PresentationMaria GabrielsenHead of Investor Relations Good morning to everyone. I am Maria Gabrielsen, I'm the Head of Investor Relations here in Yara. A big welcome to everyone both joining online and especially to you joining us here physically in the auditorium. The event is being streamed live and is also recorded for a later publishing. Today's agenda, you can see here, it's split into a hybrid event and an all physical event. We will start with the presentation where Svein Tore will start giving an ...

作者丨董鹏 编辑丨朱益民 近日，盐湖股份（000792.SZ）的2026年盈利预期获得密集上调。 公司近期披露的业绩预告显示，预计2025年归母净利润为82.9亿元至88.9亿元，同比增长77.78%至 90.65%，超出此前市场预期。 业绩预告发布前，卖方对其2026年盈利预期区间为62—82亿元；业绩预告发布后，卖方盈利预期值则普 遍上调至100亿元，光大证券、申万宏源更是给出了120亿元左右的盈利预期。 这背后，是潜在的钾、锂行业景气度提升，以及公司本身确定性较强的新增产能投放、资产注入计划。 仅以公司锂盐业务为例，公司去年9月末投产的4万吨盐湖提锂项目有望大规模释放，并且还有五矿盐湖 后续并表所带来的0.8万吨权益产能，公司权益产能有望从2025年的2万吨（未包括4万吨自建项目）提 升至6.9万吨，权益产能增速明显大于名义产能增速。 此外，本周碳酸锂现货均价已经升至13.8万元/吨，远月期货合约则是一度逼近15万元/吨，接下来如若 锂价出现超预期式上涨，卖方给出的盈利预期可能会进一步上修。 盈利百亿一致预期 对于公司业绩增长，盐湖股份指出，"氯化钾产品价格较上年同期有所上升，碳酸锂产品价格虽波动较 大 ...

业绩总结 - Yara在2025年预计将实现180百万美元的EBITDA增长，并致力于进一步改善现金流[26] - Yara的EBITDA在2025年第三季度预计为26亿美元，比2024年第三季度增加5亿美元[135] - Yara的每股收益在2025年第三季度预计为3.6美元，比2024年第三季度增加1.4美元[135] - Yara的自由现金流在2025年第三季度预计为7.15亿美元，比2024年第三季度增加5.92亿美元[135] - Yara的资本回报率（ROIC）为8.0%，目标为超过10%[1] 用户数据与市场需求 - Yara的氮市场在2025年将面临需求驱动，尽管供应增加和作物价格低迷[40] - Yara的尿素市场在2025年将面临缺口，尤其是中国的出口情况不明[44] - 预计到2030年，现有消费者的氨气进口需求将增加200-300万吨[78] - 欧洲内部氨气消费约为370万吨，当前进口约150万吨[73] 未来展望与目标 - Yara计划在2024至2030年间实现超过600百万美元的可持续现金流扩展[27] - Yara的目标是到2025年将温室气体排放强度降低至每吨氮7.8吨[62] - Yara的目标是到2030年实现每年生产超过1000万吨的氨[65] - Yara计划到2027年实现2亿美元的改善，到2030年实现3.5亿美元的改善[1] 新产品与技术研发 - Yara的NPK产能扩展将在卡塔赫纳投资约50百万美元，预计每年增加80千吨的产量[64] - Yara的生产能力在2026年将通过新工厂翻倍，投资约为1.65亿美元[118] - Yara的生物产品收入在过去几年中增长了160%[97] - Yara的数字化耕地面积目标为150万公顷，目前为22万公顷[1] 财务健康与成本管理 - Yara的净债务与EBITDA比率为1.27，显示出财务稳健性[138] - Yara的固定成本为23.22亿美元，目标为2025年降低至23.80亿美元[1] - Yara在欧洲的氨气基础设施为其提供了每吨50-80美元的成本优势[84] - Yara的投资组合管理将对超过200百万美元的年度现金流产生影响[68] 其他信息 - Yara的MSCI评级为A，目标保持在A[1] - Yara的温室气体排放强度为2.7吨CO2e/吨氮，目标为2025年达到2.7吨[1] - 完成的肥料生产量为21.0百万吨，目标为2025年达到21.1百万吨[1] - Yara的每股收益（EPS）在2024年预计为0.3美元，2025年为0.5美元[1]

ICL Group Ltd (NYSE:ICL) is one of the best fertilizer stocks to invest in. On December 18, ICL Group Ltd (NYSE:ICL) expanded its footprint into the global food ingredient segment with the acquisition of Bartek Ingredients. With the acquisition, the company gains access to a worldwide leader in food-grade malic and fumaric acid. The first phase of the acquisition will close in the first quarter of 2026 and involves a cash investment of about $90 million. Is ICL Group Ltd (ICL) One of the Best Fertilizer S ...

Compass Minerals International, Inc. (NYSE:CMP) is one of the best fertilizer stocks to invest in. On December 23, Compass Minerals International, Inc. (NYSE:CMP) said it reached a settlement in two shareholder derivative suits filed in Kansas federal court. The cases, which accused current and former directors of misleading investors about safety testing of its fire retardants and overstating contract prospects with the U.S. Forest Service, will be resolved through governance reforms and an $850,000 payme ...

FMC Corporation (NYSE:FMC) is one of the best fertilizer stocks to invest in. On December 22, analysts at KeyBanc reiterated a Sector Weight rating on FMC Corp (NYSE:FMC) amid expectations of solid fourth-quarter results. While price declines are moderating in Latin America, the company faces generic competition amid softer market conditions. FMC Corporation (FMC) Balances Earnings Growth with Plant Closures and Cost Savings Plan Vlad Teodor/Shutterstock.com The research firm expects the company’s fourt ...

Nutrien Ltd (NYSE:NTR) is one of the best fertilizer stocks to invest in. On December 18, analysts at Mizuho raised Nutrien Ltd’s (NYSE:NTR) price target to $65 from $61 while reiterating a Neutral rating. The stock has rallied about 36% in 2025. Nutrien Ltd. (NTR) Delivers Portfolio Simplification and Growth Focus After Strong 2025 Rally Following the impressive run, Nutrien Ltd also completed the sale of its 50% equity position in Argentina-based nitrogen producer Profertil S.A. to Adecoagro S.A. and A ...

SiteOne Landscape Supply Inc (NYSE:SITE) is one of the best fertilizer stocks to invest in. On December 18, BofA Securities initiated coverage of the stock with a Buy rating and a $147 price target. The positive stance comes from the research firm, echoing the company’s status as the largest wholesale distributor of landscaping supplies in North America. This is Why SiteOne Landscape Supply, Inc. (SITE) is a Buy on Wall Street Pixabay/Public Domain According to BofA, SiteOne Landscape Supply Inc (NYSE:S ...

CF Industries Holdings, Inc. (NYSE:CF) is one of the best fertilizer stocks to invest in. On December 19, Japan’s biggest power generator, JERA, which has inked a joint venture with CF Industries Holdings, Inc. (NYSE:CF), confirmed it has secured a subsidy for 15 years. CF Industries Holdings, Inc. (CF) Expands Ammonia Strategy Amid Analyst Downgrades The subsidy is to cover the difference between ammonia and coal prices as it moves to start importing ammonia for its planned US plant. JERA is in the proc ...

The Scotts Miracle-Gro Company (NYSE:SMG) is one of the best fertilizer stocks to invest in. On December 12, William Blair analyst Jon Andersen reiterated a Buy rating on Scotts Miracle-Gro Co (NYSE: SMG), impressed by the company’s 2026 guidance. William Blair Affirms Buy Stance as Scotts Miracle-Gro Co (SMG) Touts Cannabis Opportunity with Reclassification JP WALLET/Shutterstock.com The company has already hinted at consumer sales growth in the low single digits that should lead to expansion in gross ...