key developments in 2024
Improving earnings in core business
Fixed Cost and Capex Reduction Program
In response to recent market volatility and unsatisfactory
returns, Yara launched the Fixed Cost and Capex Reduction
Program to strengthen financial performance and boost
shareholder value. The program targets a reduction of
USD 150 million in fixed costs and another USD 150
million in capex by the end of 2025. By optimizing costs,
realigning priorities and optimizing capex, Yara aims
to strengthen the balance sheet and enhance financial
resilience, enabling value-accretive growth and increased
shareholder returns. Yara is on track to achieve the target
and reported USD 90 million lower fixed cost at year-end,
including positive effects from currency (USD 25 million)
and divestments (USD 20 million). The reported capex for
2024 was USD 100 million lower than the guidance of
USD 1.2 billion, and Yara is working on further optimizing
maintenance capex and restricting growth capex before the
final investment decision for US projects.
Advancing divestments to
optimize asset portfolio
Yara is streamlining its operations by reviewing
and optimizing its asset portfolio to focus on core,
high-return investments. The goal is to build a
future-ready asset base with competitive scale, access
to key markets, profitable decarbonization potential,
and sustainable returns. In 2024, Yara completed
divestments of its Ivory Coast and Yara Marine
Technologies subsidiaries, in addition to several minor
divestments of specific assets.
Announcing intention to transform
the Yara Tertre plant
With the aim to ensure long-term sustainability and
profitability, Yara announced the intention to transform
the Tertre plant in Belgium, aiming at replacing local
ammonia production with ammonia from other locations
and focusing on the most profitable products: premium
nitrate fertilizers and industrial nitrogen chemicals. If the
intention is confirmed, approximately 115 employees
could potentially be dismissed, while safeguarding
the plant long-term and securing more than 200
jobs. Production would focus on 600,000 tonnes of
nitrate fertilizers and 250,000 tonnes of industrial
products annually, transitioning to low-carbon solutions.
Consultations with workers’ representatives are ongoing,
emphasizing safety, respect for staff and the need to
safeguard the plant’s future competitiveness.
Enabling value-accretive growth
Opening of renewable hydrogen
plant: a major milestone
Yara inaugurated a 24 MW renewable hydrogen plant
at Herøya, Norway, marking a major milestone for
decarbonizing the food value chain, shipping fuel and
energy-intensive industries. The plant replaces natural
gas with hydrogen from electrolysis based on renewable
energy, cutting 41,000 tonnes of CO
2
emissions
annually when fully operational. Yara has delivered the
first tonnes of lower-carbon fertilizers, as part of the new
Yara Climate Choice™ portfolio, to several customers.
Sourcing agreements on low-carbon
and renewable ammonia
Yara and GHC SAOC, a subsidiary of Acme Cleantech,
signed a long-term agreement to supply 100,000
tonnes per annum of renewable ammonia from Acme
to Yara. The project, starting in 2027, will support
Yara Clean Ammonia’s development of a reliable and
cost-efficient supply chain for low-emission ammonia.
Additionally, Yara Clean Ammonia signed two other
term sheets
1)
. One was signed with Scatec, ECHEM
and MOPCO for renewable ammonia production in
Damietta, Egypt, with a capacity of up to 150,000
tonnes per annum, using solar and wind energy. The
other was signed with AM Green, for the supply of up
to 50 percent of renewable ammonia from phase 1
of AM Green project in Kakinada, India. The ammonia
from these plants will meet requirements in the EU’s
Renewable Energy Directive.
1)
Non-legally binding agreement summarizing the key terms of a potential
off-take
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Enabling value-accretive growth
Partnering with PepsiCo Europe to
decarbonize crop production
PepsiCo Europe and Yara partnered to reduce emissions
from food production in Europe. Yara will provide
PepsiCo’s farmers with best-in-class crop nutrition
products and advice, as well as precision farming tools to
increase nutrient use efficiency, boost yields and reduce
the carbon footprint of their crops.
Yara will deliver up to 165,000 tonnes of fertilizer to
PepsiCo annually, fulfilling 25 percent of PepsiCo’s
fertilizer needs in Europe by 2030. These fertilizers will
be mostly Yara Climate Choice lower-carbon fertilizers,
based on either renewable ammonia or low-carbon
ammonia produced with carbon capture and storage
(CCS). The collaboration, covering 1,000 farms and
128,000 hectares across the EU and UK, underlines
the companies’ shared commitment to building a more
sustainable food system.
CCS project moving ahead in Sluiskil
Yara Sluiskil reached a milestone with the launch of
its carbon capture and storage (CCS) project in the
Netherlands, an important step towards decarbonizing our
ammonia production, products and the food value chain at
large. In 2023, Yara and Northern Lights signed a binding
commercial agreement, enabling the first cross-border
transportation and storage of CO
2
. Yara aims to reduce
its annual CO
2
emissions by 800,000 tonnes from the
ammonia production at Yara Sluiskil. The CO
2
will be
liquefied and shipped by Northern Lights to permanent
storage on the Norwegian continental shelf. In 2024,
Northern Lights unveiled the completed CO
2
-receiving
facilities in Øygarden, Norway, while transport operations
from Yara Sluiskil will start in Q1 2026.
New world-scale plant for premium products
Yara is building a new global production plant for
specialty crop nutrition products and biostimulants. The
plant, one of the world’s largest, will strengthen Yara’s
position in this fast-growing market. Sales of YaraVita
products have quintupled in 20 years, helping crops
withstand climate change. Located in Yorkshire, UK,
the plant will double production capacity, with exports
worldwide. The project will be commissioned from Q4
2025, and fully operational by end Q1 2026. The civil
build is nearly complete, and the project has entered the
engineering phase.
Maturing the market for ammonia as a fuel
In September 2024, Yara Clean Ammonia achieved the
first ship-to-ship ammonia transfer at anchorage in Port
Dampier, Western Australia. This trial with Yara Clean
Ammonia, Global Centre for Maritime Decarbonisation
(GCMD) and Pilbara Ports Authority as key partners,
transferring 4,000 cbm of ammonia between two
carriers, positions Pilbara as a future hub for low-
emission ammonia, and demonstrates that ammonia
transfer can be done with the highest safety standards
and efficiency.
In October 2024, Yara officially opened its new
ammonia terminal in Brunsbüttel, Germany. It will
enable imports of up to three million tonnes of low-
emission ammonia annually, aiding Germany’s hydrogen
economy and energy transition.
For definitions of ammonia with lower GHG emissions, see page 12.
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Contents
About Yara
12
Strategy
16
Performance
19
People
20
Planet
22
Profit
24
Financial review
25
The Yara share
33
Corporate governance
36
Group Executive Board
54
Board of Directors
58
Risk management
62
Strategy and governance
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.
Report of the Board
of Directors
The following parts of this
report constitute the Report
of the Board of Directors:
Page 11–214
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About Yara
Yara's mission is to responsibly feed the world and protect the planet.
We pursue a strategy of sustainable value growth through reducing
emissions from crop nutrition production and developing low-emission
energy solutions. Yara’s ambition is focused on growing a nature-
positive food future that creates value for our customers, shareholders
and society at large and delivers a more sustainable food value chain .
To drive the green shift in fertilizer production, shipping, and
other energy intensive industries, Yara will produce ammonia with
significantly lower emissions. We provide digital tools for precision
farming and work closely with partners at all levels of the food value
chain to share knowledge and promote more efficient and sustainable
solutions.
Founded in 1905 to solve the emerging famine in Europe, Yara
has established a unique position as the industry’s only global crop
nutrition company. With 17,000 employees and operations in more
than 60 countries, sustainability is an integral part of our business
model. In 2024, Yara reported revenues of USD 13.9 billion.
Understanding ammonia and GHG emissions
Ammonia is the key intermediate for all nitrogen
fertilizer. It is produced by combining nitrogen from
the air with hydrogen, most commonly from natural
gas. This process creates GHG emissions through
both chemical reactions and combustion of fuel for
energy. Emissions from ammonia production can,
however, be eliminated by producing the hydrogen
through electrolysis of water based on renewable
energy, or by capturing CO
2
from the production
process with carbon capture and storage (CCS)
technology.
In this report, we use the following terms for
ammonia with lower GHG emissions:
Renewable ammonia:
Ammonia based on hydrogen produced through
electrolysis based on renewable energy, often
referred to as “green ammonia”
Low-carbon ammonia:
Ammonia based on hydrogen from natural gas, with
CO
2
captured and permanently stored after a CCS
process, often referred to as “blue ammonia”
Low-emission ammonia:
Collective term for renewable and low-carbon
ammonia
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Our business model
We upgrade energy and minerals to essential solutions
for food production, industry and the energy transition.
People
A safe and engaging
workplace, helping to
feed 200 million people
Profit
Strong shareholder
returns from prioritization
of core operations,
optimization or portfolio
and capitalization of
growth opportunities
Planet
Low-emissions food
and energy solutions
fit for the future
Resources
Energy,
phosphate
and potash
Agronomic
knowledge
Ammonia
expertise
Diverse and
engaged
workforce
Financial
capital and
discipline
€
Production,
mining and
sourcing
Global
distribution and
sales network
Farmers,
distributors food
chain partners
and industrial
customers
Competitive raw material cost Operational excellence
Scale and global optimization
Decarbonization
Knowledge margin
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Countries with sales
Yara Plants
Smaller sites
2)
Phosphate mines
Joint ventures
Digital Hub
and R&D sites
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 farmer-
centric 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
140
Production
sites
26
Terminals, warehouses, blending
units and bagging facilities
200
Yara-branded retail outlets
around the world
10,800+
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See page 336 for definitions, explanations and reconciliations of Alternative performance measures (APMs), and page 85 for a full workforce breakdown by geography, including employees in units and functions not presented above.
Regions
Our three regional units Africa & Asia, Americas
and Europe operate in a fully integrated setup.
They produce and deliver Yara’s existing fertilizer
solutions, and commercialize and sell new
offerings with support from our corporate function
Global Innovation.
Africa & Asia
Deliveries
thousand tonnes
4,595
EBITDA
USD million
342
ROIC
9.1%
Employees
1,766
Americas
Deliveries
thousand tonnes
9,623
EBITDA
USD million
664
ROIC
9.9%
Employees
5,464
Europe
Deliveries
thousand tonnes
8,697
EBITDA
USD million
229
ROIC
(0.6%)
Employees
3,866
Global units
The Global Plants & Operational Excellence
segment operates Yara’s largest and export-
oriented production plants, Porsgrunn and Sluiskil.
From 2024, the segment also includes Yara’s
share of the two ammonia plants Tringen and
Yara Freeport. The Industrial Solutions segment
mainly provides nitrogen-based solutions and
services across a wide range of industries. The
Clean Ammonia segment plays a vital role in Yara’s
production system through optimizing production
capacity utilization and leading Yara’s exploration of
new renewable and low-carbon ammonia projects.
Global Plants &
Operational Excellence
Finished fertilizer production
thousand tonnes
7,005
EBITDA
USD million
338
ROIC
4.2%
Employees
2,137
Industrial Solutions
Deliveries
thousand tonnes
6,479
EBITDA
USD million
284
ROIC
5.7%
Employees
2,303
Clean Ammonia
Ammonia sales
thousand tonnes
3,736
EBITDA
USD million
117
ROIC
11.0%
Employees
64
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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. It reflects our mission and vision and is set with the
objectives of minimizing risks for Yara and nature and to capture new business opportunities. We will optimize the longer-term pathway to our
ambition based on the need to secure profitability for the company and our shareholders and our ability to make an impact.
Our ambition rests on the three pillars of Climate neutrality,
Regenerative farming and Prosperity. They represent longer-term
action areas which we will pursue to operationalize our ambition.
In the next three to five years, Yara will prioritize Climate neutrality,
which is the most mature topic and a pressing global challenge. It is
also the area where we have identified both profitable and impactful
opportunities near-term, with our main priority being decarbonization
through profitable investments in ammonia.
We will evaluate other nature impacts beyond climate over time.
Hence, we will consciously pace our progress based on the maturity
of these topics and where we see profitable business opportunities.
Our ambition: Growing a Nature-Positive Food Future
Climate neutrality
Regenerative
farming
Prosperity
Priority next
3–5 years
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Two strategic priorities will lead us to our ambition
Yara’s strategic priorities are informed by longer-term opportunities and risks and build on our competitive strengths: our people, agronomic and
industry knowledge, our global footprint in production, sales and ammonia distribution, and our connection and reach to millions of farms.
Our strategy rests on two strategic priorities, which cover specific
strategic responses on the way to reach our ambition:
• Accelerate operational excellence
• Expand our reach and offering
We will step up efforts to improve the profitability of our core –
fertilizer production and crop nutrition – by accelerating operational
excellence. We will focus on actions to further increase efficiency and
to optimize cost and capital investments. We will actively manage our
portfolio and prioritize core operations and high-return assets, while
scaling down other activities.
Building on the strength of our crop nutrition core, we aim to
selectively expand our reach and offerings into new profitable
opportunities, based on where we have a strong competitive edge. We
will focus on value-accretive growth in low-emission ammonia and on
commercializing premium low-carbon products.
We will also develop farmer offerings contributing to low-carbon and
regenerative outcomes, focusing on areas with the highest potential
for near-term commercial success.
Our strategic priorities
Growing a Nature-Positive Food FutureAccelerate operational excellence
Culture of entrepreneurship and people development: Invest in leadership behaviors,
engagement, continuous improvement, dynamic upskilling, diversity, equity, and inclusion.
Efficient and reliable operations: Strengthen our assets and core processes through
operational excellence, cost and capital discipline, digitalization, and a persistent focus
on safety.
Decarbonized and resilient asset portfolio: Proactively optimize our asset portfolio and
drive profitable decarbonization through new low-emission ammonia assets, sourcing and
projects at prioritized existing assets.
Expand our reach and offering
Low-carbon premium products: Expand premium position with focus on generating demand
for and commercializing fertilizer and industrial products with reduced carbon footprints.
New regenerative offerings: Develop and monetize new crop nutrition products and
solutions, building on our competitive edge
New adjacent markets: Invest in value-creating new businesses, with focus on Yara Clean
Ammonia
Climate neutrality
Regenerative
farming
Prosperity
Our ambition
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Our priorities in 2025
In 2025, we will keep a sharp focus on three priorities to continue the execution of our strategy.
Long-term strategic priority Priorities in 2025
Accelerate operational
excellence
Maintain focus on safety and people
Examples of key projects and actions
• Deliver on targeted fixed cost and capex reductions
• Increase shareholder return by optimizing our portfolio
and assessing asset footprint
• Position for low-cost ammonia with projects in the US
towards final investment decision in the first half of 2026
• Continue CCS project at Yara Sluiskil, with estimated
start-up 2026
• Continue new YaraVita plant project in UK for specialty
crop nutrition products and biostimulants towards
commissioning in Q4 2025
Cost reduction and strict capital discipline
Expand our reach
and offering
Position for future competitiveness and improved
profitability in ammonia and nitrogen
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Strategy scorecard
Our Strategy scorecard comprises the KPIs we use to measure the progress on the execution of our corporate strategy.
People
More on page 20
Yara KPI 2021
1)
2023 2024
2025
Target
Strive towards zero
accidents, TRI
1.0 1.1 0.9 <1.0
Engagement index
2)
79% 77% 76%
Top
quartile
Diversity and
inclusion index
2)
77% 75% 75%
Top
quartile
Female senior
managers
3)
29% 32% 32% 40%
1)
2021 included as comparison year following the 2023 Capital Markets Day
2)
Measured annually
3)
Status at year-end
Planet
More on page 22
Yara KPI 2021
1)
2023 2024
2025
Target
GHG emissions,
intensity
2)
, t CO
2
e/t N
3.0 3.0 2.8 2.7
GHG emissions,
scope 1+2
3)
, CO
2
e
-4% -16% -13% -30%
Digitized hectares
4)
,
mHa
N/A 23 24 150
MSCI rating A AA A A
1)
2021 included as comparison year following the 2023 Capital Markets Day.
2)
GHG emissions intensity does not include Freeport and Hull. See details on Yara’s climate KPIs on page 134.
3)
GHG absolute emissions scope 1+2 target is for 2030 with a 2019 baseline.
The baseline and reported progress do not include Hull and Freeport.
4)
Cropland with digital farming user activity within defined frequency parameters.
Profit
More on page 24
Yara KPI 2021
1)
2023 2024
2025
Target
Ammonia production
2)
, mt 7.8 7.8 8.1 8.6
Finisher fertilizer
production
2)
, mt
21.3 21.1 21.2 22.5
Premium generated
3)
,
MUSD
113 1,881 1,415 N/A
Operating capital days
3)
83 105 108 92
Capital return (ROIC
3)
) 7.9% 2.9% 5.0% >10%
Fixed cost
3)
, MUSD 2,303 2,513 2,443 ~2,380
1)
2021 included as comparison year following the 2023 Capital Markets Day
2)
Yara Improvement Program performance, see further details on page 27
3)
See page 336 for definitions, explanation, and reconciliation of Alternative performance measures (APMs)
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People
Our employees and their knowledge are Yara’s greatest asset. We continue to invest in their growth,
engagement and safety, and to support diversity, equity, and inclusion in our operations.
TRI
Total recordable injuries
1)
per million hours worked
2025
Target
2024 2023 2022 2021 2020
1.3
1.0
1.1 1.1
0.9
<1.0
2025
Target
2024 2023 2022 2021 2020
74
77
75 75 75
Top quartile
(78 in 2024)
2025
Target
2024 2023 2022 2021 2020
79 79
78
77
76
Top quartile
(82in 2024)
2025
Target
2024 2023 2022 2021 2020
24
29 29
32 32
40
Diversity and inclusion index
Index (%)
Engagement index
Index (%)
Female senior managers
Share %
In 2024, we saw excellent safety performance
throughout our operations, with an all-time low
injury rate below our 2025 target. Since we first
launched our Safe by Choice program in 2012,
we have succeeded in decreasing the TRI rate
and severe injuries by about 80 percent and are
now recognized as an industry leader in in safety
performance.
1)
Sum of lost-time injuries, restricted work cases and medical treatment cases for
employees and contractors combined, ref. OSHA classification definition.
In 2024, we achieved a score of 75 percent in
the diversity and inclusion index, the same as in
2023. This was below our target of being in the
top quartile of international benchmarks, which set
the threshold at 78 percent in 2024. We remain
committed to achieving this target in 2025 by
embedding diversity, equity and inclusion in all our
activities.
We consistently score well against industry
benchmark on questions related to employee
engagement and generally see that most
employees are proud to work at Yara. Yet, we saw
a slight decline in our engagement index score in
2024 and came short of meeting our target of
scoring in the top quartile of the benchmark.
The proportion of female senior managers
remained stable from 2023 to 2024 and
below our target for 2025. We closely monitor
representation and retention rates and continue
to run and implement new initiatives to make
Yara more attractive to women. Examples of such
initiatives include specific mentoring programs,
the gender equity employee resource groups and
efforts to close the gender pay gap.
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Yara reaches all-time low injury rate
Yara launched the global Safe by Choice program 12 years ago,
introducing comprehensive training and an up-to-date management
system. Since then, the total recordable injury rate (TRI
1)
) has
decreased 80 percent to a record-low 0.9 in 2024 and severe injuries
have declined similarly, establishing Yara as a recognized industry
leader in safety performance.
Notably, Yara Africa & Asia (YAA) and Yara Americas (YAM) have
made great strides recently, despite its high-risk operations, including
fertilizer production, material handling, and agronomic activities.
Over the past year, both regions have significantly reduced workplace
incidents and incidents with potentially high severity, demonstrating
strong commitment to enhancing the HESQ performance and culture.
The regions’ implementation of the global HESQ Management
System and risk-based safety programs has surpassed the global
average by effectively leveraging data for preventative actions and
shared learning.
Through communication, education, and dedicated efforts, YAA
and YAM have transitioned from low compliance to structured
improvement plans by identifying gaps and prioritizing actions
systematically.
Talent and learning initiatives
In 2024, we advanced our talent development initiatives, within the
strategic focus areas of talent development, upskilling and re-skilling.
The adoption of People Connect, our performance management
process became vital for goal setting, development plans, and
feedback, with documented development plans rising from 10 to over
39 percent.
We enhanced our learning resources with Degreed, allowing
employees to upskill and align personal growth with company
goals. With 206,000 learning activities completed and mentorships
doubling to 666, these initiatives have empowered our workforce.
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.
Skill Coach supported skill development conversations with
employees assessing over 20,000 skills and adding more than 1,000
new ones. Additionally, we piloted Opportunity Marketplace, a skill-
based initiative to match employees with development opportunities
aligned with their skills creating targeted growth pathways driving
business impact.
Throughout 2024, we continued to integrate diversity, equity, and
inclusion (DEI) effort into daily experiences, fostering an environment
where regular feedback and clarity in expectations promote equity and
inclusivity.
Ensuring a living wage
Yara is committed to ensuring all employees earn a living wage. We
believe this is key to providing decent work and reducing inequality.
To this end, we have targeted a “decent package” standard for living
wage, in excess of the basic level threshold, based on the goods and
services required for living a healthy and dignified life.
Since the launch of the living wage project in 2021, we have run
annual evaluations of compensations across the company. We closed
all identified living wage gaps during 2024, but the benchmarks
are evolving and an assessment in late 2024 revealed new gaps. It
concluded that 0.7 percent of Yara employees were earning below
the decent package standard close to year-end. We will address
these new gaps in the next salary review process and continue to
align our practices with evolving standards. Our commitment to fair
compensation is unwavering, and we intend to close any identified
gap by the end of 2025.
1)
See page 20 for definition
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Planet
We aim to reduce our own emissions significantly as well as to help alleviate impacts
on climate and nature from crop production and the food system.
GHG intensity
t CO
2
e/t N
2025
Target
20242023202220212020
3.0 3.0
3.1
3.0
2.8
2.7
2025
Target
20242023202220212020
- -
19 23
24
150
2030
Target
20242023202220212020
17.7 17.5
15.9 15.6
16.1
-30%
1)
2025
Target
20242023202220212020
A A A
AA
A A
GHG emissions, scope 1+2
1)
(market based)
Million tonnes CO
2
e
Digitized hectares
1)
Million hectares
MSCI rating
At year-end 2024, we were on track to meeting
our 2025 GHG intensity target. The main factors
contributing to reducing the GHG intensity have
been improvements in production reliability and
energy efficiency, lower emissions from imported
ammonia, and sourcing of renewable power. Last,
but not least, we are seeing the effects of the
implementation of our GHG project portfolio. The
GHG intensity target and reported progress do not
include Hull and Freeport.
The digitized hectares KPI is a measure of our
connectivity to farms and fields, which provides
valuable insight into how we can support farmers
in improving productivity, profitability and
environmental performance. We track progress
in the three regions Americas, Europe and Africa
& Asia and increased our reach to 24 million
hectares in 2024.
1)
Cropland with digital farming user activity within defined
frequency parameters
We have reduced our scope 1 and 2 emissions by
13 percent from the 2019 baseline, with progress
driven by the same factors as described for GHG
intensity. While the absolute emissions increased
from 2023 to 2024 due to increased production,
the GHG project portfolio implementation
dampened the volume effect on emission totals.
The GHG emissions target and reported progress
do not include Hull and Freeport.
1)
From a 2019 baseline (excluding Hull and Freeport)
We have maintained an MSCI rating of A or better
for four consecutive years, in line with our 2025
target. MSCI rating is scored on the scale CCC –
AAA where AAA is best.
Disclaimer statement
The use by Yara of any MSCI ESG Research LLC or its affiliates
(“MSCI”) data, and the use of MSCI logos, trademarks, service
marks or index names herein, do not constitute a sponsorship,
endorsement, recommendation, or promotion of Yara by
MSCI. MSCI services and data are the property of MSCI or
its information providers and are provided ‘as-is’ and without
warranty. MSCI names and logos are trademarks or service
marks of MSCI.
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Yara hits decarbonization milestone:
Official opening of renewable
hydrogen plant in Porsgrunn, Norway
The official opening of Yara’s renewable hydrogen
plant in Porsgrunn took place in June 2024.
It marked an important milestone for Yara
and for the decarbonization of the food value
chain, shipping fuel and other energy-intensive
industries.
The hydrogen is produced with electrolysis of
water and renewable energy, replacing natural
gas as feedstock, cutting 41,000 tonnes of CO
2
emissions from the site annually. 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.
The renewable hydrogen plant is still in
commissioning, and once fully operational, it will
produce ten tonnes of renewable hydrogen per day.
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 decision-
making, Yara FarmCare makes crop nutrition
knowledge more accessible and helps farmers
improve field performance and yield.
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.
Yara FarmCare is currently available in eleven
languages and five countries (India, Indonesia,
Kenya, Tanzania and Thailand) with close to 3.2
million registered users.
Yara starts production of renewable-
based ammonia in Brazil
A first in Brazil, Yara started production of
ammonia made from renewable biomethane in
2024.
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.
Yara’s industrial complex in Cubatão, the largest
consumer of natural gas in São Paolo and Brazil’s
leading ammonia producer, is now fully equipped
to operate with biomethane. One of the world’s
largest agricultural powers, Brazil sits on a huge
organic waste resource. Unlocking this is vital for
the country’s energy transition, not least in hard-
to-abate industries.
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 lower-
carbon fertilizer. This fertilizer is part of the Yara
Climate Choice portfolio, which includes the same
effective, high-quality Yara crop nutrition that
growers trust, produced with technologies that
further reduce their products’ carbon footprint.
With the potential to reduce the carbon footprint
of coffee beans by up to 40 percent, this
partnership is a key step to decarbonizing coffee
farming in Brazil.
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Profit
In 2024, our production levels reached all-time highs. Returns improved but were still below target, spurring a series of initiatives to enhance
our financial performance and position.
Fixed cost
1),
2)
USD millions
Run-rate
target
end-2025
2024202320222021
2,303
2,379
2,513
2,443
~2,380
2025
Target
20242023202220212020
8.0 7.9
25.7
2.9
5.0
>10%
2025
Target
2024202320222021
29.1
28.2
28.9
29.3
31.1
Production output
3)
Million tonnes
ROIC
Percent
On 19 July 2024, Yara announced initiatives
to enhance the Group’s financial performance
by focusing on high-return core business and
strategic priorities. This included an objective to
reduce fixed costs by USD 150 million (run-rate
as of the fourth quarter) by the end of 2025. As
of year-end 2024, Yara had achieved USD 90
million of cost reductions, of which USD 20
million is from divestments and USD 25 million
are currency effects.
Return on invested capital (ROIC) reflects
shareholder value, but has been unsatisfactory for
the past two years. As part of the Fixed Cost and
Capex Reduction Program launched in July 2024,
Yara will be focusing on high-return core business
and strategic priorities. These measures are
expected to improve ROIC moving forward.
Production reached all time high levels in 2024
driven by reliability improvements across most
plants. Production figures are adjusted for major
turnarounds and market optimization effects,
better reflecting underlying performance under the
Yara Improvement Program (YIP).
1)
See page 336 for definitions, explanations and reconciliations of Alternative
performance measures (APMs).
2)
Comparative figures are adjusted to include portfolio units.
3)
Yara Improvement Program definition: adjusted for major turnarounds, market
optimization and portfolio adjustment. Excluding Montoir.
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Financial review
Yara’s 2024 net income was USD 15 million compared with USD 54 million a year earlier.
In 2024, foreign currency translation loss of USD 321 million, impairment of USD 82
million and pension buy-out in the Netherlands of USD 99 million offset higher margins and
higher deliveries. EBITDA, excluding special items was USD 2,051 million, compared with
USD 1,712 million in 2023.
Financial highlights
USD millions, except where indicated otherwise 2024
Restated
1)
2023 2022
1)
2021
1)
2020
1)
2019
1)
Revenue and other income 13,934 15,627 24,051 16,607 11,728 12,936
Operating income 686 392 3,827 1,068 1,176 989
EBITDA
2)
1,889 1,709 4,959 2,804 2,223 2,095
EBITDA, excluding special items
2)
2,051 1,712 4,889 2,891 2,161 2,165
Net income/(loss) 15 54 2,782 384 690 589
Basic earnings/(loss) per share
3)
0.05 0.19 10.90 1,75 2,58 2,20
Basic earnings/(loss) per share excluding foreign currency exchange
gain/(loss) and special item
3)
1.73 1.11 10.98 4,73 3,08 3,09
Net cash provided by/(used in) operating activities 1,286 2,288 2,391 1,406 2,047 1,907
Net cash provided by/(used in) investing activities (1,080) (1,197) (509) (874) 248 (1,044)
Net debt / equity ratio 0.53 0.49 0.37 0,55 0,36 0,42
Net debt / EBITDA, excluding special items (last 12 months) ratio
2)
1.82 2.16 0.66 1,36 1,36 1,72
Average number of shares outstanding (millions) 254.7 254.7 254.7 256,8 268,0 272,3
Return on invested capital (ROIC)
2)
5.0% 2.9% 25.7% 7,9% 8,0% 6,6%
1)
Comparative figures for 2023 have been restated, see page 223 Basis of preparation in the consolidated financial statements. Comparative figures for 2022-2019 are stated as reported.
2)
See page 336 for definitions, explanations and reconciliations of Alternative performance measures (APMs).
3)
USD per share. Yara currently has no share-based compensation programs resulting in a dilutive effect on earnings per share.
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. Total
deliveries were 3 percent higher compared with 2023.
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. Total deliveries
were 14 percent higher compared with 2023, when Europe was
significantly impacted by slow demand and curtailments.
Americas’ 2024 EBITDA, excluding special items was USD 655
million, 9 percent lower than in 2023, mainly reflecting lower
upgrading margins and deliveries. Total deliveries were 4 percent
lower compared with 2023, driven by less favorable farmer
economics and flooding disruption in Brazil, more than offsetting
increases in Latin America and North America.
Africa & Asia’s 2024 EBITDA, excluding special items was USD 343
million, 83 percent higher than in 2023, driven by improved
production reliability and higher margins, lower fixed costs, and
last year being impacted by inventory write-downs. Total deliveries
were 2 percent higher compared with 2023, mainly reflecting less
downtime for maintenance and reliability issues.
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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.
Industrial Solutions’ 2024 EBITDA, excluding special items was
USD 287 million, 27 percent higher than in 2023, mainly reflecting
improved margins and improved production. Total deliveries
were 2 percent higher compared with 2023, driven by Chemical
Applications in Europe and Transport Reagents.
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. Total deliveries were 14 percent higher
compared with 2023.
Balance sheet
Yara has maintained a solid balance sheet in a year with lower price
levels compared with last year. Lower price levels in 2024 compared
to 2023 were reflected in lower levels of inventories and trade
receivables in current assets. Overall total assets decreased compared
to a year earlier, mainly reflecting currency translation, as most
functional currencies in Yara have depreciated against the US dollar.
Overall total liabilities decreased compared to a year earlier with lower
current liabilities, mainly due to a reduction in trade payables due
to lower prices and lower commodity third-party sourcing to Brazil.
Decrease in equity reflects a 2024 currency translation loss and
dividend payment.
Key statistics
2024 2023 2022 2021 2020 2019
Yara production (thousand tonnes)
1)
Ammonia 7,181 6,391 6,510 7,261 7,606 8,479
Finished fertilizer and industrial products, excluding bulk blends 19,692 18,437 18,332 20,856 21,047 22,060
Yara deliveries (thousand tonnes)
1)
Ammonia trade 1,737 1,517 1,771 2,007 1,966 2,527
Fertilizer 22,940 22,273 22,687 28,610 29,291 27,620
Industrial Product 6,479 6,351 7,159 7,442 6,920 7,837
Total deliveries 31,156 30,141 31,616 38,059 38,177 37,983
Yara’s Energy prices (USD per MMBtu)
Global weighted average gas cost
2)
8.8 11.0 21.8 9.3 3.8 4.7
European weighted average gas cost 11.4 14.9 31.8 11.7 3.6 5.4
1)
Including Yara share of production in equity-accounted investees, excluding Yara-produced blends
2)
Excluding Babrala.
Market information
1)
Average of publication prices 2024 2023 2022 2021 2020 2019
Urea granular (fob Egypt) USD per tonne 354 402 785 479 246 263
CAN (cif Germany) USD per tonne 298 386 749 360 191 226
Ammonia (cfr NWE) USD per tonne 518 573 1244 560 252 293
DAP (fob US Gulf) USD per tonne 581 568 900 602 314 356
Phosphate rock (fob Morocco) USD per tonne 196 261 256 118 80 91
European gas (TTF) USD per MMBtu 10.9 12.9 36.9 13.1 3.0 4.8
US gas (Henry Hub) USD per MMBtu 2.2 2.5 6.4 3.7 2.0 2.7
EUR/USD currency rate 1.0 1.1 1.1 1.2 1.1 1.1
USD/BRL currency rate 6.1 5.0 5.2 5.4 5.1 3.9
1)
Source: The Market, Fertilizer Week, Fertecon, Profercy, World Bank and Argus. 1-month lag applied, as proxy for realized prices (delivery assumed 1 month after order)
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Parent
The net income in the parent Yara International ASA reflects the
results of its subsidiaries through dividends and group contributions,
and decreased from NOK 14,128 million in 2023 to NOK 4,377
million in 2024. Dividends and group relief from subsidiaries were
NOK 6,947 million, compared to NOK 15,607 million a year earlier.
The total equity of the parent increased from NOK 24,619 million in
2023 to NOK 27,814 million in 2024, mainly as a result of lower
dividend proposed to shareholders.
Yara Improvement Program (YIP)
Yara has a corporate program called the “Yara Improvement
Program” that steers and coordinates current and future improvement
initiatives. The program distinguishes between three defined
pillars: a) higher production returns and a leaner cost base, b) lower
environmental footprint, and c) smarter working capital management.
The operational metrics are reported on a rolling 12-month basis to
better reflect underlying performance.
On a rolling 12-month basis, production (YIP definition) of ammonia
and finished fertilizers increased by 0.4 million tonnes compared to
2023, to all-time high production levels. The increase was largely
driven by reliability improvement across most plants. Under the
definition of this metric, production volumes are adjusted by market-
driven curtailments and planned turnarounds.
GHG emissions intensity improved in 2024 following successful
project implementation and is on track to reach the 2025 target.
Improved GHG emission intensity leads to lower EU ETS costs.
Net operating capital days increased in 2024 compared to 2023 due
to higher inventory levels.
Fixed Cost and Capex Reduction Program
On 19 July 2024, Yara announced a series of initiatives to enhance
the Group’s financial performance and position by focusing on high-
return core business and key strategic priorities. These initiatives
include scaling down low-return activities, stricter prioritizing of capital
expenditure to high-return assets, and reviewing the asset portfolio.
The objective is to reduce fixed costs by USD 150 million (run-rate
as of the fourth quarter) and capex by USD 150 million by the end
of 2025, thereby increasing free cash flow, driving sustainable
profitability, and improving funding capacity for value-accretive
growth and shareholder returns.
By the end of 2024, Yara is delivering on the Fixed Cost and Capex
Reduction Program, with USD 90 million in cost reductions since
launch, whereof USD 20 million from divestments and USD 25
million in currency effects.
By the end of 2024, restructuring provisions of 51 MSUD were
recognized on the line item “Payroll and related costs” in the
consolidated statement of income. These provisions relate to several
initiatives announced in the fourth quarter, including the voluntary
severance packages offered to office workers in Norway and the
intention to transform Yara’s Tertre plant in Belgium to strengthen
its competitiveness. In addition, fixed assets with a carrying value of
USD 3 million were scrapped.
The Fixed Cost and Capex Reduction Program will continue in 2025.
Additional provisions and other financial effects of restructuring can
be expected. The timing of these effects will vary from location to
location depending on when those affected are informed about the
main features of Yara’s plans and constructive obligations to carry
them out are created.
Yara Improvement Program (YIP)
2024 2023 2022 2021 2020 2019
Production - ammonia (thousand tonnes)
1)
8,094 7,754 7,699 7,782 7,696 7,535
Production - finished products (thousand tonnes)
1)
21,173 21,077 20,489 21,338 20,807 20,649
GHG emission intensity (t CO
2
e/tN)
2)
2.8 3.0 3.1 3.0 3.0 3.0
Fixed cost (USD millions)
3),
4)
2,443 2,513 2,379 2,303 2,113 -
Net operating capital (days)
3)
108 105 87 83 113 115
1)
YIP definition; adjusted for major turnarounds, market optimization and portfolio adjustment: completed Paulinia closure (finished products)
2)
GHG emission intensity includes scope 1, 2 and scope 3 emissions related to imported ammonia. The reported GHG intensity does not include Hull and Freeport.
3)
Comparative figures have been restated to include the total fixed cost including portfolio units. For definitions of fixed cost and net operating capital days, see page 336, Alternative performance measures (APMs).
4)
KPI was updated at Yara Capital Markets Day 2023 to better reflect Yara’s ambition to beat inflation in core business in the current inflationary environment, with figures restated from 2020 onwards.
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Financial items
Net financial expense was USD 322 million higher than a year before.
The foreign currency translation loss this year of USD 321 million
comprises a loss of USD 441 million on the US dollar denominated
debt positions and a gain of USD 120 million on internal positions
in other currencies than USD. The year before, the US dollar
denominated debt positions generated a loss of USD 146 million
while the internal positions in currencies other than USD generated a
gain of USD 114 million.
The reduction in interest expense this year reflects both a lower
portion of gross debt established in Latin American countries and an
increase in capitalized interest, while the change in interest income
primarily reflects a lower cash level.
Income tax
The effective tax rate for 2024 was 92 percent. Some subsidiaries
are not recognizing deferred tax assets related to tax losses due to
uncertainty of recoverability. When excluding changes to unrecognized
deferred tax assets, the effective tax rate would have been
16 percent. The effective tax rate for 2023 was 71 percent and was
also impacted by changes to unrecognized tax assets.
Liquidity
At the end of 2024, Yara had USD 317 million in cash and cash
equivalents, and USD 1,100 million in undrawn committed bank
facilities. The company’s cash and financial position is considered to
be strong.
Financial items
USD millions 2024
Restated
1)
2023 2022
1)
2021
1)
2020
1)
2019
1)
Interest income 53 79 111 64 61 74
Dividends and net gain/(loss) on securities 2 – (3) – 1 2
Interest income and other financial income 55 79 108 64 62 76
Foreign currency exchange gain/(loss) (321) (32) (61) (251) (243) (145)
Interest expense (236) (260) (227) (138) (135) (157)
Other (22) 12 (33) (26) (30) (25)
Interest expense and other financial items (259) (249) (260) (164) (165) (182)
Net financial income/(expense) (524) (202) (214) (351) (346) (251)
1)
Comparative figures for 2023 have been restated, see page 223 Basis of preparation in the consolidated financial statements. Comparative figures for 2022-2019 are stated as reported.
Variance analysis
USD millions 2024
EBITDA 2024 1,889
EBITDA 2023 1,709
Reported EBITDA variance 179
Special items variance (see page 337 for details) (160)
EBITDA variance excluding special items 339
Volume/Mix 200
Margin 75
Currency translation 42
Other 23
Total variance explained 339
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Cash flow
Yara’s operating cash flow for the year decreased by USD 1,002 million
compared to last year. The decline was primarily due to a large release
of operating capital last year, compared to a smaller increase this year.
Yara’s investing cash outflow was USD 117 million lower than last
year, reflecting reduced investments in fixed assets this year. Yara’s
cash outflow from financing activities was USD 1,119 million lower
than a year earlier, due to higher dividends paid last year.
Research and development (R&D) towards
a nature-positive food future
Expenditures on research and development (R&D) activities amounted
to USD 104 million in 2024, compared to USD 113 million in
2023. R&D at Yara is conducted in several units, including the Yara
Technology Center and our corporate level Global Innovation unit.
Yara’s Global Innovation function oversees a strategic portfolio of
projects and drives globally relevant capabilities to develop and
strategically position new products and holistic solutions. Our aim is
to harmonize sustainable yields, enhance crop quality, and reduce
environmental impact, aligning with Regenerative farming – a key
pillar in our nature-positive ambition. The Global Innovation strategy
focuses on critical areas such as carbon (lowering agricultural
emissions), soil health, water and nutrient use efficiency, as well as
the development of biologicals and AgTech solutions.
Capital expenditure
Total capital expenditures for 2024 amounted to USD 1.1 billion,
aligning with the guidance and the Fixed Cost and Capex Reduction
Program at a maximum of USD 1.2 billion. Following the Fixed Cost
and Capex Reduction Program initiated in July 2024, Yara will enforce
strict capital discipline, repositioning capex towards higher return
investments. This strategy entails restricting growth capex before the
final investment decision on US projects (approximately USD 300
million/year) and yearly maintenance capex of approximately
USD 800-900 million with the current asset portfolio. Plant portfolio
review will further optimize maintenance capex.
Yara expects to invest approximately USD 1.2 billion during 2025,
with a focus on optimizing maintenance and growth capex to
maximize funding capacity for value-accretive growth. If positive FID
of large-scale US project(s), capex would be incurred 2026/27-2030.
Premium generated
Premium generated measures Yara’s ability to grow premium offerings
and to generate a positive price premium over alternative commodity
products. In 2024, the premium generated decreased to USD 1,415
million from USD 1,881 million in 2023. The decline mainly reflects
lower premium over commodity prices that have been developing rather
stable, partly offset by higher premium volumes deliveries.
Production volumes
Thousand tonnes 2024 2023 2022 2021 2020 2019
Ammonia 7,181 6,391 6,510 7,261 7,606 8,479
of which equity-accounted investees – – – – 181 1,000
Urea 4,593 4,266 3,949 4,739 5,175 6,419
of which equity-accounted investees – – – – 268 1,504
Nitrate 5,941 5,504 5,625 6,254 6,471 6,225
NPK 6,346 5,888 5,980 6,442 6,104 5,697
CN 1,694 1,595 1,749 1,773 1,640 1,543
UAN 864 856 738 917 959 974
SSP-based fertilizer 248 296 291 334 647 1,087
MAP 6 32 – 14 51 115
Total finished products 19,692 18,437 18,332 20,473 21,047 22,060
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Deliveries (detailed table)
Thousand tonnes 2024 2023 2022 2021
Yara deliveries
Ammonia trade 1,737 1,517 1,771 2,007
Fertilizer 22,940 22,273 22,687 28,610
Industrial Product 6,479 6,351 7,159 7,442
Total deliveries 31,156 30,141 31,616 38,059
Crop Nutrition deliveries
Urea 5,194 4,686 4,700 5,920
Nitrate 4,921 4,461 4,442 5,481
NPK 8,039 8,334 8,498 10,458
of which Yara-produced compounds 5,891 5,904 5,728 6,228
of which blends 2,097 2,348 2,464 3,623
CN 1,576 1,496 1,500 1,748
UAN 1,024 1,047 998 1,295
DAP/MAP/SSP 456 560 559 904
MOP/SOP 742 709 921 1,534
Other products 989 980 1,069 1,270
Total Crop Nutrition deliveries 22,940 22,273 22,687 28,610
Europe deliveries
Urea 768 532 513 940
Nitrate 3,760 3,467 3,292 3,774
NPK 2,446 2,098 2,096 2,582
of which Yara-produced compounds 2,288 1,989 1,994 2,426
CN 404 373 316 432
Other products 1,319 1,236 1,238 1,495
Total deliveries Europe 8,697 7,705 7,455 9,222
Thousand tonnes 2024 2023 2022 2021
Americas deliveries
Urea 2,092 1,991 1,939 2,684
Nitrate 857 704 853 1,336
NPK 4,028 4,562 5,071 6,157
of which Yara-produced compounds 2,385 2,594 2,732 2,437
of which blends 1,641 1,942 2,112 3,195
CN 975 929 970 1,106
DAP/MAP/SSP 402 513 508 821
MOP/SOP 659 628 824 1,432
Other products 610 736 778 992
Total deliveries Americas 9,623 10,062 10,943 14,528
of which North America 2,903 2,800 2,814 3,465
of which Brazil 5,008 5,619 6,450 8,865
of which Latin America excluding Brazil 1,712 1,642 1,679 2,198
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Deliveries
Thousand tonnes 2024 2023 2022 2021
Africa & Asia deliveries
Urea 2,334 2,164 2,247 2,295
Nitrate 304 290 297 371
NPK 1,565 1,675 1,331 1,718
of which Yara-produced compounds 1,217 1,321 1,003 1,365
CN 197 195 214 210
Other products 196 182 199 265
Total deliveries Africa & Asia 4,595 4,506 4,289 4,860
of which Asia 3,711 3,373 3,271 3,679
of which Africa 884 1,133 1,018 1,180
Industrial Solutions deliveries
Ammonia
1)
417 374 462 564
Urea
1)
1,424 1,335 1,419 1,646
Nitrate
2)
1,203 1,207 1,306 1,234
CN 186 181 198 210
Other products
3)
1,226 1,312 1,633 1,636
Water content in industrial ammonia and urea 2,023 1,940 2,141 2,153
Total Industrial Solutions deliveries 6,479 6,350 7,159 7,442
1) Pure product equivalents.
2) Including AN Solution.
3) Including sulfuric acid and other minor products.
Global sourcing resilience
Import restrictions imposed by the EU, UK, US and other countries
following Russia’s invasion of Ukraine continue to restrict trade with
Russian and Belarusian counterparties. These restrictions stem from
sanctions on entities and individuals, as well as banking and logistical
challenges.
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.
To offset reduced ammonia imports from Russia, Yara has secured
alternative suppliers. For phosphates and potash, the company has
increased sourcing from existing suppliers outside Russia and Belarus
while also establishing contracts with new suppliers, ensuring stability
in its production system. So far, Yara’s production volumes have not
been materially impacted by raw material shortages.
Yara, in collaboration with its advisors, continuously monitors sanction
developments to ensure compliance with government regulations and
contractual obligations.
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Outlook
The energy transition, climate crisis and food security are top priorities
globally. With its leading food solutions and ammonia positions, Yara is
uniquely positioned to drive and create value in these transformations.
Sustainable profitability in core operations and value accretive growth
opportunities are both critical to enable a fit-for-future Yara. While
Yara has successfully navigated recent volatility by focusing on
operational continuity, recent returns have been below satisfactory
levels. Yara’s strategy prioritizes resources towards higher-return core
assets and activities while scaling back non-core and lower-return
activities. In line with this, Yara is executing a Fixed Cost and Capex
Reduction Program targeting a reduction of fixed cost and capex by
USD 150 million each by the end of 2025.
Additionally, Yara is performing an asset portfolio review with the aim
to prioritize and optimize its portfolio to ensure a fit-for-future asset
base, focused on sites with competitive scale and feedstock, access
to key markets, profitable decarbonization opportunities, operational
flexibility and sustainable strong returns.
Similarly to last year, Northern hemisphere deliveries for the first half
of the 24/25 season are lagging, reflecting a continued just-in-time
buying trend. In addition, Indian stock levels are lower than at the
start of the season, due to strong domestic sales and reduced imports.
Combined with the absence of Chinese exports, this has created a
fundamentally strong urea market entering into the first half of 2025.
On the supply side, Chinese export policy remains a key uncertainty
factor. However, the peak of capacity additions ex. China has passed,
with industry consultant projections showing supply growth from
2025 and onwards significantly below trend consumption growth.
Combined with strong demand fundamentals, this indicates a
tightening global supply-demand balance in the coming years.
Maximizing long-term shareholder value is the sole driver for Yara’s
capital allocation. With the combination of strict capital discipline and a
tightening nitrogen market, Yara’s financial position is set to strengthen
with increased free cash flow and sustainable profitability. This in turn
will enable funding of value-accretive growth and increased shareholder
returns. Excellent strategic fit, sound funding and risk-adjusted project
returns above 10 percent are key requirements for all growth projects.
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. Yara
will take time to evaluate the totality of the projects before the final
investment decision planned for the first half of 2026.
Geopolitical dynamics
The geopolitical landscape is shifting rapidly, creating a more
unpredictable and disorganized global order, which is influencing
everything from trade policies to international relations. 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. Yara is preparing for new
sanctions regimes, new tariffs, shifting alliances, and complicated
logistics resulting from these conflicts and tensions.
The recent announcements of planned tariffs between the US and
other economies are concerning. As a company with a global footprint
and a strong supporter of free trade, we believe that open markets are
essential for economic growth and stability. A trade war would have
serious implications for Norway, Europe and the global economy. An
escalating trade war also affecting fertilizers and crops would harm
US food production and raise global food prices. Yara’s revenues
from imports into the US are currently less than 2 percent of total
revenues. Yara’s ability to perform during the pandemic and conflicts
over the past years has demonstrated its ability to adapt and optimize
value creation in a dynamic situation, utilizing its global footprint and
focus on operational flexibility.
As part of enabling the company strategy, Yara will continue its
farmer-focused, transparent, science-based advocacy towards
environmental and economic sustainability.
Going concern
In accordance with § 2–2 (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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The Yara share
Yara aims to be an attractive investment
for shareholders and to provide competitive
returns compared to other investment
alternatives. The Yara share shall be a
liquid, attractive investment opportunity.
We are committed to serving all our shareholders and potential
investors by providing accurate, comprehensive, and timely information.
Our policy is equal treatment of all stakeholders, including analysts,
banks, institutional investors, and private shareholders. All information
that may be important and relevant for Norwegian and international
markets is provided in the form of releases to the Oslo Stock Exchange
(OSE), media and financial newswires. Yara presents quarterly reports
as webcasts with live Q&A sessions.
Share performance and distribution
In 2024, 158 million shares were traded on the OSE at a value of
NOK 51 billion. The average daily trading volume for Yara shares on
the OSE during 2024 was 631,483. The highest closing price during
the year was NOK 367.50 and the lowest was NOK 287.70. The
year-end closing price was NOK 298.40, representing a 17 percent
decrease from the 2023 year-end closing price. Yara’s 2024 total
shareholder return (TSR) was -24.10 percent measured in US
dollars, with dividends reinvested. Yara’s market capitalization as of
31 December 2024 was NOK 76.6 billion.
Common share data
Q1 Q2 Q3 Q4 2024 2023
Basic earnings per share 0.07 0.00 1.12 (1.14) 0.05 0.19
Average number of shares outstanding
1
254,725,627 254,725,627 254,725,627 254,725,627 254,725,627 254,725,627
Period end number of shares outstanding
1
254,725,627 254,725,627 254,725,627 254,725,627 254,725,627 254,725,627
Average daily trading volume
2
747,140 789,237 519,558 482,305 631,483 528,645
Average closing share price 345 323 306 326 325 413
Closing share price (end of period) 347 308 334 301 301 361
Closing share price high 368 357 334 350 368 494
Market capitalization (end of period NOK billion)
3
88.3 78.4 85.1 76.6 76.6 92.0
Dividend per share 5 5
Dividend yield
4
1.7% 1.4%
Total shareholder return
5
(24.10%) (6.91%)
1
Excluding own shares
2
Only traded on OSE
3
Calculated by multiplying the period’s closing share price with the outstanding shares as of period end
4
Based on 31 December share price
5
Measured in US dollars with dividend reinvested
60
80
100
120
DecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary
Yara share price indexed (year-end 2023 = 100) OBX indexed (year-end 2023=100)
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At year-end 2024, Yara had 59,104 shareholders. Non-Norwegian
investors owned 33.5 percent of the total stock, of which
13.5 percent were from the United States and 4.7 percent from the
United Kingdom. The Norwegian State, through the Ministry of Trade,
Industry and Fisheries, is the largest single owner, with 36.2 percent
of the shares. Norwegian private ownership of Yara shares was
30.3 percent at the end of 2024.
Shareholding distribution
(as of 31 December 2024)
Ownership structure:
No of shares No of shareholders % of share capital
1-100 35,407 0.45
101-1,000 19,085 2.58
1,001-10,000 3,841 4.2
10,001-100,000 587 6.92
100,001-1,000,000 150 16.57
above 1,000,000 34 69.28
Total 59,104 100
Shareholding distribution
1
(as of 31 December 2024)
Ownership structure:
Name Holding (%)
Norwegian Ministry of Trade, Industry and Fisheries 36.2%
The Government Pension Fund Norway / Folketrygdfondet 7.5%
DNB Asset Management AS 2.6%
The Vanguard Group, Inc. 2.6%
BlackRock Institutional Trust Company, N.A. 2.0%
Storebrand Kapitalforvaltning AS 1.9%
State Street Global Advisors (US) 1.6%
KLP Fondsforvaltning AS 1.6%
Polaris Capital Management, LLC 1.6%
Pareto Asset Management AS 1.6%
UBS Asset Management (UK) Ltd. 1.3%
ODIN Forvaltning AS 1.2%
Skagen AS 1.1%
Handelsbanken Kapitalförvaltning AB 0.9%
Nordea Funds Oy 0.8%
Danske Invest Asset Management AS 0.8%
Silchester International Investors, L.L.P. 0.8%
Northern Trust Investments, Inc. 0.7%
Sundt AS 0.6%
BlackRock Investment Management (UK) Ltd. 0.6%
1
This shareholder list is delivered by Nasdaq and VPS through their service Nominee ID. The list is made by
analyzing information provided by registered shareholders on request from Yara International. Neither Nasdaq
nor VPS guarantee that the information is complete. For a list of the largest registered shareholders as of
31 December 2024, see note 11 in the financial statements of the parent company Yara International ASA.
Shareholding distribution
1
(as of 31 December 2024)
Norwegian state 36.2%
Norwegian private 30.3%
USA 13.5%
UK 4.7%
Other 15.3%
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ADR performance and voting rights
Yara has a sponsored level 1 ADR (American Depository Receipt)
program in the United States. The ADRs are not listed, but are bought
and sold OTC, i.e., through any broker licensed to buy and sell US
securities. The ADR ratio is two (2) ADRs to one (1) ordinary Yara
share. On 31 December 2024, the ADR was quoted at USD 13.14,
a 25.8 percent decrease for the year. To find a recent price quote for
Yara ADRs go to www.adr.com. The ticker symbol is YARIY.
Shares must be registered with the Norwegian Central Securities
Depository (Verdipapirsentralen) in the name of the real owner if
holders want to vote for their shares at the shareholders’ meeting.
Holders of Yara ADRs should check their voting rights with JPMorgan,
which is the depository bank for Yara ADRs.
Cash distribution policy
Yara’s capital allocation policy is based on an overall objective to
maintain a mid-investment grade credit rating, with a targeted capital
structure consisting of a mid- to long-term net debt/EBITDA rate of
1.5-2.0, and a net debt/equity ratio below 0.60. Subject to these
requirements, Yara targets an ordinary dividend of 50 percent of net
income. Shareholder returns are distributed primarily as cash, with
share buybacks as a supplemental lever. The dividend pertaining to
a fiscal year will be declared at Yara’s Annual General Meeting in the
following year.
In 2024, Yara paid USD 119 million in dividends. There were no
share buybacks in 2024. At year-end, Yara’s net debt/EBITDA,
excluding special items was 1.82 and net debt/equity ratio was
0.53, both in the higher end of the targeted range. Yara’s Board
has proposed to the Annual General Meeting a dividend payment
of NOK 5 per share for 2024, totaling a payment of USD 113
million based on outstanding shares and USDNOK exchange rate at
31 December 2024. Yara will consider further cash distributions, in
line with its capital allocation policy.
The Yara Annual General Meeting on 28 May 2024 authorized
Yara’s Board to buy back up to 5 percent of total shares (12,736,281
shares) before the 2025 Yara Annual General Meeting, at a purchase
price not less than NOK 10 and not more than NOK 1,000. A
precondition for the program was that an agreement was entered into
with the Norwegian State whereby the State committed to selling
a proportional share of its holdings to leave the State’s ownership
(36.21 percent) unchanged.
2025 Annual General Meeting
The Yara Annual General Meeting will take place on Wednesday
28 May 2025. Information about how shareholders register for the
Annual General Meeting will be published at yara.com no later than
21 days prior to the event, including information on how to register
attendance or vote.
Analyst coverage
Twenty-five financial analysts provide market updates and estimates
for Yara’s financial results, of whom 16 are located outside Norway.
Rating
Reflecting its strong market position and geographical diversification,
Yara is rated investment grade “Baa2” with Moody’s and “BBB” with
Standard & Poor’s.
Change of address
Shareholders registered in the Norwegian Central Securities
Depository should send information about changes of address to their
registrars and not directly to the company.
Registrar information
Registered shareholders may contact our registrar in Norway
regarding share transfers, address changes and other issues related to
their holding of Yara shares. The contact details are shown below.
Share facts
Ticker: YAR
Listing: Oslo Stock Exchange (OSE)
Yara’s registrar in Norway and ADR depositary bank
Contact details to Yara’s registrar in Norway and ADR
depositary bank can be found on the company’s website:
yara.com/investor-relations/share-and-debt-information/registrar-
and-auditor
2025 Dividend schedule
Ex-dividend date
30 May 2025
Payment date
11 June 2025
2025 Release dates
Q1: 25 April 2025
Q2: 18 July 2025
Q3: 17 October 2025
Q4: 11 February 2026
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Governance framework
Yara is subject to corporate governance reporting requirements
according to the Norwegian Accounting Act section 2-9, the Oslo
Stock Exchange Rulebook II – Issuer Rules, Chapter 4.5, and the
Norwegian Code of Practice for Corporate Governance (the “Code”),
freely available at lovdata.no, euronext.com/en/markets/oslo, and
nues.no respectively.
This report follows the system used in the Code and is part of the
Report of the Board of Directors.
1. Implementation and reporting
of corporate governance
Yara’s Board of Directors (“Board”) promotes and supports the open
and clear communication of the company’s key governance and
decision processes. As set out in Yara’s Code of Conduct chapter
12.1, available at yara.com, Yara has a responsibility to communicate
in a timely manner, completely, and accurately with its shareholders,
government regulators, and the public. Yara is committed to
complying with all applicable laws, rules, and regulations in the
countries where the company operates, and continually strives to
improve its corporate governance and culture, see Yara’s Code of
Conduct chapters 2.5 and 2.8.
The company’s disclosures comply with the Norwegian Accounting
Act, which includes requirements to adopt sustainability reporting
based on the EU Corporate Sustainability Reporting Directive (CSRD).
Yara complies with the recommendations of the Code with the
exception in 2024 and previous years of the separate election of each
can didate for the Board of Directors and the Nomination Committee.
The justification for this deviation and the selected, alternative
solution is provided in section 6 below. As of 2025 the company will,
however, follow the recommendations of the Code with separate
voting on each candidate.
2. Business
The scope of Yara’s business is defined in its Articles of Association,
section 2, available at yara.com:
“The objectives of the company are to engage in industry, commerce,
and transport, and to engage in other activities connected with these
objectives. Activities may also proceed through participation in or in
cooperation with other enterprises.”
Sustainability is an integral part of Yara’s core business strategy,
and Yara has committed itself to the ten principles of the UN
Global Compact, the UN Sustainable Development Goals, the
Paris Agreement, and the Kunming-Montreal Global Biodiversity
Corporate
governance
An open and active corporate
governance is crucial for aligning
the interests of shareholders,
management, employees, and other
stakeholders of Yara. Yara’s Board
of Directors believes that good
corporate governance drives long-
term value creation and promotes
robust business conduct.
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Framework. This is also reflected in Yara’s vision of a collaborative
society, a world without hunger, and a planet respected, as well as its
ambition of growing a nature-positive food future.
Yara fosters an open culture of diversity and inclusion that promotes
the safety and integrity of our employees, contractors, business
partners, and society at large. The Yara Group Executive Board adopts
the corporate global target in relation to gender diversity. This implies
that a target of minimum 40 percent female position holders is met
at this level by 2025. This target has already been exceeded with the
current level being 50 percent.
The Yara Recruitment and Compensation policies are applicable to
the Group Executive Board positions. This implies no discrimination
in recruitment processes, meaning a recruitment process with equal
opportunities while promoting diversity. To ensure a fair and non-
discriminatory practice in relation to compensation, Yara adopts job
leveling at the Group Executive Board level. In accordance with the
Compensation Policy, market benchmarks are sourced at country
levels to ensure equality within and across borders. For further
description of Yara’s performance and Diversity, Equality, and
Inclusion (DEI) program, see pages 157–167.
Yara’s Board of Directors conducts an annual review of Yara’s objectives,
risk profile, and strategy. Yara’s compliance, as well as the need for
possible adjustments, are monitored by the Board throughout the year.
For more information on the Board’s work in this respect, see page 41.
Yara measures success through its Strategy scorecard and KPIs
connected to People, Planet and Profit.
3. Equity and dividends
Yara’s 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’s 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’s 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.
New equity will only be issued in connection with concrete step
growth opportunities. No general mandate is granted to the Board to
increase the company’s share capital. Yara may execute share buy-
back programs as an integral part of its shareholder policy. Every year
since the company’s IPO, Yara’s Board has secured an authorization
from the Annual General Meeting to buy back up to 5 percent of
total shares in the company during the next year, for subsequent
cancellation. A precondition for each annual program is that an
agreement is made with the Norwegian State whereby the State
commits to selling a proportional share of its holdings to leave the
State’s ownership (36.2 percent) unchanged.
The mandates granted to the Board of Directors for the company to
purchase its own Yara shares are limited in time to the date of the
next Annual General Meeting or latest end of June the relevant year.
No share buy-back programs were executed during 2024.
4. Equal treatment of shareholders
Transactions involving the company’s own shares, such as the share
buy-back program as mentioned in section 3 above, are executed via
the stock exchange at prevailing stock exchange prices, with ongoing
disclosure via stock exchange releases and the company’s own web
pages. Share redemptions from the Norwegian State are carried out
on the same price terms as for the buy-backs carried out via the stock
exchange. Yara may execute buy-backs via external bank mandate
subject to “safe harbor” exemptions.
For the company’s related party transactions, the mandatory
regulations in the Norwegian Public Limited Liability Companies Act
(“PLC”) §3-9 and Chapter 3 are supplemented by IFRS® Accounting
Standards as adopted by the EU. Thus, the members of the Board
of Directors and Group Executive Board are required to disclose all
entities that would be considered “related parties” under applicable
IFRS Accounting Standards. Transactions with such entities are
subject to specific disclosure and approval requirements, see further
information in section 9 below.
5. Shares and negotiability
The Articles of Association place no restrictions on the transferability
of Yara shares, and the shares are freely negotiable. There are no
voting restrictions linked to the shares.
There are no restrictions on the purchase or sale of shares by the
Board of Directors and the Group Executive Board as long as insider
regulations are adhered to. Yara’s Share-based remuneration (SBR)
program requires the Group Executive Board to use the net amount
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after tax for the purchase of Yara shares, restricting the sale of such
shares for three years following the purchase.
In addition, the Group Executive Board is expected to invest in
Yara shares beyond the SBR program, as further described under
‘Guidelines on salary and other remuneration for executive personnel’.
It is expected that members of the Group Executive Board do not sell
any Yara shares as long as they are members of the Group Executive
Board. Any transactions in financial instruments issued by the
company done by persons discharging managerial responsibilities or
their close associates is disclosed according to the requirements in the
Market Abuse Regulation as implemented into Norwegian law in the
Norwegian Securities Trading Act.
6. General meetings
In accordance with PLC § 5-1 (1), the Yara general meetings rank at
the top of the corporate governance structure. The Annual General
Meeting is held before the end of June each year. This is in accordance
with Yara’s Articles of Association §10 and PLC § 5-6 (1). In 2024,
Yara held its Annual General Meeting on 28 May 2024. For more
information about the Annual General Meeting of 2024, see page 47.
The general meetings are convened in writing by the Board of
Directors in accordance with PLC §§ 5-9 and 5-10, and prepared
and conducted in accordance with PLC Chapter 5 and Yara’s Articles
of Association §9. Pursuant to PLC § 5-8 (1) and Yara’s Articles of
Association §9, the general meetings are by decision of the Board
conducted as physical and/or digital meetings.
Yara’s Annual General Meeting 2024 was held as a digital meeting
with online participation and electronic voting.
All general meetings are convened by the Board of Directors at
least 21 calendar days before the relevant general meeting date,
cf. PLC §§ 5-10 (2), first sentence and 5-11 b no 1. The general
meeting notice is sent to all shareholders individually or to their
depository banks. The meeting notice includes information regarding
shareholders’ rights and guidelines for meeting registration and
voting, including information regarding the processes for shareholders’
digital participation, digital advance voting, and the use of proxy.
In accordance with Yara’s Articles of Association §9, shareholders
who wish to attend and vote at the General Meeting, must give notice
of attendance to Yara in advance. Such notice must be received by
Yara no later than two business days prior to the meeting. The Board
may set a later deadline in the notice of the General Meeting.
Documents regarding matters to be considered at the General
Meeting are by decision of the Board made available at Yara’s
website. A shareholder may still request the relevant documents to be
sent to him or her, cf. Articles of Association §9.
Shareholders are entitled to have matters dealt with by the General
Meeting provided that the relevant matters are reported in writing to
the Board at least 28 days before the date of the General Meeting,
cf. PLC § 5-11, cf. § 5-11 b. Matters that are not on the agenda may
not be voted on at the General Meeting. Shareholders are entitled to
present alternatives to the Board’s proposal under each agenda item,
provided that the alternative proposals are within the scope of the
item under consideration. Shareholders are entitled to vote according
to their number of shares owned and registered with the Norwegian
Central Securities Depository Euronext VPS (“VPS”) at the date of the
General Meeting. The shareholders may vote on each agenda item
put forward in the General Meeting.
The Chair of the Board and the CEO are present at the General
Meeting, along with the leader of the Nomination Committee and the
external auditor to the extent the agenda items make such attendance
relevant. All Board members are encouraged to participate at the
General Meetings. The General Meeting elects an independent person
to chair the meeting.
In accordance with PLC §§ 6-3 and 6-10, the General Meeting
elects the shareholders’ representatives to the Board of Directors
and approves their remuneration. The Nomination Committee
makes proposals to the Annual General Meeting regarding election
of shareholders’ representatives to the Board, remuneration for
the members of the Board and its committees, and election and
remuneration of members of the Nomination Committee, cf. Yara’s
Articles of Association §7 and Procedure for the Yara International
ASA Nomination Committee section 1, available at Yara’s webpage.
For more information on the Nomination Committee’s work, see
section 7 below.
In 2024 and previous years, the company has had combined voting
for the proposed members of each of the Board and the Nomination
Committee as the Nomination Committee’s process has focused on
the combined qualifications and experience of the proposed members
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of the Board and the Nomination Committee. However, the company
has decided to follow the recommendations of the Code with separate
voting on each candidate nominated for election to the Board and the
Nomination Committee as of 2025.
In accordance with PLC § 7-1, the General Meeting elects the
company’s external auditor and approves the auditor’s remuneration.
In accordance with PLC § 5-6 (2), the Annual General Meeting
approves the financial statements, the Report of the Board of
Directors, and any dividend payment proposed by the Board. In
accordance with PLC § 5-6 (5), this Corporate Governance Report is
also presented to the Annual General Meeting for approval.
In accordance with PLC §§ 5-6 (3) and 6-16 a (5), the company’s
2024 Guidelines on salary and other remuneration for executive
personnel were presented to and approved by the Annual General
Meeting at the 2024 Annual General Meeting. In accordance with
PLC §§ 5-6 (4) and 6-16 b (2), the company also presented its
Report on salary and other remuneration for executive personnel for
the financial year 2023 to the 2024 Annual General Meeting for
their advisory vote. The 2024 Annual General Meeting endorsed the
Report.
The minutes of the General Meetings are published at the company
website right after the relevant meeting.
7. Nomination Committee
Yara’s Articles of Association §7 states that the company shall
have a Nomination Committee consisting of four members elected
by the General Meeting, and that the General Meeting approves
the procedure for the Nomination Committee. The latest approved
version of the procedure for the Nomination Committee, which forms
the basis on which the Nomination Committees conducts its work, is
available on Yara’s website. The Nomination Committee Procedure is
in line with the recommendations of Section 7 of the Code.
The chairperson and the members of the Nomination Committee
are elected by the General Meeting, cf. the Nomination Committee
Procedure section 2.1. The General Meeting also stipulates the
remuneration to the Nomination Committee, cf. the Nomination
Committee Procedure section 2.4.
The Nomination Committee makes proposals to the Annual General
Meeting regarding shareholder-elected members of the Board
of Directors, members of the Nomination Committee, and their
remuneration.
The Nomination Committee also recommends which members
the Board should elect as Chair and Deputy Chair. The rationale
for the Nomination Committee’s recommendations is included in
their proposal, and in accordance with the Nomination Committee
Procedure section 3.12, the recommendations shall provide,
at a minimum, the following information about the candidates
recommended by the Nomination Committee:
a. competence
b. capacity
c. independence
d. age
e. education
f. business experience
g. ownership position in the company
h. how long the candidates have been a member of the Board of
Directors, and their participation in meetings
i. any other assignments carried out for the company
j. material appointments with other companies or organizations
In accordance with the Nomination Committee Procedure section
3.10, the Nomination Committee works to ensure that its
recommendations for Board of Directors candidates satisfy the
requirements relating to the composition of the Board of Directors
laid down in applicable legislation and regulations. Furthermore, in
accordance with the Nomination Committee Procedure section 3.9,
the Nomination Committee attaches weight to whether the proposed
candidates have the necessary experience, competence, and capacity
to serve on the relevant corporate bodies in a satisfactory manner,
with the needed independence, and with appropriate change rates for
the corporate bodies.
Members of the Nomination Committee are elected for two-year
terms. According to the Nomination Committee Procedure, there
should be a gradual rotation among the committee members.
The Nomination Committee consists of the following members, all of
whom are independent of the Board and Group Executive Board:
• Otto Søberg, Chair (Independent board member and Associated
Partner, Vektor Consulting AS)
• Lars Mattis Hanssen (Director Ownership Department, Norwegian
Ministry of Industry, Trade and Fisheries)
• Ottar Ertzeid (Independent board member)
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• Ann Kristin Brautaset (Deputy Director Equities at Folketrygdfondet
(the Government Pension Fund Norway))
The contact details of the Chair of the Nomination Committee are
available on Yara’s website, and shareholders with input to the
Nomination Committee’s work are encouraged to send these to the
Chair of the Nomination Committee.
For details on the Nomination Committee’s work in 2024, see
page 47.
8. Board of Directors: Composition and independence
In accordance with PLC § 6-12, the Board of Directors has the
overriding responsibility for the management of the company. The
Board’s role and responsibility is also to supervise the company’s
day-to-day management and the company’s activities in general, cf.
PLC § 6-13 (1).
The responsibility for the day-to-day management has been
delegated to the CEO as set out in the Rules of Procedure for the
CEO of Yara International ASA, approved by the Board of Directors
in accordance with PLC § 6-13 (2). Pursuant to Yara’s Articles of
Association §6, the company’s Board of Directors shall be composed
of between 3 and 11 members.
At the Annual General Meeting 28 May 2024, the General Meeting
re-elected four shareholder-elected Board members for a period of up
to two years, based on the Nomination Committee’s proposal. Three
existing shareholder-elected Board members were not up for election.
Following the Annual General Meeting 2024, the Board of Directors
was composed of seven shareholder-elected Board members and four
Board members elected by and among the employees.
Regarding the latter, in accordance with PLC § 6-35 (2) Yara and
its employees have agreed not to have a corporate assembly. The
company is thus required to include four employee-elected members
to the Board, cf. PLC §§ 6-4 (3) and 6-5. Yara believes this solution,
with employee-elected board members instead of a corporate
assembly, supports more direct communication between shareholders
and management, increases accountability, and improves the speed
and quality of the company’s decision-making.
There are four women and three men among the shareholder-
elected board members, and two men and two women among the
employee-elected board members. The Board’s gender composition
is accordingly compliant with the mandatory requirements set out in
PLC § 6-11 a.
The Board elects both its Chair and Deputy Chair among the Board
members, based on a recommendation from the Nomination
Committee. The Board also appoints and dismisses, if applicable, the
CEO and determines the CEO’s remuneration.
The shareholder-elected members of the Board are independent
of the company’s management, main shareholders, and material
business contracts, and do not have specific assignments for the
company in addition to their duties as Board members. Other than
their employment contracts, the same is valid for the employee
representative Board members. Members of the Group Executive
Board are prohibited from being members of the Board. All Board
members are encouraged to own shares in the company.
9. The work of the Board of Directors
The Board has established written instructions for its work. These
instructions are set out in the Rules of Procedure for the Board of
Yara International ASA available at yara.com. Among other things,
the Board Procedure states that all Board members and the CEO
shall immediately notify the Board in writing if he or she has an
interest in a transaction or agreement that has been entered into or
is being considered by the company. The Board Procedure includes
instructions on the handling of agreements with related parties
and intra-group agreements, hereunder instructions that all such
agreements shall be documented in writing, conditionally on arms-
length basis, and that they shall be assessed on a case-by-case basis
as to whether a third-party fairness opinion of the relevant agreement
is required.
There were no significant transactions between the company and
related parties in 2024, except for ordinary commercial transactions
with subsidiaries and non-consolidated investees.
The Board has established an Annual Cycle which sets out all planned
meeting dates, regular Board agenda items, and procedures for Board
document preparations. The Board Procedure and Annual Cycle are
evaluated by the Board on an annual basis.
In the board meetings, the CEO reports to the Board on operational
and financial developments and results, as well as other material
company and industry developments, including sustainability topics.
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Pursuant to Yara’s Rules of Procedure for the Board and Yara’s Code
of Conduct, all Board members and members of Yara’s management
are committed to making the company aware of any material
interest they may have in items to be considered by the Board.
Neither a Board member nor the company CEO may participate in
Board discussions or decisions of matters that are of such particular
significance for him or her, or for any close associate of his or hers,
that the member must be deemed to have a special or prominent
personal or financial interest in the matter. If the Chair is or has
been personally involved in matters of material significance to the
company, any Board review of such matters will be chaired by another
member of the Board. In the event of the Chair’s absence, Board
meetings will be chaired by the Deputy Chair.
The Board of Directors has established an Audit and Sustainability
Committee and an HR Committee. Both committees work as
preparatory bodies for the Board and according to specific mandates
approved by the Board, see more information regarding said
committee’s work below.
The Board of Directors conducts an annual evaluation of its
qualifications, experience, and performance. The report from this
evaluation is presented to the Nomination Committee.
Yara International ASA has purchased and maintains a Directors and
Officers Liability Insurance on behalf of the members of the Board
of Directors and the CEO. The insurance additionally covers any
employee acting in a managerial capacity and includes subsidiaries
owned by more than 50 percent. The insurance policy is issued by a
reputable, specialized insurer with appropriate rating.
The Directors and Officers Liability Insurance provides financial
protection to Yara’s directors, officers, and any employees that can
incur personal liability for claims made against them in respect of acts
committed, or alleged to have been committed, in their capacity as
such and as a result of an error, omission or breach of duty.
HR Committee
The HR Committee reviews the performance of, and proposes terms
and compensation for, the CEO to the Board of Directors. The HR
Committee makes proposals to the Board regarding the Guidelines
and Report for the remuneration of senior executives that will be
submitted to the General Assembly and reviews the information about
senior executives’ salary, pensions and working conditions, which
will be disclosed in the company’s annual report. The committee
also advises the CEO and the Board on People Strategy, People-
related KPIs, succession planning for key positions, performance and
individual terms and conditions of the executive management, and
other critical topics linked to the People & Organization framework.
The HR Committee shall consist of three Board members, including
the Chair of the Board, who also chairs the HR Committee. In
2024, the HR Committee, in addition to the Chair, consisted of one
shareholder-elected Board member and one employee-elected Board
member.
Board Audit and Sustainability Committee
The Board Audit and Sustainability Committee (BASC) assists the
Board of Directors in supervising the integrity of the Company’s
accounts, the process for financial and sustainability reporting, the
internal control related to financial and sustainability reporting,
risk management, and performance of the external auditor. BASC
further evaluates the performance of the internal audit function
related to areas within the mandate of BASC, ensuring sustainability
governance processes support compliance with regulatory
requirements. BASC conducts an annual evaluation according to its
mandate. BASC consists of three members of the Board and has the
independence and competence required by legislation.
10. Risk management and internal control
Yara’s risk management and internal control activities are integrated
within the corporate strategy and business planning processes, based
on the principle that risk evaluation is an integral part of all business
activities. While risk management is a centrally governed process, the
responsibility for day-to-day risk management activities is placed with
the operating segments and corporate functions. The Yara Board of
Directors and Group Executive Board evaluate and define yearly risk
appetite across key strategic, financial, operational, compliance, and
HESQ dimensions.
The Board believes that expressing the company’s risk appetite within
important areas of its business activity helps to convey how the
company approaches and evaluates risk to investors, customers, and
society at large. Defining risk appetite is also a prerequisite for setting
optimal risk tolerance with supporting controls.
The Board carries out separate annual reviews of the company’s most
important risk exposures and internal control systems. Risks are also
considered by the Board in relation to the assessment of specific
projects and ongoing operations.
BASC performs ongoing evaluations of risk and control related to
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financial and sustainability reporting. Yara Internal Risk and Audit
supports Yara Management and the Board of Directors in terms of
evaluating the effectiveness and efficiency of internal controls and
gives an independent view on risk management.
Yara Internal Risk and Audit performs independent audits both at
subsidiary and group level, as well as audits and reviews of corporate
functions involved in business operations, financial and sustainability
reporting, and risk management. The Chief Audit Executive reports
functionally to the Board of Directors and administratively to the
Chief Executive Officer. Yara Internal Risk and Audit has no direct
operational responsibility or authority over any of the activities it
reviews. The unit has unrestricted access to all functions, records,
physical properties, and personnel relevant to the performance of its
tasks. It also has full and free access to Yara Group Executive Board,
the Board of Directors, and BASC.
The external auditor provides a description of the main elements in
the audit to BASC, including observations on Yara internal control
related to the financial and sustainability reporting processes.
Yara’s internal control framework is based on the principles of
the integrated framework for internal control established by the
Committee of Sponsoring Organizations of the Treadway Commission
(COSO). The five framework components are:
• control environment
• risk assessment
• control activities
• information and communication
• monitoring
The content of the different elements is described below.
Control environment
Yara’s Code of Conduct is integrated in its risk management and
internal control systems, through global employee training programs
and an Integrity Due Diligence process which covers both existing
business partners and forward-looking business development
activities.
Yara’s Steering System is one of the pillars of Yara’s internal control
system. It aims to ensure that all Yara employees act in a consistent
manner, according to authorizations by the CEO, and in line with
quality standards and business needs. It includes procedures covering
Yara’s sustainability work. All Yara employees are encouraged to raise
questions or issues about such matters with line management and
through alternative channels, including a whistle-blowing system.
Risk assessment
The Enterprise Risk Management unit is the key facilitator of
the internal risk management system and shall assist the Group
Executive Board with implementing and maintaining an appropriate
risk management framework to support identification, analysis,
management, and reporting of all types of risk. The unit further
coordinates risk management activities within Yara and consolidates
reporting on risks.
The internal control function performs risk assessment related
to financial reporting as well as material sustainability reporting
indicators.
Control activities
Yara’s Group Accounting is responsible for the preparation of the
consolidated financial statements and to ensure that the consolidated
financial statements are reported according to applicable laws and
regulations and in accordance with adopted accounting policies.
The Controller function is responsible for the Board of Directors and
Management reporting as well as planning and coordinating the
business plan process.
The Internal Control function regulates the governance structure
for Internal Control over Financial Reporting (ICFR) and material
sustainability reporting (ICSR) and oversees risks and controls related
to financial and material sustainability reporting.
BASC performs reviews of the quarterly and annual financial
statements with special focus on transaction types, which includes
judgments, estimates, or issues with major impact on the financial
statements. The internal and external auditors participate in these
meetings. In addition to the quarterly and annual reporting, the Board
of Directors receives pre-quarterly performance reports.
Information and communication
The Yara Steering System provides all employees with an overview
of the prevailing corporate policies and procedures. Yara’s Accounting
Manual describes corporate accounting policies and is continuously
updated and revised for any changes related to the IFRS Accounting
Standards and Yara’s Accounting Policies.
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Monitoring
All bodies and functions described above monitor and assess for any
need for corrective actions related to financial and operational risk
within their area of responsibility.
11. Remuneration of the Board of Directors
The remuneration of the Board of Directors is proposed by the
Nomination Committee and approved by the General Meeting and is
not linked to the company’s performance. Shareholder elected Board
members are not granted share options. The remuneration of the
Board of Directors reflects the Board’s responsibility, expertise, time
commitment, and the complexity of the company’s activities.
Remuneration of the Board of Directors 2024
Annual remuneration (NOK)
Before AGM
2024 After AGM 2024
Chair of the Board 780,600 897,700
Vice Chair of the Board 444,700 467,800
Members of the Board 392,000 412,400
Additional remuneration (NOK)
Board members residing outside Norway,
per meeting 33,300 38,300
Deputy representatives, per meeting 11,800 12,400
Chair of BASC 210,400 231,400
Members of BASC 130,000 143,000
Chair of HR Committee 116,400 122,500
Members of HR Committee 90,300 95,000
The total compensation to Board members in 2024 is disclosed in
note 7.2 in the consolidated financial statements.
12. Remuneration of executive personnel
In accordance with PLC § 6-16 a, Yara prepares guidelines for
salary and other remuneration to its executive personnel which, in
accordance with PLC §§ 6-16 a (5) and 5-6 (3), are presented to the
Annual General Meeting for approval.
The Yara guidelines presented for and approved by the 2024 Annual
General Meeting were in accordance with the Ministry of Trade,
Industry and Fisheries’ guidelines for remuneration of executives in
state-owned and partly state-owned companies with effect from
12 December 2022.
In accordance with PLC §§ 6-16 b, Yara prepares a report on salary
and other remuneration to its executive personnel. The report
is presented to the Annual General Meeting for advisory vote in
accordance with PLC §§ 6-16 b (2) and 5-6 (4). Deviations from the
State guidelines, if any, will be covered in the report. For members
of the Group Executive Board employed by Yara companies in other
countries, remuneration may deviate from the State guidelines
depending on local market conditions. There are currently four
members of Yara’s Group Executive Board who are employed by non-
Norwegian Yara companies.
For full disclosures of the remuneration guidelines that were approved
by the 2024 Annual General Meeting, see page 48. In accordance
with PLC §§ 6-16 b, Yara Executive Remuneration Report 2024 will
be made available at yara.com.
13. Information and communications
Communication with financial markets is based on the principles of
openness and equal treatment of all shareholders. Yara shall provide
the public with accurate, comprehensive, and timely information, in
order to form a good basis for making decisions related to valuation
and trade of the Yara share. The aim of providing such information is
to foster transparency and trust among investors, thereby promoting
a stable and efficient market for Yara's shares, which in turn should
contribute to a share valuation that reflects the company’s underlying
values and future prospects.
Yara’s 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’s 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 spokespersons to financial markets (investors, analysts, and
financial media) are the Chief Executive Officer, the Chief Financial
Officer, Head of Investor Relations, VP Corporate Communications,
and Investor Relations Officer(s) or others authorized by these.
Questions from investors and financial analysts to other Yara
personnel shall be referred to Investor Relations. All meetings with
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investors and financial analysts shall be arranged/coordinated by
Investor Relations, and presentation materials for such meetings shall
be prepared or approved by Investor Relations. Investor Relations
shall normally accompany Yara managers in investor/analyst
meetings.
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 “closed period” 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 are from 1 April until the first-quarter results
publication, from 1 July until the second-quarter results publication,
and from 1 October until the third-quarter results publication, and
from 16 January until the fourth-quarter results publication.
Yara is subject to regulation relevant for companies listed on the Oslo
Stock Exchange.
14. Take-overs
The Board of Directors has established a procedure relating to bids for
the take-over of the company. The procedure sets out that the Board
of Directors will not seek to hinder or obstruct any such bids and will
not exercise mandates or pass any resolutions with the intention of
obstructing any take-over bid unless this is approved by the General
Meeting following the announcement of the bid. Pursuant to the
procedure, the Board will follow the overriding principle of equal
treatment for all shareholders and seek to comply with the Code
recommendations, obtaining a valuation from an independent expert
and making a recommendation to Yara’s shareholders regarding
acceptance of the bid. The Board will ensure that shareholders are
given sufficient information and time to form an opinion on an offer. If
a takeover bid is made, the Board will issue a statement in accordance
with statutory requirements and the recommendations in the Code
related to the takeover bid. Further, the Procedure sets out that the
Board will ensure that the company’s business activities are not
disrupted unnecessarily.
The Norwegian Securities Act regulates takeover attempts.
Shareholders at the Annual General Meeting will, according to law,
make the decision on any potential takeover bids.
15. Auditor
The Board has delegated to BASC to monitor the external auditor,
and BASC reports the outcome of this work to the Board. The external
auditor submits annually the main features of the plan for the audit
of the financial statements and assurance of the sustainability
statements. Furthermore, BASC is monitoring the audit in light
of matters, if any, the Financial Supervisory Authority of Norway
has raised in inspection reports. The external auditor participates
each quarter in BASC meetings where financial statements and
sustainability statements are addressed, as well as BASC and Board
meetings where the annual financial statements and sustainability
statements are addressed and approved. In the latter, the auditor
provides to BASC a description of the main elements of the audit and
assurance of the preceding financial year, including any uncovered
material weaknesses related to internal controls of the financial and
non-financial reporting process.
The external auditor shall also:
• Annually confirm its independence
• Disclose any services besides the statutory audit services which have been
provided to the company during the financial year
• Disclose any threats to its independence and document measures taken to
mitigate such threats
The external auditor also meets with BASC at least once per year
to review the company’s internal control procedures, the potential
weaknesses identified, and the proposals for improvement. The
external auditor and the Board meet at least once a year without Yara
Group Executive Board present.
The use of the external group auditor for advisory services, tax
services, and other services outside the ordinary audit scope shall be
pre-approved by BASC. Within defined limits, the CFO and the VP
Accounting & Tax have been delegated authority to pre-approve such
services. The external auditor is responsible for reporting such services
to BASC and to perform an ongoing assessment of independence.
Norwegian laws and regulations stipulate the type of non-audit
services that external auditors can perform for Yara.
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Governance activities 2024
Yara’s Board of Directors in 2024
The current Yara Board of Directors consists of seven shareholder-
and four employee-elected members. The shareholder elected board
members are appointed by the General Meeting, and the employee
elected board members are elected in a separate process among
Yara’s employees in accordance with PLC §§ 6-4 (3) and 6-5, see
also section 8 above.
At the Annual General Meeting 28 May 2024, four shareholder-
elected members were re-elected for a period up to two years. Of the
current seven shareholder-elected board members, three members
(Harald Thorstein, Tina Lawton and Therese Log Bergjord) were
elected in previous years. With regard to the four employee-elected
Board members, all four were re-elected in 2024.
The current Board consists of the below members who, by the end of
2024, held the following shareholding in Yara International ASA:
Shareholder-elected Board members:
Trond Berger: 8,000
John G. Thuestad: 1,200
Jannicke Hilland: 1,587
Tove Feld: 500
Therese Log Bergjord: 750
Tina Lawton: 840
Harald Thorstein: 0
Employee-elected Board members:
Rune A. Bratteberg: 673
Ragnhild Flesland Høimyr: 676
Geir O. Sundbø: 645
Eva S. Aspvik: 1,209
Board activities in 2024
Yara’s Board of Directors convened ten times during 2024. Nine
of the meetings were ordinary Board meetings, while one was an
extraordinary meeting. The ordinary Board meetings were run for
approximately 5.5 hours, except for a two-day meeting in June, a
shorter video meeting in July, and a full-day meeting (nine hours) in
December. The extraordinary Board meeting was conducted as a
video call.
The table on the next page shows the attendance of the respective
Board members during 2024.
The Board’s Annual Cycle sets out a list of regular Board agenda
items which are discussed and/or approved by the Board at least
annually. These items include the company’s business plan, strategy
and financial targets, dividend proposal, annual and midyear reports
from Yara Ethics and Compliance, Yara Internal Risk and Audit,
Yara Health, Environmental, Safety and Quality, CEO remuneration
and targets, succession planning, corporate governance review and
approval, governance documents review and approval, approval of the
company’s Integrated Report and General Meeting papers, and Board
self-evaluation. In 2024, the Board also approved the Company’s
initial Climate Transition Plan and approved the materiality list of
sustainability impacts, risks and opportunities according to the CSRD.
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Board member Position(s)
Number of meetings
attended
Trond Berger Chair of the Board Board: 10
Chair of the HR Committee HR Committee: 6
Jannicke Hilland Vice-Chair of the Board Board: 10
Member of the Audit and
Sustainability Committee
Audit and Sustainability
Committee: 8
Eva S. Aspvik Member of the Board Board: 10
Member of the HR Committee
since 28 May 2024
HR Committee: 4
Rune A. Bratteberg Member of the Board Board: 10
Member of the Audit and
Sustainability Committee until
28 May 2024
Audit and Sustainability
Committee: 3
Tove Feld Member of the Board Board: 9
Member of the HR Committee HR Committee: 6
Ragnhild F. Høimyr Member of the Board Board: 10
Member of the Audit and
Sustainability Committee
since 28 May 2024
Audit and Sustainability
Committee: 5
Geir O. Sundbø Member of the Board Board: 8
Member of the HR Committee
until 28 May 2024
HR Committee: 2
John Thuestad Member of the Board Board: 10
Therese Log Bergjord Member of the Board Board: 9
Harald Thorstein Member of the Board Board: 10
Chair of the Audit and
Sustainability Committee
Audit and Sustainability
Committee: 8
Tina Lawton Member of the Board Board: 9
Sustainability is embedded in Yara’s corporate strategy and regularly
reported on to the Board through the Strategy scorecard with KPIs
covering People, Planet, and Profit. In all Board meetings, the CEO
provides a thorough report on the company’s operational and financial
developments and results, and other material company and industry
developments. On a monthly basis, the Board receives an update
on the company’s KPIs. In addition, deep dives on sustainability and
strategic topics from the regions are presented in the Board meetings
throughout the year. Key agenda items for 2024 included how Yara
can adapt to the increased challenging external conditions. Increased
volatility in the external environment, together with a slower food
systems transformation than foreseen, is putting short-term pressure
on Yara. Therefore, the Yara Board of Directors together with the
GEB have spent significant time in 2024 on how to adapt to the new
reality. As a part of this adaptation, Yara has put in place a Fixed Cost
and Capex Reduction Program that will run until the end of 2025. The
Board has also spent significant time on Yara’s low-carbon ammonia
projects in the US and how these projects will allow Yara both to
diversify its energy position and use the company’s competitive edge
in the ammonia industry.
Once a year, the Board visits one or more of Yara’s sites or projects.
In October 2024, the board visited Yara’s plant in Sluiskil in the
Netherlands. During the visit the Board visited the Sluiskil plant, the
construction site for the Carbon Capture and Storage project in Sluiskil
and met with Yara partners and government officials.
The Board annually conducts a self-evaluation. In 2024, the self-
evaluation was conducted in Q4 and was presented and discussed in
the Board meeting on 12 December 2024.
BASC activities in 2024
The Board Audit and Sustainability Committee (BASC) consisted of
three members who met according to plan, eight times in 2024. All
BASC members attended all eight meetings.
There was one change in the composition of BASC during 2024.
A new member was appointed by the Board on 28 May 2024.
The previous member attended the first three meetings, while the
new member attended the following five meetings. In line with the
BASC annual cycle, BASC continued to focus on both financial and
sustainability performance with related risks and controls.
The BASC meetings covered matters relating to the annual business
plan, strategy, and risk management, with attention on the impact
of the enhanced geopolitical risks, risk-based financial scenarios,
capital allocation framework , accounting, financial and sustainability
reporting, including status on internal control for both financial and
sustainability reporting, tax, finance and treasury, improvement
programs, ethics and compliance, environmental provisions, legal
proceedings, and other compliance-related matters. The BASC also
reviewed and approved the Yara Internal Risk and Audit (YIRA) annual
audit plan and addressed YIRA’s periodic reports covering a range
of topics and risks, including environmental, social and governance
related processes and major strategic initiatives.
The BASC agenda also included Yara’s responses to new regulations,
including the CSRD/ESRS regulation. As part of the 2025 business
plan review, BASC reviewed and gave directional support to the
approach and assessment of impact and financial materiality of
sustainability matters.
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BASC also met with the external auditor as part of the annual cycle,
including approval of services. In addition, BASC held meetings with
the CEO, CFO and the Chief Audit Executive.
HR committee activities in 2024
The committee held six meetings in 2024. All committee members
attended all meetings.
The Committee reviewed and proposed to the Board the short-term
incentive plan (STIP) payout both for 2023 and for 2024 for the Yara
CEO, the STIP 2025 for the Yara CEO, and allocation of Share-based
remuneration 2025 for the Yara CEO. The committee also reviewed
these plans with respect to the Group Executive Board and other Yara
employees and provided the Yara CEO with feedback.
Other cases the committee reviewed and proposed to the Board
were the 2024 Yara Guidelines for executive remuneration and the
reporting of executive remuneration in 2023, succession planning
for Yara CEO and the Group Executive Board, and remuneration and
salary review 2024 for the Yara CEO. The Committee also reviewed
and commented on salary review 2024 for members of the Group
Executive Board other than the Yara CEO.
General Meetings in 2024
Yara’s Annual General Meeting (AGM) was held on 28 May 2024.
The meeting was held as a digital meeting with online participation
and electronic voting. At the AGM, a total of 196,867,373 shares,
representing 77.29 percent of the share capital of the company, were
represented. The Chair of the Board, Yara’s external auditor, and the
Chair of the Nomination Committee were physically present at the
meeting. From the Yara Group Executive Board, Yara’s CEO, CFO, and
General Counsel were present.
In addition to regular matters, the AGM approved a dividend for 2023
of NOK 5.00 per share, approved Yara’s 2024 Guidelines on salary
and other remuneration for executive personnel of Yara International
ASA, endorsed Yara’s 2023 Report on salary and other remuneration
for executive personnel of Yara International ASA, re-elected four
shareholder-elected Board members, and approved a new power
of attorney to the Board for the acquisition of up to 5 percent
(12,736,281 shares) of Yara’s share capital with a total face value
of up to NOK 21,651,677.70 in the market and from the Norwegian
State.
Nomination committee activities in 2024
The Nomination Committee, which is independent from the Board
and Group Executive Board, held 21 meetings in 2024, of which
seven were prior to the Annual General Meeting in May and 14 after.
The committee had full attendance at all the meetings.
The four members of the Nomination Committee were all re-elected
for a period of up to two years at the annual general meeting on
28 May 2024.
The Nomination Committee works with a long-term perspective
and considers Yara’s strategy when nominating and evaluating
the Board. The Nomination Committee strives to ensure that the
Board comprises individuals that both individually and collectively
represent diverse and varied backgrounds and bring complementary
competencies to the Board. For gender diversity specifically, the
Nomination Committee works to ensure a minimum of 40 percent
gender diversity in the Board, as deemed mandatory by the PLC Act
§ 6-11 a. Furthermore, the Nomination Committee puts emphasis
on ensuring that at least one board member meets the finance/
accounting competency requirements as deemed mandatory by the
PLC Act § 6-42 (2). The Nomination Committee also considers
the capacity of the Board members to ensure they are able to
dedicate sufficient time and attention to their duties, as well as their
independence from Yara’s management, as per § 3.9 in the procedure
for the Nomination Committee. The committee has encouraged board
members to own shares in the company.
The Nomination Committee encourages and proactively seeks out
perspectives from Yara’s shareholders to help inform their work. This
includes directly contacting the 30 largest shareholders on an annual
basis and providing an open invitation to dialogue at yara.com.
During 2024, the Nomination Committee had dialogues and received
inputs from several Yara shareholders, and these inputs have been
taken into consideration when preparing its 2025 proposal. The
Nomination Committee also conducted individual conversations
with the CEO and all the Board members, both shareholder-elected
and employee-elected, during the second half of 2024. Two of the
topics that have been particularly emphasized are board members'
competence and capacity. Assisted by a global organizational
consulting firm, the Nomination Committee has assessed and carried
out interviews with potential Board candidates.
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2024 Guidelines on salary and other remuneration
for executive personnel
Yara’s Guidelines for remuneration of the Group Executive Board
and Board members are prepared in accordance with the Public
Limited Companies Act section 6-16a. Pursuant to the Public Limited
Companies Act section 6-16a (5) the statement will be presented to
the Annual General Meeting (AGM) 2024 for approval. The Ministry
of Trade, Industry and Fisheries disclosed amended guidelines for
remuneration of executives in state-owned and partly state-owned
companies with effect from 12 December 2022 (State Guidelines).
Yara’s remuneration principles applying to the CEO and the other
members of the Group Executive Board aim to comply with these
guidelines. The State Guidelines apply at the outset to the entire
group. Potential deviations will be reported to the Annual General
Meeting in the report on remuneration of the Group Executive Board
and Board. For members of the Group Executive Board employed by
Yara companies in other countries, remuneration may deviate from
the State Guidelines depending on local market conditions.
Remuneration of Board Members
The Chair and other Board members receive remuneration as Board
members and members of Board Committees. The remuneration
is determined by the Annual General Meeting based on a
recommendation from the Nomination Committee. Employee-elected
Board members receive the same remuneration as shareholder-
elected Board members. None of the shareholder-elected Board
members are employed by the company.
None of the employee-elected Board members are executives. The
employee-elected Board members receive salary, pension, and other
remuneration such as bonuses, share- based remuneration, car
allowance, etc. in accordance with the company’s general terms for
employment.
The Chair and other members of the Board have no agreements for
compensation in the event of termination or changes in their positions
as Board members.
Remuneration of Group Executive Board
ESRS 2 GOV-3 §29 (e)
The Board of Directors determines the remuneration of the President
and CEO of Yara International ASA (CEO) and approves the general
terms of the company’s incentive plans for the Group Executive
Board based on proposals from the Board HR Committee. The CEO
determines the remuneration to the other members of the Group
Executive Board.
Deviation from the guidelines
The Board of Directors may decide to temporarily deviate from
the guidelines in individual cases where exceptional circumstances
make this necessary in order to safeguard the company’s long - term
interest, financial sustainability or ensure the company’s viability. The
When reviewing the Board’s work and composition, the Nomination
Committee also takes into consideration the outcome of the Board’s
yearly self-evaluation.
In 2024, the remuneration to the Chair of the Nomination Committee
was NOK 9,400 per meeting prior to the Annual General Meeting and
thereafter NOK 9,900 per meeting. The remuneration to the other
members of the Nomination Committee was NOK 7,100 per meeting
prior to the Annual General Meeting and thereafter NOK 7,500 per
meeting.
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process for deviation is that the Board HR Committee will evaluate
and submit a recommendation to the Board of Directors for approval.
Potential deviations and the reasons for these will be disclosed in
the report on remuneration of the Group Executive Board and Board
Members to the Annual General Meeting.
General principles
The purpose of Yara’s remuneration policy is to ensure that Yara
attracts and retains the right people in leadership positions to
implement Yara’s strategy and ensure long-term sustainable value
creation to Yara’s shareholders and other stakeholders. This requires
that Yara offers competitive remuneration aligned with relevant
market practice. At the same time, Yara exercises moderation through
responsible and not market-leading remuneration.
The total remuneration for the members of the Group Executive Board
comprises the following elements:
• Base salary
• Share-based remuneration
• Short-term incentive plan
• Pension plan benefits
• Other compensation elements such as internet connection,
company car, or car allowance
• For regional EVPs: Local market allowance and additional share-
based remuneration
Base salary
Base salary is the main element of the total remuneration offered
to members of the Group Executive Board, reflecting the scope
of responsibility of the position, skills, and experience, and the
benchmark salary in applicable markets. Competitive salary levels
are key to attract and retain the right leaders. Base salary is generally
reviewed once a year as per 1 June as part of the annual salary review
for all employees in Yara. In addition, salaries may be reviewed if the
scope of responsibility is materially changed. The development of
base salary for the Group Executive Board is based on the following:
• Annual salary adjustment for all employees in Yara International
ASA and Norwegian subsidiaries as average percentage adjustment
and average salary adjustment in terms of nominal amount
• Benchmark of executive management salaries in Norwegian and
foreign peer companies
Share-based remuneration (SBR)
To support the alignment between executives and shareholder
interests and to ensure retention of key talents in the company, an
amount equal 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 a minimum of three years. Executives
who resign from Yara must, at the time of resignation, either return
the shares or reimburse to the company the net proceeds of the
selling of the shares that are still within the lock-in period.
The grant of SBR is conditional on Yara’s net result excluding special
items and currency gain/loss being positive in sum over the last three
years. Yara’s CEO can, on a discretionary basis, decide that SBR shall
not be granted for a given year and Yara’s 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’s performance towards its strategic targets of sustainable value
creation, hereunder performance indicators linked to People, Planet,
and Profit.
In cases where members of the Group Executive Board are recruited
in other countries than Norway, the SBR percentage may deviate
from what is stated above depending on local market conditions for
remuneration.
In order to support alignment between members of the Group
Executive Board and the shareholder interests, it is furthermore
expected that members of the Group Executive Board participating
in the SBR program, every year as a minimum – in addition to the
shares received as part of the SBR – invest in Yara shares an amount
equaling the lowest amount received as net after tax short-term
incentive payout for the preceding year or the value of the shares
received as SBR for the relevant year. Such investments should be
made until the shareholding amounts to the total compensation as
per Yara Executive Remuneration Report (base salary, share-based
remuneration, short-term incentive plan, pension plan benefits, other
compensation elements such as internet connection, company car or
car allowance, local market allowance, and additional share-based
remuneration). Furthermore, it is also expected that members of the
Group Executive Board do not sell any Yara shares as long as they are
members of the Group Executive Board.
Local market allowance and share-based
remuneration for regional EVPs
The positions as regional EVPs are placed in markets where Yara's
compensation levels are significantly below the market standard. To
reduce the retention risk for these positions, a local market allowance
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was added as a new element in the respective compensation
packages from January 2023. An additional share-based
remuneration will be added from January 2024.
The local market allowance and share-based remuneration for
regional EVPs are both linked to the position, which means that the
EVPs only receive such compensation for the period they hold this
position. Furthermore, such compensation is not included in the basis
for calculating the allocation of SBR shares, the short-term incentive
plan or pension contributions. For 2024, the annual local market
allowance for the three regional EVP positions (EVP Europe, EVP
Americas, and EVP Africa & Asia) is EUR 50,000 (approximately
USD 54,000) respectively and the annual allocation of share-based
remuneration for regional EVPs equals the net after tax amount of
EUR 50,000 (USD 54,000).
The shares allocated are in a lock-in period and cannot be sold as long
as the employee is part of the Group Executive Board. If the employee
steps down from the Group Executive Board and gets another position
in Yara, a lock-in period of three years applies for all shares acquired
as part of the share-based remuneration for regional EVPs from the
time he or she steps down from the Group Executive Board. If the
employee leaves Yara, the shares that are still in the lock-in period
must be returned, regardless of whether the employee resigns, is
dismissed by the company, or signs a termination agreement with the
company.
Short-term incentive plan
ESRS 2 GOV-3 §29 (a-d)
The short-term incentive plan contributes to realizing Yara’s strategy,
long-term value creation, and capital allocation policy. The plan sets
stretched annual goals covering the dimensions People, Planet and
Profit based on Yara’s communicated strategy scorecard goals, which
are reported quarterly.
To comply with the State Guidelines as amended December 2022,
the maximum bonus percentage will be reduced from 50 percent
to 25 percent. The target bonus will be reduced from 40 percent to
20 percent. Both changes will have effect for the 2024 short-term
incentive plan and onwards.
In cases where members of the Group Executive Board are recruited
in other countries than Norway, the percentages may deviate from
what is mentioned above, depending on local market conditions for
remuneration.
The annual goals are divided into Company performance and Strategic
focus areas as further described below. If all stretched goals are met,
the CEO and the members of the Group Executive Board will obtain a
target bonus of 20 percent of base salary. Maximum gross before tax
payout is 25 percent of base salary. The maximum payout includes
accrual of holiday pay on the bonus payout where this is applicable.
Company performance
The table below includes the performance indicators set to drive
performance for 2024, in line with Yara’s strategic goals. A reference
table shows for each indicator what is required to achieve the different
performance scores. Each indicator has an individual weight and the
weighted sum of the performance score for each indicator represents
the overall outcome as a percentage of Base Salary. The maximum
bonus related to company performance is 15 percent of Base Salary.
The objectives for the year and results achieved will be disclosed in
the report on remuneration of the Group Executive Board and Board
Members to the Annual General Meeting. Some of the performance
indicators are market sensitive and consequently yearly targets will
not be specified.
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Strategy scorecard as presented to the General Meeting in May 2024
People
Yara KPI 2023
2025
Target Measure Weight
Strive towards zero
accidents (TRI) rate
1.1 <1.0 TRI 6.25%
Engagement index 77%
Top
quartile
Index 6.25%
Diversity and
inclusion index
75%
Top
quartile
Index 6.25%
Female senior
managers
1)
32% 40% % 6.25%
Planet
Yara KPI 2023
2025
Target Measure Weight
GHG emissions,
intensity
3.0 2.7
tCO
2
e /
tN
12.5%
GHG emissions,
scope 1+2
2)
15.8
-14%
-30% % CO
2
e
Digitized hectares
3)
23 150 MHa 6.25%
MSCI rating AA A Score 6.25%
Profit
Yara KPI 2023
2025
Target Measure Weight
Ammonia production 7.8 8.6 Mt 5.0%
Finisher fertilizer
production
21.1 22.5 Mt 5.0%
Premium generated 1,877 N/A MUSD 5.0%
Capital return (ROIC) 4.3% >10% % 25.0%
Working capital 105 92 Days 5.0%
Fixed costs on core
business
+ CapEx
2,364 +
1.2bn
Beat
inflation
+ 1.2bn
(real '22)
MUSD/
BUSD
5.0%
1)
Current status as of December 2023
2)
Long-term target for GHG emissions, scope 1+2, is for 2030
3)
Under consideration of review and potential update
Weight:
25%
Weight:
25%
Weight:
50%
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Strategic focus areas
A set of strategic focus areas to drive performance is established for each year. The following focus areas are set for 2024:
Accelerate operational excellence Weight
#1 Accelerate leadership behaviors and strengthen talent development and retention
• Proactively apply leadership behaviors to understand and communicate the strategic direction and prioritize actions
• Strengthen employee value proposition to retain and attract talent
• Sharpen focus of Grow@Yara people strategy to prioritize and grow skills for strategy execution
25%
#2 Reshape asset portfolio to achieve profitable decarbonization and lower energy cost
• Mature US blue ammonia projects with competitive energy cost and determine related infrastructure changes
• Mature competitive decarbonization projects in prioritized existing assets
• Accelerate fit-for-future portfolio prioritization to reallocate capital for decarbonization and operational improvement
25%
#3 Improve efficiency and resilience under external uncertainty across the Yara value chain
• Accelerate efficiency and reliability improvements through operational excellence at plants, prioritized based on value creation
• Increase efficiency within core processes by executing on defined scope of e.nable
• Strengthen sourcing position to safeguard the most profitable and competitive plants and markets
25%
Expand our reach and offering
#4 Define and mature pathway to cash generation in low-carbon and regenerative agriculture solutions
• Position Yara's premium products as low-carbon and regenerative solutions to generate
cash returns (incl. preparing select units for blue ammonia-based fertilizer)
• Develop and grow new commercial offerings enabling profitable regenerative agriculture outcomes in food
production (incl. nutrient use efficiency), with emphasis on digital solutions and biologicals
• Define viable approach to reduce and trace in-field GHG emissions
• Accelerate development of prioritized strategic partnerships across the value chain based on
clear strategic approach, business rationale, and build-up of key capabilities
25%
The achievement of goals for the individual strategic focus areas will
be assessed in accordance with the following table with a maximum
bonus of 10 percent of base salary:
The planned action has been
taken during the year with the
following success score
<50% 50% 75% 100% ≥ 110%
Corresponds to the following
payout in percent of base
salary
0% 4% 6% 8% 10%
The result achieved for each of the strategic focus areas will
be disclosed to the Annual General Meeting in the report on
remuneration of the Group Executive Board and Board Members.
In addition to the performance evaluation described above, the Board
will consider how difficult it has been to achieve the results, changes
in external non-controllable factors that were not anticipated at the
beginning of the year, and that the results have been achieved in
accordance with Yara’s values and ethical principles.
Claw back of share-based remuneration
and short-term incentive payments
Shares provided by the SBR and payments that have already been
made from the short-term incentive plan are subject to claw back
provisions covering both situations of misconduct and errors leading
to financial re-statement. Enforcement of the provision will be subject
to local law.
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Benefit plans
Company paid pension plans
Pension plans in Yara should be defined contribution (DC) plans.
Members of the Group Executive Board on Norwegian employment
contracts are eligible to the company paid DC pension plan applicable
for all Yara employees in Norway. The contribution rates in this plan
are 7 percent of the pensionable salary up to 7.1 times the Norwegian
Social Security Base Amount (G) and 18 percent of the pensionable
salary between 7.1G and 12G.
Yara has a DC pension plan covering salary in excess of 12G
applicable for employees on Norwegian employment contracts. From
December 2015 this plan was closed for new members. For internal
recruits to the Group Executive Board who are members of the plan
at commencement, future contributions to the plan stop and they
become deferred members of the plan. Yara's CEO was recruited
before December 2015 and remains an active member of the plan
with future contributions.
For employees on Norwegian employment contracts, the upper
retirement age is 70 years with the possibility for flexible
retirement from age 62 in the company paid DC plans. Yara has a
defined benefit early retirement plan for executives on Norwegian
employment contracts covering the period from age 65 to 67 with
a defined benefit equal to 65 percent of final salary limited to
12G. From 1 January 2015, the plan was closed for new members
and ceased for employees below age 50. A DC pension plan was
established to compensate members for the shortfall. Executives who
were previously members of other defined benefit pension plans being
terminated or converted to DC plans might have cash allowances
to compensate for the shortfall. Yara's CEO has in addition been
covered by an individual early retirement plan. From 2024 the plan
has been converted from defined benefit age limit compensation to
a non-funded DC savings plan with contributions corresponding to
5.4 percent annually of his base salary until age 65. If he leaves the
company before he turns 65, the company's contribution to the plan
ceases, but a calculated return continues to be added to the savings
balance earned. The savings balance including return is paid out as
pension over two years from the age 65 to 67.
Executives employed by Yara companies in other countries will be
covered by company-paid pension plans according to national plans
and markets.
Personal insurance schemes
The executives are members of personal insurance schemes such as
life insurance, disability pension, lump-sum payment in the event of
disability, occupational diseases, occupational and non-occupational
accident, and health insurance. In addition, they are provided with
travel insurance covering both the executive and family.
Other compensation elements
Executives are granted benefits in kind according to the applicable
market standard. These are typically cell phone, internet connection,
and company car or fixed car allowance.
In the event of an international assignment contract, the executive
and family will be entitled to allowances and benefits in accordance
with Yara’s Global Mobility Policy.
Members of the Group Executive Board on Norwegian contracts are
entitled to a severance pay equal to six months base salary on certain
conditions. The severance pay is calculated from the end of the notice
period. Other income the executive receives during the severance
pay period will be deducted from the severance pay. For members
of the Group Executive Board employed by Yara companies in other
countries severance pay may deviate from the above depending on
local regulations.
Ad-hoc compensation elements
In extraordinary circumstances related to recruitment processes, a
sign-on bonus may be agreed up to a maximum of the base salary
that has been agreed. Any such compensation will be reported in
the report on remuneration of the Group Executive Board and Board
Members to the Annual General Meeting.
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Group Executive Board
Svein Tore Holsether
Johan Labby
Thor Giæver
Fernanda L. Larsen
Mónica A. Enríquez
Chrystel Monthean
Solveig Hellebust
Jorge Noval
Magnus K. Ankarstrand
Kristine Ryssdal
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Svein Tore Holsether (1972)
POSITION: President and Chief Executive Officer
YEAR OF APPOINTMENT: 2015
EMPLOYED: 2015
EDUCATION: Bachelor’s degree, specializing in finance
and management from the University of Utah, USA
EXPERIENCE: Mr. Holsether is passionate about
promoting the Sustainable Development Goals as an
enabler of growth rather than a constraint. He was the
former 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.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 60,465
Thor Giæver (1972)
POSITION: EVP & Chief Financial Officer
YEAR OF APPOINTMENT: 2021
EMPLOYED: 2004
EDUCATION: Bachelor’s (Honors) degree from the School
of Management, University of Bath, UK
EXPERIENCE: Mr. Giæver has served as Executive Vice
President and Chief Financial Officer since July 2021. He
joined Yara in 2004 and has held several senior positions
in the company. He was SVP Investor Relations from
2011 to 2021 and has previously held the positions of
Acting CFO (2014–2015) and Head of Controlling &
Risk Management (2009–2011). He also has earlier
experience from a number of finance positions at Ford
Motor Company (1996–2004). Giæver is a certified
Diversity Manager in line with the requirements from
Norsk Sertifisering AS.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 14,078
Mónica Andrés Enríquez (1970)
POSITION: EVP, Europe
YEAR OF APPOINTMENT: 2021
EMPLOYED: 1998
EDUCATION: Master’s degree in business administration
from Instituto de Empresa Spanish Business School
Degree in Agronomy Engineering from the Spanish
Polytechnic University of Engineers (ETSIA)
EXPERIENCE: Ms. Andrés Enríquez 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–
2021), Project Manager for Yara Europe Strategy,
and SVP BU South Europe (2019–2020), SVP BU
Asia (2017–2019), and Country Manager for Spain
and Portugal (2013–2016). Ms. Andrés Enríquez was
employed by Hydro in 1998 as a field agronomist.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 13,330
Solveig Hellebust (1967)
POSITION: EVP, People, Process, and Digitalization
YEAR OF APPOINTMENT: 2022
EMPLOYED: 2020
EDUCATION: Ph.D. in agricultural trade from the
Norwegian University of Life Sciences. Master’s degree
in agricultural economics from the University of Illinois at
Urbana-Champaign, USA. Master of Management and
Economics (“Siviløkonom”) from BI Norwegian Business
School
EXPERIENCE: Ms. Hellebust has served as Executive
Vice President People, Process, and Digitalization since
July 2021. She joined Yara in December 2020 in the
position of Senior Vice President and Chief HR Officer.
For almost 11 years (2009–2019), Ms. Hellebust was
Group Executive Vice President at DNB with 9 years
as Group Executive Vice President HR, followed by
the role of Group Executive Vice President People and
Operations. She has also held various executive HR
roles in Pronova BioPharma (2004–2009) and Telenor
(2001–2004). Prior to her executive roles, Ms. Hellebust
served three years as Associate Professor of Economics
at BI Norwegian Business School.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 7,815
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Magnus Krogh Ankarstrand (1979)
POSITION: EVP, Corporate Development
YEAR OF APPOINTMENT: 2023
EMPLOYED: 2013
EDUCATION: Master of Management and Economics
(“Siviløkonom”) from The Norwegian School of
Economics (NHH). Bachelor in Nautical Engineering from
the Royal Norwegian Naval Academy
EXPERIENCE: Mr. Ankarstrand has served as Executive
Vice President Corporate Development since August
2023. He was CEO 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:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 8,199
Johan Labby (1978)
POSITION: EVP, Global Plants & Operational Excellence
YEAR OF APPOINTMENT: 2023
EMPLOYED: 2003
EDUCATION: Master’s degree in mechanical engineering
from the University of Mons, Belgium.
EXPERIENCE: 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:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 3,098
Fernanda Lopes Larsen (1974)
POSITION: EVP, Africa & Asia
YEAR OF APPOINTMENT: 2020
EMPLOYED: 2012
EDUCATION: Master’s 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
EXPERIENCE: Mrs. Lopes Larsen has served as Executive
Vice President Africa & Asia since September 2020. She
joined Yara in 2012 and has since held several senior
positions, the most recent being Senior Vice President for
Indirect Procurement (2016–2020). 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.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
16 (11 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 13,915
Chrystel Monthean (1967)
POSITION: EVP, Americas
YEAR OF APPOINTMENT: 2020
EMPLOYED: 1991
EDUCATION: Post-graduate degree in agronomy
engineering from Ecole National des Ingénieurs de
l’Horticulture et du Paysage, France. Master’s degree
in international business and technology transfer from
Rouen Business School, France.
EXPERIENCE: 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 (2018–2020),
Value Chain Director (2013–2018), and Managing
Director of Yara Vietnam (2007–2013). 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:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 15,630
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Jorge Noval (1968)
POSITION: EVP & CEO, Yara Industrial Solutions
YEAR OF APPOINTMENT: 2023
EMPLOYED: 1998
EDUCATION: Degree in chemical engineering from the
University of Oviedo, Spain, and post graduate education
from IE Business School, Spain.
EXPERIENCE: 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’ experience in senior positions in the chemical
industry.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 11,006
Kristine Ryssdal (1960)
POSITION: EVP & General Counsel
YEAR OF APPOINTMENT: 2020
EMPLOYED: 2016
EDUCATION: Master of Laws degree from the London
School of Economics, UK. Law degree from the
University of Oslo
EXPERIENCE: Ms. Ryssdal has served as Executive
Vice President & General Counsel since July 2021.
She previously held the position of EVP HR & General
Counsel (2020–2021) and EVP General Counsel
(2016–2020). Before joining Yara, Ms. Ryssdal held the
position of Vice President Legal at Statoil (2012–2016).
Prior to this, Ryssdal was Senior Vice President and
Chief Legal Officer of Renewable Energy Corporation
ASA 2008–2012, Senior Advisor Commercial & Legal
Affairs at Norsk Hydro / Statoil Hydro 2006–2008,
Legal Counsel at Norsk Hydro 1998–2006, and
Attorney at the Attorney General’s office 1987–1998.
Sustainability is an integrated part of her leadership
agenda as responsible for Ethics & Compliance in the
Group Executive Board. Ms. Ryssdal is also a member
of the Executive Board of the Central Bank of Norway,
supervising amongst other matters, responsible
investments of the Norwegian Oil Fund. Ms. Ryssdal is
also admitted to the bar of the Supreme Court of Norway.
GROUP EXECUTIVE BOARD MEETINGS ATTENDANCE:
17 (12 regular, 5 extraordinary)
SHARES OWNED AT YEAR-END 2024: 20,342
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Board of Directors
Trond Berger
(Chair)
Ragnhild F. Høimyr Tove Feld
Jannicke Hilland
(Vice Chair)
Tina Lawton
Eva Safrine Aspvik
Geir O. Sundbø
Therese Log Bergjord
Harald Thorstein
Rune Bratteberg
John Thuestad
Read more about our
Board of Directors by
clicking on their pictures
or names. You can also
continue reading on the
following pages.
ESRS 2 GOV-1 §21 (c)
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Trond Berger (1957)
POSITION: Chair of the Board. Chair of the
HR Committee
ELECTED BY/YEAR: Shareholders, 2018
POSITION: CEO in Blommenholm Industrier since 2020
EDUCATION: Master’s degree in economics from the BI
Norwegian School of Management. State-Authorized
Public Accountant. Graduate of the Norwegian Armed
Forces’ Officer Candidate School
EXPERIENCE: Mr. Berger is CEO of Blommenholm
Industrier. Previously, he was Investment Director at
Blommenholm Industrier (2019– 2020). From 1999 to
2019, Mr. Berger served as Executive Vice President of
Schibsted ASA, including as CFO with responsibility for
sustainability. Previous positions also include Investment
Director with Stormbull (1998), Executive Vice President
(CFO) of Nycomed ASA, and Executive Vice President,
Strategy and Business Development at Nycomed
Amersham (1997–98), and Partner at Arthur Andersen
(1981–92).
OTHER ASSIGNMENTS: Mr. Berger is also Chair of
the Board of Bertil O. Steen Holding, Arctic Asset
Management, Polaris Media, and the Chair of the
Nomination Committee of Schibsted ASA as well as
member of the board of Sayonara.
SHARES OWNED AT YEAR-END 2024: 8,000
Jannicke Hilland (1967)
POSITION: Vice Chair of the Board. Member of the
Audit and Sustainability Committee
ELECTED BY/YEAR: Shareholders, 2022
POSITION: EVP of Telenor Infrastructure at Telenor
since 2022
EDUCATION: Ph.D. in physics from the University of
Bergen. Study in strategic leadership at the Norwegian
Business School (NHH). Bachelor of Science (Hons) in
electrical and electronic engineering from UMIST, UK
EXPERIENCE: Ms. Hilland was the CEO of Eviny
from 2015 to 2022. She has previously held various
management positions in Equinor (2008–2015),
including in the Corporate Executive team as Head of
Corporate Safety, Security and Emergency Preparedness.
From 1998 to 2008, Ms. Hilland held positions within
Norsk Hydro’s oil and gas division, including as Offshore
Installation Manager at Troll. She has served as a
board member in several companies, including Nysnø
Klimainvesteringer.
OTHER ASSIGNMENTS: Ms. Hilland is a board member
of NHO (The Norwegian Confederation of Business and
Industry) and Bonheur ASA.
SHARES OWNED AT YEAR-END 2024: 1,587
Eva Safrine Aspvik (1972)
POSITION: Member of the Board. Member of the
HR Committee
ELECTED BY/YEAR: Employees, 2022
POSITION: Union representative at Yara Glomfjord
EDUCATION: Skilled chemical process operator
EXPERIENCE: Ms. Aspvik has been a Yara employee
since 2006. She has been actively engaged in union
matters in the Glomfjord plant since 2015.
OTHER ASSIGNMENTS: Ms. Aspvik has been the leader
of the Haugvik Industriarbeiderforening (Industrial
workers association) since 2018.
SHARES OWNED AT YEAR-END 2024: 1,209
Therese Log Bergjord (1965)
POSITION: Member of the Board
ELECTED BY/YEAR: Shareholders, 2023
POSITION: Self-employed working as a professional
industry advisor and board member within renewable
energy, aquaculture and agri industries.
EDUCATION: Finance and marketing studies at the
University of Stavanger and BI Norwegian Business
School.
EXPERIENCE: Ms. Bergjord has international senior
(c-suite) and leadership experience from Skretting/
Nutreco (2017-2024), Compass Group PLC (2009-
2017), Skretting (2006-2009), PanFish/Mowi
(2003-2006) and ConocoPhillips (1986-2003).
OTHER ASSIGNMENTS: Ms. Bergjord is the Chair of
the Board of Aneo Group, board member of Kverva AS,
Nordic Aqua Partner AS, and Fiskå Mølle AS. She chairs
the audit committee of Nordic Aqua Partner.
SHARES OWNED AT YEAR-END 2024: 750
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Rune Bratteberg (1960)
POSITION: Member of the Board
ELECTED BY/YEAR: Employees, 2012
POSITION: Head of Product Stewardship and Compliance
since 2019
EDUCATION: Degree in information technology and
a degree in Nordic languages and history from the
University of Bergen
EXPERIENCE: Mr. Bratteberg has been a Yara (Hydro)
employee since 1986. He held various IT and HESQ
leadership positions within Hydro and Yara, including
CIO from 2001 to 2009. Mr. Bratteberg was a member
of the Chemical Industry Advisory Board to SAP AG
from 2004 to 2009, and Chairman of the Board at the
Scandinavian School of Brussels from 2009 to 2011.
SHARES OWNED AT YEAR-END 2024: 673
Tove Feld (1964)
POSITION: Member of the Board. Member of the
HR Committee
ELECTED BY/YEAR: Shareholders, 2022
POSITION: Self-employed, Visionary Growth since 2020
EDUCATION: Master of Science in soil mechanics from
University of Florida, USA. Ph.D. in engineering from
Aalborg University, Denmark. Executive MBA from IMD,
Switzerland.
EXPERIENCE: Ms. Feld has international senior
management (c-suite) and leadership experience from
Ørsted (2010–2015; 2018–2019), Siemens Gamesa
(2015–2018), and DNV Global Wind/Cleaner Energy
(2004–2009). From 1991 to 2003, she worked as a
consultant in Rambøll.
OTHER ASSIGNMENTS: Ms. Feld is the Chair of the
Board at Cloudberry Clean Energy ASA (CCE), Vice Chair
at DHI A/S and a board member of Stockholm Exergi AB,
Venterra Group PLC, NEXEL and TRIG (The Renewables
Infrastructure Group). She chairs the Remuneration
Committee at CCE and TRIG.
SHARES OWNED AT YEAR-END 2024: 500
Ragnhild Flesland Høimyr (1987)
POSITION: Member of the Board. Member of the
Audit and Sustainability Committee
ELECTED BY/YEAR: Employees, 2020
POSITION: HESQ Manager at Yara Porsgrunn since 2023
EDUCATION: Master of Science from the University
South-Eastern Norway
EXPERIENCE: Ms. Høimyr has been a Yara employee
since 2015. Previously, Ms. Høimyr held the position of
Production Manager CN area (2019–2023) and Process
Engineer NPK/CN area in Porsgrunn (2015–2019).
She has served as member of the Telemark University
College Board (2010–2012), and as Chairman of the
Board of the Student Welfare Organization in Telemark
(2012- 2014).
SHARES OWNED AT YEAR-END 2024: 676
Tina Lawton (1967)
POSITION: Member of the Board
ELECTED BY/YEAR: Shareholders, 2023
POSITION: Operating Director in Paine Schwartz Partners
EDUCATION: Bachelor of Arts and Master of Arts in pure
and applied biology from the University of Oxford
EXPERIENCE: Ms. Lawton has broad international
management experience in the agricultural industry
having worked for Syngenta and its legacy companies,
including AstraZeneca, in North America, Europe, and
Asia from 1989 to 2019. Her tenure culminated in
her role as Regional President for Asia from 2013,
where she successfully grew the business and improved
customer satisfaction, and employee engagement despite
challenging market conditions. In recognition of her
leadership, she received the WBCSD Leading Women
Award in 2018 for fostering inclusive partnerships across
the agricultural value chain, advancing the region’s
sustainability agenda, and empowering women and girls
in agriculture. Today, Ms. Lawton serves as a professional
Non-Executive Director (NED) and Operating Director,
applying her strategic leadership and agricultural expertise
to a portfolio of companies spanning the agricultural value
chain. In these roles, she focuses on strategy development
and implementation, contributing to sustainable growth,
governance excellence, and transformational change. By
bringing deep industry insight and operational expertise,
she ensures organizations are well-positioned to navigate
opportunities and challenges effectively.
OTHER ASSIGNMENTS: Ms. Lawton also sits on the boards
of AgroFresh, a Portfolio Company of Paine Schwartz
Partners and Unifrutti, a Portfolio Company of ADQ.
SHARES OWNED AT YEAR-END 2024: 840
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Geir O. Sundbø (1963)
POSITION: Member of the Board
ELECTED BY/YEAR: Employees, 2010
POSITION: Corporate employee representative of
Yara International ASA. Chairperson of European Works
Council (EWC) of Yara International ASA
EDUCATION: Skilled chemical process operator
EXPERIENCE: Mr. Sundbø has been a Yara (Hydro)
employee since 1987. He has worked extensively as
a skilled chemical process operator (1987–2004).
He has been actively engaged in trade union matters
since 1989 and has, since 2004, been a full-time
employee representative at Yara. Mr. Sundbø previously
held various roles at both Herøya Arbeiderforening
(1993–2019) and Industri Energi Audit Committee
(2010–2019). He also served as a board member of
Bjørkøya Utvikling AS (2009–2019).
SHARES OWNED AT YEAR-END 2024: 645
Harald Thorstein (1979)
POSITION: Member of the Board. Chair of the Audit and
Sustainability Committee from 12 June 2023
ELECTED BY/YEAR: Shareholders, 2023
POSITION: Partner at Arkwright London since 2020
EDUCATION: Master of Science in industrial economics
and technology management from NTNU
EXPERIENCE: Mr. Thorstein has extensive experience
as an advisor, board member, and manager in finance
and investment companies. He previously worked at
Seatankers, DNB Markets, and Arkwright Norway.
OTHER ASSIGNMENTS: Thorstein holds board positions
in DOF ASA, B2Impact ASA, Odfjell Drilling Ltd, and
Jacktel AS.
SHARES OWNED AT YEAR-END 2024: 0
John Thuestad (1960)
POSITION: Member of the Board
ELECTED BY/YEAR: Shareholders, 2014
POSITION: Executive Vice President Bauxite & Alumina
at Norsk Hydro ASA since 2018
EDUCATION: Master’s degree in metallurgy from NTNU.
MBA from Carnegie Mellon University, USA
EXPERIENCE: Prior to his current position, Mr. Thuestad
led Hydro Extruded Solutions, Europe (2017–2018).
His previous experiences at Hydro/Sapa include EVP
Sapa Extrusions Europe (2013–2017) and leading the
Sapa Profiles with production plants in Europe, North
America, and China (2012–2013). Other previous
positions include EVP Group President Primary Metals
at Alcoa Global Primary Products (2007–2012), CEO
of Elkem AS (2005–2007), and Elkem Aluminium AS
(2000–2007). Prior to that, Mr. Thuestad was Managing
Director of Norzink AS and Fundo AS. He has served as
board member/Chairman of Tyssefaldene AS (1997–
2000), board member of Borregaard AS (2005–2007),
Statkraft/Groener AS (2000–2003), and as Officer of
Alcoa Inc (2010–2011).
OTHER ASSIGNMENTS: Member of the Executive
Committee of International Aluminium Institute (IAI)
SHARES OWNED AT YEAR-END 2024: 1,200
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Enterprise risk management
Yara is committed to proactive risk management to mitigate adverse
effects on the operations and to identify business opportunities, supporting
both long-term strategic objectives and short-term targets.
Yara’s global risk management process aims to identify, assess
and manage risk factors that could affect the performance of the
company’s operation.
Risk responsibilities
Yara’s Board of Directors is responsible for defining the risk appetite
for all main risk categories, overseeing the risk management process
and conducting annual reviews of the most significant risk categories
and internal control arrangements.
Yara’s Group Executive Board is responsible for reviewing and
operationalizing the defined risk appetite by maintaining an
enterprise-wide risk management system. The Group Executive Board
actively monitors the development of top risks and initiates actions
accordingly. Risk assessments conducted by regional units and global
expert organizations are periodically reviewed in business review
meetings.
Risk management is integral to all business activities. The regions and
global expert organizations are the risk owners and regularly perform
risk assessments, based on established procedures, to identify, assess
and manage the risks affecting their business, and analyze how these
risks influence performance.
The Enterprise Risk Management function facilitates Yara’s risk
management system and operational risk management activities. It
assists management in maintaining an appropriate risk management
framework, including policies, procedures and tools, and provides an
aggregated view of key risk exposures. This function reports to the
Chief Financial Officer.
Framework and procedures
Yara has established a comprehensive framework with policies
and procedures to facilitate effective risk management across the
organization. The risk management approach is guided by the
Committee of Sponsoring Organizations of the Treadway Commission
(COSO) ERM framework and the ISO 31000 risk management
standard, which serve as best practice benchmarks for assessing
the soundness, efficiency and effectiveness of risk management
processes.
The materiality of each risk factor is determined by assessing both
its likelihood and potential consequences. This appraisal utilizes
a combination of qualitative and quantitative risk assessment
techniques. Risks are evaluated to prioritize those with the greatest
potential impact on Yara’s performance.
Risk mitigation plans are based on evaluations of the cost of control
and potential impacts relative to the benefits of reducing the risk.
Residual risks are continuously monitored to ensure these remain
at an acceptable level and that any events are properly addressed
and managed. The risk profile is reviewed and updated quarterly,
with more frequent updates if new opportunities or risks are
identified. Risk mitigation plans are reviewed and updated quarterly
to reflect the current status of risks and action plans. These updates
are communicated quarterly to the Group Executive Board and the
Board of Directors.
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Risk appetite
Risk appetite is broadly defined as the level of risk an entity deems acceptable in the pursuit of overall
goals. Yara’s Board of Directors is responsible for defining Yara’s risk appetite. The Board of Directors and
Group Executive Board have jointly evaluated and defined risk appetites across key operational and strategic
dimensions, arriving at a set of practical guidance statements on key risks.
These risk appetite statements define the direction and boundaries for strategic initiatives, guide resource
allocation and aid decision-making within the company. Risk appetite is an integral part of policies and
procedures, annual business planning, periodic performance reviews, and capital value processes.
Risk appetite areas Risk appetite level
Exposure to global nitrogen price dynamics
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. In regions with efficient gas markets, Yara will seek exposure to spot
market prices unless exceptional market circumstances clearly give a reason for deviation. In regions
without efficient gas markets, Yara seeks to enter into longer term contracts if favorable gas prices
are obtainable.
High
JV ownership structure exposure – new entries
Yara has a moderate risk appetite for entering into new JVs. To reduce risks, Yara has a preference
for having at minimum an equal representation with JV partners in the Board, and will only engage in
JVs provided that agreements are commercially attractive, secure acceptable governance standards,
policies and procedures, and financial control for Yara. Yara will only enter into JVs where we are
confident that we can bring ethical compliance and HESQ standards to an acceptable level.
Moderate
Risk appetite areas Risk appetite level
Culture, people, and leadership exposure
Yara actively manages risk exposures impacting culture, people and leadership which are key enablers
for the execution of the company’s strategy, and at the same time running current core operations
ethically and compliantly. Yara has an ambitious people strategy identified by a value-driven,
attractive workplace, with a skilled and motivated workforce and leadership to deliver on strategic
goals and business targets.
Moderate
Exposure to new business areas outside current core operation
The company prioritizes innovation to create future profitability as part of the core business value
chain. Yara will prioritize investing funds in new business offerings that enable core crop nutrition
business, with a strong strategic and commercial rationale. Priority is given to investments that have
higher commercial maturity and strongest competitive edge to increase the likelihood of success.
Resources employed are evaluated annually and aligned with the strategic direction.
Low
CO
2
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. Yara may consider divesting or closing assets if the cost of CO
2
emissions is
expected to result in insufficient shareholder returns. Additionally, Yara is willing to allocate funds to
decarbonization projects that meet its return requirements, hold strategic priority and entail moderate
political/regulatory risk.
Moderate
Long-term credit rating downgrade exposure
Yara believes a solid financial base is the foundation for the pursuit of sound growth opportunities
which also allows Yara to accept high exposure to nitrogen price dynamics and gas markets. The
company has a low risk appetite for a credit rating below BBB/Baa2.
Low
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Risk appetite areas Risk appetite level
Tax exposure
Within the framework of tax laws and regulations, Yara optimize tax cost in the same way as other
costs. Yara does not pursue tax solutions without the existence of commercial purpose and is
committed to a transparent management of tax.
Moderate
Information and cyber security exposure
Yara has a low appetite for risk exposure to cyber incidents in the office and production environment.
Yara has implemented high level of protection to mitigate exposure to safety and reliability issues
in our production sites, in addition to leakage of confidential data, legal and regulatory compliance
violations, insider threats from dismissed employees or contractors, and loss or malicious
modification of business-critical data.
Low
Production reliability exposure – Priority plants
Yara has a low risk appetite for unplanned production downtime for the priority plants and aims to
produce optimally at all times balancing investments to improve reliability, process safety and plant
profitability.
Low
Production reliability exposure – Plants
Yara has a moderate risk appetite for unplanned production downtime for other plants. Resource
allocation reflects risk exposure, profitability, operational performance, assets life cycle and value-
generating potential, and ensuring compliance to internal and external HESQ requirements.
Moderate
Raw material sourcing exposure
Securing supply of key raw materials for our fertilizer production, blending and distribution is crucial
for our production plants. The demand for raw materials is covered by our own production as well as
sourcing from third parties. Yara has a moderate risk appetite and seeks opportunities to diversify
external supply options.
Moderate
Human rights, corruption and competition law exposure
Yara is committed to upholding high standards for human rights and ethical and lawful conduct
across the organization in relation to business partners, investors, regulatory authorities and society
at large. The company has zero tolerance for bribery, corruption and violation of competition law.
Low
Risk appetite areas Risk appetite level
Sanctions exposure
Yara operates a highly global and diverse business and is therefore unable to achieve zero exposure
to sanctions-related risks. However, Yara shall never knowingly breach applicable sanctions. Further,
where a potential sanctions risk is identified, Yara shall not proceed with the activity unless Yara
considers that the likelihood of breaching applicable sanctions is low.
Low
Environmental exposure from operations or products
Yara strives to work towards zero harm to the environment by protecting air, water and ground from
the negative impact of our operations. Furthermore, preserving healthy ecosystems and biodiversity
is part of the company’s nature-positive strategy, as well as improved resource management and
reduction of waste.
Low
Health and safety exposure
Securing safe and healthy working conditions is our highest priority. Yara aims to minimize the
exposure to conditions that could negatively affect health and safety. Furthermore, the company
aims to minimize the probability and consequences of process safety and product safety accidents
negatively affecting people, environment, assets, and the reputation of Yara.
Low
Security exposure
Securing people and assets in the organization is the company’s highest priority and the risk appetite
is low. Yara shall proactively and systematically identify relevant security threats and understand
risks at all levels of the organization. This includes systematically building and maintaining security
barriers to reduce vulnerabilities and increase resilience. Furthermore, Yara shall have a system to
respond to the threats with effective measures to minimize the security risk exposure impacting
physical and personnel security.
Low
Product portfolio exposure to regulatory changes
Yara has a moderate appetite for exposure to incompliance with regulatory requirements impacting
the product portfolio in our value chain, and proactively seeks to reduce exposure to operational,
commercial and financial consequences. Yara will liaise with regulatory bodies and industry
associations to adapt and adhere to stricter regulations.
Moderate
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Risk factors and responses
People risks
The success of Yara’s business and transformation is dependent upon people. Yara’s people processes, practices and frameworks are built on the foundation of four values: Ambition, Curiosity, Collaboration, and Accountability.
Risk factor Risk response Material topics
People, leadership and culture
Yara’s ability to compete effectively
and meet market demands may be
compromised by insufficient development
in the competence, engagement,
enablement, and performance of its
leadership and employees.
• Implementation of Yara’s people strategy
• Regularly deploy global employee surveys to
focus management initiatives
• Prioritized leadership development and access
to learning opportunities for all employees
• Promotion of equal opportunities and fighting
discrimination
• Integration of diversity, equity and inclusion in
key business processes
S1 Own workforce
Health and safety
Failure to successfully implement Safe
by Choice, the company’s comprehensive
HSE program, could lead to increased
exposure to incidents. This program
aims to develop strong HSE leadership,
ensure safe and healthy workplaces,
drive operational discipline, and train and
encourage employees to adhere to the
company’s safety standards.
• Management of occupational and process
safety risk exposures
• Strict requirements for the reporting of
incidents, accidents and injuries
• Enforcement of strict operating procedures,
and development of leadership, employee, and
contractor competence
• Safe by Choice program to foster a robust
safety culture
• Regular HSE audits on performance and
compliance with global ISO requirements and
internal policies
S1 Own workforce
Risk factor Risk response Material topics
Physical and personnel security
Yara’s global operations may face threats
from criminals, activists, competitors,
terrorists, and states, which could
jeopardize the company’s operations,
supply chain offices, and pose security
risks to personnel, work environment,
assets, and reputation. Additionally, Yara
is exposed to personnel security risks from
hostile actors who may exploit staff and
employees to gain unlawful access to
valuables and information.
• Management of security risk exposures to
threats to personnel and sites
• Deployment of corporate procedures on
security risk management
• Central and local initiation of appropriate
mitigation actions in response to potential
threats
• Training programs to develop an awareness of
current security protocols
• Security measures embedded in the
recruitment process
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Risk factor Risk response Material topics
Fraud and corruption
Failure to comply with the Yara Code
of Conduct or international laws and
standards could severely damage the
company’s brand and reputation. 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
G1 Business conduct
Human rights
Yara’s global presence exposes it to
human rights risks. The operations may
negatively impact the human rights
of individual rightsholders, including
employees, workers in the value chain
and affected community members.
Such negative impacts can affect Yara’s
reputation and relationships with business
partners, potentially leading to disrupted
supplies or access to raw materials.
• Human rights policy integrated in the Code
of Conduct, the Compliance Program and key
business processes
• Compliance with UN Guiding Principles on
Business and Human Rights and the OECD
Guidelines for Multinational Enterprises
• Geopolitical risk monitoring to prioritize and
manage exposure to human rights risks
• Human rights due diligence embedded in the
integrity due diligence process
• Supplier social audits performed on key high-
risk suppliers and third-party verification of
suppliers' human rights policies
ESRS 2: GOV-1
Statement on due
diligence
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Planet risks
Yara is committed to excellence in Health, Environment, Safety, and Quality (HESQ) performance, which is essential for protecting employees and contractors, as well as maintaining reliability and performance.
Yara has adopted a systematic approach to monitoring and reviewing the quality and handling of all products, ensuring proper care is taken throughout the entire value chain.
Risk factor Risk response Material topics
Climate transition
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. The
variability of climate regulations can also
distort competition.
• Reducing carbon footprints in the value
chain through profitable decarbonization of
the production system, sourcing renewable
electricity and reducing in-field emissions
• Promotion of low-carbon solutions, life-cycle
perspectives and resource-efficient solutions
• Climate transition aspects integrated in
business development, strategy processes and
asset optimization
• Continuous dialogue with regulators to enable
a profitable transition to a decarbonized future
E1 Climate Change
IRO-1 General
information
Physical impact of climate change
Yara’s global value chain, encompassing
sourcing, production, logistics operations,
and warehouses, could be directly or
indirectly impacted by extreme weather
conditions and natural disasters.
• Risk assessments, business continuity
planning, emergency preparedness, crisis
management training, and scenario planning to
manage physical impacts of climate change
• Detailed assessment of the expected changes
in physical climate risk for most exposed
production sites and critical assets
• Implementation of measures for most exposed
sites and assets
E1 Climate Change
IRO-1 General
information
Risk factor Risk response Material topics
Regulatory framework for production,
handling and application of products
There is an increasing trend of stricter
governmental regulations affecting
the entire value chain, including the
production, distribution, storage, and
application of fertilizer. 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 ecosystem-
related risks. The company both impacts
and relies on nature in multiple ways,
including the availability and quality of
water, land and soil. Additionally, Yara’s
industrial and agricultural activities affect
air, water, soil, and land use through
consumption and potential pollution.
• Enforcement of the zero-harm ambition guided
by the mission to “protect the planet”
• Nature impacts and risks integrated into
global steering system and decision-making
processes
• Systematic assessment and monitoring of
nature impacts and risks throughout the value
chain
• Application of global certified environmental
Product Stewardship and Chemicals
management system covering all operations
E2: Pollution
E3: Water
E4: Biodiversity
E5: Resource use
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Profit risks
The execution of Yara’s strategy for sustainable and profitable growth depends on its ability to manage strategically important
risks and opportunities relevant to its industry. Yara is also exposed to various financial risks linked to its global operations.
Risk factor Risk response
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 third-
party 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. 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.
• Minimizing energy sourcing risk exposure through
global purchasing activities
• Natural hedge in the correlation between nitrogen
fertilizer prices and global energy prices
• Hub-based European gas contracts, well positioned to
cover the risk of spot exposure
• Flexibility to reduce gas purchases and import ammonia
for fertilizer production if gas prices peak
Risk factor Risk response
Geopolitical risk and competitive position
Risk reflects the impact of geopolitical changes on
operations and profitability. 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.
• Foster resilience in value chains and organizations
including security risk resilience.
• Diversify resourcing alternatives, seeking dynamic
alternatives
• Follow-up of geopolitical developments in the Middle
East, Northern Africa, Europe, and Indo-Pacific
• Detecting and monitoring direct or indirect protests
against Yara and/or Yara value chains
Raw material availability
Sourcing raw materials for production, blending and
distribution is one of the largest operational risks. 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. Terminations, material changes,
political/sanction risks, or delivery failures in these
arrangements can negatively impact Yara’s operations.
• Scale advantages in the sourcing of key raw materials
and maintaining long-term relationships with a wide
network of suppliers
• Continuous monitoring of sourcing risks to manage
supply disruptions and secure longer-term supply
security
• Continuous evaluation and development of supply
alternatives and backup solutions to ensure business
continuity
• Investments to increase production plant flexibility to
handle alternative raw materials
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Risk factor Risk response
Inventory and order book exposure
Managing inventory and order book positions is a
core aspect of commercial operations. Fluctuations in
feedstock and commodity prices can lead to exposure
losses related to product positions. Building unsold
inventory produced at high costs can be problematic if
selling prices decline, while maintaining an order book
without associated inventories can be concerning if
production costs increase.
• Monitoring of markets to detect downward trends in
prices and macroeconomic fluctuations
• Continuous adjustment of commercial strategies to
adapt to market circumstances
• Tight order book and inventory management and
monitoring of net exposure
Investments and integration
Yara aims to achieve profitable growth by expanding
the core business model and advancing the hydrogen
economy, all while driving sustainable performance. The
profitability of future strategic initiatives depends on
long-term price assumptions and operational and financial
performance. Investments in new business areas and
the integration of new companies carry the risk of not
capturing the expected operational and financial benefits
and synergies.
• Capital Value Process enables effective evaluation and
verification of the project portfolio
• Annual strategy update process ensures regular reviews
of ongoing initiatives and potential gaps in delivering on
the long-term strategy
• Strong focus on capital discipline, with growth
investments focusing on key strategic priorities
• Management and monitoring of large capital
projects and integration of new businesses based on
accumulated learnings from past projects
Risk factor Risk response
Sanctions
Yara must comply with all applicable sanctions regulations
in force in Norway and the various countries where
it operates. 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.
• 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. Key risk drivers include insufficient competence
to advance operational excellence, failure to meet targets
during major turnarounds, aging plants, and ineffective
working practices.
• Implementing global technical and operational best
practices
• Regular employee training and risk awareness
programs to develop organizational capabilities
• Safeguarding and improving assets through continuous
investments in process safety, reliability and
debottlenecking
• Frequent self-assessments and audits of process safety
and production productivity
• Plant prioritization framework to safeguard profitable
and strategically important assets
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Risk factor Risk response
Financing risk
Refinancing maturing loans or securing new financing
may be challenging or costly. Adverse financial market
conditions, including stringent ESG profile requirements
with insufficient transition time, could result in higher
funding costs and project delays.
• Maintaining a solid financial position with a BBB/Baa2
credit rating and strong ESG ratings
• Managing refinancing risk through the use of different
funding sources, and by timing loan maturity dates to
avoid them falling due at the same time
• Maintaining committed liquidity reserves to cater for
market volatility and to meet unforeseen outflow
• Access to sufficient sources of funding to meet
currently foreseeable requirements
Credit risk
Credit risk refers to the potential financial losses arising
from the non-performance of counterparties.
• Risk management by business units and expert
organizations based on policy, procedures and regular
reporting
• System for credit management, with defined exposure
limits at the customer, financial institutions and country
level
• Deployment of instruments such as credit insurance,
letters of credit and bank guarantees
• A geographically diversified portfolio reduces the
overall credit risk of the group
Risk factor Risk response
Currency risk
Since the fertilizer business primarily operates in US
dollars, the prices of Yara’s key products and raw
materials are either directly denominated or influenced
by the US dollar. 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.
• Keeping a major part of the debt in US dollars to reduce
overall economic currency exposure
• Utilization of derivative instruments to manage
non-USD currency risks
• A system for currency risk management is in place,
with defined currency exposure limits and standardized
exposure measurement tools
• A geographically diversified portfolio reduces the
company’s overall currency risk
Interest rate risk
Yara is primarily exposed to interest rate changes due
to the financing of its business operations and liquidity
management, which will affect its funding costs over
time. However, the overall financial exposure to interest
rate fluctuations is considered low.
• Risk management based on the anticipated impact that
changes in interest rates will have on Yara’s financial
performance
• Keeping part of the long-term debt portfolio in fixed-
interest rate agreements
• Utilization of derivative instruments
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Sustainability statements
Our sustainability statements cover our material
sustainability topics and are prepared to comply with the
Norwegian Accounting Act and its requirement to adopt the
European Sustainability Reporting Standards (ESRS).
Contents
General information
72
Environmental information
103
EU Taxonomy
104
Social information
156
Governance information
200
Content indexes
209
Signatures from the Board and CEO of Yara International ASA
214
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General basis for preparation of
the sustainability statements
The consolidated sustainability statements have
been prepared in accordance with the requirements
of the Norwegian Accounting Act, Sections 2-3
and 2-4, including the European Sustainability
Reporting Standards (ESRS). It has been prepared
for the Yara consolidated group, in alignment with
the consolidated financial statements. For the
environmental data (E1-E5), we have included
100 percent of joint operations where we have
operational control. Where Yara does not have
control of operational policies, we include the share
according to the interest held.
In 2024, Yara obtained data for the sustainability
statements for Yara Freeport LLC DBA Texas
Ammonia, a joint operation operated by BASF; and
Yara UK Hull, a wholly-owned subsidiary operated
by Ineos. Yara’s operating policies do not apply to
these two sites. From Yara’s perspective these are
business relationships which are managed through
the Business Partner Code of Conduct.
Yara included all material upstream and downstream
value chain information and did not omit material
information corresponding to intellectual property,
know-how or the results of innovation.
Readers should take note that in comparison
to previous reporting years, there have been
modifications in the preparation of sustainability
information. These changes include updates
to the scope and parameters of the collected
metrics, along with the inclusion of additional
material metrics, to ensure compliance with the
European Sustainability Reporting Standards
(ESRS).
Materiality assessment
The results of the 2024 impact materiality
assessment closely align with the material
impacts identified in 2023. However, the 2024
assessment is more granular in its description
of the impacts, which we believe supports both
transparency and accountability. More emphasis
was put on identifying the specific impacts that
are relevant in Yara’s sustainability context,
assessing, for example, emissions of specific
pollutants rather than pollution as a broader
topic. Animal welfare was included in 2023 but
assessed as not material and omitted in 2024. In
2023, the financial materiality assessment was
largely based on our ERM process and reflected
in the Risk management chapter. This is therefore
the first time we present financially material risks
and opportunities as distinct items.
Disclosures in relation to
specific circumstances
Estimations, uncertainties and errors
Generally, metrics related to our own operations are
based on primary data, while value chain metrics are
typically estimated, leading to a greater degree of
measurement uncertainty. Yara has provided sources
for its estimations and addressed uncertainties in
the outcomes of its metrics, including those related
to material upstream and downstream value chain
information, in each chapter, next to the respective
metrics. Any changes to sustainability data or
restatement of comparative information are disclosed
alongside the corresponding metrics in the topical
chapters. Minor adjustments have been made to
certain individual metrics. These corrections are
detailed in the footnotes of the respective metrics.
No material errors have been found versus prior
periods and controls were performed to ensure the
information is complete and accurate.
Other legislations
In addition to the information prescribed by ESRS,
Yara has included sustainability information
related to:
• Due diligence reporting requirements in the
Norwegian Transparency Act, see page 209.
• Reporting requirements in the Norwegian Equality
and Anti-Discrimination Act, see page 209.
General
information
At Yara, we are dedicated to
elevating our performance
standards across environmental,
social and governance areas.
We prioritize transparency in
our practices, fostering trust
and accountability with our key
stakeholders.
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Incorporation by reference
The following disclosure requirements and data
points are incorporated through reference to other
sections of the management report.
ESRS 2 Datapoint Pages
GOV-1 §21 (c) 58
GOV-3 §29
48
SBM-3 §48(d)
227–228
E1 GOV-3 §13
16, Remuneration
Report 2024
Sustainability governance
Sustainability is embedded in our strategy,
decision-making and performance management
processes.
Board of Directors and committees
The CEO and the Board of Directors (the Board)
are the governance bodies with the highest
decision-making authority at Yara. The Board has
overarching responsibility for the management
of the company, while the CEO is responsible
for the day-to-day management. This includes
the management of material financial and
sustainability topics, as set out in the Board and
CEO’s procedures.
The Board has established two committees. Both
are preparatory bodies for the Board and have
specific mandates approved by the Board:
• The Board Audit and Sustainability Committee
(BASC) assists the Board of Directors in
overseeing the process for, and internal
control of, sustainability reporting and material
impacts, risks and opportunities, as specified in
the Board Audit and Sustainability Committee
Charter.
• The HR Committee reviews material
employment matters and advises the Board and
CEO on matters related to the People Strategy,
KPIs and other topics related to employees
in the organization, as specified in the HR
Committee Mandate.
Read more about the Board committees on
page 41.
Composition and competencies
At year-end 2024, the Board had 11 members
comprising six women (55 percent) and five
men (45 percent). Two Board members are in
the 30-50 age group, with the remaining nine
members being over 50 years old.
All Board members are non-executives and
independent, including the four employee-elected
members. Read more about the composition
of the Board and the members’ specific
competencies on pages 58–61.
The Chair of the Board has ESG competence
across several sectors from previous executive
positions and board work. In addition, several of
the Board members have ESG experience through
executive and Board positions in other companies.
Ten Board members have completed our Code
of Conduct e-learning (see page 202) and all
members will undergo retraining in 2025.
The Group Executive Board (GEB) has ten
members comprising five women (50 percent)
and five men (50 percent). GEB members have
received training on CSRD, as well as on the
concept and implications of a double materiality
assessment.
In addition to drawing on the expertise and
skills within the two bodies, the Board and GEB
leverage the competencies of corporate functions
and subject matters experts within Yara. This
includes the corporate functions that participate
in the Sustainability Network as well as experts
in agronomy, technology and other sustainability-
related matters within our organization. The
expertise of corporate functions and subject
matter experts related to Yara’s material impacts,
risks and opportunities is illustrated at the
material topic level in the figure on page 75.
Each year, the Board evaluates its qualifications,
experience and performance, presenting this
evaluation to the Nomination Committee, who is
elected during the Annual General Meeting. This
evaluation includes considerations of diversity and
competencies relevant to Yara and the company’s
impacts on sustainable development.
Involvement of governing bodies
The Board’s work follows an annual cycle.
Considerations of impacts, risks and opportunities
are integrated into the following items, which are
discussed at least annually:
• Strategy update: Determination of the
overriding strategy and People, Planet and
Profit KPIs for the company based on, i.e.,
current strategic environment and external
trends, including sustainability matters
• Environmental Risk Management: Review
of important risk exposures, relevant internal
controls and Yara’s risk appetites, including
sustainability-related risks
• Double materiality assessment: Review of the
assessment process and identified material
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impacts, risks and opportunities, and approval
of the outcome
• Compliance Program: Review of maturity
assessment of the program
• Yara Voice: Review of global employee survey
results
During the year, the Board receives monthly
progress updates on Yara’s KPIs. More detailed
reports from the Ethics and Compliance
Department, Health, Environment, Safety and
Quality (HESQ) team and Internal Risk and Audit
functions are presented to the Board twice a year.
Two sustainability matters were addressed for
resolution by the Board in 2024:
• Double materiality assessment
• Yara’s Climate Transition Plan (not in
accordance with all ESRS requirements, see
page 116).
Management and corporate functions
The CEO appoints members of the GEB to
assist in stewardship duties. In addition, the
CEO chairs the Compliance Committee, which
meets regularly. Responsibility for financial and
sustainability performance management has
been delegated to the CFO area, in line with our
objective to integrate performance management.
Members of GEB oversee the setting and
progress on targets related to impacts, risks and
opportunities within their respective fields of
responsibility, such as HR, compliance and HESQ.
The VP Sustainability Governance reports to
the CFO and supervises the integrated and
sustainability reporting processes. This work is
closely aligned with the Corporate Performance
and Risk functions. The VP Sustainability
Governance is also responsible for the double
materiality assessment and for embedding ESG
topics into core business processes.
The Sustainability Network reviews Yara’s
accountability, processes and systems in place
for ESG policies, and monitors sustainability
performance. The network is chaired by the
Chief Compliance Officer, reporting to the EVP
and General Counsel. It includes representatives
from our corporate functions: Sustainability
Governance, Health, Environment, Safety and
Quality (HESQ), Global People, Ethics and
Compliance, Corporate Affairs, Communications
and Brand, Global Climate & Energy, Enterprise
Risk Management, and Procurement.
Governance of business conduct
Yara’s Ethics and Compliance Department, led by
the Chief Compliance Officer, is responsible for
providing and operationalizing the Compliance
Program, managing risks related to corruption,
fraud, human rights, business partner integrity,
and employee misconduct. The department
consists of 17 full-time employees, comprised of
a corporate team in Oslo and Regional Compliance
Managers, who implement the Compliance
Program and provide training and guidance in their
respective regions.
The Compliance Program’s effectiveness is
evaluated through internal reviews and external
maturity assessments, presented to the Board
twice a year by the Chief Compliance Officer.
Yara’s Compliance Committee, chaired by the
CEO, meets quarterly to address ethics and
compliance issues, assign responsibilities and
address concerns.
The Board and GEB approve annual updates to
the Code of Conduct. See page 75 for details on
their expertise in business conduct matters.
Yara’s work on political engagement is governed
by the Senior Vice President for Corporate Affairs,
Communications and Brand. The Corporate
Affairs, Communications and Brands Department
has full oversight of all lobbying efforts employed
by Yara and ensures that Yara’s activities, and
those of lobbyists we retain, are in line with our
Code of Conduct as well as all applicable laws and
regulations.
Read more about the roles of governing bodies
and corporate functions on page 75.
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Human Resources:
Development and
Execution of People
Strategy
Ethics and Compliance:
Provision of Compliance
Program
Global Climate &
Energy:
GHG emissions and
energy
HESQ:
HESQ strategy,
management system,
and performance
Global Optimization
and Procurement:
Sustainability in supply
chains
Corporate Affairs,
Communications
and Brand Stakeholder
engagement and
positioning
Global Innovation:
In-field GHG emissions,
agricultural solutions
Operational units:
Performance reporting
Regional Units, Agoro
Carbon Alliance, Clean
Ammonia, Industrial
Solutions
Yara has established integrated and holistic performance management and governance.
The diagram below illustrates the principles of oversight and main reporting lines in our sustainability
work along with the sustainability-related competencies available in core expert functions.
Oversight Reporting
line
Board Audit and Sustainability Committee (BASC):
Supervision of accounts, reporting, internal control, risk management,
and external and internal audits
HR Committee:
CEO performance and compensation, executive remunerations, People
Strategy and employment matters
Chief Financial Officer: sustainability
performance and reporting
Sustainability Governance:
Integrated reporting, materiality
processes, ESG implementation
Company Performance:
Performance management
Risk management:
Strategy implementation, risk
processes, and other core processes
Sustainability Network: Cross-functional network discussing accountability, processes, and systems for ESG policies and sustainability performance indicators. Representatives from: Sustainability Governance, Enterprise Risk Management, Ethics and
Compliance, Human Resources, Corporate Affairs, Communications and Brand, HESQ, Procurement, and Project and Technology.
Board of Directors: Supervision of management and activities,
strategic direction, oversight of materially important topics.
Signs Integrated Report
President and CEO: Day-to-day corporate management,
performance on materially important topics
Group Executive Board
Compliance Committee:
Ethics and compliance matters
Corporate HESQ Committee:
HESQ strategy and improvement programs
Preparatory bodies for the Board
ESRS implementation,
materiality and risk matters
S1–S2 people matters G1 business
conduct matters
S1 and S2 human
rights matters
G1 political
lobbying matters
E2–E5 environmental matters
S1–S4 Health, safety and
quality matters
E1-E5, S1-S3 and
G1 supply chain matters
S4 customer and
end-user matters
Regional/local matters
E1 climate and
energy matters
Nomination Committee: Board member, Chair and Deputy Chair
nominations, Board competencies and diversity
Governance model
Available
competencies
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Yara Steering System
The CEO’s further delegation of authority is defined
in the Yara Steering System (YSS), which is one
of the pillars of our internal governance system.
It serves as a repository for all mandatory global
requirements, supporting our organization in fulfilling
the tasks required to achieve strategic goals and
business objectives. All of Yara’s corporate codes,
policies, procedures, processes, and guidelines are
published in the Yara Steering System.
Capital Value Process (CVP)
Consideration of impacts, risks and opportunities,
and associated trade-offs, is an integral part of
the Capital Value Process (CVP). The objective
of the CVP is to maximize value creation and
manage risk by ensuring informed decision-
making and management of new projects.
HESQ and compliance requirements, including
anti-corruption and human rights, are considered
in the decision-making process. Investments
above USD 25 million require the involvement
of the Sustainability Governance function and
projects above USD 50 million require review and
authorization by the Board.
Furthermore, all projects that may have an impact
of over 1,000 tonnes CO
2
, shall be verified by
Yara’s Global Climate & Energy function. The CVP
applies to all projects that imply evident changes
to Yara’s long-term commitments or resources
and, consequently, require formal authorization
to proceed. The CVP is approved by Yara’s Chief
Financial Officer (CFO).
Risk management and internal control
Yara’s internal control over sustainability reporting
is based on the COSO Framework and leverages
the already established system for internal control
over financial reporting. The Board Audit and
Sustainability Committee (BASC) is responsible
for oversight of the system and its effectiveness.
Yara’s Internal Control Department reports the
status of the effectiveness and main risks related to
sustainability reporting to BASC on a regular basis,
minimum yearly. Internal Audit also reports to
BASC on a regular basis. Yara’s External auditors,
reporting to BASC, provide external assurance.
Global information owners are responsible for
the data collection and quality assurance of
Yara’s materials topics identified in the double
materiality assessment, see page 90. The
Sustainability Governance function, on behalf of
the GEB, is responsible for CSRD compliance in
the sustainability statements.
Based on the double materiality assessment, the
GEB reviews and prioritizes topics based on their
strategic relevance and impact on key internal and
external stakeholders. This prioritization forms the
basis for formalizing internal control activities, in
addition to the completeness and consistency of
the Integrated Report.
The main risks identified in relation to the
sustainability reporting are linked to non-
compliance with regulations, the completeness
and accuracy of the sustainability statements and
that material data points with use of estimates
and/or assumptions are truthfully presented. Main
mitigating actions and controls include:
• Established steering documents and guidelines
for core reporting processes
• Training sessions and reporting guidelines
arranged by global information owners
• Calibration and alignment of double materiality
with key stakeholders, with approval by GEB
and the Board
• Continuous assessment of compliance with
regulations by information owners and reporting
team
• Controls performed throughout data capturing
processes
• Based on risk assessment, monitoring control
effectiveness for prioritized topics and processes
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Statement on due diligence
Sustainability due diligence refers to the ongoing
process of identifying, preventing, mitigating,
accounting for, and addressing actual and
potential adverse impacts that Yara’s activities
may have on people and the environment.
We support the Organization for Economic
Co-operation and Development (OECD) Guidelines
for Multinational Enterprises on Responsible
Business Conduct and seek to base our
sustainability due diligence process on the OECD’s
six-step due diligence framework.
Integrity Due Diligence
Integrity Due Diligence (IDD) is Yara’s process
for ensuring the integrity of potential, new
and existing business partners. All potential
new business partners are subject to an initial
assessment against established risk factors. If a
risk is identified, the business partner is required
to complete a self-assessment questionnaire and
declaration covering key business information
and topics such as anti-corruption, human
rights, labor rights, health and safety, and the
environment. As part of the IDD process, we
continuously monitor compliance in our supply
chain by screening business partners against
sanctions, watchlists and compliance databases.
On a risk-basis, certain business partners are
selected for additional follow-up, including
in-depth due diligence work, training and other
communication efforts. Depending on the matter,
this follow-up is conducted by the Ethics and
Compliance Department, other expert functions or
the business line.
Health, Environment, Safety, Security
and Quality (HESQ) management
Yara has a comprehensive global management
system that sets performance standards,
Yara’s approach to sustainability due diligence
Embed responsible
business conduct
We incorporate international
standards and principles into our
policies and management systems
to promote responsible business
conduct.
1
2
5
4
3
Identify & assess
adverse impacts
We identify and assess adverse
impacts through ongoing processes,
early warning systems, grievance
mechanisms, stakeholder
engagement, risk
and impact assessments,
and materiality
assessments.
Cease,
prevent or
mitigate
We seek to take appropriate
action to cease, prevent,
mitigate and remediate
adverse impacts. These
actions will differ based
on what type of leverage
we hold to influence
positive outcomes.
Communicate
We communicate
how impacts are
addressed in our
integrated reporting
and on our website.
Track
implementation
& results
We track the implementation
of measures and results
through our progress
follow-ups, internal audits,
and other efforts.
6
Remediation
Negative
impacts are
remediated
as far as
reasonably
possible, given
our level of
impact and
influence.
Key international policies and principles Yara supports
Embedded in Approved by Last updated
UN Guiding Principles on Business and Human Rights
Code of Conduct
CEO and Board
of Directors
January 2025
OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct
International Bill of Human Rights
Code of Conduct for
Business Partners
Group Executive
Board
November 2023
Core ILO Conventions
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evaluates environmental and chemical impacts,
and prevents pollution. Yara is certified for
ISO 9001 (Quality management), ISO14001
(Environmental management), ISO 45001
(Occupational Health & Safety management),
and ISO 50001 (Energy management). Umbrella
certificates are available at yara.com.
The Corporate HESQ function oversees and
monitors processes, standards and compliance,
and reports to the GEB, the Board Audit and
Sustainability Committee and the Board of
Directors. Managers are responsible for legal
compliance and adhering to Yara’s management
system requirements. Each region, and production
unit, have dedicated HESQ resources to support
management in these areas and monitor HESQ
performance. Further, all sites have a mandatory
health and safety committee that serves the
employees working on the site. The effectiveness
of HESQ management is evaluated in mandatory
management HESQ reviews, by Corporate HESQ
and self-assessments, as well as through third
parties (e.g., management system certification).
Yara systematically identifies risks and takes
preventive measures to mitigate potential harm
to people and the environment. Risk assessments
are consistent across the corporation, and major
HESQ risks are included in the Enterprise Risk
Management process as part of the business
planning and strategy development. Yara’s large
chemical manufacturing sites are classified as
industrial activities with potential major accident
hazards. Their activities are covered by local
permits and regulations, and they are required
to operate in accordance with strict procedures
and management controls to prevent major
process safety related accidents. Yara has a well-
established process safety management system,
which includes detailed technical standards
as well as an extensive audit and inspection
program. Systematic monitoring of environmental
performance and process safety measures is in
place and includes the use of process safety tools,
such as HAZOP (Hazard and Operability studies).
Supplier Lifecycle Management
The Supplier Lifecycle Management (SLM)
process offers a comprehensive framework for
overseeing supplier performance and relationships
throughout their lifecycle, from qualification and
onboarding to contract termination. This process
aligns with the standards set forth in the Code of
Conduct for Yara’s Business Partners (page 158)
and the Sustainable Procurement Policy
(page 152).
The SLM process details various Sustainability
Due Diligence activities, including supplier
audits (page 185) and third-party sustainability
assessments, and explains their role in Yara’s
overall supplier lifecycle management.
By adopting a risk-based approach, the SLM
process enables procurement teams to address
increasing internal and external due diligence
and reporting requirements. In 2024, the process
underwent a review and was enhanced to better
align with business needs, streamline Yara’s
supply chain due diligence efforts and improve the
efficiency of supply chain risk management.
Third-party sustainability assessments
Yara uses the assessment platform EcoVadis
to evaluate the sustainability performance
of our suppliers. Although other third-party
assessments may be considered as alternatives,
the assessments used must include criteria related
to suppliers’ environmental and social practices.
These evaluations provide valuable insights into
whether suppliers’ practices adequately address
and mitigate potential risks. For further details on
the EcoVadis 2024 results, see page 184.
The table below shows where our application of
the main aspects of the due diligence process are
presented.
Core elements of due diligence Pages
Embedding due diligence in governance, strategy and business model 77–78
Engaging with affected stakeholders in all key steps of the due diligence
87–90
Identifying and assessing adverse impacts
93–96
Taking actions to address those adverse impacts
131–132, 140–141. 145–147, 151,
153, 160–166, 170–173, 181, 185–186,
190–192, 196–199, 202–204.
Tracking the effectiveness of these efforts and communicating
133–138, 142–144, 147–148, 151, 154,
167, 174–178, 181–182, 187, 192–193,
199, 204–205.
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Human rights due diligence
Yara is committed to respecting internationally
recognized human and labor rights in our own
operations and throughout the value chain.
Yara’s human rights due diligence process follows
the six steps and supporting measures set forth in
the OECD Due Diligence Guidance for Responsible
Business Conduct. We assess adverse human
rights impacts through human rights impact
assessments (HRIAs), human rights inspections,
Integrity Due Diligence (IDD), the Supplier
Lifecycle Management process and Supplier Audit
Procedure, as well as through Yara’s grievance
channels.
As part of HRIAs, in-depth interviews are
conducted with Yara employees and contracted
workers to ensure a thorough understanding
of the lived realities at our sites. Each HRIA
we have conducted to date has proven highly
valuable in identifying human rights impacts
from Yara’s operations, and in evaluating how our
human rights policies are implemented on the
ground. Findings, action plans and implemented
measures are presented to the GEB and the
Board on a regular basis. Mitigating actions and
provision of remedies remain a local management
responsibility. The Ethics and Compliance
Department monitors action implementation and
reports on progress.
We conduct human rights and geopolitical risk
assessments to rank our countries of operation,
and the countries we source raw materials from,
in terms of human rights risk exposure. The 2024
assessment identified 24 high-risk countries. The
findings guide our priorities for targeted HRIAs. In
2024, one HRIA was conducted, focusing on our
operations and business partners in Mexico.
Certain high-risk countries are not suitable for
HRIAs due to Yara’s limited presence in the
market, the size of our operations or security-
related matters. These jurisdictions are monitored
through alternative activities, such as geopolitical
risk monitoring. HRIA findings have improved
our understanding of potential and actual human
rights risks and impacts in Yara’s value chain. We
recognize that this landscape may change, and that
we need to continuously monitor the potential and
actual impacts from our operations and value chain.
Alongside the HRIA in Mexico, we focused
on mitigating risks and impacts consistently
identified in past HRIAs during 2024. We also
followed up on the 2023 internal audits to assess
the implementation and effectiveness of actions
agreed upon in previous HRIAs in India, Colombia
and Brazil. During these audits, worker interviews
were conducted to gather feedback on the
effectiveness and practical impact of the actions
implemented.
In countries where a comprehensive HRIA is not
deemed necessary or feasible, we conduct internal
human rights inspections, typically led by internal
human rights specialists or a regional compliance
manager. In 2024 these were conducted in
Malaysia and Kenya.
We acknowledge that there is room for improvement
when it comes to the meaningful participation
of affected individuals in the design and
implementation of mitigating actions from HRIAs
and human rights inspections. This will be a key
focus in the coming years. We also aim to establish
channels for workers, and other rights holders, to
report on their satisfaction with actions implemented
or raise any potential unintended adverse impacts.
Identified actual and potential
adverse human rights impacts
and mitigating actions
Yara’s use of contracted labor is a core driver of
adverse human rights impacts for workers at our
sites and in our supply chain (e.g., third party-run
warehouses and logistics providers). Our ability to
secure individual workers’ labor rights, including
The Norwegian
Transparency Act
The Norwegian Transparency Act
(Åpenhetsloven) addresses enterprises’
transparency and work on fundamental
human rights and decent working conditions.
Its reporting requirements are based on
the principles set forth in the OECD Due
Diligence Guidance for Responsible Business
Conduct. The table on page 209 provides
an overview of the reporting requirements
pursuant to the Transparency Act and where
these are addressed in the report. Due
diligence reporting related to the Norwegian
Transparency Act has not been subject to
limited assurance by the external auditor.
The information is valid for Yara International
ASA and its subsidiaries, and is also
available at yara.com
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fair wages, working hours, benefits, annual
leave, work predictability, and a safe and healthy
workplace, free from discrimination, is reduced
when using contracted labor. Performing heavy
manual labor is an additional health and safety
risk when combined with high temperatures.
Findings of potential and actual adverse human
rights impacts have been fairly consistent across
the countries where HRIAs or human rights
inspections have been performed to date. The
degree of negative impact varies, however.
We acknowledge that it is easier to mitigate
adverse impacts related to our own employees
on our own sites, than it is at sites operated and
managed by third parties or when labor is provided
by third parties. Nonetheless, we focus on both
own operations and the supply chain in our efforts
to address risks and impacts. Identified actions
are regularly followed up on until completion. In
2024, we updated our human rights due diligence
process to better ensure continuous monitoring
of actions implemented, and measurement of
subsequent results and impacts, to ensure actual
improvements on human rights conditions. We
have identified no severe human rights incidents or
reported cases of non-respect of the United Nations
Guiding Principles (UNGPs), International Labor
Organization (ILO) Declaration on Fundamental
Principles and Rights at Work, or the OECD
Guidelines during the year.
Main actual and potential adverse human rights
impacts, and mitigating actions, across sites assessed
are presented on the next page. All impacts are
grouped together, per rights-holder group, in this
section to comply with disclosure requirements under
the Norwegian Transparency Act. More information
can be found in each topical chapter.
Remediation
Yara provides for or cooperates in the remediation
of negative impacts from our activities as far as
reasonably possible, given our level of impact and
influence. With communities in close proximity
to our operations, we aim to proactively engage
in early dialogue in order to provide inhabitants
with the opportunity to voice their views and
concerns to prevent potential adverse impact.
However, we recognize that there is always room
for improvement when it comes to ensuring
meaningful stakeholder engagement and we will
continue our efforts towards this in 2025. Our
grievance mechanisms are described in topical
chapters throughout the report.
Raising human rights awareness
Human rights are included in all Code of Conduct
training, including mandatory e-learning for
new hires and face-to-face training programs. A
specific Business and Human Rights e-learning
course is also available to all employees, as well
as additional e-learning modules covering topics
such as ethical conduct and reporting concerns.
These e-learnings include specific sections on
human rights, harassment, discrimination, and
gender bias.
In 2024, 667 employees received specific face-
to-face human rights training. Since its launch in
2022, the Business and Human Rights e-learning,
has been completed by 256 employees.
Raising awareness on human rights through
training, e-learnings, communication, and
knowledge sharing is an ongoing process in Yara.
This year, the Ethics and Compliance Department
also published a human rights podcast on the
intranet to provide an overview of possible human
rights impacts connected to our operations,
including employees’ role in implementing
sound human rights due diligence across the
organization.
In addition, increasing awareness around human
rights risk exposure and knowledge of human
rights due diligence within the procurement
function, and in various sales teams, has been a
priority throughout the year.
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Main actual and potential adverse human rights impacts, and mitigating actions
Adverse impact (actual or potential) Examples of agreed or implemented actions
Yara employees
Harassment or discrimination based on
gender and race (potential/actual)
• Mapping, clarification and communication on pay, promotions,
recruitment, equity (incl. living wage project) as well as gender pay-gap
assessments
• Mandatory Code of Conduct training
Occupational health and safety; exposure
to dust, noise, heat, and manual labor
(actual)
• Continuation of the implementation of all requirements set forth in our
policy on the physical work environment.
• Ergonomic risk assessments mapping manual activities
• Automatization projects to reduce manual handling
• Development and implementation of heat stress plans
Mental health risks due to stress from
excess workload (actual)
• Continuation of DEI efforts and mental health focus
Lack of guaranteed living wage (actual) • Continuation of the living wage project, which ensures that all Yara
employees are paid a living wage, and development of plans for the
second phase of the project, which will aim to extend a living wage to
contractors working on Yara sites
Access to adequate grievance
mechanisms in local language (actual)
• Information about available grievance channels included in daily HESQ
meetings
• Implementation of additional suggestion/grievance boxes
• Translation of information related to grievance channels into local
languages and/or presenting graphics
Adverse impact (actual or potential) Examples of agreed or implemented actions
Contracted workers at Yara sites
Conditions of employment (actual) • Review of policies related to working conditions and performing audits
to ensure policies are implemented
• Improvements on scheduling and planning of shifts to improve job
security
Working conditions: heat stress exposure,
access to water and sanitation, excessive
working hours and overtime (actual)
• Continuation of the implementation of all requirements set forth in our
policy on the physical work environment
– Installation of additional water points, fans and air conditioning
– Upgrades to dining, changing and restroom facilities
• Development and implementation of heat stress plans
• Regular monitoring and tracking of compliance with working hours and
overtime
• Sessions with workers on labor law awareness
Lack of guaranteed living wage and use of
piece-rate pay (actual)
• Development of plans for the second phase of the living wage project,
which will aim to extend a living wage to contractors working on Yara
sites
Occupational health and safety, including
manual labor (actual)
• Ergonomic risk assessments mapping manual activities
• Automatization projects to reduce manual handling
Restrictions on freedom of association
(potential)
• Reinforcement of Yara’s Code of Conduct for Business Partners and
communication to workers about their rights
Lack of effective grievance mechanisms
(actual)
• Information about available grievance channels included in daily HESQ
meetings
• Implementation of additional suggestion/grievance boxes
• Translation of information related to grievance channels into local
languages and/or presenting graphics
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Adverse impact (actual or potential) Examples of agreed or implemented actions
Workers in supply and value chain (including third-party warehouses)
Health, safety and labor rights risks due
to low standards and high use of casual
workers at third-party warehouses (actual)
• Regular inspections at third-party run warehouses
Labor rights and working conditions for
truck drivers (actual)
• Upgrading of rest areas at Yara sites in Brazil for drivers to access
water, restrooms and shaded areas
• Mapping of operational bottlenecks to significantly improve waiting
time for drivers
Child labor and labor rights violations in
the agricultural sectors (potential)
• Training of sales leaders aiming to increase capacity to identify human
rights issues in agriculture and how to act in these situations
Adverse impact (actual or potential) Examples of agreed or implemented actions
Local communities and wider society
Production-related impacts on
environment and Health and Safety of
local communities
• Environmental assessments
Lack of effective grievance mechanisms
and stakeholder engagement through
meaningful engagement between Yara
and local communities
• With communities in close proximity to our operations, we aim to
proactively engage in early dialogue in order to provide inhabitants with
the opportunity to voice their views and concerns to prevent adverse
impact.
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Strategy, business model and value chain
Our business model and value chain is based on turning energy, minerals and a century of knowledge into value for farmers and industrial customers around the globe
Production, mining
and sourcing
Global distribution
and sales network
Use of products by farmers, food
chain partners, shipping and energy
sector and industrial customers
Key inputs
Natural gas , Phosphate , Potash
Sourcing
Upstream Own operations Downstream
Yara’s three main raw materials – natural gas,
phosphate, and potash – are finite resources and sourced
from extractive industries. Stable supply of favorably
priced natural gas is imperative to our competitiveness
and our choice of seeking exposure to spot markets
or entering longer-term contracts depends on the
efficiency of regional gas markets. Our other two, main
raw materials, phosphate (P) and potash (K), are mined
from natural geological deposits and ore bodies. We
maintain long-term relationships with a wide network
of suppliers and continuously monitor sourcing risks to
avoid disruption and ensure stable supplies.
See page 152 for more information about our sourcing.
Key outcomes
Farming communities and
society at large
Crop nutrition solutions and
services to support food
production
Industrial customers
Essential nitrogen products
and environmental solutions
Shipping and energy sectors
Low-emission ammonia
projects to support the
decarbonization of hard-to-
abate sectors
See page 14 for more
about our products,
markets and services.
Employees
A safe and engaging
workplace for 17,000
employees
Investors and shareholders
Strong shareholder returns
from prioritization of core
operations, optimization or
portfolio and capitalization
of growth opportunities
See page 33 for more
information about the
Yara share.
Ammonia production forms the core of our operations.
We combine nitrogen from the air with hydrogen, most
commonly from natural gas, to produce ammonia, which
is the key intermediate for all our nitrogen fertilizers
and compounds. Hence, renewable and low-carbon
ammonia projects represent a focal point in our efforts to
decarbonize our product range.
The ammonia is further processed to a wide range
of nitrate and compound fertilizers and industrial
products or traded as a commodity. Through our global
distribution and sales network, we send our finished
products by sea and land to farmers, distributors, food
chain partners and industrial customers worldwide.
See page 30 for more information about our deliveries.
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Products, markets and customers
Crop nutrition solutions
Yara offers a complete range of premium fertilizer
products, backed by agronomic knowledge, digital
solutions and other services, to farmers worldwide.
This unique combination of crop nutrition,
expertise, tools, and services helps farmers to
apply better farming practices and grow more
food on less land. Our fertilizer products are sold
in roughly 140 countries to a variety of customers
covering wholesale, co-operatives, retail and, to a
lesser extent, directly to farmers.
Industrial Solutions
Yara Industrial Solutions develops and sells
nitrogen-based solutions and services across a
wide range of industries, including the energy,
cement, mining, and animal nutrition sectors.
Our portfolio includes emission abatement
solutions for the transportation and maritime
sectors along with products for water treatment,
odor control and solar power plants. We deliver
industrial solutions through both direct sales and
distributors. In some markets, we also deliver
equipment and services to store and handle
products.
Clean Ammonia
Yara’s Clean Ammonia segment is pursuing
growth opportunities based on the production,
transport and application of low-emission
ammonia, which can support the decarbonization
of our fertilizer product lines as well as the
shipping and power industries. Clean Ammonia
leads the exploration of low-carbon and low-cost
ammonia projects, leveraging our unique position
within ammonia production, trade and shipping.
The segment also generates significant sales of
ammonia to large customers in the fertilizer and
chemical industries, mainly in the Americas and
Asia.
There were no significant changes in our
product offering or main markets and customer
groups served in 2024. See page 229 and
note 2.3 for details about our sales and segments,
respectively.
Goals, strategy and sustainability
Sustainability is an integral part of our corporate
strategy, which is to drive shareholder returns
while pursuing Yara’s long-term ambition of
Growing a Nature-Positive Food Future.
Hence, our strategy also targets value creation
for farmers, farming communities and industrial
customers by supporting their productivity and
providing solutions to help them overcome
challenges associated with climate change and
nature degradation. The long-term ambition
and corporate strategy both reflect some of our
core material impacts, risks and opportunities,
with climate considerations having the strongest
influence on our decision-making and business
model.
We partner with energy, technology and food
companies to enable the production of low-
emission ammonia. Yara’s partnerships within
the value chain ensure proven results through the
implementation of innovative products, digital
solutions and extensive crop knowledge.
Ambition and action areas
Our long-term ambition rests on three pillars,
Climate neutrality, Regenerative farming and
Prosperity, which we leverage to realize our
ambition:
Climate neutrality
Climate neutrality is the most mature of the
three pillars and will be prioritized over the next
few years. It includes mitigation efforts in our
own operations, as well as the development of
solutions to decarbonize crop production and
hard-to-abate sectors. This is in line with the
climate-related material impacts, risks and
opportunities that Yara has identified. In addition,
the prioritization of the Climate neutrality pillar
is driven by policy and regulatory developments,
stakeholder expectations and our pursuit of market
opportunities related to global climate action.
Keys to achieving our climate targets are to
successfully implement our 2030 GHG Program
and to increase volumes of low-emission
ammonia. Apart from the market opportunities
for low-emission ammonia to be used as fuel
in the shipping industry and energy sector, we
expect Yara’s key product groups, markets and
customer groups to remain largely unchanged.
See page 116 for details about the priorities and
actions in our Climate Transition Plan.
Regenerative farming
Yara develops and promotes improvement
solutions for farm productivity, while protecting
soil health, biodiversity, water, air quality, and
land. Nutrient use efficiency is a focus area, as it
holds potential to both increase yield and avoid
oversupply of nutrients, which can translate into
lower in-field GHG emissions per unit of crop
and reduce pressure on land. Broader adoption
of best farming practices and crop nutrition, and
connecting to more farmers digitally, will be key to
harvest the benefits of regenerative farming.
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Prosperity
We want to improve farmer income, sustainability
and diversity to contribute to zero hunger. To
achieve this, we need to continue our efforts to
reach more farmers, particularly smallholders,
with knowledge, training and crop-specific advice
through our retail network, local agronomists and
digital farming channels.
People development
Our employees are vital enablers of the strategy.
We have devoted more time and resources to
people development and building a culture of
entrepreneurship in recent years. Prioritized
areas have been talent development and
leadership behaviors, along with investments in
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. See page 130 for more information
on how Yara manages impacts from the Climate
Transition Plan on our workforce.
Our workforce consists of Yara’s employees
throughout the world and non-employee workers
supplying labor to us through contractual
relationships. For more information on our
workforce categorization, see page 174.
Workforce breakdown
1)
by geography
Gender Africa Asia & Oceania Brazil Europe Latin America North America Grand total 2023 Evolution
Permanent Female 125 466 1,266 1,957 406 155 4,375 4,379 0%
Permanent Male 417 1,241 3,608 5,022 912 531 11,731 12,135 (3%)
Total permanent 542 1,707 4,874 6,979 1,318 686 16,106 16,514 (2%)
Temporary Female 6 13 153 79 39 6 296 388 (23%)
Temporary Male 11 22 187 244 89 12 565 781 (28%)
Total temporary 17 35 340 323 128 18 861 1,169 (26%)
Total permanent and temporary 559 1,742 5,214 7,302 1446 704 16,967 17,683 (4%)
Non-employee workers Female 4 13 – 31 – 2 50 56 (11%)
Non-employee workers Male 10 8 – 159 – 11 188 218 (14%)
Total non-employee workers 14 21 – 190 – 13 238 274 (13%)
Total permanent, temporary and non-employee workers 573 1,763 5,214 7,492 1,446 717 17,205 17,957 (4%)
1)
Headcount by the end of the reporting period. The decline in the workforce is mainly attributed to the hiring freeze and restriction in use of non-employee workers. Additionally, 92 employees were laid off due to restructures. 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.
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Strategy scorecard
Yara leverages KPIs to measure progress on our
corporate strategy execution. These KPIs cover
people, planet and profit metrics, of which the first
two are most relevant for sustainability. See the
full scorecard with our performance on page 19.
Financial effects of risk and opportunities
At year-end 2024, we identified current financial
impacts from the material opportunity related to
farm income and food quality and supply. These
represents an important and current driver of
fertilizer pricing and sales, and hence, of cash
flow from our operations. The majority of Yara’s
revenues are fertilizer sales, which are detailed
in the consolidated financial statements note 2.1
Revenue. The other risks and opportunities we
have assessed as financially material are all
expected to materialize over the medium- to
long-time horizon, in one to five years or more.
The degree of current and future financial
impacts of these risks and opportunities is highly
uncertain. Yara provides explicit information in
its consolidated financial statements on how
climate and environmental matters are reflected
in the current year accounts. This mainly refers to
useful life and impairment of non-current assets,
intangible assets, government grants, provisions
and contingencies, and financial instruments. For
more information, see note 1.2 Climate risks and
opportunities and note 1.3 Environmental impacts
and dependencies in Yara’s consolidated financial
statements.
Resilience of Yara’s strategy
and business model
Yara has not conducted a stand-alone resilience
analysis that fully complies with the ESRS
requirements. Yara’s corporate strategy is shaped
by persistent megatrends, of which climate
change has the most mature analysis and the
most significant impact on our company and
industry. Each year, our annual strategy update
includes assessments of these updates on key
trends, our position opportunities and key strategic
risks, including those triggered by climate risks,
particularly transition risks.
The different climate scenario models we have
explored show variability in outcomes, and we are
still working to develop a modeling framework
that is sufficiently robust to serve as a basis for a
comprehensive climate resilience analysis.
Transition risk resilience
The current and future impacts on Yara from
climate transition risks and opportunities are highly
uncertain. Nevertheless, our strategy and business
model have for several years been adapted
towards decarbonization and building resilience to
the risks associated with the transition to a low-
carbon economy. We therefore consider ourselves
well positioned to manage these risks as they
materialize. This is based on our:
• Early efforts to reduce N
2
O emissions and to
decarbonize ammonia production, which have
already brought substantial GHG emission
reductions
• Yara Climate Choice™ fertilizer to support the
food system transformation and capitalize on
demand for lower-carbon offerings
• Global footprint, flexible business model and
asset base, allowing us to, over time, adapt
to climate regulations, changing demands in
markets, and carbon and energy pricing
• Positioning in competitive lower-carbon offtake
projects and infrastructure
• Ability to flexibly operate and transform existing
assets, allowing for plants to operate on
imported lower-carbon ammonia when optimal
• Knowledge in agronomy, enabling us to adapt
products and services to local market needs
We have identified assets and business activities
that need significant efforts to be compatible
with a transition to a climate-neutral economy.
The greatest short-term uncertainty in terms of
resilience is currently related to the update of the
EU Renewable Energy Directive, REDIII, which
could pose significant challenges for our ammonia
production in Europe and the European ammonia
industry as a whole.
Physical risk resilience
Yara is implementing measures to mitigate
the physical climate risks for our assets at risk.
To strengthen our future resilience further,
current and future physical climate risks are
also integrated into the planning and design of
major projects as well as into business continuity
strategies, emergency preparedness protocols,
crisis management training, and scenario
planning.
We have yet to assess physical climate risks
related to our supply chain and sourcing of key raw
materials and energy. Our resilience to such risks
has consequently not been assessed.
Building future resilience
In addition to the strategy development process,
we have also embedded considerations of
climate risks and resilience into our Capital Value
Process to ensure better decision-making and
management of new projects, see page 76.
Furthermore, the Board in 2024 defined a risk
appetite for CO
2
exposure in production and
supply chain, see page 63.
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Interest and views of key stakeholders
We continuously engage with key stakeholders
globally, and locally, to build trusting relationships
and bring better business intelligence that can
spur ideas for products and services.
Our Stakeholder Management Procedure is a
continuous process at Yara, both at a strategic
and local level. It provides a structured approach
to the way we consult, involve and collaborate
with stakeholders. It is complemented by the
stakeholder engagement guidelines that provide
practical guidance for all Yara teams engaging
with different stakeholders
The GEB is responsible for ensuring that the
procedure is implemented in relevant countries,
plants, business units, and projects in line with
relevant processes and external requirements.
All business units and project teams worldwide are
expected to conduct regular stakeholder analyses
and establish arenas for dialogue with important
groups as part of their business planning, or in the
case of specific events or initiatives. Each year,
we collate reports from these units and teams
to document our interactions with stakeholders,
identify recurring concerns and share learnings.
Stakeholders’ views and interests also informed
our 2024 materiality assessment, but these views
and interests were not presented to the Board.
Stakeholder
Management
Procedure
Mapping and
analysis
Identify
stakeholders and
establish level of
engagement
Engagement
approach
Determine approach,
format, and frequency
Strategy
Establish
objectives,
aligned with
corporate
strategy
Ongoing
interaction
Execute plan and
manage relations
and feedback
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Summary of dialogues with key stakeholder groups in 2024
How we engage Key topics in 2024 Actions and outcomes
Employees
• Job appraisals, training,
coaching, and mentoring
• Surveys, digital channels and
townhalls
• HESQ training and
awareness
• Ethics and Compliance
training and awareness
• DEI networks
• Employee-elected board
members
• Grievance channels and
Ethics Hotline
• Health and well-being at
work
• Fair wages
• Learning and development
• Inclusion
• Ethical culture and comfort in
speaking up
• Change management and
communication
• Freedom of association
• Cost cuts, divestments and
plant transformation
• Policy updates on living wage
• Continued closing of gender pay gap
• Expanded upskilling and reskilling initiatives
• Reinforced training to support workplace
health and well-being
• Implementation of heat stress policies
• Translation of contracts to native language in
Colombia
• Continuous follow-up of reported HESQ cases
• Safe by Choice safety program
• Implementation of Brazil Works Council
• Living Wage project extended to contractors
Workers in the value chain
• Grievance channels and
Ethics Hotline
• Targeted communication
• Human rights assessments
• Workers’ rights
• Health and safety
• Work permits
• Safety orientation and training
• Joint projects to improve working conditions for
workers in the value chain
• Control of Work procedure and Work Permit
process
• Geopolitical risk assessment update
Distributors and retailers
• On-the-ground agronomists
and specialists
• Surveys, meetings and
events
• Social media
• Retail associations
• Fertilizer and crop prices
• Product quality
• Crop nutrition programs
• Sustainable farm
management
• Regulatory environment
• Product stewardship in value
chain
• Provision of safety information and guidelines
• Product stewardship inspections
• Digital tools for retailer-farmer connectivity
How we engage Key topics in 2024 Actions and outcomes
Farmers
• On-the-ground agronomists
and specialists
• Surveys, meetings, clinics,
and field days
• Marketing and digital
engagement
• Return on investment
• Product quality
• Best practices for fertilizer
application and crop nutrition
• Climate change
• Digital solutions
• Women’s role in agriculture
• Farmer programs for specific crops
• Digital farming tools and services
• Women in Agronomy program
• Product stewardship and safety data sheets
• Product carbon footprint and traceability
• Authentication of Yara products
Industrial customers
• Commercial relationships
• Audits and surveys
• Pre-delivery point inspections
• Marketing
• Climate change
• Water pollution
• Product delivery planning
• Transport modes
• Yara’s Code of Conduct
• Decarbonization / carbon
footprint
• Rules and regulations
• Product traceability
• Registration of pre-delivery inspections and
customer complaints
• HESQ support and provision of safety data
sheets
• Third-party verification of product carbon
footprints
• Product stewardship
• Food and feed safety management
• Explosive precursor management
• Implementation of telemetry
Investors and lenders
• Stock exchange and press
releases
• Periodic reporting
• Roadshows and seminars
• Calls and meetings
• Climate targets and
transition plan
• CSRD and financial reporting
• Sustainability-related risks
• Sustainable investments
• Regulatory environment
• Timely, accurate and comprehensive
communications
• Development of Climate Transition Plan
• CSRD implementation in integrated report
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How we engage Key topics in 2024 Actions and outcomes
Suppliers
• Dialogue and meetings
• Collaborations and alliances
• IDD process
• EcoVadis assessments
• Supplier audits
• Grievance channels and
Ethics Hotline
• EcoVadis implementation
• Decarbonization of value
chain
• ESG and ethical conduct
• Procedures, expectations and
targets
• Regulatory and product
requirements
• Future business needs
• Use of third parties and sub-
contractors
• Safety and ethics orientation and training
• Targeted actions related to business partners
in high-risk countries
• Grievance mechanisms and information at
business partners’ sites
• EcoVadis targets and performance
improvements
• Collaboration on corrective actions plans
• Sustainability baselining at terminals (North
Am.)
Regulators and policymakers
• Dialogue, meetings and
events
• Engagement in policy-
making processes
• Dedicated advocacy
resources
• Industry associations
• Contributions towards
climate goals
• Decarbonization of food
value chain
• Ammonia applications
• Hydrogen policies
• Regenerative agriculture
• Nitrogen use efficiency
• Environmental compliance
• Greenwashing regulations
• Access to renewable energy
• Engagement in policy processes
• Development of Climate Transition Plan
• Knowledge building and sharing on in-field
emissions
How we engage Key topics in 2024 Actions and outcomes
Food industry
• Dialogue, meetings, events,
and field days
• Partnerships with food
companies and growers
• Crop specific associations
• Decarbonization of food
systems
• Regenerative agriculture
• Nutrient and water use
efficiency
• Digital solutions
• Farmer incentives
• Traceability
• Crop resilience
• Collaboration projects on specific crops
• Demonstration and field trials
• Product traceability pilot projects
• Partnership Playbook for successful
partnerships
• Climate accounting handbook
Local communities
• Dialogue, meetings and
communication activities
• Community engagement and
projects
• Green lines and other
grievance channels
• Environmental nuisances
(e.g., dust, noise, traffic)
• HESQ performance of local
business partners
• Implementation of Environmental Roadmaps
program
• Partnership for vulnerable groups near Yara
Cartagena
• Open days at production sites
• Audits to follow up earlier findings in Brazil
• Projects to empower women and raise HESQ
standards in Colombia
• Follow-up of actions from HRIAs
Academia
• Specific projects and studies
• Knowledge sharing and
training
• Internship program
• Conferences
• Climate change
• Regenerative agriculture
• Nutrient use efficiency
• Soil health
• AgTech and biologicals
• Partnership Playbook for successful
partnerships
• Climate accounting handbook
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Stakeholders’ interests in Yara’s
business model and strategy
Yara’s business model and its approach to strategy
development is inclusive, aiming to incorporate
the views, interests and rights of key stakeholders,
including our workforce, affected communities
and consumers. However, it is important to note
that we do not have formalized procedures for
stakeholder representation. Rather, the inclusion
of these stakeholders is embedded throughout our
strategy development process.
When developing strategy projects, the strategy
team leads the process and involves employees
and leaders from different units to provide input.
Typically, a few nominated leaders or employees
from each unit represent their teams’ needs and
perspectives, contributing to the overall strategy
discussions. These representatives may participate
in working groups or owner’s committees that
include members from key Yara units, ensuring
the interests of the broader organization are
represented. Major strategy updates are discussed
within the GEB, where Executive Vice Presidents
(EVPs) represent their respective departments and
the interests of their workforce. These updates
are also presented to the Board, which includes
representatives from employee and trade union
groups.
Yara’s global supply chain includes over 30,000
tier-1 suppliers, many from high-risk industries
and regions where workers face potential health,
safety, and human rights issues such as unsafe
conditions, unfair wages, forced labor, and child
labor. We recognize these risks and are working to
improve our approach to assessing and addressing
them. While Yara focuses on due diligence and
supplier audits, our long-term goal is to better
integrate the views, interests and rights of value
chain workers into our strategy and business
model as we do not have a formalized process
currently.
The interests and needs of our customers,
especially farmers, are central to our strategy.
Our ambition, which includes, the Prosperity
pillar, drives our efforts to help improve farmer
income and sustainability through our offering,
while contributing to global food security. Many
of our employees work directly with farmers and
regularly engage with them as part of their day-to-
day work, and these employees bring aggregated
insights on customer needs when participating
in strategy development discussions. In addition,
we gather insights from farmer surveys in
different regions. This combination of formal and
informal feedback helps guide the development
of our specific products and solutions to address
farmer challenges. The process of gathering
and incorporating these insights varies across
regions and teams, depending on local needs and
conditions.
Regarding our engagement with affected
communities, including Indigenous peoples,
we are committed to respecting their rights,
particularly around land and water. We engage
with local communities to ensure that our
operations and business model align with their
rights and interests. Our commitment to human
rights and community development is an ongoing
effort, leveraging different mechanisms for
engagement depending on the location of our
operations and the specific community.
Double materiality assessment
The process for identifying, assessing and
managing impacts and risks has evolved in 2024
to be fully aligned with the requirements of the
European Sustainability Reporting Standards
(ESRS). Key improvements include enhancing
the impact materiality and integrating financial
materiality with a stronger alignment to the risk
management process. Going forward, we aim
to continue to improve the double materiality
assessment process, including aiming to
strengthen materiality as a data driven process.
Step 1: Understanding the context
Yara’s long-standing commitment to sustainability
provided a solid foundation for understanding
and mapping the broader sustainability context.
We integrated stakeholder engagement insights
(pages 88–89) to gain an external perspective
on materiality and complemented this with an
analysis of relevant external sources. This allowed
us to understand sector-specific materiality issues,
as well as benchmark and address potential risks
and opportunities, that are perceived externally.
Consultations with affected stakeholders,
conducted through the stakeholder engagement
processes outlined previously, were integral to
understanding the potential impacts of Yara’s
activities.
This process helped ensure that the assessment
was informed from diverse perspectives and
aligned with industry standards and best practices.
Step 2: Identification of impacts,
risks, and opportunities
The 2024 materiality assessment began with
the ESRS 1 longlist of sustainability topics,
which we expanded to include company-specific
issues. Drawing on the 2023 materiality update,
sustainability reports and additional sources of
data, we refined this longlist by adding Yara-
specific topics.
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The longlist included insights from due diligence
findings, stakeholder engagements inputs,
regulatory requirements, and strategic priorities.
The outcome was a comprehensive longlist of
Impacts, Risks and Opportunities (IROs) relevant
for further assessment. We also considered the
interconnections between these topics to ensure
a holistic understanding of the sustainability
landscape.
The process placed particular emphasis on
identifying activities, business relationships,
geographies, and other factors that could
heighten the risk of adverse impacts. This
included considering both direct impacts from
Yara’s operations and indirect impacts arising
from business relationships. See page 93 for IRO
identification methodologies.
Step 3: Assessment of topics
To assess the materiality of the identified IROs we
involved subject matter experts from across the
organization. We applied the double materiality
framework in line with the criteria set forth in
ESRS 1, treating impacts and financial risks and
opportunities as separate workstreams.
Impact materiality
For impact materiality, we assigned responsibility
for each topic to internal subject matter experts,
who applied the ESRS criteria for significance.
This involved evaluating the severity of negative
impacts and the significance of positive impacts
based on value chain allocation, scale, scope,
irremediability, likelihood, time horizon, and type
of impact (actual or potential). The experts used
available data to assess each topic in dedicated
workshops, allocate scores for these factors,
ensure alignment in the interpretation of criteria,
and contribute to the development of a shortlist of
material impact topics.
A scale of 1-5 was applied to the following dimensions:
Criteria Applies to Description
Severity
Scale All impacts How grave or beneficial the impact is (i.e., extent of infringement
of access to basic life necessities or freedoms such as education,
livelihood, etc.)
Scope All impacts How widespread the impact is (i.e., the number of individuals
affected or the extent of the environmental damage)
Irremediability Negative impacts The extent to which the impact can be remediated (e.g., through
compensation or restitution, whether the people affected can be
restored to their exercise of the right in question, etc.)
Likelihood
Potential impacts How probable it is that the impact will take place/materialize
A threshold of 3.5 was applied to the average
of scale, scope and irremediability scores. For
potential impacts, likelihood was assessed on the
following scale:
• 5: Almost certain (65-100%)
• 4: Likely (40-65%)
• 3: Medium (20-40%)
• 2: Unlikely (5-20%)
• 1: Rare (<5%)
The likelihood scale was then applied with a
threshold of 4, when the average of scale, scope
and irremediability was at 2-3, and a threshold
of 3 when the average of scale, scope and
irremediability was at 4-5.
The list was qualitatively reviewed to prioritize the
severity of human rights impacts and potential
impacts over their likelihood. It was also cross-
checked against regulatory requirements and
stakeholder expectations to ensure that topics
which might otherwise fall below the materiality
threshold were included. As a result:
• Soil contamination in sourcing was grouped with
other pollution under the category “Pollution
from sourcing” following the ENCORE tool’s
classification of pollution as highly material in
mining, quarrying and natural gas extraction,
• “Emission of other E-PRTR substances to
waterways” was added,
• “Land-use change in production” was updated
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to focus only on Yara’s mining site in Siilinjärvi,
Finland,
• “Gender pay gap” and “Discrimination and
harassment” were included, despite scoring
below the materiality threshold, due to their
mandatory disclosure under Norwegian
regulations.
Financial materiality
For financial materiality, we introduced a new
process in 2024 to identify relevant financial risks
and opportunities. Internal experts collaborated
with financial experts to determine which risks
and opportunities were material for Yara to report
on and manage. Yara’s five-scale risk matrix
was used for the assessment, which was based
on available knowledge and documentation.
Likelihood was scored with the same criteria
as the impact materiality. For the financial
magnitude, we assessed the potential influence
on our development, financial position, financial
performance, cash flows, access to finance, or cost
of capital. The scale was applied as follows:
• 5: major potential more than 400 MUSD
• 4: substantial potential 125-400 MUSD
• 3: medium potential 20-125 MUSD
• 2: minor potential 5-20 MUSD
• 1: insignificant potential less than 5 MUSD
All risks and opportunities scored at magnitude
3 or above were subject for discussion before
conclusions were drawn in a qualitative process.
We considered time horizons, as well as the
connections of our impacts and dependencies,
and how they intersect with potential risks
and opportunities that may arise from these
factors. This process was guided by thresholds
derived from Yara’s established Enterprise Risk
Management (ERM) system, and the results
of this assessment were validated by the
ERM framework. This integration ensures that
sustainability-related issues are considered as part
of the company’s broader risk profile.
Step 4: Validation and approval
The final list of material topics was validated by
Yara’s GEB and received directional support from
the Board Audit and Sustainability Committee
(BASC) as well as the approval of the Board of
Directors.
Step 5: Implementation
The double materiality assessment shapes the
content of our sustainability disclosures and
affects our strategy-setting and decision-making
processes. Our corporate strategy and business
model are particularly influenced by the topic of
climate change and our dependency on employee
engagement and retention, see pages 84–85.
We prioritize our efforts based on both impact
and financial materiality. We consider many of
our material environmental and social impacts to
be key to ensuring that we build the culture, skills
and relationships we need for the future and retain
our license to operate. Other topics are carefully
monitored and managed through our sustainability
due diligence processes to minimize adverse
impacts and identify improvement projects.
The materiality assessment is reviewed and
updated annually, with more frequent revisions
triggered by significant changes in our business
environment. Furthermore, we are committed
to disseminating relevant knowledge across
the organization to ensure that there is a
shared understanding of materiality from top
management to local teams.
Information materiality
Upon the conclusion of the double materiality
assessment assessors and relevant contributors
evaluated the materiality of information to
determine the specific data points that should
be reported for each material topic. The purpose
of the information materiality assessment is to
prevent over-reporting and ensure that disclosures
remain focused, relevant and meaningful.
The assessment of information materiality
incorporated several key criteria that ensure
the data reported aligns with both internal and
external expectations:
1. Double materiality: whether a data point
reflects significant environmental or social
impacts, and whether the data could
significantly influence Yara’s financial
performance or investor decisions or be linked to
material ESG risks or opportunities that might
affect the company’s long-term resilience.
2. Regulatory requirements: whether the data
point is mandated by ESRS standards or other
relevant regulations.
3. Industry relevance: whether the data point is
considered standard practice or an emerging
trend in sustainability reporting within the
industry.
4. Corporate strategy and goals: whether the
data aligns with Yara’s sustainability strategy,
including specific targets like net-zero or
diversity goals.
5. Stakeholder expectations: whether key
stakeholders, such as investors, regulators,
customers, and NGOs, expect Yara to disclose
this data.
Importantly, data availability did not determine
materiality—if data was unavailable, estimates
were provided, along with an explanation of the
estimation process.
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Identification of impacts,
risks and opportunities
Our identification of impacts, risks and
opportunities builds on established, ongoing
processes for sustainability due diligence,
performance management and reporting. In
addition, sustainability benchmarks, stakeholders’
views and interests, and existing and emerging
regulations inform the process.
Climate-related impacts,
risks, and opportunities
Yara has analyzed its value chain to identify
emissions hotspots across upstream and
downstream activities, as well as from its own
sites. Yara screens and assesses all categories of
scope 3 emissions. To tackle these challenges,
Yara has developed a Climate Transition Plan.
Despite these efforts, there will be locked-in
emissions present in Yara’s operations, and the
value chain, as explained on page 125.
In 2024, Yara strengthened and expanded
its climate risk program by completing a
comprehensive assessment of climate risk
exposure for the most affected production sites,
updating its evaluation of transition risks, and
actively engaging the organization in managing
climate-related risks.
Yara’s efforts have focused on establishing
governance structures to oversee climate risk
management and formally integrating top-down
climate assessments into Yara’s Enterprise Risk
Management system on page 62. It has also
prioritized addressing climate risks at a production
site, regional and corporate level, ensuring
alignment and aggregation, while embedding
these risks into financial reporting and processes
with regular reviews and updates.
Yara has assessed that some of the risks and
opportunities posed by climate transition are
material to the organization. These are managed
through targeted risk responses, see page 67.
Physical climate risks
To assess the potential physical impacts of
climate change on our operations, Yara conducted
analyses based on a high-emissions scenario
(SSP5-8.5 / RCP8.5). This scenario was chosen
to model the worst-case outcomes and ensure
robust planning. The focus was on two critical time
horizons: 2030 for the medium term and 2050
for the long term. The climate risk assessments
targeted production sites with high exposure
to physical risks, identified through a selection
process based on asset value, geographic
location and future exposure to climate change.
A risk assessment was conducted based on the
likelihood and magnitude of the impact, at the
location of the production sites.
Methodology
Yara follows a structured methodology to assess
the vulnerability of its critical assets against local
physical risks, using global climate models and
locally downscaled models reflecting the RCP8.5
scenario:
• Screening: identification of physical risks
relevant for the region down to the asset
location
• Baselining: analysis of historical impacts to
understand past vulnerabilities and resilience
• Future projections: development of forward-
looking scenarios that consider local regulations
and anticipated operational constraints
• Impact Analysis: assessment of potential
consequences across multiple dimensions,
including revenue (from production loss), capital
and operational expenditures
Results
The most significant risks for our operations
include heatwaves, flooding (caused by heavy
rains, tropical cyclones or sea-level rise), and
drought. While Yara’s production system has
demonstrated resilience overall, the findings show
opportunities to further enhance adaptability and
preparedness.
The assessments provide actionable insights into
the adaptation and mitigation strategies required
to address the identified risks. To mitigate the
these challenges, Yara is implementing targeted
measures, such as:
• Energy efficiency projects to enhance its
resiliency towards more extreme temperature
conditions, see page 131.
• Initiatives to reduce water usage as stated on
page 145.
• Localized mitigation measures and active
communication with local authorities to
enhance flood defenses
Ongoing work and next steps
Current and future physical climate risks are
integrated into the planning and design of major
projects, as well as into business continuity
strategies, emergency preparedness protocols,
crisis management training, and scenario
planning. This holistic approach ensures that the
physical impacts of climate change are effectively
managed.
Looking ahead, Yara will extend its focus to supply
chain resilience in sensitive areas and continue
capacity building and raising awareness within the
organization.
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Transitional climate risks
As society transitions away from fossil fuels
and towards a low carbon economy, Yara faces
challenges from changing market dynamics,
regulatory changes stemming from global
climate action, such as carbon pricing schemes
and border adjustment mechanisms, as well as
shifting consumer preferences. At the same time,
opportunities emerge from growing demand
for sustainable products, evolving consumer
behavior and advances in greenhouse gas (GHG)
reducing technologies. These transition risks
and opportunities are central to Yara’s long-term
strategy, shaping how we adapt and innovate to
keep our resilience and relevance in a continuously
changing world.
Transition risks and opportunities
relevant to Yara
Yara has identified and prioritized the main
transition-related risks and opportunities that
can have business implications. The risks and
opportunities have been prioritized taking into
consideration the likelihood, magnitude and
duration of the transition events, see page 92.
The main impacts arise from different climate
regulations which, while imposing additional costs,
can trigger demand for low-carbon products. This
dynamic enables Yara to explore new business
propositions and make targeted investments.
The main regulations impacting Yara are:
• Carbon pricing mechanisms, such as EU ETS
and Carbon Border Adjustment Mechanism
(CBAM), presenting both a risk and an
opportunity. While CBAM aims at restoring
parity on carbon costs between domestic
production subject to EU ETS and imports,
it may, in isolation increase production cost
resulting from the free allocation phase out for
CBAM sectors. However, when combined with
rising ETS costs, CBAM offers opportunities
for fertilizers produced with renewable or low-
carbon ammonia. Yara’s flexible production
system, capable of using renewable or low-
carbon ammonia both from internal production
or imports, provides a competitive edge over
less flexible assets.
• The reform of the Renewable Energy Directive
(REDIII) is considered mainly as a risk for Yara’s
European ammonia production, due to its
overly ambitious targets for industrial hydrogen
consumption from renewable sources, as well
as the uncertainty surrounding transposition of
these targets in different EU member states.
The new industry target, as part of updated
REDIII, mandates that by 2030, 42 percent of
the hydrogen consumed in industry should be
based on Renewable Fuels of Non-Biological
Origin (RFNBOs). This means that by 2030,
for industrial hydrogen consumers such as
Yara’s ammonia sites, a significant part of the
hydrogen must come from electrolysis of water
using renewable energy (with stringent criteria
of what is considered eligible as “renewable”
i.e., additionality, geographical and temporal
correlations) and no longer from steam methane
reforming. As also explained in in the Climate
change chapter, page 118, the availability of
cost-competitive renewable hydrogen is a key
challenge, here together with the technical
challenge of the needed debottlenecking and
revamping of existing ammonia plants to enable
(renewable) hydrogen import, demanding large
investments. When the REDIII Directive was
last updated (2023), a non-binding recital
that acknowledges the difficulties for existing
ammonia production in reaching the 2030
target was added. The recital allows Member
States to (partly) exempt existing ammonia
sites, based on a case-by-case evaluation if
the industry target is not met by 2030. Today,
it is very uncertain on how Member States
will implement REDIII industrial targets, and
whether and how the ‘ammonia recital’ will be
used at a national level. This makes it extremely
difficult to assess cost implications of REDIII for
Yara as a company at this time.
Yara addresses these risks and opportunities by
evaluating investments under climate scenarios,
promoting low-carbon solutions, reducing GHG
emissions, sourcing renewable electricity, and
advancing low-carbon ammonia for the hydrogen
economy. We have identified assets and business
activities that need significant efforts to be
compatible with a transition to a climate-neutral
economy. See page 125 for more information.
Progress in 2024
In 2024, Yara deepened its understanding
of transition risks by differentiating the risks
requiring quantitative analysis from those best
addressed qualitatively. Yara also adopted
a baseline scenario based on current policy
conditions. This practical approach serves as a
foundation to evaluate business sensitivities to
specific transition risks, such as carbon pricing
mechanisms.
Ongoing Work & Next steps
Recognizing the variability in outcomes across
different climate scenario models, Yara is
working to identify a robust modeling framework
that captures transition impacts under diverse
conditions. In 2023, Yara analyzed transition risks
arising due to current policies and the net-zero
scenario, as explained in the Network for Greening
the Financial System (NGFS) scenarios. In 2024,
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Yara started to dive deeper into NGFS and other
1.5°C-aligned scenarios to identify the best suited
scenario(s) for its industry. Such a 1.5°C-aligned
scenario has not yet been adopted due to the
complexity of model selection and the need for
further evaluation. Continuing further work on
both these aspects is a focus area for 2025 and
beyond.
Environmental matters
Each Yara operation that runs an Environmental
Management System is obliged to assess
environmental aspects, risks and impacts. Impact
assessments are done based on local conditions
and range from limited to extensive. Each unit
must also assess impacts and risks related to its
upstream and downstream value chain to the
extent possible. We generally screen our sites
for environmental aspects, risks and impacts/
opportunities concerning pollution, biodiversity,
water and marine resources, and waste. For
resource inflows and outflows, we’ve used external
information about our industry risk and upstream
value chain, combined with the knowledge of our
procurement specialists for the various materials
that we procure. This assessment was applied at
a company-wide level, not a site-specific level.
Feedback from internal and external stakeholders,
including grievances and notifications from
neighbors, communities, authorities, policy
developers, and regulators, is collected, analyzed
and incorporated into the assessment process
as part of our stakeholder engagement. See
page 87 for more information on our stakeholder
engagement.
The main tools we use are environmental impact
assessments and impact studies, which cover
topics such as air, water and soil. Other tools and
methodologies include:
• Biodiversity and ecosystems: ENCORE, IBAT
and the Natura 2000 network
• Water stress: WRI Aqueduct Water Risk Atlas
• Emissions: Internal reporting tools
• Stakeholder views: Grievance channels and
consultations with local communities
• Resource inflows and outflows: the EU Critical
Raw Materials list
Yara provides explicit information in the Group’s
consolidated financial statements regarding
how environmental matters are reflected in the
accounts. For more information, see note 1.3
Environmental impacts and dependencies.
Biodiversity and ecosystems
Further work is required before Yara obtains a
full overview of its IROs related to biodiversity
and ecosystems. Yara will employ an approach
following universally accepted guidelines, such
as The Taskforce on Nature-related Financial
Disclosures (TNFD) and The Science Based
Targets Network (SBTN).
Our focus will be to establish an overview of the
environmental impacts and consequences of
our activities (own operations, community and
ecosystems). We use the LEAP (Locate, Evaluate,
Assess, Prepare) approach of locating, evaluating
and assessing impacts for our direct operations.
ENCORE was used to understand which impacts
and dependencies are associated with our
industry and economic activities. Based on these
dependencies and our existing processes we
have assessed physical and transition risks at a
corporate level. We have not assessed ecosystem
services that are or are likely to be disrupted
by our operations and value chain, nor have we
assessed systemic risks.
Following LEAP, we have identified, through
local regulatory or stakeholder processes, some
sites nearby biodiversity sensitive areas (see
next paragraph). If required per local standard,
impact screenings and impact assessments
are performed. These impact assessments
range from limited to extensive depending on
local regulatory requirements and other local
conditions. As such, knowledge on whether we
negatively affect these areas either through
deterioration of natural habitats or habitats of
specific species is fragmented. In some local
instances, biodiversity mitigation measures were
deemed necessary. We monitor this through our
environmental management and compliance
processes. Even though we lack a holistic
assessment of our impacts, we are aware of our
main impact drivers and are prioritizing actions
on reducing those drivers. We have not identified
material negative impacts with regards to land
degradation, desertification or soil sealing. We are
still assessing whether Yara has operations that
affect threatened species.
We have identified eight site locations that are
in or nearby biodiversity sensitive areas with
identified impacts, and an additional four site
locations where we are nearby and still identifying
impacts. As the biodiversity impacts are still
under evaluation and assessment, no specific
locations will be disclosed for 2024. This is
partially because the outputs from third-party
sources, such as IBAT, contradict with aggregation
of information gathered through local legal and
regulatory processes. In the Evaluate and Assess
stages of the LEAP methodology we plan to clarify
these differences. Disclosing locations of impacts
that have not yet been assessed and evaluated,
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could lead to a misleading impression of the
significance of the impacts.
We consult with affected communities related
to our production sites through our stakeholder
management procedure. See page 87, for more
information on our stakeholder management
procedure and how it feeds into our materiality
assessment. This includes, when relevant,
consultations on shared biological resources. We
do not consult with affected communities in our
value chain, related to biodiversity and ecosystem
impacts. The input from our stakeholder
engagement procedure is an important part of
understanding our context for the materiality
assessment, see page 90. For more information
on affected communities, see page 188.
Social and governance matters
We base the identification of potential social
and governance impacts in our operations and
value chain on our due diligence processes
and monitoring activities, as described on
pages 77–82.
We identify material impacts, risks and
opportunities for our own workforce based on a
combination of assessments; we conduct regular
employee surveys and engage with workers
representatives, analyze workforce data, run
compensation analysis, compare workforce
metrics with industry standards, and as part of our
global risk management process, we identify and
assess risk factors that could affect our employees
and operations.
All our operations are assessed for social and
governance risks, including compliance and
business conduct, through the Enterprise Risk
Management framework. The material risks
identified at the global level were included in the
financial materiality. Read more on Enterprise
Risk Management on page 93.
In addition, the Ethics and Compliance
Department conducts specific regional compliance
risk assessments to assess Yara’s exposure to
risks of corruption and human rights impacts.
This enables us to identify and prioritize risks and
impacts, considering local conditions.
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Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
0-1 year
1-5 years
> 5 years
Upstream
Downstream
Own operations
E1 Climate change
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.
IRO Climate mitigation Scope
Time
horizon
Emissions from fertilizer use
Scope 3 infield emissions of N
2
O from use of our products
Emissions from raw materials sourcing
Scope 3 emission related to sourcing of minerals and other raw materials
Emissions from fertilizer production
Scope 1 emissions from our own production assets
GHG emission mitigation from Yara’s N
2
O catalysts
Mitigation of emissions from installation of Yara’s N
2
O catalyst technology in third-party
nitric acid plants
GHG emission mitigation from low-carbon products
Climate mitigation from application of Yara’s low-emission ammonia as fuel in
transportation and power sectors
Locked-in emissions related to urea production
Locked-in emissions originating from own fossil-based urea production with limited
mitigation options
Carbon pricing (transition risk)
Policy and regulatory risk with potential to drive direct carbon costs
EU REDIII directive (transition risk)
Policy and regulatory risk related to target for use of low-carbon hydrogen which can
significantly drive ammonia production costs in the EU
Global climate action
Market opportunity for solutions to decarbonize food production and other sectors
Energy
Emissions from energy sourcing
Indirect scope 2 emissions related to suppliers’ production of energy
Material impacts, risks and opportunities
The following tables present the outcome of the Double Materiality Assessment we conducted in
2024. They describe the material impacts, risks and opportunities we have identified and where in the
value chain they originate from.
!
+
-
+
-
!
!
+
-
-
-
-
+
-
0-1
1-5
>5
0-1
0-1
0-1
0-1
1-5
1-5
1-5
>5
>5
>5
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E2 Pollution
Release of different pollutants into air, water and soil occurs throughout our value chain, from mining of minerals and extraction of
natural gas, via the production and distribution of fertilizer and chemicals, to final application. At the same time, our environmental
solutions have a positive impact by helping to reduce pollution and treat water. We work in a structured manner to prevent and
reduce emissions, and continuously invest in our production system to ensure compliance with permits and regulations.
IRO Pollution of air Scope
Time
horizon
NO
x
emission mitigation through use of products
Mitigation of emissions from the application of Yara’s environmental solutions at
customers’ sites
Emissions to air
Emission of NO
x
, NH
3
, SO
x
and dust from our production processes
Pollution of soil
Soil contamination in production
Loss of containment leading to release of contaminants to soils
Pollution
Pollution to air, water and soil in sourcing
Release of pollutants to air, water, or soil during the extraction of raw materials in
suppliers’ operations
Pollution of water
Emissions to water in production
Release of nitrogen, phosphorus, and other substances to water from our production
processes
Emissions of nitrogen to water in use of products
Emission and leaching of nitrogen from fertilizer storage and application in the field
Substances of concern and very high concern
Substances of concern
Certain essential micronutrients in our products fall under the definition of substances of
concern
Substances of very high concern
Certain essential micronutrients in our products fall under the definition of substances of
very high concern
E3 Water and marine resources
Water is an essential input for our production processes and, hence, a prerequisite for our business model. Most of the
water we withdraw is used for cooling purposes and returned unpolluted, but wastewater discharges may contain smaller
concentrations of nitrogen and phosphate. Our efforts to reduce water consumption are focused on six production sites and
two joint venture sites located in areas of elevated water stress.
IRO Water Scope
Time
horizon
Water withdrawals
Water withdrawals for our production processes, primarily for cooling purposes
Water discharges
Discharge and return of water to sea, freshwater bodies or treatment facilities
Water consumption
Consumption of water, primarily used in liquid products or lost as steam
E4 Biodiversity and ecosystems
Fertilizers play a vital role in meeting global food. However, the extraction of raw materials and the production and use of
mineral fertilizers can contribute to drivers of biodiversity change, which in turn can expose us to nature and ecosystem risks.
We have identified and embedded Regenerative agriculture as a strategic response to such risks and to support regenerative
outcomes in agriculture.
IRO Direct impact drivers of biodiversity loss Scope
Time
horizon
Direct exploitation in production
Sourcing of finite resources, such as gas and minerals, for use in our fertilizer products
Land-use change in sourcing
Land conversion related to mining of raw materials in suppliers’ operations
Direct exploitation in sourcing
Direct exploitation impacts related to water consumption and resource use in suppliers’
operations
Impacts from nutrient pollution
Impacts from nutrient pollution due to overapplication of fertilizer in agricultural systems
Land-use change in production
Conversion from forested area to open-pit mine at Yara Siilinjärvi, Finland
Local
+
-
-
-
-
-
-
-
-
-
-
-
-
-
0-1
0-1
0-1
0-1
0-1
0-1
0-1
0-1
0-1
0-1
0-10-1
0-1
0-1
0-1
0-1
0-1
-
-
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E5 Resource use and circular economy
Our three main raw materials – natural gas, phosphate and potash – are finite resources. We also use several raw materials
listed as critical in the EU in our fertilizers and production processes. A large part of Yara’s waste volumes are construction and
demolition materials and therefore vary with investment and maintenance activities from year to year. We are looking to decrease
our dependency on natural gas through our strategic efforts to decarbonize ammonia production. At the same time, we explore
opportunities to make use of secondary materials in our fertilizer and to sell byproducts from our own activities.
IRO Resource inflows Scope
Time
horizon
Resource use
Sourcing of finite resources, such as gas and minerals, for use in our fertilizer products
Waste
Waste generation
Generation of land-fill waste and hazardous and non-hazardous waste at
our production sites
S1 Own workforce
Our business model is reliant on the safety and well-being of our workforce. While we are continuously developing and improving
our processes to create a healthy workplace that protects and promotes the health, safety and wellbeing of our employees, we
acknowledge that there are still risks present. These risks pertain to the physical and psychosocial work environment, which Yara
is committed to reducing through elimination of or minimizing exposure to hazards. Similarly, we strive to ensure fair wages that
meet basic needs.
IRO Equal treatment and opportunities for all Scope
Time
horizon
Upskilling and reskilling
Training and development of employees
Gender pay gap
Pay discrimination based on gender
Discrimination and harassment
Discriminatory and harassing behavior
DEI & culture
A corporate culture where everyone feels accepted, appreciated, and included
Engagement and retention
Risks and opportunities to dependency on engagement and retention of employees to
support productivity
!
+
+
-
-
0-1
0-1
1-5
1-5
1-5
-
-
0-1
0-1
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S2 Workers in the value chain
We rely on a global supply chain with over 30,000 tier-1 suppliers, where workers may face risks such as child and forced labor,
inadequate housing and unsafe working conditions. These challenges stem from the industries and regions where we source
materials and products. We recognize the importance of addressing issues like working time, wages, and health and safety across
the value chain. Efforts to improve these conditions are central to our strategy, but global supply chain pressures, cost efficiency
and resilience can create obstacles in fully mitigating these risks.
IRO Other work-related rights Scope
Time
horizon
Child labor in sourcing
Exposure to risk of child labor in suppliers’ operations in countries where the issue is
prevalent
Child labor in use of products
Exposure to risk of child labor in farming communities in countries where the issue is
prevalent
Forced labor
Exposure to risk of forced labor in suppliers’ operations in countries where the issue is
prevalent
Adequate housing in sourcing
Inadequate housing for workers working for third-party run warehouses and logistics
suppliers
Health and safety in sourcing
Exposure to health and safety risks for workers in suppliers’ operations
Working time
Excessive working hours for workers in suppliers’ operations
Adequate wages
Inadequate compensation for workers in suppliers’ operations
Health and safety in downstream operations
Exposure to health and safety risks for workers in distribution and downstream operations
Social protection
Lack of social protection for workers in suppliers’ operations, distribution, and
downstream operations
-
-
-
-
-
-
-
-
-
0-1
0-1
0-1
0-1
0-1
0-1
0-1
0-1
0-1
IRO Working conditions Scope
Time
horizon
Process safety incidents
Safety incidents caused by equipment failure, human factors and others
Safety incidents
Safety incidents causing work-related injury, ill health or fatality
Security impacts on own workforce
Exposure to security risk at the workplace or during travel
Health effects from physical working conditions
Undesired health effects from exposure to poor physical working conditions
Mental health
Mental health risks due to stress from workload, reorganization, external instabilities and
work environment
Living wage
Wage levels insufficient of supporting basic needs and impacting quality of life
Other work-related rights
Child labor
Exposure to risk of child labor in locations where the issue is prevalent
Forced labor
Exposure to risk of forced labor in locations where the issue is prevalent
Personal data & privacy
Breaches of data privacy
Adequate housing
Inadequate housing conditions for contracted workers at a Yara site
Local
-
-
-
-
-
-
0-1
0-1
0-1
0-1
0-1
0-1
-
-
-
-
0-1
0-1
>5
>5
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S4 Consumers and end-users
Our strategy centers around delivering crop nutrition solutions, and knowledge, to help farmers achieve higher yields while
minimizing environmental impact. We also focus on offering low-emission ammonia solutions that support the decarbonization of
fertilizer production and other hard-to-abate sectors. Our business model integrates agricultural productivity by providing farmers
with a comprehensive portfolio of fertilizer products, agronomic expertise and digital farming tools. While we emphasize the
importance of efficient product use, we also maintain a strong focus on product stewardship to minimize health and safety risks
associated with storage, handling, use, and transportation of our products.
IRO Personal safety Scope
Time
horizon
Health and safety
Exposure to health and safety risk during handling, storage, use, and transportation of
products
Impacts of products and services (entity-specific disclosure)
Crop yield and quality
Positive impact and market opportunity from wider application of our crop solution improve
crop yield and quality and farm profitability, supporting food security and affordability
Nutrient use efficiency
Improved crop yield and reduced environmental impact through more efficient use of
nutrients in farming
Digital farming
Reduced carbon footprint, better yield and soil health, and more efficient water and nutrient
use through the use of digital farming solutions
+
+
+
-
0-1
0-1
0-1
0-1
S3 Affected communities
Our production processes can negatively impact local communities through noise, odor and dust, which poses health, safety and
environmental risks. To address these concerns, we prioritize monitoring, open communication and remediation efforts to mitigate
the effects of our production activities. We operate in a global supply chain with inherent social and environmental risks and, while
we have no specific cases of community impact from our suppliers, we recognize the potential and use our leverage and processes
to assess, mitigate and address issues affecting workers and communities.
IRO Communities’ economic, social and cultural rights Scope
Time
horizon
Process safety-related impacts
Risk of incidents at our sites impacting the health and safety of neighbors
Production-related impacts on environment and health and safety of local
communities
Noise, odor, and dust pose health, safety, and environmental risks
1)
.
Sexual exploitation of adults and children related to the trucking industry in Brazil
2)
Aboriginal peoples’ rights in Murujuga, Australia
2)
Local
Environmental and social impact on local communities in our supply chain
Environmental and related social impact on traditional livelihoods and Indigenous peoples
from emissions and use of resources
1)
Actual impacts
2)
Potential impacts
-
-
-
0-1
0-1
0-1
-
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G1 Business conduct
Yara’s commitment to doing business fairly and responsibly, throughout our own operations and value chain, is anchored in
our values. This means promoting accountability by maintaining proper policies and practices, having zero tolerance for fraud,
corruption and retaliation, and upholding a culture of respect, honesty and fairness, while contributing to transparency.
IRO Corporate culture Scope
Time
horizon
Fair and ethical business practices
Advancing ethical conduct throughout our organization
Responsible business conduct
Exposure to corruption, bribery, and CSDDD breaches
Liability risk related to potential cases of corruption or bribery, or non-compliances with
CSDDD
Protection of whistle blowers
Protection of whistle blowers
Failure to protect whistleblowers from retaliation
Corruption and bribery
Prevention and detection including training
Preventing corruption and bribery by running an efficient compliance program
Political engagement and lobbying activities
Political engagement and lobbying activities
Engagement and lobbying to promote food system transformation, decarbonization, and
food security
Management of relationships with suppliers
Business partner integrity
Integrity assessment of prospective, new and existing business partners
!
+
+
+
+
-
0-1
0-1
0-1
0-1
0-1
1-5
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Topics
EU Taxonomy
104
E1 Climate change
116
E2 Pollution
139
E3 Water and marine resources
145
E4 Biodiversity and ecosystems
150
E5 Resource use and circular economy
152
Environmental
information
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EU Taxonomy
The EU Taxonomy is a
classification system
establishing ‘environmentally
sustainable’ economic activities
for disclosure and supplements
the sustainability statements
with figures retrieved from
Yara’s consolidated financial
statements.
Yara discloses EU Taxonomy KPIs (turnover,
CapEx and OpEx) consisting of the following
economic activities performed by the Company
during the year:
• 3.15. Manufacture of anhydrous ammonia
• 3.16. Manufacture of nitric acid
• 6.10. Sea and coastal freight water transport
Yara continues its sustainability efforts with a
focus on decarbonization. Consequently, climate
change mitigation (CCM) remains the core
objective identified for our eligible economic
activities in 2024. Efforts continue in relation to
the climate change adaptation (CCA) objective.
For more information on our efforts in this area,
see page 93.
In 2024, Yara’s Taxonomy-aligned activity
includes five additional nitric acid production
assets meeting the technical screening criteria,
alongside the consistent alignment of several
of our nitric acid production assets year over
year. Two of these newly aligned nitric acid
production assets contributed to the 2023
CapEx KPI through Yara’s CapEx plan, while the
remaining three achieved alignment through
smaller incremental improvements, such as
process and instrumentation optimization,
which are not subject to significant CapEx. This
increased quantity of Taxonomy-aligned nitric acid
production assets is the key driver of change in
our KPI’s for 2024. Further changes in the year,
affecting the CapEx KPI specifically, relate to less
CapEx spent on the 24 MW renewable ammonia
pilot plant in Porsgrunn, Norway, compared
to 2023, and the removal of one project from
the CapEx plan. These items are discussed in
further detail in the CapEx Plan section of the EU
Taxonomy disclosure (page 113).
Our core business activities, manufacturing of
finished fertilizer and nitrogen compounds, are
non-eligible economic activities, as defined in
the delegated regulation. This results in modest
eligibility percentages across all KPIs. The
turnover KPI is most impacted, as ammonia
and nitric acid manufactured by the company is
predominantly used as feedstock into finished
products.
Turnover KPI CapEx KPI OpEx KPI
4.3%
30.0%
65.8%
US $ 1.5
billion
5.6%
25.2%
69.1%
US $ 1.4
billion
0.3%
7.9 %
91.9%
Taxonomy-aligned activity Not Taxonomy-aligned activity Non-eligible activity
US $ 13.9
billion
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Basis of preparation
Yara’s EU Taxonomy disclosure is prepared in
accordance with the Taxonomy Regulation EU
(2020/852) and its supplementing delegated
acts
i)
.
Reporting principles
Financial data in this report is based on IFRS®
Accounting Standards as adopted by the EU, and
refers to Yara’s consolidated financial statements.
The information is prepared at a Group
consolidated level and presented in US dollars
(USD). All values in this disclosure are rounded
to the nearest USD million, unless otherwise
stated. Due to rounding differences, figures or
percentages may not add up to the total.
Figures are translated into USD from reporting
entities’ functional currencies using monthly
average exchange rates for the turnover data
and yearly average exchange rates for the capital
expenditure (CapEx) and operating expenditure
(OpEx) data. There is a difference in foreign
exchange effect between the EU Taxonomy KPIs
for CapEx and OpEx and the 2024 consolidated
financial statements, as the figures for the EU
Taxonomy are gathered once, at year-end.
Joint operations are included in the reported
taxonomy KPIs, to the extent of Yara’s ownership
share, if they hold ammonia and/or nitric acid
production assets. The following joint operations
are considered in the EU Taxonomy disclosure:
Yara Pilbara Nitrates Pty Ltd., Trinidad Nitrogen
Co. Ltd. (Tringen) and Yara Freeport LLC DBA
Texas Ammonia. For further information, see
note 4.4 Joint operations in Yara’s consolidated
financial statements.
Taxonomy KPI Definitions
Yara follows the Taxonomy Regulation definitions,
which may deviate from those expressed in
Yara’s consolidated financial statements and
the Reconciliation of Alternative performance
measures.
Turnover in the taxonomy disclosure refers to
Yara’s revenue (IFRS 15). If an eligible economic
activity refers to manufacturing, then the reported
turnover refers to external sales of the sole
product being manufactured (i.e., external sales of
Yara’s produced ammonia or nitric acid).
CapEx in the taxonomy disclosure refers to
additions to capitalized property, plant and
equipment (IAS 16), intangible assets (IAS
38) and right-of-use assets (IFRS 16) that are
directly supporting Yara’s economic activities.
Investments shared with non-eligible assets are
not included. From 2024, CapEx is reported gross
of government grants. Comparative percentages
have not been restated to reflect this change
in principal because the government grants
recognized as a reduction to carrying amount
of property, plant and equipment in 2023 was
immaterial (USD 1 million).
OpEx in the taxonomy disclosure is defined by
Yara as capacity-related costs (CRC) and refers
to non-capitalized, direct expenditures relating to
the day-to-day operations and servicing that are
necessary to ensure the continued and effective
functioning of production or operation of a given
asset (e.g., vessels). This includes, but is not
limited to, external maintenance, personnel costs,
operations cost, local taxes and insurance. CRC
excludes product variable costs (e.g., raw material,
change in inventory, etc.), selling, general and
administrative costs (SG&A), and depreciation,
amortization and impairment. If costs are
allocated to define direct expenditures relating to
ammonia and nitric acid production assets versus
other assets, a best-estimate approach is applied.
i)
Climate Delegated Act (2021/2139), Disclosure Delegated Act (2021/2178), Complementary Delegated Act (2022/1214), and Environmental Delegated Act (2023/2486).
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Approach
The EU Taxonomy is a classification system
establishing a list of ‘environmentally sustainable’
economic activities. For the derivation of the
taxonomy KPIs, Yara assessed its economic
activities portfolio against the economic activities
listed in the EU Taxonomy Regulation, spanning
all climate and environmental objectives
i)
. Yara
considers economic activities as Taxonomy-
eligible if they match Yara’s corresponding activity,
can be evaluated against the technical screening
criteria and are considered material for disclosure.
Activities are considered regardless of their
geographical location, whether inside or outside of
the European Economic Area (EEA).
The technical screening criteria (TSC) are
assessed under two distinct evaluations – one for
substantial contribution (SC) and another for do no
significant harm (DNSH).
The SC criteria for Yara’s eligible economic
activities (CCM objective) focus on emissions
levels throughout the reporting year. As such,
Yara’s SC assessments compare retrieved annual
aggregated greenhouse gas (GHG) emission
intensity for each production asset against
emission intensity thresholds in determining
compliance with the SC criteria.
In assessing whether an asset is included in Yara’s
CapEx plan (i.e., anticipating future alignment
with TSC), current emission data and details from
environmental projects are leveraged to form an
expected future emission intensity output for the
asset. This estimate is then compared to the SC
threshold for emission intensity in determining
compliance with the SC criteria.
The SC thresholds remain the largest deterrent for
our economic activities’ alignment.
Yara also assessed the SC criteria for our eligible
economic activities under the CCA objective. The
SC criteria under this objective requires adaptation
solutions to be implemented in response to
identified material physical climate risks. As a
result, compliance with the SC criteria cannot be
claimed where material physical climate risks
have not been identified or if the assets have
already adapted solutions in the past. Yara has
performed a robust climate risk and vulnerability
assessment, focused on Yara’s direct operations.
Where material physical climate risks have been
identified, Yara is working on implementing
the adaptation solutions. In 2024, no material
adaptation solutions were implemented and thus,
Yara discloses no Taxonomy-alignment under the
CCA objective (due to SC criteria not met).
Yara’s DNSH assessment is performed only
for assets that meet or are expected to meet
the SC criteria in the current or next five-year
period. The assessment covers the remaining
climate and environmental objectives, ensuring
that Taxonomy-aligned activities do not cause
significant harm to water and marine resources,
and biodiversity or ecosystems, as well as ensure
sufficient pollution prevention and actions towards
climate change adaptation and the transition to
a circular economy. Our DNSH assessment is
performed at an asset level where possible, with
some assessments performed at an overall site
level (pertaining to water resources, pollution and
biodiversity levels).
In performing this assessment, Yara uses its
climate risk and vulnerability assessment,
production site’s environmental performance
data, such as water discharge volumes and air
emissions of process-relevant pollutants, and
qualitative assessments. These data sources and
conclusions of assessments are then compared
against the DNSH criteria listed in the Climate
Delegated Act for our eligible economic activities
in determining compliance.
The DNSH assessment also corroborates
that Yara’s assets follow local regulations
and permitting, as well as have sufficient
environmental impact and risk mitigation
assessments documented.
Financial Data Collection
Turnover for manufacturing activities is collected
centrally by product groups and allocated to the
Taxonomy-aligned assets on a pro rata basis. If one
production site has multiple production assets but not
all are Taxonomy-aligned, the turnover is allocated
based on the production quantity in relation to the
entire site. Taxonomy turnover for vessels is collected
centrally for the fleet, with the data gathered being
the actual freight revenue recognized throughout the
reporting period for each vessel.
Taxonomy CapEx and OpEx data are actual
costs incurred during 2024, collected from local
reporting units once at year-end.
i)
The climate objectives are climate change mitigation and climate change adaptation. The environmental objectives include sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection and restoration of biodiversity and ecosystems.
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Data Integrity
Yara’s EU Taxonomy assessments and data
collection process are focused on mitigating the
risk of duplicative information in its EU Taxonomy
KPIs. Where Yara’s economic activities may
be assessed against the TSC from multiple
economic activities in the delegated acts, given
the description of the activity, Yara has selected
the most applicable economic activity based on its
sustainability objectives and use of the underlying
asset being assessed.
Yara’s manufacturing process requires certain
supporting activities which may be separately
defined in the Taxonomy Regulation as a stand-
alone economic activity to be assessed and
reported. As the purpose of these economic
activities is to solely support the manufacturing
process of ammonia and/or nitric acid, Yara has
assessed these economic activities against the
Taxonomy Regulation’s manufacturing economic
activity’s TSC.
Minimum safeguards
Yara is committed to respecting and protecting
the rights of stakeholders that may be impacted
by its business operations’ and is committed to
conducting human rights due diligence in line
with the UN Guiding Principles, OECD Guidelines
for Multinational Enterprises, the ILO, and the
Norwegian Transparency Act.
Yara concludes that it is aligned with the
taxonomy’s minimum safeguard requirements
based on the guidelines and criteria presented
in the Platform on Sustainable Finance’s “Final
Report on Minimum Safeguards”. This report
is the most comprehensive existing guideline
for compliance with minimum safeguards and
considers four main categories: human rights,
corruption, taxation, and fair competition.
Read more about Yara’s processes and outcomes
associated with these minimum safeguard
categories in General information (page 72), the
Social information topical chapters (page 156),
Governance information (page 200), Country-
by-Country Report, and note 1.1 Significant
estimates and judgments, note 2.8 Income taxes
and note 5.5 Provisions and contingencies in the
consolidated financial statements.
Nuclear and fossil gas related activities
1)
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes
with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production, as well as their safety upgrades, using best available
technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations
that produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of
heat generation facilities that produce heat/cool using fossil gaseous fuels.
No
1)
The Draft Commission Notice, approved in principle by the European Commission on 29 November 2024, clarifies that the terms ‘funds’ and ‘has exposures’ pertain
to Taxonomy disclosures of financial undertakings. These terms are thus not applicable to Yara. Responses above reflect activities that the Company ‘carries out’.
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Yara’s eligible economic activities
3.15. Manufacture of anhydrous ammonia
The economic activity refers to Yara’s own
production of ammonia (OPP ammonia), which
is manufactured as an input into several finished
fertilizer products or sold externally.
In 2024, Yara had no ammonia production assets
that meet the GHG emission threshold outlined in
the economic activity’s SC criteria. Yara has one
ongoing project, a 24 MW renewable ammonia
pilot plant in Porsgrunn, Norway, expected to
meet the SC and DNSH criteria in 2025, which
contributes to the CapEx KPI via the CapEx plan
in 2024. There are no further Taxonomy-aligned
disclosures for economic activity 3.15. (i.e., no
turnover or OpEx reported).
Yara continues to consider and invest in low-
carbon ammonia projects that target emission
reductions, even when such projects do not create
a Taxonomy-aligned production asset based on
SC emission thresholds. For example, the CCS
project in Sluiskil is expected to capture and
store 800,000 tonnes of CO
2
annually upon
completion. This project began construction in
2024 and represents a milestone in Yara’s efforts
to reduce carbon emissions, despite the ammonia
production asset not meeting the SC emissions
threshold necessary for taxonomy alignment.
As a result, the project contributes to the not
Taxonomy-aligned data in Yara’s CapEx KPI for
2024.
If a production asset were to have partial low-
emission
i)
ammonia production, the SC and
DNSH assessments will be performed for this
ammonia separately. If the low-emission ammonia
constitutes a Taxonomy-aligned activity, after the
SC and DNSH assessments are completed, then
the production asset’s Turnover and OpEx will be
disclosed on a volume pro rata basis.
3.16. Manufacture of nitric acid
The economic activity refers to Yara’s own
production of nitric acid (OPP nitric acid), which
is manufactured as an input into several finished
fertilizer products or sold externally.
Yara’s OPP nitric acid production is the largest
contributor to its EU Taxonomy alignment, with
a total of 14 production assets meeting the SC
ii)
and DNSH criteria in 2024 (2023: nine) and two
production assets expected to meet the TSC within
the next five years (contributing to the CapEx KPI
via the CapEx plan in 2024; 2023: five).
Continued taxonomy alignment of nitric acid
production assets is not guaranteed as several
factors, including reliability and decay of catalysts
over time, may result in emissions from production
assets to rise. Yara monitors its production asset’s
performance regularly and gathers actual data in
determining emission performance. For 2024, all
nitric acid production assets that were aligned in
the prior year maintained alignment.
6.10. Sea and coastal freight
water transport
Yara maintains a fleet of vessels to perform its
sea and coastal freight water transport activities,
as defined in the EU Taxonomy regulation. Of the
fleet, six vessels are owned by the Company (five
ammonia carriers and one container vessel, Yara
Birkeland), with the remaining fleet consisting of
leased vessels.
Technical screening criteria are assessed
per vessel. The majority of Yara’s fleet is not
considered Taxonomy-aligned, as the vessels
in operation do not meet the zero tailpipe CO
2
e
emission SC criterion.
As the Yara Birkeland vessel, a fully electric
container vessel, operates with zero emissions,
SC and DNSH assessments have been completed
and conclude that Yara Birkeland’s operations
are Taxonomy-aligned. Yara Birkeland has no
turnover to report, as its operations have solely
been to transport inventory amongst different Yara
entities; however, this may change in future years.
4.1. Provision of IT/OT
data-driven solutions
Yara maintains digital plant condition monitoring
programs, predictive asset maintenance solutions
and product traceability solutions used in tracking
carbon emissions across its value chain. Due to
low monetary expenditure (approximately USD 3
million) associated with these digital platforms in
prior, current and expected future years, Yara has
excluded this economic activity from its Taxonomy
KPIs.
Comparative percentages have been restated to
reflect the reclassification of this economic activity
from a “not Taxonomy-aligned activity” to a “non-
eligible activity”.
i)
Low-emission ammonia encompasses both low-carbon ammonia, derived from hydrogen produced with natural gas with CO
2
captured and
stored in permanent reservoirs (CCS), and renewable ammonia, derived from hydrogen produced via renewable energy and feedstock sources
resulting in zero or minimal GHG emissions (e.g., hydrogen derived from water electrolysis, operated with renewable energy).
ii)
SC alignment occurs when annual average GHG emissions for performance asset is below GHG emissions threshold calculated in accordance with the regulation: 0.038 tCO
2
e/tNA.
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Proportion of turnover from products or services associated with Taxonomy-aligned economic activities
Financial year 2024 2024
Substantial contribution criteria
Y; N; N/EL
DNSH criteria (“Does Not Significantly Harm”)
Y/N
Economic activities Code
Turnover
MUSD
Pro-
portion
(%) of
Turn over
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Pollution
Circular
Economy
Bio-
diversity
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Pollution
Circular
Economy
Bio-
diversity
Mini-
mum
safe-
guards
Proportion (%)
of Taxonomy-
aligned (A.1.)
or eligible
(A.2.) Turn-
over, 2023
Category
enabling
activity E
Category
transitional
activity T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Manufacture of Nitric Acid CCM/CCA 3.16. 36 0.3% Y N N/EL N/EL N/EL N/EL N/A Y Y Y N/A Y Y 0.1% T
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 36 0.3% 0.1%
Of which enabling - - - E
Of which transitional 36 0.3% 0.1% T
A.2. Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
Manufacture of anhydrous ammonia CCM/CCA 3.15. 936 6.8% 5.4%
Manufacture of nitric acid CCM/CCA 3.16. 89 0.6% 0.7%
Sea and coastal freight water transport CCM/CCA 6.10. 66 0.5% 0.4%
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 1,091 7.9% 6.5%
A. Turnover of Taxonomy-eligible activities (A.1+A.2) 1,127 8.1% 6.6%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities (B) 12,740 91.9%
Total (A + B)
1)
13,868 100.0%
1)
Revenue as specified in Yara’s consolidated statement of income (page 217).
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Contextual information: Turnover KPI
Yara’s Taxonomy-eligible turnover may vary year
to year based on factors such as the fluctuation of
commodity prices, order volumes and the Group’s
strategic decision as to the extent OPP ammonia
and OPP nitric acid is sold externally or used as
feedstock in fertilizer production.
Yara’s core business activities of manufacturing
finished fertilizer and nitrogen compounds are
considered non-eligible activities under the current
EU Taxonomy Regulation. This means that the
Taxonomy-eligible turnover reported only includes
Yara’s external OPP ammonia and OPP nitric
acid sales, which accounts for a small portion of
Yara’s consolidated revenue. On this basis, Yara
provides contextual information
i)
on how ammonia
and nitric acid production assets contribute to
our value chain and revenue generation from an
overall Group perspective.
As shown on the next page (Figure 1), ammonia
is a key input in the production of Yara’s finished
products, as it can be used alone to produce
finished fertilizers or be used as an input into
nitric acid and urea production, which is then used
to produce finished fertilizer. Yara then sells the
finished fertilizer, generating revenue.
To provide context on the Group’s internal
consumption of OPP ammonia and OPP nitric
acid, Yara discloses a disaggregation of the
Turnover KPI caption ‘Turnover of Taxonomy non-
eligible activities (B)’. This information shows the
proportion of revenue, related to finished fertilizer,
that would have otherwise been considered as
Taxonomy-eligible turnover if the OPP ammonia
and OPP nitric acid had been sold externally
instead of used as feedstock in the production of
finished fertilizer and nitrogen compounds.
The figures presented are IFRS 15 revenue
estimates attributed to the OPP ammonia and/or
OPP nitric acid components of the listed finished
fertilizers in Figure 1. Such data was derived
from the external sales of the finished products,
using internal sales data to determine which
products were derived from OPP ammonia and/
or OPP nitric acid and which were derived from
third-party suppliers (TPP) ammonia. The share
of revenue relating to the calcium part of CN,
together with the phosphate (P) and potash (K)
part of NPK, is excluded from the presented table,
as it is not associated with Yara’s own production
of ammonia and nitric acid. For simplicity, local
on-site inventory levels are not considered when
calculating the estimated revenue. NPK and CN
premiums above spot prices for N, P and K is
allocated to the N part on a pro rata basis.
i)
To clarify Yara’s own internal consumption in accordance with the Disclosures Delegated Act (2021/2178), Annex 1: 1.2.3.1. (point b).
Composition of Taxonomy non-eligible activities: Turnover KPI
Revenue from finished products using
eligible but not aligned ammonia/nitric acid
Revenue from finished products using
aligned ammonia/nitric acid
Absolute 2024 (%) 2023 (%) Absolute 2024 (%) 2023 (%)
Products based on Yara manufactured
ammonia/nitric acid
Urea 2,049 14.8% 13.8% - - -
UAN 169 1.2% 1.3% 36 0.3% 0.2%
AN 1,353 9.8% 10.6% 512 3.7% 1.5%
CN 265 1.9% 2.0% 279 2.0% 2.2%
NPK 559 4.0% 4.3% 612 4.4% 4.1%
Others 99 0.7% 0.5% 2 - -
Sum products based on Yara manufactured
ammonia/nitric acid 4,494 32.4% 32.5% 1 442 10.4% 8.0%
Other non-eligible activities 6,805 49.1% 52.9%
Total taxonomy non-eligible activities
(as disclosed in KPI template) 12,740 91.9% 93.4%
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Figure 1: Yara generates significant revenue through the value chain based on the Group’s own production of ammonia and nitric acid
Ammonia
sourcing in Yara
Ammonia OPP
and TPP balance:
Ammonia as input for
Yara’s own production of:
Yara’s core business activities considered
non-eligible in the EU taxonomy disclosures
Depends on regional location of
production facilities, accessibility,
as well as internal optimization
and utilization through
Yara’s global ammonia sales
and logistics activity.
Own production (OPP)
Third-party suppliers (TPP)
Directly from Ammonia:
• Ammonium Nitrate Solution (ANS)
• Nitrogen phosphorus potassium (NPK)
From Nitric Acid process:
• Ammonium nitrate (AN)
• Calcium nitrate (CN)
• Calcium ammonium nitrate (CAN)
• Nitrogen phosphorus potassium (NPK)
From Urea process and/or combined process:
• Urea
• Urea ammonium nitrate (UAN)
1
2
3
Nitrates NPK
Nitric Acid
Urea
1
2
3
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Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities
Financial year 2024 2024
Substantial contribution criteria
Y; N; N/EL
DNSH criteria (“Does Not Significantly Harm”)
Y/N
Economic activities Code
CapEx
MUSD
Pro-
portion
(%) of
CapEx
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Pollution
Circular
Economy
Bio-
diversity
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Pollution
Circular
Economy
Bio-
diversity
Mini-
mum
safe-
guards
Proportion (%)
of Taxonomy-
aligned (A.1.)
or eligible
(A.2.) CapEx,
2023
Restated
1)
Category
enabling
activity E
Category
transitional
activity T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Manufacture of anhydrous ammonia
2)
CCM/CCA 3.15. 13 0.9% Y N N/EL N/EL N/EL N/EL N/A Y Y Y N/A Y Y 1.7%
Manufacture of nitric acid CCM/CCA 3.16. 63 4.6% Y N N/EL N/EL N/EL N/EL N/A Y Y Y N/A Y Y 3.6% T
Sea and coastal freight water transport CCM/CCA 6.10. 1 0.1% Y N N/EL N/EL N/EL N/EL N/A Y Y Y Y Y Y 0.1%
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 77 5.6% 5.3%
Of which enabling - - - E
Of which transitional 63 4.6% 3.6% T
A.2. Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
Manufacture of anhydrous ammonia CCM/CCA 3.15. 206 15.1% 21.0%
Manufacture of nitric acid CCM/CCA 3.16. 92 6.7% 6.2%
Sea and coastal freight water transport CCM/CCA 6.10. 47 3.4% 3.3%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 345 25.2% 30.4%
A. CapEx of Taxonomy-eligible activities (A.1+A.2) 422 30.9% 35.8%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy non-eligible activities (B) 944 69.1%
Total (A + B)
2),
3)
1,365 100.0%
1)
The comparative percentages for 2023 have been restated to remove one nitric acid production asset (Porsgrunn SS1) from the CapEx plan and to remove data associated with economic activity 4.10 Provision of IT/OT data-driven solutions from the Taxonomy disclosure.
2)
Total includes USD 23 million in government grants recognized as a reduction to carrying amount of property, plant and equipment in 2024, of which USD 21 million was attributable to the Manufacture of anhydrous ammonia Taxonomy-aligned activity. See note 4.9 Government grants in Yara’s consolidated financial statements for further details.
3)
Amount includes USD 17 million in changes to decommissioning assets. Difference of USD 5 million between total amount disclosed in CapEx KPI and total CapEx additions reported in Yara’s consolidated financial statements (note 4.1 Property, plant and equipment, note 4.2 Intangible assets, note 4.5 Leases, and note 4.9 Government grants) relates to foreign
exchange differences. See Basis of preparation section in the EU Taxonomy disclosure for more information.
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Contextual Information: CapEx KPI
There was no contribution to the CapEx KPI
relating to assets acquired through an acquisition
or business combination in 2024.
The CapEx KPI is presented gross of government
grants recognized in the period. In 2024, there
was one grant recognized relating to Taxonomy-
aligned activities (CCM/CCA 3.15.) amounting
to USD 21.2 million. See note 4.9 Government
grants in Yara’s consolidated financial statements
for further details.
CapEx Plan
A production asset is included in Yara’s current
year CapEx KPI, on the premise of the CapEx plan,
if there is a management-approved project (final
investment decision approved) that is currently or
soon-to-be underway with the expectation that
upon completion, Yara will upgrade Taxonomy-
eligible economic activities to Taxonomy-aligned
(either via the CCA or CCM objective) or expand
Taxonomy-aligned activity. The CapEx Plan does
not extend past a five-year forecast period.
The assessment on whether projects will result
in a Taxonomy-aligned production asset involves
judgment, using available data at year-end,
forecasted emissions and anticipated outcomes
from the environmental project pipeline and DNSH
assessments. Unforeseen operational challenges
may also arise after the successful implementation
of a project, resulting in the need for further actions
to achieve taxonomy alignment. As such, the Capex
plan should be considered with a degree of estimation
uncertainty. Potential variability in the CapEx plan,
including delayed alignment or new inclusions/
exclusion of assets may occur in future periods.
For 2024, of the environmentally sustainable
activities (Taxonomy-aligned) in the CapEx KPI,
Yara’s CapEx plan contributes 100 percent of
the alignment for activity 3.15. Manufacture of
anhydrous ammonia (2023: 100 percent) and
11 percent of the alignment for activity 3.16.
Manufacture of nitric acid (2023: 28 percent).
There are currently no contributions to the CapEx
KPI, via the CapEx plan, from Yara’s sea and
coastal freight water transport activity.
In 2024, Yara realized alignment from the
Rostock 20.2 nitric acid production asset, as
Aligned in 2024
On track for expected alignment date
Pilot renewable ammonia plant
Project to install catalyst technology,
improving N
2
O abatements
As projects expecting to generate alignment are short-term in nature, there are no major milestones to disclose.
3.15. Manufacture of anhydrous ammonia
3.16. Manufacture of nitric acid
2024
2025
2026
2027
Rostock 20.2 Rostock 20.1 Siilinjärvi
Köping Syra 3
Porsgrunn
CapEx Plan, with expected year of alignment
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expected. The Köping Syra 3 nitric acid production
asset also realized alignment in 2024, three years
earlier than anticipated. In 2023, a project was
implemented at Köping Syra 3 with emission
performance not meeting initial expectations. The
root cause of this was identified and remediation
efforts were able to take place earlier than initially
anticipated. This resulted in lower emissions
throughout 2024 for the production asset,
allowing it to meet the SC emission intensity
threshold leading to its taxonomy alignment.
The contribution to the CapEx KPI from the
renewable ammonia plant in Porsgrunn, Norway,
was less in 2024 than the prior year due to
natural project progression. Expectations for
year of alignment remain at 2025.The project
will result in renewable ammonia equivalent to
four percent of the production site’s ammonia
production capacity.
Yara has further adjusted its CapEx plan in
2024 to exclude the Porsgrunn SS1 nitric acid
production asset. This asset was initially included
in the CapEx plan with anticipated alignment
in 2023, which was subsequently changed to
2026 in the prior year’s EU Taxonomy disclosure.
Yara has identified corrective measures needed
for future alignment of this production asset;
however, no final investment decision has been
made to date for these measures to be undertaken
and, due to ongoing CapEx allocations and
prioritizations, there is uncertainty as to when
implementation will take place in the future. As
a result, this production asset has been removed
from the CapEx plan. Yara may re-include this
production asset in its CapEx plan in the future,
if a final investment decision is taken and such
actions are expected to generate taxonomy
alignment for the nitric acid production asset.
The Porsgrunn SS1 nitric acid production asset
contributed to 0.2 percentage points of the
Taxonomy-aligned proportion of CapEx in 2023
(2022: 0.4 percentage points). Comparative
information has been restated accordingly in the
CapEx KPI.
CapEx KPI: Green Bond Adjustment
On 11 June 2024, Yara issued a green bond of
NOK 2,750 million (approximately USD 257
million equivalent) in accordance with Yara’s
Green Financing Framework.
Yara’s Green Financing Framework aligns with
market best practices outlined by the International
Capital Market Association (ICMA) which differs
from the European green bond standard. As
a result, the capital collected by the offering
is not solely allocated to current or future
Taxonomy-aligned activity. Eligible green projects
in the Green Financing Framework that have
taxonomy relevance include renewable ammonia
projects and projects in nitric acid production
assets that contribute to the 0.038 CO
2
e/t of
nitric acid emissions threshold.
Of the projects that received an allocation from
the green bond issued in 2024, one is taxonomy
relevant. The pilot renewable ammonia plant
included in Yara’s CapEx plan received an
allocation of USD 14 million for CapEx incurred
over 2023-2024.
The 2024 CapEx KPI, adjusted for the Taxonomy-
aligned CapEx financed by the green bond is
5.3 percent (2023: 4.7 percent). The adjusted
Capex KPI, and comparative, are calculated
by reducing the Taxonomy-aligned activity, on
a pro-rated basis of green financing allocated
across the two years, for economic activity 3.15.
Manufacture of anhydrous ammonia.
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Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities
Financial 2024 2024
Substantial contribution criteria
Y; N; N/EL
DNSH criteria (“Does Not Significantly Harm”)
Y/N
Economic activities Code
OpEx
MUSD
Pro-
portion
(%) of
OpEx
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Pollution
Circular
Economy
Bio-
diversity
Climate
Change
Mitigation
Climate
Change
Adaptation
Water Pollution
Circular
Economy
Bio-
diversity
Mini-
mum
safe-
guards
Proportion (%)
of Taxonomy-
aligned (A.1.)
or eligible
(A.2.) OpEx,
2023
Category
enabling
activity E
Category
transitional
activity T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Manufacture of nitric acid CCM/CCA 3.16. 61 4.2% Y N N/EL N/EL N/EL N/EL N/A Y Y Y N/A Y Y 2.5% T
Sea and coastal freight water transport CCM/CCA 6.10. 2 0.1% Y N N/EL N/EL N/EL N/EL N/A Y Y Y Y Y Y 0.1%
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 63 4.3% 2.6%
Of which enabling - - - E
Of which transitional 61 4.2% 2.5% T
A.2. Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
Manufacture of anhydrous ammonia CCM/CCA 3.15. 302 20.4% 19.8%
Manufacture of nitric acid CCM/CCA 3.16. 48 3.3% 5.2%
Sea and coastal freight water transport CCM/CCA 6.10. 92 6.2% 5.4%
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 443 30.0% 30.4%
A. OpEx of Taxonomy-eligible activities (A.1+A.2) 506 34.2% 33.0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy non-eligible activities (B) 972 65.8%
Total (A + B)
1)
1,477 100.0%
1)
Capacity related costs (CRC), a subset of expenses reported in Yara’s consolidated statement of income (page 217), are mainly included in “Payroll and related costs” and “Other operating expenses”. CRC reflects the day-to-day expenses for a production asset or vessel to operate, including personnel costs and, when necessary, external maintenance.
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Impacts, risks and opportunities
E1 Climate change
Climate change is one of the
most critical challenges of our
time, driven by human activities
and having far-reaching impacts
on ecosystems, economies and
societies.
In 2024, the world was 1.6
o
C
i)
warmer than
pre-industrial levels, thereby making the
Paris agreement target of limiting the global
temperature increase to 1.5
o
C by the end of
this century increasingly difficult to reach. The
food and agriculture sector, being a significant
contributor to GHG emissions while being highly
vulnerable to the effects of a warming planet,
represents the duality of this crisis.
Being a major producer of mineral nitrogen
fertilizers, primarily produced using fossil sources,
Yara’s operations and products significantly
contribute to GHG emissions. The majority of
these emissions are reflected in scope 1 and
scope 3 of Yara’s value chain. Despite this, Yara’s
solutions are vital for sustaining agriculture and
ensuring global food security for a growing global
population.
Yara has been working through the years to get
an in-depth understanding of how it contributes
to climate change and how climate change is
expected to affect its operations, addressing
both risks and opportunities associated with it.
Yara production sites undergo a climate and
environmental impact, risk and opportunity
management process, addressing both actual
and potential impacts. The impacts and risks are
also assessed related to Yara’s upstream and
downstream value chain to the extent possible, as
presented in the section Material impacts, risks and
opportunities on page 97.
Yara provides explicit information in the Group’s
consolidated financial statements regarding how
climate-related matters are reflected. For more
information, see note 1.2 Climate risks and
opportunities.
Transition Plan for climate
change mitigation
Yara is part of the solution for abating GHG
emissions while maintaining food production and
improving its efficiency. The fertilizer industry
needs to partake if the overall objective of the
Paris agreement, to foster climate resilience
and lower GHG emissions, is to be achieved in a
manner that does not threaten food production.
Yara has more than halved its production GHG
footprint since 2005. Yara also engages with
users of its products in the downstream value
chain, working to improve efficiency in the use of
its fertilizer products.
Yara has made significant progress in reducing
its scope 1 and 2 emissions, mainly through N
2
O
abatement and energy efficiency improvements.
However, scope 3 emissions remain a challenge
due to the complexity of value-chain reductions.
Currently, Yara does not have a transition plan
for climate change mitigation in accordance with
the requirements in the European Sustainability
Reporting Standards (ESRS). The absence of a
target-setting framework for the fertilizer industry
to align with the 1.5°C goal of the Paris agreement
is the main challenge in creating a high-quality
transition plan. The availability of such an external
IRO Climate mitigation Scope
Emissions from fertilizer use
Emissions from raw materials
sourcing
Emissions from fertilizer
production
GHG emission mitigation from
Yara’s N
2
O catalysts
GHG emission mitigation from
low-carbon products
Locked-in emissions related to
urea production
Carbon pricing (transition risk)
EU REDIII directive (transition risk)
Global climate action
Energy
Emissions from energy sourcing
!
!
+
-
-
-
-
+
-
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
i)
Global Climate Highlights 2024 | Copernicus
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target-setting framework is a prerequisite for Yara to
adopt a transition plan in line with all requirements.
Yara aims to have a full transition plan in place when
required by the CSDDD.
Yara can report its scope 1 and 2 emissions in
line with many ESRS requirements, including
investments and funding for decarbonization
efforts. For upstream scope 3 emissions,
imported ammonia is included in Yara’s 2025
GHG intensity target, and efforts are underway
to develop targets for all relevant upstream
scope 3 categories by 2027, contingent on the
development of a target-setting framework.
For downstream scope 3 emissions, Yara plans
to take significant steps in 2025, based on the
scope 3 mitigation project initiated in 2024.
Although a 2030 GHG target including scope 1
and 2 exists, further development and refinement
of these targets depend on establishing a feasible
target-setting framework. It is currently too early
to quantify the investments required for this work.
Target-setting framework
Yara developed and submitted its targets based on
the well-below 2°C climate scenario to the Science
Based Targets Initiative (SBTi) in July 2022. The
targets have not been validated by SBTi. The
validation process was put on hold in anticipation
of the development of the sectoral decarbonization
approach (SDA) for the chemical sector, including
fertilizer, which will provide a 1.5°C aligned
emissions reduction pathway. This publication is
expected to be available by mid-2025.
In 2024, Yara continued its engagement with
SBTi as a participant in the Expert Advisory Group
(EAG) for the chemical sector’s SDA. An SDA
will define customized GHG emissions reduction
pathways for the chemical and fertilizer industry,
also considering the particularities and constraints
of “hard-to-abate” chemical processes. Once the
final SDA is published, Yara will evaluate the
option of using it for target setting. Alternatives to
SBTi are also being investigated.
An ideal target setting for scope 3, category
11, is a crop intensity-based target setting. This
approach can better support collaboration across
the food value chain, and it can be developed so
that it does not jeopardize food security. For scope
3, category 11, significant locked-in
i)
emissions
are anticipated even within a 1.5°C pathway for
the fertilizer industry. See page 125 for more
information on Yara’s locked-in emissions.
Yara made early efforts on decarbonization,
installing abatement catalysts to eliminate
N
2
O emissions from its production from 2005
onwards. As a result, Yara had eliminated almost
half of its scope 1 GHG emissions by the time
the Paris agreement negotiations. Also, prior
to submitting targets to SBTi, Yara set a KPI to
reduce its GHG intensity by 10 percent by 2025,
using 2018 as the baseline year, and a KPI to
reduce its absolute scope 1 and 2 GHG emissions
by 30 percent by 2030, from a baseline year
2019. Yara is committed to reduce absolute
scope 3 GHG emissions from use of sold products
by 11.1 percent by 2030, from a 2021 baseline
year (as per the SBTi well below 2°C submission
in 2022 following the absolute contraction
approach). Yara targets are explained in more
detail on page 133.
Yara’s operations and upstream
value chain GHG emissions
Yara’s operational and value chain GHG
emissions in 2024 amounted to approximately
59 million tonnes of CO
2
e. More than half of
these emissions relate to the N
2
O emissions from
the use of fertilizers. Total emissions related
to Yara’s production processes (scope 1 and 2)
amounted to 16.3 million tonnes of CO
2
e, of
which approximately 13 million tonnes of CO
2
e
are directly related to ammonia production.
Furthermore, a major part of scope 3 upstream
emissions is related to supply of natural gas as
feedstock and fuels, as well as emissions from
third-party produced ammonia imported into
Yara’s production system. Major parts of Yara’s
emissions (more than 90 percent) are defined
as hard to abate
ii)
since further reduction of
scope 1 emissions requires a transition to new
technologies for ammonia production.
Yara’s production is dominated by production of
fertilizers where natural gas is used to produce
ammonia, nitric acid and finished fertilizer
products. The figure on the following page shows
that the majority of emissions from production
occur in the ammonia production step. Yara’s N
2
O
abatement technology has nearly eliminated N
2
O
emissions.
i)
ESRS defines locked in emissions as estimates of future GHG emissions that are likely to be caused by an undertaking’s key assets or products sold within their operating lifetime.
ii)
Hard-to-abate emissions typically come from high energy intensity sectors where reducing emissions is difficult with the current abatement technologies, meaning there is a lack of maturity of technologies that are likely to be relied upon to reduce emissions. The production of nitrogen-based fertilizer falls under the category of hard-to-abate, because of the nature of
the processes (high energy intensity) and both the technical and economic challenges with low-carbon alternatives. Also the end-of-life emissions of fertilizers are categorized as hard-to-abate emissions, due to technical and practical challenges in reducing these emissions.
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Simplified overview of Yara’s fertilizer production system Yara’s carbon footprint 2024 (million tonnes CO
2
e)
Fossil fuel Hydrogen Ammonia
H
2
Nitrate
fertilizers
N
2
O
CO
2
Nitric acid
Urea
1.8-2.4 tonne
CO
2
per tonne
ammonia
0.03-0.2 tonne CO
2
e
per tonne nitric acid
25%
14.9
2%
1.4
16%
9.1
3%
1.5
54%
32.0
58.9
million
tonnes
Scope 1: Direct emissions from Yara
production sites
Scope 2: Indirect emissions from purchased
electricity (market-based)
Scope 3 Category 1 Purchased Goods, &
Category 3 Fuel & Energy
Scope 3 Category 4 & 9 Transport
Scope 3 Category 11 Use of Products
Yara’s decarbonization roadmap
Having achieved success in reducing the N
2
O
emissions from its production process, the
next frontier of decarbonization for Yara’s own
production is the reduction of CO
2
emissions from
its ammonia production. This challenge, although
technically feasible, requires major transformation
of the existing production process. Three main
technology pathways exist for decarbonizing
ammonia as illustrated on page 119: Technology
pathways for ammonia decarbonization:
1. Producing ammonia with natural gas, abating
CO
2
emissions with Carbon Capture and
Storage technology (CCS)
2. Production of ammonia from electrolysis of
water using renewable energy
3. Production of ammonia from biomethane
Yara is exploring all three pathways in parallel
to support its long-term decarbonization goals.
However, to fully realize its decarbonization
goals, Yara is dependent on external factors,
for example, availability of cost competitive
renewable electricity, infrastructure development
for hydrogen and CCS, or policy frameworks
creating demand side incentives for low carbon
products. Yara is sharing its knowledge and
perspectives with national authorities in the
countries of its operation, including EU policy
makers, to ensure that industry’s input is
considered in policy development.
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Technology pathways for
ammonia decarbonization
Yara has developed its decarbonization roadmap
to achieve its scope 1 and 2 targets. The roadmap
is under development for scope 3 targets.
Production based on natural gas and carbon
capture and storage (CCS)
Technologies, such as autothermal reforming,
combined with CCS can reduce the produced CO
2
emissions by up to 95%.
Technology pathways
ChallengesTransition enablers
Production based on hydrogen from electrolysis
of water using renewable energy
Water electrolysis using renewable/low-carbon
electricity can produce CO
2
-free hydrogen and
ammonia.
Production based on biomethane
Replacement of natural gas with biomethane
offers a drop-in solution for existing production
facilities.
• Risk of lock-in of emissions and investments
• Availability of CO
2
transport and storage
infrastructure
• New renewable electricity capacity additions
needed to meet regulations
• Intermittent availability of wind and solar energy
• Increased production cost due to extremely
stringent and rigid rules for electricity for
hydrogen production (additionality, geographical
and temporal correlation)
• Availability of sustainably produced biomethane
• Competition with other sectors for scarce
resources, e.g., transport, power generation
• Non-existing cross-border mass-balance
systems needed for traceability and chain of
custody
• Recognition of CCS as a transition pathway
towards the 2050 net-zero target
• Policy support for CCS infrastructure projects
• Legal frameworks for cross border CO
2
transport and storage
• Policy support for CCS projects, especially for
hard-to-abate sectors
• Investment in renewable electricity production
and transmission infrastructure
• Scale-up of commercial-scale electrolysers
• Hydrogen pipelines and storage infrastructure
• Policy support and funding (capex and opex) of
large-scale renewable hydrogen projects
• Laxer rules for renewable electricity used for
hydrogen production in the near/medium term
• Policy support for biomethane projects to
increase the availability
• Policy framework to earmark volumes for hard-
to-bate sectors
• Legal frameworks and certification schemes for
cross-border mass-balance systems
Demand-side policy incentives and new business models needed to stimulate uptake of low-carbon products
Cost competetiveness with exisiting fossil based production
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Decarbonization levers Each decarbonization lever plays a crucial role in creating a comprehensive strategy for achieving climate neutrality by 2050. A simplified view and description of emission categories and the
respective mitigation levers are presented below.
Hydrogen production
(steam methane
reforming)
Feedstock and fuel
use of 24 GJ and 8 GJ
respectively per tonne
ammonia (for an efficient
plant)
Feedstock CO
2
i) released to atmosphere
(for nitrate-based
fertilizers), or
ii) embedded in urea
14.9 million tonnes CO
2
e: this includes CO
2
emissions from ammonia plants, N
2
O emissions from nitric acid
plants and other emissions. Ammonia production-related scope 1 emissions alone account for ~12 million
tonnes CO
2
e
Energy efficiency
Electrification of equipment
CCS
Biomethane feedstock
Renewable hydrogen
feedstock
Aiming at intensity
target to include
Nitrogen use efficiency
Carbon sequestration
Ammonia synthesis
(Haber Bosch)
H
2
and N
2
react in the
synthesis reactor to
produce ammonia
No direct emissions,
but potential scope
2 emissions related
to electricity used in
equipment
Product ammonia
H
2
and N
2
react in the
synthesis reactor to
produce ammonia
No direct emissions,
but potential scope
2 emissions related
to electricity used in
equipment
Use phase emissions
Direct N
2
O emissions
(nitrification and
denitrification)
Indirect N
2
O emissions
(ammonia volatilization
and nitrate leaching
followed by nitrification/
denitrification)
CO
2
emissions from
urea hydrolysis (already
included in the ammonia
emission intensity)
Product nitric acid
N
2
O emissions from nitric
acid plants
Electricity
Mainly used to run
machinery in ammonia
and finished fertilizer
production plants
Natural gas supply
Supply of natural gas as
fuel for:
1. ammonia production
2. captive power
generation
3. steam and heat
generation
Emission factors vary
from region to region.
European value used
below.
Transport
Upstream transport
Downstream transport of
finished products
Purchased goods
Natural gas feedstock for
ammonia production
Imported third-party
produced ammonia
Minerals (P and K)
Other, including
secondary and micro
nutrients, coatings and
gypsum
8.1 million tonnes
CO
2
e
1.5 million tonnes
CO
2
e
1.0 million tonnes
CO
2
e
1.4 million tonnes
CO
2
e
32.0 million tonnes
CO
2
e
Sustainable procurement
Supplier engagement
Sourcing of low-carbon
feedstock and ammonia
Fuel use efficiency
Renewable fuels
Planning optimization
Low-emission/
responsibly sourced gas
Energy efficiency
Sourcing of carbon-free
electricity
Own-produced electricity
from heat recovery
N
2
O abatement catalyst
technology
Energy efficiency
Electrification
Low-carbon (CCS)/
renewable (electrolysis/
bio-based) ammonia
Inhibitors
Climate-smart fertilizer
management
Sustainable procurement
Supplier engagement
Electrification
Renewable fuels
New plants employing carbon capture and storage (CCS) and water electrolysis along with new, innovative production processes
Scope 3 cat. 4 & 9Scope 3 cat. 1 Scope 3 cat. 3 Scope 2 Scope 1 Scope 1 Scope 1/2 Total Scope 3 cat. 11
Fertilizer
value
chain GHG
emissions
GHG
emissions
Mitigation levers
Long term Near term
Upstream emissions Ammonia production emissions
Downstream
emissions
Scope 1/2
1)
1)
Scope 2 emissions presented here also include emissions related to ammonia production
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Decarbonization levers
The individual levers and their decarbonization
potential as well as present state of
implementation for each scope are discussed
below.
Scope 1
Yara’s scope 1 emissions account for 25 percent
of the total value chain emissions.
Until today (YE2024) towards
our first milestone (2025)
Yara’s strategy to reduce its direct emissions starts
with implementation of known technology at our
highest emitting production sites. After setting
the 2025 emission intensity target back in 2019
(targets section), a GHG 2025 project portfolio
has been established. This portfolio, through its
dedicated capex frame, has enabled investments
for over 80 projects (for years 2019-2024), with
specific focus on the mitigation levers presented in
the table below.
GHG 2025 project portfolio
Mitigation levers
Emissions reduction
(Thousand tonnes CO
2
e per year)
Actual capex 2019-
2024 (USD millions)
GHG projects finalized in period 2019-2024:
N
2
O emissions reduction 1,200 87
Energy efficiency 300 73
Electrification of compressor drivers in our ammonia plants 100 39
Replacing fossil-based feedstock and fuel with biomethane 20 Not applicable
Total 1,620 199
GHG projects currently ongoing and planned to be finalized in 2025:
Renewable hydrogen production 40 70
Next important milestone (2030)
To reach the 2030 target, Yara will continue a
portfolio of projects including energy efficiency,
N
2
O abatement and electrification. Significant
impact will also come from the implementation of
step-change projects, such as the implementation
of a carbon capture and storage (CCS) project in
Yara Sluiskil, the Netherlands, and the recent
opening of Yara’s 24 MW renewable ammonia
plant in Porsgrunn, Norway.
Project portfolio to reach the 2030 target (covering the years 2019–2030,
thus including GHG 2025 Project Portfolio)
Mitigation levers
Emissions reduction
(Thousand tonnes
CO
2
e per year)
Actual capex
2019-2024
(USD millions)
Estimated capex
2025-2030
(USD millions)
GHG projects finalized in period 2019-2025:
GHG Project Portfolio executed by 2025
1)
1700 199 6
Renewable hydrogen production from electrolysis of water
2)
40 70 2
Asset optimization 630
3)
- Not applicable
GHG projects finalized in period 2026-2030:
Carbon capture and storage (CCS) 800 62 203
Low-carbon hydrogen / ammonia sourcing TBD - TBD
Energy efficiency 300 19 TBD
1)
This USD 199 million is consisting of USD 87 million in N
2
O emission reductions, USD 73 million in energy efficiency and USD 39 million in electrification of compressor
drivers in ammonia plants out of the GHG 2025 project portfolio table.
2)
The USD 70 million for renewable hydrogen production mentioned in the table GHG 2025 project portfolio is part of this USD 72 million.
3)
Reduction related to the closure of one fully-owned ammonia plant in Trinidad in 2019. The remaining two ammonia plants at the Yara Trinidad plant are still in operation.
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To reach the 2030 target, Yara is also
investigating the feasibility of implementing
CCS as a transition technology at other existing
production sites, combined with Yara’s flexible
nitrates-based production system. This system
offers the unique opportunity to decarbonize its
assets in a cost-effective manner by replacing
the existing ammonia production with its own
produced, or third-party sourced, renewable or
low-carbon ammonia. In addition, Yara is exploring
opportunities to substitute a part of its natural gas
use with biomethane and renewable hydrogen,
depending on availability within the 2030
timeframe.
Besides optimization of existing sites, Yara is
evaluating world-scale low-carbon ammonia
production with CCS in the US Gulf Coast. Final
investment decision for the US ammonia projects
is targeted for the first half of 2026. These
projects, to be seen together with Yara’s global
portfolio optimization, are key elements to achieve
Yara’s transformation and profitable growth in
low-carbon solutions.
Achieving Yara’s climate
neutrality ambition (2050)
Yara will continue its efforts on the following
mitigation levers to transition towards a renewable
and low-carbon product portfolio:
• Replacement of fossil-based ammonia
with a combination of own production and
external sourcing of renewable and low-carbon
ammonia
i)
• Resource use efficiency: raw material and
energy optimization
• Electrification of processes and vehicles using
renewable energy as an alternative to fossil fuel
• Circular economy: Bio-based and circular
feedstock as alternatives to fossil fuel
All these levers are sustained by our ambition to
increase our production and sales of renewable
and low-carbon ammonia, fertilizers and industrial
products.
Scope 2
Yara’s scope 2 emissions account for two percent
of the total value chain emissions.
1. Yara’s strategy to reduce its scope 2 emissions
is based on two principal mitigation levers:
a. Reducing grid-based electricity import by
minimizing waste (resource use efficiency)
b. Reducing electrical energy consumption
in Yara’s operations (i.e., overprocessing,
unnecessary stoppage and energy-efficiency
improvements)
2. Implementing or improving own electricity
production from heat recovery (i.e., steam
turbine generator)
Sourcing of renewable or nuclear electricity mainly
through Power Purchase Agreements, use of
Energy Attribute Certificates (EACs) and through
direct ownership in grid-connected electricity
production, to decarbonize current and additional
grid-based electricity purchase.
While the capex for the first scope 2 mitigation
lever is part of the capex presented in the tables
on the previous page on scope 1 mitigation levers
(resource use efficiency impacts both scope 1 and
scope 2), the second scope 2 mitigation lever does
not require capex, only opex
ii)
.
Mitigation levers for both scope 1 and scope 2
will be used to achieve Yara’s 2025 and 2030
targets, as well as the 2050 ambition. Yara does
not have fixed scope 2 emission reduction targets
since these are dependent on the progress of other
decarbonization levers.
i)
Renewable ammonia is based on hydrogen produced from biomethane or hydrogen produced from electrolysis of water based on renewable energy. Low-carbon ammonia is based on hydrogen produced from natural gas, with CO
2
captured and permanently stored utilizing a CCS technology
ii)
Opex for scope 2 mitigation lever is not disclosed since that is considered as business sensitive information
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The baseline and target do not include Freeport and Hull.
1)
Global optimization is the result of portfolio optimization, asset optimization and new projects. The figures mentioned for power sourcing, GHG projects 25 and global optimization are indicative values.
Scope 3 upstream
Yara’s scope 3 upstream emissions account for
18 percent of total value chain emissions. A
major part of these emissions is associated with
ammonia production in the form of natural gas
(feedstock) supply, as well as emissions from
third-party produced ammonia imported into
Yara’s production system. The third biggest part
of scope 3 upstream emissions is related to the
procurement of other raw materials (phosphate
and potassium components of fertilizers, as well
as other materials needed for different finished
products).
Yara has embedded scope 3 upstream in the GHG
program
i)
to implement a coherent strategy to
decarbonize the whole value chain. Based on a
materiality and maturity level assessment, the
company has defined the following categories
to pursue decarbonization of the upstream
supply chain: ammonia, feedstock and other raw
materials.
Ammonia
Third-party produced ammonia is currently
the second-largest source of our scope 3
upstream emissions. To address this, Yara’s
asset optimization – combined with low-carbon
ammonia sourcing – establishes a clear baseline
and outlines the necessary steps for decarbonizing
our ammonia supply.
In the immediate future, Yara will enhance its
ammonia sourcing by improving data monitoring
through the Carbon Border Adjustment
Mechanism (CBAM). CBAM will enable the
company to prioritize suppliers with lower carbon
footprints and align its procurement practices with
its sustainability goals.
Yara is also investigating potential long-term
investments for the off-take of low-carbon
ammonia. In 2024, Yara and ACME signed a firm
and binding agreement for the supply of 100,000
tonnes per year of renewable ammonia, coming
from phase 1 of ACME’s project in Oman that has
an expected start date in 2027. This imported
low-carbon ammonia will be utilized for various
applications, see page 127, and is a crucial lever
for mitigating Yara’s exposure to CBAM costs.
By securing low-carbon sources, Yara not only
Contribution from scope 1 and scope 2 mitigation levers
1)
towards the 2030 target
Million tonnes CO
2
e / year
i)
Yara’s GHG program consists of the following elements: bottom-up identification and top down prioritization of cost efficient GHG emission reduction initiatives, following up on regulatory requirements and impact of taxation mechanism on the business cases, implementation and monitoring of decarbonization initiatives through a dedicated portfolio with alignment
and engaging our stakeholders with clear timeline on our objectives securing investment.
2030 TargetGlobal
Optimization
GHG Projects 25+Power
sourcing
CCS SluiskilGHG Projects 25Increased
emissions
Yara Trinidad
plant closure
Baseline
2019
17.1
Scope 1
18.5
0.6
-30%
0.5
0.8
0.3
1.1
1.9
0.5
1.7
1.4
12.9
Scope 2
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reduces emissions but also enhances its market
competitiveness.
Furthermore, to support the transition in a
cost-efficient manner, Yara is actively exploring
infrastructure projects aimed at enabling the
shipment of larger sized ammonia vessels. This
will significantly reduce logistics costs and reduce
transportation emissions, further contributing to
the company’s overall decarbonization strategy.
Feedstock
Currently, fuel and feedstock for ammonia
production is predominantly derived from fossil
sources, making it the primary source of upstream
emissions for Yara. To address feedstock
decarbonization, Yara is focusing on several key
levers:
1. Reducing natural gas usage: Yara continues
to reduce consumption of natural gas in its
ammonia plants and utilities by improving
the energy efficiency of processes and global
production optimization.
2. Partially replacing natural gas imports
with renewable and low-carbon hydrogen
imports: Yara is exploring commercially
feasible possibilities of importing and utilizing
renewable and low-carbon hydrogen in its
ammonia production facilities through localized
synergies (point-to-point) or by hydrogen
pipeline infrastructure supported by certification
schemes.
3. Partially utilizing biomethane (RNG):
Biomethane offers a sustainable alternative
that can significantly lower greenhouse gas
emissions, although a challenge with on-scale
availability and economic feasibility. In 2024,
we had two sites replace a portion of natural
gas with biomethane.
4. Utilizing low-emission natural gas: If
commercially available, and if credible
certification schemes are in place, Yara will
promote natural gas suppliers with lower carbon
footprints.
Other raw materials and transport emissions
The third biggest contributor to Yara’s scope 3
upstream emissions is the sourcing of other raw
materials and transport emissions. Most of these
emissions originate from:
• Sourcing of materials used for production of
different finished products such as ammonium
phosphate, ammonium sulfate and potash
containing compounds, as well as secondary
nutrients and micronutrients.
• The use of fossil fuels and electricity in the
mining of minerals and production of raw
materials.
• The use of fossil fuels in maritime and land-
based transport.
For raw material sourcing, Yara is working towards
having suppliers that can offer lower-carbon
solutions in the following prioritized categories:
nitrogen sourcing, phosphate and potassium
sourcing and logistics, including material handling
equipment.
In 2022, Yara created its Sustainable
Procurement Policy to ensure long-term
sustainable value creation for Yara and its
business partners. Value chain collaboration has
already led to visible long-term improvements,
such as the sustainable packaging project initiated
in 2021, read more on page 153. Although the
effect on emissions is minor, the reduced use of
virgin plastic, through packaging optimization and
use of recycled plastic, supports circularity.
Another focus point in the near future is collection
of suppliers’ Product Carbon Footprint (PCF) data
according to the Together for Sustainability (TfS)
PCF Guideline, which will enhance Yara’s scope 3
GHG data baseline and support the identification
of new potential decarbonization initiatives within
different procurement categories.
Both capex and opex for scope 3 upstream
mitigation levers are considered as business
sensitive information and, as such, are not
disclosed.
Scope 3 downstream
Yara is assessing the impact of several
decarbonization levers in its farming solutions. All
these levers can contribute to the decarbonization
of food production. However, only a few qualify
as decarbonization levers in the current approach
published by the SBTi, notably nitrification inhibitors
and climate-smart management of fertilizers.
Yara’s current downstream scope 3 target is based
on the absolute contraction approach (ACA).
The existing methodology for calculating these
emissions is to multiply the volume of nitrogen
sold with a N
2
O emission factor (EF) from IPCC
(volume x EF). Hence, at the outset, Yara’s two
options for delivering on the target are either to
reduce the emission factor of nitrogen applied or
to reduce the sales volumes.
Nitrification inhibitors
To reduce the N
2
O emission factor, Yara can
potentially add nitrification inhibitors to its
products. This involves a chemical treatment of
nitrogen fertilizer to inhibit natural soil microbes
from transforming ammonium to nitrate. The use
of nitrification inhibitors is technically feasible
today, and their ability to reduce N
2
O emissions
is scientifically proven. This has been made
possible through, e.g., the research performed at
Yara’s research and development (R&D) facility
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and a joint project with the International Fertilizer
Association (IFA) on nitrification inhibitors.
There are, however, significant barriers to the use
of nitrification inhibitors:
• The cost would be significant and needs to be
shared across the value chain or subsidized.
• Additional use of chemicals in agriculture could
be in contradiction with the EU Green Deal and
the Global Biodiversity Framework, and would
be associated with potential tradeoffs and risks.
• The lack of granular data could necessitate a
blanket approach where inhibitors would also be
applied when they are not required or effective,
driving chemical use and costs.
Assessment of reducing sales volumes
Yara’s other option besides decreasing the
emission factor from the use of our products is
to reduce sales volumes. However, reducing the
volumes of nitrogen sold would put food security
at risk and conflict with the objective of the Paris
agreement in its article 2 (paragraph 1 (b)). It
would also discourage collaboration with SBTi
among fertilizer manufacturers.
Nitrogen use efficiency
Nitrogen use efficiency (NUE) is a key metric to
describe how effectively crops utilize nitrogen
from fertilizers. Improved NUE is achievable with
existing fertilizers, farming technologies and
knowledge, and can support higher yields, lower
crop carbon footprints and reduced pressure on
land-use change. Reducing the nitrogen surplus
is also in line with the EU Green Deal and the
Kunming Montreal Global Biodiversity Framework.
Scientific scenarios agree on the essential role of
NUE to balance food security needs with climate
change mitigation, as improvements in NUE can
make food more available and affordable (Chang
et al., 2021). This is also underlined by Gao &
Serrenho (2023).
Read more at: Yara’s Position on Nitrogen Use
Efficiency and Nutrient Management.
Yara’s intention is to promote NUE as a key metric
for decarbonizing food production, as well as to
address the lack of data availability, with reference
to a dedicated workstream in the downstream
scope 3 project described below. As NUE is
a crop-intensity metric, it is not a mitigation
measure which is accountable under an ACA.
Climate-smart management of fertilizers
Climate-smart management of fertilizers includes
measures such as fine-tuning the nitrogen form,
timing of application and dosing according to
growing conditions in the field. This entails
significant work to document improvements of
the in-field emission factor at the regional, local or
field level. Such fine-tuning requires frequent and
timely decision support for farmers.
Yara is well placed to develop such solutions and
to include climate-smart elements into its existing
digital offerings. Yara has developed impact
measurement tools to enable farmers’ calculations
of GHG and NUE.
These tools are integrated, or planned to be
integrated, into Yara’s Farming Solutions. In
addition, they can also be integrated into third-
party solutions owned by other companies,
allowing more widespread adoption.
Today, farmers lack sufficient incentives to
prioritize the reduction of in-field N
2
O emissions,
which represent a hard-to-abate share of their
GHG emissions, as doing so would add a lot of
complexity to their operations and could result in
the risk of compromising yield. This remains a
barrier to expanding Yara’s tools to include more
climate-smart management of fertilizers. Over
the coming year, Yara will continue to work on
the business case for mitigation of in-field N
2
O
emissions.
Carbon sequestration
Improved nutrient management can provide
additional biomass to feed the soil carbon
pool. The balance between increased carbon
sequestration and increased emissions from
nitrogen fertilizer is context-dependent, making
this lever more relevant in some geographies
than others. Farmers would likely need support
with monitoring, reporting and verification of the
carbon sequestered, and this could generate a new
source of revenue, as Yara is currently facilitating
through its subsidiary the Agoro Carbon Alliance.
Agoro has contracted farmers to work on
carbon credit creation, targeting the voluntary
carbon offset market. For Yara, it remains to be
decided what role carbon credits may have in its
decarbonization pathway.
Locked-in emissions
Emissions are considered as hard-to-abate
emissions if there is a lack of maturity of
technologies that are likely to be relied upon
to reduce emissions. Typical factors that make
emissions in the industry hard to abate include
high-temperature requirements for processes (e.g.,
ammonia, nitric acid and urea), process emissions
(carbon as a part of feedstock in ammonia
production), long-lived capital assets (e.g., EU
ammonia assets), and trade considerations e.g.,
global ammonia and urea market).
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The factor ‘long-lived capital assets’ covers
industrial plants, which have long lifetimes.
Retiring them early to switch to alternative
technologies would incur very large costs. As
such, emissions from already existing assets
and recently built plants can be considered as
locked-in unless options are available to retrofit
or adapt them. These options need to be both
technically and economically viable.
Options that are both technically and economically
viable are included in Yara’s decarbonization
roadmap. Therefore, emissions that remain after
execution of the decarbonization roadmap, should be
considered as locked-in emissions. It means that the
emissions Yara cannot abate at a certain moment due
to high technical complexity and/or cost inefficiency
should be defined as locked-in emissions.
Yara’s locked-in emissions at any point in time is
defined as the gap between its decarbonization
roadmap and its 2050 climate neutral ambition.
The decarbonization roadmap is highly dependent
on both internal and external factors such as
the availability of biogenic CO
2
, availability and
cost competitiveness of renewable energy and
corresponding infrastructure, as well as market
development of low-carbon fertilizers and industrial
products, and market opportunities for low-carbon
ammonia. This is also represented in the figure on
page 119.
The main locked-in emissions categories are
described below.
Locked-in emissions originating from
the adoption and implementation of
transition technologies – Scope 1
Transition technologies, like CCS, are most likely
going to play a major role in the decarbonization
of hard-to-abate sectors (such as the fertilizer
industry). The associated risk with adopting these
technologies is that, in the absence of any feasible
mitigating measures, this can potentially lead to
locked-in emissions for Yara in the long term.
An example is Yara’s North America project
developments. The emissions that will not be
captured and stored according to the current
project scope/design, should be considered as
locked-in emissions until future solutions for
mitigation of these emissions are in place.
Locked-in emissions originating from
fossil-based urea production – scope 1
The CO
2
embedded in urea gets released when it
is applied in the soil. The only mitigating lever for
this CO
2
is to use sustainable biogenic feedstock
in NH
3
production or use direct air capture (DAC)
Holistic approach: Crop-based intensity metric
Yara’s position related to the efforts and
identified challenges is that downstream
scope 3 target setting in the fertilizer sector
should apply a holistic approach to crop
production, nutrient use and GHG emissions
reductions. This is most aptly captured in an
intensity metric per unit of crop produced.
Yara is promoting the development of such
an approach and guidance for our sector.
Yara is mindful that such an endeavor will
require collaboration across the fertilizer
industry and across the food value chain for
it to become feasible.
A crop-based intensity target would
encourage fertilizer manufacturers, as
well as the other parts of the food value
chain to focus on the broader potential in
better nutrient management. It would also
harmonize the SBTi’s chemical sector SDA
with the Forest, land and agriculture (FLAG)
emissions publication, supporting value
chain collaboration to decarbonize food.
This approach also reflects the concept of
regenerative agriculture, which is one of
three pillars in Yara’s strategic ambition, see:
Yara’s Position on Regenerative Agriculture
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CO
2
for urea production combined with renewable
ammonia.
Locked-in emissions from existing
ammonia assets – scope 1
Where it is technically or economically not (yet)
feasible to move from fossil-based fuels to
biomethane and/or renewable fuels to produce
ammonia, Yara considers these emissions as
locked-in emissions. These emissions from
ammonia processes will remain the main source of
Yara’s locked-in emissions as long as the external
enablers such as availability of cost-competitive
renewable energy, are not in place.
Locked-in emissions resulting
from other scope 1 processes
• Remaining N
2
O emissions in nitric acid
production plants after secondary and/or tertiary
abatement. These have already been reduced to
a minimum level.
• N
2
O emissions from NPK production plants that
cannot be abated.
• CO
2
from other physical or chemical processing
(e.g. from dissolving rock phosphate or carbon
containing material such as CaCO
3
) that cannot
be abated (given the current absence of proven
abatement technologies).
Locked-in emissions resulting from use
of sold products – scope 3 category 11
A sizeable amount of N
2
O emissions from the
use of Yara’s fertilizer products will likely not
be abated by 2050. As per IPCC’s estimations,
N
2
O emissions will be subject to only modest
reductions in the agriculture, forestry and other
land uses (AFOLU) sector. Mitigation pathways
compatible with 1.5°C warming, with no or limited
overshoot, display a median N
2
O reduction around
12 percent in 2050 (IPCC, 2022). However, there
is a significant number of potential outcomes in
IPCC’s estimations in its Mitigation Pathways
report from 2022 concerning the AFOLU
sector
i)
. This is another testament to the need for
further research to estimate the amount of N
2
O
emissions compatible with a 1.5°C scenario.
Lack of emission data
In-field N
2
O emissions occur when nitrogen, either
as mineral fertilizer or organic matter, is applied to
the soil and transformed by different soil microbes
in the natural nitrogen cycle. The activity of the
microbes depends on several environmental
variables, making the N
2
O emissions hard to
predict and manage.
Direct measurement of N
2
O emissions from
fields requires significant knowledge and must be
done with great granularity to record variations
in emissions in different locations and growing
conditions. Due to the associated expenses and
subsequent lack of precise data, N
2
O emissions
are calculated using an emission factor. By the
Tier 1 global emission factor (EF) provided by
IPCC, it is assumed that one percent of sold
nitrogen is lost as N
2
O emissions.
Status of key actions
The following section provides information on
current and planned key actions to make the
decarbonization levers a reality.
Enabling decarbonization driven
by (new) market developments
During the transition phase towards 2050,
Yara will use hybrid plant
ii)
concepts and
intermediary solutions like permanent carbon
capture and storage (CCS) and renewable energy
(biomethane). The resulting low-carbon ammonia
will be used to produce low-carbon fertilizers,
which will be sold as Yara Climate Choice™
fertilizer with a verified carbon footprint. At the
same time, the low-carbon ammonia will enable
the hydrogen economy and prepare emerging
markets for low-emission ammonia.
Yara Climate Choice
Yara’s Climate Choice fertilizer is designed to
help reduce the climate effect of food production.
According to Yara’s internal research, conventional
fertilizer production contributes approximately
25-30 percent of the carbon footprint for most
crops and 6-14 percent of the carbon footprint
for the related food products. A change in
fertilizer production methods can therefore have
a significant impact on the carbon footprint of
crops and food products. If, in addition, other
players in the value chain: farmers, crop-and food
processors, transporters etc. can do their part,
the product carbon footprint of certain food items
can be reduced further and, in the end, the fossil
content of the whole value chain will be reduced
significantly. Yara is developing partnerships
with some of the food value chain companies to
make this happen. Still, bringing these to scale
and transforming the value chain overall is an
endeavor far beyond Yara’s control.
Low-carbon ammonia market development
Market studies
iii)
show that the current global
ammonia market could reach > USD 200 billion
by 2050. Several building blocks need to fit
together for the clean ammonia opportunity to
i)
IPCC Climate Change 2022 Mitigation of Climate Change (p. 346)
ii)
A hybrid ammonia plant is typically a plant where two technologies are used to produce H
2
/NH
3
simultaneously e.g., electrolysis and steam methane reforming
iii)
See Yara Clean Ammonia capital markets day presentation 2022
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reach its full potential. Regulations and incentives
are critical demand and supply drivers, e.g.,
EU’s Fit for 55 (RED, Gas Package, CBAM), the
Inflation Reduction Act in the US (tax credits
45V, 45Q) alongside customers’ incentives and
willingness to pay. An advantage for ammonia is
that technology is widely available today, although
renewable hydrogen through electrolysis requires
an efficiency improvement to achieve economies
of scale. Infrastructure, such as storage and
transportation, is indispensable to enable the
ammonia market to develop.
Renewable and low-carbon ammonia will be used
to produce fertilizers, commercialized as Yara
Climate Choice fertilizers with a verified lower
carbon footprint, as explained above.
Yara is also targeting the decarbonization of other
markets by selling renewable and low-carbon
ammonia within hard-to-abate industries such as
power generation, shipping fuel and as a hydrogen
carrier. Expanding Yara’s ammonia portfolio by
organic growth and/or off-take agreements will
impact Yara’s GHG emissions with increased
emissions but also enable the transition as
explained above, resulting in a net benefit of
reducing Yara’s GHG emissions.
• Power generation: Ammonia in power
generation is a suitable alternative to
decarbonize countries that rely on coal-based
power and have unfavorable conditions for
renewable energy sources. Several Asian
countries have stated targets for low-carbon
ammonia co-firing, which is expected to drive
significant low-carbon ammonia demand.
• Shipping fuel: Regulations (such as FuelEU
Maritime and IMO) are expected to drive ship
owners towards converting to cleaner fuels,
as existing operational decarbonization levers
alone will be insufficient to achieve GHG
reduction targets.
• Hydrogen carrier: Emerging hydrogen
roadmaps at national level outlining ambitious
hydrogen targets are strong demand drivers.
Given the superior properties of ammonia
compared with other energy carriers, ammonia
could be considered as an ideal long-distance
energy carrier.
Enabling sales of low-carbon products by
carbon footprinting and chain of custody
Yara’s end goal is to operate a network of low-
emission intensive assets by 2050 and to source
low-emission raw materials in order to make
low-emission products available to customers.
During the transition phase towards 2050, low-
emission products, such as the Yara Climate
Choice fertilizer mentioned previously, will only be
available in a few production sites, which makes it
challenging to supply such products to customers
globally.
Yara’s ammonia transfer system (ATS) has
been designed to enable the distribution of
low-emission ammonia during Yara’s transition
to climate neutrality. Using this mechanism,
customers can purchase low-emission based
products globally while minimizing carbon
emissions from transportation. To facilitate the
consumption of this low-emission ammonia,
a virtual exchange mechanism is employed to
transfer the low-emission attributes of ammonia
from production plants to consumers. All these
exchanges are accounted for within Yara’s third-
party verified carbon accounting system utilizing
an in-house developed digital tool called Carbon
Watch. Yara’s ATS is a type of chain of custody,
to ensure no double counting or false claims and
by this maintaining customer trust and securing
Yara’s broader sustainability goals.
The cradle-to-factory-gate carbon footprint
of Yara’s products is calculated using industry
standards such as Fertilizer Europe’s and
Ammonia Europe’s product carbon footprint
methodology and Yara’s own production data.
Yara has set up a carbon footprint management
program to continuously update its footprint
calculations, taking into account any recent
changes and improvements in its production units.
Yara is using a third-party assurer to verify the
calculations and results. Since 2020, Yara has
updated the product carbon footprints (PCF) of
more than 1,500 of its existing finished products
across its major sites. This effort is designed to
provide verified and credible PCF information to
customers, which helps them report and, where
possible, reduce their scope 3 emissions. The
use of factory-gate carbon footprint verification
statements has been rolled out across Yara’s
marketing organizations with support from internal
experts to ensure the accuracy of all claims.
Yara is collaborating with industry associations
to harmonize its PCF calculation methodology
with internationally recognized standards and
certification schemes.
Downstream scope 3 mitigation project
In 2024, Yara initiated a downstream scope 3
mitigation project. It consists of a portfolio of
initiatives aimed at laying the groundwork for a
detailed and quantifiable downstream scope 3
transition plan as well as a crop-based emission
intensity target for the fertilizer sector. Key
initiatives in the downstream scope 3 mitigation
project include:
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Regional calculations of emissions
• Development of regional calculations of in-field
N
2
O emissions for baselining and reporting,
supporting more localized understanding
of emission factors which may also support
mitigation actions.
Regional impact assessment
• Assessment of the potential, cost and benefit of
different decarbonization levers on a regional basis.
Nitrification inhibitors and fertilizer type
• Assessment of the potential and feasibility of
nitrification inhibitors.
• Modelling impact of inhibitors and N-form
selection.
Reporting and verification
• Development of a reporting and verification
approach to meet regulatory and voluntary
reporting requirements related to the use of Yara’s
products.
• Exploration of embedding reporting in
commercial offerings to effectively capture the
benefits of Yara’s and value chain partners’
emission reduction efforts.
Regional transition plans
• Development and rollout of regional transition
plans based on conclusions from the above-
mentioned initiatives.
Crop-intensity pathway
• Validation of crop-based intensity mitigation
options to be piloted in regions.
The project involves stakeholders from Yara’s
expert functions Global Innovation, Corporate
Strategy and Sustainability Governance, as well
the two regions Yara Europe and Yara Americas.
Meanwhile, Yara will continue its engagement
with SBTi, advocating for a crop-based emission
intensity target. Yara’s advocacy for this pathway
is based on decades of research, development of
farming solutions and engagement on the topics
of crop production and in-field emissions. The
highlights of these are described below.
Downstream scope 3 emissions insights
Yara has studied the drivers and dynamics of
in-field emissions for decades. Through both its
own R&D activities and collaborations, Yara has
accumulated significant insight into why and when
N
2
O emissions occur. Yara’s experts continue to
study the different decarbonization levers and
engage in the development of tools and modeling
solutions to predict and mitigate in-field emissions.
Key achievements and on-going initiatives:
• Participation in the development of the Global
N
2
O Dashboard and Database (CGIAR), which
demonstrates the high variability of N
2
O
emissions
• Contribution to a study of decarbonization
levers related to the use of nitrogen fertilizers,
published by IFA and Systemiq
• Development of emission factors for specific
fertilizer and inhibitor combinations, in a project
hosted by IFA
• Field trials to study the impact of specific
fertilizer formulations and production systems
on N
2
O emissions and to develop mitigation
solutions, together with academia and food
companies
• Field studies of nitrate-based fertilizers, with initial
results documenting the potential to improve the
average NUE in Europe from 62 to 83 percent
Farming solutions
Yara’s commercial approach to reducing in-field
N
2
O emissions is to remain farmer centric and
engage with farmers through its more than 800
agronomists and suite of digital farming solutions.
This is a shift from only targeting high grain
yields to also focusing on nitrogen management,
increasing NUE and reducing the carbon footprint
per tonne produced. Digital tools for precision
farming, such as Yara’s N-Sensor, help to achieve
that. N-Sensor calculates the amount of nitrogen
fertilizer required for each part of the field. In the
case of wheat, Yara’s trials show that by adjusting
the nitrogen rate with N-Sensor, farmers could
achieve a 3.6 percent higher yield compared with
current farmer practice. At the same time, the
carbon footprint per tonne of grain was reduced by
8 percent.
On-going initiatives:
• Enhancing the value proposition of regenerative
agriculture for farmers
• Expanding Yara’s suite of digital tools to
optimize yields and NUE and to minimize
environmental impact
• Promoting the application of digital tools
and farmer connectivity to enable knowledge
sharing and better data insights
Strategic engagement
Yara is highly engaged in the decarbonization
of the food system and will continue to seek
collaboration with the food industry and key
stakeholders to unlock value for farmers and make
decarbonization affordable.
On-going initiatives:
• Enabling carbon footprinting at scale, as founding
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members of the Cool Farm Tool and promoting its
further development by adding NUE calculations
• Testing outcome-based business models that
encourage better farming practices and GHG
mitigation
• Creating revenue streams from carbon
sequestration, currently enabled through the
Agoro Carbon Alliance
• Engaging with How Good, the world’s largest
database for food ingredients, to include NUE
as a parameter and enable food companies to
incentivize farmers
• Scaling up the use of digital tools and services
through partnerships and collaborations, such as
with John Deere
• Demonstrating the mitigation potential of low-
carbon footprint fertilizers and better farming
practices through partnerships with food
companies, such as PepsiCo
• Development of the Handbook for Climate
Accounting in Yara’s Value Chain, to support the
commercialization of decarbonization offerings
• Definition of agronomic and sustainability
practices at crop/farm level, to reduce the
carbon footprint of crops
• Field research program to fill data gaps on the
N
2
O mitigation potential of the use of inhibitors
and fertilizer type
• Models developed allowing regional specific
quantification of N
2
O emissions
• Harmonizing regenerative agriculture
frameworks and driving collective
implementation of decarbonization efforts
through multi-stakeholder and co-creation
initiatives like the Sustainable Agriculture
Initiative (SAI) Platform, One Planet for
Business and Biodiversity (OP2B), Sustainable
Markets Initiative (SMI), World Business Council
for Sustainable Development (WBCSD), and
Work Economic Forum (WEF) Climate.
EU Taxonomy
Yara’s core business activities, manufacturing of
finished fertilizer and nitrogen compounds, are
non-eligible economic activities, as defined in the
EU Taxonomy Regulation. This results in modest
eligibility percentages across all Taxonomy KPIs that
Yara discloses. The turnover KPI is most impacted,
as ammonia and nitric acid manufactured by the
company is predominantly used as feedstock into
finished products. In 2024, 92 percent of Yara’s
reported revenue is considered as coming from
taxonomy non-eligible activities. The proportion
of taxonomy non-eligible activities for the CapEx
and OpEx KPIs are 69 percent and 66 percent,
respectively. See page 104 for our EU Taxonomy
disclosure.
Impacts on own workforce
of the transition plan
We currently lack a dedicated policy or process
to address the potential workforce impacts of
transition plans aimed at reducing environmental
footprints and achieving climate neutrality.
However, we actively mitigate negative employment
effects through our established Guidelines for
Reorganization and Restructuring. The guidelines
were developed together with the representatives of
the European Works Council within Yara.
These guidelines outline a set of measures to
mitigate any negative impacts on our employees as
the result of downsizings, establishing terminations
as the last resort. The guidelines also describe
measures for managing facility closures and
protecting the jobs of the people working there,
whether it be by retaining critical personnel, selling
the facility and transferring the employees, or
supporting the employees in finding alternative jobs.
Yara also offers upskilling and reskilling opportunities
for its employees as part of Yara’s people strategy.
Read more on page 160.
EU Paris-aligned Benchmarks
Yara is not excluded from the EU Paris-aligned
Benchmarks. It does not fulfil any of the exclusion
criteria specified in the Commission Delegated
Regulation (EU) 2020/1818. As for significant
harm to one or more of the environmental objectives
referred to in article 9 of the Regulation (EU)
2020/852 (the EU Taxonomy Regulation), Yara
has not found this to be the case from its own
assessment of the objectives. Yara is also not aware
of any external data providers having such findings.
Approval from administrative,
management and supervisory bodies
The elements of the transition plan for climate
change mitigation described above have been
discussed with and approved by Yara’s Group
Executive Board (GEB) and its Board of Directors
(Board).
Policies
Yara does not have a specific climate policy,
but it does have a broader HESQ Policy that
encompasses climate and energy aspects. This
policy outlines the company’s commitment to
achieving climate neutrality by reducing GHG
emissions from its own production and throughout
the value chain. It also addresses climate
change adaptation by assessing and managing
climate-related risks, including both physical and
transitional impacts. While renewable energy
deployment is not explicitly mentioned in the
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policy, it is recognized as a crucial decarbonization
strategy within Yara’s climate roadmap.
Health, Environment, Safety,
Security and Quality (HESQ) Policy
Our HESQ Policy sets the direction and provides
a framework for HESQ governance, objectives
and targets. The policy is complemented by a
comprehensive suite of procedures and guidelines
governing our work to protect people and the
planet. At Yara, HESQ covers occupational
health and safety, process safety, product
stewardship (product quality, safety, security, and
feed safety), environment, climate and energy,
security, emergency management and quality
management. The overarching targets of the
policy are zero harm to people and the planet
while safeguarding prosperity. As such, the policy
applies to a wide array of sustainability matters
and relates to all impacts, risks and opportunities
in the HESQ domain. The policy applies to all
Yara units and activities, and to all employees and
contractors. The GEB has adopted the policy and
is ultimately responsible for its implementation.
We enforce and monitor the implementation of
the HESQ Policy through a comprehensive global
management system along with a company-wide
multisite Management System Certificate (MSC)
for the ISO 9001 (quality management), ISO
14001 (environmental management), ISO 45001
(occupational health and safety management)
standards, and ISO 50001 (Energy management).
We also implement third-party certified product
stewardship programs throughout our operations.
Certified feed safety management systems
are implemented in all animal feed business
units. Yara engages with HESQ and employee
representatives through HESQ committees to
capture their views and interests. See page 169,
for more information on the HESQ committees.
The HESQ Policy is communicated via the Yara
Steering System to all Yara employees, and is
available at yara.com.
Approach, actions and resources
Yara has put in place a dedicated GHG program
to decarbonize its value chain following a holistic
and cost-efficient approach. This program focuses
on implementing actions to lower emissions on
material sources, utilizing mature technologies
which presented high potential of reduction. A
dedicated frame to prioritize decarbonization
projects has been embedded into the Capital
Value Process (CVP) in Yara.
GHG project portfolio
Yara is actively managing its GHG project
portfolio. All projects within the centrally managed
GHG portfolio contribute to reducing Yara’s
GHG emissions. The GHG project portfolio has
dedicated personnel and financial resources
allocated to it, ensuring strict governance,
reporting and risk management.
Yara’s GHG project portfolio includes the
implementation of more than 80 projects across
plants and regions, at an estimated investment
of USD 200 million as detailed on page 121.
The aggregated effect of these projects is an
expected reduction to GHG scope 1 emissions by
approximately 1.7 million tonnes of CO
2
e by 2025.
At year-end 2024, 78 projects were completed,
resulting in a reduction of 1.6 million tonnes of
CO
2
e emissions. The portfolio includes energy
efficiency projects, N
2
O abatement in nitric acid
plants and electrification projects. Most impactful
reductions include the reduction of 400,000
tonnes of CO
2
e at the Cartagena nitric acid plants,
135,000 tonnes of CO
2
e at the nitric acid 7 plant
in Sluiskil and 130,000 tonnes of CO
2
e at our nitric
acid plants in Rostock.
Generally, the projects in the GHG project portfolio
can be regarded as profitable projects, with a
payback time dependent on local gas prices and
whether local carbon cost mechanisms exist in
the regions where the projects are being executed.
All of the GHG projects contribute significantly to
achieving our 2025 target, see page 133.
Capex that refers to property, plant and equipment
(PP&E) is recognized as an asset in the statement
of financial position at cost, if it is probable that
the items will generate future economic benefits
for Yara, and the cost can be measured reliably.
Subsequently, the asset is carried at its cost less
any accumulated depreciation and impairment
loss. For more information, see note 4.1 Property,
plant and equipment in Yara’s consolidated
financial statements. If the cost does not refer to
PP&E, it is expensed as incurred and presented as
other operating expenses in Yara’s consolidated
statement of income. Yara may receive subsidies
for investing in GHG emission reduction projects.
Subsidies that compensate Yara for the cost
of investing in assets are deducted from the
carrying value of the asset and recognized in the
Consolidated statement of income 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.
For more information, see note 4.9 Government
grants in the consolidated financial statements.
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Modification of nitric acid
burners in Rostock
In 2024, Yara modified two ammonia burners in
its nitric acid plant 2.01 in Rostock, in order to
accommodate for more N
2
O abatement catalysts
inside the burner. The same project was executed
in the other nitric acid plant (2.02) in 2023. The
total reductions amount to 130,000 tonnes of
CO
2
e per year.
These projects also result in EU Taxonomy
alignment under the substantial contribution
criteria for economic activity 3.16. Manufacture
of nitric acid. As the project for Rostock nitric
acid plant 2.01 was executed in 2024, this plant
contributes solely to the CapEx KPI, as part of the
CapEx plan. We expect full alignment of this plant,
resulting in contribution to all EU Taxonomy KPIs,
in 2025.
Execution of a CCS project in Sluiskil
In 2024, Yara started the construction phase of its
CCS project in Sluiskil. This project will expand the
CO
2
liquefaction capacity at Sluiskil by 800,000
tonnes per year. The liquified CO
2
will be transported
by Northern Lights from Sluiskil to Øygarden,
Norway, for intermediate storage, prior to injection
into an offshore saline aquifer at 2,600 meters
below the seabed. The first tonnes of liquefied CO
2
will be shipped in 2026. Over the next 15 years, 12
million tonnes of CO
2
will be permanently captured
and stored as a result of this project.
Renewable and nuclear
electricity sourcing
In 2024, Yara sourced 1 million MWh of
renewable or nuclear electricity through different
mechanisms. Detailed information on the sourcing
quantities and impact to decarbonization is
detailed in the Metrics section.
Biomethane
In 2024, Yara has made use of renewable
raw materials, such as renewable natural gas
(biomethane), as both feedstock and fuel in its
ammonia production plants, resulting in low-
emission ammonia used to produce renewable
lower carbon finished fertilizer products.
Renewable hydrogen production
Yara inaugurated a 24 MW renewable hydrogen
plant at Herøya, Norway, in 2024. The hydrogen
is produced with electrolysis of water and
renewable energy, which will replace a portion
of the site’s current fossil-based hydrogen
production. The pilot plant is still in commissioning
but, once completed (estimated in 2025), it will
produce 20,000 tonnes of renewable ammonia,
while at the same time removing 41,000 tonnes
of CO
2
emissions annually. This pilot project
continues to contribute to Yara’s EU Taxonomy
KPIs, via the CapEx plan in 2024.
As outlined in the Climate Transition Plan, one
of Yara’s key actions to enable decarbonization is
delivering our Yara Climate Choice fertilizers to the
market. By a combination of the three elements
above (renewable and nuclear electricity sourcing,
biomethane sourcing and renewable hydrogen
production), Yara has sold its Yara Climate
Choice™ fertilizers to more than 15 customers
worldwide in 2024.
Carbon Pricing Scheme
Yara makes use of an internal carbon price of
USD 50 per tonne of CO
2
in business case
calculations where no carbon tax or carbon emission
schemes are in place. The internal carbon price is
embedded in Yara’s CVP. For projects executed in
production sites subject to the EU emissions trading
scheme (EU ETS), carbon price forecasts based on
EU Allowances (EUAs) are utilized in business cases.
For projects in Yara Pilbara and Yara Belle Plaine,
carbon price forecasts from the carbon emission
schemes in Australia and Canada, respectively, are
used in business case calculations.
Yara’s scope 1 emissions are 69 percent covered
by regulated emission schemes. For scope 2,
the majority of Yara’s emissions are also covered
because the purchased electricity incorporates the
carbon cost passed on by the electricity provider.
For scope 3, no internal carbon price is applied.
The internal carbon price (shadow price) is also
used when calculating profitability and future
value expectation of any of Yara’s assets and/or
eventual acquisitions.
GHG project execution in 2024
Mitigation levers
Emissions reduction
(Thousand tonnes CO
2
e per year)
Actual capex 2024
(USD millions)
GHG projects finalized in 2024:
N
2
O emissions reduction 261 15
Energy efficiency 58 8
Other 44 3
GHG projects ongoing - 69
Total 363 95
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Targets
Target setting for GHG emissions is done through
a bottom-up analysis, followed by internal
decision-making processes and approval by GEB
and the Board. Targets are included in Yara’s
Strategy scorecard which measures the progress
of the execution of Yara’s corporate strategy.
When setting the current targets, no diverse
range of climate scenarios were used. This will be
considered in future target-setting. See the target
setting framework section on page 117 for more
information on future target-setting.
Targets are strictly monitored, and progress reports
are sent out to internal stakeholders monthly.
The following near term GHG reduction targets
are included in Yara’s Strategy scorecard:
• GHG 2025 target: Reducing GHG intensity by
10 percent by 2025, with a baseline year of 2018
• GHG 2030 target: Reducing absolute scope 1
and 2 emissions by 30 percent by 2030, with a
baseline year of 2019
Both scope 1 and scope 2 levers, as mentioned
under decarbonization levers on pages 121–122
and shown on page 120, will be used to achieve
Yara’s 2025 and 2030 targets, as well as the 2050
ambition.
In addition, Yara’s present commitment is to reduce
absolute scope 3 GHG emissions from use of
sold products by 11.1 percent by 2030, from a
2021 base year (as per the SBTi well below 2°C
submission in 2022 following the ACA).
2025 target: Reducing GHG
emissions intensity by 10 percent
The target includes emissions from our production
sites (scope 1 emissions), purchased electricity
(scope 2 market-based emissions) and imported
ammonia (scope 3, category 1 emissions).
Emissions associated with production of other raw
materials than purchased ammonia, emissions
from production of natural gas and emissions
from transport of raw materials and products are
excluded from the target. The natural gas, transport
and other raw material and fuel-related emissions
are not included in the indicator due to the lack
of accurate data available and ability to readily
reduce them. Therefore, approximately 75 percent
of Yara’s current upstream emissions (scope 1, 2
and 3) are included in the 2025 target. The target
applies to Yara’s production sites where we have
operational control (as per GHG Protocol) and does
not include Freeport and Hull.
This is an internally defined target and is not
aligned with external frameworks.
Baseline
The baseline year for the indicator is 2018 and the
data source of the baseline setting of 3.0 t CO
2
e/t
N is based on Yara’s non-financial GHG emissions
reporting. In absolute terms, it corresponds to a
reduction of 2.2 million tonnes CO
2
e (for baseline
production volume) in 2025 compared to 2018.
The nominator of the indicator comprises GHG
emission sources Yara identified as having major
potential reduction levers over the timeline of the
indicator target, while the denominator represents
the total nitrogen-based product as N equivalent.
The 2025 GHG emission intensity target was
defined in 2019, and 2018 was chosen as the
baseline year. In the absence of any recognized and
GHG intensity (t CO
2
e/t N), 2018-2024 and 2025 target
2.5
2.6
2.7
2.8
2.9
3.0
3.1
3.2
20252024202320222021202020192018
3.0 3.0 3.0 3.0 3.0
2.8
2.7
3.1
-10%-8%
The GHG intensity target and reported progress do not include Hull and Freeport.
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Scope 1 Scope 2
2030 Target202420232022202120202019
12.9
16.1
15.6
15.9
17.7
18.5
17.1 16.6 16.5 14.9 14.4 14.9
17.5
1.2
1.1
1.0
1.1
1.4
1.0
-30%-13%
harmonized climate target setting frameworks, Yara
decided to develop GHG emission intensity targets
considering the most material and mitigatable
emissions in its operations and value chain.
Progress on the GHG 2025 target
Our current indication is that Yara will meet the
2025 target of 2.7 t CO
2
e/t N. Keys to achieving this
target are the successful implementation of our GHG
projects (see page 131), global energy efficiency
increases from reliability improvements, the partial
Yara Trinidad plant closure (2019), lower emissions
from imported ammonia, and renewable and nuclear
power sourcing.
As observed in the figure on page 133, there is a
slight timing delay between the implementation of
the GHG Portfolio and the realization of emission
intensity reductions. The majority of projects were
implemented during 2023 and 2024. As such,
the full benefit on emission intensity from these
projects is expected to be realized in 2025.
2030 target: Reducing GHG scope
1 and 2 emissions by 30 percent
The 2030 target was developed to focus on Yara’s
own operational emissions in the near term and
does not include Freeport and Hull.
The target includes:
• Scope 1: All direct emissions related to
operations where Yara has operational control
(as per the GHG Protocol). Emissions related
to emergency power generation and owned
vehicles are not included but represent less than
1 percent of total Yara direct emissions.
• Scope 2: All indirect emissions from imported
power generation. Emissions related to steam
import are not included but represent less than
1 percent of total Yara scope 2 emissions.
The target is submitted to SBTi aligned with the
well below 2°C (WB2D) scenario.
Baseline
The baseline year of 2019 is considered
representative of Yara’s operations. The target
covers assets under Yara’s operational policies,
hence not including the Freeport and Hull assets.
Emissions from maritime are excluded due to its
minor contribution (<0.01 percent of total scope
1+2 emissions).
Progress on the target
In 2024, Yara had reduced its scope 1 and 2
emissions by 13 percent (excluding Hull and
Freeport) compared to the 2019 baseline. The
main contributing factors to this progress are the
same as the scope 1 and 2 reductions contributing
to the 2025 target, in addition to volume effects.
The absolute emissions in 2024 are higher than
the 2022 and 2023 absolute emissions, due to
higher ammonia production volumes in 2024.
However, the positive impact from the GHG
project portfolio’s implementation results in a
limited increase to 2024 absolute emissions.
GHG scope 1 and 2 (market-based) emissions, comparing 2019-2024 with 2030 target
Million tonnes CO
2
e / year
The GHG emissions target and reported progress do not include Hull and Freeport.
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2030 target: Reducing scope 3
category 11 emissions by 11.1%
The target includes emissions coming from use
of fertilizers. The target has been set according to
the absolute contraction approach (ACA). There
is an ongoing workstream, organized by SBTi, to
establish a sectorial decarbonization approach
(SDA) for the chemical sector, which will include
the fertilizer sector, and is expected to become
available by mid-2025.
The target submitted to SBTi is aligned with
a 2°C scenario. See page 124, Scope 3
downstream levers, for more information on the
decarbonization levers for achieving this target.
Baseline
The baseline year of 2021 was selected for the
scope 3 category 11 emissions reduction target.
This target applies to total fertilizer sales.
Progress on the target
In 2024, Yara reduced its scope 3 category
11 emissions by 18 percent compared to the
baseline. The reduction stems from reduced sales
volumes, largely due to reduced trade of products
from sanctioned Russian producers. Yara supports
and strictly enforces such sanctions, and we do not
see reduced sales volumes as a sustainable way of
reducing emissions. See page 128, Downstream
scope 3 mitigation project, for an explanation of
mitigation options being explored.
Scope 3 upstream
After the development and adoption of medium-
to long-term target setting frameworks, a scope
3 upstream target will be established. This is
expected by 2027.
Progress on scope 3 category 11 target
2030 Target 2024 2023 2022 2021
Scope 3 category 11 emissions (million tonnes) 34.8 32.0 30.5 31.4 39.2
Metrics
Energy
The energy metrics include all of Yara’s activities,
as they contribute to a “high climate impact
sector”
i)
.
Energy consumption in Yara is dominated by our
ammonia plants which attribute to 87 percent
of our total energy consumption. Therefore,
Yara has set an internal target on ammonia
energy efficiency. Maintaining and improving the
energy efficiency of our ammonia processes is
one of the main contributing factors driving us
towards global optimizati19on of resources and
improvement of our carbon footprint. A positive
trend in improved energy efficiency can be clearly
seen in the table below (Energy efficiency (GJ/t
NH
3
)), where 2024 shows a 0.8 percent better
(ammonia) energy efficiency than the set target
for 2024 and a 2 percent improvement in the
(ammonia) energy efficiency from 2023. This
achievement stems from the implementation of
projects in Yara’s GHG Project Portfolio combined
with reliable operations. When it comes to energy
production, Yara does not have any renewable
energy production. All energy produced in 2024 is
considered non-renewable.
During 2024, 401,500 tonnes CO
2
e were
reduced through renewable energy sourcing.
In 2024, Yara’s revenue was USD 13,868 million
as specified in Note 2.1 in the consolidated
financial statements.
Total energy consumption
1)
(GWH) and energy
consumption per revenue (MWH / USD)
Year 2024
Total energy consumption 24,893
Energy consumption per revenue 0.0018
1)
Excluding fuels consumed as feedstock for ammonia production
Energy efficiency (GJ/t NH
3
)
2024 Target 2024 2023 2022 2021 2020 2019
33.4 33.1 34.0 34.3 34.1 33.8 34.1
i)
According to ESRS High climate impact sectors are determined using NACE sections A to H and L
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Energy consumption
1)
(GWH) for high climate impact sectors
Energy consumption and mix 2024
1 Fuel consumption from coal and coal products –
2 Fuel consumption from crude oil and petroleum products 528
3 Fuel consumption from natural gas 19,514
4 Fuel consumption from other fossil sources 942
5 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 2,774
6 Total fossil energy consumption (calculated as the sum of lines 1 to 5) 23,758
Share of fossil sources in total energy consumption (%) 95.4%
7 Consumption from nuclear sources 373
Share of consumption from nuclear sources in total energy consumption (%) 1.5%
8
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal
waste of biologic origin, biogas, renewable hydrogen, etc.) 123
9 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources 632
10 The consumption of self-generated non-fuel renewable energy –
11 Total renewable energy consumption (calculated as the sum of lines 8, 9 and 10) 755
Share of renewable sources in total energy consumption (%) 2.5%
Total energy consumption (calculated as the sum of lines 6, 7 and 11) 24,893
1)
Energy consumption in MWh is calculated based on Lower Heating Value conversion factors. Figures are excluding fuels consumed as feedstock for ammonia production.
Renewable and low carbon energy use (GWH)
Type of contractual
instrument
Purchased
electricity (GWH)
Purchased
electricity (%)
Total electricity purchased 3,531
Share covered by contractual instruments Bundled EAC’s 944 26.7
Unbundled EAC’s Unbundled EAC’s 61 1.7
GHG emissions
Yara’s total GHG emissions were 1 percent
higher in 2024 than in 2023. The main factors
contributing to this increase are explained below:
Scope 1 emissions slightly increased
(approximately 3 percent) due to the higher
ammonia production volume in 2024 compared
with 2023. However, the positive impact of the
GHG project portfolio implementation resulted
in a reduced increase, see page 134, 2030
target: Reducing GHG scope 1 and 2 emissions
by 30 percent. The increase in scope 2 emissions
(approximately 20 percent) was due to an increase
in production volume, electrification of equipment
and inclusion of the joint operation Freeport and
third-party operated Hull into reporting, which was
not the case last year.
Total scope 3 emissions were similar to last year.
Scope 3 category 1 decreased (approximately
7 percent) due to lower scope 3 emission factors
(update of the factors in Ecoinvent database)
this year. Scope 3 category 3 emissions were
significantly reduced (approximately 18 percent)
due to improved site performances leading to
increased energy efficiencies, along with lower
scope 3 emission factors (update of the factors in
Ecoinvent database). It is worth mentioning that
Freeport and Hull did not impact this category
as they have different production technology.
Transport emissions (category 4 and 9) were
significantly lower (approximately 36 percent)
due to the availability of granular data replacing
less conservative estimations in the calculations.
Although most of the scope categories showed
a decrease in absolute emissions, total scope 3
emissions increased due to higher sales volumes
in 2024.
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Scope 1, 2 and 3 emissions (million tonnes CO
2
e) excluding biogenic emissions
2024 2023
% change
(2024 / 2023)
Scope 1 GHG Emissions
Gross scope 1 GHG emissions
1)
14.9 14.4 3%
Percentage of scope 1 GHG emissions from regulated
emission trading schemes (%)
2)
69% 70% (1%)
Scope 2 GHG emissions
Gross location-based scope 2 GHG emissions
3)
1.0 0.8 21%
Gross market-based scope 2 GHG emissions
4)
1.4 1.1 21%
Scope 3 GHG emissions
Total Gross indirect (scope 3) GHG emissions
5)
42.6 42.8 0%
Scope 3 category 1 Purchased goods and services
6)
8.1 8.7
(7%)
Scope 3 category 2 Capital goods
7)
- - -
Scope 3 category 3 Fuel and energy-related Activities
8)
1.0 1.2
(18%)
Scope 3 category 4 Upstream transportation and distribution
9)
0.3 0.5
(36%)
Scope 3 category 9 Downstream transportation
10)
1.1 1.8
(37%)
Scope 3 category 11 Use of sold products
11)
32.0 30.5 5%
Total GHG emissions
Total GHG emissions (location- based) (tCO
2
e) 58.5 58.1 1%
Total GHG emissions (market- based) (tCO
2
e) 58.9 58.4 1%
Base year, milestones and target years are not included in this table as our targets relate to the sum of scope 1 and 2 emissions, and scope 3 category 11, and
as such would not be applicable to most of the rows. See Targets on page 133, for more information on milestones and target years.
1)
The greenhouse gases relevant to Yara’s production plants are CO
2
from the use of fuels for combustion, CO
2
from the use of fuels as feedstock (including CO₂ used as feedstock in
downstream processes such as urea production and industrial products containing embedded CO₂), CO
2
coming from generation of own electricity, N
2
O from nitric acid and NPK production,
and CO
2
generated in calcium carbonate processing. CO
2
from Yara’s owned ships is considered following ETS-2 rules for maritime emissions. CO
2
coming from smaller terminals and
blending units outside major production locations is excluded. Scope 1 emissions are calculated as CO
2
equivalents using Global Warming Potentials (GWP) as per IPCC Fifth Assessment
Report where N
2
O GWP is equal to 265. Yara is not using the latest IPCC Assessment Report (N
2
O equal to 273, since we stick to ETS for rules for scope 1 reporting).
2)
Percentage includes emissions reported under EU ETS, under ETS maritime sector and under regulation schemes in Canada and Australia.
3)
Reference for the location-based factors used in calculations: SimaPro / ecoinvent, High voltage, kg CO
2
e/MJ Location-based.
4)
Factors used in calculations: latest Association of Issuing Bodies (AIB) European Residual Mix for EU countries. Location-based factors were used for calculation of non-EU countries (if
applicable). For US 2024 Green-e Residual Mix emission rates have been used.
5)
Calculations according to GHG Protocol Corporate Value Chain except for Urea and industrial products containing embedded CO
2
. These follow ETS principles, so are included as scope
1 emissions and not scope 3. Emission factors used in scope 3 calculations are secondary. Secondary data refer to estimated or indirect data used when primary data (directly measured
or specifically collected data) is not available. Examples of secondary data used: emission factors from databases, industry averages or benchmarks, government statistics or reports,
publications from scientific studies.
6)
The total amount (tonnes) of purchased and traded raw materials are converted into tonnes CO
2
e using factors that vary depending upon the raw material and where it is sourced. The
factors for fertilizer raw materials are as per Fertilizers Europe’s Carbon Footprint calculation scheme or, for own produced products, actual calculated carbon footprint values. Category 1
also includes emissions from feedstock; conversion into tonnes CO
2
e makes use of emission factors from ecoinvent database). Natural gas used as feedstock is included in category 1 and
natural gas used as energy is included in category 3. Next to raw materials, goods and services are included and estimated based on a spend-based method. The process to report category
2 separately will be implemented for 2025 reporting.
7)
Fertilizer plants typically have a very long lifetime and the initial CO
2
impact per year or per tonne of product is minor. Vehicles and other capital goods form a minor share of spend and their
GHG impact is estimated to be low. See footnote on category 1 above.
8)
The total amount (GJ) of purchased fuel/form of energy is converted into tonnes CO
2
e using factors that vary depending upon the fuel and where it is sourced. The emission factors are based
on the latest available data from ecoinvent database except for diesel (IPCC) and wood chips (JRC 2015 report).
9)
Transportation managed by Yara is included. This is including intermediate transportation between Yara sites. For certain regions where we do not have granular data, we have based
estimations on spend. Due to the complexity of global inbound and outbound transport operations the exact split between upstream and downstream transport is an estimate only. The
calculation is based on actual tonne kilometers per transport mode and Fertilizers Europe’s Carbon Footprint calculation scheme emission factors.
10) Calculation includes distribution of Yara products to all markets globally. FOB sales are not included due to missing data. Ammonia trade is not included. Due to the complexity of global
inbound and outbound transport operations the exact split between upstream and downstream transport is an estimate only. Calculation based on realized tonne kilometers per transport
mode and Fertilizers Europe CFP emission factors.
11) The calculation covers CO
2
from use of Yara produced fertilizers. N
2
O from use of nitrogen fertilizer, and CO
2
from lime application via CAN fertilizer use. The total amount (tonnes) of
fertilizers sold are converted into total amount of N which is converted into CO
2
e using emission factor of 1% from the 2006 IPCC Guidelines for National Greenhouse Gas Inventories
that vary depending upon the fertilizer. The IPCC 2006 Guidelines for National Greenhouse Gas Inventories provide methodologies for estimating greenhouse gas (GHG) emissions from
various sources, including direct and indirect N₂O emissions from fertilized soils. For Yara-produced fertilizers, the total tonnes of nitrogen in fertilizers are calculated. Using the 2006 IPCC
Guidelines, 1% of applied nitrogen is emitted as N₂O-N, which is then converted to N₂O using the 44/28 molecular weight ratio. Finally, N₂O emissions are converted to CO₂e using a GWP
of 265 (AR5). This accounts for N₂O emissions from nitrogen fertilizer use.
The following scope 3 categories were considered not significant or not applicable:
• Scope 3 category 5 - Waste generated in operations: Emissions related to waste generated from operations are not significant.
• Scope 3 category 6 - Business travel: Business travel CO
2
e emissions compared to total GHG emissions are minimal and therefore not significant.
• Scope 3 category 7 - Employee commuting: Employee commuting CO
2
e emissions compared to total GHG emissions are minimal and therefore not significant.
• Scope 3 category 10 - Processing of sold products: Yara sells fertilizers as final products and no further processing is relevant.
• Scope 3 category 12 - End of life treatment of sold products: Fertilizer products are fully consumed at the use phase, thus end of life treatment is not applicable.
• Scope 3 category 8 and 13 – Upstream and downstream leased assets: Most of the terminals are owned by Yara and leased downstream assets are a minority. Further work is needed to
assess the significance of leased assets.
• Scope 3 category 14 - Franchises: Yara does not use franchises in the business concept.
• Scope 3 category 15 - Investments: Yara’s share of GHG emissions from investments not already included in scope 1 and 2. Emissions are estimated to be not significant.
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Total GHG emissions (million tonnes of CO
2
e) split per consolidated accounting
group and per investees and GHG intensity per revenue (t CO
2
e / USD)
Scope 2024
1 Consolidated accounting group 14.0
1 Investees 0.9
2 – location based Consolidated accounting group 1.0
2 – location based Investees <0.1
2 – market based Consolidated accounting group 1.4
2 – market based Investees <0.1
3 All significant categories 42.6
1+2 (location based) +3 Total 58.5
1+2 (market-based) +3 Total 58.9
GHG emissions per revenue (location based) (T CO
2
/ USD) 0.0042
GHG emissions per revenue (market based) (T CO
2
/USD) 0.0043
In 2024, Yara’s revenue was USD 13,868 million as specified in Note 2.1 in the consolidated financial statements.
Disaggregated information for GHG emissions (million tonnes
of CO
2
e) per GHG category (CO
2
, N
2
O as CO
2
e)
Scope CO
2
N
2
O (as CO
2
e)
Scope 1 14.2 0.7
Scope 2 market-based 1.4 -
Scope 3 10.7 31.9
Biogenic emissions (million tonnes of CO
2
e) in scope 1, 2 and 3
Scope 2024
Scope 1 <0.1
Scope 2 Not Applicable
Scope 3 Not Applicable
Total <0.1
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
E2 Pollution
Mineral nitrogen fertilizers
play a vital role in meeting
global food demands. However,
producing and applying such
products can contribute to air,
water and soil pollution.
Mineral fertilizers are made from mined raw
materials in addition to air and natural gas.
Pollution to air, water and soil can occur in the
mining and quarrying of minerals, and from the
extraction of natural gas.
Key pollutants in fertilizer production include
nitrogen compounds (NO
x
), phosphorus (P)
from phosphate production, sulfur oxides (SO
x
)
from sulfuric acid production, ammonia (NH
3
)
from reaction emissions, and fluorine (F) from
phosphate processing. Dust is also emitted
throughout the value chain, from raw material
handling to production, storage and combustion,
with mining activities also contributing to dust
formation.
Nitrogen (N), a key nutrient in our products,
primarily comes from NH
3
derived from natural
gas. Emissions can occur at production, handling
and blending sites. A limited number of pollutants
regulated under the European Pollutant Release
and Transfer Register (E-PRTR) are emitted
to water and air at specific production sites.
Overapplication of fertilizer may also lead to runoff
and emissions of nitrogen and phosphorus into
water sources.
Soil contamination may arise from both our own
operations and the entire value chain, e.g., spills.
Sites with significant historical contamination
undergo investigation and remediation in
accordance with local regulatory requirements.
Yara does not operate sites that intentionally
release significant pollutant quantities directly
into the soil, based on E-PRTR threshold limits for
land emissions.
Protective measures and regulatory controls are in
place in Yara’s operational sites, and preventive or
corrective activities are carried out in accordance
with local regulations.
Organic pollutants are generally absent in mineral
fertilizers, though substances of concern (SoC) or
very high concern (SVHC) may be present, and are
sometimes irreplaceable. Soil health is crucial for
sustainable crop production but some substances
classified as SoC or SVHC are essential crop
nutrients.
Yara offers environmental solutions to reduce
pollution, including controlling NO
x
, H
2
S odors,
water treatment, and preventing corrosion.
Policies
Yara’s overarching Health, Environment, Safety
and Quality (HESQ) Policy is to achieve Zero
Harm to both people and the planet. Our HESQ
Policy sets out our direction for mitigating
negative impacts related to pollution of air, water
and soil, as well as minimizing and substituting
substances of concern (SoC) and substances of
very high concern (SVHC). The policy, together
with our steering system, is designed to prevent
pollution by managing a broad range of pollutants
and substances to protect human health and the
environment. It also addresses our ambition to
avoid incidents and emergency situations, and to
minimize impacts if such events were to occur.
See page 131 for more information on the HESQ
Policy.
IRO Pollution of air Scope
NO
x
emission mitigation through
use of products
Emissions to air
Pollution of soil
Soil contamination in production
Pollution
Pollution to air, water and soil in
sourcing
Pollution of water
Emissions to water in production
Emissions of nitrogen to water in
use of products
Substances of concern and
very high concern
Substances of concern
Substances of very high concern
+
-
-
-
-
-
-
-
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Approach, actions and resources
We manage pollution through our HESQ
management system, see page 77. Our
production sites are subject to environmental
permits and statutory requirements, and ensuring
compliance is fundamental for operations. Each
site monitors their relevant pollutants according
to applicable permits. We develop environmental
roadmaps, per operational site or unit, to
improve environmental performance and reduce
environmental impacts.
Our product stewardship programs provide
guidance throughout the value chain and ensure
that fertilizers, including the raw materials,
additives and intermediate products, are
processed, manufactured, handled, stored,
distributed, and used in a safe way. Correct
application of fertilizer is important to achieve a
high nutrient use efficiency and avoiding nutrient
pollution. Yara offers a suite of digital solutions
and agronomic advice to support farmers in
applying the right fertilizer, in the right amount,
and at the right time and place. See page 196 for
more information on these offerings.
Our planning is centered on preventing and
reducing emissions by employing the best
available techniques (BATs) whenever applicable.
While decarbonizing our operations is essential,
Yara also strives to minimize emissions beyond
GHG emissions throughout our supply chain,
working closely with farmers and other customers.
Environmental Roadmap Program
Dedicated efforts, following our HESQ Policy,
continue in advancing the Environmental
Roadmap Program with environmental
assessments at our production facilities at
Siilinjärvi, Ponta Grossa and Ambes. Further to
this, regular site support and routine follow-up
continues to play an important role in managing
the environmental impacts and risks at our
production facilities.
Costs incurred
i)
for pollution-related projects for
the Environmental Roadmap Program in 2024
amount to USD 83.2 million. Of this, USD 61.6
million refers to 88 environmental projects and
USD 21.6 million refers to 15 emission efficiency
projects that have surpassed the final investment
decision (FID) during the year. Environmental
projects are projects in which the primary purpose
is environmental performance improvement,
while emission efficiency projects are projects
where improved environmental performance is a
consequence and not the purpose of the project.
Key action area Scope
Pollution mitigation
hierarchy Resources allocated Enforcement driver
Time horizon for
completion
Environmental and chemical
management system
Yara Avoid
Reduce
Control
N/A HESQ Policy and Yara
strategy
Annual reviews
Environmental roadmaps Production units Avoid
Reduce
Control
Environmental projects:
• USD 61.6 million for cost incurred in 2024
• USD 224.5 million cost estimated for 2025-2030
Emission efficiency projects:
• USD 21.6 million for cost incurred in 2024
• USD 77.9 million cost estimated for 2025-2030
• Legal or contractual
liability
• BAT (current and foreseen)
• EU Taxonomy DNSH
Projects under
the indicated
capex frame are
intended to be
completed by end
of 2030
Soil and water remediation • Contaminated existing and
legacy sites
• Landfills
Restore
Regenerate
USD 76 million environmental provisions at year end
2024
1)
Legal or contractual liability Annual
SVHC phase-out plan • Chemicals and components other
than plant nutrients
Avoid N/A • HESQ Policy
• Legal
Annual
1)
For more information, see note 5.5 Provisions and contingencies in Yara’s consolidated financial statements.
i)
If the incurred cost refers to property, plant and equipment (PP&E), it is recognized as an asset in the statement of financial position at cost if it is probable that the items
will generate future economic benefits for Yara and the cost can be measured reliably. Subsequently the asset is carried at its cost less any accumulated depreciation and
impairment loss. For more information, see Yara’s consolidated financial statements note 4.1 Property, plant and equipment. If the cost does not refer to PP&E, it is expensed
as incurred and presented as other operating expenses in Yara’s consolidated statement of income. Yara may receive subsidies for investing in GHG emission reduction projects
and other environmental related projects, as well as research and development. For more information, see Yara’s consolidated financial statements note 4.9 Government grants.
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Estimated financial resources to be allocated
to the Environmental Roadmaps for 2025-
2030 amount to USD 302.5 million. Of this,
USD 224.5 million refers to 208 environmental
projects and USD 77.9 million refers to 23
emission efficiency projects. The successful
completion of projects in 2024 led to
improvements in air emissions, groundwater and
soil contamination, and water effluents. It also
enhanced environmental measurements, release
detection, and compliance with regulatory and
permit requirements.
While the current Environmental Roadmap
Program aims at addressing compliance risk
in Yara for production sites, the ambition is
to expand our reach to include blending units,
warehouses and terminals.
We monitor complaints from local communities
near our sites and take action when necessary
to remedy those impacts. See page 192 for key
actions and metrics related to grievances by
stakeholders.
The environmental project portfolio manages
ongoing projects and future needs at each
production site, ensuring long-term compliance.
Projects are aligned with each site, and are based
on site strategy, risk exposure and opportunities
for improvement. Resource allocation is
fundamental to the success of each initiative, and
for larger scale projects this can encompass a
pluriannual approach, with oversight from a team
of subject matter experts. Relevant projects are
aligned with local authorities, and several of our
future projects will be funded in collaboration with
these agencies.
List of key actions for 2024
Country Actions Environmental aspect Impact
Australia Modification of ammonia recovery unit and
installation of new distillation column
Air emissions Reduction of NO
x
emissions
France Installation of low NO
x
burners Air emissions Reduction of NO
x
emissions
Finland DeNO
x
reactor renewal Air emissions Reduction of NO
x
emissions
Netherlands Installation of dust extraction system at
loading area
Air emissions Reduction of dust emissions
Australia Installation of remediation infrastructure Groundwater/soils Recovery of groundwater for remediation
Brazil Impermeabilization of warehouse floors Groundwater/soils Reduction in contaminant infiltration
Finland Establishment of water management plan Groundwater/soils Improvement in groundwater monitoring and
analysis
Netherlands Storage and process tanks improvement Groundwater/soils Regulatory / permit compliance
Belgium Improvement of wastewater piping Water effluents Reduction in contamination from leaks and
maintaining infrastructure to specifications
Brazil Adequation of the sewage treatment
system
Water effluents Reduction of pollutants in effluent discharge
Netherlands Study and pilot for additional wastewater
treatment
Water effluents Reduction of nitrogen load in effluents
Netherlands Impermeabilization of loading tower floors Water effluents Reduction of nitrogen load in effluents
Netherlands Installation of new purification unit Water effluents Reduction of nitrogen load in effluents
Planned future actions
Country Actions
Environmental
aspect Impact
Expected
completion
Brazil Installation of a new granulation washing
system
Air emissions Reduction in particulate emissions 2025
Italy Prilling tower dust abatement Air emissions Reduction in dust and ammonia
emissions
2025
Australia Installation of water treatment system Water effluents Improved effluent discharge quality 2025
Belgium Installation of wastewater treatment plant Water effluents Improved effluent discharge quality 2025
Netherlands Installation of a Wet Electrostatic
Precipitator
Air emissions Reduction in dust and ammonia
emissions
2026
Norway Installation of new prilling tower fan Noise Reduction in noise emissions 2026
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Targets
We have not set measurable, outcome-oriented
targets for pollution at a corporate level. Each unit
is, however, tasked with setting environmental
performance targets as part of their compliance
management and business planning processes.
Our central HESQ function benchmarks material
pollutants against industry peers using data
from the International Fertilizer Association (IFA)
and Fertilizers Europe (FE) to drive continuous
improvement. The effectiveness of the HESQ
management is assessed by internal and external
audits, along with HESQ Management reviews.
See page 131 for more information on the HESQ
management system. The ambition level is full
compliance with environmental permits and
regulations. We track the progress of this through
our environmental compliance indicators and
pollution metrics.
Metrics
Maintaining compliance
Yara’s production sites are committed to ensuring
compliance with local environmental permits and
statutory requirements. Environmental emissions
and discharges generated at our facilities are
monitored and managed according to each
site’s environmental permits, and reporting
to local environmental authorities occurs in
strict adherence to permit requirements. All
deviations, including incidents, that can result in
non-compliance with specific permit conditions
are investigated and corrective and preventive
measures are implemented to prevent recurrence.
Further to this, future regulatory and permit
changes are anticipated to proactively address
potential future non-compliance risks.
Environmental compliance indicators
Environmental compliance indicators, by number 2024 2023 2022 2021
High severity environmental incidents – – – –
Legal claims for environmental breaches (open cases at year-end)
1)
5 5 5 4
Sites receiving fines or sanctions for environmental issues 4 2 5 4
Sites reporting environmental compliance issues 16 18 20 19
1)
More information regarding these lagal claims can be found under Key legal cases on page 192.
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Pollution to air, water and soil
The Corporate HESQ function oversees collects
the data from the sites through electronic forms
and performs quality control and consolidation of
the data. Measurement methodologies are chosen
based on legislation, permit requirements and
internal monitoring needs.
For pollutants to air, our plants have different
measurement methodologies based on European,
local legislation and international standards,
varying from direct measurement, periodic
measurements and calculations.
The majority of Yara’s air emissions are monitored
either continuously or periodically by accredited
third parties, in accordance with local regulations
in the relevant regions of the operations. For a
limited number of installations, primarily related
to utilities (boilers) or ammonia production,
emission totals are calculated based on emission
factors or fuel consumption, specifically for
pollutants such as NO
x
, dust and SO
x
.
In select cases, for minor emission points where
no other data is available, emissions of NH
3
and
dust are calculated from process conditions and/
or historical measurements. The pollutant loads
derived in this manner are negligible compared to
Yara’s overall totals.
Yara’s data on air emissions and water discharges
are predominantly based on monitoring conducted
as part of regulatory requirements and used by
local authorities for compliance assessments.
This monitoring is subject to quality control and
quality assurance requirements which include the
use of specific monitoring methods (standards),
frequencies, calibration regimes, and periodic
verification for continuous monitoring systems.
Emissions to soil
No incidents were recorded that contributed to
significant soil contamination in the year.
Emissions to air
Pollutants (Tonnes) # of locations where material 2024
1)
2023 2022 2021 2020
Mitigation
approach
NO
x
(as NO + NO
2
)
2)
18 7,100 7,300 7,600 8,700 8,300 Reduce
SO
x
(as SO
2
) 3 1,000 1,300
3)
1,800 2,000 2,100 Reduce
NH
3
16 3,700 3,700 3,700 3,700 4,100 Reduce
Fluorides (as F) 1 10 17 16 16 20 Reduce
Dust
4)
11 2,300 2,400 2,500 2,900 2,800 Reduce
Hydrochloric acid (as HCl)
5)
3 200 Reduce
Carbon Mono xide (CO)
5)
3 2,900 Reduce
1)
2024 figures include additional units owned but not operated by Yara. In addition, consolidated data on emissions to air only includes emissions from the facilities for which the
applicable threshold value specified in Annex II of regulation (EC) No 166/2006 is exceeded for the 2024 data.
2)
Prior to 2022 NO
x
from our production plants was reported as NO
2
.
3)
Decrease in SO
x
due to lower production volumes at our sulfuric acid plants.
4)
Fertilizer dust mainly consists of the constituents of the product itself, that being nitrates, phosphates and potassium salts.
5)
Included for 2024, to align with the ESRS requirements.
Emissions to water
Pollutants (Tonnes) # of locations where material 2024
1)
2023 2022 2021 2020
Mitigation
approach
Nitrogen (as total N) 10 2,387 2,546 2,626 3,030 3,369 Reduce
Phosphorous (as P) 4 71 136 151 187 284 Reduce
Fluorides (as F) 4 53 Reduce
Phenols 1 0.15 Reduce
Arsenic (as As) 3 0.04 Reduce
Cadmium (as Cd) 1 0.03 Reduce
Lead (as Pb) 1 0.03 Reduce
Mercury (as Hg) 1 0.03 Reduce
Nickel (as Ni) 3 0.09 Reduce
Zinc (as Zn) 4 1.07 Reduce
To align with the ESRS reporting requirements, 2024 includes a broader range of pollutants beyond nitrogen and phosphorus.
1)
2024 figures include additional units owned but not operated by Yara. In addition, consolidated data on emissions to water only includes emissions from the facilities for which
the applicable threshold value specified in Annex II of regulation (EC) No 166/2006 is exceeded for the 2024 data.
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Substances of concern and
substances of very high concern
Yara manufactures carbon mono xide (CO)
which is a SVHC. It is generated as a byproduct
in one production site. The substance is an
intermediate which is sold to customers via a
pipeline under strictly controlled conditions. The
customers further process CO to manufacture
other substances. Yara has a well-defined
process for phasing out substances of very high
concern. If substitution of such chemicals is
not feasible, the necessity of using them on an
industrial scale is strictly assessed and subject
to rigorous site management approval. All such
substances are monitored and managed in our
substance of concern list and in the Chemsoft
tool for chemical management. Yara’s strategy is
to avoid procurement of chemicals classified as
most hazardous such as carcinogenic, mutagenic,
persistent, or bio-accumulative, whenever a
substitute is feasible.
Yara investigated the presence of SoC and SVHC
in products sold in 2024. The findings were:
• In the total product portfolio, including third-
party products, 35 substances are classified
with one or more SoC hazard classes, of which
13 are also classified as an SVHC.
• Compared with 2023, three more SVHC
substances have been phased out and are no
longer used in 2024.
15 substances are related to micronutrients
which have a wider, essential use. This includes
both SVHC, such as various boron and cobalt
compounds, and SoC, such as zinc, copper and
manganese salt. Most boron compounds are
either classified as toxic for reproduction or
foreseen to be classified as such. The EU has
postponed the inclusion of borates recommended
for authorization in REACH annex XIV due to
its essential use in crop nutrition application.
In addition, we are using another substance in
urea manufacturing where a substitution is not
currently technically available.
Substances of concern and very high
concern procured and contained
in finished products for 2024
Amounts contained in finished products
were calculated based on sold volumes and
harmonized hazard classifications in Annex VI
to the Classification, Labelling and Packaging
(CLP) regulation in the EU. In 2024, the scope
was extended to include more hazard classes
compared with 2023 reporting. In addition, more
substances are reviewed and added in Annex VI
to CLP year on year, so more substances are now
in scope of SoC. Where a substance has multiple
classifications, we only report the most severe
classification to avoid double counting. Most of
the procured volumes of SoC and SVHC exist as
such in the products we sell, so these volumes
are counted to be the same. There are however
three substances that we procure to use in the
production of materials via chemical reactions
where the final product does not contain the
substance in the same quantities anymore. The
figures on SVHC and SoC are calculated by Yara
and have not been validated by an external body
other than the assurance provider.
Tonnes of SoC and SVHC procured and contained in finished
products categorized by their main hazard classes.
Main hazard class
Amounts procured
(tonnes)
Amounts contained in finished products
(tonnes) SoC/SVHC
Repr. 2 39.503 39.503 SoC
Repr. 1B 18,122 15,205
1)
SVHC
Repr. 1A 17,883 17,883 SVHC
Carc. 2 0.751 0.751 SoC
Carc. 1B 3,639 0.728
1)
SVHC
Carc. 1A 0.004 0.004 SVHC
Aquatic Chronic 3 14.860 14.860 SoC
Aquatic Chronic 2 3.044 3.044 SoC
Aquatic Chronic 1 7,374 7,124
1)
SoC
STOT RE 2 0.842 0.842 SoC
1)
Amount in finished product is lower than procured because the SoC/SVHC substance has been chemically reacted to form another substance that is not classified
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
E3 Water and
marine resources
Water is critical to fertilizer
production and plays an
important role along the entire
value chain, from upstream
sourcing to downstream
application processes. With
Yara’s operations spread across
diverse operating environments
globally, we aim for responsible
use and discharge of water from
our facilities.
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. As a result, almost all the water
that is withdrawn is discharged with minimal
changes to the composition but could have an
increased thermal load. Water may be discharged
into an alternative receiving environment
from which it was withdrawn, which can have
adverse effects depending on the circumstances.
Wastewater discharges from our production
units may contain smaller concentrations of
nitrogen and phosphate. See page 139 for more
information.
Policies
Our HESQ Policy underscores our commitment
to protecting clean water, including the use
and sourcing of water, and managing effluents
effectively to prevent local pollution. We support
this commitment through environmental
roadmaps and implementation of best-available
technology solutions. Yara’s HESQ roadmap
aims to minimize our impacts on ecosystems
and biodiversity, through efficient water use
and preventing local pollution. Our commitment
extends to assessing and managing risks and
impacts related to climate, including water
scarcity, in our own operations and in collaboration
with stakeholders.
Our overarching ambition of zero harm to the
environment includes protection of clean water and
effective management of effluents, which supports
the UN Sustainable Development Goal 14 – Life
below water – by continuous efforts to reduce
nutrient loads from our operations. See page 131
for more information on the HESQ Policy.
Approach, actions and resources
We recognize that water availability varies
significantly by geographic location, ranging from
abundant and inexpensive to restricted, due to
natural availability and regulatory constraints. All
Yara production plants are assessed using the
Water Resources Institute’s Aqueduct Water Risk
Atlas Tool, based on water withdrawal locations,
to determine each site’s baseline water stress.
Baseline water stress measures the ratio of total
water demand, including domestic, industrial
and agricultural, to available renewable surface
and groundwater supplies. We define ‘water
stressed’ sites as those located in regions where
the ratio of demand to availability is equal to or
exceeding 40 percent, indicating a higher level
of competition among water users, according to
the Aqueduct Water Risk Atlas tool from World
Resources Institute.
During 2024, two additional production sites,
not operated by Yara, were assessed to be
located within areas of low baseline water stress.
Subsequently, we continue to manage the risks
linked to our previously assessed six production
sites: Babrala, Ferrara, Le Havre, Ravenna,
Sluiskil and Tertre, that are located in areas with
high or extremely high baseline water stress. The
Water Risk Atlas assessment’s outcome allows
IRO Water Scope
Water withdrawals
Water discharges
Water consumption
-
-
-
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us to actively manage freshwater usage at the
local level and focus on these production plants
which require attention to reduce or mitigate the
identified water-related risks.
As part of our operational responsibility, all
production sites hold permits for water withdrawal
and discharge, and we take great care in upholding
the prescribed limits. Our production sites work
to reduce dependence on natural resources and
minimize operational impact by using water
efficiently, optimizing reuse and recycling,
managing effluent discharges – including those to
oceans – and ensuring compliance.
As most of the water is used for once through
cooling and returned to the waterways, our main
production operations result in a net consumption
of approximately less than five percent of the
raw water withdrawn. To manage the water
related risks, impacts and opportunities within
our operations, including sites in areas of high
water stress, our sites are focused on reducing
freshwater withdrawals.
Due to the large volumes of water discharged to
the environment, the treatment of effluents at
our production sites is important to managing
our impacts. Sites may utilize one or multiple
treatment methods depending on the water’s
composition, including no treatment (e.g.,
once-through cooling water), primary treatment,
secondary treatment (for some process waters),
and treatment by third-party facilities (such
as wastewater treatment plants). We work in
accordance with local regulations to ensure that
our effluents do not contribute to the deterioration
of water bodies.
Implementation of site-specific
water use improvements
Site-specific water use improvements are
identified, and projects are initiated and executed,
using our Environmental Roadmaps methodology.
This approach involves a detailed assessment of
water availability, withdrawal, use, and discharge,
ensuring that improvement projects align with
local requirements, targets and regulatory
obligations, as well as our internal ambition to
improve water use, discharge and consumption.
Costs incurred for water related projects (water
intensity and monitoring improvements) in the
Environmental Roadmaps for 2024 amounts
to USD 0.49 million. Of this, USD 0.46 million
refers to five environmental projects and
USD 0.03 million refers to one emission efficiency
project that have surpassed final investment
decision (FID) during the year. All costs incurred
List of key water-related actions for 2024
Country
Production Site Baseline
Water Stress Risk Actions taken
Environmental
aspect Impact
Brazil Low Acquisition and
installation of flow meter
Water
intensity
Establish continuous monitoring and improved
reliability of water measurement data
Planned future actions
Country
Production Site
Baseline Water
Stress Risk Actions taken
Environmental
aspect Impact
Expected
completion
Italy Extremely high Exchanger Water
recovery
Water effluents
/ intensity
Reduced effluent discharge, increased
reuse, and reduction in raw water
withdrawal
2025
Netherlands Extremely high Recoup of
concentrate from
reverse osmosis
Water effluents
/ intensity
Reduced effluent discharge, increased
reuse, and reduction of raw water
withdrawal
2025
Brazil Low Installation of flow
meters
Water intensity Improved reliability of water
measurements data
2026
France High Reuse concentrate
from reverse
osmosis system
Water intensity Increased reuse and reduction in raw
water withdrawal
2026
India Extremely high Installation of
reverse osmosis
system
Water intensity Effluent treatment, increased
recycling of wastewater and reduction
in raw water withdrawal
2027
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for water effluents projects are included in the
Pollution chapter.
Estimated financial resources to be allocated to the
Environmental Roadmaps for 2025-2030 specific
to water intensity projects amount to USD 12.9
million. Of this, USD 12.5 million refers to ten
environmental projects and USD 0.4 million refers
to four emission efficiency projects that have passed
final investment decision (FID) at year end 2024.
The reverse osmosis unit at our Babrala facility,
with an investment of USD 10.9 million, is
expected to be completed in 2027.
These initiatives will manage our dependence on
natural resources and limit our operational impact.
Several of our sites are increasing or optimizing
the volumes of water reused/recycled on site,
which can further contribute to reduced water
withdrawals. We aim to also increase rainwater
harvesting, water recycling and reuse of effluents,
which will directly correspond to a reduction in raw
water withdrawal.
Targets
Six sites in areas of high-water stress are
committed to reducing material water
consumption and have established reduction
targets.
As part of our commitment to manage our water
and marine resources-related impacts, risks and
opportunities, we have established site specific
freshwater reduction targets for our sites assessed
as high risk. Based on the local climate scenarios
for these six sites, and the results from the water
stress analysis, targets were established in 2023,
following comprehensive workshops and climate
risk assessments. In line with our HESQ Policy
to manage our climate and nature risks, the
reduction target is expected to reduce our annual
freshwater withdrawals at these facilities by 4.5
million cubic meters by 2030. At our sites in India
and France, the targets have been aligned with
local regulators, while for other sites the reduction
target is voluntary but has been established to
optimize the reduction potential at each site. For
the voluntary targets external stakeholders have
not been involved. The target is supported by
projects and operational initiatives to be executed
until 2030. The project scope varies from
rainwater harvesting to treatment of effluents
for reuse, for a two-fold benefit of reducing both
effluent discharge and reducing the volume of
raw water required. All projects are overseen by
the Environmental Roadmap Program to ensure
projects are carried forward, with reductions
measured, to achieve the targets set.
A target for reduction in water withdrawal will
also positively affect the water consumption
and discharges at these sites. We have not set
separate targets for water consumption and
discharges, however various initiatives will impact
these metrics. Several sites will reuse/recycle
condensates and other wastewater effluents that
were previously discharged, which will be used as
makeup water within the process, thereby also
reducing total effluent discharge.
Freshwater reduction target for production sites
Target description Scope
Unit of
measure
2022
Baseline
1)
2030 Target
volume
Reduction
volume
Achieved performance and
milestones
Reduce freshwater
withdrawal
Production sites located in
high /extremely high baseline
water stress areas
Million m
3
26.7 22.2 4.5 • Five projects concluded, with freshwater reductions totaling 400,000 m
3
• Five projects in execution with expected freshwater reductions of 1.2 million m
3
• Planned initiatives with expected freshwater reductions of 3 million m
3
1)
Baseline standardized for all sites to 2022, except Ferrara where withdrawals were not representative in 2022 as a turnaround year.
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Metrics
Water withdrawal, discharge and consumption
are key metrics utilized at our main production
sites and are monitored on monthly and annual
values. For 2024, two additional production
units not operated by Yara (Freeport and Hull)
were included in our analysis of these metrics.
Monitoring takes place in accordance with
environmental permits and primarily through
automated flow measurements. The withdrawal
and discharge readings taken at the entrance and
outfall of our sites form the basis for calculating
our water consumption. In 2024, one of our sites
was unable to measure their discharge due to
malfunctioning flow measurement devices. We
expect our 2024 reported discharge to result
in a variation of total discharge by less than
0.01 percent.
The total water withdrawal amounted to 870
million m
3
, a 1.7 percent decrease from the
previous year. Despite the additional withdrawals
associated with the two additional production
units, this was offset by the turnarounds in several
sites as well as cessation of production operations
at Montoir in early 2024. Of the water withdrawn,
96 percent was discharged as a result of the large
volumes of water used for once-through cooling,
resulting in a water consumption of 34.2 million
m
3
. The water consumed in our operations is
primarily used in liquid products and for steam
production. By comparison, our production sites
located in areas of high to extremely high baseline
water stress were responsible for consuming 12.7
million m
3
. During the last year, several sites have
improved their recycling/reuse capacity, including
recycling of process and steam condensates,
resulting in 17 million m
3
recycled. Water is stored
on several sites prior to use, with an estimated
23.6 million m
3
stored at the end of 2024.
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Water withdrawal, discharge, and consumption
Total for Yara’s production sites
Unit 2024 2023 2022 2021 2020
Total water withdrawal m
3
869,534,562 884,649,646 860,189,887 966,181,898 1,011,731,164
Fresh surface water % 40% 39% 41% 40% 39%
Brackish surface water/seawater % 55% 59% 57% 58% 59%
Groundwater % 1% 1% 2% 1% 1%
Produced water
1)
% <1% <1% <1% <1% <1%
Third-party % 4% 1% 1% 1% 1%
Total water discharge m
3
835,295,685 854,508,996 827,344,280 901,435,619 980,082,725
Fresh surface water % 13% 13% 15% 15% 17%
Brackish surface water/seawater % 83% 87% 85% 84% 82%
Groundwater % <1% <1% <1% <1% 1%
Third-party % 3% <1% <1% <1% <1%
Total water consumption m
3
34,238,877 30,140,650 32,845,607 64,746,278
2)
31,648,438
Discharge as a percentage of withdrawal 96% 97% 96% 93% 97%
Consumption as a percentage of withdrawal 4% 3% 4% 7% 3%
Total freshwater withdrawal from high or extermely high baseline stress areas m
3
22,709,176 21,324,877
3)
14,143,972
4)
14,654,269 17,193,253
Percentage of total water withdrawal % 3% 2% 2% 2% 2%
Total water consumption in high or extremely high baseline stress areas m
3
12,687,991 11,677,071 8,095,619 8,764,607 9,710,212
Percentage of total water consumption % 37% 39% 25% 14% 31%
Water recycled
5)
m
3
16,945,470 15,601,412 16,300,712 54,024,821 –
Water stored onsite m
3
23,637,160 – – – –
Water Intensity (total water consumption per revenue in USD)
6)
m
3
/ USD millions 2,469 – – – –
Water Intensity (total water consumption per revenue in EUR)
7)
m
3
/ EUR millions 2,673 – – – –
Raw water including third-party water withdrawals are validated through the
invoices acquired through local authorities. Other water withdrawal measurements
are based on flow meters which are not validated by an external body. Discharges
are predominantly based on monitoring conducted as part of regulatory
requirements and used by local authorities for compliance assessments, otherwise
discharge measurements are not validated by an external body. The data is for
sites where Yara has operational control. Where Yara does not have control of
operational policies, we include the share according to the interest held. In 2024
two sites were included, where Yara does not have control of operational policies.
1)
Produced water is water that enters an organization’s boundary as a result
of the use of any raw material and has to consequently be managed by the
organization (Source: CDP, CDP Water Security Reporting Guidance, 2018;
modified). Note that not all our production sites are able to monitor these
volumes.
2)
During 2021, the Salitre mine (sold in 2022) was under commissioning and
consequently there was a higher water consumption that year.
3)
Correction made to Total freshwater withdrawal from high or extremely
high baseline stress areas in 2023, as the 2023 figures included
only extremely high baseline stress areas.
4)
In 2022 only three sites were assessed to be located in high or extremely high
baseline stress areas. Based on the 2024 assessment, three additional sites
have now fallen into the classification of high or extremely high baseline stress
areas. The 2022 withdrawal number therefore deviates from the baseline used for
target setting. The baseline for the target setting is based on 2024 assessments
and calculated from 2022 water withdrawals data, except for Ferrara which used
2020 data due to turnarounds and unrepresentative withdrawal data for 2022.
The baseline used for target setting is therefore 26,730,412 m
3
.
5)
Reduction in water recycling from 2022 onwards,
following the sale of Salitre mine.
6)
See note 2.1 in Yara’s consolidated financial statements, revenue
USD 13,868 million was used for the intensity calculation.
7)
Based on the revenue in USD, water intensity with EUR in the denominator
was calculated using the revenue of EUR 12,810 million.
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
E4 Biodiversity
and ecosystems
Fertilizers play a vital role in
meeting global food demand as
part of the agricultural system.
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. Yara has one
active apatite mine in Siilinjärvi, Finland, where
forested area is converted to an open-pit mine.
• Pollution from the downstream product use,
through nutrient pollution downstream of the
agricultural system, due to overapplication of
fertilizer. See page 140, for more information.
Climate change is a global impact driver on
biodiversity and ecosystems. Climate change is
a material topic for Yara, see page 116 for more
information.
Policies
Our HESQ Policy relates to the drivers of
biodiversity change through prescribing
assessment and management of risks, impacts
and dependencies on nature and biodiversity.
It covers pollution, resource use with specific
focus on water and nutrient management on
farms. Furthermore, our steering system guides
local operations to cover more specific aspects
in a risk assessment. The policy itself does not
specifically address the traceability of products
with material actual or potential impacts on
biodiversity and ecosystems along the value
chain, beyond the climate footprint and regulatory
pollution requirements and production, sourcing or
consumption from ecosystems that are managed
to maintain conditions for biodiversity. The
policy does not address social consequences of
biodiversity and ecosystem related impacts, but our
stakeholder engagement is important to manage
social impacts from our activities. See page 188
for more information on affected communities and
page 87 on stakeholder engagement. Yara has
not established a global policy on biodiversity and
ecosystem protection, sustainable land / agriculture
policy, sustainable oceans / seas policy, nor a
policy to address deforestation. Instead, our policy
has a broader approach to reducing harm to the
environment, and each site takes actions based
on local impacts, risk and opportunities. For more
information on the HESQ Policy, see page 131.
The active mining operation in Siilinjärvi is subject
to the same policy implementation, internal audits
and other procedures as all Yara sites. There is
an additional environmental and social impact
assessment (ESIA) performed in Siilinjärvi to cover
the impact of the mine, and the production plant,
on the local environment and people.
IRO
Direct impact drivers of
biodiversity loss
Scope
Direct exploitation in production
Land-use change in sourcing
Direct exploitation in sourcing
Impacts from nutrient pollution
Land-use change in production
Local
-
-
-
-
-
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Resilience of Yara’s strategy
and business model
Yara has not conducted a resilience analysis
of our strategy and business model, in relation
to biodiversity and ecosystems, that is fully
compliant with the requirements as described
in the ESRS. We do, however, consider
implications of biodiversity and ecosystem
risks and opportunities in our strategy and risk
processes. The Board of Directors has decided
that the company shall have a low risk appetite on
environmental exposure.
As indicated in the Enterprise Risk Management
chapter, page 62, Yara recognizes it is exposed
to nature and ecosystem related risks. The key
factors considered are:
• Water risks, linked to flooding, quality and
availability, are assessed under climate risks.
See page 93 for more information.
• License to operate under stricter environmental
regulations. See page 142 for more
information.
• Market dynamics to improve the resilience
of agriculture, which is Yara’s main market.
Yara has identified Regenerative Agriculture
as a strategic response. See page 16 for more
information.
Approach, actions and resources
Through our double materiality assessment
process, we have identified the key material
drivers of biodiversity change relevant to our
operations and supply chain. See page 98
for more information on how biodiversity and
ecosystem impacts, dependencies, risks and
opportunities originate from our strategy and
business model. For more information on the
ongoing work of identifying and assessing our
impacts according to the LEAP approach, see
Biodiversity and ecosystems on page 95.
Our approach to reducing our impacts on
biodiversity and ecosystems is mainly through
managing our impact drivers:
• Climate change, page 116
• Pollution, page 139
• Water use, page 145
• Resource use, page 152
• Land-use change
In 2024, we have not undertaken any material
actions related to land-use change and direct
exploitation in sourcing. Regarding land-use
change, this is applicable to our mining activities
in Siilinjärvi and in 2024 there was no land-use
change. Our current priorities focus on our own
operations; therefore, we have no material actions
addressing biodiversity impacts in our supply
chain. For information on actions regarding the
other impact drivers, see the respective chapters
as mentioned above.
Targets
We have not yet set measurable outcome-oriented
targets for biodiversity and ecosystems at a
corporate level. However, development of targets
for our main impact drivers, pollution and water
use, are covered in E2 and E3 respectively. The
effectiveness of environmental management,
and as such the biodiversity impact drivers, is
evaluated by Corporate HESQ, as well as by third
parties, e.g., management system certification for
ISO 14001. See page 77 for more information
on the HESQ management system. Through our
HESQ Policy, we have an ambition of zero harm
to the environment. We do not track our progress
related to biodiversity and ecosystems, as we are
still assessing our baseline. We do, however, track
our main impact drivers through environmental
compliance and associated metrics, see page 142.
Metrics
The only site with material land-use change is
the active apatite mine in Siilinjärvi, Finland (Yara
Suomi Oy). In 2024, no hectares were taken into
use and no hectares were rehabilitated. The total
area of land disturbed and rehabilitated in the
Siilinjärvi mine is now 2,652 hectares, of which
201 have been rehabilitated.
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
E5 Resource
use and circular
economy
Mineral fertilizer production is
dependent on finite resources,
such as natural gas, phosphate
rock, potassium salts and other
minerals that are essential crop
nutrients. Circular economy
principles and efficient resource
use are key to reducing the
dependency and impact on finite
resources and decreasing waste.
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. 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. Additionally, Yara’s production
relies on chemical reactions, using certain critical
raw materials, such as platinum, as catalysts.
Efficient use of raw materials is important to
minimize impacts from resource use and reduce
waste. Key waste types generated in the fertilizer
manufacturing value chain are:
• waste rock, overburden, tailings, and sludges
from phosphate and potash mining
• phosphogypsum generated in phosphoric acid
manufacturing
• residues from sulfuric acid manufacturing,
especially iron oxide in the case of a pyrite-
based process
• used catalysts and catalyst residues from the
chemical processes
Other wastes generated in Yara’s operations
are used packaging materials, scrap, waste
oils, chemical residues, and materials from
construction, maintenance and demolition
activities. The volumes of the latter will vary
from year to year, depending on the investment,
divestment and maintenance activities at Yara’s
production sites.
Policies
Yara’s HESQ Policy and Sustainable Procurement
Policy define the company’s ambition to move
towards a circular economy by using materials
efficiently and improving waste management.
Recycling and circularity are prioritized in
own operations as well as in sustainability
considerations in sourcing, and Yara investigates
and develops technologies to enable those. The
policies do not address transitioning away from
virgin resources or use of renewable resources.
See page 131 for more information on the HESQ
Policy.
Sustainable Procurement Policy
Our Sustainable Procurement Policy outlines
our commitment to delivering sustainable value
by fostering transparency and elevating the
sustainability performance of our suppliers. It
clearly establishes the expectation that suppliers
adhere to the United Nations Guiding Principles
on Business and Human Rights. The policy serves
as a framework for the way we monitor and
manage supplier sustainability compliance and
performance, and implement our Sustainable
Procurement Program. It covers key areas such
as climate change, energy use, circularity, water
management, health and safety, human rights
and labor practices, business integrity, diversity,
IRO Resource inflows Scope
Resource use
Waste
Waste generation
-
-
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equity, and inclusion, and sustainable supply
chains. The policy is a mandatory component of all
purchase agreements.
The Sustainable Procurement Policy has been
approved by the Group Executive Board. Its
implementation is overseen by the SVPs of
Direct and Indirect Procurement and managed by
the Sustainable Procurement Team, led by the
Director of Sustainable Procurement.
Approach, actions and resources
Optimizing our resource inflows starts with using
resources efficiently in our production. Continuous
improvement activities aim to increase energy
efficiency and resource use to reduce waste. We
utilize several secondary materials (industrial
byproducts and waste streams) as raw materials,
to the extent that those comply with the stringent
safety and agronomical criteria set by fertilizer
regulations.
The Procurement organization is responsible for
sourcing resource inflows and controls the third-
party spend. A central team is responsible for
defining Yara’s overall procurement strategy and
to ensure all units responsible for procurement
at Yara comply with applicable processes
and policies. The Sustainable Procurement
team provides guidance for the Procurement
organization to manage sustainability-related
topics in our supply chain and supports the
reporting of impacts and progress towards targets.
Actions related to reducing our use of fossil fuels
are part of our decarbonization levers for scope 1
and covered in the Climate change chapter, see
page 131.
Reducing plastic use and waste
Yara remains committed to promoting responsible
plastic waste management and engaging in
collaborative efforts with stakeholders to achieve
this goal. Our ongoing efforts include collaboration
with diverse stakeholders to collect and recycle
agricultural plastics and our own product
packaging materials.
Two key initiatives were implemented in 2024.
In Europe, during 2024 all bags were changed
to bags made with 30 percent recycled plastic,
and work to increase the share to 35 percent is
ongoing. In Brazil, a new type of big bag with an
outer layer made of 100 percent recycled PET
is in circulation.
In 2024, we used 4,427 tonnes of recycled plastic
related to these and other initiatives. Altogether,
this has reduced Yara’s virgin plastic use in
packaging by about 10 percent and the related
carbon footprint by about five percent compared to
the 2021 baseline year.
Waste management
Yara’s waste management procedures are
established locally based on regulations and the
waste hierarchy principles. Much of Yara’s waste
is cyclical in nature and generated during site
turnarounds. Metals, especially those which are
critical raw materials, used catalysts and catalyst
residue, are recycled to the extent that compliant
waste management operators are available in
the region. In very few cases, whenever recycling
is not a feasible option, used catalysts are
disposed of at compliant waste management
facilities. Non-process specific waste is collected
and segregated to the extent that recycling and
recovery services are available. Byproducts from
apatite mining and phosphoric acid manufacturing
are sold to various external users, thus replacing
virgin materials in certain supply chains.
Key waste management actions for 2024:
• A site in Brazil continues to valorize
phosphogypsum in the existing onsite deposit,
as well as the volumes produced during the
phosphoric acid process.
• A site in Finland has defined how to manage
process waste that contains phosphorus, which
has decreased the amount of waste generated.
• Our mine in Siilinjärvi has taken several actions
to manage iron oxide and phosphogypsum
byproducts, and to utilize rock from its
operations. The site is also participating in a
research project aiming to explore the feasibility
and optimal utilization of side streams from the
mining sector. Read more about the project on
the VTT Research Information Portal: Growing
sustainable bioproducts from industrial side
streams
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Targets
We have not set measurable outcome-oriented
targets for resource use and waste at a corporate
level. Each unit is, however, tasked with setting
environmental performance targets as part of
their business planning. Resource inflows related
to natural gas for feedstock or fuel purposes are
reflected in our climate targets, see page 133.
Waste management is handled locally, and it is
up to each site to track the effectiveness of waste-
related actions through their business planning and
to ensure proper waste management in line with
the HESQ Policy and Yara Steering system. The
effectiveness of HESQ management is evaluated
by Corporate HESQ and as part of the third-party
management system certification, see page 78.
We also report waste quantities to external ESG
benchmarks and compare our performance with
peers from the chemical industry. See page 77
for more information on the HESQ management
system. Our ambition level is to maintain
compliance with permits and regulations, and we
monitor waste metrics to track progress.
Metrics
Resource inflows
Our three most material resource inflows are
natural gas, phosphate and potash. Phosphate
rock and elemental phosphorus are on the EU
Critical Raw Materials list.
Natural gas
We source natural gas, and in some cases other
forms of hydrocarbons, to produce nitrogen
fertilizers and industrial products. In 2024, we
started to make use of renewable raw materials,
such as biomethane, for feedstock and fuel in some
ammonia plants. This enables us to produce low-
carbon ammonia, which in turn is used to produce
lower-carbon fertilizer products. The amount of
renewable feedstock are immaterial.
Phosphate
Phosphorus (P) occurs in natural geological
deposits as phosphate rock, which is mined from
the earth’s crust. We source phosphate rock and
phosphoric acid to produce granular and feed
phosphates, and NPK fertilizers.
Potash
We source two types of potash (K): muriate of
potash (MOP) and sulphate of potash (SOP). MOP
is mined from naturally occurring ore bodies that
have been formed over thousands of years. SOP is
primarily produced by reacting MOP with sulfuric
acid, while a lesser share of world SOP is mined
from naturally occurring ore bodies.
Resource inflows for our main raw materials
Units 2024 2023 2022 2021 2020
Natural gas MMBtu 278,323,833
1)
243,697,851 249,357,687 269,788,077 276,343,747
Phosphate tonnes P
2
O
5
1,699,372
2)
1,652,041
2)
1,652,736
2)
2,266,758
2)
2,046,221
2)
Potash tonnes K
2
O 1,729,482 1,683,281 1,499,684 2,256,135 2,356,358
The data is based on supplier information on purchased quantities and has not been validated by an external body other than the assurance provider. The data is for sites where
Yara has operational control. Where Yara does not have control of operational policies, we include the share according to the interest held.
1)
2024 figures for natural gas includes two additional production units where Yara does not have control of operational policies.
2)
From 2020 the scope of the indicator has been expanded to include third-party NPS and NPK products sourced by Yara.
Use of renewable sources and
byproducts as raw materials
In 2024, we procured 1,933 thousand tonnes
of raw materials based on byproducts or waste
streams from our suppliers. Some typical
byproducts used in our production are sulfur
from crude oil desulfurization in oil-refineries
and ammonium sulphate derived as a byproduct
from synthetic fiber production. These specific
raw materials represent 21,5 percent of our raw
material inflows (excluding feedstock).
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Waste
General waste management (tonnes unless otherwise specified)
2024 2023
1)
2022 2021 2020
Total waste generated 177,908
2)
149,262 104,986 98,076 88,376
Total waste diverted from disposal 42,818 46,308 29,110 20,665 30,095
Hazardous waste diverted from disposal 7,554 6,626 2,112 1,691 2,399
Hazardous waste - preparation for reuse
3)
111
Hazardous waste - recycling
3)
4,332
Hazardous waste - other recovery operations 1,270 6,626 2,112 1,691 2,399
Non-Hazardous waste diverted from disposal 35,264 39,683 26,998 18,974 27,696
Non-hazardous waste - preparation for reuse
3)
1,236
Non-hazardous waste - recycling
3)
20,020
Non-hazardous waste - other recovery operations 14,008 39,683 26,998 18,974 27,696
Total waste directed to disposal 135,345 102,954 75,876 77,411 58,281
Hazardous waste directed to disposal 28,978 25,517 20,935 21,474 17,964
Hazardous waste - incineration 1,623 764 1,288 2,645 2,001
Hazardous waste - landfill 22,743 24,753 19,647 18,829 15,963
Hazardous waste - other disposal operations
3)
4,613
Non-hazardous waste directed to disposal 106,367 77,437 54,941 55,937 40,317
Non-hazardous waste - incineration 21,612 6,556 1,944 649 3,040
Non-hazardous waste - landfill 70,061 70,880 52,997 55,288 37,277
Non-hazardous waste - other disposal operations
3)
14,694
Percentage of non-recycled waste 76% 69% 72% 79% 66%
Total amount of hazardous waste 36,532 32,143 23,047 23,165 20,363
Total amount of radioactive waste
4)
20,225
Process-specific waste streams (tonnes)
2024 2023 2022 2021 2020
Phosphogypsum - end of waste or byproduct 335,188 489,544 579,600 267,900 601,616
Phosphogypsum - directed to onsite deposit 1,839,963 1,595,910 1,630,392 1,783,902 1,685,548
Phosphogypsum - increase in stored phosphogypsum 1,504,775 1,106,366 1,050,792 1,516,002 1,083,932
Iron oxide - end of waste or byproduct 297,200 332,164 343,987 478,381 394,994
Iron oxide - directed to onsite deposit 301,957 282,265 296,858 285,581 289,989
Iron oxide - increase in stored iron oxide
5)
4,757 (49,899) (47,129) (192,800) (105,005)
Mining - tailings/sludges to onsite deposit
10,189,861
9,636,631 9,540,412
14,808,476 13,047,120
Mining - recovered components from tailings
3)
62,097
Mining rock - waste
15,742,340 15,635,665 11,422,455 14,158,760 13,478,353
Mining rock - end of waste or byproduct
3)
4,178,653
Waste data is collected based on waste type and waste transfer notes from contracted waste collectors. The waste measurements have not been validated by an external body
other than the assurance provider. The data is for sites where Yara has operational control. Where Yara does not have control of operational policies, we include the share according
to the interest held. In 2024 two sites were included, where Yara does not have control of operational policies, however they reported zero quantities as the waste quantities are
handled by the site operator. Quantities of waste included in the process specific waste streams are not included in the general waste management table.
1)
2023 total waste generated, total waste directed to disposal and non-hazardous waste directed to disposal have been updated to reflect a typo mistake in 2023 reporting.
2)
The total amount of waste generated in 2024 has increased. This difference is largely influenced by three items i) one site had a special disposal item related to an
environmental liability (12,000t), ii) one site reported larger waste volumes of water treatment plant sludge (8000t) and iii) one site had long technical shut down that created
increased waste data for 2024.
3)
Historically, data was not collected or was aggregated into one value. Further, historical data on type of disposal/recovery and waste properties is not available for some
disclosures.
4)
Historically data was not collected on this value. The total amount of radioactive waste is also included in the total amount of hazardous waste disclosure. This waste is
classified as radioactive due to a conservative approach in Norwegian Law and its application to Naturally Occurring Radioactive Material (NORM).
5)
Negative numbers indicate a decrease in stored iron oxide, due to the recovery of iron oxide from the storage pile exceeding the amounts added to the pile.
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Social
information
Topics
S1 Own workforce: Equal treatment and opportunities for all
157
S1 Own workforce: Working conditions
168
S1 Own workforce: Other work-related rights
179
S2 Workers in the value chain
183
S3 Affected communities
188
S4 Consumers and end-users
194
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
S1 Own workforce:
Equal treatment
and opportunities
for all
Fostering an inclusive culture,
based on fairness and respect,
enables our workforce to thrive
and our business to succeed.
Attracting and retaining talent
is a top priority, especially when
addressing challenges, as our
employees’ knowledge remains
our greatest asset.
Our ambition to grow a nature-positive food future
hinges on workforce development. Continuous
learning through upskilling and reskilling is
crucial for bringing positive impact and value
for our employees. Ensuring our workforce has
the necessary skills and knowledge enhances
productivity and efficiency, which is key to
delivering our strategy, building resilience and
driving continuous improvement. Without
employee development, we risk losing our
competitiveness and failing to meet our goals.
We positively impact our employees through
offering opportunities for upskilling and reskilling,
as well as fostering a corporate culture where
employees feel appreciated, accepted and
included. Furthermore, ensuring that our workforce
is treated in line with the principles of equality
and non-discrimination is a priority for us. It
contributes to our company respecting basic
human rights and defines our drive for operational
excellence and innovation.
We recognize that certain material negative
impacts on our employees are more likely to be
systemic or widespread. In particular, the gender
pay gap, often resulting from discrimination
against women, remains a significant concern.
This disparity not only affects women’s earnings
but could also affect their career progression,
engagement and retention. Addressing these
systemic issues is crucial for fostering an equitable
and supportive work environment for all our
employees.
The measurements for the S1 chapter have
been calculated by Yara and have not been
independently validated by an external body,
except for HESQ-related metrics, which have been
verified by DNV and through ISO certifications.
Policies
Total Rewards Policy
Our Total Rewards Policy addresses the negative
impact of gender pay gaps. The general objective
of the policy is to ensure that we pay employees
fairly, regardless of personal beliefs or individual
characteristics such as gender. It is supported by
an annual salary review process to correct the
gender pay gap and the annual gender pay gap
analysis to detect and flag where we have a gap.
The policy covers full-time and part-time
employees of Yara, i.e., salaries paid directly to
individuals by Yara, and excludes non-employee
workers. The EVP of People, Process and
Digitalization is accountable for implementing and
operationalizing the policy, with oversight by the
Group Executive Board (GEB) to ensure alignment
with the corporate strategy.
To ensure accessibility, the policy is available
for all employees in Yara’s Steering System. We
monitor the implementation of the policy through
compensation dashboards and salary review
outcomes. Implementation support is provided
IRO
Equal treatment and
opportunities for all
Scope
Upskilling and reskilling
Gender pay gap
Discrimination and harassment
DEI & culture
Engagement and retention
!
+
+
-
-
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through local and regional HR teams who address
concerns in real time.
Salary Review Procedure
The Salary Review Procedure addresses the
negative impact related to the gender pay gap.
The objective of the procedure is to ensure that
employees’ salaries are fair and accurately reflect
their contribution. The procedure states a global
framework for the annual Salary Review Process,
outlining that Yara shall follow a fair pay approach,
referring to salary being compared to peers to
achieve internal equity.
The procedure covers all Yara employees, and
the EVP of People, Process and Digitalization is
accountable for implementing and operationalizing
the procedure. The procedure is operationalized
through our People management system, where
we also have online training modules to support
the line manager and HR Business Partner in
deciding salary increases and other rewards.
The outcome of the Salary Review Process, thus
also the adoption of this procedure, is monitored
through our annual gender pay gap analysis and
compensation dashboards. Non-employee workers
are not in the scope of this procedure.
Recruitment Policy
Our Recruitment Policy addresses practices to
prevent discrimination throughout the recruitment
process and to foster diversity and inclusion. The
general objective of the policy is to ensure a fair
recruitment process and equal opportunities, while
also promoting diversity. The policy is supported
by a recruitment module in our HR Management
system Yara PeoplePath along with recruitment
guidelines to support recruiters and hiring
managers to follow the principles outlined in the
policy.
The policy covers Yara employees and external
candidates applying for a position at Yara. It
applies to all employee groups, with no exclusions.
The EVP of People, Process and Digitalization is
accountable for implementing and operationalizing
the policy.
To ensure accessibility, the policy is available for
all employees in Yara’s Steering System. The
hiring managers are responsible for following
the guidelines in the policy, and implementation
support is provided through local Recruiters and
HR Business Partners.
People Strategy
Our People Strategy document outlines our
approach to upskilling and reskilling, DEI and
culture. The objective of this document is to
guide our organization in prioritizing upskilling
and reskilling initiatives, embedding DEI in all
our activities and ensuring our culture embodies
continuous development.
The strategy document is available for all
employees on our intranet page. The EVP of
People, Process and Digitalization is accountable
for the strategy, with oversight by the GEB to
ensure alignment with the corporate strategy.
The adoption of our People Strategy is tracked by
usage statistics through dashboards and yearly
reporting on learning hours and employee survey
results. The strategy applies to our employees,
and non-employee workers are therefore not in
scope.
Yara’s Code of Conduct
The Code of Conduct outlines Yara’s commitment
to ethical and compliant business practices,
including human rights. It is valid for all
employees, whether full-time, part-time,
permanent, temporary, the GEB, and the Board of
Directors (Board) and gives us the framework for
upholding Yara’s core values in our daily work. The
Code of Conduct is reviewed and published on an
annual basis and is available in 18 languages. The
Chief Compliance Officer is accountable for the
implementation of the Code of Conduct.
At Yara, we believe that a diverse and inclusive
work environment in which employees feel valued
for their uniqueness and feel safe to speak up
benefits our business. Our Code of Conduct sets
Yara’s position regarding equal opportunity,
harassment, as well as equal pay and working
hours.
Consultants and contractors are considered
business partners for the purposes of Yara’s
Code of Conduct. Yara expects all its business
partners to abide by similar principles in their
own operations to those outlined in the Code of
Conduct. They are also expected to abide by the
principles set forth in the Code of Conduct for
Yara’s Business Partners. The content of both
the Code of Conduct and the Code of Conduct for
Business Partners is broadly aligned with the UN
Guiding Principles and the OECD Guidelines and
incorporates internationally recognized human and
labor rights.
Code of Conduct for Yara’s
Business Partners
The Code of Conduct for Yara’s Business
Partners outlines the legal obligations and the
standards of integrity we expect our business
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partners to uphold. This code considers the same
internationally recognized and endorsed standards
for human rights, business ethics and labor
conditions as our Code of Conduct. It applies to
all individuals and companies with which Yara has
business relationships, regardless of their nature,
type of transactions or duration. This includes
companies of all legal types, ownership structures
and jurisdictions in which they are incorporated.
The Code of Conduct for Yara’s Business Partners
is reviewed periodically and communicated
to all business partners, which includes both
suppliers and customers. It shall be included
in all agreements and contracts. The Code has
two distinct parts: the obligations comprise
non-negotiable standards and regulations, and
the expectations outline desired standards Yara
expects its business partners to implement. The
Code of Conduct for Yara’s Business Partners is
available in 23 languages on our website.
Yara supports the availability of grievance
channels and expects business partners to
implement reporting mechanisms and processes
for addressing grievances for workers and possibly
affected stakeholders. Furthermore, any breaches
or concerns related to the conduct of Yara
employees, consultants, contractors or any of our
business partners should be reported immediately
to Yara’s Ethics and Compliance Department at
ethics@yara.com or through the Ethics Hotline,
page 203.
It is the responsibility of line management,
contract managers and procurement managers
to ensure that the Code of Conduct for Yara’s
Business Partners is included in contracts
and effectively implemented. Yara’s Ethics
and Compliance Department and the Chief
Compliance Officer are accountable for the
content of the Code of Conduct for Yara’s Business
Partners, while internal procedures govern and
mandate its inclusion in all relevant contracts.
For more information on our general approach to
remediation and non-retaliation, see pages 80 and
203 respectively.
We require that employees of our business
partners be treated with respect and dignity,
and that opportunities are based solely on merit,
irrespective of race, color, religion, gender, age,
national origin, sexual orientation, gender identity,
marital status, or disability.
All policies are available to our employees
in Yara’s Steering System, our internal
communication channel Pulse, and/or employee
handbooks.
Other impacts
As of the reporting period, we do not have
dedicated policies for managing upskilling and
reskilling, DEI and culture, or engagement and
retention IROs. However, our stance on these
topics is highlighted in our People Strategy,
where they are key focus areas for our efforts
and resources, as outlined under the Approach,
actions and resources section of this chapter. The
principles of DEI are embedded in our existing
policies and processes.
Processes
Engaging with employees
We use both structured and unstructured
mechanisms to engage directly with employees,
to listen to their concerns and suggestions for
improvements. Addressing matters raised by
employees is essential for maintaining an engaged
and productive workforce, decreasing employee
turnover and fostering a culture of development
and DEI.
Our structured mechanisms to engage with
employees include our employee surveys, Yara
Voice and Peakon. They measure employee
sentiments related to engagement, motivation,
upskilling and reskilling, DEI, work-life balance
and well-being and more. Yara Voice is our annual
global survey, while Peakon is conducted monthly
or quarterly for participating organizations.
In 2024, 85 percent of the 16,000 invited
employees participated in Yara Voice, and
84 percent of the 5,400 invited employees
participated in Peakon. Non-employee workers
are not in the scope of the survey. The results
are available to line managers overseeing teams
of five or more than five employees and their
respective HR Business Partners. Additionally,
global results are presented annually to the
GEB and works councils, and each organization
is committed to creating action plans based on
their results. The EVP of People, Process and
Digitalization is accountable for this process.
Our more flexible mechanisms to engage with
employees are townhalls and other types of
meetings that bring leadership and employees
together. These meetings inform employees
about the company’s performance and other
important issues. During these sessions,
employees can voice their concerns and learn
how the organization plans to address specific
matters. For instance, our Global Townhall, led
by the CEO, occurs quarterly. All employees are
invited to participate and can submit anonymous
questions, which the CEO answers. Any questions
not addressed live are later covered in articles on
our intranet. Similar sessions are held at different
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organizational levels, such as regional, plant and
country levels, to discuss topics relevant to those
areas.
Engaging with workers representatives
We value the relationship with our employees
and their representatives and engage with them
regularly. We acknowledge that regulations and
workers’ representation help protect basic labor
rights and keep a power balance between the
company and employees. Lack of representation
or regulation could potentially generate poor
and unsafe working conditions, lower wages, or
exploitation.
Globally, four members of the Board are elected
by employees as their representatives. Their
involvement and consultation are crucial whenever
setting targets or prioritizing actions and initiatives
on a global level.
On a regional level, the European Works Council
of Yara (EWC) is a forum for elected employee
representatives across Europe and corporate
management to meet for various kinds of
discussions and collaboration. The EWC is
responsible for significant business issues and
European-level matters. The full EWC has a
minimum of one meeting per year, while the EWC
core team may meet four times per year. The EVP
of People, Process and Digitalization is the most
senior person responsible for such engagement.
We also established the Brazilian Works Council
of Yara (BWC) in 2021, Yara’s first works
council outside Europe. BWC is made up of
representatives from different parts of Yara Brazil
and has a similar role as EWC.
In addition to regional works councils, each region
and location have autonomy to establish relations
with unions and other types of representation, as
expressed in our Code of Conduct.
Salary Review Process
This process aims to eliminate potential gender
pay gaps by reviewing and adjusting salaries
based on fair pay principles, as outlined in
our Total Rewards Policy. During the annual
Salary Review Process, we identify and address
discrepancies where employees performing equal
work of equal value receive different pay, ensuring
fairness and equity. Closing the gender pay gap is
crucial for fostering a fair and inclusive workplace,
promoting equality and enhancing employee
engagement and retention.
The process implementation is supported by salary
review modules in our HR management system,
a compensation dashboard for monitoring salaries
and webinars and support material available
to HR Business Partners and Line Managers
responsible for operationalizing the process. The
EVP of People, Process and Digitalization is
accountable for the process, while the CFO and
GEB are consulted when setting salary frames.
Non-employee workers are not in the scope of this
process.
Approach, actions and resources
Upskilling and reskilling
Our learning activities provide opportunities for
both upskilling and reskilling. Upskilling aims to
enhance employees’ current skills and capabilities
to advance in their existing roles, whereas
reskilling enables them to take on new roles within
Yara.
In 2024, we continued investing in our digital
learning hub Degreed, an online platform that
connects guided skills development with digital
learning content that employees are interested
in, or that is required by their current roles or
career goals. Through Degreed, our employees
can access over 188,000 learning assets, which
include resources from learning providers as well
as internal training courses developed for and by
Yara. These learning assets include more than
70,000 courses, 50,000 articles, 60,000 videos,
and 4,000 podcasts. Feedback from Yara Voice
shows that 84 percent of our employees agree
they are able to learn and develop their skills at
work, signaling a widespread positive impact.
In 2024, we recorded in our central learning
management system approximately 195,000
hours of training, averaging to 11.1 hours of
training for women and 11.4 hours of training
for men. This estimate is based on dividing total
training hours by the total number of employees.
However, among the 12,612 employees who
recorded training hours in our central system, men
received on average 16.2 hours of training, while
women received 13.1 hours. We estimate these
averages by dividing the overall training hours only
by the number of employees who have recorded at
least one training event during the year.
It is important to note that the data for average
training hours is an estimate, as it only represents
the learning hours recorded in our central system
for active permanent and temporary employees.
Data from local learning systems are not
considered in this estimate. Additionally, learning
and training also occur on the job, which may not
always be captured in our systems. In locations
where training hours are not tracked, training is
either recorded by occurrence rather than hours,
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or there is no centralized control over all in-house
training activities.
In 2024, we also continued our development
programs Black Leadership Development
and Women in Agronomy, to further promote
upskilling, reskilling and foster diversity, equity,
and inclusion. Read more about Women in
Agronomy on page 198. In addition to global
programs, our regions also run development
programs in line with local needs.
Engagement and retention
We believe that engaged employees are key
to our success. A motivated and committed
workforce drives innovation and efficiency,
while low turnover rates help us maintain
valuable knowledge and skills. We prioritize
employee engagement and retention by running
annual engagement surveys, acting on survey
feedback, and monitoring retention rates through
dashboards.
Yara Voice is our annual global engagement
survey that actively seeks employee feedback on
our progress on topics like diversity and inclusion,
career and training, and well-being. Feedback
from the survey is used to prioritize actions that
enhance our employees’ experiences. In 2024, our
employee engagement index, measured through
Yara Voice, remained high (76 percent). This
index measures how motivated and committed
employees are to the company, their intended
time frame to continue working at Yara, and
how willing they are to put in extra effort for the
organization.
We consistently score well against the general
industry benchmark on questions related to
employee engagement, and similar to previous
years, we see that most employees are proud to
work at Yara. However, our engagement index
score declined by one percentage point compared
to 2023 (77 percent), not meeting our internal
target for 2024 to have a score in the top quartile
when compared to the benchmark. In 2024, Yara
Voice had a response rate of 85 percent among all
eligible employees, increasing by one percentage
point from the 2023 survey. This was a result of
active communication and engagement regarding
the survey, to ensure that as many employees as
possible could have the opportunity to complete it.
The feedback received through Yara Voice is
important for guiding our practices and priorities
in line with employee expectations, and to
further improve employee engagement and
retention. Yara commits to take action based on
survey results and communicates such actions
to employees through intranet articles, local
communication channels, newsletters, and
regional townhalls. Survey results and targets
are also presented to the GEB, the EWC and the
Board.
Various local and regional initiatives were
launched across Yara in 2024, based on 2023
survey results. Initiatives were launched to
enhance learning and leadership (e.g., Opportunity
Marketplace pilot and Organizational Change
Management workshops), psychological safety,
and fair treatment (e.g., Inclusion Grows
campaign), and we ran workshops to support
gender diversity. We also continued efforts to
improve work-life balance, career development
and stress reduction.
Engagement and retention: Employee
performance and development
In 2024, we continued running People Connect,
our performance and development process.
People Connect is focused on employee
development through goal-setting, regular
check-ins between manager and employee, and
continuous feedback throughout the year. When
our employees feel valued and see a clear path
for their professional development, they are
more likely to be engaged and remain with the
company, as shown in our most recent Yara Voice
survey.
Despite not being mandatory, 13,316 out of
16,106 employees (82.7 percent) took part in
People Connect in 2024. This accounts for 3,900
out of 4,375 women (89.1 percent) and 9,416
out of 11,731 men (80.3 percent). The adoption
of People Connect indicates that there has been
dialogue between leaders and employees around
performance and development. In addition,
results from Yara Voice show a steady increase in
employees receiving regular feedback from their
direct manager, landing on 77 percent in 2024
(up three percentage points from 2023). We aim
to further improve this score in the coming years
by continuously focusing on the importance of
performance and development conversations. The
People Connect process is operationalized in our
People management system Yara PeoplePath.
DEI and culture: Inclusion of
underrepresented employees
To foster an inclusive workplace, we work towards
a better understanding of the perspectives
and challenges faced by our underrepresented
employees. In 2024, we continued running our
Employee Resource Groups (ERGs) for Gender
Equity, LGBTQIAP+ and Race and Ethnicity.
ERGs are voluntary employee-led groups formed
to act as resources and sounding boards for
underrepresented groups across Yara. With these
ERGs we provide a platform for employees to
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connect, share experiences and promote diversity
and inclusion within the workplace.
In addition to our ERGs, we also collect feedback
from underrepresented employees through
Yara Voice. When responding to the survey,
employees can self-declare as being part of
an underrepresented group in their location,
enabling us to analyze survey results from
underrepresented employees in an aggregated and
anonymized way. Results from underrepresented
employees are presented to leadership teams and
to DEI networks.
DEI and culture: Balanced
representation among employees
Increasing the share of women in Yara, and in
senior manager positions, is key to fostering a
diverse and inclusive workplace. We consider
senior management positions as line manager
positions graded 15 and above within 1-3 levels
below the GEB. To improve the representation of
women across all levels, we track representation,
recruitment and retention rates through
dashboards. We also implement and continue
initiatives to make Yara more attractive to
women. Examples of initiatives are the Women
in Agronomy mentoring program, the women in
senior management positions KPI and our Gender
Equity ERG.
At the end of 2024, women made up
27.5 percent of our workforce (4,671 of 16,967),
27.7 percent of our line management (1,154 of
4,153), 31.8 percent of our senior management
(95 of 297), and 50 percent of the GEB (5 of
10). Additionally, 31 percent of promotions were
awarded to women.
We also track other parameters of diversity, such
as people with disabilities. A disability refers
to a long-term physical, mental, intellectual or
sensory impairment that, when met with various
barriers, can hinder a person’s full and effective
participation at work or in society on an equal
basis with others. In the countries where we
can report on employees with disabilities, they
accounted for three percent, 315 out of 10,045
employees. In 13 countries, we are unable to
report on employees with disabilities due to local
laws that restrict the collection of this information.
Measures against discrimination
and harassment
In 2024, Yara’s Ethics and Compliance
Department received a total of 72 notifications
classified as harassment and discrimination. Of
these, 67 were resolved within the reporting
period and 36 of them were substantiated. The
cases resolved within the reporting period resulted
in the following disciplinary measures:
• 14 employees were dismissed
• 13 employees were given a written warning
• 6 employees received coaching/training
Preventing and raising awareness of
discrimination and harassment has high priority
at Yara. In addition to our formal Ethics and
Compliance training, available as both face-to-
face and e-learning, other specific training and
communication efforts are initiated to address
these topics. In 2023, a dedicated harassment
training campaign was initiated in Brazil, and at
year-end 2024 approximately 2,000 employees
had participated.
Currently, we do not have a standardized global
approach to providing remedial actions for victims
of harassment. However, we acknowledge the
importance of supporting affected individuals
and will assess potential measures to provide
remedies across all regions, in accordance to local
laws and practices.
Remuneration metrics: Adjusted
gender pay and remuneration ratio
As stated in our Total Rewards Policy, Yara is
committed to paying employees fairly, regardless
of personal beliefs or individual characteristics.
We have committed to ensuring equal pay for
equal work and have monitored and published our
adjusted gender pay gap analysis since 2018, to
detect and flag any potential pay gaps.
The analysis describes which variables are the
most significant in explaining the compensation
differences between employees. Due to new
variables being included, results from previous
years are not comparable with results from 2024,
but the analysis provides a good understanding of
how we can improve pay equality in our locations
of operation.
The study is based on ordinary least squares (OLS)
regression to measure the impact of gender on
pay, after statistically controlling differences in
other factors such as career type, job pay level,
age, time in job pay level, organization, and city.
The first step is to assess the model that better
explains salary variations. The R2 measure is used
for this purpose, and it represents the strength
of the relationship between the linear regression
model and the dependent variable “Total target
cash” on a 0 – 1 scale. The closer to 1, the better
our assessed model fits the data variability.
Secondly, if gender does not have a statistically
significant impact over salaries on a 95 percent
confidence interval, then the inference of gender
gap is presented as 0.0 percent in the table
Adjusted gender pay gap on page 163.
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As this technique requires a large data sample,
the threshold for a country to be included in the
analysis is 25 employees from each gender and
a minimum women representation of 10 percent.
In 2024, the analysis covered 26 countries and
11,516 permanent and temporary employees,
representing 66 percent of our total workforce.
Employees covered by tariff agreements
(2,724 employees) were excluded from the
analysis, as tariff schemes provide protection
against gender bias.
In 2023, Lithuania, Norway, Singapore, and
the United Kingdom exhibited statistically
significant gender pay gaps. By 2024, Lithuania
and Singapore successfully addressed these
disparities through enhanced salary review
processes; Lithuania implemented transparent pay
structures, while Singapore established minimum
salary guidelines for promotions and hires.
Meanwhile, United Kingdom and Norway reduced
their gaps. However, new gaps were reported in
Brazil and France, as shown in the table to the
right. We acknowledge the negative impact on
our employees when not providing equal pay for
equal work, and we are committed to closing the
statistically evidenced gender gap by the end of
2025. In countries where evidence of a gender
gap was found, part of the allocated frame to
adjust salaries to the latest market developments
will be used to decrease such gaps.
Reporting related to the Norwegian Equality and
Anti-Discrimination Act has not been subject to
limited assurance by the external auditor.
In 2024, the ratio of the CEO’s total target cash
to the median total target cash for all permanent
employees in Norway was 15.2. We use the
annual total target cash as of 31 December for
comparison, and compared the CEO’s total target
cash with Norwegian-based employees to ensure
a more accurate comparison.
For financial information, see note 2.5 Payroll and
related costs and note 5.3 Pensions and other
non-current employee benefit obligations in the
consolidated financial statements.
Adjusted gender pay gap
Country
2024
gender pay gap R 2
Women
in scope
Men
in scope
% of permanent and
temporary employees covered
Argentina 0.0% 0.93 43 95 99%
Australia 0.0% 0.84 48 135 64%
Belgium 0.0% 0.91 184 88 42%
Brazil 3.5% 0.95 1,185 3,385 88%
Canada 0.0% 0.93 32 67 38%
China 0.0% 0.95 62 83 97%
Colombia 0.0% 0.95 190 190 55%
Finland 0.0% 0.90 76 159 26%
France 5.7% 0.90 109 419 95%
Germany 0.0% 0.90 84 141 23%
India 0.0% 0.91 153 755 100%
Indonesia 0.0% 0.85 28 48 99%
Italy 0.0% 0.81 50 319 90%
Lithuania 0.0% 0.88 305 144 90%
Malaysia 0.0% 0.91 25 24 94%
Mexico 0.0% 0.95 96 176 63%
Netherlands 0.0% 0.89 57 323 39%
Norway 2.1% 0.95 421 634 66%
Poland 0.0% 0.95 29 38 89%
Singapore 0.0% 0.94 97 71 95%
South Africa 0.0% 0.96 56 87 57%
Spain 0.0% 0.94 45 61 93%
Sweden 0.0% 0.88 45 79 51%
Thailand 0.0% 0.94 43 54 97%
United Kingdom 3.3% 0.95 96 160 94%
United States 0.0% 0.95 74 148 78%
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Unadjusted gender pay gap
The unadjusted gender pay gap shows the
difference between the average pay of female and
male employees, expressed as the percentage of
the average pay of male employees, irrespective
of any other characteristics. The study covers
16,148 permanent and temporary employees,
representing 93 percent of Yara’s total workforce.
For 2022 and earlier, this analysis only showed
the disparities between the average base salaries
for female and male employees. In 2023, we
started expressing such differences in total
guaranteed cash and total target cash.
• Total guaranteed cash: basic pay, plus all
mandatory additional salaries, such as holidays
and Christmas bonuses, plus annual allowances,
such as transport, meal, shift, and housing.
• Total target cash: includes all the above
compensation pay components, plus target
incentives and spot lump sums.
The analysis is broken down by job level structure
and job function types. These are:
• Operators
• Administrative/professional/supervisor
• Middle management/subject matter expert
• Top management
To safeguard data confidentiality, results are only
reported for clusters with at least five employees
of each gender. Data from countries that do
not meet this threshold will not be published
individually but will still be included in the overall
figures. In 2024, the unadjusted gender pay gap
was 3.3 percent in the total guaranteed cash and
2 percent in the total target cash.
Unadjusted gender pay gap
Female
headcount
Male
headcount
% employees
covered in the
analysis
1. Operators
2. Administrative/professional/
supervisors
3. Middle management/subject matter
expert 4. Top management Countries results
Countries
Total guaranteed hourly
cash differences
Total direct hourly
cash
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Argentina 43 95 99% BCT BCT 8% 9% (8%) (7%) BCT BCT (55.8%) (65.9%)
Australia 60 203 92% 28% 28% 26% 25% 15% 15% BCT BCT 26.2% 25.8%
Austria 6 23 91% BCT BCT BCT BCT BCT BCT BCT BCT 24.0% 25.7%
Belgium 118 481 92% 6% 6% 4% 3% 8% 8% 4% 1% 3.8% 2.7%
Brazil 1,267 3,438 90% 18% 17% 15% 16% 0% 1% (2%) (2%) (1.7%) (3.4%)
Bulgaria 18 40 100% BCT BCT 4.1% 4.1% BCT BCT BCT BCT 14.0% 14.3%
Canada 45 202 94% 30% 30% 18% 18% 5% 1% BCT BCT 24.2% 23.4%
Chile 2 7 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
China 58 88 97% BCT BCT (19%) (4%) (3%) 9% BCT BCT (16.7%) (4.0%)
Colombia 215 446 95% 30% 54% 22% 22% 6% 7% BCT BCT 5.3% 17.2%
Costa Rica 17 35 98% (17%) (19%) 13% 18% BCT BCT BCT BCT 9.3% 12.5%
Czech Republic 3 6 82% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Denmark 11 26 100% BCT BCT BCT BCT 4.6% 4.4% BCT BCT (1.2%) (1.1%)
BCT: Below confidentiality threshold
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Female
headcount
Male
headcount
% employees
covered in the
analysis
1. Operators
2. Administrative/professional/
supervisors
3. Middle management/subject matter
expert 4. Top management Countries results
Countries
Total guaranteed hourly
cash differences
Total direct hourly
cash
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Ecuador 16 17 100% BCT BCT 3% 11% BCT BCT BCT BCT 32.8% 36.0%
Estonia 3 2 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Egypt 8 117 97% (26%) (26%) BCT BCT BCT BCT BCT BCT 18.4% 18.4%
Finland 180 684 94% 3% 3% 5% 5% 1% 1% BCT BCT (7.5%) (6.9%)
France 109 419 95% 1% 1% 15% 15% 7% 7% BCT BCT (0.5%) 0.9%
Germany 238 657 92% (15%) (14%) 11% 12% 8% 8% BCT BCT (2.3%) (1.2%)
Ghana 10 39 94% BCT BCT BCT BCT BCT BCT BCT BCT (14.0%) (16.0%)
Greece 10 27 86% BCT BCT BCT BCT BCT BCT BCT BCT 24.4% 24.4%
Guatemala 18 46 100% (31%) (31%) 11% 15% BCT BCT BCT BCT 0.9% 4.1%
Hong Kong 1 – 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Hungary 2 9 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
India 153 755 100% 17% 18% 1% 2% 14% 13% BCT BCT (8.5%) (7.5%)
Indonesia 29 48 100% (25%) (24%) 15% 15% BCT BCT BCT BCT 29.1% 31.6%
Italy 56 328 94% 16% 16% 7% 7% 10% 9% BCT BCT (1.7%) (4.0%)
Kenya 24 38 100% 15% 15% (15%) (16%) BCT BCT BCT BCT 20.8% 21.7%
Korea 1 3 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Latvia 3 1 80% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Lithuania 311 143 91% BCT BCT (2%) (2%) 8% 6% BCT BCT 4.3% 3.9%
Malaysia 27 25 100% 2.1% 2.0% (8.0%) (6.6%) BCT BCT BCT BCT 2.6% 1.8%
Mexico 99 323 97% (2%) (7%) 14% 20% 2% 2% BCT BCT (20.6%) (24%)
Mozambique 1 4 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Netherlands 103 778 90% 15% 15% 22% 22% 13% 13% BCT BCT 10.6% 10.4%
New Zealand 1 5 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Norway 491 1,011 94% 0% (1%) 5% 5% 5% 5% 15% 17% (2.2%) (2.6%)
Peru 5 9 83% BCT BCT BCT BCT BCT BCT BCT BCT 43.2% 48.1%
Philippines 12 19 86% BCT BCT (10%) (6%) BCT BCT BCT BCT 21.7% 23.1%
Poland
29 38 89% BCT BCT 15% 15% 0.3% (0.5%) BCT BCT (3.4%) (4.6%)
BCT: Below confidentiality threshold
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Female
headcount
Male
headcount
% employees
covered in the
analysis
1. Operators
2. Administrative/professional/
supervisors
3. Middle management/subject matter
expert 4. Top management Countries results
Countries
Total guaranteed hourly
cash differences
Total direct hourly
cash
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Total guaranteed
cash differences
Total cash
differences
Rwanda 2 5 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Singapore 98 71 95% BCT BCT 5.2% 5.2% 1.9% 1.7% 0.1% (3.7%) 13.9% 12.9%
South Africa 61 174 94% (6%) (8%) 4% 4% (3%) (3%) BCT BCT (16.4%) (17.4%)
Spain 46 62 95% BCT BCT 9% 12% 6% 5% 15% 22% (3.1%) (2.6%)
Sweden 62 168 95% 1.5% 2.0% 6.9% 7.6% 8.6% 8.6% BCT BCT (5.9%) (5.5%)
Switzerland 26 23 67% BCT BCT BCT BCT 7% 7% BCT BCT 14.6% 16.2%
Taiwan 3 11 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
Tanzania 17 37 96% BCT BCT (8.6%) (8.2%) BCT BCT BCT BCT 16.2% 17.9%
Thailand 43 54 97% BCT BCT 14% 18% 14% 15% BCT BCT 7.5% 7.9%
Trinidad and
Tobago 20 143 93% 1% 1% BCT BCT 19% 18% BCT BCT (28.8%) (30.4%)
Ukraine 2 9 100% BCT BCT BCT BCT BCT BCT BCT BCT BCT BCT
United Kingdom 100 170 99% 2% (1%) 4% 4% 10% 10% BCT BCT 17.8% 19.0%
United States 78 159 84% 2% (4%) 6% 7% 2% 3% BCT BCT 17.1% 18.3%
Vietnam 14 30 100% BCT BCT (34%) (43%) BCT BCT BCT BCT (87.2%) (100.0%)
Zambia 8 11 95% BCT BCT BCT BCT BCT BCT BCT BCT (9.1%) (12.5%)
Yara overall 4,383 11,763 93% 12.4% 11.5% 18.2% 17.6% 6.4% 6.4% 10.0% 10.5% 3.3% 2.0%
BCT: Below confidentiality threshold
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Targets
Targets related to material topics under Own
Workforce reflect our commitment and ambition
to socially responsible employment. The targets
for Women in senior management positions,
DEI index and management index, are part of
Yara’s Strategy scorecard and partially impact
bonus payouts for GEB members, and applies
to all Yara employees excluding non-employee
workers. Our targets also align with the objectives
of our Total Rewards Policy, Salary Review
Procedure, Recruitment Policy, and People
Strategy, including preventing discrimination,
ensuring fair and equitable pay that accurately
reflects employees’ contributions, particularly in
addressing the gender pay gap, providing equal
compensation regardless of personal beliefs or
characteristics such as gender, and fostering a
diverse and inclusive workplace.
While the establishment of these targets is
not subject to formal consultation with worker
representatives, they are approved by the Board
of Directors which includes four employee-elected
representatives. Progress towards our targets
is also reported to workers’ representatives at
various levels in Yara, including the EWC.
• Gender pay gap: We are committed to closing
the adjusted gender pay gap by 2025. In
2024, our adjusted pay gap was 1.9 percent,
a one percentage point increase since 2023
(0.9 percent). The target and progress are based
on our analysis with internal control checks but
are not validated by an external body.
• Women in senior management positions:
We are committed to increasing the share of
women in senior management positions to
40 percent or more by the end of 2025. The
proportion of female senior managers slightly
increased from 31.7 percent in 2023 to
32 percent in 2024. The target and progress
are based on our analysis with internal control
checks but are not validated by an external
body.
• DEI index: Throughout 2025, we are
committed to achieving a DEI index in the top
quartile of international benchmarks, measured
through Yara Voice survey results. In 2024,
the DEI index remained stable compared to
last year (75 percent), but the target for 2024
(78 percent) was not met. The target and
progress are validated by our third-party survey
partner.
• Engagement index: Throughout 2025, we are
committed to achieving an Engagement index
in the top quartile of international benchmarks,
measured through Yara Voice survey results.
In 2024, the Engagement index landed at
76 percent, a decline of one percentage point
compared to 2023. The target for 2024
(82 percent) was not met. The target and
progress are validated by our third-party survey
partner.
• Upskilling and reskilling: As of the reporting
period, no specific targets have been
established to measure progress or performance
for this material topic. Upskilling and reskilling
is being addressed through broader actions and
programs described above, with no identified
need yet to develop targets.
Metrics
Parental leave
Average number of weeks
of parental leave
Number of employees eligible
to parental leave
Number of employees who
took parental leave
Percentage of eligible employees
who took parental leave
Male 6.08 547 524 96%
Female 31.93 291 278 96%
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
S1 Own workforce:
Working conditions
The physical and mental
health, safety and security
of our workforce are top
priorities for Yara, reflecting
our commitment to mitigating
inherent risks and promoting
overall well-being. We also
prioritize living wages, which is
key to ensure decent work and
reduce inequalities.
We are committed to creating a healthy and safe
workplace for our employees and contractors
that minimizes exposure to risks arising from
our processes and chemicals or external security
threats to our assets. We prioritize proactive
measures to mitigate these risks as far as
reasonably practicable.
As a global company, we are continuously
monitoring threats and implementing
risk-reducing measures to protect our employees
and contractors and ensure business continuity,
addressing challenges like geopolitical events and
conflicts, poor physical working conditions and
mental health risks. Through strong leadership,
effective tools and employee engagement, we
strive for zero harm and prioritize health and
safety in all operations.
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.
The living wage gap, worsened by weaker labor
protections and varying market conditions where
we operate, poses a serious challenge. Ensuring
a living wage helps employees meet basic needs
and participate in society, supporting decent
work, reducing inequality, and promoting fairness
within Yara and society at large. Employees in
plant operations may face health, safety, process,
and mental health risks. These risks are assessed
locally through site-specific risk assessments,
which outline job descriptions, associated hazards
and mitigation measures. Risk assessments apply
to all employees at Yara.
Policies
HESQ Policy
In Yara, HESQ covers Occupational Health and
Safety, Process Safety, Product Stewardship
(product quality, safety, security, and feed safety),
Environment and Energy, Security, Emergency
management and Quality management. Yara’s
HESQ objectives are set in accordance with
Yara’s strategy and with the aim to reduce our
risk exposure as much as practically possible,
demonstrating our commitment to continuous
improvement. Our HESQ Policy addresses and
manages impacts related to process safety
incidents, security concerns, health effects arising
from physical conditions, and mental health
challenges, ensuring a comprehensive approach
to safeguarding the overall well-being and
operational integrity of our employees. See HESQ
Policy on page 131.
Benefits Procedure
Our Benefits Procedure outlines the benefits
provided to our employees, to support their
work-life balance and well-being, with the aim of
contributing to their mental health. The procedure
states our global standard of parental leave for
Yara employees, offering six months of paid
leave for primary caregivers and one month of
paid leave for secondary caregivers, which shall
IRO Working conditions Scope
Process safety incidents
Safety incidents
Security impacts on own
workforce
Health effects from physical
working conditions
Mental health
Living wage
-
-
-
-
-
-
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be provided in combination with any applicable
benefit from national social security, personal
insurance scheme or equivalent. Other benefits
for employees mentioned in the procedure are life
and accident insurance, and health insurance.
The procedure applies to all Yara employees and
is available in our Steering System. The EVP of
People, Process and Digitalization is accountable
for implementing and operationalizing the
procedure, and we track and report the number
of employees covered by the benefits on a yearly
basis. Non-employee workers are not in scope of
this procedure.
Work-life Balance and Well-
being Framework
The framework outlines our stance on flexible
working hours and location, meeting times,
frequent travelling, and family caregiver leave. It
also includes a commitment to mental health and
well-being, a company-wide standard for parental
leave, and for structured conversations before,
during, and after extended leave. The framework
is applicable to all Yara employees, and it is
available on our intranet page. The adoption of
these benefits is tracked and reported annually per
location on a yearly basis. Non-employee workers
are not in the scope of this framework.
Total Rewards Policy
Our Total Rewards Policy addresses the negative
impact of living wage gaps. The objective of the
policy is to ensure that all Yara employees shall, at a
minimum, be paid a living wage as defined by Yara
for each market in which we operate. This applies
to all Yara employees. Non-employee workers are
not in the scope of this policy. Read more about our
Total Rewards Policy on page 157.
Processes
HESQ Committees
To ensure employees’ engagement, each site has
a HESQ Committee in accordance with internal
procedure. Central and local HESQ committees
enable managers and employees from all levels of
the organization to collaboratively manage HESQ
at both departmental and site levels, playing a
crucial role in maintaining health, environment,
safety, security, and quality standards. The HESQ
Committees cover all the domains of our HESQ
Policy and ambition of achieving zero harm. The
HESQ committee organization follow the below
structure:
• Yara HESQ Committee: Chaired by the CEO
and attended by the Group Executive Board,
corporate /regional HESQ representatives,
and employee representative, this committee
holds the highest position in our organizational
structure.
• Regional Committees: These include regional
and key HESQ representatives, regional
management representatives.
• Local HESQ Committees: At the departmental
and site level, these committees form the
foundation for managing HESQ.
Incident reporting system
Our Corporate HESQ function oversees a
comprehensive, company-wide system for
reporting and handling HESQ-related accidents,
breaches, near-misses, and hazardous conditions.
Each incident is systematically investigated
based on predefined severity levels. The learnings
gained from these investigations are shared across
all organizational units. For the most severe
incidents, we engage independent off-site experts
to conduct thorough investigations. Moreover,
incidents with high severity are initially handled
under the crisis management procedure and
Yara’s crisis manager on duty. The classification
of personal injuries aligns with Occupational
Safety and Health Administration (OSHA)
requirements. Also, our CEO joins the weekly
TRI (total recordable injury) calls to show further
commitment to our zero-harm goal.
Yara does not currently have a global approach for
providing remedial actions to employees involved
in incidents. Instead, local HR teams manage
these cases independently, following HESQ global
approaches and frameworks, as well as national
laws and practices.
Occupational Health and
Work Environment
At Yara, we recognize that work and personal life are
interconnected. We aim to enable our employees
to balance this by offering an employee assistance
program with access to both professional support
and support from trained colleagues (peer supporters
and or mental health first aiders). Our main
responsibility is to provide a healthy workplace that
promotes physical, mental and social well-being, not
just the absence of disease. We achieve this through
training, work environment mapping workshops and
risk assessments.
In 2021, Yara developed two global standards:
one for the physical work environment based on
human rights impact assessments, and one for the
psychosocial work environment following the ISO
45003 guideline. In 2023, these were updated
and merged into the Occupational Health and
Work Environment Procedure. We are focused on
communicating and implementing this procedure
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and rolling out training programs on stress, mental
health and psychological safety.
Projects, trainings and risk-based initiatives on
manual handling requirements continued in 2024.
Actions include installation of new equipment like
robotic arms, vacuum lifts, telescopic conveyor
belts, forklifts, new automatized bagging lines and
new truck loading facilities.
Living Wage Procedure
This procedure addresses the negative impact
of living wage gaps. The objective of the
procedure is to ensure that all employees receive
compensation that meets the decent living wage
standards in their locations. Paying a living wage
is key to meeting the goal of fair pay, decent work,
and reducing inequality.
The procedure covers all employees directly
enrolled in our payroll, except for interns and
apprentices that are part of training programs.
To operationalize the procedure, we use the
annual living wage assessment to understand
where we have a living wage gap. The living wage
assessment entails comparing the employee’s
pay with the defined living wage threshold.
For countries where there is high inflation, the
assessment is done twice or three times per year,
depending on the rate of inflation.
The EVP of People, Process and Digitalization is
accountable for the procedure, and the local HR
organizations and compensation and benefits
experts are responsible for implementation. We
have reports and dashboards available to support
and monitor the implementation, and report data
about potential living wage gaps annually.
Salary Review Process
The annual Salary Review Process addresses
the negative impact of living wage gaps. During
this process, Line Managers with the support
of their HR Business Partners will evaluate if
employees’ salaries are fair and accurately reflect
their contribution. All decisions related to the
Salary Review Process shall comply with the Total
Rewards Policy, highlighting that employees shall
at minimum be paid a living wage. The Salary
Review Process covers all Yara employees, except
tariff employees who are covered by collective
agreements, which are handled outside this process.
The Salary Review Process is operationalized
through our People management system, where
we also have online training modules to support
the line manager and HR Business Partner in
deciding salary increases and/or other rewards.
The EVP of People, Process and Digitalization
is accountable for the process, and the local
HR organizations and compensation & benefits
experts are responsible for implementation.
The outcome of the Salary Review Process
is monitored through our annual living wage
assessment and compensation dashboards.
Process safety management
Our excellent safety record is a testament to our
commitment to safety, which is our license to
operate. We have a risk-based process safety
management system, to mitigate and manage
process and chemical risks, preventing major
and catastrophic accidents. This system is
continuously improved based on internal and
industry experiences. Monthly, high potential
process safety events are discussed on a
corporate-wide platform with participation from
across the organization and lessons learned are
shared for preventive purposes. Shared learnings
are cascaded down to the shop floor with a
company-wide feedback form, with more than
7000 forms filed in 2024.
Approach, actions and resources
Safe by Choice
Safe by Choice is our company-wide journey to
develop a value-based and sustainable HESQ
culture to reach our ultimate goal of Zero Harm.
The culture we strive for is one where we all,
individually and collectively, take responsibility
to take care of ourselves and each other, with
better quality, more ownership, engagement,
and consistency in what we do. The Safe by
Choice approach ensures we understand our
responsibilities and act in a safe manner, and that
we have the skills to operate effectively, adhering
to applicable laws, regulations and Yara’s policies.
We are committed to continuously improving our
standards and management system, striving for a
safer and more responsible work environment.
In 2024, we released our HESQ roadmap, see
page 140. The roadmap outlines key initiatives
that align with Yara’s corporate strategy. A key
feature of the roadmap is its focus on continuous
improvement and the annual HESQ review
process, which ensures that Yara remains agile
and responsive to evolving challenges. In 2024,
the Golden Rule training program for major risk
prevention progressed.
Yara Health and Safety Day
Yara organizes an annual Health and Safety Day
at all our operations to engage employees and
contractors, framed by a global framework and
local content, and aligned with the World Day for
Safety and Health at Work.
In 2024, the topic was “A volatile world impacting
us”. The Yara Health and Safety Day is organized
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locally with a full day of activities for employees
and contractors to have fun and learn more about
health and safety.
Safety Management Principles
Our Safety Management Principles provide
guidance to employees and contractors to
comply with our safety framework, standards and
requirements, including mandatory life-saving
Golden Rules, which set the minimum global
standards on safe working practices.
To ensure that the company standards are
applied in all units, Yara continuously implements
a certified management system. Yara has an
integrated Health and Safety, Environment,
Quality, Energy and Security management system
that is valid company-wide and includes all
employees and non-employees. This management
system is certified to ISO 9001, 14001, 45001
and 50001.
Safety Award
The Yara Safety Award, with over 25 years of
history, recognizes and inspires both systematic
and innovative efforts aimed at fostering
sustainable improvements in safety behavior and
organizational culture. Yara Babrala won the Yara
Safety Award for 2024. The program is driven
jointly by employees, contractors and managers,
and includes a high-standard health program.
Learning from experience
Yara has implemented a systematic approach to
globally share Potential Severe Injuries to ensure
that we review, investigate, and share lessons
learned from incidents with high potential severity
in a structured manner and establish effective
improvement actions. The cases are discussed
bi-monthly on a corporate-wide platform with
participants from across the organization,
including Yara management.
HESQ training
We are developing and continuously improving
the HESQ training across Yara by working with
Human Resources and other departments. In
2024, around 47,146 hours were dedicated
to HESQ training in our production units and
16,431 personnel received such training. Training
was also developed on Degreed and through
Together We Learn, an interactive training used
under the Safe by Choice umbrella together with
the new HESQ Academy. In the future, we will
develop HESQ paths for specific roles in the
organization.
From 2024, the Energy and Environment
Academy (E&E Academy) is preparing an
educational project which aims to increase
environmental awareness and promote climate
action among all Yara employees. The E&E
Academy aligns with Yara’s ambition of Growing a
Nature-Positive Food Future.
Human Factors
We believe that safety incidents could be
minimized by implementing a Human Factors
program. Human factors refer to environmental,
organizational and job factors, and human
and individual characteristics, which influence
behavior at work in a way which can affect health
and safety. In 2024, awareness was raised to
Human Factors and the five basic principles of
Yara’s human factor methodology. A Together
We Learn module was developed and delivered
to Human Factor champions in Yara Industrial
and Yara Americas. In Europe, the Together We
Learn module was delivered directly to production
and small sites. Human factors were also on the
agenda of the HESQ conferences in the different
regions. In the Process safety bootcamp, Human
Factor and Human Error training is now a fixed
agenda topic. In addition, a SharePoint page was
launched to support Human Factor activity in Yara
and act as the knowledge base focal point.
In 2025, units will evaluate how to implement
Human Factors methodology in their specific
processes. Support material will be made
available through the SharePoint page.
Provision of health
services and benefits
Yara’s employee surveys, like Yara Voice, highlight
stress as a key challenge affecting employees’
working conditions and work-life balance. To
address this, we improve working conditions
and health services through flexible working
arrangements, global parental leave standards
and monitoring of sick leave and occupational
diseases. In addition, all countries compensate
employees for working overtime hours except
for India, where working overtime is not allowed.
These efforts positively impact employees’ ability
to thrive both at work and in their personal lives.
Our provision of health services, life insurance,
pension plans, and disability coverage go hand
in hand with our focus on the well-being of our
employees, interconnected with physical and
mental health. Our benefits schemes provision
and governance are framed and guided by our
Benefits Procedure.
The table Benefits provided to employees,
page 172, shows the current share of employees
eligible to receive the core benefits categorized
by type of contract and/or gender. The types of
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benefits provided may vary between geographies
and include both benefits provided by Yara and
social security from local governments.
Not all countries have reported full coverage
of benefits for temporary employees, primarily
because most temporary employees are
on internship and apprentice contracts. In
countries where employees are reported as not
covered by unemployment protection, varying
local legislations and individual factors like
household income and time with the company
make it challenging to determine eligibility for
unemployment benefits. Therefore, employees not
reported as covered by unemployment protection
indicates a lack of data access, rather than a lack
of coverage.
World Mental Health Day
Mental health is crucial for overall health and
well-being and can be adversely impacted
by a negative work environment, leading to
absenteeism, sick leave and employee turnover.
At Yara, we believe in creating a positive work
environment to foster motivated, engaged and
psychologically safe employees.
In October 2024, Yara celebrated World Mental
Health Day with the theme “It is time to prioritize
mental health in the workplace”. We sought to
improve knowledge, raise awareness and promote
action to protect our workforce’s mental health
through various initiatives:
• Global virtual meditation session
• Global seminar with sharing of best practices
• Launch of HESQ’s mental health toolbox on
Degreed
• Yara Well-being Challenge (Yara Octathlon
2024) to raise awareness and encourage well-
being activities
• Emphasis on connecting by taking time to chat
with colleagues or friends on a daily basis
• Workshops for mapping the determining
factors in the work environment and training in
psychological safety, stress and mental health
At Yara, we have developed facilitator lead
interactive training sessions for Stress and Mental
Health and for Psychological Safety. Since June
2024, around 200 employees have participated
in Stress and Mental Health training, and 300 in
Psychological Safety training.
In 2020, we developed a workshop with
STAMI (National Institute of Occupational
Health, Norway) to map risk factors in the work
environment and agree on improvement actions.
This workshop, based on their “En Bra Dag
På Jobb” (A good day at Work) initiative, helps
departments to improve the work environment
Benefits provided to employees
Benefit Gender
% Permanent
employees covered
% Temporary
employees covered
1)
Employment injury and acquired disability 100% 89%
Healthcare facilities/subsidies 100% 90%
Parental leave 100% 84%
Retirement/pension plan 100% 85%
Social protection against loss of income due to sickness 100% 83%
Social protection against loss of income due to unemployment
1)
87% 65%
Stock ownership plan (not restricted to executive level) 14% 7%
Flexible working hours Female 89% 66%
Male 68% 50%
Total 74% 55%
Flexible working locations Female 70% 28%
Male 38% 16%
Total 47% 20%
1)
Countries with gap in coverage of benefits for temporary employees, mainly for interns and apprentices, are:
- Employment injury and acquired disability: Egypt, Australia, Finland, France, Germany, Spain, Sweden, Costa Rica, Mexico
- Healthcare facilities/subsidies: Egypt, Kenya, Australia, Finland, France, Spain, Sweden, Costa Rica, Mexico, Canada, Trinidad and Tobago
- Parental leave: Egypt, Kenya, South Africa, Australia, Brazil, Finland, France, Sweden, Costa Rica, Mexico, Canada, Trinidad and Tobago
- Retirement/pension plan: Egypt, Ghana, Kenya, South Africa, Thailand, Brazil, Finland, France, Sweden, Costa Rica, Mexico, Trinidad and Tobago
- Social protection against loss of income due to sickness: Egypt, Ghana, Australia, Brazil, Finland, France, Colombia, Costa Rica, Mexico
- Social protection against loss of income due to unemployment – Temporary employees: Egypt, Ghana, Australia, Brazil, Finland, France, Lithuania, Colombia, Costa Rica,
Mexico, Trinidad and Tobago
- Social protection against loss of income due to unemployment – Permanent employees: Egypt, Ghana, Rwanda, Australia, India, Korea, New Zealand, Singapore, Denmark,
Greece, Italy, Lithuania, Costa Rica, Guatemala
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and follow up psychosocial risk signals. Since the
start, we have facilitated more than 60 sessions
with approximately 500 participants as part of our
continuous improvement process.
Security in areas of conflict
As a global company with a far-reaching mission
and global presence, Yara is increasingly exposed
to geopolitical events and their consequences.
In 2024, the number of armed conflicts globally
was the highest documented since 1946. Some
of these conflicts impact Yara employees directly,
while others impact Yara in value and supply
chains. Most notably, Yara employees in Ukraine
are still living and working under conditions of war.
The war in the Middle East has impacted Yara
and restricted the flexibility in our global business
development. On certain occasions, Yara has been
compelled to send personnel to conflict-prone
areas, without compromising their security.
Yara is maintaining local crisis management
teams to handle the ongoing situations in
countries exposed to war or warlike conditions.
There is capacity to establish more crisis
management teams if that becomes necessary.
The purpose of these teams is to identify
security concerns and business continuity related
concerns for the attention and possible resolution
by corporate and regional support functions.
The extended purpose is to support business
continuity, while maintaining the safest possible
work environment and upholding the health of the
workforce.
As an integrated function in the Corporate HESQ
community, the Yara Corporate HESQ Security
Team updated relevant steering and guiding
documents in 2024. This includes a focus on
preparing the organization locally and centrally
for handling adversities and preventing Yara
employees from ending up in dire situations.
The security team monitors the full spectrum of
global security threats to maintain a prepared
posture and, to the largest extent possible, to
prevent security threats from materializing. To
protect our people, the environment and our
assets, the team issues security warnings and
supports local and global crises management. This
includes maintaining global travel security support
functions and digital tools for security monitoring.
The security team conducts geopolitical risk
assessments to support decision making and
devise relevant security postures, readiness levels
and protection measures for personnel and assets.
Living Wage
We believe that paying a living wage is key to
providing decent work and reducing inequality.
In the fourth quarter of 2024, we evaluated
individual compensation across all our countries
of operations. Our assessment concluded that
0.7 percent of Yara employees were earning
below the “decent package” standard that we set
for a living wage, representing the purchase of
necessary goods and services to provide a healthy
and decent standard of living for a family setup of
two adults and two children.
Following a commitment and actions to close
identified gaps during the Salary Review Process,
all the gaps identified in 2023 were closed.
We reduced the percentage of our employees
earning below the decent living wage from 3.3
to 0.7 percent. However, as benchmarks have
evolved, new discrepancies have emerged. We
are diligently working to address these new gaps
and ensure that all our employees receive fair and
equitable compensation in the next Salary Review
Process. Our commitment to fair compensation
is unwavering, and we will continue to monitor
and adjust our practices to align with evolving
standards, closing any identified gap by the end of
2025.
Country Total headcount
Living wage
gaps - #
% Employees below
living wage
Annual gap
(USD)
Brazil 4,660 69 1% 6,797
Colombia 660 1 0% 681
Mexico 405 3 1% 1,392
Lithuania 445 26 6% 14,962
United Kingdom 267 6 2% 15,776
China 140 2 1% 62
Ghana 44 9 20% 29,286
Zambia 19 1 5% 514
Total Yara 15,936
1)
117 0.7% 69,471
1)
The total headcount is not calculated as of year-end. The analysis excludes employees from Agoro, Varda and Grønn Gjødsel.
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Targets
Targets related to material topics under Own
workforce reflect our commitment and ambition
to socially responsible employment. The living
wage target aligns with the objectives of our Total
Rewards Policy and Salary Review Procedure,
by ensuring that all Yara employees shall, at a
minimum, be paid a living wage as defined by Yara
for each market in which we operate. While the
establishment of the living wage target is not subject
to formal consultation with worker representatives,
progress is reported to workers’ representatives at
various levels in Yara, including the EWC.
Our living wage target is to close the living wage
gap in all countries of operation by 2025. The
target applies to all Yara employees excluding
non-employee workers. We measure our progress
annually through the living wage assessment, where
employees’ salaries are compared against local
benchmarks for what constitutes a “decent standard”
living wage. The target and progress are based on
our analysis with internal control checks but is not
validated by an external body. In 2024, we had a
0.7 percent gap, a decline of 2.6 percentage points
from 2023 (3.3 percent gap).
Metrics
Our workforce consists of Yara’s employees
worldwide, along with non-employee workers
providing services through contractual
agreements. Our employees include both
permanent and temporary employees. Temporary
employees are workers with time-bound contracts,
interns, apprentices and seasonal workers. Non-
employee workers are self-employed or employed
by third parties and are temporarily hired to work
on projects, in plants, or to cover for temporarily
absent employees.
Headcount by gender
1),
2)
Gender Number of employees (headcount)
Male 12,296
Female 4,671
Total employees 16,967
1)
Headcount as of 31 December 2024.
2)
Employees are registered as Male or Female, the category “Other” is not applicable.
Headcount in Brazil
1),
2)
Country Number of employees (headcount)
Brazil 5,214
1)
Headcount as of 31 December 2024.
2)
Brazil is the only country with headcount representing at least 10 percent of our total workforce.
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Headcount by gender in Brazil
1),
2)
Gender
3)
Number of employees (headcount)
Male 3,795
Female 1,419
Total employees 5,214
1)
Headcount as of 31 December 2024.
2)
Brazil is the only country with headcount representing at least 10 percent of our total workforce.
3)
Employees are registered as Male or Female, the category “Other” is not applicable.
Headcount by contract type and gender
1),
2)
Female Male Total
Number of employees 4,671 12,296 16,967
Number of permanent employees 4,375 11,731 16,106
Number of temporary employees 296 565 861
1)
Headcount by the end of the reporting period.
2)
Non-guaranteed hours contracts are not reported as we do not have this employment category in our HR management system.
Employees by contract type and region (headcount 2024
1),
2)
Africa
Asia &
Oceania Brazil Europe
Latin
America
North
America Total
Number of employees 559 1,742 5,214 7,302 1,446 704 16,967
Number of permanent employees 542 1,707 4,874 6,979 1,318 686 16,106
Number of temporary employees 17 35 340 323 128 18 861
1)
Headcount as of 31 December 2024.
2)
Non-guaranteed hours contracts are not reported as we do not have this employment category in our HR management system.
Distribution of employees by age group
1)
Age group Distribution in percentage Distribution in number
Under 30 years old 17% 2,825
30-50 years old 62% 10,446
Over 50 years old 21% 3,591
Not informed 0% 105
Total 100% 16,967
1)
Headcount as of 31 December 2024.
Full-time
1)
and part-time employees by gender
Number Percentage
Total full-time employees 16,624 98%
Female 4,484 27%
Male 12,140 73%
Total part-time employees 343 2%
Female 187 55%
Male 156 45%
Total involuntary part-time
2)
– 0%
Total 16,967 100%
1)
A full-time employee is an employee registered with full-time equivalent (FTE) = 1, meaning that the workload/hours of the employee is as expected for their position as of
31 December 2024. A part-time employee is an employee working less than 1 FTE.
2)
Involuntary part-time are measured by asking part-time workers (at 1:1 conversation or through employee surveys) if they would like to work more. If the person can and want to
work full-time, they are considered involuntary part-time workers.
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Employees exits (% turnover
1)
)
Gender Age Groups Africa Asia & Oceania Brazil Europe Latin America North America Total
Female Under 30 1 (8.3%) 41 (23.0%) 72 (21.1%) 37 (13.3%) 9 (9.1%) 0 (0.0%) 160 (17.4%)
30-50 10 (9.3%) 47 (14.5%) 134 (16.5%) 73 (6.1%) 27 (9.6%) 6 (7.0%) 297 (10.6%)
Over 50 1 (8.3%) 1 (2.9%) 10 (24.4%) 31 (6.9%) 3 (11.1%) 2 (5.4%) 48 (8.0%)
Not Informed 1 (100%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 0 (0.0%) 1 (100%)
Total female 13 (9.8%) 89 (16.6%) 216 (18.1%) 141 (7.3%) 39 (9.6%) 8 (6.1%) 506 (11.7%)
Male Under 30 2 (6.9%) 58 (21.2%) 160 (25.6%) 45 (8.2%) 25 (19.4%) 3 (11.1%) 293 (18.0%)
30-50 22 (6.4%) 139 (15.4%) 404 (16.5%) 122 (4.4%) 82 (12.1%) 13 (4.2%) 782 (10.5%)
Over 50 5 (5.9%) 32 (16.5%) 63 (10.5%) 138 (8.2%) 12 (7.9%) 18 (11.2%) 268 (9.3%)
Not Informed 0 (0.0%) 0 (0.0%) 0 (0.0%) 1 (100%) 0 (0.0%) 0 (0.0%) 1 (100%)
Total male 29 (6.3%) 229 (16.7%) 627 (17.1%) 306 (6.1%) 119 (12.4%) 34 (6.8%) 1,344 (11.2%)
Grand total 42 (7.1%) 318 (16.6%) 843 (17.3%) 447 (6.4%) 158 (11.6%) 42 (6.6%) 1,850 (11.3%)
1)
The turnover calculation shows the percentage of permanent employees who left Yara during the reporting period (by dividing the number of permanent employees who left during the reporting period by the total number of permanent employees at the beginning of the year). This excludes employees who were divested, meaning those who were employed by a unit
that was sold and are no longer considered employees of the company, but who did not lose their jobs.
Employees covered by collective bargaining and social dialogue
1)
Collective bargaining coverage Social dialogue
Coverage rate Employees – EEA
2)
Employees – non-EEA Workplace representation – EEA
0-19% Bulgaria, Lithuania, Poland, Switzerland, United Kingdom Africa, Asia and Oceania, North America Bulgaria, Switzerland, United Kingdom
20-39% Latin America
40-59%
50-79% Germany
80-100% Belgium, Finland, France, Italy, Netherlands, Norway, Spain, Sweden Brazil, Europe Belgium, Finland, France, Germany, Italy, Lithuania, Netherlands, Norway, Poland, Spain, Sweden
1)
For countries with 50 or more employees
2)
EEA = European Economic Area
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In 2024, about 81 percent of our employees
were covered by workers’ representatives, and
about 70 percent were covered by collective
bargaining agreements. All the agreements
addressed topics such as diversity, discrimination,
harassment, health and safety, and working
conditions. Additionally, half of the agreements
included provisions related to training and career
management. Spain had one collective agreement
in place. Belgium, Finland, France, Germany,
Italy, Netherlands, Norway and Sweden had more
than one collective agreement in place. Bulgaria,
Lithuania, Poland, Switzerland and United
Kingdom had no collective agreements in place.
HESQ metrics and targets
At Yara, we are committed to striving towards
zero accidents as part of our overarching Zero
Harm ambition, which extends to people, the
planet and safeguarding long-term prosperity.
To support this commitment, we have set clear
targets and established leading indicators,
including the Strive towards Zero Harm target and
the HESQ Index.
Our disclosed targets are designed to contribute
to our HESQ Policy by effectively managing
safety, occupational health and mental well-being.
Through our HESQ Committees, employees
actively participate in initiatives that shape our
safety strategy, reinforcing our goal of achieving
zero fatalities and maintaining a Total Recordable
Incident (TRI) rate below 1.0.
During the accounting year, the total recorded
sick-leave for Norway, amounted to 110,071
hours, representing 5.1% of the total worked
hours for the year. This disclosure applies as more
than five full-time equivalents were employed
during the reporting period.
Strive towards Zero Harm target
• 0 fatalities for 2024
• No fatalities have occurred during the past six
years
In 2024, we recorded a Total Recordable Injury
(TRI) rate of 0.9, lower than our 2025 goal of 1.0,
including both employees and contractors across
all geographies of operation. Strong safety focus
and safety commitment at our sites explain the
achievement.
In 2024, there were 44 total recordable injuries,
including own employees and contractors. 26
were lost-time injuries (LTI), and the remaining
were medical treatment cases and restricted
work cases. We also registered 49 cases of work-
related diseases/ill health. Work-related diseases/
ill health is any illness caused or made worse by
workplace factors. They can be acute, recurring,
or chronic, and can be caused by or aggravated
by work conditions or practices. Examples include
frostbite, hearing loss, and musculoskeletal
disorders, among others.
Number of lost working days per year
Date and time Actual workdays (LTA), total Rolling average
2020 1,557 1,557
2021 1,553 1,553
2022 755 755
2023 565 565
2024 666 666
1)
For the year 2023 some changes were made in the calculation for the LTA.
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TRI rate split for Yara employees and contractors
Date and time Contractors Yara Yara and contractors
2020 1.3 1.4 1.3
2021 1.0 1.0 1.0
2022 1.2 1.0 1.1
2023 1.3 0.9 1.1
2024 1.1 0.7 0.9
1)
For the year 2020 minimum changes were performed in the calculation for the TRI. Total Recordable Injury (TRI) is the sum of lost-time injuries (LTI), restricted work cases
(RWC), and medical treatment cases (MTC). The TRI rate is calculated as the TRI per million hours worked for employees and contractors combined.
LTI severity rate for employees and contractors
Date and time Contractors Yara Yara and contractors
2020 0.7 1.0 0.9
2021 0.6 0.6 0.6
2022 0.8 0.8 0.8
2023 1.0 0.5 0.7
2024 0.8 0.6 0.6
1)
For the years 2021,2022 and 2023 minimum changes were made in the calculation for the LTI.
HESQ Index
Due to a lack of international measures, Yara has
established two indicators, the HESQ Index and
Process Safety Index, to support the development
of an even stronger culture. The indexes are
internal measures and regularly updated and
strengthened to ensure proactive leadership and
continuous improvement at local units. Yara
has also established a Process Safety Incident
rate metric (related to the API 754 standard), to
monitor and communicate the development of
process safety related incidents, near misses and
hazardous conditions.
Our health and safety management systems
cover 100 percent of our operations worldwide,
including employees and contractors. 100 percent
of our total workforce across all locations is
represented in formal joint management worker
health and safety committees and 100 percent of
all operational sites have conducted an employee
health and safety risk assessment.
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
S1 Own workforce:
Other work-related
rights
We recognize our exposure
to risks of child or forced
labor given our presence in
countries and industries where
these issues are prevalent,
the complexity of our value
chain and the high number of
business partners. Alongside
addressing these challenges,
we also emphasize the
fundamental importance of
data privacy as a human right,
essential for freedoms like
speech and protection from
discrimination.
We do not consider our own employees or
contracted labor at our fully owned operations
to be at significant risk of child or forced labor.
However, we recognize the likely risk exposure in
our value chain, given our presence in countries
lacking labor law protection and where these
issues are prevalent, see Workers in the value
chain, page 183. Coupled with the severity of a
potential impact, these topics are identified as
material to Yara. We continuously monitor our
risk exposure and potential impact, ensuring we
have adequate systems to identify, mitigate and
remediate where relevant.
Yara provides limited housing connected to our own
sites. One instance where the housing conditions
did not meet the standard set in our global policy
on physical working conditions was identified in a
previous human rights impact assessment. Actions
to improve conditions, including construction work,
have been implemented in previous years and are
continuously monitored.
Yara processes personal data of workers,
customers and business partners globally and
is committed to safeguarding their privacy. We
recognize the potential risk of data breaches and
have implemented a comprehensive framework of
policies and procedures for handling personal data.
This includes rules on data processing, ensuring
transparency, protecting data subject rights,
managing complaints and breaches, overseeing
data transfers to third parties, and maintaining
compliance. This robust approach reinforces our
commitment to responsible data management
and privacy protection.
Policies
Yara’s Code of Conduct and Code of
Conduct for Business Partners
Yara’s Code of Conduct and Yara’s Code of
Conduct for Business Partners outline our position
regarding child and forced labor. Yara will not use
or accept human trafficking, involuntary labor,
bonded or forced labor or accept anyone doing so
on our behalf. We condemn all form of human
trafficking and involuntary or forced labor in our
own workforce and value chain, in accordance with
the definitions provided by the ILO. We believe that
a work relationship should be freely chosen and
free from any direct or indirect coercion or threat,
or which in any way exploits vulnerable workers.
Based on recommendations from the ILO, Yara
does not allow children below the age of 15 to be
employed in our operations. Specific programs,
such as apprenticeships, exist for those below 15
and include additional monitoring. In any scenario,
employment shall never be to the detriment of a
child’s education, development, or overall well-
being. Any use of child labor by business partners
must comply with internationally recognized
IRO Other work-related rights Scope
Child labor
Forced labor
Personal data & privacy
Adequate housing
Local
-
-
-
-
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standards, such as the guidelines of UNICEF and
the ILO, as well as local legislation. Business
partners are expected to implement efficient
internal controls for the verification of the age of
workers recruited.
While Yara’s Code of Conduct and Code of
Conduct for Yara’s Business Partners outline
the requirement to provide a safe and healthy
environment for all workers, it does not explicitly
mention housing, and we do not have a stand-
alone policy on this. The requirements for
adequate housing are established in Yara’s
Occupational Health and Work Environment
Procedure.
Read more on our Code of Conduct and Code of
Conduct for Business Partners on page 158.
Data privacy
Yara processes personal data of workers,
customers and business partners globally, and
our commitment to protecting their privacy is
anchored in our Code of Conduct. This Code
establishes basic rules for responsible data
handling for all Yara employees and provides
guidance and references to other applicable
policies.
Furthermore, Yara has implemented Binding
Corporate Rules as a global framework for
managing and protecting personal data. These
rules cover, but are not limited to, personal data
processing, including, transparency, the rights
of the data subjects, handling of complaints and
personal data breaches, transfer of personal
data to third parties, as well as supervision and
compliance.
As the Binding Corporate Rules fulfils the
requirements of the General Data Protection
Regulation (GDPR), they have been approved by
the Data Protection Authorities in Norway and can
be relied upon as appropriate safeguards, meaning
that Yara may transfer personal data between the
group companies located inside and outside of the
EU/EEA.
Yara’s Binding Corporate Rules, which are
incorporated on a policy level in the organization,
are supplemented by six procedures:
• Data Retention and Deletion
• Data Subjects Rights
• Handling of Complaints
• Inspection of Email and IT systems
• Personal Data Breaches and Discrepancies
• Processing of Personal Data
Policies and procedures are incorporated in the
Steering System and maintained by the central
data privacy team, under the supervision of the
EVP and General Counsel. Additional guidance
and templates are made available internally
through dedicated pages on Yara’s intranet.
Processes
Human rights due diligence
Yara’s approach to human rights due diligence,
which encompasses our work on child and forced
labor, follows the six steps and supporting
measures set forth in the OECD Due Diligence
Guidance for Responsible Business Conduct.
Specific due diligence measures that address child
and forced labor, as well as adequate housing,
on Yara sites include our targeted human rights
impact assessments, human rights inspections, as
well as our comprehensive geopolitical and human
rights risk assessments. These risk assessments
provide an overview of countries where we are
more exposed to labor and work-related impacts.
We aim to ensure that the views of those
impacted, or who are at risk of impact, inform the
due diligence process, including but not limited to
the design of mitigating actions and provision of
remedy. Read more about our human rights due
diligence process on page 79.
Occupational Health and Work
Environment Procedure
Yara’s Occupational Health and Work Environment
Procedure outlines expectations for sufficient
basic facilities and minimum hygienic conditions,
as well as climate conditions, for housing, with
reference to local Yara standards on health
and safety, number of people per square meter
and ventilation, as well as local legislation and
International Finance Corporation (IFC) guidance
on Workers’ Accommodation.
Data privacy
Information about Yara’s handling of personal data
is available for employees, customers and third
parties through internal and external channels.
General data privacy training and specific training
on the requirements of GDPR and LGPD (Brazil’s
data protection law) has been rolled out as
mandatory training for all 10,000 employees
globally who are involved in handling personal
data at some level. Yara has implemented a
procedure for handling of reports of personal data
breaches, which all employees handling personal
data have been informed of through mandatory
learning as well as information and awareness
activities such as the annual Cyber Security and
Privacy Day. All incidents that may constitute a
breach of confidentiality, availability, or integrity
are to be reported in accordance with the
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procedure through a designated channel as soon
as possible. When a breach is reported, relevant
resources in Yara Legal are immediately notified
to ensure that we can assess and handle the
breach in a timely manner.
Data privacy is primarily driven by the EU GDPR
requirements, which provide a strict set of rules
on how to handle data privacy and are focused
on protecting the privacy and rights of, amongst
others, the employees. Yara’s Data Privacy Policy
constitutes Yara’s Binding Corporate Rules, and
data privacy has been presented to the European
Works Council (EWC). Employees are a defined
stakeholder to be consulted when business units
perform a Data Protection Impact Assessment,
and there is a dedicated procedure for handling
data subjects’ rights. There is no general
mechanism for workforce involvement for the data
privacy topic, and there is no plan for developing
such a mechanism.
Approach, actions and resources
Child and forced labor
No significant breaches or human rights impacts
related to child or forced labor were identified in
our own operations in 2024.
All Yara sites have strict ID controls for age
verification. We perform human rights impact
assessments at our own sites, with one
conducted in Mexico in 2024, to ensure that
our processes and procedures are implemented
in practice. During the year, we also performed
internal human rights inspections at three sites
in different regions. Forced and child labor were
areas of focus, but we found no indications of
actual or potential adverse impact. On forced
labor specifically, we look closely for presence
of any of the ILO indicators of forced labor. We
have found instances of excessive overtime but
not to an extent where it would constitute forced
labor. Mitigating actions have been put in place
to address the overtime work, and we continue to
monitor the situation closely.
If a case of child labor is found in our operations,
Yara will contribute to transition from employment
to education by, for example, collaborating with
local communities and NGOs, providing suitable
on the job training, or sponsoring educational
opportunities. If a case of forced labor is found,
appropriate remediation will be determined on
a case-by-case basis, in collaboration with the
impacted individual(s).
Adequate housing
Yara has very limited housing on our own sites and
plants. However, a previously conducted human
rights impact assessment identified one example
where the housing conditions for contracted labor
on a Yara site did not comply with our global policy
on physical working conditions. A long-term project,
including construction work, was initiated to improve
housing conditions and the conditions of facilities
provided at the site. This work is ongoing. To date,
beds and mattresses have been updated, new and
improved air conditioning has been installed and
drinking water and sanitation facilities have been
enhanced. New construction projects were initiated
in late 2024 and will be ongoing in 2025.
Data privacy
For a global company, the legislative landscape
is getting more complex every year. At the
same time, increased digitalization and use of
AI is a catalyst when it comes to privacy risk.
Therefore, Yara has increased the efforts and
resources in this area. In addition to expanding
the privacy team, our work on implementing
software dedicated to mapping privacy compliance
continues, and we are strengthening the focus
on privacy risk assessments and monitoring of
compliance.
The compliance work is supported by legal
resources both centrally and in the regions. In
addition to this, there are several resources in
the various segments supporting their part of the
business in complying with the privacy policies
and procedures.
In 2024, we updated our data privacy policy,
which constitutes our Binding Corporate Rules,
in order to align with the new guidelines from the
European Data Protection Board. We also created
a new e-learning for data privacy, increasing our
focus on making the content easily accessible for
our employees. Yara provides data privacy training
to employees who have permanent or regular
access to personal data, who are involved in the
collection of personal data or in the development
of tools used to process personal data.
In 2024, we did not identify any substantiated
complaints concerning breaches of customer
privacy from outside parties or regulatory bodies.
However, we handled four data breaches that
involved customer data. All cases were considered
to be minor incidents.
Targets
To date, specific targets or metrics related
to child and forced labor, personal data and
privacy, and adequate housing have not been
established. Human rights commitments often
involve complex, qualitative considerations that
are not easily quantifiable. As such, we prioritize
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principles-based approaches to support the
objectives of our established policies. While we
implement various processes to mitigate impacts
for our own workforce, we do not have a formal
mechanism to measure the effectiveness of the
disclosed actions. We have not identified any
cases of severe human rights incidents in 2024.
The effectiveness of the Code of Conduct is
assessed through established processes and
actions, including our Compliance Program,
human rights due diligence, training and
awareness initiatives on topics such as fair
competition, anti-corruption, and bribery (see
more in Business Conduct, page 201), our
ERM systems, employee surveys, and HESQ
management systems.
In addition, we have committed ourselves to
annually prepare and update an Audit Program,
including an Audit Plan, regarding the Yara Data
Privacy Policy. All aspects of the policy shall be
considered when updating the Audit Program,
including methods and action plans to ensure that
corrective actions have been implemented.
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
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S2 Workers in the
value chain
Global supply chains impose
significant pressure to
maintain cost efficiency and
supply resilience, which can
expose value chain workers
to social risks, such as low
wages, unsafe conditions
and inadequate grievance
mechanisms, creating
challenges for ethical and
sustainable practices.
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.
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.
Recognizing these material risks, we are working to
strengthen our approach to assessing and addressing
risks to value chain workers. While we currently
focus on conducting due diligence and improving
our understanding of identified risks, our long-
term ambition is to integrate these insights more
effectively into our strategy, policies and engagement
with suppliers. We are prioritizing learning from our
Integrity Due Diligence, third-party sustainability
assessments and supplier audits to refine our
approach and working towards that our actions
contribute to meaningful improvements over time.
We understand that certain material negative
impacts on value chain workers are more likely to
be widespread or systemic due to the nature of our
supply chain. 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. Consequently, we
focus on high-risk regions and industries and
the intention is to challenge our sourcing and
operational strategies to mitigate adverse impacts
and foster better practices in our supply chain.
We consider these material topics for value chain
workers across our upstream suppliers, workers on
our sites who are not part of our own workforce,
and downstream partners such as logistics and
warehouse suppliers. An exception is adequate
housing in sourcing, which is primarily identified
as a risk in specific sectors such as logistics,
warehouses and maintenance services in certain
countries. This is particularly relevant in cases
where suppliers offer housing to their workers,
logistics in Europe, for example, due to the
growing number of non-European drivers providing
services across the continent.
Still, we recognize the need to focus on workers
who are more likely exposed to our material
topics. Therefore, we prioritize due diligence
based on geographic and industry risks, focusing
on regions and sectors with the highest exposure
to labor and human rights challenges. In 2024,
this included, for example, suppliers in mining,
logistics and packaging industries across Latin
America, Asia, Africa, and the Middle East.
IRO Other work-related rights Scope
Child labor in sourcing
Child labor in use of products
Forced labor
Adequate housing in sourcing
Health and safety in sourcing
Working time
Adequate wages
Health and safety in
downstream operations
Social protection
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Policies
Yara continually works to support and enforce
our principles and requirements throughout our
organization and in our relations with our suppliers
and contractors. Yara’s sustainability requirements
towards its suppliers are defined through two main
policies: the Code of Conduct for Yara’s Business
Partners and the Sustainable Procurement Policy.
These policies apply to all groups of value chain
workers, regardless of industry or geographic
location, ensuring global coverage. We have not
yet formalized a policy on adequate housing and
social protection as these are evolving matters.
Code of Conduct for Yara’s
Business Partners
The Code of Conduct for Yara’s Business
Partners includes requirements related to the
most salient human rights issues in this context:
child and forced labor (including requirements
against human trafficking and involuntary
labor), discrimination, safe and healthy work
environment, freedom of association and
collective bargaining, equal pay and working
hours, and Indigenous peoples. It also includes
expected standards on grievance mechanisms. For
more on the Code of Conduct for Yara’s Business
Partners and expected standards, see page 158.
Sustainable Procurement Policy
Yara’s Sustainable Procurement Policy outlines
how we intend to deliver sustainable value by
promoting transparency and a higher standard of
our suppliers’ sustainability performance. Among
the policy’s different topics, social aspects are
a key element, referring to health and safety,
human rights and labor practices, and diversity,
equity, and inclusion (DEI). Read more about the
Sustainable Procurement Policy on page 152.
Processes
Our efforts to address human rights challenges are
guided by internationally recognized frameworks,
including the UN Guiding Principles on Business
and Human Rights, ILO core conventions and
OECD Guidelines for Multinational Enterprises.
Over the past years, Yara has developed and
implemented structured communication and
processes to engage with business partners. These
initiatives aim to raise awareness of human rights
standards and incorporate contractual obligations
towards our business partners. Read more about
Yara’s approach to human rights due diligence in
General information on page 79.
Key processes supporting due diligence, worker
engagement and remediation of negative impacts
include:
• Supplier Lifecycle Management Process:
Ensuring a holistic and risk-based supplier
oversight, see page 78.
• Integrity Due Diligence (IDD): Identifying
inherent and actual risks, see page 77.
• Third-party sustainability assessments:
Evaluating supplier practices and driving
continuous improvement.
• Supplier audits: Verifying compliance and
driving continuous improvement.
Third-party sustainability assessments
In 2024, we continued our work on assessing
our suppliers’ sustainability performance, using
EcoVadis and comparable independent verified
assessments, also in cooperation Together for
Sustainability (TfS) where we, as a member,
contributed to and benefited from, the principle
of sharing evaluations. The table below shows
how we have utilized assessments for our supply
chain. Data shows the proportion of our spend and
the number of suppliers covered by assessments,
including the improvement of our business
partners over the years.
Supplier assessment achievements in 2024
Topic 2024 2023 2022
Spend coverage % 68% 47% 35%
Improvement % (vs. previous assessment) 67% 61% 70%
Improvement % (vs. first assessment) 90% 90% 88%
# of rated suppliers 1022 706 281
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Suppliers Audit Procedure
The global Suppliers Audit Procedure outlines
the audit process and assigns roles to ensure
seamless execution. Its main goal is to have
suppliers comply with laws, regulations and
Yara’s Code of Conduct for Business Partners,
particularly regarding human rights and working
conditions. Audits involve documentation reviews,
on-site inspections and interviews. Results are
communicated to suppliers and translated into
corrective action plans, promoting continuous
improvement, and working towards compliance in
Yara’s supply chain.
In 2024, as part of Yara’s commitment to
Together for Sustainability (TfS), some supplier
audits followed the TfS audit protocol, evaluating
management, environment, health and safety,
labor and human rights, and governance. These
audits complement the existing local audit
programs.
These processes create a framework for ongoing
dialogue and collaboration with our suppliers and
engagement with workers in our value chain.
While these activities currently do not specifically
target particularly vulnerable groups within the
value chain workforce, they follow a risk-based
approach to ensure effective prioritization.
We capture value chain workers’ perspectives
mainly through supplier audits, which include
interviews with management to operational
workers. Using a risk-based approach, we choose
the highest risk suppliers to audit. This approach
is overseen by the Senior Vice Presidents of
Indirect Procurement and Direct Procurement
in collaboration with Yara’s Chief Compliance
Officer and HESQ Senior Vice President. While
the audits provide valuable insights, they are not
yet a fully sufficient mechanism for direct worker
engagement. Due to resource prioritization, the
focus is currently on ensuring proper due diligence
in our supply chain. As our due diligence processes
mature, we will continue evaluating how to better
incorporate value chain workers’ perspectives into
our responsible sourcing strategy.
Grievance mechanisms
At Yara, we are committed to respecting human
rights across our operations and value chain. As
part of this commitment, we expect our business
partners to establish grievance mechanisms for
their workforce, and we assess the existence of
such channels during our HRIAs and supplier
audits. While our Ethics Hotline is available for
employees and external reporters, we receive
few reports from value chain workers. For more
information on our general approach to remedy
and measures on the protection of individuals
against retaliation see pages 80 and 203
respectively.
We have been continuously working to enhance
the effectiveness of the Ethics Hotline, with a
particular focus on improving its predictability.
To achieve this, we have made our established
procedure, including well-defined stages, readily
accessible on our webpage to ensure better
understanding among intended users. We do not
currently assess that value chain workers are fully
aware of or trust our Ethics Hotline. Efforts to
disseminate the hotline information – especially to
those who are not easily reached through our own
sites - will continue in 2025. For more information
on Yara Ethics Hotline see page 203.
Yara has not identified any reported cases of
non-respect of the UN Guiding Principles on
Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work, or
the OECD Guidelines for Multinational Enterprises
involving value chain workers within our upstream
and downstream value chain.
Approach, actions and resources
In 2024, we focused on human rights and working
conditions in the 18 supplier audits (Supplier
Audits corporate program), alongside the standard
integrity due diligence questionnaire. Using a risk-
based approach, we prioritized suppliers based
on a combination of geopolitical and industry
risks, and their strategic importance to Yara. This
methodology will guide our efforts in 2025.
Social audits serve as both an assessment tool
and arena for knowledge sharing. These audits
help us understand the concerns and risks faced
by value chain workers.
Sourcing partners as well as logistics suppliers
were included in the audit plan for 2024. Key
findings from the audits relate to the areas
detailed below:
• Wages and working hours: Insufficient control
measures to ensure compliance with fair wage
practices and working hours regulations.
• Occupational health and safety: Deficiencies
in essential practices, such as inadequate
access to fire extinguishers, poor lighting and
high noise levels in working environments.
• Grievance mechanisms: Ineffective grievance
systems, including a lack of transparency in
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internal investigations and insufficient follow-up
on reported grievances.
• Sustainability in sub-suppliers: Weak or
absent oversight of sustainability practices
among the audited suppliers’ sub-suppliers.
In 2024, Yara established the Corrective Action
Plan forum, as a governance body to oversee
the supplier audit operational process, bringing
together key internal stakeholders to evaluate
audit results, identify recurring patterns in
findings and collaborate with suppliers to define
appropriate corrective actions. This forum also
focuses on ways to improve the audit process and
integrate value chains workers’ perspectives into
decision-making.
Yara is committed to using our leverage to the
best of our abilities to address any identified
impacts. Findings and areas for improvement
are initially prioritized and openly discussed with
suppliers to determine actionable mitigation
efforts.
In 2024, 109 local supplier audits were
conducted, focusing on health and safety and
technical aspects, with some audits including
human rights criteria. Efforts are ongoing to
expand human rights aspects in local audits,
reinforcing our commitment to engaging
with more workers globally and building a
comprehensive audit framework.
Yara remains dedicated to upholding high
standards in human rights, working conditions and
ethical business practices within its supply chain.
The findings from the 2024 audits informed
the double materiality assessment, as well our
ongoing improvements, with a commitment to
transparently address challenges and leverage our
influence to make a positive impact.
Human rights impact assessments
Since 2019, Yara has used external human
rights experts to conduct human rights impact
assessments (HRIAs) in India, the Philippines,
Colombia, China, South Africa, Tanzania, Zambia,
Brazil and Mexico. The scope of the assessments
has focused on Yara’s sites, however, they have
also identified risks in our supply chain, covering,
for instance, third-party run warehouses and
logistics providers, as well as risks connected to
our downstream value chain. In 2024, our efforts
continued by training sales teams to increase
their capacity to identify human rights issues in
agriculture and how to act in these situations.
See page 81 in General information for more on
findings and mitigation actions.
No significant breaches or human rights impacts
related to child or forced labor were identified in
our value chain in 2024, however, there have
been a limited number of incidents of underage
workers accessing Yara sites through, for instance,
distributors or other third-party service providers
in previous years. Adequate systems are in place
at the sites, though improvements have been
implemented where relevant to prevent further
occurrences. Read more on our human rights due
diligence process on page 79.
Training and awareness raising
Efforts to raise awareness in the organization
on human rights, working conditions and ESG in
Yara’s value chain continued in 2024, prioritizing
training for the Procurement function. The
focus was mainly on the requirements in the
Norwegian Transparency Act, the integration
of these elements into internal policies and
procedures related to supplier management, as
well as building knowledge on EcoVadis and TfS.
Procurement professionals participated in six
different training modules, representing four hours
of training. These initiatives will continue in 2025,
adding supply chain decarbonization as a specific
topic.
Raising awareness of sustainability
among our suppliers
Recognizing varying sustainability maturity levels
across industries and countries, Yara offers free
access to the EcoVadis learning platform as well
as the TfS Academy to suppliers. In 2024, Yara
facilitated knowledge exchange events to promote
collaboration across the industry:
• Latin America: Partnering with the local
Chamber of Commerce in Cartagena, Colombia
and EcoVadis, Yara organized a sustainability
event for a group of suppliers, fostering
collaboration on ESG initiatives, presenting
Yara’s Sustainable Procurement Policy and
sharing Yara’s sustainability ambitions.
• Brazil: Collaborating with TfS, Yara invited local
suppliers to an event, focused on improving
their performance related to human rights and
working conditions, sharing best practices and
actionable steps for sustainability.
Business partners are also, on a risk basis,
selected for additional due diligence work,
including training and communications.
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Targets and metrics
To date, specific targets or metrics related to workers
in the value chain have not been established, aside
from metrics covering the number of supplier audits
planned and the spend coverage achieved through
third-party sustainability assessments, as we are
prioritizing the improvement of our due diligence
process. While we implement various processes
to mitigate risks for value chain workers, we do
not yet have a formal mechanism to measure the
effectiveness of these actions. We recognize that
EcoVadis provides one way to evaluate how our
suppliers perform against the expectations set in
our Sustainable Procurement Policy, however, we
currently lack a structured process to assess its
overall effectiveness.
The effectiveness of the Code of Conduct for
Yara’s Business Partners is assessed through
established processes and actions, including our
Compliance Program, human rights due diligence,
Supplier Audits Procedure, as well as our ERM
system and HESQ management system.
We are committed to further developing and
refining our approach to engaging with value
chain workers and intend to define specific
targets and implement a process to measure their
effectiveness.
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
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S3 Affected
communities
Our production units might
negatively affect local
communities living or working
around our sites, through
noise, odor and dust, which
can pose health, safety and
environmental risks. Broader
concerns include potential harm
to cultural heritage sites and
social vulnerabilities within the
supply chain.
At Yara, we recognize that process safety-related
and production-related impacts are critical
concerns for the health, safety and well-being of
local communities. We consider issues such as
noise, odor and dust from fertilizer production to
have significant potential to affect community
life. In addition, through our processes, we have
identified potential impacts in Brazil, related
to the risk of sexual exploitation in the trucking
industry, and in Pilbara, Western Australia,
concerning industrial air emissions potentially
affecting Aboriginal rock art. To address these
challenges, we focus on monitoring, open
communication channels and remediation efforts.
We give particular attention to process safety to
prevent catastrophic accidents that could harm
communities nearby our production sites. In
addition, we monitor our suppliers’ performance
on ESG-related matters through sustainability
rating platforms such as EcoVadis and Together
for Sustainability, as well as supplier audits, read
more on workers in the value chain on page 183.
Policies
Health and safety
Yara’s overarching company HESQ ambition is
to achieve Zero Harm to people and the planet,
while ensuring prosperity. Process safety is an
integral part of the HESQ Policy, see page 131,
and the HESQ management system. Process
safety management identifies safety hazards and
manages related risks generated by our processes
to mitigate and prevent catastrophic accidents
that may affect local communities.
Code of Conduct
Yara engages with local communities and
stakeholders on human rights issues related to our
business and across our value chain. Through our
operations we aim to contribute to the economic
and human development of our employees and the
communities in which we operate. We will assess
actual and potential human rights impacts from
our operations and engage with those potentially
affected when providing appropriate remediation.
We further aim to provide effective grievance
mechanisms and are committed to an open and
transparent approach to managing grievances. We
encourage all internal and external stakeholders to
raise any matter should they identify any incidents
in our operations or supply chain.
Our operations should not hinder Indigenous
peoples from exercising their traditional rights.
Indigenous peoples have the right to be informed
and thereafter asked for their consent in decisions
that may affect them. We have not deemed it
necessary to develop a stand-alone policy on
Indigenous peoples but rather rely on the Code
of Conduct, which has a separate paragraph
dedicated to Indigenous peoples. As with all human
rights topics, we consistently monitor the need
for stand-alone policies vis-à-vis comprehensive
implementation of those we already have in place.
Consultations with Indigenous peoples are carried
out in accordance with local and ILO requirements
in good faith and in a form appropriate to the
circumstances, with the objective of achieving
agreement or consent to the proposed measures.
IRO
Communities’ economic,
social and cultural rights
Scope
Process safety-related impacts
Production-related impacts on
environment and health and
safety of local communities
Local
Environmental and social impact
on local communities in our
supply chain
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Yara is cautious not to increase demand for
resources that are crucial for local communities’
livelihoods or the survival of Indigenous peoples.
We respect the rights and interests to lands and
waters of communities and Indigenous peoples who
traditionally own or use land where our production
facilities and mining projects are located. See Code
of Conduct, page 158.
Business Partner Code of Conduct
Yara’s goal is to develop relationships with
Business Partners that share similar corporate
values as Yara and conduct their business in an
ethical manner. Legal obligations for Business
Partners include providing a safe and healthy
workplace, and establishing efficient controls to
avoid child labor, forced labor or discrimination.
We expect our Business Partners to comply
with all environmental laws and regulations,
adopt an environmental policy and implement a
management system addressing impacts and risks
related to their operations and products from the
full life-cycle perspective. Expectations also cover
Indigenous peoples’ rights, freedom of movement,
association and collective bargaining, as well
as equal and fair pay. See page 158 for more
information on Yara’s Business Partner Code of
Conduct.
Processes
Stakeholder Management Procedure
We consider stakeholder management important
for shaping Yara’s strategy, business model,
governance, and reporting. Yara’s Stakeholder
Management Procedure and accompanying
guidelines provide our leaders and business units
with methods and tools to regularly perform
stakeholder management in line with internal
requirements and external expectations and
standards. For local communities directly affected
by our operations or projects, the procedure
emphasizes meaningful stakeholder engagement.
This includes fostering two-way dialogue, utilizing
culturally appropriate communication methods,
tracking issues raised and providing feedback
to stakeholders. For Indigenous peoples, the
procedure includes considerations on their right to
free, prior and informed consent. To date, there
is no formalized process in place to assess the
effectiveness of our stakeholder engagement
process.
The GEB is accountable for ensuring that the
procedure is implemented in relevant countries,
plants, business units, and projects. For more
information on the Stakeholder Management
Procedure, our engagement approach, key topics
in 2024, actions and outcomes, see page 89.
Green lines, complaint
handling, and grievances
Yara addresses and mitigates the negative
impacts of its activities to the extent possible,
considering its influence and impact. We
proactively engage with communities near
our production sites, both directly and through
relevant representatives, as appropriate. By
starting conversations early, we enable adjacent
communities to express their views and concerns
to prevent or mitigate potential adverse effects.
We prioritize establishing a two-way dialogue with
our stakeholders and fully addressing third-party
feedback or relevant findings.
Yara’s production sites have established green
lines or similar communication channels for
neighbors and other stakeholders to raise
questions, suggestions, or grievances directly.
After careful evaluation of every case, we record,
assess, follow up, and provide feedback to
complainants. Through our corporate and local
management procedures, we seek, from the
claimant, feedback concerning the resolution
of each case that was addressed. We have
a stringent process to investigate hazardous
conditions, near misses and incidents with our
reporting system. Complaints are also managed
and controlled through our ISO 9001, 14001
and 45001 systems based on plan-do-check-act
methodology, using the feedback to identify issues
and areas for improvement.
In addition, the Yara Ethics Hotline is available
for anonymous reporting both for employees
and external reporters. Read more on Yara’s
Ethics Hotline and measures on the protection of
individuals against retaliation on page 203.
Throughout 2024, Yara continued to monitor and
analyze its established grievance mechanisms
and to improve the effectiveness of local channels
through which our stakeholders, including local
communities, can raise concerns. For the reporting
year, Yara has not identified any reported cases
of non-respect of the UN Guiding Principles on
Business and Human Rights, the ILO Declaration
on Fundamental Principles and Rights at Work, or
the OECD Guidelines for Multinational Enterprises
involving affected communities. Read more on our
general approach to remediation and human rights
due diligence on page 79.
While Yara conducts ongoing stakeholder
engagement with affected communities and
provides channels for communication, we do not
have a consolidated understanding of the specific
characteristics or contexts of stakeholder groups
that may be at greater risk of harm.
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Yara currently does not systematically assess or
measure whether affected communities are aware
of or trust the structures or processes in place to
raise their concerns or needs.
Yara has taken measures to prevent high-risk
potential impacts from happening in our sites,
and the likelihood of such process safety incidents
happening is low. See page 170 for more
information on process safety.
Engagement with Aboriginal
people in Western Australia
Since Yara Pilbara’s establishment in Western
Australia, we have acknowledged Murujuga’s
historical and cultural significance and Murujuga
Aboriginal Corporation’s (MAC) legitimacy as the
traditional custodians and representative body of
the land we operate on. Yara Pilbara maintains
its relationship, through regular and respectful
discussions, to understand and support the
Corporation’s and its member groups’ aspirations.
The engagement reflects what is culturally
sensitive and appropriate for traditional owners.
For example, access to traditional lands remains
a crucial concern for Aboriginal communities. To
address this, Yara has maintained a long-standing
agreement with MAC’s senior officeholders to
facilitate site access, issue passes and ensure
proper notification for on-site visits. Also, MAC
was actively involved in the development of
cultural heritage management plans for the Yara
Pilbara site and has provided its support for the
operations with government regulators.
As Yara’s operations comprise a residential
workforce, interaction between representatives of
the company and MAC executives and members is
not restricted to formal methods of engagement.
Interactions between Yara Pilbara and MAC
representatives, both formal and informal,
take place on at least a weekly basis. The Yara
employees who undertake the engagement are also
long-term residents of Pilbara and as such have
strong cultural understanding and connectivity.
The effectiveness of Yara’s engagement is best
assessed by the direct feedback from MAC,
individual traditional owners, relevant Federal and
State government agencies, the City of Karratha
(local government) and the broader community.
Approach, actions and resources
Our actions are driven by our commitment to local
communities and to the environment. We are
working towards more environmentally efficient
operations with lower emissions and improved
technologies.
Minimizing environmental impacts
Ensuring compliance with environmental
regulations and local permits is an essential part
of our work to minimize negative environmental
impacts on neighboring communities. Our
Environmental Roadmap Program covers all
significant environmental aspects of the major
production sites and processes, as well as
stakeholder management. See page 139 for more
information on pollution.
Value chain considerations
Yara operates in an extensive global supply chain
through diverse industries, some of which are
inherently exposed to social and environmental
risks. While we do not have specific cases of
communities being affected by our suppliers,
we recognize the potential for such impacts
along and at both ends of our value chain. Our
approach relies on Yara’s leverage over suppliers,
using our processes and their commitments to
assess, mitigate and address issues that may
affect workers and communities linked to their
operations. Read more about value chain workers
on page 183.
Mining operations
Our mining operations are subject to the same
policy implementation, internal audits and other
procedures as other Yara sites, see the HESQ
Policy on page 131 and the Code of Conduct on
page 158.
Mining can be a major source of production-
related impacts on local communities. Our
active mining site in Siilinjärvi, Finland, is not
situated near protected areas or regions of high
biodiversity. We manage procedures for the
monitoring and evaluation of performance and
complaint handling in our mining operations the
same way as we do at other operational sites. We
also assess risks and monitor compliance, and we
engage with stakeholders to find solutions to their
needs. See page 189 for more information on
compliant handling.
Murujuga rock art
Our Pilbara operations are located on Murujuga,
a culturally significant site with one of the
world’s largest collections of Indigenous rock art,
currently under consideration for World Heritage
listing. Yara Pilbara respects Murujuga’s cultural
significance to the Traditional Owners and the
local, national and global importance of the
ancient rock art. We continually work to reduce our
emissions and have extensive monitoring stations
in place.
Concerns about industrial air emissions from all
industry on Murujuga affecting the rock art have
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prompted studies to evaluate this risk. To date,
these studies have not identified any measurable
impact of industrial emissions on the rock art or
other cultural values connected with the Pilbara site.
However, an extensive monitoring program under
the Murujuga Rock Art Strategy (MRAS), led by
the Western Australia Government in collaboration
with the MAC, is ongoing. Yara actively supports
the MRAS and regularly engages with the MAC,
including presenting to the Circle of Elders.
We remain committed to working closely with
MAC to preserve the area’s cultural heritage
and fully support Murujuga’s nomination for the
UNESCO World Heritage List. More details on the
monitoring program led by the Western Australian
Government can be found here:
Program: Murujuga Rock Art
Human rights impact assessments
Affected communities are always in scope for
human rights impact assessment (HRIA). During
the preparation stage of the assessment, there
is always a mapping of potentially affected
communities and particular situations of
vulnerability and/or marginalization, to ensure
that their perspectives are heard and explored. In
2024, we conducted one HRIA in Mexico. All the
sites that were in scope for the HRIA are in large
industrial parks without adjacent communities.
Nonetheless, expert inquiries were conducted
with local NGOs and lawyers specializing in
human rights and rural communities. For more
information about our HRIAs.
Sexual exploitation and abuse
In 2021, HRIAs in Brazil were performed
by external subject matter experts, covering
operations and logistics to and from seven of
our key sites. A severe finding was related to
the risk of sexual exploitation of both adults
and children by drivers in the trucking industry,
which was mentioned as a major concern by
local community leaders and a widespread social
issue in the ports and industrial areas where Yara
operates, attributed to the influx of temporary
labor in these areas. Actions were implemented
following the assessments and this continues to
be a focus area that is monitored and followed
up. Examples from previous years include the
development of a pocket guide for drivers on
the topics of human rights and child exploitation
and an educational campaign for truck drivers
and community stakeholders on the same topic,
as well as ensuring physical improvements to
the waiting areas for drivers, in order to reduce
waiting time, which had been identified as a
heightened risk factor. Yara has also partnered
with Childhood Brazil on the “Mão Certa”
Program, which aims to educate truck drivers to
act as agents for the protection of the rights of
children and adolescents. The program mobilizes
the Government, companies and civil society
for a holistic and multi-sectoral approach to the
prevention of and response to sexual exploitation
of children and adolescents on Brazilian
highways. In 2024, Childhood Brazil undertook a
comprehensive situational analysis in Cubatão of
violence against children and adolescents. This
has since informed the action plans for the various
stakeholders. For Yara, this included becoming
a signatory to the Business Pact Against the
Sexual Exploitation of Children and Adolescents
on Brazilian Highways. More actions are planned
for 2025, and implemented actions will be
continuously monitored and followed up on. Read
more about our general approach to human rights
due diligence and remediation on page 79.
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Metrics
Environmental grievances
All complaints and concerns received from
neighbors and other stakeholders are reported and
investigated. In 2024, six Yara sites received a
total of 29 stakeholder complaints and concerns
related to their environmental performance. This
was a significant reduction compared to reported
complaints and concerns in 2023 (45 cases).
Most of the complaints were related to noise
nuisance and short-term exposure to the odor of
ammonia and dust.
Environmental incidents
We had zero high-severity environmental incidents
in 2024. High-severity environmental incidents,
including spills, are incidents assessed as having
severe environmental harm with long-lasting loss
of natural value or restricted use of the area, or
major environmental harm with extensive clean
up, remediation, or compensation measures.
Yara did not record any significant environmental
breach related to its supply chain in 2024. See
page 142 for more information on environmental
compliance.
Socio-economic compliance
We had zero major severity socio-economic cases
in 2024. Yara considers cases with a value of
USD 5 million (economic loss, penalty or similar)
to be of major severity, and such cases are
actively followed up at the corporate level. In total,
fines of USD 527,500 have been registered for
2024 related to laws and regulations other than
environmental ones.
Fines and sanctions
No significant monetary fines or other sanctions
related to environmental performance were issued
to Yara units in the reporting year. Four sites
received monetary penalties from authorities due
to environmental breaches: At three of our sites
(Rio Grande, Ferrara and Sluiskil) air pollutants
were recorded to exceed limits and in Cubatão
2, the late submittal of an intervention plan and
action schedule for contaminated areas resulted in
an administrative breach of the permit. However,
the penalties altogether remained below the
significance threshold of USD 5 million. The root
causes of all sanctions have been investigated,
and corrective measures have been or are being
implemented to ensure future compliance.
Key legal cases
Montoir plant
The plant has been facing market difficulties
and unsustainable regulatory compliance costs.
In 2023, Yara concluded that the site shall be
transformed, evolving the production unit to an
import terminal and blending facility. Investments
to address a non-compliance linked to stormwater
continues. As the plant transforms operations, the
dust emissions concern previously attributed to
the prilling tower has ceased.
The transformation of the site has prompted Yara
to consult with trade unions and the work council.
As of 2024, the headcount remains unchanged,
and discussions are ongoing about implementing
the PSE (plan de sauvegarde de l’emploi) to
reduce the number of layoffs and protect jobs.
Ambes plant
The Yara Ambes site in France continues to
monitor noise levels which previously caused
nuisance to a neighbor, an issue which was
heightened due to the physical location of the site
by a riverbank. The site has invested to mitigate
the noise emissions and conducts frequent
Key actions related to grievances by stakeholders and neighbors in 2024
Country Type of external complaint Actions taken to address complaint
Australia Odor – ammonia flare
Investigation into ammonia flare design and optimization of combustion
to limit odors
Brazil Dust
Evaluation of gas washing and filter systems and unit inspection with
local Department of Environment
Brazil Noise - siren
Define practice for communication with neighbors prior to training
events signaled by the activation of the siren
Norway Noise Installation of new silencer and fan
Environmental grievances received from stakeholders
2024 2023 2022 2021
Environmental grievances raised by stakeholders 29 45 59 100
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monitoring, with noise measurements within
the permit limits when the plant is in normal
operation. There were no external complaints in
2024, and a court-assigned external investigator
has approved the latest studies, indicating the
site’s compliance. The site now awaits the final
court decision to consider the legal case closed.
Brazil
During 2024, Yara was part of three ongoing
cases in Brazil that included environmental claims.
1. Due to the 2000 acquisition of Adubos
Trevo, from Trevisa Group, Yara and related
companies to the Trevisa Group, have been
cited in a lawsuit concerning mine and lead
industry activities by Plumbum in Bahia, Brazil.
Approximately 1,300 potential victims are
represented in two separate lawsuits filed in
2011 and 2012, which are still in the initial
phase. Yara denies liability for any potential
damage caused by the activities of Plumbum.
Related lawsuits were also filed by an individual
who lived and worked in the cities where
Plumbum formerly conducted its operations,
but they have been rejected for lack of proof
of damages or lack of proof of liability by the
successor companies.
2. Yara is a party in a lawsuit in Barcarena, Brazil,
related to potential soil and groundwater
pollution caused by the industrial operators
in the industrial district since the 1970’s.
Yara operated a fertilizer blending unit there
from 2013 to 2019. The case is currently
suspended.
3. An open case in the Superior Court involves
an accidental sulphuric acid release to the sea
during a ship unloading in 1998 in a Rio Grande
port. Yara, as the current owner of Adubos Trevo
denies liability, as neither company was involved
in the unloading of the cargo nor were Yara
or Adubos Trevo an owner or operator of the
unloading terminal, just the purchaser of part of
the cargo. Related lawsuits have been filed by
local fishermen claiming compensation for loss of
revenue since fishing activities were suspended
for a period. The individual lawsuits are still on
going and there is no final decision in any case.
Targets
As of the reporting period, no specific targets
had been established to measure progress or
performance for the material topics under this
chapter. For information on how legal provisions
and contingencies are accounted for, see
note 5.5 Provisions and contingencies in Yara’s
consolidated financial statements.
The effectiveness of the Code of Conduct and
the Code of Conduct for Yara’s Business Partners
is assessed through our Compliance Program,
human rights due diligence, Supplier Audits,
ERM systems, employee surveys, and HESQ
management systems. Additionally, the Code of
Conduct includes training.
For process safety-related incidents, we assess the
effectiveness of our actions through the closure of
incidents, with corrective measures on equipment,
trainings and procedures, as well as preventive
actions. We assess the effectiveness of the
HESQ Policy in annual reviews through our HESQ
management systems, read more on page 77.
For production-related impacts on the
environment and the health and safety of local
communities, we measure the effectiveness of our
actions as described below:
• Murujuga rock art: We continue to conduct
the required regulatory monitoring, in parallel
with the Western Australian Government’s
program. So far, we are unable to evaluate the
effectiveness of our monitoring efforts until we
receive the results from the Murujuga Rock Art
Strategy.
• Sexual exploitation and abuse: We
acknowledge that human rights commitments
often involve complex, qualitative
considerations that are not easily quantifiable.
As such, we prioritize principles-based
approaches to support the objectives of our
established policies. While we implement
various processes to mitigate impacts on
communities near our sites, we do not have a
formal mechanism to measure the effectiveness
of the disclosed actions.
• Incidents, complaints and severe human
rights impacts: We did not identify any cases of
severe human rights incidents in 2024.
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
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S4 Consumers
and end-users
At Yara, most of what we
do is ultimately aimed at
supporting customers and
end-users in achieving better
crop yield and quality and
using nutrients efficiently. At
the same time, we recognize
that our products, when
not handled correctly might
present potential health and
safety risks during handling,
storage, transportation, and
use, which we seek to mitigate
by practicing strict product
stewardship throughout the
product life cycle.
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.
Besides supporting farm profitability, our focus on
nutrient use efficiency is motivated by its potential
to reduce nutrient losses to the environment and
lower GHG emissions, see Climate Transition Plan,
page 116.
Proper care is needed during the handling,
storage, use and transportation of Yara’s
products due to the potential health, safety and
environmental risks of fertilizers and chemicals.
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. Our engaged team achieves this
through excellence in chemistry and technology,
while rigorously adhering to all necessary
precautions and health and safety measures to
minimize health and safety risks.
Distributors, farmers and agricultural workers are
also exposed to potential health and safety risks
from improper management of our products, while
farmers are positively impacted by investing in
fertilizers to maintain soil health, yields and crop
quality. These stakeholders rely on our provision of
accurate product information and guidance. This
also applies to vulnerable stakeholders, notably
smallholder farmers who may lack access to basic
services such as financing, training or equipment.
Potential negative impacts on the health and
safety of our consumers and end-users are
considered individual incidents.
Policies
Product Quality
Yara aims to ensure that all products meet the
expectations of customers and local regulations,
while simultaneously driving product quality as
a differentiating feature. Yara’s Product Quality
Policy is designed to support the corporate
Strategy Scorecard, as an enabler of People,
Planet, and Profit targets, see page 19. Good
product quality facilitates precision application and
increased nutrient use efficiency and, as such, is a
necessity to achieve better crop yield and quality.
Yara’s Product Quality Policy is mandatory for all
consolidated group companies and for all joint
ventures where Yara has managerial responsibility
or has ownership of more than 50 percent.
Responsibility for implementing and monitoring
IRO Personal safety Scope
Health and safety
Impacts of products and
services (entity-specific
disclosure)
Crop yield and quality
Nutrient use efficiency
Digital farming
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the policy lies with Global Product Management.
Product quality evaluation and continuous
improvements are driven by global and regional
performance reviews, with a globally represented
internal Product Quality Board meeting bi-annually
and regional committees meeting at least quarterly.
We ensure that the policy is communicated
through the Yara Steering System and Regional
Product Quality networks, enabling employees to
understand and adhere to its principles.
HESQ Policy
In our HESQ Policy we commit to product
safety and security from the factory to the end-
user according to established fertilizer product
stewardship standards. As part of our commitment
to safe product use, we ensure that our customers,
consumers, end-users, and markets receive
comprehensive information regarding the health
and safety and environmental aspects of our
products. We take proper care of our products’
compliance, quality, safety, and environmental
footprint throughout the value chain. Read more
about our HESQ Policy on page 131.
Other impacts
Currently, Yara does not have formal policies
on the impacts of nutrient use efficiency or
digital farming. Yara has prioritized actions and
processes over formalizing a policy for these
two matters. Both topics are, however, core
elements of Yara’s strategy, in support of the food
system transformation and decarbonization of
crop production. This is reflected in our Climate
Transition Plan, see page 116. Our positions on
nutrient use efficiency and digital farming are laid
out in position papers at yara.com.
Processes
Engagement with consumers
and end-users
Engagement with consumers and end-users is
integral to the way we manage impacts, develop
and improve product offerings, and support
more sustainable agricultural practices. The
responsibility for stakeholder engagement lies
with Yara’s business line and externally facing
functions, with Regional EVPs overseeing the
process at the highest level.
We prioritize distributors, retailers, farmers, and
food companies, and engage directly with them
through on-the-ground agronomists, crop specialists,
meetings, and digital platforms. We also engage
with retail associations, universities and research
institutions to reach the entire value chain. Our R&D
teams collaborate with farmers and distributors
to tailor products to specific requirements and
Gaining insight into perspectives of vulnerable
consumers and end-users in Africa and Asia
FarmCare: A farmer-facing mobile
platform that engages directly with farmers,
enhancing our understanding of their needs.
In 2024, it facilitated online ordering, digital
payments and access to critical agricultural
inputs and services for approximately
700,000 farmers. This interaction provides
crucial data on farmer behavior, preferences
and challenges. It also provides relevant
insights into the day-to-day realities faced by
smallholder farmers, allowing us to tailor our
support and solutions effectively.
YaraConnect: A mobile app for Yara’s
channel players, including SME retailers,
to strengthen their businesses and improve
their connection with farmers. A reward-
based loyalty program incentivizes retailers
to adopt digital solutions, providing us
relevant insights into the challenges and
opportunities they face. In 2024, QR code
scanning on over 2.2 million fertilizer
bags enabled real-time tracking of product
origin, quality and distribution, ensuring
transparency and offering insights into
traceability to the last mile.
Agrodealer Empowerment Program:
Focuses on enhancing farmer prosperity by
accelerating micro, small, and mid-sized
enterprises’ (MSME) growth within Yara’s
supply chain. Through a 15-week training
program on a digital platform we develop the
skills and leadership capacities of MSMEs,
ensuring the participation of women and
youth in the economy. The digital platform’s
adaptability allows for content localization
and customization, ensuring relevance and
accessibility for diverse learners. In 2024,
over 2,700 Agrodealers, including 1,100 in
Kenya and India, completed the course.
For more information on the Stakeholder
Management Procedure, our engagement
approach, key topics in 2024, actions,
and outcomes, see page 87 in General
information.
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conduct trials and field demonstrations. We evaluate
the effectiveness of these engagement activities
through survey scores and documentation of yield
improvements and program outcomes.
Complaint handling and
feedback channels
Collection and handling of feedback and
complaints is a continuous process at Yara
and regulated in our Trace, Track and Recall
Procedure. We gather input from end-users and
distributors through various channels, including
online platforms, QR code links, hotlines,
dedicated sales agronomist services, and others,
tailored to local market structures. All Yara units
must implement complaint-handling procedures
to address non-conforming materials and
customer complaints, with local teams monitoring
customer satisfaction.
Yara’s Corporate Product Quality team regularly
conducts NPS and Customer Satisfaction (CSAT)
surveys or employs similar feedback mechanisms.
To support these mechanisms across the value
chain, our regional and country-specific Product
Quality teams collaborate with commercial and
agronomy teams to follow up complaints and
feedback. We assess the effectiveness of the
available channels through internal audits, self-
assessments and surveys.
Global complaint data is consolidated in a single
dashboard that visualizes all reported product
quality cases and related information such
as product types, location, volumes and cost
impacts, and complaint types. This, along with
NPS or CSAT feedback, is reviewed bi-monthly in
Regional Product Quality reviews, with full value
chain participation, to gather critical feedback and
align on improvement efforts.
The outcomes of our complaint mechanisms,
including the views and interests of consumers
and end-users, are also integrated into broader risk
management processes and decision-making related
to product quality. Having Product Quality as a
dedicated element within the Product Management
team, enables close collaboration with Product
Managers to assess the suitability of products in
specific markets and guides the development of
new products that align with customer needs and
expectations. Our Product Quality team collaborates
with internal functions to quickly address and
remedy any product quality issues. Remedies may
include, but are not limited to, product replacement,
training or handling support.
To evaluate the effectiveness of our product
quality remedial approach, we monitor the volume
and cost impacted, along with the type of product
or grades. This allows us to verify improvements
or declines based on cost development.
Furthermore, we conduct NPS surveys in
strategically selected markets to assess customer
loyalty and satisfaction. Customer contact is
managed through our commercial or agronomy
teams, ensuring that direct feedback is gathered
from sales or customer relations teams.
In addition to the aforementioned channels, the
Yara Ethics Hotline is also available for external
reporters. For more information on the hotline,
investigation procedures and prevention of
retaliation, refer to the Business Conduct chapter
on page 201. Yara expects its business partners to
implement grievance mechanisms and processes
for affected stakeholders. See page 158 for
further details.
Yara currently does not systematically assess or
measure whether consumers or end-users are
aware of or trust the structures or processes in
place to raise their concerns or needs.
For the reporting year, Yara has not identified any
reported cases of non-respect of the UN Guiding
Principles on Business and Human Rights, the ILO
Declaration on Fundamental Principles and Rights
at Work, or the OECD Guidelines for Multinational
Enterprises involving consumers or end-users.
Yara commits to respect human rights across the
value chain, including the rights of its consumers
and end-users, however, we do not have specific
policy commitments and or processes in place
for this group of stakeholders. Read more on our
general approach to remediation and human rights
due diligence on page 79.
Approach, actions and resources
The actions we report for addressing material
impacts and opportunities in this section are
integrated into our regular business planning and
ongoing activities across our regions, global units
and expert functions. We therefore do not provide
specific time horizons for these actions, nor are
we able to gather accurate information about the
current financial resources allocated to them.
Crop yield and quality
Yara offers a unique combination of crop nutrition,
expertise, tools, and services to help farmers grow
more high-quality food on less land with optimal
use of crop nutrients. Our products help to uphold
fertility, yield and quality by replenishing soil nutrients
and preventing soil depletion and degradation.
Meanwhile, we recognize that agriculture is a
resource-intense activity bearing risks to soils,
ecosystems and biodiversity. This, in turn, can
translate into adverse impacts on farmer profitability
and livelihoods or the broader food security.
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Our approach and actions to support crop yield and
quality place farmers centerstage and involve the
continuous development of our offering of crop
nutrition products and solutions. Our main action
areas include:
Crop nutrition programs
We tailor crop nutrition solutions to specific
crops and local growing conditions. Customized
nutrient management plans help farmers optimize
fertilizer timing and ensure balanced nutrition. For
major crops, we provide Plantmaster guidance
documents which summarize agronomic insights,
quality requirements and the nutritional principles
needed to achieve top crop performance.
Precision agriculture
We provide a wide range of precision farming
tools and analytical services to support farmers in
decision-making and nutrient management. Our
offering ranges from advanced technologies, such
as GPS-guided equipment and remote sensing,
to handheld devices and mobile applications,
enabling both large growers and smallholders to
make use of modern technologies.
Agronomic advice
Our more than 1,000 agronomists and sales
agronomists work actively in the field to share
advice and recommendations and to gather
feedback on yield and quality outcomes. We
partner with large growers and food companies to
tailor solutions to their specific needs and arrange
crop clinics, field trials and farmer meetings to
reach the wider agricultural community.
Regenerative agriculture
Regenerative agriculture is an effective systematic
approach to adopt more sustainable farming
practices and impact positively on climate, soil
health, resource use, biodiversity, and prosperity.
We provide low-carbon, specialty and organic-
based fertilizer along with advisory services
to support farmers in adopting regenerative
practices.
Research and development
Yara’s Agronomic Research and Development
Department (YARD) uses science-based
evidence to increase fertilizer use efficiency
and improve crop yield and quality, thereby
boosting farmer prosperity and driving efforts
towards environmental goals. Our work includes
developing crop nutrition solutions tailored to
specific crop requirements and climatic, soil and
market conditions.
Nutrient use efficiency
Nutrient use efficiency is a measure of how
efficiently crops utilize nutrients from fertilizer
Increasing corn yields
MaisMays by Yara Brazil, in collaboration with the Brazilian Agricultural Research Corporation
EMBRAPA, initiated a long-term trial in 2013 to study the impact of nitrogen rates and sources
on corn yields, focusing on resource efficiency and lower environmental impact. Research shows
that Yara nitrates increase corn yields compared to urea, reducing nitrogen losses and carbon
footprints. For 2024, 763 hectares were impacted by the MaisMays initiative. This initiative is
crucial as Brazil, the third-largest maize producer and a major producer of meats and bioenergy,
faces relatively low maize yields due to nitrogen being the primary limiting nutrient, often
neglected by farmers.
New solution for winter crops
Cerealplus by Yara Argentina is our solution for winter crops, designed to help farmers achieve
their yield and quality goals. This tool combines crop nutrition, digital tools and expert knowledge
to support farmers in making informed decisions throughout the crop season. Implemented
in Argentina as an outcome-based business model, Cerealplus has enabled farmers to meet
productivity and quality parameters. Participants from this program can also reduce the carbon
footprint per tonne of crop without sacrificing profitability.
Driving coffee yield and quality
NuestroCafé in Colombia and NossoCafé in Brazil, Yara’s platforms for coffee farmers, offer
balanced crop nutrition recommendations, knowledge-sharing activities and the Yara Champion
program to recognize coffee quality. It also supports women’s role in coffee cultivation and
production. In 2024, over 75,000 coffee farmers, including many smallholder farmers, benefited
from the programs, with nearly 2,000 knowledge-sharing sessions conducted.
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to grow. The higher the share of nutrients that
are taken up by the plant, the less is lost to the
environment where it can contribute to pollution
and in-field GHG emissions. For farmers, achieving
a higher nutrient use efficiency will also secure a
better return on their investment in fertilizer.
The ongoing work we do to promote and increase
nutrient use efficiency is closely linked to our
provision of crop nutrition products and solutions,
which is described above. Generally, nutrient use
efficiency can be improved with existing fertilizers,
technologies and knowledge through better nutrient
management, a cornerstone of our offering.
In addition, we give particular attention to nutrient
use efficiency as a means to reduce in-field GHG
emissions related to the use of our products. We
argue for the setting of a crop-based target for
nitrogen use efficiency for the fertilizer sector and
conduct significant research activities to document
the potential of such a target, see Climate
Transition Plan, page 116.
Digital farming
The digital revolution enables us to transfer our
century-long knowledge into digital tools for all
types of farms and farmers. The Yara AgTech
Platform (YAP) integrates crop-nutrition expertise
with data and insights, delivering essential
digital solutions to farmers and other players
in the food value chain. AgTech powers crop
nutrition recommendations, analytics, farm and
field management, and impact measuring of
our recommendations and fertilizer application.
We also enable partners to integrate Yara’s
agronomic knowledge into their customer-facing
digital solutions through the YaraFX Insight API.
In 2024, we expanded the reach of the Yara FX
Insight API to more than ten new partners.
Some of our digital solutions specifically target
smallholder farmers, either directly or by enabling
our retailers to better support them with crop
advisory and nutrition recommendations.
Targeted learning programs
We believe that everyone in food production
should understand agronomy and sustainability,
not least our own employees. We have therefore
condensed our century-long knowledge and
expertise in agriculture and crop nutrition into
targeted learning programs for both internal and
external stakeholders:
• The Yara Agronomy Competence Model (ACM),
launched a decade ago, enhances agronomic
expertise for over 3,000 agronomists and sales
agronomists across 60 countries.
• The Yara RegAg Academy was launched in
2024 to promote regenerative agriculture and
sustainable farming practices.
• Our Agronomy for All program has, since 2022,
provided foundational knowledge about agriculture
and the fertilizer market to all Yara employees who
are not directly involved in agronomy.
In 2024, our training program reached over 400
external stakeholders – farmers, retailers and
distributors – with key courses through local
learning initiatives.
Women in Agronomy
Yara’s Women in Agronomy program seeks to
attract, retain and support women in agronomy
by connecting emerging and existing talent
with experienced professionals for mentorship,
knowledge sharing and personal development.
Since 2020, the program has had over 800
graduates and nearly doubled the representation
of women in agronomy and sales roles.
In 2024, the program expanded to include
Women in Agriculture, fostering equity and
professional growth for 42 smallholder women
farmers aged 18 to 80 from Guayas, Los Ríos,
and Tungurahua, Ecuador, who grow cocoa,
fruits and vegetables. Despite socio-economic
challenges, these smallholder farmers improved
their practices and resilience over four months.
They learned regenerative crop management
and financial tools for budgeting and received
empowerment training to build confidence,
leadership and self-reliance.
Health and safety
Product stewardship
Yara applies the principles of product stewardship
to ensure responsible management of fertilizer
products in addition to implementing measures
to prevent unauthorized access and misuse. Our
product stewardship programs cover the safe
use of fertilizers throughout the value chain,
from product development and raw material
procurement to production, storage, distribution,
and involving customers and end-users. Our product
stewardship programs focus on critical areas such
as product safety, product security, product quality,
environmental protection, and safe production,
ensuring fertilizers are handled properly until they
reach the end-user.
Yara’s operations in Europe are certified under the
Fertilizers Europe’s Product Stewardship Program,
while operations outside Europe are certified
under the International Fertilizer Association’s
(IFA) Protect & Sustain initiative. Both programs
mandate regular third-party audits.
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In the EU/EEA markets, chemical products must
comply with stringent rules under the REACH
(Registration, Evaluation, Authorization, and
Restriction of Chemicals) and CLP (Classification,
Labelling, and Packaging) regulations, as well as
EU fertilizer product regulations.
Guidelines and safety data sheets
A lack of knowledge about a chemical product can
result in serious accidents, injuries, or damage to both
people and the environment. In addition to ensuring
compliance, we therefore put great emphasis on
providing guidelines and delivering training on
safe handling, storage and transportation of our
products to distributors, customers and end-users.
Yara’s HESQ team is responsible for offering and
maintaining around 40,000 Material Safety Data
Sheets (MSDS) and Product Safety Cards (PSC)
in multiple languages for our markets. The MSDS
accompanies the products throughout their life cycle,
detailing the associated risks and providing guidelines
for safe handling, storage and use. They also offer
essential information for emergency measures,
medical treatment and safe transport and storage.
The MSDS are available digitally and, on demand,
in paper copy. They are updated whenever there
are relevant changes and reviewed at least
every three to five years. The format we use
complies with standards set by the United Nations
(UN) under the Globally Harmonized System
of Classification and Labelling of Chemicals
(GHS), as well as with regional and country-level
regulations and guidance.
Metrics and targets
Health and safety
At Yara, we assess the effectiveness of our actions
related to health and safety through product
stewardship certificates, their renewal and external
audits. In addition, we monitor the International
Fertilizer Association and Fertilizers Europe audit
results and findings to verify that we are within our
target of maintaining the certification “excellent”
level. We assess the effectiveness of the HESQ
Policy in annual reviews through our HESQ
management systems, see page 77.
Nutrient use efficiency and
crop yield and quality
To achieve global food security while limiting the
need to expand agricultural land, Yara focuses on
increasing productivity on existing farmland while
minimizing environmental impact. We recognize
that crop growth depends on essential nutrients
like nitrogen, phosphorus and potassium, and
higher yields require increased nutrient uptake.
Since organic fertilizers alone cannot meet global
nutrient demands, we emphasize the critical role
of mineral fertilizers in replenishing soil fertility,
supporting more food production, and preventing
land-use change that threatens biodiversity and
exacerbates GHG emissions.
Our approach to sustainable nutrient management
is guided by the 4R principles – right source,
rate, time, and place – to optimize fertilizer use
and prevent soil degradation and environmental
pollution, while maximizing productivity. We use
nitrogen use efficiency (NUE) as a key metric to
assess management practices, as the relation
between nutrient inputs and outputs. The EU
nitrogen expert panel has defined a safe NUE
range (75–90 percent), where productivity is
optimized while minimizing nitrogen losses.
Digitized hectares
The digitized hectares target, established in 2020,
secures connectivity to farms and fields and
creates a direct link to the farm. By embracing this
integrated approach, we aim to improve farmers’
livelihoods and increase food productivity, while
minimizing the impact on our planet, supporting our
ambition of Growing a Nature-Positive Food Future.
The defined target level to be achieved is 150
million digitized hectares by 2025. Progress
is tracked in three regions, Americas, Europe
and Africa & Asia, through direct connectivity
and online channels. This includes agronomy
and sustainability offers, such as carbon offset,
providing an integrated platform for farmers.
Connecting with farmers gives valuable insight into
what happens in the field and enables us to provide
relevant digital solutions and agronomic knowledge
to help farmers improve their productivity,
profitability, and environmental performance.
In 2024, we have further increased our coverage of
digitized hectares, capturing 23.5 million digitized
hectares. By focusing on quality over quantity in
our approach to connectivity, targeting key crops
and regions, we see significant opportunities to
enhance our value proposition for regenerative
agriculture. With greater emphasis on efficiency
and investments that generate clear near-term
value, Yara will be looking at refining the success
metrics towards the end of 2025 in order to reflect
concrete value delivery and reduce the negative
impact of agriculture on the environment.
While the digitized hectares initiative focuses
on enhancing connectivity and promoting more
sustainable practices, it does not directly relate to
the existing policies outlined in this chapter. No
external stakeholders were involved in setting the
digitized hectare target.
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Governance
information
Topics
G1 Business Conduct
201
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Impacts, risks and opportunities
Risk
Opportunity
Actual positive impact
Actual negative impact
Potential positive impact
Potential negative impact
Upstream
Downstream
Own operations
!
+
-
+
-
G1 Business
Conduct
Conducting business
responsibly and ethically fosters
stakeholder trust, ensures
compliance, mitigates risks,
and effectively prevents and
addresses misconduct.
At Yara, we believe that success is meaningful
only when achieved responsibly. We commit
to fair and responsible business practices in
our operations, with our business partners and
throughout the value chain. This translates into
maintaining proper policies and practices, having
zero tolerance for fraud and corruption, respecting
internationally recognized human and labor rights,
operating transparently, and upholding a culture of
respect, honesty and fairness.
We also recognize that ethical political
engagement is crucial for fostering partnerships
between governments, stakeholders and
businesses, which are essential for achieving our
ambition. Yara approaches political engagement
and lobbying activities with the same ethical
standards that guide all our practices.
Responsible conduct is key to earning stakeholder
trust and maintaining our license to operate. In
preparation for the EU Corporate Sustainability
Due Diligence Directive (CSDDD), we are
strengthening due diligence to mitigate risks and
ensure alignment with OECD Guidelines and
UNGPs.
Policies
Code of Conduct
Our Code of Conduct defines the key principles
of our Compliance Program and expresses our
commitment to responsible business conduct. It
clearly states our zero tolerance for corruption,
including bribery and facilitation payments. All
employees are encouraged to seek guidance on
these issues and to report violations of the Code of
Conduct as soon as possible. Preventive measures,
raising awareness and knowledge sharing are key
priorities in maintaining our zero-tolerance policy
towards fraud and corruption. Yara will not tolerate
retaliation against anyone who has reported an
actual or suspected violation in good faith.
Our Code of Conduct also provides clear guidelines
for conducting lobbying activities which include
maintaining transparency in interactions with
policymakers, adhering to legal requirements
and ensuring all engagements align with the
organization’s ethical standards and compliance
obligations.
The Code of Conduct prohibits any gifts,
donations, or other support to political parties,
individual politicians or to any other political,
religious, or ideological entities.
The Chief Compliance Officer is accountable for
the implementation of the Code of Conduct.
Code of Conduct for Yara’s
Business Partners
Yara aims to partner with businesses that share
similar corporate values and conduct their
business in an ethical and compliant manner.
Yara’s business partners shall respect local
laws and not engage in any form of corruption,
including facilitation payments, bribery, fraud,
kickbacks, illegal gratuities or extortion. We also
expect our business partners to require the same
standards from their business partners, especially
when conducting business on behalf of Yara.
Read more about our Code of Conduct and the
Code of Conduct for Yara’s Business Partners on
page 158.
IRO Corporate culture Scope
Fair and ethical business practices
Responsible business
conduct
Exposure to corruption, bribery,
and CSDDD breaches
Protection of whistle
blowers
Protection of whistle blowers
Corruption and bribery
Prevention and detection
including training
Political engagement and
lobbying activities
Political engagement and lobbying
activities
Management of
relationships with suppliers
Business partner integrity
!
+
+
+
+
-
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Approach, actions and resources
Compliance culture
At Yara, we promote a culture of high ethical
standards, encouraging everyone to speak up. Our
focus is on guiding the business to make the right
decisions and addressing situations that fail to
meet Yara’s standards.
Regular ethics and compliance training, guidance
and communication efforts include:
• Ethics and compliance intranet: clear, practical
guidance for all Yara employees.
• Code of Conduct e-learning: mandatory for
all new hires with access to a PC within the
first three months of employment. Current
employees repeat the training every two years.
• Ethics and compliance introduction: mandatory
as part of the human resources onboarding.
• E-learning courses: available in 15 languages
covering several topics of the Code of Conduct,
including competition law.
• Face-to-face training program: interactive
sessions covering topics from the Code of
Conduct, including anti-corruption, facilitation
payments, conflicts of interest, ethical
leadership, gifts and hospitality, business
partner due diligence, and human rights.
• Guidance sheets, newsletters and manuals:
covering all topics in the Code of Conduct and
available in several languages.
• Yara Ethics Day: celebrated annually in
connection with the UN International Anti-
Corruption Day or Human Rights Day. The topic
in 2024 was “Ethical Decision-Making and
Resilience in Times of Change”.
• All employees are in scope for the face-to-
face training program and receive training on
anti-corruption through the mandatory Code of
Conduct e-learning.
Furthermore, a portion of Yara’s workforce is
chosen, on an annual basis, to participate in an
interactive training program on select topics from
our Code of Conduct, including anti-corruption.
The target audience of this program are functions
with higher-risk activities such as purchasing,
contracting, distribution, and marketing, or are
selected as an output of the annual ethics and
compliance risk assessment process, based on
the specific needs of the business. All members
of Yara’s Board of Directors and Group Executive
Board are included in the online compliance
training programs as well as in the biennial Code
of Conduct e-learning re-training requirement.
An ethics survey is conducted every three years
to measure Yara’s culture of integrity and to
steer the work of the Ethics and Compliance
Department. The latest survey, conducted in
March 2024, demonstrated that employees
have an overall positive perception of Yara’s
ethical culture, with a strong “tone at the top”
and high trust in direct managers’ leadership.
However, it also showed that the perceived
comfort speaking up had declined since 2021,
and that there was now a greater share who
disclosed that they had witnessed misconduct
without reporting it. In response, we have further
emphasized the confidentiality of the internal
investigation process and raised awareness of our
Retaliation Monitoring Program in trainings and
communications. Individual monitoring of possible
retaliation against whistleblowers is an ongoing
initiative aimed at fostering a culture of trust and
ethical leadership within Yara.
Compliance risk management
All Yara operations are subject to compliance
risk assessments, through Enterprise Risk
Management, and regional compliance risk
assessments by the Ethics and Compliance
Department. These assessments identify the
nature and extent of Yara’s exposure to external
and internal compliance risks, including corruption,
and enable us to identify and prioritize risks
considering local conditions. Key operational
processes exposed to corruption risks, such as
licensing and permits, procurement and supply
chain, government interactions, and regulatory
compliance, are mapped. This approach
recognizes that processes often span across
multiple functions within the organization,
providing a more comprehensive understanding
of potential risks. Assessing implementation and
effectiveness of internal controls within these
processes is an essential part of the compliance
risk assessment process.
The Ethics and Compliance Department devotes
resources to specific processes, in proportion
with the assessed risk level, to execute tailored
action plans set to mitigate the assessed risk to
an acceptable residual level. Actions can include
dilemma training of specific functions in countries
with high corruption risk, mapping of agents and
intermediaries who interact with public officials,
or performing key controls tests on procurement
processes at selected sites.
The Chief Executive Officer, together with
the Executive Vice Presidents, have ultimate
ownership accountability for the organization’s
risk management framework and execution. At
the Yara corporate level, the risk of bribery and
corruption continued to be a priority risk in 2024.
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Internal investigations and
protection from retaliation
Yara’s Code of Conduct requires employees to
report violations of the Code of Conduct, laws
and regulations, and ethical misconduct. Multiple
channels for reporting are available, including
direct line managers, Human Resources, Legal,
HESQ, Regional Compliance Managers or the
Ethics Hotline, as well as a designated email
address.
Employees receive regular training and
information on Yara’s reporting channels, Internal
Investigation procedure and the Retaliation
Monitoring Program through Yara’s intranet,
newsletters, face-to-face training, e-learnings,
Yara Ethics Day, and other general guidance
channels. In 2024, a total of 1,146 employees
were trained on seeking guidance and reporting.
The Ethics and Compliance Department received
484 guidance requests in the year, indicating
employees trust and exercise their right to seek
guidance on uncertain business decisions.
The Yara Ethics Hotline is available 24 hours a
day, seven days a week, in over 50 languages and
allows for anonymous reporting by employees
and external reporters. All notifications received
through the Ethics Hotline are overseen by the
Ethics and Compliance Department in accordance
with its Internal Investigation procedure, which
aligns with the EU Whistleblower Directive
in relevant jurisdictions. This procedure is a
standardized, structured and effective process for
investigations, regardless of the grievance channel
used to report. It ensures that investigations are
concluded within a reasonable period and provides
regular feedback to the reporter.
The Head of Investigations reviews all
notifications and appoints an independent,
competent investigative party. All staff handling
notifications are, to the extent possible, trained
Internal investigation process
Notification
• Independent of channel and anonymity.
All notifications are taken seriously, are
addressed, and managed with utmost
confidentiality.
• Yara will acknowledge receipt of the notification
through the Ethics Hotline and may ask
clarifying questions to obtain additional
information.
Preliminary assessment and planning
• All notifications are assessed for validity
and merit to determine if an investigation is
warranted.
• An Investigation Plan is formalized to establish
the objectives of the investigation, as well as
the steps required to achieve such objectives.
Investigation
Execution of the investigation plan, which includes:
• Review of records and information
• Analytical procedures; and interviews
At this stage, confidentiality is a major principle,
as well as the protection of rights, especially of the
individual whom allegations are made against.
Reporting and closing
• Breach of Yara’s Code of Conduct, laws and
regulations, and/or misconduct is either
substantiated or unsubstantiated based on
the evidence gathered.
• The reporter will receive a closing message
through the Yara Ethics Hotline when the
investigation has been finalized.
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investigators free from actual, perceived or
apparent bias and conflict of interest. Updates
on ongoing investigations are communicated
to the CEO based on case priority and at the
discretion of the Chief Compliance Officer. The
Chief Compliance Officer also reports all fraud
and corruption allegations to the Board Audit and
Sustainability Committee quarterly.
The Retaliation Monitoring Program ensures that
employees trust our reporting channels and feel
comfortable voicing concerns. Retaliatory behavior
and actions that the reporter may be experiencing
after reporting is proactively monitored. Over
70 percent of notifications are non-anonymous,
indicating trust in the reporting channels and
investigation process.
Business partner integrity
Through our Integrity Due Diligence (IDD) process,
we assess the integrity of prospective, new and
existing business partners.
Of our suppliers, 23 percent have completed
Yara’s risk-based Integrity Due Diligence self-
assessment questionnaire. This questionnaire
aims to identify integrity risks and mitigate these
to safeguard Yara’s interests. The IDD process is
conducted as part of negotiations and contracting
during supplier selection. It provides a high-level
assessment of social and environmental aspects
of the business partners, which ensures alignment
with Yara’s Code of Conduct for Business Partners,
page 158. Read more about the IDD process on
page 77 under General Information and about
managing supply chain impacts on page 183.
Once a supplier is onboarded, Yara manages
supplier relationships through a risk-based
Supplier Lifecycle Management (SLM) process
(page 78), which includes third-party sustainability
assessments and supplier audits, in addition to
the IDD. These activities help Yara identify and
mitigate risks related to sustainability, including
human rights and environmental impacts,
within our supply chain. Findings from these
assessments are incorporated into our commercial
relationships and we intend to work on corrective
action plans, where necessary. If adverse
responses are identified, we initiate a dialogue
with the business partner and are committed to
influencing them to uphold the same integrity
standards as Yara. Efforts to operationalize Yara’s
Compliance Program will continue in 2025.
For more information on how we identify
potential business conduct matters, as well as our
governance structure on this topic, see pages 202
and 74.
Targets
At Yara, we evaluate the performance and
effectiveness of business conduct impacts, risks
and opportunities through key metrics, including
participation levels in ethics and compliance
training sessions, completion rates for Code
of Conduct e-learning modules and the overall
number of misconduct notifications. These
metrics track the objectives of our compliance
program and training effectiveness, which aim to
foster a culture of fairness and ethical business
practice, while also preventing and proactively
detecting risks related to areas such as bribery and
corruption.
Face-to-face risk-based ethics
and compliance training:
2024 target: 3,750 employees
2024: 4,631
Code of conduct e-learning completions:
2024 target: 95%
2024: 98%
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Metrics
Code of Conduct e-learning
In 2024, 11,586 employees completed the Code
of Conduct e-learning (out of 11,845 with access
to the learning platform), achieving an average
completion rate of 98 percent. The mandatory
e-learning covers all topics in the Code of Conduct,
including anti-corruption and human rights.
Notifications of misconduct
In 2024, we recorded 173 notifications to the
Ethics and Compliance Department which is
up from 139 in 2023. While awareness in the
organization remains high, maintaining trust in
reporting channels and the investigation process
is crucial for our speak-up culture. An increase in
non-anonymous notifications shows our efforts are
positively impacting trust within the organization.
Of the 173 notifications received, 22 were
classified within the risk category of corruption,
covering the sub-categories of conflicts of interest,
bribery and anti-trust. Of these 22 notifications,
5 were substantiated according to Yara’s
Investigation Procedure and 19 were resolved
within the reporting period. Disciplinary actions,
as a result of investigations associated with
corruption or bribery related incidents in 2024, led
to 2 dismissals.
Incidents relating to
bribery or corruption
Yara was not convicted, nor fined, for violations of
anti-corruption or bribery laws in 2024.
Corporate
functions
& other
EuropeAfrica
& Asia
Americas
2,499
911
181
1,040
2024202320242023
139
173
139
153
Sponsorship
and
donations
Business
partner-related
processes
Human
rights
Financial
statement
fraud
Gifts and
hospitality
Data
privacy
Asset
misappropriation
CorruptionPeople
94
129
2023
28
22
12
14
1 1 1 2 3 30 0 0 002
2024
Face-to-face training in 2024
number
Number of notifications by issue
number
Total number of
notifications
number
Notifications resolved
within the
reporting period
number
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Political engagement
Yara actively engages in various fora, industry
associations and meetings with public authorities
on material topics such as food system
transformation, industry decarbonization and food
security. We advocate positions based on impact
assessments, knowledge and/or science, and
share these openly on our website, during public
events, in submissions and through participation in
industry and scientific bodies.
To ensure alignment on our climate and nature
positions, we have a set of expectations for the
organizations we are a member of and that lobby
on our behalf. Specifically, we expect them to:
• Support the goals of the Paris Agreement and
the Kunming-Montreal Global Biodiversity
Framework.
• Acknowledge that human activities influence
climate change and nature loss.
• Support measures to reduce greenhouse gas
emissions, such as carbon pricing as a tool to
speed up the green transition.
• Encourage transparency on emissions.
These are also available at yara.com.
Whenever lobbyists are employed to act on Yara’s
behalf, they shall undergo our Integrity Due
Diligence process and always disclose that they
represent Yara. Our EU lobbying activities are
listed in the EU’s Transparency Register under
Yara Belgium S.A. (ID Number: 68208004617-
79). Yara is also listed in some national registers
(France: HATVP (Haute Autorité pour la
Transparence de la Vie Politique), the German
Lobby register; Yara R002646 & Yara Brunsbüttel
R002804).
Yara made no direct, nor indirect, financial or
in-kind political contribution in 2024 and no
members of management held comparable
positions in public administration within the two
preceding years.
Key topics
Yara’s advocacy work focuses on the three pillars
of the company’s strategy:
1. Climate neutrality: We advocate for
frameworks and incentives that will support
our climate change mitigation efforts and
enable us to realize opportunities related to
the decarbonization of agriculture and the
transportation and energy sectors.
2. Regenerative farming: We promote
improvements across the five main themes of
climate, soil health, resource use, biodiversity,
and prosperity. Nutrient use efficiency is a
prioritized topic as it can enable better resource
use and lower infield GHG emissions through
use of our crop nutrition and digital solutions.
3. Prosperity: We emphasize the importance of
smallholders upholding crop yield and quality,
while transforming the food system.
Climate neutrality
Yara advocates for low-carbon and resource-
use efficient agriculture, and for exploring a
voluntary carbon market for agriculture. Our main
focus areas are decarbonization and climate
legislation directly impacting fertilizer production.
Being a part of an energy-intensive industry,
while developing decarbonization solutions for
hard-to-abate sectors, we prioritize energy and
hydrogen policies at the EU and member states
level to support Yara Clean Ammonia initiatives.
We are also actively engaged in carbon capture
and storage (CCS) policy processes, aiming to
contribute to a favorable EU framework for CCS
projects. Additionally, Yara participates in debates
on EU policies, regulations and funding schemes
related to climate neutrality.
IROs: All impacts under E1 and the Carbon pricing
risk/opportunity
The EU Renewable Energy Directive (REDIII)
REDIII sets ambitious renewable energy targets
for EU industry sectors, but the main challenge
will be the varied implementation speed by
EU/EEA members. We advocate to prevent
internal market fragmentation and for European
Commission guidelines, and incentives, to boost
demand for sustainable products based on
renewable energy sources.
IRO: Risk EU REDIII directive
The Fuel of the Future Bill in Brazil
The bill mandates up to 25 percent biodiesel
blending and establishes the National Biomethane
Program to promote biofuels, which will require
market agents to add biomethane to their fossil
fuel. Yara supports this initiative and advocates
through industry associations and via direct
engagement with legislative leaders.
IROs: Risks and opportunities from carbon pricing,
and to a lesser extent also the impact Producing
low carbon products to reduce emissions in other
(transportation and power) sectors
Carbon capture and storage (CCS)
We believe CCS is crucial for achieving carbon
neutrality. An ad hoc EU CCS framework is
needed to create a competitive CCS market. As
first movers, Yara is bearing the cost of innovation
in CCS projects globally. Yara is also engaging on
the Low-Carbon Fuels Delegated Act (part of the
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adopted Gas Package Directive), which will be
crucial for boosting and creating value for low-
carbon ammonia based on CCS.
IROs: Emissions from fertilizer production (scope
1), Carbon pricing policy, and Global climate
action in markets
Carbon Border Adjustment
Mechanism (CBAM)
Yara supports CBAM as a climate tool to raise
the CO
2
price in Europe and maintain fair
competition on the domestic market to support
clean production. However, CBAM should
include an export solution to keep EU industries’
competitiveness in global markets. Without this,
the EU risks shifting GHG emissions elsewhere,
increasing carbon leakage and global GHG
emissions.
IROs: Carbon pricing in policy, Emissions from
fertilizer production (scope 1), and to a lesser
extent Locked-in emissions originating from fossil-
based urea production
Funding related to decarbonization
and production
In the U.S., Yara is exploring incentives under the
Inflation Reduction Act (IRA). Yara is maturing a
project to build a low-carbon ammonia production
facility with CCS in Texas with Enbridge Inc.
Additionally, BASF and Yara are assessing the
feasibility of a world-scale low-carbon ammonia
production facility with CCS in the US Gulf Coast
region. These projects have not reached final
investment decisions.
Public funding for decarbonization remains crucial.
Yara’s main messaging to the EU is the need to
significantly scale up decarbonization funding
schemes and create a simplified, user-friendly
framework to obtain such funding.
IROs: Carbon pricing in policy, and Emissions from
fertilizer production (scope 1)
Local decarbonization roadmaps
and regulatory frameworks
Yara engages with federal and local authorities to
develop decarbonization roadmaps and advocate
for a regulated carbon market, including border
carbon taxes and emission baseline adjustments.
Key projects include:
• Netherlands: Tailored agreement with Dutch
authorities for public funding to reduce CO
2
emissions at the Sluiskil plant, aimed at
reductions beyond EU ETS goals.
• Brazil: Engaging with the Brazilian Emission
Trading System (SBCE) and participating
in taskforces and associations such as the
Brazilian Business Council for Sustainable
Development (CEBDS), the National
Agrobusiness Association (ABAG) and the
Brazilian Coalition on Climate, Forest and
Agriculture.
IROs: Carbon pricing in policy, and Emissions from
fertilizer production (scope 1)
Clean air
In 2024, Yara Industrial Solutions (YIS)
engaged with the Cefic AGU Sector Group on
the proposed EU Euro 7 legislation. While Euro
Commission’s Euro 7 proposal would have
improved European air quality significantly, the
Euro 7 which was finally passed following the
rounds in the European Parliament and Council
set significantly softer limits than what would
have been both technically and economically
feasible. YIS continues to collaborate with the EU
Commission to enhance the technical legislation
and implementation rules.
IRO: Reduced NO
x
emissions through use of
products
Regenerative and sustainable farming
Yara collaborates with stakeholders to share
knowledge and solutions on regenerative farming,
supporting resource use efficiency, soil health,
biodiversity, climate, and farmer prosperity. Yara
is aligned on the regenerative approach with
coalitions including One Planet for Business and
Biodiversity (OP2B), Sustainable Agriculture
Initiative (SAI) Platform and the Sustainable
Markets Initiative (SMI). At CBD COP 16 in Cali,
Colombia, Yara reaffirmed its commitment to a
nature-positive food future.
Yara supports regenerative agriculture policies
and works with value chain partners to improve
nutrient use efficiency, crop yield quality and
environmental impact.
• Europe: Active in EU policy debates on
sustainable farming, including Farm to Fork and
Common Agricultural Policy (CAP).
• Asia and Africa: Yara agronomists conduct
training and on-farm demonstrations to
promote regenerative practices, including use of
Yara’s digital tools specific for smallholders.
• Brazil: Yara collaborates with the Federal
Program for the Recovery of Degraded Pastures
(PNPCD) to regenerate 40 million hectares
of low productivity pastureland into arable
land within ten years, aiming to double food
production without deforestation. We support
best agricultural practices, low-emission
fertilizers and the integration of Varda’s Global
FieldID for environmental data collection.
IROs: Emissions from fertilizer use (scope 3 – use
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of product), Emission of nitrogen to water in use
of products, Impacts from nutrient pollution, Crop
yield and quality, Nutrient use efficiency, and
Digital farming
Soil health and soil law advocacy
Soil health is crucial for sustainable and
economically viable agriculture globally, including
in Europe. Yara supported the EU’s Soil Monitoring
Law proposal and engaged with stakeholders
during the 2024 legislative process. However,
Yara noted the proposal’s lack of consideration for
regional differences, variety and types of soil, and
land uses. To address this, Yara collaborated with
stakeholders to enhance legislative effectiveness,
ensuring technical and economic feasibility within
a realistic time period.
IRO: Nutrient use efficiency and Digital farming.
Nutrient management and
nitrogen use efficiency
Nutrient loss remains a challenge throughout
the food chain and, as such, effective nutrient
management is key to sustainable agriculture.
Yara promotes nutrient use efficiency to prevent
yield losses, risk of outsourcing environmental
impacts to other regions, or deterioration in soil
fertility. Additionally, Yara emphasizes nitrogen
use efficiency as a crucial, measurable aspect of
balanced nutrient management impacting human
health, climate and the environment.
IRO: Crop yield and quality, Nutrient use
efficiency, Digital farming, and Emissions from
fertilizer use (scope 3 - use of product).
Prosperity and food security
Yara actively collaborates with governments,
development partners and financial institutions
to highlight the links between food security,
fertilizers, nutritious crops, and healthy soils. Yara
advocates for smallholder prosperity as essential
for food security and sustainability, emphasizing
their role in the food systems transformation. In
the volatile European market, Yara focuses on
ensuring the resilience and competitiveness of the
EU fertilizer industry. This effort aims to maintain
the independence of the EU agri-food chain
amid current geopolitical challenges and to keep
sustainable EU/EEA fertilizers competitive against
more carbon-intensive, non-EU alternatives.
IRO: Crop yield and quality, Nutrient use
efficiency, and Digital farming.
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Content index
This section provides readers’ guidance on how and where we cover the Norwegian Transparency Act, the Norwegian Equality and Anti-Discrimination Act,
and the ESRS Disclosure requirements.
Transparency Act
Due diligence reporting requirements in the Norwegian Transparency Act. Due diligence reporting related to
the Norwegian Transparency Act has not been subject to limited assurance by the external auditor.
Transparency Act requirements Location
General description of the enterprise’s structure and area of operations Strategy and governance, page 12–15
Consolidated financial statements,
Note 2.3, page 232–234
General description of guidelines and procedures for handling actual
and potential adverse impacts on fundamental human rights and decent
working conditions
General information, page 77–80
Equal treatment and opportunities for all,
page 158–159
Working conditions, page 168–174
Other work-related rights, page 180–181
Workers in the Value Chain,
page 184–185
Business conduct, page 202–205
Information regarding actual adverse impacts and significant risks
of adverse impacts that the enterprise has identified through its due
diligence
General information, page 81–82
Equal treatment and opportunities for all,
page 162
Working conditions, page 173
Other work-related rights, page 179–182
Workers in the value chain, page 185–186
Affected communities, page 191–192
Information regarding measures the enterprise has implemented or plans
to implement to cease actual adverse impacts or mitigate significant
risks of adverse impacts, and the results or expected results of these
measures.
Equality and Anti-Discrimination Act
Reporting requirements in the Norwegian Equality and Anti-Discrimination Act. Reporting related to the
Norwegian Equality and Anti-Discrimination Act has not been subject to limited assurance by the external auditor.
Location
Metrics required annually
Total gender balance
General information, page 85
Temporary employees, by gender Working conditions, page 175
Employees in part-time positions, by gender
Working conditions, page 175
Parental leave, by gender Equal treatment and opportunities for all, page 167
Metrics required biennially
Wage differences, by position level and gender
Equal treatment and opportunities for all, page 164–166
Total wage disparity, by gender
Equal treatment and opportunities for all, page 166, 167
Gender distribution, by position level Equal treatment and opportunities for all, page 162
Involuntary part-time, by gender
Working conditions, page 175
Activity reporting
Activities to promote equality
Equal treatment and opportunities for all, page 157–158, 160–164
Activities to prevent discrimination
Equal treatment and opportunities for all, page 162
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ESRS disclosure requirements
ESRS 2 General disclosures Location
General information
BP-1 – General basis for preparation of sustainability statements 72
BP-2 – Disclosures in relation to specific circumstances
72–73
GOV-1 – The role of the administrative, management and supervisory bodies
58, 73–75
GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative,
management and supervisory bodies
73–75
GOV-3 - Integration of sustainability-related performance in incentive schemes
48
GOV-4 - Statement on due diligence
77–78
GOV-5 - Risk management and internal controls over sustainability reporting
76
SBM-1 – Strategy, business model and value chain
14, 30, 33,
83–85, 152, 229
SBM-2 – Interests and views of stakeholders
87–90
SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
86, 97–102
IRO-1 - Description of the process to identify and assess material impacts, risks and opportunities
90–96
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
91–92, 210–213
E1 Climate change
E1-1 – Transition plan for climate change mitigation 116–130
E1-2 – Policies related to climate change mitigation and adaptation
130–131
E1-3 – Actions and resources in relation to climate change policies
131–132
E1-4 – Targets related to climate change mitigation and adaptation
133–135
E1-5 – Energy consumption and mix
135–136
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
136–138
E1-8 – Internal carbon pricing
132
ESRS 2 General disclosures Location
E2 Pollution
E2-1 – Policies related to pollution 139
E2-2 – Actions and resources related to pollution
140–141
E2-3 – Targets related to pollution
142
E2-4 – Pollution of air, water and soil
143
E2-5 – Substances of concern and substances of very high concern
144
E2-6 – Anticipated financial effects from pollution-related impacts, risks and opportunities
140
E3 Water and marine resources
E3-1 – Policies related to water and marine resources 145
E3-2 – Actions and resources related to water and marine resources
145–147
E3-3 – Targets related to water and marine resources
147
E3-4 – Water consumption
148–149
E4 Biodiversity and ecosystems
E4-1 – Transition plan and consideration of biodiversity and ecosystems in strategy and business model 98, 151
E4-2 – Policies related to biodiversity and ecosystems
150
E4-3 – Actions and resources related to biodiversity and ecosystems
151
E4-4 – Targets related to biodiversity and ecosystems
151
E4-5 – Impact metrics related to biodiversity and ecosystems change
151
E5 Resource use and circular economy
E5-1 – Policies related to resource use and circular economy 152–153
E5-2 – Actions and resources related to resource use and circular economy
153
E5-3 – Targets related to resource use and circular economy
154
E5-4 – Resource inflows
154
E5-5 – Resource outflows
155
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ESRS 2 General disclosures Location
S1 Own workforce
S1-1 – Policies related to own workforce 157–159, 168–
169, 179–180
S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts
159–160,
169–170
S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns
159
S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks
and pursuing material opportunities related to own workforce, and effectiveness of those actions
160–166,
170–174, 181
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing
material risks and opportunities
167, 174,
181–182
S1-6 – Characteristics of the undertaking’s employees
174–176
S1-7 – Characteristics of non-employees in the undertaking’s own workforce
85, 174
S1-8 – Collective bargaining coverage and social dialogue
176–177
S1-9 – Diversity metrics
162
S1-10 – Adequate wages
173–174
S1-11 – Social protection
172
S1-12 – Persons with disabilities
162
S1-13 – Training and skills development metrics
160–161
S1-14 – Health and safety metrics
177–178
S1-15 – Work-life balance metrics
167, 172
S1-16 – Remuneration metrics (pay gap and total remuneration)
162–166
S1-17 – Incidents, complaints and severe human rights impacts
182
S2 Workers in the value chain
S2-1 – Policies related to value chain workers 184
S2-2 – Processes for engaging with value chain workers about impacts
184–185
S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns
185
S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material
risks and pursuing material opportunities related to value chain workers, and effectiveness of those action
185–186
S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing
material risks and opportunities
187
ESRS 2 General disclosures Location
S3 Affected communities
S3-1 – Policies related to affected communities 188–189
S3-2 – Processes for engaging with affected communities about impacts
189–190
S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns
189–190
S3-4 – Taking action on material impacts on affected communities, and approaches to managing material
risks and pursuing material opportunities related to affected communities, and effectiveness of those actions
190–192
S3-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing
material risks and opportunities
193
S4 Consumers and end-users
S4-1 – Policies related to consumers and end-users
194–195
S4-2 – Processes for engaging with consumers and end-users about impacts
195–196
S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
196
S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material
risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
196–199
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing
material risks and opportunities
199
G1 Business conduct
G1-1– Business conduct policies and corporate culture 201–204
G1-2 – Management of relationships with suppliers
201, 204
G1-3 – Prevention and detection of corruption and bribery
203–204
G1-4 – Incidents of corruption or bribery
205
G1-5 – Political influence and lobbying activities
206–208
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List of datapoints in cross-cutting and topical standards that derive from other EU legislation
Sustainable Finance Disclosure Regulations=SFDR, Pillar 3=P3, Benchmarks Regulation=BR, EU Climate Law=EUCL
Disclosure Requirement and related datapoint EU Legislation Materiality Location
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) SFDR, BR Material 73
ESRS 2 GOV-1 Percentage of board members who are independent
paragraph 21 (e)
BR Material
73
ESRS 2 GOV-4 Statement on due diligence paragraph 30 SFDR Material
77–78
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities
paragraph 40 (d) i
SFDR, P3, BR Not Material N/A
ESRS 2 SBM-1 Involvement in activities related to chemical production
paragraph 40 (d) ii
SFDR, BR Not Material N/A
ESRS 2 SBM-1 Involvement in activities related to controversial weapons
paragraph 40 (d) iii
SFDR Not Material N/A
ESRS 2 SBM-1 Involvement in activities related to cultivation and production
of tobacco paragraph 40 (d) iv
SFDR Not Material N/A
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 EUCL Material
116–130
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph
16 (g)
P3 Material
130
ESRS E1-4 GHG emission reduction targets paragraph 34 SFDR, P3, BR Material
133–135
ESRS E1-5 Energy consumption from fossil sources disaggregated by
sources (only high climate impact sectors) paragraph 38
SFDR Material
136
ESRS E1-5 Energy consumption and mix paragraph 37 SFDR Material
136
ESRS E1-5 Energy intensity associated with activities in high climate impact
sectors paragraphs 40 to 43
SFDR Material
135
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 SFDR, P3, BR Material
137
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 SFDR, P3, BR Material
138
ESRS E1-7 GHG removals and carbon credits paragraph 56 EUCL Not material N/A
Disclosure Requirement and related datapoint EU Legislation Materiality Location
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical
risks paragraph 66
BR Phase-in
requirement
N/A
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic
physical risk paragraph 66 (a)
P3 Phase-in
requirement
N/A
ESRS E1-9 Location of significant assets at material physical risk paragraph
66 (c).
P3 Phase-in
requirement
N/A
ESRS E1-9 Breakdown of the carrying value of its real estate assets by
energy-efficiency classes paragraph 67 (c).
P3 Phase-in
requirement
N/A
ESRS E1-9 Degree of exposure of the portfolio to climate- related
opportunities paragraph 69
BR Phase-in
requirement
N/A
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR
Regulation (European Pollutant Release and Transfer Register) emitted to air,
water and soil, paragraph 28
SFDR Material
143
ESRS E3-1 Water and marine resources paragraph 9 SFDR Material
145
ESRS E3-1 Dedicated policy paragraph 13 SFDR Not material N/A
ESRS E3-1 Sustainable oceans and seas paragraph 14 SFDR Material
145
ESRS E3-4 Total water recycled and reused paragraph 28 (c) SFDR Material
149
ESRS E3-4 Total water consumption in m 3 per net revenue on own
operations paragraph 29
SFDR Material
149
ESRS 2- SBM 3 - E4 paragraph 16 (a) i SFDR Material
95
ESRS 2- SBM 3 - E4 paragraph 16 (b) SFDR Material
95
ESRS 2- SBM 3 - E4 paragraph 16 (c) SFDR Material
95
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph
24 (b)
SFDR Material
150
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Disclosure Requirement and related datapoint EU Legislation Materiality Location
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) SFDR Material 150
ESRS E4-2 Policies to address deforestation paragraph 24 (d) SFDR Material
150
ESRS E5-5 Non-recycled waste paragraph 37 (d) SFDR Material
155
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 SFDR Material
155
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f) SFDR Material
179
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g) SFDR Material
179
ESRS S1-1 Human rights policy commitments paragraph 20 SFDR Material
158
ESRS S1-1 Due diligence policies on issues addressed by the fundamental
International Labor Organisation Conventions 1 to 8, paragraph 21
BR Material
77–80
ESRS S1-1 Processes and measures for preventing trafficking in human
beings paragraph 22
SFDR Material
179
ESRS S1-1 Workplace accident prevention policy or management system
paragraph 23
SFDR Material
77–78,
131
ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c) SFDR Material
80, 189,
203
ESRS S1-14 Number of fatalities and number and rate of work-related
accidents paragraph 88 (b) and (c)
SFDR, BR Material
177–178
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness
paragraph 88 (e)
SFDR Material
177–178
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) SFD, BR Material
164–166
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) SFDR Material
163
ESRS S1-17 Incidents of discrimination paragraph 103 (a) SFDR Material
162
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and
OECD Guidelines paragraph 104 (a)
SFDR, BR Material
80
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the
value chain paragraph 11 (b)
SFDR Material
183
ESRS S2-1 Human rights policy commitments paragraph 17 SFDR Material
179, 184
ESRS S2-1 Policies related to value chain workers paragraph 18 SFDR Material
184
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles
and OECD Guidelines paragraph 19
SFDR, BR Material
185
Disclosure Requirement and related datapoint EU Legislation Materiality Location
ESRS S2-1 Due diligence policies on issues addressed by the fundamental
International Labor Organisation Conventions 1 to 8, paragraph 19
BR Material 77–80
ESRS S2-4 Human rights issues and incidents connected to its upstream and
downstream value chain paragraph 36
SFDR Material
183, 185
ESRS S3-1 Human rights policy commitments paragraph 16 SFDR Material
188–189
ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO
principles or OECD Guidelines paragraph 17
SFDR, BR Material
189
ESRS S3-4 Human rights issues and incidents paragraph 36 SFDR Material
190–191
ESRS S4-1 Policies related to consumers and end-users paragraph 16 SFDR Material
194–195
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and
OECD Guidelines paragraph 17
SFDR, BR Material
196
ESRS S4-4 Human rights issues and incidents paragraph 35 SFDR Material NA
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) SFDR Material
64, 201
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d) SFDR Material
203
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws
paragraph 24 (a)
SFDR, BR Material
205
ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b) SFDR Material
202
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Signatures from the Board and CEO of Yara International ASA
The Board of Directors and the CEO have today
considered and approved the integrated report for
Yara International ASA (“Company”) and the Yara
Group (“Group”) for the 2024 calendar year and as
of 31 December 2024.
The Board of Directors Yara International ASA,
Oslo, 20 March 2025
Trond Berger
Chair
Jannicke Hilland
Vice Chair
John Thuestad
Member of the Board
Rune A. Bratteberg
Member of the Board
Tove Feld
Member of the Board
Geir O. Sundbø
Member of the Board
Eva S. Aspvik
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Therese Log Bergjord
Member of the Board
Harald Thorstein
Member of the Board
Tina Lawton
Member of the Board
Svein Tore Holsether
President and CEO
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Financial statements
Yara is committed to reporting transparently and
diligently about the company’s performance,
development and position.
Contents
Consolidated financial statements
216
Financial statements of Yara International ASA
301
Statement from the Board and CEO of Yara International ASA
325
Independent auditor’s report
326
Independent sustainability auditor’s assurance report
332
Reconciliation of Alternative performance measures in the Yara Group
336
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Consolidated financial statements
Consolidated statement of income
217
Consolidated statement of comprehensive income
218
Consolidated statement of changes in equity
219
Consolidated statement of financial position
220
Consolidated statement of cash flows
222
Basis of preparation
223
Notes to the consolidated financial statements
226
1 Key sources of estimation uncertainty,
judgments and assumptions
226
1.1 Significant estimates and judgments
226
1.2 Climate risks and opportunities
227
1.3 Environmental impacts and dependencies
228
2 Results for the year
228
2.1 Revenue
228
2.2 Other income and commodity derivative gain/(loss)
232
2.3 Segment information
232
2.4 Raw materials, energy costs and freight expenses
239
2.5 Payroll and related costs
239
2.6 Other operating expenses
239
2.7 Financial income and expenses
240
2.8 Income taxes
241
3 Current assets
246
3.1 Inventories
246
3.2 Trade receivables
247
3.3 Prepaid expenses and other current assets
249
3.4 Cash and cash equivalents
249
4 Investments in non-current assets
250
4.1 Property, plant and equipment
250
4.2 Intangible assets
254
4.3 Associated companies and joint ventures
256
4.4 Joint operations
257
4.5 Leases
259
4.6 Other non-current assets
261
4.7 Impairment of non-current assets
262
4.8 Committed future investments
267
4.9 Government grants
267
5 Equity and liabilities
269
5.1 Shareholders’ equity
269
5.2 Interest-bearing debt
270
5.3 Pensions and other non-current employee benefit
obligations
272
5.4 Trade and other current payables
278
5.5 Provisions and contingencies
278
5.6 Take-or-pay and other long-term contractual supply
commitments
281
5.7 Secured debt and guarantees
282
6 Financial risk
283
6.1 Financial risk management
283
6.2 Hedge accounting
288
6.3 Financial instruments
291
7 Other disclosures
297
7.1 Business combinations and disposals
297
7.2 Related parties
297
7.3 Share-based remuneration
298
7.4 External audit remuneration
298
7.5 Composition of the group
299
7.6 Post balance sheet date events
300
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Consolidated statement of income
Restated
1)
USD millions
Notes
2024
2023
Revenue
2.1, 2.3
13,868
15,511
Other income and commodity derivative gain/(loss)
2.2, 4.9
66
117
Revenue and other income
13,934
15,627
Raw materials, energy costs and freight expenses
2.4, 4.9
(10,200)
(11,445)
Change in inventories of own products
70
(650)
Payroll and related costs
2.5, 7.3, 5.3
(1,543)
(1,399)
Depreciation and amortization
4.1, 4.2, 4.5
(1,047)
(1,018)
Impairment loss
4.7
(82)
(220)
Expected and realized credit loss on trade receivables
3.2
(9)
(9)
Other operating expenses
2.6, 4.9, 7.4
(437)
(495)
Operating costs and expenses
(13,248)
(15,236)
Operating income/(loss)
686
392
Share of net income/(loss) in equity-accounted investees
4.3
19
1
Interest income and other financial income
2.7
55
79
Foreign currency exchange gain/(loss)
2.7, 6.1
(321)
(32)
Interest expense and other financial items
2.7
(259)
(249)
Income/(loss) before tax
180
191
Income tax expense
2.8
(165)
(136)
Net income/(loss)
15
54
Restated
1)
USD millions, except share information
Notes
2024
2023
Net income/(loss) attributable to
Shareholders of the parent
14
48
Non-controlling interests
2
6
Net income/(loss)
15
54
Basic earnings/(loss) per share
0.05
0.19
Diluted earnings/(loss) per share
2)
0.05
0.19
Weighted average number of shares outstanding
5.1
254,725,627
254,725,627
1)
Comparative figures have been restated, see “Basis of preparation”
2)
Yara currently has no share-based compensation that results in a dilutive effect on earnings per share.
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Consolidated statement of comprehensive income
USD millions
Notes
2024
2023
Net income/(loss)
15
54
Other comprehensive income/(loss) that may be reclassified to statement of income in subsequent periods, net of tax
Currency translation adjustments
(254)
229
Hedge of net investments
2.8, 6.2
(67)
(22)
Net other comprehensive income/(loss) that may be reclassified to statement of income in subsequent periods, net of tax
(321)
208
Other comprehensive income/(loss) that will not be reclassified to statement of income in subsequent periods, net of tax
Currency translation adjustments
1)
(160)
15
Net gain/(loss) on equity instruments at fair value through other comprehensive income
6.3
1
(11)
Remeasurement gains/(losses) on defined benefit plans
2.8, 5.3
17
1
Net other comprehensive income/(loss) that will not be reclassified to statement of income in subsequent periods, net of tax
(142)
5
Total other comprehensive income/(loss), net of tax
(463)
213
Total comprehensive income/(loss)
(448)
268
Total comprehensive income/(loss) attributable to
Shareholders of the parent
(446)
263
Non-controlling interests
(1)
5
Total comprehensive income/(loss)
(448)
268
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 “foreign operations” to Yara International ASA.
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Consolidated statement of changes in equity
Fair value
Premium Currency reserve of Other Attributable to
paid-in translation financial assets Hedge of net components Total other Retained share holders of Non-controlling Total
USD millions
Notes
Share Capital
1)
capitaladjustmentsat FVOCIinvestments
of equity
2)
reservesearningsthe parentinterestsequity
Balance at 31 December 2022
63
(49)
(1,901)
10
(278)
(2)
(2,172)
10,745
8,587
13
8,600
Net income/(loss)
–
–
–
–
–
–
–
48
48
6
54
Total other comprehensive income/(loss)
–
–
246
(11)
(22)
–
213
1
214
(1)
213
Total comprehensive income/(loss)
–
–
246
(11)
(22)
–
213
49
263
5
268
Transactions with non-controlling interests
–
–
–
–
–
–
–
–
–
2
2
Dividends distributed
5.1
–
–
–
–
–
–
–
(1,298)
(1,298)
(2)
(1,300)
Balance at 31 December 2023
63
(49)
(1,655)
(1)
(300)
(2)
(1,958)
9,497
7,552
18
7,570
Net income/(loss)
–
–
–
–
–
–
–
14
14
2
15
Total other comprehensive income/(loss)
–
–
(411)
1
(67)
–
(477)
17
(460)
(3)
(463)
Total comprehensive income/(loss)
–
–
(411)
1
(67)
–
(477)
30
(446)
(1)
(448)
Dividends distributed
5.1
–
–
–
–
–
–
–
(119)
(119)
(1)
(119)
Balance at 31 December 2024
63
(49)
(2,066)
–
(367)
(2)
(2,435)
9,409
6,988
16
7,003
1)
Par value 1.70.
2)
Other components of equity include reserves for cash flow hedges and disposal group held for sale.
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Consolidated statement of financial position
USD millions
Notes
31 Dec 2024
31 Dec 2023
Assets
Non-current assets
Deferred tax assets
2.8
555
522
Goodwill
4.2, 4.7
712
760
Intangible assets other than goodwill
4.2
123
135
Property, plant and equipment
4.1, 4.7, 4.9
6,817
7,232
Right-of-use assets
4.5
464
418
Associated companies and joint ventures
4.3
138
152
Other non-current financial assets
4.6
119
134
Other non-current non-financial assets
4.6, 4.9
366
460
Total non-current assets
9,294
9,814
Current assets
Inventories
3.1
3,014
3,058
Trade receivables
3.2
1,497
1,634
Other current financial assets
3.3
295
295
Prepaid expenses and other current non-financial assets
3.3
573
622
Cash and cash equivalents
3.4
317
539
Non-current assets and disposal group classified as held for sale
7.1
5
64
Total current assets
5,700
6,213
Total assets
14,994
16,027
USD millions
Notes
31 Dec 2024
31 Dec 2023
Equity and liabilities
Equity
Share capital
5.1
63
63
Premium paid-in capital
(49)
(49)
Total paid-in capital
14
14
Other reserves
(2,435)
(1,958)
Retained earnings
9,409
9,497
Total equity attributable to shareholders of the parent
6,988
7,552
Non-controlling interests
16
18
Total equity
7,003
7,570
Non-current liabilities
Employee benefits
5.3
262
286
Deferred tax liabilities
2.8
408
456
Interest-bearing debt
5.2
3,409
3,284
Other non-current financial liabilities
6.3
154
108
Other non-current non-financial liabilities
50
5
Non-current provisions
5.5
262
298
Non-current lease liabilities
4.5
330
306
Total non-current liabilities
4,874
4,743
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USD millions, except share information
Notes
31 Dec 2024
31 Dec 2023
Current liabilities
Trade and other current payables
5.4
1,877
2,049
Prepayments from customers
2.1
419
368
Current tax liabilities
2.8
99
156
Current provisions
5.5
84
50
Other current financial liabilities
6.3
295
381
Other current non-financial liabilities
34
30
Interest-bearing debt
5.2
170
517
Current lease liabilities
4.5
138
123
Liabilities associated with non-current assets and disposal group
classified as held for sale
7.1
–
39
Total current liabilities
3,117
3,714
Total equity and liabilities
14,994
16,027
Number of shares outstanding
5.1
254,725,627
254,725,627
The Board of Directors Yara International ASA,
Oslo, 20 March 2025
Trond Berger
Chair
Jannicke Hilland
Vice Chair
John Thuestad
Member of the Board
Rune A. Bratteberg
Member of the Board
Tove Feld
Member of the Board
Geir O. Sundbø
Member of the Board
Eva S. Aspvik
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Therese Log Bergjord
Member of the Board
Harald Thorstein
Member of the Board
Tina Lawton
Member of the Board
Svein Tore Holsether
President and CEO
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Consolidated statement of cash flows
USD millions
Notes
2024
2023
Operating activities
Income/(loss) before tax
180
191
Adjustments to reconcile income/(loss) before tax to net
cash provided by/(used in) operating activities
Depreciation and amortization
4.1, 4.2, 4.5
1,047
1,018
Impairment loss
4.7
82
220
Write-down of inventory and trade receivables
(11)
(67)
(Gain)/loss on disposal of non-current assets
4.1, 4.2
(15)
(3)
Foreign currency exchange (gain)/loss
321
32
Finance income and expense
1)
203
169
Income taxes paid
(302)
(479)
Dividends
4.3
8
16
Interest paid
2)
(251)
(296)
Interest received
1)
54
94
Other
Working capital changes that provided/(used) cash
5.3
77
(36)
Trade receivables
23
687
Inventories
(201)
1,509
Prepaid expenses and other current assets
73
132
Trade and other payables
(87)
(452)
Prepaid from customers
121
(275)
Other interest-free liabilities
(35)
(171)
Net cash provided by/(used in) operating activities
1,286
2,288
USD millions
Notes
2024
2023
Investing activities
Purchase of property, plant and equipment
4.1
(1,038)
(1,139)
Proceeds from sales of property, plant and equipment
26
13
Disposal of subsidiaries, net of cash transferred
(7)
1
Acquisition of subsidiaries, net of cash acquired
(21)
(7)
Purchase of other non-current assets
4.2
(47)
(73)
Proceeds from sales of other non-current assets
4.3
8
7
Net cash provided by/(used in) investing activities
(1,080)
(1,197)
Financing activities
Loan proceeds
3)
5.2
284
62
Principal payments
3)
5.2
(404)
(93)
Payment of lease liabilities
4.5
(187)
(168)
Dividends paid
5.1
(120)
(1,319)
Other inflows/(outflows) of cash
25
(2)
Net cash provided by/(used in) financing activities
(401)
(1,520)
Foreign currency effects on cash and cash equivalents
(41)
(27)
Net increase/(decrease) in cash and cash equivalents
(236)
(456)
Cash and cash equivalents at 1 January
555
1,011
Cash and cash equivalents at 31 December
4)
3.4
318
555
Of which cash and cash equivalents in assets held for sale at 31 December
–
15
Cash and cash equivalents in continuing operations at 31 December
318
540
Bank deposits not available for the use by the Group
3.4
85
92
1)
Comparative figures have been restated, see “Basis of preparation”.
2)
Including interest expenses on lease liabilities.
3)
Loan proceeds and principal payments related to short-term borrowings for which maturity is three months or less, are presented net.
4)
Excluded expected credit loss provisions on bank deposits, which amount to USD 1 million (2023: USD 1 million). See note 3.4 Cash and cash equivalents for more information.
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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’s 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
Associated companies and joint ventures, and note 4.4
Joint operations.
These consolidated financial statements consist of the
Group and the Group’s interests in associated companies
and jointly controlled entities. Information on the Group’s
structure is provided in note 7.5 Composition of the
Group. Information on other related party relationships of
the Group is provided in note 7.2 Related parties.
Statement of compliance
These consolidated financial statements have been
prepared in accordance with IFRS(R) Accounting
Standards as adopted by the EU (European Union) and
effective as of 31 December 2024. 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’s Climate Roadmap
In December 2020, Yara announced a strategic
shift towards climate-neutral solutions along with
the Group’s climate targets. These targets include a
10 percent reduction in CO
2
e 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’s Planet KPIs on page 19 and the
Yara’s 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 if 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.
Profit or losses from transactions with associates and
joint ventures are recognized in the Group’s 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’s ownership in 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
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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 Dülmen/
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’ 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’s 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 “foreign currency exchange gain/
loss” in the consolidated statement of income for the
Group.
Foreign currency translations on foreign currency
borrowings that provide a hedge against a net
investment in a foreign entity, or monetary items that
are regarded as a part of the net investments, are not
recognized in the statement of income. Such foreign
currency translations are recognized as a separate
component of other comprehensive income, including
tax charges and credits attributable to these borrowings
and monetary items. When the net investment is
disposed of, or the monetary item is settled, they are
recognized in the consolidated statement of income.
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
subsidiary, associated company or jointly controlled
entity, 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.
Voluntary change of accounting policy
From 2024, Yara has changed the Group’s presentation
of interest income from financing components in
contracts with customers and reports it as part of
revenue and not as a financial item. It is part of the
Group’s ordinary activities, and a changed presentation
will provide more relevant information. This change in
presentation is applied retrospectively, and the effect
constitutes a reclassification from interest income
to revenue in the consolidated statement of income.
The cash flow statement has been subject to a similar
reclassification effect. Comparatives are restated where
relevant. The change in presentation does not represent
a change in accounting policy for recognition .
Significant accounting policies
Accounting policies according to the list below are
included in the relevant notes to the Consolidated
Financial Statements:
Accounting policies
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
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New and revised accounting
standards and interpretations
Adopted
The Group has applied the following amendments to
the IFRS Accounting Standards that are effective for
accounting periods beginning on or after 1 January 2024:
• Amendments to IAS 1 – Classification of Liabilities
as Current or Non-current
The amendments clarify what is meant by a right
to defer settlement, that a right to defer settlement
must exist at the end of the reporting period, and that
classification is unaffected by the likelihood that an
entity will exercise its deferral right. In addition, they
include a requirement to provide disclosure when a
liability arising from a loan agreement is classified as
non-current and the entity’s right to defer settlement
is contingent on compliance with future covenants
within twelve months. Yara’s only covenant refers
to the net debt to equity ratio and is not linked
to any deferral right. See note 6.1 Financial risk
management for more information.
• Amendments to IFRS 16 – Lease Liability in a sale
and leaseback
The amendments specify the requirements that a
seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction. Yara
has currently no significant sale and leaseback
transactions.
• Amendments to IAS 7 and IFRS 7 – Disclosures on
supplier finance arrangements
The amendments specify disclosure requirements to
assist users of financial statements in understanding
the effects of supplier finance arrangements on
an entity’s liabilities, cash flows and exposure to
liquidity risk. The amendments have no impact on
the consolidated financial statements in the periods
presented.
Not yet effective
The below amendments to IFRS Accounting standards
applicable to Yara have been issued but were not yet
effective on the balance sheet date. Yara will implement
the changes from their effective date, subject to
endorsement by the EU. 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 amendments effective for 2025.
The impact of changes which are effective from 2026
and beyond are not yet assessed.
• Amendments to IAS 21 – Lack of exchangeability
The amendments are effective for annual periods
beginning on or after 1 January 2025 and specifies
how an entity should assess whether a currency is
exchangeable and how it should determine a spot
exchange rate when exchangeability is lacking.
• Amendments to IAS 7 and IFRS 7 – 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.
• Amendments to IFRS 9 and IFRS 7 – 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 “own use”
requirements and guidance permitting hedge
accounting, as well as new disclosure requirements.
• IFRS 18 Presentation and Disclosure in Financial
Statements
IFRS 18 replaces IAS 1 Presentation of financial
statements and is effective for annual periods
beginning on or after 1 January 2027. It introduces
new categories and subtotals in the statement of
income. It also requires disclosure of management-
defined performance measures (as defined)
and includes new requirements for the location,
aggregation and disaggregation of financial
information.
• IFRS 19 Subsidiaries without public accountability:
Disclosures
IFRS 19 allows eligible entities to elect to apply
reduced disclosure requirements while still applying
the recognition, measurement and presentation
requirements in other IFRS Accounting Standards.
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Notes to the consolidated financial statements
1 Key sources of estimation uncertainty, judgments and assumptions
1.1 Significant estimates
and judgments
The preparation of consolidated financial statements in
accordance with IFRS Accounting Standards requires
Yara’s 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 lead to asset or cash-generating unit (CGU)
impairment. Assessing such indicators and defining
CGUs involves significant judgment, considering both
internal and external factors like market presence and
cash flow interdependence. Impairment is recognized
if an asset or CGU’s carrying amount exceeds its
recoverable amount, determined by either fair value
less costs to sell or value-in-use. Market conditions
and management estimates heavily influence these
calculations.
Similarly, estimating the useful life and residual value
of assets requires considerable judgment, affected by
technological development, strategic priorities, and
climate-related issues.
In July 2024, Yara announced a series of initiatives to
enhance financial performance by focusing on high-
return core businesses and key strategic priorities.
These efforts include scaling down low-return
activities, stricter prioritization of capital expenditure on
high-return assets, and reviewing the asset portfolio.
As a result, these initiatives may serve as indicators of
potential impairments and may require adjustments
to the useful life and residual value of assets,
necessitating careful evaluation and monitoring.
For more information, see 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 significant 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’s 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 judicial 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’s 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 .
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• Defined benefit pension plans
Yara’s 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 consensus. 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. For details, see note 4.4 Joint
operations .
1.2 Climate risks and opportunities
Yara faces significant risks and opportunities linked to
climate change and governmental actions to reduce
greenhouse gas (GHG) emissions and create low-
carbon and climate-resilient economies. These risks
and opportunities are integrated into the Group’s risk
management and strategy development processes and
embedded in Yara’s governance structure, including
the mandate of the Board Audit and Sustainability
Committee.
In December 2020, Yara announced a strategic shift
towards climate-neutral solutions along with the Group’s
climate targets. These targets include a 10 percent
reduction in CO
2
e 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.
Yara is fully committed to achieving these goals and
has integrated climate risks and opportunities into
all relevant key business processes such as business
planning, performance reviews, and capital value
processes. The short-term incentive structure for the
Group Executive Board includes planet-related indicators
that account for 25 percent of the evaluation criteria.
Yara’s 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 CO
2
from ammonia production and N
2
O from
nitric acid production. To reduce GHG emissions, Yara
systematically assesses opportunities for improvements
of these operations.
As society transitions away from fossil fuels, Yara
faces challenges from changing market dynamics,
regulatory changes like carbon pricing schemes and
border adjustment mechanisms, as well as shifting
consumer preferences. However, opportunities also
arise from the growing demand for products with
lower carbon footprints, evolving consumer behavior,
and advances in GHG-reducing technologies. These
transition risks and opportunities are central to Yara’s
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, promoting low-carbon solutions,
reducing GHG emissions, sourcing renewable electricity,
and advancing low-emission ammonia for the hydrogen
economy.
The main climate regulations impacting Yara are:
• Carbon pricing mechanisms
This includes the EU Emissions Trading System (EU
ETS) and Carbon Border Adjustment Mechanism
(CBAM). Carbon emission taxes in Europe, combined
with the phase-out of free allowances, may increase
production costs. The risk from carbon pricing may
also materialize from greater uncertainty and lack
of alignment between countries. The introduction of
CBAM in Europe will, over time, increase costs for
Yara’s imports of ammonia to the European market,
except where inwards processing for re-export can
be applied, and when low-carbon ammonia can be
sourced within Yara or from third parties.
• Renewable Energy Directive (REDIII)
The Directive, which entered into force on
20 November 2023, applies to EU member states
that must transpose it into national law by 21 May
2025. So far, no member state has transposed
the directive, so there is currently no legislation
creating an obligation on companies. The Directive
is considered mainly as a risk for Yara’s 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.
Yara has conducted analyses based on a high-emissions
scenario (SSP5-8.5 / RCP8.5) to assess the potential
physical impacts of climate change on our operations.
This scenario was chosen to model worst-case outcomes
and ensure robust planning. The focus was on two
critical time horizons: 2030 and 2050. The climate
risk assessments targeted production sites with high
exposure to physical risks, identified through a selection
process based on asset value, geographic location, and
future exposure towards climate change. The most
significant physical climate risks identified for our
operations include heatwaves, flooding (caused by heavy
rains, tropical cyclones, or sea-level rise), and drought.
While Yara’s production system has demonstrated
resilience overall, the findings show opportunities to
further enhance adaptability and preparedness .
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As of year-end 2024, the current and future financial
impact to Yara of climate risks and opportunities remain
uncertain. Explicit information is provided in the notes to
these consolidated financial statements on how climate
related matters are reflected in the accounts. This
mainly refers to:
• Impairment of non-current assets
See note 4.1 Property, plant and equipment and
note 4.7 Impairment of non-current assets.
• Useful life of non-current assets
See note 4.1 Property, plant and equipment.
• Subsidies
See note 4.9 Government grants.
• Emission rights in Europe
See note 4.2 Intangible assets and note 4.9
Government grants.
• Financial instruments
See note 5.2 Interest-bearing debt.
1.3 Environmental impacts
and dependencies
Yara’s operations, as well as its upstream and
downstream value chain, are exposed to various
environmental and ecosystem-related risks. These risks
primarily involve the availability and environmental
condition of water, soil, and land, which can be
significantly impacted by industrial and agricultural
activities. Additionally, air pollution from both own
operations and the value chain poses further challenges.
Guided by Yara’s mission to protect the planet and
its ambition to promote a nature-positive food future,
environmental impacts and risks are integrated into
the Group’s 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-conformities, are
investigated. Preventive and corrective actions are
initiated as necessary. 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’s
strategic focus to drive growth and value creation.
A significant aspect of this strategy includes Yara’s
ongoing and substantial business in NO
x
abatement for
both transport and industry, and future opportunities
within low-carbon ammonia production and sales.
As of the end of 2024, 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.
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’s 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’s ordinary activities.
Yara does not have significant incremental costs of
obtaining or fulfilling contracts with customers which
the Group expects to recover .
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• Freight/insurance services
Yara arranges delivery to the customer’s location
using different incoterms. When the Group uses
incoterms which transfer the responsibility for 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 shall be 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’s 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 many different
offerings including equipment and services to store
or handle products, and technology offerings, such
as environmental solutions. Revenues from sales
of equipment are recognized upon delivery to the
customer. Revenues from sales of services are
recognized over time as the service is performed.
Revenues from environmental solutions 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’s 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 goods transfers at the time the registered
dealer receives the goods. The consideration
recognized as revenue is based on the dealer’s receipt
of goods and constitutes 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
Interest from
financing
components
in customer
contracts Total
2024
Europe 3,468 138 47 – 3,653
Americas 4,515 156 10 54 4,736
Africa & Asia 2,389 36 5 2 2,431
Global Plants & Operational Excellence 13 – 37 – 51
Clean Ammonia 721 68 – – 789
Industrial Solutions 1,984 152 47 5 2,188
Other and Eliminations 4 – 16 – 20
Total 13,095 551 161 61 13,868
Restated
1)
2023
Europe 3,634 121 51 – 3,806
Americas 5,554 180 6 76 5,816
Africa & Asia 2,489 41 5 3 2,538
Global Plants & Operational Excellence 10 – 40 – 50
Clean Ammonia 720 58 2 – 780
Industrial Solutions 2,220 173 38 1 2,432
Other and Eliminations 5 – 83 – 88
Total 14,632 573 226 80 15,511
1)
Comparative figures have been restated to reflect the change in Yara’s operating segments and change in presentation of interest income from financing components in
contracts with customers .
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Disaggregation of external revenues by product group
USD millions 2024
Restated
1)
2023
Ammonia 1,148 1,149
Urea 3,116 3,203
Nitrate 2,323 2,541
NPK 4,431 5,196
CN 761 898
UAN 310 401
SSP 61 82
DAP/MAP 195 225
MOP/SOP 293 371
Other fertilizer and chemical products 1,008 1,140
Other products and services 161 226
Interest from financing components in customer contracts 61 80
Total revenues 13,868 15,511
1)
Comparative figures have been restated to reflect the change in Yara’s operating segments and change in presentation of interest income from financing components in
contracts with customers.
Yara serves a large number of customers. No revenues from transactions with any single customer amount to ten percent
or more of Yara’s total revenues.
Disaggregation of external revenues by geographical area
1)
USD millions Europe Brazil
Latin
America ex.
Brazil
North
America Africa Asia Total
2024
Europe 3,543 – 18 1 68 23 3,653
Americas 1 2,336 1,113 1,287 – – 4,736
Africa & Asia – – – – 548 1,883 2,431
Global Plants & Operational
Excellence 45 – 5 – – – 51
Clean Ammonia 44 153 – 259 – 333 789
Industrial Solutions 1,184 497 123 119 197 68 2,188
Other and Eliminations 17 – – – – 3 20
Total 4,835 2,985 1,259 1,665 813 2,310 13,868
Restated
2)
2023
Europe 3,663 12 27 9 80 15 3,806
Americas 1 3,148 1,236 1,432 – – 5,816
Africa & Asia – – – – 770 1,768 2,538
Global Plants & Operational
Excellence 46 – 4 – – – 50
Clean Ammonia 9 129 – 259 – 383 780
Industrial Solutions 1,380 490 178 108 175 101 2,432
Other and Eliminations 61 – – 2 – 25 88
Total 5,160 3,779 1,442 1,811 1,025 2,293 15,511
1)
Figures are based on customer location.
2)
Comparative figures have been restated to reflect the change in Yara’s operating segments and change in presentation of interest income from financing components in
contracts with customers.
Revenues from external costumers of an amount of USD 286 million (2023: USD 291 million) are attributed to Norway
(Yara’s country of domicile).
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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) are limited and refer mainly to environmental solutions technology offerings
with revenue recognition over time in accordance with the percentage of completion method. For such offerings, billing
generally occurs upon the achievement of contractual milestones subsequent to revenue recognition. Contract assets are
transferred to receivables when Yara has an unconditional right to consideration.
Prepayments and deposits from customers (contract liabilities) refer mainly to Yara’s 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. To a limited extent, contract liabilities also
refer to up-front payments on environmental solutions technology offerings.
Unsatisfied performance obligations refer mainly to environmental solutions deliveries. 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’s right to consideration corresponds directly with
the value to the customer of Yara’s performance completed to date.
USD millions 2024 2023
Contract assets
Balance at 1 January 7 5
Transferred to receivables in the period (5) (2)
Increase due to measure of progress in the period 2 5
Transferred to held for sale – (2)
Balance at 31 December 3 7
Contract liabilities
Balance at 1 January 361 620
Share of opening balance recognized as revenue in the period (349) (618)
Cash received not recognized as revenue in the period
1)
408 365
Transferred to held for sale – (7)
Balance at 31 December 419 361
Unsatisfied performance obligations
Initial contract price on signed contracts 82 95
Aggregate contract revenue incurred to date
2)
(68) (88)
Transaction price allocated to unsatisfied performance obligations 14 7
Unsatisfied performance obligations to be recognized within
1 year 10 1
2-3 years 4 6
Transaction price allocated to unsatisfied performance obligations 14 7
1)
Presented net of amounts created and released within the same reporting period.
2)
Based on the percentage of completion method.
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2.2 Other income and commodity derivative gain/(loss)
Accounting policies
Compensation from insurance companies is recognized in profit and loss when it becomes a receivable. The compensation
is considered a receivable when it is “virtually certain” that it will be received.
USD millions Notes 2024 2023
Insurance and other compensations
1)
32 77
Gain on sale of non-current assets 16 10
Sale of white certificates
4.9 8 7
Gain on disposal of shares in subsidiary 5 –
Other 6 19
Other income 66 114
Commodity-based derivatives gain/(loss)
6.3 – 3
Other income and commodity derivative gain/(loss) 66 117
1)
The 2023 figure includes USD 40 million relating to government assistance in response to the 2022 energy crisis in Europe. See note 4.9 Government grants for further
information.
2.3 Segment information
Overview
Yara’s operations comprise the following operating
segments at the end of 2024:
• Europe
• Americas
• Africa & Asia
• Global Plants & Operational Excellence
• Clean Ammonia
• Industrial Solutions
The regional segments (Europe, Americas, and Africa
& Asia) operate in a fully integrated setup, comprising
production, supply chain, and commercial operations,
producing and delivering existing Yara solutions in
addition to commercializing and selling new offerings.
Due to a change in the internal organization in 2024,
the joint operations of Tringen and Yara Freeport were
transferred from the Americas segment to the Global
Plants & Operational Excellence segment. These two
joint operations own ammonia production plants (see
note 4.4 Joint operations for further information).
Segment information for previous periods has been
restated accordingly. There have been no further
material changes to the basis of segmentation in 2024.
External revenue per segment changed in 2024 to
reflect the change in interest income from financing
components in contracts with customers’ presentation
as revenue, which is explained further in the “Basis of
preparation” section. There have been no changes to the
measurement of segment profit or loss in 2024 .
Accounting policies
The operating segments presented are the key
components of Yara’s business as of year-end 2024,
which have been regularly assessed, monitored, and
managed by Yara’s Chief Executive Officer (CEO) as the
Chief Operating Decision Maker.
The accounting policies used for the segment reporting
are the same as for the consolidated financial
statements, with the following exceptions:
• Yara does not apply IFRS 9 for embedded derivatives
in inter-segment contracts.
• Yara does not apply IFRS 16 for lease arrangements
in inter-segment contracts.
• 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 the production cost of inventory. Emission cost
may be part of the cost of inventory for a segment
even if Yara reports a net positive position for the
Group. See note 4.9 Government grants for more
information.
• Tax is not allocated to the segments.
Profit on inventory and other cross-segment eliminations
are eliminated in “Other and eliminations”.
Europe
Yara Europe comprises sales, marketing, and production
within Europe. Yara Europe markets crop nutrition
solutions to farmers and collaborates with the food
value chain, offering crop nutrition products, advice
and climate smart services and solutions. The product
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portfolio is comprehensive, ranging from standard
nitrogen-based fertilizer to specialty products and
organic-based fertilizers. The largest product categories
sold within nitrogen-based fertilizer are nitrates and
compound fertilizers (NPK).
Product sales are mainly made spot to distributors
based on ordinary purchase orders and underlying frame
agreements. Products are sold to a variety of customers
covering wholesale, co-operatives, retail and, to a lesser
extent, direct to farmers. The types of customers and
products sold differ between regional markets and
the off-take of product varies throughout the fertilizer
seasons in the different markets. Yara Europe also
exports some products to other regions within the Group,
based on arm’s length transfer pricing.
Yara Europe has 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. The plants have different product
portfolios and are located to serve both domestic
and export markets. In addition, the region supplies
customers through more than 100 terminals and
warehouses (owned and leased) and has customers in
around 30 European countries. The majority of products
sold are produced at own sites in the region.
Operating results are driven by integrated business value
creation from plant to market. The margin between
realized finished fertilizer prices and raw material input
prices is partly driven by Yara’s ability to differentiate
its offerings and partly by the price developments for
commodity fertilizer (urea and urea ammonium nitrate
(UAN)), natural gas and ammonia. Yara also creates
value through operational efficiency at its production
plants, competitive sourcing of raw materials for
production and optimal resource allocation across its
business model. Operating results are also impacted
by currency movements as margins are typically US
dollar exposed while fixed costs have a significant local
currency component (mainly Euro).
Americas
Yara Americas comprises sales, marketing, and
production within the regional business units of North
America, Latin America, and Brazil. The segment
markets a comprehensive offering of crop nutrition
solutions and services, including a broad product
portfolio comprising nitrogen-based fertilizer and NPKs
as well as biostimulants and organic-based products.
The region also sells phosphate and potash-based
fertilizers, which to a large extent are sourced from third
parties.
Product sales are mainly made spot to distributors
based on ordinary purchase orders and underlying frame
agreements, but to an increasing extent the products
are also sold directly to farmers and co-operatives.
The composition of customer groups and products sold
differs between local and regional markets, and the
off-take of product varies with the fertilizer seasons in
the different markets. Product sales are mainly sourced
from the operating segment Global Plants & Operational
Excellence based on arm’s length transfer pricing and
from the segment’s own production facilities in Canada,
Colombia and Brazil.
The North America business unit operates a fully owned
plant in Belle Plaine, Canada. A smaller portion of
the urea and UAN sales are sourced from third-party
producers. In addition to crop nutrition solutions, North
America markets industrial application solutions such as
wastewater treatment and additives for the construction
industry and oil field services.
The Latin America business unit covers all Spanish-
speaking markets in the Americas, from Mexico in the
North to Argentina in the South. In Colombia, Yara
owns a production facility in Cartagena, which mainly
serves the local Colombian market with NPK and
calcium nitrate (CN) products. The Cartagena facility
also produces soluble ammonium nitrate to supply local
customers and, from time to time, also exports some
smaller ammonia volumes.
The Brazil business unit operates more than ten blending
units and distribution sites with a geographic spread to
supply Brazil’s main agricultural markets. It also includes
the fully owned production plants at Rio Grande, Ponta
Grossa, Cubatão (planned for hibernation during 2025)
and Sumaré.
Operating results in Yara Americas are largely driven by
Yara’s ability to commercialize crop nutrition solutions
based on European-produced premium fertilizers at
value-added margins, as well as the marketing of own-
produced products in the region. Other key value drivers
are reliability and operational efficiency at the production
plants, competitive sourcing of raw materials for
production (including natural gas), and efficient blending
of third-party sourced raw materials. Operating results
are also impacted by currency movements, as margins
are typically US dollar exposed while fixed costs have a
significant local currency component.
Africa & Asia
Yara Africa & Asia comprises sales, marketing,
distribution and production of fertilizers and industrial
products across the Asia-Pacific, Africa and Oceania
regions. The segment markets a comprehensive offering
of crop nutrition solutions and services, including a broad
product portfolio comprising nitrogen-based fertilizer
and NPKs designed for soil application. This portfolio is
complemented by foliar and soluble products, serving a
different range of crop applications. A significant part of
the products marketed are sourced from Yara production
plants, both inside and outside the Africa and Asia
region.
Most of the customers in the region are smallholder
farmers. Yara reaches these customers through
distributors, retailers and co-operatives based on
different commercial agreements. The region also
includes more mature agricultural markets such as South
Africa, Australia and New Zealand where Yara often
sells directly to professional large-scale crop farmers.
The type of customer and product portfolio sold differs
greatly between the different markets.
The region has offices and operational units in 17
countries, with the most significant business operations
in China, India, Thailand, South Africa and Australia. As
a complementary part to the crop nutrition distribution
business, the fertilizer production comprises one
production facility in Australia producing ammonia and
technical ammonium nitrate (TAN) and one production
facility at Babrala in India producing ammonia and urea.
The ammonia produced in Australia is commercialized
by Yara’s ammonia sales and logistics activity within
the operating segment Clean Ammonia, while the
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TAN is commercialized by the operating segment
Industrial Solutions in the Australian mining market.
The production facility producing TAN is a joint
operation (Yara Pilbara Nitrates Pty Ltd.) in which Yara
consolidates its ownership share of 50 percent of assets,
liabilities, revenues and costs. The ammonia produced
at Babrala is used for the production of urea at the
same site. 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 Yara’s ability to
commercialize the differentiated nitrate-based fertilizer
portfolio and the upgrading margins in the production
facilities driven by the price levels of ammonia/urea and
competitive gas supply. Operating results can also be
influenced by movements in currency rates.
Global Plants & Operational Excellence
The Global Plants & Operational Excellence segment
operates Yara’s largest, and export oriented, production
plants in Porsgrunn, Norway, and in Sluiskil, the
Netherlands. It also participates in the joint operations
of Trinidad Nitrogen Company Ltd. in Trinidad & Tobago
and Yara Freeport LLC DBA Texas Ammonia in the US.
Global Plants & Operational Excellence has a key role
in driving operational improvements, competence
development and technical project execution across
Yara’s production system. In addition, the segment
includes the global planning and optimization function,
the product management function, the central
procurement functions, and the corporate Health,
Environment, Safety and Quality (HESQ) function.
The majority of sales in the segment are group internal
sales of finished fertilizers transferred at internal prices
based on the arm’s length principle.
The Global Plants & Operational Excellence segment’s
operating results are highly influenced by volume output
and margin development for fertilizer commodities. The
margins are primarily driven by the difference in price
levels for urea, diammonium phosphate fertilizer (DAP)
and potash-based fertilizer, and the price level of the
key input factors energy, phosphate rock and potash.
Operating results can also be influenced by movements
in currency rates.
Clean Ammonia
The Clean Ammonia segment contains Yara’s ammonia
sales and logistics activity that plays a vital role in
Yara’s production system as it allocates excess volume
from producer plants and delivers to consumer plants
in a timely manner to ensure high production capacity
utilization. Besides significant intra-group purchases
and sales, Yara Clean Ammonia purchases ammonia
from third parties predominantly to supply its European
production region. It also generates significant external
sales by selling ammonia to large customers in the
fertilizer and chemical industries, mainly in the Americas
and Asia regions. It also provides optimized shipping
solutions that fit Yara’s storage and port capacity, which
includes a fleet of owned and time-chartered vessels.
The segment was established to capture growth
opportunities within carbon-free food solutions, shipping
fuel, power and other clean ammonia applications,
leveraging Yara’s unique existing position within
ammonia production, trade and shipping. The segment
is currently evaluating several new blue and green
ammonia projects with the aim to serve growing
markets for clean ammonia and add scale to the existing
business.
Industrial Solutions
Yara Industrial Solutions mainly provides 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. There is a strong environmental focus to
Yara Industrial Solutions and a large portion of revenue
is derived from AdBlue, a urea-based reagent used by
diesel vehicles to reduce nitrogen oxide (NO
x
) emissions.
The segment also offers NO
x
abatement solutions for
industrial plants and transport at both land and sea.
In addition, Yara Industrial Solutions is continuously
working to develop product and service offerings in
high-growth markets as well as additional green and
sustainable opportunities globally.
Yara Industrial Solutions performs its activities through
four commercial units: Transport Reagents, Mining
Applications, Chemical Applications EMEA and
Chemical Applications Americas. These commercial
units are backed by six dedicated production plants
across Europe, Latin America, Asia and Africa. In
addition, the segment has arm’s length commercial
agreements with the rest of Yara’s global production
plant network and external suppliers. Through direct
sales and distributors, Yara Industrial Solutions can
provide its customers with high-quality, reliable products
and services backed by deep local knowledge combined
with global best practice expertise.
The customer contracts are, to a large extent, medium
to long-term contracts; however, products are also
sold spot based on ordinary purchase orders. In some
markets, the segment delivers equipment and services
to store or handle products.
Operating results are exposed to fluctuations in
commodity prices and general economic activity.
However, Yara Industrial Solutions’ integrated position
coupled with its diversified exposure in terms of product,
underlying industry and global location has allowed Yara
Industrial Solutions to mitigate these effects to a great
extent.
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 performed is the elimination
of profit on inventory, which is driven by volumes in
stock and internal margins based on the arm-s length
principle. Due to this, Other and Eliminations will show
higher results when there are lower volumes in stock
and/or lower internal margins on volumes in stock, and
vice versa .
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Consolidated statement of income
USD millions 2024
Restated
1)
2023
External revenue
Europe 3,653 3,806
Americas 4,736 5,816
Africa & Asia 2,431 2,538
Global Plants & Operational Excellence 51 50
Clean Ammonia 789 780
Industrial Solutions 2,188 2,432
Other and Eliminations 20 88
Total 13,868 15,511
Internal revenue
Europe 705 794
Americas 46 41
Africa & Asia 420 374
Global Plants & Operational Excellence 2,893 2,849
Clean Ammonia 1,019 1,124
Industrial Solutions 231 263
Other and Eliminations (5,314) (5,445)
Total – –
USD millions 2024
Restated
1)
2023
Total revenue
Europe 4,358 4,600
Americas 4,781 5,857
Africa & Asia 2,851 2,912
Global Plants & Operational Excellence 2,943 2,900
Clean Ammonia 1,808 1,904
Industrial Solutions 2,420 2,695
Other and Eliminations (5,294) (5,356)
Total 13,868 15,511
1)
Comparative figures have been restated to reflect the change in Yara’s operating segments and change in presentation of interest income from financing components in
contracts with customers .
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Selected Alternative performance measures
2)
USD millions 2024
Restated
1)
2023
EBITDA
Europe 229 49
Americas 664 729
Africa & Asia 342 188
Global Plants & Operational Excellence 338 287
Clean Ammonia 117 101
Industrial Solutions 284 254
Other and Eliminations (86) 101
Total 1,889 1,709
Net operating profit after tax (NOPAT)
Yara 558 325
Europe (17) (293)
Americas 295 357
Africa & Asia 171 58
Global Plants & Operational Excellence 76 39
Clean Ammonia 40 30
Industrial Solutions 73 81
USD millions, except percentages 2024
Restated
1)
2023
Invested capital
Yara
3)
11,164 11,346
Europe 2,774 2,837
Americas 2,968 3,228
Africa & Asia 1,877 1,933
Global Plants & Operational Excellence 1,798 1,695
Clean Ammonia 360 337
Industrial Solutions 1,285 1,296
ROIC
Yara
3)
5.0% 2.9%
Europe (0.6%) (10.3%)
Americas 9.9% 11.0%
Africa & Asia 9.1% 3.0%
Global Plants & Operational Excellence 4.2% 2.3%
Clean Ammonia 11.0% 9.0%
Industrial Solutions 5.7% 6.3%
1)
Comparative figures have been restated to reflect the change in Yara’s operating segments.
2)
Refer to the “Alternative performance measures” section for definitions and relevant reconciliations. NOPAT, Invested capital and ROIC are calculated on a 12-month rolling
average basis.
3)
A normalized operating cash level of USD 200 million is included in the Invested capital and ROIC calculations for Yara. This is not included in the Invested capital and ROIC
calculations at the operating segment level.
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Reconciliation of Operating income/(loss) to EBITDA
2)
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
2024
Europe (31) 4 1 248 7 229
Americas 381 1 14 233 35 664
Africa & Asia 226 – 5 110 – 342
Global Plants & Operational Excellence 100 – 4 232 1 338
Clean Ammonia 51 – 1 65 – 117
Industrial Solutions 79 14 – 154 38 284
Other and Eliminations (120) – 30 4 – (86)
Total 686 19 55 1,047 82 1,889
Restated
1)
2023
Europe (400) 5 2 249 192 49
Americas 459 3 37 228 2 729
Africa & Asia 75 – 8 104 – 188
Global Plants & Operational Excellence 51 – 5 227 5 287
Clean Ammonia 39 – – 62 – 101
Industrial Solutions 117 (7) – 142 1 254
Other and Eliminations 51 – 26 5 20 101
Total 392 1 79 1,018 220 1,709
1)
Comparative figures have been restated to reflect the change in Yara’s operating segments and change in presentation of interest income from financing components in contracts with customers.
2)
Refer to the “Alternative performance measures” section for a reconciliation of EBITDA to Net income/(loss).
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Consolidated statement of financial position
USD millions 2024
Restated
1)
2023
Total assets
Europe 3,712 3,689
Americas 3,738 4,214
Africa & Asia 2,438 2,411
Global Plants & Operational Excellence 2,544 2,611
Clean Ammonia 568 637
Industrial Solutions 1,562 1,710
Other and Eliminations
2)
432 757
Total 14,994 16,027
Current assets
2)
Europe 1,478 1,569
Americas 1,844 1,930
Africa & Asia 1,187 1,079
Global Plants & Operational Excellence 693 646
Clean Ammonia 260 303
Industrial Solutions 655 691
Other and Eliminations (417) (5)
Total 5,700 6,213
Non-current assets
Europe 2,234 2,120
Americas 1,894 2,283
Africa & Asia 1,251 1,346
Global Plants & Operational Excellence 1,851 1,965
Clean Ammonia 308 334
Industrial Solutions 907 1,005
Other and Eliminations
3)
849 762
Total 9,294 9,814
USD millions 2024
Restated
1)
2023
Associated companies and joint ventures
Europe 21 24
Americas 62 70
Global Plants & Operational Excellence 9 9
Industrial Solutions 50 54
Other and Eliminations (4) (5)
Total 138 152
1)
Comparative figures have been restated to reflect the change in Yara’s operating segments.
2)
Assets exclude internal cash accounts and accounts receivable related to group relief. Assets classified as held for sale are included as current.
3)
Figure includes deferred tax asset balance for the whole of Yara.
Non-current assets for all segments by geographic location
1)
USD millions 2024 2023
Non-current assets
Europe 4,749 4,568
Latin America 1,144 1,458
North America 1,305 1,453
Africa 42 42
Asia 1,248 1,326
Unallocated amounts
1)
806 967
Total 9,294 9,814
1)
The identification of non-current assets is based on location of operation. Excluded from non-current assets are financial instruments, deferred tax assets, post-employment
benefit assets, and rights arising under insurance contracts.
Non-current assets of an amount of USD 987 million (2023: USD 1,056 million) are attributed to Norway (Yara’s country
of domicile).
Segment information related to the disaggregation of external revenues by nature, product group and geographical area
can be found in note 2.1 Revenue.
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2.4 Raw materials, energy costs and freight expenses
USD millions 2024 2023
Raw materials, energy costs and freight expenses
Raw material and energy costs (7,771) (8,908)
Freight expenses (862) (840)
Other production related costs (1,567) (1,697)
Total (10,200) (11,445)
2.5 Payroll and related costs
USD millions Notes 2024 2023
Payroll and related costs
Salaries
7.3 (1,116) (1,092)
Social security costs
7.3 (182) (177)
Social benefits
7.3 (7) (8)
Net periodic pension cost
1)
5.3, 7.3 (179) (77)
Termination benefits
2)
5.5 (59) (44)
Total (1,543) (1,399)
1
Includes a USD 99 million settlement loss in 2024 related to reformation of the Dutch pension system. See note 5.3 Pensions and other long-term employee benefit
obligations for more information.
2)
Termination benefits recognized in 2024 is related to several restructuring initiatives, including a voluntary severance package scheme offered to office workers in Norway and
an intention to transform Yara’s Tertre plant in Belgium. Termination benefits in 2023 was mainly related to restructuring provision for the Montoir site in France. See note 5.5
Provisions and contingencies for more information.
2.6 Other operating expenses
USD millions Notes 2024 2023
Other operating expenses
Selling and administrative expense (251) (260)
Advertising expense (28) (31)
Travel expense (38) (54)
Fees auditors, lawyers, consultants
7.4 (104) (119)
Other expenses (16) (31)
Total (437) (495 )
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2.7 Financial income and expenses
Accounting policies
Interest income and expenses are recognized in the statement of income as they are accrued, based on the effective
interest method .
See “Basis of preparation” on page 223 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 PP&E, see
note 4.1 Property, plant and equipment.
Specification
USD millions Notes 2024
Restated
1)
2023
Interest income 53 79
Dividends and net gain/(loss) on securities 2 –
Interest income and other financial income 55 79
Foreign currency exchange gain/(loss)
6.1 (321) (32)
Interest expense (225) (246)
Interest expense on lease liabilities
4.5 (25) (19)
Capitalized interest expense
2)
4.1 13 4
Net interest on net long-term employee benefit obligations
5.3 (59) (61)
Other 37 72
Interest expense and other financial items (259) (249)
Net financial income/(expense) (524) (202)
1)
Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation
for more information.
2)
The average rate for the borrowing cost capitalized was 5.4 percent in 2024 (2023: 4.8 percent) .
The foreign currency exchange loss this year of USD 321 million comprises a loss of USD 441 million on the US dollar
denominated debt positions and a gain of USD 120 million on internal positions in other currencies than USD. In 2023,
the US dollar denominated debt positions generated a loss of USD 146 million while the internal positions in other
currencies than USD generated a gain of USD 114 million.
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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’s 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.
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The major components of income tax expense for the year ended 31 December:
USD millions 2024 2023
Consolidated statement of income
Current taxes
Current year (254) (223)
Prior year adjustment 14 (9)
Total (240) (232)
Deferred taxes
Deferred tax income/(expense) recognized in the current year 226 201
Adjustments to deferred tax attributable to changes in tax rates and laws 4 –
(Write-downs)/reversal of previous write-downs of deferred tax assets (154) (106)
Total 76 96
Total tax expense recognized in the consolidated statement of income (165) (136)
Other comprehensive income
Current tax
Hedge of net investment 18 6
Total current tax 18 6
Deferred tax
Pensions (3) 10
Available-for-sale financial assets – (2)
Total (3) 8
Total tax expense recognized directly in other comprehensive income 15 14
Total tax expense recognized in comprehensive income (150) (122)
Reconciliation of Norwegian nominal statutory tax rate to effective tax rate
USD millions, except percentages 2024 2024 2023 2023
Income before tax 180 191
Expected income tax at statutory tax rate
1)
22.0% (40) 22.0% (42)
Tax law changes (2.2%) 4 – –
Foreign tax rate differences (3.9%) 7 (23.2%) 44
Unused tax losses and tax offsets not recognized as deferred tax
assets
2)
81.1% (146) 72.9% (139)
Previously unrecognized and unused tax losses and deductible
temporary differences now recognized as deferred tax assets (26.1%) 47 (6.4%) 12
Previously unrecognized deductible loss – – (18.4%) 35
3)
Non-deductible expenses 7.2% (13) 7.9% (15)
Share of net income equity-accounted investees (2.2%) 4 – –
Tax free income miscellaneous (5.0%) 9 (9.3%) 18
Prior year adjustment (7.8%) 14 4.6% (9)
Withholding tax 11.1% (20) 12.4% (24)
Pillar 2 top-up tax 7.8% (14) – –
Other, net 9.4% (17) 9.4% (18)
Total income tax expense (165) (136)
Effective tax rate 91.7% 71.1%
1)
Calculated as Norwegian nominal statutory tax rate of 22 percent (2023: 22 percent) applied to income before tax.
2)
Of this amount, approximately 55 percent is related to Yara’s operations in Brazil and 24 percent is related to Yara’s operations in France.
3)
In 2023, Yara recognized a tax deduction from a 2020 divestment, considering the amount probable after engaging with the tax authority and obtaining external legal advice .
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Specification of deferred tax assets/(liabilities)
2024
USD millions Opening balance Charged to income Changes in tax rate
Recognized in other
comprehensive
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
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2023
USD millions Opening balance Charged to income Changes in tax rate
Recognized in other
comprehensive
income
Acquisitions/
disposals
Foreign currency
translation Closing balance
Non-current items
Intangible assets 6 5 – – – (2) 9
Property, plant and equipment (303) (42) – – – (4) (349)
Pensions 16 1 – 10 – (1) 26
Equity securities available-for-sale 2 – – (2) – – –
Other non-current assets (175) (84) – – – – (259)
Other non-current liabilities and accruals 169 45 – – – (1) 212
Total (286) (74) – 8 – (8) (361)
Current items
Inventory valuation 67 (31) (2) – – (1) 36
Accrued expenses 96 (36) (2) – – 2 61
Total 163 (68) (3) – – 1 96
Tax loss carry forwards 491 336 (6) – – 14 840
Unused tax credits – 8 – – – – 8
Unrecognized tax assets for tax losses and temporary differences (392) (106) 3 – – (21) (517)
Net deferred tax asset/(liability) (23) 96 (5) 8 – (14) 66
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Unrecognized deferred tax assets
USD millions 2024 2023
Unrecognized deferred tax assets are attributable to the following
Tax losses 502 485
Deductible temporary differences 74 31
Total 576 517
Unrecognized deferred tax assets related to tax losses in Brazil amount to USD 330 million in 2024 (2023: USD 309
million). Unrecognized deferred tax assets related to tax losses in Belgium amount to USD 69 million in 2024 (2023:
USD 58 million). Utilization of the tax loss carry forwards in Brazil and Belgium are without time limitation but restricted to
30 and 70 percent of taxable income each year, respectively.
Specification of expiration of tax loss carry forwards
USD millions 2024
2025 8
2026 2
2027 2
2028 41
2029 4
After 2029 112
Without expiration 3,127
Total tax loss carry forwards 3,296
Deferred tax effect of tax loss carry forwards 904
Unrecognized deferred tax assets for tax losses (502)
Recognized in the statement of financial position 401
Yara’s recognized tax loss carry forwards primarily relate to businesses in Europe of which Norway constitutes the
largest amount. Tax losses in Norway are without expiration and mainly relate to incurred currency losses, non-recurring
transactions and loss from operations. The recognized tax assets for all units are supported by estimated future profit level.
Deferred tax presented in the statement of financial position
USD millions 2024 2023
Deferred tax assets 555 522
Deferred tax liabilities (408) (456)
Net deferred tax asset/(liability) 147 66
Undistributed earnings of foreign subsidiaries and in foreign associates and joint arrangements amount to approximately
USD 6.6 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.
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 14 million related to top-up tax for 2024.
As required by the amendments to IAS 12 issued in May 2023, the Yara Group has 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 2024, the Group has elected to apply the Transitional Country-by-Country Report (CbCR) Safe Harbours, which have
been implemented in the Pillar 2 legislation. These safe harbour rules simplify the compliance process for the Yara Group
by excluding some qualifying countries from the pillar 2 computation on a transitional basis, i.e., for fiscal years 2024,
2025 and 2026. No top-up tax liability will arise from these qualifying countries during the transitory period.
Based on the 2024 preliminary CbCR numbers, it is expected that the Yara entities incorporated in Hungary, Peru, Poland,
Singapore and Tanzania will not qualify for any of the Transitional CbCR Safe Harbours in 2024. From these jurisdictions,
the ones that have triggered a top-up tax liability are Singapore and Hungary. In addition, the Yara entities in Ireland have
also triggered a top-up tax liability which is included in our current tax expense.
The Pillar 2 legislation has been enacted with effect from the financial year 2024, both in Norway (which is the jurisdiction
of the ultimate parent entity of the Yara Group, Yara International ASA) and in many 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.
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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.
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 “Other and eliminations”.
Inventory stock
2024
USD millions Europe Americas
Africa &
Asia
Global
Plants &
Operational
Excellence
Clean
Ammonia
Industrial
Solutions
Other and
Eliminations Total
Finished goods 575 535 467 110 – 112 (108) 1,690
Work in progress 38 – 14 23 – 21 – 96
Raw materials 115 506 16 113 70 73 – 893
Spare parts 94 52 36 96 – 56 – 334
Balance at 31 December 2024 822 1,093 533 342 70 261 (108) 3,014
Restated
1)
2023
USD millions Europe Americas
Africa &
Asia
Global
Plants &
Operational
Excellence
Clean
Ammonia
Industrial
Solutions
Other and
Eliminations Total
Finished goods 622 550 365 102 – 123 (67) 1,695
Work in progress 36 1 10 22 – 22 – 90
Raw materials 171 471 17 115 85 73 5 937
Spare parts 104 51 32 96 – 53 – 336
Balance at 31 December 2023 933 1,074 423 336 85 270 (62) 3,058
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 .
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Write-down
2024
USD millions Europe Americas
Africa &
Asia
Global
Plants &
Operational
Excellence
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 – 5
Balance at 31 December (23) (10) (2) (3) (1) (9) 6 (41)
Restated
1)
2023
USD millions Europe Americas
Africa &
Asia
Global
Plants &
Operational
Excellence
Clean
Ammonia
Industrial
Solutions
Other and
Eliminations Total
Balance at 1 January (37) (61) (19) (33) (4) (18) 30 (140)
New write-downs recognized
during the year (183) (102) (43) (76) (101) (46) 120 (430)
Write-downs reversed due to
product sold 169 110 47 94 103 54 (139) 438
Write-downs reversed, other 19 40 9 6 1 3 5 82
Foreign currency translation (2) (3) 1 – – (1) – (5)
Balance at 31 December (34) (16) (4) (9) – (8) 17 (55)
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.
No inventories were pledged as security at end of 2024 (2023: USD 1 million). See note 5.7 Secured Debt and
Guarantees for more information.
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 costs using the effective interest method. Short-term receivables are normally not
discounted.
In accordance with the expected loss model, Yara records lifetime expected credit losses on all trade and lease receivables
(the simplified approach). The calculation of expected credit loss (ECL) is based on both historical and forward-looking
information, and it is done on a geographical level. When calculating ECL for trade receivables not yet due and trade
receivables less than 90 days overdue, the last five years’ historical loss percentage is used as base amount for allowance.
Forward-looking information is taken into account by assessing available information on local unit level which could
indicate an expected future loss that is higher or lower than the experience, including regional macroeconomic information.
Calculation of ECL for trade receivables more than 90 days overdue is based on a separate, individual assessment of each
receivable.
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.
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Specification
USD millions Notes 2024 2023
Trade receivables
1)
1,598 1,742
Allowance for expected credit loss (101) (107)
Balance at 31 December
6.3 1,497 1,634
1)
Of the total balance of USD 1,598 million, approximately USD 787 million (2023: USD 827 million) refers to credit insured receivables.
Movement in allowance for expected credit loss
USD millions 2024 2023
Balance at 1 January (107) (102)
Lifetime expected credit losses recognized for existing business (37) (32)
Change in lifetime expected credit losses due to business classified as held for sale (1) 3
Amounts written off as uncollectible 23 8
Lifetime expected credit losses reversed 11 18
Foreign currency translation 9 (2)
Balance at 31 December (101) (107)
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
2024 1,598 1,299 112 31 22 134
2023 1,742 1,390 139 40 27 145
Impairment of trade receivables
Impairment on past due receivables
USD millions Total
Impairment on
not past due
receivables < 30 days 30–90 days 91–180 days > 180 days
2024 (101) (3) (1) (1) (2) (94)
2023 (107) (3) (1) (3) (1) (99)
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
2024 1,497 1,297 111 30 20 40
2023 1,634 1,387 138 37 26 46
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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.
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 2024 2023
Financial assets
Foreign exchange contracts 8 6
Receivables and deposits 285 283
Contracts assets
2.1 3 7
Expected credit loss on other current assets (1) (1)
Balance at 31 December
6.3 295 295
Non-financial assets
VAT and sales-related taxes 228 231
Prepaid income taxes 201 228
Prepaid expenses 143 163
Balance at 31 December 573 622
3.4 Cash and cash equivalents
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).
USD millions Notes 2024 2023
Cash and cash equivalents 6.3 317 539
Expected credit loss provision on bank deposits is USD 1 million (2023: USD 1 million).
External bank deposits that are not available for use by the Group as at 31 December 2024 have a carrying value of
USD 85 million (2023: USD 92 million), mainly related to cash held by joint operations.
The average interest rate for liquid assets is approximately 5.4 percent as of 31 December 2024 (2023: 4.1 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.
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4 Investments in non-current assets
4.1 Property, plant and equipment
Overview
Property, plant and equipment (PP&E) mainly refers to Yara’s 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.
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 is comprised of the historical cost less accumulated
depreciation and any impairment loss. If a legal or constructive obligation exists to decommission PP&E, the carrying value
of the assets is increased with 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 (“qualifying assets”) 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,
reassessed 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’s 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 (“turnarounds”) 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 to extraction of mineral resources in the Group’s existing mines, which mainly refer to removal of
mine waste materials (“stripping costs”) 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 start 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.
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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 cost
1)
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 transfers
2)
(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 loss
3)
– (19) (36) (17) (8) – – (81)
Reversed impairment – – 1 – 1 – – 2
Derecognition – 11 109 223 – – – 343
Transfers to asset held for sale – 7 4 – – – – 11
Other transfers – – – – – – – –
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 “Building” 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 .
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Climate-related matters
Ammonia production assets in Europe
Ammonia is essential for nitrogen fertilizer, derived from combining nitrogen with hydrogen, typically from natural gas.
This process emits GHGs but can be mitigated by using renewable energy electrolysis or carbon capture and storage (CCS).
The majority of ammonia produced today has a high carbon footprint. However, new laws primarily in Europe and the US
are driving demand for low-carbon and renewable ammonia. While renewable ammonia will take time to scale, significant
volumes of low-carbon ammonia are expected in the next 3-5 years. Future market conditions for ammonia, particularly
the availability of competitive low-carbon and renewable supplies, could reduce the useful life and/or value of European
production assets.
Yara closely monitors ammonia market fundamentals and adapts accordingly. In 2023, Yara announced its intention
to explore large-scale low-carbon ammonia production with CCS in the US. The company is also exploring CCS
implementation at existing sites, and has signed an agreement with Northern Lights to reduce CO
2
emissions from Yara
Sluiskil. Additionally, Yara is investigating potential off-take of low emission ammonia. These initiatives, along with
optimizing existing sites and using flexible nitrate-based production, are key elements towards decarbonizing Yara’s
ammonia supply chain.
Yara’s European ammonia plants are integrated with fertilizer and industrial production. The possibility of importing
ammonia varies but is technically feasible and already used for optimization at some sites. At the end of 2024, the
carrying amount of these assets is USD 555 million, of which USD 160 million have an estimated remaining useful life
of more than 10 years. No changes were made to asset lifespans in 2024, but if they were limited to 10 years, annual
depreciation would increase by approximately USD 5 million.
Yara has not identified any 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 under various scenarios,
which may reveal currently unknown conditions. Additionally, Yara could make future strategic decisions related to climate
change that might result in certain assets becoming obsolete or lose value.
European Renewable Energy Directive
The reform of the European Renewable Energy Directive (REDIII) poses a potential risk to Yara’s 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. The new industry target
under the updated REDIII mandates that by 2030, 42 percent of the hydrogen consumed in industry should come from
Renewable Fuels of Non-Biological Origin (RFNBOs).
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 2030 target. 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 if the industry target is not met by 2030. Presently, it is very uncertain how Member States will
implement these industrial targets and whether the “ammonia recital” will be utilized at a national level. This uncertainty
makes it difficult to assess the full implications of REDIII for Yara.
Yara will continue to closely monitor the implementation developments in each Member State and adapt to new conditions
as required. The Directive came into force on November 20, 2023. The target applies to EU member states, and the
directive must be transposed into national law in each member state by May 21, 2025. As of now, no member state has
implemented a legal obligation on companies as part of the transposition process .
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2023
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 254 2,689 10,491 584 801 305 152 15,277
Addition at cost 2 74 369 109 562 – 5 1,122
Derecognition – (14) (152) (43) (239) – – (448)
Transfers to asset held for sale (2) (25) (18) – – – – (45)
Other transfers
1)
1 85 240 33 (394) – 29 (6)
Foreign currency translation 16 94 230 23 24 (1) 6 391
Balance at 31 December 271 2,902 11,161 706 753 304 193 16,290
–
Depreciation and impairment –
Balance at 1 January (35) (1,164) (6,386) (335) (255) (87) (45) (8,307)
Depreciation – (118) (559) (114) – (15) (11) (818)
Impairment loss
2)
(1) (10) (144) (29) (21) – – (204)
Derecognition – 12 140 42 240 – – 434
Transfers to asset held for sale – 18 18 – – – – 36
Other transfers – (4) 3 – – – – (1)
Foreign currency translation – (36) (150) (12) 3 – (2) (197)
Balance at 31 December (36) (1,302) (7,078) (448) (33) (102) (58) (9,058)
Carrying value
Balance at 1 January 219 1,525 4,106 249 546 219 107 6,970
Balance at 31 December 235 1,598 4,082 258 719 203 137 7,232
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)
Includes mainly transfers from assets under construction to other categories of PP&E due to completion of construction projects.
2)
See note 4.7 Impairment of non-current assets .
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4.2 Intangible assets
Accounting policies
Intangible assets with finite useful lives, and that are acquired separately, are carried at cost less accumulated amortization
and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives.
Both estimated useful life and amortization method are reviewed at the end of each reporting period. The effect of any
changes in estimate is accounted for on a prospective basis. Intangible assets with indefinite useful lives, and that are
acquired separately, are carried at cost less accumulated impairment losses.
Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred, the amount
recognized for non-controlling interest, and the fair value of the acquirer’s previously held equity interest in the acquiree
(if any) over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of
the net assets of the subsidiary acquired, the difference is recognized in profit or loss. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. Useful lives are set as indefinite with no amortization as there
is no foreseeable limit to the cash flows generated by goodwill. Instead of amortization, goodwill is tested for impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated
to cash-generating units (CGUs) or group of CGUs that are expected to benefit from the combination. For more information
on impairment, see note 4.7 Impairment of non-current assets. The Group’s accounting policy for goodwill arising on the
acquisition of an associate or joint ventures is described in note 4.3 Associated companies and joint ventures.
Intangible assets other than goodwill are tested for impairment whenever events or changes in circumstances indicate
that such carrying amounts may not be recoverable. Intangible assets not ready for its intended use are also tested for
impairment annually. See note 4.7 Impairment of non-current assets.
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 more information.
Software as a Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud
provider’s 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-premises 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 the 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 .
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2024
USD million, except percentages and years Goodwill Software Other intangibles
1)
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 loss
2)
(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% –
1)
Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development.
2)
For further information, see note 4.7 Impairment of non-current assets.
2023
USD million, except percentages and years Goodwill Software Other intangibles
1)
Total
Cost
Balance at 1 January 795 184 364 1,343
Addition at cost – 11 31 42
Derecognition (17) (1) (6) (24)
Transfer to asset held for sale (11) – (8) (19)
Other transfers – 5 8 13
Foreign currency translation 18 (1) 8 25
Balance at 31 December 785 198 397 1,380
Amortization and impairment
Balance at 1 January (41) (145) (291) (477)
Amortization – (16) (12) (28)
Impairment loss
2)
(11) – (5) (16)
Derecognition 17 1 6 24
Transfer to asset held for sale 11 – 8 19
Other transfers – 3 (3) –
Foreign currency translation (1) 1 (8) (8)
Balance at 31 December (25) (155) (305) (485)
Carrying value
Balance at 1 January 754 39 73 867
Balance at 31 December 760 43 92 896
Useful life in years Indefinite 3–5 5–40
Amortization rate 20–35% 3–35%
1)
Other intangibles comprise mainly customer relationships, patents and trademarks, and intangible assets arising from development.
2)
For further information, see note 4.7 Impairment of non-current assets.
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Expenditures on research and development activities
Expenditures on research and development activities are expensed in the period of the amount of USD 104 million
(USD 113 million in 2023).
4.3 Associated companies and joint ventures
Overview
Yara has several minor investments classified as associated companies and joint ventures. These are mainly investments
in sales & marketing entities within the Americas and Industrial Solutions operating segments.
Accounting policies
Associated companies 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 associated companies 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 .
Sales and receivables/payables
Sales from investees to Yara were USD 17 million (2023: USD 20 million). At 31 December 2024, Yara had net current
receivables towards investees of USD 4 million (2023: USD 3 million).
USD millions 2024 2023
Associated companies
Balance at 1 January 69 53
Net movements in investments and long-term loans to associates (17) 13
Yara's share of Net income/(loss) 8 7
Dividends/repayment of capital (6) (7)
Foreign currency translation (4) 3
Balance at 31 December 50 69
Joint ventures
Balance at 1 January 84 94
Net movements in investments and long-term loans to associates 6 –
Yara's share of Net income/(loss) 11 (6)
Dividends/repayment of capital (4) (8)
Foreign currency translation (8) 4
Balance at 31 December 89 84
Associated companies and joint ventures
Balance at 1 January 152 147
Net movements in investments and long-term loans to associates (11) 13
Yara's share of Net income/(loss) 19 1
Dividends/repayment of capital (10) (16)
Foreign currency translation (12) 7
Balance at 31 December 138 152
Due to it being impractical to obtain financial reports within the same reporting date as Yara, there is, for some of the
associated companies and joint ventures, a lag of 1–3 months for the numbers included above.
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4.4 Joint operations
Accounting policies
With reference to joint arrangements, as detailed in note 4.3 Associated companies 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:
• Its assets, including its share of assets held jointly;
• Its liabilities, including its share of any liabilities incurred jointly;
• Its revenue from the sale of its share of the output arising from the joint operation;
• Its share of the revenue from the sale of the output by the joint operation and;
• 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’s ammonia plant in the Pilbara region
of Australia. The plant has an annual production capacity of about 330.000 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 Mining Services
Pilbara Pty. Ltd.
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
Yara and the BASF Group have constructed an ammonia plant at BASF’s site in Freeport, Texas, US. Commercial
operations commenced in 2018. BASF manages and operates the plant. The plant has an annual production capacity
of about 750.000 metric tonnes of ammonia and each party off-takes ammonia from the plant in accordance with their
ownership share. The company is 68% owned by Yara and 32% by BASF.
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The following table shows the effect of consolidating joint operations on Yara’s financial statements. The table is based on unaudited financial information of Yara’s joint operations based on their IFRS financial statements.
Statement of financial position 31 December 2024 31 December 2023
USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport
Yara’s share of consolidated
Joint operations Yara Pilbara Nitrates Tringen Yara Freeport
Yara’s share of consolidated
Joint operations
Assets
Total non-current assets 375 67 226 668 362 69 241 672
Total current assets 42 94 40 175 18 101 38 158
Total assets 417 161 266 843 380 170 279 830
Total equity 255 125 244 624 213 130 263 606
Liabilities
Total non-current liabilities 157 14 6 177 159 15 3 178
Total current liabilities 5 22 16 43 8 25 12 45
Total equity and liabilities 417 161 266 843 380 170 279 830
Statement of income 2024 2023
USD millions (unaudited) Yara Pilbara Nitrates Tringen Yara Freeport
Yara’s share of consolidated
Joint operations Yara Pilbara Nitrates Tringen Yara Freeport
Yara’s share of consolidated
Joint operations
Revenue and other income 97 152 152 401 45 156 155 356
Operating costs and expenses (68) (146) (141) (355) (68) (145) (143) (356)
Operating income/(loss) 28 7 11 46 (23) 11 12 –
Income/(loss) before tax 23 10 12 45 (30) 12 13 (4)
Income tax expense 35 (4) – 31 (5) (4) – (9)
Net income/(loss) 58 6 12 76 (35) 8 13 (14)
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4.5 Leases
Accounting policies
IFRS 16 defines a lease as 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, IFRS 16 requires lessees to recognize 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 to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to
be depreciated over the shorter of the lease term and the assets’ useful life. The portion of lease payments representing
payments of lease liabilities shall be 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 shall be classified within operating activities. Yara also classifies payment of interest within operating
activities.
Yara has taken 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:
• 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.
• Yara expenses short-term leases of machinery, office equipment and other equipment in accordance with the general
short-term exemption in IFRS 16.
• 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.
Yara strives to consider all relevant facts and circumstances that create an economic incentive for Yara to exercise such
options. However, use of significant judgment may be needed.
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’s 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.
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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 2023 112 40 73 78 41 60 403
Additions and lease modifications 13 45 35 41 31 23 187
Transfer to asset held for sale (2) – (1) – – – (3)
Other transfers – – (3) – – – (3)
Depreciation (8) (50) (24) (44) (24) (24) (172)
Foreign currency translation 1 – 1 – 2 3 6
Balance at 31 December 2023 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 (5) – (7) (4) (5) (5) (26)
Balance at 31 December 2024 110 41 79 101 52 83 464
Lease liabilities
USD millions Non-current Current Total
Carrying value
Balance lease obligations at 1 January 2023 292 118 410
Additions and lease modifications 183 – 183
Transfer to liabilities held for sale (3) (1) (3)
Reclassification to current liabilities (171) 171 –
Lease payments – (168) (168)
Foreign currency translation 5 2 8
Balance at 31 December 2023 306 123 429
Additions and lease modifications 257 – 257
Reclassification to current liabilities (212) 212 –
Lease payments – (187) (187)
Foreign currency translation (21) (10) (31)
Balance at 31 December 2024 330 138 468
Interest expense on lease liabilities in the period amounts to USD 25 million (2023: USD 19 million).
Leases not yet commenced to which Yara was committed as of 31 December 2024, amounted to a discounted value
of USD 91 million (2023: USD 71 million). The amount includes an estimated commitment of USD 23 million (2023:
USD 18 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.
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Maturity analysis of contractual undiscounted cash flows
USD millions 2024 2023
1 year 157 142
2 years 92 83
3 years 55 48
4 years 38 32
5 years 29 26
Thereafter 267 266
Total undiscounted lease liabilities at 31 December 638 596
Leases expensed in the period
USD millions 2024 2023
Expenses relating to variable fee leases not included in the measurement of lease liabilities 22 24
Expenses relating to short-term leases 26 39
Expenses relating to leased assets of low value, excluding short-term leases 2 1
Total leases expensed 50 65
Cash outflows in the period
USD millions 2024 2023
Principal payments on recognized lease liabilities 187 168
Interest payments on recognized lease liabilities 24 19
Payments on leases expensed in the period 50 64
Total cash outflows for leases 261 250
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 is 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’s expected credit losses on other receivables, loans and deposits are limited. As a result, disclosures are reduced due
to materiality.
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Specifications
USD millions Notes 2024 2023
Financial assets
Equity instruments
6.3 83 88
Interest rate swaps designated as hedging instrument
6.3 – 15
Cross currency and interest rate swaps
6.3 1 3
Receivables and deposits
6.3 36 30
Expected credit loss on long-term loans and receivables
6.3 (1) (1)
Balance at 31 December 119 134
Non-financial assets
Surplus on funded defined benefit plans
5.3 131 221
Prepayment for property, plant and equipment 60 48
Other non-financial assets 26 22
Tax and VAT receivables 150 168
Balance at 31 December 366 460
Long-term VAT receivables in Brazil
At year-end 2024, Yara has recognized USD 51 million of tax credits related to value added taxes in Brazil (2023:
USD 81 million). This is included in the line “Tax and VAT receivables” in the table above. The Brazilian tax system is
highly complex. 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, without any need of accounting
adjustments. The current legislation results in accumulation of ICMS tax credits in a number of States.
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’ or group of CGUs’
other assets on a pro rata basis of the carrying amounts. An impairment loss recognized for goodwill is not reversed in a
subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
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’ carrying value exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s 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’s carrying value does not exceed the
carrying value that would have been determined, net of depreciation, if no impairment had been recognized.
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Recognized impairment loss
USD millions 2024 2023
Asset class
Goodwill (3) (11)
Other intangible assets – (5)
Property, plant and equipment (80) (204)
Total impairment loss (83) (220)
Reversal of impairment of non-current assets 2 –
Net impairment loss (82) (220)
USD millions 2024 2023
Segment split
Europe (7) (192)
Americas (35) (4)
Global Plants & Operational Excellence (1) (3)
Industrial Solutions (38) (1)
Other and Eliminations – (20)
Net impairment loss (82) (220)
Impairment charges in 2024
The impairments mainly relate to individual production assets in Cubatão, 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 charges in 2023
The largest impairment of property, plant and equipment was a USD 168 million impairment of Yara Europe’s production
site in Tertre, Belgium. The Tertre site is an integrated production unit that produces ammonia, nitric acid and nitrates. The
main drivers for the impairment were lower sales price and volume expectations, linked to a challenged sourcing position
with limited flexibility to import ammonia.
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 “value-
in-use”.
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 “purchasing power parity” (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’s 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’s internal commodity
forecasts reflect its assessment of the supply/demand balance in the short to medium term. After a period of maximum
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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:
• 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’s 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.
• Ammonia prices
For several of Yara’s 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.
• Natural gas purchase prices
Natural gas is the most important cost factor for several of Yara’s 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.
• Production reliability
Production reliability is important for the plants’ 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.
• 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.
• Carbon emission tax
Forecasted carbon emission tax is one of the key assumptions when testing Yara’s 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’s 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 sales 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’s 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’s 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 .
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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
if the recoverable amount is more than double of 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
YAM Belle Plaine
(Americas) Europe segment
YAA Pilbara
Ammonia
(Africa & Asia)
YCA Ammonia
Sales and Logistics
(Clean Ammonia) Americas segment
YAM Brazil
(Americas)
YAA India
(Africa & Asia) Other CGUs Total
Allocated goodwill amount, 2024 259 152 111 55 39 27 28 42 712
Allocated goodwill amount, 2023 281 158 111 55 47 34 29 45 760
Carrying amount
1)
, 2024 926 2.787 735 379 2.716 920 195
Recoverable amount in percent of carrying amount, 2024 > 200% 120% 116% > 200% > 200% 108% 158%
Assumptions:
Discount rate, pre-tax, 2024 7.7% 9.9% 8.6% 8.2% 8.9% 11.7% 11.8%
Discount rate, pre-tax, 2023 9.1% 9.8% 9.1% 9.0% 10.5% 13.6% 12.0%
Terminal growth rate (nominal), 2024 – 0.5% – – 2.0% 2.0% 1.2%
Change leading to recoverable amount being the same as carrying amount, 2024
Increase in discount rate 1% points 1% points 1% points 4% points
Reduction in annual cash flow 14% 14% 7% 31%
Reduction in terminal growth rate 2% points 2% points 1% points 7% points
1)
Carrying amount includes goodwill, other non-current assets and working capital .
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Descriptions of main CGUs or group of CGUs with allocated goodwill
• YAM Belle Plaine (Canada)
The CGU comprises fertilizer production and sales and distribution activity. 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 nitric acid
produced is used in the production of UAN and granular urea, but some of the ammonia is sold for agricultural purposes
during peak ammonia seasons.
• 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.
• YAA Pilbara Ammonia (Australia)
This CGU comprises an ammonia plant located in Western Australia with an annual production capacity of
approximately 0.8 million tonnes.
• YCA 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.
• 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.
• YAM Brazil
The CGU Business unit Brazil covers several aspects of fertilizer production and distribution, including production of
Single Super Phosphate (SSP) as well as blending and distribution of fertilizers, delivering approximately 6 million
tonnes of fertilizers and covering approximately 11 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 million tonnes of finished fertilizer (NPK and SSP depending on market demand), in addition to a blending capacity of
approximately 2.2 million tonnes.
• YAA India
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 “Other CGUs” comprise five 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 2024. 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:
• YEU Yara Tertre (Belgium)
Yara’s integrated production site in Tertre produces ammonia, nitric acid and nitrates. The majority of the ammonia and
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 163 million. The key assumptions are the urea price, the natural gas cost and the discount rate
(10 percent on pre-tax basis). An isolated reduction to the annual cash flow of 10 percent would trigger an additional
impairment of USD 5 million. An isolated increase to the pre-tax discount rate of 1 percent would trigger an additional
impairment of USD 7 million. On 15 October 2024, Yara informed workers’ representatives of Yara’s intention to
transform the site. The proposed transformation would entail closure of the ammonia unit and shifting production
towards the site’s most competitive products, premium nitrate fertilizers and industrial nitrogen chemicals. As no decision
has been made yet, the CGU is still tested as an integrated site without incorporating the intended transformation or
evaluating its potential impact. A final decision is currently not expected to trigger additional impairments.
• Other sensitive assets
Various production assets with a total carrying value of approximately USD 550 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 11-12 percent on a pre-tax basis. An isolated reduction to cash flows of 10 percent would
trigger an impairment of USD 14 million. An isolated increase to the pre-tax discount rates of 1 percentage point would
trigger an impairment of USD 11 million.
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Future potential reversals of impairment
Yara has recognized impairment losses on several CGUs over time. These impairments will be reversed, fully or partly,
when and if the situation improves and the recoverable value is determined to be higher than the carrying amount. The
main historical impairment losses are related to the Tertre site (Belgium), the Montoir site (France), and individual assets
in Cubatão (Brazil). As described above, Yara in Belgium announced an intention to transform the Tertre site in 2024. In
2023, Yara France announced an intention to transform the Montoir site from chemical production to a fertilizer blending
and distribution unit. The individual assets in Cubatão, Brazil that have been impaired are planned for hibernation. The
technically maximum amount of reversal at year-end 2024 is USD 124 million for Tertre, USD 93 million for Montoir and
USD 71 million for individual assets in Cubatão.
4.8 Committed future investments
USD millions
Investments
2025
Investments
Thereafter
Investments
Total
Contract commitments for investments in property, plant and equipment 310 113 423
Contract commitments for acquisition or own generated intangible assets 29 25 54
Total 339 138 477
Yara has publicly communicated a total capital guidance of USD 1.2 billion in 2025, which includes investments that
commits funds but for which external contracts are not necessarily signed. The amounts included in the table above
represent contract commitments .
4.9 Government grants
Overview
Yara receives a number of different government grants. As of year-end 2024, these mainly relate to tradable certificate
instruments for energy savings (white certificates), CO
2
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.
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 relates 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 CO
2
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 is 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’s internal decision gates for capitalization, the govern ment grant is
recognized in the statement of income as reduction of the costs for which the grant is intended to compensate.
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Government grants recognized in the period
USD millions 2024 2023
Consolidated statement of income
Recognized as other income
1)
– 40
Reduction to raw materials, energy costs and freight expenses
2)
101 113
Reduction to other operating expenses 1 2
Consolidated statement of financial position
Reduction to carrying amount of property, plant and equipment
3)
23 1
1)
Government support from non-routine programs across Europe to cover high energy costs from 2022 due to the Ukraine conflict
2)
Includes compensation from refund schemes for energy taxes and other excise duties
3)
Mainly related to grant for producing ammonia and fertilizers using renewable energy and hydrogen from water electrolysis
In 2024, Yara received USD 48 million (2023: USD 1 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 CO
2
capture. Remaining balance of total awarded not yet received grants amounts to USD 57 million
(2023: USD 92 million).
European Union Emissions Trading Scheme (EU ETS)
Yara’s European nitric acid and ammonia plants are part of the European Union Emissions Trading Scheme (EU ETS), a
European market mechanism that gives CO
2
a price and creates incentives to reduce emissions. EU ETS follows a “cap-
and-trade” 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 CO
2
they emit. Companies receive and/or buy these permits – and they can trade
them. Depending on the sector, free allocations are based on activity level and benchmarking towards the best performing
plants. Future reduction of free allocations is expected as part of implementation of new, emerging European regulation.
Yara has not engaged in external trading activities. The free EUAs Yara receives are used to settle the Group’s liabilities
arising from GHG emissions in Europe. Yara is currently in a net positive position. The surplus balance as of 31 December
2024 is currently held to settle emissions from 2024 and to cover an expected deficit in future years. The balance reflects
the number of emission allowances on our accounts with the EU registry at this date. Yara expects to surrender 7.2 million
EUAs in 2025 related to 2024 emissions. Yara also expects to receive 1.0 million EUAs in 2025 for which the company
was eligible to receive in 2024, but which had not been received on account as of 31 December 2024.
EU ETS quotas
Number of quotas (in millions) 2024 2023
Opening balance at 1 January 12.7 12.4
Settled emissions from last year (7.4) (7.0)
Allocation of free allowances, current year 7.0 7.3
Closing balance at 31 December 12.3 12.7
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5 Equity and liabilities
5.1 Shareholders’ equity
Accounting policies
Yara recognizes a liability to pay a dividend when the dividend is approved by the shareholders in a General Meeting.
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 will propose a NOK 5 per share annual dividend to be paid after approval in the Annual General Meeting scheduled for
28 May 2025. If authorized, the dividend will be paid on 11 June 2025.
In 2024 Yara distributed total dividends of NOK 1,275 million (USD 120 million) to its shareholders (NOK 5 per share).
The dividend was approved by the Annual General Meeting held on 28 May 2024. The dividend was paid out with
NOK 1,209 million (USD 114 million) during second quarter 2024, and NOK 65 million (USD 6 million) during third
quarter 2024 .
Share buy-back program
On 28 May 2024 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’s shares will be redeemed on a pro rata basis to ensure the State’s ownership is unchanged in
the event of a cancellation of shares bought back.
Total number of shares outstanding at 31 December 2024 is 254,725,627. Yara has not purchased or cancelled own
shares in 2023 or 2024 and does not hold own shares at 31 December 2024.
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5.2 Interest-bearing debt
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 .
Specification, including terms and repayment schedule
31 December 2024 31 December 2023
USD millions, except percentages Notes Maturity
Weighted average
interest rate
1)
Denominated
amount Carrying amount
2)
Denominated
amount Carrying amount
2)
Non-current interest-bearing debt
Floating interest rate bonds
NOK 1,150 (Coupon NIBOR + 0.64%) 2026 5.40% 102 102 113 113
NOK 1,150 (Coupon NIBOR + 0.97%) 2029 5.68% 102 102 – –
Fixed interest rate bonds
NOK 600 (Coupon 3.00%)
6.2 2024 – – – 59 57
NOK 1,000 (Coupon 2.45%)
6.2 2024 – – – 98 95
USD 500 (Coupon 3.80%) 2026 3.93% 500 500 500 500
NOK 1,000 (Coupon 2.41%)
6.2 2026 2.45% 88 84 98 92
NOK 1,000 (Coupon 2.90%)
6.2 2027 2.93% 88 82 98 91
USD 1,000 (Coupon 4.75%) 2028 4.84% 1,000 999 1,000 999
NOK 900 (Coupon 4.82%)
6.2 2029 4.86% 80 80 – –
USD 750 (Coupon 3.15%) 2030 3.21% 750 749 750 748
USD 600 (Coupon 7.38%)
6.2 2032 7.47% 600 585 600 612
NOK 700 (Coupon 5.04%)
6.2 2034 5.06% 62 60 – –
Total unsecured debenture bonds 3,372 3,342 3,317 3,307
Unsecured bank loans 2025–2026 5.00% 73 73 254 254
Other non-current debt 2025–2030 6.80% 50 50 65 65
Total unsecured bank loans and other loans 123 123 319 319
Total non-current interest-bearing debt including current portion 3,495 3,465 3,636 3,626
- of which current portion (56) (56) (342) (342)
Total non-current interest-bearing debt 3,439 3,409 3,294 3,284
Current interest-bearing debt
Current portion of bonds and bank loans 2025 – 56 56 342 342
Credit facilities 2025 5.30% 30 30 99 99
Overdraft facilities 2025 16.70% 23 23 2 2
Other current debt 2025 4.50% 62 62 74 74
Total current interest-bearing debt 171 170 517 517
Total interest-bearing debt 3,609 3,579 3,810 3,801
1)
Weighted average interest rates calculated excluding effect of interest rate swap agreements.
2)
The carrying values include issuance discount, capitalized issuance costs and effect of interest rate swaps .
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As at 31 December 2024, the fair value of the non-current interest-bearing debt, including the current portion, is
USD 3,413 million while the carrying value is 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 long-term debt at the end of 2024, USD 2,833 million in bond debt originates from Yara’s November 2022, June
2020, June 2018, and June 2016 bond issues in the US market according to 144A/Regulation S. An additional USD 509
million originates from Yara’s June 2024, November 2021 and December 2017 bond issues in the Norwegian market.
The entire bond debt in the Norwegian market is converted to USD exposure through cross-currency swaps.
In 2022, Yara established a Green Financing Framework outlining Yara’s approach and principles for issuing Green
Financing Instruments. The proceeds from these instruments are exclusively allocated to finance and refinance Eligible
Green Projects. The Framework includes guidelines for project evaluation, management of proceeds and reporting, in
alignment with the International Capital Market Association (ICMA) 2021 Green Bond Principles and the Loan Market
Association (LMA) 2021 Green Loan Principles. The issuance of the USD 600 million bond in December 2022 and the
NOK 2,750 million bonds in June 2024 were conducted under this framework.
Yara’s 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 53 million through scheduled downpayments, with
quarterly installments continuing until August 2026. An additional USD 20 million is borrowed in emerging markets.
Yara has an undrawn long-term revolving credit facility totaling USD 1,100 million, of which USD 50 million is due in
2025, and the remainder in 2026. The facility is linked to the Group’s Carbon Intensity Target, whereby the margin is
adjusted annually based on Yara’s progress in achieving a 10 percent reduction in GHG emissions per tonne of fertilizer
produced (tCO
2
eq/tN) by the end of 2025. Additionally, Yara has access to short-term credit and overdraft facilities with
various banks both centrally and in local markets. As at 31 December 2024, the unused frame of such facilities totals
approximately USD 960 million.
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.
Contractual payments on interest-bearing debt
USD millions Debentures
1)
Bank Loans Other Total
2025 – 46 10 56
2026 685 28 12 725
2027 82 – 10 92
2028 999 – 11 1,010
2029 181 – 5 186
Thereafter 1,394 – 2 1,395
Total 3,342 73 50 3,465
1)
Yara International ASA is responsible for the entire amount.
Reconciliation of liabilities arising from financing activities
Non-cash changes
USD millions 31 Dec 2023 Cash flows
Additions
and lease
modifications
Foreign
exchange
movement Amortization
1)
Other 31 Dec 2024
Interest-bearing debt 3,801 (119) – (80) 1 (24)
2)
3,579
Lease liabilities 429 (187) 257 (31) – – 468
Other 1 25
3)
– – – – 26
Total liabilities from
financing activities 4,231 (281) 257 (110) 1 (24) 4,074
1)
Amortization of transaction cost.
2)
Other non-cash changes include fair value changes on interest rate swaps designated as hedging instruments.
3)
Cash received related to unearned portion of government grants.
See note 4.5 Leases for reconciliation of liabilities arising from leasing activities .
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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.
Accounting policies
Defined benefit plans
Yara’s 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’s 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.
Non-current employee benefit obligations recognized in the consolidated statement of financial position
USD millions Notes 2024 2023
Defined benefit plans (244) (269)
Surplus on funded defined benefit plans 131 221
Net liability for defined benefit plans (114) (48)
Termination benefits (5) (3)
Other non-current employee benefits (13) (14)
Net non-current employee benefit obligations recognized
in the consolidated statement of financial position (132) (65)
Of which classified as Other non-current non-financial assets
4.6 131 221
Of which classified as Non-current Employee benefit liabilities (262) (286)
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Expenses for non-current employee benefit obligations recognized in the consolidated statement of income
USD millions Notes 2024 2023
Defined benefit plans
1)
(128) (30)
Defined contribution plans (39) (37)
Multi-employer plans (10) (9)
Other non-current employee benefits (2) (3)
Net expenses recognized in the consolidated statement of income (179) (79)
Of which classified as Payroll and related costs
2.5 (179) (77)
Of which classified as Interest expense and other financial items
2.7 – (1)
1)
Includes a settlement loss of USD 99 million for Yara’s Dutch pension plan.
Defined benefit plans
Yara International ASA and Norwegian subsidiaries have obligations under a funded defined benefit plan. The pension
plan was closed to new entrants in 2006 and employees below the age of 55 at that time received a paid-up policy
for previously earned benefit entitlements. The defined benefit plan was replaced by a defined contribution plan from
the same date. Further pension obligations in Norway include certain unfunded pension arrangements as well as early
retirement schemes.
A majority of Yara’s obligations under defined benefit plans are related to subsidiaries within the Eurozone:
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. The TyEL pension scheme provides for a flexible
retirement age from 63 to 68 based on the employee’s salary each year and with accelerated earning of retirement
benefits beyond the age of 63. A reform of the Employees Pensions Act was agreed in 2017, which will gradually increase
the minimum retirement age from 63 to 65 while also gradually increase the maximum retirement age from 68 to 70.
Further, accrual rates will change, and retirement age will be linked to life expectancy (from year 2027). The voluntary
pension plan regulations have also been amended in order to adapt to the revised pension legislation.
The Dutch pension system is being reformed. On 1 July 2023, the Future Pensions Act became effective. All Dutch
pension schemes must comply with the new legislation no later than 1 January 2028. By this date future pension accruals
need to be provided by defined contribution-based pension schemes. During the fourth quarter of 2024, the trustees
of Yara’s Dutch pension fund concluded a buy-out transaction in which all benefit accruals have been transferred to an
insurance company. The pension fund will be liquidated and Yara will no longer be liable to fund future benefit payments
accrued in the pension fund. As a consequence, the defined benefit obligations and plan assets have been derecognized,
resulting in a settlement loss of USD 99 million which has been recognized as Payroll and related costs in the Statement
of income. Further, a remeasurement loss of USD 56 million before tax has been recognized in the statement of
comprehensive income, based on conditions granted to the beneficiaries at the time of entering into the buy-out.
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. The buy-in asset covers all accrued benefits in the
Plan, excluding any additional benefits due to members because of Guaranteed Minimum Pension (GMP) equalization.
Following a High Court ruling in October 2018 many pension schemes in the UK including Yara UK Pension Fund, will
need to equalize for the effect of Guaranteed Minimum Pensions for men and women. Consequently, benefits may need
to be improved for individual members of the pension plan. These adjustments will be quantified alongside any other data
and/or benefits adjustments and included in a subsequent pricing adjustment of the buy-in. A pricing adjustment may
reduce or increase the surplus of the plan. Following the buy-in transaction Yara has recognized a pension plan asset of
USD 36 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 (2023: USD 8 million).
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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 2024 2023
Current service cost (27) (27)
Contribution by employees 2 2
Administration cost (3) (2)
Past service cost (1) (1)
Settlement
1)
(99) –
Curtailment 1 –
Other 1 –
Social security cost (2) (2)
Payroll and related costs (128) (29)
Interest expense on obligation (59) (61)
Interest income from plan assets 59 60
Net interest expense on the net obligation – (1)
Net pension cost for defined benefit plans recognized
in the consolidated statement of income (128) (30)
1)
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.
Pension cost for defined benefit plans recognized in the consolidated statement of income, by origin
USD millions 2024 2023
Payroll and related costs
Finland (6) (5)
The Netherlands
1)
(107) (7)
Great Britain (3) (1)
Norway (5) (4)
Other (8) (11)
Total (128) (29)
1)
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.
USD millions 2024 2023
Net interest income/(expense) on the net obligation/asset
Finland – 1
The Netherlands 4 5
Great Britain 2 –
Norway (1) (2)
Other (4) (5)
Total – (1)
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Remeasurement gains/(losses) recognized in other comprehensive income
USD millions 2024 2023
Remeasurement gains/(losses) on obligation for defined benefit plans
1)
(11) (75)
Remeasurement gains/(losses) on plan assets for defined benefit plans 32 8
(Increase)/decrease in recognized net liability due to asset ceiling limit
2)
– 57
Net remeasurement gains/(losses) for defined benefit plans 21 (9)
Change in deferred tax related to remeasurement gains/(losses) for defined benefit plans
3)
(4) 10
Total remeasurement gains/(losses) recognized in other comprehensive income 17 1
1)
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.
2)
Following a buy-in transaction in 2023 Yara (UK) Ltd recognized a surplus asset of USD 36 million.
3)
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.
Remeasurement gains and losses are permanently recognized directly in retained earnings in the period in which they
occur.
Actuarial valuations provided the following results
USD millions 2024 2023
Present value of fully or partially funded liabilities for defined benefit plans (867) (1,530)
Present value of unfunded liabilities for defined benefit plans (194) (194)
Present value of liabilities for defined benefit plans (1,062) (1,724)
Fair value of plan assets 975 1,704
Unrecognized asset due to asset ceiling limitation
1)
(12) (12)
Social security tax liability on defined benefit plans (15) (16)
Net liability recognized for defined benefit plans (114) (48)
1)
Following a buy-in transaction in 2023 Yara (UK) Ltd has recognized a surplus asset of USD 36 million. The remaining asset ceiling limitation reflects taxes to be withheld by
the pension fund.
Defined benefit obligations and plan assets by origin
2024 2023
USD millions Obligations Assets Obligations Assets
Finland (288) 285 (299) 292
The Netherlands – – (567) 677
Other Eurozone (192) 104 (203) 106
Great Britain
1)
(226) 261 (269) 304
Norway
2)
(252) 225 (284) 228
Other (118) 88 (119) 85
Total (1,076) 963 (1,740) 1,692
1)
Including asset ceiling adjustment.
2)
Including social security tax liability.
Development of defined benefit obligations
USD millions 2024 2023
Defined benefit obligation at 1 January (1,724) (1,614)
Current service cost (27) (27)
Interest cost (59) (61)
Experience adjustments (60) (43)
Effect of changes in financial assumptions 47 (38)
Effect of changes in demographic assumptions 2 5
Past service cost (1) (1)
Settlement
1)
575 –
Curtailment 1 –
Benefits paid 94 94
Transfer of obligation (in)/out (2) –
Foreign currency translation on foreign plans 93 (40)
Defined benefit obligation at 31 December (1,062) (1,724)
1)
A defined benefit obligation of USD 575 million for Yara’s Dutch pension plan was derecognized following the completion of a buy-out transaction in 2024 .
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Development of plan assets
USD millions 2024 2023
Fair value of plan assets at 1 January 1,704 1,635
Interest income from plan assets 59 60
Administration cost on plan assets (3) (2)
Return on plan assets (excluding the calculated interest income) 32 8
Employer contributions 25 34
Employees' contributions 2 2
Benefits paid (80) (80)
Settlement
1)
(674) –
Transfer of plan assets in/(out) 2 –
Foreign currency translation on foreign plans (92) 48
Fair value of plan assets at 31 December 975 1,704
1)
Pension plan assets of USD 674 million for Yara’s 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’s 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 38 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 2024 2024 2023 2023
Cash and cash equivalents 82 8% 60 4%
Shares 156 16% 364 21%
Other equity instruments 44 4% 49 3%
High yield debt instruments 23 2% 91 5%
Investment grade debt instruments 176 18% 513 30%
Properties 19 2% 58 3%
Other quoted plan assets
1)
342 35% 433 25%
Total investments quoted in active markets 842 86% 1,569 92%
Shares and other equity instruments 108 11% 110 6%
Other plan assets
2)
24 3% 26 2%
Total unquoted investments 133 14% 136 8%
Total plan assets 975 1,704
1)
Other quoted plan assets include insurance policies, hybrid funds and other fund investments.
2)
Other unquoted plan assets is mainly a loan to Yara Suomi Oy.
Contributions expected to be paid to the defined benefit plans for 2025 are USD 21 million (including benefits to be paid
for unfunded plans). The contributions paid in 2024 were USD 39 million.
Duration of liabilities at the end of the year:
Duration of liabilities (in years) 2024 2023
Finland 14 14
Great Britain 11 12
Norway 10 10
Total
1)
12 13
1)
Weighted average .
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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
Discount rate (in %) 2024 2023
Finland 3.5 3.3
Great Britain 5.5 4.6
Norway 4.0 3.3
Total
1)
4.1 3.6
Expected pension indexation (in %) 2024 2023
Finland 2.5 2.1
Great Britain 2.9 2.8
Norway 3.1 2.7
Total
1)
2.7 2.2
1)
Weighted average.
The following table presents indicators of life expectancy of the mortality tables applied for valuation of the obligations,
by showing expected longevity of a current employee aged 45 today from the date he or she reaches age 65, and the
expected longevity of a current retiree aged 65.
Expected longevity (in years) Current employee Current retiree
Finland 25.9 23.4
Great Britain 24.1 22.4
Norway 25.5 23.8
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 2024 2023
Actual valuation (1,062) (1,724)
Discount rate +0.5% (1,009) (1,625)
Discount rate -0.5% (1,119) (1,835)
Expected rate of pension increase +0.5% (1,104) (1,811)
Expected rate of pension increase -0.5% (1,025) (1,648)
Expected longevity +1 year (1,095) (1,785)
Expected longevity -1 year (1,030) (1,664)
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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.
USD millions Notes 2024 2023
Trade and other payables
Trade payables
6.3 1,733 1,906
Payroll and value-added taxes 144 142
Balance at 31 December 1,877 2,049
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 160 million at 31 December 2024.
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 “Trade and other current payables” in the
consolidated statement of financial position. All were overdue at 31 December 2024. Future settlements are dependent
on the development in sanction regulations, so the timing of cash outflow is uncertain.
5.5 Provisions and contingencies
Accounting policies
A provision is recognized 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. 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 actions. Yara’s future cost for environmental
remediation and clean-up depends on a number of
uncertain factors. Due to this uncertain nature, they
could be revised in the near term. See also note 4.9
Government grants for information on European Union
Emissions Trading Scheme (EU ETS).
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
exits 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.
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 expenditures arising from the restructuring.
These expenditures are those that are both necessarily
entailed by the restructuring and not associated with the
ongoing activities of the entity.
Yara is party to a number of lawsuits related to laws
and regulations in various jurisdictions arising out of the
conduct of its business. 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 .
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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
2023
USD millions Environmental Decommission Restructuring Legal claims Other Total
Balance at 1 January 2023 78 121 16 43 65 323
Additional provision in the year 25 12 45 14 25 122
Interest expense on liability and
effect of change in discount rate (1) 2 – 1 – 2
Unused provision (2) (2) (3) (9) (24) (40)
Utilization of provision (11) (2) (7) (6) (32) (58)
Transferred to held for sale – – (1) – (11) (13)
Currency translation effects 4 4 1 3 – 11
Balance at 31 December 93 135 51 47 22 348
Provisions presented in the consolidated statement of financial position
USD millions 2024 2023
Current liabilities 84 50
Non-current liabilities 262 298
Total 345 348
Provisions
Environmental provisions
Provisions for environmental remediation and clean-up
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 is 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.
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 obligations for operations on leased land, the
main ones being plants in Australia and France.
Restructuring provisions
Restructuring mainly relates to closure or significant
reorganization of business locations in a country or
region. In July 2024, Yara announced a series of
initiatives to enhance the Group’s financial performance
and position. This year’s additional provision recognized
is mainly related to restructuring provisions for several
initiatives, including a voluntary severance package
scheme offered to office workers in Norway and an
intention to transform Yara’s Tertre plant in Belgium to
strengthen its competitiveness. Termination benefits in
2023 was mainly related to the Montoir site in France.
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 the aggregate,
have a significant effect on Yara’s financial position,
profitability, results of operations or liquidity.
Other provisions
Other provisions include onerous contracts, warranties
and various other provisions .
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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 technology development, changes in
environmental regulations and authorities’ approval,
as well as other conditions which could lead to future
environmental expenditures. As of year-end 2024,
Yara`s environmental contingencies mainly refer to
possible remediation and clean-up at various production
facilities, warehouses and Yara’s after-care obligation to
landscape the mining and landfilling areas at its mining
site in Siilinjärvi, 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 regulation and
contractual commitments. As the sanction regulations
are complex and the assessments of the related impact
on each business partner depend on several judgments,
there is uncertainty when drawing conclusions. The
suppliers’ assessments of the sanction regulation and
the related impact on contractual commitments may
therefore differ from Yara’s 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 an outflow of resources.
Based on available information and legal advice, Yara
has not made material provisions for these demands.
Legal contingencies
Following Yara Fertilisers India Pvt. Ltd.’s acquisition
of Tata Chemical Ltd.’s urea business, a stamp duty is
payable on the lease of the Babrala plant site. Yara’s
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 30
million (based on December 2024 exchange rates). Yara
is of the view that the authority’s 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’s
position is that the stamp duty payable is less than
USD 6 million (based on December 2024 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’s
assessment.
Further information related to an ongoing environmental
case in Brazil, where Yara is a part due to the acquisition
of Adubos Trevo from the Trevisa Group in the year
2000, is provided below as it is not possible to provide a
reliable estimate of the maximum potential exposure:
• Yara has together with other companies related
to the Trevisa Group been sued by an association
representing approximately 1,300 potential victims
in two separate lawsuits. The lawsuits are related
to mine and lead industry activities performed by
the company Plumbum Comércio e Representações
de Produtos Mineirais e Industriais (Plumbum) in
the cities Santo Amaro da Purificação and Boquira
in Bahia state in Brazil. Plumbum was formerly
part of the Trevisa Group. Adubos Trevo has not
been involved in any of the activities included in the
lawsuits. The lawsuits include claims for various
personal losses, damage to properties, institution of
relief funds, environmental restoration and clean-up
activities. The lawsuits were filed in 2011 and 2012
but are still in the initial phase. In addition to the class
actions, several lawsuits have been initiated on an
individual basis related to the same facts. Yara denies
liability for any potential damage caused by the
activities of Plumbum in all cases and has not made
any provision for the claims.
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 72 million, mainly related to cases in Brazil.
Tax contingencies and uncertain tax treatments
On 25 October 2023, Yara announced that it had
received a draft tax reassessment from the Norwegian
Tax Authorities (NTA) related to a transfer pricing audit
for the years 2015, 2016 and 2017. Yara has now
sent its response. The position of the NTA is to increase
Yara International ASA’s tax results by approximately
USD 646 million in total for the years 2015 to 2017,
which would increase tax cost by an estimated USD 151
million. When applying the same principles for the
years up to and including 2024, the total tax cost would
increase by an additional USD 274 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 provision, Yara has reflected
the uncertainty by probability-weighting amounts in a
range of outcomes. The total provision in relation to the
transfer price audit is USD 18 million at year-end 2024,
and this amount covers all years from 2015 to 2024 .
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In relation to an ongoing tax dispute and to safeguard
their taxation rights, the Dutch tax authorities in 2018
issued a new tax assessment for business restructuring
(“exit tax assessment”). The tax assessment would
increase the tax cost by USD 500 million, plus USD 200
million in accumulated interest. It is Yara’s position that
the tax assessment is unreasonable and unfounded,
and no provision has been made for the exit tax claim.
The tax authorities’ principal claim is significantly lower
and Yara has considered that claim separately from
the exit tax assessment. Yara expects that the exit tax
assessment will not trigger any immediate payment
and that tax payments will be deferred until the case
has been fully resolved or the tax assessment has been
withdrawn.
Several subsidiaries are engaged in judicial and
administrative proceedings related to various disputed
tax matters where cash outflow is not considered
probable. A majority of these cases are related to taxes
in Brazil, with an estimated maximum exposure of
approximately USD 107 million. Tax contingencies
outside Brazil and excluding the above-mentioned
transfer pricing audit in Norway and the exit tax
assessment in the Netherlands have an estimated
maximum exposure of approximately USD 195 million.
As of year-end 2024 Yara has recognized tax provisions
of USD 122 million related to major uncertain tax
positions and cases disputed by tax authorities in various
jurisdictions.
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 CO
2
from Yara’s
production facility in Sluiskil, the Netherlands, as well as take-or-pay contracts for supply of natural gas and renewable
electricity to some of its production facilities. In 2024 Yara entered into a commitment for long-term supply of 100,000
tonnes per annum of renewable ammonia with expected start date in 2027.
The non-cancellable future obligations at 31 December 2024 (undiscounted amounts)
USD millions 2024 2023
1 Year 448 468
2 Years 273 226
3 Years 333 220
4 Years 309 244
5 Years 192 207
Thereafter 1,943 1,161
Total 3,500 2,526
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.
Yara did not pay any significant penalties to fulfill take-or-pay clauses in 2024.
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5.7 Secured debt and guarantees
USD millions 2024 2023
Amount of secured debt – 3
Assets used as security for debt
Property, plant and equipment 2 6
Other – 2
Total 2 8
Assets used as security for non-financial liabilities
Property, plant and equipment 39 42
Total 39 42
Guarantees (off-balance sheet)
Contingency for sales under government and finance schemes 30 68
Parent company guarantees 88 88
Bank guarantees 46 54
Total 164 209
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 agreements, including
government finance schemes, securitization programs and factoring. As the supplier in these agreements, 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 and close to zero, 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 .
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’s unfunded pension liabilities, calculated in accordance with
Hydro’s accounting policies, amounted to approximately NOK 2 billion at the time of the demerger and have been reduced
by payments thereafter.
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6 Financial risk
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’s
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’s policies, approved by the Board of Directors,
provide written principles on funding risk, currency risk, interest rate risk, credit risk, and the investment of excess liquidity.
In general, risks arising from operational activities may either be accepted or reduced. The policies restrict transactions that
will increase the Group’s exposure beyond the level stemming from operations.
Yara’s 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’s 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’s
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’s approach to capital management during the years ending 31 December
2024 and 31 December 2023. Yara’s liquidity surplus, kept as short-term bank deposits, decreased during 2024,
primarily reflecting repayment of debt.
Funding risk
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, plus equity attributable to equity holders of the
parent, comprising paid-in capital and retained earnings as disclosed in note 5.1 Shareholder’s equity and 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’s and Moody’s respectively. Yara’s only financial covenant refers to the debt-to-equity
ratio, calculated as net interest-bearing debt divided by shareholders’ equity plus non-controlling interests
1)
. In the most
restrictive agreements, that ratio should not exceed 1.4. At the end of 2024, the ratio was 0.53 compared to 0.49 at the
end of 2023. 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.
1)
See page 336 for definitions, explanations, and reconciliations of Alternative performance measures (APMs).
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Currency risk
Prices of Yara’s 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’s
raw material costs, such as natural gas used in the production of ammonia, are either denominated in US dollars or highly
correlated to changes in the US dollar exchange rate. To hedge Yara’s overall economic exposure to fluctuations in the US
dollar exchange rate, Yara incurs most of its debt in US dollars. The portion of Yara’s US dollar debt that constitutes an
economic hedge of future earnings was 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 to finance local currency exposed
business positions.
Yara primarily manages currency risks by adjusting the composition of the debt or liquidity portfolios to changes in Yara’s
overall risk exposure. 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. Changes in fair value are therefore
recognized in the statement of income.
Sensitivity – net income
USD millions 2024 2023
A 10% weakening
1)
of the below currencies at the reporting date would have
increased/(decreased) net income by:
US dollar 197 211
Euro (371) (382)
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 2023. A 10 percent strengthening of the currencies at the reporting date would have had the opposite effect of the
amounts shown above.
Sensitivity - Other comprehensive income
USD millions 2024 2023
A 10% weakening
1)
of the below currencies at the reporting date would have
increased/(decreased) other comprehensive income by:
Norwegian krone (187) (160)
Canadian dollar (96) (103)
Brazilian real (20) (69)
Euro (29) (71)
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 2023.
Interest rate risk
Yara’s 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’s 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’s non-
current interest-bearing debt is summarized in the table below.
Interest rate profile of the Group’s non-current interest-bearing debt
USD millions Notes 2024 2023
Floating interest rate loans
1)
1,161 1,037
Fixed interest rate loans – maturity
2–5 years 1,499 1,498
More than 5 years 749 748
Non-current interest-bearing debt
5.2 3,409 3,284
1)
Including fixed rate bonds converted to floating rate by use of interest rate swaps .
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Yara’s 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
USD millions 2024 2023
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 (8) (5)
NOK interest rates 1 (2)
All other variables remain constant. This analysis is done for illustrative purposes only, considering only the effect on
financial instruments in the balance sheet as at year-end. The analysis was performed on the same basis for 2023. A
decrease of 100 basis points at the reporting date would have had the opposite effect of the amounts shown above.
Adaptation to the interest rate benchmark reform
Publication of the USD LIBOR interest rate benchmarks ceased at the end of June 2023. Prior to the cessation, Yara’s
Finance, Treasury & Insurance function completed a transition program comprising a treasury system upgrade, inclusion of
fallback language in applicable agreements, and a revision of benchmark references for undrawn facilities.
Yara continues to have exposure to NIBOR benchmark rates, and there are thus far no indicated cessation dates for those
benchmarks.
None of Yara’s existing hedging relations (see note 6.2 Hedge accounting) were affected by the benchmark reform .
Credit risk
Yara has a well-established system for credit management with established limits at both customer and country levels.
Yara’s 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’s financial instruments is generally limited to amounts, if any, by which the
counterparty’s obligations exceed Yara’s 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’s 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.
At the end of the reporting period, Yara had deposited USD 102.9 million (2023: USD 104.5 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’s 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. The effect of credit risk reduction from these measures is not
considered to be material for the Group.
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 at an even 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.
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Contractual maturities of financial liabilities
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 (218) (218) (1) (197) (19) – – –
Derivative financial instruments
Freestanding financial derivatives
6.3 (104)
Outflow (767) – (43) (14) (280) (349) (81)
Inflow 661 – 48 14 217 307 76
Hedge designated derivatives
6.2, 6.3 (24)
Outflow (287) – (28) (22) (43) (103) (92)
Inflow 282 – 23 17 40 110 91
Total (5,678) (6,670) (66) (2,069) (174) (1,001) (1,766) (1,593)
See note 4.5 Leases for contractual maturities of lease liabilities.
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31 December 2023
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 (3,801) (4,684) (74) (187) (416) (222) (2,220) (1,564)
Other non-current liabilities (24) (25) – – – (4) (2) (18)
Trade payables
5.4 (1,906) (1,906) (10) (1,877) (19) – – –
Other current liabilities (230) (231) (2) (194) (31) – – (4)
Derivative financial instruments
Freestanding financial derivatives
6.3 (115)
Outflow (934) – (335) (182) (18) (396) (2)
Inflow 783 – 327 114 14 327 1
Hedge designated derivatives
6.2, 6.3 (2)
Outflow (257) – (100) (23) (27) (83) (23)
Inflow 246 – 87 22 30 82 25
Total (6,079) (7,008) (86) (2,280) (536) (228) (2,293) (1,585)
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6.2 Hedge accounting
A description of the Group’s general risk management policies and principles can be found in note 6.1 Financial risk
management.
Accounting policies
Yara designates certain derivatives as either hedges of the fair value of recognized assets or liabilities (fair value hedges),
hedges of foreign currency risk of recognized assets or liabilities (cash flow hedges), or hedges of net investments in foreign
operations.
Changes in the fair value of financial instruments designated as fair value hedges are recognized in the Consolidated
statement of income. The carrying amount of the hedged item is adjusted for changes in the fair value attributable to the
hedged risk.
Changes in the fair value of financial instruments used as hedging instruments in cash flow hedges are recognized in equity
until the hedged transactions are recognized. Any ineffective part of a hedge is recognized in the Consolidated statement
of income.
Changes in the fair value of financial instruments used as hedges of net investment in foreign operations are recognized as
other comprehensive income. Any ineffective part of a hedge is recognized in the Consolidated statement of income.
Hedge accounting ceases when the hedging instrument expires, is sold, terminated or exercised. Hedge accounting also
ceases if the hedge relationship for some reason no longer fulfills the requirements 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 remaining hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the
NOK 1,000 million fixed rate bond debt from 2017. Another NOK 1,000 million hedge relationship from the 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 due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million fixed
rate bond debt from 2021.
In November 2022, Yara designated a long-term USD fixed-to-floating interest rate swap as hedging instrument. The
hedged risk is the change in fair value due to changes in risk-free interest rates (SOFR) of the USD 600 million fixed rate
bond debt from 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 due to changes in risk-free interest rates (NIBOR) of the NOK 900 million and
NOK 700 million fixed rate bond debt from 2024.
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation
of interest rate swaps as hedging instruments and the use of hedge accounting enable Yara to include the fair value
of changes from interest rates in the carrying value of the bonds. The corresponding adjustment in the Consolidated
statement of income offsets the effects of the recognized interest rate swaps, leading to less volatility in net income.
Cash flow hedges
Yara had no cash flow hedges in 2024 or 2023. However, Yara has used derivative instruments to hedge cash flows of
planned transactions in the past and may do so also in the future.
Net investment hedges
At 31 December 2024, Yara has designated a total of USD 815 million (2023: USD 815 million) of its USD denominated
interest-bearing debt as hedges of net investments in foreign (USD based) entities. The hedging instruments are USD
denominated bond loans.
The designation of interest-bearing debt as hedges of net investments leads to changes in foreign currency translation
(gain/loss) being recognized in the Consolidated statement of comprehensive income instead of in the Consolidated
statement of income.
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Effect on financial position and performance in 2024
Carrying amount of the
hedged item
1)
Accumulated amount of hedge
adjustment on the hedged item
2)
Line item in the consolidated
statement of financial position in
which the hedged item is included
Line item in the consolidated
statement of financial position in
which the hedging instrument is
included
Change in value of
the hedged item used
for calculating hedge
ineffective ness
This year’s
change in value
of the hedging
instrument
USD millions Currency Hedge rates
Denomi nated
amount Assets Liabilities Assets Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2017) NOK 3M NIBOR 88 – 82 6 – Non-current interest-bearing debt Other non-current liabilities (3) 3
- Fixed interest, NOK bonds (2021) NOK 3M NIBOR 88 – 84 5 – Non-current interest-bearing debt Other non-current liabilities (1) 1
- Fixed interest, USD bonds (2022) USD SOFR 600 – 585 12 – Non-current interest-bearing debt Other non-current liabilities 28 (28)
- Fixed interest, USD bonds (2024) NOK 3M NIBOR 141 – 140 1 – Non-current interest-bearing debt Other non-current liabilities 1 (1)
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries
3)
USD Spot USDNOK – 815 – – 367 Retained earnings Non-current interest-bearing debt (67) 67
1)
The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)
Included in the carrying amount of the hedged item on fair value hedges.
3)
Amounts are after tax. See note 2.8 Income taxes for the tax effect.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
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Effect on financial position and performance in 2023
Carrying amount of the
hedged item
1)
Accumulated amount of hedge
adjustment on the hedged item
2)
Line item in the consolidated
statement of financial position in
which the hedged item is included
Line item in the consolidated
statement of financial position in
which the hedging instrument is
included
Change in value of
the hedged item used
for calculating hedge
ineffective ness
This year’s
change in value
of the hedging
instrument
USD millions Currency Hedge rates
Denomi nated
amount Assets Liabilities Assets Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014) NOK 3M NIBOR 59 – 57 2 – Non-current interest-bearing debt Other non-current liabilities – –
- Fixed interest, NOK bonds (2017) NOK 3M NIBOR 196 – 186 10 – Non-current interest-bearing debt Other non-current liabilities (2) 2
- Fixed interest, NOK bonds (2021) NOK 3M NIBOR 98 – 92 6 – Non-current interest-bearing debt Other non-current liabilities – –
- Fixed interest, USD bonds (2022) USD SOFR 600 – 612 – 15 Non-current interest-bearing debt Other non-current liabilities (17) 17
Net investment hedges
Foreign exchange risk
- Net equity in subsidiaries
3)
USD Spot USDNOK – 815 – – 300 Retained earnings Non-current interest-bearing debt
4)
(22) 22
1)
The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)
Included in the carrying amount of the hedged item on fair value hedges.
3)
Amounts are after tax. See note 2.8 Income taxes for the tax effect.
4)
Includes USD (1) million related to the part of the hedging instrument (cross-currency swap) which refers to the line item Other non-current liabilities.
For either hedging category, there are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
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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.
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’s expected credit loss on receivables and deposits
is limited. As a result, disclosures are reduced due to
materiality.
Equity instruments
Equity instruments that are not traded in active markets
are measured based on recent market transactions and
valuation techniques as described below.
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’s
portfolio currently consists of 18 investments, of which
15 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’s 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 Associated companies
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 2024.
Equity instruments other than venture investments are
also measured at fair value and subsequently measured
at FVTPL. However, Yara has made an irrevocable
election at initial recognition of a limited number of
long-term strategic investments in equity shares not
held for trading to present subsequent changes in fair
value in OCI.
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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. Fair value on non-current interest-
bearing debt and other non-current liabilities differs from
the carrying amounts due to the USD debenture bonds
are held with 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 is available 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.
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).
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Carrying amounts and fair value per category
31 December 2024 Derivatives
Receivables and
deposits Equity instruments Financial liabilities
USD millions Notes
Fair value
through P&L
Designated for
hedging Amortized cost
Fair value
through P&L
FV through OCI
(no recycling) Amortized cost FV through P&L Total
Non-current assets
Other non-current financial assets
4.6 1 – 35 65 19 – – 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
Sum financial assets 9 – 2,135 65 19 – – 2,228
Non-current liabilities
Other non-current financial liabilities (110) (25) – – – (16) (2) (154)
Interest-bearing debt
5.2 – – – – – (3,409) – (3,409)
Non-current lease liabilities
4.5 – – – – – (330) – (330)
Current liabilities
Trade and other current payables
1)
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)
Sum financial liabilities (113) (25) – – – (6,089) (2) (6,229)
Total net balance (104) (24) 2,135 65 19 (6,089) (2) (4,001)
Fair value (104) (24) 2,135 65 19 (6,038) (2) (3,950)
Unrecognized gain/(loss) – – – – – 51 – 51
1)
Excluding non-financial liabilities.
Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details .
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31 December 2023 Derivatives
Receivables and
deposits Equity instruments Financial liabilities
USD millions Notes
Fair value
through P&L
Designated for
hedging Amortized cost
Fair value
through P&L
FV through OCI
(no recycling) Amortized cost FV through P&L Total
Non-current assets
Other non-current financial assets
4.6 3 15 28 67 20 – – 134
Current assets
Trade receivables
3.2 – – 1,634 – – – – 1,634
Other current financial assets
3.3 6 – 289 – – – – 295
Cash and cash equivalents
3.4 – – 539 – – – – 539
Sum financial assets 9 15 2,491 67 20 – – 2,603
Non-current liabilities
Other non-current financial liabilities (71) (13) – – – (24) – (108)
Interest-bearing debt
5.2 – – – – – (3,284) – (3,284)
Non-current lease liabilities
4.5 – – – – – (306) – (306)
Current liabilities
Trade and other current payables
1)
5.4 – – – – – (1,906) – (1,906)
Other current financial liabilities (33) (24) – – – (324) – (381)
Interest-bearing debt
5.2 – – – – – (517) – (517)
Current lease liabilities
4.5 – – – – – (123) – (123)
Sum financial liabilities (104) (37) – – – (6,484) – (6,625)
Total net balance (95) (22) 2,491 67 20 (6,484) – (4,023)
Fair value (95) (22) 2,491 67 20 (6,391) –
Unrecognized gain/(loss) – – – – – 93 – 93
1)
Excluding non-financial liabilities.
Unrecognized gain on financial instruments at amortized cost is mainly related to non-current interest-bearing debt with fixed interest rate. See note 5.2 Interest-bearing debt for details.
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Financial instruments at fair value
31 December 2024
USD millions Notes
Carrying
amount Level 1 Level 2 Level 3
Equity instruments
Yara Growth Ventures 63 – – 63
Other equity instruments 20 – – 20
Derivatives
Forward exchange contracts 7 – 7 –
Cross-currency swaps (103) – (103) –
Interest rate swaps designated for hedging
6.2 (24) – (24) –
Other interest rate swaps 1 – 1 –
Embedded commodity derivatives (8) – (8) –
Financial liabilities
Contingent consideration (2) – (2) –
Net total balance (47) – (130) 83
There have been no transfers between the levels of the fair value hierarchy used for measuring fair value in the period.
31 December 2023
USD millions Notes
Carrying
amount Level 1 Level 2 Level 3
Equity instruments
Yara Growth Ventures 67 – – 67
Other equity instruments 20 – – 20
Derivatives
Forward exchange contracts (4) – (4) –
Cross-currency swaps (110) – (110) –
Interest rate swaps designated for hedging
6.2 (2) – (2) –
Other interest rate swaps 1 – 1 –
Embedded commodity derivatives (3) – (3) –
Financial liabilities
Contingent consideration (3) – (3) –
Net total balance (33) – (120) 88
Reconciliation of fair value instruments at Level 3
USD millions 2024 2023
Balance at 1 January 88 54
Total gains or (losses):
- in income statement (7) 23
- in other comprehensive income 1 (8)
Additions/(disposals) 9 17
Foreign currency translation (8) 1
Balance at 31 December 83 88
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Sensitivity of fair value measurements
of financial instruments at Level
3 at 31 December 2024
The fair values of the equity investments in Yara Growth
Venture are measured 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 VC model would not materially change the fair
value of these investments .
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
2024 Derivatives Equity instruments
Financial
liabilities
USD millions Notes
Fair value
through P&L
Designated for
hedging
Fair value
through P&L
FV through OCI
(no recycling) Amortized cost Total
Consolidated statement of income 6.1, 6.2 20 (2) (6) – – 12
Consolidated statement of comprehensive income
1)
6.2 – (7) – 1 (78) (84)
Total 20 (9) (6) 1 (78) (72)
2023 Derivatives Equity instruments
Financial
liabilities
USD millions Notes
Fair value
through P&L
Designated for
hedging
Fair value
through P&L
FV through OCI
(no recycling) Amortized cost Total
Consolidated statement of income 6.1, 6.2 (63) 19 24 – – (20)
Consolidated statement of comprehensive income
1)
6.2 – (3) – (8) (25) (36)
Total (63) 16 24 (8) (25) (57)
1)
Amounts are presented before tax. See note 2.8 Income taxes for specification of taxes .
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7 Other disclosures
7.1 Business combinations and disposals
Acquisitions
The acquisition of 100 percent of the shares of the organic-based fertilizer business of Agribios Italiana was completed
in February 2024. The fair value of the net assets acquired was USD 15 million. Agribios Italiana is reported in Europe
segment.
Disposals
The divestments of Yara Marine Technologies AS and Yara Côte d’Ivoire S.A. were completed in 2024. The divestments
had no material impact on the financial statements for 2024. The disposal group held-for-sale as at 31 December 2024
comprises of single assets in the Americas and Industrial segment.
The disposal group held-for-sale as at 31 December 2023 included assets and liabilities for Yara Marine Technologies AS
and Yara Côte d’Ivoire S.A.
7.2 Related parties
The Norwegian State
At 31 December 2024, 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 19,204,218 shares, representing
7.54 percent of the total number of shares issued.
Yara Pension fund
One of Yara International ASA’s pension plans is arranged through Yara’s pension fund in Norway “Yara Pensjonskasse”.
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 2024, 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.
Associated companies, Joint ventures and Joint Operations
Transactions with Associated companies, Joint ventures and Joint Operations are described in note 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’s 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 “Yara Executive Remuneration Report
2024” can be found at www.yara.com, Annual report section.
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Executive Management remuneration and Board of Directors compensation
USD thousands
Compensation
earned in 2024
Compensation
earned in 2023
Salary and short-term incentive (5,349) (4,993)
Pension
1)
(512) (367)
Benefits (1,099) (1,162)
Share-based remuneration
2)
(1,451) (970)
Total Executive Management (8,412) (7,492)
Fee to Board of Directors (627) (533)
Total (9,038) (8,025)
1)
In the Yara Executive Remuneration Report for previous years, return on savings balances in unfunded pension plans have been included in the total compensation figure.
Starting in 2024, return on the savings balances in unfunded pension plans is excluded from total compensation, and has also been subtracted from the comparative
compensation figures for 2023.
2)
See note 7.3 Share-based remuneration for further information.
7.3 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’s Net income/(loss) excluding foreign currency
exchange gain/(loss) and special items being positive in sum over the last three years. Yara’s CEO can on a discretionary
basis decide that SBR shall not be granted for a given year and Yara’s 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’s
performance towards its strategic targets of sustainable value creation, hereunder performance indicators linked to People,
Planet and Prosperity.
7.4 External audit remuneration
Deloitte AS (Deloitte) is Yara’s appointed auditor. A few subsidiaries of Yara International ASA have appointed other audit
firms. The following table shows 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
2024
Deloitte Norway (1,503) (454) (8) – (1,965)
Deloitte abroad (3,608) (199) (214) (11) (4,032)
Total Deloitte (5,111) (652)
1)
(222) (11) (5,997)
Others (520) (38) (41) (11) (610)
Total (5,630) (691) (263) (23) (6,607)
2023
Deloitte Norway (1,161) (348) (7) (51) (1,568)
Deloitte abroad (3,272) (672) (210) (10) (4,165)
Total Deloitte (4,434) (1,021) (217) (61) (5,734)
Others (571) (1) (36) (6) (614)
Total (5,005) (1,022) (253) (67) (6,347)
1)
Assurance services are mainly related to sustainability reporting and half-year review.
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7.5 Composition of the group
The consolidated financial statements of Yara comprises 129 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. 100.0% Argentina Yara Iberian S.A.U. 95% and Yara
Nederland B.V. 5%
Chemical Holdings Pty Ltd. 100.0% Australia Yara Australia Pty Ltd.
Yara Australia Pty Ltd. 100.0% Australia Yara Technology B.V.
Yara Pilbara Fertilisers Pty Ltd. 100.0% Australia Chemical Holdings Pty Ltd.
Yara Environmental Technologies GmbH 100.0% Austria Yara Investment GmbH
Yara Belgium S.A./N.V. 100.0% Belgium Yara Nederland B.V.
Yara Tertre S.A. 100.0% Belgium Yara Belgium S.A./N.V.
Yara Brasil Fertilizantes S.A. 100.0% Brazil Yara South America Investments B.V.
Yara Belle Plaine Inc. 100.0% Canada Yara Canada Holding Inc.
Yara Canada Holding Inc. 100.0% Canada Fertilizer Holdings AS
Yara Canada Inc. 100.0% Canada Fertilizer Holdings AS (93.9%) and
Yara North America Inc. (6.1%).
Yara Chile Fertilizantes Ltda. 100.0% Chile Yara Phosyn Ltd.
Yara Trading (Shanghai) Co. Ltd. 100.0% 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 100.0% Denmark Fertilizer Holdings AS
Yarecuador Cia. Ltda. 99.9% Ecuador Yara Industrial Colombia S.A.S.
Yara Agri Trade Misr 51.0% Egypt Yara Trade Misr Ltd.
Yara Suomi Oy 100.0% Finland Yara Nederland B.V.
Yara France SAS 100.0% France Yara Nederland B.V.
Yara Besitz GmbH 100.0% Germany Yara GmbH & Co. KG
Yara Brunsbüttel GmbH 100.0% Germany Yara GmbH & Co. KG
Yara GmbH & Co. KG 100.0% Germany Yara Investments Germany SE
Yara Investments Germany SE 100.0% Germany Yara Nederland B.V.
Yara Investment GmbH 100.0% Germany Yara GmbH & Co. KG
Subsidiaries Ownership Registered office Main parent(s)
Yara Ghana Ltd. 100.0% Ghana Yara Nederland B.V.
Yara Hellas S.A. 100.0% Greece Yara Nederland B.V.
Yara Guatemala S.A. 100.0% Guatemala Fertilizer Holdings AS
Yara Fertilisers India Pvt. Ltd. 100.0% India Yara Asia Pte Ltd.
P.T. Yara Indonesia 100.0% Indonesia Yara Asia Pte Ltd.
Yara Insurance DAC 100.0% Ireland Fertilizer Holdings AS
Yara Italia S.p.A. 100.0% Italy Yara Investment GmbH (72.3%) and
Yara Nederland B.V. (27.7%)
Yara East Africa Ltd. 100.0% Kenya Yara Overseas Ltd.
Yara International (M) Sdn Bhd 70.0% Malaysia Yara Asia Pte Ltd.
Yara México S. de R.L. de C.V. 100.0% Mexico OFD Holding S. de R.L. (71.9%) and
Yara Nederland B.V. (28.1%)
Fertilizer Holdings AS 100.0% Norway Yara International ASA
Herøya Nett AS 100.0% Norway Yara Norge AS
OFD Holding S. de R.L. 100.0% Norway Fertilizer Holdings AS
Yara AS 100.0% Norway Fertilizer Holdings AS
Yara Birkeland AS 100.0% Norway Fertilizer Holdings AS
Yara Clean Ammonia AS 100.0% Norway Yara International ASA
Yara Clean Ammonia Norge AS 100.0% Norway Yara Clean Ammonia AS
Yara Growth Ventures AS 100.0% Norway Fertilizer Holdings AS
Yara LPG Shipping AS 100.0% Norway Yara Clean Ammonia Norge AS
Yara Norge AS 100.0% Norway Yara International ASA
Yara Fertilizers Philippines Inc. 100.0% Philippines Yara Asia Pte Ltd.
Yara Poland Sp. z o.o. 100.0% Poland Yara Nederland B.V.
Yara Limited 100.0% Rwanda Yara Tanzania Ltd.
Yara Asia Pte Ltd. 100.0% Singapore Yara International ASA
Yara Africa Fertilizers (Pty) Ltd. 100.0% South Africa Yara Nederland B.V.
Yara Animal Nutrition South Africa (Pty) Ltd. 100.0% South Africa Yara Suomi Oy
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Subsidiaries Ownership Registered office Main parent(s)
Yara Iberian S.A.U. 100.0% Spain Yara Nederland B.V.
Yara AB 100.0% Sweden Fertilizer Holdings AS
Yara Clean Ammonia Switzerland SA 100.0% Switzerland Yara Clean Ammonia Norge AS
Yara Switzerland Ltd. 100.0% Switzerland Yara Nederland B.V.
Yara Tanzania Ltd. 100.0% Tanzania Fertilizer Holdings AS
Yara Thailand Ltd. 100.0% Thailand Yara Asia Pte Ltd.
Yara Holding Netherlands B.V. 100.0% The Netherlands Fertilizer Holdings AS
Yara Nederland B.V. 100.0% The Netherlands Yara Holding Netherlands B.V.
Yara Sluiskil B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara South America Investments B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara Technology B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara Vlaardingen B.V. 100.0% The Netherlands Yara Nederland B.V.
Yara Caribbean (2002) Ltd. 100.0% Trinidad and Tobago Fertilizer Holdings AS
Yara Trinidad Ltd. 100.0% Trinidad and Tobago Yara Caribbean (2002) Limited
Yara UK Ltd. 100.0% United Kingdom Fertilizer Holdings AS
Agoro Carbon Alliance US, Inc. 100.0% United States Yara North America Inc. (66%) and
Agronomic Technology Corp. (34%)
Agronomic Technology Corp. 100.0% United States Yara North America Inc.
Freeport Ammonia LLC 100.0% United States Yara North America Inc.
Yara Clean Ammonia US Inc. 100.0% United States Yara Clean Ammonia Norge AS
Yara North America Inc. 100.0% United States Yara International ASA
Yara West Sacramento Terminal LLC 100.0% United States Yara North America Inc.
Yara Vietnam Co. Ltd. 100.0% Vietnam Yara Asia Pte Ltd.
Yara Fertilizer Zambia Ltd. 100.0% Zambia Yara Nederland B.V .
7.6 Post balance sheet date events
Geopolitical situation
The geopolitical landscape is shifting rapidly at the time of issuing this report, creating a more unpredictable and
disorganized global order, which is influencing everything from trade policies to international relations. 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. Yara is preparing for new sanctions regimes, new tariffs, shifting alliances, and complicated logistics
resulting from these conflicts and tensions. A trade war would have serious implications for Norway, Europe and the global
economy. An escalating trade war also affecting fertilizers and crops would harm US food production and raise global food
prices. Yara’s revenues from imports into the US are currently less than 2 percent of total revenues. Yara’s experience
from the pandemic and conflicts over the past years has demonstrated its ability to adapt and optimize value creation in a
dynamic situation, utilizing its global footprint and focus on operational flexibility.
Fixed Cost and Capex Reduction Program
Following the initiatives announced in 2024 to reduce fixed cost and capex, additional provisions and other financial
effects of restructuring are expected in 2025. Detailing the plans as part of this program has continued into 2025. The
timing of these effects will vary from location to location depending on when those affected are informed about the main
features of Yara’s plans and constructive obligations to carry them out are created.
Revolving credit facility
On 20 March 2025, Yara announced that it has signed a USD 1,400 million multicurrency revolving credit facility with a
syndicate of 11 banks. The facility matures in March 2030, with options for extension until March 2032 on certain terms.
The facility replaces an existing facility due to expire in July 2026.
Dividend
The Board will propose to the Annual General Meeting a dividend of NOK 5 per share for 2024.
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Financial statements of Yara International ASA
Yara International ASA Income statement
302
Yara International ASA Balance sheet
303
Yara International ASA Cash flow statement
305
Basis of preparation
306
Notes to the financial statements
308
1 Employee benefits
308
2 Remunerations and other
312
3 Intangible assets, property, plant and equipment
313
4 Specification of items in the income statement
314
5 Financial income and expenses
315
6 Income taxes
315
7 Shares in subsidiaries
317
8 Specification of other balance sheet items
318
9 Guarantees
319
10 Financial risks and hedge accounting
319
11 Number of shares outstanding, shareholders, equity reconciliation etc.
322
12 Interest-bearing debt
323
13 Transactions with related parties
324
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Yara International ASA Income statement
NOK millions Notes 2024 2023
Revenue 4 4,201 3,988
Raw materials, energy costs and freight expenses (37) (30)
Payroll and related costs
2 (1,667) (1,387)
Depreciation and amortization
3 (143) (149)
Other operating expenses
4 (2,803) (3,179)
Operating costs and expenses (4,651) (4,745)
Operating income/(loss) (450) (757)
Financial income/(expense), net
5 4,400 14,707
Income/(loss) before tax 3,949 13,950
Income tax
6 427 178
Net income/(loss) 4,377 14,128
Appropriation of net income/(loss) and equity transfers
Dividend proposed 1,274 1,274
Retained earnings 3,103 12,854
Total appropriation
11 4,377 14,128
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Yara International ASA Balance sheet
NOK millions Notes 31 Dec 2024 31 Dec 2023
Assets
Non-current assets
Deferred tax assets
6 1,779 1,167
Intangible assets
3 367 402
Property, plant and equipment
3 79 84
Shares in subsidiaries
7 29,611 29,457
Non-current intercompany receivables
13 50,973 47,045
Other non-current assets
1, 8 654 668
Total non-current assets 83,464 78,822
Current assets
Inventories
8 44 48
Trade receivables 4 2
Current intercompany receivables
13 14,904 22,895
Prepaid expenses and other current assets
10 1,527 1,492
Cash and cash equivalents 995 3,028
Total current assets 17,474 27,465
Total assets 100,938 106,287
NOK millions Notes 31 Dec 2024 31 Dec 2023
Liabilities and shareholders' equity
Equity
Share capital reduced for treasury stock 433 433
Premium paid-in capital 117 117
Total paid-in capital 550 550
Retained earnings 27,263 24,068
Shareholders' equity
11 27,814 24,619
Non-current liabilities
Employee benefits
1 1,103 1,081
Interest-bearing debt
12 38,058 32,659
Other non-current liabilities
8 1,447 820
Total non-current liabilities 40,608 34,560
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NOK millions Notes 31 Dec 2024 31 Dec 2023
Current liabilities
Trade and other current payables 267 405
Bank loans and other interest-bearing current debt
8 1,752 1,611
Current portion of interest-bearing debt
12 345 3,393
Dividends payable
11 1,274 1,274
Current intercompany payables
13 27,757 39,112
Current income tax
6 352 180
Other current liabilities
8 770 1,132
Total current liabilities 32,517 47,108
Total liabilities and shareholders' equity 100,938 106,287
The Board of Directors Yara International ASA,
Oslo, 20 March 2025
Trond Berger
Chair
Jannicke Hilland
Vice Chair
John Thuestad
Member of the Board
Rune A. Bratteberg
Member of the Board
Tove Feld
Member of the Board
Geir O. Sundbø
Member of the Board
Eva S. Aspvik
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Therese Log Bergjord
Member of the Board
Harald Thorstein
Member of the Board
Tina Lawton
Member of the Board
Svein Tore Holsether
President and CEO
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Yara International ASA Cash flow statement
NOK millions Notes 2024 2023
Operating activities
Income/(loss) before tax 3,949 13,950
Adjustments to reconcile income/(loss) before tax to
net cash provided by (used in) operating activities
Depreciation and amortization
3 143 149
(Gain)/loss on disposal of non-current assets
3 178 10
Write-down of inventory and trade receivables – 1
Dividends and group relief from subsidiaries
5 (6,947) (15,607)
Finance income and expense
5 387 809
Foreign currency exchange (gain)/loss
5 2,161 92
Income taxes paid
6 (39) (28)
Group relief received 15,000 9,400
Dividends received 1,947 607
Interest paid (3,950) (4,237)
Interest received 3,657 2,929
Other (114) 6
Change in working capital
Trade receivables (5) 6
Short term intercompany receivables/payables
13 (14,448) 6,220
Prepaid expenses and other current assets 572 535
Trade payables (120) 10
Other current liabilities (1,154) (550)
Net cash provided by/(used in) operating activities 1,216 14,302
NOK millions Notes 2024 2023
Investing activities
Purchase of property, plant and equipment
3 (14) (29)
Purchase of other non-current assets
3 (268) (147)
Net cash (to)/from non-current intercompany loans
13 (999) (3,494)
Net cash provided by/(used in) investing activities (1,281) (3,670)
Financing activities
Loan proceeds
12 2,874 55
Principal payments (3,586) (401)
Dividends paid
13 (1,275) (14,180)
Net cash provided by/(used in) financing activities (1,986) (14,526)
Foreign currency effects on cash and cash equivalents 16 –
Net increase/(decrease) in cash and cash equivalents (2,033) (3,894)
Cash and cash equivalents at 1 January 3,028 6,922
Cash and cash equivalents at 31 December 995 3,028
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Basis of preparation
General
The financial statements for Yara International ASA
(the Company) have been prepared in accordance with
the Norwegian Accounting Act and generally accepted
accounting principles in Norway (NGAAP). Preparation
of financial statements requires management to make
estimates and assumptions that affect the reported
amounts of assets, liabilities, revenues and expenses.
Actual results may differ from estimates.
Yara International ASA primarily holds shares in
subsidiaries and provides financing to entities in the Yara
Group. The information in note 5.2 Interest-bearing debt
to the consolidated financial statements also applies
to Yara International ASA. Revenue mainly stems
from allocation of costs related to intragroup services
provided.
The accompanying notes are an integral part of the
financial statements.
Shares in subsidiaries
Shares in subsidiaries are presented according to the
cost method. Dividends and Group reliefs are recognized
in the income statement when these are proposed by the
subsidiary. Group relief received is included in dividends.
Shares in subsidiaries are reviewed for impairment
whenever events or changes in circumstances indicate
that the carrying amount may exceed the fair value of
the investment. Indications may be operating losses or
adverse market conditions. Fair value of the investment
is estimated based on valuation model techniques. If
it is considered probable that the fair value is below
Yara’s carrying value, the investment is impaired. The
impairment is reversed if the impairment situation is no
longer present.
Foreign currency transactions
The functional currency of Yara International ASA is
Norwegian kroner (NOK). Transactions in currencies
other than the 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.
All realized and unrealized currency gains and losses on
transactions, assets and liabilities are included in net
income if they do not qualify for hedge accounting.
Revenue
In all material respects, revenue stem from sale of
intercompany services. These are recognized when the
services are delivered based on intragroup allocation of
costs.
Interest income is recognized in the income statement
as it is accrued, based on the effective interest method.
Cost of sales and other expenses
Cost of sales and other expenses are recognized in the
same period as the revenue to which they relate. If there
is no clear connection between the expense and revenue,
an estimated allocation is done. Other exceptions to this
matching criteria are disclosed where appropriate.
Receivables
Trade receivables and current intercompany receivables
are recognized at nominal value, less an accrual for
expected losses. The accrual for losses is based on an
individual assessment of each receivable.
Cash and cash equivalents
Cash and cash equivalents include bank deposits and
monetary items which are due in less than three months.
The cash held by Yara International ASA reflects that
most external bank deposits are channeled through the
group treasury function. Consequently, the level of cash
held should be seen in context with the intercompany
receivables and payables.
Payables
Trade payables and current intercompany payables are
recognized at nominal value.
Financial assets and liabilities
Financial assets, other than derivatives, are initially
recognized in the balance sheet at fair value (cost) and
subsequently at the lower of cost or fair value. Financial
liabilities are initially recognized in the balance sheet at
fair value (cost) and subsequently at amortized cost.
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Income taxes
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. Deferred
income tax expense is calculated using the liability
method in accordance with the preliminary Norwegian
Accounting Standard on Income Taxes (“NRS(F)
Resultatskatt”). Under this standard, deferred tax assets
and liabilities are measured based on the differences
between the carrying values of assets and liabilities
for financial reporting and their tax basis, which is
considered temporary in nature. Deferred income tax
expense represents the change in deferred tax asset and
liability balances during the year, except for deferred tax
related to items charged to equity. Changes resulting
from amendments and revisions in tax laws and tax
rates are recognized when the new tax laws or rates are
adopted.
The Yara Group is within the scope of the OECD Pillar 2
model rules. The Pillar 2 legislation has been enacted in
Norway, which is the jurisdiction of the ultimate parent
entity of the Yara group, Yara International ASA. As
no guidance is available under Norwegian GAAP, Yara
has applied amendments to IAS 12 Income taxes for
recognition and disclosure purposes. These amendments
introduce a temporary exception to the accounting for
deferred tax assets and liabilities related to Pillar 2
income taxes, as well as disclosure requirements. See
note 6 Income taxes for more information.
Intangible assets
Intangible assets acquired individually or as a group
are initially recognized at cost, and subsequently
amortized on a straight-line basis over their useful life.
They are tested for impairment whenever indications of
impairment are present.
Software as a Service (SaaS) arrangements are service
contracts providing the Group with the right to access the
cloud provider’s 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 customizations
activities are normally expensed. Licensed software
hosted on-premises 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 the certain defined criteria.
Research costs are expensed as incurred. Costs incurred
in development of internally generated intangible assets
are capitalized if defined recognition criteria are met. If
these recognition criteria are not met, development costs
are expensed in the period they incur.
Property, plant and equipment
Property, plant and equipment are carried at cost less
accumulated depreciation. Depreciation is determined
using the straight-line method over the assets’ useful
life. Assets are reviewed for impairment whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable.
Inventories
Inventories are valued at the lower of cost, using
weighted average, and net realizable value. The
cost of inventories comprise all costs incurred in
bringing the inventories to their present location and
condition, including direct materials, direct labor, and
an appropriate portion of production overhead, or the
purchase price of the inventory.
Leased assets
Assets which are leased on conditions which
substantially transfer all the economic risks and
rewards to Yara (finance lease) are accounted for as
property, plant and equipment at the present value of
minimum lease payments, or fair value if this is lower.
The corresponding finance lease liabilities are initially
included in non-current debt. Property, plant and
equipment are depreciated over the estimated useful
lives of the assets, or the lease term if shorter. The
related liabilities are reduced by the amount of lease
payments less the effective interest expense. Other
leases are accounted for as operating leases with lease
payments recognized as an expense over the lease term.
Forward currency contracts
Forward currency contracts are initially recognized in the
balance sheet at fair value. Subsequent changes in fair
value are recognized in the income statement.
Share-based remuneration
Yara has a share-based remuneration program which
provides a fixed cash amount to eligible top executives.
Yara purchases the shares on behalf of the executives at
market prices. The executives hold all shareholder rights
from the date of purchase but cannot sell the shares in
the three years vesting period. This program does not
have dilutive effect since it represents ordinary shares
outstanding.
The costs for the Share Based Remuneration program
are expensed in the year when the shares are granted.
However, the costs are re-invoiced within the same year
to Yara units globally as part of the shared cost model.
The employee tax is calculated and expensed at the
grant date.
Employee retirement plans
Employee retirement plans are measured in accordance
with IAS 19 Employee Benefits, as this is permitted by
the Norwegian accounting standard on pensions (“NRS
6 Pensjonskostnader”). Past service cost is recognized
immediately in the income statement together with
any gains and losses arising from curtailments and
settlements. Remeasurement gains and losses are
recognized directly in retained earnings.
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Notes to the financial statements
1 Employee benefits
Yara International ASA has obligations under a funded
defined benefit plan. The pension plan was closed to
new entrants in 2006 and employees below the age
of 55 received a paid-up policy for previously earned
benefit entitlements. The defined benefit plan was
replaced by a defined contribution plan from the same
date, which requires Yara International ASA to make
agreed contributions when employees have rendered
service entitling them to the contributions. Yara
International ASA has no legal or constructive obligation
to pay further contributions. This new plan applies to the
future pension earnings of existing employees below
the age of 55 in 2006 and all new employees. Pension
liabilities for defined benefit plans also include certain
unfunded obligations.
Other non-current employee benefits include a provision
for jubilee benefits.
Yara International ASA is obliged to and does fulfill
the requirements of the act regarding mandatory
occupational pension scheme (“Lov om obligatorisk
tjenestepensjon”).
Defined benefit plans
The Company’s net obligation in respect of 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. The discount rate is the yield 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. 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
The Company’s 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 Income statement in the period they occur.
Non-current employee benefit obligations recognized in the Balance sheet
NOK millions 2024 2023
Pension liabilities for defined benefit plans (1,092) (1,071)
Termination benefits and other long-term employee benefits (11) (10)
Surplus on funded defined benefit plan 637 494
Net non-current employee benefit obligations (466) (587)
Expenses for non-current employee benefit obligations recognized in the Income statement
NOK millions 2024 2023
Defined benefit plans (51) (47)
Defined contribution plans (95) (82)
Termination benefits and other non-current employee benefits (14) (13)
Net expenses recognized in the Income Statement (160) (142)
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Defined benefit plans, outlined
Yara International ASA is the sponsor of Yara
Pensjonskasse, a funded pension plan which also covers
employees of its subsidiary Yara Norge AS. Plan benefits
are based on years of service and final salary levels.
Determination of the required annual contribution to
Yara Pensjonskasse from each of the participating legal
entities is defined by the bylaws of the pension fund,
and is based on actuarial calculations. The distribution of
pension costs to the participating entities is based on the
same calculations. At 31 December 2024 there were
no active participants in the funded defined benefit plan
who were employed by Yara International ASA and the
number of retirees was 125. In addition, 352 current
and previous employees of Yara International ASA have
earned paid-up policies in the pension fund.
Yara International ASA participates in a multi-employer
plan (AFP - “Avtalefestet pensjon”) which entitles most
of its employees the right to retire from the age of 62.
Participating entities are required to pay an annual fee
for each of its active employees. As the information
required to account for this part of the plan as a defined
benefit plan is not available from the plan administrator,
it is accounted for as if it were a defined contribution
plan. The obligation for defined benefit plans includes
however the calculated obligation to pay a percentage
of benefits paid to its employees who have chosen early
retirement under this plan. A further defined benefit
obligation is recognized to account for a gratuity offered
by Yara International ASA to its employees who retire
with the AFP scheme.
Norwegian employees at position level of department
manager or above are members of an unfunded early
retirement plan. The plan covers the period from age
65 to 67 with a defined benefit equal to 65 percent of
final salary. From 2006 accrual of pension in this plan
has been limited to a salary of 12G (i.e., 12 times the
Norwegian Social Security Base Amount, which from
1 May 2024 was NOK 122,225).
Effective 1 January 2015 Yara International ASA
implemented changes to the early retirement schemes,
both the AFP gratuity plan and the plan for early
retirement from 65 to 67 for positions as department
manager or above, in which all employees below age
50 were transferred to new contribution-based plans
which offer increased contribution rates compared
to the ordinary defined contribution plan, as well
as compensation contributions, where applicable.
Employees aged 50 or above retained their rights from
the old plans, however, with the option to choose a
transfer to the new contribution-based plans. As the
compensation contribution plans are unfunded and
Yara International ASA retains investment risk, they are
accounted for as defined benefit plans.
Norwegian employees with salary above 12G as of
3 December 2015 are members of an unfunded plan
which requires Yara International ASA to contribute
for active plan members with an amount equal to
25 percent of pensionable salary in excess of 12G for
each year of service, with the addition of annual return
on the accumulated balance. The plan was closed to
new members from 3 December 2015. As the plan
is unfunded and investment risk is retained by Yara
International ASA, the plan is included in the obligation
for defined benefit plans.
Valuation of defined benefit obligations
The defined benefit plans are valued at 31 December
using updated financial and demographic assumptions
and taking into account relevant economic environment
factors.
It is the opinion of the management of Yara International
ASA that there is a sufficiently deep market for high
quality corporate bonds in Norway, which is therefore
used as reference for determination of the discount
rate. Estimated future mortality is based on published
statistics and mortality tables. The actuary has used
the K2013BE mortality table. According to K2013BE a
current employee aged 45 today would be expected to
live 25.5 years after reaching the retirement age of 65,
whereas an employee aged 65 today would on average
be expected to live 23.8 years.
The following financial assumptions have been applied
for the valuation of liabilities (in %):
In percentages 2024 2023
Discount rate 4.00 3.30
Expected rate of salary increases 3.80 3.35
Future rate of pension increases 3.10 2.70
Actuarial valuations provided the following results:
NOK millions 2024 2023
Present value of unfunded liabilities for defined benefit plans (957) (939)
Present value of fully or partially funded defined benefit plans (767) (790)
Present value of liabilities for defined benefit plans (1,724) (1,728)
Fair value of plan assets 1,404 1,284
Social security tax liability on defined benefit obligations (135) (132)
Net liability recognized for defined benefit plans (455) (577)
Duration of liabilities at the end of the year:
Duration of liabilities (in years) 2024
Funded plan 11
Unfunded plans 7
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Pension cost recognized in the Income statement
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 Income statement:
NOK millions 2024 2023
Current service cost (19) (20)
Administration cost (2) (2)
Past service cost (8) –
Social security cost (8) (7)
Payroll and related costs (37) (29)
Interest expense on obligation (56) (56)
Interest income from plan assets 42 37
Interest expense and other financial items (14) (18)
Total expense recognized in the Income statement (51) (47)
Sensitivity of assumptions
Measurement of defined benefit obligations and pension costs requires the use of a number of assumptions and estimates.
Below table indicates the sensitivity of the most material financial assumptions applied to the defined benefit obligation, by
showing the result from an increase or decrease in any one of the assumptions applied (all other assumptions held constant).
NOK millions 2024 2023
Actual valuation (1,724) (1,728)
Discount rate +0.5% (1,647) (1,644)
Discount rate -0.5% (1,807) (1,821)
Expected rate of salary increase +0.5% (1,738) (1,740)
Expected rate of salary increase -0.5% (1,710) (1,717)
Expected rate of pension increase +0.5% (1,795) (1,807)
Expected rate of pension increase -0.5% (1,658) (1,656)
Expected longevity +1 year (1,785) (1,791)
Expected longevity -1 year (1,669) (1,671)
Development of defined benefit obligations
NOK millions 2024 2023
Defined benefit obligation at 1 January (1,728) (1,784)
Current service cost (19) (20)
Interest expense on obligation (56) (56)
Experience adjustments (59) (10)
Effect of changes in financial assumptions 59 61
Effect of changes in demographic assumptions 6 –
Past service cost (8) –
Benefits paid 81 80
Defined benefit obligation at 31 December (1,724) (1,728)
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Development of plan assets
NOK millions 2024 2023
Fair value of plan assets as of 1 January 1,284 1,187
Interest income from plan assets 42 37
Administration cost (2) (2)
Return on plan assets (excluding calculated interest income) 113 90
Employer contributions 8 8
Benefits paid (39) (37)
Fair value of plan assets as of 31 December 1,404 1,284
Yara Pensjonskasse (the pension fund) is a separate legal entity, independently governed by its Board of Directors. It
is the responsibility of the pension fund’s Board of Directors to determine the investment strategy, and to review the
administration of plan assets and the funding level of the pension fund. If needed, Yara International ASA will be required
to increase the capital buffer of the pension fund.
Yara International ASA’s defined benefit plan obligations are inherently exposed to inflation risk, interest rate risk, disability
risk and longevity risk. The investment strategy of the pension fund ensures diversification of investments to keep market
volatility risk at a desired level. The pension fund Board of Directors is 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:
NOK millions, except percentages 2024 2024 2023 2023
Cash and cash equivalents 10 1% 41 3%
Shares 611 44% 497 39%
Other equity instruments 178 13% 176 14%
Investment grade debt instruments 585 42% 550 43%
Properties 19 1% 20 2%
Total plan assets 1,404 100% 1,284 100%
Yara Pensjonskasse (the pension fund) does not hold any investments that do not have a quoted market price in an active
market. Nor does it hold any financial instruments issued by Yara Group companies.
Contributions expected to be paid by Yara International ASA to the defined benefit plans for 2024 are NOK 40 million. The
amount includes any premium to be paid to Yara Pensjonskasse and all benefits to be paid for unfunded plans.
NOK millions 2024 2023
Cumulative amount recognized directly in retained earnings pre-tax at 1 January (231) (377)
Remeasurement gains / (losses) on obligation for defined benefit plans 6 51
Remeasurement gains / (losses) on plan assets for defined benefit plans 113 90
Social security on remeasurement gains / (losses) recognized directly in equity this year – 5
Cumulative amount recognized directly in retained earnings pre-tax at 31 December (112) (231)
Deferred tax related to remeasurement gains / (losses) recognized directly in retained earnings 25 51
Cumulative amount recognized directly in retained earnings after tax at 31 December (87) (180)
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2 Remunerations and other
Remuneration and direct ownership of shares of the Chairperson and of the Board of Directors are disclosed in Yara
Executive Remuneration Report for 2024. The full report can be found at www.yara.com, Annual report section.
Remuneration to the President and Yara Management, as well as number of shares owned and Shared Based
Remuneration, are disclosed in Yara Executive Remuneration Report for 2024.
Audit remuneration for the Group is disclosed in note 7.4 External audit remuneration to the consolidated financial
statements. The following table shows total audit and other services delivered to Yara International ASA by the appointed
auditor.
NOK millions Audit fee
Assurance
services
1)
Other non-
audit services Total
2024
Deloitte Norway (13) (5) – (18)
Deloitte abroad – (1) – (1)
Total (13) (6) – (19)
2023
Deloitte Norway (10) (2) (1) (13)
Deloitte abroad – (6) (6)
Total (10) (9) (1) (19)
1)
Assurance services are mainly related to sustainability reporting.
At 31 December 2024, the number of employees in Yara International ASA was 703 (2023: 714).
NOK millions 2024 2023
Payroll and related costs
Salaries (1,120) (1,091)
Social security costs (181) (173)
Net periodic pension costs (146) (123)
Termination benefits
1)
(219) –
Total (1,667) (1,387)
1)
In July 2024, Yara announced a series of initiatives to enhance the Group’s financial performance and position. The termination benefit recognized in 2024 is related to a
voluntary severance package offered to office workers in Norway employed in Yara International ASA.
Yara continued to give employees in Norway an opportunity to take part in a share purchase program in 2024. All
permanent employees in Norway have been offered shares at market price paid by single purpose, interest free, employee
loans with a 12-month repayment profile provided by the company. In order to handle this arrangement in an efficient
way, Yara has established a foundation for employees’ shares in Yara. The foundation has purchased 47,200 shares
during 2024. In total 47,792 shares have been sold during 2024 to 570 persons, 26 persons were allotted 24 shares,
96 persons were allotted 48 shares and 448 persons were allotted 95 shares. As at 31 December 2024, the foundation
owns 73 shares in Yara.
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3 Intangible assets, property, plant and equipment
2024
NOK millions, except percentages and years Intangible assets
1)
Property, plant
and equipment
2)
Asset under
construction
3)
Cost
Balance at 1 January 1,631 200 123
Addition at cost 222 8 53
Derecognition
4)
(181) (1) –
Transfers 36 6 (42)
Balance at 31 December 1,707 213 135
Depreciation, amortization and impairment loss
Balance at 1 January (1,302) (122) (45)
Depreciation and amortization (124) (19) –
Derecognition 3 1 –
Balance at 31 December (1,423) (140) (45)
Carrying value
Balance at 1 January 329 78 78
Balance at 31 December 284 73 89
Useful life in years 3–5 4–50
Depreciation rate 20–35% 2–25%
1)
Intangible assets mainly consist of computer software systems.
2)
Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as security at 31 December 2024.
3)
Includes both intangible assets under development and property, plant and equipment under construction.
4)
Derecognition of intangible assets is mainly related to an ERP project that was stopped in 2024.
2023
NOK millions, except percentages and years Intangible assets
1)
Property, plant
and equipment
2)
Asset under
construction
3)
Cost
Balance at 1 January 1,474 171 144
Addition at cost 79 26 72
Derecognition (3) – (8)
Transfers 82 2 (84)
Balance at 31 December 1,631 200 123
Depreciation, amortization and impairment loss
Balance at 1 January (1,171) (105) (45)
Depreciation and amortization (132) (17) –
Derecognition 1 – –
Balance at 31 December (1,302) (122) (45)
Carrying value
Balance at 1 January 303 67 99
Balance at 31 December 329 78 78
Useful life in years 3–5 4–50
Depreciation rate 20–35% 2–25%
1)
Intangible assets mainly consist of computer software systems.
2)
Property, plant and equipment for Yara International ASA consists mainly of buildings and furnishings. There were no assets pledged as security at 31 December 2023.
3)
Includes both intangible assets under development and property, plant and equipment under construction.
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4 Specification of items in the income statement
Sales to geographical areas
1)
2024 2023
NOK millions External
Other Yara
entities Total External
Other Yara
entities Total
Norway – 204 204 – 177 177
European Union – 3,707 3,707 – 3,301 3,301
Europe, outside European Union 20 24 45 35 30 65
Africa – 24 24 – 31 31
Asia – 106 106 – 120 120
North America – 51 51 – 58 58
Latin America – 41 41 – 211 211
Australia and New Zealand – 22 22 2 23 25
Total 20 4,180 4,201 37 3,951 3,988
1)
Figures are based on customer location.
Other operating expenses
NOK millions 2024 2023
Selling and administrative expense (2,457) (2,661)
Rental and leasing
1)
(74) (76)
Travel expense (36) (55)
Other (236) (386)
Total
2)
(2,803) (3,179)
Of which research costs
3)
(637) (617)
1)
Expenses mainly related to office and lease contracts for company cars.
2)
Of which relates to transactions with related parties NOK 1,732 million (2023: NOK 1,391 million).
3)
Over the last few years, Yara has focused on orienting research and development resources towards commercial activities, both with respect to process and product
improvements and agronomical activities.
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5 Financial income and expenses
NOK millions Notes 2024 2023
Dividends and group relief from subsidiaries 13 6,947 15,607
Interest income group companies
13 3,348 2,773
Other interest income 288 315
Interest expense group companies
13 (1,901) (1,702)
Other interest expense (2,162) (2,200)
Interest expense on obligation
1 (56) (56)
Interest income from plan assets
1 42 37
Net foreign currency exchange gain/(loss) (2,161) (92)
Other financial income/(expense) 56 24
Financial income/(expense), net 4,400 14,707
6 Income taxes
Specification of income tax expense
NOK millions 2024 2023
Current tax expense
1)
(211) (194)
Deferred tax income/(expense) recognized in the current year 638 372
Total tax income/(expense) 427 178
1)
Pillar 2 top-up tax and withholding taxes, see specification in the table below.
Reconciliation from nominal statutory tax rate to effective tax rate
NOK millions 2024 2023
Income before taxes 3,949 13,950
Statutory tax rate 22% 22%
Expected income taxes at statutory tax rate (869) (3,069)
The tax effect of the following items:
Dividends and group relief received from subsidiary with no tax effect 1,528 3,433
Withholding taxes (39) (28)
Prior years adjustment
1)
(20) (166)
Pillar 2 top-up tax
2)
(152) –
Non-deductible expenses (2) (22)
Other (19) 30
Total tax income/(expense) 427 178
Effective tax rate 11% 1%
1)
See section “Transfer pricing audit of Yara International ASA”.
2)
See section “Pillar 2”.
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Specification of deferred tax assets/(liabilities)
NOK millions
Opening
balance
Charged
to income
Charged
to equity
Closing
balance
Non-current items
Intangible assets 9 (4) – 5
Property, plant and equipment 7 1 – 8
Pension liabilities 166 (1) (26) 139
Other non-current assets (1,876) (600) – (2,476)
Other non-current liabilities and accruals 1,117 727 – 1,844
Total (576) 122 (26) (480)
Current items
Accrued expenses 21 43 – 65
Total 21 43 – 65
Tax loss carry forwards 1,721 473 – 2,194
Net deferred tax asset/(liability) 1,167 638 (26) 1,779
Tax loss carry forwards are expected to be fully utilized by taxable interest income on group funding and taxable group
contributions from Yara’s operating companies in Norway.
Transfer pricing audit of Yara International ASA
On 25 October 2023, Yara announced that it had received a draft tax reassessment from the Norwegian Tax Authorities
(NTA) related to a transfer pricing audit for the years 2015, 2016 and 2017. Yara has now sent its response. The position
of the NTA is to increase the Yara International ASA tax results by approximately NOK 7.3 billion in total for the years
2015 to 2017, which would increase tax cost by an estimated NOK 1.7 billion. When applying the same principles for
the years up to and including 2024, the total tax cost would increase by an additional NOK 3.1 billion. 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 the related
accounting provision, Yara has reflected the uncertainty by probability-weighting amounts in a range of outcomes. The
total provision in relation to the transfer price audit is NOK 200 million at year-end 2024, and this amount covers all years
from 2015 to 2024.
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 NOK 152 million related to top-up tax for 2024.
For 2024 the group has elected to apply the Transitional Country-by-Country Report (CbCR) Safe Harbours, which have
been implemented in the Pillar 2 legislation. These safe harbour rules simplify the compliance process for the Yara group
by excluding some qualifying countries from the pillar 2 computation on a transitional basis, i.e., for fiscal years 2024,
2025 and 2026. No top-up tax liability will arise from these qualifying countries during the transitory period.
Based on the 2023 CbCR numbers, it is expected that the Yara entities incorporated in Hungary, Peru, Poland, Singapore
and Tanzania will not qualify for any of the Transitional CbCR Safe Harbours in 2024. From these jurisdictions the ones
that have triggered a top-up tax liability are Singapore and Hungary. In addition, the Yara entities in Ireland have also
triggered a top-up tax liability, which has also been included in our current tax expense.
The Pillar 2 rules have been enacted with effect from the financial year 2024, both 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.
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7 Shares in subsidiaries
Company name Owner ship
1)
Ownership by other
group companies
Registered
office
Functional
currency
Total equity in the
company 2024 functional
currency millions
Net income/(loss)
2024 in functional
currency millions
Carrying value 2024
NOK millions
Carrying value 2023
NOK millions
Subsidiaries owned by Yara International ASA
Fertilizer Holdings AS 100% – Norway NOK 29,870 (10,432) 16,262 16,108
Yara Clean Ammonia AS 100% – Norway USD 949 (1) 9,757 9,757
Yara Norge AS 100% – Norway NOK 931 (34) 1,303 1,303
Yara Asia Pte. Ltd. 100% – Singapore USD 797 130 1,114 1,114
Yara Colombia S.A. 70% 29% Colombia COP 1,153,052 88,517 763 763
Yara North America Inc. 100% – USA USD 938 80 363 363
Yara Guatemala S.A. 100% – Guatemala GTQ 188 43 24 24
Yara Lietuva, UAB 100% – Lithuania EUR 6 2 23 23
Yara International Employment Co. AG 100% – Switzerland EUR 2 – 1 1
Total 29,611 29,457
1)
Percentage of shares owned equals percentage of voting shares owned. A number of the above mentioned companies also own shares in other companies as specified in their annual reports. See also note 7.5 Composition of the group in the consolidated financial statements for further details.
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8 Specification of other balance sheet items
NOK millions Notes 2024 2023
Other non-current assets
Surplus on funded defined benefit plans
1 637 494
Long-term fair value derivative hedging instrument 5 155
Other 12 19
Total 654 668
Inventories
Finished goods 21 20
Raw materials 23 27
Total 44 48
Other non-current liabilities
Non-current fair value hedging instruments
10 282 131
Non-current financial derivate instruments 1,161 689
Non-current restructuring costs 4 –
Total 1,447 820
Bank loans and other short-term interest-bearing debt
Interest-bearing loans from group assocoates and joint arrangements
13 1,481 1,583
Bank overdraft 272 28
Total 1,752 1,611
Other current liabilities
Restructuring provisions 217 –
Other current liabilities 553 1,132
Total 770 1,132
Restructuring provisions
In July 2024, Yara announced a series of initiatives to enhance the Group’s financial performance and position. The
restructuring provision recorded in 2024 is related to a voluntary severance package scheme offered to office workers in
Norway employed in Yara International ASA. The provision of NOK 217 million is a best estimate based on a detailed
formal plan of the employees that chose to take the severance package.
Other accruals
Other current liabilities include payroll accruals, accruals for external interest and various other accruals.
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9 Guarantees
NOK millions 2024 2023
Guarantees (off-balance sheet)
Guarantees for debt in subsidiaries 10,054 10,603
Non-financial guarantees 16,364 21,193
Total 26,418 31,796
Yara International ASA provides guarantees arising in the ordinary course of business, including performance bonds and
various payment or financial guarantees. Yara International ASA has also issued letters of support to certain subsidiaries.
See note 5.7 Secured debt and guarantees to the consolidated financial statements for further information about
guarantees.
10 Financial risks and hedge accounting
Financial risks in Yara and the use of derivative instruments are described in note 6.1 Financial risk management to the
consolidated financial statements.
Liquidity and funding risk
Yara International ASA manages liquidity risk by maintaining adequate reserves and committed bank facilities and by
continuously monitoring forecasted and actual cash flows. Non-current intercompany receivables are related to funding
of subsidiaries and have a maturity profile matching the external debt maturities (see note 12 Interest-bearing debt for
details). Current intercompany receivables and payables mainly reflect intercompany current account balances and will
fluctuate with fertilizer seasons. Committed liquidity reserves are maintained to meet unforeseen events.
Yara International ASA’s derivative instruments outstanding at 31 December are shown in the following table.
NOK millions 2024 2023
Fair value of derivatives
Forward foreign exchange contracts (external) (13) (442)
Forward foreign exchange contracts (Yara Group internal) – 434
Cross currency swaps (external) (1,161) (689)
Interest rate swaps designated for hedging (external) (276) 24
Balance at 31 December (1,451) (674)
Derivatives presented in the balance sheet
Non-current assets 5 155
Current assets 1 480
Non-current liabilities (1,443) (820)
Current liabilities (14) (488)
Balance at 31 December (1,451) (674)
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Forward foreign exchange contracts
Yara is committed to the following outstanding forward foreign exchange contracts.
NOK millions 2024 2023
Forward foreign exchange contracts (external), notional amount 348 3,571
Forward foreign exchange contracts (Yara Group internal), notional amount – 4,179
All outstanding external forward foreign exchange contracts at 31 December 2024 have maturity in 2025. Both external
buy and sell positions are in various operating currencies towards Norwegian kroner.
Credit risk
The exposure to credit risk is represented by the carrying amount of each class of financial assets, including derivative
financial instruments, recorded in the balance sheet.
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 remaining hedged risk is the change in fair value due to changes in risk-free interest rates (NIBOR) of the
NOK 1,000 million fixed rate bond debt from 2017.
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 due to changes in risk-free interest rates (NIBOR) of the NOK 1,000 million fixed
rate bond debt from 2021.
In November 2022, Yara designated a long-term USD fixed-to-floating interest rate swap as hedging instrument. The
hedged risk is the change in fair value due to changes in risk-free interest rates (SOFR) of the USD 600 million fixed rate
bond debt from 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 due to changes in risk-free interest rates (NIBOR) of the NOK 900 million and
NOK 700 million fixed rate bond debt from 2024.
Subsequent to initial recognition, Yara measures interest-bearing borrowings at amortized cost. However, the designation
of interest rate swaps as hedging instruments and use of hedge accounting enables Yara to include the fair value of
changes in interest rates in the carrying value of the bonds. The corresponding adjustment in the statement of income
offsets the effects of the recognized interest rate swaps, leading to less volatility in net income.
As the key parameters of the hedging instruments (interest basis, inception dates and maturity dates) are identical to the
respective hedged items, no ineffectiveness has been identified.
Cash flow hedges
Yara had no cash flow hedges in 2024 or 2023. However, Yara has used derivative instruments to hedge cash flows of
planned transactions in the past and may do so also in the future.
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Effect on financial position and performance in 2024
Carrying amount
of the hedged item
1)
Accumulated amount of hedge
adjustment on the hedged item
included in the carrying amount
of the hedged item
Line item in the Balance sheet in
which the hedged item is included
Line item in the Balance
sheet in which the hedging
instrument is included
Change in value
of the hedged
item used for
calculating hedge
ineffectiveness
2)
Change in value
of the hedging
instrument
2)
NOK millions Currency Hedge rates
Denominated
amount Assets Liabilities Assets Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2017) NOK 3M NIBOR 1,000 – 926 73 – Non-current interest-bearing debt Other Non-current liabilities (28) 28
- Fixed interest, NOK bonds (2021) NOK 3M NIBOR 1,000 – 948 51 – Non-current interest-bearing debt Other Non-current liabilities (8) 8
- Fixed interest, USD bonds (2022) USD SOFR 6,786 – 6,616 141 – Non-current interest-bearing debt Other Non-current liabilities 296 (296)
- Fixed interest, NOK bonds (2024) NOK 3M NIBOR 1,600 – 1,586 11 – Non-current interest-bearing debt Other Non-current liabilities 11 (11)
1)
The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)
All amounts are pre-tax.
There are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
Effect on financial position and performance in 2023
Carrying amount
of the hedged item
1)
Accumulated amount of hedge
adjustment on the hedged item
included in the carrying amount
of the hedged item
Line item in the Balance sheet in
which the hedged item is included
Line item in the Balance
sheet in which the hedging
instrument is included
Change in value
of the hedged
item used for
calculating hedge
ineffectiveness
2)
Change in value
of the hedging
instrument
2)
NOK millions Currency Hedge rates
Denominated
amount Assets Liabilities Assets Liabilities
Fair value hedges
Interest rate risk
- Fixed interest, NOK bonds (2014) NOK 3M NIBOR 600 – 584 16 – Non-current interest-bearing debt Other Non-current liabilities (3) 3
- Fixed interest, NOK bonds (2017) NOK 3M NIBOR 2,000 – 1,897 102 – Non-current interest-bearing debt Other Non-current liabilities (13) 13
- Fixed interest, NOK bonds (2021) NOK 3M NIBOR 1,000 – 940 59 – Non-current interest-bearing debt Other Non-current liabilities (1) 1
- Fixed interest, USD bonds (2022) USD SOFR 6,109 – 6,230 – 155 Non-current interest-bearing debt Other Non-current liabilities (176) 176
1)
The designated nominal amounts of the hedging instruments equal the nominal amounts of the hedged items.
2)
All amounts are pre-tax.
There are no balances remaining from a hedging relationship for which hedge accounting is no longer applied.
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11 Number of shares outstanding, shareholders, equity reconciliation etc.
Yara International ASA was established 10 November 2003. The company was established with a share capital of
108,610,470 consisting of 63,888,512 shares at NOK 1.70 per share. At 31 December 2024, the company has a share
capital of NOK 433,033,566 consisting of 254,725,627 ordinary shares at NOK 1.70 per share.
Yara has no own shares at 31 December 2024. For further information on these issues see note 5.1 Shareholders’ equity
to the consolidated financial statements.
Shareholders holding 1 percent or more of the total 254,725,627 shares issued as of 31 December 2024 are according
to information in the Norwegian securities’ registry system (Verdipapirsentralen).
Name Number of shares Holding (%)
Ministry of Trade, Industry and Fisheries 92,239,891 36.21%
The Government Pension Fund Norway 19,204,218 7.54%
State Street Bank
1)
7,601,421 2.98%
Clearstream banking
1)
4,060,433 1.59%
JPMorgan Chase Bank
1)
3,620,034 1.42%
The Northern Trust Company
1)
3,231,759 1.27%
DnB Am Norske Aksjer 2,801,173 1.10%
State Street Bank
1)
2,728,427 1.07%
1)
Nominee accounts.
Shareholders’ equity
NOK millions
Paid in
capital
Retained
earnings
Total share-
holders' equity
Balance 31 December 2022 550 11,097 11,648
Net income of the year – 14,128 14,128
Dividend proposed – (1,274) (1,274)
Actuarial gain/(loss)
1)
– 114 114
Adjustment to proposed dividend previous years – 3 3
Balance 31 December 2023 550 24,068 24,619
Net income of the year – 4,377 4,377
Dividend proposed – (1,274) (1,274)
Actuarial gain/(loss)
1)
– 93 93
Adjustment to proposed dividend previous years – (1) (1)
Balance 31 December 2024 550 27,263 27,814
1)
Yara International ASA has decided to use the option in NRS 6A to adopt IAS19. For further information, see Basis of preparation.
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12 Interest-bearing debt
31 December 2024 31 December 2023
NOK millions, except percentages Notes Maturity
Weighted
average
interest rates
1)
Denominated
amount
Carrying
value
2)
Denominated
amount
Carrying
value
2)
Unsecured debenture bonds in NOK (Coupon 3.000%) 2024 – – 600 584
Unsecured debenture bonds in NOK (Coupon 2.450%) 2024 – – 1,000 970
Unsecured debenture bonds in USD (Coupon 3.800%) 2026 3.93% 5,655 5,656 5,091 5,088
Unsecured debenture bonds in NOK (Coupon 2.410%) 2026 2.45% 1,000 948 1,000 940
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.640%) 2026 5.40% 1,150 1,149 1,150 1,149
Unsecured debenture bonds in NOK (Coupon 2.900%) 2027 2.93% 1,000 926 1,000 927
Unsecured debenture bonds in NOK (Coupon NIBOR + 0.970%) 2028 5.68% 1,150 1,148 – –
Unsecured debenture bonds in NOK (Coupon 4.820%) 2029 4.86% (900) 904 – –
Unsecured debenture bonds in NOK (Coupon 5.040%) 2030 5.06% (700) 683 – –
Unsecured debenture bonds in USD (Coupon 4.750%) 2028 4.84% 11,311 11,303 10,181 10,168
Unsecured debenture bonds in USD (Coupon 3.150%) 2030 3.21% 8,483 8,466 7,636 7,614
Unsecured debenture bonds in USD (Coupon 7.378%) 2032 7.47% 6,786 6,616 6,109 6,230
Unsecured bank loans in USD 2025–2026 5.03% 604 604 2,383 2,383
Outstanding interest-bearing debt 38,403 36,053
Less: Current portion (345) (3,393)
Total 38,058 32,659
1)
Weighted average interest rates calculated excluding effect of interest rate swap agreements.
2)
The carrying values include issuance discount, capitalized issuance costs and effect of interest rate swaps.
At 31 December 2024, the fair value of the non-current debt, including the
current portion, is NOK 37,826 million and the carrying value is NOK 38,403
million. See note 5.2 Interest-bearing debt and 6.1 Financial risk management
to the consolidated financial statements for further information about non-
current debt.
Contractual payments on interest-bearing debt
NOK millions Debentures Bank loans Total
2025 – 345 345
2026 7,753 259 8,012
2027 926 – 926
2028 11,303 – 11,303
2029 2,052 – 2,052
Thereafter 15,765 – 15,765
Total 37,799 604 38,403
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13 Transactions with related parties
Transactions with related parties are mainly associated with the group treasury function and rendering of group services by the employees of Yara International ASA.
NOK millions Notes 2024 2023
Income statement
Yara Belgium S.A./N.V. 3,131 2,611
Other 1,049 1,340
Internal revenues
4 4,180 3,951
Yara Belgium S.A./N.V. (541) (134)
Yara GmbH & Co. KG (451) (413)
Yara Asia Pte Ltd. (106) (295)
Yara Digital Farming India Pvt. Ltd. (75) (62)
Yara Brasil Fertilizantes S.A. (66) (78)
Other (494) (408)
Other operating expenses
4 (1,732) (1,391)
Fertilizer Holdings AS 5,000 15,000
Yara Asia Pte Ltd. 1,894 522
Other 53 86
Dividends and group relief from subsidiaries
5 6,947 15,607
Yara Holding Netherlands B.V. 925 896
Yara Norge AS 662 497
Yara Suomi Oy 347 261
Yara Sluiskil B.V. 270 220
Other 1,144 899
Interest income group companies
5 3,348 2,773
Fertilizer Holdings AS (499) (407)
Yara AS (242) (173)
Yara North America Inc. (173) (174)
Yara Canada Holding Inc. (126) (118)
Yara Nederland B.V. (121) (90)
Other (740) (740)
Interest expense group companies
5 (1,901) (1,702)
NOK millions Notes 2024 2023
Non-current assets
Yara Holding Netherlands B.V. 17,437 16,356
Yara Suomi Oy 6,775 6,478
Yara Norge AS 6,221 5,600
Yara Sluiskil B.V. 5,738 5,148
Other 14,803 13,463
Intercompany receivables 50,973 47,045
Current assets
Fertilizer Holdings AS 5,000 15,000
Yara Norge AS 2,397 2,438
Yara France SAS 2,204 257
Other
1)
5,303 5,200
Intercompany receivables 14,904 22,895
Current liabilities
Fertilizer Holdings AS 5,636 15,880
Yara North America Inc. 3,855 3,132
Yara GmbH & Co. KG 2,650 2,435
Yara Canada Holding Inc. 2,166 1,800
Other 13,448 15,864
Intercompany payables 27,757 39,112
Trinidad Nitrogen Company Ltd. 1,061 1,284
Other
1)
419 299
Interest-bearing loans from Group associates and joint arrangements 1,481 1,583
1)
Included is Yara International ASA’s transactions with Yara Pensjonskasse (pension fund) and Stiftelsen for ansatte aksjer i Yara. See note 1 Employee benefits for more
information.
Remuneration to the Board of Directors and Yara Management are disclosed in note 7.2 Related parties and 7.3 Share-
based remuneration to the consolidated financial statements.
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Statement from the Board and CEO of Yara International ASA
The Board of Directors and the CEO have today
considered and approved the integrated report for
Yara International ASA (“Company”) and the Yara
Group (“Group”) for the 2024 calendar year and as of
31 December, 2024.
We confirm to the best of our knowledge that:
• the consolidated financial statements of the Group
for 2024 have been prepared in accordance with
IFRS® Accounting Standards as adopted by EU,
as well as additional in formation requirements in
accordance with the Norwegian Accounting Act,
and that
• the financial statements of the Company for
2024 have been prepared in accordance with the
Norwegian Accounting Act and generally accepted
accounting practice in Norway, and that
• the information presented in the financial
statements gives a true and fair view of the
Company’s and the Group’s assets, liabilities,
financial posi tion and result for the period.
We also confirm to the best of our knowledge that:
• the Integrated Report 2024 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
• the Integrated Report meets the information
requirements of the Norwegian accounting act
with regard to the Board of Directors Report and
statements on corporate governance for 2024,
and that
• the Country-by-Country report for 2024 has
been prepared in accordance with the Norwegian
Security Trading Act and the Norwegian
Accounting Act, and that
• the 2024 Sustainability statements have been
prepared in accordance with and meets the
information requirements of the Norwegian
Accounting Act § 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, 20 March 2025
Trond Berger
Chair
Jannicke Hilland
Vice Chair
John Thuestad
Member of the Board
Rune A. Bratteberg
Member of the Board
Tove Feld
Member of the Board
Geir O. Sundbø
Member of the Board
Eva S. Aspvik
Member of the Board
Ragnhild F. Høimyr
Member of the Board
Therese Log Bergjord
Member of the Board
Harald Thorstein
Member of the Board
Tina Lawton
Member of the Board
Svein Tore Holsether
President and CEO
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Auditor’s report
To the General Meeting of Yara International ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Yara International ASA, which comprise:
• The financial statements of the parent company Yara International ASA (the Company), which
comprise the balance sheet as at 31 December 2024, 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.
• The consolidated financial statements of Yara International ASA and its subsidiaries (the Group),
which comprise the statement of financial position as at 31 December 2024, 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:
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2024, 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
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2024, 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’s 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’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code), 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 20 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 2024. 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 .
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo, Norway
Tel: +47 23 27 90 00
www.deloitte.no
Deloitte refers to one or more of Deloitte
Touche Tohmatsu Limited (DTTL), its
global network of member firms, and their
related entities (collectively, the “Deloitte
organization”). DTTL (also referred to as
“Deloitte Global”) and each of its member
firms and related entities are legally
separate and independent entities, which
cannot obligate or bind each other in
respect of third parties. DTTL and each
DTTL member firm and related entity is
liable only for its own acts and omissions,
and not those of each other. DTTL does
not provide services to clients. Please see
www.deloitte.no to learn more.
Deloitte Norway conducts business through
two legally separate and independent
limited liability companies; Deloitte AS,
providing audit, consulting, financial
advisory and risk management services, and
Deloitte Advokatfirma AS, providing tax
and legal services.
© Deloitte AS
Registrert i Foretaksregisteret
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Tax assets and liabilities
Description of the Key Audit Matter
As detailed in note 1.1 and 2.8,the Group has recognized deferred tax assets of USD 555 million.
Total unrecognized deferred tax assets are USD 576 million, of which USD 330 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.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
• We evaluated relevant controls associated with accounting for tax balances, including deferred tax
assets and uncertain tax positions.
• We involved our tax specialists in evaluating management’s judgments and conclusions.
• We challenged the appropriateness of management’s 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.
• We evaluated management’s assessment of the probable outcome related to uncertain tax
positions.
• We reviewed applicable third-party evidence and correspondence with tax authorities.
• We considered the adequacy of the Group’s disclosures related to uncertain tax positions and
deferred tax assets.
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Impairment of goodwill and property, plant and equipment
Description of the Key Audit Matter
As disclosed in note 1.1, 4.1 and 4.2, the Group has recognized goodwill of USD 712 million and
property, plant and equipment (PP&E) of USD 6 817 million. The Company’s 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.
Net impairment losses of USD 82 million were recognized in the year ended 31 December 2024.
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.
How the matter was addressed in the audit
Our audit procedures included the following, among others:
• We evaluated relevant controls associated with the impairment review process.
• We challenged management’s key assumptions used in the cash flow forecasts included within
the impairment models.
• 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.
• We compared urea- and ammonia and gas prices to third party publications.
• We used internal valuation specialists in assessing discount rate assumptions used and testing the
models.
• 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.
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Other information
The Board of Directors and the President and CEO (management) are responsible for the information
in the Board of Directors’ 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’s report thereon. Our opinion on the financial statements does not cover
the information in the Board of Directors’ 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’ report and the other information accompanying the financial statements. The purpose
is to consider if there is material inconsistency between the Board of Directors’ 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’ 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’ 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’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly to the statement on
Corporate Governance and to the report on payments to governments.
Our statement that the Board of Directors’ 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’s 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.
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Auditor’s 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’s 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:
• 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.
• 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’s and the Group’s internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s 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’s 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’s 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’s report. However, future events or conditions may cause
the Company and the Group to cease to continue as a going concern.
• 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.
• 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’s 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.
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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 YAR-2024-12-31-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’s 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’s 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 – “Assurance engagements other than audits or reviews of
historical financial information”. 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’s
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’s 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, 20 March 2025
Deloitte AS
Espen Johansen
State Authorised Public Accountant
(electronically signed)
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Sustainability assurance report
To the General Meeting of Yara International ASA
INDEPENDENT SUSTAINABILITY AUDITOR’S ASSURANCE REPORT
We have conducted a limited assurance engagement on the consolidated sustainability statement
of Yara International ASA, included in Sustainability statements section of the Board of Directors’
report, including disclosures incorporated by reference listed in the Index on page 73 (the
“Sustainability Statement”), as at 31 December 2024 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 2024, as included in
subsection E1 Climate change on pages 133–134 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:
• 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 “Process”) is in accordance with the description set out in the subsection on double
materiality analysis, in the section for General information, on pages 90–102, and
• compliance of the disclosures in subsection EU taxonomy on pages 104–115 of the Sustainability
Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).
Reasonable Assurance Conclusion
In our opinion, the Greenhouse gas (GHG) emission intensity for the year ended 31 December 2024,
is prepared, in all material respects, in accordance with the description on pages 133–134 related to
Greenhouse gas (GHG) emission intensity (the “Applicable Criteria”).
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 (“ISAE 3000 (Revised)”), 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
(“ISAE 3410”), issued by the International Auditing and Assurance Standards Board (“IAASB”) 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’s 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.
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo, Norway
Tel: +47 23 27 90 00
www.deloitte.no
Deloitte refers to one or more of Deloitte
Touche Tohmatsu Limited (DTTL), its
global network of member firms, and their
related entities (collectively, the “Deloitte
organization”). DTTL (also referred to as
“Deloitte Global”) and each of its member
firms and related entities are legally
separate and independent entities, which
cannot obligate or bind each other in
respect of third parties. DTTL and each
DTTL member firm and related entity is
liable only for its own acts and omissions,
and not those of each other. DTTL does
not provide services to clients. Please see
www.deloitte.no to learn more.
Deloitte Norway conducts business through
two legally separate and independent
limited liability companies; Deloitte AS,
providing audit, consulting, financial
advisory and risk management services, and
Deloitte Advokatfirma AS, providing tax
and legal services.
© Deloitte AS
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Other matter
The comparative information included in the Sustainability Statement 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 90–102 of the Sustainability Statement.
This responsibility includes:
• understanding the context in which the Group’s activities and business relationships take place
and developing an understanding of its affected stakeholders;
• 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;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• 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:
• compliance with the ESRS, and
• preparing the disclosures in subsection EU taxonomy of the Sustainability Statement, in
compliance with the Taxonomy Regulation;
• 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
• 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:
• Selecting and establishing the Applicable Criteria for the Greenhouse gas (GHG) emission
intensity.
• Preparing, measuring, presenting, and reporting the Greenhouse gas (GHG) emission intensity in
accordance with the Applicable Criteria.
• Publishing the Applicable Criteria publicly in advance of, or at the same time as, the publication of
the Greenhouse gas (GHG) emission intensity.
• 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.
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Sustainability auditor’s 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:
• 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;
• considering whether the information identified addresses the applicable disclosure requirements of
the ESRS; and
• 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 90–102.
Our other responsibilities in respect of the Sustainability Statement include:
• identifying where material misstatements are likely to arise, whether due to fraud or error; and
• 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:
• obtained an understanding of the Process by:
– performing inquiries to understand the sources of the information used by management (e.g.,
stakeholder engagement, business plans and strategy documents); and
– reviewing selected parts of the Group’s internal documentation of its Process; and
• 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 90–102.
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In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• obtained an understanding of the Group’s reporting processes relevant to the preparation of its
Sustainability Statement by
– 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 obtaining an understanding of the Group’s risk assessment process.
• evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• evaluated whether the structure and the presentation of the Sustainability Statement is in
accordance with the ESRS;
• performed inquires of relevant personnel and analytical procedures on selected information in the
Sustainability Statement;
• performed substantive assurance procedures on selected information in the Sustainability
Statement;
• 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’
report;
• evaluated selected methods, assumptions and data for developing estimates and forward-looking
information;
• 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;
• evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned
economic activities is included in the Sustainability Statement, and
• performed inquiries of 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’s 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’s preparation of the Greenhouse gas (GHG)
emission intensity.
In conducting our reasonable assurance engagement, with respect to the Greenhouse gas (GHG)
emission intensity we:
• assessed the suitability in the circumstances of the Group’s use of the Applicable Criteria, applied
as explained in pages 133–134 , as the basis for preparing the Greenhouse gas (GHG) emission
intensity, and
• evaluated the appropriateness of quantification methods and reporting policies used, and the
reasonableness of estimates made by the Group.
Oslo, 20 March 2025
Deloitte AS
Espen Johansen
State Authorised Public Accountant - Sustainability Auditor
(This document is signed electronically)
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Reconciliation of Alternative performance measures in the Yara Group
Yara makes regular use of certain non-GAAP financial Alternative performance measures (APMs), both in absolute terms
and comparatively from period to period. On a yearly basis, the following APMs are used and reported:
• Operating income/(loss)
• EBITDA
• EBITDA, excluding special items
• Return on invested capital (ROIC)
• Premium generated
• Fixed cost
• Net operating capital (days)
• Net interest-bearing debt
• Net debt / equity ratio
• Net debt / EBITDA, excluding special items ratio
• Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items
Definitions and explanations for the use of these APMs are described herein, including reconciliations of the APMs to the
most directly reconcilable line item, subtotal or total presented in the financial statements.
Operating income/(loss)
Operating income/(loss) is directly identifiable from Yara’s consolidated statement of income and is considered key
information in understanding the Group’s financial performance. It provides performance information covering all activities
which normally are considered as operating”. Share of net income/(loss) in equity-accounted investees is not included.
EBITDA
Earnings before interest, tax, depreciation, and amortization (EBITDA) is used for providing consistent information on
Yara’s operating performance and debt servicing ability. EBITDA, as defined by Yara, includes operating income/(loss),
share of net income/(loss) in equity-accounted investees, and interest income and other financial income. It excludes
depreciation, amortization and impairment loss, as well as amortization of excess values in equity-accounted investees.
Yara’s definition of EBITDA may differ from that of other companies.
EBITDA, excluding special items
EBITDA, excluding special items is used to better reflect the underlying performance in the reporting period, adjusting for
items which are not primarily related to the period in which they are recognized.
Special items
Yara defines “special items” as items in the results which are not regarded as part of underlying business performance for
the period. These comprise restructuring related items, contract derivatives, impairments and other items which are not
primarily related to the period in which they are recognized, subject to a minimum value of USD 5 million per item within a
12-month period. “Contract derivatives” are commodity-based derivative gains or losses which are not the result of active
exposure or position management by Yara. Together with impairments, these are defined as special items regardless of
amount. See table “Special items” on page 337 for details.
Reconciliation of operating income/(loss) to EBITDA, excluding special items
USD millions 2024
Restated
1)
2023
Operating income/(loss) 686 392
Share of net income/(loss) in equity-accounted investees 19 1
Interest income and other financial income 55 79
Depreciation and amortization 1,047 1,018
Impairment loss 82 220
Earnings before interest, tax, depreciation, and amortization (EBITDA) 1,889 1,709
Special items included in EBITDA
2)
(163) (3)
EBITDA, excluding special items A 2,051 1,712
1)
Comparative figures have been restated, see chapter Basis of preparation, paragraph Voluntary change of accounting policy.
2)
See table “Special items” on page 337 for details.
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Special items
EBITDA effect Operating income effect Fixed cost effect
USD millions 2024 2023 2024 2023 2024 2023
Restructuring (34) (41) (34) (41) (34) (41)
Impairments – – (6) (192) – –
Pension plan settlement (7) – (7) – (7) –
Other (7) (7) (7) (7) (7) (19)
Total Europe (48) (48) (54) (241) (48) (60)
Impairments – – (36) (3) – –
Other 9 11 9 11 (2) –
Total Americas 9 11 (27) 8 (2) –
Other (1) – (1) – (1) –
Total Africa & Asia (1) – (1) – (1) –
Impairments – – (1) (3) – –
Pension plan settlement (86) – (86) – (86) –
Other (3) 13 (3) 13 (3) –
Total Global Plants & Operational Excellence (89) 13 (90) 10 (89) –
Impairments – – (38) (1) – –
Pension plan settlement (1) – (1) – (1) –
Other (2) 28 (2) 28 (2) –
Total Industrial Solutions (3) 28 (41) 27 (3) –
Restructuring (26) (1) (26) (1) (26) (1)
Impairments – (5) – (25) – –
Pension plan settlement (5) – (5) – (5) –
Total Other and Eliminations (31) (6) (31) (26) (31) (1)
Total Yara (163) (3) (244) (222) (174) (61)
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Reconciliation of operating income/(loss) to EBITDA per operating segment, excluding special items
USD millions Europe Americas Africa & Asia
Global Plants
& Operational
Excellence
Clean
Ammonia
Industrial
Solutions
Other and
Eliminations Total
2024
Operating income/(loss) (31) 381 226 100 51 79 (120) 686
Share of net income/(loss) in equity-accounted investees 4 1 – – – 14 – 19
Interest income and other financial income 1 14 5 4 1 – 30 55
Depreciation and amortization 248 233 110 232 65 154 4 1,047
Impairment loss 7 35 – 1 – 38 – 82
EBITDA 229 664 342 338 117 284 (86) 1,889
Special items included in EBITDA
2)
(48) 9 (1) (89) – (3) (31) (163)
EBITDA, excluding special items 277 655 343 427 117 287 (55) 2,051
Restated
1)
2023
Operating income/(loss) (400) 459 75 51 39 117 51 392
Share of net income/(loss) in equity-accounted investees 5 3 – – – (7) – 1
Interest income and other financial income 2 37 8 5 – – 26 79
Depreciation and amortization 249 228 104 227 62 142 5 1,018
Impairment loss 192 2 – 5 – 1 20 220
EBITDA 49 729 188 287 101 254 101 1,709
Special items included in EBITDA
2)
(48) 11 – 13 – 28 (6) (3)
EBITDA, excluding special items 97 718 188 275 101 225 107 1,712
1)
Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers, see Basis of preparation for more information.
2)
See table “Special items” on page 337 for details.
Reconciliation of EBITDA to net income/(loss)
USD millions 2024 2023
EBITDA 1,889 1,709
Depreciation and amortization (1,047) (1,018)
Impairment loss (82) (220)
Foreign currency exchange (gain)/loss (321) (32)
Interest expense and other financial items (259) (249)
Income tax (165) (136)
Net income/(loss) 15 54
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ROIC
Return on invested capital (ROIC) is defined as Net Operating Profit After Tax (NOPAT) divided by average invested capital
calculated on a 12-month rolling average basis. NOPAT is defined as operating income/(loss) adding back amortization
and impairment of intangible assets other than goodwill, as well as adding interest income on late payments and net
income/(loss) from equity-accounted investees, reduced with a tax cost calculated based on a 25 percent flat rate. Average
invested capital is defined as total current assets excluding cash and cash equivalents and adding a normalized cash level
of USD 200 million, reduced for total current liabilities excluding current interest-bearing debt and current portion of non-
current debt, and adding property, plant and equipment, right-of-use assets, goodwill and associated companies and joint
ventures.
NOPAT and average invested capital are defined and reconciled as components in the reporting of ROIC as an APM. They
are not considered to be separate APMs.
Reconciliation of operating income/(loss) to net operating profit after tax
USD millions 2024
Restated
1)
2023
Operating income/(loss) 686 392
Amortization and impairment of intangible assets other than goodwill 27 33
Interest income on late payments 7 7
Calculated tax cost (25% flat rate) on items above (180) (108)
Share of net income/(loss) in equity-accounted investees 19 1
Net operating profit after tax (NOPAT) B 558 325
Reconciliation of net income/(loss) to net operating profit after tax
USD millions 2024
Restated
1)
2023
Net income/(loss) 15 54
Amortization and impairment of intangible assets other than goodwill 27 33
Interest income on late payments 7 7
Interest income and other financial income (55) (79)
Interest expense and other financial items 259 249
Foreign currency exchange (gain)/loss 321 32
Income tax, added back 165 136
Calculated tax cost (25% flat rate) (180) (108)
Net operating profit after tax (NOPAT) B 558 325
Reconciliation of invested capital and ROIC calculation
USD millions 2024 2023
Total current assets 5,700 6,213
Cash and cash equivalents (317) (539)
Normalized level of operating cash 200 200
Total current liabilities (3,117) (3,714)
Current interest-bearing debt 170 517
Current lease liabilities 138 123
Property, plant and equipment 6,817 7,232
Right-of-use assets 464 418
Goodwill 712 760
Associated companies and joint ventures
1)
126 136
Adjustment for 12-month average 269 –
Invested capital C 11,164 11,346
Return on invested capital (ROIC) D=B/C 5.0% 2.9%
1)
Associated companies and joint ventures is excluding long-term loans to associates. See note 4.3 Associated companies and joint ventures for further details.
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Premium generated
Yara reports the measure Premium generated to provide information on its commercial performance for selected Premium
Products, reflecting Yara’s ability to grow premium offerings and to generate a positive price premium compared with
alternative commodity products.
The definition of Premium generated is the total tonnage of delivered Premium NPKs and straight Nitrate fertilizers,
multiplied by their associated price premiums. NPK premium is defined as Yara’s average realized price for Premium NPKs
benchmarked against a comparable and theoretically calculated blend of global nitrogen (N), phosphorus (P) and potassium
(K) prices, adjusted for variable bagging costs and logistical costs.
The blend model is calculated based on market references for the main nutrients. Yara has performed a comprehensive
revision of the market references. As a result, the now illiquid Urea Prilled FOB Black Sea reference was from third quarter
2023 substituted by the Urea Granular Arab Gulf (excluding US). This reference is considered the best alternative to reflect
the N-component globally. In addition, the MOP reference (reflecting the K-element) was changed from the MOP Standard
FOB Vancouver to MOP Granular FOB Vancouver at the same time. The rationale is that the latter reference better reflects
the product characteristics which would typically be used in a blend. From fourth quarter 2024, the DAP FOB North Africa-
reference has been changed to DAP FOB MOROCCO (reflecting the P-element). The reference SOP FOB West Europe (for
the K-element) remains unchanged. These commodity prices are derived from external publications. Costs for the content
of secondary and micronutrients in Yara deliveries are deducted for comparability.
The Nitrate premium is defined as Yara’s average sales price for straight nitrates versus the comparable value of urea.
Comparability is achieved through adjusting the measures for relevant freight components and nitrogen content, such that
both are represented in a theoretical delivered CIF bulk Germany value of CAN 27 percent. The urea reference applied
is Urea Granular FOB Egypt, and the measure is adjusted for sulfur content. The measurement includes estimates and
simplified assumptions; however, it is considered to be of sufficient accuracy to assess the premium development over
time.
Reconciliation of premium generated
USD millions 2024
Restated
1)
2023
Revenues
2)
from premium NPKs and straight nitrates 5,109 5,723
Adjustments to revenues
3)
(547) (553)
Adjusted revenues as basis for premium generated E 4,562 5,170
Benchmark revenue for premium generated
4)
F 3,147 3,289
Calculated premium generated G=E–F 1,415 1,881
1)
Comparison figures for 2023 are restated to reflect the change of market reference for the P-element from DAP FOB North Africa to DAP FOB Morocco.
2)
IFRS revenues, see note 2.1 Revenue in Yara’s consolidated financial statements.
3)
Adjustments for logistical and bagging costs, incoterms, sulfur content, and homogenization of nutrient content (for nitrates).
4)
Value of commodity fertilizers adjusted by nutrient content, secondary and micronutrients in NPK, cost of coloring and incoterms. The commodity prices are derived from the
external publications Fertecon, Fertilizer Week, Profercy, The Market and FMB.
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Yara Improvement Program (YIP)
Yara has a corporate program to drive and coordinate existing and new improvement initiatives, the Yara Improvement
Program. The program distinguishes between three defined pillars: a) higher production returns and lower variable costs,
b) leaner cost base, and c) smarter working capital management. Yara reports operational metrics on underlying value
drivers to provide information on project performance to management, which Yara also considers to be relevant for external
stakeholders. The YIP target is set for 2025.The operational metrics are reported on a rolling 12-month basis and include
• production volume (kt),
• fixed cost (USD millions), and
• net operating capital (days).
The fixed cost and the net operating capital measures represent financial Alternative performance measures and are
defined below.
Fixed cost is defined as the subtotal “Operating costs and expenses” in the consolidated statement of income, minus
variable product cost (raw materials, energy, freight), other variable operating expenses, depreciation, amortization, and
impairment loss. The reported amounts are adjusted for items which are not considered to be part of underlying business
performance for the period (see table “Special items” for details). Previously, the reported number was fixed cost in core
business which excluded the portfolio units Yara Clean Ammonia, Agoro, Varda, Yara Marine Technologies, and Yara
Growth Ventures. With effect from second quarter 2024, Yara changed the definition of this KPI to include the total fixed
cost including portfolio units. The rationale for this change is to maintain a holistic view of the total fixed costs in Yara and
drive cost optimization across Yara including portfolio units.
Net operating capital days are reported on a 12-month average basis and is defined as the net of credit days, inventory
days and payable days. Credit days are calculated as trade receivables, adjusted for VAT payables, relative to total revenue
and interest income from customers. Inventory days are calculated as the total inventory balance relative to product
variable costs. Payable days are calculated as trade payables adjusted for payables related to investments, relative to
supplier related operating costs and expenses.
Reconciliation of operating costs and expenses to fixed cost
USD millions 2024
Restated
1)
2023
Operating costs and expenses 13,248 15,236
Variable part of Raw materials, energy costs and freight expenses (9,481) (11,399)
Variable part of Other operating expenses (20) (25)
Depreciation and amortization (1,047) (1,018)
Impairment loss (82) (220)
Special items within fixed cost (174) (61)
Fixed cost 2,443 2,513
1)
Comparative figures have been restated to include the total fixed cost including portfolio units.
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Reconciliation of net operating capital days
USD millions 2024
Restated
1)
2023
Trade receivables, as reported 1,497 1,634
Adjustment for VAT payables (109) (110)
Adjustment for 12-month average 184 256
Adjusted trade receivables (12-month average) H 1,572 1,780
Revenue 13,868 15,511
Interest income on late payments and other 6 1
Total revenue and interest income from customers I 13,874 15,511
Credit days J=(H/I)*365 41 42
Inventories, as reported 3,014 3,058
Adjustment for 12-month average (109) 441
Inventories (12-month average) K 2,905 3,499
Raw materials, energy costs and freight expenses 10,200 11,445
Change in inventories of own products (70) 650
Fixed product costs and freight expenses external customers (1,511) (1,536)
Product variable costs L 8,618 10,558
Inventory days M=(K/L)*365 123 121
USD millions 2024
Restated
1)
2023
Trade and other payables, as reported 1,877 2,049
Adjustment for other payables (144) (142)
Adjustment for payables related to investments (187) (202)
Adjustment for 12-month average 76 182
Trade payables (12-month average) N 1,622 1,886
Operating costs and expenses 13,248 15,236
Depreciation and amortization (1,047) (1,018)
Impairment loss (82) (220)
Other non-supplier related costs (1,526) (2,107)
Operating costs and expenses, adjusted O 10,593 11,891
Payable days P=(N/O)*365 56 58
Net operating capital days Q=J+M–P 108 105
1)
Comparative figures have been restated to reflect the change in presentation of interest income from financing components in contracts with customers.
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Capital structure measures
Yara reports the Group’s net interest-bearing debt, net debt / equity ratio and net debt / EBITDA, excluding special
items ratio to provide information on the Group’s financial position with reference to the targeted capital structure,
as communicated in Yara’s financial policy. In addition, Yara’s reporting of net interest-bearing debt highlights key
development factors which supplement the consolidated statement of cash flows. Net interest-bearing debt is defined by
Yara as cash and cash equivalents and other liquid assets, reduced for current and non-current interest-bearing debt, and
lease liabilities. The net debt / equity ratio is calculated as net interest-bearing debt divided by shareholders’ equity plus
non-controlling interests. The net debt / EBITDA, excluding special items ratio, is calculated as net interest-bearing debt
divided by EBITDA, excluding special items on a 12-month rolling basis.
Net interest-bearing debt
USD millions 31 Dec 2024 31 Dec 2023
Cash and cash equivalents 317 539
Other liquid assets 1 1
Current interest-bearing debt (170) (517)
Current lease liabilities (138) (123)
Non-current interest-bearing debt (3,409) (3,284)
Non-current lease liabilities (330) (306)
Net interest-bearing debt R (3,730) (3,690)
Net debt / equity ratio
USD millions 31 Dec 2024 31 Dec 2023
Net interest-bearing debt R (3,730) (3,690)
Total equity S (7,003) (7,570)
Net debt / equity ratio T=R/S 0.53 0.49
Net debt / EBITDA, excluding special items ratio
USD millions 31 Dec 2024 31 Dec 2023
Net interest-bearing debt R (3,730) (3,690)
EBITDA, excluding special items (last 12 months) A 2,051 1,712
Net debt / EBITDA, excluding special items ratio U=(R)/A 1.82 2.16
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Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items
Basic earnings/(loss) per share (EPS), excluding foreign currency exchange
gain/(loss) and special items is an adjusted EPS measure which reflects the
underlying performance in the reporting period by adjusting for currency
effects and items which are not primarily related to the period in which they
are recognized. This APM represents net income/(loss) after non-controlling
interests, excluding foreign currency exchange gain/(loss) and special items
after tax, divided by average number of shares outstanding in the period.
The tax effect on foreign currency exchange gain/(loss) and special items is
calculated based on relevant statutory tax rate for simplicity.
Earnings/(loss) per share
USD millions, except earnings/(loss) per share and number of shares 2024 2023
Weighted average number of shares outstanding V 254,725,627 254,725,627
Net income/(loss) attributable to shareholders of the parent W 14 48
Foreign currency exchange gain/(loss) X (321) (32)
Tax effect on foreign currency exchange gain/(loss) Y 94 10
Non-controlling interest's share of foreign currency exchange (gain)/loss, net after tax Z (4) (2)
Special items within income/(loss) before tax
1)
AA (242) (222)
Tax effect on special items AB 39 9
Special items within income/(loss) before tax, net after tax AC=AA+AB (203) (213)
Net income/(loss), excluding foreign currency exchange gain/(loss) and special items AD=W–X–Y+Z–AC 440 282
Basic earnings/(loss) per share AE=W/V 0.05 0.19
Basic earnings/(loss) per share, excluding foreign currency exchange gain/(loss) and special items AF=AD/V 1.73 1.11
1)
See table “Special items” on page 337 for details.
Yara Integrated Report 2024Yara Integrated Report 2024
344344
Contents
2024 in brief
Strategy and governance
Sustainability statements
Financial statements
ARTBOX REPORT TEMPLATE ALL RIGHTS RESERVED © ARTBOX AS
Contents
2024 in brief
Strategy and governance
Sustainability statements
Financial statements
Financial statementsFinancial statements | Reconciliation of Alternative performance measures in the Yara GroupFinancial statements | Reconciliation of Alternative performance measures in the Yara Group
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