Fertiliser manufacturer Yara has reported that its revenue and other income stood at over $7.5 billion in the first half of 2025, up from over $6.8 billion in the first half of 2024.
In Q2 of 2025, the Norwegian company’s revenue and other income was $3.9 billion, compared with $3.5 billion in Q2 of 2024.
The company’s earnings before interest, tax, depreciation, amortisation (EBITDA), excluding special items, was $652 million in Q2 of 2025, a 27% increase compared with $513 million in Q2 of 2024.
Net income was $413 million in Q2 this year compared with $3 million a year earlier.
Yara’s second-quarter EBITDA was driven by higher margins and lower fixed costs, the company said. Total deliveries were 1% higher than for the same quarter a year ago, mainly driven by Americas.
Yara said that increased margins were driven by commercial performance, record-high production and supportive market fundamentals.
Yara’s EBITDA excluding special items for the first half of 2025 was $1.29 billion, 36% higher than first half 2024, mainly reflecting higher margins and higher volumes.
Total deliveries were 4% higher compared with the first half of 2024, driven by Europe and Americas.
“We are pleased to report continued improvement in our results, driven by increased margins, strong commercial execution and another quarter of all-time high production performance,” said Svein Tore Holsether, Yara president and chief executive.
“At the same time, we are ahead of plan in our cost and capex reduction programme.
“With the combination of cost reduction, portfolio optimisation and tightening nitrogen markets, Yara’s financial position is set to strengthen with increased free cashflow and sustained profitability.
“This will enable improved shareholder returns, both through direct cash distributions and reinvestment in value-accretive growth opportunities – such as renewing our ammonia portfolio through ammonia projects in the US.
“Going forward, we continue to take steps to expand margins by diversifying energy costs and leveraging scale and operational efficiencies across our global network.”
Outlook
Yara’s report notes that the energy transition, geopolitical volatility, climate crisis and food security are top issues on the global agenda.
“Nitrogen markets are increasingly demand-driven, with urea prices well above historical averages despite both low grain prices impacting farmer affordability and the return of Chinese exports of approximately two million tonnes sold for exports during Q2,” the report said.
“European industry deliveries in core countries are up 1% compared to last year’s season, while Yara’s continued strong commercial performance and higher production has led to an increase in Yara’s European season deliveries of 5%.
“Yara’s European orderbook is typically at its longest entering into Q3, and Yara is currently selling September volumes for key European markets indicating a two-month lag on prices for third quarter.”
As the northern hemisphere is out of season, and nitrogen imports in Brazil are stable compared to a year earlier, according to Yara, a key factor for the second half of 2025 demand is India, “for which inventories are significantly lower compared to a year ago due to stronger domestic sales, lower production and reduced imports”.
