We reiterate Hold and our NOK 525 target price following the stronger than expected Q1/26 report. The outlook for Yara remains strong. The lack of urea exports from the Middle East will keep global prices elevated until the situation is resolved and even then, it will likely take time before all damaged fertilizer plants are fixed. Assuming fertilizers will start to flow again from the Gulf in H2/26 and expecting China to resume seasonal exports during the summer as well, we believe we are at a ....
