The following is a summary of the Yara International ASA (YARIY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Yara International's EBITDA decreased by 11% due to higher volumes offset by lower margins, reflecting the volatility in nitrogen prices.

• The company's nitrogen prices have fallen compared to the previous year, causing a negative price impact of approximately $615 million.

• Return on invested capital dropped from 20.1% to 2.5% for the last 12 months mainly due to the lower margin environment in 2023 compared to 2022.

• The company's net debt-to-equity ratio is at 53% and the net debt-to-EBITDA ratio is 2.38.

Business Progress:

• Yara International reported a 37% increase in volumes in Europe compared to last year, largely due to improved production margins driven by lower gas costs.

• The company is on track with its ambitious environmental goals, reducing its greenhouse gas emission intensity by 4% and confident of achieving its 2025 target.

• The company has completed 65 of 90 projects aimed at reducing greenhouse gas emissions, with an expectation of reducing emissions by around 1.7 million tons of CO2 by 2025.

• Yara International is actively pursuing opportunities in clean ammonia and working with partners to decarbonize food value chains to adapt to increasing demand for low carbon solutions.

More details: YARA INTERNATIONAL ASA SPON ADR EACH REP 0.50 ORD SHS IR

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