We expect Yara to report Q3 EBITDA (Yara definition) of USD 807m vs Bloomberg consensus of USD 758m. Our estimate implies a 40% EBITDA increase y/y, mainly due to higher fertilizer prices and Yara’s improvement program. Going forward, we have increased our EBITDA (Yara definition) estimates for 2025-27 by 6%, 2% and 1%, respectively. This is due to a mix of revised gas price assumptions and FX. For 2025, we also factor in slightly higher fertilizer prices. Meanwhile, we expect a continued demand ....
