Fertiliser maker Yara's quarterly profit slightly misses market view (updated)

Yara International ASA

11/02/2026 07:11

Adds CEO comment on nitrogen prices in paragraph 3

By Jesus Calero

Feb 11 (Reuters) - Norwegian fertiliser maker Yara YAR.OL on Wednesday reported fourth-quarter earnings slightly below market expectations and said heavy late-year buying in Europe would weigh on early 2026 sales despite strong demand in the region.

"Strong sales and imports in Europe in Q4 have led to a slow start to 2026 with farmers being largely covered for the first application," Yara said in a statement.

However, simultaneous buying from North America, Europe and India ahead of the spring planting season is lifting competition for supply and keeping nitrogen prices firm, CEO Svein Tore Holsether told analysts in a call.

Fertiliser markets tightened late last year, particularly in Europe where nitrogen prices rose amid limited supply, though rising global production and Chinese exports could pressure prices later.

"China exported 4.6 mt (million tons) more in 2025 than in 2024 and remains the key supply risk going forward, although export restrictions are expected during the domestic season," Yara said.

Analysts have also cautioned that rising supply and a potential increase in Chinese exports could pressure fertiliser prices in the second half of 2026.

Yara's earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding special items, were $709 million in the quarter, compared with $519 million a year earlier.

That was slightly below the $729 million expected by analysts in a company-provided poll.

Jefferies said the company missed forecasts as weaker pricing and energy gains offset stronger volumes, with limited guidance likely to pressure its shares in the near term.

Higher upgrading margins were the largest contributor to earnings growth, with increased deliveries and cost reductions also supporting the results.

Yara said natural gas costs were expected to be $80 million and $70 million lower in the first and second quarters, respectively, than a year earlier.

Shares of Yara fell around 2% by early afternoon in Oslo.

(Reporting by Jesus Calero in Gdansk, editing by Milla Nissi-Prussak)

((Jesus.calero@thomsonreuters.com))