Yara doubles down on its U.S. ammonia ambitions — but with strict financial discipline. The global fertilizer giant confirmed that its emerging American ammonia strategy aligns perfectly with its capital allocation framework, ensuring every dollar invested supports long-term shareholder value.
Yara and Air Products have entered advanced discussions about forming a partnership focused on developing low-emission ammonia projects in the United States. This collaboration could mark a significant step toward cleaner industrial production, but here’s where it gets particularly interesting — it’s also a calculated move to make Yara’s European nitrate operations more competitive by tapping into the U.S.’s cost-effective energy environment.
Over the past few years, Yara has built a robust portfolio of U.S.-based ammonia opportunities, designed to diversify its energy investments while supporting resilience in global fertilizer markets. The company’s approach emphasizes both environmental responsibility and financial sustainability. As previously highlighted in quarterly updates, any American projects Yara undertakes will strictly follow its capital allocation policy. That includes maintaining disciplined spending limits and ensuring strong returns that benefit investors.
According to company guidance, Yara expects to maintain a capital expenditure (capex) cycle averaging roughly USD 1.2 billion (real), alongside an annual maintenance capex between USD 700–850 million. During the execution phase — expected from 2026 through 2030 — Yara plans to remain highly selective with other growth initiatives, choosing stability and shareholder return over rapid expansion. This approach reflects a broader trend in the energy sector, where even green projects must now justify themselves not only environmentally but financially.
A final investment decision (FID) on these U.S. projects is slated for mid-2026, marking a critical milestone for both Yara and the potential Yara–Air Products partnership.
Contact
Maria Gabrielsen
Head of Investor Relations
M: +47 920 900 93
E: maria.gabrielsen@yara.com
About Yara
Yara’s mission goes beyond producing fertilizers — it’s about feeding the world responsibly while protecting the planet. The company drives sustainable growth by cutting emissions from crop nutrition production and pioneering low-emission energy solutions, including green ammonia. Their overarching goal: a nature-positive food future that creates shared value for farmers, shareholders, and society.
To accelerate the global green transition across fertilizer production, shipping, and other heavy industries, Yara is investing heavily in low-emission ammonia. Complementing this is a suite of digital tools for precision farming, which helps farmers improve yields while reducing waste. Through partnerships across the food value chain, Yara fosters innovation and spreads practical knowledge to achieve more efficient, sustainable agricultural systems.
Founded in 1905, Yara began with a mission to fight famine in Europe — and has since grown into the world’s only global crop nutrition company, employing over 17,000 people across more than 60 countries. Sustainability forms the backbone of its business model, not just a marketing slogan. In 2024, Yara reported revenues of USD 13.9 billion, reinforcing its position as a major player in sustainable agricultural transformation.
Learn more about Yara’s initiatives at www.yara.com.
But here’s what might spark debate: Can a company truly balance aggressive climate goals with the financial rigor demanded by investors? Or must one inevitably give way to the other? Share your thoughts — should Yara prioritize faster decarbonization or maintain strict capital discipline to keep shareholders happy?
